Porsche Posts €1.8B Operating Profit in Q1 2023

Porsche AG achieved solid results in its first quarter after becoming a public company. Sales revenue rose by 26% compared to Q1 last year at €10.10 Billion (previous year: €8.04B). Group operating profit rose by 25.4% from €1.47B to €1.84B. Group operating return on sales at 18.2% was about the same for Q1 last year.

Q1 automotive net cash flow was €1.43B (€778 million). The cash flow margin for the automotive segment rose to 15.3% (10.6 %). Net cash flow for the previous year was of course hurt by disruptions in the supply chain that hurt virtually all global automakers. Porsche increased deliveries to customers by 18% year-on-year in Q1 at 80,767 vehicles (68,426).

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Porsche reaffirmed its targets for the full year 2023. The assumption for Group sales revenue ranges from  €40 to €42B. “In the event that global challenges do not significantly worsen, we expect a Group operating return on sales for fiscal year 2023 in the range of 17%-19%,” said Lutz Meschke, Deputy Chairman of the Executive Board and Board Member for Finance and IT at Porsche AG. “In the long run, we are aiming for a Group operating return on sales of more than 20%.

Porsche Financial Services (PFS) also grew in Q1. Sales revenue rose to €803M (€776M). However, interest rate increases hurt financing products. The share of leased and financed new vehicles declined to 41.5% (45.7% percent). PFS’s operating profit declined to €86M (€102 M). The downturn is primarily the result of the valuation of interest rate hedges and derivatives.

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