[Rupert Stadler, Part 1]
Ladies and Gentlemen,
welcome to the 125th Annual General Meeting of AUDI AG. On behalf of the entire Board of Management, I would like to welcome you most cordially here in Ingolstadt today. Together with you, we will sum up the financial year 2013, which was very challenging for us, but overall very successful.
Headwinds were very strong in Europe. The competitors attacked us fiercely. And on top of that, we made an extra effort: We had substantial advance expenditure last year – which we regard as crucial for our long-term success.
Today, we will also present to you an outlook of what our financial statements could look like in 2014: And of how we will keep our company on its successful path once again this year. In addition to our financial performance, we will report on our enormous steps of globalization, on our second model initiative, and on our company’s ongoing volume growth.
Let’s start with the key figures for 2013: With our deliveries of Audi automobiles, we significantly surpassed the mark of 1.5 million units! So the target we had set ourselves for 2015 was already reached last year! This shows that Audi is more popular today than ever before. In just four years, we have gained more than 600,000 customers.
Let’s have a look at our top markets: The main growth drivers are our overseas markets.
In China alone, we delivered nearly 492,000 cars to customers, over a fifth more than in the previous year. Our lead in China was bigger than ever before in 2013! We gained major impetus from our local production, which we are expanding step by step with new models. In China, we are the premium brand with the broadest range of models from local production: We produce the Audi A6 L, A4 L, Q5*, Q3* and A3 Sportback* in China.
The Four Rings are making good progress also in North America. The Audi community there grew at a double-digit rate once again in 2013. This means that for the first time, we passed the mark of 150,000 units in the USA – and exceeded the record number of the previous year!
In Europe, we too felt the difficult economic situation in 2013. The good news is that Audi was the only one of the three large premium manufacturers that successfully defied the crisis – we grew in that time by five percent, quite contrary to the market trend. In 2013, Audi delivered a total of 732,000 automobiles in Europe. That means that Europe is once again Audi’s strongest sales region. At the same time, Audi is the bestselling premium brand in Europe.
We put 15 new models and derivatives on the road in 2013. Above all, we further expanded our A3 model series*. It’s already the market leader in Europe – and the Sedan and the Cabriolet will give us additional impetus.
In the luxury class, we have set a new “highlight” with the A8*. It is the first car with innovative matrix-LED headlights. This technology is currently unique in the automotive industry. We will strengthen the luxury class with the new version of the A8.
The Q strategy has been an unparalleled success for Audi. Worldwide, we have delivered more than 1.7 million Q models since we entered the SUV business in 2006. And we will continue this success story. Last autumn, we announced a new addition to the Q family: As of 2016, we will round off our SUV offering at the bottom end with the Audi Q1. We will systematically close the gaps in our SUV portfolio and thus utilize further the market opportunities in this segment.
We have underscored our status as the sportiest premium brand with four new RS models.
On the subject of sport: 2013 was one of the most successful years in our motorsport history. The motorsport season has just begun. In the DTM, we started successfully at the Hockenheimring. And we scored points also in Oschersleben.
In the WEC, we have strong competitors in Porsche and Toyota. The new regulations are an additional challenge – which our team is tackling ambitiously. On June 14, it’s all about Le Mans. Our objective is clear: We are participating in order to win again!
Let us stay with the Audi Group: Our Italian subsidiaries were also very successful in 2013. Lamborghini set a new record for the third consecutive year with 2,121 super sports cars delivered to customers. And Ducati surpassed its record of the previous year with more than 44,200 motorcycles sold, despite all the difficulties affecting the motorcycle market.
In total, the Audi Group generated record revenue of 49.9 billion euros in 2013. And we achieved operating profit of more than five billion euros, despite challenging economic conditions in some of our key markets. At the same time, we invested 3.6 billion euros last year – ten percent more than in 2012 – thus laying the foundations for our ongoing success.
The focus of investment in 2013 was on expansion and thus on new production sites. Just over a year ago, we had ten car plants in nine countries. Today, with the full automobile plant in Győr, Hungary, and the plant in Foshan, Southern China, we have twelve plants in ten countries. This year, we will for the first time produce more cars abroad than here in Germany.
Recent steps we have taken will strengthen this production network. We will commence CKD production in Brazil in 2015. And we have decided on the full Audi plant for North America: As of 2016, we will produce the Audi Q5* in Mexico. The decision in favor of this continent is obvious: As we want to get more established in the US market, we need more models, shorter delivery times and more flexibility. This localization will make us more independent of-currency fluctuations – this fact in itself will bring some earnings potential –, and we will also profit from several free-trade areas. We will then export to the United States, Latin America, Japan and Europe without any import duty!
Our construction work in Mexico is making good progress. At the same time, we are pushing forward with the necessary employee training. At present, we are carrying out training in cooperation with the VW Institute in Puebla. In September, we will open the Audi Training Center in San José Chiapa. Another objective is to identify the best partners for our innovation projects and to develop strong supplier structures. “Globalization through localization” is the motto. A suppliers’ park close to the plant is an important working basis for our local partners. Groundbreaking took place a week ago. We have promised to localize two thirds of the components in Mexico by the time that we start production of the Q5*. Our target in the medium term is actually 90 percent, so that we can utilize all the available potential. Contracts have already been signed for three quarters of the value added.
A good 7,000 kilometers further to the southeast is Curitiba in Brazil. Last year, we decided to produce the Audi A3 Sedan* there as of 2015. The Q3* will follow a bit later. According to the latest industry studies, demand for premium automobiles in Brazil will double by 2020. We want to make good use of this market potential for Audi.
Now let’s turn to the people at the Audi Group. In 2013, we recruited approximately 6,400 new employees. Ingolstadt and Neckarsulm account for the largest number, with more than 3,000 new employees including about 750 young people who started an apprenticeship or dual course of study with us. A total of 73,751 people worked for us at the end of the year 2013.
This is the team that achieved our successful results for last year. This team deserves our thanks and recognition for its great performance in 2013. For their outstanding work, the employees of AUDI AG paid according to wage-tariff agreements this year once again received a profit-sharing bonus at an average of 6,900 euros.
Ladies and gentlemen,
before I hand you over to Mr. Strotbek, just a few words about the rate of investment at Audi. We are now shifting up a gear in this respect. The lion’s share of our new investment program will flow into the second stage of our strategic model initiative.
We already started the first stage at the beginning of the decade: the Audi A4 family* with the Sedan*, Avant* and allroad*, as well as the A5 Coupe*, Sportback* and Cabriolet*. We rolled out the Audi Q5 worldwide – a real boost for our SUV segment! The Audi Q3 – until now our entry-level model in the SUV segment, and the A1*, which shows that premium is not a matter of size.
Now we are commencing the second stage. The new generation of the modular longitudinal matrix plays a key role here. It is the basis of the segments B to D and will be applied throughout the Volkswagen Group – and that means in 23 models.
Another new development is that we are now using the modular longitudinal matrix also for larger SUV models. The new Audi Q7* is the beginning. And we will further expand the Q family.
In three years, every third Audi worldwide will be a Q model!
The uniform basic architecture of the modular longitudinal matrix gives us maximum flexibility – also with regard to our drive technologies: The modular longitudinal matrix is designed for conventional as well as alternative drive systems. So we will systematically apply the e-tron technology in our mid-sized and large models. Furthermore, this modular development strategy will also allow us to produce e-tron models on existing assembly lines. These three examples show that the modular platform is fit for the future – in every respect.
At the same time, we are reinforcing our claim to leadership in innovative fields such as lightweight construction, lighting technology and connectivity. Take connectivity as an example. In this field, we are setting the standards for the industry! An Audi is the fastest mobile device on the market. Connectivity with the environment, infrastructure and other automobiles are always subject to the clear imperatives of traffic safety and improved traffic flow on the roads.
The next step is piloted driving. On the way to reaching an international legal framework for it, great progress was made at the United Nations last week. Very soon in the coming years, we plan to have a system in series production for speeds up to 60 kilometers per hour. It will be based on driver assistance systems that we already offer for our cars. We will combine all of these functions in a control unit, the so-called zFAS board. ZFAS is a German abbreviation for “central driver assistance control unit”. The electronics that filled the entire trunk a year ago will soon have the size of a tablet computer!
Ladies and gentlemen,
these are just some of the highlights of our innovation roadmap – our schedule for “Vorsprung durch Technik”. The guidelines for all our projects are set by our requirements in terms of efficiency and sustainability. That can be seen from our commitment to the Volkswagen Group’s target of 95 grams of CO2 per kilometer by 2020.
We will achieve 20 percent of the current CO2 target corridor through further optimization: of weight, roll resistance and wind resistance. We will achieve another 30 percent with alternative drive systems such as plug-in hybrid, natural gas and fuel cells as well as full electric drive. And we will reduce most of the remaining CO2 emissions with our conventional high-performance combustion engines. In doing so, we will build on our many years of experience as a pioneer of engines with turbocharging and direct fuel injection, and we will continue to invest in our highly efficient engines. One example: At the Vienna Motor Symposium two weeks ago, we presented the new generation of our V6 TDI engines on the occasion of the jubilee, “25 years of the TDI”. With these engines, we have further enhanced both performance and refinement. The new engine generation features power output of up to 272 horsepower. At the same time, we have reduced the CO2 emissions of the new V6 TDI by up to 16 grams per kilometer.
Ladies and gentlemen,
as a globally active company, we are very well aware of our responsibility: for our employees, for the region in which we work and live, and for the environment and society. At Audi, we are working on the future – with innovations and with our values. Sustainability is firmly anchored as one of our principles, and is a yardstick for our entrepreneurial activity. We follow this principle with our products and processes along the entire value chain. For that reason, this year, we have become the first premium automobile manufacturer to have its corporate carbon footprint certified. With the CO2 footprint, we are making our company-wide greenhouse-gas emissions transparent. This will enable us to analyze CO2 emissions even more accurately and to reduce them further. We published details of our activities and targets of the Audi Group in our Corporate Responsibility Report in 2012. Measures and key figures for 2013 are available to you today in an updated report.
[Axel Strotbek]
Ladies and Gentlemen,
I also would like to welcome you cordially to the 125th Annual General Meeting of AUDI AG. As Professor Stadler has already explained, the Audi Group can look back on a successful year 2013. We not only significantly surpassed our strategic volume target two years earlier than planned. We also performed well in financial terms, and continued along our path of profitable growth. I would now like to give you an overview of the development of the key financial metrics.
I will start with the key figures of the income statement. In the past financial year, we increased the revenue of the Audi Group to 49.9 billion euros – mainly due to the strong demand for the new models of our A3* premium compact series. Compared with the high level of the previous year, this represents growth of 2.3 percent, despite negative currency effects.
Since July 2012, the revenue of the Audi Group also includes the revenue of the Ducati Group.
In 2013, the motorcycles segment achieved total revenue of about 570 million euros.
The Audi Group’s cost of sales amounted to about 40.7 billion euros last year. The increase of 4.2 percent is due not only to the expansion of our production volume, but in particular also to the expansion of our international manufacturing structures.
When we compare the development of cost of sales with the increase in revenue adjusted for currency effects, we have a nearly proportional picture. Gross profit of 9.2 billion euros in 2013 was below the high prior-year figure; the gross return on sales was 18.4 percent.
The Audi Group’s distribution costs of 4.6 billion euros were only slightly above the prior-year level, despite the dynamic growth. Administrative expenses increased to approximately 570 million euros in 2013.
In addition to the general growth of the Audi Group, the increase of 7.5 percent is mainly the result of consolidation effects. Other operating result increased to about 1 billion euros in 2013. The significant increase compared with the previous year primarily reflects the improved gains on the settlement of currency hedging transactions. In total, we achieved an operating profit of 5.0 billion euros.
As well as the higher intensity of competition, the development of earnings in the 2013 financial year largely reflects our efforts to continue the focus of the Audi Group on global growth and the requirements of the future! In this context, the significant advance expenditure that we have made for future topics was the biggest factor with a negative impact on earnings in the year 2013.
The expansion of our international manufacturing capacities was one focus of our investments. We have expanded the Hungarian site in Győr into an automobile plant with a full process chain. And with our new plant in Mexico, we are strengthening our successful growth path in the North American market. In the first step, the Audi Q5* successor generation will get off the assembly lines there as of 2016.
In addition to higher depreciation due to the larger investment volume, the decrease in earnings was caused by increased expenditure for research and development: For example, we worked intensively on the long-term structure of our model portfolio – especially against the backdrop of stricter CO2 regulations worldwide.
In addition to the continuous optimization of combustion engines, our efforts focused above all on the increasing electrification of our product range. At the same time, our earnings performance was affected by the aforementioned intensity of competition in some key markets; because we clearly felt the resulting pressure on prices, especially in China and Western Europe. Two other factors with negative impacts on earnings were exchange-rate effects and mix effects – especially due to falling demand in the markets of Western Europe affected by the sovereign-debt crisis.
Now let’s turn to the drivers of earnings: The significant growth of our unit sales was the biggest positive effect on our operating profit: We benefited on the one hand from the dynamic growth of the Audi brand’s unit sales in the premium compact segment. Dynamic growth rates were achieved above all by the new models of the A3 family*, such as the A3 Sportback* and the A3 Sedan*. On the other hand, we had significant sales impetus from our SUV models: the Q3*, Q5* and Q7*.
Furthermore, we were able to further optimize our product costs once again last year. The resulting positive impact on earnings of approximately 400 million euros is mainly the reflection of improved procurement and the consistent focus of our processes on efficient procedures and methods.
In addition, I would like to inform you about the earnings development of the “Motorcycles” segment: In the context of purchase-price allocation, in accordance with the provisions of IFRS, acquired assets are to be revaluated and systematically depreciated. With consideration of this one-off effect, the operating profit of the Ducati brand amounted to 33 million euros. Adjusted for this effect, operating profit amounted to 59 million euros.
The Audi Group’s financial income in 2013 of 293 million euros was significantly lower than the high level of the previous year. This primarily reflects changes in the fair values of derivative financial instruments. Furthermore, due to the ongoing very low level of market interest rates, we achieved only a low return on the investment of liquid funds. On the other hand, income from investments developed positively, driven in particular by our Chinese joint venture. So the Audi Group’s profit before taxes amounted to a total of 5.3 billion euros.
Ladies and gentlemen,
the strong profitability of the Audi Group is also reflected by the main return figures. So in 2013, despite the challenging market environment, we achieved an operating return on sales of 10.1 percent, and were thus once again above our strategic target corridor of eight to ten percent. This means that also in the past financial year, the Audi Group was one of the most profitable manufacturers in the premium segment. The development of our return on sales before taxes was no less successful at 10.7 percent.
Another crucial metric is our return on investment, that is, the rate of return on the average amount of capital invested. This amounted to 26.4 percent in 2013, and is thus also evidence of the quality of our growth path.
Ladies and gentlemen,
let me now turn to the development of our key balance sheet items. The Audi Group’s balance sheet total of 45.2 billion euros at the end of the 2013 financial year was 11.8 percent higher than a year earlier. The increase in non-current assets to approximately 20 billion euros mainly reflects increased property, plant and equipment as a consequence of our increased investment activity. Current assets increased in 2013 by 12.8 percent to 25.2 billion euros.
That significant growth is primarily due to the increase in cash and cash equivalents as well as the increase in receivables caused by the positive business development.
On the other side of the balance sheet, liabilities increased by about 1.3 billion euros to 26.6 billion euros, mainly because of higher trade payables. At the balance sheet date, the Audi Group’s equity increased by approximately 3.5 billion euros to 18.6 billion euros. This mainly reflects the capital contribution from Volkswagen AG of 1.9 billion euros.
Another factor strengthening the equity capital base was the allocation to retained earnings of the 0.8 billion euros of net profit that remained after the profit transfer. The Audi Group’s equity ratio thus improved – despite the increased balance sheet total – by 3.7 percentage points to 41.1 percent.
I now turn to selected items of our cash flow statement. In the past financial year, we increased the cash flow from operating activities to 6.8 billion euros. As a result of the aforementioned extensive advance expenditure, the cash outflow for operating investments increased by about 10 percent to 3.6 billion euros.
I would like to point out that we financed all investments in the expansion of our international sites as well as in new models and technologies fully from our own resources once again last year. In 2013, we generated a net cash inflow of just over 3.2 billion euros, which is 10.9 percent higher than the high level of the previous year, despite high investments. Net liquidity thus increased to 14.7 billion euros at the end of the year.
Ladies and gentlemen,
the 2013 financial year featured challenging economic conditions in many markets.
In this environment, the Audi Group defended its strong market positioning in the competitive global premium segment and continued along its path of qualitative growth.
And we intend to continue our qualitative growth this year as well. With sales in the first quarter of 413,000 automobiles of the Audi brand, we surpassed the high level of deliveries of the prior-year period by 11.7 percent. We increased our revenue accordingly to nearly 13 billion euros in the first quarter. We maintained our operating profit at the high level of 1.3 billion euros, despite the continuation of costly advance expenditure for the expansion of our international manufacturing structures and to expand our model and technology portfolio. The bottom line is that we achieved an operating return on sales of 10.1 percent.
We now come to the outlook for full-year 2014.
Ladies and gentlemen,
although we anticipate declining growth dynamism for the global automobile market, we plan to increase deliveries significantly once again in 2014 thanks to our attractive model range. And we have similarly ambitious growth targets also for the motorcycle segment.
As a result, we intend to further increase the revenue of the Audi Group – for the first time in the company’s history – to more than 50 billion euros.
We will continue the systematic expansion of our production network. In addition to the new plants in Hungary, Mexico and Brazil, we are also continuing our high levels of investment at our German sites in Ingolstadt and Neckarsulm. At the same time, we are increasing the tempo of investment in new models and technologies. We plan a bandwidth of 5 to 5.5 percent for our rate of investment in property, plant and machinery.
Despite this intensive advance expenditure in the future of our company, we plan to achieve an operating return on sales within our strategic target corridor of eight to ten percent. With this robust level of profitability, we will also lay the foundations for further profitable growth in the coming years.
At the end of last year, we approved the biggest single investment program in our company’s history. We did that deliberately – despite the great challenges. By 2018, we plan to invest a total of approximately 22 billion euros, with a clear focus on innovations and technologies. With our second model initiative, we are setting the course on our way to becoming the globally leading brand in the segment of premium automobiles.
In concluding my speech, allow me to refer briefly to our Annual Report 2013. You all received a copy of it at the information desk today, together with the documents on the Annual General Meeting. In addition to the printed Annual Report in the languages German, English and Chinese, we also offer you once again this year a multimedia experience for various devices with interesting audio and video features.
[Rupert Stadler, Part 2]
Ladies and Gentlemen,
success is a long-distance race. It’s important to have the right technique, the best team, and creativity. With Strategy 2020, we have staked out our racetrack. And we are setting quite a fast pace. We achieved our volume targets in record time. At the same time, as Mr. Strotbek has explained in detail, we initiated the biggest investment program in the company’s history. We are thus setting the course for our long-term success.
We want to improve our lap times once again this year. What does that mean in concrete terms for 2014? First of all for our growth. We will further increase our unit sales with volume growth in all regions of the world – also in Europe. In the United States, we will take the next major step towards 200,000 cars delivered each year – our target for 2020. And this year in China, we want to be the first premium brand to sell more than half a million cars in one year – significantly more.
One thing is clear: we will continue along our growth path. That won’t be easy of course. If we have a look at the economic atlas in 2014, we see that unlike in recent years, it is now the developed economies such as Germany, the United Kingdom and the United States which stand out with rising GDP and a positive labor-market development.
The US Federal Reserve’s gradual abandonment of its expansive monetary policy has put pressure on the currencies of many emerging economies – Argentina for example.
Overall, we see varied developments in the group of emerging markets. Brazil and Mexico have learnt their lesson from the crisis and are putting more priority on sustainable economic policy. This is preparing the ground for further investment – and thus for an ongoing positive development. Countries like Russia and India need to catch up in this respect. Further dangers are to be seen in political turmoil such as in the Ukraine and Turkey.
The bottom line is that 2014 will be another challenging year, and we will keep a very close eye on market developments. At the same time, the intensity of competition is still increasing. Many of our competitors are pursuing aggressive tactics. But we haven’t let that affect us: In March, we concluded the most successful first quarter in our company’s history with the strongest ever sales month. A double record!
At the same time, we are maintaining our operating return on sales at a high level – and are actually slightly above our strategic target corridor. Audi is the champion for return on sales! In the first quarter, we were significantly better than in the prior-year period in 17 of the top 20 markets.
In Europe, we have clearly defended our top position. In the United States, we have grown faster than the market despite the extreme winter weather – and remained true to our policy of attaining qualitative growth! In China, we recorded the best first quarter in Audi’s history. This means that we have continued our expansion of last year – despite all the prophecies of doom. China is our strongest market – and we are its strongest player.
In total, we delivered more than 412,000 Audi cars in the period of January through March, representing growth of 12 percent. Also in April, we remained on our growth path with an 11.6 percent in worldwide unit sales.
We gained major impetus from our product portfolio in the international markets. The rollout of the A3 family* creates further potential. For example, the A3 Sedan* was launched in the United States in April. Solely in the first month of the market launch, we sold more than 2,000 units there, which is a very good start.
This year, we will put 17 models and derivatives on the market. The first three new models debuted at the Geneva Motor Show: the Audi S3 Cabriolet*, the first A3 convertible* with quattro; the Audi S1*, the successful quattro formula works well at any size; and the new Audi TT*, which will add to our team of high-performance sports cars. This means even more power with lower CO2 emissions.
Our subsidiary brands also had world premieres in Geneva. Lamborghini is opening a new chapter with the Huracán*. He is already proving to be a worthy successor of the Gallardo: More than 1,500 Lamborghini fans have already ordered one.
Ducati presented the new Diavel. The “Motorcycle of the Year” – as selected by Europe’s biggest motorcycle magazine – will boost business along with the new Monster 1200, which was already unveiled in November.
Back to our core brand. With the growing product portfolio, our internationalization is also accelerating. In this context, our compact class is not only attracting large numbers of customers, the Audi A3* has also gained international recognition: In April, it was voted World Car of the Year – the best car of the world! The trophy can be seen here at the entrance of the Customer Center. And you can take home a smaller version of the best car in the world with you today!
The sales start of the new A3 family in China and the United States is one of the most important events of this year. In both countries, the compact class is still underrepresented in the premium market. But that’s changing: In China for example, the premium A-segment grew three times as fast as the overall premium market in the first quarter. We are profiting from this development above all with the A3 Sedan*, which was successfully presented at the Auto China Show in Beijing in mid-April.
The A3 Sportback e-tron* is stimulating additional interest. It embodies the latest stage of groundbreaking drive technologies: a powerful electric motor and an efficient 1.4-liter TFSI combustion engine offer a total range of more than 900 kilometers, including 50 kilometers under purely electric power. And that combines with minimal fuel consumption and extremely low CO2 emissions of just 35 grams per kilometer.
e-tron – that means dynamic driving and uncompromising driving pleasure at a premium level. That’s the Audi way into the future of mobility. And we are putting this future into series production. The A3 e-tron is just the beginning. Starting from now, we will launch one new Audi e-tron on the market each year.
Another thing about our China activities: In Beijing, we provided an insight into the ideas of Audi Design – and into the possible appearance of future TT versions. On the one hand, we had the show car from Detroit on the stage, the Audi allroad shooting break. Its powerful and efficient hybrid drive system makes a new form of quattro drive possible – the e-tron quattro. The 420 horsepower Audi TT quattro concept, the show car from Geneva, focuses on the sporting genes of the TT*. And the Audi TT offroad concept had its world premiere in Beijing. This plug-in hybrid with e-tron quattro drive combines the sporty character of a coupe with the high usability of a compact SUV.
The long-term goal for our product portfolio is clear: By the year 2020, we want to have more than 60 Audi models.
Our new ultra models play a special role here. We have started an efficiency championship across the entire model range. The name Audi ultra is given to the CO2 champions of each model series. That means full performance, best CO2 figures. This efficiency spearhead ranges from the Audi A3 ultra* with 3.2 liters of diesel per 100 kilometers and 85 grams of CO2 per kilometer to the Audi A6 ultra* with 4.4 liters of diesel and 114 grams of CO2 – with an output of 190 horsepower!
Our goal of CO2-neutral mobility is the “non-plus ultra”. In that context, we look beyond the phase when a car is in use and organize the entire value chain according to that target. For example, 100 percent of the electricity that we need for our plant here in Ingolstadt comes from regenerative sources.
Apart from that, how will we position Audi to face the future?
We will continue with our selective recruitment and will strengthen our team for the next stages until 2020. AUDI AG is growing – and its popularity as an employer is increasing in line with that growth. The latest evidence of that is provided by the trendence and UNIVERSUM rankings: Audi is the preferred employer for most students in Germany, and we are particularly popular with engineering graduates. At the same time, we offer the best job opportunities: In Germany, we want to recruit more than 2,000 experts in 2014 for the second stage of our strategy. And we will once again offer occupational training to more than 750 young people.
Ladies and gentlemen,
I said that success is a long-distance race. And long-distance races are a team sport. We are tackling our tasks with strong partners and a highly motivated team; with a clear ambition to take first place.
Thank you.
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