BMW 2008 Annual Report Download - page 80

81 Group Financial Statements
Transaction costs were not incurred. The transaction in-
volved the acquisition of all issued share capital and voting
rights. Based on the purchase price allocation, the follow-
ing carrying amounts and fair values were attributed to the
assets and liabilities of the acquired companies at the ac-
quisition date:
in euro million Carrying amount /
Fair value
Assets
Receivables from sales financing 179
Other assets 3
Liabilities
Provisions 4
Financial liabilities 141
Other liabilities 28
Net assets acquired 9
Acquisition cost 23
Goodwill 1 4
3
The excess of cost over the fair value of recognised net
assets amounted to euro  million. This relates primarily
to potential synergy benefits that can be realised by ex-
panding lease and financing business. The full amount is
attributable to the Financial Services segment. This good-
will is tested annually for impairment.
BMW Lease (Malaysia) Sdn Bhd, Kuala Lumpur, and its
subsidiary, BMW Credit (Malaysia) Sdn Bhd, Kuala
Lumpur, recorded a net profit of euro  million in . Net
revenues of the two entities in  amounted to euro
 million.
The companies entory AG, Ettlingen, axentiv AG, Darm-
stadt, Nexolab GmbH, Munich, and F. A. S.T. Gesellschaft
für angewandte Softwaretechnologie mbH, Munich, all
ceased to be consolidated companies in  following
their merger with Cirquent GmbH, Munich. As a result of
the sale of .  of Cirquent GmbH, Munich, with effect
from  September , that entity and its subsidiaries
ceased to be consolidated companies on that date. Aveling
Barford Manufacturing (Pty) Ltd., Cape Town, entory S. A.
Luxembourg, Luxembourg, Midland Gears Ltd., Bracknell,
Lingford Australia Pty Ltd., Sydney, and BMW Vertriebs
GmbH, Munich – the latter due to its merger with BMW
Leasing GmbH, Munich – also ceased to be consolidated
companies.
The BMW Group reporting entity also changed by com-
parison to the previous year as a result of the first-time
consolidation of four special purpose trusts and the decon-
solidation
of four special purpose trusts and ten special
purpose securities funds.
The changes are not material, because the resulting
im-
pact
on the Group Financial Statements would not in-
fluence the economic decisions of users taken on the
basis of the financial statements.
Business disposals
.  of the shares of Cirquent GmbH, Munich, were
sold with effect from  September . Due to the fact
that this entity is no longer controlled in accordance
with the criteria stipulated in IAS , Cirquent GmbH,
Munich, and its subsidiaries arcensis GmbH, Stuttgart,
Silverstroke AG, Ettlingen, Cirquent Ges. m. b. H., Vienna,
Cirquent AG, Zurich, and Cirquent Ltd., Birmingham,
ceased to be consolidated companies. A put option
exists for the remaining .  of the shares of Cirquent
GmbH, Munich, which can be exercised through to
.
The remaining interest in Cirquent GmbH, Munich, is
included in the Group Financial Statements as an invest-
ment accounted for using the equity method.
Income and expenses recorded by Cirquent GmbH, Munich,
and by its subsidiaries during the first nine months of 
are included in the Group Financial Statements for the year
ended  December .