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Jan 22, 2007 12:32:03 PM
- Porsche-Jeck
- Rennteam Master
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- Loc: Rheinland , Germany
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- Reply to: Turbo
Re: 2005/06 Earning per car Euro 21799,--
Quote:
Turbo said:
For Porsche it's Euro 14.008,-- for each car an the rest is earning from financial transaction.
The exact number is hard to tell, as PAG's financial report does not disclose all the figures you'd need to compute this figure. But if you analyse the financial statements you can compute a reasonable profit-range for the car business at least. As per my own analysis the average operating profit (EBIT) per car in FY 05/06 has been somewhere between 10k Euro and 12k Euro per car (average sales price per car 62,566 Euro ). Almost half of PAG's consolidated earnings are generated by non-core business and financial operations.
@ Easy: yes, the B&D figures are just consolidated earnings divided by sold cars. It not only gives a wrong picture (as they neglect sales and profit from non core activities), it's also nonsense to compare this number with other carmakers as the portion of sales/profit from non-core and financial operations vary quite significantly if you compare several carmakers.
Re: 2005/06 Earning per car Euro 21799,--
I don't know what numbers you are referring to BUT it doesn't seems totally accurate to me:
FY 05/06: Numbers of cars delivered to customers 96,792. To get a more accurate picture we should consider the number of cars sold to dealers (this is where Porsche is generating turnover).... but it's a decent proxy. Production: 102,602. Using production would lower results.
Pre-tax profit : Euro 2,028m; This number is including the contribution from Volkswagen ( Euro 183m) which has nothing to do with Porsche "core" business. This number is also including some elements (such as share price hedge options (on VW) that have nothing to do will manufacturing and selling cars ...)
Declared number: Euro 2,028m / 96,792 = Euro 20,952 per unit.
if we are to exclude VW's contribution then we would get:
Euro 1,845m / 96,792 = Euro 19,061 per unit.
This number as I have said is inflated from gains made on share price hedge options which we can assess being around Euro 350m.
Euro 1,500m / 96,792 = Euro 15,500 per unit (pre-tax)
Then to assess the contribution from financial services is extremely tricky ... because we have very little info. One can assume they generate an operating profit of around Euro 100m. So I would say Euro 100m/96,792 = Euro 1,033 per unit.
Bottom line I would assume a pre-tax profit per unit sold of:
Euro 15,500 (o/w Euro 1,000 from Financial Services)
FY 05/06: Numbers of cars delivered to customers 96,792. To get a more accurate picture we should consider the number of cars sold to dealers (this is where Porsche is generating turnover).... but it's a decent proxy. Production: 102,602. Using production would lower results.
Pre-tax profit : Euro 2,028m; This number is including the contribution from Volkswagen ( Euro 183m) which has nothing to do with Porsche "core" business. This number is also including some elements (such as share price hedge options (on VW) that have nothing to do will manufacturing and selling cars ...)
Declared number: Euro 2,028m / 96,792 = Euro 20,952 per unit.
if we are to exclude VW's contribution then we would get:
Euro 1,845m / 96,792 = Euro 19,061 per unit.
This number as I have said is inflated from gains made on share price hedge options which we can assess being around Euro 350m.
Euro 1,500m / 96,792 = Euro 15,500 per unit (pre-tax)
Then to assess the contribution from financial services is extremely tricky ... because we have very little info. One can assume they generate an operating profit of around Euro 100m. So I would say Euro 100m/96,792 = Euro 1,033 per unit.
Bottom line I would assume a pre-tax profit per unit sold of:
Euro 15,500 (o/w Euro 1,000 from Financial Services)
Jan 22, 2007 12:51:50 PM
- Porsche-Jeck
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- Loc: Rheinland , Germany
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- Reply to: EricAlain
Re: 2005/06 Earning per car Euro 21799,--
EBIT as per financial report: 1,832 m Euro . This figure is to be understood after: income from non-consolidated subsidiaries (500 m Euro ), stock-option related gains (per saldo "other income" vs."other expenses" increased by appr. 250m Euro ) and FX-hedge gains (not specified, but according to the notes in the financial reports > 100m). Also total sales encompass appr. 1 bn sales not generated by car sales.
So I guess 1,0 bn to 1,2 bn might be the correct EBIT-range for the car business.
So I guess 1,0 bn to 1,2 bn might be the correct EBIT-range for the car business.
Jan 22, 2007 2:57:34 PM
- Jeannot
- Expert
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- Loc: Currently in Hong-Kong , Switzerland
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- Reply to: Porsche-Jeck
Re: 2005/06 Earning per car Euro 21799,--
Porsche is making tremendous margins on silly options such as leather consoles and painted trims. I was careful not to spend much on such options, but I feel I have been robbed with items such as 'full leather' and 'sport exhaust'.
One can only imagine the sort of margins Porsche is making on things like power kits and Bose!
One can only imagine the sort of margins Porsche is making on things like power kits and Bose!
Jan 23, 2007 6:10:12 PM
- easy_rider911
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- Loc: London , United Kingdom
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- Reply to: Oxonian
Jan 23, 2007 7:06:54 PM
- Crash
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- Loc: Never been to , Antarctica
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- Reply to: easy_rider911
Re: 2005/06 Earning per car Euro 21799,--
Quote:
easy_rider911 said:
Now I understand the real meaning of the words "Porsche Exclusive"...meaning it's exclusively Porsche that can make this kind of profit in the automotive world.
Now remember, every time you order a leather dash, a Porsche board member gets his wings
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