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Annual Report 2004
Rolls-Royce
Motor Cars Limited
Setting the course,
extending the lead.

Table of contents

  • Page 1
    Annual Report 2004 Setting the course, extending the lead. Rolls-Royce Motor Cars Limited

  • Page 2
    Facts and figures 2004. BMW Group in figures 2 4 Report of the Supervisory Board Group Management Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the balance sheet date --Value added statement --Key...

  • Page 3
    BMW Group Revenues in euro billion BMW Group Capital expenditure in euro million 50 45 40 35 30 25 20 15...after harmonisation of internal and external reporting systems BMW Group Deliveries of automobiles* in thousand BMW Group Profit from ordinary activities in euro million 1,300 1,200 1,100 1,...

  • Page 4
    ... 2000 2001 2002 2003 2004 Change in % Vehicle production BMW MINI 834,519 - - 74,397 904,335 42,395 - 90,478 930,221 160,037 - 93,010 944,072 174,366 502 89,745 1,059,978 189,492 875 93,836 12.3 8.7 74.3 4.6 Rolls-Royce Motorcycles 1] Deliveries to customers BMW MINI 822,181 - - 74,614 93...

  • Page 5
    ... Board During the financial year 2004, which has been the BMW Group's most successful year to date, the Supervisory Board monitored the Board of Management's governance of business and stood by in an advisory capacity. The Board of Management kept the Supervisory Board informed on a regular, timely...

  • Page 6
    ...business continues to be affected by difficult economic conditions and a continuing reluctance on the part of customers to spend. The Board of Management also reported regularly to the Supervisory Board on how construction of the new BMW plant in Leipzig, and preparations for the start of production...

  • Page 7
    ..., medium to long-term aspects of business development and the annual forecast of the BMW Group at its regular meetings. The Presiding Board also discussed pending corporate governance issues such as the audit of the effectiveness of the Group's internal controls and questions relating to the...

  • Page 8
    ...of the Works Council for the Dingolfing site) and Anton Ruf (Head of Technological Integration) were all elected to the Supervisory Board by the Workers' Delegates at a meeting held on 2 March 2004. At the Annual Shareholders' Meeting held on 13 May 2004, Franz Haniel (Managing Director of Giesecke...

  • Page 9
    ...Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 Group Management Report.The BMW Group has achieved new records for car...

  • Page 10
    ... brought about by prevailing market conditions and model life-cycles. Revenues of the Financial Services segment for 2004 amounted to euro 8,226 million, an increase of 8.5 % compared to the previous year. Capital expenditure remains at a high level The BMW Group invested euro 3,226 million in...

  • Page 11
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 12
    ... well above previous year's level in virtually all markets In total, 1,208,732 BMW, MINI and Rolls-Royce brand cars were sold during 2004, an increase of 9.4 % compared to the previous year. The USA continued to be the market with the largest sales volume, with a total of 296,521 cars sold in 2004...

  • Page 13
    ... position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 The number of BMW, MINI and Rolls-Royce brand cars sold...

  • Page 14
    ... model. The worldwide sales volume of the 7 Series was 47,689 units (-17.6 %) in 2004, the fourth year of production. In Germany, the BMW 7 Series has now moved into first place in the luxury class and, with 7,671 new vehicle registrations, is the market leader in the segment for large sedans...

  • Page 15
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 16
    ... sold in 2004, which will be the model's last full year. Numerous production start-ups in the Motorcycles segment Motorcycle production at the Berlin plant in 2004 was fully engaged with the product initiative, in par- BMW Group - key motorcycle markets 2004 as a percentage of sales volume Germany...

  • Page 17
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 18
    ..., the Financial Services segment offers insurance products such as car and credit insurance in 24 markets. These policies are normally entered into in parallel to credit and lease contracts. BMW Financial Services acts as agent, working closely with local and international insurance companies. In...

  • Page 19
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 20
    ... of the implementation of the product and market initiative, numerous production start-ups for new models had to be managed in the BMW plants in 2004. Flexible work-time arrangements, further process optimisation and, above all, the commitment of the group's employees, all made their contribution to...

  • Page 21
    ...--Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 Automobile production of the BMW Group by plant...

  • Page 22
    ...almost three billion euro have been invested so far in this location. The largest engine plant of the BMW Group is also where BMW diesel engines are developed. During this anniversary year, the most extensive single construction project at this site to date was completed with the opening of a new 37...

  • Page 23
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 24
    ..., for pure racing car engines. The new BMW 1 Series has a host of new technical features such as serial RunFlat tyres with a tyre defect indicator (TDI), a Brake Force Display and a display showing the remaining running times of parts subject to wear and tear. The concept of using an engine which is...

  • Page 25
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 26
    ... (euro region) increased at a more pronounced rate that elsewhere as a result of the higher volume of MINI brand cars sold and the start of production of the BMW 1 Series. The proportion of total purchases accounted for by Germany and Western Europe (excluding Germany) increased by Fuel consumption...

  • Page 27
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 28
    ... to access almost 50 applications relating to development, purchasing, production and logistics. The main focus of the portal, which was started in 2003 and developed further in 2004, has been the use of web-based processes and technologies in cooperation with suppliers and development partners. The...

  • Page 29
    ... --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 In July 2004, the BMW Group opened a new Sales...

  • Page 30
    ... in the engine factory in Steyr in the coming years in order to increase production capacities. Other key areas of capital expenditure will be at the new BMW plant in Leipzig and modifications at the BMW plant in Spartanburg. The BMW Group will continue to create new jobs as the product and market...

  • Page 31
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 32
    ... previous year. The fair value loss on the exchangeable bond option of euro 58 million was related to the increase in the share price of Rolls-Royce plc stock. The fair value gain on the BMW Group's investment in Rolls-Royce plc in 2004 was euro 154 million, which was recognised directly in equity...

  • Page 33
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 34
    ... of inter-segment profit on leased assets relating to financial services and partly to the change in the fair value of the exchangeable bond option relating to the BMW Group investment in Rolls-Royce plc. Financial Position The cash flow statements of the BMW Group and its sub-groups show the...

  • Page 35
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 36
    ... of cash flow. Capital expenditure as a percentage of revenues was 9.8 % (2003: 10.2 %). Financial assets increased by 26.7% to euro 769 million. This was attributable mainly to the fair value measurement of the investment in the engine manufacturer Rolls-Royce plc, London. The market price of this...

  • Page 37
    ... --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 Balance sheet structure Group in euro billion...

  • Page 38
    ... date which could have a major impact on the earnings performance, financial position and nets assets of the BMW Group. Value added statement The added value statement shows the value of work performed less the value of work bought in by the BMW Group during the financial year. Depreciation, cost...

  • Page 39
    ... --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 BMW Group value added statement in euro...

  • Page 40
    ...-tax return on sales Post-tax return on sales Pre-tax return on equity Post-tax return on equity Equity ratio - Group Industrial operations Financial operations Equity as a percentage of non-current assets (excluding leased products) Cash inflow from operating activities Cash outflow from investing...

  • Page 41
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 42
    BMW AG Balance Sheet at 31 December in euro million 2004 2003 ASSETS Intangible assets Property, plant and equipment Financial assets Non-current assets Inventories Trade receivables Receivables from subsidiaries Other receivables and other assets Marketable securities Cash and cash equivalents ...

  • Page 43
    ... date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock in 2004 8 8 29 30 30 33 34 37 37 39 40 44 48 BMW AG Income Statement in euro million 2004 2003 Revenues Cost of sales Gross profit Sales costs Administrative costs...

  • Page 44
    ... of BMW AG, of which the balance sheet and the income statement are presented here. The financial statements are published in the German Federal Gazette and filed with the Trade Register of the Munich District Court. These financial statements are available from BMW AG, D-80788 Munich, Germany. 43

  • Page 45
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 46
    ...covered. The BMW Group closely follows new global developments relating to end-of-life vehicle recycling issues and integrates potential effects at an early stage into the Group's strategic plans. - The change in fuel prices, partly affected by the market and partly by governmental tax policies, and...

  • Page 47
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 48
    ... by regular quality audits and on-going improvement measures, helps to reduce this risk. Personnel risks - As an attractive employer, the BMW Group has found itself in a strong position for many years in the intense competition for qualified technical and management staff. Employee satisfaction...

  • Page 49
    ... Report A review of the Financial Year Outlook Financial Analysis --Earnings performance --Financial position --Net assets position --Events after the Balance Sheet date --Value added statement --Key performance figures --Comments on the financial statements of BMW AG Risk Management BMW Stock...

  • Page 50
    ...euro 1 nominal value share 3] proposed by management 4] stock weighted according to dividend entitlements in the year of issue 5] earnings per share in accordance with IAS 33 for common and preferred stock shares Development in the value of a BMW stock investment in euro thousand Investment of euro...

  • Page 51
    ... of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 Group Financial Statements Group and sub-group...

  • Page 52
    BMW Group Group and sub-group Income Statements in euro million Notes Group 2003 2004 Industrial operations * 2004 2003 Financial operations * 2004 2003 Revenues Cost of sales Gross profit Sales and administrative costs Research and development costs Other operating income and expenses Profit ...

  • Page 53
    ... Financial operations* 2004 2003 Intangible assets Property, plant and equipment Financial assets Leased products Non-current assets Inventories Trade receivables Receivables from sales financing Other receivables Marketable securities Cash and cash equivalents Current assets Deferred tax assets...

  • Page 54
    ... in euro million Notes Group 2003 2004 Industrial operations* 2004 2003 Financial operations* 2004 2003 Subscribed capital Capital reserves Revenue reserves Accumulated other equity Equity Pension provisions Other provisions Provisions Debt Trade payables Other liabilities Liabilities Deferred...

  • Page 55
    ...from investing activities Payment into equity Payment of dividend for the previous year Proceeds from the issue of bonds Repayment of bonds Internal financing of financial operations Increase in debt Change in commercial paper Cash inflow/outflow from financing activities Effect of exchange rate and...

  • Page 56
    ...from investing activities Payment into equity Payment of dividend for the previous year Proceeds from the issue of bonds Repayment of bonds Internal financing of financial operations Increase in debt Change in commercial paper Cash inflow/outflow from financing activities Effect of exchange rate and...

  • Page 57
    ...HGB 104 Auditors' Report 107 BMW Group Group Statement of Changes in Equity in euro million Subscribed capital Capital reserves Revenue reserves Accumulated other equity Translation differences Fair value measurement of marketable securities Derivative financial instruments Total 31 December...

  • Page 58
    ... to support the sale of BMW products, the BMW Group provides various financial services - mainly loan and lease financing - to its customers and dealers. The inclusion of the financial services activities of the Group therefore has an impact on the Group financial statements. In order to provide...

  • Page 59
    ...the Group management report can be downloaded from the BMW Group website at www.bmwgroup.com/ir. [ 2 ] Consolidated companies The BMW Group financial statements include, besides BMW AG, all material subsidiaries, 17 special securities funds and 21 trusts (almost all used for asset backed financing...

  • Page 60
    ... value adjustments on acquisition, based on the group's shareholding. Any difference between the cost of investment and the group's share of equity is accounted for in accordance with the purchase method. [ 5 ] Foreign currency translation The financial statements of consolidated companies which...

  • Page 61
    ... entity accounts of BMW AG and subsidiaries are recorded, at the date of the transaction, at cost. Exchange gains and losses computed at the balance sheet date are recognised as income or expense. The exchange rates of those currencies which have a material impact on the Group financial statements...

  • Page 62
    ... of intangible assets relating to production and write-downs on inventories. Cost of sales also includes freight and insurance costs relating to deliveries to dealers and agency fees in the case of direct sales. Expenses which are directly attributable to financial services business and interest...

  • Page 63
    ... Group products are recognised by BMW Group leasing companies as leased assets under operating leases, they are measured at manufacturing cost. All other leased products are measured at acquisition cost. All leased products are depreciated using the straight-line method over the period of the lease...

  • Page 64
    ... group companies reported in non-current financial assets are measured at cost, since published price quotations in an active market are not available and their fair value cannot be determined reliably. Associated companies are generally consolidated using the equity method, whereby the investment...

  • Page 65
    ... from sales financing comprise receivables from customer, dealer and lease financing. Derivative financial instruments are only used within the BMW Group for hedging purposes, in order to reduce the currency, interest rate and market price risks from operating activities and related financing...

  • Page 66
    ... present value of the future lease payments and disclosed under debt. The preparation of the Group financial statements in accordance with standards issued by the IASB requires management to make certain assumptions and estimates that affect the reported amounts of assets and liabilities, revenues...

  • Page 67
    ... Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 BMW Group Notes to the Group Financial Statements...

  • Page 68
    ...operations include impairment losses on property, plant and equipment of euro 16 million (2003: euro 56 million). Public subsidies in the form of reduced taxes on assets and consumption-based taxes amounted to euro 13 million (2003: euro 15 million). [10] Sales and administrative costs Sales costs...

  • Page 69
    ... Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 Total research and development...

  • Page 70
    ... losses on investments in subsidiaries and associated companies Result on investments Expected return on plan assets Other interest and similar income - thereof from subsidiaries: euro 18 million (2003: euro 17 million) Interest and similar income Expense from reversing the discounting of pension...

  • Page 71
    ... of operations in the year under report. The income tax expense does not include any amounts relating to changes in accounting policies. Deferred taxes were not recognised on retained profits of euro 10,541 million (2003: euro 9,419 million), as it is intended to invest these profits to...

  • Page 72
    ... deferred tax assets and liabilities by balance sheet position as at 31 December is shown below: in euro million Deferred tax assets 2004 2003 Deferred tax liabilities 2004 2003 Intangible assets Property, plant and equipment Leased products Financial assets Current assets Tax loss carryforwards...

  • Page 73
    ...Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 on deferred tax assets relating...

  • Page 74
    ... financial years. Diluted earnings per share were not applicable in either the current or prior year. [17] Other disclosures to the income statement The income statement includes personnel costs as follows: in euro million 2004 2003 Personnel costs Wages and salaries Social security, retirement...

  • Page 75
    ... and office equipment Advance payments made and construction in progress Property, plant and equipment Investments in subsidiaries Investments in associated companies Investments in other companies Non-current marketable securities Other non-current loans receivable Financial assets Leased products...

  • Page 76
    Depreciation and amortisation 1.1. 2004 1] Translation differences Current year 2] Disposals Reversals 31.12. 2004 Net book values 31.12. 2004 31.12. 2003 1,887 278 2,165 - 2 2 637 71 708 423 32 455 - - - 2,101 319 2,420 3,495 263 3,758 3,011 189 3,200 2,047 ...

  • Page 77
    Group Financial Statements 50 Income Statements 51 Balance Sheets 52 Cash Flow Statements 54 Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 ...

  • Page 78
    ... relate mainly to the initial consolidation of BMW Financial Services Korea, Co., Ltd., Seoul, and BMW Leasing de Mexico S. A. de C.V., Mexico City and a capital reduction at BMW Roma S. r. l., Rome. Investments in associated companies comprise the Group's interest, measured using the equity method...

  • Page 79
    ... 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 [ 22] Leased products The BMW Group, as lessor, leases out assets (predominantly own products) as part of its financial services business. Minimum lease payments of euro 4,084 million (2003: euro 3,684...

  • Page 80
    ...financing for customers and dealers and outstanding instalments on operating leases as well as euro 6,272 million (2003: euro 5,527 million) for finance leases. Finance leases are analysed as follows: in euro million 31.12. 2004 31.12. 2003 Gross investment in finance leases due within one year...

  • Page 81
    Group Financial Statements 50 Income Statements 51 Balance Sheets 52 Cash Flow Statements 54 Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 ...

  • Page 82
    ... of under three months. [ 27] Prepayments Prepayments of euro 543 million (2003: euro 488 million) relate mainly to prepaid interest, development costs not eligible for capitalisation as non-current assets, insurance premiums and rent. Prepayments of euro 355 million (2003: euro 388 million) have...

  • Page 83
    ...balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 [ 28] Equity The Group Statement of Changes in Equity is shown on page 56. Number of shares issued At 31 December 2004, issued BMW AG common stock was divided, as in the...

  • Page 84
    ... each country, various pension plans are used, based generally on the length of service and salary of employees. Due to their similarity of nature, the obligations of BMW Group companies in the USA and of BMW (South Africa) (Pty) Ltd., Pretoria, for post-employment medical care are also disclosed as...

  • Page 85
    ... losses include the effects of changes in the measurement parameters, changes in estimates caused by the actual development of risks impacting on pension obligations and differences between the actual and expected return on plan assets. Past service cost arises where a BMW Group company introduces...

  • Page 86
    ... Pension payments or transfers to external funds Employee contributions to the deferred remuneration retirement scheme Transfer of obligations to non-consolidated entities Translation differences on foreign pension plans Balance sheet amounts at 31.12. thereof pension provision thereof pension asset...

  • Page 87
    ... the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 The defined benefit plans of the BMW Group gave rise to an expense from pension obligations in the financial year 2004 of euro 433...

  • Page 88
    ...expense in the financial year 2005 of euro 29 million in Germany, euro 11 million in the United Kingdom and euro 2 million in the USA. The current short-fall in Germany is mainly attributable to the reduction in the discount factor from 5.5 % to 4.8 % in the light of capital market developments. 87

  • Page 89
    ... expenses comprise mainly profit-share schemes and bonuses, early retirement part-time working arrangements, employee long-service awards, flexible working-time credits and vacation entitlements. The increase compared to the previous year is mainly due to the higher level of obligations relating to...

  • Page 90
    ... an exchangeable bond of euro 561 million issued on 4 December 2003 relating to the investment of the BMW Group in the engine manufacturer Rolls-Royce plc, London. This bond is subject to an annual interest rate of 1.875 % and has a term of five years. After three years into the term, the Group has...

  • Page 91
    Group Financial Statements 50 Income Statements 51 Balance Sheets 52 Cash Flow Statements 54 Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 ...

  • Page 92
    ... one and five years Maturity later than five years Total Taxes payable Social security Employees Advance payments from customers Deposits received Interest Subsidiaries Fair values of derivative financial instruments Liabilities to associated and other companies in which an investment is held...

  • Page 93
    ...' Report 107 31 December 2003 in euro million Maturity within one year Maturity between one and five years Maturity later than five years Total Taxes payable Social security Employees Advance payments from customers Deposits received Interest Subsidiaries Fair values of derivative financial...

  • Page 94
    ..., the BMW Group also has other financial commitments, primarily under lease contracts for land, buildings, plant and machinery, tools, office and other facilities. The leases run for periods of one to 98 years and in some cases contain extension and/or purchase options. Lease payments of euro 164...

  • Page 95
    ... of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 Obligations for future minimum lease payments...

  • Page 96
    ... the use of standard types of financial instruments, e. g. short-term deposits, investments in variable and fixed-income securities as well as securities funds. The BMW Group is therefore exposed to risks resulting from changes in interest rates, stock market prices and exchange rates. Financial...

  • Page 97
    Group Financial Statements 50 Income Statements 51 Balance Sheets 52 Cash Flow Statements 54 Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 ...

  • Page 98
    ...flows from investing and financial activities are based on actual payments and receipts. The cash flow from operating activities is computed using the indirect method, starting from the net profit of the Group. Under this method, changes in assets and liabilities relating to operating activities are...

  • Page 99
    ... the financial and operating policies of the Group can arise when a party holds 20 % or more of the shares of BMW AG, is a member of the Board of Management or Supervisory Board of BMW AG or holds another key management position within the Group. In the case of the BMW Group in the financial year...

  • Page 100
    ... Stock Corporation Act, which is included in the BMW Group Annual Report and which is available to shareholders on the BMW Group website under the address www.bmwgroup.com/ir. [40] Shareholdings of the Board of Management and Supervisory Board The members of the Supervisory Board of BMW AG hold...

  • Page 101
    ...develops, manufactures, assembles and sells BMW brand motorcycles as well as spare parts and accessories. The Financial Services segment focuses primarily on leasing automobiles, providing loan finance for retail customers and dealers, accepting customer deposits and insurance activities. The profit...

  • Page 102
    ..., Asia and Oceania, in line with internal management and reporting procedures. Segment information by region in euro million External sales 2003 2004 Capital expenditure 2004 2003 Assets 2004 2003 Germany Rest of Europe America Africa, Asia, Oceania Reconciliations Group 11,961 15,823 10,648...

  • Page 103
    ...to previous year Gross profit Result before financial result Change compared to previous year Result from equity method accounting Other financial result Result from ordinary activities Change compared to previous year Return on sales Significant non-cash items Internal financing Capital expenditure...

  • Page 104
    Motorcycles 2004 2003 Financial Services 2004 2003 Reconciliations 2004 2003 Group 2004 2003 1,022 - 2.9 7 - 1,029 - 2.5 245 38 - 33.3 - -7 31 - 38.0 3.0 13 94 102 56 - 659 455 2,953 1,053 - 6.6 2 - 1,055 - 6.6 258 57 - 13.6 - -7 50 - 16.7 4.7 10 93 ...

  • Page 105
    ..." issued by the German Accounting Standards Committee (GASC). The accounting policies and consolidation methods applied in accordance with IFRSs for the Group financial statements of BMW AG differ from German accounting rules in the following main areas: Non-current assets Under IFRSs, under certain...

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    ... the BMW Group particularly in the accounting treatment of forward currency contracts. All positive and negative fair values arising on derivative instruments must be recognised. Fair value changes arising on cash flow hedges which are designated as being effective are recognised directly in equity...

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    ... 54 Group Statement of Changes in Equity 56 Notes 57 --Accounting Principles and Policies 57 --Notes to the Income Statement 66 --Notes to the balance sheet 74 --Other Disclosures 93 --Segment Information 100 --Disclosures pursuant to § 292a HGB 104 Auditors' Report 107 Provisions Pension...

  • Page 108
    ... statements give a true and fair view of the net assets, financial position, results of operations and cash flows of the Group for the business year in accordance with International Financial Reporting Standards. Our audit, which also extends to the group management report prepared by the Company...

  • Page 109
    ... Governance Members of the Supervisory Board Members of the Board of Management Corporate Governance in the BMW Group Principles for the compensation of the Board of Management and Supervisory Board Declaration of the Board of Management and of the Supervisory Board pursuant to § 161 AktG 108...

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    ...secunet Security Networks AG Arthur L. Kelly Managing Partner of KEL Enterprises L. P. Mandates** Thyssen Krupp AG (Deputy Chairman) BHW Holding AG BauBeCon Holding AG (Deputy Chairman) BGAG Beteiligungsgesellschaft der Gewerkschaften AG (Chairman) Ulrich Eckelmann* Head of the Industry, Technology...

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    ... Governance Members of the Supervisory Board Members of the Board of Management Corporate Governance in the BMW Group Principles for the compensation of the Board of Management and Supervisory Board Declaration of the Board of Management and of the Supervisory Board pursuant to § 161 AktG 108...

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    ... Corp. UBS AG Ernst Baumann Human Resources (Industrial Relations Director) Mandates** Krones AG Dr. Michael Ganal Sales and Marketing Mandates** BMW Brilliance Automotive Ltd. Prof. Dr.-Ing. Burkhard Göschel Development and Purchasing Stefan Krause Finance Mandates** BMW Brilliance Automotive...

  • Page 113
    ... Trade Securities Act (Directors' Dealings) from the BMW Group website. Interested parties can also find other general information about the Group, up-to-date analysts' reports and all financial publications of the Group at www.bmwgroup.com/ir. A coordinator responsible for all corporate governance...

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    ... on the BMW Group's net profit for the relevant year and the level of the dividend. Individual upper limits are set for the compensation of the Board of Management. The compensation system does not include any stock options, value appreciation rights which work in the same way as stock options or...

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    ... the Board of Management and their dependants are covered by pension provisions of euro 29.2 million (2003: euro 29.7 million). 2. Compensation of the Supervisory Board Responsibilities The compensation of the Supervisory Board is determined by shareholders' resolution at the Annual General Meeting...

  • Page 116
    ... purchase and sale of BMW stock by members of the Board of Management and Supervisory Board are posted on a timely and up-to-date basis on the BMW Group website. Each notification is reported on the Internet for at least 30 days. From the perspective of the BMW Group, the interests of shareholders...

  • Page 117
    ... BMW Group Locations Glossary Index Contacts Financial Calendar 116 116 118 120 122 126 128 129 BMW AG Principal Subsidiaries Principal subsidiaries of BMW AG at 31 December 2004 Equity in euro million Net result in euro million Capital investment in % Domestic 1] BMW Bank GmbH, Munich 2] BMW...

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    ... 2004 Equity in euro million Net result in euro million Capital investment in % Foreign 5] BMW Ã-sterreich Holding GmbH, Steyr BMW Motoren GmbH, Steyr BMW Austria Gesellschaft m.b.H., Salzburg BMW Holding B.V., The Hague BMW Japan Corp., Tokyo BMW Japan Finance Corp., Tokyo BMW (South Africa...

  • Page 119
    ... assets Equity ratio Industrial operations Financial operations Long-term debt Long-term capital as % of non-current assets Balance sheet total Personnel costs per employee 5] Profit from ordinary activities Income taxes Net profit / - loss for the year Unappropriated profit of BMW AG available...

  • Page 120
    ... 699 345 354 137 BMW F650 assembly at Aprilia S.p. A./excluding C1 production at Bertone, production volume of C1 up to 2002: 33,489 units 4] excluding C1, sales volume up to 2003: 32,859 units 7] to 2000 HGB: assets from sales financing 8] net profit of euro 663 million before extraordinary result...

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    Other Information BMW AG Principal Subsidiaries BMW Group10-year Comparison BMW Group Locations Glossary Index Contacts Financial Calendar 116 116 118 120 122 126 128 129 BMW Group Locations. The BMW Group is present in the world markets with 22 production and assembly plants, 34 sales ...

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    ... Development BMW Group Research and Innovation Centre (FIZ), Munich BMW Forschung und Technik, Munich BMW Group Car IT, Munich BMW Group Designworks, Newbury Park, USA BMW Motoren, Steyr, Austria Production Berlin plant Dingolfing plant Eisenach plant Goodwood plant, GB (headquarters of Rolls-Royce...

  • Page 123
    ... based on the weighted market prices of the 30 largest German stock corporations (by stock market capitalisation). [Deferred taxes] Accounting for deferred taxes is a method of allocating tax expense/benefit to the appropriate accounting period. [Derivatives] Financial products, whose measurement is...

  • Page 124
    ... development up into the top engine speed range, a relatively low weight in relation to the high power, and comparatively economical fuel consumption. [IASs] International Accounting Standards. [IFRSs] International Financial Reporting Standards, intended to ensure global comparability of financial...

  • Page 125
    ... Group revenues. For segment reporting purposes, the computation is based on the profit before financial result. [Risk management] An integral component of all business processes. Following enactment of the Law on Control and Transparency within Businesses (KonTraG), all companies listed on a stock...

  • Page 126
    ... segment. In 2004, the BMW Group added another SAV, the BMW X3, to its model range. [Subscribed capital] The share capital of a company is computed by multiplying the nominal value of the shares by the number of shares. [Supplier relationship management] Supplier relationship management (SRM) uses...

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    Other Information BMW AG Principal Subsidiaries BMW Group10-year Comparison BMW Group Locations Glossary Index Contacts Financial Calendar 116 116 118 120 122 126 128 129 Index [A] Accounting principles 40, 57, 60,107 Annual comparison 118 Annual General Meeting 8, 82, 99,114 -115,129 Apprentices...

  • Page 128
    ... BMW Financial Services 16 Regional mix of BMW Group purchase volumes 2004 26 Change in cash and cash equivalents 34 Balance sheet structure Group 36 Balance sheet structure Industrial Operations 36 BMW Group value added 2004 38 [Production and sales volume] BMW Group Deliveries of automobiles 2 BMW...

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    Other Information BMW AG Principal Subsidiaries BMW Group10-year Comparison BMW Group Locations Glossary Index Contacts Financial Calendar 116 116 118 120 122 126 128 129 Contacts Business Press Telephone +49 (0) 89-3 82-2 33 62 +49 (0) 89-3 82-2 41 18 Fax +49 (0) 89-3 82-2 44 18 E-mail presse@...

  • Page 130
    Financial Calendar Interim Report to 31 March 2005 Annual General Meeting Interim Report to 30 June 2005 Interim Report to 30 September 2005 3 May 2005 12 May 2005 3 August 2005 3 November 2005 129

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    Setting the course, extending the lead. The BMW Group in 2004.

  • Page 132
    ... in networks Brand management - True values Internationality - Beyond the horizon Responsibility - Thinking sustainably Dedication in figures A plant takes shape Technology and innovation Hydrogen for the future New engines Technical developments New products: BMW brand MINI brand Rolls-Royce brand

  • Page 133
    ... and market initiative in the Company's history. In doing so, the Company has moved into a new dimension. The vehicles of the BMW, MINI and Rolls-Royce brands address all the premium segments of current relevance worldwide. Last year, the BMW Group consistently continued opening up new markets and...

  • Page 134
    ...the Company's history, addressing all the currently relevant premium segments of the international automobile markets with the BMW, MINI and Rolls-Royce brands. Within the BMW Group, it was the BMW brand which introduced the most new products last year. Following the model launch of the BMW 6 Series...

  • Page 135
    ...As part of the production and sales joint venture with our Chinese partner Brilliance China Automotive Holdings, this plant plays a special role in the BMW Group's strategy for Asia. At the same time, the year 2004 was marked by the development of the new BMW Leipzig plant where series production of...

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    6 8 10 12 14 16 18 20 The Company Innovation Employees Flexibility Brand management Internationality Responsibility Dedication in figures

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    7

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    ... scale. Development engineers compare different model alternatives by computer animation; they run through entire production processes in virtual reality and identify potential sources of error, long before they can become a problem in reality. All this means more room for ideas, greater speed in...

  • Page 139
    9 Virtual reality on the "Powerwall". Entire vehicles or individual parts can be displayed, examined and optimised in 3D, long before the first prototype is built.

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    10 Employees More than 105,000 employees in more than 100 countries work together on fascinating products. As one of the most attractive employers worldwide, the BMW Group received some 230,000 applications in 2004.

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    ... rate are just two examples. Another is the nomination as "most attractive employer" among young professionals and students, for whom the BMW Group has held a leading position for years. And, ultimately, above-average profitability due to the dedication and passion of the BMW Group's employees...

  • Page 142
    .... Without it, it would be impossible for plants to support each other across the worldwide production network, in response to market conditions and the respective product's life cycle. Without "breathing"capacities and flexible work time models, the BMW Group would not be able to react so quickly...

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    13 Built for communication. The architecture in the Research and Innovation Centre (FIZ) and the adjacent Project House is designed for networking and optimum working conditions. The objective: to bring together the right minds in the right environment.

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    14 Brand management Three brands, one claim: Premium. With its BMW, MINI and Rolls-Royce brands, the BMW Group is successful in all currently relevant market segments the world over.

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    ... wheel drive, which is typical of the BMW brand. With the MINI, the BMW Group has repositioned a classic car and, for the first time, established the term "premium" in the small car segment. Last but not least, Rolls-Royce has been the synonym for luxury and perfection for one hundred years. Thus...

  • Page 146
    ...is part of a long-term internationalisation strategy to open up key markets with production plants from the inside. In the United States, for example, the BMW Group's success story became more dynamic than ever once the plant was opened in Spartanburg, South Carolina, eleven years ago. The BMW Group...

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    17 Worldwide presence. The BMW Group consistently opens up new markets. An example for this is China, where the Company is represented by a production and sales joint venture and produces BMW automobiles in Shenyang, in northern China, for the Chinese market.

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    18 Responsibility Discussing sustainability. What began in the Earth Lounge at the World Summit on Sustainable Development in 2002 was continued in the spring of 2004 in the BMW Group's Dialogue Forum near the company headquarters in Munich.

  • Page 149
    ... company headquarters in Munich. During 43 events, more than 6,300 participants discussed a variety of topics, such as Innovative Traffic Management, Sustainable Investing or the new EU Directive on Air Quality. It was an extremely lively exchange of views - and further confirmation of the BMW Group...

  • Page 150
    ... you can feel, see and experience. But how can you tell whether the employees' passion has any effect in the company? You can sense that, too, in unusual products that create excitement and stand out from the crowd. But also in details, in figures that are not quoted in financial statements.

  • Page 151
    ... Sound Module serves up seconds and the roof of the MINI Convertible is open all the way trees and bushes were planted on the 170,000-square-metre grounds of Rolls-Royce Motor Cars in Goodwood, Great Britain litres of air are drawn in by the BMW WilliamsF1 racing engine in a single second at 19,000...

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    22 A plant takes shape

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    23

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    ... to all these questions is currently taking shape to the north of Leipzig. The youngest BMW plant, where the new BMW 3 Series Sedan rolls off the assembly line from March 2005, is trying out completely new methods in terms of work time models, production design, architecture and productivity. The...

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    25 The new location: 208 hectares, to the north of Leipzig. In the late summer of 2001, the site is prepared for construction work. Almost four million cubic metres of earth are moved in order to level out the north-south slope on the property - a volume that is the equivalent of approximately 100,...

  • Page 156
    ...When the news spreads that the BMW Group is planning a new plant, more than 200 applications from municipalities from all over Europe arrive in Munich within a very short time.They are all examined carefully. Finally, five potential locations in France, Germany and the Czech Republic are shortlisted...

  • Page 157
    ... utilisation; plant operating time can be varied between 60 and 140 hours per week - independently of the employees' individual work time. Even during normal operation, the "BMW formula for work" helps to reduce production costs significantly. An example: while body shop and assembly are usually...

  • Page 158
    ..., Zaha Hadid's long building resembles the head of a whale that rises up from the ground between body shop, paint shop and assembly hall. On the one hand, this building is to serve as the main entrance for employees and visitors. On the other, it is to be the site of all the plant's planning and...

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    29 A vision becomes reality: very soon after construction work started, the Venice Biennale 2002 included the BMW Group and its exciting design of the central building for the Leipzig plant.

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    30 A plant takes shape The 26,000-square-metre central building's architecture combines extraordinary design with favourable conditions in the workplace.

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    31 Communication at heart: the central building's open layout, featuring terrace-like office spaces, fosters the exchange of information - and thus productivity as well.

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    32 A plant takes shape The product is always in full view: several times during production the bodies pass almost soundlessly through the central building and even through the plant's restaurant.

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    33 Quality is the achievement of all employees - vehicles that have been freshly audited by quality management are exhibited at a central point.

  • Page 164
    ... production. The assembly hall's "finger structure" is the answer to short-term technological innovations and model changes. Formerly, each time a new assembly element was added, the various stations of the production line had to be shifted, a cumbersome and costly process. Now, at the Leipzig plant...

  • Page 165
    ...last between six and twenty-four months. The advantage of experience: the Leipzig plant builds on all the automotive engineering know-how accumulated by the BMW Group over the past 75 years. In the meantime, the first of a total of 1.6 kilometres of assembly lines are adjusted in the still unheated...

  • Page 166
    ... is complete. The plant is still operating only on a single shift. After months of so-called "integration operation", the first BMW 3 Series automobile produced for a customer rolls off the assembly lines on 1 March. Production quality has been up to the usual BMW standards for a long time now; the...

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    37 Body shop: the bodies are made predominantly by robots from several hundred individual components with around 5,000 weld points.

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    38 A plant takes shape Sustainability in practice: a glass tunnel will allow groups of visitors to watch environment-friendly water-based paints being applied to car bodies in fully automated processes. Robots apply the topcoat using powder-based paint technology, which is particularly environment-...

  • Page 169
    39 Focus on quality: from the beginning, the new plant had to conform to the high quality standards which apply uniformly throughout the BMW Group's worldwide production network.

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    40 A plant takes shape Teamwork in assembly: most employees at the new plant are prepared for their new tasks on six- to 24-month assignments at the BMW Group's production plants in Bavaria.

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    41 After the start-up phase, up to 650 BMW 3 Series automobiles will leave the BMW Leipzig plant each day.

  • Page 172
    ...the plant's development will be over, although the plant's own history is only just beginning. So far, the plant takes up only one-sixth of the site. Depending on market situation and requirements within the BMW Group's production network, capacities can be increased within just a few months without...

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    43

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    44 46 48 50 Technology and innovation Hydrogen for the future New engines Technical developments New products: BMW brand MINI brand Rolls-Royce brand 52 62 64

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    45

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    46 Hydrogen for the future --1

  • Page 177
    ... from the ongoing series development of the future BMW hydrogen engine. During the production cycle of the current BMW 7 Series, the BMW Group will make a 7 Series version available to customers that can run on both hydrogen and petrol - the world's first premium sedan with dualmode operation.

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    ... most powerful diesel engine of its class. It develops output of 200 kW (272 bhp) at 4,400 rpm and 560 Nm at 2,000 rpm (530 Nm at as early as 1,500 rpm). The Variable Twin Turbo technology consists of two different-sized, successively activated turbochargers. Depending on engine speed, intake air is...

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    49 --1

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    50 Technical developments Seven-speed SMG transmission The new seven-speed SMG transmission offers the driver eleven gearshift options: from comfortable cruising with automatic gear selection to very quick gearshifts achieved using paddles on the steering wheel for extremely sporty driving. ...

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    51 --2

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    52 New products BMW brand --1

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    ... range of safety features and equipment as standard: run-flat tyres with tyre defect indicator, Brake Force Display and an indication of when wear parts should be replaced BMW 320Cd ---- First BMW Convertible with diesel engine ---- Smooth-running four-cylinder for driving dynamics and comfort

  • Page 184
    ... operation of the rear lid, Soft-Close Automatic, separately opening rear-window and semiautomatic roll cover ---- xDrive all-wheel-drive system as option BMW M5 --2 and --3 ---- Most powerful series-production BMW 5 Series of all time ---- Seven-speed SMG transmission, best power to weight ratio...

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    55 --2 --3

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    56 New products BMW brand --1

  • Page 187
    ... --2 --3 BMW M6 --1 ---- Carbon roof - reduced weight and lower centre of gravity for more driving dynamics and a continued high level of safety ---- Sports car with everyday driving qualities - high degree of active and passive safety, tremendous performance and comfort BMW 6 Series Convertible...

  • Page 188
    ...two petrol and two diesel engines are now available ---- BMW X3 2.0d - the first BMW Sports Activity Vehicle available with a four-cylinder engine BMW 7 Series --2 ---- New six- and eight-cylinder petrol and diesel engines - more power, unchanged or reduced fuel consumption ---- Newly designed front...

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    59 --2

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    60 New products BMW brand --1

  • Page 191
    ...K 1200 S --1 ---- Most powerful engine for a BMW series-production motorcycle: maximum output 123 kW (167 bhp) at 10,250 rpm ---- Low centre of gravity for easy handling - dry sump lubrication permits an extremely low engine position (no oil sump) ---- New BMW Duolever front wheel suspension and, as...

  • Page 192
    ... fun factor, high functionality and optimum use of space ---- Convertible with integrated sunroof - fresh air at the press of a button while motoring ---- Choice of three engines Update for the MINI --2 ---- Clear-glass headlamps ---- Rear lights in LED look ---- Modified five-speed transmission...

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    63 --1

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    64 New products Rolls-Royce brand --1

  • Page 195
    ...-frame body ---- Convertible with four seats and two doors ---- Yacht look (teak deck) ---- Nine-litre, 16-cylinder engine Rolls-Royce Centenary Phantom, special model to mark the centenary --2 ---- "Spirit of Ecstasy" made of solid silver ---- Rolls-Royce logo with red lettering - as it was from...

  • Page 196
    ...its product and market initiative has moved the BMW Group to a new dimension. With the BMW, MINI and Rolls-Royce brands, the Company has three of the strongest premium brands in the automobile business. With these three brands and, in the meantime, their ten model series, the BMW Group addresses all...

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    ...BMW brand MINI brand Rolls-Royce brand 1 Series 116i 118i 120i 130i (from autumn 2005) 118d 120d Z4 Z4 Roadster 2.0i (from 04/2005) Z4 Roadster 2.2i Z4 Roadster 2.5i Z4 Roadster 3.0i X3 X3 2.5i X3 3.0i X3 2.0d X3 3.0d MINI MINI One MINI One D MINI Cooper MINI Cooper S Rolls-Royce Rolls-Royce...

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