Obbligazione BWM 1.375% ( DE000A1HHZ73 ) in USD

BWM

100 USD ⇌

Germania

DE000A1HHZ73 ( in USD )

1.375% per anno ( pagato 2 volte l'anno)

05/04/2017 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione BMW DE000A1HHZ73 in USD 1.375%, scaduta

2 000 USD

500 000 000 USD

BMW è un'azienda automobilistica tedesca produttrice di autovetture, motocicli e motori.

Si analizza un'obbligazione con codice ISIN DE000A1HHZ73, uno strumento di debito emesso da BMW, il prestigioso produttore automobilistico tedesco riconosciuto a livello mondiale per l'innovazione e la qualità nel settore automotive. Questa emissione, originariamente collocata in Germania, era denominata in dollari statunitensi (USD) e prevedeva un tasso d'interesse fisso annuale dell'1.375%, con pagamenti cedolari semestrali, come indicato dalla frequenza di pagamento pari a due. L'ammontare complessivo dell'emissione raggiungeva i 500.000.000 USD, con un lotto minimo di acquisto stabilito in 2.000 USD. La scadenza dell'obbligazione era fissata per il 5 aprile 2017 e, come documentato, il titolo è giunto a maturità ed è stato integralmente rimborsato al 100% del suo valore nominale, completando con successo il suo ciclo di vita finanziario per gli investitori.

BMW Group
Bayerische Motoren Werke Aktiengesellschaft
Munich, Federal Republic of Germany
BMW Finance N.V.
The Hague, The Netherlands
BMW US Capital, LLC
Wilmington, Delaware, USA
BMW Australia Finance Limited
Melbourne, Victoria, Commonwealth of Australia
ABN 78 007 101 715
BMW Japan Finance Corp.
Chiyoda-ku, Tokyo, Japan
EUR 35,000,000,000
Euro Medium Term Note Programme

unconditionally and irrevocably guaranteed by
Bayerische Motoren Werke Aktiengesellschaft
Munich, Federal Republic of Germany

Arranger
Barclays

Dealers
Barclays BNP
PARIBAS
Citigroup
Credit Suisse
Deutsche Bank
J.P. Morgan
Morgan Stanley
Société Générale
The Royal Bank of Scotland
Corporate & Investment Banking
UBS Investment Bank
UniCredit Bank

Principal Paying Agent
Citibank, N.A.
In relation to notes issued under this Programme (as defined in "General Description of the Programme
General"), application has been made to the Commission de Surveillance du Secteur Financier (the "CSSF") of
the Grand-Duchy of Luxembourg ("Luxembourg") in its capacity as competent authority (the "Competent
Authority") under the Luxembourg "Act on Securities Prospectuses" (loi relative aux prospectus pour valeurs
mobilières) (the "Luxembourg Act"), as amended from time to time, for approval of this Prospectus (as defined in
"General Description of the Programme General"). This Prospectus constitutes a base prospectus with regard to
each of the Issuers (as defined below) for purposes of Article 5(4) of Directive 2003/71/EC as amended, including
the amendments made by Directive 2010/73/EU (the "Prospectus Directive").
In order to be able to conduct a public offer in relation to certain issues of Notes, Bayerische Motoren Werke
Aktiengesellschaft ("BMW AG"), BMW Finance N.V. ("BMW Finance"), BMW US Capital, LLC ("BMW US
Capital"), BMW Australia Finance Limited ("BMW Australia Finance"), and BMW Japan Finance Corp. ("BMW
Japan") (each an "Issuer", and together, the "Issuers") have applied for a notification of this Prospectus into the
Federal Republic of Germany ("Germany"), the United Kingdom, the Republic of Austria ("Austria"), and The
Netherlands pursuant to Article 19 of the Luxembourg Act and the relevant Issuer will comply with such
requirements, inter alia, as to filings and publications as may be necessary from time to time for an offer of such
Notes in Germany, the United Kingdom, Austria and The Netherlands. The Issuers may apply for further
notifications of this Prospectus as may be necessary for an issue of Notes from time to time.
The CSSF does not assume any responsibility as to the economic and financial soundness of any issue of Notes
under the Programme and the quality or solvency of any of the Issuers and the Guarantor.
Prospectus dated 10 May 2012

This page has been intentionally left blank

Important Notice
The Notes (as defined below) have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons (as defined in
Regulation S under the Securities Act) except in accordance with Regulation S under the
Securities Act or pursuant to an exemption from the registration requirements of the Securities
Act.
Internal Revenue Service Circular 230 Disclosure
Pursuant to Internal Revenue Service Circular 230, attention is drawn to the fact that the
description set forth herein with respect to U.S. federal tax issues was not intended or written
to be used, and such description cannot be used, by any taxpayer for the purpose of avoiding
any penalties that may be imposed on the taxpayer under the U.S. Internal Revenue Code. Such
description was written in connection with the marketing of the Notes. Such description is
limited to the U.S. federal tax issues described herein. It is possible that additional issues may
exist that could affect the U.S. federal tax treatment of the Notes, or the matter that is the
subject of the description noted herein, and such description does not consider or provide any
conclusions with respect to any such additional issues. Taxpayers should seek advice based
on the taxpayer's particular circumstances from an independent tax advisor.

TABLE OF CONTENTS

Page
DOCUMENTS INCORPORATED BY REFERENCE ......................................................................
1
GENERAL DESCRIPTION OF THE PROGRAMME......................................................................
5
GENERAL INFORMATION.............................................................................................................
8

Part A: Summary of the Prospectus and Risk Factors ..........................................................
13
A.I:
Summary of the Prospectus............................................................................................
13
1.
Summary of the "Risk Factors" .......................................................................................
13
2.
Summary of the "Terms and Conditions of the Notes and Related Documents" ............
23
3.
Summary of the "Description of BMW Finance N.V."......................................................
26
4.
Summary of the "Description of BMW US Capital, LLC" ................................................
26
5.
Summary of the "Description of BMW Australia Finance Limited" ..................................
27
6.
Summary of the "Description of BMW Japan Finance Corp.".........................................
28
7.
Summary of the "Description of Bayerische Motoren Werke Aktiengesellschaft"...........
28

A.II: Risk
Factors ....................................................................................................................
30
1.
Risks relating to the Issuing Subsidiaries .......................................................................
30
2.
Risks relating to BMW AG and BMW Group...................................................................
36
3.
Risks relating to the Notes ..............................................................................................
36

Part B: Part B: Terms and Conditions and Related Documents ...........................................
47
B.I:
Issue Procedures ............................................................................................................
48
B.II:
Terms and Conditions of the Notes (German language version)....................................
50
B.III:
Terms and Conditions of the Notes (English language version) .....................................
80
B.IV:
Form of Final Terms / Muster-Endgültige Bedingungen .................................................
107
B.V:
Text of the Guarantee......................................................................................................
131
B.VI:
Text of the Declaration of Undertaking............................................................................
132

Part C: Selling Restrictions.......................................................................................................
134

Part D: Taxation..........................................................................................................................
141

Part E: Description of BMW Finance N.V., BMW US Capital, LLC, BMW Australia Finance 154
Limited, BMW Japan Finance Corp.............................................................................
E.I: Description
of
BMW Finance N.V ...................................................................................
155
E.II:
Description of BMW US Capital, LLC .............................................................................
158
E.III:
Description of BMW Australia Finance Limited ...............................................................
162
E.IV:
Description of BMW Japan Finance Corp.......................................................................
166

Part F: Description of Bayerische Motoren Werke Aktiengesellschaft................................
170
Address List .....................................................................................................................................
196

DOCUMENTS INCORPORATED BY REFERENCE
The following documents shall be deemed to be incorporated in, and to form part of, this Prospectus:
Document
Page
Reference
"BMW Group Geschäftsbericht 2010" containing the consolidated financial statements of
BMW AG at 31 December 2010 (the "BMW Group Financial Statements 2010")

Konzernlagebericht ............................................................................................................
12 through 73
Gewinn- und Verlust-Rechnungen...................................................................................... 74
through 75
Konzernbilanz und Teilkonzernbilanzen .............................................................................
76 through 77
Kapitalflussrechnungen ......................................................................................................
78 through 79
Entwicklung des Konzerneigenkapitals ..............................................................................
80
Konzernanhang ..................................................................................................................
81 through 137
Bestätigungsvermerk..........................................................................................................
139
Corporate Governance .......................................................................................................
140 through 165
Sonstige Informationen* .....................................................................................................
166 through 169
"BMW Group Geschäftsbericht 2011" containing the consolidated financial statements of
BMW AG at 31 December 2011 (the "BMW Group Financial Statements 2011")

Konzernlagebericht ............................................................................................................
18 through 75
Gewinn- und Verlust-Rechnungen......................................................................................
76
Konzernbilanz und Teilkonzernbilanzen .............................................................................
78 through 79
Kapitalflussrechnungen ......................................................................................................
80 through 81
Entwicklung des Konzerneigenkapitals ..............................................................................
82 through 83
Konzernanhang ..................................................................................................................
84 through 149
Bestätigungsvermerk..........................................................................................................
151
Corporate Governance .......................................................................................................
152 through 177
Sonstige Informationen* .....................................................................................................
178 through 191
"BMW Group Zwischenbericht zum 31. März 2012" containing the interim Group financial
statements at 31 March 2012 (unaudited)

Gewinn- und Verlust-Rechnungen......................................................................................
22
Konzernbilanz und Teilkonzernbilanz ................................................................................. 24
through 25
Kapitalflussrechnungen ......................................................................................................
26 through 27
Entwicklung des Konzerneigenkapitals ..............................................................................
28 through 29
Konzernanhang zu den Zwischenabschlüssen zum 31. März 2012 ..................................
30 through 45
BMW Finance Annual Report 2010 containing the financial statements for
BMW Finance at 31 December 2010

Director's Report ................................................................................................................
5 through 10
Consolidated Statement of comprehensive income............................................................
11
Statement of comprehensive income..................................................................................
48
Consolidated Statement of financial position ...................................................................... 12
through 13
Statement of financial position............................................................................................
49 through 50
Consolidated Statement of cash flows................................................................................
14
Statements of cash flows....................................................................................................
51
Consolidated Statement of changes in equity.....................................................................
15
Statement of changes in equity ..........................................................................................
52
Notes to the Consolidated Financial Statements ................................................................
16 through 47
Notes to the Financial Statements ......................................................................................
53 through 58
Auditor's Report..................................................................................................................
60
BMW Finance Annual Report 2011 containing the financial statements for
BMW Finance at 31 December 2011

Director's Report ................................................................................................................
4 through 6
Consolidated Statement of comprehensive income............................................................
8
Statement of comprehensive income..................................................................................
43
Consolidated Statement of financial position ......................................................................
9
Statement of financial position............................................................................................
44 through 45
Consolidated Statement of cash flows................................................................................
10
Statements of cash flows....................................................................................................
46
Consolidated Statement of changes in equity.....................................................................
11
Statement of changes in equity ..........................................................................................
47
1

Notes to the Consolidated Financial Statements ................................................................
12 through 42
Notes to the Financial Statements ......................................................................................
48 through 55
Auditor's Report..................................................................................................................
57

* Such information is not required pursuant to annex IV of Regulation 809/2004 EC and is therefore incorporated for
information purposes only.
BMW US Capital Financial Statements 2010 containing the financial
statements for BMW US Capital at 31 December 2010

Independent Auditors' Report .............................................................................................
3
Statements of Financial Position.........................................................................................
4
Statements of Comprehensive Income...............................................................................
5
Statements of Changes of Member's Capital .....................................................................
6
Statements of Cash Flows ..................................................................................................
7
Notes to the Financial Statements ......................................................................................
8 through 19
BMW US Capital Financial Statements 2011 containing the financial
statements for BMW US Capital at 31 December 2011

Independent Auditors' Report .............................................................................................
6
Statements of Financial Position.........................................................................................
7
Statements of Comprehensive Income...............................................................................
8
Statements of Changes of Member's Capital .....................................................................
9
Statements of Cash Flows .................................................................................................. 10
Notes to the Financial Statements ......................................................................................
11 through 23
BMW Australia Finance Financial Statements 2010 containing the financial
statements for BMW Australia Finance at 31 December 2010

Director's Report ................................................................................................................
3 through 5
Independence Declaration..................................................................................................
6
Statement of income and Comprehensive Income .............................................................
7
Statement of Changes in Equity .........................................................................................
8
Statement of Financial Position ..........................................................................................
9
Statement of Cash Flows....................................................................................................
10
Notes to the Financial Statements ......................................................................................
11 through 36
Director's Declaration .........................................................................................................
37
Auditor's Report..................................................................................................................
39 through 40
BMW Australia Finance Financial Statements 2011 containing the financial
statements for BMW Australia Finance at 31 December 2011

Director's Report ................................................................................................................
3 through 5
Independence Declaration..................................................................................................
6
Statement of income and Comprehensive Income .............................................................
7
Statement of Changes in Equity .........................................................................................
8
Statement of Financial Position ..........................................................................................
9
Statement of Cash Flows....................................................................................................
10
Notes to the Financial Statements ......................................................................................
11 through 36
Director's Declaration .........................................................................................................
37
Auditor's Report..................................................................................................................
39 through 40
BMW Japan Financial Statements 2010 containing the financial statements of
BMW Japan at 31 December 2010

Independent Auditor's Report .............................................................................................
28
Balance Sheets ..................................................................................................................
11 through 12
Statements of profit and loss ..............................................................................................
13
Statement of Shareholders' Equity and others....................................................................
14 through 15
Statements of cash flows....................................................................................................
16
Notes ..................................................................................................................................
17 through 24
BMW Japan Financial Statements 2011 containing the financial statements of
BMW Japan at 31 December 2011

Independent Auditor's Report .............................................................................................
31
Balance Sheets ..................................................................................................................
9 through 10
Statements of profit and loss ..............................................................................................
11
Statement of Shareholders' Equity and others....................................................................
12 through 13
2

Statements of cash flows....................................................................................................
14
Notes ..................................................................................................................................
15 through 25
Prospectus dated 11 May 2011 relating to the Euro 35,000,000,000 Euro Medium Term
Note Programme of BMW Group

Terms and Conditions of the Notes.....................................................................................
45 - 105
Prospectus dated 11 May 2010 relating to the Euro 35,000,000,000 Euro Medium Term
Note Programme of BMW Group

Terms and Conditions of the Notes.....................................................................................
52 - 109
Prospectus dated 12 May 2009 relating to the Euro 30,000,000,000 Euro Medium Term
Note Programme of BMW Group

Terms and Conditions of the Notes.....................................................................................
52 - 109
Prospectus dated 7 May 2008 relating to the Euro 30,000,000,000 Euro Medium Term Note
Programme of BMW Group

Terms and Conditions of the Notes.....................................................................................
58 119
Prospectus dated 10 May 2007 relating to the Euro 20,000,000,000 Euro Medium Term
Note Programme of BMW Group

Terms and Conditions of the Notes.....................................................................................
56 118
Prospectus dated 10 May 2006 relating to the Euro 15,000,000,000 Euro Medium Term
Note Programme of BMW Group

Terms and Conditions of the Notes.....................................................................................
41 - 100

Any document incorporated by reference into this Prospectus (as specified in the table above under
"Documents Incorporated by Reference") and this Prospectus and any supplement thereto will be
available for inspection at the specified offices of the relevant Issuer, at the specified office of the
Luxembourg Paying Agent, during normal business hours, as long as any of the Notes are outstanding
and on the website of the Luxembourg Stock Exchange under "www.bourse.lu".
For the avoidance of doubt, such parts of the documents relating to the Issuers for the years 2010 and
2011, respectively, which are not explicitly listed in the table above (if any), are not incorporated by
reference into this Prospectus. Information contained in such parts is either of no relevance for an
investor or covered in other parts of this Prospectus.
3

The following documents shall be deemed to be incorporated in, and to form part of, this Prospectus
for information purposes only:
Document
Page
Reference
BMW Group Annual Report 2010 (non-binding English translation of the German
language version) containing the consolidated financial statements of BMW AG at 31
December 2010

Management Report ...................................................................................................
12 through 73
Income Statements......................................................................................................
74 through 75
Balance Sheets ...........................................................................................................
76 through 77
Cash Flow Statements ................................................................................................
78 through 79
Statement of Changes in Equity ..................................................................................
80
Notes to the Group Financial Statements....................................................................
81 through 137
Auditor's Report........................................................................................................... 139
Corporate Governance................................................................................................
140 through 165
Other Information ........................................................................................................
166 through 176
BMW Group Annual Report 2011 (non-binding English translation of the German
language version) containing the consolidated financial statements of BMW AG at
31 December 2011

Management Report ...................................................................................................
18 through 75
Income Statements......................................................................................................
76 through 77
Balance Sheets ...........................................................................................................
78 through 79
Cash Flow Statements ................................................................................................
80 through 81
Statement of Changes in Equity ..................................................................................
82 through 83
Notes to the Group Financial Statements....................................................................
84 through 149
Auditor's Report...........................................................................................................
151
Corporate Governance................................................................................................
152 through 177
Other Information ........................................................................................................
178 through 191
BMW Group Interim Report to 31 March 2012 (non-binding English translation of the
German language version) containing the interim Group financial statements at
31 March 2012 (unaudited)

Income Statements......................................................................................................
22
Balance Sheets ...........................................................................................................
24 through 25
Cash Flow Statements ................................................................................................
26 through 27
Statement of Changes in Equity ..................................................................................
28 through 29
Notes to the interim Group Financial Statements to 31 March 2012...........................
30 through 45
4

GENERAL DESCRIPTION OF THE PROGRAMME
General
On 6 May 1994, the Issuers (other than BMW Australia Finance and BMW Japan) entered into a
USD
1,000,000,000 Euro Medium Term Note Programme (the "Programme") and issued an
information memorandum on that date describing the Programme. On 21 May 1996, the aggregate
principal amount was increased from USD 1,000,000,000 to USD 3,000,000,000, on 19 May 1999, the
aggregate principal amount was increased by USD 2,000,000,000 to USD 5,000,000,000, on
24
May
2000, the aggregate principal amount was increased by USD 5,000,000,000 to
USD 10,000,000,000, on 27 April 2004, the currency of the Programme was changed from USD to
EUR and the aggregate principal amount was increased from USD 10,000,000,000 to
EUR 15,000,000,000, on 10 May 2005, a base prospectus was filed with the CSSF and the
Programme's former approval by (i) the Financial Services Authority in its capacity as the competent
authority under the Financial Services Markets Act 2000 (the "UK Listing Authority") for Notes to be
issued under the Programme to be admitted to the official list of the UK Listing Authority and to the
London Stock Exchange plc and (ii) the approval by the Frankfurter Wertpapierbörse for Notes to be
issued under the Programme in bearer form to be admitted to the Amtlicher Markt were not applied for
again, on 9 September 2005, the CSSF approved the base prospectus dated 10 May 2005, as
supplemented by a base prospectus supplement dated 9 September 2005, on 10 May 2006, BMW UK
Capital was replaced as issuer under the Programme by BMW Australia Finance, on 10 May 2007,
BMW UK Capital and BMW Japan acceded as Issuers under the Programme and the aggregate
principal amount was increased from EUR 15,000,000,000 to EUR 20,000,000,000, on 7 May 2008,
the aggregate principal amount was increased from EUR 20,000,000,000 to EUR 30,000,000,000, on
12 May 2009, BMW Coordination Center V.O.F. resigned as issuer under the Programme, on
11
May
2010, the aggregate principal amount was increased from EUR 30,000,000,000 to
EUR 35,000,000,000 and on 11 May 2011 BMW (UK) Capital plc resigned as issuer under the
Programme. The Programme was updated on the respective dates. This prospectus dated
10 May 2012 (the "Prospectus") supersedes all previous information memoranda, listing prospectuses
and the previous base prospectus (and supplements thereto). Any Euro Medium Term Notes (the
"Notes") to be issued after the date hereof under the Programme are issued subject to the provisions
set out herein. This does not affect any Notes issued prior to the date hereof.
Notes will be issued in tranches ("Tranches") one or more of which shall comprise a series ("Series").
Issuers
Bayerische Motoren Werke Aktiengesellschaft, Munich, Germany
BMW Finance N.V., The Hague, The Netherlands
BMW US Capital, LLC, Wilmington, Delaware, USA
BMW Australia Finance Limited, Melbourne, Victoria, Commonwealth of Australia
BMW Japan Finance Corp., Chiyoda-ku, Tokyo, Japan
BMW Finance, BMW US Capital, BMW Australia Finance and BMW Japan, together, shall be referred
to as the "Issuers" or the "Issuing Subsidiaries". The Issuing Subsidiaries, together with all other BMW
group companies, shall be referred to as "BMW Group" or "BMW".
Guarantor
Bayerische Motoren Werke Aktiengesellschaft
Arranger
Barclays Bank PLC
Dealers
Barclays Bank PLC, London, United Kingdom
BNP Paribas, London, United Kingdom
Citigroup Global Markets Limited, London, United Kingdom
Credit Suisse Securities (Europe) Limited, London, United Kingdom
Deutsche Bank Aktiengesellschaft, Frankfurt am Main, Germany
5

J.P. Morgan Securities Ltd., London, United Kingdom
Morgan Stanley & Co. International plc, London, United Kingdom
Société Générale, Paris, France
The Royal Bank of Scotland plc, London, United Kingdom
UBS Limited, London, United Kingdom
UniCredit Bank AG, Munich, Germany

Notes may be issued from time to time to one or more of the Dealers specified above (the "Dealers"
and each a "Dealer"), which expression shall include any additional Dealer appointed under the
Programme and which appointment may be for a specific issue or on an ongoing basis.
Principal Paying Agent
Citibank, N.A.
Luxembourg Listing and Paying Agent
BNP Paribas Securities Services, Luxembourg Branch
Distribution
Notes may be distributed by way of private or public placement and in each case on a syndicated or
non-syndicated basis.
Currencies
Subject to any applicable legal or regulatory restrictions, Notes may be issued in any currencies as
may be agreed between the Issuer and the relevant Dealer(s) (as indicated in the applicable Final
Terms). In this Prospectus, all references to "", "EUR" or "Euro" are to the single currency which was
introduced on 1 January 1999 with the start of the third stage of European Economic and Monetary
Union, references to "GBP" are to the currency of the United Kingdom, references to "USD" are to the
currency of the United States of America, references to "AUD" are to the currency of the
Commonwealth of Australia and references to "Yen" are to the currency of Japan.
Unless otherwise permitted by then current laws and regulations, Notes in respect of which the issue
proceeds are to be accepted by the relevant Issuer in the United Kingdom will have a minimum
denomination of GBP 100,000 (or its equivalent in other currencies), unless such Notes may not be
redeemed until on or after the first anniversary of their issue date.
Rating
Notes issued under the Programme may be rated or unrated. In case Notes are rated, such rating will
be disclosed in the relevant Final Terms within the item "Rating". A security rating is not a
recommendation to buy, sell or hold securities and may be subject to suspension, reduction or
withdrawal at any time by the assigning rating agency. Ratings are based on current information
furnished to the rating agencies by BMW AG and information obtained by the rating agencies from
other sources. Because ratings may be changed, superseded or withdrawn as a result of changes in,
or unavailability of, such information, a prospective purchaser should verify the current long-term and
short-term ratings of BMW AG before purchasing the Notes.
Based on the provisions of Regulation (EC) No. 1060/2009 on rating agencies as amended by
Regulation (EU) No. 513/2011 (the "Rating Regulation"), certain institutions as further determined
pursuant to Article 4 (1) of the Rating Regulation which are established in the European Union (the
"Regulated Institutions") are subject to certain restrictions with regard to the use of ratings for
regulatory purposes. Pursuant to Article 4 (1) of the Rating Regulation, Regulated Institutions may use
credit ratings for regulatory purposes only if such credit ratings are issued by credit rating agencies
established in the European Union and registered in accordance with the Rating Regulation (or for
which the relevant registration procedure is still pending). If the relevant Issuer and/or the Guarantor
and/or the Notes are rated, the relevant Final Terms, as set out within the item "Rating", will state
whether the relevant rating agencies are established in the European Union or have relevant
subsidiaries which are established in the European Union or not and whether they have been
registered in accordance with the Rating Regulation. The current version of the list of credit rating
agencies registered in accordance with the Rating Regulation may be retrieved from the website of the
6