BMW 2004 Annual Report Download - page 59

Group Financial Statements 50
Income Statements 51
Balance Sheets 52
Cash Flow Statements 54
Group Statement of
Changes in Equity 56
Notes 57
--Accounting Principles
and Policies 57
--Notes to the Income Statement 66
--Notes to the balance sheet 74
--Other Disclosures 93
--Segment Information 100
--Disclosures pursuant to
§292a HGB 104
Auditors’ Report 107
58
relating 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
31December 2004 totalled euro 4.3 billion (31.12.
2003: euro 5.0 billion). For an additional understand-
ing of the asset, liability and financial position 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, 17 special
securities funds and 21 trusts (almost all used for
asset backed financing transactions) both in Germany
and abroad.
76 subsidiaries (previous year: 74) either dormant
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 reduces
total Group revenues by 1.6% (2003: 0.7%).
Three joint ventures have been consolidated
using the equity method. Four associated compa-
The Group financial statements at 31 December
2004, drawn up in accordance with §292a of the
German Commercial Code, and the Group manage-
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 downloaded from
the BMW Group website at www.bmwgroup.com/ir.
The number of subsidiaries, special purpose
funds and other special purpose entities included
in the Group financial statements changed in 2004
as follows:
nies, unchanged from the previous year, are not
included due to their relative insignificance to the
Group’s financial and earnings position. These as-
sociated 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 31.12.2003 39 126 165
Included for the first time in 2004 2 12 14
No longer included in 2004 1 4 5
Included at 31.12.2004 40 134 174