page 70 Bombardier Inc. Annual Report 2003-04 Total borrowings Bombardier Inc. consolidated (BILLIONS OF CDN$) BC $^{(1)}$Includes sale and leaseback and operating lease obligations discussed in note 24 to the Consolidated Financial Statements. $^{(2)}$Includes mainly repayment requirements in connection with sales incentives offered in the aerospace segment.  Obligations maturing in fiscal year 2005 are expected to be repaid out of Bombardier’s liquidities.  Bombardier anticipates renewing its short-term credit facilities of  € 560 million ($925 million) and $730 million maturing in fis- cal year 2005 at similar commitment levels.  The Corporation has entered into certain  significant inventory procurement contracts that specify determinable prices and quanti- ties, as well as long-term delivery timeframes. These agreements require suppliers to build and deliver components in time to meet the Corporation’s production schedules. Such arrangements arise as a result of the extended production planning horizon for many of the Corporation’s products, in which the delivery of products to customers arises over an extended Liquidity The following table summarizes Bombardier’s obligation to make future payments on long-term debt, lease obligations and other obligations as at January 31, 2004, as well as the expected timing of these payments. The details of the available and outstanding amounts under the bank credit facilities, as well as the amount of outstanding borrowings as at January 31, 2004 and 2003 are pro- vided in notes 11 and 13 to the Consolidated Financial Statements. During fiscal year 2003, BC issued notes amounting to  € 500 million ($703 million) and £300 million ($677 million) in the European market, maturing in May 2007 and May 2009 respectively. The net proceeds from these offerings were swapped into U.S. dollars and were used, in part, to repay maturing long- term debt at BC amounting to $1.2 billion US ($1.9 billion) and ¥6.0 billion ($73 million).  In addition, a maturing $150-million bond  was repaid on June 7, 2002. The exceeding maturities were repaid through cash flow  from operations and proceeds from the wind- down portfolios. On July 28, 2003 and February 20, 2003, BC repaid, at maturity, notes and debentures amounting to $100 million and $250 million, respectively. In addition, on November 21, 2003, BC repaid, at maturity, notes amount- ing to $235 million US ($306 million). In September 2003, two 364-day revolving credit facilities amounting to $470 million and $400 million US ($546 million) were not renewed consistent with the reduced expected future cash requirements. In March 2003, BC also terminated a $50-million US uncommit- ted bilateral bank facility. BC’s remaining revolving facility of $600 million US ($796 mil- lion) matures in July 2005. Bombardier BC 14 12 10 8 6 4 2 0 Long-term debt Short-term borrowings F02 F03 F04 F02 F03 F04 F02 F03 F04 3.4 3.5 2.8 7.5 8.0 5.6 10.9 11.5 8.4 Total LESS THAN 1 TO 3 4 TO 5 TOTAL 1 YEAR YEARS YEARS THEREAFTER Long-term debt $2,700 $ 40 $ 830 $ 860 $ 970 Capital lease obligations 81 1 2 1 77 Operating lease obligations (1) 1,548 237 369 243 699 Outsourcing commitments 1,102 257 445 348 52 Other obligations (2) 634 93 101 89 351 $6,065 $628 $1,747 $1,541 $2,149 Bombardier