BMW Group continues to perform well
The BMW Group’s successful first half-year performance
remained unbroken in the third quarter. New
automobile sales volume records were set for both
the three- and nine-month periods under report. In
total, 583,499* BMW, MINI and Rolls-Royce brand vehicles
were sold in the third quarter 2016 (+7.1%), contributing
to the solid increase of 6.2% (1,746,638*
units)
recorded for the period from January to September.
The Motorcycles segment also reported its best-ever
sales volume figures, with worldwide sales growing to
35,290 units (+3.8%) and 116,044 units (+3.2%) for the
three- and nine-month periods respectively.
The Financial Services segment concluded 467,702 new
lease and financing contracts with retail customers
during the third quarter (+ 11.2%), bringing the accumulated
figure for the nine-month period up to
1,341,792 new contracts (+9.8%).
Revenues and earnings both up on previous year
Third-quarter Group revenues were higher than one year
earlier (€ 23,362 million; +4.6%). The less pronounced increase in revenues compared to volumes was largely
due to exchange rate factors. Group EBIT for the threemonth
period from July to September edged up to
€ 2,380 million (+ 1.1%), influenced by higher workforce
numbers as well as changes in the model and
regional sales mix. Group profit before tax increased
by € 312 million to € 2,575 million (+13.8%), helped by
an improved financial result.
A similar set of factors also influenced Group revenues
and earnings for the nine-month period. For the period
from January to September 2016, Group revenues grew
by 3.0% to € 69,229 million year-on-year, with EBIT increasing
to € 7,562 million (+2.2%) and profit before tax
to € 7,741 million (+8.8%).
Workforce enlarged
At 30 September 2016, the BMW Group employed
126,013 people worldwide (+ 3.9%). Around 1,600 apprentices,
including some 1,200 in Germany, began
their careers with the BMW Group at the start of the
new training year.
* Including the joint venture BMW Brilliance Automotive Ltd., Shenyang
(third quarter 2016: 80,580 units; 1 January to 30 September 2016: 234,281 units).

INTERIM GROUP MANAGEMENT REPORT
Report on Economic Position
General Economic Environment in the first nine months of 2016.
Automobile markets
Overall, global automobile markets continued to expand
during the first nine months of 2016. The pace of
growth, however, varied from region to region. The
4.1% year-on-year increase was primarily driven by
markets in China and Europe, whereas demand in the
USA, Japan and some emerging economies slowed.
The upswing in Europe continued throughout the ninemonth
period. New registrations in the region increased
by 7.7%, with all major markets contributing to
the positive trend. Markets in Germany, France and
the UK, for instance, grew by 6.1%, 5.8% and 2.5%
respectively. The increases recorded for Italy (+ 17.9%)
and Spain (+11.5%) were even more pronounced.
After six years of high growth rates in the USA, clear
signs of market consolidation have set in since the
beginning of the year, resulting in new registrations
during the period from January to September 2016
barely equalling those reported one year earlier (+0.5%).
The Chinese automobile market regained some of its
former momentum, borne out by a 12.7% increase in
registrations for the nine-month period.
Japan’s economy remains sluggish overall and failed to
generate impetus for automobile market growth. Ninemonth
registrations dropped by 3.5% in a continuation
of the downward trend.
The market downturn in Brazil and Russia remained
unchanged going into the autumn period, despite the
pace of contraction dropping slightly in both markets
during the latter stages of the nine-month period.
Specifically, the Brazilian automobile market shrank by
about one third (–33.5%) on the previous year, while the
downward trend in Russia was less pronounced (–7.8%).
Motorcycle markets
The G 310 R marked BMW Motorrad’s entry into a
new market segment within the 250 cc plus class. Since
the beginning of 2016, market definition has therefore
been expanded from the half-litre class (500 cc) to cover
the entire 250 cc plus class.
Global motorcycle markets in the 250 cc plus class were
slightly down for the nine-month period, mainly reflecting
weaker performance in some overseas regions.
Motorcycle registrations fell by 0.8% worldwide. The
European market grew by 8.1% overall, benefiting
primarily from the sharp recovery in Southern Europe. While France (+3.5%) and Germany (+5.4%) saw only
relatively moderate growth, double-digit surges were
recorded in Italy (+12.3%) and Spain (+20.4%). The US
market finished 4.2% down year-on-year.
Financial Services markets
The global economy grew at a slow, but generally positive
pace during the third quarter 2016. While industrialised
countries posted only weak growth, some of the world’s
emerging economies began to gather momentum.
In the face of mixed economic data, the US Federal
Reserve again refrained from raising its reference interest
rate during the third quarter 2016. After a weak
first half-year, the growth rate picked up again and provided
a further boost for the employment market.
Macroeconomic developments in China in the third
quarter reflected a further move towards more normal
growth rates. At the same time, the Chinese economy
benefited from high government spending and investments
in the property sector. The extent of the negative
impact of rising debt ratios – mostly at a corporate level –
and the sluggish pace of reforms aimed at achieving
sustainable growth remains to be seen. The Chinese
central bank left its reference interest rate at an historically
low level and bolstered the economy by expanding
liquidity.
The eurozone economy remained stable during the
third quarter, largely unaffected for the time being by
the UK’s decision to leave the EU. The European Central
Bank (ECB) therefore initially chose not to expand
the scope of its quantitative easing measures, although
it did signal its readiness to do so if inflation rates remain
low.
In the UK, the Brexit vote triggered a sharp depreciation
in the value of the British pound and a stock market
slump during the summer months. In order to defuse
concerns of a forthcoming economic downturn, the
Bank of England decided to reduce interest rates with
effect from August and embrace further expansive
monetary policies, including increasing the scale of its
securities purchases. The UK economy and employment
market remained more or less stable throughout
the period under report.
The Japanese central bank maintained its expansive
monetary policies during the third quarter, with the
stated aim of combating the stubbornly low level of
inflation and stimulating domestic economic growth.
Selling prices on markets for pre-owned vehicles in continental
Europe and Asia remained largely stable during
the third quarter, with values slightly up in Germany
and slightly down in Spain compared to the previous
year. Prices in the UK were also somewhat lower than
one year earlier. Prices on North America’s pre-owned
vehicle markets remained stable due to strong summer
months.
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