Avtar’s Flagship Conclave For Women Professionals, SEGUE Sessions In Its 16th Edition Draws Over 100 Attendees

* Pre-order of Dr Saundarya Rajesh’s next book that addresses workplace challenges for women announced at SEGUE

* Role Model Women Professionals Delivered Sessions on Powering through by Inspiring Inclusion

* From navigating risks in career journeys to managing finances to overcoming double-bind paradox, SEGUE Sessions covered it all

Avtar Group, Diversity, Equity and Inclusion (DEI) Solutions firm, hosted the 16th Edition of SEGUE Sessions – a half-day event designed to empower Indian Women Professionals navigate their professional landscape with clarity and purpose under the theme #PowerTheShift. 

Segue Sessions is one of the most impactful and successful confluences for women professionals, hosted by Avtar Group.  Segue Sessions is aimed at enabling women professionals build sustainable and successful career paths irrespective of interruptions and challenges in their careers. In the sixteenth edition of Segue Sessions hosted in the month of International Women’s Day Celebrations, several women leaders and senior industry practitioners rendered their expertise at keynote address, panel discussion and workshop as part of the conference. Over 150 delegates from across industries participated in this conclave held in Chennai.

Speaking at the Conference, Geetha Ramamoorthi, Managing Director, KBR India, “Be bold to provide opportunities to women with potential and passion, instead of judging them based on prior experience. Especially in the manufacturing industry, it is important that we modernize the workplaces make tweaks in the infrastructure and policies to make the organizations and shopfloor women friendly. While I say that, we also need to sensitize men in manufacturing to the need for including more women in the workplace.”

Addressing the audience at the SEGUE Sessions, Dr Saundarya Rajesh, Founder-President, Avtar Group announced the pre-order of her next book, Conversations with Career Doctor, a solution-centric powerful handbook for every Indian Woman Professional (IWP) to help her stay employed, achieve financial security to thrive and win at workplaces. "Conversations with the Career Doctor isn't about having a great career, it's about rewriting the narrative of what 'winning and thriving' in the Indian Woman Professional’s career graph means. Each of us has the potential to navigate the twists and turns of our careers. The book will equip women professionals with practical guidance on proactive steps that they must take to grow from strength to strength in their professional spaces. With relatable anecdotes the book will enable women professionals not only to excel, but to thrive on their own terms, defining success from the inside out, and leaving an indelible mark on the world," said Dr Saundarya at SEGUE Sessions.

Data from the Periodic Labour Force Survey (PLFS July 2022-June 2023) indicates that there has been a rise in the women’s workforce participation which now stands at 37%. This is an encouraging rise from the 2021-2022 numbers which stood at 32.8% for women and 77.2% for men. However, to achieve India’s ambition to be a $5 trillion economy by 2025, the women’s workforce participation rate will have to drastically climb up. Despites other economic advances, without achieving gender balance in the economic domain, India’s dream of becoming a $5 trillion economy cannot be realised. There are several women who drop out of workforce after marriage or maternity and are unable to find their way back to the kind of jobs they want. This leaves them dissatisfied and their organizations bereft of such potential talent. Furthermore, the women who maintain their career continuum often do not climb to the top due to a variety of reasons – systemic issues, self-limiting biases, lack of career mentors, guilt-trips, and so on.

“At SEGUE we provide the IWPs tools and strategies towards sustainable solutions for problems/challenges faced by them in workplaces. This year, we have transcended career-centricity by delving into the multifaceted dimensions of the Indian Woman Professional’s experiences at workplaces”, added Dr Saundarya.

With a focus on the unique obstacles and unique experiences faced by women professionals, SEGUE Sessions, delivered a compelling and empowering narrative on Navigating Risks, overcoming the double-bind paradox, success stories of women professionals powering through by inspiring inclusion. The conclave also witnessed teams presenting solutions for challenges towards increasing women’s workforce participation in an exclusive segment HackEquity – that cracked the Inclusion Code.

Former Karnataka CM Sadananda Gowda Inaugurates AU Small Finance Bank’s New Branch In Sanjay Nagar

AU Small Finance Bank (AU SFB), India’s largest SFB, today inaugurates its new branch at Sanjay Nagar, Bengaluru, which is the Bank’s 12th branch in Karnataka. This launch signifies AU SFB’s targeted offerings for the Bengaluru city and its commitment to delivering accessible and technology-driven financial services across South India. The inauguration was done by former Chief Minister of Karnataka D. V. Sadananda Gowda and senior officials of AU SFB.

The strong economy of Karnataka makes it a significant market offering high potential of deposits and credit. Bangalore alone contributes to around Rs 9 lakh crores of deposits of the state and remains a key city in AU SFB’s expansion plan in South India. Sanjay Nagar is an appealing strategic locality with well-planned infrastructure, luxury residential projects, high-class educational institutes, and healthcare facilities.

Speaking on the occasion, former Chief Minster of Karnataka, D. V. Sadananda Gowda said, “Bengaluru is an industrial hub that is contributing a great deal to the economy of our state as well as the nation. Over the years, AU Small Finance Bank has gained reputation of bringing customer centric banking solutions bundled with tech advancements. With this branch, I am sure the residents of Sanjay Nagar stand to benefit from that. As more and more industrial leaders as well as common man gain access to better banking, it will help add up to the prosperity of our state.”

Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “As a customer-centric bank, we strive to serve customers in Bengaluru with our unique proposition while fostering long-term relationships. To date, the positive response and trust from our tech-savvy clientele in Bengaluru have instilled confidence in us to extend our presence. At Sanjay Nagar branch, we aim for the customers to enjoy the advantages of our flagship features, such as monthly interest payout on savings accounts, extended banking hours, 24x7 video banking, vehicle loans, business banking, FDs/Green FDs, credit cards, construction funding to real estate developers, along with meticulously crafted wealth management products.”

As of December 2023, the Southern region has surpassed Rs 3,000 crore in the deposit book of AU SFB, instilling confidence of AU SFB to scale up its operations in South India. The bank aims to reach approximately 37 branches in South India by March 2024.

About AU Small Finance Bank

AU Small Finance Bank Limited (AU SFB) is a scheduled commercial bank and has established itself as the largest SFB in India since starting its banking journey in April 2017. Established in 1996 by Mr. Sanjay Agarwal, a first-generation entrepreneur, AU SFB boasts a 28 years-legacy with deep understanding of the rural and semi-urban markets and customer segments. The Bank operates a sustainable business model that facilitates credit to the unserved and underserved retail and MSME customer segments while providing complete banking solutions to its deposit and branch banking customers. As a tech-led Bank, AU has a strong digital presence with innovative products and services like 24X7 video banking, credit cards, personal loans, UPI QRs, payments, merchant lending, WhatsApp Banking, Chatbots etc. and its digital bank application AU0101 remains among the higher rated banking apps in India.

The Bank operates from 1,049 banking touchpoints across 21 States & 3 Union Territories serving 46.8 Lac customers with an employee base of 28,904 employees. As on 31st Dec’23, the Bank has a net worth of ?12,167 Crore, deposit base of ?80,120 Crore, Gross Advance of ?67,624 Crore and a Balance sheet size of ?1,01,176 Crore. AU SFB enjoys the trust of marquee investors and is listed at both NSE and BSE. It has consistently maintained high external credit Rating and is presently rated ‘AA/Stable’ by CRISIL, CARE Ratings and India Ratings, while the Bank’s FD is rated ‘AA+/Stable’ from CRISIL Ratings.

For more information, please visit the company’s website at www.fincarebank.com. 

OPPO India Launches Digital Self-Help Assistant For Instant Smartphone Support

* -First-of-a-kind Self-Help Assistant in India (Link: https://support.oppo.com/in/simulator/)

* -Users can conveniently access 400+ settings and functions through the OPPO simulator.

On World Consumers Rights Day, OPPO India introduces the OPPO Self-Help Assistant, a digital service that lets consumers resolve their smartphone issues without visiting a service centre. This first-of-a-kind initiative in India covers all OPPO handsets—A, F, K, Reno, and Find Series—launched within the last five years. The programme aligns with the Government of India’s “Right to Repair” framework and is designed to provide customers with comprehensive support and guidance.

“Indian consumer are very tech-savvy, and this portal provides users with all the information they would need to troubleshoot their OPPO smartphones without making a trip to the service centre,” said Savio D’Souza, Director of Product Communications at OPPO India. “With the Self-Help Assistant, OPPO makes things simpler for consumers; this initiative is about empowering them and enhancing their experience of owning an OPPO device.”

OPPO India users can access the Self-Help Assistant by visiting the OPPO website (see above) or app (MyOPPO app > Support Tab > Self-Help Assistant). Users will need to select their device from the interface, after which they can choose between the Simulations and Troubleshooting options that are displayed on the left side. Customers can also check the complete Specifications of their device via a button top right (see below).

Under Simulations (see below), users can access 400+ settings and functions—including Camera, Memory, Recording, Backup, Wi-Fi & Hotspot—by typing queries into the search box or selecting options from the menu. This section is designed to help users explore and understand the features of their phones via digital step-by-step guides.

With Troubleshooting (see above), users can resolve software issues around Data, Network, and Device Support after answering a few questions. Users can provide their feedback via thumbs up or thumbs down icons, depending on whether their issue was resolved successfully or not. In case of unresolved issues, users can input their contact information for a follow-up by an OPPO India Customer Support representative.

In the next phase, OPPO India’s Self-Help Assistant will offer multilingual support and integrate IoT products, continuing to enhance our self-service for an even better experience ahead.

About OPPO Mobiles India Private Limited

OPPO is the world's leading smart device manufacturer and innovator. Since its establishment in 2004, the company has expanded its global footprint to over 60 countries and regions, including India. OPPO Mobiles India Private Limited, registered in 2013, has its headquarters in Gurugram, Haryana, and operates one of the nation's largest smartphone manufacturing centres.

Vitesco Technologies Fiscal Year 2023: Profitability And Cash Flow Exceeded Expectations Expectations

* Sales increase to €9.23 billion in fiscal year 2023 (2022: €9.07 billion)

* Adjusted EBIT margin came in higher than the company’s own guidance at 3.7 percent (2022: 2.5 percent)

* Free cash flow above the company’s expectations at €84.9 million (2022: €123.2 million)

* Growth in electrification sales of around 21 percent to €1.3 billion (2022: €1.1 billion)

* Order intake of more than €12 billion, of which around 70 percent in the electrification business Order backlog as of December 31, 2023 stood at around

* €58 billion, with more than half electrification-related First dividend distribution planned Guidance for 2024: sales forecast between €8.3 billion and

* €8.8 billion, further improvement of adjusted EBIT margin between 4.5 percent and 5.0 percent, negative free cash flow of around €350 million expected

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, is publishing its consolidated financial statements for fiscal year 2023. The company had already published preliminary results on February 23, 2024, in which it fully achieved – and in some cases exceeded – its own forecast for all key financials.

CEO Andreas Wolf: “2023 was a challenging but successful year. Our company achieved further profitable growth, won important orders, and advanced its leading position in the electromobility market.”

Profitability and cash flow well above company and market expectations

In 2023, Vitesco Technologies increased its consolidated sales to €9.23 billion despite a persistently challenging market environment (2022: €9.07 billion). Adjusted for changes in the scope of consolidation and exchange-rate effects, sales increased by 4.4 percent.

Due to the further improvement in operating performance, the company’s adjusted EBIT margin of 3.7 percent (2022: 2.5 percent) was much higher than its forecast range of 2.9 percent to 3.4 percent. The adjusted EBIT thus amounted to €341.1 million (2022: €225.5 million).

Thanks to improved profitability and despite higher investments and the financial burden from the contract manufacturing business with Continental, free cash flow amounted to €84.9 million in fiscal year 2023 (2022: €123.2 million). This was higher than Vitesco Technologies’ own forecast of approximately €50 million and the market consensus of €71 million.

Capital expenditures1 on property, plant, and equipment and software amounted to €499.8 million (2022: €446.6 million). The ratio of capital expenditures to sales was therefore 5.4 percent (2022: 4.9 percent).

As of December 31, 2023, Vitesco Technologies’ equity ratio stood at 37.6 percent (December 31, 2022: 40.3 percent). The company reported net liquidity of €337.0 million as of December 31, 2023 (December 31, 2022: €333.4 million).

Vitesco Technologies generated sales of around €1.3 billion from electrification components in 2023 (2022: €1.1 billion). The reason for the less significant increase in sales was the softening of demand for electrification components in the market in the fourth quarter of 2023. The numerous project ramp-ups could not compensate for this effect.

In fiscal year 2023, total order intake came to more than €12 billion (2022: €14 billion). Roughly.

upGrad Fuels Domestic Expansion With Senior Hires; To Enter 10th Year Of Growth

upGrad, one of Asia’s largest integrated learning skilling and workforce development majors announced the appointment of Shailesh Mahale (former Zepto) as Corporate HR Head and Kumar Anshu (former OLX Group) as Head of Human Resource for Working Professional, Study Abroad and Offline segment. With this Vandana Kaushik Goel has been elevated as the Head of Human Resources for upGrad’s Enterprise arm.

In line with upGrad’s growing footprint and team strengths, these three key India appointments will augment operational efficiency and wider employee engagement across the organisation. With a strong background in HR technology and operations, including successful implementations of systems like PeopleSoft, SAP Success Factors & Darwinbox, Shailesh helped build Zepto in its initial months. Having also worked at other industry-leading brands like TCS, Dow Chemicals, and HDFC Life Insurance, Shailesh has been specifically appointed to drive Corporate HR transformation at upGrad.

In his current role, he will lead the Corporate HR functions encompassing operations & digitisations, Employee experience, Payroll & Compliance, and HR Audits, leveraging his extensive expertise to propel organisational growth.

With 15 years of diverse experience across Business HR, Consultancy, HR Strategy & Software engineering at Siemens, EY LLP, OLX and Wipro, Anshu bridges business and people needs effectively. In his prior role at EY, he project-managed and consulted GOI in the development of an e-learning organisation, demonstrating strong consulting abilities. He has also led large transformation & strategic initiatives as part of his earlier roles.

Vandana's exceptional capability in change management has been pivotal in driving efficiency within the organisation, and her strategic acumen and leadership qualities position her as a driving force in advancing upGrad’s business goals. With over 17 years of experience in the HR domain across notable sectors such as education, software, and professional services, she will continue to lead HR business partnering across the entire Enterprise arm at upGrad.

Commenting on the road ahead, Saurabh Deep Singla, CHRO at upGrad noted, “With the rapidly evolving business landscape, it’s important that we bolster our HR capabilities to ensure seamless operations and an enriching employee experience. While our primary focus remains on driving career growth for our learners, maintaining a people-first organisational culture is non-negotiable. These strategic hires are not just tasked with traditional HR functions but would be instrumental in shaping the future of skilling and workforce development. Their expertise coupled with a deep understanding of technology and business needs, positions upGrad as a front-runner within the skilling ecosystem while also having it redefine how organisations approach talent development in the digital age.”

upGrad has bolstered its leadership team with key hires over the past 9-10 months, while also recording tangible YoY business outcomes. "upGrad is on the brink of entering a decade, marking an important year of growth for us. We've evolved from a small team to an organisation comprising nearly 5000 colleagues spanning across various states and nations. The increasing diversity within our teams, coupled with our shared goal of making upskilling a global reality, reinforces our faith in this institution," added Singla.

Shailesh Mahale will be based out upGrad’s HQ in Mumbai while both Kumar Anshu and Vandana Goyal will oversee operations from Delhi NCR.

About upGrad

Started in 2015, upGrad is Asia’s largest integrated Learning, Skilling, and Workforce Development Company. upGrad offers a range of online & hybrid skilling programs, Certifications, and Bootcamps under its B2C portfolio. It also facilitates top Indian and global universities to offer their Diploma, Master’s and Executive Doctorates. Additionally, select programs are tailored for enterprise clients under the B2B model, along with other recruitment and staffing services. To date, upGrad has enrolled 10 million+ learners from 70+ countries, boasts a network of 300+ direct global university partners, wide line-up of 2500+ pathway connections, and an enterprise arm with 3000 corporate partners, worldwide. www.upgrad.com

BMW Group Business Continues On Profitable Growth Course

+++ Zipse: “Implementing strategy consistently and successfully” +++ Group EBT margin of 11.0% for the full year +++ Automotive EBIT margin at 9.8% in 2023 +++ Percentage of BEV deliveries of 15% in 2023, as forecast +++ • EU fleet CO2 emissions at 102.1 g/km (WLTP) ? well below 128.5 g/km limit +++ Dividend of € 6.00 per share of common stock proposed +++

The BMW Group achieved its business objectives for financial year 2023, as forecasted. Despite strong competition and volatile conditions, the company successfully maintained its profitable growth and defended its leading position in the global premium segment: A total of 2,554,183 premium vehicles were delivered to customers in the year to the end of December (2022: 2,399,632 units / +6.4%) ? including 717,620 units in the fourth quarter (Q4 2022: 651,794 units / +10.1%). Deliveries for the full year had a solid increase, resulting in a market share of 3.3%.

High demand for its products was the driver for the BMW Group’s continuing strong financial performance: The Group EBT margin came in at 11.0% (2022: 16.5%; Q4: 8.6%; 2022: 8.2%), above the strategic target of 10%. The EBIT margin in the Automotive Segment of 9.8% (2022: 8.6%; Q4: 8.5%; Q4 2022: 8.5%) was within the forecast target range of 9.0-10.5%. 

Throughout 2023, the company’s fresh and attractive range of fully-electric vehicles was a key growth driver. The BMW Group delivered a total of 375,716 fully-electric cars (2022: 215.752 units / +74,1%) to customers, achieving a share of around 15% of total sales, as planned. Including the PHEVs delivered, the BMW Group sold a total of 565,875 electrified vehicles (2022:433,792 units / +30.5%) and thus achieved a sales share of 22%.

The electrification of the vehicle portfolio contributes significantly to CO2 emissions reduction in the Group and also to the continued reduction of CO2 fleet emissions. In the European fleet, the BMW Group continued to reduce emissions in 2023: At 102.1 grams per kilometre of CO 2 (according to WLTP; 2022: 105 g/km / -2.8%), the preliminary figure was significantly below the target set by the European Union of 128.5 grams per kilometre.

“The year 2023 underlined how we are implementing our strategy consistently and successfully. We posted strong growth and substantially increased our percentage of fully-electric vehicles, while improving our operational profitability. A lot of people talk about ‘transformation’. For us, it’s more a question of continuous progress,” said Oliver Zipse, Chairman of the Board of Management of BMW AG, on Thursday. “We are advancing forward with our course – offering our customers the newest innovations and the latest technology, regardless of the vehicle’s powertrain. In this way, we aim to continue to deliver strong products for strong demand.”

Solid increase in Group revenues

Group revenues reported a solid increase in the full year and climbed to € 155,498 million (2022: € 142,610 million / +9.0% / adjusted for currency translation effects: +13.1%). 

In the period from January to December 2023, the revenues of BMW Brilliance Automotive Ltd. (BBA) were fully included; in the prior year, this was only the case from 11 February 2022 onwards, following full consolidation. This should be factored into the year-on-year comparison.

In addition to full consolidation, revenues were primarily driven by higher sales volumes and positive product mix effects. Higher interest rates and tailwinds from loan financing also contributed to the growth in revenues – which were impacted by currency headwinds from the Chinese renminbi and the US dollar. 

R&D expenses reach new high

Group research and development costs for the full year rose significantly to € 7,538 million (2022: € 6,624 million / +13.8%). In addition to development expenses for new models, like the new BMW 5 Series, the X3 and X5 (model update), Rolls-Royce Spectre* and future models for the NEUE KLASSE, R&D spending was primarily focused on further electrification and digitalisation of the vehicle portfolio and on automated driving.

The R&D ratio (according to the German Commercial Code) for the full year was 5.0% (2022: 5.0%) and therefore at the high end of the company’s long-term target range of 4.0-5.0%.

The BMW Group's capital expenditure increased in the full year to € 8,836 million (2022: € 7,791 million / +8.5%). Substantial investment was channelled into the electrification and autonomous driving modules, as well as setting up high-voltage battery production in various markets and plant construction in Debrecen, Hungary.

The capex ratio for the 12-month period came in at 5.7% (2022: 5.5%).

“We are making major investments in innovative technologies and electrification and digitalisation of our products and plants. We are investing in the future of the BMW Group and generate a strong free cashflow. Our strong financial performance paves the way for this. Our profitability today lays the foundation for our success in the future. Thanks to our highly efficient premium vehicles with leading technology, we aim to maintain our profitable growth in the future,” said Walter Mertl, member of the Board of Management responsible for Finance.

Group earnings (EBIT) significantly higher

The company's full-year earnings before financial result (EBIT) reflected the BMW Group’s strong operating performance: In 2023, EBIT climbed to € 18,482 million(2022: € 13,999 million / +32.0%). In addition to the full consolidation of BBA and higher vehicle deliveries, lower intersegment eliminations related to the leasing business also had a positive effect.

Between January and December, the BMW Group reported pre-tax earnings (EBT) of € 17,096 million (2022: € 23,509 million / -27.3%). Here, the negative fair value driven financial result of € -1,386 million (2022: € 9,510 million) reflects a corresponding base effect: In the prior year, the revaluation of BBA equity interests of € 7.7 billion, as part of the full consolidation, had significantly increased the BMW Group's financial result, Group earnings and Group net profit.

The EBT margin for January to December came in at 11.0% (2022: 16.5%).

Group net profit for the 12-month period amounted to € 12,165 million (2022: € 18,582 million / -34.5%). Without the one-time revaluation effect, Group net profit would have been higher year-on-year, with an EBT margin on par with the previous year.

Significant increase in Automotive EBIT in YTD December

In the Automotive Segment, full integration of the operating business of BMW Brilliance Automotive Ltd. (BBA), higher sales volumes and positive product mix effects boosted revenues for the 12-month period by 7.0% to € 132,277 million (2022: € 123,602 million / adjusted for currency translation effects: +11.3%), as did higher revenues from aftersales business. Negative currency translation effects, primarily from the Chinese renminbi and the US dollar, impacted revenue growth: Excluding these headwinds, revenues saw a significant increase of 11.3% for the full year.

Depreciation and amortisation from the purchase price allocation in connection with the full consolidation of about € 1.4 billion impacted the segment’s cost of sales for the full year as well as a slight increase in sales and administrative costs.

The Automotive Segment’s earnings before financial result (EBIT) for the full year were also significantly higher, at € 12,981 million (2022: € 10,635 million / +22.1%). A positive effect came from the full-year inclusion of the BBA result and from the net effect of volume, mix and pricing, driven by the higher sales volume and the higher share of top end as well as BMW M vehicles. However, headwinds resulted from higher research and development spending and increased manufacturing costs against 2022 as well as the higher share of electrified vehicles. The EBIT margin for this period was 9.8% (2022: 8.6%; +1.2 %-pts.). Excluding depreciation and amortisation for BBA assets from the purchase price allocation of € 1.4 billion previously referred to, the EBIT margin was 10.8%.

Thanks to this positive earnings development, the segment’s free cash flow amounted to € 6,942 million at the end of December (2022: € 11,071 million / -37.3%). The previous year included the positive one-time effect of around € 5 billion from the full consolidation of BMW Brilliance.

BMW AG share buyback programme continued

Based on the authorisation issued at the Annual General Meeting in May 2022, the Board of Management made the decision to buy back shares worth up to € 2.0 billion. During the initial share repurchase programme between July 2022 and June 2023, BMW AG repurchased a total of 22,199,529 shares of common stock for € 1,850 million and 1,923,871 shares of preferred stock for € 150 million. This is equivalent to 3.78% of the current share capital. In accordance with the Board of Management decision, all shares acquired were retired in the third quarter of 2023.

The second share buyback programme, worth up to € 2.0 billion, got underway in July 2023. By the end of 2023, BMW AG had acquired 4,218,363 shares of common stock and 942,892 shares of preferred stock. A total purchase price (excluding incidental acquisition costs) of around € 500 million was paid for the shares repurchased in this first tranche. This corresponds to 0.81% of the current share capital.

The second share buyback programme continued in January 2024 with the second tranche. As of 12 March 2024, the BMW Group had bought back 7,531,194 shares with a total value of € 734 million and thus holds 1.18% of the current share capital.

The second share buyback programme will be concluded no later than 31 December 2025.

Dividend of € 6.00 proposed

Shareholders will also participate in the success of financial year 2023. Subject to the approval of the Annual General Meeting, the company’s unappropriated profit (according to the German Commercial Code) of € 3,802 million (2022: € 5,481 million / -30.6%), representing a preliminary payout ratio of 33.7% (2022: 30.6%), will be distributed to shareholders from BMW AG’s net profit.

Taking into consideration the target range of 30-40% of net profit for the payout ratio attributable to the shareholders of BMW AG, the Board of Management and Supervisory Board will propose a dividend of € 6.00 per share of common stock (2022: € 8.50) and € 6.02 ?per share of preferred stock (2022: € 8.52) to the Annual General Meeting on 15 May. BMW Group employees will once again participate in the company's success in an appropriate way.

Stable earnings performance in Financial Services Segment

In the difficult competitive landscape of financial year 2023, BMW Group Financial Services reported slight growth in its volume of new business with retail customers, which increased to € 57,333 million (2022: € 55,449 million / +3.4%). Due to the improved product mix, the average financing volume per vehicle rose.

The number of new contracts concluded with retail customers reached the previous year’s level of 1,542,514 (2022: 1,545,490 contracts / -0.2%). At the end of the year, the penetration rate – the percentage of new BMW Group vehicles leased or financed by the Financial Services Segment – stood at 38.2% (2022: 41.0% / -2.8 %-pts.).

In the 12-month period, the segment reported pre-tax earnings of € 2,962 million (2022: € 3,205 million / -7.6%). This decline in earnings mainly resulted from higher refinancing costs and the smaller total portfolio of 4,952,318 retail contracts (31 Dec. 2022: 5,210,246 contracts / -5.0%).

BMW Group Financial Services benefited from continuing high income from the resale of end-of-lease vehicles – although this was less positive year-on-year and therefore had a dampening effect on earnings. Prices for used cars are likely to continue this trend in 2024.

Lower credit risk provisioning compared to the previous year had a positive effect. In 2022, credit risk provisioning had been heavily influenced by geopolitical uncertainties and weaker macroeconomic prospects.

The credit loss ratio for 2023 remained at the low rate of 0.18%.

“The Financial Services segment supports our sales growth with its financing activities and makes a major contribution to earnings. We will be integrating our financial services business even more closely into our sales processes and our ‘customer journey’ going forward. Digitalisation of our processes will play a key role in this. In all areas of the company, digitalisation and AI will contribute to greater efficiency, speed and value creation,” according to CFO Mertl. “Also in view of the upcoming demographic change, these two topics are essential for the BMW Group.” 

At 17.2%, return on equity in the Financial Services Segment for financial year 2023 (2022: 17.9% / -0.7%-pts.) was in line with the adjusted guidance of 16-19%.

Motorcycles Segment steps up deliveries again in centenary year

BMW Motorrad celebrated its centenary in 2023 with two limited edition models called “100 years”, three new models and four model updates. In its anniversary year, the segment also achieved a new all-time high, with a total of 209,066 motorcycles and scooters delivered to customers (2022: 202,895 units). This represents a slight increase of 3.0% and confirms expectations for the financial year.

In the 12-month period, BMW Motorrad revenues rose slightly to € 3,214 million (2022: € 3,176 million / +1.2%; adjusted for currency translation effects: +3.2%). The segment EBIT for January to December was € 259 million (2022: € 257 million / +0.8%) and therefore on a par with the previous year. The EBIT margin stood at 8.1% (2022: 8.1%).

BMW Group steers successful course in final quarter of the year

The BMW Group achieved dynamic growth in deliveries and a strong financial performance in the fourth quarter of 2023. It delivered 717,620 premium vehicles to customers (Q4 2022: 651,794 units / +10.1%), including 128,849 fully-electric vehicles (Q4 2022: 87,557 units / +47.1%).

Group revenues saw a solid increase in the fourth quarter to reach € 42,968 million (2022: € 39,522 million / +8.7%). Group research and development costs were higher in the final quarter of the year, at € 2,080 million (Q4 2022: € 1,739 million / +19.7%). The R&D ratio (according to the German Commercial Code) was stable at 5.9% (Q4 2022: 5.8% / +0.1 %-pts.). The BMW Group's capital expenditure totalled € 3,758 million (2022: € 3,111 million / +20.8%).

Group earnings before financial result (EBIT) of € 4,412 million (2022: € 3,500 million / +26.1%) were significantly higher year-on-year. Group earnings before tax (EBT) rose significantly in the fourth quarter to € 3,682 million (2022: € 3,253 million / + 13.2%). The EBT margin for this period was 8.6% (2022: 8.2).

Group net profit for the fourth quarter totalled € 2,614 million (2022: € 2,175 million / +20.2%).

Automotive Segment revenues posted solid fourth-quarter growth to reach € 37,283 million (2022: € 34,571 million / +7.8%; adjusted for currency translation effects: +12.2%).

Earnings before financial result (EBIT) showed solid growth in the fourth quarter to € 3,171 million (2022: € 2,932 million / +8.2%). The EBIT margin of 8.5% (2022: 8.5%) remained stable from the previous year, underlining the strong operating performance of the Automotive Segment in the final quarter of the year which showed the seasonally high cost burden.

Solid earnings development in the Automotive Segment resulted in a free cash flow of € 1,183 million in the fourth quarter (2022: € 1,195 million / -1.0%).

In the Financial Services Segment, the penetration rate climbed to 39.5% in the fourth quarter and has therefore maintained its growth trajectory (2022: 37.1% / +2.4 percentage points). The segment’s fourth-quarter pre-tax earnings (EBT) totalled € 511 million (2022: € 533 million / -4.1%). This slight decrease was due to higher refinancing costs and a smaller total portfolio.

Employee numbers higher year-on-year

The BMW Group had 154,950 employees at the end of 2023 (2022: 149,475 / +3.7%). This slight increase in employee numbers was mainly in development and IT, as well as in the BMW Group’s global production network.

Proposed re-election of supervisory board members

With the Annual General Meeting on May 15, 2024, the current mandate of Supervisory Board members Dr. h.c. Susanne Klatten, Stefan Quandt and Dr. Vishal Sikka will come to an end. The Supervisory Board will propose re-electing Dr. h.c. Susanne Klatten, Stefan Quandt and Dr. Vishal Sikka for another four-year mandate.

You will receive further information on the Group Financial Statements 2023 and the outlook for the current financial year at the BMW Group Annual Conference on 21 March 2024. You can follow the virtual event from 9:00 am (CET) live in the internet at: https://www.live.bmwgroup.com/en/live-streaming/, followed by the live streaming of the Annual Conference Q+A with media from 10:30-11:30 am.

The live streaming of the Investor relations Q+A with analysts will be streamed from 12:30-01:45 pm at: https://www.bmwgroup.com/en/investor-relations/annual-conferences.html.

The BMW Group Report 2023 will be published on 21 March at 7.30 a.m. (CET) at https://www.bmwgroup.com/en/investor-relations/company-reports.html.

PNB Offers “Rakshak Plus Scheme” For Defence Pensioners

To reinforce its commitment towards providing special banking services for the armed forces, PNB, the nation’s leading public sector bank, is offering “PNB Rakshak Plus Scheme” for Defence Pensioners. 

All Defence Service Pensioners, regardless of age, whose pensions are credited to their PNB account through SPARSH/CPPC, are eligible for the benefits of Personal Accidental Insurance under the PNB Rakshak Plus Scheme.

This benefit also extends to pensioners of Central & State Police. Some of the main features of the scheme include:

Personal Accidental Insurance (PAI) (Death Cover):          Rs 50 Lakh

Personal Accident Permanent Total Disability (PTD):        Rs 50 Lakh

Personal Accident Permanent Partial Disability (PPD):     Up to Rs 50 Lakh

Air Accidental Insurance (AAI) (Death Cover):                    Rs 1 Crore

Additionally, the scheme offers many other facilities. For further information, customers can contact the bank via the toll-free numbers 1800 1800/1800 2021 or visit the nearest PNB branch.

Customers can also access information by logging into the mobile banking app PNB ONE or visiting https://www.pnbindia.in/.