Porsche AG has reported a 28.1% year-on-year rise in revenue in the first nine months of 2012, with operating profit increasing 22.9%.
Revenue in the January-September 2012 period was €10,154m (US$13.17bn), versus €7,927m in the first nine months of 2011, driven by a 20.2% gain in unit sales, which rose to 103,245 from 85,872.
Operating profit in the first three quarters of 2012 was €1,882m (margin of 18.5%), compared with €1,531m (19.3%) in the January-September 2011 period.
Matthias Müller, President and Chief Executive Officer of Porsche AG, commented that the thriving business development “is proof of the great appeal of the sports cars and the Porsche brand alike. With an operating profit margin of 18.5% being achieved, Porsche AG is taking a pole position in the automotive industry.”
He added that market launches of more models such as the all-wheel drive versions of the new generation of the 911 Carrera ensure that Porsche will maintain its leading position.
Lutz Meschke, Porsche AG’s Chief Financial Officer, added: “We have almost matched the results of the entire previous year after only nine months in 2012. And we definitely expect to outperform the 2011 record year in terms of sales, revenue and operating profit. That’s an excellent result seen against the backdrop of the ever cloudier market environment in western Europe. Now it’s become clear just how important a systematic internationalisation of our business is.” He also noted that the high earning power demonstrates the strict cost discipline in the company, saying: “The scalable cost structure with comparatively low fixed costs constitutes a crucial success factor for Porsche AG.”
Of the 103,245 vehicles sold in the first three quarters of 2012, 24,859 were sold in China, 35.4% more than in the same period of the prior year. Growth in the entire Asia/rest of the world region was 25.1%, taking sales to 41,212 units. In Russia, sales rose by 69.7% to 2,628 vehicles. Despite weakening conditions in the German market, Porsche was able to lift sales 14.2% to 11,905 units. Growth in Europe totalled 13.2%, with 34,656 vehicles sold. The US remained the largest single market in the year-to-date period, with sales of 24,982 sports cars (+22.1%).
The model series showing the greatest growth was the 911, with 19,261 vehicles sold representing a gain of 39.8% from the 2011 total of 13,777. The model series with the largest volume was again the Cayenne with 54,860 units sold (43,924) and a growth rate of 24.9%. Panamera sales reached 21,713, versus 18,750, a rise of 15.8%. Within the Boxster model series, the new generation of the Boxster roadster has been on sale only since April 2012 but the model series achieved sales growth of 3.3%, reaching 5,817 vehicles. The market launch of the new Cayman generation is still to come – which is why, due to its life cycle, sales of the Boxster model series declined by 21.3%, falling to a total of 7,411 (9,421).
Production in the year-to-date period rose by 18.4% to 111,076 vehicles (93,799), the 911 accounting for 19,980 units of the total, an increase of 27.2% over the 2011 total of 15,709. Cayenne production was 60,380 vehicles (+30.6%) and the Panamera 21,854 vehicles (+3.0%). Of the total of 8,862 sports cars of the Boxster model series produced, the Boxster itself accounted for 8,056 units and the Cayman for 806 vehicles.
