BMW 2009 Annual Report Download - page 52

50
12 Group Management Report
12 A Review of the Financial Year
14 General Economic Environment
18 Review of Operations
42
BMW Group – Capital Market
Activities
45 Disclosures pursuant to § 289 (4)
and § 315 (4) HGB
48 Financial Analysis
48 Internal Management System
50 Earnings Performance
52 Financial Position
54 Net Assets Position
56 Subsequent Events Report
56 Value Added Statement
58 Key Performance Figures
59 Comments on BMW AG
63 Internal Control System
64 Risk Management
70 Outlook
Group Income Statement
in euro million
2009 2008
Revenues 50,681 53,197
Cost of sales* – 45,356 – 47,148
Gross profit 5,325 6,049
Sales and administrative costs – 5,040 – 5,369
Other operating income 808 1,428
Other operating expenses – 804 – 1,187
Profit before financial result 289 921
Result from equity accounted investments 36 26
Interest and similar income 856 685
Interest and similar expenses –1,014 – 930
Other financial result 246 – 351
Financial result 124 – 570
Profit before tax 413 351
Income taxes – 203 – 21
Net profit 210 330
* after reclassification of research and development costs to cost of sales
Key performance indicators
in %
2009 2008 2007 2006* 2005*
Return on Capital Employed
BMW Group 3.3 2.3 15.3 16.7 15.1
Automobiles – 4.9 24.7 21.7 23.2
Motorcycles 4.7 13.9 18.0 17.7 17.8
Return on Equity
Financial Services 9.2 – 18.1 17.6 16.9
* Capital employed calculated on year-end basis
approach allows an analysis of the effect of each project-
based decision on earnings and rates of return. Multi-project
planning data resulting from these procedures allows on-
going comparison between dynamic multi-period targets
and periodic performance.
Earnings Performance
The BMW Group’s performance in the financial year 2009
was dampened by the impact of the international economic
and financial crisis. In addition to sales volume decreases
on major markets, reported figures were also adversely
affected by an intense level of competition and some model
life-cycle factors.
The BMW Group recorded a net profit of euro 210 million
for the financial year 2009 (2008: euro 330 million). The
post-tax return on sales was 0.4 % (2008: 0.6 % ). Earnings
per share of common and preferred stock were euro 0.31
and euro 0.33 respectively (2008: euro 0.49 and euro 0.51
respectively).
Group revenues fell by 4.7 % compared to the previous
year. Adjusted for exchange rate factors, revenues would
have decreased by 5.1 %. Revenues from the sale of
BMW, MINI and Rolls-Royce brand cars fell by 6.0 % , re-
flecting the sales volume performance. Motorcycles busi-
ness revenues were 13.3 % down on the previous year.