BMW 2001 Annual Report Download - page 20
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19
Capital expenditure increased again
In 2001, the BMW Group invested euro 2,851 million
in property, plant and equipment and intangible
assets (excluding development costs recognised as
an asset), an increase of 32.9% over the previous
year.The investment ratio at 7.4% of group revenues
remains well above the industry average. In accor-
dance with IAS, development costs of euro 665 mil-
lion are recognised as assets, so that total additions
to these non-current assets amounted to euro
3,516 million.
The sharp rise in capital expenditure reflects the
implementation of the product and market offensive.
In particular in the BMW Automobiles segment,
extensive measures were taken to prepare for the
launch of new models, to ensure that the Group
maintains its technological and innovative leadership
and to expand production capacities and market
coverage.
As in previous years, capital expenditure was
financed entirely out of the Groups cash flow which
amounted in 2001 to euro 4,202 million (previous
year: euro 3,779 million).
Research and development geared towards
product and market offensive
The research and development activities of the
BMW
Group in 2001 were geared towards the product and
market offensive. The focus was the introduction of
the new
BMW
3 Series compact, the
BMW
M3 con-
vertible, the
MINI
One and
MINI
Cooper and the new
BMW
7 Series. In addition, extensive development
activities were performed for the model updates of
the
BMW
3 Series saloon and the 3 Series touring.
The BMW Group is pushing ahead determined-
ly with the development of new models and the
expansion of the product range. Work on the new
BMW 1 Series, on the successor to the BMW 5
Series, and on the BMW 6 Series is proceeding in
line with plan. This also applies to the development
of the successor for the BMW Z3 and the new Rolls-
Royce.
As part of the expansion of the BMW model
range, the concept development of the X3 Sports
Activity Vehicle was completed. The further series
development and production will be performed, as
discussed above, by Steyr-Daimler-Puch Fahrzeug-
technik.
The Range Rover project was completed, as
contractually agreed, and handed over to the Ford
Motor Company in line with the agreed timetable.
BMW Group Capital expenditure and cash flow
in euro million
5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
97
HGB
Capital expenditure Cash flow
2,311
2,518
98
HGB
2,179
2,479
99
HGB
2,155
2,807
00
HGB
2,138
3,198
00
IAS
2,781
3,779
01
IAS
3,516
4,202