BMW 2013 Annual Report Download - page 67
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67 COMBINED MANAGEMENT REPORT
new models will help to keep segment RoCE in line with
last year’s level (2013: 16.4 %).
Financial Services segment in 2014
Return on equity: slight decrease expected
Based on the latest forecasts, we expect the BMW Group’s
Financial Services business to remain on growth course
in 2014. As a consequence of necessary investments,
the return on equity is likely to decrease slightly (2013:
20.2 %), but still surpass the minimum target level of
18 %.
Overall assessment by Group management for 2014
Based on our assessment, the BMW Group will con-
tinue to perform successfully in 2014. Owing to strong
demand for our vehicles worldwide, a fresh and attrac-
tive vehicle fleet and a leading position in the area of
innovation for all aspects of individual mobility, we
forecast further profitable growth in 2014. Group profit
before tax is expected to rise significantly despite a con-
tinuing
volatile environment and thus reflect the sig-
nificantly higher level of sales volume and revenues
generated in the Automotive segment. At the same, we
also expect to be able to reduce carbon fleet emissions*
moderately. We aim to achieve profitable growth
through
a further solid increase in the size of the workforce
across
the Group. The Automotive segment’s EBIT margin
will
remain within the target corridor of between 8 and
10 %. In view of the substantial volumes of planned
capital expenditure, we expect the RoCE for the
Auto-
motive segment to be significantly lower and the RoE
for the Finan cial Services segment to be slightly lower
than in the preceding financial year. Both performance
indicators will nevertheless be higher than their long-
term targets of 26 % and 18 % respectively. For the Motor-
cycles
segment, we forecast a slight increase in sales
volume and a RoCE in line with last year’s level. De-
pending
on the political and economic situation and the
outcome of the risks and opportunities described below,
actual business performance could differ from our cur-
rent forecasts.
* EU-27.