P90073684

Η BMW ανακοίνωσε τα οικονομικά του αποτελέσματα για το δεύτερο τρίμηνο του 2013. Τα συνολικά της έσοδα ανήλθαν σε 19,55 δις ευρώ (+1,8% σε σχέση με την ίδια περίοδο του 2012) με τα καθαρά κέρδη να ανέρχονται σε 1,39 δις ευρώ. Από την αρχή του έτους τα έσοδά της ανήλθαν σε 37,09 δις ευρώ με τα καθαρά έσοδα να αγγίζουν τα 4,03 δις ευρώ.

Η BMW πούλησε 804.248 αυτοκίνητα (+7,7%), η Mini πούλησε 148.798 αυτοκίνητα (-2,0%) ενώ η Rolls Royce πούλησε 1.475 αυτοκίνητα (-7,8%). Περισσότερες λεπτομέρειες μπορείς να βρεις στο δελτίο τύπου που ακολουθεί.

[Πηγή: BMW Group]

Δελτίο Τύπου

BMW Group achieves strong second quarter

  • Group revenues rise to € 19.55 billion in second quarter
  • Group profit before taxes up to € 2.03 billion
  • Second quarter Group net profit of € 1.39 billion
  • Six-month revenues at € 37.09 billion
  • Six-month profit before taxes of € 4.03 billion
  • Six-month Group net profit increases to € 2.70 billion
  • BMW Group reaffirms outlook for full year 2013

Munich. The BMW Group achieved a new sales volume record in the second quarter within a challenging market environment and was also able to raise revenues as well as profit before and after tax. Second quarter Group revenues rose to € 19,552 million (2012: € 19,202 million; +1.8%). High levels of investment on new technologies, increased personnel costs and greater competition caused profit before financial result (EBIT) to reach € 2,068 million (2012: € 2,267 million; -8.8%), with a Group EBIT margin of 10.6%.

Profit before tax (EBT) for the period from April to June rose to € 2,032 million (2012: € 1,976 million; +2.8%). Group net profit increased by 9.0% to € 1,392 million (2012: € 1,277 million). In total, 506,321 (2012: 475,011) BMW, MINI and Rolls-Royce cars were sold during the second quarter, 6.6% more than in the previous year.

“The BMW Group achieved a strong second quarter performance despite the headwinds on many automobile markets in Europe. At 9.6%, the operating margin in the Automotive segment was at the top end of our targeted range”, stated Norbert Reithofer, the Chairman of the Board of Management of BMW AG on Thursday in Munich.

Group revenues for the six-month period amounted to € 37,098 million (2012: € 37,495 million; -1.1%). Six-month EBIT totalled € 4,107 million (2012: € 4,401 million/-6.7%), while profit before tax finished at € 4,035 million (2012: € 4,056 million; -0.5%), only marginally short of the previous year’s level. The EBIT margin for the six-month period was 11.1%. Group net profit increased by 2.9% to € 2,704 million (2012: € 2,629 million). Sales volume rose by 6.0% to a new six-month record of 954,521 units (2012: 900,539 units), underscoring the BMW Group’s position as the world’s leading manufacturer of premium vehicles.

Automotive segment: Second quarter EBIT of € 1,756 million

Automotive segment revenues increased by 4.8% in the second quarter to € 18,201 million (2012: € 17,366 million). As a result of high expenditure on new technologies, the impact of the changed regional sales mix and weak car markets in Europe, segment EBIT amounted to € 1,756 million (2012: € 2,018 million; -13.0%), resulting in an EBIT margin of 9.6%. Profit before tax for the period from April to June amounted to € 1,648 million (2012: € 1,748 million; -5.7%).

For the six-month period, segment revenues increased by 1.7% to € 34,108 million (2012: € 33,525 million). EBIT amounted to € 3,338 million (2012: € 3,898 million; -14.4%) and profit before tax was € 3,164 million (2012: € 3,570 million; -11.4%). The EBIT margin in the first six months of 2013 was 9.8%.

The BMW brand recorded worldwide growth of 8.3% in the second quarter with sales of 422,844 units (2012: 390,516 units). During the first six months of the year, 804,248 BMW brand cars (2012: 747,064 units) were sold, 7.7% up on the previous year. The BMW X1 as well as the 3, 5, 6 and 7 Series all asserted their positions as market leaders in their relevant segments.

The BMW X1 continued to perform extremely well, achieving a sales volume of 79,061 units (2012: 64,387 units) in the first six months of the year (+22.8%). The BMW X3 also continued to sell well, with sales volume rising by 5.2% to 77,959 units (2012: 74,098 units). Sales of the BMW X5 remained around the previous year’s high level, with 52,651 units (2012: 52,399 units; +0.5%) sold in the six-month period.

The BMW 3 Series recorded a significant growth in sales volume, with sales up by 22.5% to 237,700 units (2012: 193,989 units), making it one of the main driving forces for the brand’s growth during the period. The BMW 5 Series continued its success story with a sales volume of 179,833 units (2012: 177,785 units; +1.2%). The six-month period was also a excellent one for the BMW 6 Series, with sales up by 35.4% to 14,012 units (2012: 10,346 units).

Further attractive models — the BMW 4 Series Coupé, the new X5 and the innovative BMW i3 electric vehicle — will be launched during the second half of the year.

MINI achieved a second-quarter sales volume of 82,644 units (2012: 83,665 units; -1.2%), almost matching the previous year’s record performance. The same also applies to the six-month period, in which it sold 148,798 units (2012: 151,875 units; -2.0%). Sales of the MINI Countryman climbed by 2.2% to 50,669 units (2012: 49,588 units). Sales of the MINI Paceman are on track since its launch in mid-March with 4,648 units sold and are expected to provide for further momentum in the next months. Six-month sales of the MINI Roadster were up 14.4% to 5,219 units.

Rolls-Royce Motor Cars handed over 833 luxury vehicles to customers in the second quarter (2012: 830; + 0.4%) and 1,475 (2012: 1,600; -7.8%) in the first half of the year. Six-month sales of the Phantom rose by 29.8% to 283 units (2012: 218). The new Rolls-Royce Wraith will come onto the market during the fourth quarter and should provide further momentum for business during the current year.

The BMW Group was able to record sales volume growth on almost all continents. In Asia the BMW Group sold 272,943 vehicles in the first six months of the year, 14.3% more than one year earlier. This performance includes 30,525 units sold in Japan (+10.1%) and 183,208 units sold on the Chinese mainland (+15.0%). The number of cars sold by the BMW Group in the Americas in the first half of the year was 9.7% up at 213,867 units, including 173,156 (+8.9%) sold in the USA.

In Europe the BMW Group recorded a sales volume of 436,709 units in the period from January to June, similar to the previous year’s level (-0.1%).

Motorcycles segment: sales volume and revenue growth

Second-quarter revenue of the Motorcycles segment rose by 15.9% to € 475 million (2012: € 410 million). EBIT amounted € 46 million (2012: € 48 million; -4.2%) and profit before tax to € 45 million (2012: € 47 million). 40,209 motorcycles (2012: 34,816 units; +15.5%) were sold during the period from April to June.

For the six-month period, segment revenues increased by 6.2% to € 911 million (2012: € 858 million). EBIT improved by 14.1% to € 97 million (2012: € 85 million) and the profit before tax by 13.1% to € 95 million (2012: € 84 million). Sales volume in the period under report rose by 9.7% to 64,941 units (2012: 59,189 units), a new record for a first six-month period.

In February, the new F 800 GT and a number of special models (R 1200 R, R 1200 RT and R 1200 GS Adventure) to mark BMW Motorrad’s 90th anniversary were launched. This was followed in March by the highly successful R 1200 GS long-distance enduro. The new F 800 GS Adventure has been available to customers since mid-June.

Positive performance by Financial Services segment

The Financial Services segment continued to perform well during the second quarter 2013. Segment revenues were 3.9% higher at € 5,058 million (2012: € 4,866 million). Profit before tax went up by 8.4% to € 467 million (2012: € 431 million). Six-month revenues grew by 2.3% to € 9,888 million (2012: € 9,666 million). Profit before tax climbed by 5.9% to € 916 million (2012: € 865 million).

The number of new financing and lease contracts signed worldwide increased by 12.2% to 388,290 contracts (2012: 346,034) in the second quarter and by 11.7% to 728,618 contracts (2012: 652,018) in the six-month period. The number of lease and financing contracts in place with dealers and retail customers at 30 June grew by 7.9% to 3,986,306 contracts (2012: 3,693,474).

Workforce increased by 4.8%

The BMW Group’s workforce at 30 June 2013 increased by 4.8% compared to one year earlier. The BMW Group had a worldwide workforce of 106,870 employees at the end of the second quarter 2013 (2012: 102,007 employees). The increase was attributable to the growing need for engineers and skilled workers in order to keep pace with continued strong demand on the one hand and to push ahead with innovations and develop new technologies on the other.

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

Economic conditions are likely to remain challenging in the coming months, especially in Western Europe. Weak markets in Europe and increased competition will continue to create challenges for the BMW Group in the second half of the year.

The BMW Group remains committed to its targets for 2013 within a volatile economic environment: “We continue to target sales volume growth for the full year in the single-digit range and hence a new sales volume record. Due to high levels of expenditure for new technologies and models as well as investment in the production network, we continue to predict a Group profit before tax for 2013 on a similar scale to 2012”, Reithofer reaffirmed.

Despite the afore-mentioned additional costs, the Automotive segment continues to forecast an EBIT margin of between 8% and 10 % for the current year. This range is also seen as a sustainable EBIT margin for the time beyond 2013. However, depending on political and economic conditions, 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 continue to perform strongly 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.

* * *

The BMW Group – an overview

2nd quarter 2013 2nd quarter 2012* Change in %
Deliveries to customers
Automotive 506,321 475,011 6.6
Thereof:BMW units 422,844 390,516 8.3
MINI units 82,644 83,665 -1.2
Rolls-Royce units 833 830 0.4
Motorcycles units 40,209 34,816 15.5
Workforce1 106,870 102,007 4.8
Revenues € million 19,552 19,202 1.8
Thereof:Automotive € million 18,201 17,366 4.8
Motorcycles € million 475 410 15.9
Financial Services € million 5,058 4,866 3.9
Other entities € million 2 2
Eliminations € million -4,184 -3,442 -21.6
Profit before financial result € million 2,068 2,267 -8.8
Thereof:Automotive € million 1,756 2,018 -13.0
Motorcycles € million 46 48 -4.2
Financial Services € million 468 441 6.1
Other entities € million 7 14 -50.0
Eliminations € million -209 -254 17.7
Profit before tax € million 2,032 1,976 2.8
Thereof:Automotive € million 1,648 1,748 -5.7
Motorcycles € million 45 47 -4.3
Financial Services € million 467 431 8.4
Other entities € million 89 -12
Eliminations € million -217 -238 8.8
Income taxes € million -640 -699 8.4
Net profit € million 1,392 1,277 9.0
Earnings per share2 2.11/2.12 1.94/1.95 8.8/8.7
* Prior year figures partially adjusted in accordance with the revised IAS 191 figures exclude dormant employment contracts, employees in the work and non-work phases of pre-retirement part-time working arrangements and low wage earners2 earnings per share of common stock/preferred stock
1 January to 30 June 2013 1 January to 30 June* 2012 Change in %
Deliveries to customers
Automotive 954,521 900,539 6.0
Thereof:BMW units 804,248 747,064 7.7
MINI units 148,798 151,875 -2.0
Rolls-Royce units 1,475 1,600 -7.8
Motorcycles units 64,941 59,189 9.7
Workforce1 106,870 102,007 4.8
Revenues € million 37,098 37,495 -1.1
Thereof:Automotive € million 34,108 33,525 1.7
Motorcycles € million 911 858 6.2
Financial Services € million 9,888 9,666 2.3
Other entities € million 3 3
Eliminations € million -7,812 -6,557 -19.1
Profit before financial result € million 4,107 4,401 -6.7
Thereof:Automotive € million 3,338 3,898 -14.4
Motorcycles € million 97 85 14.1
Financial Services € million 918 867 5.9
Other entities € million 24 27 -11.1
Eliminations € million -270 -476 43.3
Profit before tax € million 4,035 4,056 -0.5
Thereof:Automotive € million 3,164 3,570 -11.4
Motorcycles € million 95 84 13.1
Financial Services € million 916 865 5.9
Other entities € million 156 -31
Eliminations € million -296 -432 31.5
Income taxes € million -1,331 -1,427 6.7
Net profit € million 2,704 2,629 2.9
Earnings per share2 4.10/4.11 3.99/4.00 2.8/2.8
* Prior year figures partially adjusted in accordance with the revised IAS 191 figures exclude dormant employment contracts, employees in the work and non-work phases of pre-retirement part-time working arrangements and low wage earners2 earnings per share of common stock/preferred stock

Statement Dr. Friedrich Eichiner, Member of the Board of Management of BMW AG, Finance, Conference Call Interim Report to 30 June 2013

Ladies and Gentlemen,

Good morning from my side as well! The second quarter was characterised by a more difficult situation in the European markets. Nevertheless, the BMW Group posted record sales and was successful overall – thanks, primarily, to our overseas markets. Profitability remains within our target range – despite the previously announced major investments in growth and future projects.

Retail sales reached a new high of more than 506,000 units in the second quarter – an increase of 6.6 per cent over the same period last year. The BMW Group benefitted from its young and attractive model line-up – especially the BMW brand, which has a strong position in all vehicle classes. Sales of our MINI and Rolls-Royce premium brands also performed to plan.

Our core 3 Series, 5 Series, 6 Series and 7 Series all remain segment leaders. Our SAV models are also in strong demand. The strongest growth was reported by the X1, which is also number one in its segment.

Our broad global presence was another advantage: We were able to offset declining demand in Europe with strong gains in Asia and the Americas, in particular, and reallocated vehicles accordingly. However, we cannot fully escape the challenges in our home region: Like other manufacturers, we are experiencing competitive pressure, especially in the Southern European markets.

Even Germany saw a decrease of about 8% in new vehicle registrations. In Western Europe, only the UK performed well. The premium segment in France and Italy contracted – also impacting our premium brands.

We maintained the same level of sales in the European region as last year. Overall, market development in Western Europe was much weaker than previously forecast. We no longer expect to see a reversal of this trend in 2013 and are preparing to face a persistently difficult market environment.

We benefitted from sales growth outside of Europe – especially in the United States and China. The recovery of the US economy and housing market gave demand a boost. In the first six months of the year, we delivered more than 173,000 vehicles to customers in the US – an increase of 8.9%. The Financial Services Segment also profited from growth in this traditionally strong leasing market.

In China, we sold more than 183,000 vehicles – an increase of 15.0%. The gains in China came mostly from locally-produced models. In the second half of the year, we expect to see further growth from the 3 Series GT and the new X5.

Over the summer months, we predict strong growth in our two largest markets, the US and China. Although the current product momentum also reflects base effects, we expect growth to be sustained throughout the second half of the year.

At Group level, revenues climbed to more than 19.55 billion euros in the second quarter. Our quarterly earnings before taxes reached 2.03 billion euros – a 2.8% increase over the same quarter last year.

We continued our previously-announced expenditures and investments in our production network in the second quarter.

The Group’s R&D cost totalled one billion euros for the second quarter – a slight increase over the previous year.

Our R&D activities continue to focus on the development of new models, alternative drive trains and lightweight technologies, as we strengthen our leading position in these fields.

The R&D ratio for the first half year stood at 5.3% of Group revenues. This is within our target range of 5-5.5% of revenues. As previously announced, we will exceed our target range for the year as a whole.

The BMW Group’s capital expenditure for the first six months totalled 2.4 billion euros. This represents an increase of 60% over the same period last year.

Preparations for series production of the BMW i3 are now complete. We plan to continue expanding our entire vehicle portfolio and paving the way for the next phase of growth. Right now, we are also preparing for this growth in our plants, where capacity utilisation is already very high. This expansion is crucial to the vehicle projects planned for the coming years. We also continue to invest in developing new business areas.

The capex ratio for the first half year stood at 6.4% of revenues. As previously announced, we will exceed our capex target of below 7% of revenues over the full year. Capital expenditure will rise, as usual, in the second half of the year.

As per 30 June, Group liquidity totalled almost 11 billion euros. Our liquid asset position therefore remains solid.

Let’s move on to the Automotive Segment:

The Automotive Segment had revenues of 18.2 billion euros in the second quarter.

EBIT for the Automotive Segment totalled almost 1.76 billion euros.

As previously announced, the Automotive Segment also made up-front investments in future projects. Over the full year, we expect an incremental burden of around one billion euros. The first half of 2013 was impacted to a lesser extent by this – which benefitted earnings development in the second quarter. The planned expenditures will be accrued for the most part in the second half of the year.

Our profitability for the second quarter of 2013 was at the upper end of our target range of 8-10%. The EBIT margin for the segment stood at 9.6%.

Dynamic business trends within the segment generated a strong operating cash flow and a free cash flow of more than one billion euros for the second quarter. Free cash flow for the first six months of the year totalled almost 1.7 billion euros.

We still expect to generate a strong free cash flow for 2013 – although it is likely to remain under three billion euros for the full year. This is primarily due to the significant increase in capital expenditure, especially in the second half of the year.

As per 30 June, net financial assets in the Automotive Segment amounted to almost 13.3 billion euros.

The Financial Services Segment continued its positive business performance in the second quarter. Our growing automotive business and strong demand for financial services are generating sustained growth in this segment.

Financial Services concluded more than 388,000 leasing and financing contracts with retail customers in the second quarter. This represents a 12.2% increase over the same period last year. In Europe, the main gains were in the UK, with growth also in the Americas and the Asia/Pacific region.

As per 30 June, the total number of serviced contracts in place had risen to 3.98 million.

Thanks to this strong growth, Financial Services generated a quarterly pre-tax profit of 467 million euros – an increase of 8.4% year-on-year.

The percentage of new BMW Group vehicles leased or financed by the Financial Services Segment reached 44.5% for the year to the end of June. This increase of 5.8 percentage points compared to the same quarter last year, is mainly due to new business in the US and China.

The risk situation is largely unchanged from last quarter. As expected, credit risks have remained stable in Asia and the Americas. However, the situation is still difficult in Southern and Western European markets – although we do not anticipate any significant deterioration over the short term. Still, provisions have been made to cover potential risks.

The used-car business remained stable in the Americas and Asia in the second quarter. However, prices decreased slightly in a number of European markets, increasing pressure on residual values.

We expect market performance to remain uneven during the second half of the year – and have factored this potential volatility and pressure in the European markets into our risk provisions.

Let’s take a look at our Motorcycles Segment: We delivered more than 40,000 BMW motorcycles to customers in the second quarter of 2013, a plus of nearly 16% over the same period last year.

In its anniversary year, BMW Motorrad reported the best quarterly and half-year sales in its 90-year history. The segment’s strong sales growth was generated by new models: Together, the new F 800 GT, special anniversary models and the new R 1200 GS beat the overall downward market trend.

The growth at BMW Motorrad in the first half of the year mainly came from the US, Brazil and Japan. But BMW Motorrad also made gains in its primary market of Germany and other Western European countries.

Second-quarter revenues climbed to 475 million euros, with an EBIT of 46 million euros for the same period.

BMW Motorrad’s young and attractive model line-up is expected to further develop sales in the second half of the year.

The BMW Group is currently on course to meet its guidance for the full year. We accomplished this despite deterioration in the situation in Europe, and Western European markets in particular.

This demonstrates our strength. We continue to profit from our robust strategic alignment, our strong premium brands and our undisputed position as an innovation leader.

The BMW Group is investing heavily in its future this year: These investments are vital to the Group’s continued profitable growth over the long-term.

We will certainly feel the impact of the expenditures and upfront investments in future projects I mentioned earlier over the rest of the year. This includes market launch and ramp-up costs for the BMW i3 and other new models in the second half of the year.

We continue to benefit from our attractive product portfolio and global market presence. The BMW Group is aiming for a new sales record for the full year – as long as markets in Asia and the Americas continue to perform well and there is no further deterioration in the European markets.

The BMW Group is targeting pre-tax earnings for the full year on a similar scale to that reported in 2012.

We are also maintaining our target range of 8-10% for EBIT margin in the Automotive Segment.

The target for the Financial Services Segment is a return on equity of at least 18%.

We also expect the positive business development in the Motorcycles Segment to continue.

We are working hard to continue our successful course and confirm these targets – assuming that economic and political conditions do not worsen significantly.

In other words: The BMW Group remains geared towards sustainable profitability and growth.

Thank you.

Statement Dr. Norbert Reithofer, Chairman of the Board of Management of BMW AG, Conference Call Interim Report to 30th June 2013

Good morning, Ladies and Gentlemen,

Today more than ever before, our industry is undergoing dramatic change. New technologies, business fields and service offerings for customers are opening up new perspectives and growth opportunities. This fundamental transformation requires innovative strength, flexibility and new ways of thinking. But most of all, it requires the determination to act. It’s a question of finding the right balance between Evolution and Revolution – and being innovative in both.

Three days ago, we showed you what we mean by Revolution when we unveiled the BMW Group’s first all-electric vehicle in New York, Beijing and London – simultaneously. With the BMW i3 we are tailoring Sheer Driving Pleasure to suit the needs of cities and megacities in the 21st century. For us, the BMW i3 is just the first step in the Revolution. The next step comes in 2014. That’s when our BMW i8 plug-in hybrid, with a three-cylinder petrol engine, reaches the market.

So what makes BMW i a game-changer in the automotive industry?

  • The BMW i3 was designed around an electric powertrain.
  • The BMW i3 consists of a unique vehicle concept that comprises a Life module and a Drive module.
  • In BMW i3 production, resources are used efficiently. Powered by energy generated from wind and water, i3 production is venturing into entirely new territory.
  • The BMW i3 is our response to the ever tougher CO2 requirements set by many countries around the world.
  • It’s also a solution for increasing regulations facing individual mobility in many large cities.
  • The BMW i3 is premium through and through. And premium is – and always will be – at the heart of what we do at the BMW Group.

One daily newspaper here in Germany wrote the following about the BMW i3:

“Ultimately, the BMW i3 seems so well-balanced. It’s as if the last 125 years in the auto industry have merely been paving the way for this truly emotional yet totally sensible car.” A British newspaper said this about the i3: “Judged on its innovative style alone, which is refreshingly modern and unlike any other car on sale today … at long last an electric car that is desirable.”

Positive media responses like these will start the process of people overcoming their reservations about electric mobility. The BMW i3 is a true BMW. And it drives like a true BMW. It reaches the European market in November of this year. And that’s when our customers will get to enjoy its unique driving experience.

For us, the decision to enter the world of electric mobility was made with our long-term business success in mind. It’s part of our strategy that will take us to 2020.

Our development work on future drive systems is guided by a clear maxim: intelligent spectrum. The same is true of our path towards zero emissions mobility: For urban areas, we have the electric BMW i3. For slightly longer distances we have our plug-in hybrids – such as the BMW i8. And for long distances we are looking into solutions such as fuel-cell-powered electric motors. In the future, options like this will offer short refuelling times and enable long distance travel with zero emissions. In terms of technologies, we are of course cooperating with the Toyota Motor Corporation. Here, too, we believe purpose-built vehicle architecture is the right approach for a series vehicle in the future. This is the same as our BMW i family today.

And then, of course, there is Evolution. We continue to enhance the efficiency of our conventionally powered vehicle range with our Efficient Dynamics programme. Since 1995, the BMW Group has reduced its fleet CO2 emissions faster than any other European car company. At the moment, our customers can choose between 36 models with 120 g CO2 per kilometre or less. Our fleet average currently stands at 138 g CO2 per kilometre. By 2020, the EU has set an average of 95 g CO2 per kilometre.

That means: We must continue investing in the electrification of our vehicles. But in order to do so, we need to remain profitable. We want to continue our success in the current business year. Our goals for 2013 are as follows:

• New record sales at Group-level.

• A pre-tax profit similar to the previous year’s level.

• An EBIT margin for the automotive segment within our stated target range of 8 to 10 percent.

These targets reflect what we mean by “premium”.

After the first six months of 2013, we remain on track to achieve our goals for the year as a whole. However, our forecast assumes that global economic and political conditions do not worsen significantly.

Where do we stand after the first six months?

• In the first half of 2013 we sold more than 954,000 vehicles around the world. That’s up 6 percent on figures for the first half of 2012. We sold more BMW, MINI and Rolls-Royce vehicles than ever before in this period.

• Pre-tax profits reached more than €4 billion – which is very similar to what we achieved in the same period last year.

• Net profit rose to more than €2.7 billion.

• The EBIT margin in our automotive segment currently stands at 9.8 percent – at the upper end of the 8 to 10 percent profitability range we are aiming for.

However, business and political conditions remain uncertain and highly volatile. Our sales figures reflect this fact, and their development was uneven: In America and Asia sales were up in the first half of this year. In Europe sales remain at a similar level to last year’s.

Conditions remain challenging in a number of European markets. A tougher economic climate means tougher competition – in the premium segment as elsewhere. We are countering these challenging developments with attractive new models.

Besides the forthcoming all-electric BMW i3, what can our customers look forward to in the second half of this year?

• The updated BMW 5 Series

• The new BMW X5.

• The BMW 4 Series Coupé.

• And the Rolls-Royce Wraith.

Ladies and Gentlemen,

At the BMW Group, we have always taken a long-term approach. That’s why we are making some major investments right now to ensure we continue our success in the future.

These investments are focused on new technologies, facilities, new models and innovative mobility services. The investments will keep us strong as an innovator and secure market share as well as secure jobs in the future.

We are making these decisions with careful consideration. We prioritise our projects according to how much they secure the future success of the BMW Group. This gives us the ability we need to realise ground-breaking ideas like BMW i. Meanwhile, in our core business, we continue to promote evolutionary advances.

• 2013 and 2014 will see 25 new models reach the market. Ten of them are completely new.

• In the fifteen years between 2005 and 2020, our model range will have tripled in size.

• In 2014 BMW Motorrad will also enter the world of electric mobility – with the BMW C Evolution electric scooter. At the same time, we are refocusing BMW Motorrad on urban mobility.

• In 2014 the BMW Active Tourer BMW will come to the market. It will be the first BMW with front wheel drive.

• MINI and BMW will introduce modular three and four-cylinder petrol and diesel engines, allowing us to benefit from economies of scale.

All this goes to show that: Our business is becoming increasingly complex. The markets are becoming more volatile and the political arena is more demanding than ever.

But at the BMW Group: Challenges are what drive us. We intend to remain industry leader. That’s why we are ushering in a new era of mobility – with BMW i. Clearly: We plan to continue being the architects of our own future. That’s what makes BMW premium. Thank you very much.