AUDI AG / Release of an announcement according to Article 37x of the WpHG [the
German Securities Trading Act]
30.04.2013 10:49
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.
---------------------------------------------------------------------------
Audi Group maintains growth in deliveries in first quarter
ECONOMIC ENVIRONMENT
The global economy continued to grow slightly in the first quarter of 2013.
However global economic development was mixed and many industrial countries
in particular again faced major structural challenges. Western Europe's
Mediterranean countries especially were faced with growth rates still in
negative territory due to the ongoing sovereign debt crises. The German
economy proved to be relatively stable and maintained its low growth over
the first three months of the fiscal year. In the United States, the
economy again grew at a moderate rate, held back by uncertainty about the
forthcoming plans for budgetary consolidation. Emerging economies in Asia
consequently once again provided the main stimuli for global economic
growth. The Chinese economy reasserted its role as the powerhouse of
growth.
Worldwide demand for cars in the first three months of the year under
review also reflected the mixed performance of the economy as a whole.
While there was a downward market trend overall in both Western Europe and
Central and Eastern Europe, new registrations increased in the North
America and Asia-Pacific regions. In the German automotive market, the
reluctance of private customers to make purchases on the back of the
eurozone's continuing economic uncertainties was one of the major factors
damping the development in new registrations. In other Western European
countries, the contracting market trend of recent years continued. There
were consequently 8.9 percent fewer new vehicles registered in the first
three-month period than one year earlier. By contrast, sales of cars and
light commercial vehicles in the United States climbed by 6.4 percent
mainly thanks to continuing high levels of replacement demand. The Chinese
car market grew at an even more vigorous rate of 17.3 percent. Along with
the stable economic environment, the still relatively low vehicle density
fueled demand for automobiles.
The international motorcycle markets in the displacement segment above 500
cc also showed little consistency in their performance over the opening
three months of 2013. Overall demand in the key markets for the Ducati
brand fell back by 17.0 percent. Demand in Western European export markets
in particular was down, in some cases significantly. New motorcycle
registrations also decreased in the United States and Germany. On the other
hand, demand for motorcycles in Japan was slightly above the level of the
previous year.
PRODUCTION
We stepped up car production by the Audi Group to a total of 392,818
(386,699) units in the first three months of 2013. This figure includes
87,594 (75,924) Audi vehicles made by the joint venture FAW-Volkswagen
Automotive Company, Ltd. in Changchun (China). In total, 392,337 (386,097)
cars of the Audi brand and 481 (602) supercars of the Lamborghini brand
were built in the first quarter.
From January through March 2013, 12,820 sporty motorcycles of the Ducati
brand were also built. Motorcycle production in the prior-year period
totaled 12,412 units.
CAR PRODUCTION BY MODEL 1)
<pre>
1-3/2013 1-3/2012
Audi A1 10,583 17,396
Audi A1 Sportback 22,153 16,544
Audi A3 10,287 6,495
Audi A3 Sportback 38,393 38,676
Audi A3 Cabriolet 2,314 3,529
Audi Q3 31,229 25,254
Audi TT Coupé 3,396 4,961
Audi TT Roadster 1,345 1,937
Audi A4 Sedan 59,696 57,226
Audi A4 Avant 24,088 21,335
Audi A4 allroad quattro 5,035 3,108
Audi A5 Sportback 14,865 15,520
Audi A5 Coupé 8,454 9,618
Audi A5 Cabriolet 6,254 7,392
Audi Q5 55,328 52,682
Audi A6 Sedan 54,354 50,999
Audi A6 Avant 11,612 18,315
Audi A6 allroad quattro 1,999 477
Audi A7 Sportback 7,192 10,295
Audi Q7 13,501 12,942
Audi A8 9,609 10,814
Audi R8 Coupé 390 331
Audi R8 Spyder 260 251
Total, Audi brand 392,337 386,097
Lamborghini Gallardo 204 344
Lamborghini Aventador 277 258
Total, Lamborghini brand 481 602
Total, Automotive segment 392,818 386,699
</pre>
1) The table includes the vehicles built in China by the joint venture
FAW-Volkswagen Automotive Company, Ltd.
A total of 155,017 (150,970) vehicles were built at Group headquarters in
Ingolstadt in the first quarter of 2013. At the Neckarsulm plant, the
Company produced 67,317 (75,755) vehicles in the period under review.
Over the same period, AUDI HUNGARIA MOTOR Kft. built 7,184 (11,312) units
of the TT car line and A3 family at the GyÅr plant in Hungary. The
Hungarian company marks its 20th anniversary in 2013. Its anniversary year
will see the volume production start of the new A3 Sedan. A production
plant covering the entire process chain - press shop, body shop, paint shop
and final assembly - has consequently been installed there.
In Belgium, AUDI BRUSSELS S.A./N.V., Brussels, produced 32,736 (33,940)
automobiles of the Audi A1 car line in the period under review.
The first quarter also saw 13,501 (12,942) of the Audi Q7 built at
Bratislava (Slovakia) and 28,988 (25,254) of the Audi Q3 produced at
Martorell (Spain), both of these being Volkswagen Group locations.
The Chinese joint venture FAW-Volkswagen Automotive Company, Ltd.,
Changchun, manufactured a total of 87,594 (75,924) Audi vehicles of the A4
L, A6 L, Q3 and Q5 car lines.
In all, 1,452 (1,276) parts sets for CKD assembly at Aurangabad (India)
were made at the
Ingolstadt, Neckarsulm, Bratislava (Slovakia) and Martorell (Spain) sites.
CAR ENGINE PRODUCTION
<pre>
1-3/2013 1-3/2012
Automotive segment 493,973 522,284
AUDI HUNGARIA MOTOR Kft. 493,696 522,010
Automobili Lamborghini S.p.A. 277 274
</pre>
Engine production for the Automotive segment amounted to 493,973 (522,284)
units in the first quarter of 2013.
MOTORCYCLE PRODUCTION BY MODEL
<pre>
1-3/2013 1-3/2012 1)
Ducati Diavel 1,827 -
Ducati Hypermotard 1,597 -
Ducati Monster 3,874 -
Ducati Multistrada 2,590 -
Ducati Streetfighter 1,011 -
Ducati Superbike 1,921 -
Total, Ducati brand 12,820 -
Total, Motorcycles segment 12,820 -
</pre>
1) Motorcycle production since acquisition of Ducati Group in July 2012
From January through March 2013, Ducati manufactured 12,820 motorcycles
worldwide. 11,943 sporty bikes were built at the company headquarters in
Bologna (Italy). The period under review also saw Ducati build 877
motorcycles of the Diavel, Monster and Multistrada models at Amphur
Pluakdaeng (Thailand).
DELIVERIES
The Audi Group delivered a total of 414,848 (397,591) automobiles in the
first quarter of 2013. This figure includes 369,494 (346,105) vehicles of
the core brand Audi, for which
deliveries to customers increased by 6.8 percent. The Lamborghini brand
delivered 519 (505) supercars to customers in the period under review. The
deliveries total furthermore included 44,835 (50,981) cars of other
Volkswagen Group brands.
In Germany, the Audi brand increased its delivery volume to 59,116 (57,976)
cars despite
declining overall market demand. In other Western European countries,
114,451 (115,503) Audi vehicles were handed over to customers. This was
almost on a par with the previous year's high level despite the decline -
in some cases quite sharp - in market demand in countries
affected by the sovereign debt crises. The Audi brand put in a particularly
pleasing performance in the UK. From January through March 2013, 39,242
(35,777) vehicles of the brand with the four rings were delivered, up 9.7
percent on the prior-year period. Conversely, in France and Italy the
Company was again affected by marked consumer restraint, though there was a
slight
improvement on the previous year's total in Spain.
Demand again developed very healthily in Central and Eastern Europe. In
Russia, the region's major export market, we increased the number of
vehicles delivered by 15.4 percent in the first quarter of 2013 to 8,278
(7,174) cars.
The positive trend in demand for vehicles of the Audi brand also continued
in the U.S. market. In the period under review, 34,186 (29,470) cars were
delivered to customers - an increase of 16.0 percent.
The brand also enjoyed substantially higher deliveries in the Asia-Pacific
region. Overall, 14.9 percent more cars or 124,155 (108,075) units were
delivered to customers there in the three-month period. The main driving
force behind this trend was again China (incl. Hong Kong), where 102,810
(90,063) automobiles were delivered.
DELIVERIES OF CARS TO CUSTOMERS BY MODEL 1)
<pre>
1-3/2013 1-3/2012
Audi A1 10,361 24,412
Audi A1 Sportback 22,294 5,139
Audi A3 11,835 6,767
Audi A3 Sportback 28,975 36,058
Audi A3 Cabriolet 2,025 2,671
Audi Q3 28,530 18,037
Audi TT Coupé 3,739 4,434
Audi TT Roadster 1,363 1,353
Audi A4 Sedan 54,421 53,105
Audi A4 Avant 24,630 18,925
Audi A4 allroad quattro 4,842 1,930
Audi A5 Sportback 12,300 13,767
Audi A5 Coupé 7,558 8,950
Audi A5 Cabriolet 4,176 5,258
Audi Q5 56,350 48,738
Audi A6 Sedan 54,601 48,447
Audi A6 Avant 11,569 17,056
Audi A6 allroad quattro 2,403 250
Audi A7 Sportback 6,821 8,491
Audi Q7 11,626 12,494
Audi A8 8,283 9,108
Audi R8 Coupé 419 418
Audi R8 Spyder 247 297
Internal vehicles before launch 126 -
Total, Audi brand 369,494 346,105
Lamborghini Gallardo 266 279
Lamborghini Aventador 253 226
Total, Lamborghini brand 519 505
Other Volkswagen Group brands 44,835 50,981
Total, Automotive segment 414,848 397,591
</pre>
1) The figures for the prior-year period have been marginally adjusted.
Motorcycles
The Ducati brand made a positive impact in the first quarter of 2013 amid a
sharply contracting market. Worldwide, 9,817 motorcycles were handed over
to their owners in the period January through March. The volume of
deliveries in the prior-year period was 10,360 units.
In the United States - the Italian motorcycle manufacturer's biggest sales
market - the period under review saw a total of 1,605 customers chose one
of these sporty bikes.
MOTORCYCLE DELIVERIES TO CUSTOMERS BY MODEL
<pre>
1-3/2013 1-3/2012 1)
Ducati Diavel 1,309 -
Ducati Hypermotard 567 -
Ducati Monster 3,042 -
Ducati Multistrada 1,890 -
Ducati Streetfighter 906 -
Ducati Superbike 2,088 -
Ducati, others 15 -
Total, Ducati brand 9,817 -
Total, Motorcycles segment 9,817 -
</pre>
1) Motorcycle deliveries since acquisition of Ducati Group in July 2012
PRODUCT RANGE BOOSTED
We have made steady progress with expanding the Audi Group's product
portfolio in the 2013 fiscal year.
At the start of the year, extensive improvements were made to the
high-performance Audi R8 models. The high-performance sports car is
available with Coupé or Spyder body in three engine versions, the R8 V8, R8
V10 and R8 V10 plus. Thanks to the newly developed 7-speed S tronic
transmission, and further weight-reducing measures, the improved versions
now offer better fuel efficiency than the corresponding predecessor models.
At the start of February 2013, the A3 family welcomed a new addition - the
A3 Sportback. Like the established three-door version, the popular
five-door model is especially noted for its sporty design and coupé-like
styling. And it has shed up to 90 kilograms compared with the previous
model. The third quarter of 2013 will see the market introduction of the
sporty S3 and S3 Sportback models. These versions will offer abundant power
with low fuel consumption. For instance, the S3 Sportback with 2.0 TFSI
engine, as showcased at the Geneva Motor Show at the start of this year,
has an output of 221 kW (300 hp) and with the optional 6-speed S tronic is
capable of accelerating from 0 to 100 km/h in only 4.9 seconds. With
combined COâ emissions of 159 g/km, the premium compact car achieves an
average fuel consumption of only 6.9 liters of Super Plus fuel per 100
kilometers. The A3 Sedan, due for launch starting in fall 2013, will mark
our venture into the world's biggest market segment of compact sedans. The
dynamic four-door model comes with all the strengths of the A3 family - a
relatively low weight, powerful and efficient engines, plus driver
assistance systems and infotainment functions that are benchmarks in their
segment. The car line's top model is the S3 Sedan, delivering an output of
221 kW (300 hp) and due for a gradual roll-out onto markets a few months
after the A3 Sedan.
The SQ5 TDI unveiled at the 24 Hours of Le Mans last year went on sale this
March. The first diesel-engined S model in Audi's history is equipped with
a biturbo 3.0 TDI engine and develops 230 kW (313 hp). In addition, the
Audi SQ5 with gasoline engine, developed mainly with an eye to the American
and Chinese markets, was presented at the Detroit Motor Show in January
2013. It has a supercharged 3.0 TFSI engine developing 260 kW (354 hp). The
high-performance SUV will be arriving at dealers in the USA in the third
quarter of this year.
Also on show at Detroit was the new RS 7 Sportback that will be available
from fall 2013. Its fascination springs from its impressive driving
dynamics and sporty design. Powered by a V8 biturbo, a 4.0 TFSI engine
developing 412 kW (560 hp), this top model of the A7 car line accelerates
from 0 to 100 km/h in a mere 3.9 seconds.
The new RS 6 Avant made its debut at the Geneva Motor Show in March 2013
and will go on sale from June of this year. It offers a very efficient
setup thanks to increased performance and
reduced weight. The powerful V8 biturbo, a 4.0 TFSI engine, propels the
sporty Avant model from a standstill to 100 km/h in only 3.9 seconds. It
has an electronically governed top speed of 250 km/h. The high-performance
model uses an average of 9.8 liters of Super Plus fuel and achieves COâ
emissions of 229 g/km.
Another model showcased by Audi at Geneva was the new RS Q3, the first RS
model in the Q car line, and due to go on sale from the fourth quarter of
2013. The sporty SUV blends abundant everyday suitability with dynamic
performance and is fitted with a 228 kW (310 hp) 2.5 TFSI engine.
Audi is taking a major step towards sustainable mobility with the A3
Sportback g-tron presented at the Geneva Motor Show. The market launch of
this compact five-door vehicle that can run on natural gas or the
COâ-neutral fuel Audi e-gas is scheduled for the end of the year. In
future, this fuel will be produced at the new Audi e-gas plant in Werlte
(Emsland). The power unit in the A3 Sportback g-tron is based on a newly
developed 1.4 TFSI engine that has an output of 81 kW (110 hp) and is
capable of a top speed of 190 km/h. On average, the compact five-door model
clocks up 100 kilometers on less than 3.5 kilograms of natural gas or Audi
e-gas.
We are also making a concerted effort to take our electric drive systems to
the next level. At the Geneva Motor Show the A3 Sportback e-tron provided a
pointer to the future of electric mobility at Audi. With a system output of
150 kW (204 hp), the premium compact model with plug-in hybrid technology
achieves a top speed of 222 km/h. In purely electric mode the five-door
car's top speed is 130 km/h. Its electric range is then up to 50
kilometers. The A3 Sportback e-tron uses an average of 1.5 liters of Super
Plus fuel and achieves COâ emissions of only 35 g/km.
In the year of its 50th anniversary, the Lamborghini brand showed the
Veneno supercar at the Geneva Motor Show; it will build and sell only three
of this model. With a maximum output of 552 kW (750 hp), the exclusive
model accelerates from 0 to 100 km/h in a mere 2.8 seconds and on to a top
speed of 355 km/h.
In the Motorcycles segment, the first quarter of 2013 saw the production
start of the new
Diavel Strada, Hypermotard, Hypermotard SP, Hyperstrada, Multistrada 1200 S
Granturismo, and 1199 Panigale R models that have been gradually introduced
onto markets since the start of the year.
FINANCIAL PERFORMANCE
As part of our growth strategy, we pursue a strategy of successful
long-term business development for the Audi Group, based on stable
financial performance, financial position and net worth.
In the first three months of 2013, Audi Group revenue reached EUR 11,734
(12,389) million, almost on a par with the previous year's record level
despite the ongoing difficult economic environment. The Automotive segment
contributed EUR 11,569 (12,389) million, while the Motorcycles segment
brought in revenue of EUR 165 million in the first quarter.
The operating profit for the Audi Group reached EUR 1,307 (1,410) million
in the period under review. It should be noted in this connection that the
prior-year figure was reduced by EUR 2 million as a result of the amended
accounting standard IAS 19R. The Automotive segment
generated an operating profit of EUR 1,287 (1,410) million. Meanwhile the
Motorcycles
segment posted an operating profit of EUR 20 million in the first three
months of the fiscal year.
The operating return on sales for the Audi Group of 11.1 (11.4) percent for
the first quarter of 2013 was again above the strategic target corridor of
eight to ten percent. In the Automotive segment, the operating return on
sales likewise reached 11.1 (11.4) percent. The Motorcycles segment
contributed 12.3 percent towards the operating return on sales.
Before tax, the Audi Group earned EUR 1,432 (1,511) million in the first
three months of 2013, almost matching the high prior-year profit and
equivalent to a return on sales before tax of 12.2 (12.2) percent.
After income tax expense, profit was up slightly on the previous year at
EUR 1,055 (1,031) million.
The period under review brought no changes in the scope of consolidated
companies within the Audi Group.
EMPLOYEES
Audi's ongoing growth strategy means there are again plans to recruit a
large number of new employees in the 2013 fiscal year. In Germany alone, we
intend to take on around 1,500 new people at AUDI AG. In addition, some 700
young people are expected to embark on vocational training at the AUDI AG
locations Ingolstadt and Neckarsulm.
PERSONNEL CHANGES
There were no changes of personnel on the Supervisory Board or Board of
Management of AUDI AG during the period under review.
RISK REPORT
Handling potential risks with care is a high priority for the Audi Group. A
Group-wide risk management system that helps to identify, minimize and
avoid risks is consequently in place. Furthermore, it provides a basis for
responding swiftly and comprehensively to changing framework conditions.
The Audi Group is exposed to industry-typical risks that are explained in
detail in the 2012 Annual Report and remain valid.
OUTLOOK
The Audi Group expects global economic growth to continue in the 2013
fiscal year. While the economic development of many industrial nations is
likely to remain severely hampered by high sovereign debt levels and
structural challenges, the emerging economies especially in Asia should
continue to achieve dynamic growth rates. However major uncertainties still
surround the direction of the global economy as a whole.
For 2013, we nevertheless expect a mildly positive development in worldwide
demand for cars, with the individual sales regions likely to produce a
distinctly mixed picture. In addition to the Asia-Pacific region,
developments above all in North America should continue to provide a
positive stimulus for vehicle sales worldwide. Registrations of new cars in
the other major sales regions will probably be on a par with the previous
year; by contrast, the overall market in Western Europe is expected to
contract again in 2013.
With regard to motorcycle markets in the displacement segment above 500 cc,
we anticipate a slight year-on-year decline in demand for 2013 in the
markets that are relevant to Ducati.
For 2013 as a whole, the Audi Group intends to build further on the Audi
brand's volume of deliveries. Thanks to a broad, attractive product
portfolio and the introduction of new models, the company aims to capture
additional market share and extend its already strong competitive position.
The new A3 and the new A3 Sportback in particular are expected to have a
positive impact on demand. Moreover, the new A3 Sedan will extend the car
line in the second half of the year.
The Audi Group is working on the assumption that an increased volume of
deliveries will also translate into further slight revenue growth.
Meanwhile expenditure on new products and technologies and for the
expansion of the worldwide production network is also expected to rise.
Barring any materially significant changes in the economic environment, we
expect the current financial year to bring an operating return on sales at
the upper end of the strategic target
corridor of eight to ten percent.
EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
There were no reportable events of material significance after March 31,
2013.
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.
30.04.2013 DGAP's 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 Group: First Quarter Report 2013
| Source: EQS Group AG