Press release
Source: Porsche
Stuttgart - Despite the world economic crisis and the resulting decline in sales, Dr. Ing. h.c. F. Porsche AG, Stuttgart, continues to be very profitable and is again expecting double-digit operational revenues for the 2008/2009 fiscal year (August 1, 2008 to July 31, 2009) just closed. The company will announce its first temporary sales and production figures during the International Motor Show (IAA) in Frankfurt around the middle of September.
For the 2009/2010 fiscal year just begun, Porsche is assuming that some important export markets will not have completely recovered, and will therefore stick with its strategy of adjusting production to the markets. As early as last year, the company therefore produced fewer vehicles and made up for it using overtime hours that had built up in employee flexitime accounts. However, this build-up of minus hours in the flexitime accounts has now reached its limits. In order to continue to successfully protect jobs through flexible working hours, the Executive Board and Works Council decided to introduce shorter working hours or "Kurzarbeit" for a limited period and within reason. At the Zuffenhausen location, a total of 18 furlough days are scheduled between now and the end of the calendar year.
Thomas Edig, Member of the Board responsible for Human Resources and Social Services at Porsche AG: "Thanks to its highly flexible working time model, our company was able to offset the present decline in sales against our employees' flexitime accounts. Because the limits of these accounts have been reached, we are now using the "shorter working hours" tool. Taking this step means that we will be well prepared if important sales markets continue to battle the effects of the economic crisis."
The Head of the Porsche Group's Works Council, Uwe Hück, explained: "We have so far been able to cushion the market fluctuations with flexible work time. Yet the flexitime accounts of our employees have now reached a level such that we can no longer account for additional minus hours. Therefore, we now have to continue to adjust work hours to production by introducing shorter working hours. In doing so, we hope to use this tool for a limited time period only. Together with management, we were able to come up with a provision that will not result in financial losses for our employees. This is a matter very close to my heart because our workforce has been flexible and understanding in its response to the different production adjustments during the last fiscal year."
Source: Porsche
Stuttgart - Despite the world economic crisis and the resulting decline in sales, Dr. Ing. h.c. F. Porsche AG, Stuttgart, continues to be very profitable and is again expecting double-digit operational revenues for the 2008/2009 fiscal year (August 1, 2008 to July 31, 2009) just closed. The company will announce its first temporary sales and production figures during the International Motor Show (IAA) in Frankfurt around the middle of September.
For the 2009/2010 fiscal year just begun, Porsche is assuming that some important export markets will not have completely recovered, and will therefore stick with its strategy of adjusting production to the markets. As early as last year, the company therefore produced fewer vehicles and made up for it using overtime hours that had built up in employee flexitime accounts. However, this build-up of minus hours in the flexitime accounts has now reached its limits. In order to continue to successfully protect jobs through flexible working hours, the Executive Board and Works Council decided to introduce shorter working hours or "Kurzarbeit" for a limited period and within reason. At the Zuffenhausen location, a total of 18 furlough days are scheduled between now and the end of the calendar year.
Thomas Edig, Member of the Board responsible for Human Resources and Social Services at Porsche AG: "Thanks to its highly flexible working time model, our company was able to offset the present decline in sales against our employees' flexitime accounts. Because the limits of these accounts have been reached, we are now using the "shorter working hours" tool. Taking this step means that we will be well prepared if important sales markets continue to battle the effects of the economic crisis."
The Head of the Porsche Group's Works Council, Uwe Hück, explained: "We have so far been able to cushion the market fluctuations with flexible work time. Yet the flexitime accounts of our employees have now reached a level such that we can no longer account for additional minus hours. Therefore, we now have to continue to adjust work hours to production by introducing shorter working hours. In doing so, we hope to use this tool for a limited time period only. Together with management, we were able to come up with a provision that will not result in financial losses for our employees. This is a matter very close to my heart because our workforce has been flexible and understanding in its response to the different production adjustments during the last fiscal year."