Financial Statements of BMW Ag
Financial Statements of BMW Ag
Financial Statements of BMW Ag
OF BMW AG
Financial Year 2020
Financial BMW AG in Figures
2
Statements of
BMW AG
Production
Automobiles 1 Units 2,255,608 2,564,025 – 12.0
Motorcycles Units 168,115 187,116 – 10.2
Deliveries
Automobiles 1 Units 2,249,943 2,555,795 – 12.0
Motorcycles Units 170,918 180,941 – 5.5
FINANCIAL
STATEMENTS
PUBLICATION
ASSETS
Intangible assets 1 488 405
Property, plant and equipment 2 12,520 12,473
Investments 3 3,826 3,762
Tangible, intangible and investment assets 16,834 16,640
Prepaid expenses 8 73 58
Surplus of pension and similar plan assets over liabilities 9 1,261 1,086
Total assets 57,640 55,819
Financial Balance Sheet at 31 December
5
Statements of
BMW AG
INCOME STATEMENT
THE FINANCIAL
STATEMENTS The financial statements of Bayerische Motoren
Werke Aktiengesellschaft (BMW AG) have been drawn up
in accordance with the accounting provisions contained
in the German Commercial Code (HGB) and legislation
applicable to stock corporations. Figures are presented
in millions of euro (€ million) unless otherwise stated.
BMW AG, which has its legal seat in Munich, is regis
tered in the Commercial Register of the District Court
of Munich under the number HRB 42243.
Investments in current marketable securities are using the average market interest rate for the past ten including current estimations based on past experience
measured at cost or, if lower, at their fair value at the financial years and that for the past seven financial years with the nature and amount of claims relating to vehi
end of the reporting period. Fair value corresponds to is disclosed in the notes to the financial statements. The cles delivered. In addition, the future level of potential
the market price. provisions for long-service awards and for pre-retirement repair costs (comprising materials and labour) as well
part-time work arrangements are also measured using as price increases per product are taken into account.
Cash and cash equivalents are stated at their the projected unit credit method. Income arising on In addition, the provision for warranty obligations and
nominal value. assets offset against liabilities, from the unwinding of product guarantees also takes into account warranty-re
discounting and from the effect of changes in the dis lated events such as vehicle recalls on the date that the
Prepayments relate to amounts disbursed before count rate are presented as part of the financial result. associated resolution is passed. Provisions for statutory
the balance sheet date, which represent expense for a Changes in the fair value of designated plan assets held and non-statutory warranty obligations and product
specific period after the end of the reporting period. to meet securities-linked obligations are also reported guarantees are adjusted regularly to take account of
as part of the financial result. All other components of new circumstances and the impact thereof recognised
Subscribed capital is stated at its nominal amount. pension expense are included in the income statement in the income statement. Expected reimbursement claims
under costs by function. are estimated and offset against provisions for statutory
In order to meet obligations relating to pension plans, and non-statutory warranty obligations and product
certain assets are managed on a trustee basis by BMW Tax provisions are calculated in accordance with the guarantees.
Trust e. V., Munich, in conjunction with Contractual principle of reasonable management judgement.
Trust Arrangements (CTA). These assets are measured Provisions pre-retirement part-time working ar
at their fair value, based on the market values of the Other provisions are recognised to take account rangements are measured at their expected settlement
corresponding fund management companies at the end of all identified risks. Provisions are measured at their amount, discounted using the average market interest
of the reporting period. Designated plan assets are offset expected settlement amount. In the case of non-current rate – calculated and published by the Deutsche Bundes
against the related obligations. A provision is recognised provisions, amounts are discounted using the average bank – which corresponds to the remaining term of the
when obligations exceed assets. When assets exceed ob market interest rate – calculated and published by the obligations.
ligations, the surplus is reported in the balance sheet in Deutsche Bundesbank – which corresponds to the re
the line item “Surplus of pension and similar plan assets maining term of the provision. BMW AG assumes some of the residual value ob
over liabilities”. ligations arising at the level of BMW Group Financial
The measurement of provisions for warranty obli Services entities in connection with the remarketing
Pension obligations are measured in accordance with gations and product guarantees (statutory, contractual of vehicles and recognises provisions accordingly. For
the projected unit credit method and discounted using an and voluntary) involves estimations. These provisions the purpose of measuring the provisions, contractual
average market interest rate for the past ten years, which are recognised as a general rule when the risks and ly agreed residual values are compared with expected
corresponds to their remaining term. The calculation is rewards of ownership of the goods are transferred to residual values on a contract-by-contract basis. The com
based on independent actuarial valuations which take the BMW Group’s sales companies, dealerships or re putation of expected residual values also takes account of
into account the relevant biometric factors. The differ tail customers. In order to determine the level of the publicly available assessments of independent forecasting
ence in the carrying amount of the provision based on provision, various factors are taken into consideration, institutes as well as in-house forecasts.
Financial Notes
10
Statements of
BMW AG Accounting Policies
Liabilities are stated at their expected settlement BMW AG invoices affiliated sales companies that are Since the principal features of the transactions in
amount at the balance sheet date. based outside the eurozone in the relevant local currency. cluded in a valuation unit are matched to a large extent,
The resulting currency exposures are hedged by deriva changes in fair values or cash flows generally offset each
The option of offsetting receivables from and payables tive currency instruments, and accounted for as portfolio other. Hedging is in place for the whole term of the
to subsidiaries and companies in which an investment is hedges within valuation units. The hedged items relate hedged item. Effectiveness is ensured as a general rule by
held is not exercised. to highly probable forecast transactions that will be the use of a critical term match. The effectiveness of the
subsequently invoiced in a foreign currency. The high valuation units relating to foreign-currency-denominated
Foreign currency receivables and payables are probability of occurrence of these transactions is based revenues billed to sales subsidiaries is measured on the
translated using the mid-spot exchange rate applicable on past experience and production planning. BMW AG basis of regression analysis. The Dollar-Offset method
at transaction date. Gains arising on the translation of has elected to apply the “Valuation Freeze Method” (Ein is used to calculate the absolute amounts attributable
period-end items are only recognised for receivables and frierungsmethode) for these hedging relationships. to non-validity and ineffectiveness. Realised gains and
payables with a remaining term of one year or less. Un losses arising on valuation units created for back-to-
realised losses resulting from changes in exchange rates Micro hedges are designated for currency deriva back derivative financial instruments entered into with
are recognised by restating the foreign currency amount tives used to hedge back-to-back derivative financial subsidiaries and banks are presented in other operating
in the balance sheet to the closing rate. instruments with subsidiaries as well as for interest income / expenses on a net basis.
rate derivatives used to hedge financial receivables and
BMW AG uses derivative financial instruments to liabilities. BMW AG has elected to apply the “Valuation If there is no hedging relationship, or if the hedging
hedge interest rate, currency and commodity price risks Freeze Method” (Einfrierungsmethode) for these hedging relationship is deemed to be insufficient, pending losses
arising in conjunction with operating activities as well relationships. are recognised with income statement effect.
as the resulting financing requirements. Where there is
a direct hedging relationship, the derivative financial BMW AG negotiates contracts for the purchase Deferred income relates to amounts received before
instruments are aggregated together with recognised of raw materials across the Group. The raw materials the balance sheet date, which represent income for a
assets or liabilities and / or with forecast transactions into price risk resulting from the purchase of raw materials specific period after the end of the reporting period.
valuation units. Items denominated in foreign currency for production companies is borne either directly or This also includes revenues billed for services which are
are accounted for using the “Valuation Freeze Method” indirectly by BMW AG. BMW AG enters into commod rendered after the end of the reporting period. Revenues
(Einfrierungsmethode), translated using the relevant ity derivatives to hedge these risks. These derivatives from sales with multiple components are analysed into
hedging rate. are accounted for as portfolio hedges within valuation the various performance components on the basis of fair
units. The hedged items relate to highly probable forecast values which can be determined objectively and reliably.
transactions. The high probability of occurrence of these The portion of revenues relating to services not per
transactions is based on past experience and production formed by the end of the reporting period is presented
planning. BMW AG has elected to apply the “Valuation as deferred income.
Freeze Method” (Einfrierungsmethode) for these hedging
relationships.
Financial Notes
11
Statements of
BMW AG Accounting Policies
Deferred taxes are calculated for temporary differ The share-based remuneration programmes for
ences between the tax base and accounting carrying Board of Management members and senior heads of
amounts of assets, liabilities and deferred / prepaid items. department entitle BMW AG to elect whether to settle
Deferred tax assets and liabilities are measured using its commitments in cash or with shares of BMW AG
a combined income tax rate of 30.8 % relevant for the common stock. Based on the decision to settle in cash,
BMW AG tax group. This combined rate covers corpo the two share-based programmes are accounted for as
ration tax, municipal trade tax and solidarity surcharge. cash-settled share-based transactions. Share-based pro
In the case of temporary differences arising on assets, grammes expected to be settled in cash are revalued to
liabilities and deferred / prepaid items of partnership en their fair value at each balance sheet date between the
tities, in which BMW AG participates in the capacity of a grant date and the settlement date and on the settlement
shareholder, deferred taxes are measured on the basis of date itself. The expense for such programmes is recog
an income tax rate of 15.83 % which covers corporation nised in the income statement (as personnel expense)
tax and solidarity surcharge. In the year under report, the over the vesting period of the options and in the balance
BMW AG tax group has a surplus of deferred tax assets sheet as a provision. Further information regarding the
over deferred tax liabilities, mainly as a result of tempo two share-based programmes is provided in note 41 to
rary differences between the tax base and accounting the BMW Group Financial Statements 2020.
carrying amounts of provisions for pensions and similar
obligations (before offset against designated plan assets),
other provisions and property unused tax, plant and
equipment and tax loss carryforward. BMW AG, as head
of the German tax group, has elected not to recognise
the surplus amount of deferred tax assets.
Financial Notes
12
Statements of
BMW AG Analysis of Changes in Tangible, Intangible and Investment Assets
ANALYSIS OF CHANGES IN
TANGIBLE, INTANGIBLE
AND INVESTMENT ASSETS
Acquisition or manufacturing costs Depreciation, amortisation and impairment losses Carrying amount
in € million 1. 1. 2020 Additions Reclassifications Disposals 31. 12. 2020 1. 1. 2020 Current year Disposals 31. 12. 2020 31. 12. 2020 31. 12. 2019
Intangible assets 1,127 213 – 536 804 722 130 536 316 488 405
Tangible, intangible and investment assets 42,732 2,913 – 1,863 43,782 26,092 2,679 1,823 26,948 16,834 16,640
Financial Notes
13
Statements of
BMW AG Notes to the Balance Sheet
BALANCE SHEET
Additions to investments related to a transfer to in € million 31. 12. 2020 31. 12. 2019
Other assets include primarily tax receivables and BMW AG holds all of the shares of the special invest 07 CASH AND CASH EQUIVALENTS
advance payments on orders. ment fund. The fund is not subject to any restrictions
in terms of the daily redemption amount. The acquisi
Unless stated otherwise, receivables and other assets tion cost for the shares in the special investment fund Cash and cash equivalents comprise cash at bank, of
are due within one year. amounted to € 3,077 million (2019: € 3,672 million). The which € 1 million (2019: € 0 million) relates to amounts
result for the financial year 2020 includes income from held at subsidiaries, and to cash on hand.
the sale of marketable securities amounting to € 106 mil
lion. In the previous financial year, a profit distribution
06 MARKETABLE SECURITIES amounting to € 122 million was received.
08 PREPAID EXPENSES
The following table shows the acquisition cost and
Marketable securities relate primarily to one special fair value of investments held by the special investment
investment fund and to money market funds. fund at the end of the reporting period: Prepaid expenses include amounts paid in advance
for services to be performed in future periods.
Acquisition cost Fair value
Fixed-income securities 2,887 3,437 2,902 3,436 09 SURPLUS OF PENSION AND SIMILAR PLAN ASSETS
Investment certificates 428 722 441 781 OVER LIABILITIES
Shares 177 – 176 –
Cash and cash equivalents 20 8 20 8
Assets held to secure obligations relating to pen
Other marketable securities 3 24 3 24
sions are offset against the related liabilities. The assets
Receivables and payables 5 3 5 3 concerned comprise mainly holdings in investment
Derivative instruments – – – 1 fund assets. The surplus of designated plan assets over
Special investment fund 3,520 4,194 3,547 4,253 liabilities at the end of the reporting period amounts to
€ 1,261 million (2019: € 1,086 million). The reconciliation
of the asset-side difference arising from offsetting assets
and liabilities is shown under provisions (see note 13).
Financial Notes
15
Statements of
BMW AG Notes to the Balance Sheet
Subscribed capital 660 659 Statutory reserves 1 1 Pension provisions 229 205
Capital reserves 2,239 2,210 Other revenue reserves 11,012 10,563 Other provisions 10,093 8,784
Balance brought forward 10,563 10,102 Tax provisions 351 459
Transfer from net profit 449 461 Sundry other Provisions 9,742 8,325
BMW AG’s issued share capital of € 660 million com
Revenue reserves 11,013 10,564 thereof provisions for statutory and
prises 601,995,196 shares of common stock, each with non-statutory warranty obligations
a par value of € 1, and 57,689,304 shares of non-voting and product guarantees 2,418 1,955
preferred stock, each with a par value of € 1. All of the Provisions 10,322 8,989
Company’s stock is issued to bearer. Preferred stock The amount not available for distribution at 31 De
bears an additional dividend of € 0.02 per share. cember 2020 was € 4,081 million (2019: € 3,315 million).
This figure arises in conjunction with fair value gains
In 2020, a total of 822,124 shares of preferred stock amounting to € 2,713 million (2019: € 2,004 million) on BMW AG provides pension benefits to its employees
was sold to employees at a reduced price of € 36.55 per assets held to service obligations for pensions and the in various forms. BMW AG’s pension obligations in
share in conjunction with the Employee Share Pro difference of € 1,368 million (2019: € 1,311 million) in the clude defined benefit obligations, for which benefits
gramme. These shares are entitled to receive dividends carrying amount of the pension provision based on using are determined either by multiplying a fixed amount
for the first time with effect from the financial year 2021. the relevant average market interest rate for the past ten by the number of years of service or on the basis of an
rather than seven financial years. employee’s final salary. The defined benefit plans were
Issued share capital increased by € 0.8 million as a closed to new entrants in 2014.
result of the issue to employees of 822,000 new shares
of non-voting preferred stock. The Authorised Capital An additional pension plan is also in place – covered
of BMW AG at the end of the reporting period therefore 12 REGISTERED PROFIT-SHARING CERTIFICATES by trust assets – which pays defined benefit amounts
amounted to nominal € 3.4 million (corresponding to that are predominantly dependent on the contributions
3.4 million shares of non-voting preferred stock). The made by the Company, the investment income earned
Company is authorised to issue shares of non-voting pre Employees are entitled to subscribe to shares of pre and a guaranteed minimum rate of interest.
ferred stock amounting to nominal € 5.0 million prior to ferred stock as part of a wealth accumulation programme.
15 May 2024. The share premium of € 29.2 million arising These arrangements replaced the programme in place BMW AG also offers employees the option of par
on this share capital increase was transferred to capital up to 1989, under which employees were entitled to ticipating in a voluntary deferred remuneration retire
reserves. subscribe to registered profit-sharing certificates, with ment plan.
the level of the profit share based on the level of the
In addition, 124 previously issued shares of preferred dividend. A total of 548.665 registered profit-sharing cer
stock were acquired and re-issued to employees. tificates remained in place at 31 December 2020 (2019:
568.553 registered profit-sharing certificates).
Financial Notes
16
Statements of
BMW AG Notes to the Balance Sheet
As in the previous year, the measurement of obli The so-called “pension entitlement trend” (Fest Other provisions comprise mainly obligations for
gations for pension plans and pre-retirement part-time betragstrend) also represents a significant actuarial personnel-related expenses, statutory and non-statutory
working arrangements is based on the assumptions set assumption for the purposes of determining benefits warranty obligations and product guarantees, litigation
out in the biometric tables of Prof. Dr. Klaus Heubeck payable at retirement and was left unchanged at 2.0 %. and liability risks as well as for selling activities. This
(2018 G) with invalidity rates reduced by 70 %. In addi includes increases in provisions in connection with the
tion, the following assumptions are applied: The provision for pensions amounting to € 229 mil exhaust gas recirculation cooler.
lion (2019: € 205 million) can be summarised as follows:
in % 31. 12. 2020 31. 12. 2019 It also includes a provision of € 1,394 million recog
in € million 31. 12. 2020 31. 12. 2019 nised in the previous year in connection with ongoing
Discount factor for pension plans 2.30 2.71 EU Commission antitrust proceedings. For information
Discount factor for pre-retirement Fair value of assets held to cover see note 13 to the financial statements of BMW AG for
part-time working arrangements 0.45 0.61 pension obligations 12,315 11,203
the financial year 2019. In December 2019, the BMW AG
Future salary increases 2.67 3.04 Present value of defined benefit submitted a detailed response to the EU Commission
obligations 11,283 10,322
Future pension increases 1.33 1.38 regarding the latter’s Statement of Objections and a
Surplus of pension and similar
plan assets over liabilities 1,261 1,086
decision by the EU Commission is still pending.
Other liabilities 221 217 1 3 Deferred income includes revenue received for
Advance payments received on orders 25 25 – – services to be performed in future accounting periods,
Payables to entities in which a participation is held 73 73 – – including € 3,322 million (2019: € 3,132 million) deferred
Liabilities to BMW Unterstützungsverein e. V. 3 – – 3 for work still to be performed in conjunction with service
Sundry other liabilities 120 119 1 – and maintenance contracts.
thereof for social security 41 41 – –
thereof for taxes 18 18 – –
Liabilities 28,511 28,157 351 3
31. 12. 2019
up to more than
in € million one year 1 to 5 years 5 years
STATEMENT
Cost of sales comprises mainly production costs Other operating expenses amounted to € 1,250 mil
of materials, bought-in goods and services, personnel lion (2019: € 2,526 million) and included in particular
expenses, depreciation and amortisation of assets, realised exchange losses and allocations to provisions
production-related rent and leasing expenses as well as (including for litigation and other legal risks).
16 REVENUES expenses for statutory and non-statutory warranties and
product guarantees. In the previous financial year, an expense of
€ 1,394 million was recognised in connection with on
in € million 2020 2019 going EU Commission antitrust proceedings. Further
information is provided in note 13.
Automobiles 62,683 71,149 18 OTHER OPERATING INCOME
Motorcycles 1,732 1,737 Other operating expenses relating to prior periods
Other revenues 10,625 11,805 amounted to € 29 million (2019: € 23 million). Losses re
Revenues 75,040 84,691 Other operating income totalling € 1 ,237 million sulting from the measurement of foreign currency items
(2019: € 1,295 million) include mainly realised exchange using closing exchange rates totalled € 55 million (2019:
Information by region rate gains, income from the reversal of provisions and € 112 million).
Germany 13,902 15,041 other sundry items.
China 16,401 16,225
USA 12,340 14,647 Other operating income relating to prior periods
amounted to € 368 million (2019: € 614 million), mainly 20 RESULT ON INVESTMENTS
Rest of Europe 20,332 25,453
for the reversal of provisions. Gains resulting from the
Rest of Asia 7,768 7,891
measurement of foreign currency items using closing
Rest of the Americas 2,264 2,951 exchange rates totalled € 56 million (2019: € 65 million). in € million 2020 2019
Income from profit and loss transfer agreements re in € million 2020 2019 24 UNAPPROPRIATED PROFIT
lated mainly to BMW INTEC Beteiligungs GmbH, Munich,
amounting to € 2,821 million (2019: € 1,471 million) and Income from fund assets offset
BMW M GmbH Gesellschaft für individuelle Automobile, against liabilities 819 1,142 A proposal will be made that the unappropriated
Munich, amounting to € 96 million (2019: € 94 million). Expense from unwinding discounted profit of BMW AG amounting to € 1,252,975,858.00 for
pension and long-term personnel
the financial year 2020 be utilised as follows:
expense-related provisions and effect
of changes in the discount factor – 963 – 1,040
Financial expense / income from Payment of a dividend of € 1.92 per share of non-
21 FINANCIAL RESULT pension and long-term personnel- voting preferred stock, each with a par value of € 1, on the
related provisions – 144 102 stock entitled to receive a dividend (56,867,180 shares
of preferred stock), amounting to € 1 09,184,985.60.
in € million 2020 2019 Payment of a dividend of € 1.90 per share of common
stock, each with a par value of € 1, on the stock entitled
Other interest and similar income 62 290 to receive a dividend (601,995,196 shares of common
thereof from subsidiaries 56 47 22 TAXES ON INCOME stock), amounting to € 1,143,790,872.40.
thereof financial income from
pension and long-term personnel-
related provisions – 102
The expense for income taxes related primarily to
Impairment losses on non-current withholding taxes incurred during the financial year
financial assets – 33 – 31
2020. This includes additionally prior year tax expenses
Interest and similar expenses – 309 – 220
amounting to € 104 million (2019: tax income of € 17 mil
thereof to subsidiaries – 59 – 92 lion) relating among others to transfer pricing risks and
thereof financial expense from unwind- ancillary tax-related expenses.
ing the discounting of pension and
long-term personnel-related provisions – 144 –
thereof expense from unwinding
the d iscounting of liabilities and
other provisions – 52 – 72 23 TRANSFER TO REVENUE RESERVES
Financial result – 280 39
Cost of purchased services 2,431 2,575 The audit of financial statements comprises mainly
Cost of materials 57,425 63,425 Head office and Munich plant 37,982 38,146 the audit of the Group Financial Statements and the
Dingolfing plant 17,525 17,777 separate financial statements of BMW AG and subsidi
Regensburg plant 8,608 8,998 aries under its control, and, in accordance with current
Leipzig plant 5,025 5,039 requirements, all related work, including the review of
the Interim Group Financial Statements.
Landshut plant 3,747 3,943
26 PERSONNEL EXPENSE
Berlin plant 2 3,182 3,169
Other attestation services include mainly project-
Branches 5,185 5,274
related audits, comfort letters and statutorily prescribed,
in € million 2020 2019 81,254 82,346 contractually agreed or voluntarily commissioned
attestation work.
Apprentices and students gaining
Wages and salaries 7,316 7,401
work experience 5,258 5,411
Social security, pension and welfare costs 1,249 1,230
86,512 87,757
The fee expense of the external auditor is not report
thereof pension costs 204 142 ed here due to the exempting group clause contained in
Prior year figure adjusted due to a changed calculation method (details provided
accordance with § 285 No. 17 HGB (German Commercial
1
Personnel expense 8,565 8,631 in BMW Group Annual Report 2019, BMW Group Management Report).
Including in Munich located workforce for BMW Group Segment Motorcycle.
Code).
2
Financial Notes
21
Statements of
BMW AG Other Disclosures
28 CONTINGENT LIABILITIES Based on the information available to BMW AG at Of these amounts, € 1,030 million (2019: € 1,210 mil
the date of the preparation of the financial statements lion) relate to subsidiaries.
regarding the financial condition of the principal debt
in € million 31. 12. 2020 31. 12. 2019 ors, BMW AG considers that the obligations underlying Capital expenditure commitments and long-term
the contingent liabilities shown above can be fulfilled purchase commitments for inventories are at a normal
Guarantees for bonds under the by the relevant principal debtors. In the case of so- level for the business.
AMTN / EMTN programme 35,390 40,636
called double contingent liabilities, the potential risk of
thereof in favour of subsidiaries 35,390 40,636 BMW AG being called upon is included only once within As part of BMW AG’s refinancing activities, some
Guarantees for commercial paper 550 2,605 contingent liabilities. receivables have been sold to other BMW Group enti
thereof in favour of subsidiaries 550 2,605 ties and sale-and-lease-back transactions entered into in
Guarantees for other debt capital BMW AG considers it unlikely that it will be called previous years. No significant risks and rewards remain
transactions 23,718 23,732 upon in conjunction with these contingent liabilities. with BMW AG in conjunction with these transactions.
thereof in favour of subsidiaries 23,718 23,732
Other 5,893 3,491 Buyback commitments amounting to € 3,600 million
of which to subsidiaries 5,835 3,425
(2019: € 3,850 million) relate entirely to commitments
29 OTHER FINANCIAL COMMITMENTS AND given by BMW AG to financial services subsidiaries in
Contingent liabilities 65,551 70,464
O FF-BALANCE-SHEET TRANSACTIONS conjunction with vehicle sales and vehicle leasing. Of
this amount, € 1,795 million (2019: € 2,132 million) falls
due within one year.
BMW AG is liable for the full extent and amount Other financial commitments totalled € 2,671 million
of customer deposits taken in by the subsidiary, BMW (2019: € 2,922 million) and comprise mainly obligations
Bank GmbH, Munich, instead of the Deposit Protection arising from rental and leasing contracts.
Fund of the Association of German Banks (Einlagen 30 RELATED PARTY TRANSACTIONS
sicherungsfonds des Bundesverbands deutscher Banken The total amount of these obligations can be analysed
e. V.), of which BMW Bank GmbH, Munich, is a member. by maturity as follows:
The maximum liability per customer is capped at 15 % of Transactions with related parties are all conducted at
the equity capital of BMW Bank GmbH, Munich. in € million 31. 12. 2020 31. 12. 2019 market conditions.
The above table does not include any amount relating due within one year 929 1,112
to the declaration issued on behalf of BMW Bank GmbH, due between one and five years 773 800
Munich, since it is not possible to determine a reliable due later than five years 969 1,010
value. Other financial commitments 2,671 2,922
Financial Notes
22
Statements of
BMW AG Other Disclosures
Currency-related contracts
Forward currency contracts 19,880 28,242 194 – 523
thereof positive fair values 308 82
thereof negative fair values – 114 – 605
Purchasing-related instruments
Commodity derivatives 3,297 3,626 516 48
thereof positive fair values 574 267
thereof negative fair values – 58 – 219
Derivative financial instruments 23,287 31,978 710 – 475
Provisions amounting to € 55 million (2019: € 30 mil available at the balance sheet date or using appropriate collated and updated on the basis of regular bank and
lion) were recognised to cover negative fair values of measurement techniques e. g. the discounted cash flow trader inquiries with a view to modelling forward curves.
derivative instruments not designated as part of a hedg method. Options are measured on the basis of quoted The valuation methodology applied is in line with the
ing relationship as well as for the impact of the ineffective prices or option price models using appropriate market general valuation principles for derivatives used within
portion of valuation units. data. the treasury management system of the BMW Group.
The nominal amounts of the derivative financial The fair values of commodity hedging contracts are The fair values of derivative financial instruments
transactions are reported on a gross basis, derived from determined as a general rule on the basis of current derived for the relevant nominal values do not take
the absolute purchase and sale amounts or in accordance reference prices, as adjusted for forward premium and account of any offsetting change in the fair value of the
with the contract values of the hedged items. The fair discount amounts. Due to limited market maturity, no hedged items.
values of currency and interest-rate-related instruments comprehensive data is currently available for the valu
shown are measured on the basis of market information ation of certain raw materials. In these cases, data is
Financial Notes
23
Statements of
BMW AG Other Disclosures
Interest rate for six months – 0.49 0.20 0.15 – 0.15 3.51
Interest rate for one year – 0.53 0.19 0.00 – 0.05 2.88
Interest rate for five years – 0.46 0.43 0.19 – 0.04 3.37
Interest rate for ten years – 0.27 0.93 0.40 0.05 3.68
At 31 December 2020, BMW AG held currency deriv In addition, BMW AG held interest-rate derivative
ative instruments with terms of up to 28 months (2019: instruments with terms of up to 39 months (2019:
33 months). Currency derivatives are used to hedge 51 months), including back-to-back derivative financial
highly probable forecast trading volumes that will be instruments entered into with subsidiaries and banks.
denominated in a foreign currency. Derivative financial Fixed-interest financial instruments are used as a hedge
instruments also include back-to-back contracts entered against interest-rate risks.
into with subsidiaries and banks.
Financial Notes
24
Statements of
BMW AG Other Disclosures
Volume hedged Amount of risk hedged Pension obligations to former members of the Board
of Management and their surviving dependants are cov
in € million 31. 12. 2020 31. 12. 2019 31. 12. 2020 31. 12. 2019
ered by pension provisions amounting to € 100.5 million
Currency risk hedges (2019: € 80.5 million) computed in accordance with HGB.
Forecast transactions 16,351 25,039 57 566
The compensation of the members of the Super
Executory contracts 2 12 2 13
visory Board for the financial year 2020 amounted to
Interest rate hedges
€ 5.6 million (2019: € 5.6 million). This relates entirely
Assets 10 10 – – to fixed components amounting to € 5.6 million (2019:
Liabilities 100 100 – – € 2.0 million), given that variable components are no
Commodity hedges longer granted (2019: € 3.6 million).
Forecast transactions 3,291 3,571 57 215
The compensation system for members of the Super
Valuation units 19,754 28,732 116 794
visory Board does not include any stock options, value
appreciation rights comparable to stock options or any
other share-based compensation components. Apart
The amounts disclosed for volumes hedged relate (2019: € 12.6 million) and a share-based compensation from purchase, service, rental, leasing and financing
to the carrying amounts of hedged assets and liabilities, component totalling € 0.5 million (2019: € 0.7 million). contracts for vehicles on customary market terms and
the nominal amount of forecast transactions and the fair conditions as well as the advances paid out of the Per
value of hedged contracts over the period of the valuation The grant of the share-based compensation com formance Cash Plan 2019 – 2021 to individual members
units. The figures disclosed for the amount of risk hedged ponent related to 7,001 shares of common stock (2019: of the Board of Management, no loans or advances were
refer to the non-recognition of a provision for onerous 9,728 shares of common stock) and a corresponding granted to members of the Board of Management and the
contracts with negative fair values. In accordance with cash-based settlement, measured at the relevant market Supervisory Board by BMW AG or its subsidiaries in the
the Valuation Freeze method, no write-downs on assets share price prevailing on grant date. financial year 2020, nor were any contingent liabilities
or upward revaluations of liabilities are recognised. entered into in their favour.
In accordance with the German Commercial Code
(HGB), only the compensation relating to the Per Further details about the compensation system and
formance Cash Plan 2018-2020 is included in variable level of compensation of members of the Board of Man
33 TOTAL REMUNERATION OF THE BOARD OF compensation. In the financial year 2020, advances to agement and of the Supervisory Board is included in the
M ANAGEMENT AND THE SUPERVISORY BOARD talling € 2.3 million were paid to Mr. Zipse, Mr. Fröhlich, Compensation Report included in the BMW Integrated
Mr. Nota and Dr. Peter out of the 2019 – 2021 Perfor Group Report 2020. The Compensation Report is part of
mance Cash Plan. the Combined Management Report.
The total compensation of the current members of
the Board of Management for the financial year 2020 The compensation of former members of the Board
amounted to € 20.8 million (2019: € 21.4 million). This of Management and their dependants amounted to
comprised fixed components of € 7 .3 million (2019: € 13.1 million (2019: € 16.0 million).
€ 8 .1 million), variable components of € 1 3.0 million
Financial Notes
25
Statements of
BMW AG Other Disclosures
34 DISCLOSURES PURSUANT TO § 160 (1) NO. 8 OF The voting power percentages disclosed above may further significant negative effects are known or can be
THE GERMAN STOCK CORPORATION ACT (AKTG) have changed subsequent to the dates stated, if these estimated at the present time. However, further negative
changes were not required to be reported to the Com effects could arise in the course of the year.
pany. Due to the fact that the Company’s shares are
A number of shareholdings in the Company exist at issued to bearer, the Company is generally only aware No other events have occurred since the end of the
31 December 2020, which have been notified in accord of changes in shareholdings if such changes are subject financial year which could have a major impact on the
ance with § 33 (1) of the German Securities Trading Act to mandatory notification rules. results of operations, financial position and net assets of
(WpHG) and published with the following content in BMW AG and the BMW Group.
accordance with § 40 (1) WpHG: Voluntary notifications at 31 December 2020 relat
ing to investments that exceed 10 % of the voting rights
Stefan Quandt informed us that his voting rights in at the end of the reporting period are disclosed in the
BMW AG on 16 February 2018 amounted to 25.83 % (pre Management Report. 36 DECLARATION WITH RESPECT TO THE CORPORATE
viously 25.83 %), corresponding to 155,485,833 voting GOVERNANCE CODE
rights. 25.63 % (corresponding to 154,300,215 voting
rights) are attributable to Mr. Quandt in accordance with
§ 34 WpHG. This includes 16.61 % indirectly attributable 35 EVENTS AFTER THE END OF THE REPORTING The Declaration with respect to the Corporate
to him via AQTON GmbH & Co. KG für Automobilwerte P ERIOD Governance Code pursuant to § 161 AktG is reproduced
and 9.02 % via AQTON SE. in the BMW Integrated Group Report 2020 and is
available to shareholders on the BMW Group’s website
Susanne Klatten informed us that her voting rights The corona pandemic will continue to influence the www.bmwgroup.com / i r
in BMW AG on 15 February 2018 amounted to 20.94 % course of business for the BMW Group in 2021. The
(previously 12.75 %), corresponding to 126,068,819 vot situation remains volatile and could have an impact on
ing rights. 20.74 % (corresponding to 124,883,201 voting the results of operations, financial position and net assets
rights) are attributable to Ms. Klatten in accordance with of BMW AG and the BMW Group.
§ 34 WpHG.
The further course of the pandemic and implications
BlackRock, Inc., Wilmington, Delaware, USA, informed for the BMW Group’s business performance is being
us that its voting rights in BMW AG on 30 June 2020 continually monitored.
amounted to 3.08 % (previously 2.9997 %), corresponding
to 18,547,874 voting rights. All of these shares are attrib Current estimates and assumptions for the finan
utable to BlackRock, Inc. in accordance with § 34 WpHG. cial year 2021, to the extent already known to the
BMW Group, have been taken into account and described
in the outlook report. Apart from these assessments, no
Financial
BMW Group Notes
Group Financial Statements
26
269
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
DOMESTIC 1
BMW Beteiligungs GmbH & Co. KG, Munich 6 6,897 797 100
46 LIST OF INVESTMENTS AT 31 DECEMBER 2020
37 LIST OF INVESTMENTS AT 31 DECEMBER 2020 BMW INTEC Beteiligungs GmbH, Munich 3, 6
3,558 – 100
BMW Bank GmbH, Munich 3 2,075 – 100
The List of investments of BMW AG pursuant to § 285 BMW Finanz Verwaltungs GmbH, Munich 210 – 100
andThe§ 313List
HGB of isInvestments of pursuant
presented below. Disclosuresto § 285 and
for equity BMW Verwaltungs GmbH, Munich 3, 6
153 – 100
§ 313 HGB
and earnings is and
presented below. Disclosures
for investments are not made for equity
if they
Parkhaus Oberwiesenfeld GmbH, Munich – – 100
and
are ofearnings
“minor and for investments
significance” are notof
for the results made if they
operations,
BMW High Power Charging Beteiligungs GmbH, Munich 4, 6
– – 100
are of “minor
financial significance”
position for theofresults
and net assets BMW of AGoperations,
pursuant
Alphabet Fuhrparkmanagement GmbH, Munich 4 – – 100
financial
to position
§ 286 (3) sentenceand net
1 no.assets
1 HGB of BMW AG
and § 313pursuant
(3) sen
to § 286
tence (3) sentence
4 HGB. 1 no. 1 HGB
It is also shown in theand § 313
list which(3) subsidiar
sentence Alphabet International GmbH, Munich 4, 5, 6
– – 100
4 HGB.
ies applyIttheis exemptions
also shownavailable
in the list
in §which
264 (3)subsidiaries
and § 264 b BMW Hams Hall Motoren GmbH, Munich 4, 5, 6
– – 100
applywith
HGB the exemptions
regard to the available in § 264
publication (3) and
of annual § 264 b
financial BMW Vertriebszentren Verwaltungs GmbH, Munich – – 100
HGB with regard
statements and thetodrawing
the publication of annual financial
up of a management report BMW Fahrzeugtechnik GmbH, Eisenach 3, 5, 6
– – 100
statements
and / or notes and drawing up
to the financial of a management
statements (footnotesreport
5 and
BMW Anlagen Verwaltungs GmbH, Munich 3, 6 – – 100
and The
6). / or Group
notes toFinancial
the financial statements
Statements of BMW(footnotes 5
AG serveand as
Bavaria Wirtschaftsagentur GmbH, Munich 3, 5, 6
– – 100
6). The Group
exempting Financial Statements
consolidated of BMW AGfor
financial statements serve as
these
exempting
companies. consolidated financial statements for these Rolls-Royce Motor Cars GmbH, Munich 4, 5, 6
– – 100
FOREIGN 2
Europe 10
BMW Holding B. V., The Hague 21,742 2,634 100
BMW International Holding B. V., The Hague 9,477 1,165 100
BMW Österreich Holding GmbH, Steyr 3,041 761 100
BMW International Investment B. V., The Hague 1,706 –1 100
Financial
BMW Group Notes
Group Financial Statements
27
270
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
The Americas
BMW (US) Holding Corp., Wilmington, Delaware 2,873 164 100
BMW Manufacturing Co. LLC, Wilmington, Delaware 2,150 208 100
BMW Bank of North America Inc., Salt Lake City, Utah 1,304 80 100
BMW Financial Services NA LLC, Wilmington, Delaware 1,127 738 100
BMW of North America LLC, Wilmington, Delaware 769 309 100
BMW Canada Inc., Richmond Hill, Ontario 550 89 100
Financial Services Vehicle Trust, Wilmington, Delaware 293 – 521 100
BMW do Brasil Ltda., Araquari 125 –6 100
BMW SLP, S. A. de C. V., Villa de Reyes 109 59 100
BMW US Capital LLC, Wilmington, Delaware – – 100
BMW Financeira S. A. Credito, Financiamento e Investimento, São Paulo – – 100
BMW de Mexico S. A. de C. V., Mexico City – – 100
Financial
BMW Group Notes
Group Financial Statements
30
273
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
Africa
BMW (South Africa) (Pty) Ltd., Pretoria 839 81 100
BMW Financial Services (South Africa) (Pty) Ltd., Midrand 154 7 100
SuperDrive Investments (RF) Ltd., Cape Town 11
– – 0
Asia
BMW Automotive Finance (China) Co. Ltd., Beijing 2,664 280 58
BMW Financial Services Korea Co. Ltd., Seoul 610 55 100
BMW Japan Finance Corp., Tokyo 583 62 100
BMW China Automotive Trading Ltd., Beijing 522 477 100
Herald International Financial Leasing Co. Ltd., Tianjin 259 36 58
BMW Korea Co. Ltd., Seoul 207 14 100
BMW Leasing (Thailand) Co. Ltd., Bangkok 184 10 100
BMW Manufacturing (Thailand) Co. Ltd., Rayong 140 84 100
BMW Japan Corp., Tokyo 108 – 35 100
BMW (Thailand) Co. Ltd., Bangkok – – 100
BMW India Financial Services Private Ltd., Gurgaon – – 100
BMW Malaysia Sdn Bhd, Kuala Lumpur – – 51
BMW China Services Ltd., Beijing – – 100
BMW China Investment Ltd., Beijing 9 – – 100
BMW Asia Technology Centre Sdn Bhd, Kuala Lumpur – – 100
PT BMW Indonesia, Jakarta – – 100
BMW Holding Malaysia Sdn Bhd, Kuala Lumpur – – 100
BMW Asia Pte. Ltd., Singapore – – 100
BMW India Private Ltd., Gurgaon – – 100
BMW Credit (Malaysia) Sdn Bhd, Kuala Lumpur – – 100
BMW Asia Pacific Capital Pte Ltd., Singapore – – 100
BMW Lease (Malaysia) Sdn Bhd, Kuala Lumpur – – 100
BMW Tokio Corp., Tokyo – – 100
2016-2 ABL, Tokyo 11
– – 0
2017-1 ABL, Tokyo 11 – – 0
2017-2 ABL, Tokyo 11
– – 0
Financial
BMW Group Notes
Group Financial Statements
32
275
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
Oceania
BMW Australia Finance Ltd., Mulgrave 323 21 100
BMW Australia Ltd., Melbourne 115 22 100
BMW Financial Services New Zealand Ltd., Auckland – – 100
BMW New Zealand Ltd., Auckland – – 100
BMW Sydney Pty. Ltd., Sydney – – 100
BMW Melbourne Pty. Ltd., Melbourne – – 100
BMW Australia Trust 2011-2, Mulgrave 11 – – 0
Bavarian Sky Australia Trust A, Mulgrave 11
– – 0
Financial
BMW Group Notes
Group Financial Statements
33
276
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
DOMESTIC 7
Alphabet Fleetservices GmbH, Munich 4 – – 100
Automag GmbH, Munich – – 100
BMW Car IT GmbH, Munich 4 – – 100
BMW i Ventures GmbH, Munich – – 100
IDEALworks GmbH, Munich – – 100
FOREIGN 7
Europe
Alphabet Insurance Services Polska Sp. z o. o., Warsaw – – 100
BMW (GB) Ltd., Farnborough – – 100
BMW (UK) Pensions Services Ltd., Hams Hall – – 100
BMW Car Club Ltd., Farnborough – – 100
BMW Drivers Club Ltd., Farnborough – – 100
BMW Poland sp. z o. o., Warsaw – – 100
BMW Financial Services Slovakia s. r. o., Bratislava 100
BMW Financial Services Czech Republic s. r. o., Prague – – 100
BMW Group Benefit Trust Ltd., Farnborough – – 100
BMW i Ventures B. V., Den Haag – – 100
BMW Manufacturing Hungary Kft., Vecsés – – 100
BMW Manufacturing Russland OOO, Kaliningrad – – 100
BMW Mobility Development Center s. r. o., Prague – – 100
BMW Motorsport Ltd., Farnborough – – 100
BMW Russland Automotive OOO, Kaliningrad – – 100
Cezwei PL GmbH, Salzburg – – 100
John Cooper Garages Ltd., Farnborough – – 100
John Cooper Works Ltd., Farnborough – – 100
OOO BMW Leasing, Moscow – – 100
U. T. E. Alphabet España-Bujarkay, Seville – – 90
Financial
BMW Group Notes
Group Financial Statements
34
277
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
The Americas
217-07 Northern Boulevard Corporation, Wilmington, Delaware – – 100
BMW Experience Centre Inc., Richmond Hill, Ontario – – 100
BMW i Ventures Inc., Wilmington, Delaware – – 100
BMW i Ventures LLC, Wilmington, Delaware – – 100
BMW Leasing de Argentina S. A., Buenos Aires – – 100
BMW Operations Corp., Wilmington, Delaware – – 100
BMW Technology Corp., Wilmington, Delaware – – 100
Designworks / USA Inc., Newbury Park, California – – 100
MINI Business Innovation LLC, Wilmington, Delaware – – 100
Urban X Accelerator SPV LLC, Wilmington, Delaware – – 100
BMW Shared Services LLC, Wilmington, Delaware – – 100
BMW Mobility Services LLC, Wilmington, Delaware – – 100
Toluca Planta de Automoviles S. A. de C. V., Mexico City – – 100
Africa
BMW Automobile Distributors (Pty) Ltd., Midrand – – 100
BPF Midrand Property Holdings (Pty) Ltd., Midrand – – 100
Multisource Properties (Pty) Ltd., Midrand – – 100
Asia
BMW Finance (United Arab Emirates) Ltd., Dubai – – 100
BMW Financial Services Hong Kong Ltd., Hong Kong – – 51
BMW Financial Services Singapore Pte Ltd., Singapore – – 100
BMW Hong Kong Services Ltd., Hong Kong – – 100
BMW India Foundation, Gurgaon – – 100
BMW India Leasing Private Ltd., Gurgaon – – 100
BMW Insurance Services Korea Co. Ltd., Seoul – – 100
BMW Middle East Retail Competency Centre DWC-LLC, Dubai – – 100
BMW Mobility Services Ltd., Sichuan Tianfu New Area (Chengdu Section) – – 100
BMW Philippines Corp., Manila – – 70
BMW Technology Office Israel Ltd., Tel Aviv – – 100
Herald Hezhong (Beijing) Automotive Trading Co. Ltd., Beijing – – 100
THEPSATRI Co. Ltd., Bangkok – – 100
Financial
BMW Group Notes
Group Financial Statements
35
278
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
DOMESTIC
YOUR NOW Holding GmbH, Munich 8 1,226 – 749 50
IONITY Holding GmbH & Co. KG, Munich 8 244 – 37 20
FOREIGN
BMW Brilliance Automotive Ltd., Shenyang 8 7,388 2,560 50
FOREIGN
THERE Holding B. V., Amsterdam 8 1,214 206 30
FOREIGN
Spotlight Automotive Ltd., Zhangjiagang 8 217 – 50
DOMESTIC 7
Encory GmbH, Unterschleißheim – – 50
The Retail Performance Company GmbH, Munich – – 50
PDB – Partnership for Dummy Technology and Biomechanics GbR, Gaimersheim – – 20
FOREIGN 7
Bavarian & Co Co. Ltd., Incheon – – 20
BMW Albatha Finance PSC, Dubai – – 40
BMW Albatha Leasing LLC, Dubai – – 40
BMW AVTOTOR Holding B. V., Amsterdam – – 50
Critical TW S. A., Porto – – 50
Financial
BMW Group Notes
Group Financial Statements
36
279
Statements of
BMW AG
Report 2020 List
Notesof to
investments
the Group at 31 December
Financial 2020
Statements
DOMESTIC 7
Deutsches Forschungszentrum für Künstliche Intelligenz GmbH, Kaiserslautern – – 5
GSB Sonderabfall-Entsorgung Bayern GmbH, Baar-Ebenhausen – – 3
Hubject GmbH, Berlin – – 16
IVM Industrie-Verband Motorrad GmbH & Co. Dienstleistungs KG, Essen – – 20
Joblinge gemeinnützige AG Berlin, Berlin – – 10
Joblinge gemeinnützige AG Leipzig, Leipzig – – 17
Joblinge gemeinnützige AG München, Munich – – 6
Racer Benchmark Group GmbH, Landsberg am Lech – – 9
SGL Carbon SE, Wiesbaden – – 18
Mobimeo GmbH, Berlin – – 10
FOREIGN 7
Northvolt AB, Stockholm – – 4
1 The amounts shown for the German subsidiaries correspond to the annual financial statements drawn up in accordance with German accounting requirements (HGB).
2 The amounts shown for the foreign subsidiaries correspond to the annual financial statements drawn up in accordance with uniform IFRS rules. Equity and earnings not denominated in euro are translated into euro using the
closing exchange rate at the balance sheet date.
3 Profit and Loss Transfer Agreement with BMW AG.
5 Exemption from drawing up a management report applied in accordance with § 264 (3) and § 264 b HGB.
6 Exemption from publication of financial statements applied in accordance with § 264 (3) and § 264 b HGB.
7 These entities are neither consolidated nor accounted for using the equity method due to their overall immateriality for the Group Financial Statements.
8 The amounts shown for entities accounted for using the equity method and for proportionately consolidated entities correspond to the annual financial statements drawn up in accordance with uniform IFRS rules. Equity not
denominated in euro is translated into euro using the closing exchange rate at the balance sheet date, earnings are translated using the average rate.
9 First-time consolidation.
10 Deconsolidation in the financial year 2020: Sutum ROM GmbH (merger), Société Nouvelle WATT Automobiles S. A. R. L. (merger), Alphabet France SAS (merger), Alphabet (UK) Ltd. (liquidation),
MEMBERS OF THE
BOARD OF MANAGEMENT
General Counsel:
DR.-ING. ANDREAS WENDT (b.1958)
Purchasing and Supplier Network DR. ANDREAS LIEPE
Mandates
Continental AG, Deputy Chairwoman
DELTON Health AG ♦, Chairman
DR.-ING. DR.-ING. E. H. NORBERT REITHOFER (b.1956)
Member since 2015, elected until the Annual General DELTON Technology SE ♦, Chairman DR. RER. POL. KURT BOCK (b.1958)
Meeting (AGM) 2025 Frankfurter Allgemeine Zeitung GmbH ♦ Member since 2018, elected until the AGM 2023
Chairman of the Supervisory Board AQTON SE ♦, Chairman Chairman of the Supervisory Board of BASF SE
Former Chairman of the Board of Management (since 18 June 2020)
Entrust Corp. ♦
of BMW AG Mandates
Mandates
BASF SE, Chairman
Siemens Aktiengesellschaft STEFAN SCHMID¹ (b.1965) FUCHS PETROLUB SE, Chairman
Henkel Management AG (since 22 June 2020) Member since 2007, elected until the AGM 2024 Fresenius Management SE ♦ (until 30 June 2020)
Henkel AG & Co. KGaA (Shareholders’ Committee) Deputy Chairman of the Supervisory Board Münchener RückversicherungsGesellschaft
Chairman of the Works Council, Dingolfing Aktiengesellschaft in München (until 29 April 2020)
Chairman of the European and General Works Council Deputy Chairman of the Supervisory Board Department head for Industrial Relations and
Chairman of the Supervisory Board of E.ON SE Codetermination Policy with the Executive Board of
Industrial Engineer IG Metall / (In-house) counsel
and Deutsche Lufthansa Aktiengesellschaft
Mandates
Mandates
E.ON SE, Chairman ABB AG
DR.-ING. HEINRICH HIESINGER (b.1960) PROF. DR. RER. POL. RENATE KÖCHER (b.1952) SIMONE MENNE (b.1960)
Member since 2017, elected until the AGM 2022 Member until 14 May 2020 Member since 2015, elected until the AGM 2021
Member of supervisory boards Director of Institut für Demoskopie Member of supervisory boards
Mandates Allensbach Gesellschaft zum Studium der Mandates
Deutsche Post AG öffentlichen Meinung mbH Deutsche Post AG
Fresenius Management SE ♦ (since 1 July 2020) Mandates Henkel AG & Co. KGaA (since 17 June 2020)
ZF Friedrichshafen AG ♦ (since 1 January 2021) Infineon Technologies AG (until 20 February 2020) Springer Nature AG & Co. KGaA ♦
Nestlé Deutschland AG ♦
(until 3 March 2020)
Robert Bosch GmbH ♦ Johnson Controls International plc
PROF. DR. RER. NAT. DR. H. C.
Russell Reynolds Associates Inc. ♦
REINHARD HÜTTL (b.1957)
Member since 2008, elected until the AGM 2023 HORST LISCHKA² (b.1963)
Scientific Director and Managing Director of EUREF Member since 2009, elected until the AGM 2021
DR. DOMINIQUE MOHABEER¹ (b.1963)
Energy Innovation GmbH Secretary with the Executive Board of IG Metall Member since 2012, elected until the AGM 2024
University Professor Mandates Member of the Works Council, Munich
KraussMaffei Group GmbH ♦
MAN Truck & Bus SE ♦
SUSANNE KLATTEN (b.1962)
München Klinik gGmbH (until 15 May 2020) BRIGITTE RÖDIG¹ (b.1963)
Member since 1997, elected until the AGM 2024
Member since 2013, elected until the AGM 2024
Entrepreneur
Member of the Works Council, Dingolfing
Mandates WILLIBALD LÖW¹ (b.1956)
SGL Carbon SE, Chairwoman Member since 1999, elected until the AGM 2024
ALTANA AG ♦, Deputy Chairwoman Chairman of the Works Council, Landshut
UnternehmerTUM GmbH ♦,Chairwoman
OLIVER ZIPSE
§ 264 (2) SENTENCE 3 AND § 289 (1) SENTENCE 5 HGB Bayerische Motoren Werke
STATEMENT BY THE Aktiengesellschaft
COMPANY’S LEGAL “To the best of our knowledge, and in accordance with
the applicable reporting principles, the Annual Financial
Statements of Bayerische Motoren Werke Aktiengesell THE BOARD OF MANAGEMENT
REPRESENTATIVES schaft give a true and fair view of the assets, liabilities,
financial position and results of operations of the
Company in accordance with German accounting prin
ciples, and the Management Report includes a fair review OLIVER ZIPSE
of the development and performance of the business and
the position of the Company, together with a description
of the principal opportunities and risks associated with
the expected development of the Company.” ILKA HORSTMEIER DR. MILAN NEDELJKOVIĆ
The following copy of the auditor’s report also includes a “Report Audit Opinions of those parts of the management report listed in the
on the audit of the electronic renderings of the financial statements We have audited the annual financial statements of “Other Information” section of our auditor’s report.
and the management report prepared for disclosure purposes Bayerische Motoren Werke Aktiengesellschaft, M unich,
in accordance with § 317 Abs. 3b HGB” (“Separate report on which comprise the balance sheet as at 31 Decem Pursuant to § [Article] 322 Abs. [paragraph] 3 Satz
ESEF conformity”). The subject matter (ESEF documents) to which ber 2020, and the income statement for the financial [sentence] 1 HGB [Handelsgesetzbuch: German Com
the Separate report on ESEF conformity relates is not attached. year from 1 January to 31 December 2020 and notes to mercial Code], we declare that our audit has not led to
The audited ESEF documents can be inspected in or retrieved from the financial statements, including the presentation of any reservations relating to the legal compliance of the
the Federal Gazette. the recognition and measurement policies. In addition, annual financial statements and of the management
we have audited the management report of Bayerische report.
Motoren Werke Aktiengesellschaft, which is combined
with the group management report, for the financial year Basis for the Audit Opinions
from 1 January to 31 December 2020. In accordance with We conducted our audit of the annual financial state
Key Audit Matters in the Audit of the Annual Financial Hereinafter we present the key audit matters: 2 As part of our audit we obtained an understanding
Statements of the development of the residual values of leased
Key audit matters are those matters that, in our 1 Valuation of residual value risks products, the underlying residual value risks as
professional judgment, were of most significance in our well as the business processes for the identification,
audit of the annual financial statements for the financial 1 BMW AG carries realization risks for leased products management, monitoring and measurement of re
year from 1 January to 31 December 2020. These matters which are recognized by the affiliated companies sidual value risks, among other things by inquiries
were addressed in the context of our audit of the annual of the segment “Financial Services” and partially and inspection of documents related to the internal
financial statements as a whole, and in forming our a udit assumes the residual value risks arising from this. calculation methods. Furthermore, we evaluated the
opinion thereon; we do not provide a separate audit Residual value risks are determined by comparing appropriateness and effectiveness of the internal
opinion on these matters. the contractually agreed residual value on a con control system, particularly regarding the determi
tract-by-contract basis with the expected residual nation of expected residual values. This included the
In our view, the matters of most significance in our value at the end of the customer contract. The other evaluation of the propriety of the relevant IT systems
audit were as follows: provisions recognized in the annual financial state as well as the implemented interfaces therein by our
ments of BMW AG include provisions for residual IT specialists. In addition, we evaluated the appro
1 Valuation of residual value risks value risks amounting to EUR 1,562 million (approx priateness of the forecasting methods, the model
imately 2.7 % of total assets) as at December 31, 2020. assumptions as well as the parameters used for the
2 Valuation of provisions for statutory and non-statutory measurement of the residual values based on the vali
warranty obligations and product guarantees A key estimated value for the measurement of dations carried out by BMW AG. For this purpose, we
residual value risks is the expected residual value inquired with BMW AG’s experts responsible for the
3 Measurement of provision for risks relating to an at the end of the lease term. For the residual value management and monitoring of residual value risks
EU antitrust proceeding forecasts BMW AG uses internally available data on and inspected the internal analysis on residual value
historical empirical values, current market data and developments and residual value forecasts as well as
Our presentation of these key audit matters has been market estimates as well as forecasts by external the validation results. We examined the mathemati
structured in each case as follows: market research institutes. The estimation of future cally correctness of the forecast values using the key
proceeds from sales is subject to judgment due to calculation steps.
1 Matter and issue the large number of assumptions to be made by the
executive directors and the amount of data included Based on our audit procedures, we were able to
2 Pudit approach and findings in the determination. Against this background and satisfy ourselves that the methods and processes for
due to the resulting significant uncertainties with determining the expected residual values of leased
3 Reference to further information regard to estimates in the context of measuring the products underlying the valuation are appropriate
residual values of the leased products, this matter and the assumptions and parameters included in the
was of particular significance in the context of our forecast model for the residual value are appropriate
audit. as a whole.
Financial Independent Auditor’s Report
45
Statements of
BMW AG
3 The Company’s disclosures on the applied “Account The determination of provisions is associated with In our view, the method for the valuation of provisions
ing policies, assumptions, judgments and estimations” unavoidable estimation uncertainties and is subject for statutory and non-statutory warranty obligations
are contained in the notes to the financial statements to a high risk of change, depending on factors such as well as product guarantees is overall appropriate.
under “Accounting policies” and “Notes to the as notification of detected defects as well as claims Taking into consideration the information available,
balance sheet”. made by vehicle owners. Against this background, we believe that, overall, the measurement parameters
this matter was of particular significance during our and assumptions used by the executive directors are
2 Valuation of provisions for statutory and non-statutory audit. appropriate.
warranty obligations and product guarantees
2 In order to assess the appropriateness of the valuation 3 The Company’s disclosures on the applied
1 Provisions for statutory and non-statutory warranty method used for the determination of the provisions “Accounting policies, assumptions, judgments
obligations as well as product guarantees are includ for statutory and non-statutory warranty obligations and estimations” are contained in the notes to the
ed in the annual financial statements of BMW AG as well as product guarantees including the assump f inancial statements under “Accounting policies” and
as a material component in other provisions. The tions and parameters, we primarily obtained an “Notes to the balance sheet”.
provisions for statutory and non-statutory warranty understanding of the process for determining the
obligations and product guarantees amounted to assumptions and parameters through discussions 3 Measurement of provision for risks relating to an
EUR 2,418 million (approximately 4.2 % of total assets) with the responsible employees of BMW AG. We also EU antitrust proceeding
as at December 31, 2020. BMW AG is responsible for evaluated the appropriateness as well as effectiveness
the legally required warranty and product guarantees of controls for determining the assumptions and 1 In April 2019, BMW AG was notified by the European
in the respective sales market. In order to estimate parameters. With the involvement of our IT special Commission of complaints in a pending antitrust
the liabilities arising from statutory and non-statutory ists, we checked the IT systems used regarding their p roceeding. The European Commission accuses
warranty obligations as well as product guarantees compliance. We compared the expenses for claims various manufacturers of colluding to restrict compe
for vehicles sold, information on the type and v olume and technical actions with actual costs incurred in tition in the field of innovation. In this connection, as
of damages arising and on remedial measures is order to draw conclusions on the forecast accuracy. in the previous year, a EUR 1.4 billion provision for
recorded and analyzed at vehicle model level. The Based on a targeted sample of vehicle models, the litigation and risk provisioning was recognized at the
expected amount of obligations is extrapolated from mathematically correctness of the valuation model balance sheet date in the annual financial statements
costs of the past and recognized as a provision in used was examined. We examined and evaluated the under the balance sheet item “Other provisions”.
corresponding amount. For specific or anticipated assumptions used by BMW AG concerning the extent The risk assessment to be made on developments
individual circumstances, for example recalls, addi to which the past values were representative of the in the EU antitrust proceeding and the estimation
tional provisions are recognized. expected susceptibility of damage, the expected value of whether or not a provision must be recognized to
of damage per vehicle (comprising parts and labor cover the risks, and if so, in what amount the current
input) as well as the expected assertion of claims from obligation must be measured, is subject to a high
statutory and non-statutory warranties. degree of uncertainties and characterized by the
estimates and assumptions made by the executive
directors.
Financial Independent Auditor’s Report
46
Statements of
BMW AG
In our view, this matter was of particular significance Other Information In connection with our audit, our responsibility is
for our audit due to the significant uncertainties con The executive directors are responsible for the other to read the other information and, in so doing, to con
cerning the outcome of the EU antitrust proceeding and information. The other information comprises the follow sider whether the other information
the potential effects on BMW AG’s assets, liabilities, ing non-audited parts of the management report:
financial position and financial performance. — is materially inconsistent with the annual financial
— the statement on corporate governance pursuant to statements, with the management report or our
2 With the knowledge that estimated values result § 289 f HGB and § 315 d HGB included in section knowledge obtained in the audit, or
in an increased risk of accounting misstatements “Corporate Governance” of the management report
and that the executive directors’ recognition and — otherwise appears to be materially misstated.
measurement decisions have a direct effect on the — the subsections “Information on the Company’s
net profit for the year, we evaluated the retention of Governing Constitution”, “Board of Management”, Responsibilities of the Executive Directors and the Super-
the carrying amounts, with the involvement of an “Supervisory Board”, “Shareholders and Annual visory Board for the Annual Financial Statements and the
internal PwC antitrust law expert. Furthermore, we General Meeting” and “Declaration of Compliance” Management Report
also held regular meetings with the Company’s legal listed in the “Corporate Governance” section of the The executive directors are responsible for the prepa
department in order to receive updates on current management report ration of the annual financial statements that comply, in
developments and the reasons for the corresponding all material respects, with the requirements of German
estimates. The development of the aforementioned — the disclosures marked with “╚ ... ╝” of the non- commercial law, and that the annual financial statements
risks arising from the EU antitrust proceeding, in financial statement pursuant to § 289 b Abs. 1 HGB give a true and fair view of the assets, liabilities, financial
cluding the executive directors’ estimates concerning and § 315 d Abs. 1 HGB position and financial performance of the Company in
the potential proceeding outcomes, was provided to compliance with German Legally Required Accounting
us by the Company in writing. In addition, we ob The other information comprises further the re Principles. In addition, the executive directors are re
tained and evaluated an external legal confirmation maining parts of the publication “Annual report of sponsible for such internal control as they, in accordance
as at the balance sheet date. BMW AG” – excluding cross-references to external with German Legally Required Accounting Principles,
information – with the exception of the audited annual have determined necessary to enable the preparation of
In our view, the estimates made by the executive financial statements, the audited management report annual financial statements that are free from material
directors regarding the recognition and measurement and our auditor’s report. misstatement, whether due to fraud or error.
of the provision for the risks from the EU antitrust
proceeding described above and the associated risk Our audit opinions on the annual financial state In preparing the annual financial statements, the
provision in the annual financial statements are ments and on the management report do not cover the executive directors are responsible for assessing the
sufficiently documented and substantiated. other information, and consequently we do not express Company’s ability to continue as a going concern. They
an audit opinion or any other form of assurance con also have the responsibility for disclosing, as applicable,
3 The Company’s disclosures on the applied “Account clusion thereon. matters related to going concern. In addition, they are
ing policies, assumptions, judgments and estimations” responsible for financial reporting based on the going
are contained in the notes to the financial statements concern basis of accounting, provided no actual or legal
under “Accounting policies” and “Notes to the bal circumstances conflict therewith.
ance sheet”.
Financial Independent Auditor’s Report
47
Statements of
BMW AG
Furthermore, the executive directors are responsible Reasonable assurance is a high level of assurance, but — Evaluate the appropriateness of accounting policies
for the preparation of the management report that as a is not a guarantee that an audit conducted in accordance used by the executive directors and the reasonable
whole provides an appropriate view of the Company’s with § 317 HGB and the EU Audit Regulation and in ness of estimates made by the executive directors and
position and is, in all material respects, consistent with compliance with German Generally Accepted Stand related disclosures.
the annual financial statements, complies with German ards for Financial Statement Audits promulgated by the
legal requirements, and appropriately presents the op Institut der Wirtschaftsprüfer (IDW) will always detect — Conclude on the appropriateness of the executive
portunities and risks of future development. In addition, a material misstatement. Misstatements can arise from irectors’ use of the going concern basis of a ccounting
d
the executive directors are responsible for such arrange fraud or error and are considered material if, individually and, based on the audit evidence obtained, whether
ments and measures (systems) as they have considered or in the aggregate, they could reasonably be expected a material uncertainty exists related to events or
necessary to enable the preparation of a management to influence the economic decisions of users taken on conditions that may cast significant doubt on the
report that is in accordance with the applicable German the basis of these annual financial statements and this Company’s ability to continue as a going concern. If
legal requirements, and to be able to provide sufficient management report. we conclude that a material uncertainty exists, we are
appropriate evidence for the assertions in the manage required to draw attention in the auditor’s report
ment report. We exercise professional judgment and maintain to the related disclosures in the annual financial
professional skepticism throughout the audit. We also: statements and in the management report or, if such
The supervisory board is responsible for oversee disclosures are inadequate, to modify our respective
ing the Company’s financial reporting process for the — Identify and assess the risks of material misstatement audit opinions. Our conclusions are based on the
preparation of the annual financial statements and of of the annual financial statements and of the manage audit evidence obtained up to the date of our a uditor’s
the management report. ment report, whether due to fraud or error, design report. However, future events or conditions may
and perform audit procedures responsive to those cause the Company to cease to be able to continue as
Auditor’s Responsibilities for the Audit of the Annual risks, and obtain audit evidence that is sufficient and a going concern.
Financial Statements and of the Management Report appropriate to provide a basis for our audit opinions.
Our objectives are to obtain reasonable assurance The risk of not detecting a material misstatement — Evaluate the overall presentation, structure and
about whether the annual financial statements as a whole resulting from fraud is higher than for one resulting content of the annual financial statements, including
are free from material misstatement, whether due to from error, as fraud may involve collusion, forgery, the disclosures, and whether the annual financial
fraud or error, and whether the management report as intentional omissions, misrepresentations, or the statements present the underlying transactions and
a whole provides an appropriate view of the Company’s override of internal controls. events in a manner that the annual financial state
position and, in all material respects, is consistent with ments give a true and fair view of the assets, liabili
the annual financial statements and the knowledge — Obtain an understanding of internal control relevant ties, financial position and financial performance of
obtained in the audit, complies with the German legal to the audit of the annual financial statements and of the Company in compliance with German Legally
requirements and appropriately presents the opportuni arrangements and measures (systems) relevant to the Required Accounting Principles.
ties and risks of future development, as well as to issue audit of the management report in order to design
an auditor’s report that includes our audit opinions on audit procedures that are appropriate in the circum — Evaluate the consistency of the management report
the annual financial statements and on the management stances, but not for the purpose of expressing an with the annual financial statements, its conformity
report. audit opinion on the effectiveness of these systems with German law, and the view of the Company’s
of the Company. position it provides.
Financial Independent Auditor’s Report
48
Statements of
BMW AG
— Perform audit procedures on the prospective infor OTHER LEGAL AND REGULATORY REQUIREMENTS in the above-mentioned electronic file beyond this rea
mation presented by the executive directors in the sonable assurance conclusion and our audit opinion on
management report. On the basis of sufficient appro the accompanying annual financial statements and the
priate audit evidence we evaluate, in particular, Assurance Report in Accordance with § 317 accompanying management report for the financial year
the significant assumptions used by the executive Abs. 3b HGB on the Electronic Reproduction of the from 1 January to 31 December 2020 contained in the
directors as a basis for the prospective information, Annual Financial Statements and the Management “Report on the Audit of the Annual Financial Statements
and evaluate the proper derivation of the prospective Report Prepared for Publication Purposes and on the Management Report” above.
information from these assumptions. We do not
express a separate audit opinion on the prospective Reasonable Assurance Conclusion Basis for the Reasonable Assurance Conclusion
information and on the assumptions used as a basis. We have performed an assurance engagement in ac We conducted our assurance engagement on the
There is a substantial unavoidable risk that future cordance with § 317 Abs. 3b HGB to obtain reasonable reproduction of the annual financial statements and the
events will differ materially from the prospective assurance about whether the reproduction of the annual management report contained in the above mentioned
information. financial statements and the management report (here attached electronic file in accordance with § 317 Abs. 3b
inafter the “ESEF documents”) contained in the attached HGB and the Exposure Draft of IDW Assurance Stand
We communicate with those charged with govern electronic file BMW_AG_JA+LB_ESEF-2020-12-31.zip ard: Assurance in Accordance with § 317 Abs. 3b HGB on
ance regarding, among other matters, the planned scope and prepared for publication purposes complies in all ma the Electronic Reproduction of Financial Statements and
and timing of the audit and significant audit findings, terial respects with the requirements of § 328 Abs. 1 HGB Management Reports Prepared for Publication Purposes
including any significant deficiencies in internal control for the electronic reporting format (“ESEF format”). In (ED IDW AsS 410) and the International Standard on
that we identify during our audit. accordance with German legal requirements, this assur Assurance Engagements 3000 (Revised). Accordingly,
ance engagement only extends to the conversion of the our responsibilities are further described below in the
We also provide those charged with governance with information contained in the annual financial statements “Auditor’s Responsibilities for the Assurance Engagement
a statement that we have complied with the relevant in and the management report into the ESEF format and on the ESEF Documents” section. Our audit firm has
dependence requirements, and communicate with them therefore relates neither to the information contained applied the IDW Standard on Quality Management:
all relationships and other matters that may reasonably within this reproduction nor to any other information Requirements for Quality Management in the Audit Firm
be thought to bear on our independence, and where contained in the above-mentioned electronic file. (IDW QS 1).
applicable, the related safeguards.
In our opinion, the reproduction of the annual Responsibilities of the Executive Directors and the
From the matters communicated with those charged financial statements and the management report con Supervisory Board for the ESEF Documents
with governance, we determine those matters that were tained in the above-mentioned attached electronic file The executive directors of the Company are responsi
of most significance in the audit of the annual financial and prepared for publication purposes complies in all ble for the preparation of the ESEF documents including
statements of the current period and are therefore the material respects with the requirements of § 328 Abs. the electronic reproduction of the annual financial state
key audit matters. We describe these matters in our 1 HGB for the electronic reporting format. We do not ments and the management report in accordance with
auditor’s report unless law or regulation precludes public express any opinion on the information contained in this § 328 Abs. 1 Satz 4 Nr. 1 HGB.
disclosure about the matter. reproduction nor on any other information contained
Financial Independent Auditor’s Report
49
Statements of
BMW AG
In addition, the executive directors of the Company — Obtain an understanding of internal control relevant GERMAN PUBLIC AUDITOR RESPONSIBLE
are responsible for such internal control as they have to the assurance engagement on the ESEF documents FOR THE ENGAGEMENT
considered necessary to enable the preparation of ESEF in order to design assurance procedures that are
documents that are free from material non-compliance appropriate in the circumstances, but not for the
with the requirements of § 328 Abs. 1 HGB for the elec purpose of expressing an assurance conclusion on The German Public Auditor responsible for the
tronic reporting format, whether due to fraud or error. the effectiveness of these controls. engagement is Andreas Fell.
The executive directors of the Company are also — Evaluate the technical validity of the ESEF documents, Munich, 10 March 2021
responsible for the submission of the ESEF documents i. e., whether the electronic file containing the ESEF
together with the auditor’s report and the attached audit documents meets the requirements of the Delegated PricewaterhouseCoopers GmbH
ed annual financial statements and audited management Regulation (EU) 2019 / 815 in the version applicable Wirtschaftsprüfungsgesellschaft
report as well as other documents to be published to as at the balance sheet date on the technical specifi
the operator of the German Federal Gazette [Bundes cation for this electronic file.
anzeiger]. PETRA JUSTENHOVEN ANDREAS FELL
— Evaluate whether the ESEF documents enables a Wirtschaftsprüferin Wirtschaftsprüfer
The supervisory board is responsible for overseeing XHTML reproduction with content equivalent to
the preparation of the ESEF-documents as part of the the audited annual financial statements and to the
financial reporting process. audited management report.
Auditor’s Responsibilities for the Assurance Engagement Further Information pursuant to Article 10 of the
on the ESEF Documents EU Audit Regulation
Our objective is to obtain reasonable assurance about We were elected as auditor by the annual general
whether the ESEF documents are free from material meeting on 14 May 2020. We were engaged by the super
non-compliance with the requirements of § 328 Abs. visory board on 17 June 2020. We have been the auditor
1 HGB, whether due to fraud or error. We exercise pro of the Bayerische Motoren Werke Aktiengesellschaft,
fessional judgment and maintain professional skepticism Munich, without interruption since the financial year
throughout the assurance engagement. We also: 2019.
— Identify and assess the risks of material non-com We declare that the audit opinions expressed in
pliance with the requirements of § 328 Abs. 1 HGB, this auditor’s report are consistent with the additional
whether due to fraud or error, design and perform report to the audit committee pursuant to Article 11 of
assurance procedures responsive to those risks, and the EU Audit Regulation (long-form audit report).
obtain assurance evidence that is sufficient and
appropriate to provide a basis for our assurance
conclusion.
Financial
BMW Group Financial Calendar
Other Information
50
367
Statements of
BMW AG
Report 2020 Financial Calendar
FINANCIAL CALENDAR
2021 2022
3 November 2022
Quarterly Statement to 30 September 2022
Financial BMW AG Ten-year Comparison
51
Statements of
BMW AG
Revenues 1 € million 75,040 84,691 78,355 79,215 75,350 72,384 66,599 60,474 58,805 55,007
Export ratio % 81.5 82.2 82.4 82.8 82.4 83.0 81.7 81.5 79.6 77.3
Production
Automobiles 2 Units 2,255,608 2,564,025 2,541,534 2,505,741 2,359,756 2,279,503 2,165,566 2,006,366 1,861,826 1,738,160
Motorcycles Units 168,115 187,116 162,687 185,682 145,555 151,004 133,615 110,127 113,811 110,360
Deliveries
Automobiles 2 Units 2,249,943 2,555,795 2,519,897 2,494,115 2,355,726 2,275,367 2,166,772 1,995,903 1,868,158 1,723,637
Motorcycles Units 170,918 180,941 164,096 175,452 147,290 144,291 133,635 110,039 110,857 110,145
Capital expenditure € million 2,790 3,233 2,975 2,628 2,346 2,748 3,150 3,203 2,776 2,032
Depreciation, amortisation and impairment losses € million 2,646 2,573 2,470 2,350 2,233 2,072 1,890 1,732 1,613 1,578
Workforce at end of year 3 84,668 86,700 89,842 87,940 85,754 84,860 80,675 77,110 74,571 71,630
Tangible, intangible and investment assets 4 € million 16,834 16,640 15,787 15,419 14,711 14,619 13,945 12,833 11,078 9,663
Current assets, prepaid expenses and surplus of pension
and similar plan assets over liabilities € million 40,806 39,179 29,748 26,053 21,588 20,358 20,291 20,932 20,887 17,845
Subscribed capital € million 660 659 658 658 657 657 656 656 656 655
Reserves € million 13,252 12,774 12,280 11,758 11,165 10,168 9,506 8,166 7,568 6,059
Equity € million 15,165 15,079 15,241 15,046 14,122 12,927 12,066 10,529 9,864 8,222
as % of tangible, intangible and investment assets % 90.1 90.6 96.5 97.6 96.0 88.4 86.5 82.0 89.0 85.1
Balance sheet total € million 57,640 55,819 45,535 41,472 36,299 34,977 34,236 33,765 31,965 27,508
Cost of materials € million 57,425 63,425 57,726 56,065 53,862 52,128 47,008 43,402 42,178 39,324
Personnel expense € million 8,565 8,631 8,597 8,638 8,340 7,576 6,786 6,419 6,030 5,758
Taxes € million 232 789 891 1,579 1,327 1,831 1,934 1,674 1,666 2,096
Net profit € million 1,702 2,107 2,801 3,197 3,277 2,741 3,229 2,289 3,131 1,970
Dividend € million 1,253 5 1,646 2,303 2,630 2,300 2,102 1,904 1,707 1,640 1,508
per share of common stock with a par value of € 1 each € 1.90 5
2.50 3.50 4.00 3.50 3.20 2.90 2.60 2.50 2.30
per share of preferred stock with a par value of € 1 each € 1.92 5 2.52 3.52 4.02 3.52 3.22 2.92 2.62 2.52 2.32
1 Financial Reporting Implementation Act (BilRUG) applied with effect from the beginning of the financial year 2016. Comparative figures for 2015 not adjusted.
2 Including supplies of series parts to BMW Brilliance Automotive Ltd., Shenyang.
3 From 2019 onwards adjusted due to a changed calculation method (details provided in BMW Group Annual Report 2019, BMW Group Management Report).
4 From 2013 onward including tangible, intangible and investment assets transferred in conjunction with the merger of BMW Peugeot Citroën Electrification GmbH, Munich; From 2015 onward including property, plant and equipment transferred in conjunction with the merger of BMW Forschung und Technik GmbH, Munich.
CONTACTS
BUSINESS AND FINANCE PRESS THE BMW GROUP ON THE INTERNET PUBLISHED BY
Telephone + 49 89 382-2 45 44 Further information about the BMW Group is available Bayerische Motoren Werke
+ 49 89 382-2 41 18 online at: Aktiengesellschaft
80788 Munich
Fax + 49 89 382-2 44 18 www.bmwgroup.com Germany
Telephone + 49 89 382-0
E-mail presse@bmwgroup.com Investor Relations information is available directly at:
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