BMW 2012 Annual Report Download - page 135

135 GROUP FINANCIAL STATEMENTS
in € million 2012 2011
Held for trading
Gains / losses from the use of derivative instruments – 278 – 565
Available-for-sale
Gains and losses on sale and fair value measurement of marketable securities held for sale
(including investments in subsidiaries and participations measured at cost) – 145 – 13
Income from investments 5 1
Accumulated other equity
Balance at 1 January – 61 9
Total change during the year 169 – 70
of which recognised in the income statement during the period under report 40 – 8
Balance at 31 December 108 – 61
Loans and receivables
Impairment losses / reversals of impairment losses – 440 – 340
Other income / expenses – 61 – 101
Other liabilities
Income / expenses – 115 – 91
Other investments (available-for-sale) amounting to
€ 157 million (2011: € 142 million) are measured at amor-
tised cost since quoted market prices are not available
or
cannot be determined reliably. These are therefore not
included in the level hierarchy shown above. In addition,
other investments amounting to € 391 million (2011:
€ 419 million) are measured at fair value since quoted
market prices are available. These items are included in
Level 1. The option to an equity instrument classified
to Level 3 in 2011 was converted to cash in 2012.
As in the previous year, there were no significant reclas-
sifications within the level hierarchy during the financial
year 2012.
Gains and losses on financial instruments
The following table shows the net gains and losses arising
for each of the categories of financial instrument defined
by IAS 39:
Gains / losses from the use of derivatives relate pri-
marily
to fair value gains or losses arising on stand-
alone derivatives.
Net interest income from interest rate and interest
rate / currency swaps amounted to € 111 million (2011:
€ 57 million).
Impairment losses of € 166 million (2011: € 4 million) on
available-for-sale marketable securities, for which fair
value changes were previously recognised directly in
equity, were recognised as expenses in 2012. No rever-
sals of impairment losses on marketable securities
were recognised directly in equity (2011: € 2 million).
The disclosure of interest income resulting from the un-
winding of interest on future expected receipts would
normally only be relevant for the BMW Group where
assets have been discounted as part of the process of de-
termining impairment losses. However, as a result of
the assumption that most of the income that is subse-
quently recovered is received within one year and the
31 December 2011 Level hierarchy in accordance with IFRS 7
in € million Level 1 Level 2 Level 3
Marketable securities, investment fund shares and collateral assets – available-for-sale 2,330 – –
Other investments – available-for-sale 419 – –
Derivative instruments (assets)
Cash flow hedges – 281 –
Fair value hedges – 1,230 –
Other derivative instruments – 827 20
Derivative instruments (liabilities)
Cash flow hedges – 1,259 –
Fair value hedges – 347 –
Other derivative instruments – 873 –