Group Financial Statements

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Abbreviated BMW Group Annual Report 2011.

BMW Group
Income Statements for Group and Segments

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in € million                              
  Note Group   Automotive
(unaudited
supplementary
information)		 Motorcycles
(unaudited
supplementary
information)		 Financial Services
(unaudited
supplementary
information)		 Other Entities
(unaudited
supplementary
information)		 Eliminations
(unaudited
supplementary
information)
    2011 2010*
(adjusted)		   2011   2010 2011 2010 2011 2010 2011 2010 2011 2010*
(adjusted)
* Adjusted for effect of change in accounting policy for leased products as described in note 8    
                               
Revenues 10 68,821 60,477   63,229   54,137 1,436 1,304 17,510 16,617 5 4 -13,359 -11,585
Cost of sales 11 -54,276 -49,545   -50,164   -44,703 -1,207 -1,095 -15,013 -14,798 – – 12,108 11,051
Gross profit   14,545 10,932   13,065   9,434 229 209 2,497 1,819 5 4 -1,251 -534
Sales and administrative costs 12 -6,177 -5,529   -5,260   -4,778 -176 -140 -719 -589 -27 -16 5 -6
Other operating income 13 782 766   528   508 2 3 74 72 249 224 -71 -41
Other operating expenses 13 -1,132 -1,058   -856   -809 -10 -1 -89 -101 -246 -253 69 106
Profit / loss before financial result   8,018 5,111   7,477   4,355 45 71 1,763 1,201 -19 -41 -1,248 -475
Result from equity accounted investments 14 162 98   164   98 – – – – -2 – – –
Interest and similar income 15 763 685   680   556 8 7 5 4 1,739 1,984 -1,669 -1,866
Interest and similar expenses 15 -943 -966   -889   -871 -12 -13 -15 -7 -1,841 -2,058 1,814 1,983
Other financial result 16 -617 -75   -609   -251 – – 37 16 -45 160 – –
Financial result   -635 -258   -654   -468 -4 -6 27 13 -149 86 145 117
Profit / loss before tax   7,383 4,853   6,823   3,887 41 65 1,790 1,214 -168 45 -1,103 -358
Income taxes 17 -2,476 -1,610   -1,832   -1,280 -12 -20 -1,053 -446 37 22 384 114
Net profit / loss   4,907 3,243   4,991   2,607 29 45 737 767 -131 67 -719 -244
Attributable to minority interest   26 16   25   15 – – – 1 1 – – –
Attributable to shareholders of BMW AG 34 4,881 3,227   4,966   2,592 29 45 737 767 -132 67 -719 -244
Earnings per share of common stock in € 18 7.45 4.93                        
Earnings per share of preferred stock in € 18 7.47 4.95                        
Dilutive effects   – –                        
Diluted earnings per share of common stock in € 18 7.45 4.93                        
Diluted earnings per share of preferred stock in € 18 7.47 4.95                        

BMW Group
Statement of Comprehensive Income for Group

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in € million Note 20111 20101,2 (adjusted)
1 The line item “Other comprehensive income for the period from equity accounted investments” is presented separately for the first time in the Group Financial Statements for the year ended 31 December 2011.
2 Adjusted for effect of change in accounting policy for leased products as described in note 8
Net profit   4,907 3,243
Available-for-sale securities   -72 -16
Financial instruments used for hedging purposes   -801 -526
Exchange differences on translating foreign operations   168 666
Actuarial losses on defined benefit pension obligations, similar obligations and plan assets 35 -586 -277
Deferred taxes relating to components of other comprehensive income   421 265
Other comprehensive income for the period (after tax) from equity accounted investments   -41 21
Other comprehensive income for the period after tax 21 -911 133
Total comprehensive income   3,996 3,376
Total comprehensive income attributable to minority interests   26 16
Total comprehensive income attributable to shareholders of BMW AG 34 3,970 3,360

BMW Group
Balance Sheets for Group and Segments at 31 December

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Assets  
  Note Group Automotive
(unaudited
supplementary
information)		 Motorcycles
(unaudited
supplementary
information)		 Financial Services
(unaudited
supplementary
information)		 Other Entities
(unaudited
supplementary
information)		 Eliminations
(unaudited
supplementary
information)
in € million   2011 31.12.2010* (angepasst) 1.1.2010* (angepasst) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010* (angepasst)
* Adjusted for effect of change in accounting policy for leased products as described in note 8    
Intangible assets 23 5,238 5,031 5,379 4,682 4,892 56 42 499 97 1 – – –
Property, plant and equipment 24 11,685 11,427 11,385 11,444 11,216 202 192 39 19 – – – –
Leased products 25 23,112 19,088 19,253 151 182 – – 25,900 20,868 – – -2,939 -1,962
Investments accounted for using the equity method 26 302 212 137 281 189 – – – – 21 23 – –
Other investments 26 561 177 232 4,520 3,263 – – 8 8 5,727 5,134 -9,694 -8,228
Receivables from sales financing 27 29,331 27,126 23,478 – – – – 29,331 27,126 – – – –
Financial assets 28 1,702 1,867 1,519 287 662 – – 67 7 1,883 1,622 -535 -424
Deferred tax 17 1,926 1,393 1,266 2,276 1,888 – 1 216 603 373 320 -939 -1,419
Other assets 30 568 692 640 3,139 2,473 – – 1,185 1,176 15,384 12,538 -19,140 -15,495
Non-current assets   74,425 67,013 63,289 26,780 24,765 258 235 57,245 49,904 23,389 19,637 -33,247 -27,528
Inventories 31 9,638 7,766 6,555 9,309 7,468 318 290 11 8 – – – –
Trade receivables 32 3,286 2,329 1,857 3,014 1,983 128 114 143 231 1 1 – –
Receivables from sales financing 27 20,014 18,239 17,116 – – – – 20,014 18,239 – – – –
Financial assets 28 3,751 3,262 3,215 2,307 1,911 – – 877 815 955 854 -388 -318
Current tax 29 1,194 1,166 950 1,065 1,068 – – 78 31 51 67 – –
Other assets 30 3,345 2,957 2,484 15,333 15,871 33 44 2,823 3,248 29,098 29,224 -43,942 -45,430
Cash and cash equivalents 33 7,776 7,432 7,767 5,829 5,585 3 4 1,518 1,227 426 616 – –
Current assets   49,004 43,151 39,944 36,857 33,886 482 452 25,464 23,799 30,531 30,762 -44,330 -45,748
Total assets   123,429 110,164 103,233 63,637 58,651 740 687 82,709 73,703 53,920 50,399 -77,577 - 73,276
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Equity and liabilities  
  Note Group Automotive
(unaudited
supplementary
information)		 Motorcycles
(unaudited
supplementary
information)		 Financial Services
(unaudited
supplementary
information)		 Other Entities
(unaudited
supplementary
information)		 Eliminations
(unaudited
supplementary
information)
in € million   2011 31.12.2010* (adjusted) 1.1.2010* (adjusted) 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010* (adjusted)
* Adjusted for effect of change in accounting policy for leased products as described in note 8 and from the reclassification of actuarial gains and losses on defined benefit pension plans described in note 34 to the Group Financial Statements.
Subscribed capital 34 655 655 655                    
Capital reserves 34 1,955 1,939 1,921                    
Revenue reserves 34 26,102 22,492 19,665                    
Accumulated other equity 34 -1,674 -1,182 -1,518                    
Equity attributable to shareholders of BMW AG 34 27,038 23,904 20,723                    
Minority interest 34 65 26 13                    
Equity   27,103 23,930 20,736 26,154 23,993 – – 7,169 5,216 6,576 5,261 -12,796 -10,540
Pension provisions 35 2,183 1,563 2,972 811 349 44 18 52 32 1,276 1,164 – –
Other provisions 36 3,149 2,721 2,706 2,840 2,348 114 93 164 250 31 30 – –
Deferred tax 17 3,273 3,400 3,228 893 1,726 – 2 4,302 3,691 10 3 -1,932 -2,022
Financial liabilities 38 37,597 35,833 34,391 1,822 1,164 – – 13,251 12,202 23,059 22,891 -535 -424
Other liabilities 39 2,911 2,583 2,281 3,289 2,873 383 314 17,172 13,619 27 22 -17,960 -14,245
Non-current provisions and liabilities   49,113 46,100 45,578 9,655 8,460 541 427 34,941 29,794 24,403 24,110 -20,427 -16,691
Other provisions 36 3,104 2,826 2,058 2,519 2,336 57 47 297 337 228 103 3 3
Current tax 37 1,363 1,198 836 1,188 1,026 – – 78 121 97 51 – –
Financial liabilities 38 30,380 26,520 26,934 1,468 961 – – 16,160 13,746 13,141 12,131 -389 -318
Trade payables 40 5,340 4,351 3,122 4,719 3,713 125 199 481 433 15 6 – –
Other liabilities 39 7,026 5,239 3,969 17,934 18,162 17 14 23,583 24,056 9,460 8,737 -43,968 -45,730
Current provisions and liabilities   47,213 40,134 36,919 27,828 26,198 199 260 40,599 38,693 22,941 21,028 -44,354 -46,045
Total equity and liabilities   123,429 110,164 103,233 63,637 58,651 740 687 82,709 73,703 53,920 50,399 -77,577 - 73,276

BMW Group
Cash Flow Statements for Group and Segments

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  Note Group Automotive
(unaudited
supplementary
information)		 Financial Services
(unaudited
supplementary
information)
in € million   2011 20101,2 (adjusted) 2011 20101
(adjusted)		 2011 20101
(adjusted)
1 Adjusted for reclassification described in note 43 to the Group Financial Statements.
2 Adjusted for effect of change in accounting policy for leased products as described in note 8
3 Interest relating to financial services business is classified as revenues / cost of sales.
Net profit   4,907 3,243 4,991 2,607 737 768
Reconciliation between net profit and cash inflow / outflow from operating activities              
Current tax   2,868 1,430 2,726 1,145 86 277
Other interest and similar income / expenses   1 42 95 150 103 23
Depreciation and amortisation of other tangible, intangible and investment assets   3,654 3,861 3,564 3,762 20 22
Change in provisions   779 911 577 869 -156 -49
Change in leased products   -379 888 29 5 -1,311 348
Change in receivables from sales financing   -2,837 -4,616 – – -2,837 -4,616
Change in deferred taxes   -338 348 -707 27 804 440
Other non-cash income and expense items   148 -694 -79 116 -9 -648
Gain / loss of tangible and intangible assets and marketable securities   – 5 – 4 1 1
Result from equity accounted investments   -162 -98 -164 -98 – –
Changes in working capital              
Change in inventories   -1,715 -1,170 -1,685 -1,163 -2 1
Change in trade receivables   -800 -427 -886 -364 101 -43
Change in trade payables   900 1,194 981 1,153 -16 47
Change in other operating assets and liabilities   1,175 572 -146 999 435 -176
Income taxes paid   -2,701 -1,318 -2,453 -1,199 -171 -147
Interest received   213 148 234 136 -3 -3
Cash inflow / outflow from operating activities 43 5,713 4,319 7,077 8,149 - 2,308 - 3,773
Investment in intangible assets and property, plant and equipment   -3,679 -3,263 -3,565 -3,183 -25 -10
Proceeds from the disposal of intangible assets and property, plant and equipment   53 55 50 59 6 1
Expenditure for investments   -543 -80 -1,201 -577 – –
Net cash in acquiring ICL Group   -595 – -249 – 104 –
Proceeds from the disposal of investments   21 23 21 23 – –
Cash payments for the purchase of marketable securities   -2,073 -2,723 -1,866 -2,620 -113 -103
Cash proceeds from the sale of marketable securities   1,317 798 -1,085 757 232 41
Cash inflow / outflow from investing activities 43 -5,499 -5,190 -5,725 -5,541 204 -71
Payments into equity   16 18 16 18 –  
Payment of dividend for the previous year   -852 -197 -852 -197 – –
Interest paid   -82 -223 -244 -212 -3 -3
Proceeds from the issue of bonds   5,899 4,578 – – 653 2,361
Repayment of bonds   -5,333 -3,406 – -52 -925 -364
Internal financing   – – -633 2,703 -610 204
Change in other financial liabilities   191 -292 316 -2,117 3,229 68
Change in commercial paper   248 32 299 -1,519 – –
Cash inflow / outflow from financing activities 43 87 510 -1,098 -1,376 2,347 2,269
Effect of exchange rate on cash and cash equivalents   -13 22 -10 22 - 6 -1
Effect of changes in composition of Group on cash and cash equivalents 43 56 4 – – 54 –
Change in cash and cash equivalents   344 -335 244 1,254 291 -1,576
Cash and cash equivalents as at 1 January   7,432 7,767 5,585 4,331 1,227 2,803
Cash and cash equivalents as at 31 December 43 7,776 7,432 5,829 5,585 1,518 1,227

BMW Group
Group Statement of Changes in Equity

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in € million Note Subscribed capital Capital reserves Revenue reserves Accumulated other equity   Treasury shares Equity attributable to shareholders of BMW AG Minority interest Total
        Pension obligations Other revenue reserves Translation differences Securities Derivative financial instruments Pension obligations        
* The adjustments result from the change in accounting policy for leased products described in note 8 to the Group Financial Statements and from the reclassification of actuarial gains and losses on defined benefit pension plans described in note 34 to the Group Financial Statements.
1 January 2010 (as originally reported)   655 1,921 – 20,426 -1,747 20 209 -1,582 – 19,902 13 19,915
Change in accounting policy and reclassifications* 8 – – -1,582 821 – – – -1,582 – 821 – 821
1 January 2010 (adjusted)   655 1,921 -1,582 21,247 -1,747 20 209 – – 20,723 13 20,736
Net profit   – – – 3,227 – – – – – 3,227 16 3,243
Other comprehensive income for the period after tax   – – -203 – 683 -11 -336 – – 133 – 133
Comprehensive income 2010   – – -203 3,227 683 -11 - 336 – – 3,360 16 3,376
Premium arising on capital increase relating to preferred stock   – 18 – – – – – – – 18 – 18
Dividends paid   – – – -197 – – – – – -197 – -197
Other changes   – – – – – – – – – – -3 -3
31 December 2010 (adjusted) 34 655 1,939 -1,785 24,277 -1,064 9 -127 – – 23,904 26 23,930
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in € million Note Subscribed capital Capital reserves Revenue reserves Accumulated other equity   Treasury shares Equity attributable to shareholders of BMW AG Minority interest Total
        Pension obligations Other revenue reserves Translation differences Securities Derivative financial instruments Pension obligations        
31 December 2010 (adjusted) 34 655 1,939 -1,785 24,277 -1,064 9 -127 – – 23,904 26 23,930
Net profit   – – – 4,881 – – – – – 4,881 26 4,907
Other comprehensive income for the period after tax   – – -419 – 201 -70 -623 – – -911 – -911
Comprehensive income 2011   – – - 419 4,881 201 -70 -623 – – 3,970 26 3,996
Subscribed share capital increase out of authorised capital   – 16 – – – – – – – 16 – 16
Dividends paid   – – – -852 – – – – – -852 – -852
Other changes   – – – – – – – – – – 13 13
31 December 2011 34 655 1,955 - 2,204 28,306 -863 -61 -750 – – 27,038 65 27,103

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Updated March 13, 2012

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