BMW 2015 Annual Report Download - page 156

156
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.
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
31 December 2015 Maturity Maturity Maturity Total
in € million within between one later than
one year and five years five years
Bonds 10,774 24,241 7,230 42,245
Liabilities to banks 9,464 3,485 405 13,354
Liabilities from customer deposits (banking) 9,805 3,990 133 13,928
Commercial paper 5,416 – – 5,416
Asset backed financing transactions 5,195 8,849 – 14,044
Derivative instruments 2,564 3,366 174 6,104
Trade payables 7,701 72 – 7,773
Other financial liabilities 261 372 570 1,203
Total 51,180 44,375 8,512 104,067
in the relevant market. The assets involved are generally
vehicles which can be converted into cash at any time
via the dealer organisation.
Impairment losses are recorded as soon as credit risks
are identified on individual financial assets, using a
methodology specifically designed by the BMW Group.
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 instruments
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 instru-
ments utilised by the BMW Group is therefore not con-
sidered 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 27, 28 and 32.
Liquidity risk
The following table shows the maturity structure of ex-
pected contractual cash flows (undiscounted) for finan-
cial liabilities:
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