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After a challenging first half of the year:
Audi Group confirms earnings forecast for 2019
- Audi Group after six months of year: revenue of €28.8 billion; operating profit of €2.3 billion; operating return on sales of 8.0 percent
- Ongoing high level of net cash flow of €2.3 billion due to spending discipline
- CFO Alexander Seitz: “With the Audi Transformation Plan, we are taking consistent action against numerous adverse factors”
- All-electric Audi e-tron to be launched also in China in second half of this year
As forecasted, the year 2019 is proving to be challenging for the Audi Group: In the first half of this year, deliveries, revenue and operating profit were lower than in the same period of 2018, partially reflecting effects from the deconsolidation of several multi-brand import companies. Operating performance was adversely affected in particular by the repercussions of the WLTP changeover, the implementation of the model initiative and the downturn in the global passenger car market. At the same time, Audi is making high advance expenditure in the mobility of the future. As a result, the operating return on sales of 8.0 percent for the first half of the year was below the long-term target corridor of 9 to 11 percent, but within the bandwidth of 7 to 8.5 percent that had been forecasted for 2019. Despite strong headwinds, the Audi Group also affirmed its earnings target for the full year.