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Annual Report 2005
Rolls-Royce
Motor Cars Limited
Driving performance.

Table of contents

  • Page 1
    Annual Report 2005 Driving performance. Rolls-Royce Motor Cars Limited

  • Page 2
    ... Board of Management and Supervisory Board Declaration of the Board of Management and of the Supervisory Board pursuant to §161 AktG 126 126 129 130 131 133 Other Information BMW AG Principal Subsidiaries BMW Group 10-year Comparison BMW Group Locations Glossary Index Contacts Financial Calendar...

  • Page 3
    ...MINI and Rolls-Royce brands, three of the strongest premium brands in the car industry. The BMW Group also has a strong market position in the motorcycle sector and operates successfully in the area of financial services. The BMW Group aims to generate profitable growth and above-average returns by...

  • Page 4
    ... 97,474 105,798 10.1 8.7 0.5 5.6 - 0.2 Rolls-Royce Motorcycles 2] Workforce at end of year 3] in euro million 2001 2002 2003 2004 2005 Change in % Revenues Capital expenditure Depreciation and amortisation Cash flow 7] Operating cash flow 7] Profit before tax Net profit 38,463 3,516 2,159...

  • Page 5
    ... and comprehensive reports prepared by the Board of Management, it discussed and provided advice on a range of issues relating to the BMW Group's business and financial position, personnel situation, corporate strategies, risk profile and management and selected strategic projects. Decisions...

  • Page 6
    ... full year. The success enjoyed by these new models and the sharp increase in unit sales overall by the BMW Group are, in the eyes of the Supervisory Board, clear evidence of the future viability of the strategy pursued by the Board of Management with the BMW, MINI and Rolls-Royce brands. The Board...

  • Page 7
    ... time application of new and revised IFRSs in the financial year 2005. Furthermore, the Audit Committee also considered risk management issues, including the assessment of currency risks. In its five meetings, the Personnel Committee considered the composition of the Board of Management and specific...

  • Page 8
    ... of the Board of Management and as a member and Chairman of the Supervisory Board. The Supervisory Board would also like to thank the Board of Management and all employees for all their hard-work which has made such a decisive contribution to another successful year for the BMW Group. Munich, March...

  • Page 9
    ...also affected by fair value gains and losses. The fair value loss on the exchangeable bond option relating to the BMW Group investment in Rolls-Royce plc, London, resulted in an additional expense of euro 308 million being recorded in 2005 compared to the previous year. Positive tax factors in 2005...

  • Page 10
    ...for the previous year adjusted for comparison purposes. The changes are described in detail in Note 8b to the Group financial statements. price paid was euro 37.49. Including ancillary purchase costs, approximately euro 506 million were used in 2005 to buy back shares. Revenues at new high level As...

  • Page 11
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 12
    ...Japanese economy grew in 2005 by approximately 2.5 %. US dollar gains strength over course of year The US dollar exchange rate developed over the course of 2005 in favour of companies exporting from Europe. The euro fell from its high of US dollar 1.34 to below US dollar 1.17 and stood at US dollar...

  • Page 13
    ... Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk Management Outlook 8 8 11 15 38 41 41 42 45 46 49 49 51 52 56 60 Exchange rates...

  • Page 14
    ... overall development, however, the growth rates of three main traditional markets (Japan, the USA and Western Europe) fell well short of those for South East Asia and Latin America. The total number of cars (light vehicles) sold in the USA stagnated in 2005 at 16.9 million units. Although sales in...

  • Page 15
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 16
    ... Rolls-Royce motorcars (+ 0.5 %) were handed over to customers in 2005. Strong sales volume increases on nearly all markets The number of cars sold by the BMW Group in North America in 2005 went up by 4.1% to 328,952 units. As in the previous year, the BMW Group remained the most successful European...

  • Page 17
    ... class cars; 434,342 units of the BMW 3 Series were delivered to customers in 2005 (- 3.4 %). The new BMW 3 Series Sedan is the best-selling car of the BMW Group: having sold 229,932 units since its market launch in March 2005, it accounted for 17.3 % of the total sales volume of the BMW Group in...

  • Page 18
    ... the previous year. The annual sales volume of the MINI brand therefore exceeded 200,000 units for the first time. Since market launch in 2001, more than 730,000 MINI cars have been delivered to customers. The MINI brand product mix (including the MINI Convertible) increased in value again compared...

  • Page 19
    ...the BMW Group in 2005, comprising 1,122,308 BMW brand cars and 200,119 MINI brand cars. In addition, 692 Rolls-Royce Phantom were manufactured at Goodwood, England. Successful start for the new BMW 3 Series The new BMW 3 Series generation necessitated production process changes in all of the plants...

  • Page 20
    ... for the new product. Approximately 40,300 new BMW 3 Series Sedans were assembled in South Africa during the first ten months of production. The new BMW Leipzig plant was officially opened on 13 May 2005. The BMW Group has invested some euro 1.3 billion in the new Leipzig production site during the...

  • Page 21
    ... was invested in 2005 in the Landshut light metal foundry. Specialists at this foundry made a significant technological contribution to the production of fourcylinder Otto engines developed jointly for MINI brand cars by the BMW Group and PSA Peugeot Citroën. The cylinder head for these new engines...

  • Page 22
    ... Group is the first enterprise in the automobile industry to have won this prize; it is the highest award in Germany for comprehensive corporate quality. The prize is presented in recognition of outstanding management achievements relating to the promotion of competitiveness, employee and customer...

  • Page 23
    ..., where BMW motorcycles had a market share of approximately 20 %. Partly as a consequence of model-life cycle factors, the previous year's sales volume levels were not reached in the USA (down 3.9 % to 12,803 units) or in Japan (down 12.3 % to 2,401 units). In these markets, the new models (R 1200...

  • Page 24
    ...than in the previous year. Approximately 62 % of these contracts related to new vehicles manufactured by the BMW Group. With a growth rate of 15.0 %, lease business contributed especially to the positive development in the number of new contracts, whereas the number of new credit financing contracts...

  • Page 25
    ... growth rate of 25.3 %. The number of contracts under management at the end of the year rose by 12.0 % to 187,715. The Financial Services segment's in-depth customer care and its diversified product range reinforced its position as the leading financing partner of the BMW Group's dealer organisation...

  • Page 26
    ... insurance companies. In 2005, the segment pursued a strategy of expanding insurance business with customers in new international markets, whilst also expanding the range of products on offer in existing markets. These measures contributed to a very positive development in the area of car insurance...

  • Page 27
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 28
    ... start-up of the new BMW 3 Series, more than euro 25 million has been invested to order to create optimum ergonomic workplaces in the Munich plant. - health-care provision - training - increasing executive management's and employees' awareness of changes taking place in society and the company...

  • Page 29
    ...once within a three-year cycle. Central production units and control functions of the management system are audited annually. In 2005, the scope of the certificated area was extended to include the BMW plant in Thailand as well as motorcycle development and production. The BMW Group has never before...

  • Page 30
    ...end of 2005, the BMW Group's research and development network consisted of ten locations in five countries with approximately 9,400 employees. Research and development expenditure in 2005 amounted to euro 3,115 million, 10.5 % more than in the previous year. Energy consumed per unit produced in MWh...

  • Page 31
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 32
    ... successful methods and concepts in technology management, otherwise known as "successful practices", were singled out in leading European companies. The basis of success for the BMW Group is the strategically-driven desire to develop technologies with a high degree of usefulness for customers...

  • Page 33
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 34
    ... volume of the BMW Spartanburg plant was down on the previous year. Purchases in the other regions changed in line with production volume growth and therefore remained unchanged in percentage terms compared to the previous year. the impact of market price increases for the BMW Group. As far as...

  • Page 35
    ... product creation process has been further optimised with the introduction of electronic processes. This includes, in particular, file-sharing and online-conferencing services. With these tools, the BMW Group's development partners can access all relevant data directly and communicate with BMW staff...

  • Page 36
    ... expanded in 2005. More than 1,400 dealerships operate now in 80 countries. As in the previous year, Rolls-Royce motorcars are sold worldwide by approximately 70 dealers in 23 countries. Another 13 markets are serviced directly by Rolls-Royce Motor Cars. With worldwide capital expenditure in excess...

  • Page 37
    ... of 2006, the BMW Group also opened a new design studio. The BMW Group's logistical hub in Asia is based in Malaysia where an IT centre and a parts distribution centre for the region are located. Investment in strong brands The BMW Group possesses, with the BMW, MINI and Rolls-Royce brands, three of...

  • Page 38
    ... for the BMW, MINI and Rolls-Royce brands is also satisfied after initial purchase. The areas focused on include quality of technical service, customer care and individual mobility and service products. Dealerships in particular are supported by a range of measures and through investment in the...

  • Page 39
    ... position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk Management Outlook 8 8 11 15 38 41 41 42 45 46 49 49 51 52 56 60 BMW Stock in 2005 Exchange rate and commodity prices dominate mood on stock exchanges The 2005 stock exchange year...

  • Page 40
    ...can be found on the investor relations homepage: www.bmwgroup.com/ir, coverage of which was expanded in 2005. Buy-back of shares of preferred stock for employee stock plan For more than 30 years now, BMW AG has allowed employees to participate in the success of the Company; since 1989 this has taken...

  • Page 41
    ...e-mail address [email protected]. The report can also be accessed online at www.bmwgroup.com/sustainability. BMW stock 2001 2002 2003 2004 2005 Common stock Number of shares in 1,000 Shares bought back at the reporting date Stock exchange price in euro 1] Year-end closing price High...

  • Page 42
    ... planning. The aim here is to monitor and manage periodic targets on a long-term basis. Periodic performance is managed in the light of defined accounting policies and external financial reporting requirements. The BMW Group primarily uses profit before tax and segment-specific rates of return...

  • Page 43
    ... previous year, exchange rates only had a small impact on the change in reported group revenues. Revenues from the sale of BMW, MINI and Rolls-Royce brand cars went up by 2.3 %, with product mix shifts affecting in particular the change in revenues reported by the Automobiles segment. Revenues from...

  • Page 44
    ... All brands achieve new sales volume highs - Adverse external factors hold down reported earnings - Group and segment earnings still at high level - Operating cash flow well ahead of the previous year Group Income Statement in euro million 1.1. to 31.12. 2005 1.1. to 31.12. 2004 * Revenues Cost of...

  • Page 45
    ...in the stock market price of Rolls-Royce plc shares. The market value of the BMW Group's investment in Rolls-Royce plc, London increased by euro 438 million during the financial year 2005. This increase was recognised directly in equity and can- not be offset directly against the fair value loss on...

  • Page 46
    ...This was primarily due to the fair value loss on the exchangeable bond option relating to the BMW Group investment in Rolls-Royce plc, London. Financial position The group cash flow statement shows the sources and applications of cash flows for the financial years 2005 and 2004, classified into cash...

  • Page 47
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 48
    ... for changes in exchange rates, leased products would have risen by 38.8 %. The carrying amount of other investments increased by 67.3 % to euro 1,178 million, mainly as a result of the fair value gain recognised on the investment in the engine manufacturer Rolls-Royce plc, London. The market price...

  • Page 49
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 50
    ...Vaduz. In conjunction with the share buy-back programme, the BMW Group had, by 21 February 2006, acquired shares of common stock equivalent to 3 % of the share capital of BMW AG. In conjunction with the exchangeable bond relating to the BMW Group's investment in Rolls-Royce plc, London, declared and...

  • Page 51
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 52
    ...Gross Margin EBITDA Margin EBIT Margin Pre-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 Coverage of intangible assets, property, plant and equipment by equity Return on Assets BMW Group...

  • Page 53
    ... These vehicles are sold through the Company's own branches, independent dealers, subsidiaries and importers. The number of cars manufactured at German and foreign plants in 2005 rose by 5.8 % to 1,323,119 units. At 31 December 2005, BMW AG had 76,536 employees, 716 fewer than one year earlier. Wage...

  • Page 54
    BMW AG Balance Sheet at 31 December in euro million 2005 2004 Assets Intangible assets Property, plant and equipment Investments Tangible, intangible and investment assets Inventories Trade receivables Receivables from subsidiaries Other receivables and other assets Marketable securities Cash and...

  • Page 55
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 56
    ... 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. 55

  • Page 57
    ... Year The General Economic Environment Review of operations BMW Stock in 2005 Financial Analysis --Internal Management System --Earnings performance --Financial position --Net assets position --Subsequent events report --Value added statement --Key performance figures --Comments on BMW AG Risk...

  • Page 58
    ... of financial services - As a consequence of the growth in lease business, the BMW Group faces a volume-induced increase in the residual value risk on vehicles returned to the Group at the end of lease contracts. Changes in the residual values of BMW Group vehicles on the used car markets are...

  • Page 59
    ... internal procedures and systems, human error or external factors. - The BMW Group mitigates liquidity and interest rate change risks by matching maturities and employing derivative financial instruments. Credit line facilities with various banks ensure liquidity at all times. As part of a value...

  • Page 60
    ... in the United Kingdom are funded mainly by fixed-income securities with a high level of creditworthiness and by investments in stocks. IT risks - In the area of information technology, the BMW Group undertakes various measures relating to employees, organisational procedures, applications, systems...

  • Page 61
    ... BMW Group also predicts high growth rates again for the car markets in Latin America. By contrast, the automobile sector in the three main traditional markets (Japan, the USA and Western Europe) is likely to continue to be static in 2006. In Germany, it is likely that the planned value added tax...

  • Page 62
    ... in 2006, such as fluctuations in the fair value of the exchangeable bond option relating to the BMW Group investment in Rolls-Royce plc, London. The BMW Group will invest approximately euro 19 billion in new products and product-driven production capacity expansion measures during the period from...

  • Page 63
    ...sub-group Cash Flow Statements Group Statement of Changes in Equity Statement of Income and Expenses recognised directly in Equity Notes to the Group Financial Statements Accounting Principles and Policies Notes to the Income Statement Notes to the Balance Sheet Other Disclosures Segment Information...

  • Page 64
    ... Group 2004 2] 2005 Industrial operations 1] 2005 2004 2] Financial operations 1] 2005 2004 2] Revenues Cost of sales Gross profit Sales and administrative costs Research and development costs Other operating income and expenses Profit before financial result Financial result Profit before tax...

  • Page 65
    ... Notes Group 2004 2] 2005 Industrial operations1] 2005 2004 2] Financial operations1] 2005 2004 2] Intangible assets Property, plant and equipment Leased products Investments accounted for using the equity method Other investments Receivables from sales financing Financial assets Deferred tax...

  • Page 66
    ...Group 2004 2] 2005 Industrial operations1] 2005 2004 2] Financial operations1] 2005 2004 2] Subscribed capital Capital reserves Revenue reserves Accumulated other equity Treasury shares Equity...16,447 Other provisions Deferred tax Financial liabilities Trade payables Other liabilities Current ...

  • Page 67
    ... and sub-group Cash Flow Statements in euro million Notes 2005 Group 2004 2] Net profit Depreciation of leased products Depreciation and amortisation of tangible, intangible and investment assets Increase in provisions Change in deferred taxes Other non-cash income and expense items Gain/loss on...

  • Page 68
    ... 4,428 Net profit Depreciation of leased products Depreciation and amortisation of tangible, intangible and investment assets Increase in provisions Change in deferred taxes Other non-cash income and expense items Gain/loss on disposal of non-current assets and marketable securities Undistributed...

  • Page 69
    ... equity Translation Fair value Derivative differences measurefinancial ment of instrumarketable ments securities Pension obligations Treasury shares Total 31 December 2003 * Dividends paid Translation differences Financial instruments Actuarial gains and losses on pension obligations Deferred tax...

  • Page 70
    ... losses on available-for-sale investments recognised directly in equity Fair value gains and losses on financial instruments used for hedging purposes recognised directly in equity Exchange differences arising on the translation of foreign subsidiaries Actuarial gains and losses on defined benefit...

  • Page 71
    ... directly in Equity 69 Notes 70 --Accounting Principles and Policies 70 --Notes to the Income Statement 81 --Notes to the balance sheet 90 --Other Disclosures 114 --Segment Information 121 Auditors' Report 125 BMW Group Notes to the Group Financial Statements Accounting Principles and Policies...

  • Page 72
    ... using the equity method. Four equity investments, unchanged from the previous year, are not included since they are not material to the Group's financial and earnings position. They are included in the line "Other investments", measured at cost less, where applicable, accumulated impairment...

  • Page 73
    ...the equity method, investments are measured at the group's share of equity taking account of fair 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...

  • Page 74
    ... Dollar [ 6 ] Accounting policies The financial statements of BMW AG and of its subsidiaries in Germany and elsewhere have been prepared for consolidation purposes using uniform accounting policies in accordance with IAS 27. Revenues from the sale of products are recognised when the risks and...

  • Page 75
    ... of Changes in Equity 68 Statement of Income and Expenses recognised directly in Equity 69 Notes 70 --Accounting Principles and Policies 70 --Notes to the Income Statement 81 --Notes to the balance sheet 90 --Other Disclosures 114 --Segment Information 121 Auditors' Report 125 Research costs and...

  • Page 76
    ... leased products are depreciated using the straight-line method over the period of the lease to the lower of their imputed residual value or estimated fair value. The recoverability of the carrying amount of intangible assets (including capitalised development costs and goodwill) and property, plant...

  • Page 77
    ... prices are not available, the fair value of available-for-sale financial assets is measured using appropriate valuation techniques e. g. discounted cash flow analysis based on market information available at the balance sheet date. Loans and receivables which are not held by the Group for trading...

  • Page 78
    ...into account the relevant biometric factors. Actuarial gains and losses are recognised, net of deferred tax, directly in equity. The expense related to the reversal of discounting on pension obligations and the income from the expected return on pension plan assets are reported separately as part of...

  • Page 79
    ...) - IAS 38 (Intangible Assets) - Amendment to IAS 19 (Employee Benefits: Actuarial Gains and Losses, Group Plans and Disclosure) ** - Amendment to IAS 39 (Financial Instruments: Recognition and Measurement on Fair Value Hedge Accounting for a Portfolio Hedge of Interest Rate Risk) - Amendment to IAS...

  • Page 80
    ... Financial Reporting Standards and Exploration for and Evaluation of Mineral Resources) - Amendment to IAS 21 (Effects of Changes in Foreign Exchange Rates) - Amendment to IAS 39 (Cash Flow Hedge Accounting of Forecast Intragroup Transactions) - Amendment to IAS 39 (The Fair Value Option...

  • Page 81
    ... recognised directly in equity is shown on page 69. Under the corridor method previously used by the BMW Group, actuarial gains and losses were recognised when their net cumulative amount exceeded the higher of 10 % of the present value of the obligations or 10 % of the fair value of plan assets at...

  • Page 82
    ... lease instalments Sale of products previously leased to customers Interest income on loan financing Other income Revenues 38,042 3,322 2,759 1,632 901 46,656 37,138 2,623 2,473 1,429 672 44,335 Group revenues include revenues of euro 8,073 million (2004: euro 6,829 million) relating to financial...

  • Page 83
    ... Changes in Equity 68 Statement of Income and Expenses recognised directly in Equity 69 Notes 70 --Accounting Principles and Policies 70 --Notes to the Income Statement 81 --Notes to the balance sheet 90 --Other Disclosures 114 --Segment Information 121 Auditors' Report 125 [10] Cost of sales Cost...

  • Page 84
    ... development costs Research and development costs 2,464 - 745 1,396 3,115 2,334 - 637 1,121 2,818 [13] Other operating income and expenses in euro million 2005 2004 Exchange gains Income from the reversal of provisions Income from the reversal of write-downs Gains on the disposal of assets...

  • Page 85
    ...- 242 - 306 - 306 - 506 - 793 - 278 -7 -7 - 191 Income from investments relates principally to dividend income from Rolls-Royce plc, London. Income from joint ventures includes the equity results of the joint ventures BMW Brilliance Automotive Ltd., Shenyang, TRITEC Motors Ltda., Campo Largo, and...

  • Page 86
    ...at the date when the amounts are paid or recovered. A corporation tax rate of 25.0 % applies in Germany. After taking account of the average multiplier rate (Hebesatz) of 412 % for municipal trade tax and the solidarity charge of 5.5 %, the overall tax rate for BMW companies in Germany is unchanged...

  • Page 87
    ...Report 125 An analysis of deferred taxes tax assets and liabilities by position at 31 December is shown below: in euro million Deferred tax assets 2005 2004 * Deferred tax liabilities 2005 2004 * Intangible assets Property, plant and equipment Leased products Investments Current assets Tax loss...

  • Page 88
    ... (without profit or loss effect) as a result of translation differences. Interest and currency derivatives recognised directly in equity were euro 1,670 million (gross) lower at the end of 2005 than one year earlier as a result of reduced volumes and lower fair values. Deferred tax liabilities...

  • Page 89
    ... loss euro 0.008 million) relating to the minority shareholder Norddeutsche Landesbank Girozentrale, Braunschweig. [17] Earnings per share Net profit for the year after minority interest Profit attributable to common stock Profit attributable to preferred stock Average number of common stock shares...

  • Page 90
    ... "Year-end audits" includes fees for the audit of the annual financial statements of BMW AG, the audit of the Group financial statements and the audit of the annual financial statements of subsidiaries. The item "Tax advisory services" relates principally to fees for services provided to employees...

  • Page 91
    ... assets Land, titles to land, buildings, including buildings on third party land Plant and machinery Other facilities, factory and office equipment Advance payments made and construction in progress Property, plant and equipment Leased products Investments accounted for using the equity method...

  • Page 92
    Depreciation and amortisation 1.1. 20051] Translation differences Current year 2] Disposals Reversals 31.12. 2005 Net book values 31.12. 2005 31.12. 2004 2,101 320 2,421 - -1 -1 745 68 813 399 44 443 - 53 53 2,447 290 2,737 4,146 447 4,593 3,495 263 3,...

  • Page 93
    ... recognised directly in Equity 69 Notes 70 --Accounting Principles and Policies 70 --Notes to the Income Statement 81 --Notes to the balance sheet 90 --Other Disclosures 114 --Segment Information 121 Auditors' Report 125 Analysis of changes in Group tangible, intangible and investment assets 2004...

  • Page 94
    Depreciation and amortisation 1.1. 20041] Translation differences Current year 2] Disposals Reversals 31.12. 2004 Net book values 31.12. 2004 31.12. 2005 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 95
    ...and changes during the year are shown in the analysis of changes in Group tangible, intangible and investment assets on pages 90 and 93. Property, plant and equipment include leased buildings, plant and machinery and other equipment amounting to euro 205 million (2004: euro 223 million) which relate...

  • Page 96
    ..., in part, extension and purchase options as well as price escalation clauses. Changes in leased products during the year are shown in the analysis of changes in Group tangible, intangible and investment assets on pages 90 and 93. [ 23] Investments accounted for using the equity method and other...

  • Page 97
    ...from the market price increase was recognised directly in accumulated other equity. A break-down of the different classes of other investments disclosed in the balance sheet and changes during the year are shown in the analysis of changes in Group tangible, intangible and investment assets on pages...

  • Page 98
    ... derivatives relates primarily to changed exchange rate parities with the US dollar and to the expiry of currency hedges. Marketable securities and investment funds relate to available-for-sale financial assets and comprise: in euro million 31.12. 2005 31.12. 2004 Stocks Investment funds...

  • Page 99
    ... 3 months Sundry marketable securities due within 3 months due later than 3 months 4 18 1,107 74 17 1,287 16 1,069 28 1,168 The decrease in loans to third parties resulted from the repayment of the final sales price instalment from the sale of Land Rover. [ 26] Income tax assets Income tax assets...

  • Page 100
    ...other companies in which an investment is held include non-current items amounting to euro 4 million (2004: euro 10 million). Prepayments of euro 635 million (2004: euro 543 million) relate mainly to prepaid interest, development costs not eligible for capitalisation as noncurrent assets, insurance...

  • Page 101
    ...had been bought back via the stock exchange at an average price per share of euro 37.49 and a total acquisition cost of euro 506 million. The number of shares so purchased corresponds to 2 % of the share capital. The shares are held by BMW AG at the balance sheet date. Equity has been reduced by the...

  • Page 102
    ...of recognising changes in the fair value of financial instruments directly in equity, and actuarial gains and losses relating to defined benefit pension plans and similar obligations. At 31 December 2005, accumulated other equity is increased by deferred taxes recognised directly in equity amounting...

  • Page 103
    ... required to pay the benefits granted to present and past employees. Defined benefit plans may be funded or unfunded, the latter sometimes financed by means of accounting provisions. Most of the pension commitments of the BMW Group in Germany relate to BMW AG, whose pension plans, like all those of...

  • Page 104
    ...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 a defined benefit plan or changes the benefits payable under an existing plan. Based on the...

  • Page 105
    ... 64 Cash Flow Statements 66 Group Statement of Changes in Equity 68 Statement of Income and Expenses recognised directly in Equity 69 Notes 70 --Accounting Principles and Policies 70 --Notes to the Income Statement 81 --Notes to the balance sheet 90 --Other Disclosures 114 --Segment Information 121...

  • Page 106
    ... compared to the expected return and the actual return in the previous year was attributable mainly to the fact that, particularly in the United Kingdom, pension fund assets generated a higher return than planned as a result of the recovery of the international capital markets. The level of the...

  • Page 107
    ... Kingdom and other countries changed as follows: in euro million Defined benefit obligation 2005 2004 * Germany Plan assets 2005 2004 * Net obligation 2005 2004 * 1 January Expense from pension obligations Payments to external funds Pension payments Actuarial gains (-) and losses (+) Employee...

  • Page 108
    ... 5,086 141 85 4 3 233 106 68 4 2 180 1,612 3,546 625 234 6,017 1,209 3,327 566 164 5,266 Benefit obligations are covered in Germany by accounting provisions. In the United Kingdom, a substantial portion of plan assets is invested in debt securities in order to minimise value fluctuations. 107

  • Page 109
    ...comprise mainly profit-share schemes and bonuses, early retirement part-time working arrangements and employee long-service awards. The increase compared to the previous year is attributable mainly to the higher level of obligations relating to profit-share schemes, bonuses and employee long-service...

  • Page 110
    ... of the BMW Group at the relevant balance sheet dates relating to financing activities and comprises: 31 December 2005 in euro million Maturity within one year Maturity between one and five years Maturity later than five years Total Bonds Liabilities to banks Liabilities from customer deposits...

  • Page 111
    ... Bonds include 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...

  • Page 112
    ... maturity period (in years) Weighted average effective interest rate (in %) BMW Finance N.V., The Hague variable fixed fixed fixed EUR 525 million JPY 92,000 million EUR 3,364 million CHF 200 million 3.4 6.6 8.7 5.0 2.4 1.5 4.2 2.0 BMW Coordination Center V. o. F., Bornem variable variable...

  • Page 113
    ...Information 121 Auditors' Report 125 The following details apply to the commercial paper: Issuer Issue volume in relevant currency (ISO-Code) Weighted average maturity period (in days) Weighted average nominal interest rate (in %) BMW AG, Munich BMW Coordination Center V. o. F., Bornem BMW (UK...

  • Page 114
    ... contracts relates to service and repair work to be provided under commitments given at the time of the sale of a vehicle ("Multi-Component Arrangements"). Grants comprise primarily public funds to promote regional structures; this has been invested in the construction of the production plant in...

  • Page 115
    ... to the sale of Rover Cars and Land Rover activities. Other financial commitments In addition to liabilities, provisions and contingent liabilities, the BMW Group also has other financial commitments, primarily under lease contracts for land, buildings, plant and machinery, tools, office and other...

  • Page 116
    ... minimum lease payments due within one year due between one and five years due later than five years - - - - Present value of future minimum lease payments due within one year due between one and five years due later than five years - - - - 3 3 - 6 - - - - 3 3 - 6 In addition, the BMW Group is...

  • Page 117
    ... management system involves the use of standard financial instruments such as 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...

  • Page 118
    ...The interest rate contracts in- clude swaps which are accounted for on the basis of whether they are designated as a fair value hedge or as a cash flow hedge. The fair values of financial instruments relating to hedged forecast transactions are recognised directly in accumulated other equity. At 31...

  • Page 119
    ...million) were recognised directly in equity, comprising fair value losses of euro 1,043 million on cash flow hedges (2004: euro 628 million) and fair value gains of euro 500 million (2004: euro 208 million) on availablefor-sale securities. In the financial year under report, fair value gains of euro...

  • Page 120
    ... Management and Supervisory Board of BMW AG. Transactions of BMW Group companies with joint ventures and other equity investments - mainly BMW Brilliance Automotive Ltd., Shenyang (50 %), TRITEC Motors Ltda., Campo Largo (50 %), F. A. S.T. Gesellschaft für angewandte Softwaretechnologie mbH, Munich...

  • Page 121
    ...§161 of the German Stock Corporation Act, which is included in the BMW Group Annual Report 2005 and which is available to shareholders on the BMW Group website under the address www.bmwgroup.com/ir. [43] Shareholdings of members of the Board of Management and Supervisory Board The members of the...

  • Page 122
    ...spare parts and accessories. BMW and MINI brand products are sold in Germany through branches of BMW AG and by independent, authorised dealers. Sales outside Germany are handled primarily by subsidiary companies and, in a number of markets, by independent import companies. Rolls-Royce brand vehicles...

  • Page 123
    ... Profit before tax Change compared to previous year Return on sales Significant non-cash items Internal financing Capital expenditure Depreciation and amortisation Additions to leased products Investments accounted for using the equity method Assets Liabilities Average workforce during the year...

  • Page 124
    Motorcycles 2005 2004 * Financial Services 2005 2004 Reconciliations 2005 2004 * Group 2005 2004 * 1,217 19.1 6 - 14.3 1,223 18.9 315 67 76.3 - -7 60 93.5 4.9 3 141 76 91 - - 602 377 2,859 1,022 - 2.9 7 - 1,029 - 2.5 245 38 - 33.3 - -7 31 - 38.0 3.0 ...

  • Page 125
    ... 90 --Other Disclosures 114 --Segment Information 121 Auditors' Report 125 Segment information by region in euro million External sales 2005 2004 Capital expenditure 2005 2004 Assets 2005 2004 * Germany Rest of Europe The Americas Africa, Asia, Oceania Reconciliations Group * 11,001 17,266 11...

  • Page 126
    ..., balance sheet, statement of changes in equity, cash flow statement and the notes to the consolidated financial statements as well as the Management Report on the position of the Company and Group - prepared by Bayerische Motoren Werke Aktiengesellschaft, for the business year from 1 January to 31...

  • Page 127
    ... 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 126...

  • Page 128
    ...Member of the Executive Board of IG Metall Arthur L. Kelly Managing Partner of KEL Enterprises L. P. Mandates** ThyssenKrupp AG (Deputy Chairman) BHW Holding AG BGAG Beteiligungsgesellschaft der Gewerkschaften AG (Chairman) Ulrich Eckelmann* Head of the Industry, Technology and Environment section...

  • Page 129
    ...Cityline GmbH (Chairman) Lufthansa Technik AG Münchener Rückversicherungs-Gesellschaft AG Thomas Cook AG (Deputy Chairman) HEICO Corp. SWISS International Air Lines AG * Employee representative ** Mandates Membership of other supervisory boards and comparable boards in Germany and abroad at 31.12...

  • Page 130
    ... AG Dr. Michael Ganal Sales and Marketing Mandates** BMW Brilliance Automotive Ltd. Prof. Dr.-Ing. Dr.-Ing. E. h. Burkhard Göschel Development and Purchasing Stefan Krause Finance Mandates** BMW Brilliance Automotive Ltd. (Deputy Chairman) Dr.-Ing. Norbert Reithofer Production Mandates** BMW...

  • Page 131
    ... about the Group, up-to-date analysts' reports and all financial publications of the BMW Group at www.bmwgroup.com/ir. In the interest of investor protection and in order to ensure that the BMW Group complies with regulations relating to potential insider information, the Board of Management has...

  • Page 132
    Annual document pursuant to §10 of the Securities Prospectus Act Notifications pursuant to stock exchange and securities regulations, published or made available to the public by BMW AG during the financial year 2005, are available online at www.bmwgroup.com/ir. By following this procedure, BMW AG ...

  • Page 133
    ... was paid. It is BMW Group's policy and practice, not to enter into contractual relationships with members of the Supervisory Board requiring them to provide personal services, in particular advisory and agency services, in return for compensation (cf. Section 4.4 of the BMW Group Corporate...

  • Page 134
    ... in the corporate governance report is subdivided into its components, but not by individual person (section 5.4.7 paragraph 3 GCGC). - The purchase or sale of BMW shares or related financial instruments, in particular derivates, by Board of Management and Supervisory Board members of the Company or...

  • Page 135
    Other Information 134 BMW AG Principal Subsidiaries 134 BMW Group10-year Comparison 136 BMW Group Locations 138 Glossary 140 Index 144 Contacts 146 Financial Calendar 147 BMW AG Principal Subsidiaries Principal subsidiaries of BMW AG at 31 December 2005 Equity in euro million Net result in ...

  • Page 136
    ... New Zealand Ltd., Auckland BMW (UK) Holdings Ltd., Bracknell BMW (UK) Manufacturing Ltd., Bracknell BMW (GB) Ltd., Bracknell BMW Financial Services (GB) Ltd., Hook BMW (UK) Capital plc, Bracknell BMW Malta Ltd., Valletta BMW Malta Finance Ltd., Valletta BMW Coordination Center V. o. F., Bornem BMW...

  • Page 137
    ... percentage financial operations 9] Profit before financial result Profit before tax Return on sales (EBT/revenues) Income taxes Effective tax rate Net profit / - loss for the year Balance sheet Non-current assets Current assets Equity Equity ratio Group Industrial operations 9] Financial operations...

  • Page 138
    ... 203 10.23 /10.74 152 7.67/8.18 and Land Rover until 30 June 2000 4] excluding C1, sales volume up to 2003: 32,859 units 5] up to 1999 including BMW F650 assembly at Aprilia S.p. A./excluding C1 production at Bertone, production in the non-working phase of pre-retirement, low-income earners 8] to...

  • Page 139
    Other Information 134 BMW AG Principal Subsidiaries 134 BMW Group10-year Comparison 136 BMW Group Locations 138 Glossary 140 Index 144 Contacts 146 Financial Calendar 147 BMW Group Locations. The BMW Group is present in the world markets with 22 production and assembly plants, 35 sales ...

  • Page 140
    ..., USA BMW Group Technology Office, Palo Alto, USA BMW Group Engineering and Emission Test Center, Oxnard, USA BMW Group Technology Office, Tokyo, Japan BMW Group Entwicklungsbüro, Peking, China Production Berlin plant Dingolfing plant Eisenach plant Goodwood plant, GB (headquarters of Rolls-Royce...

  • Page 141
    ... best meets customer requirements in terms of power, dynamic performance, costs and sophistication. [BMW Night Vision] BMW Night Vision uses Far Infrared technology to cover an area way beyond the range of the headlamps (up to 300 metres). It detects mainly pedestrians, animals or objects radiating...

  • Page 142
    ...financial result and depreciation /amortisation. [Effectiveness] The degree to which offsetting changes in fair value or cash flows attributable to a hedged risk are achieved by the hedging instrument. [EMAS] Abbreviation for "Eco-Management and Audit Scheme". A management tool that allows companies...

  • Page 143
    ... 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 exchange in Germany...

  • Page 144
    .... [VALVETRONIC] VALVETRONIC provides variable valve lift, taking over the function of the throttle butterfly, which is no longer required. The result is an engine able to breathe freely, saving fuel in the process. [xDrive] The xDrive all-wheel drive system distributes engine power fully variably to...

  • Page 145
    ... Information 134 BMW AG Principal Subsidiaries 134 BMW Group10-year Comparison 136 BMW Group Locations 138 Glossary 140 Index 144 Contacts 146 Financial Calendar 147 Index [A] Accounting principles 70, 73 Annual comparison 136 Annual General Meeting 5ff., 38, 100 -101, 120, 132 -133 Application...

  • Page 146
    ...structure industrial operations 48 BMW Group value added 2004 50 [Production and sales volume] BMW Group Deliveries of automobiles 2 BMW Group Deliveries of automobiles by region and market 15 BMW Group - key automobile markets 2005 16 BMW brand cars in 2005 - analysis by series 17 Deliveries of BMW...

  • Page 147
    ....com The BMW Group on the Internet Further information about the BMW Group is available online at www.bmwgroup.com. Investor Relations information is available directly at www.bmwgroup.com/ir. Information about the various BMW Group brands is available at www.bmw.com, www.mini.com and www.rolls...

  • Page 148
    Financial Calendar Interim Report to 31 March 2006 Annual General Meeting Interim Report to 30 June 2006 Interim Report to 30 September 2006 3 May 2006 16 May 2006 2 August 2006 2 November 2006 147

  • Page 149
    Knowing strengths, developing power - driving performance.

  • Page 150
    ... nature. Managing complexity and remaining flexible. Understanding demographic change as an opportunity - and benefiting from it. Combining success and responsibility. 26 Formula 1 28 Start. 32 Technology and innovation 36 46 48 New products BMW brand MINI brand Rolls-Royce brand Details of...

  • Page 151
    ... Ladies and Gentlemen, The year 2005 was a demanding year for the BMW Group and, at the same time, one of the most successful in the Company's history. Last year, our automobile sales grew by almost ten percent, all three brands achieved new highs in terms of sales volume. Simultaneously, we - like...

  • Page 152
    ... the fourth time in succession. As a result of the successful implementation of our product initiative, motorcycle sales rose significantly last year, thus putting the Motorcycles segment back on course for growth. The Financial Services segment continues to develop strongly, the number of contracts...

  • Page 153
    ... range. The MINI brand has recorded steady growth in sales volume since its launch five years ago - a success story which is as unique in the industry as the MINI itself. Rolls-Royce Motor Cars also developed successfully in 2005: with 796 Rolls-Royce Phantom sold, we remain the undisputed market...

  • Page 154
    ... course for it last year. Whether considering expansion into new, highly promising markets or growth in existing markets, with the products already available or with new models that appeal to new customers: each step by the BMW Group - whether in relation to markets or products - is taken in full...

  • Page 155
    ... the direction and pace of their future growth.This applies, in particular, to the automobile industry with its long-term product cycles, sophisticated process and production structures and unique brands, which are the result of consistent brand management. Here, short-term action could mean losing...

  • Page 156
    Which course leads to success?

  • Page 157
    9

  • Page 158
    ... develop your vision, strategy and their implementation. In the case of the BMW Group, this distinctive course follows a very simple formula: premium. Today, this claim is reflected in practically all the Company's structures, processes and products. The BMW Group is the only multi-brand automobile...

  • Page 159
    ... the Company's growth course continues, engineers and designers are working intensely on the further development of the product range. At the same time the BMW Group is going ahead with international expansion - a process that requires a great deal of strength in the short term, but opens new sales...

  • Page 160
    ... over a long period and, in particular, by being understood and "lived" by the employees. Three years ago, therefore, the BMW Group opened a Brand Academy in the centre of Munich for its employees and business partners. There, the world of its three brands BMW, MINI and Rolls-Royce takes a very...

  • Page 161
    13 - - - above: training in the BMW Group's Sales and Aftersales Training Academy. - - - below: brand experience in the Brand Academy.

  • Page 162
    Knowing strengths, developing power - driving performance. 14 - - - With its entry into the Indian market, the BMW Group is opening up further growth potential.

  • Page 163
    .... Initial capital investment in the sales subsidiary and assembly plant will amount to around euro 20 million. The BMW Group's commitment on the subcontinent makes sense when it is seen as part of a global growth strategy. The BMW Group is pursuing the goal of being the most successful supplier of...

  • Page 164
    .... Today, all new BMW petrol engines, with the exception of the M power units and special engines, feature VALVETRONIC. This controls the valve opening times, timing and height, and thus the flow rate, as a function of the accelerator pedal position. Thus, the valves always work efficiently. This...

  • Page 165
    17 - - - Record vehicle in the wind tunnel: testing the hydrogen-powered prototype of the BMW H2R.

  • Page 166
    ... from the "research laboratory" outside the front door thus simply means gaining a significant technological head start. The technical term for this is bionics, an artificial word made up of biology and technics, and an established part of daily routine for the BMW Group's development engineers. The...

  • Page 167
    19 - - - Branch forks and mammal bones as model - the parts of the motorcycle rim exposed to most strain were specially reinforced. These rims have been used in series in the K 1200 S since January 2005.

  • Page 168
    Knowing strengths, developing power - driving performance. 20 - - - One model, one start-up, four production locations (clockwise from top left: Leipzig, Regensburg, Munich and Rosslyn): the BMW Group set standards with the production start-up for the new BMW 3 Series sedan.

  • Page 169
    ... on market conditions and the respective model cycle. This enables the Company to react extremely quickly to economic changes, customer wishes and demand. In the actual plants, flexible production facilities for different model variants and units, as well as highly flexible structures and work times...

  • Page 170
    ... immense upheaval. For years the number of births has been lower than that of deaths, while statistical life expectancy continues to rise. In most industrial countries the classic population pyramid has long turned upside down. Clearly, therefore, the average age of the BMW Group's workforce will be...

  • Page 171
    23 - - - Height-adjustable door assembly in the BMW plant in Munich: more than euro 25 million were invested in the ergonomic design of workplaces for the start-up of the new BMW 3 Series.

  • Page 172
    ..., developing power - driving performance. 24 - - - Energy efficiency in the BMW plant in Leipzig: exhaust air from the paint shop is led through 20 heat wheels. The heat recovered is used to heat the halls, reducing energy requirements for the paint shop by around 19,000 megawatts per year.

  • Page 173
    ... automobile production in the industry. All this reduces costs, eliminates risks, enhances brand image and creates lasting values - ecologically and economically. Values that are also required by the independent sustainability indexes. Thus, the BMW Group is the only company in the automobile...

  • Page 174
    ...the first time in corporate history, the BMW Group is competing under its own management in Formula 1, the royal discipline of racing. Thus, the Company will also be able to take advantage of synergy effects between racing and series production. Formula 1 acts as a hightech laboratory and technology...

  • Page 175
    Start.

  • Page 176
    27

  • Page 177
    ...Company. For example, the Formula 1 engineers in Munich work only a few hundred metres away from the BMW Group's Research and Innovation Centre (FIZ), so development engineers working on Formula 1 and series production engines can, and frequently do, compare notes. With Nick Heidfeld (record to date...

  • Page 178
    29 - - - Preparations for the season's start - test drives are made with the new racing car. The seating position is adjusted exactly for each driver.

  • Page 179
    ...all it takes for a Formula 1 racing car to come to a halt from a speed of 300 km/h, i.e. the car is stationary in 170 metres g (earth acceleration) is the maximum power with which drivers are pressed into their belts during extreme braking manoeuvres degrees centigrade is the temperature reached by...

  • Page 180
    31 - - - The engine - the heart of every Formula 1 vehicle - is at the rear. The most important change in the rules for the 2006 season is the reduction of the number of cylinders from ten to eight. The displacement permitted has also been decreased from 3,000 cc to 2,400 cc.

  • Page 181
    32 In 2005, the BMW Group once again demonstrated its leadership in technology and innovation with new models, new equipment and driver assistance systems.

  • Page 182
    Technology and Innovation

  • Page 183
    33

  • Page 184
    Technology and innovation 34 --1

  • Page 185
    ... -2 --2 BMW Night Vision uses Far Infrared technology to cover an area way beyond the range of the headlamps (up to 300 metres). It detects mainly pedestrians, animals or objects radiating heat, which makes them stand out from their surroundings and show up brightly and clearly on the screen. Thus...

  • Page 186
    New products BMW brand 36 - - 1 and 2 --3 --4

  • Page 187
    ...) and one new petrol engine (in the 318i) --- Special model BMW 320si with high-revving fourcylinder power unit - basis of the motorsports version for the FIA World Touring Car Championship (WTCC) and other racing series. Limited edition of 2,600 vehicles --- xDrive all-wheel drive system as option...

  • Page 188
    ...5si BMW 7 Series - - 6 --- BMW 745d - the world's most powerful and highestrevving series production vehicle with diesel engine --- Long wheelbase version available for the first time with diesel engine (730Ld) --- Driver assistance systems BMW Night Vision and High-Beam Assistant as options BMW Z4...

  • Page 189
    39 --5 --6 - - 7 and 8

  • Page 190
    New products BMW brand 40 --9 - - 10 - - 11

  • Page 191
    ...with new six-cylinder diesel --- BMW Night Vision and High-Beam Assistant as options --- Suspension control system DSC with safety and comfort functions --- BMW 525xi, 530xi and 530xd with xDrive all-wheel drive system BMW M5 - - 9 and 10 --- Most powerful series production BMW 5 Series of all time...

  • Page 192
    New products BMW brand 42 --1 - - 2 and 3 --4

  • Page 193
    ... and quiet toothed belt drive to the rear wheel --- Three-way catalytic converter, digital engine electronics and ABS (anti-lock braking) as options BMW F 800 ST - - 3 --- Sister model of the F 800 S --- Dynamic mid-range sports tourer based on the same technology --- Full trim, high windshield and...

  • Page 194
    ... series production flat-twin engine of all times --- Light and stable aluminium and steel tubular frame structure --- Aerodynamically optimised slim line --- Sports suspension with optimum steering precision and directional stability --- Powerful brake system with highly sensitive control and new...

  • Page 195
    45 - - 5 and 6 --7 - - 8 and 9

  • Page 196
    New products MINI brand 46 - - 1 and 2 - - 3 and 4 - - 5 and 6

  • Page 197
    ... 3 and 4 --- MINI Seven - lifestyle-oriented. Solar Red Metallic paint, light alloy Delta Spoke wheels and a comprehensive range of equipment as standard Checkmate - - 5 and 6 --- MINI Checkmate - sporty: 17-inch wheels, exclusive Space Blue paint, sport seats, sport suspension and a significantly...

  • Page 198
    New products Rolls-Royce brand 48 Rolls-Royce Phantom - - 1, 2 and 3 --- Rolls-Royce Phantom available with long wheelbase - 25 cm more legroom for passengers in the rear --- Partition between chauffeur and rear as option for Rolls-Royce Phantom with long wheelbase --- Special limited edition of ...

  • Page 199
    49 --1 --2 --3

  • Page 200
    ...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...

  • Page 201

  • Page 202

  • Page 203
    ... urban (l/100 km) (l/100 km) CO2 emissions [g/km] Model Displacement (cc) Power output (kw) Gearbox1] Fuel Urban type 2] (l/100 km) Extra- Combined urban (l/100 km) (l/100 km) CO2 emissions [g/km] BMW 116i 116i (from 03/2006) 118i 118i 118i (from 03/2006) 120i 120i 130i 130i 118d 120d 120d...

  • Page 204
    ... 216 173 175 189 211 Rolls-Royce Rolls-Royce Phantom Rolls-Royce Phantom Long wheel base 6.749 338 A6 S 24.6 11.0 16.8 387 6.749 338 A6 S 24.6 11.0 15.9 338 1] Gearbox type: M5 = manual shift 5-speed, M6 = manual shift 6-speed, A5 = automatic transmission 5-speed, A6 = A5 = automatic transmission...

  • Page 205
    Published by Bayerische Motoren Werke Aktiengesellschaft 80788 Munich Germany Telephone +49 89 382-0