BMW 2010 Annual Report Download - page 13

Examination of fi nancial statements and the profi t distribution proposal KPMG AG Wirtschaftsprüfungsgesell-
schaft conducted a review of the abridged Interim Group Financial Statements and Interim Group Management Report
for the six-month period ended 30 June 2010. The results of the review were reported orally to the Audit Committee.
Noissues were identifi ed that might indicate that the abridged Interim Group Financial Statements and Interim Group
Management Report had not been prepared, in all material respects, in accordance with the applicable provisions.
The Company and Group Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the year ended
31 December 2010 and the combined Company and Group Management Report were audited by KPMG AG Wirtschafts-
prüfungs gesellschaft and given an unqualifi ed audit opinion on 15 February 2011.
The Audit Committee examined these documents in detail at its meeting on 25 February 2011. At its meeting on
10March 2011 and after hearing the committee chairman’s report on the meeting of the Audit Committee, the Supervisory
Board deliberated on and examined the relevant drafts drawn up by the Board of Management.
Representatives of the external auditors attended both meetings, reported on signifi cant fi ndings and answered any
additional questions raised by the members of the Supervisory Board. The representatives of the external auditors con-
fi rmed that the risk management system established by the Board of Management is capable of identifying events or
developments impairing the going-concern status of the Company and that no material weaknesses in the internal con-
trol system and risk management system were found with regard to the fi nancial reporting process. In the course of
their audit work, the external auditors did not identify any facts inconsistent with the contents of the Declaration of
Compliance issued jointly by the two boards.
Documents relating to the Company and Group Financial Statements, the combined Management Report, the long-
form audit reports of the external auditors and the Board of Management’s profi t distribution proposal were made
available to all members of the Supervisory Board in a timely manner.
Based on our own examination, we concurred with the results of the external audit and approved the Company and
Group Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the fi nancial year 2010 prepared by
the Board of Management. The Company Financial Statements are therefore adopted. We also reviewed the Board of
Management’s profi t distribution proposal at meetings of the Audit Committee and the full Supervisory Board. We con-
sider the proposal appropriate and therefore concur with it. In accordance with the conclusion reached on the examina-
tion by the Audit Committee and Supervisory Board, no objections were raised.
Expression of thanks by the Supervisory Board 2010 was a very successful year for the BMW Group. The Group
earnings performance in 2010 was achieved as a result of hard work on the part of the Board of Management and the
workforce as a whole. Measures introduced since 2007 in conjunction with Strategy Number ONE – in particular the
decisions to incorporate E cient Dynamics throughout the whole range of products and to implement measures aimed
at im proving profi tability – have become the cornerstone of the BMW Group’s successful performance. In recent years
both the Board of Management and the workforce have proved their commitment to excellence and amply demon-
strated their innovative skills. Their ability to adapt to new circumstances will be put even more to the test in future by
changing expectations for individual mobility on the part of customers and other developments in that direction, and
not least as a result of own aspirations as a premium manufacturer. In order to rise to the various challenges that face us,
we are committed to working closely and constructively with employee representatives.
On behalf of the Supervisory Board, I would like to express my gratitude to the members of the Board of Manage-
ment and all employees worldwide, not only for their performance in 2010, but also for their contribution to the long-
term increase in the value of the business and to the future viability of the BMW Group.
Munich, 10 March 2011
On behalf of the Supervisory Board
Joachim Milberg
Chairman of the Supervisory Board
11 REPORT OF THE SUPERVISORY BOARD