BMW 2013 Annual Report Download - page 152

152
88 GROUP FINANCIAL STATEMENTS
88 Income Statements
88 Statement of
Comprehensive Income
90 Balance Sheets
92 Cash Flow Statements
94 Group Statement of Changes in
Equity
96 Notes
96 Accounting Principles and
Policies
114 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
145 Other Disclosures
161 Segment Information
Fair value gains and losses recognised on derivatives
and recorded initially in accumulated other equity are
reclassified to cost of sales when the derivatives mature.
No gains / losses were recognised in “Financial Result” in
2013 in connection with forecasting errors and the re-
sulting over-hedging of currency exposures (2012: net
positive amount of € 1 million). In the previous year, the
impact arose primarily as a result of changes in sales
forecasts in foreign currencies. Gains attributable to the
ineffective portion of hedging instruments amounting to
€ 8 million were recognised in “Financial Result” (2012:
€ – million). No gains / losses were recognised in 2013 in
connection with forecasting errors relating to cash flow
hedges for commodities (2012: negative impact of € 8 mil-
lion). However, losses attributable to the ineffective por-
in € million 2013 2012
Balance at 1 January 202 – 750
Total changes during the year 934 952
thereof reclassified to the income statement – 179 532
Balance at 31 December 1,136 202
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 € 126 million (2012:
€ 111 million).
Impairment losses of € 73 million (2012: € 166 million)
on available-for-sale marketable securities, for which
fair value changes were previously recognised directly
in equity, were recognised as expenses in 2013. Re-
versals of impairment losses on marketable securities
amounting to € 70 million (2012: € – million) were rec-
ognised directly in equity.
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
determining 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
fact that the impact is not material, the BMW Group
does not discount assets for the purposes of determin-
ing impairment losses.
Cash flow hedges
The effect of cash flow hedges on accumulated other
equity was as follows:
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:
in € million 2013 2012
Held for trading
Gains / losses from the use of derivative instruments 571 – 278
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) – 57 – 145
Net income from participations and investments 10 5
Accumulated other equity
Balance at 1 January 108 – 61
Total change during the year 27 169
thereof recognised in the income statement during the period under report – 40 40
Balance at 31 December 135 108
Loans and receivables
Impairment losses / reversals of impairment losses – 310 – 440
Other income / expenses 126 – 61
Other liabilities
Income / expenses – 235 – 115