BMW 2003 Annual Report Download - page 87
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
86
Intangible assets mainly comprise capitalised devel-
opment costs on vehicle and engine projects as well
as subsidies for tooling costs, licences, purchased
development projects and software. Changes in in-
A breakdown of the different classes of property,
plant and equipment disclosed in the balance sheet
and changes during the year are shown in the analy-
sis of changes in Group non-current assets on
pages 84 and 85.
Property, plant and equipment includes leased
plant and machinery and other equipment amount-
ing to euro 320 million (2002: euro 421 million) and
relates primarily to the Oxford and Hams Hall produc-
tion
plants. Due to the nature of the lease arrange-
ments (finance leases), economic ownership of
these assets is attributable to the Group. The leases
for plant and machinery and other equipment at the
tangible assets during the year are shown in the
analysis of changes in Group non-current assets on
pages 84 and 85.
Oxford production plant, with a carrying amount of
euro 149 million (2002: euro 200 million) at 31 De-
cember, run for periods up to 2013 at the latest.
For each of the leases, there is a recurring option to
extend the leases by one year. A purchase option
was not agreed. The lease for plant and machinery
and other equipment at the Hams Hall production
plant, with a carrying amount of euro 141 million
(2002: euro 194 million), runs until 2018 and may
be extended for one year periods thereafter. A pur-
chase option was not agreed.
Minimum lease payments of the relevant leases
are as follows:
[20]Intangible assets
[21]Property, plant and
equipment
in euro million 31.12. 2003 31.12. 2002
To t al of future minimum lease payments
due within one year 77 83
due between one and five years 330 344
due later than five years 527 692
934 1,119
Interest portion of the future minimum lease payments
due within one year 22 17
due between one and five years 76 86
due later than five years 155 232
253 335
Present value of future minimum lease payments
due within one year 55 66
due between one and five years 254 258
due later than five years 372 460
681 784