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Annual Report 2016

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Annual Report 2016 ANNUAL REPORT 2016 A New Era Begins CONTENTS 1 4 Page 4 BMW Group in Figures CORPORATE Page 8 Report of the Supervisory Board GOVERNANCE Page 16 Statement of the Chairman of the Page 190 Statement on Corporate Governance (§ 289 a HGB) Board of Management (Part of the Combined Management Report) Page 190 Information on the Company’s Governing Constitution Page 191 Declaration of the Board of Management and of the Supervisory Board pursuant to § 161 AktG 2 Page 192 Members of the Board of Management Page 193 Members of the Supervisory Board COMBINED Page 196 Composition and Work Procedures of the Board of Management of BMW AG and its Committees MANAGEMENT REPORT Page 198 Composition and Work Procedures of the Supervisory Board of BMW AG and its Committees Page 22 General Information on the BMW Group Page 204 Disclosures pursuant to the Act on Equal Page 22 Organisational Structure and Business Model Gender Participation Page 24 Locations Page 205 Information on Corporate Governance Practices Applied Page 29 Management System beyond Mandatory Requirements Page 207 Compliance in the BMW Group Page 34 Report on Economic Position Page 212 Compensation Report Page 34 General and Sector-specific Environment Page 38 Overall Assessment by Management Page 223 Responsibility Statement by the Page 39 Financial and Non-financial Performance Indicators Company’s Legal Representatives Page 42 Review of Operations Page 224 Auditor’s Report Page 63 Results of Operations, Financial Position and Net Assets Page 76 Comments on Financial Statements of BMW AG Page 82 Report on Outlook, Risks and Opportunities Page 82 Outlook 5 Page 88 Risks and Opportunities Page 101 Internal Control System and Risk Management OTHER INFORMATION System Relevant for the Financial Reporting Process Page 226 BMW Group Ten-year Comparison Page 103 Disclosures Relevant for Takeovers Page 228 Glossary Page 107 BMW Stock and Capital Markets in 2016 Page 230 Index Page 232 Index of Graphs Page 233 Financial Calendar 3 Page 234 Contacts GROUP FINANCIAL STATEMENTS Page 112 Income Statements for Group and Segments Page 112 Statement of Comprehensive Income for Group Page 114 Balance Sheets for Group and Segments Page 116 Cash Flow Statements for Group and Segments Page 118 Group Statement of Changes in Equity Page 120 Notes to the Group Financial Statements Page 120 Accounting Principles and Policies Page 133 Notes to the Income Statement Page 139 Notes to the Statement of Comprehensive Income Page 140 Notes to the Balance Sheet Page 161 Other Disclosures Page 175 Segment Information Page 180 List of Investments at 31 December 2016 1 BMW Group Page 4 BMW Group in Figures in Figures Report of the Supervisory Board Statement of Page 8 Report of the Supervisory Board the Chairman of the Board of Management Page 16 Statement of the Chairman of the Board of Management 1 4 BMW Group BMW GROUP IN FIGURES in Figures Key non-financial performance indicators • 01 2012 2013 2014 2015 2016 Change in % BMW GROUP Workforce at year-end 1 105,876 110,351 116,324 122,244 124,729 2.0 AUTOMOTIVE SEGMENT Sales volume 2 1,845,186 1,963,798 2,117,965 2,247,485 2,367,603 5.3 3 Fleet emissions in g CO2 / km 143 133 130 127 124 – 2.4 MOTORCYCLES SEGMENT Sales volume 4 106,358 115,215 123,495 136,963 145,032 5.9 Further non-financial performance figures • 02 2012 2013 2014 2015 2016 Change in % AUTOMOTIVE SEGMENT Sales volume BMW 2 1,540,085 1,655,138 1,811,719 1,905,234 2,003,359 5.2 MINI 301,526 305,030 302,183 338,466 360,233 6.4 Rolls-Royce 3,575 3,630 4,063 3,785 4,011 6.0 Total 2 1,845,186 1,963,798 2,117,965 2,247,485 2,367,603 5.3 Production volume BMW 5 1,547,057 1,699,835 1,838,268 1,933,647 2,002,997 3.6 MINI 311,490 303,177 322,803 342,008 352,580 3.1 Rolls-Royce 3,279 3,354 4,495 3,848 4,179 8.6 Total 5 1,861,826 2,006,366 2,165,566 2,279,503 2,359,756 3.5 MOTORCYCLES SEGMENT Production volume 6 BMW 113,811 110,127 133,615 151,004 145,555 – 3.6 FINANCIAL SERVICES SEGMENT New contracts with retail customers 1,341,296 1,471,385 1,509,113 1,655,961 1,811,157 9.4 1 Figures exclude suspended contracts of employment, employees in the non-work phases of pre-retirement part-time arrangements and low income earners. 2 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2012: 141,165 units, 2013: 198,542 units, 2014: 275,891 units, 2015: 282,000 units, 2016: 316,200 units). 3 EU-28. 4 Excluding Husqvarna, sales volume up to 2013: 59,776 units. 5 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2012: 150,052 units, 2013: 214,920 units, 2014: 287,466 units, 2015: 287,755 units, 2016: 305,726 units). 6 Excluding Husqvarna, production up to 2013: 59,426 units. 5 Key financial performance indicators • 03 2012 2013 2014 2015 2016 Change in % BMW GROUP Profit before tax in € million 7,803 7,893 8,707 9,224 9,665 4.8 AUTOMOTIVE SEGMENT Revenues in € million 70,208 70,630 75,173 85,536 86,424 1.0 EBIT margin in % (change in %pts) 10.8 9.4 9.6 9.2 8.9 – 0.3 RoCE in % (change in %pts) 73.7 63.0 61.7 72.2 74.3 2.1 MOTORCYCLES SEGMENT RoCE in % (change in %pts) 1.8 16.4 21.8 31.6 33.0 1.4 FINANCIAL SERVICES SEGMENT RoE in % (change in %pts) 21.2 20.0 19.4 20.2 21.2 1.0 Further financial performance figures • 04 in € million 2012 2013 2014 2015 2016 Change in % Capital expenditure 5,240 6,711 6,100 5,890 5,823 – 1.1 Depreciation and amortisation 3,541 3,741 4,170 4,659 4,806 3.2 Operating cash flow Automotive segment 9,167 9,964 9,423 11,836 11,464 – 3.1 Revenues 76,848 76,059 80,401 92,175 94,163 2.2 Automotive 70,208 70,630 75,173 85,536 86,424 1.0 Motorcycles 1,490 1,504 1,679 1,990 2,069 4.0 Financial Services 19,550 19,874 20,599 23,739 25,681 8.2 Other Entities 5 6 7 7 6 – 14.3 Eliminations – 14,405 – 15,955 – 17,057 – 19,097 – 20,017 – 4.8 Profit before financial result (EBIT) 8,275 7,978 9,118 9,593 9,386 – 2.2 Automotive 7,599 6,649 7,244 7,836 7,695 – 1.8 Motorcycles 9 79 112 182 187 2.7 Financial Services 1,558 1,643 1,756 1,981 2,184 10.2 Other Entities 58 44 71 169 – 17 – Eliminations – 949 – 437 – 65 – 575 – 663 – 15.3 Profit before tax 7,803 7,893 8,707 9,224 9,665 4.8 Automotive 7,170 6,561 6,886 7,523 7,916 5.2 Motorcycles 6 76 107 179 185 3.4 Financial Services 1,561 1,619 1,723 1,975 2,166 9.7 Other Entities 3 164 154 211 170 – 19.4 Eliminations – 937 – 527 – 163 – 664 – 772 – 16.3 Income taxes – 2,692 – 2,564 – 2,890 – 2,828 – 2,755 2.6 Net profit 5,111 5,329 5,817 6,396 6,910 8.0 Earnings per share in € 7.75 / 7.77 8.08 / 8.10 8.83 / 8.85 9.70 / 9.72 10.45 / 10.47 7.7 / 7.7 6 BMW Group in Figures Sales volume of automobiles* Revenues • 05 • 07 in 1,000 units in € billion 2,367.6 94.2 2,500 2,247.5 100 92.2 2,118.0 1,963.8 80.4 1,845.2 76.8 76.1 1,250 50 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 * Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2012: 141,165 units, 2013: 198,542 units, 2014: 275,891 units, 2015: 282,000 units, 2016: 316,200 units). Profit before financial result Profit before tax • 06 • 08 in € million in € million 9,593 9,665 10,000 9,118 9,386 10,000 9,224 8,707 8,275 7,978 7,803 7,893 5,000 5,000 0 0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 1 REPORT OF THE Report of the Supervisory Board Statement of SUPERVISORY BOARD the Chairman of the Board of Management STATEMENT OF THE CHAIRMAN OF THE BOARD OF MANAGEMENT 8 Report of the Supervisory Board Norbert Reithofer Chairman of the Supervisory Board 9 Dear Shareholders, In 2016, BMW AG celebrated its 100th anniversary. Quite fittingly, the BMW Group finished its centenary year with record earnings. With its Strategy NUMBER ONE > NEXT, the BMW Group is moving forward with a sense of purpose into the challenging era of digitalisation and electrification and fully intends to continue playing an active role in shaping technological change within the automobile industry. Main emphases of the Supervisory Board’s monitoring and advisory activities Throughout the financial year 2016, we performed the duties incumbent on the Supervisory Board in accordance with the law and the Articles of Association. We continuously monitored the Board of Management’s governance of the business and provided advice on important projects and plans.
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