BMW 2015 Annual Report Download - page 99

99 GROUP FINANCIAL STATEMENTS
tronic version of the German Federal Gazette and
can be obtained via the Company Register website.
Printed copies will also be made available on re-
quest. In addition
the Group Financial Statements
and the Combined Management Report can be
downloaded from the BMW Group website at www.
bmwgroup.com / ir.
The Board of Management authorised the Group
Financial Statements for issue on 18 February 2016.
trusts (almost all used for asset-backed financing
transactions).
The number of subsidiaries – including the special
purpose securities fund and special purpose trusts –
consolidated in the Group Financial Statements
changed in 2015 as follows:
As in the previous year, seven participations are not
consolidated using the equity method on the grounds of
immateriality. They are included in the Group balance
sheet in the line “Other investments”, 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.
No entities were consolidated fully for the first time in
the financial year 2015. LARGUS Grundstücks-Verwal-
tungsgesellschaft mbH & Co. KG, Munich, was merged
with LARGUS Grundstücks-Verwaltungsgesellschaft
mbH, Munich, and therefore ceased to be a separate
consolidated company. BMW Services Italia S.p.A., San
Donato Milanese, was merged with BMW Italia S.p.A.,
Milan, and ceased to be a separate consolidated com-
All consolidated subsidiaries have the same year-end as
BMW AG with the exception of BMW India Private Ltd.,
Gurgaon, and BMW India Financial Services Private
Ltd., Gurgaon, both of whose year-ends are 31 March in
accordance with local legal requirements.
The Group Financial Statements, drawn up in accord-
ance with § 315a HGB, and the Combined Manage-
ment
Report for the financial year ended 31 December
2015 will be submitted to the operator of the elec-
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 AG Group Financial Statements include,
besides BMW AG, all material subsidiaries, one spe-
cial purpose securities fund and 21 special purpose
41 subsidiaries (2014: 43), either dormant or generating
a negligible volume of business,
and four joint opera-
tions (2014: 4) 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
opera-
tions reduces total Group revenues by 0.3 % (2014: 0.3 %).
Together with SGL Carbon SE, Wiesbaden, the BMW
Group is party to three joint operations that manufacture
carbon fibres and carbon fibre fabrics used in vehicle
production. The joint operations – SGL Automotive
Carbon Fibers GmbH & Co. KG, Munich, SGL Automo-
tive Carbon Fibers Verwaltungs GmbH, Munich, and
SGL Automotive Carbon Fibers LLC, Dover, DE – are
consolidated proportionately on the basis of the BMW
Group’s 49 % shareholding.
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.
2
Germany Foreign Total
Included at 31 December 2014 22 167 189
Included for the first time in 2015 – 7 7
No longer included in 2015 1 17 18
Included at 31 December 2015 21 157 178