BMW 2010 Annual Report Download - page 100

98
74 GROUP FINANCIAL STATEMENTS
74 Income Statements
74 Statement of
Comprehensive Income
76 Balance Sheets
78 Cash Flow Statements
80 Group Statement of Changes
in Equity
81 Notes
81 Accounting Principles
and Policies
89 Notes to the Income
Statement
95 Notes to the Statement
of Comprehensive Income
96 Notes to the Balance Sheet
117 Other Disclosures
133 Segment Information
in euro million 31. 12. 2010 31. 12. 2009
Total of future minimum lease payments
due within one year 89 75
due between one and five years 116 166
due later than five years 95 117
300 358
Interest portion of the future minimum lease payments
due within one year 5 7
due between one and five years 25 25
due later than five years 28 36
58 68
Present value of future minimum lease payments
due within one year 84 68
due between one and five years 91 141
due later than five years 67 81
242 290
19
20
Intangible assets
Intangible assets mainly comprise capitalised develop-
ment costs on vehicle and engine projects as well as sub-
sidies for tool costs, licences, purchased development
projects and software. Amortisation on intangible assets
is presented in cost of sales, sales costs and administra-
tive costs.
In addition, intangible assets include a brand-name right
amounting to euro 41 million (2009: euro 40 million) and
goodwill with an indefinite useful life of euro 111 mil-
lion, unchanged from the previous year. The latter com-
prises
goodwill arising on the acquisition of DEKRA
SüdLeasing Services GmbH, Stuttgart, and its subsidiaries
and on the acquisition of SimeLease (Malaysia) Sdn Bhd,
Property, plant and equipment
No borrowing costs were recognised as a cost component
of property, plant and equipment during the year under
report.
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 96 et seq.
Property, plant and equipment include a total of euro
55million (2009: euro 57 million) relating to operational
buildings used by BMW AG as well as leased plant, ma-
chinery and other facilities, factory and office equipment
used primarily at the Oxford and Hams Hall production
plants. Due to the nature of the lease arrangements
(finance leases), economic ownership of these assets is
Kuala Lumpur, and its subsidiary SimeCredit (Malaysia)
Sdn Bhd, Kuala Lumpur. This item is not presented sepa-
rately in the BMW Group balance sheet since the amount
is not significant in relation 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.
No borrowing costs were recognised as a cost component
of intangible assets during the year under report.
Changes in intangible assets during the year are shown
in the analysis of changes in Group tangible, intangible
and investment assets on pages 96 et seq.
attributable to the BMW Group. The leases for buildings,
with a carrying amount of euro 46 million (2009: euro
48 million) run for periods up to 2028 at the latest.
Some of the leases contain extension and purchase op-
tions. The leases for plant and machinery and other
equipment at the Oxford plant, with a carrying amount
of euro 3 million (2009: euro 4 million) at 31 December,
run until 2011. For each of the leases, there is a recur-
ring option to extend the leases by one year. Apurchase
option was not agreed. The lease for plant and ma-
chinery and other equipment at the Hams Hall plant,
with a carrying amount of euro 3 million (2009: euro
1million) at 31 December, runs until 2018. Neither a
lease extension option nor a purchase option has been
agreed.
Minimum lease payments of the relevant leases are as
follows: