Porsche's stock once again proved the most rewarding investment of all European car manufacturers.
A shareholder who invested E100 in Porsche shares three years ago would be E57 richer today. In contrast, a E100 investment in a group of European vehicle manufacturers, as measured by Pricewaterhouse-Coopers, would have lost E18 during the same period.
Porsche's bold move into SUVs is paying off. The Cayenne represents about 45 percent of the company's unit sales and that number continues to rise.
The German automaker sold 66,803 cars worldwide during its 2002-2003 fiscal year, up 23 percent from its previous fiscal year.
Porsche estimates that its global sales will reach 75,000 units -- a record high -- in fiscal year 2003-2004, which ends July 31.
Pre-tax earnings, which reached E933 million during its previous fiscal year, are also expected to reach new highs.
Porsche is counting on new models to keep its unit sales high.
Two new versions of the 911 are due for launch in the coming weeks and a new-generation Boxster is set to follow in 2005.
Porsche also is extending its geographical reach. It plans to boost sales in India.
Porsche's currency hedging policy, which covers the company until the end of 2007, has reduced the risk the carmaker faces due to the strong euro and should not penalize the company should the euro weaken.
This cautious financial policy, coupled with improved manufacturing efficiency, has helped make Porsche the world's most profitable carmaker, with an operating profit margin of 16.1 percent for fiscal year 2002-2003, and an average profit margin of 14.9 percent in the last three years.