BMW Group remains on course in second quarter
03 Aug 2007|1,840 views
Earnings and sales volume targets for full year confirmed. Adverse impact from exchange rate effects and start-up costs. Munich. The BMW Group remained on course in the second quarter despite the adverse impact of on-going currency effects on the one hand and market launch and production start-up costs for new models on the other. The total number of BMW, MINI and Rolls-Royce brand cars delivered to customers rose by 8.6% to a new record figure of 397,009 units (second quarter 2006: 365,547 units). Group revenues climbed by 11.3% to euro 14,683 million (second quarter 2006: euro 13,193 million).
Group earnings for the period from April to June were held down more than expected as a result of the on-going weakness of the US dollar and Japanese yen and higher raw material costs. In addition, launch costs for new models and substantial expenditure for the development of even more efficient and fuel-saving engines were incurred.
"Thanks to the increased use of Efficient Dynamics technology, approximately 40% of BMW and MINI brand cars sold in Europe, will, from autumn onwards, emit a maximum of 140g CO2/km", stated Norbert Reithofer, Chairman of BMW AG's Board of Management in Munich on Wednesday. The profit before tax fell by 13.6% to euro 1,065 million (second quarter 2006: euro 1,232 million). The net profit was euro 753 million (second quarter 2006: euro 787 million/-4.3%) and earnings per share of common stock amounted to euro 1.15 (second quarter 2006: euro 1.20).
Revenues for the six-month period rose by 7.3% to euro 26,634 million (first half-year 2006: euro 24,811 million). The profit before tax amounted to euro 1,917 million (first half-year 2006: euro 2,528/-24.2%). It should be noted that the previous year's figure includes a one-off book gain of euro 375 million from the partial settlement of the exchangeable bond on shares in the British aero engine manufacturer, Rolls-Royce plc. Excluding this exceptional item, the profit before tax would have decreased by only 13.4%.
Impact of adverse currency effects in 2007 higher than expected
Although conditions remain difficult in some aspects, the BMW Group nevertheless expects to make good progress over the coming months. In particular, adverse currency effects are having a greater impact on earnings than previously forecast. However, based on the BMW Group's current assessment, the negative impact will not exceed the previous year's level.
Group earnings for the period from April to June were held down more than expected as a result of the on-going weakness of the US dollar and Japanese yen and higher raw material costs. In addition, launch costs for new models and substantial expenditure for the development of even more efficient and fuel-saving engines were incurred.
"Thanks to the increased use of Efficient Dynamics technology, approximately 40% of BMW and MINI brand cars sold in Europe, will, from autumn onwards, emit a maximum of 140g CO2/km", stated Norbert Reithofer, Chairman of BMW AG's Board of Management in Munich on Wednesday. The profit before tax fell by 13.6% to euro 1,065 million (second quarter 2006: euro 1,232 million). The net profit was euro 753 million (second quarter 2006: euro 787 million/-4.3%) and earnings per share of common stock amounted to euro 1.15 (second quarter 2006: euro 1.20).
Revenues for the six-month period rose by 7.3% to euro 26,634 million (first half-year 2006: euro 24,811 million). The profit before tax amounted to euro 1,917 million (first half-year 2006: euro 2,528/-24.2%). It should be noted that the previous year's figure includes a one-off book gain of euro 375 million from the partial settlement of the exchangeable bond on shares in the British aero engine manufacturer, Rolls-Royce plc. Excluding this exceptional item, the profit before tax would have decreased by only 13.4%.
Impact of adverse currency effects in 2007 higher than expected
Although conditions remain difficult in some aspects, the BMW Group nevertheless expects to make good progress over the coming months. In particular, adverse currency effects are having a greater impact on earnings than previously forecast. However, based on the BMW Group's current assessment, the negative impact will not exceed the previous year's level.
Earnings and sales volume targets for full year confirmed. Adverse impact from exchange rate effects and start-up costs. Munich. The BMW Group remained on course in the second quarter despite the adverse impact of on-going currency effects on the one hand and market launch and production start-up costs for new models on the other. The total number of BMW, MINI and Rolls-Royce brand cars delivered to customers rose by 8.6% to a new record figure of 397,009 units (second quarter 2006: 365,547 units). Group revenues climbed by 11.3% to euro 14,683 million (second quarter 2006: euro 13,193 million).
Group earnings for the period from April to June were held down more than expected as a result of the on-going weakness of the US dollar and Japanese yen and higher raw material costs. In addition, launch costs for new models and substantial expenditure for the development of even more efficient and fuel-saving engines were incurred.
"Thanks to the increased use of Efficient Dynamics technology, approximately 40% of BMW and MINI brand cars sold in Europe, will, from autumn onwards, emit a maximum of 140g CO2/km", stated Norbert Reithofer, Chairman of BMW AG's Board of Management in Munich on Wednesday. The profit before tax fell by 13.6% to euro 1,065 million (second quarter 2006: euro 1,232 million). The net profit was euro 753 million (second quarter 2006: euro 787 million/-4.3%) and earnings per share of common stock amounted to euro 1.15 (second quarter 2006: euro 1.20).
Revenues for the six-month period rose by 7.3% to euro 26,634 million (first half-year 2006: euro 24,811 million). The profit before tax amounted to euro 1,917 million (first half-year 2006: euro 2,528/-24.2%). It should be noted that the previous year's figure includes a one-off book gain of euro 375 million from the partial settlement of the exchangeable bond on shares in the British aero engine manufacturer, Rolls-Royce plc. Excluding this exceptional item, the profit before tax would have decreased by only 13.4%.
Impact of adverse currency effects in 2007 higher than expected
Although conditions remain difficult in some aspects, the BMW Group nevertheless expects to make good progress over the coming months. In particular, adverse currency effects are having a greater impact on earnings than previously forecast. However, based on the BMW Group's current assessment, the negative impact will not exceed the previous year's level.
Group earnings for the period from April to June were held down more than expected as a result of the on-going weakness of the US dollar and Japanese yen and higher raw material costs. In addition, launch costs for new models and substantial expenditure for the development of even more efficient and fuel-saving engines were incurred.
"Thanks to the increased use of Efficient Dynamics technology, approximately 40% of BMW and MINI brand cars sold in Europe, will, from autumn onwards, emit a maximum of 140g CO2/km", stated Norbert Reithofer, Chairman of BMW AG's Board of Management in Munich on Wednesday. The profit before tax fell by 13.6% to euro 1,065 million (second quarter 2006: euro 1,232 million). The net profit was euro 753 million (second quarter 2006: euro 787 million/-4.3%) and earnings per share of common stock amounted to euro 1.15 (second quarter 2006: euro 1.20).
Revenues for the six-month period rose by 7.3% to euro 26,634 million (first half-year 2006: euro 24,811 million). The profit before tax amounted to euro 1,917 million (first half-year 2006: euro 2,528/-24.2%). It should be noted that the previous year's figure includes a one-off book gain of euro 375 million from the partial settlement of the exchangeable bond on shares in the British aero engine manufacturer, Rolls-Royce plc. Excluding this exceptional item, the profit before tax would have decreased by only 13.4%.
Impact of adverse currency effects in 2007 higher than expected
Although conditions remain difficult in some aspects, the BMW Group nevertheless expects to make good progress over the coming months. In particular, adverse currency effects are having a greater impact on earnings than previously forecast. However, based on the BMW Group's current assessment, the negative impact will not exceed the previous year's level.
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