BMW turnover falls 18%
German car manufacturer sold 4,652 vehicles in Ireland in 2017
BMW’s Irish dealers are to invest €37 million in their businesses and create 120 new jobs.
German premium car brand BMW saw its turnover drop 18 per cent last year to €164.8 million as its new vehicle sales dropped 15.6 per cent. Despite this, the company’s operating profit increased by 31.2 per cent to €3.6 million, according to accounts for the year ended December 31st, 2017.
While the Irish new car market fell 10.4 per cent last year compared to 2016, sales of BMW models were 4,652 vehicles , down 15.6 per cent, while its Mini division recorded sales of 624, down 19.4 per cent.
Last month BMW said its Irish dealers were to invest €37 million in their businesses and create 120 new jobs after a review of its retail network here. Up to the end of October this year BMW had recorded 4,204 new car sales, and a further 536 Minis.
The accounts show average staff numbers at the company’s head office in Northwood business park in Santry were 23 last year, with payroll costs of €2.5 million. Payments to directors totalled €390,000 for the year. Provisions were also made in the accounts for the payment of €933,000 in relation to bonuses and sales incentives.
BMW’s Irish distributor held a stock of motor vehicles valued at €47.5 million at the end of the year. The accounts also record an obsolescence provision of €3.15 million in relation to the company’s inventory. The company paid a final dividend of €6 million to its parent in Munich.