BMW 2012 Annual Report Download - page 111

111 GROUP FINANCIAL STATEMENTS
in € million 31. 12. 2012 31. 12. 2011
within one year 6,215 5,749
between one and five years 6,570 5,900
later than five years 12 9
Minimum lease payments 12,797 11,658
23
24
Leased products
The BMW Group, as lessor, leases out its own products
and those of other manufacturers as part of its finan-
cial
services business. Minimum lease payments of
€ 12,797 million (2011: € 11,658 million) from non-can-
cellable operating leases fall due as follows:
Contingent rents of € 166 million (2011: € 174 million),
based principally on the distance driven, were recognised
in income. Some of the agreements contain price adjust-
ment clauses as well as extension and purchase options.
An analysis of changes in leased products is provided in
note 20.
Investments accounted for using the equity method
and other investments
Investments accounted for using the equity method
comprise the Group’s investments in the joint ventures
BMW Brilliance Automotive Ltd., Shenyang, SGL Auto-
motive Carbon Fibers GmbH & Co. KG, Munich, SGL
Automotive Carbon Fibers Verwaltungs GmbH, Munich,
SGL Automotive Carbon Fibers LLC, Dover, DE, Drive-
Now GmbH & Co. KG, Munich, and DriveNow Verwal-
tungs GmbH, Munich. The joint venture BMW Peugeot
Citroën Electrification B.V., The Hague, was terminated
at the end of November 2012, with the consequence that
only the Group’s share of earnings up to the date of
termination are included in the result from equity ac-
counted investments. In contrast to the end of the pre-
vious year, the joint venture BMW Peugeot Citroën
Electrification B.V., The Hague, is not included in the
balance sheet at 31 December 2012.
The Group’s share of results of joint ventures in 2012
and its accumulated interest in investments accounted
for using the equity method are as follows:
in € million 31. 12. 2012 31. 12. 2011
Disclosures relating to the income statement
Income 3,516 2,142
Expenses – 3,245 – 1,980
Profit 271 162
Disclosures relating to the balance sheet
Non-current assets 1,018 636
Current assets 991 906
Equity 663 392
Non-current liabilities 117 126
Current liabilities 1,229 1,024
Balance sheet total 2,009 1,542
Capital commitments to the joint ventures SGL Auto-
motive Carbon Fibers GmbH & Co. KG, Munich, and
SGL Automotive Carbon Fibers LLC, Dover, DE, at
31 December 2012 totalled € 95 million.
Other investments relate to investments in non-con-
solidated subsidiaries, interests in associated companies
not accounted for using the equity method, participations
and non-current marketable securities.