Holden has today shared details of our 2011 financial results which show we achieved a positive financial result and net profit of $89.7 million for the year.
It’s the second consecutive year of profit for Holden and reflects the success of the Australian-built Holden Cruze small car program as well as a leaner cost structure for the business.
The results also demonstrate our continued commitment to the future, showing our R&D spend on future models increased to $231 million in 2011, up from $179 million in 2010.
This takes Holden’s total R&D investment to more than $1.3 billion over the last five years.
To explain some of the highlights of the results, we spoke with Holden CFO, George Kapitelli. In this video George explains that while it continues to be a challenging economic environment for Australian manufacturing, Holden is well positioned for future success.
Holden increased the number of cars we made in Australia last year by 36.8 per cent, to 90,424 up from 66,061 in 2010. Engine production was up 2.9 per cent, with 101,019 engines produced in Port Melbourne, Victoria in 2011, up from 98,146 in 2010.
We also increased our vehicle exports by 54.3 per cent in 2011, with Holden shipping 12,068 cars to the Middle East, New Zealand, North America, Brazil and South Africa.
To find out more about the role of the auto industry to the Australian economy, view our new infographic.
Andrea Matthews, Social Media & Digital Communications Manager, Holden