BMW 2012 Annual Report Download - page 142

142
78 GROUP FINANCIAL STATEMENTS
78 Income Statements
78 Statement of
Comprehensive Income
80 Balance Sheets
82 Cash Flow Statements
84 Group Statement of Changes
in Equity
86 Notes
86 Accounting Principles
and Policies
100 Notes to the Income
Statement
107 Notes to the Statement
of Comprehensive Income
108 Notes to the Balance Sheet
129 Other Disclosures
145 Segment Information
over the financial and operating policies of the BMW
Group is presumed when a party holds 20 % or more of
the voting power of BMW AG. In addition, the require-
ments contained in IAS 24 relating to key management
personnel and close members of their families or inter-
mediary entities are also applied. In the case of the
BMW Group, this applies to members of the Board of
Management and Supervisory Board.
In the financial year 2012, the disclosure requirements
contained in IAS 24 affect the BMW Group with regard
to business relationships with non-consolidated sub-
sidiaries, joint ventures and associated companies as well
as with members of the Board of Management and Super-
visory
Board of BMW AG.
The BMW Group maintains normal business relation-
ships with non-consolidated subsidiaries. Transactions
with these companies are small in scale, arise in the nor-
mal course of business and are conducted on the basis
of arm’s length principles.
Transactions of BMW Group companies with the joint
venture, BMW Brilliance Automotive Ltd., Shenyang,
all arise in the normal course of business and are con-
ducted
on the basis of arm’s length principles. Group
companies sold goods and services to BMW Brilliance
Automotive Ltd., Shenyang, during 2012 for an amount
of € 2,962 million (2011: € 1,729 million). At 31 Decem-
ber 2012, receivables of Group companies from BMW
Brilliance Automotive Ltd., Shenyang, totalled € 608 mil-
lion (2011: € 381 million). There were no payables from
Group companies to BMW Brilliance Automotive Ltd.,
Shenyang, at the end of the reporting period (2011:
€ 89
million). Group companies received goods and ser-
vices from BMW Brilliance Automotive Ltd., Shenyang,
during the financial year under report for an amount
of
€ 26 million (2011: € 15 million).
All relationships of BMW Group entities with the joint
ventures SGL Automotive Carbon Fibers GmbH &
Co. KG, Munich, and SGL Automotive Carbon Fibers
LLC, Dover, DE, arise in the normal course of business.
All transactions with these entities were conducted
on the basis of arm’s length principles. At 31 December
2012 receivables of Group companies for loans dis-
bursed
to the joint ventures amounted to € 68 million
(2011: € 61 million). Realised interest income earned
on
these intragroup loans in 2012 amounted to € 2 mil-
lion (2011: € 1 million). Goods and services received
by Group companies from the joint ventures during the
period under report totalled € 9 million (2011: € 4 mil-
lion). At 31 December 2012 payables of Group compa-
nies to the joint ventures amounted to € 1 million (2011:
€ 1 million).
Transactions of BMW Group companies with the joint
venture, BMW Peugeot Citroën Electrification B. V.,
The
Hague, all arose in the normal course of business
and were conducted on the basis of arm’s length princi-
ples. Up to the date of termination of the joint venture
arrangements, Group companies sold goods and ser-
vices to the joint venture amounting to € 4 million (2011:
€ – million). During the first eleven months of the year,
the joint venture sold goods and services to Group com-
panies amounting to € 82 million (2011: € – million).
All relationships of BMW Group companies with the
joint ventures DriveNow GmbH & Co. KG, Munich,
and DriveNow Verwaltungs GmbH, Munich, are con-
ducted on the basis of arm’s length principles. Trans-
actions with these entities arise in the normal course of
business and are small in scale.
The BMW Group maintains normal business relation-
ships with associated companies. Transactions with
these companies are small in scale, arise in the normal
course of business and are conducted on the basis of
arm’s length principles.
Stefan Quandt is a shareholder and member of the
Supervisory Board of BMW AG. He is also the sole
share-
holder and Chairman of the Supervisory Board of
DELTON AG, Bad Homburg v. d. H., which, via its sub-
sidiaries, performed logistic-related services for the
BMW Group during the financial year 2012. 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 lease contracts, which are not material for
the BMW Group, all arise in the normal course of busi-
ness and are conducted on the basis of arm’s length
principles.
Susanne Klatten is a shareholder and member of the
Supervisory Board of BMW AG and also a shareholder
and Deputy Chairman of the Supervisory Board of
Altana AG, Wesel. Altana AG, Wesel, acquired vehicles