AUDI AG / Release of an announcement according to Article 37x of the WpHG [the
German Securities Trading Act]
04.05.2015 10:06
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
ECONOMIC ENVIRONMENT
The global economy achieved steady growth in the first quarter of 2015. In
many industrialized nations the economic revival continued, whereas the
pace of growth declined in certain emerging economies. Lower energy and
commodity prices had a beneficial impact overall on the development of the
world economy.
In Western Europe the economy continued to recover. Northern European
countries again achieved solid GDP growth. Meanwhile, there were further
signs of an imminent end to the recession in most Southern European
countries. Economic development in Central Europe also made positive
progress. On the other hand, recessionary developments in Russia and
Ukraine weighed on the situation in Eastern Europe, against a backdrop of
unresolved tensions between the two countries.
In the United States the economy achieved substantial growth that was
promoted by a drop in unemployment, persistently positive consumer
sentiment and an expansionary monetary policy. The Chinese economy again
acted as a major driver of global economic growth, even if its rate of
growth was down slightly.
Demand for automobiles worldwide rose further in the first three months of
2015. While new registrations in Western Europe, Central Europe, North
America and the Asia-Pacific region rose further, sales totals were
markedly lower in the Eastern European and South American automobile
markets.
Among other factors, rising demand from business customers meant that new
registrations in Germany were up 6.4 percent. Sales of passenger cars in
other Western European countries benefited from the improved economic
environment and achieved growth of 9.4 percent. Demand for automobiles also
improved in the United States, with new registrations of passenger cars and
light commercial vehicles growing by 5.6 percent. The Chinese car market
was yet again a pivotal driver of the worldwide growth in demand for
automobiles. 15.0 percent more passenger cars were newly registered there
than in the previous year.
The established motorcycle markets in the displacement segment above 500 cc
enjoyed a 4.2 percent rise in demand in the first quarter of 2015. A large
number of markets in Western Europe witnessed an increase in registrations
of new motorcycles on the back of the general economic recovery. The United
States equally enjoyed a positive development in demand, while sales of
motorcycles in Japan were down.
PRODUCTION 1)
The Audi Group increased its production of automobiles to 500,643 (447,414)
vehicles in the first quarter of 2015. Of that total, our China-based
partner company FAW-Volkswagen Automotive Company, Ltd. built 151,452
(104,457) automobiles of the Audi brand.
In total, 499,602 (447,103) automobiles of the brand with the four rings
and 1,041 (311) supercars of the Lamborghini brand were built in the period
January through March. The Ducati brand produced 15,378 (13,566)
motorcycles in the first three months of the current fiscal year.
We built 149,582 (160,260) automobiles at the main Group location in
Ingolstadt. 71,878 (70,360) Audi vehicles were produced at Neckarsulm over
the same period.
AUDI HUNGARIA MOTOR Kft. built a total of 43,872 (31,886) cars of the TT
car line and A3 family at GyÅr (Hungary).
AUDI BRUSSELS S.A./N.V. made 29,289 (33,741) vehicles of the A1 car line at
Brussels (Belgium) in the first quarter of 2015.
The two Volkswagen Group locations Bratislava (Slovakia) and Martorell
(Spain) built 17,426 (15,546) of the Audi Q7 and 36,099 (30,853) of the
Audi Q3 respectively over the same period.
In China, FAW-Volkswagen Automotive Company, Ltd. produced 133,201
(104,010) automobiles of the A4 L,A6 L, Q3 and Q5 models at its company
headquarters in Changchun as well as 18,251 (447) vehicles of the A3
family in the southern Chinese city of Foshan.
To supply the assembly plant in Aurangabad (India), 1,734 (1,552) parts
sets and components were produced at the Ingolstadt, Neckarsulm, GyÅr,
Bratislava and Martorell locations in the first quarter of 2015.
1) The figures for the prior-year period have been marginally adjusted.
Car production by model 1)
<pre>
1-3/2015 1-3/2014
Audi A1 9,057 10,882
Audi A1 Sportback 20,232 22,859
Audi A3 6,274 8,114
Audi A3 Sportback 55,070 45,172
Audi A3 Sedan 38,442 21,305
Audi A3 Cabriolet 7,270 2,848
Audi Q3 58,609 44,861
Audi TT Coupé 6,583 5,957
Audi TT Roadster 1,422 1,797
Audi A4 Sedan 58,294 58,777
Audi A4 Avant 22,104 23,549
Audi A4 allroad quattro 4,256 4,966
Audi A5 Sportback 12,032 13,206
Audi A5 Coupé 5,808 8,092
Audi A5 Cabriolet 5,464 6,312
Audi Q5 69,560 66,293
Audi A6 Sedan 66,600 52,644
Audi A6 Avant 14,475 12,811
Audi A6 allroad quattro 2,889 2,427
Audi A7 Sportback 8,177 7,355
Audi Q7 17,426 15,546
Audi A8 8,969 10,740
Audi R8 Coupé 366 368
Audi R8 Spyder 223 222
Audi brand 499,602 447,103
Lamborghini Huracán 768 30
Lamborghini Aventador 273 281
Lamborghini brand 1,041 311
Automotive segment 500,643 447,414
</pre>
1) The table includes the vehicles built in China by our partner company
FAW-Volkswagen Automotive Company, Ltd.
Car engine production
<pre>
1-3/2015 1-3/2014
AUDI HUNGARIA MOTOR Kft. 524,979 537,529
Automobili Lamborghini S.p.A. 293 281
Car engine production 525,272 537,810
</pre>
In the first three months of the current fiscal year, the Audi Group built
a total of 525,272 (537,810) engines in the Automotive segment.
Motorcycle production 1)
<pre>
1-3/2015 1-3/2014
Scrambler 4,856 4
Naked/Sport Cruiser
(Diavel, Monster, Streetfighter) 4,938 6,701
Dual/Hyper
(Hypermotard, Multistrada) 1,930 3,773
Sport (Superbike) 3,654 3,088
Ducati brand 15,378 13,566
Motorcycles segment 15,378 13,566
</pre>
1) The figures for the prior-year period have been marginally adjusted.
Ducati manufactured 15,378 (13,566) motorcycles worldwide in the first
quarter of 2015. 12,700 (12,266) bikes were produced at the company
headquarters in Bologna (Italy). In the same period, Ducati built 2,447
(1,035) motorcycles of the Scrambler, Diavel, Hypermotard, Monster and
Superbike models at Amphur Pluakdaeng (Thailand). 231 (265) units of the
Diavel, Hypermotard, Multistrada and Superbike model lines were made at
Manaus (Brazil) on a contract manufacturing basis.
DELIVERIES 1)
In first three months of 2015, the Audi Group increased worldwide
deliveries to customers by 7.5 percent to 497,073 (462,474) cars. This
total included 438,229 (412,848) vehicles of the core brand Audi - an
increase of 6.1 percent. In the same period, the Lamborghini brand handed
over 884 (529) supercars to customers, while 57,960 (49,097) automobiles of
other Volkswagen Group brands were delivered. The Ducati brand delivered
10,568 (10,544) motorcycles worldwide to their new owners between January
and March 2015.
Demand for vehicles of the Audi brand again made very healthy progress in
the home market Germany. Deliveries to customers climbed 10.2 percent to
73,208 (66,458) automobiles, outperforming the market as a whole.
In other Western European countries, 122,033 (119,212) Audi vehicles were
handed over to customers in the period under review. The brand with the
four rings again made good progress especially in the United Kingdom. We
increased deliveries to customers in that market to 45,783 (43,671)
automobiles.
In Central and Eastern Europe, we handed 11,988 (14,683) customers the keys
to their new Audi in the first three months of 2015. The sales performance
there was dominated by the contracting overall market in the Eastern Europe
region.
With a 13.8 percent increase in deliveries to 40,098 (35,228) Audi brand
vehicles, we made successful progress along our path of growth in the U.S.
automobile market in the first quarter of 2015.
In the Asia-Pacific region, we achieved a 7.6 percent increase in
deliveries of Audi vehicles, taking the total to 162,173 (150,660)
automobiles. China (incl. Hong Kong) was a major driver of this growth. We
increased deliveries in that market by 7.1 percent to 133,316 (124,520)
units. In South Korea, too, there was a very satisfying trend in demand for
our vehicles. In the first quarter of this year, we delivered 9,194 (6,815)
automobiles to customers there.
1) The figures for the prior-year period have been marginally adjusted.
Deliveries of cars to customers by model 1)
<pre>
1-3/2015 1-3/2014
Audi A1 8,346 10,274
Audi A1 Sportback 17,793 21,332
Audi A3 6,009 8,138
Audi A3 Sportback 50,081 41,390
Audi A3 Sedan 32,650 14,947
Audi A3 Cabriolet 5,791 1,276
Audi Q3 49,269 44,968
Audi TT Coupé 5,543 4,486
Audi TT Roadster 798 1,508
Audi A4 Sedan 49,477 53,658
Audi A4 Avant 22,788 21,065
Audi A4 allroad quattro 4,302 4,647
Audi A5 Sportback 11,694 12,608
Audi A5 Coupé 5,415 5,993
Audi A5 Cabriolet 3,724 4,309
Audi Q5 60,571 56,977
Audi A6 Sedan 59,962 55,874
Audi A6 Avant 13,956 12,645
Audi A6 allroad quattro 2,775 2,439
Audi A7 Sportback 6,639 7,835
Audi Q7 12,466 15,970
Audi A8 7,509 9,823
Audi R8 Coupé 416 422
Audi R8 Spyder 255 264
Audi brand 438,229 412,848
Lamborghini Gallardo - 183
Lamborghini Huracán 605 -
Lamborghini Aventador 279 346
Lamborghini brand 884 529
Other Volkswagen Group brands 57,960 49,097
Automotive segment 497,073 462,474
</pre>
1) The figures for the prior-year period have been marginally adjusted.
Motorcycle deliveries to customers 1)
<pre>
1-3/2015 1-3/2014
Scrambler 2,171 -
Naked/Sport Cruiser
(Diavel, Monster, Streetfighter) 4,556 4,996
Dual/Hyper
(Hypermotard, Multistrada) 1,714 3,027
Sport (Superbike) 2,127 2,521
Ducati brand 10,568 10,544
Motorcycles segment 10,568 10,544
</pre>
1) The figures for the prior-year period have been marginally adjusted.
Worldwide, the Ducati brand delivered 10,568 (10,544) motorcycles to
customers in the three-month period under review.
PRODUCT PORTFOLIO
We have been gradually introducing the revised models of the Audi A1 and Q3
car lines into markets since the start of 2015. The A1 and A1 Sportback are
distinguished by their sporty design, agile suspension and
high-performance, efficient engines. Audi has for example unveiled two new
three-cylinder power units for the A1 - the 1.0 TFSI ultra and the 1.4 TDI
ultra. The redesigned Audi Q3 and RS Q3 models offer a compelling blend of
increased power, improved fuel efficiency and a design with even greater
impact.
Furthermore, we have added the Audi TT Roadster, TTS Roadster and TTS Coupé
to the third generation of the TT car line.
The new Audi Q7 has been on sale throughout Europe since March 2015. It
exemplifies our competence in lightweight construction and efficiency, as
well as in assistance and infotainment systems. With a lightweight body
built using multi-material construction, the full-size SUV with 3.0 TDI
engine has an unladen weight of 1,995 kilograms and is therefore up to 325
kilograms lighter than its predecessor model. Its fuel economy has been
improved by up to 28 percent. Thanks to an array of modified features on
its suspension, along with its lower center of gravity, it blends a
supremely comfortable ride with very dynamic handling. In addition to
innovative assistance systems such as adaptive cruise control with traffic
jam assist and an extended range of Audi connect services, the new Q7 can
also be supplied with the innovative Audi virtual cockpit.
We took the wraps off another innovative Q model in the shape of the Audi
Q7 e-tron quattro at the Geneva Motor Show in early March. This TDI plug-in
hybrid automobile is fitted with a six-cylinder diesel engine and permanent
quattro drive. With its lithium-ion battery, it is capable of driving up to
56 kilometers (NEDC) in purely electric mode and therefore with zero local
emissions. In combination with the diesel engine, the new Q7 e-tron quattro
has an overall range of up to 1,410 kilometers. Based on the ECE standard
for plug-in hybrid vehicles, the new e-tron model uses an average of 1.7
liters of diesel per 100 kilometers - equivalent to COâ emissions of 46
g/km.
Another model unveiled in Geneva was the Audi prologue Avant showcar - a
new interpretation of the Avant philosophy. The five-door model with
stretched roof and flat D-posts creates an impression of powerful
athleticism allied to elegant, flowing lines. The new design also expresses
Audi's quattro DNA and gives tangible expression to the technology, both
inside and out. The luxurious interior of the showcar is kept in dark
shades. The display and operating concept meld to form a unit with the
linear architecture.
The new Audi RS 3 Sportback which Audi exhibited at Geneva is one of the
most powerful cars of the compact category in the premium segment; it is
due to appear on the markets from summer 2015. The five-cylinder turbo
engine propels the RS 3 Sportback from 0 to 100 km/h in 4.3 seconds and on
to an electronically governed top speed of 250 km/h - this car is
optionally available with the higher top speed of 280 km/h.
We showed four different models of our second-generation high-performance
sports car at Geneva: the Audi R8 V10, R8 V10 plus, R8 e-tron and R8 LMS.
The comprehensively reengineered Audi R8 delivers sporty road performance
with its high-revving mid engine, systematic use of lightweight
construction and dynamic suspension with new quattro drive and variable
torque vectoring. Two versions of the 5.2 FSI engine are available - with
an output of 397 kW (540 hp) in the Audi R8 V10, and an output of 449 kW
(610 hp) in the Audi R8 V10 plus. The top model accelerates from 0 to 100
km/h in a mere 3.2 seconds.
The R8 e-tron, our electrically powered supercar, draws on new technology
to develop 340 kW of power and 920 Nm of torque. The e-tron model has a
range of more than 450 kilometers. The new Audi R8 LMS racing version was
also unveiled at the same time as the R8 production model. Its development
was pioneered in close cooperation between the motorsport and production
colleagues, to comply with the new GT3 rules that will apply worldwide from
2016.
The Lamborghini brand showed two new models at Geneva - the Aventador LP
750-4 Superveloce and the Aventador LP 700-4 Pirelli Edition. The Aventador
LP 750-4 Superveloce, with more power, a lower weight, improved
aerodynamics and optimized handling, is the most emotional production
Lamborghini ever built. The V12 aspirated engine develops a maximum power
output of 552 kW (750 hp) and accelerates the supercar from 0 to 100 km/h
in 2.8 seconds.
The exclusive limited-edition model Aventador LP 700-4 Pirelli Edition pays
homage to the long-standing partnership between the two brands and boasts a
highly exclusive equipment specification, which Centro Stile Lamborghini
developed especially for this supercar.
The Ducati brand is also systematically extending its product portfolio and
has been rolling out the new Scrambler series - comprising the Icon, Urban
Enduro, Classic and Full Throttle models - in markets since the first
quarter of 2015.
With the 1299 Panigale, Ducati has launched another emotional superbike
with unmistakable design, cutting-edge technology and extreme performance.
In addition, the third generation of the Multistrada 1200 and 1200 S is
available.
FINANCIAL PERFORMANCE
In the first three months of the 2015 fiscal year, Audi Group revenue
increased by 13.1 percent to EUR 14,651 (12,951) million as a result of
growth in deliveries and a beneficial shift in exchange rates. The
Automotive segment achieved revenue of EUR 14,487 (12,796) million, while
the Motorcycles segment generated EUR 164 (155) million. The high demand
for the models of our A3 family and the Q car lines in particular, along
with dynamic growth in the Western Europe, North America and Asia-Pacific
regions, had a positive effect on the revenue performance of the Audi
Group.
From January through March 2015, Audi Group operating profit increased to
EUR 1,422 (1,314) million. The operating return on sales reached 9.7 (10.1)
percent. In the Automotive segment, we achieved an operating profit of EUR
1,410 (1,300) million and an operating return on sales of 9.7 (10.1)
percent despite high up-front spending on new products and pioneering
technologies as well as for the expansion of the international production
network. The operating profit for the Motorcycles segment in the first
quarter of 2015 came to EUR 12 (14) million, taking mix effects and
expenditure following the introduction of new models into account; this
represented an operating return on sales of 7.0 (8.7) percent. After
elimination of the effects of purchase price allocation, the operating
profit came to EUR 17 (20) million and the operating return on sales was
10.6 (12.8) percent.
For the first quarter, the Audi Group achieved a profit before tax of EUR
1,497 (1,398) million and a return on sales before tax of 10.2 (10.8)
percent.
The profit after tax was EUR 1,097 (1,028) million.
The group of consolidated companies changed effective January 1, 2015
following the merger of Audi Akademie GmbH, Ingolstadt, with AUDI AG. This
change has no effect on the presentation of the net worth, financial
position and financial performance.
WORKFORCE
In the course of Audi's growth strategy, the Audi Group is planning to
recruit over 6,000 new employees worldwide during fiscal 2015 - including
some 4,000 in Germany alone.
PERSONNEL CHANGES
On April 25, 2015 Hon.-Prof. Dr. techn. h. c. Dipl.-Ing. ETH Ferdinand K.
Piëch and Ursula Piëch resigned as members of the Supervisory Board of AUDI
AG with immediate effect.
REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES
Report on expected developments
The Audi Group expects a slight increase in world economic growth over 2015
as a whole. The economic recovery should continue in most industrialized
nations, while economic momentum is expected to decline in a number of
emerging economies over the year as a whole.
In our assessment, worldwide demand for cars will see slight growth in
2015. We anticipate rising new registrations in Western Europe, North
America and the Asia-Pacific region, while sales of passenger cars in the
Central and Eastern Europe region and in South America are expected to
fall.
In the displacement segment above 500 cc, we expect demand in the
motorcycle markets that are relevant for the Ducati brand to continue to
rise moderately.
Overall, the Audi Group considers that it is well positioned to address the
challenges that lie ahead and consequently intends to continue along its
course of qualitative growth, in pursuit of the strategic goals that were
explained in detail in the 2014 Annual Report. The forecasts for the key
performance indicators for the full year 2015 are given on pages 192 and
193 of the 2014 Annual Report.
Report on risks and opportunities
The Audi Group is managed on the basis of goals and opportunities, with a
clear focus on increasing the value of the Company. The Group-wide risk
management system plays a key role in identifying potential risks and
opportunities early on, creating farsighted solutions to minimize or avoid
risks, and responding promptly and comprehensively to changes in the
economic environment.
Generally speaking, the Audi Group is exposed to industry-typical risks and
opportunities that are described in detail on pages 198 to 203 of the 2014
Annual Report and remain valid.
EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
No events of particular significance occurred after March 31, 2015.
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 events could differ from the statements formulated
herein.
04.05.2015 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: AUDI AG
-
85045 Ingolstadt
Germany
Internet: www.audi.de
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
DGAP-IRE: AUDI AG: First Quarter Report 2015
| Source: EQS Group AG