BMW 2005 Annual Report Download - page 10

9
cycles segment; these rose by 18.9% to euro 1,223
million.
The Financial Services segment recorded
revenues of euro 9,408 million, up 14.4% compared
to the previous year.
Capital expenditure reduced
Capital expenditure decreased on a year-on-year
basis since the bulk of capital expenditure for the
new BMW plant in Leipzig was incurred in 2004; the
previous year’s figure was also above-average be-
cause of capital expenditure for the BMW 3 Series
model change. In 2005, the BMW Group invested
euro 2,597 million in property, plant and equipment
and other intangible assets, 19.5% less than in the
previous year. On top of this, development expendi-
ture of euro 1,396 million (2004: euro1,121 million;
+24.5%) has been recognised as assets in accor-
price paid was euro 37.49. Including ancillary pur-
chase costs, approximately euro 506 million were
used in 2005 to buy back shares.
Revenues at new high level
As a result of strong sales volume growth and
another very pleasing performance with financial
services activities, group revenues for the 2005
financial year rose by 5.2% to euro 46,656 million.
Currency fluctuations only had a minimal impact
on revenues: excluding currency factors, revenues
growth would have been only 0.1 percentage points
lower.
Revenues of the Automobiles segment in 2005
amounted to euro 45,861 million, rising therefore by
7.8% compared to the previous year.
The product initiative launched in 2004 had a
positive impact on reported revenues of the Motor-
Rest of Europe
BMW Group Revenues by region
in euro million
15,000
14,000
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
02 03 04 05
13,071
4,592
1,159
10,343
8,450
4,667
1,164
8,728
4,661
02*
13,085
4,594
1,160
10,404
8,481
4,687
01
11,6 7 2
3,586
1,190
10,238
7,379
4,398
Other markets
*reclassified after harmonisation of internal and external reporting systems
5,130
1,431 1,894
4,915 United Kingdom
5,249 5,125
10,205
12,141
11,252
10,590
11,961
North America
10,957
Germany
11,001
5,538 Asia/Oceania
10,574
In order to improve transparency in its financial
reporting, the BMW Group has elected to adopt an
accounting option recently established by the IASB
relating to the accounting treatment of pension
obligations. This has resulted in changes in the
balance sheet and income statement. The following
analysis is based on figures for the previous year
adjusted for comparison purposes. The changes are
described in detail in Note 8b to the Group financial
statements.