News of October 16, 2002
Porsche Boosts Profit by 40 Per Cent
Stuttgart - Despite the ongoing high level of development expenditure, Dr. Ing. h.c.F. Porsche AG, Stuttgart, has boosted pre-tax profits in the 2001/2002 year of business ending on 31 July by 40 per cent. This is the result of the Annual Accounts compiled by the Company's Board of Management and duly audited by Ernst & Young, Deutsche Allgemeine Treuhand AG, Wirtschaftsprüfungsgesellschaft, Stuttgart, which will be submitted to the Supervisory Board of Porsche AG in its meeting on 25 October 2002 for examination and approval.
The pre-tax result of the Porsche Group is therefore up significantly to 828.9 million Euro following 592.4 million Euro in the previous year, the Company also benefitting from its currency hedging strategy pursued successfully for a number of years. The annual surplus (result after taxes) is up within the Group to 462 million Euro following 270.5 million Euro in the previous year. This even greater increase by 70.8 per cent in relative terms versus the pre-tax result is attributable to the fact that the corporate tax reform in Germany took effect with the Porsche Group for the first time as of fiscal 2001/2002, reducing the level of taxes accordingly.
The pre-tax profit of Porsche AG also increased significantly to 823 million Euro following 517 million Euro in the previous year. The annual surplus amounted to 518 million Euro following 268 million Euro a year before, benefitting from significant payments made by the Group's subsidiaries.
In fiscal 2001/2002 the Porsche Group delivered 54,234 sports cars to customers (down by 0.6 per cent). Sales were up by 9.4 per cent to 4.86 billion Euro, in particular due to the better product mix. The inclusion of Porsche's Financial Service Companies in the accounts for the first time contributed 240 million Euro to overall sales.
Porsche looks at the development of the current 2002/2003 fiscal year full of confidence. Demand for both the Porsche 911 and the Boxster remains positive. A further contribution will be made for the first time by the Porsche Cayenne entering the market in December of this year. Introducing this sport utility vehicle, Porsche will continue to grow in terms of deliveries, sales and profits.
(October 11, 2002)