Tag Archives: Slide

BMW

Statement by Walter Mertl, Member of the Board of Management of BMW AG, Finance, on the Quarterly Statement up to September 30, 2023

– Check against delivery –

Slide 2: BMW Group Quarterly Statement up to September 30, 2023

Good morning, ladies and gentlemen!

Slide 3: Highlights of BMW Group Performance in Q3 and YTD September

The BMW Group had a strong performance in the third quarter with solid sales growth and positive financial key figures.

In the third quarter, the Group’s EBT margin was 10.6%, and for the nine-month period from January to September, it was 11.9% – surpassing the strategic target of 10%.

The Automotive Segment’s EBIT margin was 9.8% for the third quarter and 10.3% for the year up to September. Without depreciation of BBA assets, the margins were 10.8% for Q3 and 11.4% for nine months.

After a successful third quarter, the BMW Group expects a positive business development in the fourth quarter. All segments are on track to meet their goals for the year.

Now, let’s take a closer look at the business figures for the third quarter and the first nine months.

Slide 4: BMW Group in Q3

Starting with the Group figures, the earnings before tax for the third quarter were consistent with last year, at just under 4.1 billion euros. The year-to-date pre-tax earnings decreased by about 6.8 billion euros, but this includes a one-time income from the revaluation of equity interests in BBA last year. Looking at the underlying operating result, Group earnings were 900 million euros higher year-on-year in the first nine months.

Slide 5: Automotive Retail units, BEV units, Auto revenue and Auto EBIT

Now, let’s focus on the Automotive Segment. In the third quarter of 2023, the BMW Group delivered just under 622,000 vehicles to customers, a 5.8% increase compared to the previous year. Year to date September, deliveries rose 5.1% to around 1.84 million vehicles.

The order books are filled, and new models like the BMW 5 Series will contribute to future sales growth. The BMW Group sold around 94,000 all-electric vehicles in Q3 and just under 247,000 for the nine-month period. The share of battery-electric vehicles in total sales continues to grow, reaching 15.1% in Q3. The sales of all-electric vehicles are expected to receive a further boost from the launch of the new BMW i5 in the fourth quarter.

The Automotive Segment’s operating result for the third quarter was just over 3.1 billion euros, with an EBIT margin of 9.8%. Year to date September, the EBIT margin was 10.3%.

Slide 6: Automotive Segment EBIT in Q3

Looking at the Automotive Segment’s operating result in more detail, the year-on-year comparison shows that Q3 2023 was impacted by currency and raw material positions, mainly due to currency translation effects from the Chinese renminbi. Higher vehicle sales, favorable model mix, and pricing effects contributed to a tailwind. Research and development expenses increased, reflecting investments in electrification, digitalization, and new models. Sales and administrative costs also increased, partly due to digitalization projects. Other cost changes included material and logistics costs.

Slide 7: Automotive Segment Free Cash Flow in Q3

Free cash flow in the Automotive Segment was 2.6 billion euros in the third quarter. The strong quarterly result and change in working capital contributed to this figure. Capital expenditure and depreciation had a negative impact, while changes in provisions and other items boosted free cash flow. At the end of September, free cash flow stood at around 5.8 billion euros. In the fourth quarter, there will be a significant increase in capital expenditure, and costs and higher tax payments will weigh on free cash flow.

Slide 8: Financial Services Segment YTD September

In the Financial Services Segment, new financing and leasing contracts with retail customers decreased by 5.6% year to date September, mainly due to higher interest rates. However, new business in financial services showed a positive trend in Q3, with contracts with end customers rising by 5.7% compared to Q3 2022. Segment earnings before tax decreased by 8.3%, reflecting higher refinancing costs and a smaller total portfolio size.

Slide 9: Motorcycles Segment in Q3

In the Motorcycles Segment, sales in the third quarter were on par with the high level of Q3 2022. The EBIT margin for the quarter was -0.6%, and for the first nine months, it was 12.0%.

Slide 10: Outlook 2023

The BMW Group expects stable business development for the rest of the year and confirms its guidance for the financial year 2023 for all segments, assuming geopolitical and macroeconomic conditions do not significantly deteriorate. In the Automotive Segment, a solid increase in deliveries is planned, with an EBIT margin between 9 and 10.5% and a Return on Capital Employed (RoCE) between 18 and 22%. The Motorcycles Segment is projected to report higher sales, with an EBIT margin between 8 and 10% and a RoCE between 21 and 26%. The Financial Services Segment aims for a Return on Equity (RoE) between 16 and 19% for the full year.

Slide 11: BMW Group performs as it transforms

The BMW Group’s third-quarter results showcase its performance capabilities. With an attractive product portfolio and a long-term strategy, the Group remains cautiously optimistic about the future. Continuous profitable growth and disciplined cost management support the BMW Group’s business success and investments in emission-free mobility. The Group’s financial strength allows it to shape its own future and create value.

Car review

Peugeot 408

If you were to compare the Peugeot 408 to a similar car like the Mercedes GLC Coupé, you wouldn’t notice a significant difference in visual impact and materials quality. Peugeot has improved significantly in these areas, and the interior of their new fastback-crossover is a testament to their efforts to provide a more premium experience. The dashboard is beautifully contoured, with slim air vents at the upper edge. The GT-spec car we tested had a high-quality finish on the transmission tunnel, reminiscent of luxury German kitchen appliances. The instrument binnacle display also has an impressive 3D effect, and the three-strata control array – consisting of a touchscreen display, touch-sensitive menu panel, and physical toggle switches – adds a touch of sophistication. Overall, Peugeot’s interior design is impressive.

The Peugeot 408 also offers excellent ergonomics that match its personality. The high window line and concave dashboard create an amphitheatre-like atmosphere in the cabin, which is often found in purpose-built GT cars. The front seats are comfortable and enveloping, with plenty of electric adjustments. The optional Driver & Passenger Seat Pack adds heating and massage functions. The leather-trimmed steering wheel of Peugeot’s famous i-Cockpit is also comfortable to hold, although it may partially obscure the bottom of the instrument panel, especially at its lowest setting. The rear visibility is limited due to the sloping rear windscreen, but this is a minor trade-off for the car’s sleek design. In terms of practicality, the Peugeot 408 offers good storage space and ample legroom for rear passengers. It surpasses the 508 in this aspect, although the 508 SW’s larger boot space is more suitable for those who prioritize luggage capacity.

In terms of multimedia, the Peugeot 408 features a recognizable infotainment system seen in other Stellantis brands. The car’s central 10-inch touchscreen is large enough for easy use without feeling overwhelming. The software functions smoothly, although it may experience occasional latency. The graphics are crisp and modern. In addition to the touchscreen, there is also a physical volume dial and steering wheel controls for convenience. Peugeot has introduced i-Toggles, which are helpful shortcuts located below the touchscreen, providing quick access to functions like the media player, climate control, navigation, and smartphone pairing. The 408 also supports both Android Auto and Apple CarPlay for seamless smartphone integration.

As a family car, the Peugeot 408 offers ample charging and data ports. There are two USB-C connections in the front and two more in the back. Additionally, there are 12V sockets in the front cabin and the boot of the car for added convenience.

Tablets

Here’s a Guide to Every iPad Screen Gesture You Should Know

The Slide Over feature on an iPad is like having a picture-in-picture capability. While you’re using an app like Safari or browsing through your photos, you can open a mini window that appears in front of the main app you’re using. This is called Slide Over.

Not all apps can be used in Slide Over mode, but some common ones include Spotify, Messages, Mail, Calendar, Notes, and Clock. There are other apps that support Slide Over as well, but those are good ones to start with if you want to try out this feature.

Once you’ve opened a Slide Over window, your iPad will remember the apps you use most frequently in this mode. This makes it easy to swipe between them. For example, if you often use Spotify and the Clock app as Slide Over windows, you can swipe left or right at the bottom edge of the Slide Over window to switch between them. On older iPads, you may need to swipe with a slight arc at the bottom edge.

The simplest way to open a Slide Over window is to drag and drop an app from your Dock. When you’re in an app, slowly slide up from the bottom edge of your screen to access your Dock. Then, tap and hold the app you want and drag it towards the right or left edge of your screen. Be careful not to drag it too far, as that will activate the Split View feature instead of Slide Over.