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BMW Group Annual Report 2019

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BMW Group 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 General Meeting Page 101 Internal Control System Relevant for Accounting and Financial Reporting Processes Page 202 Declaration of Compliance Page 202 Corporate Governance Statement Page 102 Disclosures Relevant for Takeovers and Page 203 Members of the Board of Management Explanatory Comments Page 204 Members of the Supervisory Board Page 207 Overview of Supervisory Board committees and their composition Page 208 Compliance and Human Rights in the BMW Group Page 211 Compensation Report (Part of the Combined Management Report) Page 242 Glossary – Explanation of Key Figures Page 246 Responsibility Statement by the Company’s Legal Representatives Page 247 Independent Auditor’s Report 5 OTHER INFORMATION Page 256 BMW Group Ten-year Comparison Our customers across the globe have different mobility demands. Ultimately, they TADAMI SACHIKO decide for JAPAN themselves what they want and desire. That’s the Power of Choice. ROB VAN ROON NETHERLANDS Discover the Power of Choice from Rob, Faith and Sachiko as well as our financial year 2019 in our digital Annual Report. FAITH MKHOMBE annualreport.bmwgroup.com / 2019 SOUTH AFRICA The figures for fuel consumption, CO2 emissions and power consumption are calculated based on the measurement methods stipulated in the current version of Regulation (EU) 715 / 2007. This information is based on a vehicle with basic equipment in Germany; ranges take into account differences in wheel and tire size selected as well as optional equipment and can change based on configuration. Fuel consumption and CO2 emissions information are available on page 70. The figures have been calculated based on the new WLTP test cycle and adapted to NEDC for comparison purposes. In these vehicles, different figures than those published here may apply for the assessment of taxes and other vehicle-related duties which are (also) based on CO2 emissions. For further details of the official fuel consumption figures and official specific CO2 emissions of new cars, please refer to the “Manual on fuel consumption, CO2 emissions and power consumption of new cars”, available at www.dat.de /co2 /. TO OUR SHAREHOLDERS 1 To Our Shareholders BMW Group in Figures Report of the Supervisory Board Statement of Page 4 BMW the Chairman of Group in Figures the Board of Management BMW AG Stock and Capital Markets Page 8 Report of the Supervisory Board Page 18 Statement of the Chairman of the Board of Management Page 22 BMW AG Stock and Capital Markets in 2019 Page 24 Financial Calendar Page 24 Contacts 4 To Our BMW GROUP IN FIGURES Shareholders BMW Group in Figures Key non-financial performance indicators • 01 2015 2016 2017 2018 2019 Change in % GROUP Workforce at year-end 1 122,244 124,729 129,932 134,682 133,778 – 0.7 AUTOMOTIVE SEGMENT Deliveries 2, 3 2,257,851 2,352,440 2,468,658 2,483,292 2,538,367 2.2 4, 5 Fleet emissions in g CO2 / km 127 124 128 128 127 – 0.8 MOTORCYCLES SEGMENT Deliveries 136,963 145,032 164,153 165,566 175,162 5.8 Further non-financial performance figures • 02 2015 2016 2017 2018 2019 Change in % AUTOMOTIVE SEGMENT Deliveries BMW 2, 3 1,913,213 1,989,817 2,093,026 2,114,963 2,185,793 3.3 MINI 3 340,880 358,586 372,194 364,135 347,474 – 4.6 Rolls-Royce 3 3,758 4,037 3,438 4,194 5,100 21.6 Total 2, 3 2,257,851 2,352,440 2,468,658 2,483,292 2,538,367 2.2 Production volume BMW 6 1,933,647 2,002,997 2,123,947 2,168,496 2,205,841 1.7 MINI 342,008 352,580 378,486 368,685 352,729 – 4.3 Rolls-Royce 3,848 4,179 3,308 4,353 5,455 25.3 Total 6 2,279,503 2,359,756 2,505,741 2,541,534 2,564,025 0.9 MOTORCYCLES SEGMENT Production volume BMW 151,004 145,555 185,682 162,687 187,116 15.0 FINANCIAL SERVICES SEGMENT New contracts with retail customers 1,655,961 1,811,157 1,828,604 1,908,640 2,003,782 5.0 1 Figures exclude suspended contracts of employment, employees in the non-work phases of pre-retirement part-time working arrangements and low income earners. 2 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2015: 281,357 units, 2016: 311,473 units, 2017: 385,705 units, 2018: 455,581 units, 2019: 538,612 units). 3 Delivery figures have been adjusted retrospectively going back to 2015. The basis for the adjustments is a review of sales data in prior periods for the BMW Group’s most important markets (China, USA, Germany, UK, Italy and Japan). The retrospective adjustment enables better comparability. Additional information can be found in the section “Comparison of Forecasts for 2019 with Actual Results in 2019”. 4 EU-28. 5 From 2018, adjusted value based on planned conversion to WLTP (Worldwide Harmonised Light Vehicles Test Procedure). 6 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2015: 287,755 units, 2016: 305,726 units, 2017: 396,749 units, 2018: 491,872 units, 2019: 536,509 units). 5 Key financial performance indicators • 03 2015 2016 2017 2018 2019 Change in % GROUP Profit before tax 1 in € million 9,224 9,665 10,675 9,627 7,118 – 26.1 AUTOMOTIVE SEGMENT EBIT margin in % (change in %pts) 9.2 8.9 9.2 7.2 4.9 – 2.3 RoCE in % (change in %pts) 72.2 74.3 77.7 49.8 29.0 – 20.8 MOTORCYCLES SEGMENT EBIT margin in % (change in %pts) 9.1 9.0 9.1 8.1 8.2 0.1 RoCE in % (change in %pts) 31.6 33.0 34.0 28.4 29.4 1.0 FINANCIAL SERVICES SEGMENT RoE in % (change in %pts) 20.2 21.2 18.1 14.8 15.0 0.2 Further financial performance figures • 04 in € million 2015 2016 2017 2018 2019 Change in % Total capital expenditure 2 5,890 5,823 7,112 8,013 7,784 – 2.9 Depreciation and amortisation 4,659 4,806 4,822 5,113 6,017 17.7 Free cash flow Automotive segment 5,404 5,792 4,459 2,713 2,567 – 5.4 Group revenues 1 92,175 94,163 98,282 96,855 104,210 7.6 Automotive 85,536 86,424 85,742 85,846 91,682 6.8 Motorcycles 1,990 2,069 2,272 2,173 2,368 9.0 Financial Services 1 23,739 25,681 27,567 27,705 29,598 6.8 Other Entities 7 6 7 6 5 – 16.7 Eliminations 1 – 19,097 – 20,017 – 17,306 – 18,875 – 19,443 – 3.0 Group profit before financial result (EBIT) 1 9,593 9,386 9,899 8,933 7,411 – 17.0 Automotive 7,836 7,695 7,888 6,182 4,499 – 27.2 Motorcycles 182 187 207 175 194 10.9 Financial Services 1 1,981 2,184 2,194 2,172 2,312 6.4 Other Entities 169 – 17 14 – 27 29 – Eliminations 1 – 575 – 663 – 404 431 377 – 12.5 Group profit before tax (EBT) 1 9,224 9,665 10,675 9,627 7,118 – 26.1 Automotive 7,523 7,916 8,717 6,977 4,467 – 36.0 Motorcycles 179 185 205 169 187 10.7 Financial Services 1 1,975 2,166 2,207 2,143 2,272 6.0 Other Entities 211 170 80 – 45 – 96 – Eliminations 1 – 664 – 772 – 534 383 288 – 24.8 Group income taxes 1 – 2,828 – 2,755 – 2,000 – 2,530 – 2,140 15.4 Profit / loss from continuing operations 1 6,396 6,910 8,675 7,097 4,978 – 29.9 Profit / loss from discontinued operations – – – – 33 44 – Group net profit 1 6,396 6,910 8,675 7,064 5,022 – 28.9 Earnings per share 1 in € 9.70 / 9.72 10.45 / 10.47 13.07 / 13.09 10.60 / 10.62 7.47 / 7.49 – 29.5 / – 29.5 Pre-tax return on sales 1, 3 in % (change in %pts) 10.0 10.3 10.9 9.9 6.8 – 3.1 1 Prior year’s figures adjusted due to a change in accounting policy in connection with the adoption of IFRS 16; see note 6 to the Group Financial Statements.
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