BMW 2015 Annual Report Download - page 49

49 COMBINED MANAGEMENT REPORT
Group Income Statement
in € million
2015 2014
Revenues 92,175 80,401
Cost of sales – 74,043 – 63,396
Gross profit 18,132 17,005
Selling and administrative expenses – 8,633 – 7,892
Other operating income 914 877
Other operating expenses – 820 – 872
Profit before financial result 9,593 9,118
Result from equity accounted investments 518 655
Interest and similar income 185 200
Interest and similar expenses – 618 – 519
Other financial result – 454 – 747
Financial result – 369 – 411
Profit before tax 9,224 8,707
Income taxes – 2,828 – 2,890
Net profit 6,396 5,817
* Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2014:
275,891 units, 2015: 282,000 units).
Earnings performance
Once again, the BMW Group achieved year-on-year
growth in revenues, sales volume and profit before
tax in the financial year 2015. The number of BMW,
MINI and Rolls-Royce brand cars sold rose by 6.1 % to
2,247,485* units.
The BMW Group recorded a net profit of € 6,396 million
for the financial year ended 31 December 2015 (2014:
€ 5,817 million). The post-tax return on sales was 6.9 %
(2014: 7.2 %). Earnings per share of common and pre-
ferred stock were € 9.70 and € 9.72 respectively (2014:
€ 8.83 and € 8.85 respectively).
BMW Group revenues increased by 14.6 % year-on-year
to reach € 92,175 million (2014: € 80,401 million). The
main growth drivers were higher sales volume and fa-
vourable currency factors. Adjusted for exchange rate
factors, revenues rose by 7.7 %.
Revenues mainly comprise the sale of vehicles and re-
lated products (2015: € 68,643 million; 2014: € 60,280 mil-
lion),
lease instalments (2015: € 8,965 million; 2014:
€ 7,748 million), the sale of vehicles previously leased to
customers (2015: € 8,181 million; 2014: € 6,716 million)
and interest income on loan financing (2015: € 3,253 mil-
lion; 2014: € 2,881 million).
External revenues recorded by the segments were
generally up on the previous year’s figure. Revenues
from the sale of BMW, MINI and Rolls-Royce brand cars
were significantly higher (14.1 %) than one year earlier.
Adjusted for exchange rate factors, revenues grew by
7.4 % and therefore slightly faster than sales volume.
The positive currency impact was mainly attributable
to the change in the average exchange rates of the US
dollar, the Chinese renminbi and the British pound
against the euro. The BMW Group recorded a significant
year-on-year rise (18.7 %) in external revenues from its
Motorcycles business. External revenues generated
with Financial Services business were 16.1 % up on the
previous year. Adjusted for exchange rate factors, exter-
nal revenues for the Motorcycles and Financial Services
segments increased by 15.6 % and 8.0 % respectively.
Group revenues are spread across all regions, with the
Europe region (including Germany) accounting for
45.6 % (2014: 46.8 %), the Americas region for 23.3 %
Report on Economic Position
Results of Operations, Financial Position and Net Assets