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Porsche earns record profit

Porsche AG turned in the highest profit ever recorded in its history during the 2002/03 fiscal year, which closed on July 31, despite the difficult economic climate and the substantial costs incurred for the launch of the Cayenne.

The Group's pre-tax result of €933.0 million exceeds the previous fiscal year's result of €828.9 million by 12.6%. The after-tax result grew by 22.3% to €565.0 million compared with €462.0 million for the previous year.

At €1.042 billion, Porsche AG exceeded the previous year's pre-tax result of €823.0 million by 26.6$. Due to substantial payments from Porsche Group subsidiaries and the need to build up Cayenne vehicle stocks within the Group, the company's results were higher than Group results. The annual surplus rose by 27.4% to €660.0 million, compared with 518.0 million in the previous year.

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