BMW Group positive of continuing strong financial year for 2012
'We are targeting new highs in sales volume and pre-tax earnings for 2012,' he said. 'We are starting the new year with a full order book and a highly attractive model range. The BMW Group plans to grow faster than the market as a whole in 2012 and expects to achieve new sales volume records for its BMW, MINI and Rolls-Royce brands' continued Reithofer. One important driver for growth will be the new BMW 3 Series, the sedan version of which has been available worldwide since 11 February 2012.
Other new and revised models will also be launched in 2012, including the BMW 6 Series Gran Coupé in June – the first four-door coupé in the company’s history – and the model revision of the group’s flagship, the BMW 7 Series, in July. However, These forecasts are based on the assumption that worldwide economic conditions remain stable.
Compared to the previous year, Group revenues increased by 13.8% to €68,821m (2010: €60,477m). In earnings terms, profit before tax (EBT) rose by 52.1% to € 7,383m (2010: € 4,853m), profit before financial result (EBIT) by 56.9% to € 8,018m (2010: €5,111m) and net profit by 51.3% to € 4,90m (2010: € 3,243m). The total number of BMW, MINI and Rolls-Royce brand cars delivered to customers increased by 14.2% to a new record figure of 1,668,982 units (2010: 1,461,166 units).
The Automotive segment also reported record figures for 2011. Revenues increased by 16.8% to € 63,229m (2010: € 54,137m). EBIT jumped by 71.7% to € 7,477m (2010: € 4,355m) and the profit before tax by 75.5% to € 6,823m (2010: € 3,887m). The EBIT margin for the Automotive segment was therefore 11.8%, compared to the full-year EBIT margin of “over 10%” previously forecast for the Automotive segment. The principal factors contributing to the significant improvement in segment earnings were the sharp rise in sales volume on the one hand and improved cost structures on the other.
The BMW brand set a new sales volume record in 2011, registering a 12.8% rise to 1,380,384 units (2010: 1,224,280 units). Sales of the BMW 3 Series remained high at 384,464 units (2010: 399,009 units; -3.6%) despite the model change. The new BMW 3 Series Sedan has been available worldwide since 11 February 2012. Sales of the BMW 5 Series jumped by 39.4% to 332,501 units (2010: 238,454 units), ensuring that it remained the market leader in its segment. The BMW 6 Series, which saw the launches of the new Convertible in spring 2011 and the new Coupé in autumn, increased sales volume by 60.7% to 9,396 units (2010: 5,848 units).
The BMW 7 Series, the flagship of the BMW brand, continued to perform well, selling 68,774 units (2010: 65,814 units) in 2011, an increase of 4.5% over the previous year. The various models of the BMW X family also continue to enjoy a high degree of popularity. Sales of the BMW X1 rose by 26.4% to 126,429 units (2010: 99,990 units), while the BMW X3 more than doubled its sales volume to 117,944 units (2010: 46,004 units). Sales of the BMW X5 climbed by 2.6% to 104,827 units (2010: 102,178 units), allowing this highly successful model to retain its title as market leader in the Sports Activity Vehicles premium segment.
The MINI brand was also able to achieve a new sales volume high in 2011. In total, 285,060 units of the MINI (2010: 234,175 units) were sold, 21.7% more than in the previous year. The MINI Countryman performed particularly well, with sales up more than six fold to 89,036 units (2010: 14,337 units). The MINI Coupé was launched in September 2011 as the fifth model in the MINI family and recorded a sales volume of 3,799 units up to the year end.
Rolls-Royce Motor Cars continued to perform successfully in 2011, recording the best ever sales volume in its 107-year history, with 3,538 cars (2010: 2,711 cars; +30.5%) delivered to customers.
The BMW Group was able to increase sales volumes in almost all markets in the past year. In Europe, the number of cars sold rose by 8.5% to 858,383 units. Registrations in Germany grew by 6.8% to 285,257 units. Increases were also recorded for Great Britain (167,456 units; +8.2%), Italy (72,521 units; +4.9%) and France (70,442 units; +8.6%). Sales volume in North America rose by 14.4% to 341,345 units, including 306,349 units sold in the USA (+14.9%).
The BMW Group recorded significant growth in Asia in 2011, with sales volume in the region growing by 31.1% to 375,452 units. Sales in China rose by 37.7% to 233,630 and in Japan by 9.2% to 47,663 units.
The number of employees increased significantly during the past year. At the end of 2011, the worldwide workforce comprised 100,306 employees, an increase of 5.1% (31 December 2010: 95,453 employees). One of the reasons for the increase was the acquisition of the ING Car Lease Group. In addition, skilled workers were recruited to keep abreast of the high demand for BMW Group vehicles and to press ahead with the development of new technologies.
Moreover, more apprentices have been taken on to ensure that the BMW Group’s requirements for skilled staff at locations both in Germany and abroad can be met. The number of apprentices increased by 2.7% over the course of the year to 3,899 as of 31 December 2011.