Geschäftsbericht – BMW Group
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2015 Board of Directors Contents
EFFECTIVE FIRST DAY OF THE MONTH UNLESS OTHERWISE NOTED January 2015 BOARD OF DIRECTORS CONTENTS The SCCA National Board of Directors met at the SCCA National Office on Saturday, BOARD OF DIRECTORS 1 December 13 and Sunday, December 14. Area Directors in attendance were: John SOLO 25 Walsh, Chairman, Dick Patullo, Vice-Chairman, Bill Kephart, Todd Butler, Secretary; SEB Minutes 25 Michael Lewis, Treasurer; Dan Helman, Robin Langlotz, Steve Harris, Bruce CLUB RACING 30 Lindstrand, Terry Hanushek, Tere Pulliam, Peter Zekert, Brian McCarthy and newly CRB Minutes 30 elected directors, KJ Christopher and Lee Hill. Technical Bulletin 41 The following SCCA, Inc. staff participated in the meeting: Lisa Noble, President and Court of Appeals None CEO; Robert Clarke, President of SCCA Pro Racing); Richard Ehret, Vice President Time Trials Admin. Council 53 Finance; Howard Duncan, Vice President Rally/Solo & Special Projects; Terry RALLY 54 Ozment, Vice President Club Racing; Eric Prill, Chief Operations Officer; Colan Arnold, RallyCross 54 Vice President Member & Region Services; Mindi Pfannenstiel, Senior Director of Road Rally 55 Accounting; Reece White, Senior Manager of Marketing and Communications; John LINKS 58 Bauer, Technical Manager, Club Racing, Chris Blum, Technical Assistant , Deanna Flanagan, Senior Manager of Club Racing and Aimee Thoennes, Executive Assistant. The following guest participated: Jim Wheeler, CRB Chairman. The secretary acknowledges that these minutes may not appear in chronological order and that all participants were not present for the entire meeting. The meeting was called to order by Vice Chair Patullo. EXECUTIVE REPORT: Noble presented the Executive Report with recognition that membership is up, staff is energized and motivated by recent restructuring and club growth programs. -
MXM Digital Service Gmbh Munich
WHAT WILL INDIVIDUAL MOBILITY L OOK LIKE IN THE FUTURE? Carlo RATTI Susanne KLATTEN 188 THE NEXT 100 OKT_188-195_Talk_Klatten-Ratti.indd 188 26.10.16 15:04 BMW WELT, MUNICH, 8 JUNE 2016 MEET ING OF M INDS 189 OKT_188-195_Talk_Klatten-Ratti.indd 189 26.10.16 15:04 I nterviewer A D R IANO SACK Photos D I RK B R UNIECKI WHA T WILL IND I V I D UAL CR: Sharing could have advantages for families, M O BIL I T Y too. They could easily adjust the size of the car to L OOK LI KE IN THE FU T URE? their needs. Instead of a four-seater, they could pick up a small van. If you combine the potential SUSANNE KLATTEN: There are a number of possible of car-sharing and ride-sharing you could run a scenarios: you might share a car with other city such as New York with 20 percent fewer cars. people who have roughly the same route as you The question is: will people want to do it? Will the have, which means you have to plan ahead. Or car be a status symbol? What we are observing at you could book a car that is parked around the MIT is that only ten years ago, it was cool to drive corner and just leave it somewhere handy, to university in a big car. Now it’s considered cool and it’ll stay there till you get back. You’ll be to use a Zipcar or an Uber. What used to be the provided with increasingly detailed information value in owning a car has migrated to a about traffic jams so you can take the least busy smartphone or something more ephemeral. -
Annual Report 2019 Annual Report 2019
SGL Carbon SE Annual Report 2019 Annual Report 2019 Key Figures 2019 Ŷm Footnote 2019 2018 Change Financial performance Sales revenue ƇƐƎƌƍ ƇƐƊƍƋ Ɖƍ thereof outside Germany ƌƏ ƌƌ - thereof in Germany ƉƇ ƉƊ - EBITDA before non-recurring items Ƈ ƇƈƐƐ Ƈƈƍƈ –Ƌƍ Operating profit/loss (EBIT) before non-recurring items Ƈ ƊƎƊ ƌƊƌ –ƈƋƇ Result from continuing operations before income taxes –ƍƉƈ ƋƇƉ >-ƇƐƐ Consolidated net result (attributable to the shareholders of the parent company) –ƏƐƐ ƊƇƉ >-ƇƐƐ Return on sales (EBIT-margin) ƈ ƊƋ ƌƈ -Ƈƍ-points Return on capital employed (ROCE EBIT) Ɖ ƉƏ ƋƊ -ƇƋ-points Return on capital employed (ROCE EBITDA) Ɗ Əƌ ƇƐƋ -ƐƏ-points Earnings per share, basic and diluted (in Ŷ) –ƐƍƊ ƐƉƊ >-ƇƐƐ Net assets Equity attributable to the shareholders of the parent company ƊƇƎƌ ƋƉƇƌ –ƈƇƉ Total assets ƇƋƐƊƎ ƇƋƎƋƇ –ƋƇ Net financial debt ƈƎƎƋ ƈƊƈƈ ƇƏƇ Equity ratio Ƌ ƈƍƎ ƉƉƋ -Ƌƍ-points Gearing ƌ ƐƌƏ ƐƊƌ ƋƇƉ Headcount ƍ ƋƇƈƍ ƋƐƉƇ ƇƏ Financial position Payments to purchase intangible assets and property, plant and equipment ƏƋƇ ƍƎƇ ƈƇƎ Depreciation/amortization expense ƍƇƌ ƌƈƌ ƇƊƊ Working capital ƊƐƌƎ ƊƇƏƇ –ƈƏ Free cash flow Ǝ –ƇƍƉ –ƋƎƋ ƍƐƊ 1) Before non-recurring items of minus Ŷ82.7 million in 2019 and Ŷ16.3 million in 2018 2) EBIT before non-recurring items to sales revenue 3) EBIT before non-recurring items to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital) 4) EBITDA before non-recurring items to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital) 5) Equity attributable to the shareholders of the parent company to total assets 6) Net financial debt to equity attributable to the shareholders of the parent company 7) As of Dec. -
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 -
Qualitative and Quantitative Analysis of Bmw Group
QUALITATIVE AND QUANTITATIVE ANALYSIS OF BMW GROUP Authors (Universitat de Barcelona): Aitor Pozo Cardenal Ferran Carrió Garcia EDITOR: Jordi Marti Pidelaserra (Dpt. Comptabilitat, Universitat Barcelona) The BMW Group 2013 Investing in the BMW group What do we have to know? Aitor Pozo Cardenal Ferran Carrió Garcia 2 The BMW Group 2013 Summary 1. First Part (pages 4 to 28) 0. A little about the BMW group. 1. Its history. 2. Corporate responsibility. 3. Brands, main matrix and subsidiaries. 4. Targets. 5. BMW: Huge and profitable business (shareholders). 6. Financial services. 7. Innovation. 8. Internationalization. 9. Bibliography. 2. Second part (pages 29 to 44) 0. Introducing the topic 1. Market analysis 2. Market comparison 3. Short term risks 4. Long term analysis 5. The balance sheet’s evolution 6. Debts situation 7. Market risks 3 The BMW Group 2013 3. Third part (pages 45 to 68) 1. ROE 2. ROA 3. Value added 4. Cost of capital (K) 5. Optimal BMW situation 6. Profitability respect to the risk in a short term period 7. PER and Price x share 8. Conclusions 4. Bibliography (page 69) 4 The BMW Group 2013 1. First Part A little bit about the BMW Group 5 The BMW Group 2013 0. A little bit about the BMW group It’s not easy thinking about one interesting firm that allows us to work out with all the necessary information needed to develop some interesting lines, us we will do in this work. The BMW Group – one of Germany’s largest industrial companies – is one of the most successful car and motorcycle manufacturers in the world. -
Geschäftsbericht 2013
GESCHÄFTSBERICHT 2013 Inhalt 3 BMW GROUP IN ZAHLEN 6 BERICHT DES AUFSICHTSRATS 14 VORWORT DES VORSTANDSVORSITZENDEN 18 ZUSAMMENGEFASSTER LAGEBERICHT 18 Grundlagen des Konzerns 18 Geschäftsmodell 20 Steuerungssystem 23 Forschung und Entwicklung 24 Wirtschaftsbericht 24 Gesamtaussage 24 Gesamtwirtschaftliche und branchenbezogene Rahmenbedingungen 27 Finanzielle und nichtfinanzielle Leistungsindikatoren 29 Geschäftsverlauf 47 Ertrags-, Finanz- und Vermögenslage 62 Nachtragsbericht 63 Prognose-, Risiko- und Chancenbericht 63 Prognosebericht 68 Risikobericht 77 Chancenbericht 81 Internes Kontrollsystem und Risikomanagementsystem bezogen auf den Konzernrechnungslegungsprozess 82 Übernahmerelevante Angaben 85 BMW Aktie und Kapitalmarkt im Jahr 2013 88 KONZERNABSCHLUSS 88 Gewinn-und-Verlust-Rechnungen des Konzerns und der Segmente 88 Gesamtergebnisrechnung des Konzerns 90 Konzernbilanz und Segmentbilanzen 92 Kapitalflussrechnungen des Konzerns und der Segmente 94 Entwicklung des Konzerneigenkapitals 96 Konzernanhang 96 Grundsätze 114 Erläuterungen zur Gewinn-und-Verlust-Rechnung 121 Erläuterungen zur Gesamtergebnisrechnung 122 Erläuterungen zur Bilanz 145 Sonstige Angaben 161 Segmentinformationen 166 ERKLÄRUNG ZUR UNTERNEHMENSFÜHRUNG (§ 289 a HGB) CORPORATE GOVERNANCE (Teil des zusammengefassten Lageberichts) 166 Grundlegendes zur Unternehmensverfassung 167 Erklärung des Vorstands und des Aufsichtsrats gemäß § 161 AktG 168 Mitglieder des Vorstands 169 Mitglieder des Aufsichtsrats 172 Zusammensetzung und Arbeitsweise des Vorstands der BMW AG und -
IN the UNITED STATES COURT of APPEALS for the DISTRICT of COLUMBIA CIRCUIT Calpine Corporation, Et Al. Petitioner, V. EPA, Et Al
USCA Case #20-1177 Document #1849385 Filed: 06/29/2020 Page 1 of 17 IN THE UNITED STATES COURT OF APPEALS FOR THE DISTRICT OF COLUMBIA CIRCUIT ) Calpine Corporation, et al. ) ) Petitioner, ) ) v. ) Case No. 20-1177 ) (and consolidated cases) EPA, et al., ) ) NOT YET SCHEDULED FOR Respondents. ) ORAL ARGUMENT ) ) MOTION TO INTERVENE OF AUTOMOBILE MANUFACTURERS Pursuant to Rule of Appellate Procedure 15(d) and D.C. Circuit Rule 15(b), American Honda Motor Co., Inc., BMW of North America, LLC, Ford Motor Company, Rolls-Royce Motor Cars NA, LLC, and Volkswagen Group of America, Inc. (together, the “Automobile Manufacturers”) hereby move to intervene in these consolidated actions seeking review of the final rule titled The Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule for Model Years 2021-2026 Passenger Cars and Light Trucks, published at 85 Fed. Reg. 24174 (Apr. 30, 2020) (“SAFE Rule Part Two” or the “Rule”).1 The Automobile Manufacturers seek to intervene 1 See D.C. Cir. R. 15(b) (“A motion to intervene in a case before this court concerning direct review of an agency action will be deemed a motion to intervene (Page 1 of Total) USCA Case #20-1177 Document #1849385 Filed: 06/29/2020 Page 2 of 17 solely with respect to the issue of the remedy in the event this Court grants a petition for review challenging SAFE Rule Part Two. The Automobile Manufacturers do not take a position on the merits of Petitioners’ challenges to SAFE Rule Part Two. Each of the Automobile Manufacturers intends to achieve greater greenhouse gas emissions reductions for light duty automobiles than would be required by SAFE Rule Part Two. -
Technology Workshops 2017
TECHNOLOGY WORKSHOPS 2017. December 2017 STRATEGY NUMBER ONE > NEXT CONTINUES THE SUCCESSFUL BUSINESS DEVELOPMENT AND CHARTS THE COURSE FOR AN INNOVATIVE FUTURE. 2007 2016 + Strategy Number ONE NUMBER ONE > NEXT BMW i Electrification as the new normal EfficientDynamics Autonomous driving Services Digitalization AS A DRIVING FORCE OF INNOVATION, iNEXT WILL SET NEW STANDARDS FOR THE MOBILITY OF THE FUTURE. iNEXT iNEXT iNEXT improves iNext fosters accelerates emotions simplifies driving experiences networking BMW iNEXT E-Mobility/ Driving force of innovation. Highly automated / Artificial Design / Interior of Connectivity Lightweight autonomous driving intelligence the future construction Strategic cooperation 1 DRIVE TECHNOLOGY IN GLOBAL MARKETS WITH DIFFERING LEGISLATIVE, INFRASTRUCTURE AND CUSTOMER DEMANDS, FLEXIBILITY IS KEY. Challenging CO2 requirements Customers reluctant as regards xEV Very heterogeneous legislation, depending on country NEV legislation License plate lottery ZEV legislation Massive market regulation Low fuel prices Focus on BEVs BEV focus on US West and East Coast RoW: Challenging infrastructure for EVs Heterogeneous customer demands OUR R&D ACTIVITIES ENSURE OUR TECHNOLOGICAL LEAD IN E-MOBILITY. Gen 5 modular kit Technology project on battery technology Variants PHEV & BEV Product expertise for cells HEAT, CCU, HVS scalable from UKL to GKL flat battery, cell formats Cell HV battery Power electronics Charging Performance leader Qualification 800 V, 300 kW HEAT XL 300 kW Charging 360° E-drive Stationary New business segments Agile development methods battery Stationary batteries faster & more efficient Digitalization Fuel cell Field data analysis Cost leader Ensuring lead in innovation Early fault detection for BEV Ensuring supply of Patent initiative (diagnosis) commodities and production capacities FLEXIBLE MIX OF DIFFERENT DRIVE SYSTEMS THANKS TO THE PREPARATION OF VEHICLE ARCHITECTURES AND QUALIFICATION OF PLANTS TO HANDLE BOTH E-DRIVES AND COMBUSTION ENGINES. -
Power of Choice, 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 -
Annual Report 2020 Annual Report 2020 SGL Carbon SE 2
SGL Carbon SE Annual Report 2020 Annual Report 2020 2 Key Figures 2020 €m Footnote 2020 2019 Change Financial performance Sales revenue 919.4 1,086.7 – 15.4% thereof outside Germany 69% 69% - thereof in Germany 31% 31% - EBITDA before non-recurring items 1) 123.5 120.0 2.9% Operating EBIT before non-recurring items 9) 19.5 46.6 – 58.2% Operating profit/loss (EBIT) before non-recurring items 1) 50.2 48.4 3.7% Result from continuing operations before income taxes – 123.1 – 73.2 – 68.2% Consolidated net result (attributable to the shareholders of the parent company) – 132.2 – 90.0 – 46.9% Return on sales (EBIT-margin) 2) 5.5% 4.5% +1.0%-points Return on capital employed (ROCE EBIT) 3) 4.5% 3.9% +0.6%-points Return on capital employed (ROCE EBITDA)4)11.1% 9.6% +1.5%-points Earnings per share, basic and diluted (in €) – 1.08 – 0.74 – 45.9% Net assets Equity attributable to the shareholders of the parent company 220.7 418.6 – 47.3% Total assets 1,258.8 1,504.8 – 16.3% Net financial debt 286.5 288.5 0.7% Equity ratio 5) 17.5% 27.8% - Leverage Ratio 6) 2.3 2.4 4.2% Headcount 7) 4,837 5,127 – 5.7% Financial position Payments to purchase intangible assets and property, plant and equipment 55.8 95.1 – 41.3% Depreciation/amortization expense 73.3 71.6 2.4% Working capital 351.8 406.8 – 13.5% Free cash flow 8) 73.7 – 17.3 - 1) Before non-recurring items of minus €143.9 million in 2020 and minus €82.7 million in 2019 2) EBIT before non-recurring items to sales revenue 3) EBIT before non-recurring items to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital) 4) EBITDA before non-recurring items to average capital employed (total of goodwill, other intangible assets, property, plant and equipment, investments accounted for At-Equity and working capital) 5) Equity attributable to the shareholders of the parent company to total assets 6) Net financial debt to EBITDA before non-recurring items 7) As of Dec. -
BMW History BMW in the 1910S - the Beginning
BMW history BMW in the 1910s - the beginning To better understand BMW today you have to know and understand BMW history. The last century gives the “flavor” of today’s BMW cars, the ingredient that makes them so special. This “special” can be almost seen as the soul of a person. BMW cars have an unmistakably personality and an obsessive care about the feeling of driving, thus their slogan "the ultimate driving machine". This creates a bond between the car and the driver that may last for a lifetime. These three magic letters stand for Bayerische Motoren Werke, or in English, Bavarian Motor Works. The "Motor" is the core of this acronym and is the foundation; the key part around which BMW builds every product. BMW Drives invites you to be part in this amazing trip and you will find out the story that lies behind BMW. HOW BMW PROGRESSED FROM THIS TO 1913 The man who started all was Karl Friedrich Rapp in October 1913. Not everybody knows that BMW started as a manufacturer of aircraft with Austro-Daimler, who was unable to meet its demands that of building V12 Aero engines under license. The company expanded too quickly, and by 1916 Karl Friedrich Rapp resigned from the company because of financial troubles. The company was taken over by two Austrians Franz- Josef Popp and Max Fritz backed by a Vienna engines. Rapp establishes "Rapp-Motorenwerke" in a former bicycle factory near Munich. He starts manufacturing his own aircraft engines but unfortunately they suffered form problems with vibrations. Close to Rapp´s factory, Gustav Otto, the son of the inventor of the four-stroke internal combustion engine, sets up a business building small aircrafts. -
International Property Handbook H1 2015
International property handbook H1 2015 Confidential – key clients only Introduction Contents Welcome to the first edition of the International Property Handbook, our International economic III Germany 33 semi-annual review of real estate investment in 20 countries and over overview 50 cities. Drawing on expertise from across Deloitte’s global real estate Ireland 41 International investment V network, the Handbook tracks the flows of real estate capital and acts as a Italy 46 useful guide to investment trends and key deals in the most active markets. activity Japan 51 Cross-border investment VI And there is certainly no shortage of activity: 2014 investment levels Netherlands 57 exceed those recorded in 2013 in almost every country covered, and in Pricing and performance VII Norway 62 many cases the impact of this demand has pushed down yields, boosting Listed property performance X pricing of directly- and indirectly-held real estate alike. What’s more, the Poland 67 Private fundraising XI share of cross border transactions continues to rise. Nevertheless, just as Russia 72 economic prospects continue to vary markedly from country to country, Data summary XII Singapore 76 so too does the outlook for real estate investment and performance, with International tax rates XIII some locations slowing as others gain momentum. South Korea 80 Key contacts by market XV Spain 85 We hope you find this report useful, and would encourage you to get in Australia 1 touch with your local market contact with any questions. Sweden 91 Belgium 9 Taiwan 96 Robert O’Brien Canada 14 Global Real Estate Leader United Kingdom 100 China 22 United States 106 France 28 Recent global research 120 International property handbook H1 2015 II International economic overview GDP growth: 2014 and short-term outlook • Global economic prospects remain decidedly mixed.