Porsche cannot escape global slowdown

by IRA V. PANGANIBAN

Posted at Feb 03 2009 10:53 PM | Updated as of Feb 09 2009 09:22 AM

Porsche Automobil Holding SE based in Stuttgart, was not able to escape the general downward trend in the global automotive industry during the first six months of the current year of business 2008/09 (1 August 2008 - 31 January 2009.)

This performance will show a resultant decrease in revenues, according to preliminary figures taken out, which comes to 14.3 per cent or approximately three billion Eurodollars. Taking the development of sales by mid-January 2009 as a fundamental indicator, sales in the first half of the business year are expected to have decreased by 27.3 per cent to approximately 34,000 units.

This was announced last Friday by the President and Chief Executive Officer of Porsche Automobil Holding SE, Dr. Wendelin Wiedeking, at the Annual General Meeting of the Company in the Porsche-Arena, Stuttgart.
 
The results of the first six months will not be published by Porsche SE until submission of the half-yearly Financial Report in March, since, according to the International Financial Reporting Standard (IFRS.)

The Volkswagen figures for the fourth quarter 2008 still have to be considered and are not yet available. The semi-annual report of Porsche Automobil Holding SE will, for the first time, include a consolidated account, since the share of Porsche Automobil Holding SE in Volkswagen AG, reaching 50.76 per cent of VW’s ordinary stock on 5 January 2009, for the first time going over the 50 per cent threshold.
 
The upward development of revenues, however, versus vehicle sales in the first half-year is attributable, among other factors, to a change in the model mix of cars sold. One of these is the fact that the 911 model sold a lot more for overall sales, while the share Boxster has decreased significantly. According to initial figures, the 911 accounts for 13,500 units sold (previous year: 16,263 units), while sales of Porsche’s mid-engine sports car amounted to approximately 3,900 units (previous year: 9,835 units).
 
This reflects the market success of the new 911 models featuring highly efficient Direct Fuel Injection and the double-clutch gearbox Porsche-Doppelkupplung (PDK) and also the natural effect on sales of the forthcoming changeover to the new Boxster and Cayman.

Introduction of these new sports cars in the markets will start in February. The Cayenne showed steady performance in the first half of the 2008/09 year of business and is expected to have reached a sales volume of approximately 16,600 units (previous year: 20,638 units).
 
Porsche sales in Germany in the reported period are expected to have reached 4,150 units, following 5,630 units in the same period last year. In North America the corresponding figure is expected to be 11,850 units (previous year: 16,209 units) and in the rest of the world roughly 18,000 units (previous year: 24,897 units).