BMW 2003 Annual Report Download - page 107
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
106
The nominal amounts of derivative financial
instruments correspond to the purchase or sale
amounts or contract values of the underlying trans-
actions. The nominal amounts, fair values (and also
The disclosed fair values of derivative financial
instruments, based on their nominal amounts, do
not take account of any compensating changes in
the value of the underlying transaction. Moreover,
the fair values disclosed do not necessarily correspond
to the amounts which the BMW Group will realise in
the future under the market conditions prevailing at
that time.
carrying amounts) and maturities of derivative finan-
cial instruments of the BMW Group are shown in the
following analysis:
At 31 December 2003, the positive impact from
the fair value measurement of financial instruments
(net of deferred taxes) amounted to euro 1,554 mil-
lion (2002: euro 709 million) and has been recog-
nised directly in equity. This comprises a positive
impact from cash flow hedges of euro 1,700 million
(2001: euro 1,023 million) and negative impact
from available-for-sale securities of euro 146 million
in euro million Nominal Fair values
amount
To t a l
due within due between due later than
one year one and five years
five years
31 December 2003
Assets
Currency hedge contracts 16,877 2,957 1,824 1,090 43
Interest rate contracts 9,217 567 65 146 356
Other derivative financial instruments 600 19 12 – 7
To tal 26,694 3,543 1,901 1,236 406
Liabilities
Currency hedge contracts 3,169 190 102 88 –
Interest rate contracts 5,527 108 52 43 13
Other derivative financial instruments 639 74 65 – 9
To tal 9,335 372 219 131 22
31 December 2002
Assets
Currency hedge contracts 24,063 2,011 918 1,093 –
Interest rate contracts 5,184 259 65 28 166
Other derivative financial instruments 38 8 8 – –
To tal 29,285 2,278 991 1,121 166
Liabilities
Currency hedge contracts 11,530 100 89 11 –
Interest rate contracts 11,404 210 67 119 24
Other derivative financial instruments 118 24 24 – –
To tal 23,052 334 180 130 24