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.August 11, 2004
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"We remain confident that we will be able to record further sales volume increases for all brands and achieve new record figures for revenues and earnings for the full year." Group revenues for the second quarter 2004, at euro 11,910 million, were up by 16.0% (second quarter 2003: euro 10,266 million). Group revenues for the first six months of 2004 increased by 10.5% to euro 22,715 million (first half-year 2003: euro 20,563 million). The profit from ordinary activities for the second quarter 2004 was euro 1,084 million, an improvement of 14.5% (second quarter 2003: euro 947 million). The profit from ordinary activities for the first six months of 2004 also clearly surpassed the corresponding figure for 2003. At euro 1,935 million, the profit from ordinary activities of the BMW Group was 8.9% ahead of the corresponding period last year (first half-year 2003: euro 1,777 million). The Automobiles segment contributed significantly to this improvement. The profit from ordinary activities of the Automobiles segment for the second quarter 2004 rose by 26.4% to euro 971 million (second quarter 2003: euro 768 million). Thanks to this positive development, the segment return on sales improved to 8.4% (second quarter 2003: 8.0%). The net profit of the BMW Group for the second quarter 2004 rose to euro 671 million, an increase of 18.1% (second quarter 2003: euro 568 million) and also a new record. The net profit for the first half of 2004 thus amounted to euro 1,194 million, an improvement of 10.8% (first half-year 2003: euro 1,078 million). Thus, for the second quarter 2004, the BMW Group generated earnings per share of common stock of euro 0.99 (+17.9% / second quarter 2003: euro 0.84) and earnings per share of preferred stock of euro 1.00 (+17.6% / second quarter 2003: euro 0.85). On a six-month comparable basis, earnings per share amounted to euro 1.77 (+10.6% / first half-year 2003: euro 1.60) per share of common stock and euro 1.78 (+10.6% / first half-year 2003: euro 1.61) per share of preferred stock. More than 1,100 new jobs created since the beginning of the year The BMW Group had a worldwide workforce of 105,388 employees at June 30, 2004, 2.0% more than one year earlier (June 30, 2003: 103,335 employees). More than 1,100 new jobs have therefore been created worldwide since the beginning of 2004. The BMW Group has recruited more than 1,700 employees for the new BMW plant in Leipzig. Approximately half of these are currently working in various BMW Group plants in Bavaria, preparing for their new tasks. Numerous new models "The BMW Group has achieved important milestones during the first half of 2004, both in terms of expanding and renewing the group?s vehicle range and expanding its presence on the international markets" stated Helmut Panke. Following the start of sales of the BMW X3 and the BMW 6 Series Coupé in January, and of the BMW 6 Series Cabrio in March, the new BMW 5 Series Touring became available in May. The MINI One Convertible and the MINI Cooper Convertible have been available since the beginning of July and the MINI Cooper S Convertible will follow in August. Helmut Panke: "With the launch of the new BMW 1 Series in September, the BMW Group will move into the compact vehicle segment with a premium product." The fourth generation of the BMW M5 will come onto the market in the course of the year. Sales market activities included the start of operations of the new sales subsidiary in Hungary. In May, the BMW Group, together with its joint venture partner, Brilliance China Automotive Holdings Limited, celebrated the official opening of the joint BMW Brilliance Automotive plant in Shenyang (China). Strong growth in the Automobiles business In total, 321,010 BMW, MINI and Rolls-Royce brand cars were handed over to customers during the second quarter 2004, 13.3% more than in the previous year (second quarter 2003: 283,296 units). For the six month period, the sales volume increased by 8.5% to 590,983 units (first half-year 2003: 544,869 units). As a result of the growth in sales volume, revenues of the Automobiles segment, at euro 11,515 million for the second quarter 2004, surpassed the equivalent figure for the previous year by 19.4% (second quarter 2003: euro 9,647 million). On a six-month comparable basis, revenues increased by 11.8% to euro 21,259 million (first half-year 2003: euro 19,020 million). At the same time, the profit from ordinary activities of the Automobiles segment improved sharply: at euro 971 million in the second quarter 2004, the comparable figure for the same quarter last year was surpassed by 26.4% (euro 768 million). The segment profit for the first half of 2004 was euro 1,713 million, 15.2% ahead of the previous year (first half-year 2003: euro 1,487 million). 273,429 BMW brand cars (second quarter 2003: 239,205 cars) were sold during the second quarter 2004, an increase of 14.3%. 495,496 BMW brand cars were delivered to customers during the first six months of 2004, an increase of 8.9% (first half-year 2003: 454,972 cars). The MINI has established itself as a premium car in the small car segment. Almost 441,000 units have been sold since the MINI's launch in July 2001. The sales volume during the second quarter 2004, at 47,402 units, surpassed the figure for the previous year by 7.6% (second quarter 2003: 44,073 units). 95,168 MINI brand cars were delivered to customers during the first half of 2004, 5.9% more than during the corresponding period last year (first half-year 2003: 89,878 units). The Rolls-Royce Phantom sets standards at the very top end of the luxury segment. 319 Rolls-Royce motor vehicles were handed over to customers during the first six months of 2004. Motorcycles sales volume affected by model life-cycles Despite continuing unfavourable market conditions, the BMW Group was able to maintain its motorcycle business in the second quarter 2004 at the previous year?s level. With 30,635 units sold, the sales volume was only marginally (-0.2%) below the comparable figure for the previous year (second quarter 2003: 30,688 motorcycles). As expected, high demand for the new long-distance enduro, the R1200 GS, contributed to this comparatively good performance. On a six-month comparable basis, however, the model life-cycle induced impact of the first quarter 2004 affected the overall sales performance. In total, 48,570 BMW motorcycles were sold during the first six months of 2004, 5.9% less than in the same period last year (first half-year 2003: 51,589 motor cycles). Revenues of the Motorcycles segment amounted to euro 299 million in the second quarter 2004, a fall of 9.1% compared to the same quarter last year (second quarter 2004: euro 329 million). Revenues for the first half of 2004 amounted to euro 581 million, 8.2% less than in the first half of 2003 (first half-year 2003: euro 633 million). The profit from ordinary activities of the Motorcycles segment continues to be affected by up-front expenditure and market introduction costs for new models. The segment reports a profit from ordinary activities of euro 44 million for the second quarter 2004, 24.1% below the previous year (second quarter 2003: euro 58 million). On a six-month comparable basis, the segment result fell by 18.2% to euro 72 million (first half-year 2003: euro 88 million). Financial Services remain on growth course The BMW Group was able to continue to build on the positive performance of the first quarter in the area of financial services. New business, with a total of 460,837 new contracts signed, rose by 15.4% compared to the same quarter last year (second quarter 2003: 399,295 contracts). On a six-month comparable basis, the number of new contracts increased by 11.7% to 859,918 contracts (first half-year 2003: 770,054 contracts). The proportion of new vehicles financed or leased by the Financial Services segment in the second quarter 2004 climbed by 0.2 percentage points to 39.6% (second quarter 2003: 39.4%). The total business volume of the Financial Services segment, as disclosed in the balance sheet at 30 June 2004, amounted to euro 31,429 million, an increase of 14.3% compared to one year earlier (30 June 2003: euro 27,493). Compared to the value of euro 28,647 million at 31 December 2003, the increase for the first six months of 2004 was 9.7%. The profit from ordinary activities of the Financial Services segment for the second quarter 2004 improved by 15.3% to euro 136 million (second quarter 2003: euro 118 million). The profit from ordinary activities for the six month period improved by 19.1% to euro 268 million (first half-year 2003: euro 225 million). (August 04, 2004)
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