BMW 2015 Annual Report Download - page 133

133 GROUP FINANCIAL STATEMENTS
in € million 31. 12. 2015 31. 12. 2014
Equity attributable to shareholders of BMW AG 42,530 37,220
Proportion of total capital 31.7 % 31.6 %
Non-current financial liabilities 49,523 43,167
Current financial liabilities 42,160 37,482
Total financial liabilities 91,683 80,649
Proportion of total capital 68.3 % 68.4 %
Total capital 134,213 117,869
equity). Other miscellaneous changes reduced revenue
reserves by € 71 million (2014: € – million).
The unappropriated profit of BMW AG at 31 December
2015 amounts to € 2,102 million and will be proposed
to
the Annual General Meeting for distribution. This
amount includes € 175 million relating to preferred stock.
The amount proposed for distribution represents an
amount of €3.22 per share of preferred stock and €3.20
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
€ 234 million (2014: € 217 million). This includes a mi-
nority interest of € 27 million in the results for the year
(2014: € 19 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 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 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 as-
pect
of the selection of financial instruments is the ob-
jective
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 diversification.
The capital structure at the end of the reporting period
was as follows: