Audi 2006 Annual Report Download - page 151
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1 4 9
Financial performance
The Audi Group increased its revenue by 17.1 percent in the 2006 financial year to
EUR 31,142 (26,591) million, the highest ever in the lengthy history of the company.
Of the revenue total, the amount of EUR 23,404 (19,370) million was generated by sales of
Audi vehicles. As in previous years, the A4 car line was the revenue mainstay. There was,
however, another marked increase in the revenue produced by sales of the A3, A6 and A8
car lines. Even though the new Audi TT Coupé was only gradually launched from September
2006, its outstanding sales performance is already reflected in the revenue figures. The high
demand for the Audi Q7 in the past financial year is noted with particular satisfaction; in its
very first year, this model emerged as a major source of revenue.
The Audi Group also sells vehicles of the Bentley, SEAT, Škoda, VW Passenger Car, VW
Commercial Vehicle brands via the sales subsidiaries AUTOGERMA S.p.A., Audi Volkswagen
Korea Ltd. and Audi Volkswagen Middle East FZE. Revenue from sales of these brands of
vehicles enjoyed an increase of 5.0 percent in the 2006 financial year.
The cost of sales for the Audi Group rose by 16.5 percent and therefore by a slower rate
than revenue. The purchase price reductions and productivity advances secured partially
compensated for the increase in direct materials prompted by the higher sales volume.
The Audi Group was thus able to boost its gross profit by 21.6 percent to EUR 3,833
(3,152) million.
Although the 2006 financial year witnessed a large number of new models launched, dis-
tribution costs rose only underproportionally in relation to revenue, to EUR 2,164 (1,877)
million. Administrative expenses were on a par with the previous year at EUR 237 (240) mil-
lion.
The EUR 211 million rise in the other operating result stemmed principally from the re-
versal of provisions.
The Audi Group’s operating result of EUR 2,015 (1,407) million at the close of the financial
year was EUR 608 million, i.e. 43.2 percent, up on the previous year, supplying yet further
impressive evidence of how successful the ongoing cost-cutting and process improvement
measures have been. The EUR 28 million rise in the financial result is attributable in the first
instance to higher interest income and the improved result for investments accounted for
using the equity method.