Ladies and Gentlemen,
Good morning from me as well.
The BMW Group has begun a year with a clever initial quarter. And we
were means to build on a success of a 2016 financial year. In the
initial 3 months of a year, Group distinction before taxation increasing by
around a entertain to 3 billion euros. As communicated dual weeks ago,
this boost is especially due to certain gratefulness effects.
The EBIT domain in a Automotive Segment was during 9.0%. As we made
transparent during a Annual Accounts Press Conference: Our concentration is resolutely on
a future. This year, we will be investing in a further
foundation of a indication choice and new technologies. Sustainable
profitability within a core business is a basement for this. Let’s
start by holding a demeanour during a opening during Group level. In a first
entertain of 2017, Group revenues reached 23.45 billion euros and were
12.4% aloft than a prior year. Group pre-tax gain totalled
3.01 billion euros. This was partly due to certain effects from new
investors appropriation a interest in a mapping use HERE, as good as
gratefulness effects in a other financial result. The earnings
grant from a Chinese corner try BBA benefitted from its
clever marketplace position. Driven by a energetic sales performance, it
increasing by 87 million euros to a sum of 188 million euros. In the
initial entertain of 2016, a prolongation changeover for a BMW X1 had an
inauspicious outcome here. Thanks to a factors mentioned earlier, the
Group’s EBT domain stood during 12.8%. Group net distinction rose to 2.15
As formerly announced, this year we have launched a largest
product descent in a company’s history. The new 5 Series Sedan and
a new MINI Countryman came onto a marketplace during a initial quarter.
Preparations for serve new models are already underway. However, the
bulk of a costs is approaching to be reported over a rest of a year.
We invested a sum of 605 million euros in property, plant and
apparatus and other unsubstantial resources in a initial quarter. This
represents a comparatively low capex ratio of 2.6%, in line with seasonal
factors. For a full year, we design a ratio to be above last
year’s level, though next a aim of 5%. As forecast, investigate and
expansion output for a initial entertain increasing significantly
and reached a sum of 1.32 billion euros, 343 million euros some-more than
final year. Therefore, as expected, a RD ratio of 5.6% slightly
exceeded a aim operation of 5 to 5.5%. For a full year a ratio is
approaching to be somewhat above a aim corridor. Over a march of
a year, we are formulation serve estimable investments in our
product offensive, continued expansion of e-mobility and strategic
projects like unconstrained driving.
Ladies and Gentlemen,
let’s pierce on to a Automotive Segment. Deliveries of a three
brands rose by 5.3% in a initial quarter. In China, in particular,
expansion stays strong. This is due to a appealing new models and a
unchanging concentration on a needs of a Chinese customers. We have
serve stretched a charity with a extended wheel-base chronicle of
a BMW X1 and a recently launched 1 Series Sedan. The new
long-wheel bottom chronicle of a 5 Series Sedan will yield a further
boost mid-year. The certain trend in automotive sales also continued
in Europe. In a Americas, measures taken final year are now showing
results. The sales conditions has stabilised as expected. We have
blending a SUV-share to a high direct and privileged stocks. Going
forward, we will be gripping a transparent concentration on gain peculiarity in all
sales regions. The plain expansion in worldwide deliveries also drove
revenues to 20.69 billion euros, a 10.0% boost compared to the
prior year. The X models and a BMW 7 Series are especially
renouned with customers. We are also saying certain effects from the
launch of a new 5 Series. Segment EBIT rose by 6.1% to around 1.87
billion euros. The EBIT domain stood during 9.0%. The financial outcome in
a shred for a duration reached a sum of 408 million euros due to
a effects mentioned earlier. Pre-tax gain in a Automotive
Segment increasing by roughly a third to 2.28 billion euros. Automotive
giveaway money upsurge has grown definitely and stands during 1.6 billion
euros, especially reflecting a clever net distinction as good as sound
government of inventories. As forecast, giveaway money upsurge for a full
year is approaching to sum some-more than 3 billion euros.
Let’s continue with a Financial Services Segment. In a first
entertain of 2017, we resolved around 466,000 new financing and leasing
contracts with sell customers. This represents a significant
boost of 12.6% – especially from expansion in Chinese credit financing. At
a finish of March, BMW Financial Services managed a sum portfolio of
roughly 4.8 million patron contracts. 49.2% of new BMW Group vehicles
were financed or leased by Financial Services in a initial quarter.
Pre-tax gain for a shred reached 595 million euros – a 4.4%
boost year-on-year. The certain expansion of a risk situation
continued in a initial quarter. The net credit detriment ratio of 0.33%
stays broadly in line with final year’s low level. As expected, used
automobile prices worldwide – with a difference of Asia – decreased
slightly, driven by anniversary factors. We have done comprehensive
supplies to cover existent and intensity risks in a financial
services business and constantly guard a risk management
parameters. Of course, this also relates to a Diesel vehicles. From
today’s perspective, we are good stable opposite residual value and
Ladies and Gentlemen,
I would now like to speak about a Motorcycles Segment. Right on time
for a start of a new season, a stream product range, which
includes many new models, has been really good perceived by our
customers. In a initial 3 months of 2017, BMW Motorrad sole more
than 35,000 motorcycles – 5.5% some-more than final year’s record figure.
This Mar saw a entrance into a shred next 500 cc with a G 310
R. The long-distance enduro R 1200 GS has been entirely redesigned
and was also successfully launched in March. With a new R NineT Pure
and a R NineT Racer we have extended a renouned birthright family to
4 models. They will be assimilated by a fifth model, the
R NineT Urban G/S, from June. Segment revenues also rose in line with
deliveries, climbing 7.0% to 623 million euros. EBIT rose to 125
million euros, benefitting from aloft volumes and certain mix
effects. This was an boost of 33.0% over final year. Due to seasonal
factors, a first-quarter EBIT domain stood during 20.1%. This is an
boost of roughly 4 commission points over a same duration of final year.
Finally, we would like to come to a opinion for a company. Our
superintendence for a full year 2017 stays unchanged.
We still design to achieve
– a slight boost in Group distinction before tax,
– slight increases in deliveries and revenues in the
– a poignant boost in BMW Motorrad deliveries,
– an EBIT domain within a aim operation of 8-10% in both
a Automotive and a Motorcycles Segment
– and a slight diminution in lapse on equity in a Financial
Services Segment – nonetheless it will still sojourn above a targeted
smallest turn of 18%.
Our superintendence assumes there will be no poignant change in political
and mercantile conditions.
Ladies and Gentlemen,
The initial entertain of 2017 shows that a BMW Group is good on track.
All segments are on march to accommodate their targets for a full year.
And with new products, like a new 5 Series Touring, in a pipeline,
we design a clever opening of a core business to continue.
High upfront investments in areas such as electro-mobility and
unconstrained pushing will somewhat moderate a ceiling trend in earnings
over a entrance quarters, as forecast. we would like to emphasize that
essential expansion stays a focus. This plan has paid off over
a years. The BMW Group has been one of a world’s many profitable
automobile companies for years. At a same time, we essay to sojourn a
personality in new technologies and innovations, with a transparent concentration on
electro-mobility. We sojourn resolutely committed to posterior these goals
in a future.