BMW 2001 Annual Report Download - page 43

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42
001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
029 BMW Stock
033 Group Financial Statements
098 BMW AG Financial Statements
104 BMW Group Annual Comparison
106 BMW Group Locations
108 Glossary
112 Index
Analysis of the fourth quarter 2001
Total revenues of the BMW Group increased by
6.8% in the fourth quarter of 2001 compared to the
same period in the previous year. Revenues were
euro 1,488 million or 18.2 % ahead of the third quar-
ter 2001 despite the limited availability of the new
7 Series in this period. Revenues of the BMW Auto-
mobiles segment in the fourth quarter of 2001 rose
by 4.3% compared to the previous years equivalent
period. Revenues of the BMW Financial Services
segment were unchanged compared to the previous
year. Miscellaneous, consolidations includes external
sales of euro 149 million (euro 208 million in the
fourth quarter 2000).
The profit from ordinary activities of the BMW
Group in the fourth quarter of 2001 was euro 481
million, 38.2% ahead of the result in the same peri-
od in 2000. The profit from ordinary activities con-
tains a one-off expense of euro 144 million relating
to the revision of warranty provision rates. In the
fourth quarter of 2000, a one-off expense of euro
111 million was recognised to increase the provision
for the obligations for collection, treatment and re-
covery of end-of life vehicles to euro 240 million.
This one-off expense, however, was more than com-
pensated by the release in that quarter of provisions
which were no longer required. The reduction of the
profit of the BMW Automobiles segment compared
to the fourth quarter of 2000 was also more than
compensated by the improvement in the result of
Miscellaneous, consolidations. The result of the
BMW Automobiles segment in the fourth quarter of
2001 increased by 4.8% compared to the third
quarter of 2001.
Analysis of the year ended 31 December 2001
In the year ended 31 December 2001, the increase
in revenues more than compensated the revenues
of the Rover Automobiles segment with a total in-
crease of 7.1%. On an adjusted basis, total revenues
would have increased by 18.8% over the previous
year. Revenues of the BMW Automobiles segment
rose by 13.1% against the previous year.
The profit from ordinary activities in 2001 under
HGB improved by 65.2 % compared to 2000. After
elimination of the losses of the Rover Automobiles
segment in 2000, the profit from ordinary activities
increased by 17.3 %. The effective tax rate increased
by 3.1 percentage points due to a euro 181 million
increase in the deferred tax expense as a result of
the new tax legislation enacted in Germany. The pre-
tax return on sales was 7.3 % (2000: 4.7%).
Earnings per share for fiscal year 2001, in accor-
dance with DVFA/SG, was euro 2.67 (2000: euro
1.63).