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Continued growth for BMW - 08/08/2002
Continued growth for BMW Group in first half-year
Sales volume, revenues, and earnings all improved
MUNICH, GERMANY, August 8, 2002 (BMW Group) - The BMW Group continued to perform successfully in the second quarter of 2002 and recorded its best-ever figures for revenues and earnings on a half-yearly basis. The group's sales volume growth rate for automobiles and motorcycles outperformed the market in virtually all geographical regions. The group was therefore able to hold its ground and even increase its market share in a number of regions despite the negative trends affecting many of the international markets.
On the basis of the prevailing economic conditions, the BMW Group expects to continue to make good progress in the second half of 2002 and forecasts a significant increase in sales volume for the full year. The BMW Group anticipates that the previous very high level for revenues and earnings, achieved in 2001, will be surpassed in 2002.
Revenues of the BMW Group in the second quarter 2002 were euro 11,599 million, an increase of 8.9% compared to the equivalent quarter in 2001. Group revenues in the first half of 2002 totalled euro 22,367 million (+11.3%).
The profit from ordinary activities for the second quarter 2002 was euro 1,020 million, 2.5% above the second quarter 2001. The profit from ordinary activities for the first half of 2002 amounted to euro 2,031 million which was 0.3% more than in the first half of 2001. It should be noted, however, that the profit from ordinary activities for the first quarter 2001 included an exceptional gain of euro 75 million on the sale of land no longer required for operational purposes. Excluding this one-off gain, the profit for the first half of 2002 represents an improvement of 4.2%.
Net profit rose by 11.9% to euro 629 million in the second quarter 2002. For the first half of 2002, the net profit was euro 1,261 million, surpassing the same period last year by 7.7%.
On 30 June 2002, the BMW Group's worldwide workforce totalled 99,464 employees, 5% more than at the end of the second quarter 2001.
BMW Group results by segment
Automobiles segment growth above market
Revenues of the Automobiles segment increased by 7.2% in the second quarter 2002 to euro 9,978 million. Revenues for the first half of 2002 amounted to euro 19,463 million, an increase of 12.1%.
The Automobiles segment recorded a profit from ordinary activities in the second quarter 2002 of euro 958 million, an increase of 8.9% on the equivalent period last year. The profit from ordinary activities in the first half of 2002 amounted to euro 1,872 million, an increase of 0.4%. After adjusting for one-off items in the first quarter 2001 (sale of land no longer required for operational purposes), the profit from ordinary activities increased by 4.6%.
A total of 543,742 units were delivered to customers during the first half of 2002, an increase of 18.2% compared to the same period last year. The sales volume for the second quarter 2002 was 283,280 units, an increase of 19% compared to the second quarter 2001. 481,330 BMW brand cars were sold during the first half of 2002, an increase of 4.7% over the equivalent six month period in 2001. The sales volume of the BMW brand rose in the second quarter 2002 to 248,559 units, an increase of 4.4 % compared to the second quarter 2001 and a new all-time high for a single quarter.
A total of 62,412 cars of the recently launched MINI brand was sold during the first half of 2002, thereof 34,721 in the second quarter.
Motorcycles segment competes successfully in a difficult market
Revenues of the Motorcycles segment in the second quarter 2002, at euro 351 million, were 2.8% below the amount recorded in the second quarter 2001. Revenues for the first half of 2002 totalled euro 653 million, an increase of 6.5% compared to the first six months of 2001.
The profit from ordinary activities of the Motorcycles segment for the second quarter 2002 was euro 59 million, which is 1.7 % ahead of the result for the second quarter 2001. The profit from ordinary activities for the period January to June 2002 climbed to euro 89 million, 3.5% higher than in the first half of 2001.
The Motorcycles segment increased sales volume in the first half of 2002 by 4.5% and, with 58,432 units sold, achieved a new all-time high for a six month period. The sales volume of 35,181 units in the second quarter 2002 was 4.1% below the record number achieved in the second quarter 2001. The segment was therefore able to maintain its position and was substantially unaffected by the downward trends seen in some of the markets.
Financial Services segment with significant increase
Revenues of the Financial Services segment in the second quarter 2002, at euro 2,420 million, surpassed revenues of the corresponding period in 2001 by 33.1%. Revenues in the period January to June 2002 were thus euro 4,548 million, an increase of 25.4%
The profit from ordinary activities of the Financial Services segment in the second quarter 2002 was euro 98 million, a 10.1% improvement on the figure for the second quarter 2001. The profit from ordinary activities for the first six months of 2002 therefore increased to euro 178 million, 25.4% better than the result in the first half of 2001.
A total of 717,763 financing contracts were signed during the first half of 2002, an increase of 13.8% over the first six months of 2001 despite the fact that economic conditions were not entirely favourable. In the second quarter 2002, a total of 377,410 new financing contracts were signed (+13.1%).
Overall, the contract portfolio on 30 June 2002 comprised 1,356,178 contracts. This means that the portfolio has increased by 2.3% compared to 30 June 2001 despite the fact that financing of Rover/Land Rover vehicles has been discontinued.
Due to currency effects, the total volume of business under management on 30 June 2002 (at euro 25,356 million) was 2.8% lower than at 30 June 2001. This was predominantly due to the strengthening of the euro against the U.S. dollar.
The average volume of customer deposits increased during the first half of 2002 to euro 2,402 million, a growth of 17.1% compared to the first six months of 2001.
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