BMW 2003 Annual Report Download - page 63

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
62
The Group’s functional currency is the euro.
All amounts are disclosed in millions of euros (euro
million) unless stated otherwise.
The Group financial statements at 31 December
2003, drawn up in accordance with §292a of the
German Commercial Code, and the Group manage-
The BMW Group financial statements include, be-
sides BMW AG, all material subsidiaries, 18 special
securities funds and 16 trusts (almost all used for
asset backed financing transactions) both in Germany
and abroad.
74 subsidiaries (previous year: 86) either dor-
mant or generating a negligible volume of business
are not included. Their influence on the Group’s
assets, liabilities, financial position and earnings is
immaterial.
BMW Pensionskasse (Österreich) AG, Steyr,
has also not been consolidated because its assets
are assigned for a particular purpose.
Non-inclusion of operating subsidiaries re-
duces total Group revenues by 0.7% (2002: 1.1%).
Three joint ventures have been consolidated
using the equity method. The joint venture BMW
Brilliance Automotive Ltd., Shenyang, has been in-
cluded in the Group financial statements since May
ment report have been filed with the Commercial
Register of the Munich District Court (HRB 42243)
and will be provided for inspection on request. In
addition the Group financial statements and the
Group management report can be obtained on the
BMW Group website at www.bmwgroup.com/ir.
The number of subsidiaries, special purpose
funds and trusts included in the Group financial
statements changed in 2003 as follows:
2003. One associated company is no longer con-
solidated using the equity method. As in the pre-
vious year, four associated companies are not in-
cluded due to their relative insignificance to the
Group’s financial and earnings position. These asso-
ciated companies are shown at cost, less write-
downs where applicable, under investments in other
companies.
A complete list of the Group’s shareholdings
and the list of third party companies in which it has a
shareholding that is not of minor importance for the
Group have been filed with the Commercial Register
of the Munich District Court (HRB 42243).
[2]Consolidated
companies
Germany Foreign Total
Included at 31.12.2002 34 120 154
Included for the first time in 2003 6 15 21
No longer included in 2003 1 9 10
Included at 31.12. 2003 39 126 165