BMW 2013 Annual Report Download - page 124

124
88 GROUP FINANCIAL STATEMENTS
88 Income Statements
88 Statement of
Comprehensive Income
90 Balance Sheets
92 Cash Flow Statements
94 Group Statement of Changes in
Equity
96 Notes
96 Accounting Principles and
Policies
114 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
145 Other Disclosures
161 Segment Information
in € million 31. 12. 2013 31. 12. 2012
Total of future minimum lease payments
due within one year 14 5
due between one and five years 13 23
due later than five years 44 52
71 80
Interest portion of the future minimum lease payments
due within one year 3 3
due between one and five years 7 8
due later than five years 13 17
23 28
Present value of future minimum lease payments
due within one year 11 2
due between one and five years 6 15
due later than five years 31 35
48 52
22
23
Intangible assets
Intangible assets mainly comprise capitalised develop-
ment costs on vehicle and engine projects as well as
subsidies for tool costs, licences, purchased development
projects, software and purchased customer bases. Amor-
tisation
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 € 43 million (2012: € 44 million), goodwill
of € 33 million (2012: € 33 million) allocated to the
Auto-
motive cash-generating unit (CGU) and goodwill of
€ 336 million (2012: € 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 2013.
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 21.
Property, plant and equipment include a total of € 42 mil-
lion
(2012: € 46 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
Group due to the nature of the lease arrangements
Intangible assets amounting to € 43 million (2012: € 44 mil-
lion)
are subject to restrictions on title.
As in the previous year, there was no requirement to
recognise impairment losses or reversals of impairment
losses on intangible assets in 2013.
No borrowing costs were recognised as a cost compo-
nent of intangible assets during the year under report.
An analysis of changes in intangible assets is provided
in note 21.
(finance leases). The leases to which BMW AG is party,
with a carrying amount of € 37 million (2012: € 39 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 € 2 million (2012: € 3 million)
under a lease with a remaining term of 18 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 2013 (2012: € 2 million).
The finance lease contract accounted for at the level of
BMW of North America LLC has a remaining term of
two years and includes a purchase and a renewal
option
for the underlying asset which has a carrying amount
of € 1 million at the end of the reporting period (2012:
€ 1 million).
Minimum lease payments of the relevant leases are as
follows: