Audi 2013 Annual Report Download - page 180

AUDI AG (SHORT VERSION ACCORDING TO GERMAN COMMERCIAL CODE, HGB)
FINANCIAL PERFORMANCE
MANAGEMENT REPORT
177
A
FINANCIAL PERFORMANCE
AUDI AG increased its revenue by 4.5 percent to EUR 41,732
(39,923) million in the 2013 fiscal year.
The Company increased the revenue brought in by sales of cars
of the Audi brand by 2.5 percent to EUR 33,299 (32,475) million.
The main source of revenue in 2013 was our A4 car line, while
sales of vehicles of the new A3 car line were the strongest area
of revenue growth. There was also a positive revenue perfor-
mance in particular from the Q5 and Q7 SUV models.
Other revenue increased to EUR 8,433 (7,448) million in the
2013 fiscal year mainly as a result of a positive sales trend for
parts sets delivered to China.
The dynamic business performance is also reflected in a higher
production volume. As a result, the cost of goods sold climbed
to EUR 35,592 (33,135) million. Despite positive effects from
process improvements and productivity gains, the cost of goods
sold rose slightly faster than revenue, with the latter burdened
by negative currency effects.
The gross profit of AUDI AG thus came to EUR 6,140 (6,788)
million.
Despite the dynamic sales performance and the market intro-
duction of a large number of new models, distribution costs were
at approximately the previous year’s level at EUR 3,188 (3,144)
million. Administrative expenses rose to EUR 248 (229) million.
Other operating result for the past fiscal year of EUR 1,461
(1,415) million was improved above all by earnings from the
settlement of hedging transactions. Thanks to higher income
from participations, AUDI AG increased its result from partici-
pations to EUR 740 (469) million. Net interest declined to
EUR – 259 (– 184) million principally as a result of the reduced
market interest rate for investments of cash and cash equiva-
lents. The financial result was also diminished by an impairment
loss of EUR 211 (–) million at one subsidiary.
Profit from ordinary business activities was reduced to EUR
4,435 (5,115) million above all due to the challenging condi-
tions prevalent in many markets and the cost-intensive input in
products, technologies and locations. After deduction of income
tax expense, AUDI AG earned EUR 3,182 (3,790) million. The
return on sales after tax was 7.6 (9.5) percent.
Condensed income statement
EUR million 2013 2012
Revenue 41,732 39,923
Cost of goods sold – 35,592 – 33,135
Gross profit 6,140 6,788
Distribution costs – 3,188 – 3,144
Administrative expenses – 248 – 229
Other operating result 1,461 1,415
Financial result 270 285
Profit from ordinary
business activities 4,435 5,115
Income tax expense – 1,253 – 1,325
Profit transferred under a
profit transfer agreement – 3,182 – 3,790
Net profit for the year – –
AUDI AG (SHORT VERSION ACCORDING TO
GERMAN COMMERCIAL CODE, HGB)
In the past fiscal year, AUDI AG continued to increase revenue despite a
challenging market environment. Thanks to significant financial strength,
the Company was able once again to finance all capital investments from
its own resources.