Annual Report 2003/2004
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Annual General Meeting in Stuttgart January 28, 2005 Interim Report 1st six months March 1, 2005 Financial Press Conference on 2004/05 fiscal year December 2005 Analyst Conference on 2004/05 fiscal year December 2005 Contact us at Dr.Ing.h.c. F.Porsche Aktiengesellschaft Porscheplatz 1 D-70435 Stuttgart Telephone: +49(0)711 911–0 Fax: +49(0)711 911–5777 http://www.porsche.com Financial Press and Investor Relations Telephone: +49(0)711 911–5869 Fax: +49(0)711 911–6375 Dr.Ing.h.c.F.Porsche Aktiengesellschaft This annual report is available in German and English. D-70432 Stuttgart Annual Report 2003 ⁄ 04 Porsche Group worldwide Porsche Group In case of doubt the german version is binding. Telephone: +49(0)711 911–0 Annual Report 2003 ⁄ 04 Highlights Porsche Group Annual General Meeting in Stuttgart January 28, 2005 Interim Report 1st six months March 1, 2005 Financial Press Conference on 2004/05 fiscal year December 2005 Analyst Conference on 2004/05 fiscal year December 2005 Contact us at Dr.Ing.h.c. F.Porsche Aktiengesellschaft Porscheplatz 1 D-70435 Stuttgart Telephone: +49(0)711 911–0 Fax: +49(0)711 911–5777 http://www.porsche.com Financial Press and Investor Relations Telephone: +49(0)711 911–5869 Fax: +49(0)711 911–6375 Dr.Ing.h.c.F.Porsche Aktiengesellschaft This annual report is available in German and English. D-70432 Stuttgart Annual Report 2003 ⁄ 04 Porsche Group worldwide Porsche Group In case of doubt the german version is binding. Telephone: +49(0)711 911–0 Annual Report 2003 ⁄ 04 Highlights Porsche Group Porsche Group Highlights Overview of the Porsche Group (Capital Investment) 1994 /95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 Dr.Ing.h.c.F. Porsche AG Stuttgart Sales € million 1,332.9 1,437.7 2,093.3 2,519.4 3,161.3 3,647.7 4,441.5 4,857.3 5,582.0 6,359.4 Sales Domestic € million 569.7 527.7 671.9 735.5 955.6 893.2 1,001.3 1,121.0 1,482.5 1,421.5 Domestic Export € million 763.2 910.0 1,421.4 1,783.9 2,205.7 2,754.5 3,440.2 3,736.3 4,099.5 4,937.9 Export 100 % CTS Fahrzeug-Dachsysteme 100 % Porsche Financial Services 90% Porsche Services Espana 100 % Porsche Iberica 95% Porsamadrid 95% Porsacentre GmbH, Hamburg GmbH, Bietigheim-Bissingen S.L., Madrid, Spain S.A., Madrid, Spain S.L., Madrid, Spain S.L., Barcelona, Spain Vehicle Sales (new cars) units 21,124 19,262 32,383 36,686 43,982 48,797 54,586 54,234 66,803 76,827 Vehicle Sales (new cars) 10 % 5% 5% Domestic Porsche units 6,420 5,873 9,670 9,174 10,607 11,754 12,401 12,825 13,896 12,176 Domestic Porsche 100 % CTS Technik und Design 100 % Porsche Classic 100 % Porsche Financial Services 100 % Porsche Italia 100 % Centro Porsche Padova 100 % Porsche Haus Export Porsche units 11,992 13,346 22,713 27,512 33,375 37,043 42,185 41,409 52,907 64,651 Export Porsche GmbH, Hamburg GmbH, Ludwigsburg Japan K.K., Tokyo, Japan S.p.A., Padua, Italy S.r.L., Padua, Italy S.r.l., Milan, Italy Other Models units 2,712 43––– –––– –Other Models Vehicle Sales Porsche units 18,412 19,219 32,383 36,686 43,982 48,797 54,586 54,234 66,803 76,827 Vehicle Sales Porsche 911 units 17,407 19,096 16,507 17,869 23,090 23,050 26,721 32,337 27,789 23,704 911 100 % CTS CarTopSystems N.A. 100 % Porsche Zentrum Hoppegarten 100 % Porsche Financial Services 100 % Porsche Cars Great Britain 100 % Porsche Retail Group Inc., Rochester Hills, GmbH, Stuttgart Great Britain Ltd., Ltd., Reading, England Ltd., Reading, England 928 units 510 104––– –––– –928 Michigan, USA Reading, England 944/968 units 495–––– –––– –944/968 Boxster units – 19 15,876 18,817 20,892 25,747 27,865 21,897 18,411 12,988 Boxster 100 % CTS CarTopSystems N.A. 100 % Porsche Consulting 100 % Porsche Financial Services 100 % Porsche Cars Australia 100 % Porsche Centre Melbourne Carrera GT units ––––– ––––222Carrera GT Bowling Green LLC, GmbH, Stuttgart France S.A., Pty. Ltd., Collingwood, Pty. Ltd., Collingwood, Cayenne units ––––– –––20,603 39,913 Cayenne Kentucky, USA Boulogne-Billancourt, France Australia Australia Production units 20,791 20,242 32,390 38,007 45,119 48,815 55,782 55,050 73,284 81,531 Production 65% Porsche Lizenz- und Handels- 100 % Porsche Engineering Services 100 % Porsche Financial Services 100 % Porsche International Financing 100 % Porsche International Insurance 100 % Porsche Capital gesellschaft mbH & Co. KG, GmbH, Bietigheim-Bissingen Italia S.p.A., Padua, Italy plc, Dublin, Ireland Ltd., Dublin, Ireland LLC, Wilmington/Delaware, Bietigheim-Bissingen USA Porsche total units 18,079 20,242 32,390 38,007 45,119 48,815 55,782 55,050 73,284 81,531 Porsche total 911 units 17,293 20,132 16,488 19,120 23,056 22,950 27,325 33,061 29,564 26,650 911 Carrera GT units ––––– –––7270Carrera GT 100 % Porsche Design of America 100 % Porsche Niederlassung 95% Porsche Financial Services 100 % Porsche France 100 % Zell Motors 5,1% Porsche Funding 100 % Porsche Funding Inc., Wilmington/Delaware, Stuttgart GmbH, Stuttgart GmbH & Co. KG, S.A., Boulogne-Billancourt, S.A.S., Levallois-Perret, Ltd. Partnership, LLC. Wilmington/Delaware, 928 units 470 28––– –––– –928 USA Bietigheim-Bissingen 5% France France 94.9% Wilmington/Delaware, USA USA 944/968 units 316–––– –––– –944/968 Boxster units – 82 15,902 18,887 22,063 25,865 28,457 21,989 18,788 13,462 Boxster 99,8% Porsche Design GmbH, 100 % Karosseriewerk Porsche 100 % Porsche Financial Services 100 % Porsche Financial 100 % Porsche Financial Services 100 % Euro Select Quality Parts 100 % Porsche Liquidity Cayenne units ––––– –––24,925 41,149 Cayenne Zell am See, Austria GmbH & Co. KG, Stuttgart Verwaltungsgesellschaft mbH, Management Services Inc., Wilmington/Delaware, Inc., Wilmington/Delaware, LLC. Wilmington/Delaware, Other models units 2,712–––– –––––Other models Bietigheim-Bissingen Ltd., Dublin, Ireland USA USA USA Employees at year-end 6,847 7,107 7,959 8,151 8,712 9,320 9,752 10,143 10,699 11,668 Employees 65% Porsche Verwaltungs- 0,2% 100 % PIKS Porsche-Information- 100 % Porsche Financial Services 100 % Porsche Japan 100 % Porsche Business Services 100 % Porsche Aviation Products gesellschaft mbH, Kommunikation-Services Australia Pty. Ltd., K.K., Tokyo, Japan Inc., Wilmington/Delaware, Inc., Wilmington/Delaware, Personnel expenses € million 363.7 392.1 464.4 528.2 574.9 631.3 709.9 799.4 849.5 982.5 Personnel expenses Bietigheim-Bissingen GmbH, Stuttgart Collingwood, Australia USA USA Balance Sheet Balance Sheet 100% Porsche Design Studio 100 % Porsche Deutschland 100 % Porsche Middle East 100 % Porsche Cars North America 100 % Porsche Logistics Services Total Assets € million 836.7 951.4 1,249.7 1,490.9 1,916.1 2,205.4 2,891.6 5,408.7 6,315.0 8,118.2 Total Assets North America Inc., GmbH, Bietigheim-Bissingen FZE, Dubai, Inc., Wilmington/Delaware, LLC, Wilmington/Delaware, Shareholders’ Equity € million 210.5 239.1 298.1 415.8 587.4 782.0 1,053.3 1,466.8 1,754.5 2,323.5 Shareholders’ Equity Los Angeles/California, USA United Arab Emirates USA USA Fixed Assets € million 353.2 482.5 565.3 579.6 525.6 577.7 731.8 2,207.7 2,663.3 3,063.5 Fixed Assets 3) Capital Expenditures € million 83.9 213.6 234.8 175.8 155.0 243.7 293.8 1,119.5 1,295.2 1,505.2 Capital Expenditures 95% ING Leasing 100 % Porsche Niederlassung 100% PPF Holding 10 % Porsche Cars Canada 90% Porsche Financial Services Depreciation € million 55.2 67.7 107.6 157.1 183.7 196.6 132.7 278.8 392.2 524.8 Depreciation GmbH & Co. Fox OHG, Mannheim GmbH, Mannheim AG, Zug, Switzerland Ltd., Toronto/Ontario, Canada GP, Oststeinbeck Canada 10 % Mississauga/Ontario, Canada Cash Flow € million 94.8 123.6 205.5 305.0 407.8 424.7 418.4 781.5 1,007.9 1,187.0 Cash Flow Extended Cash Flow € million 413.1 592.5 506.5 764.4 1,067.3 1,389.6 1,665.8 Extended Cash Flow Income € million 5.8 27.9 84.5 165.9 357.0 433.8 592.4 828.9 933.0 1,088.0 Income 74,8% Mieschke Hofmann und Partner 100 % Porsche Leipzig 96,15% Porsche Enterprises 3.85% 100 % PCTX 100 % Porsche Canadian Investment Gesellschaft für Management und GmbH, Leipzig Inc., LLC, Wilmington/Delaware, ULC, Halifax/Nova Scotia, Net income € million 1.1 24.6 71.3 141.6 190.9 210.0 270.5 462.0 565.0 612.0 Net income IT-Beratung mbH, Freiberg /N. Wilmington/Delaware, USA USA Canada Dividends € million 1.1 1.8 13.0 21.9 21.9 26.4 45.0 297.0 59.0 69.5 Dividends 25,01% Bertrandt AG, 100 % Porsche Leipzig Service 100 % Porsche Asia Pacific 100 % Porsche Motorsport 1) 1) Dividends per share Dividends per share Ehningen GmbH, Leipzig Pte. Ltd., Singapore North America Inc., Common stock € 0.00 0.08 0.72 1.23 1.23 1.48 2.54 2.94+14.00 3.34 3.94 Common stock Wilmington/Delaware, USA Preferred stock € 0.13 0.13 0.77 1.28 1.28 1.53 2.60 3.00+14.00 3.40 4.00 Preferred stock DVFA/SG earnings per share2) € 0.10 1.10 4.10 4.80 13.00 13.70 17.20 27.80 35.20 38.80 DVFA/SG earnings per share 2) 100 % Porsche Engineering Group 100 % Porsche Engineering Services 100 % Porsche Russland 100 % Porsche Latin America GmbH, Weissach Inc., Wilmington/Delaware, ooo, Moscow, Russia Inc., Wilmington/Delaware, USA USA 1) Fiscal years up to 1999/00 have been retroactively recognized according to the stock split in fiscal year 2000/01 2) Deutsche Vereinigung für Finanzanalyse und Anlageberatung/Schmalenbach-Gesellschaft, 100 % Porsche Engineering 100 % Porsche Investment fiscal years up to 1999/00 have been retroactively recognized according to the stock split in fiscal year 2000/01 Services s.r.o, Prague, Corp., Wilmington/Delaware, 3) Thereof investments from first consolidation in the amount € million 163.5.