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Financial Reports.

Quarterly Report to 30 June 2014.

    Q2 2014    
    BMW Group remains on course
The BMW Group continued to perform well throughout the period under report, recording its best-ever sales volume figures – both for a quarter and for a six-month period. The previous year's second-quarter sales figure was topped once again, with 533,187¹ units delivered to customers (+5.3%). Six-month sales were also up solidly (1,020,211¹ units;6.9%), surpassing the one-million threshold for the first time in the first half of a year.

BMW Motorrad sold 42,259 BMW motorcycles worldwide in the period from April to June 2014 (+5.1%), bringing the total for the six-month period to 70,978 units (+9.3%). These figures represent the best quarterly and six-month sales volume performances in the 90-year history of BMW motorcycle manufacturing.

The Financial Services segment concluded 380,842 new lease and financing contracts with retail customers during the second quarter (–1.9%). The number of new contracts signed during the six-month period (728,914 units) remained at a similar level to the figure recorded one year earlier.

Revenues and earnings up on previous year
Revenues edged up in the second quarter 2014 to € 19,905 million (+1.8%), despite the increase being negatively impacted by exchange rate factors. Group EBIT performed particularly well on the back of an improved model and regional mix, and, at € 2,603 million, surpassed the previous year's equivalent figure by 26.0%. Profit before tax jumped to € 2,660 million (+30.9%), marking the best-ever quarterly result in the Group's history.

For the reasons indicated above, Group revenue only grew slightly in the first half of 2014 (€ 38,140 million;+2.8%). EBIT rose by € 589 million to € 4,693 million (+14.4%), due to the sales mix factors referred to above. Profit before tax totalled € 4,826 million, 19.6% higher than one year earlier. At both levels, these figures represent the BMW Group's best ever six-month earnings performance.

Outlook for the BMW Group in 2014
The positive start to the financial year 2014 enjoyed in the first half of the year is expected to continue in the second six-month period. Demand for our fresh and attractive fleet of vehicles remains high worldwide. We are therefore confident that the BMW Group will grow profitably again in 2014. Despite a continuing volatile environment, Group profit before tax is expected to rise significantly and thus reflect the higher level of deliveries to customers. Despite the dampening effect of exchange rates - mentioned in our annual outlook as a potential negative factor - we forecast that automotive business revenues will achieve a solid increase in the forecast period. At the same time, we also expect to reduce fleet carbon emissions² moderately year-on-year. We aim to achieve profitable growth through a further solid increase in the size of the workforce across the Group. The Automotive segment's EBIT margin is set to remain within the target range of between 8 to 10%. In view of the substantial volume of capital expenditure planned, we expect RoCE for the Automotive segment to be significantly down and RoE for the Financial Services segment to be slightly lower than in the preceding financial year. Both performance indicators will be nevertheless higher than their long-term targets of 26% and 18% respectively. For the Motorcycles segment, we forecast a slight increase in sales volume and RoCE in line with last year's level. Group management's overall assessment of the outlook for the full year 2014 has not changed significantly compared to the assertions made in the Annual Report 2013. Depending on the political and economic situation and the outcome of the risks and opportunities described below, actual business performance could, however, differ from our current forecasts.

¹ Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (second quarter 2014: 70,007 units; January to June 2014: 132,501 units).
² EU-27

Updated August 05, 2014