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Annual Report 2018
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Financial Statements

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Income Statement
in € million                     
  NoteGroup Automotive
(unaudited supplementary information)
Motorcycles
(unaudited supplementary information)
Financial Services
(unaudited supplementary information)
Other Entities
(unaudited supplementary information)
Eliminations
(unaudited supplementary information)
 
   2018 2017*2018 2017*2018 2017*2018 20172018 20172018 2017* 
                
Revenues 897,480 98,28285,846 85,7422,173 2,27228,165 27,5676 7– 18,710 – 17,306 
Cost of sales 9– 78,924 – 78,329– 71,918 – 69,402– 1,738 – 1,798– 24,541 – 23,986 19,273 16,857 
Gross profit 18,556 19,95313,928 16,340435 4743,624 3,5816 7563 – 449 
Selling and administrative expenses 10– 9,558 – 9,560– 7,880 – 7,927– 263 – 256– 1,352 – 1,370– 79 – 2716 20 
Other operating income 11774 720810 6754 442 – 113126 130– 208 – 185 
Other operating expenses 11– 651 – 1,214– 676 – 1,200– 1 – 15– 124 2,194– 80 – 96230 210 
Profit / loss before financial result 9,121 9,8996,182 7,888175 2072,190 – 27 14601 – 404 
Result from equity accounted investments 24632 739632 739 2,207  
Interest and similar income 12397 201567 325 12 1,8401,178 1,110– 1,360 – 1,246 
Interest and similar expenses 12– 386 – 412– 533 – 530– 6 – 2– 14 4,047– 1,145 – 9861,312 1,116 
Other financial result 1351 248129 295 – 27 4,047– 51 – 58  
Financial result 694 776795 829– 6 – 2– 29 3,983– 18 66– 48 – 130 
Profit / loss before tax 9,815 10,6756,977 8,717169 2052,161 2,166– 45 80553 – 534 
Income taxes 14– 2,575 – 2,000– 1,853 – 3,418– 45 – 63– 508 – 389– 36 – 19– 133 – 340 
Profit / loss from continuing operations 7,240 8,6755,124 5,299124 1421,653 1,777– 81 61420 – 874 
Loss from discontinued operations  – 33    
Net profit / loss  7,207 8,6755,091 5,299124 1421,653  – 81 61420 – 874 
Attributable to minority interest 90 865,061 22 60 37  
Attributable to shareholders of BMW AG 317,117 8,5895,254 5,277124 1421,593 1,740– 81 61420 – 874 
Basic earnings per share of common stock in € 1510.82 13.07  
Basic earnings per share of preferred stock in € 1510.84 13.09  
Dilutive effects                   
Diluted earnings per share of common stock in € 1510.82 13.07  
Diluted earnings per share of preferred stock in € 1510.84 13.09  
* Prior year figures adjusted due to first-time application of IFRS 15, see note 6 to the Group Financial Statements.
Statement of Comprehensive Income
in € million Note 2018 2017*
Net profit   7,207 8,675
Remeasurement of the net defined benefit liability for pension plans 32 935 693
Deferred taxes   – 217 – 218
Items not expected to be reclassified to the income statement in the future   718 475
Marketable securities (at fair value through other comprehensive income) – 30 39
Financial instruments used for hedging purposes   – 1,381 1,914
Costs of hedging   – 620
Other comprehensive income from equity accounted investments   – 157 – 30
Deferred taxes 674 – 597
Currency translation foreign operations   192 – 1,171
Items that can be reclassified to the income statement in the future – 1,322 155
Other comprehensive income for the period after tax 19 – 604 630
Total comprehensive income 6,603 9,305
Total comprehensive income attributable to minority interests 90 86
Total comprehensive income attributable to shareholders of BMW AG 31 6,513 9,219
Balance Sheet - 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 2018 1.1.20181 31.12.20172 2018 20172 2018 2017 2018 2017 2018 2017 2018 20172
Intangible assets 21 10,971 9,464 9,464 10,472 8,981 95 57 403 425 1 1
Property, plant and equipment 22 19,801 18,471 18,471 19,372 18,050 399 388 30 33
Leased products 23 38,572 36,257 36,257 46,427 44,285 -7,855 -8,028
Investments accounted for using the equity method 24 2,624 2,769 2,769 2,624 2,769
Other investments 739 690 690 4,843 4,985 1 2 6,660 7,160 -10,765 -11,457
Receivables from sales financing 25 48,109 48,475 48,321 48,109 48,321
Financial assets 26 1,010 2,369 2,369 216 1,302 138 176 695 1,089 -39 -198
Deferred tax 14 1,590 1,965 1,993 3,043 2,857 483 442 28 130 -1,964 -1,436
Other assets 28 2,026 1,630 1,630 5,085 3,671 33 32 3,562 3,082 33,956 26,628 -40,610 -31,783
Non-current assets 125,442 122,090 121,964 45,655 42,615 527 477 99,153 96,766 41,340 35,008 -61,233 -52,902
Inventories 29 13,047 12,707 12,707 12,462 12,103 568 580 17 24
Trade receivables 30 2,546 2,663 2,667 2,287 2,354 167 160 91 152 1 1
Receivables from sales financing 25 38,674 32,087 32,113 38,674 32,113
Financial assets 26 6,675 7,949 7,965 4,988 5,578 1,325 1,531 460 1,163 -98 -307
Current tax 27 1,366 1,566 1,566 618 714 79 55 669 797
Other assets 28 9,790 7,485 7,485 22,016 23,124 2 5 5,484 5,331 48,775 45,963 -66,487 -66,938
Cash and cash equivalents 10,979 9,039 9,039 8,631 7,157 12 8 1,985 1,856 351 18
Assets held for sale 2 461 461
Current assets   83,538 73,496 73,542 51,463 51,030 749 753 47,655 41,062 50,256 47,942 -66,585 -67,245
Total assets   208,980 195,586 195,506 97,118 93,645 1,276 1,230 146,808 137,828 91,596 82,950 -127,818 -120,147
Balance Sheet - 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   2018 1.1.20181 21.12.20172 2018 20172 2018 20172 2018 2017 2018 2017 2018 20172
Subscribed capital 31 658 658 658                    
Capital reserves 31 2,118 2,084 2,084                    
Revenue reserves 31 56,121 50,993 50,815                    
Accumulated other equity 31 – 1,338 37 114                    
Equity attributable to shareholders of BMW AG 31 57,559 53,772 53,671                    
Minority interest 529 436 436                    
Equity 58,088 54,208 54,107 39,778 39,361 14,919 14,740 20,683 18,102 – 17,292 – 18,096
Pension provisions 32 2,330 3,252 3,252 2,089 2,405 64 69 49 72 128 706
Other provisions 33 5,776 5,632 5,632 5,363 5,175 70 101 343 356
Deferred tax 14 1,806 2,166 2,157 1,016 1,456 4,611 4,302 22 38 – 3,843 – 3,639
Financial liabilities 35 64,772 53,521 53,548 1,017 832 19,170 17,819 44,624 35,095 – 39 – 198
Other liabilities 36 5,299 5,045 5,045 7,549 6,506 506 487 36,333 28,835 1,168 198 – 40,257 – 30,981
Non-current provisions and liabilities 79,983 69,616 69,634 17,034 16,374 640 657 60,506 51,384 45,942 36,037 – 44,139 – 34,818
Other provisions 33 6,078 6,367 6,367 5,436 5,710 101 99 532 549 9 9
Current tax 34 1,158 1,124 1,124 933 874 208 233 17 17
Financial liabilities 35 38,825 41,097 41,100 879 947 25,705 24,853 12,339 15,607 – 98 – 307
Trade payables 37 9,669 9,731 9,731 8,360 8,516 348 355 950 849 11 11
Other liabilities 36 15,117 13,443 13,443 24,636 21,863 187 119 43,988 45,220 12,595 13,167 – 66,289 – 66,926
Liabilities in conjunction with assets held for sale 2 62 62
Current provisions and liabilities   70,909 71,762 71,765 40,306 37,910 636 573 71,383 71,704 24,971 28,811 – 66,387 – 67,233
Total equity and liabilities   208,980 195,586 195,506 97,118 93,645 1,276 1,230 146,808 137,828 91,596 82,950 – 127,818 – 120,147
Cash Flow Statement
  GroupAutomotive
(unaudited supplementary information)
Financial Services
(unaudited supplementary information)
in € million 2018201712018 20171 20182017
Net profit 7,2078,6755,091 5,299 1,6534,047
Loss from discontinued operations 3333
Current tax 2,2202,5581,886 2,699 308– 114
Income taxes paid – 1,972– 2,301– 1,751 – 1,896 – 299– 315
Interest received 2 170125170 125
Other interest and similar income / expenses 2 – 19965– 165 89 1– 5
Depreciation and amortisation of tangible, intangible 5,1134,8224,982 4,699 3435
Other non-cash income and expense items 111– 24983 25 3346
Result from equity accounted investments – 632– 739– 632 – 739
Gain / loss on disposal of tangible and intangible assets – 34– 43– 35 – 41 1– 2
Change in deferred taxes 355– 559– 71 909 28– 1,872
Change in leased products – 1,693– 1,134 – 1,783– 1,855
Change in receivables from sales financing – 5,670– 7,440 5,670– 7,440
Changes in working capital – 573166– 758 78 176161
Change in inventories – 357– 1,293– 390 – 1,179 7– 20
Change in trade receivables 1124559 43 6019
Change in trade payables – 3281,414– 427 1,214 109162
Change in provisions – 82752344 1,069 – 13225
Change in other operating assets and liabilities 6971,211175 – 1,468 – 1,259705
Cash inflow / outflow from operating activities 5,0515,9099,352 10,848 6,790– 6,384
Total investment in intangible assets and property, plant and equipment – 7,777– 7,112– 7,618 – 6,972 – 13– 15
Proceeds from subsidies for intangible assets and property, plant and equipment 2118 3
Proceeds from the disposal of intangible assets and property, plant and equipment 10730105 28 22
Expenditure for investment assets – 164– 142– 145 – 482
Acquisitions of subsidiaries and other business units – 209– 209
Proceeds from the disposal of investment assets and other business units 62352671,210 1,037 21
Proceeds from the sale of subsidiaries and other business units 969 969
Investments in marketable securities and investment funds – 3,725– 4,041– 3,692 – 3,810 – 63– 231
Proceeds from the sale of marketable securities and investment funds 3,7613,8663,562 3,655 199211
Cash inflow / outflow from investing activities – 7,363– 6,163– 6,769 – 6,544 130937
Payments into equity 253825 38
Payment of dividend for the previous year – 2,630– 2,324– 2,630 – 2,324
Intragroup financing and equity transactions 2,099 567 5,0974,315
Interest paid2 – 136– 165– 136 – 165
Proceeds from non-current financial liabilities3 30,76223,9551 12,94011,937
Repayment of non-current financial liabilities3 – 22,564– 16,801– 410 – 48 12,071– 7,608
Change in other financial liabilities4 – 1,161– 3,131– 2 73 827– 4,310
Cash inflow / outflow from financing activities 4,2961,572– 1,053 – 1,859 6,7934,334
Effect of exchange rate on cash and cash equivalents – 19– 223– 31 – 82 – 4– 141
Effect of changes in composition of Group on cash and cash equivalents – 2564– 25 64
Change in cash and cash equivalents 1,9401,1591,474 2,363 129– 1,190
Cash and cash equivalents as at 1 January 9,0397,8807,157 4,794 1,8563,046
Cash and cash equivalents as at 31 December 10,9799,0398,631 7,157 1,9851,856
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
          Translation
differences
SecuritiesDerivative
financial
instruments
Costs of
hedging
     
31 December 2017 (as originally reported) 31 658 2,084 51,256 – 1,494 931,515 54,112 436 54,548
Effect from the first-time application of IFRS 15   – 441 – 441 – 441
31 December 2017 (adjusted according to IFRS 15)   658 2,084 50,815 – 1,494 931,515 53,671 436 54,107
Effects from the first-time application of IFRS 9   178 – 82 5 101 101
1 January 2018 (adjusted according to IFRS 9)   658 2,084 50,993 – 1,494 111,515 5 53,772 436 54,208
Net profit   7,117 7,117 90 7,207
Other comprehensive income for the period after tax   718 168 – 12– 906 – 572 – 604 – 604
Comprehensive income at 31 December 2018   7,835 168 – 12– 906 – 572 6,513 90 6,603
Dividend payments   – 2,630 – 2,630 – 2,630
Subscribed share capital increase
out of Authorised Capital
 
Premium arising on capital increase
relating to preferred stock
  34 34 34
Other changes   – 77 – 51 – 2 – 130 3 – 127
31 December 2018 31 658 2,118 56,121 – 1,326 – 1558 – 569 57,559 529 58,088
in € million Note Subscribed capital Capital
reserves
Revenue
reserves
Accumulated other equity  Equity attributable to shareholders
of BMW AG
Minority
interest
Total
          Translation
differences
SecuritiesDerivative
financial
instruments
Costs of
hedging
     
1 January 2017 (as originally reported) 31 657 2,047 44,445 – 171 5278 47,108 255 47,363
Effects from the first-time application of IFRS 15   – 409 – 409 – 409
1 January 2017 (adjusted according to IFRS 15)   657 2,047 44,036 – 171 5278 46,699 255 46,954
Net profit*   8,589 8,589 86 8,675
Other comprehensive income for the period after tax   475 – 1,323 411,437 630 630
Comprehensive income at 31 December 2017
(adjusted according to IFRS 15) *
  9,064 – 1,323 411,437 9,219 86 9,305
Dividend payments   – 2,300 – 2,300 – 2,300
Subscribed share capital increase
out of Authorised Capital
  1 1 1
Premium arising on capital increase
relating to preferred stock
  37 37 37
Other changes*   15 15 95 110
31 December 2017 * 31 658 2,084 50,815 – 1,494 931,515 53,671 436 54,107