BMW 2004 Annual Report Download - page 40

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39
2004 2003
Gross Margin %23.2 22.7
EBITDA Margin %14.5 13.8
EBIT Margin %8.4 8.1
Pre-tax return on sales %8.0 7.7
Post-tax return on sales %5.0 4.7
Pre-tax return on equity %22.0 23.1
Post-tax return on equity %13.8 14.0
Equity ratio – Group %26.0 26.3
Industrial operations %44.9 45.4
Financial operations %9.7 9.8
Equity as a percentage of non-current assets
(excluding leased products) %114.9 119.5
Cash inflow from operating activities euro million 9,311 7,871
Cash outflow from investing activities euro million 11,957 11,231
Cash flow euro million 5,167 4,490
Cash flow as a percentage of capital expenditure %118.9 105.8
Net financial assets of industrial operations euro million 2,363 1,816
Key performance figures