BMW 2011 Annual Report Download - page 117

117 GROUP FINANCIAL STATEMENTS
Cash and cash equivalents
Cash and cash equivalents of € 7,776 million (2010: € 7,432 million) comprise cash on hand and at bank, all with an
original term of up to three months.
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At 31 December 2011 common stock issued by BMW AG
was divided, as at the end of the previous year, into
601,995,196 shares of common stock with a par-value
of € 1. Preferred stock issued by BMW AG was divided
into 53,571,372 shares (2010: 53,163,412 shares) with
a par-value of € 1. Unlike 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 € 0.02 per share.
In 2011, a total of 408,140 shares of preferred stock was
sold to employees at a reduced price of € 26.58 per share
in conjunction with an employee share scheme. These
shares are entitled to receive dividends with effect from
the financial year 2012. 180 shares of preferred stock were
bought back via the stock exchange in order to service
the Company’s employee share scheme.
Further information on share-based remuneration is
provided in note 20.
Issued share capital increased by € 0.4 million as a result
of the issue to employees of 407,960 shares of non-voting
preferred stock. The Authorised Capital of BMW AG
amounted to € 3.6 million at the end of the reporting
period. The Company is authorised to issue shares of
non-voting preferred stock amounting to nominal € 5.0
million prior to 13 May 2014. The share premium of
€ 15.5 million arising on the share capital increase in
2011 was transferred to capital reserves.
Capital reserves
Capital reserves include premiums arising from the
issue of shares and totalled € 1,955 million (2010: € 1,939
million). The change related to the share capital in-
crease 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, actuarial gains and losses relating to de-
fined benefit pension obligations, similar obligations
and plan assets (as well as deferred taxes recognised
directly in equity on these items) are also reported
here, along with positive and negative goodwill arising
on the consolidation of Group companies prior to
31 December 1994. Revenue reserves decreased by
€ 1,582 million as a result of the reclassification adjust-
ment recorded in accordance with IAS 1.96 as at 1 Janu-
ary
2010 for actuarial gains and losses relating to
defined benefit pension obligations, similar obligations
and plan assets (and related deferred taxes). These
amounts had previously been included in accumulated
other equity.
Revenue reserves increased during the year to € 26,102
million. They were increased by the amount of the net
profit attributable to shareholders of BMW AG for the
financial year 2011 amounting to € 4,881 million (2010:
€ 3,227 million) and reduced by the payment of the divi-
dend for 2010 amounting to € 852 million (for 2009:
€ 197
million). Actuarial losses relating to defined benefit
pen-
sion obligations, similar obligations and plan assets
(and related deferred taxes) reduced revenue reserves in
2011 by € 419 million (2010: € 203 million).
The unappropriated profit of BMW AG at 31 December
2011 amounts to € 1,508 million and will be proposed
to the Annual General Meeting for distribution. This
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Equity
Number of shares issued
Preferred stock Common stock
2011 2010 2011 2010
Shares issued / in circulation at 1 January 53,163,412 52,665,362 601,995,196 601,995,196
Shares issued in conjunction with employee share scheme 408,140 499,590 – –
less: shares repurchased and re-issued 180 1,540 – –
Shares issued / in circulation at 31 December 53,571,372 53,163,412 601,955,196 601,995,196