Porsche AG, Stuttgart, continued on its growth trajectory in the first three months of the 2011 financial year. Compared with the same quarter the year before, sales were up 13 per cent to 23,442 vehicles.
Turnover was 2.28 billion euro, ten per cent more than in the comparable period in 2010. At 496 million euro, the Stuttgart-based sports car manufacturer more than doubled its operating profit in the first three months of the current financial year compared with the year before, thereby comfortably achieving a double digit operating return on sales yet again.
“First quarter progress was outstanding. Porsche continues on a profitable growth trajectory”, said Matthias Müller, Chairman of the Board of Management of Porsche AG.
“Performance in the first quarter confirms our ambition to be able to finance the impending investment in new vehicle projects out of cash flow”, said Lutz Meschke, Porsche AG’s Chief Financial Officer.
In Europe, sales increased by 25 per cent to 8,099 vehicles in the first three months of the financial year; of this total, 2,921 units (plus 17 per cent) were accounted for by the German market. In America, Porsche achieved increased sales of 30 per cent to 7,103 units, with 6,341 of these vehicles sold in North America. 8,240 units (8,772 units a year before) were sold in Asia and the rest of the world.
Between January and March, Porsche produced 31,366 vehicles, an increase of 98 per cent compared with the same period the year before.
In Leipzig, 15,189 units of the Cayenne model line rolled off the production line, more than six times as many vehicles as in the same quarter of the previous year; the beginning of 2010 was influenced by the start of production of the new sporty off-road vehicle. 6,172 units (plus nine per cent) of the Panamera model line were built. 6,044 vehicles of the 911 model line were produced in the Zuffenhausen factory (plus 24 per cent) and 3,961 units of the Boxster model line (plus 35 per cent), of which 2,425 units were accounted for by the Boxster and 1,536 vehicles by the Cayman.
The growth in sales has enabled Porsche to create more jobs. With a workforce of 13,510 on 31 March 2011, the number of employees was three per cent higher than the balance sheet date on 31 December 2010.
In addition, each full-time Porsche AG employee covered by the collective pay agreement who joined the company on or before 1 August 2010 will receive a voluntary special payment of 1,700 euro for the past short financial year 2010.