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Annual Report 2019
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Discover the
Power of Choice of
Rob, Faith and Sachiko.

Curved Bars
Bars
Annual Report 2019

In times like these, we need responsible behaviour in society. The BMW Group knows how to manage difficult situations. We have proven this many times in the past.




The BMW Group is a company that thinks long-term and acts responsibly. We take responsibility for the mobility of today and tomorrow through strong product offerings and sustainable management.




We don’t want to tell our customers what to do – we want to truly convince them. This is what the Power of Choice is all about.

Unterschrift Oliver Zipse
Oliver Zipse,
Chairman of the Board of Management of BMW AG
Prologue
Dr. Nicholas Peter
A look at the Financial Year 2019 with Dr. Nicolas Peter,
Member of the Board of Management of BMW AG, Finance .

The BMW Group continued to chart a successful course in 2019. We handed over more than 2.5 million vehicles to customers last year – more than ever before.

The new BMW 8 Series BMW and new BMW X7 got off to a very successful start. BMW M GmbH had its best year ever in 2019.

Towards the end of the year, the first fully-electric MINI MINI came off the production line in Oxford.

Rolls-Royce Rolls-Royce reported the best year in its 116-year history, largely thanks to the Cullinan and its Black Badge models.

With its large number of new models, BMW Motorrad Motorrad also posted its ninth consecutive sales increase.

Year after year, we make targeted, focused investments in our future. We have electrified all vehicle classes and, at the same time, equipped all our major plants for electromobility.

2019 therefore laid a strong foundation for continued future success.

Unterschrift Dr. Nicolas Peter
Dr. Nicolas Peter,
Member of the Board of Management of BMW AG, Finance
Dr. Nicholas Peter
A look at the Financial Year 2019 with Dr. Nicolas Peter,
Member of the Board of Management of BMW AG, Finance .
Automobile deliveries ? A new or used vehicle will be recorded as a delivery once handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third party dealers. The vast majority of deliveries – and hence the reporting to BMW Group of deliveries – is made by independent third party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenue that BMW Group recognises in respect of such reporting period.
Automobile deliveries at record level
Note

Total in units

2,538,367

+2.2%

BMW in units

2,185,793

MINI in units

347,474

Rolls-Royce in units

5,100

1,500,000 Total in units 2,538,367 +2.2% Rolls-Royce in units 5,100 BMW in units 2,185,793 MINI in units 347,474
EBIT margin automotive segment ? Profit / loss before financial result as a percentage of revenues.
EBIT margin at 4.9 %

EBIT margin in %

4.9

-2.3% points

Profit before financial result (EBIT) in € million

4,499

-27.2%

Revenues in € million

91,682

+6.8%

4 6 4.9 EBIT margin in % -2.3% points Profit before financial result (EBIT) in € million 4,499 -27.2% Revenues in € million 91,682 +6.8%
Motorcycles deliveries ? A new or used vehicle will be recorded as a delivery once handed over to the end user (which also includes leaseholders under lease contracts with BMW Financial Services). In the US and Canada, end users also include (1) dealers when they designate a vehicle as a service loaner or demonstrator vehicle and (2) dealers and other third parties when they purchase a company vehicle at auction and dealers when they purchase company vehicles directly from BMW Group. Deliveries may be made by BMW AG, one of its international subsidiaries, a BMW Group retail outlet, or independent third party dealers. The vast majority of deliveries – and hence the reporting to BMW Group of deliveries – is made by independent third party dealers. Retail vehicle deliveries during a given reporting period do not correlate directly to the revenue that BMW Group recognises in respect of such reporting period.
Solid increase in motorcycle deliveries

in units

175,162

+5.8%

100,000 175,162 in units +5.8%
New contracts retail customer financing, Financial Services
Successful financial year for the Financial Services segment

in units

2,003,782

+5.0%

Credit financing in %

65.9

Leasing in %

34.1

1,100,000 in units 2,003,782 +5.0% Credit financing in % 65.9 Leasing in % 34.1
Group revenues
Solid increase in Group revenues

in € million

104,210

+7.6%

60,000 104,210 in € million +7.6%
Group profit before tax ? EBIT plus financial result.
Group profit before tax significantly down on the previous year

in € million

7,118

-26.1%

6,000 7,118 in € million -26.1%
Group net profit
Group net profit decreased compared to the previous year

in € million

5,022

-28.9%

5,000 5,022 in € million -28.9%
Earnings per share ? Basic earnings per share are calculated for common and preferred stock by dividing the net profit after minority interests, as attributable to each category of stock, by the average number of shares in circulation.
Decrease in earnings per share

Per share of common stock in €

7.47

-29.5%

Per share of preferred stock in €

7.49

-29.5%

6 7.47 / 7.49 Per share of common stock in € Per share of preferred stock in € -29.5% / -29.5%
Research and development expenditure ? The sum of research and non-capitalised development cost and capitalised development cost (not including the associated scheduled amortisation).
Research and development expenditure remains at a high level

in € million

6,419

5,000 6,419 in € million
Key automobile markets
BMW Group sales – global distribution
18.6%
America
42.7%
Europe
36.6%
Asia
2.1%
Others

18.6%

America

42.7%

Europe

36.6%

Asia

2.1%

Others

Subsidiaries Production, Research and Development, Sales and Financial Services
Global research and innovation network expanded
produktion 11 4 vertriebsstandorte Research 3 3 7
31
Production and assembly
plants
43
Sales subsidiaries
and Financial Services
locations
12
Countries with research
and development locations

31

Produktionsstandorte und Partnerwerke

12

Forschungs- und Entwicklungsstandorte

43

Vertriebsstandorte

Outlook
Oliver Zipse
A look into the future with Oliver Zipse,
Chairman of the Board of Management of BMW AG

2020 will be a challenging year. Despite these challenges, we look to the future with confidence. Our customer offering is newer, more attractive and more technologically diverse than ever. We firmly believe that the far-reaching technological transformation and social changes currently taking place will actually strengthen our business model.

You can rest assured: The BMW Group will continue to chart its own course – as a strong, innovative and independently-minded company even in difficult times.

Unterschrift Oliver Zipse
Oliver Zipse,
Chairman of the Board of Management of BMW AG
Oliver Zipse
A look into the future with Oliver Zipse,
Chairman of the Board of Management of BMW AG
Reports
Discover the
Power of Choice of
Rob, Faith and Sachiko.

rob-teaser

Rob The Netherlands

Where others think of limited range, for Rob freedom begins.

Start journey
faith-teaser

Faith South Africa

Faith`s excitement begins, where new trends can be experienced.

Start journey
sachiko-teaser

Sachiko Japan

Sachiko`s places of peace and perfection arise, where modernity and tradition are combined.

Start journey
Five-year-comparison 01_Auslieferungen-Automobile 2019 2,185,793 BMWin Einheiten MINIin Einheiten Rolls-Roycein Einheiten 347,474 5,100 2,538,367
Summary

During the 2019 reporting period, the BMW Group reached a further milestone with the delivery of its 500,000th electrified automobile. With eleven electrified models in its range (as of 2019), the BMW Group is among the world’s leading providers of electric mobility.

The BMW Group delivered a total of 2,538,367 BMW, MINI and Rolls-Royce brand automobiles in 2019, thereby setting a new record for the total number of deliveries to customers (2018: 2,483,292 units; + 2.2 %).

Context

BMW X models are hugely popular with customers worldwide – largely thanks to their versatility. For sport, travel or family, on or off-road, Sports Activity vehicles ranging from the BMW X1 to the BMW X7 deliver excellent driving characteristics with advanced technology and a commanding presence.

All models have been relaunched or updated in recent years. Deliveries for 2019 reflect the success of this: With sales up 22.3% and 963,994 units sold, the X family made a vital contribution to the BMW Group’s new all-time sales high last year.

Automobile deliveries

With plug-in hybrid variants of the BMW X1, X3 and X5, three family members are now electrified. These will be joined in 2020 by the X2 PHEV and the fully-electric BMW iX3.

Five-year-comparison 02_EBIT-Marge 6 4 Umsatzerlöse in Mio € Ergebnis vor Finanzergebnis in Mio. € EBI T -Ma r ge in % 91,682 4.9 4,499 2019
Summary

The EBIT margin came in at 4.9 % (2018: 7.2 %; – 2.3 percentage points). As forecast in the Quarterly Statement to 30 September 2019 the EBIT margin was within the target range of 4.5 to 6.5 % and therefore in line with revised expectations. In the Annual Report 2018, the segment EBIT margin was forecast to be within the target range of 6 to 8 %.

Context
tour.ebit.tagline

The luxury segment was a focal point for the BMW Group in financial year 2019. Discerning customers in this segment can now choose between an even more diverse range of exclusive models. All of them offer an attractive combination of elegant luxury with the outstanding driving experience of a BMW.

The best example of this is the new BMW 8 Model Series. The Coupé, Convertible and Gran Coupé, as well as the corresponding M high-performance models, are being enthusiastically received by a large number of customers. The new BMW 7 Series, available for the first time as a six-cylinder plug-in hybrid, and the BMW X7 are enjoying considerable popularity worldwide.

Thanks to these models, the BMW Group was able to increase sales in the luxury segment by more than 60 percent year-on-year.

Five-year-comparison 03_Auslieferungen_Motorraeder 2019 in Einheiten 175,162
Summary

With the delivery of 175,162 units in 2019, the Motorcycles segment exceeded the previous year’s figure by 5.8 %, marking a new record for the ninth consecutive year (2018: 165,566 units).

The number of motorcycles sold in Europe rose by 7.0 % to 104,994 units (2018: 98,144 units).

Context

Early in summer 2019, the BMW Group unveiled its BMW Motorrad Concept R18. This purist, historically inspired interpretation of a “Big Boxer” earned exceptionally positive reviews. Just six months later, BMW Motorrad presented its second eye-catching concept bike with a Big Boxer engine: The BMW Motorrad Concept R18/2 is the stylistic counterpart to the R18, a modern, dynamic custom cruiser with a slightly rawer attitude.

tour.motorrad.tagline

The differences between these two heritage concepts impressively underline the flexibility of the basic architecture and wide range of customisation options. In the second half of 2020, BMW Motorrad plans to venture into the important cruiser segment with the launch of the BMW R18 – another milestone in the BMW Motorrad growth strategy.

Five-year-comparison 04_Neuvertraege 2019 65.9 in Einheiten Anteil Finanzierung i n % Anteil Leasing in % 34.1 2,003,782
Summary

The Financial Services segment performed strongly in 2019 within a challenging, volatile environment. Segment profit before tax rose by 6.0 % to a record level of € 2,272 million (2018: € 2,143 million).

Thanks to its strong performance, the Financial Services segment surpassed the threshold of 2 million new customer contracts in a single year for the first time. In total, 2,003,782 credit financing and leasing contracts were concluded with retail customers during the period under report, a solid 5.0 % year-on-year increase (2018: 1,908,640 contracts).

Context

BMW Financial Services wants customers to be able to complete the entire financing process online. This objective was already achieved in Germany in 2019 and key elements can already be processed digitally in a number of other markets.

From credit application to contract offer to identification and e-signature: The digitalisation of internal processes means every step can be performed online – from selecting the right financing product all the way to contract processing.

During the contract period, customers can access their data, update their information if needed and make inquiries via chatbots. These capabilities are now being rolled out in further markets.

Five-year-comparison 05_Konzernumsatzerlose 2019 in Mio. € 104,210
Summary

The Automotive segment recorded a solid year-onyear increase in revenues. Alongside positive currency effects, the main influencing factor was the product mix effect generated by increased deliveries of BMW X family models (in particular the X7 launched in 2019), the BMW 8 Series, the X4, the X5, and the Rolls-Royce Cullinan, all of which were available for the full twelve-month period in 2019.

The Motorcycles segment also recorded solid year-onyear revenue growth. In addition to the higher number of units delivered, product mix and currency effects also had a positive impact on the performance in 2019.

The Financial Services segment achieved a solid increase in revenues during the period under report on the back of portfolio growth, higher revenues from the sale of returned leasing vehicles, and favourable currency factors.

Five-year-comparison 06_Konzernergebnis 2019 in Mio. € 7,118
Summary

As forecast most recently in the Quarterly Statement to 30 September 2019, Group profit before tax for the full financial year was significantly down on the previous year and, at € 7,118 million (2018: € 9,627 million), was therefore in line with revised expectations.

Five-year-comparison 07_Konzernjahresueberschuss 2019 in Mio. € 5,022
Five-year-comparison 08_Ergebnis_je_Aktie 2019 je Stammaktie in € je Vorzugsaktie in € 7.47 7.49
Summary

Basic / diluted earnings per share amounted to 7.47 € per share of common stock and 7.49 € per share of preferred stock.

Five-year-comparison 09_FE_Leistungen 2019 in Mio. € 6,419
Summary

A major factor in the enduring success of the BMW Group is its consistent focus on the future. Innovation is an integral part of its corporate philosophy. Shaping individual mobility and finding innovative solutions today for the needs of tomorrow is a key driving force. Research and development (R&D) are therefore of major importance for the BMW Group in ensuring its long-term commercial success as a premium manufacturer.

Context

As an e-mobility pioneer, the BMW i3 sets the benchmark for holistic sustainability. The BMW Group is currently working on the fifth generation of its electric drive train: The electric engine, power electronics and transmission are all closely integrated, improving power density by around 30 percent. This technology will be used for the first time in the BMW iX3.

The BMW Group develops its own powertrain components for the BMW eDrive technology; the electric engine and high-voltage battery are also manufactured in-house.

Research and development expenditure

In addition, engineers are also analysing and further developing battery cell technology at the new Battery Cell Competence Centre in Munich. This ensures BMW Group customers always have access to the best cells for their particular electrified drive train and vehicle concept. It also enables the company to respond flexibly to market developments.

Summary

A downward trend was observable on most automobile markets in 2019. Accordingly, registration figures for passenger cars and light commercial vehicles fell worldwide by 2.8 % to a total of 83.5 million vehicles.

According to the original forecasts, new registrations worldwide were expected to decrease slightly in 2020 (83.1 million units; -0.5%). However, due to the worldwide spread of coronavirus, new registrations are now expected to drop significantly.

Context

Deliveries in China posted encouragingly strong growth in 2019, in a global environment that remains volatile and highly competitive. With a total of 724,733 BMW, MINI and Rolls-Royce vehicles delivered to customers, the BMW Group grew sales by 14.0% from the previous year.

These will be joined by the BMW X2. The fully-electric BMW iX3 will also be produced in China and exported from there.

Summary

At 31 December 2019, more than 15,700 people in twelve countries were working in the BMW Group’s global research and innovation network.

In 2019, the Group produced electrified models at eleven different locations worldwide.

In 2019, the BMW Group opened a new plant in San Luis Potosí (Mexico). The new facility, which has the capacity to manufacture up to 175,000 units per year, produces the BMW 3 Series Sedan, thus significantly boosting production flexibility within the network. The BMW 3 Series Sedan is also produced in Germany and China.

BMW

One of the highlights of 2019 was the #NEXTGen event. This independent, recurring format is dedicated to sharing information on the future of individual mobility. International journalists, analysts and shareholders at the event learned about the latest services, products and future technologies from the fields of design, autonomous driving, connectivity and electrification. They also got to experience six world premieres and two Vision Vehicles. One of those premieres was the BMW 8 Series Gran Coupé. With its standalone body concept, plus powertrain and chassis technology designed for maximum driving dynamics, the new BMW 8 Series Gran Coupe embodies a brand of sporting flair unique in the luxury segment.

MINI

2019 marks the beginning of another important chapter in MINI’s 60-year history. The first fully-electric MINI celebrated its world premiere in Rotterdam and New York. As different as these two cities may be, they are trendsetters that epitomise progress and urban living – just like MINI. The brand has always been about offering solutions to the mobility challenges of the day. The MINI Electric complements the brand’s existing electric offering and provides another possible answer to customers’ low-emission mobility needs. Initial test drive reviews confirm that the fully-electric MINI sparks emotion and delivers driving fun.

Motorrad

For BMW Motorrad, 2019 was not just about its new concept bikes. The 19th BMW Motorrad Days also showcased the world premiere of the BMW R nineT /5. At the foot of Germany’s highest mountain, the Zugspitze, 40,000 guests gathered to admire the current model generation in a special product tent. Visitors also had the chance to talk directly to BMW product specialists and check out new models from about 80 exhibitors. Shows, stunts and test drives on both safe roads and rocky off-road terrain delivered pure action. Two visitors went home particularly happy: They were the lucky winners of a BMW R nineT /5 and BMW F 850 GS.

Rolls-Royce

In Goodwood, where artisanship meets design, the imagination knows (virtually) no limits. Each individual vehicle can be transformed into a unique work of art. That is also how the first Rolls-Royce Cullinan in “Fux Orange” was born. The idea was for the colour to match its owner’s favourite wrap. It took about a year to deliver the perfect surface application of more than seven layers of finish polished by hand. The unusual colour scheme continues in the interior, with white leather with orange stitching. The “Fux Orange” interior mirror and lambswool floor mats complete the look and bring the exacting standards Rolls-Royce craftspeople aspire to life.

Production outside Europe

  • BMW Group plant Araquari, Brazil
  • BMW Group plant Chennai, India
  • BMW Group plant Manaus, Brazil
  • BMW Group plant Rayong, Thailand
  • BMW Group plant Rosslyn, South Africa
  • BMW Group plant San Luis Potosí, Mexico
  • BMW Group plant Spartanburg, USA
  • BMW Brilliance Automotive, China (joint venture – 3 plants)

Partner plants outside Europe

  • Partner plant, Chongqing, China
  • Partner plant, Hosur, India
  • Partner plant, Jakarta, Indonesia
  • Partner plant, Cairo, Egypt
  • Partner plant, Kulim, Malaysia

Production in Europe

  • BMW Group plant Berlin
  • BMW Group plant Dingolfing
  • BMW Group plant Eisenach
  • BMW Group plant Landshut
  • BMW Group plant Leipzig
  • BMW Group plant Munich
  • BMW Group plant Regensburg
  • BMW Group plant Wackersdorf
  • BMW Group plant Steyr, Austria
  • BMW Group plant Hams Hall, UK
  • BMW Group plant Oxford, UK
  • BMW Group plant Swindon, UK
  • Rolls-Royce Manufacturing Plant, Goodwood, UK

Partner plants in Europe

  • Partner plant, Born, the Netherlands
  • Partner plant, Graz, Austria
  • Partner plant, Kaliningrad, Russia

Produktion außerhalb Europas

  • BMW Group Werk Araquari, Brasilien
  • BMW Group Werk Chennai, Indien
  • BMW Group Werk Manaus, Brasilien
  • BMW Group Werk Rayong, Thailand
  • BMW Group Werk Rosslyn, Südafrika
  • BMW Group Werk San Luis Potosí 2, Mexiko
  • BMW Group Werk Spartanburg, USA
  • BMW Brilliance Automotive, China (Joint Venture – 3 Werke)

Partnerwerke außerhalb Europas

  • Partnerwerk, Chongqing, China
  • Partnerwerk, Hosur, Indien
  • Partnerwerk, Jakarta, Indonesien
  • Partnerwerk, Kairo, Ägypten
  • Partnerwerk, Kulim, Malaysia

Produktion in Europa

  • BMW Group Werk Berlin
  • BMW Group Werk Dingolfing
  • BMW Group Werk Eisenach
  • BMW Group Werk Landshut
  • BMW Group Werk Leipzig
  • BMW Group Werk München
  • BMW Group Werk Regensburg
  • BMW Group Werk Wackersdorf
  • BMW Group Werk Steyr, Österreich
  • BMW Group Werk Hams Hall, UK
  • BMW Group Werk Oxford, UK
  • BMW Group Werk Swindon, UK
  • Rolls-Royce Manufacturing Plant,
  • Goodwood, UK

Partnerwerke in Europa

  • Partnerwerk, Born, Niederlande
  • Partnerwerk, Graz, Österreich
  • Partnerwerk, Kaliningrad, Russland

Research and development network outside Europe

  • BMW Group Designworks, Newbury Park, USA
  • BMW Group Technology Office USA, Mountain View, USA
  • BMW Group Engineering and Emission Test Center, Oxnard, USA
  • BMW Group ConnectedDrive Lab China, Shanghai, China, and
  • BMW Group Designworks Studio Shanghai, China
  • BMW Group Technology Office, Shanghai, China
  • BMW Group Engineering China, Beijing, China
  • BMW Group Engineering Japan, Tokyo, Japan
  • BMW Group Engineering USA, Woodcliff Lake, USA
  • BMW Technology, Chicago, USA
  • BMW Group IT Technology Office, Greenville, USA
  • BMW Group IT DevOps Hub, Rosslyn, South Africa
  • BMW do Brasil, Araquari, Brazil
  • BMW Group Technology Office Tel Aviv, Tel Aviv, Israel
  • BMW Group R&D Center Seoul, Seoul, South Korea

Research and development network in Europe

  • BMW Group Research and Innovation Centre (FIZ), Munich, Germany
  • BMW Group Autonomous Driving Campus, Unterschleißheim, Germany
  • BMW Group Designworks, Munich, Germany
  • BMW Car IT, Munich, Germany
  • BMW Group Lightweight Construction and Technology Center, Landshut, Germany
  • BMW Group Diesel Competence Centre, Steyr, Austria
  • Critical TechWorks S.A., Porto, Portugal
  • BMW France, S. A. S., Montigny, France
  • Rolls-Royce Motor Cars Ltd., Goodwood, UK

Produktion außerhalb Europas

  • BMW Group Werk Araquari, Brasilien
  • BMW Group Werk Chennai, Indien
  • BMW Group Werk Manaus, Brasilien
  • BMW Group Werk Rayong, Thailand
  • BMW Group Werk Rosslyn, Südafrika
  • BMW Group Werk San Luis Potosí 2, Mexiko
  • BMW Group Werk Spartanburg, USA
  • BMW Brilliance Automotive, China (Joint Venture – 3 Werke)

Partnerwerke außerhalb Europas

  • Partnerwerk, Chongqing, China
  • Partnerwerk, Hosur, Indien
  • Partnerwerk, Jakarta, Indonesien
  • Partnerwerk, Kairo, Ägypten
  • Partnerwerk, Kulim, Malaysia

Produktion in Europa

  • BMW Group Werk Berlin
  • BMW Group Werk Dingolfing
  • BMW Group Werk Eisenach
  • BMW Group Werk Landshut
  • BMW Group Werk Leipzig
  • BMW Group Werk München
  • BMW Group Werk Regensburg
  • BMW Group Werk Wackersdorf
  • BMW Group Werk Steyr, Österreich
  • BMW Group Werk Hams Hall, UK
  • BMW Group Werk Oxford, UK
  • BMW Group Werk Swindon, UK
  • Rolls-Royce Manufacturing Plant,
  • Goodwood, UK

Partnerwerke in Europa

  • Partnerwerk, Born, Niederlande
  • Partnerwerk, Graz, Österreich
  • Partnerwerk, Kaliningrad, Russland