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

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 <ul style="display: flex;"><li style="flex:1">1</li><li style="flex:1">4</li></ul><ul style="display: flex;"><li style="flex:1">TO OUR SHAREHOLDERS </li><li style="flex:1">CORPORATE </li></ul>GOVERNANCE Page Page 48BMW 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 2Page 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 <ul style="display: flex;"><li style="flex:1">(Part of the Combined Management Report) </li><li style="flex:1">Page 44 Report on Economic Position </li></ul>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 5Page 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 3GROUP 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: <a href="/goto?url=http://annual-report2017.bmwgroup.com" target="_blank">http://annual-report2017.bmwgroup.com </a>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 <a href="/goto?url=https://www.dat.de/en/offers/publications/" target="_blank">charge from all dealerships and at https://www.dat.de/en/offers/publications/ </a>guideline-for-fuel-consumption.html. 1To 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 48BMW 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 14To Our Shareholders BMW GROUP IN FIGURES BMW Group in Figures Key non-financial performance indicators • 01 <ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>2017 Change in % Group 1Workforceꢀatꢀyear-endꢀ <ul style="display: flex;"><li style="flex:1">110,351 </li><li style="flex:1">116,324 </li><li style="flex:1">122,244 </li><li style="flex:1">124,729 </li></ul>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 <ul style="display: flex;"><li style="flex:1">115,215 </li><li style="flex:1">123,495 </li><li style="flex:1">136,963 </li><li style="flex:1">145,032 </li></ul>164,153 13.2 Further non-financial performance figures • 02 <ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>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 <ul style="display: flex;"><li style="flex:1">3.2 </li><li style="flex:1">MINI </li></ul>Rolls-Royce Total2 –16.2 <ul style="display: flex;"><li style="flex:1">4.1 </li><li style="flex:1">1,963,798 </li><li style="flex:1">2,117,965 </li><li style="flex:1">2,247,485 </li><li style="flex:1">2,367,603 </li></ul>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 <ul style="display: flex;"><li style="flex:1">7.3 </li><li style="flex:1">MINI </li></ul>Rolls-Royce Total5 – 20.8 <ul style="display: flex;"><li style="flex:1">6.2 </li><li style="flex:1">2,006,366 </li><li style="flex:1">2,165,566 </li><li style="flex:1">2,279,503 </li><li style="flex:1">2,359,756 </li></ul>2,505,741 motorcycles seGment Production volume6 BMW <ul style="display: flex;"><li style="flex:1">110,127 </li><li style="flex:1">133,615 </li><li style="flex:1">151,004 </li><li style="flex:1">145,555 </li></ul>185,682 27.6 1.0 FinAnciAl services seGment New contracts with retail customers <ul style="display: flex;"><li style="flex:1">1,471,385 </li><li style="flex:1">1,509,113 </li><li style="flex:1">1,655,961 </li><li style="flex:1">1,811,157 </li></ul>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). 3EU-28. 4Excluding 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). 6Excluding Husqvarna, production up to 2013: 59,426 units. 5Key financial performance indicators • 03 <ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>2017 Change in % Group Profitꢀbeforeꢀtaxꢀinꢀ€ꢀmillion <ul style="display: flex;"><li style="flex:1">7,893 </li><li style="flex:1">8,707 </li><li style="flex:1">9,224 </li><li style="flex:1">9,665 </li></ul>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 <ul style="display: flex;"><li style="flex:1">–</li><li style="flex:1">EBIT margin in % (change in %pts) </li></ul><ul style="display: flex;"><li style="flex:1">RoCE in % (change in %pts) </li><li style="flex:1">63.0 </li><li style="flex:1">61.7 </li><li style="flex:1">72.2 </li><li style="flex:1">74.3 </li></ul>78.6 4.3 motorcycles seGment EBIT margin in % (change in %pts) RoCE in % (change in %pts) <ul style="display: flex;"><li style="flex:1">5.3 </li><li style="flex:1">6.7 </li><li style="flex:1">9.1 </li><li style="flex:1">9.0 </li></ul>9.1 0.1 <ul style="display: flex;"><li style="flex:1">1.0 </li><li style="flex:1">16.4 </li><li style="flex:1">21.8 </li><li style="flex:1">31.6 </li><li style="flex:1">33.0 </li></ul>34.0 FinAnciAl services seGment <ul style="display: flex;"><li style="flex:1">RoE in % (change in %pts) </li><li style="flex:1">20.0 </li><li style="flex:1">19.4 </li><li style="flex:1">20.2 </li><li style="flex:1">21.2 </li></ul>18.1 – 3.1 Further financial performance figures • 04 <ul style="display: flex;"><li style="flex:1">in € million </li><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>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 <ul style="display: flex;"><li style="flex:1">Revenues </li><li style="flex:1">76,059 </li></ul>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 74.8 <ul style="display: flex;"><li style="flex:1">2.5 </li><li style="flex:1">Automotive </li></ul>Motorcycles Financial Services Other Entities Eliminations 10.3 <ul style="display: flex;"><li style="flex:1">7.3 </li><li style="flex:1">19,874 </li></ul>6 20,599 7 23,739 7 25,681 <ul style="display: flex;"><li style="flex:1">6</li><li style="flex:1">16.7 </li></ul><ul style="display: flex;"><li style="flex:1">1.3 </li><li style="flex:1">–15,955 </li><li style="flex:1">–17,057 </li><li style="flex:1">–19,097 </li><li style="flex:1">– 20,017 </li></ul>–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 <ul style="display: flex;"><li style="flex:1">0.5 </li><li style="flex:1">Financial Services </li></ul>Other Entities 1,643 44 1,756 71 1,981 169 2,184 –17 2,194 14 –<ul style="display: flex;"><li style="flex:1">Eliminations </li><li style="flex:1">– 437 </li><li style="flex:1">– 65 </li><li style="flex:1">– 575 </li><li style="flex:1">– 663 </li></ul>– 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 <ul style="display: flex;"><li style="flex:1">1.9 </li><li style="flex:1">Financial Services </li></ul>Other Entities Eliminations 1,619 164 1,723 154 1,975 211 2,166 170 2,207 80 – 52.9 <ul style="display: flex;"><li style="flex:1">31.6 </li><li style="flex:1">– 527 </li><li style="flex:1">–163 </li><li style="flex:1">– 664 </li><li style="flex:1">– 772 </li></ul>– 528 <ul style="display: flex;"><li style="flex:1">Income taxes </li><li style="flex:1">– 2,564 </li></ul>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. 6To Our Shareholders BMW Group deliveries of automobiles* • 05 BMW Group revenues • 07 BMW Group in Figures <ul style="display: flex;"><li style="flex:1">in 1,000 units </li><li style="flex:1">in € billion </li></ul>2,463.5 2,367.6 98.7 94.2 92.2 <ul style="display: flex;"><li style="flex:1">2,500 </li><li style="flex:1">100 </li></ul>2,247.5 2,118.0 1,963.8 80.4 76.1 <ul style="display: flex;"><li style="flex:1">1,250 </li><li style="flex:1">50 </li></ul><ul style="display: flex;"><li style="flex:1">0</li><li style="flex:1">0</li></ul><ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>2017 <ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>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 <ul style="display: flex;"><li style="flex:1">in € million </li><li style="flex:1">in € million </li></ul>10,655 <ul style="display: flex;"><li style="flex:1">11,000 </li><li style="flex:1">11,000 </li></ul>9,880 9,665 9,593 9,386 9,224 9,118 8,707 7,978 7,893 <ul style="display: flex;"><li style="flex:1">5,500 </li><li style="flex:1">5,500 </li></ul><ul style="display: flex;"><li style="flex:1">0</li><li style="flex:1">0</li></ul><ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>2017 <ul style="display: flex;"><li style="flex:1">2013 </li><li style="flex:1">2014 </li><li style="flex:1">2015 </li><li style="flex:1">2016 </li></ul>

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

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