Cash flow Porsche AG

Equities

P911

DE000PAG9113

Auto & Truck Manufacturers

Market Closed - Xetra Other stock markets 11:36:48 2024-09-16 am EDT			5-day change	1st Jan Change
67.38 ^EUR	+0.45%		+1.54%	-15.67%

Sep. 15	Internal paper: EU car industry fears for millions of jobs	DP
Sep. 13	PORSCHE AG : Gets a Buy rating from UBS	ZD

6.wOyQBt1QNVZUQ1Dkyp1u3XYAXolFOODeyBB0XqL4Krk.-LXfbZoPWh8gIAqe_8Q3rBgxNbsQW66B_FI8aPDVW_qznMAztx5DEzMBAQ

Published financial data: PORSCHE AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	25.83B	25.86B	30.01B	34.34B	37.09B
Finance Div. Revenues	2.69B	2.84B	3.13B	3.29B	3.44B
Total Revenues	28.52B	28.7B	33.14B	37.63B	40.53B
Cost of Goods Sold, Total	21.14B	21.47B	24.15B	26.94B	28.76B
Gross Profit	7.38B	7.22B	8.99B	10.69B	11.77B
Selling General & Admin Expenses, Total	3.07B	2.98B	3.54B	4.01B	4.66B
Other Operating Expenses	290M	-152M	-349M	-572M	-666M
Other Operating Expenses, Total	3.36B	2.82B	3.19B	3.44B	3.99B
Operating Income	4.02B	4.4B	5.8B	7.25B	7.78B
Interest Expense, Total	-148M	-129M	-113M	-114M	-184M
Interest And Investment Income	416M	406M	421M	461M	264M
Net Interest Expenses	268M	277M	308M	347M	80M
Income (Loss) On Equity Invest.	-1M	-10M	-22M	-7M	-9M
Currency Exchange Gains (Loss)	-50M	-66M	13M	-15M	299M
Other Non Operating Income (Expenses)	-7M	77M	24M	95M	-53M
EBT, Excl. Unusual Items	4.23B	4.68B	6.12B	7.67B	8.09B
Gain (Loss) On Sale Of Investments	-68M	-124M	105M	-136M	73M
Gain (Loss) On Sale Of Assets	-17M	-47M	-85M	-56M	-36M
Asset Writedown	-87M	-110M	-35M	22M	-396M
Legal Settlements	-	-	-378M	-431M	-359M
EBT, Incl. Unusual Items	4.05B	4.4B	5.73B	7.07B	7.38B
Income Tax Expense	1.25B	1.23B	1.69B	2.11B	2.22B
Earnings From Continuing Operations	2.8B	3.17B	4.04B	4.96B	5.16B
Net Income to Company	2.8B	3.17B	4.04B	4.96B	5.16B
Minority Interest	-5M	-4M	-6M	-7M	-
Net Income - (IS)	2.8B	3.16B	4.03B	4.95B	5.16B
Net Income to Common Incl Extra Items	2.8B	3.16B	4.03B	4.95B	5.16B
Net Income to Common Excl. Extra Items	2.8B	3.16B	4.03B	4.95B	5.16B
Per Share Items
Net EPS - Basic	30.73	34.75	44.31	5.43	5.66
Basic EPS - Continuing Operations	30.73	34.75	44.31	5.43	5.66
Basic Weighted Average Shares Outstanding	91M	91M	91M	911M	911M
Net EPS - Diluted	30.73	34.75	44.31	5.43	5.66
Diluted EPS - Continuing Operations	30.73	34.75	44.31	5.43	5.66
Diluted Weighted Average Shares Outstanding	91M	91M	91M	911M	911M
Normalized Basic EPS	28.97	32.09	41.98	5.25	5.55
Normalized Diluted EPS	28.97	32.09	41.98	5.25	5.55
Dividend Per Share	-	-	-	1.01	2.31
Payout Ratio	82.05	56.99	46.13	67.9	94.92
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	5.21B	5.95B	8.11B	8.82B	9.49B
EBITA	4.14B	4.59B	6.94B	7.5B	8.17B
EBIT	4.02B	4.4B	5.8B	7.25B	7.78B
EBITDAR	5.35B	6.07B	8.24B	8.96B	9.64B
Effective Tax Rate - (Ratio)	30.91	28	29.52	29.88	30.07
Current Domestic Taxes	-	-	-	-	1.61B
Current Foreign Taxes	-	-	-	-	375M
Total Current Taxes	1.27B	998M	1.53B	1.93B	1.99B
Deferred Domestic Taxes	-	-	-	-	283M
Deferred Foreign Taxes	-	-	-	-	-51M
Total Deferred Taxes	-15M	233M	163M	185M	232M
Normalized Net Income	2.64B	2.92B	3.82B	4.79B	5.06B
Interest Capitalized	10M	13M	-	-	-
Interest on Long-Term Debt	33M	29M	28M	26M	34M
Non-Cash Pension Expense	75M	-17M	48M	73M	130M
Supplemental Operating Expense Items
Selling and Marketing Expenses	2.04B	1.88B	2.11B	2.35B	2.87B
General and Administrative Expenses	1.03B	1.1B	1.43B	1.66B	1.79B
Research And Development Expense From Footnotes	2.14B	1.99B	1.78B	1.48B	1.71B
Net Rental Expense, Total	142M	119M	125M	134M	153M
Imputed Operating Lease Interest Expense	26.66M	16.97M	12.52M	12.73M	22.71M
Imputed Operating Lease Depreciation	115M	102M	112M	121M	130M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	3.51B	4.5B	4.69B	3.72B	5.82B
Short Term Investments	451M	3.52B	6.2B	7.01B	3.2B
Total Cash And Short Term Investments	3.96B	8.02B	10.89B	10.73B	9.02B
Accounts Receivable, Total	842M	1.08B	1.2B	1.29B	1.45B
Other Receivables	1.43B	1.89B	1.82B	2.35B	2.98B
Total Receivables	2.27B	2.97B	3.01B	3.64B	4.43B
Inventory	4.01B	4.11B	4.52B	5.5B	5.95B
Other Current Assets, Total	2.42B	-	135M	313M	636M
Total Current Assets	12.66B	15.1B	18.55B	20.19B	20.04B
Gross Property Plant And Equipment	21.72B	21.91B	23.4B	24.27B	26.06B
Accumulated Depreciation	-10.19B	-10.61B	-11.67B	-12.72B	-13.86B
Net Property Plant And Equipment	11.53B	11.3B	11.72B	11.55B	12.2B
Long-term Investments	444M	9.25B	9.26B	1.5B	2.07B
Goodwill	9M	9M	9M	19M	18M
Other Intangibles, Total	626M	757M	880M	996M	959M
Deferred Tax Assets Long-Term	1.36B	817M	867M	742M	627M
Deferred Charges Long-Term	4.45B	4.67B	5.3B	6.46B	7.58B
Other Long-Term Assets, Total	11.29B	3.59B	4.79B	6.22B	6.95B
Total Assets	42.37B	45.49B	51.38B	47.67B	50.45B
Liabilities
Accounts Payable, Total	2.58B	2.34B	2.45B	2.9B	3.49B
Accrued Expenses, Total	1.11B	1.38B	1.15B	1.67B	1.43B
Current Portion of Long-Term Debt	2.16B	2.56B	3.02B	3.36B	3.71B
Current Portion of Leases	80M	91M	107M	106M	113M
Current Income Taxes Payable	129M	111M	126M	167M	128M
Unearned Revenue Current, Total	455M	660M	790M	733M	904M
Other Current Liabilities	4.79B	4.14B	5.44B	7.68B	3.8B
Total Current Liabilities	11.3B	11.28B	13.08B	16.61B	13.57B
Long-Term Debt	4.54B	4.8B	5.64B	5.08B	5.6B
Long-Term Leases	830M	873M	956M	940M	934M
Unearned Revenue Non Current	302M	290M	446M	582M	562M
Pension & Other Post Retirement Benefits	5.44B	5.93B	5.52B	3.67B	4.32B
Deferred Tax Liability Non Current	681M	685M	782M	1.6B	2.01B
Other Non Current Liabilities	1.84B	1.41B	2.02B	2.16B	1.79B
Total Liabilities	24.94B	25.27B	28.45B	30.65B	28.78B
Common Stock, Total	45M	45M	45M	911M	911M
Retained Earnings	4.99B	6.3B	9.15B	12.39B	16.3B
Comprehensive Income and Other	12.39B	13.87B	13.74B	3.72B	4.45B
Total Common Equity	17.42B	20.22B	22.93B	17.02B	21.67B
Minority Interest	5M	5M	8M	8M	1M
Total Equity	17.43B	20.22B	22.94B	17.03B	21.67B
Total Liabilities And Equity	42.37B	45.49B	51.38B	47.67B	50.45B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	91M	91M	91M	911M	911M
ECS Total Common Shares Outstanding	91M	91M	91M	911M	911M
Book Value / Share	191.46	222.19	251.95	18.68	23.78
Tangible Book Value	16.79B	19.45B	22.04B	16B	20.69B
Tangible Book Value Per Share	184.48	213.77	242.18	17.57	22.71
Total Debt	7.61B	8.32B	9.72B	9.48B	10.36B
Net Debt	3.65B	308M	-1.16B	-1.25B	1.33B
Debt Equivalent of Unfunded Proj. Benefit Obligation	5.44B	5.93B	5.52B	3.67B	4.31B
Debt Equivalent Oper. Leases	1.14B	952M	1B	1.07B	1.22B
Minority Interest, Total (Incl. Fin. Div)	5M	5M	8M	8M	1M
Equity Method Investments, Total	298M	167M	573M	623M	651M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	324M	341M	385M	481M	400M
Inventories - Work In Process, Total	238M	238M	1.08B	387M	325M
Inventories - Finished Goods, Total	3.45B	3.46B	2.99B	4.36B	4.84B
Inventories - Others	1M	68M	60M	273M	383M
Land - (BS)	4.81B	5.33B	6.01B	6.54B	6.8B
Machinery, Total	11.43B	11.41B	11.64B	11.94B	13.14B
Full Time Employees	35.43K	36.02K	36.52K	36.69K	39.25K
Part Time Employees	-	-	-	2.47K	2.89K
Assets on Operating Lease - Gross	5.48B	5.17B	5.74B	5.78B	6.12B
Assets on Operating Lease - Accumulated Depreciation	-1.65B	-1.55B	-1.79B	-1.93B	-1.93B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	2.8B	3.16B	4.03B	4.95B	5.16B
Depreciation & Amortization - CF	1.83B	2.1B	1.94B	2.17B	2.15B
Amortization of Goodwill and Intangible Assets - (CF)	119M	193M	1.14B	255M	396M
Depreciation & Amortization, Total	1.95B	2.3B	3.08B	2.42B	2.54B
Amortization of Deferred Charges, Total - (CF)	923M	965M	-	784M	959M
(Gain) Loss From Sale Of Asset	10M	49M	35M	5M	14M
Asset Writedown & Restructuring Costs	174M	97M	130M	-16M	24M
(Income) Loss On Equity Investments - (CF)	7M	15M	23M	52M	34M
Other Operating Activities, Total	-179M	386M	-77M	-291M	-94M
Change In Accounts Receivable	-372M	-734M	-409M	-252M	-190M
Change In Inventories	-86M	-223M	-152M	-1.01B	-694M
Change in Other Net Operating Assets	-734M	-1.87B	-250M	471M	-732M
Cash from Operations	4.49B	4.14B	6.42B	7.11B	7.02B
Capital Expenditure	-2.99B	-2.77B	-1.6B	-3.66B	-2.02B
Sale of Property, Plant, and Equipment	13M	48M	21M	8M	11M
Cash Acquisitions	-	-	-	-257M	-152M
Divestitures	-	-	-	66M	1M
Sale (Purchase) of Intangible assets	-	-	-1.44B	-	-2.08B
Investment in Marketable and Equity Securities, Total	-211M	-346M	-635M	-741M	-40M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-427M	51M	-2.31B	-2.02B	3.08B
Other Investing Activities, Total	1M	-	-	-	-1M
Cash from Investing	-3.62B	-3.02B	-5.96B	-6.61B	-1.2B
Long-Term Debt Issued, Total	2.41B	3.22B	5.24B	4.32B	5.63B
Total Debt Issued	2.41B	3.22B	5.24B	4.32B	5.63B
Long-Term Debt Repaid, Total	-2.45B	-2.65B	-3.92B	-4.86B	-4.44B
Total Debt Repaid	-2.45B	-2.65B	-3.92B	-4.86B	-4.44B
Issuance of Common Stock	1.27B	1.03B	471M	3.06B	-
Common Dividends Paid	-2.29B	-1.8B	-1.86B	-3.36B	-4.9B
Common & Preferred Stock Dividends Paid	-2.29B	-1.8B	-1.86B	-3.36B	-4.9B
Other Financing Activities, Total	704M	282M	-448M	-244M	-8M
Cash from Financing	-353M	78M	-518M	-1.09B	-3.71B
Foreign Exchange Rate Adjustments	23M	-29M	50M	-2M	-31M
Miscellaneous Cash Flow Adjustments	-	-	-	1M	-
Net Change in Cash	539M	1.17B	-17M	-582M	2.08B
Supplemental Items
Cash Interest Paid	-	-	159M	189M	312M
Cash Income Tax Paid (Refund)	1.31B	837M	1.55B	2.37B	2.19B
Levered Free Cash Flow	1.07B	4.34B	4.34B	5.4B	-794M
Unlevered Free Cash Flow	1.17B	4.42B	4.41B	5.48B	-679M
Change In Net Working Capital	1.22B	-1.18B	-741M	-1.4B	4.95B
Net Debt Issued / Repaid	-36M	570M	1.32B	-541M	1.2B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.23	6.26	7.48	9.15	9.91
Return on Total Capital	10.6	10.26	11.84	15.32	16.6
Return On Equity %	16.52	16.82	18.71	24.81	26.65
Return on Common Equity	16.5	16.8	18.69	24.78	26.66
Margin Analysis
Gross Profit Margin %	25.87	25.18	27.12	28.4	29.03
SG&A Margin	10.78	10.37	10.67	10.65	11.49
EBITDA Margin %	18.27	20.74	24.48	23.45	23.41
EBITA Margin %	14.5	16.01	20.94	19.94	20.16
EBIT Margin %	14.08	15.33	17.5	19.27	19.19
Income From Continuing Operations Margin %	9.82	11.03	12.19	13.17	12.72
Net Income Margin %	9.8	11.02	12.17	13.15	12.72
Net Avail. For Common Margin %	9.8	11.02	12.17	13.15	12.72
Normalized Net Income Margin	9.24	10.18	11.53	12.72	12.48
Levered Free Cash Flow Margin	3.77	15.13	13.08	14.36	-1.96
Unlevered Free Cash Flow Margin	4.09	15.41	13.3	14.55	-1.68
Asset Turnover
Asset Turnover	0.71	0.65	0.68	0.76	0.83
Fixed Assets Turnover	2.79	2.51	2.88	3.23	3.41
Receivables Turnover (Average Receivables)	32.27	26.89	26.33	27.59	27.3
Inventory Turnover (Average Inventory)	5.35	5.29	5.6	5.38	5.02
Short Term Liquidity
Current Ratio	1.12	1.34	1.42	1.22	1.48
Quick Ratio	0.55	0.97	1.06	0.86	0.99
Operating Cash Flow to Current Liabilities	0.4	0.37	0.49	0.43	0.52
Days Sales Outstanding (Average Receivables)	11.31	13.61	13.86	13.23	13.37
Days Outstanding Inventory (Average Inventory)	68.22	69.22	65.18	67.88	72.65
Average Days Payable Outstanding	49.06	41.72	35.53	34.93	39.92
Cash Conversion Cycle (Average Days)	30.47	41.1	43.51	46.17	46.1
Long Term Solvency
Total Debt/Equity	43.67	41.16	42.39	55.67	47.79
Total Debt / Total Capital	30.4	29.16	29.77	35.76	32.34
LT Debt/Equity	30.84	28.03	28.77	35.33	30.17
Long-Term Debt / Total Capital	21.47	19.85	20.21	22.7	20.41
Total Liabilities / Total Assets	58.86	55.54	55.36	64.28	57.05
EBIT / Interest Expense	27.14	34.11	51.32	63.6	42.26
EBITDA / Interest Expense	40.29	51.9	78.61	84.83	56.09
(EBITDA - Capex) / Interest Expense	20.07	30.41	64.44	52.72	45.14
Total Debt / EBITDA	1.28	1.24	1.09	0.98	1
Net Debt / EBITDA	0.61	0.05	-0.13	-0.13	0.13
Total Debt / (EBITDA - Capex)	2.56	2.12	1.34	1.58	1.25
Net Debt / (EBITDA - Capex)	1.23	0.08	-0.16	-0.21	0.16
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.6	0.62	15.48	13.56	7.69
Gross Profit, 1 Yr. Growth %	1.3	-2.1	24.4	18.9	10.09
EBITDA, 1 Yr. Growth %	-13.35	14.22	36.31	26.24	7.5
EBITA, 1 Yr. Growth %