BMW 2015 Annual Report Download - page 154

154
in € million 2015 2014
Balance at 1 January – 480 1,136
Total changes during the year – 857 – 1,616
thereof reclassified to the income statement 1,318 – 255
Balance at 31 December – 1,337 – 480
Gains / losses from the use of derivatives relate primarily to
fair value gains or losses arising on stand-alone derivatives.
Net losses arising from other investments measured us-
ing the fair value option amounted to € 2 million. The
fair value option is applied for non-current marketable
securities with embedded derivatives. No changes in
fair values arose, either during the year under report or
on an accumulated basis since acquisition, which were
attributable to changes in the default risk.
Such credit-risk related changes in fair values are
calcu-
lated as a general rule by deducting market-related
changes in fair value from the overall change in fair value.
Net interest expenses from interest rate and interest
rate / currency swaps amounted to € 22 million (2014: net
interest income of € 101 million).
Impairment losses of € 13 million (2014: € 152 million)
were recognised in the income statement in 2015 on
available-for-sale securities accounted for as participa-
tions, for which fair value changes had previously been
recognised directly in equity. No reversals of impair-
ment losses on marketable securities were recognised
directly in equity in the year under report (2014: € 7 mil-
lion).
The disclosure of interest income resulting from the un-
winding of interest on future expected receipts would
normally only be relevant for the BMW Group where as-
sets have been discounted as part of the process of
de-
termining impairment losses. However, as a result of
the assumption that most of the income that is subse-
quently recovered is received within one year and the
fact that the impact is not material, the BMW Group
does not discount assets for the purposes of determining
impairment losses.
Cash flow hedges
The effect of cash flow hedges on accumulated other
equity was as follows:
Gains and losses on financial instruments
The following table shows the net gains and losses arising for each of the categories of financial instrument defined
by IAS 39:
in € million 2015 2014
Held for trading
Gains / losses from the use of derivative instruments – 717 – 971
Fair value option
Gains / losses on investments measured at fair value through profit and loss – 2 –
Available-for-sale
Gains and losses on sale and fair value measurement of marketable securities held for sale
(including investments in subsidiaries and participations measured at cost) 129 – 65
Net income from participations and investments 1 3
Accumulated other equity
Balance at 1 January 141 135
Total change during the year – 117 6
thereof recognised in the income statement during the period under report – 144 – 69
Balance at 31 December 24 141
Loans and receivables
Impairment losses / reversals of impairment losses – 345 – 278
Other income / expenses – 77 – 506
Other liabilities
Income / expenses 32 238
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
113 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
147 Other Disclosures
163 Segment Information