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Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Key Stats In Millions of the trading currency, except per share items. Currency: Order: Decimals: Trading Currency Latest on Right Capital IQ (Default) Conversion: Units: Dilution: Today's Spot Rate S&P Capital IQ (Default) Basic Key Financials For the Fiscal Period Ending Currency 12 months Dec-31-2012A EUR 12 months Dec-31-2013A EUR 12 months Dec-31-2014A EUR 12 months Dec-31-2015A EUR LTM 12 months Sep-30-2016A EUR 12 months Dec-31-2016E EUR Total Revenue Growth Over Prior Year 76,848.0 11.7% 76,059.0 (1.0%) 80,401.0 5.7% 92,175.0 14.6% 94,207.0 4.8% 94,929.46 2.99% Gross Profit Margin % 14,475.0 18.8% 14,283.0 18.8% 15,766.0 19.6% 16,868.0 18.3% 17,425.0 18.5% 22.67% EBITDA Margin % 10,585.0 13.8% 10,499.0 13.8% 12,046.0 15.0% 12,801.0 13.9% 12,968.0 13.8% 14,540.5 15.32% EBIT Margin % 8,174.0 10.6% 7,827.0 10.3% 8,944.0 11.1% 9,308.0 10.1% 9,421.0 10.0% 9,892.61 10.42% Earnings from Cont. Ops. Margin % 5,111.0 6.7% 5,329.0 7.0% 5,817.0 7.2% 6,396.0 6.9% 6,963.0 7.4% - Net Income Margin % 5,085.0 6.6% 5,303.0 7.0% 5,798.0 7.2% 6,369.0 6.9% 6,920.0 7.3% 6,756.84 7.12% 7.76 4.1% 8.08 4.2% 8.83 9.3% 9.7 9.8% 10.54 13.3% 10.25 5.64% Diluted EPS Excl. Extra Items Growth Over Prior Year All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages. Growth rates for the LTM period are calculated against the LTM period ending 12 months before. All forward period figures are consensus mean estimates provided by the brokers and may not be on a comparable basis as financials. Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page. Latest Capitalization (Millions of EUR) Currency Share Price Shares Out. EUR 84.82 656.8 Market Capitalization Ordinary Shares Shares Out * Ordinary Shares Share Price = Ordinary Shares Market Capitalization + Preferred Stock Shares Out * Preferred Stock Share Price = Preferred Stock Market Capitalization - Cash & Short Term Investments + Total Debt + Pref. Equity + Total Minority Interest = Total Enterprise Value (TEV) 54,863.3 602.0 84.8 51,060.6 54.8 69.4 3,802.7 4,549.0 93,498.0 239.0 144,051.3 Book Value of Common Equity + Pref. Equity + Total Minority Interest + Total Debt = Total Capital 45,189.0 239.0 93,498.0 138,926.0 **For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company's primary stock class. Shares shown on this page are total company as-reported share values. Total Liability includes Total Debt, Minority Interest and Pref. Equity. Net Liability includes Total Liability, net of Cash and Short Term Investments. TEV includes Market Cap and Net Liability. Total Capital includes Common Equity and Total Liability. Valuation Multiples based on Current Capitalization 12 months Dec-31-2015A LTM 12 months Sep-30-2016A 12 months Dec-31-2016E 12 months Dec-31-2017E 12 months Dec-31-2018E TEV/Total Revenue 1.4x 1.5x 1.52x 1.47x 1.43x TEV/EBITDA 9.8x 10.7x 9.91x 9.78x 9.38x 13.3x 14.6x 14.56x 14.57x 14.31x P/Diluted EPS Before Extra 8.7x 8.0x 8.28x 8.35x 8.19x P/BV 1.3x 1.2x 1.20x 1.09x 1.00x Price/Tang BV 1.3x 1.3x - - - For the Fiscal Period Ending TEV/EBIT 12 months Dec-31-2017E EUR 12 months Dec-31-2018E EUR 97,671.74 2.89% 100,858.0 3.26% 21.92% 21.86% 14,725.78 15.08% 15,363.54 15.23% 9,886.74 10.12% 10,067.42 9.98% - - 6,665.23 6.82% 6,775.79 6.72% 10.15 (0.91%) 10.36 2.01% Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Income Statement In Millions of the reported currency, except per share items. Template: Period Type: Currency: Units: Source: Standard Annual Reported Currency S&P Capital IQ (Defaul Capital IQ & Proprieta Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Today's Spot Rate Capital IQ (Default) Income Statement Reclassified 12 months Dec-31-2011 EUR Restated 12 months Dec-31-2012 EUR Restated 12 months Dec-31-2013 EUR Reclassified 12 months Dec-31-2014 EUR 12 months Dec-31-2015 EUR LTM 12 months Sep-30-2016 EUR Revenue Finance Div. Revenue Other Revenue Total Revenue 51,311.0 17,510.0 68,821.0 57,298.0 19,550.0 76,848.0 56,185.0 19,874.0 76,059.0 59,802.0 20,599.0 80,401.0 68,436.0 23,739.0 92,175.0 69,361.0 24,846.0 94,207.0 Cost Of Goods Sold Finance Div. Operating Exp. Interest Expense - Finance Division Gross Profit 41,070.0 12,058.0 1,929.0 13,764.0 46,963.0 13,586.0 1,824.0 14,475.0 43,521.0 16,745.0 1,510.0 14,283.0 44,206.0 18,993.0 1,436.0 15,766.0 51,959.0 21,846.0 1,502.0 16,868.0 52,451.0 22,810.0 1,521.0 17,425.0 Selling General & Admin Exp. R & D Exp. Depreciation & Amort. Other Operating Expense/(Income) 5,521.0 335.0 6,142.0 159.0 6,431.0 25.0 6,945.0 (123.0) 7,592.0 (32.0) 7,827.0 177.0 Other Operating Exp., Total 5,856.0 6,301.0 6,456.0 6,822.0 7,560.0 8,004.0 Operating Income 7,908.0 8,174.0 7,827.0 8,944.0 9,308.0 9,421.0 Interest Expense Interest and Invest. Income Net Interest Exp. (220.0) 227.0 7.0 (280.0) 223.0 (57.0) (315.0) 178.0 (137.0) (402.0) 196.0 (206.0) (488.0) 181.0 (307.0) (400.0) 146.0 (254.0) Income/(Loss) from Affiliates Currency Exchange Gains (Loss) Other Non-Operating Inc. (Exp.) EBT Excl. Unusual Items 162.0 (694.0) 7,383.0 271.0 (585.0) 7,803.0 407.0 (204.0) 7,893.0 655.0 (23.0) (589.0) 8,781.0 518.0 12.0 (430.0) 9,101.0 457.0 12.0 150.0 9,786.0 - - - - - - For the Fiscal Period Ending Currency Impairment of Goodwill Gain (Loss) On Sale Of Invest. Gain (Loss) On Sale Of Assets Asset Writedown Other Unusual Items EBT Incl. Unusual Items 7,383.0 7,803.0 7,893.0 (150.0) 76.0 8,707.0 (24.0) 150.0 (3.0) 9,224.0 (82.0) 150.0 (3.0) 9,851.0 Income Tax Expense Earnings from Cont. Ops. 2,476.0 4,907.0 2,692.0 5,111.0 2,564.0 5,329.0 2,890.0 5,817.0 2,828.0 6,396.0 2,888.0 6,963.0 Earnings of Discontinued Ops. Extraord. Item & Account. Change Net Income to Company 4,907.0 5,111.0 5,329.0 5,817.0 6,396.0 6,963.0 Minority Int. in Earnings Net Income (26.0) 4,881.0 (26.0) 5,085.0 (26.0) 5,303.0 (19.0) 5,798.0 (27.0) 6,369.0 (43.0) 6,920.0 - - - - - - 4,881.0 4,881.0 5,085.0 5,085.0 5,303.0 5,303.0 5,798.0 5,798.0 6,369.0 6,369.0 6,920.0 6,920.0 Per Share Items Basic EPS Basic EPS Excl. Extra Items Weighted Avg. Basic Shares Out. 7.45 7.45 655.2 7.76 7.76 655.6 8.08 8.08 656.0 8.83 8.83 656.3 9.7 9.7 656.5 10.54 10.54 656.7 Diluted EPS Diluted EPS Excl. Extra Items Weighted Avg. Diluted Shares Out. 7.45 7.45 655.2 7.76 7.76 655.6 8.08 8.08 656.0 8.83 8.83 656.3 9.7 9.7 656.5 10.54 10.54 656.7 7.0 7.0 7.4 7.4 7.48 7.48 8.33 8.33 8.62 8.62 9.25 9.25 2.32 17.5% 2.5 29.8% 2.6 31.2% 2.9 29.6% 3.2 30.1% 3.2 30.7% 0.333 0.333 0.333 0.333 0.333 0.333 10,345.0 8,021.0 7,908.0 10,553.0 33.5% 2,868.0 (392.0) 10,585.0 8,287.0 8,174.0 10,881.0 34.5% 2,908.0 (216.0) 10,499.0 8,005.0 7,827.0 10,819.0 32.5% 2,581.0 (17.0) 12,046.0 9,122.0 8,944.0 12,396.0 33.2% 2,774.0 116.0 12,801.0 9,483.0 9,308.0 13,116.0 30.7% 2,751.0 77.0 12,968.0 9,598.0 9,421.0 NA 29.3% 1,617.0 1,271.0 Pref. Dividends and Other Adj. NI to Common Incl Extra Items NI to Common Excl. Extra Items Normalized Basic EPS Normalized Diluted EPS Dividends per Share Payout Ratio % Shares per Depository Receipt Supplemental Items EBITDA EBITA EBIT EBITDAR Effective Tax Rate % Total Current Taxes Total Deferred Taxes Normalized Net Income Non-Cash Pension Expense Filing Date Restatement Type Calculation Type Supplemental Operating Expense Items R&D Exp. Net Rental Exp. Imputed Oper. Lease Interest Exp. Imputed Oper. Lease Depreciation Stock-Based Comp., Unallocated Stock-Based Comp., Total 4,588.4 109.0 Mar-14-2013 RC REP 4,850.9 86.0 Mar-19-2014 RS REP 4,907.1 76.0 Mar-12-2015 RS REP 5,469.1 77.0 Mar-16-2016 RC REP 5,661.1 114.0 Mar-16-2016 O REP 6,073.3 Nov-04-2016 O LTM 3,610.0 208.0 5.8 202.2 3,993.0 296.0 10.0 286.0 4,118.0 320.0 11.8 308.2 4,135.0 350.0 15.3 334.7 4,271.0 315.0 14.9 300.1 4,099.0 NA - 5.0 5.0 5.0 5.0 5.0 5.0 6.0 6.0 6.0 6.0 6.0 6.0 Note: For multiple class companies, per share items are primary class equivalent, and for foreign companies listed as primary ADRs, per share items are ADR-equivalent. Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Balance Sheet In Millions of the reported currency, except per share items. Template: Period Type: Currency: Units: Source: Standard Annual Reported Currency S&P Capital IQ (Defaul Capital IQ & Proprieta Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Today's Spot Rate Capital IQ (Default) Balance Sheet Balance Sheet as of: Dec-31-2011 EUR Restated Dec-31-2012 EUR Restated Dec-31-2013 EUR Dec-31-2014 EUR Dec-31-2015 EUR Sep-30-2016 EUR 6,258.0 3,751.0 10,009.0 7,573.0 4,612.0 12,185.0 6,792.0 5,559.0 12,351.0 5,905.0 5,384.0 11,289.0 4,763.0 6,635.0 11,398.0 4,549.0 4,549.0 3,286.0 1,116.0 4,402.0 2,420.0 834.0 3,254.0 2,304.0 1,062.0 3,366.0 2,016.0 1,804.0 3,820.0 2,593.0 2,344.0 4,937.0 2,713.0 10,019.0 12,732.0 Inventory Finance Div. Loans and Leases, ST Finance Div. Other Curr. Assets Other Current Assets Total Current Assets 9,638.0 20,014.0 1,596.0 3,345.0 49,004.0 9,725.0 20,728.0 929.0 3,709.0 50,530.0 9,595.0 21,646.0 968.0 4,258.0 52,184.0 11,089.0 23,723.0 1,885.0 5,038.0 56,844.0 11,071.0 28,336.0 1,396.0 4,693.0 61,831.0 14,064.0 28,400.0 2,002.0 4,749.0 66,496.0 Gross Property, Plant & Equipment Accumulated Depreciation Net Property, Plant & Equipment 35,543.0 (24,849.0) 10,694.0 37,280.0 (26,543.0) 10,737.0 74,950.0 (34,269.0) 40,681.0 83,740.0 (36,728.0) 47,012.0 49,687.0 (32,332.0) 17,355.0 16,646.0 Long-term Investments Goodwill Other Intangibles Finance Div. Loans and Leases, LT Finance Div. Other LT Assets Deferred Tax Assets, LT Deferred Charges, LT Other Long-Term Assets Total Assets 2,565.0 369.0 481.0 29,331.0 23,112.0 1,926.0 4,388.0 1,559.0 123,429.0 3,210.0 369.0 491.0 32,309.0 24,468.0 1,967.0 4,347.0 3,407.0 131,835.0 3,784.0 369.0 788.0 32,616.0 1,620.0 5,022.0 1,313.0 138,377.0 3,520.0 364.0 682.0 37,438.0 2,061.0 5,453.0 1,429.0 154,803.0 4,869.0 364.0 657.0 41,865.0 34,965.0 1,945.0 6,351.0 1,972.0 172,174.0 3,159.0 33.0 547.0 45,497.0 36,548.0 2,255.0 6,634.0 4,827.0 182,642.0 4,859.0 5,959.0 6,983.0 7,138.0 7,143.0 7,820.0 Currency ASSETS Cash And Equivalents Short Term Investments Total Cash & ST Investments Accounts Receivable Other Receivables Total Receivables LIABILITIES Accounts Payable Accrued Exp. Short-term Borrowings Curr. Port. of LT Debt Curr. Port. of Cap. Leases Finance Div. Other Curr. Liab. Curr. Income Taxes Payable Unearned Revenue, Current Other Current Liabilities Total Current Liabilities 2,797.0 5,478.0 23,886.0 17.0 559.0 1,285.0 1,411.0 6,921.0 47,213.0 2,865.0 4,577.0 24,968.0 2.0 610.0 1,346.0 1,496.0 6,572.0 48,395.0 3,165.0 6,292.0 24,125.0 11.0 657.0 2,164.0 1,666.0 6,071.0 51,134.0 998.0 5,599.0 29,948.0 5.0 1,165.0 1,428.0 1,894.0 10,903.0 59,078.0 1,151.0 5,415.0 34,535.0 12.0 1,371.0 1,218.0 2,399.0 12,347.0 65,591.0 2,715.0 35,091.0 1,589.0 809.0 14,607.0 62,631.0 Long-Term Debt Capital Leases Finance Div. Other Non-Curr. Liab. Unearned Revenue, Non-Current Pension & Other Post-Retire. Benefits Def. Tax Liability, Non-Curr. Other Non-Current Liabilities Total Liabilities 35,961.0 156.0 216.0 2,657.0 2,131.0 3,273.0 4,719.0 96,326.0 38,120.0 50.0 261.0 3,016.0 3,725.0 3,081.0 4,581.0 101,229.0 38,736.0 37.0 329.0 3,260.0 2,263.0 2,459.0 4,559.0 102,777.0 41,885.0 69.0 348.0 3,594.0 4,529.0 1,974.0 5,889.0 117,366.0 47,062.0 109.0 368.0 3,855.0 2,945.0 2,116.0 7,364.0 129,410.0 55,692.0 385.0 5,520.0 3,365.0 9,621.0 137,214.0 655.0 1,955.0 26,102.0 (1,674.0) 27,038.0 656.0 1,973.0 28,544.0 (674.0) 30,499.0 656.0 1,990.0 33,122.0 (356.0) 35,412.0 656.0 2,005.0 35,621.0 (1,062.0) 37,220.0 657.0 2,027.0 41,027.0 (1,181.0) 42,530.0 657.0 2,027.0 42,222.0 283.0 45,189.0 65.0 107.0 188.0 217.0 234.0 239.0 27,103.0 30,606.0 35,600.0 37,437.0 42,764.0 45,428.0 123,429.0 131,835.0 138,377.0 154,803.0 172,174.0 182,642.0 655.6 655.6 41.24 26,188.0 39.95 65,498.0 55,489.0 2,173.0 1,664.0 65.0 434.0 Avg Cost 704.0 656.0 656.0 46.49 29,639.0 45.18 67,717.0 55,532.0 3,808.0 2,368.0 107.0 661.0 Avg Cost 786.0 656.3 656.3 53.96 34,255.0 52.2 69,201.0 56,850.0 2,297.0 2,560.0 188.0 804.0 Avg Cost 851.0 656.5 656.5 56.7 36,174.0 55.1 77,506.0 66,217.0 4,601.0 2,800.0 217.0 1,252.0 Avg Cost 918.0 656.8 656.8 64.75 41,509.0 63.2 87,133.0 75,735.0 2,996.0 2,520.0 234.0 2,390.0 Avg Cost 1,004.0 656.8 656.8 68.8 44,278.0 67.41 93,498.0 88,949.0 NA NA 239.0 2,496.0 NA 1,194.0 Common Stock Additional Paid In Capital Retained Earnings Treasury Stock Comprehensive Inc. and Other Total Common Equity Minority Interest Total Equity Total Liabilities And Equity Supplemental Items Total Shares Out. on Filing Date Total Shares Out. on Balance Sheet Date Book Value/Share Tangible Book Value Tangible Book Value/Share Total Debt Net Debt Debt Equiv. of Unfunded Proj. Benefit Obligation Debt Equivalent Oper. Leases Total Minority Interest Equity Method Investments Inventory Method Raw Materials Inventory Work in Progress Inventory Finished Goods Inventory Land Machinery Construction in Progress Full Time Employees Assets on Oper. Lease, Gross Assets on Oper. Lease, Accum. Depr. Accum. Allowance for Doubtful Accts Filing Date Restatement Type Calculation Type 908.0 8,026.0 7,758.0 25,625.0 100,306 NA NA 101.0 Mar-14-2013 NC REP 827.0 8,112.0 8,166.0 26,802.0 105,876 NA NA NA Mar-19-2014 RS REP 851.0 7,893.0 8,721.0 28,842.0 2,570.0 110,351 32,486.0 (6,572.0) NA Mar-12-2015 RS REP 944.0 9,227.0 9,806.0 32,769.0 1,679.0 116,324 36,969.0 (6,804.0) NA Mar-16-2016 NC REP 1,098.0 8,969.0 10,430.0 35,469.0 1,187.0 122,244 NA NA NA Mar-16-2016 O REP Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are ADR-equivalent. 1,180.0 11,690.0 NA NA 126,013 NA NA NA Nov-04-2016 O REP Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Cash Flow In Millions of the reported currency, except per share items. Template: Period Type: Currency: Units: Source: Standard Annual Reported Currency S&P Capital IQ (Defaul Capital IQ & Proprieta Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Today's Spot Rate Capital IQ (Default) Cash Flow 12 months Dec-31-2011 EUR Restated 12 months Dec-31-2012 EUR Restated 12 months Dec-31-2013 EUR 12 months Dec-31-2014 EUR 12 months Dec-31-2015 EUR LTM 12 months Sep-30-2016 EUR 4,881.0 2,324.0 113.0 2,437.0 5,085.0 2,298.0 113.0 2,411.0 5,303.0 2,494.0 178.0 2,672.0 5,798.0 2,924.0 178.0 3,102.0 6,369.0 3,318.0 175.0 3,493.0 6,920.0 3,370.0 177.0 3,547.0 Other Amortization (Gain) Loss From Sale Of Assets (Gain) Loss On Sale Of Invest. Net (Increase)/Decrease in Loans Orig/Sold (Income) Loss on Equity Invest. Other Operating Activities Change in Acc. Receivable Change In Inventories Change in Acc. Payable Change in Other Net Operating Assets Cash from Ops. 1,209.0 8.0 (2,837.0) (162.0) 617.0 (800.0) (1,715.0) 900.0 1,175.0 5,713.0 1,130.0 (16.0) 175.0 (3,988.0) (271.0) (140.0) 744.0 (108.0) 1,119.0 (1,065.0) 5,076.0 1,069.0 (21.0) 91.0 (4,501.0) (407.0) (2,034.0) 22.0 (195.0) 1,159.0 969.0 4,127.0 1,068.0 (63.0) 153.0 (3,898.0) (655.0) (2,365.0) 379.0 (971.0) 41.0 323.0 2,912.0 1,166.0 (144.0) 27.0 (6,637.0) (518.0) (3,053.0) (566.0) 298.0 (25.0) 550.0 960.0 1,232.0 (144.0) (30.0) (6,637.0) (518.0) (1,705.0) (566.0) 298.0 (25.0) (929.0) 1,443.0 Capital Expenditure Sale of Property, Plant, and Equipment Cash Acquisitions Divestitures Invest. in Marketable & Equity Securt. Net (Inc.) Dec. in Loans Originated/Sold Other Investing Activities Cash from Investing (3,679.0) 53.0 (595.0) (1,278.0) (5,499.0) (5,236.0) 42.0 (239.0) (5,433.0) (6,693.0) 22.0 (820.0) (7,491.0) (6,099.0) 36.0 (53.0) (6,116.0) (5,889.0) 38.0 (1,752.0) (7,603.0) (5,400.0) 38.0 (1,275.0) (263.0) (6,900.0) 248.0 6,090.0 6,338.0 230.0 15,404.0 15,634.0 1,812.0 15,608.0 17,420.0 2,132.0 16,792.0 18,924.0 2,648.0 22,722.0 25,370.0 28,496.0 For the Fiscal Period Ending Currency Net Income Depreciation & Amort. Amort. of Goodwill and Intangibles Depreciation & Amort., Total Short Term Debt Issued Long-Term Debt Issued Total Debt Issued Short Term Debt Repaid Long-Term Debt Repaid Total Debt Repaid Issuance of Common Stock Common Dividends Paid Total Dividends Paid (5,333.0) (5,333.0) - (858.0) (12,225.0) (13,083.0) (721.0) (12,238.0) (12,959.0) (1,012.0) (12,946.0) (13,958.0) (498.0) (17,710.0) (18,208.0) (18,857.0) 16.0 19.0 17.0 15.0 23.0 23.0 (852.0) (852.0) (1,516.0) (1,516.0) (1,653.0) (1,653.0) (1,715.0) (1,715.0) (1,917.0) (1,917.0) (2,121.0) (2,121.0) Special Dividend Paid Other Financing Activities Cash from Financing (82.0) 87.0 (102.0) 952.0 (122.0) 2,703.0 (133.0) 3,133.0 (264.0) 5,004.0 (1,878.0) 5,663.0 Foreign Exchange Rate Adj. Misc. Cash Flow Adj. Net Change in Cash (13.0) 56.0 344.0 (14.0) 13.0 594.0 (89.0) 47.0 (703.0) 86.0 2.0 17.0 73.0 (1,566.0) (44.0) 42.0 204.0 82.0 2,701.0 2,740.0 2,877.5 2,037.0 1,005.0 Mar-14-2013 NC REP 102.0 2,462.0 4,909.8 5,084.8 (1,666.0) 2,551.0 Mar-19-2014 RS REP 122.0 2,787.0 2,118.0 2,314.9 (370.0) 4,461.0 Mar-12-2015 RS REP 133.0 4,252.0 513.8 765.0 2,902.0 4,966.0 Mar-16-2016 NC REP 264.0 3,323.0 1,513.5 1,818.5 2,775.0 7,162.0 Mar-16-2016 O REP 264.0 3,323.0 (585.9) (335.9) 5,609.0 9,639.0 Nov-04-2016 O LTM Supplemental Items Cash Interest Paid Cash Taxes Paid Levered Free Cash Flow Unlevered Free Cash Flow Change in Net Working Capital Net Debt Issued Filing Date Restatement Type Calculation Type Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Multiples View: Order: Dilution: Data Latest on Right Basic Frequency: Decimals: Quarterly Capital IQ (Default) In Millions of the reported currency, except per share items. For Quarter Ending TEV/LTM Total Revenue Average High Low Close Dec-30-2015 1.58x 1.66x 1.47x 1.63x Mar-31-2016 1.44x 1.59x 1.38x 1.40x Jun-30-2016 1.37x 1.42x 1.31x 1.32x Sep-30-2016 1.39x 1.43x 1.31x 1.40x Dec-30-2016 1.49x 1.56x 1.40x 1.56x TEV/NTM Total Revenues Average High Low Close 1.53x 1.60x 1.41x 1.57x 1.40x 1.53x 1.34x 1.35x 1.33x 1.38x 1.28x 1.28x 1.36x 1.40x 1.27x 1.36x 1.48x 1.59x 1.36x 1.59x TEV/LTM EBITDA Average High Low Close 10.57x 11.16x 9.69x 10.92x 10.26x 10.73x 9.60x 9.66x 9.52x 9.81x 9.17x 9.18x 9.70x 9.99x 9.12x 9.72x 10.40x 10.98x 9.75x 10.92x TEV/NTM EBITDA Average High Low Close 9.74x 10.27x 8.93x 10.00x 9.02x 9.78x 8.62x 8.76x 8.68x 8.93x 8.35x 8.36x 8.80x 9.08x 8.23x 8.81x 9.44x 10.22x 8.73x 10.02x TEV/LTM EBIT Average High Low Close 14.23x 15.04x 13.01x 14.71x 14.07x 14.81x 13.01x 13.09x 12.96x 13.34x 12.51x 12.53x 13.21x 13.60x 12.44x 13.23x 14.14x 14.92x 13.26x 14.84x TEV/NTM EBIT Average High Low Close 14.85x 15.64x 13.64x 15.21x 13.36x 14.87x 12.61x 13.19x 12.96x 13.42x 12.47x 12.50x 13.31x 13.69x 12.45x 13.31x 14.20x 15.05x 13.20x 14.95x P/LTM EPS Average High Low Close 10.26x 11.11x 8.83x 10.55x 8.78x 10.00x 8.25x 8.36x 7.64x 8.68x 6.69x 6.73x 7.48x 7.93x 6.58x 7.35x 7.87x 8.54x 7.18x 8.43x P/NTM EPS Average High Low Close 9.89x 10.84x 8.35x 10.23x 7.73x 9.71x 6.42x 8.38x 7.72x 8.72x 6.81x 6.84x 7.72x 8.23x 6.71x 7.59x 8.51x 9.75x 7.53x 9.62x P/LTM Normalized EPS Average High Low Close 11.27x 12.26x 9.48x 11.64x 9.79x 11.04x 9.28x 9.40x 8.60x 9.77x 7.54x 7.58x 8.47x 9.01x 7.42x 8.35x 8.96x 9.73x 8.18x 9.60x P/BV Average High Low Close 1.54x 1.66x 1.35x 1.58x 1.25x 1.50x 1.09x 1.25x 1.12x 1.30x 0.98x 0.98x 1.13x 1.21x 0.96x 1.13x 1.20x 1.31x 1.10x 1.29x P/Tangible BV Average High Low Close 1.58x 1.70x 1.38x 1.62x 1.28x 1.53x 1.11x 1.28x 1.15x 1.33x 1.00x 1.00x 1.15x 1.24x 0.98x 1.15x 1.23x 1.34x 1.12x 1.32x P/NTM CFPS Average High Low Close 5.37x 5.73x 4.75x 5.44x 4.58x 5.62x 3.82x 5.54x 4.57x 5.79x 3.80x 3.88x 4.53x 4.88x 3.80x 4.57x 4.65x 4.91x 4.22x 4.80x TEV/LTM Unlevered FCF Average High Low Close 40.91x 47.96x 35.72x NM 70.76x 71.32x 70.30x 70.74x 64.82x 71.83x 59.94x 60.03x 83.13x 94.75x 59.62x 92.17x 93.59x 94.61x 92.43x NM Market Cap/LTM Levered FCF Average High Low Close 19.03x 22.60x 16.55x NM 34.83x 35.50x 34.28x 34.80x 29.74x 36.12x 25.01x 25.12x 39.23x 46.97x 24.64x 43.70x 45.49x 46.78x 44.02x NM Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to n When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end da Historical Equity Pricing Data supplied by Feb-17-2017 1.54x 1.57x 1.52x 1.53x 1.56x 1.60x 1.52x 1.54x 10.83x 11.02x 10.63x 10.73x 9.91x 10.11x 9.72x 9.81x 14.72x 14.98x 14.45x 14.58x 14.72x 15.09x 14.43x 14.57x 8.25x 8.63x 7.86x 8.05x 9.38x 9.86x 8.95x 9.24x 9.40x 9.84x 8.95x 9.17x 1.26x 1.32x 1.20x 1.23x 1.29x 1.35x 1.23x 1.26x 4.69x 4.92x 4.46x 4.57x NM NM NM NM NM NM NM NM ngful, due to negative values, then they will not be displayed in the chart. period end date. Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Historical Capitalization In Millions of the trading currency, except per share items. Frequency: Currency: Units: Dilution: Quarterly Trading Currency S&P Capital IQ (Defaul Basic Order: Conversion: Decimals: Latest on Right Today's Spot Rate Capital IQ (Default) Historical Capitalization Balance Sheet as of: Jun-30-2015 Aug-04-2015 EUR Sep-30-2015 Nov-03-2015 EUR Dec-31-2015 Mar-16-2016 EUR Mar-31-2016 May-03-2016 EUR Jun-30-2016 Aug-01-2016 EUR Sep-30-2016 Nov-04-2016 EUR 90.46 656.5 93.6 656.5 83.0 656.8 78.63 656.8 76.73 656.8 75.64 656.8 Market Capitalization - Cash & Short Term Investments + Total Debt + Pref. Equity + Total Minority Interest = Total Enterprise Value (TEV) 58,374.9 11,231.0 88,872.0 228.0 136,243.9 60,372.8 4,397.0 87,141.0 224.0 143,340.8 53,726.7 11,398.0 87,133.0 234.0 129,695.7 51,014.5 11,342.0 89,216.0 240.0 129,128.5 49,737.7 12,933.0 94,103.0 228.0 131,135.7 49,139.1 4,549.0 93,498.0 239.0 138,327.1 Book Value of Common Equity + Pref. Equity + Total Minority Interest + Total Debt = Total Capital 38,320.0 228.0 88,872.0 127,420.0 40,793.0 224.0 87,141.0 128,158.0 42,530.0 234.0 87,133.0 129,897.0 44,508.0 240.0 89,216.0 133,964.0 43,659.0 228.0 94,103.0 137,990.0 45,189.0 239.0 93,498.0 138,926.0 Pricing as of* Currency Capitalization Detail Share Price Shares Out. * Pricing as of the filing date of the balance sheet period end date. For TEV calculation purposes on this page Capital IQ only uses balance sheet components from the original filing that is publicly available as of a given pricing date and does not use restated balance sheet data from a later filing. In the cases where a company did not disclose balance sheet values for a particular period, TEV is calculated using balance sheet components from the last reported balance sheet as of this date. The table above is organized along period end dates. ** For companies that have multiple share classes that publicly trade, we are incorporating the different prices to calculate our company level market capitalization. Please click on the value to see the detailed calculation. Prices shown on this page are the close price of the company's primary stock class. Shares shown on this page are total company as-reported share values. Historical Equity Pricing Data supplied by Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Capital Structure Summary In Millions of the reported currency, except ratios and % of Total values. Restatement: Currency: Units: Order: Latest Filings Reported Currency S&P Capital IQ (Defaul Latest on Right Period Type: Conversion: Decimals: Annual Today's Spot Rate Capital IQ (Default) Capital Structure Data For the Fiscal Period Ending Currency Units Total Debt Total Common Equity Total Minority Interest Total Capital Currency Exchange Rate Conversion Method 12 months Dec-31-2014 EUR Millions % of Total 77,506.0 37,220.0 217.0 114,943.0 67.4% 32.4% 0.2% 100.0% EUR 1.0 S 12 months Dec-31-2015 EUR Millions % of Total 87,133.0 42,530.0 234.0 129,897.0 67.1% 32.7% 0.2% 100.0% 3 months Sep-30-2016 EUR Millions % of Total 93,498.0 45,189.0 239.0 138,926.0 67.3% 32.5% 0.2% 100.0% EUR 1.0 S EUR 1.0 S Debt Summary Data For the Fiscal Period Ending Currency Units 12 months Dec-31-2014 EUR Millions % of Total 12 months Dec-31-2015 EUR Millions % of Total 3 months Sep-30-2016 EUR Millions % of Total Total Commercial Paper Total Revolving Credit Total Term Loans Total Senior Bonds and Notes Total Capital Leases General/Other Borrowings Total Principal Due 5,611.4 0 11,554.0 35,489.0 74.0 12,324.0 65,052.4 7.2% 0.0% 14.9% 45.8% 0.1% 15.9% 83.9% 5,424.0 0 12,720.0 40,319.0 121.0 15,049.0 73,633.0 6.2% 0.0% 14.6% 46.3% 0.1% 17.3% 84.5% 2,715.0 0 13,421.0 42,449.0 121.0 21,749.0 80,455.0 2.9% 0.0% 14.4% 45.4% 0.1% 23.3% 86.0% Total Adjustments Total Debt Outstanding 12,453.6 77,506.0 16.1% 100.0% 13,500.0 87,133.0 15.5% 100.0% 13,043.0 93,498.0 14.0% 100.0% Available Credit Undrawn Revolving Credit 6,000.0 - 6,000.0 - - - 6,000.0 - 6,000.0 - - - 11,289.0 66,217.0 65,052.4 5,599.0 29,953.0 41,954.0 11,554.0 10,958.0 10,958.0 54,094.4 35,489.0 10,884.0 31,605.4 8,701.8 - 83.9% 7.2% 38.6% 54.1% 14.9% 14.1% 14.1% 69.8% 45.8% 14.0% 40.8% 11.2% - 11,398.0 75,735.0 73,633.0 5,415.0 34,547.0 47,171.0 12,720.0 13,752.0 13,752.0 59,881.0 40,319.0 13,631.0 33,967.5 11,258.0 - 84.5% 6.2% 39.6% 54.1% 14.6% 15.8% 15.8% 68.7% 46.3% 15.6% 39.0% 12.9% - 4,549.0 88,949.0 80,455.0 2,715.0 35,091.0 55,692.0 13,421.0 17,252.0 17,252.0 63,203.0 42,449.0 17,131.0 2,750.0 1,010.0 86.0% 2.9% 37.5% 59.6% 14.4% 18.5% 18.5% 67.6% 45.4% 18.3% 2.9% 1.1% 5.5x 6.4x 5.4x 0.9x 11.1x 13.0x 10.9x 1.8x - 5.9x 6.8x 5.8x 1.1x 11.0x 12.6x 10.7x 2.0x - 6.8x 7.1x 6.1x 1.3x 12.1x 12.7x 10.9x 2.3x - Fixed Payment Schedule LT Debt (Incl. Cap. Leases) Due +1 LT Debt (Incl. Cap. Leases) Due +2 LT Debt (Incl. Cap. Leases) Due +3 LT Debt (Incl. Cap. Leases) Due +4 LT Debt (Incl. Cap. Leases) Due +5 LT Debt (Incl. Cap. Leases) Due, Next 5 Yrs LT Debt (Incl. Cap. Leases) Due, After 5 Yrs 29,953.0 9,196.0 9,196.0 9,196.0 9,196.0 66,737.0 5,170.0 38.6% 11.9% 11.9% 11.9% 11.9% 86.1% 6.7% 34,547.0 9,761.0 9,761.0 9,761.0 9,761.0 73,591.0 8,127.0 39.6% 11.2% 11.2% 11.2% 11.2% 84.5% 9.3% - - Cap. Lease Payment Due +1 Cap. Lease Payment Due +2 Cap. Lease Payment Due +3 Cap. Lease Payment Due +4 Cap. Lease Payment Due +5 Cap. Lease Payment Due, Next 5 Yrs Cap. Lease Payment Due, After 5 Yrs Cap. Lease Payment Due (incl. Interest) +1 5.0 7.0 7.0 7.0 7.0 33.0 41.0 - - 12.0 9.3 9.3 9.3 9.3 49.0 72.0 22.0 - - - Total Undrawn Credit Additional Totals Total Cash & ST Investments Net Debt Total Senior Debt Total Short-Term Borrowings Curr. Port. of LT Debt/Cap. Leases Long-Term Debt (Incl. Cap. Leases) Total Bank Debt Total Secured Debt Total Senior Secured Debt Total Unsecured Debt Senior Unsecured Bonds and Notes Securitized Debt Fixed Rate Debt Variable Rate Debt Hedging Activities Credit Ratios Net Debt/EBITDA Total Debt/EBITDA Total Senior Debt/EBITDA Total Senior Secured/EBITDA Net Debt/(EBITDA-CAPEX) Total Debt/(EBITDA-CAPEX) Total Senior Debt/(EBITDA-CAPEX) Total Senior Secured/(EBITDA-CAPEX) 299.0 222.0 222.0 222.0 222.0 1,187.0 603.0 - 371.0 250.8 250.8 250.8 250.8 1,374.0 816.0 - - - 15,282.0 361.5 361.5 361.5 361.5 16,728.0 1.0 16,729.0 - 15,942.0 952.5 952.5 952.5 952.5 19,752.0 744.0 20,496.0 - - - Interest Rate Data Filing Date Mar-16-2016 - Mar-16-2016 - Nov-04-2016 - Currency Exchange Rate Conversion Method EUR 1.0 S Operating Lease Commitment Due +1 Operating Lease Commitment Due +2 Operating Lease Commitment Due +3 Operating Lease Commitment Due +4 Operating Lease Commitment Due +5 Operating Lease Commitment Due, Next 5 Yrs Operating Lease Commitment Due, After 5 Yrs Contractual Obligations Due +1 Contractual Obligations Due + 2 Contractual Obligations Due + 3 Contractual Obligations Due + 4 Contractual Obligations Due + 5 Contractual Obligations Due, Next 5 Yrs Contractual Obligations Due, After 5 Yrs Total Contractual Obligations EUR 1.0 S EUR 1.0 S Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Capital Structure Details Principal Due in Millions of the reported currency. Period Type: Currency: Units: Annual Reported Currency S&P Capital IQ (Default) Source: Conversion: Decimals: A 2015 filed Mar-16-2016 Today's Spot Rate Capital IQ (Default) FY 2015 (Dec-31-2015) Capital Structure As Reported Details Description Type ABS Conduit Transactions ABS Transactions Asset Backed Financing Transactions Other Borrowings Other Borrowings Other Borrowings Principal Due (EUR) Coupon/Base Rate Floating Rate Maturity Seniority Secured 1,100.0 5,700.0 6,831.0 NA NA NA NA NA NA - Senior Senior Senior Yes Yes Yes Bonds Bonds and Notes Bonds: BMW Australia Finance Bonds and Notes Ltd Melbourne Victoria 517.5 469.4 NA 3.000% NA NA - Senior Senior No No Bonds: BMW Australia Finance Bonds and Notes Ltd Melbourne Victoria 50.0 0.200% NA - Senior No Bonds: BMW Australia Finance Bonds and Notes Ltd Melbourne Victoria 156.5 0.800% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 78.0 2.800% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 589.3 0.800% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 2,851.5 2.900% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 33.9 1.000% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 15,064.0 2.300% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 5,415.0 0.200% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 335.3 4.200% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 190.9 1.900% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 59.4 1.600% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 512.6 0.300% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 390.7 0.400% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague 275.9 1.800% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 407.4 2.000% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 59.4 1.400% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 229.8 0.200% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 63.1 4.400% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 1,933.6 0.600% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 2,099.3 3.200% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 4,340.0 1.000% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 134.1 4.000% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 54.5 0.300% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 543.1 0.700% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE Bonds and Notes 1,500.0 0.200% NA - Senior No Bonds: Other Bonds: Other Bonds: Other Bonds: Other Commercial Paper Commercial Paper Commercial Paper Commercial Paper Finance Leases Finance Leases Finance Leases Finance Leases Liabilities Due to Credit Institutions - Bank Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes Commercial Paper Commercial Paper Commercial Paper Commercial Paper Capital Lease Capital Lease Capital Lease Capital Lease Term Loans 1,227.7 48.7 367.7 320.8 3,356.1 359.8 268.0 1,440.0 1.0 7.0 102.0 11.0 12,720.0 2.200% 10.300% 0.300% 2.700% 0.320% 0.620% 0.010% 0.000% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Dec-31-2016 Dec-31-2016 Dec-31-2016 Dec-31-2016 - Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior No No No No No No No No Yes Yes Yes Yes No Other Financial Liabilities Syndicated Credit Line Other Borrowings Revolving Credit 1,418.0 - NA NA NA NA Oct-01-2018 Senior Senior No No FY 2014 (Dec-31-2014) Capital Structure As Reported Details Principal Due (EUR) Coupon/Base Rate Description Type Asset Backed Financing Transactions * Other Borrowings 2,700.0 NA Floating Rate NA Maturity - Seniority Senior Secured Yes Asset Backed Financing Transactions * Other Borrowings 800.0 NA NA - Senior Yes Asset Backed Financing Transactions * Other Borrowings 7,384.0 NA NA - Senior Yes Bonds * Bonds Fixed - CHF * Bonds Fixed - CHF * Bonds Fixed - GBP * Bonds Fixed - JPY * Bonds Fixed - NOK * Bonds Variable - JPY * Bonds: BMW Australia Finance Ltd Melbourne Victoria * Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes 793.2 415.8 270.3 386.3 44.8 165.6 69.0 135.2 NA 2.100% 3.600% 5.000% 0.300% 2.400% 0.300% 3.000% NA NA NA NA NA NA NA NA - Senior Senior Senior Senior Senior Senior Senior Senior No No No No No No No No Bonds: BMW Australia Finance Bonds and Notes Ltd Melbourne Victoria * 150.0 0.200% NA - Senior No Bonds: BMW Australia Finance Bonds and Notes Ltd Melbourne Victoria * 272.6 0.800% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 1,351.9 2.900% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 386.5 2.800% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 446.1 0.800% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 489.3 1.000% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 13,564.0 2.300% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 4,835.0 0.200% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 473.2 4.200% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 686.3 0.300% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 213.8 0.400% NA - Senior No Bonds: BMW Finance N V The Bonds and Notes Hague * 249.5 1.800% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 386.3 2.000% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 53.3 1.400% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 41.4 0.200% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 64.5 4.400% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 1,412.7 0.600% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 1,854.7 3.200% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 3,590.0 1.000% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 135.2 4.000% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 105.6 0.300% NA - Senior No Bonds: BMW US Capital LLC Wilmington DE * Bonds and Notes 100.0 0.200% NA - Senior No Bonds: Other * Bonds: Other * Bonds: Other * Bonds: Other * Commercial Paper * Commercial Paper - EUR * Commercial Paper - EUR * Commercial Paper - GBP * Commercial Paper - USD * Finance Leases Finance Leases Finance Leases Finance Leases Liabilities Due to Credit Institutions - Bank Bonds and Notes Bonds and Notes Bonds and Notes Bonds and Notes Commercial Paper Commercial Paper Commercial Paper Commercial Paper Commercial Paper Capital Lease Capital Lease Capital Lease Capital Lease Term Loans 1,623.0 78.4 365.5 280.1 2,693.2 250.0 1,007.0 1,062.2 599.0 1.0 2.0 64.0 7.0 11,554.0 2.200% 10.300% 0.300% 2.700% 0.320% 0.030% 0.030% 0.500% 0.200% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Dec-31-2016 Dec-31-2015 Dec-31-2015 Dec-31-2015 Dec-31-2015 - Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior Senior No No No No No No No No No Yes Yes Yes Yes No Other Financial Liabilities Syndicated Credit Line Other Borrowings Revolving Credit 1,440.0 - NA NA NA NA Oct-01-2018 Senior Senior No No Convertible Repayme nt Currency No No No EUR EUR EUR No No EUR AUD No EUR No USD No NOK No USD No GBP No GBP No EUR No EUR No AUD No SEK No HKD No SEK No JPY No CHF No GBP No HKD No JPY No NZD No USD No USD No EUR No AUD No SEK No GBP No EUR No No No No No No No No No No No No No CAD INR JPY KRW USD GBP EUR EUR EUR EUR EUR EUR EUR No No EUR EUR Convertible Repayme nt Currency No EUR No EUR No EUR No No No No No No No No EUR CHF CHF GBP JPY NOK JPY AUD No EUR No USD No GBP No NOK No USD No GBP No EUR No EUR No AUD No SEK No JPY No CHF No GBP No HKD No JPY No NZD No USD No USD No EUR No AUD No SEK No EUR No No No No No No No No No No No No No No CAD INR JPY KRW USD EUR EUR GBP USD EUR EUR EUR EUR EUR No No EUR EUR Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Ratios Restatement: Order: Source: Latest Filings Latest on Right Capital IQ & Proprieta Period Type: Decimals: Annual Capital IQ (Default) Ratios 12 months Dec-31-2011 12 months Dec-31-2012 12 months Dec-31-2013 12 months Dec-31-2014 12 months Dec-31-2015 LTM 12 months Sep-30-2016 Profitability Return on Assets % Return on Capital % Return on Equity % Return on Common Equity % 4.2% 5.6% 19.2% 19.2% 4.0% 5.4% 17.7% 17.7% 3.6% 4.8% 16.1% 16.1% 3.8% 5.1% 15.9% 16.0% 3.6% 4.8% 15.9% 16.0% 3.4% 4.4% 16.1% 16.1% Margin Analysis Gross Margin % SG&A Margin % EBITDA Margin % EBITA Margin % EBIT Margin % Earnings from Cont. Ops Margin % Net Income Margin % Net Income Avail. for Common Margin % Normalized Net Income Margin % Levered Free Cash Flow Margin % Unlevered Free Cash Flow Margin % 20.0% 8.0% 15.0% 11.7% 11.5% 7.1% 7.1% 7.1% 6.7% 4.0% 4.2% 18.8% 8.0% 13.8% 10.8% 10.6% 6.7% 6.6% 6.6% 6.3% 6.4% 6.6% 18.8% 8.5% 13.8% 10.5% 10.3% 7.0% 7.0% 7.0% 6.5% 2.8% 3.0% 19.6% 8.6% 15.0% 11.3% 11.1% 7.2% 7.2% 7.2% 6.8% 0.6% 1.0% 18.3% 8.2% 13.9% 10.3% 10.1% 6.9% 6.9% 6.9% 6.1% 1.6% 2.0% 18.5% 8.3% 13.8% 10.2% 10.0% 7.4% 7.3% 7.3% 6.4% (0.6%) (0.4%) Asset Turnover Total Asset Turnover Fixed Asset Turnover Accounts Receivable Turnover Inventory Turnover 0.6x 6.4x 18.3x 4.7x 0.6x 7.2x 20.1x 4.9x 0.6x 3.0x 23.8x 4.5x 0.5x 1.8x 27.7x 4.3x 0.6x 2.9x 29.7x 4.7x 0.5x 5.6x 26.7x 3.8x Short Term Liquidity Current Ratio Quick Ratio Cash from Ops. to Curr. Liab. Avg. Days Sales Out. Avg. Days Inventory Out. Avg. Days Payable Out. Avg. Cash Conversion Cycle 1.0x 0.8x 0.1x 20.0 77.3 37.3 60.0 1.0x 0.8x 0.1x 18.2 75.5 42.1 51.6 1.0x 0.7x 0.1x 15.3 81.0 54.4 41.9 1.0x 0.7x 0.0x 13.2 85.4 56.4 42.2 0.9x 0.7x 0.0x 12.3 77.8 50.2 39.9 1.1x 0.8x 0.0x 13.7 95.4 56.4 52.7 For the Fiscal Period Ending Long Term Solvency Total Debt/Equity Total Debt/Capital LT Debt/Equity LT Debt/Capital Total Liabilities/Total Assets 241.7% 70.7% 133.3% 39.0% 78.0% 221.3% 68.9% 124.7% 38.8% 76.8% 194.4% 66.0% 108.9% 37.0% 74.3% 207.0% 67.4% 112.1% 36.5% 75.8% 203.8% 67.1% 110.3% 36.3% 75.2% 205.8% 67.3% 122.6% 40.1% 75.1% EBIT / Interest Exp. EBITDA / Interest Exp. (EBITDA-CAPEX) / Interest Exp. Total Debt/EBITDA Net Debt/EBITDA Total Debt/(EBITDA-CAPEX) Net Debt/(EBITDA-CAPEX) 35.9x 47.0x 30.3x 6.3x 5.4x 9.8x 8.3x 29.2x 37.8x 19.1x 6.4x 5.2x 12.7x 10.4x 24.8x 33.3x 12.1x 6.6x 5.4x 18.2x 14.9x 22.2x 30.0x 14.8x 6.4x 5.5x 13.0x 11.1x 19.1x 26.2x 14.2x 6.8x 5.9x 12.6x 11.0x 23.6x 32.4x 18.9x 7.2x 6.9x 12.4x 11.8x Altman Z Score 1.32 1.35 1.36 1.3 1.31 1.26 13.8% 33.3% 39.2% 56.3% 57.8% 51.3% 51.3% 46.7% 51.1% 11.7% 5.2% 2.3% 3.3% 3.4% 4.2% 4.2% 5.7% 4.1% (1.0%) (1.3%) (0.8%) (3.4%) (4.2%) 4.3% 4.3% 1.2% 4.2% 5.7% 10.4% 14.7% 14.0% 14.3% 9.2% 9.3% 11.5% 9.3% 14.6% 7.0% 6.3% 4.0% 4.1% 10.0% 9.8% 3.5% 9.8% 4.8% 5.1% 0.8% 0.1% 0.1% 13.7% 13.3% 8.7% 13.3% 41.1% 24.1% (0.3%) 12.0% (26.4%) 0.9% 0.4% 6.8% (4.8%) (1.3%) 278.9% 5.0% (12.5%) 15.6% 15.6% 11.9% 28.6% (0.2%) (63.1%) 11.2% 9.4% 5.8% (2.9%) 9.8% 11.4% 13.1% 32.3% 12.7% (50.2%) (49.1%) 78.5% 13.2% 12.8% (11.2%) 42.3% 79.2% 76.7% 7.8% 15.6% 16.1% (18.7%) 27.8% (56.9%) (54.5%) 4.0% 5.6% 5.1% (29.4%) (8.9%) (75.7%) (67.0%) 11.5% 14.7% 14.3% (67.0%) (3.4%) 194.6% 137.7% 10.3% 11.1% 10.8% (2.4%) (6.2%) NM NM 10.3% 16.5% 60.8% 98.6% 12.7% 18.4% 19.3% 5.1% 1.9% 0.7% 2.3% 4.4% 6.7% 10.1% 8.7% 10.4% 9.9% 6.3% 5.2% Growth Over Prior Year Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra Accounts Receivable Inventory Net PP&E Total Assets Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share Compound Annual Growth Rate Over Two Years Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra Accounts Receivable Inventory Net PP&E Total Assets Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share Compound Annual Growth Rate Over Three Years Total Revenue Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra Accounts Receivable Inventory Net PP&E Total Assets Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share Compound Annual Growth Rate Over Five Years Total Revenue 369.4% 462.4% 383.4% 389.1% 284.6% 388.7% 27.1% 27.7% 25.5% 25.5% 24.5% 25.4% (0.1%) (0.5%) 4.2% 4.2% 3.4% 4.2% 4.9% 4.6% 6.7% 6.8% 6.2% 6.7% 8.8% 9.1% 9.6% 9.6% 7.4% 9.5% 3.9% 4.0% 9.3% 9.2% 5.3% 9.1% 33.0% 21.3% (0.6%) 10.0% 1.9% 11.9% 0.0% 9.4% (16.3%) (0.2%) 95.0% 5.9% (8.7%) 6.8% 109.2% 8.4% 6.1% 7.4% (34.7%) 11.5% 16.8% 3.5% (39.0%) 10.3% 16.0% 16.6% (25.4%) (48.6%) NM NM 178.1% 12.3% 13.0% 8.4% 26.7% (5.6%) (5.2%) 38.7% 14.4% 14.4% (15.0%) 34.9% (12.1%) (10.3%) 5.9% 10.5% 10.5% (24.3%) 7.9% (67.7%) (61.2%) 7.7% 10.1% 9.6% (51.8%) (6.2%) (15.5%) (11.4%) 10.9% 11.4% 11.0% (35.9%) (7.9%) NM NM 10.9% 9.0% 31.5% 42.9% 90.0% 95.4% 145.9% 147.0% 102.9% 146.7% 14.9% 39.6% 59.2% 183.4% 219.8% 189.8% 192.1% 150.1% 191.9% 7.9% 11.4% 12.2% 16.0% 16.0% 18.0% 18.0% 16.2% 17.9% 5.3% 4.6% 5.2% 4.4% 4.2% 5.8% 5.9% 6.0% 5.8% 6.2% 5.2% 6.5% 4.6% 4.4% 7.8% 7.8% 5.3% 7.7% 7.2% 7.0% 7.6% 6.4% 6.5% 10.0% 10.0% 7.9% 9.9% 12.5% 9.8% 1.7% 6.9% 9.2% 14.1% (0.3%) 8.9% (0.4%) 7.3% 55.9% 7.9% (15.0%) 4.8% 63.8% 7.8% 2.3% 4.4% 17.4% 9.3% 7.6% 7.5% 5.4% 10.2% 10.0% 10.1% (19.3%) (42.5%) NM NM 97.8% 15.1% 15.3% (20.9%) (27.8%) NM NM 102.7% 13.4% 14.0% (1.5%) 27.1% (27.3%) (25.8%) 26.0% 11.4% 11.2% (20.1%) 18.4% (42.8%) (35.7%) 7.7% 11.9% 11.7% (42.6%) 4.0% (32.4%) (29.0%) 8.6% 10.7% 10.2% (33.5%) (7.6%) NM NM 8.6% 7.0% 6.5% 7.4% 9.7% 8.8% 7.0% Gross Profit EBITDA EBITA EBIT Earnings from Cont. Ops. Net Income Normalized Net Income Diluted EPS before Extra Accounts Receivable Inventory Net PP&E Total Assets Tangible Book Value Common Equity Cash from Ops. Capital Expenditures Levered Free Cash Flow Unlevered Free Cash Flow Dividend per Share 3.9% 8.1% 11.3% 16.1% 11.3% 11.2% 12.6% 11.2% 3.5% 10.6% 16.0% 16.3% 10.3% 10.2% 16.0% 10.2% 18.7% 24.3% 46.9% 49.2% 74.4% 74.9% 55.0% 74.8% 24.2% 35.6% 90.5% 104.5% 94.3% 95.3% 77.5% 95.2% 10.3% 11.5% 13.1% 13.2% 14.5% 14.6% 12.6% 14.5% 5.0% 4.5% 3.4% 3.3% 5.9% 5.8% 4.6% 5.8% 7.8% 7.2% 0.3% 9.3% (2.0%) 5.8% 1.3% 8.2% (0.0%) 5.6% 31.9% 6.5% 1.7% 11.1% 34.2% 8.7% 2.2% 7.3% 10.1% 9.3% 2.7% 6.6% 9.0% 9.1% 7.1% 7.2% (10.6%) (24.6%) NM NM 27.1% 7.0% 7.0% (16.1%) (21.5%) NM NM 18.7% 11.7% 11.8% (17.6%) (19.1%) NM NM 54.0% 13.2% 13.3% (22.3%) (15.2%) NM NM 57.4% 12.1% 12.2% (26.0%) 12.5% (22.8%) (20.3%) 19.7% 11.9% 11.7% (10.2%) NM NM NM 19.7% Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Supplemental In Millions of the reported currency, except per share items. Restatement: Currency: Order: Decimals: Latest Filings Reported Currency Latest on Right Capital IQ (Default) Period Type: Conversion: Units: Source: Annual Today's Spot Rate S&P Capital IQ (Default) Capital IQ & Proprietary Data Supplemental For the Fiscal Period Ending 12 months Dec-31-2010 EUR 12 months Dec-31-2011 EUR 12 months Dec-31-2012 EUR 12 months Dec-31-2013 EUR 12 months Dec-31-2014 EUR 12 months Dec-31-2015 EUR Stock Based Compensation Stock Based Comp. Exp., Before Tax - 5.0 5.0 5.0 6.0 6.0 Loss Carry Forward Related Items NOL C/F, After Five Years Total NOL C/F 2,600.0 2,600.0 2,600.0 2,600.0 1,300.0 1,300.0 900.0 900.0 469.0 469.0 468.0 468.0 Capital Loss C/F, After Five Years Total Capital Loss C/F 1,900.0 1,900.0 2,000.0 2,000.0 2,000.0 2,000.0 2,000.0 2,000.0 2,112.0 2,112.0 2,234.0 2,234.0 Fair Value Measurements Level 1 Assets - Quoted Prices Level 2 Assets - Observable Prices Level 3 Assets - Unobservable Prices Fair Value of Assets 1,566.0 2,781.0 4,347.0 2,749.0 2,338.0 20.0 5,107.0 3,203.0 2,992.0 6,195.0 3,513.0 4,013.0 7,526.0 4,003.0 2,888.0 6,891.0 5,503.0 3,030.0 8,533.0 Level 2 Liabilities - Observable Prices Fair Value of Liabilities 2,010.0 2,010.0 2,479.0 2,479.0 1,790.0 1,790.0 1,103.0 1,103.0 3,143.0 3,143.0 4,550.0 4,550.0 Mar-13-2012 Mar-14-2013 Mar-19-2014 Mar-12-2015 Mar-16-2016 Mar-16-2016 Currency Filing Date Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Industry Specific In Millions of the reported currency, except per share items. Restatement:Latest Filings Currency: Reported Cur Order: Latest on Rig Decimals: Capital IQ (De Industry Specific No Data Available Period Type: Annual Conversion: Today's Spot Rate Units: S&P Capital IQ (Default) Source: Capital IQ & Proprietary Data Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Pension/OPEB In Millions of the reported currency, except per share items. Restatement: Currency: Order: Decimals: Latest Filings Reported Currency Latest on Right Capital IQ (Default) Period Type: Conversion: Units: Source: Annual Today's Spot Rate S&P Capital IQ (Default) Capital IQ & Proprietary Data Pension/OPEB For the Fiscal Period Ending 12 months Dec-31-2010 EUR 12 months Dec-31-2011 EUR 12 months Dec-31-2012 EUR 12 months Dec-31-2013 EUR 12 months Dec-31-2014 EUR 12 months Dec-31-2015 EUR 217.0 588.0 (468.0) (33.0) 304.0 240.0 594.0 (522.0) 37.0 349.0 253.0 618.0 (528.0) (4.0) 339.0 362.0 565.0 (438.0) (51.0) 438.0 337.0 628.0 (540.0) (11.0) 414.0 494.0 591.0 (468.0) (9.0) 608.0 436.0 740.0 440.0 789.0 491.0 830.0 521.0 959.0 577.0 991.0 642.0 1,250.0 Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation (Pension) 10,931.0 217.0 588.0 32.0 459.0 (419.0) 200.0 12,008.0 12,008.0 240.0 594.0 40.0 493.0 (430.0) 267.0 13,212.0 13,030.0 60.0 2,562.0 (434.0) 1,037.0 16,255.0 16,255.0 64.0 (780.0) (460.0) 679.0 15,758.0 15,758.0 71.0 3,519.0 (519.0) 1,633.0 20,462.0 20,462.0 79.0 (1,834.0) (540.0) 1,759.0 19,926.0 Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid Other Plan Adjustments Total Plan Assets 7,977.0 695.0 1,887.0 30.0 (305.0) 171.0 10,455.0 10,455.0 485.0 189.0 37.0 (304.0) 177.0 11,039.0 11,038.0 918.0 313.0 60.0 (320.0) 438.0 12,447.0 12,447.0 919.0 509.0 64.0 (324.0) (154.0) 13,461.0 13,461.0 1,934.0 383.0 71.0 (522.0) 534.0 15,861.0 15,861.0 143.0 872.0 79.0 (554.0) 529.0 16,930.0 25.3% 24.0% 21.3% 21.4% 20.8% 19.9% Currency Pension Information - Total Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Plan Interest Cost Def. Benefit Plan Return on Assets Def. Benefit Plan Other Cost Def. Benefit Plan Total Cost Def. Contribution Plan Cost Total Pension Expense Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Plan Assets- Real Estate (%) Other Plan Assets (%) 58.9% 4.4% 11.4% 60.4% 5.6% 10.0% 65.6% 5.7% 7.5% 63.0% 5.6% 10.0% 63.5% 5.7% 10.0% 62.6% 6.4% 11.2% 2,647.0 6,163.0 456.0 1,189.0 2,650.0 6,666.0 617.0 1,106.0 2,654.0 8,161.0 704.0 928.0 2,881.0 8,485.0 755.0 1,340.0 3,298.0 10,075.0 898.0 1,590.0 3,371.0 10,591.0 1,080.0 1,888.0 Adj. for Liability Recognized on Balance Sheet Unrecog. Prior Plan Service Cost Other Adj. (Net Benefit Asset/Liab.) Net Asset/Liability Recognized on Balance Sheet (6.0) (3.0) (1,562.0) (6.0) (3.0) (2,182.0) (4.0) (3,812.0) (4.0) (2,301.0) (2.0) (4,603.0) (3.0) (2,999.0) Consolidated Balance Sheet Amounts Long Term Assets Long Term Liabilities 1.0 (1,563.0) 1.0 (2,183.0) 1.0 (3,813.0) 2.0 (2,303.0) 1.0 (4,604.0) 1.0 (3,000.0) - - - 415.0 Dec-31-2013 652.0 Dec-31-2014 692.0 Dec-31-2015 OPEB Information - Total Defined Benefit Net Periodic Cost Def. Benefit Total Cost 10.0 9.0 12.0 (40.0) 8.0 10.0 Total OPEB Expense 10.0 9.0 12.0 (40.0) 8.0 10.0 Defined Benefit Obligation Proj. Benefit Obligation 93.0 - - - - - - - 3.8% 3.8% 4.5% 4.5% 3.5% 3.5% 3.8% 3.8% (113.0) (45.0) (57.0) (52.0) Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Plan Assets- Real Estate Other Plan Assets Other Pension Related Items Est. Contributions - Next Year Benefit Info Date Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet (93.0) - (120.0) - - - Other Post-Retirement Benefit Related Items Health Care Cost Trend Rate, Initial Benefit Info Date 6.0% - 6.0% - 7.5% - 8.1% Dec-31-2013 8.3% Dec-31-2014 8.4% Dec-31-2015 Pension Information - Domestic Defined Benefit Net Periodic Cost Def. Benefit Service Cost 122.0 142.0 253.0 362.0 337.0 494.0 Def. Benefit Interest Cost Def. Benefit Return On Assets Def. Benefit Other Cost Def. Benefit Total Cost 241.0 (202.0) (42.0) 119.0 248.0 (249.0) 48.0 189.0 618.0 (528.0) (4.0) 167.0 565.0 (438.0) (51.0) 300.0 628.0 (540.0) (11.0) 238.0 591.0 (468.0) (9.0) 363.0 Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation (Pension) - Domestic 4,619.0 122.0 241.0 29.0 441.0 (119.0) (41.0) 5,292.0 5,292.0 142.0 248.0 37.0 (18.0) (131.0) 48.0 5,618.0 5,618.0 39.0 2,046.0 (143.0) 414.0 7,974.0 7,974.0 42.0 (946.0) (154.0) 484.0 7,400.0 7,400.0 48.0 1,872.0 (159.0) 475.0 9,636.0 9,636.0 53.0 (825.0) (167.0) 518.0 9,215.0 Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid Total Plan Assets 3,144.0 304.0 1,740.0 27.0 (8.0) 5,207.0 5,207.0 (85.0) 32.0 34.0 (10.0) 5,178.0 5,178.0 713.0 153.0 39.0 (19.0) 6,064.0 6,064.0 357.0 301.0 42.0 (15.0) 6,749.0 6,749.0 588.0 97.0 48.0 (159.0) 7,323.0 7,323.0 162.0 490.0 53.0 (173.0) 7,855.0 5.3% 5.3% 4.8% 4.8% 3.0% 3.0% 3.5% 3.5% 2.1% 2.1% 2.5% 2.5% 26.3% 60.8% 12.9% 26.7% 68.7% 1.5% 3.1% 24.1% 68.6% 1.4% 5.9% 25.5% 65.3% 1.5% 7.7% 25.5% 64.2% 1.5% 8.8% 23.0% 64.2% 2.2% 10.6% 1,368.0 3,167.0 672.0 1,384.0 3,556.0 76.0 162.0 1,462.0 4,158.0 87.0 357.0 1,718.0 4,410.0 99.0 522.0 1,865.0 4,703.0 107.0 648.0 1,807.0 5,040.0 172.0 836.0 4.8% 4.8% 3.3% 3.3% 4.8% 4.8% 3.4% 3.4% 3.0% 3.0% - 3.5% 3.5% - 2.1% 2.1% - 2.5% 2.5% - Weighted Avg. Assumptions on Net Periodic Cost Exp. Long-Term Rate of Return on Assets - Min Exp. Long-Term Rate of Return on Assets - Max Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Plan Assets- Real Estate (%) Other Plan Assets (%) Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Plan Assets- Real Estate Other Plan Assets Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Rate of PBO Compensation Increase - Min Rate of PBO Compensation Increase - Max Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet (85.0) Consolidated Balance Sheet Amounts Long Term Assets Long Term Liabilities (85.0) Other Pension Related Items Est. Contributions - Next Year Benefit Info Date (440.0) - (1,910.0) (440.0) (1,910.0) (651.0) (2,313.0) 1.0 (652.0) (2,313.0) (1,360.0) - (1,360.0) - - - 415.0 Dec-31-2013 652.0 Dec-31-2014 692.0 Dec-31-2015 Pension Information - Foreign Defined Benefit Net Periodic Cost Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Return on Assets Def. Benefit Other Cost Def. Benefit Total Cost 95.0 347.0 (266.0) 9.0 185.0 98.0 346.0 (273.0) (11.0) 160.0 172.0 138.0 176.0 245.0 Defined Benefit Obligation Beg. Def. Benefit Obligation Def. Benefit Service Cost Def. Benefit Interest Cost Def. Benefit Employee Contributions Def. Benefit Actuarial Gain/Losses Def. Benefits Paid Other Adj. To Def. Benefit Obligation Proj. Benefit Obligation (Pension) - Foreign 6,312.0 95.0 347.0 3.0 18.0 (300.0) 241.0 6,716.0 6,716.0 98.0 346.0 3.0 511.0 (299.0) 219.0 7,594.0 7,412.0 21.0 516.0 (291.0) 623.0 8,281.0 8,281.0 22.0 166.0 (306.0) 195.0 8,358.0 8,358.0 23.0 1,647.0 (360.0) 1,158.0 10,826.0 10,826.0 26.0 (1,009.0) (373.0) 1,241.0 10,711.0 Plan Assets Beg. Plan Assets Actual Return on Plan Assets Employer Contributions Participant Contributions Benefits Paid Other Plan Adjustments Total Plan Assets 4,833.0 391.0 147.0 3.0 (297.0) 171.0 5,248.0 5,248.0 570.0 157.0 3.0 (294.0) 177.0 5,861.0 5,860.0 205.0 160.0 21.0 (301.0) 438.0 6,383.0 6,383.0 562.0 208.0 22.0 (309.0) (154.0) 6,712.0 6,712.0 1,346.0 286.0 23.0 (363.0) 534.0 8,538.0 8,538.0 (19.0) 382.0 26.0 (381.0) 529.0 9,075.0 5.4% 5.4% 5.3% 5.3% 4.3% 4.3% 4.4% 4.4% 3.4% 3.4% 3.6% 3.6% 24.4% 57.1% 8.7% 9.9% 21.6% 53.1% 9.2% 16.1% 18.7% 62.7% 9.7% 8.9% 17.3% 60.7% 9.8% 12.2% 16.8% 62.9% 9.3% 11.0% 17.2% 61.2% 10.0% 11.6% Weighted Avg. Assumptions on Net Periodic Cost Exp. Long-Term Rate of Return on Assets - Min Exp. Long-Term Rate of Return on Assets - Max Breakdown of Plan Assets Plan Assets - Equities (%) Plan Assets - Fixed Income (%) Plan Assets- Real Estate (%) Other Plan Assets (%) Breakdown of Plan Assets Plan Assets - Equities Plan Assets - Fixed Income Plan Assets- Real Estate Other Plan Assets 1,279.0 2,996.0 456.0 517.0 1,266.0 3,110.0 541.0 944.0 1,192.0 4,003.0 617.0 571.0 1,163.0 4,075.0 656.0 818.0 1,433.0 5,372.0 791.0 942.0 1,564.0 5,551.0 908.0 1,052.0 5.3% 5.3% 4.1% 4.1% 4.8% 4.8% 3.7% 3.7% 4.3% 4.3% - 4.4% 4.4% - 3.4% 3.4% - 3.6% 3.6% - Adj. for Liability Recognized on Balance Sheet Unrecog. Prior Plan Service Cost Other Adj. (Net Benefit Asset/Liab.) Net Asset/Liability Recognized on Balance Sheet (6.0) (3.0) (1,477.0) (6.0) (3.0) (1,742.0) (4.0) (1,902.0) (4.0) (1,650.0) (2.0) (2,290.0) (3.0) (1,639.0) Consolidated Balance Sheet Amounts Long Term Assets Long Term Liabilities 1.0 (1,478.0) 1.0 (1,743.0) 1.0 (1,903.0) 1.0 (1,651.0) 1.0 (2,291.0) 1.0 (1,640.0) - - - Dec-31-2013 Dec-31-2014 Dec-31-2015 OPEB Information - Foreign Def. Benefit Net Periodic Cost Def. Benefit Total Cost 10.0 9.0 12.0 8.0 10.0 Def. Benefit Obligation Proj. Benefit Obligation 93.0 - - - - - - - 3.8% 3.8% 4.5% 4.5% 3.5% 3.5% 3.8% 3.8% (113.0) (45.0) (57.0) (52.0) Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Rate of PBO Compensation Increase - Min Rate of PBO Compensation Increase - Max Other Pension Related Items Benefit Info Date Weighted Avg. Assumptions on Def. Benefit Obligation PBO Assumed Rate of Return - Min PBO Assumed Rate of Return - Max Adj. for Liability Recognized on Balance Sheet Net Asset/Liability Recognized on Balance Sheet Other Post-Retirement Benefit Related Items Health Care Cost Trend Rate, Initial Benefit Info Date (93.0) 6.0% - - (120.0) 6.0% - 7.5% - - (40.0) 8.1% Dec-31-2013 - 8.3% Dec-31-2014 - 8.4% Dec-31-2015 Bayerische Motoren Werke Aktiengesellschaft (DB:BMW) > Financials > Segments In Millions of the reported currency. View By: Period Type: Currency: Units: Line Items Annual Reported Currency S&P Capital IQ (Defaul Restatement: Order: Conversion: Decimals: Latest Filings Latest on Right Today's Spot Rate Capital IQ (Default) Business Segments For the Fiscal Period Ending Currency Revenues Automobiles Motorcycles Financial Services Other Companies Corporate Total Revenues Gross Profit Before Tax Automobiles Motorcycles Financial Services Other Companies Corporate Total Gross Profit Before Tax Operating Profit Before Tax Automobiles Motorcycles Financial Services Other Companies Corporate Total Operating Profit Before Tax Interest Expense Automobiles Motorcycles Financial Services Other Companies Corporate Total Interest Expense Restated 12 months Dec-31-2010 EUR Reclassified 12 months Dec-31-2011 EUR Restated 12 months Dec-31-2012 EUR Restated 12 months Dec-31-2013 EUR Reclassified 12 months Dec-31-2014 EUR 12 months Dec-31-2015 EUR 54,137.0 1,304.0 16,617.0 4.0 (11,585.0) 60,477.0 63,229.0 1,436.0 17,510.0 5.0 (13,359.0) 68,821.0 70,208.0 1,490.0 19,550.0 5.0 (14,405.0) 76,848.0 70,630.0 1,504.0 19,874.0 6.0 (15,955.0) 76,059.0 75,173.0 1,679.0 20,599.0 7.0 (17,057.0) 80,401.0 85,536.0 1,990.0 23,739.0 7.0 (19,097.0) 92,175.0 9,434.0 209.0 1,819.0 4.0 (534.0) 10,932.0 13,065.0 229.0 2,497.0 5.0 (1,251.0) 14,545.0 13,683.0 254.0 2,566.0 5.0 (1,014.0) 15,494.0 12,852.0 251.0 2,604.0 6.0 (445.0) 15,268.0 13,952.0 314.0 2,816.0 7.0 (84.0) 17,005.0 15,137.0 448.0 3,153.0 7.0 (613.0) 18,132.0 4,355.0 71.0 1,201.0 (41.0) (475.0) 5,111.0 7,477.0 45.0 1,763.0 (19.0) (1,248.0) 8,018.0 7,599.0 9.0 1,558.0 58.0 (949.0) 8,275.0 6,649.0 79.0 1,643.0 44.0 (437.0) 7,978.0 7,244.0 112.0 1,756.0 71.0 (65.0) 9,118.0 7,836.0 182.0 1,981.0 169.0 (575.0) 9,593.0 - - (552.0) (3.0) (5.0) (1,499.0) 1,684.0 (375.0) (535.0) (3.0) (27.0) (1,279.0) 1,375.0 (469.0) (620.0) (5.0) (29.0) (1,197.0) 1,332.0 (519.0) (762.0) (3.0) (7.0) (1,080.0) 1,234.0 (618.0) Net Profit Before Tax Automobiles Motorcycles Financial Services Other Companies Corporate Total Net Profit Before Tax 3,887.0 65.0 1,214.0 45.0 (358.0) 4,853.0 6,823.0 41.0 1,790.0 (168.0) (1,103.0) 7,383.0 7,170.0 6.0 1,561.0 3.0 (937.0) 7,803.0 6,649.0 79.0 1,619.0 164.0 (618.0) 7,893.0 6,886.0 107.0 1,723.0 154.0 (163.0) 8,707.0 7,523.0 179.0 1,975.0 211.0 (664.0) 9,224.0 Tax Expense Automobiles Motorcycles Financial Services Other Companies Corporate Total Tax Expense 1,280.0 20.0 446.0 (22.0) (114.0) 1,610.0 1,832.0 12.0 1,053.0 (37.0) (384.0) 2,476.0 2,453.0 22.0 545.0 (5.0) (323.0) 2,692.0 2,153.0 25.0 518.0 68.0 (200.0) 2,564.0 2,365.0 34.0 525.0 49.0 (83.0) 2,890.0 2,376.0 55.0 528.0 73.0 (204.0) 2,828.0 Net Profit After Tax Automobiles Motorcycles Financial Services Other Companies Corporate Total Net Profit After Tax 2,592.0 45.0 767.0 67.0 (244.0) 3,227.0 4,966.0 29.0 737.0 (132.0) (719.0) 4,881.0 4,693.0 (16.0) 1,015.0 7.0 (614.0) 5,085.0 4,391.0 51.0 1,093.0 95.0 (327.0) 5,303.0 4,514.0 73.0 1,187.0 104.0 (80.0) 5,798.0 5,142.0 124.0 1,426.0 137.0 (460.0) 6,369.0 58,651.0 687.0 73,703.0 50,399.0 (73,276.0) 110,164.0 63,637.0 740.0 82,709.0 53,920.0 (77,577.0) 123,429.0 68,808.0 852.0 88,697.0 56,750.0 (83,272.0) 131,835.0 72,864.0 772.0 92,330.0 61,289.0 (88,878.0) 138,377.0 79,131.0 870.0 106,316.0 68,174.0 (99,688.0) 154,803.0 83,352.0 978.0 122,029.0 78,841.0 (113,026.0) 172,174.0 3,762.0 22.0 3,784.0 3,564.0 20.0 3,584.0 3,679.0 38.0 3,717.0 3,747.0 20.0 3,767.0 4,230.0 29.0 4,259.0 4,577.0 31.0 4,608.0 (3,183.0) (10.0) (3,193.0) (3,565.0) (25.0) (3,590.0) (5,074.0) (37.0) (5,111.0) (6,599.0) (9.0) (6,608.0) (6,021.0) (9.0) (6,030.0) (5,791.0) (6.0) (5,797.0) Assets Automobiles Motorcycles Financial Services Other Companies Corporate Total Assets Depreciation & Amortization Automobiles Financial Services Total Depreciation & Amortization Capital Expenditure Automobiles Financial Services Total Capital Expenditure Filing Date Mar-13-2012 Mar-14-2013 Mar-19-2014 Mar-12-2015 Mar-16-2016 Mar-16-2016 Geographic Segments Restated 12 months Dec-31-2010 EUR Reclassified 12 months Dec-31-2011 EUR Restated 12 months Dec-31-2012 EUR Restated 12 months Dec-31-2013 EUR Reclassified 12 months Dec-31-2014 EUR 12 months Dec-31-2015 EUR Revenues Germany United States of America China Rest of Europe Rest of the Americas Other Total Revenues 11,207.0 11,638.0 8,444.0 18,581.0 2,530.0 8,077.0 60,477.0 12,859.0 11,516.0 11,591.0 20,956.0 2,771.0 9,128.0 68,821.0 12,186.0 13,447.0 14,448.0 22,971.0 2,824.0 10,972.0 76,848.0 11,797.0 12,691.0 15,348.0 22,552.0 3,103.0 10,568.0 76,059.0 12,992.0 13,666.0 15,002.0 24,635.0 2,961.0 11,145.0 80,401.0 13,394.0 18,155.0 15,856.0 28,617.0 3,361.0 12,792.0 92,175.0 Assets Germany United States of America China Rest of Europe Rest of the Americas Other Corporate Total Assets 21,257.0 9,380.0 9.0 4,784.0 1,273.0 805.0 (1,962.0) 35,546.0 21,519.0 10,073.0 10.0 9,066.0 1,345.0 961.0 (2,939.0) 40,035.0 22,954.0 11,195.0 15.0 9,887.0 1,548.0 1,137.0 (3,720.0) 43,016.0 25,320.0 12,911.0 21.0 10,651.0 1,668.0 1,025.0 (4,335.0) 47,261.0 27,137.0 17,093.0 25.0 11,643.0 2,050.0 1,102.0 (5,204.0) 53,846.0 28,786.0 21,000.0 23.0 13,099.0 2,053.0 1,318.0 (6,183.0) 60,096.0 Mar-13-2012 Mar-14-2013 Mar-19-2014 Mar-12-2015 Mar-16-2016 Mar-16-2016 For the Fiscal Period Ending Currency Filing Date High Engagement Assignment 4 This assignment is once again an \"adopt-a-company-project\". The focus is on analyzing your company's risk exposures and risk management strategy. We will also consider whether your company is a feasible target for a private equity LBO (leveraged buyout), or a strategic acquisition. For this assignment, there is no need to compare your company to competitors as you did in the previous assignments. 1. Describe the main business and financial risks that your company may face. Consider in particular: 1.1 Currency risk: is your company significantly exposed to changes in the value of the US dollar or its domestic currency? It is fairly straightforward to get data on whether your company has significant revenues and profits in a foreign currency (I can help with that). Data on your company's cost structure will be much harder to get. I don't expect you to get data, any attempts to answer this question either quantitatively or qualitatively will be appreciated. 1.2 Commodity risk: is your company significantly exposed to fluctuations in the value of commodities? Which ones? Again, data will be tricky to get. Any attempts to answer this question either quantitatively or qualitatively will be appreciated. 1.3 Financing risk: in the Module you discussed an example of a company that knows it will need to issue debt in the near future. You will not have access to your company's financial plans. But you can measure whether your company has a significant amount of debt coming due in the next few years (refinancing risk). See the video for a discussion. If your company does not have significant leverage, this is obviously not an issue. 2. Given your analysis above, which risk management tools would be appropriate for your company to employ? 3. Which risk management tools does your company actually use? Again, it may be a challenge to get the data to answer this question. Consider the following: 3.1 Search the company's most recent annual report (10-Ks) for the words \"derivative\FEBRUARY 28, 2017 HIGH ENGAGEMENT ASSIGNMENT 3 This assignment is once again an \"adopt-a-company-project\". The focus is on analyzing your company's financial policy. Companies under investigation: Primary: BMW Group o Financial statement used from CIQ: 2014, 2015, and 2016 Competitor: Ford Motors o Financial statement used from CIQ: 2014, 2015, and 2016 1|Page 1. Describe your company's capital structure over the last 3 years, and compare to competitors. You should analyze mostly leverage ratios in this question (you may already have done some of this analysis for ACR 1). Remember to use the market value of equity to calculate leverage ratios. I would focus mostly on the leverage ratio defined as total debt / (total debt + market value of equity). For this question, you will need historical data on the market value of equity for your companies. The video describing the assignment gives some guidelines on how to do this. PRIMARY: BMW GROUP BMW 2016 2015 2014 Current stock price 84.82 73.89 83.895 Total shares outstanding 656.8 656.8 656.5 Market value of equity 55709.78 48530.952 55077.068 Debt 93,498 87133 77506 Total 149,208 135,664 132,583 63% 64% 58% 17425 16868 15766 Leverage Gross profit SECONDARY: FORD FORD 2016 Current stock price 12.58 11.35 13.14 Total shares outstanding 3974.3 3969.5 3955.9 49996.694 45053.825 51980.526 Debt (finance+auto) 142,970 132,854 119,171 Total 192,967 177,908 171,152 74% 75% 70% 16783 18553 12551 12839 13824 22% 21% Market value of equity Leverage Gross Profit Debt (auto only) Leverage (auto only) 2015 (Dec) 2014 (Dec) 2|Page As we examine the historical data for BMW, the leverage ratio for the last three years averages at approximately 62%. During this period, BMW has acquired investment by both raising debt and also by issuing new equity. However, majority of the investment came from the debt. These activities resulted in increased gross profits year-to-year