Cost of Debt

Book Value of Debt according to the annual report of adidas (3

Bonds
Issuer ISIN Cpn Maturity Frequency Amt Out
adidas AG DE000A1ML0 0.25 06/14/2019 Annual ###
adidas AG XS111415528 1.25 10/08/2021 Annual ###
adidas AG XS111415927 2.25 10/08/2026 Annual ###
BMW FINANCE NV
Revolver
Issuer Rank Tranche Maturity Principal Du Amt Out(M)
adidas AG Senior Unsecured Loans 06/26/2017 0 --
Source: Bloomberg (as of 14/10/2016) & Annual Report (31.12.2015)
1 0.10% 10/02/2023 quarterly 0,000.00 (M)
2 0.09% 06/24/2022 quarterly ###
3 1.50% 02/06/2029 annual ###
4 0.63% 10/06/2023 annual ###
5 0.38% 01/14/2027 annual 750,000.00
6 0.38% 09/24/2027 annual 750,000.00
7 2.80% 08/11/2023 annual 500,000.00
8 0.00% 03/24/2023 annual ###
9 0.38% 07/10/2023 annual ###
10 0.13% 07/13/2022 annual ###
11 2.40% 08/14/2024 s/a 500,000.00
12 0.00% 04/14/2023 annual ###
13 0.75% 07/13/2026 annual 750,000.00
14 1.13% 01/10/2028 annual 750,000.00
15 0.13% 11/29/2021 annual ###
16 0.88% 01/14/2032 annual 500,000.00
17 1.00% 08/29/2025 annual 750,000.00
18 0.75% 04/15/2024 annual 750,000.00
19 1.00% 08/18/2031 annual 150,000.00
20 0.50% 11/22/2022 annual ###
21 4.40% 09/20/2021 annual ###
22 0.88% 08/16/2022 annual 600,000.00
23 2.50% 12/06/2021 annual 300,000.00
24 1.80% 02/18/2022 quarterly 500,000.00
25 1.00% 01/21/2025 annual 750,000.00
26 0.25% 01/14/2022 annual 750,000.00
27 1.00% 11/14/2024 annual ###
28 2.85% 08/14/2029 s/a 500,000.00
29 1.00% 02/15/2022 annual 750,000.00
30 0.88% 11/17/2020 annual ###
31 1.25% 09/05/2022 annual 750,000.00
32 0.75% 07/12/2024 annual 750,000.00
33 4.25% 10/18/2020 annual ###
34 0.62% 06/19/2023 quaterly ###
35 0.00% 12/21/2020 quaterly 600,000.00
36 2.85% 08/14/2029 s/a 500,000.00
37 0.02% 08/16/2021 quaterly 500,000.00
38 0.13% 01/12/2021 annual ###
39 2.26% 04/21/2023 quaterly ###
40 1.25% 08/24/2021 annual 150,000.00
41 2.38% 01/24/2023 annual 750,000.00
42 2.25% 08/12/2022 s/a 750,000.00
43 2.63% 01/17/2024 annual 750,000.00
44 4.50% 01/15/2021 quaterly 750,000.00
45 1.13% 05/22/2026 annual 750,000.00
46 2.25% 08/12/2022 s/a 750,000.00
47 2.25% 06/19/2023 annual 750,000.00
48 1.50% 01/18/2021 annual 750,000.00
49 2.38% 12/01/2021 annual 250,000.00
50 2.40% 08/14/2024 S/A 500,000.00
51 0.88% 04/03/2025 annual 750,000.00
52 4.00% 03/08/2022 annual ###
53 1.05% 08/12/2022 quaterly 500,000.00
54 0.00% 03/31/2025 annual 200,000.00
55 1.75% 10/06/2020 annual ###
56 0.77% 08/22/2022 quaterly 500,000.00
57 4.25% 02/04/2026 S/A 140,000.00
58 2.07% 02/14/2030 S/A 133,000.00
59 0.00% 10/19/2020 quaterly 400,000.00
60 3.98% 07/12/2022 ANNUAL ###
61 3.35% 04/17/2030 ANNUAL 400,000.00
62 1.05% 08/12/2022 quaterly 500,000.00
63 2.90% 03/04/2021 N/A ###
64 0.00% 11/26/2032 58,000.00
65 0.00% 11/19/2020 quaterly 200,000.00
66 3.19% 07/16/2021 N/A ###
67 3.37% 10/21/2020 N/A ###
68 0.00% 12/14/2023 56,000.00
69 3.35% 03/04/2023 ANNUAL ###
70 0.00% 04/09/2023 ANNUAL 75,000.00
71 0.45% 01/29/2021 S/A ###
72 2.74% 05/24/2024 ANNUAL 824,000.00
73 0.00% 02/22/2021 quaterly 100,000.00
74 2.10% 05/16/2022 ANNUAL 535,000.00
75 2.18% 04/19/2021 Annual 593,000.00
76 3.57% 10/21/2021 ANNUAL ###
77 0.24% 02/22/2023 S/A ###
nnual report of adidas (31.12.2015)
Bonds
Curr Mty Type Principal DueInterest Due FIGI Price Date
EUR CONV/PUT ### ### BBG002QTS3 191.55% 10/20/2016 Conv.Bond
EUR CALLABLE ### ### BBG0077Z2V 103.85% 10/14/2016 EuroBonds
EUR CALLABLE ### ### BBG0077Z2 109.78% 10/14/2016 EuroBonds

Currency Loan Type FIGI

EUR REV BBG00341JN78
Calc Type Formula issue date 1st coupon date
EUR float rate notQUARTLY EURIBOR +60.0000 100.599 10/02/2020 01/04/2021
EUR float rate notQUARTLY EURIBOR +60.0000 100.4455 08/24/2020 9/24/2020
EUR street convention 110.075498 02/06/2019 02/06/2020
EUR street convention 102.217 02/06/2019 10/06/2019
EUR street convention 101.881 01/14/2020 01/14/2021
EUR street convention 101.806 09/24/2019 09/24/2020
CNY pay adj mod follow 99.4485 08/12/2020 08/11/2021
EUR street convention 100.268 09/24/2019 03/24/2020
EUR street convention 101.383 01/10/2018 07/10/2018
EUR street convention 100.565 06/13/2019 07/13/2020
USD street convention 105.1145 08/14/2019 02/14/2020
EUR street convention 100.2155 01/14/2020 04/14/2020
EUR street convention 104.1665 06/13/2019 07/13/2020
EUR street convention 107.499 01/10/2018 01/10/2019
EUR street convention 100.502 08/29/2018 11/29/2018
EUR street convention 105.344 01/14/2020 01/14/2021
EUR street convention 105.2085 08/29/2018 08/29/2019
EUR street convention 103.0165 04/15/2016 04/15/2017
EUR street convention 104.2045 08/18/2016 08/18/2017
EUR street convention 101.5135 05/22/2018 11/22/2018
CNY pay adj mod follow 101.4425 09/20/2018 09/20/2019
GBP street convention 100.708 08/16/2016 08/16/2017
USD street convention 102.202 12/06/2017 12/06/2018
EUR float rate notQUARTLY EURIBOR +50.0000 100.3235 02/19/2020 05/18/2020
EUR street convention 104.8035 01/21/2015 01/21/2016
EUR street convention 100.5965 11/14/2018 01/14/2019
EUR street convention 104.4845 11/14/2018 11/14/2019
USD street convention 114.68 08/14/2019 02/14/2020
EUR street convention 101.6795 02/15/2016 02/15/2017
EUR street convention 100.1465 11/17/2015 11/17/2016
EUR street convention 102.8105 09/05/2014 09/05/2015
EUR street convention 103.2295 01/12/2017 07/12/2017
CNY pay adj mod follow 100.075 10/18/2017 10/18/2018
SEK float rate notQUARTLY STIB +65.0000 99.868 06/19/2019 09/19/2019
EUR float rate notQUARTLY EURIBOR +25.0000 100.056 05/21/2019 06/21/2019
USD street convention 107.333 08/14/2019 02/14/2020
EUR float rate notQUARTLY EURIBOR +50.0000 100.289 08/16/2019 11/18/2019
EUR street convention 100.1495 01/12/2017 01/12/2018
NOK float rate notquartly nibor +195.0000 103.4065 04/21/2020 07/21/2020
EUR street convention 101.0995 04/22/2020 08/24/2020
EUR street convention 105.9065 01/24/2013 01/24/2014
USD street convention 103.081 08/14/2019 02/12/2020
EUR street convention 108.931 01/17/2014 01/17/2015
EUR float rate notQUARTLY EURIBOR +48.0000 100.095 01/15/2019 04/15/2019
EUR street convention 106.5385 05/22/2018 05/22/2019
USD street convention 103.0805 08/14/2019 02/12/2020
NOK street convention 103.1945 06/19/2019 06/19/2020
NOK street convention 100.291 07/18/2017 01/18/2018
GBP street convention 102.249 12/01/2015 12/01/2016
USD street convention 105.1115 08/14/2019 02/14/2020
EUR street convention 104.377 04/03/2017 04/03/2018
CNY CHINESE GOVT BONDS 100.5555 03/08/2019 03/08/2020
USD float rate notQUARTLY US LIBOR +79.0000 100.58 08/14/2019 11/12/2019
EUR NO CALCULAT(SCHULDSCHEIN) 03/31/2020 03/31/2021
SEK street convention 100.0045 10/06/2015 10/06/2016
NOK float rate notQUARTLY NIIBOR +53.0000 99.7915 08/22/2019 11/22/2019
AUD street convention 113.766 02/04/2016 08/04/2016
AUD street convention 100.4075 02/14/2020 08/14/2020
EUR float rate notQUARTLY EURIBOR +25.0000 100.0295 10/19/2018 01/21/2019
CNY CHINESE GOVT BONDS 100.2125 07/12/2019 07/12/2020
HKD HONG KONG GOVT BDS 108.7775 04/17/2020 04/17/2021
USD float rate notQUARTLY US LIBOR +79.0000 100.579 08/14/2019 11/12/2019
CNY INTEREST AT MTY 99.79 03/04/2020 03/04/2021
EUR NO CALCULAT(SCHULDSCHEIN) 11/26/2018 05/26/2019
EUR float rate notQUARTLY EURIBOR +25.0000 100.036 11/19/2018 02/19/2019
CNY INTEREST AT MTY 99.8425 07/16/2020 07/16/2021
CNY INTEREST AT MTY 99.999 10/21/2019 10/21/2020
EUR NO CALCULAT(SCHULDSCHEIN) 12/14/2018 06/14/2019
CNY CHINESE GOVT BONDS 99.0235 03/04/2020 03/04/2021
EUR NO CALCULAT(SCHULDSCHEIN) 04/09/2020 04/09/2021
JPY street convention 100.0705 01/29/2016 07/29/2016
HKD HONG KONG GOVT BDS 104.1335 05/24/2019 05/24/2020
EUR float rate notQUARTLY EURIBOR +25.0000 100.098 05/22/2019 08/22/2019
HKD HONG KONG GOVT BDS 101.374 05/24/2017 05/16/2018
HKD HONG KONG GOVT BDS 100.736 04/19/2016 04/19/2017
CNY CHINESE GOVT BONDS 99.907 10/21/2019 10/21/2020
JPY street convention 99.7875 02/22/2016 08/22/2016
 Back to Calculation Cost of Debt
Calculation Cost of Debt-->'!A1

st coupon date

CNY 7.9906
USD 1.1768
GBP 0.91134
SEK 10.4485
nok 10.9333
AUD 1.64811
HKD 9.1211
JPY 124.78

euribor -0.51% 3 MONTH

stibor
nibor
US LIBOR 0.23% 3 MONTH
 Bayerische Motoren Werke Aktiengesellschaft (BMW.DE)
Date Open High Low Close Adj Close Volume
10/1/2010 51.439999 51.650002 47.82 51.509998 35.181503 57376076
11/1/2010 51.77 60 50.650002 57.93 39.566383 59271952
12/1/2010 58.349998 65.489998 57.66 58.849998 40.194744 52372698
1/1/2011 59.259998 61.740002 54.169998 56.080002 38.302826 63830877
2/1/2011 57.029999 63.68 55.23 58.779999 40.146927 55638113
3/1/2011 59.32 61.099998 52.009998 58.75 40.126446 72368496
4/1/2011 59.200001 63.669998 56.220001 63.669998 43.486816 47870001
5/1/2011 64 65.300003 58.830002 61.48 41.991043 77521533
6/1/2011 61.279999 70.019997 59.259998 68.809998 47.984322 59969044
7/1/2011 68.699997 73.849998 64.190002 69.82 48.688633 56223610
8/1/2011 71.599998 71.760002 49.834999 56.349998 39.295395 112679156
9/1/2011 56.5 57.970001 48.650002 49.965 34.842854 93569892
10/1/2011 47.259998 62.470001 43.490002 59.060001 41.185207 77958653
11/1/2011 57.25 61.16 48.52 55.98 39.03738 69641049
12/1/2011 55.630001 57.41 49.419998 51.759998 36.094582 48918819
1/1/2012 51.84 66.5 51.450001 65.389999 45.599396 55051313
2/1/2012 65.129997 72.660004 65.129997 69.43 48.416676 53873894
3/1/2012 69.360001 73.949997 65.669998 67.43 47.021984 69301344
4/1/2012 68.379997 72.669998 65.080002 71.809998 50.076351 51235333
5/1/2012 71.809998 73.949997 60.599998 61.099998 42.607784 63597755
6/1/2012 61.07 61.099998 53.16 56.93 41.121468 60844723
7/1/2012 56.900002 61.43 54.759998 60.77 43.895157 55794638
8/1/2012 59.299999 62.040001 56.209999 57.66 41.648754 53794428
9/1/2012 57.23 62.490002 54.349998 56.91 41.107018 55997711
10/1/2012 56.849998 63.68 56.509998 61.450001 44.386333 51327631
11/1/2012 61.75 68.589996 61.57 68.190002 49.254745 50767112
12/1/2012 68.459999 74 67.510002 72.93 52.678532 27669167
1/1/2013 72.93 76.160004 71.599998 74.150002 53.559753 33339043
2/1/2013 74.239998 75.370003 68.07 70.699997 51.067757 34959363
3/1/2013 70.699997 73.099998 66.879997 67.309998 48.619106 39505871
4/1/2013 67.309998 70.790001 63.27 70.050003 50.598259 40685286
5/1/2013 70.050003 74.279999 69.870003 73.690002 53.227482 40701580
6/1/2013 73.25 74.480003 63.82 67.18 50.23843 43055778
7/1/2013 67.540001 74.959999 64.440002 73.589996 55.031937 32954760
8/1/2013 73.459999 75.75 70.080002 71.290001 53.311958 28280034
9/1/2013 72.330002 82.440002 70.889999 79.470001 59.429111 32344101
10/1/2013 79.970001 84.050003 78.230003 83.540001 62.472729 31290942
11/1/2013 83.360001 85.019997 79.559998 84.57 63.242989 28568159
12/1/2013 84.720001 85.730003 79.330002 85.220001 63.729065 24304185
1/1/2014 85.220001 86.879997 78.669998 80.82 60.438667 34944202
2/1/2014 81.07 86.360001 79.040001 84.199997 62.96629 33561010
3/1/2014 82.220001 92.910004 77.580002 91.620003 68.515106 46536865
 4/1/2014 92.449997 94.389999 88.010002 90.18 67.438248 27442490
5/1/2014 90.18 92.269997 85.550003 92.089996 68.866562 29760028
6/1/2014 91.75 94.209999 90.019997 92.620003 71.368919 25902296
7/1/2014 92.860001 96.099998 89.019997 89.339996 68.841499 29605167
8/1/2014 89.360001 91.739998 83.75 88.599998 68.271286 31202763
9/1/2014 88.75 92.75 83.940002 85.019997 65.512688 32415517
10/1/2014 86 86.559998 74.739998 85.32 65.743851 50282668
11/1/2014 85.400002 91.949997 81.730003 91.949997 70.852646 31883418
12/1/2014 91.099998 92.989998 83.260002 89.769997 69.172836 28979468
1/1/2015 89.769997 105.550003 84.550003 103.400002 79.675514 43368451
2/1/2015 103.650002 113 101.449997 113 87.072853 26613484
3/1/2015 113.5 123.75 110.550003 116.449997 89.73127 42845360
4/1/2015 115.5 117.900002 104.699997 106.099998 81.756012 35496646
5/1/2015 106.099998 110 100.050003 100.699997 77.595009 40275461
6/1/2015 101 105.449997 95.169998 98.18 77.804131 51299868
7/1/2015 99.529999 102.400002 88.529999 91.300003 72.351982 57228092
8/1/2015 91.25 93.980003 74.589996 82.220001 65.156403 55919431
9/1/2015 80.870003 88.879997 72.050003 79.220001 62.779007 65207412
10/1/2015 80.620003 94.459999 76.120003 93.360001 73.984459 37270519
11/1/2015 92.730003 104.099998 89.739998 103.300003 81.861549 32013321
12/1/2015 103.599998 104.849998 91.57 97.629997 77.368271 28595589
1/1/2016 97.629997 97.629997 75.459999 76.660004 60.750313 41690435
2/1/2016 76.889999 77 66 75.150002 59.55368 41656370
3/1/2016 75.269997 83.510002 75 80.699997 63.951855 43112303
4/1/2016 79.599998 85.07 73.300003 80.5 63.793369 37428978
5/1/2016 81.32 82.730003 69.940002 75.889999 60.140102 42008465
6/1/2016 75.919998 75.959999 64.980003 65.790001 54.436768 50548587
7/1/2016 66.269997 78.800003 63.380001 77.050003 63.753654 40571034
8/1/2016 78.440002 81.199997 73.730003 78.010002 64.547989 31282500
9/1/2016 78.269997 79.800003 72.019997 74.809998 61.900204 33538416
10/1/2016 74.809998 80.540001 74.809998 79.370003 65.673294 29978428
11/1/2016 79.800003 83.489998 73.400002 80.410004 66.533829 39492423
12/1/2016 80.160004 90.849998 78.559998 88.75 73.434608 32245902
1/1/2017 88.339996 91.760002 84.169998 84.169998 69.644966 30879583
2/1/2017 84.830002 87.589996 82.470001 84.370003 69.810455 26245610
3/1/2017 85 87.669998 81.099998 85.510002 70.753738 41949011
4/1/2017 85.980003 88.970001 81.760002 87.650002 72.524437 32944951
5/1/2017 87.650002 91.059998 83.169998 83.290001 68.916832 41260108
6/1/2017 83.510002 87 81.199997 81.279999 69.970543 35052511
7/1/2017 80.510002 84.879997 77.07 77.709999 66.89727 38985596
8/1/2017 78.010002 82.43 77.400002 78 67.146927 31968074
9/1/2017 78.199997 85.830002 77.889999 85.830002 73.887451 32221221
10/1/2017 86 89.349998 84.919998 87.5 75.325081 28382567
11/1/2017 88.120003 90.68 84.400002 84.68 72.897461 34046760
12/1/2017 84.660004 88.220001 82.870003 86.830002 74.748306 26556616
 1/1/2018 86.830002 97.5 83.879997 91.970001 79.173111 43754352
2/1/2018 92.139999 93.449997 85.080002 86.82 74.7397 40367887
3/1/2018 86.400002 88.919998 81.82 88.150002 75.884636 47063503
4/1/2018 88.150002 92.470001 86.620003 92.470001 79.603539 35305716
5/1/2018 92.470001 93.870003 84.900002 85.379997 73.500053 40254079
6/1/2018 85.809998 87.919998 77.029999 77.629997 69.821846 41652821
7/1/2018 77.099998 84.480003 76.5 82.690002 74.372902 40077857
8/1/2018 83.739998 85.75 79.220001 83.410004 75.020485 38656606
9/1/2018 82.949997 86.739998 76.669998 77.709999 69.893799 42949402
10/1/2018 77.940002 79.440002 71.790001 76.230003 68.56266 46004866
11/1/2018 76.519997 79.120003 71.360001 72.209999 64.946999 42682352
12/1/2018 76.699997 77.559998 69.120003 70.699997 63.588871 40525556
1/1/2019 70.699997 74.75 68.790001 73.459999 66.071266 33401132
2/1/2019 73.75 74.470001 68.110001 74.309998 66.83577 33892957
3/1/2019 74.900002 76.5 67.730003 68.75 61.835007 38722418
4/1/2019 69.639999 78.300003 69.589996 75.900002 68.265854 34322068
5/1/2019 75.900002 76.779999 61.41 62.02 55.781925 50117453
6/1/2019 61.700001 65.620003 61.139999 65.089996 61.633644 35117484
7/1/2019 66.519997 70.559998 64.239998 66.830002 63.281254 37307096
8/1/2019 67 67.970001 58.040001 60.810001 57.580921 37815948
9/1/2019 60.5 65.620003 60.009998 64.589996 61.160194 30501646
10/1/2019 64.900002 70.540001 61.369999 68.709999 65.061424 34337488
11/1/2019 68.889999 75.879997 68.690002 73.300003 69.407692 31682508
12/1/2019 73.389999 77.059998 71.309998 73.139999 69.25618 25834917
1/1/2020 73.139999 75.349998 64.209999 64.339996 60.92347 31174525
2/1/2020 64.339996 67.279999 57.16 58.93 55.800751 45872074
3/1/2020 59.400002 59.599998 36.595001 47.115002 44.613144 90429865
4/1/2020 45.505001 57.259998 43.610001 54.049999 51.179882 48537831
5/1/2020 52.299999 55.810001 45.299999 52.599998 49.806881 50735860
6/1/2020 54.610001 61.82 53.849998 56.82 56.82 51442707
7/1/2020 56.009998 62.400002 54.68 54.700001 54.700001 33554631
8/1/2020 54.700001 61.77 54.23 60.150002 60.150002 34525699
9/1/2020 61.259998 65 58.779999 61.990002 61.990002 30330198
10/1/2020 63.110001 63.110001 61.73 62.360001 62.360001 2267821
Source of Bayerische Motoren Werke Aktiengesellschaft (BMW.DE): Yahoo Finance retrieved from https://finance.yahoo.com/quote/BMW
sellschaft (BMW.DE)
Dividend # Stocks Value Return BMW
1 51.509998
1 57.93 0.12463604
1 58.849998 0.0158812
1 56.080002 -0.04706875
1 58.779999 0.04814545
1 58.75 -0.00051036
1 63.669998 0.08374465
1 61.48 -0.03439607
1.3 1.0188926 70.109998 0.14037082
1.0188926 71.1390816 0.01467813
1.0188926 57.4145962 -0.19292469
1.0188926 50.9089689 -0.11330964
1.0188926 60.1757982 0.18202744
1.0188926 57.0376079 -0.05215037
1.0188926 52.7378791 -0.0753841
1.0188926 66.6253863 0.26333079
1.0188926 70.7417135 0.06178316
1.0188926 68.7039282 -0.02880599
1.0188926 73.1666758 0.06495622
1.0188926 62.254336 -0.14914358
2.3 1.06005637 60.3490089 -0.03060553
1.06005637 64.4196253 0.06745126
1.06005637 61.12285 -0.05117657
1.06005637 60.3278078 -0.01300728
1.06005637 65.1404647 0.0797751
1.06005637 72.2852457 0.10968268
1.06005637 77.3099107 0.06951163
1.06005637 78.6031816 0.0167284
1.06005637 74.9459819 -0.04652738
1.06005637 71.3523919 -0.04794907
1.06005637 74.2569516 0.04070725
1.06005637 78.1155557 0.05196287
2.5 1.09950473 73.8647276 -0.05441718
1.09950473 80.9125485 0.09541524
1.09950473 78.3836931 -0.03125418
1.09950473 87.3776418 0.1147426
1.09950473 91.852626 0.05121429
1.09950473 92.9851148 0.01232941
1.09950473 93.6997939 0.00768595
1.09950473 88.861972 -0.05163108
1.09950473 92.5782947 0.04182129
1.09950473 100.736626 0.08812359
 1.09950473 99.1533363 -0.01571712
1.09950473 101.253386 0.02117982
2.6 1.13036968 104.694843 0.03398857
1.13036968 100.987223 -0.03541359
1.13036968 100.150752 -0.00828294
1.13036968 96.104027 -0.04040633
1.13036968 96.4431413 0.00352862
1.13036968 103.937489 0.07770742
1.13036968 101.473283 -0.02370854
1.13036968 116.880227 0.15183252
1.13036968 127.731774 0.09284331
1.13036968 131.631546 0.03053095
1.13036968 119.932221 -0.08887934
1.13036968 113.828224 -0.05089539
2.9 1.16375807 114.257768 0.00377361
1.16375807 106.251115 -0.07007534
1.16375807 95.6841899 -0.09945237
1.16375807 92.1929156 -0.03648747
1.16375807 108.648455 0.17849028
1.16375807 120.216212 0.1064696
1.16375807 113.617697 -0.05488873
1.16375807 89.2136985 -0.21479047
1.16375807 87.4564215 -0.01969739
1.16375807 93.9152729 0.07385223
1.16375807 93.6825248 -0.00247828
1.16375807 88.3175989 -0.05726709
3.2 1.22036281 80.2876706 -0.09092104
1.22036281 94.0289583 0.17115066
1.22036281 95.2005053 0.01245943
1.22036281 91.2953395 -0.04102043
1.22036281 96.8602 0.06095449
1.22036281 98.1293785 0.0131032
1.22036281 108.307199 0.10371839
1.22036281 102.717935 -0.05160566
1.22036281 102.962014 0.0023762
1.22036281 104.353226 0.0135119
1.22036281 106.964803 0.02502631
1.22036281 101.64402 -0.04974331
3.5 1.27291288 103.462358 0.01788928
1.27291288 98.9180589 -0.04392224
1.27291288 99.2872049 0.00373184
1.27291288 109.254115 0.10038464
1.27291288 111.379877 0.01945704
1.27291288 107.790263 -0.03222857
1.27291288 110.527028 0.02538973
 1.27291288 117.069799 0.05919612
1.27291288 110.514297 -0.05599653
1.27291288 112.207273 0.01531907
1.27291288 117.706256 0.04900736
1.27291288 108.681298 -0.07667356
4 1.3385016 103.907875 -0.04392129
1.3385016 110.6807 0.06518105
1.3385016 111.644423 0.00870724
1.3385016 104.014958 -0.06833719
1.3385016 102.033981 -0.01904512
1.3385016 96.6531989 -0.05273519
1.3385016 94.6320588 -0.02091126
1.3385016 98.3263259 0.03903822
1.3385016 99.4640509 0.01157091
1.3385016 92.0219847 -0.07482167
1.3385016 101.592274 0.10400003
1.3385016 83.013869 -0.18287222
3.5 1.41047511 91.8078191 0.10593351
1.41047511 94.2620543 0.02673231
1.41047511 85.7709927 -0.09007932
1.41047511 91.1025816 0.06216075
1.41047511 96.9137432 0.06378701
1.41047511 103.38783 0.06680256
1.41047511 103.162148 -0.00218286
1.41047511 90.7499628 -0.12031724
1.41047511 83.1192981 -0.08408449
1.41047511 66.4545375 -0.20049208
1.41047511 76.2361781 0.14719297
1.41047511 74.1909878 -0.02682703
2.5 1.47253403 83.6693834 0.1277567
1.47253403 80.5476127 -0.03731079
1.47253403 88.5729246 0.09963439
1.47253403 91.2823872 0.03059019
1.47253403 91.8272234 0.00596869
ttps://finance.yahoo.com/quote/BMW.DE?p=
 DAX PERFORMANCE-INDEX
Date Open High Low Close Adj Close Volume
10/1/2010 6244.060059 6668.540039 6115.870117 6601.370117 6601.370117 2168915000
11/1/2010 6637.089844 6907.609863 6586.009766 6688.490234 6688.490234 2331507300
12/1/2010 6748.359863 7087.839844 6736.689941 6914.189941 6914.189941 1794678000
1/1/2011 6973.390137 7180.149902 6835.740234 7077.47998 7077.47998 2362794000
2/1/2011 7133.339844 7441.819824 7093.910156 7272.319824 7272.319824 2127554100
3/1/2011 7309.799805 7356.330078 6483.390137 7041.310059 7041.310059 3088455300
4/1/2011 7086.560059 7514.689941 6994.560059 7514.459961 7514.459961 2418035400
5/1/2011 7570.859863 7600.410156 7071.419922 7293.689941 7293.689941 3554795600
6/1/2011 7310.560059 7378.350098 6991.620117 7376.240234 7376.240234 3215360800
7/1/2011 7374.490234 7523.529785 6996.259766 7158.77002 7158.77002 3297352900
8/1/2011 7254.5 7282.009766 5345.359863 5784.850098 5784.850098 5640144700
9/1/2011 5793.100098 5794.5 4965.799805 5502.02002 5502.02002 4649823600
10/1/2011 5311.930176 6430.600098 5125.439941 6141.339844 6141.339844 3736558800
11/1/2011 5934.540039 6193.339844 5366.5 6088.839844 6088.839844 4073300800
12/1/2011 6080.47998 6170.040039 5637.529785 5898.350098 5898.350098 2996362500
1/1/2012 5900.180176 6574.189941 5900.180176 6458.910156 6458.910156 4514792100
2/1/2012 6482.950195 6971.029785 6482.560059 6856.080078 6856.080078 3637922200
3/1/2012 6831.970215 7194.330078 6612.609863 6946.830078 6946.830078 3738004200
4/1/2012 6973.990234 7081.060059 6499.069824 6761.189941 6761.189941 3209274200
5/1/2012 6861.299805 6875.870117 6208.089844 6264.379883 6264.379883 3345684700
6/1/2012 6259.759766 6427.490234 5914.430176 6416.279785 6416.279785 3392213200
7/1/2012 6405.390137 6835.189941 6324.529785 6772.259766 6772.259766 3146666300
8/1/2012 6775.990234 7105.430176 6596.209961 6970.790039 6970.790039 2803906100
9/1/2012 6946.609863 7478.529785 6892.859863 7216.149902 7216.149902 3415170200
10/1/2012 7227.810059 7447.810059 7120.680176 7260.629883 7260.629883 2733818100
11/1/2012 7255.299805 7442.600098 6950.529785 7405.5 7405.5 2861767400
12/1/2012 7427.410156 7682.899902 7417.299805 7612.390137 7612.390137 1904157500
1/1/2013 7689.459961 7871.790039 7634.259766 7776.049805 7776.049805 2744777800
2/1/2013 7792.589844 7860.569824 7537.290039 7741.700195 7741.700195 2807628200
3/1/2013 7735.350098 8074.470215 7627.990234 7795.310059 7795.310059 3177620300
4/1/2013 7795.310059 7965.899902 7418.359863 7913.709961 7913.709961 2702786300
5/1/2013 7913.709961 8557.860352 7896.990234 8348.839844 8348.839844 2390645500
6/1/2013 8291.490234 8395.55957 7655.830078 7959.220215 7959.220215 2049615400
7/1/2013 8000.02002 8415.330078 7730.370117 8275.969727 8275.969727 2089886000
8/1/2013 8320.379883 8457.049805 8094.220215 8103.149902 8103.149902 1848214900
9/1/2013 8224.339844 8770.099609 8095.910156 8594.400391 8594.400391 2075406100
10/1/2013 8618.589844 9070.169922 8489.620117 9033.919922 9033.919922 1941610600
11/1/2013 9032.290039 9424.620117 8962.419922 9405.299805 9405.299805 1682450100
12/1/2013 9412.950195 9594.349609 8984.280273 9552.160156 9552.160156 1439765800
1/1/2014 9598.25 9794.049805 9166.049805 9306.480469 9306.480469 2128734500
2/1/2014 9318.769531 9720.660156 9071.25 9692.080078 9692.080078 1693660100
3/1/2014 9553.080078 9634.820313 8913.269531 9555.910156 9555.910156 2035729000
 4/1/2014 9601.959961 9721.5 9166.530273 9603.230469 9603.230469 1603707000
5/1/2014 9611.790039 9970.769531 9407.089844 9943.269531 9943.269531 1770768200
6/1/2014 9986.860352 10050.98047 9749.75 9833.070313 9833.070313 1713984200
7/1/2014 9853.740234 10032.28027 9395.349609 9407.480469 9407.480469 1711876900
8/1/2014 9379.740234 9600.849609 8903.490234 9470.169922 9470.169922 1688402200
9/1/2014 9484.530273 9891.200195 9369.620117 9474.299805 9474.299805 1717977300
10/1/2014 9454.040039 9520.969727 8354.969727 9326.870117 9326.870117 2631768000
11/1/2014 9305.730469 9992.669922 9148.780273 9980.849609 9980.849609 1839387200
12/1/2014 9915.740234 10093.03027 9219.049805 9805.549805 9805.549805 1813077200
1/1/2015 9869.129883 10810.57031 9382.820313 10694.32031 10694.32031 2370763000
2/1/2015 10719.17969 11401.66016 10594.32031 11401.66016 11401.66016 1826408700
3/1/2015 11408.28027 12219.04981 11193.29981 11966.16992 11966.16992 2177975700
4/1/2015 11902.91992 12390.75 11331.37012 11454.37988 11454.37988 1808544900
5/1/2015 11506.83984 11920.30957 11167.54981 11413.82031 11413.82031 1779420200
6/1/2015 11462.96973 11635.84961 10797.84961 10944.96973 10944.96973 2240692800
7/1/2015 11050.32031 11802.37012 10652.79004 11308.99023 11308.99023 1890992700
8/1/2015 11295.5 11669.86035 9338.200195 10315.62012 10315.62012 2283104900
9/1/2015 10073.74023 10512.61035 9325.049805 9660.44043 9660.44043 2661931100
10/1/2015 9757.040039 10886.98047 9396.339844 10850.13965 10850.13965 2183994200
11/1/2015 10749.98047 11430.87012 10607.45996 11382.23047 11382.23047 1732704700
12/1/2015 11422.46973 11430.37988 10122.9502 10743.00977 10743.00977 1837765100
1/1/2016 10485.80957 10485.91016 9314.570313 9798.110352 9798.110352 2229207300
2/1/2016 9823.730469 9827.099609 8699.290039 9495.400391 9495.400391 2532409900
3/1/2016 9482.660156 10112.16992 9471.089844 9965.509766 9965.509766 2101602800
4/1/2016 9833.259766 10474.37988 9484.75 10038.96973 10038.96973 1850953700
5/1/2016 10091.16992 10365.24023 9737 10262.74023 10262.74023 1768835100
6/1/2016 10242.78027 10340.83984 9214.099609 9680.089844 9680.089844 2493207700
7/1/2016 9742.839844 10381.90039 9304.009766 10337.5 10337.5 1865809900
8/1/2016 10426.36035 10802.32031 10092.53027 10592.69043 10592.69043 1624166000
9/1/2016 10622.33008 10780.41992 10189.94043 10511.01953 10511.01953 2235033000
10/1/2016 10492.96973 10827.71973 10349.05957 10665.00977 10665.00977 1852130200
11/1/2016 10724.13965 10802.38965 10174.91992 10640.29981 10640.29981 2186059500
12/1/2016 10593.05957 11481.66016 10402.58984 11481.05957 11481.05957 1937908900
1/1/2017 11426.37988 11893.08008 11414.82031 11535.30957 11535.30957 1839093600
2/1/2017 11646.41992 12031.11035 11479.78027 11834.41016 11834.41016 1635752400
3/1/2017 11915.03027 12313.29004 11850.26953 12312.87012 12312.87012 2352684600
4/1/2017 12368.82031 12486.29004 11941.57031 12438.00977 12438.00977 1644675400
5/1/2017 12478.45996 12841.66016 12433.50977 12615.05957 12615.05957 2005525000
6/1/2017 12623.61035 12951.54004 12319 12325.12012 12325.12012 2051075600
7/1/2017 12396.33984 12676.51953 12097.36035 12118.25 12118.25 1774219500
8/1/2017 12147.88965 12336 11868.83984 12055.83984 12055.83984 1736744300
9/1/2017 12101.15039 12828.86035 12050.53027 12828.86035 12828.86035 1770810200
10/1/2017 12866.26953 13255.37988 12849.58984 13229.57031 13229.57031 1560162000
11/1/2017 13342.44043 13525.55957 12847.87988 13023.98047 13023.98047 2121108500
12/1/2017 13044.15039 13338.91016 12810.12988 12917.63965 12917.63965 1619717800
 1/1/2018 12897.69043 13596.88965 12745.15039 13189.48047 13189.48047 2108953300
2/1/2018 13235.15039 13301.41016 12003.36035 12435.84961 12435.84961 2328410000
3/1/2018 12386.40039 12459.90039 11726.62012 12096.73047 12096.73047 2414481000
4/1/2018 11997.46973 12647.16016 11792.34961 12612.11035 12612.11035 1755404200
5/1/2018 12610.78027 13204.30957 12547.61035 12604.88965 12604.88965 2224918000
6/1/2018 12678.07031 13170.04981 12104.41016 12306 12306 2326984100
7/1/2018 12147.94043 12886.83008 12132.71973 12805.5 12805.5 1766679100
8/1/2018 12826.7002 12833.11035 12120.65039 12364.05957 12364.05957 1707359700
9/1/2018 12338.36035 12458.29981 11865.46973 12246.73047 12246.73047 1922506800
10/1/2018 12265.88965 12373.29004 11051.04004 11447.50977 11447.50977 1997993800
11/1/2018 11419.61035 11689.95996 11009.25 11257.24023 11257.24023 1916112500
12/1/2018 11534.75 11566.96973 10279.2002 10558.95996 10558.95996 1758607300
1/1/2019 10477.76953 11321.62012 10386.96973 11173.09961 11173.09961 1869330700
2/1/2019 11198.45996 11556.87012 10863.55957 11515.63965 11515.63965 1606225800
3/1/2019 11584.24023 11823.29004 11299.79981 11526.04004 11526.04004 1867513900
4/1/2019 11617.17969 12376.05957 11612.7002 12344.08008 12344.08008 547855600
5/1/2019 12349.09961 12435.66992 11662.07031 11726.83984 11726.83984 0
6/1/2019 11661.12012 12438.37012 11620.63965 12398.79981 12398.79981 0
7/1/2019 12616.33984 12656.04981 12115.28027 12189.04004 12189.04004 927318100
8/1/2019 12134.70996 12254.03027 11266.48047 11939.28027 11939.28027 1995691100
9/1/2019 11939.99023 12494.25 11869.28027 12428.08008 12428.08008 1753331600
10/1/2019 12469.66992 12986.49023 11878.98047 12866.79004 12866.79004 1931362200
11/1/2019 12912.08984 13374.26953 12896.71973 13236.37988 13236.37988 1598514500
12/1/2019 13264.92969 13425.84961 12886.54981 13249.00977 13249.00977 1372865900
1/1/2020 13233.70996 13640.05957 12948.16992 12981.96973 12981.96973 1737147300
2/1/2020 13033.16992 13795.24023 11724.12012 11890.34961 11890.34961 2231747600
3/1/2020 12030.26953 12272.99023 8255.650391 9935.839844 9935.839844 4826748300
4/1/2020 9610.669922 11235.57031 9337.019531 10861.63965 10861.63965 2507299800
5/1/2020 10543.36035 11813.13965 10160.88965 11586.84961 11586.84961 2221913600
6/1/2020 11586.84961 12913.12988 11586.84961 12310.92969 12310.92969 2754888800
7/1/2020 12391.71973 13313.90039 12095.11035 12313.36035 12313.36035 1712733000
8/1/2020 12374.45996 13221.82031 12365.61035 12945.37988 12945.37988 1260622200
9/1/2020 13037.2002 13460.45996 12341.58008 12760.73047 12760.73047 1617666600
10/1/2020 12812.08008 12836.65039 12539.86035 12689.04004 12689.04004 154411800
Source of DAX PERFORMANCE-INDEX: Yahoo Finance retrieved from https://finance.yahoo.com/quote/%5EGDAXI/history?period1=128632
Return DAX

0.01319728
0.03374449
0.02361666
0.02752955
-0.03176562
0.06719629
-0.02937936
0.01131804
-0.02948253
-0.19192123
-0.04889151
0.11619729
-0.00854862
-0.03128506
0.09503676
0.06149179
0.01323643
-0.026723
-0.07347968
0.02424819
0.05548074
0.02931522
0.03519829
0.00616395
0.01995283
0.02793736
0.02149912
-0.00441736
0.00692482
0.01518861
0.05498431
-0.04666752
0.03979655
-0.02088212
0.06062463
0.05114022
0.04110949
0.01561464
-0.0257198
0.04143345
-0.01404961
 0.00495194
0.03540882
-0.0110828
-0.04328148
0.00666379
0.00043609
-0.01556101
0.07011779
-0.01756362
0.09063954
0.06614164
0.04951119
-0.04276975
-0.00354097
-0.04107745
0.03325916
-0.08783898
-0.06351336
0.12315165
0.04904
-0.05615953
-0.08795481
-0.03089473
0.04950917
0.00737142
0.02229019
-0.05677337
0.06791364
0.02468589
-0.00771012
0.01465036
-0.00231692
0.07901655
0.00472517
0.02592913
0.04042956
0.01016332
0.01423458
-0.0229836
-0.01678443
-0.0051501
0.06412
0.03123504
-0.01554018
-0.008165
 0.02104416
-0.05713878
-0.02726948
0.04260489
-0.00057252
-0.0237122
0.04058996
-0.03447272
-0.00948953
-0.06525992
-0.01662104
-0.06202944
0.05816289
0.03065757
0.00090315
0.07097321
-0.05000294
0.05730103
-0.01691775
-0.02049052
0.04094047
0.0352999
0.02872432
0.00095418
-0.02015547
-0.0840874
-0.16437782
0.09317781
0.066768
0.06249154
0.00019744
0.05132795
-0.01426373
-0.00561805
te/%5EGDAXI/history?period1=1286323200&p
 Risk-free Rate
Date RF
2010/11 0.01
2010/12 0.01
2011/1 0.01
2011/2 0.01
2011/3 0.01
2011/4 0
2011/5 0
2011/6 0
2011/7 0
2011/8 0.01
2011/9 0
2011/10 0
2011/11 0
2011/12 0
2012/1 0
2012/2 0
2012/3 0
2012/4 0
2012/5 0.01
2012/6 0
2012/7 0
2012/8 0.01
2012/9 0.01
2012/10 0.01
2012/11 0.01
2012/12 0.01
2013/1 0
2013/2 0
2013/3 0
2013/4 0
2013/5 0
2013/6 0
2013/7 0
2013/8 0
2013/9 0
2013/10 0
2013/11 0
2013/12 0
2014/1 0
2014/2 0
2014/3 0
2014/4 0
 2014/5 0
2014/6 0
2014/7 0
2014/8 0
2014/9 0
2014/10 0
2014/11 0
2014/12 0
2015/1 0
2015/2 0
2015/3 0
2015/4 0
2015/5 0
2015/6 0
2015/7 0
2015/8 0
2015/9 0
2015/10 0
2015/11 0
2015/12 0.01
2016/1 0.01
2016/2 0.02
2016/3 0.02
2016/4 0.01
2016/5 0.01
2016/6 0.02
2016/7 0.02
2016/8 0.02
2016/9 0.02
2016/10 0.02
2016/11 0.01
2016/12 0.03
2017/1 0.04
2017/2 0.04
2017/3 0.03
2017/4 0.05
2017/5 0.06
2017/6 0.06
2017/7 0.07
2017/8 0.09
2017/9 0.09
2017/10 0.09
2017/11 0.08
2017/12 0.09
2018/1 0.11
 2018/2 0.11
2018/3 0.12
2018/4 0.14
2018/5 0.14
2018/6 0.14
2018/7 0.16
2018/8 0.16
2018/9 0.15
2018/10 0.19
2018/11 0.18
2018/12 0.19
2019/1 0.21
2019/2 0.18
2019/3 0.19
2019/4 0.21
2019/5 0.21
2019/6 0.18
2019/7 0.19
2019/8 0.16
2019/9 0.18
2019/10 0.15
2019/11 0.12
2019/12 0.14
2020/1 0.13
2020/2 0.12
2020/3 0.12
2020/4 0
2020/5 0.01
2020/6 0.01
2020/7 0.01
2020/8 0.01
2020/9 -0.52
2020/10 -0.4
Source of Risk-free Rate: retrieved from http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html in 06.10.2020 & Bloo
data_library.html in 06.10.2020 & Bloomberg
 Date Return BMW Return DAX
11/1/2010 0.12463604 0.01319728
12/1/2010 0.0158812 0.03374449
1/1/2011 -0.04706875 0.02361666
2/1/2011 0.04814545 0.02752955
3/1/2011 -0.00051036 -0.03176562
4/1/2011 0.08374465 0.06719629
5/1/2011 -0.03439607 -0.02937936
6/1/2011 0.14037082 0.01131804
7/1/2011 0.01467813 -0.02948253
8/1/2011 -0.19292469 -0.19192123
9/1/2011 -0.11330964 -0.04889151
10/1/2011 0.18202744 0.11619729
11/1/2011 -0.05215037 -0.00854862
12/1/2011 -0.0753841 -0.03128506
1/1/2012 0.26333079 0.09503676
2/1/2012 0.06178316 0.06149179
3/1/2012 -0.02880599 0.01323643
4/1/2012 0.06495622 -0.026723
5/1/2012 -0.14914358 -0.07347968
6/1/2012 -0.03060553 0.02424819
7/1/2012 0.06745126 0.05548074
8/1/2012 -0.05117657 0.02931522
9/1/2012 -0.01300728 0.03519829
10/1/2012 0.0797751 0.00616395
11/1/2012 0.10968268 0.01995283
12/1/2012 0.06951163 0.02793736
1/1/2013 0.0167284 0.02149912
2/1/2013 -0.04652738 -0.00441736
3/1/2013 -0.04794907 0.00692482
4/1/2013 0.04070725 0.01518861
5/1/2013 0.05196287 0.05498431
6/1/2013 -0.05441718 -0.04666752
7/1/2013 0.09541524 0.03979655
8/1/2013 -0.03125418 -0.02088212
9/1/2013 0.1147426 0.06062463
10/1/2013 0.05121429 0.05114022
11/1/2013 0.01232941 0.04110949
12/1/2013 0.00768595 0.01561464
1/1/2014 -0.05163108 -0.0257198
2/1/2014 0.04182129 0.04143345
3/1/2014 0.08812359 -0.01404961
RF Ri-RF Rm-Rf
0.0001 0.12453604 0.01309728
0.0001 0.0157812 0.03364449
0.0001 -0.04716875 0.02351666
0.0001 0.04804545 0.02742955
0.0001 -0.00061036 -0.03186562
0 0.08374465 0.06719629
0 -0.03439607 -0.02937936
0 0.14037082 0.01131804
0 0.01467813 -0.02948253
0.0001 -0.19302469 -0.19202123
0 -0.11330964 -0.04889151
0 0.18202744 0.11619729
0 -0.05215037 -0.00854862
0 -0.0753841 -0.03128506
0 0.26333079 0.09503676
0 0.06178316 0.06149179
0 -0.02880599 0.01323643
0 0.06495622 -0.026723
0.0001 -0.14924358 -0.07357968
0 -0.03060553 0.02424819
0 0.06745126 0.05548074
0.0001 -0.05127657 0.02921522
0.0001 -0.01310728 0.03509829
0.0001 0.0796751 0.00606395
0.0001 0.10958268 0.01985283
0.0001 0.06941163 0.02783736
0 0.0167284 0.02149912
0 -0.04652738 -0.00441736
0 -0.04794907 0.00692482
0 0.04070725 0.01518861
0 0.05196287 0.05498431
0 -0.05441718 -0.04666752
0 0.09541524 0.03979655
0 -0.03125418 -0.02088212
0 0.1147426 0.06062463
0 0.05121429 0.05114022
0 0.01232941 0.04110949
0 0.00768595 0.01561464
0 -0.05163108 -0.0257198
0 0.04182129 0.04143345
0 0.08812359 -0.01404961
 4/1/2014 -0.01571712 0.00495194
5/1/2014 0.02117982 0.03540882
6/1/2014 0.03398857 -0.0110828
7/1/2014 -0.03541359 -0.04328148
8/1/2014 -0.00828294 0.00666379
9/1/2014 -0.04040633 0.00043609
10/1/2014 0.00352862 -0.01556101
11/1/2014 0.07770742 0.07011779
12/1/2014 -0.02370854 -0.01756362
1/1/2015 0.15183252 0.09063954
2/1/2015 0.09284331 0.06614164
3/1/2015 0.03053095 0.04951119
4/1/2015 -0.08887934 -0.04276975
5/1/2015 -0.05089539 -0.00354097
6/1/2015 0.00377361 -0.04107745
7/1/2015 -0.07007534 0.03325916
8/1/2015 -0.09945237 -0.08783898
9/1/2015 -0.03648747 -0.06351336
10/1/2015 0.17849028 0.12315165
11/1/2015 0.1064696 0.04904
12/1/2015 -0.05488873 -0.05615953
1/1/2016 -0.21479047 -0.08795481
2/1/2016 -0.01969739 -0.03089473
3/1/2016 0.07385223 0.04950917
4/1/2016 -0.00247828 0.00737142
5/1/2016 -0.05726709 0.02229019
6/1/2016 -0.09092104 -0.05677337
7/1/2016 0.17115066 0.06791364
8/1/2016 0.01245943 0.02468589
9/1/2016 -0.04102043 -0.00771012
10/1/2016 0.06095449 0.01465036
11/1/2016 0.0131032 -0.00231692
12/1/2016 0.10371839 0.07901655
1/1/2017 -0.05160566 0.00472517
2/1/2017 0.0023762 0.02592913
3/1/2017 0.0135119 0.04042956
4/1/2017 0.02502631 0.01016332
5/1/2017 -0.04974331 0.01423458
6/1/2017 0.01788928 -0.0229836
7/1/2017 -0.04392224 -0.01678443
8/1/2017 0.00373184 -0.0051501
9/1/2017 0.10038464 0.06412
10/1/2017 0.01945704 0.03123504
11/1/2017 -0.03222857 -0.01554018
12/1/2017 0.02538973 -0.008165
0 -0.01571712 0.00495194
0 0.02117982 0.03540882
0 0.03398857 -0.0110828
0 -0.03541359 -0.04328148
0 -0.00828294 0.00666379
0 -0.04040633 0.00043609
0 0.00352862 -0.01556101
0 0.07770742 0.07011779
0 -0.02370854 -0.01756362
0 0.15183252 0.09063954
0 0.09284331 0.06614164
0 0.03053095 0.04951119
0 -0.08887934 -0.04276975
0 -0.05089539 -0.00354097
0 0.00377361 -0.04107745
0 -0.07007534 0.03325916
0 -0.09945237 -0.08783898
0 -0.03648747 -0.06351336
0 0.17849028 0.12315165
0 0.1064696 0.04904
0.0001 -0.05498873 -0.05625953
0.0001 -0.21489047 -0.08805481
0.0002 -0.01989739 -0.03109473
0.0002 0.07365223 0.04930917
0.0001 -0.00257828 0.00727142
0.0001 -0.05736709 0.02219019
0.0002 -0.09112104 -0.05697337
0.0002 0.17095066 0.06771364
0.0002 0.01225943 0.02448589
0.0002 -0.04122043 -0.00791012
0.0002 0.06075449 0.01445036
0.0001 0.0130032 -0.00241692
0.0003 0.10341839 0.07871655
0.0004 -0.05200566 0.00432517
0.0004 0.0019762 0.02552913
0.0003 0.0132119 0.04012956
0.0005 0.02452631 0.00966332
0.0006 -0.05034331 0.01363458
0.0006 0.01728928 -0.0235836
0.0007 -0.04462224 -0.01748443
0.0009 0.00283184 -0.0060501
0.0009 0.09948464 0.06322
0.0009 0.01855704 0.03033504
0.0008 -0.03302857 -0.01634018
0.0009 0.02448973 -0.009065
 1/1/2018 0.05919612 0.02104416
2/1/2018 -0.05599653 -0.05713878
3/1/2018 0.01531907 -0.02726948
4/1/2018 0.04900736 0.04260489
5/1/2018 -0.07667356 -0.00057252
6/1/2018 -0.04392129 -0.0237122
7/1/2018 0.06518105 0.04058996
8/1/2018 0.00870724 -0.03447272
9/1/2018 -0.06833719 -0.00948953
10/1/2018 -0.01904512 -0.06525992
11/1/2018 -0.05273519 -0.01662104
12/1/2018 -0.02091126 -0.06202944
1/1/2019 0.03903822 0.05816289
2/1/2019 0.01157091 0.03065757
3/1/2019 -0.07482167 0.00090315
4/1/2019 0.10400003 0.07097321
5/1/2019 -0.18287222 -0.05000294
6/1/2019 0.10593351 0.05730103
7/1/2019 0.02673231 -0.01691775
8/1/2019 -0.09007932 -0.02049052
9/1/2019 0.06216075 0.04094047
10/1/2019 0.06378701 0.0352999
11/1/2019 0.06680256 0.02872432
12/1/2019 -0.00218286 0.00095418
1/1/2020 -0.12031724 -0.02015547
2/1/2020 -0.08408449 -0.0840874
3/1/2020 -0.20049208 -0.16437782
4/1/2020 0.14719297 0.09317781
5/1/2020 -0.02682703 0.066768
6/1/2020 0.1277567 0.06249154
7/1/2020 -0.03731079 0.00019744
8/1/2020 0.09963439 0.05132795
9/1/2020 0.03059019 -0.01426373
10/1/2020 0.00596869 -0.00561805
0.0011 0.05809612 0.01994416
0.0011 -0.05709653 -0.05823878
0.0012 0.01411907 -0.02846948
0.0014 0.04760736 0.04120489
0.0014 -0.07807356 -0.00197252
0.0014 -0.04532129 -0.0251122
0.0016 0.06358105 0.03898996
0.0016 0.00710724 -0.03607272
0.0015 -0.06983719 -0.01098953
0.0019 -0.02094512 -0.06715992
0.0018 -0.05453519 -0.01842104
0.0019 -0.02281126 -0.06392944
0.0021 0.03693822 0.05606289
0.0018 0.00977091 0.02885757
0.0019 -0.07672167 -0.00099685
0.0021 0.10190003 0.06887321
0.0021 -0.18497222 -0.05210294
0.0018 0.10413351 0.05550103
0.0019 0.02483231 -0.01881775
0.0016 -0.09167932 -0.02209052
0.0018 0.06036075 0.03914047
0.0015 0.06228701 0.0337999
0.0012 0.06560256 0.02752432
0.0014 -0.00358286 -0.00044582
0.0013 -0.12161724 -0.02145547
0.0012 -0.08528449 -0.0852874
0.0012 -0.20169208 -0.16557782
0 0.14719297 0.09317781
0.0001 -0.02692703 0.066668
0.0001 0.1276567 0.06239154
0.0001 -0.03741079 9.74395E-05
0.0001 0.09953439 0.05122795
-0.0052 0.03579019 -0.00906373
-0.004 0.00996869 -0.00161805
 Estimation of Beta
Regression estimated from the last ten years (11.2010-10.2020)
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.78906889
R Square 0.62262972
Adjusted R Square 0.61943166
Standard Error 0.05024493 Alpha = -0.05%
Observations 120 Beta = 1.30

ANOVA
df SS MS F Significance F
Regression 1 0.49150572053 0.49150572 194.690227 9.88761E-27
Residual 118 0.297897207779 0.00252455
Total 119 0.789402928309

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept -0.0004617 0.004624207492 -0.09983475 0.92064493 -0.00961885 0.00869553
X Variable 1 1.29601502 0.09288336858 13.953144 9.88761E-27 1.11208066 1.47994937

Regression estimated from the last five years (11.2015-10.2020)

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.804988
R Square 0.64800568
Adjusted R Square 0.64193681
Standard Error 0.0474985 Alpha = -0.44%
Observations 60 Beta = 1.35

ANOVA
df SS MS F Significance F
Regression 1 0.240896789006 0.24089679 106.775384 9.08342E-15
Residual 58 0.130854258871 0.00225611
Total 59 0.371751047876

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept -0.0044031 0.006144540147 -0.71658202 0.47650769 -0.0167027 0.00789657
X Variable 1 1.34667128 0.130324487641 10.3332175 9.08342E-15 1.08579847 1.60754408

Regression estimated from the previous five years (11.2010-10.2015)

SUMMARY OUTPUT
 Regression Statistics
Multiple R 0.7735988
R Square 0.5984551
Adjusted R Square 0.59153191
Standard Error 0.05326429 Alpha = 0.38%
Observations 60 Beta = 1.24

ANOVA
df SS MS F Significance F
Regression 1 0.245243662805 0.24524366 86.4421279 4.29928E-13
Residual 58 0.1645509289 0.00283708
Total 59 0.409794591705

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.00382896 0.006996491612 0.54726817 0.58629425 -0.01017604 0.01783396
X Variable 1 1.24402679 0.133803356979 9.29742588 4.29928E-13 0.97619027 1.51186331
20) Scatter
0.3

0.2

0.1

0
-0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15

-0.1

-0.2
Lower 95.0% Upper 95.0%
-0.00961885 0.00869553
1.11208066 1.47994937 -0.3

20) Scatter
0.2

0.15

0.1

0.05

0
- 0.2 -0.15 - 0.1 - 0.05 0 0.05 0.1 0.15

-0.05

-0.1

-0.15

Lower 95.0% Upper 95.0% -0.2

-0.0167027 0.00789657
1.08579847 1.60754408 -0.25

2015) Scatter
0.3

0.2
 0.3

0.2

0.1

0
-0.25 - 0.2 -0.15 - 0.1 - 0.05 0 0.05 0.1 0.15

-0.1

-0.2
Lower 95.0% Upper 95.0%
-0.01017604 0.01783396
0.97619027 1.51186331 -0.3
0.15
1 0.15
 Cost of Equity
Average Market Risk Premium (MRP)
Monthly Annaully
Last 10Y: 0.73% 9.18%
Last 5Y: 0.54% 6.71%
Previous 5Y: 0.93% 11.69%
 Corporate Marginal Tax Rates
BMW Group revenues by region
in % 2013 2014 2015
Germany 15.5 16.2 14.5
Rest of Europe 29.7 30.6 31.0
United States of America 16.7 17.0 19.7
Rest of America 4.1 3.7 3.6
China 20.2 18.7 17.2
Rest of Asia 10.4
Other Regions 13.9 13.9 3.5
Group 100 100 100
Source: Bloomberg

Corporate Tax Rates by region

in % 2013 2014 2015
Germany 29.55 29.58 29.72
Europe average 20.60 20.42 20.05
United States of America 40.00 40.00 40.00
Americas average 28.35 27.77 27.61
China 25.00 25.00 25.00
Asia average 22.13 22.00 21.98
Other Regions 27.67 27.42 27.57
Africa average 28.33 27.83 28.14
Oceania average 27.00 27.00 27.00
Source: KPMG retrieved from https://home.kpmg/xx/en/home/services/tax/tax-tools-and-resources/tax-rates-online/corporate-tax-r

Caculated Corporate Tax Rates

in % 2013 2014 2015
Regional-weighted Corporate Tax Rates 27.44 27.35 26.95
arginal Tax Rates
revenues by region
2016 2017 2018 2019 2020
14.6 14.5 14.0 12.9 14.6
32.4 31.5 32.2 31.5 31.3
17.0 17.0 16.5 18.9 17.5
3.7 3.8 3.7 3.7 3.8 Note: adjusted from the average of prev
17.6 18.6 19.6 19.7 19.5
11.1 11.6 11.3 10.9 11.1
3.5 3.0 2.7 2.3 2.3
100 100 100 100 100

ax Rates by region
2016 2017 2018 2019 2020
29.72 29.79 30.00 30.00 30.00
19.97 19.53 19.48 19.26 19.12
40.00 40.00 27.00 27.00 27.00
27.71 28.29 28.11 27.36 27.33
25.00 25.00 25.00 25.00 25.00
21.41 21.08 21.21 21.18 21.13
27.52 28.32 28.35 28.33 28.34
28.03 28.21 28.26 28.23 28.25
27.00 28.43 28.43 28.43 28.43
-resources/tax-rates-online/corporate-tax-rates-table.html in 05.10.2020

orporate Tax Rates

2016 2017 2018 2019 2020
26.37 26.29 24.03 23.94 23.99
ote: adjusted from the average of previous data

BMW marginal tax rate 23.99%

Note: Calculated as weighted tax rate by regional revenue
 WACC

WACC
Debt 0M
Cost of debt
Debt/ (Debt #DIV/0!
Market Cap 0 M
Cost of equit #REF!
Equity/ (Debt #DIV/0!
WACC #DIV/0!
Tc
AtWACC #DIV/0!

Capital Structure
Equity
Share Price
Share Outstanding
Diluted share outstanding
Market Cap 0 M
Diluted Mark0 M
Debt
Total market value of debt

Beta estimation using SAP stock returns

in German Market
Regression statistically significant Beta (11yrs)
Regression statistically significant Beta (6yrs)
Regression statistically significant Beta (3yrs)
Beta Average #DIV/0!

CAPM Calculation
MRP US 11.07%
MRP DE 11.70%

Rf DE -0.35%
RE DE #DIV/0!

Cost of equit #REF!

Beta estimation using comparable companies

Industry average beta
MRP 11.07%
Rf
Cost of equi 0.00%

Note: Data updated till 2020-10-05.

Balance Scheet (31.12.2019)
Bayerische Motoren Werke AG (BMW GR) - As Reported
In Millions of EUR except Per Share
12 Months Ending
Balance Sheet
Current Assets
Cash and Equivalents
Accounts Receivable - Trade
Inventories
Assets Held For Sale
Other Current Assets
Total Assets
Finance Receivables
Trade Receivables-Gross
Other Financial Assets - Short Term
Current Income Tax Asset
Total Current Assets
Noncurrent Assets
Total Intangible Assets - Net
Investment In Affiliates/Joint Ventures
Other Noncurrent Assets
Deferred Tax Assets (Long-Term)
Other Long-Term Investments
Finance Receivables (Long-Term)
Leasehold Properties - Net
Trade Receivable - Long Term
Total Non-Current Assets
Plant And Equipment - Net
Equity Investments In Associates/Affiliates
Other Financial Assets (Long-Term)
Receivables From Finance Services/Leases
Current Liabilities
Accounts Payable - Trade
Short-Term Borrowings
Other Current Liabilities
Income Taxes Accrued/Payable
Short-Term Provisions
Liabilities Assoc With Assets Held For Sale
Total Current Liabilities
Non Current Liabilities
Total Noncurrent Liabilities
Long Term Debt
Pension/Postretirement Liabilities
Other Noncurrent Liabilities
Deferred Tax Liabilities (Long-Term)
Other Provisions For Liabilities And Charges
Deferred Income Tax Liability Long -Term
Total Liabilities
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty)
Common Stock
Additional Paid In Capital
Treasury Stock (Amount)
Accumulated Other Comprehensive Income
Retained Earnings (Accumulated Deficit)
Common Stock & APIC
Total Shareholders Equity
Capital Reserves
Total Shareholders Equity Excluding Minority
Total Liabilities and Shareholders Equity
Reference Items
Accounts Receivable - Trade
Inventories
Land and Buildings
Construction In Progress
Furniture/Machinery/Equipment
Property Plant & Equipment - Gross
Accumulated Depreciation
Property Plant & Equipment - Net
Total Intangible Assets - Net
Other Intangible Assets
Goodwill
Patents/Trademarks/Copyrights
Accounts Payable - Trade
Notes Payable (ST)
Short-Term Capital Lease Obligations
Deferred/Unearned Revenue (ST)
Other Current Liabilities
Long Term Capital Lease Obligations
Deferred/Unearned Revenue (LT)
Other Noncurrent Liabilities
Min/Non Cntrlling Int(Stckhldrs Eqty)
Common Stock
Additional Paid In Capital
Accumulated Other Comprehensive Income
Retained Earnings (Accumulated Deficit)
Other Equity
Par Value
Treasury Shares (Number)
Raw Materials
Work In Progress
Finished Goods
Shares Issued
Other Inventory
Total Line of Credit
Future Minimum Operating Lease Obligations
Current Rental Expense
Rental Expense - Year 1
Rental Expense - Beyond Year 5
Allowance For Doubtful Accounts
Total Shareholders Equity
Derivative Liabilities
Mark to Market LT Derivative Liabilities
Customer Deposits/Advances (ST)
Derivative Liabilities (Long-Term)
Average Number of Employees
Number of Employees at Period End Date
Cumulative Translation Adjustment
Accumulated Amortization Of Goodwill
Advance Payments on Inventory
Accumulated Amortization Intangible Assets
Authorized Capital
Bank Loans - Noncurrent
Construction In Progress/Adv Payments -Net
Total Contingent Payable
Research & Development - Net
Goodwill - Gross
Intangible Assets - Gross
Leasehold Properties - Net
Trade Receivables-Gross
Other Financial Assets - Short Term
Trade Payables And Others
Plant And Equipment - Net
Land And Buildings - Net
Leasehold Rights - Gross
Notes And Bonds - Non Current Liabilities
Total Shareholder Equity Excludes Minority
Debt Maturing - Year 2 To Year 5
Other Liab - Deriv Used For Trading Purp
Overdrafts And Bank Loans (Short Term)
Other Short-Term Borrowings
Other Liabilities That Are LT Borrowings
Purchase Obligations
Cash Equivalents
Capitalized R&D Expenses
Rental Expense - Year 2 to 5
ARDR Commercial Paper Current
Debt Schedule In Yr 1
Debt Schedule Thereafter
Debt Schedule - Total Debt
Current Capital Lease
Capital Lease Year 1
Capital Lease Beyond Year 5
Total Capital Lease
Capital Leases - Years 2 - 5
Capital Lease Interest
Net Debt Cash
Total Derivative Assets
ARDR Present Value of Capital Lease Years 2-5
ARDR Present Value of Capital Lease Beyond Year 5
Source: Bloomberg
 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12/31/201012/31/201112/31/201212/31/201312/31/201412/31/201512/31/201612/31/2017

ARD_CASH_AND_ 7,432.0 7,776.0 8,370.0 7,671.0 7,688.0 6,122.0 7,880.0 9,039.0

ARD_ACCTS_REC — — — — 2,153.0 2,751.0 2,825.0 2,667.0
ARD_INVENTORY 7,766.0 9,638.0 9,725.0 9,595.0 11,089.0 11,071.0 11,841.0 12,707.0
ARD_ASSETS_HE — 0.0 45.0 0.0 0.0 — — 0.0
ARD_OTHER_CUR 2,957.0 3,345.0 3,664.0 4,258.0 5,038.0 4,693.0 5,087.0 7,485.0
ARD_TOT_ASSET 110,164.0 123,429.0 131,835.0 138,377.0 154,803.0 172,174.0 188,535.0 195,506.0
ARD_FINANCE_R 18,239.0 20,014.0 20,605.0 21,501.0 23,586.0 28,178.0 30,228.0 32,113.0
ARD_TRADE_REC 2,329.0 3,286.0 2,543.0 2,449.0 2,153.0 — — —
ARD_OTHER_FIN 3,262.0 3,751.0 4,612.0 5,559.0 5,384.0 6,635.0 7,065.0 7,965.0
ARD_CURRENT_I 1,166.0 1,194.0 966.0 1,151.0 1,906.0 2,381.0 1,938.0 1,566.0
ARD_TOTAL_CUR 43,151.0 49,004.0 50,530.0 52,184.0 56,844.0 61,831.0 66,864.0 73,542.0

ARD_TOTAL_INTA 5,031.0 5,238.0 5,207.0 6,179.0 6,499.0 7,372.0 8,157.0 9,464.0

ARD_INVESTMENT 212.0 302.0 514.0 638.0 1,088.0 2,233.0 2,546.0 2,769.0
ARD_OTHER_NON 692.0 568.0 803.0 912.0 1,094.0 1,568.0 1,595.0 1,630.0
ARD_DEFERRED_ 1,393.0 1,926.0 1,967.0 1,620.0 2,061.0 1,945.0 2,327.0 1,993.0
ARD_OTHER_LT_ 177.0 561.0 548.0 553.0 408.0 428.0 560.0 690.0
ARD_FINANCE_RE 27,126.0 29,331.0 32,309.0 32,616.0 37,438.0 41,865.0 48,032.0 48,321.0
ARD_LEASEHOLD 19,088.0 23,112.0 24,468.0 25,914.0 30,165.0 34,965.0 37,789.0 36,257.0
ARD_TRADE_REC — — — — — — — —
ARD_TOTAL_NON 67,013.0 74,425.0 81,305.0 86,193.0 97,959.0 110,343.0 121,671.0 121,964.0
ARD_PLANT_AND 11,427.0 11,685.0 13,341.0 15,168.0 17,182.0 17,759.0 17,960.0 18,471.0
ARD_EQY_INVEST — — 514.0 — — — — —
ARD_OTHER_FINA 1,867.0 1,702.0 2,148.0 2,593.0 2,024.0 2,208.0 2,705.0 2,369.0
ARD_RECEIVABLE — — 32,309.0 — — — — —

ARD_ACCOUNTS_ 4,351.0 5,340.0 6,433.0 7,485.0 7,709.0 7,773.0 8,512.0 9,731.0

ARD_ST_BORRO 26,520.0 30,380.0 30,412.0 30,854.0 37,482.0 42,160.0 42,326.0 41,100.0
ARD_OTHER_CURR 5,239.0 7,026.0 6,792.0 7,064.0 7,775.0 9,208.0 10,198.0 13,443.0
ARD_INCOME_TA 1,198.0 1,363.0 1,482.0 2,319.0 1,590.0 1,441.0 1,074.0 1,124.0
ARD_ST_PROVISI 2,826.0 3,104.0 3,246.0 3,412.0 4,522.0 5,009.0 5,879.0 6,367.0
ARD_LIAB_ASSO — 0.0 30.0 — 0.0 — — 0.0
ARD_TOTAL_CURR40,134.0 47,213.0 48,395.0 51,134.0 59,078.0 65,591.0 67,989.0 71,765.0

ARD_TOT_NONCUR46,100.0 49,113.0 52,834.0 51,643.0 58,288.0 63,819.0 73,183.0 69,634.0

ARD_LT_DEBT 35,833.0 37,597.0 39,095.0 39,450.0 43,167.0 49,523.0 55,405.0 53,548.0
ARD_PENSION_P 1,563.0 2,183.0 3,813.0 2,303.0 4,604.0 3,000.0 4,587.0 3,252.0
ARD_OTH_NONCUR2,583.0 2,911.0 3,404.0 3,603.0 4,275.0 4,559.0 5,357.0 5,045.0
ARD_DEFERRED_T 3,400.0 3,273.0 3,081.0 2,459.0 1,974.0 2,116.0 2,795.0 2,157.0
ARD_OTHER_PRO 2,721.0 3,149.0 3,441.0 3,828.0 4,268.0 4,621.0 5,039.0 5,632.0
ARD_DEFERRED_I — — 3,040.0 — — — — —
ARD_TOT_LIABILI — — — — — — — 141,399.0

ARD_MIN_NONCO 26.0 65.0 107.0 188.0 217.0 234.0 255.0 436.0

ARD_COMMON_S 655.0 655.0 656.0 656.0 656.0 657.0 657.0 658.0
ARD_ADDITIONAL 1,939.0 1,955.0 1,973.0 1,990.0 2,005.0 2,027.0 2,047.0 2,084.0
ARD_TREASURY_ — — — — — — — —
ARD_ACC_OTH_C -1,182.0 -1,674.0 -674.0 -356.0 -1,062.0 -1,181.0 -41.0 114.0
ARD_RETAINED_E 22,492.0 26,102.0 28,544.0 33,122.0 35,621.0 41,027.0 44,445.0 50,815.0
ARD_COMMON_ST — 655.0 656.0 656.0 656.0 — — —
ARD_TOTAL_SHA 23,930.0 27,103.0 30,606.0 35,600.0 37,437.0 42,764.0 47,363.0 54,107.0
ARD_CAPITAL_R — 1,955.0 1,973.0 1,990.0 2,005.0 — — —
ARD_TOT_SHARE — — — — — — — 53,671.0
ARD_TOT_LIAB_ 110,164.0 123,429.0 131,835.0 138,377.0 154,803.0 172,174.0 188,535.0 195,506.0

ARDR_ACCTS_RE 2,329.0 3,286.0 2,543.0 2,449.0 2,153.0 2,751.0 2,825.0 2,667.0

ARDR_INVENTOR 7,766.0 9,638.0 9,725.0 9,595.0 11,089.0 11,071.0 11,841.0 12,707.0
ARDR_LAND_AND — — — — — 10,430.0 10,940.0 11,088.0
ARDR_CONSTRUC — — — — — 1,597.0 2,253.0 2,525.0
ARDR_FURNITUR — — — — — 38,070.0 38,596.0 39,632.0
ARDR_PROPERTY 61,028.0 68,491.0 73,180.0 75,351.0 84,060.0 92,363.0 97,377.0 97,388.0
ARDR_ACCUMULA 30,513.0 33,694.0 35,371.0 34,269.0 36,713.0 39,639.0 41,628.0 42,660.0
ARDR_PROPERTY 30,515.0 34,797.0 37,809.0 41,082.0 47,347.0 52,724.0 55,749.0 54,728.0
ARDR_TOTAL_INT — 5,238.0 5,207.0 6,179.0 6,499.0 7,372.0 8,157.0 9,464.0
ARDR_OTHER_IN 254.0 438.0 447.0 745.0 636.0 609.0 530.0 675.0
ARDR_GOODWLL 111.0 369.0 369.0 369.0 364.0 364.0 364.0 380.0
ARDR_PATENTS_ 41.0 43.0 44.0 43.0 46.0 48.0 42.0 —
ARDR_ACCOUNTS 4,351.0 5,340.0 6,433.0 — — 7,773.0 8,512.0 9,731.0
ARDR_NOTES_PA 6,681.0 8,009.0 7,427.0 7,166.0 8,561.0 10,124.0 9,242.0 11,132.0
ARDR_ST_CAP_L — — — — — — — —
ARDR_DEFERRED 1,130.0 1,411.0 1,496.0 1,666.0 1,894.0 2,399.0 2,599.0 2,284.0
ARDR_OTHER_CUR 2,691.0 3,105.0 3,641.0 3,867.0 4,077.0 4,556.0 5,444.0 8,786.0
ARDR_LT_CAP_LE — — — — — — — —
ARDR_DEFERRED 2,380.0 2,657.0 3,016.0 3,260.0 3,594.0 3,855.0 4,657.0 4,382.0
ARDR_OTH_NONCU 168.0 206.0 323.0 266.0 576.0 583.0 570.0 541.0
ARDR_MIN_NONC — — — — — 234.0 255.0 436.0
ARDR_COMMON_ — — — — — 657.0 657.0 658.0
ARDR_ADDITIONA — — — — — 2,027.0 2,047.0 2,084.0
ARDR_ACC_OTH_ — — — — — -1,337.0 78.0 1,515.0
ARDR_RETAINED_ — — — — — 41,027.0 44,445.0 50,815.0
ARDR_OTHER_EQ — — — — — 24.0 52.0 93.0
ARDR_PAR_VALU 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
ARDR_TREASURY — — — — — — — —
ARDR_RAW_MATE 663.0 704.0 786.0 851.0 918.0 1,004.0 1,000.0 1,146.0
ARDR_WORK_IN_ 683.0 908.0 827.0 851.0 944.0 1,098.0 1,157.0 1,125.0
ARDR_FINISHED 6,420.0 8,026.0 8,112.0 7,893.0 9,227.0 8,969.0 9,684.0 10,436.0
ARDR_SHARES_I 655.2 655.6 656.0 656.3 656.5 656.8 657.1 657.1
ARDR_OTHER_IN — — — — — — — —
ARDR_TOTAL_LIN — — 6,000.0 6,000.0 6,000.0 6,000.0 6,000.0 8,000.0
ARDR_FUT_MIN_ 1,403.0 1,664.0 1,710.0 1,774.0 1,790.0 2,190.0 2,444.0 2,474.0
ARDR_CURRENT_ng Data... ng Data... ng Data... ng Data... ng Data... ng Data... ng Data... ng Data...
ARDR_RENTAL_E 205.0 297.0 320.0 335.0 299.0 371.0 447.0 446.0
ARDR_RENTAL_E 589.0 663.0 585.0 587.0 603.0 816.0 895.0 849.0
ARDR_ALLOW_FO 95.0 101.0 111.0 106.0 83.0 96.0 57.0 56.0
ARDR_TOTAL_SH — — — — — 42,764.0 47,363.0 54,107.0
ARDR_DERIVATIVE — — — — — — — 1,090.0
ARDR_MTM_LT_DE 1,066.0 1,480.0 925.0 677.0 1,213.0 2,352.0 1,675.0 717.0
ARDR_CUSTOMER 858.0 1,965.0 958.0 802.0 875.0 1,173.0 1,348.0 1,439.0
ARDR_DERIVATIVE — 1,480.0 — — — — — —
ARDR_NUM_OF_E88,933.00 91,168.00 95,748.00 99,961.00 ### — — —
ARDR_NUM_OF_E — — ### ### ### ### ### ###
ARDR_CUM_TRAN — — — — — 132.0 -171.0 -1,494.0
ARDR_ACCUM_A — — — — — 5.0 — 5.0
ARDR_ADV_PYMT — — — — — — — —
ARDR_ACCCUM_A — — — — — 4,973.0 5,191.0 5,636.0
ARDR_AUTHORIZ 4.0 3.6 3.2 2.9 4.8 4.5 — —
ARDR_BANK_LOA 7,325.0 8,528.0 7,831.0 7,379.0 7,079.0 7,480.0 8,090.0 7,646.0
ARDR_CONSTRUC 699.0 991.0 2,604.0 2,971.0 2,014.0 1,591.0 2,253.0 2,525.0
ARDR_TOTAL_CO 90.0 138.0 66.0 76.0 121.0 306.0 541.0 621.0
ARDR_RESEARCH — 4,388.0 — — — — — —
ARDR_GOODWILL — — — — — 369.0 369.0 385.0
ARDR_INTANGIB — — — — — 12,345.0 13,348.0 15,100.0
ARDR_LEASEHOL 19,088.0 23,112.0 24,468.0 25,914.0 30,165.0 34,965.0 37,789.0 36,257.0
ARDR_TRADE_RE 2,424.0 3,387.0 2,654.0 2,555.0 2,236.0 2,847.0 2,882.0 2,723.0
ARDR_OTHER_FI — — — — 5,384.0 6,635.0 7,065.0 7,965.0
ARDR_TRADE_PA — 5,295.0 — — — — — —
ARDR_PLANT_AN 6,343.0 6,359.0 6,235.0 7,307.0 9,543.0 10,253.0 9,553.0 9,824.0
ARDR_LAND_BUIL 4,385.0 4,335.0 4,502.0 4,890.0 5,625.0 5,915.0 6,154.0 6,122.0
ARDR_LEASEHOL — — — — — 42,266.0 45,588.0 44,143.0
ARDR_NOTES_BO 20,887.0 20,564.0 22,425.0 23,204.0 26,928.0 30,195.0 35,179.0 33,748.0
ARDR_TOT_SHAR — — — — — — — 53,671.0
ARDR_DEBT_MAT 31,835.0 32,411.0 32,756.0 36,046.0 37,974.0 41,289.0 44,144.0 43,865.0
ARDR_OTHR_LIA 944.0 999.0 865.0 426.0 1,930.0 2,198.0 1,656.0 373.0
ARDR_OVERDRAF 11,104.0 11,911.0 14,671.0 13,668.0 16,941.0 18,749.0 20,314.0 18,584.0
ARDR_OTHER_S 2,549.0 3,983.0 2,872.0 3,302.0 4,451.0 5,674.0 7,262.0 6,550.0
ARDR_OTH_LIAB 6,555.0 7,025.0 7,914.0 8,190.0 7,947.0 9,496.0 10,461.0 11,437.0
ARDR_PURCHASE 1,193.0 1,654.0 3,010.0 2,661.0 2,247.0 2,217.0 3,141.0 4,137.0
ARDR_CASH_EQU — — — 7,671.0 7,688.0 6,122.0 7,880.0 9,039.0
ARDR_CAPITALI 4,625.0 — 4,347.0 5,022.0 5,453.0 6,351.0 7,221.0 8,409.0
ARDR_RENTAL_E 609.0 704.0 805.0 852.0 888.0 1,003.0 1,102.0 1,179.0
ARDR_COMMERCI 5,242.0 5,478.0 4,577.0 6,292.0 5,599.0 5,415.0 3,852.0 4,461.0
ARDR_DEBT_SCH 26,520.0 30,380.0 30,412.0 30,854.0 37,482.0 42,160.0 42,326.0 41,100.0
ARDR_DEBT_SCH 3,998.0 5,186.0 6,339.0 3,404.0 5,193.0 8,234.0 11,261.0 9,683.0
ARDR_DEBT_SCH 62,353.0 67,977.0 69,507.0 70,304.0 80,649.0 91,683.0 97,731.0 94,648.0
ARDR_CRNT_CAP — — — — — 12.0 12.0 9.0
ARDR_CAPITAL_L 89.0 25.0 5.0 14.0 13.0 22.0 23.0 19.0
ARDR_CAPITAL_ 95.0 49.0 52.0 44.0 53.0 99.0 127.0 100.0
ARDR_TOTAL_CAP 300.0 245.0 80.0 71.0 119.0 190.0 223.0 192.0
ARDR_CAPITAL_L 116.0 171.0 23.0 13.0 53.0 69.0 73.0 73.0
ARD_CAPITAL_LE 58.0 72.0 28.0 23.0 45.0 69.0 97.0 82.0
ARDR_NET_DEBT 11,286.0 12,287.0 13,327.0 12,085.0 14,223.0 16,911.0 19,520.0 19,787.0
ARDR_TOTAL_DER — — — — 2,888.0 3,030.0 3,922.0 4,341.0
ARDR_PV_OF_CAP 91.0 124.0 15.0 6.0 28.0 37.0 37.0 41.0
ARDR_PV_OF_CA 67.0 32.0 35.0 31.0 41.0 72.0 77.0 60.0
Right click to show data transparency (not supported for all values)
 FY 2018 FY 2019
12/31/201812/31/2019

10,979.0 12,036.0
2,546.0 2,518.0
14,248.0 15,891.0
461.0 0.0
9,749.0 11,614.0
208,938.0 228,034.0
38,700.0 41,407.0
— —
6,675.0 5,955.0
1,378.0 1,209.0
84,736.0 90,630.0

10,971.0 11,729.0
2,624.0 3,199.0
847.0 1,325.0
1,638.0 2,194.0
739.0 703.0
48,313.0 51,030.0
38,259.0 42,609.0
— —
124,202.0 137,404.0
19,801.0 23,245.0
— —
1,010.0 1,370.0
— —

9,669.0 10,182.0
38,825.0 46,093.0
15,826.0 17,966.0
1,158.0 963.0
5,871.0 7,421.0
62.0 0.0
71,411.0 82,625.0

79,698.0 85,502.0
64,772.0 70,647.0
2,330.0 3,335.0
5,293.0 5,100.0
 1,773.0 632.0
5,530.0 5,788.0
— —
151,109.0 168,127.0

529.0 583.0
658.0 659.0
2,118.0 2,161.0
— —
-1,338.0 -1,163.0
55,862.0 57,667.0
— —
57,829.0 59,907.0
— —
57,300.0 59,324.0
208,938.0 228,034.0

2,546.0 2,518.0
13,047.0 15,891.0
11,730.0 12,342.0
2,395.0 1,991.0
41,179.0 43,047.0
101,155.0 110,615.0
43,095.0 44,298.0
58,060.0 23,245.0
10,971.0 11,729.0
615.0 906.0
380.0 380.0
— —
9,669.0 10,182.0
9,762.0 14,077.0
— —
— —
— —
— —
— —
— —
529.0 583.0
658.0 659.0
2,118.0 2,161.0
-569.0 -447.0
55,862.0 57,667.0
557.0 44.0
1.00 1.00
— —
 1,247.0 1,674.0
1,208.0 1,286.0
10,548.0 11,491.0
657.6 658.1
609.0 808.0
8,000.0 8,000.0
— —
ng Data... ng Data...
— —
— —
54.0 72.0
57,829.0 59,907.0
— —
1,029.0 947.0
— —
— —
— —
### ###
-1,326.0 -760.0
5.0 5.0
636.0 632.0
6,202.0 6,122.0
— —
7,916.0 6,974.0
2,395.0 1,991.0
765.0 1,087.0
— —
385.0 385.0
17,173.0 17,851.0
— 42,609.0
2,600.0 2,590.0
6,675.0 5,955.0
— —
10,986.0 11,760.0
6,420.0 6,664.0
45,851.0 49,942.0
43,584.0 48,088.0
57,300.0 59,324.0
51,851.0 55,536.0
646.0 1,149.0
19,639.0 19,119.0
6,289.0 8,589.0
12,147.0 12,287.0
3,486.0 3,128.0
10,979.0 12,036.0
 9,976.0 10,443.0
— —
2,480.0 2,615.0
38,825.0 46,093.0
12,921.0 15,111.0
103,597.0 116,740.0
— —
— —
— —
— —
— —
— —
19,488.0 17,577.0
— —
— —
— —
Income Statement (31.12.2019)
Bayerische Motoren Werke AG (BMW GR) - As Reported
In Millions of EUR except Per Share
12 Months Ending
Income Statement
Revenues
Revenues
Total Revenue
Operating Expenses
Cost of Goods Sold
Selling General and Administrative Expenses
Other Operating Expenses
Other Operating Income
Gross Profit
Operating Income
Warranty Service Expense
Earnings Before Interest and Taxes
Non-Operating Expenses
Interest Expense
Equity In Earnings of Affiliate/Joint Ventures
Interest Income
Income Tax Expense (Benefit)
Income Before Income Taxes
Income Before XO Items
Other Financial Gains
Other Financial Losses
Extraordinary Items
Discontinued Operations Loss/(Benefit) - Net
Earnings
Minority/Non Controlling Interest
Basic EPS
Diluted EPS
Basic & Diluted EPS
Profit After Taxation Before Minority
Net Income
Others
Comprehensive Income
Foreign Currency Translation Adjustments
Unrealized Gain (Loss) On Securities
Change In Fair Value of Derivatives
Pension Related Adjustments
Income Tax Exp Related to Comprehensive Income
Other Comprehensive Income
Total Comprehensive Income
Tax Related To Minimum Pension Liability Adj
Tax Related To Other Comprehensive Income
Comprehensive Income Attrib to Minority Int
Net Income - Comprehensive Income
Total Comprehensive Inc Including Minority Int
Reference Items
Cost of Goods Sold
Amortization Expense
Sales/Marketing/Advertising Expenses
Salaries Wages and Employee Benefits
Depreciation Expense
Provision For Doubtful Accounts
Other Operating Expenses
Interest Expense
(Gain)/Loss On Sale of Assets
Write-Down/Impairment of Assets
Interest Income
Income Tax Expense (Benefit)
General and Administrative Expenses
Other Revenue
Investment Income
Other Operating Income
Total Cash Common Dividends
Projected Benefit Obligation
Fair Value of Plan Assets
Dividends Per Share
Basic EPS
Weighted Avg. Shares - Basic
Diluted EPS
Weighted Avg. Shares - Diluted
Pension Expense (Income)
Service Cost
Overfunded (Underfunded) Pension
Expected Return On Plan Assets - Pension %
Discount Rate Used On Plan Liabs-Pension %
Rate of Compensation Increase(Pension) - %
Actual Return/Loss On Pension Plan Assets
Current Rental Expense
Basic & Diluted EPS
Weighted Avg. Shares - Basic & Diluted
Amortization of Intangible Assets
Product Revenue
Current Income Tax Expense (Benefit)
Deferred Income Tax Expense (Benefit)
Unrecognized Prior Service Cost - RBO
Effective Tax Rate - %
Benefits Paid (Pension)
Interest Cost (Pension)
Expected Return On Pension Plan Assets
Auditors Remuneration For Audit
Raw Materials And Consumables Used
Gain On Disposal Of Property/Plant/Equip
Other Auditors Fees (Tax & Consulting)
Other Financial Gains
Wages And Salaries
Social Security Costs
Total Fees Paid To Audit Firms
Release Of Provisions
Other Financial Losses
Unrealized (Gain)/Loss From Secs Non-Op
Amortization of Research and Development
Financial Services Revenue
Foreign Exchange Translation Gains
Expenditure Incurred On R&D: Capital
Net Foreign Exch (Gain)Loss-Ordinary Acts
R & D Expenses - COG
Tax Service Fee Paid to All Auditors
Other Accounting Svc Fee to All Auditor
Pension Plan Asset Cat - Equities (Amt)
Pension Plan Asset Category - Debt (Amt)
Pension Plan Asset Cat -Real Est (Amt)
Pension Plan Asset Category - Cash (Amt)
Pension Plan Asset Category - Other (Amt)
Earnings Before Interest and Taxes
EBITDA Margin
ARDR EBIT Margin
ARDR Gross Margin
ARDR Revenue Growth
Source: Bloomberg
 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
12/31/201012/31/201112/31/201212/31/201312/31/2014

ARD_REVENUES 60,477.0 68,821.0 76,848.0 76,059.0 80,401.0

ARD_TOTAL_REVENUES — — — — —

ARD_COST_OF_GOODS_SOLD 49,545.0 54,276.0 61,354.0 60,791.0 63,396.0

ARD_SELLING_GENERAL_ADMIN_EXP 5,529.0 6,177.0 7,032.0 7,257.0 7,892.0
ARD_OTHER_OPERATING_EXPENSES 1,058.0 1,132.0 1,016.0 875.0 872.0
ARD_OTHER_OPERATING_INC 766.0 782.0 829.0 842.0 877.0
ARD_GROSS_PROFITS 10,932.0 14,545.0 15,494.0 15,268.0 17,005.0
ARD_OPERATING_INCOME 5,111.0 8,018.0 8,275.0 7,978.0 9,118.0
ARD_WARRANTY_SERVICE_EXPENSE — — — 1,243.0 1,451.0
ARD_EBIT 5,111.0 8,018.0 8,275.0 7,978.0 9,118.0

ARD_INT_EXP 966.0 943.0 375.0 469.0 519.0

ARD_EQY_IN_EARN_AFFILIATE_JV -98.0 -162.0 -271.0 -407.0 -655.0
ARD_INT_INCOME -685.0 -763.0 -224.0 -183.0 -200.0
ARD_INCOME_TAX_EXP_BENEFIT 1,610.0 2,476.0 2,692.0 2,564.0 2,890.0
ARD_INCOME_BEFORE_INCOME_TAXES 4,853.0 7,383.0 7,803.0 7,893.0 8,707.0
ARD_INCOME_BEFORE_XO_ITEMS — — — — —
ARD_OTHER_FINANCIAL_GAINS — — — — -200.0
ARD_OTHER_FINANCIAL_LOSSES 75.0 617.0 592.0 206.0 747.0

ARD_DISC_OPS_LOSS_BEN_NET — — — — —

ARD_MINORITY_NONCONTROL_INTEREST 16.0 26.0 26.0 26.0 19.0

ARD_BASIC_EPS 4.93 7.45 7.75 8.08 8.83
ARD_DILUTED_EPS — — — — —
ARD_BASIC_AND_DILUTED_EPS — — — — —
ARD_PROF_AFTER_TAX_BEF_MINORITY 3,243.0 4,907.0 5,111.0 5,329.0 5,817.0
ARD_NET_INC 3,227.0 4,881.0 5,085.0 5,303.0 5,798.0

ARD_FOR_CRNCY_TRANSLATION_ADJ 666.0 168.0 -123.0 -633.0 764.0

ARD_UNREALIZED_GL_ON_SECS -16.0 -72.0 214.0 8.0 40.0
ARD_CHG_FAIR_VAL_OF_DERIVATIVES -526.0 -801.0 1,302.0 1,357.0 -2,194.0
ARD_PENSION_RELATED_ADJUSTMENTS -277.0 -586.0 -1,914.0 1,308.0 -2,298.0
ARD_INC_TAX_RELATE_TO_COMP_INC 265.0 421.0 27.0 -779.0 1,438.0
ARD_OTHER_COMPREHENSIVE_INCOME 21.0 -41.0 111.0 -7.0 -48.0
ARD_TOTAL_COMPREHENSIVE_INCOME 3,360.0 3,970.0 4,702.0 6,557.0 3,500.0
ARD_MIN_PENSION_LIAB_ADJ_TAX — — — — —
ARD_TAX_RELATE_TO_OTH_COMP_INC — — — — —
ARD_COMPREHENSIVE_INC_ATTRIB_MI 16.0 26.0 26.0 26.0 19.0
ARD_COMPREHENSIVE_INCOME_NET_INC 3,243.0 4,907.0 5,111.0 5,329.0 5,817.0
ARD_TOT_COMP_INC_INCL_MIN_INT — 3,996.0 4,728.0 6,583.0 3,519.0

ARDR_COST_OF_GOODS_SOLD 47,433.0 52,362.0 59,535.0 59,308.0 61,989.0

ARDR_AMORT_EXP — 1,209.0 1,130.0 — 1,068.0
ARDR_SALES_MKT_ADVERTISING_EXP — — — — 5,344.0
ARDR_SALARIES_WAGE_EMPLOYEE_BEN 7,394.0 7,739.0 8,537.0 8,992.0 9,764.0
ARDR_DEPRECIATION_EXP 6,121.0 6,094.0 6,537.0 5,709.0 6,325.0
ARDR_PROV_FOR_DOUBTFUL_ACCTS — — — — —
ARDR_OTHER_OPERATING_EXPENSES 341.0 542.0 570.0 487.0 427.0
ARDR_INT_EXP 251.0 235.0 211.0 330.0 326.0
ARDR_GL_ON_SALE_OF_ASSETS -15.0 3.0 -3.0 -26.0 -76.0
ARDR_WRITEDOWN_IMPAIR_OF_ASSETS 2.0 22.0 18.0 24.0 56.0
ARDR_INT_INCOME -209.0 -232.0 -224.0 -183.0 -200.0
ARDR_INCOME_TAX_EXP_BENEFIT — 2,476.0 — — —
ARDR_GENERAL_ADMINISTRATIVE_EXP — — — — 2,548.0
ARDR_OTHER_REV 1,715.0 1,862.0 2,556.0 2,671.0 2,776.0
ARDR_INVESTMENT_INCOME 171.0 7.0 170.0 79.0 150.0
ARDR_OTHER_OPERATING_INC 150.0 176.0 330.0 313.0 382.0
ARDR_TOTAL_CASH_COMMON_DVD 852.0 1,508.0 1,640.0 1,707.0 1,904.0
ARDR_PROJECTED_BENEFIT_OBLIG 12,008.0 13,212.0 16,255.0 15,758.0 20,462.0
ARDR_FAIR_VALUE_OF_PLAN_ASSETS 10,455.0 11,039.0 12,447.0 13,461.0 15,861.0
ARDR_DVD_PER_SH 1.30 2.30 2.50 2.60 2.90
ARDR_BASIC_EPS — — — — —
ARDR_WEIGHTED_AVG_SHARES_BASIC — — — — —
ARDR_DILUTED_EPS — — — — —
ARDR_WEIGHTED_AVG_SHARE_DILUTED — — — — —
ARDR_PENSION_EXP_INCOME 304.0 349.0 845.0 958.0 991.0
ARDR_SRVC_COST 217.0 240.0 253.0 362.0 337.0
ARDR_OVER_UNDERFUNDED_PENSION -1,553.0 -2,173.0 -3,808.0 -2,297.0 -4,601.0
ARDR_EXP_RET_ON_PLAN_ASSET_PENS 5.35 5.04 4.74 — —
ARDR_DISC_RATE_USED_LIAB_PENS 5.06 4.74 3.61 3.98 2.79
ARDR_RATE_OF_COMP_INCR_PENSION 3.71 3.51 2.14 2.50 1.93
ARDR_ACT_RET_LOSS_ON_PENS_PLAN — — 1,199.0 919.0 —
ARDR_CURRENT_RENTAL_EXP 200.0 208.0 296.0 320.0 350.0
ARDR_BASIC_AND_DILUTED_EPS — — — — —
ARDR_WTD_AVG_SHS_BASIC_DILUTED 654.7 655.2 655.6 656.0 656.3
ARDR_AMORT_OF_INTANGIBLE_ASSETS 1,379.0 1,322.0 1,243.0 1,247.0 1,246.0
ARDR_PRODUCT_REVENUE 50,977.0 58,557.0 64,438.0 63,224.0 66,996.0
ARDR_CUR_INCOME_TAX_EXP_BENEFIT 1,430.0 2,868.0 2,908.0 2,581.0 2,774.0
ARDR_DEFERRED_INC_TAX_EXP_BEN 180.0 -392.0 -216.0 -17.0 116.0
ARDR_UNRECOG_PRIOR_SRVC_COST_RBO -33.0 37.0 3.0 53.0 -3.0
ARDR_EFFECTIVE_TAX_RATE_PCT — 33.50 34.50 32.50 33.20
ARDR_BENEFITS_PAID_PENSION -2,001.0 -315.0 -320.0 -460.0 -519.0
ARDR_INTEREST_COST_PENSION 588.0 594.0 618.0 565.0 88.0
ARDR_EXPECT_RET_PENSION_ASSETS -468.0 -522.0 -529.0 — —
ARDR_AUDITOR_REMEN_AUDIT 11.0 13.0 14.0 14.0 15.0
ARDR_RAW_MAT_CONSUMABLE_USED 32,108.0 36,753.0 41,304.0 42,681.0 44,078.0
ARDR_GAIN_DISP_PROP_PLANT_EQUIP — — -41.0 — —
ARDR_OTH_AUDIT_FEES_TAX_CONSULT 1.0 2.0 4.0 3.0 2.0
ARDR_OTHER_FINANCIAL_GAINS -572.0 -531.0 — — —
ARDR_WAGES_AND_SALARIES — — — — —
ARDR_SOCIAL_SECURITY_COSTS — — — — —
ARDR_TOT_FEES_PAID_AUDIT_FIRMS 19.0 22.0 26.0 26.0 23.0
ARDR_RELEASE_OF_PROVISIONS 69.0 71.0 114.0 183.0 184.0
ARDR_OTHER_FINANCIAL_LOSSES 715.0 1,318.0 586.0 257.0 790.0
ARDR_UNREAL_GL_FROM_SECS_NON_OP 179.0 12.0 175.0 98.0 150.0
ARDR_AMORT_RESEARCH_DEVELOPMENT — — 1,130.0 1,069.0 1,068.0
ARD_REF_FINANCIAL_SERVICES_REV 2,604.0 2,774.0 2,954.0 2,868.0 2,881.0
ARDR_FOREIGN_EXCHANGE_TRANS_GAIN -547.0 -535.0 -385.0 -346.0 -311.0
ARDR_EXPEND_INCURRED_ON_R&D_CAP — — 1,089.0 1,744.0 1,499.0
ARDR_NET_FOR_EXCH_GAIN_PRO_ORD 677.0 537.0 386.0 324.0 334.0
ARDR_R_D_EXPENSES_COG 4,033.0 4,582.0 3,993.0 4,118.0 4,135.0
ARDR_TAX_FEE_TO_ALL_AUDITORS 5.0 5.0 6.0 7.0 4.0
ARDR_OTHER_SVC_FEE_TO_ALL_AUDIT 2.0 2.0 2.0 2.0 2.0
ARDR_PENSION_PLAN_EQUITIES_AMT 2,647.0 2,650.0 2,654.0 2,881.0 3,298.0
ARDR_PENSION_PLAN_DEBT_AMT 6,163.0 6,666.0 7,847.0 8,238.0 9,943.0
ARDR_PENS_PLAN_REAL_ESTATE_AMT 456.0 617.0 704.0 755.0 898.0
ARDR_PENSION_PLAN_CASH_AMT — — 314.0 247.0 132.0
ARDR_PENSION_PLAN_OTHER_AMT 1,189.0 1,106.0 928.0 1,340.0 1,590.0
ARDR_EBIT — — — — —
ARDR_EBITDA_MARGIN — 16.90 15.40 15.40 16.50
ARDR_EBIT_MARGIN — 11.70 10.80 10.50 11.30
ARDR_GROSS_MARGIN — 21.10 20.20 20.10 21.20
ARDR_REVENUE_GROWTH — — — — 5.70
Right click to show data transparency (not supported for all values)
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
12/31/201512/31/201612/31/201712/31/201812/31/2019

92,175.0 94,163.0 98,282.0 96,855.0 104,210.0

— — 98,282.0 96,855.0 104,210.0

74,043.0 75,442.0 78,329.0 78,477.0 86,147.0

8,633.0 9,158.0 9,560.0 9,568.0 9,367.0
820.0 847.0 1,214.0 651.0 2,316.0
914.0 670.0 720.0 774.0 1,031.0
18,132.0 18,721.0 19,953.0 18,378.0 18,063.0
9,593.0 9,386.0 9,899.0 8,933.0 7,411.0
1,891.0 2,165.0 2,097.0 1,717.0 2,566.0
9,593.0 9,386.0 9,899.0 8,933.0 7,411.0

618.0 489.0 412.0 386.0 499.0

-518.0 -441.0 -739.0 -632.0 -136.0
-185.0 -196.0 -201.0 -397.0 -179.0
2,828.0 2,755.0 2,000.0 2,530.0 2,140.0
9,224.0 9,665.0 10,675.0 9,627.0 7,118.0
— — — 7,097.0 4,978.0
— -131.0 -248.0 -51.0 109.0
454.0 — — — —

— — 0.0 33.0 -44.0

27.0 47.0 86.0 90.0 107.0

9.70 10.45 13.07 10.60 7.47
9.70 10.45 13.07 10.60 7.47
— — — — 7.47
6,396.0 6,910.0 8,675.0 7,064.0 5,022.0
6,369.0 6,863.0 8,589.0 6,974.0 4,915.0

765.0 -230.0 -1,171.0 192.0 544.0

-170.0 40.0 39.0 -30.0 42.0
-1,301.0 2,008.0 1,914.0 -2,001.0 -581.0
1,413.0 -1,858.0 693.0 935.0 -1,254.0
— — — — —
71.0 43.0 -30.0 -157.0 -3.0
7,262.0 6,674.0 9,219.0 6,370.0 4,221.0
 -401.0 529.0 -218.0 -217.0 387.0
516.0 -721.0 -597.0 674.0 171.0
27.0 47.0 86.0 90.0 107.0
6,396.0 6,910.0 8,675.0 7,064.0 5,022.0
7,289.0 6,721.0 9,305.0 6,460.0 4,328.0

72,548.0 73,804.0 76,528.0 76,442.0 83,859.0

— — — — —
5,758.0 6,030.0 6,167.0 5,848.0 5,656.0
10,870.0 11,535.0 12,052.0 12,479.0 12,451.0
6,854.0 6,709.0 7,028.0 6,992.0 8,934.0
192.0 303.0 580.0 193.0 1,732.0
74,043.0 1,152.0 1,295.0 1,387.0 1,133.0
423.0 327.0 412.0 324.0 458.0
-150.0 -46.0 -80.0 96.0 -41.0
49.0 -23.0 — -15.0 -8.0
-185.0 -196.0 -201.0 -397.0 -179.0
2,828.0 2,755.0 2,000.0 2,530.0 2,140.0
2,875.0 3,128.0 3,393.0 3,720.0 3,711.0
3,133.0 3,262.0 5,121.0 4,940.0 5,015.0
24.0 179.0 -13.0 -8.0 -9.0
914.0 670.0 720.0 774.0 1,031.0
2,102.0 2,300.0 2,630.0 2,303.0 1,646.0
19,926.0 22,899.0 22,710.0 21,247.0 24,652.0
16,930.0 18,315.0 19,477.0 18,937.0 21,340.0
3.20 3.50 4.00 3.50 2.50
— — — — —
— — — — —
— — — — —
— — — — —
1,250.0 1,152.0 1,295.0 1,387.0 1,133.0
494.0 557.0 581.0 475.0 485.0
-2,996.0 -4,584.0 -3,233.0 -2,310.0 -3,312.0
— — — — —
3.10 2.24 — — —
1.91 2.23 — — —
— — — — —
315.0 432.0 430.0 — —
— — — 10.60 7.47
656.5 656.8 657.1 657.6 658.1
1,341.0 1,403.0 1,427.0 1,609.0 1,815.0
76,824.0 77,939.0 79,625.0 68,029.0 73,433.0
2,751.0 2,670.0 2,558.0 2,218.0 3,316.0
77.0 85.0 -558.0 312.0 -1,176.0
-9.0 -171.0 -2.0 59.0 -191.0
 30.70 30.70 30.70 30.80 30.80
-540.0 -643.0 -619.0 -632.0 -1,104.0
123.0 78.0 81.0 62.0 41.0
— — — — —
15.0 15.0 17.0 17.0 14.0
51,145.0 50,279.0 51,043.0 53,132.0 57,358.0
— — — — —
4.0 5.0 4.0 2.0 3.0
— — — — —
8,887.0 9,581.0 9,938.0 10,249.0 10,370.0
1,983.0 802.0 819.0 843.0 948.0
23.0 23.0 25.0 24.0 19.0
172.0 115.0 138.0 216.0 433.0
625.0 472.0 300.0 227.0 496.0
24.0 179.0 -13.0 -9.0 -13.0
1,166.0 1,222.0 1,236.0 1,414.0 1,667.0
3,253.0 3,455.0 3,720.0 3,728.0 3,996.0
-323.0 -262.0 -282.0 -185.0 -148.0
2,064.0 2,092.0 2,424.0 2,984.0 2,134.0
311.0 249.0 246.0 135.0 181.0
4,271.0 4,294.0 4,920.0 5,320.0 5,952.0
3.0 2.0 2.0 2.0 1.0
1.0 1.0 2.0 3.0 1.0
3,371.0 2,572.0 2,382.0 2,144.0 2,705.0
10,454.0 12,922.0 13,831.0 13,210.0 14,922.0
1,080.0 1,028.0 995.0 1,132.0 1,129.0
315.0 64.0 260.0 281.0 124.0
1,710.0 1,724.0 2,009.0 2,170.0 2,460.0
— — 9,899.0 8,933.0 7,411.0
15.50 — — — —
10.40 -2.20 10.10 8.10 8.20
19.70 19.90 20.30 19.00 17.30
14.60 2.20 4.70 -0.80 7.60
supported for all values)
Cash Flow Statement (31.12.2019)
Bayerische Motoren Werke AG (BMW GR) - As Reported
In Millions of EUR except Per Share
12 Months Ending
Cash Flow
Cash From Operating Activities
Depreciation And Amortization - CF
Deferred Income Taxes - CF
Disposal/Sale of Assets
Discontinued Operations (Operating)
Other Non-Cash Items
Change in Inventories
Change in Accounts Payable
Change in Accounts Receivable
Equity In Earnings Of Affiliates/JV-CF
Net Change In Working Capital
Cash Paid For Taxes
Cash Paid For Interest
Change in Other Assets
Total Cash Flows From Operations
Change In Other Assets And Liabilities
Change in Other Current Assets and Liabilities
Interest Received
Net Earnings Before Minority Interest
Change In Provisions
Income Tax Expense
Interest Expense
Interest Income - CF
Net Interest Expense
Cash From Investing Activities
Proceeds From Short-Term Investments
Purchases of Short-Term Investments
Proceeds From Investments
Purchases of Investments
Acquisition of Business
Other Investing Activities
Divestiture of Business
Additions To Fixed And Intangible Assets
Proceeds From Sale Of Fixed & Intangible Asset
Total Cash Flows From Investing
Cash from Financing Activities
Dividends Paid
Increase In Short-Term Borrowings
Decrease In St Borrowings
Increase (Decrease) Short-Term Borrowings -Net
Increase In Long-Term Borrowings
Decrease In Long-Term Borrowings
Effect of Exchange Rates On Cash
Other Financing Activities
Net Change In Cash
Sale of Treasury Stock
Cash and Cash Equivalents (End of Period)
Cash and Cash Equivalents (Beg of Period)
Chg In Cash Due To Exchange Rate Consolidation
Interest Paid From Financing Activities
Total Cash Flows From Financing
Reference Items
Capital Expenditures
Purchase of Intangibles
Source: Bloomberg
 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014
12/31/201012/31/201112/31/201212/31/201312/31/2014

ARD_DEPRECIATION_AND_AMORT_CF 7,679.0 7,424.0 7,955.0 7,047.0 7,724.0

ARD_DEFERRED_INCOME_TAXES_CF 348.0 -338.0 -216.0 -17.0 116.0
ARD_DISPOSAL_SALE_OF_ASSETS 5.0 0.0 -16.0 -21.0 -63.0
ARD_DISCONTINUED_OPS_OPERATING — — — — —
ARD_OTHER_NON_CASH_ITEMS -4,512.0 -3,622.0 -3,832.0 -3,767.0 -3,070.0
ARD_CHANGE_IN_INVENTORIES -1,170.0 -1,715.0 -108.0 -195.0 -971.0
ARD_CHANGE_IN_ACCOUNTS_PAYABLE 1,194.0 900.0 1,119.0 1,159.0 41.0
ARD_CHG_IN_ACCOUNTS_RECEIVABLE -427.0 -800.0 744.0 22.0 379.0
ARD_EQY_IN_EARN_OF_AFF_JV_CF -98.0 -162.0 -271.0 -407.0 -655.0
ARD_NET_CHG_IN_WORKING_CAPITAL — — — — —
ARD_CASH_PAID_FOR_TAXES -1,318.0 -2,701.0 -2,462.0 -2,787.0 -4,252.0
ARD_CASH_PAID_FOR_INTEREST -223.0 -82.0 -102.0 -122.0 -133.0
ARD_CHANGE_IN_OTHER_ASSETS -4,616.0 -2,837.0 -3,988.0 -4,501.0 -3,898.0
ARD_TOT_CASH_FLOWS_FROM_OPS 4,319.0 5,713.0 5,076.0 4,127.0 2,912.0
ARD_CHG_OTH_ASSETS_LIAB 1,460.0 796.0 -2,486.0 -1,079.0 -2,397.0
ARD_CHG_IN_OTH_CUR_ASSETS_LIAB — — — — —
ARD_INTEREST_RECEIVED 148.0 213.0 179.0 136.0 137.0
ARD_NET_EARNING_BEF_MINORITY_INT 3,243.0 4,907.0 5,111.0 5,329.0 5,817.0
ARD_CHANGE_IN_PROVISIONS 911.0 779.0 443.0 480.0 1,103.0
ARD_INC_TAX_EXPENSE 1,430.0 2,868.0 2,908.0 2,581.0 2,774.0
ARD_INTEREST_EXPENSE — — — — —
ARD_INTEREST_INCOME_CF 42.0 1.0 -4.0 147.0 127.0
ARD_NET_INTEREST_EXP — — — — —

ARD_PROCEEDS_FROM_ST_INVEST 798.0 1,317.0 1,090.0 3,250.0 4,072.0

ARD_PURCHASES_OF_ST_INVEST -2,723.0 -2,073.0 -1,265.0 -4,131.0 -4,216.0
ARD_PROCEEDS_FROM_INVESTMENTS 23.0 21.0 107.0 137.0 190.0
ARD_PURCHASES_OF_INVESTMENTS -80.0 -543.0 -171.0 -76.0 -99.0
ARD_ACQUISITION_OF_BUSINESS 0.0 -595.0 0.0 — —
ARD_OTHER_INVESTING_ACTIVITIES — — — — —
ARD_DIVESTITURE_OF_BUSINESS — — — — —
ARD_ADDITIONS_FIXED_INTANG_ASSET -3,263.0 -3,679.0 -5,236.0 -6,693.0 -6,099.0
ARD_PROC_SALE_FXD_INTANG_ASSETS 55.0 53.0 42.0 22.0 36.0
ARD_TOT_CASHFLOWS_FROM_INVESTING -5,190.0 -5,499.0 -5,433.0 -7,491.0 -6,116.0

ARD_DIVIDEND_PD -197.0 -852.0 -1,516.0 -1,653.0 -1,715.0

ARD_INCR_IN_ST_BORROW 32.0 439.0 — — —
ARD_DECR_IN_ST_BORROW -292.0 — — — —
ARD_INCR_DECR_ST_BORROW_NET — 439.0 -628.0 1,091.0 1,120.0
ARD_INCR_IN_LT_BORROW 4,578.0 5,899.0 15,404.0 15,608.0 16,792.0
ARD_DECR_IN_LT_BORROW -3,406.0 -5,333.0 -12,225.0 -12,238.0 -12,946.0
ARD_EFF_OF_EXCH_RATES_ON_CASH 22.0 -13.0 -14.0 -89.0 86.0
ARD_OTHER_FINANCING_ACTIVITIES 18.0 16.0 19.0 17.0 15.0
ARD_NET_CHANGE_IN_CASH -335.0 344.0 594.0 -703.0 17.0
ARD_SALE_OF_TREASURY_STOCK — — 0.0 0.0 0.0
ARD_CASH_CASH_EQUIV_END_OF_PER 7,432.0 7,776.0 8,370.0 7,671.0 7,688.0
ARD_CASH_CASH_EQUIV_BEG_OF_PER 7,767.0 7,432.0 7,776.0 8,374.0 7,671.0
ARD_CHG_CASH_DUE_EXC_RATE_CONSOL 4.0 56.0 13.0 47.0 2.0
ARD_INT_PAID_FINANCING_ACTS — — — — —
ARD_TOT_CASHFLOWS_FROM_FINANCING 510.0 87.0 952.0 2,703.0 3,133.0

ARDR_CAPITAL_EXPENDITURES -2,312.0 — — — —
ARDR_PURCHASE_OF_INTANGIBLES -951.0 — — — —
Right click to show data transparency (not supported for all values)
 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
12/31/201512/31/201612/31/201712/31/201812/31/2019

8,222.0 8,304.0 8,217.0 8,601.0 10,749.0

77.0 85.0 -559.0 312.0 -1,176.0
-144.0 -4.0 -43.0 -34.0 4.0
— — 0.0 33.0 -44.0
-3,489.0 -3,321.0 -3,644.0 -3,377.0 -4,932.0
298.0 -749.0 -1,293.0 -403.0 -1,560.0
-25.0 738.0 1,414.0 -328.0 429.0
-566.0 -93.0 45.0 112.0 14.0
-518.0 -441.0 -739.0 -632.0 -136.0
— — — -619.0 -1,117.0
-3,323.0 -2,417.0 -2,301.0 -1,972.0 -3,389.0
— — — — —
-6,637.0 -8,368.0 -7,440.0 -5,724.0 -3,560.0
960.0 3,173.0 5,909.0 5,051.0 3,662.0
-2,749.0 -1,297.0 77.0 -702.0 -2,729.0
— — — — —
— — — — —
6,396.0 6,910.0 8,675.0 7,064.0 5,022.0
296.0 883.0 752.0 -88.0 1,512.0
2,751.0 2,670.0 2,558.0 2,218.0 3,316.0
— — — — —
132.0 142.0 125.0 170.0 91.0
239.0 131.0 65.0 -199.0 51.0

5,659.0 3,740.0 3,866.0 3,761.0 822.0

-6,880.0 -3,592.0 -4,041.0 -3,725.0 -775.0
215.0 140.0 267.0 623.0 1,087.0
-746.0 -338.0 -142.0 -164.0 -1,598.0
— — 0.0 -209.0 0.0
— — — — —
— — 969.0 — —
-5,889.0 -5,823.0 -7,112.0 -7,777.0 -6,902.0
38.0 10.0 30.0 128.0 82.0
-7,603.0 -5,863.0 -6,163.0 -7,363.0 -7,284.0

-1,917.0 -2,121.0 -2,324.0 -2,630.0 -2,366.0

— — — — —
— — — — —
 2,150.0 2,503.0 -3,131.0 -1,161.0 305.0
22,722.0 22,926.0 23,955.0 30,762.0 150,517.0
-17,710.0 -18,817.0 -16,801.0 -22,564.0 ###
73.0 17.0 -223.0 -19.0 -28.0
23.0 20.0 64.0 25.0 33.0
-1,566.0 1,758.0 1,159.0 1,940.0 1,057.0
0.0 0.0 0.0 — —
6,122.0 7,880.0 9,039.0 10,979.0 12,036.0
7,688.0 6,122.0 7,880.0 9,039.0 10,979.0
0.0 38.0 38.0 -25.0 -83.0
-264.0 -118.0 -165.0 -136.0 -199.0
5,004.0 4,393.0 1,572.0 4,296.0 4,790.0

— — — — —
— — — — —
supported for all values)