BMW 2012 Annual Report Download - page 55

55 COMBINED GROUP AND COMPANY MANAGEMENT REPORT
vious year’s figures were adjusted accordingly (impact in
2011 on the Automotive segment: increase in operating
cash flow of € 1,033 million / Financial Services segment:
€ 411 million).
The Group’s operating activities generated a positive
cash flow of € 5,076 million (2011: € 5,713 million), which
includes net profit for the year of € 5,122 million (2011:
€ 4,907 million). Changes in working capital resulted
in a net cash inflow of € 1,755 million (2011: net cash
outflow of € 1,615 million), reflecting stable inventory
levels on the one hand and a reduction in trade receiv-
ables on the other. The increase in receivables from
sales financing and leased products resulted in a cash
outflow from operating activities of € 5,409 million
(2011: € 3,216 million).
The cash outflow for investing activities amounted to
€ 5,433 million, (2011: € 5,499 million) and was thus 1.2 %
lower than one year earlier. Investment in property,
plant and equipment and intangible assets resulted in a
cash outflow of € 5,236 million (2011: € 3,679 million),
while disbursements for financial assets amounted to
€ 171 million (2011: € 543 million).
Cash inflow from financing activities totalled € 952 mil-
lion (2011: € 87 million). Proceeds from the issue of
bonds amounted to € 7,977 million (2011: € 5,899 million),
compared with an outflow of € 6,727 million (2011:
€ 5,333 million) for the repayment of bonds. Dividend
payments made in 2012 totalled € 1,516 million, of
which € 1,508 million was disbursed by BMW AG and
€ 8 million by a subsidiary to minority shareholders.
The change in other financial liabilities and commercial
paper gave rise to a cash inflow of € 1,301 million (2011:
€ 439 million).
The cash outflow for investing activities exceeded cash
inflow from operating activities in 2012 by € 357 million. In
the previous year, there had been a surplus of € 214 million.
After adjustment for the effects of exchange-rate fluc-
tuations and changes in the composition of the BMW
Group for a net negative amount of €1 million (2011:
net positive amount of € 43 million), the various cash
flows resulted in an increase in cash and cash equiva-
lents of € 594 million (2011: € 344 million).
The cash flow statement for the Automotive segment
shows that the cash inflow from operating activities
exceeded the cash outflow for investing activities by
€ 3,637 million (2011: € 2,385 million). Adjusted for net
investments in marketable securities amounting to
€ 172 million (2011: € 781 million), mainly in conjunction
with strategic liquidity planning, the surplus of the
cash inflow from operating activities over the cash out-
flow for investing activities was € 3,809 million (2011:
€ 3,166 million).
Change in cash and cash equivalents
in € million
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
Cash and cash Cash inflow Cash outflow Cash inflow Currency trans- Cash and cash
equivalents from operating from investing from financing lation, changes in equivalents
31.12. 2011 activities activities activities Group composition 31.12. 2012
7,776 + 5,076 – 5,433 + 952 – 1 8,370