BMW 2005 Annual Report Download - page 72
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71
they have been legally sold. Gains and losses relat-
ing to the sale of such assets are not recognised
until the assets are removed from the Group balance
sheet on transfer of the related significant risks and
rewards. The balance sheet value of the assets
sold at 31 December 2005 totalled euro 3.9 billion
(31 December 2004: euro 4.3 billion). For an addi-
tional understanding of the asset, liability and finan-
cial 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 currency is the euro. All amounts are
disclosed in millions of euros (euro million) unless
stated otherwise.
The Group financial statements at 31 December
2005, drawn up in accordance with §315a 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 BMW Group financial statements include, be-
sides BMW AG, all material subsidiaries, 17 special
securities funds and 20 trusts (almost all used for
asset backed financing transactions) both in Germany
and abroad.
The number of subsidiaries, special purpose
funds and other special purpose entities included
in the Group financial statements changed in 2005
as follows:
[2]Consolidated
companies
72 subsidiaries (2004: 76), either dormant or
generating a negligible volume of business, are not
included. Their influence on the Group’s assets, lia-
bilities, financial position and earnings is immaterial.
Non-inclusion of operating subsidiaries reduces
total Group revenues by 1.7% (2004: 1.6%).
Three joint ventures have been consolidated
using the equity method. Four equity investments,
unchanged from the previous year, are not included
since they are not material to the Group’s financial
and earnings position. They are included in the line
“Other investments”, measured at cost less, where
applicable, accumulated impairment losses.
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).
Germany Foreign Total
Included at 31.12. 2004 40 134 174
Included for the first time in 2005 4 5 9
No longer included in 2005 – 3 3
Included at 31.12. 2005 44 136 180