Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — Q1 2024 Earnings Presentation
21 slides from Porsche's earnings presentation, Apr 26, 2024
Slide 1: Porsche Press & Analyst Call Q1 2024
Porsche Press & Analyst Call Q1 2024 APRIL 26, 2024 PORSCHE DR. ING. H.C. F. PORSCHE AG PRESS & ANALYST 1 CALL Q1 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 – Initiating Product Year 2024
Porsche AG – Initiating Product Year 2024 WITH MODEL CHANGEOVER EFFECTS AND CONTINUOUS SPENDING INTO THE B R AND TOPIC MES SAGE Q1 2024 Initiating Porsche Product Year 2024 with successful presentations of new Macan Electric and HIGHLIGHTS Taycan. Q1 2024 Temporary lower performance because of low p
Slide 4: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W Q1 2024 € 9.0 bn 14.2 % € 1.3 bn GROUP SALES GROUP RETURN G R O U P O P E R AT I N G REVENUE ON SALES PROFIT1 (-10.8 % compared (-400 bps compared (-30.3 % compared to previous year) to previous year) to previous year) 23.4 % 1.3 % 5.6 % AUTOMOTIV
Slide 5: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W Q1 2024 € 1.2 bn € 7.3 bn AUTOMOTIVE AUTOMOTIVE O P E R AT I N G P R O F I T NET LIQUIDITY (Automotive (+1.3 % compared RoS 14.8 %) to 31.12.2023) € 1.1 bn € 0.4 bn AUTOMOTIVE RESEARCH A U T O M O T I V E C A P I TA L AND DEVELOPEMENT COSTS EXPEND
Slide 6: Group – Sales Revenue and Operating Profit
Group – Sales Revenue and Operating Profit Q1 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 -10.8 % -30.3 % Decline in Group Sales Revenues as a 10.1 1.8 result of lower vehicle availability 9.0 1.3 Stringent strategy execution with elevated spe
Slide 7: Group – Operating Profit Development
Group – Operating Profit Development Q1 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 in Q1 and ‘value over volume‘ strategy in China -30.3 % Positive impacts from increased p
Slide 8: Automotive – Sales Revenue and Deliveries
Automotive – Sales Revenue and Deliveries Q1 RESULTS 2023 VS. 2024 AUTOMOTIVE SALES DELIVERIES, REVENUE, IN € BN IN K UNITS Lower Automotive Sales Revenues due to changeovers of Panamera and Taycan as -12.7 % -3.9 % well as temporary regulatory supply 80.8 77.6 restrictions 9.3 8.1 Lower China volum
Slide 9: Automotive – Deep Dive on Deliveries
Automotive – Deep Dive on Deliveries RESULTS Q1 2024 REGIONAL DISTRIBUTION, MODEL DISTRIBUTION, % OF DELIVERIES IN K UNITS Germany with strongest regional growth (+36.7 %) 28.0 Deliveries compared to previous year: 19 % 15 % Cayenne+19.8 %; 718 +20.1% 20.6 Panamera and Taycan deliveries decline 26 %
Slide 10: Automotive – Deep Dive on Vehicle Sales
Automotive – Deep Dive on Vehicle Sales Q1 2023 VS. Q1 2024 REGIONAL DISTRIBUTION, % OF VEHICLE SALES 84.737 Continued balanced global sales mix 8% Lower product availability due to product Germany 70.605 changeovers 27 % 14 % North America2 Temporary regulatory supply restrictions 18 % in North Ame
Slide 11: Automotive – Operating Profit
Automotive – Operating Profit Q1 RESULTS 2023 VS. 2024, IN € BN -30.1 % Lower Automotive Sales Revenues due to model changeovers and temporary 1.7 regulatory supply restrictions 1.2 Improved pricing, better product mix and individualization Disproportionately high material costs, R&D expenses, D&A a
Slide 12: Financial Services – Operating Profit
Financial Services – Operating Profit Q1 RESULTS 2023 VS. 2024, IN € BN -32.6 % Penetration rate lower due to successive pricing of increased refinancing costs, model changeover and reduced sales 0.09 share in China 0.06 Slightly lower portfolio margin due to delayed pass-through of refinancing cost
Slide 13: Automotive – Net Cash Flow and Liquidity
Automotive – Net Cash Flow and Liquidity Q1 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, Cash flow from operating activities IN € BN IN € BN decreased due to lower Automotive Operating Profit -92.5% +1.3 % Increase in Working Capital, primarily 1.4 7.2 7.3 driven by
Slide 14: Porsche Financial Outlook
Porsche Financial Outlook MOST IMPORTANT PERFORMANCE INDICATORS 2023 OUTLOOK 2024 Sales Revenue € 40.5 bn € 40 - 42 bn GROUP Return on Sales (RoS) 18.0 % 15 - 17 % EBITDA Margin 25.7 % 24 - 26 % AUTOMOTIVE Net Cash Flow Margin 10.6 % 8.5 - 10.5 % BEV Share 12.8 % 13 - 15 % Our long-term ambition 20+
Slide 15: Capital allocation policy
Capital allocation policy DIVIDEND: 2023 1 : € 2.30 / € 2.31 per ordinary / preferred share MID-TERM TARGET: 50 % pay-out ratio2 CAPEX & R&D: Focused investment program TECHNOLOGY & VENTURE: Select investments with preference for partnerships PENSION: Commitment to partially fund the pension deficit
Slide 16: Group – condensed consolidated Income Statement
Group – condensed consolidated Income Statement IN € MN Q1 2024 % Q1 2023 % DELTA % Sales Revenue 9,011 100.0 10,097 100.0 -1.086 -10.8 (-) Cost of sales -6,694 -74.3 -7,280 -72.1 586 -8.1 (=) Gross profit 2,317 25.7 2,817 27.9 -500 -17.7 (-) Distribution expenses -657 -7.3 -521 -5.2 -136 26.1 (-) A
Slide 17: Automotive – Research & Development
Automotive – Research & Development IN € MN Q1 2024 Q1 2023 Total research and development costs 1.092 754 % of Automotive Sales Revenue 13.4 8.1 Expensed research and development costs (A) 295 218 % Total research and development costs 27.0 28.9 Capitalized development costs 797 536 % Total researc
Slide 18: Group – condensed consolidated Statement of Financial Position
Group – condensed consolidated Statement of Financial Position IN € MN 31.03.2024 31.12.2023 DELTA % Intangible assets 9,041 8,554 487 5.7 Property, plant and equipment 9,454 9,394 60 0.6 Leased assets 4,260 4,190 70 1.7 Financial services receivables 4,728 4,676 52 1.1 Equity-accounted investments,
Slide 19: Group – condensed consolidated Statement of Financial Position
Group – condensed consolidated Statement of Financial Position IN € MN 31.03.2024 31.12.2023 DELTA % Equity before non-controlling interests 22,529 21,667 862 4.0 Non-controlling interests 0 1 -1 -51.7 Equity 22,530 21,668 861 4.0 Provisions for pensions and similar obligations 4,287 4,315 -28 -0.6
Slide 20: Financial Calendar 2024
Financial Calendar 2024 J U N E 07, 2024 Annual General Meeting 20241 J U LY 24, 2024 Half-Yearly Financial Report 2024 O C T O B E R 29, 2024 Quarterly Report January - September 2024 1 All relevant information regarding the Annual General Meeting 2024 of Porsche AG are available on the Investor Re
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 Q1 2024
Dr. Ing. h.c. F. Porsche — Q1 2024 Earnings Presentation on 6ix