BMW 2010 Annual Report Download - page 107

105 GROUP FINANCIAL STATEMENTS
in euro million 31. 12. 2010 31. 12. 2009
1 – 30 days overdue 148 149
31 – 60 days overdue 41 49
61 – 90 days overdue 15 26
91 – 120 days overdue 11 28
More than 120 days overdue 39 69
254 321
Some trade receivables were overdue for which an impairment loss was not recognised. Overdue balances are analysed
into the following time windows:
Receivables that are overdue by between 1 and 30 days
do not normally result in bad debt losses since the over-
due nature of the receivables is primarily attributable to
the timing of receipts around the month-end. In the case
of trade receivables, collateral is generally held in the
form of vehicle documents and bank guarantees so that
the risk of bad debt loss is extremely low.
Cash and cash equivalents
Cash and cash equivalents of euro 7,432 million (2009: euro 7,767 million) comprise cash on hand and at bank, all
with a maturity of under three months.
Equity
Number of shares issued
At 31 December 2010 common stock issued by BMW AG
was divided into 601,995,196 shares with a par value of
one euro. Preferred stock issued by BMW AG was divided
into 53,163,412 shares with a par value of one euro. Un-
like the common stock, no voting rights are attached to
the preferred stock. All of the Company’s stock is issued
to bearer. Preferred stock bears an additional dividend of
euro 0.02 per share.
In 2010, a total of 499,590 shares of preferred stock was
sold to employees at a reduced price of euro 26.99 per
share in conjunction with an employee share scheme.
These shares are entitled to receive dividends with effect
from the financial year 2011. 1,540 shares of preferred
stock were bought back via the stock exchange in order
to service the Company’s employee share scheme.
Issued share capital increased by euro 0.5 million as a
result of the issue to employees of 498,050 shares of non-
voting preferred stock. The Authorised Capital of BMW
AG amounted to euro 4 million at the end of the report-
ing period. The Company is authorised to issue shares of
non-voting preferred stock amounting to nominal euro
5million prior to 13 May 2014. The share premium of
euro 18 million arising on the share capital increase in
2010 was transferred to capital reserves.
The effect of applying IFRS 2 (Share-Based Payments)
to the employee share scheme is not material for the
Group.
Capital reserves
Capital reserves include premiums arising from the issue
of shares and totalled euro 1,939 million (2009: euro
1,921 million). The change related to the share capital
increase in conjunction with the issue of shares of pre-
ferred
stock to employees.
Revenue reserves
Revenue reserves comprise the post-acquisition and
non-distributed earnings of consolidated companies. In
addition, revenue reserves include both positive and
negative goodwill arising on the consolidation of Group
companies prior to 31 December 1994.
Revenue reserves increased during the year to euro
23,447 million. The figure was increased by the amount
of the net profit attributable to shareholders of BMW AG
(euro 3,218 million) and reduced by the payment of the
dividend for 2009 (euro 197 million).
The unappropriated profit of BMW AG of euro 852 mil-
lion for 2010 will be proposed to the Annual General
Meeting for distribution. The proposed distribution must
be authorised by the shareholders at the Annual General
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