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Ad hoc: Profit before tax and revenues of BMW Group above market expectations in first quarter of 2017
Thu Apr 20 15:13:17 CEST 2017 Press Release
In the first quarter of the financial year 2017, the BMW Group achieved a profit before tax of € 3,005 million (2016 Q1: € 2,368 million / +26.9%). This result exceeds current market expectations and was driven in particular by positive valuation effects.
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Irmgard Arsenschek
BMW Group
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Author.
Irmgard Arsenschek
BMW Group
Munich. In the first quarter of the financial year 2017, the BMW Group achieved a profit before tax of € 3,005 million (2016 Q1: € 2,368 million / +26.9%). This result exceeds current market expectations and was driven in particular by positive valuation effects.
The significant increase of the profit before tax was largely due to the following effects in the financial result:
- A positive valuation effect of € 183 million in connection with the participation of new investors in the mapping service HERE
- An increase in the other financial result of € 122 million, driven mainly by valuation effects
- A higher profit contribution from the Chinese joint venture BMW Brilliance Automotive Ltd.
Group revenues totalled € 23,448 million in the reporting period, an increase of 12.4% compared with last year’s figure of € 20,853 million.
Segment results were as follows (in € million):
| 1st Quarter 2017 | 1st Quarter 2016 |
Automotive | 1,871 | 1,763 |
Motorcycles | 125 | 94 |
Financial Services | 604 | 591 |
Other Entities | 4 | 11 |
Eliminations | 42 | -2 |
Profit before financial result (EBIT) | 2,646 | 2,457 |
Financial result | 359 | -89 |
Profit before tax (EBT) | 3,005 | 2,368 |
In the Automotive segment the EBIT margin (profit/loss before financial result as a percentage of revenues) was 9.0% in the reporting period (2016 Q1: 9.4%).
The BMW Group continues to target a slight increase in Group profit before tax and an EBIT margin in the automotive segment within the range of 8 to 10% for the financial year 2017.
All mentioned figures are preliminary and unaudited.
The full results of the first quarter of 2017 will be published on 4 May 2017.
For questions please contact:
Corporate Communications
Max-Morten Borgmann, Business and Finance Communications
Telephone: +49 89 382-24118, Fax: +49 89 382-24418
Max-Morten.Borgmann@bmwgroup.com
Michael Rebstock, Business and Finance Communications
Telephone: +49 89 382-20470, Fax: +49 89 382-24418
Internet: www.press.bmwgroup.com
e-mail: presse@bmw.de
The BMW Group
With its three brands BMW, MINI and Rolls-Royce, the BMW Group is the world’s leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. As a global company, the BMW Group operates 31 production and assembly facilities in 14 countries and has a global sales network in more than 140 countries.
In 2016, the BMW Group sold approximately 2.367 million cars and 145,000 motorcycles worldwide. The profit before tax was approximately € 9.67 billion on revenues amounting to € 94.16 billion. As of 31 December 2016, the BMW Group had a workforce of 124,729 employees.
The success of the BMW Group has always been based 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.
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