Significant increase in Group revenue and Group operating profit in the first half of 2023
Sales and operating income for the entire Porsche in the first half of 2023 (January to June) have been announced.
Sales in the first half of 2021 were 20.43 billion euros, up 14.0% year-on-year, and operating profit was 3.85 billion euros, up 10.76% year-on-year.
The operating profit margin decreased slightly from the same period last year to 18.91 TP1T, but Porsche is satisfied because it is within the target range of 17 to 191 TP1T.
Automotive net cash flow in the first half of 2023 was down slightly to €2.22 billion (2.39 billion euros in the previous year and 2.60 billion euros in the year before) due to large investments in products and innovation.
Net cash flow margin for the automotive division was 11.71 TP1T (14.51 TP1T in the previous year) due to increased investment activities in continuing operations and a temporary increase in inventories.
In the first half of 2023, the number of Porsche deliveries to customers increased by 14.7% to 167,354 units.
| Porsche AG | First half of 2022 | First half of 2023 | Year-over-year basis |
| sales revenue | 17.92 billion euros | 20.43 billion euros | +14.0% |
| Operating revenue | 3.48 billion euros | 3.85 billion euros | +10.7% |
| Operating profit margin | 19.4% | 18.9% | |
| automobile net cash flow | 2.39 billion euros | 2.22 billion euros | -7.20% |
| Number of deliveries | 145,860 | 167,354 | +14.7% |
Porsche CEO Oliver Blume is optimistic about the results:
“While making significant investments for the future, we have once again managed to achieve successful figures. This demonstrates an uncompromising commitment to Porsche's strategy. You know from the customer feedback that we're on the right track, right?"
It is said (rough translation).
The global economic situation remains tense, with efforts to secure supply chains and parts availability, rising costs in general and various geopolitical tensions continuing to pose challenges for Porsche AG.
Nevertheless, unless these conditions deteriorate significantly, we are forecasting a projected Group operating margin of 17-191 TP1T at the end of 2023 and a notional Group revenue of €40-42 billion. increase.
Porsche Financial Services (PFS), the financial services division, continued to grow steadily in the first half of 2023, with its sales revenue increasing to EUR 1.65 billion (previous year: EUR 1.62 billion).
PFS operating income decreased to EUR 147 million (previous year: EUR 216 million). The decrease was primarily due to the measurement of interest rate hedges and lower loan loss reserve releases.
This announcement also includes a disclaimer, which is reprinted below.
Disclaimer
This press release contains forward-looking statements and information that reflect Dr. Ing. hc F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. the economic, political, and legal environment in individual countries, economic regions, and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of publication. If any of these risks and uncertainties materializes or if the assumptions underlying any of the forward-looking statements prove to be incorrect, the actual results may be materially different from those Porsche AG expresses or implies by such statements. This press release is solely based on the circumstances at the date of publication.
We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded.
This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
Source:(Official) Porsche AG continues positive business development in first half-year
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I'm Rika, the author of this article. Ever since Porsche 911 became my favorite car, I've become totally addicted to Porsche, and I can't stop loving Porsche, so I started this blog. My favorite cars are 911 Carrera (991.2), 911 Carrera Cabriolet (992.1), and 911 Carrera T (992.1).
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