BMW 2004 Annual Report Download - page 79

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The introduction of models during the financial
year 2004, 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 437 million
(2003: euro 475 million) and are included in total
inventories of euro 6,467 million (2003: euro 5,693
million). Amounts recognised as income from the
reversal of write-downs on items sold during the year
were not significant.
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
78
Inventories comprise the following:
[23]Inventories
Contingent rents of euro 1 million (2003: euro
2 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-
current assets on pages 74 and 75.
The BMW Group, as lessor, leases out assets (pre-
dominantly own products) as part of its financial
services business. Minimum lease payments of
euro 4,084 million (2003: euro 3,684 million)
from non-cancellable operating leases fall due as
follows:
[22]Leased products
in euro million 31.12.2004 31.12. 2003
within one year 2,075 1,925
between one and five years 2,009 1,753
later than five years – 6
4,084 3,684
in euro million 31.12.2004 31.12. 2003
Raw materials and supplies 617 569
Work in progress, unbilled contracts 978 827
Finished goods 3,991 3,439
Goods for resale 881 858
6,467 5,693