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<p>ANNUAL REPORT 2015
3
BMW GROUP IN FIGURES
6
REPORT OF THE SUPERVISORY BOARD
14
STATEMENT OF THE CHAIRMAN OF THE
BOARD OF MANAGEMENT
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
87
BMW Stock and Capital Markets in 2015
90
GROUP FINANCIAL STATEMENTS
90
Income Statements for Group and Segments
90
Statement of Comprehensive Income for Group
92
Balance Sheets for Group and Segments
94
Cash Flow Statements for Group and Segments
96
Group Statement of Changes in Equity
98
Notes to the Group Financial Statements
98
Accounting Principles and Policies
113
Notes to the Income Statement
121
Notes to the Statement of
Comprehensive Income
122
Notes to the Balance Sheet
147
Other Disclosures
163
Segment Information
168
STATEMENT ON CORPORATE GOVERNANCE (§ 289 a HGB)
(Part of the Combined Management Report)
168
Information on the Company’s Governing Constitution
169
Declaration of the Board of Management
and of the Supervisory Board pursuant to § 161 AktG
170
Members of the Board of Management
171
Members of the Supervisory Board
174
Composition and Work Procedures of the Board of
Management