I am not defending those numbers as pure fact. But there is some rational. I've got the six speed, not the five. So it could have been done in a lower gear than 1:1. Also Porsche has always had a tendency to underrate their cars so the listed HP is a 'minimum' of sorts. Driveline loss is very low compared to most cars. At 60K the motor is well broken in and spinning freely. Also as in the case of my 944, if the car was driven conservatively then there is carbon building up on the pistons and effectively raising the compression. At 200K the compression numbers on my 944 were all between 200 and 210 psi.
So;
1) Dyno error
2) Wrong Gear
3) Good Luck
I could make runs on 5 different dynos and get 5 different numbers, so take it for what its worth.
Overall I don't care, the curves show the motor is healthy and making power exactly where it should. If I do anything to it I can go back to that dyno and make a comparison run.
I did drive a slightly modded '02 'S' a few hours after the 987 and it felt a little bit faster, but my '05 has always felt quick. Also after 3 runs it gained some HP each run. So the computer could have been adjusting itself for the aggressive driving. First run was about 219.
Who am I to complain that my car is making too much HP!