BMW 2001 Annual Report Download - page 52

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51
assets which have been legally sold remain in the
Group financial statements. Gains and losses relat-
ing to the sale of such assets are not recognised
until the assets are removed from the Group balance
sheet. The balance sheet value of the assets sold at
31 December 2001 totalled euro 6.4 billion
(31.12.2000: euro 8.6 billion). For an additional un-
derstanding of the asset, liability and financial posi-
tion of the BMW Group, the Group balance sheet
contains a supplementary disclosure of the balance
sheet total adjusted for assets which have been sold.
The Groups functional currency is the Euro. All
amounts are disclosed in millions of euros (euro mil-
lion) unless stated otherwise.
The BMW Group financial statements include, be-
sides BMW AG, all material subsidiaries, 13 special
securities funds and 15 trusts for asset backed fi-
nancing transactions, both in Germany and abroad.
89 subsidiaries (previous year: 70) either dor-
mant or generating a negligible volume of business
are not included. Their influence on the Groups as-
sets, liabilities, financial position and earnings is im-
material.
BMW Pensionskasse (Österreich) AG, Steyr, has
also not been consolidated because its assets are
assigned for a particular purpose.
Non-inclusion of operating subsidiaries reduces
total Group sales by 1.8%.
As in the previous year, two associated compa-
nies and one joint venture have been consolidated
The Group financial statements at 31 Decem-
ber 2001 are drawn up in accordance with §292 a of
the German Commercial Code and the Group man-
agement report have been filed with the Commercial
Register of the Munich District Court (HRB 42243)
and will be provided for inspection on request. In ad-
dition the Group financial statements and the Group
management report can be downloaded from the
BMW Group website at www.bmwgroup.com under
Investor Relations.
The number of subsidiaries, special purpose
funds and trusts included in the Group financial
statements changed in 2001 as follows:
using the equity method. Three (previous year: 3)
associated companies are not included due to their
relative insignificance to the Groups financial and
earnings position. These associated companies are
shown at cost, less write-downs where applicable,
under investments in other companies.
A complete list of the Groups shareholdings
has been filed with the Commercial Register of the
Munich District Court (HRB 42243). The principal
subsidiaries of the BMW Group are shown on pages
102 to 103.
[2]Consolidated
companies
Germany Foreign Total
Included at 31.12.2000 29 109 138
Included for the first time in 2001 4 5 9
No longer included in 2001 4 9 13
Included at 31.12.2001 29 105 134