DOCSLIB.ORG

School of Business and Economics

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
School of Business and Economics A Work Project, presented as part of the requirements for the Award of a Master Degree in Finance from the NOVA – School of Business and Economics. EQUITY RESEARCH IN THE AUTOMOTIVE INDUSTRY: VALUATION OF BMW BRUNO ALEXANDRE MOTA AZEVEDO, 24245 MARCEL PHILIPP OLSCHEWSKI, 29855 A Project carried out on the Master in Finance Program, under the supervision of: Nuno Quartin Bastos de Vasconcelos e Sá January 3, 2020 Abstract This work project “Equity Research – Valuation of BMW” analyzes BMW’s business within the automotive industry. Given a strong demand for BMW’s luxury cars, e.g. SUVs, we estimate further modest sales growth of 1.2%-1.6% in a challenging environment. However, this imposes potential fines for missing EU CO2 fleet emission target but also finance the necessary R&D and CAPEX needs to master the current sector trends. This results in a lower operating profitability in the future. Our valuation for BMW yields a price target of €75.52 for FY20, which results in a 7.4% total shareholder return and hence, a HOLD recommendation. Keywords Equity Research, Automotive Industry, BMW, Valuation This work used infrastructure and resources funded by Fundação para a Ciência e a Tecnologia (UID/ECO/00124/2013, UID/ECO/00124/2019 and Social Sciences DataLab, Project 22209), POR Lisboa (LISBOA-01-0145-FEDER-007722 and Social Sciences DataLab, Project 22209) and POR Norte (Social Sciences DataLab, Project 22209) MASTER’S IN FINANCE BAYERISCHE MOTOREN WERKE AG COMPANY REPORT AUTOMOTIVE INDUSTRY 3 JANUARY 2020 STUDENTS: BRUNO AZEVEDO, MARCEL OLSCHEWSKI [email protected], [email protected] BMW’s success at crossroads Recommendation: HOLD Vs Previous Recommendation HOLD Technology and electrification challenge profitability Price Target FY20: 75.52 € § Despite a global market sales downturn of about -5.8% in Vs Previous Price Target 74.41 € 2019, with China’s weakening momentum, ongoing trade tariffs Price (as of 31-Dec-19) 73.14 € conflict and Brexit uncertainty, BMW unit sales are expected to Reuters: BMWG.DE, Bloomberg: BMW.GR increase by 1.4% to 2.525m. § Changeover from ICE to lower-margin EV drivetrains 52-week range (€) 57.99-78.30 Market Cap (€m) 47,120 challenges BMW and its profitability. Our forecasts estimate a lower Outstanding Common Shares 601,995,196 profitability (6.1-6.4% EBIT-margin) than historically (7.2-9.6%) Outstanding Preferred Shares 56,126,904 Price Preferred Shares (as of 31-Dec-19) 55.05 € for the automotive segment in the future due to negative impact from Source: Company data, Bloomberg higher R&D investments. § Increasing SUV sales finance BMW’s CAPEX and R&D BMW vs STOXX Europe 600 (indexed) 130 needs and are likely to result in fines for missing EU CO2 fleet 120 emission target of 101 g/km in 2021 (currently at 128 g/km). 110 100 § Consumers are projected to continue to withhold EV 90 purchases due to concerns on pricing, charging infrastructure and 80 range capacity. Ceased or expiry of governmental financial stimulus 1/19 4/19 7/19 10/19 STOXX Europe 600 BMW will further decelerate adoption rates. Source: Bloomberg, Analysts estimates § Based on a sum of the parts valuation of Automotive & (in € millions) 2018 2019E 2020F Motorcycles, Financial Services and the Chinese JV, BMW’s price Revenues 97,480 100,009 102,304 target is €75.52 for FY20, meaning a shareholder return of 7.4%, Automotive sales (‘000) 2,490 2,525 2,560 Gross margin 19.0% 18.1% 17.8% considering a €3.00 dividend. Hence, this results in a HOLD EBIT 9,121 7,229 8,763 recommendation. EBIT margin 9.4% 6.9% 8.1% Net income 7,117 5,079 6,097 Company description Earnings/Share (in €) 10.82 7.72 9.26 Dividend/Share (in €) 3.50 3.00 3.10 Munich-based BMW Group is a German manufacturer of automotives P/E 6.50x 9.28x 7.54x and motorcycles. The company operates globally with plants and Source: Company data, Analysts estimates offices in more than 150 countries on 6 continents. With a focus on the premium segment, the group markets cars under its brands BMW, MINI and Rolls-Royce. Additionally, it also distributes BMW motorcycles and complements its product offerings with financial services, such as financing, leasing, insurance brokerage, and fleet management for private and business customers. THIS REPORT WAS PREPARED EXCLUSIVELY FOR ACADEMIC PURPOSES BY BRUNO ALEXANDRE MOTA AZEVEDO AND MARCEL PHILIPP OLSCHEWSKI, MASTER’S IN FINANCE STUDENTS OF THE NOVA SCHOOL OF BUSINESS AND ECONOMICS. THE REPORT WAS SUPERVISED BY A NOVA SBE FACULTY MEMBER, ACTING IN A MERE ACADEMIC CAPACITY, WHO REVIEWED THE VALUATION METHODOLOGY AND THE FINANCIAL MODEL. (PLEASE REFER TO THE DISCLOSURES AND DISCLAIMERS AT END OF THE DOCUMENT) PAGE 1/32 BAYERISCHE MOTOREN WERKE AG COMPANY REPORT Table of Contents EXECUTIVE SUMMARY ........................................................................................ 3 COMPANY OVERVIEW ......................................................................................... 4 COMPANY HISTORY ......................................................................................... 4 MANAGEMENT BOARD AND SUPERVISORY BOARD .............................................. 4 SHAREHOLDER STRUCTURE ............................................................................. 5 BUSINESS MODEL ............................................................................................ 5 MARKET OVERVIEW AND SECTOR OUTLOOK ................................................ 7 MACROECONOMIC OUTLOOK AND SECTOR EVOLUTION ....................................... 7 EUROPEAN MARKETS ............................................................................ 7 UNITED STATES MARKET ....................................................................... 9 CHINESE MARKET ................................................................................. 9 BUSINESS CHALLENGES AND TRENDS ............................................................. 10 BUSINESS CHALLENGES AND OPPORTUNITIES ....................................... 10 SECTOR TRENDS (CASE) ................................................................... 12 COMPETITIVE PERFORMANCE ........................................................................ 14 INTRINSIC VALUATION ...................................................................................... 15 AUTOMOTIVE SEGMENT ................................................................................. 15 REVENUE EVOLUTION .......................................................................... 15 R&D EXPENSES .................................................................................. 16 OPERATING PROFITABILITY .................................................................. 16 CAPITAL EXPENDITURE ........................................................................ 17 CHINESE JOINT VENTURES: BMW BRILLIANCE AND SPOTLIGHT ............. 18 MOTORCYCLES SEGMENT .............................................................................. 19 INDUSTRIAL ROIC AND FCFF EVOLUTION ...................................................... 19 FINANCIAL SERVICES SEGMENT ..................................................................... 20 OTHER ENTITIES AND ELIMINATIONS SEGMENTS ............................................. 21 COST OF CAPITAL .......................................................................................... 21 SCENARIO ANALYSIS ..................................................................................... 22 SENSITIVITY ANALYSIS ..................................................................................... 23 MULTIPLES VALUATION ................................................................................... 23 FINAL RECOMMENDATION ............................................................................... 23 REFERENCES ..................................................................................................... 24 APPENDIX 1 ........................................................................................................ 28 INCOME STATEMENT ..................................................................................... 28 BALANCE SHEET ........................................................................................... 28 CASHFLOW STATEMENT AND JV BMW BRILLIANCE AUTOMOTIVE .................... 29 APPENDIX 2: DISCLOSURES AND DISCLAIMERS .......................................... 30 PAGE 2/32 BAYERISCHE MOTOREN WERKE AG COMPANY REPORT Executive summary Changing consumer habits and expectations due to the digitalization as well as the BMW Group unit sales technological progress paired with environmental concerns within the society lead 2,368 2,464 2,491 2,525 automotive industry to undergo a major transformation. The sector trends, which 2,118 2,247 BMW faces, are summarized under the term CASE (Connectivity, Autonomous Driving, Sharing Mobility and Electrification/Environment). By unit sales in 2018, BMW is the second largest premium car manufacturer globally. The group has '14 '15 '16 '17 '18 '19E BMW MINI Rolls-Royce Total increased its sales by more than one million units (CAGR of 6.8%) since the 2008 FiGure 1: BMW Group unit sales by brand (in ‘000 units) financial crisis. Despite challenging market conditions with decreasing global car Source: Company data, Analyst estimation sales caused by tariff conflicts and Brexit uncertainty, in 2018 BMW’s unit sales increased for ten consecutive years, primarily attributable to increasing demand from China. While the domestic market, Germany, is expected to grow only slightly at a CAGR of 1.0% from 2020 onwards,
Load more

Recommended publications
  • INTRODUCTION the BMW Group Is a Manufacturer of Luxury Automobiles and Motorcycles
    Marketing Activities Of BMW INTRODUCTION The BMW Group is a manufacturer of luxury automobiles and motorcycles. It has 24 production facilities spread over thirteen countries and the company‟s products are sold in more than 140 countries. BMW Group owns three brands namely BMW, MINI and Rolls- Royce. This project contains detailed information about the marketing and promotional activities of BMW. It contains the history of BMW, its evolution after the world war and its growth as one of the leading automobile brands. This project also contains the information about the growth of BMW as a brand in India and its awards and recognitions that it received in India and how it became the market leader. This project also contains the launch of the mini cooper showroom in India and also the information about the establishment of the first Aston martin showroom in India, both owned by infinity cars. It contains information about infinity cars as a BMW dealership and the success stories of the owners. Apart from this, information about the major events and activities are also mentioned in the project, the 3 series launch which was a major event has also been covered in the project. The two project reports that I had prepared for the company are also a part of this project, The referral program project which is an innovative marketing technique to get more customers is a part of this project and the other project report is about the competitor analysis which contains the marketing and promotional activities of the competitors of BMW like Audi, Mercedes and JLR About BMW BMW (Bavarian Motor Works) is a German automobile, motorcycle and engine manufacturing company founded in 1917.
    [Show full text]
  • MXM Digital Service Gmbh Munich
    WHAT WILL INDIVIDUAL MOBILITY L OOK LIKE IN THE FUTURE? Carlo RATTI Susanne KLATTEN 188 THE NEXT 100 OKT_188-195_Talk_Klatten-Ratti.indd 188 26.10.16 15:04 BMW WELT, MUNICH, 8 JUNE 2016 MEET ING OF M INDS 189 OKT_188-195_Talk_Klatten-Ratti.indd 189 26.10.16 15:04 I nterviewer A D R IANO SACK Photos D I RK B R UNIECKI WHA T WILL IND I V I D UAL CR: Sharing could have advantages for families, M O BIL I T Y too. They could easily adjust the size of the car to L OOK LI KE IN THE FU T URE? their needs. Instead of a four-seater, they could pick up a small van. If you combine the potential SUSANNE KLATTEN: There are a number of possible of car-sharing and ride-sharing you could run a scenarios: you might share a car with other city such as New York with 20 percent fewer cars. people who have roughly the same route as you The question is: will people want to do it? Will the have, which means you have to plan ahead. Or car be a status symbol? What we are observing at you could book a car that is parked around the MIT is that only ten years ago, it was cool to drive corner and just leave it somewhere handy, to university in a big car. Now it’s considered cool and it’ll stay there till you get back. You’ll be to use a Zipcar or an Uber. What used to be the provided with increasingly detailed information value in owning a car has migrated to a about traffic jams so you can take the least busy smartphone or something more ephemeral.
    [Show full text]
  • Annual Report 2019 Annual Report 2019
    SGL Carbon SE Annual Report 2019 Annual Report 2019 Key Figures 2019 Ŷm Footnote 2019 2018 Change Financial performance Sales revenue ƇƐƎƌƍ ƇƐƊƍƋ Ɖƍ thereof outside Germany ƌƏ ƌƌ - thereof in Germany ƉƇ ƉƊ - EBITDA before non-recurring items Ƈ ƇƈƐƐ Ƈƈƍƈ –Ƌƍ Operating profit/loss (EBIT) before non-recurring items Ƈ ƊƎƊ ƌƊƌ –ƈƋƇ Result from continuing operations before income taxes –ƍƉƈ ƋƇƉ >-ƇƐƐ Consolidated net result (attributable to the shareholders of the parent company) –ƏƐƐ ƊƇƉ >-ƇƐƐ Return on sales (EBIT-margin) ƈ ƊƋ ƌƈ -Ƈƍ-points Return on capital employed (ROCE EBIT) Ɖ ƉƏ ƋƊ -ƇƋ-points Return on capital employed (ROCE EBITDA) Ɗ Əƌ ƇƐƋ -ƐƏ-points Earnings per share, basic and diluted (in Ŷ) –ƐƍƊ ƐƉƊ >-ƇƐƐ Net assets Equity attributable to the shareholders of the parent company ƊƇƎƌ ƋƉƇƌ –ƈƇƉ Total assets ƇƋƐƊƎ ƇƋƎƋƇ –ƋƇ Net financial debt ƈƎƎƋ ƈƊƈƈ ƇƏƇ Equity ratio Ƌ ƈƍƎ ƉƉƋ -Ƌƍ-points Gearing ƌ ƐƌƏ ƐƊƌ ƋƇƉ Headcount ƍ ƋƇƈƍ ƋƐƉƇ ƇƏ Financial position Payments to purchase intangible assets and property, plant and equipment ƏƋƇ ƍƎƇ ƈƇƎ Depreciation/amortization expense ƍƇƌ ƌƈƌ ƇƊƊ Working capital ƊƐƌƎ ƊƇƏƇ –ƈƏ Free cash flow Ǝ –ƇƍƉ –ƋƎƋ ƍƐƊ 1) Before non-recurring items of minus Ŷ82.7 million in 2019 and Ŷ16.3 million in 2018 2) EBIT before non-recurring items to sales revenue 3) EBIT before non-recurring items to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital) 4) EBITDA before non-recurring items to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital) 5) Equity attributable to the shareholders of the parent company to total assets 6) Net financial debt to equity attributable to the shareholders of the parent company 7) As of Dec.
    [Show full text]
  • Los Motores Aeroespaciales, A-Z
    Sponsored by L’Aeroteca - BARCELONA ISBN 978-84-608-7523-9 < aeroteca.com > Depósito Legal B 9066-2016 Título: Los Motores Aeroespaciales A-Z. © Parte/Vers: 1/12 Página: 1 Autor: Ricardo Miguel Vidal Edición 2018-V12 = Rev. 01 Los Motores Aeroespaciales, A-Z (The Aerospace En- gines, A-Z) Versión 12 2018 por Ricardo Miguel Vidal * * * -MOTOR: Máquina que transforma en movimiento la energía que recibe. (sea química, eléctrica, vapor...) Sponsored by L’Aeroteca - BARCELONA ISBN 978-84-608-7523-9 Este facsímil es < aeroteca.com > Depósito Legal B 9066-2016 ORIGINAL si la Título: Los Motores Aeroespaciales A-Z. © página anterior tiene Parte/Vers: 1/12 Página: 2 el sello con tinta Autor: Ricardo Miguel Vidal VERDE Edición: 2018-V12 = Rev. 01 Presentación de la edición 2018-V12 (Incluye todas las anteriores versiones y sus Apéndices) La edición 2003 era una publicación en partes que se archiva en Binders por el propio lector (2,3,4 anillas, etc), anchos o estrechos y del color que desease durante el acopio parcial de la edición. Se entregaba por grupos de hojas impresas a una cara (edición 2003), a incluir en los Binders (archivadores). Cada hoja era sustituíble en el futuro si aparecía una nueva misma hoja ampliada o corregida. Este sistema de anillas admitia nuevas páginas con información adicional. Una hoja con adhesivos para portada y lomo identifi caba cada volumen provisional. Las tapas defi nitivas fueron metálicas, y se entregaraban con el 4 º volumen. O con la publicación completa desde el año 2005 en adelante. -Las Publicaciones -parcial y completa- están protegidas legalmente y mediante un sello de tinta especial color VERDE se identifi can los originales.
    [Show full text]
  • Milestones in Future Mobility, Annual Report 2018
    ANNUAL REPORT 2018 #Milestones in Future Mobility ANNUAL 2018 ANNUAL REPORT We are inventing the mobility of the future, in which we think and work in new ways. We invite you to learn more about how we see the future today. CONTENTS 1 4 TO OUR SHAREHOLDERS CORPORATE Page 4 BMW Group in Figures GOVERNANCE Page 8 Report of the Supervisory Board Page 200 Statement on Corporate Governance Page 16 Statement of the Chairman of the (Part of the Combined Management Report) Board of Management Page 200 Information on the Company’s Governing Constitution Page 201 Declaration of the Board of Management and of the Page 20 BMW AG Stock and Capital Markets in 2018 Supervisory Board Pursuant to § 161 AktG Page 202 Members of the Board of Management Page 203 Members of the Supervisory Board Page 206 Composition and Work Procedures of the Board of 2 Management of BMW AG and its Committees Page 208 Composition and Work Procedures of the COMBINED Super visory Board of BMW AG and its Committees Page 215 Disclosures Pursuant to the Act on Equal MANAGEMENT REPORT Gender Participation Page 216 Information on Corporate Governance Practices Applied Page 26 General Information and Group Profile beyond Mandatory Requirements Page 26 Organisation and Business Model Page 218 Compliance in the BMW Group Page 36 Management System Page 223 Compensation Report Page 40 Report on Economic Position (Part of the Combined Management Report) Page 40 General and Sector-specific Environment Page 239 Responsibility Statement by the Page 44 Overall Assessment by Management Company’s
    [Show full text]
  • Qualitative and Quantitative Analysis of Bmw Group
    QUALITATIVE AND QUANTITATIVE ANALYSIS OF BMW GROUP Authors (Universitat de Barcelona): Aitor Pozo Cardenal Ferran Carrió Garcia EDITOR: Jordi Marti Pidelaserra (Dpt. Comptabilitat, Universitat Barcelona) The BMW Group 2013 Investing in the BMW group What do we have to know? Aitor Pozo Cardenal Ferran Carrió Garcia 2 The BMW Group 2013 Summary 1. First Part (pages 4 to 28) 0. A little about the BMW group. 1. Its history. 2. Corporate responsibility. 3. Brands, main matrix and subsidiaries. 4. Targets. 5. BMW: Huge and profitable business (shareholders). 6. Financial services. 7. Innovation. 8. Internationalization. 9. Bibliography. 2. Second part (pages 29 to 44) 0. Introducing the topic 1. Market analysis 2. Market comparison 3. Short term risks 4. Long term analysis 5. The balance sheet’s evolution 6. Debts situation 7. Market risks 3 The BMW Group 2013 3. Third part (pages 45 to 68) 1. ROE 2. ROA 3. Value added 4. Cost of capital (K) 5. Optimal BMW situation 6. Profitability respect to the risk in a short term period 7. PER and Price x share 8. Conclusions 4. Bibliography (page 69) 4 The BMW Group 2013 1. First Part A little bit about the BMW Group 5 The BMW Group 2013 0. A little bit about the BMW group It’s not easy thinking about one interesting firm that allows us to work out with all the necessary information needed to develop some interesting lines, us we will do in this work. The BMW Group – one of Germany’s largest industrial companies – is one of the most successful car and motorcycle manufacturers in the world.
    [Show full text]
  • Vysoké Učení Technické V Brně Pohonné Jednotky Automobilů
    VYSOKÉ UČENÍ TECHNICKÉ V BRNĚ BRNO UNIVERSITY OF TECHNOLOGY FAKULTA STROJNÍHO INŢENÝRSTVÍ ÚSTAV AUTOMOBILNÍHO A DOPRAVNÍHO INŢENÝRSTVÍ FACULTY OF MECHANICAL ENGINEERING INSTITUTE OF AUTOMOTIVE ENGINEERING POHONNÉ JEDNOTKY AUTOMOBILŮ BMW POWERTRAINS OF BMW CARS BAKALÁŘSKÁ PRÁCE BACHELOR´S THESIS AUTOR PRÁCE TOMÁŠ GULÁŠ AUTHOR VEDOUCÍ PRÁCE prof. Ing. VÁCLAV PÍŠTĚK, DrSc. SUPERVISOR BRNO 2011 ABSTRAKT, KĽÚČOVÉ SLOVÁ ABSTRAKT Bakalárska práca sa zaoberá pohonnými jednotkami mníchovskej automobilky BMW. Hodnotí ich historický vývoj, zameriava sa na zaujímavé inovatívne riešenia v danej oblasti, charakterizuje súčasný stav a úspech BMW na svetovom trhu, poukazuje na široké perspektívy a vízie automobilky do budúcnosti. KĽÚČOVÉ SLOVÁ BMW, MINI, motor, prevodovka, spaľovanie, benzín, diesel, VANOS, Valvetronic, HPI, TwinPower Turbo, TwinScroll Turbo, Variable Twin Turbo, SMG, DCT, xDrive, EfficientDynamics, Active Hybrid, vodík, CleanEnergy ABSTRACT Bachelor's thesis deals with the powertrains of the Munich carmaker BMW. It evaluates their historical development, focuses on the interesting innovative solutions in this domain, describes the current status and the success of BMW in the world market, points to a wide perspective and vision for the future car. KEYWORDS BMW, MINI, engine, transmission, combustion, gasoline, diesel, VANOS, Valvetronic, HPI, TwinPower Turbo, TwinScroll Turbo, Variable Twin Turbo, SMG, DCT, xDrive, EfficientDynamics, Active Hybrid, hydrogen, CleanEnergy BRNO 2011 BIBLIOGRAFICKÁ CITÁCIA BIBLIOGRAFICKÁ CITÁCIA GULÁŠ, T. Pohonné jednotky automobilů BMW. Brno: Vysoké učení technické v Brně, Fakulta strojního inţenýrství, 2011. 96 s. Vedoucí bakalářské práce prof. Ing. Václav Píštěk, DrSc.. BRNO 2011 ČESTNÉ PREHLÁSENIE ČESTNÉ PREHLÁSENIE Prehlasujem, ţe táto práca je mojím pôvodným dielom, spracoval som ju samostatne pod vedením pána prof. Ing. Václava Píštěka, DrSc. a s pouţitím zdrojov uvedených v zozname.
    [Show full text]
  • Geschäftsbericht 2013
    GESCHÄFTSBERICHT 2013 Inhalt 3 BMW GROUP IN ZAHLEN 6 BERICHT DES AUFSICHTSRATS 14 VORWORT DES VORSTANDSVORSITZENDEN 18 ZUSAMMENGEFASSTER LAGEBERICHT 18 Grundlagen des Konzerns 18 Geschäftsmodell 20 Steuerungssystem 23 Forschung und Entwicklung 24 Wirtschaftsbericht 24 Gesamtaussage 24 Gesamtwirtschaftliche und branchenbezogene Rahmenbedingungen 27 Finanzielle und nichtfinanzielle Leistungsindikatoren 29 Geschäftsverlauf 47 Ertrags-, Finanz- und Vermögenslage 62 Nachtragsbericht 63 Prognose-, Risiko- und Chancenbericht 63 Prognosebericht 68 Risikobericht 77 Chancenbericht 81 Internes Kontrollsystem und Risikomanagementsystem bezogen auf den Konzernrechnungslegungsprozess 82 Übernahmerelevante Angaben 85 BMW Aktie und Kapitalmarkt im Jahr 2013 88 KONZERNABSCHLUSS 88 Gewinn-und-Verlust-Rechnungen des Konzerns und der Segmente 88 Gesamtergebnisrechnung des Konzerns 90 Konzernbilanz und Segmentbilanzen 92 Kapitalflussrechnungen des Konzerns und der Segmente 94 Entwicklung des Konzerneigenkapitals 96 Konzernanhang 96 Grundsätze 114 Erläuterungen zur Gewinn-und-Verlust-Rechnung 121 Erläuterungen zur Gesamtergebnisrechnung 122 Erläuterungen zur Bilanz 145 Sonstige Angaben 161 Segmentinformationen 166 ERKLÄRUNG ZUR UNTERNEHMENSFÜHRUNG (§ 289 a HGB) CORPORATE GOVERNANCE (Teil des zusammengefassten Lageberichts) 166 Grundlegendes zur Unternehmensverfassung 167 Erklärung des Vorstands und des Aufsichtsrats gemäß § 161 AktG 168 Mitglieder des Vorstands 169 Mitglieder des Aufsichtsrats 172 Zusammensetzung und Arbeitsweise des Vorstands der BMW AG und
    [Show full text]
  • Bayerische Motoren Werke AG
    BMW Bayerische Motoren Werke AG Francia: Le plaisir de conduire España: ¿Te gusta conducir? Hispanoamérica: El placer de conducir Alemania: Freude am Fahren Tipo Sociedad anónima Industria Automóvil Fundación 1916 Sede Múnich, Alemania Ámbito Mundial Productos Automóviles, motocicletas,motores, bicicletas, banca,seguros Ingresos 76.380 millones de € (2013)1 Beneficio 5.210 millones de € (2013)2 neto Valor de la empresa: 113.290 millones de € (2013) Deuda de la empresa: 69.180 millones de € (2013) Director Dr. Norbert Reithofer ejecutivo Empleados (-3,80%) 96.230 (2009)3 Divisiones MINI BMW Motorrad M GmbH Filiales Rolls-Royce BMW Bank Sitio web www.bmw.es (España) www.bmw.com (Internacional) BMW (siglas en alemán de: Bayerische Motoren Werke, «Fábricas bávaras de motores») es un fabricante alemán de automóviles y motocicletas, cuya sede se encuentra en Múnich. Sus subsidiarias son Rolls-Royce y BMW Bank. BMW es el líder mundial de ventas dentro de los fabricantes de gama alta.4 Índice [ocultar] 1 Historia de BMW. o 1.1 Comienzos o 1.2 Logotipo o 1.3 Primera motocicleta BMW o 1.4 Primera producción de automóviles en Eisenach o 1.5 Durante la Segunda Guerra Mundial o 1.6 Posguerra o 1.7 Crisis de finales de los años 1950 o 1.8 Comienzo de la recuperación y compra de Glas o 1.9 Era Kuenheim o 1.10 La debacle de Rover o 1.11 Historia reciente o 1.12 Motocicletas Husqvarna o 1.13 Presidentes del consejo de administración de BMW o 1.14 Hechos cronológicos relevantes o 1.15 Cronología del lanzamiento de productos 2 Gama de productos o 2.1 Automóviles .
    [Show full text]
  • BMW Mobile Tradition Live 02/2006
    www.bmw-mobiletradition.com Mobile Tradition | Year 04 | Issue 02 | 2006 Mobile Tradition live Facts and background The perfect line. BMW coupés 1938 – 2006 Page 16 30 Historic motor racing meets Formula One: BMW racers thrill thousands in Kuala Lumpur, Malaysia. 40 JU 52 in BMW Mobile Tradition design: the legendary aircraft takes to the skies as a brand ambassador. 44 The road to the BMW R 100 RS: in 1976 BMW unveils the fi rst production motor- cycle with full fairing as standard. 52 The story of the founding of Bayerische Motoren Werke: engineering prowess and bold enterprise distinguish the early years. The new BMW 3 Series Coupé Sheer www.bmw.com Driving Pleasure What is Elegance? Is elegance more than skin deep? The new BMW 3 Series Coupe is elegance in motion. Consider the smooth acceleration of its turbocharged, fuel-injected 6-cylinder engine and exceptional stability and control of its sport suspension and active steering system. It’s all part of the continuing quest for driving performance that is the legacy of the BMW 3 Series. Elegance? At BMW, it’s the inevitable outcome of performance. Elegance driven by performance. The new BMW 3 Series Coupé BMW Mobile Tradition I Editorial Dear Friends of BMW Group, Bayerische Motoren Werke – better known as BMW – looks back on a long and glorious past. The enterprise was founded 90 years ago based on three separate companies. This issue of Mobile Tradition live brings you further fas- cinating details on how the company came about and its turbulent early days. This year, attention focuses on BMW coupés.
    [Show full text]
  • IN the UNITED STATES COURT of APPEALS for the DISTRICT of COLUMBIA CIRCUIT Calpine Corporation, Et Al. Petitioner, V. EPA, Et Al
    USCA Case #20-1177 Document #1849385 Filed: 06/29/2020 Page 1 of 17 IN THE UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT ) Calpine Corporation, et al. ) ) Petitioner, ) ) v. ) Case No. 20-1177 ) (and consolidated cases) EPA, et al., ) ) NOT YET SCHEDULED FOR Respondents. ) ORAL ARGUMENT ) ) MOTION TO INTERVENE OF AUTOMOBILE MANUFACTURERS Pursuant to Rule of Appellate Procedure 15(d) and D.C. Circuit Rule 15(b), American Honda Motor Co., Inc., BMW of North America, LLC, Ford Motor Company, Rolls-Royce Motor Cars NA, LLC, and Volkswagen Group of America, Inc. (together, the “Automobile Manufacturers”) hereby move to intervene in these consolidated actions seeking review of the final rule titled The Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks, published at 85 Fed. Reg. 24174 (Apr. 30, 2020) (“SAFE Rule Part Two” or the “Rule”).1 The Automobile Manufacturers seek to intervene 1 See D.C. Cir. R. 15(b) (“A motion to intervene in a case before this court concerning direct review of an agency action will be deemed a motion to intervene (Page 1 of Total) USCA Case #20-1177 Document #1849385 Filed: 06/29/2020 Page 2 of 17 solely with respect to the issue of the remedy in the event this Court grants a petition for review challenging SAFE Rule Part Two. The Automobile Manufacturers do not take a position on the merits of Petitioners’ challenges to SAFE Rule Part Two. Each of the Automobile Manufacturers intends to achieve greater greenhouse gas emissions reductions for light duty automobiles than would be required by SAFE Rule Part Two.
    [Show full text]
  • Power of Choice, Annual Report 2019
    ANNUAL REPORT 2019 Power of Choice CONTENTS 1 3 TO OUR SHAREHOLDERS GROUP FINANCIAL Page 4 BMW Group in Figures STATEMENTS Page 8 Report of the Supervisory Board Page 108 Income Statement Page 18 Statement of the Chairman of the Page 108 Statement of Comprehensive Income Board of Management Page 110 Balance Sheet Page 22 BMW AG Stock and Capital Markets in 2019 Page 112 Cash Flow Statement Page 24 Financial Calendar Page 114 Statement of Changes in Equity Page 24 Contacts Page 116 Notes to the Group Financial Statements Page 116 Accounting Principles and Policies Page 133 Notes to the Income Statement Page 141 Notes to the Statement of Comprehensive Income 2 Page 142 Notes to the Balance Sheet COMBINED Page 164 Other Disclosures Page 184 Segment Information MANAGEMENT REPORT Page 190 List of Investments at 31 December 2019 Page 26 General Information and Group Profile Page 26 Organisation and Business Model Page 44 Management System 4 Page 48 Report on Economic Position Page 48 General and Sector-specific Environment CORPORATE Page 52 Overall Assessment by Management Page 53 Comparison of Forecasts for 2019 with Actual Results in 2019 GOVERNANCE Page 64 Review of Operations Page 200 Corporate Governance Page 76 Comments on Financial Statements of BMW AG (Part of the Combined Management Report) Page 82 Report on Outlook, Risks and Opportunities Page 200 Information on the Company’s Governing Constitution Page 82 Outlook Page 201 Board of Management Page 88 Risks and Opportunities Page 201 Supervisory Board Page 202 Shareholders and Annual
    [Show full text]