BMW 2014 Annual Report Download - page 99

99 GROUP FINANCIAL STATEMENTS
Financial Statements and the Combined Management
Report can be downloaded from the BMW Group web-
site at www.bmwgroup.com / ir.
The Board of Management authorised the Group Finan-
cial Statements for issue on 19 February 2015.
trusts, almost all of which are used for asset-backed
financing transactions.
The number of subsidiaries, including the special pur-
pose securities fund and the special purpose trusts,
consolidated in the Group Financial Statements
changed in 2014 as follows:
vestments”, measured at cost less – where applicable –
accumulated impairment losses.
A “List of Group Investments” pursuant to § 313 (2)
HGB will be submitted to the operator of the electronic
version of the German Federal Gazette. This list, along
with the “List of Third Party Companies which are not
of Minor Importance for the Group”, will also be posted
on the BMW Group website at www.bmwgroup.com / ir.
The List of Group Investments, the List of Third Party
Companies which are not of Minor Importance for the
Group and the full list of consolidated companies are
also posted as appendices on the BMW Group website.
BMW Madrid S. L., Madrid, BMW Amsterdam B. V.,
Amsterdam, BMW Den Haag B. V., The Hague, BMW
Retail Nederland B. V., The Hague, BMW Milano
S. r. l., Milan, BMW Distribution S. A. S., Montigny-le-
Bretonneux, BMW Vermögensverwaltungs GmbH,
Munich, BMW Beteiligungs GmbH & Co. KG, Munich,
and BMW International Holding B. V., The Hague, were
consolidated for the first time in the financial year 2014.
BMW Österreich Finanzierungs GmbH, Steyr, was
merged
with BMW Motoren GmbH, Steyr, and there-
fore ceased to be a consolidated company. Noord Lease
The Group Financial Statements, drawn up in accord-
ance with § 315a HGB, and the Combined Management
Report for the financial year ended 31 December 2014
will be submitted to the operator of the electronic version
of the German Federal Gazette and can be obtained via
the Company Register website. Printed copies will also
be made available on request. In addition the Group
Consolidated companies
The scope of the consolidated financial statements is
based on the application of IFRS 10 (Consolidated
Financial Statements) and IFRS 11 (Joint Arrangements).
The BMW Group Financial Statements include, besides
BMW AG, all material subsidiaries, including one
special
purpose securities fund and 30 special purpose
43 subsidiaries (2013: 48), either dormant or generating
a negligible volume of business, and four joint
opera-
tions (2013: 1) are not consolidated on the grounds
that their inclusion would not influence the economic
decisions of users of the Group Financial Statements.
Non-inclusion of operating subsidiaries and joint oper-
ations reduces total Group revenues by 0.3 % (2013:
1.0 %).
The joint operations – SGL Automotive Carbon Fibers
GmbH & Co. KG, Munich, SGL Automotive Carbon
Fibers Verwaltungs GmbH, Munich, and SGL Automo-
tive Carbon Fibers LLC, Dover, DE – are consolidated
proportionately for the first time in the financial year
2014 on the basis of the BMW Group’s 49 % sharehold-
ing. These entities supply carbon fibre and carbon fibre
fabrics for vehicle production. Further information is
provided in note 9.
The joint ventures – BMW Brilliance Automotive Ltd.,
Shenyang, DriveNow GmbH & Co. KG, Munich, and
DriveNow Verwaltungs GmbH, Munich – are accounted
for using the equity method. As in the previous year,
five participations are not consolidated using the equity
method on the grounds of immateriality. They are in-
cluded in the Group balance sheet in the line “Other in-
2
Germany Foreign Total
Included at 31 December 2013 20 167 187
Included for the first time in 2014 2 13 15
No longer included in 2014 – 13 13
Included at 31 December 2014 22 167 189