BMW expects flat 2013 pretax profit
MUNICH, March 19
MUNICH, March 19 (Reuters) - German luxury car maker BMW expects its pretax profit to remain roughly flat this year and group vehicle sales to increase by a single-digit percentage.
"Due to high levels of expenditure for new technologies and models as well as investment in the production network we expect to report group profit before tax on a similar scale to 2012," Chief Executive Norbert Reithofer said.
In 2012, BMW posted a pretax profit of 7.82 billion euros ($10.13 billion).
The company also said it expects free cash flow at its core automotive business to fall below 3 billion euros in 2013 from 3.81 billion in 2012, while its EBIT margin will decline to 8-10 percent from 10.9 percent.