Problems in China, which grew stronger rival Mercedes-Benz and higher costs for research and development have stressed the success spoiled carmaker BMW in the second quarter. The problems in China bring the profit forecast in danger.
The new BMW boss Harald Krüger has started with a decline in profits into office. Consolidated earnings before taxes fell in the second quarter by 2.7 percent to 2.58 billion euros, the carmaker said on Tuesday. The share of BMW showing stock market chart then slipped by more than 2 percent and fell to the Dax-end.
More and more dark clouds in the world's biggest car market China cast a shadow on the BMW targets for 2015. "If the challenges in the Chinese market to increase, we can not rule out an impact on our forecast," it says in the semi-annual report of the Group, on Tuesday has been published.
Yield shrinks to 8.4 percent
This therefore also applies to the core Automobiles segment where BMW is still a margin before interest and taxes (EBIT margin), between eight and ten percent. In the second quarter, the margin shrank to 8.4 (previous year: 11.7) per cent. So BMW was behind the competitors Mercedes with 10.7 percent and Audi with 9.9 percent.
The profit contribution from China fell again at BMW. The Munich set around a fifth of all vehicles from the People's Republic. In May, sales went there for the first time in more than a decade back.
Especially Rolls-Royce suffers because the Chinese buy in the face of an economic slowdown, a hard fight against corruption and turmoil in the stock market a few luxury cars. Rival Audi and its parent Volkswagen already screwed because of the weakness in China recently back the sales forecasts. Rival Daimler showing stock market chart shone, however, in the People's Republic.
In China, show an increasing uncertainty about the further development of the economy, it said in the BMW report. In the car market, the dynamics of recent years have subsided, but is compared to Western industrial nations "still relatively high". For the global auto markets expect BMW stock market chart showing a growth in 2015 of only 1.1 percent.
But because the Munich want to increase sales thanks to numerous new and revised models this year clear, they reaffirmed their forecast, according to which the consolidated net profit is expected to grow solidly before taxes. In the second quarter, he sagged by nearly three percent.
BMW-core division cuts underperformed
In the core division Automobiles BMW disappointed expectations: Here shrank the profit before interest and taxes (EBIT) by 15.8 percent to 1.82 billion euros. To book the cooling suggested in the important sales market of China, the contribution to earnings from there dropped. In addition, the Munich-selling more small and compact vehicles, which yield less.
"Revenue falls much better than expected, the result is only in line with expectations. The correspondingly disappointing margin expressed on the price," said expert Frank Schneider from Alpha Securities Trading figures. In the car business profits have even missed expectations.
Tailwind BMW hopes of new models. The new 7 Series, the flagship of the group, comes in the fall on the market. BMW has since the beginning of 3200 created more points and now employs around 119,500 employees worldwide.