BMW 2014 Annual Report Download - page 49

49 COMBINED MANAGEMENT REPORT
Group Income Statement
in € million
2014 20131
Revenues 80,401 76,059
Cost of sales – 63,396 – 60,791
Gross profit 17,005 15,268
Selling and administrative expenses – 7,892 – 7,257
Other operating income 877 842
Other operating expenses – 872 – 875
Profit before financial result 9,118 7,978
Result from equity accounted investments 655 407
Interest and similar income 200 183
Interest and similar expenses – 519 – 469
Other financial result – 747 – 206
Financial result – 411 – 85
Profit before tax 8,707 7,893
Income taxes – 2,890 – 2,564
Net profit 5,817 5,329
1 Prior year figures have been adjusted in accordance with IAS 8, see note 9.
2 Including the joint venture BMW Brilliance Automotive Ltd., Shenyang (2013: 198,542 units, 2014:
275,891 units).
Earnings performance1
The BMW Group is again able to report on an exceed-
ingly successful financial year. Business performance
remained on track, with sales volume, revenues and
earnings all coming in at record levels. The number of
BMW, MINI and Rolls-Royce brand vehicles sold rose
by 7.9 % to 2,117,965
2
units. The BMW brand was again
able to maintain its pole position at the head of the
premium segment.
The BMW Group recorded a net profit of € 5,817 mil-
lion (2013: € 5,329 million) for the financial year ended
31 December 2014. The post-tax return on sales was
7.2 % (2013: 7.0 %). Earnings per share of common and
preferred stock were € 8.83 and € 8.85 respectively (2013:
€ 8.08 and € 8.10 respectively).
Revenues of the BMW Group increased year-on-year by
5.7 % to a new record figure of € 80,401 million (2013:
€ 76,059 million), driven primarily by the continued up-
ward trend in sales volume. The scale of the increase
was held down partly by higher inter-segment revenue
eliminations due to the growth of new lease business
and partly by the change in the average exchange rates
of a number of currencies, including the Japanese yen,
Russian rouble and South African rand. Adjusted for
exchange rate factors, revenues increased by 6.8 %.
Revenues comprise mainly the sale of vehicles and related
products (2014: € 60,280 million; 2013: € 56,812 million),
lease instalments (2014: € 7,748 million; 2013: € 7,296 mil-
lion), the sale of vehicles previously leased to customers
(2014: € 6,716 million; 2013: € 6,412 million) and interest
income on loan financing (2014: € 2,881 million; 2013:
€ 2,868 million).
All segments contributed to the increase in revenues.
External revenues from the sale of BMW, MINI and
Rolls-Royce brand cars grew by 6.0 % on the back of
higher sales volumes. Adjusted for exchange rate fac-
tors, revenues went up by 7.3 %. Compared to the
pre vious year, the BMW Group recorded a significant
rise
(11.8 %) in external revenues from its Motorcycles
business. External revenues generated with Financial
Services business was 4.4 % up on the previous year.
Adjusted for exchange rate factors, revenues of the Motor-
cycles and Financial Services segments increased by
14.1 % and 4.5 % respectively.
Report on Economic Position
Results of Operations, Financial Position and Net Assets