Obligation BWM 1.25% ( XS1105276759 ) en EUR

BWM

100 % ▼

Allemagne

XS1105276759 ( en EUR )

1.25% par an ( paiement annuel )

05/09/2022 - Obligation échue

Prospectus brochure de l'obligation BMW XS1105276759 en EUR 1.25%, échue

1 000 EUR

750 000 000 EUR

BMW, acronyme de Bayerische Motoren Werke (Usines bavaroises de moteurs), est un constructeur automobile allemand réputé pour ses véhicules haut de gamme, ses motos, et son engagement dans la technologie d'avant-garde et le sport automobile.

Un aperçu détaillé de l'obligation de code ISIN XS1105276759, émise par la Bayerische Motoren Werke AG (BMW), un conglomérat automobile allemand de premier plan reconnu mondialement pour la production de véhicules haut de gamme et sa diversification dans les services financiers, révèle les caractéristiques d'un instrument de dette désormais arrivé à terme, lequel, libellé en euros (EUR) et émis depuis l'Allemagne, représentait une taille totale d'émission substantielle de 750 000 000 EUR, avec une taille minimale à l'achat fixée à 1 000 EUR, portant un taux d'intérêt de 1.25% versé annuellement, et dont la maturité était prévue pour le 5 septembre 2022, date à laquelle son prix sur le marché correspondait à 100% de sa valeur nominale avant qu'elle ne soit effectivement arrivée à échéance et intégralement remboursée à ses porteurs.

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
Deutsche Bank

Dealers
Barclays
BNP PARIBAS
Citigroup
Commerzbank
Credit Suisse
Deutsche Bank

Société Générale
J.P. Morgan
Morgan Stanley
Corporate & Investment
Banking
The Royal Bank of Scotland

UniCredit Bank

Principal Paying Agent
Deutsche Bank
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 Surveil ance 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.
By approving this Prospectus, 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 13 May 2014

This page has been intentionally left blank

2

Important Notice
The Notes and the Guarantee (each as defined below) have not been and will not be registered
under the U.S. 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.
3

TABLE OF CONTENTS

Page

GENERAL INFORMATION ................................................................................................
6

Part A:
Summary of the Prospectus and Risk Factors ...............................................
8
A.I
Summary of the Prospectus ................................................................................
8

Section A Introduction and Warnings ...................................................................
8

Section B Bayerische Motoren Werke Aktiengesellschaft ...................................
9

Section B BMW Finance N.V. ..............................................................................
12

Section B BMW US Capital, LLC ........................................................................
14

Section B BMW Australia Finance Limited ..........................................................
15

Section B BMW Japan Finance Corp. .................................................................
17

Section C The Securities .....................................................................................
19

Section D Risks spedific to Bayerische Motoren Werke Aktiengesellschaft .........
21

Section D Risks spedific to BMW Finance N.V. ...................................................
22

Section D Risks spedific to BMW US Capital, LLC ..............................................
22

Section D Risks spedific to BMW Australia Finance Limited ...............................
22

Section D Risks spedific to BMW Japan Finance Corp. .....................................
22

Section D Risks specific to the Notes ..................................................................
23

Section E Offer ...................................................................................................
25

German translation of the Summary .................................................................... 26

Abschnitt A Einleitung und Warnhinweise ............................................................ 26

Abschnitt B Bayerische Motoren Werke Aktiengesellschaft .................................
27

Abschnitt B BMW Finance N.V. ...........................................................................
31

Abschnitt B BMW US Capital, LLC ......................................................................
33

Abschnitt B BMW Australia Finance Limited........................................................
35

Abschnitt B BMW Japan Finance Corp. ..............................................................
37

Abschnitt C Die Wertpapiere ...............................................................................
39

Abschnitt D Risiken, die Bayerische Motoren Werke Aktiengesellschaft eigen
42

Abschnitt D Risiken, die BMW Finance N.V. eigen sind ......................................
42

Abschnitt D Risiken, die BMW US Capital, LLC eigen sind .................................
43

Abschnitt D Risiken, die BMW Australia Finance Limited eigen sind ...................
43

Abschnitt D Risiken, die BMW Japan Finance Corp. eigen sind .......................... 43

Abschnitt D Risiken, die den Schuldverschreibungen eigen sind ........................
43

Abschnitt E Angebot ...........................................................................................
46

A.II: Risk
Factors
........................................................................................................
48
1.
Risks relating to the Issuing Subsidiaries ............................................................
48
2.
Risks relating to BMW AG and BMW Group ........................................................ 54
3.
Risks relating to the Notes ..................................................................................
60

Part B:
Part B: Responsibility Statement and Consent to the Use of the
Prospectus ..........................................................................................................
69

Part C:
Part C: Documents Incorporated by Reference ................................................
71

4

Part D:
Part D: General Description of the Programme ..............................................
75

Part E:
Part E: Terms and Conditions and Related Documents .................................
81
E.I: Issue
Procedures
................................................................................................
82
E.II:
Terms and Conditions of the Notes (German language version) .........................
85
E.III:
Terms and Conditions of the Notes (English language version) ..........................
145
E.IV:
Form of Final Terms / Muster-Endgültige Bedingungen ....................................... 197
E.V:
Text of the Guarantee / Text der Garantie ...........................................................
221
E.VI:
Text of the Declaration of Undertaking / Text der Verpflichtungserklärung ...........
223

Part F:
Part F: Selling Restrictions ..............................................................................
225

Part G:
Part G: Taxation ................................................................................................. 232

Part H:
Part H: Description of BMW Finance N.V., BMW US Capital, LLC, BMW
251
Australia Finance Limited, BMW Japan Finance Corp. ..................................
H.I:
Description of BMW Finance N.V ........................................................................
252
H.II:
Description of BMW US Capital, LLC ..................................................................
255
H.III:
Description of BMW Australia Finance Limited ....................................................
259
H.IV:
Description of BMW Japan Finance Corp. ..........................................................
263

Part I:
Part I: Description of Bayerische Motoren Werke Aktiengesellschaft ..........
267

ADDRESS LIST .................................................................................................................
296

5

GENERAL INFORMATION
Consent to the Use of the Prospectus
With respect to Article 3 (2) of the Prospectus Directive, the relevant Issuer may consent, to the extent
and under the conditions, if any, indicated in the relevant Final Terms, to the use of the Prospectus for
a certain period of time or as long as the Prospectus is valid in accordance with Article 11 (2) of the
Luxembourg act relating to prospectuses for securities (Loi relative aux prospectus pour valeurs
mobilières) which implements the Prospectus Directive and accepts responsibility for the content of
the Prospectus also with respect to subsequent resale or final placement of Notes by any financial
intermediary which was given consent to use the prospectus, if any. For further information, please
refer below to the Part D ("General Description of the Programme") of this Prospectus and the relevant
Final Terms.
Requirements
This Prospectus contains as of the date hereof all such information as investors and their professional
advisers would reasonably require, and reasonably expect to find, for the purpose of making an
informed assessment of the assets and liabilities, financial position, profits and losses, and prospects
of the Issuers and the Guarantor and of the rights attached to the relevant Notes.
Responsibility of the Dealers
The Dealers have not independently verified the information contained herein. Accordingly, no
representation, warranty or undertaking, whether expressed or implied, is made, and no responsibility
is accepted, by the Dealers (in their capacity as Dealers) with respect to the accuracy or completeness
of this Prospectus or any further information supplied in connection with the Programme. The Dealers
accept no liability in relation to this Prospectus or its distribution or with regard to other information
supplied by the Issuers or the Guarantor herein, save for mandatory provisions of law.
Certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment
banking and/or commercial banking transactions and may perform services for the Issuer and its
affiliates in the ordinary course of business.
Exclusiveness
The Issuers and the Guarantor have not authorised the making or provision of any representation or
information regarding the Issuers or the Notes other than as contained or incorporated by reference in
this Prospectus, or any final terms the form of which is described in Part E.IV of this Prospectus (for
each Tranche, the "Final Terms", which document may also include information relating to the relevant
Tranche of Notes other than the relevant Terms and Conditions (as defined below)) or as approved for
such purpose by the Issuers. Any such representation or information should not be relied upon as
having been authorised by any Issuer or Dealer or the Guarantor.
Significance of Delivery
Neither the delivery of this Prospectus and any Final Terms nor the offering, sale or delivery of any
Note shall in any circumstances create any implication that there has been no adverse change in the
financial situation of any Issuer or the Guarantor since the date hereof.
The delivery of this Prospectus or any Final Terms or the offering, sale or delivery of any Note does
not at any time imply that the information contained herein concerning the Issuers and the Guarantor
is correct at any time subsequent to the date thereof or that any other written information delivered in
connection therewith is correct as at any time subsequent to the date indicated in the document
containing the same.
Restriction on Distribution
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of the Notes
in certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus
comes are required by the Issuers, the Guarantor and the Dealers to inform themselves about and to
observe any such restrictions. For a description of certain restrictions on offers, sales and deliveries of
Notes and on distribution of this Prospectus and other offering material relating to the Notes please
refer to the Selling Restrictions set out in Part F of this Prospectus. In particular, the Notes and the
Guarantee have not been and will not be registered under the Securities Act and may include Notes in
6

bearer form which are subject to U.S. tax law requirements. Subject to certain exceptions, the Notes
and the Guarantee may not be offered, sold or delivered within the United States or to, or for the
account of, U.S. persons (as defined in Regulation S under the Securities Act).
Exclusion
This Prospectus on its own does not constitute an offer or an invitation to subscribe for or purchase
any Notes and should not be considered as a recommendation by any Issuer, the Guarantor or any
Dealer that any recipient of this Prospectus should subscribe for or purchase any Notes. Each
recipient shall be taken to have made its own investigation and appraisal of the financial condition and
affairs as well as of the creditworthiness of any Issuer and of the Guarantor. This Prospectus may not
be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or
solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation.
This Prospectus is not intended to provide the basis of any credit or other evaluation.
Stabilisation
In connection with the issue and distribution of any Tranche of Notes under the Programme, the
Dealer(s) who is/are specified in the relevant Final Terms as the stabilising manager(s) (or persons
acting on its/their behalf) may over-allot Notes or effect transactions with a view to supporting the
market price of the Notes at a level higher than that which might otherwise prevail. However, there is
no assurance that such Dealer(s) (or any person acting on its/their behalf) will undertake stabilisation
action. Any stabilisation action may begin at any time after the adequate public disclosure of the Final
Terms of the offer of the relevant Tranche of Notes and, if begun, may be ended at any time, but it
must end no later than the earlier of 30 days after the issue date and 60 days after the date of the
allotment of the relevant Tranche of Notes.
Any such stabilisation action so taken will be, in all material respects, permitted by or
otherwise in accordance with all relevant requirements applicable to such actions in the
jurisdictions where such actions are effected (including rules and other regulatory
requirements governing any stock exchange where such Notes are listed).
7

Part A of th

e Prospectus
Summary of the Prospectus and Risk Factors
Part A.I of the Prospectus
Summary of the Prospectus
SUMMARY OF THE PROSPECTUS

Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in Sections A E (A.1 E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for
this type of Notes and Issuers. Because some Elements are not required to be addressed, there may
be gaps in the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes
and the relevant Issuer, it is possible that no relevant information can be given regarding the Element.
In this case, a short description of the Element is included in the Summary with the mention of "not
applicable".
The Summary contains options, characterised by square brackets (other than the respective
translations of specific legal terms), and placeholders regarding the Notes to be issued under the
Programme. The summary of the individual issue of Notes will include the options relevant to this
issue of Notes as determined by the applicable Final Terms and will contain the information, which had
been left blank, as completed by the applicable Final Terms.
Element Section A Introduction and warnings
A.1 Warning
Warning that:
·
this Summary should be read as an introduction to the Prospectus;
·
any decision to invest in the Notes should be based on consideration of the
Prospectus as a whole by the investor;
·
where a claim relating to the information contained in the Prospectus is brought
before a court, the plaintiff investor might, under the national legislation of the
Member States, have to bear the costs of translating the Prospectus, before the
legal proceedings are initiated; and
·
civil liability attaches only to the Issuers which have tabled the Summary including
any translation thereof, but only if the Summary is misleading, inaccurate or
inconsistent when read together with the other parts of the Prospectus or it does not
provide, when read together with the other parts of the Prospectus, key information
in order to aid investors when considering whether to invest in the Notes.
A.2
Consent to the use of the Prospectus
Each of [] [and/or each of [] as financial intermediary] subsequently reselling or finally
placing the Notes in [the Grand Duchy of Luxembourg] [,][and] [the Republic of Austria]
[,][and] [the Federal Republic of Germany] [,][and] [the United Kingdom of Great Britain
and Northern Ireland] [,][and] [The Netherlands] [,][and] [insert other jurisdiction into
which the Prospectus has been passported based on a supplement to this
Prospectus] is entitled to use the Prospectus for the subsequent resale or final placement
of the Notes during the offer period for the subsequent resale or final placement of the
Notes from [] to [], provided however, that the Prospectus is still valid in accordance
with Article 11 (2) of the Luxembourg act relating to prospectuses for securities (Loi relative
aux prospectus pour valeurs mobilières) which implements Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 (as amended by Directive
2010/73/EU of the European Parliament and of the Council of 24 November 2010).
The Prospectus may only be delivered to potential investors together with all supplements
published before such delivery. Any supplement to the Prospectus is available for viewing
in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu).
When using the Prospectus, each Dealer and/or relevant further financial intermediary
must make certain that it complies with all applicable laws and regulations in force in the
respective jurisdictions.

8

In the event of an offer being made by a Dealer and/or a further financial
intermediary, the Dealer and/or the further financial intermediary shall provide
information to investors on the terms and conditions of the Notes at the time of that
offer.

Element
Section B Bayerische Motoren Werke Aktiengesellschaft as [Issuer] [Guarantor]
B.1
Legal and
Bayerische Motoren Werke Aktiengesellschaft ("BMW AG" and,
commercial name
together with its consolidated subsidiaries, "BMW Group")
B.2
Domicile / Legal form
BMW AG is incorporated under the laws of the Federal
/ Legislation /
Republic of Germany as a German stock corporation
Country of
(Aktiengesellschaft). The company has its corporate seat in
incorporation
Munich, Germany.
B.4b
Known trends
The sovereign debt crisis in the euro zone and volatile
affecting the Issuer
economic conditions continue to exert an unsettling influence
and the industries in
over both markets and consumers. Currency factors, high raw
which it operates
material prices and intense competition will also affect reported
earnings in 2014.
B.5
Description of the
BMW AG is a stock corporation incorporated and organised
group and the
under the laws of Germany and the ultimate parent company of
Issuer's position
BMW Group.
within the group
B.9
Profit forecast or
Not applicable. No profit forecast or estimate were made or
estimate
communicated.
B.10
Nature of any quali-
Not applicable. The audit report does not contain any
fications in the audit
qualification on the historical financial information.
report on historical
financial information
B.12
Selected historical key financial information
The following table shows selected consolidated financial information for BMW AG
(prepared in accordance with IFRS):
1 January to 31 March
1 January to 31 December
2014
2013*
(unaudited
(unaudited
2013
2012**
in Euro million
and
and
(audited)
(audited)
unreviewed)
unreviewed)
Revenues
18,235
17,546
76,058
76,848
Gross profit
3,864
3,578
15,274
15,494
(Loss)/Profit before
2,090
2,038
7,986
8,275
financial result
(Loss)/Profit before
2,166
2,003
7,913
7,803
tax
Net (loss)/profit
1,462
1,312
5,340
5,111

in Euro

Earnings per share of
2.22
1.99
8.10
7.75
common stock in Euro
Earnings per share of
preferred stock in
2.22
1.99
8.12
7.77
Euro
9

*
Prior year's figures adjusted due to first-time application of IFRS 10, IFRS 11 and IFRS 12
** Prior year figures have been adjusted in accordance with the revised version of IAS 19.

31 March
31 December
Assets
31 December 2013
2014
2012*
(unaudited
in Euro million
and
(audited)
(audited)
unreviewed)
Non-current assets
86,921
86,194
81,305
Current assets
54,110
52,174
50,530
Total assets
141,031
138,368
131,835

31 March
31 December
Equity and liabilities
31 December 2013
2014
2012*
(unaudited
in Euro million
and
(audited)
(audited)
unreviewed)
Equity
36,957
35,643
30,606
Non-current provisions and
54,925
52,682
52,834
liabilities
Current provisions and
49,149
50,043
48,395
liabilities
Total equity and liabilities
141,031
138,368
131,835
*
Prior year figures have been adjusted in accordance with the revised version of IAS 19.

1 January to

1 January to 31 March
31 December
2014
2013*
2013
2012** ***
(unaudited
(unaudited
and
and
in Euro million
unreviewed)
unreviewed)
(audited)
(audited)
Cash inflow/outflow from
1,601
685
3,614
5,076
operating activities
Cash inflow/outflow from
(1,414)
(1,595)
(6,981)
(5,433)
investing activities
Cash inflow/outflow from
(338)
450
2,703
952
financing activities
Effects of exchange rate on
(21)
34
(89)
(14)
cash and cash equivalents
Effect of changes in
composition of Group on
2
-
47
13
cash and cash equivalents
Change in cash and cash
(170)
(426)
(706)
594
equivalents
10