Porsche expects to deliver about the same number of cars for around the same sales revenue this fiscal 2006/07 year ending 31 July but expects “significantly” better annual earnings, the company said on Tuesday.
Despite the Cayenne model changeover, the German manufacturer of sporting premium cars reported group revenue of EUR5.98bn for the first 10 months of the fiscal year, slightly ahead of the previous year’s Euro5.96bn.
Deliveries of 79,540 units in the period 1 August 2006 – 31 May 2007 was 24 down on the previous year but production of the first generation Cayenne SUV ended in November 2006 and sales of the new model did not start until 24 February in Europe and Asia and 3 March in America.
Cayenne sales to the end of May were 25,436 units, 10.7% lower year on year.
In the first 10 months of the year, sales of the 911 were up 12.2% to 31,287 cars. Boxster volume of 22,806 units was “slightly below” the previous year’s figure, Porsche said, without elaborating.
Overall production volume was down 1.6% in the 10-month period to 83,815 units. Production of the 911 was up 8.5% to 32,461 while Cayenne output was off 5.8% to 28,000 units and Boxster volume down 7.5% to 23,351 units.
The number of employees rose 3.4% to 11,525. New workers were hired particularly for research and development, as well as services.
Capital expenditure by the Porsche Group – including financial services – amounted to EUR1.09bn in the first 10 months compared with EUR814.3m a year previously.
Pretax half-year profit was EUR1.59bn compared with EUR2.1bn for the previous full year.
Porsche president and CEO Wendelin Wiedeking said: “Considering the 10 months of the year so far, it is not difficult to predict that our annual earnings [by] the end of this business year, will be significantly – and I mean significantly – better than the EUR2.1bn in the previous year.”
Special items as in previous periods, will include proceeds from stock hedging transactions relating to the acquisition of Volkswagen stock and the revaluation of the company’s share in Volkswagen, which alone amounts to EUR520m.
For the upcoming 2007/08 fiscal year, Porsche expects further momentum from the new 911 Turbo Cabriolet scheduled to on sale on 8 September, as well as the ongoing development and penetration of new global markets.