BMW has reported its best-ever half-year figures with group revenues in the first half of 2002 up 11.3% to €22,367 million and operating profit up 0.3% to €2,031 million.
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Net profit was €1,261 million, up 7.7% on H1 2001.
However, Q1 2001 profit included an exceptional gain of euro 75 million on the sale of land no longer required for operational purposes. Excluding this one-off gain, the profit for the first half of 2002 represents an improvement of 4.2%.
Group revenues in the second quarter increased 8.9% to €11,599 million over Q1 2001 and operating profit rose 2.5% over Q2 2002 to €1,020 million.
Net profit rose 11.9% to €629 million in the second quarter 2002.
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By GlobalData
Sales growth rates for cars and motorcycles outperformed the market in virtually all markets and the group held its ground and even increased market share in a number of regions despite the negative trends affecting many of the international markets, BMW said in a statement.
The group expects to continue making good progress in the second half of 2002 and is forecasting a “significant increase” in sales volume for the full year as well as increased revenues and earnings.
At 30 June 2002, the BMW Group’s worldwide workforce comprised 99,464 employees, 5.0% more than at the end of Q2 2001.
Car revenue increased by 7.2% in the second quarter 2002 to €9,978 million while first half revenue of €19,463 million was up 12.1%.
A total of 543,742 cars were delivered during the first half of 2002, an increase of 18.2% compared to the same period last year.
Sales volume for the second quarter was 283,280 units, an increase of 19.0% compared to the second quarter 2001.
481,330 BMW brand cars were sold during the first half of 2002, an increase of 4.7% over the equivalent six month period in 2001.
BMW sales volume rose in the second quarter 2002 to 248,559 units, an increase of 4.4 % compared to the second quarter 2001 and a new all-time high for a single quarter.
A total of 62,412 Minis were sold during the first half of 2002; 34,721 in the second quarter.
Motorcycles revenue in the second quarter 2002, at €351 million, was 2.8% below the amount recorded in the second quarter 2001.
Revenues for the first half of 2002 totalled €653 million, an increase of 6.5% compared to the first six months of 2001.
Motorcycles profit for Q2 2002 was €59 million, 1.7 % ahead of the result for the second quarter 2001.
H1 profit climbed 3.5% to €89 million.
H1 motorcycle sales increased 4.5% to 58,432 units, a new record.
Sales of 35,181 units in the second quarter 2002 was 4.1% below the record number achieved in the second quarter 2001.
The segment was therefore able to maintain its position and was substantially unaffected by the downward trends seen in some markets.
BMW Financial Services increased first half profit 25.4% to €178 million.
A total of 717,763 finance contracts were signed during the first half of 2002, an increase of 13.8% over the first six months of 2001.
