Audi Hungaria revenues up 12% to HUF 2.6 trillion in 2015

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Audi Hungaria Motor Kft.’s net revenues were up 12% last year reaching HUF 2.609 trillion, while the firm received state support amounting to HUF 1.9 billion, according to the company’s May financial report, online news portal napi.hu reported late yesterday.

Audi’s Hungarian subsidiary closed a successful year with net revenues up €917 million, all of which were derived from exports, with a biggest buyer being the Volkswagen group and within that Audi AG, napi.hu said.

Audi Hungaria’s operating profit increased by €103 million, reaching €426 million, however, the firm was exempt from paying taxes as a result of depreciation and R&D costs.

In addition to the exemption, Audi Hungaria drew down HUF 1.86 billion in state funding last year, including HUF 1 bln for factory upgrades (part of a HUF 15.4 bln subsidy); HUF 151 mln for on-the-job training (part of a HUF 557 mln subsidy); HUF 710 mln for R&D costs (part of a HUF 1.7 bln subsidy); and HUF 334 mln for expansion of the dual education program, according to napi.hu. Approximately HUF 7.7 bln in subsidies remains for previously confirmed projects, which the company has not yet drawn down, napi.hu added.

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