Milestones in Future Mobility, Annual Report 2018

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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 Legal Representatives Page 45 Comparison of Forecasts for 2018 with Actual Results in 2018 Page 240 Independent Auditor’s Report Page 48 Review of Operations Page 65 Results of Operations, Financial Position and Net Assets Page 80 Comments on Financial Statements of BMW AG Page 84 Report on Outlook, Risks and Opportunities Page 84 Outlook 5 Page 90 Risks and Opportunities OTHER INFORMATION Page 103 Internal Control System Relevant for Accounting and Financial Reporting Processes Page 248 BMW Group Ten-year Comparison Page 104 Disclosures Relevant for Takeovers and Page 250 Glossary – Explanation of Key Figures Explanatory Comments Page 252 Index Page 254 Index of Graphs Page 255 Financial Calendar 3 Page 256 Contacts GROUP FINANCIAL STATEMENTS Page 110 Income Statement Page 110 Statement of Comprehensive Income Page 112 Balance Sheet Page 114 Cash Flow Statement Page 116 Statement of Changes in Equity Page 118 Notes to the Group Financial Statements Page 118 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 184 Segment Information Page 190 List of Investments at 31 December 2018 MILESTONES IN FUTURE MOBILITY Our Annual Report is also available in digital form under: www.annual-report2018.bmwgroup.com 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 108. 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. These figures are provisional. 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 /. 1 To Our Shareholders BMW Group in TO OUR SHAREHOLDERS Figures Report of the Supervisory Board Statement of the Chairman of the Board of Management BMW AG Stock and Capital Markets Page 4 BMW Group in Figures Page 8 Report of the Supervisory Board Page 16 Statement of the Chairman of the Board of Management Page 20 BMW AG Stock and Capital Markets in 2018 1 4 To Our BMW GROUP IN FIGURES Shareholders BMW Group in Figures Key non-financial performance indicators • 01 2014 2015 2016 2017 2018 Change in % GROUP Workforce at year-end 1 116,324 122,244 124,729 129,932 134,682 3.7 AUTOMOTIVE SEGMENT Deliveries 2 2,117,965 2,247,485 2,367,603 2,463,526 2,490,664 1.1 3 4 Fleet emissions in g CO2 / km 130 127 124 128 128 – MOTORCYCLES SEGMENT Deliveries 123,495 136,963 145,032 164,153 165,566 0.9 Further non-financial performance figures • 02 2014 2015 2016 2017 2018 Change in % AUTOMOTIVE SEGMENT Deliveries BMW 2 1,811,719 1,905,234 2,003,359 2,088,283 2,125,026 1.8 MINI 302,183 338,466 360,233 371,881 361,531 – 2.8 Rolls-Royce 4,063 3,785 4,011 3,362 4,107 22.2 Total 2 2,117,965 2,247,485 2,367,603 2,463,526 2,490,664 1.1 Production volume BMW 5 1,838,268 1,933,647 2,002,997 2,123,947 2,168,496 2.1 MINI 322,803 342,008 352,580 378,486 368,685 – 2.6 Rolls-Royce 4,495 3,848 4,179 3,308 4,353 31.6 Total 5 2,165,566 2,279,503 2,359,756 2,505,741 2,541,534 1.4 MOTORCYCLES SEGMENT Production volume BMW 133,615 151,004 145,555 185,682 162,687 – 12.4 FINANCIAL SERVICES SEGMENT New contracts with retail customers 1,509,113 1,655,961 1,811,157 1,828,604 1,908,640 4.4 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 (2014: 275,891 units, 2015: 282,000 units, 2016: 316,200 units, 2017: 384,124 units, 2018: 459,581 units). 3 EU-28. 4 Adjusted value based on planned conversion to WLTP (Worldwide Harmonised Light Vehicles Test Procedure). 5 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2014: 287,466 units, 2015: 287,755 units, 2016: 305,726 units, 2017: 396,749 units, 2018: 491,872 units). 5 Key financial performance indicators • 03 2014 2015 2016 2017 2018 Change in % GROUP Profit before tax 1 in € million 8,707 9,224 9,665 10,675 9,815 – 8.1 AUTOMOTIVE SEGMENT Revenues 1 in € million 75,173 85,536 86,424 85,742 85,846 0.1 EBIT margin 1 in % (change in %pts) 9.6 9.2 8.9 9.2 7.2 – 2.0 RoCE 1 in % (change in %pts) 61.7 72.2 74.3 77.7 49.8 – 27.9 MOTORCYCLES SEGMENT EBIT margin 1 in % (change in %pts) 6.7 9.1 9.0 9.1 8.1 – 1.0 RoCE 1 in % (change in %pts) 21.8 31.6 33.0 34.0 28.4 – 5.6 FINANCIAL SERVICES SEGMENT RoE in % (change in %pts) 19.4 20.2 21.2 18.1 14.8 – 3.3 Further financial performance figures • 04 in € million 2014 2015 2016 2017 2018 Change in % Total capital expenditure 2 6,100 5,890 5,823 7,112 8,013 12.7 Depreciation and amortisation 4,170 4,659 4,806 4,822 5,113 6.0 Free cash flow Automotive segment 3,481 5,404 5,792 4,459 2,713 – 39.2 Group revenues 1 80,401 92,175 94,163 98,282 97,480 – 0.8 Automotive 1 75,173 85,536 86,424 85,742 85,846 0.1 Motorcycles 1 1,679 1,990 2,069 2,272 2,173 – 4.4 Financial Services 20,599 23,739 25,681 27,567 28,165 2.2 Other Entities 7 7 6 7 6 – 14.3 Eliminations 1 – 17,057 – 19,097 – 20,017 – 17,306 – 18,710 – 8.1 Group profit before financial result (EBIT) 1 9,118 9,593 9,386 9,899 9,121 – 7.9 Automotive 1 7,244 7,836 7,695 7,888 6,182 – 21.6 Motorcycles 1 112 182 187 207 175 – 15.5 Financial Services 1,756 1,981 2,184 2,194 2,190 – 0.2 Other Entities 71 169 – 17 14 – 27 – Eliminations 1 – 65 – 575 – 663 – 404 601 – Group profit before tax (EBT) 1 8,707 9,224 9,665 10,675 9,815 – 8.1 Automotive 1 6,886 7,523 7,916 8,717 6,977 – 20.0 Motorcycles 1 107 179 185 205 169 – 17.6 Financial Services 1,723 1,975 2,166 2,207 2,161 – 2.1 Other Entities 154 211 170 80 – 45 – Eliminations 1 – 163 – 664 – 772 – 534 553 – Group income taxes 1 – 2,890 – 2,828 – 2,755 – 2,000 – 2,575 – 28.8 Profit from continuing operations 5,817 6,396 6,910 8,675 7,240 – 16.5 Loss from discontinued operations – – – – – 33 – Group net profit 1 5,817 6,396 6,910 8,675 7,207 – 16.9 Earnings per share 1 in € 8.83 / 8.85 9.70 / 9.72 10.45 / 10.47 13.07 / 13.09 10.82 / 10.84 – 17.2 / – 17.2 Pre-tax return on sales 1, 3 in % (change in %pts) 10.8 10.0 10.3 10.9 10.1 – 0.8 1 Prior year figures adjusted due to first-time application of IFRS 15, see note 6 to the Group Financial Statements.
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