BMW 2004 Annual Report Download - page 43
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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
42
In the financial year 2004, BMW AG has not
recognised revenues on the sale of vehicles to car
rental companies when there is an obligation to take
back vehicles. Based on the draft financial reporting
pronouncement “Specific Issues relating to Trans-
fer of Economic Ownership and Profit Realisation
in accordance with HGB” (IDW ERS HFA 13) dated
1July 2004 issued by the German Institute of Public
Accountants (IDW) and applied by BMW AG for the
first time, vehicles remain in BMW AG’s balance
sheet, measured at amortised cost, because, on the
basis of the criteria set out in the pronouncement,
economic ownership has not been transferred to the
car rental companies.
BMW AG 2004 2003
Income Statement in euro million
Revenues 40,597 36,881
Cost of sales 34,842 31,751
Gross profit 5,755 5,130
Sales costs 2,685 2,247
Administrative costs 876 775
Research and development costs 2,666 2,419
Other operating income and expenses 993 873
Result on investments 636 –2
Net interest expense –83 –50
Profit from ordinary activities 1,074 510
Income taxes 326 109
Other taxes 1 9
Net profit 747 392
Transfer to revenue reserves 328 –
Unappropriated profit available for distribution 419 392