Porsche affected by the global economic turnaround

Article by Christian Andrei, on August 29, 2010

The global economic turnaround also affected Porsche during the first six months of the current business year and as a result will also show a lowered revenue margin of 3 billion Euros representing 14.3 percent.

Furthermore, utilizing the sales accumulated by the middle of January this year as a major indicator there is a forecast of 27.3 percent decrease in sales in the first half of the business year which represent a total number or 34,000 vehicles.

This was made public this Friday by the company during their yearly general meeting.The publication of the results for the first six months will not be made available until the half-yearly Financial Report in March has been submitted.

This is because, according to the International Financial Reporting Standard (IFRS), the figures for the last Quarter of 2008 have not yet been submitted by Volkswagen. Furthermore, the semi-annual report of Porsche Automobil Holding SE will, for the first time, consist of combined accounts, since Porsche has a 50.76 percent share in VW AG.

A change in the model mix of cars sold is one of the many factors that has been considered as the reason for the better development of revenues against vehicle sales in the first half-year. On one hand, the sales of the 911 models accounted for a higher share in overall sales, while on the other hand, the Boxster model series was significantly lowered.

The 911 represents 13,500 cars sold (in contrast to the 16,236 in the preceding year), while the mid-engined sports cars of Porsche amounted only to 3,900 (compared to last year's 9,835).

This is a reflection of the success of the 911 in the market which comes with highly economical Direct Fuel Injection and double-clutch gearbox and also the impending changeover to the latest Boxster and Cayman with a consequential effect on sales figures current. February 2009 is the set time for the introduction of these vehicles.

Topics: porsche, sales

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