BMW 2013 Annual Report Download - page 132

132
88 GROUP FINANCIAL STATEMENTS
88 Income Statements
88 Statement of
Comprehensive Income
90 Balance Sheets
92 Cash Flow Statements
94 Group Statement of Changes in
Equity
96 Notes
96 Accounting Principles and
Policies
114 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
145 Other Disclosures
161 Segment Information
in € million 31. 12. 2013 31. 12. 2012*
Equity attributable to shareholders of BMW AG 35,455 30,499
Proportion of total capital 33.5 % 30.5 %
Non-current financial liabilities 39,450 39,095
Current financial liabilities 30,854 30,412
Total financial liabilities 70,304 69,507
Proportion of total capital 66.5 % 69.5 %
Total capital 105,759 100,006
* Prior year figures have been adjusted in accordance with the revised version of IAS 19, see note 7.
Revenue reserves increased during the financial year
2013 to € 33,167 million. The opening balance of reve-
nue
reserves increased as of 1 January 2013 by € 204 mil-
lion
as a result of the adoption of revised IAS 19*.
They were increased by the amount of the net profit at-
tributable to shareholders of BMW AG amounting to
€ 5,314 million (2012*: € 5,085 million) and reduced by
the payment of the dividend for 2012 amounting
to € 1,640 million (2011: € 1,508 million). Revenue re-
serves also increased by € 936 million (2012*: reduced
by
€ 1,376 million) as a result of remeasurements of the
net defined benefit liability for pension plans (net of
deferred tax recognised directly in equity).
The unappropriated profit of BMW AG at 31 December
2013 amounts to € 1,707 million and will be proposed
to
the Annual General Meeting for distribution. This
amount includes € 141 million relating to preferred stock.
The amount proposed for distribution represents an
amount of € 2.62 per share of preferred stock and € 2.60
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 derivative
financial instruments and marketable securities directly
in equity and the related deferred taxes recognised di-
rectly in equity.
Minority interests
Equity attributable to minority interests amounted to
€ 188 million (2012: € 107 million). This includes a
minority interest of € 26 million in the results for the
year (2012: € 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.
The BMW Group is not subject to any external mini-
mum equity capital requirements. Within the Finan-
cial Services segment, however, there are a num-
ber of individual entities which are subject to equity
capital requirements set by regulatory banking
agencies.
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.
Moreover, the BMW Group pro-actively manages debt
capital, determining levels of debt capital transactions
with a target debt structure in mind. An important
aspect of the selection of financial instruments is the
objective to achieve matching maturities for the Group’s
financing requirements. In order to reduce non-system-
atic risk, the BMW Group uses a variety of financial
instruments available on the world’s capital markets to
achieve optimal diversification.
The capital structure at the end of the reporting period
was as follows: