An aptly named street, given the results.
The BMW Group set record highs for revenues and earnings in 2010, with revenues climbing by 19.3% to €60,477 million, compared with €50,681 million in 2009, and a profit before tax at €4,836 million, compared with €413 million last year, according to a statement released this morning.
It was the latest sign that the economy is recovering – at least for the affluent and those in booming markets such as China.
BMW said profits before financial result (EBIT) were €5,094 million (2009 €289 million). Net profit for the year was €3,234 million or $4.5 billion (2009: €210 million).
As a result of the strong comeback the BMW Board of Management and the Supervisory Board will propose that the dividend be increased to €1.30 (2009: 0.30) per share of common stock and €1.32 (2009 € 0.32) per share of preferred stock at the annual meeting in May.
Both proposed dividends are record highs. The odds that shareholders will vote down such increases are close to nil.
BMW Group also set its second-best result with the total number of BMW, Mini and Rolls-Royce brand vehicles delivered rising by 13.6% to 1,461,166 units (2009: 1,286,310 units). This means that BMW Group remains the world’s leading provider of premium cars.
Sales of BMW brand cars rose by 14.6% to 1,224,280 units (2009; 1,068,770 units) in 2010. The new BMW 5 Series recorded a sales volume increase of 35.5% with 238,454 units sold (2009: 175,983 units). The BMW X1 also performed extremely well, with approximately 100,000 units sold during its first full year on the markets.
Sales of the BMW 7 Series rose by 24.9% over the year to 65,814 units (2009: 52,680 units), the result of strong demand in Asia and the slow recovery of the North American market. Sales of the BMW X5, the market leader in its segment, rose by 15% to 102,178 units (2009: 88,851 units). And 46,404 units (2009: 41,667 units) of the BMW X6 were sold, 11.4% more than in the previous year.
The Mini brand set a new sales record in 2010 of 234,175 units (2009: 216,538 units; +8.1%). This performance was helped by the Mini Countryman (14,337 units) launched in September, by the Mini Hatch with 155,841 units sold (2009: 150,043; +3.9%) and by the Mini Convertible at a sales volume of 32,680 units (2009: 28,303; +15.5%).
The Rolls-Royce brand also set a new sales record, with the number of vehicles sold in 2010 rising to 2,711 units (2009: 1,002 units; +170.6%).
“We are targeting record sales of more than 1.5 million vehicles in 2011 and expect to achieve new highs for all three of our brands,” said Norbert Reithofer, the Chairman of the Board of Management of BMW AG on Thursday in Munich.
| BMW Group | 2010 | 2009 | % |
| Deliveries to customers | |||
| Automobiles | 1,461,166 | 1,286,310 | 13.6 |
| BMW | 1,224,280 | 1,068,770 | 14.6 |
| Mini | 234,175 | 216,538 | 8.1 |
| Rolls-Royce | 2,711 | 1,002 | – |
| Motorcycles | 110,113 | 100,358 | 9.7 |
| BMW | 98,047 | 87,306 | 12.3 |
| Husqvarna | 12,066 | 13,052 | -7.6 |
| Workforce at end of year | 95,453 | 96,230 | -0.8 |
| Revenues – euro million | 60,477 | 50,681 | 19.3 |
| Automobiles – euro million | 54,137 | 43,737 | 23.8 |
| Motorcycles – euro million | 1,304 | 1,069 | 22.0 |
| Financial Services – euro million | 16,617 | 15,798 | 5.2 |
| Profit before financial result – euro million | 5,094 | 289 | – |
| Automobiles – euro million | 4,355 | -265 | – |
| Motorcycles – euro million | 71 | 19 | – |
| Financial Services – euro million | 1,201 | 355 | |
| Profit before tax – euro million | 4,836 | 413 | – |
| Automobiles – euro million | 3,877 | -588 | – |
| Motorcycles – euro million | 65 | 11 | – |
| Financial Services – euro million | 1,214 | 365 | – |
| Income taxes – euro million | -1,602 | -203 | – |
| Net profit – euro million | 3,234 | 210 | – |
| Earnings per share – euro | 4.91/4.93 | 0.31/0.33 | – |
| Dividend per share common/preferred stock – euro | 1.30/1.32 | 0.30/0.32 | – |
