At Porsche's AGM, the company's President and CEO Dr. Wendelin Wiedeking has announced double-digit increases in both profit and revenue for the first half of the company's fiscal year, which began August 1, 2003.

For the fiscal year as a whole, Wiedeking predicted further improved revenue and earnings over the record- setting previous fiscal year.

According to provisional figures, group profit before tax for six months to January 31, 2004 will be €207.0 million, an increase of 11.5% compared to the same period a year earlier. Profit after tax will be €118.0 million, 15.7% up on the year-earlier figure of €102.0 million.

Wiedeking also announced he expected group revenue to increase by 27.8% compared to the first half of the previous fiscal year (€2.21 billion), to approximately €2.82 billion. Sales are expected to increase by 31.1% to a total of 32,410 vehicles, comprising 10,250 Porsche 911 cars (down by 25.9), 5,250 Boxster cars (down by 44.2%) and 16,890 Cayenne SUVs (compared with 1,484 in the same period of the previous fiscal year). Total production is scheduled to reach 36,510 vehicles (an increase of 31.7%), including 18,950 Cayennes.

For the complete 2003/2004 fiscal year the company expects group sales to reach approximately 75,000 vehicles (previous year: 66,803) and for there to be further growth in revenue and income.