BMW 2011 Annual Report Download - page 110

110
76 GROUP FINANCIAL STATEMENTS
76 Income Statements
76 Statement of
Comprehensive Income
78 Balance Sheets
80 Cash Flow Statements
82 Group Statement of Changes
in Equity
84 Notes
84 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. 2011 31. 12. 2010
Total of future minimum lease payments
due within one year 25 89
due between one and five years 171 116
due later than five years 49 95
245 300
Interest portion of the future minimum lease payments
due within one year 8 5
due between one and five years 47 25
due later than five years 17 28
72 58
Present value of future minimum lease payments
due within one year 17 84
due between one and five years 124 91
due later than five years 32 67
173 242
23
24
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 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 € 43 million (2010: € 41 million), goodwill
of € 33 million (2010: € 33 million) allocated to the Auto-
mobile cash-generating unit (CGU) and goodwill of € 336
million (2010: € 78 million) allocated to the Financial
Property, plant and equipment
No borrowing costs were recognised as a cost component
of property, plant and equipment during the year under
report.
As in the previous year, there was no requirement to
recognise impairment losses or reversals of impairment
losses on property, plant and equipment in 2011.
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 22.
Property, plant and equipment include a total of € 45 mil-
lion (2010: € 55 million) relating to operational buildings
used by BMW AG and BMW of North America LLC as
well as leased plant, machinery and other facilities, factory
Services CGU. Entities acquired as at 30 September 2011
increased goodwill of the Financial Services CGU by
€ 258 million. Further details are provided in note 3.
As in the previous year, there was no requirement to
recognise impairment losses or reversals of impairment
losses on intangible assets in 2011.
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 22.
and office equipment used primarily at the Hams Hall
production plant. Due to the nature of the lease arrange-
ments (finance leases), economic ownership of these
assets is attributable to the BMW Group. The leases for
buildings used by BMW AG, with a carrying amount of
€ 41 million (2010: € 46 million) run for periods up to
2028 at the latest. Some of the leases contain extension
and purchase options. A finance lease contract accounted
for at the level of BMW of North America LLC relating
to an operational building has a carrying amount of € 1
million at 31 December 2011 (2010: € 2 million) and a re-
maining term of four years. The lease for plant and ma-
chinery and other equipment at the Hams Hall plant,
with a carrying amount of € 1 million (2010: € 3 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: