BMW 2011 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2011 BMW annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 282

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256
  • 257
  • 258
  • 259
  • 260
  • 261
  • 262
  • 263
  • 264
  • 265
  • 266
  • 267
  • 268
  • 269
  • 270
  • 271
  • 272
  • 273
  • 274
  • 275
  • 276
  • 277
  • 278
  • 279
  • 280
  • 281
  • 282

111 GROUP FINANCIAL STATEMENTS
in € million 31. 12. 2011 31. 12. 2010
within one year 5,749 4,303
between one and five years 5,900 3,766
later than five years 9 1
Leased products 11,658 8,070
25
26
Leased products
The BMW Group, as lessor, leases out its own products
and those of other manufacturers as part of its financial
services business. Minimum lease payments of € 11,658
million (2010: € 8,070 million) from non-cancellable op-
erating leases fall due as follows:
Contingent rents of € 174 million (2010: € 47 million), based
principally on the distance driven, were recognised in
income. The agreements have, in part, extension and
purchase options as well as price escalation clauses.
An analysis of changes in leased products is provided in
note 22.
Investments accounted for using the equity method
and other investments
Investments accounted for using the equity method
include the BMW Group’s interests in BMW Brilliance
Automotive Ltd., Shenyang, SGL Automotive Carbon
Fibers GmbH & Co. KG, Munich, SGL Automotive
Carbon Fibers Verwaltungs GmbH, Munich, SGL
Automotive Carbon Fibers LLC, Dover, DE, BMW
Peugeot Citroën Electrification B.V., The Hague, Drive-
Now GmbH & Co. KG, Munich, and DriveNow Ver-
waltungs GmbH, Munich (all joint ventures) and in
Cirquent GmbH, Munich. The aggregated interests of
the Group are as follows:
in € million 31. 12. 2011 31. 12. 2010
Disclosures relating to the income statement
Revenues 2,142 1,240
Expenses – 1,980 – 1,142
Profit 162 98
Disclosures relating to the balance sheet
Non-current assets 636 318
Current assets 906 572
Equity 392 271
Non-current liabilities 126 36
Current liabilities 1,024 583
Balance sheet total 1,542 890
Other investments relate primarily to investments
in non-consolidated subsidiaries, investments in other
companies and non-current marketable securities.
Additions to investments in non-consolidated sub-
sidiaries
relate primarily to a capital increase at the level
of BMW India Financial Services Pvt. Ltd., New Delhi, a
capital increase at the level of Automag GmbH, Munich,
as well as the foundation of BMW China Services Ltd.,
Beijing, and BMW i Ventures LLC, Wilmington, DE.
The impairment loss of € 8 million on investments in
non-consolidated subsidiaries related to an investment
in a dealership which was written down after being
tested for impairment.
Disposals of investments in non-consolidated subsidiaries
are the result of the first-time consolidation of BMW
Bank OOO, Moscow, and BMW Automotive Finance
(China) Co., Ltd., Beijing.