GERMANY: Audi operating profit doubles
Audi has booked what it called its "best result in corporate history" for 2010 with operating profit up 108.2% to EUR3,340m (1,604m). Profit before tax rose 88.5% to and after tax profit was up 95.2% to EUR2,630m (1,347m). Sales rose 18% to EUR35,441m.
Operating return on sales was up to 9.4% from 5.4% and return on investment also reached a new peak, at 24.7% (11.5%), the automaker said. Net liquidity increased 25.5% to EUR13,383m (EUR10,665m).
Unit sales rose 15% to 1,092,411 worldwide.
42,500 employees at German sites will received a profit-sharing payment averaging EUR6,513, roughly one and a half times the average monthly wage and the highest payment since this profit-sharing plan began.
CFO Axel Strotbek said: "We want to grow sustainably and are targeting an operating return on sales at the same high level as the previous year."
"The signs for 2011 are good, after a year which ended better than we expected back in January 2010. We expect continued growth in the overall economy this year, even if there is a slight weakening in comparison with the previous year. Nonetheless, we have to remain alert, since the unpredictability of the financial and raw materials markets still carry a risk."
Audi plans to sell over 1.2m cars this year.