BMW 2003 Annual Report Download - page 81

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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
80
Income taxes comprises the following:
Income from investments arises principally from
the investment in Rolls-Royce plc, London. Losses
from associated companies include the equity results
of the joint ventures BMW Brilliance Automotive Ltd.,
Shenyang, TRITEC Motors Ltda., Campo Largo,
and F.A.S.T. Gesellschaft für angewandte Software-
technologie mbH, Munich. Write-downs on
invest-
ments and on current marketable securities pursuant
Notes to the reclassification of the previous year’s figures*:
to §298 (1) HGB (in conjunction with §275 (3) HGB)
amounted to euro 21 million (2002: euro 28 million).
Within other financial result, income and ex-
penses resulting from the fair value measurement of
hedged items and hedging instruments have been
presented on a net basis in order to reflect appropri-
ately
the economic effects of the underlying hedging
relationship.
[15]Income taxes
in euro million 2002
Financial result as per Group Financial Statements 2002 – 81
Reclassifications from cost of sales –86
–expected return on plan assets +311
–expense from reversing the discounting of pension obligations – 397
Reclassification from sales and administrative costs – 26
–expected return on plan assets + 14
–expense from reversing the discounting of pension obligations – 40
Reclassification from research and development costs – 15
–expense from reversing the discounting of pension obligations – 15
Net presentation of interest in conjunction with swap transactions 0
– interest income + 240
– interest expenses – 240
Financial result 2002 reclassified – 208
*see also Note [7]
in euro million 2003 2002
Current tax expense 441 324
Deferred tax expense 817 953
1,258 1,277