BMW 2004 Annual Report Download - page 78
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77
The reversal of write-downs on investments in
other companies in the year under report relates
to the investment in Rolls-Royce plc, London; the
carrying amount was written up to the market value
at 31 December 2004. The reversal of the write-
down (euro112 million) up to historical cost and the
unrealised gain (euro 42 million) over and above
historical cost were both recognised directly in accu-
mulated other equity.
A break-down 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 74 and 75.
Additions to investments in subsidiaries relate
to share capital increases for the companies BMW
Polska Sp. z o. o., Warsaw, BMW Portugal Lda., Lisbon,
BMW Parkhaus Oberwiesenfeld GmbH, Munich,
BMW Financeira S.A. Credito, Financiamento e
Investimento, Sao Paulo, BMW Experience Centre
Inc., Whitby, BMW Acquisitions Ltda., Sao Paulo, and
the foundation of BMW Magyarorszàg KFT, Budapest,
and BMW Madrid S.L., Madrid.
Disposals of investments in subsidiaries relate
mainly to the initial consolidation of BMW Financial
Services Korea, Co., Ltd., Seoul, and BMW Leasing
de Mexico S.A. de C.V., Mexico City and a capital
reduction at BMW Roma S.r.l., Rome.
Investments in associated companies comprise
the Group’s interest, measured using the equity
method, in the joint ventures BMW Brilliance
Auto-
motive Ltd., Shenyang, TRITEC Motors Ltda., Campo
Largo, and F.A.S.T. Gesellschaft für angewandte
Softwaretechnologie mbH, Munich. The Group’s
interest in these joint ventures, on an aggregated
basis, was as follows:
[21]Financial assets
in euro million 31.12.2004 31.12.2003
Disclosures relating to the income statement
Income 317 225
Losses 307 217
Disclosures relating to the balance sheet
Non-current assets 124 139
Current assets 312 229
Equity 82 83
Non-current liabilities 79 104
Current liabilities 275 181