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BMW : Annual Performance 1999
Following deduction of profit-related and other taxes amounting to euro 448 million, the BMW Group's annual net income prior to the extraordinary provision is euro 663 million (previous year: euro 462 million), the highest annual surplus ever achieved by the Company, 43.5 per cent above the previous year's figure. The BMW Group has taken substantial provisions for the necessary restructuring process and further foreseeable risks with Rover. Amounting to euro 3,150 million, these extraordinary provisions result in a deficit for the year of euro 2,487 million. Prof. Dr.-Ing. Joachim Milberg, Chairman of the Board of Management of the BMW Group, outlined the Group's strategy in clear terms: "The BMW Group has repositioned its strategy and we are once again in a strong and secure position: with the ultra-strong BMW brand, with the unique potential of the Mini, and with the most exclusive brand in the world - Rolls-Royce. Clearly, this gives the BMW Group supreme potential for above-average, profitable growth." Commenting on the annual result of the BMW Group, Dr. Helmut Panke, Board Member Finance of the BMW Group, was equally clear: "The Board of Management is confident that the BMW Group will show a net income for the year 2000 significantly higher than in 1999 prior to the extraordinary provision." BMW Automobiles segment improved once again The result of ordinary business in the BMW Automobiles segment has improved over the already excellent figure achieved last year by another 5.1 per cent to euro 2,106 million (previous year: euro 2,003 million). By contrast, losses in the segment of Rover Automobiles were up by euro 250 million to euro 1,207 million (+ 26.1%) on account of conditions in the market, the influence of the exchange rate, and restructuring measures.In the BMW motorcycle segment business results also continued to improve, increasing by 12.5 per cent to euro 18 million (previous year: euro 16 million). This year the BMW Group is reporting for the last time on business activities in the aeroengine segment. With the process of converting from a development to a production company being completed in 1999, the loss sustained by BMW Rolls-Royce has dropped considerably by 37.6 per cent to euro 146 million (previous year: euro -234 million). Since the beginning of this year the company has been a subsidiary of Rolls-Royce plc and has been re-established under the name Rolls-Royce Deutschland GmbH. Financial services are continuing to develop positively, the result generated by this segment of the BMW Group increasing by 6 per cent to euro 316 million (previous year: euro 298 million). BMW Group turnover up once again in 1999 Turnover of the BMW Group in the 1999 year of business was euro 34,402 million (previous year: euro 32,280 million), equal to an increase by 6.6 per cent over the previous year. This is primarily due to the increase in BMW vehicle sales as well as the ongoing trend towards a higher level of equipment in the cars sold. Turnover with externals and other segments was up in the case of BMW Automobiles by 12 per cent to euro 24,610 million (previous year: euro 21,980 million). Increasing turnover by almost 2 per cent to euro 8,638 million (previous year: euro 8,466 million), Rover Automobiles also outperformed the previous year's figure. BMW motorcycle business once again grew substantially in the year under report, this time by 17.8 per cent to euro 769 million (previous year: euro 653 million). This also applies to the aeroengine business by BMW Rolls-Royce GmbH, with turnover increasing by 84.6 per cent to euro 683 million (previous year: euro 370 million). The financial services business was also successful, showing an increase in turnover over the previous year by 6.6 per cent to euro 6,153 million (previous year: euro 5,771 million). Deliveries in 1999 remaining at the previous year's high level Overall car production by the BMW Group was down from the previous year by almost 5 per cent to more than 1,147,400 units. This decrease is attributable to the declining demand for Rover cars and increasing efforts to reduce the stock of Rover models. Production of BMW brand automobiles, on the other hand, continued to increase, the 3 Series coupé, 3 Series touring, 3 Series convertible, X5 and Z8, Rover 75, and the Land Rover Discovery II all being ramped up successfully. Deliveries by the BMW Group remained at the same high level as in the previous year, total sales of BMW, Rover, Land Rover, MG and MINI vehicles exceeding the figure of over 1,180,400 units. The Group's largest sales markets are Germany, Great Britain, and the United States. The fastest-growing BMW Group brands were once again Land Rover and BMW, while delivery of Rover cars continued to decline in 1999.Dividend remaining stable The annual net income of BMW AG amounts to euro 269 million (previous year: euro 234 million) and was generated through the Company's operative business. The Board of Management and the Supervisory Board advise the Annual General Meeting to pay a dividend of euro 0.40 per ordinary share and euro 0.42 per preference share for a nominal amount in each case of euro 1.00 on the equity entitled to dividends of euro 622.2 million ordinary stock and euro 47.2 million preferred stock, thus using the balance sheet profit of BMW AG of euro 269 million (previous year: euro 234 million) to maintain a 40 per cent dividend on ordinary stock and 42 per cent on preferred stock also after the changeover to a nominal stock value of euro 1.00. The business result of the Company - before extraordinary expenditure - according to the German DVFA valuation method is euro 677 million (previous year: euro 518 million). Investments once again financed by cash flow BMW Group investments last year amounted to euro 2,155 million (previous year: euro 2,179 million), thus remaining at virtually the same level already recorded one year before. These funds were invested in the preparation of new models, the modernization and expansion of production, and the reinforce-ment of the international sales and distribution network. The BMW Group remains a leader in the automotive industry in terms of investment volume.As in previous years, these investments were financed in full out of the Group's cash flow (euro 2,807 million). Development of the BMW Group in the first quarter 2000 According to initials extrapolations, in the first quarter 2000 deliveries to customers by the BMW Group were up by 4 per cent to approximately 302,000 units. This extrapolations show that the extremely positive development of BMW brand sales has continued in the first quarter 2000, with an increase by 8 per cent to 197,000 automobiles (previous year: 182,566 automobiles). This growth is generated in particular by the 3-Series, with deliveries of both the BMW 5 and 7-Series remaining substantially higher than the deliveries of their respective predecessors at the same point in time in their lifecycle. Currently BMW is recording substantial growth above all in the Asian, North American and almost all European markets. Benefitting from significant ongoing demand in particular for the Discovery and Freelander models, Land Rover will continue the successful growth recorded in recent years also in the current year of business. Initial extrapolations show an increase in sales by another 4 per cent to approximately 45,000 units (previous year: 43,127 units). Rover, on the other hand, was not able in the month of March to continue the positive growth recorded in recent months, meaning that total sales of approximately 55,000 units as of March 2000 will be roughly 7 per cent below the previous year's figure (58,577 units).
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