analyst and investor conference - bmw group€¦ · presentation by member of the board of...
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ANALYST AND INVESTOR CONFERENCE DR. FRIEDRICH EICHINER MEMBER OF THE BOARD OF MANAGEMENT OF BMW AG, FINANCE
March 20, 2014
BMW GROUP SUCCESSFUL IN 2013 FUTUREPROOFING ENHANCED
GROUP MARGIN AT 10.4%
EBT Margin BMW Group (in %)
0%
2%
4%
6%
8%
10%
12%
2013 2011 2009 2010 2012
10.4 10.7
0.8
8.0 10.2
BMW GROUP – 2013 FINANCIAL YEAR: GUIDANCE FULFILLED
In million € 2013 2012* Change in %
Automotive sales (units) 1,963,798 1,845,186 + 6.4
Group revenues 76,058 76,848 - 1.0
Group profit before tax (EBT) 7,913 7,803 + 1.4
Return on sales (EBT) (in %) 10.4 10.2 -
Group net profit 5,340 5,111 + 4.5
* Previous year adjusted
4TH QUARTER 2013: EBIT MARGIN FOR AUTOMOTIVE SEGMENT HIGHER THAN EXPECTED
In million € 2013 2012* Change in %
Automotive sales (units) 527,620 509,684 + 3.5
Group revenues 20,210 20,536 - 1.6
Group profit before tax (EBT) 1,889 1,760 + 7.3
Return on sales (EBT) (in %) 9.3 8.6 -
Group net profit 1,306 1,193 + 9.5
EBIT margin Automotive Segment (in %) 9.2 10.5 -
* Previous year adjusted
CAPEX RATIO ABOVE TARGET AS PLANNED BASIS FOR FURTHER GROWTH PROVIDED
Capex ratio for the BMW Group
Target: < 7.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
2006 2007 2008 2009 2010 2011 2012 2013
8.8%
7.6% 7.9%
6.8% 6.8%
5.4% 5.4%
8.8%
EXPANSION OF GLOBAL PRODUCTION NETWORK
R&D EXPENDITURE AT €4.8 BN
R&D ratio (HGB) BMW Group
Target range: 5 – 5.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
2006 2007 2008 2009 2010 2011 2012 2013
6.5%
5.6%
5.4%
4.8%
4.6%
4.9% 5.1%
6.3%
2.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2012
2.60
2013
PROPOSED DIVIDEND TO INCREASE PAYOUT RATIO OF 32%
Dividend per common stock in € Total dividend payout in million €
0
300
600
900
1200
1500
1800
2012
1,707
2013
1,640
AUTOMOTIVE SEGMENT – 2013 FINANCIAL YEAR: EBIT MARGIN WELL WITHIN TARGET RANGE
In million € 2013 2012* Change in %
Sales (units) 1,963,798 1,845,186 + 6.4
Revenues 70,629 70,208 + 0.6
Profit before interest and tax (EBIT) 6,657 7,599 - 12.4
EBIT margin (in %) 9.4 10.8 -
Profit before tax (EBT) 6,561 7,170 - 8.5
* Previous year adjusted
AUTOMOTIVE SEGMENT: RECONCILIATION OF EBIT 2013 FROM PREVIOUS YEAR
In million €
EBIT
2012*
Net expense
from exchange
rates/
commodities
Other operating
income and
expenditure
Volume/ Mix/ Market
Depreciation Other changes EBIT 2013
7,599
6,657
- 214 + 133 - 167
- 218
- 476
EBIT margin
10.8%*
EBIT margin
9.4%
* Previous year adjusted
FREE CASH FLOW IN AUTOMOTIVE SEGMENT LOWER THAN IN PREVIOUS YEAR OWING TO INVESTMENTS
In million €
0
1,000
2,000
3,000
4,000
5,000
2,499
2013
3,809
2012* * Previous year adjusted
STABLE LIQUIDITY AS PER END OF 2013 FINANCIAL FLEXIBILITY ASSURED
In billion €
0
2
4
6
8
10
12
10.724
7.664
3.060
2013
11.025
8.370
2.655
2012
Securities
Cash & cash equivalents
FINANCIAL SERVICES SEGMENT: 2013 KEY FINANCIALS
In million € 2013 2012 Change in %
New customer contracts (units) 1,471,385 1,341,296 + 9.7
On-balance sheet business volume 84,347 80,974 + 4.2
Profit before tax (EBT) 1,639 1,561 + 5.0
Return on equity (in %) 20.2 21.2 -
Penetration rate (in %) 44.0 40.4 -
BMW GROUP WITH BEST RATING AMONG EUROPEAN AUTOMOTIVE MANUFACTURERS
Standard & Poor's Moody's
Short-term Rating A-1 P-1
Long-term Rating A+ A2
Outlook Stable Stable
POSITIVE BUSINESS DEVELOPMENT AT ALPHABET EXPANSION OF BMW BANK COMPLETED IN 2013
0.41 0.37 0.41
0.46
0.59
0.84
0.67
0.49
2004 2005 2006 2007 2008 2009 2010 2011
0.48
2012
0.46
2013
WORLDWIDE CREDIT LOSS RATE LOWER AND AT PRE-CRISIS LEVEL
In %
0
0.2
0.4
0.6
0.8
1.0
FURTHER GROWTH PLANNED FOR FINANCIAL SERVICES
BMW MOTORRAD – 2013 BUSINESS FIGURES: MAJOR INCREASE IN PROFIT
In million € 2013 2012 Change in %
Sales (units) 115,215 106,358 + 8.3
Sales revenues 1,504 1,490 + 0.9
Profit before interest and tax (EBIT) 79 9 -
EBIT-Margin (in %) 5.3 0.6 -
Profit before tax (EBT) 76 6 -
ENTRY INTO URBAN E-MOBILITY PRODUCT INITIATIVE TO CONTINUE IN 2014
SEGMENT ELIMINATIONS: IMPROVEMENT DUE TO INTRA-GROUP ELIMINATIONS
In million € 2013 2012 Change in %
Revenues - 15,955 - 14,405 - 10.8
Profit before tax (EBT) - 527 - 937 + 43.8
OUTLOOK FOR 2014 – SUCCESS TO CONTINUE IF BUSINESS CONDITIONS REMAIN STABLE
BMW Group
Significantly higher pre-tax profit than in previous year.
Automotive segment
Significant rise in vehicle deliveries and in revenues compared with previous year.
Currency factors could have a negative impact on revenues.
EBIT margin within target range of 8-10%.
Significant drop in Return on Capital Employed, but above long-term target of at least 26%.
Financial Services segment
Return on equity of at least 18%, but slight decrease compared with previous year.
Motorcycles segment
Slight rise in deliveries compared with previous year.
ATTRACTIVE PORTFOLIO AND FINANCIAL STRENGTH FORM THE BASIS FOR FURTHER GROWTH
ANALYST AND INVESTOR CONFERENCE
March 20, 2014