16.1.2002
Opel Reports 87 Million Euro Net Profit

Opel finished 2001 with a net profit of 87 million Euro. Results from Opel´s domestic subsidiaries were reported according to U.S. GAAP accounting standards and for the first time included the results of Opel Bank GmbH, which contributed decisively to Opel´s net profit. The bank achieved a trading profit of 260 million Euro in 2001. In addition, the bank transferred to Opel gross dividends for the fiscal years 1998 through 2000 amounting to 449 million Euro. Opel purchased the financial services institution in December 2000.

Cash flow of 352 million Euro (as of December 31, 2001), effectively secures Opel´s liquidity position. Shareholder´s equity amounted to 2.34 billion Euro, thus constituting very solid financial resources.

Opel´s operating result last year was a negative 674 million Euro following a 502 million Euro deficit in 2000. High structural, marketing and administrative costs, over-capacity, less than adequate contributions to profits and a model mix emphasis that has shifted towards smaller cars were the main reasons for the loss.

However, Opel made record investments last year amounting to around 900 million Euro (excluding Powertrain). The key investment areas were the new, high productivity Rüsselsheim plant and the new Vectra. Investments throughout Europe amounting to 10 billion Euro for the new model offensive and for the development of Opel and Vauxhall vehicles are planned for the years 2002 through 2006.