BMW 2015 Annual Report Download - page 132

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At 31 December 2015 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
€ 1.00. Preferred stock issued by BMW AG was divided
into 54,809,404 shares (2014: 54,499,544 shares) with a
par-value of € 1.00. 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 additional dividend of € 0.02 per share.
In 2015, a total of 309,944 shares of preferred stock was
sold to employees at a reduced price of €53.66 per share
in conjunction with the Company’s Employee Share Pro-
gramme. These shares are entitled to receive dividends
with effect from the financial year 2016. 84 shares of
preferred stock were bought back via the stock exchange
in conjunction with the Company’s Employee Share
Programme.
Further information on share-based remuneration is
provided in note 19.
Issued share capital increased by € 0.3 million as a result
of the issue to employees of 309,860 shares of non-voting
preferred stock. The number of authorised shares and
the Authorised Capital of BMW AG amounted to 4.5 mil-
lion shares and € 4.5 million respectively at the end of
the reporting period. The Company is authorised to
issue 5 million shares of non-voting preferred stock
Cash and cash equivalents
Cash and cash equivalents of € 6,122 million (2014:
Receivables that are overdue by between one and 30 days
do not normally result in bad debt losses since the over-
due nature of the receivables is primarily attributable to
the timing of receipts around the month-end. In the case
amounting to nominal € 5.0 million prior to 14 May 2019.
The share premium of € 22.8 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 € 2,027 million (2014: € 2,005 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.
Revenue reserves increased during the twelve-month
period under report to € 41,027 million (31 December
2014: € 35,621 million). They were increased by the
amount of the net profit attributable to shareholders of
BMW AG amounting to € 6,369 million (2014: € 5,798 mil-
lion) and reduced by the payment of the dividend for
2014 amounting to € 1,904 million (for 2013: € 1,707 mil-
lion). Revenue reserves also increased by € 1,012 million
(2014: reduced by € 1,592 million) as a result of re-
measurements of net defined benefit liability for pen-
sion plans (net of deferred tax recognised directly in
€ 7,688 million) comprise cash on hand and at bank, all
with an original term of up to three months.
of trade receivables, collateral is generally held in the
form of vehicle documents and bank guarantees so that
the risk of bad debt loss is extremely low.
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Equity
Number of shares issued
Preferred stock Common stock
2015 2014 2015 2014
Shares issued / in circulation at 1 January 54,499,544 54,259,787 601,995,196 601,995,196
Shares issued in conjunction with Employee Share Programme 309,944 239,777 – –
Less: shares repurchased and re-issued 84 20 – –
Shares issued / in circulation at 31 December 54,809,404 54,499,544 601,995,196 601,995,196
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
113 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
147 Other Disclosures
163 Segment Information