BMW 2015 Annual Report Download - page 125

125 GROUP FINANCIAL STATEMENTS
in € million 31. 12. 2015 31. 12. 2014
within one year 8,079 7,267
between one and five years 8,445 7,442
later than five years 3 3
Minimum lease payments 16,527 14,712
24
25
Leased products
The BMW Group, as lessor, leases out its own products
and those of other manufacturers as part of its finan-
cial
services business. Minimum lease payments of
€ 16,527 million (2014: € 14,712 million) from non-can-
cellable operating leases fall due as follows:
Contingent rents of € 54 million (2014: € 56 million), based
principally on the distance driven, were recognised in
income. Some of the agreements contain price adjust-
ment clauses as well as extension and purchase options.
Impairment losses amounting to € 119 million (2014:
€ 137 million) and income from the reversal of impair-
ment losses amounting to € 24 million (2014: € 44 million)
were recognised on leased products in 2015 as a con-
sequence
of changes in residual value expectations.
An analysis of changes in leased products is provided in
note 21.
Investments accounted for using the equity method
Investments accounted for using the equity method com-
prise the joint ventures BMW Brilliance Automotive Ltd.,
Shenyang (BMW Brilliance), DriveNow GmbH & Co. KG,
Munich, and DriveNow Verwaltungs GmbH, Munich
(DriveNow), as well as the associated company THERE
Holding B. V., Amsterdam (THERE).
The BMW Brilliance Automotive Ltd., Shenyang, joint
venture (in which the BMW Group has a 50.0 % share-
holding)
produces mainly BMW brand models for the
Chinese market and also has engine manufacturing
facilities, which supply the joint venture’s two plants
with petrol engines.
The joint ventures DriveNow GmbH & Co. KG, Munich,
and DriveNow Verwaltungs GmbH, Munich, (in both
cases with a 50.0 % shareholding) is a car sharing pro-
vider
which currently offers car-sharing services in major
German cities and, going forward, increasingly outside
Germany.
The associated company, THERE Holding B. V., Amsterdam,
(in which the BMW Group has a 33.3 % shareholding),
wholly owns HERE International B. V., Amsterdam (until
28 January 2016: THERE Acquisition B. V., Amsterdam),
which, in turn, serves as the parent company of the HERE
Group. Further information is provided in note 3.
The accounting treatment applied to investments ac-
counted for using the equity method is described in
note 6. Financial information relating to equity accounted
investments is aggregated in the following table:
BMW Brilliance DriveNow THERE*
in € million 2015 2014 2015 2014 2015
Disclosures relating to the income statement
Revenues 13,220 11,550 47 32 –
Scheduled depreciation 380 247 – – –
Profit / loss before financial result 1,399 1,702 – 6 – 5 –
Interest income 40 24 – – –
Interest expenses 15 – – – –
Income taxes 369 449 – – –
Other comprehensive income – – – – –
Total comprehensive income 1,081 1,339 – 6 – 5 –
Dividends received by the Group 144 147 – – –
* No disclosure of income statement figures for 2015 on the grounds of immateriality. See also note 3.