Porsche AG

Porsche AG's net profit fell 10.2% yoy to EUR 705 mil in 4Q2019

By Helgi Analytics - September 24, 2020

Porsche AG made a net profit of EUR 705 mil with revenues of EUR 7,188 mil in 4Q2019, down by 10.2% and up by 10.6%, ...

Porsche AG's Total Cash From Operations rose 16.7% yoy to EUR 1,131 mil in 4Q2019

By Helgi Analytics - September 24, 2020

Porsche AG's operating cash flow stood at EUR 1,131 mil in 4Q2019, up 16.7% when compared to the previous year. Historic...

Porsche AG's Cash & Cash Equivalents remain unchanged yoy at EUR mil in 4Q2019

By Helgi Analytics - October 12, 2020

Porsche AG's total assets reached EUR 42,366 mil at the end of 4Q2019, up 11% compared to the previous year. Curre...

Profit Statement 2017 2018 2019
Sales EUR mil 23,491 25,784 28,518
Gross Profit EUR mil 9,826 10,940 12,562
EBITDA EUR mil 6,420 6,856 6,906
EBIT EUR mil 4,144 4,289 3,862
Financing Cost EUR mil 68.0 92.0 148
Pre-Tax Profit EUR mil 4,046 4,552 4,054
Net Profit EUR mil 3,016 3,113 2,796
Dividends EUR mil 0 0 0
Balance Sheet 2017 2018 2019
Total Assets EUR mil 35,019 38,159 42,366
Non-Current Assets EUR mil 25,247 27,008 29,707
Current Assets EUR mil 9,772 11,151 12,659
Working Capital EUR mil 596 1,514 2,273
Shareholders' Equity EUR mil 15,200 16,477 17,428
Liabilities EUR mil 19,819 21,682 24,938
Total Debt EUR mil 5,457 5,859 7,614
Net Debt EUR mil 487 635 1,237
Ratios 2017 2018 2019
ROE % 22.2 19.7 16.5
ROCE % 12.1 11.5 9.24
Gross Margin % 41.8 42.4 44.0
EBITDA Margin % 27.3 26.6 24.2
EBIT Margin % 17.6 16.6 13.5
Net Margin % 12.8 12.1 9.80
Net Debt/EBITDA 0.076 0.093 0.179
Net Debt/Equity % 3.20 3.85 7.10
Cost of Financing % 1.24 1.63 2.20
Cash Flow 2017 2018 2019
Total Cash From Operations EUR mil 4,069 3,845 4,487
Total Cash From Investing EUR mil -3,140 -3,566 -3,618
Total Cash From Financing EUR mil -744 -606 -353
Net Change In Cash EUR mil 126 -325 539
Cash Conversion Cycle days 9.29 29.3 43.5
Cash Earnings EUR mil 5,292 5,680 5,840
Free Cash Flow EUR mil 929 279 869

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overview Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                    
Sales EUR mil                       14,326 17,205 21,533 22,318 23,491    
Gross Profit EUR mil ... ... ... ... ... ... ...         4,187 6,800 9,438 9,695 9,826    
EBIT EUR mil ... ... ...                 2,579 2,719 3,404 3,877 4,144    
Net Profit EUR mil                       1,939 2,199 2,334 2,640 3,016    
                                       
ROE % ... ... ... ...               23.1 23.6 23.0 23.3 22.2    
EBIT Margin % ... ... ...                 18.0 15.8 15.8 17.4 17.6    
Net Margin %                       13.5 12.8 10.8 11.8 12.8    
Employees                       19,456 22,401 24,481 27,612 29,777    
balance sheet                                    
Total Assets EUR mil ... ... ...                 24,560 26,060 29,143 32,235 35,019    
Non-Current Assets EUR mil ... ... ...                 18,392 19,781 21,548 23,592 25,247    
Current Assets EUR mil ... ... ...                 6,168 6,279 7,595 8,643 9,772    
                                       
Shareholders' Equity EUR mil ... ... ...                 9,039 9,599 10,700 11,980 15,200    
Liabilities EUR mil ... ... ...                 15,521 16,461 18,443 20,255 19,819    
Non-Current Liabilities EUR mil                       6,960 7,950 7,472 9,446 9,084    
Current Liabilities EUR mil ... ... ...                 8,561 8,511 10,971 10,809 10,735    
                                       
Net Debt/EBITDA ... ... ...                 1.26 0.817 0.324 0.204 0.076    
Net Debt/Equity % ... ... ...                 55.8 39.1 16.7 10.1 3.20    
Cost of Financing % ... ... ... ...       ... ...     3.17 3.38 2.66 2.66 1.24    
cash flow                                    
Total Cash From Operations EUR mil ... ... ...                 2,917 3,179 3,843 3,864 4,069    
Total Cash From Investing EUR mil ... ... ...                 -2,090 -2,248 -2,119 -2,724 -3,140    
Total Cash From Financing EUR mil ... ... ...                 -214 -941 -799 -786 -744    
Net Change In Cash EUR mil ... ... ...                 613 -10.0 925 349 126    
valuation                                    
Number Of Shares mil ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                    
Sales EUR mil                       14,326 17,205 21,533 22,318 23,491    
Cost of Goods & Services EUR mil ... ... ... ... ... ... ...         10,139 10,405 12,095 12,623 13,665    
Gross Profit EUR mil ... ... ... ... ... ... ...         4,187 6,800 9,438 9,695 9,826    
Selling, General & Admin EUR mil ... ... ... ... ... ... ... ... ... ... ... 792 789 908 2,570 2,884    
Research & Development EUR mil ... ... ... ... ... ... ... ... ...   ... ... 1,950 2,150 2,210 2,320   ...
Other Operating Expense EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... 14,867 15,285    
Staff Cost EUR mil                       1,900 2,300 2,605 2,875 3,200    
Other Operating Cost (Income) EUR mil ... ... ...         ... ...     610 895 1,286 1,206 1,142    
EBITDA EUR mil ... ... ...                 3,994 4,597 5,528 5,958 6,420    
Depreciation EUR mil                       1,415 1,878 2,124 2,081 2,276    
EBIT EUR mil ... ... ...                 2,579 2,719 3,404 3,877 4,144    
Net Financing Cost EUR mil ... ... ...         ... ...     0 ... ... ... -327    
Financing Cost EUR mil ... ... ...         ... ...     217 203 142 144 68.0    
Financing Income EUR mil ... ... ...     ... ... ... ... ... ... ... ... ... ... 395    
FX (Gain) Loss EUR mil ... ... ... ...       ... ...   ... ... ... ... ... 0    
(Income) / Loss from Affiliates EUR mil ... ... ... ...       ... ... ... ... ... 1.00 -4.00 -8.00 -4.00    
Extraordinary Cost EUR mil ... ... ...         ... ...     -422 -544 -120 36.0 30.0    
Pre-Tax Profit EUR mil                       2,784 3,060 3,382 3,697 4,046    
Tax EUR mil ... ... ...         ... ...     845 859 1,047 1,057 1,030    
Minorities EUR mil ... ... ...         ... ...     0 2.00 1.00 0 0    
Net Profit EUR mil                       1,939 2,199 2,334 2,640 3,016    
Net Profit Avail. to Common EUR mil                       1,939 2,199 2,334 2,640 3,016    
Dividends EUR mil                       0 0 0 0 0    
growth rates                                    
Total Revenue Growth % ...                     3.32 20.1 25.2 3.65 5.26    
Operating Cost Growth % ... ... ... ...       ... ... ...   3.29 24.5 26.2 1.19 4.29    
Staff Cost Growth % ...                     15.3 21.1 13.3 10.4 11.3    
EBITDA Growth % ... ... ... ...               12.4 15.1 20.3 7.78 7.75    
EBIT Growth % ... ... ... ...               5.74 5.43 25.2 13.9 6.89    
Pre-Tax Profit Growth % ...                     5.14 9.91 10.5 9.31 9.44    
Net Profit Growth % ...                     7.48 13.4 6.14 13.1 14.2    
ratios                                    
ROE % ... ... ... ...               23.1 23.6 23.0 23.3 22.2    
ROA % ... ... ... ...               8.21 8.69 8.46 8.60 8.97    
ROCE % ... ... ... ...               10.4 11.1 10.9 11.4 12.1    
Gross Margin % ... ... ... ... ... ... ...         29.2 39.5 43.8 43.4 41.8    
EBITDA Margin % ... ... ...                 27.9 26.7 25.7 26.7 27.3    
EBIT Margin % ... ... ...                 18.0 15.8 15.8 17.4 17.6    
Net Margin %                       13.5 12.8 10.8 11.8 12.8    
Payout Ratio %                       0 0 0 0 0    
Cost of Financing % ... ... ... ...       ... ...     3.17 3.38 2.66 2.66 1.24    
Net Debt/EBITDA ... ... ...                 1.26 0.817 0.324 0.204 0.076    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                    
Cash & Cash Equivalents EUR mil ... ... ...                 1,624 1,599 3,528 4,285 4,970    
Receivables EUR mil ... ... ...                 424 522 486 591 593    
Inventories EUR mil ... ... ...                 1,589 2,157 2,509 2,536 3,051    
Other ST Assets EUR mil ... ... ...                 2,531 2,001 1,072 1,231 1,158    
Current Assets EUR mil ... ... ...                 6,168 6,279 7,595 8,643 9,772    
Property, Plant & Equipment EUR mil ... ... ...                 5,643 6,381 7,341 8,489 9,358    
LT Investments & Receivables EUR mil ... ... ...                 1,312 1,163 1,339 9,841 10,320    
Intangible Assets EUR mil ... ... ...                 2,590 2,953 3,286 3,965 4,646    
Goodwill EUR mil ... ... ...                 0 0 0 0 0    
Non-Current Assets EUR mil ... ... ...                 18,392 19,781 21,548 23,592 25,247    
Total Assets EUR mil ... ... ...                 24,560 26,060 29,143 32,235 35,019    
                                       
Trade Payables EUR mil ... ... ...                 1,485 1,856 2,214 2,589 3,048    
Short-Term Debt EUR mil ... ... ...                 2,946 1,884 2,768 1,830 1,770    
Other ST Liabilities EUR mil ... ... ...                 4,130 4,771 5,989 5,756 5,751    
Current Liabilities EUR mil ... ... ...                 8,561 8,511 10,971 10,809 10,735    
Long-Term Debt EUR mil ... ... ...                 3,725 3,469 2,549 3,669 3,687    
Other LT Liabilities EUR mil ... ... ...                 3,235 4,481 4,923 5,777 5,397    
Non-Current Liabilities EUR mil                       6,960 7,950 7,472 9,446 9,084    
Liabilities EUR mil ... ... ...                 15,521 16,461 18,443 20,255 19,819    
Preferred Equity and Hybrid Capital EUR mil ... ... ...                 0 0 0 0 0    
Share Capital EUR mil ... ... ...         ... ...     45.0 45.0 45.0 45.0 45.0    
Treasury Stock EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... 0 0 0    
Equity Before Minority Interest EUR mil ... ... ...                 9,039 9,596 10,698 11,979 15,200    
Minority Interest EUR mil ... ... ...                 ... 3.00 2.00 1.00 0    
Equity EUR mil ... ... ...                 9,039 9,599 10,700 11,980 15,200    
growth rates                                    
Total Asset Growth % ... ... ... ...               8.18 6.11 11.8 10.6 8.64    
Shareholders' Equity Growth % ... ... ... ...               16.9 6.20 11.5 12.0 26.9    
Net Debt Growth % ... ... ... ...               -14.4 -25.6 -52.3 -32.1 -59.9    
Total Debt Growth % ... ... ... ...               -4.86 -19.8 -0.673 3.42 -0.764    
ratios                                    
Total Debt EUR mil ... ... ...                 6,671 5,353 5,317 5,499 5,457    
Net Debt EUR mil ... ... ...                 5,047 3,754 1,789 1,214 487    
Working Capital EUR mil ... ... ...                 528 823 781 538 596    
Capital Employed EUR mil ... ... ...                 18,920 20,604 22,329 24,130 25,843    
Net Debt/Equity % ... ... ...                 55.8 39.1 16.7 10.1 3.20    
Current Ratio ... ... ...                 0.720 0.738 0.692 0.800 0.910    
Quick Ratio ... ... ...                 0.239 0.249 0.366 0.451 0.518    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
cash flow                                    
Net Profit EUR mil                       1,939 2,199 2,334 2,640 3,016    
Depreciation EUR mil                       1,415 1,878 2,124 2,081 2,276    
Non-Cash Items EUR mil ... ... ...                 345 243 266 -145 204    
Change in Working Capital EUR mil ... ... ...                 -782 -1,141 -881 -712 -1,427    
Total Cash From Operations EUR mil ... ... ...                 2,917 3,179 3,843 3,864 4,069    
                                       
Capital Expenditures EUR mil ... ... ...                 -2,032 -877 -1,311 -1,350 -1,705    
Net Change in LT Investment EUR mil ... ... ...           ...     -9.00 -50.0 -26.0 -33.0 -8.00    
Net Cash From Acquisitions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 0    
Other Investing Activities EUR mil ... ... ...                 -49.0 -1,321 -782 -1,341 -1,427    
Total Cash From Investing EUR mil ... ... ...                 -2,090 -2,248 -2,119 -2,724 -3,140    
                                       
Dividends Paid EUR mil ... ... ...               ... 0 -1,414 -1,232 -1,904 -2,371    
Issuance Of Shares EUR mil ... ... ...         ... ...   ... 0 829 707 1,076 1,312    
Issuance Of Debt EUR mil ... ... ...                 316 245 193 -875 340    
Other Financing Activities EUR mil ... ... ...         ... ...     -530 -601 -467 917 -25.0    
Total Cash From Financing EUR mil ... ... ...                 -214 -941 -799 -786 -744    
                                       
Effect of FX Rates EUR mil ... ... ... ... ... ... ...     ... ... ... ... ... -5.00 -59.0    
Net Change In Cash EUR mil ... ... ...                 613 -10.0 925 349 126    
ratios                                    
Days Sales Outstanding days ... ... ...                 10.8 11.1 8.24 9.67 9.21    
Days Sales Of Inventory days ... ... ... ... ... ... ...         57.2 75.7 75.7 73.3 81.5    
Days Payable Outstanding days ... ... ... ... ... ... ...         53.5 65.1 66.8 74.9 81.4    
Cash Conversion Cycle days ... ... ... ... ... ... ...         14.5 21.6 17.1 8.13 9.29    
Cash Earnings EUR mil                       3,354 4,077 4,458 4,721 5,292    
Free Cash Flow EUR mil ... ... ...                 827 931 1,724 1,140 929    
Capital Expenditures (As % of Sales) % ... ... ...                 14.2 5.10 6.09 6.05 7.26    
other ratios Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Employees                       19,456 22,401 24,481 27,612 29,777    
Cost Per Employee USD per month                       10,803 11,029 10,165 9,302 10,056    
Cost Per Employee (Local Currency) EUR per month                       8,138 8,556 8,867 8,677 8,955    
Operating Cost (As % of Sales) % ... ... ...         ... ...     86.3 89.4 90.2 88.0 87.2    
Research & Development (As % of Sales) % ... ... ... ... ... ... ... ... ...   ... ... 11.3 9.98 9.90 9.88   ...
Staff Cost (As % of Sales) %                       13.3 13.4 12.1 12.9 13.6    
Effective Tax Rate % ... ... ...         ... ...     30.4 28.1 31.0 28.6 25.5    
Total Revenue Growth (5-year average) % ... ... ... ... ...             13.9 17.2 18.5 15.4 11.1    
Total Revenue Growth (10-year average) % ... ... ... ... ... ... ... ... ... ...   9.88 10.8 12.6 11.9 12.3    
valuation Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Number Of Shares mil ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
Earnings Per Share (EPS) EUR ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
Cash Earnings Per Share EUR ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
Free Cash Flow Per Share EUR ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
Book Value Per Share EUR ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
Dividend Per Share EUR ... ... ...         ... ... ... ... ... ... ... ... ... ... ...
Earnings Per Share Growth % ... ... ... ...       ... ... ... ... ... ... ... ... ... ... ...
Cash Earnings Per Share Growth % ... ... ... ...       ... ... ... ... ... ... ... ... ... ... ...
Book Value Per Share Growth % ... ... ... ...       ... ... ... ... ... ... ... ... ... ... ...
sales of vehicles Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Price Per Vehicle Sold EUR                       88,353 90,625 95,651 93,861 95,385    
EBIT Per Vehicle Sold EUR ... ... ...                 15,906 14,322 15,121 16,305 16,827    
Net Profit Per Vehicle Sold EUR                       11,958 11,583 10,368 11,103 12,247    
Price Per Vehicle Sold (USD) USD                       117,288 116,814 109,646 100,628 107,104    
EBIT Per Vehicle Sold (USD) USD ... ... ...                 21,115 18,461 17,333 17,481 18,894    
Net Profit Per Vehicle Sold (USD) USD                       15,875 14,930 11,885 11,903 13,751    
Production of Vehicles vehicles                       165,808 203,097 234,497 239,618 255,683    
Sales of Vehicles vehicles                       162,145 189,849 225,121 237,778 246,275    
vehicles by brand Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Sales of 911 vehicles                       30,205 30,510 31,350 32,365 32,204    
Sales of 918 Spyder vehicles ... ...             ... ... ... ... 301 566 44.0 7.00    
Sales of Boxter/Cayman vehicles                       25,704 23,597 22,663 23,620 25,114    
Sales of Cayenne vehicles ...                     84,041 65,941 73,119 70,867 63,913    
Sales of Macan vehicles ... ... ... ... ... ... ... ... ... ... ... ... 44,636 80,216 95,642 97,202    
Sales of Panamera vehicles ... ... ... ... ... ... ...         22,032 24,864 17,207 15,240 27,942    
Sales of Taycan vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
sales geography Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
                                     
Sales in Germany EUR mil ... ... ... ... ... ... ... ... ... ... ... 20,227 20,449 22,001 23,509 23,909 ... ...
Sales in Germany (As % of Total) % ... ... ... ... ... ... ... ... ... ... ... 141 119 102 105 102 ... ...
Sales of Vehicles in Germany vehicles                     ... ... ... ... ... ... ... ...

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Porsche AG's employees rose 9.60% yoy to 35,429 in 2019

By Helgi Analytics - September 24, 2020

Porsche AG employed 35,429 employees in 2019, up 9.6% compared to the previous year. Historically, between 2002 and 2019, the firm's workforce hit a high of 35,429 employees in 2019 and a low of 10,143 employees in 2002. Average personnel cost stood ...

Porsche AG's net profit fell 10.2% yoy to EUR 2,796 mil in 2019

By Helgi Analytics - September 24, 2020

Porsche AG made a net profit of EUR 2,796 mil with revenues of EUR 28,518 mil in 2019, down by 10.2% and up by 10.6%, respectively, compared to the previous year. This translates into a net margin of 9.80%. On the operating level, EBITDA reached EUR 6,906...

Porsche AG's Sales of 911 fell 2.17% yoy to 34,800 vehicles in 2019

By Helgi Analytics - September 24, 2020

Porsche AG sold 280,800 vehicles in 2019, up 9.58% when compared to the previous year. Historically, company's production reached an all time high of 280,800 vehicles in 2019 and an all time low of 54,234 vehicles in 2002. In financial terms, the firm reached t...

Porsche AG's Cash & Cash Equivalents rose 22.1% yoy to EUR 6,377 mil in 2019

By Helgi Analytics - September 24, 2020

Porsche AG's total assets reached EUR 42,366 mil at the end of 2019, up 11% compared to the previous year. Current assets amounted to EUR 12,659 mil, or 29.9% of total assets while cash stood at EUR 6,377 mil at the end of 2019. ...

Porsche AG's Total Cash From Operations rose 16.7% yoy to EUR 4,487 mil in 2019

By Helgi Analytics - September 24, 2020

Porsche AG's operating cash flow stood at EUR 4,487 mil in 2019, up 16.7% when compared to the previous year. Historically, between 2005 - 2019, the firm’s operating cash flow reached a high of EUR 4,487 mil in 2019 and a low of EUR -4,378 mil in 2...

Porsche AG's Net Margin fell 18.8% yoy to 9.80% in 2019

By Helgi Analytics - September 24, 2020

Porsche AG made a net profit of EUR 2,796 mil with revenues of EUR 28,518 mil in 2019, down by 10.2% and up by 10.6%, respectively, compared to the previous year. This translates into a net margin of 9.80%. Historically, between 2002 and 2019, the f...

Porsche AG's ROCE fell 19.3% yoy to 9.24% in 2019

By Helgi Analytics - September 24, 2020

Porsche AG made a net profit of EUR 2,796 mil in 2019, down 10.2% compared to the previous year. Historically, between 2002 and 2019, the company's net profit reached a high of EUR 6,392 mil in 2008 and a low of EUR -3,578 mil in 2009. The result implies ...

Porsche AG's Net Debt/EBITDA rose 93.4% yoy to 0.179 in 2019

By Helgi Analytics - September 24, 2020

Porsche AG's net debt stood at EUR 1,237 mil and accounted for 7.10% of equity at the end of 2019. The ratio is up 3.24 pp compared to the previous year. Historically, the firm’s net debt to equity reached a high of 97.4% in 2011 and a low of ...

Porsche AG's Capital Expenditures rose 2.50% yoy to EUR 2,031 mil in 2019

By Helgi Analytics - September 24, 2020

Porsche AG invested a total of EUR 2,031 mil in 2019, down 2.5% compared to the previous year. Historically, between 2005 - 2019, the company's investments stood at a high of EUR 3,987 mil in 2009 and a low of EUR 480 mil in 2010. As ...

Porsche AG's Sales rose 9.76% yoy to EUR 6,428 mil in 2Q2018

By Helgi Analytics - September 24, 2020

Porsche AG generated sales of EUR 6,428 mil in 2Q2018, up 9.76% compared to the previous year. Historically, between 4Q2004 and 2Q2018, the company’s sales reached a high of EUR 6,428 mil in 2Q2018 and a low of EUR 1,543 mil in 1Q2005. Over the la...

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Finance

Porsche AG has been growing its sales by 10.6% a year on average in the last 5 years. EBITDA has grown on average by 8.48% a year during that time to total of EUR 6,906 mil in 2019, or 24.2% of sales. That’s compared to 26.1% average margin seen in last five years.

The company netted EUR 2,796 mil in 2019 implying ROE of 16.5% and ROCE of 9.24%. Again, the average figures were 20.9% and 11.0%, respectively when looking at the previous 5 years.

Porsche AG’s net debt amounted to EUR 1,237 mil at the end of 2019, or 7.10% of equity. When compared to EBITDA, net debt was 0.179x, up when compared to average of 0.175x seen in the last 5 years.

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