BMW 2008 Annual Report Download - page 121

122
72 Group Financial Statements
72 Income Statements
74 Balance Sheets
76 Cash Flow Statements
78 Statement of Income and
Expenses recognised
in Equity
79 Notes
79 Accounting Principles
and Policies
88 Notes to the Income
Statement
94
Notes to the Balance Sheet
1 1 5 Other Disclosures
1 2 9 Segment Information
 December  Maturity Maturity Maturity Total
in euro million within between one later than
one year and five years five years
Bonds – 5,947 –10,627 – 4,920 – 21,494
Liabilities to banks – 4,736 –1,630 – 551 – 6,917
Liabilities from customer deposits (banking) – 5,193 – 774 – – 5,967
Commercial paper – 5,474 – – – 5,474
Asset backed financing transactions –1,854 – 5,043 – – 6,897
Interest and currency derivative instruments 63 234 132 429
Trade payables – 3,516 – 35 – – 3,551
Other financial liabilities – 497 – 273 –128 – 898
– 27,154 –18,148 – 5,467 – 50,769
 December  Maturity Maturity Maturity Total
in euro million within between one later than
one year and five years five years
Bonds –7,755 –13,690 – 5,900 – 27,345
Liabilities to banks – 6,434 – 4,236 – 945 –11,615
Liabilities from customer deposits (banking) – 6,639 –1,866 – 26 – 8,531
Commercial paper – 5,504 – – – 5,504
Asset backed financing transactions – 3,670 – 5,405 – – 9,075
Interest and currency derivative instruments 349 383 –106 626
Trade payables – 2,525 – 37 – – 2,562
Other financial liabilities –766 – 218 –145 –1,129
– 32,944 – 25,069 – 7,122 – 65,135
Impairment losses are recorded as soon as credit risks are
identified on individual financial assets, using a method-
ology
specifically designed by the BMW Group. More de-
tailed information regarding this methodology is provided
in the section on accounting policies.
The use of comprehensive rating and scoring techniques
and credit monitoring procedures ensures the recoverabil-
ity of the value of receivables from sales financing which
are neither overdue nor impaired.
The credit risk relating to derivative financial instruments
is minimised by the fact that the Group only enters into
such contracts with parties of first-class credit standing.
The general credit risk on derivative financial instruments
utilised by the BMW Group is therefore not considered to
be significant. A concentration of credit risk with particular
borrowers or groups of borrowers has not been identified.
In the context of the current climate for financing, it must
be
reckoned with that assessments of individual counter
parties’ creditworthiness may need to be amended.
Further disclosures relating to credit risk, in particular
im-
pairment losses recognised, are provided in the notes to
the relevant category of receivables on pages ,  and
.
Liquidity risk
The following table shows the maturity structure of
con-
tractual cash flows (undiscounted) for financial liabilities: