BMW 2014 Annual Report Download - page 64

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64
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
Report on Economic Position
Events after the End of the Reporting Period
Deferred income went up by € 582 million to € 1,083 mil-
lion, mainly reflecting the increased volume of services
still to be performed for service and maintenance con-
tracts in conjunction with multi-component business.
Risks and opportunities
BMW AG’s performance is highly dependent on the
same set of risks and opportunities that affect the BMW
Group and which are described in detail in the “Report
on Outlook, Risks and Opportunities” section of the Com-
bined
Management Report. As a general rule, BMW AG
participates in the risks entered into by Group entities
on the basis of the relevant shareholding percentage.
BMW AG is integrated in the group-wide risk manage-
ment system and internal control system of the BMW
Group. Further information is provided in the “Internal
Control System and Risk Management System Relevant
for the Consolidated Financial Reporting Process” sec-
tion of the Combined Management Report.
Outlook
Due to its dominant role in the Group and its close ties
with Group entities, expectations for the BMW AG with
respect to the Company’s financial and non-financial
performance indicators correspond largely to the BMW
Group’s outlook for the Automotive segment, which is
described in detail in the “Report on Outlook, Risks
and
Opportunities” section of the Combined Manage-
ment Report.
KPMG AG Wirtschaftsprüfungsgesellschaft, Munich,
has issued an unqualified audit opinion on the financial
statements of BMW AG, of which the balance sheet and
the income statement are presented here. The BMW AG
financial statements for the financial year 2014 will be
submitted to the operator of the electronic version of the
German Federal Gazette and can be obtained via the
Company Register website. These financial statements
are available from BMW AG, 80788 Munich, Germany.
Events after the end of the reporting period
No events have occurred since the end of the reporting
period which could have a major impact on the results
of operations, financial position and net assets of
BMW AG or the BMW Group.