• CEO Duesmann: “Global fossil fuel crisis affirms strategic focus on e-mobility and carbon-neutral production.”
• CFO Rittersberger: “A strong first half-year shows that Audi has mastered the turbulence well and systematically seized opportunities.”
• Revenues of €29.9 billion, operating profit of €4.9 billion, operating margin of 16.5%, net cash flow of €2.6 billion.
Ingolstadt/Neckarsulm, July 29, 2022 – Audi Group presents solid balance sheet the first half of 2022. Due to the ongoing semiconductor crisis and related to COVID-19 Due to China’s blockade, Audi cannot meet the high demand for its cars from its core brand. although As a result, the Audi Group’s sales revenue rose by 2% to 29.9 billion euros, Profits reached a new high of 4.9 billion euros. Operating margin was 16.5%, well above 9% to 11% of strategic target corridors in the previous year and above. The result is given by Good price positioning, solid operating performance for Lamborghini and Bentley luxury cars Brand and support with commodity hedging. Audi Group confirms its forecast Delivery, receipt and return.
“Our financial performance in the first six months of 2022 shows just how strong and profitable our brand group is. Despite the challenging economic and geopolitical environment, we were
able to increase revenue and returns significantly,” says Markus Duesmann, Chairman of the Board of Management of AUDI AG. “At the same time, the current situation in the world makes it clear that economies and society need to move away from fossil fuels even quicker. Expanding renewable energies and switching to e-mobility are important steps in this direction. That’s why we’re on the right track with our strategic focus on e-mobility and carbon-neutral production.”
Significant Growth in Deliveries of Electric Vehicles and Luxury Brands
Against the backdrop of the challenging supply situation, the Premium brand group delivered 797,587 cars to customers in the first six months (2021: 986,567). Compared to record
deliveries in the first half of 2021, deliveries of Audi brand automobiles fell by 20% to 785,099 (2021: 981,681). Demand remained strong despite the ongoing semiconductor crisis and
COVID-19-related lockdowns in China.
However, Ducati delivered 33,265 (2021: 34,515) motorcycles. down 3.6% year-on-year The strong comparison to the previous year reflects semiconductor availability. 5,090 (2021: 4,852) In terms of vehicles delivered, Lamborghini grew by 4.9%, while British brand Bentley – Youngest member of the brand group – 7,398 units sold (2021: 7,199) 1 unit.
Audi Continues to Implement its Electrification Strategy
Audi-brand pure electric vehicle deliveries increased to 50,033 (2021: 32,775) – An increase of 52.7% over the previous year. Audi e-tron* remains particularly popular with customers, but the Audi Q4 e-tron* saw the biggest increase. Against this background, The proportion of pure electric vehicles delivered by the brand group rose to 6.3%.
With the successful launch of the Audi charging center, Audi presents a fast and convenient solution. Simple charging of electric vehicles in urban areas. “The feedback from customers on the
launch of the pilot site in Nuremberg is extremely positive, with a hub in Salzburg and other locations to follow in the course of 2022” says the member of the Board of Management for Sales and Marketing Hildegard Wortmann. Three other locations in major German cities help with this From 2023, meet increased charging requirements in urban areas. In addition, Audi More stores are planned to be opened in German cities by mid-2024. another milestone Electrification strategy lays foundation for smart factories with electric vehicles Changchun location at the end of June. After completion by the end of 2024, after the model Premium Platform Electric (PPE) to be rolled off the Chinese market in a sustainable manner and digital networked production. The 150-hectare facility will produce an annual output The capacity exceeds 150,000 vehicles.
Revenues Increased
In the first six months of the year, the Audi Group generated revenue of €29,869 (2021: 29,212) million. Brand group’s sales increase despite falling sales Sales increased by 20%. This increase was mainly due to the first consolidation of the luxury segment Bentley brand from 1 January 2022. The Group was able to further improve its existing brands Strong price position due to high demand for its attractive model range. Measured Increased share of EU taxonomy-compliant revenue relative to Audi Group total revenue 12.3% by the first half of 2022. Therefore, companies stress the importance of ESG Sustainability criteria in the “Vorsprung 2030” strategy for all companies and products Decide.
Operating Margin Significantly Exceeds the Strategic Target
Audi Group hits record high of EUR 4,933 (2021: 3,113) million in the first half of 2022 Operating results increased by 58.5%. Operating profit margin increased to 16.5% (2021: 10.7%).
In addition to Lamborghini’s good price positioning and strong operating performance, Bentley and Ducati, operating results include positive raw material effects The hedging transaction amounted to EUR 400 million. After a big tailwind in the first quarter (1.2 billion), the effect is significantly weakened.
“The significant increase in the operating profit and the operating return on sales in the first half of 2022 way above the strategically defined target corridor of 9 to 11% shows that we have
mastered the turbulence well and systematically seized the opportunities at the same time,” says the Member of the Board of Management for Finance and Legal Affairs of
AUDI AG Jürgen Rittersberger.
Strong Operating Performance for Lamborghini, Bentley, and Ducati
Lamborghini brand sales up 30.6% to 1,332 euros in first half (2021: 1,020) million. The brand’s operating profit increases by 69.3% to EUR 425 (2021: 251) million, with a profit margin of 31.9% (2021: 24.6%). Bentley achieves €1,707 in sales (2021: 1,324) EUR 12 million, while operating profit rose to 398 (2021: 178) EUR 1 million a record high. The profit margin was 23.3% (2021: 13.4%)1. strong price position To make up for Ducati’s declining delivery figures. Motorcycle brand sales up 5.4% EUR 542 million (2021: EUR 514 million), corresponding to an operating result of EUR 0.68 million (2021: EUR 0.59 million) – This corresponds to an operating margin of 12.6% (2021: 11.5%)
Financial Result and Net Cash Flow
The financial result for the first half of the year was EUR 754 million (2021: EUR 762 million). The results include Largest share of business in China at EUR 431 million (2021: EUR 565 million) last year. Decline is a result of China’s COVID-19 lockdown in China the second quarter. Earnings after tax increased to EUR 4,390 (2021: EUR 33.86 million) – an increase 29.6%.
Net cash flow normalized compared to very high values in the first half of the previous year EUR 2,593 million in the first six months of 2022 (2021: EUR 5,512 million). Among other things, this is due to increased inventory due to logistics and supply chain disruptions, especially due to China’s COVID-19 lockdown and semiconductor supply shortage. also, For example, investing in the new production base of Audi FAW New Energy Co., Ltd. exist Changchun and Volkswagen Group internal equity transfer impairs Audi net cash flow.
Despite the Challenges: Forecast for Deliveries, Revenue, and Margin Confirmed
Audi Group forecast includes currently foreseeable short-term consequences The Ukraine War, Ongoing Semiconductor Crisis, and China’s Lockdown on COVID-19 first half of this year. Further impact of geopolitical situation and gas shortages on gas The world economy cannot be predicted with sufficient certainty.
The brand group expects to deliver between 1.8 and 1.9 million vehicles on sales of 1.8 million euros Between 6.2 and 65 billion euros for the full year 2022. Projected Operating Margin Between 9% and 11%. Net cash flow should be between EUR 450 and EUR 5.5 billion. Audi The capital expenditure ratio is expected to be between 4% and 5%. Due to higher upfront costs In the future, the proportion of R&D costs is expected to be relatively light 6% to 7% higher than corridors.
> Quarterly Update and Fact Pack for the first half of 2022
> Assessment from Jürgen Rittersberger, Member of the Board of Management for Finance
and Legal Affairs of AUDI AG, as of the first half of 2022.
> The Audi sustainability Hub always provides up-to-date and bundled information on projects
that run through all divisions of the Audi Group as part of its sustainability strategy.
