Porsche 2007 Annual Report Download - page 19

16
To our shareholders
The Company
The new Panamera
Financials
Revenue also increasing
Porsche Automobil Holding SE’s revenue rose in
parallel with the growth in vehicle sales in fiscal
2007/08, rising 1.3 percent to 7.466 billion Euro.
At 7.060 billion Euro (constituting growth of 1.3
percent), the main portion of group revenue was
generated in the vehicle business. The financial
services entities recorded revenue of 410.1 million
Euro, mainly from leases, loans and credit cards.
Leipzig plant in top gear
A total of 105,162 vehicles were produced in
fiscal 2007/08, 3.3 percent more than in the prior
year. The plant in Leipzig was working at full ca-
pacity, more vehicles than ever with 48,497 units
of the Cayenne series rolling off the line. Year-on-
year growth amounts to 34.1 percent. 34,303
vehicles of the 911 series were produced in Stutt-
gart-Zuffenhausen, a 12.0 percent reduction.
With 22,356 units produced, the Boxster series
saw a 16.3 percent drop in production volume.
Three RS Spyder racing cars were also produced
in Weissach.
More jobs created again
Porsche’s success enabled the creation of new
jobs. The number of employees at the Group rose
5.5 percent to 12,202. New openings were created
above all in research and development, sales, the
Leipzig plant and the subsidiaries Porsche Consul-
ting and Mieschke Hofmann und Partner (MHP)
Gesellschaft für Management- und IT-Beratung mbH.
Preparations for the start of series production of
the Gran Turismo Panamera are now well underway
in Leipzig. The production of Porsche’s fourth
model series has led to the creation of 600 new
jobs. Hiring was carried out in the year under review
and in the current fiscal year 2008/09.
Increased development costs
Considerable investment was again made in the
new, four-door Gran Turismo Panamera. This fourth
Porsche series will be launched on the world mar-
kets in 2009. Considerable expenses were also
incurred for the hybrid drive that Porsche is to
incorporate into both the Cayenne and the new
Panamera. This pushed spending on internal deve-
lopment above the comparable figure from the
prior year by a three-digit million sum, which itself
had already constituted an increase.
Porsche Drives Home Record Result
In the prior fiscal year, Porsche managed to raise
group pre-tax earnings to 5.857 billion Euro thanks
to the share in Volkswagen AG. In the year under
review, Porsche was once again able to increase
the group’s pre-tax earnings to well above 8.569
billion Euro. Again, the disproportionately large in-
crease is attributable to non-recurring effects
in connection with the investment in Volkswagen.
The pre-tax operating result adjusted for non-re-
curring effects from hedging, the interest result of
Porsche Automobil Holding SE and income from at-
equity consolidation came to 1.0 billion Euro, which
was highly satisfactory given the fact that a range
of factors detracted from earnings. These negative
influences include the further increase in spending
for the development of the Gran Turismo Panamera
and the environmentally-friendly hybrid drive, to be
2005 ⁄ 06 2006 ⁄ 07 2007⁄ 082004 ⁄ 05
82,806
22,356
75,13272,20775,062
26,71230,39515,892
Porsche Vehicle Production
in units
Finland
Germany
105,000
87,500
70,000
52,500
35,000
17,500
Group Management Report