BMW 2004 Annual Report Download - page 77

Group Financial Statements 50
Income Statements 51
Balance Sheets 52
Cash Flow Statements 54
Group Statement of
Changes in Equity 56
Notes 57
--Accounting Principles
and Policies 57
--Notes to the Income Statement 66
--Notes to the balance sheet 74
--Other Disclosures 93
--Segment Information 100
--Disclosures pursuant to
§292a HGB 104
Auditors’ Report 107
76
Intangible assets mainly comprise capitalised develop-
ment costs on vehicle and engine projects as well
as subsidies for tool costs, licences, purchased de-
velopment projects and software. Goodwill of euro
24 million was recognised in conjunction with the
initial consolidation of axentiv AG, Darmstadt, and its
subsidiary, arcensis GmbH, Stuttgart. This item is
A break-down of the different classes of property,
plant and equipment disclosed in the balance sheet
and changes during the year are shown in the
analysis of changes in Group non-current assets on
pages 74 and 75.
Property, plant and equipment include leased
plant and machinery and other equipment amounting
to euro 223 million (2003: euro 320 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
not presented separately in the BMW Group balance
sheet since the amount is not significant in relation
to either the balance sheet total or intangible assets.
Changes in intangible assets during the year
are shown in the analysis of changes in Group non-
current assets on pages 74 and 75.
Oxford production plant, with a carrying amount of
euro111 million (2003: euro 149 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 ex-
tend the leases by one year. A purchase option was
not agreed. The lease for plant and machinery and
other facilities, factory and office equipment at the
Hams Hall production plant, with a carrying amount
of euro 88 million (2003: euro 141 million) runs until
2018 and can be extended forone year periods there-
after. A purchase option was not agreed.
Minimum lease payments of the relevant leases
are as follows:
[19]Intangible assets
[20]Property, plant
and equipment
in euro million 31.12.2004 31.12. 2003
Total future minimum lease payments
due within one year 79 77
due between one and five years 340 330
due later than five years 410 527
829 934
Interest portion of future minimum lease payments
due within one year 20 22
due between one and five years 72 76
due later than five years 122 155
214 253
Present value of future minimum lease payments
due within one year 59 55
due between one and five years 268 254
due later than five years 288 372
615 681