- WKN: 675700
- ISIN: DE0006757008
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Nachricht vom 31.10.2019 | 10:00
Audi Group: Third Quarter Report 2019
DGAP-News: AUDI AG
/ Key word(s): Quarterly / Interim Statement/Quarter Results
AUDI GROUP FROM JANUARY TO SEPTEMBER 2019 - CORE MESSAGES
- Stable business figures despite numerous challenges:
- Difficult market environment as well as model changeovers and therefore temporarily restricted portfolio in certain countries impact delivery figures
- Robust financial key figures despite lower volume and the need to continue investing in the future
- Revenue and related key performance indicators significantly influenced by the deconsolidation of multi-brand sales companies, as forecast
- Deliveries to customers Audi brand down by -3.6 percent to 1,357,102 (1,407,672) vehicles (global demand for cars -5.0 percent);
- Revenue lower than in the prior-year period at EUR 41.3 (44.3) billion owing to elimination of multi-brand trading business (deconsolidation); Audi brand revenue +5.8 percent as a result of mix effects thanks to welcome growth in the full-size segment
- Operating profit reaches EUR 3.2 (2.9) billion, with the prior year negatively impacted by special items (EUR -800 million);
- Audi Transformation Plan: measures with an effect on the operating business of more than EUR 1.3 billion implemented in the period under review
- Net cash flow still strong at EUR 3.3 (3.1) billion thanks to investment discipline
- Outlook: forecast for financial figures for 2019 as a whole stable
- Adjustment: Audi brand deliveries now expected to be slightly above prior-year level
- Slight increase in revenue thanks to positive mix effects
- Operating return on sales still at 7.0-8.5 percent
- Net cash flow on target within range of EUR 2.5-3.0 billion
- Research and development ratio moderately higher than the strategic target corridor of 6.5-7.0 percent, ratio of capex slightly below 5.5-6.0 percent
- Further positive effects expected from the Audi Transformation Plan
The global economy continued to grow in the first nine months of 2019, although momentum declined over the course of the year. In both developed and emerging economies, average growth in gross domestic product (GDP) was lower than in the prior-year period. The economic development was influenced, in particular, by increasing trade disputes worldwide and the rise in market uncertainty.
In Western Europe, GDP increased slightly overall, but the pace of growth declined year-on-year. Negative factors included, among others, a rise in global tension, weaker worldwide demand and the continued risk of the United Kingdom leaving the European Union (EU) without a withdrawal agreement ("no-deal Brexit"). Central and Eastern Europe, especially Russia, the largest economy in this region, also generated slower year-on-year growth. In contrast, the U.S. economy continued to grow robustly - although with dwindling momentum - on the back of good consumer spending. Brazilian GDP increased somewhat, albeit from a low base. The People's Republic of China reported a slightly slower growth rate, yet still high by international standards. Measures taken by the Chinese government to support the economy had a stabilizing effect.
Global demand for cars declined by -5.0 percent to 59.2 (62.3) million vehicles between January and September 2019, partly due to increased economic uncertainty. The Western Europe, North America, South America and Asia-Pacific regions saw a drop in new registrations. Sales figures only stabilized year-on-year in Central and Eastern Europe.
In the Western European car market as a whole, new registrations were down by -2.0 percent. However, demand for passenger cars in individual Western European markets varied. In Germany, new registrations performed positively, rising 2.5 percent on the back of higher commercial demand.
The U.S. market for passenger cars and light commercial vehicles contracted by -1.2 percent year-on-year. However, the shift in demand toward SUVs and pick-up models in the USA remains intact. Contrary to the general market trend in South America, the Brazilian market for passenger cars and light commercial vehicles continued to recover and new registrations rose by 8.8 percent.
China, the world's largest passenger car market, recorded a decline of -7.6 percent. In particular, the ongoing trade dispute between China and the USA held back purchases by Chinese customers in the first nine months of the year.
The decline in market demand and major challenges arising from the need to bring business models in line with future requirements prompted numerous companies in the car and supplier industries to introduce or tighten efficiency programs in the first nine months of 2019.
From January to September 2019, the established motorcycle markets in the displacement segment above 500 cc recorded a rise in demand of 1.0 percent. Demand improved particularly in Western Europe. By contrast, new registrations of motorcycles in the USA were below the prior-year level.
Fuel/power consumption and CO2 emission figures as well as the efficiency classes can be found at the end of the document.
At our Group headquarters in Ingolstadt, a total of 333,815 (367,270) cars of the Audi brand left the production lines in the first nine months of 2019. In Neckarsulm we manufactured 133,621 (135,431) Audi models in the same period.
The Audi Group produced 400,824 (377,640) vehicles worldwide in the third quarter of 2019. This figure includes 151,036 (151,181) Audi vehicles manufactured by the associated company FAW-Volkswagen Automotive Company, Ltd., Changchun (China). The Audi brand accounted for 398,925 (375,918) of the total cars produced, and the Lamborghini brand for 1,899 (1,722). The Ducati brand manufactured 9,633 (7,375) motorcycles in this period.
1) The table includes 418.140 (457.619) Audi models produced by the associated company FAW-Volkswagen Automotive Company, Ltd., Changchun (China).
Worldwide, the Ducati brand produced a total of 44,392 (45,372) motorcycles in the first nine months of 2019. 36,999 (37,774) of these were built at the company headquarters in Bologna (Italy). In the same period, Ducati also produced 6,789 (6,756) motorcycles at the Amphur Pluakdaeng site in Thailand. In addition, 604 (842) motorcycles were built in Manaus (Brazil) on a contract manufacturing basis.
Fuel/power consumption and CO2 emission figures as well as the efficiency classes can be found at the end of the document.
1) The figures for the prior-year period have been marginally adjusted.
In Western Europe, our delivery volume was affected by the restricted availability of model variants at the start of the year due to the changeover to the WLTP test cycle and by renewal of our product portfolio. As a result, the volume declined to 559,994 (577,877) Audi brand vehicles.
In the Central and Eastern Europe region, we delivered a total of 35,166 (38,272) cars with the Four Rings to customers in the first nine months of 2019. In Russia, deliveries were at the previous year's level, while the volume declined in many other Central European countries.
In the same period we handed 192,437 (207,422) cars of the Audi brand over to customers in the North America region. In the USA, deliveries fell by -5.3 percent to 158,471 (167,420) units. The encouraging trend of our full-size models could not offset the restricted availability of vehicles and the challenging competitive situation in the reporting period. In Canada, our deliveries were also down.
With 534,607 (542,858) Audi vehicles delivered to customers, we also recorded a slight decrease in volume in the Asia-Pacific region. By contrast, in China - our biggest single market - our sales figures rose to 491,040 (483,001) cars, an increase of 1.7 percent and thus a new record volume for the reporting period.
In the third quarter of 2019, our delivery figures dropped to 452,899 (512,467) vehicles worldwide. It should be noted that the prior-year figure still includes deliveries of other Volkswagen Group brands by multi-brand sales companies, which are no longer reported by the Audi Group as of January 1, 2019. A total of 450,922 (458,439) Audi brand models were delivered, including 167,054 (157,613) built locally by FAW-Volkswagen Automotive Company Ltd., Changchun (China). The Lamborghini brand delivered a total of 1,964 (1,227) vehicles worldwide between July and September 2019, while the Ducati brand delivered 12,105 (11,659) motorcycles in this period.
1) The table includes deliveries of 446,330 (440,197) vehicles produced locally by the associated company FAW-Volkswagen Automotive Company, Ltd., Changchun (China).
2) The figures for the prior-year period have been marginally adjusted.
3) The figures for the prior-year period have been marginally adjusted.
Market introductions in 2019: Audi models presented or introduced in the period under review
Electric and electrified models presented or introduced in the period under review
1) These cars are not yet available for sale. They do not yet have type approval.
The Ducati brand has introduced a large number of new and revised models in 2019. One example is the market launch of the Panigale V4 R, the most powerful series-production motorcycle ever built by Ducati. In addition, the Ducati V4 S Corse model variant comes with an exclusive MotoGP paint finish. Complementing the new Ducati Multistrada 1260 Enduro, the versatile Multistrada 950 and 950 S - the latest additions to the Multistrada range - feature state-of-the-art technology to improve safety and enhance ride comfort. Other new launches in the 2019 model year are the second generation of the Diavel 1260 and 1260 S as well as the Ducati Hypermotard 950 and 950 SP, which have been completely revised, including improvements to the suspension and a highly modern electronics package. The Ducati Monster range also includes the revised versions of the 797 and 797+, along with a new model variant, the Monster 821 Stealth. In addition, the Scrambler models Icon, Café Racer, Full Throttle and Desert Sled were extensively revised for 2019.
FINANCIAL PERFORMANCE INDICATORS
Fuel/power consumption and CO2 emission figures as well as the efficiency classes can be found at the end of the document.
- FIRST-TIME ADOPTION OF NEW ACCOUNTING STANDARDS
Since January 1, 2019, the Audi Group has recognized leases in accordance with IFRS 16. Due to the first-time recognition of rights of use and the corresponding lease liabilities, the balance sheet total increased slightly. In addition, this had a moderate impact on individual income statement items and on our financial key figures.
- CHANGES TO THE GROUP OF CONSOLIDATED COMPANIES
Effective January 1, 2019, management responsibility for the multi-brand sales companies Volkswagen Group Italia S.p.A., Verona (Italy), Audi Volkswagen Korea Ltd., Seoul (South Korea), Audi Volkswagen Middle East FZE, Dubai (United Arab Emirates), and Audi Volkswagen Taiwan Co., Taipei, was transferred to Volkswagen AG, Wolfsburg, under a control agreement and as a result the companies concerned were deconsolidated. Since the start of the 2019 fiscal year, these companies have been recognized in the consolidated financial statements of the Audi Group using the equity method - the legal ownership structures remain unchanged.
In addition, Autonomous Intelligent Driving GmbH (AID), Munich, a wholly owned subsidiary of AUDI AG, was fully consolidated in the consolidated financial statements of the Audi Group, also effective January 1, 2019. The initial consolidation of this company did not have a material impact on the net worth, financial position and financial performance of the Audi Group. On July 12, 2019, Volkswagen AG, Wolfsburg, announced that together with Ford Motor Company, Dearborn (USA), it will invest in Argo AI, Pittsburgh (USA), a company that specializes in software platforms for autonomous driving, and that this is to be effected, among other things, by the contribution of AID.
- FINANCIAL PERFORMANCE
The Audi Group generated revenue of EUR 41,332 (44,257) million in the first nine months of 2019. The decline is attributable to the deconsolidation of the multi-brand sales companies, which contributed a total of EUR 4.2 billion to revenue in the prior-year period.
In the Automotive segment, revenue was likewise below the prior-year level as a result of this, reaching EUR 40,765 (43,659) million. At the same time, revenue from the Audi brand car business improved to EUR 29,577 (27,958) million, partly as a result of mix effects due to the market success of the SUV model Audi Q8 and our new fully electric SUV Audi e-tron. In addition, revenue from the Lamborghini brand increased to EUR 1,343 (813) million as a result of high demand for the new Lamborghini Urus. While our revenue from business with engines and powertrains was at the prior-year level, revenue from the delivery of parts declined - due, among other things, to market management measures for our local production in China. Furthermore, there was a decrease in revenue from other automotive business, which primarily includes our genuine parts business.
In the Motorcycles segment, revenue generated by the Ducati brand amounted to EUR 567 (599) million. Stable volume was offset by predominantly negative mix effects.
Key operating performance figures, Audi Group
1) Effects of purchase price allocation
In the Automotive segment, we generated an operating profit of EUR 3,200 (2,832) million and an operating return on sales of 7.8 (6.5) percent. The lower volume of vehicles and the associated weaker capacity utilization of our plants had a negative impact. Increased upfront expenditure for future mobility solutions and a rise in personnel costs also weighed on current profitability, while lower distribution costs had a positive effect. In addition to an improved model mix and the encouraging figures reported by the Lamborghini brand, the successful continuation of the Audi Transformation Plan (ATP) also had a positive influence on our financial key figures in the period under review. Between January and September 2019, we implemented measures with an effect on operating business of more than EUR 1.3 billion. Since the start of the ATP in 2018, the program has already brought in more than EUR 3.3 billion. By 2022, the ATP is expected to raise a total of EUR 15 billion.
In the Motorcycles segment, the operating profit of the Ducati brand matched the prior-year level in the first three quarters of 2019 at EUR 39 (39) million. This represents an operating return on sales of 6.9 (6.5) percent. After elimination of the effects of purchase price allocation, Ducati achieved an operating profit of EUR 56 (56) million and an operating return on sales of 9.9 (9.4) percent.
Financial result, Audi Group
1) Influenced by the effect of initial consolidation of multi-brand sales companies
2) Financial brand settlement agreed between AUDI AG and Volkswagen AG, Wolfsburg, and performance-related income for China business in connection with associated companies
3) One-time effect in 2018
4) Includes the items FAW-Volkswagen Automotive Company, Ltd., Volkswagen Automatic Transmission (Tianjin) Company Ltd, SAIC Volkswagen Automotive Company Ltd., brand settlement for China business and dividend from FAW-Volkswagen Automotive Company, Ltd.
In the same period, the profit before tax of the Audi Group increased to EUR 3,668 (3,458) million and the return on sales before tax increased accordingly to 8.9 (7.8) percent. Profit after tax ultimately came to EUR 2,842 (2,598) million.
- NET WORTH
As of September 30, 2019, the balance sheet total of the Audi Group increased to EUR 68,069 (65,598) million compared with the position as of December 31, 2018.
Non-current assets amounted to EUR 33,783 (32,393) million. The main driver was the year-on-year rise in investments accounted for using the equity method as a result of the first-time valuation of shares in the multi-brand sales companies using the equity method. In addition, initial application of IFRS 16 as of January 1, 2019, led to an increase in non-current assets.
Current assets totaled EUR 34,286 million, compared with EUR 33,205 million as of December 31, 2018. In particular, cash and cash equivalents rose. This was countered by a lower inventory level and reduced trade receivables, due in part to the deconsolidation of the multi-brand sales companies.
The equity of the Audi Group as of September 30, 2019, amounted to EUR 29,255 (29,698) million. Influenced by interest effects relating to provisions for pensions and valuation effects for hedging, the equity ratio of the Audi Group decreased to 43.0 (45.3) percent as of September 30, 2019, compared with December 31, 2018.
At the end of the first three quarters of 2019, non-current liabilities changed to EUR 17,330 million compared with EUR 14,549 million at the end of 2018. Valuation effects from falling interest rates led to increases in long-term parts of provisions for pensions. Non-current and current financial liabilities also increased as a result of the initial application of IFRS 16 as of January 1, 2019.
- FINANCIAL POSITION
The Audi Group generated cash flow from operating activities of EUR 5,791 (6,248) million in the nine months of 2019.
The net cash flow in the period January through September 2019 was EUR 3,271 (3,116) million, which was positively influenced by, among other things, a further improvement in investment discipline.
With effect from July 1, 2019, Hildegard Wortmann assumed responsibility for Marketing and Sales within the Board of Management. This position had previously been held temporarily by Abraham Schot, who is also the Chairman of the Board of Management.
We want to shape the transition of the automotive industry and make ourselves fit for the future with our Audi Transformation Plan. This requires flexibility in order to remain economically viable in the future. We are therefore currently reviewing our processes and structures, creating new models of collaboration and developing new forms of working. We are currently in dialogue with the employee representatives regarding the joint "Audi.Zukunft" procedure and aim to reach an agreement on the most important cornerstones in the remaining course of 2019. Taking account of the future product portfolio, long-term volume planning and the resulting plant assignment, the focus is on ensuring the long-term competitiveness of our Company. This includes adjusting the strategic capacity of our plants and reviewing employment structures along the demographic trend. Furthermore, changed customer requirements are associated with the need for optimization in our production network and flexibility in shift organization. Another focus is on training our employees with an eye to future tasks. For this reason, the Company increased its budget for further training by one-third in 2018 to an annual total of EUR 80 million. AUDI AG wants to invest more than half a billion euros by 2025.
The Volkswagen Group Essentials form the basis of our collaboration. We strive for a corporate culture that is in keeping with these principles and with our Code of Cooperation.
- REPORT ON EXPECTED DEVELOPMENTS
For 2019 as a whole, the Audi Group still anticipates a slight slowdown in global economic growth compared with the previous year. We anticipate weaker economic momentum than in 2018, both in the advanced economies and in emerging markets. The Asia-Pacific region should continue to generate the highest GDP growth rates. However, geopolitical tensions and conflicts, structural weaknesses in individual countries, financial market turbulence and increasing trade disputes continue to represent potential disruptive factors with regard to global economic growth.
The Audi Group expects demand for cars to develop at different rates in the individual regions in 2019. Overall, we now think that global demand for new vehicles will probably be below the 2018 level. For Western Europe as well, we currently expect new registrations to be lower than in the 2018 reporting year. In the Central and Eastern Europe region, we expect a rise in vehicle sales. New registrations of passenger cars and light commercial vehicles are likely to be below prior-year levels in North America's largest sales market, the USA. We now also expect to see a drop in demand for passenger cars and light commercial vehicles in South America. Based on the current estimates, the development of new registrations in the Asia-Pacific region - and especially in the region's largest market for passenger cars, China - is also likely to be negative.
In the motorcycle markets that are relevant for the Ducati brand in the displacement segment above 500 cc, we now anticipate that the volume of new registrations will increase slightly in 2019 as a whole in the face of an overall market that continues to be challenging worldwide.
The forecasts for the key performance indicators for the full year 2019, which are explained in detail in the 2018 Annual Report on pages 137 f., fundamentally remain valid. The impact of the deconsolidation of multi-brand sales companies has already been factored in.
- REPORT ON RISKS AND OPPORTUNITIES
The central task of risk and opportunity management is to systematically render risks transparent and improve their controllability, while also providing the impetus to generate or exploit opportunities. The priority is to increase the value of the company.
As a result of the current international trade disputes, the risk persists of tariffs being levied on vehicle imports with a corresponding impact on our delivery volume and our financial key figures. In addition, the trade sanctions that currently exist between the USA and China may also have a negative impact on our supply chain. This risk is counteracted through ongoing monitoring by a task force and a review of the adjustment options for individual components.
In addition, there is a fundamental risk to market supply through our global dealer network in connection with possible changes in the Company's strategic direction, in China for example. Volume and profit risks could result from this. Risk management is conducted by means of an ongoing exchange with our partners and regular reporting to top management.
Volkswagen AG and certain affiliates, including AUDI AG, have reached a settlement in principle of the consumer protection claims asserted by the Attorney General of the U.S. state of New Mexico. New Mexico was the last remaining state asserting consumer protection claims.
In June 2019, the U.S. District Court for the Northern District of California dismissed two putative class action complaints brought by purchasers of German luxury vehicles alleging that, since the 1990s, several automobile manufacturers, including Volkswagen AG and other Group companies, conspired to unlawfully increase the prices of German luxury vehicles in violation of U.S. antitrust and consumer protection law. The court held that the plaintiffs have not stated a claim for relief because the allegations of the complaints do not plausibly support the alleged anti-competitive agreements. Plaintiffs filed amended complaints, which Volkswagen moved to dismiss.
Volkswagen has been responding to information requests from the U.S. Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) related to automatic transmissions in certain vehicles with gasoline engines. In August 2019, Volkswagen agreed with the EPA to forfeit approximately 220,000 Greenhouse Gas Emission Credits in response to the EPA's inquiry. Also in August 2019, Volkswagen and the Plaintiffs' Steering Committee announced the settlement of civil claims relating to approximately 98,000 Volkswagen, Audi, Porsche and Bentley vehicles. Volkswagen's testing of these vehicles in connection with the information requests resulted in a 1 mile per gallon change, when rounded according to EPA rules, in the fuel economy disclosed on the "Monroney label" required by U.S. regulations. In October 2019, the Court granted preliminary approval of the settlement.
In April 2019, the European Commission issued a statement of objections to Volkswagen AG, AUDI AG and Dr. Ing. h.c. F. Porsche AG in connection with the Commission's antitrust investigation of the automobile industry. These objections state the European Commission's preliminary evaluation of the matter and afford the opportunity to comment. Volkswagen and Audi will examine the statement of objections. The subject matter of the proceedings is limited to the cooperation of German automobile manufacturers on technical questions in connection with the development and introduction of SCR systems and gasoline particulate filters for passenger cars that were sold in the European Economic Area. The manufacturers are not charged with any other misconduct such as price fixing or allocating markets and customers. Volkswagen and Audi were given access to the investigation files in July 2019 and are preparing their reply to the statement of objections of the European Commission. In the same matter, the Chinese Competition Authority also issued an information request to Volkswagen AG, AUDI AG and Dr. Ing. h.c. F. Porsche AG in March 2019.
Beyond this, there were no significant changes in the reporting period compared with the disclosures on the Audi Group's expected development in the 2019 fiscal year in the "Report on expected developments" and "Report on risks and opportunities" sections - including the paragraphs in the "Diesel issue" section - of the Combined Management Report in the 2018 Annual Report. In particular, based on existing and acquired information, there continue to be no conclusive findings or assessments available to the Board of Management of AUDI AG regarding the described facts that would suggest that a different assessment of the associated risks should have been made.
EVENTS OCCURRING SUBSEQUENT TO THE BALANCE SHEET DATE
There were no reportable events of material significance after September 30, 2019.
The fuel/power consumption and emission figures as well as the efficiency classes for the passenger cars mentioned in the document are given below.
The specified fuel/power consumption and emission data have been determined according to the measurement procedures prescribed by law. Since September 1, 2017, certain new vehicles are already being type-approved according to the Worldwide Harmonized Light Vehicles Test Procedure (WLTP), a more realistic test procedure for measuring fuel consumption and CO2 emissions. Since September 1, 2018, the New European Driving Cycle (NEDC) has been replaced by the WLTP in stages. Owing to the more realistic test conditions, the fuel consumption and CO₂ emissions measured according to the WLTP will, in many cases, be higher than those measured according to the NEDC. Vehicle taxation could change accordingly as of September 1, 2018. For further information on the differences between the WLTP and NEDC, please visit www.audi.de/wltp.
We are currently still required by law to state the NEDC figures. In the case of new vehicles which have been type-approved according to the WLTP, the NEDC figures are derived from the WLTP data. It is possible to specify the WLTP figures voluntarily in addition until such time as this is required by law. In cases where the NEDC figures are specified as value ranges, these do not refer to a particular individual vehicle and do not constitute part of the sales offering. They are intended exclusively as a means of comparison between different vehicle types. Additional equipment and accessories (add-on parts, different tire formats, etc.) may change the relevant vehicle parameters, such as weight, rolling resistance and aerodynamics, and, in conjunction with weather and traffic conditions and individual driving style, may affect fuel consumption, electrical power consumption, CO₂ emissions and the performance figures for the vehicle.
Further information on official fuel and power consumption figures and the official specific CO2 emissions of new passenger cars can be found in the "Guide on the fuel economy, CO2 emissions and power consumption of all new passenger car models," which is available free of charge at all sales dealerships and from DAT Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth-Str. 1, 73760 Ostfildern, Germany or at www.dat.de.
This report contains forward-looking statements on the future business development of the Audi Group. These statements are based on assumptions relating to the development of the economic and legal environment in individual countries and economic regions, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given entail a degree of risk, and actual developments may differ from those forecast. Any changes in significant parameters relating to our key sales markets or any significant shifts in exchange rates or commodity prices relevant to the Audi Group will have a corresponding effect on the development of our business. In addition, there may be departures from our expected business development if the assessments of the risks and opportunities presented in the 2018 Annual Report develop in a way other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect the development of our business.
The figures in brackets represent those for the corresponding prior-year period. All figures are rounded off, which may lead to minor deviations when added up.
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|End of News||DGAP News Service|
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