Audi 2009 Annual Report Download - page 157

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cycles of these models. Conversely, the sharp rise in revenue for the Audi Q5 was particularly
pleasing. The popular premium SUV has consequently already emerged as a key source of reve-
nue for the Company in its first full year of production.
Lower sales attributable to the economic downturn meant that revenue for the Lamborghini
brand was below the previous year’s high figure.
In addition to models of the Audi and Lamborghini brands, the Audi Group sells vehicles of the
Bentley, SEAT, Škoda, VW Passenger Car and VW Commercial Vehicle brands through the sales
subsidiaries VOLKSWAGEN GROUP ITALIA S.P.A. (Verona, Italy), Audi Volkswagen Korea Ltd.
(Seoul, South Korea) and Audi Volkswagen Middle East FZE (Dubai, United Arab Emirates).
Revenue from the trading of these brands was also down on the previous year’s high level
because of reduced economic activity.
The Audi Group reduced the cost of sales by 11.1 percent to EUR 25,649 (28,848) million in the
period under review. The almost proportional decrease in relation to revenue was already
achieved at the onset of the global economic crisis thanks to the ongoing optimization of proc-
esses and cost structures, and active steering of production and fixed costs. The Company’s
forward-looking corporate steering demonstrates its crisis-proof, competitive health.
The gross profit of the Audi Group consequently amounted to EUR 4,191 (5,348) million.
Due to the decrease in volume, distribution costs totaled EUR 3,138 (3,240) million in the past
fiscal year and were therefore actually slightly down on the prior-year figure.
Administrative expenses remained unchanged at EUR 301 (302) million.
The fall in the other operating result to EUR 852 (966) million stemmed predominantly from
lower earnings from the settlement of hedging transactions.
Overall, the Audi Group therefore posted a clearly positive operating profit of EUR 1,604 (2,772)
million in the past fiscal year despite the difficult economic environment. This achievement,
which is the outcome of a corporate strategy of sustained growth, underlines the fact that the
Company is fundamentally sound and competitive.
The fall in the financial result by EUR 81 million to EUR 324 (405) million is substantially due to
the lower market interest rate for cash and cash equivalents invested.
DEVELOPMENT OF PROFIT BEFORE TAX AND RETURN ON SALES BEFORE TAX
200820072006
3,000
2,000
1,000
0
Profit before tax
(EUR million)
Return on sales before tax
(%)
1,928
6.5
3,177
9.3
2,915
8.7
1,946
6.2
2009
The profit before tax of the Audi Group consequently amounted to EUR 1,928 (3,177) million.
After deduction of income tax expense, the Audi Group posted a profit after tax of EUR 1,347
(2,207) million in the period under review.