BMW Group Increases Revenues to euro 42,282 Million; Capital Expenditure Increased Significantly / 5,000 New Jobs Created
MUNICH, Germany, Jan. 30 -- The financial year 2002 has again
been a very successful one for the BMW Group. Despite the difficult worldwide
economic situation, the BMW Group was able to continue its growth course and
set new records in terms of sales volume and revenues. As announced in the
letter to shareholders, total revenues rose by 9.9% to euro 42,282 million in
2002 (2001: euro 38,463 million). Revenues of the Automobiles segment
increased by 13.8% to euro 38,179 million (2001: euro 33,542 million) and
those of the Motorcycles segment by 6.7% to euro 1,130 million (2001: euro
1,059 million). The Financial Services segment recorded a 9.3% increase in
revenues to reach euro 8,213 million (2001: euro 7,514 million).
The BMW Group sold more than one million BMW and MINI cars in 2002 for the
first time in a single year. In total, the BMW Group sold 1,057,344 units,
16.7% more than in the previous year (905.657 units). As previously
announced, the BMW Group was able to improve earnings yet again in 2002 on the
back of this dynamic sales performance, thus surpassing the previous year's
record results.
Automobile production increased again
The BMW Group increased automobile production by 15.2% to 1,090,258 units
(2001: 946,730). This includes 930,221 BMW cars (2001: 904,335) manufactured
in the plants in Munich, Dingolfing, Regensburg, Spartanburg (South Carolina),
and Rosslyn (South Africa) as well as at the group's assembly plants, 2.9%
more than in the previous year. In addition, 160,037 MINI cars (2001: 42,395)
were manufactured at the Oxford plant.
The full range of flexible work-time models were used and additional
shifts worked in order to meet the strong demand.
More than 5,000 new jobs created
As a result of the strong performance, the BMW Group created 5,132 new
jobs in 2002 mainly in development, production and sales.
This represents an increase of 5.3%. As of December 31, 2002, the BMW
Group had a worldwide workforce of 101,395 employees. After adjusting for
disposals and transfers of group companies, the equivalent headcount at the
end of 2001 was 96,263 employees. Approximately three-quarters of the BMW
Group workforce are employed in Germany. The headcount in Germany rose by
3,280 employees to 76,143, an increase of 4.5%.
The BMW Group recruited another 370 apprentices in 2002 and the total
number of apprentices went up by 9.7%. At present, almost 4,200 young people
are learning a profession with the BMW Group.
Capital expenditure increased significantly
In 2002, the BMW Group invested euro 3,185 million in property, plant and
equipment and intangible assets. In addition, euro 858 million of expenditure
for research and development have been recognized as assets in accordance with
IAS, so that total capital expenditure amounted to euro 4,043 million (2001:
euro 3,516 million).
Outlook for 2003
The world's three main sales regions (North America, Europe, Japan) are
not expected to perform consistently in 2003. The BMW Group forecasts that
more dynamic economic growth will not be seen until the second half of the
year at the earliest. The effects on business of the current tense global
political situation remain incalculable.
Overall, the BMW Group forecasts that it will continue to perform
successfully in 2003. In the words of Dr. Helmut Panke, Chairman of the Board
of Management of BMW AG: "With the current product and market offensive
gathering momentum, the financial year 2003 will be one of the most important
in the history of our enterprise. We will launch more new products in 2003
than in any previous year. We will continue to finance capital expenditure
out of cash flow even during this phase of expansion and thus, once again,
demonstrate the underlying strength of the BMW Group."
The full letter to shareholders can be downloaded via the Internet at
http://www.press.bmwgroup.com or http://www.bmwgroup.com/ir.
units/ euro millions 2002 2001 Change in %
Revenues 42,282 38,463 +9.9
Automobiles 38,179 33,542 +13.8
Motorcycles 1,130 1,059 +6.7
Financial Services 8,213 7,514 +9.3
Reconciliations -5,240 -3,652 -43.5
Capital expenditure 4,043 3,516 +15.0
Deliveries to customers
Automobiles 1,057,344 905,657 +16.7
- BMW 913,225 880,677 +3.7
- MINI 144,119 24,980 +476.9
Motorcycles(1) 103,020 95,327 +8.1
Vehicle production
Automobiles 1,090,258 946,730 +15.2
- BMW 930,221 904,335 +2.9
- MINI 160,037 42,395 +277.5
Motorcycles(1) 97,507 100,213 -2.7
Workforce(2) 101,395 96,263 +5.3
(1) includes C1 since 2000
(2) at 31 December 2002; the comparable number of employees at 30
September 2001 before adjusting for disposals and transfers of
group companies was 97,275 and the increase based on this figure
4.2%.
BMW Group In America
BMW of North America has been present in the United States since 1975.
Since then, the BMW Group in the United States has grown to include marketing,
sales and financial service organizations for the BMW, MINI and Roll-Royce
brands; DesignworksUSA, an industrial design firm in California; a technology
office in Silicon Valley and various other operations throughout the country,
including BMW Manufacturing Corp. in South Carolina. The BMW Group sales
organization is represented in the U.S. through networks of 340 BMW car, 327
BMW Sports Activity Vehicle, 148 BMW Motorcycle retailers, 70 MINI car dealers
and 27 Rolls-Royce motorcar dealers. BMW US Holding Corp., the Group's sales
headquarters for North, Central and South America, is located in Woodcliff
Lake, New Jersey.
Information about BMW Group products is available to consumers via the
Internet at http://www.bmwusa.com http://www.bmwmotorcycles.com and
http://www.miniusa.com