Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — Q3 2024 Earnings Presentation
21 slides from Porsche's earnings presentation, Oct 25, 2024
Slide 1: Porsche Press & Analyst Call Q3 2024
Porsche Press & Analyst Call Q3 2024 OCTOBER 25, 2024 PORSCHE PRESS & ANALYST 1 CALL Q3 2024
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and prove to be incorrect, the actual results may be materially information that reflect Dr. Ing. h.c. F. Porsche AG's current views different from those Porsche AG expresses or implies by such about future events. These statements are
Slide 3: Porsche AG – A robust Business Model
Porsche AG – A robust Business Model FORGING AHE AD WITH PRODUCT YE AR 2024 AND ELE VATION OF THE BR AND TOPIC MES SAGE Q3 2024 Reflecting the changing demand in China and the slower BEV transformation, Porsche is reviewing its product HIGHLIGHTS offerings, ecosystem as well as budgets and cost posi
Slide 4: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W Y TD Q3 2024 € 28.6 bn 14.1 % € 4.0 bn GROUP SALES GROUP RETURN G R O U P O P E R AT I N G REVENUE ON SALES PROFIT1 (-5.2 % compared (-420 bps compared (-26.7 % compared to previous year) to previous year) to previous year) 23.0 % 4.8 % 7.3 % AUTO
Slide 5: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W Y TD Q3 2024 € 3.8 bn € 6.2 bn AUTOMOTIVE AUTOMOTIVE O P E R AT I N G P R O F I T NET LIQUIDITY (Automotive (-14.2 % compared RoS 14.6 %) to 12/31/2023) € 2.3 bn € 1.5 bn AUTOMOTIVE RESEARCH A U T O M O T I V E C A P I TA L AND DEVELOPEMENT COSTS
Slide 6: Group – Sales Revenue and Operating Profit
Group – Sales Revenue and Operating Profit Y TD Q3 RESULTS 2023 VS. 2024 GROUP SALES G R O U P O P E R AT I N G REVENUE, IN € BN P R O F I T, I N € B N -5.2 % -26.7 % Product changeovers, disciplined management of demand and supply in the 30.1 5.5 Chinese market and relative lower parts 28.6 availab
Slide 7: Group – Operating Profit Development
Group – Operating Profit Development Y TD Q3 RESULTS 2023 VS. 2024 C O N T R I B U T O R S T O O P E R AT I N G P R O F I T D E V E LO P M E N T, I N € B N Group Sales Revenues impacted by lower product availability and ‘value over -26.7 % volume‘ strategy in China 5.5 Positive impact from increased
Slide 8: Automotive – Sales Revenue and Deliveries
Automotive – Sales Revenue and Deliveries Y TD Q3 RESULTS 2023 VS. 2024 AUTOMOTIVE SALES DELIVERIES, REVENUE, IN € BN IN K UNITS Lower Automotive Sales Revenues due to changeovers of Panamera, Taycan and -6.8 % -6.9 % Macan 27.8 242.7 Increased pricing, beneficial mix and 25.9 226.0 higher degree of
Slide 9: Automotive – Deliveries
Automotive – Deliveries Y TD Q3 RESULTS 2023 VS. 2024 REGIONAL DISTRIBUTION 242.722 DELIVERIES 226.026 DELIVERIES Deliveries at a stable level in the year of product launches 17 % 10 % 19 % 12 % Moderate decrease primarily due to the product changeovers, our value over volume 21 % 23 % strategy in C
Slide 10: Automotive – Deliveries
Automotive – Deliveries Y TD Q3 RESULTS 2023 VS. 2024 MODEL DISTRIBUTION, IN K UNITS YTD Q3-23 64.457 +21 % Cayenne recorded the highest number of YTD Q3-24 77.686 deliveries 68.354 YTD Q3-23 -20 % The iconic 911 sports car unchanged very YTD Q3-24 55.000 popular YTD Q3-23 38.789 YTD Q3-24 39.744 +2
Slide 11: Automotive – Deep Dive on Vehicle Sales
Automotive – Deep Dive on Vehicle Sales Y TD Q3 RESULTS 2023 VS. 2024 REGIONAL DISTRIBUTION, % OF VEHICLE SALES Lower sales in Q3 also due to summer 250.192 break in production and relatively lower 9% 221.304 parts availability from our supply chain Germany 10% 27% Lower China volume due to focus on
Slide 12: Automotive – Operating Profit
Automotive – Operating Profit Y TD Q3 RESULTS 2023 VS. 2024, IN € BN -27.9 % Automotive Sales Revenues impacted by 5.2 lower product availability and ‘value over 3.8 volume‘ strategy in China Positive impact from increased pricing and beneficial mix Elevated material costs, R&D expenses, D&A and lau
Slide 13: Financial Services – Operating Profit
Financial Services – Operating Profit Y TD Q3 RESULTS 2023 VS. 2024, IN € BN -8.7 % 0.2 0.2 Lower penetration rate due to high interest rate environment, shifts in market mix, and new model launches Unchanged robust risk profile Less favorable valuation effects from interest rate, derivatives outsid
Slide 14: Automotive – Net Cash Flow and Liquidity
Automotive – Net Cash Flow and Liquidity Y TD Q3 RESULTS 2023 VS. 2024, IN € BN N E T C A S H F LO W, N E T L I Q U I D I T Y, IN € BN IN € BN Cash flow from operating activities decreased due to lower Automotive -63.5% -14.2 % Operating Profit 3.4 Increase in Working Capital due to 7.2 6.2 temporar
Slide 15: Porsche Financial Outlook
Porsche Financial Outlook MOST IMPORTANT PERFORMANCE INDICATORS 2023 OUTLOOK 2024 Sales Revenue € 40.5 bn € 39 - 40 bn GROUP Return on Sales (RoS) 18.0 % 14 - 15 % EBITDA Margin 25.7 % 23 - 24 % AUTOMOTIVE Net Cash Flow Margin 10.6 % 7.0 - 8.5 % BEV Share 12.8 % 12 - 13 % Our long-term ambition 20+
Slide 16: Capital Allocation Policy
Capital Allocation Policy DIVIDEND: 2023: € 2.30 / € 2.31 per ordinary / preferred share MID-TERM TARGET: 50 % pay-out ratio1 CAPEX & R&D: Focused investment program TECHNOLOGY & VENTURE: Select investments with preference for partnerships PENSION: Commitment to partially fund the pension deficit in
Slide 17: Group – condensed consolidated Income Statement
Group – condensed consolidated Income Statement Y TD Q3 Y TD Q3 IN € MN % % DELTA % 2023 2024 Sales Revenue 30,132 100.0 28,564 100.0 -1,568 -5.2 (-) Cost of sales -21,543 -71.5 -21,279 -74.5 264 -1.2 (=) Gross profit 8,589 28.5 7,285 25.5 -1,305 -15.2 (-) Distribution expenses -2,010 -6.7 -2,148 -7
Slide 18: Automotive – Research & Development
Automotive – Research & Development Y TD Q3 Y TD Q3 IN € MN 2023 2024 Total research and development costs 2,038 2,312 % of Automotive Sales Revenue 7.3 8.9 Expensed research and development costs (A) 382 758 % Total research and development costs 18.7 32.8 Capitalized development costs 1,656 1,554
Slide 19: Group – condensed consolidated Statement of Financial Position
Group – condensed consolidated Statement of Financial Position IN € MN 31.12.2023 30.09.2024 DELTA % Intangible assets 8,554 9,178 625 7.3 Property, plant and equipment 9,394 9,793 398 4.2 Leased assets 4,190 4,650 459 11.0 Financial services receivables 4,676 4,755 79 1.7 Equity-accounted investmen
Slide 20: Group – condensed consolidated Statement of Financial Position
Group – condensed consolidated Statement of Financial Position IN € MN 31.12.2023 30.09.2024 DELTA % Equity before non-controlling interests 21,667 22,344 677 3.1 Non-controlling interests 1 9 8 >100 Equity 21,668 22,354 685 3.2 Provisions for pensions and similar obligations 4,315 4,348 33 0.8 Fina
Slide 21: Ferry Porsche quote
“Those who are fortunate enough to build a business from a dream owe it to the world to be the guardians of those dreams“ FERRY PORSCHE PORSCHE PRESS & ANALYST 21 CALL Q3 2024
Dr. Ing. h.c. F. Porsche — Q3 2024 Earnings Presentation on 6ix