BMW's Headquarters in Munich

Η BMW ανακοίνωσε τα οικονομικά του αποτελέσματα για το τρίτο τρίμηνο του 2013, στο οποίο είδε τα συνολικά της έσοδα να ανέρχονται σε 18,75 δις ευρώ (-0,4% σε σχέση με την ίδια περίοδο του 2012), έχοντας καθαρά κέρδη 1,33 δις ευρώ (-3,2%). Από την αρχή του έτους τα έσοδά της ανήλθαν σε 55,85 δις ευρώ με τα καθαρά έσοδα να αγγίζουν τα 4,03 δις ευρώ.

Η BMW πούλησε 1.209.598 αυτοκίνητα (+907%), η Mini πούλησε 223.212 αυτοκίνητα (0,5%) ενώ η Rolls Royce πούλησε 2.300 αυτοκίνητα (-1,1%). Περισσότερες λεπτομέρειες μπορείς να βρεις στο δελτίο τύπου που ακολουθεί.

[Πηγή: BMW]

Δελτίο Τύπου

BMW Group on course after good third quarter

  • Group revenues in third quarter at € 18.75 billion
  • Profit before taxes of approximately € 1.99 billion
  • Third-quarter net profit rises to € 1.33 billion
  • Nine-month Group revenues at approximately € 55.85 billion
  • Nine-month profit before taxes of € 6.02 billion
  • Nine-month Group net profit up to € 4.03 billion
  • BMW Group reaffirms outlook for full year 2013

Munich. Despite challenging and volatile business conditions, the BMW Group continued on its successful course during the third quarter and first nine-month period of 2013 and maintained its position as the world’s leading premium car company.

Group revenues in the three months from July to September were on a similar level with the previous year and totalled € 18,750 million (2012: € 18,817 million -0.4%). Profit before financial result (EBIT) was almost on par with last year’s, which stood at € 1,928 million (2012: € 2,002 million; -3.7%). This result was due to high levels of expenditure on new technologies, increased personnel costs and growing competition. Third-quarter profit before tax (EBT) rose to € 1,989 million (2012: € 1,987 million; +0.1%), while Group net profit increased by 3.2% to € 1,330 million (2012: € 1,289 million).

“Reported figures for both the third quarter and the nine-month period have developed positively despite the higher level of expenditure on new technologies and a challenging market environment in Europe. We have recorded best-ever worldwide sales volume figures to date and remain within our targeted margin range for the Automotive segment”, stated Norbert Reithofer, Chairman of the Board of Management of BMW AG, on Tuesday in Munich.

Group revenues for the nine-month period totalled € 55,848 million (2012: € 56,312 million; -0.8%). EBIT in this period amounted to € 6,035 million (2012: € 6,403 million; -5.7%). Profit before tax, at € 6,024 million (2012: € 6,043 million; -0.3%), was almost on par with the previous year’s high figure. The Group’s EBIT margin for the nine-month period was 10.8%. Group net profit increased by 3.0% to € 4,034 million (2012: € 3,918 million).

Automotive segment: EBIT margin of 9.5% over nine-month period

Third-quarter revenues of the Automotive segment were practically unchanged at € 17,196 million (2012: € 17,187 million; +0.1%). Influenced by the high level of expenditure on new technologies, increased production and market launch costs as well as the impact of weak car markets in some parts of Europe, EBIT amounted to € 1,549 million (2012: € 1,647 million; -6.0%), resulting in an EBIT margin of 9.0%. Profit before tax amounted to € 1,631 million (2012: € 1,701 million; -4.1%).

Segment revenues in the nine months from January to September increased by 1.2% to € 51,304 million (2012: € 50,712 million). EBIT amounted to € 4,887 million (2012: € 5,545 million; -11.9%) and profit before tax to € 4,795 million (2012: € 5,271 million; -9.0%). The segment EBIT margin for the nine-month period was 9.5%.

Sales of BMW, MINI and Rolls-Royce brand cars during the third quarter rose by 10.7% to a new record of 481,657 units (2012: 434,963 units). The equivalent figure for the nine-month period rose by 7.5% to a new high to date of 1,436,178 units (2012: 1,335,502 units).

The BMW brand retained pole position in the premium segment worldwide during the nine-month period under report. Worldwide sales increased by 11.7% to 405,350 units (2012: 362,898 units) in the third quarter and by 9.0% to 1,209,598 units (2012: 1,109,962 units) for the nine-month period.

In terms of models, the BMW X1 and the 1, 3, 5, 6 and 7 Series each retained market leadership in their relevant segment.

The BMW X1 remained popular with customers, with 116,451 units (2012:

102,519 units) sold in the period under report, an increase of 13.6% over the previous year. The BMW X3 recorded another good performance and saw sales volume rise by 5.7% to 113,945 units (2012: 107,833 units). Despite the forthcoming model change, sales of the BMW X5 increased by 2.0% to 78,244 units (2012: 76,725 units). The new BMW X5 will become available in mid-November.

One of the main drivers of growth was the BMW 3 Series, nine-month sales of which jumped by 27.6% to 365,772 units (2012: 286,622 units). The BMW 5 Series remained a success story, with sales of 270,902 units (2012: 263,738 units; +2.7%). Sharp growth was also registered by the BMW 6 Series, with sales in the nine-month period up by 22.6% to 20,360 units (2012: 16,607 units).

MINI also increased sales volumes significantly, achieving a new best figure to date for a third quarter. Worldwide sales rose by 5.8% to 75,482 units (2012: 71,339 units). Despite challenging business conditions in Europe, MINI was also able to post its most successful nine-month sales volume figure of all times, with a total of 224,280 units (2012: 223,214 units; +0.5%) sold worldwide.

Sales of the MINI Hatch were up slightly on the previous year at 95,394 units (2012: 95,246 units; +0.2%). 9,041 units of the MINI Paceman have been sold since the model’s launch in mid-March 2013. Nine-month sales of the MINI Roadster rose by 10.1% to 7,635 units (2012: 6,932 units).

Rolls-Royce Motor Cars recorded a sales volume of 825 units in the third quarter (2012: 726 units), 13.6% ahead of the previous year. The keys to 2,300 luxury vehicles were handed to customers in the nine-month period from January to September (2012: 2,326 units; -1.1%). A number of models recorded solid growth, in particular those of the Rolls-Royce Phantom family with sales increasing by 34.2% to 596 units (2012: 444 units).

The BMW Group was able to record sales volume growth on almost all continents in the period under review. The number of cars sold by the BMW Group in Europe in the third quarter increased by 1.0% to 204,828 units. For the nine-month period, sales in this region were marginally up on the previous year at 641,537 units (+0.2%).

Sales in Asia increased by 24.5% to 149,834 units in the third quarter and by 17.7% to 422,777 units in the first three quarters of 2013. Nine-month sales of BMW and MINI brand cars rose to 285,630 units (+20.2%) in China and to 46,564 units (+10.8%) in Japan.

The BMW Group continued to perform well in the Americas region, with 111,810 units sold (+15.9%) in the third quarter and 325,677 units sold in the period from January to September (+11.7%). The BMW Group recorded a nine-month sales volume of 262,745 units in the USA, 11.6% ahead of the previous year.

Motorcycles segment posts improved nine-month sales volume and earnings figures

Third-quarter revenues of the Motorcycles segment amounted to € 324 million (2012: € 358 million; -9.5%). The segment recorded negative EBIT of € 4 million (2012: negative EBIT of € 3 million; -33.3%) and a loss before tax of € 5 million (2012: loss before tax of € 4 million; -25.0%). Despite adverse market conditions, a new volume record was set for the three-month period from July to September, with 28,213 units sold (2012: 26,755 units; +5.4%).

For the nine-month period, segment revenues increased by 1.6% to € 1,235 million (2012: € 1,216 million). Segment EBIT improved by 13.4% to € 93 million (2012: € 82 million) and the profit before tax by 12.5% to € 90 million (2012: € 80 million). Sales volume in the period under review rose by 8.4% to 93,154 units (2012: 85,944 units), a new record for a first nine-month period.

Financial Services segment remains on track

Third-quarter revenues of the Financial Services segment increased by 1.6% to € 4,994 million (2012: € 4,916 million). Profit before tax amounted to € 398 million (2012: € 425 million; -6.4%). Nine-month revenues grew by 2.1% to € 14,882 million (2012: € 14,582 million). Profit before tax climbed by 1.9% to € 1,314 million (2012: € 1,290 million).

The number of new financing and lease contracts signed worldwide increased by 14.9% to 375,909 contracts (2012: 327,304) in the third quarter and by 12.8% to 1,104,527 contracts (2012: 979,322) over the nine-month period. The number of lease and financing contracts in place with dealers and retail customers increased by 8.1% to 4,048,821 contracts at the end of the reporting period (30 September 2012: 3,745,760 contracts).

Workforce size increased

The number of employees at 30 September 2013 increased by 5.0% compared to one year earlier. Overall, the BMW Group had a worldwide workforce of 109,871 employees (30 September 2012: 104,668 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. During the third quarter, 1,400 apprentices – including 1,200 in Germany – began their careers with the BMW Group.

BMW Group reaffirms targets for full year 2013  

Despite some signs of stabilisation on European car markets, economic conditions in many markets are likely to remain volatile and challenging in the coming months. Overall, the world’s car markets are set to grow by 4.1% in the current year.

Based on its strong performance in the first nine months of the year, the BMW Group reaffirms its outlook for the current year: “After a good third quarter, we are well on course to achieve our targets for the full year. We continue to target sales volume growth in the current year in the single-digit percentage 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, the Group profit before tax for 2013 should be on a similar level with the previous year”, commented Reithofer.

Despite the additional costs referred to, the Automotive segment continues to forecast an EBIT margin of between 8% and 10% for the current year. This margin range 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 and the full availability of the Scooter, 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 conditions will not change significantly.

The BMW Group – an overview

3rd quarter 2013   3rd quarter 2012*   Change in %
Deliveries to customers
Automotive 481,657 434,963 10.7
Thereof:BMW units 405,350 362,898 11.7
MINI units 75,482 71,339 5.8
Rolls-Royce units 825 726 13.6
Motorcycles units 28,213 26,755 5.4
Workforce1 109,871 104,668 5.0
Operating cash flowAutomotive segment € million 2,570 2,551 0.7
Revenues  € million 18,750 18,817 -0.4
Thereof:Automotive € million 17,196 17,187 0.1
Motorcycles  € million 324 358 -9.5
Financial Services  € million 4,994 4,916 1.6
Other entities € million 1 1
Eliminations  € million -3,765 -3,645 -3.3
Profit before financial result  € million 1,928 2,002 -3.7
Thereof:Automotive  € million 1,549 1,647 -6.0
Motorcycles  € million -4 -3 -33.3
Financial Services € million 390 424 -8.0
Other entities € million 14 17 -17.6
Eliminations € million -21 -83 74.7
Profit before tax   € million 1,989 1,987 0.1
Thereof:Automotive € million 1,631 1,701 -4.1
Motorcycles € million -5 -4 -25.0
Financial Services € million 398 425 -6.4
Other entities € million 11 -37
Eliminations  € million -46 -98 53.1
Income taxes € million -659 -698 5.6
Net profit € million 1,330 1,289 3.2
Earnings per share 2.02/2.02 1.95/1.95 3.6/3.6
* Prior year figures partially adjusted in accordance with the revised IAS 19 or adjusted in accordance with reclassifications described in the Group Financial Statements for 20121 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
Jan.-Sept. 2013 Jan.-Sept. 2012* Change in %
Deliveries to customers      
Automotive 1,436,178 1,335,502 7.5
Thereof:BMW units 1,209,598 1,109,962 9.0
MINI units 224,280 223,214 0.5
Rolls-Royce units 2,300 2,326 -1.1
Motorcycles units 93,154 85,944 8.4
Workforce1 109,871 104,668 5.0
Operating cash flowAutomotive segment  € million 6,919 6,152 12.5
Revenues € million 55,848 56,312 -0.8
Thereof:Automotive € million 51,304 50,712 1.2
Motorcycles € million 1,235 1,216 1.6
Financial Services  € million 14,882 14,582 2.1
Other entities  € million 4 4
Eliminations  € million -11,577 -10,202 -13.5
Profit before financial result € million 6,035 6,403 -5.7
Thereof:Automotive € million 4,887 5,545 -11.9
Motorcycles € million 93 82 13.4
Financial Services € million 1,308 1,291 1.3
Other entities € million 38 44 -13.6
Eliminations € million -291 -559 47.9
Profit before tax    € million 6,024 6,043 -0.3
Thereof:Automotive € million 4,795 5,271 -9.0
Motorcycles € million 90 80 12.5
Financial Services  € million 1,314 1,290 1.9
Other entities € million 167 -68
Eliminations  € million -342 -530 35.5
Income taxes € million -1,990 -2,125 6.4
Net profit € million 4,034 3,918 3.0
Earnings per share 6.12/6.13 5.94/5.95 3.0/3.0
* Prior year figures partially adjusted in accordance with the revised IAS 19 or adjusted in accordance with reclassifications described in the Group Financial Statements for 20121 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

The BMW Group

The BMW Group is the leading premium manufacturer of automobiles and motorcycles in the world with its BMW, MINI and Rolls-Royce brands. As a global company, the BMW Group operates 28 production and assembly facilities in 13 countries and has a global sales network in more than 140 countries.

In 2012, the BMW Group sold about 1.85 million cars and more than 117,000 motorcycles worldwide. The profit before tax for the financial year 2012 was euro 7.82 billion on revenues amounting to euro 76.85 billion. At 31 December 2012, the BMW Group had a workforce of 105,876 employees.

The success of the BMW Group has always been built on long-term thinking and responsible action. The company has therefore established ecological and social sustainability throughout the value chain, comprehensive product responsibility and a clear commitment to conserving resources as an integral part of its strategy.

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

Ladies and gentlemen,

Good morning from my side as well.


The BMW Group once again performed well in the third quarter. We are on the right track, both strategically and operationally. We will continue our efforts on preparing the company for the future.


Our target is to assure the long-term competitiveness of the BMW Group. That is more important than short-term profit. The Group’s profitability is fully in line with expectations. Our EBT margin of 10.6% for the third quarter was on par with that of last year. The Automotive Segment achieved an EBIT margin of 9.0% for the third quarter and 9.5% for the first nine months.


Sound profitability forms the basis for our extensive upfront investments. Our business environment has remained challenging, with the situation in the European markets no less difficult than before. With a few exceptions, the Western Europe auto market continues to decline – resulting in intense competition.


In Europe, BMW Group sales remained stable from last year – while our major US and Chinese markets, and many emerging markets, reported double-digit growth.


Thanks to our balanced global presence, the BMW Group was able to achieve healthy volume growth. Our retail sales of 1.436 million vehicles in the year to the end of September represent an increase of 7.5% over the same period last year.


At 18.75 billion euros, third-quarter Group revenues were almost at the same level as the previous year. Growth in new leasing business led to higher inter-segment revenue eliminations – which caused revenue development to lag behind sales growth. More intense competition and negative currency conversion effects also curtailed revenues. Adjusted for currency effects, revenues would have been 4.4% higher year-on-year.


Group pre-tax earnings stood at 1.989 billion euros in the third quarter and reached 6.024 billion euros after the first nine months. While this is unchanged from the previous year, the same period of 2012 benefitted from a positive one-time effect of 124 million euros in the Financial Services Segment. Adjusted for this effect, pre-tax earnings would have risen 2% year-on-year.


The BMW Group is forging ahead with the development of new vehicle projects and alternative technologies – as we prepare for the future today. We are taking the strict CO2 requirements seriously, which will come into effect in the European Union and other markets in 2020. And we will continue to prepare the company to meet these ambitious targets.


Early preparation has served us well in the past. Our EfficientDynamics package has earned us a competitive edge since its introduction in 2007. Back then, we were the first car company to voluntarily implement efficiency measures across the fleet as standard.


In line with our strategy, we are also investing in expanding our production network and improving process efficiency. Strengthening our brands and further enhancing customer care are also continuously in focus. These areas require additional upfront investments of around 1 billion euros this year. This will mainly affect the Automotive Segment and impact the fourth quarter to a significant extent.


R&D expenditure (HGB) for the first nine months rose to 3.2 billion euros. This represents an increase of 14% over the previous year. The R&D ratio for the year to the end of September stood at 5.8% of Group revenues – just above our target range of 5-5.5%. The R&D ratio for the full year will also be above this targeted range.


The BMW Group’s capital expenditure for the first nine months totalled 4.3 billion euros. Most of this sum was invested in capacity expansion, in new technologies and model ramp-ups. The capex ratio for the first nine months stood at 7.8% of revenues. As previously announced, we will exceed our capex target of below 7% of revenues over the full year.


This will enable the BMW Group to enhance its future competitiveness and secure its business model through targeted investments in its premium brands, its products and technologies. Investment levels and R&D expenditure will remain high next year: We expect 2013 and 2014 to be the peak years, with significant upfront investments in future projects. For the year to the end of September 2013, Group liquidity totalled more than 10.7 billion euros, giving us a solid financial position.


Let’s move on to the Automotive Segment – which bore the lion’s share of the upfront investments in future projects and the challenging conditions in the European markets I referred to before.


In the third quarter, segment revenues reached nearly 17.2 billion euros and remain almost unchanged year-on-year – although currency conversion effects dampened the revenue development. EBIT for the Automotive Segment totalled almost 1.55 billion euros – a decrease of 6.0% compared with the same period of last year.


Despite the high level of investment in future projects and despite persistent challenges in the European markets, we still expect EBIT margin for the full year to remain within our target range of 8-10%.


The fourth quarter is traditionally impacted by higher costs and capex, with many projects billed at the end of the year. This effect will be significant in 2013 and feed through to the segment’s profitability. In addition, we will see ramp-up and marketing expenses for the new models set to boost sales next year.


After nine months, the positive business trends within the segment are reflected in a strong operating cash flow and a free cash flow of 2.45 billion euros. Despite the high level of capital expenditure in the fourth quarter, we still expect to generate a free cash flow below 3 billion euros for the full year. As per 30 September, net financial assets in the Automotive Segment amounted to 12.4 billion euros – and therefore remain at a very healthy level.


Ladies and gentlemen,

The Financial Services Segment continues to benefit from strong new business and attractive refinancing conditions. However, we are seeing slightly narrower margins, due to increasing competition. The strong demand for financial services and our positive operating performance have largely continued in the third quarter. For the same period, pre-tax profit amounted to 398 million euros – a decrease of 6.4% year-on-year.


The third quarter of 2012 benefitted from a positive effect of 46 million euros from end-of-lease business. Adjusted for this effect, quarterly earnings would have increased by 5.0%.


Financial Services leased or financed 45.0% of new BMW Group vehicles in the first nine months of 2013. This higher penetration rate is essentially due to growth in new business in the United States, where the premium segment continues to expand at a dynamic rate.

The risk situation in the segment is largely unchanged from the previous quarter. Credit risks remain stable. And although the situation in the Southern European markets remains challenging, there are no signs of further deterioration.


There has been little change in residual value risks. Used-car prices remained stable in the Americas and Europe; while the Southern European markets have stabilised at a low level. Our proactive risk management makes the necessary provisions to cover potential market risks.


Let’s take a look at our Motorcycles Segment. BMW Motorrad continued to defend its position in a declining market. While the motorcycles market contracted by 4.3% worldwide, the segment’s retail sales for the year to the end of September climbed 8.4% to 93,154 units. New models in particular, such as the F 800 GT and the R 1200 GS, contributed to this sales growth. Segment revenues year to September rose 1.6% to reach a total of 1.23 billion euros.


The Motorcycles segment achieved an EBIT of 93 million euros for the first nine months – an increase of 13.4% from the previous year.


Ladies and gentlemen,

We expect Group sales development to remain largely positive for the rest of the year and are targeting single-digit sales growth for 2013 – despite weak Western European markets. Of course, we cannot rule out the possibility of a global downturn, with the associated risks for our business.


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

In the Automotive Segment, EBIT margin is likely to remain within our target range of 8-10%. 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.


The BMW Group is creating the necessary conditions to sustain its successful business. We are able to confirm our guidance for the full year – assuming that economic and political conditions do not worsen significantly. As I already mentioned, the fourth quarter will be impacted to a greater extent by capex and costs.


The BMW Group is in an excellent position for 2014: Our young and attractive product portfolio will provide new momentum in sales. Over the coming year, we will introduce quite a number of brand new models. We also expect this year’s new launches to generate growth in their first full year on the market.


There is currently no substantial improvement in the operational environment in sight. The economic forecast for the Eurozone is cautiously positive – although the situation in parts of Europe will remain challenging. Growth forecasts for the major emerging markets of Brazil, Russia and India have been lowered slightly. We remain confident about China and the US.


We will continue on our strategic course, working to strengthen our earning power and our competitiveness – and standing by our profitability targets. At the same time, we are making the high upfront investments needed to prepare the BMW Group successfully for the challenges of the future.


We will continue to take action and set new standards.

And we will continue to expand our leading position in the premium segment.

Thank you.

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

  • A new sales record at Group level
  • A pre-tax profit similar to last year’s.
  • This is assuming that the economic and political conditions do not worsen significantly.


    Where do we stand after the first nine months?

    • Worldwide we sold more than 1.4 million cars.

    That’s a new BMW Group sales record.

    • Our Group pre-tax profit was more than 6 billion Euros, which is around the same high level we achieved in the same period last year.
    • Group net profit stood at more than 4 billion Euros – which is slightly higher than last year.
    • And the EBIT margin in our Automotive segment was 9.5 percent – which is at the upper end of the target range we set ourselves for profitability.

    We achieved this despite the continued decline in total market sales in Europe.


    Buyer hesitation in southern Europe seems to have extended to Central Europe.But as a global company, we continue to profit from an approach based on a balanced worldwide growth.

    Between January and September, we achieved growth on nearly every continent: in Europe, in Asia and China and in the Americas and the USA. The BMW Group remains the market leader in the global premium segment. Every one of our core series vehicles is segment leader – the BMW 1 Series, the 3, 5 and 7 Series, the 6 Series and the X1.


    Many of you came to see us at the Frankfurt Motor Show. There, we showed you the strength of the product portfolio of the BMW Group. And as an independent multi-brand automotive company, our focus remains solely on the premium sector.


    That’s what our BMW, MINI and Rolls-Royce automobiles and our BMW Motorrad motorcycles stand for. In Frankfurt we also showed customers what they can expect from us in the not too distant future. The BMW 4 Series Coupé, the third generation BMW X5 and the Rolls-Royce Wraith are just a few examples.


    In the year 2013, we will have launched a total of 14 new models. We are offering our customers a young, attractive product portfolio. Further attractive models will be introduced in 2014 – including several high-performance M models.

    At the same time we are breaking new ground in technology.

    • We are setting new milestones in our company’s history: the BMW brand will introduce front-wheel drive. And a new range of three-cylinder engines is set to power the new MINI.
    • With our BMW i8, we are launching a real brand-shaper for plug-in hybrid technology.
    • Plug-in hybrid technology can also reduce fuel consumption in Sports Activity Vehicles. The BMW Concept X5 eDrive demonstrates this, using just 3.8 litres of fuel per 100 kilometres.
    • BMW Motorrad will also enter the world of electric mobility with the launch of the C evolution in 2014.
    • In just a few days from now – on the 16th of November – we will launch the all-electric BMW i3. The radical approach behind this car makes it an enabler and pace-setter in the consistent application of lightweight construction. Our BMW i brand is opening up new opportunities for carbon technologies in the series production of conventional vehicles. Not only does carbon assist in bringing CO2 emissions down even further, it is also making vehicles safer.


    With regard to the future, a few areas of focus are: developing new technologies; investing in our facilities and production plants; creating innovative mobility services and offering the right training for our associates. We are making these investments from a position of strength. And we are making them early. This is consistent with the long-term focus of the BMW Group.


    Despite these extensive upfront investments in our future, and despite the volatility of the markets, we want to remain profitable. That means: An EBIT margin in the automotive segment of between 8 and 10 percent. The business segments BMW Motorrad and our Financial Services will also contribute to the Group’s success.

    Last month, BMW Motorrad celebrated its 90th anniversary. As you know, the first ever BMW built back in 1923 was not a car but a motorcycle. Since that time, BMW Motorrad has sold more than 2.8 million motorcycles to customers around the world. And – in perfect time for its anniversary celebration – BMW Motorrad is at the top of its game. Sales figures for the first nine months are at new record levels, totalling more than 93,000 units. We achieved this despite the fact that the motorcycle markets relevant to us have continued to decline. Our Motorrad business will continue to grow profitably and it remains an integral part of the BMW Group.


    Another issue in securing our future is the need for appropriately qualified employees. First and foremost we need engineers, experts and specialists, as well as upcoming generations of young associates. In the third quarter of this year some 1,400 apprentices began their careers with the BMW Group. Of those, 1,200 work at locations in Germany. At the end of the third quarter, employee numbers have risen by five percent to reach more than 109,000 associates worldwide.

    No matter where the BMW Group operates, we take our role of a responsible corporate citizen seriously. This holds true for the 140 countries in which we sell our cars. It is also true for every one of our 28 production plants in 13 countries.

    As the leading player in the automotive industry’s premium sector, we will continue to shape not only our future but that of our industry. Through this, we will continue to strengthen the global reputation of “Made in Germany”.

    Thank you very much.