BMW 2014 Annual Report Download - page 134

134
90 GROUP FINANCIAL STATEMENTS
90 Income Statements
90 Statement of
Comprehensive Income
92 Balance Sheets
94 Cash Flow Statements
96 Group Statement of Changes in
Equity
98 Notes
98 Accounting Principles and
Policies
116 Notes to the Income Statement
123 Notes to the Statement
of Comprehensive Income
124
Notes to the Balance Sheet
149 Other Disclosures
165 Segment Information
34
At 31 December 2014 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
54,499,544 shares (2013: 54,259,787 shares) with a par-
value of € 1. Unlike the common stock, no voting rights
are attached to the preferred stock. All of the Company’s
stock is issued to bearer. Preferred stock bears an addi-
tional dividend of € 0.02 per share.
In 2014, a total of 239,777 shares of preferred stock was
sold to employees at a reduced price of € 37.08 per share
in conjunction with the Company’s Employee Share
Programme. These shares are entitled to receive divi-
dends with effect from the financial year 2015. 20 shares
of preferred stock were bought back via the stock ex-
change in conjunction with the Company’s Employee
Share
Programme.
Further information on share-based remuneration is
provided in note 20.
Issued share capital increased by € 0.2 million as a re-
sult of the issue to employees of 239,757 shares of non-
voting preferred stock. The number of authorised shares
and the Authorised Capital of BMW AG amounted to
Cash and cash equivalents
Cash and cash equivalents of € 7,688 million (
2013* :
€ 7,671 million) comprise cash on hand and at bank, all
Receivables that are overdue by between one and
30 days do not normally result in bad debt losses since
the overdue nature of the receivables is primarily at-
tributable to the timing of receipts around the month-
4.8 million shares and € 4.8 million respectively at the
end of the reporting period. The Company is authorised
to issue 5 million shares of non-voting preferred stock
amounting to nominal € 5.0 million prior to 14 May 2019.
The share premium of € 14.6 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 € 2,005 million (2013: € 1,990 mil-
lion). The change related to the share capital increase in
conjunction with the issue of shares of preferred 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 lia-
bility for pension plans are also presented in revenue
reserves along with positive and negative goodwill aris-
ing on the consolidation of Group companies prior to
31 December 1994.
Revenue reserves increased during the financial year
2014 to € 35,621 million. They were increased by the
amount of the net profit attributable to shareholders of
with an original term of up to three months.
end. In the case of trade receivables, collateral is gen-
erally held in the form of vehicle documents and
bank guarantees so that the risk of bad debt loss is ex-
tremely low.
35
Equity
Number of shares issued
Preferred stock Common stock
2014 2013 2014 2013
Shares issued / in circulation at 1 January 54,259,787 53,994,217 601,995,196 601,995,196
Shares issued in conjunction with Employee Share Scheme 239,777 266,152 – –
Less: shares repurchased and re-issued 20 582 – –
Shares issued / in circulation at 31 December 54,499,544 54,259,787 601,995,196 601,995,196
* Prior year figures have been adjusted in accordance with IAS 8, see note 9.