Official BMW Press Release: The MINI achieved a positive level of sales, with the second-quarter sales volume rising by 17.6% to 60,598 units (second quarter 2006: 51,544 units). This performance represents a new high level for a single quarter. The sales volume for the six-month period rose by 6.4% to 107,576 units (first half-year 2006: 101,063 units). The new MINI has been available on all major markets since March and the MINI brand continues to generate a very high-value product mix. Some 12.5% of buyers decided to purchase the MINI One, compared to 56.8% going for the MINI Cooper and 30.7% for the MINI Cooper S.
The full BMW release is below:
>Official BMW Press Release: 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.
>Reithofer reaffirmed the company’s outlook for the current financial year: “We are still aiming to achieve a pre-tax profit that, adjusted for the one-off gain on the Rolls-Royce exchangeable bond, is above the record level posted for the previous year. The company is heading towards a sales volume growth rate in the high single-digit percentage range and a sales volume of over 1.4 million vehicles”, he added. All three brands are forecast to achieve new sales volume records.
>Slight increase in workforce
>The BMW Group had a worldwide workforce of 107,079 employees at the end of the second quarter 2007, 0.9% more than one year earlier (106,150 employees).
>Further additions to model range
>The BMW Group introduced two new models onto the markets in the period from April to June in the form of the BMW M5 Touring and the three-door version of the BMW 1 Series. The previously announced 1 Series CoupÃƒÂ© will strengthen this model from autumn onwards. The fourth generation of the BMW M3 will commence sales in September. As for the MINI brand, the MINI One and the MINI Cooper D have been available on the market since April 2007. The MINI Clubman will be launched in autumn.
>Position as the world’s leading premium manufacturer maintained
>The BMW Group sold more cars on a quarterly and half-year basis than ever before, thus asserting its position as the world’s leading premium manufacturer. For the six-month period, the number of cars delivered increased by 4.6% to 730,285 units (first half-year 2006: 698,470 units); for the first time, therefore, more than 700,000 cars were sold during a six-month period.
>The number of BMW brand cars sold in the six-month period went up by 4.2% to 622,415 units (first half-year 2006: 597,120 units). The sales volume for the period from April to June rose by 7.1% to 336,230 units (second quarter 2006: 313,823 units). The main impetus for this growth was driven again by the BMW 3 Series, the sales volume of which rose by 13.3% to 288,256 units (first half-year 2006: 254,338 units).
>The sales volume of the Rolls-Royce brand was similar to the previous year, with 294 Phantoms handed over to customers during the six-month period (first half-year 2006: 287 units /+2.4%).
>Automobile segment affected by adverse exchange rate factors
>The number of cars sold by the Automobile segment accelerated in the second quarter. Segment earnings were again adversely affected by the exchange rate effects and higher raw material prices referred to above. Further factors were production start-up and market launch costs for new models as well as the higher level of depreciation and research and development costs. Segment revenues for the period from April to June increased by 10.2% to euro 14,257 million (second quarter 2006: euro 12,943 million). The profit before tax fell by 15.4% to euro 801 million (second quarter 2006: euro 947 million).
>Motorcycle segment earnings unchanged
>The sales volume of the Motorcycle segment for the period from April to June fell by 2.3% to 36,201 units (second quarter 2006: 37,052 units), mainly due to pre-seasonal buying at the beginning of the year caused in particular by the mild winter. On a six-month basis, the number of motorcycles sold rose by 5.6% to a new record of 59,230 units (first half-year 2006: 56,103 units). Second-quarter revenues fell by 5.5% to euro 396 million (second quarter 2006: euro 419 million), whilst the segment profit before tax, at euro 56 million, was unchanged compared to the second quarter last year.
>Financial services business remains on growth course
>The Financial Services segment continued to perform well in the second quarter 2007. The profit before tax rose by 5.0% to euro 189 million (second quarter 2006: euro 180 million). The business volume of the segment in balance sheet terms went up by 17.8% to reach euro 48,811 million at 30 June 2007. The number of lease and financing contracts in place with dealers and retail customers at the end of the six-month period increased by 14.0% to 2,485,450 contracts. The proportion of new cars of the BMW Group leased or financed by the Financial Services segment during the first half of the year was 44.0%; this was 1.9 percentage points above the proportion recorded for the corresponding period in 2006.