Porsche announces record sales in the 2012 financial year

Article by Christian A., on March 18, 2013

Dr. Ing. h.c. F. Porsche AG posted 22% higher sales in the 2012 financial year with 143,096 vehicles sold, achieving record levels in sales, turnover and earnings. Turnover rose by 27% to 13.9 billion euros. Meanwhile, the operating result increased by 19% to 2.44 billion euros. In addition, its number of employees is at its highest, with a total of 17,502 at the end of the year.

Porsche also raised its number of trainees. So instead of 100 workers, a total of 125 young trainees started last September at Porsche. Its net liquidity in the automotive business (equivalent to gross liquidity minus financial liabilities excluding financial services) improved from a negative 2.58 billion euros as of December 31, 2011 to a negative 1.87 billion euros as of December 31, 2012.

This brings Porsche AG a step nearer to its medium-term target of a complete reduction in net indebtedness while funding its growth from operating cash flow. For the 2012 financial year, the 911 was the model series that achieved the highest growth rate. Customers had liked the new generation model so much that sales climbed by 49%, to 26,203 vehicles.

Porsche sold 30% more vehicles in this period to 77,822 vehicles, earning the Cayenne series the highest sales. Sales of the Boxster increased by 4% to 11,740 units. This means that the new Boxster , which was launched in March 2012, saw its sales increased by 66%, to 10,126 vehicles. Porsche sold 1,614 units of the Cayman. The new generation Cayman was introduced in the market at the start of 2013. A total of 27,331 units of the Panamera were sold.

In Stuttgart, Lutz Meschke, Chief Financial Officer of Porsche AG, highlighted "the healthy cost structure and sustained high level of profitability" of the company. Accordingly, the operating return on sales amounted to around 18 per cent. "With our international position and a strict cost management, we remain, as a whole, cautiously optimistic for the current 2013 financial year, and are striving for a result building upon the very high level of the prior year," the CFO of Porsche AG further added.

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