BMW 2011 Annual Report Download - page 85

85 GROUP FINANCIAL STATEMENTS
Report can be downloaded from the BMW Group web-
site at www.bmwgroup.com / ir.
The Board of Management authorised the Group Finan-
cial Statements for issue on 16 February 2012.
The number of subsidiaries, special purpose securities
funds and other special purpose trusts included in the
Group Financial Statements changed in 2011 as follows:
of Minor Importance for the Group”, will also be posted
on the BMW Group website at www.bmwgroup.com / ir.
BMW Bank OOO, Moscow, BMW Automotive Finance
(China) Co., Ltd., Beijing, BMW Consolidation Services
Co., LLC, Wilmington, DE, and BMW Asia Pacific Capital
Pte Ltd., Singapore, were consolidated for the first time
in the financial year 2011. Similarly, all acquired entities
– with the exception of investments in which the BMW
does not have a controlling interest – have been consoli-
dated for the first time in the financial year 2011. De-
tailed information on business acquisitions is provided
in note 3.
Bürohaus Petuelring GmbH & Co. Vermietungs KG,
Munich, was merged with Bürohaus Petuelring GmbH,
Munich, by dint of law (automatic merger). In addition,
BMW Maschinenfabrik Spandau GmbH, Berlin, was
merged with BMW AG, Munich, with retrospective
effect from 1 January 2011. As a result, Bürohaus Petuel-
ring
GmbH & Co. Vermietungs KG, Munich, and BMW
Maschinenfabrik Spandau GmbH, Berlin, ceased to be
consolidated entities. In addition, BMW Vertriebs GmbH
& Co. oHG, Dingolfing, was automatically merged with
BMW Leasing GmbH, Munich, by dint of law (automatic
merger). Subsequently, BMW Leasing GmbH, Munich,
was merged with BMW Bank GmbH, Munich with retro-
spective effect from 1 January 2011. As a result, BMW Ver-
triebs GmbH & Co. oHG, Dingolfing, and BMW Leasing
GmbH, Munich, ceased to be consolidated entities.
Gazette and can be obtained via the Company Register
website. Printed copies will also be made available on
request. In addition the Group Financial Statements
and the Combined Group and Company Management
Consolidated companies
The BMW Group Financial Statements include, besides
BMW AG, all material subsidiaries, six special purpose
securities funds and 23 special purpose trusts (almost all
used for asset-backed financing transactions).
48 subsidiaries (2010: 51), either dormant or generating
a negligible volume of business, are not consolidated on
the grounds that their inclusion would not influence
the economic decisions of users of the Group Financial
Statements. Non-inclusion of operating subsidiaries re-
duces total Group revenues by 0.7 % (2010: 0.3 %).
The joint venture BMW Brilliance Automotive Ltd., Shen-
yang, and the investment in Cirquent GmbH, Munich,
are accounted for using the equity method. The entities
SGL Automotive Carbon Fibers GmbH & Co. KG,
Munich, SGL Automotive Carbon Fibers Verwaltungs
GmbH, Munich, and SGL Automotive Carbon Fibers
LLC, Dover, DE, (all joint ventures with the SGL Carbon
Group) are also accounted for using the equity method.
The joint ventures BMW Peugeot Citroën Electrification
B.V., The Hague, DriveNow GmbH & Co. KG, Munich,
and DriveNow Verwaltungs GmbH, Munich, are also
included for the first time in the financial year 2011 and
accounted for using the equity method. 18 (2010: 13)
participations are not consolidated using the equity
method on the grounds of immateriality. They are in-
cluded in
the balance sheet in the line “Other invest-
ments”, measured at cost less, where applicable, accu-
mulated impairment losses.
A “List of Group Investments” pursuant to § 313 (2) HGB
will be submitted to the operator of the electronic ver-
sion of the German Federal Gazette. This list, along
with the “List of Third Party Companies which are not
2
Germany Foreign Total
Included at 31 December 2010 30 146 176
Included for the first time in 2011 – 29 29
No longer included in 2011 4 8 12
Included at 31 December 2011 26 167 193