BMW 2014 Annual Report Download - page 158

158
90 GROUP FINANCIAL STATEMENTS
90 Income Statements
90 Statement of
Comprehensive Income
92 Balance Sheets
94 Cash Flow Statements
96 Group Statement of Changes in
Equity
98 Notes
98 Accounting Principles and
Policies
116 Notes to the Income Statement
123 Notes to the Statement
of Comprehensive Income
124
Notes to the Balance Sheet
149 Other Disclosures
165 Segment Information
The cash flows shown comprise principal repayments
and the related interest. The amounts disclosed for de-
rivatives comprise only cash flows relating to derivatives
that have a negative fair value at the balance sheet date.
At 31 December 2014 irrevocable credit commitments
to dealers which had not been called upon at the end of
31 December 2013 Maturity Maturity Maturity Total
in € million within between one later than
one year and five years five years
Bonds 7,933 21,434 3,043 32,410
Liabilities to banks 4,686 4,328 126 9,140
Liabilities from customer deposits (banking) 9,405 3,243 – 12,648
Commercial paper 6,294 – – 6,294
Asset backed financing transactions 2,814 7,614 32 10,460
Derivative instruments 426 659 80 1,165
Trade payables 7,283 195 – 7,478
Other financial liabilities 210 361 367 938
Total 39,051 37,834 3,648 80,533
31 December 2014 Maturity Maturity Maturity Total
in € million within between one later than
one year and five years five years
Bonds 9,266 23,786 4,232 37,284
Liabilities to banks 8,110 3,432 489 12,031
Liabilities from customer deposits (banking) 9,225 3,461 – 12,686
Commercial paper 5,601 – – 5,601
Asset backed financing transactions 3,882 7,226 77 11,185
Derivative instruments 2,100 1,317 1 3,418
Trade payables 7,581 129 – 7,710
Other financial liabilities 177 434 500 1,111
Total 45,942 39,785 5,299 91,026
More detailed information regarding this methodology
is provided in the section on accounting policies (note 6).
Creditworthiness testing is an important aspect of the
BMW Group’s credit risk management. Every borrower’s
creditworthiness is tested for all credit financing and
lease contracts entered into by the BMW Group. In the
case of retail customers, creditworthiness is assessed
using validated scoring systems integrated into the pur-
chasing process. In the area of dealer financing,
credit-
worthiness is assessed by means of ongoing credit
monitoring and an internal rating system that takes ac-
count not only of the tangible situation of the borrower
but also of qualitative factors such as past reliability in
business relations.
The credit risk relating to derivative financial instru-
ments is minimised by the fact that the Group only
enters into such contracts with parties of first-class
credit standing. The general credit risk on derivative
financial instruments utilised by the BMW Group is
therefore not considered to be significant.
A concentration of credit risk with particular borrowers
or groups of borrowers has not been identified in con-
junction with financial instruments.
Further disclosures relating to credit risk – in particular
with regard to the amounts of impairment losses recog-
nised – are provided in the explanatory notes to the
relevant categories of receivables in notes 28, 29 and 33.
Liquidity risk
The following table shows the maturity structure of ex-
pected contractual cash flows (undiscounted) for finan-
cial liabilities: