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Volkswagen:Quarterly Results/2023 Q2: Difference between revisions
Volkswagen:Quarterly Results/2023 Q2 (view source)
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* CEO/CFO comments on the economy. | * CEO/CFO comments on the economy. | ||
* Order backlog. | * Order backlog. | ||
== Subsidiary results and estimates == | |||
=== Porsche === | |||
* Revenue grew 14% y/y to 20.43 billion euros in the first half of 2023<ref name=":5">https://uk.sports.yahoo.com/news/porsche-confirms-forecast-10-7-060300382.html</ref>. | |||
* Operating profit rose 10.7% y/y to to 3.85 billion euros in the first half<ref name=":5" />. Porsche said that it faced higher costs compared to the same period last year. "The increased costs were due in part to the inflationary environment, intensified sales activities relating to the launch of the new Porsche Cayenne, digitalization and our increased motorsport engagement.” | |||
* In the first half, Porsche return on sales was 18.9%(prior year:19.4%) while automotive EBITDA margin was 25.6%(prior year:14.5%)<ref name=":5" />. | |||
* Porsche warned that supply chain problems are impacting EV production."There is no week where we have no supply chain issue," Chief Executive Oliver Blume said<ref name=":5" />. | |||
* Chief Financial Officer Lutz Meschke warned that hitting their EV target would require a better supply chain situation in the second half<ref name=":5" />. | |||
* Meschke said pricing was stable during the first half. | |||
* The company also pointed to slower growth in Europe and China<ref name=":5" />. | |||
* However, Blume said that the luxury market is more resilient than the mass market. As such, they maintained their 2023 outlook. The company expects operating return on sales to range between 17% and 19% and sales revenue in a range of €40 billion to €42 billion<ref>https://newsroom.porsche.com/en/2023/company/porsche-positive-business-development-first-half-year-2023-33293.html</ref>. | |||
* "The global economic situation remains tense. Efforts to secure supply chains and parts availability, general rising costs and various geopolitical tensions continue to pose challenges for Porsche AG," the press statement noted<ref>https://newsroom.porsche.com/en/2023/company/porsche-positive-business-development-first-half-year-2023-33293.html</ref>. | |||
== Management Guidance and Analysts Expectations == | == Management Guidance and Analysts Expectations == | ||