Press release
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marzo 17, 2022 - Audi
Fiscal year 2021: Audi Group achieves all-time highs in operating profit and net cash flow
Comunicato Stampa disponibile solo in lingua originale.
• CEO #markusduesmann: “Audi has a clear plan for the electric and digital future.”
• CFO Jürgen Rittersberger: “In a very challenging environment, we showed our financial strengths.”
• Operating profit of 5.5 billion euros and net cash flow of 7.8 billion euros
• Brand group: Joint goals and synergy potentials in high nine -figure range
Ingolstadt, March 17, 2022 – In the challenging fiscal year of 2021, Audi once again put its strengths to the test. The Audi Group achieved all-time highs in operating profit and net cash flow. Revenue last year was around 53 billion euros. Operating profit reached 5.5 billion euros, while operating return on sales amounted to 10.4 percent. The Audi Group’s high net cash flow of 7.8 billion euros attests to its strong ability to self-finance. In addition to active management of the semiconductor scarcity and strict cost discipline, other drivers of the positive earnings performance included good pricing positions, strong residual values, the good performance of Lamborghini and Ducati and tailwinds from raw material rating and currency effects. At the same time, Audi resolutely continued its transformational course and increased deliveries of battery electric vehicles (BEVs) by 57.5 percent. The concrete effects of the war in Ukraine on the Audi Group’s business cannot yet conclusively be estimated.
“With its Vorsprung 2030 strategy, Audi has a clear plan for the electric and digital future,” said #markusduesmann, #ceo of AUDI AG. “Last year, the company impressively showed that we’re on the right path with the transformation of our business model toward CO2-neutral, connected mobility.”
Deliveries: Nearly same level as last year
Despite the semiconductor bottlenecks, the Audi brand’s deliveries in fiscal year 2021 were nearly at the same level as last year, yet the four rings registered strong growth among battery electric vehicles. The Audi brand delivered a total of 1,680,512 (2020: 1,692,773) vehicles to customers last year, achieving nearly the same figures as the year before (-0.7 percent). In the first half of the year, Audi increased deliveries by 38.8 percent to 981,681 (707,225) vehicles thanks to active management of the supply situation. The persistent semiconductor scarcity led to production downtime despite intensive control measures, so the continued high demand in the second half of the year wasn’t able to be fully met.
Strong growth among battery electric vehicles
The growth in deliveries of BEVs confirms the company’s clear course toward electromobility. Audi delivered a total of 81,894 (52,011) fully electric vehicles to customers – 57.5 percent more than in the previous year. Major contributors to this were the new Audi Q4 e-tron*, with 21,098 units sold, and the Audi e-tron GT quattro*, with 6,896 units sold.
Revenue: 6.2 percent above last year
The Audi Group’s revenue in fiscal year 2021 amounted to 53.068 (49.973) billion euros. The increase of 6.2 percent over last year can especially be attributed to strong pricing and the very good market performance of the Q3, Q5, e-tron product line and Lamborghini and Ducati brands. For the purposes of comparability and transparency, Audi is voluntarily reporting in accordance with the new EU taxonomy regulation. The EU-taxonomy-compliant revenue reached 12.8 percent measured against the Audi Group’s total revenue.
Operating profit: New all-time high
In addition to increased revenue, strict cost discipline and tailwinds from raw material rating and currency effects led to an operating profit of 5.498 (2.569) billion euros and operating return on sales of 10.4 (5.1) percent. The Audi Group discloses a large portion of its China business in its financial results. Integration of the China business into the operating profit would result in an operating margin of 12.5 percent.
Financial result: Strong China business once again
The Audi Group’s financial result amounted to 1.430 (1.618) billion euros. At 1.140 (1.009) billion euros, the China business once again made a strong contribution to the financial result. With its partners FAW and SAIC, Audi intends to further expand its strong position in China in the future, especially in the realm of battery electric vehicles. By 2026, Audi intends to expand its portfolio in China to more than ten fully electric models. The next major milestone is the establishment of Audi FAW NEV Company Ltd. with its longstanding partner FAW. Audi has a majority stake in this new joint venture, with which Audi is setting the course for the expansion of the local electric product portfolio and building its own new production plant in Changchun for fully electric Audi models based on the Premium Platform Electric (PPE). Audi is investing around 2.6 billion euros in the project. The first fully electric models based on the PPE for the Chinese market will roll off the assembly lines at the new factory starting at the end of 2024.
Net cash flow: New record
The Audi Group’s net cash flow reached a record 7.757 (4.589) billion euros in fiscal year 2021. The increase of nearly 70 percent over last year can mainly be attributed to higher earnings and reflect the development of working capital over the course of the semiconductor crisis and continued investment discipline.
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