BMW 2009 Annual Report Download - page 109

107 Group Financial Statements
in euro million 31. 12. 2009 31. 12. 2008
1 – 30 days overdue 149 301
31 – 60 days overdue 49 81
61 – 90 days overdue 26 3
91 – 120 days overdue 28 6
More than 120 days overdue 69 43
321 434
Some trade receivables were overdue for which an impairment loss was not recognised. Overdue balances are analysed
into the following time windows:
Receivables that are overdue by between 1 and 30 days
do not normally result in bad debt losses since the overdue
nature of the receivables is primarily attributable to the
timing of receipts around the month-end. In the case of
trade receivables, collateral is generally held in the form of
vehicles documents and bank guarantees so that the risk
of bad debt loss is extremely low.
Cash and cash equivalents
Cash and cash equivalents of euro 7,767 million (2008:
Equity
Number of shares issued
At 31 December 2009, common stock issued by BMW AG
was divided into 601,995,196 shares with a par value of
one euro. Preferred stock issued by BMW AG was divided
into 52,665,362 shares with a par value of one euro. Unlike
the common stock, no voting rights are attached to the
preferred stock. All of the Company’s stock is issued to
bearer. Preferred stock bears an additional dividend of euro
0.02 per share.
In 2009, 831,425 shares of non-voting preferred stock
were sold to employees at a reduced price of euro 15.56
per share in conjunction with an employee share scheme.
These shares are entitled to receive dividends with effect
from the financial year 2010. 362,225 treasury shares held
at the end of the previous year were used in this context:
the remaining 905 treasury shares held at the end of the
previous year were sold on the capital market. BMW AG
did not hold any treasury shares at 31 December 2009.
The Authorised Capital created at the Annual General
Meeting on 14 May 2009 amounting to euro 5 million in
total was used to issue a further
469,200 shares of pre-
ferred stock to employees. As a result, BMW AG’s issued
share capital increased by euro 0.5 million. The Authorised
Capital can be issued up to 13 May 2014 and amounted to
euro 4.5 million at the end of the reporting period.
euro 7,454 million) comprise cash on hand and at bank, all
with a maturity of under three months.
The effect of applying IFRS 2 (Share-Based Payments) to
the employee share scheme is not material for the Group.
At the Annual General Meeting of BMW AG on 14 May
2009, the shareholders again authorised the Board of
Management to acquire treasury shares via the stock ex-
change,
up to a maximum of 10 % of the share capital in
place at the date of the resolution and to withdraw those
shares from circulation without any further resolution by
the Annual General Meeting. At the same time, the authori-
sation from 8 May 2008 to acquire treasury shares was
rescinded. The authorisation from 14 May 2009 is valid
until 12 November 2010. The authorisation was not exer-
cised in 2009. It has not yet been decided whether or the
extent to which the authorisation will be used in the future.
Capital reserves
Capital reserves include premiums arising from the issue of
shares and totalled euro 1,921 million (2008: euro 1,911 mil-
lion).
The change related to the share capital increase fol-
lowing the issue of shares of preferred stock to employees.
Revenues reserves
Revenue reserves comprise the post-acquisition and non-
distributed earnings of consolidated companies. In addi-
tion, revenue reserves include both positive and negative
goodwill arising on the consolidation of Group companies
prior to 31 December 1994.
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