Quarterly Report • Oct 25, 2023
Quarterly Report
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January –September 2023
Quarterly Statement – Key figures 2
| Q1-Q3 2023 | Q1-Q3 2022¹ | ||
|---|---|---|---|
| Most important key performance indicators | |||
| Porsche AG Group | |||
| Sales revenue | € million | 30,132 | 26,750 |
| Return on sales | % | 18.3 | 18.9 |
| Automotive segment | |||
| Automotive EBITDA margin | % | 25.5 | 26.1 |
| Automotive net cash flow margin | % | 12.2 | 13.4 |
| Automotive BEV share | % | 11.6 | 11.4 |
| Other financial performance indicators | |||
| Porsche AG Group | |||
| Operating profit | € million | 5,501 | 5,049 |
| Profit before tax | € million | 5,645 | 5,315 |
| Profit after tax | € million | 3,940 | 3,700 |
| Earnings per ordinary share/preferred share | € | 4.32/4.33 | 4.05/4.06 |
| Automotive segment | |||
| Automotive operating profit | € million | 5,232 | 4,748 |
| Automotive return on sales | % | 18.8 | 19.4 |
| Automotive EBITDA² | € million | 7,074 | 6,379 |
| Automotive net cash flow | € million | 3,386 | 3,272 |
| Automotive cash flows from operating activities | € million | 6,435 | 5,733 |
| Automotive net liquidity³ | € million | 6,627 | 7,749 |
| Automotive research and development costs⁴ | € million | 2,038 | 1,873 |
| Automotive capital expenditure⁵ | € million | 1,253 | 733 |
| Financial services segment | |||
| Financial services operating profit | € million | 230 | 301 |
| Financial services return on sales | % | 9.1 | 12.2 |
| Deliveries⁶ | Vehicles | 242,722 | 221,512 |
|---|---|---|---|
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
2 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.
3 Total of cash and cash equivalents, securities and time deposits as well as loans net of third-party borrowings in the automotive segment.
4 Research costs, non-capitalizable development costs and investments in development costs that have to be capitalized in the automotive segment.
5 Additions (cost) to intangible assets (excluding capitalized development costs) and property, plant and equipment (excluding right-of-use assets) in the automotive segment.
6 Number of vehicles handed over to end customers.
One year after making its globally acclaimed stock market debut on September 29, 2022, Porsche AG looks back on a successful first year as a listed company – and on strong business figures in the fiscal year 2023 so far.
In the first nine months of its anniversary year celebrating "75 years of Porsche sports cars," the Porsche AG Group recorded a significant increase in sales revenue and a noticeable increase in operating profit. Sales revenue increased by 12.6% to €30,132 million. Operating profit rose by 9.0% to €5,501 million. As of the end of the third quarter of 2023, the return on sales of the Porsche AG Group stood at 18.3% (prior year: 18.9%) and the automotive EBITDA margin stood at 25.5% (prior year: 26.1%).
The automotive net cash flow stood at €3,386 million (prior year: €3,272 million). The automotive net cash flow margin stood at 12.2% (prior year: 13.4%).
Deliveries increased by 9.6% in the first nine months of 2023 to 242,722 vehicles. The automotive BEV share stood at 11.6% (prior year: 11.4%).
At its first Annual General Meeting at the end of the first half of the year, Porsche AG reaffirmed its claim of being a "brand for those who follow their dreams." To achieve this, the focus of the Porsche AG Group is on high-quality and exclusive products, electromobility and sustainability.
At Porsche AG's first Annual General Meeting on June 28, 2023, a resolution was passed on the appropriation of the net retained profit for the fiscal year 2022, resulting in a total cash distribution of €916 million in the third quarter of 2023.
The domination and profit and loss transfer agreement in place between Porsche AG and Porsche Holding Stuttgart GmbH ended pursuant to section 307 of the German Stock Corporation Act (AktG) as of the end of the past fiscal year on December 31, 2022. The resulting cash outflow of €3,979 million from the profit transfer for the fiscal year 2022 already affected the net liquidity in March 2023.
The Russia-Ukraine conflict continued to cause increased uncertainty about the future development of the global economy. Large sections of the community of Western states imposed an extensive trade embargo on Russia and partially excluded Russia from the global financial market. In its role as energy exporter, Russia in turn restricted supplies to Europe, in particular of gas.
In recent months, the energy and commodity markets have started to steady, although some energy and commodity prices are still at a relatively high level. There is also a risk of high inflation continuing in the face of ongoing supply shortages and wage developments on the labor markets.
In the reporting period, economic growth for the advanced economies and emerging markets continued to recover on average, albeit with less momentum than in the prior year.
Regional developments depended on the extent to which the central banks implemented restrictive monetary policies to curb high inflation. This was mainly done by raising interest rates and reducing bond holdings, which had a negative impact on private consumption and investment. The other decisive factor was how hard the advanced economies were hit by the consequences of the Russia-Ukraine conflict.
Prices for energy and many other commodities were down on the prior year, with shortages of intermediates and commodities easing somewhat. Global nominal goods trade declined in the reporting period.
From January to September 2023, the volume of the global passenger car market increased moderately to 56.1 million vehicles compared to the prior-year period, with passenger vehicle market across all regions developing well.
The number of new registrations of passenger cars on the German market was up significantly compared to the prior-year period. Shortages and disruptions in global supply chains
restricted vehicle availability at the beginning of the year. Most recently, the availability of intermediates and for semiconductor deliveries increased significantly, which had a positive effect on domestic production.
In Western Europe as well as Central and Eastern Europe, new passenger car registrations were up significantly from the prioryear level.
In the first nine months of 2023, the number of new registrations in the region North America excl. Mexico increased significantly overall, which was primarily attributable to the US market volume.
In the region China incl. Hong Kong, new passenger car registrations were up slightly compared to the prior-year period. Here, government support and incentive programs expired at the end of 2022, which led to pull-forward effects in vehicle purchases and, as a result, to falling registration numbers in early 2023. After that, demand recovered due to price reductions and new regional incentive programs.
Demand for automotive financial services was high in the first nine months of 2023, although higher interest rates put pressure on the demand for financial services in almost all regions.
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 40.0% as of September 30, 2023 (prior year: 41.6%).While demand for financial services products declined in the regions China incl. Hong Kong and Europe without Germany compared to the prioryear period, demand developed positively in the region North America and rest of the world. In the region Germany, the share remained stable at the prior-year level.
The Porsche AG Group increased the overall number of contracts for financing and leasing by 4.0% to 344 thousand contracts as of September 30, 2023 (December 31, 2022: 331 thousand contracts).
In the first nine months of 2023, the Porsche AG Group spent €2,038 million on research and development (R&D) (prior year: €1,873 million). The R&D ratio decreased to 7.3% (prior year: 7.7%). Investment in capitalized development costs stood at €1,656 million, greatly exceeding the level of the prior-year period (prior year: €1,387 million). This increased the capitalization ratio compared to the prior-year period from 74.1% to 81.2% due to a change in the project mix and different stages of capitalization for current vehicle projects. At €1,073 million (prior year: €1,056 million), research and development costs recognized in the income statement remained stable at the prior-year level. Amortization of capitalized development costs contained therein amounted to €691 million (prior year: €570 million). The total spend on research and development related to the automotive segment.
| € million | Q1-Q3 2023 | Q1-Q3 2022 |
|---|---|---|
| Automotive sales revenue | 27,785 | 24,465 |
| Total automotive research and development costs |
2,038 | 1,873 |
| thereof capitalized development costs |
1,656 | 1,387 |
| Capitalization ratio1 (%) | 81.2 | 74.1 |
| R&D ratio2 (%) | 7.3 | 7.7 |
| Research and development costs recognized in the income statement |
1,073 | 1,056 |
| thereof amortization of capitalized development costs |
691 | 570 |
| Research and development costs recognized in the income statement3 (%) |
3.9 | 4.3 |
1 Ratio of total research and development expenses to capitalized development costs.
2 Ratio of total research and development expenses to automotive sales revenue.
3 Ratio of total research and development expenses to automotive sales revenue recognized in the income statement.
At the end of the third quarter of 2023, Porsche AG increased its deliveries1 by 9.6% compared to the prior-year period. Overall, the sports car manufacturer delivered 242,722 vehicles.
Deliveries rose in all sales regions with the exception of the region China incl. Hong Kong. In the domestic market of Germany, the Porsche AG Group increased its deliveries by 19.0% to 24,814 vehicles. In Europe without Germany, deliveries grew by 22.6% to 51,742 vehicles. In the region North America excl. Mexico, the number of deliveries increased by 14.4% to 64,487 vehicles. Due to the continued challenging economic situation in the region China incl. Hong Kong, the Porsche AG Group delivered 60,748 vehicles – a decrease of 11.7% compared to the prior-year period. Deliveries in the sales region rest of the world grew 22.8% to 40,931 vehicles compared to the prior-year period.
Deliveries by region
| Units | Q1-Q3 2023 | Q1-Q3 2022 | |
|---|---|---|---|
| Germany | 24,814 | 20,850 | |
| Europe without Germany | 51,742 | 42,204 | |
| North America² | 64,487 | 56,357 | |
| China³ | 60,748 | 68,766 | |
| Rest of the world | 40,931 | 33,335 | |
| Deliveries | 242,722 | 221,512 | |
| 2 excl. Mexico. |
3 incl. Hong Kong.
With strong growth of 26.7% compared to the prior-year period, deliveries of the Porsche 911 totaled 38,789.
The models in greatest demand were the SUVs, with 68,354 customers (up 14.7%) receiving a Porsche Macan, followed by the Porsche Cayenne with 64,457 deliveries (down 3.5%). The slight decrease on the prior-year period is attributable to the staggered launch of the new Cayenne in the markets and regions. The Porsche AG Group delivered the Porsche Panamera to 26,779 customers (up 5.2%). Deliveries of the 718 Boxster and 718 Cayman models of 16,458 were up 17.5%. Compared to the prior-year period, the all-electric Taycan recorded a significant increase to 27,885 deliveries (up 11.2%).
In the reporting period, the proportion of purely battery-powered electric vehicles (automotive BEV share) increased to 11.6% (prior year: 11.4%).
| Units | Q1-Q3 2023 | Q1-Q3 2022 |
|---|---|---|
| 911 | 38,789 | 30,611 |
| 718 Boxster/Cayman | 16,458 | 14,003 |
| Macan | 68,354 | 59,604 |
| Cayenne | 64,457 | 66,769 |
| Panamera | 26,779 | 25,452 |
| Taycan | 27,885 | 25,073 |
| Deliveries | 242,722 | 221,512 |
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.
The Porsche AG Group generated sales revenue of €30,132 million in the first nine months of 2023. This is an increase of 12.6% on the prior-year period (prior year: €26,750 million) and is largely due to higher vehicle sales coupled with positive product mix and price effects. Currency development had the opposite effect on sales revenue.
In the first nine months of 2023, the Porsche AG Group sold 250,192 vehicles. This corresponds to a 13.4% increase in unit sales compared to the prior-year period (prior year: 220,586 vehicles).
The Cayenne is the bestselling series with 69,461 vehicles and an increase of 3.7%, followed by the Macan with 67,353 vehicles sold. The largest relative growth was recorded for the Taycan (up 7,459 vehicles; up 34.3%) and the 911 (up 9,228 vehicles; up 30.2%).
In regional terms, with a total of 68,420 vehicles sold, North America excl. Mexico is the largest market, with a strong 20.5% increase. This was counterbalanced by the region China incl. Hong Kong with a decrease of 14.8% to 60,089 vehicles, which was attributable to the challenging economic situation in this region. The Porsche AG Group recorded further growth in the regions Europe without Germany (up 14,025 vehicles), rest of the world (up 11,176 vehicles) and Germany (up 3,230 vehicles).
The cost of sales rose by €2,384 million to €21,543 million (prior year: €19,159 million) and was therefore on a par with the prior year in proportion to sales revenue (71.5%; prior year: 71.6%).
| Units | Q1-Q3 2023 | Q1-Q3 2022 |
|---|---|---|
| 911 | 39,816 | 30,588 |
| 718 Boxster/Cayman | 16,874 | 13,940 |
| Macan | 67,353 | 62,678 |
| Cayenne | 69,461 | 66,996 |
| Panamera | 27,484 | 24,639 |
| Taycan | 29,204 | 21,745 |
| Vehicle Sales | 250,192 | 220,586 |
Gross profit increased accordingly by 13.1% to €8,589 million (prior year: €7,591 million), therefore resulting in a gross margin of 28.5% (prior year: 28.4%).
Distribution expenses increased by €507 million to €2,010 million. In proportion to sales revenue, these increased to 6.7% (prior year: 5.6%). Increased marketing activities, the digitalization strategy and a stronger involvement in motor sports were among the reasons for the increase. Administrative expenses increased from €1,178 million to €1,379 million. In proportion to sales revenue, they stood at 4.6% (prior year: 4.4%).
Net other operating result increased by €161 million to €301 million (prior year: €140 million).
Accordingly, the operating profit of the Porsche AG Group increased by €452 million to €5,501 million in the first nine months of 2023 (prior year: €5,049 million). The operating return on sales of the Porsche AG Group thus stood at 18.3% (prior year: 18.9%).
| € million | Q1-Q3 2023 | Q1-Q3 2022¹ |
|---|---|---|
| Sales revenue | 30,132 | 26,750 |
| Cost of sales | –21,543 | –19,159 |
| Gross profit | 8,589 | 7,591 |
| Distribution expenses | –2,010 | –1,503 |
| Administrative expenses | –1,379 | –1,178 |
| Net other operating result | 301 | 140 |
| Operating profit | 5,501 | 5,049 |
| Return on sales (%) | 18.3 | 18.9 |
| Financial result | 144 | 266 |
| Profit before tax | 5,645 | 5,315 |
| Income tax expense | –1,705 | –1,615 |
| Profit after tax | 3,940 | 3,700 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
In the first nine months of 2023, the financial result decreased by €122 million to €144 million (prior year: €266 million). The decrease primarily results from lower interest income due to the spin-off of the loan receivable from Porsche Holding Stuttgart GmbH as well as lower interest income due to changes in the interest rates used to measure provisions. The current market price and interest rate development had an offsetting effect, which had a positive effect on interest income and on the securities held in special funds.
Due to the lower effective tax rate of 30.2% (prior year: 30.4%), income tax did not increase in proportion to the profit before tax, rising to €1,705 million (prior year: €1,615 million). The decrease in the effective tax rate is primarily attributable to effects from the elimination of intercompany profits.
Profit after tax increased by €240 million to €3,940 million in the current reporting period.
Earnings per ordinary share came to €4.32 and per preferred share to €4.33.
Automotive operating profit of €5,232 million in the first nine months of 2023 exceeded the figure of the prior-year period by €484 million (prior year: €4,748 million). With automotive sales revenue of €27,785 million, automotive return on sales stood at 18.8% (prior year: 19.4%). Automotive EBITDA increased by €694 million to €7,074 million (prior year: €6,379 million) and the automotive EBITDA margin stood at 25.5% (prior year: 26.1%).
| € million | Q1-Q3 2023 | Q1-Q3 2022¹ |
|---|---|---|
| Automotive operating profit | 5,232 | 4,748 |
| Depreciation and amortization | 1,842 | 1,631 |
| Automotive EBITDA | 7,074 | 6,379 |
| Automotive sales revenue | 27,785 | 24,465 |
| Automotive EBITDA margin (%) | 25.5 | 26.1 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
Financial services sales revenue increased to €2,520 million (prior year: €2,465 million). Financial services operating profit decreased to €230 million in the first nine months of 2023 (prior year: €301 million). The decrease was mainly due to the measurement of interest rate hedges and derivatives outside of hedge accounting as part of regular refinancing activities as well as a lower margin due to the delayed pass-through of the higher refinancing costs. Furthermore, there were fewer reversals of provisions for credit risks compared to the prior-year period. For these reasons, financial services return on sales decreased to 9.1% (prior year: 12.2%).
In the first nine months of 2023, cash flows from operating activities of the Porsche AG Group amounted to €5,368 million, down slightly on the prior-year period (prior year: €5,469 million). This is the result of the increase in profit before tax and the offsetting effect of cash outflows from income tax payments of €1,637 million (prior year: cash outflows of €1,751 million). The lower outflows in the form of income tax payments compared to the prior-year period continues to be attributable to the trade tax maturities at Porsche AG being pushed back.
Cash outflows in working capital of €1,244 million (prior year: cash outflows of €129 million) comprised the inflows in the automotive segment and offsetting effects in the financial services segment relating to changes in leased assets of €987 million (prior year: cash outflows of €345 million) and receivables from financial services of €465 million (prior year: cash outflows of €653 million).
Cash outflows from investing activities came to €3,075 million (prior year: cash outflows of €5,189 million). In contrast to the increased 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 €11 million (prior year: cash outflows of €2,626 million). A loan to Volkswagen AG in the prior year fell due for repayment and resulted in a cash inflow.
Cash outflows from financing activities of €3,907 million (prior year: cash outflows of €840 million) were attributable to the profit transfer and dividends of €4,895 million (prior year: €3,361 million). These consisted of the final profit transfer made to Porsche Holding Stuttgart GmbH of €3,979 million and the payout of the dividend of €916 million that had been resolved at the end of the first half year. Cash inflows from the change in other financing activities amounted to €988 million (prior year: cash outflows of €536 million).
Automotive cash flows from operating activities increased significantly by €688 million to €6,435 million (prior year: €5,733 million).
In the first nine months of 2023, cash inflows in automotive working capital decreased by €715 million to €220 million (prior year: cash inflows of €936 million). The automotive working capital was attributable to cash outflows of €697 million caused by the change in inventories (prior year: cash outflows of €973 million). This related in particular to the market launch of the new Cayenne and the persistently challenging supply chain situation and the associated supply of parts. Further cash outflows related to the change in receivables of €676 million (prior year: cash inflows of €127 million), which was largely attributable to receivables from cost allocations within the Volkswagen AG Group. Cash inflows from the change in liabilities (excluding financial liabilities) of €1,122 million decreased compared to the prior-year period (prior year: cash inflows of €1,734 million) due to lower liabilities from Volkswagen AG Group companies. The change in other provisions of €471 million had a positive impact on the cash inflows in working capital (prior year: cash outflows of €47 million).
Compared to the prior-year period, cash outflows from the investing activities of current operations increased from €2,461 million to €3,049 million. The increase was largely attributable to the higher automotive capital expenditure of €1,253 million (prior year: €733 million) and higher capitalized development costs. The Porsche AG Group continued to invest in various vehicle projects, the electrification and digitalization of products and in production sites. In the first nine months, the change in equity investments mainly consisted of investments in existing financial assets.
As of the end of the third quarter of 2023, the automotive net cash flow increased slightly to €3,386 million (prior year: €3,272 million). The automotive net cash flow margin of 12.2% (prior year: 13.4%) was largely attributable to the positive earnings development. Temporary effects associated with the change in inventories and the change in receivables in working capital led to a decrease in the automotive net cash flow margin. The margin was also affected by higher capital expenditure in the investing activities of current operations compared to the prior-year period.
| € million | Q1-Q3 2023 | Q1-Q3 2022¹ |
|---|---|---|
| Cash flows from operating activities | 6,435 | 5,733 |
| Change in working capital | 220 | 936 |
| Change in inventories | –697 | –973 |
| Change in receivables (excluding financial services) | –676 | 127 |
| Change in liabilities (excluding financial liabilities) | 1,122 | 1,734 |
| Change in other provisions | 471 | 47 |
| Investing activities of current operations | –3,049 | –2,461 |
| Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment |
–1,253 | –733 |
| Additions to capitalized development costs | –1,656 | –1,387 |
| Changes in equity investments | –147 | –345 |
| Automotive net cash flow | 3,386 | 3,272 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
As of September 30, 2023, automotive net liquidity decreased by €1,656 million to €6,627 million compared to the end of the fiscal year. This development is attributable to the cash outflow for the payments of the profit transfer and dividends for the fiscal year 2022 that was partly offset by the positive contribution from net cash flow.
In the first nine months of 2023, cash and cash equivalents at the end of the period decreased by €2,215 million to €2,495 million (December 31, 2022: €4,710 million). By contrast, securities and time deposits as well as loans increased by €358 million in the first nine months of 2023 to €6,773 million. Automotive third-party borrowings decreased by €201 million to €2,641 million (December 31, 2022: €2,843 million).
| € million | Sept. 30, | 2023 Dec. 31, 2022 |
|---|---|---|
| Cash and cash equivalents | 2,495 | 4,710 |
| Securities and time deposits as well as loans |
6,773 | 6,415 |
| Gross liquidity | 9,268 | 11,125 |
| Total third-party borrowings | –2,641 | –2,843 |
| Automotive net liquidity | 6,627 | 8,282 |
| € million | Q1-Q3 2023 | Q1-Q3 2022¹ |
|---|---|---|
| Cash and cash equivalents at beginning of period | 3,745 | 4,327 |
| Profit before tax | 5,645 | 5,315 |
| Income taxes paid | –1,637 | –1,751 |
| Depreciation and amortization² | 2,463 | 2,253 |
| Gain/loss on disposal of non-current assets | –6 | –29 |
| Share of profit or loss of equity-accounted investments | 19 | 22 |
| Change in pension provisions | 185 | 276 |
| Other non-cash expense/income | –57 | –490 |
| Change in working capital | –1,244 | –129 |
| Change in inventories | –704 | –959 |
| Change in receivables (excluding financial services) | –714 | 41 |
| Change in liabilities (excluding financial liabilities) | 1,168 | 1,730 |
| Change in other provisions | 459 | 57 |
| Change in leased assets | –987 | –345 |
| Change in financial services receivables | –465 | –653 |
| Cash flows from operating activities | 5,368 | 5,469 |
| Investing activities of current operations | –3,086 | –2,563 |
| Change in investments in securities and time deposits as well as loans | 11 | –2,626 |
| Cash flows from investing activities | –3,075 | –5,189 |
| Capital contributions | – | 3,057 |
| Profit transfer and dividends | –4,895 | –3,361 |
| Change in other financing activities | 988 | –536 |
| Cash flows from financing activities | –3,907 | –840 |
| Effect of exchange rate changes on cash and cash equivalents | –24 | 51 |
| Net change in cash and cash equivalents | –1,638 | –509 |
| Cash and cash equivalents at end of period | 2,106 | 3,819 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
2 Offset against reversals of impairment losses.
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 2023 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 challenging macroeconomic environment with supply chain security and parts availability, generally rising cost levels and geopolitical tensions posing additional challenges. At the same time, Porsche AG is investing extensively in its development and in innovations for future products and services.
Despite a challenging overall situation worldwide, the Porsche AG Group has confirmed the outlook for the fiscal year 2023 published in the combined management report subject to the conditions also described there – provided the global and supply situation does not become significantly worse:
↗ Annual and sustainability report 2022 – Report on expected developments
The Porsche AG Group presented its opportunities and risks in the ↗ Half-year financial report 2023 – Report on expected developments, opportunities and risks. 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 2023, remains unchanged.
| € million | Q1-Q3 2023 | Q1-Q3 2022¹ |
|---|---|---|
| Sales revenue | 30,132 | 26,750 |
| Cost of sales | –21,543 | –19,159 |
| Gross profit | 8,589 | 7,591 |
| Distribution expenses | –2,010 | –1,503 |
| Administrative expenses | –1,379 | –1,178 |
| Net other operating result | 301 | 140 |
| Operating profit | 5,501 | 5,049 |
| Share of profit or loss of equity-accounted investments | –6 | 17 |
| Interest result and other financial result | 149 | 249 |
| Financial result | 144 | 266 |
| Profit before tax | 5,645 | 5,315 |
| Income tax income/expense | –1,705 | –1,615 |
| Profit after tax | 3,940 | 3,700 |
| thereof profit attributable to shareholders | 3,941 | 3,694 |
| thereof profit attributable to non-controlling interests | 0 | 6 |
| Basic/diluted earnings per ordinary share in € | 4.32 | 4.05 |
| Basic/diluted earnings per preferred share in € | 4.33 | 4.06 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
| € million | Sept. 30, 2023 | Dec. 31. 2022¹ |
|---|---|---|
| Assets | ||
| Non-current assets | 29,904 | 27,488 |
| Intangible assets | 8,359 | 7,473 |
| Property, plant and equipment | 9,179 | 8,924 |
| Leased assets | 4,253 | 3,854 |
| Financial services receivables | 4,701 | 4,382 |
| Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets |
3,412 | 2,855 |
| Current assets | 19,913 | 20,154 |
| Inventories | 6,108 | 5,504 |
| Financial services receivables | 1,608 | 1,538 |
| Other financial assets and other receivables | 8,192 | 7,480 |
| Tax receivables | 122 | 87 |
| Securities and time deposits | 1,777 | 1,795 |
| Cash and cash equivalents | 2,093 | 3,719 |
| Assets held for sale | 13 | 31 |
| Total assets | 49,817 | 47,642 |
| Equity and liabilities | ||
| Equity | 20,767 | 17,035 |
| Equity attributable to Porsche AG shareholders | 20,766 | 17,027 |
| Non-controlling interests | 1 | 8 |
| Non-current liabilities | 14,877 | 14,027 |
| Provisions for pensions and similar obligations | 3,482 | 3,668 |
| Financial liabilities | 6,762 | 6,016 |
| Other liabilities | 4,633 | 4,343 |
| Current liabilities | 14,172 | 16,579 |
| Financial liabilities | 3,681 | 3,464 |
| Trade payables | 3,922 | 2,899 |
| Other liabilities | 6,564 | 10,204 |
| Liabilities associated with assets held for sale | 5 | 12 |
| Total equity and liabilities | 49,817 | 47,642 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
| € million | Q1-Q3 2023 | Q1-Q3 2022¹ |
|---|---|---|
| Cash and cash equivalents at beginning of period | 3,745 | 4,327 |
| Profit before tax | 5,645 | 5,315 |
| Income taxes paid | –1,637 | –1,751 |
| Depreciation and amortization² | 2,463 | 2,253 |
| Gain/loss on disposal of non-current assets | –6 | –29 |
| Share of profit or loss of equity-accounted investments | 19 | 22 |
| Other non-cash expense/income | –57 | –490 |
| Change in inventories | –704 | –959 |
| Change in receivables (excluding financial services) | –714 | 41 |
| Change in liabilities (excluding financial liabilities) | 1,168 | 1,730 |
| Change in pension provisions | 185 | 276 |
| Change in other provisions | 459 | 57 |
| Change in leased assets | –987 | –345 |
| Change in financial services receivables | –465 | –653 |
| Cash flows from operating activities | 5,368 | 5,469 |
| Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment |
–1,289 | –778 |
| Additions to capitalized development costs | –1,656 | –1,387 |
| Change in equity investments | –148 | –403 |
| Cash received from disposal of intangible assets and property, plant and equipment | 7 | 5 |
| Change in investments in securities and time deposits as well as loans | 11 | –2,626 |
| Cash flows from investing activities | –3,075 | –5,189 |
| Capital contributions | – | 3,057 |
| Profit transfer and dividends | –4,895 | –3,361 |
| Proceeds from issuance of bonds | 4,277 | 3,379 |
| Repayments of bonds | –3,105 | –3,683 |
| Changes in other financial liabilities | –94 | –148 |
| Repayments of lease liabilities | –83 | –84 |
| Cash flows from financing activities | –3,907 | –840 |
| Effect of exchange rate changes on cash and cash equivalents | –24 | 51 |
| Net change in cash and cash equivalents | –1,638 | –509 |
| Cash and cash equivalents at end of period | 2,106 | 3,819 |
1 The prior-year figures were adjusted (see explanations ↗ Half-year financial report 2023 – Notes to the consolidated financial statements on IFRS 17).
2 Offset against reversals of impairment losses.
In this quarterly statement, 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 quarterly statement was prepared in accordance with section 53 of the Exchange Rules for the Frankfurt Stock Exchange and does not represent an interim report within the meaning of International Accounting Standard (IAS) 34 Interim Financial Reporting. This quarterly statement has not been reviewed.
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 2022. The report is available on our Investor Relations homepage. ↗ Annual and sustainability report 2022
For the sake of legibility, the company uses generic masculine pronouns in this report. This means that it applies 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
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