BMW 2013 Annual Report Download - page 159

159 GROUP FINANCIAL STATEMENTS
45
Declaration with respect to the Corporate
Governance Code
The Board of Management and the Supervisory Board of
Bayerische Motoren Werke Aktiengesellschaft have is-
sued the prescribed Declaration of Compliance pursuant
& 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
2013 receivables of Group companies for loans dis-
bursed
to the joint ventures amounted to € 101 million
(2012: € 68 million). Realised interest in
come earned on
these intragroup loans amounted to € 3
million (2012:
€ 2 million). Goods and services received by Group com-
panies from the joint ventures during the period under
report totalled € 36 million (2012: € 9 million). Payables
of Group companies to the joint
ventures at the end
of the reporting period amounted to
€ 6 million (2012:
€ 1 million).
All relationships of BMW Group entities with the joint
ventures DriveNow GmbH & Co. KG, Munich, and
DriveNow Verwaltungs GmbH, Munich, are conducted
on the basis of arm’s length principles. Transactions
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.
S
tefan Quandt is a shareholder and Deputy Chairman
of the Supervisory Board of BMW AG. He is also the sole
shareholder and Chairman of the Supervisory
Board
of DELTON AG, Bad Homburg v.d.H., which, via its
subsidiaries, performed logistic-related services for the
BMW Group during the financial year 2013. In addition,
companies of the DELTON Group acquired vehicles
from the BMW Group on the basis of arm’s length prin-
ciples, mostly in the form of leasing contracts. Stefan
Quandt is also the majority shareholder of Solarwatt
to § 161 of the German Stock Corporation Act. It is re-
produced in the Annual Report 2013 of the BMW Group
and is also available to shareholders on the BMW Group
website at www.bmwgroup.com / ir.
GmbH, Dresden. Cooperation arrangements within
the field of electromobility have been in place between
BMW AG and Solarwatt GmbH, Dresden, since the
second
quarter 2013. The focus of this collaboration is
on providing complete photovoltaic solutions for roof-
top systems and carports to BMW i customers. Solarwatt
GmbH leased vehicles from the BMW Group in 2013.
The service, cooperation and lease contracts referred to
above are not material for the BMW Group. They all
arise in the normal course of business 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
from the BMW Group during the financial year 2013,
mostly in the form of lease contracts. These contracts
are not material for the BMW Group, arise in the course
of ordinary activities and are made, without exception,
on the basis of arm’s length principles.
Apart from the transactions referred to above, compa-
nies of the BMW Group did not enter into any contracts
with members of the Board of Management or Super-
visory
Board of BMW AG. The same applies to close mem-
bers
of the families of those persons.
BMW Trust e. V., Munich, administers assets on a trustee
basis to secure obligations relating to pensions and
pre-retirement part-time work arrangements in Germany
and is therefore a related party of the BMW Group in
accordance with IAS 24. This entity, which is a regis-
tered association (eingetragener Verein) under German
law, does not have any assets of its own. It did not have
any income or expenses during the period under re-
port. BMW AG bears expenses on a minor scale and ren-
ders services on behalf of BMW Trust e. V., Munich.
46 Shareholdings of members of the Board of Management
and Supervisory Board
The members of the Supervisory Board of BMW AG hold
in total 27.62 % (2012: 27.63 %) of the issued common
and preferred stock shares, of which 16.07 % (2012:
16.08 %) relates to Stefan Quandt, Bad Homburg v. d. H.
and 11.55 % (2012: 11.55 %) to Susanne Klatten, Munich.
As at the end of the previous financial year, shareholdings
of members of the BMW AG Board of Management ac-
count, in total, for less than 1 % of issued shares.