AUDI AG / Release of an announcement according to Article 37x of the WpHG [the
German Securities Trading Act]
02.05.2011 10:27
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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Audi achieves best first quarter in the Company's history
ECONOMIC DEVELOPMENT
The global economy was still expanding in the first three months of 2011,
with the economy of the emerging markets in Asia in particular experiencing
highly dynamic growth. The economic recovery continued in the United
States. Moderate economic growth was also posted in Western Europe, while
the strong upturn was sustained in Germany.
The global demand for cars continued to show an upward trend in the period
under review. The main growth drivers were the United States, Central and
Eastern European countries and the Asia-Pacific region, whose strong market
growth nonetheless weakened somewhat.
On the German passenger car market, new car registrations recovered
compared with the slump in the prior-year quarter; with a rise of 13.9
percent to 0.8 million new cars they once again reached the average level
of the past ten years. In contrast, new car registrations in Western Europe
(excluding Germany) were down by 6.3 percent. Foremost among the
significant factors influencing this development was the end of state
purchase incentives in the volume markets of the United Kingdom, Italy and
Spain, which resulted in a sharp decline in sales figures here.
On the other hand, demand continued to develop positively in the United
States, with sales of passenger cars and lightweight commercial vehicles
rising in the period from January to March 2011 by 20.2 percent compared to
the same period last year.
The Chinese passenger car market (incl. Hong Kong) increased by 15.5
percent over the high prior-year level.
DELIVERIES
In the first quarter of 2011, the Audi Group delivered a total of 370,293
(322,820) vehicles worldwide.
At the same time, the Audi brand increased the number of vehicles delivered
by 18.4 percent to 312,600 (264,017) units, thus achieving the best first
quarter in the Company's history.
In Europe, the Company confirmed its leading position in the premium
segment with a rise to 186,526 (162,431) vehicles sold. With 120,645
(104,997) units, the Audi brand delivered 14.9 percent more vehicles in
Western Europe (excluding Germany) compared with the prior-year period. In
Germany, the brand with the four rings also significantly increased
deliveries to 56,283 (49,521) vehicles.
The first quarter of 2011 also developed very successfully in the United
States with a 19.1 percent rise in deliveries to 25,383 (21,315) vehicles.
In the Asia-Pacific region, the Audi brand achieved deliveries totaling
79,895 (64,446) vehicles. Here, the Company delivered 64,122 (51,449)
vehicles to the Chinese market (incl. Hong Kong) and thus increased the
prior-year figure by 24.6 percent, which outstripped the overall market
demand.
DELIVERIES BY CUSTOMERS BY MODEL 1)
|[![CDATA[|[pre|]]]|]
1-3/2011 1-3/2010
Audi A1 30,979 168
Audi A3 8,638 10,304
Audi A3 Sportback 37,778 39,210
Audi A3 Cabriolet 3,112 2,792
Audi TT Coupé 5,664 5,260
Audi TT Roadster 1,916 1,637
Audi A4 Sedan 47,537 47,763
Audi A4 Avant 26,579 29,017
Audi A4 allroad quattro 2,806 2,854
Audi A4 Cabriolet - 117
Audi A5 Sportback 13,527 13,108
Audi A5 Coupé 9,773 11,135
Audi A5 Cabriolet 5,711 5,556
Audi Q5 41,053 29,840
Audi A6 Sedan 38,308 41,192
Audi A6 Avant 10,029 9,319
Audi A6 allroad quattro 1,332 1,483
Audi A7 Sportback 5,818 151
Audi Q7 13,528 9,081
Audi A8 7,552 3,419
Audi R8 Coupé 408 507
Audi R8 Spyder 422 104
Internal vehicles before launch 130 -
Total, Audi brand 312,600 264,017
Lamborghini Gallardo 289 208
Lamborghini Murciélago 4 92
Total, Lamborghini brand 293 300
Other Volkswagen Group brands 57,400 58,503
Total, Group 370,293 322,820
|[![CDATA[|[/pre|]]]|]
1) The figures for prior periods have been slightly adjusted.
EXPANSION OF THE PRODUCT PORTFOLIO
By launching the new A6 car line and the R8 GT, A8 L W12 quattro and RS 3
Sportback models, the Audi Group continuously pressed ahead with the
expansion of its product portfolio in the new fiscal year, too.
The virtues of the seventh generation of the A6 luxury-class sedan are
particularly its lightweight body and the large selection of innovative
assistance and multimedia systems. The range already comprises seven
powerful and efficient engines with an output of between 130 kW (177 hp)
and 220 kW (300 hp). A new generation of the Avant and allroad quattro
derivatives as well as the A6 hybrid will also be available at a later
stage.
In addition, the top version of the R8 car line - the R8 GT - has been on
the market as a limited edition of 333 units since the beginning of the
year. The 5.2 FSI engine with quattro drive and an output of 412 kW (560
hp) propels the high-performance sports car, whose weight has been reduced
to 1,525 kilograms due to its systematic lightweight construction, from 0
to 100 km/h in just 3.6 seconds.
Furthermore, in February the A8 L W12 quattro top model was added to the A8
car line. Besides all the high-class features of the luxury sedan, the
vehicle offers particularly outstanding and dynamic performance thanks to
its powerful 12-cylinder engine with a 6.3-liter displacement and an output
of 368 kW (500 hp).
The RS 3 Sportback was also rolled out onto the market in the spring. The
top model of the A3 car line is fitted with a 2.5 TFSI engine which
received the 'International Engine of the Year' award in 2010
(http://www.ukipme.com/engineoftheyear). With five cylinders, this unit is
continuing a long Audi tradition which dates back to the 1980s, when
powerful five-cylinder engines placed the Audi brand firmly at the top of
rally racing.
At the 2011 Geneva Motor Show the Audi Group presented the Q5 hybrid
quattro for the first time, which will go on sale in the course of 2011.
The full hybrid, which has a 2.0-liter TFSI engine and an electric motor,
can be driven either solely with the combustion engine, the electric motor
or in hybrid mode. The vehicle also recovers energy during braking and
activates both units at the same time when accelerating sharply.
The A8 L Security, which will be available from the late summer of 2011,
was also presented to the public in Geneva. The model has strong
armor-plating and a host of other security features yet in visual terms is
almost identical to the series-production version.
In addition, the Audi Group presented the Audi Urban Mobility technology
demonstrator and the A3 concept showcar at the Geneva Motor Show.
FINANCIAL PERFORMANCE
As a result of the positive trend in deliveries, the Audi Group also
succeeded in improving its financial performance, net worth and financial
position.
For example, revenue increased by 27.3 percent to EUR 10,514 (8,260)
million in the first three months of the fiscal year.
At the same time, the Audi Group boosted its operating profit by 133.4
percent to EUR 1,115 (478) million. Apart from the positive effects
resulting from continuous cost and process enhancements, the increase in
operating profit, which significantly outstripped the development in
revenue, can also be attributed to an improvement in the model mix.
The Audi Group thus achieved an operating return on sales of 10.6 (5.8)
percent and has proven once again that it is highly competitive in the
international automotive industry.
There have been no changes to the group of consolidated companies in the
period under review.
OUTLOOK
The Audi Group expects that global economic growth will continue in the
2011 fiscal year, which the automotive business would benefit from as a
whole. According to the estimates of the Audi Group, the demand for new
vehicles will rise in all significant sales regions with the exception of
Western Europe.
In addition to the risks stated in the 2010 Annual Report, the economic
development in Japan and possibly other countries is now also expected to
be severely affected as a result of the natural disaster in Japan. This
could have a negative impact on vehicle production and deliveries.
The Audi Group is nonetheless making plans to increase deliveries of the
Audi core brand to around 1.2 million vehicles in 2011. This growth can be
explained by the general economic trend and, in particular, by the high
level of attractiveness of the Audi brand's product range. In this context,
the successor generation of the Audi A6, the new A7 Sportback and the Audi
Q3 in particular will create additional stimuli.
Due to the increase in deliveries, the key financial performance indicators
of the Audi Group are also expected to improve. For example, the Company
expects a tangible rise in sales revenue and, thanks to continuous cost
enhancements and systematic investment management, also an increase in
operating profit.
PERSONNEL CHANGES
There were no personnel changes on the Supervisory Board and the Board of
Management of AUDI AG during the period under review.
DISCLAIMER
This Quarterly Report contains forward-looking statements relating to
anticipated developments. These statements are based on upon current
assessments and are by their very nature subject to risks and
uncertainties. Actual outcomes may differ from those predicted in these
statements.
02.05.2011 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
Deutschland
Internet: www.audi.de
End of Announcement DGAP News-Service
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DGAP-IRE: Audi Group: First Quarter Report 2011
| Source: EQS Group AG