Porsche has given the global financial crisis a two finger salute by posting pre-tax profits of €7.34 billion for the period 1 August 2009 to 31 January 2009. Sounds good on the surface, but…
The result is based largely on cash-settled share option transactions surrounding the value of Volkswagen shares.
Investment in future product lines such as the Panamera and hybrid drive Cayenne have had a negative effect on Porsche’s bottom line.
Sales, too, have been down across the board for Porsche, with the Cayenne being the highest selling model (16,773 vehicles against 20,638 in the previous year). The introduction of the new Boxster, Cayman and Cayenne Diesel earlier in the year are expected to give sales a welcome boost.
A press release from Porsche can be read after the jump. It might be best if you have a CPA sitting next to you, though.