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FinanceStrategy & Company ESG Appendix 33 Audi Report 2024 Financial highlights Brand Group Progressive 2024 Revenue Net cash flow Investment ratioROS (return on sales) Operating profit Decrease mainly due to lower sales – partly as a result of model changes and product launches Down in particular due to lower profit and negative development in working capital Investments continue to include high upfront expenditure on new models and technologies Operating return on sales reflects challenging fiscal year, also impacted by numerous launches of new models Heavily influenced by restructuring expenses in connection with the termination of production at the Brussels site EUR 64.5 billion EUR 3.1 billion 12.5%6.0% EUR 3.9 billion –35.2% Deliveries Decline due to challenging economic conditions, a highly competitive market environment and limited supply ability 1.7 million –7.6% –37.9% –3.0 ppt. cars +0.1 ppt. Year-on-year change To the outlook: fiscal year 2025 –11.8%
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FinanceStrategy & Company ESG Appendix 34 Audi R eport 2024 Outlook: fiscal year 2025 EUR 67.5 to 72.5 billion Anticipated development in the key performance indicators of the Brand Group Progressive Deliveries Revenue 1.7 to 1.8 million cars Key figures at a glance ¹ The investment r atio describes research and development activities and capital expen- diture as a proportion of revenue. All of the key financial figures in the Finance chapter are based on the Audi consolidat- ed financial statements prepared voluntarily in accordance with IFRS. These consoli- dated financial statements are included in the consolidated financial statements of Volkswagen AG. The figures in brackets represent the respective prior-year figures. The amendments to the IFRS in 2024 had no material impact on the Audi Group’s net worth, financial position and financial performance. Internet sources refer to the status as of February 15, 2025. The following section on the financial situation and the forecast contains statements on expected developments. These statements are based on current assessments and are by their nature subject to risks and uncertainties. Actual outcomes may differ from those predicted in these statements. AUDI AG has made use of the option under Section 289b. Para.
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Actual outcomes may differ from those predicted in these statements. AUDI AG has made use of the option under Section 289b. Para. 2 and Section 315b. Para. 2 of the German Commercial Code (HGB) exempting it from submission of a non-financial declaration and non-financial Group declaration and refers readers to the combined separate non-financial report of Volkswagen AG for the 2024 fiscal year, which will be available on the Internet in German and English by no later than March 30, 2025. Additional information on production, delivery and financial figures can be found in the Audi Fact Pack available for download on the Audi Investor Relations website. EUR 3 to 4 billion Return on sales Net cash flow 7 to 9 % Investment ratio¹ 10 to 12 %
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FinanceStrategy & Company ESG Appendix 35 Audi Report 2024 Economic environment Markets & volume The global economy continued to see solid growth in fiscal year 2024 with clear regional differences. Worldwide demand for vehicles slightly exceeded the prior-year level. The world and the core regions in detail: 2024 2023 2024 2023 ∆ in % 2024 2023 ∆ in % Europe 1.0 0.7 14,294,580 13,901,608 2.8 670,859 754,549 –11.1 of which Germany –0.2 –0.1 2,817,331 2,844,609 –1.0 200,009 253,920 –21.2 China3 5.0 5.3 23,411,007 22,340,281 4.8 653,016 732,893 –10.9 USA4 2.8 2.9 16,041,352 15,619,226 2.7 202,969 235,178 –13.7 Worldwide 2.7 2.8 79,181,505 77,044,347 2.8 1,692,548 1,918,
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969 235,178 –13.7 Worldwide 2.7 2.8 79,181,505 77,044,347 2.8 1,692,548 1,918,912 –11.8 Real GDP growth in % Car markets in vehicles Deliveries to customers of the Brand Group Progressive in cars Growth in the gross domestic product, car markets and deliveries of the Brand Group Progressive in selected countries/regions2 ² The prior-year figures may have changed as a result of updated data; provisional figures for 2024. ³ Chinese car market including Hong Kong. ⁴ Sales figures for passenger cars and light commercial vehicles (up to 6.35 t). Photo: shutterstock
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FinanceStrategy & Company ESG Appendix 36 Audi Report 2024 USA Economy > Surprisingly robust development of gross domes- tic product in the US in the reporting year; growth rate only slightly down on the strong previous year > Greater focus on maintaining a restrictive mone- tary policy by the US Federal Reserve until the first interest rate cut in September 2024 due to more persistent inflation by global standards and a tight labor market Car market > Sales figures for passenger cars and light com- mercial vehicles (up to 6.35 t) on a par with the previous year; availability and affordability of new vehicles improved on average China Economy > Growth in economic output remains at a very high level compared with the rest of the world, but with de- clining momentum – due in particu- lar to structural growth obstacles in China’s domestic market > GDP development in the reporting year therefore slightly weaker than in the previous year Car market > Slight overall increase year on year in the number of new registrations, with electrified vehicles performing strongly;
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with electrified vehicles performing strongly; comprehensive purchase incentives and intensive price com- petition as the main drivers Economy > Global economy continues to grow at a slightly slower pace compared with the previous year > Similar development in both advanced econ- omies and emerging markets > Economic development remains subdued in many places due to declining, but in some cases still relatively high core inflation rates combined with an increasingly loose, but still restrictive mone- tary policy on the part of major central banks Car market > Global passenger car market volume slightly above the previous year’s level > Positive development in most regions > Further normalization of the supply situa- tion coupled with an improvement in the affordability of vehicles in some regions around the world World Economy > Growth slightly positive overall, but below aver- age in historical compar- ison; slightly above the previous year’s level > Another decline in gross domestic product in Ger- many with development even slightly weaker than in the previous year > Inflation rates falling;
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slightly above the previous year’s level > Another decline in gross domestic product in Ger- many with development even slightly weaker than in the previous year > Inflation rates falling; four key interest rate cuts by the European Central Bank since June 2024 Europe Car market > Increase in new car regis- trations in the reporting year; largely positive development in the major individual markets for passenger cars > Number of new car reg- istrations in Germany at previous year’s level > End of subsidies for battery electric vehicles in Germany at the end of 2023 with a dampening effect on the develop- ment of new registrations for fully electric vehicles Photos: AUDI AG ⁵ Audi Q4 e-tron: electric power consumption (combined): 19.2–16.1 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A. 6 Audi RS 6 Avant GT: fuel consumption (combined): 12.7–12.2 l/100 km; CO₂ emissions (combined): 289–277 g/km; CO₂ class: G. Audi RS 6 Avant GT⁶ Audi Q4 e-tron⁵
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FinanceStrategy & Company ESG Appendix 37 Audi Report 2024 Production I n the reporting period, the Brand Group Progressive manufac- tured 1,692,152 (1,960,442) cars, a decline of 13.7 percent compared with the previous year. The Audi brand built 1,668,728 (1,937,187) vehicles and therefore 13.9 percent fewer than in the year before. This figure includes 608,536 (669,902) Audi vehicles manufactured local- ly by associated Chinese companies, a decrease of 9.2 percent. Lamborghini produced 12,200 (10,014) supercars and super SUVs and closed 2024 with a significant increase of 21.8 percent on the previous year. The Lamborghini Revuelto7 also made a major contribution to this. The Bentley luxury brand produced 11,224 (13,241) vehicles in the period under review, a decline of 15.2 percent compared with 2023. Ducati produced 55,956 (55,226) motorcycles, a slight increase of 1.3 percent. The Brand Group Progressive significantly scaled back its production in 2024 compared with the previous year.
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Ducati produced 55,956 (55,226) motorcycles, a slight increase of 1.3 percent. The Brand Group Progressive significantly scaled back its production in 2024 compared with the previous year. The reduction was mainly due to challenging market conditions, new model ramp-ups and temporary supply constraints. Illustration: C3 Visual Lab Production of fully electric vehicles (battery electric vehicles, BEVs) fell sharply in 2024. In the reporting year, 158,343 (196,761) BEVs were manufactured, a decrease of 19.5 percent. The share of fully electric vehicles as a percentage of total car production of the Brand Group Progressive thus amounted to 9.4 (10.0) percent. The decline was due mainly to a challenging over- all market environment, tougher competition and significantly lower overall demand for fully electric vehicles. In the year under review, the number of plug-in hybrids (PHEVs) produced was down by 19.1 percent to 77,144 (95,401) vehicles. Production at global sites in 2024 In 2024, a total of 558,597 (667,753) vehicles were produced at the German sites, a significant decline of 16.3 percent compared with the previous year.
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The model ramp-ups for the Audi A5, Audi A6 e-tron and Audi Q6 e-tron in the reporting year had a negative impact on production volume. 336,783 (403,874) vehicles were manufactured at the Ingolstadt site. The Audi brand produced 135,307 (162,734) premium models in Neckarsulm. During the reporting period, a total of 86,507 (101,145) fully electric models of the Audi Q4 e-tron line were produced at the Volkswagen multi-brand site in Zwickau. In Europe, production at the Bratislava site was also down by 15.1 percent to 103,070 (121,418) vehicles. In the first half of the year, supply constraints with V6 and V8 engines severely impacted the production volume of Audi premium SUVs at the Volkswagen multi-brand site. A total of 15,212 (53,555) fully electric models were built at the Audi site in Brussels in the 2024 reporting year. This sharp drop was due to necessary production adjustments for the Audi Q8 e-tron8 as a result of declining incom- ing orders. Production at the Brussels site was discontinued at the end of February 2025.
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This sharp drop was due to necessary production adjustments for the Audi Q8 e-tron8 as a result of declining incom- ing orders. Production at the Brussels site was discontinued at the end of February 2025. The plant in Győr, Hungary, produced 161,985 (176,338) Audi vehicles, a decrease of 8.1 percent, partly due to the end of pro- duction of the Audi TT. At the Mexican plant in San José Chiapa, the brand group manu- factured 144,638 (175,626) vehicles of the Audi Q5 product line, with production down 17.6 percent and therefore well below the previous year’s level. This reduction in production volume was due to the model ramp-up of the Audi Q5. In China, the associated companies FAW-Volkswagen and SAIC Volkswagen produced a total of 608,536 (669,902) Audi brand vehicles in 2024. The year-on-year decline of 9.2 percent reflected the fiercer competitive environment on the Chinese market. Produktion 1.692.152 Gesamt 2024 1.960.442 Gesamt 2023 501 469 453 402 514 415 in Tsd.
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Produktion 1.692.152 Gesamt 2024 1.960.442 Gesamt 2023 501 469 453 402 514 415 in Tsd. Automobilen 2023 2024 493 405 Q1 Q2 Q3 Q4 -13,7 % Production of the Brand Group Progressive, quarterly trend – 13.7% Total 2024 Total 2023 1,692,152 1,960,442 ⁷ Lamborghini Revuelto: fuel consumption (weighted combined): 11.9 l/100 km; electric power consumption (weighted combined): 10.1 kWh/100 km; CO₂ emissions (weighted combined): 276 g/km; CO₂ class (weighted combined): G; fuel consumption with empty battery (combined): 17.8 l/100 km; CO₂ class with empty battery: G.
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⁸ Audi Q8 e-tron: electric power consumption (combined): 28.0–19.5 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A. in thousand cars Produktion 1.692.152 Gesamt 2024 1.960.442 Gesamt 2023 501 469 453 402 514 415 in Tsd. Automobilen 2023 2024 493 405 Q1 Q2 Q3 Q4 -13,7 %
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FinanceStrategy & Company ESG Appendix 38 Audi Report 2024 Deliveries Deliveries by the Brand Group Progressive fell due to challenging economic conditions, a highly competitive market environment and limited supply ability. I n fiscal year 2024, the Brand Group Progressive delivered a total of 1,692,548 (1,918,912) cars, a decline of 11.8 percent compared with the previous year. Deliveries of the Audi brand amounted to 1,671,218 (1,895,240) vehicles, also a decline of 11.8 percent. A difficult macroeconomic environment, intense competition and temporary supply difficulties, especially in con- nection with V6/V8 engines, were all negative factors. The delivery figures in the reporting year were also influenced by a large num- ber of model changes and model launches, as new models will only gradually impact volumes in the markets. These included the fully electric Audi Q6 e-tron and Audi A6 e-tron models, the new Audi A5 and the new Audi Q5. The past year was therefore part of a transi- tion phase towards a new product portfolio.
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The past year was therefore part of a transi- tion phase towards a new product portfolio. With a clear product and technology roadmap, the Audi brand is rejuvenating its product portfolio with over 20 new Audi models in 2024 and 2025. Lamborghini continued the strong development of recent years and posted another record year with 10,687 (10,112) vehicles delivered and growth of 5.7 percent. The Lamborghini Revuelto7 contributed to this successful development with 1,406 units in the year of its market launch. Under challenging market condi- tions and likewise impacted by model changes, the Bentley brand delivered 10,643 (13,560) luxury cars to customers, 21.5 percent fewer than in the previous year. With 54,495 (58,224) motor- cycles delivered, Ducati saw a decline of 6.4 percent. The Brand Group Progressive delivered 164,480 (178,429) fully electric Audi models (BEVs) to customers in the reporting year, 7.8 percent fewer than in the previous year. Nevertheless, fully electric vehicles increased their share of deliveries from the Brand Group Progressive from 9.3 percent to 9.7 percent.
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Nevertheless, fully electric vehicles increased their share of deliveries from the Brand Group Progressive from 9.3 percent to 9.7 percent. The best-selling fully electric model line was again the Audi Q4 e-tron with 107,697 (111,735) vehicles. A total of 14,991 units of the new Audi Q6 e-tron were handed over to customers in 2024, with the market launch taking place in the third quarter of 2024. A total of 88,148 plug-in hybrids (PHEVs) were also delivered, bringing the share of electrified vehicles to 14.9 percent in the reporting year. Deliveries of high-performance models from Audi Sport GmbH fell by 13.7 percent to 41,227 (47,768) vehicles in the 2024 reporting year. Besides model changes, which will only gradually affect vol- umes, the limited availability of parts for individual product lines also had a negative impact on delivery figures. In the SUV segment, the brand group delivered a total of 851,212 (943,548) vehicles to customers, 9.8 percent fewer than in the previous year. The SUV share rose slightly compared with the previous year to 50.3 (49.2) percent.
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The SUV share rose slightly compared with the previous year to 50.3 (49.2) percent. At 297,912 (331,928) vehicles, the Audi Q5 was once again the best-selling Audi model in the reporting year despite the model change. Overview of delivery figures in the core regions In Europe, the Brand Group Progressive delivered 670,859 (754,549) vehicles, a decrease of 11.1 percent compared with the previous year. Deliveries in the German domestic market fell substantially by 21.2 percent to 200,009 (253,920) units. Deliveries also fell in major Western European markets includ- ing the UK (–10.9 percent to 124,255 vehicles), France (–3.2 percent to 48,599 vehicles) and Spain (–4.2 percent to 39,215 vehicles), while Italy (+1.1 percent to 67,837 vehicles) recorded a slight increase. In the US automotive market, deliveries were down by 13.7 percent to 202,969 (235,178) vehicles. In China – the world’s largest single market – the brand group ended 2024 with 653,016 (732,893) vehicles delivered.
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In China – the world’s largest single market – the brand group ended 2024 with 653,016 (732,893) vehicles delivered. This decline of 10.9 percent was due in particular to the intensive competitive situation. The above figure includes 598,778 (664,607) vehicles manufactured locally by associated Chinese companies. Illustration: C3 Visual Lab ⁷ Lamborghini Revuelto: fuel consumption (weighted combined): 11.9 l/100 km; electric power consumption (weighted combined): 10.1 kWh/100 km; CO₂ emissions (weighted combined): 276 g/km; CO₂ class (weighted combined): G; fuel consumption with empty battery (combined): 17.8 l/100 km; CO₂ class with empty battery: G. in Tsd.
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Automobilen 1.692.548 Gesamt 2024 1.918.912 Gesamt 2023 2023 2024 422 402 498 442 485 407 514 441 Q1 Q2 Q3 Q4 -11,8 % Deliveries of the Brand Group Progressive, quarterly trend – 11.8% Total 2024 Total 2023 1,692,548 1,918,912 in thousand carsin Tsd. Automobilen 1.692.548 Gesamt 2024 1.918.912 Gesamt 2023 2023 2024 422 402 498 442 485 407 514 441 Q1 Q2 Q3 Q4 -11,8 %
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FinanceStrategy & Company ESG Appendix 39 Audi Report 2024 7 Lamborghini Revuelto: fuel con- sumption (weighted combined): 11.9 l/100 km; electric power consump- tion (weighted combined): 10.1 kWh/100 km; CO₂ emissions (weighted combined): 276 g/km; CO₂ class (weighted combined): G; fuel consumption with empty battery (com- bined): 17.8 l/100 km; CO₂ class with empty battery: G. 8 Audi Q8 e-tron: electric power consumption (com- bined): 28.0–19.5 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A. 9 Detailed figures for fuel/electric power consumption and emissions can be found on page 161. 10 The table includes deliveries of 598,778 (664,607) vehicles manufac- tured locally by Chinese associated companies and available and sold exclusively in China.
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10 The table includes deliveries of 598,778 (664,607) vehicles manufac- tured locally by Chinese associated companies and available and sold exclusively in China. 11 Vehicle is/was man- ufactured locally by associated compa- nies and available and sold exclusively in China. 12 The Audi e-tron is no longer offered for sale as a new pas- senger car on the German market. 13 Audi e-tron GT: electric power consumption (com- bined): 21.1–18.0 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A. 2024 2023 ∆ in % Audi A1 59,363 72,221 –17.8 Audi Q2 71,637 90,823 –21.1 Audi Q2 L e-tron11 18 250 –92.8 Audi A3 197,622 234,547 –15.7 Audi Q3 215,174 221,398 –2.8 Audi Q4 e-tron 107,697 111,735 –3.6 Audi TT 1,826 9,
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7 Audi Q3 215,174 221,398 –2.8 Audi Q4 e-tron 107,697 111,735 –3.6 Audi TT 1,826 9,233 –80.2 Audi A4 193,780 236,744 –18.1 Audi A5 71,817 77,474 –7.3 Audi Q5 297,912 331,928 –10.2 Audi Q5 e-tron11 6,002 5,207 15.3 Audi Q6 e-tron 14,991 462 X Audi Q611 5,300 4,561 16.2 Audi A6 243,364 266,932 –8.8 Audi A7 38,314 32,910 16.4 Audi Q8 e-tron8 / Audi e-tron12 28,216 49,001 –42.4 Audi e-tron GT13 7,097 11,203 –36.7 Audi Q7 57,262 72,396 –20.9 Audi Q8 36,983 43,760 –15.5 Audi A8 14,
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203 –36.7 Audi Q7 57,262 72,396 –20.9 Audi Q8 36,983 43,760 –15.5 Audi A8 14,955 20,293 –26.3 Audi R8 1,429 1,591 –10.2 Vehicles before market introduction 459 571 –19.6 Audi brand 1,671,218 1,895,240 –11.8 Bentley Continental 3,741 4,215 –11.2 Bentley Flying Spur 2,544 3,405 –25.3 Bentley Bentayga 4,358 5,940 –26.6 Bentley brand 10,643 13,560 –21.5 Lamborghini Urus 5,662 6,087 –7.0 Lamborghini Huracán 3,609 3,962 –8.9 Lamborghini Aventador 10 63 –84.1 Lamborghini Revuelto7 1,406 0 X Lamborghini brand 10,687 10,112 5.7 Total cars 1,692,548 1,918,912 –11.
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406 0 X Lamborghini brand 10,687 10,112 5.7 Total cars 1,692,548 1,918,912 –11.8 Car deliveries to customers by model series9, 10 Fully electric vehicles (BEV)
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[Confidence]: 0.95 the paragraph
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FinanceStrategy & Company ESG Appendix 40 Audi Report 2024 T he revenue of the Audi Group declined to EUR 64,532 (69,865) million in the 2024 fiscal year. This 7.6 percent decline year on year is primarily due to lower vehicle sales – also influenced by temporary supply constraints, a large number of model changes and model launches – as well as intense competition. Revenue from the sale of cars of the Audi brand dropped to EUR 41,577 (49,091) million, with the fully electric Audi Q8 e-tron8 in particular recording a sharp decline due to the early termination of production at the Brussels site and the Audi Q5 underperforming as a result of the model changeover. Conversely, the new Audi Q6 e-tron made a positive contribution to the overall figure. The Lamborghini brand once again increased its revenue from the vehicle business in the reporting period, achieving growth of 15.5 percent to EUR 2,848 (2,466) million. The Bentley brand recorded a drop in revenue from the sale of automobiles to EUR 2,422 (2,772) million.
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[Guess]: No
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[Confidence]: 1.0
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The Bentley brand recorded a drop in revenue from the sale of automobiles to EUR 2,422 (2,772) million. Financial situation With revenue of EUR 840 (888) million, the motorcycle business of the Ducati brand suffered a slight decline. Other revenue of the Audi Group amounted to EUR 16,450 (14,853) million, an increase of 10.7 percent. Within this figure, parts deliveries for local production in China increased substan- tially, while the genuine parts business continued the positive trend of previous years with further revenue growth. Revenue by region showed a heterogeneous picture in the year under review. The Audi Group posted a decline in revenue of 5.5 percent in Europe, to EUR 32,925 (34,836) million. Revenue in the US also fell noticeably by 16.0 percent to EUR 12,511 (14,892) million. In China,14 on the other hand, revenue grew slightly by 2.9 percent to EUR 11,767 (11,430) million. The cost of goods sold fell by almost the same percentage as a result of the lower sales volume. This figure also includes lower material and purchase costs.
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The cost of goods sold fell by almost the same percentage as a result of the lower sales volume. This figure also includes lower material and purchase costs. Financial performance Operating profit of the Audi Group down in a difficult market environment, due in part to restructuring expenses; net cash flow at a solid level. Condensed income statement, Audi Group EUR million 2024 2023 ∆ in % Revenue 64,532 69,865 –7.6 Cost of goods sold –54,419 –58,576 –7.1 Gross profit from sales 10,113 11,289 –10.4 Distribution expenses –3,352 –3,377 –1.5 Administrative expenses –762 –771 –1.2 Other operating result –2,123 –860 146.8 Operating profit 3,903 6,280 –37.9 ROS (return on sales) in % 6.0 9.0 –3.0 ppt.
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Financial result 1,097 1,423 –22.9 Profit before tax 5,000 7,703 –35.1 Income tax expense –811 –1,443 –43.8 Profit after tax 4,189 6,260 –33.1 8 Audi Q8 e-tron: electric power consumption (combined): 28.0–19.5 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A. 14 As well as the revenue from Audi vehicles exported to China (FBU), this line item also includes revenue from deliveries of parts to China. Other income from the China business is reported in the financial result.
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[Confidence]: 0.95
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FinanceStrategy & Company ESG Appendix 41 Audi Report 2024 Key figures for research and development Both distribution expenses and general administrative expenses remained almost unchanged compared with the previous year. The other operating result decreased very significantly compared with the previous year. This was mainly due to the expenses incurred in connection with restructuring following the termina- tion of production at the Brussels site in February 2025. Increased residual value risks as a result of falling prices on the used car market also had a negative impact compared with the previous year. By contrast, currency effects had a positive impact. Valuation effects from commodity hedging were of minor importance in the reporting year, as commodity futures were put into a hedging relationship in the current financial year and therefore transferred to hedge accounting. The effects of changes in fair value are now mainly recognized in equity. Operating profit marked by restructuring expenses At EUR 3,903 (6,280) million, the operating profit of the Audi Group was well below the previous year’s figure. The operating return on sales amounted to 6.0 (9.0) percent. Restructuring expenses of around EUR 1.6 billion in connection with the termi- nation of production at the Brussels site, as described above, were the largest negative factor here.
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Restructuring expenses of around EUR 1.6 billion in connection with the termi- nation of production at the Brussels site, as described above, were the largest negative factor here. In addition to early deprecia- tion and amortization, expenditure from a change in production methods and legal and consulting costs, this figure also includes employee-related provisions such as social plans. 15 This ratio shows research and development activities relative to revenue. 16 This ratio expresses capitalized development costs in relation to research and development activities. EUR million 2024 2023 ∆ in % Research and development activities 4,603 5,436 –15.3 Capitalized development costs 2,141 2,705 –20.8 Amortization of and impairment losses on capitalized development costs 1,683 1,292 30.2 = Research and development expenditure 4,144 4,024 3.0 Key figures for research and development in the Audi Group The research and development ratio15 in the year under review was 7.1 (7.8) percent. Research and development activities declined significantly. This was due, among other things, to fewer alloca- tions within the Volkswagen Group for new platforms and modu- lar systems due to vehicle ramp-ups that had already taken place.
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Research and development activities declined significantly. This was due, among other things, to fewer alloca- tions within the Volkswagen Group for new platforms and modu- lar systems due to vehicle ramp-ups that had already taken place. The capitalization ratio16 of 46.5 (49.8) percent was slightly below the prior-year level. The ratio reflects the present product life cycle of the model range and also demonstrates the ability of the future product portfolio to retain its value. The slight decrease in the ratio is due to the largely completed development of the PPE (Pre- mium Platform Electric) and PPC (Premium Platform Combustion). Amortization of and impairment losses on capitalized develop- ment costs rose sharply by 30.2 percent due to the new model ramp-ups in the reporting year. Overall, research and development expenditure was therefore slightly up on the previous year.
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[Confidence]: 0.9
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FinanceStrategy & Company ESG Appendix 42 Audi Report 2024 Financial result, Audi Group EUR million 2024 2023 ∆ in % Result from investments accounted for using the equity method 1 173 –99.7 Net interest result 395 464 –14.9 Other financial result 701 785 –10.8 Financial result 1,097 1,423 –22.9 of which China business18 651 915 –28.8 17 Financial brand settlement agreed between AUDI AG and Volkswagen AG and performance-related income for China business in connection with associated companies. 18 Includes the result from investments accounted for using the equity method: FAW-Volkswagen Automotive Co., Ltd., Volkswagen Automatic Transmission (Tianjin) Co., Ltd., SAIC Volkswagen Automotive Co., Ltd., Audi FAW NEV Co., Ltd., and brand settlement for China business. Financial result of the Audi Group The financial result of the Audi Group decreased to EUR 1,097 (1,423) million in the past fiscal year. This was driven by the decline in the net interest result. Increased interest expenses due to the compounding of non-current provisions were not offset by higher interest income.
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[Confidence]: 1.0
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This was driven by the decline in the net interest result. Increased interest expenses due to the compounding of non-current provisions were not offset by higher interest income. In addition, the profit from participations accounted for using the equity method also fell, mainly due to ramp-up losses recognized on a pro rata basis for Audi FAW NEV Co. in Changchun, China, which started production in December 2024. The other financial result, mainly comprising the brand settlement17 agreed with Volkswagen AG for the China business, also decreased slightly. The Chinese business included in the financial result amounted to EUR 651 (915) million in 2024. Profit after tax considerably lower than in the previous year In the 2024 fiscal year, the Audi Group posted a profit before tax of EUR 5,000 (7,703) million. The return on sales before tax was 7.7 (11.0) percent. Profit after tax came to EUR 4,189 (6,260) million.
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42
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[Guess]: No
[Confidence]: 1.0
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[Confidence]: 1.0
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FinanceStrategy & Company ESG Appendix 43 Audi Report 2024 Illustration: C3 Visual Lab Quarterly development > Deliveries impacted by model changes and product launches > Operating profit adversely impacted by substantial restructuring expenses for Brussels site > Strong year-end with best quarterly result in 2024 > Deliveries stabilizing thanks to improved model avail- ability > Further increase in resid- ual value risks for used vehicles > Improved supply situation leads to first positive mix effects > Supply difficulties, particu- larly for high-margin V6/V8 engines, logistics delays in the US and strike at the Mexico plant > BEV deliveries declining in Europe, partly due to cancel- lation or reduction of subsidy programs for fully electric vehicles Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 20232024 Operating profit in EUR million, ROS in % Revenue in EUR million Deliveries in cars Q1 Q2 Q3 Q4 1,692,548 (1,918,912) 484,880 514,484 421,824 497,724 407,390 441,167 402,048 441,943 (69,865)64,
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43
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[Confidence]: 1.0
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[Confidence]: 1.0
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[Confidence]: 0.9
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692,548 (1,918,912) 484,880 514,484 421,824 497,724 407,390 441,167 402,048 441,943 (69,865)64,532 17,286 16,221 19,475 16,883 17,214 15,322 18,271 13,725 (6,280)3,903 6.0% (9.0%) 1,601 9.3% 106 0.7% 466 3.4% 1,686 8.7%1,515 8.8% 1,816 10.8% 1,815 9.9% 1,178 7.3% Q1 Q2 Q3 Q4
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43
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[Confidence]: 0.9
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[Confidence]: 0.9
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[Confidence]: 1.0
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[Confidence]: 0.99
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[Confidence]: 0.9
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FinanceStrategy & Company ESG Appendix 44 Audi Report 2024 Net worth T otal assets of the Audi Group as of December 31, 2024, were down to EUR 73,097 (73,447) million. The non-current assets of the Audi Group remained virtually unchanged. The increase in property, plant and equipment and in- tangible assets was offset by decreases in investments accounted for using the equity method and lower other financial assets. Current assets were down slightly as of December 31, 2024. While cash and cash equivalents decreased substantially and invento- ries were slightly lower, trade receivables recorded a noticeable increase. Equity ratio remains high As of December 31, 2024, the equity of the Audi Group increased to EUR 35,882 (33,839) million, giving an equity ratio of 49.1 (46.1) percent. Profit after tax had a positive effect on retained earnings. Non-current liabilities decreased significantly at the end of 2024, mainly due to lower non-current provisions. Current liabilities fell mainly as a result of reduced liabilities from profit and loss transfers and performance-related remuneration as well as a decrease in trade payables.
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[Confidence]: 0.95
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Current liabilities fell mainly as a result of reduced liabilities from profit and loss transfers and performance-related remuneration as well as a decrease in trade payables. This was offset by a marked increase in provisions, primarily in connection with the termina- tion of production at the Brussels site. Condensed balance sheet, Audi Group EUR million Dec. 31, 2024 Dec.
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[Confidence]: 1.0
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This was offset by a marked increase in provisions, primarily in connection with the termina- tion of production at the Brussels site. Condensed balance sheet, Audi Group EUR million Dec. 31, 2024 Dec. 31, 2023 ∆ in % Non-current assets 35,318 35,230 0.3 Current assets 37,703 38,199 –1.3 of which inventories 7,837 7,966 –1.6 of which trade receivables 5,932 5,598 6.0 of which cash and cash equivalents 12,229 13,436 –9.0 Assets held for sale 76 18 X Total assets 73,097 73,447 -0.5 Equity 35,882 33,839 6.0 Liabilities 37,215 39,608 -6.0 of which non-current liabilities 14,332 15,228 –5.9 of which current liabilities 22,884 24,380 –6.1 of which trade payables 8,275 8,839 –6.4 Total equity and liabilities 73,097 73,447 –0.5
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[Confidence]: 1.0
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[Confidence]: 0.95
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FinanceStrategy & Company ESG Appendix 45 Audi Report 2024 Additions to capitalized development costs in the reporting period were down, partly due to the current product life cycle of the model range and the many product launches. At the same time, invest- ments in participations were also lower than in the previous year. Net cash flow remains solid and net liquidity high Net cash flow of the Audi Group in the year under review came to EUR 3,072 (4,740) million, which was clearly below the strong prior-year level. Cash flow from investing activities totaled EUR –5,994 (–2,799) million and, in addition to the investing activities attributable to operating activities described above, included the investment of fixed-term deposits. In the previous year, this item was primarily impacted by the proceeds from maturing fixed-term deposits. Cash flow from financing activities amounted to EUR –4,099 (–4,312) million. It mainly comprised the profit transfer to Volkswagen AG of EUR –3,831 million for 2023. As of the reporting date, cash funds were down to EUR 12,229 (13,436) million.
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[Confidence]: 1.0
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It mainly comprised the profit transfer to Volkswagen AG of EUR –3,831 million for 2023. As of the reporting date, cash funds were down to EUR 12,229 (13,436) million. The net liquidity of the Audi Group as of December 31, 2024, was EUR 22,847 (23,554) million. I n the 2024 fiscal year, the Audi Group generated cash flow from operating activities of EUR 8,674 (11,135) million. In addition to the decline in profit before tax, the year-on-year decrease was also due to the negative development of working capital in the reporting year. This was primarily attributable to a very steep fall in liabilities, partly as a result of reduced production at the end of the year. The previous year saw an increase in liabilities. Receivables also in- creased noticeably compared with the beginning of 2024, whereas this item had virtually no impact on working capital in 2023. By contrast, a marked increase in provisions had a positive ef- fect, particularly in connection with the termination of production at the Brussels site. The previous year saw a decline in this area.
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By contrast, a marked increase in provisions had a positive ef- fect, particularly in connection with the termination of production at the Brussels site. The previous year saw a decline in this area. The modest reduction in inventories, which had already fallen slightly in the previous year, also had a positive effect on working capital in the reporting year. Capital expenditure impacted by upfront expenditure for future models Investing activities attributable to operating activities came to EUR –5,602 (–6,395) million in the year under review. Capital expenditure rose noticeably to EUR –3,487 (–3,251) million. This rise was primarily due to licenses acquired within the Volkswagen Group in the fourth quarter for the future use of the Rivian soft- ware architecture. The capex ratio in the year under review was 5.4 (4.7) percent. The investment ratio of the Audi Group, which describes research and development activities as well as capital expenditure as a proportion of revenue, was 12.5 (12.4) percent in the year under review.
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[Confidence]: 1.0
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[Confidence]: 0.9
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The investment ratio of the Audi Group, which describes research and development activities as well as capital expenditure as a proportion of revenue, was 12.5 (12.4) percent in the year under review. Financial position Photo: AUDI AG Net cash flow –35.2% EUR 3,072 million Audi Q6 Sportback e-tron: electric power consumption (combined): 18.9–15.6 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A.
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[Guess]: No
[Confidence]: 0.995
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[Confidence]: 0.95
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[Confidence]: 0.95
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[Confidence]: 0.9
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FinanceStrategy & Company ESG Appendix 46 Audi Report 2024 Condensed cash flow statement, Audi Group 19 Capital expenditure includes investments in property, plant and equipment, investment property and other intangible assets according to the cash flow statement. EUR million 2024 2023 ∆ in % Cash and cash equivalents as of January 1 13,436 9,599 40.0 Cash flow from operating activities 8,674 11,135 –22.1 Investing activities attributable to operating activities –5,602 –6,395 –12.4 of which capital expenditure19 –3,487 –3,251 7.3 of which additions to capitalized development costs –2,141 –2,705 –20.8 of which change in participations –22 –504 –95.6 of which disposal of fixed assets 48 64 –25.1 Net cash flow 3,072 4,740 –35.2 Change in cash deposits and loans extended –392 3,596 X Profit transfer to the Volkswagen Group –3,831 –3,546 8.0 Lease payments, change in miscellaneous financial liabilities –268 –767 –65.0 Change in cash and cash equivalents due to changes in exchange rates 213 –186 X Change in cash and cash equivalents –1,
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0 Lease payments, change in miscellaneous financial liabilities –268 –767 –65.0 Change in cash and cash equivalents due to changes in exchange rates 213 –186 X Change in cash and cash equivalents –1,207 3,838 X Cash and cash equivalents as of December 31 12,229 13,436 –9.0 Net liquidity as of December 31 22,847 23,554 –3.0 Cash flow from investing activities –5,994 –2,799 114.2 Cash flow from financing activities –4,099 –4,312 –4.9
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FinanceStrategy & Company ESG Appendix 47 Audi Report 2024 Brand Group Progressive Comparison of deliveries, revenue, operating profit and return on sales: key performance indicators 2024 Audi Deliveries –11.8% 1,671,218 Operating profit EUR million 2,654 –45.3% Revenue EUR million –8.4% 58,129 Return on sales (ROS) 4.6% –3.0 ppt. Bentley Operating profit EUR million 373 –36.6% Return on sales (ROS) 14.1% Deliveries 10,643 –21.5% Revenue EUR million 2,648 –9.9% –6.0 ppt. Year-on-year change Lamborghini Deliveries 10,687 +5.7% Revenue EUR million 3,095 +16.2% Operating profit EUR million 835 +15.5% Return on sales (ROS) 27.0% –0.2 ppt.
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Ducati Operating profit EUR million –18.4% 91 Deliveries 54,495 –6.4% Revenue EUR million 1,003 –5.8% Return on sales (ROS) 9.1% –1.4 ppt.
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[Confidence]: 1.0
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FinanceStrategy & Company ESG Appendix 48 Audi Report 2024 T he European Union (EU) is increasing its focus on climate change mitigation. The “European Green Deal” and the goal of becoming climate-neutral by 2050 are an expres- sion of the EU’s great ambition and provide the framework for a broad package of measures. The EU taxonomy represents the next logical step on this path and, at the same time, is one of the central measures in the aforementioned package. Its goal is to re- direct capital to sustainable investments while fostering transpar- ency and the long term in financial and economic activity. To this end, the EU Taxonomy Regulation and the associated delegating acts define criteria to make companies’ sustainable business operations uniformly measurable and comparable. At the same time, the EU taxonomy goes beyond the climate change mitiga- tion aspect to require additional compliance with social aspects, for example. The Audi Group is committed to the Paris Climate Agreement and aligns its activities with the 1.5-degree goal. The company plans to be net carbon-neutral by 2050. Voluntary reporting by the Audi Group¹ The Audi Group is a fully consolidated Volkswagen Group company and is therefore not required to provide a separate report in accor- dance with EU taxonomy criteria.
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Voluntary reporting by the Audi Group¹ The Audi Group is a fully consolidated Volkswagen Group company and is therefore not required to provide a separate report in accor- dance with EU taxonomy criteria. Since fiscal year 2021, the Audi Group has been fostering transparency by publishing a voluntary report of the key figures relating to the EU taxonomy, thus reflect- ing the priority the brands give to ESG (Environmental, Social and Governance) criteria. Sustainability has a central role for the Audi Group and this is to be demonstrated visibly. ¹ For more detailed information on the EU taxonomy, please also read the Annual Report of the Volkswagen Group for 2024. Photo: AUDI AG The EU taxonomy makes sustainable business operations measurable and comparable. Audi makes voluntary disclosures in accordance with the EU Taxonomy Regulation. EU taxonomy Audi Q5 Sportback: fuel consumption (combined): 8.8–5.9 l/100 km; CO₂ emissions (combined): 199–148 g/km; CO₂ class: G–E.
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FinanceStrategy & Company ESG Appendix 49 Audi Report 2024 What makes an economic activity EU taxonomy-eligible or EU taxonomy-aligned? Economic activity YES NO Is listed in the EU taxonomy? Activity is “not taxonomy-eligible” NO Activity is “not taxonomy-eligible” Contributes to achieving one of the following environmental objectives? Climate change mitigation Climate change adaptation Sustainable use and protection of water and marine resources Pollution prevention and control Transition to a circular economy Protection and restoration of biodiversity and ecosystems Activity is “EU taxonomy-eligible” Fulfills the screening criteria? Has no negative impact on other environmental objectives? Complies with the minimum safeguards? Activity is “EU taxonomy-aligned” YES YES YES YES NO Activity is “not taxonomy-aligned” NO Activity is “not taxonomy-aligned” NO Activity is “not taxonomy-aligned” Illustration: C3 Visual Lab
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FinanceStrategy & Company ESG Appendix 50 Audi Report 2024 The Audi Group’s business model covers the development, production and selling of vehicles and the associated activities. Within the meaning of the EU Taxonomy Regulation, activities in these areas are suited to making a substantial contribution to the environmental goal of climate change mitigation through the expansion of clean or climate- neutral mobility. Under the “climate change mitigation” environmental objective, the Audi Group allocates all the itemized activities to the economic activities “Manufacture of low-carbon technologies for transport” and “Manufac- ture of automotive and mobility components.” These apply to all cars and motorcycles produced, irrespective of their drive technology, and also cover genuine parts. The second economic activity permits the consideration of components as well because these play a key role in reducing green- house gas emissions. This relates in particular to the sale to third parties of produced engines and powertrains for fully electric vehicles. In the Audi Group’s current estimation, hedging transac- tions and individual activities of subordinate importance, which are reported as other sales revenue in Audi’s consol- idated financial statements, should not be assigned to an economic activity and are therefore not deemed in the first instance to be taxonomy-eligible.
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Other activities which are directly connected with the aforementioned vehicle-related business and, in Audi’s estimation, should also be assigned to these economic activities, are currently classified as not taxonomy-eligible. On the basis of the requirements pub- lished by the EU, it was not clear which economic activity they should be assigned to in accordance with the EU taxon- omy. These activities particularly include the sale of other engines and powertrains, as well as parts deliveries and production under license by third parties, which are also reported as other sales revenue. Taxonomy-eligible > Contribution to the environmental goal of climate change mitigation > Manufacture of low-carbon technologies for transport > Manufacture of automotive and mobility components 1 The key performance indicator for fulfilling the screening criteria is the CO₂ emissions of the vehicles produced by the Audi Group. For this reason, CO₂ emissions in our vehicle-related business have been analyzed in accordance with WLTP by model and powertrain type. In this way, those vehicles have been identified among all of the tax- onomy-eligible vehicles that meet the screening criteria and with which the substantial contribution to climate change mitigation is measured. Until December 31, 2025, a threshold value of < 50 g/km CO₂ (WLTP) will apply.
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Until December 31, 2025, a threshold value of < 50 g/km CO₂ (WLTP) will apply. These vehicles include the Audi Group’s fully electric vehicles (BEV): > Audi Q4 e-tron, Audi e-tron²/Audi Q8 e-tron,³ Audi e-tron GT,⁴ Audi Q6 e-tron and Audi A6 e-tron In addition, most of the plug-in hybrids (PHEV) produced by the Audi Group generally fulfill the screening criteria: > Vehicles of the model lines Audi A3, Q3, A6, A7 and most of the Audi Q5, Q7, Q8 and A8 model lines as well as the Bentley Continental For fulfilling the screening criteria, a CO₂ threshold of 0 g/km already applies to motorcycles. None of the motorcycles in the Ducati product range met this require- ment. At the same time, development activities for fully electric motorcycles also took place in the 2024 fiscal year.
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None of the motorcycles in the Ducati product range met this require- ment. At the same time, development activities for fully electric motorcycles also took place in the 2024 fiscal year. Fulfillment of screening criteria 2 > Vehicle CO₂ emissions > BEV = 0 g/km CO₂ and PHEV < 50 g/km CO₂ by 2025 ² The Audi e-tron is no longer offered for sale as a new passenger car on the German market. ³ Audi Q8 e-tron: electric power consumption (combined): 28.0–19.5 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A. ⁴ Audi e-tron GT: electric power consumption (combined): 21.1–18.0 kWh/100 km; CO2 emissions (combined): 0 g/km; CO2 class: A. Illustration: C3 Visual Lab CO₂
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FinanceStrategy & Company ESG Appendix 51 Audi Report 2024 The minimum safeguards consist of the OECD Guidelines for Multinational Enterprises, the United Nations Guiding Principles on Business and Human Rights, the Fundamen- tal Conventions of the International Labour Organization (ILO) and the International Bill of Human Rights. The Audi Group is aware of its corporate responsibility for human rights, is committed to these conventions and declarations and affirms its acceptance of the content and principles specified therein. The Volkswagen Group has carried out and completed human rights risk assessments for all Audi Group companies. This also includes all sites reviewed as part of the DNSH criteria. This risk analysis took account of the results and risk assessments from the previous year. For the risks identified in the analysis, the companies received risk-specific measures which had to be imple- mented. The Group constantly monitors the status of implementation of these measures. The result of these assessments is that the requirements of the minimum safeguards were fulfilled in the year under review.
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The Group constantly monitors the status of implementation of these measures. The result of these assessments is that the requirements of the minimum safeguards were fulfilled in the year under review. Minimum safeguards Compatibility with other environmental objectives (Do No Significant Harm, DNSH) Ecologically sustainable economic activities within the meaning of the EU taxonomy must not only contribute to at least one of the defined environmental objectives but may also have no negative impact on the other environ- mental objectives. The DNSH (Do No Significant Harm) criteria for economic activities define the minimum requirements which must be fulfilled in order to exclude any significant harm to any of the other environmental objectives. In the year under review, the DNSH criteria for the economic activities “Manufacture of low-carbon tech- nologies for transport” and “Manufacture of automotive and mobility components” for the Audi Group were ana- lyzed to the greatest possible extent at the higher level of the Volkswagen Group. For the vehicle-related business, the analysis was performed at the level of the individual production sites which manufacture or will in the future manufacture Audi vehicles that fulfill the screening crite- ria named under step 2 above or will do so in the future in accordance with the five-year plan.
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The Volkswagen Group’s Annual Report presents the key interpretations and analyses used by the Volkswagen Group to examine whether any substantial harm has been done to the other environmental objectives. The result of these assessments is that the Audi Group’s vehicle-producing sites as well as the fully electric vehicles produced there and their compo- nents fulfilled the DNSH criteria in the year under review. 4 > No significant harm to the other environmental objectives > Central Volkswagen assessment: requirements fulfilled for fully electric Audi models > Upholding human rights and meeting minimum social standards > Central Volkswagen assessment: criteria fulfilled by Audi 3 Illustrations: C3 Visual Lab
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FinanceStrategy & Company ESG Appendix 52 Audi Report 2024 Audi Group key figures in accordance with the EU taxonomy5 Revenue of the Audi Group in 2024 totaled EUR 64.5 (69.9) billion (see page 33). Of this amount, EUR 52.5 (59.3) billion, or 81.3 (84.9) percent, was attributable to the economic activities “Manufacture of low-carbon technologies for transport” and “Manufacture of automotive and mobility compo- nents” and is therefore classified as taxonomy- eligible. This mainly includes the sales revenue from new and used vehicles, including motorcycles, from genuine parts, from extended warranties, and from the rental and lease business. Of this amount, EUR 6.6 (11.4) billion, or 10.2 (16.3) percent, fulfilled the screening criteria. Because it satisfies the DNSH criteria and minimum safeguards, this proportion of sales revenue can be classified as taxonomy-aligned.6 Revenue ⁵ The EU taxonomy contains wording and terms which are still subject to interpretation. Their later clarification by the EU may result in reporting changes. There is a risk that key figures reported as taxonomy-aligned might need to be assessed differently.
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Their later clarification by the EU may result in reporting changes. There is a risk that key figures reported as taxonomy-aligned might need to be assessed differently. The Audi Group’s interpretation is shown below. ⁶ In the reporting year, the focus of the DNSH audit was on fully electric vehicles (BEV) and associated automotive components. As a result of the extensive changes to the require- ments, it was no longer possible to provide evidence for PHEVs. EUR 64.5 billion 10.2% 81.3% Revenue, Audi Group of which taxonomy-aligned of which taxonomy-eligible Photo: AUDI AG | Illustration: C3 Visual Lab Audi S e-tron GT: electric power consumption (combined): 19.7–18.0 kWh/100 km; CO₂ emissions (combined): 0 g/km; CO₂ class: A.
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FinanceStrategy & Company ESG Appendix 53 Audi Report 2024 In accordance with the EU taxonomy, operating expen- diture covers non-capitalized research and develop- ment costs, expenditure for maintenance and repair, and short-term leases. All operating expenditure at- tributable to the vehicle-related business is associated with the economic activity “Manufacture of low-carbon technologies for transport” and was therefore classi- fied as taxonomy-eligible. Thus, of the Audi Group’s total operating expenditure: > taxonomy-eligible operating expenditure: EUR 2.9 (3.1) billion or 100 (100) percent > taxonomy-aligned operating expenditure: EUR 1.4 (1.3) billion or 46.0 (41.0) percent The slight increase in taxonomy-aligned operating expenditure – both absolute and proportionate – is attributable to the growing number of environmen- tally sustainable projects in accordance with the EU taxonomy. Operating expenditure 46.0% of which taxonomy-aligned EUR 2.9 billion 100% taxonomy-eligible operating expenditure Illustrations: C3 Visual Lab In accordance with the EU taxonomy, capital expendi- ture covers additions to intangible assets, property, plant and equipment as well as leasing and rental assets.
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All capital expenditure attributable to the vehicle-related business was associated with the economic activity “Manufacture of low-carbon technol- ogies for transport.” No substantial capital expenditure was assigned to the other activities in the vehicle- related business (especially engines, powertrains, parts deliveries and franchises) that were initially not included. In fiscal year 2024, additions in the Audi Group amounted to > EUR 3.1 (3.3) billion from property, plant and equipment > EUR 2.7 (3.0) billion from intangible assets > EUR 0.1 (0.1) billion from leasing and rental assets Taxonomy-eligible capital expenditure thus totaled EUR 5.9 (6.4) billion or 100 percent. Capital expen- diture relating to vehicles that meet the screening criteria amounted to EUR 2.0 (2.8) billion. Taking into account the DNSH criteria and minimum safeguards, 33.9 (43.2) percent of total capital expenditure was taxonomy-aligned in 2024. The percentage decrease is largely attributable to the lower investments in fully electric vehicles. Capital expenditure 33.9% of which taxonomy-aligned EUR 5.9 billion 100% taxonomy-eligible capital expenditure
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FinanceStrategy & Company ESG Appendix 54 Audi Report 2024 Report on expected developments The global economy is expected to grow at a slightly slower pace in 2025 than in the reporting year. Global demand for passenger cars is likely to develop unevenly from region to region and be slightly above the previous year’s level. Audi expects another challenging fiscal year in 2025 in an environment that remains volatile and challenging. T he Audi Group assumes that, overall, global economic output will grow with slightly less momentum in 2025 than in 2024. Declining inflation in key economic regions and the resulting easing of monetary policy should have a positive effect on private demand. Audi continues to see risks in the increasing fragmentation of the global economy and protectionist tendencies, as well as in turbulence on the financial markets and structural deficits in individual countries. Growth prospects will also be adversely affected by ongoing geopolitical tensions and conflicts, with risks in particular from the Russia-Ukraine conflict, the disputes in the Middle East and uncertainties in connection with the political direction of the US. The Audi Group assumes that both advanced economies and emerging markets will be slightly less dynamic on average than in the reporting year. Development in the automotive industry is closely tied to the course of the global economy.
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The Audi Group assumes that both advanced economies and emerging markets will be slightly less dynamic on average than in the reporting year. Development in the automotive industry is closely tied to the course of the global economy. Audi expects the intensity of com- petition in the international automotive industry to continue Photo: AUDI AG Audi RS Q8 SUV performance: fuel consumption (combined): 13.6–13.1 l/100 km; CO₂ emissions (combined): 310–297 g/km; CO₂ class: G.
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FinanceStrategy & Company ESG Appendix 55 Audi Report 2024 to rise. Crisis-related disruptions of the global supply chain and the resulting effects on vehicle availability could have a negative impact on new registrations. Sudden or escalating geopolitical tensions and conflicts could also result in rising material prices and falling energy availability in particular. The Audi Group expects passenger car markets to develop at different rates in the various regions in 2025 but that this development will be largely positive. Overall, global sales volumes for new vehicles are likely to be slightly higher than those of the previous year. In Europe, the Brand Group Progressive expects new registra- tions in the overall passenger car market in 2025 to be noticeably above the level of the year under review. In view of challenging CO₂ regulations, increased competitive pressure is to be expected for electrified vehicles. For the German passenger car market, it is expected that the volume of new registrations will slightly exceed the prior-year level. In the markets for passenger cars and light commercial vehicles (up to 6.35 t) in the US, sales volumes in 2025 are expected to be on a par with the previous year. Models in the SUV and pickup segments are likely to stay the main focus of demand.
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Models in the SUV and pickup segments are likely to stay the main focus of demand. In addition, it is to be expected that new registrations of fully electric vehicles will see very significant growth. The brand group continues to anticipate that the market volume in China will be on a par with the 2024 figure. Demand for fully electric vehicles is expected to continue and for long-range plug- in hybrid models to grow. Weaker economic development and heightened geopolitical tensions could have a negative impact. In particular, the trade conflict between China and the US will likely continue to weigh on business and consumer confidence unless a solution emerges. Outlook for 2025 Subject to the expected development of the economic environ- ment, the Audi Board of Management currently anticipates that the key performance indicators for the 2025 fiscal year will devel- op as follows: Deliveries of Brand Group Progressive cars to cus- tomers are expected to be between 1.7 and 1.8 million vehicles. The Audi Group expects revenue in the range of EUR 67.5 to 72.5 billion. The operating return on sales (ROS) is likely to be between 7 and 9 percent. The Audi Group is anticipating a net cash flow corridor of EUR 3 to 4 billion.
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The operating return on sales (ROS) is likely to be between 7 and 9 percent. The Audi Group is anticipating a net cash flow corridor of EUR 3 to 4 billion. In addition, an investment ratio² of between 10 and 12 percent is forecast for fiscal year 2025. The Audi management and the Works Council have agreed on key points for the future-oriented realignment of the German sites. This agreement for the future has created the conditions for a sustainable improvement in efficiency and profitability. Audi is now working with the social partners on the concrete implementation. A financial assessment of all components of the agreement is not possible at this time; the matter is therefore not included in the forecast of the key performance indicators. Anticipated development in the key performance indicators of the Audi Group ¹ This includes delivered Audi models produced locally by associated companies in China and available and sold exclusively in China. ² The investment ratio describes research and development activities and capex as a proportion of revenue.
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² The investment ratio describes research and development activities and capex as a proportion of revenue. Actual 2024 Forecast 2025 Deliveries of cars of the Brand Group Progressive to customers1 1.7 million cars between 1.7 and 1.8 million cars Revenue EUR 64.5 billion between EUR 67.5 and 72.5 billion Operating return on sales (ROS) 6.0% between 7 and 9% Net cash flow EUR 3.1 billion between EUR 3 and 4 billion Investment ratio2 12.5% between 10 and 12%
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FinanceStrategy & Company ESG Appendix 56 Audi Report 2024 Report on risks and opportunities Early detection and management of risks and opportunities are decisive factors for ensuring the sustained success of the Audi Group. A comprehensive Risk Management System (RMS) and an Internal Control System (ICS) provide the basis for this. Risk Management System in the Audi Group Addressing risks and opportunities constructively and openly is vital for the Audi Group in order to ensure the lasting success of its entrepreneurial activities. The purpose of an effective risk management system is to: > safeguard the company’s strategic, operational and financial goals over the long term, > stabilize and develop the company in accordance with the wishes of its interest groups, > protect long-term viability and competitiveness, > fulfill the company’s far-reaching duty of care with respect to how it handles risks and > fulfill legal requirements, especially the establishment of an early warning system. The Audi Group’s responsible and transparent approach to risks is reflected, among other things, in the formulation of ambitious corporate goals that are based comprehensively on risk/return considerations. These are synchronized both within the Brand Group Progressive and with the Volkswagen Group.
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These are synchronized both within the Brand Group Progressive and with the Volkswagen Group. In addition to the RMS, the ICS ensures that processes within the Audi Group are compliant and stable and is continuously developed. The ICS covers all material risk-carrying business processes including asso- ciated control activities across division boundaries. The effective- ness of the control activities is verified regularly. Operating principle of the Risk Management System The Risk Management System of the Audi Group is based on the internationally recognized standard of the Committee of Sponsor- ing Organizations of the Treadway Commission (COSO). Risks are Photo: AUDI AG Audi Q7 SUV TFSI e: fuel consumption (weighted combined): 1.4–1.2 l/100 km; electric power consumption (weighted combined): 29.1–27.8 kWh/100 km; CO₂ emissions (weighted combined): 33–28 g/km; CO₂ class (weighted combined): G–B; fuel consumption with empty battery (combined): G.
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FinanceStrategy & Company ESG Appendix 57 Audi Report 2024 The “Three Lines” model to be identified, evaluated and appropriately managed by those responsible. They are communicated to the people responsible in each division and to the Audi Board of Management in a trans- parent, appropriate and timely manner. All divisions and material subsidiaries of Audi are integrated into the Risk Management Sys- tem in order to satisfy both corporate and statutory requirements. Changes in the legal framework with respect to risk management are also continually monitored and accordingly implemented promptly in the company’s RMS as well as the ICS. Central tasks of risk management The central tasks of risk management are to identify and analyze risks, ensure transparent reporting of these risks and improve their controllability using suitable risk management tools. Risks are generally reported quarterly through the quarterly risk pro- cess, which maps the current risk situation in the Audi Group. In accordance with the COSO framework, risk-appropriate internal controls are also defined along the entire value chain and their implementation is monitored within the ICS. The Audi Group pro- motes the further development of the RMS/ICS through cross- divisional and cross-company projects.
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The Audi Group pro- motes the further development of the RMS/ICS through cross- divisional and cross-company projects. The priority here is to inter- link the system closely with corporate financial planning and man- agement, as well as with accounting. In view of its high strategic relevance, the regulatory framework for the RMS/ICS is firmly established both in an internal Corporate Policy of AUDI AG and in a Brand Group Policy to be implemented by material subsidiaries. To systematically structure its risk management architecture, the Audi Group follows the “Three Lines” model – a recommendation of the European Confederation of Institutes of Internal Auditing (ECIIA). On this basis, the RMS/ICS of the Audi Group features three lines that are intended to protect the company against the occurrence of material risks. The risk early warning system that is part of the RMS and the RMS/ICS for accounting are subject to scrutiny by the independent auditor of the consolidated financial statements.
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The risk early warning system that is part of the RMS and the RMS/ICS for accounting are subject to scrutiny by the independent auditor of the consolidated financial statements. Supervisory Board Board of Management Divisions Operational risk management Risk management program Coordination of standard processes Compliance program Audit of RMS/ICS/CMS Reports on risk management Reporting: GRC annual report Audit reports Internal Audit as an impartial body examines the security, regularity and economic effec- tiveness of the risk manage- ment, compliance and control activities. The central Governance, Risk & Compliance (GRC) organiza- tion is responsible for the overarching functionality of the Risk Management System (RMS), the Internal Control Sys- tem (ICS) and the Compliance Management System (CMS). The tasks involve > managing regular processes in the RMS/ICS and CMS, > consolidating risk information and > reporting on the risk situation and effectiveness of the systems to the Board of Management and the Supervisory Board. In addition, the central GRC organization handles the Group-wide ongoing development of governance, com- pliance and risk management tools.
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In addition, the central GRC organization handles the Group-wide ongoing development of governance, com- pliance and risk management tools. As well as providing methods and standards, these tasks include advising on how to improve risk steering as well as raising awareness of risk management, compliance and integrity, and providing training on such matters in the divisions and companies. As the risk managers, the divisions are independently responsible for managing risks and countermeasures as well as for performing and reporting on controls. They thus make the key contribution to the early identification and management of risks. Central GRC organization Internal Audit Illustration: C3 Visual Lab First Line Second Line Third Line
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FinanceStrategy & Company ESG Appendix 58 Audi Report 2024 The main operative risks and opportunities for the Audi Group are described below. Based on current assess‑ ments, these have been categorized as materially relevant to future development and may lead to negative or positive deviations from the key performance indicators forecast. The most significant risks at present relate to the im‑ plementation of the ambitious product program, which could subsequently lead to delays in the ramp‑up of new vehicle models and thus result in negative financial effects. These risks are largely related to the introduction of new platforms for electric and combustion models and to the growing complexity of the software architecture. In addition, significant supply and logistics risks remain and could impact production volumes at the sites in 2025 as well. Other risks are associated with the legal require‑ ments relating to products and services, such as planned legislation on prohibited substances (including PFAS) and cybersecurity regulations. Moreover, general economic risks may arise that could prevent positive growth in global economic output. From Audi’s perspective, these could derive from a further increase in geopolitical tensions. Turbulence on the financial, energy and commodity markets, increasingly protectionist tendencies and structural deficits may also jeopardize the development of individual advanced economies and emerging markets.
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Turbulence on the financial, energy and commodity markets, increasingly protectionist tendencies and structural deficits may also jeopardize the development of individual advanced economies and emerging markets. In connection with the agreement for the future, short-term financial burdens may impact the financial figures of the Audi Group; in the medium term, the company expects a substantial improvement in its cost base and thus a strengthening of its competitiveness. Material opportunities may arise from a more lively global economy, declining inflation and an easing of the general supply situation. In addition, further synergies may develop within the Volkswagen Group and in particular within the Audi Group. These synergy effects relate above all to the areas of development, procurement and production. A further improvement in the positioning of the brands of the Audi Group represents an additional opportunity. Overall risk situation of the Audi Group Compared with the previous year, the overall risk situation of the Audi Group has grown slightly in terms of the number and aggregate assessment of the risks, especially in light of the demanding ramp‑up situations for new models in the years ahead. On the basis of the information available at present, however, there continue to be no risks that could pose a threat to the Audi Group and material Group companies as going concerns.
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58
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 1.0
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[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.9
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177 |
audi.pdf
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On the basis of the information available at present, however, there continue to be no risks that could pose a threat to the Audi Group and material Group companies as going concerns. Risks and opportunities of the Audi Group In addition to managing risks effectively, it is necessary in all long‑term corporate decisions to identify and use opportunities in order to secure the sustained success of the Audi Group. Opportunities management – which includes such aspects as optimizing revenue and costs and improving products – is integrated into the opera‑ tional and organizational structure of the Audi Group and is closely aligned with our strategic objectives. To that end we continuously analyze the international context for potential impacts on the business model in order to identify trends and industry-specific key factors early on. Relevant developments are studied in detail with the help of scenario analyses, which are used to estimate possi‑ ble effects on the Audi Group. This work is performed in conjunction with Strategic Corporate Planning, the divisions affected and the Controlling area. The long-term competitiveness and future viability are to be safeguarded through the corporate strategy as well as through, among other things, efficiency and opportunities initiatives such as the Performance Program 14, and ad hoc through benchmarking.
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58
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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178 |
audi.pdf
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In addition, the divisions identify and operationalize medium‑ and short‑term potential opportunities on an ongoing basis. Operating principle of opportunities management
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58
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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179 |
audi.pdf
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FinanceStrategy & Company ESG Appendix 59 Audi R eport 2024 ¹ The internal decarbonization index (DCI) is a key performance indicator (KPI) with which the V olkswagen Group records and manages CO₂ emissions along the entire automotive value chain.
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59
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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180 |
audi.pdf
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It describes the average emissions (measured in CO₂ equivalents) over the entire life cycle of the Audi passenger car portfolio in the regions of Europe (EU 27, United Kingdom, Norway and Iceland), China (FBU, fully built up) and USA and is stated in metric tons of CO₂ equivalents per vehicle.
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59
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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181 |
audi.pdf
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The DCI includes the direct and indirect emissions that are produced at the individual production sites (Scope 1 and 2) as well as further direct and indirect emissions that occur over the life cycle of Audi vehicles (Scope 3).
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59
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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182 |
audi.pdf
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The utilization phase, as part of the life cycles of Audi vehicles, is calculated over 200,000 kilometers and with reference to legal requirements for fleet values in the sales regions. The CO₂ intensity of the charging current for electrified and partly electrified vehicles is also calculated on the basis of region-specific electricity mixes.
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59
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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183 |
audi.pdf
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The basis for calculat- ing supply chain and recycling emissions is provided by verified vehicle life cycle assessments (according to standards ISO 14040 and ISO 14044, see life cycle assessments: Documents & Policies | audi.com). Sustainability in the spotlight Sustainabilityisaglobalissueandthereforeplays an important role throughout the entire automotive value chain. For this reason, the Audi Group has deeply embedded sustainability in its str ategy and in the man- agement of the whole company group.
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59
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: Yes
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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184 |
audi.pdf
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For example, sustainability aspects ar e taken into account in import- ant decision - making processes. Audi therefore also considers CO₂ effects when making product decisions. The decarbonization index (DCI¹), the BEV share and k ey figures in line with the EU taxonomy all contribute significantly to managing the company in accordance with sustainability criteria. Risks and opportunities in connection with climate change are also identified and assessed.
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59
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.8
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185 |
audi.pdf
|
Activities relating to a holistic ESG risk man- agement system were further intensified in the year under review. The material medium- and long - term oppor tunities and risks associated with climate change are explained below. The challenge facing car manufactur ers is to comply with differing and constantly changing global regula- tions and legislation such as those relating to vehicle emissions , the use of materials and supply chains.
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59
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
user
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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186 |
audi.pdf
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This r esults, for example, in a risk for Audi, too, that it will fail to meet the average target for CO₂ fleet emissions in various regions of the world. In addition, there are risks in connection with the speed of the gener al shift to electric mobility, particularly with regard to the het- erogeneous development of demand for electric mod- els in the different regions.
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59
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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187 |
audi.pdf
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This results from, among other things, the slow development of the charging infr astructure for electric vehicles, as well as from the r espective price and subsidy policies and the associated low acceptance of electric mobility. At the same time, the supply of electric vehicles is still at a high level.
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59
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.9
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188 |
audi.pdf
|
In addition, there are challenges in establishing a sustain- able circular economy, especially in relation to the pr oduction and disposal of high-voltage batteries for fully electric vehicles. Electrification and the technologies of the future as opportunities Theconsistentdevelopmentoffullyelectricdrive concepts is a pillar of the corporate strategy and long- term success of the Audi Group.
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59
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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189 |
audi.pdf
|
The market introduc- tion of the Audi Q6 e-tron in 2024 marks the start of a major model initiative for fully electric vehicles. The oppor tunities from the electrification of the product por tfolio can be found, for example, in a more stable supply situation, an improved cost position, advances in batter y technology and the systematic expansion of the global charging infrastructure.
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59
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[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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190 |
audi.pdf
|
The development of highly automated drive systems can help to increase vehicle safety and allow the more efficient use of vehicles. Moreover, the deployment of artificial intelligence and automation can optimize production times and thus, among other things , also reduce CO₂ emissions from production. Sustainable Development Goals ThefollowingSDGs ar e at the focus of this company commitment: Further information on Audi and the UN sustainability goals can be found on page 160.
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59
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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191 |
audi.pdf
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Photo:AUDIAG TheAudiA5modelfamily:fuelconsumption(combined):8.0–4.8l/100km; C O₂ emissions (combined): 182–125 g/km; CO₂ class: G–D.
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59
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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192 |
audi.pdf
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60 Audi Report 2024 FinanceStrategy & Company ESG Appendix Photo: AUDI AG ESG 61 // Materiality analysis of AUDI AG 66 // Environmental 108 // Social 142 // Governance
|
60
|
[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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193 |
audi.pdf
|
61 Audi Report 2024 FinanceStrategy & Company ESG Appendix The 15 most important sustainability topics E Environmental S Social G Governance Sustainable corporate governance Page 144 Compliance and integrity Page 147 Sustainable business development Page 151 Fair working conditions and modern working forms Page 110 Corporate culture and equal opportunities Page 119 Occupational health and safety Page 116 Responsibility in the supply chain Page 125 Corporate citizenship Page 138 Climate change and energy efficiency Page 68 Water stewardship Page 85 Reduction in environmental pollution Page 81 Illustration: C3 Visual Lab Resource management and circular economy Page 97 Biodiversity Page 92 Vehicle safety Page 134 Responsible digitalization Page 130
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61
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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194 |
audi.pdf
|
62 Audi Report 2024 FinanceStrategy & Company ESG Appendix A s a global company, AUDI AG op- erates in a complex environment – a continuous review of its own ESG and corporate goals is essential for world- wide success. It is important to the compa- ny to keep an eye on the opportunities and risks of its actions in order to strengthen its positive influences on the environment and society and to keep negative impacts on the company to a minimum. Since 2024, the Corporate Sustainability Reporting Directive (CSRD) has governed the sustainability reporting requirements for companies in the EU.1 Companies now have to provide detailed non-financial information on environmental, social and governance issues in their management reports. The CSRD provides the regulatory framework for this reporting. The content to be reported and the report structure are defined by the European Sustainability Reporting Standards (ESRS). As with finan- cial reporting, sustainability reports should focus on meaningful information and topics that are relevant and assessable for stakeholders.2 This limitation is referred to as materiality. The sustainability reporting standard of the Global Reporting Initiative (GRI) also requires ESG reporting to be organized by material topics.
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62
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.9
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195 |
audi.pdf
|
The sustainability reporting standard of the Global Reporting Initiative (GRI) also requires ESG reporting to be organized by material topics. Audi voluntarily publishes a report that combines financial and ESG aspects. The Audi Report is based on the internationally established GRI Standard, but also takes up aspects of the European CSRD, includ- ing in particular the required key figures, and addresses the material topics specified by the GRI and CSRD. The materiality analysis that Audi has been conducting for over 11 years serves to de- termine these topics, since it creates trans- parency on relevant ESG topics in the con- text of sustainability. A significant change in the reporting year is the introduction of the concept of double materiality. This principle requires companies to consider the materiality of sustainability topics from two perspectives. The inside-out perspective (impact materiality) is used to determine the actual and potential positive and negative impacts of the company’s activities on various sustainability topics. The outside-in perspective (financial materiality) is used to determine the opportunities and risks that sustainability The new materiality analysis of AUDI AG What impact does Audi make on the environment and society? Which environmental and social issues influence the company’s financial performance?
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62
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[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
|
[Guess]: Yes
[Confidence]: 0.9
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196 |
audi.pdf
|
Which environmental and social issues influence the company’s financial performance? And how do external stakeholders assess these two topic areas? Audi’s new materiality analysis provides the answers. The premium car manufacturer draws important impulses for its sustainability efforts from this analysis. topics pose for the company’s financial performance. Audi uses the double materiality analysis as a strategic tool. It makes a contribution to the regular review of objectives and resource management and therefore to the further development of the company. It provides an even better understanding of the interaction between economic success and sustainable action, thereby helping to mesh these two aspects more closely. The idea is as follows: If the company is aware of its impacts and can manage accordingly, it can act optimally both with regard to risk minimization and opportunity maximiza- tion as well as resource allocation. Double materiality analysis for more transparency The materiality analysis that AUDI AG con- ducted in 2024 was the first to be carried out in accordance with the CSRD guide- lines. This approach also meets the GRI requirements for materiality analyses. In terms of the materiality analysis’s content, Audi took its lead from the ESRS and the Volkswagen Group’s requirements.
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62
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[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 0.9
|
[Guess]: Yes
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.8
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197 |
audi.pdf
|
This approach also meets the GRI requirements for materiality analyses. In terms of the materiality analysis’s content, Audi took its lead from the ESRS and the Volkswagen Group’s requirements. ¹ Only certain corporations and commercial partnerships where all partners have limited liability are affected by the reporting obligation. The requirements will initially apply to a limited circle of companies for fiscal years commencing from January 1, 2024, and will then be gradually extended. The CSRD had not yet been transposed into national law in Germany by the editorial deadline. The Audi Group nevertheless reports voluntarily on ESG topics. It is likely to remain exempt from any CSRD reporting obligation in the future too because it is covered by the CSRD reporting obligations of the Volkswagen Group as the parent company. ² Audi regards material stakeholder groups as internal and external groups of individuals that are affected directly or indirectly by the company’s business activities. The selection of the respective stakeholders is fundamentally based on their expertise and their ability to influence Audi. Audi differentiates the stakeholders according to different groups: custom- ers, analysts and investors, press and media, business partners, employees, neighbors and local residents, politics and associations as well as employees’ organizations, science and sustainability experts as well as non-governmental organizations (NGOs) and other groups.
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62
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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[Confidence]: 0.9
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198 |
audi.pdf
|
The basis for determining and selecting stakeholders is the Stakeholder Engagement Standard AccountAbility 1000 (AA1000SES) and its associated principles of inclusivity, materiality and responsiveness.
|
62
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
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199 |
audi.pdf
|
63 Audi Report 2024 FinanceStrategy & Company ESG Appendix Audi ESG topics The double materiality analysis covers the company’s impacts on the environment and society (impact materiality, inside-out) as well as the opportunities and risks for the company arising from environmental and societal impacts (financial materiality, outside-in), taking into account the perspectives of both internal and external stakeholders. Four-step approach The ESRS are divided into 37 subtopics, which form the basis for the company’s materiality analysis. During the reporting year, the company also carried out a com- parison with the topics used by competi- tors and the Volkswagen Group as well as those found in external ESG frameworks and ESG ratings. Two additional topics were derived from this comparison that go beyond the ESRS: social commitment and sustainable business development. As a second step, stakeholder interviews3 were conducted to identify potential posi- tive and negative impacts of Audi business activities on the environment and society for each subtopic (impact materiality). In addition, opportunities and risks for the company were identified for each subtopic (financial materiality). The third step was to have the subtop- ics evaluated by internal experts.
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63
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
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[Guess]: No
[Confidence]: 0.8
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200 |
audi.pdf
|
In addition, opportunities and risks for the company were identified for each subtopic (financial materiality). The third step was to have the subtop- ics evaluated by internal experts. One example: The inside-out analysis (impact materiality) for the topic “Working con- ditions – own workforce” (ESG topic area: social) identified the opportunity “Modern forms of work lead to a higher quality of life for employees” and the risk “Insuffi- cient work instructions for new employees lead to a risk to life and limb, for example in the context of hazardous materials or safety requirements” and rated them both as important. The outside-in analysis (fi- nancial materiality) for the topic “Working conditions – own workforce” identified the opportunity “Guaranteeing the health and safety of our own workforce can reduce employee fluctuation, which saves costs for recruitment and induction training” and the risk “Reputational and legal risks in the event of child and forced labor.” An evalua- tion of these factors, among other things, led to the assessment “very important” for the success of AUDI AG.
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63
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[Guess]: No
[Confidence]: 1.0
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[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 1.0
|
[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 0.9
|
201 |
audi.pdf
|
Topics that fell short of the “informative” threshold in terms of both financial and impact materiality were deemed immaterial by the Audi experts in the course of the analysis. This was the case for the nine topics of pol- lution of soil, pollution of living organisms and food resources, substances of concern, marine resources, economic, social and cultural rights of communities, civil and political rights of communities, rights of indigenous peoples, social inclusion of end users and animal welfare. In a fourth step, the results of the Audi materiality analysis were synchronized within the Volkswagen Group and approved by the Board of Management of AUDI AG. The Audi Strategy team then assigned the 39 material topics to a total of 17 topic clusters and the three fields of environ- mental, social and governance (ESG). Central question: To what extent do Audi’s business activities have an impact on people and the environment in the short, medium or long term, including impacts upstream and downstream in the value chain? Guiding question: To what extent do ESG topics have a material financial impact on Audi’s cash flow, financial position or financial performance in the short, medium or long term?
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63
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[Guess]: No
[Confidence]: 0.95
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[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.95
|
[Guess]: No
[Confidence]: 0.9
|
[Guess]: No
[Confidence]: 0.9
|
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