- Responsibility Statement
- Independent Auditor´s Report
- Consolidated Balance Sheet
- Consolidated Income Statement
- Consolidated Statement of Cash Flows
- Consolidated Statement of Recognized Income and Expense
- Notes
- Statement of Movements of Intangible and Tangible Assets and Financial Assets
- Shareholdings
13 Long-Term Financial Assets
Long-term financial assets include a 10 % investment in FC Bayern München AG of € 77 million which remains unchanged from when the stake was purchased in July 2002. This investment is classified as available for sale and recorded at fair value. This equity security does not have a quoted market price in an active market, therefore other methods of reasonably estimating fair value as at December 31, 2007 were used. Dividends are distributed by FC Bayern München AG instead of regular interest payments.
Additionally, long-term financial assets include investments which are mainly invested in insurance products and are measured at fair value, as well as loans.
Fair value adjustments from impairment losses amounted to € 4 million and € 8 million for
the years ending December 31, 2007 and 2006, respectively. As in the prior year, these are related
to impairments of other financial assets to cover anticipated risks of default. 
see also Note 26
