Report
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
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