BMW Group Investor Presentation
BMW Group Investor Presentation
BMW Group Investor Presentation
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April 2013<br />
INVESTOR PRESENTATION<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 1
FULL YEAR 2012 RESULTS.<br />
in euro million<br />
2012 2011 Change<br />
in %<br />
Revenues 76,848 68,821 11.7<br />
Profit / loss before financial result (EBIT) 8,300 8,018 3.5<br />
Automotive 1) 7,624 7,477 2.0<br />
Motorcycles 9 45 -80.0<br />
Financial Services 2) 1,558 1,763 -11.6<br />
Other entities 58 -19 .<br />
Eliminations -949 -1,248 24.0<br />
Profit before tax 7,819 7,383 5.9<br />
Net profit 5,122 4,907 4.4<br />
EPS in euro (common / preferred) 7.77/7.79 7.45/7.47 4.3/4.3<br />
Operating cash flow (Automotive) 3) 9,167 8,110 13.0<br />
Free cash flow (Automotive) 3) 3,809 3,166 20.3<br />
Net interest-bearing assets (Automotive) 13,327 12,287 8.5<br />
Equity (<strong>Group</strong>) 30,402 27,103 12.2<br />
1) EBIT 2011 includes a positive effect of EUR 85 million from the adjustment of residual value provisions.<br />
2) EBIT 2012 includes a positive effect of EUR 124 million from a better than expected lease business. 2011 EBIT includes a positive effect of EUR 439 million from the<br />
2) adjustment of residual value provisions, credit risk provisions and a better than expected off-lease business.<br />
3) 2011 restated: the reclassification from operating activities to financing activities resulted in an increase in the operating cash flow.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 2
GUIDANCE 2013.<br />
<strong>BMW</strong> <strong>Group</strong><br />
<strong>Group</strong> profit before tax in 2013 should be on a similar scale to that reported for 2012.<br />
Automotive Segment<br />
• Single digit sales volume growth with a new sales record in FY-2013.<br />
• EBIT margin of 8-10%.<br />
• Return on Capital Employed of >26%.<br />
Motorcycles Segment<br />
Increased sales volumes in 2013 should result in higher revenues and earnings.<br />
Financial Services Segment<br />
Return on Equity of > 18%.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 3
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 4
<strong>BMW</strong> GROUP.<br />
STRATEGY NUMBER ONE.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 5
STRATEGIC OBJECTIVE.<br />
We want to be the leading provider of premium products and<br />
premium services for individual mobility.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 6
THE WAY AHEAD – NUMBER ONE.<br />
Number ONE defines<br />
our vision for the year 2020.<br />
our mid-term targets for the year 2016.<br />
our internal milestones.<br />
Our vision is targeted towards creating value<br />
and securing future success. We are driven<br />
by our goal to increase profitability.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 7
STRATEGY NUMBER ONE – MANAGING THE<br />
TECHNOLOGICAL CHANGE TO REMAIN FUTURE PROOF.<br />
Evolution<br />
Efficient combustion engines<br />
Innovative technologies<br />
Revolution<br />
Alternative drive trains<br />
Mobility services<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 8
TECHNOLOGICAL CHANGE – TURNING A CHALLENGE<br />
INTO AN OPPORTUNITY.<br />
Growth,<br />
technological<br />
progress<br />
Technological change<br />
EVOLUTION<br />
Efficient combustion engines<br />
Innovative technologies<br />
In times of technological change we have to improve our<br />
existing technologies and invest heavily in new<br />
technologies to remain future proof.<br />
Internal Combustion<br />
Engine<br />
Hybrids<br />
REVOLUTION<br />
Alternative drive trains<br />
Mobility services<br />
E-Mobility<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 9<br />
time
CAPEX FOR ESTABLISHED PROJECTS BUT ALSO<br />
SIGNIFICANT UPFRONT INVESTMENTS NEEDED TO<br />
SECURE <strong>BMW</strong> GROUP’S FUTURE.<br />
CFRP<br />
i3 / i8<br />
2013:<br />
Increasing<br />
capex +<br />
additional<br />
upfront<br />
investments<br />
Modular system powertrains<br />
New products<br />
Future Retail<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 10
TARGETS 2016.<br />
<strong>BMW</strong> <strong>Group</strong> 2012 2016<br />
R&D ratio (cash R&D, %) 5.1 5.0 – 5.5<br />
Capex ratio (%) 6.8 2,000<br />
Return on Capital Employed (%) 75.0 > 26.0<br />
Return on Sales (EBIT, %) 10.9 8.0 – 10.0<br />
Free cash flow (euro million) 3,809 > 3,000<br />
Segment Financial Services<br />
Return on Equity (%) 21.2 > 18.0<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 11
DEVELOPMENT OF R&D RATIO.<br />
7.0%<br />
6.5%<br />
6.0%<br />
5.5%<br />
5.0%<br />
4.5%<br />
4.0%<br />
5.8%<br />
6.2%<br />
6.4%<br />
6.7%<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011<br />
R&D Ratio: R&D Expenditure (HGB) / <strong>Group</strong> Revenues<br />
6.5%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 12<br />
5.6%<br />
5.4%<br />
4.8%<br />
4.6%<br />
4.9%<br />
5.1%<br />
2012
DEVELOPMENT OF CAPEX RATIO.<br />
10.0%<br />
9.0%<br />
8.0%<br />
7.0%<br />
6.0%<br />
5.0%<br />
9.5%<br />
2002<br />
10.2%<br />
9.8%<br />
Capex Ratio: Total Capex / <strong>Group</strong> Revenues<br />
8.6%<br />
8.8%<br />
Target:
MANAGING VOLUME GROWTH, INNOVATION AND<br />
PROFITABILITY THROUGH COST-CONSCIOUS,<br />
EFFICIENT R&D.<br />
Profitability<br />
Standardisation<br />
• E-mobility<br />
• New materials<br />
• New technologies<br />
• Strong growth of<br />
product portfolio<br />
• Seizing new<br />
opportunities<br />
Broader R&D<br />
spectrum<br />
Innovation<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 14
OUR GOAL: TO MANAGE A THREE-TIMES LARGER<br />
PORTFOLIO WITH RESOURCES THAT HAVE NOT<br />
INCREASED PROPORTIONATELY.<br />
2005<br />
2015 2020<br />
Without a Modular Strategy, a three-fold increase in model numbers would send costs and resources<br />
spiralling along the process chain. The Modular Strategy enables shorter development cycles and<br />
enhanced flexibility in our plants.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 15
THE MODULAR STRATEGY IS THE ENABLER FOR THE<br />
EXPANSION OF THE <strong>BMW</strong> GROUP MODEL RANGE.<br />
Architectures<br />
Underbody<br />
e.g.:<br />
Front seat<br />
attachments<br />
Modular product<br />
Modular front seat<br />
Common elements<br />
e.g.:<br />
Structure<br />
Head restraint<br />
Modular system<br />
Front seat attachment<br />
e.g.:<br />
Standardised<br />
seat installation<br />
process<br />
Shorter development time Lower investment costs<br />
Lower development costs<br />
Shorter time to market<br />
Lower manufacturing costs Lower fixed costs<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 16
COMMON ARCHITECTURE, NOT PLATFORMS.<br />
IN PREMIUM VEHICLES DIFFERENTIATION IS KEY.<br />
<strong>BMW</strong> architecture = 3 core areas –<br />
drivetrain, front wall and<br />
fuel/energy space.<br />
Engine compartment Drivetrain Rear<br />
<strong>BMW</strong> architectures allow maximum differentiation between models in<br />
terms of design and dimensions and account for about 70% of all<br />
production cost.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 17
THE NEW <strong>BMW</strong> EFFICIENTDYNAMICS ENGINE FAMILY–<br />
HIGH LEVELS OF COMMONALITY BETWEEN AND<br />
WITHIN DIESEL AND GASOLINE ENGINES.<br />
Cylinders (inline) -3 -4 -6<br />
Gasoline >60 %<br />
Diesel >60 %<br />
30-40 %<br />
Common parts shared within<br />
gasoline or diesel engines<br />
is approx. 60%.<br />
Between the gasoline and<br />
diesel engines there is a<br />
40% sharing.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 18
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 19
PRIORITY ON GROWTH MARKETS.<br />
Turkey<br />
USA<br />
Eastern Europe<br />
Russia<br />
China<br />
India<br />
Brazil South Korea<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 20
NUMBER OF MILLIONAIRES IN THE ESTABLISHED<br />
AND BRIKT MARKETS.<br />
50,000<br />
45,000<br />
40,000<br />
35,000<br />
30,000<br />
25,000<br />
20,000<br />
15,000<br />
10,000<br />
5,000<br />
0<br />
3,000<br />
thsd.<br />
45,701<br />
thsd.<br />
27,764<br />
2011<br />
CAGR +5.7%<br />
2020<br />
Established Markets<br />
(USA, Japan, Germany, United Kingdom, France, Italy)<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
0<br />
+14.2%<br />
1,001<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 21<br />
303<br />
+13.9%<br />
375<br />
1,205<br />
2011 2020<br />
+10.4%<br />
694<br />
286 273<br />
+9.2%<br />
601<br />
+14.3%<br />
1,730<br />
520<br />
+7.4%<br />
2,500<br />
1,312<br />
Brazil Russia India Turkey South Korea Mainland<br />
Source: Deloitte (June 2011): „The next decade in global wealth among millionaire households”<br />
China
<strong>BMW</strong> GROUP’S CHINA STRATEGY FOCUSES ON<br />
DYNAMIC AND PROFITABLE GROWTH.<br />
+<br />
+<br />
China‟s premium segment has highest CAGR<br />
worldwide of 11.3% (2011-2020; Global Insight Data)<br />
Attractive growth prospects:<br />
rising per capita income and growing upper middle class<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 22
<strong>BMW</strong> AND MINI RETAIL DEVELOPMENT<br />
IN MAINLAND CHINA, MARCH 2013-YTD.<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
in „000 units 326.4<br />
<strong>BMW</strong> MINI<br />
24.0<br />
36.4<br />
51.6<br />
2005 2006 2007 2008 2009 2010 2011 2012 2012<br />
Jan-March<br />
Source: <strong>BMW</strong> <strong>Group</strong> Retail data, March 2013-YTD.<br />
65.8<br />
90.5<br />
2013<br />
Jan-March<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 23<br />
169.0<br />
232.6<br />
80.0<br />
86.1
<strong>BMW</strong> AND MINI RETAIL MIX IN CHINA Q1-2013.<br />
MINI: 6.4%<br />
7 series: 6.1%<br />
6 series: 0.2%<br />
X6: 3.2%<br />
X5: 6.5%<br />
5 GT: 2.1%<br />
5 series: 33.8%<br />
Source: <strong>BMW</strong> <strong>Group</strong> Retail data, Q1-2013.<br />
1 series: 3.7%<br />
X1: 11.2%<br />
3 series: 18.6%<br />
X3: 7.9%<br />
Z4: 0.5%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 24
URBANIZATION IN CHINA – ONGOING POTENTIAL.<br />
China cities – brief introduction<br />
9<br />
89<br />
176<br />
cities<br />
population >10 million<br />
cities<br />
population 5-10 million<br />
cities<br />
population 1-5 million<br />
Chengdu<br />
13 million<br />
• Huge number of cities in China: 350 prefecture level cities and 100 county level cities.<br />
• City development level is quite different.<br />
Beijing<br />
16.5 million Tianjin<br />
11.5 million<br />
Guangzhou<br />
10 million<br />
Chongqing<br />
36 million<br />
Shenzhen<br />
12 million<br />
Shanghai 18.5<br />
million<br />
China urbanization forecast by 2025<br />
Highly-developed areas Less-developed areas<br />
• 350 million people will be added to China‟s urban population by 2025 (more than the population of today‟s United<br />
States, McKinsey estimates).<br />
The scale of China’s cities and the trend towards city urbanization ensure that China will remain<br />
a substantial market.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 25
CHINA PREMIUM SEGMENT DEVELOPMENT.<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
0<br />
in „000 units<br />
Ø annual growth rate<br />
+41%<br />
111<br />
Source: Global Insight<br />
CAGR 2012-2020: 9.9%<br />
assumed Ø annual growth rate<br />
ca. +16%<br />
1,224<br />
1,927<br />
2,609<br />
2005 2012 2015E 2020E<br />
With this development, China will become<br />
the biggest market for the <strong>BMW</strong> <strong>Group</strong> worldwide.<br />
assumed Ø annual growth rate<br />
ca. +6%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 26
371 <strong>BMW</strong> AND 86 MINI DEALER OUTLETS IN<br />
OPERATION BY END MARCH 2013.<br />
Outlet <strong>BMW</strong> MINI<br />
East 117 29<br />
North 98 20<br />
South 84 19<br />
West 72 18<br />
Total 371 86<br />
Kelamayi<br />
Urumqi<br />
Lhasa<br />
Changchun<br />
Hohhot<br />
Shenyang<br />
Beijing<br />
Anshan<br />
Tangshan<br />
Baoding<br />
Shijiazhuang<br />
Taiyuan<br />
Yantai<br />
Jinan Weifang<br />
Qingdao<br />
Linyi<br />
Xuzhou<br />
Hefei<br />
Nantong<br />
Mianyang<br />
Nanjing<br />
Yichang Changzhou Shanghai<br />
Wuhu<br />
Hangzhou<br />
Chengdu<br />
Ningbo<br />
Chongqing<br />
Jinhua<br />
Taizhou<br />
Lishui<br />
Wenzhou<br />
Guiyang<br />
4S/5S*<br />
Kunming<br />
Showroom<br />
Service outlet<br />
UCC<br />
Wuhan<br />
Mudanjiang<br />
Songyuan<br />
Jinzhou<br />
Jilin<br />
Yanji<br />
Baotou<br />
Beijing Panjin<br />
Erdos<br />
Yingkou<br />
Datong<br />
Qinhuangdao<br />
Langfang<br />
Dalian<br />
Yulin<br />
Tianjin<br />
Dongying<br />
Yinchuan<br />
Lvliang Handan<br />
Xining<br />
Changzhi<br />
Lanzhou Linfen<br />
Zibo<br />
Yuncheng<br />
Luoyang<br />
Xinxiang Lianyungang<br />
Zhengzhou<br />
Yancheng<br />
Xi`an<br />
Huai’an<br />
Bengbu<br />
Pingdingshan<br />
Yangzhou<br />
Wuxi<br />
Deyang<br />
Anyang<br />
Zhenjiang<br />
Suzhou<br />
Huzhou Jiaxing<br />
Shaoxing<br />
Leshan<br />
Changsha<br />
Shangrao<br />
Zunyi<br />
Xiangtan<br />
Panzhihua<br />
Zhuzhou Nanchang Ningde<br />
Chenzhou<br />
Qujing<br />
Ganzhou Fuzhou<br />
Putian<br />
Guilin Zengcheng Quanzhou<br />
Liuzhou<br />
Guangzhou Longyan<br />
Zhaoqing<br />
Xiamen<br />
Dali Nanning Foshan Dongguan<br />
Jjiangmen<br />
Shantou<br />
Zhongshan Huizhou<br />
Zhuhai Shenzhen<br />
* 4S: sales, service, spare parts, survey,<br />
Haikou<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 * 5S: sales, service, spare parts, survey, sustainability<br />
Page 27<br />
Daqing<br />
Jiamusi<br />
Harbin
DEVELOPING <strong>BMW</strong> FINANCIAL SERVICES CHINA.<br />
Majority of vehicles are still bought without financing or leasing.<br />
License II approval received from the CBRC.<br />
<strong>BMW</strong> Finance Automotive China (JV of <strong>BMW</strong> AG and BBA) started independent operations in November 2010.<br />
2012: Successful business development.<br />
Strong Expansion of <strong>BMW</strong> Financial Services China.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 28
<strong>BMW</strong> BRILLIANCE AUTOMOTIVE – A SUCCESS STORY<br />
WITH GROWING REVENUE AND EARNINGS<br />
CONTRIBUTION.<br />
160<br />
140<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
31<br />
BBA retail sales in 1,000 units<br />
35<br />
44<br />
54<br />
94<br />
141<br />
2007 2008 2009 2010 2011 2012<br />
<strong>BMW</strong> <strong>Group</strong> revenues from goods and services<br />
sold to BBA (in EUR million)<br />
3,500<br />
3,000<br />
2,500<br />
2,000<br />
1,500<br />
1,729<br />
2,962<br />
BBA‘s contribution to <strong>BMW</strong> <strong>Group</strong>‘s at-equity<br />
result (in EUR million)<br />
1,000<br />
500<br />
1,046<br />
0<br />
293<br />
406 532<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> 2007 <strong>Presentation</strong>, 2008 2009 April 2013 2010 2011 2012<br />
Page 29<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
11<br />
25<br />
42<br />
102<br />
175<br />
280<br />
2007 2008 2009 2010 2011 2012
COMBINED BRIKT SALES ARE WITHIN THE TOP 5<br />
MARKETS FOR <strong>BMW</strong> GROUP IN 2013-YTD.<br />
in 1,000 units<br />
100<br />
90<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
86<br />
79<br />
63<br />
<strong>BMW</strong> MINI<br />
China* USA Germany UK BRIKT** Italy France Japan Belgium Nordics*** Canada<br />
*China: Mainland China only; **BRIKT: Brazil, Russia, India, South Korea and Turkey<br />
*** Nordics: Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Sweden<br />
Source: <strong>BMW</strong> & MINI Retail data, March 2013-YTD<br />
46<br />
26<br />
16 15 15<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 30<br />
11<br />
9 8
BRIKT MARKETS <strong>BMW</strong> AND MINI RETAIL<br />
DEVELOPMENT IN 2013-YTD.<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
25<br />
Retail development in BRIKT<br />
2006 2007 2008 2009 2010 2011 2012 2012<br />
YTD<br />
0<br />
35 40 45<br />
Retail development in Brazil Retail development in Russia<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 31<br />
MINI<br />
45<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
2006 2007 2008 2009 2010 2011 2012 2012<br />
YTD<br />
Retail development in India Retail development in South Korea Retail development in Turkey<br />
1<br />
3<br />
4<br />
70<br />
2006 2007 2008 2009 2010 2011 2012 2012<br />
YTD<br />
Source: <strong>BMW</strong> & MINI Retail data, March 2013-YTD<br />
6<br />
99<br />
9<br />
110<br />
10<br />
22 26<br />
2<br />
2013<br />
YTD<br />
1<br />
2013<br />
YTD<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
2<br />
3<br />
3<br />
2006 2007 2008 2009 2010 2011 2012 2012<br />
YTD<br />
2006 2007 2008 2009 2010 2011 2012 2012<br />
YTD<br />
In 1,000 units <strong>BMW</strong><br />
6<br />
7 8 10 11<br />
10<br />
19<br />
15<br />
27<br />
10<br />
34<br />
2<br />
8<br />
3<br />
2013<br />
YTD<br />
9<br />
2013<br />
YTD<br />
18<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
10<br />
6<br />
15<br />
8<br />
19 17<br />
5<br />
7<br />
22<br />
13<br />
30<br />
17<br />
40<br />
17<br />
2006 2007 2008 2009 2010 2011 2012 2012<br />
YTD<br />
8<br />
2<br />
9<br />
2013<br />
YTD<br />
4<br />
2013<br />
YTD
PREMIUM SEGMENT SHARE OF TOTAL MARKET 2012.<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
in %<br />
29.6<br />
25.0<br />
Germany United<br />
Kingdom<br />
16.3<br />
11.9 11.8<br />
9.1<br />
7.2 6.8<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 32<br />
5.7<br />
3.9<br />
World Average: 9.4%<br />
1.0 0.9<br />
Italy USA France China Russia Turkey S. Korea Japan India Brazil
THE WORLDWIDE PREMIUM SEGMENT IS EXPECTED<br />
TO GROW TO 9.9 MN UNITS PER YEAR IN 2020.<br />
12,000<br />
10,000<br />
8,000<br />
6,000<br />
4,000<br />
2,000<br />
Premium Segment:<br />
CAGR 2012-2020: 4.7%<br />
Total Growth 2012-2020: 45%<br />
Region („000 units) 2012 2020 Chg.<br />
World 6,836 9,884 45%<br />
Rest of World 500 720 44%<br />
BRIKT* 407 687 69%<br />
China (Mainland) 1,224 2,609 113%<br />
Japan 194 194 0%<br />
North America 1,884 2,559 36%<br />
Western Europe 2,626 3,116 19%<br />
0<br />
2012 2013 2014 2015 2016 2017 2018 2019 2020<br />
Source: Global Insight<br />
Rest of World, CAGR +4.7%<br />
BRIKT*, CAGR +6.7%<br />
China, CAGR +9.9%<br />
Japan, CAGR 0%<br />
North America, CAGR +3.9%<br />
Western Europe, CAGR +2.2%<br />
*BRIKT refers to Brazil, Russia, India, South Korea and Turkey<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 33
PREMIUM SEGMENT GROWTH IN EMERGING MARKETS.<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
in ‘000 units<br />
50.3%<br />
301<br />
200<br />
106<br />
159<br />
144<br />
77 73<br />
126<br />
81<br />
Russia<br />
GCC<br />
GCC<br />
New EU Countries South 3) America South Korea Brazil Turkey India Ukraine<br />
1) New EU<br />
Countries2) South<br />
America3) South Korea Brazil Turkey India Ukraine<br />
1) GCC: Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates<br />
2) New EU Countries: Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Rumania, Slovakia, Slovenia<br />
3) South America: Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, Uruguay, Venezuela<br />
Source: Global Insight<br />
50.2% 87.6% 72.1%<br />
2012 Sales Sales Forecast by 2020<br />
10.4%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 34<br />
90<br />
169.1%<br />
37<br />
100<br />
43.8%<br />
53<br />
76<br />
235.5%<br />
36<br />
120<br />
93.3%<br />
15<br />
30
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 35
THREE AUTHENTIC PREMIUM BRANDS.<br />
Sheer driving<br />
pleasure<br />
The world‟s most exciting<br />
premium small car brand<br />
The pinnacle of<br />
automobile luxury<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 36
DELIVERIES TO CUSTOMERS MARCH 2013-YTD.<br />
Deliveries of automobiles (in units) March 2013 YTD March 2012 YTD Change in %<br />
Total <strong>BMW</strong> 381,404 356,548 7.0<br />
1 series 53,906 54,160 -0.5<br />
3 series (incl. GT) 109,309 91,189 19.9<br />
5 series (incl. GT) 85,731 82,231 4.2<br />
6 series 6,174 4,651 32.7<br />
7 series 12,390 17,786 -30.3<br />
X1 37,680 29,532 27.6<br />
X3 36,189 35,248 2.7<br />
X5 27,274 26,563 2.7<br />
X6 9,769 11,048 -11.6<br />
Z4 2,982 4,140 -27.9<br />
Total MINI 66,154 68,210 -3.0<br />
Total Rolls-Royce 642 770 -16.6<br />
<strong>BMW</strong> <strong>Group</strong> 448,200 425,528 5.3<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 37
<strong>BMW</strong> GROUP AUTOMOTIVE MAJOR MARKETS.<br />
DELIVERIES TO CUSTOMERS MARCH 2013-YTD.<br />
Deliveries of automobiles (in units) March 2013 YTD March 2012 YTD Change in %<br />
Mainland China 86,070 80,014 7.6<br />
USA 78,957 75,729 4.3<br />
Germany 63,405 63,027 0.6<br />
United Kingdom 45,699 38,901 17.5<br />
BRIKT* 26,103 22,000 18.7<br />
Italy 16,004 16,870 -5.1<br />
France 15,337 16,566 -7.4<br />
Japan 14,990 13,977 7.2<br />
Belgium 10,535 10,313 2.2<br />
Nordics** 8,840 8,853 -0.1<br />
Canada 7,595 7,231 5.0<br />
Rest of world 74,665 72,047 3.6<br />
<strong>BMW</strong> <strong>Group</strong> 448,200 425,528 5.3<br />
*BRIKT: Brazil, Russia , India, South Korea and Turkey; ** Nordics: Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Sweden<br />
Data for individual markets includes <strong>BMW</strong> and MINI vehicles; Rolls Royce sales are included in “Rest of World” and in the total figures.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 38
DELIVERIES TO CUSTOMERS FY-2012.<br />
Deliveries of automobiles (in units) 2012 2011 Change in %<br />
Total <strong>BMW</strong> 1,540,085 1,380,384 11.6<br />
1 series 226,829 176,418 28.6<br />
3 series 406,752 384,464 5.8<br />
5 series (incl. GT) 359,016 332,501 8.0<br />
6 series 23,193 9,396 146.8<br />
7 series 59,184 68,774 -13.9<br />
X1 147,776 126,429 16.9<br />
X3 149,853 117,944 27.1<br />
X5 108,544 104,827 3.5<br />
X6 43,689 40,822 7.0<br />
Z4 15,249 18,809 -18.9<br />
Total MINI 301,526 285,060 5.8<br />
Total Rolls-Royce 3,575 3,538 1.0<br />
<strong>BMW</strong> <strong>Group</strong> 1,845,186 1,668,982 10.6<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 39
<strong>BMW</strong> GROUP AUTOMOTIVE MAJOR MARKETS.<br />
DELIVERIES TO CUSTOMERS FY-2012.<br />
Deliveries of automobiles (in units) 2012 2011 Change in %<br />
USA 347,583 305,418 13.8<br />
Mainland China 326,444 232,586 40.4<br />
Germany 287,299 285,202 0.7<br />
United Kingdom 174,215 167,108 4.3<br />
BRIKT* 110,363 98,905 11.6<br />
France 67,318 70,400 -4.4<br />
Italy 60,505 72,511 -16.6<br />
Japan 56,607 47,589 18.9<br />
Belgium 43,828 41,381 5.9<br />
Canada 37,707 34,928 8.0<br />
Nordics** 34,510 34,350 0.5<br />
Rest of world 298,807 278,604 7.3<br />
<strong>BMW</strong> <strong>Group</strong> 1,845,186 1,668,982 10.6<br />
*BRIKT: Brazil, Russia , India, South Korea and Turkey; ** Nordics: Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Sweden<br />
Data for individual markets includes <strong>BMW</strong> and MINI vehicles; Rolls Royce sales are included in “Rest of World” and in the total figures.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 40
<strong>BMW</strong> GROUP AUTOMOTIVE.<br />
REGIONAL SPLIT OF RETAIL SALES – FY 2012.<br />
Growth<br />
rate<br />
Share of<br />
global sales<br />
Americas<br />
+11.9%<br />
23%<br />
Europe<br />
0.8%<br />
47%<br />
Mainland<br />
China<br />
+40.4 %<br />
Asia (w/o China)<br />
and Rest of World<br />
+15.5 %<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 41<br />
18%<br />
12%
REGIONAL RETAIL MIX FY-2012.<br />
Canada: 2.0%<br />
USA: 18.8%<br />
Rest of<br />
Europe: 12.6%<br />
Belgium: 2.4%<br />
France: 3.6%<br />
1) BRIKT: Brazil, Russia, India, South Korea, Turkey<br />
2) GCC: Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates<br />
Source: <strong>BMW</strong> and MINI Retail Sales only, FY-2012.<br />
Mainland China: 17.7%<br />
Japan: 3.1%<br />
BRIKT 1) : 6.0%<br />
GCC 2) : 1.1%<br />
Rest of<br />
the World: 4.4%<br />
Germany: 15.6%<br />
UK: 9.4%<br />
Italy: 3.3%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 42
<strong>BMW</strong> RETAIL BY MODEL 2012 (2011).<br />
Total <strong>BMW</strong> <strong>Group</strong> sales: 1,845,186 (1,668,982) units.<br />
<strong>BMW</strong> brand share: 1,540,085 (1,380,384) units<br />
or 83.5% (82.7 %) of total sales.<br />
226,829<br />
(176,418)<br />
406,752<br />
(384,464)<br />
337,929<br />
(310,050)<br />
23,193<br />
(9,396)<br />
59,184<br />
(68,774)<br />
147,776<br />
(126,429)<br />
1 Series 3 Series 5 Series 6 Series 7 Series X1 X3 X5 X6 5 Series GT Z4<br />
14.7% 26.4% 21.9% 1.5% 3.8% 9.6% 9.7% 7.0% 2.8% 1.4% 1.0%<br />
(12.8%) (27.9%) (22.5%) (0.7%) (5.0%) (9.2%) (8.5%) (7.6%) (3.0%) (1.6%) (1.4%)<br />
1,540,085<br />
(1,380,384)<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 43<br />
149,853<br />
(117,944)<br />
108,544<br />
(104,827)<br />
43,689<br />
(40,822)<br />
21,087<br />
(22,451)<br />
15,249<br />
(18,809)<br />
100%<br />
(100%)
MINI RETAIL BY MODEL 2012 (2011).<br />
Total <strong>BMW</strong> <strong>Group</strong> sales: 1,845,186 (1,668,982) units.<br />
MINI brand share: 301,526 (285,060) units<br />
or 16.3% (17.1%) of total sales.<br />
38,376<br />
(40,751)<br />
50,445<br />
(49,262)<br />
15,809<br />
(17,189)<br />
26,939<br />
(29,953)<br />
24,474<br />
(29,337)<br />
22,699<br />
(25,745)<br />
One, One D Cooper Cooper D Cooper S Convertible Clubman Coupe Roadster Countryman<br />
12.7% 16.7% 5.2% 8.9% 8.1% 7.5%<br />
(14.3%) (17.3%) (6.0%) (10.5%) (10.3%) (9.0%)<br />
11,311<br />
(3,787)<br />
3.8%<br />
(1.3%)<br />
102,250<br />
(89,036)<br />
3.1% 33.9%<br />
(31.2%)<br />
234,175<br />
(216,538)<br />
301,526<br />
(285,060)<br />
100%<br />
(100%)<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 44<br />
9,202
<strong>BMW</strong> GROUP RETAIL DEVELOPMENT 2002 UNTIL 2012.<br />
2,000<br />
1,800<br />
1,600<br />
1,400<br />
1,200<br />
1,000<br />
800<br />
600<br />
400<br />
200<br />
0<br />
in 1,000 units<br />
90<br />
1,057 6<br />
+4.5%<br />
1,105<br />
+9.4%<br />
1,209<br />
+9.9%<br />
1,328<br />
<strong>BMW</strong> MINI Rolls-Royce<br />
+3.5%<br />
1,374<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 45<br />
+9.2%<br />
1,501<br />
-4.3%<br />
1,436<br />
-10.4%<br />
1,286<br />
+13.6%<br />
1,461<br />
+14.2%<br />
1,669<br />
+10.6%<br />
1,845
<strong>BMW</strong> GROUP BRAND AND PRODUCT OVERVIEW.<br />
Luxury<br />
Upper<br />
Medium<br />
Lower<br />
Medium<br />
Compact<br />
Small<br />
PlusPlus<br />
PlusPlus<br />
Plus<br />
Base<br />
Plus<br />
Base<br />
Plus<br />
Base<br />
Plus<br />
Base<br />
Plus<br />
Base<br />
Sedan Wagon Hatch Coupe Convert. Roadster New Seg. SAV<br />
Phantom Coupe<br />
Ghost<br />
Convert.<br />
7 Series 6 Series 6 Series<br />
5 Series 5 Series GT<br />
3 Series 3 Series 3 Series<br />
3 Series<br />
Z4 GT<br />
X3, X4<br />
1 Series 1 Series 1 Series<br />
MINI MINI<br />
MINI<br />
MINI<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 46<br />
Wraith<br />
MINI<br />
6 Series<br />
X1<br />
X5, X6
ATTRACTIVE MODEL PORTFOLIO UNTIL 2016 DUE TO<br />
A HIGH RENEWAL RATE AND ADDITIONAL MODELS.<br />
3.5<br />
3.0<br />
2.5<br />
2.0<br />
1.5<br />
1.0<br />
0.5<br />
0<br />
Ø age of product portfolio (sales & mix adjusted)<br />
Cumulated Model Renewal Rate:<br />
~ 75% of total expected annual sales<br />
volume will be renewed until 2016<br />
2011 2012 2013 2014 2015 2016<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 47
NEW PRODUCT 2012.<br />
<strong>BMW</strong> 6 SERIES GRAN COUPE.<br />
Launch 06/2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 48
NEW PRODUCT 2013.<br />
<strong>BMW</strong> 3 SERIES GRAN TURISMO.<br />
Launch 06/2013<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 49
FUTURE PROSPECTS.<br />
<strong>BMW</strong> CONCEPT 4 SERIES COUPE.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 50
FUTURE PROSPECTS.<br />
<strong>BMW</strong> CONCEPT ACTIVE TOURER.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 51
FUTURE PROSPECTS.<br />
<strong>BMW</strong> CONCEPT X4.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 52
NEW PRODUCT 2013.<br />
MINI PACEMAN.<br />
Launch 03/2013<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 53
NEW PRODUCT 2013.<br />
ROLLS-ROYCE WRAITH.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 54
NEW PRODUCTS 2012.<br />
THE ALL NEW <strong>BMW</strong> ActiveHybrid-FLEET.<br />
<strong>BMW</strong> ActiveHybrid 7<br />
(Facelift, new hybrid system, launch 07/2012)<br />
<strong>BMW</strong> ActiveHybrid 5<br />
(Launch 03/2012)<br />
<strong>BMW</strong> ActiveHybrid 3<br />
(Launch 09/2012)<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 55
NEW PRODUCT 2012.<br />
<strong>BMW</strong> ActiveHybrid 3 – HYBRID COMPONENTS.<br />
<strong>BMW</strong> TwinPower<br />
Turbo six-cylinder<br />
inline engine.<br />
Eight-speed automatic<br />
transmission.<br />
Power electronics.<br />
Synchronous electric motor<br />
(integrated in the transmission housing).<br />
High-performance<br />
lithium-ion battery.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 56
MINI E AND <strong>BMW</strong> ACTIVE E SERVE AS KEY LEARNING<br />
PROJECTS OF OUR MEGACITY VEHICLE.<br />
Use of renewable<br />
energy.<br />
Market<br />
potential.<br />
Transfer<br />
scenarios.<br />
User behavior.<br />
Acceptance.<br />
Demands of<br />
e-infrastructure.<br />
Strengths and<br />
weaknesses.<br />
MINI E 2010 <strong>BMW</strong> ActiveE<br />
2011 <strong>BMW</strong> i3 (Megacity Vehicle)<br />
2013<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 57
STRATEGIC OBJECTIVES OF <strong>BMW</strong> i DERIVED<br />
FROM CORPORATE STRATEGY NUMBER ONE.<br />
Number ONE<br />
Growth<br />
Shaping the future<br />
Profitability<br />
Access to new<br />
technologies/<br />
customers<br />
Technologies/<br />
Generate growth Shaping the future<br />
customers<br />
New target groups.<br />
New products and<br />
services.<br />
Pioneering<br />
technologies and<br />
design.<br />
Visionary services.<br />
New sales concepts.<br />
Sharpen <strong>BMW</strong> image<br />
as sustainable brand.<br />
Differentiation from<br />
competition.<br />
Future-proof product<br />
portfolio.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 58
<strong>BMW</strong>, <strong>BMW</strong> M AND <strong>BMW</strong> i IN PERFECT BALANCE.<br />
Thrilling performance.<br />
Striking technology.<br />
Unrivaled experience.<br />
Innovate driving pleasure.<br />
Focus on<br />
engaging aesthetics.<br />
Boost joy.<br />
Visionary mobility.<br />
Inspiring design.<br />
Next premium.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 59
MAIN USPS OF <strong>BMW</strong> i AND ITS PRODUCTS.<br />
LifeDrive<br />
Purpose-built<br />
e-mobility for more range,<br />
dynamics and safety.<br />
Holistic<br />
sustainability<br />
Sustainable product lifecycle<br />
from development to<br />
recycling.<br />
360 Electric<br />
Private charging, public<br />
charging, assistance<br />
services, flexible mobility.<br />
<strong>BMW</strong> eDrive<br />
Dynamic and intelligent<br />
electric drive train<br />
technology.<br />
<strong>BMW</strong> i<br />
<strong>BMW</strong> i3 and <strong>BMW</strong> i8<br />
Carbon fibre<br />
Lightweight<br />
construction for less<br />
weight and more<br />
safety.<br />
Next premium<br />
design<br />
Progressive shapes and<br />
sustainable premium<br />
materials.<br />
Mobility<br />
services<br />
Car sharing, parking<br />
solutions, intermodal<br />
mobility.<br />
Connectivity<br />
Fully integrated,<br />
real-time and<br />
location based.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 60
<strong>BMW</strong> i WILL PROVIDE FLEXIBLE MOBILITY.<br />
ASSISTANCE SERVICES<br />
“Provide assurance”<br />
FLEXIBLE MOBILITY<br />
“A new mobile lifestyle”<br />
360° ELECTRIC.<br />
HOME CHARGING<br />
“Convenient charging at home”<br />
PUBLIC CHARGING<br />
“On the road”<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 61
FIRST <strong>BMW</strong> i BRAND STORE OPENED IN LONDON.<br />
Opening 06/2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 62
OUR ROADMAP FOR SUSTAINABLE MOBILITY FROM<br />
2013: <strong>BMW</strong> i3 CONCEPT AND <strong>BMW</strong> i8 CONCEPT.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 63
<strong>BMW</strong> i3 CONCEPT.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 64
<strong>BMW</strong> i8 CONCEPT.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 65
<strong>BMW</strong> i – A HOLISTIC APPROACH.<br />
LifeDrive 360° Electric <strong>BMW</strong> eDrive Mobility services<br />
Holistic<br />
sustainability<br />
Carbon fibres<br />
Premium<br />
design of the future<br />
Connectivity<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 66
CARBON FIBER MATERIAL IS ESSENTIAL FOR<br />
LIGHTWEIGHT PRODUCTION OF THE <strong>BMW</strong> i3 AND i8.<br />
Main arguments for the utilization of carbon fiber materials:<br />
• Low weight:<br />
CFRP parts are approx. 50% lighter than comparable steel parts and<br />
approx. 30% lighter than comparable aluminum parts<br />
• High tensile strength/stiffness:<br />
CFRP has excellent damping characteristics and high energy absorption<br />
in a crash<br />
• Corrosion resistance:<br />
Avoidance of expensive protective coatings as CFRP is resistant to<br />
corrosion, acid and solvent<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 67
Join<br />
S<br />
CF-Textiles<br />
CARBON FIBER PRODUCTION –<br />
CORE COMPETENCE CF-Textiles WITHIN <strong>BMW</strong> GROUP.<br />
Mitsubishi Rayon Co. Ltd.<br />
(MRC), Otake/Japan<br />
• (Steam) Cracking<br />
• Ammoxidation<br />
Acrylonitrile<br />
JV MSP*,<br />
Otake/Japan<br />
• Polymerisation / Spinning<br />
PAN-Precursor<br />
SGL ACF,<br />
Moses Lake/USA<br />
• Oxidation<br />
• Carbonisation<br />
Carbon Fibers<br />
SGL ACF,<br />
Wackersdorf/Germany<br />
• Knitting<br />
Joint Ventu<br />
SGL ACF<br />
*) Joint Venture Mitsubishi Rayon –<br />
SGL Precursor Co. Ltd. (MSP)<br />
<strong>BMW</strong><br />
SGL Automotive Carbon Fibers –<br />
a <strong>BMW</strong> <strong>Group</strong> and SGL <strong>Group</strong> JV<br />
Preforms<br />
CFRP-<br />
Components<br />
CF<br />
Fabrics<br />
Recycling<br />
<strong>BMW</strong><br />
Preforms<br />
CFRP-<br />
Components<br />
Carbon Fibers<br />
<strong>BMW</strong> GROUP<br />
Preform CFRPcomponents<br />
Precursor Carbonization<br />
Stacking<br />
Carbon Fibers<br />
Recycling<br />
(residual fabrics)<br />
Stacking<br />
Tailoring Preforming<br />
<strong>BMW</strong> i3 & i8<br />
Moses Lake, USA Wackersdorf, German<br />
The production of CFRP components Tailoring is our core competence<br />
Resin Transfer Molding<br />
– preforming, Resin-Transfer-Moulding (RTM), milling and<br />
tempering is all done in the <strong>BMW</strong> <strong>Group</strong> plant in Landshut.<br />
Painting and final assembly is done in the <strong>BMW</strong> <strong>Group</strong> plant in<br />
Leipzig.<br />
Moses Lake, USA Wackersdorf, Germany Landsh<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 68
<strong>BMW</strong> i3 AND <strong>BMW</strong> i8<br />
PRODUCTION NETWORK.<br />
Moses Lake,<br />
Washington State<br />
Carbon fiber<br />
JV<br />
The <strong>BMW</strong> <strong>Group</strong> and the joint venture<br />
set up with the SGL <strong>Group</strong> are investing<br />
a total of €530 million in the project.<br />
A total of over 1,000 jobs will be created<br />
as a result of the investment.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 69<br />
Leipzig<br />
Landshut<br />
Battery<br />
E<br />
Motor<br />
Drive production<br />
JV<br />
Wackersdorf<br />
CFRP fabrication<br />
MCV assembly CFRP alignment + recycling<br />
CFRP fabrication<br />
Dingolfing
SUSTAINABLE PRODUCTION FOR <strong>BMW</strong> i3 AND i8.<br />
-70%<br />
water usage<br />
-50%<br />
energy<br />
requirements<br />
100%<br />
of the energy<br />
comes from renewable<br />
sources<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 70
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 71
<strong>BMW</strong> MOTORCYCLES PRODUCT OVERVIEW.<br />
Price (€)<br />
20,000<br />
R1200 GS MJ 2013<br />
10,000<br />
R1200 GS<br />
Adventure<br />
F800 GS 2 Cyl.<br />
G650 GS / GS Sertao<br />
ENDURO TOUR SPORT ROADSTER<br />
F 700 GS 2 Cyl.<br />
K1600 GT/GTL<br />
R1200 RT<br />
F800 GT<br />
K1300 S<br />
S1000 RR<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 72<br />
HP4<br />
K 1300 R<br />
F800 R<br />
R1200 R<br />
Maxi Scooter<br />
Tourer<br />
Maxi Scooter<br />
Sport<br />
URBAN<br />
MOBILTIY<br />
Maxi Scooter<br />
Electric
<strong>BMW</strong> MOTORCYCLES RETAIL SALES 1990 – 2012.<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
in 1,000 units<br />
31.3<br />
50.2<br />
74.6<br />
84.7<br />
92.6 93.0 92.3<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 73<br />
97.5<br />
100.1<br />
102.5 101.7<br />
1990 1995 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
87.3<br />
98.0<br />
104.3<br />
106.4
MOST IMPORTANT MARKETS FOR<br />
<strong>BMW</strong> MOTORCYCLES IN 2012.<br />
Other markets<br />
United Kingdom<br />
Brazil<br />
Germany 19.1%<br />
United States<br />
Spain<br />
12.3%<br />
France 9.8%<br />
Italy 9.7%<br />
Germany<br />
United States<br />
France<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 74<br />
Italy<br />
Brazil 6.4%<br />
United Kingdom 5.0%<br />
Spain 4.5%<br />
Other markets 33.2%
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 75
GLOBAL PRESENCE IN 53 COUNTRIES WITH 6,295<br />
EMPLOYEES.<br />
<strong>BMW</strong> Financial Services<br />
MINI Financial Services<br />
Status: December 31, 2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 76
PROFIT BEFORE TAX (PBT) FINANCIAL SERVICES.<br />
2,000<br />
1,750<br />
1,500<br />
1,250<br />
1,000<br />
750<br />
500<br />
250<br />
0<br />
-250<br />
-500<br />
in euro million<br />
345<br />
387<br />
422<br />
452<br />
515<br />
605<br />
ADDITIONAL RISK PROVISIONS IN 2008.<br />
Automotive Segment:<br />
EUR 911 million<br />
residual values<br />
Total: EUR 1,968 million<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 77<br />
685<br />
743<br />
Financial Services<br />
segment:<br />
EUR 1,057 million<br />
EUR 363 million<br />
credit losses<br />
EUR 694 million<br />
residual values<br />
-292<br />
365<br />
1)<br />
1,214<br />
2)<br />
1,790<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
3)<br />
1,561<br />
1) FY-10 EBT includes a positive effect of EUR 122 million from better than expected off-lease business.<br />
2) FY-11 EBT includes a positive effect of EUR 439 million from adjustment of residual value and credit risk provisions and a better than expected off-lease business.<br />
3) FY-12 EBT includes a positive effect of EUR 124 million from better than expected off-lease business.
RETURN ON EQUITY (ROE) FINANCIAL SERVICES.<br />
35%<br />
30%<br />
25%<br />
20%<br />
15%<br />
10%<br />
5%<br />
0%<br />
-5%<br />
in %<br />
18.1%<br />
ADDITIONAL RISK PROVISIONS IN 2008.<br />
Automotive Segment:<br />
EUR 911 million<br />
residual values<br />
Total: EUR 1,968 million<br />
Financial Services<br />
segment:<br />
EUR 1,057 million<br />
EUR 363 million<br />
credit losses<br />
EUR 694 million<br />
residual values<br />
9.2%<br />
1)<br />
26.1%<br />
29.4% 2)<br />
2007 2008 2009 2010 2011 2012<br />
3)<br />
21.2%<br />
-7.3%<br />
-10%<br />
1) FY-10 RoE includes a positive PBT effect of EUR 122 million from better than expected off-lease business (adjusted RoE: 23.5%).<br />
2) FY-11 RoE includes a positive PBT effect of EUR 439 million from adjustment of residual value and credit risk provisions and a better than expected off-lease<br />
business (adjusted RoE: 22.2%)<br />
3) FY-12 EBT includes a positive effect of EUR 124 million from better than expected off-lease business (adjusted RoE: 19.6%).<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 78
PENETRATION RATE RETAIL BUSINESS.<br />
55%<br />
50%<br />
45%<br />
40%<br />
35%<br />
30%<br />
25%<br />
20%<br />
15%<br />
10%<br />
5%<br />
0%<br />
34.5%<br />
20.9%<br />
13.6%<br />
Financing Leasing<br />
35.0%<br />
17.2%<br />
36.1%<br />
18.3%<br />
17.8% 17.8%<br />
38.3%<br />
19.1%<br />
19.2%<br />
42.0%<br />
22.5%<br />
19.5%<br />
41.1%<br />
24.0%<br />
17.1% 17.2% 17.4%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 79<br />
42.4%<br />
25.2%<br />
44.6%<br />
27.2%<br />
48.5%<br />
27.6%<br />
20.9%<br />
49.0%<br />
24.3%<br />
24.1%<br />
24.7% 24.1%<br />
21.1% 19.7%<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 * 2012<br />
* The penetration rate dropped significantly due to the consolidation of <strong>BMW</strong> <strong>Group</strong> Financial Services China as of January 1 st , 2011.<br />
48.2%<br />
41.1%<br />
20.0%<br />
40.4%<br />
20.7%
DEVELOPMENT OF CREDIT LOSS RATES.<br />
0.90%<br />
0.80%<br />
0.70%<br />
0.60%<br />
0.50%<br />
0.40%<br />
0.30%<br />
0.54%<br />
0.46%<br />
0.41%<br />
0.37%<br />
0.41%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 80<br />
0.46%<br />
0.59%<br />
0.84%<br />
0.67%<br />
0.49%<br />
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
0.48%
STRATEGIC FUTURE DEVELOPMENT OF FINANCIAL<br />
SERVICES.<br />
Expansion of<br />
<strong>BMW</strong> Bank<br />
2012<br />
2011<br />
since 2010<br />
since 2009<br />
DE<br />
BaLea*<br />
FR<br />
DE<br />
* <strong>BMW</strong> Leasing GmbH was merged into the <strong>BMW</strong> Bank GmbH<br />
IT<br />
ES<br />
PT<br />
Fleet Business<br />
E-Mobility<br />
New Sales &<br />
Service Channels<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 81
ALPHABET AMONGST TOP FLEET COMPANIES IN<br />
EUROPE AFTER ACQUISITION OF ING CAR LEASE.<br />
New Alphabet :<br />
A truly European company<br />
ING Car Lease Alphabet both<br />
600,000<br />
500,000<br />
400,000<br />
300,000<br />
200,000<br />
100,000<br />
Number of<br />
Serviced Contracts<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 82<br />
0<br />
2007 2008 2009 2010 2011 2012<br />
(old) Alphabet Former ING Car Lease Alphabet
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 83
<strong>BMW</strong> GROUP GLOBAL PRODUCTION NETWORK.<br />
28 LOCATIONS IN 13 COUNTRIES.<br />
Moses Lake<br />
Spartanburg<br />
Manaus<br />
Hams Hall, Oxford<br />
Swindon, Goodwood<br />
Production plants<br />
Assembly plants<br />
Joint ventures Contract production<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 84<br />
Steyr<br />
Graz<br />
Rosslyn<br />
Kaliningrad<br />
Cairo<br />
Chennai<br />
Eisenach<br />
Wackersdorf<br />
Landshut<br />
Munich<br />
Berlin<br />
Kulim<br />
Leipzig<br />
Shenyang<br />
Regensburg<br />
Dingolfing<br />
Rayong<br />
Jakarta
AUTOMOBILE PRODUCTION BY PLANT IN 2012.<br />
in 1,000 units<br />
Graz 2<br />
Dadong<br />
Rosslyn<br />
1<br />
Tiexi1 Goodwood<br />
Leipzig<br />
Dingolfing, Germany<br />
Production of <strong>BMW</strong> 5, 6, 7 Series<br />
Spartanburg, USA<br />
Production of <strong>BMW</strong> X3, X5, X6<br />
Regensburg, Germany<br />
Production of <strong>BMW</strong> 1, 3 Series, Z4<br />
Munich, Germany<br />
Production of <strong>BMW</strong> 3 Series<br />
Oxford, UK<br />
Production of MINI<br />
Assembly plants<br />
Leipzig, Germany<br />
Production of <strong>BMW</strong> 1 Series, X1<br />
332.7<br />
301.5<br />
300.3<br />
214,1<br />
207.8<br />
Rosslyn, South Africa<br />
Production of <strong>BMW</strong> 3 Series<br />
Goodwood, UK<br />
Production of Rolls-Royce<br />
Dadong 1 , China<br />
Production of <strong>BMW</strong> 5 Series<br />
Tiexi 1 , China<br />
Production of <strong>BMW</strong> 3 Series, X1<br />
Graz (Magna Steyr 2 ), Austria<br />
MINI Countryman<br />
Dingolfing<br />
Spartanburg<br />
Regensburg<br />
Munich<br />
Oxford<br />
1 Joint venture 2 Contract production<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 85<br />
45.7<br />
3.3<br />
108.9<br />
41.1<br />
103.7<br />
164.3 Assembly plants 38.4
AUTOMOBILE PRODUCTION BY ASSEMBLY PLANT<br />
IN 2012.<br />
In units<br />
Cairo, Egypt<br />
3, 5 & 7 series, X1, X3<br />
Jakarta, Indonesia<br />
3 & 5 series, X1, X3<br />
Jakarta<br />
Cairo<br />
Rayong<br />
Chennai, India<br />
3, 5 & 7 series, X1, X3<br />
2,232<br />
1,992<br />
6,768<br />
Kaliningrad, Russia<br />
3,5 & 7 series, X1, X3, X5, X6<br />
Kulim, Malaysia<br />
3 & 5 series, X1, X3<br />
Rayong, Thailand<br />
3, 5 & 7 series, X1, X3<br />
Chennai<br />
Kaliningrad<br />
15,480<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 86<br />
Kulim<br />
5,448<br />
6,492
INVESTING IN THE GLOBAL PRODUCTION NETWORK.<br />
Germany USA China India<br />
Up Next: Brazil<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 87<br />
UK
THE <strong>BMW</strong> GROUP’S CLEAN PRODUCTION<br />
PHILOSOPHY.<br />
Certified environmental management systems (ISO 14001/EMAS) at all sites worldwide<br />
Reducing Solvent<br />
Emissions<br />
Reducing water usage<br />
and process<br />
wastewater<br />
Saving energy and<br />
reducing CO 2<br />
emissions<br />
Targeted management of environmental performance:<br />
- Monthly recording of consumption/emission figures at all sites<br />
- Target: 45% reduction in emissions/resource usage from 2006-2020<br />
- Average improvement in resource efficiency 2006 - 2011: 32%<br />
Avoiding or recycling<br />
waste<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 88
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 89
CORPORATE SUSTAINABILITY HAS A LONG HISTORY<br />
AT <strong>BMW</strong> GROUP.<br />
1973: First Environmental Officer in the Automotive Industry.<br />
2000: Executive Board Resolution „Sustainability is the guiding principle of the <strong>BMW</strong><br />
<strong>Group</strong> corporate strategy“.<br />
2009: Establishment of a Sustainability Circle and Board; corporate sustainability is<br />
established as corporate target.<br />
1997 2001 2007 2008<br />
2011<br />
Dr. Norbert Reithofer, CEO of <strong>BMW</strong> AG:<br />
„Sustainability throughout the value added chain is inseparable from our<br />
corporate self-image.<br />
That is why we choose to take responsibility. Because of our convictions, but<br />
also our self-interest, now and in the future.“<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 90
CORPORATE SUSTAINABILITY ENCOMPASSES THE<br />
WHOLE VALUE CHAIN.<br />
<strong>BMW</strong><br />
<strong>Group</strong><br />
Objective<br />
Key Issues<br />
Sustainability<br />
management<br />
Basic<br />
principles<br />
Vision<br />
The <strong>BMW</strong> <strong>Group</strong> is the most sustainable company in the automotive industry.<br />
Ecology Economy<br />
Society<br />
Sustainable Mobility<br />
Concepts<br />
Product Responsibility<br />
Efficient Dynamics<br />
Environmental Protection<br />
Clean Production<br />
Environment<br />
Radar<br />
Sustainability-based<br />
Decisions<br />
Shareholder Value<br />
Risk Management<br />
Corporate Governance &<br />
Compliance<br />
Evaluation of the<br />
Value Chain<br />
Responsibility for Employees<br />
Value Orientation in the<br />
Supply Chain<br />
Commitment to Society<br />
We regard sustainability as a lasting and positive contribution towards the economic success of the company. This is the basis<br />
of our ecological and social responsibility.<br />
We consider awareness of social responsibility an inseparable part of our corporate self-conception.<br />
Communication<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 91
THE ENTIRE BOARD OF MANAGEMENT IS<br />
COMMITTED TO SUSTAINABILITY.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 92
MOST IMPORTANT RATINGS / RANKINGS SHOW<br />
THAT <strong>BMW</strong> GROUP IS THE INDUSTRY LEADER IN<br />
SUSTAINABILITY.<br />
- Dow Jones Sustainability Indexes/Dow Jones STOXX Sustainability Indexes: Industry leader since 2005, the only<br />
automotive company continuously listed since 1999.<br />
- FTSE4Good: listed in FTSE4Good Index.<br />
- Carbon Disclosure Project: Industry leader 2011 and 2012, No. 3 across sectors in 2012.<br />
- Oekom: Corporate Responsibility Rating oekom 2012, Status Prime.<br />
- Sustainalytics: 1st place in "DAX 30 Nachhaltigkeitsrating” in 2011.<br />
- ÖKOTREND: certificate for outstanding corporate responsibility (most points in the automotive industry).<br />
- Corporate Knights: <strong>BMW</strong> <strong>Group</strong> ranked Number 16 among the 4,000 companies surveyed with the highest score in the<br />
automotive industry.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 93
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 94
EFFICIENTDYNAMICS – OUR WAY TO REDUCE CO2.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 95
FUTURE CO 2 TARGETS CAN ONLY BE ACHIEVED WITH<br />
THE HELP OF NEW DRIVETRAIN TECHNOLOGIES.<br />
Today Tomorrow<br />
Lower CO 2 emissions Zero emissions<br />
Improved combustion<br />
engines<br />
Aerodynamics<br />
Lightweight construction<br />
Auto Start-Stop function<br />
Brake energy regeneration<br />
Hybrid<br />
Plug-in hybrid<br />
Electro-mobility Fuel cell technology<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 96
TAILOR-MADE ENERGY MANAGEMENT PACKAGES.<br />
Electric<br />
water pump.<br />
Decoupled A/C<br />
compressor.<br />
Controlled fuel pump.<br />
Controlled<br />
oil pump.<br />
Electric steering.<br />
High Precision<br />
Injection.<br />
Common Rail High<br />
Pressure Injection.<br />
Air Curtain.<br />
Aerowheels.<br />
Active aerodynamics<br />
with cooling air flap system.<br />
Gear shift indicator.<br />
Auto Start Stop function.<br />
ECO Mode.<br />
Tires with reduced<br />
rolling resistance.<br />
Break energy regeneration.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 97
EFFICIENTDYNAMICS IN THE NEW <strong>BMW</strong> 3 SERIES.<br />
• High-efficiency petrol and diesel engines<br />
• Eight-speed automatic transmission<br />
• Brake Energy Regeneration<br />
• Disengageable air conditioning compressor<br />
• Needs-based operation of ancillary components<br />
• Air Curtain for improved air flow<br />
around the front wheels<br />
Flow-optimised underbody structure<br />
• ECO PRO mode<br />
• Six-speed manual transmission<br />
• Optimum Shift Indicator<br />
• Auto Start-Stop function<br />
• Intelligent lightweight design<br />
C d = 0.26<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 98
EFFICIENTDYNAMICS IN THE NEW <strong>BMW</strong> 3 SERIES.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 99
<strong>BMW</strong> TWIN POWER TURBO TECHNOLOGY.<br />
GASOLINE<br />
DIESEL<br />
VARIABILITY DIRECT INJECTION TURBOCHARGING<br />
+ +<br />
+ +<br />
+<br />
VALVETRONIC HIGH PRECISION INJECTION SINGLE TURBO<br />
TWIN-SCROLL TURBO<br />
TWIN TURBO<br />
TWIN POWER TURBO<br />
VARIABILITY DIRECT INJECTION TURBOCHARGING<br />
+<br />
VARIABLE<br />
3 SINGLE TURBO<br />
TURBOCHARGER GEOMETRY<br />
TWIN TURBO<br />
TRI TURBO<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 100<br />
RD GENERATION<br />
COMMON RAIL TECHNOLOGY<br />
+
THE <strong>BMW</strong> GROUP 120g FLEET.<br />
In autumn 2012 already 34 <strong>BMW</strong> <strong>Group</strong> models come with a maximum 120 g CO 2/km.<br />
Fuel consumption figures: litres/100 km in EU test cycle, CO 2 figures: g/km. * EfficientDynamics Edition.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 101
50 PER CENT REDUCTION IN CO 2 EMISSIONS 1995-2020.<br />
50 PER CENT REDUCTION IN CO2 EMISSIONS<br />
1995-2020<br />
<strong>BMW</strong> GROUP<br />
FLEET 1995<br />
> 200 CO 2 g/km<br />
<strong>BMW</strong> GROUP<br />
FLEET 2012<br />
138 CO 2 g/km<br />
2020 TARGET<br />
FOR TOTAL<br />
EU FLEET<br />
95 CO 2 g/km*<br />
*Value for the <strong>BMW</strong> <strong>Group</strong> fleet 100-110 CO 2 g/km<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 102
THE NEW <strong>BMW</strong> EFFICIENTDYNAMICS ENGINE FAMILY<br />
- SCALABILITY OF BASIC DESIGN OF ENGINE FAMILY<br />
ALLOWS A BROADER APPLICATION ACROSS VEHICLE<br />
PROJECTS AND TECHNOLOGIES.<br />
New Engine Family<br />
Vehicles Technologies <br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 103
THE NEW <strong>BMW</strong> EFFICIENTDYNAMICS ENGINE FAMILY–<br />
HIGH LEVELS OF COMMONALITY BETWEEN AND<br />
WITHIN DIESEL AND GASOLINE ENGINES.<br />
Cylinders (inline) -3 -4 -6<br />
Gasoline >60 %<br />
Diesel >60 %<br />
30-40 %<br />
Common parts shared within<br />
gasoline or diesel engines<br />
is approx. 60%.<br />
Between the gasoline and<br />
diesel engines there is a<br />
40% sharing.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 104
THE NEW <strong>BMW</strong> EFFICIENTDYNAMICS ENGINE FAMILY –<br />
MODULAR STRATEGY.<br />
Combustion Chamber:<br />
• Optimal size, roundabout 500 ccm<br />
• Central injector<br />
• Minimized friction<br />
Different aspects for Gasoline/Diesel:<br />
• Cylinder head elements<br />
• Combustion process<br />
Approximate range of torque and<br />
power per cylinder:<br />
• Gasoline: 60-100 Nm, 30-50 kW<br />
• Diesel: 75-100 Nm, 20-40 kW<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 105
NEXT STEPS – PREDICTIVE ENERGY MANAGEMENT.<br />
ACC<br />
Navigation<br />
Camera<br />
Light/Rain Sensor<br />
PDC<br />
DSC<br />
DME<br />
Predictive Energy<br />
Management<br />
Merging all<br />
available sensor<br />
information<br />
Prediction of<br />
upcoming<br />
situations<br />
Optimized<br />
vehicle<br />
conditioning<br />
Brake Energy<br />
Regeneration<br />
Heat-<br />
management<br />
Auto Start<br />
Stop Function<br />
Green Routing /<br />
Driver assistence<br />
Aerodynamics<br />
Air conditioning<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 106
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 107
VALUE ORIENTATION.<br />
Automotive:<br />
Return on Capital<br />
Employed<br />
Vehicle projects:<br />
Model return based on<br />
DCF<br />
Motorcycles:<br />
Return on Capital<br />
Employed<br />
Vehicle projects:<br />
Model return based on<br />
DCF<br />
Financial Services:<br />
Return on Equity<br />
Finance & lease<br />
portfolio:<br />
Cash flows<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 108
EFFECTS ON AUTOMOTIVE SEGMENT’S EARNINGS IN<br />
2012.<br />
in euro million<br />
7,477<br />
EBIT 2011<br />
EBIT margin 11.8%<br />
+1,026<br />
Net effects<br />
FX/<br />
Raw material<br />
+106<br />
Other<br />
operating<br />
income &<br />
expenses<br />
+437<br />
Volume/<br />
Mix/Market<br />
+131 -653<br />
Depreciation<br />
EBIT 2012<br />
10.9%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 109<br />
HR<br />
-85<br />
Residual<br />
values<br />
-815<br />
Net effects<br />
Number<br />
ONE<br />
7,624
EBIT MARGIN DEVELOPMENT AUTOMOTIVE SEGMENT.<br />
TARGET PROFITABILITY OF 8 – 10%.<br />
13<br />
12<br />
11<br />
10<br />
9<br />
8<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
-1<br />
-2<br />
in %<br />
9.0 8.8<br />
8.1 7.9 7.8<br />
6.7<br />
6.4 6.4<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 110<br />
1.4<br />
-0.6<br />
8.0<br />
11.8<br />
10.9
DIVIDEND DEVELOPMENT AND PAYOUT RATIO.<br />
TARGET PAYOUT RATIO OF 30 – 40%.<br />
2,000<br />
1,500<br />
1,000<br />
500<br />
0<br />
18.8%<br />
350 351<br />
Total payout (in € million, LHS)<br />
Payout ratio* (RHS)<br />
17.4%<br />
20.1%<br />
392<br />
18.7% 18.7%<br />
419<br />
419<br />
458<br />
15.9%<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 111<br />
694<br />
22.1%<br />
59.7%<br />
93.8%<br />
197 197<br />
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
Dividend per share (in €) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012<br />
Ordinary share 0.52 0.52 0,58 0.62 0.64 0.70 1.06 0.30 0.30 1.30 2.30 2.50<br />
Preferred share 0.54 0.54 0.60 0.64 0.66 0.72 1.08 0.32 0.32 1.32 2.32 2.52<br />
*Payout ratio based on <strong>Group</strong> net income before minority interest.<br />
852<br />
26.3%<br />
1,508<br />
30.7%<br />
1,640<br />
32.0%<br />
100.0%<br />
90.0%<br />
80.0%<br />
70.0%<br />
60.0%<br />
50.0%<br />
40.0%<br />
30.0%<br />
20.0%<br />
10.0%<br />
0.0%
NET INTEREST-BEARING ASSETS AUTOMOTIVE<br />
SEGMENT.<br />
31.12.2011<br />
Euro million<br />
+ 5,829<br />
Cash and cash<br />
equivalents<br />
31.12.2012<br />
Euro million<br />
+ 7,484<br />
Cash and cash<br />
equivalents<br />
+ 1,801<br />
Marketable<br />
securities<br />
+ 2,205<br />
Marketable<br />
securities<br />
+ 4,553<br />
Internal net<br />
financial<br />
Receivables from<br />
Financial Services<br />
Segment<br />
+ 4,784<br />
Internal net financial<br />
Receivables from<br />
Financial Services<br />
Segment<br />
+ 1,851<br />
Internal net financial<br />
Receivables from<br />
Other Entities<br />
Segment<br />
+1,078<br />
Internal net financial<br />
Receivables from<br />
Other Entities<br />
Segment<br />
-1,747<br />
Financial<br />
liabilities<br />
-2,224<br />
Financial<br />
liabilities<br />
12,287<br />
Net interest-<br />
bearing assets<br />
13,327<br />
Net interest-<br />
bearing assets<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 112
OPERATING CASH FLOW AND FREE CASH FLOW<br />
AUTOMOTIVE SEGMENT.<br />
10,000<br />
8,000<br />
6,000<br />
4,000<br />
2,000<br />
0<br />
-2,000<br />
in euro million<br />
6,246<br />
2,147<br />
4,471<br />
197<br />
4,921<br />
1,456<br />
8,150 8,110<br />
2007 2008 2009 2010 2011* 2012<br />
-81<br />
-754<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 113<br />
2,608<br />
4,471<br />
3,166<br />
2,385<br />
9,167<br />
3,809<br />
3,637<br />
Cash inflow from operating activities Free Cash Flow including net investments in securities Free Cash Flow before net investments in securities<br />
* 2011 restated: the reclassification from operating activities to financing activities resulted in an increase in the operating cash flow.
CAPITAL EXPENDITURE.<br />
6,000<br />
5,000<br />
4,000<br />
3,000<br />
2,000<br />
1,000<br />
0<br />
in euro million<br />
3,993<br />
8.6%<br />
1,396<br />
5.2%<br />
8.8%<br />
1,536 1,333 1,224<br />
7.6%<br />
7.9% 6.8%<br />
5.4%<br />
4.8%<br />
5.4%<br />
2,597 2,777 2,934 2,980 2,384 2,312 2,720 4,151<br />
2005 2006 2007 2008 2009 2010 2011 2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 114<br />
1,087<br />
4.6%<br />
951<br />
5.4%<br />
3.7%<br />
Capital expenditure in property, plant, equipment and intangible assets Capitalized development costs<br />
Capital expenditure ratio* Capex into PPE ratio*<br />
* based on <strong>Group</strong> revenues<br />
4,313<br />
4,267<br />
4,204 3,471<br />
3,263<br />
3,692<br />
972<br />
5.4%<br />
3.8%<br />
5,240<br />
1,089<br />
6.8%<br />
5.2%<br />
12%<br />
10%<br />
8%<br />
6%<br />
4%<br />
2%<br />
0%
RESEARCH & DEVELOPMENT COSTS.<br />
8%<br />
7%<br />
6%<br />
5%<br />
4%<br />
3%<br />
2%<br />
1%<br />
44.8%<br />
6.7%<br />
47.9%<br />
6.5%<br />
42.4%<br />
5.6%<br />
5.3% 5.2% 5.2% 5.3%<br />
42.8%<br />
5.4%<br />
5.1% 5.1% 5.2%<br />
4.8%<br />
4.6%<br />
2005 2006 2007 2008 2009 2010 2011 2012<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 115<br />
44.4%<br />
34.3%<br />
28.8%<br />
R&D Costs (IFRS) / <strong>Group</strong> revenues in % R&D Costs (HGB ) / <strong>Group</strong> revenues in % Capitalisation Ratio<br />
in euro million 2005 2006 2007 2008 2009 2010 2011 2012<br />
Research & Development Costs (IFRS) 2,464 2,544 2,920 2,825 2,587 3,082 3,610 3,993<br />
Research & Development Costs (HGB) 3,115 3,208 3,144 2,864 2,448 2,773 3,373 3,952<br />
4.9%<br />
5.2%<br />
27.6%<br />
5.1%<br />
50%<br />
40%<br />
30%<br />
20%<br />
10%<br />
0%
CONTENT.<br />
1 Corporate Strategy<br />
2 Growth Markets<br />
3 Automotive<br />
4 Motorcycles<br />
5 Financial Services<br />
6 Production Network<br />
7 Sustainability<br />
8 EfficientDynamics<br />
9 Financials<br />
10 Funding<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 116
GLOBAL FUNDING OBJECTIVES TO ASSURE <strong>BMW</strong><br />
GROUP’S SOLVENCY.<br />
Financial<br />
Flexibility<br />
Financial<br />
Independence<br />
Value<br />
Orientation<br />
Ensure sustainable access to international financial markets.<br />
Explore and maintain presence and competence in all strategic<br />
important capital markets worldwide.<br />
Ensure independence from individual lenders, banks and financial<br />
Instruments.<br />
Diversification of funding sources, investors and products.<br />
Create value by optimizing financing costs on overall <strong>Group</strong> basis.<br />
Credit spread management for each financial instrument.<br />
Ensure long-term, strategic perspective (instrument mix).<br />
The different objectives are interdependent and of equal importance.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 117
CORPORATE FINANCE CAPABILITIES.<br />
Categories of available instruments over the spectrum of maturities:<br />
CP<br />
ABCP<br />
ISSUING PROGRAMS.<br />
EUR 35bn EMTN-Program<br />
<strong>BMW</strong> AG <strong>BMW</strong> Australia Finance Limited<br />
<strong>BMW</strong> Finance N.V. <strong>BMW</strong> Japan Finance Corp.<br />
<strong>BMW</strong> US Capital, LLC<br />
EUR 5bn ECP-Program EUR 2bn FCP-Program<br />
<strong>BMW</strong> AG<br />
<strong>BMW</strong> Finance N.V.<br />
<strong>BMW</strong> Coordination Center V.O.F.<br />
<strong>BMW</strong> Malta Finance Ltd<br />
<strong>BMW</strong> Finance N.V.<br />
<strong>BMW</strong> US Capital, LLC<br />
USD 7bn USCP-Program<br />
EMTN Program as main mid- to long-term refinancing program with commercial paper programs to cover short-term<br />
liquidity needs. All issuing programs carry an unconditional guarantee from <strong>BMW</strong> AG.<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 119
BROAD INVESTOR BASE.<br />
Offshore US<br />
USD (EMTN) PPs<br />
USA<br />
USD Extendible Notes<br />
USD Commercial Paper<br />
USD US PP<br />
USD ABS<br />
Canada<br />
CAD ABS<br />
CAD (EMTN) PPs<br />
CAD Domestic Bonds<br />
Mexico<br />
MXN (EMTN) PP<br />
Great Britain<br />
GBP Commercial Paper<br />
GBP (EMTN) PPs<br />
GBP Bonds<br />
GBP ABS<br />
Switzerland<br />
CHF (EMTN) PPs<br />
CHF Bonds<br />
South Africa<br />
ZAR ABS<br />
ZAR Domestic Bonds<br />
Euro Capital Markets<br />
EUR Commercial Paper<br />
French Commercial Paper<br />
EUR (EMTN) PPs<br />
EUR Benchmark Bonds<br />
USD Eurodollar<br />
AUD Euroaussie<br />
NOK (EMTN) Bonds<br />
SEK (EMTN) Bonds<br />
EUR ABS<br />
Hong Kong<br />
RMB (EMTN) PP<br />
HKD (EMTN) PP<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 120<br />
Japan<br />
JPY (EMTN) PPs<br />
JPY Euro-Yen<br />
JPY ABS<br />
Australia<br />
AUD (EMTN) PP<br />
AUD ABS<br />
Funding is done worldwide to optimize refinancing costs and to establish a<br />
broad investor base.
DEVELOPMENT OF <strong>BMW</strong> GROUP LIQUIDITY.<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
in euro billion<br />
5.4 4.8 4.9<br />
1.9<br />
3.5<br />
2.1<br />
2.7<br />
1.2<br />
3.7<br />
8.2<br />
0.7<br />
7.5<br />
Cash & cash equivalents Marketable securities & investment funds<br />
10.1<br />
0.8<br />
9.3<br />
11.9<br />
1.1<br />
10.8<br />
9.9 9.4 9.7 9.7<br />
1.5<br />
8.4<br />
1.6<br />
1.7 1.7<br />
7.8 8.0 8.0<br />
8.7 9.0 8.6 9.1<br />
7.1 7.4 7.1 7.5<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 121<br />
1.6<br />
1.6<br />
1.5<br />
1.7<br />
2.4<br />
8.5<br />
2.3<br />
7.8<br />
2.7<br />
9.3<br />
2.7<br />
2.6 2.7<br />
8.1 8.5 8.4<br />
Q1-08 Q2-08 Q3-08 FY-08 Q1-09 Q2-09 Q3-09 FY-09 Q1-10 Q2-10 Q3-10 FY-10 Q1-11 Q2-11 Q3-11 FY-11 Q1-12 Q2-12 Q3-12 FY-12<br />
After significantly increasing liquidity during the economic and financial crisis, the <strong>BMW</strong> <strong>Group</strong> continues to maintain<br />
a solid liquidity position.<br />
10.9<br />
10.1<br />
12.0<br />
10.8 11.0<br />
11.0
DEVELOPMENT OF 5-YEAR CDS.<br />
500<br />
400<br />
300<br />
200<br />
100<br />
bps<br />
0<br />
Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13<br />
Source: Reuters Credit Views as of 08/04/2013<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 122
BOND AND PRIVATE PLACEMENT MATURITIES.<br />
10,000<br />
9,000<br />
8,000<br />
7,000<br />
6,000<br />
5,000<br />
4,000<br />
3,000<br />
2,000<br />
1,000<br />
0<br />
in euro million<br />
Maturities based on nominal values excluding derivatives.<br />
Issuance Maturities<br />
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 123
FINANCIAL DEBT AS OF DECEMBER 31, 2012.<br />
Bonds /<br />
PPs<br />
EUR 67.7 bn*<br />
Structured finance<br />
4%<br />
44%<br />
Bank loans<br />
5% 5%<br />
SSD<br />
Others<br />
1%<br />
14%<br />
13%<br />
ABS<br />
7%<br />
*Adjusted, excluding currency and interest rate derivatives.<br />
7%<br />
Customer<br />
deposits<br />
Brokered CDs<br />
Commercial<br />
Paper<br />
Debt Maturity<br />
≤1 year<br />
44 %<br />
(48%**)<br />
<strong>BMW</strong> <strong>Group</strong> maintained a well-diversified debt structure.<br />
The average maturity of financial liabilities is approximately 2.0 years.<br />
56 %<br />
(52%**)<br />
** comparative figures as of 31 December 2011<br />
> 1 year<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 124
FUNDING ACTIVITY IN 2012 AND 2013.<br />
ABS<br />
Bonds<br />
Private Placements<br />
Schuldschein<br />
South African Public Loan Deal, 30 April 2012, ZAR 1.5bn<br />
German Public Lease Deal, 18 July 2012, EUR 800mn<br />
Australian Loan Conduit, 20 July 2012, AUD 600mn<br />
USD 750mn Public Floorplan, 12 September 2012<br />
UK Loan Conduit, 14 September 2012, GBP 500mn<br />
Japanese Loan Conduit, 28 September 2012, JPY 35bn<br />
USD 1.0bn Public Lease Deal, 24 January 2013<br />
Japanese Loan Conduit, 29 March 2013, JPY 30bn<br />
CAD 450mn dual tranche benchmark bond, settlement 09 February 2012:<br />
CAD 250mn, 3.5 year term (2.64% coupon)<br />
CAD 200mn, 4.5 year term (2.88% coupon)<br />
EUR 750mn benchmark, 4 year term, settlement 30 July 2012 (1.25% coupon)<br />
CAD 500mn dual tranche benchmark bond, settlement 26 November 2012:<br />
CAD250mn, 3.5 year term (2.11% coupon)<br />
CAD250mn, 5 year term (2.39% coupon)<br />
EUR 750mn benchmark, 5.5 year term, settlement 5 December 2012 (1.5% coupon)<br />
EUR 1.75bn dual tranche benchmark bond, settlement 24 January 2013:<br />
EUR 1bn, 3.75 year term (1% coupon)<br />
EUR 750mn, 10 year term (2.375% coupon)<br />
USD 500mn bond, 4 year term, settlement 05 April 2012 (1.375% coupon)<br />
Issuance 2012: EUR 2.5bn<br />
Issuance 2013: EUR 1.1bn<br />
Constant issuance in different currencies (EUR, JPY, AUD, SEK, USD, CHF, HKD, CNY)<br />
A total amount of EUR 728mn was issued in 2012<br />
Issuance 2013: EUR 122mn<br />
Commercial Paper EUR 3.3bn outstanding as of March 31, 2013<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 125
<strong>BMW</strong> GROUP INVESTOR RELATIONS – CONTACTS.<br />
Torsten Schüssler<br />
Head of <strong>Investor</strong> Relations<br />
Phone: +49-89-382-25387<br />
Email: torsten.schuessler@bmw.de<br />
Helge Jorch<br />
Equity & SRI IR<br />
Phone: +49-89-382-24272<br />
Email: helge.jorch@bmw.de<br />
Bernd Daser<br />
Debt & Equity IR<br />
Phone: +49-89-382-31684<br />
Email: bernd.daser@bmw.de<br />
Carina Wollmann<br />
Equity & SRI IR<br />
Phone: +49-89-382-21378<br />
Email: carina.wollmann@bmw.de<br />
<strong>BMW</strong> <strong>Group</strong> <strong>Investor</strong> <strong>Presentation</strong>, April 2013 Page 126