BMW 2002 Annual Report Download - page 71
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70
001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
031 BMW Stock
034 Corporate Governance
042 Group Financial Statements
106 BMW AG Financial Statements
112 BMW Group Annual Comparison
114 BMW Group Locations
116 Glossary
120 Index
[13]Financial result in euro million 2002 2001
Income from investments 14 35
thereof from subsidiaries: euro 1 million (2001: euro 11 million)
Income from associated companies 20
Expenses from loss transfers 1 3
Write-downs on investment in subsidiaries 6 3
Result on investments 27 29
Other interest and similar income 625 823
thereof from subsidiaries euro 22 million (2001: euro 21million)
Interest and similar expenses 617 781
thereof to subsidiaries euro 3 million (2001: euro 3 million)
Expense from reversal of discounting of provisions 71 65
Write-downs on non-current loans and current marketable securities 22
Net interest expense 85 23
Expense from fair value measurement of financial instruments 23 120
Other net financial expenses 23 120
Financial result 81 114
Income from investments arises principally from
the investment in Rolls-Royce plc, London, and from
subsidiaries.
Income from associated companies includes
the equity results of Rover Finance Holdings Ltd.,
Guildford, and of the joint venture TRITEC Motors
Ltda., Campo Largo.
Write-downs on non-current financial assets and
current marketable securities, disclosed in accor-
dance with §298 para.1 and §275 para. 3 of the
German Commercial Code, amounted in total to
euro 28 million (2001: euro 3 million). As a result of
the current situation on the capital markets, im-
pairment losses on current marketable securities
were
recognised amounting to euro 22 million (2001:
euro million).
Within other net financial expenses, income and
expenses resulting from the fair value measurement
of hedged items and hedging instruments have been
presented on a net basis in order to reflect
appropri-
ately the economic effects of the underlying hedging
relationship.
Income taxes comprise the following:
[14]Income taxes
in euro million 2002 2001
Current tax 324 678
Deferred tax 953 698
1,277 1,376