Exactly one year ago, on September 29, 2022, Porsche AG marked a pivotal moment in its history with its highly anticipated Initial Public Offering (IPO). Looking back on this milestone, Chairman of the Executive Board, Oliver Blume, proudly stated, "Today, we can say that our IPO has been a huge success. It's good for our customers, our shareholders, and our employees alike." Blume highlighted the newfound entrepreneurial freedom and flexibility that came with going public, enabling the company to set its own priorities and respond more swiftly to the dynamic global landscape.
In the wake of its IPO, Porsche wasted no time establishing strategic partnerships in the software sector, including collaborations with industry giants like Apple and Mobileye. According to Lutz Meschke, Deputy Chairman of the Executive Board and Board Member for Finance and IT, such forward-looking initiatives are essential for exceeding customer expectations with future products and Porsche experiences. Meschke emphasized that autonomy accelerates the company's progress, ultimately benefiting shareholders and employees.
On the memorable day of the IPO, Oliver Blume and Lutz Meschke rang the stock exchange bell at the Frankfurt Stock Exchange, marking Europe's most significant IPO by market capitalization. Merely three months later, in December of the same year, Porsche AG secured a rapid entry into the prestigious German stock index, DAX, showcasing the capital market's robust confidence in Porsche's brand, product strategy, and business model.
Porsche's subsequent performance has validated this trust. In the first half of 2023, the sports car manufacturer reported substantial growth in Group sales revenue, Group operating profit, and deliveries, underscoring strong global demand for its sports cars. Blume reaffirmed Porsche's commitment to enhancing product quality, uniqueness, and appeal, with a focus on limited editions and the expansion of their Sonderwunsch program, all while emphasizing sustainability as a vital aspect of their future strategy.
One of Porsche's ambitious objectives is to have over 80 percent of its new car deliveries be all-electric by 2030. The pioneering Taycan, Porsche's first all-electric sports car, is a key player in achieving this goal. Starting in 2024, Porsche will progressively transition its model lines to battery electric powertrains, with the all-electric Macan slated for customer delivery in 2024 and the all-electric 718 planned for mid-decade. Furthermore, an all-electric Cayenne and an upscale all-electric SUV positioned above the Cayenne are in the pipeline to expand Porsche's product portfolio.
Porsche's shareholder structure remains globally diversified and stable, with an exciting emphasis on private investors who now have the opportunity to be part of the Porsche family as shareholders, regardless of whether they own a Porsche vehicle themselves. Going public has made Porsche more accessible and relatable to a broader audience.
Despite recent global financial market volatility, Porsche has upheld its outlook for the current fiscal year and beyond. Barring significant worsening of the global economic and supply situation, Porsche anticipates a Group operating return on sales ranging from 17 to 19 percent by the end of fiscal year 2023, based on estimated sales revenue between 40 to 42 billion euros. In the long term, Porsche aims for a Group operating return on sales exceeding 20 percent. These forecasts reflect Porsche's unwavering commitment to maintaining its strong financial performance in a challenging economic environment.
