I think it does...both inlet and exhaust cams are adjusted, BMWs "double VANOS"
From memory the S1 Aero has a M62 engine which has single vanos
http://en.wikipedia.org/wiki/BMW_M62All later models up to date had the N62 which has the double Vanos
http://en.wikipedia.org/wiki/BMW_N62Out of interest the GT3 racer of a few years ago had a dry sump variant of the S62 which was the old M5 V8 engine
http://en.wikipedia.org/wiki/BMW_M62#S62