AUDI AG / Release of an announcement according to Article 37x of the WpHG [the
German Securities Trading Act]
02.05.2012 10:25
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Successful first quarter for the Audi Group
ECONOMIC DEVELOPMENT
The global economy continued to grow in the first three months of the
current year, but with further reduced dynamism. Asia's emerging economies
in particular achieved strong growth, while the economic development of
many industrial nations remained subdued. The sovereign debt crisis
resulted in growing recessionary tendencies in a number of Western European
econo-mies in the period under review.
The general economic development prompted higher demand for automobiles
worldwide in the first quarter of 2012, with all sales regions apart from
Western Europe reporting growth. Alongside the Asian car markets, the
principal drivers of growth were the United States and Central and Eastern
Europe.
Demand for cars in Germany showed a slight increase on the prior-year
level, with around 0.8 million new cars registered. Continuing robust
demand from business customers helped to shore up the car market as a
whole. In other Western European countries, demand for cars declined by
11.0 percent as a result of weak economic development.
Sales of automobiles in the United States advanced by 13.3 percent from
January through March 2012. On top of improving consumer confidence, growth
was stimulated by increased replacement demand because of the high average
age of vehicles on the road.
In China (incl. Hong Kong), demand for cars grew by 5.0 percent in the
first three months of 2012.
After the Japanese auto market suffered a major setback in 2011 as a result
of the natural disaster, registrations of new cars recovered in the period
under review to show a gain of 50 percent on the previous year.
PRODUCTION
As a result of the positive trend in demand and the ongoing introduction of
new models, the Audi Group increased vehicle production by 17.6 percent in
the first quarter of 2012, to the new record total of 386,699 (328,780)
cars. This figure includes 75,924 (54,025) Audi vehicles made by the
Chinese joint venture FAW-Volkswagen Automotive Company, Ltd., Changchun
(China). Overall, 386,097 (328,455) vehicles of the Audi brand and 602
(325) supercars of the Lamborghini brand were produced.
At the Ingolstadt Group headquarters the Company manufactured 150,168
(152,151) vehicles in total from January through March 2012. The sharp
increase in the number of vehicles built at Neckarsulm to 75,281 (63,475)
units is mainly attributable to high demand for the A6, A7 Sportback and A8
car lines. In total, 1,276 (848) parts sets for CKD assembly at Aurangabad
(India) were made at the Ingolstadt and Neckarsulm sites.
VEHICLE PRODUCTION BY MODEL
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1-3/2012 1-3/2011
Audi A1 17,396 33,615
Audi A1 Sportback 16,544 10
Audi A3 6,536 8,504
Audi A3 Sportback 38,635 39,598
Audi A3 Cabriolet 3,529 3,888
Audi Q3 25,254 156
Audi TT Coupé 4,961 5,592
Audi TT Roadster 1,937 2,321
Audi A4 Sedan1) 57,226 48,204
Audi A4 Avant 21,335 26,794
Audi A4 allroad
quattro 3,108 2,917
Audi A5 Sportback 15,520 14,029
Audi A5 Coupé 9,618 9,638
Audi A5 Cabriolet 7,392 7,194
Audi Q51) 52,682 44,942
Audi A6 Sedan1) 50,999 37,745
Audi A6 Avant 18,315 10,562
Audi A6 allroad
quattro 477 1,479
Audi A7 Sportback 10,295 8,910
Audi Q7 12,942 12,316
Audi A8 10,814 9,215
Audi R8 Coupé 331 322
Audi R8 Spyder 251 504
Total, Audi brand1) 386,097 328,455
Lamborghini Gallardo 344 316
Lamborghini Aventador 258 9
Total, Lamborghini
brand 602 325
Total, Group1) 386,699 328,780
|[![CDATA[|[/pre|]]]|]
1) Incl. vehicles built in China by the joint venture FAW-Volkswagen
Automotive Company, Ltd.
AUDI HUNGARIA MOTOR Kft. manufactured a total of 11,312 (11,859) vehicles
at the Hungarian plant in GyÅr during the period under review. It built
6,898 (7,913) models of the TT car line jointly with the Ingolstadt plant,
as well as 4,414 (3,946) Audi A3 models on behalf of AUDI AG.
In addition, AUDI BRUSSELS S.A./N.V., Brussels (Belgium), produced a total
of 33,940 (33,625) automobiles of the Audi A1 car line in the first three
months of 2012.
The Volkswagen Group locations Bratislava (Slovakia) and Martorell (Spain)
built 12,942 (12,316) of the Audi Q7 and 25,254 (156) of the Audi Q3
respectively in the first quarter of the current year.
In addition, the Chinese joint venture FAW-Volkswagen Automotive Company,
Ltd., Changchun (China), produced 75,924 (54,025) Audi vehicles of the A4
L, A6 L and Q5 car lines locally.
ENGINE PRODUCTION
|[![CDATA[|[pre|]]]|]
1-3/2012 1-3/2011
Audi Group 522,284 470,306
of which AUDI HUNGARIA MOTOR
Kft. 522,010 470,297
of which Automobili
Lamborghini S.p.A. 274 9
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The first quarter of 2012 saw the Audi Group step up engine production by
11.1 percent to 522,284 (470,306) units.
DELIVERIES
The Audi Group achieved total deliveries of 397,536 (370,234) vehicles
worldwide in the first three months of 2012. The Audi core brand increased
its deliveries by 10.8 percent to 346,137 (312,532) cars.
DELIVERIES TO CUSTOMERS BY MODEL 1)
|[![CDATA[|[pre|]]]|]
1-3/2012 1-3/2011
Audi A1 24,417 30,975
Audi A1 Sportback 5,139 -
Audi A3 6,770 8,638
Audi A3 Sportback 36,070 37,782
Audi A3 Cabriolet 2,671 3,112
Audi Q3 18,038 130
Audi TT Coupé 4,434 5,663
Audi TT Roadster 1,353 1,916
Audi A4 Sedan 53,151 47,538
Audi A4 Avant 18,887 26,580
Audi A4 allroad quattro 1,934 2,807
Audi A5 Sportback 13,768 13,529
Audi A5 Coupé 8,950 9,775
Audi A5 Cabriolet 5,258 5,711
Audi Q5 48,735 41,044
Audi A6 Sedan 48,449 38,292
Audi A6 Avant 17,057 9,989
Audi A6 allroad quattro 250 1,326
Audi A7 Sportback 8,492 5,819
Audi Q7 12,501 13,529
Audi A8 9,098 7,547
Audi R8 Coupé 417 409
Audi R8 Spyder 298 421
Total, Audi brand 346,137 312,532
Lamborghini Gallardo 279 289
Lamborghini Murciélago - 4
Lamborghini Aventador 226 -
Total, Lamborghini brand 505 293
Other Volkswagen Group brands 50,894 57,409
Total, Group 397,536 370,234
|[![CDATA[|[/pre|]]]|]
1) The figures for the prior-year period have been marginally adjusted.
In Europe, deliveries of the Audi brand reached 186,343 (186,463) vehicles
in the first quarter of 2012. This was almost unchanged from the previous
year's high level, despite the in part significant contraction of overall
markets. A total of 115,510 (120,617) cars were delivered in Western
European export markets. In Germany, the Company increased its deliveries
by 3.0 percent to 57,976 (56,283) cars.
Demand for automobiles of the Audi brand also made very healthy progress in
the U.S. market in the first three months of 2012. The number of vehicles
delivered there rose by 16.1 percent to 29,470 (25,383) vehicles.
In the Asia-Pacific region the brand with the four rings delivered 35.3
percent more vehicles than in the first quarter of 2011, taking its tally
to 108,078 (79,891) cars. Once again, the Chinese market (incl. Hong Kong)
in particular made a major contribution to this growth. With a total of
90,063 (64,122) vehicles, the volume of deliveries there was a substantial
40.5 percent up on the previous year.
PRODUCT RANGE STRENGTHENED
The Audi Group continued the process of rejuvenating and expanding its
product range in the first quarter of 2012.
For example, at the start of the year the revised models of the popular A4
car line made their market entry with an extensive selection of powerful
and efficient TDI and TFSI engines. Even though many of the engines offer
more power and torque, their fuel efficiency has been improved by 11
percent on average. Other attractive features of the A4 Sedan, A4 Avant,
A4 allroad quattro and S4 models include their striking design and array of
new solutions for drivability and infotainment.
In February, the A1 family acquired a new member in the shape of the Audi
A1 Sportback. This compact five-door model offers more headroom at the rear
and more convenient access. The A1 Sportback also has an impressively wide
range of infotainment and multimedia systems. The good fuel economy of the
A1 Sportback is due to innovative efficiency technologies such as energy
recovery, the start-stop system and thermal management. For instance the
1.6 TDI engine with an output of 66 kW (90 hp) and manual transmission
averages 3.8 liters of diesel fuel per 100 kilometers and produces
emissions of 99 g COâ/km. From summer 2012 there will also be an
exceptionally sporty version of this car line; the A1 quattro will appear
in a limited edition of 333. With an output of 188 kW (256 hp), the
exclusive top model accelerates from 0 to 100 km/h in just 5.7 seconds and
on to a top speed of 245 km/h.
The Audi A6 hybrid went on sale in March 2012; this is a hybrid version of
the popular full-size sedan. The model has a 2.0 TFSI engine and an
electric motor, giving it a combined system output of 180 kW (245 hp); it
can run on just the combustion engine, just the electric motor, or in the
hybrid mode.
The first quarter also saw the market launch of the TT RS plus Coupé and TT
RS plus Roadster, which are the sporty range-topping models of the TT car
line featuring a performance-enhanced 265 kW (360 hp) 2.5 TFSI engine.
The new RS 5 Coupé that was presented at the Detroit Auto Show at the start
of the year has the allure of a sharper design and outstanding, sporty
driving characteristics. The 4.2 FSI engine developing 331 kW (450 hp)
accelerates the high-performance coupe from 0 to 100 km/h in just 4.5
seconds.
The Audi brand gave the new Audi A3 its first public showing at the 2012
Geneva Motor Show, with the model going on sale from this summer.
Outstanding features of the car line's third generation include its
progressive design with coupe-like styling, along with a range of driver
assistance and infotainment systems that redefine the standard in the
premium compact cat-egory. Thanks to the consistent use of lightweight
materials, the weight of the new A3 has been cut by as much as 80 kilograms
compared with the predecessor version.
Another model showcased at Geneva was the new A6 allroad quattro, of which
deliveries will start in May 2012. The third generation of this versatile
vehicle is especially notable for a fuel efficiency gain of up to 20
percent compared to the previous version.
Also making its world debut at the Geneva Motor Show was the Audi RS 4
Avant, which will go on sale from fall 2012. It combines the power and
drivability of a powerful sports car with a high degree of practical appeal
and everyday utility. Equipped with a 331 kW (450 hp) 4.2 FSI engine and
permanent all-wheel drive, the RS 4 Avant sprints from 0 to 100 km/h in a
mere 4.7 seconds.
FINANCIAL PERFORMANCE
The Audi Group's successful business performance in the first quarter of
2012 is reflected in its financial performance, financial position and net
worth.
Thus, the Audi Group increased revenue by 17.8 percent to the new record
figure of EUR 12,389 (10,514) million. The operating profit for the period
under review reached EUR 1,412 (1,115) million - a rise of 26.6 percent on
the previous year. This positive development is attributable not just to
the continuing optimization of productivity and processes, but also in
particular measure to the increased volume and a higher-grade model mix.
With an operating return on sales of 11.4 (10.6) percent, the Audi Group is
yet again one of the most profitable companies in the automotive industry
worldwide.
In March 2012 a subsidiary of AUDI AG acquired a 30 percent share in
Volkswagen Group Services S.A., Brussels (Belgium), which the Audi Group
accounts for using the equity method.
EMPLOYEES
In the course of implementing its growth strategy, the Audi Group has
increased the total number of employees it plans to hire during the current
fiscal year. In Germany alone, it now envisages taking on around 3,400 new
employees in 2012. On top of approximately 2,000 experts who will be
recruited mainly for the lightweight construction and electric mobility
areas of expertise, some 700 young people will begin apprenticeships at the
Ingolstadt and Neckarsulm locations. There are also plans to give permanent
jobs to around 700 temporary workers.
PERSONNEL CHANGES
There were no personnel changes on the Supervisory Board and Board of
Management of AUDI AG during the period under review.
RISK REPORT
The risk exposure of the Audi Group is registered, evaluated and analyzed
across all divisions through the Audi Group's risk management system. The
process also involves identifying the appropriate risk management
instruments, the implementation and effectiveness of which are monitored so
that any corrective action required can be taken.
As a globally active car manufacturer, the Audi Group is exposed to
industry-typical risks. These are presented in detail in the Risk Report
section of the 2011 Annual Report and remain valid for the quarter under
review.
In view of the sovereign debt crisis in Europe and the ongoing debate about
the stability of Europe's monetary union, economic developments remain
highly uncertain. In particular, the far-reaching consolidation measures
that many countries are implementing in an effort to reduce sovereign debt
could dampen economic development. That would also affect the Audi Group as
an enterprise with international operations.
OUTLOOK
The Audi Group believes that the upturn in the global economy will continue
in 2012 with rather less vigor compared to the previous year. Whereas the
eurozone's sovereign debt crisis will continue to weigh on Western Europe's
economic development throughout the current fiscal year, Asia's emerging
economies in particular should achieve steady growth rates. The Company
expects the United States to continue along its path of moderate growth.
The Company anticipates a positive development in demand for cars in 2012
and expects to see a year-on-year rise in registrations of new cars in
every sales region apart from Western Europe.
For the fiscal year in progress, the Audi Group intends to increase
deliveries of the Audi core brand still further. The Company envisages
increasing its market shares in a large number of sales markets thanks to
its attractive product range, thus enhancing its strong competitive
position in the premium segment worldwide. The launching of a wide array of
new products - such as the Audi A1 Sportback and the new Audi A3 - should
also stimulate growth.
The plans to increase deliveries are likely to bring about a rise in
revenue for the Audi Group. Despite higher expenses for new models,
technologies and expanded production structures, the Company expects
operating profit to remain on last year's high level, provided the economic
framework does not change significantly.
EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
On April 18, 2012, AUDI AG concluded an agreement on the acquisition of 100
percent of the shares of Ducati Motor Holding S.p.A., Bologna (Italy). The
deal to take over the world-renowned manufacturer of sports motorcycles is
pending the approval of the relevant antitrust authorities.
Also on April 18, 2012, the Board of Management and Supervisory Board
reached the policy decision to build an SUV model in Mexico from 2016 at a
plant belonging to the Company; this marks the next logical step within the
Audi Group's drive to expand and internationalize its production
structures. The Company will choose the actual location later on this year.
Effective May 1, 2012, AUDI AG sold off its 100 percent share in Audi
Retail GmbH to a subsidiary of Volkswagen AG, Wolfsburg. Audi Retail GmbH
and its previously consolidated subsidiaries will thus no longer be
included in consolidation by AUDI AG. The effects on the net worth,
financial position and financial performance of the Audi Group are of
lesser significance.
DISCLAIMER
This First Quarter Report contains forward-looking statements relating to
anticipated future developments. These statements are based upon current
assessments and are by their very nature subject to risks and
uncertainties. Actual outcomes may differ from those predicted in these
statements.
02.05.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: AUDI AG
-
85045 Ingolstadt
Germany
Internet: www.audi.de
End of Announcement DGAP News-Service
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DGAP-IRE: Audi Group: First Quarter Report 2012
| Source: EQS Group AG