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News of  January 23, 2002

Porsche’s profit increases

Continued success for sports car manufacturer in 1st half of fiscal year

Stuttgart - According to provisional figures, Stuttgart-based automobile manufacturer Dr. Ing. h.c. F. Porsche AG will record a Group profit of approximately 154 million Euro for the first six months (August 1, 2001 to January 31, 2002) of its current fiscal year, 10.2 percent higher than the figure for the same period a year previously (139.7 million Euro). 

Since the level of tax is now lower on account of the corporate taxation reform, the profit after tax (87.8 million Euro) exceeds the previous year’s figure (69.1 million Euro) by 27 percent. The above details were announced by Porsche’s President and Chief Executive Officer Dr. Wendelin Wiedeking at the company’s annual shareholders’ meeting today. According to the provisional figures, Group turnover rose by 6.3 percent to approximately 1.83 billion Euro compared with the first half of the previous fiscal year. Sales are expected to rise by 0.7 percent to a probable total of 23,370 vehicles, comprising 13,090 Type 911 cars (up by 15.5 percent) and 10,280 Boxsters (down by 13.4 percent). Total vehicle output will probably be 25,100 units (up by 1.5 percent), including 10,529 Boxsters assembled in Finland (+ 3.6 percent).

There is strong demand from all over the world for both model lines, and in particular for the new 911. Even if sales in the 2001/2002 fiscal year fail to match the previous year’s total on account of uncertainties affecting the global economy, the company expects its pre-tax result to be at least equal to the previous year’s figure in view of the improved model mix with its trend toward higher-value sports cars.

(January 18, 2002)

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