BMW 2014 Annual Report Download - page 88

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18 COMBINED MANAGEMENT REPORT
18 General Information on the BMW Group
18 Business Model
20 Management System
23 Report on Economic Position
23 General and Sector-specific
Environment
26 Overall Assessment by Management
26
Financial and Non-financial
Performance Indicators
29 Review of Operations
49 Results of Operations, Financial
Position and Net Assets
61 Comments on Financial Statements
of BMW AG
64 Events after the End of the
Reporting Period
65 Report on Outlook, Risks and
Opportunities
65 Outlook
70 Report on Risks and Opportunities
82 Internal Control System and Risk
Management System Relevant for the
Consolidated Financial Reporting Process
83 Disclosures Relevant for Takeovers
and Explanatory Comments
87
BMW Stock and Capital Markets BMW stock
2014 2013 2012 2011 2010
Common stock
Number of shares in 1,000 601,995 601,995 601,995 601,995 601,995
Stock exchange price in €1
Year-end closing price 89.77 85.22 72.93 51.76 58.85
High 95.51 85.42 73.76 73.52 64.80
Low 77.41 63.93 53.16 45.04 28.65
Preferred stock
Number of shares in 1,000 54,500 54,260 53,994 53,571 53,163
Stock exchange price in €1
Year-end closing price 67.84 62.09 48.76 36.55 38.50
High 74.60 64.65 49.23 45.98 41.90
Low 59.08 48.69 35.70 32.01 21.45
Key data per share in €
Dividend
Common stock 2.90 2 2.60 2.50 2.30 1.30
Preferred stock 2.92 2 2.62 2.52 2.32 1.32
Earnings per share of common stock3 8.83 8.086 7.77 7.45 4.91
Earnings per share of preferred stock4 8.85 8.106 7.79 7.47 4.93
Cash flow5 14.36 15.19 6 13.98 12.38 12.45
Equity 57.03 54.256 46.35 41.34 36.53
1 Xetra closing prices.
2 Proposed by management.
3 Annual average weighted amount.
4 Stock weighted according to dividend entitlements.
5 Cash inflow from operating activities of the Automotive segment.
6 Prior year figures have been adjusted in accordance with IAS 8, see note 9.
pared to its closing price at the end of the previous year.
Its price at the end of the stock market year was € 67.84.
A new alltime high of € 74.60 was recorded in July. At
the end of 2014, the BMW Group had a market capitali-
sation of approximately € 58 billion, making it one of the
Top 10 of the most valuable stock corporations listed in
Germany.
Employee Share Programme
BMW AG has enabled its employees to participate in its
success for more than 40 years. Since 1989, this participa-
tion has taken the form of an Employee Share Programme
.
In total, 239,777 shares of preferred stock were issued to
employees in 2014 as part of this Programme.
In this context, and with the approval of the Supervisory
Board, BMW AG’s share capital was increased by the
Board of Management by € 239,757 from € 656,254,983
to € 656,494,740 by the issue of 239,757 new non-voting
shares of preferred stock. This increase was executed on
the basis of Authorised Capital 2014 in Article 4 (5) of
the Articles of Incorporation. The new shares of pre-
ferred stock carry the same rights as existing shares of
preferred stock and were issued to enable employees
to obtain an equity participation in the company. In ad-
dition, 20 shares of preferred stock were bought back
via the stock market in order to service the Employee
Share Programme.
Dividend increase
In view of the strong earnings performance for the year,
the Board of Management and the Supervisory Board
will propose to the Annual General Meeting to use
BMW AG’s unappropriated profit of € 1,904 million to
pay a dividend of € 2.90 for each share of common stock
(2013: € 2.60) and a dividend of € 2.92 for each share of
preferred stock (2013: € 2.62), giving a distribution rate
of 32.7 % for 2014 (2013: 32.0 %).