I personnaly get about 12.5 liters per 100 km, on average. I do half my travels to work on highway and in town against traffic, and I often rev her up to about 3k before shifting. (I think it's about 22-25 mpg) More like 8-9 liters per 100 km on the highway when I go on a longer trip (don't ask). Not as bad as I had thought. And that's not bad for an engine with 390 000 kms (242 000 miles).
It could depend also on if you have a VANOS engine or not. If I recall correctly, from manufacture date 09/92, e34 got the VANOS version of its perky engine. Mine is 07/92.