BMW 2012 Annual Report Download - page 18

18
18 COMBINED GROUP AND COMPANY
MANAGEMENT REPORT
18 A Review of the Financial Year
21 General Economic Environment
24 Review of Operations
44 BMW Stock and Capital Market
47 Disclosures relevant for takeovers
and explanatory comments
50 Financial Analysis
50 Internal Management System
52 Earnings Performance
54 Financial Position
57 Net Assets Position
59 Subsequent Events Report
59 Value Added Statement
61 Key Performance Figures
62 Comments on BMW AG
65 Internal Control System and
explanatory comments
66 Risk Management
74 Outlook
COMBINED GROUP AND COMPANY MANAGEMENT REPORT
A Review of the Financial Year
BMW Group finishes financial year with record figures
The BMW Group remained firmly on the road to success
in 2012 with record figures. Despite an increasingly
volatile market environment, sales of BMW, MINI and
Rolls-Royce brand cars increased by 10.6 % to 1,845,186*
units (2011: 1,668,982*), ensuring that the BMW Group
retained pole position in the premium segment.
All three automobile brands performed exceedingly
well, each contributing in their own measure towards
this resounding success. Record sales volume figures
were registered across the board with 1,540,085* BMW
(2011: 1,380,384* units; + 11.6 %), 301,526 MINI (2011:
285,060 units; + 5.8 %) and 3,575 Rolls-Royce cars
(2011: 3,538 units; + 1.0 %) sold during the 12-month
period. The new BMW 3 Series, 5 Series, 6 Series and
BMW X models were particularly successful within
a portfolio of models brimming with attractive cars.
The MINI Countryman, the MINI Coupé and the
new
MINI Roadster also played an important role in
making
2012 another highly successful year for the
BMW Group.
Although the majority of motorcycle markets contracted
considerably during the reporting period, our Motor-
cycles segment also broke its previous sales volume re-
cord. We handed over 117,109 BMW and Husqvarna
motorcycles to customers in various markets worldwide,
3.1 % more than in the previous year (2011: 113,572 units).
The number of BMW brand motorcycles sold in 2012
climbed by 2.0 % to 106,358 units (2011: 104,286 units).
Husqvarna recorded a sales volume of 10,751 units
(2011: 9,286 units; + 15.8 %).
The Financial Services segment can also look back
on a
successful year. The number of new contracts
signed with retail customers worldwide rose by 12.1 %
to 1,341,296 for the 12-month period (2011: 1,196,610
contracts). The number of leasing and financing con-
tracts in place with retail customers and dealerships
totalled 3,846,364 units at the end of the reporting pe-
riod (2011: 3,592,093 contracts; + 7.1 %).
Revenues and earnings attain new heights
The dynamic rise in new car sales in 2012 enabled the
BMW
Group to attain new heights in terms of both reve-
nues
and earnings. Group revenues grew dynamically,
rising by 11.7 % to reach € 76,848 million for the year (2011:
€ 68,821 million). Despite greater investment in tech-
nologies of the future, increased intensity of competi-
tion and higher personnel costs, earnings also climbed
to new heights in 2012. EBIT rose to € 8,300 million
(2011: € 8,018 million; + 3.5 %) and earnings before tax
improved by 5.9 % to € 7,819 million (2011: € 7,383 mil-
lion). It should be noted that the previous year’s figures
include a positive exceptional factor of € 524 million
BMW Group revenues by region
in € million
75,000
67,500
60,000
52,500
45,000
37,500
30,000
22,500
15,000
7,500
08 09 10 11 12
Europe
Americas
thereof Germany
thereof USA
Asia
thereof China
Other markets
Europe 31,432 28,425 29,788 33,815 35,157
thereof Germany 10,739 11,436 11,207 12,859 12,186
Asia 6,320 7,364 13,384 17,768 22,159
thereof China 2,763 4,039 8,444 11,591 14,448
Americas 13,294 12,433 14,168 14,287 16,271
thereof USA 11,349 10,628 11,638 11,516 13,447
Other markets 2,151 2,459 3,137 2,951 3,261
Total 53,197 50,681 60,477 68,821 76,848
* Including automobiles from the joint venture BMW Brilliance.