BMW 2008 Annual Report Download - page 51

52
14 Group Management Report
14 A Review of the Financial Year
16 General Economic Environment
20 Review of Operations
42 BMW Stock and Bonds
45 Disclosures pursuant to § 289 (4)
and § 315 (4) HGB
47 Financial Analysis
47
Internal Management System
49 Earnings Performance
51 Financial Position
52 Net Assets Position
55 Subsequent Events Report
55 Value Added Statement
57 Key Performance Figures
58 Comments on BMW AG
62 Risk Management
68 Outlook
The cash outflow for net investments in financial services
activities increased by euro , million compared to the
previous year.
Financing activities in  generated a positive cash
flow
of euro , million (: euro , million). Cash in-
flows from the issue of bonds totalled euro , million
(: euro , million) while euro , million (: euro
, million) was used to repay bonds. The dividend pay-
ment for the financial year  amounted to euro  mil-
lion. The net cash inflow from other financial liabilities and
commercial paper increased by euro , million.
.  : .  of the cash outflow for investing activities
was covered by the cash inflow from operating activities.
The cash flow statement for the Automobiles segment
shows that the cash outflow for operating activities fell
slightly short (euro  million) of the cash inflow from
in-
vesting activities (: surplus of euro , million). As ex-
pected, the cash flow statement for the Financial Services
segment shows that the cash inflow from operating activi-
ties did not cover the cash outflow for investing activities
due to the high level of capital expenditure on leased prod-
ucts and receivables from sales financing. The short-fall
was .  : . .
After adjustment for the effects of exchange-rate fluctua-
tions and changes in the composition of the BMW Group
amounting to a negative amount of euro  million (:
negative amount of euro  million), the various cash flows
resulted in an increase in cash and cash equivalents of
euro , million (: euro , million).
Net interest-bearing assets relating to the Automobiles
segment (including inter-segment finance receivables)
amounted to euro , million at the end of the reporting
period, representing an increase of euro , million since
 December . Net interest-bearing assets relating
to the Automobiles segment comprise cash and cash
equivalents (euro , million), marketable securities (euro
 million) and inter-segment finance receivables (euro
, million) less the financial liabilities of the Automobiles
segment.
Excluding derivative financial instruments, they
amount to euro , million.
Net Assets Position
The Group balance sheet total increased by euro ,
mil-
lion or .  to euro , million. Currency effects,
largely attributable to a weaker British pound, held down
the increase in the balance sheet total in . Adjusted for
changes in exchange rates, the balance sheet total would
Change in cash and cash equivalents
in euro million
13,000
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
–1,000
– 2,000
– 3,000
– 4,000
– 5,000
Cash and cash Cash inflow Cash outflow Cash inflow Currency trans- Cash and cash
equivalents from operating from investing from financing lation, changes in equivalents
..  activities activities activities Group composition .. 
2,393 + 10,872 – 18,652 + 12,904 –
63 7,454