Audi 2014 Annual Report Download - page 175

AUDI AG (SHORT VERSION ACCORDING TO GERMAN COMMERCIAL CODE, HGB)
FINANCIAL PERFORMANCE
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FINANCIAL PERFORMANCE
AUDI AG increased its revenue by 8.3 percent to a new record
total of EUR 45,183 (41,732) million in the 2014 fiscal year.
The revenue brought in by sales of cars of the Audi brand rose
by 4.2 percent to EUR 34,693 (33,299) million. The new A3
family was the main revenue driver in the past fiscal year. High
demand for our SUV models, in particular the Audi Q5, also
had a positive impact on the revenue performance of AUDI AG.
Other revenue increased in the 2014 fiscal year, mainly as a
result of higher deliveries of parts sets for local production in
China.
Higher expenditures necessitated by the development of new
models and alternative drive concepts prompted a slightly
disproportionate rise in the cost of goods sold compared with
revenue.
The gross profit of AUDI AG thus reached EUR 5,849 (6,140)
million in the past fiscal year.
Distribution costs showed a year-on-year rise to EUR 3,353
(3,188) million as a result of the sales performance and the
market introductions of new models. Administrative expenses
climbed to EUR 287 (248) million.
The other operating result of AUDI AG improved to
EUR 1,849 (1,461) million in the past fiscal year due to ex-
change rate factors. The result from participations also in-
creased to EUR 755 (740) million in the year under review.
Net interest declined to EUR –320 (–259) million principally
as a result of the lower actuarial interest rate applied in
measuring long-term obligations.
Despite heavy upfront expenditures for new products, technol-
ogies and locations, AUDI AG achieved a slight improvement in
profit from ordinary business activities to EUR 4,492 (4,435)
million. After deduction of income tax expense, AUDI AG
earned EUR 3,239 (3,182) million. The return on sales after
tax thus came to 7.2 (7.6) percent.
Condensed income statement
EUR million 2014 2013
Revenue 45,183 41,732
Cost of goods sold – 39,334 – 35,592
Gross profit 5,849 6,140
Distribution costs – 3,353 – 3,188
Administrative expenses – 287 – 248
Other operating result 1,849 1,461
Financial result 434 270
Profit from ordinary business
activities 4,492 4,435
Income tax expense – 1,253 – 1,253
Profit transferred under a profit
transfer agreement – 3,239 – 3,182
Net profit for the year – –
AUDI AG (SHORT VERSION ACCORDING TO
GERMAN COMMERCIAL CODE, HGB)
AUDI AG achieved a further increase in revenue in the past fiscal year thanks
to the positive development in deliveries. Despite heavy upfront expenditures
for new products, technologies and locations, AUDI AG achieved a result on a
par with the previous year. Thanks to its significant financial strength, the
Company once again succeeded in financing all capital investments from its
own resources.