BMW 2003 Annual Report Download - page 48
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47
After three years of losses, the German stock market
generally saw a positive trend in 2003. The first
quarter, however, was still marked by significant
losses, mainly as a result of the Iraq conflict. On
12 March, the DAX-30 stood at 2,202.96, its lowest
level for the year and, indeed, the lowest level since
November 1995. As the year progressed, however,
apositive assessment of economic prospects
pushed the index up.
On the last day of trading in 2003, the DAX-30
closed at 3,965.16 points, which was also its high
for the year. Overall therefore, the index advanced by
27.7% during the year.
German automobile stocks, which have been
included on the Prime Automobile Performance
Index since March 2003, moved largely in line with
the DAX. On 12 March the sector index, at 210.42
points, reached its low for the year. The index then
revived on the back of positive economic forecasts
which then pushed the Prime Automobile index up
to its highest level for the year (353.27 points) on
3 September. The sector index closed the year at
350.96 points, marginally lower than the year high –
an increase of 23.6% compared to the opening level
on 2 January 2003.
The price of BMW common stock largely
tracked the two indices during the first quarter of
2003. On 12 March, the stock stood at euro 21.00
and thus at its lowest level for the year. With the
onset of the upward trend in March,
BMW
common
stock was able to detach itself from overall market
development as the year progressed. On 3 Sep-
tember 2003, BMW common stock reached a year
high of euro 38.40. BMW common stock moved
sideways in December 2003, allowing the DAX and
Prime Automobile to catch up.The year-end closing
price of
BMW
common stock was euro 36.95, 24.0%
higher than its price at the beginning of the year.
Sustainability as a success factor
For the fifth time in succession, the BMW Group
was included in 2003 in the family of sustainability
BMW stock in 2003. Against the background of a good year for the stock
markets, which saw an upward trend for automobile stocks, the price of
BMW stock rose sharply during the course of the year.
Development of BMW stock compared to stock exchange indices
(Index: January 1994 = 100)
550
500
450
400
350
300
250
200
150
100
50
94 95 96 97 98 99 00 01 02 03
BMW common stock
BMW preferred stock
DAX
Prime Automobile