Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — Q3 2023 Earnings Presentation
19 slides from Porsche's earnings presentation, Oct 25, 2023
Slide 1: Press & Analyst Call Q3 2023
PORSCHE PRESS & ANALYST CALL Q3 2023 Press & Analyst Call Q3 2023 STUT TGART, OCTOBER 25TH 2023 DR. ING. H.C. F. PORSCHE AG 911 S/T: Fuel consumption* combined (WLTP) 13.8 l/100 km, CO₂ emissions* combined (WLTP) 313 g/km 1
Slide 2: Disclaimer
Disclaimer PORSCHE PRESS & ANALYST CALL Q3 2023 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 assumption
Slide 3: Porsche AG – Strong Top Line and Resilient Performance
Porsche AG – Strong Top Line and Resilient Performance PORSCHE PRESS & ANALYST DESPITE COST INFLATION AND ELEVATED SPENDING CALL Q3 2023 Topic Message Strong top line and resilient performance despite cost inflation Q3 Highlights and elevated spending for product, innovation and brand Group – Financ
Slide 4: Macan BEV – The First External Feedback Is Very Positive
Macan BEV – The First External Feedback Is Very Positive PORSCHE PRESS & ANALYST CALL Q3 2023 Source: International Press Feedback 4
Slide 5: Financial Performance Overview YTD Q3: Group and Automotive
Group and Automotive PORSCHE PRESS & ANALYST FINANCIAL PERFORMANCE OVERVIEW YTD Q3 2023 CALL Q3 2023 € 30.1 bn 18.3 % GROUP SALES REVENUE GROUP RETURN ON SALES GROUP OPERATING PROFIT 1 (+12.6 % compared to previous year) (18.9 % in previous year) (+9.0 % compared to previous year) 25.5 % 12.2 % 11.6
Slide 6: Financial Performance Overview YTD Q3: Group and Automotive
Group and Automotive PORSCHE PRESS & ANALYST FINANCIAL PERFORMANCE OVERVIEW YTD Q3 2023 CALL Q3 2023 € 5.2 bn € 6.6 bn AUTOMOTIVE OPERATING PROFIT AUTOMOTIVE NET LIQUIDITY (Automotive RoS 18.8 %) (after last DPLTA1 Payout of € 4.0 bn to VW) € 2.0 bn € 1.3 bn AUTOMOTIVE RESEARCH AUTOMOTIVE CAPITAL AN
Slide 7: Group – Sales Revenue and Operating Profit
Group – Sales Revenue and Operating Profit PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2022 VS. 2023 CALL Q3 2023 Group Sales Revenue, in € bn Group Operating Profit, in € bn +12.6 % +9.0 % − Higher vehicle sales with better pricing and beneficial mix 30.1 5.5 26.8 5.0 − Intensified investment in digital
Slide 8: Sales Revenue and Deliveries
Automotive – Sales Revenue and Deliveries PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2022 VS. 2023 CALL Q3 2023 Automotive Sales Revenue, in € bn Deliveries, in k Units +13.6 % +9.6 % 27.8 242.7 24.5 221.5 − Higher vehicle sales with better pricing and beneficial mix − BEV-share positively impacted by i
Slide 9: Deep Dive on Deliveries
Automotive – Deep Dive on Deliveries PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2023 CALL Q3 2023 Regional Distribution, % of Deliveries Model Distribution, in k Units − Incoming orders stay robust Germany 10 % 68.4 − Order bank remains at strong level North America1 27 % 64.5 − Strong delivery growth i
Slide 10: Regional Delivery Mix Development
Automotive – Regional Delivery Mix Development PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2021 VS. 2022 VS. 2023 CALL Q3 2023 Regional Distribution, % of Deliveries 242,722 217,198 221,512 10 % Germany 9% 9% 27 % − Global delivery mix is getting more North America1 27 % 25 % balanced 25 % − All regions
Slide 11: Operating Profit
Automotive – Operating Profit PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2022 VS. 2023 CALL Q3 2023 Automotive Operating Profit, in € bn +10.2 % − Higher vehicle sales with better pricing and beneficial mix 5.2 4.7 − Intensified investment in digitalization, motorsports, product portfolio and the Porsch
Slide 12: Financial Services – Financial Performance Overview
Financial Services – Financial Performance Overview PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2022 VS. 2023 CALL Q3 2023 Financial Service Operating Profit, in € bn -23.7 % − Penetration decreased due to increase in interest rates 0.30 − Growing overall portfolio 0.23 − Higher refinancing costs − Less
Slide 13: Net Cash Flow and Net Liquidity
Automotive – Net Cash Flow and Net Liquidity PORSCHE PRESS & ANALYST YTD Q3 RESULTS 2022 VS. 2023 CALL Q3 2023 Net Cash Flow, in € bn Net Liquidity, in € bn − Cash Flow from operating activities +3.5 % -14.5 % reflect changes in receivables and inventory due to new Cayenne arrival at dealers 3.3 3.4
Slide 14: Net Liquidity
Automotive – Net Liquidity PORSCHE PRESS & ANALYST Year End Result 2022 VS. YTD Q3 Result 2023 CALL Q3 2023 Development of Net Liquidity, in € bn 8.3 3.4 6.6 -0.1 − Positive Automotive Net Cash Flow − Last DPLTA1 payment for 2022 -4.0 of € 4 bn in Q1-23 -0.9 − Dividend payment of € 0.9 bn Q3-23 12.2
Slide 15: Porsche AG – Financial Outlook
Porsche AG – Financial Outlook PORSCHE PRESS & ANALYST MOST IMPORTANT PERFORMANCE INDICATORS CALL Q3 2023 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
Slide 16: Group – Condensed Consolidated Income Statement
Group – Condensed Consolidated Income Statement PORSCHE PRESS & ANALYST CALL Q3 2023 In € mn YTD Q3 2023 % YTD Q3 2022 % Delta % Sales Revenue 30,132 100.0 26,750 100.0 3,382 12.6 (-) Cost of sales -21,543 -71,5 -19,159 -71.6 -2.384 12,4 (=) Gross profit 8,589 28.5 7,591 28.4 998 13.1 (-) Distributi
Slide 17: Research & Development
Automotive – Research & Development PORSCHE PRESS & ANALYST CALL Q3 2023 In € mn YTD Q3 2023 YTD Q3 2022 Total research and development costs 2,038 1,873 % of Automotive Sales Revenue 7.3 % 7.7 % Expensed research and development costs (A) 382 486 % Total research and development costs 18.7 % 25.9 %
Slide 18: Group – Condensed Consolidated Statement of Financial Position
Group – Condensed Consolidated Statement of Financial Position PORSCHE PRESS & ANALYST CALL Q3 2023 In € mn 30.09.2023 31.12.2022 Delta % Intangible assets 8,359 7,473 886 11.8 Property, plant and equipment 9,179 8,924 255 2.9 Leased assets 4,253 3,854 399 10.3 Financial services receivables 4,701 4
Slide 19: Group – Condensed Consolidated Statement of Financial Position
Group – Condensed Consolidated Statement of Financial Position PORSCHE PRESS & ANALYST CALL Q3 2023 In € mn 30.09.2023 31.12.2022 Delta % Equity before non-controlling interests 20,766 17.027 3,738 22.0 Non-controlling interests 1 8 -7 -87.7 Equity 20,767 17.035 3.731 21.9 Provisions for pensions an
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