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ANNUAL REPORT 2011

CORPORATE

GOVERNANCE

REFINANCING

EARNINGS PERFORMANCE

CASH FLOW STATEMENTS
KEY PERFORMANCE

FIGURES

COMPARISON

INCOME

STATEMENTS

REFINANCING

SEGMENT INFORMATION

BALANCE SHEETS
FINANCIAL POSITION
NOTES TO THE GROUP

FINANCIAL STATEMENTS

NET ASSETS POSITION
STATEMENT OF
COMPREHENSIVE INCOME

NOTES TO

CORPORATE

EARNINGS PERFORMANCE

GOVERNANCE
KEY PERFORMANCE
FIGURES

TEN-YEAR COMPARISON

4 6 14 18 18 20 24 43 46 49

BMW GROUP IN FIGURES REPORT OF THE SUPERVISORY BOARD STATEMENT OF THE CHAIRMAN OF THE BOARD OF MANAGEMENT COMBINED GROUP AND COMPANY MANAGEMENT REPORT A Review of the Financial Year General Economic Environment Review of Operations BMW Stock and Capital Market in 2011 Disclosures relevant for takeovers and explanatory comments Financial Analysis 49 Group Internal Management System 51 Earnings Performance 53 Financial Position 56 Net Assets Position 59 Subsequent Events Report 59 Value Added Statement 61 Key Performance Figures 62 Comments on Financial Statements of BMW AG Internal Control System and explanatory comments Risk Management Outlook GROUP FINANCIAL STATEMENTS Income Statements Statement of Comprehensive Income Balance Sheets Cash Flow Statements Group Statement of Changes in Equity Notes to the Group Financial Statements 84 Accounting Principles and Policies 100 Notes to the Income Statement 107 Notes to the Statement of Comprehensive Income 108 Notes to the Balance Sheet 129 Other Disclosures 145 Segment Information

66 67 73
76 76 76 78 80 82 84

150

Responsibility Statement by the Company’s Legal Representatives Auditor’s Report STATEMENT ON CORPORATE GOVERNANCE (Part of the Combined Group and Company Management Report) Information on the Company’s Governing Constitution Declaration of the Board of Management and of the Supervisory Board pursuant to § 161 AktG Members of the Board of Management Members of the Supervisory Board Composition and work procedures of the Board of Management of BMW AG and its committees Composition and work procedures of the Supervisory Board of BMW AG and its committees Compensation Report Information on Corporate Governance Practices Applied Beyond Mandatory Requirements Compliance in the BMW Group OTHER INFORMATION BMW Group Ten-year Comparison BMW Group Locations Glossary Index Financial Calendar Contacts

151
152

152 153 154 155 158 160 165 173

175
178 178 180 182 184 190 191

Contents

A PORTRAIT OF THE COMPANY

Bayerische Motoren Werke G. m. b. H. came into being in 1917, having been founded in 1916 as Bayerische Flugzeugwerke AG (BFW); it became Bayerische Motoren Werke Aktiengesellschaft (BMW AG) in 1918. The BMW Group – one of Germany’s largest industrial companies – is one of the most successful car and motorcycle manufacturers in the world. With BMW, MINI and Rolls-Royce, the BMW Group owns three of the strongest premium brands in the automobile industry. The vehicles it manufactures set the highest standards in terms of aesthetics, dynamics, technology and quality, borne out by the company’s leading position in engineering and innovation. In addition to its strong position in the motorcycles market with the BMW and Husqvarna brands, the BMW Group also offers a successful range of financial services. The course towards a successful future was set in 2007 with the adoption of Strategy Number ONE. The business was given a new strategic direction with an emphasis on profitability and longterm value growth. Our activities will remain firmly focused on the premium segments of the international car markets. Our mission statement up to the year 2020 is clearly defined: the BMW Group is the world’s leading provider of premium products and premium services for individual mobility. Long-term thinking and responsible action have long been the cornerstones of our success. Striving for ecological and social sustainability along the entire value-added chain, taking full...
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