BMW 2003 Annual Report Download - page 93

92
The Group Statement of Changes in Equity is shown
on page 60.
Number of shares issued
At 31 December 2003, issued BMW AG common
stock was divided, as in the previous year, into
622,227,918 shares with a par value of one euro.
Issued BMW AG preferred stock was divided into
52,196,162 (2001: 51,467,627) shares, with a par
value of one euro. All of the company’s stock is
issued in the form of bearer shares. Preferred stock
bears an advance profit (additional dividend) of euro
0.02 per share. 920,190 of the shares of preferred
stock are only entitled to receive dividends with
effect from the beginning of the financial year 2004.
The share capital of BMW AG increased by
euro 0.7 million (2002: euro 0.8 million) to euro
674.4 million (2002: euro 673.7 million) as a re-
sult of the issue to employees of 728,535 (2002:
829,395) non-voting shares of preferred stock.
Authorised capital of BMW AG with a total
nominal amount of euro 5 million, limited until 1 May
2004 for the issue of non-voting shares of preferred
stock, was therefore fully utilised.
Capital reserves
The capital reserves comprise additional paid-in
capital on the issue of shares. The addition to capital
reserves of euro 16.6 million (2002: euro 17.3 million)
arose in the year from the subscription of employee
shares.
Revenue reserves
Revenue reserves are disclosed in accordance with
the disclosure requirements contained in German
commercial law. They comprise the post-acquisition
and non-distributed earnings of consolidated group
companies. In addition, revenue reserves include
both positive and negative goodwill arising on the
consolidation of group companies prior to 31 De-
cember 1994.
Accumulated other equity
Accumulated other equity consists of all amounts
recognised directly in equity resulting from the
translation of the financial statements of foreign
subsidiaries and the effects (net of deferred tax) of
recognising changes in the fair value of financial
instruments directly in equity. Accumulated other
equity includes deferred tax liabilities of euro
1,102 million (2002: euro 628 million) which have
been recognised directly in equity.
Minority interest
Minority interest in the share capital of subsidiaries
amounts to euro 0.297 million (2002: euro 0.258
million). Of this amount, euro 0.286 million (2002:
euro 0.258 million) relates to the minority share-
holder Euro Lloyd Reisebüro GmbH, Cologne, and
euro 0,011 million (2002: euro – million) to the
minority shareholder Norddeutsche Landesbank
Girozentrale, Braunschweig.
Other
Under the German Stock Corporation Act, the divi-
dend available for distribution to the shareholders
must be computed on the basis of the unappropri-
ated profit available for distribution disclosed in the
financial statements of BMW AG .The unappropriated
profit of BMW AG of euro 392 million will be pro-
posed to the Annual General Meeting for distribu-
tion. The proposed dividend payment will not give
rise to a tax credit relating to the corporation tax
system applicable until 2001, since, following the
enactment of the Tax Preference Reduction Act on
16 May 2003, the tax benefit on distributed profits
was suspended until the end of 2005. The tax re-
duction benefits of euro 83 million, unchanged from
the previous year, resulting from the previous
cor-
poration tax system, can be realised in specific annual
amounts during the period from 2006 to 2019. As
aresult of the maximum amount regulations which
apply for each dividend year, the total amount will
not be fully utilised before 2019.
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
[29]Equity