AUDI AG / Release of an announcement according to Article 37x of the WpHG [the German Securities Trading Act]
27.04.2009
Interim report according to Article 37x of the WpHG
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Audi brand increases market shares further in 1st quarter
Economic Development
On the back of the sharp economic downturn at the end of 2008, the global
economy continued to deteriorate dramatically in the first quarter of 2009.
Despite far-reaching measures by governments and central banks to stabilize
the financial sector and support the economy, all major industrial nations
apart from China and India now find themselves in a deep recession.
Emerging countries that had previously enjoyed high growth are likewise
increasingly feeling the repercussions of the economic crisis.
During the period under review, the global economic crisis led to a
significant fall in demand for cars worldwide. New car registrations fell
most sharply in Western industrial nations. The negative trend has moreover
now spread to emerging countries, particularly in Central and Eastern
Europe, as well as to Asia.
The U.S. car market shrank year on year by over one-third in the first
quarter of 2009. Major car markets in Western Europe likewise experienced a
sharp drop in demand. Registrations of new cars in Great Britain were
around 30 percent down on the previous year, and the figure for Spain
showed a slump in excess of 40 percent. By contrast, the environmental
bonus in Germany created a special boom in the car market in the first
three months of 2009, particularly in lower price segments. The Chinese car
market's performance also displayed a positive trend thanks to state
incentives for buyers.
Vehicle Deliveries
The Audi Group delivered 261,807 (314,467) vehicles to customers worldwide
in the first three months of the current year.
With 210,027 (251,273) cars delivered, the Audi brand performed
significantly better than the markets as a whole thanks to its fresh,
attractive range of products. Particularly following the market launch of
the new Audi Q5, the Company enjoyed a steady improvement in monthly
vehicle deliveries, after a difficult start in January.
In its home market of Germany, the Audi brand delivered 47,686 (54,727)
cars in a generally difficult market environment for premium manufacturers.
In Western Europe (excluding Germany), the Company held its ground amid
difficult overall conditions, with deliveries of 90,244 (113,047) vehicles
bringing it an increased market share of 4.0 percent, up from 3.3 percent.
In the United States, the Audi brand delivered 15,808 (20,556) vehicles to
customers and consequently performed much better than the market as a
whole. The Company thus increased its share in the premium import market by
0.9 percentage points to 7.3 percent.
In the Asia-Pacific region, where the market remained dynamic, a total of
37,878 (39,572) vehicles were delivered. The Audi brand yet again
strengthened its leading position in the premium segment in China (incl.
Hong Kong), where deliveries reached 29,010 (30,425) units.
Deliveries to Customers by Model<pre>
1-3/2009 1-3/2008
Audi A3 48,880 62,300
Audi TT 6,969 11,656
Audi A4 / RS 4 66,520 79,794
Audi A5 12,455 13,106
Audi Q5 17,221 202
Audi A6 / RS 6 45,572 59,298
Audi Q7 8,541 17,229
Audi A8 2,697 6,261
Audi R8 732 1,427
Internal vehicles before launch 440 0
Total, Audi brand 210,027 251,273
Total, Lamborghini brand 404 639
Other Volkswagen Group brands 51,376 62,555
Total, Group 261,807 314,467</pre>
Expansion of Product Portfolio
The Audi brand maintained its model initiative at the start of the 2009
fiscal year by unveiling numerous new products.
For example the Company premiered the Audi R8 5.2 FSI quattro mid-engine
sports car at the Detroit Auto Show in January. This supercar is powered by
a 10-cylinder engine with FSI technology and an output of 386 kW (525 hp),
which propels the Audi R8 from 0 to 100 km/h in 3.9 seconds.
Another highlight unveiled at Detroit by the brand with the four rings was
the Sportback concept study car, a progressive prototype of a five-door
full-size automobile. With its coupe-like silhouette, the concept car
impressively embodies the Audi formal idiom of the future.
A mere two months later, the Audi brand introduced the trade press to three
more captivating new models at the Geneva Motor Show.
The Audi TT RS, available as Coupé and Roadster versions, marks the brand's
resumption of its lengthy tradition in the domain of five-cylinder engines.
The sports car built using the Audi Space Frame (ASF) construction
principle achieves an output of 250 kW (340 hp) and accomplishes the 0 to
100 km/h sprint in just 4.6 and 4.7 seconds.
The Audi A4 allroad quattro, set to appear in the early summer, is an
exceptionally sturdy vehicle with elevated ground clearance, stainless
steel underbody guard and Offroad Detection (ORD), which adapts the ESP
control system to the prevailing surface conditions. In conjunction with
the driving dynamics system Audi drive select, the S tronic dual-clutch
transmission and an energy recovery system that converts mechanical braking
energy into electrical energy, customers moreover have a pioneering
technology package at their disposal. Three ultra-efficient turbocharged
direct-injection engines will be available at launch, combining high
pulling power and refined running with good fuel economy.
In March the A4 car line was extended by the arrival of the sporty Audi S4
and S4 Avant models. These high-performance vehicles feature a 3.0-liter
TFSI engine with an output of 245 kW (333 hp). As an option, the engine's
power is transferred to the wheels by an innovative seven-speed S tronic
transmission, with virtually no interruption to the power flow. In this
specification, using 9.4 and 9.7 liters of premium fuel per 100 kilometers,
the fuel economy of these new models is on average 26 percent better than
that of their predecessors.
The new Audi A5 Cabriolet with its classic soft top is the perfect way to
combine open-top driving with comfort and everyday utility. Right from
launch this April, it is available with a total of five fuel-efficient
gasoline and diesel engines with outputs ranging from 132 kW (180 hp) to
195 kW (265 hp). A diesel version with an ultra-efficient 2.0-liter engine
will appear at a later date. Rounding off the top end of this car line,
there is the sporty Audi S5 Cabriolet.
Financial Performance
As expected, falling vehicle deliveries eroded the financial performance,
net worth and financial position of the Audi Group in the first quarter of
2009.
Revenue of EUR 6,700 (8,294) million was down on the prior-year figure,
both as a result of lower sales of vehicles due to the economic downturn
and because of adverse exchange rate effects.
The ongoing productivity and process improvements as well as systematic
cost management measures have once again been considerably intensified in
view of the ongoing crisis on global car markets in the current fiscal
year. However, it was not possible to compensate for the economic impact,
with the result that the Audi Group closed the first quarter with an
operating profit of EUR 363 (514) million.
The line-up of consolidated companies in the Audi Group did not change in
the first quarter of 2009.
Outlook
In light of the continuing global economic downturn, the Audi Group expects
to see a sharp drop in worldwide demand for cars in 2009. Major sales
regions, most notably North America and Europe, will be affected by the
negative development.
Within the context of its entrepreneurial activities the Audi Group
moreover encounters various risk areas, which are explained in detail in
the risk report contained in the 2008 Annual Report. The risks described
therein are unchanged.
As far as its strategy of sustained growth is concerned, the Audi Group has
over the past few years created a sound basis on which to compete
successfully even in economically difficult times. The Company will
nevertheless be unable to escape the effects of the global economic
downturn altogether.
Vehicle deliveries by the Audi Group will not match the record level of the
past fiscal year. Thanks to the Audi brand's fresh, attractive product
range, which is continually being extended, the Company anticipates that
deliveries to customers in 2009 as a whole will nevertheless perform better
than the markets as a whole, and that it will again succeed in increasing
market shares in key markets compared with the previous year. The lower
delivery totals expected mean that revenue for 2009 will be down on the
previous year's figure.
The Audi Group uses appropriate early indicators to continually monitor the
performance of key sales markets, so that it can promptly adjust its
production volume to potential fluctuations in demand by exploiting the
flexibility of the Audi Production System. The measures for continually
improving productivity and processes that have been in place for many years
have once again been enhanced. As part of our sustained cost and investment
management policies, additional measures have been taken in order to
cushion the impact which the cyclical downturn in demand is anticipated to
have on profits for the 2009 fiscal year.
Personnel Changes
There were no personnel changes on the Board of Management and Supervisory
Board of AUDI AG during the period under review.
Disclaimer
This Interim Report contains future-related statements relating to
anticipated future developments. These statements are based upon current
assessments and are inherently subject to risks and uncertainty. Actual
events could differ from the statements formulated herein.
DGAP 27.04.2009
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Language: English
Issuer: AUDI AG
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85045 Ingolstadt
Deutschland
Internet: www.audi.de
End of News DGAP News-Service
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DGAP-IRE: AUDI AG: Audi brand increases market shares further in 1st quarter
| Source: EQS Group AG