BMW 2005 Annual Report Download - page 45
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44
expenses decreased by 5.8% compared to the
previous year as a result of lower allocations to pro-
visions and lower sundry operating expenses.
The financial result deteriorated by euro 315 mil-
lion, mainly as a result of the euro 299 million in-
crease in other financial result (net expense). This
included a fair value loss of euro 308 million recog-
nised on the exchangeable bond option relating to
the BMW Group investment in Rolls-Royce plc, Lon-
don. The fair value loss on the option reflected the
increase in the stock market price of Rolls-Royce plc
shares. The market value of the BMW Group’s in-
vestment in Rolls-Royce plc, London increased by
euro 438 million during the financial year 2005.This
increase was recognised directly in equity and can-
not be offset directly against the fair value loss on
the option. Within the financial result, the net positive
result from investments decreased by euro 52 mil-
lion whilst net interest expense decreased by euro
36 million. The net expense from the reversal of
discounting on pension obligations and the income
from the expected return on pension plan assets in-
creased by 11.2% on a year-on-year basis.
As a result of the changes in the financial result
described above, profit before tax fell by 8.3%
compared to the previous year. The pre-tax return
on sales was 7.0% (2004: 8.1%).
The group net profit was euro 3 million or 0.1%
below the figure reported in the previous year. The
was due to the lower effective tax rate brought about
in euro million 1.1. to 1.1. to
31.12. 2005 31.12. 2004
Automobiles 45,861 42,544
Motorcycles 1,223 1,029
Financial Services 9,408 8,226
Reconciliations – 9,836 – 7,464
Group 46,656 44,335
Revenues by segment
in euro million 1.1. to 1.1. to
31.12. 2005 31.12. 2004 *
Automobiles 2,976 3,164
Motorcycles 60 31
Financial Services 605 515
Reconciliations – 354 –127
Group 3,287 3,583
Profit before tax by segment
Group Management Report 8
A Review of the Financial Year 8
The General Economic Environment 11
Review of operations 15
BMW Stock in 2005 38
Financial Analysis 41
--Internal Management System 41
--Earnings performance 42
--Financial position 45
--Net assets position 46
--Subsequent events report 49
--Value added statement 49
--Key performance figures 51
--Comments on BMW AG 52
Risk Management 56
Outlook 60
*adjusted figures