BMW 2003 Annual Report Download - page 31

001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
30
Revenues 41,525 42,411
Cost of sales – 32,090 – 32,754
Gross profit 9,435 9,657
Sales and administrative costs – 4,446 – 4,389
Research and development costs – 2,146 –2,133
Other operating income and expenses 510 370
Profit before financial result 3,353 3,505
Financial result –148 – 208
Profit from ordinary activities 3,205 3,297
Income taxes –1,258 –1,277
Minority interest 0 0
Net profit 1,947 2,020
in euro million 1.1. to 1.1. to
31.12. 2003 31.12. 2002
reclassified
Group Income Statement
Analysis of the Group financial statements
Earnings performance
Following the adoption of International Accounting
Standards (IASs), subsequently renamed Inter-
national Financial Reporting Standards (IFRSs),
for the 2001 Group financial statements, the BMW
Group has, in line with generally accepted interna-
tional practice, harmonised its internal and external
reporting systems in 2003. The harmonisation of
the internal and external reporting systems gave rise
to reclassifications in the income statement for the
financial year 2002, which do not, however, have any
impact on the profit from ordinary activities or net
profit for that year. For comparison purposes, the
analysis of the earnings performance is based on the