Audi 2011 Annual Report Download - page 186

183
Management Report
134 Audi Group
143 Business and underlying
situation
159 Financial performance
indicators
162 Social and ecological aspects
175 Risks, opportunities
and outlook
175 Risk report
183 Report on post-balance sheet
date events
183 Report on expected
developments
187 Disclaimer
REPORT ON POST-BALANCE SHEET DATE EVENTS
There were no reportable events of material significance after December 31, 2011.
REPORT ON EXPECTED DEVELOPMENTS
Anticipated development of the economic environment
General economic situation
The Audi Group expects the global upswing to continue in 2012 with less vigor. There are signs
of the economy cooling down in Western Europe in particular. On the other hand the emerging
economies in Asia and Latin America are likely to achieve relatively high growth. Slower global
economic growth means the inflationary pressure in many countries should ease, despite com-
modity price levels remaining high. The Audi Group expects global growth to continue in 2013
as well.
The sovereign debt crisis in the eurozone will continue to overshadow Western Europe’s economic
development in 2012. According to the Audi Group’s estimates, most countries in the region will
enjoy only minimal economic growth, and some Western European countries could be at risk of
slipping back into recession in the course of the year. Assuming clear progress can be made with
regard to solving the sovereign debt crisis, the Audi Group expects there to be a slight recovery
in 2013.
Germany will probably be caught up in the general negative cyclical pattern being experienced in
other Western European countries, particularly as exports to the rest of Western Europe will fall.
After strong GDP growth in the previous two years, the Company therefore expects growth there
to be low in 2012. The German economy should then expand at a faster rate again in 2013.
There will probably be a marked slowdown in economic development in most Central and Eastern
European countries, too. However, the Russian economy should achieve robust growth thanks to
stable demand for commodities worldwide. The Company expects to see Central and Eastern
European economies grow more strongly in 2013.
The Audi Group expects the United States to maintain a moderate growth rate in 2012. Nonethe-
less, consumer spending is expected to provide only little stimulus for the overall economy in
view of the continuing tight state of the labor market and high levels of household debt. The
economy will probably only stage a stronger recovery in 2013.
In Latin America, economic expansion is expected to lose pace somewhat in 2012 due to the global
slowdown, before bouncing back to deliver above-average growth in economic output in 2013.
In the Audi Group’s assessment, the emerging economies of Asia will continue to make dynamic
progress in both 2012 and 2013, though the rate of growth in China will probably ease back
somewhat due to a tighter monetary policy and weaker export demand. By contrast, the Company
expects India’s economy to gather pace a little. The Japanese economy should continue to recover
from the natural disaster of March 2011 in the course of 2012. The upward trend will probably
become more solid in 2013.
The car industry
The Audi Group expects worldwide demand for cars to rise in 2012, even though the rate of growth
will probably be down on last year. With the exception of Western Europe, all sales regions world-
wide should see a rise in unit sales. The Company then expects the global market to forge ahead
more strongly in 2013.