BMW 2004 Annual Report Download - page 55
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Group Financial Statements 50
Income Statements 51
Balance Sheets 52
Cash Flow Statements 54
Group Statement of
Changes in Equity 56
Notes 57
--Accounting Principles
and Policies 57
--Notes to the Income Statement 66
--Notes to the balance sheet 74
--Other Disclosures 93
--Segment Information 100
--Disclosures pursuant to
§292a HGB
104
Auditors’ Report 107
54
in euro million Notes Group
2004 2003
Net profit 2,222 1,947
Depreciation of leased products 2,869 2,511
Depreciation and amortisation of other non-current assets 2,675 2,390
Increase in provisions 746 1,155
Rover disengagement – 49
Change in deferred taxes 467 853
Other non-cash income and expense items 95 –144
Gain/loss on disposal of non-current assets and marketable securities 19 –4
Undistributed results from associated companies – 4 13
Changes in current assets and liabilities
Change in inventories – 865 – 640
Change in receivables 218 – 877
Increase in liabilities 869 618
Cash inflow from operating activities [37]9,311 7,871
Investment in intangible assets and property, plant and equipment – 4,243 – 4,115
Proceeds from the disposal of intangible assets and property, plant and equipment 42 119
Other payments relating to the Rover disengagement – –49
Investment in financial assets –43 –148
Proceeds from the disposal of financial assets 34 60
Investment in leased products –7,327 – 5,785
Disposals of leased products 3,197 2,707
Additions to receivables from sales financing – 38,432 – 34,593
Payments received on receivables from sales financing 34,741 31,246
Investment in marketable securities – 241 –700
Proceeds from marketable securities 315 27
Cash outflow from investing activities [37]– 11,957 – 11,231
Payment into equity – 17
Payment of dividend for the previous year – 392 – 351
Proceeds from the issue of bonds 4,339 5,669
Repayment of bonds – 3,126 – 3,483
Internal financing of financial operations – –
Increase in debt 1,451 1,364
Change in commercial paper 865 – 448
Cash inflow/outflow from financing activities [37]3,137 2,768
Effect of exchange rate and changes in composition of group
on cash and cash equivalents [37]–22 –82
Change in cash and cash equivalents 469 – 674
Cash and cash equivalents as at 1 January 1,659 2,333
Cash and cash equivalents as at 31 December [37]2,128 1,659
BMW Group
Group and sub-group Cash Flow Statements