BMW 2008 Annual Report Download - page 89

90
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
13
14
15
in euro million 2008 2007
Current tax expense 7 5 1,002
Deferred tax expense – 54 – 263
Income taxes 2 1 739
in euro million 2008 2007
Income from investments 4 3
thereof from subsidiaries euro  million (: euro  million)
Expense of assuming losses under profit and loss transfer agreements –1 –
thereof from subsidiaries – euro  million (: –)
Impairment losses on investments in subsidiaries – 6 – 6
Result on investments – 3 – 3
Losses and gains relating to financial instruments – 348 – 95
Sundry other financial result – 348 – 95
Other financial result – 351 – 98
Result from equity accounted investments
The profit from equity accounted investments of euro
 million (: euro  million) includes the result of the
joint venture BMW Brilliance Automotive Ltd., Shenyang
and the result for the final three months of the financial
year  relating to the remaining investment in Cirquent
GmbH, Munich.
Net interest result
Other financial result
Other financial result includes losses on other derivative
financial instruments, in particular on stand-alone interest
rate derivatives. The decrease in the fair values of these
financial instruments reflected the change in the interest
rate structure.
Income taxes
Taxes on income comprise the following:
in euro million 2008 2007
Expected return on plan assets 360 358
Other interest and similar income* 325 287
thereof from subsidiaries euro  million (: euro  million)
Interest and similar income 685 645
Expense from reversing the discounting of pension obligations – 550 – 537
Expense from reversing the discounting of other long-term provisions – 96 – 86
Write-downs on marketable securities – 123 – 49
Other interest and similar expenses* – 161 – 225
thereof to subsidiaries euro  million (: euro  million)
Interest and similar expenses – 930 – 897
Net interest result – 245 – 252
* Interest income and expenses relating to stand-alone derivatives are netted within the net interest result. Interest expenses include net interest expenses of euro  million
(: euro  million) relating to stand-alone derivatives.
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