Audi-Ifr-2016.Pdf
Total Page：16
File Type：pdf, Size：1020Kb
I NTERI M FI NANCI AL REPORT 2 0 1 6 INTERIM MANAGEMENT REPORT I NTERI M M ANAGEM ENT REPORT OF THE AUDI GROUP FROM JA N UA RY 1 TO JUN E 3 0 , 2 0 1 6 BUSINESS AND UNDERLYING SI TUATI ON / GLOBAL ECONOMI C SI TUATI ON The global economy grew at a moderat e rat e in t he first half of The referendum held in the United Kingdom in June 2016 had 2016. A large num ber of indust rial count ries, but also m ost a drastic impact, with a majority voting for withdrawal from emerging economies, exhibited somewhat slower growth the European Union (EU). This has triggered political and eco- moment um t han in 2015 as a whole. nomic uncertainty in Europe, along with increased volatility in financial markets worldwide. In Western Europe, economic activity showed strong develop- ment. The northern countries of Western Europe achieved The U.S. economy maint ained it s course of growt h in t he first 4 solid economic growth. The majority of countries in the south half of 2016 with a slight loss of momentum. Positive factors of West ern Europe also achieved posit ive growt h rat es for affecting it included favorable consumer confidence and the gross domestic product. Driven mainly by a healthy domestic further fall in the unemployment rate. economy, the German economy maintained its upward trend. I n cont rast , Brazil’s economy remained in recession am id con- St able econom ic developm ent was also seen in most Cent ral tinuing political uncertainty. European count ries in t he f irst six m ont hs of 2016. On t he other hand, the economic situation in Eastern Europe contin- China’s economic growth reached a comparatively high level by ued to suffer from the conflict between Russia and Ukraine, global standards. However, ongoing structural change meant and also from low energy prices compared wit h t he long-t erm t hat t he growt h of t he Chinese economy cont inued t o slow. average. Japan’s economic output virtually flatlined in the first six months of 2016. / I NTERNATI ONAL CAR MARKET Worldwide demand for cars grew by 3.1 percent in the first six The German passenger car market benefited especially from months of 2016 to 39.3 (38.2) million units, while demand stronger demand among commercial customers and achieved varied in individual regions. Western Europe, Central Europe, growth of 7.1 percent with 1.7 (1.6) million new cars regis- Nort h America and t he Asia-Pacific region each recorded tered. Fueled by positive underlying economic conditions, growt h in new regist rat ions. I n cont rast , sales of aut omobiles Western European export markets also made healthy progress. in Eastern Europe and South America fell. Sales of passenger cars in the region increased by 9.0 percent Fuel consumption and CO2 emission figures as well as t he efficiency classes can be f ound on page 18. Audi Q2 I NTERI M FI NANCI AL REPORT 2 0 1 6 INTERIM MANAGEMENT REPORT overall. At 19.7 percent and 12.2 percent respectively, the The marked downward trend in demand for automobiles per- Italian and Spanish passenger car markets even achieved dou- sisted in South America, principally due to market weakness in ble-digit growth rates. There was also a dynamic 8.4 percent Brazil. The Brazilian market for passenger cars and light com- rise in demand for automobiles in France. Mainly because of its mercial vehicles contracted by –25.2 percent to 1.0 (1.3) mil- vigorous expansion in previous years, the British passenger car lion units due to the poor underlying economic conditions. market’s growth rate of 3.2 percent was below par compared wit h t he European average. The Asia-Pacific region recorded the highest absolute growth in new car registrations. China also acted as the major driver of Registrations of new cars in Eastern Europe continued to suffer worldwide growth in demand, with the market expanding from Russia’s economic weakness. Demand in t he Russian car 9.4 percent to 10.2 (9.3) million units. The main factors be- m arket – t he largest single m arket in t he region – declined by hind this positive development were strong demand for SUVs –15.0 percent to 0.6 (0.7) million units. and t he t ax breaks int roduced in Oct ober 2015 for vehicles 5 with a displacement of up to 1.6 liters. In contrast, demand Despite growing signs of market saturation, the total market for passenger cars in Japan fell by –5.3 percent to 2.1 (2.3) volume in t he Unit ed St at es exceeded t he previous year’s level million units. by 1.5 percent. Thus, 8.6 (8.5) million new passenger cars and light commercial vehicles were regist ered t here. The market was buoyed especially by attractive financing terms and low fuel prices. / I NTERNATI ONAL MOTORCYCLE MARKET I n t he displacem ent segm ent above 500 cc, t he est ablished most not ably in Germany, France and I t aly. However, regist ra- motorcycle markets recorded a 2.0 percent rise in demand in tions of new motorcycles in the United States and Japan were the first six months of 2016. The stronger economic situation down. boosted the major motorcycle markets in Western Europe – EXCEPTI ONAL EVENTS / DI ESEL I SSUE In June 2016, Volkswagen publicly announced that The proposed set t lement s provide affect ed cust omers wit h t he Volkswagen AG, Volkswagen Group of America, I nc. and opt ion of a buyback or, for leased vehicles, early lease t ermina- certain affiliates including AUDI AG had reached settlement tion or a free technical modification of the vehicles, provided agreement s in t he USA relat ed t o t he four-cylinder TDI engine that EPA and CARB approve the appropriate modification issue with the U.S. Department of Justice (DOJ), the U.S. measures. Volkswagen will also make cash payment s t o affect - Environment al Prot ect ion Agency (EPA), t he U.S. Federal Trade ed owners and lessees. Commission, the California Air Resources Board (CARB) and private plaintiffs represented by a Plaintiffs’ Steering Volkswagen also reached separate settlement agreements Committee (PSC) in the Multi-District Litigation pending in with the attorneys general of 44 U.S. states, the District of California. The set t lement agreement s, if finally approved, will Columbia and Puerto Rico, to resolve their existing or resolve cert ain civil claim s m ade in relat ion t o aff ect ed diesel potential consumer protection and unfair trade practices vehicles wit h 2.0 TDI engines from t he Volkswagen Passenger claims – in connection with both 2.0 TDI and V6 3.0 TDI Cars and Audi brands in t he USA. The set t lement agreement s vehicles in t he USA. are subject to final court approval. The proposed settlements apply to approximately 15,000 Audi vehicles. Fuel consumption and CO2 emission figures as well as t he efficiency classes can be f ound on page 18. II NTERI NTERI M M FIFI NANCI NANCI AL AL REPORTREPORT 22 0 0 1 1 6 6 INTERIMINTERIM MANAGEMENTMANAGEMENT REPORTREPORT Audi A4 allroad quattro These settlements do not resolve all claims. Work is ongoing Mat t ers in connect ion wit h t he V6 3.0 TDI diesel issue which to develop a mutually acceptable solution for the remaining are not attributable to operating activities of the Audi Group 6 claims, including claims relating to vehicles with the V6 3.0 are continually evaluated in terms of their legal, technical and TDI engine. accounting impact and incorporated separately into our busi- ness planning process during the year as special items that can On July 19, 2016, the U.S. states Maryland, Massachusetts and only be planned and managed to a limited extent. In connec- New York f iled complaint s in t heir respect ive st at e court s tion with this, we increased the risk provisioning in the first against Volkswagen AG, Volkswagen Group of America, I nc. and half of 2016 by EUR 132 million in the form of provisions for certain affiliates including AUDI AG seeking civil penalties and technical measures, sales measures and legal risks. injunctive relief for alleged violations of environmental laws. There are presently no further direct effects on profit beyond Maryland, Massachuset t s and New York part icipat ed in t he this arising for the Audi Group on the basis of existing contrac- st at e set t lement s described above wit h respect t o consumer t ual agreement s wit h Volkswagen AG, Wolfsburg, relat ed t o prot ect ion and unfair t rade pract ices claims, but t hose set t le- t he four-cylinder TDI engine issue. ments did not include claims for environmental penalties. Det ailed inform at ion on t he diesel issue and on t he declarat ion of the Board of Management issued in this connection is pro- AUDI AG has concluded an agreement with Volkswagen AG on vided in the Combined Management Report of the 2015 t he V6 3.0 TDI engine issue in t he event t hat t he U.S. aut hori- Annual Report in the section “Exceptional Events” on pages ties, U.S.