BMW 2011 Annual Report Download - page 113

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113 GROUP FINANCIAL STATEMENTS
2010 Allowance for impairment recognised on a Total
in € million specific item basis group basis
Balance at 1 January 1,195 161 1,356
Allocated / reversed 489 45 534
Utilised – 365 – 15 – 380
Exchange rate impact and other changes 74 12 86
Balance at 31 December 1,393 203 1,596
At the end of the reporting period, impairment allowances
of € 262 million (2010: € 203 million) were recognised on
a group basis on gross receivables from sales financing
totalling € 28,991 million (2010: € 24,477 million). Im-
pairment allowances of € 1,354 million (2010: € 1,393
million) were recognised at 31 December 2011 on a spe-
cific item basis on gross receivables from sales financing
totalling € 10,981 million (2010: € 10,722 million).
Receivables from sales financing which were not over-
due at the end of the reporting period amounted to
€ 10,989 million (2010: € 11,762 million). No impairment
losses were recognised for these balances.
The estimated fair value of collateral received for re-
ceivables on which impairment losses were recog-
nised totalled € 19,916 million (2010: € 19,282 million)
at the end of the reporting period. This collateral re-
lated primarily to vehicles. The carrying amount of
assets held as collateral and taken back as a result of
payment default amounted to € 41 million (2010: € 35
million).
in € million 31. 12. 2011 31. 12. 2010
Derivative instruments 2,358 2,781
Marketable securities and investment funds 2,330 1,566
Loans to third parties 23 58
Credit card receivables 249 262
Other 493 462
Financial assets 5,453 5,129
thereof non-current 1,702 1,867
thereof current 3,751 3,262
28
Financial assets
Financial assets comprise:
The decrease in derivative instruments was primarily
attributable to negative market price developments of
commodity derivatives.
The rise in marketable securities and investment funds
reflects primarily an increase in the BMW Group’s stra-
tegic liquidity reserve.
Investment funds are held to secure obligations relating
to pre-retirement part-time work arrangements. These
funds are managed by BMW Trust e.V., Munich, as part
of a Contractual Trust Arrangement (CTA) 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