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      05-02-2013, 10:27 AM   #1
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Post BMW Reports First Quarter 2013 Worldwide Results

BMW Reports First Quarter 2013 Results
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BMW Group with successful start to new financial year


The BMW Group continued to perform well in the first quarter of 2013. Group revenues totalled € 17,546 million (2012: € 18,293 million; -4.1%). Despite higher expenditure on new technologies, increased personnel expenses and challenging market conditions worldwide, the profit before financial result (EBIT) for the three-month period totalled € 2,039 million (2012: € 2,134 million; -4.5%), the second highest result ever achieved by the Group in a first quarter. The EBIT margin for the Group was 11.6%.

Profit before tax (EBT) for the period from January to March amounted to € 2,003 million (2012: € 2,080 million; -3.7%). Group net profit came in at € 1,312 million (2012: € 1,352 million; -3.0%). The total number of BMW, MINI and Rolls-Royce brand vehicles delivered to customers worldwide in the first three months of 2013 rose by 5.3% to 448,200 units (2012: 425,528 units).

Reithofer: Revenues and earnings at high levels

“Despite the current weakness of car markets in Europe, the BMW Group has made a good start to the new financial year 2013. We achieved a new sales volume record for a first quarter. And despite high expenditure on new technologies and challenging market conditions worldwide, we managed to keep revenues and earnings at high levels. At 9.9%, the operating margin in the Automotive segment for the three-month period was at the top end of the return corridor we aspire to achieve on a sustainable basis", stated Norbert Reithofer, the Chairman of the Board of Management of BMW AG on Thursday in Munich.

Automotive segment: EBIT of € 1.58 billion

First-quarter revenues for the Automotive segment totalled € 15,907 million (2012: € 16,159 million; -1.6%) and were thus at a similarly high level to the previous year. As a result of high expenditure on new technologies, a changed regional sales mix and generally challenging market conditions, EBIT amounted to € 1,582 million and was therefore lower than the previous year's corresponding figure (2012: € 1,880 million; -15.9%). The first-quarter EBIT margin for the Automotive segment was 9.9%. Profit before tax amounted to € 1,516 million (2012: € 1,822 million; -16.8%).

The BMW brand set a new sales volume record for a first-quarter, thereby helping it to maintain its leading position in the premium segment worldwide. Sales volume climbed by 7.0% to 381,404 units (2012: 356,548) units. The BMW X1, 3 Series, 5 Series and 7 Series models each remained market leader worldwide in their relevant segments.

The BMW 1 Series achieved a sales volume of 53,906 units in the first quarter (2012: 54,160 units; -0.5%), almost reaching the previous year's figure. The BMW 3 Series registered sharp growth (19.9%) with 109,309 units sold (2012: 91,189 units). The BMW 5 Series also continues to sell very well, with sales volume rising by 4.3% to 85,731 units (2012: 82,231 units). The BMW 6 Series again performed extremely well with 6,174 units sold (2012: 4,651 units; +32.7%).

The various models of the BMW X family also sold well during the period from January to March. Sales of the BMW X1 jumped by 27.6% to 37,680 units (2012: 29,532 units). The BMW X3 and BMW X5 recorded first-quarter sales of 36,189 units (2012: 35,248 units) and 27,274 units (2012: 26,563) respectively, in both cases corresponding to a growth rate of 2.7%. Sales of the BMW X6 totalled 9,769 units (2012: 11,048 units; -11.6%).

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A total of 66,154 MINI brand cars were delivered in the first quarter (2012: 68,210 units; -3.0%). Sales of the MINI Countryman rose by 7.1% to 23,559 units (2012: 22,001 units). The MINI Roadster more than doubled its unit sales volume for the period to 2,288 units (2012: 980 units). Sales of the MINI Hatch totalled 29,519 units (2011: 30,692 units; -3.8%). Production lines at the Oxford plant were closed for renovations for four weeks during the reported period. In March, the MINI family was expanded to include a seventh member, the MINI Paceman , a Sports Activity Coupé, which is expected to help boost sales volume in the further course of the year.

In the super-luxury class segment, Rolls-Royce sold 642 vehicles in the first quarter, 16.6% fewer than the 770 units reported one year earlier. In March, Rolls-Royce Motor Cars presented the Wraith, the most powerful Rolls-Royce ever made. Customers will be able to purchase the new model towards the end of the year.

The BMW Group improved its position in practically all regions of the world during the first quarter. Sales volume increases in Europe (207,243 units; +3.1%), the Americas (96,488 units; +5.0%) and Asia (130,219 units; +9.5%) all contributed to evenly balanced growth for the BMW Group.

Sales volumes in the USA and China grew by 4.2% (79,117 units) and 7.5% (86,224 units) respectively. Strong volume growth was recorded in a number of other markets such as Great Britain with 45,757 units (+17.4%) and Russia with 9,394 units (+21.0%).

By contrast, sales figures for Italy (16,006 units; -5.1%) and France (15,343 units; -7.4%) were down on the previous year.

Motorcycles segment reports sharp increase in earnings

First-quarter Motorcycle segment revenues fell by 2.7% to € 436 million (2012: € 448 million). EBIT, however, improved by 37.8% to € 51 million (2012: € 37 million), and profit before tax by 35.1% to € 50 million (2012: € 37 million).

24,732 BMW brand motorcycles were sold worldwide during the period under report (2012: 24,373 units; +1.5%) in a challenging market environment.

In February, the new F 800 GT and a number of other special models (R 1200 R, R 1200 RT and R 1200 GS Adventure) were launched to mark BMW Motorrad's 90-year anniversary. This was followed in March by the highly successful R 1200 GS long-distance enduro.

Good performance by Financial Services segment

Financial Services business also performed well during the first three months of the current year, with both revenues and earnings at record levels. Segment revenues edged up by 0.6% to € 4,830 million (2012: € 4,800 million). Profit before tax amounted to € 449 million (2012: € 434 million; +3.5%).

The number of new lease and credit financing contracts signed worldwide increased by 11.2% to 340,328 (2012: 305,984). The number of lease and financing contracts in place with dealers and retail customers at the end of the period rose by 7.1% to a total of 3,905,891 contracts (2012: 3,646,111).

Workforce up by 5.1%

The BMW Group’s workforce increased during the period to 31 March 2013. The number of employees went up by 5.1% to 106,470 employees (2012: 101,260 employees) worldwide. The BMW Group needs engineers and skilled workers, in order to keep pace with the continued strong demand for BMW Group vehicles, push ahead with innovations and develop new technologies.

BMW Group remains committed to its targets for the full year 2013

The BMW Group remains committed to its targets for the full year within a difficult and volatile economic environment.

"We do not expect to receive a great deal of impetus from most European markets over the next few months and economic conditions in these areas are likely to remain challenging", said Reithofer.

For 2013, the BMW Group is still aiming to increase sales volume worldwide compared to the previous year. "We expect to achieve further sales volume growth in the current year, which will again result in a new all-time high", continued Reithofer.

The BMW Group will continue to invest in expanding capacities in 2013 and thus enable it to remain on successful course. Development costs for new technologies and vehicle concepts will also continue to rise. 2013 alone will see the launch of eleven new models. By the end of 2014, some 25 new models will have been added to the range, ten of them totally new models.

"Due to high levels of expenditure for new technologies and models as well as investment in the production network, we expect to report Group profit before tax for 2013 on a similar scale to 2012", Reithofer reaffirmed.

Despite the additional head winds, the Automotive segment continues to forecast an EBIT margin of between 8% and 10% for the current year. This corridor is also seen as a sustainable EBIT margin for the time beyond 2013. However, depending on political and economic developments, actual margins could end up being above or below the targeted range.

The Motorcycles segment forecasts further sales volume growth in the current year thanks to new attractive models such as the R 1200 GS, which should, in turn, bring about a further rise in segment revenues and earnings.

The Financial Services segment is also expected to put in another strong performance and remains committed to achieving a return on equity of at least 18%.

Forecasts for the current year are based on the assumption that worldwide economic and political conditions will not change significantly.

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      05-02-2013, 10:30 AM   #2
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Here's the statement by BMW CEO, Dr. Norbert Reithofer, on the Conference Call announcing the first quarter 2013 results:

Statement by Dr. Norbert Reithofer, Chairman of the Board of Management of BMW AG, Conference Call Interim Report to 31 March 2013

Good morning, Ladies and Gentlemen,

The BMW Group has a clear strategy up to 2020.

At our Annual Accounts Press Conference, I already talked about how we successfully implemented the first stage of our strategy in 2012.

Now, we are targeting our second major milestone for the year 2016.

As we do so, we regularly adjust our assumptions to factor in current changes in our business environment. In 2016, we aim to sell over two million vehicles of our three brands, BMW, MINI and Rolls-Royce Motor Cars. BMW Motorrad and our Financial Services business will also continue to grow and contribute to the success of our company. At the same time, profitability is — and will remain — the basis for us to master the many different challenges facing the automotive industry.

One thing is clear: We aim to shape our future – through our own efforts as an independent company. We are still targeting an EBIT margin of between 8 and 10 per cent in the Automotive Segment over the medium term. We are aware this is an ambitious goal in light of the current conditions.

Our economic and political environment is becoming increasingly more uncertain and more volatile.
  • Growth rates in China are a source of uncertainty, for instance, while the political situation in crisis regions remains unclear.
  • Also, Europe needs to find the right balance between its belt-tightening measures and growth. Like the experts, we expect the consolidation of public budgets to take several more years to be achieved.

All of these developments pose risks to the economy and consumer spending — and will affect our business performance.

As always, companies need the most reliable framework possible in order to plan for the future. But this can only be achieved with parameters that are based on sound analysis.

One example where this is clearly not the case is the recent proposal by the European Parliament to tighten CO2 limits in Europe from 2025 on.

This proposal was politically motivated and published without conducting any kind of technical feasibility study.

The EU’s 95-gram CO2 target for 2020 is already impossible to meet without the use of alternative drive technology. The European Union must decide — as other countries have — whether or not it wants to combine reductions in emissions and fuel consumption with boosting incentives for technological advancements. It is hard to understand why alternative drive trains should only be credited with a factor of 1.5 in Europe – while the same drive train technology is credited with a factor of five in China and a factor of two in the United States.

This is not only counterproductive for the industrial base in Germany but also in Europe. And Europe is not currently in a strong enough position to isolate itself from global competition in this way. Automotive markets are already developing unevenly.

At a global level, forecasts call for moderate growth in the automotive market over the course of 2013. This total market growth will be driven by the strong demand anticipated in the US, China and certain growth markets. In Europe, however, we expect to see a decline in new car registrations.

In the first three months of the year, the BMW Group made gains in all three major regions of the world – Europe, the Americas and Asia.

This shows that our efforts to achieve balanced growth continue to pay off. We focus closely on each individual market, no matter how big or small it may be. We are confident, therefore, that our positive track record will continue throughout the current financial year.

Our 2013 targets are as follows:
  • New record sales at Group level.
  • Group earnings before tax are expected to reach the previous year’s level. This assumes that global economic and political conditions do not worsen significantly.

So, where do we stand after the first quarter?
  • We delivered over 448,000 cars to customers worldwide. This is the best result we have ever achieved in a first quarter.
  • Our pre-tax result on the Group level stands at over 2 billion Euros. With this, the record level of the previous year was nearly reached.
  • At 9.9 per cent, the EBIT margin in the Automotive Segment is at the upper end of our profitability range target of between 8 to 10 per cent.
  • Group profit amounts to over 1.3 billion Euros. Again, we almost achieved the previous year’s record level.

At the BMW Group, our thinking and actions are always geared towards the long term. Our aim is to actively shape the individual mobility of tomorrow and ensure our company’s successful development.

Because the “Iconic Change” in the automotive industry has only just begun,

we have a responsibility towards our shareholders and our associates to prepare the company as best we can for all of the changes that lie ahead.

We believe that now is the right time to invest in the future. This means investments in:
  • Drive train technologies and new vehicle concepts;
  • Existing and new locations;
  • Our brands and sub-brands;
  • New services and sales structures; as well as
  • The qualification of our staff.

We will once again be making strategic recruitments this year.
  • We are increasing staff numbers to capitalise on the Group’s planned growth.
  • We are also strengthening our expertise, so that we have the know-how we need in key future areas – primarily:
  • e-mobility and carbon fibre.

Accordingly, our workforce grew by about 5 per cent as of the end of the first quarter. We are firmly convinced that our investments today will benefit us tomorrow and beyond.

We offer our customers a broad range of young and attractive products – and will continue to do so in the future. This year, customers can also choose between eleven new models in different vehicle segments.
  • March saw the successful launch of the revised BMW Z4.
  • Another March launch was the Paceman, the seventh member of the MINI family.
  • The new BMW M6 Gran Coupé will be in showrooms from May.
  • Mid-year, the new BMW 3 Series Gran Turismo will be available as the third variant of the current BMW 3 Series.
  • Then, in the second half of the year, we will launch the first model of our new 4 Series – the new BMW 4 Series Coupe.
  • Another major highlight towards the end of the year will come from Rolls-Royce – with the launch of the Wraith.

Looking ahead briefly to 2014: We have already shared a glimpse of what to expect – with two totally new vehicle concepts, the BMW Concept X4 and the BMW Concept Active Tourer.

Returning to this year: 2013 will be dominated by the start of series production of our ultra-sustainable BMW i family. Already this autumn, you will all be able to experience the fully-electric BMW i3 on the road. And it will be available to customers at the end of the year.

Many of you were at our Innovation Days in Leipzig. There, we gave you a behind-the-scenes look at BMW i:

What efficiencies have we achieved in the production of BMW i models?
How do we conserve resources on a large scale?
What is our 360-degree approach to ensure customer satisfaction — from crash tests to insurance coverage?

After the event, many media reports and experts expressed the same sentiment about the BMW Group: That we are creating a new and unique driving experience for the future. We see this as both motivation and obligation.
  • As a multi-brand company devoted exclusively to premium mobility, we are refining our BMW, MINI and Rolls-Royce brands with new models and technologies to fit the times.
  • We are confident that BMW i will offer the most viable solutions for e-mobility.
  • We will continue to capitalise on our strong global position and profits and to invest in the company’s future.
  • We have set a clear course for our continued success – up to 2016, and beyond that, to 2020.

Thank you for your attention.
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      05-02-2013, 10:43 AM   #3
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For the numbers / financial statement geeks, here's the full Q1 2013 report (PDF download):

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      05-02-2013, 08:02 PM   #4

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Garage List
Most of the numbers seem to follow the product life cycles. The 3-Series is up (expected) while the coupe/'vert are down as we're waiting for the F32/F33. The 1-Series shows similar relationship. The E88/E82 are pretty much end of cycle while we're waiting for 2-Series and we see those numbers drop.
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      05-03-2013, 06:09 PM   #5

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Good to see

BMW is a good product
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      05-07-2013, 05:28 AM   #6

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Wow good stock. Much better than the Mercedes stock which has done poorly
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