BMW 2014 Annual Report Download - page 13

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 Group and Company Financial Statements of Bayerische Motoren Werke Aktiengesellschaft for the
year ended 31 December 2014 and the Combined Management Report – as authorised for issue by the Board
of Management on 19 February 2015 – were audited by KPMG AG Wirtschaftsprüfungsgesellschaft and
given an unqualified audit opinion.
The Financial Statements and the Combined Management Report, the long-form audit reports of the
external auditors and the Board of Management’s profit distribution proposal were made available to all
members of the Supervisory Board in a timely manner.
These documents were examined and discussed thoroughly by the Audit Committee at the meeting held
on 5 March 2015. The Supervisory Board subsequently examined these documents at its meeting on 12 March
2015, after receiving the committee chairman’s report on the meeting of the Audit Committee. In both
meetings, the Board of Management gave a detailed explanation of the financial reports it had prepared.
Representatives of the external auditors attended both meetings, reported on significant findings and an-
swered any additional questions raised by the members of the Supervisory Board. They also confirmed that
the risk management system put in place by the Board of Management is capable of identifying any events
or developments that might impair the going-concern status of the Company and that no material weak-
nesses in either the internal control system or the risk management system were found with regard to the
financial reporting process. Similarly, they confirmed that they had not identified any facts in the course of
their audit work that were inconsistent with the contents of the Declaration of Compliance issued jointly by
the two boards.
Based on thorough examination by the Audit Committee and the full Supervisory Board, we concurred
with the results of the external audit. In accordance with the conclusion reached after the examination by
the Audit Committee and Supervisory Board, no objections were raised. The Group and Company Financial
Statements of Bayerische Motoren Werke Aktiengesellschaft for the financial year 2014 prepared by the Board
of Management were approved at the Supervisory Board meeting held on 12 March 2015. The separate finan-
cial statements have therefore been adopted.
The Supervisory Board also examined the proposal of the Board of Management to use the unappropriat-
ed profit to pay an increased dividend of € 2.90 per share of common stock and € 2.92 per share of non-voting
preferred stock. We consider the proposal appropriate and therefore concur with it.
Expression of appreciation by the Supervisory Board We wish to express our appreciation to the mem-
bers of the Board of Management and the entire workforce of the BMW Group worldwide for their concerted
efforts and outstanding contribution to the record result we are able to post for the financial year 2014.
Munich, 12 March 2015
On behalf of the Supervisory Board
Joachim Milberg
Chairman of the Supervisory Board
13 REPORT OF THE SUPERVISORY BOARD