BMW 2003 Annual Report Download - page 104
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103
Contingent liabilities
No provisions were recognised for the following con-
tingent liabilities (stated at their nominal amount),
The above amounts include euro11 million
(2002: euro 17 million) in respect of non-consoli-
dated subsidiaries.
Several liability applies in the case of invest-
ments in general partnerships.
The usual commercial guarantees have been
given in relation to the sale of Rover Cars and Land
Rover activities.
Other financial commitments
In addition to liabilities, provisions and contingent
liabilities, the BMW Group also has other financial
The above amounts include euro 29 million
(2002: euro 44million) in respect of non-consolidated
subsidiaries and euro 27 million (2002: euro 58 mil-
lion) for back-to-back operating leases.
since an outflow of resources is not considered to
be probable:
commitments, primarily under lease contracts for
land, buildings, plant and machinery, tools, office
and other facilities. The leases run for periods of
one to 99 years and in some cases contain extension
and purchase options as well as price escalation
clauses. Lease payments of euro 118 million (2002:
euro124 million) were recognised as expense during
the year.
The total of future minimum lease payments
under non-cancellable leases can be analysed by
maturity as follows:
BMW Group
Notes to the Group Financial Statements
Other disclosures
[36]Contingent
liabilities and other
financial commitments
in euro million 31.12. 2003 31.12. 2002
Guarantees 62 52
Performance guarantees 105 79
Bills of exchange 16 16
183 147
in euro million 31.12. 2003 31.12. 2002
Nominal total of future minimum lease payments
due within one year 166 221
due between one and five years 448 521
due later than five years 612 597
1,226 1,339