Friday, March 15, 2013

Porsche Has Best Year In History

A press release from Porsche today states that the company has had the best year ever.

With 143,096 vehicles, sales were up 22% from 2011 and the turnover increased by 27% bringing the German automaker 13.9 billion euros. Operating result grew by 19% to 2.44 billion euros and Porsche has more employees than ever with 17,502 hard working people.

On Friday at the annual press conference of Porsche AG in Stuttgart, Germany, Matthias Müller, Chairman of the Executive Board, stated that even though the economy, especially in Europe, has not been weak, Porsche has continued to press ahead on the course for growth that it set upon two years ago.

"2012 was the most successful year in the history of our company," Müller said. "The success that Porsche enjoys in the marketplace can be attributed very largely to our attractive product portfolio. We further enhanced this last year with the addition of several new, fascinating sports car models."

In Stuttgart, Chief Financial Officer of Porsche AG, Lutz Meschke, highlighted "the healthy cost structure and sustained high level of profitability" of the company.  "With our international position and a strict cost management, we remain, as a whole, cautiously optimistic for the current 2013 finacial year, and are striving for a result building upon the very high level of the prior year" added the CFO of Porsche AG.

Net liquidity in the automotive business – meaning gross liquidity less financial liabilities excluding financial services – improved from a negative 2.58 billion euros as of December 31, 2011 to a negative 1.87 billion euros as of December 31, 2012. Thus, Porsche AG has once again come one step closer to its medium-term goal of a full reduction in net indebtedness while financing its growth from operating cash flow.

In the 2012 financial year, the model series with the highest growth rate was the 911. The new generation of the sports car icon found such great reception among customers that sales increased by 49 percent, to 26,203 vehicles. With 77,822 vehicles (up 30 per cent), the Cayenne series obtained the highest sales. The Boxster series grew by four per cent to 11,740 units. Thereby, the Boxster - introduced in March 2012 - achieved an addition of 66 per cent, to 10,126 vehicles. 1,614 units of the Cayman were sold. The new generation of the Cayman was launched on the market at the beginning of 2013. Sales of the Panamera amounted to 27,331 vehicles.

A review of regional distribution shows the continued importance of the North American market - there, sales increased by 34 percent, to 39,192 units. In China (including Hong Kong), growth amounted to 32 percent, with 33,590 vehicles sold. Moreover, in Germany, the sports car manufacturer gained 16 percent, to 16,090 vehicles. In Europe (excluding Germany), growth amounted to 8 percent, to 31,094 units. In the rest of the world, sales climbed by 19 percent, to 23,130 vehicles.

In the 2012 financial year, production increased by 19 percent to 151,999 vehicles. This accounted for by 28,419 units for the 911 (up 31 percent), 83,208 vehicles for the Cayenne (up 34 percent) and 27,056 vehicles for the Panamera (down 15 percent). 13,316 units (up 9 percent) of the Boxster series were produced.

PORSCHE AG GroupJanuary to December
20122011Change (%)
Sales (units)143,096116,978+ 22.3
91126,20317,607+ 48.8
Boxster/Cayman11,74011,280+ 4.1
Cayenne77,82259,873+ 30.0
Panamera27,33128,218- 3.1
Production (units)151,999127,793+ 18.9
91128,41921,748+ 30.7
Boxster/Cayman13,31612,207+ 9.1
Cayenne83,20862,004+ 34.2
Panamera27,05631,834- 15.0
Revenue (mn €)13,86510,928+ 26.9
Operating profit (mn €)2,4392,045+ 19.3
Employees17,502*15,307*+ 14.3

* Reference date 31 December

Source: Porsche AG