Issue 107
October 2010

speedART is spezialized in restoring Porsches young and old

Insurance Choice are an Insurance Broker based in Leamington Spa, Warwickshire.

Design 911 offers the ultimate in performance products from the worlds leading car parts manufactures.

Road Scholars is a treasure in the world of selling Porsches

A full range of Insurance cover, from Classic Car to Travel Insurance.

Tech 9 are the leading Independent Porsche Specialists in the UK.

Porsche makes 7.34 billion Euros in six months

Porsche makes 7.34 billion Euros in six months It would appear the financial recession has bypassed Stuttgart and the Zuffenhausen area in particular, as Porsche posted pre-tax profits of 7.34 billion Euro for the first six months of its current financial year (1 August 2008 – January 31 2009); for the same period last year the company recorded a 1.66 billion Euro profit.

Obviously this huge jump in pre-tax profits is not down to an over whelming demand for sports cars and SUVs (turn-over is actually down 12.8 per cent to 4.04 billion, with sales down 26.7 per cent to 34,266 units) but is, instead, a result of Porsche Automobile Holding SE’s continued trading in Volkswagen shares and this positive contribution to profits is from cash-settled share transactions for VW shares. This contribution alone rose from 850 million Euros last year to 6.84 billion for the first half of the 08/09 financial year. Porsche have stated, however, that this contribution to its profits is dependent on the value of VW shares, and therefore the pre-tax profits for the full financial year could fall depending on how shares in Europe’s largest car manufacturer perform over the next six months.

Overall sales of Porsche cars around the world have fallen during the first half of its current financial year. 911 sales are down 2718 units to 13,543, the Boxster and Cayman series are down significantly to just 3,950 units (a drop of 5885 but this does take into account the introduction of the new gen-two Boxster and Cayman series that have only just reached the showrooms) and the Cayenne, Porsche’s cash cow, has dropped 3865 units to 16,773.

For the second half of the year Porsche is, therefore, pinning its hopes on the success of the new Boxster and Cayman series and hopes the recently introduced Cayenne Diesel will boost sales of its once dominant SUV. The arrival of the company’s new four-door saloon, the Panamera, doesn’t arrive until September 2009 meaning it will not be included in this year’s financial results.

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