BMW 2015 Annual Report Download - page 24
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24
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
27 Overall Assessment by Management
27
Financial and Non-financial
Performance Indicators
29 Review of Operations
49 Results of Operations, Financial
Position and Net Assets
59 Comments on Financial Statements
of BMW AG
62 Events after the End of the
Reporting Period
63 Report on Outlook, Risks and
Opportunities
63 Outlook
68 Report on Risks and Opportunities
81 Internal Control System and Risk
Management System Relevant for
the
Financial Reporting Process
83 Disclosures Relevant for Takeovers
and Explanatory Comments
87
BMW Stock and Capital Markets
The Japanese yen gained moderately in value against
the euro during 2015, primarily due to the expansion
of
money supply within the eurozone, and recorded an
annual average exchange rate of 134 yen to the euro.
The euro was stronger in 2015 compared to many of the
emerging market currencies, including those of Russia
and Brazil. Its annual average exchange rate increased by
approximately 19 % against the Brazilian real and by as
much as 33 % against the Russian rouble.
Energy and raw materials prices
After a brief decrease at the beginning of the year, the
price of Brent crude oil – the most relevant benchmark
for Europe – picked up again during the first half of
2015. In stark contrast, the price then proceeded to
plummet during the second six months of the year.
The average price per barrel over the year as a whole
was US dollar 54, down 46 % on the previous year. WTI,
the
benchmark for crude oil in the USA, followed a
similar
trend.
Steel price trend
(Index: January 2011 = 100)
130
120
110
100
90
80
70
60
11 12 13 14 15
Source: Working Group for the Iron and Metal Processing Industry.
Exchange rates compared to the euro
(Index: December 2010 = 100)
190
175
160
145
130
115
100
85
70
11 12 13 14 15
Source: Reuters.
Japanese YenRussian Rouble US Dollar Chinese RenminbiBritish Pound
British Pound
Russian Rouble
Chinese
Renminbi
Japanese Yen
US Dollar
Oil price trend
Price per barrel of Brent Crude
120
110
100
90
80
70
60
50
40
11 12 13 14 15
Source: Reuters.
Price in €
Price in US Dollar