BMW 2012 Annual Report Download - page 87

87 GROUP FINANCIAL STATEMENTS
ator of the electronic version of the German Federal
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
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 19 February 2013.
The number of subsidiaries – including special purpose
securities funds and other special purpose trusts – con-
solidated in the Group Financial Statements changed in
2012 as follows:
its subsidiary, BMW Peugeot Citroën Electrification
GmbH, Munich, are not consolidated on the grounds
of immateriality. Cirquent GmbH, Munich, which had
previously been accounted for using the equity method,
was sold in 2012. Four (2011: 18) participations are not
consolidated using the equity method on the grounds
of immateriality. They are included in the balance sheet
in the line “Other investments”, measured at cost less,
where applicable, accumulated 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 of
Minor Importance for the Group”, will also be posted
on the BMW Group website at www.bmwgroup.com/ir.
The List of Group Investments, the List of Third Party
Companies which are not of Minor Importance for the
Group and the full list of consolidated companies are
also posted as appendices on the BMW Group website.
PT BMW Indonesia, Jakarta, BMW China Services Ltd.,
Beijing, BMW India Financial Services Private Ltd., New
All consolidated subsidiaries have the same year-end
as BMW AG with the exception of BMW India Private
Ltd., New Delhi, and BMW India Financial Services
Private Ltd., New Delhi, both of whose year-ends are
31 March.
The Group Financial Statements, drawn up in accord-
ance with § 315 a HGB, and the Combined Group and
Company Management Report for the financial year
ended 31 December 2012 will be submitted to the oper-
Consolidated companies
The BMW Group Financial Statements include, besides
BMW AG, all material subsidiaries, four special pur-
pose securities funds and 26 special purpose trusts
(al-
most all used for asset-backed financing transactions).
51 subsidiaries (2011: 48), 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 0.9 % (2011: 0.7 %).
The joint ventures SGL Automotive Carbon Fibers
GmbH & Co. KG, Munich, SGL Automotive Carbon
Fibers Verwaltungs GmbH, Munich, and SGL Auto-
motive Carbon Fibers LLC, Dover, DE, as well as BMW
Brilliance Automotive Ltd., Shenyang, are accounted
for using the equity method. Similarly, the joint ven-
tures DriveNow GmbH & Co. KG, Munich, and Drive-
Now Verwaltungs GmbH, Munich, are accounted for
using the equity method. In accordance with an agree-
ment dated 24 October 2012, BMW Holding B. V., The
Hague, acquired from Peugeot Citroën Automobiles
S. A., Vélizy-Villacoublay, that entity’s investment in
BMW Peugeot Citroën Electrification B. V., The Hague,
with effect from 30 November 2012 and the joint
venture arrangements accordingly terminated. BMW
Peugeot Citroën Electrification B. V., The Hague, and
2
Germany Foreign Total
Included at 31 December 2011 26 160 186
Included for the first time in 2012 1 13 14
No longer included in 2012 3 9 12
Included at 31 December 2012 24 164 188