BMW 2003 Annual Report Download - page 88
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87
In the previous year, the joint ventures TRITEC
Motors Ltda., Campo Largo, and
F. A . S.T
. Gesell-
schaft für angewandte Softwaretechnologie mbH,
Munich were already in operation. Income, expenses,
assets and liabilities of these joint ventures were not
disclosed in the previous year since they were not
material in relation to the relevant items in the Group
financial statements.
The amount shown as a disposal of investments
in associated companies relates to the sale of Rover
Finance Holdings Ltd., Guildford.
The reversal of write-downs on investments in
other companies in the year relates to the investment
in Rolls-Royce plc, London; the carrying amount
was written up to the market value at 31 December
2003. This increase in value was recognised directly
in accumulated other equity.
A breakdown of the different classes of financial
assets disclosed in the balance sheet and changes
during the year are shown in the analysis of changes
in Group non-current assets on pages 84 and 85.
Additions to investments in subsidiaries relate
to share capital increases for the companies BMW
Polska Sp. z o.o., Warsaw, BMW Renting (Portugal),
Lda., Lisbon, the acquisition of BMW Roma S.r.l.,
Rome, and the foundation of BMW Automotive
(Ireland) Ltd., Dublin, BMW Portugal Lda., Lisbon,
BMW Hellas Trade of Cars SA, Athens, and BMW
Holding Malaysia Sdn Bhd, Kuala Lumpur.
Disposals of investments in subsidiaries relate
mainly to the initial consolidation of Alphabet Fuhr-
parkmanagement (Schweiz) AG, Otelfingen, BMW
Russland Trading OOO, Moscow, Alphabet Italia
S.p.A., Milan, Alphabet Belgium N.V., Bornem, and
Alphabet Fleet Services España S.L., Madrid, and
to the sale of EBB, Inc., Wilmington, Del., and BMW
of Beverly Hills, Inc., Wilmington, Del..
Investments in associated companies comprise
primarily the Group’s interest in the joint ventures
BMW Brilliance Automotive Ltd., Shenyang, TRITEC
Motors Ltda., Campo Largo, and F.A.S.T. Gesell-
schaft
für angewandte Softwaretechnologie mbH,
Munich. The Group’s interest in these joint ventures,
on an aggregated basis, was as follows:
[22]Financial assets
in euro million 31.12. 2003
Disclosures relating to the income statement
Income 225
Losses 217
Disclosures relating to the balance sheet
Non-current assets 139
Current assets 229
Equity 83
Non-current liabilities 104
Current liabilities 181