Company Financial Analysis
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BMW-FinancialStatements2022.pdf
F I N A N C I A L Y E A R 2 0 2 2
S T A T E M E N T S O F B M W A G
F I N A N C I A L
2022 2021 Change in %
Revenues € million 98,807 88,526 11.6
Export ratio % 85.4 84.3
Production
Automobiles 1 Units 2,382,338 2,461,269 – 3.2
Motorcycles Units 215,932 187,500 15.2
Deliveries
Automobiles 1 Units 2,385,299 2,437,591 – 2.1
Motorcycles Units 219,322 184,613 18.8
Capital expenditure € million 4,498 3,304 36.1
Depreciation, amortisation and impairment losses € million 2,452 2,846 – 13.8
Workforce at end of year 87,183 83,308 4.7
Tangible, intangible and investment assets € million 27,541 18,511 48.8
Current assets, prepayments and surplus of pension and similar plan assets over liabilities € million 44,702 46,194 – 3.2
Subscribed capital € million 646 2 662 – 2.4
Reserves € million 14,091 14,438 – 2.4
Equity € million 20,218 18,927 6.8
as % of tangible, intangible and investment assets % 73.4 102.2
Balance sheet total € million 72,243 64,705 11.6
Cost of materials € million 73,965 66,246 11.7
Personnel expense € million 10,206 9,980 2.3
Taxes € million 1,613 1,085 48.7
Net profit € million 6,311 4,910 28.5
Dividend € million 5,481 3 3,827 43.2
per share of common stock with a par value of € 1 each € 8.50 3 5.80
per share of preferred stock with a par value of € 1 each € 8.52 3 5.82
1 Including supplies of series parts to BMW Brilliance Automotive Ltd., Shenyang 2 Includes the Company’s subscribed capital and the nominal value of treasury shares held. 3 Proposed by the Board of Management; The distribution is based on the number of shares of common and preferred stock entitled to receive dividends at the balance sheet date
B M W A G I N F I G U R E S
Financial Statements of BMW AG Notes Other Information
BMW AG in figures 2
F I N A N C I A L S TAT E M E N T S
P U B L I C AT I O N The Financial Statements and the Management Report of Bayerische Motoren Werke Aktiengesellschaft (BMW AG) for the financial year 2022 will be submitted electronically to the body that maintains the Company Register, and may be obtained via the Company Register website. The Management Report of BMW AG is combined with the Group Management Report and published in the BMW Group Report 2022.
The Annual Financial Statements and Management Report of BMW AG are also available on the BMW Group’s website at www.bmwgroup.com/ir.
Financial Statements of BMW AG Notes Other Information
Financial Statements 3
B A L A N C E S H E E T AT 3 1 D E C E M B E R
in € million Notes 2022 2021
ASSETS
Intangible assets 1 1,444 704
Property, plant and equipment 2 14,004 12,740
Investments 3 12,093 5,067
Tangible, intangible and investment assets 27,541 18,511
Inventories 4 7,523 7,287
Trade receivables 5 1,161 758
Receivables from subsidiaries 5 24,510 21,019
Other receivables and other assets 5 2,281 4,071
Marketable securities 6 2,904 3,077
Cash and cash equivalents 7 6,207 8,824
Current assets 44,586 45,036
Prepaid expenses 8 116 72
Surplus of pension and similar plan assets over liabilities 9 0 1,086
Total assets 72,243 64,705
Financial Statements of BMW AG Notes Other Information
Balance Sheet at 31 December 4
in € million Notes 2022 2021
EQUITY AND LIABILITIES
Subscribed capital 10 663 662
Nominal value of treasury shares held 10 – 17 0
Capital reserves 10 2,426 2,342
Revenue reserves 11 11,665 12,096
Unappropriated profit available for distribution 24 5,481 3,827
Equity 20,218 18,927
Registered profit-sharing certificates 12 25 26
Pension provisions 2,871 422
Other provisions 11,686 9,995
Provisions 13 14,557 10,417
Liabilities to banks 1 1
Trade payables 6,786 6,531
Liabilities to subsidiaries 25,703 24,462
Other liabilities 902 462
Liabilities 14 33,392 31,456
Deferred Income 15 4,051 3,879
Total equity and liabilities 72,243 64,705
Financial Statements of BMW AG Notes Other Information
Balance Sheet at 31 December 5
I N C O M E S TAT E M E N T
in € million Notes 2022 2021
Revenues 16 98,807 88,526
Cost of sales 17 – 81,653 – 72,283
Gross profit 17,154 16,243
Selling expenses – 4,058 – 3,858
Administrative expenses – 3,624 – 3,243
Research and development expenses – 6,782 – 6,451
Other operating income 18 2,529 2,199
Other operating expense 19 – 2,889 – 1,460
Result on investments 20 8,520 2,991
Financial result 21 – 2,926 – 426
Income taxes 22 – 1,594 – 1,068
Profit after income tax 6,330 4,927
Other taxes – 19 – 17
Net profit 6,311 4,910
Transfer to revenue reserves 23 – 830 – 1,083
Unappropriated profit available for distribution 24 5,481 3,827
Financial Statements of BMW AG Notes Other Information
Income Statement 6
N O T E S
Financial Statements of BMW AG Notes Other Information7
B A S I S O F P R E P A R AT I O N The financial statements of Bayerische Motoren Werke Aktien gesellschaft (BMW AG) have been drawn up in accordance with the accounting provisions contained in the German Commercial Code (HGB) and legislation applicable to stock corporations. Figures are presented in millions of euro (euro million) unless otherwise stated. BMW AG, which has its legal seat in Munich, is registered in the Commercial Register of the District Court of Munich under the number HRB 42243.
Key figures presented in the report have been rounded in accord ance with standard commercial practise. In certain cases, this may mean that values do not add up exactly to the stated total and that percentages cannot be derived from the values shown.
The income statement is presented using the cost of sales method. The financial year is the same as the calendar year.
N O T E S
Financial Statements of BMW AG Notes Other Information
Basis of preparation 8
Inventories of raw materials, supplies and goods for resale are stated at the lower of cost and net realisable value (based on procurement market prices). Direct material and production costs and an appropriate proportion of material and production over heads (including productionrelated depreciation) are taken into account in the measurement of unfinished and finished goods. Productionrelated administrative costs, voluntary social costs and company pension costs are not included. Writedowns are made to cover risks arising from slowmoving items or reduced saleability. Inventories include advance payments made for raw materials and supplies as well as goods for resale. Advance pay ments are reported at their nominal amount.
Receivables and other assets are stated at the lower of their nominal value or net realisable value. Receivables whose collect ability is associated with identifiable risks are written down appropriately; uncollectible receivables are written off.
Investments in current marketable securities are measured at cost or, if lower, at their fair value at the end of the reporting period. Fair value corresponds to the market price.
Cash and cash equivalents are stated at their nominal value.
Prepaid expenses relate to amounts disbursed before the balance sheet date, which represent expense for a specific period after the end of the reporting period.
Subscribed capital is stated at its nominal amount.
In order to meet obligations relating to pension plans, certain assets are managed on a trustee basis by BMW Trust e. V, Munich, in conjunction with Contractual Trust Arrangements (CTA). These assets are measured at their fair value, based on the market values of the corresponding fund management companies at the end of the reporting period. Designated plan assets are offset against the related obligations. A provision is recognised when obligations exceed assets. When assets exceed obligations, the
The following table shows the ranges of useful lives applied as well as detailed useful lives for significant selected categories, all of which are subject to regular review.
in years
Factory and office buildings, residential buildings, fixed installations in buildings and outside facilities 8 to 40
Roads, parking areas, footpaths, other outdoor surfaces 14
Factory buildings (solid construction) 33
Office buildings (solid construction) 40
Plant and machinery 3 to 30
Special-purpose machines and transfer lines for series production 7
Assembly machines / equipment 10
Conveyor systems 12
Other equipment, factory and office equipment 2 to 25
Office machines and equipment 3 to 5
Vehicles for internal transport (excluding rail vehicles) 7
Workshop equipment and facilities 8
For plant and machinery used in multipleshift operations, depreciation rates are increased to account for the additional utilisation.
Investments in subsidiaries and participations are stated at cost or, if lower, at their fair value. If the reasons for impairment no longer exist, impairment losses previously recorded are reversed, at a maximum up to the level of original cost. Loans which bear no or a belowmarket rate of interest are discounted to their present value.
The composition of and changes in longlived assets are shown in the Analysis of Changes in Tangible, Intangible and Investment Assets.
A C C O U N T I N G P O L I C I E S In order to improve clarity, individual items are aggregated in the balance sheet and income statement and presented separately in the notes to the financial statements.
Purchased intangible assets are valued at acquisition cost. Intangible assets with finite useful lives are amortised on a straightline basis over their useful lives of between three and 20 years. Impairment losses are recognised where necessary. Internally generated intangible assets are not capitalised.
Advance payments are stated at their nominal amount.
Property, plant and equipment are stated at acquisition or at manufacturing cost, less accumulated scheduled depreciation and impairment losses. Manufacturing cost includes direct material and production costs and an appropriate proportion of material and production overheads (including productionrelated depreciation). Productionrelated administrative costs, voluntary social costs and company pension costs are not included.
Property, plant and equipment are generally depreciated straight line. The reducing balance method is still also applied in specific cases. Items acquired during the year are depreciated on a timeapportioned basis. Impairment losses are recorded when the decline in value of an asset is considered to be of a lasting nature. If the reasons for impairment no longer exist, impairment losses previously recorded are reversed, at a maximum up to their amortised acquisition and manufacturing cost. For simpli fication purposes, assets with an acquisition or manufacturing cost of up to € 250 are recognised directly as an expense in the year of purchase/construction. In general, also for simplification purposes, assets with an acquisition or manufacturing cost of more than € 250 and up to € 1,000 that can be used separately are aggregated by year and depreciated on a straightline basis over five years. Assets under construction are stated at their nominal amount.
Financial Statements of BMW AG Notes Other Information
Accounting policies 9
Foreign currency receivables and payables are translated using the midspot exchange rate applicable at transaction date. Gains arising on the translation of periodend items are only recognised for receivables and payables with a remaining term of one year or less. Unrealised losses resulting from changes in exchange rates are recognised by restating the foreign currency amount in the balance sheet to the closing rate.
BMW AG uses derivative financial instruments to hedge interest rate, currency and commodity price risks arising in conjunction with operating activities as well as the resulting financing require ments. Where there is a direct hedging relationship, the derivative financial instruments are aggregated together with recognised assets or liabilities and/or with forecast transactions into valuation units. Items denominated in foreign currency are accounted for using the net hedge presentation method (Einfrierungsmethode), translated using the relevant hedging rate.
BMW AG invoices affiliated sales companies that are based out side the eurozone in the relevant local currency. The resulting currency exposures are hedged by derivative currency instru ments, and accounted for as portfolio hedges within valuation units. The hedged items relate to highly probable forecast trans actions that will be subsequently invoiced in a foreign currency. The high probability of occurrence of these transactions is based on past experience and production planning. BMW AG has elected to apply the net hedge presentation method for these hedging relationships.
Micro hedges are designated for currency derivatives used to hedge backtoback derivative financial instruments with subsid iaries as well as for interest rate derivatives used to hedge financial receivables and liabilities. BMW AG has elected to apply the net hedge presentation method for these hedging relationships.
customers. In order to determine the level of the provision, various factors are taken into consideration, including current estimations based on past experience with the nature and amount of claims relating to vehicles delivered. In addition, the future level of poten tial repair costs (comprising materials and labour) as well as price increases per product are taken into account. In addition, the provision for warranty obligations and product guarantees also takes into account warrantyrelated events such as vehicle recalls with effect from the date on which the associated resolution is passed. Provisions for statutory and nonstatutory warranty obligations as well as product guarantees are adjusted regularly to take account of new circumstances and the impact thereof recognised in the income statement. Expected reimbursement claims are estimated and offset against provisions for statutory and nonstatutory warranty obligations and product guarantees.
Provisions for preretirement parttime working arrangements are measured at their expected settlement amount, discounted using the average market interest rate – calculated and published by the Deutsche Bundesbank – which corresponds to the remain ing term of the obligations.
BMW AG assumes some of the residual value obligations arising at the level of BMW Group Financial Services entities in connection with the remarketing of vehicles and recognises provisions accord ingly. For the purpose of measuring the provisions, contractually agreed residual values are compared with expected residual values on a contractbycontract basis. The computation of expected residual values also takes account of publicly available assessments of independent forecasting institutes as well as inhouse forecasts.
Liabilities are stated at their expected settlement amount at the balance sheet date.
The option of offsetting receivables from and payables to sub sidiaries and companies in which an investment is held is not exercised.
surplus is reported in the balance sheet in the line item “Surplus of pension and similar plan assets over liabilities”.
Pension obligations are measured in accordance with the pro jected unit credit method and discounted using an average market interest rate for the past ten years, which corresponds to their remaining term. The calculation is based on independent actu arial valuations which take into account the relevant biometric factors. The difference in the carrying amount of the provision based on using the average market interest rate for the past ten financial years and that for the past seven financial years is disclosed in the notes to the financial statements. The provisions for longservice awards and for preretirement parttime work arrangements are also measured using the projected unit credit method. Income arising on assets offset against liabilities, from the unwinding of discounting and from the effect of changes in the discount rate are presented as part of the financial result. Changes in the fair value of designated plan assets held to meet securitieslinked obligations are also reported as part of the financial result. All other components of pension expense are included in the income statement under costs by function.
Tax provisions are calculated in accordance with the principle of reasonable management judgement.
Other provisions are recognised to take account of all identified risks. Provisions are measured at their expected settlement amount. In the case of noncurrent provisions, amounts are discounted using the average market interest rate – calculated and published by the Deutsche Bundesbank – which corresponds to the remaining term of the provision.
The measurement of provisions for warranty obligations and prod uct guarantees (statutory, contractual and voluntary) involves estimations. These provisions are recognised as a general rule when the risks and rewards of ownership of the goods are trans ferred to the BMW Group’s sales companies, dealerships or retail
Financial Statements of BMW AG Notes Other Information
Accounting policies 10
Deferred taxes are calculated for temporary differences between the tax base and accounting carrying amounts of assets, liabilities and deferred/prepaid items. Deferred tax assets and liabilities are measured using a combined income tax rate of 30.9 % relevant for the BMW AG tax group. This combined rate covers corporation tax, municipal trade tax and solidarity surcharge. In the case of temporary differences arising on assets, liabilities and deferred/ prepaid items of partnership entities, in which BMW AG partici pates in the capacity of a shareholder, deferred taxes are meas ured on the basis of an income tax rate of 15.83 % which covers corporation tax and solidarity surcharge. In the year under report, the BMW AG tax group has a surplus of deferred tax assets over deferred tax liabilities, mainly as a result of temporary differences between the tax base and accounting carrying amounts of pro visions for pensions and similar obligations (before offset against designated plan assets), other provisions and property, plant and equipment. BMW AG, as head of the German tax group, has elected not to recognise the surplus amount of deferred tax assets.
The sharebased remuneration programmes for Board of Man agement members and senior heads of department entitle BMW AG to elect whether to settle its commitments in cash or with shares of BMW AG common stock. Based on the decision to settle in cash, the two sharebased programmes are accounted for as cashsettled sharebased transactions. Sharebased pro grammes expected to be settled in cash are revalued to their fair value at each balance sheet date between the grant date and the settlement date and on the settlement date itself. The expense for such programmes is recognised in the income statement (as personnel expense) over the vesting period of the options and in the balance sheet as a provision. Further information regarding the two sharebased programmes is provided in ↗ note 43 to the BMW Group Financial Statements 2022.
BMW AG negotiates contracts for the purchase of raw materials across the Group. The raw materials price risk resulting from the purchase of raw materials for production companies is borne either directly or indirectly by BMW AG. BMW AG enters into com modity derivatives to hedge these risks. These derivatives are accounted for as portfolio hedges within valuation units. The hedged items relate to highly probable forecast transactions. The high probability of occurrence of these transactions is based on past experience and production planning. BMW AG has elected to apply the net hedge presentation method for these hedging relationships.
Since the principal features of the transactions included in a valuation unit are matched to a large extent, changes in fair values or cash flows generally offset each other. Hedging is in place for the whole term of the hedged item. Effectiveness is ensured as a general rule by the use of a critical term match. The effectiveness of the valuation units relating to foreigncurrency denominated revenues billed to sales subsidiaries is measured on the basis of regression analysis. The DollarOffset method is used to calculate the absolute amounts attributable to non validity and ineffectiveness. Realised gains and losses arising on valuation units created for backtoback derivative financial instruments entered into with subsidiaries and banks are pre sented in other operating income/expenses on a net basis.
If there is no hedging relationship, or if the hedging relationship is deemed to be insufficient, pending losses are recognised with income statement effect.
Deferred income relates to amounts received before the balance sheet date, which represent income for a specific period after the end of the reporting period. This also includes revenues billed for services which are rendered after the end of the reporting period. Revenues from sales with multiple components are analysed into the various performance components on the basis of fair values which can be determined objectively and reliably.
Financial Statements of BMW AG Notes Other Information
Accounting policies 11
A N A LY S I S O F C H A N G E S I N TA N G I B L E , I N TA N G I B L E A N D I N V E S T M E N T A S S E T S
Acquisition or manufacturing costs Depreciation, amortisation and impairment losses Carrying amount
in € million 1.1.2022 Additions Reclassi- fications Disposals 31.12.2022 1.1.2022 Current year Disposals 31.12.2022 31.12.2022 31.12.2021
Intangible assets 1,138 1,014 – 84 2,068 434 275 84 625 1,444 704
Land, titles to land, buildings, including buildings on third party land 7,668 134 28 6 7,824 3,524 208 5 3,727 4,097 4,144
Plant and machinery 28,921 1,913 408 3,640 27,602 22,002 1,814 3,617 20,199 7,403 6,919
Other facilities, factory and office equipment 1,729 178 95 187 1,815 1,273 155 168 1,260 555 456
Advance payments made and construction in progress 1,221 1,259 – 531 – 1,949 – – – – 1,949 1,221
Property, plant and equipment 39,539 3,484 – 3,833 39,190 26,799 2,177 3,790 25,186 14,004 12,740
Investments in subsidiaries 4,883 7,044 – – 11,927 1 – – 1 11,926 4,882
Participations 625 – – – 625 448 17 – 465 160 177
Other non-current loans receivable 8 2 – 3 7 – – – – 7 8
Investments 5,516 7,046 – 3 12,559 449 17 – 466 12,093 5,067
Tangible, intangible and investment assets 46,193 11,544 – 3,920 53,817 27,682 2,469 3,874 26,277 27,541 18,511
Financial Statements of BMW AG Notes Other Information
Analysis of Changes in Tangible, Intangible and Investment Assets 12
05. Receivables and other assets
in € million 2022 2021
Trade receivables 1,161 758
Receivables from subsidiaries 24,510 21,019
thereof due later than one year 21 21
Other receivables and other assets 2,281 4,071
Receivables from other companiex in which an investment is held 12 1,953
Other assets 2,269 2,118
thereof due later than one year 22 22
Receivables and other assets 27,952 25,848
Receivables from subsidiaries comprise financial receivables amounting to € 12,821 million (2021: € 12,961 million) and trade receivables amounting to € 11,689 million (2021: € 8,058 million).
Other assets include primarily tax receivables and advance pay ments on orders. Unless stated otherwise, receivables and other assets are due within one year.
03. Investments Additions to investments related mainly to a noncash contribution to capital reserves of BMW INTEC Beteiligungs GmbH, Munich, amounting to € 7,044 million.
BMW AG holds an investment in SGL Carbon SE, Wiesbaden. In the financial year under report, impairment losses amounting to € 17 million were recorded (2021: reversal of impairment losses of € 91 million).
04. Inventories
in € million 2022 2021
Raw materials and supplies 2,086 1,584
Work in progress, unbilled contracts 770 862
Finished goods and goods for resale 4,461 4,526
Prepayments 206 315
Inventories 7,523 7,287
N O T E S T O T H E B A L A N C E S H E E T 01. Intangible assets Intangible assets comprise mainly purchased software, fran chises and licenses. Scheduled amortisation in the year under report totalled € 275 million (2021: € 160 million). Advance pay ments for intangible assets amounted to € 187 million (2021: € 111 million).
02. Property, plant and equipment Additions to property, plant and equipment relate primarily to infrastructure improvements and productrelated investments in plant and machinery. Scheduled depreciation in the year under report totalled € 2,177 million (2021: € 2,686 million). The annual review of useful lives resulted in an extension of the estimated useful lives for certain groups of property, plant and equipment in the year under report. The analysis of previously applied useful lives led to new findings regarding likely periods of use going forward.
Moreover, a large volume of fully depreciated tools was derec ognised, as a result of which disposals of historical cost and accumulated depreciation – as reported in the analysis of changes in longlived assets – increased year on year.
Financial Statements of BMW AG Notes Other Information
Notes to the balance sheet 13
09. Surplus of pension and similar plan assets over liabilities
Assets held to secure obligations relating to pensions are offset against the related liabilities. The assets concerned comprise mainly holdings in investment fund assets. A surplus of desig nated plan assets over liabilities did not arise at the end of the reporting period (2021: € 1,086 million).
10. Subscribed capital and capital reserves
in € million 2022 2021
Subscribed capital 663 662
Nominal value of treasury shares held – 17 –
Capital reserves 2,426 2,342
At the Annual General Meeting of BMW AG on 11 May 2022, the shareholders authorised the Board of Management to acquire treasury shares via the stock exchange, up to a maximum of 10 % of the share capital in place at the date of the resolution and to withdraw those shares from circulation without any further resolution by the Annual General Meeting. The buyback author isation remains valid until 10 May 2027.
In conjunction with this authorisation, the Board of Management of BMW AG resolved on 30 June 2022 to set up a programme to buy back shares via the stock exchange. Under this programme, BMW AG will acquire shares of common and preferred stock amounting to a maximum of € 1.85 billion and € 0.15 billion respectively. The share buyback programme was launched in July 2022 and is scheduled to be completed by 31 December 2023 at the latest. The extent to which BMW AG will acquire more than this level as part of the currently valid authorisation has not yet been decided.
The shares will be acquired with the purpose of withdrawing them from circulation and reducing share capital or for use in conjunction with the Employee Share Programme.
07. Cash and cash equivalents Cash and cash equivalents comprise cash at bank, of which € 2 million (2021: € 1 million) relates to amounts held by subsid iaries, and cash on hand.
08. Prepaid expenses Prepaid expenses include amounts paid in advance for services to be performed in future periods.
06. Marketable securities Marketable securities relate primarily to one special investment fund and to money market funds.
BMW AG holds all of the shares of the special investment fund. The fund is not subject to any restrictions in terms of the daily redemption amount. The acquisition cost for the shares in the special investment fund amounted to € 2,903 million (2021: € 3,077 million). The result for the financial year 2022 includes gains arising on the sale of marketable securities amounting to € 19 million (2021: € 0 million).
The following table shows the acquisition cost and fair value of investments held by the special investment fund at the end of the reporting period:
Acquisition cost Fair value
in € million 2022 2021 2022 2021
Fixed-income securities 2.647 2.885 2.510 2.865
Investment certificates 305 426 299 442
Shares 231 185 222 218
Cash and cash equivalents 42 8 42 8
Other marketable securities 10 25 10 25
Receivables and payables 16 5 16 5
Derivative instruments – – 39 –
Special investment fund 3.251 3.534 3.138 3.563
Financial Statements of BMW AG Notes Other Information
Notes to the balance sheet 14
13. Provisions
in € million 2022 2021
Pension provisions 2,871 422
Other provisions 11,686 9,995
Tax provisions 610 458
Sundry other provisions 11,076 9,537
thereof provisions for statutory and non-statutory warranty obligations and product guarantees 3,998 2,876
Provisions 14,557 10,417
BMW AG provides pension benefits to its employees in various forms. BMW AG’s pension obligations include defined benefit obligations, for which benefits are determined either by multiplying a fixed amount by the number of years of service or on the basis of an employee’s final salary. The defined benefit plans were closed to new entrants in 2014.
An additional pension plan is also in place – covered by trust assets – which pays defined benefit amounts that are predom inantly dependent on the contributions made by the Company, the investment income earned and a guaranteed minimum rate of interest.
BMW AG also offers employees the option of participating in a voluntary deferred remuneration retirement plan.
11. Revenue reserves
in € million 2022 2021
Statutory reserves 1 1
Other revenue reserves 11,664 12,095
Balance brought forward 12,095 11,012
Buyback of treasury shares – 1.261 –
Transfer from net profit 830 1,083
Revenue reserves 11,665 12,096
The amount of revenue reserves not available for distribution at 31 December 2022 was € 1,610 million (2021: € 4,235 million). This figure arises in conjunction with fair value gains amounting to € 929 million (2021 € 3,279 million) on assets held to service obligations for pensions and the difference of € 681 million (2021: € 956 million) in the carrying amount of the pension provision based on using the relevant average market interest rate for the past ten rather than seven financial years.
12. Registered profit-sharing certificates Employees are entitled to subscribe to shares of preferred stock as part of a wealth accumulation programme. These arrange ments replaced the programme in place up to 1989, under which employees were entitled to subscribe to registered profitsharing certificates, with the level of the profit share based on the level of the dividend. A total of 511,343 registered profitsharing certificates remained in place at 31 December 2022 (2021: 529,714 registered profitsharing certificates).
Up to 31 December 2022, a total of 15,312,007 treasury shares of common stock had been bought back via the stock exchange at an average price per share of € 76.55 and a total acquisition cost of € 1,172 million, corresponding to 2.31 % of share capital. The shares are held at the end of the reporting period by BMW AG.
Up to 31 December 2022, a total of 1,448,950 treasury shares of preferred stock had been bought back via the stock exchange at an average price per share of € 72.82 and a total acquisition cost of € 106 million, corresponding to 0.22 % of share capital. The shares are held at the end of the reporting period by BMW AG.
A chronological overview of the shares of common and preferred stock bought back in 2022 is provided in ↗ Appendix 2 to the notes to the financial statements.
BMW AG’s issued share capital of € 663 million comprises 601,995,196 shares of common stock, each with a par value of € 1, and 60,844,279 shares of nonvoting preferred stock, each with a par value of € 1. All of the Company’s stock is issued to bearer. Preferred stock bears an additional dividend of € 0.02 per share.
In 2022, a total of 1,439,975 shares of preferred stock was sold to employees at a reduced price of € 59.06 per share in conjunction with the Employee Share Programme. These shares are entitled to receive dividends for the first time with effect from the financial year 2023. Issued share capital increased by € 1.4 million as a result of the issue to employees of 1,439,975 new shares of nonvoting preferred stock. The Authorised Capital of BMW AG at the end of the reporting period therefore amounted to nominal € 0.3 million (corresponding to 0.3 million shares of nonvoting preferred stock). The Company is authorised to issue shares of nonvoting preferred stock amounting to nominal € 5.0 million prior to 15 May 2024. The share premium of € 83.6 million arising on the share capital increase in 2022 was transferred to capital reserves.
Financial Statements of BMW AG Notes Other Information
Notes to the balance sheet 15
in € million 2022 2021
Fair value of assets held to cover pension obligations 11,387 13,961
Present value of defined benefit obligations 14,258 13,297
Surplus of pension and similar plan assets over liabilities – 1,086
Pension provisions 2,871 422
If the fair value of the designated plan assets exceeds the pension obligations, the surplus amount is reported in the line item “Sur plus of pension and similar plan assets over liabilities” (↗ note 9). Acquisition cost of the designated plan assets for pension obli gations amounted to € 10,290 million (2021: € 10,136 million).
Tax provisions comprise mainly expected income tax payments relating to the financial year 2022 and previous years as well as payments for ancillary taxrelated expenses.
Other provisions comprise mainly obligations for statutory and nonstatutory warranty obligations and product guarantees, personnelrelated expenses, selling activities, litigation and liability risks. Warranty provisions include amounts recognised in connection with the exhaust gas recirculation cooler.
As in the previous year, the measurement of obligations for pen sion plans and preretirement parttime working arrangements is based on the assumptions set out in the biometric tables of Prof. Dr. Klaus Heubeck (2018 G) with invalidity rates reduced by 70 %. In addition, the following assumptions are applied:
in % 2022 2021
Discount factor for pension plans 1.78 1.87
Discount factor for pre-retirement part-time working arrangements 0.47 0.32
Future salary increases 3.87 2.81
Future pension increases 2.53 2.10
The discount rate used to discount pension obligations corre sponds to the average market interest rate for the past ten finan cial years for an assumed maturity term of 15 years, as calculated and published by the Deutsche Bundesbank. The difference in the carrying amount of the pension provision as a result of using an average market interest rate for ten rather than seven years is disclosed in the note on revenue reserves (↗ note 11).
Unchanged from the previous year, a career trend component that is plandependent and lies within a range of 0.25 to 0.50 % is also taken into account in the measurement of pension obligations. The provision for pensions amounting to € 2,871 million (2021: € 422 million) can be summarised as follows:
Financial Statements of BMW AG Notes Other Information
Notes to the balance sheet 16
14. Payables
2022 2021
Total thereof with a remaining term of Total thereof with a remaining term of
in € million up to one year 1 to 5 years more than
5 years up to one year 1 to 5 years more than
5 years
Liabilities to banks 1 1 – – 1 1 – –
Trade payables 6,786 6,746 40 – 6,531 6,531 – –
Liabilities to subsidiaries 25,703 25,703 – – 24,462 24,462 – –
Other liabilities 902 860 39 3 462 449 10 3
Advance payments received on orders 288 288 – – 38 38 – –
Payables to entities in which a participation is held 77 77 – – 200 200 – –
Liabilities to BMW Unterstützungsverein e. V. 3 – – 3 3 – – 3
Sundry other liabilities 534 495 39 – 221 211 10 –
thereof for social security 40 40 – – 39 39 – –
thereof for taxes 10 10 – – 1 1 – –
Liabilities 33,392 33,310 79 3 31,456 31,443 10 3
Payables to subsidiaries comprise financial liabilities amounting to € 20,019 million (2021: € 20,125) and trade payables amounting to € 5,684 million (2021: € 4,337 million).
15. Deferred income Deferred income includes revenue received for services to be performed in future accounting periods, including € 3,831 million (2021: € 3,582 million) deferred for work still to be performed in conjunction with service and maintenance contracts.
Financial Statements of BMW AG Notes Other Information
Notes to the balance sheet 17
20. Result on investments
in € million 2022 2021
Income from profit and loss transfer agreements 8,415 2,991
Income from investments 105 –
thereof from subsidiaries 105 –
Expense of assuming losses under profit and loss transfer agreements – –
Result on investments 8,520 2,991
Income from profit and loss transfer agreements related mainly to BMW INTEC Beteiligungs GmbH, Munich, amounting to € 7,834 million (2021: € 2,484 million), BMW Bank, Munich, amounting to € 355 million (2021: € 251 million) and BMW M GmbH Gesellschaft für individuelle Automobile, Munich, amounting to € 206 million (2021: € 186 million).
17. Cost of sales Cost of sales comprises mainly production costs of materials, boughtin goods and services, personnel expenses, depreciation and amortisation of assets, productionrelated rent and leasing expenses as well as expenses for statutory and nonstatutory warranties and product guarantees.
18. Other operating income Other operating income totalling € 2,529 million (2021: € 2,199 mil lion) includes mainly realised exchange gains and income from the reversal of provisions.
Other operating income relating to prior periods amounted to € 850 million (2021: € 1,489 million) and resulted mainly from the reversal of provisions.
Gains resulting from the measurement of foreign currency items using closing exchange rates totalled € 326 million (2021: € 71 million).
19. Other operating expenses Other operating expenses amounted to € 2,889 million (2021: € 1,460 million) and included in particular allocations to provisions for litigation and liability risks as well as realised exchange rate losses.
Other operating expenses relating to prior periods amounted to € 31 million (2021: € 30 million). Losses resulting from the measurement of foreign currency items using closing exchange rates totalled € 393 million (2021: € 45 million).
N O T E S T O T H E I N C O M E S TAT E M E N T 16. Revenues
in € million 2022 2021
Automobiles 82,984 74,234
Motorcycles 2,315 1,881
Other revenues 13,508 12,411
Revenues 98,807 88,526
in € million 2022 2021
Germany 14,393 13,918
China 17,562 19,559
USA 23,019 17,814
Rest of Europe 27,382 23,511
Rest of Asia 10,081 8,330
Rest of the Americas 3,490 2,894
Other regions 2,880 2,500
Revenues 98,807 88,526
The line item Rest of the Americas comprises the markets in North America, Central America and South America, but exclud ing the USA. The markets in Africa, Australia and Oceania are aggregated in the line item Other regions.
Financial Statements of BMW AG Notes Other Information
Notes to the Income Statement 18
22. Income tax The expense for income taxes relates primarily to current tax for the financial year 2022. It also includes prior year tax income amounting to € 266 million (2021: € 70 million) relating in par ticular to transfer pricing risks and ancillary taxrelated expenses.
23. Transfer to revenue reserves An amount of € 830 million (2021: € 1,083 million) was transferred from net profit for the year to other revenue reserves.
24. Unappropriated profit The Board of Management and the Supervisory Board propose that the unappropriated profit of BMW AG for the financial year 2022 amounting to € 5,481 million be utilised to pay a dividend of € 8.52 for each share of preferred stock entitled to receive a dividend, and a dividend of € 8.50 for each share of common stock entitled to receive a dividend, and that the remaining amount be transferred to other revenue reserves. Based on the number of shares at 31 December 2022 entitled to receive a div idend, the proposed dividend represents a total payout of € 5.5 billion.
The proposal for the appropriation of profit takes into account the 16,760,957 treasury shares held directly or indirectly by the Company at 31 December 2022, and which – in accordance with Section 71b of the German Stock Corporation Act (AktG) – are not entitled to receive a dividend.
The number of shares entitled to receive a dividend may change prior to the Annual General Meeting. In this case, based on an unchanged distribution per share of common and preferred stock entitled to receive a dividend, a correspondingly amended resolution concerning the appropriation of profit will be submitted to the Annual General Meeting.
21. Financial result
in € million 2022 2021
Other interest and similar income 164 91
thereof from subsidiaries 132 77
Reversals of impairment losses on non-current financial assets and current marketable securities – 91
Impairment losses on non-current financial asstes – 17 –
Interest and similar expenses – 3,073 – 608
thereof to subsidiaries – 232 – 75
thereof financial expense from unwinding the discounting of pension and long-term personnel- related provisions – 2,704 – 359
thereof expense from unwinding the discounting of liabilities and other provisions – 5 – 50
Financial result – 2,926 – 426
Financing expense for pension and longterm personnel ex penserelated provisions results from netting the following items:
in € million 2022 2021
Income from fund assets offset against liabilities – 2,292 603
Expense from unwinding discounted pension and long-term personnel expense-related provisions and effect of changes in the discount factor – 412 – 962
Financial income / expense from pension and long-term personnel- related provisions – 2,704 – 359
Financial Statements of BMW AG Notes Other Information
Notes to the Income Statement 19
28. Contingent liabilities
in € million 2022 2021
Guarantees for bonds under the AMTN / EMTN programme 24,440 31,078
thereof in favour of subsidiaries 24,440 31,078
Guarantees for commercial paper 1,714 1,374
thereof in favour of subsidiaries 1,714 1,374
Guarantees for other debt capital transactions 22,309 23,949
thereof in favour of subsidiaries 22,309 23,949
Other 13,662 8,857
of which to subsidiaries 13,614 8,804
Contingent liabilities 62,125 65,258
BMW AG is liable for the full extent and amount of customer deposits taken in by the subsidiary, BMW Bank GmbH, Munich, instead of the Deposit Protection Fund of the Association of German Banks (Einlagensicherungsfonds des Bundesverbands deutscher Banken e.V.), of which BMW Bank GmbH, Munich, is a member. The maximum liability per customer is capped at 15 % of the equity capital of BMW Bank GmbH, Munich.
The above table does not include any amount relating to the declaration issued on behalf of BMW Bank GmbH, Munich, since it is not possible to determine a reliable value.
Based on the information available to BMW AG at the date of the preparation of the financial statements regarding the financial condition of the principal debtors, BMW AG considers that the obligations underlying the contingent liabilities shown above can be fulfilled by the relevant principal debtors. In the case of so called double contingent liabilities, the potential risk of BMW AG being called upon is included only once within contingent liabilities.
Average workforce during the year 2022 2021
Head office and Munich plant 37,609 36,717
Dingolfing plant 17,931 17,005
Regensburg plant 7,756 7,944
Leipzig plant 5,141 4,898
Landshut plant 3,515 3,482
Berlin plant 1 3,213 3,108
Branches 4,906 4,990
80,071 78,144
Apprentices and students gaining work experience 5,406 5,510
85,477 83,654
1 Including the workforce of the BMW Group Motorcycles segment at the Munich location.
27. Fee expense of the external auditor Services provided during the financial year 2022 by the Group auditor PricewaterhouseCoopers GmbH Wirtschaftsprüfungs gesellschaft, Frankfurt am Main, Munich branch, on behalf of BMW AG and subsidiaries under its control relate to the audit of financial statements and other attestation services.
The audit of financial statements comprises mainly the audit of the Company and Group Financial Statements of BMW AG and the separate financial statements and subsidiaries under its control, and all work related thereto, including the review of the Interim Group Financial Statements.
Other attestation services include mainly projectrelated audits, comfort letters and statutorily prescribed, contractually agreed or voluntarily commissioned attestation work.
The fee expense of the external auditor is not reported here due to the exempting group clause pursuant to § 285 No. 17 HGB.
O T H E R D I S C L O S U R E S 25. Cost of materials
in € million 2022 2021
Cost of raw materials and goods for resale 70,273 62,885
Cost of purchased services 3,692 3,361
Cost of materials 73,965 66,246
26. Personnel expense
in € million 2022 2021
Wages and salaries 7,971 7,819
Social security, pension and welfare costs 2,235 2,161
thereof pension expenses 1,131 1,046
Personnel expense 10,206 9,980
Social security contribution reimbursements received are accounted for in the period to which they relate, with amounts offset directly against the corresponding personnel expenses.
The increase in pension expenses was particularly influenced by the expected pension trend.
Personnel expense does not include financial expenses relating to pension and longterm personnel provisions amounting to € 2,704 million (2021: € 359 million), as disclosed in ↗ note 21.
Financial Statements of BMW AG Notes Other Information
Other disclosures 20
Buyback commitments amounting to € 3,494 million (2021: € 3,741 million) relate entirely to commitments given by BMW AG to financial services subsidiaries in conjunction with vehicle sales and vehicle leasing. Of this amount, € 2,051 million (2021: € 1,977 million) falls due within one year.
30. Related party transactions Transactions with related parties are all conducted at market conditions.
31. Derivative financial instruments
Nominal volume Fair values
in € million 2022 2021 2022 2021
Currency-related contracts
Forward currency contracts 30,319 44,979 – 158 – 635
thereof positive fair values – – 411 455
thereof negative fair values – – – 569 – 1,090
Interest rate-related instruments
Interest swaps 10 10 – –
thereof positive fair values – – – –
thereof negative fair values – – – –
Purchasing-related instruments
Commodity derivatives 7,461 3,904 708 1,058
thereof positive fair values – – 1,117 1,159
thereof negative fair values – – – 409 – 101
Derivative financial instruments 37,790 48,893 550 423
BMW AG considers it unlikely that it will be called upon in conjunc tion with these contingent liabilities, as the underlying liabilities can probably be met.
29. Other financial commitments and off-balance-sheet transactions
Other financial commitments totalled € 2,198 million (2021: € 2,495 million) and comprise mainly obligations arising from rental and leasing contracts.
The total amount of these obligations can be analysed by maturity as follows:
in € million 2022 2021
due within one year 375 823
due between one and five years 878 744
due later than five years 945 928
Other financial commitments 2,198 2,495
Of these amounts, € 614 million (2021: € 923 million) relate to subsidiaries.
Capital expenditure commitments and longterm purchase com mitments for inventories are at a normal level for the business.
As part of BMW AG’s refinancing activities, some receivables have been sold to other BMW Group entities and saleandlease back transactions entered into in previous years. No significant risks and rewards remain with BMW AG in conjunction with these transactions.
Financial Statements of BMW AG Notes Other Information
Other disclosures 21
Amounts are discounted at 31 December 2022 on the basis of the following interest rates:
in % EUR USD GBP JPY CNY
Interest rate for six months 2.73 5.01 4.33 – 0.03 4.34
Interest rate for one year 3.27 5.11 4.67 0.16 2.46
Interest rate for five years 3.19 3.99 4.31 0.66 3.15
Interest rate for ten years 3.15 3.80 3.95 0.98 3.51
32. Valuation units BMW AG is exposed to risks from changes in exchange rates, raw material prices and interest rates arising in connection with recognised assets and liabilities as well as forecasted transac tions. These risks are hedged predominantly by derivative financial instruments and assigned to valuation units.
At 31 December 2021, BMW AG held currency derivative instru ments with terms of up to 30 months (2021: 36 months). Foreign currency derivatives are used to hedge highly probable forecasted transactions from trade payables and trade receivables that will be denominated in a foreign currency. Derivative financial instru ments also include backtoback contracts entered into with subsidiaries and banks.
Hedges for future purchases of commodities relate to non pending forecasted transactions with a high probability of occurrence. Changes in prices of these raw materials have an impact on BMW AG’s production costs. Based on forecasted purchasing volumes and in combination with physical deliveries and cash settlement, hedging strategies have therefore been put in place as part of the system for managing raw materials prices. Commodity derivative instruments with terms of up to 48 months were in place at the end of the reporting period (2021: 60 months).
Provisions amounting to € 2 million (2021: € 0 million) were recognised in the financial year under report for negative fair values of derivative instruments not designated as part of a hedg ing relationship and for the ineffective portions of valuation units.
The nominal volumes of derivative financial transactions shown above are reported on a gross basis, derived from the absolute purchase and sale amounts or in accordance with the contract values of the hedged items. The fair values of currency and interest raterelated instruments shown are measured on the basis of market information available at the balance sheet date or using appropriate measurement techniques e.g. the discounted cash flow method. Options are measured based on quoted prices or option price models using appropriate market data.
The fair values of commodity hedging contracts are generally determined on the basis of current reference prices, as adjusted for forward premium and discount amounts.
The fair values of derivative financial instruments that are derived from their nominal values do not include any offsetting change in the fair value of the hedged items.
In addition, BMW AG held interestrate derivative instruments with terms of up to 15 months (2021: 27 months), including back toback derivative financial instruments entered into with sub sidiaries and banks. Fixedinterest financial instruments are used as a hedge against interestrate risks.
The amounts disclosed for volumes hedged relate to the carrying amounts of hedged assets and liabilities, the nominal amount of forecast transactions and the fair value of hedged pending contracts for the duration of the valuation units. The figures disclosed for the amount of the hedged item refer to the non recognition of a provision for onerous contracts with negative fair values. In accordance with the net hedge presentation method, no writedowns on assets or upward revaluations of liabilities are recognised.
Financial Statements of BMW AG Notes Other Information
Other disclosures 22
Susanne Klatten informed us that her voting rights in BMW AG on 15 February 2018 amounted to 20.94 % (previously 12.75 %), corresponding to 126,068,819 voting rights. 20.74 % (correspond ing to 124,883,201 voting rights) are attributable to Ms. Klatten in accordance with § 34 WpHG.
BlackRock, Inc., Wilmington, Delaware, USA, informed us that its voting rights in BMW AG on 30 June 2020 amounted to 3.08 % (previously 2.9997 %), corresponding to 18,547,874 voting rights. All of these shares are attributable to BlackRock, Inc. in accordance with § 34 WpHG.
The voting power percentages disclosed above may have changed subsequent to the dates stated, if these changes were not required to be reported to the Company. Due to the fact that the Company’s shares are issued to bearer, the Company is gen erally only aware of changes in shareholdings if such changes are subject to mandatory notification rules.
Voluntary notifications at 31 December 2022 relating to invest ments that exceed 10 % of the voting rights at the end of the reporting period are disclosed in the Management Report.
35. Events after the end of the reporting period No events have occurred since the end of the financial year which could have a major impact on the results of operations, financial position and net assets of BMW AG and the BMW Group.
36. Declaration with respect to the German Corporate Governance Code
The Board of Management and the Supervisory Board of Bayer ische Motoren Werke Aktiengesellschaft have issued the pre scribed Declaration of Compliance with the recommendations of the “Government Commission on the German Corporate Govern ance Code” required by § 161 of the German Stock Corporation Act (AktG). The declaration has been made permanently available to the public on the Company’s website ↗ www.bmwgroup.com/ir.
No advances and loans were granted by entities of the BMW Group to members of the Board of Management and the Supervisory Board in the financial year 2022, nor were any con tingent liabilities entered into on their behalf. During the year under report, members of the Board of Management and the Supervisory Board concluded contracts for vehicle purchases and vehiclerelated services (maintenance and repair work) on customary market terms and conditions.
34. Disclosures pursuant to § 160 (1) no. 8 of the German Stock Corporation Act (AktG)
A number of shareholdings in the Company exist at 31 December 2022, which have been notified in accordance with § 33 (1) of the German Securities Trading Act (WpHG) and published with the following content in accordance with § 40 (1) WpHG:
Stefan Quandt informed us that his voting rights in BMW AG on 16 February 2018 amounted to 25.83 % (previously 25.83 %), corresponding to 155,485,833 voting rights. 25.63 % (correspond ing to 154,300,215 voting rights) are attributable to Mr. Quandt in accordance with § 34 WpHG. This includes 16.61 % indirectly attributable to him via AQTON GmbH & Co. KG für Automobilwerte and 9.02 % via AQTON SE.
Volume hedged Amount of risk hedged
in € million 2022 2021 2022 2021
Currency risk hedges
Forecast transactions 27,973 30,631 561 905
Executory contracts 6 172 6 185
Interest rate hedges
Assets 10 10 – –
Liabilities – – – –
Commodity hedges
Forecast transactions 8,436 3,904 607 101
Valuation units 36,425 34,717 1,174 1,191
33. Total remuneration of the Board of Management and
the Supervisory Board The total remuneration of the current members of the Board of Management for the financial year 2022 amounted to € 39.0 mil lion (2021: € 36.7 million).
The remuneration of former members of the Board of Manage ment and their dependants amounted to € 9.7 million (2021: € 14.2 million).
Pension obligations to former members of the Board of Manage ment and their surviving dependants are covered by pension provisions amounting to € 109.5 million (2021: € 105.5 million), computed in accordance with HGB.
For the financial year 2022, the members of the Supervisory Board will receive exclusively fixed remuneration totalling € 5.5 million (2021: € 5.5 million).
The remuneration system for members of the Supervisory Board does not include any stock options, value appreciation rights com parable to stock options or any other sharebased remuneration components.
Financial Statements of BMW AG Notes Other Information
Other disclosures 23
A F F I L I AT E D C O M P A N I E S ( S U B S I D I A R I E S ) O F B M W A G AT 3 1 D E C E M B E R 2 0 2 2
Companies Equity in € million Profit / loss in € million Capital investment in %
D O M E S T I C 1
BMW INTEC Beteiligungs GmbH, Munich 3, 6 11,559 – 100
BMW Beteiligungs GmbH & Co. KG, Munich 6 6,138 – 3 100
BMW Bank GmbH, Munich 3 2,075 355 100
BMW Finanz Verwaltungs GmbH, Munich 217 4 100
BMW Vertriebszentren Verwaltungs GmbH, Munich 186 13 100
BMW Anlagen Verwaltungs GmbH, Munich 3, 6 179 – 100
Parkhaus Oberwiesenfeld GmbH, Munich 117 11 100
Alphabet Fuhrparkmanagement GmbH, Munich 4 – – 100
Alphabet International GmbH, Munich 4, 5, 6 – – 100
Bavaria Wirtschaftsagentur GmbH, Munich 3, 5, 6 – – 100
BMW Fahrzeugtechnik GmbH, Eisenach 3, 5, 6 – – 100
BMW Hams Hall Motoren GmbH, Munich 4, 5, 6 – – 100
BMW High Power Charging Beteiligungs GmbH, Munich 4, 6 – – 100
BMW M GmbH Gesellschaft für individuelle Automobile, Munich 3, 5, 6 – – 100
BMW Vermögensverwaltungs GmbH, Munich – – 100
Bürohaus Petuelring GmbH, Munich – – 100
LARGUS Grundstücks-Verwaltungsgesellschaft mbH, Munich – – 100
Rolls-Royce Motor Cars GmbH, Munich 4, 5, 6 – – 100
BAVARIA-LLOYD Reisebüro GmbH, Munich – – 51
L I S T O F I N V E S T M E N T S AT 3 1 D E C E M B E R 2 0 2 2 37. List of investments at 31 December 2022 The List of Investments of pursuant to § 285 and § 313 HGB is presented below. Disclosures for equity and earnings and for investments are not made if they are of “minor significance” for the results of operations, financial position and net assets of BMW AG pursuant to § 286 (3) sentence 1 no. 1 HGB and § 313 (3) sentence 4 HGB. It is also shown in the list which subsidiaries apply the exemptions available in § 264 (3) and § 264b HGB with regard to the publication of annual financial statements and the drawing up of a management report and/or notes to the financial statements (footnotes 5 and 6). The Group Financial Statements of BMW AG serve as exempting consolidated financial state ments for these companies.
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 24
Companies Equity in € million Profit / loss in € million Capital investment in %
F O R E I G N 2, 10
Europe
BMW Holding B.V., Den Haag 34,822 6,967 100
BMW International Holding B.V., Rijswijk 4,684 629 100
BMW Österreich Holding GmbH, Steyr 3,664 308 100
BMW (Schweiz) AG, Dielsdorf 1,106 94 100
BMW Financial Services (GB) Ltd., Farnborough 984 244 100
BMW Motoren GmbH, Steyr 946 151 100
BMW España Finance S.L., Madrid 821 23 100
BMW Finance N.V., Den Haag 614 369 100
BMW i Ventures SCS SICAV-RAIF, Senningerberg 577 23 100
Alphabet España Fleet Management S.A.U., Madrid 418 40 100
BMW Finance S.N.C., Guyancourt 311 46 100
BMW Russland Trading OOO, Moscow 248 88 100
BMW (UK) Ltd., Farnborough 191 112 100
ALPHABET (GB) Ltd., Farnborough 149 145 100
BMW Finanzdienstleistungen (Schweiz) AG, Dielsdorf 133 9 100
BMW Austria Leasing GmbH, Salzburg 119 12 100
BMW International Investment B.V., Den Haag 117 134 100
Rolls-Royce Motor Cars Ltd., Farnborough 116 109 100
Alphabet Austria Fuhrparkmanagement GmbH, Salzburg – – 100
Alphabet Belgium Long Term Rental NV, Aartselaar – – 100
Alphabet France Fleet Management S.A.S., Saint-Quentin-en-Yvelines – – 100
Alphabet Fuhrparkmanagement (Schweiz) AG, Dielsdorf – – 100
Alphabet Italia S.p.A., Trento – – 100
Alphabet Luxembourg S.A., Leudelange – – 100
Alphabet Polska Fleet Management Sp. z o.o., Warsaw – – 100
Bavaria Reinsurance Malta Ltd., Floriana – – 100
Bavarian Sky S.A. Luxembourg 9 – – 100
BiV Carry I SCS, Senningerberg – – 100
BiV Carry II SCS, Senningerberg – – 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 25
Companies Equity in € million Profit / loss in € million Capital investment in %
BLMC Ltd., Farnborough – – 100
BMW (UK) Capital plc, Farnborough – – 100
BMW (UK) Holdings Ltd., Farnborough – – 100
BMW (UK) Investments Ltd., Farnborough – – 100
BMW (UK) Manufacturing Ltd., Farnborough – – 100
BMW Austria Bank GmbH, Salzburg – – 100
BMW Austria GmbH, Salzburg – – 100
BMW Automotive (Ireland) Ltd., Dublin – – 100
BMW Bank OOO, Moscow – – 100
BMW Belgium Luxembourg S.A./N.V., Bornem – – 100
BMW Bulgaria EOOD, Sofia – – 100
BMW Central Medical Trustees Ltd., Farnborough – – 100
BMW China Capital B.V., Den Haag 9 – – 100
BMW Czech Republic s.r.o., Prague – – 100
BMW Danmark A/S, Copenhagen – – 100
BMW Distribution S.A.S., Vélizy-Villacoublay – – 100
BMW España Finance S.L., Madrid – – 100
BMW Financial Services (Ireland) DAC, Dublin – – 100
BMW Financial Services Belgium S.A./N.V., Bornem – – 100
BMW Financial Services Denmark A/S, Copenhagen – – 100
BMW Financial Services Nederland B.V., Breda – – 100
BMW Financial Services Polska Sp. z o.o., Warsaw – – 100
BMW Financial Services Scandinavia AB, Sollentuna – – 100
BMW France S.A., Montigny-le-Bretonneux – – 100
BMW Hungary Kft., Vecsés – – 100
BMW Iberica S.A., Madrid – – 100
BMW Italia Retail S.r.l., Rome – – 100
BMW Italia S.p.A., San Donato Milanese – – 100
BMW Malta Ltd., Floriana – – 100
BMW Nederland B.V., The Hague – – 100
BMW Norge AS, Fornebu – – 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 26
Companies Equity in € million Profit / loss in € million Capital investment in %
BMW Northern Europe AB, Stockholm – – 100
BMW Portugal Lda., Porto Salvo – – 100
BMW Renting (Portugal) Lda., Porto Salvo – – 100
BMW Romania S.R.L., Bucharest – – 100
BMW Services Ltd., Farnborough – – 100
BMW Slovenia distribucija motornih vozil d.o.o., Ljubljana – – 100
BMW Slovenská republika s.r.o., Bratislava – – 100
BMW Vertriebs GmbH, Salzburg – – 100
Oy BMW Suomi AB, Helsinki – – 100
Park Lane Ltd., Farnborough – – 100
Riley Motors Ltd., Farnborough – – 100
Swindon Pressings Ltd., Farnborough – – 100
Triumph Motor Company Ltd., Farnborough – – 100
Bavarian Sky Europe S.A. Compartment A, Luxembourg 11 – – 0
Bavarian Sky FTC, Compartment French Auto Leases 4, Paris 11 – – 0
Bavarian Sky S.A., Compartment A, Luxembourg 11 – – 0
Bavarian Sky S.A., Compartment German Auto Leases 6, Luxembourg 11 – – 0
Bavarian Sky S.A., Compartment German Auto Leases 7, Luxembourg 11 – – 0
Bavarian Sky S.A., Compartment German Auto Loans 10, Luxembourg 11 – – 0
Bavarian Sky S.A., Compartment German Auto Loans 11, Luxembourg 11 – – 0
Bavarian Sky S.A., Compartment German Auto Loans 9, Luxembourg 11 – – 0
Bavarian Sky UK 3 plc, London 11 – – 0
Bavarian Sky UK 4 plc, London 11 – – 0
Bavarian Sky UK A Ltd., London 11 – – 0
Bavarian Sky UK B Ltd., London 11 – – 0
Bavarian Sky UK C Ltd., London 11 – – 0
Bavarian Sky UK D Ltd., London 11 – – 0
The Americas
BMW Manufacturing Co. LLC, Wilmington, Delaware 2,392 511 100
BMW Bank of North America Inc., Salt Lake City, Utah 1,545 184 100
BMW of North America LLC, Wilmington, Delaware 1,312 1,061 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 27
Companies Equity in € million Profit / loss in € million Capital investment in %
Financial Services Vehicle Trust, Wilmington, Delaware 972 205 100
BMW Canada Inc., Richmond Hill, Ontario 474 257 100
BMW US Capital LLC, Wilmington, Delaware 461 379 100
BMW (US) Holding Corp., Wilmington, Delaware – – 100
BMW Acquisitions Ltda., São Paulo – – 100
BMW Auto Leasing LLC, Wilmington, Delaware – – 100
BMW Consolidation Services Co. LLC, Wilmington, Delaware – – 100
BMW de Argentina S.A., Buenos Aires – – 100
BMW de Mexico S.A. de C.V., Mexico City – – 100
BMW do Brasil Ltda., Araquari – – 100
BMW Extended Service Corporation, Wilmington, Delaware – – 100
BMW Facility Partners LLC, Wilmington, Delaware – – 100
BMW Financeira S.A. Credito, Financiamento e Investimento, São Paulo – – 100
BMW Financial Services de Mexico S.A. de C.V. SOFOM, Mexico City – – 100
BMW Financial Services NA LLC, Wilmington, Delaware – – 100
BMW Floorplan Master Owner Trust, Wilmington, Delaware – – 100
BMW FS Funding Corporation, Wilmington, Delaware – – 100
BMW FS Receivables Corporation, Wilmington, Delaware – – 100
BMW FS Securities LLC, Wilmington, Delaware – – 100
BMW Insurance Agency Inc., Wilmington, Delaware – – 100
BMW Leasing do Brasil S.A., São Paulo – – 100
BMW Manufacturing Indústria de Motos da Amazônia Ltda., Manaus – – 100
BMW Manufacturing LP, Woodcliff Lake, New Jersey – – 100
BMW of Manhattan Inc., Wilmington, Delaware – – 100
BMW Receivables 1 Inc., Richmond Hill, Ontario – – 100
BMW Receivables 2 Inc., Richmond Hill, Ontario – – 100
BMW Receivables Ltd. Partnership, Richmond Hill, Ontario – – 100
BMW SLP, S.A. de C.V., Villa de Reyes – – 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 28
Companies Equity in € million Profit / loss in € million Capital investment in %
Rolls-Royce Motor Cars NA LLC, Wilmington, Delaware – – 100
SB Acquisitions LLC, Wilmington, Delaware – – 100
BMW 2021- A Lease Conduit, Wilmington, Delaware 11 – – 0
BMW 2022- A Lease Conduit, Wilmington, Delaware 11 – – 0
BMW Canada Auto Trust 2020-1, Richmond Hill, Ontario 11 – – 0
BMW Canada Auto Trust 2021-1, Richmond Hill, Ontario 11 – – 0
BMW Canada Auto Trust 2022-1, Richmond Hill, Ontario 11 – – 0
BMW Vehicle Lease Trust 2021- 2, Wilmington, Delaware 11 – – 0
BMW Vehicle Lease Trust 2021-1, Wilmington, Delaware 11 – – 0
BMW Vehicle Lease Trust 2022-1, Wilmington, Delaware 11 – – 0
BMW Vehicle Owner Trust 2019-A, Wilmington, Delaware 11 – – 0
BMW Vehicle Owner Trust 2020-A, Wilmington, Delaware 11 – – 0
BMW Vehicle Owner Trust 2022-A, Wilmington, Delaware 11 – – 0
Africa
BMW Financial Services (South Africa) (Pty) Ltd., Midrand 115 11 100
BMW (South Africa) (Pty) Ltd., Pretoria – – 100
SuperDrive Investments (RF) Ltd., Cape Town 11 – – 0
Asia
BMW Automotive Finance (China) Co. Ltd., Beijing 1,370 367 100
BMW China Investment Ltd., Beijing 840 798 100
BMW Japan Finance Corp., Tokyo 473 64 100
BMW Brilliance Automotive Ltd., Shenyang 9 410 2,401 75
BMW Financial Services Korea Co. Ltd., Seoul 223 78 100
BMW Japan Corp., Tokyo 223 163 100
BMW Leasing (Thailand) Co. Ltd., Bangkok 128 34 100
BMW Malaysia Sdn Bhd, Kuala Lumpur 113 97 51
BMW Korea Co. Ltd., Seoul – – 100
Herald International Financial Leasing Co. Ltd., Tianjin – – 100
BMW Manufacturing (Thailand) Co. Ltd., Rayong – – 100
BMW (Thailand) Co. Ltd., Bangkok – – 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 29
Companies Equity in € million Profit / loss in € million Capital investment in %
BMW Asia Pacific Capital Pte Ltd., Singapur – – 100
BMW Asia Pte. Ltd., Singapur – – 100
BMW Asia Technology Centre Sdn Bhd, Kuala Lumpur – – 100
BMW China Automotive Trading Ltd., Beijing – – 100
BMW China Services Ltd., Beijing – – 100
BMW Credit (Malaysia) Sdn Bhd, Kuala Lumpur – – 100
BMW Holding Malaysia Sdn Bhd, Kuala Lumpur – – 100
BMW India Financial Services Private Ltd., Gurgaon – – 100
BMW India Private Ltd., Gurgaon – – 100
BMW Lease (Malaysia) Sdn Bhd, Kuala Lumpur – – 100
BMW Tokyo Corp., Tokyo – – 100
PT BMW Indonesia, Jakarta – – 100
2019-1 ABL, Tokyo 11 – – 0
2019-2 ABL, Tokyo 11 – – 0
2019-3 ABL, Tokyo 11 – – 0
2020-1 ABL, Tokyo 11 – – 0
2021-1 ABL, Tokyo 11 – – 0
2021-2 ABL, Tokyo 11 – – 0
2022-1 ABL, Tokyo 11 – – 0
Bavarian Sky China 2021-1, Beijing 11 – – 0
Bavarian Sky China 2021-2, Beijing 11 – – 0
Bavarian Sky China 2021-3, Beijing 11 – – 0
Bavarian Sky China 2022-1, Beijing 11 – – 0
Bavarian Sky China 2022-2, Beijing 11 – – 0
Bavarian Sky China Leasing 2021-1, Tianjin 11 – – 0
Bavarian Sky China Leasing 2022-1, Tianjin 11 – – 0
Bavarian Sky Korea 2021-1, Seoul 11 – – 0
Bavarian Sky Korea 2022-1, Seoul 11 – – 0
Bavarian Sky Korea 2022-A, Seoul 11 – – 0
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 30
Companies Equity in € million Profit / loss in € million Capital investment in %
Oceania
BMW Australia Finance Ltd., Mulgrave – – 100
BMW Australia Ltd., Melbourne – – 100
BMW Financial Services New Zealand Ltd., Auckland – – 100
BMW Melbourne Pty. Ltd., Melbourne – – 100
BMW New Zealand Ltd., Auckland – – 100
BMW Sydney Pty. Ltd., Sydney – – 100
Bavarian Sky Australia Trust A, Mulgrave 11 – – 0
BMW Australia Trust 2011-2, Mulgrave 11 – – 0
BMW AG’s non-consolidated companies at 31 December 2022
Companies Equity in € million Profit / loss in € million Capital investment in %
D O M E S T I C 7
Alphabet Fleetservices GmbH, Munich 4 – – 100
Automag GmbH, Munich – – 100
BMW Car IT GmbH, Munich 4 – – 100
BMW i Ventures GmbH, Munich – – 100
IDEALworks GmbH, Munich – – 100
F O R E I G N 7
Europe
Alphabet Insurance Services Polska Sp. z o.o., Warsaw – – 100
BMW (GB) Ltd., Farnborough – – 100
BMW (UK) Pensions Services Ltd., Hams Hall – – 100
BMW Car Club Ltd., Farnborough – – 100
BMW Drivers Club Ltd., Farnborough – – 100
BMW Financial Services Czech Republic s.r.o., Prague – – 100
BMW Financial Services Slovakia s.r.o., Bratislava – – 100
BMW Group Benefit Trust Ltd., Farnborough – – 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 31
Companies Equity in € million Profit / loss in € million Capital investment in %
BMW Manufacturing Hungary Kft., Debrecen – – 100
BMW Manufacturing Russland OOO, Kaliningrad – – 100
BMW Mobility Development Center s.r.o., Prague – – 100
BMW Motorsport Ltd., Farnborough – – 100
BMW Poland sp. z o.o., Warsaw – – 100
BMW Russland Automotive OOO, Kaliningrad – – 100
John Cooper Garages Ltd., Farnborough – – 100
John Cooper Works Ltd., Farnborough – – 100
OOO BMW Leasing, Moscow – – 100
The Americas
217– 07 Northern Boulevard Corporation, Wilmington, Delaware – – 100
BMW Experience Centre Inc., Richmond Hill, Ontario – – 100
BMW i Ventures Inc., Wilmington, Delaware – – 100
BMW i Ventures LLC, Wilmington, Delaware – – 100
BMW Mobility Services LLC, Wilmington, Delaware – – 100
BMW Operations Corp., Wilmington, Delaware – – 100
BMW Shared Services LLC, Wilmington, Delaware – – 100
BMW Technology Corp., Wilmington, Delaware – – 100
Designworks / USA Inc., Newbury Park, California – – 100
MINI Business Innovation LLC, Wilmington, Delaware – – 100
MINI Canada Inc., Richmond Hill, Ontario – – 100
Urban X Accelerator SPV LLC, Wilmington, Delaware – – 100
Africa
BMW Automobile Distributors (Pty) Ltd., Midrand – – 100
BPF Midrand Property Holdings (Pty) Ltd., Midrand – – 100
Multisource Properties (Pty) Ltd., Midrand – – 100
Asia
BMW (China) Insurance Brokers Co. Ltd., Beijing – – 100
BMW Finance (United Arab Emirates) Ltd., Dubai – – 100
BMW Financial Services Singapore Pte Ltd., Singapur – – 100
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 32
Companies Equity in € million Profit / loss in € million Capital investment in %
BMW Hong Kong Services Ltd., Hongkong – – 100
BMW India Foundation, Gurgaon – – 100
BMW India Leasing Private Ltd., Gurgaon – – 100
BMW Insurance Broker (Thailand) Co. Ltd., Bangkok – – 100
BMW Insurance Services Korea Co. Ltd., Seoul – – 100
BMW Middle East Retail Competency Centre DWC-LLC, Dubai – – 100
BMW Parts Manufacturing (Thailand) Co., Ltd., Rayong Province – – 100
BMW Technology Office Israel Ltd., Tel Aviv – – 100
Herald Hezhong (Beijing) Automotive Trading Co. Ltd., Beijing – – 100
Ling Yue Digital Information Technology Co. Ltd., Beijing – – 100
BMW Philippines Corp., Manila – – 70
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 33
BMW AG’s associated companies, joint ventures and joint operations at 31 December 2022
Companies Equity in € million Profit / loss in € million Capital investment in %
Joint ventures - equity accounted
DOMESTIC
YOUR NOW Holding GmbH, Munich 8 159 – 800 50
Associated companies - equity accounted
DOMESTIC
IONITY Holding GmbH & Co. KG, Munich 8 412 – 53 15
FOREIGN
THERE Holding B.V., Amsterdam 8 858 – 134 30
Solid Power, Inc., Wilmington, Delaware – – 6
Joint operations - proportionately consolidated entities
FOREIGN
Spotlight Automotive Ltd., Zhangjiagang 8 – – 50
Not equity accounted or proportionately consolidated entities
DOMESTIC 7
Encory GmbH, Unterschleißheim – – 50
The Retail Performance Company GmbH, Munich – – 50
PDB - Partnership for Dummy Technology and Biomechanics GbR, Gaimersheim – – 20
FOREIGN 7
BMW AVTOTOR Holding B.V., Amsterdam – – 50
Critical TechWorks S.A., Porto – – 50
BMW Albatha Finance PSC, Dubai – – 40
BMW Albatha Leasing LLC, Dubai – – 40
Bavarian & Co Co. Ltd., Incheon – – 20
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 34
BMW AG’s participations at 31 December 2022
Companies Equity in € million Profit / loss in € million Capital investment in %
DOMESTIC
IVM Industrie-Verband Motorrad GmbH & Co. Dienstleistungs KG, Essen – – 28
SGL Carbon SE, Wiesbaden – – 18
Hubject GmbH, Berlin – – 16
Joblinge gemeinnützige AG Leipzig, Leipzig – – 16
Joblinge gemeinnützige AG Berlin, Berlin – – 10
Racer Benchmark Group GmbH, Landsberg am Lech – – 8
Joblinge gemeinnützige AG Munich, Munich – – 6
Deutsches Forschungszentrum für Künstliche Intelligenz GmbH, Kaiserslautern – – 5
GSB Sonderabfall-Entsorgung Bayern GmbH, Baar-Ebenhausen – – 3
FOREIGN
Northvolt AB, Stockholm – – 3
1 The amounts shown for German affiliated companies correspond to the annual financial statements drawn up in accordance with German accounting rules (HGB). 2 The amounts shown for foreign affiliated companies correspond to the annual financial statements drawn up in accordance with uniform IFRS rules. Equity and earnings not denominated in euro are translated
into euro using the closing exchange rate at the balance sheet date. 3 Profit and Loss Transfer Agreement with BMW AG. 4 Profit and Loss Transfer Agreement with a subsidiary of BMW AG. 5 Exemption from drawing up a management report applied in accordance with § 264 (3) and § 264b HBG. 6 Exemption from publishing financial statements applied in accordance with § 264 (3) and § 264b HBG. 7 These entities are neither consolidated nor accounted for using the equity method due to their overall immateriality for the Group Financial Statements. 8 The amounts shown for entities accounted for using the equity method and for proportionately consolidated entities correspond to the annual financial statements drawn up in accordance with uniform IFRS rules.
Equity not denominated in euro is translated into euro using the closing exchange rate at the balance sheet date, earnings are translated using the average rate. 9 First-time consolidation. 10 Deconsolidation in financial year 2022: BMW Financial Services B.V. (merger), BMW Madrid S.L. (liquidation). 11 Control on basis of economic dependence.
Financial Statements of BMW AG Notes Other Information
List of Investments at 31 December 2022 35
B U Y B A C K S O F S H A R E S O F B M W A G C O M M O N S T O C K
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
01.07.2022 150,000 10,990,446.77 € 73.27 € 150,000.00 € 0.023 %
04.07.2022 53,176 3,884,405.67 € 73.05 € 53,176.00 € 0.008 %
05.07.2022 145,000 10,456,482.62 € 72.11 € 145,000.00 € 0.022 %
06.07.2022 145,000 10,430,237.88 € 71.93 € 145,000.00 € 0.022 %
07.07.2022 110,000 8,187,385.44 € 74.43 € 110,000.00 € 0.017 %
08.07.2022 105,000 7,886,718.91 € 75.11 € 105,000.00 € 0.016 %
11.07.2022 150,000 11,187,357.62 € 74.58 € 150,000.00 € 0.023 %
12.07.2022 150,000 11,012,088.26 € 73.41 € 150,000.00 € 0.023 %
13.07.2022 160,000 11,661,446.68 € 72.88 € 160,000.00 € 0.024 %
14.07.2022 170,000 12,318,883.87 € 72.46 € 170,000.00 € 0.026 %
15.07.2022 53,073 3,909,076.01 € 73.65 € 53,073.00 € 0.008 %
18.07.2022 100,000 7,571,338.01 € 75.71 € 100,000.00 € 0.015 %
19.07.2022 59,878 4,551,525.81 € 76.01 € 59,878.00 € 0.009 %
20.07.2022 93,023 7,185,982.66 € 77.25 € 93,023.00 € 0.014 %
21.07.2022 120,000 9,223,231.97 € 76.86 € 120,000.00 € 0.018 %
22.07.2022 110,000 8,479,500.51 € 77.09 € 110,000.00 € 0.017 %
25.07.2022 90,000 7,006,731.98 € 77.85 € 90,000.00 € 0.014 %
26.07.2022 165,000 12,568,071.24 € 76.17 € 165,000.00 € 0.025 %
27.07.2022 100,000 7,656,785.90 € 76.57 € 100,000.00 € 0.015 %
28.07.2022 135,000 10,525,889.71 € 77.97 € 135,000.00 € 0.020 %
29.07.2022 197 15,463.72 € 78.50 € 197.00 € 0.000 %
01.08.2022 15,000 1,198,213.31 € 79.88 € 15,000.00 € 0.002 %
02.08.2022 18,368 1,463,002.78 € 79.65 € 18,368.00 € 0.003 %
03.08.2022 280,000 21,399,541.53 € 76.43 € 280,000.00 € 0.042 %
04.08.2022 90,000 6,943,699.67 € 77.15 € 90,000.00 € 0.014 %
05.08.2022 250,000 19,122,724.16 € 76.49 € 250,000.00 € 0.038 %
08.08.2022 76,668 5,942,110.33 € 77.50 € 76,668.00 € 0.012 %
09.08.2022 100,000 7,750,496.10 € 77.50 € 100,000.00 € 0.015 %
10.08.2022 75,000 5,807,741.66 € 77.44 € 75,000.00 € 0.011 %
11.08.2022 70,000 5,421,557.28 € 77.45 € 70,000.00 € 0.011 %
A P P E N D I X 2 : L I S T O F S H A R E B U Y B A C K S I N T H E F I N A N C I A L Y E A R 2 0 2 2 38. Repurchase of treasury shares in the financial year The share buybacks of BMW AG during the financial year 2022 – reported separately for shares of common and preferred stock – are presented below in chronological order.
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 36
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
12.08.2022 59,842 4,687,880.20 € 78.34 € 59,842.00 € 0.009 %
15.08.2022 120,000 9,340,922.65 € 77.84 € 120,000.00 € 0.018 %
16.08.2022 18,815 1,475,593.82 € 78.43 € 18,815.00 € 0.003 %
17.08.2022 120,000 9,339,561.77 € 77.83 € 120,000.00 € 0.018 %
18.08.2022 100,000 7,786,423.63 € 77.86 € 100,000.00 € 0.015 %
19.08.2022 275,000 20,966,413.91 € 76.24 € 275,000.00 € 0.042 %
22.08.2022 440,000 32,330,812.51 € 73.48 € 440,000.00 € 0.067 %
23.08.2022 206,423 15,316,981.39 € 74.20 € 206,423.00 € 0.031 %
24.08.2022 184,192 13,638,612.32 € 74.05 € 184,192.00 € 0.028 %
25.08.2022 150,000 11,153,996.48 € 74.36 € 150,000.00 € 0.023 %
26.08.2022 271,423 19,953,229.67 € 73.51 € 271,423.00 € 0.041 %
29.08.2022 140,000 10,163,075.80 € 72.59 € 140,000.00 € 0.021 %
30.08.2022 80,000 5,924,198.71 € 74.05 € 80,000.00 € 0.012 %
31.08.2022 100,000 7,369,220.38 € 73.69 € 100,000.00 € 0.015 %
01.09.2022 250,000 18,182,563.79 € 72.73 € 250,000.00 € 0.038 %
02.09.2022 10,048 737,766.53 € 73.42 € 10,048.00 € 0.002 %
05.09.2022 353,444 25,650,924.16 € 72.57 € 353,444.00 € 0.053 %
06.09.2022 96,673 7,042,234.49 € 72.85 € 96,673.00 € 0.015 %
07.09.2022 64,800 4,731,511.70 € 73.02 € 64,800.00 € 0.010 %
08.09.2022 65,000 4,738,494.40 € 72.90 € 65,000.00 € 0.010 %
14.09.2022 2,762 204,277.33 € 73.96 € 2,762.00 € 0.000 %
15.09.2022 9,303 691,417.63 € 74.32 € 9,303.00 € 0.001 %
16.09.2022 76,255 5,607,157.39 € 73.53 € 76,255.00 € 0.012 %
21.09.2022 2,619 193,069.74 € 73.72 € 2,619.00 € 0.000 %
22.09.2022 3,919 289,572.04 € 73.89 € 3,919.00 € 0.001 %
23.09.2022 382,940 27,504,780.18 € 71.83 € 382,940.00 € 0.058 %
26.09.2022 239,895 17,296,019.15 € 72.10 € 239,895.00 € 0.036 %
27.09.2022 169,432 12,209,187.91 € 72.06 € 169,432.00 € 0.026 %
28.09.2022 304,793 21,693,159.40 € 71.17 € 304,793.00 € 0.046 %
29.09.2022 433,827 30,211,163.11 € 69.64 € 433,827.00 € 0.066 %
30.09.2022 342,000 23,823,352.14 € 69.66 € 342,000.00 € 0.052 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 37
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
03.10.2022 205,696 14,317,449.97 € 69.60 € 205,696.00 € 0.031 %
05.10.2022 254,671 18,091,111.40 € 71.04 € 254,671.00 € 0.039 %
06.10.2022 76,351 5,486,540.22 € 71.86 € 76,351.00 € 0.012 %
07.10.2022 50,000 3,589,344.99 € 71.79 € 50,000.00 € 0.008 %
10.10.2022 503,390 36,407,703.83 € 72.33 € 503,390.00 € 0.076 %
11.10.2022 1,350 96,030.52 € 71.13 € 1,350.00 € 0.000 %
13.10.2022 111,000 8,157,911.70 € 73.49 € 111,000.00 € 0.017 %
14.10.2022 106,000 7,982,181.60 € 75.30 € 106,000.00 € 0.016 %
17.10.2022 204,786 15,650,749.57 € 76.42 € 204,786.00 € 0.031 %
18.10.2022 203,635 15,877,420.95 € 77.97 € 203,635.00 € 0.031 %
19.10.2022 131,321 10,188,001.37 € 77.58 € 131,321.00 € 0.020 %
20.10.2022 134,360 10,431,172.96 € 77.64 € 134,360.00 € 0.020 %
21.10.2022 164,044 12,635,964.83 € 77.03 € 164,044.00 € 0.025 %
24.10.2022 244,588 19,041,077.96 € 77.85 € 244,588.00 € 0.037 %
25.10.2022 198,368 15,450,387.60 € 77.89 € 198,368.00 € 0.030 %
26.10.2022 58,694 4,616,071.80 € 78.65 € 58,694.00 € 0.009 %
27.10.2022 40,834 3,231,721.18 € 79.14 € 40,834.00 € 0.006 %
28.10.2022 39,059 3,077,107.08 € 78.78 € 39,059.00 € 0.006 %
31.10.2022 144,248 11,464,398.30 € 79.48 € 144,248.00 € 0.022 %
01.11.2022 82,263 6,613,607.92 € 80.40 € 82,263.00 € 0.012 %
02.11.2022 130,300 10,418,358.01 € 79.96 € 130,300.00 € 0.020 %
03.11.2022 50,000 3,829,500.00 € 76.59 € 50,000.00 € 0.008 %
04.11.2022 59,692 4,674,343.23 € 78.31 € 59,692.00 € 0.009 %
07.11.2022 26,446 2,133,959.48 € 80.69 € 26,446.00 € 0.004 %
08.11.2022 123,756 9,985,958.27 € 80.69 € 123,756.00 € 0.019 %
09.11.2022 123,324 9,849,517.91 € 79.87 € 123,324.00 € 0.019 %
10.11.2022 58,176 4,722,256.45 € 81.17 € 58,176.00 € 0.009 %
11.11.2022 43,914 3,683,317.49 € 83.88 € 43,914.00 € 0.007 %
14.11.2022 76,595 6,508,552.89 € 84.97 € 76,595.00 € 0.012 %
15.11.2022 52,739 4,478,406.02 € 84.92 € 52,739.00 € 0.008 %
16.11.2022 77,908 6,442,204.73 € 82.69 € 77,908.00 € 0.012 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 38
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
17.11.2022 69,209 5,691,222.17 € 82.23 € 69,209.00 € 0.010 %
18.11.2022 69,058 5,782,882.39 € 83.74 € 69,058.00 € 0.010 %
21.11.2022 100,000 8,384,620.00 € 83.85 € 100,000.00 € 0.015 %
22.11.2022 100,000 8,408,400.00 € 84.08 € 100,000.00 € 0.015 %
23.11.2022 116,279 9,709,575.57 € 83.50 € 116,279.00 € 0.018 %
24.11.2022 99,497 8,373,846.61 € 84.16 € 99,497.00 € 0.015 %
25.11.2022 114,380 9,603,665.06 € 83.96 € 114,380.00 € 0.017 %
28.11.2022 312,999 26,095,947.33 € 83.37 € 312,999.00 € 0.047 %
29.11.2022 250,000 21,130,200.00 € 84.52 € 250,000.00 € 0.038 %
30.11.2022 10,000 858,858.00 € 85.89 € 10,000.00 € 0.002 %
01.12.2022 117,615 10,033,959.12 € 85.31 € 117,615.00 € 0.018 %
02.12.2022 20,130 1,711,541.17 € 85.02 € 20,130.00 € 0.003 %
05.12.2022 11,712 999,314.69 € 85.32 € 11,712.00 € 0.002 %
06.12.2022 114,550 9,774,150.58 € 85.33 € 114,550.00 € 0.017 %
07.12.2022 73,000 6,206,591.40 € 85.02 € 73,000.00 € 0.011 %
08.12.2022 427,623 35,428,779.36 € 82.85 € 427,623.00 € 0.065 %
09.12.2022 6,394 531,123.36 € 83.07 € 6,394.00 € 0.001 %
12.12.2022 10,908 920,511.94 € 84.39 € 10,908.00 € 0.002 %
13.12.2022 82,286 6,917,454.88 € 84.07 € 82,286.00 € 0.012 %
14.12.2022 99,574 8,336,404.98 € 83.72 € 99,574.00 € 0.015 %
15.12.2022 334,403 27,759,863.12 € 83.01 € 334,403.00 € 0.051 %
16.12.2022 101,746 8,383,158.18 € 82.39 € 101,746.00 € 0.015 %
19.12.2022 1,000 83,656.40 € 83.66 € 1,000.00 € 0.000 %
20.12.2022 77,459 6,444,867.65 € 83.20 € 77,459.00 € 0.012 %
21.12.2022 3,926 327,583.08 € 83.44 € 3,926.00 € 0.001 %
22.12.2022 327,221 27,236,861.65 € 83.24 € 327,221.00 € 0.049 %
23.12.2022 7,042 586,670.43 € 83.31 € 7,042.00 € 0.001 %
27.12.2022 1,000 83,914.50 € 83.91 € 1,000.00 € 0.000 %
28.12.2022 62,700 5,218,176.15 € 83.22 € 62,700.00 € 0.009 %
Total financial year 2022 15,312,007 1,172,167,842.39 € 76.55 € 15,312,007.00 € 2.316 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 39
B U Y B A C K S O F S H A R E S O F B M W A G P R E F E R R E D S T O C K
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
01.07.2022 13,000 881,597.20 € 67.82 € 13,000.00 € 0.002 %
04.07.2022 5,496 374,613.55 € 68.16 € 5,496.00 € 0.001 %
05.07.2022 13,000 871,452.95 € 67.03 € 13,000.00 € 0.002 %
06.07.2022 12,000 800,810.90 € 66.73 € 12,000.00 € 0.002 %
07.07.2022 7,500 520,782.75 € 69.44 € 7,500.00 € 0.001 %
08.07.2022 10,000 702,165.50 € 70.22 € 10,000.00 € 0.002 %
11.07.2022 12,000 836,680.70 € 69.72 € 12,000.00 € 0.002 %
12.07.2022 12,000 826,024.50 € 68.84 € 12,000.00 € 0.002 %
13.07.2022 13,000 889,417.65 € 68.42 € 13,000.00 € 0.002 %
14.07.2022 16,500 1,114,351.20 € 67.54 € 16,500.00 € 0.002 %
15.07.2022 7,957 546,319.05 € 68.66 € 7,957.00 € 0.001 %
18.07.2022 6,000 420,657.05 € 70.11 € 6,000.00 € 0.001 %
19.07.2022 3,868 273,950.45 € 70.82 € 3,868.00 € 0.001 %
20.07.2022 7,014 505,790.40 € 72.11 € 7,014.00 € 0.001 %
21.07.2022 10,000 721,053.75 € 72.11 € 10,000.00 € 0.002 %
22.07.2022 8,000 579,232.20 € 72.40 € 8,000.00 € 0.001 %
25.07.2022 5,000 365,194.25 € 73.04 € 5,000.00 € 0.001 %
26.07.2022 13,931 995,211.35 € 71.44 € 13,931.00 € 0.002 %
27.07.2022 8,178 587,392.85 € 71.83 € 8,178.00 € 0.001 %
28.07.2022 11,750 858,359.90 € 73.05 € 11,750.00 € 0.002 %
29.07.2022 1,646 121,705.40 € 73.94 € 1,646.00 € 0.000 %
02.08.2022 2,080 155,475.40 € 74.75 € 2,080.00 € 0.000 %
03.08.2022 23,000 1,636,838.55 € 71.17 € 23,000.00 € 0.003 %
04.08.2022 13,000 933,999.25 € 71.85 € 13,000.00 € 0.002 %
05.08.2022 20,957 1,501,971.40 € 71.67 € 20,957.00 € 0.003 %
08.08.2022 3,612 261,894.00 € 72.51 € 3,612.00 € 0.001 %
09.08.2022 11,000 794,292.25 € 72.21 € 11,000.00 € 0.002 %
10.08.2022 2,000 143,758.65 € 71.88 € 2,000.00 € 0.000 %
11.08.2022 6,438 461,956.40 € 71.75 € 6,438.00 € 0.001 %
12.08.2022 3,548 258,483.65 € 72.85 € 3,548.00 € 0.001 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 40
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
15.08.2022 6,250 454,696.00 € 72.75 € 6,250.00 € 0.001 %
17.08.2022 6,200 453,496.40 € 73.14 € 6,200.00 € 0.001 %
18.08.2022 8,500 618,390.35 € 72.75 € 8,500.00 € 0.001 %
19.08.2022 16,000 1,146,148.50 € 71.63 € 16,000.00 € 0.002 %
22.08.2022 20,000 1,389,879.05 € 69.49 € 20,000.00 € 0.003 %
23.08.2022 15,273 1,068,988.50 € 69.99 € 15,273.00 € 0.002 %
24.08.2022 14,675 1,023,282.60 € 69.73 € 14,675.00 € 0.002 %
25.08.2022 12,719 893,452.45 € 70.25 € 12,719.00 € 0.002 %
26.08.2022 16,690 1,164,607.55 € 69.78 € 16,690.00 € 0.003 %
29.08.2022 12,000 826,631.40 € 68.89 € 12,000.00 € 0.002 %
30.08.2022 12,515 875,241.95 € 69.94 € 12,515.00 € 0.002 %
31.08.2022 10,000 698,845.60 € 69.88 € 10,000.00 € 0.002 %
01.09.2022 24,100 1,652,384.10 € 68.56 € 24,100.00 € 0.004 %
02.09.2022 5,027 349,297.90 € 69.48 € 5,027.00 € 0.001 %
05.09.2022 21,451 1,472,014.35 € 68.62 € 21,451.00 € 0.003 %
06.09.2022 16,000 1,107,126.80 € 69.20 € 16,000.00 € 0.002 %
07.09.2022 11,754 815,258.65 € 69.36 € 11,754.00 € 0.002 %
08.09.2022 19,678 1,371,419.35 € 69.69 € 19,678.00 € 0.003 %
09.09.2022 2,469 172,639.05 € 69.92 € 2,469.00 € 0.000 %
14.09.2022 4,933 344,070.15 € 69.75 € 4,933.00 € 0.001 %
15.09.2022 734 50,962.40 € 69.43 € 734.00 € 0.000 %
16.09.2022 8,834 612,388.95 € 69.32 € 8,834.00 € 0.001 %
19.09.2022 109 7,575.50 € 69.50 € 109.00 € 0.000 %
21.09.2022 3,975 277,552.10 € 69.82 € 3,975.00 € 0.001 %
22.09.2022 391 27,166.40 € 69.48 € 391.00 € 0.000 %
23.09.2022 23,972 1,620,610.80 € 67.60 € 23,972.00 € 0.004 %
26.09.2022 20,522 1,396,087.80 € 68.03 € 20,522.00 € 0.003 %
27.09.2022 25,149 1,712,911.15 € 68.11 € 25,149.00 € 0.004 %
28.09.2022 17,000 1,146,190.90 € 67.42 € 17,000.00 € 0.003 %
29.09.2022 23,830 1,567,565.75 € 65.78 € 23,830.00 € 0.004 %
30.09.2022 24,050 1,594,398.35 € 66.30 € 24,050.00 € 0.004 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 41
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
03.10.2022 25,950 1,729,088.45 € 66.63 € 25,950.00 € 0.004 %
04.10.2022 16,014 1,098,920.30 € 68.62 € 16,014.00 € 0.002 %
05.10.2022 26,158 1,768,067.40 € 67.59 € 26,158.00 € 0.004 %
06.10.2022 5,976 405,705.55 € 67.89 € 5,976.00 € 0.001 %
07.10.2022 5,500 373,930.65 € 67.99 € 5,500.00 € 0.001 %
10.10.2022 25,444 1,736,311.15 € 68.24 € 25,444.00 € 0.004 %
11.10.2022 527 35,235.65 € 66.86 € 527.00 € 0.000 %
13.10.2022 9,189 628,273.98 € 68.37 € 9,189.00 € 0.001 %
14.10.2022 9,414 658,968.70 € 70.00 € 9,414.00 € 0.001 %
17.10.2022 17,208 1,216,399.10 € 70.69 € 17,208.00 € 0.003 %
18.10.2022 14,944 1,084,142.37 € 72.55 € 14,944.00 € 0.002 %
19.10.2022 17,951 1,305,188.49 € 72.71 € 17,951.00 € 0.003 %
20.10.2022 12,770 927,727.73 € 72.65 € 12,770.00 € 0.002 %
21.10.2022 13,442 966,645.14 € 71.91 € 13,442.00 € 0.002 %
24.10.2022 11,123 803,952.64 € 72.28 € 11,123.00 € 0.002 %
25.10.2022 12,000 875,065.20 € 72.92 € 12,000.00 € 0.002 %
26.10.2022 8,482 624,501.67 € 73.63 € 8,482.00 € 0.001 %
27.10.2022 9,544 705,658.55 € 73.94 € 9,544.00 € 0.001 %
28.10.2022 4,825 355,986.57 € 73.78 € 4,825.00 € 0.001 %
31.10.2022 4,702 349,658.59 € 74.36 € 4,702.00 € 0.001 %
01.11.2022 6,950 523,885.44 € 75.38 € 6,950.00 € 0.001 %
02.11.2022 25,797 1,946,628.72 € 75.46 € 25,797.00 € 0.004 %
03.11.2022 25,844 1,879,574.68 € 72.73 € 25,844.00 € 0.004 %
04.11.2022 27,139 2,026,127.18 € 74.66 € 27,139.00 € 0.004 %
07.11.2022 27,381 2,096,609.72 € 76.57 € 27,381.00 € 0.004 %
08.11.2022 22,784 1,746,516.63 € 76.66 € 22,784.00 € 0.003 %
09.11.2022 27,072 2,061,700.65 € 76.16 € 27,072.00 € 0.004 %
10.11.2022 26,040 2,019,040.04 € 77.54 € 26,040.00 € 0.004 %
11.11.2022 26,000 2,079,178.40 € 79.97 € 26,000.00 € 0.004 %
14.11.2022 25,332 2,039,479.32 € 80.51 € 25,332.00 € 0.004 %
15.11.2022 19,000 1,528,274.50 € 80.44 € 19,000.00 € 0.003 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 42
Day Number of shares
Total price (excluding incidental
acquisition costs) in € Average purchase
price per share in € Subscribed capital in € Subscribed capital in %
16.11.2022 18,282 1,427,496.95 € 78.08 € 18,282.00 € 0.003 %
17.11.2022 18,910 1,488,027.90 € 78.69 € 18,910.00 € 0.003 %
18.11.2022 15,788 1,262,173.24 € 79.95 € 15,788.00 € 0.002 %
21.11.2022 15,000 1,197,231.00 € 79.82 € 15,000.00 € 0.002 %
22.11.2022 1,155 91,351.14 € 79.09 € 1,155.00 € 0.000 %
23.11.2022 15,000 1,182,679.50 € 78.85 € 15,000.00 € 0.002 %
24.11.2022 12,737 1,011,582.73 € 79.42 € 12,737.00 € 0.002 %
25.11.2022 9,814 780,405.35 € 79.52 € 9,814.00 € 0.001 %
28.11.2022 10,000 791,102.00 € 79.11 € 10,000.00 € 0.002 %
29.11.2022 10,000 801,308.00 € 80.13 € 10,000.00 € 0.002 %
30.11.2022 10,000 817,693.00 € 81.77 € 10,000.00 € 0.002 %
01.12.2022 10,000 817,686.00 € 81.77 € 10,000.00 € 0.002 %
02.12.2022 10,000 812,848.00 € 81.28 € 10,000.00 € 0.002 %
05.12.2022 14,949 1,226,489.21 € 82.04 € 14,949.00 € 0.002 %
06.12.2022 11,886 977,871.92 € 82.27 € 11,886.00 € 0.002 %
07.12.2022 10,908 894,859.60 € 82.04 € 10,908.00 € 0.002 %
08.12.2022 10,000 793,449.00 € 79.34 € 10,000.00 € 0.002 %
09.12.2022 8,920 716,157.36 € 80.29 € 8,920.00 € 0.001 %
12.12.2022 8,000 647,376.80 € 80.92 € 8,000.00 € 0.001 %
13.12.2022 7,937 648,830.70 € 81.75 € 7,937.00 € 0.001 %
14.12.2022 5,000 405,715.50 € 81.14 € 5,000.00 € 0.001 %
15.12.2022 2,000 160,761.20 € 80.38 € 2,000.00 € 0.000 %
16.12.2022 1,992 158,323.56 € 79.48 € 1,992.00 € 0.000 %
19.12.2022 2,000 159,650.80 € 79.83 € 2,000.00 € 0.000 %
20.12.2022 2,000 158,640.60 € 79.32 € 2,000.00 € 0.000 %
21.12.2022 2,000 159,457.00 € 79.73 € 2,000.00 € 0.000 %
22.12.2022 2,000 159,547.60 € 79.77 € 2,000.00 € 0.000 %
23.12.2022 1,895 150,720.91 € 79.54 € 1,895.00 € 0.000 %
27.12.2022 1,000 79,801.50 € 79.80 € 1,000.00 € 0.000 %
28.12.2022 1,000 79,199.90 € 79.20 € 1,000.00 € 0.000 %
Total financial year 2022 1,448,950 105,507,595.03 € 72.82 € 1,448,950.00 € 0.219 %
Financial Statements of BMW AG Notes Other Information
List of share buybacks in the financial year 2022 43
C O M P O S I T I O N O F T H E B O A R D O F M A N A G E M E N T A N D S U P E R V I S O R Y B O A R D
M E M B E R S O F T H E B O A R D O F M A N A G E M E N T
OLIVER ZIPSE (b. 1964) Member since 2015 Chairman (since 2019)
ILKA HORSTMEIER (b. 1969) Member since 2019 People and Real Estate, Labour Relations Director
DR-ING MILAN NEDELJKOVIĆ (b. 1969) Member since 2019 Production
Mandates — BMW (South Africa) (Pty) Ltd. *, **, Chairman — BMW Motoren GmbH *, **, Chairman
PIETER NOTA (b. 1964) Member since 2018 Customer, Brands, Sales
Mandates — RollsRoyce Motor Cars Limited *, **, Chairman
DR NICOLAS PETER (b. 1962) Member since 2017 Finance
Mandates — BMW Brilliance Automotive Ltd. *, **,
Chairman (Deputy Chairman until 10 February 2022)
DR-ING JOACHIM POST (b. 1971) Member since 2022 Purchasing and Supplier Network
FRANK WEBER (b. 1966) Member since 2020 Development
General counsel: DR ANDREAS LIEPE
* Not listed on the stock exchange. ** Group mandate. — Memberships of other statutory supervisory boards. — Memberships of comparable boards in Germany and abroad.
Financial Statements of BMW AG Notes Other Information
Composition of the Board of Management and Supervisory Board 44
M E M B E R S O F T H E S U P E R V I S O R Y B O A R D
DR-ING DR-ING Eh NORBERT REITHOFER (b. 1956) Member since 2015, elected until the AGM 2025 Chairman of the Supervisory Board Former Chairman of the Board of Management of BMW AG
Mandates — Siemens Aktiengesellschaft (until 9 February 2023) — Henkel Management AG * — Henkel AG & Co. KGaA (Shareholders’ Committee)
MANFRED SCHOCH1 (b. 1955) Member from 1988 to 31 December 2022 Deputy Chairman of the Supervisory Board (until 31 December 2022) Former Chairman of the European and General Works Council and of the Works Council Munich of BMW AG Industrial Engineer
DR MARTIN KIMMICH1 (b. 1972) Member since 18 January 2023, appointed until the AGM 2024 Deputy Chairman of the Supervisory Board (since 23 January 2023) Chairman of the General Works Council and of the Works Council Munich of BMW AG
STEFAN QUANDT (b. 1966) Member since 1997, elected until the AGM 2024 Deputy Chairman of the Supervisory Board Entrepreneur
Mandates — DELTON Health AG *, **, Chairman — DELTON Technology SE *, **, Chairman — Frankfurter Allgemeine Zeitung GmbH *
— AQTON SE *, **, Chairman — Entrust Corp. *, **
— SOLARWATT GmbH *, **
Note: Mr. Quandt is the sole shareholder of DELTON Health AG, DELTON Technology SE and AQTON SE and holds majority interests in Entrust Corp. and SOLARWATT GmbH.
STEFAN SCHMID 1 (b. 1965) Member since 2007, elected until the AGM 2024 Deputy Chairman of the Supervisory Board Chairman of the BMW AG Works Council Dingolfing
DR KURT BOCK (b. 1958) Member since 2018, elected until the AGM 2023 Deputy Chairman of the Supervisory Board Chairman of the Supervisory Board of BASF SE
Mandates — BASF SE, Chairman — FUCHS PETROLUB SE, Chairman (until 3 May 2022)
CHRISTIANE BENNER2 (b. 1968) Member since 2014, elected until the AGM 2024 Deputy Chair of IG Metall
Mandates — Continental AG, Deputy Chairwoman
DR MARC BITZER (b. 1965) Member since 2021, elected until the AGM 2025 Chairman and Chief Executive Officer of Whirlpool Corporation
Mandates — Simex Trading AG *
— Whirlpool Corporation **, Chairman
1 Employee of the enterprise. 2 Union representative. 3 Executive employee of the enterprise.
* Not listed on the stock exchange. ** Group mandate. — Memberships of other statutory supervisory boards. — Memberships of comparable boards in Germany and abroad.
Financial Statements of BMW AG Notes Other Information
Composition of the Board of Management and Supervisory Board 45
BERNHARD EBNER 1 (b. 1978) Member since 2021, appointed until the AGM 2024 Chairman of the BMW AG Works Council Landshut
RACHEL EMPEY (b. 1976) Member since 2021, elected until the AGM 2025 Member of supervisory boards
Mandates — Fresenius Kabi AG *, **, Deputy Chairwoman
(until 31 August 2022) — Fresenius Medical Care Management AG*, **
(until 31 August 2022) — ZF Friedrichshafen AG * (since 15 March 2023)
DR-ING HEINRICH HIESINGER (b. 1960) Member since 2017, elected until the AGM 2026 Chairman of the Supervisory Board of ZF Friedrichshafen AG
Mandates — Deutsche Post AG — Fresenius Management SE * — ZF Friedrichshafen AG *, Chairman
JOHANN HORN 2 (b. 1958) Member since 2021, appointed until the AGM 2024 Head of Bavaria Region, IG Metall
Mandates — Siemens Healthcare GmbH *
DR Hc SUSANNE KLATTEN (b. 1962) Member since 1997, elected until the AGM 2024 Entrepreneur
Mandates — ALTANA AG *, **, Deputy Chairwoman — SGL Carbon SE, Chairwoman (until 9 May 2023) — SprinD GmbH *
— UnternehmerTUM GmbH *, Chairwoman
Note: Dr h.c. Klatten is the sole shareholder of ALTANA AG and holds a significant non-controlling interest in SGL Carbon SE. The mandates at SprinD GmbH and UnternehmerTUM GmbH are primarily an expression of her corporate citizenship.
JENS KÖHLER 1 (b. 1964) Member since 2021, appointed until the AGM 2024 Chairman of the BMW AG Works Council Leipzig
GERHARD KURZ 3 (b. 1963) Member since 11 July 2022, appointed until the AGM 2024 Head of Purchasing, Quality Management Powertrain at BMW AG
ANDRÉ MANDL 1 (b. 1984) Member since 4 April 2022, appointed until the AGM 2024 Chairman of the BMW AG Works Council Regensburg/ Wackersdorf
DR DOMINIQUE MOHABEER 1 (b. 1963) Member since 2012, elected until the AGM 2024 Member of the BMW AG Works Council Munich
ANKE SCHÄFERKORDT (b. 1962) Member since 2020, elected until the AGM 2025 Member of supervisory boards
Mandates — BASF SE (until 29 April 2022) — Serviceplan Group Management SE * — Wayfair Inc.
1 Employee of the enterprise. 2 Union representative. 3 Executive employee of the enterprise.
* Not listed on the stock exchange. ** Group mandate. — Memberships of other statutory supervisory boards. — Memberships of comparable boards in Germany and abroad.
Financial Statements of BMW AG Notes Other Information
Composition of the Board of Management and Supervisory Board 46
PROF DR DR Hc CHRISTOPH M. SCHMIDT (b. 1962) Member since 2021, elected until the AGM 2025 President of the RWI – Leibniz Institute for Economic Research Essen, University Professor
Mandates — BasaltActienGesellschaft *
— Thyssen Vermögensverwaltung GmbH *
DR VISHAL SIKKA (b. 1967) Member since 2019, elected until the AGM 2024 CEO & Founder, Vianai Systems, Inc.
Mandates — GSK plc (since 18 July 2022) — Oracle Corporation
SIBYLLE WANKEL 2 (b. 1964) Member since 4 January 2022, appointed until the AGM 2024 First Authorised Representative and Head of IG Metall’s Munich Office
Mandates — KraussMaffei Group GmbH *, Deputy Chairwoman — MAN Truck & Bus SE * (since 2 September 2022)
DR THOMAS WITTIG 3 (b. 1960) Member from 2019 to 31 May 2022 Former Senior Vice President Financial Services
Mandates — BMW Bank GmbH *, **, Chairman (until 29 April 2022) — BMW Automotive Finance (China) Co. Ltd.*, **,
Chairman (until 30 April 2022)
WERNER ZIERER 1 (b. 1959) Member from 2001 to 31 March 2022 Former Chairman of the BMW AG Works Council Regensburg/ Wackersdorf
1 Employee of the enterprise. 2 Union representative. 3 Executive employee of the enterprise.
* Not listed on the stock exchange. ** Group mandate. — Memberships of other statutory supervisory boards. — Memberships of comparable boards in Germany and abroad.
Financial Statements of BMW AG Notes Other Information
Composition of the Board of Management and Supervisory Board 47
Munich, 7 March 2023
Bayerische Motoren Werke Aktiengesellschaft
The Board of Management
Oliver Zipse
Ilka Horstmeier Dr.Ing. Milan Nedeljković
Pieter Nota Dr. Nicolas Peter
Dr.Ing. Joachim Post Frank Weber
Financial Statements of BMW AG Notes Other Information48
Pursuant to § [Article] 322 Abs. [paragraph] 3 Satz [sentence] 1 HGB [Handelsgesetzbuch: German Commercial Code], we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the management report.
Basis for the Audit Opinions We conducted our audit of the annual financial statements and of the management report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as “EU Audit Regulation”) in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those require ments and principles are further described in the “Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the Management Report” section of our auditor’s report. We are independent of the Company in accordance with the requirements of European law and German commercial and professional law, and we have fulfilled our other German profes sional responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided nonaudit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the annual financial statements and on the management report.
Key Audit Matters in the Audit of the Annual Financial Statements Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual financial statements for the financial year from 1 January to 31 De cember 2022. These matters were addressed in the context of our audit of the annual financial statements as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on these matters.
Audit Opinions We have audited the annual financial statements of Bayerische Motoren Werke Aktiengesellschaft, Munich, which comprise the balance sheet as at 31 December 2022, and the statement of profit and loss for the financial year from 1 January to 31 Decem ber 2022 and notes to the financial statements, including the presentation of the recognition and measurement policies. In addition, we have audited the management report of Bayerische Motoren Werke Aktiengesellschaft, which is combined with the group management report, for the financial year from 1 January to 31 December 2022. In accordance with the German legal requirements, we have not audited the content of those parts of the management report listed in the “Other Information” section of our auditor’s report.
In our opinion, on the basis of the knowledge obtained in the audit,
— the accompanying annual financial statements comply, in all material respects, with the requirements of German commer cial law and give a true and fair view of the assets, liabilities and financial position of the Company as at 31 Decem ber 2022 and of its financial performance for the financial year from 1 January to 31 December 2022 in compliance with German Legally Required Accounting Principles, and
— the accompanying management report as a whole provides an appropriate view of the Company’s position. In all material respects, this management report is consistent with the annual financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. Our audit opinion on the management report does not cover the content of those parts of the management report listed in the “Other Information” section of our auditor’s report.
I N D E P E N D E N T A U D I T O R ’ S R E P O R T To Bayerische Motoren Werke Aktiengesellschaft, Munich
Report on the audit of the annual financial statements and of the management report
Financial Statements of BMW AG Notes Other Information
Independent Auditor’s Report 49
Based on our audit procedures, we were able to satisfy our selves that the methods and processes for determining the expected residual values of leased products underlying the valuation are appropriate and the assumptions and param eters included in the forecast model for the residual value are appropriate as a whole.
3 The Company’s disclosures on the applied “Accounting policies, assumptions, judgments and estimations” are contained in the notes to the financial statements under“ Accounting policies” and “Notes to the balance sheet”.
2 Valuation of provisions for statutory and non-statutory warranty obligations and product guarantees
1 Provisions for statutory and nonstatutory warranty obligations as well as product guarantees are included in the annual financial statements of BMW AG as a material component in other provisions. The statutory and nonstatutory warranty obligations and product guarantees amounted to € 3,998 mil lion (approximately 5.5 of total assets) as at 31 Decem ber 2022. BMW AG is responsible for the legally required war ranty and product guarantees in the respective sales market. In order to estimate the liabilities arising from statutory and nonstatutory warranty obligations as well as product guar antees for vehicles sold, information on the type and volume of damages arising and on remedial measures is recorded and analyzed at vehicle model level. The expected amount of obligations is extrapolated from costs of the past and recognized as a provision in corresponding amount. For specific or anticipated individual circumstances, for example recalls for vehicles sold, additional provisions are recognized.
A key estimated value for the measurement of residual value risks is the expected residual value of the leased products at the end of the lease term. For the residual value forecasts BMW AG uses internally available data on historical empirical values, current market data and market estimates as well as forecasts by external market research institutes. The residual value estimates also include regulatory changes in the indi vidual markets. The estimation of future proceeds from sales is subject to judgment due to the large number of assump tions to be made by the executive directors and the amount of data included in the determination. Against this background and due to the resulting significant uncertainties with regard to estimates in the context of measuring the residual values of the leased products, this matter was of particular signifi cance in the context of our audit.
2 As part of our audit we obtained an understanding of the development of the residual values of leased products, the underlying residual value risks as well as the business pro cesses for the identification, management, monitoring and measurement of residual value risks, among other things by inquiries and inspection of documents related to the internal calculation methods. Furthermore, we evaluated the appro priateness and effectiveness of the internal control system, particularly regarding the determination of expected residual values. This included the evaluation of the propriety of the relevant ITsystems as well as the implemented interfaces therein by our ITspecialists. In addition, we evaluated the appropriateness of the forecasting methods, the model assumptions as well as the parameters used for the meas urement of the residual values based on the validations carried out by BMW AG. For this purpose, we inquired with BMW AG’s experts responsible for the management and monitoring of residual value risks and inspected the internal analysis on residual value developments and residual value forecasts as well as the validation results. We examined the mathematical correctness of the forecast values using the key calculation steps.
In our view, the matters of most significance in our audit were as follows:
1 Valuation of residual value risks
2 Valuation of provisions for statutory and non-statu- tory warranty obligations and product guarantees
Our presentation of these key audit matters has been structured in each case as follows:
1 Matter and issue
2 Audit approach and findings
3 Reference to further information
Hereinafter we present the key audit matters:
1 Valuation of residual value risks
1 BMW AG carries realization risks for leased products which are recognized by the affiliated companies of the segment “Financial Services” and partially assumes the residual value risks arising from this. Residual value risks are determined by comparing the contractually agreed residual value on a contractbycontract basis with the expected residual value at the end of the customer contract. The other provisions recognized in the annual financial statements of BMW AG include provisions for residual value risks amounting to € 1,382 million (approximately 1.9 % of total assets) as at 31 December 2022.
Financial Statements of BMW AG Notes Other Information
Independent Auditor’s Report 50
Our audit opinions on the annual financial statements and on the management report do not cover the other information, and consequently we do not express an audit opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information mentioned above and, in so doing, to consider whether the other information
— is materially inconsistent with the annual financial statements, with the management report disclosures audited in terms of content or with our knowledge obtained in the audit, or
— otherwise appears to be materially misstated.
Responsibilities of the Executive Directors and the Supervisory Board for the Annual Financial Statements and the Management Report The executive directors are responsible for the preparation of the annual financial statements that comply, in all material respects, with the requirements of German commercial law, and that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German Legally Required Accounting Principles. In addition, the executive directors are responsible for such internal control as they, in accordance with German Legally Required Accounting Principles, have determined necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.
In our view, the method for the valuation of provisions for statutory and nonstatutory warranty obligations as well as product guarantees is overall appropriate. Taking into con sideration the information available, we believe that, overall, the measurement parameters and assumptions used by the executive directors are appropriate.
3 The Company’s disclosures on the applied “Accounting policies, assumptions, judgments and estimations” are contained in the notes to the financial statements under “Accounting policies” and “Notes to the balance sheet”.
Other Information The executive directors are responsible for the other information. The other information comprises the following nonaudited parts of the management report:
— the section „APPROPRIATENESS AND EFFECTIVENESS OF THE INTERNAL CONTROL SYSTEM AND THE RISK MAN AGEMENT SYSTEM“ of the management report
— the disclosures marked with … of the nonfinancial state ment to comply with §§ 289b to 289e HGB and with §§ 315b to 315c HGB
The other information comprises further
— the statement on corporate governance pursuant to § 289f HGB und § 315d HGB
— all remaining parts of the publication “Annual report of BMW AG” – excluding crossreferences to external informa tion – with the exception of the audited annual financial state ments, the audited management report and our auditor’s report
The determination of provisions is associated with unavoid able estimation uncertainties and is subject to a high risk of change, depending on factors such as notification of detected defects as well as claims made by vehicle owners. Against this background, this matter was of particular significance during our audit.
2 In order to assess the appropriateness of the valuation method used for the determination of the provisions for statutory and nonstatutory warranty obligations as well as product guaran tees including the assumptions and parameters, we primarily obtained an understanding of the process for determining the assumptions and parameters through discussions with the responsible employees of BMW AG. We also evaluated the appropriateness as well as effectiveness of controls for deter mining the assumptions and parameters. With the involvement of our ITspecialists, we checked the ITsystems used regard ing their compliance. We compared the expenses for claims and technical actions with actual costs incurred in order to draw conclusions on the forecast accuracy. Based on a targeted sample of vehicle models, the mathematical correct ness of the valuation model used was examined. We examined and evaluated the assumptions used by BMW AG concerning the extent to which the past values were representative of the expected susceptibility of damage, the expected value of damage per vehicle (comprising parts and labor input) as well as the expected assertion of claims from statutory and nonstatutory warranties.
Financial Statements of BMW AG Notes Other Information
Independent Auditor’s Report 51
— Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor’s report to the related disclosures in the annual financial statements and in the management report or, if such disclosures are inadequate, to modify our respective audit opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern.
— Evaluate the overall presentation, structure and content of the annual financial statements, including the disclosures, and whether the annual financial statements present the under lying transactions and events in a manner that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German Legally Required Accounting Principles.
— Evaluate the consistency of the management report with the annual financial statements, its conformity with German law, and the view of the Company’s position it provides.
— Perform audit procedures on the prospective information presented by the executive directors in the management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective infor mation, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate audit opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual financial statements and this management report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
— Identify and assess the risks of material misstatement of the annual financial statements and of the management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
— Obtain an understanding of internal control relevant to the audit of the annual financial statements and of arrangements and measures (systems) relevant to the audit of the manage ment report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of these systems of the Company.
— Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.
In preparing the annual financial statements, the executive directors are responsible for assessing the Company’s ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided no actual or legal circumstances conflict therewith.
Furthermore, the executive directors are responsible for the preparation of the management report that as a whole provides an appropriate view of the Company’s position and is, in all material respects, consistent with the annual financial state ments, complies with German legal requirements, and appropri ately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a management report that is in accordance with the applicable German legal require ments, and to be able to provide sufficient appropriate evidence for the assertions in the management report.
The supervisory board is responsible for overseeing the Com pany’s financial reporting process for the preparation of the annual financial statements and of the management report.
Auditor’s Responsibilities for the Audit of the Annual Financial Statements and of the Management Report Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the management report as a whole provides an appropriate view of the Company’s position and, in all material respects, is consistent with the annual financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that includes our audit opinions on the annual financial statements and on the management report.
Financial Statements of BMW AG Notes Other Information
Independent Auditor’s Report 52
financial year from 1 January to 31 December 2022 contained in the “Report on the Audit of the Annual Financial Statements and on the Management Report” above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the electronic file identified above.
Basis for the Assurance Opinion We conducted our assurance work on the rendering of the annual financial statements and the management report contained in the electronic file identified above in accordance with § 317 Abs. 3a HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering, of Financial Statements and Management Reports, Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB (IDW PS 410 (06.2022)) and the International Standard on Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith is further described in the “Auditor’s Responsibilities for the Assurance Work on the ESEF Documents” section. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality Management in the Audit Firm (IDW QS 1).
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents The executive directors of the Company are responsible for the preparation of the ESEF documents including the electronic ren derings of the annual financial statements and the management report in accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB.
In addition, the executive directors of the Company are respon sible for such internal control as they have considered necessary to enable the preparation of ESEF documents that are free from material noncompliance with the requirements of § 328 Abs. 1 HGB for the electronic reporting format, whether due to fraud or error.
O T H E R L E G A L A N D R E G U L AT O R Y R E Q U I R E M E N T S Report on the Assurance on the Electronic Rendering of the Annual Financial Statements and the Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB
Assurance Opinion We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable assurance as to whether the rendering of the annual financial statements and the manage ment report (hereinafter the “ESEF documents”) contained in the electronic file BMW_AG_ JA_ESEF20221231.zip and prepared for publication purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format (“ESEF format”). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the annual financial statements and the management report into the ESEF format and therefore relates neither to the information contained within these render ings nor to any other information contained in the electronic file identified above.
In our opinion, the rendering of the annual financial statements and the management report contained in the electronic file iden tified above and prepared for publication purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinion on the accompanying annual financial statements and the accompanying management report for the
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a state ment that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with govern ance, we determine those matters that were of most significance in the audit of the annual financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter.
Financial Statements of BMW AG Notes Other Information
Independent Auditor’s Report 53
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Michael Popp.
Munich, 8 March 2023
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft
Petra Justenhoven Michael Popp Wirtschaftsprüferin Wirtschaftsprüfer (German Public Auditor) (German Public Auditor)
Further Information pursuant to Article 10 of the EU Audit Regulation We were elected as auditor by the annual general meeting on 11 May 2022. We were engaged by the supervisory board on 30 June 2022. We have been the auditor of the Bayerische Motoren Werke Aktiengesellschaft, Munich, without interruption since the financial year 2019.
We declare that the audit opinions expressed in this auditor’s report are consistent with the additional report to the audit com mittee pursuant to Article 11 of the EU Audit Regulation (longform audit report).
REFERENCE TO AN OTHER MATTER– USE OF THE AUDITOR’S REPORT
Our auditor’s report must always be read together with the audited annual financial statements and the audited management report as well as the assured ESEF documents. The annual finan cial statements and the management report converted to the ESEF format – including the versions to be filed in the company register – are merely electronic renderings of the audited annual financial statements and the audited management report and do not take their place. In particular, the “Report on the Assurance on the Electronic Rendering of the Annual Financial Statements and the Management Report Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our assurance opin ion contained therein are to be used solely together with the assured ESEF documents made available in electronic form.
The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part of the financial report ing process.
Auditor’s Responsibilities for the Assurance Work on the ESEF Documents Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material noncompliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. We exercise professional judgment and maintain profes sional skepticism throughout the assurance work. We also:
— Identify and assess the risks of material noncompliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
— Obtain an understanding of internal control relevant to the assurance work on the ESEF documents in order to design assurance procedures that are appropriate in the circum stances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
— Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815 in the version in force at the date of the annual financial statements on the technical specification for this electronic file.
— Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the audited annual financial statements and to the audited management report.
Financial Statements of BMW AG Notes Other Information
Independent Auditor’s Report 54
I N F O R M A T I O N O T H E R
Financial Statements of BMW AG Notes Other Information55
Munich, 7 March 2023
Bayerische Motoren Werke Aktiengesellschaft
The Board of Management
Oliver Zipse
Ilka Horstmeier Dr.Ing. Milan Nedeljković
Pieter Nota Dr. Nicolas Peter
Dr.Ing. Joachim Post Frank Weber
39. Responsibility Statement by the Legal Representa- tives of the Company pursuant to § 264 ( 2) sentence 3 and § 289 (1) sentence 5 HGB
„To the best of our knowledge, and in accordance with the applicable reporting principles, the Annual Financial State ments of Bayerische Motoren Werke Aktiengesellschaft give a true and fair view of the assets, liabilities, financial position and results of operations of the Company in accordance with German accounting principles, and the Management Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal opportunities and risks associated with the expected development of the Company.“
R E S P O N S I B I L I T Y S TAT E - M E N T B Y T H E C O M P A N Y ’ S L E G A L R E P R E S E N TAT I V E S
Financial Statements of BMW AG Notes Other Information
Responsibility Statement by the Company’s Legal Representatives 56
T E N - Y E A R C O M P A R I S O N
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Revenues 1 € million 98,807 88,526 75,040 84,691 78,355 79,215 75,350 72,384 66,599 60,474
Export ratio % 85.4 84.3 81.5 82.2 82.4 82.8 82.4 83.0 81.7 81.5
Production
Automobiles 2 Units 2,382,338 2,461,269 2,255,608 2,564,025 2,541,534 2,505,741 2,359,756 2,279,503 2,165,566 2,006,366
Motorcycles Units 215,932 187,500 168,115 187,116 162,687 185,682 145,555 151,004 133,615 110,127
Deliveries
Automobiles 2 Units 2,385,299 2,437,591 2,249,943 2,555,795 2,519,897 2,494,115 2,355,726 2,275,367 2,166,772 1,995,903
Motorcycles Units 219,322 184,613 170,918 180,941 164,096 175,452 147,290 144,291 133,635 110,039
Capital expenditure € million 4,498 3,304 2,790 3,233 2,975 2,628 2,346 2,748 3,150 3,203
Depreciation, amortisation and impairment losses € million 2,452 2,846 2,646 2,573 2,470 2,350 2,233 2,072 1,890 1,732
Workforce at end of year 3 87,183 83,308 84,668 86,700 89,842 87,940 85,754 84,860 80,675 77,110
Tangible, intangible and investment assets 4 € million 27,541 18,511 16,834 16,640 15,787 15,419 14,711 14,619 13,945 12,833
Current assets, prepayments and surplus of pension and similar plan assets over liabilities € million 44,702 46,194 40,806 39,179 29,748 26,053 21,588 20,358 20,291 20,932
Subscribed capital € million 646 5 662 660 659 658 658 657 657 656 656
Reserves € million 14,091 14,438 13,252 12,774 12,280 11,758 11,165 10,168 9,506 8,166
Equity € million 20,218 18,927 15,165 15,079 15,241 15,046 14,122 12,927 12,066 10,529
as % of tangible, intangible and investment assets % 73.4 102.2 90.6 90.6 96.5 97.6 96.0 88.4 86.5 82.0
Balance sheet total € million 72,243 64,705 57,640 55,819 45,535 41,472 36,299 34,977 34,236 33,765
Cost of materials € million 73,965 66,246 57,425 63,425 57,726 56,065 53,862 52,128 47,008 43,402
Personnel expense € million 10,206 9,980 8,565 8,631 8,597 8,638 8,340 7,576 6,786 6,419
Taxes € million 1,613 1,085 232 789 891 1,579 1,327 1,831 1,934 1,674
Net profit € million 6,311 4,910 1,702 2,107 2,801 3,197 3,277 2,741 3,229 2,289
Dividend € million 5,481 6 3,827 1,253 1,646 2,303 2,630 2,300 2,102 1,904 1,707
per share of common stock with a par value of € 1 each € 8.50 6 5.80 1.90 2.50 3.50 4.00 3.50 3.20 2.90 2.60
per share of preferred stock with a par value of € 1 each € 8.52 6 5.82 1.92 2.52 3.52 4.02 3.52 3.22 2.92 2.62
1 Financial Reporting Implementation Act (BilRUG) applied with effect from the beginning of the financial year 2016. Comparative figures for 2015 not adjusted. 2 Including supplies of series parts to BMW Brilliance Automotive Ltd., Shenyang. 3 From 2019 onwards adjusted due to change in internal management system, with the exception of employee groups such as apprentices and interns (details provided in BMW Group Annual Report 2019, Group Management Report). 4 From 2013 onwards including tangible and intangible assets transferred in conjunction with the merger of BMW Peugeot Citroën Electrification GmbH, Munich.
From 2015 onwards including property, plant and equipment transferred in conjunction with the merger of BMW Forschung und Technik GmbH, Munich. 5 Includes the Company’s subscribed capital and the nominal value of treasury shares held. 6 Proposed by the Board of Management. The distribution is based on the number of shares of common and preferred stock entitled to receive dividend as at the balance sheet date.
Financial Statements of BMW AG Notes Other Information
Ten-year Comparison 57
F I N A N C I A L C A L E N D A R
2 0 2 4
20 March 2024 BMW Group Report 2023
20 March 2024 BMW Group Annual Conference; Media Day
21 March 2024 BMW Group Annual Conference; Analyst and Investor Day
8 May 2024 Quarterly Statement to 31 March 2024
15 May 2024 Annual General Meeting
1 August 2024 HalfYear Report to 30 June 2024
6 November 2024 Quarterly Statement to 30 September 2024
2 0 2 3
15 March 2023 BMW Group Annual Conference
4 May 2023 Quarterly Statement to 31 March 2023
11 May 2023 Annual General Meeting
3 August 2023 HalfYear Report to 30 June 2023
3 November 2023 Quarterly Statement to 30 September 2023
Financial Statements of BMW AG Notes Other Information
Financial Calendar 58
P U B L I S H E D B Y
Bayerische Motoren Werke Aktiengesellschaft 80788 Munich Germany Telephone + 49 89 3820
B U S I N E S S A N D F I N A N C E P R E S S
Telephone + 49 89 3822 45 44 + 49 89 3822 41 18
Fax + 49 89 3822 44 18
Email [email protected]
I N V E S T O R R E L AT I O N S
Telephone + 49 89 3822 53 87
Fax + 49 89 3821 46 61
Email [email protected]
T H E B M W G R O U P O N T H E I N T E R N E T
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
↗ www.rolls-roycemotorcars.com
↗ www.bmw-motorrad.com
C O N TA C T S
Financial Statements of BMW AG Notes Other Information
Contacts 59
- Financial Statements of BMW AG
- BMW AG in figures
- Financial Statements
- Publication
- Balance Sheet at 31 December
- Income Statement
- Notes
- Notes
- Basis of preparation
- Accounting policies
- Analysis of Changes in Tangible, Intangible and Investment Assets
- Notes to the balance sheet
- Notes to the Income Statement
- Other disclosures
- List of investments at 31 December 2022
- Appendix 2: List of share buybacks in the financial year 2022
- Composition of the Board of Management and Supervisory Board
- Members of the Board of Management
- Members of the Supervisory Board
- Independent Auditor’s Report
- Other Legal and Regulatory Requirements
- Other Information
- Responsibility Statement by the Company’s Legal Representatives
- Financial Calendar
- Contact
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