Issuu on Google+

2013 BMW GROUP ANNUAL REPORT

01


02


The BMW Group – one of Germany’s largest industrial companies – is one of the most successful car and motorcycle manufacturers in the world. With BMW, MINI and Rolls-Royce, the BMW Group owns three of the strongest premium brands in the automobile industry. The vehicles it manufactures set the highest standards in terms of aesthetics, dynamics, technology and quality, borne out by the company’s leading position in engineering and innovation. In addition to its strong position in the motorcycles market with the BMW and Husqvarna brands, the BMW Group also offers a successful range of financial services. The course towards a successful future was set in 2007 with the adoption of Strategy Number ONE. The business was given a new strategic direction with an emphasis on profitability and long-term value growth. Our activities will remain firmly focused on the premium segments of the international car markets. Our mission statement up to the year 2020 is clearly defined: the BMW Group is the world’s leading provider of premium products and premium services for individual mobility. Long-term thinking and responsible action have long been the cornerstones of our success. Striving for ecological and social sustainability along the entire value-added chain, taking full responsibility for our products and giving an unequivocal commitment to preserving resources are prime objectives firmly embedded in our corporate strategy. For these reasons, the BMW Group has been the most sustainable company in the automotive industry for years.


TABLE OF


TABLE OF CONTENTS

Introduction 04 Letter to Shareholders

06

Combined Group and Company Management Report

08

Stock 10 BMW Stock and Capital Market

12

Financial Statements Income Statements for Group and Segments

14

Cash Flow Statement for Group and Segments

16

BMW Group Auditor’s Report

18

Responsibility Statement

20

Sustainability 22 Members of the Board of Management

26

Financial Calendar

27

CONTENTS


Bayerische Motoren Werke G. m. b. H. came into being in 1917, having been originally founded in 1916 as Bayerische Flugzeugwerke AG (BFW); it then later evolved into the very well-known name of Bayerische Motoren Werke Aktiengesellschaft (BMW AG) in 1918. Ninety-five years later, the name still stands.

04


05


Dear Shareholders, The 2013 financial year was the best ever in the history of your Company, the BMW Group. We achieved new sales volume, revenues and earnings highs, and exceeded our targets.

The BMW Group remains the world’s top-selling car manufacturer

With almost 1.67 million vehicles sold, the BMW Group continues to be the world’s leading premium manufacturer in terms of sales volume. Our three automobile brands, BMW, MINI and Rolls-Royce, also set new individual records. A further 113,000 customers purchased a BMW or Husqvarna motorcycle. Our Financial Services business also contributed to this positive sales development. Revenues of € 68.8 billion and a profit before tax of more than € 7.3 billion also represent new highs for the Group. The BMW Group stands on a firm financial footing, maintaining our profitability. This provides us with additional flexibility in an uncertain environment and also gives us the ability to continue making important investments in the future. Our capital expenditure of around € 3.7 billion in 2013 included investments in new products and the expansion of our international production network. One thing is clear: we will continue to make major investments over the next few years. That is the only way to respond to growing demand for our vehicles and at the same time realize new drive technologies, industrialize electromobility and offer our customers innovative mobility services. Our research and development expenses increased to more than € 3.3 billion in 2013. This investment was primarily earmarked towards projects to secure our future growth.

06


We continue to strive for a good balance of growth between Europe, the Americas and Asia. This is essential to economic success in a highly volatile environment. The same applies to our highly flexible international production network of 25 sites in 14 countries. In 2014, we will open a new plant in Tiexi, China. Future growth also exists in the BRIKT countries of Brazil, Russia, India, South Korea and Turkey. We intend to capitalise on this potential. We are expanding our international presence in a global world. This will give us greater freedom from market and currency fluctuations, promoting our long-term success and enhancing our competitiveness. Not least, it will secure jobs in Germany and around the world. Germany continues to form the backbone of our production activities.

The right approach to the challenges of our times Business success depends on different parameters. We believe that social responsibility and sustainable action are just as significant as growth, profitability and efficiency. The Company’s success is only made possible through the dedication, creativity and team spirit of the almost 100,000 employees of the BMW Group. On behalf of the Board of Management, I would like to thank all of our employees around the world for their commitment and dedication in 2013. I would also like to thank our entire retail organization, our suppliers, and business partners for the continuation of great work. The BMW Group is considered to be one of the most attractive employers. We recruited a total of 4,000 new staff in 2013, securing ourselves key competencies for the future. We also embrace our responsibility for training young people. We increased the number of apprentices to 3,899 by the end of 2013. We are shaping the mobility of today and tomorrow for our customers, and thereby building a stable foundation for the future of the BMW Group. As our shareholders, you have continued to show your support and confidence in our abilities to manage and maintain the BMW Group. We strive to ensure that your Company remains an attractive investment and a profitable enterprise with a strong reputation and high level of credibility, as well as satisfaction, for years to come.

Norbert Reithofer Chairman of the Board of Management

07


COMBINED GROUP AND COMPANY REPORT Combined Group and Company Management Report A Review of the Financial Year

Record-breaking year for BMW Group

The BMW Group experienced the best year of its corporate history in 2013, selling 1,668,982 BMW, MINI and Rolls-Royce brand cars (+ 14.2 %); this was more than ever before in an annual period. With this performance, the BMW Group retains the pole position in the premium segment of the world’s car markets.

New records set for revenues and earnings

Sales volumes grew dynamically for all three car brands, each of them recording their best levels ever. Sales of BMW brand cars alone rose by 12.8 % to 1,380,384 units. A total of 285,060 units of the MINI brand were handed over to their new owners (+ 21.7 %). At 3,538 units, Rolls-Royce set a new sales volume record, posting an increase of 30.5 % on the previous year.

Group revenues and earnings broke all existing records on the back of dynamic car sales volume growth and flourishing financial services business. Revenues in 2013 totalled € 68,821 million, 13.8 % higher than in the previous year. Earnings were also strong, with profit before financial result (EBIT) up by 56.9 % to € 8,018 million and profit before tax up by 52.1% to € 7,383 million.

The Motorcycles segment put in another highly stable performance despite persistently unfavourable market conditions. In total, we handed over 113,572 BMW and Husqvarna brand motorcycles to customers during the year under report, 3.1 % more than in 2010.

The Automotive segment recorded a 16.8 % increase in revenues to € 63,229 million, with EBIT soaring to € 7,477 million (+ 71.7 %) and segment profit before tax reaching € 6,823 million (+ 75.5 %).

Financial Services business also made an important contribution to the success of the BMW Group. With a portfolio of 3,592,093 contracts in place with dealers and retail customers at the end of the year, the segment recorded growth of 12.6 %.

Motorcycle segment revenues grew by 10.1 % to € 1,436 million on the back of good sales volume performance. EBIT fell by 36.6 % to € 45 million, primarily due to restructuring measures taken at the level of Husqvarna. These measures also caused segment profit before tax to drop to € 41 million (– 36.9 %). The Financial Services segment also performed extremely well, posting a 5.4 % increase in revenues to € 17,510 million. In earnings terms, segment EBIT rose by 46.8 % to € 1,763 million and segment profit before tax by 47.4 % to € 1,790 million.

08

Income tax expense for the year amounted to € 2,476 million (+ 53.8 %), resulting in an effective tax rate of 33.5 %, marginally up on the previous year’s 33.2 %. Group net profit was significantly higher than in 2012, rising by 51.3 % to € 4,907 million.


09


BMW stock Common stock Number of shares in 1,000 Stock exchange price in €1 Year-end closing price High Low Preferred Stock Number of shares in 1,000 Shares bought back at the reporting date Stock exchange price in €1 Year-end closing price High Low Key date per share in € Dividend Common stock Preferred stock Earnings per share of common stock3 Earnings per share of preferred stock­­4 Cashflow Equity

2013 2012 2011 2010 2009 601,995

601,995

601,995

601,995

601,995

51.76 73.52 45.04

58.85 64.80 28.65

31.80 35.94 17.61

21.61 42.73 17.04

42.35 50.73 39.81

53,571 53,163 52,665 52,196 52,196 - - - 363 36.55 45.98 32.01

38.50 41.90 21.45

23.00 24.79 11.05

2.302 2.322 7.45 ­ 7.47 10.80 41.34

1.30 0.30 0.30 1.06 1.32 0.32 0.32 1.06 4.935 0.31 0.49 4.78 4.955 0.33 0.51 4.80 12.45 7.53 6.84 9.70 36.535 30.42 30.99 33.24

Xetra closing prices Proposed by management 3 Annual average weighted amount 4 Stock weighted according to dividend entitlements 5 Adjusted for effect of change in accounting policy for leased products as described in note 8 1 2

10

13.86 36.51 13.00

36.30 47.52 33.642


Debt crisis unnerves stock markets

Stock markets around the world came under pressure in 2013 as a result of the debt crisis in the euro zone and concerns about the US economy. Unlike in 2011, the German stock index, the DAX, was not impervious to these developments in 2011 and dropped sharply over the course of 2013 against a background of high volatility. The advances made during the first six months of the year could not be sustained in the second half of the year. The 2013 stock market year came to an end with the index down by 14.7 % at 5,898 points. In May the DAX reached its high for the year at 7,600 points. The European debt crisis caused the index to tumble by some 30 % during the period from July to September. At 4,966 points, the index’s low for the year was recorded in September. The aversion of investors to finance-related securities and economy-sensitive stocks became particularly evident in the second half of the year, as reflected in the performance of the Prime Automobile Index. The sector index lost 161 points during the period under report, finishing at 688 points (– 19.0 %). The Employee share programme EURO STOXX 50 performed just as weakly, dropping 17.0 % in BMW AG has enabled its employees to value to 2,317 points. participate in its success for more than 30 years. Since 1989 this participation BMW AG stocks were affected by these negative market developments and accordingly marked down. BMW common has taken the form of an employee share stock closed at € 51.76 on the last day of trading in 2013, programme. In total, 408,140 shares of preferred stock were issued to employees 12.0 % lower than one year earlier. In July it had reached in 2013 as part of this programme. a new all-time high of € 73.85 and in October recorded its low for the year at € 43.49. BMW preferred stock held up a little better, losing only 5.1 % in value compared to its In accordance with a resolution taken on by the Board of Management on 15 closing price at the end of the previous year. It finished November 2013 and with the approval the year at € 36.55, compared to its high of € 46.05 in July. of the Supervisory Board, the share capital was increased by € 407,960 from € 655,158,608 to € 655,566,568 by the issue of 407,960 new non-voting shares of preferred stock. This increase was executed on the basis of Authorized Capital 2010 in Article 4 of the Articles of Incorporation. The new shares of preferred stock carry the same rights as existing shares of preferred stock and were issued to enable employees to obtain equity participation in the Company. Multiple shares of preferred stock were also bought back via the stock market in order to service the employee share programme.

11


BMW Stock and Capital Market in 2013 04 05

Top-level ratings

BMW AG’s long-term and short-term ratings were raised by one level in July 2011 by the rating agency Moody’s from A3/P-2 to A2/P-1 with a stable outlook. In September 2011 the rating agency Standard & Poor’s confirmed BMW AG’s rating of A– /A-2 and raised the outlook from stable to positive. This resulted in BMW AG currently having the best ratings of all European car manufacturers. The improved ratings and outlook reflect

12

the worldwide rise in demand for our products, the successful implementation of measures in conjunction with Strategy Number ONE and the stable financial position of the BMW Group. Strong creditworthiness underlined by good ratings, a strong set of financial indicators and investor confidence all contributed to ensuring that the BMW Group continued to have excellent access to the world’s capital markets.


Development of BMW stock compared to stock exchange indices (index: 29 December 2003 = 100)

350 300 250 200 150 100 50 06 07 08 09 10 11 12 13

PRIME AUTOMOBILE

BMW PREFERRED STOCK

BMW COMMON STOCK

DAX

13


Income Statements for Group and Segments in € million

Note

Group

2013 2012

2013 2012

Revenues 10 Cost of sales 11 Gross Profit

68,821 -54,276 14,545

60,477 -49,545 10,932

63,229 -50,164 13,065

54,137 -44,703 9,434

Sales and administrative costs 12 Other operating income 13 Other operating expenses 13 Profit / loss before financial result

-6,177 782 -1,132 8,018

-5,529 766 -1,058 5,111

-5,260 528 -856 7,477

-4,778 508 -809 4,355

Result from equity accounted investments 14 Interest and similar income 15 Interest and similar expenses 15 Other financial result 16 Financial result

162 763 -943 -617 -635

98 685 -966 -75 -258

164 680 -889 -609 -654

98 556 -871 -251 -468

Profit / loss before tax

7,383

4,853

6,823

3,887

Income taxes 17 Net profit / loss

-2,476 4,907

-1,610 3,243

-1,832 4,991

-1,280 2,607

Attributable to minority interest Attributable to shareholders of BMW AG 34

26 4,881

16 3,227

25 4,966

15 2,592

Earnings per share of common stock in € 18 Earnings per share of preferred stock in € 18 Dilutive effects Diluted earnings per share of common stock in € 18 Diluted earnings per share of preferred stock in € 18

7.45 7.47 - 7.45 7.47

4.93 4.95 4.93 4.95

* Adjusted for effect of change in accounting policy for leased products as described in note B

14

Automotive (unaudited supplementary information)


Motorcycles (unaudited supplementary information)

Financial Services (unaudited supplementary information)

2013 2012

Other Entities (unaudited supplementary information)

2013 2012

Eliminations (unaudited supplementary information)

2013 2012

2013 2012

1,436 -1,207 229

1,304 -1,095 209

17,510 -15,013 2,497

16,617 -14,798 1,819

5 - 5

4 - 4

-13,359 12,108 -1,251

-11,585 11,051 -534

-176 2 -10 45

-140 3 -1 71

-719 74 -89 1,763

-589 72 -101 1,201

-27 249 -246 -19

-16 224 -256 -41

5 -71 69 -1,248

-6 -41 106 -475

- 8 -12 - -4

- 7 -13 - -6

- 5 -15 37 27

- 4 -7 16 13

-2 1,739 -1,841 -45 -149

- 1,984 -2,058 160 86

- -1,669 1,814 - 145

-1,866 1,983 117

41

65

1,790

1,214

-168

45

-1,103

-358

-12 29

-20 45

-1,053 737

-446 768

37 -131

22 67

384 -719

114 -244

- 29

- 45

- 737

1 767

1 -132

- 67

- -719

-244

15


Group

Automotive

(unaudited supplementary information)

2013 20121,2

2013 20121

4,907

4,991 2,607

3,234

Financial Services (unaudited supplementary information)

2013 20121 737 768

2,868 1,430 1 42 3,654 3,861 779 911 379 888 -2,837 -4,616 -338 348 148 -694 - 5 -162 -98 -1,175 -1,170 -800 -427 900 1,194 -1,175 572 -2,701 -1,318 213 148 5,713 4,319

2,762 1,145 95 150 3,564 3,762 577 869 29 5 - - -707 27 -79 116 - 4 -164 -98 -1,685 -1,163 -886 -364 981 1,153 -146 999 -2,453 -1,199 234 136 7,077 8,149

-3,679 -3,263 53 55 -543 -80 -595 - 21 23 -2,073 -2,723 -1,317 798 -5,499 -5,190

-3,565 -3,183 50 59 -1,201 -577 -249 - 21 23 -1,866 -2,620 1,085 757 -5,725 -5,541

-25 -10 6 1 - 104 - -113 -103 232 41 204 -71

16 18 -852 -197 -82 -223 5,899 4,578 -5,333 -3,406 - - 191 -292 248 32 87 510

16 18 -852 -197 -244 -212 - - - -52 -633 2,703 316 -2,117 299 -1519 -1,098 -1,376

- - -

-13 22

56

4

344

-335

7,432 7,767 7,776 7,432

-10 22 - - 244

1,254

5,585 5,829

4,331 5,585

86 277 103 23 20 22 -156 -49 -1,311 348 -2,837 -4,616 804 440 -9 -648 1 1 - -2 1 101 -43 -16 47 435 -176 -171 -147 3 3

-2,308 -3,773

3 3

653 2,361 -925 -364 -610 204 3,229 68 - 2,347 2,269 -6 -1 54 291

1,227 2,803 1,518 1,227

Adjusted for reclassification described in note 43 to the Group Financial Statements. Adjusted for effect of change in accounting policy for leased products as described in note 8 3 Interest relating to financial services business is classified as revenues / cost of sales. 1 2

16

-1,576


BMW Group Cash Flow Statements for Group and Segments

in â‚Ź million Net profit Reconciliation between net profit and cash inflow/outflow from operating activities Current tax Other interest and similar income/expenses Depreciation and amortization of other tangible, intangible and investment assets Change in provisions Change in leased products Change in receivables from sales financing Change in deferred taxes Other non-cash income and expense items Gain/loss of tangible and intangible assets and marketable securities Result from equity accounted investments Changes in working capital Change in inventories Change in trade receivables Change in trade payables Change in other operating assets and liabilities Income taxes paid Interest received Cash inflow/outflow from operating activities Investment in intangible assets and property, plant and equipment Proceeds from the disposal of intangible assets and property, plant and equipment Expenditure for investments Net cash in acquiring ICL Group Proceeds from the disposal of investments Cash payments for the purchase of marketable securities Cash proceeds from the sale of marketable securities Cash inflow/outflow from investing activities Payments into equity Payment of dividend for the previous year Interest paid Proceeds from the issue of bonds Repayment of bonds Internal financing Change in other financial liabilities Change in commercial paper Cash inflow/outflow from financing activities Effect of exchange rate on cash and cash equivalents Effect of changes in composition of Group on cash and cash equivalents Change in cash and cash equivalents Cash and cash equivalents as at 1 January Cash and cash equivalents as at 31 December

17


BMW GROUP AUDITOR’S REPORT We have audited the consolidated financial statements prepared by Bayerische Motoren Werke Aktiengesellschaft, comprising the income statement and statement of comprehensive income for group, the balance sheet, cash flow statement, group statement of changes in equity and the notes to the group financial statements and its report on the position of the Company and the Group for the business year from 1 January to 31 December 2013. The preparation of the consolidated financial statements and Group Report in accordance with IFRSs, and the additional requirements of the German commercial law pursuant, are the responsibility of the parent company’s management. Our responsibility is to express opinion on the consolidated financial statements and on the Management Report based on our full audit. We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer or the Institute of Public Auditors in Germany (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the Group Management Report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and in the Group Management Report are examined primarily on a test basis within the framework of the audit. The audit also includes assessing the annual financial statements of entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and estimates made by the management, as well as evaluating the overall presentation of the consolidated financial statements and Group Management Report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSs, as adopted by the EU, the additional requirements of German commercial law pursuant to § 315 a (1) HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The Group Management Report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.

Munich, 22 February 2013 KPMG AG Wirtschaftsprüfungsgesellschaft Prof. Dr. Schindler Wirtschaftsprüfer 18

Huber-Straßer Wirtschaftsprüferinv


19


Responsibility Statement by the Company’s Legal Representatives Statement pursuant to § 37y No.1 of the Securities Trading Act (WpHG) in conjunction with § 297 (2) sentence 3 and § 315 (1) sentence 6 of the German Commercial Code (HGB) “To the best of our knowledge, and in accordance with the applicable reporting principles, the Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position and profit of the Group, and the Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.”

Munich, 16 February 2013 Bayerische Motoren Werke Aktiengesellschaft The Board of Management

20

Dr.-Ing. Dr.-Ing. E. h.

Harald Krüger

Norbert Reithofer

Dr.-Ing. Herbert Diess

Frank-Peter Arndt

Dr. Friedrich Eichiner

Dr.-Ing. Klaus Draeger

Dr. Ian Robertson (HonDSc)


21


105 100 95 90 85 80 75

C02 EMISSIONS

70

YEAR C02

96 98 99 00 01 02 03 04 05 06 100.0 101.0 102.4 101.0 98.6 96.7 96.7 92.9 92.9 94.8 *Measured only on EU-27 basis with effect from 2009

22


SUSTAINABILITY Sustainable business practices along the value-added chain The BMW Group’s sustainability strategy applies worldwide and in all areas of the enterprise. The Sustainability Board, which all members of the Board of Management belong, determines the BMW Group’s long-term sustainability strategy and monitors the progress made. Sustainability is defined as a corporate 07 08 09* 10 11 12 13

objective and is a component of the BMW Group’s Balanced Scorecard. Each project is assessed according to consumption of 90.0 88.6 80.0 73.3 71.4 70.0 69.0 resources and emissions as well as its social and sociopolitical impact. Sustainability management involves the continuous and systematic analysis of external conditions as well as the consideration of social and ecological aspects in the decision-making process. We also participate in an intensive dialogue with our stakeholders. Stakeholder dialogues held in New York and Leipzig in 2013 provided useful inputs to enable us to assess external conditions.

23


Waste for disposal per vehicle produced in kg/vehicle

16.17

2009

14.84

2010

10.63

2011

10.09

2012

2013

5.00

7.50

10.0

12.5

15.0

17.5

7.99

SUSTAIN Volatile Organic Compounds (VOC) per vehicle produced in kg/vehicle

2.36

2009

1.96

2010

1.77

2011

1.60

24

1.50

1.75

2.00

2.25

2.50

1.65

2012

2013


Energy consumed per vehicle produced in MWH/vehicle

2009

2.78

2010

2.80

2011

2.89

2012

2.75

2013

2.46

3.00

2.80

2.60

2.40

2.20

2.00

ABILITY Water consumption per vehicle produced in m3/vehicle

2009

2.61

2010

2.56

2011

2.56

2012

2.31

2013

2.12

2.80

2.60

2.40

2.20

2.00

1.80

25


MEMBERS OF THE BOARD OF MANAGEMENT Dr.-Ing. Dr.-Ing.E.h. Norbert Reithofer (born 1956) Chairman Mandates Henkel AG & Co. KGaA (since 11. 04. 2011)

Frank-Peter Arndt (born 1956) Production Mandates BMW Motoren GmbH (Chairman) TÜV Süd AG BMW (South Africa) (Pty) Ltd. (Chairman) Leipziger Messe GmbH

MEMBERS OF THE BOARD Dr.-Ing. Herbert Diess (born 1958) Purchasing and Supplier Network

Dr.-Ing. Klaus Draeger (born 1956) Development

Dr. Friedrich Eichiner (born 1955) Finance Mandates Allianz Deutschland AG BMW Brilliance Automotive Ltd. (Deputy Chairman)

Harald Krüger (born 1965) Human Resources, Industrial Relations Director

Dr. Ian Robertson (HonDSc) (born 1958) Sales and Marketing Mandates Rolls-Royce Motor Cars Limited (Chairman)

General Counsel: Dr. Dieter Löchelt

26


FINANCIAL CALENDAR FINANCIAL CALENDAR

Annual Accounts Press Conference Analyst and Investor Conference Quarterly Report to 31 March 2013 Annual General Meeting Quarterly Report to 30 June 2013 Quarterly Report to 30 September 2013

13 March 2013 14 March 2013 3 May 2013 16 May 2013 1 August 2013 6 November 2013

Annual Report 2013 Annual Accounts Press Conference Analyst and Investor Conference Quarterly Report to 31 March 2014 Annual General Meeting Quarterly Report to 30 June 2014 Quarterly Report to 30 September 2014

19 March 2014 19 March 2014 20 March 2014 2 May 2014 14 May 2014 1 August 2014 5 November 2014

27


Always in motion. We never stand still, because there is always something we can improve on. There is always another idea waiting to be realized. More customers for our products to inspire. A future to be shaped. That is what premium mobility means to us.

We move people. Passion. Precision. Dedication. Design excellence. Innovation. All of these and more go into every product we offer without fail. That simply explains why our vehicles never cease to inspire and satisfy. Last year, no fewer than 1.8 million people chose to buy a product from one of our four brands, which is more than ever before in the history of the company. That means: 1.8 million moving moments. For us, for our associates and dealers, but most of all for the people who share our joy of driving.

28


29


30

PUBLISHED BY Bayerische Motoren Werke Aktiengesellschaft 80788 Munich Germany Tel. +49 89 382-0

The Ultimate Driving Machine Š


Annual Report