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BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > General BMW News and Cars Discussion > BMW gain breaks in by 90 per cent



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      03-12-2009, 08:24 AM   #1
Saebb
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BMW gain breaks in by 90 per cent

Excuse the bad translation. Used babelfish to translate it!

German link

Quote:
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BMW gain breaks in by 90 per cent


The financial crisis gets the Premiumhersteller: For the first time for eight years BMW wrote red numbers. In the fourth quarter 2008 that drove Munich car maker a minus from 960 million euro in the whole year made it however a small plus.

Munich - the first half of the yearly ran well, the end was a disaster: In the fourth quarter 2008 the automaker BMW slipped for the first time since the year 2000 deeply into the red numbers. That Munich automakers booked a minus of 960 million euros, as the DAX company communicated on Thursday surprisingly.

Last year BMW had to already take the own prognosis in view of the sagging demand for luxury cars two times. BMW wants further details to the results of the past yearly to 18. March submit.

It submitted owing to the good first half year altogether still for a plus, the profit fallow however by 89,5 per cent on 330 million euros. The conversion sagged in the fourth quarter by 18,2 per cent on 12.8 billion euros, in the whole year decreased/went back it by five per cent on 53.2 billion euros.

“Does not fit in front and in the back”

BMW wants to shorten now the dividend for 2008 on 30 cent per common stock. For the record year 2007 it had paid still 1.06 euros per portion to its owners. BMW shares fell after publication of the numbers. “In front and in the back not”, commentated a dealer fits after a first view of the data. Another spoke of a “fist-thick negative surprise”.

Analysts had counted on better numbers. Thus the Landesbank bathing Württemberg had predicted for the whole year a profit of 1.02 billion to the car maker and for the fourth quarter a loss of 272 million euros.

BMW had suffered after a good start in the second half year 2008 due to the financial market crisis under substantial collapses in sales. In the whole year the enterprise had sold 1.436 million cars, 4.3 per cent of less than 2007. In November and December the paragraph a quarter under the previous year's values had been approximately. Also in January and February 2009 BMW had to bear decreases in sale in this order of magnitude. BMW already announced short-time work, by which approximately 26,000 coworkers are affected at present.

The company made besides extraordinary expenses for the result decrease 2008 responsible. Like that an additional prevention of risk was necessary for problems from the leasing business at a value of 1.97 billion euros. It concerns particularly the sinking values of the used cars out of leasing contracts and the danger from credit losses with the BMW financial section.

BMW boss Norbert Reithofer spoke of a difficult market environment. It stressed, BMW its cost structure improved and has a very solid financial position. The existence of liquid means and securities rose to 8.1 billion euros.

sam/AP/ddp
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      03-12-2009, 12:38 PM   #2
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We need a german speaker to translate it. It's hard to comprehend as it is now.
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      03-12-2009, 12:57 PM   #3
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BMW profits down 90% for the fiscal year... not really a surprise to be honest
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      03-12-2009, 01:30 PM   #4
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here is the lowlights in English:

German carmaker BMW AG said Thursday its net profit fell 90 percent in 2008 as the global economic crisis cut into demand for its sports and luxury cars.

In an unexpected preliminary earnings release, the Munich-based company said its net profit for the full year dropped to 330 million euros ($416 million) in 2008 from 3.1 billion euros in 2007.

Total revenues fell 5 percent to 53 billion euros from 56 billion euros in 2007.

conclusion:
BMW writes a lot of bad leases, with inflated residuals, of course in a down economy that would come back to bite them
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Last edited by LI E90; 03-12-2009 at 02:33 PM.
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      03-12-2009, 10:40 PM   #5
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So what?
It still is profitable, more than can be said about many others.
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Being a fan of Honda engines, I requested that they consider building for the F1 a 4.5 liter V10 or V12. I asked, I tried to persuade them, but in the end could not convince them to do it, and the McLaren F1 ended up with a BMW engine.
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