Porsche makes big money, but warns profits could evaporate
31 March 2009

Porsche has posted spectacular pre-tax profits of €7.34bn (£6.82bn) for the first half of the German financial year, which runs from August to the end of January.

The profits for the period between 1 August 2008 and 31 January 2009 compare very favourably with the €1.6bn (£1.48bn) profit that Porsche recorded for the same period the previous year.

Porsche is at pains to point out, however, that the bulk of these profits have been driven by Porsche’s cash-settled share options in VW. The contribution of these to Porsche’s balance sheets increased from €850m (£790m) in the first half of the 2007/2008 German financial year to a whopping €6.84bn (£6.36bn) for the same period a year later.

Since this contribution depends on the price of VW shares, Porsche has warned that its profits could yet evaporate by the end of the business year if VW’s share price fails to perform well.

Elsewhere Porsche’s balance sheet doesn’t look quite so rosy. Sales fell by more than a quarter in the first half year. Surprisingly, the Porsche Cayman took the biggest hit, with sales falling by more than 60 per cent to just 3950 units.

Porsche has also had to face increased development costs as it prepares to get the Panamera and hybrid Cayenne ready for market.

Matt Rigby

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • BMW M5
    First Drive
    22 March 2018
    Super saloon deploys four-wheel drive to improve every facet of its driving experience. Faster and more capable than any, and more exciting than most, of its celebrated predecessors
  • Range Rover Sport SVR
    First Drive
    22 March 2018
    More power and an intoxicating soundtrack have breathed new life into our love affair with the biggest, baddest Range Rover Sport variant
  • First Drive
    21 March 2018
    The new Vantage has been developed as a Porsche 911 beater, and our first taste on UK roads suggests it can live up to that bold claim
  • Nissan Leaf Tekna
    The is the new Nissan Leaf
    First Drive
    21 March 2018
    The new version of the world's best-selling electric car gains a bigger battery and more power. How does it compare to rivals such as the Volkswagen e-Golf?
  • Range Rover p400e
    First Drive
    20 March 2018
    The original luxury SUV is now available as a plug-in hybrid, promising lower emissions and the capacity for silent electric motoring