HVA = Hydraulic Valve Adjusters - these are small cylinders fitted between the valve actuators and the camshaft. They fill with oil when the engine is running to make ensure that the valve clearance is always correct.
BMW engines have a tendency to have sticking HVA elements, especially if the car has been run with poor quality oil, or oil that's not the right viscosity, leading to the HVA's failing to function correctly. When that happens, valve free-play and clearance goes out of spec and you will hear the ticking noise from the engine.