Audi Group Reports Record Operating Profit of € 940 Million in Third Quarter

Ingolstadt - In the first nine months of the current fiscal year the Audi Group clearly benefited from accelerating worldwide demand and its attractive models. The brand with the four rings increased vehicle deliveries in the first three quarters of the year to the new record total of 829,307 (704,976) automobiles. This represents growth of 17.6 percent compared with the previous year.

Between January and September the Audi Group thus enjoyed an overproportional 19.9 percent rise in revenue, in relation to deliveries, taking it to € 26.0 (21.7) billion. The company increased its operating profit by 93.8 percent to € 2.3 (1.2) billion, and therefore by a much steeper rate than its revenue. Even compared with the record year 2008, when it posted an operating profit of € 2.1 billion, this represents a gain of 10.3 percent. The operating return on sales in the first three quarters of 2010 reached 8.7 percent.

The Audi Group maintained its impressively dynamic development in the third quarter: deliveries to customers of Audi-brand vehicles climbed 14.7 percent to 274,421 (239,172) cars. Revenue growth of 17.7 percent outstripped growth in vehicle sales, reaching € 8.4 (7.2) billion. The company thus increased its operating profit by 169.3 percent compared with the crisis-hit 2009, to € 940 (348) million. Compared with the previous record year of 2008, when the Q3 operating profit reached € 760 million, this signifies a rise in profit of 23.7 percent.

“The record profit reflects the worldwide appeal of our brand and confirms our sustainable and profitable growth path,” declared Audi CFO Axel Strotbek. In China, Audi secured top spot for the first time in the customer satisfaction survey categories Purchase and Service. “The number of orders we have received worldwide far exceeds our expectations and our production plants will be operating at close to capacity until into 2011,” added Strotbek.

The Audi brand expects to deliver around 1,080,000 vehicles to customers this year. The company aims to sell 1.5 million cars worldwide in 2015. The Audi Group is increasing its capacities in order to safeguard this growth. Over the next three years the company is investing € 900 million in expanding the Győr site into a full-scale automobile plant and creating 1,800 new jobs there. From 2013 on, 125,000 cars per year will be leaving the Győr production line, with a new A3 derivative model joining the TT, TT Roadster and A3 Cabriolet.

The Audi Group remains confident about for 2010 overall, too: “On the basis of the order situation, we anticipate a strong fourth quarter and an exceptional result for the year as a whole,” remarked Audi CEO Rupert Stadler. “As well as continuing strong growth in China, we stand to benefit from the sharp rise in demand in the United States”, says Audi CFO Axel Strotbek.

* Prior-year figures are in parentheses

Photo: Audi

(Nov. 2,  2010)

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