BMW 2003 Annual Report Download - page 99
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98
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
Provisions for obligations for personnel and
social expenses comprise mainly profit-share
schemes and bonuses, early retirement part-time
working arrangements, employee long-service
awards, vacation entitlements and flexible working-
time credits. The increase compared to the pre-
vious year is attributable mainly to the higher level
of obligations for early retirement part-time work
arrangements.
Provisions for obligations for on-going opera-
tional expenses comprise primarily warranty obliga-
tions and sales bonuses and rebates. The increase
is mainly attributable to the higher level of contractual
Of the amount shown as released, euro 9 million is included in cost of sales in the income statement.
and voluntary warranty obligations caused, amongst
other factors, by increased business volumes.The
discount factor was reduced from 5.0% to 3.4% in
the light of the capital market situation, thus result-
ing in allocations to non-current provisions of euro
47 million (2002: euro – million).
Provisions for other obligations cover numerous
specific risks and obligations of uncertain amount.
They comprise mainly obligations and risks in respect
of the disengagement from Rover activities, the
obligation for recovery and recycling of end-of-life
vehicles and risks from legal disputes.
Provisions changed during the year as follows:
in euro million At Translation Additions Reversal of Used Released At
1. 1. 2003 differences discounting 31.12.2003
Ta x e s 372 –16 219 – 213 3 359
Obligations for personnel and
social expenses 1,096 –9 1,147 – 780 14 1,440
Obligations for on-going
operational expenses 2,737 –361,746 97 1,211 45 3,288
Other obligations 1,204 –11 429 9 291 106 1,234
5,409 –72 3,541 106 2,495 168 6,321