BMW 2014 Annual Report Download - page 55

55 COMBINED MANAGEMENT REPORT
Germany, China and South Africa with a total volume
equivalent to € 2.7 billion. Further funds were also raised
via new ABS conduit transactions in Brazil, Canada,
and Japan totalling € 0.8 billion. Other existing trans-
actions remained in place in Switzerland, the UK, Korea
and Australia.
The regular issue of commercial paper also strengthens
the BMW Group’s financial basis. The following table
provides an overview of amounts utilised at 31
Decem-
ber 2014 in connection with the BMW Group’s money
and
capital market programmes:
accounted for using the equity method (70.5 %), deferred
tax assets (27.2 %) and intangible assets (5.2 %). At the
same time, financial assets decreased by 21.9 %.
Within current assets, increases were registered in par-
ticular for receivables from sales financing (9.7 %), in-
ventories (15.6 %), other assets (18.3 %) and current tax
(65.6 %). Trade receivables went down by 12.1 %.
The growth in business reported by the Financial Ser-
vices segment is reflected in increases of € 2,085 million
and € 4,822 million in current and non-current receiv-
ables from sales financing respectively and in the higher
level of leased products (up by € 4,251 million).
Non-current receivables from sales financing accounted
for 24.2 % (2013: 23.6 %) of total assets, current receiv-
ables from sales financing for 15.2 % (2013: 15.5 %). Total
receivables from sales financing relate to retail customer
and dealer financing (€ 45,849 million) and finance leases
(€ 15,175 million). Adjusted for exchange rate factors,
non-current receivables from sales financing grew by
9.1 %, while current receivables from sales financing
went up by 4.8 %. The currency impact was mainly at-
tributable to the appreciation in the value of a number
of currencies against the euro, most notably the US dol-
lar, the British pound and the Chinese renminbi.
At the end of the reporting period, leased products
accounted for 19.5 % of total assets, above their level
one year earlier (18.7 %). Adjusted for exchange rate
factors, leased products went up by 10.2 %.
Property, plant and equipment increased by € 2,014 mil-
lion compared to the previous year. The main focus in
2014 was on product investments for production start-
ups (including the BMW 2 Series Active Tourer, the
7 Series Sedan and the 2 Series Gran Tourer) and infra-
structure improvements. In total, € 4,539 million (2013:
€ 4,494 million) was invested, most of which related
to the Automotive segment. Depreciation on property,
plant and equipment totalled € 2,924 million (2013:
€ 2,494 million). At 31 December 2014, property, plant
and equipment accounted for 11.1 % of total assets (2013:
11.0 %). Adjusted for exchange rate factors, property,
plant and equipment increased by 10.8 %. Capital com-
mitments for the acquisition of items of property, plant
The BMW Group’s liquidity position is extremely robust,
with liquid funds totalling € 11.7 billion on hand at 31 De-
cember 2014. The BMW Group also has access to a
syndicated credit line of € 6 billion, with a term up to
October 2018. This credit line, which is provided on
attractive conditions by a consortium of 38 international
banks, had not been utilised at the end of the reporting
period.
Further information with respect to financial liabilities
is provided in notes 35, 39 and 43 to the Group Finan-
cial Statements.
Net assets position*
The Group balance sheet total increased by € 16,426 mil-
lion (11.9 %) compared to the end of the previous finan-
cial year to stand at € 154,803 million at 31 December
2014. Adjusted for exchange rate factors, the balance
sheet total increased by 7.5 %.
On the assets side of the balance sheet, the increase in
non-current assets related primarily to receivables
from sales financing (14.8 %), leased products (16.4 %),
property, plant and equipment (13.3 %), investments
Programme Amount utilised
in € billion
Euro Medium Term Notes 30.9
Australian Medium Term Notes –
Commercial paper 6.1
* Prior year figures have been adjusted in accordance with IAS 8, see note 9.