BMW 2011 Annual Report Download - page 141

141 GROUP FINANCIAL STATEMENTS
inflow from operating activities decreased by € 4,476
million as a result of this reclassification and cash out-
flows for investing activities decreased by the same
amount. Cash flows relating to operating leases, where
the BMW Group is the lessee, continue to be reported
within operating activities. As a result of the change
in presentation, changes in leased products are now re-
ported on a net basis within operating activities.
The presentation of receivables from sales financing
within the Cash Flow Statement has also been changed
in the Group Financial Statements for the year ended
31 December 2011 to ensure that lease and financing
transactions are treated consistently. Previously, changes
in receivables from sales financing – including finance
leases, where the BMW Group is the lessor – were pre-
sented within investing activities. They are now pre-
sented within operating activities. The previous year’s
figures were restated in the interest of comparability.
Cash outflows for taxes on income and cash inflows
from interest are classified as cash flows from operating
activities in accordance with IAS 7.31 and IAS 7.35.
Cash outflows for interest are presented on a separate
line within cash flows from financing activities.
Cash flows from dividends received amounted to € 1 mil-
lion (2010: € 5 million).
As a result of the change, cash flows from operating
activities were € 4,856 million lower than reported in
the financial
year 2010. Cash outflows for investing ac-
tivities decreased by the same amount. In situations
where the
BMW Group is the lessee in a finance lease,
the relevant components of changes continue to be
reported within operating activities and investing ac-
tivities. As with
leased products, changes in receivables
from sales financing
are now reported on a net basis
within operating activities.
Overall, cash flows from operating activities were € 4,319
million lower than reported in the financial year 2010.
The cash outflow for investing activities went down ac-
cordingly to € 5,190 million.
The following table provides an overview of adjustments
made to the previous year’s figures. This also includes a
summary of the adjustments described in note 8.
The BMW Group acquired the ICL Group with effect
from 30 September 2011. The purchase consideration
of € 699 million was paid fully out of cash funds. Cash
and cash equivalents totalling € 104 million were
ac-
quired in conjunction with the acquisition. Detailed
information is provided in note 3.
31 December 2010 As originally Change in Adjustment Adjustment As reported
in € million reported accounting to leased-out to receivables
policy*assets from sales
financing
Net profit 3,234 9 – – 3,243
Change in leased products – – 17 905 – 888
Depreciation of leased products 5,381 – – 5,381 – –
Changes in trade receivables – – – – 4,616 – 4,616
Change in deferred taxes 340 8 – – 348
Other non-cash income and expense items – 454 – – – 240 – 694
Cash inf low / outflow from operating activities 13,651 – – 4,476 – 4,856 4,319
Investment in leased products – 11,898 – 11,898 – –
Disposals of leased products 7,422 – – 7,422 – –
Additionals to receivables from sales financing – 61,120 – – 61,120 –
Payments received on receivables from sales financing 56,264 – – – 56,264 –
Cash inf low / outflow from investing activities – 14,522 – 4,476 4,856 – 5,190
* Adjusted for effect of change in accounting policy for leased products as described in note 8