BMW 2003 Annual Report Download - page 109
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
108
The cash inflow from operating activities includes the following cash flows in accordance with IAS 7 para-
graphs 31 and 35:
In accordance with IAS 24 (Related Party Disclo-
sures), related individuals or enterprises which have
the ability to control the BMW Group or which are
controlled by the BMW Group, must be disclosed
unless such parties are not already included in the
consolidated financial statements as consolidated
companies. Control is defined as ownership of more
than one half of the voting power of BMW AG or the
power to direct, by statute or agreement, the finan-
cial and operating policies of the management of
the Group.
In addition, the disclosure requirements of IAS 24
also cover transactions with associated companies
and with parties which have the ability to exercise
significant influence over the financial and operating
policies of the BMW Group. This also includes close
relatives and intermediaries. Significant influence
over the financial and operating policies of the Group
can arise when a party holds 20% or more of the
shares of BMW AG, is a member of the Board of
Management or Supervisory Board of BMW AG or
holds another key management position within
the Group.
In the case of the BMW Group in the financial
year 2003, these IAS 24 disclosure requirements
only affect business relationships with associated
companies, members of the Board of Management
or the
Supervisory Board of
BMW AG
and other key
management
personnel.
Transactions of BMW Group companies with
associated companies – mainly BMW Brilliance
Automotive Ltd., Shenyang (50%), TRITEC Motors
Ltda., Campo Largo (50%), F.A.S.T. Gesellschaft
für angewandte Softwaretechnologie mbH, Munich,
(50%), and ZNF Maschinenfabrik Spandau GmbH,
Berlin (49%) – all arise in the normal course of ac-
tivities of those companies and are based on arm’s
length principles.
[39]Related party
relationships
in euro million 2003 2002
reclassified
1]
Interest received 290 410
Interest paid 336 388
Dividends received 30 14
Income taxes paid 257 597
1]see also Note [14]