BMW 2004 Annual Report Download - page 90
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Bonds include an exchangeable bond of euro
561 million issued on 4 December 2003 relating
to the investment of the BMW Group in the engine
manufacturer Rolls-Royce plc, London. This bond is
subject to an annual interest rate of1.875% and has
a term of five years. After three years into the term,
the Group has the right, up to the maturity date, to
give notice on the bond if Rolls-Royce stock rises to
a level of more than 130% of the conversion price of
GBP 2.46. A cash-out option is also in place giving
the Group, in the event that the conversion right is
exercised, the right to make a payment equivalent to
the market price of the stock at that date, rather than
89
Debt includes all interest-bearing liabilities of the BMW Group at the relevant balance sheet dates. It com-
prises the following:
[31]Debt
31December 2004
in euro million Maturity Maturity Maturity Total
within between one later than
one year and five years five years
Bonds 2,877 6,225 3,346 12,448
Liabilities to banks 1,989 1,598 203 3,790
Liabilities from customer deposits (banking) 4,878 223 – 5,101
Commercial paper 4,059 – – 4,059
Bills of exchange 1 – – 1
Other debt 1,158 3,545 381 5,084
14,962 11,591 3,930 30,483
to deliver the stock itself. The present value of the
bond at the balance sheet date, including transaction
costs, was euro 506 million (2003: euro 501 mil-
lion). The related option liability is included at 31 De-
cember 2004 in other liabilities at its fair value of
euro 96 million (2003: euro 49 million). The nega-
tive change in the fair value of the option liability,
amounting to euro 47 million, is recognised as an
expense in the line “Other financial result”.
Other debt of euro 5,084 million (2003: euro
5,695 million) comprises mainly asset backed financ-
ing liabilities and finance lease liabilities.
31 December 2003
in euro million Maturity Maturity Maturity Total
within between one later than
one year and five years five years
Bonds 3,300 7,001 1,103 11,404
Liabilities to banks 1,347 1,787 22 3,156
Liabilities from customer deposits (banking) 3,801 64 – 3,865
Commercial paper 3,327 – – 3,327
Bills of exchange 2 – – 2
Other debt 2,242 2,994 459 5,695
14,019 11,846 1,584 27,449