BMW Group Q3 Bericht Engl PDF

Q3
Q1 Q2
Quarterly Report
to 30 September 2009
02 BMW Group in figures
04 Interim Group Management
Report
04 he EMW Croup an verv|ew
0/ Automob||es
11 Motorcyc|es
12 l|nanc|a| Serv|ces
14 EMW Stock and Eonds
15 l|nanc|a| Ana|ys|s
20 P|sk Management
20 ut|ook
24 Interim Group Financial
Statements
24 lncome Statements
24 Statement of Comprehens|ve
lncome for Croup
2B Ea|ance Sheets for Croup and
Segments
30 Cash l|ow Statements
32 Croup Statement of Changes
|n Lqu|ty
33 Notes
47 Other Information
4/ l|nanc|a| Ca|endar
4/ Contacts
02
BMW Group in figures
Revenues
|n euro m||||on
15,000
14,000
12,000
10,000
B,000
5,000

Q1 Q2 Q3 Q4

200B 13,2B5 14,552 12,5BB 12,//2
2009 11,509 12,971 11,759

3rd quarter 3rd quarter Change
2009 200B |n '

Deliveries to customers
Automob||es un|ts 324,100 349,09B /.2
Motorcyc|es
1
un|ts 22,741 24,B1B B.4
Vehicle production
Automob||es un|ts 333,783 334,9/5 0.4
Motorcyc|es
2
un|ts 15,646 23,2B4 32.B
Workforce at end of quarter
EMW Croup 98,358 103,B50 5.3
Financial figures
Operating cash flow
3
euro m||||on 654 1,387 52.8
Revenues euro m||||on 11,759 12,588 6.6
Profit / loss before financial result (EBIT) euro m||||on 55 387 85.8
Automob||es euro m||||on 76 141
Motorcyc|es euro m||||on 3 5 40.0
l|nanc|a| Serv|ces euro m||||on 89 25
ther Lnt|t|es euro m||||on 8 1B0 95.5
L||m|nat|ons euro m||||on 37 9/ 51.9
Profit / loss before tax euro m||||on 126 279 54.8
Automob||es euro m||||on 154 1B
Motorcyc|es euro m||||on 5 / 2B.5
l|nanc|a| Serv|ces euro m||||on 94 1/
ther Lnt|t|es euro m||||on 40 205 B0.5
L||m|nat|ons euro m||||on 151 B0 BB.B
Income taxes euro m||||on 48 19
Net profit euro m||||on 78 298 73.8
Earnings per share
4
euro 0.12 / 0.12 0.45 / 0.45 73.3 / 73.3

exc|ud|ng Husqvarna Motorcyc|es z,uz6 motorcyc|es)

z
|nc|ud|ng EMW C 550 X assemb|y at P|agg|o S. p. A., Noa|e, lta|y, exc|ud|ng Husqvarna Motorcyc|es z,us motorcyc|es)
s
cash |nf|ow from operat|ng act|v|t|es of the Automob||es segment
Ca|cu|ated for common / preferred stock |n accordance w|th |/s ss. ln comput|ng earn|ngs per share of preferred stock, earn|ngs to cover the add|t|ona| d|v|dend of euro 0.0z per
share of preferred stock are spread over the quarters of the correspond|ng f|nanc|a| year.
Deliveries of automobiles
|n un|ts
450,000
400,000
350,000
300,000
250,000
200,000

Q1 Q2 Q3 Q4

200B 351,/B/ 413,0B/ 349,09B 321,904
2009 277,264 338,190 324,100

03
1 January to 1 January to Change
30 September 30 September |n '
2009 200B

Deliveries to customers
Automob||es un|ts 939,554 1,113,9/2 15./
Motorcyc|es
1
un|ts 69,715 B0,/50 13./
Vehicle production
Automob||es un|ts 907,429 1,154,2B2 21.4
Motorcyc|es
2
un|ts 65,909 B3,B45 21.4
Workforce at end of quarter
EMW Croup 98,358 103,B50 5.3
Financial figures
Operating cash flow
3
euro m||||on 2,763 3,770 26.7
Revenues euro m||||on 36,239 40,425 10.4
Profit / loss before financial result (EBIT) euro m||||on 169 1,639 89.7
Automob||es euro m||||on 358 1,155
Motorcyc|es euro m||||on 51 B/ 41.4
l|nanc|a| Serv|ces euro m||||on 234 92
L||m|nat|ons euro m||||on 196 1
Profit / loss before tax euro m||||on 79 1,522 94.8
Automob||es euro m||||on 783 BB2
Motorcyc|es euro m||||on 45 B0 43.B
l|nanc|a| Serv|ces euro m||||on 247 131 BB.5
L||m|nat|ons euro m||||on 488 113
Income taxes euro m||||on 32 230 86.1
Net profit euro m||||on 47 1,292 96.4
Earnings per share
4
euro 0.06 / 0.07 1.97 / 1.98 97.0 / 96.5

exc|ud|ng Husqvarna Motorcyc|es ,us motorcyc|es)

z
|nc|ud|ng EMW C 550 X assemb|y at P|agg|o S. p. A., Noa|e, lta|y, exc|ud|ng Husqvarna Motorcyc|es ,0us motorcyc|es)
s
cash |nf|ow from operat|ng act|v|t|es of the Automob||es segment
Ca|cu|ated for common / preferred stock |n accordance w|th |/s ss. ln comput|ng earn|ngs per share of preferred stock, earn|ngs to cover the add|t|ona| d|v|dend of euro 0.0z per
share of preferred stock are spread over the quarters of the correspond|ng f|nanc|a| year.
Profit / loss before tax
|n euro m||||on
1,500
1,000
500

500
1,000
1,500
Q1 Q2 Q3 Q4

200B 541 502 2/9 1,1/1
2009 198 151 126

Profit / loss before financial result
|n euro m||||on
1,500
1,000
500

500
1,000
1,500
Q1 Q2 Q3 Q4

200B B2/ 425 3B/ /1B
2009 55 169 55

04
Report
04 The BMW Group an Overview
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
he EMW Croups reported resu|ts for the th|rd quarter
and for the f|rst n|ne months of z00u were dampened by
the |mpact of the |nternat|ona| econom|c and f|nanc|a|
cr|s|s and by |ntense compet|t|on on the automob||e mar-
kets. A|though there were some ear|y s|gns of recovery,
part|cu|ar|y |n August and September, and the pace of
dec||ne |n sa|es vo|umes s|owed down, the number of
cars and motorcyc|es so|d |n the n|ne-month per|od up to
September z00u was we|| down on those seen one year
ear||er.
Third-quarter car sales volume down on last year
he EMW Croup so|d sz,00 EMW, MlNl and Po||s-Poyce
brand cars wor|dw|de dur|ng the th|rd quarter, .z fewer
than |n the prev|ous year. Car sa|es for the n|ne-month
per|od from January to September z00u fe|| by . to
usu, un|ts.
h|rd-quarter sa|es vo|ume recorded by the Motorcyc|es
segment decreased by s. to zz, un|ts. he number
of motorcyc|es so|d dur|ng the n|ne-month per|od fe|| by
s. to 6u, un|ts.
At s0 September z00u, the l|nanc|a| Serv|ces segment
was manag|ng a portfo||o of s,0s,66 |ease and cred|t
f|nanc|ng contracts w|th reta|| customers and dea|ers, z.s
more than at the same report|ng date one year ear||er.
Revenues and earnings hard hit by adverse
external business conditions
h|rd-quarter revenues of the EMW Croup fe|| by 6.6 to
euro ,u m||||on, ref|ect|ng the sa|es vo|ume decreases
caused by the weak state of the economy and the com-
pet|t|ve env|ronment. Pevenues for the n|ne-month per|od
tota||ed euro s6,zsu m||||on and were therefore 0. down
on the prev|ous year. Lxc|ud|ng the exchange rate |mpact,
revenues wou|d have fa||en by .6 .
Larn|ngs were a|so down on the prev|ous year. he EMW
Croup reports a th|rd-quarter prof|t before f|nanc|a| resu|t
LEl) of euro m||||on | s.s . he LEl for the n|ne-
month per|od fe|| by su. to euro 6u m||||on.
he knock-on effects of a weak g|oba| economy a|so |m-
pacted prof|t before tax, wh|ch fe|| for the th|rd quarter by
.s to euro z6 m||||on. he prof|t before tax for the n|ne-
month per|od of euro u m||||on was u.s down on the
prev|ous years f|gure.
he EMW Croup reports a net prof|t of euro s m||||on
| s.s for the th|rd quarter and a net prof|t of euro m||-
||on | u.! for the n|ne-month per|od.
Workforce further reduced
he EMW Croup had a workforce of us,ss emp|oyees at
s0 September z00u | .s and cont|nues to use natura|
f|uctuat|on, pre-ret|rement part-t|me work|ng arrangements
and vo|untary emp|oyment contract term|nat|on agree-
ments to contro| the s|ze of the workforce. hanks to for-
ward-|ook|ng personne| p|ann|ng, the number of emp|oyees
has been reduced cont|nuous|y w|thout any extraord|nary
measures hav|ng to be taken. ln contrast to th|s genera|
trend, the EMW Croup cont|nues to recru|t spec|a||sts |n a
number of areas, part|cu|ar|y |n the f|e|d of research and
deve|opment. Our|ng the f|rst n|ne months of z00u, for ex-
amp|e, more than z00 new emp|oyees were recru|ted |n
Cermany. ln add|t|on, even dur|ng d|ff|cu|t t|mes, the EMW
Croup cont|nues to show |ts respons|b|||ty |n the area of
tra|n|ng: ,s apprent|ces were taken on |n z00u, ,0s0 of
them |n Cermany.
BMW Group again sector leader in the Dow Jones
Sustainability Index World
At the beg|nn|ng of September z00u, the EMW Croup
once aga|n was ranked |ndustry |eader |n the Oow Jones
Susta|nab|||ty lndex. h|s means that the EMW Croup has
been the most susta|nab|e car manufacturer |n the wor|d
for the f|fth t|me |n success|on. At the end of September
z00u, the EMW Croup was |nc|uded |n the Carbon O|s-
c|osure Leadersh|p lndex, thus conf|rm|ng from the v|ew-
po|nt of the Carbon O|sc|osure Project COP) a jo|nt
|n|t|at|ve of |nvestors w|th g|oba| operat|ons that the
EMW Croup |s mak|ng an exemp|ary contr|but|on to c||mate
protect|on.
BMW Group showcases numerous innovations
at the IAA
he EMW Croup presented an array of new mode|s and
concept veh|c|es to the pub||c at th|s years lAA |n lrankfurt.
h|s |nc|uded the EMW V|s|on Lff|c|ent Oynam|cs concept
veh|c|e |n wh|ch the EMW Croups Lff|c|ent Oynam|cs
strategy has been further enhanced and b|ended w|th the
typ|ca| sport|ng f|a|r of a EMW. he car |s powered by a
new three-cy||nder turbo d|ese| eng|ne and two |nnovat|ve
e|ectr|c motors, one dr|v|ng each ax|e. lt can be fu||y e|ec-
tr|ca||y dr|ven, exc|us|ve|y by the turbo d|ese| motor or w|th
an |nf|n|te|y var|ab|e comb|nat|on of a|| three power sources.
Interim Group Management Report
he EMW Croup an verv|ew
05
lue| consumpt|on has been reduced to a mere s.6 ||tres
per 00 k||ometres, wh|ch |s equ|va|ent to C
z
em|ss|ons of
on|y uu grams per k||ometre. lurthermore, f|ve EMW auto-
mob||es made the|r wor|d debut at the lAA. he EMW 5
Ser|es Cran ur|smo |s an |nnovat|ve and |nte|||gent veh|c|e
concept and h|gh|y var|ab|e at the same t|me. As a rea|
tour|ng sedan, |t |s both |uxur|ous|y equ|pped and extreme|y
spac|ous. he EMW X1 comb|nes the typ|ca| features of
the EMW X mode|s w|th the dr|v|ng character|st|cs and h|gh
fue| economy of the EMW 1 Ser|es. he EMW Act|ve-
Hybr|d X5 |s the fastest four-whee|-dr|ve hybr|d |n the wor|d
and can a|so be dr|ven ent|re|y e|ectr|ca||y over short d|s-
tances. h|s |nnovat|ve hybr|d uses z0 |ess petro| than
the convent|ona| EMW X5. L|ke the EMW Act|veHybr|d X5
the EMW Act|veHybr|d / Ser|es |s a|so powered by a
VB w|nPower turbo eng|ne. lt |s supp|emented by an e|ec-
tr|c motor that prov|des add|t|ona| power, espec|a||y when
start|ng and acce|erat|ng, and rec|a|ms energy when
brak|ng. he EMW Act|veHybr|d / Ser|es acce|erates ex-
treme|y dynam|ca||y w|th some |ess fue| and em|s-
s|ons compared to the convent|ona||y powered mode|. he
EMW 320d Lff|c|ent Oynam|cs Ld|t|on presented by the
EMW Croup embraces the ent|re Lff|c|ent Oynam|cs tech-
no|ogy package. h|s EMW 3 Ser|es Sedan, w|th |ts 6s HP,
|s an extreme|y sporty car that on|y requ|res . ||tres of fue|
per 00 k||ometres and em|ts on|y 0u grams of C
z
em|s-
s|ons per k||ometre.
he EMW Croup a|so presented two MlNl brand concept
cars at the lAA: the MlNl Coupe Concept and the MlNl
Poadster Concept. he MlNl Coupe Concept |s a dynam|c
two-seater sports car whose d|st|nct|ve roof ||ne br|ngs to
m|nd the shape of a br|dge. he MlNl Poadster Concept
adds a new, emot|ona| d|mens|on to open-top dr|v|ng. he
Poadster under||nes the cars sport|ng f|a|r w|th extreme|y
short overhangs. he EMW Croup a|so conf|rmed the
|aunch of a MlNl Crossover for z00.
he Po||s-Poyce Chost a|so ce|ebrated |ts wor|d debut
at the lAA. he Chost has been created for smooth and
p|easurab|e dr|v|ng. he suspens|on system ensures a
un|que|y dynam|c motor|ng exper|ence for the dr|ver and
the h|ghest poss|b|e degree of comfort for the passengers.
BMW Group still holds leading role in efforts
to reduce CO
emissions
he EMW Croup has been work|ng |ntens|ve|y for years to
reduce C
z
em|ss|on |eve|s. h|s was conf|rmed aga|n |n
September z00u by the ledera| Motor ransport Author|ty.
Current stat|st|cs ca|cu|ated by the author|ty show that the
average C
z
em|ss|ons of EMW and MlNl brand veh|c|es
new|y reg|stered |n Cermany dur|ng the f|rst ha|f of z00u
amounted to 6 grams per k||ometre. he EMW Croup
therefore a|so beats Luropean vo|ume manufacturers,
putt|ng |t on a par w|th numerous car manufacturers whose
product portfo||os |nc|ude a re|at|ve|y h|gh proport|on of
sma|| and superm|n| cars. ln add|t|on, the EMW Croup has
cut the fue| consumpt|on of |ts veh|c|es so|d |n Lurope
s|nce uu by a|most z , even exceed|ng the requ|rements
of the vo|untary comm|tment g|ven by the Assoc|at|on of
Luropean Automob||e Manufacturers ACLA) for the|r
respect|ve brands. Accord|ng to a study of the Luropean
lederat|on for ransport and Lnv|ronment & L) that
appeared |n autumn z00u, w|th |ts reduct|on of 0.z , the
EMW Croup managed to ach|eve the h|ghest reduct|on
of C
z
em|ss|ons amongst the new veh|c|e f|eets of a||
Luropean car manufacturers |n z00s. he compet|t|ve
|ead enjoyed by the EMW Croup resu|ts from the pack-
age of measures known as Lff|c|ent Oynam|cs, wh|ch |s
des|gned to boost fue| economy and reduce C
z
em|s-
s|ons.
Situation on international automobile markets
remains tense
Aga|nst a backdrop of wor|dw|de recess|on, |nternat|ona|
automob||e markets contracted by approx|mate|y one
tenth dur|ng the f|rst three quarters of z00u. he automo-
b||e |ndustry has thus been severe|y h|t by the |mpact of
the f|nanc|a| cr|s|s on the g|oba| economy. Markets |n both
|ndustr|a| and emerg|ng reg|ons have performed d|ver-
gent|y, part|y ref|ect|ng the var|ous econom|c st|mu|us pro-
grammes adopted by |nd|v|dua| countr|es.
he prem|um segment of the |nternat|ona| car markets
was unab|e to escape the |mpact of the wor|dw|de de-
c||ne |n demand. he prem|um segment hard|y benef|ted
at a|| from the extra demand created by state-funded
programmes, wh|ch resu|ted pr|mar||y |n a sa|es boost for
sma|| veh|c|es |n the non-prem|um segment.
ln the USA unt|| now the wor|ds |argest car market
demand cont|nues to suffer from the knock-on effects of
the f|nanc|a| cr|s|s, wh|ch are most c|ear|y ref|ected |n the
co||apse of the property markets and a sharp |ncrease |n
unemp|oyment. he s|tuat|on |n the USA |s exacerbated
by the |arge proport|on of car purchases that are cred|t-
05
Report
04 The BMW Group an Overview
07 Automobiles
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
f|nanced. New reg|strat|ons |n the USA are therefore st|||
down by more than one quarter on the prev|ous year. he
scrappage programme Cash for C|unkers, wh|ch re-
cent|y came to an end, was on|y ab|e to create short-||ved
momentum.
ln Cermany, by contrast, demand for cars |ncreased year-
on-year by more than one quarter as a resu|t of the scrap-
page bonus. ln lrance, a s|m||ar programme he|ped to
transform a market co||apse at the beg|nn|ng of the year
|nto a sma|| pos|t|ve growth rate. ln lta|y and the Un|ted
K|ngdom, state subs|d|sed programmes at |east he|ped to
make the effects of the heavy |osses at the beg|nn|ng of
the year somewhat |ess severe over the course of z00u. he
s|tuat|on |n Japan was s|m||ar.
W|th the he|p of a range of state-funded measures, the
Ch|nese government he|ped to create cond|t|ons |n wh|ch
the domest|c automob||e market |nc|ud|ng ||ghtwe|ght
commerc|a| veh|c|es) was ab|e to grow by more than one
th|rd. hus, Ch|na has now become the wor|ds |argest
auto mob||e market for the f|rst t|me. Amongst the other
new|y emerg|ng econom|es, the automob||e markets |n
Eraz|| and lnd|a a|so recorded s|ng|e-f|gure growth rates
thanks to state-funded measures. Ey contrast, the boom
exper|enced by the Puss|an automob||e market |n recent
years came to an abrupt end w|th demand fa|||ng by one
ha|f. Most Lastern Luropean and Lat|n Amer|can auto-
mob||e markets a|so suffered h|gh doub|e-d|g|t contract|on.
International motorcycle markets remain weak
he negat|ve trend on |nternat|ona| motorcyc|e markets
cont|nued throughout the th|rd quarter z00u. As a con-
sequence, the 00 cc p|us motorcyc|es segment re|evant
for the EMW Croup contracted sharp|y by s. ) dur|ng
the per|od from January to September z00u. Motorcyc|e
sa|es were down |n a|| Luropean markets, resu|t|ng |n an
overa|| drop of z.u for the n|ne-month per|od. Wh||e mar-
kets |n lrance | 0.0 and the Un|ted K|ngdom | s.u
exper|enced a re|at|ve|y moderate dec||ne, the decreases
reg|stered |n Cermany | . , lta|y | zz. and Spa|n
| s.s were substant|a|. Motorcyc|e sa|es |n the USA
were down by s.0 for the n|ne-month per|od. ln Japan,
the market for 00 cc p|us motorcyc|es contracted by
.z .
First signs of recovery ease pressure on financial
markets
Nat|ona| econom|c st|mu|us programmes, |n|t|ated to
cush|on the |mpact of the wor|dw|de recess|on, have pro-
v|ded |mpetus for econom|c growth. n the back of such
programmes, fo||ow|ng the |ead of Ch|na and other As|an
emerg|ng econom|es, Cermany and the USA have a|so
succeeded |n overcom|ng the recess|on. ther Luropean
countr|es, w|th the except|on of Spa|n, have a|so begun
to recover.
A|though centra| banks have supp||ed |arge amounts of
||qu|d|ty to the markets, banks rema|ned re|uctant to
approve new |oans. Oeve|opments on the emp|oyment
market cont|nue to pose a r|sk for susta|nab|e econom|c
recovery.
Peference |nterest rates rema|ned stab|e dur|ng the th|rd
quarter, w|th reduct|ons on|y be|ng made |n |so|ated cases.
lnterest rates w|th|n the med|um-term matur|ty segment
aga|n fe|| s||ght|y compared to the second quarter, ref|ect|ng
subdued expectat|ons of |nf|at|on.
Wh||e used car markets cont|nued to stab|||se |n North
Amer|ca and the Un|ted K|ngdom, the markets |n cont|nen-
ta| Lurope cont|nued to perform poor|y |n the th|rd quarter
z00u.
0/
Sales volume decline slows down in third quarter
he EMW Croup so|d sz,00 EMW, MlNl and Po||s-Poyce
brand cars wor|dw|de dur|ng the th|rd quarter z00u, .z
fewer than |n the same quarter one year ear||er. h|s f|gure
compr|ses z6s,s6 EMW brand veh|c|es | u.z , 60,0
MlNl brand veh|c|es | s.! and sz Po||s-Poyce brand
veh|c|es | 0.z .
he number of cars so|d by the EMW Croup dur|ng the
f|rst n|ne months of z00u fe|| by . to usu, un|ts. A
tota| of , EMW brand cars were handed over to cus-
tomers dur|ng th|s per|od, a decrease of 6.z on the pre-
v|ous year. he MlNl brand so|d 6,6ss un|ts dur|ng the
per|od from January to September z00u, z.6 down on |ast
years f|gure. Po||s-Poyces n|ne-month sa|es vo|ume
f|gure fe|| by .s , w|th 6 cars handed over to customers
dur|ng the per|od.
First signs of recovery in the third quarter
Lven though the end of the wor|dw|de econom|c and f|nan-
c|a| cr|s|s |s not yet |n s|ght, the f|rst s|gns of a trend towards
recovery were v|s|b|e |n many car markets, part|cu|ar|y |n
August and September. Whereas the drop |n sa|es vo|ume
was we|| above z0 |n North Amer|ca |n the f|rst ha|f of
the year, th|s was reduced to . |n the th|rd quarter
z00u s, un|ts). At z0,06 un|ts, the EMW Croups n|ne-
month sa|es vo|ume f|gure was zz.0 down on the pre-
v|ous year. he EMW Croup so|d a tota| of 6,s6 cars |n
the USA dur|ng the th|rd quarter z00u, . fewer than |n
the correspond|ng quarter |ast year. Sa|es vo|ume |n the
USA fe|| by z.z to u,s6 un|ts for the n|ne-month per|od.
ln Lurope, too, the f|rst s|gns of recovery began to emerge
|n numerous countr|es dur|ng the th|rd quarter z00u. he
th|rd-quarter sa|es vo|ume of s,sz un|ts was neverthe-
|ess u. |ower than that recorded one year ear||er. ln tota|,
u,s un|ts | .0 were so|d |n Lurope dur|ng the per|od
from January to September z00u. ln Cermany, current|y
the EMW Croups |argest s|ng|e market, th|rd-quarter sa|es
fe|| by u.z to u,usu un|ts. he sa|es vo|ume f|gure |n th|s
market was z0,60 un|ts | . for the n|ne-month per|od.
ln the Un|ted K|ngdom, the sa|es performance of the MlNl
brand , un|ts / 6. ) was the pr|me reason that the
tota| sa|es vo|ume su,0su un|ts) was on|y . down on the
prev|ous year. he n|ne-month sa|es vo|ume fe|| by z.s
to uu,0 un|ts. Sa|es were a|so down |n lta|y ,6u un|ts /
z.6 ), lrance ,zus un|ts / .s ) and Spa|n zs,u6
un|ts / su.s ) for the n|ne-month per|od.
he EMW Croup recorded a good sa|es performance |n
As|a, espec|a||y on the Ch|nese markets, both for the th|rd
quarter z00u and for the n|ne-month per|od. ln tota|, ,s
un|ts s.s ) were so|d |n As|a |n the quarter from Ju|y to
September z00u. he number of cars so|d |n the n|ne-month
per|od edged up by s. to zu, un|ts. A n|ne-month
sa|es vo|ume f|gure of 6,6s un|ts | zs. was recorded
for Ch|na, wh|ch has meanwh||e become the EMW Croups
|argest s|ng|e market |n As|a. An a||-t|me h|gh of u,sz un|ts
was ach|eved on the Ch|nese markets |n August z00u. Ey
contrast, the number of cars so|d |n Japan dur|ng the n|ne-
month per|od fe|| by z0. to s0,u6s un|ts.
BMW brand sales volumes down on previous year
he EMW Croup so|d a tota| of 6, un|ts of the EMW 1 Se-
r|es dur|ng the n|ne-month per|od from January to Sep-
tember z00u, .6 fewer than one year ear||er. Sa|es of
the EMW 3 Ser|es fe|| by z0.6 to zuz,66 un|ts. A tota| of
z,s6s un|ts of the EMW 5 Ser|es were handed over to
customers dur|ng the report|ng per|od, .6 down on the
prev|ous year. Sa|es of the EMW 5 Ser|es fe|| by . to
,0s un|ts.
he new EMW / Ser|es and EMW Z4 mode|s are rece|v|ng
h|gh|y pos|t|ve acc|a|m |n the med|a and amongst cus-
tomers. he n|ne-month sa|es vo|ume performance of
the EMW / Ser|es ss,0u un|ts) was we|| ahead | s.s
of the prev|ous years f|gures. Sa|es of the EMW Z4 rose
by .s to 6,uzs un|ts.
ln contrast, ne|ther the EMW X3 nor the EMW X5 were ab|e
to match the h|gh sa|es vo|ume |eve|s ach|eved one year
ear||er, w|th ,s6s un|ts of the EMW X3 | s.u and
Automobiles
2009 200B |n '

Oe||ver|es to customers un|ts 324,100 349,09B /.2
Product|on un|ts 333,783 334,9/5 0.4
Pevenues euro m||||on 10,178 11,113 B.4
Loss / prof|t before f|nanc|a| resu|t LEl) euro m||||on 76 141
Loss / prof|t before tax euro m||||on 154 1B
Workforce at end of quarter 91,462 95,43B 5.2

Automob||es
0B
Report
07 Automobiles
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Deliveries of BMW automobiles by model variant
|n un|ts
2009 200B

BMW 1 Series
hree-door 33,082 39,25/ 15./
l|ve-door 89,926 93,55/ 3.9
Coupe 18,027 20,314 11.3
Convert|b|e 23,079 20,534 11.B
164,114 173,772 5.6
BMW 3 Series
Sedan 159,024 1BB,525 15./
our|ng 62,144 5B,BB2 9.B
Coupe 41,305 54,3B/ 35.B
Convert|b|e 29,993 45,4/1 35.5
292,466 368,365 20.6
BMW 5 Series
Sedan 100,548 120,022 15.2
our|ng 26,815 34,5B3 22.5
127,363 154,605 17.6
BMW 6 Series
Coupe 3,609 5,949 4B.1
Convert|b|e 3,469 5,531 45.9
7,078 13,480 47.5
BMW 7 Series
33,409 29,355 13.8
BMW X3
41,368 65,584 36.9
BMW X5
64,270 91,853 30.0
BMW X6
30,459 15,444
BMW Z4 Series
16,928 15,772 7.3
BMW total 777,455 928,230 16.2

6,z0 un|ts of the EMW X5 | s0.0 so|d dur|ng the f|rst
n|ne months of the year. he EMW X5 recorded a sa|es
vo|ume of s0,u un|ts for the per|od from January to Sep-
tember z00u, wh|ch means that more than ,000 un|ts of
th|s mode| have been de||vered s|nce |ts market |aunch |n
Apr|| z00s.
Automobiles
2009 200B

Oe||ver|es to customers un|ts 939,554 1,113,9/2 15./
Product|on un|ts 907,429 1,154,2B2 21.4
Pevenues euro m||||on 30,610 3/,029 1/.3
Loss / prof|t before f|nanc|a| resu|t LEl) euro m||||on 358 1,155
Loss / prof|t before tax euro m||||on 783 BB2

09
Rolls-Royce brand below last years figures
Sa|es of Po||s-Poyce brand cars were we|| down on the
prev|ous year both for the th|rd quarter and for the n|ne-
month per|od. ln tota|, sz Po||s-Poyces were handed over
to customers dur|ng the per|od from Ju|y to September
| 0.z . he sa|es vo|ume f|gure for the n|ne-month per|od
fe|| by .s to 6 un|ts. he Po||s-Poyce Chost wh|ch
w||| become ava||ab|e wor|dw|de from z00 onwards
has rece|ved a pos|t|ve response from customers and
the med|a a||ke. he schedu|ed product|on vo|ume of th|s
veh|c|e unt|| we|| |nto z00 |s a|ready covered by customer
orders.
Deliveries of Rolls-Royce automobiles by model variant
|n un|ts
2009 200B

Rolls-Royce
Phantom |nc|ud|ng Phantom Lxtended Whee|base) 191 4/5 59.B
Orophead Coupe 148 325 54.5
Coupe 122 2/
Rolls-Royce total 461 827 44.3

Deliveries of MINI automobiles by model variant
|n un|ts
2009 200B

MINI
ne 28,190 21,25B 32.5
Cooper 56,933 /2,099 21.0
Cooper S 25,488 33,451 23.B
110,611 126,808 12.8
MINI Convertible
ne 178 3,BB4
Cooper 12,999 11,142 15./
Cooper S 9,094 5,952 30.B
22,271 21,978 1.3
MINI Clubman
ne 1,371
Cooper 18,649 24,594 24.2
Cooper S 8,736 11,535 24.3
28,756 36,129 20.4
MINI total 161,638 184,915 12.6

MINI brand volumes up in third quarter
he EMW Croup so|d 60,0 MlNl brand cars wor|dw|de
dur|ng the th|rd quarter z00u, surpass|ng the prev|ous
years performance by s. . he sa|es vo|ume for the n|ne-
month per|od fe|| by z.6 to 6,6ss un|ts. he convert|b|e

vers|on, wh|ch has been ava||ab|e s|nce the end of March
z00u, performed part|cu|ar|y we|| |n the th|rd quarter, w|th
sa|es a|most doub||ng to 0,0 un|ts | u.s compared to
the prev|ous year.
10
Report
07 Automobiles
11 Motorcycles
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Car production volumes adapted to demand
sss,ss EMW, MlNl and Po||s-Poyce brands cars were pro-
duced dur|ng the th|rd quarter, s|m||ar to the |eve| one year
ear||er | 0.! . Our|ng th|s per|od z,s EMW brand cars
|eft the var|ous p|ants, up .z on the prev|ous year. h|s
was ma|n|y due to the |n|t|a| stock|ng up of new mode|s of
the EMW X1 and the EMW 5 Ser|es C at dea|ersh|ps.
At the xford p|ant |n Lng|and, a tota| of s,06s MlNl cars
ro||ed off product|on ||nes | .u dur|ng the per|od from
Ju|y to September z00u, wh||e zs Po||s-Poyce cars were
manufactured at the Coodwood p|ant | su. . Product|on
of the new Po||s-Poyce Chost commenced at the Cood-
wood p|ant dur|ng the th|rd quarter z00u.
he EMW Croup began to adapt car product|on vo|umes
to chang|ng demand at an ear|y stage |n the face of g|oba|
recess|on. Product|on vo|ume for the f|rst n|ne months of
the year therefore fe|| by z. to u0,zu un|ts, compr|s|ng
,6s EMW brand cars | z. , ,z MlNl brand cars
| u. and u0 Po||s-Poyce brand cars | . .
Automobiles segment revenues and earnings down
in line with expectations
Pevenues and earn|ngs of the EMW Croups Automob||es
segment were adverse|y affected by unfavourab|e bus|-
ness cond|t|ons and the compet|t|ve env|ronment |n both
the th|rd quarter and the n|ne-month per|od under report.
Automob||es bus|ness revenues for the per|od from Ju|y
to September z00u fe|| by s. to euro 0,s m||||on, wh||e
revenues for the n|ne-month per|od amounted to euro
s0,60 m||||on | .s . he th|rd-quarter and n|ne-month
LEl recorded by the Automob||es segment amounted to
euro 6 m||||on z00s: euro m||||on) and euro ss m||-
||on z00s: euro , m||||on) respect|ve|y. he prev|ous
years resu|ts were a|so not matched at a prof|t-before-
tax |eve|. he th|rd-quarter and n|ne-month pre-tax |oss
amounted to euro m||||on z00s: prof|t of euro s m||-
||on) and euro ss m||||on z00s: prof|t of euro ssz m||||on)
respect|ve|y.
Reduction in Automobiles segment workforce
he EMW Croup had a wor|dw|de workforce of u,6z em-
p|oyees |n the Automob||es segment at s0 September
z00u, .z fewer than one year ear||er.
11
Third-quarter motorcycle sales down
he EMW Croup so|d zz, motorcyc|es wor|dw|de dur-
|ng the th|rd quarter z00u, down s. on the prev|ous year.
he sa|es vo|ume for the n|ne-month per|od fe|| by s.
to 6u, un|ts. ln tota|, s,u6u EMW motorcyc|es were so|d
|n Lurope dur|ng the per|od from January to September
z00u, a decrease of . . A|though sa|es vo|ume reduc-
t|ons were recorded |n a number of Luropean countr|es,
the EMW Croup was ab|e to ga|n market share as the con-
tract|on of the market as a who|e was even greater. he
n|ne-month sa|es f|gure for Cermany was ,6s un|ts, down
by z0.s on the prev|ous year. S|m||ar|y, |ast years n|ne-
month sa|es performance was not matched e|ther |n Spa|n
,s un|ts / s.s ) or |n lrance , un|ts / s.6 ). ln
contrast, the EMW Croup so|d ,0z6 un|ts |n the Un|ted
K|ngdom, 6.u more than |n the correspond|ng n|ne-month
per|od |ast year.
Oesp|te the dramat|c contract|on of the US market by a|-
most one ha|f, a tota| of ,6 EMW motorcyc|es were
handed over to customers dur|ng the n|ne-month per|od
under report | 0. . ln a contrast|ng trend, the sa|es
vo|ume f|gure of ,6 motorcyc|es ach|eved |n Canada
corresponded to an |ncrease of s. , even though the
overa|| market suffered a s|m||ar sharp drop. W|th z,0sz un|ts
so|d, the decrease |n the n|ne-month sa|es vo|ume |n
Japan was a moderate . .
Motorcycle production adjusted to demand
As a react|on to dec||n|ng sa|es vo|umes |n the wake of the
econom|c s|tuat|on, motorcyc|e product|on vo|umes at
the Eer||n p|ant were reduced se|ect|ve|y, both |n the th|rd
quarter and over the n|ne-month per|od. he EMW Croup
manufactured ,66 EMW motorcyc|es dur|ng the per|od
from Ju|y to September z00u, sz.s fewer than |n the th|rd
quarter z00s. A tota| of 6,u0u motorcyc|es came off the
product|on ||nes dur|ng the f|rst n|ne months of the year, a
reduct|on of z. .
Revenues and earnings of the Motorcycles
segment down
he |ower sa|es vo|ume performance |s a|so ref|ected |n
the revenues and earn|ngs of the Motorcyc|es segment.
h|rd-quarter revenues of euro zsu m||||on were .s
down on the prev|ous year. Pevenues for the n|ne-month
per|od amounted to euro s6 m||||on | !.z . h|rd-quarter
LEl |ncreased by 0.0 to a |oss of euro s m||||on wh||e
th|rd-quarter |oss before tax was at euro m||||on | zs. .
he n|ne-month LEl came |n at euro m||||on | !.!
and the prof|t before tax at euro m||||on | !s.s .
Motorcycles segment workforce below
previous years level
he EMW Croup emp|oyed a workforce of z,su peop|e
|n the Motorcyc|es segment at s0 September z00u, .
fewer than one year ear||er.
Motorcyc|es
Motorcycles
2009 200B |n '

Oe||ver|es to customers
1
un|ts 22,741 24,B1B B.4
Product|on
2
un|ts 15,646 23,2B4 32.B
Pevenues euro m||||on 239 2/1 11.B
Loss before f|nanc|a| resu|t LEl) euro m||||on 3 5 40.0
Loss before tax euro m||||on 5 / 2B.5
Workforce at end of quarter 2,897 3,021 4.1

exc|ud|ng Husqvarna Motorcyc|es z,uz6 motorcyc|es)

z
|nc|ud|ng EMW C 550 X assemb|y at P|agg|o S. p. A., Noa|e, lta|y, exc|ud|ng Husqvarna Motorcyc|es z,us motorcyc|es)
2009 200B

Oe||ver|es to customers
1
un|ts 69,715 B0,/50 13./
Product|on
2
un|ts 65,909 B3,B45 21.4
Pevenues euro m||||on 865 1,00B 14.2
Prof|t before f|nanc|a| resu|t LEl) euro m||||on 51 B/ 41.4
Prof|t before tax euro m||||on 45 B0 43.B

exc|ud|ng Husqvarna Motorcyc|es ,us motorcyc|es)

z
|nc|ud|ng EMW C 550 X assemb|y at P|agg|o S. p. A., Noa|e, lta|y, exc|ud|ng Husqvarna Motorcyc|es ,0us motorcyc|es)
12
Report
0/ Automob||es
11 Motorcyc|es
12 Financial Services
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
l|nanc|a| Serv|ces
Financial Services segment performs well
he l|nanc|a| Serv|ces segment performed we|| dur|ng the
per|od under report desp|te the ongo|ng tense s|tuat|on
on |nternat|ona| automob||e markets and the fact that cred|t
f|nanc|ng cont|nues to be affected by h|gh |eve|s of r|sk.
Compared to s Oecember z00s, the segments bus|ness
vo|ume |n ba|ance sheet terms decreased by z.6 to euro
u,0 m||||on. A tota| of s,0s,66 |ease and f|nanc|ng con-
tracts was |n p|ace w|th dea|ers and reta|| customers at the
ba|ance sheet date, z.s more than one year ear||er.
Lower volume of new business with credit financing
and leasing contracts
he |mpact of the wor|dw|de recess|on |s a|so be|ng fe|t |n
the cred|t f|nanc|ng and |eas|ng ||nes of bus|ness. ln th|s
context, a tota| of z66,0 new contracts were s|gned w|th
reta|| customers dur|ng the th|rd quarter z00u, represent|ng
a .u reduct|on aga|nst the same quarter |ast year. New
reta|| customer bus|ness a|so decreased for the n|ne-month
per|od, w|th z,z contracts s|gned wor|dw|de | s.s .
New |eas|ng bus|ness decreased by s. dur|ng the same
per|od. he number of new cred|t f|nanc|ng contracts de-
creased by . , wh||e customer cred|tworth|ness rema|ned
at a h|gh |eve|. Lease contracts accounted for zs.u of tota|
new bus|ness, . percentage po|nts |ower than |n the cor-
respond|ng per|od |ast year, ref|ect|ng a targeted change |n
the proport|on of new customer bus|ness |n favour of cred|t
f|nanc|ng bus|ness. Cred|t f|nanc|ng contracts accounted
for . of new bus|ness. he proport|on of new EMW
Croup cars |eased or f|nanced by the l|nanc|a| Serv|ces
segment was s.u , an |ncrease of 0.u percentage po|nts
compared to the prev|ous year.
ln the used car f|nanc|ng ||ne of bus|ness, zs,ss new con-
tracts for EMW and MlNl brand cars were s|gned dur|ng
the f|rst n|ne months of z00u, up .z on the prev|ous years
f|gure.
he tota| vo|ume of a|| new cred|t and |eas|ng contracts
conc|uded w|th reta|| customers dur|ng the n|ne-month
per|od under report amounted to euro s,ss m||||on, s.0
|ess than |n the correspond|ng per|od |ast year.
he reduct|on |n new bus|ness has not yet begun to affect
the overa|| s|ze of the portfo||o. he tota| number of reta||
customer contracts |ncreased by s. to z,ss,s un|ts,
w|th growth recorded |n a|| reg|ons. he contract portfo||o
grew |n Lurope |nc|ud|ng Cermany) by z. and by z.u
|n the As|a / cean|a / Afr|ca reg|on. he b|ggest |ncrease
was reg|stered |n the Amer|cas reg|on 6. ).
Dealer financing volumes down on previous year
he l|nanc|a| Serv|ces segment offers |nventor|es, rea|
estate and equ|pment f|nanc|ng products for dea|ers, thus
ensur|ng that |t rema|ns a key partner for dea|ersh|ps, par-
Financial Services
2009 200B |n '

New contracts w|th reta|| customers 266,570 313,1/3 14.9
Pevenues euro m||||on 3,831 4,0B4 5.2
Prof|t / |oss before f|nanc|a| resu|t LEl) euro m||||on 89 25
Prof|t / |oss before tax euro m||||on 94 1/
Workforce at end of quarter 3,884 4,2/5 9.1

2009 200B

New contracts w|th reta|| customers 752,257 921,314 1B.3
Pevenues euro m||||on 12,058 11,B1B 2.0
Prof|t before f|nanc|a| resu|t LEl) euro m||||on 234 92
Prof|t before tax euro m||||on 247 131 BB.5

13
t|cu|ar|y |n d|ff|cu|t econom|c t|mes. he tota| vo|ume of
dea|er f|nanc|ng contracts managed by the l|nanc|a| Serv-
|ces segment at the end of the th|rd quarter z00u stood at
euro s, m||||on, thus fa|||ng short of the prev|ous years
|eve| | .! as a resu|t of |ower numbers of de||ver|es to
dea|ersh|ps.
Fleet business remains stable, multi-brand
financing down
l|eet bus|ness rema|ned stab|e dur|ng the f|rst n|ne months
of z00u, desp|te the ongo|ng d|ff|cu|t econom|c env|ron-
ment. At the end of the per|od under report, the Croups
f|eet management ent|t|es were manag|ng a portfo||o of
sz,s0 contracts wor|dw|de, s.s up on the number be|ng
hand|ed one year ear||er.
W|th a more restr|ct|ve cred|t approva| po||cy st||| |n p|ace,
the number of new contracts |n the mu|t|-brand f|nanc|ng
||ne of bus|ness decreased by 6. . A tota| of s, new
contracts was s|gned dur|ng the n|ne-month per|od under
report.
Deposit volumes at a high level
he l|nanc|a| Serv|ces segments depos|t vo|ume wor|d-
w|de |ncreased by 0.z compared to s0 September z00s)
to euro u,uz m||||on due to the attract|ve cond|t|ons offered.
A tota| of z6,sz | . secur|t|es custod|an accounts was
ma|nta|ned at the end of the report|ng per|od.
Insurance business continues to grow steadily
ln add|t|on to f|nanc|ng and |eas|ng products, the l|nanc|a|
Serv|ces segment a|so offers customers |nsurance serv|ces.
Oemand for these products rema|ned strong throughout
the per|od under report. ln tota|, ,z6s,uuu |nsurance con-
tracts were |n p|ace at the ba|ance sheet date, z. more
than one year ear||er.
Financial Services segment earnings up
on previous year
he |mpact of the wor|dw|de recess|on on the EMW
Croups f|nanc|a| serv|ces bus|ness was aga|n ev|dent
dur|ng the per|od under report. he l|nanc|a| Serv|ces
segment has neverthe|ess performed we|| |n the m|dst
of unfavourab|e bus|ness cond|t|ons. h|rd-quarter LEl
|ncreased to euro su m||||on z00s: |oss of euro z6 m||||on),
wh||e prof|t before tax for the same per|od |mproved to
euro u m||||on z00s: |oss of euro m||||on). LEl for the
n|ne-month per|od amounted to euro zs m||||on z00s:
euro uz m||||on). he n|ne-month prof|t before tax |mproved
by ss. to euro z m||||on.
Number of employees reduced
At s0 September z00u, the l|nanc|a| Serv|ces segment
had s,ss emp|oyees, u. fewer than one year ear||er.
Financial Services
30. 9. 2009 31.12. 200B Change |n '

Eus|ness vo|ume |n ba|ance sheet terms
*
euro m||||on 59,055 50,553 2.5

*
ca|cu|ated on the bas|s of the l|nanc|a| Serv|ces segment ba|ance sheet
14
Report
0/ Automob||es
11 Motorcyc|es
14 BMW Stock and Bonds
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
EMW Stock and Eonds
BMW stock in the third quarter
l|rst s|gns of a recovery of the g|oba| economy have pro-
v|ded a boost for the stock markets. he pos|t|ve trend
emerg|ng |n the second quarter z00u cont|nued dur|ng the
th|rd quarter of the year. he Cerman stock |ndex, the OAX,
c|osed at ,6.6 po|nts on the |ast day of trad|ng for the
quarter, s.0 h|gher than at c|os|ng at both the end of the
prev|ous year and the end of the preced|ng quarter. he
Pr|me Automob||e sector |ndex d|d not perform qu|te as
we||, r|s|ng dur|ng the th|rd quarter on|y moderate|y by s.u
to 0. po|nts. he |ndex has ga|ned s.s |n va|ue s|nce
the beg|nn|ng of the year.
EMW stock aga|n performed we|| dur|ng the report|ng
per|od. EMW common stock f|n|shed the th|rd quarter z00u
at a pr|ce of euro sz.u, up zz.s on |ts pr|ce at the end of
the preced|ng quarter. S|nce the beg|nn|ng of the year |t
has ga|ned z. |n va|ue. EMW preferred stock has per-
formed even better: up sz.6 over the quarter and up
6.0 over the f|rst n|ne months of the year. EMW preferred
stock had a market pr|ce of euro zz.s at the end of the th|rd
quarter.
ln conjunct|on w|th a grow|ng budgetary def|c|t |n the USA,
the |ow-|nterest po||cy pursued by the US Peserve Eank
caused the US do||ar to |ose va|ue compared to |ts year
h|gh of approx|mate|y US do||ar .z to the euro |n lebruary.
he exchange rate at the end of the th|rd quarter was US
do||ar .6 to the euro, . |ower than the c|os|ng rate at
the end of the prev|ous year. he US do||ar has |ost . |n
va|ue s|nce the end of the preced|ng quarter.
Liquidity base remains strong, refinancing still
working well
he EMW Croup cont|nues to enjoy a so||d ||qu|d|ty base.
L|qu|d|ty has been adjusted to an appropr|ate |eve| |n re-
sponse to more stab|e cond|t|ons on the |nternat|ona| f|nan-
c|a| markets. he second tranche of Cerman pens|on ob||-
gat|ons was transferred to an externa| fund dur|ng the th|rd
quarter z00u.
he EMW Croup has access to a broad|y d|vers|f|ed and
f|ex|b|e range of fund|ng sources to f|nance |ts operat|ng
act|v|t|es. ln add|t|on to |ssu|ng bonds, pr|vate p|acements
and commerc|a| paper, th|s a|so |nc|udes the use of asset-
backed secur|t|es, bank cred|ts, |oan notes and customer
depos|ts. hese funds have been ra|sed to f|nance the
EMW Croups f|nanc|a| serv|ces bus|ness.
he EMW Croup was aga|n ab|e to obta|n ref|nanc|ng funds
on the cap|ta| markets dur|ng the th|rd quarter z00u |n an
env|ronment of cont|nu|ng vo|at|||ty. Our|ng the per|od from
Ju|y to September a|one, the EMW Croup |ssued a euro
. b||||on benchmark bond, a Er|t|sh pound s00 m||||on bond
and an Austra||an do||ar z0 m||||on bond. h|s demonstrates
the EMW Croups d|fferent|ated approach to us|ng the |n-
ternat|ona| cap|ta| markets and attract|ng a var|ety of |nves-
tor groups. ln add|t|on, pr|vate p|acements denom|nated
|n var|ous currenc|es) were made on the cap|ta| markets
for an amount |n excess of euro 600 m||||on. Pef|nanc|ng
act|v|t|es a|so |nc|uded var|ous pub||c and pr|vate AES trans-
act|ons amount|ng to approx|mate|y euro b||||on. Commer-
c|a| paper was aga|n |ssued at exce||ent cond|t|ons.
Development of BMW stock compared to stock exchange indices
lndex: s0. 06. z00u = 00)
135
130
125
120
115
110
105
100
95
July August September

EMW preferred stock EMW common stock Pr|me Automob||e OAX
15
BMW Group again sector leader in the Dow Jones
Sustainability Index World
he EMW Croup was the |ndex |eader |n the Oow Jones
Susta|nab|||ty lndex Wor|d for the f|fth t|me |n success|on
and therefore ho|ds the t|t|e as the wor|ds most susta|nab|e
automob||e manufacturer. ln order to be |nc|uded |n the
|ndex, genera| susta|nab|||ty cr|ter|a and sector-spec|f|c
cha||enges are taken |nto account. he Oow Jones Sus-
ta|nab|||ty lndex was created |n uuu as the f|rst g|oba| sus-
ta|nab|||ty |ndex and has been pub||shed annua||y s|nce
then by the SAM Croup, based |n Zur|ch, |n cooperat|on
w|th Oow Jones lndexes and SXX L|m|ted. he EMW
Croup |s the on|y enterpr|se from the automob||e sector
to have been represented cont|nuous|y |n these |mportant
susta|nab|e bus|ness |nd|ces s|nce the|r creat|on.
ln September z00u, the EMW Croup was |nc|uded for the
f|rst t|me |n the Carbon O|sc|osure Leadersh|p lndex. h|s
|ndex |s a rank|ng app||ed to compan|es |n the C|oba| 00
|ndex that make an exemp|ary contr|but|on to c||mate pro-
tect|on. he Carbon O|sc|osure Leadersh|p lndex |s ma|n-
ta|ned by the aud|t f|rm Pr|cewaterhouseCoopers PwC)
on beha|f of the Carbon O|sc|osure Project COP) a jo|nt
|n|t|at|ve of |nst|tut|ona| |nvestors w|th g|oba| operat|ons
ho|d|ng more than US do||ar tr||||on |n assets.
he EMW Croup keeps the pub||c |nformed of |ts comm|t-
ment and the progress made |n the f|e|d of susta|nab|e
bus|ness |n |ts Susta|nab|e Va|ue Peport, wh|ch |s pub||shed
once every two years. he Susta|nab|e Va|ue Peport z00s
can be down|oaded from the |nternet at www.bmwgroup.
com/susta|nab|||ty. A pr|nted vers|on can a|so be ordered at
the same address.
15
Report
0/ Automob||es
11 Motorcyc|es
16 Financial Analysis
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Earnings performance
he EMW Croups performance |n the th|rd quarter and
f|rst n|ne months of z00u was dampened by the |mpact
of the |nternat|ona| econom|c and f|nanc|a| cr|s|s. ln ad-
d|t|on to sa|es vo|ume decreases on major markets, re-
ported f|gures were a|so adverse|y affected by |ntense
compet|t|on.
Earnings performance for the third quarter
Croup revenues fe|| by 6.6 to euro ,u m||||on th|rd
quarter z00s: euro z,ss m||||on). Adjusted for exchange
rate factors, revenues wou|d have decreased by .u .
W|th|n Croup revenues, externa| revenues of the Auto-
mob||es and Motorcyc|es segments were .s and .u
be|ow those of the correspond|ng quarter |n z00s, |n both
cases due to |ower sa|es vo|umes. h|rd-quarter externa|
revenues of the l|nanc|a| Serv|ces segment were s.0
down on the prev|ous year, ref|ect|ng |ower new bus|ness
|n the area of |eas|ng and |ower |nterest |ncome from cred|t
f|nanc|ng. No externa| revenues were generated w|th other
act|v|t|es dur|ng the th|rd quarter z00u. ln the correspond-
|ng quarter |n z00s, externa| revenues from other act|v|t|es
tota||ed euro u m||||on and re|ated pr|mar||y to the C|rquent
Croup.
Croup cost of sa|es amounted to euro 0,s m||||on and
was therefore .s |ower than |n the th|rd quarter z00s. A|-
though f|xed costs were |owered, |t was not poss|b|e to
compensate fu||y for the decrease |n revenues. he th|rd-
quarter gross prof|t therefore fe|| by s.u to euro ,s0 m||-
||on. he gross prof|t marg|n was . th|rd quarter z00s:
z. ). W|th effect from the beg|nn|ng of the f|rst quarter
z00u, research and deve|opment costs are reported as
cost of sa|es.
he gross prof|t marg|n recorded by the Automob||es seg-
ment was u.u th|rd quarter z00s: .s ) and that of the
Motorcyc|es segment was 0.u th|rd quarter z00s: u.6 ).
he l|nanc|a| Serv|ces segments gross prof|t marg|n |m-
proved by z. percentage po|nts to 6. .
Pesearch and deve|opment costs decreased by 0.
compared to the th|rd quarter z00s and represented
.z th|rd quarter z00s: . ) of revenues. Pesearch and
deve|opment costs |nc|ude amort|sat|on of cap|ta||sed
deve|opment costs amount|ng to euro sz m||||on th|rd
quarter z00s: euro zs m||||on). ota| research and deve|op-
ment costs for the th|rd quarter z00u, compr|s|ng research
costs, deve|opment costs not recogn|sed as assets and
cap|ta||sed deve|opment costs, amounted to euro m||-
||on th|rd quarter z00s: euro 0u m||||on). lor the th|rd quar-
ter z00u, th|s g|ves a research and deve|opment expend|ture
rat|o of .6 th|rd quarter z00s: .6 ).
Sa|es and adm|n|strat|ve costs decreased by z. com-
pared to the correspond|ng per|od |ast year and represented
0.s th|rd quarter z00s: 0. ) of revenues.
Oeprec|at|on and amort|sat|on |nc|uded |n cost of sa|es
and |n sa|es and adm|n|strat|ve costs amounted to euro
u m||||on th|rd quarter z00s: euro suu m||||on).
he pos|t|ve net amount from other operat|ng |ncome and
expenses decreased by euro 60 m||||on compared to the
th|rd quarter |ast year. h|s was due to the h|gher |eve| of
|ncome from the reversa| of prov|s|ons recorded |n the
prev|ous year.
As a resu|t of the var|ous adverse factors d|scussed above,
the th|rd-quarter prof|t before f|nanc|a| resu|t fe|| by euro
ssz m||||on to euro m||||on.
he th|rd-quarter f|nanc|a| resu|t |mproved by euro u m||-
||on to a net pos|t|ve amount of euro m||||on. h|s was
Revenues by segment in the third quarter
|n euro m||||on
Lxterna| lnter-segment ota|
revenues revenues revenues
2009 200B 2009 200B 2009 200B

Automob||es 8,142 B,595 2,036 2,51B 10,178 11,113
Motorcyc|es 237 259 2 2 239 2/1
l|nanc|a| Serv|ces 3,380 3,5/5 451 409 3,831 4,0B4
ther Lnt|t|es 49 1 1B 1 5/
L||m|nat|ons 2,490 2,94/ 2,490 2,94/
Group 11,759 12,588 11,759 12,588

Ana|ys|s of the lnter|m Croup l|nanc|a| Statements
1/
attr|butab|e ma|n|y to net ga|ns on der|vat|ve f|nanc|a| |n-
struments, as a resu|t of wh|ch the ||ne |tem ther f|nan-
c|a| resu|t |ncreased by euro m||||on. he pos|t|ve re-
su|t from |nvestments was down by euro m||||on. W|th|n
the f|nanc|a| resu|t, net |nterest resu|t decreased by euro
z0 m||||on. he resu|t from equ|ty accounted |nvestments
|mproved by euro m||||on.
As a resu|t of the adverse factors prev|ous|y descr|bed, the
th|rd-quarter prof|t before tax fe|| by euro s m||||on to euro
z6 m||||on th|rd quarter z00s: euro zu m||||on). he pre-tax
return on sa|es was . th|rd quarter z00s: z.z ). he |n-
come tax expense for the quarter |ncreased by euro 6 m||-
||on. he effect|ve tax rate was ss. th|rd quarter z00s:
pos|t|ve effect|ve tax rate of 6.s ).
he EMW Croup recorded a net prof|t of euro s m||||on for
the th|rd-quarter z00u, euro zz0 m||||on or s.s |ower than
the resu|t posted for the same quarter |ast year. he EMW
Croup generated earn|ngs per share of common stock
and preferred stock of euro 0.z dur|ng the per|od th|rd quar-
ter z00s: euro 0.).
Earnings performance for the first nine months of
N|ne-month revenues fe|| by 0. to euro s6,zsu m||-
||on. Adjusted for exchange rate factors, the decrease
wou|d have been .6 . W|th|n revenues, externa| rev-
enues of the Automob||es and Motorcyc|es segments
were . and . be|ow those of the correspond|ng
n|ne-month per|od |n z00s, |n both cases due to |ower
sa|es vo|umes. Lxterna| revenues of the l|nanc|a| Serv|ces
segment for the n|ne-month per|od edged up by z.s . Lx-
terna| revenues generated w|th other act|v|t|es amounted
to euro m||||on. ln the correspond|ng n|ne-month pe-
r|od |n z00s, externa| revenues from other act|v|t|es tota||ed
euro s m||||on and re|ated pr|mar||y to the C|rquent
Croup.
Croup cost of sa|es decreased by .z to euro sz,ss m||-
||on, fa|||ng therefore at a s|ower rate than revenues. h|s
deve|opment |nc|udes the effects of the adverse externa|
factors prev|ous|y descr|bed, the negat|ve |mpact of wh|ch
cou|d not be fu||y offset by reduced f|xed costs. he n|ne-
month gross prof|t f|gure was therefore s0.0 down on
the prev|ous year. he gross prof|t marg|n was 0. f|rst
n|ne months z00s: s. ). W|th effect from the beg|nn|ng
of the f|rst quarter z00u, research and deve|opment costs
are reported as cost of sa|es.
he gross prof|t marg|n recorded by the Automob||es
segment was u. f|rst n|ne months z00s: z. ) and that
of the Motorcyc|es segment was 6. f|rst n|ne months
z00s: u.z ). he l|nanc|a| Serv|ces segments gross
prof|t marg|n |mproved by 0.s percentage po|nts to . .
Pesearch and deve|opment costs for the f|rst n|ne months
of z00u decreased by s. to euro ,s m||||on and repre-
sented .z f|rst n|ne months z00s: .s ) of revenues.
Pesearch and deve|opment costs |nc|ude amort|sat|on of
cap|ta||sed deve|opment costs amount|ng to euro suu m||-
||on f|rst n|ne months z00s: euro ss m||||on). ota| research
and deve|opment costs amounted to euro ,6su m||||on
f|rst n|ne months z00s: euro z,0 m||||on). h|s f|gure com-
pr|ses research costs, deve|opment costs not recogn|sed
as assets and cap|ta||sed deve|opment costs. he re-
search and deve|opment expend|ture rat|o for the per|od
was . f|rst n|ne months z00s: . ).
Sa|es and adm|n|strat|ve costs decreased by .u com-
pared to the correspond|ng per|od |ast year and repre-
sented 0.s f|rst n|ne months z00s: 0.0 ) of revenues.
Oeprec|at|on and amort|sat|on |nc|uded |n cost of sa|es
and |n sa|es and adm|n|strat|ve costs amounted to euro
z,6 m||||on f|rst n|ne months z00s: euro z, m||||on).
Revenues by segment in the period from January to September
|n euro m||||on
Lxterna| lnter-segment ota|
revenues revenues revenues
2009 200B 2009 200B 2009 200B

Automob||es 24,626 2B,/52 5,984 B,25/ 30,610 3/,029
Motorcyc|es 857 1,002 8 5 865 1,00B
l|nanc|a| Serv|ces 10,755 10,513 1,303 1,305 12,058 11,B1B
ther Lnt|t|es 1 14B 2 45 3 193
L||m|nat|ons 7,297 9,523 7,297 9,523
Group 36,239 40,425 36,239 40,425

1B
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
he pos|t|ve net amount from other operat|ng |ncome and
expenses decreased by euro z m||||on on a n|ne-month
bas|s due to the h|gher |eve| of |ncome from the reversa| of
prov|s|ons recorded |n the prev|ous year.
As a resu|t of the numerous adverse factors referred to
above, the n|ne-month prof|t before f|nanc|a| resu|t fe|| by
euro ,0 m||||on to euro 6u m||||on.
he f|nanc|a| resu|t was a net expense of euro u0 m||||on
wh|ch represented an |mprovement of euro z m||||on
aga|nst the prev|ous year f|rst n|ne months z00s: net ex-
pense of euro m||||on). h|s, |n turn, was due to a euro
u m||||on |mprovement |n the net |nterest resu|t attr|butab|e
ma|n|y to |ower |mpa|rment |osses on secur|t|es. he resu|t
from |nvestments accounted for us|ng the equ|ty method
|mproved by euro m||||on to euro zs m||||on.
Work|ng |n the oppos|te d|rect|on, net |osses on the fa|r
va|ue measurement of der|vat|ve f|nanc|a| |nstruments
meant that the ||ne |tem ther f|nanc|a| resu|t deter|orated
by euro m||||on. he pos|t|ve resu|t from |nvestments
decreased by euro m||||on.
As a resu|t of the adverse factors prev|ous|y descr|bed, the
n|ne-month prof|t before tax fe|| by euro ,s m||||on to euro
u m||||on f|rst n|ne months z00s: euro ,zz m||||on). he |n-
come tax expense for the per|od decreased by euro us m||-
||on. he effect|ve tax rate was 0. f|rst n|ne months
z00s: . ).
he EMW Croup therefore recorded a net prof|t of euro
m||||on for the n|ne-month per|od f|rst n|ne months
z00s: euro ,zuz m||||on).
ln the f|rst n|ne months of z00u, the Croup generated earn-
|ngs per share of common stock of euro 0.06 f|rst n|ne
months z00s: euro .u) and earn|ngs per share of preferred
stock of euro 0.0 f|rst n|ne months z00s: euro .us).
Earnings performance by segment
Pevenues of the Automob||es segment for the th|rd quar-
ter z00u fe|| by s. . he segment |oss before tax, at euro
m||||on, represented a deter|orat|on of euro z m||||on
compared to the correspond|ng quarter one year ear||er.
Segment revenues for the n|ne-month per|od fe|| by .s ,
wh||e the segment |oss before tax of euro ss m||||on repre-
sented a deter|orat|on of euro ,66 m||||on on the prev|ous
year. Sa|es vo|ume s|umps on major markets contr|buted
to th|s decrease.
h|rd-quarter revenues of the Motorcyc|es segment de-
creased by .s , wh||e the segment |oss before tax
amounted to euro m||||on th|rd quarter z00s: |oss before
tax of euro m||||on). he n|ne-month segment revenues,
at euro s6 m||||on, were .z down on the prev|ous year
f|rst n|ne months z00s: euro ,00s m||||on). he prof|t be-
fore tax, at euro m||||on, was s.s |ower than the pre-
v|ous years f|gure.
h|rd-quarter revenues of the l|nanc|a| Serv|ces segment
s||pped by 6.z whereas the prof|t before tax |mproved
by euro m||||on to euro u m||||on. lor the n|ne-month
per|od, segment revenues |ncreased by z.0 , wh||e the
segment prof|t before tax, at euro z m||||on, was up by
ss. .
he prof|t before tax of the ther Lnt|t|es segment for the
th|rd quarter z00u amounted to euro 0 m||||on th|rd quar-
Loss / profit before tax by segment
|n euro m||||on
3rd quarter 3rd quarter 1 January to 1 January to
2009 200B 30 September 30 September
2009 200B

Automob||es 154 1B 783 BB2
Motorcyc|es 5 / 45 B0
l|nanc|a| Serv|ces 94 1/ 247 131
ther Lnt|t|es 40 205 82 542
L||m|nat|ons 151 B0 488 113
Profit before tax 126 279 79 1,522
lncome taxes 48 19 32 230
Net profit 78 298 47 1,292

19
Net assets position
he ba|ance sheet tota| of the EMW Croup |ncreased by
euro s0z m||||on or 0.s compared to s Oecember z00s.
Adjusted for changes |n exchange rates, the ba|ance sheet
tota| wou|d have |ncreased by 0. .
he ma|n factors beh|nd the |ncrease on the assets s|de
of the ba|ance sheet were cash and cash equ|va|ents
| s.0 , rece|vab|es from sa|es f|nanc|ng | .s and other
assets | z!. . Ey contrast, decreases were recorded
for |eased products | s. and |ntang|b|e assets | !.s .
ter z00s: euro z0 m||||on), g|v|ng a prof|t before tax for the
n|ne-month per|od of euro sz m||||on f|rst n|ne months z00s:
euro z m||||on). he decrease was pr|mar||y due to the
deter|orated net |nterest resu|t and |ower other operat|ng
|ncome.
he resu|t from |nter-segment e||m|nat|ons for the th|rd
quarter |mproved to euro m||||on th|rd quarter z00s: euro
s0 m||||on), ma|n|y as a resu|t of the |ower vo|ume of new
|eas|ng bus|ness. lnter-segment e||m|nat|ons for the n|ne-
month per|od |mproved to a pos|t|ve amount of euro ss m||-
||on f|rst n|ne months z00s: negat|ve amount of euro s m||-
||on).
Financial position
he cash f|ow statements of the EMW Croup and the
Automob||es and l|nanc|a| Serv|ces segments show the
sources and app||cat|ons of cash f|ows for the f|rst n|ne
months of the f|nanc|a| years z00s and z00u, c|ass|f|ed |nto
cash f|ows from operat|ng, |nvest|ng and f|nanc|ng act|v|-
t|es. Cash and cash equ|va|ents |n the cash f|ow statement
correspond to the amount d|sc|osed |n the ba|ance sheet.
he cash |nf|ow from operat|ng act|v|t|es for the per|od un-
der report tota||ed euro ,zs m||||on f|rst n|ne months z00s:
euro s,6s0 m||||on).
he cash outf|ow for |nvest|ng act|v|t|es decreased by euro
,u m||||on to euro ,0z0 m||||on. Cap|ta| expend|ture on
|ntang|b|e assets and property, p|ant and equ|pment for the
n|ne-month per|od was euro s6 m||||on |ower at euro
z,zs m||||on. he cash outf|ow for the net |nvestment |n
|eased products and rece|vab|es from sa|es f|nanc|ng
decreased by euro s,z0 m||||on to euro z,0s m||||on as a
resu|t of the |ower |eve| of new bus|ness and the fact that
an except|ona| |tem |n the prev|ous year was not repeated.
0s.0 f|rst n|ne months z00s: s.6 ) of the cash outf|ow
for |nvest|ng act|v|t|es was covered by the cash |nf|ow from
operat|ng act|v|t|es. he cash f|ow statement of the Auto-
mob||es segment shows coverage of 6. f|rst n|ne
months z00s: 0.u ). Adjusted for purchases of secur|-
t|es amount|ng to euro ,s6 m||||on ma|n|y |n connect|on
w|th the further externa||sat|on of pens|on ob||gat|ons),
.s of the cash outf|ow for |nvest|ng act|v|t|es wou|d
have been covered. Oue to the |ower |eve| of |nvestment
|n |eased products and rece|vab|es from sa|es f|nanc|ng,
the cash f|ow statement of the l|nanc|a| Serv|ces seg-
ment shows coverage of 6.6 f|rst n|ne months z00s:
ss. ).
Cash |nf|ow from f|nanc|ng act|v|t|es |nc|udes |nf|ows of
euro s,0 m||||on from bond |ssues f|rst n|ne months z00s:
euro ,ss m||||on) and outf|ows for repayments of euro
,0 m||||on f|rst n|ne months z00s: euro z,zz m||||on).
he cash |nf|ow of euro s m||||on from f|nanc|ng act|v|t|es
dur|ng the n|ne-month per|od was pr|mar||y attr|butab|e
to the |ssue of bonds.
After adjustment for the effects of exchange rate f|uctua-
t|ons and changes |n the compos|t|on of the EMW Croup,
the var|ous cash f|ows resu|ted |n an |ncrease |n cash and
cash equ|va|ents of euro u6u m||||on n|ne months z00s:
|ncrease of euro ,zs m||||on).
Net f|nanc|a| assets of the Automob||es segment compr|se
the fo||ow|ng:
|n euro m||||on 30. 9. 2009 31. 12. 200B

Cash and cash equ|va|ents 5,561 5,0/3
Marketab|e secur|t|es and |nvestment funds 971 55/
lntragroup net f|nanc|a| rece|vab|es 5,612 B,1B5
Financial assets 12,144 13,815
Less: externa| f|nanc|a| ||ab|||t|es
*
4,332 4,/59
Net financial assets 7,812 9,046

*
exc|ud|ng der|vat|ve f|nanc|a| |nstruments
20
Report
0/ Automob||es
11 Motorcyc|es
20 Risk Management
20 Outlook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
n the equ|ty and ||ab|||t|es s|de of the ba|ance sheet, the
r|se was due to the |ncrease |n f|nanc|a| ||ab|||t|es | 0.u
and trade payab|es | !.s . At the same t|me, pens|on
prov|s|ons and other prov|s|ons decreased by z.z and
.z respect|ve|y.
Leased products were down by euro ,66 m||||on or s. .
Lxc|ud|ng the effect of exchange rate f|uctuat|ons, |eased
products wou|d have decreased by 6. . he ma|n factor
for the reduct|on was the |ower vo|ume of new bus|ness
generated w|th |ease contracts.
Compared to s Oecember z00s, |nventor|es |ncreased by
euro s m||||on to euro ,0s m||||on, ma|n|y due to the
effect of stock|ng-up |n conjunct|on w|th the |ntroduct|on
of new mode|s.
l|nanc|a| assets decreased by s. to euro ,uz m||||on,
ma|n|y as a resu|t of the |ower fa|r va|ues of der|vat|ve port-
fo||os.
Croup equ|ty fe|| by euro ss m||||on to euro u,usu m||||on,
pr|mar||y as a resu|t of the payment of the d|v|dend euro
u m||||on) and actuar|a| |osses euro s6 m||||on) on pens|on
ob||gat|ons, the |atter ref|ect|ng |ower |nterest rates and a
changed assumpt|on for future |nf|at|on rates. Croup equ|ty
|ncreased due to the fa|r va|ue measurement of der|vat|ve
f|nanc|a| |nstruments euro 0 m||||on), trans|at|on d|f-
ferences euro u m||||on), the fa|r va|ue measurement of
secur|t|es euro zz m||||on) and the net prof|t for the per|od
euro m||||on). Oeferred taxes on fa|r va|ue ga|ns and
|osses recogn|sed d|rect|y |n equ|ty |ncreased equ|ty by
euro m||||on.
he equ|ty rat|o of the EMW Croup fe|| overa|| by 0. per-
centage po|nts to u. . he equ|ty rat|o of the Automob||es
segment was . s Oecember z00s: z.s ) and that
of the l|nanc|a| Serv|ces segment was .u s Oecember
z00s: . ).
Pens|on prov|s|ons went down overa|| by z.z to euro
z,6z m||||on. hus was ma|n|y due to the transfer of pen-
s|on ob||gat|ons to EMW rust e. V., Mun|ch, |n conjunc-
t|on w|th a Contractua| rust Agreement CA), the effect
of wh|ch was on|y part|y offset by |ower |nterest rates and
a changed assumpt|on for future |nf|at|on rates.
ther prov|s|ons, at euro ,ss m||||on, were euro s m||||on
be|ow the|r |eve| at s Oecember z00s, pr|mar||y ref|ect|ng
|ower personne|-re|ated ob||gat|ons.
l|nanc|a| ||ab|||t|es |ncreased by euro z m||||on to euro
60,u0u m||||on dur|ng the f|rst n|ne months of z00u, the ma|n
factor be|ng a h|gher |eve| of bond and depos|t bus|ness
||ab|||t|es.
rade payab|es |ncreased by .s to euro s,s m||||on
dur|ng the n|ne-month per|od under report.
ther ||ab|||t|es amounted to euro 6,z m||||on and were
thus euro s m||||on h|gher than at s Oecember z00s.
Risk management
As a g|oba||y operat|ng organ|sat|on, the EMW Croup |s
exposed to a var|ety of r|sks. he EMW Croups corpo-
rate success has |ong been founded on the |dea of con-
sc|ous|y tak|ng ca|cu|ated r|sks and mak|ng fu|| use of
the opportun|t|es re|at|ng to them. A descr|pt|on of these
r|sks and of the Croups r|sk management methods |s
prov|ded |n the Croup Management Peport for the f|nan-
c|a| year ended s Oecember z00s Annua| Peport, page
6z et seq.).
End of recession in sight, sustainability of upturn
uncertain
he g|oba| recess|on that set |n dur|ng the th|rd quarter z00s
seems to have come to an end over the course of summer
z00u. W|th some of the major export|ng nat|ons such as
Cermany and Japan reg|ster|ng |ow, but pos|t|ve growth |n
the second quarter compared to the preced|ng quarter, |t
|s now be|ng forecast that pract|ca||y a|| of the wor|ds ma|n
econom|es w||| see |ow |eve|s of growth dur|ng the rema|n-
der of the year. Neverthe|ess, w|th wor|dw|de econom|c
output ||ke|y to be more than z |ower than |n the prev|ous
year, z00u w||| go down as the worst year of recess|on s|nce
the end of the Second Wor|d War. he ear|y end to the
recess|on was a|so brought about by var|ous w|de-rang|ng
econom|c st|mu|us programmes |n|t|ated by governments
around the wor|d and the comp|et|on of a rad|ca| reduct|on
|n |nventory |eve|s throughout the |ndustr|a| sector. he
most ||ke|y scenar|o |s that growth rates w||| stab|||se at a
|ow |eve|. he three ma|n trad|t|ona| markets of North
Amer|ca, Lurope and Japan |n part|cu|ar are expected to
reg|ster |ow and be|ow-trend growth rates |n the com|ng
quarters wh|ch w||| be be|ow those recorded dur|ng the
per|od from z00s to z00. he approach|ng exp|ry of eco-
nom|c st|mu|us programmes, the need to cut back pub||c
spend|ng after a mass|ve |ncrease |n borrow|ng |eve|s and
h|gher reference |nterest rates due to r|s|ng |nf|at|on cou|d,
a|ong w|th other factors, cause setbacks |n the process
of g|oba| econom|c recovery.
P|sk Management
ut|ook
21
Structura| prob|ems |n the USA rema|n |arge|y unreso|ved,
part|cu|ar|y |n the bank|ng sector. he dec||ne |n property
pr|ces over the past two years has forced banks to recog-
n|se substant|a| wr|te-downs, mak|ng |t more d|ff|cu|t to
obta|n f|nanc|ng for corporate |nvestments and pr|vate con-
sumer spend|ng. h|s s|tuat|on |s un||ke|y to change for
some t|me yet. he mass|ve r|se |n the rate of unemp|oy-
ment |n the USA to approx|mate|y 0 cont|nues to ho|d
down consumer spend|ng wh|ch had served as a motor
for g|oba| econom|c recovery dur|ng prev|ous phases of
upsw|ng.
he mass|ve dec||ne |n wor|d trade vo|umes dur|ng the
|ast w|nter |s hav|ng a part|cu|ar|y severe |mpact on export-
|ed econom|es, such as Japan and euro zone countr|es.
hese markets showed some s|gns of stab|||sat|on as the
process of reduc|ng |nventory |eve|s across |ndustr|es
was more or |ess comp|eted dur|ng the second quarter
z00u. However, compared to the USA, |ndustr|a| capac|ty
downs|z|ng |n other areas takes much |onger to happen,
wh|ch means that unemp|oyment numbers can be ex-
pected to go on r|s|ng |n the euro zone |n z00. P|s|ng un-
emp|oyment f|gures and the exp|ry of state-f|nanced eco-
nom|c st|mu|us programmes cou|d cons|derab|y weaken
demand |n Cermany |n the com|ng year. he UK economy
too, wh|ch suffers from structura| prob|ems |n the property
market, w||| be adverse|y affected by weak growth rates |n
the com|ng years.
A un|form econom|c trend |s not yet recogn|sab|e for the
emerg|ng markets. Lconom|c growth |n Ch|na and lnd|a
|n z00u |s ||ke|y to stab|||se at a h|gh |eve|, w|th growth
rates of s and 6 respect|ve|y. he economy |n Eraz||
|s ||ke|y to stagnate over the year as a who|e, wh||e the
Puss|an economy w||| probab|y contract at a rate of ap-
prox|mate|y s .
Lnergy and commod|ty pr|ces, wh|ch fe|| sharp|y dur|ng
the f|nanc|a| cr|s|s, cont|nued to r|se dur|ng the th|rd quarter
z00u. As the wor|d economy cont|nues to recover, |t |s ||ke|y
that the pr|ces of raw mater|a|s w||| cont|nue to r|se |n the
med|um term.
After ga|n|ng |n va|ue aga|nst most other currenc|es at the
he|ght of the f|nanc|a| cr|s|s, the US do||ar |ost ground dur-
|ng |n the th|rd quarter z00u. he Er|t|sh pound a|so |ost
va|ue compared to the prev|ous quarter. C|ven the current
h|gh |eve|s of state and trade ba|ance def|c|ts and the
banks need to record h|gh |eve|s of wr|te-downs |n those
two countr|es, there |s a r|sk that the US do||ar and the
Er|t|sh pound w||| weaken further |n the med|um term. P|s-
|ng commod|ty pr|ces are current|y stab|||s|ng the curren-
c|es of Austra||a, South Afr|ca and Eraz||. he Japanese
yen |s a|so expected to at |east stab|||se, part|y due to the
fact that exports are p|ck|ng up.
Automobile market gets through low point
setbacks still possible
Oesp|te the var|ous st|mu|us programmes for automob||e
markets around the wor|d, |t |s st||| ||ke|y that new reg|stra-
t|ons for the fu|| year w||| be approx|mate|y 0 down on
z00s. Severe downturns, |n some cases |nto h|gh doub|e-
d|g|ts, have been recorded on some automob||e markets,
part|cu|ar|y |n the USA, UK, Spa|n, Japan and Puss|a. ln a||
of these countr|es, new reg|strat|ons were at the|r |owest
|eve| for many years. State-funded st|mu|us measures,
espec|a||y |n Ch|na, Cermany, lrance, Eraz|| and lnd|a, are
expected to boost demand for cars |n z00u, even |n th|s
d|ff|cu|t year of cr|s|s. A s|ump |n demand cannot be ru|ed
out, however, once the fund|ng programmes come to an
end, part|cu|ar|y on Western Luropean markets. After sta-
b|||s|ng at a h|stor|ca||y |ow |eve|, the US automob||e market
|s expected to see |ow-|eve| pos|t|ve growth rates |n the
med|um term. Oue to the comparat|ve|y good econom|c
cond|t|ons preva|||ng |n the emerg|ng markets of Ch|na,
lnd|a and Eraz||, |t seems ||ke|y that a market co||apse can
be avo|ded, even when the var|ous nat|ona| st|mu|us pro-
grammes come to an end. As a consequence, the propor-
t|on of wor|dw|de car sa|es made |n emerg|ng econom|es
|s ||ke|y to |ncrease further.
he prem|um segment of the |nternat|ona| automob||e
market w||| hard|y benef|t at a|| from state-funded st|mu|us
programmes |n z00u. As a resu|t, non-prem|um segments
are most ||ke|y to be affected by dec||n|ng new reg|strat|on
numbers once state-funded support has exp|red. ln the
ensu|ng upturn, |mproved earn|ngs and better cap|ta| mar-
ket cond|t|ons shou|d br|ng about a rev|va| |n demand from
corporate customers, an |mportant source of bus|ness for
the prem|um segment.
Motorcycle markets remain weak
he ongo|ng |mpact of the g|oba| econom|c cr|s|s |s ||ke|y
to determ|ne the course of the rema|nder of z00u. A rev|va|
of the motorcyc|e markets dur|ng the f|na| months of the
year |s not expected. he EMW Croup forecasts that motor-
cyc|e sa|es |n the 00 cc p|us segment |n z00u w||| fa|| we||
short of the prev|ous years |eve|.
22
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 Outlook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
First signs of recovery on financial markets
An |ncreas|ng number of countr|es are now beg|nn|ng to
show s||ght s|gns of econom|c |mprovement. ln macro-
econom|c terms, the |owest po|nt now seems to have been
passed. A s|gn|f|cant eas|ng of pressure on the f|nanc|a|
markets seems to underp|n th|s deve|opment. lnvestors
are show|ng a grow|ng w||||ngness to take r|sks. As a con-
sequence, |t seems ||ke|y that cred|t spreads on the f|nan-
c|a| markets w||| cont|nue to stab|||se.
ln the med|um term, fears of |nf|at|on cou|d |ead to r|s|ng
|nterest rates both |n the short-term and med|um-term
matur|ty segments. he Austra||an centra| bank was the
f|rst to ra|se |ts reference |nterest rates by 0.z percentage
po|nts) at the beg|nn|ng of ctober. lor the t|me be|ng,
however, ne|ther the Luropean Centra| Eank nor the US
Peserve Eank are show|ng any s|gns of chang|ng |ts mon-
etary po||cy.
he s|tuat|on on Luropean used car markets |s ||ke|y to
rema|n tense dur|ng the rema|n|ng months of z00u. ln North
Amer|ca, by contrast, the s|tuat|on seems to be stab|||s|ng
at |ts current |eve|. A|| th|ngs cons|dered, however, a rap|d
recovery on |nternat|ona| used car markets to pre-cr|s|s
|eve|s |s not current|y expected.
BMW Groups outlook for the remainder of
A|though there are some emerg|ng s|gns that the |owest
po|nt of the current econom|c downturn has been passed,
the EMW Croup on|y expects the s|tuat|on to stab|||se at a
|ow |eve| dur|ng the |ast quarter of z00u. lor the t|me be|ng
at |east, |t cannot be assumed that an endur|ng recovery has
taken ho|d. Neverthe|ess the EMW Croup has performed
we|| desp|te the d|ff|cu|t bus|ness env|ronment. he meas-
ures necessary to steer the company successfu||y through
the cr|s|s were a|ready |n|t|ated |n autumn z00s. h|s and
the new strateg|c d|rect|on taken by the EMW Croup and
cont|nued under recess|onary cond|t|ons are essent|a|
factors for the future success of the enterpr|se.
he macroeconom|c s|tuat|on w||| cont|nue to be exposed
to a h|gh degree of vo|at|||ty for some t|me yet. h|s app||es
above a|| to the |nternat|ona| f|nanc|a| and commod|t|es
markets. However, setbacks cannot be ent|re|y ru|ed out
on the road to econom|c recovery. ln v|ew of the preva|||ng
recess|onary cond|t|ons, the EMW Croup |s pursu|ng a
po||cy of r|gorous f|nanc|a| and cost management. Meas-
ures |mp|emented to dea| w|th th|s s|tuat|on are a|ready
beg|nn|ng to have an |mpact. ne examp|e of th|s |s the
progress made |n reduc|ng and manag|ng f|xed costs. Per-
sonne| expense has a|so been reduced s|gn|f|cant|y fo|-
|ow|ng |mp|ementat|on of the staff reduct|on programme
prev|ous|y announced |n z00s. Lff|c|ent management of
work|ng cap|ta| a|so represents an |mportant e|ement of
the EMW Croups cap|ta| management procedures. he
EMW Croup w||| cont|nue to benef|t from w|de-rang|ng
eff|c|ency |mprovements throughout the rema|nder of z00u.
he EMW Croup cont|nues to enjoy a so||d ||qu|d|ty base
w|th access to a broad|y d|vers|f|ed and f|ex|b|e range of
fund|ng sources to f|nance |ts operat|ng act|v|t|es. hanks
to the EMW Croups h|gh |eve| of cred|tworth|ness, |t has
access to |nternat|ona| f|nanc|a| markets at a|| t|mes. P|sk
spreads on cap|ta| markets have cont|nued to narrow. hey
have not, however, returned to the |eve|s seen pr|or to the
outbreak of the f|nanc|a| cr|s|s.
he EMW Croup took measures at an ear|y stage |n re-
sponse to adverse macroeconom|c deve|opments. P|sks
prov|s|on was |ncreased appropr|ate|y at the outset of the
f|nanc|a| cr|s|s. Assum|ng that econom|c cond|t|ons now
stab|||se on a susta|nab|e bas|s, the EMW Croup cons|ders
that any further r|sks ar|s|ng |n conjunct|on w|th the mar-
ket|ng of pre-owned cars are adequate|y covered. Wh||e a
s||ght |mprovement can be seen on some markets, the
s|tuat|on on others rema|ns tense. Shou|d the s|tuat|on
on used car markets worsen dur|ng the rema|nder of z00u,
an |ncrease |n the |eve| of r|sk prov|s|on cannot be ru|ed
out. As a genera| pr|nc|p|e, a |onger |ast|ng recess|on w|||
a|so |ncrease r|sk |eve|s |n the area of dea|er and reta||
customer f|nanc|ng.
he EMW Croup expects car sa|es vo|umes to cont|nue to
gather momentum dur|ng the |ast quarter of z00u. Strong
growth |s be|ng reg|stered part|cu|ar|y |n Ch|na, wh|ch |s
now the EMW Croups |argest s|ng|e market |n As|a. l|rst
s|gns of the s|tuat|on stab|||s|ng |n the USA and the UK
are now emerg|ng. he EMW Croup has succeeded |n |n-
creas|ng market share on |ts major markets w|th the EMW,
MlNl and Po||s-Poyce brands.
Now that the new EMW / Ser|es |s ava||ab|e wor|dw|de,
the mode| range a|so |nc|udes a four-whee|-dr|ve vers|on
for the f|rst t|me s|nce the beg|nn|ng of September z00u.
he EMW X1 and EMW 5 Ser|es Cran ur|smo are fo||ow-
|ng |n ctober. owards the end of the year, the EMW
Act|veHybr|d X5 w||| a|so be |aunched. he X1 w||| further
enhance the X-mode| fam||y w|th the add|t|on of the f|rst
off-road compact veh|c|e |n the prem|um segment. h|s
veh|c|e comb|nes the typ|ca| features of the EMW X mode|s
w|th the dr|v|ng character|st|cs and h|gh fue| economy of
the EMW 1 Ser|es. he EMW X1 therefore offers con-
sumers the versat|||ty of a Sports Act|v|ty Veh|c|e, the f|ex|-
b|||ty of a compact car and the dynam|sm of a EMW. he
EMW 5 Ser|es Cran ur|smo |s an |nnovat|ve and, at the
23
same t|me, versat||e veh|c|e concept that comb|nes e|e-
gance, |nter|or comfort and var|ab|||ty. lt |s both |uxur|ous|y
equ|pped and extreme|y spac|ous as a rea| tour|ng sedan,
thus mak|ng |t an unusua||y pract|ca| veh|c|e. he EMW
Act|veHybr|d X5 |s the fastest four-whee|-dr|ve hybr|d |n
the wor|d and |s powered by a VB tw|n turbo eng|ne com-
b|ned w|th two e|ectr|c motors. he EMW Act|veHybr|d X5
|s a fu|| hybr|d that can a|so be dr|ven ent|re|y e|ectr|ca||y
over short d|stances. he fue| consumpt|on of the EMW
Act|veHybr|d X5 |s approx|mate|y z0 |ower than that of the
convent|ona||y powered mode|. Last but not |east, the f|rst
Po||s-Poyce Chost veh|c|es w||| be handed over to cus-
tomers |n Oecember z00u. he Chost has been created for
smooth and p|easurab|e dr|v|ng. he suspens|on system
ensures a un|que|y dynam|c motor|ng exper|ence for the
dr|ver and the h|ghest poss|b|e degree of comfort for the
passengers.
he EMW Croup presented numerous |nnovat|ve concept
veh|c|es to the pub||c at the lAA |n lrankfurt. he EMW
V|s|on Lff|c|ent Oynam|cs concept |s the outcome of the
r|gorous deve|opment of the EMW Croups Lff|c|ent
Oynam|cs strategy comb|ned w|th the typ|ca| sport|ng f|a|r
of a EMW. he car |s powered by a new three-cy||nder
turbo d|ese| eng|ne and two |nnovat|ve e|ectr|c motors, one
dr|v|ng each ax|e. lt can be fu||y e|ectr|ca||y dr|ven, exc|u-
s|ve|y by the turbo d|ese| motor or w|th an |nf|n|te|y var|ab|e
comb|nat|on of a|| three power sources. lue| consumpt|on
|s a mere s.6 ||tres per 00 k||ometres, wh|ch |s equ|va|ent
to C
z
em|ss|ons of on|y uu grams per k||ometre. he EMW
Croup a|so presented two MlNl brand concept cars at
the lAA: the MlNl Coupe Concept and the MlNl Poadster
Concept. he MlNl Coupe Concept |s a dynam|c two-
seater sports car wh||e the MlNl Poadster Concept adds a
new, emot|ona| d|mens|on to open-top dr|v|ng.
hese deve|opments c|ear|y show that the EMW Croup
|s w||||ng to |nvest |n the future, even when econom|c con-
d|t|ons are tough. h|s |nc|udes the unre|ent|ng further
enhancement of h|gh|y eff|c|ent combust|on eng|nes as
we|| as the deve|opment of |nnovat|ve mob|||ty concepts
|n conjunct|on w|th project |. New and forward-|ook|ng
products and techno|og|es are major factors |n mak|ng the
most of med|um and |ong-term opportun|t|es |n a com-
pet|t|ve env|ronment.
Some s|gns of the automob||e bus|ness stab|||s|ng have
been v|s|b|e dur|ng the months pr|or to the end of the th|rd
quarter z00u. Oue to the current weakness of the ma|n au-
tomob||e markets, the EMW Croup assumes that |ts Auto-
mob||es segment w||| be not ab|e to ach|eve the h|gh sa|es
vo|ume |eve| recorded |n z00s. As |ong as econom|c con-
d|t|ons do not deter|orate further, the number of EMW,
MlNl and Po||s-Poyce brand cars so|d |n z00u w||| be |n the
reg|on of ten to |ower than |n z00s.
he EMW Croup a|so pred|cts that the sa|es vo|ume of the
Motorcyc|es segment w||| be down on the prev|ous year.
As a consequence, revenues, LEl and prof|t before tax for
th|s segment w||| a|| be |ower than the amounts reported
one year ear||er.
he |mpact of the wor|dw|de recess|on cont|nues to have
an adverse effect on the l|nanc|a| Serv|ces segment. Some
of the wor|ds used car markets are recover|ng s||ght|y from
the severe setbacks exper|enced s|nce the outbreak of
the f|nanc|a| cr|s|s. However, there |s st||| no s|gn of stab|||-
sat|on |n cont|nenta| Lurope. he EMW Croup forecasts
that ref|nanc|ng cond|t|ons for the l|nanc|a| Serv|ces seg-
ment w||| cont|nue to |mprove as cred|t spreads narrow. ln
terms of cred|t r|sk, the worst seems to have been passed
|n the area of reta|| customer and dea|er f|nanc|ng. lt |s un-
||ke|y, however, that the pressure w||| ease substant|a||y |n
the very near future.
Prov|ded that no further econom|c setbacks occur, the
number of cars so|d by the EMW Croup |n z00u w||| range
between ten and |ower than |n the prev|ous year. lf
th|s |s the case, the EMW Croup w||| report a pos|t|ve resu|t
for the f|nanc|a| year z00u, even |n th|s d|ff|cu|t year of cr|s|s.
he EMW Croup expects to ma|nta|n |ts |ead|ng pos|t|on |n
the prem|um segment |n the current year z00u.
Profitability targets for remain in place
he EMW Croup w||| cont|nue to pursue the strateg|c
course set |n conjunct|on w|th the Strategy Number NL.
h|s |nc|udes ach|ev|ng the prof|tab|||ty targets wh|ch have
a|ready been made known for the year z0z. n the bas|s
of these strateg|es, the EMW Croup p|ans to ach|eve a
return on cap|ta| emp|oyed PCL) of more than z6 and
an LEl marg|n of s to 0 |n |ts Automob||es segment.
he Strategy Number NL, or|g|na||y commun|cated |n
z00, |s prov|ng to be an appropr|ate and forward-|ook|ng
entrepreneur|a| dec|s|on for red|rect|ng the EMW Croup.
A great dea| of pre||m|nary work was carr|ed out |n or|g|-
na||y deve|op|ng the strategy. h|s groundwork |s prov|ng
to be a major prerequ|s|te for manag|ng the bus|ness |n
the short term and at a t|me of d|ff|cu|t econom|c cond|t|ons.
lt w||| a|so s|gn|f|cant|y |mprove the s|tuat|on at the start of
the ensu|ng upturn phase. he EMW Croups va|ue-added
approach w||| he|p |t to ach|eve the cha||eng|ng targets |t
has set |tse|f for the future.
24
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
24 Income Statements
24 Statement of Comprehensive
Income for Group
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Interim Group Financial Statements
lncome Statements for Croup and Segments for the th|rd quarter
Statement of Comprehens|ve lncome for Croup for the th|rd quarter
Statement of Comprehensive Income for Group for the third quarter
|n euro m||||on
Note Croup
2009 200B

Net profit 78 298
Ava||ab|e-for-sa|e secur|t|es 20 53
l|nanc|a| |nstruments used for hedg|ng purposes 243 B42
Lxchange d|fferences on trans|at|ng fore|gn operat|ons 206 114
Actuar|a| ga|ns / |osses re|at|ng to def|ned benef|t pens|on and s|m||ar p|ans 393 3B/
Oeferred taxes re|at|ng to components of other comprehens|ve |ncome 35 1B9
Other comprehensive income for the period after tax 14 301 99
Total comprehensive income 223 199
ota| comprehens|ve |ncome attr|butab|e to m|nor|ty |nterests 2 2
Total comprehensive income attributable to shareholders of BMW AG 225 197

Income Statements for Group and Segments for the third quarter
|n euro m||||on
Note Croup Automob||es Motorcyc|es l|nanc|a| ther L||m|nat|ons
Serv|ces Lnt|t|es
2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Pevenues 5 11,759 12,5BB 10,178 11,113 239 2/1 3,831 4,0B4 1 5/ 2,490 2,94/ Pevenues
Cost of sa|es
1
5 10,458 10,9B4 9,175 9,B00 213 245 3,599 3,932 50 2,529 3,043 Cost of sa|es
1

Gross profit 1,301 1,604 1,003 1,313 26 26 232 152 1 17 39 96 Gross profit
Sa|es and adm|n|strat|ve costs / 1,275 1,305 1,093 1,133 29 31 145 135 5 1B 3 12 Sa|es and adm|n|strat|ve costs
ther operat|ng |ncome B 154 3B0 114 91 1 6 / 45 300 12 1B ther operat|ng |ncome
ther operat|ng expenses B 125 291 100 130 1 4 49 33 119 13 / ther operat|ng expenses
Profit / loss before financial result 55 387 76 141 3 5 89 26 8 180 37 97 Profit / loss before financial result
Pesu|t from equ|ty accounted |nvestments 9 9 4 10 4 1 Pesu|t from equ|ty accounted |nvestments
lnterest and s|m||ar |ncome 10 229 152 140 1B5 1 1 436 553 348 5/B lnterest and s|m||ar |ncome
lnterest and s|m||ar expenses 10 245 19B 244 23/ 3 3 1 1 459 51B 462 551 lnterest and s|m||ar expenses
ther f|nanc|a| resu|t 11 78 /5 16 /5 6 10 56 10 ther f|nanc|a| resu|t
l|nanc|a| resu|t 71 108 78 123 2 2 5 9 32 25 114 17 l|nanc|a| resu|t
Profit / loss before tax 126 279 154 18 5 7 94 17 40 205 151 80 Profit / loss before tax
lncome taxes 12 48 19 42 1B 1 4 36 B 15 15 70 4 lncome taxes
Net profit / net loss 78 298 112 36 4 3 58 9 55 190 81 84 Net profit / net loss
Attr|butab|e to m|nor|ty |nterest 2 2 2 2 Attr|butab|e to m|nor|ty |nterest
Attributable to shareholders of BMW AG 76 296 114 34 4 3 58 9 55 190 81 84 Attributable to shareholders of BMW AG
Earnings per share of common stock |n euro 13 0.12 0.45 Earnings per share of common stock |n euro
Earnings per share of preferred stock
2
|n euro 13 0.12 0.45 Earnings per share of preferred stock
2
|n euro

after rec|ass|f|cat|on of research and deve|opment costs to cost of sa|es

z
ln comput|ng earn|ngs per share of preferred stock, earn|ngs to cover the add|t|ona| d|v|dend of euro 0.0z per share of preferred stock are spread over the quarters of the
correspond|ng f|nanc|a| year.
25
Income Statements for Group and Segments for the third quarter
|n euro m||||on
Serv|ces Lnt|t|es
2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Pevenues 5 11,759 12,5BB 10,178 11,113 239 2/1 3,831 4,0B4 1 5/ 2,490 2,94/ Pevenues
Cost of sa|es
1
5 10,458 10,9B4 9,175 9,B00 213 245 3,599 3,932 50 2,529 3,043 Cost of sa|es
1

Gross profit 1,301 1,604 1,003 1,313 26 26 232 152 1 17 39 96 Gross profit
Sa|es and adm|n|strat|ve costs / 1,275 1,305 1,093 1,133 29 31 145 135 5 1B 3 12 Sa|es and adm|n|strat|ve costs
ther operat|ng |ncome B 154 3B0 114 91 1 6 / 45 300 12 1B ther operat|ng |ncome
ther operat|ng expenses B 125 291 100 130 1 4 49 33 119 13 / ther operat|ng expenses
Profit / loss before financial result 55 387 76 141 3 5 89 26 8 180 37 97 Profit / loss before financial result
lnterest and s|m||ar |ncome 10 229 152 140 1B5 1 1 436 553 348 5/B lnterest and s|m||ar |ncome
lnterest and s|m||ar expenses 10 245 19B 244 23/ 3 3 1 1 459 51B 462 551 lnterest and s|m||ar expenses
ther f|nanc|a| resu|t 11 78 /5 16 /5 6 10 56 10 ther f|nanc|a| resu|t
Profit / loss before tax 126 279 154 18 5 7 94 17 40 205 151 80 Profit / loss before tax
lncome taxes 12 48 19 42 1B 1 4 36 B 15 15 70 4 lncome taxes
Net profit / net loss 78 298 112 36 4 3 58 9 55 190 81 84 Net profit / net loss
Attributable to shareholders of BMW AG 76 296 114 34 4 3 58 9 55 190 81 84 Attributable to shareholders of BMW AG
Earnings per share of common stock |n euro 13 0.12 0.45 Earnings per share of common stock |n euro
2
|n euro 13 0.12 0.45 Earnings per share of preferred stock
2
|n euro


z
25
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
24 Income Statements
24 Statement of Comprehensive
Income for Group
Segments
|n Lqu|ty
33 Notes
4/ Contacts
lncome Statements for Croup and Segments for the per|od from January to s0 September
Statement of Comprehens|ve lncome for Croup for the per|od from January to s0 September
Statement of Comprehensive Income for Group for the period from 1 January to 30 September
|n euro m||||on
Note Croup
2009 200B

Net profit 47 1,292
Ava||ab|e-for-sa|e secur|t|es 22 32
l|nanc|a| |nstruments used for hedg|ng purposes 410 554
Lxchange d|fferences on trans|at|ng fore|gn operat|ons 159 294
Actuar|a| ga|ns / |osses re|at|ng to def|ned benef|t pens|on and s|m||ar p|ans 846 921
Oeferred taxes re|at|ng to components of other comprehens|ve |ncome 71 33
Other comprehensive income for the period after tax 14 184 102
Total comprehensive income 137 1,190
ota| comprehens|ve |ncome attr|butab|e to m|nor|ty |nterests 5 4
Total comprehensive income attributable to shareholders of BMW AG 142 1,186

Income Statements for Group and Segments for the period from 1 January to 30 September
|n euro m||||on
Serv|ces Lnt|t|es
2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Pevenues 5 36,239 40,425 30,610 3/,029 865 1,00B 12,058 11,B1B 3 193 7,297 9,523 Pevenues
Cost of sa|es
1
5 32,358 34,BB0 27,706 32,322 722 B14 11,412 11,220 14/ 7,482 9,523 Cost of sa|es
1

Gross profit 3,881 5,545 2,904 4,707 143 194 646 598 3 46 185 Gross profit
Sa|es and adm|n|strat|ve costs / 3,734 4,055 3,206 3,451 93 10B 416 431 12 51 7 4 Sa|es and adm|n|strat|ve costs
ther operat|ng |ncome B 561 915 263 255 2 2 15 13 298 5/9 17 44 ther operat|ng |ncome
ther operat|ng expenses B 539 /55 319 355 1 1 11 BB 243 3/0 35 49 ther operat|ng expenses
Profit / loss before financial result 169 1,639 358 1,155 51 87 234 92 46 304 196 1 Profit / loss before financial result
lnterest and s|m||ar |ncome 10 588 499 411 5B5 2 1 1 1,347 1,553 1,173 1,551 lnterest and s|m||ar |ncome
lnterest and s|m||ar expenses 10 692 /00 743 /99 8 B 3 2 1,403 1,42B 1,465 1,53/ lnterest and s|m||ar expenses
ther f|nanc|a| resu|t 11 9 5B 119 /5 15 41 95 103 ther f|nanc|a| resu|t
Profit / loss before tax 79 1,522 783 882 45 80 247 131 82 542 488 113 Profit / loss before tax
lncome taxes 12 32 230 270 1/1 16 15 96 5/ 5 50 195 53 lncome taxes
Net profit / net loss 47 1,292 513 711 29 65 151 74 87 492 293 50 Net profit / net loss
Attributable to shareholders of BMW AG 42 1,287 518 706 29 65 151 74 87 492 293 50 Attributable to shareholders of BMW AG
Earnings per share of common stock |n euro 13 0.06 1.9/ Earnings per share of common stock |n euro
2
|n euro 13 0.07 1.9B Earnings per share of preferred stock
2
|n euro


z
2/
Income Statements for Group and Segments for the period from 1 January to 30 September
|n euro m||||on
Serv|ces Lnt|t|es
2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Pevenues 5 36,239 40,425 30,610 3/,029 865 1,00B 12,058 11,B1B 3 193 7,297 9,523 Pevenues
Cost of sa|es
1
5 32,358 34,BB0 27,706 32,322 722 B14 11,412 11,220 14/ 7,482 9,523 Cost of sa|es
1

Gross profit 3,881 5,545 2,904 4,707 143 194 646 598 3 46 185 Gross profit
Sa|es and adm|n|strat|ve costs / 3,734 4,055 3,206 3,451 93 10B 416 431 12 51 7 4 Sa|es and adm|n|strat|ve costs
ther operat|ng |ncome B 561 915 263 255 2 2 15 13 298 5/9 17 44 ther operat|ng |ncome
ther operat|ng expenses B 539 /55 319 355 1 1 11 BB 243 3/0 35 49 ther operat|ng expenses
Profit / loss before financial result 169 1,639 358 1,155 51 87 234 92 46 304 196 1 Profit / loss before financial result
lnterest and s|m||ar |ncome 10 588 499 411 5B5 2 1 1 1,347 1,553 1,173 1,551 lnterest and s|m||ar |ncome
lnterest and s|m||ar expenses 10 692 /00 743 /99 8 B 3 2 1,403 1,42B 1,465 1,53/ lnterest and s|m||ar expenses
ther f|nanc|a| resu|t 11 9 5B 119 /5 15 41 95 103 ther f|nanc|a| resu|t
Profit / loss before tax 79 1,522 783 882 45 80 247 131 82 542 488 113 Profit / loss before tax
lncome taxes 12 32 230 270 1/1 16 15 96 5/ 5 50 195 53 lncome taxes
Net profit / net loss 47 1,292 513 711 29 65 151 74 87 492 293 50 Net profit / net loss
Attributable to shareholders of BMW AG 42 1,287 518 706 29 65 151 74 87 492 293 50 Attributable to shareholders of BMW AG
Earnings per share of common stock |n euro 13 0.06 1.9/ Earnings per share of common stock |n euro
2
|n euro 13 0.07 1.9B Earnings per share of preferred stock
2
|n euro


z
2B
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
28 Balance Sheets for Group and
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Ea|ance Sheets for Croup and Segments
Assets
Serv|ces Lnt|t|es
|n euro m||||on 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B

lntang|b|e assets 15 5,400 5,541 5,184 5,403 39 51 113 123 64 54 lntang|b|e assets
Property, p|ant and equ|pment 15 11,135 11,292 10,936 11,0/4 180 193 19 25 Property, p|ant and equ|pment
Leased products 1/ 17,863 19,524 229 25B 20,481 22,590 2,847 3,334 Leased products
lnvestments accounted for us|ng the equ|ty method 1B 120 111 102 B2 18 29 lnvestments accounted for us|ng the equ|ty method
ther |nvestments 1B 312 322 2,752 2,593 6 25 5,364 5,34B 7,810 /,/44 ther |nvestments
Pece|vab|es from sa|es f|nanc|ng 19 23,033 22,192 23,033 22,192 Pece|vab|es from sa|es f|nanc|ng
l|nanc|a| assets 20 1,721 1,B0B 361 23B 35 424 1,546 1,3B1 221 235 l|nanc|a| assets
Oeferred tax 21 1,058 B55 1,318 1,345 551 4B5 285 150 1,096 1,125 Oeferred tax
ther assets 22 786 550 2,277 2,144 1,408 1,951 11,345 14,055 14,244 1/,500 ther assets
Non-current assets 61,428 62,416 23,159 23,248 219 244 45,646 47,825 18,622 21,037 26,218 29,938 Non-current assets
lnventor|es 23 7,403 /,290 7,144 /,005 250 2// 11 9 2 1 lnventor|es
rade rece|vab|es 2,198 2,305 1,963 2,0/0 111 109 122 122 2 4 rade rece|vab|es
Pece|vab|es from sa|es f|nanc|ng 19 15,541 15,B/1 15,541 15,B/1 Pece|vab|es from sa|es f|nanc|ng
l|nanc|a| assets 20 3,221 3,305 1,618 1,401 920 B39 1,083 1,4B1 400 415 l|nanc|a| assets
Current tax 21 842 502 740 35B 29 39 73 205 Current tax
ther assets 22 2,332 1,B42 12,234 14,02B 4,134 3,034 24,885 21,109 38,921 35,329 ther assets
Cash and cash equ|va|ents 8,423 /,454 5,561 5,0/3 2,660 2,053 202 32B Cash and cash equ|va|ents
Current assets 39,960 38,670 29,260 29,935 361 386 23,417 21,967 26,245 23,127 39,323 36,745 Current assets
Total assets 101,388 101,086 52,419 53,183 580 630 69,063 69,792 44,867 44,164 65,541 66,683 Total assets

Equity and liabilities
Serv|ces Lnt|t|es
|n euro m||||on 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B

Subscr|bed cap|ta| 654 554 Subscr|bed cap|ta|
Cap|ta| reserves 1,911 1,911 Cap|ta| reserves
Pevenue reserves
*
20,264 20,419 Pevenue reserves
*

Accumu|ated other equ|ty 2,893 2,/09 Accumu|ated other equ|ty
reasury shares 10 10 reasury shares
M|nor|ty |nterest 13 B M|nor|ty |nterest
Equity 24 19,939 20,273 21,864 22,481 4,093 3,752 4,548 4,883 10,566 10,843 Equity
Pens|on prov|s|ons 2,612 3,314 1,572 2,B4/ 67 122 26 2B 947 31/ Pens|on prov|s|ons
ther prov|s|ons 25 2,470 2,/5/ 2,090 2,412 67 53 283 252 30 30 ther prov|s|ons
Oeferred tax 25 2,711 2,/5/ 1,700 1,931 2 2 3,085 3,095 3 1B 2,079 2,290 Oeferred tax
l|nanc|a| ||ab|||t|es 2/ 36,494 30,49/ 2,366 2,5B5 10,880 10,030 23,469 1B,01B 221 235 l|nanc|a| ||ab|||t|es
ther ||ab|||t|es 2B 2,428 2,201 3,489 3,9B5 250 252 11,328 14,12B 294 5B5 12,933 15,/51 ther ||ab|||t|es
Non-current provisions and liabilities 46,715 41,526 11,217 13,861 386 439 25,602 27,534 24,743 18,969 15,233 19,277 Non-current provisions and liabilities
ther prov|s|ons 25 1,864 2,125 1,558 1,/95 21 21 281 311 1 2 3 4 ther prov|s|ons
l|nanc|a| ||ab|||t|es 2/ 24,415 29,BB/ 2,247 2,599 14,178 15,20/ 8,390 12,495 400 414 l|nanc|a| ||ab|||t|es
rade payab|es 3,787 2,552 3,179 2,029 154 150 440 354 14 9 rade payab|es
ther ||ab|||t|es 2B 3,996 4,0B0 11,847 9,950 19 10 24,365 22,519 7,110 /,/45 39,345 35,145 ther ||ab|||t|es
Current provisions and liabilities 34,734 39,287 19,338 16,841 194 191 39,368 38,506 15,576 20,312 39,742 36,563 Current provisions and liabilities
Total equity and liabilities 101,388 101,086 52,419 53,183 580 630 69,063 69,792 44,867 44,164 65,541 66,683 Total equity and liabilities

*
after rec|ass|f|cat|on adjustments |n accordance w|th |/s .u
29
Assets
Serv|ces Lnt|t|es
|n euro m||||on 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B

lntang|b|e assets 15 5,400 5,541 5,184 5,403 39 51 113 123 64 54 lntang|b|e assets
Property, p|ant and equ|pment 15 11,135 11,292 10,936 11,0/4 180 193 19 25 Property, p|ant and equ|pment
Leased products 1/ 17,863 19,524 229 25B 20,481 22,590 2,847 3,334 Leased products
lnvestments accounted for us|ng the equ|ty method 1B 120 111 102 B2 18 29 lnvestments accounted for us|ng the equ|ty method
ther |nvestments 1B 312 322 2,752 2,593 6 25 5,364 5,34B 7,810 /,/44 ther |nvestments
Pece|vab|es from sa|es f|nanc|ng 19 23,033 22,192 23,033 22,192 Pece|vab|es from sa|es f|nanc|ng
l|nanc|a| assets 20 1,721 1,B0B 361 23B 35 424 1,546 1,3B1 221 235 l|nanc|a| assets
Oeferred tax 21 1,058 B55 1,318 1,345 551 4B5 285 150 1,096 1,125 Oeferred tax
ther assets 22 786 550 2,277 2,144 1,408 1,951 11,345 14,055 14,244 1/,500 ther assets
Non-current assets 61,428 62,416 23,159 23,248 219 244 45,646 47,825 18,622 21,037 26,218 29,938 Non-current assets
lnventor|es 23 7,403 /,290 7,144 /,005 250 2// 11 9 2 1 lnventor|es
rade rece|vab|es 2,198 2,305 1,963 2,0/0 111 109 122 122 2 4 rade rece|vab|es
Pece|vab|es from sa|es f|nanc|ng 19 15,541 15,B/1 15,541 15,B/1 Pece|vab|es from sa|es f|nanc|ng
l|nanc|a| assets 20 3,221 3,305 1,618 1,401 920 B39 1,083 1,4B1 400 415 l|nanc|a| assets
ther assets 22 2,332 1,B42 12,234 14,02B 4,134 3,034 24,885 21,109 38,921 35,329 ther assets
Cash and cash equ|va|ents 8,423 /,454 5,561 5,0/3 2,660 2,053 202 32B Cash and cash equ|va|ents
Current assets 39,960 38,670 29,260 29,935 361 386 23,417 21,967 26,245 23,127 39,323 36,745 Current assets
Total assets 101,388 101,086 52,419 53,183 580 630 69,063 69,792 44,867 44,164 65,541 66,683 Total assets

Equity and liabilities
Serv|ces Lnt|t|es
|n euro m||||on 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B 30. 9. 2009 31. 12. 200B

Subscr|bed cap|ta| 654 554 Subscr|bed cap|ta|
Cap|ta| reserves 1,911 1,911 Cap|ta| reserves
Pevenue reserves
*
20,264 20,419 Pevenue reserves
*

Accumu|ated other equ|ty 2,893 2,/09 Accumu|ated other equ|ty
reasury shares 10 10 reasury shares
M|nor|ty |nterest 13 B M|nor|ty |nterest
Equity 24 19,939 20,273 21,864 22,481 4,093 3,752 4,548 4,883 10,566 10,843 Equity
Pens|on prov|s|ons 2,612 3,314 1,572 2,B4/ 67 122 26 2B 947 31/ Pens|on prov|s|ons
ther prov|s|ons 25 2,470 2,/5/ 2,090 2,412 67 53 283 252 30 30 ther prov|s|ons
Oeferred tax 25 2,711 2,/5/ 1,700 1,931 2 2 3,085 3,095 3 1B 2,079 2,290 Oeferred tax
l|nanc|a| ||ab|||t|es 2/ 36,494 30,49/ 2,366 2,5B5 10,880 10,030 23,469 1B,01B 221 235 l|nanc|a| ||ab|||t|es
ther ||ab|||t|es 2B 2,428 2,201 3,489 3,9B5 250 252 11,328 14,12B 294 5B5 12,933 15,/51 ther ||ab|||t|es
Non-current provisions and liabilities 46,715 41,526 11,217 13,861 386 439 25,602 27,534 24,743 18,969 15,233 19,277 Non-current provisions and liabilities
ther prov|s|ons 25 1,864 2,125 1,558 1,/95 21 21 281 311 1 2 3 4 ther prov|s|ons
l|nanc|a| ||ab|||t|es 2/ 24,415 29,BB/ 2,247 2,599 14,178 15,20/ 8,390 12,495 400 414 l|nanc|a| ||ab|||t|es
rade payab|es 3,787 2,552 3,179 2,029 154 150 440 354 14 9 rade payab|es
ther ||ab|||t|es 2B 3,996 4,0B0 11,847 9,950 19 10 24,365 22,519 7,110 /,/45 39,345 35,145 ther ||ab|||t|es
Current provisions and liabilities 34,734 39,287 19,338 16,841 194 191 39,368 38,506 15,576 20,312 39,742 36,563 Current provisions and liabilities
Total equity and liabilities 101,388 101,086 52,419 53,183 580 630 69,063 69,792 44,867 44,164 65,541 66,683 Total equity and liabilities

*
after rec|ass|f|cat|on adjustments |n accordance w|th |/s .u
30
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
30 Cash Flow Statements
|n Lqu|ty
33 Notes
4/ Contacts
Cash l|ow Statements for Croup and Segments for the per|od
from January to s0 September
Croup Automob||es l|nanc|a| Serv|ces
|n euro m||||on 2009 200B 2009 200B 2009 200B

Net prof|t / net |oss 47 1,292 513 /11 151 /4 Net prof|t / net |oss
Oeprec|at|on of |eased products 3,899 4,552 5 5 4,139 4,223 Oeprec|at|on of |eased products
Oeprec|at|on and amort|sat|on of tang|b|e, |ntang|b|e and |nvestment assets 2,647 2,/11 2,576 2,540 20 19 Oeprec|at|on and amort|sat|on of tang|b|e, |ntang|b|e and |nvestment assets
Change |n prov|s|ons 607 23/ 525 230 22 24 Change |n prov|s|ons
Change |n deferred tax 56 /B 344 9B 65 24 Change |n deferred tax
Change |n net current assets and other |tems 1,304 2B0 1,564 /42 686 51B Change |n net current assets and other |tems
Cash inflow from operating activities 7,234 8,630 2,763 3,770 5,039 3,798 Cash inflow from operating activities
lnvestment |n |ntang|b|e assets and property, p|ant and equ|pment 2,248 2,512 2,212 2,553 7 24 lnvestment |n |ntang|b|e assets and property, p|ant and equ|pment
Net |nvestment |n |eased products and rece|vab|es from sa|es f|nanc|ng 2,703 11,223 34 40 2,805 11,1B3 Net |nvestment |n |eased products and rece|vab|es from sa|es f|nanc|ng
ther 2,069 904 2,044 900 41 // ther
Cash outflow from investing activities 7,020 14,739 4,222 3,493 2,853 11,284 Cash outflow from investing activities
Cash inflow / outflow from financing activities 773 7,398 1,981 1,271 1,599 7,420 Cash inflow / outflow from financing activities
Effect of exchange rate and changes in composition of group on cash and cash equivalents 18 31 34 2 20 22 Effect of exchange rate and changes in composition of group on cash and cash equivalents
Change in cash and cash equivalents 969 1,258 488 1,546 607 88 Change in cash and cash equivalents
Cash and cash equ|va|ents at January 7,454 2,393 5,073 1,249 2,053 /B9 Cash and cash equ|va|ents at January
Cash and cash equivalents at 30 September 8,423 3,651 5,561 2,795 2,660 701 Cash and cash equivalents at 30 September

31
Croup Automob||es l|nanc|a| Serv|ces
|n euro m||||on 2009 200B 2009 200B 2009 200B

Net prof|t / net |oss 47 1,292 513 /11 151 /4 Net prof|t / net |oss
Oeprec|at|on of |eased products 3,899 4,552 5 5 4,139 4,223 Oeprec|at|on of |eased products
Oeprec|at|on and amort|sat|on of tang|b|e, |ntang|b|e and |nvestment assets 2,647 2,/11 2,576 2,540 20 19 Oeprec|at|on and amort|sat|on of tang|b|e, |ntang|b|e and |nvestment assets
Change |n prov|s|ons 607 23/ 525 230 22 24 Change |n prov|s|ons
Change |n deferred tax 56 /B 344 9B 65 24 Change |n deferred tax
Change |n net current assets and other |tems 1,304 2B0 1,564 /42 686 51B Change |n net current assets and other |tems
Cash inflow from operating activities 7,234 8,630 2,763 3,770 5,039 3,798 Cash inflow from operating activities
lnvestment |n |ntang|b|e assets and property, p|ant and equ|pment 2,248 2,512 2,212 2,553 7 24 lnvestment |n |ntang|b|e assets and property, p|ant and equ|pment
Net |nvestment |n |eased products and rece|vab|es from sa|es f|nanc|ng 2,703 11,223 34 40 2,805 11,1B3 Net |nvestment |n |eased products and rece|vab|es from sa|es f|nanc|ng
ther 2,069 904 2,044 900 41 // ther
Cash outflow from investing activities 7,020 14,739 4,222 3,493 2,853 11,284 Cash outflow from investing activities
Cash inflow / outflow from financing activities 773 7,398 1,981 1,271 1,599 7,420 Cash inflow / outflow from financing activities
Effect of exchange rate and changes in composition of group on cash and cash equivalents 18 31 34 2 20 22 Effect of exchange rate and changes in composition of group on cash and cash equivalents
Change in cash and cash equivalents 969 1,258 488 1,546 607 88 Change in cash and cash equivalents
Cash and cash equ|va|ents at January 7,454 2,393 5,073 1,249 2,053 /B9 Cash and cash equ|va|ents at January
Cash and cash equivalents at 30 September 8,423 3,651 5,561 2,795 2,660 701 Cash and cash equivalents at 30 September

32
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
32 Group Statement of Changes
in Equity
33 Notes
4/ Contacts
Croup Statement of Changes |n Lqu|ty
|n euro m||||on Subscr|bed Cap|ta| Pevenue Accumu|ated other equ|ty reasury M|nor|ty ota|
cap|ta| reserves reserves shares |nterest
rans- Secur|t|es Oer|vat|ve Pens|on
|at|on d|f- f|nanc|a| ob||ga-
ferences |nstru- t|ons
ments

31 December 2007 654 1,911 20,789 1,259 35 438 835 11 21,744
Acqu|s|t|on of treasury shares 25 25
O|v|dends pa|d 594 594
Comprehens|ve |ncome
s0 September z00s 1,2B/ 293 32 422 545 4 1,190
September 654 1,911 21,382 1,552 3 16 189 26 15 22,214
31 December 2008 654 1,911 20,419 2,065 17 45 706 10 8 20,273
O|v|dends pa|d 19/ 19/
Comprehens|ve |ncome
s0 September z00u 42 159 20 243 505 5 13/
September 654 1,911 20,264 1,906 37 288 1,312 10 13 19,939

33
Notes to the Croup l|nanc|a| Statements to s0 September z00u
Account|ng Pr|nc|p|es and Po||c|es
Basis of preparation
he Croup l|nanc|a| Statements of EMW AC at s Oecem-
ber z00s were drawn up |n accordance w|th lnternat|ona|
l|nanc|a| Peport|ng Standards llPSs), as app||cab|e |n the
LU. he |nter|m Croup l|nanc|a| Statements lnter|m Pe-
port) at s0 September z00u, wh|ch have been prepared |n
accordance w|th lnternat|ona| Account|ng Standard lAS) s
lnter|m l|nanc|a| Peport|ng), have been drawn up us|ng,
|n a|| mater|a| respects, the same account|ng methods as
those ut|||sed |n the z00s Croup l|nanc|a| Statements. he
EMW Croup app||es the opt|on, ava||ab|e under lAS s.s,
of pub||sh|ng condensed group f|nanc|a| statements. A|| ln-
terpretat|ons |ssued by the lnternat|ona| l|nanc|a| Peport|ng
lnterpretat|ons Comm|ttee llPlC) wh|ch are mandatory at
s0 September z00u have a|so been app||ed. he lnter|m
Peport a|so comp||es w|th Cerman Account|ng Standard
No. 6 CAS 6) lnter|m l|nanc|a| Peport|ng |ssued by
the Cerman Account|ng Standards Comm|ttee e. V. CASC).
lurther |nformat|on regard|ng the Croups account|ng
pr|nc|p|es and po||c|es |s conta|ned |n the Croup l|nanc|a|
Statements at s Oecember z00s.
Var|ous |tems have been aggregated |n the |ncome state-
ment and ba|ance sheet |n order to |mprove c|ar|ty. hese
|tems are d|sc|osed and ana|ysed separate|y |n the Notes.
lo||ow|ng adopt|on of the rev|sed vers|on of lAS Presenta-
t|on of l|nanc|a| Statements), a Statement of Comprehen-
s|ve lncome |s presented at group |eve| from the f|rst
quarter z00u onwards, rep|ac|ng the prev|ous|y presented
Statement of lncome and Lxpenses Pecogn|sed |n Lqu|ty.
lurthermore, w|th effect from the beg|nn|ng of the f|rst
quarter z00u, research and deve|opment costs are reported
as cost of sa|es and not, as |n prev|ous report|ng per|ods,
as a separate |tem |n the |ncome statement. Pesearch and
deve|opment costs for the f|rst n|ne months of z00u tota||ed
euro ,s m||||on z00s: euro z,6z m||||on).
ln order to fac|||tate the sa|e of |ts products, the EMW Croup
prov|des var|ous f|nanc|a| serv|ces ma|n|y |oan and |ease
f|nanc|ng to both reta|| customers and dea|ers. he |nc|u-
s|on of f|nanc|a| serv|ces act|v|t|es of the Croup therefore
has an |mpact on the lnter|m Croup l|nanc|a| Statements.
ln order to prov|de a better |ns|ght |nto the net assets, f|nan-
c|a| pos|t|on and performance of the EMW Croup and
go|ng beyond the requ|rements of llPS s perat|ng Seg-
ments), the lnter|m Croup l|nanc|a| Statements a|so
|nc|ude ba|ance sheets and |ncome statements for the
Automob||es, Motorcyc|es, l|nanc|a| Serv|ces and ther
Lnt|t|es segments. he Croup Statement of Cash l|ows
|s supp|emented by statements of cash f|ows for the Auto-
mob||es and l|nanc|a| Serv|ces segments.
lnter-segment transact|ons re|at|ng pr|mar||y to |nterna|
sa|es of products, the prov|s|on of funds and the re|ated |n-
terest are e||m|nated |n the L||m|nat|ons co|umn. More
deta||ed |nformat|on regard|ng the a||ocat|on of act|v|t|es
of the EMW Croup to segments and a descr|pt|on of the
segments |s prov|ded |n the exp|anatory notes to segment
|nformat|on |n the Croup l|nanc|a| Statements for the year
ended s Oecember z00s.
ln conjunct|on w|th the ref|nanc|ng of f|nanc|a| serv|ces
bus|ness, a s|gn|f|cant vo|ume of rece|vab|es ar|s|ng from
reta|| customer and dea|er f|nanc|ng |s so|d. S|m||ar|y, r|ghts
and ob||gat|ons re|at|ng to |eases are so|d. he sa|e of
rece|vab|es |s a we|| estab||shed |nstrument used by |ndus-
tr|a| compan|es. hese transact|ons usua||y take the form
of asset-backed f|nanc|ng transact|ons |nvo|v|ng the sa|e of
a portfo||o of rece|vab|es to a trust wh|ch, |n turn, |ssues
marketab|e secur|t|es to ref|nance the purchase pr|ce. he
EMW Croup cont|nues to serv|ce the rece|vab|es and re-
ce|ves an appropr|ate fee for these serv|ces. ln accordance
w|th lAS z Conso||dated and Separate l|nanc|a| State-
ments) and the |nterpretat|on conta|ned |n SlC-z Conso||-
dat|on Spec|a| Purpose Lnt|t|es) such assets rema|n |n
the Croup l|nanc|a| Statements a|though they have been
|ega||y so|d. Ca|ns and |osses re|at|ng to the sa|e of such
assets are not recogn|sed unt|| the assets are removed from
the Croup Ea|ance Sheet on transfer of the re|ated s|gn|f|-
cant r|sks and rewards. he ba|ance sheet va|ue of the
assets so|d at s0 September z00u tota||ed euro s. b||||on
s Oecember z00s: euro s. b||||on).
ln add|t|on to cred|t f|nanc|ng and |eas|ng contracts, the
l|nanc|a| Serv|ces segment a|so brokers |nsurance bus|-
ness v|a cooperat|on arrangements entered |nto w|th |oca|
|nsurance compan|es. hese act|v|t|es are not mater|a| to
the EMW Croup as a who|e.
he lnter|m Croup l|nanc|a| Statements at s0 September
z00u have ne|ther been aud|ted nor rev|ewed by the Croup
aud|tors, KPMC AC W|rtschaftsprfungsgese||schaft.
he Croup currency |s the euro. A|| amounts are d|sc|osed
|n m||||ons of euros euro m||||on) un|ess otherw|se stated.
he preparat|on of |nter|m f|nanc|a| statements requ|res
management to make certa|n assumpt|ons and est|mates
that affect the reported amounts of assets and ||ab|||t|es,
revenues and expenses. A|| assumpt|ons and est|mates
are based on factors known at the end of the report|ng
per|od. hese factors are determ|ned on the bas|s of the
1
34
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Consolidated companies
Ees|des EMW AC, the EMW Croup l|nanc|a| Statements
for the th|rd quarter z00u |nc|ude sz Cerman and 0 for-
e|gn subs|d|ar|es. h|s |nc|udes seven spec|a| purpose
secur|t|es funds and z spec|a| purpose trusts a|most a||
of wh|ch are used for asset-backed f|nanc|ng transact|ons).
No ent|t|es were conso||dated for the f|rst t|me dur|ng the
th|rd quarter z00u.
A|phabet luhrparkmanagement CmbH, Mun|ch, ceased
to be a conso||dated company dur|ng the th|rd quarter
z00u, fo||ow|ng |ts merger w|th LHS Leas|ng- und Hande|s-
gese||schaft Oeutsch|and mbH, Stuttgart. A|so |n the th|rd
quarter z00u, EMW Lease S.N.C., Cuyancourt, and EMW
Locat|on S.N.C., Cuyancourt, ceased to be conso||dated
compan|es fo||ow|ng the|r merger w|th EMW l|nance
S.N.C., Par|s, and EMW l|nanc|a| Serv|ces lber|ca, L.l.C.,
S. A., Madr|d, ceased to be a conso||dated company fo||ow-
|ng |ts merger w|th EMW Eank CmbH, Mun|ch.
LHS Leas|ng- und Hande|sgese||schaft Oeutsch|and mbH,
Stuttgart, changed |ts name to A|phabet luhrparkmanage-
ment CmbH, Mun|ch, dur|ng the quarter under report.
Business acquisitions
W|th effect from January z00u, EMW An|agen Verwa|tungs
CmbH, Mun|ch, acqu|red a|| of the shares of LAPCUS
Crund stcks-Verwa|tungsgese||schaft, Crnwa|d, and,
|nd|rect|y, u. of the shares of that companys subs|d|ary,
LAPCUS Crundstcks-Verwa|tungsgese||schaft mbH &
most ||ke|y outcome of future bus|ness deve|opments.
Lst|mates and under|y|ng assumpt|ons are checked regu-
|ar|y. Actua| amounts cou|d d|ffer from those assumpt|ons
New financial reporting rules
(a) Financial reporting rules applied for the first time in
the third quarter
No new Standards or lnterpretat|ons were app||ed for the
f|rst t|me |n the th|rd quarter z00u.
LAPCUS Crundstcks-Verwa|tungsgese||schaft mbH,
Crnwa|d, LAPCUS Crundstcks-Verwa|tungsgese||schaft
mbH & Co. KC, Crnwa|d, EMW Po|ska Sp. z o.o., Warsaw,
and EMW lnd|a Pr|vate Ltd., New Oe|h|, were conso||dated
|n the n|ne-month lnter|m Croup l|nanc|a| Statements for
the f|rst t|me.
Pover South Afr|ca Pty) Ltd., Cape own, Soc|edade
Ang|o Portugese de Automove|s Sar|, L|sbon, A|phabet
luhrparkmanagement CmbH, Mun|ch, EMW Lease
S.N.C., Cuyancourt, EMW Locat|on S.N.C., Cuyancourt,
and EMW l|nanc|a| Serv|ces lber|ca, L.l.C., S. A., Madr|d,
a|| ceased to be conso||dated compan|es dur|ng the f|rst
three quarters of z00u.
Compared to the correspond|ng per|od |ast year, f|ve sub-
s|d|ar|es and four spec|a| purpose trusts have been con-
so||dated for the f|rst t|me. ln add|t|on, s|x subs|d|ar|es, four
spec|a| purpose trusts and ten spec|a| purpose secur|t|es
funds ceased to be conso||dated compan|es.
he changes to the compos|t|on of the Croup do not have
a mater|a| |mpact on the earn|ngs performance, f|nanc|a|
pos|t|on or net assets of the Croup.
Co. KC, Crnwa|d. he acqu|s|t|on of LAPCUS Crund-
stcks-Verwa|tungsgese||schaft mbH & Co. KC, Crnwa|d,
gave r|se to a cred|t d|fference on conso||dat|on excess
of fa|r va|ue of acqu|red net assets over purchase pr|ce) of
euro z m||||on wh|ch was recogn|sed as other operat|ng |n-
come |n the f|rst quarter z00u.
and est|mates |f bus|ness cond|t|ons deve|op d|fferent|y
to the Croups expectat|ons at the end of the report|ng
per|od.
(b) New financial reporting rules issued during the third
quarter
he fo||ow|ng Standards |ssued by the lASE dur|ng the
th|rd quarter z00u are not mandatory for the report|ng per|od
and have not been app||ed by the EMW Croup |n the th|rd
quarter z00u:
2
3
4
Standard / lnterpretat|on Oate of |sue Oate of mandatory Lndorsed Lxpected |mpact
by lASE app||cat|on by the LU on EMW Croup

llPS 2 l|rst-t|me Adopt|on of llPS 23 Ju|y 2009 1 January 2010 No None
llPS for Sma|| and Med|um-s|zed Lnt|t|es 9 Ju|y 2009 9 Ju|y 2009
*
No None

*
Vo|untary adopt|on
35
Notes to the lncome Statement
Revenues
Pevenues by act|v|ty compr|se the fo||ow|ng:
An ana|ys|s of revenues by operat|ng segment |s shown |n the segment |nformat|on on pages to .
|n euro m||||on 3rd quarter 3rd quarter 1 January to 1 January to
2009 200B

Sa|es of products and re|ated goods 8,374 B,/53 25,462 29,4/0
lncome from |ease |nsta|ments 1,352 1,4/4 4,277 4,129
Sa|es of products prev|ous|y |eased to customers 1,271 1,322 4,141 3,905
lnterest |ncome on |oan f|nanc|ng 628 /5/ 1,976 2,153
ther |ncome 134 252 383 /5B
Revenues 11,759 12,588 36,239 40,425

5
Cost of sales
Cost of sa|es |n the th|rd quarter |nc|ude euro s,su m||||on
th|rd quarter z00s: euro: s,60 m||||on) re|at|ng to f|nanc|a|
serv|ces bus|ness. lor the per|od from January to s0 Sep-
tember z00u, euro 0,us m||||on f|rst n|ne months z00s:
euro 0,z6 m||||on) re|ates to f|nanc|a| serv|ces bus|ness.
h|rd-quarter cost of sa|es |nc|ude research and deve|op-
ment costs of euro 6 m||||on th|rd quarter z00s: euro
Sales and administrative costs
Sa|es costs amounted to euro su m||||on for the th|rd quar-
ter z00u th|rd quarter z00s: euro u0 m||||on) and euro z,
m||||on for the n|ne-month per|od f|rst n|ne months z00s:
euro s,066 m||||on). Sa|es costs ma|n|y compr|se market|ng,
advert|s|ng and sa|es personne| costs.
Other operating income and expenses
ther operat|ng |ncome amounted to euro m||||on |n
the th|rd quarter th|rd quarter z00s: euro ss0 m||||on) and
to euro 6 m||||on for the n|ne-month per|od f|rst n|ne
months z00s: euro u m||||on). ther operat|ng expenses
|n the th|rd quarter tota||ed euro z m||||on th|rd quarter
Result from equity accounted investments
he resu|t from equ|ty accounted |nvestments |n the th|rd
quarter was a pos|t|ve amount of euro u m||||on th|rd quarter
z00s: euro m||||on). he equ|va|ent f|gure for the f|rst n|ne
months of the year was euro zs m||||on f|rst n|ne months
6s6 m||||on). hese compr|se a|| research costs and de-
ve|opment costs not recogn|sed as assets as we|| as the
amort|sat|on of cap|ta||sed deve|opment costs amount|ng
to euro sz m||||on th|rd quarter z00s: euro zs m||||on).
Pesearch and deve|opment costs for the f|rst n|ne months
of z00u amounted to euro ,s m||||on f|rst n|ne months
z00s: euro z,6z m||||on). h|s |nc|udes amort|sat|on of cap|-
ta||sed deve|opment costs of euro suu m||||on f|rst n|ne
months z00s: euro ss m||||on).
Adm|n|strat|ve costs |n the th|rd quarter and f|rst n|ne
months amounted to euro su6 m||||on th|rd quarter z00s:
euro s66 m||||on) and euro ,0zs m||||on f|rst n|ne months
z00s: euro usu m||||on) and compr|sed expenses for adm|n-
|strat|on not attr|butab|e to deve|opment, product|on or
sa|es funct|ons.
z00s: euro zu m||||on). lor the f|rst n|ne months of z00u,
they amounted to euro su m||||on f|rst n|ne months z00s:
euro 66 m||||on). hese |tems pr|nc|pa||y |nc|ude exchange
ga|ns and |osses, ga|ns and |osses on the d|sposa| of as-
sets, wr|te-downs and |ncome / expense from the reversa|
of, and a||ocat|on to, prov|s|ons.
z00s: euro 6 m||||on). h|s |nc|udes the resu|ts from the |n-
terest |n the jo|nt venture, EMW Er||||ance Automot|ve Ltd.,
Shenyang, and from the part|c|pat|on |n C|rquent CmbH,
Mun|ch. ln the prev|ous year, |t on|y |nc|uded the resu|t of the
jo|nt venture, EMW Er||||ance Automot|ve Ltd., Shenyang.
5
/
B
9
35
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Other financial result
Income taxes
axes on |ncome compr|se the fo||ow|ng:
Earnings per share
he computat|on of earn|ngs per share |s based on the fo||ow|ng f|gures:
Changes |n est|mates at s0 September z00u resu|ted |n the expected tax rate for the year be|ng adjusted from s.0 to
0. |z00s: . .
11
10
12
13
2009 200B

Pesu|t on |nvestments 1 1 2
Sundry other f|nanc|a| resu|t 78 // 10 55
Other financial result 78 76 9 68

2009 200B

Current tax expense 39 32 100 330
Oeferred tax expense 9 51 68 100
Income taxes 48 19 32 230

3rd quarter 3rd quarter 1 January to 1 January to
2009 200B

Prof|t attr|butab|e to the shareho|ders euro m||||on 75.7 295.B 41.8 1,2B/.2
Prof|t attr|butab|e to
common stock euro m||||on rounded) 69.7 2/2.5 38.0 1,1B5./
Prof|t attr|butab|e to
preferred stock euro m||||on rounded) 6.0 23.2 3.8 101.5
Average number of
common stock shares |n c|rcu|at|on number 601,995,196 501,995,195 601,995,196 501,995,195
Average number of
preferred stock shares |n c|rcu|at|on number 51,833,032 51,295,152 51,833,032 51,295,152
Earnings per share of common stock euro 0.12 0.45 0.06 1.9/
Earnings per share of preferred stock euro 0.12 0.45 0.07 1.9B

Interest result
2009 200B

lnterest and s|m||ar |ncome 229 152 588 499
lnterest and s|m||ar expenses 245 19B 692 /00
Net interest result 16 36 104 201

3/
Larn|ngs per share are ca|cu|ated for common and pre-
ferred stock by d|v|d|ng the net prof|t after m|nor|ty |nterests,
as attr|butab|e to each category of stock, by the average
number of shares |n c|rcu|at|on.
ln comput|ng earn|ngs per share of preferred stock, earn-
|ngs to cover the add|t|ona| d|v|dend of euro 0.0z per share
of preferred stock are spread over the four quarters of the
correspond|ng f|nanc|a| year. Larn|ngs per share of pre-
ferred stock are computed on the bas|s of the number of
preferred stock shares ent|t|ed to rece|ve a d|v|dend |n
each of the re|evant f|nanc|a| years. O||uted earn|ngs per
share were not app||cab|e |n e|ther of the report|ng per|ods.
Notes to the Statement of Comprehens|ve lncome
14
2009 200B

Ava||ab|e-for-sa|e secur|t|es
Ca|ns / |osses |n the per|od 22 14 27 51
Amounts rec|ass|f|ed to |ncome statement 2 39 5 19
20 53 22 32
l|nanc|a| |nstruments used for hedg|ng purposes
Ca|ns / |osses |n the per|od 267 5/5 473 B0
Amounts rec|ass|f|ed to |ncome statement 24 155 63 5B4
243 842 410 664
Lxchange d|fferences on trans|at|ng fore|gn operat|ons 206 114 159 294
Actuar|a| ga|ns / |osses re|at|ng to def|ned benef|t pens|on and
s|m||ar p|ans 393 3B/ 846 921
Oeferred taxes re|at|ng to components of other comprehens|ve |ncome 35 1B9 71 33
Other comprehensive income for the period after tax 301 99 184 102

Disclosures relating to the statement of total comprehensive income
ther comprehens|ve |ncome after tax compr|ses the fo||ow|ng:
|n euro m||||on 3rd quarter 2009 3rd quarter 200B
Eefore Oeferred After Eefore Oeferred After
tax tax tax tax tax tax
|ncome / |ncome /
expense expense

Ava||ab|e-for-sa|e secur|t|es 20 1 19 53 53
l|nanc|a| |nstruments used for hedg|ng purposes 243 77 166 B42 303 539
s|m||ar p|ans 393 113 280 3B/ 114 2/3
Other comprehensive income 336 35 301 288 189 99

Oeferred taxes on components of other comprehens|ve |ncome |n the th|rd quarter are as fo||ows:
3B
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
1/
1B
15
Leased products
Add|t|ons to |eased products and deprec|at|on thereon
amounted to euro ,ss m||||on f|rst n|ne months z00s:
euro u,6u m||||on) and euro z,z m||||on f|rst n|ne months
z00s: euro z,z m||||on) respect|ve|y. O|sposa|s amounted
Investments accounted for using the equity
method and other investments
lnvestments accounted for us|ng the equ|ty method
compr|se the Croups |nterests |n the jo|nt venture EMW
Er||||ance Automot|ve Ltd., Shenyang, and |n C|rquent
CmbH, Mun|ch.
to euro ,u m||||on f|rst n|ne months z00s: euro ,s0u m||-
||on). he trans|at|on of fore|gn currency f|nanc|a| state-
ments resu|ted |n a net negat|ve trans|at|on d|fference of
euro u m||||on f|rst n|ne months z00s: net pos|t|ve trans-
|at|on d|fference of euro z6 m||||on).

ther |nvestments re|ate to |nvestments |n non-conso||-
dated subs|d|ar|es, part|c|pat|ons and non-current market-
ab|e secur|t|es.
15
Property, plant and equipment
Cap|ta| expend|ture for property, p|ant and equ|pment |n
the f|rst n|ne months of z00u was euro ,0 m||||on f|rst
Intangible assets
lntang|b|e assets ma|n|y compr|se cap|ta||sed deve|op-
ment costs on veh|c|e and eng|ne projects as we|| as sub-
s|d|es for too| costs, ||cences, purchased deve|opment
projects and software. Cap|ta||sed deve|opment costs at
s0 September z00u amounted to euro ,su m||||on s Oe-
cember z00s: euro ,0s m||||on). Cap|ta| expend|ture for
deve|opment costs |n the f|rst n|ne months of z00u was
euro m||||on f|rst n|ne months z00s: euro m||||on).
Amort|sat|on amounted to euro suu m||||on f|rst n|ne
months z00s: euro ss m||||on).
Oeferred taxes on components of other comprehens|ve |ncome for the n|ne-month per|od are as fo||ows:
n|ne months z00s: euro ,u m||||on). he deprec|at|on ex-
pense for the same per|od amounted to euro ,66 m||||on
f|rst n|ne months z00s: euro , m||||on).
ln add|t|on, |ntang|b|e assets |nc|ude a brand-name r|ght
amount|ng to euro su m||||on s Oecember z00s: euro s m||-
||on) and goodw||| amount|ng to euro m||||on s Oecem-
ber z00s: euro m||||on). he |atter compr|ses goodw|||
ar|s|ng on the acqu|s|t|on of OLKPA SdLeas|ng Serv|ces
CmbH, Stuttgart, and |ts subs|d|ar|es and on the acqu|s|-
t|on of S|meLease Ma|ays|a) Sdn Ehd, Kua|a Lumpur, and
|ts subs|d|ary S|meCred|t Ma|ays|a) Sdn Ehd, Kua|a Lumpur.
h|s |tem |s not presented separate|y |n the EMW Croup
ba|ance sheet s|nce the amount |s not s|gn|f|cant |n re|at|on
to e|ther the ba|ance sheet tota| or |ntang|b|e assets.
|n euro m||||on 1 January to 1 January to
30 September 2009 30 September 200B
Eefore Oeferred After Eefore Oeferred After
tax tax tax tax tax tax
|ncome / |ncome /
expense expense

Ava||ab|e-for-sa|e secur|t|es 22 2 20 32 32
l|nanc|a| |nstruments used for hedg|ng purposes 410 167 243 554 242 422
s|m||ar p|ans 846 240 606 921 2/5 545
Other comprehensive income 255 71 184 69 33 102

Notes to the Ea|ance Sheet
39
19
20
Receivables from sales financing
Pece|vab|es from sa|es f|nanc|ng tota|||ng euro ss, m||||on
s Oecember z00s: euro ss,06s m||||on) re|ate to cred|t f|nanc-
|ng for reta|| customers and dea|ers and to f|nance |eases.
Financial assets
l|nanc|a| assets compr|se:

Pece|vab|es from sa|es f|nanc|ng |nc|ude euro zs,0ss m||||on
s Oecember z00s: euro zz,uz m||||on) w|th a rema|n|ng
term of more than one year.
|n euro m||||on 30. 9. 2009 31. 12. 200B

lnterest and currency der|vat|ves 2,850 3,449
Marketab|e secur|t|es and |nvestment funds 1,476 553
Loans to th|rd part|es 19 13
Cred|t card rece|vab|es 252 253
ther 345 /45
Financial assets 4,942 5,114
thereof non-current 1,721 1,B0B
thereof current 3,221 3,305

he fa|r va|ues of |nterest rate and currency der|vat|ve |n-
struments are computed us|ng market-|nformat|on ava||a-
b|e at the end of the report|ng per|od on the bas|s of pr|ces
quoted by the counterpart|es or us|ng appropr|ate measure-
ment methods, e.g. d|scounted cash f|ow mode|s. hese
|nterest rates are adjusted, where necessary, to take ac-
count of the cred|t qua||ty and r|sk of the under|y|ng f|nan-
c|a| |nstrument.
As a resu|t of the |mpact of the f|nanc|a| market cr|s|s, some
of the |nterest rates used to measure the fa|r va|ue of de-
r|vat|ves are based on |nf|ated cred|t and ||qu|d|ty spreads.
lt |s therefore poss|b|e that the ca|cu|ated fa|r va|ues may
not be tradab|e on the markets at present.
Currency hedg|ng contracts used to hedge cash f|ows are
measured on the bas|s of the zero-coupon method. Oue
to the f|nanc|a| cr|s|s and the current c||mate, |t |s poss|b|e
un||ke |n the past that other mode|s for |nstance the par
method) cou|d resu|t |n d|ffer|ng fa|r va|ues.
C|os|ng out ex|st|ng pos|t|ons can therefore have an |mpact
on prof|t or |oss. However, s|nce the contracts have been
entered |nto for hedg|ng purposes, the |ntent|on |s to ho|d
them unt|| matur|ty.
21
Income tax assets
lncome tax assets can be ana|ysed as fo||ows:
30 September 2009 Matur|ty w|th|n Matur|ty |ater ota|
|n euro m||||on one year than one year

Oeferred tax 1,05B 1,05B
Current tax 401 441 B42
Income tax assets 401 1,499 1,900

s Oecember z00s Matur|ty w|th|n Matur|ty |ater ota|

Oeferred tax B55 B55
Current tax 49B 104 502
Income tax assets 498 970 1,468

40
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
24
22
23
Other assets
Inventories
lnventor|es compr|se the fo||ow|ng:
Equity
he Croup Statement of Changes |n Lqu|ty |s shown on
page sz.
Number of shares issued
At s0 September z00u, common stock |ssued by EMW AC
was d|v|ded |nto 60,uu,u6 shares w|th a par va|ue of one
euro, unchanged from the prev|ous year. Preferred stock
|ssued by EMW AC was d|v|ded |nto z,u6,6z shares w|th
a par va|ue of one euro, a|so unchanged from the prev|ous
year. Un||ke common stock, no vot|ng r|ghts are attached
to preferred stock. A|| of the Companys stock |s |ssued to
bearer. Preferred stock bears an add|t|ona| d|v|dend of euro
0.0z per share.
At the Annua| Cenera| Meet|ng on May z00u, the share-
ho|ders author|sed the Eoard of Management to acqu|re
treasury shares v|a the stock exchange, up to a max|mum
of 0 of the share cap|ta| |n p|ace at the date of the reso-
|ut|on, and to w|thdraw these shares from c|rcu|at|on w|th-
out any further reso|ut|on by the Annua| Cenera| Meet|ng.
At the same t|me, the author|sat|on from s May z00s to ac-
qu|re treasury shares was resc|nded. he author|sat|on
has not been exerc|sed to date. lt has not yet been dec|ded
whether or to wh|ch extent the author|sat|on w||| be used.
EMW AC d|d not acqu|re any treasury shares of preferred
stock dur|ng the f|rst n|ne months of z00u. At s0 September
z00u, s6s,s0 treasury shares of preferred stock were he|d.
he effect of app|y|ng llPS z Share-Eased Payments) to
the emp|oyee share scheme |s not mater|a| for the Croup.
ln add|t|on, the shareho|ders passed a reso|ut|on author|s-
|ng the Eoard of Management w|th the approva| of the Su-
perv|sory Eoard, to |ncrease the Companys share cap|ta|
pr|or to s May z0 |n return for cash contr|but|ons and the
|ssue of new non-vot|ng preferred stock. h|s author|sat|on
has not been used to date.
Capital reserves
Cap|ta| reserves |nc|ude prem|ums ar|s|ng from the |ssue
of shares.
|n euro m||||on 30. 9. 2009 31. 12. 200B

ther taxes 402 3/3
Pece|vab|es from subs|d|ar|es 452 425
Pece|vab|es from other compan|es |n wh|ch an |nvestment |s he|d 161 103
Prepayments 1,015 B4B
Co||atera| assets 584 291
Sundry other assets 504 452
Other assets 3,118 2,502
thereof non-current 786 550
thereof current 2,332 1,B42

|n euro m||||on 30. 9. 2009 31. 12. 200B

Paw mater|a|s and supp||es 569 595
Work |n progress, unb|||ed contracts 831 B03
l|n|shed goods and goods for resa|e 6,003 5,B91
Inventories 7,403 7,290

41
Other provisions
ther prov|s|ons, at euro ,ss m||||on s Oecember z00s:
euro ,ssz m||||on) pr|mar||y |nc|ude personne|-re|ated ob||-
gat|ons and ob||gat|ons for ongo|ng operat|ona| expenses.

Current prov|s|ons at s0 September z00u amounted to euro
,s6 m||||on s Oecember z00s: euro z,z m||||on).
Revenues reserves
Pevenue reserves compr|se the post-acqu|s|t|on and non-
d|str|buted earn|ngs of conso||dated compan|es. ln add|-
t|on, revenue reserves |nc|ude both pos|t|ve and negat|ve
goodw||| ar|s|ng on the conso||dat|on of Croup compan|es
pr|or to s Oecember uu.
Other comprehensive income
ther comprehens|ve |ncome cons|sts of a|| amounts rec-
ogn|sed d|rect|y |n equ|ty resu|t|ng from the trans|at|on of
the f|nanc|a| statements of fore|gn subs|d|ar|es, the effects

of recogn|s|ng changes |n the fa|r va|ue of der|vat|ve f|nan-
c|a| |nstruments and secur|t|es d|rect|y |n equ|ty, and
actuar|a| ga|ns and |osses re|at|ng to def|ned benef|t pen-
s|on p|ans and s|m||ar ob||gat|ons and deferred taxes.
Minority interests
Lqu|ty attr|butab|e to m|nor|ty |nterests amounted to euro
s m||||on s Oecember z00s: euro s m||||on). h|s |nc|udes
a m|nor|ty |nterest of euro m||||on |n the resu|ts for the
per|od s Oecember z00s: euro 6 m||||on).
25
25
Income tax liabilities
30 September 2009 Matur|ty w|th|n Matur|ty |ater ota|

Oeferred tax 2,/11 2,/11
Current tax 33/ 335 5/2
Income tax liabilities 337 3,046 3,383

s Oecember z00s Matur|ty w|th|n Matur|ty |ater ota|

Oeferred tax 2,/5/ 2,/5/
Current tax 255 35B 533
Income tax liabilities 265 3,125 3,390

Current tax ||ab|||t|es of euro 6z m||||on s Oecember z00s:
euro 6ss m||||on) compr|se euro m||||on s Oecember
z00s: euro u m||||on) for taxes payab|e and euro u m||||on
s Oecember z00s: euro s6 m||||on) for tax prov|s|ons.
42
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Other liabilities
ther ||ab|||t|es compr|se the fo||ow|ng |tems:
2B
|n euro m||||on 30. 9. 2009 31. 12. 200B

ther taxes 470 335
Soc|a| secur|ty 47 44
Advance payments from customers 219 345
Oepos|ts rece|ved 263 255
Payab|es to subs|d|ar|es 30 45
Payab|es to other compan|es |n wh|ch an |nvestment |s he|d 20 2B
Oeferred |ncome 3,260 3,1B1
ther 2,115 2,03/
Other liabilities 6,424 6,281
thereof non-current 2,428 2,201
thereof current 3,996 4,0B0

2/
Financial liabilities
l|nanc|a| ||ab|||t|es |nc|ude a|| ob||gat|ons of the EMW Croup re|at|ng to f|nanc|ng act|v|t|es. l|nanc|a| ||ab|||t|es compr|se
the fo||ow|ng:
lor further |nformat|on re|at|ng to the measurement of |nterest rate and currency der|vat|ves, reference |s made to Note z0 .
|n euro m||||on 30. 9. 2009 31. 12. 200B

Eonds 26,924 24,159
L|ab|||t|es to banks 8,797 11,144
L|ab|||t|es from customer depos|ts bank|ng) 9,942 B,209
Commerc|a| paper 4,818 5,4/1
Asset backed f|nanc|ng transact|ons 8,090 B,/02
lnterest and currency der|vat|ves 1,229 1,521
ther 1,109 1,0/B
Financial liabilities 60,909 60,384
thereof non-current 36,494 30,49/
thereof current 24,415 29,BB/

43
Related party relationships
ln accordance w|th lAS z Pe|ated Party O|sc|osures),
re|ated |nd|v|dua|s or ent|t|es wh|ch have the ab|||ty to con-
tro| the EMW Croup or wh|ch are contro||ed by the EMW
Croup, must be d|sc|osed un|ess such part|es are not a|-
ready |nc|uded |n the conso||dated f|nanc|a| statements as
conso||dated compan|es. Contro| |s def|ned as ownersh|p
of more than one ha|f of the vot|ng power of EMW AC or
the power to d|rect, by statute or agreement, the f|nanc|a|
and operat|ng po||c|es of the management of the Croup.
ln add|t|on, the d|sc|osure requ|rements of lAS z a|so
cover transact|ons w|th |nvestee compan|es, jo|nt ventures
and |nd|v|dua|s that have the ab|||ty to exerc|se s|gn|f|cant
|nf|uence over the f|nanc|a| and operat|ng po||c|es of the
EMW Croup. h|s a|so |nc|udes c|ose re|at|ves and |nterme-
d|ar|es. S|gn|f|cant |nf|uence over the f|nanc|a| and operat-
|ng po||c|es of the Croup can ar|se when a party ho|ds z0
or more of the shares of EMW AC or |s a member of the
Eoard of Management or Superv|sory Eoard of EMW AC.
lor the th|rd quarter z00u, the d|sc|osure requ|rements con-
ta|ned |n lAS z on|y affect the EMW Croup w|th regard
to bus|ness re|at|onsh|ps w|th aff|||ated, non-conso||dated
subs|d|ar|es, jo|nt ventures, other equ|ty |nvestments as
we|| as w|th members of the Eoard of Management and
Superv|sory Eoard of EMW AC.
he EMW Croup ma|nta|ns norma| bus|ness re|at|onsh|ps
w|th aff|||ated, non-conso||dated ent|t|es. ransact|ons w|th
these ent|t|es are sma|| |n sca|e, ar|se |n the norma| course
of bus|ness and are conducted on the bas|s of arms |ength
pr|nc|p|es.
ransact|ons of EMW Croup compan|es w|th the jo|nt ven-
ture, EMW Er||||ance Automot|ve Ltd., Shenyang, a|| ar|se
|n the norma| course of bus|ness and are conducted on
the bas|s of arms |ength pr|nc|p|es. Croup compan|es so|d
goods and serv|ces to EMW Er||||ance Automot|ve Ltd.,
Shenyang, dur|ng the f|rst n|ne months of z00u amount|ng
to euro su m||||on f|rst n|ne months z00s: euro zus m||||on),
of wh|ch euro 6 m||||on was recorded |n the th|rd quarter
th|rd quarter z00s: euro u m||||on). At s0 September z00u,
rece|vab|es of Croup compan|es from EMW Er||||ance
Automot|ve Ltd., Shenyang, amounted to euro 6 m||||on
s Oecember z00s: euro 0z m||||on). Croup compan|es
d|d not have any ||ab|||t|es to EMW Er||||ance Automot|ve
Ltd., Shenyang at s0 September z00u or s Oecember
z00s.
Eus|ness transact|ons between EMW Croup ent|t|es and
part|c|pat|ons a|| ar|se |n the norma| course of bus|ness
and are conducted on the bas|s of arms |ength pr|nc|p|es.
W|th the except|on of C|rquent CmbH, Mun|ch, bus|ness
re|at|onsh|ps w|th such ent|t|es are on a sma|| sca|e. Our|ng
the th|rd quarter z00u EMW Croup compan|es purchased
serv|ces and goods from C|rquent CmbH, Mun|ch, amount-
|ng to euro z m||||on. he correspond|ng amount for the
n|ne-month per|od was euro s m||||on. At s0 September
z00u, ||ab|||t|es of Croup compan|es to C|rquent CmbH,
Mun|ch, tota||ed euro s m||||on s Oecember z00s: euro
zs m||||on).
Stefan Quandt |s a shareho|der and Oeputy Cha|rman of
the Superv|sory Eoard of EMW AC. He |s a|so so|e share-
ho|der and Cha|rman of the Superv|sory Eoard of OLLN
AC, Ead Homburg v. d. H., wh|ch, v|a |ts subs|d|ar|es, per-
formed |og|st|cs serv|ces for the EMW Croup dur|ng the
th|rd quarter z00u. ln add|t|on, compan|es of the OLLN
Croup acqu|red veh|c|es from the EMW Croup, most|y
|n the form of |eas|ng contracts. hese serv|ce and |ease
contracts are not mater|a| for the EMW Croup, ar|se |n
the course of ord|nary act|v|t|es and are made, w|thout ex-
cept|on, on the bas|s of arms |ength pr|nc|p|es.
Susanne K|atten |s a shareho|der and member of the
Superv|sory Eoard of EMW AC and a|so a shareho|der and
Oeputy Cha|rman of the Superv|sory Eoard of A|tana AC,
Wese|. A|tana AC, Wese|, purchased veh|c|es from the
EMW Croup dur|ng the th|rd quarter z00u. Susanne K|atten
a|so ho|ds shares |n SCL Carbon SL, W|esbaden, whose
subs|d|ar|es supp||ed components to the EMW Croup dur-
|ng the th|rd quarter and |n Nordex AC, Norderstedt. hese
contracts are not mater|a| for the EMW Croup, ar|se |n the
course of ord|nary act|v|t|es and are made, w|thout excep-
t|on, on the bas|s of arms |ength pr|nc|p|es.
Apart from these transact|ons, compan|es of the EMW
Croup d|d not enter |nto any contracts w|th members of the
Eoard of Management or Superv|sory Eoard of EMW AC.
he same app||es to c|ose members of the fam|||es of
those persons.
29
ther d|sc|osures
44
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
4/ Contacts
Explanatory notes to segment information
lor |nformat|on on the bas|s used for |dent|fy|ng and as-
sess|ng the performance of reportab|e segments a|ong
|nterna| management ||nes, reference |s made to the
Croup l|nanc|a| Statements of EMW AC for the year
Segment |nformat|on by operat|ng segment for the f|rst n|ne months of z00u |s as fo||ows:
ended s Oecember z00s. No changes have been made
e|ther |n the account|ng po||c|es app||ed or |n the bas|s
used for |dent|fy|ng reportab|e segments as compared to
s Oecember z00s. Segment |nformat|on by operat|ng
segment for the th|rd quarter z00u |s as fo||ows:

Automob||es Motorcyc|es l|nanc|a| ther Peconc|||at|ons to Croup
Serv|ces Lnt|t|es Croup f|gures

|n euro m||||on 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B

Segment assets 12,650 14,35/ 373 423 4,093 3,/52 39,214 3B,54B 45,058 43,995 101,388 101,0B5 Segment assets

30
Segment information by operating segment
|n euro m||||on 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Lxterna| revenues 8,142 B,595 237 259 3,380 3,5/5 49 11,759 12,5BB Lxterna| revenues
lnter-segment revenues 2,036 2,51B 2 2 451 409 1 1B 2,490 2,94/ lnter-segment revenues
Total revenues 10,178 11,113 239 271 3,831 4,084 1 67 2,490 2,947 11,759 12,588 Total revenues
Segment resu|t 76 141 3 5 94 1/ 40 205 71 45 126 2/9 Segment resu|t
Cap|ta| expend|ture on non-current assets 770 1,155 9 14 2,108 4,945 1 413 524 2,474 5,492 Cap|ta| expend|ture on non-current assets
Oeprec|at|on and amort|sat|on on non-current assets 890 B/9 17 15 1,143 1,500 501 522 1,549 1,B/3 Oeprec|at|on and amort|sat|on on non-current assets

|n euro m||||on 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Lxterna| revenues 24,626 2B,/52 857 1,002 10,755 10,513 1 14B 36,239 40,425 Lxterna| revenues
lnter-segment revenues 5,984 B,25/ 8 5 1,303 1,305 2 45 7,297 9,523 lnter-segment revenues
Total revenues 30,610 37,029 865 1,008 12,058 11,818 3 193 7,297 9,623 36,239 40,425 Total revenues
Segment resu|t 358 1,155 51 B/ 247 131 82 542 57 393 79 1,522 Segment resu|t
Cap|ta| expend|ture on non-current assets 2,372 2,B2B 29 31 7,059 11,/3B 4 1,327 2,220 8,133 12,3B1 Cap|ta| expend|ture on non-current assets
Oeprec|at|on and amort|sat|on on non-current assets 2,581 2,545 51 4B 4,159 4,242 4 1,572 1,/B5 5,219 5,153 Oeprec|at|on and amort|sat|on on non-current assets

45


|n euro m||||on 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B 30. 9. 2009 31.12. 200B

Segment assets 12,650 14,35/ 373 423 4,093 3,/52 39,214 3B,54B 45,058 43,995 101,388 101,0B5 Segment assets

|n euro m||||on 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Lxterna| revenues 8,142 B,595 237 259 3,380 3,5/5 49 11,759 12,5BB Lxterna| revenues
lnter-segment revenues 2,036 2,51B 2 2 451 409 1 1B 2,490 2,94/ lnter-segment revenues
Total revenues 10,178 11,113 239 271 3,831 4,084 1 67 2,490 2,947 11,759 12,588 Total revenues
Segment resu|t 76 141 3 5 94 1/ 40 205 71 45 126 2/9 Segment resu|t
Cap|ta| expend|ture on non-current assets 770 1,155 9 14 2,108 4,945 1 413 524 2,474 5,492 Cap|ta| expend|ture on non-current assets
Oeprec|at|on and amort|sat|on on non-current assets 890 B/9 17 15 1,143 1,500 501 522 1,549 1,B/3 Oeprec|at|on and amort|sat|on on non-current assets

|n euro m||||on 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B 2009 200B

Lxterna| revenues 24,626 2B,/52 857 1,002 10,755 10,513 1 14B 36,239 40,425 Lxterna| revenues
lnter-segment revenues 5,984 B,25/ 8 5 1,303 1,305 2 45 7,297 9,523 lnter-segment revenues
Total revenues 30,610 37,029 865 1,008 12,058 11,818 3 193 7,297 9,623 36,239 40,425 Total revenues
Segment resu|t 358 1,155 51 B/ 247 131 82 542 57 393 79 1,522 Segment resu|t
Cap|ta| expend|ture on non-current assets 2,372 2,B2B 29 31 7,059 11,/3B 4 1,327 2,220 8,133 12,3B1 Cap|ta| expend|ture on non-current assets
Oeprec|at|on and amort|sat|on on non-current assets 2,581 2,545 51 4B 4,159 4,242 4 1,572 1,/B5 5,219 5,153 Oeprec|at|on and amort|sat|on on non-current assets

45
Report
0/ Automob||es
11 Motorcyc|es
20 P|sk Management
20 ut|ook
Statements
lncome for Croup
Segments
|n Lqu|ty
33 Notes
47 Financial Calendar
47 Contacts
|n euro m||||on 2009 200B

Reconciliation of segment result
ota| for reportab|e segments 55 324
l|nanc|a| resu|t of Automob||es segment and Motorcyc|es segment 80 125
L||m|nat|on of |nter-segment |tems 151 B0
Group profit before tax 126 279
Reconciliation of capital expenditure on non-current assets
ota| for reportab|e segments 2,887 5,115
L||m|nat|on of |nter-segment |tems 413 524
Total Group capital expenditure on non-current assets 2,474 5,492
Reconciliation of depreciation and amortisation on non-current assets
Total Group depreciation and amortisation on non-current assets 1,549 1,873

|n euro m||||on 2009 200B

Reconciliation of segment result
ota| for reportab|e segments 22 1,915
l|nanc|a| resu|t of Automob||es segment and Motorcyc|es segment 431 2B0
Group profit before tax 79 1,522
Reconciliation of capital expenditure on non-current assets
L||m|nat|on of |nter-segment |tems 1,327 2,220
Total Group capital expenditure on non-current assets 8,133 12,381
Reconciliation of depreciation and amortisation on non-current assets
L||m|nat|on of |nter-segment |tems 1,572 1,/B5
Total Group depreciation and amortisation on non-current assets 5,219 5,153

|n euro m||||on 30. 9. 2009 31.12. 200B

Reconciliation of segment assets
ota| for reportab|e segments 56,330 5/,090
Non-operat|ng assets ther Lnt|t|es segment 5,653 5,515
perat|ng ||ab|||t|es l|nanc|a| Serv|ces segment 64,970 55,040
lnterest-bear|ng assets Automob||es segment 24,695 24,B49
L|ab|||t|es of Automob||es and Motorcyc|es segments not subject to |nterest 15,281 14,1/4
L||m|nat|on of |nter-segment |tems 65,541 55,5B3
Total Group assets 101,388 101,086

Segment f|gures for the th|rd quarter can be reconc||ed to the correspond|ng Croup f|gures as fo||ows:
Segment f|gures for the f|rst n|ne month of the year can be reconc||ed to the correspond|ng Croup f|gures as fo||ows:
4/
Other Information
l|nanc|a| Ca|endar
Contacts
Financial Calendar
Annua| Peport z00u March z00
Annua| Accounts Press Conference March z00
l|nanc|a| Ana|ysts Meet|ng s March z00
Quarter|y Peport to s March z00 May z00
Annua| Cenera| Meet|ng s May z00
Quarter|y Peport to s0 June z00 s August z00
Quarter|y Peport to s0 September z00 s November z00
Contacts
Business Press Investor Relations
e|ephone u su ssz-z ss 6z e|ephone u su ssz-z z z
u su ssz-z s u su ssz-z s s
lax u su ssz-z s lax u su ssz- 6 6
L-ma|| presseCbmwgroup.com L-ma|| |rCbmwgroup.com
The BMW Group on the Internet
lurther |nformat|on about the EMW Croup |s ava||ab|e on||ne at www.bmwgroup.com.
lnvestor Pe|at|ons |nformat|on |s ava||ab|e d|rect|y at www.bmwgroup.com/|r. lnformat|on
about the var|ous EMW Croup brands |s ava||ab|e at www.bmw.com, www.m|n|.com
and www.ro||s-roycemotorcars.com.
he manufacture of, and the paper used for, the EMW Croups Quarter|y Peport to s0 September z00u, have been cert|f|ed |n accordance w|th
the cr|ter|a of the lorest Stewardsh|p Counc|| lSC). he lSC prescr|bes str|ngent standards for forest management, thus he|p|ng to avo|d
uncontro||ed deforestat|on, human r|ghts |nfr|ngements and damage to the env|ronment. S|nce products bear|ng the lSC |abe| are hand|ed
by var|ous enterpr|ses a|ong the process|ng and trad|ng cha|n, the lSC cha|n of custody cert|f|cat|on ru|es are a|so app||ed to enterpr|ses wh|ch
process paper e. g. pr|nt|ng compan|es.
he C2 em|ss|ons generated through the product|on of paper for th|s report, as we|| as through pr|nt and product|on, were neutra||zed by
the EMW Croup. o th|s end, the correspond|ng amount of em|ss|on a||owances was erased, w|th the transact|on |dent|f|cat|on OL-B25B9 on
z6 ctober z00u.
Published by
Eayer|sche Motoren Werke
Akt|engese||schaft
s0ss Mun|ch
Cermany
e|ephone u su ssz-0

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exc|ud|ng Husqvarna Motorcyc|es z,uz6 motorcyc|es)

exc|ud|ng Husqvarna Motorcyc|es ,us motorcyc|es)

after rec|ass|f|cat|on of research and deve|opment costs to cost of sa|es

after rec|ass|f|cat|on of research and deve|opment costs to cost of sa|es

after rec|ass|f|cat|on of research and deve|opment costs to cost of sa|es

after rec|ass|f|cat|on of research and deve|opment costs to cost of sa|es

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