Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — Q1 2023 Earnings Presentation
17 slides from Porsche's earnings presentation, May 3, 2023
Slide 1: Joint Press & Analyst Call Q1 2023
DR. ING. H.C. F. PORSCHE AG Joint Press & Analyst Call Q1 2023 Stuttgart, May 3rd 2023 PORSCHE JOINT PRESS & ANALYST Department | author | document name CALL Q1 2023 1 1
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements and information that reflect Dr. Ing. h.c. F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. They are based on assumptions relating to the development of the
Slide 3: Porsche AG - Strong Start into Anniversary Year
PORSCHE AG - STRONG START INTO ANNIVERSARY YEAR Despite Difficult Economic And Geopolitical Conditions Topic Message Q1 highlights Record deliveries and unchanged strong demand Group – Financial performance overview Strong growth in group revenue and in operating profit Continued improvement of prod
Slide 4: Group and Automotive Financial Performance Overview
GROUP AND AUTOMOTIVE Financial Performance Overview € 10.1 bn 18.2 % GROUP SALES REVENUE GROUP RETURN ON SALES GROUP OPERATING PROFIT1 (+25.5 % compared (stable compared (+25.4 % compared to previous year) to previous year) to previous year) 24.4 % 15.3 % 11.4 % AUTOMOTIVE AUTOMOTIVE BEV EBITDA MARG
Slide 5: Group and Automotive Financial Performance Overview
GROUP AND AUTOMOTIVE Financial Performance Overview € 1.7 bn € 5.7 bn AUTOMOTIVE OPERATING PROFIT AUTOMOTIVE NET LIQUIDITY (Automotive RoS (after last DPLTA1 Payout 18.5 %) of € 4.0 bn to VW) € 0.8 bn € 0.3 bn AUTOMOTIVE RESEARCH AUTOMOTIVE CAPITAL AND DEVELOPMENT COSTS EXPENDITURE (8.1 % of Automot
Slide 6: Group – Sales Revenue and Operating Profit
GROUP – SALES REVENUE AND OPERATING PROFIT Q1 Results 2022 vs. 2023 Group Sales Revenue, in € bn Group Operating Profit, in € bn +25.5 % +25.4 % 10.1 1.8 1.5 8.0 Higher vehicle sales Continued positive pricing and mix effects Q1 2022 Q1 2023 Q1 2022 Q1 2023 18.2 % RoS 18.2 % PORSCHE JOINT PRESS & AN
Slide 7: Automotive – Sales Revenue and Deliveries
AUTOMOTIVE – SALES REVENUE AND DELIVERIES Q1 Results 2022 vs. 2023 Automotive Sales Revenue, in € bn Deliveries, in k Units +27.5 % +18.0 % 9.3 80.8 Higher vehicle sales 7.3 68.4 Continued positive pricing and mix effects Increased personalization BEV-share impacted by supply shortages and parts ava
Slide 8: Automotive – Deep Dive on Deliveries
AUTOMOTIVE – DEEP DIVE ON DELIVERIES Q1 results 2023 Regional Distribution, % of Deliveries Model Distribution, in k Units Order bank remains at high 23.9 level 16 % 10 % Globally diversified sales mix 23.4 23 % Strongest growth in North America (+56.4 %) compared 26% 11.1 to Q1 2022 24 % Macan deli
Slide 9: Automotive – Operating Profit
AUTOMOTIVE – OPERATING PROFIT Q1 results 2022 vs. 2023, in € bn +27.1 % 1.7 Improved price penetration 1.4 Continued positive pricing and mix effects Increased personalization Higher vehicle sales Price increases in material costs, raw materials, energy and logistics Q1 2022 Q1 2023 18.6 % Automotiv
Slide 10: Financial Services – Financial Performance Overview
FINANCIAL SERVICES – FINANCIAL PERFORMANCE OVERVIEW Operating Profit Q1 Results 2022 vs. 2023, in € bn -15.6 % 0.1 Stable risk environment 0.09 Increased portfolio size and revenues Higher refinancing costs Valuation effects from interest rate hedging transactions and derivatives outside of hedge ac
Slide 11: Automotive - Net Liquidity after IPO
AUTOMOTIVE - NET LIQUIDITY AFTER IPO Development Automotive Net Liquidity, in € bn 3.9 8.3 -0.3 1.4 5.7 5.0 2.8 Increase in Automotive Net -4.0 Cash Flow -1.6 Last DPLTA1 payment -1.5 for 2022 of € 4 bn 12.2021 Net DPLTA Impact of Cash Net cash Others2 12.2022 DPLTA Net cash 03.2023 payout Q1 Spin-o
Slide 12: Automotive – Net Cash Flow and Net Liquidity
AUTOMOTIVE – NET CASH FLOW AND NET LIQUIDITY Q1 results 2022 vs. 2023 Net Cash Flow, in € bn Net Liquidity, in € bn +83.6 % -30.7 % Cash flow from operating 1.4 8.3 activities increased due to increased earnings before 5.7 taxes and lower cash 0.8 outflows from income tax payments1 Net liquidity aff
Slide 13: Porsche Financial Outlook
PORSCHE FINANCIAL OUTLOOK Most Important Performance Indicators 2022 OUTLOOK 2023 Sales Revenue € 37.6 bn € 40 - 42 bn GROUP Return on Sales (RoS) 18.0 % 17 - 19 % EBITDA Margin 25.2 % 25 - 27 % AUTOMOTIVE Net Cash Flow Margin 11.2 % 10 - 12 % BEV Share 11.3 % 12 - 14 % Our long-term ambition 20+ %
Slide 14: Group – Condensed Consolidated Income Statement
GROUP – CONDENSED CONSOLIDATED INCOME STATEMENT In € mn Q1 2023 % Q1 2022 % Delta % Sales Revenue 10,097 100.0 8,043 100.0 2,054 25.5 (-) Cost of sales -7,280 -72.1 -5,856 -72.8 -1,424 24.3 (=) Gross profit 2,817 27.9 2,187 27.2 630 28.8 (-) Distribution expenses -521 -5.2 -425 -5.3 -96 22.6 (-) Adm
Slide 15: Group – Condensed Consolidated Statement of Fin. Position
GROUP – CONDENSED CONSOLIDATED STATEMENT OF FIN. POSITION In € mn 31.03.2023 31.12.2022 Delta % Intangible assets 7.790 7.473 317 4.2 Property, plant and equipment 8.894 8.924 -30 -0.3 Leased assets 3.885 3.854 31 0.8 Financial services receivables 4.421 4.382 39 0.9 Equity-accounted investments, ot
Slide 16: Group – Condensed Consolidated Statement of Fin. Position
GROUP – CONDENSED CONSOLIDATED STATEMENT OF FIN. POSITION In € mn 31.03.2023 31.12.2022 Delta % Equity before non-controlling interests 18.601 17.019 1.582 9.3 Non-controlling interests 0 8 -8 -100 Equity 18.601 17.027 1.574 9.2 Provisions for pensions and similar obligations 3.725 3.668 57 1.6 Fina
Slide 17: Financial Calendar 2023
FINANCIAL CALENDAR 2023 June 28, 2023 Annual General Meeting 20231 July 26, 2023 Half-Yearly Financial Report 2023 October 25, 2023 Quarterly Report January - September 2023 PORSCHE 1) The Annual General Meeting 2023 of Porsche AG is currently still in the planning stage. The format and venue of the
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