BMW 2010 Annual Report Download - page 103

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101 GROUP FINANCIAL STATEMENTS
in euro million 31. 12. 2010 31. 12. 2009
Derivative instruments 2,781 2,433
Marketable securities and investment funds 1,566 1,648
Loans to third parties 58 23
Credit card receivables 262 266
Other 462 364
Financial assets 5,129 4,734
thereof non-current 1,867 1,519
thereof current 3,262 3,215
in euro million 31. 12. 2010 31. 12. 2009
Stocks 1 –
Fixed income securities 1,565 1,647
Sundry marketable securities – 1
Marketable securities and investment funds 1,566 1,648
24
At the end of the reporting period, impairment allowances
of euro 203 million (2009: euro 161 million) were recog-
nised on a group basis on gross receivables from sales
financing totalling euro 24,477 million (2009: euro 19,509
million). Impairment allowances of euro 1,393 million
(2009: euro 1,195 million) were recognised at 31Decem-
ber 2010 on a specific item basis on gross receivables
from sales financing totalling euro 10,722 million (2009:
euro 10,581 million).
Receivables from sales financing which were not over-
due at the end of the reporting period amounted to euro
11,762 million (2009: euro 11,860 million). No impair-
ment losses were recognised for these balances.
The estimated fair value of collateral received for receiv-
ables on which impairment losses were recognised to-
talled euro 19,282 million (2009: euro 15,600 million)
atthe end of the reporting period. This collateral related
primarily to vehicles. The carrying amount of assets
held
as collateral and taken back as a result of payment
default amounted to euro 35 million (2009: euro 40 mil-
lion). As at the end of the previous year, there were no
receivables from sales financing at the balance sheet
date which have been renegotiated and which were
other-
wise overdue or otherwise required recognition of an
impairment loss.
Financial assets
Financial assets comprise:
The change in derivative instruments mainly reflects
the
positive development of fair values of commodity de-
rivatives.
Marketable securities and investment funds decreased
mainly as a result of the maturing of fixed-interest securi-
ties, the funds from which were not fully reinvested.
Investment funds are held to secure obligations relating to
pre-retirement part-time work arrangements. These funds
were transferred to BMW Trust e. V., Munich, as part of
Contractual Trust Arrangements (CTAs) and are therefore
netted against the corresponding settlement arrears for
pre-retirement part-time work arrangements. The amount
by which the value of the investment funds exceeds these
obligations amounting to euro 50 million (2009: euro
28 million) is reported under other financial assets.
Marketable securities and investment funds relate to
available-for-sale financial assets and comprise: