BMW 2003 Annual Report Download - page 33
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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
32
also includes a marginally negative result from
in-
vestments, reflecting losses recorded by associated
companies and start-up losses of newly founded
entities. Net interest expense was reduced by 32.5%.
The net expense arising from the reversal of the
discounting of pension obligations and from income
relating to the expected return on plan assets in-
creased by 26.8% compared to the previous year.
The Group profit from ordinary activities was
down by 2.8% against the previous year. As a con-
sequence of the higher effective tax rate, group net
profit fell by 3.6%, marginally more pronounced
than the decrease in profit from ordinary activities.
The higher effective tax rate resulted mainly from
the fact
that the existing claims for the reduction
of corporation tax on dividends paid by BMW AG
were suspended as a result of a change in German
tax legislation.
The Automobiles segment sold 4.5% more
cars than in the previous year. Revenues of the Auto-
in euro million 1.1. to 1.1. to
31.12. 2003 31.12. 2002
reclassified
Automobiles 38,317 38,179
Motorcycles 1,055 1,130
Financial Services 7,582 8,342
Reconciliations – 5,429 – 5,240
Group 41,525 42,411
Revenues by segment
in euro million 1.1. to 1.1. to
31.12. 2003 31.12. 2002
Automobiles 2,761 2,883
Motorcycles 50 60
Financial Services 452 422
Reconciliations –58 –68
Group 3,205 3,297
Profit from ordinary activities by segment