BMW 2007 Annual Report Download - page 103

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At the year-end, impairment allowances of euro 125
million (2006: euro 148 million) were recognised on
a group basis on gross receivables from sales financ-
ing totalling euro 18,979 million (2006: euro 18,296
million). Impairment allowances of euro 667 million
(2006: euro 584 million) were recognised at 31 De-
cember 2007 on a specific item basis on gross re-
ceivables from sales financing totalling euro 5,493
million (2006: euro 4,223 million).
Receivables from sales financing which were not
overdue at the balance sheet date amounted to euro
10,564 million (2006: euro 8,581 million). No impair-
ment allowances were recognised for these balances.
The estimated fair value of collateral received
for receivables on which impairment allowances
were recognised totalled euro 14,617 million (2006:
euro 12,130 million) at the balance sheet date. This
collateral related primarily to vehicles. The carrying
amount of assets held as collateral and taken back as
a result of payment default amounted to euro 36 mil-
lion (2006: euro 13 million).
As at the end of the previous year, there were no
receivables from sales financing at the balance sheet
date which have been renegotiated and which were
otherwise overdue or otherwise required recognition
of an impairment allowance.
Financial assets
Financial assets comprise:
in euro million 31.12. 2007 31.12. 2006
Interest and currency derivatives 1,980 1,321
Marketable securities and investment funds 1,959 2,034
Loans to third parties 28 67
Credit card receivables 260 239
Other 568 289
4,795 3,950
thereof non-current 1,173 816
thereof current 3,622 3,134
[24]
Allowances for impairment on receivables from sales financing developed as following during the year under
report:
31 December 2007 Allowance for impairment recognised on a Total
in euro million specific item basis group basis
Balance at 1 January* 590 149 739
Allocated/reversed 277 – 3 274
Utilised – 184 – 17 – 201
Exchange rate impact and other changes – 16 – 4 – 20
Balance at 31 December 667 125 792
*
including entities consolidated for the first time during the financial year
31 December 2006 Allowance for impairment recognised on a Total
in euro million specific item basis group basis
Balance at 1 January* 572 173 745
Allocated/reversed 173 – 173
Utilised – 155 – 23 – 178
Exchange rate impact and other changes – 6 – 2 – 8
Balance at 31 December 584 148 732
*
including entities consolidated for the first time during the financial year