BMW 2013 Annual Report Download - page 131

131 GROUP FINANCIAL STATEMENTS
33
At 31 December 2013 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
54,259,787 shares (2012: 53,994,217 shares) with a par-
value of
€ 1. Unlike the common stock, no voting rights
are attached to the preferred stock.
All of the Compa-
ny’s stock is issued to bearer. Preferred stock bears an
additional dividend of € 0.02 per share.
In 2013, a total of 266,152 shares of preferred stock
was
sold to employees at a reduced price of € 43.79 per
share in conjunction with the Company’s Employee
Share Scheme. These shares are entitled to receive
dividends with effect from the financial year 2014.
582 shares of preferred stock were bought back via the
stock exchange in conjunction with the Company’s
Employee Share Scheme.
Further information on share-based remuneration is pro-
vided in note 19.
Issued share capital increased by € 0.3 million as a result
of the issue to employees of 265,570 shares of non-voting
preferred stock. The Authorised Capital of BMW AG
Assets held for sale and liabilities in conjunction
with assets held for sale
In the financial year 2012 the Board of Management of
BMW AG decided to realign the strategic direction of
the Motorcycles segment in view of the changing nature
of motorcycle markets, demographic developments and
stricter environmental requirements. The BMW Group
intends to broaden its product range, in particular in
the fields of urban mobility and e-mobility, in order to
open up future growth opportunities. In line with the
decision to focus on the BMW Motorrad brand, and
considering the declining size of the relevant markets, it
was considered a sensible move to sell the Husqvarna
Motorcycles brand.
amounted to € 2.9 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 € 16.5 million arising on the share capital increase
was transferred to capital reserves.
Capital reserves
Capital reserves include premiums arising from the
issue of shares and totalled € 1,990 million (2012:
€ 1,973
million). The change related to the share capital
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, remeasurements of the net defined benefit
liability for pension plans are also presented in revenue
reserves along with positive and negative goodwill aris-
ing on the consoli dation of Group companies prior to
31 December 1994. In previous years, revenue reserves
were reported in the Consolidated Statement of Changes
in Equity separately for pension obligations and for other
revenue reserves.
In December 2012, BMW Group, Munich, and Pierer
Industrie AG, Wels, reached agreement with regard
to the sale of Husqvarna Motorcycles S.r.l., Cassinetta
di Biandronno, and Husqvarna Motorcycles NA LLC,
Wilmington, DE, to Pierer Industrie AG, Wels. Follow-
ing approval of the transaction by the Austrian Merger
Control Authorities, the Husqvarna Group was sold
on 6 March 2013 and is therefore no longer included in
the Group reporting entity. A gain of € 4.8 million aris-
ing on deconsolidation of the Husqvarna Group was
recognised for the Motorcycles segment in the first quar-
ter
of 2013 (included in Other operating income).
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Equity
Number of shares issued
Preferred stock Common stock
2013 2012 2013 2012
Shares issued / in circulation at 1 January 53,994,217 53,571,372 601,995,196 601,995,196
Shares issued in conjunction with Employee Share Scheme 266,152 422,905 – –
Less: shares repurchased and re-issued 582 60 – –
Shares issued / in circulation at 31 December 54,259,787 53,994,217 601,995,196 601,995,196