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We Are Shaping the Mobility of the Future, Annual Report 2017

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WE ARE SHAPING THE MOBILITY OF THE FUTURE

ANNUAL REPORT 2017

The new era of electric mobility requires visionaries and people of action. Find out in our image brochure how BMW Group is shaping the mobility of the future.

CONTENTS

  • 1
  • 4

  • TO OUR SHAREHOLDERS
  • CORPORATE

GOVERNANCE

Page Page
48

BMW Group in Figures Report of the Supervisory Board
Page 198 Statement on Corporate Governance

(Part of the Combined Management Report)

Page 198 Information on the Company’s Governing Constitution

Page 18 Statement of the Chairman of the
Board of Management

Page 199 Declaration of the Board of Management and of the
Supervisory Board pursuant to § 161 AktG

Page 24 BMW Stock and Capital Markets in 2017

Page 200 Members of the Board of Management Page 201 Members of the Supervisory Board Page 204 Composition and Work Procedures of the Board of
Management of BMW AG and its Committees

2

Page 206 Composition and Work Procedures of the
Supervisory Board of BMW AG and its Committees

COMBINED

Page 213 Disclosures pursuant to the Act on Equal
Gender Participation

MANAGEMENT REPORT

Page 214 Information on Corporate Governance Practices Applied beyond Mandatory Requirements

Page 30 General Information and Group Profile

Page 30 Organisation and Business Model Page 40 Management System
Page 216 Compliance in the BMW Group

Page 221 Compensation Report

  • (Part of the Combined Management Report)
  • Page 44 Report on Economic Position

Page 44 General and Sector-specific Environment

Page 48 Overall Assessment by Management

Page 49 Financial and Non-financial Performance Indicators

Page 52 Review of Operations

Page 239 Responsibility Statement by the
Company’s Legal Representatives

Page 240 Independent Auditor’s Report

Page 72 Results of Operations, Financial Position and Net Assets Page 86 Comments on Financial Statements of BMW AG

Page 90 Report on Outlook, Risks and Opportunities

Page 90 Outlook

5

Page 96 Risks and Opportunities

OTHER INFORMATION

Page 111 Internal Control System Relevant for Accounting and
Financial Reporting Processes

Page 248 BMW Group Ten-year Comparison

Page 250 Glossary – Explanation of Key Figures

Page 252 Index

Page 112 Disclosures Relevant for Takeovers

Page 254 Index of Graphs Page 255 Financial Calendar Page 256 Contacts

3

GROUP FINANCIAL STATEMENTS

Page 118 Income Statement

Page 118 Statement of Comprehensive Income

Page 120 Balance Sheet Page 122 Cash Flow Statement Page 124 Statement of Changes in Equity

Page 126 Notes to the Group Financial Statements

Page 126 Accounting Principles and Policies

Page 139 Notes to the Income Statement

Page 145 Notes to the Statement of Comprehensive Income

Page 146 Notes to the Balance Sheet Page 167 Other Disclosures Page 183 Segment Information

Page 188 List of Investments at 31 December 2017

TOWARDS THE FUTURE

Our Annual Report is also available in digital form under: http://annual-report2017.bmwgroup.com

The fuel consumption, CO2ꢀemissions,ꢀpowerꢀconsumptionꢀandꢀoperatingꢀrangeꢀfiguresꢀ

were determined according to the European Regulation (EC) 715/2007 in the version appli-

cable.ꢀTheꢀfiguresꢀreferꢀtoꢀaꢀvehicleꢀwithꢀbasicꢀconfigurationꢀinꢀGermanyꢀandꢀtheꢀrangeꢀ shownꢀconsidersꢀtheꢀdifferentꢀsizesꢀofꢀtheꢀselectedꢀwheelsꢀ/ꢀtyresꢀandꢀtheꢀselectedꢀitemsꢀofꢀ

optional equipment. Further information on official fuel consumption figures and specific CO2 emissions values of new passenger cars is included in the “Guideline for fuel consumption, CO2 emissions and electric power consumption of new passenger cars”, which can be obtained free of charge from all dealerships and at https://www.dat.de/en/offers/publications/ guideline-for-fuel-consumption.html.

1

To Our Shareholders

BMW Group in Figures

TO OUR SHAREHOLDERS

Report of the Supervisory Board Statement of the Chairman of the Board of Management BMW Stock and Capital Markets

Page Page
48

BMW Group in Figures Report of the Supervisory Board

Page 18 Page 24

Statement of the Chairman of the Board of Management BMW Stock and Capital Markets in 2017

1

4

To Our Shareholders

BMW GROUP IN FIGURES

BMW Group in Figures

Key non-financial performance indicators

• 01

  • 2013
  • 2014
  • 2015
  • 2016

2017

Change in %

Group

1

Workforceꢀatꢀyear-endꢀ

  • 110,351
  • 116,324
  • 122,244
  • 124,729

129,932

4.2

Automotive seGment

Deliveries2

1,963,798
133
2,117,965
130
2,247,485
127
2,367,603
124

2,463,526
122

4.1

Fleet emissions in g CO2 / km3

– 1.6

motorcycles seGment

Deliveries4

  • 115,215
  • 123,495
  • 136,963
  • 145,032

164,153

13.2

Further non-financial performance figures

• 02

  • 2013
  • 2014
  • 2015
  • 2016

2017

Change in %

Automotive seGment

Deliveries

BMW2

1,655,138
305,030
3,630
1,811,719
302,183
4,063
1,905,234
338,466
3,785
2,003,359
360,233
4,011

2,088,283
371,881
3,362

4.2

  • 3.2
  • MINI

Rolls-Royce

Total2

–16.2

  • 4.1
  • 1,963,798
  • 2,117,965
  • 2,247,485
  • 2,367,603

2,463,526

Production volume

BMW5

1,699,835
303,177
3,354
1,838,268
322,803
4,495
1,933,647
342,008
3,848
2,002,997
352,580
4,179

2,123,947
378,486
3,308

6.0

  • 7.3
  • MINI

Rolls-Royce

Total5

– 20.8

  • 6.2
  • 2,006,366
  • 2,165,566
  • 2,279,503
  • 2,359,756

2,505,741

motorcycles seGment

Production volume6

BMW

  • 110,127
  • 133,615
  • 151,004
  • 145,555

185,682

27.6
1.0

FinAnciAl services seGment

New contracts with retail customers

  • 1,471,385
  • 1,509,113
  • 1,655,961
  • 1,811,157

1,828,604

1ꢀFiguresꢀexcludeꢀsuspendedꢀcontractsꢀofꢀemployment,ꢀemployeesꢀinꢀtheꢀnon-workꢀphasesꢀofꢀpre-retirementꢀpart-timeꢀarrangementsꢀandꢀlowꢀincomeꢀearners. 2ꢀIncludingꢀtheꢀjointꢀventureꢀBMWꢀBrillianceꢀAutomotiveꢀLtd.,ꢀShenyangꢀ(2013:ꢀ198,542ꢀunits,ꢀ2014:ꢀ275,891ꢀunits,ꢀ2015:ꢀ282,000ꢀunits,ꢀ2016:ꢀ316,200ꢀunits,ꢀ2017:ꢀ384,124ꢀunits).

3

EU-28.

4

Excluding Husqvarna, deliveries up to 2013: 59,776 units.

5ꢀIncludingꢀtheꢀjointꢀventureꢀBMWꢀBrillianceꢀAutomotiveꢀLtd.,ꢀShenyangꢀ(2013:ꢀ214,920ꢀunits,ꢀ2014:ꢀ287,466ꢀunits,ꢀ2015:ꢀ287,755ꢀunits,ꢀ2016:ꢀ305,726ꢀunits,ꢀ2017:ꢀ396,749ꢀunits).

6

Excluding Husqvarna, production up to 2013: 59,426 units.

5

Key financial performance indicators

• 03

  • 2013
  • 2014
  • 2015
  • 2016

2017

Change in %

Group

Profitꢀbeforeꢀtaxꢀinꢀ€ꢀmillion

  • 7,893
  • 8,707
  • 9,224
  • 9,665

10,655

10.2

Automotive seGment

Revenuesꢀinꢀ€ꢀmillion

70,630
9.4
75,173
9.6
85,536
9.2
86,424
8.9

88,581
8.9

2.5

  • –
  • EBIT margin in % (change in %pts)

  • RoCE in % (change in %pts)
  • 63.0
  • 61.7
  • 72.2
  • 74.3

78.6

4.3

motorcycles seGment

EBIT margin in % (change in %pts) RoCE in % (change in %pts)

  • 5.3
  • 6.7
  • 9.1
  • 9.0

9.1

0.1

  • 1.0
  • 16.4
  • 21.8
  • 31.6
  • 33.0

34.0

FinAnciAl services seGment

  • RoE in % (change in %pts)
  • 20.0
  • 19.4
  • 20.2
  • 21.2

18.1

– 3.1

Further financial performance figures

• 04

  • in € million
  • 2013
  • 2014
  • 2015
  • 2016

2017

Change in %

Total capital expenditure1

6,711 3,741 3,003
6,100 4,170 3,481
5,890 4,659 5,404
5,823 4,806 5,792

7,112 4,822 4,459

22.1
0.3

Depreciation and amortisation

Free cash flow Automotive segment

– 23.0

  • Revenues
  • 76,059

70,630
1,504

80,401

75,173
1,679

92,175

85,536
1,990

94,163

86,424
2,069

98,678 88,581
2,283
27,567
7

4.8

  • 2.5
  • Automotive

Motorcycles

Financial Services Other Entities Eliminations
10.3

  • 7.3
  • 19,874

6
20,599
7
23,739
7
25,681

  • 6
  • 16.7

  • 1.3
  • –15,955
  • –17,057
  • –19,097
  • – 20,017

–19,760

Profit before financial result (EBIT)

Automotive

7,978

6,649
79

9,118

7,244
112

9,593

7,836
182

9,386

7,695
187

9,880 7,863
207

5.3

2.2

Motorcycles

10.7

  • 0.5
  • Financial Services

Other Entities
1,643
44
1,756
71
1,981
169
2,184
–17

2,194
14

–

  • Eliminations
  • – 437
  • – 65
  • – 575
  • – 663

– 398

40.0

Profit before tax (EBT)

Automotive

7,893

6,561
76

8,707

6,886
107

9,224

7,523
179

9,665

7,916
185

10,655
8,691
205

10.2

9.8

Motorcycles

10.8

  • 1.9
  • Financial Services

Other Entities Eliminations
1,619
164
1,723
154
1,975
211
2,166
170

2,207
80

– 52.9

  • 31.6
  • – 527
  • –163
  • – 664
  • – 772

– 528

  • Income taxes
  • – 2,564

5,329
– 2,890
5,817
– 2,828
6,396
– 2,755
6,910

–1,949
8,706

29.3 26.0

Net profit

Earnings per share inꢀ€ Pre-tax return on sales2 in % (change in %pts)
8.08 / 8.10
10.4
8.83 / 8.85
10.8
9.70 / 9.72
10.0
10.45 /10.47
10.3

13.12 /13.14
10.8

25.6 /25.5
0.5

1ꢀExpenditureꢀforꢀcapitalisedꢀdevelopmentꢀcosts,ꢀotherꢀintangibleꢀassetsꢀandꢀproperty,ꢀplantꢀandꢀequipment. 2ꢀGroupꢀprofitꢀbeforeꢀtaxꢀasꢀaꢀpercentageꢀofꢀGroupꢀrevenues.

6

To Our Shareholders

BMW Group deliveries of automobiles*

• 05

BMW Group revenues

• 07

BMW Group in Figures

  • in 1,000 units
  • in € billion

2,463.5

2,367.6

98.7

94.2
92.2

  • 2,500
  • 100

2,247.5
2,118.0
1,963.8
80.4
76.1

  • 1,250
  • 50

  • 0
  • 0

  • 2013
  • 2014
  • 2015
  • 2016

2017

  • 2013
  • 2014
  • 2015
  • 2016

2017

*ꢀIncludingꢀtheꢀjointꢀventureꢀBMWꢀBrillianceꢀAutomotiveꢀLtd.,ꢀSꢀ henyangꢀ

(2013: 198,542 units, 2014: 275,891 units, 2015: 282,000 units, 2016: 316,200 units, 2017: 384,124 units).

BMW Group profit before financial result (EBIT)

• 06

BMW Group profit before tax

• 08

  • in € million
  • in € million

10,655

  • 11,000
  • 11,000

9,880

9,665
9,593
9,386
9,224
9,118
8,707
7,978
7,893

  • 5,500
  • 5,500

  • 0
  • 0

  • 2013
  • 2014
  • 2015
  • 2016

2017

  • 2013
  • 2014
  • 2015
  • 2016

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  • Bmw X Models

    Bmw X Models

    GUIDE TO THE BMW X MODELS 1105 East Lamar Boulevard BMW Arlington, TX 76011 817-461-9222 of Arlington 1105 East Lamar Boulevard, Arlington, TX 76011 • 817-461-9222 BMW bmwofarlington.com1 of Arlington GUIDE TO THE BMW X MODELS The 2020 BMW X series is sure to please any luxury SAV driver with seven unique models to choose from. This series ranges from commute-ready compact crossover models to 3-row, full-size SAVs that are ready for any weekend adventure. In this Guide to the BMW X Models eBook, you’ll get a closer look at what these seven vehicles have to offer. While they’re all engineered to meet the high standards of the BMW brand, each one beholds its own unique setup to suit a variety of lifestyles. Let’s get started with an overview of what all seven BMW X Models have in common. BMW 1105 East Lamar Boulevard, Arlington, TX 76011 • 817-461-9222 2 of Arlington OVERVIEW OF THE 2020 BMW X MODEL SERIES SAVs are regarded as the most versatile type of vehicle on the road today. As Sports Activity Vehicles® and Sports Activity Coupes®, the BMW X series models take versatility to the next level. Not only are they undeniably capable with optional M Performance powertrains and xDrive all-wheel drivetrains, they look good no matter what kind of journey they’re conquering. Every X Model is tailored to pamper and please both drivers and passengers. While specific offerings differ slightly from model to model, you can count on high quality, regardless of the BMW X vehicle you decide to go with.
  • 2019 BMW X4 Sports Activity Coupe Specifications

    2019 BMW X4 Sports Activity Coupe Specifications

    BMW U.S. Media Information Technical Data 2019 BMW X4 Sports Activity Coupe X4 xDrive30i X4 M40i Transmission type automatic automatic Body Seats -- 5 5 Number of Doors -- 5 5 drive type -- AWD AWD Veh. length inch 187.5 187.5 Veh. width inch 75.5 76.3 Width incl mirrors inch 84.2 84.2 Veh. height inch 63.8 63.8 Wheelbase inch 112.7 112.7 Overhang front inch 34.3 34.3 Rear overhang inch 40.4 40.4 Ground clearance inch 8 8 Turning circle ft 40 40 Legroom front inch 40.7 40.7 Legroom 2nd row inch 35.5 35.5 Shoulder room front inch 57.5 57.5 Shoulder room rear inch 56 56 Headroom front inch 39 39 Maximum headroom 2nd row inch 37.2 37.2 Headroom front with moonroof inch 39.5 39.5 Maximum headroom 2st row with moonroof inch 37.2 37.2 Front Seat Volume ft³ 54.6 54.6 Rear Seat Volume ft³ 43.2 43.2 Press Trunk volume (SAE) ft³ 18.5 - 50.5 18.5 - 50.5 US Tank capacity gal 17.2 17.2 front/rear Weight distribution (empty car) % 49.1 / 50.9 50.1 / 49.9 US Curb weight lbs 4146 4323 Engine Engine type -- B46B20O0 B58B30M0 Cylinders -- 4 6 Valves p.cyl. -- 4 4 Stroke mm 94.6 94.6 Bore mm 82 82 Displacement cm³ 1998 2998 Compression rate :1 10:02 11 Engine power hp@rpm 248@5200-6500 355@5500-6500 Engine torque lb-ft@rpm 258@1450-4800 365@1520-4800 Fuel type -- gasoline gasoline Useable Fuel quality -- AKI 89 MIN - recomm.
  • The Bmw X M and the Bmw X

    The Bmw X M and the Bmw X

    BMW X M BMW X M The Ultimate Driving Machine® THE BMW X M AND THE BMW X M. NO COMPROMISE. MASTER EVERY ROAD. THE BMW X M AND BMW X M: A COMMANDING COMBINATION OF BMW M GENES AND ALL-WHEEL-DRIVE BMW X MODELS. Editorial M + X: EQUATION FOR EXHILARATION. M equals unparalleled performance. X equals optimum traction. Together, they make for an exhilarating equation in the latest BMW X M and BMW X M. BMW’s most potent performance ingredients are meticulously blended to deliver everything an M enthusiast could desire. In both vehicles, a roaring -hp M TwinPower Turbo eight-cylinder engine makes good on the M promise of thrilling propulsion. A dynamic, track-engineered suspension ensures that handling remains consistently inspiring, whether in the snow or down the straightaway. And all the while, BMW’s intelligent all-wheel-drive system, xDrive, adds an important trait to these amazing vehicles: optimized traction in virtually any road or The BMW X M Technology Equipment Overview weather conditions. and BMW X M Exterior cues never before seen now add an exclusive, sporty look: PERFORMANCE THE EXCLUSIVE ART SPECIFICATIONS blue-painted brake calipers that are visible at a glance, and available ULTIMATE POWER. MEETS EFFICIENCY. OF INDIVIDUALITY. AND SERVICES. Full LED headlights that cut through the night toward the road ahead with daylight-like brilliance. The X M also now stands apart with its redesigned new powerdome hood, kidney grille and taillights. BMW X M M TwinPower Turbo V- engine Exterior colors Build Your Own Maximum everything. Before it earns its letter, we make sure The look of evolved refinement extends to the interior, with driver and front passenger cosseted in the unparalleled comfort and support of it can fl y.
  • Annual Report 2010

    Annual Report 2010

    ANNUAL REPORT 2010 FACTS AND FIGURES Contents 04 BMW GROUP IN FIGURES 06 REPORT OF THE SUPERVISORY BOARD 12 GROUP MANAGEMENT REPORT 12 A Review of the Financial Year 14 General Economic Environment 18 Review of Operations 41 BMW Group – Capital Market Activities in 2010 44 Disclosures relevant for takeovers and explanatory comments 47 Financial Analysis 47 Group Internal Management System 49 Earnings Performance 51 Financial Position 53 Net Assets Position 55 Subsequent Events Report 55 Value Added Statement 57 Key Performance Figures 58 Comments on Financial Statements of BMW AG 62 Internal Control System and explanatory comments 63 Risk Management 70 Outlook 74 GROUP FINANCIAL STATEMENTS 74 Income Statements 74 Statement of Comprehensive Income 76 Balance Sheets 78 Cash Flow Statements 80 Group Statement of Changes in Equity 81 Notes to the Group Financial Statements 81 Accounting Principles and Policies 89 Notes to the Income Statement 95 Notes to the Statement of Comprehensive Income 96 Notes to the Balance Sheet 117 Other Disclosures 133 Segment Information 138 Responsibility Statement by the Company’s Legal Representatives 139 Auditor’s Report 140 STATEMENT ON CORPORATE GOVERNANCE (Part of Management Report) 140 Information on the Company’s Governing Constitution 142 Declaration of the Board of Management and of the Supervisory Board pursuant to § 161 AktG 143 Members of the Board of Management 144 Members of the Supervisory Board 147 Information on Work Procedures of the Management Board and Supervisory Board and on the Composition and Work Procedures of its Committees 154 Compensation Report 162 Information on Corporate Governance Practices Applied Beyond Mandatory Requirements 163 Compliance in the BMW Group 166 OTHER INFORMATION 166 BMW Group Ten-year Comparison 168 BMW Group Locations 170 Glossary 172 Index 175 Financial Calendar 176 Contacts A PORTRAIT OF THE COMPANY Bayerische Motoren Werke G.