Audi 2012 Annual Report Download - page 194

197
Management Report
140 Audi Group
151 Business and underlying
situation
173 Financial performance
indicators
176 Social and ecological aspects
190 Risks, opportunities
and outlook
190 Risk report
197 Report on post-balance sheet
date events
197 Report on expected
developments
201 Disclaimer
REPORT ON POST-BALANCE SHEET DATE EVENTS
There were no reportable events of material significance after December 31, 2012.
REPORT ON EXPECTED DEVELOPMENTS
Anticipated development of the economic environment
General economic situation
The Audi Group expects global economic growth to continue in 2013. The emerging economies
in Asia and Latin America should again achieve the highest growth rates, while only a moderate
rise in economic output is expected in the leading industrial nations. We anticipate further ex-
pansion in the global economy in 2014.
Western Europe’s economic development will remain dominated by sovereign debt crises in 2013.
A recessionary pattern is expected in the EU’s southern member states. The situation is only likely
to improve in 2014 if clear progress is made in solving the sovereign debt crises. It is expected
that Germany’s export-driven economy will not remain entirely unscathed by the difficult eco-
nomic conditions in Western Europe, and will achieve only low growth in 2013. However, the
German labor market is likely to remain stable for the time being, thus underpinning domestic
demand. Depending on how the remainder of Western Europe fares, the German economy could
see growth pick up somewhat in 2014.
Most countries of Central and Eastern Europe should again enjoy much higher economic growth
than Western Europe in 2013 and 2014. Nevertheless, their economic fortunes will equally be
influenced by the developments in Western Europe.
The Audi Group anticipates that U.S. economic output in 2013 will grow at a similar rate to last
year. Provided the global economy recovers, 2014 is likely to bring increased growth in the United
States.
The Latin American economy should display increased momentum in 2013 and be able to main-
tain that performance in 2014. In international terms, the region’s growth rate remains above
the average.
Asia’s emerging economies are expected to show an even more dynamic performance. China’s
growth rates in 2013 and 2014 should be on a par with the previous year. On the other hand,
over the next two years the Indian economy is likely to expand at an even faster rate than in
2012. In Japan, economic expansion is likely to abate in 2013 following the country’s recovery
from the consequences of the 2011 natural disaster. The Japanese economy is not expected to
show buoyancy until 2014.
Car market
The Audi Group again expects to see global car markets experience mixed fortunes in 2013. All in
all, we anticipate a slight rise in global demand. We expect the worldwide car market to show
rather more dynamism in 2014.
In Western Europe the Company again expects to see a decline in passenger car sales in 2013.
Due to the continuing sovereign debt crises and the unsettling effect this is having on consumers,
we forecast flat or declining levels of new registrations in virtually all Western European markets.
Nor is the German car market likely to be immune to these developments, with sales of passenger
cars expected to fall slightly in 2013. If the economic environment in Western Europe regains
stability, we expect that demand for cars will improve again in 2014.