Half-year results: €17.92 billion in sales revenue and 19.4% return on sales
Strong growth in the first half of the year: Porsche AG significantly increased its sales revenue and operating profit in the first six months of 2022 – to €17.92 billion and €3.48 billion respectively. Sales returns for the first half of 2022 rose to 19.4% from 16.9% in the same period a year earlier. In the first six months of 2021, sales revenue was €16.53 billion and operating profit was €2.79 billion. This represents 8.5% growth in revenue and 24.6% growth in operating profit. Thus, the Stuttgart sports car manufacturer has once again emphasized its ability to work successfully in challenging environments. At the same time, Porsche is developing its strategy for a sustainable future and redefining the concept of modern luxury.
“We are proud to have achieved great success in sales revenue and profitability in this difficult market environment. It was a real team effort, from employees and management,” says Lutz Meschke, Vice Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG. From January to June, Porsche delivered 145,860 vehicles to customers (same period last year: 153,656). The increase in sales revenue to 19.4% in the first half of the year was mainly due to a strong product mix, currency effects and other business sectors.
Looking ahead to the performance of the first half of 2022, Oliver Blume, Chairman of the Executive Board of Porsche AG, is optimistic about the future: “Porsche represents sporty, modern luxury. For that, we see ourselves in a good position, in the segment the sweet spot of the automotive industry. Expert research predicts growth in sales of luxury sports cars, all-electric vehicles and luxury SUVs in the coming years. “We believe Porsche is doing very well in each of these areas,” says Blume. We believe we are ahead of other luxury car manufacturers with a strong focus on sustainability. We take a holistic approach to sustainability: ecological, social and value-based. Our ambition is to be a carbon neutral company by 2030.
Automotive cash flow in the first half of 2022 was €2.39 billion (previous year: €2.60 billion). “Despite the continued heavy investment in our future projects, we can once again generate cash flow for cars,” adds CFO Lutz Meschke. “We believe our focus on cash flow is paying off.” Despite the ongoing difficult supply situation and the high prices of raw materials and energy, Porsche AG is targeting a sales profit of about 17 to 18 percent for the year 2022, and a sales revenue of about 38 percent to 39. billion euros. In the medium term, Porsche has a profit on target sales of about 17 to 19 percent.
The outlook for 2022 is based on certain assumptions, including no economic downturn or the COVID-19 pandemic in Porsche’s core markets, no major disruptions to the supply chain, especially related to semiconductors, power parts and components and components . , stability in the price of materials and raw materials and no rise over the war in Ukraine, among others. Porsche has long-term expectations to achieve a group sales profit of more than 20%: “The global economy is facing difficult times, but the current figures for the first half of 2022 give us confidence in our confidence”, says CFO Lutz. Meschke.