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High Profit Investments Gmbh – Audi Group presents its balance sheets for the first half of 2022. Due to the ongoing semiconductor crisis and the COVID-19-related lockdown in China, Audi will not be able to meet the high demand for its vehicles. However, the Audi group’s revenue rose two percent to 29.9 billion euros and its profit reached a new high of 4.9 billion euros. At 16.5%, the operating margin is well above last year and above the strategic target of 9 to 11%. Good price level, efficient performance of luxury brands Lamborghini and Bentley and support from natural resource constraints. The Audi Group confirms its forecasts for deliveries, revenues and returns.
“Our financial performance in the first six months of 2022 shows how strong and profitable our group is. Despite the difficult economic and political environment, we were able to grow revenue and deliver a strong performance,” said Markus Duesmann, Chairman of the Board. S. Directors of AUDI AG. “In addition, the global situation makes it clear that the economy and society urgently need to move away from fossil fuels. The expansion of renewable energy sources and the transition to electric mobility are important steps in this direction. Because we are on the right track with our strategy to focus on electrification and carbon neutral production.”
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In response to the difficult supply conditions, 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, Audi brand vehicle deliveries fell by 20% to 785,099 (2021: 981,681). Demand remains strong despite the ongoing semiconductor crisis and the COVID-19-related lockdown in China.
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However, Ducati delivered 33,265 motorcycles (2021: 34, 515). The 3.6% decline compared to last year’s strong performance reflects the presence of semiconductors. With deliveries of 5,090 cars (2021: 4,852), Lamborghini saw an increase of 4.9%, while British brand Bentley – the newest member of the brand group – sold 7,398 cars (2021: 7,199) *.
The Audi brand increased the number of vehicles in use to 50,033 (2021: 32,775) – an increase of 52.7% compared to the previous year. The Audi e-tron was particularly popular with customers, but the Audi Q4 e-tron registered the highest volume. In line with this trend, the share of all electric cars produced by the group increased to 6.3%.
With the successful launch of the Audi charging station, Audi presents a solution for fast and easy charging of electric vehicles in cities. Customer feedback on the opening of the Nuremberg airport is very positive, along with the hub in Salzburg and others. locations to follow in 2022,” said Hildegard Wortmann, Member of the Board of Management for Sales and Marketing. Three additional locations in major German cities will help meet the increased demand for charging in cities from 2023. In addition, Audi plans to open more locations in German cities by mid-2024. Another important development in the electricity strategy is the laying of the foundation for the smart electrical design plant at Changchun Station in late June. After completion by the end of 2024, the products based on the Premium Platform Electric (PPE) will roll off the line for the Chinese market through sustainable manufacturing and digital integration.The 150-hectare plant will produce more than 150,000 vehicles each year.
In the first half of the year, the Audi Group generated revenues of 29,869 euros (2021: 29,212) million. Despite the decline in sales figures, the brand group managed to increase revenues by two percent. This development is due to the first expansion of the Bentley luxury brand from January 1, 2022. The group was able to further improve its strong position thanks to the high demand for its luxury products. Calculated against the total revenue of the Audi Group, the share of revenue that complies with the EU classification increased to 12.3% in the first half of 2022. In this way, the company underlines the importance of the ESG sustainability principles set out in the strategy “Vorsprung 2030 “All corporate and product decisions.
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In the first half of 2022, the Audi Group recorded a new high of 4,933 (2021: 3,113) million euros in operating profit, an increase of 58.5%. The operating margin increased to 16.5% (2021: 10.7%). In addition to the good price position and strong performance of the Lamborghini, Bentley and Ducati brands, the operating profit includes a positive impact from the inventory block totaling €0.4 billion. After a significant headwind in the first quarter (€1.2 billion), the impact was significantly reduced.
“Growth in operating profit and operating sales performance in the first half of 2022 above the strategic plan of 9 to 11% shows that we have mastered the chaos well and seized the opportunities in an orderly manner at the same time. “, said Jürgen Rittersberger, Member of the Board of Management for Finance and Legal Affairs at AUDI AG.
The Lamborghini brand increased sales in the first half of the year by 30.6% to €1,332 (2021: €1,020) million. The brand’s operating profit increased by 69.3% to €425 (2021: 251) million, with a margin of 31.9% (2021: 24.6%). Bentley achieved revenue of €1,707 (2021:1,324)* million while operating profit rose to a new high of €398 (2021:178)* million. The margin was 23.3% (2021: 13.4%)*. Strong pricing offset Ducati’s declining delivery numbers. The motorcycle brand increased its revenue by 5.4% to EUR 542 (2021: 514) million, generating an operating profit of EUR 68 (2021: 59) million – corresponding to an operating margin of 12.6% (2021: 11, 5%).
The financial result in the first half of the year is €754 (2021: 762) million. This result includes the lion’s share of transactions in China, which reached €431 million (2021: 565), less than the previous year . The collapse is a result of the containment of COVID-19 in China in the second quarter. Profit after tax increased to €4,390 (2021: €3,386) million – an increase of 29.6%.
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Compared to the large amount in the first half of the previous year, net income stabilized at €2,593 million in the first half of 2022 (2021: €5,512 million). Among other things, this is due to the increase in inventions leading to the disruption of logistics and supply chains, especially due to the COVID-19 lockdown in China and the limited supply of semiconductors. In addition, investments in, for example, a new production unit at the Audi FAW NEV plant in Changchun and the transfer of shares to the Volkswagen Group have reduced Audi’s financial costs.
The Audi group forecast includes the foreseeable short-term consequences of the ongoing war in Ukraine, the ongoing semiconductor crisis and the COVID-19 lockdown in China in the first half of the year. The other effects of the political climate and natural gas shortages on the global economy cannot be predicted with absolute certainty.
The brand group expects to deliver between 1.8 and 1.9 million vehicles and revenues between 62 and 65 billion euros for the full year 2022. The operating margin is forecast to be between 9 and 11%. Cash flow is expected to be between €4.5 billion and €5.5 billion. Audi expects a CapEx ratio of between 4 and 5 percent. Due to further spending on advanced technologies, the rate of research and development is now expected to be slightly above the 6 to 7% corridor.
> Evaluation by Jürgen Rittersberger, Member of the Board of Finance and Legal Affairs of AUDI AG, from the first half of 2022.
Audi Group First Half Year: Operating Profit At All Time High
> The Audi Sustainability Center always provides up-to-date information and collects information on the activities carried out in all Audi Group divisions as part of its sustainability strategy.
Ducati Panigale V4 SP2 – CO2 emissions 175g / km, consumption 7.6 l / 100 km; Ducati Multistrada V4 S – CO2 emissions 162g / km, consumption 6.5 l / 100 km; Lamborghini Huracan STO – under certification: CO2 emissions 331 g / km, consumption 13.9 l / 100 km; Bentley Flying Spur Hybrid – under approval. Audi RS e-tron GT – combined electric output in kWh/100 km (62.1 mi): 20.2-19.3 (NEDC), 22.5-20.6 (WLTP); CO2 emissions in g/km (g/mi): 0 In the 2021 budget challenge, Audi once again tested its strength. The Audi Group achieved a high position in operating profit and cash flow. Last year’s revenue was around 53 billion euros Operating profit was 5.5 billion euros, while the return on sales was 10.4%. The Audi Group’s net worth of €7.8 billion proves its strong autonomy. In addition to low semiconductor operation and tight cost discipline, other drivers of the positive earnings performance include a good cost position, strong residual value, good performance of Lamborghini and Ducati, and the tail from the value of raw materials and financial implications . At the same time, Audi continued to improve and increase the number of battery electric vehicle (BEV) deliveries by 57.5%. The exact impact of the war in Ukraine on the activities of the Audi Group cannot yet be determined
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