BMW 2008 Annual Report Download - page 48
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49 Group Management Report
Key performance indicators
in %
2008 2007 2006
* 2005
*
Return on Capital Employed
BMW Group 2.3 15.3 16.7 15.1
Automobiles 4.9 24.7 21.7 23.2
Motorcycles 13.9 18.0 17.7 17.8
Return on Equity
Financial Services – 18.1 17.6 16.9
* Capital employed calculated on year-end basis
ness is used as the relevant parameter. These periodic tar-
gets are supplementary to project and programme targets.
For each project decision reached, the impact of cash flows
on the NPV and on the model rate of return as well as
the impact on periodic earnings over the long term are
documented. The fact that the performance indicators also
take account of periodic financial reporting requirements
ensures consistency within the target and management
model. This approach enables the BMW Group to analyse
the effect of each project-based decision on business
value (quantified in terms of the NPV of the project pro-
gramme)
as well as on earnings and rates of return. Multi-
project planning data gleaned from these procedures al-
lows ongoing comparison between dynamic multi-period
targets and periodic performance.
Earnings Performance
The unfavourable business conditions described else-
where in this report had an adverse impact on the BMW
Group’s earnings performance for the financial year .
Reported earnings were also negatively affected by ex-
Group Income Statement
in euro million
2008 2007
*
Revenues 53,197 56,018
Cost of sales – 44,323 – 43,832
Gross profit 8,874 12,186
Sales and administrative costs – 5,369 – 5,254
Research and development costs – 2,825 – 2,920
Other operating income 1,428 730
Other operating expenses – 1,187 – 530
Profit before financial result 921 4,212
Result from equity accounted investments 26 11
Interest and similar income 685 645
Interest and similar expenses – 930 – 897
Other financial result – 351 – 98
Financial result – 570 – 339
Profit before tax 351 3,873
Income taxes – 21 – 739
Net profit 330 3,134
* restated presentation of financial result