GERMANY: Audi posts record results
Audi achieved its highest ever profit in 2007, on top of record sales and revenues.
Vehicle sales were up 5.7% and revenues were up 7.9% to EUR33,617m. Operating profit was EUR2,705m, up 34.2% year on year.
"This marks the highest profit from operating activities in the history of the company while also providing convincing evidence of the healthy and sustained growth of the Audi Group," said finance director Axel Strotbek.
The automaker said the success came mainly from an improved model mix thank to strong sales of premium cars such as the Q7, TT, A5 and R8.
"This is reflected especially in the below-average rise in production costs in relation to the sales revenue - this is what we consider qualitative growth," said Strotbek.
Profit before tax was EUR 2,915m, up 49.8% and the best ever recorded. Return on investment was 18.6%, up 4.4 percentage points.
Audi sold 964,151 cars in the past year, an increase of 6.5%. Sales were down in Germany by 1.5% to 254,014 but it achieved record market share of 7.9%.
Sales in western Europe were 650,407 units, up 3%. The highest European growth market was the UK with sales up 17.1% to 100,712 units. East European sales were up by a third to 36,073 units.
The biggest market outside of Europe was China, with 101,996 units sold, up 24.8%. The next largest market was the US - 93,506 units, up 3.8%.
The group produced 980,880 cars including Lamborghini. Engine production climbed 1.1% to 1,915,633 units.
Audi said it would expand its model range from the current 25 models to 40 by 2015, when it is targeting sales of 1.5m cars.
All employees will receive a profit-sharing bonus averaging almost EUR 5,300.
This year Audi expects to exceed 1m vehicle sales. Growth should come from the launch of the A4 Avant (wagon).