BMW 2014 Annual Report Download - page 81
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81 COMBINED MANAGEMENT REPORT
particularly regarding the US market, is insured where
this makes business sense. Some risks, however,
cannot
be assessed in full or completely defy assessment. It
cannot be ruled out that losses from damages could
arise which are either not covered or not fully
covered
by insurance policies or provisions.
The high quality of the Group’s products, which is
en-
sured by regular quality audits and ongoing improvement
measures, helps to reduce this risk. In comparison with
competitors, this can give rise to benefits and opportu-
nities for the BMW Group.
If legal risks were to materialise, they are only likely to
have a low impact on the BMW Group’s results of opera-
tions over the two-year assessment period. The level of
risk attached to legal risks is classified as low. This assess-
ment
also includes consideration of risks arising from
ongoing court and arbitration proceedings. However, it
cannot be ruled out that new legal risks, as yet uniden-
tified, could materialise which could have a high impact
on the BMW Group’s results of operations
and financial
condition.
Overall assessment of the risk and
opportunities situation
The overall risk assessment is based on a consolidated
view of all significant individual risks and opportunities.
In view of the growing level of strategic and sector-spe-
cific risks, the overall risk situation for the BMW Group
has increased marginally compared to the previous year.
In addition to the risk categories described above, it is
possible that unforeseeable events could have an
ad-
verse impact on the BMW Group’s results of operations,
financial position and net assets as well as its reputation.
We have created a comprehensive risk management
system that ensures we can master risks. In addition,
the opportunities described above could potentially
help the
BMW Group to achieve its targets and fore-
casts.
From today’s perspective, management does not see any
threat to the BMW Group’s going-concern status. As
in the previous year, identified risks are considered to
be manageable, but could – just like opportunities –
have an impact on the BMW Group’s forecasts if they were
to materialise. The BMW Group’s liquidity is stable and
all cash requirements are currently covered by available
funds and accessible credit lines.