Leading position as a global premium automotive manufacturer, with strong brands, supported by a strong track record of product development and extension. Good geographic spread of operations. Higher segment growth rates and better pricing compared to the volume market. Above-average profitability. Slowdown in demand growth in China Exposure to cyclical demand for cars and risk of volatile profitability during downturns. High capital intensity, price competition, and cost pressures. More stringent industrywide regulation and environmental standards. Our expectation of ongoing positive free cash flow generation, and strong liquidity in the automotive operations. Zero or low levels of adjusted debt expected to continue in 2016 and 2017. Supportive financial policy framework, with limited spending on acquisitions and moderate dividend payments. Sizeable capital
