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Annual Report 2008 a Portrait of the Company

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Annual Report 2008 a Portrait of the Company Annual Report 2008 A portrait of the Company Bayerische Motoren Werke G. m. b. H. came into being in 1917, having been founded in 1916 as Bayerische Flugzeugwerke AG (BFW); it became Bayerische Motoren Werke Aktiengesellschaft (BMW AG) in 1918. Today, the BMW Group is one of the ten largest car manufacturers in the world and possesses, with its BMW, MINI and Rolls-Royce brands, three of the strongest premium brands in the car industry. The BMW Group also has a strong market position in the motorcycle sector and operates success- fully in the area of financial services. The Number ONE strategy, adopted in 2007, has set the BMW Group on course for a successful future. The business has been given a new strategic direction with the emphasis on profitability and long-term value growth. The BMW Group’s activities will remain firmly focused on the premium segments of the international automobile markets. The mission statement up to the year 2020 is clearly defined: The BMW Group is the world’s leading provider of premium products and premium services for individual mobility. Dual binding The two books slide apart to reveal the index register. This provides for fast and easy access to individual chapters. 06 BMW Group in figures 08 Report of the Supervisory Board 14 Group Management Report 14 A Review of the Financial Year 16 General Economic Environment 20 Review of Operations 42 BMW Stock and Bonds in 2008 45 Disclosures pursuant to § 289 (4) and § 315 (4) HGB 47 Financial Analysis 47 Group Internal Management System 49 Earnings Performance 51 Financial Position 52 Net Assets Position 55 Subsequent Events Report 55 Value Added Statement 57 Key Performance Figures 58 Comments on Financial Statements of BMW AG 62 Risk Management 68 Outlook 72 Group Financial Statements 72 Income Statements 74 Balance Sheets 76 Cash Flow Statements 78 Statement of Income and Expenses recognised in Equity 79 Notes to the Group Financial Statements 79 Accounting Principles and Policies 88 Notes to the Income Statement 94 Notes to the Balance Sheet 115 Other Disclosures 129 Segment Information 132 Responsibility Statement by the Company’s Legal Representatives 133 Auditors’ Report 134 Corporate Governance 134 Members of the Supervisory Board 137 Members of the Board of Management 138 Corporate Governance in the BMW Group 140 Compliance in the BMW Group 141 Compensation Report (Sub-section of Management Report) 147 Declaration of the Board of Management and of the Supervisory Board pursuant to § 161 AktG 148 Other Information 148 BMW AG Principal Subsidiaries 150 BMW Group Ten-year Comparison 152 BMW Group Locations 154 Glossary 156 Index 159 Financial Calendar 160 Contacts 06 BMW Group in figures Deliveries of automobiles Revenues in thousand units in euro billion 1,500 55 1,400 50 1,300 45 1,200 40 1,100 35 1,000 30 04 05 06 07 08 04 05 06 07 08 1,208.7 1,328.0 1,374.0 1,500.7 1,435.9 44.3 46.7 49.0 56.0 53.2 Profit before financial result Profit before tax in euro million in euro million 4,500 4,500 3,750 3,750 3,000 3,000 2,250 2,250 1,500 1,500 750 750 04 05 06 07 08 04 * 05 06 07 08 3,774 3,793 4,050 4,212 921 3,583 3,287 4,124 3,873 351 * adjusted for new accounting treatment of pension obligations 07 BMW Group in figures 2004 2005 2006 2007 2008 Change in % Deliveries to customers BMW 1,023,583 1,126,768 1,185,088 1,276,793 1,202,239 – 5.8 MINI 184,357 200,428 188,077 222,875 232,425 4.3 Rolls-Royce 792 796 805 1,010 1,212 20.0 Automobile deliveries total 1,208,732 1,327,992 1,373,970 1,500,678 1,435,876 – 4.3 Motorcycles1 92,266 97,474 100,064 102,467 101,685 – 0.8 Vehicle production BMW 1,059,978 1,122,308 1,179,317 1,302,774 1,203,482 – 7.6 MINI 189,492 200,119 186,674 237,700 235,019 – 1.1 Rolls-Royce 875 692 847 1,029 1,417 37.7 Automobile production total 1,250,345 1,323,119 1,366,838 1,541,503 1,439,918 – 6.6 Motorcycles2 93,836 92,012 103,759 104,396 104,220 – 0.2 Workforce at end of year 3 BMW Group 105,972 105,798 106,575 107,539 100,041 – 7.0 Financial figures in euro million Revenues 44,335 46,656 48,999 56,018 53,197 – 5.0 Capital expenditure 4,347 3,993 4,313 4,267 4,204 – 1.5 Depreciation and amortisation 2,672 3,025 3,272 3,683 3,670 – 0.4 Operating cash flow 4 6,157 6,184 5,373 6,246 4,471 – 28.4 Profit before financial result 3,774 3,793 4,050 4,212 921 – 78.1 Profit before tax 3,583 5 3,287 4,124 3,873 351 – 90.9 Net profit 2,242 5 2,239 2,874 3,134 330 – 89.5 1 excluding Husqvarna Motorcycles (13,511 motorcycles) 2 from 2006 including BMW G 650 X assembly by Piaggio S. p. A., excluding Husqvarna Motorcycles (14,232 motorcycles) 3 Figures exclude suspended contracts of employment, employees in the non-work phases of pre-retirement part-time arrangements and low income earners. 4 reported in the cash flow statement up to 2006 as cash inflow from operating activities of Industrial Operations and from 2007 as cash inflow from operating activities of the Automobiles segment 5 adjusted for new accounting treatment of pension obligations 08 Joachim Milberg Chairman of the Supervisory Board 09 Report of the Supervisory Board Ladies and Gentlemen, The Supervisory Board oversaw the running of the BMW Group throughout the financial year 2008 on the basis of detailed written and oral reports provided by the Board of Management and, in joint discussions, advised the Board of Management on matters of governance. In a total of five meetings, the Supervisory Board deliberated at length on the current performance and financial position of the BMW Group, risk management issues (including the level of risk provisions recorded in the Group Financial Statements by the Board of Management), short and long-term corporate planning and the composition of the Board of Management. The Supervisory Board made use of regular reports prepared by the Board of Manage- ment, followed up by talks and discussions, to keep abreast of business developments as well as the Group’s performance, including variances from budget. The Supervisory Board additionally reviewed and discussed a number of pertinent topics in more depth on the basis of reports and planning documents provided by the Board of Management. Apart from scheduled meetings, the Board of Management also kept the Supervisory Board informed of the course of business, with particular regard to key performance indicators, personnel figures and other significant matters. The Chairman of the Supervisory Board was also kept directly informed by the Chairman of the Board of Management of all major business transactions and projects. The two chairmen ex- change information regularly throughout the year. Main focus of the Supervisory Board’s monitoring and advisory activities Over the past year, the Supervisory Board paid particular attention to the implementation of the BMW Group’s business strategy and corporate plan as well as its progress in achieving greater competitiveness by rolling out Efficient Dynamics across the whole product range. Due to the business repercussions of the financial market crisis, the Supervisory Board both monitored and provided advice to the Board of Management during the financial year concerning risk management and risk provision. In the light of declining vehicle residual values on certain markets, the Supervisory Board was kept fully informed by the Board of Management both regarding the current situation and the future prospects of the Financial Services segment. The two Boards held in-depth discussions on possible courses of action in this area. Furthermore, at the request of the Supervisory Board and in the course of joint discussions, the Board of Management presented the strategies and measures adopted to optimise the value-added chain. The Supervisory Board carefully considered the annual budget for the financial year 2009 together with the Board of Management, including the matter of forecasting sensitivities in the face of current business conditions. The Supervisory Board also kept itself well informed regarding the financial management of the BMW Group, including the measures and concepts put forward by the Board of Management to enhance profitability. The Supervisory Board expressed its support for the measures being taken by the Board of Management. In this context, the Supervisory Board stressed the necessity of continuing the dialogue with employee representatives in a fair and constructive manner. After extensive deliberations on the long-term corporate plan drawn up on the basis of the strategy Number ONE and presented by the Board of Management, the Supervisory Board granted its formal approval to the plan. The Supervisory Board firmly believes that the package of measures known as “Efficient Dynamics” – de- signed to reduce emissions and consumption without compromising the vehicle’s agility or vitality – provides 10 answers to the needs and expectations of customers and thereby represents an important competitive ad- vantage for the BMW Group. The Supervisory Board thus fully supports the Board of Management in its endeavours to strengthen the BMW Group’s competitive edge in this area. One Supervisory Board meeting was held in Steyr, Austria, where engines are developed and manufac- tured.
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