BMW 2004 Annual Report Download - page 68
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67
[9]Cost of sales
[10]Sales and
administrative costs
Cost of sales comprises:
Cost of sales includes euro 6,028 million (2003:
euro 5,968 million) relating to financial services
business.
Expense for risk provisions and write-downs in-
cludes write-downs of euro 258 million (2003: euro
265 million) on receivables from financial services.
Manufacturing costs for industrial operations
include impairment losses on property, plant and
equipment of euro16 million (2003: euro 56 million).
Public subsidies in the form of reduced taxes on
assets and consumption-based taxes amounted to
euro 13 million (2003: euro 15 million).
Sales costs amount to euro 3,811 million (2003:
euro 3,670 million) and comprise mainly marketing,
advertising and sales personnel costs.
Administrative costs amount to euro 842 million
(2003: euro 776 million).These comprise expenses
for administration which are not attributable to devel-
opment, production or sales functions.
[11]Research and
development costs
Research and development costs of euro 2,334 mil-
lion (2003: euro 2,146 million) comprise all research
costs and development costs not recognised as
assets as well as amortisation and disposals of capi-
talised development costs of euro 637 million (2003:
euro 583 million).
in euro million 2004 2003
Manufacturing costs 24,694 22,997
Warranty expenditure 1,283 1,487
Cost of sales directly attributable to financial services 4,723 4,707
Interest expense for financial services business 813 782
Expense for risk provisions and write-downs for financial services business 492 479
Other cost of sales 2,059 1,638
Cost of sales 34,064 32,090