Porsche AG boosts revenue in first quarter of 2012 by 32.4 per cent

Dr. Ing. h.c. F. Porsche AG, Stuttgart, has got the new financial year off to a flying start. The company managed to increase sales, revenue and operating profit significantly in the first quarter of 2012. Porsche increased its worldwide sales by 29 per cent to 30,231 vehicles.
Compared with the same quarter the year before, revenue was up 32.4 per cent to 3.025-billion euros. Operating profit reached 528-million euros, 18.4 per cent more than in the first quarter of 2011. That put Porsche’s operating return on sales at 17.5 per cent. Moreover, already in the first quarter the sports car manufacturer took on 725 new employees (+4.7 per cent), giving Porsche AG a total worldwide labour force as at March 31 of 16,032 employees.

“Behind these extremely gratifying figures is a clearly defined line: we focus systematically on solid, sustainable and high-quality growth,” said Matthias Muller, President and Chief Executive Officer of Porsche AG. “The youngest and most efficient model range of all time gives us an outstanding platform on which to sustain this course throughout 2012,” Muller said.

Sales of the new 911 alone, launched in December 2012, increased by 37.6 per cent in its first full quarter, compared with sales of the predecessor model one year earlier. Porsche is also registering a strong inflow of new orders for the new Boxster only recently unveiled at the Geneva Motor Show – just as it has for the new attractive Cayenne and Panamera GTS models. This year, Porsche will be bringing a further nine models to market – from new derivatives of the new 911 to the especially sporty Cayenne GTS.

In the first quarter of 2012, Porsche benefited first and foremost from increased demand in China, in the German domestic market and in the USA. The biggest increase was posted by the Panamera sports saloon with a jump of 58.4 per cent, with disproportionately strong growth of the six-cylinder engine version. In the opening quarter, 29.4 per cent more units of the Cayenne SUV were delivered to customers worldwide than in the same period of 2011.

“We are extremely satisfied with the first quarter 2012 results. We will keep this momentum going – exactly in line with our growth strategy,” said Lutz Meschke, Chief Financial Officer of Porsche AG. “We can fund both the significant increase in investment and the development expenditure for expanding our model range out of our strong cash flow. And both of those things with a return on sales of 17.5 per cent, which is significantly in excess of our strategic target value of a minimum of 15 per cent.”

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