BMW 2003 Annual Report Download - page 43
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
42
The BMW Group harmonised its internal and
external reporting systems in 2003. As a conse-
quence, the presentation of individual items of the
BMW Group financial statements, which are drawn
up in accordance with the Standards issued by
the IASB, was changed. To the extent that these
changes are related to BMW AG and are compatible
with German accounting regulations, they have
also been incorporated into the Company financial
statements of BMW AG. The changes in presenta-
tion resulting from the harmonisation do not have
any impact on the profit from ordinary activities and
the net profit for 2002. The changes in presentation
relate mainly to the following reclassifications:
Research and development costs previously
included in cost of sales are now reported separately.
Expenses related to motorsport activities are now
included in research and development costs.
Certain administrative costs have been reclassi-
fied, mainly from cost of sales and sales costs to
general administrative costs.
BMW AG 2003 2002 2002
Income Statement in euro million reclassified
Revenues 36,881 35,315 35,315
Cost of sales 31,751 29,632 32,058
Gross profit 5,130 5,683 3,257
Sales costs 2,247 2,168 2,365
Administrative costs 775 738 558
Research and development costs 2,419 2,427 –
Other operating income and expenses 873 –67 –51
Result on investments – 2 541 541
Net interest expense – 50 –161 –161
Profit from ordinary activities 510 663 663
Income taxes 109 41 41
Other taxes 9 77
Net profit 392 615 615
Transfer to revenue reserves – 264 264
Unappropriated profit available for distribution 392 351 351