BMW 2010 Annual Report Download - page 131

129 GROUP FINANCIAL STATEMENTS
Automotive Ltd., Shenyang, amounted to euro 260 mil-
lion (2009: euro 170 million).
In the financial year 2010, Group entities disbursed loans
to the joint ventures, SGL Automotive Carbon Fibers
GmbH & Co. KG, Munich, und SGL Automotive Carbon
Fibers LLC, Dover, DE. As a result, loans receivable
amounting to euro 20 million were owed by joint ventures
to Group entities at 31 December 2010 (2009: -). The
loans were disbursed on the basis of arm’s length prin-
ciples. All other business transactions with the afore-
said joint ventures were concluded on the basis of
arm’s length principles and are not material for the BMW
Group.
Business transactions between BMW Group entities and
participations all arise in the normal course of business
and are conducted on the basis of arm’s length principles.
With the exception of Cirquent GmbH, Munich, business
relationships with such entities are on a small scale. In
2010 Group entities purchased services and goods from
Cirquent GmbH, Munich, amounting to euro 56 million
(2009: euro 52 million). At 31 December 2010 payables
of Group entities to Cirquent GmbH, Munich, totalled
euro 4 million (2009: euro 10 million). There were no re-
ceivables from Cirquent GmbH, Munich at the end of the
reporting period (2009: euro 1 million).
Stefan Quandt is a shareholder and Deputy Chairman
ofthe Supervisory Board of BMW AG. He is also sole
shareholder and Chairman of the Supervisory Board of
DELTON AG, Bad Homburg v. d. H., which, via its subsid-
iaries, performed logistics services for the BMW Group
during the financial year 2010. In addition, companies of
the DELTON Group acquired vehicles on the basis of
arm’s length principles from the BMW Group, mostly in
the form of leasing contracts. These service and sales con-
tracts,
which are not material for the BMW Group, all
arise in the normal course of business and are conducted
on the basis of arm’s length principles.
Susanne Klatten is a shareholder and member of the Su-
pervisory Board of BMW AG and also a shareholder and
Deputy Chairman of the Supervisory Board of Altana AG,
Wesel, which purchased vehicles from the BMW Group
during the financial year 2010. Susanne Klatten is also a
shareholder and a member of the Supervisory Board of
SGL Carbon SE, Wiesbaden, subsidiaries of which supplied
components to the BMW Group in 2010. Susanne Klatten
also holds shares in Nordex AG, Norderstedt. The corre-
sponding sales contracts are not material for the BMW
Group, arise in the course of ordinary activities and are
made, without exception, on the basis of arm’s length
principles.
Apart from the transactions referred to above, companies
of the BMW Group did not enter into any contracts with
members of the Board of Management or Supervisory
Board of BMW AG. The same applies to close members of
the families of those persons.
BMW Trust e.V., Munich, administers assets on a trustee
basis to secure obligations relating to pensions and
pre-retirement part-time work arrangements in Germany
and is therefore a related party of the BMW Group in
accordance with IAS 24. This entity, which is a registered
association (eingetragener Verein) under German law,
does not have any assets of its own. It did not have any
income or expenses during the year under report. BMW
AG bears expenses incurred by BMW Trust e.V., Munich,
on a minor scale and renders services on the association’s
behalf.
41
Equity Net result Capital investment
in euro million in euro million in %
Domestic1
BMW INTEC Beteiligungs GmbH, Munich2 3,554 – 100
BMW Bank GmbH, Munich2 1,016 – 100
BMW Finanz Verwaltungs GmbH, Munich 212 1 100
BMW Maschinenfabrik Spandau GmbH, Berlin 45 1 100
BMW Leasing GmbH, Munich2 16 – 100
BMW Hams Hall Motoren GmbH, Munich3 15 – 100
BMW Fahrzeugtechnik GmbH, Eisenach2 11 – 100
BMW M GmbH Gesellschaft für individuelle Automobile, Munich2 –4 – 100
1 In the case of German subsidiaries, based on financial statements drawn up in accordance with HGB.
2 profit and loss transfer agreement with BMW AG
3 profit and loss transfer agreement with a subsidiary of BMW AG
4 below euro 500,000
Principal subsidiaries of BMW AG