Audi 2015 Annual Report Download - page 171

AUDI AG (SHORT VERSION ACCORDING TO GERMAN COMMERCIAL CODE, HGB)
FINANCIAL PERFORMANCE
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FINANCIAL PERFORMANCE
In the 2015 fiscal year, AUDI AG increased its revenue by
8.1 percent to a new record of EUR 48,825 (45,183) million,
mainly thanks to positive exchange rate effects and the rise in
deliveries to customers. The revenue brought in by sales of
cars of the Audi brand was up by 12.6 percent to EUR 39,078
(34,693) million. The main driver of revenue growth was high
demand for our SUV models and for the updated A6 family.
The very popular A3 models also had a positive impact on
revenue. In the Western Europe and North America regions,
demand showed a very healthy development despite intense
competition. The weaker performance in China due to the
prevailing economic and market conditions there had an off-
setting effect on vehicle business as well as on other revenue
due to lower deliveries of parts sets.
The cost of goods sold increased as a result of growth to
EUR 41,816 (39,334) million. The gross profit of AUDI AG thus
reached EUR 7,009 (5,849) million in the past fiscal year.
Distribution costs were above the prior-year level at EUR 3,810
(3,353) million due to the higher delivery volume, a challeng-
ing market environment as well as current and future market
introductions of new models. Administrative expenses in-
creased to EUR 334 (287) million mainly as a result of growth
and through mergers of subsidiaries with AUDI AG.
As a result of higher expenditure for the settlement of foreign
currency hedges, which offset the positive exchange rate effects
in revenue, the other operating result of AUDI AG came to
EUR 291 (1,849) million in the past fiscal year.
In contrast, the result from participations increased to
EUR 1,318 (755) million in the year under review. Net interest
declined to EUR –568 (–320) million principally as a result of
the lower actuarial interest rate applied in measuring long-
term obligations. The financial result for the past fiscal year
was EUR 585 (434) million.
As a result of cost-intensive upfront expenditures for new
products, technologies and locations as well as the weaker
market performance in China, profit from ordinary business
activities for AUDI AG decreased to EUR 3,741 (4,492) million.
There were further effects from the diesel issue. These are
presented as part of the management’s overall assessment
on pages 145 ff.
After deduction of income tax expense, AUDI AG earned
EUR 2,752 (3,239) million. Consequently, the return on sales
after tax was 5.6 (7.2) percent.
Condensed Income Statement of AUDI AG
EUR million 2015 2014
Revenue 48,825 45,183
Cost of goods sold – 41,816 – 39,334
Gross profit 7,009 5,849
Distribution costs – 3,810 – 3,353
Administrative expenses – 334 – 287
Other operating result 291 1,849
Financial result 585 434
Profit from ordinary business
activities 3,741 4,492
Income tax expense – 989 – 1,253
Profit transferred under a profit
transfer agreement – 2,752 – 3,239
Net profit for the year – –
AUDI AG (SHORT VERSION ACCORDING TO
GERMAN COMMERCIAL CODE, HGB)
In the past fiscal year of 2015, AUDI AG succeeded in maintaining its course
of growth and further increasing revenue. However, as a result of heavy
upfront expenditures for new products, technologies and locations coupled
with a challenging market environment, we were unable to match the
previous year’s result. Thanks to the Company’s financial strength remaining
at a high level, it was again able to finance all capital investments from its
own resources in 2015.