BMW 2004 Annual Report Download - page 73
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The minority interest in profit totalling euro 0.238 mil-
lion (2003: euro 0.235 million) comprises euro
0.246 million (2003: euro 0.223 million) relating
to the minority shareholder Euro Lloyd Reisebüro
The net amount shown on the line tax reduc-
tions/tax increases is attributable in 2004 primarily to
the higher level of tax-exempt income.The increase
in the line tax expense/benefits for prior periods is
attributable primarily to tax payments for previous
years.
GmbH& Co.KG, Cologne, and euro 0.008 million
(2003: euro 0.012 million) relating to the minority
shareholder Norddeutsche Landesbank Girozentrale,
Braunschweig.
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
72
on deferred tax assets relating to capital allowances
in the United Kingdom which is shown above in
property, plant and equipment. The valuation al-
lowance decreased in total by euro 220 million in
2004 (2003: euro 204 million). A deferred tax ex-
pense of euro127 million (2003: euro 75 million)
arose in the United Kingdom from the utilisation of
tax losses and capital allowances.
Interest and currency derivatives recognised
directly in equity were euro 1,034 million (gross)
lower at the end of 2004 than one year earlier as
a result of reduced volumes and lower fair values.
Deferred tax liabilities recognised directly in equity
fell correspondingly by euro 406 million.
The actual tax expense for the financial year
2004 of euro 1,332 million (2003: euro 1,258 mil-
lion) is euro 51 million (2003: euro 31 million) lower
than the expected tax expense of euro 1,383 mil-
lion (2003: euro 1,289 million) which would theoreti-
cally arise if the tax rate of 38.90% (2003: 40.21%),
applicable for German companies, was applied
across the Group. The difference between the ex-
pected and actual tax expense is attributable to the
following:
in euro million 2004 2003
Expected tax expense 1,383 1,289
Variances due to different tax rates – 115 – 101
Tax reductions (–)/tax increases (+) as a result of non-taxable income and
non-deductible expenses –77 36
Tax expense (+)/benefits (–) for prior periods 198 102
Other variances –57 –68
Actual tax expense 1,332 1,258
[15]Minority interest