BMW Group Investor Relations

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1 20 March Check against delivery - Statement by Dr. Helmut Panke BMW Group Financial Analysts' Meeting 20 March 2003 Ladies and Gentlemen, Welcome to the BMW Financial Analysts Meeting here in Munich. Before taking a detailed look at the year of business under report, I would like to make a few remarks on the current situation in this year of business. BMW Group customer deliveries of 260,000 units in the first quarter 2003 at the same level as last year. We expect the BMW Group to achieve the same level of customer deliveries in the first quarter of this year as in the same period last year. In absolute terms, we are looking at a volume of 260,000 cars sold. March 2003 likely to be the best MINI month since introduction of the brand. With customer deliveries worldwide expected to be just under 45,000 units, the MINI brand has continued its outstanding success in the first quarter In all likelihood March 2003 will be MINI's best month ever since the introduction of the brand into the market. Company Bayerische Motoren Werke Aktiengesellschaft Postal Address BMW AG München Telephone 089/ Internet

2 Page 2 Approximately 215,000 BMWs delivered to customers in the first quarter. The BMW brand, as already reported, has developed somewhat more slowly in the first quarter of this year, with an anticipated sales volume of approximately 215,000 units. This means that sales as of March of this year would be 8 per cent below the previous year's corresponding figure. We are not surprised by this development, since it is attributable by and large to our model cycles: As one of our fundamental products right in the middle of our model range, the 5 Series is about to be replaced this year. Updated versions of the 3 Series Convertible, Coupé and Compact entered the market only recently in early March, being ramped up successfully in a digital start of production at our plants in Munich and Regensburg. The BMW Z4 so far only available in North America will contribute to the ongoing growth of the BMW brand at a later point in the course of the year as the worldwide model launch now starting gradually picks up momentum.

3 Page 3 Deliveries of all brands increasing in the course of the year. Not least due to the new 5 Series, these impulses will gain their full impact in the second half of the year. Following the introduction of our new and upgraded models into the market and depending on solving the Iraq crisis within a foreseeable period, we anticipate an increase in customer deliveries with all BMW Group brands by the end of 2003 over the previous year's figures, thus marking yet another new record year for the Group as a whole and for each brand as such. Although the ongoing development of the economic situation remains difficult to assess, our task is to set the path today for the long-term success of the BMW Group by taking the right entrepreneurial decisions. With this in mind, we are consistently continuing our product and market offensive with its long-term orientation. And in this offensive we are exactly on course. BMW Group presenting more new products in 2003 than ever before. This year the BMW Group will be presenting more new products than ever before in one single 12-month period: Since 1 January Rolls-Royce, with the new Rolls- Royce Phantom, is an important cornerstone in the expansion of our brand and product portfolio. Other examples are the new BMW 5 Series, the new 6 Series Coupé, and the BMW X3.

4 Page 4 BMW Group expanding market position in Asia through joint venture in China. Expanding our presence in the international market, we have achieved a decisive milestone in China: Last week we received approval for our production and sales joint venture with Brilliance. This will allow us to consistently expand and strengthen our position in Asia as part of our premium brand strategy. Ladies and Gentlemen, Before taking a closer look at these important issues in the current year of business, I would like to give you an overview of the course of business in the year under report. The year 2002 was the most successful year ever in the history of the BMW Group. Customer deliveries, revenues and profits all reached new records. In fiscal 2002 the BMW Group recorded growth in all business segments: In the Automobiles Segment In the Motorcycles Segment and in the Financial Services Segment Automobiles Segment up by 16.7 per cent to approximately 1.06 million units. With customer deliveries amounting to approximately 1.06 million BMW and MINI cars worldwide, we achieved a growth rate of 16.7 per cent against the backdrop of overall stagnation in the world market as a whole.

5 Page 5 Showing ongoing growth in absolute figures by almost 152,000 cars over the previous year, we have taken a big step, also versus the sales figures of our main competitors, in becoming the premium car manufacturer worldwide. This growth is not just attributable to MINI. Rather, an increase in customer deliveries by more than 32,500 BMW cars is more than the growth in sales of our two main German competitors together in the year tenth record year in a row in the Motorcycles Segment. With customer deliveries amounting to more than 103,000 units, the Motorcycles Segment continued to report top sales figures in Approximately 92,600 BMW motorcycles and well over 10,400 C1s were delivered to customers. Compared with the 2001 year of business, customer deliveries in the Motorcycles Segment were up by 8.1 per cent, making 2002 the tenth record year in a row. Revenue in Financial Services up 9.3 per cent to Euro 8.2 billion. Revenue in the Financial Services segment increased in 2002 by 9.3 per cent to approximately Euro 8.2 billion. In all, we concluded more than 1.38 million financing agreements in the year under report, representing an increase by 14.3 per cent over the previous year.

6 Page 6 In all we may state that the BMW Group is continuing its successful development in all three business segments Automobiles, Motorcycles and Financial Services. Successful expansion of the brand portfolio through MINI. One factor crucial to the success of the BMW Group in fiscal 2002 was the expansion of our brand portfolio: Apart from the successful BMW brand, we have firmly established a second strong cornerstone in all major international markets through the MINI brand. In this way the BMW Group took another step in 2002 in becoming a genuine multi-brand manufacturer of premium cars, proving through MINI that a premium model can also be positioned successfully in the small car segment. MINI now sold in 70 markets the world over. Today, some 1½ years after the launch of MINI into the market, the brand is already sold in some 70 markets the world over. This is quite unique for a car of this kind, as is our sales network now comprising almost 1,500 dealers worldwide. 24,600 MINIs sold in the USA. The development of MINI sales in North America is particularly positive: Following the excellent start of the MINI brand in March 2002, the USA immediately became the second-largest sales market for MINI last year, with customer deliveries amounting to 24,600 units.

7 Page 7 The significance of MINI's success in the USA is also borne out by the fact that in January of this year MINI received the North American Car of the Year Award The only market accounting for even more MINI sales last year was Great Britain, the "home country" of the MINI, with customer deliveries amounting to 34,700 units More than 144,000 MINIs delivered to customers worldwide in MINI has therefore made a perfect start into the market: In 2002 worldwide customer deliveries of MINI brand cars amounted to more than 144,000 units, thus significantly exceeding even our own expectations by the end of the year 2002, deliveries were approximately 40 per cent above our original plans. This was made possible, inter alia, by the high level of production flexibility at our plant in Oxford. The BMW brand continued its successful development in 2002: Customer deliveries of BMW cars in the year under report amounted to approximately 913,000 units, that is 3.7 per cent more than in the previous year. BMW 3 Series up 5.1 per cent to 561,000 units. With its seven model variants, the 3 Series was up 5.1 per cent over the previous year to more than 561,000 units. Never before have we delivered that many BMW 3 Series to customers in one single year.

8 Page 8 20,300 BMW Z3s delivered to customers in The last BMW Z3 Roadster came off the production line in Spartanburg towards the end of June 2002, customer deliveries in 2002 amounting to almost 20,300 units. In all, we delivered almost 300,000 units of the Z3 to customers throughout a production lifecycle of 7 years. BMW Z4 successfully entering the North American market. The new BMW Z4 entered the North American market in autumn of last year as the first car in the history of the Company with a ramp-up period of just three months. By the end of the year we had already delivered more than 3,800 units to customers and the market launch of the Z4 in Europe will be starting in just a few days. Robust deliveries of the BMW 5 Series in its last full year of production. Accounting for more than 172,000 units, customer deliveries of the BMW 5 Series were only about 11 per cent below the previous year's figure, sales of the 5 Series thus proving unusually robust at a level above average with a view to the car's product cycle. A factor certainly worth mentioning in this context is the development of customer deliveries in the USA, where the 5 Series showed ongoing growth by 2.1 in the year under report.

9 Page 9 X5 customer deliveries exceeding 100,000 units/year for the first time. Demand for the BMW X5 remains at a high level: For the first time we sold more than 100,000 units of our Sports Activity Vehicle in just one year, equal to an increase by well over 22 per cent compared with the previous year, BMW 7 Series outperforming previous model. Customer deliveries of the new BMW 7 Series in the first year after switching over to the new model amounted to almost 51,000 vehicles, more than 4 per cent over the corresponding sales volume of the previous model in its first full year of production. And since we also sold approximately 2,500 units of the previous 7 Series in 2002, overall sales of our 7 Series luxury performance models amounted to 53,500 units in the year under report. Now, with the diesel models launched in autumn 2002, the 12-cylinder model available since the beginning of this year, and the sixcylinder petrol model to be introduced in just a few day's time, we expect demand to build up to an even higher level. This takes me on to the success of the BMW Group in our various markets: In fiscal 2002 the BMW Group expanded its strong position in all regions of the world.

10 Page 10 Worldwide demand for BMW Group cars developed significantly better than the overall market and the premium segments as a whole in In nearly all major automobile markets we succeeded in further increasing our market shares. Germany remaining biggest market in terms of deliveries. Germany remained our biggest market in terms of customer deliveries in 2002, the BMW Group delivering more than 235,000 BMW brand cars and more than 23,000 MINI brand cars to customers. Overall deliveries of approximately 258,000 units represents an increase by 5 per cent over the previous year, enabling the BMW Group to once again hold its own against the general decline in the market as a whole. BMW Group up 19.7 per cent in the rest of Western Europe. In the other countries of Western Europe BMW Group car sales were up by 19.7 per cent over the previous year to almost 369,000 units. Out of this total figure, some 291,000 units were BMWs and almost 78,000 units were MINIs. This growth was borne out equally by all major European markets. In the countries of Eastern Europe the BMW Group was able to escape the largely negative trends in the market and increase sales accordingly.

11 Page 11 BMW Group's most successful year ever in North America. In the North American market the BMW Group was more successful than ever before in 2002, with sales in the USA amounting to a total of nearly 257,000 units, ranking the USA and the German market almost equal. More than 232,000 units hereof were BMWs and close to 25,000, as already mentioned, were MINIs. As a result, BMW Group sales in the USA in the year under report were up by 20.4 per cent, putting the BMW brand in second place in the US luxury performance segment last year. BMW Group sales in Asia up 30 per cent. Sales of BMW Group cars in Asia developed very dynamically in 2002, with growth of more than 30 per cent. In percentage terms, the increase in BMW Group customer deliveries reached the highest figure in South Korea at 87.7 per cent, where we were able to sell 5,100 cars last year. In South Korea we are not only No 1 in the premium segment, but are also the largest importer with a share of almost 32 per cent in the imported car market. In Japan BMW Group sales were up by 26.3 per cent, in particular due to the success of the MINI brand.

12 Page 12 In China the BMW Group is also continuing on a path of ongoing growth, customer deliveries increasing in 2002 by 41.4 per cent. Following the USA and Germany, the Chinese markets together have now become the third largest sales market for the 7 Series, proving once again that apart from our home market it is above all the overseas markets where we are able to continue the 7 Series' story of success. 5,100 new jobs, thereof 3,280 in Germany. Reflecting this success in business, we have a growing demand for employees: In all, we created more than 5,100 new jobs in the 2002 year of business, 3,280 thereof in Germany alone. This makes us the biggest creator of new jobs throughout the whole of Germany in the year under report, as was already the case in ,400 associates worldwide. On 31 December 2002 the BMW Group had a total worldwide workforce of approximately 101,400 associates. Adjusted for companies and operations no longer belonging to the Group, we had a workforce of approximately 96,300 associates at the end of The increase in employment in 2002 compared to the previous year thus amounts to 5.3 per cent.

13 Page 13 New records in 2002 in deliveries, revenues and profits. Ladies and Gentlemen, As a result of the BMW Group's success in all business segments, with the two MINI and BMW brands, and in all sales regions, the Company once again reports new record figures in fiscal 2002 in terms of both revenues and profits. Revenues up 9.9 per cent to new record of Euro 42.3 billion. BMW Group revenues were up in 2002 to the new record figure of approximately Euro 42.3 billion. This is an increase by 9.9 per cent over 2001, which as such was already a successful year. Percentage growth of this magnitude is indeed a peak achievement compared with other German car manufacturers throughout the industry. Profits from ordinary activities up to a new record of Euro 3.3 billion. Profits from the BMW Group's ordinary business activities amounted to a record figure in 2002 of close to Euro 3.3 billion before taxes. This represents a significant improvement in earnings over the previous year, especially as in 2001 we saw special effects such as proceeds from the sale of real estate amounting to Euro 75 million making a positive contribution to our earnings.

14 Page 14 Higher profits despite much higher upfront expenditure. Another point is that in 2002 we made substantial investments up front in our product and market offensive: Compared with 2001, we increased our capital expenditure by Euro 333 million and showed an extra Euro 448 million for R&D in our Balance Sheet and Profit and Loss Account. In other words, we spent well over Euro 780 million more on our future in these two areas in 2002 than in the previous year. Despite this additional capital expenditure, we once again report higher profits in 2002 than in the year before. Yet again, this underlines the clear course and the exceptional performance of the BMW Group. Net profit exceeding Euro 2 billion for the first time. Net profit of the BMW Group was up in 2002 to Euro 2.02 billion, exceeding the previous year's figure by 8.3 per cent. Board of Management and Supervisory Board propose unchanged dividend. In the light of these figures, the Board of Management and the Supervisory Board advise the Annual General Meeting to use the balance sheet profit of BMW AG amounting to Euro 351 million for payment of an unchanged dividend of Euro 0.52 per ordinary share and Euro 0.54 per preferred share, each with a nominal value of Euro 1.-, on the stock capital entitled to dividends.

15 Page 15 These figures of success in the year of business under report are an expression of the outstanding performance of all BMW Group associates. Indeed, the great success of the BMW Group last year is attributable in particular to the hard work and commitment of our workforce. Outlook Ladies and Gentlemen, So much in brief on the 2002 year of business. Now what are our expectations for the year 2003? Considering the tense geopolitical situation, developments in the financial and crude oil markets, and the ongoing lack of confidence and, we currently see no signs of a broad, full-scale economic upswing. The BMW Group nevertheless expects that developments will pick up momentum and become more dynamic in the second half of the year, although this forecast is fraught with uncertainty: It assumes, first, that the Iraq crises will be solved within a foreseeable period and that, second, the economic development in Germany will be clear and straightforward. Indeed, we need a stable, long-term perspective for our country with less governmental intervention promoting selfinitiative, self-responsibility and performance.

16 Page 16 BMW Group will develop positively in 2003 despite the difficult overall situation. The automotive economy entered the year 2003 with a downswing in all major markets and we must also expect a moderate decline of global car sales from a high level in the ongoing course of the year. On the other hand, it is our experience that premium cars show a more stable development in difficult times than volume products, a fact also confirmed by all surveys and market studies in recent years. We therefore expect the BMW Group to develop positively even in a generally difficult environment. Proceeding from our own strengths, we will continue along our path clearly and consistently important model year for the BMW Group. With this in mind, the current 2003 model year is a very important milestone in the history of the Company. Never before have we introduced as many new models as we will be doing in these 12 months, taking a quantum leap and raising the Company to a new level. New Rolls-Royce Phantom since 1 January The launch of the new Rolls-Royce Phantom marked the start of this year s product offensive. Introducing this outstanding automobile, we are continuing a technically demanding heritage with Rolls-Royce acknowledged by tradition as the icon in the world of motoring.

17 Page 17 The Rolls-Royce Phantom is an up-to-date interpretation of the marque living up, as we are convinced, in every respect to the demands and expectations of the most exclusive customers. In the BMW Group, Rolls-Royce Motors Cars will once again be able to develop the full potential of the marque. Rolls-Royce Motor Cars Limited taking up business exactly on time at beginning of the year. Exactly on time and as promised, Rolls-Royce Motor Cars limited took up business on 1 January We have completed the head office and manufacturing plant in Goodwood/England, established the international dealer network, and, at the beginning of the year, delivered the first Rolls-Royce Phantom to the first customer. Rolls-Royce's sales network largely in place. Rolls-Royce's independent, global sales network currently comprises 60 dealers in Europe, the USA, the Middle and Far East including the People's Republic of China, and Australia. Another 10 dealers will be joining the organisation in the course of the year, increasing the overall number to the planned figure of 70 dealers.

18 Page 18 Objective to sell 1,000 Rolls- Royces/year. We estimate the overall sales potential in the absolute top segment of the global automobile market at approximately 7,000 units a year. And we are confident that we will be able to successfully sell a planned annual volume of 1,000 Rolls-Royce cars once production is at full swing. Taking over the Rolls-Royce marque, we have expanded the BMW Group's product portfolio in the absolute top segment, thus rounding off our model range at the topmost end. New MINI One D. In Europe we are continuing to expand the MINI model range through the addition of the MINI One D, the very first MINI ever with a diesel engine. Introducing this variant for the European markets, we will make MINI even more appealing and attractive to the customer. At the same time we are expanding the BMW brand's model range in the year In summer we will be introducing the new BMW 5 Series and, as we have already stated on several occasions, both the new BMW X3 Sports Activity Vehicle and the new BMW 6 Series Coupé will be following towards the end of the year.

19 Page 19 The changeover in the 5 Series, a core model in our product range, is of great significance to the BMW Group as a whole and the BMW brand in particular. Following its introduction in late 1995, the current 5 Series has proved very successful with a total of more than 1.4 million units delivered to customers 6.3 per cent more than of the previous model throughout its entire lifecycle. Now we intend to continue the great success of the current 5 Series with our new model. Important BMW brand model updates in Important updated variants of the 3 Series Coupé, Convertible and Compact were introduced into the market at the beginning of this month. Last year alone, these model variants together accounted for one-fifth of all BMW brand sales. The BMW Z4, in turn, will be introduced here in Europe next weekend to be specific on 22 March following its launch in North America in October And last but certainly not least, we have the new BMW M3 CSL entering series production in summer. New BMW 730i and 730Li as of 22 March Introducing the BMW 730i and 730Li with a six-cylinder petrol engine, we are rounding off the new generation of the 7 Series. This means that all variants of this model series will be available to our customers again as of 22 March.

20 Page 20 BMW Group growing and expanding. This product offensive quite unique for our Company clearly shows that we are growing and expanding. We are growing with our existing product portfolio in our established markets and we are expanding with new products in new segments and with new regional highlights. Indeed, this expansion sets the foundation for even more growth in future. Concentrating on premium segments. Our principle in all cases is to clearly focus our activities. For we are convinced that the successful manufacturer is the manufacturer fulfilling his customer's wishes 100 per cent not the manufacturer trying to offer a bit of everything. So the philosophy is to know your strengths and to know your customers! With our three brands and our new products, we are able to achieve one of the BMW Group's major targets: We are represented in all relevant product segments with authentic brands and products. And this makes us the only car manufacturer to concentrate exclusively on premium cars throughout the entire spectrum of the market. BMW Group continuing to internationalise. Pursuing our strategy of growth and expansion, we are continuing to internationalise the Company as part of our market offensive and are consistently expanding our global market presence in Central Europe and Asia.

21 Page 21 New subsidiary in Poland since 1 January In Poland our new subsidiary started its activities on 1 January of this year, and in the course of the year we will be establishing a new subsidiary in Malaysia. This means that we will be represented by our own sales companies in no less than 28 countries. Production and sales joint venture in China. China is a new milestone in our process of globalisation. Together with our partner Brilliance China Automotive Holdings we will be establishing and operating a production and sales joint venture in Shenyang. For this purpose the joint venture will be investing Euro 450 million in the new company by the year In Shenyang the new enterprise will be taking over selected parts of the new plant built in 1999 by our partner Brilliance, expanding these local operations into a fully-fledged production facility in line with the BMW Group's high standards of quality worldwide. Parallel to this expansion of our production capacities, we will see ongoing development of the local supplier's industry around our Chinese plant. Numerous qualified suppliers are already represented in Shenyang today and we expect local content of approximately 40 per cent for the first generation of vehicles produced in China.

22 Page 22 Production starting in China in second half These production activities in China are planned to begin in the second half of In the medium term we are looking at an annual production volume of 30,000 BMW 3 Series and 5 Series as well as a local workforce of approximately 3,000 associates. All cars built in Shenyang are to be sold exclusively in the rapidly growing Chinese automobile market. Ladies and Gentlemen, Considering the forthcoming multitude of model variants and product launches, we must establish new capacities not only in emerging markets such as China. BMW Group invests Euro 3.4 billion in enhancement and expansion of plant structure. Last year alone, therefore, we approved total expenditure of Euro 3.4 billion on the enhancement and expansion of our plant structure, and we have indeed already spent some of this money. In this process we are continuing to invest substantial sums of money in Germany, despite the ongoing internationalisation.

23 Page 23 Biggest single investment of Euro 1.3 billion in new Leipzig Plant. At Euro 1.3 billion, our biggest single investment at the moment is the new BMW Plant in Leipzig, where everything is proceeding according to plan and in line with our timetable. With construction starting last July, the plant buildings will be largely completed by autumn this year. Beginning in spring 2003 we will start to install the interior fittings and equipment consecutively. Pilot production will commence in summer 2004 with the BMW 3 Series, and in spring 2005 we will be delivering the first car built in Leipzig to our customers. By the end of 2002 we had already hired 500 associates for the Leipzig Plant, more than 300 of whom are currently being trained at our plants in Bavaria. In the course of this year the number of associates in Leipzig will increase to approximately 1,200. Big investments preparing the production of new models. Apart from Leipzig, we are investing heavily in our existing plants, preparing the production of new models. The expenditure incurred up front in 2001, 2002 and 2003 provides the foundation for our product and market offensive in terms of products and structures. The signs become visible now. And starting in 2004, these investments will lead to positive results contributing to the overall performance of the BMW Group.

24 Page 24 BMW Group establishing the foundation for successful business beyond Ladies and Gentlemen, All of these steps and activities I have mentioned clearly show once again that our product and market offensive is developing its full momentum in this important year Through this offensive we seek not only to take up our success in the 2002 record year, but also to lay the foundation for the successful business of the BMW Group beyond the year BMW Group target in 2003: to increase sales of all brands over Considering the tense geopolitical situation, it is difficult, as I mentioned at the beginning of my statement, to make a specific forecast for the development of business throughout 2003 as a whole. Provided that the Iraq crisis will be solved within a foreseeable period and that we see a clear economic and political course in Germany, our objective remains to increase sales of all our brands in 2003 over the year Very substantial activities are being conducted up front in the Automobiles Segment for our product and market offensive, which means an unusual level of expenditure in Nevertheless, the BMW Group seeks to once again achieve the same overall result this year as in Ladies and Gentlemen, thank you very much for your attention.

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