BMW 2013 Annual Report Download - page 62

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62
18 COMBINED MANAGEMENT REPORT
18
General Information on the BMW Group
18 Business Model
20 Management System
23 Research and Development
24 Report on Economic Position
24 Overall Assessment by Management
24 General and Sector-specific
Environment
27
Financial and Non-financial
Performance Indicators
29 Review of Operations
47 Results of Operations, Financial
Position and Net Assets
62 Events after the End of the
Reporting Period
63 Report on Outlook, Risks and
Opportunities
63 Outlook
68 Risks Report
77 Report on Opportunities
81 Internal Control System and Risk
Management System Relevant for
the
Consolidated Financial Reporting Process
82 Disclosures Relevant for Takeovers
and Explanatory Comments
85
BMW Stock and Capital Markets
Report on Economic Position
Events after the End of the Reporting Period
related work has not been carried out at the end of the
reporting period. In previous years, revenue was
recog-
nised immediately and a provision recorded for any
outstanding obligations under these contracts (reported
in “Other provisions”).
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 Out-
look, Risks and Opportunities” section of the Combined
Management Report. As a general rule, BMW AG partici-
pates 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. For further information we refer to 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 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 Management
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 2013 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.