Porsche Ag · XETR:P911
Porsche — Investor Presentation (May 2022)
47 slides from Porsche's investor presentation, May 2022
Slide 1: Company Presentation
Company Presentation 1
Slide 2: Important information
Important information In this presentation (together with any additional or supplementary materials, the “Presentation”) the “Company” or “Porsche AG” means Dr. Ing. h.c. F. Porsche Aktiengesellschaft (registered with the commercial register of the local court of Stuttgart under HRB 730623) and the
Slide 3: Today’s presenters
Today’s presenters Oliver Blume Lutz Meschke CEO CFO Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the glossary 3
Slide 4: Porsche – our journey to date
Porsche – our journey to date Iconic heritage & Superior luxury portfolio & Great execution & modern luxury BEV transformation financial strength PORSCHE AT A GLANCE 44
Slide 5: Porsche – key facts
baarsj_ln_ibd\home\Desktop\20220504_Memphis_ELP_2.0_lowRes_v16 (002)_JNB.pptx Porsche – key facts 2021 302 k 9.0 % 16.0 % Deliveries Group revenue1 CAGR 2017-21 Return on sales (RoS)2 13.7 % BEV share € 33.1 bn group revenue € 5.3 bn group operating profit € 3.7bn 21.3 % 24.5 % Automotive net cash f
Slide 6: Porsche – performance products in luxury segment
Porsche – performance products in luxury segment 911 Taycan Macan 718 Cayenne Panamera Icon Performance Lifestyle Driving Fun Functionality Elegance PORSCHE AT A GLANCE 6
Slide 7: Porsche – global presence in 120+ markets
Porsche – global presence in 120+ markets1 Split by deliveries, 2021 29 % 32 % EUROPE 27% CHINA 13 % NORTH AMERICA ROW 1. One market equals one country | Note: Not adding up to 100 % due to rounding: North America (26.6 %), Europe (28.5 %), China (31.7 %), RoW (13.1 %) PORSCHE AT A GLANCE 7
Slide 8: Porsche – key differentiators
Porsche – key differentiators Iconic brand and heritage Performance culture Structural growth Electrification, tech and sustainability Luxury with scale benefits Consistently stellar financial profile PORSCHE AT A GLANCE 8
Slide 9: Our mission
Our mission In the beginning I looked around and could not find the car I dreamed of. So I decided to build it myself. – Ferry Porsche ICONIC BRAND AND HERITAGE 9
Slide 10: The brand for those who follow their dreams
Our vision The brand for those who follow their dreams ICONIC BRAND AND HERITAGE 10
Slide 11: Our brand – modern luxury
Our brand – modern luxury 1 Pioneering Spirit Exclusiveness Design Performance & Tradition & Likeability & Function & Sustainability 1. Most valuable luxury brand worldwide since 2017 among major luxury and automotive players (2021: Aston Martin, Bentley, Cartier, Chanel, Ferrari, Hermès, Lamborghin
Slide 12: Our product philosophy
Our product philosophy Agility Passion Family Pioneering Spirit Performance Heritage Core Future ICONIC BRAND AND HERITAGE 12
Slide 13: Iconic brand and heritage translated into modern luxury
Iconic brand and heritage translated into modern luxury BRAND IDENTITY PRODUCT IDENTITY RECOGNIZING, THAT RECOGNIZING, WHICH IT IS A PORSCHE PORSCHE IT IS ICONIC BRAND AND HERITAGE 13
Slide 14: The 911 – our icon
The 911 – our icon Dream for generations Timeless design Collectors’ car 1+ mn units sold 8 generations, 70+ % still on since 1964 1 iconic design the road1 1. Based on actively registered 911 models in 2021 ICONIC BRAND AND HERITAGE 14
Slide 15: Success story of new product launches
Success story of new product launches Deliveries1, in ‘000 cars 302 112 1964 1996 2002 2009 2014 2019 2021 1. Total 1. xxx 2. xx Porsche deliveries in respective year | 2. Total vehicle production in calendar year 1964 ICONIC BRAND AND HERITAGE 15
Slide 16: Top performance culture thriving for perfection
Top performance culture thriving for perfection Pioneering One spirit Passion Agility family PERFORMANCE CULTURE 16
Slide 17: Attracting and retaining entrepreneurial talent
Attracting and retaining entrepreneurial talent 80+ % Top employer Employees recommend Porsche1 Consistent top rankings2, 3 1. Glassdoor company information, April 2022: Porsche AG in best position among major luxury & automotive players (incl. Cartier, Chanel, Ferrari, Gucci, Hermès, LVMH, McLaren,
Slide 18: Technology – innovations from the racetrack to the road
Technology – innovations from the racetrack to the road Lightweight Turbo- Dual clutch Composite Low- High- 800 volt composites charged gearbox brakes friction performance technology engine coatings HEV PERFORMANCE CULTURE 18
Slide 19: Global structural growth fundamentals
Global structural growth fundamentals Expected global CAGRs, 2021-2026 HNWI1 SUV segment2 BEV segment3 9 % CAGR 6 % CAGR 34 % CAGR Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the glossary | 1. Number of high-net-worth individuals (€ 1-
Slide 20: Highly attractive Porsche segment
Highly attractive Porsche segment Luxury pricing Superior luxury portfolio BEV More than 2x revenue per Sports Cars, Sports Limousines, 14 % deliveries in 2021 car1 with further upside Sports Utility Vehicles (ambition 80+ % in 2030) Note: The figures for fuel consumption, electric range, energy con
Slide 21: Opportunities in high margin segments
Opportunities in high margin segments Sports Cars Sports Limousines NEW Sports Utility Vehicles Note: Illustrative STRUCTURAL GROWTH 21
Slide 22: Further growth areas
Further growth areas New customers New tech New offerings Increasingly attracting New tech-enabled business In Porsche Exclusive, women and millennials models such as charging, data specials, Porsche Lifestyle STRUCTURAL GROWTH 22
Slide 23: Taycan – highly awarded and successful luxury BEV
Taycan – highly awarded and successful luxury BEV Most 35+ 40+ k 60+ % Innovative car Awards Deliveries First time Porsche globally in 20201 since 2019 in 2021 buyers2 since 2019 Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the glossary
Slide 24: BEV ambition – 80+ % BEV share in 2030
BEV ambition – 80+ % BEV share in 2030 Share of deliveries p.a., in % 80+ % 501+ % BEV PHEV 2020 2025 2030 Note: Illustrative, use of silhouettes not indicative of cycle plan | 1. Including PHEV and BEV ELECTRIFICATION, TECH AND SUSTAINABILITY 24
Slide 25: Innovative BEV technology and ecosystem
Innovative BEV technology and ecosystem Performance Efficiency Charging Ecosystem Engine and battery 800 kW1 350 kW/900 volt1 From battery cells (incl. oil cooling) recuperation turbo charging to infrastructure 1. Porsche Mission R (Concept car) ELECTRIFICATION, TECH AND SUSTAINABILITY 25
Slide 26: Porsche differentiation
Porsche differentiation Design Quality Driver experience Performance Fast travelling Sustainability Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the glossary ELECTRIFICATION, TECH AND SUSTAINABILITY 26
Slide 27: Porsche digital driver experience
Porsche digital driver experience Own Porsche Technology partnerships Leverage competence across ecosystems Volkswagen toolkit ELECTRIFICATION, TECH AND SUSTAINABILITY 27
Slide 28: Digital transformation
Digital transformation 9 global Porsche Digital processes & New customer Digital locations production journeys ELECTRIFICATION, TECH AND SUSTAINABILITY 28
Slide 29: Established ESG strategy – integral part of our business
Established ESG strategy – integral part of our business Decarbonization Circular economy Diversity Partner Supply Governance & to society chain responsibility transparency ELECTRIFICATION, TECH AND SUSTAINABILITY 29
Slide 30: Ambition to be CO2 net neutral in 2030
Ambition to be CO2 net neutral in 2030 Across global value chain1 Net neutral All Decarbonization CO2 footprint of main R&D Future BEV model releases: Ambitious targets and and production sites2 today aim for CO2 net neutrality stringent tracking Note: The figures for fuel consumption, electric rang
Slide 31: Unique position of luxury
Unique position of luxury Revenue per car1, in € ‘000, 2021 Luxury niche2 300 100 Premium3 10 300 500 1,000 Deliveries, in ‘000, 2021 1. Ratio automotive sales revenue to deliveries | 2. Aston Martin, Bentley, Ferrari, Lamborghini, Maserati, McLaren (annual reports) | 3. Audi, BMW, Mercedes-Benz, Te
Slide 32: Luxury – fulfilling individual customer dreams
Luxury – fulfilling individual customer dreams Limited editions Porsche Exclusive Customization Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the glossary LUXURY WITH SCALE BENEFITS 32
Slide 33: Luxury – creating unique experiences
Luxury – creating unique experiences 10 Porsche Experience Destination Porsche Centers worldwide Porsche Marketplace 100+ k drives1 in 2019 New retail formats 12 mn visitors in 2021 Note: The figures for fuel consumption, electric range, energy consumption and CO2 emissions are included in the gloss
Slide 34: Strategic independence while synergies remain
Strategic independence while synergies remain Focus on own core Strategic Volkswagen competencies flexibility ecosystem Technology, Partnerships and VC Base technologies, battery cells & systems investments purchasing scale Note: The figures for fuel consumption, electric range, energy consumption a
Slide 35: Porsche economic model
Porsche economic model Key facts, 2021 € 100 k Average revenue per car1 more than 2x premium OEMs2 24.5 % Automotive EBITDA margin3 Lean cost structure & scale Significant BEV-focused 10+ % Automotive net cash flow margin4 investments executed 1. Ratio of automotive sales revenue to deliveries | 2.
Slide 36: Strong growth track record …
Strong growth track record … Group revenue, in €bn 9.0 % CAGR … with future growth levers 33.1 Luxury and SUV growth forecasted1 23.5 Leading BEV transition2 Portfolio expansion Mix improvement 2017 2021 1. Global HNWI CAGR 2021-2026 at 9 %, Knight Frank Wealth report; Global SUV CAGR 2021-2026 at 6
Slide 37: Profit expansion …
Profit expansion … Group operating profit, in €bn 6.4 % CAGR … with further potential 5.3 ø Margin: 16.1 % Luxury pricing 4.1 Scale from BEV platforms Leveraging partnerships Profit improvement programs 2017 2021 Note: 2019, excl. special factor Diesel topic of € 535 mn CONSISTENTLY STELLAR FINANCIA
Slide 38: Goal – high margins throughout transformation
Goal – high margins throughout transformation Key facts of current profitability program Investments € 10 bn1 € 3 bn1 BEV, digitalization and Cumulative gross impact (2019- Avg. gross impact p.a. 2025+, new model launches 25) funding the transformation basis for further improvement 1. Gross target i
Slide 39: Increased resilience in operating margins …
Increased resilience in operating margins … Reported group RoS, in % 16.1 % … in challenging markets 14.6 % Ability to adapt and react quickly 9.7 % Financially strong customer base Continuous fixed cost optimization Structural improvements over time Financial Covid Average crisis ’091 crisis ’20 20
Slide 40: Sustainable automotive net cash flow generation …
Sustainable automotive net cash flow generation … Automotive net cash flow1, in €bn … despite significant past investment 3.7 Clear capital efficiency targets Focused tech and R&D investments 1.5 Well-invested tech and asset base BEV-focused investment plan 2017 2021 1. Cash flows from automotive op
Slide 41: Porsche – a unique story
Porsche – a unique story Global iconic luxury brand Technology leadership in key growth segments Growth in luxury product and services portfolio Clear ambition to become CO2 net neutral in 2030 Platform for digital and sustainability partnerships Increased corporate independence Unlock further poten
Slide 42: Porsche. Past. Present. Future.
Past. Present. Future. Performance. Entrepreneurship. Agility. Porsche. 42
Slide 43: PORSCHE
PORSCHE
Slide 44: Glossary
Glossary Automotive EBITDA: Automotive operating profit plus depreciation/amortization and impairment losses/reversals of impairment losses on property, plant and equipment, capitalized development costs and other intangible assets (each in the automotive segment) Automotive net cash flow: Cash flow
Slide 45: Range/consumptions/emissions
Range/consumptions/emissions Model Fuel consumption Electrical CO2 Electric Electric Fuel consumption Electrical CO2 combined (WLTP) consumption emissions range range in combined (NEDC) consumption emissions combined (WLTP) combined combined City combined (NEDC) combined (WLTP) (WLTP) (WLTP) (NEDC)
Slide 46: Range/consumptions/emissions
Range/consumptions/emissions Model Fuel consumption Electrical CO2 Electric Electric Fuel consumption Electrical CO2 combined (WLTP) consumption emissions range range in combined (NEDC) consumption emissions combined (WLTP) combined combined City combined (NEDC) combined (WLTP) (WLTP) (WLTP) (NEDC)
Slide 47: Range/consumptions/emissions
Range/consumptions/emissions Model Fuel consumption Electrical CO2 Electric Electric Fuel consumption Electrical CO2 combined (WLTP) consumption emissions range range City combined (NEDC) consumption emissions combined (WLTP) combined combined (EAER combined (NEDC) combined (WLTP) (EAER) City) (NEDC