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ots Ad hoc-Service: BMW AG
BMW Group Resolves Reorientation (Part 2 of 2)
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Munich (ots Ad hoc-Service) - Reorganisation of the Board
The Supervisory Board has decided on a reorganisation of the Board of Management: Dr. Burkhard Göschel (54) and Dr. Norbert Reithofer (43) have been appointed to the Board of Management with immediate effect. Burkhard Göschel will assume responsibility for Research and Development; Norbert Reithofer will take over production.
Dr. Henrich Heitmann (58), so far responsible for sales and marketing, Dr. Wolfgang Ziebart (50), so far responsible for research and development, and Carl-Peter Forster (45), so far responsible for production, have resigned with immediate effect. The Supervisory Board thanked these gentlemen for their commitment to the company.
Pending the appointment of a new board member for sales and marketing, the sales functions will be taken care of by Professor Joachim Milberg (marketing) and Dr. Helmut Panke (sales) - while maintaining their regular executive functions.
Professor Milberg stated: "With the new team, we will put the reorientation of the BMW Group appropriately into practice".
Extraordinary expenditures on Rover leads to a deficit for the year despite the highest annual surplus ever In the same Ordinary Meeting the Supervisory Board examined and approved the 1999 Annual Accounts and Balance Sheet. Despite the deteriorating result in the Rover Car segment in 1999, the result of the BMW Group's ordinary business was up by 4.7 per cent to euro 1,111 million (previous year: euro 1,061 million). Following deduction of profit-related and other taxes amounting to euro 448 million, the BMW Group's annual net surplus amounts to euro 663 million (previous year: euro 462 million) prior to this year's extraordinary result, representing the largest annual net surplus ever achieved by the Group, an increase by 43.5 per cent over the previous year.
The BMW Group has made far-reaching provisions for the restructuring processes required and any further risks foreseeable with Rover. Amounting to euro 3,150 million, this extraordinary expenditure leads to a deficit for the year of euro 2,487 million.
BMW Automobiles segment improved once again The result of ordinary business in the BMW Automobiles segment has improved over the already excellent figure achieved last year by another 5.1 per cent to euro 2,106 million (previous year: euro 2,003 million). By contrast, losses in the segment of Rover Automobiles were up by euro 250 million to euro 1,207 million (+ 26.1%) on account of conditions in the market, the influence of the exchange rate, and restructuring measures.
In the BMW Motorcycle segment business results have continued to improve, increasing by 12.5 per cent to euro 18 million (previous year: euro 16 million).
This year the BMW Group is reporting for the last time on business activities in the Aero Engine segment. With the process of converting from a development to a production company being completed in 1999, the loss sustained by BMW Rolls-Royce has dropped considerably by 37.6 per cent to euro 146 million (previous year: euro -234 million). Since the beginning of this year the company has been a subsidiary of Rolls-Royce plc and has been re-established under the name Rolls-Royce Deutschland GmbH. Financial Services are continuing to develop positively, the result generated by this segment of the BMW Group increasing by 6 per cent to euro 316 million (previous year: euro 298 million).
Dividend remaining stable The annual net surplus of BMW AG amounts to euro 269 million (previous year: euro 234 million) and was generated through the Company's operative business. The Board of Management and the Supervisory Board advise the Annual General Meeting to pay a dividend of euro 0.40 per ordinary share and euro 0.42 per preferred share for a nominal amount in each case of euro 1.00 on the equity entitled to dividends of euro 622.2 million ordinary stock and euro 47.2 million preferred stock, thus using the balance sheet profit of BMW AG of euro 269 million (previous year: euro 234 million) to maintain a 40 per cent dividend on ordinary stock and 42 per cent on preferred stock also after the changeover to a nominal stock value of euro 1.00.
The business result of the Company - before extraordinary expenditures - according to the German DVFA valuation method is euro 677 million (previous year: euro 518 million).
BMW Group turnover up once again in 1999 Turnover of the BMW Group in the 1999 year of business was euro 34,402 million (previous year: euro 32,280 million), equal to an increase by 6.6 per cent over the previous year. This is primarily due to the increase in BMW vehicles sales as well as the ongoing trend towards a higher level of equipment in the cars sold.
Investments once again financed by cash flow BMW Group investments last year amounted to euro 2,155 million (previous year: euro 2,179 million), thus remaining at virtually the same level already recorded one year before. These funds were invested in the preparation of new models, the modernisation and expansion of production, and the reinforcement of the international sales and distribution network. The BMW Group continues to be in a leading position in the automotive industry in terms of its investment volume.
As in previous years, these investments were financed in full out of the Group's cash flow (euro 2,807 million).
Jürg Dinner, Corporate and Economic Affairs, Business Communication Telephone: (+49 89) 382-24118, Fax: (+49 89) 382-24418
Axel Obermüller, Corporate and Economic Affairs Telephone: (+49 89) 382-22332, Fax: (+49 89) 382-29756
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