BMW 2006 Annual Report Download - page 57
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56 Group Management Report
10 Group Management Report
10 A Review of the Financial Year
12
General EconomicEnvironment
15 Review of operations
38 BMW Stock and Bonds
41 Disclosures pursuant to §289 (4)
and §315 (4) HGB
43 Financial Analysis
43 – Internal Management System
44 – Earnings performance
46 – Financial position
48 – Net assets position
50 – Subsequent events report
50 – Value added statement
53 – Key performance figures
54 – Comments on BMW AG
58 Risk Management
62 Outlook
Revenues generated with car rental companies
involving a repurchase commitment are derecog-
nised. Based on the draft Pronouncement issued
on 1 July 2004 by the German Institute of Public
Accountants (IDW) relating to the “Specific Issues in
connection with Transfer of Ownership and Profit
Realisation in accordance with HGB” (IDW ERS HFA
13), the vehicles involved are presented within
cur-
rent assets, measured at amortised cost, since
economic ownership has not been transferred to the
car rental companies.
BMW AG 2006 2005
Income Statement in euro million
Revenues 42,417 41,801
Cost of sales –36,364 –36,379
Gross profit 6,053 5,422
Sales costs –2,560 –2,731
Administrative costs –917 –904
Research and development costs –2,966 –2,917
Other operating income and expenses 654 893
Result on investments 304 647
Net interest result –8 –23
Profit from ordinary activities 560 387
Income taxes –60 50
Other taxes –15 –13
Net profit 485 424
Profit carried over from previous year 4–
Transfer to revenue reserves –31 –
Unappropriated profit available for distribution 458 424