BMW 2004 Annual Report Download - page 33
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Group Management Report 8
A review of the Financial Year 8
Outlook 29
Financial Analysis 30
--Earnings performance 30
--Financial position 33
--Net assets position 34
--Events after the
Balance Sheet date 37
--Value added statement 37
--Key performance figures 39
--Comments on the financial
statements of BMW AG 40
Risk Management 44
BMW Stock in 2004 48
32
statement. The increase in pension benefits relates
primarily to employees with tariff contracts.
The pre-tax return on sales was 8.0% (2003:
7.7%).
The group net profit for the year rose by14.1%,
and hence at a faster rate than the increase of the
profit from ordinary activities. This was due to the
lower effective tax rate, caused primarily by tax re-
ductions relating to tax-exempt investment income
and by tax legislation changes in Germany.
The Automobiles segment sold 9.4% more
cars than in the previous year. Despite adverse cur-
rency factors, segment revenues rose by 11.0%.
The segment profit from ordinary activities improved
by 14.4%, and thus at a pace significantly faster than
the sales volume increase.
in euro million 1.1. to 1.1. to
31.12. 2004 31.12. 2003
Automobiles 42,544 38,317
Motorcycles 1,029 1,055
Financial Services 8,226 7,582
Reconciliations –7,464 – 5,429
Group 44,335 41,525
Revenues by segment
in euro million 1.1. to 1.1. to
31.12. 2004 31.12. 2003
Automobiles 3,159 2,761
Motorcycles 31 50
Financial Services 515 452
Reconciliations –151 –58
Group 3,554 3,205
Profit from ordinary activities by segment