BMW 2002 Annual Report Download - page 77
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
031 BMW Stock
034 Corporate Governance
042 Group Financial Statements
106 BMW AG Financial Statements
112 BMW Group Annual Comparison
114 BMW Group Locations
116 Glossary
120 Index
76
Intangible assets comprise mainly capitalised devel-
opment costs on vehicle and engine projects as well
as subsidies for tooling costs, licences, purchased
development projects and software. Changes in in-
Abreakdown of the different classes of property,
plant and equipment disclosed in the balance sheet
and changes during the year are shown in the analy-
sis of changes in non-current assets on pages 74
and 75.
Property, plant and equipment includes leased
plant and machinery and other equipment amount-
ing to euro 421 million (2001: euro 480 million) and
relates primarily to the Oxford and Hams Hall produc-
tion
plants. Due to the nature of the lease
arrange-
ments (finance leases), economic ownership of
these assets is attributable to the Group.The leases
for plant and machinery and other equipment at
tangible assets during the year are shown in the
analysis of changes in Group non-current assets on
pages 74 and 75.
the Oxford production plant, with a carrying amount
of euro 200 million (2001: euro 252 million), run for
periods up to 2013, after which the leases may be
extended for one
year periods. A purchase option
was not agreed.The
lease for plant and machinery
and other equipment at the Hams Hall production
plant, with a carrying amount of euro194 million
(2001: euro 194 million), runs until 2018 and may
then be extended for one year periods. A purchase
option was not agreed.
Minimum lease payments of the relevant leases
are as follows:
[19]Intangible
assets
[20]Property, plant
and equipment
in euro million 31.12. 2002 31.12. 2001
To t al of future minimum lease payments
due within one year 83 63
due between one and five years 344 312
due later than five years 692 724
1,119 1,099
Interest portion of future minimum lease payments
due within one year 17 12
due between one and five years 86 70
due later than five years 232 268
335 350
Present value of future minimum lease payments
due within one year 66 51
due between one and five years 258 242
due later than five years 460 456
784 749