From January to March, Porsche AG delivered a total of 51,102 new cars, 32% more than the same period last year and on track to break the 200,000 car mark by the end of the year. Revenue in the first three months of 2015 increased 29% to 5.08 billion euros, and operating profit surpassed the prior year figure by 10%, reaching 765 million euros. Employee growth is up 12% to a total of 22,945.
Porsche’s Chairman of the Executive Board, Matthias Müller, explained that the sports car manufacturer would stay on course for a successful business year in 2015. A good portion of that success can be attributed to the new Porsche Macan which was introduced last year and will for a full twelve months this year. Other highlights are new versions of existing models. They include the GT vehicles – the 911 GT3 RS and Cayman GT4 – as well as the Boxster Spyder and the Panamera Edition. “Our successful vehicle derivatives strategy lets us satisfy the wishes of many customers who want to own a comprehensively personalized vehicle,” said CEO Matthias Müller.
Profit Is Up, Too
Porsche AG earned 765 million euros in profit for the first quarter and expects to meet last year’s profitability numbers, at a minimum.
Lutz Meschke, Member of the Executive Board Finance and IT at Porsche AG, called attention to the company’s continuously high profitability. “The first quarter result of 765 million euros reflects our healthy cost structure and the high profitability of Porsche,” the CFO explained. In light of the present currency trends, Lutz Meschke is also optimistic that “with regard to the full fiscal year, we will reach last year’s profit at a minimum. We will continue to hold to our strategic returns target of 15 percent,” explained Meschke.
Research And Development Costs Have Nearly Doubled
Key factors on the debit side of the balance sheet are outlays for future model series and future technologies, as well as high investments in the extension and renovation of Porsche production facilities. Research and development costs have nearly doubled at Porsche over the past three years, in particular due to expenses for alternative drives. “In 2015, research and development costs will once again run at around 9 to 10 percent of sales,” said Meschke.