BMW 2004 Annual Report Download - page 70
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69
[13]Financial result in euro million 2004 2003
Income from investments 86 30
– thereof from subsidiaries: euro 66 million (2003: euro 3 million)
Income (2003: losses) from associated companies 11 –13
Impairment losses on investments in subsidiaries and associated companies – 3 –20
Result on investments 94 –3
Expected return on plan assets 271 249
Other interest and similar income 244 281
– thereof from subsidiaries: euro 18 million (2003: euro 17 million)
Interest and similar income 515 530
Expense from reversing the discounting of pension obligations – 450 – 410
Expense from reversing the discounting of other long-term provisions – 86 – 104
Write-downs on current marketable securities – 11 –1
Sundry interest and similar expenses – 246 – 296
– thereof to subsidiaries: euro 15 million (2003: euro 2 million)
Interest and similar expenses – 793 – 811
Net interest expense – 278 – 281
Losses (2003: gains) on the fair value measurement of financial instruments – 7 136
Other financial result –7 136
Financial result – 191 – 148
Income from investments relates principally to
dividend income from BMW Asia Pte. Ltd., Singapore,
BMW (P+A) Ltd., Bracknell, and Rolls-Royce plc,
London. Income from associated companies in-
cludes the equity results of the joint ventures BMW
Brilliance Automotive Ltd., Shenyang,TRITEC Motors
Ltda., Campo Largo, and F. A.S.T. Gesellschaft für
angewandte Softwaretechnologie mbH, Munich.
Write-downs on investments and on current mar-
ketable securities pursuant to §298 (1) HGB (in
conjunction with §275 (3) HGB) amounted to euro
14 million (2003: euro 21 million).
Within other financial result, income and ex-
penses resulting from the fair value measurement
of hedged items and hedging instruments have
been presented on a net basis in order to reflect
appropriately the economic effects of the underlying
hedging relationship.