BMW 2014 Annual Report Download - page 155
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155 GROUP FINANCIAL STATEMENTS
Other investments (available-for-sale) amounting to
€ 177 million (2013: € 174 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 € 231 million
(2013: € 379 million) are measured at fair value since
quoted market prices are available. These items are in-
cluded in Level 1.
As in the previous year, there were no reclassifications
within the level hierarchy during the financial year 2014.
In situations where a fair value was required to be meas-
ured for a financial instrument only for disclosure pur-
poses, this was achieved using the discounted cash flow
method and taking account of the BMW Group’s own
default risk; for this reason, the fair values calculated can
be allocated to Level 2.
Offsetting of financial instruments
In the BMW Group, financial assets and liabilities relat-
ing to derivative financial instruments would normally
be required to be offset. No offsetting takes place for ac-
counting purposes, however, since the necessary crite-
ria are not met. Since legally enforceable master netting
agreements or similar contracts are in place, actual off-
setting would be possible in principle, for instance in
the case of insolvency. Offsetting would have the follow-
ing impact on the carrying amounts of derivatives:
31 December 2013
Level hierarchy in accordance with IFRS 13
in € million Level 1 Level 2 Level 3
Marketable securities, investment fund shares and collateral assets – available-for-sale 3,134 – –
Other investments – available-for-sale 379 – –
Derivative instruments (assets)
Cash flow hedges – 1,914 –
Fair value hedges – 1,050 –
Other derivative instruments – 1,049 –
Derivative instruments (liabilities)
Cash flow hedges – 317 –
Fair value hedges – 321 –
Other derivative instruments – 465 –
in € million 31. 12. 2014 31. 12. 2013
Reported on Reported on Reported on Reported on
assets side equity and assets side equity and
liabilities side liabilities side
Balance sheet amounts as reported 2,888 3,143 4,013 1,103
Gross amount of derivatives which can be offset in case of insolvency – 1,228 – 1,228 – 710 – 710
Net amount after offsetting 1,660 1,915 3,303 393