Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — H1 2023 Earnings Presentation
20 slides from Porsche's earnings presentation, Jul 26, 2023
Slide 1: Press & Analyst Call H1 2023
DR. ING. H.C. F. PORSCHE AG Press & Analyst Call H1 2023 Stuttgart, July 26th 2023 PORSCHE PRESS & ANALYST Department | author | document name CALL H1 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: Annual General Meeting
ANNUAL GENERAL MEETING PORSCHE PRESS & ANALYST CALL H1 2023 3
Slide 4: Dealers Introductory Event Cayenne E3 PA
DEALERS INTRODUCTORY EVENT CAYENNE E3 PA PORSCHE PRESS & ANALYST CALL H1 2023 4
Slide 5: Porsche AG – Continued Resilient Results
PORSCHE AG – CONTINUED RESILIENT RESULTS Despite Difficult Economic And Geopolitical Conditions Topic Message Q2 Highlights Increased deliveries and unchanged high demand Group – Financial Performance Overview Strong growth in group revenue and in operating profit Balanced global sales footprint des
Slide 6: Group and Automotive
GROUP AND AUTOMOTIVE Financial Performance Overview YTD Q2 2023 € 20.4 bn 18.9 % GROUP SALES REVENUE GROUP RETURN ON SALES GROUP OPERATING PROFIT1 (+14 % compared (19.5 % Group Return (+10.7 % compared to previous year) on Sales in Q2 2023) to previous year) 25.6 % 11.7 % 10.8 % AUTOMOTIVE AUTOMOTIV
Slide 7: Group and Automotive
GROUP AND AUTOMOTIVE Financial Performance Overview YTD Q2 2023 € 3.7 bn € 6.4 bn AUTOMOTIVE OPERATING PROFIT AUTOMOTIVE NET LIQUIDITY (Automotive RoS (after last DPLTA1 Payout 19.3 %) of € 4.0 bn to VW) € 1.5 bn € 0.9 bn AUTOMOTIVE RESEARCH AUTOMOTIVE CAPITAL AND DEVELOPMENT COSTS EXPENDITURE (8.2
Slide 8: Group – Sales Revenue and Operating Profit
GROUP – SALES REVENUE AND OPERATING PROFIT YTD Q2 Results 2022 vs. 2023 Group Sales Revenue, in € bn Group Operating Profit, in € bn +14 % +10.7 % 20.4 Higher vehicle sales with stable 17.9 3.9 price penetration 3.5 Inflationary environment, intensified sales activities, digitalization and increased
Slide 9: Automotive – Sales Revenue and Deliveries
AUTOMOTIVE – SALES REVENUE AND DELIVERIES YTD Q2 Results 2022 vs. 2023 Automotive Sales Revenue, in € bn Deliveries, in k Units +15.0 % +14.7 % 18.9 167.4 16.4 145.9 Higher vehicle sales Stable price penetration and continued beneficial product mix BEV-share impacted by supply shortages and parts av
Slide 10: Automotive – Deep Dive on Deliveries
AUTOMOTIVE – DEEP DIVE ON DELIVERIES YTD Q2 Results 2023 Regional Distribution, % of Deliveries Model Distribution, in k Units Order bank remains at high 47.8 level 17 % 10 % Globally balanced sales mix 46.9 22 % Strongest growth in Germany (+24.2 %) compared to YTD 26% 26.1 Q2 2022 25 % Macan deliv
Slide 11: Automotive – Operating Profit
AUTOMOTIVE – OPERATING PROFIT YTD Q2 Results 2022 vs. 2023, in € bn +12.0 % 3.7 3.3 Higher vehicle sales Stable price penetration and continued beneficial mix Inflationary environment, intensified sales activities, digitalization and increased motorsport YTD Q2-22 YTD Q2-23 engagement 19.9 % Automot
Slide 12: Financial Services – Financial Performance Overview
FINANCIAL SERVICES – FINANCIAL PERFORMANCE OVERVIEW Operating Profit YTD Q2 Results 2022 vs. 2023, in € bn -19.6 % 0.22 Stable risk environment 0.17 Increased portfolio size Higher refinancing costs Valuation effects from interest rate hedging transactions and derivatives outside of hedge accounting
Slide 13: Automotive – Net Cash Flow and Net Liquidity
AUTOMOTIVE – NET CASH FLOW AND NET LIQUIDITY YTD Q2 results 2022 vs. 2023 Net Cash Flow, in € bn Net Liquidity, in € bn High level of investment -7.2 % -22.3 % activity into product, innovation, plants and Porsche ecosystem 2.4 8.3 2.2 Increased inventory due to 6.4 the launch of the new Cayenne Low
Slide 14: Automotive - Net Liquidity
AUTOMOTIVE - NET LIQUIDITY Development Automotive Net Liquidity, in € bn 8.3 2.2 -0.1 6.4 Decrease in Automotive Net Cash Flow due to investments and -4.0 higher inventory Last DPLTA1 payment for 2022 of € 4 bn 12.2022 DPLTA Net cash Others2 06.2023 payout Flow Q1 2023 YTD Q2 23 1) Termination of do
Slide 15: Supply Situation
SUPPLY SITUATION From crisis management to the challenge of ramp-up protection Semiconductors Ukraine Production Product Supplier increasing reliability despite war High volumes e.g. Joint BEV and ICE Bottleneck focus/ full of supply stable supply ramp-up VW-OS assembly utilisation PORSCHE PRESS & A
Slide 16: 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 17: Group – Condensed Consolidated Income Statement
GROUP – CONDENSED CONSOLIDATED INCOME STATEMENT YTD Q2 YTD Q2 In € mn % % Delta % 2023 2022 Sales Revenue 20,431 100.0 17,922 100.0 2,509 14 (-) Cost of sales -14,522 -71.1 -12,868 -71.8 -1,653 12,8 (=) Gross profit 5,909 28.9 5,054 28.2 856 16.9 (-) Distribution expenses -1,293 -6.3 -956 -5.3 -337
Slide 18: Group – Condensed Consolidated Statement of Fin. Position
GROUP – CONDENSED CONSOLIDATED STATEMENT OF FIN. POSITION In € mn 30.06.2023 31.12.2022 Delta % Intangible assets 8,188 7,473 715 9.6 Property, plant and equipment 9,118 8,924 194 2.2 Leased assets 4,031 3,854 177 4.6 Financial services receivables 4,489 4,382 107 2.5 Equity-accounted investments, o
Slide 19: Group – Condensed Consolidated Statement of Fin. Position
GROUP – CONDENSED CONSOLIDATED STATEMENT OF FIN. POSITION In € mn 30.06.2023 31.12.2022 Delta % Equity before non-controlling interests 19,432 17.027 2.405 14.2 Non-controlling interests 1 8 -7 -86.5 Equity 19,433 17.035 2.398 14.1 Provisions for pensions and similar obligations 3,877 3,668 209 5.7
Slide 20: Financial Calendar 2023
FINANCIAL CALENDAR 2023 October 25, 2023 Quarterly Report January - September 2023 PORSCHE PRESS & ANALYST CALL H1 2023 20 20
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