BMW 2012 Annual Report Download - page 118

118
78 GROUP FINANCIAL STATEMENTS
78 Income Statements
78 Statement of
Comprehensive Income
80 Balance Sheets
82 Cash Flow Statements
84 Group Statement of Changes
in Equity
86 Notes
86 Accounting Principles
and Policies
100 Notes to the Income
Statement
107 Notes to the Statement
of Comprehensive Income
108 Notes to the Balance Sheet
129 Other Disclosures
145 Segment Information
in € million 31. 12. 2012 31. 12. 2011
Equity attributable to shareholders of BMW AG 30,295 27,038
Proportion of total capital 30.4 % 28.5 %
Non-current financial liabilities 39,095 37,597
Current financial liabilities 30,412 30,380
Total financial liabilities 69,507 67,977
Proportion of total capital 69.6 % 71.5 %
Total capital 99,802 95,015
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, actuarial gains and losses relating to defined
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 consoli-
dation of Group companies prior to 31 December 1994.
Revenue reserves increased during the year to € 28,340
million. They were increased by the amount of the net
profit attributable to shareholders of BMW AG for the
financial year 2012 amounting to € 5,096 million (2011:
€ 4,881 million) and reduced by the payment of the
dividend for 2011 amounting to € 1,508 million (2011:
€ 852 million). Actuarial losses relating to defined bene-
fit pension obligations, similar obligations and plan
assets (and related deferred taxes) reduced revenue re-
serves in 2012 by € 1,350 million (2011: € 419 million).
The unappropriated profit of BMW AG at 31 December
2012 amounts to € 1,640 million and will be proposed
to the Annual General Meeting for distribution. This
amount includes € 135 million relating to preferred stock.
The amount proposed for distribution represents an
amount of € 2.52 per share of preferred stock and € 2.50
per share of common stock. The proposed distribution
must be authorised by the shareholders at the Annual
General Meeting of BMW AG. It is therefore not recog-
nised as a liability in the Group Financial Statements.
Accumulated other equity
Accumulated other equity comprises all amounts recog-
nised directly in equity resulting from the translation of
the financial statements of foreign subsidiaries, the
effects of recognising changes in the fair value of deriva-
tive financial instruments and marketable securities
directly in equity and the related deferred taxes recog-
nised directly in equity.
Minority interests
Equity attributable to minority interests amounted to
€ 107 million (2011: € 65 million). This includes a mi-
nority
interest of € 26 million in the results for the year
(2011: € 26 million).
Capital management disclosures
The BMW Group’s objectives when managing capital
are to safeguard the Group’s ability to continue as a
going concern in the long-term and to provide an ade-
quate return to shareholders.
The BMW Group manages the capital structure and
makes adjustments to it in the light of changes in
economic conditions and the risk profile of the under-
lying assets.
In order to manage its capital structure, the BMW Group
uses various instruments including the amount of divi-
dends paid to shareholders and share buy-backs.
The BMW Group manages the structure of debt capital
on the basis of a target debt ratio. An important aspect
of the selection of financial instruments is the objective
to achieve matching maturities for the Group’s
financ-
ing requirements. In order to reduce non-systematic risk,
the BMW Group uses a variety of financial instruments
available on the world’s capital markets to achieve opti-
mal diversification.
The capital structure at the end of the reporting period
was as follows: