Bayerische Motoren Werke Ag · XETR:BMW
Bayerische Motoren Werke — Bayerische Motoren Werke Aktiengesellschaft — Q2 2022 Earnings Presentation
76 slides from Bayerische Motoren Werke's earnings presentation, Aug 3, 2022
Slide 1: Half-Year Report 30 June 2022
3 0 J U N E 202 2 HALF-YEAR REPORT
Slide 2: Contents
2 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information CONTENTS 3 BMW Group at a Glance 10 Interim Group M anagement Report 30 Interim Group F inancial S tatements 74 Other Information
Slide 3: BMW Group at a Glance
1 3 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW GROUP AT A G L A N C E 4 BMW Group in Figures
Slide 4: BMW Group in Figures: Key Performance Indicators Q2
4 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures BMW GROUP IN FIGURES K E Y P E R F O R M A N C E I N D I C AT O R S 2nd quarter 2022 2nd quarter 2021 Change in % GROUP Profit before tax
Slide 5: Further Performance Figures Q2: Deliveries and Production
5 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 2nd quarter 2022 2nd quarter 2021 Change in % AUTOMOTIVE SEGMENT Deliveries BMW 1 units 496,432 617,667 – 19.6
Slide 6: Further Performance Figures Q2: Revenues and Earnings
6 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 2nd quarter 2022 2nd quarter 2021 Change in % Free cash flow Automotive segment € million 2,954 2,380 24.1 Gro
Slide 7: Key Performance Indicators January to June
7 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures K E Y P E R F O R M A N C E I N D I C AT O R S 1 January to 1 January to 30 June 2022 30 June 2021 Change in % GROUP Profit before tax € m
Slide 8: Further Performance Figures H1: Deliveries and Production
8 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 1 January to 1 January to 30 June 2022 30 June 2021 Change in % AUTOMOTIVE SEGMENT Deliveries BMW 1 units 1,01
Slide 9: Further Performance Figures H1: Revenues and Earnings
9 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 1 January to 1 January to 30 June 2022 30 June 2021 Change in % Free cash flow Automotive segment € million 7,
Slide 10: Interim Group Management Report
10 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information INTERIM GROUP M A N A G E M E N T R E P O R T 11 Financial Performance 11 General Economic Environment 12 Group Overview 16 Automotive Segment 22 Financial S
Slide 11: General Economic Environment
11 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance FINANCIAL PERFORMANCE 11 General economic environment 12 Group overview 16 Automotive segment 22 Financial services segment 24 Other ent
Slide 12: Group Overview
12 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment GROUP OVERVIEW Due to the first-time consolidation of BMW Brilliance Automotive Ltd., 12 Group overview
Slide 13: Group net profit improved by first-time consolidation of BMW Brilliance
13 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment Group net profit significantly improved by first-time consolidation purchase price allocation and the el
Slide 14: Research and development expenses
14 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment BMW Group research and development expenses 12 Group overview 16 Automotive segment 2nd quarter 2nd quar
Slide 15: Result from equity accounted investments and financing activities
15 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment The reported positive result from at-equity accounted investments Financing activities 12 Group overview
Slide 16: Automotive Segment
16 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment AUTOMOTIVE SEGMENT 12 Group overview 16 Automotive segment 22 Financial services segment 2nd quarter 202
Slide 17: Deliveries and electrified models
17 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment In the second quarter, the BMW Group delivered a total of 563,187 ¹ BMW Group – deliveries of electrifie
Slide 18: Deliveries by region and market
18 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment In Asia, pandemic-related restrictions in the form of renewed lockdowns 12 Group overview in China had a
Slide 19: Deliveries by model series; MINI
19 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment Deliveries of BMW brand vehicles by model series MINI – electrification set to continue success story 12
Slide 20: Automotive segment revenues and earnings
20 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment Segment revenues recorded between January and June rose signifi- € 2,463 million, 2021: € 3,953 million;
Slide 21: Automotive segment cash flow and net financial assets
21 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment Cash inflows from operating activities fell year on year, mainly due to the Automotive segment – net fin
Slide 22: Financial Services Segment
22 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment FINANCIAL SERVICES SEGMENT 12 Group overview 16 Automotive segment 22 Financial services segment 2nd qua
Slide 23: New business with retail customers
23 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment New business with retail customers down year on year At 30 June 2022, a total of 5,411,274 credit financ
Slide 24: Other Entities Segment and Eliminations
24 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance 11 General economic environment OTHER ENTITIES SEGMENT AND 12 16 Group overview Automotive segment E L I M I N AT I O N S 22 Financial
Slide 25: Outlook, Risk and Opportunity Management
25 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management O U T LO O K , R I S K A N D O P P O R T U N I T Y M A N A G E M E N T 11 General economic environment 12 Group overv
Slide 26: Outlook assumptions
26 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management 11 General economic environment Outlook for the BMW Group – assumptions used in the outlook The outlook does not fact
Slide 27: Outlook by segment
27 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management 11 General economic environment The share of women in management functions within the BMW Group Motorcycles segment d
Slide 28: BMW Group key performance indicators outlook
28 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management 11 General economic environment BMW Group – key performance indicators 12 Group overview Based on current knowledge a
Slide 29: Risk and Opportunity Management
29 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook, Risk and Opportunity Management 11 General economic environment RISK AND OPPORTUNITY with interest rate hikes by central banks, could lead to a reces
Slide 30: Interim Group Financial Statements
30 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information INTERIM GROUP F I N A N C I A L S TAT E M E N T S 31 Income Statement for Group and S egments for the period from 1 January to 30 June 33 Condensed Stateme
Slide 31: Income Statement for Group and Segments, January to June
31 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments for the period from 1 January to 30 June I N C O M E S TAT E M E N T F O R G R O U P A N D S E G M E N T S FOR THE PE
Slide 32: Income Statement, Financial Services, Other Entities, Eliminations
32 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments for the period from 1 January to 30 June I N C O M E S TAT E M E N T F O R G R O U P A N D S E G M E N T S FOR THE PE
Slide 33: Condensed Statement of Comprehensive Income, January to June
33 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Condensed Statement of Comprehensive Income for Group for the period from 1 January to 30 June C O N D E N S E D S TAT E M E N T O F COMPREHENSIVE INCOME FOR
Slide 34: Income Statement for Group and Segments, April to June
34 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments for the period from 1 April to 30 June I N C O M E S TAT E M E N T F O R G R O U P A N D S E G M E N T S FOR THE PERI
Slide 35: Income Statement, April to June, other segments
35 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments for the period from 1 April to 30 June I N C O M E S TAT E M E N T F O R G R O U P A N D S E G M E N T S FOR THE PERI
Slide 36: Condensed Statement of Comprehensive Income, April to June
36 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Condensed Statement of Comprehensive Income for Group for the period from 1 April to 30 June C O N D E N S E D S TAT E M E N T O F COMPREHENSIVE INCOME FOR GR
Slide 37: Balance Sheet for Group and Segments: Assets
37 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments at 30 June 2022 BALANCE SHEET FOR GROUP AND SEGMENTS AT 3 0 J U N E 2 0 2 2 Group Automotive * Motorcycles * in € million
Slide 38: Balance Sheet: Assets, other segments
38 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments at 30 June 2022 BALANCE SHEET FOR GROUP AND SEGMENTS AT 3 0 J U N E 2 0 2 2 Financial Services * Other Entities * Elimina
Slide 39: Balance Sheet: Equity and Liabilities
39 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments at 30 June 2022 BALANCE SHEET FOR GROUP AND SEGMENTS AT 3 0 J U N E 2 0 2 2 Group Automotive * Motorcycles * in € million
Slide 40: Balance Sheet: Equity and Liabilities, other segments
40 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments at 30 June 2022 BALANCE SHEET FOR GROUP AND SEGMENTS AT 3 0 J U N E 2 0 2 2 Financial Services * Other Entities * Elimina
Slide 41: Condensed Cash Flow Statement
41 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Condensed Cash Flow Statement for Group and Segments for the period from 1 January to 30 June C O N D E N S E D C A S H F L O W S TAT E M E N T FOR GROUP AND
Slide 42: Statement of Changes in Group Equity
42 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Statement of Changes in Group Equity S TAT E M E N T O F C H A N G E S IN GROUP EQUITY in € million Note Subscribed capital Capital reserves Revenue reserves
Slide 43: Statement of Changes in Group Equity (continued)
43 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Statement of Changes in Group Equity S TAT E M E N T O F C H A N G E S IN GROUP EQUITY Accumulated other equity Equity Derivative a ttributable to Translatio
Slide 44: Notes to the Group Financial Statements: Accounting Principles
44 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements N O T E S T O T H E G R O U P F I N A N C I A L S TAT E M E N T S 44 Accounting principles and policies Principles and
Slide 45: Review, reporting entity and IONITY financing
45 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The Interim Group Financial Statements at 30 June 2022 have been IONITY Holding
Slide 46: BMW Brilliance acquisition: strategic objectives and purchase price
46 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The strategic objectives of the acquisition are to further bolster the in € mill
Slide 47: Goodwill and minority interests after business combination
47 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The remaining difference of € 1,197 million between the consideration Following
Slide 48: Impairment discount rates and Russia
48 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The resulting measurement differs from the value in use only with The restrictio
Slide 49: Notes to the Income Statement: Revenues
49 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies N O T E S T O T H E I N C O M E S TAT E M E N T Principles and Policies 49 Notes
Slide 50: Other operating income and expenses; legal proceedings
50 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies unlawful manipulation of the emissions control system. On the basis of Principle
Slide 51: Financial result and other financial result
51 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Interest expense from unwinding the discounting of other non-current Principles
Slide 52: Explanatory Notes to the Balance Sheet: Intangible assets
52 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies E X P L A N AT O R Y N O T E S Intangible assets developed during the first six
Slide 53: Property, plant and equipment, financial assets, equity
53 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The ongoing transformation towards electric mobility and the associ- Subscribed
Slide 54: Income tax liabilities and financial liabilities
54 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies 16 Income tax liabilities In the first half of the year, bonds totalling approxi
Slide 55: Other Disclosures: R&D expenses and contingent liabilities
55 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies OT H E R D I S C LO S U R E S Principles and Policies 49 Notes to the income sta
Slide 56: Legal proceedings: SEC and European Commission
56 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies On 22 January 2020, the U.S. Securities and Exchange Commission In March 2022, t
Slide 57: Financial instruments at amortised cost
57 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies 21 Financial instruments Principles and Policies Information is provided in ↗ no
Slide 58: Fair value determination
58 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The fair values are generally determined using the discounted cash flow Principl
Slide 59: Financial instruments at fair value
59 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Disclosures relating to financial instruments measured at fair value Principles
Slide 60: Level 3 financial instruments
60 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Financial instruments classified to Level 3 and measured at fair value used are
Slide 61: Level 3 development
61 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies were obtained by means of regular bank and trader inquiries in order to Princip
Slide 62: Related party relationships
62 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Gains and losses recognised in the income statement are reported companies held
Slide 63: Transactions with related parties
63 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Seen from the perspective of BMW Group entities, the volume of signif- Principle
Slide 64: Transactions with BMW Brilliance
64 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies As already described in detail in ↗ note [03], BMW B rilliance has been Princip
Slide 65: Transactions with joint ventures and associated companies
65 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies In total, the following amounts of goods and services were supplied to Principle
Slide 66: Segment Information
66 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies S E G M E N T I N F O R M AT I O N Segment information is prepared as a general
Slide 67: Segment information by operating segment
67 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Segment information by operating segment is as follows: Principles and Policies
Slide 68: Segment information, second quarter
68 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Segment information by operating segment for the second quarter* is Principles a
Slide 69: Segment assets
69 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies Automotive Motorcycles Financial Services Principles and Policies in € million 3
Slide 70: Reconciliation of segment figures to Group figures
70 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The total of the segment figures can be reconciled to the corresponding Principl
Slide 71: Reconciliation of segment assets
71 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 44 Accounting principles and policies The total of the segment figures can be reconciled to the corresponding Munich,
Slide 72: Responsibility Statement
72 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Responsibility Statement by the Company’s Legal Representatives 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
Slide 73: Review Report
73 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Review Report REVIEW REPORT To Bayerische Motoren Werke Aktiengesellschaft, München interim group management reports. A review is limited primarily to in- We
Slide 74: Other Information
74 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information O T H E R I N F O R M AT I O N 75 Consumption and Carbon Disclosures 76 Contacts
Slide 75: Consumption and Carbon Disclosures
75 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Consumption and Carbon Disclosures CO N S U M PT I O N A N D CA R B O N D I S C LO S U R E S Figures according to WLTP Figures according to NEDC Electricity p
Slide 76: Contacts
76 BMW Group Half-Year Report 2022 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Contacts C O N TA C T S BUSINESS AND FINANCE PRESS THE BMW GROUP ON THE INTERNET PUBLISHED BY Telephone +49 89 382-2 45 44 Further information about the BMW G
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