GERMANY: Porsche full-year revenue down 12%

By just-auto.com editorial team | 25 November 2009

Porsche revenue for the fiscal year to 31 July 2009 fell 12% to EUR6.6bn with unit sales off 24% to 75,238 vehicles.

"The reduced decline in revenue is a result of changes to the model mix," the automaker said. "A larger proportion of total sales was accounted for by higher value 911 models, while the share of more economical Boxster models dropped."

Sales of the 911 fell 14% to 27,070 vehicles; the Cayenne was down 25% to 34,265 units and Boxster volume plunged 40% to 13,140 vehicles due, the automaker said, to the February 2009 model changeover.

Total production was 76,739 units, down 27% year on year.

Operating profit for the fiscal year was EUR1.9bn with Porsche AG booking a profit margin of 10.3%, and margin at Volkswagen, whose six-month period from January to June 2009 is included because Porsche SE increased its voting share in Volkswagen AG above 50% on 5 January, leading to a full consolidation, was 2.4%.

Porsche booked a full year pre-tax loss of EUR4.4bn versus a profit of EUR8.6bn a year previously.

CFO Hans Dieter Pötsch cited the devaluation of the cash-settled stock options, in conjunction with their sale to the Emirate of Qatar and the effects of the purchase price allocation, necessary as a result of crossing the 50% threshold of Volkswagen AG common shares and the full consolidation of the Wolfsburg-based car maker in the accounts of Porsche SE.

"As part of this, the actual cash values of the assets and debts acquired were calculated, which were then included in the Porsche SE figures," he said.

Net profit was EUR8.23m euros.

Porsche said it expected a revival in sales while, with nine brands and a young model portfolio, "Volkswagen is well positioned to overcome the challenging market situation [and] will also continue to outperform the overall market."