The automotive news is not all bad.
According to Audi, "2008 was the most successful fiscal year in the history of our company."
Audi boss Rupert Stadler also went on to report the, "Highest ever profit in the company’s history, amid a difficult market environment.”
The German automaker issued a press release today (see below) that detailed the companies production and fiscal health in 2008.
Some of the 2008 highlights include:
-1,003,469 total vehicles delivered
– A 34,196 million Euro, profit before tax
– A 4.1 percent increase in cars delivered.
– A 2.5 percent improvement in operating profits.
“These outstanding key figures – the best ever in the history of the
company – provide Audi with a sound basis for funding capital
investments in its ambitious model range from its own resources over
the next few years,” said Axel Strotbek, Member of the Board of Management for Finance and Organization at AUDI AG.
The biggest export market was China for Audi while, "In the United States, on the other hand, the number of
vehicles delivered to customers fell to 87,760 (93,506, down 6.1
percent) automobiles in a sharply contracting market. By contrast, the
brand’s share of the premium market grew to 7.1 (6.2) percent."
“We are responding flexibly and proportionately to changes in the
volume of orders and adjusting production at short notice in order to
keep stock levels down,” explained Stadler. He also made it clear that
Audi would carefully assess all investments and costs that are not
product-related, and prioritize.
The Press Release is below:
INGOLSTADT, Germany, Mar 10, 2009
- Despite the already noticeable effects of the financial crisis,
Audi Group ended the 2008 fiscal year with yet more record-breaking
figures for production, vehicle deliveries, revenue and profit: “With
our 13th successive deliveries record, 2008 was the most successful
fiscal year in the history of our company. We have been steadily
improving our productivity in recent years, and the main financial
figures for 2008 reflect this. These positive effects make it easier
for us to respond appropriately to the crisis,” remarked Rupert
Stadler, Chairman of the Board of Management of AUDI AG, at today’s
Annual Press Conference in Ingolstadt. “In the current year too we have
succeeded so far in increasing our market share in the premium segment
with an attractive model range,” added Stadler.
With deliveries of Audi brand vehicles up 4.1 percent to the record total of 1,003,469 automobiles, revenue for fiscal 2008 also reached a new all-time high of €34,196 (33,617)* million, representing growth of 1.7 percent.
Operating profit improved by 2.5 percent to €2,772 (2,705) million. Net liquidity climbed by 18.2 percent to around €9.3 (7.9) billion.
Profit before tax reached another all-time high of €3,177 (2,915) million, representing growth of 9.0 percent. Profit after tax was €2,207 (1,692) million, a rise of 30.4 percent.
With a return on investment of 19.8 (18.6) percent,
the Audi Group was also able to improve on another important ratio. The
disproportionately sharp rise in earnings compared with revenue is
moreover reflected in the increase in the return on sales before tax
from 8.7 to 9.3 percent. “This figure means the Audi Group is now one
of the most profitable players in the international automotive
industry, a particular advantage in a year in which the repercussions
of the financial crisis were already very noticeable,” explained Axel
Strotbek, Member of the Board of Management for Finance and
Organization at AUDI AG.
