In the first quarter of the financial year 2017, the BMW Group achieved a profit before tax of € 3,005 million (2016 Q1: € 2,368 million / +26.9%). This result exceeds current market expectations and was driven in particular by positive valuation effects.
The significant increase of the profit before tax was largely due to the following effects in the financial result:
- A positive valuation effect of € 183 million in connection with the participation of new investors in the mapping service HERE
- An increase in the other financial result of € 122 million, driven mainly by valuation effects
- A higher profit contribution from the Chinese joint venture BMW Brilliance Automotive Ltd.
Group revenues totaled € 23,448 million in the reporting period, an increase of 12.4% compared with last year’s figure of € 20,853 million.
Segment results were as follows (in € million):
|1st Quarter 2017||1st Quarter 2016|
|Profit before financial result (EBIT)||2,646||2,457|
|Profit before tax (EBT)||3,005||2,368|
In the Automotive segment the EBIT margin (profit/loss before financial result as a percentage of revenues) was 9.0% in the reporting period (2016 Q1: 9.4%).
The BMW Group continues to target a slight increase in Group profit before tax and an EBIT margin in the automotive segment within the range of 8 to 10% for the financial year 2017.