Letter to Shareholders for the 2001 Fiscal Year

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1 Letter to Shareholders for the 2001 Fiscal Year BMW Group

2 Dear Shareholders, The year 2001 was by far the most successful year in the history of the BMW Group. We achieved major milestones in the strategic orientation of our Company and have once again set new records in terms of sales and result. Never before have more BMW automobiles and motorcycles been built and delivered to customers in a year. In total, 905,657 BMW and MINI cars were delivered to customers. The BMW motorcycle segment delivered 95,327 units, which represents the ninth record year in a row. BMW Financial Services also continued the previous year s positive business development. Record sales With sales of euro 37,853 million, the BMW Group achieved a new record, exceeding the previous year s sales by 7.1%. In addition to the increased number of cars delivered to customers and the regional breakdown of deliveries, the increase is also attributable to the continuing trend towards more fully equipped models and higher powered cars. Sales by segment (according to the German Commercial Code/HGB) in euro million Change BMW Group 37,853 35, % Segment BMW Automobiles 33,512 29, % Rover Automobiles 0 3, % BMW Motorcycles 1, % Financial Services 7,459 7, % Miscellaneous, consolidations -4,177-6, % Continuing product and market offensive The BMW Group continued its product and market offensive in the year We successfully introduced the new 3 Series compact, the M3 convertible, the updated BMW 3 Series, the X5 4.6is and, in Europe, the new BMW 7 Series into the market. In the second half of 2001, sales of the MINI One and MINI Cooper started with great success, initially in Great Britain and then, from September, in the rest of Europe. This portfolio makes the BMW Group the only multibrand car manufacturer in the world pursuing a consistent premium product strategy. This orientation is one of the reasons why the BMW Group is largely unaffected by the difficult economic situation in the international markets. As already announced during the year, the BMW Group was able to increase profits considerably in 2001, the return on sales increased markedly to well over 6%. In the automobiles segment, the record result achieved in 2000 was exceeded. In light of the substantial expenditure incurred on the Group s ongoing product and market offensive this result is very pleasing. Almost 5,000 new jobs created As a result of the continuing, positive development of business, the BMW Group created 4,991 new jobs in 2001, above all in the production, sales and development areas. As at 31 December 2001, the BMW Group employed a worldwide workforce of 97,275 employees. After correction for the disposal of Powertrain Ltd., Bracknell, and the sale of British Motor Heritage in 2001, this figure compares with a headcount of 92,284 employees in the year 2000, an increase of 5.4%. Workforce of the BMW Group at the year end Change (adjusted) BMW Group 97,275 92, % Apprenticeships awarded by the BMW Group also reflect the ongoing demand for employees, with more than 1,100 apprentices being employed in 2001 in Germany alone. Car markets: premium brands holding their own in a negative environment Consumer behaviour in the year 2001 was characterised worldwide by the economic slowdown and weak financial markets. Political uncertainty following 11 September then added to the hesitation among consumers. From our perspective, however, the BMW Group remains able to successfully manage the economic consequences of the terrorist attacks on 11 September. 2

3 After several years of expansion, the expected period of consolidation in the car markets began during The world car market nevertheless maintained its high level of 53.8 million vehicles sold following 53.7 million in the previous year. Largely resisting the overall economic environment, the premium segment was able to avoid the general trend in the market, increasing its share in the total volume of sales. The North American car market was particularly robust, registrations remaining only slightly below the previous year s record figure. The relative strength in the mass segments was achieved through support measures undertaken by the US manufacturers. The European manufacturers were able to further strengthen their market position in the premium segments. Markets in South America particularly in Brazil also developed positively with only Argentina running against the trend due to its financial crisis. In Western Europe the high level of deliveries recorded in the previous year were exceeded by 0.6%. Positive developments in Great Britain and France were able to set off the, in some cases, significant downturn in smaller markets. In Germany the decline of the market already seen in the previous year led to a decrease in registrations of -1.1%. The economic development in Japan during 2001 was disappointing. Registrations dropped by around 1% from the previous year, despite a wide range of model activities. In all, the South-East Asian markets continued their process of recovery in 2001 following the Asia crisis in The overall market was up by approximately 3%, borne mainly by the positive development in China. BMW Group: Germany remains the most important market In terms of sales, Germany remained the largest market for the BMW Group. Delivering 240,910 BMW and 4,938 MINI cars to customers, we were able to maintain our position in Germany against a general decline in the market as a whole. Deliveries of BMW Group cars in the other countries of Western Europe increased to 308,050 units. Of this figure, 288,238 units were BMW cars (+7.5%) and 19,812 were MINIs. The BMW Group recorded a positive development of sales in nearly all European markets, particularly Great Britain with an increase of 17.4% to 80,228 BMWs and 10,643 MINIs, the latter delivered to customers in just six months after the start of sales. France, Italy, Spain and Switzerland also contributed to the good result in 2001 through increases in customer deliveries. The USA once again played an outstanding role in our 2001 year of business, customer deliveries exceeding 200,000 cars in a year for the first time. Delivering 213,127 cars to customers, we grew by 12.5% over the previous year. As a result, we have almost quadrupled our sales in the USA in the last 10 years and now rank number one among all European premium manufacturers. This positive development is also reflected in the headcount. The BMW Group recruited more than 700 new employees in the USA last year, while US manufacturers were laying off employees in large numbers. Asia remained a growth region for the BMW Group in the year Deliveries up by 5.6% far exceeded the development in the overall market. It is in the Asian markets that we expect the fastest growth rate worldwide in the next 10 years, which is precisely why we have been pursuing a long-term strategy in these countries for many years. In the year 2001 we sold 61,067 BMW cars in Asia. Japan alone accounted for more than half of this volume, with 35,845 BMW cars delivered to customers. With customer deliveries of 5,742 cars in 2001, China was up over the previous year by +51.2%. Our newly established subsidiaries in Indonesia (+13.7% to 2,749 vehicles) and the Philippines (+96.9% to 500 vehicles) also achieved high growth rates. BMW brand achieves record number of deliveries BMW X5 with record sales 880,677 BMW cars were delivered to customers in 2001 representing a new sales record during the year 3

4 (+7.1%). The BMW X5 deserves particular mention in this context, customer deliveries amounting to 82,645 units, more than twice the figure recorded in the previous year (+118%). The undaunted appeal and popularity of the BMW 3 Series was confirmed last year by an increase in deliveries of 4.5% to 533,952 cars sold. In particular the BMW 3 Series convertible and the 3 Series touring supported this positive development. In addition 35,175 units of BMW Z3 roadster and BMW Z3 coupé were sold in The BMW 5 Series also remains in great demand in its sixth year, with worldwide sales up by 0.5%. Approximately one out of every five of the 193,948 BMW 5 Series sold in 2001 was a touring. The BMW Z8 super sports car, hand built at the Munich Plant and with an aluminium spaceframe from the Dingolfing Plant, was delivered to 2,202 customers in the year. Ever since its market launch in autumn, the new BMW 7 Series has been met with a very positive response from customers, with approximately 3,000 deliveries between the market introduction in November and the end of The new 7 Series sets new standards in handling, performance, safety and comfort a car which will set the benchmark for a long time to come. The last model of the previous 7 Series came off the production line in July. With sales of the former 7 Series in the year 2001 amounting to 29,770 units, a total of 327,671 cars were delivered to customers throughout the 7 year production period. Demand for diesel models remains insatiable. While the worldwide share of BMW diesel models in 1996 was 12%, one out of every four BMWs is now sold with a diesel engine. In Europe the share of diesel models is over 40%. MINI makes a successful start in Europe A further highlight in the year 2001 was the successful introduction of MINI. Following the promising start of sales of the MINI One and MINI Cooper in Great Britain in July, the other European markets followed in early September. Since then, we have delivered 24,980 cars to customers, 10,643 of which were sold in Great Britain, the MINI s home country. Our expectations have therefore been fulfilled with the sales figures confirming that the MINI is establishing its position as a premium brand in the small car segment. Production reaches a new record further expansion of the BMW plant network With automobile production amounting to 946,730 units thereof 42,395 MINIs the BMW Group once again achieved an outstanding figure. In all, 904,335 BMW cars 8.4% more than in the previous year came off the production lines at our plants in Munich, Dingolfing, Regensburg, Spartanburg, and Rosslyn, and at our assembly facilities the world over. This is a new record made possible by the ongoing improvement of our production systems efficiency, future-oriented expansion of our capacities, and the commitment of our workforce. Together with the high standard of flexibility ensured by our working time concepts and the performance of our production systems, we are able in this way to meet the great demand for our products also in the year 2002 by keeping our production capacities at an adequate level. In 2001 we took important steps to expand our capacities. At the Spartanburg Plant in the USA, for example, we have increased our production capacities for the BMW X5 by more than 80%. In Great Britain, production at the new Hams Hall engine plant started as planned in January At the new Oxford plant, the MINI has been coming off the production line since April In early November three shift production was introduced. We are also investing continuously at our Munich, Dingolfing, Regensburg and Berlin plants, and at our plant in Rosslyn, South Africa. In Goodwood, we are currently building The new home of Rolls-Royce. 4

5 Capital expenditure of the BMW Group (according to the German Commercial Code/HGB) in euro million Change BMW Group 2,828 2, % Making substantial investments as part of our product and market offensive, we will continue to establish the foundation for a further increase in sales in future. The new plant in the Leipzig/Halle Region, where we will be investing euro 1.3 billion in the next few years, is of particular significance in this context. Production of the BMW 3 Series is scheduled to start here in In late October the BMW Group signed cooperation agreements with Steyr-Daimler-Puch Fahrzeugtechnik, a subsidiary of the Magna Group in the Austrian town of Graz, for the series development and production of BMW s new X3 Sports Activity Vehicle. The complete, detailed concept of this car developed by BMW Group engineers has already been handed over to Steyr-Daimler-Puch for further series development. Through this cooperation we are further enhancing the dynamism and flexibility of the company, marking yet another milestone in the consistent implementation of the BMW Group s product offensive. Motorcycle Segment achieves ninth record year in a row Delivering 95,327 motorcycles to customers in the year under report, the Motorcycle Segment continued its history of record sales, outperforming the previous year s figure for the ninth time in a row, with 17.3% growth in the year Particularly France (+39.2%) and Great Britain (+38.9%) contributed through their increase in sales to this positive development. With customer deliveries of 2,801 units, the Japanese market was up by 18.6%, also marking a new record figure. Accounting for more than 17,000 units, the bestselling motorcycle in the year 2001 was the F 650 GS. In autumn we introduced another single-cylinder model, the F 650 CS Scarver appealing above all to younger customers. In the category above 750 cc the R 1150 GS leads our sales, with more than 14,500 of our large long-distance enduros being delivered to customers in Customer deliveries of the BMW C1, the alternative means of transport for large cities and densely populated areas, also developed positively in 2001, sales of 10,614 units exceeding the previous year s figure by 59.6%. The production also followed these excellent sales figures with a production volume of 90,478 BMW motorcycles again establishing a new record, up by 21.6% over the previous year. In addition, 9,735 C1s were manufactured by Bertone, our production partner in Italy. Financial Services expands strategic business areas The business volume of the Financial Services Segment in 2001 amounted to euro 20.6 billion, remaining almost at the previous year s level. In the area of new business, the discontinuation of Rover financing was almost completely offset. In all, 1.21 million financing contracts were signed in 2001 (previous year: 1.23 million), approximately 45% thereof for customer business, and around 55% for dealer financing. At 35%, the penetration of BMW Financial Services in BMW new car sales, that is the share of new BMWs financed through Financial Services, remains above the average in the industry. This means that one out of every three BMW vehicles sold is financed by BMW Financial Services. Successful expansion of Financial Services was supported by a greater geographical spread of business, with fleet management, multibrand financing and direct banking, new strategic areas of operation, being expanded according to plan. CleanEnergy on world tour The BMW Group continued its commitment to hydrogen technology in the year The first CleanEnergy WorldTour enabled us to hit the headlines on an international level with our highly 5

6 advanced hydrogen technology. On the Tour, the BMW Group provided information on hydrogen technology to opinion leaders in politics, the media and business from all over the world at our events in six cities (Dubai, Brussels, Milan, Tokyo, Los Angeles, and Berlin). The response was extremely positive, proving that the trend towards a hydrogen economy is irreversible. The BMW Group sees sustained corporate strategies as an essential element for securing the success of the Company in the long term. CleanEnergy makes a decisive contribution in this context to ensuring mobility on a long-term basis. A hydrogen version of the recently introduced new 7 Series will be available to customers during the lifecycle of this new model. First wins in Formula 1 third place in the Constructors World Championship Winning four races, starting four Grand Prix races from the pole position, and setting 8 lap records, the BMW WilliamsF1 Team established its position in the 2001 Formula 1 World Championship as the third top team. This success by far exceeded our own expectations for the second season in Formula 1, the BMW engine making a decisive contribution to this performance. BMW stock in the year 2001 The international stock markets were characterised by a feeling of uncertainty regarding the economic outlook in the USA and the deteriorating profit perspectives of many companies, particularly in the technology sector, even prior to the terrorist attacks on 11 September. The German DAX stock index reached its annual high of 6,795 points on 31 January, then sliding consistently throughout the year. A short recovery period in March was followed by a sideways movement within a relatively narrow stock price corridor. Reflecting increasing uncertainty on the economic situation, the DAX index then dropped by approximately 25% in July and August. The terrorist attacks on 11 September led to further losses, even greater in Germany than on the US stock exchanges, forcing the DAX index down to just 3,787 points. While recovering somewhat by the end of the year, the index, closing at 5,160 points, was still 19.8% below the final figure in the year Car stocks represented by the CDAX automobile index benefited in the first half of the year from portfolio transfers and thus largely escaped the general downward trend until mid-august, before suffering a decline of approximately 15% in the first week of September. Following the re-appraisal of markets and the prospects of the automotive industry, the CDAX automobile index dropped considerably further than the overall market after 11 September by almost another 30% to a low of points before recovering to at the end of the year. Compared with the final index in the year 2000, this was an increase of 40 points or 11.8%. BMW common stock, after increasing in value below the average development of the CDAX automobile index in the first quarter, slightly outperformed the automobile index throughout the second quarter and was far better than the DAX index. After reaching a new record high of euro on 18 May, the price of BMW stock dropped as a result of profit-taking, thereafter moving largely sideways up to the middle of August. Then, despite an interim drop in value by almost 10%, BMW stock outperformed the DAX index up to 10 September. As a result of the general fall of stock markets following 11 September, BMW common stock dropped considerably in value under heavy trading, reaching an annual low of euro on 20 September. In the following weeks, BMW stock recovered again, closing the year on 28 December 2001 at euro or 13.6% above its final value in the year This makes BMW stock one out of only four stocks in the DAX 30 index showing an increase in value in the year Premium segments outperforming the overall market also in 2002 In light of the subdued development of the world economy in the first half of the year, we anticipate a 6

7 Increase in value of BMW AG stock versus stock indices (Index: 2 January 2001=100) BMW common stock DAX CDAX Automobiles 01/ 01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 slight reduction in the demand for cars in We nevertheless expect the economy to pick up again in the second half of the year, starting in the USA. Looking at the automobile market, we must once again make a clear distinction in 2002 between the mass and premium segments. Our current view is that the mass market will develop more weakly. The growing demand for premium cars already observed in recent years, on the other hand, will pick up further momentum. BMW Group in 2002 We are confident that the BMW Group will also continue its growth in the year ahead. In the year 2002 the Company will continue its product and market offensive as planned. The new BMW 7 Series entering the market in Great Britain and overseas in the first quarter 2002 will play an important role in this context. Initial sales figures in the European markets show that the new 7 Series will continue the worldwide success of its predecessor. Under the motto MINI goes global, the MINI brand will be introduced overseas in the year 2002 and thus make an important contribution to the ongoing growth of the BMW Group. Changes in the Board of Management At the end of the year, Professor Werner Sämann ended his activities as a Member of the Board of Management of the BMW Group and entered retirement, after completing the disengagement from Rover Cars and restructuring our activities in Great Britain. He performed these activities with great knowledge, substantial commitment and a strong feeling for social needs, for which the Board of Management and the Supervisory Board have expressed their sincere gratitude and acknowledgement. As I already announced in December, I will be handing over Chairmanship of the Board of Management to Dr. Helmut Panke on 16 May 2002 at the Annual General Meeting of the BMW AG. The BMW Group will continue its successful development under Dr. Panke s guidance. We intend to be the most successful car manufacturer in the premium segment and with our outstanding brands, new models and highly motivated employees, we will reach this objective. Yours sincerely, Joachim Milberg Chairman of the Board of Management Bayerische Motoren Werke Aktiengesellschaft Munich, January

8 Annual General Meeting The 82nd Annual General Meeting of BMW AG will be held on Thursday, 16 May 2002, at am at the Olympiahalle in the Munich Olympiapark. Address Bayerische Motoren Werke Aktiengesellschaft D München Germany Telephone +49 (0) Fax +49 (0) Contacts Corporate Communications Telephone +49 (0) Fax +49 (0) Investor Relations Telephone +49 (0) (0) Fax +49 (0) The BMW Group in the Internet For further information on the BMW Group, please see the Internet under Information on the BMW brand is available at any time under information on the MINI brand under Note This letter to shareholders has been prepared, as the quarterly reporting, under the provisions of the German Commercial Code (HGB). The BMW Group will be converting to International Accounting Standards in the Group Financial Statements for

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