BMW 2009 Annual Report Download - page 105

103 Group Financial Statements
in euro million 31. 12. 2009 31. 12. 2008
Derivative instruments 2,433 3,449
Marketable securities and investment funds 1,648 653
Loans to third parties 23 1 3
Credit card receivables 266 253
Other 364 746
Financial assets 4,734 5,114
thereof non-current 1,519 1,808
thereof current 3,215 3,306
in euro million 31. 12. 2009 31. 12. 2008
Stocks – 32
Fixed income securities 1,647 620
Sundry marketable securities 1 1
Marketable securities and investment funds 1,648 653
25
At the end of the reporting period, impairment allowances
of euro 161 million (2008: euro 115 million) were recognised
on a group basis on gross receivables from sales financing
totalling euro 19,509 million (2008: euro 17,274 million).
Impairment allowances of euro 1,195 million (2008: euro
938 million) were recognised at 31 December 2009 on a
specific item basis on gross receivables from sales financ-
ing totalling euro 10,581 million (2008: euro 7,755 million).
Receivables from sales financing which were not overdue at
the end of the reporting period amounted to euro 11,860
million (2008: euro 14,087 million). No impairment losses
were recognised for these balances.
The estimated fair value of collateral received for receiv-
ables
on which impairment losses were recognised totalled
euro 15,600 million (2008: euro 14,570 million) at the end
of the reporting period. This collateral related primarily to
vehicles. The carrying amount of assets held as collateral
and taken back as a result of payment default amounted to
euro 40 million (2008: euro 44 million).
As at the end of the previous year, there were no receiv-
ables from sales financing at the balance sheet date which
have been renegotiated and which were otherwise over-
due or otherwise required recognition of an impairment
loss.
Financial assets
Financial assets comprise:
The change in the line item “Derivative instruments” relates
primarily to the expiry in 2009 of currency derivatives with
positive fair values.
The increase in marketable securities and investment
funds resulted from investments made in conjunction with
liquidity management.
Investment funds are held to secure obligations relating to
pre-retirement part-time work arrangements. These funds
were transferred in the past to BMW Trust e. V., Munich, as
part of a Contractual Trust Arrangement (CTA) and are there-
fore
netted against the corresponding settlement arrears
for pre-retirement part-time work arrangements. The
amount by which the value of the investment funds exceeds
these obligations amounting to euro 28 million (2008:
euro 35 million) is reported under other financial assets.
Marketable securities and investment funds relate to avail-
able-for-sale financial assets and comprise: