Interim / Quarterly Report • Jul 24, 2024
Interim / Quarterly Report
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Finanzbericht: 34706758
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| H1 2024 | H1 2023 | ||
|---|---|---|---|
| Most important key performance indicators | |||
| Porsche AG Group | |||
| Sales revenue | € million | 19,457 | 20,431 |
| Return on sales | % | 15.7 | 18.9 |
| Automotive segment | |||
| Automotive EBITDA margin | % | 24.1 | 25.6 |
| Automotive net cash flow margin | % | 6.3 | 11.7 |
| Automotive BEV share | % | 5.9 | 10.8 |
| Other financial performance indicators | |||
| Porsche AG Group | |||
| Operating profit | € million | 3,061 | 3,852 |
| Profit before tax | € million | 3,095 | 3,982 |
| Profit after tax | € million | 2,153 | 2,768 |
| Earnings per ordinary share/preferred share | € | 2.36/2.37 | 3.03/3.04 |
| Automotive segment | |||
| Automotive operating profit | € million | 2,904 | 3,653 |
| Automotive return on sales | % | 16.4 | 19.3 |
| Automotive EBITDA 1 | € million | 4,268 | 4,829 |
| Automotive net cash flow | € million | 1,117 | 2,217 |
| Automotive cash flows from operating activities | € million | 3,387 | 4,392 |
| Automotive net liquidity 2 | € million | 6,101 | 6,432 |
| Automotive research and development costs 3 | € million | 1,665 | 1,545 |
| Automotive capital expenditure 4 | € million | 850 | 866 |
| Financial services segment | |||
| Financial services operating profit | € million | 129 | 174 |
| Financial services return on sales | % | 6.8 | 10.5 |
| Other non-financial performance indicators | |||
| Deliveries 5 | Vehicles | 155,945 | 167,354 |
1 Automotive operating profit before depreciation/amortization and changes in value of property, plant and equipment, capitalized development costs and other intangible assets in the automotive segment.
2 Total of cash and cash equivalents, securities and time deposits as well as loans net of third-party borrowings in the automotive segment.
3 Research costs, non-capitalizable development costs and investments in development costs that have to be capitalized in the automotive segment.
4 Additions (cost) to intangible assets (excluding capitalized development costs) and property, plant and equipment (excluding right-of-use assets) in the automotive segment.
5 Number of vehicles handed over to end customers.
After a slow start to the fiscal year 2024, the Porsche AG Group improved its profitability in the first half of 2024. The renewal of the product portfolio and the economic environment still continue to have an impact on the half-year accounts.
In the first half of 2024, the Porsche AG Group recorded a decline in both sales revenue and operating profit compared to the prior-year period. Sales revenue decreased from €20,431 million to €19,457 million. Operating profit fell from €3,852 million to €3,061 million. In the first half of 2024, the operating return on sales of the Porsche AG Group was 15.7% (prior year: 18.9%) and the automotive EBITDA margin was 24.1% (prior year: 25.6%).
The automotive net cash flow came to €1,117 million (prior year: €2,217 million). The automotive net cash flow margin stood at 6.3% (prior year: 11.7%).
Deliveries decreased by 6.8% to 155,945 vehicles in the first half of 2024. The automotive BEV share stood at 5.9% (prior year: 10.8%).
The fiscal year of the largest model launch program in the company's history began with the third model generation of the Panamera, followed by the next generation of the all-electric Taycan sports car. This model launch program was continued with the presentation of the hybrid 911 and the world premiere of the all-electric Macan. In the first half of the year, these startups had an impact on unit sales, inventories and research and development costs.
The start of electromobility was celebrated at the Leipzig production site. The investment in the expansion of the plant will enable gasoline, hybrid and all-electric vehicles to be produced on one production line in the future.
At Porsche AG's Annual General Meeting on June 7, 2024, a resolution was passed on the appropriation of net retained profit for the fiscal year 2023, resulting in a distribution of €2.30 per ordinary share and €2.31 per preferred share. The total distribution therefore amounted to €2,100 million and was paid out on June 12, 2024.
All ten shareholder representatives on the Supervisory Board were unanimously re-elected for a further term of office. At the constituent meeting of the Supervisory Board following the Annual General Meeting, Dr. Wolfgang Porsche was unanimously confirmed as Chairman of the Supervisory Board and Jordana Vogiatzi as Deputy Chairwoman of the Supervisory Board.
In the first six months of the reporting year, the global economy continued to recover at a similar pace to the prior year. This trend was observed in both the advanced economies and the emerging markets. Although inflation rates are falling in many countries, they are still relatively high which, coupled with the ongoing restrictive monetary policy of major central banks, has dampened economic growth in many countries.
From January to June 2024, the volume of the global passenger car market was up slightly on the comparative figure for 2023, with the passenger car markets achieving growth in all regions. The supply situation normalized further and the affordability of vehicles improved in some cases as a result of lower prices and increased sales incentives.
In the first half of the year, the number of new registrations of passenger cars on the German passenger car market was up noticeably compared to the weak level of the prior-year period. Although the change in incentives for electric vehicles in the prior year had a dampening effect on the development of new registrations, these increased thanks to base effects as a result of relatively weak figures in the prior year.
In Western Europe, the number of new registrations of passenger cars rose slightly in the first half of the reporting year 2024 compared to the prior year. Development of the major markets for passenger cars in this region was positive across the board.
In Central and Eastern Europe, the passenger car market volume increased significantly in the reporting period. The number of sales developed positively in the major markets of Central Europe.
In the first six months of the fiscal year 2024, the region North America excl. Mexico recorded a slight increase in new registrations of passenger cars compared to the prior-year period. This development was driven by the market volume in the USA, where vehicle availability and the affordability of new vehicles improved on average.
The passenger car market in China incl. Hong Kong grew slightly in the first half of 2024 due to falling prices. A negative trend in demand was observed in the luxury segment.
Demand for automotive financial services was high in the first six months of 2024, although higher interest rates put pressure on the demand for financial services in almost all regions.
At the end of the first half of 2024, deliveries 1 of the Porsche AG Group had fallen by 6.8% compared to the prior-year period. Overall, the sports car manufacturer delivered 155,945 vehicles.
In the domestic market of Germany, the Porsche AG Group increased its deliveries by 21.6% to 20,811 vehicles. In Europe without Germany, deliveries grew by 5.6% to 38,611 vehicles. In the region North America excl. Mexico, the number of deliveries decreased by 5.7% to 39,558 vehicles. After customs-related delays in the delivery of some vehicle models in the first quarter, the region was able to catch up noticeably in the second quarter. In the region China incl. Hong Kong, the Porsche AG Group delivered 29,551 vehicles, a decrease of 32.6% compared to the prior-year period. The main reasons for this remain the ongoing tense economic situation in the Chinese market and the focus on value-based sales. In the sales region rest of the world, 27,414 vehicles were handed over to customers. This region is therefore on a par with the prior year (down 1.7%).
1 The performance indicator "deliveries" reflects the number of vehicles handed over to end customers. This may take place via group companies or independent importers and dealers. In the Porsche AG Group, this differs from unit sales as a relevant driver of sales revenue. Unit sales in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, which have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment.
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| Units | H1 2024 | H1 2023 |
|---|---|---|
| Germany | 20,811 | 17,118 |
| Europe without Germany | 38,611 | 36,574 |
| North America 2 | 39,558 | 41,937 |
| China 3 | 29,551 | 43,832 |
| Rest of the world | 27,414 | 27,893 |
| Deliveries | 155,945 | 167,354 |
2 Excl. Mexico
3 Incl. Hong Kong
At 54,587 units, the Porsche Cayenne recorded the highest number of deliveries in the first half of the year (up 16.4%). The Porsche Macan was delivered to 39,167 customers (down 18.0%). This decrease is related to the current model change. Deliveries of the 718 Boxster and 718 Cayman models of 11,886 were up 7.7%. With growth of 8.0% compared to the prior-year period, deliveries of the Porsche 911 totaled 28,212. The Panamera was delivered to 13,255 customers (down 24.5%). This decline can also be explained by the current model change. The same applies to the Taycan, with 8,838 deliveries to customers (down 50.9%) in the first half of the year.
In the reporting period, the automotive BEV share, which describes the proportion of purely battery-powered electric vehicles, stood at 5.9% (prior year: 10.8%). The year-on-year decline remains due to the discontinuation of the current generation of the Taycan and the staggered product launch of the next generation.
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| Units | H1 2024 | H1 2023 |
|---|---|---|
| 911 | 28,212 | 26,124 |
| 718 Boxster/Cayman | 11,886 | 11,035 |
| Macan | 39,167 | 47,755 |
| Cayenne | 54,587 | 46,884 |
| Panamera | 13,255 | 17,565 |
| Taycan | 8,838 | 17,991 |
| Deliveries | 155,945 | 167,354 |
In the first half of 2024, the Porsche AG Group spent €1,665 million on research and development (R&D) (prior year: €1,545 million). The R&D ratio increased to 9.4% (prior year: 8.2%). In the first six months of 2024, the Porsche AG Group recorded an increase in both total research and development costs and R&D costs recognized in the income statement compared to the prior-year period. This was due to the renewal of the model range and the transition period. Capitalized development costs stood at €1,123 million (prior year: €1,201 million), while the capitalization ratio fell to 67.5% (prior year: 77.7%). The decrease is due to a change in the project mix and different stages of capitalization for current vehicle projects. Research and development costs recognized in the income statement stood at €1,057 million (prior year: €770 million). Amortization of capitalized development costs increased to €516 million (prior year: €427 million) due to the amortization in connection with the renewal of the model range. The total spend on research and development related to the automotive segment.
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Automotive sales revenue | 17,695 | 18,892 |
| Total research and development costs | 1,665 | 1,545 |
| of which: capitalized development costs | 1,123 | 1,201 |
| Capitalization ratio 1 (%) | 67.5 | 77.7 |
| R&D ratio 2 (%) | 9.4 | 8.2 |
| Research and development costs recognized in the income statement | 1,057 | 770 |
| of which: amortization of capitalized development costs | 516 | 427 |
| Research and development costs recognized in the income statement 3 (%) | 6.0 | 4.1 |
1 Capitalized development costs in relation to total research and development costs.
2 Total research and development costs in relation to automotive sales revenue.
3 Research and development costs recognized in the income statement in relation to automotive sales revenue.
The Porsche AG Group generated sales revenue of €19,457 million in the first half of 2024. This is a decrease of 4.8% on the prior-year period (prior year: €20,431 million) and is largely due to lower vehicle sales coupled with positive price, product mix and currency effects.
In the first six months of 2024, the Porsche AG Group sold 151,944 vehicles. This is a 11.0% decrease in unit sales compared to the prior-year period (prior year: 170,802 vehicles).
The Cayenne is the bestselling series with 52,769 vehicles sold, followed by the Macan with 36,600 vehicles sold. The largest relative growth was recorded for the Cayenne (up 6,370 vehicles; up 13.7%) and the 718 Boxster/Cayman (up 252 vehicles; up 2.2%). Declines were recorded for the Taycan (down 9,827 vehicles; down 51.7%), Macan (down 10,242 vehicles; down 21.9%), Panamera (down 3,901 vehicles; down 20.5%) and 911 (down 1,510 vehicles; down 5.4%), which are related to the current model changes.
In regional terms, North America excl. Mexico is the largest market with a total of 40,513 vehicles sold, a 10.7% decrease. The regions Germany with 16,741 vehicles (up 8.7%) and Europe excluding Germany with 38,960 vehicles (up 5.9%) recorded growth. The region China incl. Hong Kong, on the other hand, reported a decrease of 30.5% to 30,020 vehicles, which continues to reflect the challenging market conditions and the focus on value-based sales in this region. A decline of 14.5% to 25,710 vehicles was also recorded in the region rest of the world.
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| Units | H1 2024 | H1 2023 |
|---|---|---|
| 911 | 26,346 | 27,856 |
| 718 Boxster/Cayman | 11,955 | 11,703 |
| Macan | 36,600 | 46,842 |
| Cayenne | 52,769 | 46,399 |
| Panamera | 15,092 | 18,993 |
| Taycan | 9,182 | 19,009 |
| Vehicle sales | 151,944 | 170,802 |
The cost of sales decreased by €270 million to €14,251 million (prior year: €14,522 million), an increase in proportion to sales revenue (73.2%; prior year: 71.1%). This is mainly due to higher cost of materials as well as higher development costs recognized in the income statement and start-up costs in connection with the renewal of the model range.
Gross profit decreased accordingly by 11.9% to €5,206 million (prior year: €5,909 million), therefore resulting in a gross margin of 26.8% (prior year: 28.9%).
Distribution expenses increased by €86 million to €1,379 million, an increase in proportion to sales revenue of 7.1% (prior year: 6.3%). The increase is due, among other things, to the digitalization strategy and higher costs for strengthening customer-oriented services. Administrative expenses increased from €875 million to €952 million and, in proportion to sales revenue, remained virtually constant at 4.9% (prior year: 4.3%).
Net other operating result increased by €76 million to €187 million (prior year: €111 million).
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Sales revenue | 19,457 | 20,431 |
| Cost of sales | -14,251 | -14,522 |
| Gross profit | 5,206 | 5,909 |
| Distribution expenses | -1,379 | -1,293 |
| Administrative expenses | -952 | -875 |
| Net other operating result | 187 | 111 |
| Operating profit | 3,061 | 3,852 |
| Return on sales (%) | 15.7 | 18.9 |
| Financial result | 33 | 130 |
| Profit before tax | 3,095 | 3,982 |
| Income tax | -942 | -1,215 |
| Profit after tax | 2,153 | 2,768 |
Accordingly, the operating profit of the Porsche AG Group decreased by €791 million to €3,061 million in the first half of 2024 (prior year: €3,852 million). The operating return on sales of the Porsche AG Group stood at 15.7% (prior year: 18.9%).
In the first six months of 2024, the financial result decreased to €33 million (prior year: €130 million). This decrease is mainly due to changes in interest rates used to measure provisions and the result from equity-accounted investments.
Due to the lower profit before tax compared to the prior-year period, income tax also fell to €942 million (prior year: €1,215 million). The tax rate for the Porsche AG Group was 30.4% at the end of the first half of the year (prior year: 30.5%).
Profit after tax decreased by €615 million to €2,153 million in the current reporting period.
Earnings per ordinary share came to €2.36 (prior year: €3.03) and per preferred share to €2.37 (prior year: €3.04).
Automotive operating profit of €2,904 million in the first half of 2024 fell €750 million short of the figure of the prior-year period (prior year: €3,653 million). With automotive sales revenue of €17,695 million, automotive return on sales stood at 16.4% (prior year: 19.3%). Automotive EBITDA decreased by €561 million to €4,268 million (prior year: €4,829 million) and the automotive EBITDA margin stood at 24.1% (prior year: 25.6%).
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Automotive operating profit | 2,904 | 3,653 |
| Depreciation and amortization | 1,364 | 1,176 |
| Automotive EBITDA | 4,268 | 4,829 |
| Automotive sales revenue | 17,695 | 18,892 |
| Automotive EBITDA margin (%) | 24.1 | 25.6 |
Financial services sales revenue increased to €1,894 million (prior year: €1,652 million). Financial services operating profit decreased to €129 million in the first half of 2024 (prior year: €174 million). The decrease was mainly due to the measurement of interest rate hedges and of derivatives outside of hedge accounting in the course of regular refinancing activities as well as higher credit risk cost. Furthermore, there were fewer reversals of provisions for credit and residual value risks compared to the prior-year period. As a result, financial services return on sales decreased to 6.8% (prior year: 10.5%).
Demand for the products and services of the financial services segment, which is calculated as the ratio of leased or financed new vehicles to the total number of deliveries in the markets of the segment (penetration rate), stood at 35.6% as of June 30, 2024 (prior year: 40.8%). While demand for financial services products remained stable in the region North America excl. Mexico compared to the prior-year period, demand developed negatively in the regions Germany, Europe without Germany, China incl. Hong Kong and rest of the world.
The overall number of contracts for financing and leasing of the Porsche AG Group, including its cooperation partners, decreased by 1.6% to 339 thousand contracts as of June 30, 2024 (December 31, 2023: 345 thousand contracts).
In the first half of 2024, cash flows from operating activities of the Porsche AG Group amounted to €3,113 million, down on the prior-year period (prior year: €3,932 million). This decrease was due to the decline in profit before tax and to the outflows from working capital. Cash outflows for income tax payments amounted to €888 million (prior year: cash outflows of €1,018 million) due to the corresponding reduction in prepayments.
Cash outflows in working capital of €1,194 million (prior year: cash outflows of €600 million) comprised the outflows in the automotive segment as well as outflows in the financial services segment relating to changes in leased assets of €628 million (prior year: cash outflows of €638 million) and receivables from financial services of €63 million (prior year: cash outflows of €271 million).
Cash outflows from investing activities came to €2,167 million (prior year: cash outflows of €2,339 million). In contrast to the slight increase in cash outflows from investing activities of current operations in the automotive segment, the change in investments in securities and time deposits and loans resulted in cash inflows of €122 million (prior year: cash outflows of €153 million).
Cash outflows from financing activities of €2,162 million (prior year: cash outflows of €3,646 million) largely related to the dividend payment of €2,100 million (prior year: €3,979 million). In addition, there were cash outflows in the change in other financing activities of €62 million (prior year: cash inflows of €334 million).
Automotive cash flows from operating activities decreased by €1,005 million to €3,387 million (prior year: €4,392 million).
In the first six months of 2024, cash outflows in automotive working capital had an effect of €383 million (prior year: cash inflows of €346 million). The outflows were largely attributable to the change in inventories and came to €793 million (prior year: cash outflows of €1,146 million). Among other things, the market launch of the Macan and ongoing challenges in the supply chain led to this change at the end of the first half of the year. The Porsche AG Group recorded cash outflows from the change in receivables of €52 million (prior year: cash outflows of €428 million). The lower cash inflows from the change in liabilities of €317 million compared to the prior year (prior year: cash inflows of €1,577 million) related to the changes in trade payables. The change in other provisions of €145 million (prior year: cash inflows of €343 million) had a positive impact on the automotive working capital.
Compared to the prior-year period, cash outflows from the investing activities of current operations increased from €2,175 million to €2,270 million. At €850 million (prior year: cash outflows of €866 million), automotive capital expenditure remained at the prior-year level and capitalized development costs were slightly lower compared to the prioryear period. Cash outflows from changes in equity investments increased to €303 million (prior year: cash outflows of €112 million) primarily due to investments in strategic partnerships in connection with the digitalization strategy.
As of the end of the first half of 2024, the automotive net cash flow decreased to €1,117 million (prior year: €2,217 million). The decrease in the automotive net cash flow margin to 6.3% (prior year: 11.7%) was mainly due to operating activities. The lower profit as well as the ongoing temporary effects associated with the change in inventories, related to the market launches, led to a decrease in the automotive net cash flow margin.
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Cash flows from operating activities | 3,387 | 4,392 |
| Change in working capital | -383 | 346 |
| Change in inventories | -793 | -1,146 |
| Change in receivables (excluding financial services) | -52 | -428 |
| Change in liabilities (excluding financial liabilities) | 317 | 1,577 |
| Change in other provisions | 145 | 343 |
| Investing activities of current operations 1 | -2,270 | -2,175 |
| Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment |
-850 | -866 |
| Additions to capitalized development costs | -1,123 | -1,201 |
| Change in equity investments | -303 | -112 |
| Automotive net cash flow | 1,117 | 2,217 |
1 Including cash received from disposal of intangible assets and property, plant and equipment.
As of June 30, 2024, automotive net liquidity decreased by €1,114 million to €6,101 million compared to the end of the fiscal year 2023, mainly due to the dividend payment. This was offset by cash inflows from the automotive net cash flow.
In the first six months of 2024, cash and cash equivalents at the end of the period decreased by €961 million to €5,177 million (December 31, 2023: €6,139 million). In the same period, securities and time deposits as well as loans decreased by €165 million to €3,557 million. By contrast, automotive third-party borrowings remained unchanged at €2,634 million (December 31, 2023: €2,646 million).
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| Cash and cash equivalents | 5,177 | 6,139 |
| Securities and time deposits as well as loans | 3,557 | 3,723 |
| Gross liquidity | 8,735 | 9,861 |
| Total third-party borrowings | -2,634 | -2,646 |
| Automotive net liquidity | 6,101 | 7,215 |
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Cash and cash equivalents at beginning of period | 5,826 | 3,745 |
| Profit before tax | 3,095 | 3,982 |
| Income taxes paid | -888 | -1,018 |
| Depreciation and amortization 1 | 1,840 | 1,570 |
| Gain/loss on disposal of non-current assets | 2 | -9 |
| Share of profit or loss of equity-accounted investments | 41 | 5 |
| Change in pension provisions | 139 | 123 |
| Other non-cash expense/income | 77 | -122 |
| Change in working capital | -1,194 | -600 |
| Change in inventories | -795 | -1,151 |
| Change in receivables (excluding financial services) | -204 | -477 |
| Change in liabilities (excluding financial liabilities) | 361 | 1,606 |
| Change in other provisions | 136 | 331 |
| Change in leased assets | -628 | -638 |
| Change in financial services receivables | -63 | -271 |
| Cash flows from operating activities | 3,113 | 3,932 |
| Investing activities of current operations | -2,289 | -2,186 |
| Change in investments in securities and time deposits as well as loans | 122 | -153 |
| Cash flows from investing activities | -2,167 | -2,339 |
| Capital contributions | - | - |
| Profit transfer and dividends | -2,101 | -3,979 |
| Change in other financing activities | -62 | 334 |
| Cash flows from financing activities | -2,162 | -3,646 |
| Effect of exchange rate changes on cash and cash equivalents | -13 | -28 |
| Net change in cash and cash equivalents | -1,230 | -2,081 |
| Cash and cash equivalents at end of period | 4,596 | 1,664 |
1 Offset against reversals of impairment losses.
In the first half of 2024, the Porsche AG Group reported total assets of €51,467 million, that is a 2.0% increase compared to December 31, 2023.
In connection with the agreement to sell three Russian subsidiaries, assets of €6 million and liabilities of €6 million continued to be disclosed as held for sale pursuant to IFRS 5 in separate lines of the statement of financial position as of June 30, 2024.
Intangible assets increased from €8,554 million to €9,110 million. The increase was largely attributable to capitalized development costs, with the largest addition relating to the Cayenne series.
Property, plant and equipment increased by €175 million to €9,570 million compared to 2023. The increase primarily resulted from additions to furniture and fixtures as well as advance payments made and assets under construction, while plant and machinery as well as land and buildings decreased. Leased assets increased by €301 million to €4,491 million compared to 2023. This item includes vehicles leased to customers under operating leases.
Non-current and current financial services receivables increased from €6,345 million to €6,445 million. These mainly include receivables from finance leases as well as receivables from customer and dealer financing. The number of financing and leasing contracts increased in the first half of 2024.
Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets increased from €3,592 million in the prior year to €3,934 million.
Equity-accounted investments decreased mainly due to subsequent measurement from €651 million to €625 million.
The increase in other equity investments of €280 million was largely spread across the acquisition of shares in new investments.
In total, non-current assets increased by €1,441 million to €31,848 million. Non-current assets expressed as a percentage of total assets amounted to 61.9% (December 31, 2023: 60.3%).
Compared to December 31, 2023, inventories increased from €5,947 million to €6,791 million. The increase is due in particular to the market launch of the new Macan, while the other model series are developing in line with the product life cycle in the ordinary course of business. In addition, ongoing challenges in the supply chain had an impact on inventories.
Current other financial assets and other receivables decreased by €194 million to €4,344 million. The reduction mainly related to receivables from loans, VAT receivables and trade receivables. This was counterbalanced by other receivables, prepaid expenses and marking derivative financial instruments to market.
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| € million | Jun. 30, 2024 | % | Dec. 31, 2023 | % |
|---|---|---|---|---|
| Non-current assets | 31,848 | 61.9 | 30,407 | 60.3 |
| Intangible assets | 9,110 | 17.7 | 8,554 | 17.0 |
| Property, plant and equipment | 9,570 | 18.6 | 9,394 | 18.6 |
| Leased assets | 4,491 | 8.7 | 4,190 | 8.3 |
| Financial services receivables | 4,744 | 9.2 | 4,676 | 9.3 |
| Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets |
3,934 | 7.6 | 3,592 | 7.1 |
| Current assets | 19,618 | 38.1 | 20,040 | 39.7 |
| Inventories | 6,791 | 13.2 | 5,947 | 11.8 |
| Financial services receivables | 1,701 | 3.3 | 1,669 | 3.3 |
| Other financial assets and other receivables | 4,344 | 8.4 | 4,537 | 9.0 |
| Tax receivables | 292 | 0.6 | 235 | 0.5 |
| Securities and time deposits | 1,895 | 3.7 | 1,826 | 3.6 |
| Cash and cash equivalents | 4,590 | 8.9 | 5,820 | 11.5 |
| Assets held for sale | 6 | 0.0 | 6 | 0.0 |
| Total assets | 51,467 | 100.0 | 50,447 | 100.0 |
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| € million | Jun. 30, 2024 | % | Dec. 31, 2023 | % |
|---|---|---|---|---|
| Equity | 21,772 | 42.3 | 21,668 | 43.0 |
| Non-current liabilities | 15,308 | 29.7 | 15,211 | 30.2 |
| Provisions for pensions and similar obligations | 4,187 | 8.1 | 4,315 | 8.6 |
| Financial liabilities | 6,525 | 12.7 | 6,537 | 13.0 |
| Other liabilities | 4,596 | 8.9 | 4,360 | 8.6 |
| Current liabilities | 14,387 | 28.0 | 13,567 | 26.9 |
| Financial liabilities | 4,072 | 7.9 | 3,880 | 7.7 |
| Trade payables | 3,883 | 7.5 | 3,490 | 6.9 |
| Other liabilities | 6,426 | 12.5 | 6,192 | 12.3 |
| Liabilities associated with assets held for sale | 6 | 0.0 | 5 | 0.0 |
| Total equity and liabilities | 51,467 | 100.0 | 50,447 | 100.0 |
Securities and time deposits as well as cash and cash equivalents decreased by €1,161 million to €6,485 million compared to 2023.
As of June 30, 2024, the equity of the Porsche AG Group increased by €104 million to €21,772 million compared to the figure from December 31, 2023. Profit after tax as well as other comprehensive income, net of tax, caused equity to increase by €2,195 million. Within other comprehensive income, net of tax, the increase was mainly due to the measurement of derivative financial instruments through other comprehensive income, while effects of currency translation and the remeasurement of pension plans, net of tax, led to a decrease.
Dividend payments of €2,100 million, which were resolved by the Annual General Meeting of Porsche AG on June 7, 2024, caused equity to decrease.
Pension provisions decreased by €127 million in the first six months of 2024 compared to December 31, 2023. The decrease is attributable to the increase in the discount rate for domestic pension obligations from 3.2% to 3.5%.
Furthermore, non-current other liabilities increased by €236 million to €4,596 million compared to December 31, 2023. The increase largely resulted from deferred tax liabilities. In total, non-current liabilities increased by €96 million to €15,308 million. Non-current liabilities expressed as a percentage of total capital amount to 29.7% (December 31, 2023: 30.2%).
Non-current and current financial liabilities increased from €10,417 million to €10,597 million. The increase mainly related to the refinancing of the financial services business through asset-backed securities.
Trade payables increased from €3,490 million to €3,883 million compared to year-end 2023 in the ordinary course of business.
Current other liabilities increased by €234 million to €6,426 million compared to December 31, 2023. Overall, current liabilities increased by €819 million to €14,387 million. Current liabilities as a percentage of total capital amounted to 28.0% (December 31, 2023: 26.9%).
As of June 30, 2024, there were unrecognized contingent liabilities of €65 million, which have not changed significantly compared to the prior year (December 31, 2023: €64 million).
Unrecognized other financial obligations increased by €440 million to €5,832 million and essentially comprised obligations from development, supply and service agreements.
The assumptions used in preparing the forecast report are based, inter alia, on current estimates by external institutions; these include economic research institutes, banks, multinational organizations and consultancy firms.
The forecast, which extends until the end of the fiscal year 2024 in line with the group's internal control system, contains forward-looking statements based on the estimates and expectations of the Porsche AG Group. These can be influenced by unforeseeable events, as a result of which the actual business development may deviate, both positively and negatively, from the expectations described below.
The Porsche AG Group continues to face a highly challenging macroeconomic environment and various geopolitical tensions and conflicts. In particular, the situation in the Chinese market has continued to develop negatively. The numerous product launches in 2024 and continued high cost levels, particularly on the supplier side, also pose considerable challenges. At the same time, the Porsche AG Group is investing heavily in its development and innovations for future products and services as well as in the brand.
In addition, various suppliers to the Porsche AG Group are currently experiencing severe supply shortage for special aluminum alloys. The supply shortage is the result of flooding at a production plant of an important European aluminum supplier, which has informed its customers in writing of the occurrence of a force majeure event. This affects aluminum body components used in all vehicle series manufactured by the Porsche AG Group. Despite immediate countermeasures, it is becoming apparent that the impending supply shortage will lead to production disruptions. These disruptions are expected to last several weeks and may possibly lead to production shutdowns for one or more vehicle series. It is expected that it will not be possible to fully make up the resulting delays in the production and delivery of vehicles during the remainder of current fiscal year.
Against this backdrop, the Porsche AG Group is adjusting the outlook for the fiscal year 2024 published in the combined management report as follows:
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| 2024 Outlook | 2024 Outlook | |||
|---|---|---|---|---|
| 2023 | Annual report 2023 | Half-year financial report 2024 | ||
| --- | --- | --- | --- | --- |
| Porsche AG Group | ||||
| Sales revenue | € billion | 40.5 | 40 to 42 | 39 to 40 |
| Return on sales | % | 18.0 | 15 to 17 | 14 to 15 |
| Automotive segment | ||||
| Automotive net cash flow margin | % | 10.6 | 8.5 to 10.5 | 7 to 8.5 |
| Automotive EBITDA margin | % | 25.7 | 24 to 26 | 23 to 24 |
| Automotive BEV share | % | 12.8 | 13 to 15 | 12 to 13 |
The Porsche AG Group presented its risks and opportunities in the ↗ Annual and sustainability report 2023 - Report on risks and opportunities. The overall conclusion that, based on the information and assessments currently available, the risk of a development jeopardizing the company's ability to continue as a going concern materializing is sufficiently improbable in the fiscal year 2024, remains unchanged.
In the first half of 2024, there were also significant changes at the level of the individual risk within the following risk categories. While operating risks are now classified as high due to increases at the level of the individual risk as of the end of the first half of the year, the classification of all other risk categories remained unchanged.
In principle, the risk categories that have already been presented and which will be examined in more detail below also hold opportunities. Such opportunities may arise for the Porsche AG Group if the actual effects are better than the underlying planning assumptions or anticipated forecasts, or if additional positive effects can or do arise in the aforementioned categories - in relation to the value chain.
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| Classification of risk categories | H1 2024 | Change as of Dec. 31, 2023 |
|---|---|---|
| Strategic risks | High | Unchanged |
| Supply risks | High | Unchanged |
| Financial risks | High | Unchanged |
| Sales risks | High | Unchanged |
| Operational risks | High | Increased |
| Personnel risks | Low | Unchanged |
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| Classification | Risk level |
|---|---|
| Low | ≤ €500 million |
| Medium | > €500 million - €1,000 million |
| High | > €1 billion |
The risks presented in the Annual and Sustainability Report 2023 due to an increasing regulatory environment increased as a result of additional risks in the region China in connection with stricter emissions and safety standards.
In the first half of 2024, there were significant changes with regard to supply chain problems.
Extreme weather conditions have created new significant risks. Should the countermeasures taken not be effective, this may lead to additional problems ranging from further production disruptions through to larger production shutdowns.
The risks in connection with the timely provision of software in the required quality increased. In the long term, these risks are to be countered through the ongoing development of Porsche's software strategy. There are also increasing risks associated with compliance with applicable license terms as the proportion of open source software continues to grow. Continuing measures to secure semiconductors have reduced the risks associated with the uncertainty of supply. Due to market-driven uncertainties, the supply of semiconductors will nevertheless remain a risk factor for the Porsche AG Group in the future.
The persisting risks associated with geopolitical developments relate increasingly to the ongoing trade conflict between China and the USA and the increasing tensions in Asia. In addition to supply, the Porsche AG Group is confronted with this primarily due to the high share of sales revenue generated in those regions. On the other hand, the negative impact of the conflict in the Middle East was reduced, particularly thanks to increased supply chain security.
In the first half of 2024, the market and competitive risk in China, including a possible increase in tariff barriers, remains the highest sales risk.
Depending on the outcome of the US presidential election, potential import tariff increases by the USA and the threat of trade restrictions in subsequent years could have a negative impact on the Porsche AG Group's sales.
The transformation process towards electromobility also entails risks related to the uncertain market acceptance and the development of the global regulatory policies and requirements.
OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Sales revenue | 19,457 | 20,431 |
| Cost of sales | -14,251 | -14,522 |
| Gross profit | 5,206 | 5,909 |
| Distribution expenses | -1,379 | -1,293 |
| Administrative expenses | -952 | -875 |
| Net other operating result | 187 | 111 |
| Operating profit | 3,061 | 3,852 |
| Share of profit or loss of equity-accounted investments | -27 | 7 |
| Interest result and other financial result | 60 | 123 |
| Financial result | 33 | 130 |
| Profit before tax | 3,095 | 3,982 |
| Income tax expense | -942 | -1,215 |
| Profit after tax | 2,153 | 2,768 |
| thereof profit attributable to shareholders | 2,153 | 2,768 |
| thereof profit attributable to non-controlling interests | -1 | 0 |
| Basic/diluted earnings per ordinary share in € | 2.36 | 3.03 |
| Basic/diluted earnings per preferred share in € | 2.37 | 3.04 |
OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Profit after tax | 2,153 | 2,768 |
| Pension plan remeasurements recognized in other comprehensive income | ||
| Pension plan remeasurements recognized in other comprehensive income, before tax | 267 | -86 |
| Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income | -80 | 27 |
| Pension plan remeasurements recognized in other comprehensive income, net of tax | 187 | -59 |
| Fair value valuation of equity instruments that will not be reclassified to profit or loss | ||
| Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax | 7 | 8 |
| Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss |
- | - |
| Fair value valuation of equity instruments that will not be reclassified to profit or loss, net of tax | 7 | 8 |
| Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax |
- | - |
| Items that will not be reclassified to profit or loss | 194 | -51 |
| Foreign exchange differences | ||
| Unrealized currency translation gains/losses | 97 | -150 |
| Transferred to profit or loss | - | - |
| Exchange differences on translating foreign operations, before tax | 97 | -150 |
| Deferred taxes relating to exchange differences on translating foreign operations | - | - |
| Exchange differences on translating foreign operations, net of tax | 97 | -150 |
| Hedging | ||
| Fair value changes recognized in other comprehensive income (OCI I) | -177 | 1,076 |
| Transferred to profit or loss (OCI I) | -208 | 29 |
| Cash flow hedges (OCI I), before tax | -385 | 1,105 |
| Deferred taxes relating to cash flow hedges (OCI I) | 121 | -336 |
| Cash flow hedges (OCI I), net of tax | -264 | 769 |
| Fair value changes recognized in other comprehensive income (OCI II) | -241 | -152 |
| Transferred to profit or loss (OCI II) | 267 | 233 |
| Cash flow hedges (OCI II), before tax | 26 | 81 |
| Deferred taxes relating to cash flow hedges (OCI II) | -11 | -24 |
| Cash flow hedges (OCI II), before tax | 15 | 56 |
| Share of other comprehensive income of equity-accounted investments that may be reclassified subsequently to profit or loss, net of tax |
- | - |
| Items that may be reclassified subsequently to profit or loss | -152 | 676 |
| Other comprehensive income, before tax | 12 | 958 |
| Deferred taxes relating to other comprehensive income | 30 | -333 |
| Other comprehensive income, net of tax | 42 | 625 |
| Total comprehensive income | 2,195 | 3,392 |
| thereof profit attributable to shareholders | 2,196 | 3,393 |
| thereof profit attributable to non-controlling interests | -1 | 0 |
OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF JUNE 30, 2024 AND
AS OF DECEMBER 31, 2023
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| Non-current assets | 31,848 | 30,407 |
| Intangible assets | 9,110 | 8,554 |
| Property, plant and equipment | 9,570 | 9,394 |
| Leased assets | 4,491 | 4,190 |
| Financial services receivables | 4,744 | 4,676 |
| Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets | 3,934 | 3,592 |
| Current assets | 19,618 | 20,040 |
| Inventories | 6,791 | 5,947 |
| Financial services receivables | 1,701 | 1,669 |
| Other financial assets and other receivables | 4,344 | 4,537 |
| Tax receivables | 292 | 235 |
| Securities and time deposits | 1,895 | 1,826 |
| Cash and cash equivalents | 4,590 | 5,820 |
| Assets held for sale | 6 | 6 |
| Total assets | 51,467 | 50,447 |
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| Equity | 21,772 | 21,668 |
| Equity attributable to Porsche AG shareholders | 21,763 | 21,667 |
| Non-controlling interests | 9 | 1 |
| Non-current liabilities | 15,308 | 15,211 |
| Provisions for pensions and similar obligations | 4,187 | 4,315 |
| Financial liabilities | 6,525 | 6,537 |
| Other liabilities | 4,596 | 4,360 |
| Current liabilities | 14,387 | 13,567 |
| Financial liabilities | 4,072 | 3,880 |
| Trade payables | 3,883 | 3,490 |
| Other liabilities | 6,426 | 6,192 |
| Liabilities associated with assets held for sale | 6 | 5 |
| Total equity and liabilities | 51,467 | 50,447 |
OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024
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| Other reserves | ||||||
|---|---|---|---|---|---|---|
| Hedging | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| € million | Subscribed capital |
Capital reserves |
Retained earnings |
Currency translation |
Cash flow hedges (OCI I) |
Deferred costs of hedging (OCI II) |
| --- | --- | --- | --- | --- | --- | --- |
| Balance at Jan. 1, 2023 | 911 | 3,822 | 12,387 | 454 | 238 | -804 |
| Changes in accounting policy to reflect IFRS 17 | 0 | 0 | 8 | 0 | 0 | 0 |
| Balance after adjustment at Jan. 1, 2023 | 911 | 3,822 | 12,395 | 454 | 238 | -804 |
| Profit after tax | - | - | 2,768 | - | - | - |
| Other comprehensive income, net of tax | - | - | -59 | -150 | 769 | 56 |
| Total comprehensive income | - | - | 2,710 | -150 | 769 | 56 |
| Disposal of equity instruments | - | - | 17 | - | - | - |
| Profit transfer and dividends payment | - | - | -916 | - | - | - |
| Capital transactions involving a change in ownership interest | - | - | -72 | 0 | - | - |
| Other changes | - | - | 0 | 0 | - | - |
| Balance at Jun. 30, 2023 | 911 | 3,822 | 14,135 | 303 | 1,008 | -748 |
| Balance at Jan. 1, 2024 | 911 | 3,822 | 16,305 | 237 | 938 | -537 |
| Profit after tax | - | - | 2,153 | - | - | - |
| Other comprehensive income, net of tax | - | - | 187 | 97 | -264 | 15 |
| Total comprehensive income | 2,341 | 97 | -264 | 15 | ||
| Disposal of equity instruments | - | - | 1 | - | - | - |
| Dividend payments 1 | - | - | -2,100 | - | - | - |
| Other changes | - | - | 0 | 0 | - | - |
| Balance at Jun. 30, 2024 | 911 | 3,822 | 16,547 | 334 | 674 | -522 |
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| Other reserves | |||||
|---|---|---|---|---|---|
| € million | Equity and debt instruments |
Equity-accounted investments |
Equity before non-controlling interests |
Non-controlling interests |
Total equity |
| --- | --- | --- | --- | --- | --- |
| Balance at Jan. 1, 2023 | 11 | 0 | 17,019 | 8 | 17,027 |
| Changes in accounting policy to reflect IFRS 17 | 0 | 0 | 8 | 0 | 8 |
| Balance after adjustment at Jan. 1, 2023 | 11 | 0 | 17,027 | 8 | 17,035 |
| Profit after tax | - | - | 2,768 | 0 | 2,768 |
| Other comprehensive income, net of tax | 8 | - | 625 | 0 | 625 |
| Total comprehensive income | 8 | - | 3,393 | 0 | 3,392 |
| Disposal of equity instruments | -17 | - | - | - | - |
| Profit transfer and dividends payment | - | - | -916 | - | -916 |
| Capital transactions involving a change in ownership interest | - | - | -72 | -8 | -80 |
| Other changes | - | - | 0 | 1 | 1 |
| Balance at Jun. 30, 2023 | 1 | 0 | 19,432 | 1 | 19,433 |
| Balance at Jan. 1, 2024 | -9 | 1 | 21,667 | 1 | 21,668 |
| Profit after tax | - | - | 2,153 | -1 | 2,153 |
| Other comprehensive income, net of tax | 7 | - | 42 | 0 | 42 |
| Total comprehensive income | 7 | 2,196 | -1 | 2,195 | |
| Disposal of equity instruments | -1 | - | - | - | - |
| Dividend payments 1 | - | - | -2,100 | -1 | -2,101 |
| Other changes | - | - | 0 | 10 | 10 |
| Balance at Jun. 30, 2024 | -2 | 1 | 21,763 | 9 | 21,772 |
1 Please see explanations in section ^ 8. EQUITY
OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO JUNE 30, 2024
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Cash and cash equivalents at beginning of period | 5,826 | 3,745 |
| Profit before tax | 3,095 | 3,982 |
| Income taxes paid | -888 | -1,018 |
| Depreciation and amortization 1 | 1,840 | 1,570 |
| Gain/loss on disposal of non-current assets | 2 | -9 |
| Share of profit or loss of equity-accounted investments | 41 | 5 |
| Other non-cash expense/income | 77 | -122 |
| Change in inventories | -795 | -1,151 |
| Change in receivables (excluding financial services) | -204 | -477 |
| Change in liabilities (excluding financial liabilities) | 361 | 1,606 |
| Change in pension provisions | 139 | 123 |
| Change in other provisions | 136 | 331 |
| Change in leased assets | -628 | -638 |
| Change in financial services receivables | -63 | -271 |
| Cash flows from operating activities | 3,113 | 3,932 |
| Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment |
-869 | -876 |
| Additions to capitalized development costs | -1,123 | -1,201 |
| Change in equity investments | -303 | -113 |
| Cash received from disposal of intangible assets and property, plant and equipment | 6 | 4 |
| Change in investments in securities and time deposits as well as loans | 122 | -153 |
| Cash flows from investing activities | -2,167 | -2,339 |
| Profit transfer and dividends | -2,101 | -3,979 |
| Capital transactions with non-controlling interests | -8 | |
| Proceeds from issuance of bonds | 2,672 | 2,692 |
| Repayments of bonds | -2,651 | -2,186 |
| Changes in other financial liabilities | -23 | -109 |
| Repayments of lease liabilities | -60 | -56 |
| Cash flows from financing activities | -2,162 | -3,646 |
| Effect of exchange rate changes on cash and cash equivalents | -13 | -28 |
| Net change in cash and cash equivalents | -1,230 | -2,081 |
| Cash and cash equivalents at end of period | 4,596 | 1,664 |
1 Offset against reversals of impairment losses.
The statement of cash flows is explained in note → 12. STATEMENT OF CASH FLOWS.
OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF JUNE 30, 2024
Pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council, Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("Porsche AG") has prepared its consolidated financial statements for the fiscal year 2023 in accordance with the international accounting standards adopted by the European Union, the International Financial Reporting Standards (IFRSs). Accordingly, these interim consolidated financial statements as of June 30, 2024 have also been prepared in accordance with IAS 34 (Interim Financial Reporting) and have a reduced scope of reporting compared to the consolidated financial statements.
All amounts are rounded in line with common business practice; this can lead to minor differences in total amounts. Figures of €0.00 are presented as "€- million"; figures between €0.00 and €500,000.00 are rounded in line with common business practice and presented as "€0 million".
The interim consolidated financial statements were reviewed by auditors in accordance with section 115 of the WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act].
The Porsche AG Group has applied all accounting pronouncements adopted by the EU and effective for periods beginning from January 1, 2024.
A discount rate of 3.5% (December 31, 2023: 3.2%) was applied to German pension provisions in the accompanying interim consolidated financial statements.
The income tax expense for the interim consolidated financial statements is calculated pursuant to IAS 34 (Interim Financial Reporting) based on the best estimate of the annual average income tax rate expected for the entire fiscal year. Taking the condensed presentation into account, generally the same accounting policies and consolidation principles have been used when preparing the interim consolidated financial statements and determining the comparative figures for the prior year as those used in the 2023 consolidated financial statements. A detailed description of these methods can be found in the notes to the 2023 consolidated financial statements under ↗ Accounting policies.
In addition, the effects of new standards are described in more detail in the notes to the 2023 consolidated financial statements under ↗ New and amended standards and interpretations.
In addition to Porsche AG, which has its registered offices in Stuttgart and is registered at the Stuttgart Local Court under HRB 730623, the consolidated financial statements include all material German and foreign subsidiaries, including structured entities, that are controlled directly or indirectly by Porsche AG. Control exists if Porsche AG obtains power over the potential subsidiary directly or indirectly from voting rights or other rights, participates in positive or negative variable returns from the potential subsidiary and is able to influence those returns. There are no significant restrictions.
Also since September 2022, Porsche AG still intends to sell two Russian distribution companies in the automotive segment, OOO Porsche Russland, Moscow, and OOO Porsche Center Moscow, Moscow, and a Russian company allocated to the financial services segment, OOO Porsche Financial Services Russland, Moscow. Due to the changes in external conditions, the planned sale is expected to be completed before the end of the fiscal year 2024. An impairment loss of €25 million was recognized for the disposal group as of December 31, 2022. A small additional impairment and offsetting currency translation effects were identified in the fiscal year 2023. No additional impairment requirement was identified in the first half of 2024.
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| € million | Automotive | Financial services |
Total segments |
Reconciliation | Porsche AG Group |
|---|---|---|---|---|---|
| Vehicles | 14,695 | - | 14,695 | -46 | 14,649 |
| Genuine parts | 975 | - | 975 | 0 | 975 |
| Used vehicles and third-party products | 743 | 881 | 1,624 | -46 | 1,578 |
| Rental and leasing business | 1 | 741 | 742 | -30 | 712 |
| Interest and similar income from financial services business |
- | 262 | 262 | -3 | 258 |
| Hedges sales revenue | -72 | - | -72 | - | -72 |
| Other revenue | 1,354 | 10 | 1,364 | -7 | 1,357 |
| 17,695 | 1,894 | 19,589 | -132 | 19,457 |
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| € million | Automotive | Financial services |
Total segments |
Reconciliation | Porsche AG Group |
|---|---|---|---|---|---|
| Vehicles | 16,258 | - | 16,258 | -35 | 16,222 |
| Genuine parts | 972 | - | 972 | 0 | 972 |
| Used vehicles and third-party products | 708 | 761 | 1,469 | -43 | 1,425 |
| Rental and leasing business | 1 | 676 | 676 | -28 | 648 |
| Interest and similar income from financial services business |
1 | 205 | 205 | -2 | 204 |
| Hedges sales revenue | -334 | - | -334 | - | -334 |
| Other revenue | 1,287 | 11 | 1,298 | -5 | 1,293 |
| 18,892 | 1,652 | 20,544 | -113 | 20,431 |
Other revenue mainly contains income from consulting, workshop and development services as well as mobile services. It also contains insurance premiums from warranty insurance for used vehicles.
Cost of sales amounted to €14,251 million (prior year: €14,522 million) and mainly comprises production materials, personnel expenses, non-staff overheads and depreciation and amortization.
Cost of sales also contains interest expenses attributable to the financial services business amounting to €140 million (prior year: €73 million), impairment losses on leased assets amounting to €87 million (prior year: €75 million) and expenses for indemnification payments from warranty insurance for used vehicles amounting to €49 million (prior year: €40 million).
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| € million | H1 2024 | H1 2023 | % |
|---|---|---|---|
| Total research and development costs | 1,665 | 1,545 | 7.8 |
| of which: capitalized development costs | 1,123 | 1,201 | -6.5 |
| Capitalization ratio in % | 67.5 | 77.7 | |
| Amortization of capitalized development costs | 516 | 427 | 20.8 |
| Research and development costs recognized in the income statement | 1,057 | 770 | 37.2 |
Basic earnings per share are calculated by dividing the share of the result of Porsche AG's shareholders by the weighted average number of ordinary and preferred shares outstanding during the reporting year. Since there were no transactions in the reporting period that had a dilutive effect on the number of shares, diluted earnings per share correspond to the basic earnings per share.
Pursuant to article 28 (4) of the Articles of Association of Porsche AG, the preferred shareholders are entitled to an additional dividend of €0.01 per preferred share above the dividend allocable to the ordinary share:
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| H1 2024 | H1 2023 | ||
|---|---|---|---|
| Weighted average number of: | |||
| Ordinary shares - basic/diluted | Shares | 455,500,000 | 455,500,000 |
| Preferred shares - basic/diluted | Shares | 455,500,000 | 455,500,000 |
| Profit after tax | € million | 2,153 | 2,768 |
| Non-controlling interests | € million | -1 | 0 |
| Earnings attributable to Porsche AG shareholders | € million | 2,153 | 2,768 |
| of which: basic/diluted earnings attributable to ordinary shares | € million | 1,074 | 1,382 |
| of which: basic/diluted earnings attributable to preferred shares | € million | 1,079 | 1,386 |
| Earnings per ordinary share - basic/diluted | € | 2.36 | 3.03 |
| Earnings per preferred share - basic/diluted | € | 2.37 | 3.04 |
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| € million | Carrying amount at Jan. 1, 2024 | Additions/ changes in cons. group |
Disposals/ other changes | Depreciation and amortization | Carrying amount at Jun. 30, 2024 |
|---|---|---|---|---|---|
| Intangible assets | 8,554 | 1,274 | -4 | 722 | 9,110 |
| Property, plant and equipment | 9,394 | 844 | 19 | 650 | 9,570 |
| Leased assets | 4,190 | 1,571 | 761 | 510 | 4,491 |
| Other equity investments | 814 | 297 | -2 | 19 | 1,094 |
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| Raw materials, consumables and supplies | 454 | 400 |
| Work in progress | 549 | 325 |
| Finished goods and merchandise | 5,361 | 4,839 |
| Current rental and leasing assets | 49 | 49 |
| Advance payments made | 376 | 333 |
| Hedges on inventories | 2 | 1 |
| 6,791 | 5,947 |
The write-downs recognized in profit or loss in the reporting period amounted to €38 million (prior year: €61 million) and resulted from the remeasurement of used vehicles. Reversals of write-downs of €1 million (prior year: €1 million) were recognized in profit or loss in the reporting period, also resulting primarily from the remeasurement of used vehicles.
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| Trade receivables | 1,381 | 1,449 |
| Other financial assets and miscellaneous other receivables | 2,963 | 3,089 |
| 4,344 | 4,537 |
In the period from January 1 to June 30, 2024, operating profit was negatively impacted by impairment losses and reversals of impairment losses on non-current and current financial assets amounting to €20 million (prior year: €7 million).
No significant valuation allowances were recognized for other financial assets.
The subscribed capital of Porsche AG is composed of no-par value bearer shares. One share grants a notional share of €1.00 in share capital. Porsche AG's subscribed capital amounts to €911 million and is divided into 455,500,000 no-par value ordinary shares and 455,500,000 no-par value preferred shares. Each share grants a notional share of €1.00 in share capital. Compared to the ordinary shares, the preferred shares carry the right to an additional dividend that is €0.01 higher than the ordinary shares but are non-voting.
On June 7, 2024, Porsche AG's Annual General Meeting passed a resolution on the appropriation of the net retained profit for the fiscal year 2023, resulting in a distribution of €2.30 per ordinary share and €2.31 per preferred share. This brings the total amount distributed to €2,100 million.
Non-controlling interests in equity relate to 25% of the shares in Porsche Singapore Pte. Ltd, Singapore, 49% of the shares in Manthey Racing GmbH, Meuspath, and 25% of the shares in Porsche Norge AS, Oslo.
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| ABS refinancing and debenture bonds | 5,267 | 5,273 |
| Liabilities to banks | 284 | 329 |
| Lease liabilities | 974 | 934 |
| 6,525 | 6,537 |
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| € million | Jun. 30, 2024 | Dec. 31, 2023 |
|---|---|---|
| ABS refinancing and debenture bonds | 3,618 | 3,408 |
| Liabilities to banks | 311 | 299 |
| Lease liabilities | 119 | 113 |
| Other financial liabilities | 25 | 61 |
| 4,072 | 3,880 |
Generally, the principles and techniques used for fair value measurement remained unchanged year on year. Detailed explanations of the measurement principles and techniques can be found in the ↗ Accounting policies section of the 2023 consolidated financial statements.
Fair value generally corresponds to the market or quoted market price. If no active market exists, fair value is determined using valuation techniques, such as by discounting the future cash flows at the market interest rate, or by using recognized option pricing models.
Financial assets and liabilities measured at fair value in profit or loss consist of derivative financial instruments to which hedge accounting is not applied. This primarily includes interest rate swaps and currency swaps as well as options to acquire equity instruments. Moreover, other equity investments (shares representing an ownership interest of less than 20% as a rule) in partnerships (debt instruments) as well as financial assets held in special funds controlled by the Porsche AG Group are measured at fair value in profit or loss. Derivative financial instruments to which hedge accounting is applied are measured at fair value directly in equity.
Financial assets measured at fair value through other comprehensive income include equity investments (shares representing an ownership interest of less than 20% as a rule) in corporations (equity instruments) for which the Porsche AG Group normally exercises the option of fair value measurement through other comprehensive income. For instruments measured through other comprehensive income, changes in fair value are recognized directly in equity, taking deferred taxes into account.
Uniform valuation techniques and inputs are used to measure fair value. The fair value of Level 2 and Level 3 financial instruments is measured in the individual divisions on the basis of group-wide specifications.
The table below presents a reconciliation of the line items in the statement of financial position to the relevant classes of financial instruments, broken down by carrying amount and fair value.
The fair value of financial instruments measured at amortized cost, such as receivables and liabilities, is calculated by discounting the carrying amount using a market rate of interest for a similar risk and matching maturity.
For reasons of materiality, the fair value of current statement of financial position items is generally deemed to be their carrying amount.
The key risk variables for the fair values of receivables are risk-adjusted interest rates.
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| Measured at fair value |
Measured at amortized cost | Derivative financial instruments within hedge accounting |
Not allocated to a measurement category |
Statement of financial position item at June 30, 2024 |
||
|---|---|---|---|---|---|---|
| € million | Carrying amount |
Carrying amount |
Fair value | Carrying amount |
Carrying amount |
|
| --- | --- | --- | --- | --- | --- | --- |
| Non-current assets | ||||||
| Equity-accounted investments | - | - | - | - | 625 | 625 |
| Other equity investments | 432 | - | - | - | 662 | 1,094 |
| Financial services receivables | - | 3,202 | 3,395 | - | 1,542 | 4,744 |
| Other financial assets 1 | 80 | 862 | 856 | 466 | - | 1,409 |
| Current assets | ||||||
| Trade receivables | - | 1,381 | 1,381 | - | 0 | 1,381 |
| Financial services receivables | - | 972 | 972 | - | 729 | 1,701 |
| Other financial assets 2 | 143 | 1,136 | 1,136 | 506 | - | 1,785 |
| Securities and time deposits | 1,895 | 0 | 0 | - | - | 1,895 |
| Cash and cash equivalents | - | 4,590 | 4,590 | - | - | 4,590 |
| Assets held for sale | - | 6 | 6 | - | - | 6 |
| Non-current liabilities | ||||||
| Financial liabilities | - | 5,551 | 5,485 | - | 974 | 6,525 |
| Other financial liabilities 3 | 14 | 68 | 68 | 276 | - | 358 |
| Current liabilities | ||||||
| Financial liabilities | - | 3,953 | 3,953 | - | 119 | 4,072 |
| Trade payables | - | 3,883 | 3,883 | - | - | 3,883 |
| Other financial liabilities 4 | 45 | 499 | 499 | 441 | - | 984 |
| Liabilities associated with assets held for sale |
- | 1 | 1 | - | - | 1 |
1 Other assets that are not financial assets are not included (other receivables and deferred tax assets: €806 million).
2 Other assets that are not financial assets are not included (other receivables and income tax receivables: €1,470 million).
3 Other liabilities that are not financial liabilities are not included (other provisions, deferred tax liabilities and other liabilities: €4,237 million).
4 Other liabilities that are not financial liabilities are not included (income tax provisions, other provisions, other liabilities and income tax liabilities: €5,442 million).
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| Measured at fair value |
Measured at amortized cost | Derivative financial instruments within hedge accounting |
Not allocated to a measurement category |
Statement of financial position item at December 31, 2023 |
||
|---|---|---|---|---|---|---|
| € million | Carrying amount |
Carrying amount |
Fair value | Carrying amount |
Carrying amount |
|
| --- | --- | --- | --- | --- | --- | --- |
| Non-current assets | ||||||
| Equity-accounted investments | - | - | - | - | 651 | 651 |
| Other equity investments | 193 | - | - | - | 621 | 814 |
| Financial services receivables | - | 3,146 | 3,282 | - | 1,531 | 4,676 |
| Other financial assets 1 | 82 | 549 | 545 | 791 | - | 1,422 |
| Current assets | ||||||
| Trade receivables | - | 1,449 | 1,449 | - | 0 | 1,449 |
| Financial services receivables | - | 944 | 944 | - | 725 | 1,669 |
| Other financial assets 2 | 207 | 1,379 | 1,379 | 424 | - | 2,010 |
| Securities and time deposits | 1,810 | 16 | 16 | - | - | 1,826 |
| Cash and cash equivalents | - | 5,820 | 5,820 | - | - | 5,820 |
| Assets held for sale | - | 6 | 6 | - | - | 6 |
| Non-current liabilities | ||||||
| Financial liabilities | - | 5,602 | 5,545 | - | 934 | 6,537 |
| Other financial liabilities 3 | 15 | 64 | 64 | 284 | - | 364 |
| Current liabilities | ||||||
| Financial liabilities | - | 3,768 | 3,768 | - | 113 | 3,880 |
| Trade payables | - | 3,490 | 3,490 | - | - | 3,490 |
| Other financial liabilities 4 | 88 | 864 | 864 | 280 | - | 1,231 |
| Liabilities associated with assets held for sale |
- | 1 | 1 | - | - | 1 |
1 Other assets that are not financial assets are not included (other receivables and deferred tax assets: €705 million).
2 Other assets that are not financial assets are not included (other receivables and income tax receivables: €1,314 million).
3 Other liabilities that are not financial liabilities are not included (other provisions, deferred tax liabilities and other liabilities: €3,996 million).
4 Other liabilities that are not financial liabilities are not included (income tax provisions, other provisions, other liabilities and income tax liabilities: €4,961 million).
The class "Not allocated to a measurement category" primarily includes lease receivables, lease liabilities, equity-accounted investments as well as investments in non-consolidated affiliates.
Lease receivables have a carrying amount of €2,271 million (prior year: €2,256 million) and a fair value of €2,374 million (prior year: €2,354 million).
The tables below provide an overview of the financial assets and liabilities measured at fair value:
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| € million | Jun. 30, 2024 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Non-current assets | ||||
| Other equity investments | 432 | 0 | - | 432 |
| Other financial assets | 80 | - | 21 | 60 |
| Current assets | ||||
| Other financial assets | 143 | - | 136 | 7 |
| Securities and time deposits | 1,895 | 1,885 | 10 | - |
| Non-current liabilities | ||||
| Other financial liabilities | 14 | - | 14 | - |
| Current liabilities | ||||
| Other financial liabilities | 45 | - | 45 | - |
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| € million | Dec. 31, 2023 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Non-current assets | ||||
| Other equity investments | 193 | 0 | - | 193 |
| Other financial assets | 82 | - | 82 | - |
| Current assets | ||||
| Other financial assets | 207 | - | 207 | - |
| Securities and time deposits | 1,810 | 1,810 | - | - |
| Non-current liabilities | ||||
| Other financial liabilities | 15 | - | 15 | - |
| Current liabilities | ||||
| Other financial liabilities | 88 | - | 88 | - |
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| € million | Jun. 30, 2024 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Non-current assets | ||||
| Other financial assets | 466 | - | 466 | - |
| Current assets | ||||
| Other financial assets | 506 | - | 506 | - |
| Non-current liabilities | ||||
| Other financial liabilities | 276 | - | 276 | - |
| Current liabilities | ||||
| Other financial liabilities | 441 | - | 441 | - |
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| € million | Dec. 31, 2023 | Level 1 | Level 2 | Level 3 |
|---|---|---|---|---|
| Non-current assets | ||||
| Other financial assets | 791 | - | 791 | - |
| Current assets | ||||
| Other financial assets | 424 | - | 424 | - |
| Non-current liabilities | ||||
| Other financial liabilities | 284 | - | 284 | - |
| Current liabilities | ||||
| Other financial liabilities | 280 | - | 280 | - |
Fair values are allocated to the three levels of the fair value hierarchy based on the availability of observable market prices. Level 1 shows the fair values of financial instruments where a quoted price is directly available on active markets. This includes securities issued by the Porsche AG Group. Fair values in level 2, such as derivatives, are derived from market data using market valuation techniques. These market data include in particular currency exchange rates, yield curves and commodity prices which are observable on the relevant markets and can be obtained from pricing service providers. Level 3 fair values are calculated using valuation techniques with inputs that are not based on directly observable market data. In particular, the Porsche AG Group allocated other equity investments and options on equity instruments to level 3. Equity instruments are primarily measured on the basis of the respective business plans and entity-specific discount rates.
The table below summarizes the changes in items in the statement of financial position measured at fair value and allocated to level 3:
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| € million | Financial assets measured at fair value |
|---|---|
| Balance at Jan. 1, 2024 | 193 |
| Additions (purchases) | 305 |
| Total comprehensive income | 2 |
| recognized in profit or loss | -5 |
| recognized in other comprehensive income | 7 |
| Disposals (sales) | -1 |
| Balance at Jun. 30, 2024 | 498 |
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| € million | Financial assets measured at fair value |
|---|---|
| Balance at Jan. 1, 2023 | 263 |
| Additions (purchases) | 31 |
| Total comprehensive income | -6 |
| recognized in profit or loss | 1 |
| recognized in other comprehensive income | -8 |
| Settlements | -73 |
| Disposals (sales) | -6 |
| Changes in participation structure | -26 |
| Balance at Jun. 30, 2023 | 183 |
Transfers between the levels of the fair value hierarchy are generally reported as of the respective reporting dates. There were no transfers between the levels of the fair value hierarchy during the reporting period.
The key risk variable for equity instruments held by the company is the corresponding enterprise value. A sensitivity analysis is used to present the effects of a change in the risk variables on profit after tax. If the assumed enterprise values had been 10% higher as of June 30, 2024, profit after tax would have been €9 million (prior year: €5 million) higher. If the assumed enterprise values had been 10% lower as of June 30, 2024, profit after tax would have been €9 million (prior year: €5 million) lower. If the assumed enterprise values had been 10% higher as of June 30, 2024, equity would have been €26 million (prior year: €8 million) higher. If the assumed enterprise values had been 10% lower as of June 30, 2024, equity would have been €26 million (prior year: €8 million) lower.
The statement of cash flows shows the cash inflow within the Porsche AG Group. Cash and cash equivalents according to the statement of cash flows comprise bank balances, checks, cash on hand, time deposits with an original contractual term of up to three months and funds due on demand.
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| € million | Jun. 30, 2024 | Jun. 30, 2023 |
|---|---|---|
| Cash and cash equivalents as reported in the statement of financial position | 4,590 | 1,646 |
| Cash and cash equivalents classified as held for sale | 6 | 17 |
| Cash and cash equivalents as reported in the statement of cash flows | 4,596 | 1,664 |
The segments are based on the internal management and reporting within the Porsche AG Group. This takes into account the group objectives and policies set by the Executive Board of Porsche AG. Segment reporting is made up of the two reportable segments automotive and financial services.
The activities of the automotive segment cover the development, manufacturing and sale of vehicles as well as related services.
The activity of the financial services segment comprises customer and dealer financing, the leasing business as well as mobility services and other finance-related services.
The purchase price allocation from acquired companies is directly allocated to the corresponding segments.
In the Porsche AG Group, the segment result is determined on the basis of the operating profit after tax.
Reconciliation includes consolidation between the segments.
The business relationships between the companies of the segments of the Porsche AG Group are generally based on arm's length prices.
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| € million | Automotive | Financial services |
Total segments | Reconciliation | Porsche AG Group |
|---|---|---|---|---|---|
| Sales revenue from external customers | 17,625 | 1,832 | 19,457 | - | 19,457 |
| Intersegment sales revenue | 70 | 62 | 132 | -132 | |
| Total sales revenue | 17,695 | 1,894 | 19,589 | -132 | 19,457 |
| Segment profit (operating profit) | 2,904 | 129 | 3,032 | 29 | 3,061 |
| Depreciation and amortization | 1,364 | 447 | 1,811 | -16 | 1,796 |
| Impairment losses | 0 | 87 | 87 | - | 87 |
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| € million | Automotive | Financial services |
Total segments | Reconciliation | Porsche AG Group |
|---|---|---|---|---|---|
| Sales revenue from external customers | 18,837 | 1,594 | 20,431 | - | 20,431 |
| Intersegment sales revenue | 55 | 58 | 113 | -113 | - |
| Total sales revenue | 18,892 | 1,652 | 20,544 | -113 | 20,431 |
| Segment profit (operating profit) | 3,653 | 174 | 3,827 | 25 | 3,852 |
| Depreciation and amortization | 1,176 | 435 | 1,610 | -16 | 1,594 |
| Impairment losses | - | 75 | 75 | - | 75 |
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| € million | H1 2024 | H1 2023 |
|---|---|---|
| Segment profit (operating profit) | 3,032 | 3,827 |
| Consolidation | 29 | 25 |
| Operating profit | 3,061 | 3,852 |
| Financial result | 33 | 130 |
| Consolidated profit before tax | 3,095 | 3,982 |
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| € million | Germany | Europe without Germany |
North America 1 |
China 2 |
|---|---|---|---|---|
| Sales revenue from external customers | 2,697 | 4,763 | 5,770 | 3,536 |
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| € million | Rest of the world |
Hedges sales revenue |
Porsche AG Group |
|---|---|---|---|
| Sales revenue from external customers | 2,763 | -72 | 19,457 |
1 Excl. Mexico
2 Incl. Hong Kong
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| € million | Germany | Europe without Germany |
North America' |
China2 |
|---|---|---|---|---|
| Sales revenue from external customers | 2,417 | 4,309 | 5,717 | 5,360 |
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| € million | Rest of the world |
Hedges sales revenue |
Porsche AG Group |
|---|---|---|---|
| Sales revenue from external customers | 2,963 | -334 | 20,431 |
1 Excl. Mexico
2 Incl. Hong Kong
Sales revenue is allocated to the regions in accordance with the destination principle.
Since August 1, 2012, Volkswagen AG had held 100% of the shares in Porsche AG via Porsche Holding Stuttgart GmbH. On September 28, 2022, Volkswagen placed 25% of the preferred shares (including surplus allocation) of Porsche AG with investors. Since the following day, these preferred shares have been traded on the stock exchange. The basis for the IPO was a comprehensive agreement on the conclusion of several contracts between Volkswagen and Porsche SE. In this connection, both parties agreed, among other things, that Porsche SE acquire 25% of the ordinary shares in Porsche AG plus one ordinary share of Volkswagen. Please see also the explanations in the consolidated financial statements as of December 31, 2023.
As of the reporting date, Porsche AG remains a subsidiary of Porsche Holding Stuttgart GmbH. In connection with the IPO and the sale of ordinary shares in Porsche SE, Volkswagen AG and Porsche SE agreed on a significant participation of representatives of Porsche SE on the Supervisory Board of Porsche AG. Final decision-making rights of the shareholder representatives on the Supervisory Board determined by Volkswagen with regard to directing relevant activities within the meaning of IFRS 10 at Porsche AG continue to result in the control of Porsche AG by Volkswagen AG.
Porsche SE holds the majority of voting rights in Volkswagen AG.
The creation of rights of appointment for the State of Lower Saxony was resolved at the extraordinary general meeting of Volkswagen AG on December 3, 2009. This means that, even though it holds the majority of voting rights of Volkswagen AG, Porsche SE cannot determine the majority of the members of Volkswagen AG's supervisory board for as long as the State of Lower Saxony holds at least 15% of Volkswagen AG's ordinary shares. The Porsche SE group (Porsche SE) is therefore classified as a related party as defined by IAS 24.
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| Supplies and services rendered | Supplies and services received | |||
|---|---|---|---|---|
| € million | H1 2024 | H1 2023 | H1 2024 | H1 2023 |
| --- | --- | --- | --- | --- |
| Porsche SE | 2 | 1 | - | - |
| State of Lower Saxony, its majority interests and joint ventures |
- | 0 | - | - |
| Volkswagen AG - Group | 2,443 | 2,414 | 3,511 | 3,591 |
| Porsche Holding Stuttgart GmbH | - | 2 | - | - |
| Non-consolidated entities | 48 | 81 | 106 | 100 |
| Joint ventures and their majority interests | 1 | 1 | 32 | 30 |
| Associates and their majority interests | 2 | 3 | 66 | 70 |
| Members of the Executive Board and the Supervisory Board Porsche AG |
2 | 1 | - | - |
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| Receivables | Liabilities | |||
|---|---|---|---|---|
| € million | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2023 |
| --- | --- | --- | --- | --- |
| Porsche SE | 0 | 0 | 0 | 0 |
| State of Lower Saxony, its majority interests and joint ventures |
- | 0 | - | - |
| Volkswagen AG - Group | 4,546 | 6,399 | 1,972 | 2,015 |
| Porsche Holding Stuttgart GmbH | - | - | 67 | 67 |
| Non-consolidated entities | 848 | 708 | 92 | 147 |
| Joint ventures and their majority interests | 60 | 60 | 11 | 6 |
| Associates and their majority interests | 139 | 137 | 88 | 115 |
| Members of the Executive Board and the Supervisory Board Porsche AG |
0 | 0 | 0 | - |
Receivables from the Volkswagen AG Group largely relate to cash pool receivables of €2,614 million (December 31, 2023: €4,064 million), loans granted of €231 million (December 31, 2023: €530 million) and trade receivables of €380 million (December 31, 2023: €407 million). Receivables from non-consolidated subsidiaries primarily result from loans granted of €747 million (December 31, 2023: €624 million) as well as from trade of €37 million (December 31, 2023: €34 million).
Transactions with related parties are regularly conducted at arm's length.
The maximum credit risk for financial guarantees issued to joint ventures amounted to €54 million (prior year: €63 million).
From January to June, the Porsche AG Group made capital contributions at related parties of €68 million (prior year: €103 million).
During the reporting period, the members of the Executive Board of Porsche AG were granted performance shares as long-term variable remuneration under the Executive Board remuneration system. Please see also the explanations in the remuneration report as of December 31, 2023.
As described in the notes to the consolidated financial statements as of December 31, 2023, in the course of their operating activities, Porsche AG and the companies in which it holds direct or indirect interests are involved in a large number of legal disputes and official proceedings, both in Germany and abroad. Compared to these detailed explanations contained in the 2023 consolidated financial statements under "Litigation", the following significant changes have occurred during the year, as described below.
In July 2021, the EU Commission, as part of a settlement decision, imposed a fine of €502 million on the three brands of the Volkswagen Group concerned (Volkswagen AG, AUDI AG, Porsche AG). The subject matter of the European Commission's decision regarding the fine is the cooperation between German car manufacturers regarding the development of technology to purify emissions of diesel passenger cars fitted with SCR systems that were sold in the European Economic Area. The Volkswagen Group accepted the fine decision of the EU Commission and did not appeal, thus rendering the decision legally binding. There was no recourse against Porsche AG by Volkswagen AG.
The Porsche AG Group has learned from public sources that the Brazilian antitrust authority CADE has initiated proceedings against Porsche AG, among others, on the grounds of an alleged unlawful exchange of information, possibly based on the EU subject matter. Porsche AG has not yet received any notifications or further information.
In March 2022, the European Commission and the Competition and Markets Authority (CMA), the English antitrust authorities, searched the premises of various automotive manufacturers and automotive industry organizations and/or served them with formal requests for information. Volkswagen AG has received a group-wide information request from the European Commission and the CMA. The investigation concerns European, Japanese, and Korean manufacturers as well as national organizations operating in these countries and the European organization European Automobile Manufacturers' Association (ACEA), which are suspected of having colluded from 2001/2002 to the present not to pay for the services of recycling companies that dispose of end-of-life vehicles (ELVs). Also alleged is an agreement to refrain from competitive use of ELV issues, that is, not to publicize relevant recycling data for competitive purposes. The violation under investigation is alleged to have taken place in particular in working groups of the ACEA. A response was given to the European Commission's and the CMA's information requests. Neither provisions nor contingent liabilities have been recognized it is not currently possible to assess these proceedings.
In the same context, the South Korean antitrust authorities (KFTC) conducted searches at Porsche Korea and issued requests for information, which were answered by Porsche Korea. Neither provisions nor contingent liabilities have been recognized as it is also not currently possible to assess these proceedings.
In accordance with IAS 37.92, no further disclosures are made in respect of estimates of the financial impact or disclosures relating to uncertainties surrounding the amount or timing of provisions and contingent liabilities in connection with material litigation, so as not to prejudice the outcome of the proceedings or the company's interests.
As of June 30, 2024, there were no material changes to the contingent liabilities as reported in the 2023 consolidated financial statements.
Other financial obligations increased by €440 million to €5,832 million overall compared to the 2023 consolidated financial statements. The increase is primarily attributable to obligations from development, supply and service agreements.
There were no events of significance for the results of operations, financial position and net assets after June 30, 2024.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the condensed interim consolidated financial statements prepared in accordance with German accepted accounting principles give a true and fair view of the results of operations, financial position and net assets of the Porsche AG Group, and the interim group management report includes a fair review of the development and performance of the business and the position of the Porsche AG Group, together with a description of the material opportunities and risks associated with the expected development of the Porsche AG Group for the remaining months of the fiscal year.
Stuttgart, July 23, 2024
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| Dr. Ing. h.c. F. Porsche Aktiengesellschaft |
| The Executive Board |
We have reviewed the condensed interim consolidated financial statements of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Stuttgart, - comprising the condensed income statement, condensed statement of comprehensive income, condensed statement of financial position, condensed statement of changes in equity, condensed statement of cash flows as well as selected explanatory notes - and the interim group management report for the period from January 1, 2024 to June 30, 2024, which are part of the half-year financial report pursuant to Sec. 115 WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act]. The preparation of the condensed interim consolidated financial statements in accordance with IFRSs (International Financial Reporting Standards) on interim financial reporting as adopted by the EU and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the company's executive directors. Our responsibility is to issue a report on the condensed interim consolidated financial statements and the interim group management report based on our review.
We conducted our review of the interim condensed consolidated financial statements and of the interim group management report in compliance with German Generally Accepted Standards for the Review of Financial Statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance in our critical appraisal to preclude that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the EU and that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to making inquiries of company personnel and applying analytical procedures and thus does not provide the assurance that we would obtain from an audit of financial statements. In accordance with our engagement, we have not performed an audit and thus cannot issue an auditor's report.
Based on our review, nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRSs on interim financial reporting as adopted by the EU or that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports.
Stuttgart, July 23, 2024
EY GmbH & Co. KG
Wirtschaftsprufungsgesellschaft
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| Matischiok | Arell |
| Wirtschaftsprüfer | Wirtschaftsprüferin |
In this half-year financial report, Dr. Ing. h.c. F. Porsche Aktiengesellschaft is referred to as "Porsche AG". Porsche AG together with its fully consolidated subsidiaries is referred to as the "Porsche AG Group".
This half-year financial report has been prepared in accordance with the provisions of the WpHG and the German Accounting Standards Committee e. V. and represents an interim report within the meaning of International Accounting Standard (IAS) 34 Interim Financial Reporting.
The results of operations and financial position as well as selected financial information were prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union. All amounts are rounded in line with common business practice; this can lead to minor differences in total amounts. The current definition of performance indicators can be found in the combined management report for 2023. The report is available on our Investor Relations homepage.
Inclusive language is a commitment to diversity and equal opportunities. This report therefore uses gender-neutral formulations. For the sake of legibility, any exceptions only use a single form of address, be it diverse or feminine. All formulations expressly apply to all genders and gender identities equally.
This document contains statements concerning the future that are based on the current assumptions and forecasts of Dr. Ing. h.c. F. Porsche Aktiengesellschaft. Various known and unknown risks, uncertainties, and other factors can cause the actual results, results of operations, financial position and net assets, development, or performance of Dr. Ing. h.c. F. Porsche Aktiengesellschaft and the Porsche AG Group to deviate considerably from the estimates presented herein (both positively and negatively). Porsche AG is under no obligation -without prejudice to existing obligations under capital market law - and does not have the view to update statements concerning the future or correct them if the development differs from the expected result. This document uses notices and links to refer to websites containing further information outside of this publication. This is merely for supplementary purposes and is exclusively for the simplified access to information. The information contained on the websites in question are not part of this report. This document is an English translation of the original report written in German. In the case of any deviations, the German version of the document shall take precedence over the English translation. Due to technical reasons, there can be deviations between the accounting records contained in this document and those released due to legal requirements.
The current financial calendar can be found on the Investor Relations homepage of Porsche AG together with a range of other services including information on quoted market prices, corporate presentations and further overviews of key figures. / investorrelations.porsche.com/en
Dr. Ing. h.c. F. Porsche Aktiengesellschaft
70435 Stuttgart Germany
Tel. +49 711 911-0
↗ investorrelations.porsche.com/en
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