BMW 2011 Annual Report Download - page 59

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59 COMBINED GROUP AND COMPANY MANAGEMENT REPORT
Other liabilities increased by € 2,115 million to € 9,937
million.
Overall, the earnings performance, financial position
and net assets position of the BMW Group continued to
develop very positively during the financial year under
report.
Compensation Report
The compensation of the Board of Management com-
prises both a fixed and a variable component. Benefits
are also payable – primarily in the form of pension
benefits – at the end of members’ mandates. Further
details, including an analysis of remuneration by each
individual, are disclosed in the Compensation Report,
which can be found in note 47 to the Group Financial
Statements (Corporate Governance). The Compensa-
tion Report is a sub-section of the Combined Group and
Company Management Report.
Subsequent events
No events have occurred after the balance sheet date
which could have a major impact on the earnings
performance, financial position and net assets of the
BMW Group.
Value added statement
The value added statement shows the value of work per-
formed
less the value of work bought in by the BMW
Group during the financial year. Depreciation and
amortisation, cost of materials and other expenses are
treated as bought-in costs in the net value added
calcu-
lation. The allocation statement applies value added
to
each of the participants involved in the value added
process. It should be noted that the gross value added
amount treats depreciation as a component of value
added which, in the allocation statement, is treated as
internal financing.
Net value added by the BMW Group in 2011 rose by
19.1 % to € 17,765 million, whereby the increase was
mainly the result of higher revenues.
The bulk of the net value added (43.6 %) is applied to
em-
ployees. The proportion applied to providers of finance
fell to 12.1 %, mainly due to the lower refinancing costs
on international capital markets for the financial ser-
vices
side of the business. The government/public
sector (including deferred tax expense) accounted for
16.7 %. The proportion of net value added applied to
shareholders, at 8.5 %, was higher than in the previous
year. Minority interests take a 0.1 % share of net value
added. The remaining proportion of net value added
(19.0 %) will be retained in the Group to finance future
operations.