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ANALYST AND INVESTOR CONFERENCE DR. FRIEDRICH EICHINER MEMBER OF THE BOARD OF MANAGEMENT OF BMW AG, FINANCE
March 20, 2014
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BMW GROUP SUCCESSFUL IN 2013 FUTUREPROOFING ENHANCED
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GROUP MARGIN AT 10.4%
EBT Margin BMW Group (in %)
0%
2%
4%
6%
8%
10%
12%
2013 2011 2009 2010 2012
10.4 10.7
0.8
8.0 10.2
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BMW GROUP – 2013 FINANCIAL YEAR: GUIDANCE FULFILLED
In million € 2013 2012* Change in %
Automotive sales (units) 1,963,798 1,845,186 + 6.4
Group revenues 76,058 76,848 - 1.0
Group profit before tax (EBT) 7,913 7,803 + 1.4
Return on sales (EBT) (in %) 10.4 10.2 -
Group net profit 5,340 5,111 + 4.5
* Previous year adjusted
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4TH QUARTER 2013: EBIT MARGIN FOR AUTOMOTIVE SEGMENT HIGHER THAN EXPECTED
In million € 2013 2012* Change in %
Automotive sales (units) 527,620 509,684 + 3.5
Group revenues 20,210 20,536 - 1.6
Group profit before tax (EBT) 1,889 1,760 + 7.3
Return on sales (EBT) (in %) 9.3 8.6 -
Group net profit 1,306 1,193 + 9.5
EBIT margin Automotive Segment (in %) 9.2 10.5 -
* Previous year adjusted
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CAPEX RATIO ABOVE TARGET AS PLANNED BASIS FOR FURTHER GROWTH PROVIDED
Capex ratio for the BMW Group
Target: < 7.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
2006 2007 2008 2009 2010 2011 2012 2013
8.8%
7.6% 7.9%
6.8% 6.8%
5.4% 5.4%
8.8%
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EXPANSION OF GLOBAL PRODUCTION NETWORK
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R&D EXPENDITURE AT €4.8 BN
R&D ratio (HGB) BMW Group
Target range: 5 – 5.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
7.0%
2006 2007 2008 2009 2010 2011 2012 2013
6.5%
5.6%
5.4%
4.8%
4.6%
4.9% 5.1%
6.3%
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2.50
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2012
2.60
2013
PROPOSED DIVIDEND TO INCREASE PAYOUT RATIO OF 32%
Dividend per common stock in € Total dividend payout in million €
0
300
600
900
1200
1500
1800
2012
1,707
2013
1,640
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AUTOMOTIVE SEGMENT – 2013 FINANCIAL YEAR: EBIT MARGIN WELL WITHIN TARGET RANGE
In million € 2013 2012* Change in %
Sales (units) 1,963,798 1,845,186 + 6.4
Revenues 70,629 70,208 + 0.6
Profit before interest and tax (EBIT) 6,657 7,599 - 12.4
EBIT margin (in %) 9.4 10.8 -
Profit before tax (EBT) 6,561 7,170 - 8.5
* Previous year adjusted
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AUTOMOTIVE SEGMENT: RECONCILIATION OF EBIT 2013 FROM PREVIOUS YEAR
In million €
EBIT
2012*
Net expense
from exchange
rates/
commodities
Other operating
income and
expenditure
Volume/ Mix/ Market
Depreciation Other changes EBIT 2013
7,599
6,657
- 214 + 133 - 167
- 218
- 476
EBIT margin
10.8%*
EBIT margin
9.4%
* Previous year adjusted
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FREE CASH FLOW IN AUTOMOTIVE SEGMENT LOWER THAN IN PREVIOUS YEAR OWING TO INVESTMENTS
In million €
0
1,000
2,000
3,000
4,000
5,000
2,499
2013
3,809
2012* * Previous year adjusted
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STABLE LIQUIDITY AS PER END OF 2013 FINANCIAL FLEXIBILITY ASSURED
In billion €
0
2
4
6
8
10
12
10.724
7.664
3.060
2013
11.025
8.370
2.655
2012
Securities
Cash & cash equivalents
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FINANCIAL SERVICES SEGMENT: 2013 KEY FINANCIALS
In million € 2013 2012 Change in %
New customer contracts (units) 1,471,385 1,341,296 + 9.7
On-balance sheet business volume 84,347 80,974 + 4.2
Profit before tax (EBT) 1,639 1,561 + 5.0
Return on equity (in %) 20.2 21.2 -
Penetration rate (in %) 44.0 40.4 -
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BMW GROUP WITH BEST RATING AMONG EUROPEAN AUTOMOTIVE MANUFACTURERS
Standard & Poor's Moody's
Short-term Rating A-1 P-1
Long-term Rating A+ A2
Outlook Stable Stable
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POSITIVE BUSINESS DEVELOPMENT AT ALPHABET EXPANSION OF BMW BANK COMPLETED IN 2013
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0.41 0.37 0.41
0.46
0.59
0.84
0.67
0.49
2004 2005 2006 2007 2008 2009 2010 2011
0.48
2012
0.46
2013
WORLDWIDE CREDIT LOSS RATE LOWER AND AT PRE-CRISIS LEVEL
In %
0
0.2
0.4
0.6
0.8
1.0
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FURTHER GROWTH PLANNED FOR FINANCIAL SERVICES
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BMW MOTORRAD – 2013 BUSINESS FIGURES: MAJOR INCREASE IN PROFIT
In million € 2013 2012 Change in %
Sales (units) 115,215 106,358 + 8.3
Sales revenues 1,504 1,490 + 0.9
Profit before interest and tax (EBIT) 79 9 -
EBIT-Margin (in %) 5.3 0.6 -
Profit before tax (EBT) 76 6 -
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ENTRY INTO URBAN E-MOBILITY PRODUCT INITIATIVE TO CONTINUE IN 2014
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SEGMENT ELIMINATIONS: IMPROVEMENT DUE TO INTRA-GROUP ELIMINATIONS
In million € 2013 2012 Change in %
Revenues - 15,955 - 14,405 - 10.8
Profit before tax (EBT) - 527 - 937 + 43.8
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OUTLOOK FOR 2014 – SUCCESS TO CONTINUE IF BUSINESS CONDITIONS REMAIN STABLE
BMW Group
Significantly higher pre-tax profit than in previous year.
Automotive segment
Significant rise in vehicle deliveries and in revenues compared with previous year.
Currency factors could have a negative impact on revenues.
EBIT margin within target range of 8-10%.
Significant drop in Return on Capital Employed, but above long-term target of at least 26%.
Financial Services segment
Return on equity of at least 18%, but slight decrease compared with previous year.
Motorcycles segment
Slight rise in deliveries compared with previous year.
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ATTRACTIVE PORTFOLIO AND FINANCIAL STRENGTH FORM THE BASIS FOR FURTHER GROWTH
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ANALYST AND INVESTOR CONFERENCE
March 20, 2014