BMW 2010 Annual Report Download - page 127

125 GROUP FINANCIAL STATEMENTS
31 December 2010 Maturity Maturity Maturity Total
in euro million within between one later than
one year and five years five years
Bonds – 7,812 – 19,567 – 3,197 – 30,576
Liabilities to banks – 3,594 – 4,029 – 587 – 8,210
Liabilities from customer deposits (banking) – 8,089 – 3,210 – 25 – 11,324
Commercial paper – 5,246 – – – 5,246
Asset backed financing transactions –1,810 – 5,811 – – 7,621
Derivative instruments –1,244 –1,375 – 35 – 2,654
Trade payables – 4,327 – 24 – – 4,351
Other financial liabilities – 771 – 532 – 525 –1,828
– 32,893 – 34,548 – 4,369 – 71,810
31 December 2009 Maturity Maturity Maturity Total
in euro million within between one later than
one year and five years five years
Bonds – 5,694 – 22,951 – 4,488 – 33,133
Liabilities to banks – 6,882 – 2,075 – 841 – 9,798
Liabilities from customer deposits (banking) –7,834 – 2,759 – 24 –10,617
Commercial paper – 5,251 – – – 5,251
Asset backed financing transactions – 2,246 – 6,278 – – 8,524
Derivative instruments* – 690 – 447 – 240 –1,377
Trade payables – 3,106 –16 – – 3,122
Other financial liabilities – 859 –162 –118 –1,139
– 32,562 – 34,688 – 5,711 –72,961
* previous year’s figures restated
The cash flows shown comprise principal repayments
and the related interest. The amounts disclosed for de-
rivatives comprise only cash flows relating to derivatives
that have a negative fair value at the balance sheet date.
Solvency is assured at all times by managing and moni-
toring the liquidity situation on the basis of a rolling cash
flow forecast. The resulting funding requirements are
secured by a variety of instruments placed on the world’s
financial markets. The objective is to minimise risk by
matching maturities for the Group’s financing require-
ments within the framework of the target debt ratio. The
BMW Group has good access to capital markets as a
result
of its solid financial position and a diversified refinancing
Liquidity risk
The following table shows the maturity structure of expected contractual cash flows (undiscounted) for financial lia-
bilities:
strategy. This is underpinned by the longstanding long-
and short-term ratings issued by Moody’s and S & P.
Short-term liquidity is managed primarily by issuing
money market instruments (commercial paper). In this
area too, competitive refinancing conditions can be
achieved thanks to Moody’s und S & P short-term ratings
of A-2 and P-2 respectively.
Also reducing liquidity risk, additional secured and unse-
cured lines of credit are in place with first-class interna-
tional banks. Intra-group cash flow fluctuations are
evened out by the use of daily cash pooling arrange-
ments.