BMW 2010 Annual Report Download - page 101

99 GROUP FINANCIAL STATEMENTS
in euro million 31. 12. 2010 31. 12. 2009
within one year 4,303 4,257
between one and five years 3,766 3,428
later than five years 1 1
Leased products 8,070 7,686
21
22
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 8,070 million
(2009: euro 7,686 million) from non-cancellable operating
leases fall due as follows:
Contingent rents of euro 47 million (2009: euro 39 mil-
lion), based principally on the distance driven, were
recognised in income. The agreements have, in part, ex-
tension 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 96 et seq.
Investments accounted for using the equity method
and other investments
Investments accounted for using the equity method in-
clude the BMW Group’s interests in BMW Brilliance
Automotive Ltd., Shenyang, SGL Automotive Carbon
Fibers GmbH & Co. KG, Munich, SGL Automotive Carbon
Fibers Verwaltungs GmbH, Munich, and SGL Auto-
motive Carbon Fibers LLC, Dover, DE (all joint ventures)
and in Cirquent GmbH, Munich. The aggregated inter-
ests of the Group are as follows:
Other investments relate primarily to investments in
non-consolidated subsidiaries, investments in other
companies and non-current marketable securities.
Additions to investments in non-consolidated sub-
sidiaries relate primarily to the foundation of BMW India
Financial Services Pvt. Ltd., New Delhi, and to a capital
increase at the level of Husqvarna Motorcycles S. r. l.,
Cassinetta di Biandronno.
The write-downs on investments in affiliated companies
relates primarily to investments in the Husqvarna Group.
The new strategic direction being taken for these invest-
ments gave rise to an impairment loss of euro 178
mil-
lion, reflecting the fact that the recoverable amount (value
in use) was lower than the relevant carrying amounts.
Most ofthis
expense was recorded by the Automobile
segment. Fair values were calculated by discounting
future cash flows
using a risk-adjusted interest rate of
12.0% (unchanged
from the previous year).
Changes in investments in non-consolidated subsidiar-
ies also reflect the capital increase, impairment and first-
time consolidation of the Husqvarna Group.
A break-down of the different classes of other invest-
ments 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.
in euro million 31. 12. 2010 31. 12. 2009
Disclosures relating to the income statement
Income 1,240 835
Expenses –1,142 – 797
Profit 98 38
Disclosures relating to the balance sheet
Non-current assets 318 222
Current assets 572 287
Equity 271 164
Non-current liabilities 36 15
Current liabilities 583 330
Balance sheet total 890 509