Financial Statements
Income Statements for Group and Segments
in € million | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Note | Group | Automotive (unaudited supplementary information) |
Motorcycles (unaudited supplementary information) |
Financial Services (unaudited supplementary information) |
Other Entities (unaudited supplementary information) |
Eliminations (unaudited supplementary information) |
|||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||
Revenues | 6 | 94,163 | 92,175 | 86,424 | 85,536 | 2,069 | 1,990 | 25,681 | 23,739 | 6 | 7 | – 20,017 | – 19,097 | ||
Cost of sales | 7 | – 75,442 | – 74,043 | – 70,973 | – 70,399 | – 1,639 | – 1,542 | – 22,135 | – 20,586 | – | – | 19,305 | 18,484 | ||
Gross profit | 18,721 | 18,132 | 15,451 | 15,137 | 430 | 448 | 3,546 | 3,153 | 6 | 7 | – 712 | – 613 | |||
Selling and administrative expenses | 8 | – 9,158 | – 8,633 | – 7,604 | – 7,219 | – 256 | – 239 | – 1,294 | – 1,164 | – 30 | – 30 | 26 | 19 | ||
Other operating income | 9 | 670 | 914 | 616 | 689 | 27 | – | 35 | 46 | 110 | 238 | – 118 | – 59 | ||
Other operating expenses | 9 | – 847 | – 820 | – 768 | – 771 | – 14 | – 27 | – 103 | – 54 | – 103 | – 46 | 141 | 78 | ||
Profit / loss before financial result | 9,386 | 9,593 | 7,695 | 7,836 | 187 | 182 | 2,184 | 1,981 | – 17 | 169 | – 663 | – 575 | |||
Result from equity accounted investments | 22 | 441 | 518 | 441 | 518 | – | – | – | – | – | – | – | – | ||
Interest and similar income | 10 | 196 | 185 | 260 | 327 | – | – | 11 | 4 | 1,250 | 1,177 | – 1,325 | – 1,323 | ||
Interest and similar expenses | 10 | – 489 | – 618 | – 673 | – 762 | – 2 | – 3 | – 24 | – 7 | – 1,006 | – 1,080 | 1,216 | 1,234 | ||
Other financial result | 11 | 131 | – 454 | 193 | – 396 | – | – | – 5 | – 3 | – 57 | – 55 | – | – | ||
Financial result | 279 | – 369 | 221 | – 313 | – 2 | – 3 | – 18 | – 6 | 187 | 42 | – 109 | – 89 | |||
Profit / loss before tax | 9,665 | 9,224 | 7,916 | 7,523 | 185 | 179 | 2,166 | 1,975 | 170 | 211 | – 772 | – 664 | |||
Income taxes | 12 | – 2,755 | – 2,828 | – 2,475 | – 2,376 | – 53 | – 55 | – 389 | – 528 | – 49 | – 73 | 211 | 204 | ||
Net profit / loss | 6,910 | 6,396 | 5,441 | 5,147 | 132 | 124 | 1,777 | 1,447 | 121 | 138 | – 561 | – 460 | |||
Attributable to minority interest | 47 | 27 | 10 | 5 | – | – | 37 | 21 | – | 1 | – | – | |||
Attributable to shareholders of BMW AG | 29 | 6,863 | 6,369 | 5,431 | 5,142 | 132 | 124 | 1,740 | 1,426 | 121 | 137 | – 561 | – 460 | ||
Basic earnings per share of common stock in € | 13 | 10.45 | 9.70 | ||||||||||||
Basic earnings per share of preferred stock in € | 13 | 10.47 | 9.72 | ||||||||||||
Dilutive effects | – | – | |||||||||||||
Diluted earnings per share of common stock in € | 13 | 10.45 | 9.70 | ||||||||||||
Diluted earnings per share of preferred stock in € | 13 | 10.47 | 9.72 | ||||||||||||
Statement of Comprehensive Income for Group
in € million | Note | 2016 | 2015 |
---|---|---|---|
Net profit | 6,910 | 6,396 | |
Remeasurement of the net defined benefit liability for pension plans | 30 | – 1,858 | 1,413 |
Deferred taxes | 529 | – 401 | |
Items not expected to be reclassified to the income statement in the future | – 1,329 | 1,012 | |
Available-for-sale securities | 40 | – 170 | |
Financial instruments used for hedging purposes | 2,008 | – 1,301 | |
Other comprehensive income from equity accounted investments | 43 | 71 | |
Deferred taxes | – 721 | 516 | |
Currency translation foreign operations | – 230 | 765 | |
Items expected to be reclassified to the income statement in the future | 1,140 | – 119 | |
Other comprehensive income for the period after tax | 17 | – 189 | 893 |
Total comprehensive income | 6,721 | 7,289 | |
Total comprehensive income attributable to minority interests | 47 | 27 | |
Total comprehensive income attributable to shareholders of BMW AG | 29 | 6,674 | 7,262 |
Balance Sheets for Group and Segments at 31 December 2016
Assets
Assets
Assets | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Note | Group | Automotive (unaudited supplementary information) |
Motorcycles (unaudited supplementary information) |
Financial Services (unaudited supplementary information) |
Other Entities (unaudited supplementary information) |
Eliminations (unaudited supplementary information) |
||||||||
in € million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||
Intangible assets | 19 | 8,157 | 7,372 | 7,705 | 6,899 | 46 | 48 | 405 | 424 | 1 | 1 | – | – | |
Property, plant and equipment | 20 | 17,960 | 17,759 | 17,566 | 17,416 | 365 | 313 | 29 | 30 | – | – | – | – | |
Leased products | 21 | 37,789 | 34,965 | – | – | – | – | 45,134 | 41,148 | – | – | – 7,345 | – 6,183 | |
Investments accounted for using the equity method | 22 | 2,546 | 2,233 | 2,546 | 2,233 | – | – | – | – | – | – | – | – | |
Other investments | 560 | 428 | 5,195 | 5,147 | – | – | 3 | 2 | 6,585 | 5,966 | – 11,223 | – 10,687 | ||
Receivables from sales financing | 23 | 48,032 | 41,865 | – | – | – | – | 48,032 | 41,865 | – | – | – | – | |
Financial assets | 24 | 2,705 | 2,208 | 1,287 | 586 | – | – | 221 | 236 | 1,780 | 1,985 | – 583 | – 599 | |
Deferred tax | 12 | 2,327 | 1,945 | 4,310 | 4,114 | – | – | 389 | 222 | 263 | 205 | – 2,635 | – 2,596 | |
Other assets | 26 | 1,595 | 1,568 | 4,043 | 3,935 | 28 | 25 | 3,093 | 2,469 | 27,120 | 22,268 | – 32,689 | – 27,129 | |
Non-current assets | 121,671 | 110,343 | 42,652 | 40,330 | 439 | 386 | 97,306 | 86,396 | 35,749 | 30,425 | – 54,475 | – 47,194 | ||
Inventories | 27 | 11,841 | 11,071 | 11,344 | 10,611 | 492 | 453 | 5 | 7 | – | – | – | – | |
Trade receivables | 28 | 2,825 | 2,751 | 2,502 | 2,453 | 144 | 139 | 178 | 158 | 1 | 1 | – | – | |
Receivables from sales financing | 23 | 30,228 | 28,178 | – | – | – | – | 30,228 | 28,178 | – | – | – | – | |
Financial assets | 24 | 7,065 | 6,635 | 4,862 | 4,859 | – | – | 1,504 | 1,354 | 1,329 | 1,121 | – 630 | – 699 | |
Current tax | 25 | 1,938 | 2,381 | 1,000 | 1,240 | – | – | 44 | 37 | 894 | 1,104 | – | – | |
Other assets | 26 | 5,087 | 4,693 | 21,561 | 19,907 | 2 | – | 5,417 | 4,540 | 44,782 | 45,379 | – 66,675 | – 65,133 | |
Cash and cash equivalents | 33 | 7,880 | 6,122 | 4,794 | 3,952 | – | – | 3,046 | 1,359 | 40 | 811 | – | – | |
Current assets | 66,864 | 61,831 | 46,063 | 43,022 | 638 | 592 | 40,422 | 35,633 | 47,046 | 48,416 | – 67,305 | – 65,832 | ||
Total assets | 188,535 | 172,174 | 88,715 | 83,352 | 1,077 | 978 | 137,728 | 122,029 | 82,795 | 78,841 | – 121,780 | – 113,026 | ||
Balance Sheets for Group and Segments at 31 December 2016
Equity and Liabilities
Equity and Liabilities
Equity and liabilities | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Note | Group | Automotive (unaudited supplementary information) |
Motorcycles (unaudited supplementary information) |
Financial Services (unaudited supplementary information) |
Other Entities (unaudited supplementary information) |
Eliminations (unaudited supplementary information) |
||||||||
in € million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||
Subscribed capital | 29 | 657 | 657 | |||||||||||
Capital reserves | 29 | 2,047 | 2,027 | |||||||||||
Revenue reserves | 29 | 44,445 | 41,027 | |||||||||||
Accumulated other equity | 29 | – 41 | – 1,181 | |||||||||||
Equity attributable to shareholders of BMW AG | 29 | 47,108 | 42,530 | |||||||||||
Minority interest | 255 | 234 | ||||||||||||
Equity | 47,363 | 42,764 | 36,624 | 33,460 | – | – | 11,049 | 9,948 | 16,744 | 15,225 | – 17,054 | – 15,869 | ||
Pension provisions | 30 | 4,587 | 3,000 | 2,911 | 1,770 | 83 | 45 | 77 | 55 | 1,516 | 1,130 | – | – | |
Other provisions | 31 | 5,039 | 4,621 | 4,570 | 4,141 | 103 | 136 | 353 | 313 | 13 | 31 | – | – | |
Deferred tax | 12 | 2,795 | 2,116 | 740 | 429 | – | – | 6,755 | 6,158 | 48 | 28 | – 4,748 | – 4,499 | |
Financial liabilities | 33 | 55,405 | 49,523 | 1,942 | 2,621 | – | – | 17,718 | 16,030 | 36,328 | 31,471 | – 583 | – 599 | |
Other liabilities | 34 | 5,357 | 4,559 | 6,530 | 5,545 | 442 | 401 | 29,413 | 23,613 | 601 | 835 | – 31,629 | – 25,835 | |
Non-current provisions and liabilities | 73,183 | 63,819 | 16,693 | 14,506 | 628 | 582 | 54,316 | 46,169 | 38,506 | 33,495 | – 36,960 | – 30,933 | ||
Other provisions | 31 | 5,879 | 5,009 | 5,187 | 4,398 | 90 | 85 | 599 | 518 | 3 | 8 | – | – | |
Current tax | 32 | 1,074 | 1,441 | 770 | 810 | – | – | 255 | 223 | 49 | 408 | – | – | |
Financial liabilities | 33 | 42,326 | 42,160 | 1,481 | 3,211 | – | – | 27,368 | 23,038 | 14,107 | 16,610 | – 630 | – 699 | |
Trade payables | 35 | 8,512 | 7,773 | 7,483 | 6,856 | 303 | 263 | 702 | 630 | 24 | 24 | – | – | |
Other liabilities | 34 | 10,198 | 9,208 | 20,477 | 20,111 | 56 | 48 | 43,439 | 41,503 | 13,362 | 13,071 | – 67,136 | – 65,525 | |
Current provisions and liabilities | 67,989 | 65,591 | 35,398 | 35,386 | 449 | 396 | 72,363 | 65,912 | 27,545 | 30,121 | – 67,766 | – 66,224 | ||
Total equity and liabilities | 188,535 | 172,174 | 88,715 | 83,352 | 1,077 | 978 | 137,728 | 122,029 | 82,795 | 78,841 | – 121,780 | – 113,026 | ||
Cash Flow Statements for Group and Segments
Group | Automotive (unaudited supplementary information) |
Financial Services (unaudited supplementary information) |
|||||
---|---|---|---|---|---|---|---|
in € million | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |
Net profit | 6,910 | 6,396 | 5,441 | 5,147 | 1,777 | 1,447 | |
Reconciliation between net profit and cash inflow / outflow from operating activities | |||||||
Current tax | 2,670 | 2,751 | 2,787 | 2,893 | – 117 | – 125 | |
Other interest and similar income / expenses | 131 | 239 | 283 | 302 | 121 | 11 | |
Depreciation and amortisation of other tangible, intangible and investment assets | 4,998 | 4,686 | 4,876 | 4,577 | 29 | 31 | |
Change in provisions | 883 | 296 | 970 | 128 | 139 | 172 | |
Change in leased products | – 2,526 | – 3,299 | – | 3 | – 3,532 | – 4,026 | |
Change in receivables from sales financing | – 8,368 | – 6,637 | – | – | – 8,368 | – 6,637 | |
Change in deferred taxes | 85 | 77 | – 187 | – 369 | 275 | 579 | |
Other non-cash income and expense items | – 15 | 47 | 11 | 316 | 11 | 5 | |
Gain / loss on disposal of tangible and intangible assets and marketable securities | – 4 | – 144 | – 3 | – 138 | – 1 | – 5 | |
Result from equity accounted investments | – 441 | – 518 | – 441 | – 518 | – | – | |
Changes in working capital | – 104 | – 293 | – 172 | – 337 | 50 | 46 | |
Change in inventories | – 749 | 298 | – 758 | 367 | 2 | 1 | |
Change in trade receivables | – 93 | – 566 | – 43 | – 541 | – 12 | – 15 | |
Change in trade payables | 738 | – 25 | 629 | – 163 | 60 | 60 | |
Change in other operating assets and liabilities | 1,229 | 550 | – 246 | 2,295 | – 283 | – 1,706 | |
Income taxes paid | – 2,417 | – 3,323 | – 1,997 | – 2,595 | 164 | – 133 | |
Interest received | 142 | 132 | 142 | 132 | –1 | –1 | |
Cash inflow / outflow from operating activities | 3,173 | 960 | 11,464 | 11,836 | – 9,844 | – 10,351 | |
Investment in intangible assets and property, plant and equipment | – 5,823 | – 5,889 | – 5,699 | – 5,791 | – 10 | – 6 | |
Proceeds from the disposal of intangible assets and property, plant and equipment | 10 | 38 | 9 | 38 | – | – | |
Expenditure for investments | – 338 | – 746 | – 122 | – 823 | – | – | |
Proceeds from the disposal of investments | 140 | 215 | 140 | 144 | – | – | |
Investments in marketable securities and investment funds | – 3,592 | – 6,880 | – 3,196 | – 6,498 | – 396 | – 387 | |
Proceeds from the sale of marketable securities and investment funds | 3,740 | 5,659 | 3,436 | 5,406 | 304 | 253 | |
Cash inflow / outflow from investing activities | – 5,863 | – 7,603 | – 5,432 | – 7,524 | – 102 | – 140 | |
Issue / buy-back of treasury shares | – | – | – | – | – | – | |
Payments into equity | 20 | 23 | 20 | 23 | – | – | |
Payment of dividend for the previous year | – 2,121 | – 1,917 | – 2,121 | – 1,917 | – | – | |
Intragroup financing and equity transactions | – | – | – 1,833 | – 2,840 | 6,191 | 5,913 | |
Interest paid | – 118 | – 264 | – 118 | – 264 | –1 | –1 | |
Proceeds from the issue of bonds | 13,974 | 13,007 | – | – | 870 | 429 | |
Repayment of bonds | – 10,374 | – 8,908 | – | – | – 1,160 | – 773 | |
Proceeds from new non-current other financial liabilities | 8,952 | 9,715 | 67 | 108 | 8,295 | 8,787 | |
Repayment of non-current other financial liabilities | – 8,443 | – 8,802 | – 520 | – 521 | – 7,215 | – 7,671 | |
Change in current other financial liabilities | 4,135 | 2,648 | – 720 | – 719 | 4,425 | 3,343 | |
Change in commercial paper | – 1,632 | – 498 | – | – | 195 | – | |
Cash inflow / outflow from financing activities | 4,393 | 5,004 | – 5,225 | – 6,130 | 11,601 | 10,028 | |
Effect of exchange rate on cash and cash equivalents | 17 | 73 | 10 | 18 | 21 | 39 | |
Effect of changes in composition of Group on cash and cash equivalents | 38 | – | 25 | – | 11 | – | |
Change in cash and cash equivalents | 1,758 | – 1,566 | 842 | – 1,800 | 1,687 | – 424 | |
Cash and cash equivalents as at 1 January | 6,122 | 7,688 | 3,952 | 5,752 | 1,359 | 1,783 | |
Cash and cash equivalents as at 31 December | 7,880 | 6,122 | 4,794 | 3,952 | 3,046 | 1,359 | |
1 Interest relating to financial services business is classified as revenues / cost of sales. |
Group Statement of changes in Equity
in € million | Note | Subscribed capital |
Capital reserves |
Revenue reserves |
Accumulated other equity | Equity attributable to shareholders of BMW AG |
Minority interest |
Total | ||
---|---|---|---|---|---|---|---|---|---|---|
Currency translation differences |
Securities | Derivative financial instruments |
||||||||
1 January 2016 | 29 | 657 | 2,027 | 41,027 | 132 | 24 | – 1,337 | 42,530 | 234 | 42,764 |
Dividends paid | – | – | – 2,102 | – | – | – | – 2,102 | – | – 2,102 | |
Net profit | – | – | 6,863 | – | – | – | 6,863 | 47 | 6,910 | |
Other comprehensive income for the period after tax | – | – | – 1,329 | – 303 | 28 | 1,415 | – 189 | – | – 189 | |
Comprehensive income 31 December 2016 | – | – | 5,534 | – 303 | 28 | 1,415 | 6,674 | 47 | 6,721 | |
Subscribed share capital increase out of Authorised Capital | – | – | – | – | – | – | – | – | – | |
Premium arising on capital increase relating to preferred stock | – | 20 | – | – | – | – | 20 | – | 20 | |
Other changes | – | – | – 14 | – | – | – | – 14 | – 26 | – 40 | |
31 December 2016 | 29 | 657 | 2,047 | 44,445 | – 171 | 52 | 78 | 47,108 | 255 | 47,363 |
in € million | Note | Subscribed capital |
Capital reserves |
Revenue reserves |
Accumulated other equity | Equity attributable to shareholders of BMW AG |
Minority interest |
Total | ||
---|---|---|---|---|---|---|---|---|---|---|
Currency translation differences |
Securities | Derivative financial instruments |
||||||||
1 January 2015 | 29 | 656 | 2,005 | 35,621 | – 723 | 141 | – 480 | 37,220 | 217 | 37,437 |
Dividends paid | – | – | – 1,904 | – | – | – | – 1,904 | – | – 1,904 | |
Net profit | – | – | 6,369 | – | – | – | 6,369 | 27 | 6,396 | |
Other comprehensive income for the period after tax | – | – | 1,012 | 855 | – 117 | – 857 | 893 | – | 893 | |
Comprehensive income 31 December 2015 | – | – | 7,381 | 855 | – 117 | – 857 | 7,262 | 27 | 7,289 | |
Subscribed share capital increase out of Authorised Capital | 1 | – | – | – | – | – | 1 | – | 1 | |
Premium arising on capital increase relating to preferred stock | – | 22 | – | – | – | – | 22 | – | 22 | |
Other changes | – | – | – 71 | – | – | – | – 71 | – 10 | – 81 | |
31 December 2015 | 29 | 657 | 2,027 | 41,027 | 132 | 24 | – 1,337 | 42,530 | 234 | 42,764 |