Statement and Presentation Walter Mertl, Member of the Board of Management of BMW AG, Finance, BMW Group Annual Conference 2024.
| Published date | 21 March 2024 |
M2 PRESSWIRE-March 21, 2024-: Statement and Presentation Walter Mertl, Member of the Board of Management of BMW AG, Finance, BMW Group Annual Conference 2024
(C)1994-2024 M2 COMMUNICATIONS
RDATE:21032024
Ladies and Gentlemen,
Good morning!
2023 was another successful year for the BMW Group. We delivered strong results in the current business, while securing our future viability through targeted investments.
Strong demand for our attractive products, better availability of vehicles and an easing of the supply situation led to a positive volume development. After the halfway mark in the year, we accordingly raised our guidance for both deliveries and EBIT margin in the Automotive Segment.
Thanks to our disciplined management of the business, we delivered yet again on all our targets. I'll now take you through our results.
SLIDE 3: BMW Group with Strong Performance and Solid Sales increase
For the full year, we delivered 2.55 million vehicles worldwide, which is 6.4% over 2022. We achieved significant growth with our all-electric vehicles. Deliveries reached more than 375,000 units, or approximately 15% of total sales.
At 9.8%, the EBIT margin in the Automotive Segment was well within the increased corridor of 9.0 to 10.5%. Excluding depreciation and amortisation for BBA assets from the purchase price allocation of 1.4 billion euros, the EBIT margin was 10.8%.
The Group EBT margin of 11% exceeded our strategic target of 10%.
We also continued to reduce CO2 emissions in our European fleet. With 102.1 grams per kilometer, we were 26.4 grams - in other words 20.5% - below the target set by the European Union.
SLIDE 4: BMW Group full-year 2023
At Group level, our revenues reached 155.5 billion euros, which is 9% higher than 2022. Adjusted for currency translation effects, revenues increased by 13.1%. The increase was driven by the higher delivery volumes and positive product mix effects.
In 2023, our earnings before tax at Group level amounted to 17.1 billion euros. It is important to note that Group earnings in 2022 of 23.5 billion euros included a one-off profit of 7.7 billion euros. This was due to a technical accounting effect related to BBA full consolidation, namely the revaluation of our existing equity interests. Without this effect, Group earnings in 2023 were 1.3 billion euros or 8% above 2022.
This also translates through to earnings per share, that were at 15.7 euros in 2022, excluding the one-off profit from BBA. In 2023, earnings per share of 17.7 euros were 12.8% above the previous year.
That brings me to the results of the individual segments.
I'll start with the Automotive Segment.
SLIDE 5: Automotive Retail Units, BEV Units, Auto
Revenue and Auto EBIT
The BMW Group delivered 2.55 million vehicles to customers worldwide in 2023. This corresponds to solid growth of 6.4% - in line with our increased guidance. Momentum came in particular from models in the upper price segment, such as the BMW 7 Series, X7, and Ix*, as well as from the all-new BMW X1.
Our all-electric vehicles continue to be a key growth driver.
In 2023, BEVs made up almost 15% of our total sales.
We also delivered over 190,000 plug-in hybrid vehicles. In total, electrified vehicles therefore accounted for over 22% of sales during the year.
Revenues for the Automotive segment totaled 132.3 billion euros. This amounts to a 7% increase year-on-year.
At almost 13 billion euros, the segment's operating result was over 20% higher than 2022. This resulted in an EBIT margin of 9.8%. This is both...
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