BMW 2003 Annual Report Download - page 100
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Bonds include an exchangeable bond of euro
561 million issued on 4 December 2003 relating to
the investment of the BMW Group in the engine
manufacturer Rolls-Royce plc, London. This bond
is subject to an annual interest rate of1.875% and
has a term of five years. After three years into the
term, the Group has the right, up to the maturity
date, to give notice on the bond if Rolls-Royce stock
rises to a level of more than 130% of the conversion
price of GBP 2.46. A cash-out option is also in place
giving the Group, in the event that the conversion
99
Debt includes all interest-bearing liabilities of the BMW Group at the relevant balance sheet dates. It com-
prises the following:
[32]Debt
right is exercised, the right to make a payment
equivalent to the market price of the stock at that
date, rather than to deliver the stock itself. The
present value of the bond at the balance sheet
date was euro 501 million. The option liability of
euro 60 million which arose on the date of the issue
of the bond is included at 31 December 2003 in
other liabilities at its fair value of euro 49 million.
Other debt of euro 5,695 million (2002: euro
5,276 million) comprises mainly asset backed
financing liabilities and finance lease liabilities.
31 December 2002
in euro million Maturity Maturity Maturity Total
within between one later than
one year and five years five years
Bonds 3,101 4,968 1,859 9,928
Liabilities to banks 1,677 1,891 168 3,736
Liabilities from customer deposits (banking) 3,034 104 – 3,138
Commercial paper 4,182 – – 4,182
Bills of exchange 2 – – 2
Other debt 1,510 3,225 541 5,276
13,506 10,188 2,568 26,262
31 December 2003
in euro million Maturity Maturity Maturity Total
within between one later than
one year and five years five years
Bonds 3,300 7,001 1,103 11,404
Liabilities to banks 1,347 1,787 22 3,156
Liabilities from customer deposits (banking) 3,801 64 – 3,865
Commercial paper 3,327 – – 3,327
Bills of exchange 2 – – 2
Other debt 2,242 2,994 459 5,695
14,019 11,846 1,584 27,449