Porsche’s Flying Sales Start For 2015
Porsche AG has begun the 2015 year successfully with growth in deliveries, revenue, and profit in the first quarter. From the beginning of January to the end of March, the sports car manufacturer delivered 51,102 new vehicles, which is 32 percent more than in the previous year. Revenue in the first three months of 2015 increased 29 percent to 5.08 billion euros, and operating profit surpassed the prior year figure by ten percent, reaching 765 million euros. The number of employees has grown to 22,945, an increase of 12 percent.
Matthias Müller, the Chairman of the Executive Board at Porsche AG, explained that the sports car manufacturer would stay on course for a successful business year in 2015. A contributing factor towards 2015 expectations is the continued success of the Porsche Macan, which was introduced last year and will be available 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.
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.
Key factors on the debit side 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.
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