BMW 2014 Annual Report Download - page 135

135 GROUP FINANCIAL STATEMENTS
in € million 31. 12. 2014 31. 12. 2013*
Equity attributable to shareholders of BMW AG 37,220 35,412
Proportion of total capital 31.6 % 33.5 %
Non-current financial liabilities 43,167 39,450
Current financial liabilities 37,482 30,854
Total financial liabilities 80,649 70,304
Proportion of total capital 68.4 % 66.5 %
Total capital 117,869 105,716
* Prior year figures have been adjusted in accordance with IAS 8, see note 9.
BMW AG amounting to € 5,798 million (
2013* : € 5,303
million) and reduced by the payment of the dividend for
2013 amounting to € 1,707 million (for 2012: € 1,640 mil-
lion). Revenue reserves decreased by € 1,592 million
(2013: increased by € 936 million) as a result of remeasure-
ments 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
2014 amounts to € 1,904 million and will be proposed
to the Annual General Meeting for distribution. This
amount includes € 158 million relating to preferred stock.
The amount proposed for distribution represents an
amount of € 2.92 per share of preferred stock and € 2.90
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 deriva-
tive
financial instruments and marketable securities
directly in equity and the related deferred taxes recog-
nised
directly in equity.
Minority interests
Equity attributable to minority interests amounted to
€ 217 million (2013: € 188 million). This includes a mi-
nority interest of € 19 million in the results for the year
(2013: € 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
adequate return to shareholders.
The BMW Group manages the capital structure and
makes
adjustments to it in the light of changes in eco-
nomic conditions and the risk profile of the underlying
assets.
The BMW Group is not subject to any external minimum
equity capital requirements. Within the Financial Ser-
vices
segment, however, there are a number of indi-
vidual entities which are subject to equity capital require-
ments 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-sys-
tematic
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:
* Prior year figures have been adjusted in accordance with IAS 8, see note 9.