Porsche 2009 Annual Report Download - page 114

Commodity price developments
The price of aluminum climbed from some
1,800 US dollars to 2,400 US dollars in the reporting
period. However, as stocks increased at the same
time it then returned back to its starting level again
within just a few weeks as of April 2010. In the me-
dium term, the price is forecast to be above 2,000
US dollars. The price for crude oil displayed a lower
level of volatility in the reporting period, ranging be-
tween 70 and 80 US dollars per barrel. It is expected
to stay within this range for the time being.
Prospects on the automotive markets
In western Europe, the automotive market will
in 2010 not be able to match the prior-year level be-
cause government recovery programs either expired
at the end of 2009, like in Germany, or will end in
2010, like in France, Spain and the UK.
Overall, however, the automotive market will
pick up again in 2010, with the largest single markets,
China and the US, displaying high growth rates. In Ja-
pan and India automotive sales grew at double-digit
rates in the first half of 2010, and in Brazil the in-
crease came to around seven percent. The Russian
market, which had lagged behind significantly in the
first quarter of 2010, recorded strong growth in the
second quarter.
As demand picks up again and government
recovery programs come to an end, the sales mar-
kets will return to their pre-crisis structure. While the
manufacturers of small and compact cars were those
who benefitted most from the scrappage bonus in
Germany in 2009, prospects are now good for manu-
facturers of luxury vehicles. The German luxury
brands are also benefitting particularly from the cur-
rent boom in China.
Overall statement on the expected development
of the significant investments
The Porsche Zwischenholding GmbH group
expects the trend that became apparent in the past
fiscal year to continue in the short fiscal year, with
sales and revenue increasing again. This is substanti-
ated not only by the steadily increasing demand for
Porsche vehicles in China and Middle East – unit sales
are also forecast to rise overall on the traditional
sales markets of Europe and North America, not least
due to the great interest shown by customers in the
new generation of Cayenne models and Porsche’s
fourth model series, the Panamera.
The Volkswagen group’s presence in all key
regions around the world, its multi-brand strategy and
technological expertise and the most up-to-date, most
environmentally friendly and broadest vehicle range
that has resulted from that expertise are key advan-
tages for the Volkswagen group. The Volkswagen
group’s nine brands will again unveil a large number of
new models in the second half of 2010, thus system-
atically extending the Volkswagen group’s position in
the global markets. The Volkswagen group therefore
anticipates that the deliveries to customers by 31 De-
cember 2010 will be significantly higher than in 2009,
due among other factors to the positive growth in
China.
The dynamic growth in the Volkswagen
group’s revenue and profit in the first half of 2010 will
not continue undiminished in the second half of the
year. Nevertheless, the Volkswagen group expects its
revenue and operating profit in 2010 to will be signifi-
cantly higher than the prior-year figures, despite shifts
in volumes between the markets. In addition, exchange
rate effects will have a positive effect on earnings.
Volkswagen will also continue to focus on disciplined
cost and investment management and the continuous
optimization of its processes. In doing so, Volkswagen
will systematically pursue the core elements of the
“18 plus” strategy – ecological relevance and the re-
turn on its vehicle projects.
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