The financial results of Škoda Auto are reported in accordance with the IFRS Accounting Standards as adopted by the European Union.
In 2024, the Company achieved record sales revenues, operating results and net cash flow maintaining its strong financial performance and stability. This was mainly due to the increase in sales volume and improved sales structure, as well as the successful implementation of measures to continuously optimise the cost and increase efficiency.
€2.1 billion
Operating profit
in 2024€25.5 billion
Sales Revenue
in 2024897,160
Cars
produced in 202434.215
Employee workforce
of Škoda Auto a.s.€838 million
Investments
in 2024€1.7 billion
Profit
after tax€2.1 billion
Operating profit
in 2024€25.5 billion
Sales Revenue
in 2024897,160
Cars
produced in 202434.215
Employee workforce
of Škoda Auto a.s.€838 million
Investments
in 2024€1.7 billion
Profit
after taxThe Commercial Development
A total of 927 thousand Škoda cars were delivered to customers worldwide in 2024 (2023: 867 thousand cars). Škoda Auto deliveries to sales organizations increased by 4.8% year-on-year with 953 thousand cars. Meanwhile, Company revenues reached €25.5 billion (+6.1%). Car sales remained unchanged year-over-year at 80.8% of the overall turnover. The Škoda Octavia, Škoda Kamiq, Škoda Fabia and Škoda Kodiaq were the best-selling models. Deliveries of components and sets of disassembled cars, including MEB and PHEV batteries accounted for 12.1% of total revenues (2023: 11.8%). Business in original parts and accessories accounted for 5.0% of overall revenues (2023: 4.9%). The remaining 2.1% (2023: 2.5%) were revenues from the sale of services (e.g. Škoda Connect), licences, and other revenues.The cost of sales increased by 5.7% year-on-year to €22.4 billion. The gross profit margin stood at 12.2% in 2024, representing a year-on-year increase of 0.3 percentage points. Distribution costs amounted to €679 million, entailing a year-on-year increase of 19.2% mainly due to an increase in transport and advertising expenses. Administrative costs decreased by 21.1% year-on-year to €471 million. The operating profit in the period under review increased year-on-year by 20.5%, reaching an all-time high of €2.09 billion, surpassing the previous record of €1.73 billion set in 2023. Profit before tax stood at €2.10 billion (2023: €1.66 billion). Meanwhile, profit after tax was €1.66 billion (2023: €1.32 billion) and the return on sales before tax grew to 8.3% (2023: 6.9%).
Operating result
Cash Flow
As of 31 December 2024, net cash flows totalled €1.92 billion (31 December 2023: €687 million).
Net cash flow
Assets and Capital Structure
The Company’s balance sheet total as of 31 December 2024 amounted to €11.37 billion, representing a 10.9% increase in the balance sheet total at the end of the previous year. The value of non-current assets rose year-on-year to €7.21 billion and current assets stood at €4.15 billion on the record date (as of 31 December 2023: €3.25 billion).Equity rose by €312 million during 2024 to a total of €4.65 billion. Equity ratio in 2024 stood at 40.9% (2023: 42.3%). The value of non-current liabilities amounted to €1.47 billion. Current liabilities slightly increased to €5.25 billion in comparison with the previous year.
Investment Activity
Investments in 2024 (excluding development costs) accounted for a total of €838 million (2023: €810 million). The biggest portion was invested in new models, of which €295 million went into new technologies, particularly electromobility and digitalisation. The Company spent almost €1 billion on research and development for new products in 2024 (2023: €1.03 billion).
