BMW 2011 Annual Report Download - page 15

15 STATEMENT OF THE CHAIRMAN OF THE BOARD OF MANAGEMENT
Dear Shareholders,
The 2011 financial year was the best ever in the history of your Company, the BMW Group. We achieved
new sales volume, revenues and earnings highs, and exceeded our targets.
The BMW Group remains the world’s top-selling premium car manufacturer With almost 1.67 million
vehicles sold, the BMW Group continues to be the world’s leading premium manufacturer in terms of sales
volume. Our three automobile brands, BMW, MINI and Rolls-Royce, also set new individual records. A further
113,000 customers purchased a BMW or Husqvarna motorcycle. Our Financial Services business also con-
tributed to this positive sales development.
Revenues of € 68.8 billion and a profit before tax of more than € 7.3 billion also represent new highs for
the Group. The BMW Group stands on a firm financial footing, maintaining our profitability. This provides
us with additional flexibility in an uncertain environment and also gives us the ability to continue making
important investments in the future.
Our capital expenditure of around € 3.7 billion in 2011 included investments in new products and the
expansion of our international production network. One thing is clear: we will continue to make major in-
vestments over the next few years. That is the only way to respond to growing demand for our vehicles and
at
the same time realise new drive technologies, industrialise electromobility and offer our customers
innovative mobility services. Our research and development expenses increased to more than € 3.3 billion in
2011. This investment was primarily earmarked towards projects to secure our future growth.
We continue to strive for a good balance of growth between Europe, the Americas and Asia. We believe
this is essential to economic success in a highly volatile environment. The same applies to our highly flexible
international production network of 25 sites in 14 countries. In 2012, we will open a new plant in Tiexi,
China. Future growth also exists in the BRIKT countries of Brazil, Russia, India, South Korea and Turkey.
We
intend to capitalise on this potential.
We are expanding our international presence in a global world. This will give us greater freedom from
market and currency fluctuations, promoting our long-term success and enhancing our competitiveness. Not
least, it will secure jobs in Germany and around the world. Germany continues to form the backbone of our
production activities.
Consistent implementation of Strategy Number ONE is paying off At the BMW Group, our ideas and
actions are geared towards the long term. This is part of our corporate culture. Back in autumn 2007, before
the global financial and economic crisis, we adopted our Strategy Number ONE with its four pillars:
“Growth”, “Shaping the future”, “Profitability” and “Access to technology and customers”. This strategy lays
out the guidelines for our Company to remain focused on profitability and long-term value creation in
a changing environment and to achieve significant efficiency improvements. We set ourselves concrete
profitability targets for 2012 and formulated our vision for 2020.
All of this has paid off – as our success in 2011 has shown. We deliver on our promises. As shareholders
and investors, you support us in our long-term approach. I would like to thank you for your ongoing confidence
in the Company and the decisions we make. 2011 confirmed that BMW shares are an attractive long-term
investment – as you have come to expect from a premium company.