BMW 2008 Annual Report Download - page 96

97 Group Financial Statements
22
23
in euro million 31.12. 2008 31.12. 2007
within one year 4,589 3,902
between one and five years 3,925 3,516
later than five years 1 1
Leased products 8,515 7,419
in euro million 31.12. 2008 31.12. 2007
Disclosures relating to the income statement
Income 627 627
Expenses 603 615
Disclosures relating to the balance sheet
Non-current assets 139 106
Current assets 234 259
Equity 126 80
Non-current liabilities 31 41
Current liabilities 216 244
Leased products
The BMW Group, as lessor, leases out assets (predomi-
nantly own products) as part of its financial services busi-
ness. Minimum lease payments of euro , million (:
euro . million) from non-cancellable operating leases
fall due as follows:
Contingent rents of euro  million (: euro  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 tangible, intangible and
investment assets on pages  – .
Investments accounted for using the equity
method and other investments
Investments accounted for using the equity method
comprise the Group’s interests in the joint venture BMW
Brilliance Automotive Ltd., Shenyang, and, for the first
time in , the investment in Cirquent GmbH, Munich.
The disclosures relating to the income statement include
the income and expenses of Cirquent GmbH, Munich,
since the deconsolidation of the Cirquent Group. The ag-
gregated
interests of the Group are as follows:
Other investments relate primarily to investments in non-
consolidated subsidiaries, participations and non-current
marketable securities.
Additions to investments in non-consolidated subsidiaries
relate to the foundation of BMW Bank OOO, Moscow,
and an equity capital increase at the level of Husqvarna
Motorcycles S. r. l., Cassinetta di Biandronno.
Items reported as disposals of investments in non-con-
solidated
subsidiaries result primarily from the first-time
consolidation of BMW Lease (Malaysia) Sdn Bhd, Kuala
Lumpur, BMW Roma S. r. l., Rome, and BMW de Argentina
S. A., Buenos Aires.
Impairment losses on investments in subsidiaries relate to
BMW Philippines Corp., Manila.
A break-down of the different classes of other investments
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  – .