Bayerische Motoren Werke Aktiengesellschaft (BMW.

DE)
2023
Total turnover 155,498,000
Cost of sales 125,809 000
Gross profit 29,689,000
Operating costs
General and administrative sales 11,025 000
Total operating costs 11,213,000
Profit or loss of operation 18,476,000
Interest charge 656,000
Income before taxes 17,096,000
Tax burden 4,931,000
Income from the activities carried 12,165,000
Net profit 11,290,000
(BMW.DE)
2022 2021
142 610 000 111,239,000
118,042 000 89,253,000
24,568,000 21,986,000

10,616,000 9,233,000
10,359,000 8,532,000
14,209,000 13,454,000
230,000 236,000
23,509,000 16,060,000
4,927,000 3,597,000
18,582,000 12,463,000
17,941,000 12,382,000
 2021 2022 2023
Cost of Sales 80.27% 82.81% 81.06%
Gross Profit 19.73% 17.19% 19.07%
Operating Costs 8.31% 7.45% 7.10%
Profit/Loss of Operation 11.45% 9.96% 11.90%
Interest Charge 0.21% 0.16% 0.42%
Income Before Taxes 14.44% 16.47% 11.00%
Tax Burden 3.24% 3.46% 3.17%
Income from Activities Carried 11.20% 13.03% 7.82%
Net Profit 11.13% 12.59% 7.27%

These horizontal and vertical analyses

provide insights into how each line
item on the income statement and
balance sheet has changed over the
three years and their relative
proportions to total turnover or total
assets.
Bayerische Motoren Werke Aktiengesellschaft (BMW.DE)

2023 2022
Assets
Cash 21,458,000 22,034,000
Net receivables 41,000,000 39,467,000
Inventory 23,708,000 19,746,000
Other short-term asset 7,596,000 9,602,000
Total short-term assets 94,972,000 92,204,000
Non-circulating assets
Non-circulating assets
Land, factories and equipment
Gross investments in land 130,667 000 126,199,000
Cumulative depreciation -52,283 000 -51,253 000
Net investments in land 78,384,000 74,946 000
clientele 1,487,000 1,562,000
Intangible goods 18,535,000 20,214 000
Other long-term assets 1,537,000 1,030,000
Total non-current assets 155,918 000 154,722,000
Total assets 250,890,000 246,926,000
Liasities and equity
Passive
Short-term passive 87,001,000 84,421,000
Non-short-term liabilities 70,966,000 71,217,000
Total liabilities 157,967 000 155,638 000
Own capital of the holders 89,596,000 87,125,000
Total liability and equity 250,890,000 246,926,000
 2021

21,809,000
37,966,000
15,539 000
8,941,000
86,173,000

117,607,000
-50,517,000
67,090 000
380,000
12,600,000
1,302,000
143,354 000
229,527,000

76,466,000
77,929,000
154,395,000
74,366,000
229,527,000
 2021 2022
Cash 9.59% 8.94%
Net Receivables 16.68% 16.00%
Inventory 6.83% 8.00%
Other Short-term Assets 3.92% 3.89%
Total Short-term Assets 37.04% 36.82%
Land, Factories, Equipment 29.48% 30.39%
Clientele 0.17% 0.63%
Intangible Goods 5.53% 8.20%
Other Long-term Assets 0.57% 0.42%
Total Non-current Assets 62.96% 63.18%
Total Assets 100.00% 100.00%
Short-term Liabilities 33.63% 34.24%
Non-short-term Liabilities 34.25% 28.88%
Total Liabilities 67.88% 63.12%
Shareholders' Equity 32.64% 35.36%
 2023
8.55%
16.35%
9.46%
3.03%
37.86%
31.29%
0.59%
7.39%
0.61%
62.14%
100.00%
34.71%
28.28%
63.00%
35.65%
 2023
Assets
Cash 21,458,000
Net receivables 41,000,000
Inventory 23,708,000
Other short-term asset 7,596,000
Total short-term assets 94,972,000
Non-circulating assets
Non-circulating assets
Land, factories and equipment
Gross investments in land 130,667 000
Cumulative depreciation -52,283 000
Net investments in land 78,384,000
clientele 1,487,000
Intangible goods 18,535,000
Other long-term assets 1,537,000
Total non-current assets 155,918 000
Total assets 250,890,000
Liasities and equity
Passive
Short-term passive 87,001,000
Non-short-term liabilities 70,966,000
Total liabilities 157,967 000
Own capital of the holders 89,596,000
Total liability and equity 250,890,000

Let's calculate the liquidity ratios for the year 2022:

1. Current Ratio:
Current Assets = Cash + Net Receivables +
Inventory + Other Short-term Assets
= 22,034,000 + 39,467,000 +
19,746,000 + 9,602,000
= 90,849,000

Current Liabilities = Short-term Liabilities

= 84,421,000
 Current Ratio = 90,849,000 / 84,421,000
≈ 1.077

2. Acid-test Ratio (Quick Ratio):

Quick Assets = Current Assets - Inventory
= 90,849,000 - 19,746,000
= 71,103,000

Acid-test Ratio = 71,103,000 / 84,421,000

≈ 0.842

3. Cash Ratio:
Cash Ratio = Cash / Current Liabilities
= 22,034,000 / 84,421,000
≈ 0.261

2. Solvency Ratios:
1. Debt to Equity Ratio:
Shareholders' Equity = Total Equity
= 87,125,000

Debt to Equity Ratio = 155,638,000 / 87,125,000

≈ 1.785

2. Debt to Total Assets Ratio:

Debt to Total Assets Ratio = 155,638,000 / 246,926,000
≈ 0.630

3. Interest Coverage Ratio:

EBIT = Income Before Taxes + Interest Expense
= 23,509,000 + 230,000
= 23,739,000

Interest Coverage Ratio = 23,739,000 / 230,000

≈ 103.21

3. Profitability Ratios:
1. Net Profit Margin:
Net Profit Margin = Net Profit / Total Revenue
= 17,941,000 / 142,610,000
≈ 0.126 or 12.6%
2. Return on Equity (ROE):
ROE = Net Profit / Shareholders' Equity
= 17,941,000 / 87,125,000
≈ 0.206 or 20.6%

3. Return on Assets (ROA):

ROA = Net Profit / Total Assets
= 17,941,000 / 246,926,000
≈ 0.073 or 7.3%

4. Efficiency Ratios:

1. Inventory Turnover:
Inventory Turnover = Cost of Goods Sold / Average Inventory
= 118,042,000 / ((19,746,000 + 0) / 2) (assuming beginning and ending inventory are the same)
≈ 5.97

Inventory Holding Period = 365 days / Inventory Turnover

≈ 61.18 days

2. Receivables Turnover:
Receivables Turnover = Total Revenue / Average Accounts Receivable
= 142,610,000 / ((39,467,000 + 0) / 2) (assuming beginning and ending receivables are the same)
≈ 3.61

Average Collection Period = 365 days / Receivables Turnover

≈ 101.11 days

3. Accounts Payable Turnover:

Accounts Payable Turnover = Cost of Goods Sold / Average Accounts Payable
= 118,042,000 / ((0 + 0) / 2) (assuming beginning and ending payables are the same)
= Not computable since there are no accounts payable provided.

Payable Deferral Period = Not computable

4. Cash Conversion Cycle:

Cash Conversion Cycle = Inventory Holding Period + Average Collection Period - Average Payment Period
= 61.18 days + 101.11 days - 0 days (assuming no payable deferral period)
≈ 162.29 days
Let's calculate the liquidity ratios for the year 2023 using the provided figures:

1. Current Ratio:
Current Assets = Cash + Net Receivables + Inventory + Other Short-term Assets
= 21,458,000 + 41,000,000 + 23,708,000 + 7,596,000
= 93,762,000

Current Liabilities = Short-term Liabilities

= 87,001,000

Current Ratio = 93,762,000 / 87,001,000

≈ 1.078

2. Acid-test Ratio (Quick Ratio):

Quick Assets = Current Assets - Inventory
= 93,762,000 - 23,708,000
= 70,054,000

Acid-test Ratio = 70,054,000 / 87,001,000

≈ 0.805

3. Cash Ratio:
Cash Ratio = Cash / Current Liabilities
= 21,458,000 / 87,001,000
≈ 0.246

2. Solvency Ratios:

1. Debt to Equity Ratio:

Shareholders' Equity = Total Equity
= 89,596,000

Debt to Equity Ratio = 157,967,000 / 89,596,000

≈ 1.762

2. Debt to Total Assets Ratio:

Debt to Total Assets Ratio = 157,967,000 / 250,890,000
≈ 0.629

3. Interest Coverage Ratio:

EBIT = Income Before Taxes + Interest Expense
= 17,096,000 + 656,000
 = 17,752,000

Interest Coverage Ratio = 17,752,000 / 656,000

≈ 27.05

3. Profitability Ratios:

1. Net Profit Margin:

Net Profit Margin = Net Profit / Total Revenue
= 11,290,000 / 155,498,000
≈ 0.072 or 7.2%

2. Return on Equity (ROE):

ROE = Net Profit / Shareholders' Equity
= 11,290,000 / 89,596,000
≈ 0.126 or 12.6%

3. Return on Assets (ROA):

ROA = Net Profit / Total Assets
= 11,290,000 / 250,890,000
≈ 0.045 or 4.5%

4. Efficiency Ratios:

1. Inventory Turnover:
Inventory Turnover = Cost of Goods Sold / Average Inventory
= 125,809,000 / ((23,708,000 + 0) / 2) (assuming beginning and ending inventory are the same)
≈ 5.30

Inventory Holding Period = 365 days / Inventory Turnover

≈ 68.87 days

2. Receivables Turnover:
Receivables Turnover = Total Revenue / Average Accounts Receivable
= 155,498,000 / ((41,000,000 + 0) / 2) (assuming beginning and ending receivables are the same)
≈ 3.79

Average Collection Period = 365 days / Receivables Turnover

≈ 96.32 days
3. Accounts Payable Turnover:
Accounts Payable Turnover = Cost of Goods Sold / Average Accounts Payable
= 125,809,000 / ((0 + 0) / 2) (assuming beginning and ending payables are the same)
= Not computable since there are no accounts payable provided.

Payable Deferral Period = Not computable

4. Cash Conversion Cycle:

Cash Conversion Cycle = Inventory Holding Period + Average Collection Period - Average Payment Period
= 68.87 days + 96.32 days - 0 days (assuming no payable deferral period)
≈ 165.19 days
 2022 2021

22,034,000 21,809,000
39,467,000 37,966,000
19,746,000 15,539 000
9,602,000 8,941,000
92,204,000 86,173,000

126,199,000 117,607,000
-51,253 000 -50,517,000
74,946 000 67,090 000
1,562,000 380,000
20,214 000 12,600,000
1,030,000 1,302,000
154,722,000 143,354 000
246,926,000 229,527,000

84,421,000 76,466,000
71,217,000 77,929,000
155,638 000 154,395,000
87,125,000 74,366,000
246,926,000 229,527,000
ning and ending inventory are the same)

nning and ending receivables are the same)

nts Payable
and ending payables are the same)
ble provided.

ection Period - Average Payment Period

able deferral period)
vided figures:

-term Assets
ning and ending inventory are the same)

nning and ending receivables are the same)

nts Payable
and ending payables are the same)
ble provided.

ection Period - Average Payment Period

ble deferral period)
The liquidity ratıos for the years 2021
current ratıo:
current assets= cash+net receıvables+ınventory+other short-term assets
#VALUE!
= 84,255,000
Current ratıo= current assets /Current Liabilities = Short-term Liabilities
#VALUE!
Current Ratio = 84,255,000 / 76,466,000
1.102
2. Acid-test Ratio (Quick Ratio): Quick Assets = Current Assets - Inventory
= 84,255,000 - 15,539,000
= 68,716,000
Acid-test Ratio = 68,716,000 / 76,466,000 ≈ 0.899

3. Cash Ratio:
Cash Ratio = Cash / Current Liabilities
= 21,809,000 / 76,466,000
≈ 0.286

2. Solvency Ratios:
1. Debt to Equity Ratio:
Shareholders' Equity = Total Equity
= 74,366,000

Debt to Equity Ratio = 154,395,000 / 74,366,000

≈ 2.078

2. Debt to Total Assets Ratio:

Debt to Total Assets Ratio = 154,395,000 / 229,527,000

≈ 0.673

3. Interest Coverage Ratio:

EBIT = Income Before Taxes + Interest Expense
= 16,060,000 + 236,000
= 16,296,000
 Interest Coverage Ratio = 16,296,000 / 236,000
≈ 69.08

3. Profitability Ratios:
1. Net Profit Margin:
Net Profit Margin = Net Profit / Total Revenue
= 12,382,000 / 111,239,000
≈ 0.111 or 11.1%

2. Return on Equity (ROE):

ROE = Net Profit / Shareholders' Equity
= 12,382,000 / 74,366,000
≈ 0.166 or 16.6%

3. Return on Assets (ROA):

ROA = Net Profit / Total Assets
= 12,382,000 / 229,527,000
≈ 0.054 or 5.4%

4. Efficiency Ratios:
1. Inventory Turnover:
Inventory Turnover = Cost of Goods Sold / Average Inventory
= 89,253,000 / ((15,539,000 + 0) / 2) (assuming beginning and ending inventory are the same)
≈ 5.75

Inventory Holding Period = 365 days / Inventory Turnover

≈ 63.48 days

2. Receivables Turnover:
Receivables Turnover = Total Revenue / Average Accounts Receivable
= 111,239,000 / ((37,966,000 + 0) / 2) (assuming beginning and ending receivables are the
≈ 2.93

Average Collection Period = 365 days / Receivables Turnover

≈ 124.57 days

3. Accounts Payable Turnover:

Accounts Payable Turnover = Cost of Goods Sold / Average Accounts Payable
= 89,253,000 / ((0 + 0) / 2) (assuming beginning and ending payables are the same)
= Not computable since there are no accounts payable provided.

Payable Deferral Period = Not computable

4. Cash Conversion Cycle:
Cash Conversion Cycle = Inventory Holding Period + Average Collection Period - Average Payment Pe
= 63.48 days + 124.57 days - 0 days (assuming no payable deferral period)
≈ 188.05 days
g inventory are the same)

g and ending receivables are the same)

ng payables are the same)

on Period - Average Payment Period
deferral period)