338 BMW Group Report 2024 To Our Stakeholders Combined Management Report Group Financial Statements Responsibility Statement and Auditor’s Report Remuneration Report Other Information Notes to the Group Financial Statements The increase in prematurely terminated hedges of currency and raw materials risk exposures was primarily due to the challenging situation in the Chinese sales market. If, due to a change in ex- pectations, an adequate hedging relationship no longer exists with respect to a derivative currency or raw materials instrument, the hedge accounting relationship is discontinued with immedi- ate effect. All amounts recognised through other comprehensive income up to this point in time are reclassified to the income statement. 41 Related party relationships The following individuals and entities are related parties in ac- cordance with IAS 24: — Stefan Quandt and Susanne Klatten as well as companies controlled by them — The Board of Management and the Supervisory Board of the BMW Group — Associated companies, joint ventures, non-consolidated subsidiaries, BMW Trust e.V., Munich, and BMW Founda- tion Herbert Quandt, Munich Transactions of the Group companies with related parties were carried out, without exception, in the normal course of business of each of the parties concerned and conducted at market condi- tions, i.e. conditions that are also granted to other third-party manufacturers. No loans were granted by entities of the BMW Group to members of the Board of Management and the Supervisory Board in the financial year 2024, nor were any contingent liabilities entered into on their behalf. During the year under report, members of the Board of Management and the Supervisory Board concluded contracts with BMW Group entities on customary market terms and conditions for the purchase of vehicles, maintenance and re- pair work, vehicle leasing and the investment of cash deposits in the low single-digit million range. Stefan Quandt is a shareholder and Deputy Chairman of the Su- pervisory Board of BMW AG. He is also the sole shareholder and Chairman of the Supervisory Boards of DELTON Health AG, Bad Homburg v.d.H., and DELTON Technology SE, Bad Homburg v.d.H., as well as the sole shareholder of DELTON Logistics S.à r.l. Grevenmacher. During the financial year 2024, DELTON Logistics S.à r.l. – via its subsidiaries – performed logistic-related services for the BMW Group. In addition, the DELTON companies held by Stefan Quandt acquired vehicles from the BMW Group by way of leas- ing. Stefan Quandt is also the indirect majority shareholder of SOLARWATT GmbH, Dresden. Cooperation arrangements are in place between the BMW Group and SOLARWATT GmbH within the field of electric mobility. The focus of this collaboration is on the provision of complete photovoltaic solutions for rooftop systems and carports of BMW Group customers. In addition, SOLARWATT GmbH purchases battery cells and related com- ponents for home battery storage applications as part of a supply project. In addition to the deliveries of goods described above, SOLARWATT GmbH also purchased vehicles from the BMW Group by way of leasing during the financial year 2024. Susanne Klatten is a shareholder and member of the Supervisory Board of BMW AG and also the sole shareholder and Chair- woman of the Supervisory Board of UnternehmerTUM GmbH, Garching. In 2024, the BMW Group bought in services from UnternehmerTUM GmbH mainly in the form of consultancy ser- vices. Due to the change in the indirect shareholding structure of ALTANA AG, Wesel, with effect from 1 July 2024 the latter no longer qualifies as a related party. For this reason, only the goods and services provided and received up to that date are reported.