1、HALF-YEAR REPORT30 JUNE 20242 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information CONTENTS 3 BMW Group at a Glance 7 Interim Group Management Report 25 Interim Group Financial Statements 66 Other Information 3 BMW

2、 Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW GROUP AT A GLANCE 4 BMW Group in Figures 4 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Stateme

3、nts Other Information BMW Group in Figures KEY PERFORMANCE INDICATORS 2nd quarter 2024 2nd quarter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%GROUP Profit before tax million 3,861 4,222 8.6 8,023 9,351 14.2 AUTOMOTIVE SEGMENT Deliveries units 618,743 626,726 1.3 1,2

4、13,276 1,214,864 0.1 Share of all-electric cars in deliveries%17.4 14.1 23.4 15.7 12.6 24.6 EBIT margin1%8.4 9.2 8.7 8.6 10.6 18.9 MOTORCYCLES SEGMENT Deliveries units 66,638 64,936 2.6 113,072 112,871 0.2 EBIT margin1%11.1 16.0 30.6 11.6 16.2 28.4 FURTHER PERFORMANCE FIGURES 2nd quarter 2024 2nd qu

5、arter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%GROUP EBT Margin2%10.5 11.3 7.1 10.9 12.6 13.5 Earnings per share of common stock3 4.15 4.39 5.5 8.57 9.70 11.6 Earnings per share of preferred stock3 4.16 4.40 5.5 8.58 9.71 11.6 AUTOMOTIVE SEGMENT Free cash flow mil

6、lion 1,006 1,160 13.3 2,289 3,141 27.1 BMW GROUP IN FIGURES 1 Profit before financial result as percentage of segment revenues.2 Group profit before tax as a percentage of Group reve-nues.3 Shares of common/preferred stock.In computing earnings per share of preferred stock,earnings to cover the addi

7、tional dividend of 0.02 per share of preferred stock are spread over the four quarters of the corre-sponding financial year.5 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFOR

8、MANCE FIGURES 2nd quarter 2024 2nd quarter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%GROUP Group revenues million 36,944 37,219 0.7 73,558 74,072 0.7 Automotive million 32,070 31,630 1.4 63,009 62,898 0.2 Motorcycles million 989 988 0.1 1,861 1,921 3.1 Financial Se

9、rvices million 9,742 8,795 10.8 19,267 17,621 9.3 Other Entities million 3 3 -7 6 16.7 Eliminations million 5,860 4,197 39.6 10,586 8,374 26.4 Group profit/loss before financial result(EBIT)million 3,877 4,343 10.7 7,931 9,718 18.4 Automotive million 2,684 2,898 7.4 5,394 6,675 19.2 Motorcycles mill

10、ion 110 158 30.4 216 312 30.8 Financial Services million 725 751 3.5 1,439 1,709 15.8 Other Entities million 8 1 -13 5 -Eliminations million 366 537 31.8 895 1,027 12.9 Group profit/loss before tax(EBT)million 3,861 4,222 8.6 8,023 9,351 14.2 Automotive million 2,627 2,740 4.1 5,330 6,568 18.8 Motor

11、cycles million 110 159 30.8 216 313 31.0 Financial Services million 751 759 1.1 1,481 1,704 13.1 Other Entities million 295 245 20.4 696 117 -Eliminations million 78 319 75.5 300 649 53.8 Group income taxes million 1,156 1,264 8.5 2,367 2,731 13.3 Group net profit/loss million 2,705 2,958 8.6 5,656

12、6,620 14.6 6 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information BMW Group in Figures FURTHER PERFORMANCE FIGURES 2nd quarter 2024 2nd quarter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Cha

13、nge in%AUTOMOTIVE SEGMENT Deliveries units 618,743 626,726 1.3 1,213,276 1,214,864 0.1 BMW units 565,490 553,369 2.2 1,096,423 1,071,326 2.3 MINI units 51,959 71,816 27.6 114,034 140,357 18.8 Rolls-Royce units 1,294 1,541 16.0 2,819 3,181 11.4 Production volume units 670,454 663,080 1.1 1,343,681 1,

14、340,932 0.2 FINANCIAL SERVICES SEGMENT New contracts leasing/credit financing 427,852 382,010 12.0 849,908 729,308 16.5 sTT7 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information INTERIM GROUP MANAGEMENT REPORT 8 Fi

15、nancial Performance 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook,Risk and Opportunity Management 21 Outlook 24 Risk and Opportunity Management 8 BMW Group Half-Year Report 2024 BMW Group at a

16、 Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Despite a volatile market environment during the first half of the year,the BMW Group remains on course and confirms its full-year forecast for 2024.Thanks to its extensive range of inn

17、ovative and attractive vehicle models,the BMW Group has once again achieved its targeted rates of return.Targeted investments are helping to drive forward innovation,thereby strengthening the BMW Groups future model portfolio.Growth was driven primarily by all-electric vehicles(BEVs)and models in hi

18、gher price segments.BEVs in particular bucked the general trend during the six-month period,with deliveries up well into the double-digit range.The number of BMW brand BEVs delivered to customers during the first half of the year rose by more than a third(+34.1%).The brands total deliveries also wen

19、t up(+2.3%).Between January and June 2024,a total of 1,213,276 BMW Group brand vehicles were delivered to customers (0.1%),on a par with the previous years high volumes.The EBT margin at Group level came in at 10.9%(10.5%in the second quarter),thereby exceeding the strategic target of 10%.The EBIT m

20、argin in the Automotive Segment for the first six months was 8.6%(8.4%in the second quarter),marking the tenth quarter in a row that the EBIT margin has been within the strategic target range of 8 to 10%.Intense competition and a prolonged downturn in consumer confidence particularly in the Chinese

21、market affected the segments earnings performance,in addition to year-on-year rises in manufacturing costs,fixed costs and research and development expenses.The Financial Services segment recorded a significant increase in the num-ber of new credit financing and leasing contracts in the first six mo

22、nths of the year(+16.5%).In contrast,the ongoing normalisation of the pre-owned vehicle market had a dampening effect on the development of segment profit before tax(13.1%).GENERAL ECONOMIC ENVIRONMENT The global economy continued to grow at a slow rate over the first half of 2024.Inflation stabilis

23、ed or continued to decline in the USA and Europe.However,geopolitical tensions and trade wars are having a sustained neg-ative impact on market sentiment in general,with a tighter interest rate en-vironment also having an impact.Higher savings ratios in China reflect a reluctance to spend on the par

24、t of consumers.FINANCIAL PERFORMANCE 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 9 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Mana

25、gement Report Interim Group Financial Statements Other Information Financial Performance International automobile markets an overview The worlds largest automobile markets still performed well overall in the first half of 2024.However,the majority of markets saw a significant down-ward trend in the

26、second quarter of the year,in particular in China and the USA.Vehicles priced at 40 thousand or less accounted for the majority of the growth in China.In the six-month period from January to June 2024,the worlds largest automobile markets developed as follows:Change compared to prior year in%EU 27 +

27、4 thereof Germany +5 thereof France +3 thereof Italy +5 thereof Spain +7 United Kingdom(UK)+6 USA +2 China +3 Japan 13 South Korea 9 Total +3 GROUP OVERVIEW Top spot in premium segment retained The BMW Group remained at the top of the global premium segment in the first half of 2024.The young,attrac

28、tive and innovative products with differ-ent drive systems ensured robust delivery figures despite the volatile envi-ronment.Deliveries of BMW,MINI and Rolls-Royce brand vehicles totalled 1,213,276 units in the first six months of 2024,on a par with the previous year(2023:1,214,864 units;0.1%).A tot

29、al of 618,743 units were deliv-ered between April and June(2023:626,726 units;1.3%).All-electric vehicles had a positive impact on sales growth in the first half of 2024,with deliveries continuing to rise significantly once again to 190,614 units(2023:152,936 units;+24.6%).All-electric vehicles acco

30、unted for 15.7%of all units delivered in the first six months of 2024(2023:12.6%).The BMW Group delivered a total of 269,057 electrified vehicles(BEV and PHEV)to customers in the first half of 2024(2023:245,468 units;+9.6%).In the Financial Services segment,the number of new credit financing and lea

31、sing contracts increased significantly in the first half of 2024 to 849,908(2023:729,308 contracts;+16.5%),with leasing and credit financing busi-ness up by 28.7%and 10.8%respectively.Second quarter Group EBT margin of 10.5%In the second quarter 2024,Group revenues amounted to 36,944 million on a pa

32、r with the previous year(2023:37,219 million;0.7%).Adjusted for currency effects,Group revenues also remained largely unchanged(-0.1%).Favourable volume and product mix effects arising from deliveries to the dealership organisation led to an increase in revenues for the Auto-motive Segment.Pricing m

33、easures implemented in the previous year com-pensated for some of the increased level of competition,which was particu-larly strong in China.Sales went up slightly in the USA and remained in line with the previous year in Europe.In China,consumer confidence remains low despite the measures implement

34、ed by the central government,as a re-sult of which sales were held down to a level below expectations.The Fi-nancial Services segment posted increased revenues due to rising interest and leasing income.Increases in contract values and the financing of higher dealership inventory levels also had a po

35、sitive impact on revenues.In con-trast,higher revenue eliminations due to the increase in new leasing busi-ness had a significant negative impact on reported Group revenues.Group cost of sales in the second quarter amounted to 30,285 million(2023:30,089 million;+0.7%),influenced by higher manufactur

36、ing costs in the Automotive Segment and an increase in research and development expenses.R&D expenditure relates in particular to cross-series digitalisation and electrification of the vehicle fleet,as well as the development of auto-mated driving functions.Additional R&D expenditure arose in connec

37、tion with the development of new models,such as the new BMW X5 and other 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 10 BMW Group Half-Year Report 2024 BMW

38、 Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance NEUE KLASSE models.In the Financial Services segment,a rise in interest rates increased the cost of sales.Selling and administrative expenses increased to 2,772 million in th

39、e re-porting period(2023:2,630 million;+5.4%),partly reflecting higher per-sonnel and IT costs.Group profit before financial result decreased by 10.7%in the second quar-ter due to the factors outlined above and amounted to 3,877 million(2023:4,343 million).In contrast,the financial result improved b

40、y 105 million compared to the previous year(2024:16 million;2023:121 million),driven by the im-proved result from equity-accounted investments.Second-quarter profit before tax was moderately down on the previous year at 3,861 million(2023:4,222 million;8.6%).The EBT margin for the three-month period

41、 came in at 10.5%(2023:11.3%;0.8 percentage points).Successful first half of the year for BMW Group At 73,558 million,Group revenues recorded between January and June 2024 were at a similar level to the previous year(2023:74,072 mil-lion;-0.7%,+0.7%adjusted for currency effects).Increased sales to d

42、eal-erships and favourable product mix effects had a positive impact on reve-nues.Pricing measures implemented in the previous year compensated for some of the increased level of competition.The upturn in dealership and customer credit financing business was largely driven by increases in con-tract

43、values and interest rates as well as higher dealership inventory levels.In contrast,higher revenue eliminations due to the increase in new leasing business had a significant negative impact on reported Group revenues in the first half of 2024.Group cost of sales amounted to 60,335 million(2023:59,17

44、0 million;+2.0%).The slight increase is due to a rise in sales to the dealership organisation and higher manufacturing and R&D expenses.Cost of sales in the Financial Services segment went up as a result of a rise in refinancing costs.R&D expenditure amounted to 4,169 million in the first six months

45、 of the year and was therefore significantly higher than in the previous year(2023:3,396 million).The R&D expenditure ratio increased to 5.7%(2023:4.6%).R&D expenditure relates in particular to cross-series digitalisation and elec-trification of the vehicle fleet,as well as the development of automa

46、ted driv-ing functions.Additional R&D expenditure arose in connection with the de-velopment of new models,such as the new BMW X5 and other NEUE KLASSE models.The capitalisation rate as at 30 June 2024 was 30.8%(2023:28.9%).Selling and administrative expenses went up by 6.0%to 5,287 million(2023:4,98

47、9 million),primarily due to higher personnel and IT costs.Profit before financial result in the period between January and June 2024 fell significantly to 7,931 million(2023:9,718 million;18.4%)in par-ticular due to rises in manufacturing costs,research and development ex-penses,and sales and admini

48、strative expenses.The financial result in the reporting period was 92 million,a significant im-provement compared to the previous year(2023:367 million).This turnaround was driven by developments on interest rate and foreign ex-change hedge markets,in addition to the improved result from equity-ac-c

49、ounted investments.Group profit before tax for the six-month period amounted to 8,023 mil-lion(2023:9,351 million;14.2%).The EBT margin was 10.9%at a Group level(2023:12.6%).8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment

50、and Eliminations 21 Outlook 24 Risk and Opportunity Management 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 11 BMW Group Half-Year Report 2024 BMW Group at

51、a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance BMW Group research and development expenses in million 2nd quarter 2024 2nd quarter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%Research and developmen

52、t expenditure1 2,195 1,842 19.2 4,169 3,396 22.8 Amortisation of development costs 540 606 10.9 1,094 1,236 11.5 Capitalised development costs 746 602 23.9 1,282 981 30.7 Research and development expenses 1,989 1,846 7.7 3,981 3,651 9.0 in%2nd quarter 2024 2nd quarter 2023 Change in%-pts.1 January t

53、o 30 June 2024 1 January to 30 June 2023 Change in%-pts.Research and development expenditure ratio2 5.9 4.9 1.0 5.7 4.6 1.1 Capitalisation rate3 34.0 32.7 1.3 30.8 28.9 1.9 Share buyback programme At the Annual General Meeting of BMW AG held on 11 May 2022,the shareholders authorised the Board of Ma

54、nagement to acquire treasury shares via the stock exchange,up to a maximum of 10%of the share capital in place at the date of the resolution or if this value is lower of the share capital in place at the time the authorisation is exercised,and to redeem those shares without any further action requir

55、ed by the Annual General Meeting.The buyback authorisation remains valid until 10 May 2027.As at 30 June 2024,BMW AG held a total of 11,056,731 treasury shares,corresponding to a nominal amount of 11,056,731.BMW AG has ac-quired shares equivalent to 5.51%of the share capital in place as at 30 June 2

56、024 on the basis of the authorisation granted by the Annual Gen-eral Meeting on 11 May 2022.Financing activities During the six-month period ended 30 June 2024,the BMW Group issued bonds totalling approximately 8.5 billion,refinancing itself via a variety of instruments,including two euro benchmark

57、bonds,a 144A bond denomi-nated in US dollars,a bond denominated in Canadian dollars and a Panda bond in China.In addition,ABS transactions with a total volume of approxi-mately 6.8 billion were either concluded or prolonged in the USA,Ger-many,the UK,Canada,Japan and Korea.As at 30 June 2024,Group l

58、iquidity stood at around 19.5 billion,un-changed from the end of the previous financial year(31 December 2023:19.5 billion).8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunit

59、y Management 1 Research and development expenditure is the sum of research and non-capitalised development costs and investments in capitalised development costs,adjusted for the associated scheduled amortisation.2 Research and development expenditure as a percent-age of Group revenues.3 Capitalised

60、 development costs as a percentage of re-search and development expenditure.12 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance AUTOMOTIVE SEGMENT 2nd quarter 2024 2nd quarter 2023 Change

61、in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%Deliveries*units 618,743 626,726 1.3 1,213,276 1,214,864 0.1 Production volume units 670,454 663,080 1.1 1,343,681 1,340,932 0.2 Revenues million 32,070 31,630 1.4 63,009 62,898 0.2 Profit before financial result(EBIT)million 2,684 2,8

62、98 7.4 5,394 6,675 19.2 Profit before tax million 2,627 2,740 4.1 5,330 6,568 18.8 EBIT margin*%8.4 9.2 8.7 8.6 10.6 18.9 BMW Group deliveries in line with previous years level in first half of year The BMW Group delivered a total of 1,213,276 BMW,MINI and Rolls-Royce brand vehicles worldwide in the

63、 first six months of 2024,matching the pre-vious years level(2023:1,214,864 units;0.1%).A total of 618,743 units were delivered between April and June(2023:626,726 units;1.3%).Deliveries of BMW brand vehicles increased by 2.3%to 1,096,423 units in the first half of 2024(2023:1,071,326 units)and by 2

64、.2%to 565,490 units between April and June(2023:553,369 units).Deliveries of MINI brand vehicles went down due to the planned model changeover throughout the product portfolio.Deliveries of MINI brand vehicles fell to 114,034 units(2023:140,357 units;18.8%)in the six-month period,including 51,959 un

65、its delivered in the second quarter of 2024(2023:71,816 units;27.6%).Deliveries of the ultra-luxury Rolls-Royce brand totalled 2,819 units in the first half of the year(2023:3,181 units;11.4%),including 1,294 units delivered in the second quarter(2023:1,541 units;16.0%).Electromobility driving growt

66、h Once again,the ongoing electrification of the model range was the biggest driver of sales growth in the first half of 2024.The all-electric automobiles of the BMW,MINI,and Rolls-Royce brands saw another significant increase,with a total of 190,614 BEVs delivered during the six-month period(2023:15

67、2,936 units;+24.6%).In the second quarter 2024,107,925 BEVs were delivered to customers(2023:88,289 units;+22.2%).The ratio of all-elec-tric vehicles to total deliveries climbed to 15.7%(2023:12.6%)in the first six months of 2024,and to 17.4%during the period from April to June(2023:14.1%).A total o

68、f 269,057 electrified vehicles(BEV and PHEV)were delivered to customers in the first half of the year(2023:245,468 units;+9.6%).In the second quarter,the number rose by 8.5%,reaching 146,475 units com-pared to 134,982 units in 2023.The share of total deliveries accounted for by electrified vehicles

69、went up to 22.2%in the first half of the year(2023:20.2%)and 23.7%in the second quarter(2023:21.5%).8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management *Key perfor

70、mance indicator.13 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance BMW Group deliveries of electrified models in units 1 January to 30 June 2024 1 January to 30 June 2023 Change in%BEV 19

71、0,614 152,936 24.6 BMW 179,554 133,927 34.1 MINI 9,950 19,009 47.7 Rolls-Royce 1,110 PHEV 78,443 92,532 15.2 BMW 76,265 83,427 8.6 MINI 2,178 9,105 76.1 Total 269,057 245,468 9.6 Sales growth for BMW brand The BMW brand maintained its leading position in the global premium seg-ment during the report

72、ing period.The core brand achieved a slight increase in sales in both the second quarter(2024:565,490 units;2023:553,369 units;+2.2%)and in the first half of the year(2024:1,096,423 units;2023:1,071,326 units;+2.3%).The brands all-electric models were the main growth driver.The number of BMW brand B

73、EVs delivered in the first half of the year increased sharply to 179,554 units(2023:133,927 units;+34.1%).Models from the X family and top-range classes also recorded significant growth.Notably,one in every five deliveries of the successful BMW X1 and the luxury BMW 7 Series Sedan was an all-electri

74、c variant,specifically the BMW iX1*and BMW i7*.Once again,the most successful all-electric model was the BMW i4*Sports Coup,which continued to record double-digit growth rates.The X models,including the BMW iX3*,BMW iX*,and the newly introduced BMW iX2*,also enjoyed widespread popularity globally.Th

75、e launch of the new BMW 5 Series demonstrates the technologically flexible approach of the BMW Groups model offerings.The BMW 5 Series Business Sedan is available in all drivetrain variants.The new BMW M5*has received particu-larly positive feedback from the international trade press in the run-up t

76、o its launch at the end of 2024.The high-performance sedan will be available as a PHEV with an electrified drivetrain for the first time.Deliveries of BMW automobiles by model series in units 1 January to 30 June 2024 1 January to 30 June 2023 Change in%BMW 1 Series/2 Series 105,574 112,123 5.8 BMW

77、3 Series/4 Series 272,218 262,343 3.8 BMW 5 Series/6 Series 114,165 140,989 19.0 BMW 7 Series/8 Series 30,249 27,155 11.4 BMW Z4 5,489 6,446 14.8 BMW X1/X2 185,243 138,100 34.1 BMW X3/X4 193,162 195,664 1.3 BMW X5/X6 136,842 136,201 0.5 BMW X7 31,068 28,074 10.7 BMW iX 18,582 21,172 12.2 BMW XM 3,80

78、7 2,484 53.3 BMW i3/i8 24 575 95.8 BMW total 1,096,423 1,071,326 2.3 thereof BEV 179,554 133,927 34.1 thereof PHEV 76,265 83,427 8.6 xx General Economic Environment xx Group Overview xx Automotive Segment xx Financial Services Segment xx Other Entities Segment and Eliminations xx Outlook xx Risk and

79、 Opportunity Management 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management *Consumption and Carbon Disclosures.14 BMW Group Half-Year Report 2024 BMW Group at a G

80、lance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Ready for the New MINI Family As expected,the MINI brand recorded lower deliveries during the reporting period due to the entire product portfolio transitioning to the New MINI Family.In

81、the first half of 2024,a total of 114,034 MINI brand vehicles were delivered to customers(2023:140,357 units;18.8%),thereof 51,959 vehicles in the second quarter(2023:71,816 units;27.6%).Between April and June,the first customers were able to take delivery of a MINI Cooper*from the New MINI Family,p

82、owered by either a combustion engine or an all-electric drivetrain.In the second half of the year,the MINI brand will welcome a new family member:the all-electric crossover Aceman*.Rolls-Royce:Spectre exceeds one thousand deliveries In the first half of 2024,Rolls-Royce delivered a total of 2,819 un

83、its to customers(2023:3,181 units;11.4%).The ultra-luxury brand delivered a total of 1,294 units to customers in the second quarter(2023:1,541 units;16.0%).A notable milestone was achieved by the Rolls-Royce Spectre*:The first all-electric Supercoup surpassed the thousand unit mark just six months a

84、fter coming onto the market and accounted for 40%of all deliveries made by the brand.The launch of the new Rolls-Royce Cullinan Series II*also proved successful.The luxury off-roader Rolls-Royce Cullinan*remains one of the most popular Rolls-Royce models.BMW Group deliveries of vehicles by region an

85、d market in units 2nd quarter 2024 2nd quarter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%Europe 232,790 232,994 0.1 460,793 449,264 2.6 thereof Germany 64,990 67,623 3.9 122,656 124,080 1.1 thereof UK 40,445 36,527 10.7 87,340 75,040 16.4 Americas 121,182 117,790 2

86、.9 230,141 225,645 2.0 thereof USA 97,491 95,948 1.6 188,783 186,122 1.4 Asia 249,870 261,242 4.4 494,567 513,169 3.6 thereof China 188,661 198,161 4.8 376,353 393,261 4.3 Other markets 14,901 14,700 1.4 27,775 26,786 3.7 Total 618,743 626,726 1.3 1,213,276 1,214,864 0.1 8 General Economic Environme

87、nt 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management *Consumption and Carbon Disclosures.15 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group

88、Financial Statements Other Information Financial Performance Second quarter EBIT margin of 8.4%in Automotive segment Segment revenues totalled 32,070 million in the second quarter 2024,up slightly on the previous year(2023:31,630 million;+1.4%,+2.1%adjusted for currency effects).The increase was mai

89、nly driven by higher vehicle sales to supply the dealership organisation and fa-vourable product mix effects.Pricing measures implemented in the previous year compensated for some of the increased level of competition,which was particularly strong in China.Sales went up slightly in the USA and remai

90、ned in line with the previous year in Europe.In China,consumer confidence re-mains low,holding down sales to a lower-than-expected level.Second-quarter segment cost of sales went up slightly year on year to 27,039 million(2023:26,400 million;+2.4%).This rise was driven by higher manufacturing costs

91、and an increase in research and development expenses.Moreover,depreciation and amortisation amounting to approxi-mately 0.3 billion(2023:0.3 billion)arising on the purchase price allo-cation was included in cost of sales in the second quarter.The increase in R&D expenditure is related to the cross-s

92、eries digitalisation and electrification of the vehicle fleet,as well as the development of auto-mated driving functions.The expenditure also related to the development of new models,such as the BMW X5 and other NEUE KLASSE models.Selling and administrative expenses went up by 116 million compared t

93、o the prior years second quarter(2024:2,307 million;2023:2,191 mil-lion;+5.3%).This was primarily driven by higher personnel costs and IT costs.Profit before financial result in the second quarter amounted to 2,684 mil-lion(2023:2,898 million;7.4%),resulting in an EBIT margin of 8.4%(2023:9.2%).The

94、financial result of the segment was a net negative amount of 57 mil-lion(2023:158 million),whereby the change in the second quarter was attributable to the improved result from equity-accounted investments.Segment profit before tax fell slightly in the second quarter to 2,627 million(2023:2,740 mill

95、ion;4.1%).Solid six-month period for Automotive segment Segment revenues for the six-month period were in line with the previous year at 63,009 million(2023:62,898 million;+0.2%,+1.8%adjusted for currency effects).Segment revenues were primarily affected by an in-crease in sales to dealerships and f

96、avourable product mix effects.Segment cost of sales went up slightly year on year to 53,166 million(2023:51,890 million;+2.5%).The rise was largely driven by higher ma-terial costs and an increase in research and development expenses.The purchase price allocation resulted in depreciation and amortis

97、ation costs amounting to approximately 0.7 billion(2023:0.7 billion).The increase in R&D expenditure is related to the cross-series digitalisation and electrification of the vehicle fleet,as well as the development of auto-mated driving functions.Additional expenditure was related to the develop-men

98、t of new models,such as the BMW X5 and other NEUE KLASSE mod-els.Selling and administrative expenses went up by 249 million year on year(2024:4,399 million;2023:4,150 million;+6.0%).The increase was driven by higher personnel costs and IT costs,mainly for projects and soft-ware licenses.Profit befor

99、e financial result for the six-month period amounted to 5,394 million(2023:6,675 million;19.2%),while the EBIT margin fell by 2.0 percentage points to 8.6%(2023:10.6%).The financial result of the Automotive segment was a net negative amount of 64 million(2023:107 million),whereby the change for the

100、six-month period was attributable mainly to the improved result from equity-accounted investments.Segment profit before tax amounted to 5,330 million(2023:6,568 mil-lion;18.8%).8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segme

101、nt and Eliminations 21 Outlook 24 Risk and Opportunity Management 16 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Automotive segment free cash flow of 2.3 billion generated for period

102、January to June 2024 Net cash inflow from operating activities amounted to 7,355 million in the first six months,comprising primarily profit before tax plus depreciation and amortisation of tangible,intangible and investment assets.The change in working capital reduced the net cash inflow from opera

103、ting activities,as did income tax payments.The increase in inventories,partly in connection with the renewal of the MINI product family,had a negative impact on free cash flow,while the increase in trade payables and the decrease in trade receiv-ables had a partially offsetting effect.Net cash outfl

104、ow from investing activities amounted to 4,474 million,a significant portion of which was related to investments in property,plant and equipment and intangible assets,particularly in connection with the Groups continued expansion of electromobility and new models.Free cash flow of the Automotive seg

105、ment amounted to 2,289 million in the first six months(2023:3,141 million).The main reason for the year-on-year decline was the higher cash outflow from investing activities.This was partially offset by the higher cash inflow from operating activities.in million 2024 2023 Change Cash inflow(+)/outfl

106、ow()from operating activities 7,355 7,180 175 Cash inflow(+)/outflow()from investing activities 4,474 4,031 443 Adjustment for net investment in marketable securities and investment funds 592 8 584 Free cash flow Automotive segment 2,289 3,141 852 Net financial assets Automotive1 In the 2024 Half-Ye

107、ar Report,the net financial assets of the Automotive segment are reported in an expanded scope.Automotive-related net finan-cial assets now comprise the net financial assets of the Automotive segment as well as those of the holding companies included in the Other Entities seg-ment.These holding comp

108、anies receive distributions at least once a year from their subsidiaries that are included in other segments.By including the net financial assets of the holding companies,the relevant intragroup distri-butions continue to be reflected in net financial assets.Currently,these as-sets are primarily us

109、ed alongside external financing to finance the oper-ations of the Financial Services segment.Automotive-related net financial assets comprise the following:in million 30.6.2024 31.3.2024 31.12.2023 Change to 31.12.2023 Cash and cash equivalents 14,132 12,517 13,682 450 Marketable securities and inve

110、stment funds 1,215 1,628 1,782 567 Intragroup net financial assets 31,063 35,339 32,832 1,769 Financial assets 46,410 49,484 48,296 1,886 Less:external financial liabilities2 3,202 2,666 2,794 408 Net financial assets Automotive 43,208 46,818 45,502 2,294 8 General Economic Environment 9 Group Overv

111、iew 11 Automotive Segment 15 Financial Services Segment 16 Other Entities Segment and Eliminations 17 Outlook 20 Risk and Opportunity Management xx General Economic Environment xx Group Overview xx Automotive Segment xx Financial Services Segment xx Other Entities Segment and Eliminations xx Outlook

112、 xx Risk and Opportunity Management *Consumption and Carbon Disclosures.8 General Economic Environment 9 Group Overview 11 Automotive Segment 15 Financial Services Segment 16 Other Entities Segment and Eliminations 17 Outlook 20 Risk and Opportunity Management *Consumption and Carbon Disclosures.8 G

113、eneral Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 1 For comparison purposes,the figures as at 31 March 2024 and 31 December 2023 have been adjusted ac-cordingly.2 E

114、xcluding derivative financial instruments.17 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Automotive segment net financial assets comprise the following:in million 30.6.2024 31.3.2024

115、31.12.2023 Change to 31.12.2023 Cash and cash equivalents 14,114 12,421 13,590 524 Marketable securities and investment funds 1,215 1,628 1,782 567 Intragroup net financial assets 3,087 6,638 4,406 7,493 Financial assets 12,242 20,687 19,778 7,536 Less:external financial liabilities*3,202 2,646 2,77

116、5 427 Net financial assets Segment Automotive 9,040 18,041 17,003 7,963 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management *Excluding derivative financial instrum

117、ents.18 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance FINANCIAL SERVICES SEGMENT Credit financing and leasing for private and commercial customers represent the largest business area fo

118、r the Financial Services segment.Credit financ-ing for dealerships and the management of the Groups own fleet round out the segments portfolio of financing products.Significant increase in new business in second quarter In the second quarter of 2024,the Financial Services segment achieved a signific

119、ant increase in the credit financing and leasing lines of business with 427,852 new contracts(2023:382,010 contracts;+12.0%).The growth was driven in part by a higher number of contracts for new vehicles.New contracts for pre-owned BMW Group vehicles were also up notably com-pared to the same quarte

120、r of the previous year(2024:89,726 contracts;2023:80,533 contracts;+11.4%).The volume of new leasing and credit financing business grew by 25.5%and 5.4%respectively.Overall,leasing accounted for 36.7%of all new business,and financing for 63.3%.The total new business volume of all financing and leasi

121、ng contracts in-creased by 14.6%compared to the corresponding prior year quarter to 16,057 million(2023:14,009 million).The share of new BMW Group vehicles either leased or financed by the Financial Services segment stood at 40.6%2 in the second quarter(2023:38.5%;+2.1 percentage points).Second quar

122、ter profit before tax down slightly compared to previous year At 751 million,segment profit before tax in the second quarter 2024 was down slightly year on year(2023:759 million;1.1%)due to lower reve-nues from the remarketing of lease returns.This downturn was somewhat offset by a lower allocation

123、to credit risk provisions,as the corresponding prior year quarter was impacted by an additional credit risk provision related to the war in Ukraine.2nd quarter 2024 2nd quarter 2023 Change in%1 January to 30 June 2024 1 January to 30 June 2023 Change in%New contracts leasing/credit financing 427,852

124、 382,010 12.0 849,908 729,308 16.5 Revenues million 9,742 8,795 10.8 19,267 17,621 9.3 Profit before financial result(EBIT)million 725 751 3.5 1,439 1,709 15.8 Profit before tax million 751 759 1.1 1,481 1,704 13.1 30.6.2024 31.12.2023 Change in%Portfolio leasing or credit finance vehicles 4,895,606

125、 4,952,318 1.1 Business volume in balance sheet terms1 million 143,010 137,910 3.7 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 1 Calculated on the basis of

126、 the lines items“Leased products”and“Receivables from sales financing”(cur-rent and non-current)of the Financial Services seg-ment balance sheet.2 The calculation only includes automobile markets in which the Financial Services segment is represented by a consolidated entity.19 BMW Group Half-Year R

127、eport 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance Significant increase in new business in first half of year The number of new credit financing and leasing contracts signed between January and June 2024 went up

128、 significantly by 16.5%to a total of 849,908(2023:729,308 contracts).In addition to the attractive product portfolio,one of the reasons for this positive trend is the fact that the market has largely adjusted to high interest rates.In total,183,857 of the new con-tracts related to credit financing a

129、nd leasing of pre-owned BMW Group ve-hicles,15.7%more than in the previous year(2023:158,935 contracts).The lease business experienced an 28.7%increase in the reporting period and accounted for 35.5%of all new business.Credit financing also went up(+10.8%)and accounted for 64.5%of new business.The t

130、otal new business volume of all credit financing and leasing contracts increased significantly to 31,677 million in the reporting period(2023:26,797 million;+18.2%).The share of new BMW Group vehicles either leased or financed by the Financial Services segment stood at 41.2%1 at the end of the first

131、 half of the year(2023:37.5%;+3.7 percentage points).As at 30 June 2024,the Financial Services segment had 4,895,606 credit financed or leased vehicles on its books(31 December 2023:4,952,318 contracts;1.1%).The size of the contract portfolio was largely in line with the previous years level in Asia

132、/Pacific/Middle East(+0.1%)and the Amer-icas(0.6%).A small increase of 2.2%was recorded in Europe,while the trend for the EU Bank2 was slightly negative(2.2%).In China,the size of the portfolio fell by 11.8%compared to the previous year due to a downturn in sales in the Automotive segment and the co

133、ntinuing high level of compe-tition in the financial services sector.Fleet business up slightly year on year Under the brand name Alphabet,the Financial Services segment offers fleet management-related credit financing and leasing contracts,as well as tai-lored services.As at 30 June,2024,this segme

134、nt had contracts in place for a fleet of 730,432 vehicles(31 December 2023:720,094 contracts;+1.4%).In the second quarter 2024,Alphabet also acquired part of the BMW Groups own fleet and assumed responsibility for the management and marketing of these vehicles.The purpose of this move is to optimise

135、 the uti-lisation and remarketing of the vehicles involved.These activities will be con-tinuously expanded as part of the transition to the direct sales model in Eu-rope.As at 30 June 2024,the segment had a total of 7,025 such vehicles under management.Solid increase in dealership financing At the e

136、nd of the reporting period,the total business volume of dealership financing stood at 19,859 million(31 December 2023:18,941 million;+4.8%).Profit before tax in reporting period affected by stabilisation in pre-owned vehicle market The Financial Services segment generated a profit before tax of 1,48

137、1 million in the reporting period(2023:1,704 million;13.1%).The decrease was largely due to lower revenues from the re-marketing of lease returns in light of the ongoing normalisation of the pre-owned vehicle market.The credit loss ratio for the entire credit portfolio was 0.25%in the reporting peri

138、od(2023:0.15%).In balance sheet terms,business volume increased slightly to stand at 143,010 million at the end of the reporting period(31 December 2023:137,910 million;+3.7%).8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segmen

139、t and Eliminations 21 Outlook 24 Risk and Opportunity Management 1 The calculation only includes automobile markets in which the Financial Services segment is represented by a consolidated entity.2 EU Bank comprises BMW Bank GmbH with its branches in Italy,Spain and Portugal.20 BMW Group Half-Year R

140、eport 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Financial Performance OTHER ENTITIES SEGMENT AND ELIMINATIONS Profit before tax in second quarter of Other Entities segment up on previous year The Other Entities segment recorded a

141、profit before tax of 295 million in the second quarter(2023:245 million).Compared to the previous year,the change was mainly due to the improved net interest result.Increased eliminations in the second quarter At the level of Group profit before tax for the second quarter,eliminations decreased to a

142、 net positive amount of 78 million,down from 319 million in the corresponding period of the previous year,with the year-on-year change mainly reflecting the impact of the higher volume of eliminations due to the upturn in leasing business.Improvement in first half-year profit before tax of Other Ent

143、ities segment due to market development of interest rate hedges The Other Entities segment recorded a profit before tax of 696 million in the first six months of the year(2023:profit before tax of 117 million).Market value developments arising on interest rate and foreign currency hedging instrument

144、s significantly improved the six-month result reported for the Other Entities segment.Six-month profit before tax eliminations down on previous year At the level of Group profit before tax for the six-month period,eliminations decreased to a net positive amount of 300 million,down from 649 mil-lion

145、in the corresponding period of the previous year.As in the second quar-ter,the year-on-year change was mainly impacted by higher eliminations due to the upturn in leasing business.8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Se

146、gment and Eliminations 21 Outlook 24 Risk and Opportunity Management 21 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook,Risk and Opportunity Management The Outlook and the Risk and Opportunity Manageme

147、nt sections of this re-port present the expected development of the BMW Group over the remain-der of 2024 from the perspective of Group management.They contain for-ward-looking statements which are based on forecasts and assumptions which may be influenced by future unforeseen events.As a result,act

148、ual outcomes can deviate either positively or negatively from the expectations described below.For more information,please refer to the Outlook and Risks and Opportunities chapters of the 2023 BMW Group Report.OUTLOOK International automobile markets an overview In July 2024,the International Moneta

149、ry Fund(IMF)left its forecast for global economic growth unchanged at 3.2%despite ongoing geopolitical risk factors.Automobile markets are also forecasted to benefit from this pro-jected growth rate.It can therefore be assumed that the global supply of new vehicles will increase,particularly in ligh

150、t of the fact that international supply chains are unlikely to see any major disruption.The competitive environ-ment could also have an impact on pre-owned vehicle prices across the in-dustry.Outlook for the BMW Group assumptions and forecast The following outlook covers the forecast period of 2024

151、and is based on the composition of the BMW Group during that time.It is expected that a fall in inflation and stabilised interest rates in many countries will allow for a slight increase in demand in 2024.The number of vehicle deliveries is set to increase slightly against this backdrop and in light

152、 of the full availability of new models such as the BMW 7 Series and the BMW 5 Series,model launches such as the BMW X2*and the BMW X3*,and the renewal of the MINI product range.The Chinese market is currently lagging behind our expectations.However,the results of the“third plenum”in China have show

153、n that the Chinese gov-ernment is taking the current economic situation seriously,targeting a qual-itative economic development and is taking action to,for example,increase domestic demand and mitigate the risks faced by the real estate sector.We see the drop in the benchmark interest rate from 22 J

154、uly 2024 as the initial measure that will begin to bring some stability to the market.In the 2024 financial year,prices across the product range are expected to be in line with last years level.The BMW Group still expects commodity prices(particularly for battery-related raw materials and precious m

155、etals)to be lower than in the previous year.However,the BMW Group believes that geopolitical and trade tensions could result in uncertainty and volatility on commodity markets.Owing to high inflation in previous years,higher costs for employees and from the supply chain are expected in 2024.In addit

156、ion,the continued implementation of the electrification and digitali-sation strategy will lead to greater R&D costs in 2024.Expenditure related to the NEUE KLASSE,such as the further development of the sixth genera-tion of battery technology and manufacturing preparations in the production network,w

157、ill also impact the Groups earnings and result in greater capital expenditure.The situation in the Middle East became increasingly volatile with the recent developments in the Golan Heights.However,the conflict continues to have no significant effect on the BMW Groups business as the Group does not

158、operate directly in that region.The BMW Group is monitoring developments.OUTLOOK,RISK AND OPPORTUNITY MANAGEMENT 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Managemen

159、t *Consumption and Carbon Disclosures.22 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook,Risk and Opportunity Management The war in Ukraine and its potential implications for the BMW Groups course of b

160、usiness are also being closely monitored.All applicable re-strictions resulting from sanctions have been factored into the outlook.In view of the growing unpredictability of political developments,actual macro-economic and geopolitical developments in some regions may deviate from expectations.The o

161、utlook does not factor in any direct or indirect response which the Chi-nese government might take in response to the EUs preliminary tariffs on electric cars from China.Outlook for the BMW Group key performance indicators Deliveries of BMW,MINI and Rolls-Royce brand vehicles in the Automotive segme

162、nt are expected to rise slightly year on year due to a slight increase in demand,full availability of new models and model launches.In this context,the share of all-electric vehicles relative to total deliveries is expected to in-crease significantly compared to 2023.An EBIT margin ranging between 8

163、 and 10%is forecast for the Automotive segment in 2024.The RoCE for the Automotive segment is also being af-fected by the increasing investment in electrification and digitalisation,and is expected to be between 15 and 20%.The BMW Group expects to achieve its target of slightly reducing the carbon e

164、missions generated by its EU new vehicle fleet by further improving the overall fuel consumption of its products and deploying an increasing number of vehicles with electric drivetrain systems.It is therefore expected that the BMW Group will continue to remain significantly under the legal limits.A

165、moderate reduction is expected in carbon emissions from BMW Group plants per vehicle produced(Scope 1 and 2)due to increased production volumes and BMW making greater use of green energy.The stable demand situation can also be seen in the Motorcycles segment,where deliveries are predicted to increas

166、e slightly owing to the full availabil-ity of models,including the BMW R 1300 GS.The EBIT margin is expected to be between 8 and 10%and the segment RoCE between 21 and 26%.The RoE in the Financial Services segment is predicted to finish within a range between 15 and 18%due to the segments recently i

167、mproved per-formance.The supply of and demand for pre-owned vehicles is still ex-pected to continue to stabilise over the course of the year.The BMW Group still expects income from remarketing lease returns to fall further as com-pared to 2023.Accordingly,Group profit before tax will decrease slight

168、ly.As the BMW Group continues to take a leading role among its competitors in the digitali-sation and electrification of the vehicle fleet and intends to strengthen this position,expenses and capital expenditure associated with future projects will remain high in the Automotive segment in 2024.The p

169、roduction net-work will also be expanded in 2024 in connection with the NEUE KLASSE.The aforementioned targets are to be met with a slight growth in the size of the workforce.Likewise,the share of women in management positions in the BMW Group is expected to increase slightly.The BMW Groups actual b

170、usiness performance may also deviate from cur-rent expectations due to the risks and opportunities discussed below in the Risk and Opportunity Management chapter.8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminat

171、ions 21 Outlook 24 Risk and Opportunity Management 23 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook,Risk and Opportunity Management BMW Group key performance indicators The key performance indicators

172、 of the BMW Group provided below are based on the latest information and valuations available for the year 2024.2023 reported 2024 outlook 2024 outlook updated GROUP Profit before tax million 17,096 Slight decrease Workforce at year-end 154,950 Slight increase Share of women in management positions

173、in the BMW Group%20.8 Slight increase AUTOMOTIVE SEGMENT EBIT margin%9.8 Between 8 and 10 Return on capital employed(RoCE)%20.2 Between 15 and 20 Deliveries units 2,554,183 Slight increase Share of all-electric vehicles in deliveries%14.7 Significant increase CO2 emissions EU new vehicle fleet1,2 g/

174、km 102.1 Slight reduction CO2 emissions BMW Group locations per vehicle produced3 t 0.28 Moderate reduction MOTORCYCLES SEGMENT EBIT margin%8.1 Between 8 and 10 Return on capital employed(RoCE)%22.1 Between 21 and 26 Deliveries units 209,066 Slight increase FINANCIAL SERVICES SEGMENT Return on equit

175、y(RoE)%17.2 Between 14 and 17 Between 15 and 18 8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 1 EU-27 countries including Norway and Iceland;with effect from

176、 2021,values are calculated on a converted basis in line with WLTP(Worldwide Harmonised Light Vehicles Test Procedure).2 Including an allowance for eco-innovations(amounts of minor significance).3 Efficiency ratio calculated on the basis of Scope 1 and Scope 2 carbon emissions(i.e.a market-based met

177、hod according to GHG Protocol Scope 2 guidance;mainly based on the use of emission factors for elec-tricity,district heating and fuels of the VDA,each in the most current valid version:12/2023)and occasionally using local emissions factors;excluding climate-chang-ing gases other than carbon dioxide

178、from vehicle pro-duction(BMW Group manufacturing sites and Motor-rad,but excluding partner plants and contract manu-facturers),as well as BMW Group non-manufacturing sites(e.g.research centres,sales centres,offices)di-vided by the number of vehicles produced(BMW Group manufacturing sites and partner

179、 plants,but excluding contract manufacturers).24 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Outlook,Risk and Opportunity Management RISK AND OPPORTUNITY MANAGEMENT The foundation of the BMW Groups busines

180、s success lies in effectively managing risks and making use of any opportunities.This is based on an effective risk and opportunity management strategy,which enables the Group to react quickly and flexibly to changes in political,economic,environ-mental,social,technical or legal conditions.The gener

181、al risk situation is evaluated on a regular basis.For more information about risks and opportunities and the methods used to manage them,please refer to the Risks and Opportunities chapter of the BMW Group Report 2023.8 General Economic Environment 9 Group Overview 12 Automotive Segment 18 Financial

182、 Services Segment 20 Other Entities Segment and Eliminations 21 Outlook 24 Risk and Opportunity Management 25 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information INTERIM GROUP FINANCIAL STATEMENTS 26 Income Statem

183、ent for Group and Segments for the period from 1 January to 30 June 28 Condensed Statement of Comprehensive Income for Group for the period from 1 January to 30 June 29 Income Statement for Group and Segments for the period from 1 April to 30 June 31 Condensed Statement of Comprehensive Income for G

184、roup for the period from 1 April to 30 June 32 Balance Sheet for Group and Segments at 30 June 2024 36 Condensed Cash Flow Statement for Group and Segments for the period from 1 January to 30 June 37 Statement of Changes in Group Equity for the period from 1 January to 30 June 39 Notes to the Group

185、Financial Statements 64 Responsibility Statement by the Companys Legal Representatives 65 Review Report 26 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments FOR THE PERIOD

186、 FROM 1 APRIL TO 30 JUNE1Group Automotive Motorcycles in million Note 2024 2023 2024 2023 2024 2023 Revenues 05 36,944 37,219 32,070 31,630 989 988 Cost of sales 30,285 30,089 27,039 26,400 807 760Gross profit 6,659 7,130 5,031 5,230 182 228 Selling and administrative expenses 2,7722 2,6302 2,307 2,

187、191 73 71Other operating income 06 273 231 244 213 1 2 Other operating expenses 06 283 388 284 354 1 Profit/loss before financial result 3,877 4,343 2,684 2,898 110 158 Result from equity accounted investments 3 96 3 96 Interest and similar income 07 165 166 358 336 1 3 Interest and similar expenses

188、 07 103 144 354 380 1 2 Other financial result 08 75 47 58 18 Financial result 16 121 57 1581 Profit/loss before tax 3,861 4,222 2,627 2,740 110 159 Income taxes 09 1,156 1,264 787 827 33 48Net profit/loss 2,705 2,958 1,840 1,913 77 111 Attributable to non-controlling interests 92 153 92 147 Attribu

189、table to shareholders of BMW AG 2,613 2,805 1,748 1,766 77 111 Basic earnings per share of common stock in 4.15 4.39 Basic earnings per share of preferred stock in 4.16 4.40 Dilutive effects Diluted earnings per share of common stock in 4.15 4.39 Diluted earnings per share of preferred stock in 4.16

190、 4.40 INCOME STATEMENT FOR GROUP AND SEGMENTS 1 Additional information:not subject to external auditor review.2 Includes general administrative expenses amounting to 1,293 million(2023:1,185 million).27 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Gro

191、up Financial Statements Other Information Income Statement for Group and Segments FOR THE PERIOD FROM 1 APRIL TO 30 JUNE*Financial Services Other Entities Eliminations in million Note 2024 2023 2024 2023 2024 2023 Revenues 05 9,742 8,795 3 3 5,860 4,197Cost of sales 8,628 7,641 6,189 4,712 Gross pro

192、fit 1,114 1,154 3 3 329 515 Selling and administrative expenses 394 369 14 1016 11 Other operating income 06 12 11 3 7 13 2 Other operating expenses 06 7 45 1 8 13 Profit/loss before financial result 725 751 8 1366 537 Result from equity accounted investments Interest and similar income 07 3 1,138 8

193、31 1,335 1,004Interest and similar expenses 07 2 793 5481,047 786 Other financial result 08 25 8 42 37 Financial result 26 8 303 246 288 218Profit/loss before tax 751 759 295 245 78 319 Income taxes 09 223 231 88 71 25 87Net profit/loss 528 528 207 174 53 232 Attributable to non-controlling interest

194、s 1 5 1 1 Attributable to shareholders of BMW AG 529 523 206 173 53 232 Basic earnings per share of common stock in Basic earnings per share of preferred stock in Dilutive effects Diluted earnings per share of common stock in Diluted earnings per share of preferred stock in INCOME STATEMENT FOR GROU

195、P AND SEGMENTS*Additional information:not subject to external auditorreview.28 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Condensed Statement of Comprehensive Income for Group FOR THE PERIOD FROM 1 APRIL

196、TO 30 JUNE*in miliion 2024 2023 Net profit/loss 2,705 2,958 Remeasurement of the net liability for defined benefit pensions plans 23 85 Items not expected to be reclassified to the income statement in the future 23 85 Marketable securities(at fair value through other comprehensive income)2 3 Derivat

197、ive financial instruments 192 207 Costs of hedging 159 64 Other comprehensive income from equity accounted investments 2 4 Currency translation foreign operations 127 1,248 Items that can be reclassified to the income statement in the future 478 984 Other comprehensive income for the period after ta

198、x 501 899 Total comprehensive income 3,206 2,059 Total comprehensive income attributable to non-controlling interests 124 34 Total comprehensive income attributable to shareholders of BMW AG 3,082 2,025 CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR GROUP *Additional information:not subject to exte

199、rnal auditor review.29 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Statement for Group and Segments FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE Group Automotive1 Motorcycles1 in million Note 2024 2023

200、2024 2023 2024 2023 Revenues 05 73,558 74,072 63,009 62,898 1,861 1,921 Cost of sales 60,335 59,170 53,166 51,890 1,507 1,481Gross profit 13,223 14,902 9,843 11,008 354 440 Selling and administrative expenses 5,2872 4,9892 4,399 4,150 139 131Other operating income 06 557 416 515 382 2 4 Other operat

201、ing expenses 06 562 611 565 565 1 1 Profit/loss before financial result 7,931 9,718 5,394 6,675 216 312 Result from equity accounted investments 30 122 30 122 Interest and similar income 07 327 313 711 615 2 4 Interest and similar expenses 07 254 244 724 632 2 3 Other financial result 08 49 314 2132

202、 Financial result 92 367 64 1071 Profit/loss before tax 8,023 9,351 5,330 6,568 216 313 Income taxes 09 2,367 2,731 1,571 1,934 64 92Net profit/loss 5,656 6,620 3,759 4,634 152 221 Attributable to non-controlling interests 252 395 252 378 Attributable to shareholders of BMW AG 5,404 6,225 3,507 4,25

203、6 152 221 Basic earnings per share of common stock in 8.57 9.70 Basic earnings per share of preferred stock in 8.58 9.71 Dilutive effects Diluted earnings per share of common stock in 8.57 9.70 Diluted earnings per share of preferred stock in 8.58 9.71 INCOME STATEMENT FOR GROUP AND SEGMENTS 1 Addit

204、ional information:not subject to external auditor review.2 Includes general administrative expenses amounting to 2,484 million(2023:2,252 million).30 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Income Stat

205、ement for Group and Segments FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE Financial Services*Other Entities*Eliminations*in million Note 2024 2023 2024 2023 2024 2023 Revenues 05 19,267 17,621 7 6 10,586 8,374Cost of sales 17,082 15,155 11,420 9,356 Gross profit 2,185 2,466 7 6 834 982 Selling and admin

206、istrative expenses 746 704 25 1922 15 Other operating income 06 22 13 9 10 9 7 Other operating expenses 06 22 66 4 2 30 23 Profit/loss before financial result 1,439 1,709 13 5895 1,027 Result from equity accounted investments Interest and similar income 07 5 4 2,191 1,519 2,582 1,829Interest and sim

207、ilar expenses 07 5 6 1,510 1,0541,987 1,451 Other financial result 08 42 3 28 343 Financial result 42 5709 122 595 378Profit/loss before tax 1,481 1,704 696 117 300 649 Income taxes 09 435 501 205 34 92 170Net profit/loss 1,046 1,203 491 83 208 479 Attributable to non-controlling interests 1 16 1 1

208、Attributable to shareholders of BMW AG 1,047 1,187 490 82 208 479 Basic earnings per share of common stock in Basic earnings per share of preferred stock in Dilutive effects Diluted earnings per share of common stock in Diluted earnings per share of preferred stock in INCOME STATEMENT FOR GROUP AND

209、SEGMENTS*Additional information:not subject to external auditorreview.31 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Condensed Statement of Comprehensive Income for Group FOR THE PERIOD FROM 1 JANUARY TO 3

210、0 JUNE in miliion 2024 2023 Net profit/loss 5,656 6,620 Remeasurement of the net liability for defined benefit pensions plans 136 83 Items not expected to be reclassified to the income statement in the future 136 83 Marketable securities(at fair value through other comprehensive income)7 20 Derivati

211、ve financial instruments 24278 Costs of hedging 262 159 Other comprehensive income from equity accounted investments 3 5 Currency translation foreign operations 398 1,885Items that can be reclassified to the income statement in the future 414 1,633Other comprehensive income for the period after tax

212、550 1,550Total comprehensive income 6,206 5,070 Total comprehensive income attributable to non-controlling interests 273 248 Total comprehensive income attributable to shareholders of BMW AG 5,933 4,822 CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR GROUP 32 BMW Group Half-Year Report 2024 BMW Grou

213、p at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments AT 30 JUNE 2024 Group Automotive*Motorcycles*in million Note 30.6.2024 31.12.2023 30.6.2024 31.12.2023 30.6.2024 31.12.2023 ASSETS Intangible assets 10 19,549 20,02

214、2 18,965 19,439 217 216 Property,plant and equipment 11 36,338 35,266 35,715 34,639 536 533 Leased products 44,957 43,118 Investments accounted for using the equity method 523 443 523 443 Other investments 1,206 1,197 14,699 14,697 Receivables from sales financing 52,653 50,517 Financial assets 12 1

215、,045 1,387 500 588 Deferred tax 2,952 2,431 3,308 3,216 Other assets 1,592 1,537 2,458 2,296 20 18 Non-current assets 160,815 155,918 76,168 75,318 773 767 Inventories 26,851 23,719 25,235 22,121 892 905 Trade receivables 3,930 4,162 3,541 3,875 201 102 Receivables from sales financing 37,516 36,838

216、 Financial assets 12 3,339 4,131 2,310 2,888 Current tax 13 1,315 1,199 724 911 Other assets 7,474 7,596 20,262 24,925 11 7 Cash and cash equivalents 17,856 17,327 14,114 13,590 41 36 Current assets 98,281 94,972 66,186 68,310 1,145 1,050 Total assets 259,096 250,890 142,354 143,628 1,918 1,817 BALA

217、NCE SHEET FOR GROUP AND SEGMENTS*Additional information:not subject to external auditorreview.33 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments BALANCE SHEET FOR GROUP AND

218、 SEGMENTS AT 30 JUNE 2024 Financial Services*Other Entities*Eliminations*in million Note 30.6.2024 31.12.2023 30.6.2024 31.12.2023 30.6.2024 31.12.2023 ASSETS Intangible assets 10 366 366 1 1 Property,plant and equipment 11 87 94 Leased products 52,692 50,415 7,735 7,297 Investments accounted for us

219、ing the equity method Other investments 25 28 23,125 23,084 36,643 36,612 Receivables from sales financing 52,802 50,657 149 140 Financial assets 12 234 256 398 643 87 100 Deferred tax 517 506 25 22 898 1,313 Other assets 2,844 2,852 36,986 35,249 40,716 38,878 Non-current assets 109,567 105,174 60,

220、535 58,999 86,228 84,340 Inventories 724 693 Trade receivables 187 184 1 1 Receivables from sales financing 37,516 36,838 Financial assets 12 624 558 441 692 36 7 Current tax 13 139 102 452 186 Other assets 3,545 3,753 62,647 57,638 78,991 78,727 Cash and cash equivalents 3,236 3,090 465 611 Current

221、 assets 45,971 45,218 64,006 59,128 79,027 78,734 Total assets 155,538 150,392 124,541 118,127 165,255 163,074 *Additional information:not subject to external auditor review.34 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Ot

222、her Information Balance Sheet for Group and Segments BALANCE SHEET FOR GROUP AND SEGMENTS AT 30 JUNE 2024 Group Automotive*Motorcycles*in million Note 30.6.2024 31.12.2023 30.6.2024 31.12.2023 30.6.2024 31.12.2023 EQUITY AND LIABILITIES Subscribed capital 14 639 639 Capital reserves 2,456 2,456 Reve

223、nue reserves 14 90,865 89,072 Accumulated other equity 1,970 2,071 Treasury shares 14 1,075 500 Equity attributable to shareholders of BMW AG 14 90,915 89,596 Non-controlling interests 2,559 3,327 Equity 93,474 92,923 55,610 61,971 Pension provisions 226 427 133 326 7 Other provisions 7,911 7,797 7,

224、674 7,559 84 80 Deferred tax 3,192 2,797 3,153 2,601 Financial liabilities 16 57,726 52,880 2,857 2,726 1 2 Other liabilities 17 7,494 7,065 8,458 8,041 838 808 Non-current provisions and liabilities 76,549 70,966 22,275 21,253 923 897 Other provisions 9,606 9,240 8,967 8,547 134 128 Current tax 15

225、1,078 1,401 717 1,045 Financial liabilities 16 44,534 42,130 2,126 1,680 Trade payables 15,938 15,547 14,327 13,906 552 566 Other liabilities 17 17,917 18,683 38,332 35,226 309 226 Current provisions and liabilities 89,073 87,001 64,469 60,404 995 920 Total equity and liabilities 259,096 250,890 142

226、,354 143,628 1,918 1,817 *Additional information:not subject to external auditor review.35 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Balance Sheet for Group and Segments AT 30 JUNE 2024 Financial Service

227、s*Other Entities*Eliminations*in million Note 30.6.2024 31.12.2023 30.6.2024 31.12.2023 30.6.2024 31.12.2023 EQUITY AND LIABILITIES Subscribed capital 14 Capital reserves Revenue reserves 14 Accumulated other equity Treasury shares 14 Equity attributable to shareholders of BMW AG 14 Non-controlling

228、interests Equity 16,506 16,573 62,881 56,031 41,523 41,652 Pension provisions 15 17 78 77 Other provisions 153 158 Deferred tax 2,125 2,603 40 226 2,126 2,633 Financial liabilities 16 19,830 18,003 35,125 32,249 87 100 Other liabilities 17 38,525 36,848 759 485 41,086 39,117 Non-current provisions a

229、nd liabilities 60,648 57,629 36,002 33,037 43,299 41,850 Other provisions 499 558 6 7 Current tax 15 260 141 101 215 Financial liabilities 16 26,585 25,392 15,859 15,065 36 7 Trade payables 1,057 1,071 2 4 Other liabilities 17 49,983 49,028 9,690 13,768 80,397 79,565 Current provisions and liabiliti

230、es 78,384 76,190 25,658 29,059 80,433 79,572 Total equity and liabilities 155,538 150,392 124,541 118,127 165,255 163,074 BALANCE SHEET FOR GROUP AND SEGMENTS *Additional information:not subject to external auditor review.36 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Managem

231、ent Report Interim Group Financial Statements Other Information Statement of Changes in Group Equity FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE Group Automotive*Financial Services*in million 2024 2023 2024 2023 2024 2023 Profit/loss before tax 8,023 9,351 5,330 6,568 1,481 1,704 Depreciation and amort

232、isation of tangible,intangible and investment assets 4,368 4,551 4,299 4,479 14 17 Change in provisions 346 1,338 461 1,355 69 33Change in leased products and receivables from sales financing 3,635516 4,014512 Changes in working capital 1,861 3,399 1,713 3,535 43199 Other 3,087 2,659 1,022 1,687 444

233、429 Cash inflow/outflow from operating activities 4,154 9,698 7,355 7,180 3,0752,828 Total investment in intangible assets and property,plant and equipment 5,040 3,992 4,971 3,911 6 4 Inflow/outflow from net investment in marketable securities and investments funds 567 21 592 8 2614 Other 96 133 95

234、128 Cash inflow/outflow from investing activities 4,569 4,104 4,474 4,031 3210 Cash inflow/outflow from financing activities 787 3,130 2,428 3733,181 3,293Effect of exchange rate on cash and cash equivalents 157 80171 65372 139Effect of changes in composition of Group on cash and cash equivalents 27

235、27 Change in cash and cash equivalents 529 1,690 524 2,150 146 594Cash and cash equivalents as at 1 January 17,327 16,870 13,590 13,109 3,090 3,530 Cash and cash equivalents as at 30 June 17,856 18,560 14,114 15,259 3,236 2,936 CONDENSED CASH FLOW STATEMENT FOR GROUP AND SEGMENTS*Additional informat

236、ion:not subject to external auditorreview.37 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Statement of Changes in Group Equity FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE Accumulated other equity in million No

237、te Subscribed capital Capital reserves Revenue reserves Translation differences Marketable securities Derivative financial instruments Cost of hedging 1 January 2024 14 639 2,456 89,072 2,083 29 699 658 Net profit 5,404 Other comprehensive income for the period after tax 136 361 7 188 227 Comprehens

238、ive income at 30 June 2024 5,540 361 7 188 227 Dividend payments 3,781 Treasury shares acquired Other changes 34 292 30 June 2024 14 639 2,456 90,865 1,722 36 219 431 Accumulated other equity in million Note Subscribed capital Capital reserves Revenue reserves Translation differences Marketable secu

239、rities Derivative financial instruments Cost of hedging 1 January 2023 14 663 2,432 85,425 584 107 1,728 1,154 Net profit 6,225 Other comprehensive income for the period after tax 83 1,618 20 29 141 Comprehensive income at 30 June 2023 6,308 1,618 20 29 141 Dividend payments 5,430 Treasury shares ac

240、quired Other changes 39 84 30 June 2023 14 663 2,432 86,264 2,202 87 1,615 1,013 STATEMENT OF CHANGES IN GROUP EQUITY 38 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Statement of Changes in Group Equity FOR

241、 THE PERIOD FROM 1 JANUARY TO 30 JUNE in million Note Treasury shares Equity attributable to shareholders of BMW AG Non-controlling interests Total 1 January 2024 14 50089,596 3,327 92,923 Net profit 5,404 252 5,656 Other comprehensive income for the period after tax 529 21 550 Comprehensive income

242、at 30 June 2024 5,933 273 6,206 Dividend payments 3,781 1,013 4,794Treasury shares acquired 575 575 575 Other changes 258 28 28630 June 2024 14 1,07590,915 2,559 93,474 in million Note Treasury shares Equity attributable to shareholders of BMW AG Non-controlling interests Total 1 January 2023 14 1,2

243、7887,125 4,163 91,288 Net profit 6,225 395 6,620 Other comprehensive income for the period after tax 1,403 147 1,550Comprehensive income at 30 June 2023 4,822 248 5,070 Dividend payments 5,430 38 5,468Treasury shares acquired 709 709 709 Other changes 123 70 19330 June 2023 14 1,98785,685 4,303 89,9

244、88 sTT STATEMENT OF CHANGES IN GROUP EQUITY 39 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements ACCOUNTING PRINCIPLES AND POLICIES 01 Basis of preparation The consolidate

245、d financial statements of Bayerische Motoren Werke Ak-tiengesellschaft,Munich,(BMW Group Financial Statements or Group Fi-nancial Statements)for the year ended 31 December 2023 were drawn up in accordance with International Financial Reporting Standards(IFRS),as endorsed by the European Union(EU),an

246、d the supplementary require-ments of 315e(1)of the German Commercial Code(HGB).The Interim Group Financial Statements(Interim Report)at 30 June 2024,which have been prepared in accordance with International Accounting Standard(IAS)34(Interim Financial Reporting),have been drawn up using,in all mater

247、ial respects,the same accounting methods as those utilised in the 2023 Group Financial Statements.The BMW Group applies the option of publishing con-densed group financial statements.All IFRIC interpretations issued by the IFRS Interpretations Committee which are mandatory on 30 June 2024 have been

248、applied.The Interim Report also complies with German Account-ing Standard No.16(GAS 16)Interim Financial Reporting issued by the German Accounting Standards Committee e.V.(GASC).The reporting period for these Interim Group Financial Statements in ac-cordance with IAS 34 is the six-month period from

249、1 January 2024 to 30 June 2024.In addition,the income statement for the BMW Group and condensed statement of comprehensive income for the BMW Group as well as the notes disclosures for the period from 1 April 2024 to 30 June 2024 are presented for informational purposes,but were not within the scope

250、 of the external auditors review.Information regarding the Groups accounting principles and policies is con-tained in the notes to the Group Financial Statements within the 2023.The Group Financial Statements have been drawn up in euros.All amounts are disclosed in millions of euros(million)unless s

251、tated otherwise.De-tailed information on foreign currency translation is provided in the BMW Group Report 2023,note 04 to the Group Financial Statements.Key figures presented in the report have been rounded in accordance with standard commercial practise.In individual cases,this may mean that fig-ur

252、es do not add up exactly to the stated total and that percentages cannot be derived from the values shown.The income statement for the BMW Group and segments is presented using the cost of sales method.In order to provide a better insight into the results of operations,financial position and net ass

253、ets of the BMW Group,and going beyond the require-ments of IFRS 8(Operating Segments),the Group Financial Statements also include an income statement and a balance sheet for the Automotive,Motorcycles,Financial Services and Other Entities segments.The Group Cash Flow Statement is supplemented by a s

254、tatement of cash flows for the Automotive and Financial Services segments.Inter-segment transactions relate primarily to internal sales of products,the provision of funds for Group companies and the related interest.These items are eliminated on consoli-dation.More detailed information regarding the

255、 allocation of activities of the BMW Group to segments and a description of the segments is provided in the explanatory notes to segment information in the BMW Group Report 2023.The Interim Group Financial Statements at 30 June 2024 have been re-viewed by the Group auditors,PricewaterhouseCoopers Gm

256、bH Wirtschafts-prfungsgesellschaft,Frankfurt am Main,Munich office.NOTES TO THE GROUP FINANCIAL STATEMENTS xx Accounting Principles and Policies Xx Notes to the Income Statement Xx Notes to the Balance Sheet Xx Other Disclosures Xx Segment Informationen 39 Accounting Principles and Policies 42 Notes

257、 to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information 40 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 02 Group reporting

258、entity The BMW Group Financial Statements to 30 June 2024 include Bayerische Motoren Werke Aktiengesellschaft(BMW AG)and all material subsidiaries over which BMW AG either directly or indirectly exercises control.This also includes 58 structured entities,consisting of asset-backed financing ar-range

259、ments and special purpose funds.In some cases,contractual agree-ments are in place with the asset-backed securities companies to offset their losses in connection with residual value risks arising from the receivables sold to them.The following changes took place in the Group reporting entity during

260、 the first six months of 2024:Germany Foreign Total Included at 31 December 2023 20 187 207 Included for the first time in 2024 1 7 8 No longer included in 2024 1212 Included at 30 June 2024 21 182 203 BMW Fleet GmbH,Munich,which acquired part of the BMW Groups own fleet and assumed responsibility f

261、or the management and remarketing of these vehicles,was fully consolidated for the first time with effect from 31 March 2024.All other changes to the Group reporting entity are not significant in terms of the results of operations,financial position and net assets of the Group.03 Financial reporting

262、 rules(a)None of the new accounting standards and revisions to existing stand-ards which were applied for the first time in the first half of 2024 had a sig-nificant impact on the BMW Group Financial Statements.(b)The International Accounting Standards Board(IASB)published Stand-ard IFRS 18 Presenta

263、tion and Disclosure in Financial Statements in April2024.This standard replaces IAS 1 and includes new rules regarding thestructure of the income statement,management performance measures,and the aggregation and disaggregation of items in the income statement.The new rules are mandatory for financia

264、l years beginning on or after 1 Jan-uary 2027.The BMW Group is analysing the impact of IFRS 18 the GroupFinancial Statements.Early adoption of IFRS 18 is not currently intended.Other financial reporting standards or revisions to standards issued by the IASB and not yet applied are not expected to ha

265、ve any significant impact on the BMW Group Financial Statements.39 Accounting Principles and Policies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information 41 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report In

266、terim Group Financial Statements Other Information Notes to the Group Financial Statements 04 Other significant events Impairment tests An indication of the potential impairment of tangible and intangible assets existed at 30 June 2024 in that the Groups market capitalisation was lower than Group eq

267、uity at that date.As a result,impairment tests were performed for the cash-generating units Automotive excluding BMW Brilliance,BMW Brilliance,Motorcycles and Financial Services.A detailed description of im-pairment test procedures and selected parameters is provided in note 06 to the Group Financia

268、l Statements in the BMW Group Report 2023.The following pre-tax discount rates were applied to measure the relevant values:in%30.6.2024 31.12.2023 Automotive excluding BMW Brilliance 12.9 13.7 BMW Brilliance 14.5 15.6 Motorcycles 12.9 13.7 Financial Services 14.8 15.2 In conjunction with the impairm

269、ent tests for cash-generating units,sensitiv-ity analyses are performed for the main assumptions in order to rule out that possible changes to the assumptions used to determine the recoverable amount would result in the requirement to recognise an impairment loss.Even in the case of a 10%deteriorati

270、on in the individual measurement as-sumptions,the need to recognise an impairment loss did not arise.Russia-Ukraine war Major uncertainties remained at the end of the reporting period with respect to the ongoing Russia-Ukraine war.The sanctions already imposed as well as new sanctions,together with

271、countermeasures taken,significantly re-strict economic activities with Russia and also have an impact on the Rus-sian companies of the BMW Group.The restrictions currently in place for payments mean that transfers of liquid funds from Russia are still limited.Developments in this area are reviewed b

272、y the BMW Group on a regular basis.In total,the Russian companies hold around 5%of the BMW Groups cash and cash equivalents.Foreign currency items denominated in Russian roubles were translated at 30 June 2024 at a closing rate of RUB 92.04 to the euro(31 December 2023:RUB 100.62).The BMW Group has

273、been able to execute transac-tions at this rate.sTT 39 Accounting Principles and Policies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information 42 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group

274、Financial Statements Other Information Notes to the Group Financial Statements NOTES TO THE INCOME STATEMENT 05 Revenues Revenues by activity comprise the following:in million 2nd quarter 2024*2nd quarter 2023 1 January to 30 June 2024 1 January to 30 June 2023 Sales of products and related goods 27

275、,150 28,184 54,333 56,273 Sales of products previously leased to customers 3,758 3,450 7,397 6,955 Income from lease instalments 3,097 3,025 6,157 5,834 Interest income on credit financing and finance leases 1,534 1,261 3,021 2,488 Revenues from service contracts,telematics and roadside assistance 1

276、,027 860 1,909 1,744 Other income 378 439 741 778 Revenues 36,944 37,219 73,558 74,072 Revenues recognised from contracts with customers in accordance with IFRS 15 totalled 64,194 million(2023:65,613 million).These reve-nues are attributed to the first,second and fifth categories in the table.A prop

277、ortion is also allocated to other income.An analysis of revenues by segment is shown in the segment information in note 23.Revenues from the sale of products and related goods are generated pri-marily in the Automotive segment and,to a lesser extent,in the Motorcycles segment.Revenues from the sales

278、 of products previously leased to custom-ers,income from lease instalments and interest income on loan financing are allocated to the Financial Services segment.Other income relates mainly to the Automotive segment and the Financial Services segment.Interest income on loan financing and finance leas

279、es includes interest cal-culated on the basis of the effective interest method totalling 2,298 million(2023:1,944 million).This interest income is not reported separately in the consolidated income statement as it is not significant compared to total Group revenues.06 Other operating income and expe

280、nses These line items principally include exchange gains and losses,gains and losses on the disposal of assets,income/expense from the reversal and recognition of impairment allowances and write-downs,as well as in-come/expense from the reversal of and allocation to provisions,including provisions f

281、or ongoing legal disputes,legal disputes that have been con-cluded and other legal risks.39 Accounting Principles and Policies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information*Additional information:not subject to external auditorreview.43 BM

282、W Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 07 Net interest result The net interest result comprises:in million 2nd quarter 2024*2nd quarter 2023 1 January to 30 June

283、2024 1 January to 30 June 2023 Other interest and similar income 165 163 326 308 thereof from subsidiaries 9 9 18 23 Net interest income on the net defined benefit liability for pension plans 3 1 5 Interest and similiar income 165 166 327 313 Net interest impact on other long-term provisions 53 112

284、142 162Net interest expense on the net defined benefit liability for pension plans 3 3 5 5 Other interest and similar expenses 47 29 107 77thereof to subsidiaries 1 1 2 2 Interest and similar expenses 103 144 254 244Net interest result 62 22 73 69 sTT 39 Accounting Principles and Policies 42 Notes t

285、o the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information*Additional information:not subject to external auditorreview.44 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information

286、Notes to the Group Financial Statements 08 Other financial result Other financial result developed as follows:in million 2nd quarter 2024*2nd quarter 2023 1 January to 30 June 2024 1 January to 30 June 2023 Result on investments 30 68 7 22Sundry other financial result 4521 56 292Other financial resu

287、lt 75 4749 314The result on investments was primarily affected by the measurement of investments held in the iVentures fund.The deterioration in sundry other financial result in the previous year was mainly due to changes in the fair value of stand-alone derivatives.09 Income taxes The effective tax

288、 rate for the six-month period to 30 June 2024 was 29.5%(2023:29.2%)and corresponds to the best estimate of the weighted aver-age annual income tax rate for the full year.This tax rate has been applied to the pre-tax profit for the period under report.sTT 39 Accounting Principles and Policies 42 Not

289、es to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information*Additional information:not subject to external auditorreview.45 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Informat

290、ion Notes to the Group Financial Statements NOTES TO THE BALANCE SHEET 10 Intangible assets Intangible assets mainly comprise capitalised development costs on vehicle,module and architecture projects as well as rights reacquired in conjunction with a business acquisition.Also included are subsidies

291、for tool costs,li-cences,purchased development projects,emission allowances,software and purchased customer bases.in million 30.6.2024 31.12.2023 Development costs 12,532 12,344 Goodwill 1,499 1,487 thereof allocated to the Automotive excluding BMW Brilliance CGU 33 33 thereof allocated to the BMW B

292、rilliance CGU 1,119 1,107 thereof allocated to the Financial Services CGU 347 347 Other intangible assets 5,518 6,191 Intangible assets 19,549 20,022 Intangible assets developed during the first six months of the year as fol-lows:in million 2024 2023 Development costs Additions 1,282 981 Amortisatio

293、n 1,094 1,236 Other intangible assets Additions 24 83 Amortisation 718 754 sTT 11 Property,plant and equipment (including right-of-use assets from leases)Property,plant and equipment developed during the first six months as fol-lows:in million 2024 2023 Additions 3,432 3,148 Additions resulting from

294、 changes in the Group reporting entity 552 Depreciation 2,556 2,561 Disposals 40 202 Additions resulting from changes in the Group reporting entity in the previ-ous year arose on the first-time consolidation of BMW Manufacturing Hun-gary Kft.,Debrecen and comprised mainly assets under construction.P

295、urchase commitments for property,plant and equipment(excluding right-of-use assets from leases)totalled 8,430 million(31 Decem-ber 2023:7,712 million).Government grants amounting to 9 million(30 June 2023:34 million)were deducted from the additions to the carrying amount of the relevant items of pro

296、perty,plant and equipment.12 Financial assets Financial assets comprise:in million 30.6.2024 31.12.2023 Derivate instruments 2,476 2,926 Marketable securities and investment funds 1,634 2,170 Loans to third parties 29 18 Other 245 404 Financial assets 4,384 5,518 sTT 39 Accounting Principles and Pol

297、icies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information 46 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements 13 In

298、come tax assets Current income taxes amounting to 1,315 million(31 December 2023:1,199 million)include 22 million(31 December 2023:29 million)that is expected to be settled after more than twelve months.Claims may be set-tled earlier than this depending on the timing of the underlying proceedings.14

299、 Equity The Group Statement of Changes in Equity is shown in the Statement of Changes in Equity.Subscribed capital The number of shares of common stock issued by BMW AG at 30 June 2024 was 579,795,667 shares,each with a par value of 1,unchanged from 31 December 2023.The number of issued shares of pr

300、eferred stock at that date was 58,920,408 shares,each with a par value of 1,un-changed from 31 December 2023.Unlike the shares of common stock,no voting rights are attached to the shares of preferred stock.Subscribed capital stood at 639 million,unchanged from 31 December 2023.All of the Companys st

301、ock is issued to bearer.Preferred stock bears an additional dividend of 0.02 per share.Revenue reserves In the second quarter 2024 BMW AG paid the dividend for the financial year 2023 amounting to 3,436 million for common stock and 345 million for preferred stock.Treasury shares At the Annual Genera

302、l Meeting of BMW AG held on 11 May 2022,the shareholders authorised the Board of Management to acquire treasury shares via the stock exchange,up to a maximum of 10%of the share capital in place at the date of the resolution or if this value is lower of the share capital in place at the time that the

303、 authorisation is exercised,and to redeem those shares without any further action required by the Annual General Meeting.The buyback authorisation remains valid until 10 May 2027.The Board of Management of BMW AG approved on 3 May 2023 a second share buyback programme to acquire treasury shares via

304、the stock ex-change in accordance with the resolution from 11 May 2022.Under this programme,BMW AG will acquire shares of common and preferred stock amounting to a maximum of 1.65 billion and 0.35 billion respectively.This second programme will be completed by no later than 31 December 2025.Based on

305、 the second programme,a total of 8,891,035 shares of common stock at a total acquisition cost of 879 million and 2,165,696 shares of preferred stock at a total acquisition cost of 196 million had been bought back via the stock exchange up to 30 June 2024.Based on the authorisation granted by the Ann

306、ual General Meeting on 11 May 2022,BMW AG has acquired shares equivalent to 5.51%of the share capital in place at 30 June 2024.15 Income tax liabilities Current income taxes amounting to 1,078 million(31 December 2023:1,401 million)include 113 million(31 December 2023:50 million)that is expected to

307、be settled after more than twelve months.Liabilities may be settled earlier than this depending on the timing of the underlying pro-ceedings.xx Accounting Principles and Policies Xx Notes to the Income Statement Xx Notes to the Balance Sheet Xx Other Disclosures Xx Segment Informationen 39 Accountin

308、g Principles and Policies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information 47 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financ

309、ial Statements 16 Financial Liabilities Financial liabilities of the BMW Group comprise the following:in million 30.6.2024 31.12.2023 Bonds 43,760 39,808 Asset-backed financing transactions 20,916 20,085 Liabilities from customer deposits(banking)18,490 18,016 Liabilities to banks 8,631 5,824 Deriva

310、tive instruments 4,574 4,400 Lease liabilities 2,469 2,539 Commercial paper 2,295 3,292 Other 1,125 1,046 Financial liabilities 102,260 95,010 During the six-month period ended 30 June 2024,the BMW Group issued bonds totalling approximately 8.5 billion,refinancing itself via a variety of instruments

311、,including two euro benchmark bonds,a 144A bond denomi-nated in US dollars,a bond denominated in Canadian dollars and a Panda bond in China.Asset-backed financing transactions with a total volume of around 6.8 billion were entered into or prolonged in the USA,Germany,the UK,Canada,Japan and South Ko

312、rea.17 Other liabilities Other liabilities include contract liabilities relating to contracts with custom-ers amounting to 8,182 million(31 December 2023:7,998 million).The liabilities relate mainly to service and repair work as well as telematics services and roadside assistance agreed to be part o

313、f the sale of a vehicle(in some cases multi-component arrangements).sTT 39 Accounting Principles and Policies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information 48 BMW Group Half-Year Report 2024 BMW Group at a Glance Interim Group Management R

314、eport Interim Group Financial Statements Other Information Notes to the Group Financial Statements OTHER DISCLOSURES 18 Research and development expenses Research and development expenses were as follows:in million 2nd quarter 2024*2nd quarter 2023 1 January to 30 June 2024 1 January to 30 June 2023

315、 Research and development expenditure 2,195 1,842 4,169 3,396 Amortisation of capitalised development cost 540 606 1,094 1,236 New expenditure for capitalised development cost 746 602 1,282 981Research and development expenses 1,989 1,846 3,981 3,651 19 Contingent liabilities The following contingen

316、t liabilities existed at the balance sheet date:in million 30.6.2024 31.12.2023 Litigation 153 80 Guarantees 87 22 Investment subsidies 59 66 Other 1,967 1,801 Contingent liabilities 2,266 1,969 Other contingent liabilities mainly comprise risks relating to taxes and cus-toms duties.The BMW Group de

317、termines its best estimate of contingent liabilities on the basis of the information available at the date of preparation of the Group Financial Statements.This assessment may change over time and is ad-justed regularly on the basis of new information and circumstances.A part of the risks is covered

318、 by insurance.Since March 2019,the Chinese State Administration for Market Regulation is conducting an antitrust proceeding against BMW AG.In July 2024,the Brazilian antitrust authority launched an antitrust proceeding against BMW AG.The investigations each relate to largely the same facts which wer

319、e the subject of a proceeding which was concluded by the European Commission in 2021(see note 10 to the BMW Group Financial Statements for the fi-nancial year 2021 included in the BMW Group Report 2021).Possible risks for the BMW Group in connection with the antitrust proceedings in China and Brazil

320、 cannot be currently foreseen,neither in terms of their outcome nor the amounts involved.In relation to these allegations several individual custom-ers lawsuits have been pending in South Korea in June 2018.In addition,claimants in a group litigation in England and Wales have brought damages claims

321、based on the European Commissions decision.Further civil lawsuits based on the allegations are possible going forward.Further disclosures pursuant to IAS 37.86 cannot be provided at present.Beginning in 2014,regulatory authorities have ordered the BMW Group to recall various vehicle models in conjun

322、ction with airbags supplied by the Ta-kata group of companies.Provision for the costs involved has been recog-nised within warranty provisions.In addition to the risks already covered by warranty provisions,it cannot be ruled out that further vehicles of the BMW Group will be affected by future reca

323、ll actions.Further disclosures pursuant to IAS 37.86 cannot be provided at present.39 Accounting Principles and Policies 42 Notes to the Income Statement 45 Notes to the Balance Sheet 48 Other Disclosures 58 Segment Information*Additional information:not subject to external auditorreview.49 BMW Grou

324、p Half-Year Report 2024 BMW Group at a Glance Interim Group Management Report Interim Group Financial Statements Other Information Notes to the Group Financial Statements In May 2023,the National Highway Traffic Safety Administration(NHTSA),an agency of the US federal government,requested a recall o

325、f airbags in the USA that are equipped with airbag inflators produced by ARC Automotive.Further implications for the BMW Group in other regions outside of North America as well as implications from class action lawsuits,which have been brought in this context against the BMW Group in the USA and Can

326、ada,can-not be estimated at present.Further disclosures pursuant to IAS 37.86 can-not be provided at present.In March 2022,the European Commission(EC)conducted inspections at the premises of automobile manufacturers and associations located in sev-eral member states.In parallel,the EC sent out forma

327、l requests for infor-mation to several automobile manufacturers,including BMW AG.The in-spections and requests for information concern possible collusion in relation to the collection,treatment and recovery of end-of-life vehicles and light commercial vehicles.The inspections were conducted in coord

328、ination with the UK Competition and Markets Authority,which has initiated formal pro-ceedings in respect of the UK market.The competition authorities allege that car manufacturers(i)coordinated the remuneration to be paid to disman-tlers for the provision of their services and(ii)agreed that issues

329、related to end-of-life vehicles should be dealt with in a non-competitive way.Appro-priate risk provisions were recognised in the second quarter 2022 in con-nection with these investigations.At the current stage of the investigations,further risks for the BMW Group in connection with the proceedings

330、 of the two authorities cannot be quantified at present.In December 2023,the South Korean anti-trust authority conducted an inspection at the premises of several car manufacturers,including BMW Korea and opened formal pro-ceedings in March 2024.In June 2024,the Chinese Antitrust Authority(SAMR)sent

331、BMW AG a request for information.This will be answered within the set deadline.The investigation by the South Korean antitrust au-thority and the request for information by the Chinese Antitrust Authority have the same background as the investigations of the European Commis-sion and the UK Competiti

332、on and Markets Authority.Due to the early stage of these investigations,it is also not possible to provide further information in this regard.Further disclosures pursuant to IAS 37.86 cannot be provided at present.Following a request for legal assistance from the Korean authorities in 2020 in connec

333、tion with leaks in exhaust gas recirculation modules in BMW Group vehicles,the Munich public prosecutors office initiated an investigation and searched BMW Group offices in Munich and Steyr in June 2022.The pro-ceedings were finally concluded in March 2024 and BMW Group agreed to pay a fine.To the extent that aspects of this matter are under review by au-thorities,the BMW Group continues to cooper