Σωστά διάβασες. Αυτό είναι το λειτουργικό κέρδος ανά αυτοκίνητο της Porsche. Μόνο και μόνο από αυτό, δεν θα έπρεπε να προκαλεί εντύπωση σε κανέναν η διαρκής επιθυμία των υπευθύνων του Group να επεκτείνουν την γκάμα της. Ας δούμε όμως λίγο πιο αναλυτικά την υπόθεση.
Σύμφωνα με την ετήσια έκθεση που δημοσίευσε εχθές η Volkswagen, το Group κερδίζει 23.200 δολάρια για κάθε καινούρια Porsche. Αυτό μεταφράζεται σε περιθώριο της τάξης του 18% και η μοναδική μάρκα εντός του Group που κοντράρει στα ίσια την Porsche σε αυτόν τον τομέα, είναι η Bentley, με αντίστοιχο κέρδος κοντά στα $21.000 ανά αυτοκίνητο. Ούτε καν η Lamborghini, που θα περίμενε κανείς να λειτουργεί με τεράστιο περιθώριο, την ακουμπάει, αφού μετά βίας φτάνει τα 5.000 δολάρια ανά όχημα.
Γιατί η Porsche λειτουργεί με τέτοιο περιθώριο κέρδους; Extras. Options. Προαιρετικός εξοπλισμός. Εκτός του ότι σε premium μάρκες οι προαιρετικός εξοπλισμός κοστίζει και η τιμολόγηση του είναι λίγο “ελεύθερη”, το αγοραστικό κοινό στο οποίο απευθύνονται αυτές οι μάρκες, δεν μετράει κάθε ευρώ που βάζει στο αυτοκίνητο. Οι περισσότεροι, απλά τσεκάρουν κουτάκια χωρίς να κοιτάνε την τιμή. Επιπλέον, η Porsche δεν έχει ουσιαστικό ανταγωνισμό. Το Passat πχ, στέκεται απέναντι σε 10 μοντέλα που σημαίνει πως πρέπει να είναι ανταγωνιστικό σε τιμή, που με τη σειρά του σημαίνει πως παράγεται με μικρό περιθώριο κέρδους (ολόκληρη η VW βγάζει κατά μέσο όρο 850 δολάρια ανά αυτοκίνητο, ή λειτουργεί με περιθώριο κέρδους 2.9%). Αυτό που μένει να δούμε είναι το αν και κατά πόσο θα μεταβληθεί αυτή η ισορροπία ανάμεσα στο λειτουργικό κέρδος και τον όγκο πωλήσεων όσο η Porsche αυξάνει και θέλει να συνεχίσει να αυξάνει τον αριθμό των πωλήσεων (βλ. Macan).
H Porsche το 2013 πούλησε 162.145 αυτοκίνητα (+15%), με τον τζίρο της να αγγίζει τα 14,3 δις ευρώ (+3%). Σε ότι αφορά τα λειτουργικά της κέρδη, αυτά ανήλθαν στα 2,58 δις ευρώ (+6%). Με τόσα κέρδη η Porsche ανακοίνωσε πως δίνει 8.200 ευρώ σε όλους τους υπαλλήλους της (κοντά στις 15.000).
Sports car manufacturer now has almost 19,500 employees – annual press conference in Stuttgart
Porsche achieves record figures for deliveries, revenue and profit
Stuttgart. Dr. Ing. h.c. F. Porsche AG continued its success in the fiscal year 2013 and achieved record figures for deliveries, revenue and profit. At 162,145 vehicles, deliveries were 15 percent higher than the prior-year figure. Revenue climbed by 3 percent to 14.3 billion euro. Operating profit rose by 6 percent to 2.58 billion euro. Headcount also reached its highest ever level, with an increase of 11 percent to 19,456 employees as of year-end.
At Porsche AG’s annual press conference in Stuttgart on Friday, CEO Matthias Müller emphasized that the sports car manufacturer “had not only continued to grow profitably, but had also done full justice to its role as technological leader by developing new technologies and launching fascinating products.” In the fiscal year 2013, Porsche became the first company to present a plug-in-hybrid vehicle in the luxury class, the Panamera S E-Hybrid, as well as the first super sports car with high-performance plug-in hybrid drive, the 918 Spyder. In addition, Porsche unveiled the first sports car in the compact SUV segment, the Macan. Müller stressed that “with these vehicles, we have laid the foundation for continued future success” and added that “they were also a factor in making 2013 the most successful year in the company’s history to date.”
At the conference in Stuttgart, Lutz Meschke, member of Porsche AG’s executive board in charge of finance and IT, emphasized that the sports car manufacturer’s “healthy cost structure and the long-term high earnings power were reflected in an operating return on sales of 18 percent”. Furthermore, the CFO highlighted that the net liquidity of the automotive division – i.e., its gross liquidity less financial liabilities and excluding the financial services business – improved significantly from minus 1.87 billion euro as of 31 December 2012 to minus 899 million euro as of 31 December 2013. Meschke continued: “This brings us another big step closer to achieving our medium-term goal of repaying our debt in full while financing growth from our cash flows from operating activities.”
At the press conference, Matthias Müller and Lutz Meschke expressed their conviction that Porsche AG will continue to grow in the current fiscal year 2014. In the first two months of the year, worldwide deliveries increased by 3 percent to 23,286 vehicles. According to CEO Müller, “this positive trend will intensify in the course of 2014 and the market launch of the Macan in April will further increase the company’s sales.” CFO Meschke added that the launch of the Macan entailed higher personnel costs and depreciation charges and that Porsche would also have to make considerable advance outlays on modern drive concepts in order to meet more stringent future emission standards worldwide. Meschke said that, despite this, “we are ideally equipped for the current fiscal year. Assuming that, despite unresolved structural issues, sales in Europe continue to stabilize, our goal in 2014 is to again achieve operating profit at least on a par with that of the prior year.”
Porsche model range 911: combined fuel consumption 12.4 – 8.2 l/100 km; CO2 emissions 289 – 194 g/km; efficiency class: G-F Porsche model range Boxster/Cayman: combined fuel consumption 8.8 – 7.7 l/100 km; CO2 emissions 206 – 180 g/km; efficiency class: G-F Porsche model range Cayenne: combined fuel consumption 11.5 – 7.2 l/100 km; CO2 emissions 270 – 189 g/km; efficiency class: G-B Porsche model range Panamera: combined fuel consumption 10.7 – 6.4 l/100 km; CO2 emissions 249 – 169 g/km; efficiency class: F-D Porsche Panamera S E-Hybrid: combined fuel consumption 3.1 l/100 km; combined energy consumption 16,2 kWh/100 km; CO2 emissions 71 g/km; efficiency class: A+ Porsche model range Macan*: combined fuel consumption 11.8 – 6.7 l/100 km; CO2 emissions 216 – 159 g/km; efficiency class: E-B * Versatility depending on the tyre set used Porsche 918 Spyder: combined fuel consumption 3,1 – 3,0 l/100 km; combined energy consumption 12,7 kWh/100 km; CO2 emissions 72 – 70 g/km; efficiency class: A+
Sports car manufacturer remunerates its best business year 2013
Special 8 200 euro bonus for Porsche employees in Germany
Stuttgart. After the most successful year in the company’s history, the employees at Dr. Ing. h.c. F. Porsche AG in Germany will receive a voluntary special payment of up to 8 200 euro gross. This was agreed by the company Executive Board and the Joint Works Council. The special payment includes two components: 7 600 euro will be paid based on the positive operating result and for the special achievement on the part of the employees in the 2013 business year. 600 euro will be paid as a special contribution to the Porsche VarioRente (company pension) or to personal pension plans.
In the 2013 business year, which was marked by the 50th anniversary of the sports car icon 911, Porsche increased its deliveries by around 15 per cent compared to 2012 and its sales by three per cent and operating result by six per cent. The special payment for 2013 will be paid to about 15 000 employees of Porsche AG, adjusted for individual working hours and period of employment.
Matthias Müller, Chairman of the Executive Board of Porsche AG, thanked the employees for their daily efforts, flexibility and motivation: “The people behind the company are the guarantee that Porsche stays on course and will also set standards in the automotive sector in future.” Over the past few years the company has continued to increase sales, turnover and profits “and the new records underpin once again our claim to remain the most successful manufacturer of premium sports cars. This is an ambitious aim in an increasingly tougher competition which we can only settle thanks to the extraordinary commitment of our employees to our favour.”
Thomas Edig, Member of the Executive Board for Human Resources, explains: “By making the special contribution of 600 euro towards the highly attractive Porsche VarioRente pension plan, Porsche is offering another way to extend employee-funded private pensions. This decision is an innovative step that further reinforces our profile as an excellent employer.”
Uwe Hück, Chairman of the Joint Works Council emphasised that “Porsche is and will remain in the fore! We can also say in good conscience that with reference to the special payment of 8 200 euro. That’s absolutely fantastic. And the great thing is that all employees in Germany subject to pay agreements will get it, regardless of whether they work on a production line, in an office or as engineers. But we’re not getting it for nothing. The employees have earned it through their extraordinary performance, flexibility and increased productivity. My motto is: profits are important to defend social accomplishments. And Porsche is showing that high returns and social responsibility are not opposites. This is why we are challenging the threat of poverty in old age and why 600 euro of our bonus are intended for the Porsche VarioRente, the company pension, or for personal pension plans. This is how the employers and employee representatives at Porsche can show how seriously they take their responsibilities.”
Porsche SE benefits from excellent development of the Volkswagen group
Group profit of 2.41 billion euro / net liquidity rises to 2.61 billion euro / claim for damages dismissed / dividend (prefs) unchanged at 2.010 euro
Stuttgart. 18 March 2014. Porsche Automobil Holding SE, Stuttgart, (Porsche SE) reported group profit for the fiscal year 2013 of 2.41 billion euro. This was significantly influenced by the profit from the investment accounted for at equity in Volkswagen AG of 2.71 billion euro. In the prior year, group profit for the year was characterized mainly by a non-recurring positive effect on earnings from the contribution of the holding business operations to Volkswagen AG and came to 7.94 billion euro. As of 31 December 2013, Porsche SE had net liquidity of 2.61 billion euro (prior year: 2.56 billion euro).
At today’s Annual Press Conference, Porsche SE’s CEO, Prof. Dr. Martin Winterkorn, emphasized the company’s good future prospects. He stated that the creation of the integrated automotive group in August 2012 had been worthwhile for all involved. “Porsche and Volkswagen are realizing considerable synergies under the umbrella of the shared group. The alliance of 12 strong brands, from Volkswagen to Audi and Porsche, and from Ducati to MAN and Scania, is unique within the automobile industry. Porsche SE and its shareholders benefit very considerably from this,” said Winterkorn. At the same time, Porsche SE as anchor shareholder ensures that the Volkswagen group has a long-term and sustainable orientation.
Porsche SE’s financial result came to minus 69 million euro in the fiscal year 2013 (prior year: minus 30 million euro). This development is attributable in particular to the recognition of provisions of 64 million euro for interest on expected tax payments from an ongoing tax field audit for the assessment period 2006 to 2008.
The cash flow from Porsche SE’s operating activities came to 665 million euro and contains the positive effect from the dividend payment from Volkswagen AG of 386 million euro. In addition, there was an inflow of 326 million euro from income tax refunds.
The dividend distribution to the shareholders of Porsche SE resulted in cash outflow from financing activities of 615 million euro.
Porsche SE’s equity increased to 30.47 billion euro in the past fiscal year. One year ago, it amounted to 28.50 billion euro. As a result, the equity ratio increased from 96.4 percent in the prior year to 97.4 percent.
Winterkorn: merely a matter of time until the first transaction
Professor Winterkorn underscored the company’s intention to complement its core investment in Volkswagen by adding investments along the automotive value chain. These are to be financed from the available net liquidity. Winterkorn stated that both the Volkswagen group and Porsche SE boast outstanding automobile expertise. “During the past year, we took a closer look at more than two dozen companies, and they included interesting candidates. However, various specific issues stood in the way of an investment.” He explained that the valuations for investments are currently high and that there is a large amount of liquidity in the market. “We bear great responsibility for the assets entrusted to us, which we want to increase successfully. We are therefore not prepared to acquire attractive investments at any price. Substance and profitability take precedence over speed. This principle remains unchanged,” said Winterkorn.
He added that the company’s focus on investments along the automotive value chain had not changed, ranging from basic technologies for the development and production process to vehicle- and mobility-related services. The emphasis, he continued, is first and foremost on the major global trends in the automotive industry: sustainability, conservation of resources and the increasingly networked automotive world. Specific examples include new drive concepts and materials as well as technologies for vehicle safety and connectivity, explained Winterkorn.
Porsche SE averts damages claims worth billions
On the legal side, Porsche SE achieved further stage victories during the past fiscal year. The company succeeded in persuading all the plaintiffs before the New York State Supreme Court and the majority of plaintiffs before the U.S. District Court in New York to withdraw their claims. A decision on the claims made by these plaintiffs is now pending in Germany. Only 8 of the former 46 plaintiffs before the U.S. District Court remain in the USA.
The remaining proceedings pending in Germany were delayed in 2013, in some cases significantly. For example, the plaintiffs in the total of six proceedings before the Regional Court of Braunschweig filed a large number of motions. Five of these six proceedings are expected to be heard this spring. The sixth case was referred to the Regional Court of Hanover after the plaintiffs had added anti-trust claims to their assertion. Based on the same alleged claims, the plaintiffs also filed an action against two members of the supervisory board of Porsche SE before the Regional Court of Frankfurt am Main in the fall of 2013. In Porsche SE’s view, this action is of a purely tactical nature and is intended to put pressure on the defendants. Porsche SE has joined the proceedings on the side of the defendants.
A claim by American hedge funds for an amount of around 1.36 billion euro was yesterday dismissed by the Regional Court of Stuttgart. The judgment vindicated the legal opinion of Porsche SE.
Dividend of 2.010 euro per preference share proposed
The dividend proposal that will be submitted for voting to the annual general meeting in Stuttgart on 27 May 2014 provides for a distribution of 2.010 (prior year: 2.010) euro per preference share and of 2.004 (2.004) euro per ordinary share.
Based on the current group structure and expected business development, Porsche SE anticipates a profit for the current fiscal year of between 2.2 billion euro and 2.7 billion euro. In this context, the company benefits from the strengths of the Volkswagen group and has corresponding potential for increasing value added in the coming years.