Porsche Going Well Despite Difficult Times
Stuttgart. Despite economic conditions becoming more difficult, Porsche
Automobil Holding SE, Stuttgart, is developing positively. In the first six
months of the current 2007/08 financial year (1 August 2007 – 31 January
2008) the Company is expected to show an increase in revenues, based on the
figures up to mid-January 2008, of approximately 14.2 per cent to Euro 3.5
billion. Sales are expected to increase by an even more significant 18.7
per cent to approximately 46,600 units. This was announced by the President
and Chief Executive Officer of Porsche Automobil Holding SE, Dr. Wendelin
Wiedeking, at the Annual General Meeting of the Company this Friday in the
Stuttgart Porsche Arena.
Earnings in the first six months will not be announced until the
presentation of the Semi-Annual Report in March, since, according to the
international IFRS accounting standards, VW’s figures for the fourth
quarter 2007 still have to be taken into account and are not yet available.
Addressing shareholders in Stuttgart, Dr. Wiedeking added, however: “The
semi-annual results are also expected to reflect our optimistic
expectations. The operating profit in our car business is developing
according to plan and our hedging transactions in the context of our
long-term VW strategy look good.”
In terms of sales, the Cayenne model series has picked up significant
momentum, clearly underlining and confirming the development already seen
in the first four months of the 2007/08 financial year. Sales of Porsche’s
sports utility are expected to double in the first half of the year to some
20,340 units, clearly confirming the ongoing great interest in the new
Cayenne, even though the previous year’s figure of 9,940 units sold was
characterised by the discontinuation of the first generation of the Cayenne
in November 2006.
Accounting for sales of presumably 16,360 units by the end of the first
half, the 911 was down approximately 5.6 per cent from the very high figure
in the same period last year of 17,329 units. The Boxster series including
the Cayman models is expected to account for sales of 9,900 units following
11,979 in the same period last year.
The increase in sales varies from one region to the other: Up by an
anticipated 11.4 per cent to approximately 16,200 units, North America is
continuing to develop positively. Porsche is well-prepared for a possible
economic crisis in the USA, with inventories in the local market having
been significantly reduced. Germany shows slight growth to approximately
5,700 units following 5,498 in the same period last year. The increase in
sales in the other regions remains substantial, expected to show growth by
more than 28 per cent in the first six months of the ongoing 2007/08
financial year, equal to approximately 24,700 units in absolute terms. In
his statement to shareholders, Dr. Wiedeking emphasised that Porsche is now
represented in 103 markets the world over, thus benefiting from a broad
sales foundation offering good protection and stability also in a very
difficult market.
In all, Porsche intends in fiscal 2007/08 to follow up the high level of
sales in the previous year. New models such as the particularly sporting
Cayenne GTS, the 911 Turbo Cabriolet and the 911 GT2 will contribute to
this positive development in the same way as the Company’s ongoing growth
in the future markets China and Russia. Looking at the entire 2007/08
financial year which started on 1 August 2007, Porsche is confident that
the Company will continue its successful course of development. Again to
quote Dr. Wiedeking: “Barring the unexpected, we should again achieve a
result where it will be difficult to suppress tears of joy.”
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