31 MARCH 2024
QUARTERLY STATEMENT
2 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
CONTENTS
- Interim Group Financial Statements
- Other Information
3 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
BMW GROUP AT A GLANCE
4 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
BMW Group in Figures
BMW GROUP IN FIGURES
KEY PERFORMANCE INDICATORS
G R O U P | ||
Profit before tax | € million | |
A U T O M O T I V E S E G M E N T | ||
Deliveries | units | |
Share of all-electric cars in deliveries | % | |
EBIT margin1 | % | |
M O T O R C Y C L E S S E G M E N T | ||
Deliveries | units | |
EBIT margin1 | % | |
FURTHER PERFORMANCE FIGURES
1st quarter 2024 | 1st quarter 2023 | Change in % | ||
4,162 | 5,129 | - 18.9 | ||
594,533 | 588,138 | 1.1 | ||
13.9 | 11.0 | 26.4 | ||
8.8 | 12.1 | - 27.3 | ||
46,434 | 47,935 | - 3.1 | ||
12.2 | 16.5 | - 26.1 | ||
- Profit before financial result as percentage of segment revenues.
- Group profit before tax as a percentage of Group reve- nues.
- Shares of common / preferred stock. In computing earnings per share of preferred stock, earnings to cover the additional dividend of € 0.02 per share of preferred stock are spread over the four quarters of the corre- sponding financial year.
G R O U P
EBT margin2
Earnings per share of common stock3
Earnings per share of preferred stock3
A U T O M O T I V E S E G M E N T
Free cash flow
%
€
€
€ million
1st quarter 2024 | 1st quarter 2023 | Change in % | ||
11.4 | 13.9 | - 18.0 | ||
4.42 | 5.31 | - 16.8 | ||
4.42 | 5.31 | - 16.8 | ||
1,283 | 1,981 | - 35.2 | ||
5 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
BMW Group in Figures
FURTHER PERFORMANCE FIGURES
G R O U P
Group revenues
Automotive
Motorcycles
Financial Services
Other Entities
Eliminations
Group profit / loss before financial result (EBIT)
Automotive
Motorcycles
Financial Services
Other Entities
Eliminations
Group profit / loss before tax (EBT)
Automotive
Motorcycles
Financial Services
Other Entities
Eliminations
Group income taxes
Group net profit / loss
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
- million
1st quarter 2024 | 1st quarter 2023 | Change in % | ||
36,614 | 36,853 | - 0.6 | ||
30,939 | 31,268 | - 1.1 | ||
872 | 933 | - 6.5 | ||
9,525 | 8,826 | 7.9 | ||
4 | 3 | 33.3 | ||
- 4,726 | - 4,177 | 13.1 | ||
4,054 | 5,375 | - 24.6 | ||
2,710 | 3,777 | - 28.2 | ||
106 | 154 | - 31.2 | ||
714 | 958 | - 25.5 | ||
- 5 | - 4 | 25.0 | ||
529 | 490 | 8.0 | ||
4,162 | 5,129 | - 18.9 | ||
2,703 | 3,828 | - 29.4 | ||
106 | 154 | - 31.2 | ||
730 | 945 | - 22.8 | ||
401 | - 128 | - | ||
222 | 330 | - 32.7 | ||
- 1,211 | - 1,467 | - 17.5 | ||
2,951 | 3,662 | - 19.4 | ||
6 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
BMW Group in Figures
FURTHER PERFORMANCE FIGURES
A U T O M O T I V E S E G M E N T | ||
Deliveries | units | |
BMW | units | |
MINI | units | |
Rolls-Royce | units | |
Production volume | units | |
F I N A N C I A L S E R V I C E S S E G M E N T | ||
New contracts with retail customers | ||
1st quarter 2024 | 1st quarter 2023 | Change in % | ||
594,533 | 588,138 | 1.1 | ||
530,933 | 517,957 | 2.5 | ||
62,075 | 68,541 | - 9.4 | ||
1,525 | 1,640 | - 7.0 | ||
673,227 | 677,852 | - 0.7 | ||
422,056 | 347,298 | 21.5 | ||
7 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
INTERIM GROUP MANAGEMENT REPORT
11 Automotive Segment
- Financial Services Segment
- Other Entities Segment and Eliminations
- Outlook, Risk and Opportunity Management
- Outlook
- Risk and Opportunity Management
8 | BMW Group Quarterly Statement 2024 |
11 Automotive Segment
BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information | |
Financial Performance |
FINANCIAL PERFORMANCE
- Financial Services Segment
- Other Entities Segment and Eliminations
- Outlook
20 Risk and Opportunity Management
The BMW Group made a successful start to the 2024 financial year. Thanks to its clear corporate strategy, the BMW Group continued to make decisive progress in ramping up electromobility and achieved its targeted rate of return despite the ongoing general uncertainty in the economy.
In a volatile market environment, a significant rise in sales of all-eletric vehicles to 82,689 units (+27.9%) caused deliveries to go up to 594,533 units (+1.1%) in the first quarter. This slight increase was in line with expecta- tions. The EBT margin was 11.4% at a Group level. The EBIT margin in the Automotive segment was 8.8%, slightly higher than in the fourth quarter of
reinforcing private consumption levels. China's weak property market continues to have an impact on consumer confidence.
International automobile markets overall
The world's largest automobile markets performed well overall from January to March. This development was driven by the ongoing stabilisation of the economic situation in the majority of markets, among other factors. Vehicles priced at € 40 thousand or less accounted for the majority of the considerable growth in China.
the previous year. As expected, the decrease compared to the prior year quarter was largely due to the earnings contributed by the Automotive seg- ment, which was affected by a rise in manufacturing costs and fixed costs, in addition to increasingly fierce competition. The Financial Services segment also started 2024 in a promising fashion. Compared to the prior year quarter, new business went up by a significant 21.5% in the segment between January and March. However, earnings in the segment fell, due largely to a rise in credit risk provisioning and a downturn in income from the sale of lease returns as the pre-owned vehicle market continued to sta- bilise.
GENERAL ECONOMIC
ENVIRONMENT
EU 27
thereof Germany
thereof France
thereof Italy
thereof Spain
United Kingdom (UK)
USA
China
Japan
South Korea
Total
Change compared to prior year in %
+ 4
+ 4
+ 6
+ 6
+ 3
+ 10
+ 5
+ 12
- 18
- 9
+ 6
The first three months of 2024 saw a slight upwards trend in the global economy. Inflation continued to stabilise or decline in the USA and Europe. Wages grew in response to the increased cost of living in recent years,
9 | BMW Group Quarterly Statement 2024 | BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information |
Financial Performance
11 Automotive Segment
- Financial Services Segment
- Other Entities Segment and Eliminations
- Outlook
20 Risk and Opportunity Management
GROUP OVERVIEW
Successful start to the year for the BMW Group
The BMW Group made a successful start to the 2024 financial year. Demand for the Company's appealing and contemporary product range remained high, with sales up by a slight 1.1% in the first quarter of 2024. All drive systems were in demand - from all-electric (BEV) models through to modern plug-in hybrids (PHEV) and highly efficient combustion engines. Deliveries of BMW, MINI and Rolls-Royce brand vehicles came to 594,533 units in the first quarter (2023: 588,138 units). This performance confirms the BMW Group's top position in the global premium segment.
All-electric vehicles continued to see a rapid rise in sales growth. The significant upwards trend remained in place in the first three months of the year, as the BMW Group delivered 82,689 BMW, MINI and Rolls-Royce BEVs (2023: 64,647 units; +27.9%). All-electric vehicles accounted for 13.9% of all units delivered in the first quarter of 2024 (2023: 11.0%). A total of
Services segment posted increased revenues due to a rise in interest income and income from the leasing business. The amount of revenue eliminated on consolidation rose due to the upturn in new leasing business and contributed to a year-on-year reduction in Group revenues.
The Group's cost of sales was € 30,050 million (2023: € 29,081 million; +3.3%). This rise was driven by higher manufacturing costs in the Automotive segment and an increase in research and development expense. Research and development expenditure related primarily to the digitalisation and electrification of the vehicle fleet across all model series, as well as the development of automated driving functions. Additional research and development expenditure was related to the development of new models, such as the new BMW X5 and NEUE KLASSE models. In the Financial Services segment, a rise in interest rates and higher risk provisions related to stabilisation in pre-owned vehicle prices had a negative impact on cost of sales.
BMW Group - research and development expenses
- Research and development expenditure is the sum of research and non-capitalised development costs and investments in capitalised development costs, adjusted for the associated scheduled amortisation.
- Research and development expenditure as a percent- age of Group revenues.
- Capitalised development costs as a percentage of re- search and development expenditure.
122,582 electrified vehicles (BEVs and PHEVs) were sold between January and March 2024 (2023: 110,486 units; +10.9%).
A total of 422,056 new contracts were signed with retail customers in the Financial Services segment in the first quarter of 2024 (2023: 347,298 contracts; +21.5%). This significant rise was reflected in new leasing (+32.3%) and new credit financing business (+16.6%). As at 31 March 2024, a total of 4,919,392 credit financing and leasing contracts were in place with retail customers, on a par with the previous year's level (31 De- cember 2023: 4,952,318 contracts; -0.7%).
EBT margin significantly above target at a Group level
Group revenues came in at € 36,614 million in the first quarter, on a par with the previous year (2023: € 36,853 million; -0.6%). When adjusted for currency effects, Group revenues went up by 1.6%.
Positive volume and product mix effects led to an increase in revenues for the Automotive segment. Pricing measures implemented in the previous year compensated for the increased level of competition. The Financial
in € million
Research and development expenditure1
Amortisation
Capitalised development costs
Research and development expenses
in %
Research and development expenditure ratio2
Capitalisation rate3
1st quarter | 1st quarter | Change in % | |||||
2024 | 2023 | ||||||
1,974 | 1,554 | 27.0 | |||||
554 | 630 | - 12.1 | |||||
- 536 | - 379 | 41.4 | |||||
1,992 | 1,805 | 10.4 | |||||
1st quarter | 1st quarter | Change in | |||||
2024 | 2023 | %-pts. | |||||
5.4 | 4.2 | 1.2 | |||||
27.2 | 24.4 | 2.8 |
10 | BMW Group Quarterly Statement 2024 |
BMW Group at a Glance | Interim Group Management Report | Interim Group Financial Statements | Other Information | |
Financial Performance |
11 Automotive Segment
- Financial Services Segment
- Other Entities Segment and Eliminations
- Outlook
20 Risk and Opportunity Management
Selling and administrative expenses rose to € 2,515 million in the reporting period (2023: € 2,359 million; +6.6%). Some of this rise was due to an increase in personnel costs and IT costs.
Due to the factors discussed above, profit before financial result fell by 24.6% in the first three months to € 4,054 million (2023: € 5,375 million).
The financial result improved by € 354 million compared to the previous year (2024: € 108 million, 2023: € -246 million). This increase was driven by market developments related to interest rate and foreign exchange hedges.
As expected, profit before tax was significantly lower in the first quarter than in the previous year at € 4,162 million (2023: € 5,129 million; -18.9%).
The EBT margin in the first quarter was 11.4% (2023: 13.9%; -2.5 percentage points).
Share buyback programme
At the Annual General Meeting of BMW AG held on 11 May 2022, the shareholders authorised the Board of Management to acquire treasury shares via the stock exchange, up to a maximum of 10% of the share capital in place at the date of the resolution or - if this value is lower - of the share capital in place at the time that the authorisation is acted on, and to redeem those shares without any further action required by the Annual General Meeting. The buyback authorisation remains valid until 10 May 2027.
As at 31 March 2024, BMW AG held a total of 8,004,314 treasury shares, corresponding to a nominal amount of € 8,004,314. BMW AG has acquired shares equivalent to 5.03% of the share capital in place on 31 March 2024 on the basis of the authorisation granted by the Annual General Meeting on 11 May 2022.
Financing activities
The total volume of the bonds issued in the first three months of the year was € 2.5 billion. These included one euro benchmark bond. ABS transactions with a total volume of around € 3.2 billion were entered into or extended in the USA, Germany and the UK.
As at 31 March 2024, Group liquidity amounted to around € 18.8 billion, slightly below the previous year's level (31 December 2023: € 19.5 billion).
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BMW - Bayerische Motoren Werke AG published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2024 09:13:10 UTC.