BMW 2005 Annual Report Download - page 13
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12
In 2005, the British Pound fluctuated within a
very narrow range of between GBP 0.71 and GBP 0.66
to one euro.
After a phase of gaining in value, the yen lost in
value against the euro from the middle of the year
onwards. This is at odds with the relevant funda-
mental data since the Japanese economy has re-
covered from its recession and promises to deliver
more solid growth than the euro region.
Raw material prices: further rise in 2005
Oil prices again rose sharply in 2005, largely due to
persisting shortages in oil production and process-
ing capacities, at a time when demand continued to
rise steeply. Oil prices were also pushed up by natu-
ral catastrophes, which impaired production and pro-
cessing capacities, and by a higher than usual level
of speculation, a factor which always tends to have
a greater impact on prices during times of shortage.
The situation on the steel market has eased
somewhat since the beginning of 2005. Sharply
rising demand in China and emerging Asian mar-
kets has been pushing up prices since 2002. Inven-
tory levels were built up enormously towards the
end of 2004 out of fear of further price increases;
China also increased production volumes sharply
and is now even a net exporter of steel. This has re-
sulted in prices falling since the beginning of 2005.
Group Management Report 8
A Review of the Financial Year 8
The General Economic Environment 11
Review of operations 15
BMW Stock in 2005 38
Financial Analysis 41
--Internal Management System 41
--Earnings performance 42
--Financial position 45
--Net assets position 46
--Subsequent events report 49
--Value added statement 49
--Key performance figures 51
--Comments on BMW AG 52
Risk Management 56
Outlook 60
Exchange rates compared to the Euro
(Index: 1 January 2001 = 100)
160
150
140
130
120
110
100
90
80
01 02 03 04 05
Japanese Yen
Source: Reuters
Japanese Yen
US Dollar
British Pound
US Dollar British Pound
Oil price
Price per barrel of Brent Crude
Euro
80
70
60
50
40
30
20
10
US Dollar
80
70
60
50
40
30
20
10
99 00 01 02 03 04 05
Source: Reuters
Price in US DollarPrice in Euro