Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — Investor Day (March 2023)
59 slides from Porsche's investor day presentation, Mar 13, 2023
Slide 1: Analyst and Investor Conference 2023
DR. ING. H.C. F. PORSCHE AG ANALYST AND INVESTOR CONFERENCE 2023 Stuttgart, March 13 PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 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 – A Unique Story
PORSCHE – A UNIQUE STORY ICONIC RESILIENT SUSTAINABLE PERFORMANCE BRAND PERFORMANCE LUXURY CULTURE PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 3 1
Slide 4: Porsche 2022
01 PORSCHE 2022 02 03 04 05 06 911 GT3 RS: Consumption combined (WLTP): 13.4 l/100 km; CO2 emissions combined (WLTP): 305 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 4 1
Slide 5: Note on fuel consumption and emissions figures
Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included on page 67 PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 5 1
Slide 6: Porsche Analyst & Investor Conference
PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 6 1
Slide 7: Porsche Analyst & Investor Conference
PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 7 1
Slide 8: Porsche Analyst & Investor Conference
PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 8 1
Slide 9: 02 Porsche Brand
01 02 PORSCHE BRAND 03 04 05 06 911 GT3 RS: Consumption combined (WLTP): 13.4 l/100 km; CO2 emissions combined (WLTP): 305 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 9 1
Slide 10: Porsche Definition of Modern Luxury
PORSCHE DEFINITION OF MODERN LUXURY FREEDOM OF PORSCHE FAMILY SELF-EXPRESSION AS COMMUNITY IT‘S NOT WHAT YOU BUY, IT‘S WHAT YOU BUY INTO. ICONIC, MOST EXCITING PERSONAL PRODUCT EXPERIENCES RESPONSIBLE CORPORATE CITIZEN PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 10 1
Slide 11: The Most Personal Car
THE MOST PERSONAL CAR Exclusive Manufaktur PASSION PERSONALITY EXCLUSIVITY 911 GT3: Consumption combined (WLTP): 13.0 - 12.9 l/100 km; CO2 emissions combined (WLTP): 294 - 293 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 11 1
Slide 12: Passionate Community and Emotional Experiences
PASSIONATE COMMUNITY AND EMOTIONAL EXPERIENCES COMMUNITY FEELING DRIVING EMOTIONS PURE MOTORSPORT PASSION 1st Porsche Club founded AND TRAVEL JOY Porsche track and racing experiences 70 years ago Porsche travel experiences incl. customer motorsport Taycan Sport Turismo Models: Electrical consumption
Slide 13: Responsible Corporate Citizen
RESPONSIBLE CORPORATE CITIZEN 154 DONATIONS IN 2022 DONATIONS 2022 EMERGENCY RELIEF UKRAINE Total of € 22.1 mn donations raised € 2.0 mn for Ukraine emergency relief for educational, social, cultural, sport Focus on emergency relief, language development and environmental projects courses and psycho
Slide 14: 03 Financials
01 02 03 FINANCIALS 04 05 06 911 GT3 RS: Consumption combined (WLTP): 13.4 l/100 km; CO2 emissions combined (WLTP): 305 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 14 1
Slide 15: Porsche AG Achieves Record Results in 2022
PORSCHE AG ACHIEVES RECORD RESULTS IN 2022 Despite Difficult Economic And Geopolitical Conditions TOPIC MESSAGE Financial position, net assets Porsche AG group performs financially robust in a difficult environment and and results of operations continues to expand its position as a luxury manufactur
Slide 16: Group and Automotive Financial Performance Overview
GROUP AND AUTOMOTIVE Financial Performance Overview € 37.6 bn 18.0 % GROUP SALES REVENUE GROUP RETURN ON SALES GROUP OPERATING PROFIT1 (+13.6 % compared (+200 bps compared (+27.4 % compared to previous year) to previous year) to previous year) 25.2 % 11.2 % 11.3 % AUTOMOTIVE AUTOMOTIVE BEV EBITDA MA
Slide 17: Group and Automotive Financial Performance Overview
GROUP AND AUTOMOTIVE Financial Performance Overview € 6.4 bn € 8.3 bn AUTOMOTIVE OPERATING PROFIT AUTOMOTIVE NET LIQUIDITY (Automotive RoS (thereof cash injection 18.6 %) € 2.8 bn by VW) € 2.7 bn € 1.6 bn 24.9 % AUTOMOTIVE RESEARCH AUTOMOTIVE CAPITAL RETURN AND DEVELOPMENT COSTS EXPENDITURE ON INVES
Slide 18: Group – Sales Revenue and Operating Profit
GROUP – SALES REVENUE AND OPERATING PROFIT 2021 vs. 2022 Group Sales Revenue, in € bn Group Operating Profit, in € bn +13.6 % +27.4 % 37.6 33.1 6.8 Improved pricing 5.3 Better product mix Advantageous currency effects Price increases and inflation One-time effects due to IPO 2021 2022 2021 2022 16.0
Slide 19: Automotive – Sales Revenue and Deliveries
AUTOMOTIVE – SALES REVENUE AND DELIVERIES 2021 vs. 2022 Automotive Sales Revenue, in € bn Deliveries, in k Units +14.2 % +2.6 % Improved pricing 34.6 301.9 309.9 Better product mix 30.3 Increased personalization Advantageous currency effects Strongest growth in Overseas and Emerging Markets region D
Slide 20: Automotive – Deep Dive on Deliveries
AUTOMOTIVE – DEEP DIVE ON DELIVERIES Results 2022 Regional Distribution, % of Deliveries Model Distribution, in k Units 95.6 15 % 10 % Globally diversified sales mix 86.7 20 % Strongest growth in Overseas and Emerging Markets (+13 %) 30 % 40.4 911 deliveries +5 %; Panamera +13 % compared to previous
Slide 21: Automotive – Operating Profit
AUTOMOTIVE – OPERATING PROFIT 2021 vs. 2022, in € bn +27.6 % 6.4 Improved price penetration 5.0 Better product mix Higher vehicle sales Advantageous currency effects Price increases in material costs, raw materials, energy and logistics 2021 2022 One-time effects due to IPO 16.6 % Automotive RoS 18.
Slide 22: Financial Services – Operating Profit
FINANCIAL SERVICES – OPERATING PROFIT 2021 vs. 2022, in € bn +8.8 % 0.3 0.3 Portfolio growth Stable risk environment with continued positive development of used car prices Advantageous currency effects 2021 2022 Successive pricing of increased refinancing costs 43.0 % 40.8 % Penetration rate, in % P
Slide 23: Automotive - Net Liquidity After IPO
AUTOMOTIVE - NET LIQUIDITY AFTER IPO Development Automotive Net Liquidity, in € bn 3.9 8.3 -0.3 Illustrative Increase in Net Cash 5.0 Flow +5,2 % 2.8 Final DPLTA1 -4.0 payment -1.6 for 2022 of € 4 bn Net DPLTA payout -1.5 for 2022 in Q1 2023 12.2021 Net DPLTA Impact of Cash Net cash Others2 12.2022
Slide 24: Automotive – Net Cash Flow and Net Liquidity
AUTOMOTIVE – NET CASH FLOW AND NET LIQUIDITY 2021 vs. 2022 Net Cash Flow, in € bn Net Liquidity, in € bn Cash flow from operating +5.2 % +66.6 % activities increased despite temporarily higher vehicle inventories 3.7 3.9 8.3 Continued high investment in electrification and 5.0 digitalization Expansi
Slide 25: Challenges Expected to Remain the New Normal
CHALLENGES EXPECTED TO REMAIN THE NEW NORMAL Supply Chain Ecosystem Decarboni- Disruption Digitalization zation Inflationary Cost Electrification Changes in Environment Transformation Society PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 30 1
Slide 26: 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 27: Capital Efficiency at Inflection Point
CAPITAL EFFICIENCY AT INFLECTION POINT Illustrative Capital Efficiency Framework ~15 %1 ~17 – 19 %2 » Future margin upside potential » Well-invested asset base ~8 %4 » Focused investment strategy ~7 % » Broadly stable D&A ratio mid-term target 2019-2021 Mid-Term Target » Upside in capital efficiency
Slide 28: Value + Speed
OUR SUCCESS FACTORS KEEP ADD VALUE + SPEED PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 33 1
Slide 29: Road to Stellar Financial Performance
ROAD TO 20 FOR STELLAR FINANCIAL PERFORMANCE CONTRIBUTION MARGIN MARKETS & SUBSIDIARIES COST EFFICIENCY PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 34 1
Slide 30: 04 Product & Innovation
01 02 03 04 PRODUCT & INNOVATION 05 06 911 GT3 RS: Consumption combined (WLTP): 13.4 l/100 km; CO2 emissions combined (WLTP): 305 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 35 1
Slide 31: Unique Design Language
UNIQUE DESIGN LANGUAGE BRAND IDENTITY PRODUCT IDENTITY RECOGNIZING, THAT RECOGNIZING, WHICH IT IS A PORSCHE PORSCHE IT IS PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 36 1
Slide 32: Porsche Differentiation
PORSCHE DIFFERENTIATION DESIGN QUALITY DRIVER EXPERIENCE PERFORMANCE FAST TRAVELLING SUSTAINABILITY PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 37 1
Slide 33: 80+ % BEV Share Ambition in 2030
80+ % BEV SHARE AMBITION IN 2030 Share Of Deliveries P.A., in % 80+ % BEV 50+ %1 PHEV 2025 2030 Note: Illustrative, use of silhouettes not indicative of cycle plan; 1) Including PHEV and BEV PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 38 1
Slide 34: All-Electric Macan Planned to Be with Customers in 2024
ALL-ELECTRIC MACAN PLANNED TO BE WITH CUSTOMERS IN 2024 PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 39 1
Slide 35: Clear Product Positioning
CLEAR PRODUCT POSITIONING SPORTS CARS1 SPORTS LIMOUSINES SPORT UTILITY VEHICLES ICON ELEGANCE PRESTIGE NEW PERFORMANCE FUNCTIONALITY DRIVING FUN LIFESTYLE 1) 2-door sports cars PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 40 1
Slide 36: Fast Travelling Based on Competence for Battery and Charging
FAST TRAVELLING BASED ON COMPETENCE FOR BATTERY AND CHARGING + BATTERY CHARGING Implementation of battery portfolio Extension of HPC2 infrastructure with partnerships SSP61 also with CFG1 cell accompanied by Porsche HPC Europe „Go Live“ 1) Cell Force Group; 2) High performance charging PORSCHE ANALY
Slide 37: Flexible Software Strategy
FLEXIBLE SOFTWARE STRATEGY To Be Combined With Strong Partners E3 1.2 E3 1.2 EVOLUTION NEW SYNERGETIC BASE ADAS INFOTAINMENT OS from CARIAD1 and Inclusion of state of Integration of local leveraging partners the art functionalities ecosystems Note: Illustrative; 1) A Volkswagen Group company PORSCHE
Slide 38: Increased Flexibility Plus Synergies and Economies of Scale
INCREASED FLEXIBILITY PLUS SYNERGIES AND ECONOMIES OF SCALE DIFFERENTIATING LEVERAGING VOLKSWAGEN1 PORSCHE GROUP ECOSYSTEM & SCALE Luxury & performance experience Joint development & use of platforms (PPE & SSP) Unique & differentiating value proposition Benefitting from purchasing power Porsche spe
Slide 39: China - Major Pillars of Future Development
CHINA - MAJOR PILLARS OF FUTURE DEVELOPMENT POTENTIAL PROFITABILITY BRAND AND LOCAL STRENGTHEN POST-COVID BEFORE COMMUNITY SOFTWARE RELATIONSHIPS ALONG RESTART VOLUME FOCUS PARTNERSHIPS SUPPLY CHAIN PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 45 1
Slide 40: Porsche Safeguards Access to Future Technologies
PORSCHE SAFEGUARDS ACCESS TO FUTURE TECHNOLOGIES Investments In Cellforce Group And Group14 PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 46 1
Slide 41: Investments in eFuels
INVESTMENTS IN EFUELS Project Developer HIF Global INVESTMENT IN PILOT PL ANT AS HIF GLOBAL FOUNDATION TO SCALE Global LLC Investment ~ USD 75 mn Other investors PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 47 1
Slide 42: 05 Sustainability
01 02 03 04 05 SUSTAINABILITY 06 911 GT3 RS: Consumption combined (WLTP): 13.4 l/100 km; CO2 emissions combined (WLTP): 305 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 48 1
Slide 43: Sustainability – Strategic Pillars
SUSTAINABILITY – STRATEGIC PILLARS DECARBONIZATION CIRCULAR ECONOMY DIVERSITY PARTNER TO SOCIETY SUPPLY CHAIN RESPONSIBILITY GOVERNANCE & TRANSPARENCY Taycan 4S: Electrical consumption combined (WLTP): 24.1 - 19.8 kWh/100 km; CO2 emissions combined (WLTP): 0 g/km; Range combined (WLTP): 370 - 512 km
Slide 44: Strategy Towards Net Carbon Neutrality
STRATEGY TOWARDS NET CARBON NEUTRALITY1 1 2 3 4 AMBITION IN 2030: NET CARBON NEUTRAL Decarbonization index2 (DCI) Portfolio Green electricity electrification (BEV use-phase3) Zero-impact Supply chain: factory vision energy, processes Other emissions Decarbonization index (t CO2 /vehicle) and materia
Slide 45: Sustainability Is Continuously Operationalized Within Porsche
SUSTAINABILITY IS CONTINOUSLY OPERATIONALIZED WITHIN PORSCHE SUSTAINABILITY IN VEHICLES GOVERNANCE & SUPPLY CHAIN Implementation of decarbonization and circular Inclusion of ESG factors in compensation economy goals in vehicle projects Extension of supply chain transparency & monitoring Taycan Turbo
Slide 46: External Assessment of Sustainability Performance
EXTERNAL ASSESSMENT OF SUSTAINABILITY PERFORMANCE Porsche Strives For Top Rankings In Industry Comparison 1 B- (Prime) 2 13.3 3 A 1) Valuation 2021; rating assignment by Porsche AG; 2) Valuation 2022 with reduced valuation scope (pre-IPO), rating assignment by Porsche AG; 3) Valuation 2023 PORSCHE A
Slide 47: 06 Performance Culture
01 02 03 04 05 06 PERFORMANCE CULTURE 911 GT3 RS: Consumption combined (WLTP): 13.4 l/100 km; CO2 emissions combined (WLTP): 305 g/km PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 53 1
Slide 48: People-Centric Performance Culture Striving for Perfection
PEOPLE-CENTRIC PERFORMANCE CULTURE STRIVING FOR PERFECTION PASSION AGILITY ONE FAMILY PIONEERING SPIRIT PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 54 1
Slide 49: Strong Employer Brand Is a Key Success Factor
STRONG EMPLOYER BRAND IS A KEY SUCCESS FACTOR FOR OUR FUTURE Confirmed By Young Professionals ENGINEERING IT BUSINESS 01. PORSCHE 01. Google 01. PORSCHE 02. Bosch 02. Microsoft 02. Google 03. Siemens 03. Apple 03. BMW Group 04. BMW Group 04. PORSCHE 04. Daimler/Mercedes-Benz 05. Daimler/Mercedes-Ben
Slide 50: Joined Forces in the Digital Family
JOINED FORCES IN THE DIGITAL FAMILY Digitalization, Ventures And Innovation Safeguard The Future BERLIN & LUDWIGSBURG PALO ALTO & GERMANY ZAGREB CROATIA ATLANTA BEIJING & UNITED STATES BARCELONA TEL AVIV SHANGHAI SPAIN ISRAEL CHINA 1,000+ 9 3,000+ TECH EXPERTS AT INNOVATION HUBS2 MHP3 EMPLOYEES PORS
Slide 51: Development of Talents and Increase of Digital Competencies
DEVELOPMENT OF TALENTS AND INCREASE OF DIGITAL COMPETENCIES Leadership & IT Architecture Robotics Collaboration Big Data Artificial Intelligence Digital Security Agile Methods Software Development Automotive Production & SAFe Technology E-Mobility CODING CAMPS TRAININGS ONLINE COURSES VIRTUAL NANODE
Slide 52: Vision
VISION “ THE BRAND FOR THOSE WHO FOLLOW THEIR DREAMS“ PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 60 1
Slide 53: 2023: Two Anniversaries and a Comeback in Le Mans
2023: TWO ANNIVERSARIES AND A COMEBACK IN LE MANS 75 YEARS OF PORSCHE SPORTS CARS COMEBACK WITH 963 AT & 60 YEARS 911 24 HOURS OF LE MANS PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 61 1
Slide 54: A Journey with Pioneering Spirit, Passion and Dreams
A JOURNEY WITH PIONEERING SPIRIT, PASSION AND DREAMS PORSCHE ANALYST & INVESTOR Department | author | document name CONFERENCE 62 1
Slide 55: Group – Condensed Consolidated Income Statement
GROUP – CONDENSED CONSOLIDATED INCOME STATEMENT In € mn 2022 % 2021 % Delta % Sales Revenue 37,630 100.0 33,138 100.0 4,492 13.6 (-) Cost of sales -27,084 -72.0 -24,281 -73.3 -2,803 11.5 (=) Gross profit 10,546 28.0 8,857 26.7 1,689 19.1 (-) Distribution expenses -2,353 -6.3 -2,111 -6.4 -242 11.5 (-
Slide 56: Group – Condensed Consolidated Statement of Financial Position
GROUP – CONDENSED CONSOLIDATED STATEMENT OF FIN. POSITION In € mn 31.12.2022 31.12.2021 Delta % Intangible assets 7,473 6,190 1,283 20.7 Property, plant and equipment 8,924 8,763 161 1.8 Leased assets 3,854 3,954 -100 -2.5 Financial services receivables 4,382 3,461 921 26.6 Equity-accounted investme
Slide 57: Group – Condensed Consolidated Statement of Financial Position
GROUP – CONDENSED CONSOLIDATED STATEMENT OF FIN. POSITION In € mn 31.12.2022 31.12.2021 Delta % Equity before non-controlling interests 17,019 22,927 -5,908 -25.8 Non-controlling interests 8 8 0 -0.9 Equity 17,027 22,935 -5,908 -25.8 Provisions for pensions and similar obligations 3,668 5,525 -1,857
Slide 58: Financial Calendar 2023
FINANCIAL CALENDAR 2023 May 03, 2023 Quarterly Report January - March 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
Slide 59: Consumption Data
CONSUMPTION DATA Consumption combined (WLTP, Fuel consumption in Model CO₂ emissions combined (WLTP)* Range (WLTP, in km)* l/100 km, Electricity consumption in kWh/100 km)* 911 Carrera GTS Consumption combined (WLTP): 11.4 - 10.4 l/100 km 258 - 236 g/km - 911 GT3 RS Consumption combined (WLTP): 13.4