BMW 2015 Annual Report Download - page 88

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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
27 Overall Assessment by Management
27
Financial and Non-financial
Performance Indicators
29 Review of Operations
49 Results of Operations, Financial
Position and Net Assets
59 Comments on Financial Statements
of BMW AG
62 Events after the End of the
Reporting Period
63 Report on Outlook, Risks and
Opportunities
63 Outlook
68 Report on Risks and Opportunities
81 Internal Control System and Risk
Management System Relevant for the
Financial Reporting Process
83 Disclosures Relevant for Takeovers
and Explanatory Comments
87
BMW Stock and Capital Markets BMW stock
2015 2014 2013 2012 2011
Common stock
Number of shares in 1,000 601,995 601,995 601,995 601,995 601,995
Stock exchange price in €1
Year-end closing price 97.63 89.77 85.22 72.93 51.76
High 122.60 95.51 85.42 73.76 73.52
Low 75.68 77.41 63.93 53.16 45.04
Preferred stock
Number of shares in 1,000 54,809 54,500 54,260 53,994 53,571
Stock exchange price in €1
Year-end closing price 77.41 67.84 62.09 48.76 36.55
High 92.19 74.60 64.65 49.23 45.98
Low 58.96 59.08 48.69 35.70 32.01
Key data per share in €
Dividend
Common stock 3.20 2 2.90 2.60 2.50 2.30
Preferred stock 3.22 2 2.92 2.62 2.52 2.32
Earnings per share of common stock3 9.70 8.83 8.08 7.77 7.45
Earnings per share of preferred stock4 9.72 8.85 8.10 7.79 7.47
Operating cash flow Automotive segment 18.02 14.35 15.19 13.98 12.38
Equity 65.03 57.03 54.25 46.66 41.34
1 Xetra closing prices.
2 Proposed by management.
3 Annual average weighted amount.
4 Stock weighted according to dividend entitlements.
Against this background, the DAX reached a new all-
time high of 12,375 points in April. The slowdown of
the Chinese economy and the debate regarding the
manipulation of exhaust emissions of competitors had a
strong negative subsequent influence on the index. The
low for the year of 9,428 points was recorded in Sep-
tember. Following an upturn in the market environment,
the DAX finished the year at 10,743 points, up 9.6 % for
the twelve-month period.
The EURO STOXX 50 recorded a gain of 3.9 % in 2015,
closing at 3,268 points on 31 December.
The Prime Automobile Index performed even better, gain-
ing 7.1 % over the year under report to reach 1,596 points.
In March, BMW common stock climbed initially to reach
a new high of € 122.60. After falling back to a low for the
year of € 75.68 in September, it regained momentum in
the fourth quarter, finishing the year at € 97.63, 8.8 %
higher than at the end of 2014. BMW preferred stock
gained 14.1 % in value compared to its closing price at
the end of the previous year. At the end of the stock
market year it stood at € 77.41 after recording a new all-
time high of € 92.19 in March.
With a market capitalisation of approximately € 63 bil-
lion, the BMW Group was among the ten most valuable
German enterprises listed on the stock market at the
end of 2015.
Employee Share Programme
BMW AG has enabled its employees to participate in
its success for more than 40 years. Since 1989, this
participation has taken the form of an Employee Share
Programme. A total of 309,944 shares of preferred stock
were issued to employees as part of this programme in
2015.