BMW 2014 Annual Report Download - page 60

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60
18 COMBINED MANAGEMENT REPORT
18
General Information on the
BMW
Group
18 Business Model
20 Management System
23 Report on Economic Position
23 General and Sector-specific
Environment
26 Overall Assessment by Management
26
Financial and Non-financial
Performance Indicators
29 Review of Operations
49 Results of Operations, Financial
Position and Net Assets
61 Comments on Financial Statements
of BMW AG
64 Events after the End of the
Reporting Period
65 Report on Outlook, Risks and
Opportunities
65 Outlook
70 Report on Risks and Opportunities
82 Internal Control System and Risk
Management System Relevant for
the
Consolidated Financial Reporting Process
83 Disclosures Relevant for Takeovers
and Explanatory Comments
87
BMW Stock and Capital Markets
Key performance figures
2014 2013*
Group gross margin % 21.2 20.1
Group EBITDA margin % 16.5 15.4
Group EBIT margin % 11.3 10.5
Group pre-tax return on sales % 10.8 10.4
Group post-tax return on sales % 7.2 7.0
Group pre-tax return on equity % 24.5 25.8
Group post-tax return on equity % 16.3 17.4
Group equity ratio % 24.2 25.7
Automotive equity ratio % 39.2 42.4
Financial Services equity ratio % 8.8 9.1
Coverage of intangible assets, property, plant and equipment by equity (Group) % 158.1 166.8
Return on capital employed
Group % 20.8 21.4
Automotive % 61.7 63.0
Motorcycles % 21.8 16.4
Return on equity
Financial Services % 19.4 20.0
Cash inflow from operating activities (Group) € million 2,912 4,127
Cash outflow from investing activities (Group) € million – 6,116 – 7,491
Coverage of cash outflow from investing activities by cash inflow from operating activities (Group) % 47.6 55.1
Free cash flow of Automotive segment € million 3,481 3,003
Net financial assets Automotive segment € million 14,223 12,085
* Prior year figures have been adjusted in accordance with IAS 8, see note 9.