Porsche again with record profit
Quote:
Porsche Press Release
Shareholders receive a higher dividend for the 2004/05 fiscal year - IFRS adopted
Porsche again makes a record profit Stuttgart. Dr. Ing. h.c. F. Porsche AG of Stuttgart, Germany, turned in the highest profit in its corporate history during the 2004/05 fiscal year, which closed on July 31, in spite of the costs involved in the worldwide market launch of the new-generation sports cars. At today's meeting of the Supervisory Board, the Group's pre-tax profit was confirmed to have risen by 8.9 percent to 1.238 billion Euros (previous year: 1.137 billion Euros). It also proved possible to increase the Group's surplus for the fiscal year (the after-tax result) by 12.9 percent to 779 million Euros, compared with 690 million Euros for the previous year. The further-improved results are mirrored in an increased profit per share. The result per common-stock share rose to 44.68 Euros in the 2004/05 fiscal year (previous year: 39.63 Euros) and to 44.74 Euros per preferred-stock share, compared to 39.69 Euros in the previous year.
Pre-tax results for the 2004/05 fiscal year were up not only for the Group, but also for Porsche AG: there was an increase of 3.4 percent to 872 million Euros (previous year: 843 million Euros). Porsche AG's surplus for the year rose from 488 million Euros to 528 million Euros (plus 8.2 percent), which should also benefit Porsche shareholders. The shareholders' general meeting in Stuttgart on January 27, 2006 will be recommended to pay common-stock shareholders a dividend of 4.94 Euros per share for the 2004/05 fiscal year (previous year: 3.94 Euros). Preferred-stock shareholders will receive a dividend of five Euros (previous year: four Euros). The sum to be distributed as dividends will rise accordingly by 25.2 percent to 87 million Euros. The shareholders' general meeting will be asked to approve the allocation of the remaining sum of 177 million Euros for 2004/05 to retained earnings.
For the first time, the Porsche Group's accounts for the 2004/05 fiscal year were prepared to international accounting regulations in accordance with the International Financial Reporting Standards (IFRS). To this end, the figures from the previous year were correspondingly adjusted for better comparability, which produced an improved calculative result for the previous fiscal year.
In the 2004/05 fiscal year, Group turnover rose by 6.9 percent to 6.57 billion Euros (previous year: 6.15 billion Euros). Group sales increased by 15 percent to 88,379 vehicles, compared to 76,827 units in the previous year. The new-generation 911 and Boxster models enjoyed especially strong growth, although the Cayenne remained Porsche's best-selling model.
In the current 2005/06 fiscal year, all three model series - the 911, Boxster and Cayenne - are much in demand. The new all-wheel variants of the 911 Carrera and the Cayman S in particular will make a positive impact on Porsche's core business. Moreover, the progressive development of new markets, particularly in Asia, will ensure further growth for the Group.
Porsche's stake in Volkswagen AG will likewise make a significant contribution to ensuring that the manufacturer of premium sports cars remains on a path to success. Both Groups will benefit from joint research, development, purchasing and production projects. The partnership in these areas will result in considerable economies of scale, which will lead to lasting savings for both parties.
