Strong Financial Performance In 2023 By Porsche AG

Porsche AG
Strong Financial Performance In 2023 By Porsche AGq

Stuttgart, March 12, 2024 – Porsche AG has capped off an exceptional 2023 fiscal year with remarkable financial results. Especially, showcasing resilience, profitability, and a robust financial standing. The sports car manufacturer reported a group sales revenue surge to 40.5 billion euros. Further, marking a 7.7% increase from the previous year’s 37.6 billion euros. Group operating profit also rose by 7.6% to an impressive 7.3 billion euros.

CEO and CFO Express Confidence in Porsche’s Future

Porsche’s CEO, Oliver Blume, lauded the team’s outstanding performance, expressing pride in the strong financial year. Looking ahead to 2024, Blume emphasized a landmark year for product launches. Especially, with four new models set to hit the market across various iconic lines.

Lutz Meschke, Porsche’s CFO, underscored the company’s resilience and profitability in the face of volatile times. He highlighted the better-balanced sales structure, laying the groundwork for a successful start in 2025.

2024: A Year of Unprecedented Product Launches for Porsche AG

Porsche is gearing up for an unparalleled year of product launches in 2024, aiming to set new records in its storied history. The focus will be on introducing exhilarating sports cars across the Panamera, Macan, Taycan, and 911 model lines. Oliver Blume expressed confidence that this strategy will propel Porsche forward for years to come.

Financial Highlights and Dividend Proposal

In 2023, Porsche achieved earnings per ordinary share of 5.66 euros and per preferred share of 5.67 euros. The company plans to propose a dividend payment of 2.1 billion euros for the 2023 fiscal year at the Annual General Meeting. This reflects over 40% of the Group’s net income after tax, aligning with Porsche’s commitment to shareholder value.

Ambitious Product Roadmap for 2024

The year 2024 promises to be a landmark year for Porsche with the launch of four new or significantly revised models. The third generation of the Panamera kicks off the lineup, featuring powerful drivetrains and innovative technologies. The all-electric Taycan sports car will see a new version with enhanced performance and range. While the second generation of the Porsche Macan will join the lineup in an all-electric form in the second half of the year. Additionally, the iconic 911 model is set for a product upgrade with a high-performance hybrid drive.

Investment in Car IT and Sustainability Focus

Porsche has reinforced its commitment to digitalization by appointing Sajjad Khan as a new Board Member for Car IT, focusing on connectivity and infotainment. The company has also invested significantly in digital and software partnerships, including the full takeover of MHP and an investment in Applied Intuition.

Sustainability remains a core focus for Porsche, with ambitious targets to deliver over 80% of new vehicles fully electrified by 2030. The company is also investing in eFuels and environmentally friendly materials.

Future Outlook and Commitment to Growth

Porsche expects a Group operating return on sales of 15 to 17% for the full year 2024, with a forecasted revenue range of 40 to 42 billion euros. The company is steadfast in its long-term goals, aiming for a Group operating return on sales of over 20%. The Road to 20 program is a key initiative, focusing on developing new sources of revenue and exceeding customer expectations.

As of the end of 2023, the Porsche Group employed 42,140 individuals, reflecting a 7.6% increase. Particularly in development and IT areas, to strengthen technical and software expertise.

Porsche AG Group Financial Overview:
Metrics FY 2023 FY 2022 Change
Deliveries 320,221 309,884 +3.3%
Sales revenue €40,530 million €37,637 million +7.7%
Operating profit €7,284 million €6,772 million +7.6%
Operating return on sales 18.0% 18.0%
Automotive net cash flow €3,973 million €3,866 million +2.8%