BMW 2008 Annual Report Download - page 79

80
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
Germany Foreign Total
Included at .. 49 155 204
Included for the first time in  – 9 9
No longer included in  18 11 29
Included at ..  3 1 153 184
2
local insurance companies. These activities are not mate-
rial to the BMW Group as a whole.
The Group currency is the euro. All amounts are disclosed
in millions of euros (euro million) unless stated otherwise.
All consolidated subsidiaries have the same year-end as
BMW AG.
The Group Financial Statements, drawn up in accordance
with   a HGB, and the Management Report for the
financial year  will be submitted to the operator of the
electronic version of the German Federal Gazette and can
be obtained via the Company Register website. Printed
copies will also be made available on request. In addition
the Group Financial Statements and the Group Manage-
ment Report can be downloaded from the BMW Group
website at www.bmwgroup.com/ir.
The Board of Management authorised the Group Financial
Statements for issue on  February .
Consolidated companies
The BMW Group Financial Statements include, besides
BMW AG, all material subsidiaries,  special purpose secu-
rities funds and  special purpose trusts (almost all used
for asset-backed financing transactions).
The number of subsidiaries, special purpose securities
funds and other special purpose trusts included in the
Group Financial Statements changed in  as follows:
 subsidiaries (: ), either dormant or generating a
negligible volume of business, are not included. These
subsidiaries were not consolidated because the resulting
impact on the Group Financial Statements would not
influence the economic decisions of users taken on the
basis of the financial statements. Non-inclusion of operat-
ing subsidiaries reduces total Group revenues by . 
(: . ).
The joint venture BMW Brilliance Automotive Ltd., Shen-
yang, and the participation in Cirquent GmbH, Munich,
are accounted for using the equity method.  (: )
participations are not consolidated using the equity method
on the grounds of immateriality. They are included in the
balance sheet in the line “Other investments”, measured
at cost less, where applicable, accumulated impairment
losses.
A separate “List of Group Investments” pursuant to   
HGB will be submitted to the operator of the electronic
version of the German Federal Gazette. This list, along with
the “List of Third Party Companies which are not of Minor
Importance for the Group”, will also be posted on the BMW
Group website at www.bmwgroup.com/ir.
BMW Roma S. r. l., Rome, BMW de Argentina S. A., Buenos
Aires, and BMW of Manhattan, Inc., Wilmington, Del., are
consolidated in the BMW Group Financial Statements for
the first time. In addition, SimeLease (Malaysia) Sdn Bhd,
Kuala Lumpur, and that entity’s subsidiary, SimeCredit
(Malaysia) Sdn Bhd, Kuala Lumpur – acquired by BMW
Holding B. V., The Hague, on  April  following receipt
of approval from the relevant local authorities – were also
consolidated for the first time. The names of these entities
were changed to BMW Lease (Malaysia) Sdn Bhd, Kuala
Lumpur, and BMW Credit (Malaysia) Sdn Bhd, Kuala
Lumpur, immediately after acquisition.
The purchase consideration for the two companies – all
settled with cash and cash equivalents – was euro  million.