BMW 2013 Annual Report Download - page 47

47 COMBINED MANAGEMENT REPORT
Group Income Statement
in € million
2013 2012
Revenues 76,058 76,848
Cost of sales – 60,784 – 61,354
Gross profit 15,274 15,494
Selling and administrative expenses – 7,255 – 7,032
Other operating income 841 829
Other operating expenses – 874 – 1,016
Profit before financial result 7,986 8,275
Result from equity accounted investments 398 271
Interest and similar income 184 224
Interest and similar expenses – 449 – 375
Other financial result – 206 – 592
Financial result – 73 – 472
Profit before tax 7,913 7,803
Income taxes – 2,573 – 2,692
Net profit 5,340 5,111
1 Prior year figures have been adjusted in accordance with the revised version of IAS 19, see note 7.
2 Includes cars manufactured by the BMW Brilliance joint venture.
Earnings performance1
The BMW Group is able to look back on another success-
ful
year. The number of BMW, MINI and Rolls-Royce
brand cars sold rose by 6.4 % to 1,963,798
2
units, enabling
the BMW Group to retain pole position at the head of
the premium segment in the automotive industry.
The BMW Group recorded a net profit of € 5,340 million
(2012: € 5,111 million) for the financial year 2013. The
post-tax return on sales was 7.0 % (2012: 6.7 %). Earnings
per share of common and preferred stock were € 8.10 and
€ 8.12 respectively (2012: € 7.75 and € 7.77 respectively).
Group revenues decreased by 1.0 % to € 76,058 million
(2012: € 76,848 million). Inter-segment revenue elimi-
nations
increased as a result of the steep rise in new
leasing business. The depreciation of some of the major
currencies in which the BMW Group does business –
such as the US dollar, the Japanese yen, the Australian
dollar and the South African rand – also caused reve-
nues to fall slightly, despite the fact that sales volumes
were higher than one year earlier. Adjusted for ex-
change rate factors, the increase in revenues was 1.9 %.
Revenues comprise mainly the sale of cars and motor-
cycles (2013: € 56,811 million; 2012: € 58,039 million),
lease instalments (2013: € 7,296 million; 2012: € 6,900
million), the sale of products previously leased to cus-
tomers (2013: € 6,412 million; 2012: € 6,399 million) and
interest income on loan financing (2013: € 2,868 mil-
lion; 2012: € 2,954 million).
Revenues from the sale of BMW, MINI and Rolls-Royce
brand cars were slightly down on the previous year
(2.1 %). Adjusted for exchange rate factors, revenues in-
creased by 0.9 %. Motorcycles business revenues were
1.2 % up on the previous year. Revenues generated with
Financial Services operations grew by 2.3 %. Adjusted
for exchange rate factors, revenues of the Motorcycles
and Financial Services segments rose by 4.6 % and 4.7 %
respectively.
Group revenues were spread fairly evenly across all re-
gions, with the Europe region (including Germany)
accounting for 45.2 % (2012: 45.7 %), the Americas region
for 20.7 % (2012: 21.2 %) and the Africa, Asia and Oceania
region for 34.1 % (2012: 33.1 %) of business.
Report on Economic Position
Results of Operations, Financial Position and Net Assets