Statement Dr Nicolas Peter, Member of the Board of Management of BMW AG, Finance, Conference Call Quarterly Statement to 30 September 2021

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Statement Dr Peter Conference Call Q3 2021.

Good Morning, Ladies and Gentlemen. 

The BMW Group’s positive business development in the first nine months of the year confirms our strategic course.

Throughout the semiconductor crisis, our employees have delivered outstanding performance, month after month. That is how we were able to raise our expected targets for the year again in September. 

All segments are on track to meet our guidance for the year. We continue to focus on gearing the BMW Group towards emission-free mobility – funding the investments needed from our ongoing business. 

We will keep our Performance Programme going, with a main focus on the consistent exploitation of market potential. 

Moreover, we are picking up the pace in the digitalisation of processes across the entire company. And we will continue to work consistently on the optimisation of our working capital, in particular on our logistics. 

Let's start with the financial figures for the Group.

Group revenues for the first three quarters of 2021 climbed by 19.2% to 82.83 billion euros. Third-quarter revenues increased to 27.47 billion euros. 

As expected, Group earnings before tax for the year to the end of September were significantly higher than the previous year, at 13.15 billion euros. The figure for the third quarter was 3.42 billion euros. The Group EBT margin for the year to the end of September was 15.9%; in the third quarter, it was 12.4%. 

We therefore can be confident that we will not only achieve significantly higher Group earnings for the year, as previously announced, but also surpass our long-term target of at least 10% for Group EBT margin. 

After a strong first half-year, third-quarter vehicle sales were, as expected, lower than the prior-year quarter – due in part to the ongoing semiconductor supply bottlenecks. 

Strong customer demand is reflected in continuing positive pricing effects, while the model mix has also continued to improve. 

Sustained high prices on international preowned car markets also resulted in very favourable income levels from the resale of end-of-lease vehicles in the third quarter. This has enabled us to more than offset the decrease in volumes. 

Ladies and Gentlemen,

With the market launch of the two all-electric iX and i4 models in November, we reached another major milestone. New orders for both vehicles are very strong. 

We continue to push forward with the electrification of our entire model range, as planned. As previously announced, we are also making further investments in digitisation.

This will be a particular focus for us this year and in 2022, with respect to both our vehicles and our processes. 

By the end of the year, the BMW Group will have the largest fleet capable of over-the-air upgrades among the competition with around 2.5 million vehicles.