BMW 2001 Annual Report Download - page 36
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35
operational purposes. Against this are impairment
losses and provisions of euro 103 million as a conse-
quence of the events of 11 September 2001. In the
previous year, additions to the provisions for collec-
tion, treatment and recovery of end-of life vehicles
and for residual value risks on vehicles were euro
247 million higher.
The negative financial result includes losses of
euro 120 million on derivative financial instruments
not designated as fair value or cash flow hedges.
The Group profit from ordinary activities in-
The profit from ordinary activities of the BMW
Automobiles segment increased from euro 2.7 bil-
lion to euro 2.8 billion, despite the high level of ex-
penditure incurred in conjunction with the product
and market offensive.
The BMW Motorcycles segment showed a
particularly good performance, with profit from
ordinary activities increasing by 78.8% to euro 59
million. This improvement was largely due to the
success of the update to the Boxer models.
creased by 59.5% against the previous year. After
adjustment for the losses of the Rover Automobiles
segment in 2000, the profit increased by 29.2 %.
The change in income taxes has led to an in-
crease in the effective tax rate from 40.5% to
42.4%. While the current tax expense as a percent-
age of the profit from ordinary activities remained at
20.9%, the deferred tax expense increased by 1.9
percentage points to 21.5%.
Overall, the Group net profit thus increased by
54.3% against the previous year.
The profit from ordinary activities of the BMW
Financial Services segment improved by 11.1%
to euro 390 million. This is due mainly to lower re-
financing costs in the second half of the year.
The results of the Oxford production plant up to
30 June 2001 are included in Reconciliations. With
effect from 1 July 2001, after the start of series
production of the MINI, the activities of the Oxford
production plant were transferred to the BMW Auto-
mobiles segment. Also included in Reconcialiations
Focus on premium brands improves Group result
All segment results above prior year
Improved and r
obust balance sheet structure again
Increased
cash flow from operating activities
in euro million 2001 2000
BMW Automobiles 2,792 2,733
Rover Automobiles 755
BMW Motorcycles 59 33
Financial Services 390 351
Reconciliations 1 330
Profit from ordinary activities 3,242 2,032
Segment results