BMW 2003 Annual Report Download - page 89
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The introduction of new models during the
financial year 2003, in conjunction with the Group’s
product offensive, resulted in an increase in finished
goods compared to the previous year.
At 31 December, inventories measured at their
net realisable value amounted to euro 475 million
(2002: euro 286 million) and are included in total
in-
ventories of euro 5,693 million (2002: euro 5,197 mil-
lion).
Amounts recognised as income from the re-
versal of write-downs were not significant.
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
88
Inventories comprise the following:
[24]Inventories
Contingent rents of euro 2 million (2002: euro
4 million), based principally on the distance driven,
were recognised in income. The agreements have,
in part, extension and purchase options as well as
price escalation clauses.
Changes in leased products during the year are
shown in the analysis of changes in Group non-cur-
rent assets on pages 84 and 85.
The BMW Group, as lessor, leases out assets (pre-
dominantly own products) as part of its sales financing
activities. Minimum lease payments of euro 3,684
million (2002: euro 3,425 million) from non-
cancellable operating leases fall due as follows:
[23]Leased products
in euro million 31.12. 2003 31.12. 2002
within one year 1,925 1,782
between one and five years 1,753 1,643
later than five years 6 –
3,684 3,425
in euro million 31.12. 2003 31.12. 2002
Raw materials and supplies 569 547
Work in progress, unbilled contracts 827 773
Finished goods 3,439 3,174
Goods for resale 858 701
Advance payments to suppliers – 2
5,693 5,197