BMW 2007 Annual Report Download - page 84

82 Group Financial Statements
73 Group Financial Statements
73 Income Statements
74 Balance Sheets
76 Cash Flow Statements
78 Group Statement of Changes
in Equity
79 Statement of Income and
Expenses recognised directly
in Equity
80 Notes
80 – Accounting Principles
and Policies
89 – Notes to the Income
Statement
96 – Notes to the Balance Sheet
117 – Other Disclosures
131 – Segment Information
in euro million Carrying Fair
amount value
Assets
Intangible assets and property, plant and equipment 2 28
Leased products 515 515
Investments in subsidiaries 3 3
Receivables from sales financing 230 230
Other assets 15 15
Liabilities
Provisions 23 23
Financial liabilities 699 699
Other liabilities 35 45
Net assets acquired 8 24
Acquisition cost – 121
Goodwill – 97
Allocation by segment:
Automobiles – 33
Financial Services – 64
[3]Business acquisitions and disposals
The acquisition of DEKRA SüdLeasing Services
GmbH, Stuttgart, and that entity’s subsidiaries,
LHS Leasing- und Handelsgesellschaft Deutsch-
land mbH, Stuttgart, DSL Fleetservices GmbH,
Stuttgart, MOBIDIG GmbH, Stuttgart, and LHS Auto-
land GmbH, Stuttgart, was completed on 2 April
2007, thus expanding the scale of the Group’s fleet
business. All of the above entities became wholly
owned subsidiaries. During the year, LHS Autoland
GmbH, Stuttgart, was merged with LHS Leasing-
und Handelsgesellschaft Deutschland mbH, Stutt-
The following identifiable assets have been recog-
nised and included in intangible assets, measured at
fair value:
– contract portfolio
– customer relationships
– contract management system
These intangible assets are amortised systematically
over the following useful lives:
– contract portfolio: 4 years
– customer relationships: 7 years
– contract management system: 5 years
Cirquent Ges.m.b.H., Vienna, and softlab AG, Zürich,
was renamed Cirquent AG, Zürich. The name of BL
gart. DEKRA SüdLeasing Services GmbH, Stuttgart,
was renamed BMW Fuhrparkmanagement Beteili-
gungs GmbH, Stuttgart. This entity and its subsidiary,
LHS Leasing- und Handelsgesellschaft Deutschland
mbH, Stuttgart, were consolidated for the first time
in the second quarter.
The acquisition cost was euro 121 million (in-
cluding euro 1 million of transaction costs). Based on
the definitive purchase price allocation, the following
carrying amounts and fair values were attributed to
the assets and liabilities of the acquired companies
at the acquisition date:
The remainder of the surplus (euro 97 million)
of the acquisition cost over the fair value of the iden-
tifiable net assets acquired is largely attributable to
potential synergy benefits which will arise from the
future growth of the Group’s fleet business.
BMW Fuhrparkmanagement Beteiligungs GmbH,
Stuttgart, and LHS Leasing- und Handelsgesell-
schaft Deutschland mbH, Stuttgart, recorded a net
loss of euro 5.7 million in the period since
their first-
time consolidation. Net revenues of the two entities
since the date of first-time consolidation amounted
to euro 379 million.
Reinsurance Company Ltd., Dublin, was changed to
BMW Financial Services (Ireland) Limited, Dublin.