BMW 2015 Annual Report Download - page 67
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67 COMBINED MANAGEMENT REPORT
commencing production and the plants in Brazil and
Thailand raising production volumes.
Financial Services segment
Return on equity expected at previous year’s level
The Financial Services segment is likely to continue per-
forming well in 2016. Segment RoE is expected to come
in at a similar level to the previous year (2015: 20.2 %),
thus remaining ahead of the minimum target of 18 %.
Overall assessment by Group management
Business is expected to develop well in the financial year
2016, with the introduction of new models and the
ex-
pansion of individual mobility-related services promising
further profitable growth. Despite the many challenges
described above, Group profit before tax is forecast to
increase slightly. Automotive segment revenues are
ex-
pected to increase slightly on the back of a slight in-
crease
in deliveries to customers. Simultaneously, a
slight decrease in fleet carbon emissions is predicted.
The
Group’s targets are to be met with only a
slight
rise
in staff numbers worldwide. The Automotive segment’s
EBIT margin is set to remain within the target range
of between 8 and 10 %, although its RoCE is likely to de-
crease moderately. The Financial Services segment’s
RoE will be broadly in line with the previous year. Never-
theless,
both performance indicators will be higher than
their long-term targets of 26 % (RoCE) and 18 % (RoE)
respectively. Motorcycles segment sales are also forecast
to grow slightly, accompanied by a slight drop in RoCE.
Depending on the political and economic situation and
the outcomes of the risks and opportunities described
below, actual business performance could, however, dif-
fer from current expectations.
Principal performance indicators
2015 2016
Outlook
BMW Group
Profit before tax € million 9,224 slight increase
Workforce at year-end 122,244 slight increase
Automotive segment
Sales volume1 units 2,247,485 slight increase
Fleet emissions2 g CO2
/ km 127 slight decrease
Revenues € million 85,536 slight increase
EBIT margin % 9.2 between 8 and 10
Return on capital employed % 72.2 moderate decrease
Motorcycles segment
Sales volume units 136,963 slight increase
Return on capital employed % 31.6 slight decrease
Financial Services segment
Return on equity % 20.2 in line with last year’s level
1 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2015:
282,000
units).
2 EU-28.