BMW 2012 Annual Report Download - page 110

110
78 GROUP FINANCIAL STATEMENTS
78 Income Statements
78 Statement of
Comprehensive Income
80 Balance Sheets
82 Cash Flow Statements
84 Group Statement of Changes
in Equity
86 Notes
86 Accounting Principles
and Policies
100 Notes to the Income
Statement
107 Notes to the Statement
of Comprehensive Income
108 Notes to the Balance Sheet
129 Other Disclosures
145 Segment Information
in € million 31. 12. 2012 31. 12. 2011
Total of future minimum lease payments
due within one year 5 25
due between one and five years 23 171
due later than five years 52 49
80 245
Interest portion of the future minimum lease payments
due within one year 3 8
due between one and five years 8 47
due later than five years 17 17
28 72
Present value of future minimum lease payments
due within one year 2 17
due between one and five years 15 124
due later than five years 35 32
52 173
21
22
Intangible assets
Intangible assets mainly comprise capitalised develop-
ment
costs on vehicle and engine projects as well as
subsidies for tool costs, licences, purchased develop-
ment projects, software and purchased customer bases.
Amortisation on intangible assets is presented in cost
of sales, selling expenses and administrative expenses.
In addition, intangible assets include a brand-name right
amounting to € 44 million (2011: € 43 million), goodwill
of € 33 million (2011: € 33 million) allocated to the
Auto-
motive cash-generating unit (CGU) and goodwill of
€ 336 million (2011: € 336 million) allocated to the Finan-
cial Services CGU.
Property, plant and equipment
No borrowing costs were recognised as a cost compo-
nent of property, plant and equipment during the year
under report.
As in the previous year, there was no requirement to
recognise impairment losses in 2012.
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 in note 20.
Property, plant and equipment include a total of € 46 mil-
lion
(2011: € 45 million) relating to land and operational
buildings used by BMW AG, BMW Tokyo Corp., BMW
Osaka Corp., and BMW of North America LLC, for
which economic ownership is attributable to the BMW
Intangible assets amounting to € 44 million (2011:
€ 43 million) are subject to restrictions on title.
As in the previous year, there was no requirement to
recognise impairment losses or reversals of impair-
ment
losses on intangible assets in 2012.
No borrowing costs were recognised as a cost com-
ponent of intangible assets during the year under
report.
An analysis of changes in intangible assets is provided
in note 20.
Group due to the nature of the lease arrangements
(finance leases). The leases to which BMW AG is party,
with a carrying amount of € 39 million (2011: € 41 mil-
lion) run for periods up to 2028 at the latest and contain
price adjustment clauses as well as extension and pur-
chase options. The asset leased by BMW Tokyo Corp.
has a carrying amount of € 3 million (2011: € – million)
under a lease with a remaining term of 19 years. BMW
Osaka Corp. is party to finance leases running until
2022 for operational buildings with a carrying amount
of € 2 million at 31 December 2012 (2011: € – million).
The finance lease contract accounted for at the level of
BMW of North America LLC has a remaining term of
three years and includes a purchase option for the un-
derlying asset which has a carrying amount of € 1 mil-
lion at 31 December 2012 (2011: € 1 million).
Minimum lease payments of the relevant leases are as
follows:
The decrease in minimum lease payments is primarily due to the early termination of finance leases relating to the
Hams Hall production plant.