Cash flow Porsche Automobil Holding SE

Equities

PAH3

DE000PAH0038

Auto & Truck Manufacturers

Market Closed - Xetra Other stock markets 09:05:21 13/09/2024 pm IST			5-day change	1st Jan Change
39.79 ^EUR	+2.53%		+1.45%	-14.10%

10/09	BMW plummets after lowered outlook - Conti under strong pressure	DP
10/09	Ex-Porsche boss Wiedeking calls for tough cuts at VW - "VW needs a drastic overhaul"	RE

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Published financial data: PORSCHE AUTOMOBIL HOLDING SE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	12Cr	11Cr	-	-	-
Total Revenues	12Cr	11Cr	-	-	-
Cost of Goods Sold, Total	1.7Cr	1.3Cr	-	-	-
Gross Profit	10Cr	9.4Cr	-	-	-
Selling General & Admin Expenses, Total	8.2Cr	8.1Cr	1.6Cr	1.8Cr	1.8Cr
Depreciation & Amortization - (IS)	2.1Cr	2.2Cr	10L	10L	10L
Other Operating Expenses	1Cr	3.9Cr	2.5Cr	-16Cr	-20Cr
Other Operating Expenses, Total	11Cr	14Cr	4.2Cr	-14Cr	-18Cr
Operating Income	-1.3Cr	-4.8Cr	-4.2Cr	14Cr	18Cr
Interest Expense, Total	-40L	-40L	-60L	-6.4Cr	-29Cr
Interest And Investment Income	-	-	-	-	2.4Cr
Net Interest Expenses	-40L	-40L	-60L	-6.4Cr	-26Cr
Income (Loss) On Equity Invest.	440.6Cr	264.1Cr	463.1Cr	453.3Cr	522.9Cr
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	2Cr	-20L	0	70L	-50L
EBT, Excl. Unusual Items	440.9Cr	258.7Cr	458.3Cr	461.2Cr	514.4Cr
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	80L	5.9Cr	-1.7Cr	10L	0
Gain (Loss) On Sale Of Assets	-	-	-	2.2Cr	-
Legal Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	441.7Cr	264.6Cr	456.6Cr	463.5Cr	514.4Cr
Income Tax Expense	90L	2.3Cr	30L	-5.6Cr	4.8Cr
Earnings From Continuing Operations	440.8Cr	262.3Cr	456.3Cr	469.1Cr	509.6Cr
Earnings Of Discontinued Operations	-	-	30L	9.6Cr	-
Net Income to Company	440.8Cr	262.3Cr	456.6Cr	478.7Cr	509.6Cr
Net Income - (IS)	440.8Cr	262.3Cr	456.6Cr	478.7Cr	509.6Cr
Net Income to Common Incl Extra Items	440.8Cr	262.3Cr	456.6Cr	478.7Cr	509.6Cr
Net Income to Common Excl. Extra Items	440.8Cr	262.3Cr	456.3Cr	469.1Cr	509.6Cr
Per Share Items
Net EPS - Basic	14.39	8.56	14.91	15.63	16.64
Basic EPS - Continuing Operations	14.39	8.56	14.9	15.32	16.64
Basic Weighted Average Shares Outstanding	31Cr	31Cr	31Cr	31Cr	31Cr
Net EPS - Diluted	14.39	8.56	14.91	15.63	16.64
Diluted EPS - Continuing Operations	14.39	8.56	14.9	15.32	16.64
Diluted Weighted Average Shares Outstanding	31Cr	31Cr	31Cr	31Cr	31Cr
Normalized Basic EPS	9	5.28	9.35	9.41	10.5
Normalized Diluted EPS	9	5.28	9.35	9.41	10.5
Dividend Per Share	2.21	2.21	2.56	2.56	2.56
Payout Ratio	15.34	25.77	14.8	16.36	15.36
American Depositary Receipts Ratio (ADR)	0.1	0.1	0.1	0.1	0.1
Supplemental Items
EBITDA	-10L	-3.7Cr	-4.1Cr	14Cr	18Cr
EBITA	-30L	-3.8Cr	-4.2Cr	14Cr	18Cr
EBIT	-1.3Cr	-4.8Cr	-4.2Cr	14Cr	18Cr
EBITDAR	10L	-3.6Cr	-4Cr	14Cr	19Cr
Effective Tax Rate - (Ratio)	0.2	0.87	0.07	-1.21	0.93
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-2.9Cr	20L	40L	1.1Cr	-30L
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	3.8Cr	2.1Cr	-10L	-6.7Cr	5.1Cr
Normalized Net Income	275.56Cr	161.69Cr	286.44Cr	288.25Cr	321.5Cr
Non-Cash Pension Expense	10L	0	0	0	10L
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	80L	80L	40L	-	-
Net Rental Expense, Total	20L	10L	10L	10L	10L
Imputed Operating Lease Interest Expense	24.15L	8L	-	-	3L
Imputed Operating Lease Depreciation	-4L	2L	-	-	7L

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	35Cr	26Cr	27Cr	8.6Cr	49Cr
Short Term Investments	9.3Cr	29Cr	37Cr	34Cr	51Cr
Trading Asset Securities, Total	15Cr	4.8Cr	-	-	1Cr
Total Cash And Short Term Investments	59Cr	60Cr	64Cr	42Cr	101.7Cr
Accounts Receivable, Total	2.8Cr	2.2Cr	-	-	-
Other Receivables	5Cr	20L	-	32Cr	30L
Total Receivables	7.8Cr	2.4Cr	-	32Cr	30L
Inventory	40L	50L	-	-	-
Other Current Assets, Total	90L	90L	32Cr	34Cr	1Cr
Total Current Assets	68Cr	64Cr	96Cr	107.6Cr	103Cr
Gross Property Plant And Equipment	5.1Cr	5.3Cr	30L	-	-
Accumulated Depreciation	-1.4Cr	-1.9Cr	-20L	-	-
Net Property Plant And Equipment	3.7Cr	3.4Cr	10L	10L	10L
Long-term Investments	3.46TCr	3.53TCr	4.16TCr	5.77TCr	6.13TCr
Goodwill	15Cr	15Cr	-	-	-
Other Intangibles, Total	9.4Cr	8.1Cr	-	-	-
Deferred Tax Assets Long-Term	20L	30L	-	-	-
Deferred Charges Long-Term	-	-	10L	-	-
Other Long-Term Assets, Total	3.1Cr	9Cr	-10L	20L	10L
Total Assets	3.56TCr	3.62TCr	4.25TCr	5.88TCr	6.24TCr
Liabilities
Accounts Payable, Total	40L	50L	20L	40L	10L
Accrued Expenses, Total	70L	80L	60L	60L	60L
Current Portion of Long-Term Debt	10L	1Cr	-	394Cr	11Cr
Current Portion of Leases	40L	40L	-	10L	10L
Current Income Taxes Payable	10L	10L	-	1Cr	30L
Unearned Revenue Current, Total	2.4Cr	2.5Cr	-	-	-
Other Current Liabilities	6.1Cr	5.2Cr	14Cr	3Cr	1.8Cr
Total Current Liabilities	10Cr	10Cr	15Cr	399.1Cr	14Cr
Long-Term Debt	1.1Cr	10L	-	315.2Cr	661.6Cr
Long-Term Leases	2.4Cr	2.2Cr	-	-	-
Pension & Other Post Retirement Benefits	4.5Cr	5.1Cr	4.2Cr	2.7Cr	3.2Cr
Deferred Tax Liability Non Current	10Cr	10Cr	12Cr	17Cr	18Cr
Other Non Current Liabilities	2.6Cr	2.5Cr	2.9Cr	2.7Cr	6.9Cr
Total Liabilities	31Cr	30Cr	34Cr	736.9Cr	703.2Cr
Common Stock, Total	31Cr	31Cr	31Cr	31Cr	31Cr
Additional Paid In Capital	488.4Cr	488.4Cr	488.4Cr	488.4Cr	488.4Cr
Retained Earnings	3.45TCr	3.63TCr	4.02TCr	4.57TCr	5.08TCr
Comprehensive Income and Other	-439.9Cr	-557.5Cr	-321.3Cr	48Cr	-67Cr
Total Common Equity	3.53TCr	3.59TCr	4.22TCr	5.14TCr	5.53TCr
Minority Interest	10L	10L	10L	-	-
Total Equity	3.53TCr	3.59TCr	4.22TCr	5.14TCr	5.53TCr
Total Liabilities And Equity	3.56TCr	3.62TCr	4.25TCr	5.88TCr	6.24TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	31Cr	31Cr	31Cr	31Cr	31Cr
ECS Total Common Shares Outstanding	31Cr	31Cr	31Cr	31Cr	31Cr
Book Value / Share	115.21	117.37	137.78	167.89	180.66
Tangible Book Value	3.5TCr	3.57TCr	4.22TCr	5.14TCr	5.53TCr
Tangible Book Value Per Share	114.42	116.63	137.78	167.89	180.66
Total Debt	4Cr	3.7Cr	0	709.3Cr	672.5Cr
Net Debt	-55Cr	-56Cr	-64Cr	667.2Cr	570.8Cr
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.6Cr	5.2Cr	4.2Cr	2.8Cr	3.3Cr
Debt Equivalent Oper. Leases	1.6Cr	80L	80L	80L	80L
Minority Interest, Total (Incl. Fin. Div)	10L	10L	10L	-	-
Equity Method Investments, Total	3.46TCr	3.53TCr	4.15TCr	5.75TCr	6.12TCr
Account Code - Inventory Valuation	6	6	6	6	6
Full Time Employees	951	916	882	38	42

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	440.8Cr	262.3Cr	456.6Cr	478.7Cr	509.6Cr
Depreciation & Amortization - CF	60L	60L	10L	10L	10L
Amortization of Goodwill and Intangible Assets - (CF)	1Cr	1Cr	-	-	-
Depreciation & Amortization, Total	1.6Cr	1.6Cr	10L	10L	10L
Amortization of Deferred Charges, Total - (CF)	50L	60L	-	-	-
(Gain) Loss From Sale Of Asset	-30L	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-	-461.5Cr	-455.5Cr	-522.9Cr
Asset Writedown & Restructuring Costs	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-440.6Cr	-264.1Cr	-	-	-
Net Cash From Discontinued Operations	-	-	-50L	2.5Cr	-
Other Operating Activities, Total	69Cr	76Cr	76Cr	56Cr	202.2Cr
Change In Accounts Receivable	-	-	-	-	-
Change In Accounts Payable	-	-	-	-	-
Change In Deferred Taxes	-	-	-	-	-
Change in Other Net Operating Assets	1.4Cr	60L	20L	-10L	-1.7Cr
Cash from Operations	72Cr	77Cr	71Cr	82Cr	187.3Cr
Capital Expenditure	-60L	-20L	-	-	-
Cash Acquisitions	-20L	-	-	-	-
Divestitures	30L	-	-	20Cr	-
Sale (Purchase) of Intangible assets	10L	-	-	-	-
Investment in Marketable and Equity Securities, Total	-32Cr	-18Cr	-30L	-748.7Cr	-24Cr
Other Investing Activities, Total	10L	-	-10L	-10L	-
Cash from Investing	-32Cr	-19Cr	-40L	-728.7Cr	-24Cr
Long-Term Debt Issued, Total	-	-	-	707Cr	471.1Cr
Total Debt Issued	-	-	-	707Cr	471.1Cr
Long-Term Debt Repaid, Total	-50L	-40L	-10L	-10L	-515.1Cr
Total Debt Repaid	-50L	-40L	-10L	-10L	-515.1Cr
Common Dividends Paid	-68Cr	-68Cr	-68Cr	-78Cr	-78Cr
Common & Preferred Stock Dividends Paid	-68Cr	-68Cr	-68Cr	-78Cr	-78Cr
Other Financing Activities, Total	-	-	-1.4Cr	-	10L
Cash from Financing	-68Cr	-68Cr	-69Cr	628.6Cr	-122.2Cr
Miscellaneous Cash Flow Adjustments	-	-	-10L	0	10L
Net Change in Cash	-28Cr	-9.3Cr	1.2Cr	-18Cr	41Cr
Supplemental Items
Cash Interest Paid	30L	30L	10L	5.2Cr	25Cr
Cash Income Tax Paid (Refund)	30L	-3Cr	-2.9Cr	-	-31Cr
Levered Free Cash Flow	-8.06Cr	3.45Cr	-25Cr	-39Cr	24Cr
Unlevered Free Cash Flow	-7.81Cr	3.7Cr	-25Cr	-35Cr	42Cr
Change In Net Working Capital	8.6Cr	-4.7Cr	22Cr	44Cr	-31Cr
Net Debt Issued / Repaid	-50L	-40L	-10L	706.9Cr	-44Cr

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	-0.02	-0.08	-0.07	0.17	0.19
Return on Total Capital	-0.02	-0.08	-0.07	0.17	0.19
Return On Equity %	12.83	7.36	11.68	10.02	9.48
Return on Common Equity	12.83	7.36	11.68	10.02	9.48
Margin Analysis
Gross Profit Margin %	85.47	87.85	-	-	-
SG&A Margin	70.09	75.7	-	-	-
EBITDA Margin %	-0.85	-34.58	-	-	-
EBITA Margin %	-2.56	-35.51	-	-	-
EBIT Margin %	-11.11	-44.86	-	-	-
Income From Continuing Operations Margin %	3.77T	2.45T	-	-	-
Net Income Margin %	3.77T	2.45T	-	-	-
Net Avail. For Common Margin %	3.77T	2.45T	-	-	-
Normalized Net Income Margin	2.36T	1.51T	-	-	-
Levered Free Cash Flow Margin	-68.91	32.24	-	-	-
Unlevered Free Cash Flow Margin	-66.77	34.58	-	-	-
Asset Turnover
Asset Turnover	0	0	-	-	-
Fixed Assets Turnover	5.32	3.01	-	-	-
Receivables Turnover (Average Receivables)	4.33	4.28	-	-	-
Inventory Turnover (Average Inventory)	4.86	2.89	-	-	-
Short Term Liquidity
Current Ratio	6.71	6.07	6.44	0.27	7.52
Quick Ratio	6.58	5.93	4.3	0.18	7.45
Operating Cash Flow to Current Liabilities	7.08	7.36	4.75	0.2	13.67
Days Sales Outstanding (Average Receivables)	84.23	85.51	-	-	-
Days Outstanding Inventory (Average Inventory)	75.15	126.69	-	-	-
Average Days Payable Outstanding	70.97	117.64	-	-	-
Cash Conversion Cycle (Average Days)	88.41	94.56	-	-	-
Long Term Solvency
Total Debt/Equity	0.11	0.1	-	13.8	12.16
Total Debt / Total Capital	0.11	0.1	-	12.12	10.84
LT Debt/Equity	0.1	0.06	-	6.13	11.96
Long-Term Debt / Total Capital	0.1	0.06	-	5.39	10.66
Total Liabilities / Total Assets	0.87	0.84	0.79	12.54	11.28
EBIT / Interest Expense	-3.25	-12	-7	2.12	0.64
EBITDA / Interest Expense	0.75	-8	-6.83	2.14	0.64
(EBITDA - Capex) / Interest Expense	-0.75	-8.5	-6.83	2.14	0.64