BMW 2008 Annual Report Download - page 95

96
72 Group Financial Statements
72 Income Statements
74 Balance Sheets
76 Cash Flow Statements
78 Statement of Income and
Expenses recognised
in Equity
79 Notes
79 Accounting Principles
and Policies
88 Notes to the Income
Statement
94
Notes to the Balance Sheet
1 1 5 Other Disclosures
1 2 9 Segment Information
20
21
in euro million 31.12. 2008 31.12. 2007
Total of future minimum lease payments
due within one year 67 85
due between one and five years 202 318
due later than five years 157 201
426 604
Interest portion of the future minimum lease payments
due within one year 9 16
due between one and five years 27 48
due later than five years 49 73
8 5 137
Present value of future minimum lease payments
due within one year 58 69
due between one and five years 175 270
due later than five years 108 128
341 467
Intangible assets
Intangible assets mainly comprise capitalised development
costs on vehicle and engine projects as well as subsidies
for tool costs, licences, purchased development projects
and software. Amortisation on intangible assets is pre-
sented in cost of sales, administrative costs, research and
development costs and other operating expenses.
In addition, intangible assets include a brand-name right
amounting to euro  million (: euro  million) and
goodwill amounting to euro  million (: euro 
mil-
lion) with indefinite useful lives. The latter comprises
goodwill arising on the acquisition of DEKRA SüdLeasing
Property, plant and equipment
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 tangible, intangible and investment assets on pages
 – .
Property, plant and equipment include a total of euro  mil-
lion (: euro  million) relating to operational buildings
used by BMW AG as well as leased plant, machinery
and
other equipment used primarily at the Oxford and
Hams
Hall production plants. Due to the nature of the lease ar-
rangements (finance leases), economic ownership of these
assets is attributable to the BMW Group. The leases for
buildings, with a carrying amount of euro  million (:
euro  million) run for periods up to  at the latest.
Some of the leases contain extension and purchase op-
tions. The leases for plant and machinery and other equip-
Services GmbH, Stuttgart, and its subsidiaries and on the
acquisition of SimeLease (Malaysia) Sdn Bhd, Kuala Lumpur,
and its subsidiary SimeCredit (Malaysia) Sdn Bhd, Kuala
Lumpur. This item is not presented separately in the Group
balance sheet since the amount is not significant in rela-
tion to either the balance sheet total or intangible assets.
As in the previous year there were no reversals of impair-
ment losses on intangible assets.
Changes in intangible assets during the year are shown in
the analysis of changes in Group tangible, intangible and
investment assets on pages  – .
ment at the Oxford plant, with a carrying amount of euro
 million (: euro  million) at  December, run for
periods up to  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 facilities, factory and office
equipment at the Hams Hall production plant, with a
carrying amount of euro  million (: euro  million)
runs until  and may be extended for one year periods
thereafter. A purchase option was not agreed.
Disposals of land, titles to land and buildings, including
buildings on third party land relate primarily to a number of
properties which were sold and are being leased back.
Minimum lease payments of the relevant leases are as
follows: