BMW 2009 Annual Report Download - page 15

13 Group Management Report
Group net profit for the year decreased to euro 210 million
(– 36.4 %).
Dividend maintained at previous year’s level
Despite the adverse economic factors affecting earnings
generated in 2009, the Board of Management and the
Supervisory Board will propose to shareholders at the
Annual General Meeting that the unappropriated profit
available for distribution at the level of BMW AG, amounting
to euro 197 million, be used to pay an unchanged dividend
of euro 0.30 for each share of common stock and an un-
changed dividend of euro 0.32 for each share of preferred
stock. The distribution rate for 2009 would then be 96.6 %
(2008: 60.8 %).
Capital expenditure reduced on targeted basis
At euro 3,471 million, capital expenditure in 2009 was
reduced by comparison to the previous year (2008: euro
4,204 million / –17.4 %), with the main focus on product
investments for new model start-ups (such as the new
BMW
5 Series, the 5 Series Gran Turismo, the X1, the
MINI Convertible and the Rolls-Royce Ghost) and on in-
frastructure investments.
In 2009 we invested euro 2,384 million in property, plant
and equipment and other intangible assets (2008: euro
2,980 million / – 20.0 %). In addition, development
expen-
diture of euro 1,087 million was recognised as assets (2008:
euro 1,224 million / –11.2 %). The percentage of develop-
ment costs capitalised rose to 44.4 % (2008: 42.7 %).
The capital expenditure ratio (capital expenditure / Group
revenue) fell to 6.8 % in 2009 (2008: 7.9 %) due to more
efficient use of capital. Despite our investment in innovative
technologies, the ratio was below 7 % of Group revenues
and therefore within the target range set in conjunction
with
Strategy Number ONE.
BMW Group Capital expenditure and operating cash flow
in euro million
7,000
6,000
5,000
4,000
3,000
2,000
1,000
05 06 07 08 09
Capital
expenditure 3,993 4,313 4,267 4,204 3,471
Operating
cash flow* 6,184 5,373 6,246 4,471 4,921
*
reported in the cash flow statement up to 2006 as cash inflow from operating activities
of Industrial Operations and from 2007 as cash inflow from operating activities of
the Automobiles segment
BMW Group Revenues by region
in euro million
60,000
52,500
45,000
37,500
30,000
22,500
15,000
7,500
05 06 07 08 09
Rest of Europe 12,141 13,226 16,450 15,780 12,911
North America 10,957 11,779 12,161 12,461 11,724
Germany 11,001 10,601 11,918 10,739 11,436
Asia / Oceania 5,538 6,200 7,353 7,523 8,495
United Kingdom 5,125 5,214 5,945 4,913 4,078
Other markets 1,894 1,979 2,191 1,781 2,037
Total 46,656 48,999 56,018 53,197 50,681
Rest of Europe
North America
Germany
Asia / Oceania
United Kingdom
Other markets