Second-quarter results from the BMW Group have
shown revenue and contract volume growth for BMW Financial Services
(BMW FS) while profits, before tax and before interest and tax,
dropped.

BMW FS revenues for the quarter totalled €4,866m (£3,834m),
16.36% up on Q2 2011 and
1.4% up on the 2012 first-quarter. Total revenues for the first
half of 2012 rose 15.6% to € 9,666m.

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However, Q2 profit before tax was down 42.1% year-on-year to
€431m, and profit before interest and tax down 40.3% to €441m,
which BMW Group attributed to a 2011 Q2 gain of €379m for BMW FS
from adjustments to residual values and credit risk provisions
which boosted Q2 profit last year.

Indeed, 2012 second-quarter profits for BMW’s financing division
were in line with those of the first quarter, somewhat mitigating
total pre-tax profit results from January to June which stood at
€865m, down 26.3% year-on-year.

As of 30 June 2012, the total number of lease and financing
contracts held by BMW FS, including those of ING Car Lease Group
acquired in September 2011, stood at 3,693,474, up by 12.7% from a
year ago, by 2.8% from the end of 2011, and by 1.3% from the end of
Q1.

Despite “highly unfavourable business
conditions” in Europe, the second quarter of 2012 saw the
second-best quarterly earnings in the history of the BMW Group
(€19.2m),
including healthy sales figures in some European markets in
May, and new records for sales volume and revenues
worldwide.

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Further data from the BMW half-year
results will be published in the
August issue of
Motor Finance
magazine.

richard.brown@vrlfinancialnews.com