BMW to cut antitrust provisions by 1 billion eur as EU fine seen lower By Reuters

May 20, 2021 admin Stock News 0

© Reuters. FILE PHOTO: The logo of BMW is seen at the LA Auto Show in Los Angeles, California, U.S. November 20, 2019. REUTERS/Lucy Nicholson

FRANKFURT (Reuters) – German luxury carmaker BMW said on Thursday it would have to set aside 1 billion euros ($1.2 billion) less than initially feared for expected European antitrust fines for alleged collusion with rivals.

In 2019, BMW recognised a provision of around 1.4 billion euros for expected penalties from an EU investigation into collaboration between German automakers on emission-reduction technologies.

“The significant limitation in the scope of the allegations has led to a revaluation of the provision,” BMW said, adding this would lead to a positive effect on earnings of around 1 billion euros in the second quarter.

The 2021 operating profit margin over sales for the automotive segment would be one percentage point higher as a result, it added.

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