page 102 Bombardier Inc. Annual Report 2003-04 5 ASSETS UNDER OPERATING LEASES Assets under operating leases were as follows as at January 31: $^{(1)}$The industrial equipment portfolio was reclassified from continuing to wind-down portfolios during the fiscal year ended January 31, 2004. The weighted average maturity of the operating leases was 66 and 39 months for Bombardier and BC, respectively, as at January 31, 2004 (47 and 56 months for Bombardier and BC, respectively, as at January 31, 2003). Depreciation of assets under operating leases was $6 million and $125 million for Bombardier and BC, respectively, for the year ended January 31, 2004 (nil and $169 million for Bombardier and BC, respectively, for the year ended January 31, 2003) and is included in depreciation and amortization in the consolidated statements of income. BC also manages a portfolio of freight cars under operating leases whereby BC is the lessee/sub-lessor. The net present value of  the minimum lease payments payable by BC pursuant to these arrangements was $864 million as at January 31, 2004 ($1,018 million as at January 31, 2003). BC’s undiscounted minimum lease payments related to this portfolio are included in note 24. Bombardier’s inventories were as follows as at January 31: As at January 31, 2004, finished products included four new aircraft, not associated with a firm order, amounting to $71 million and 23  pre-owned aircraft amounting to $213 million (16 new aircraft amounting to $244 million and 11 pre-owned aircraft amounting to $80 million as at January 31, 2003). 6 INVENTORIES 2004 2003 NET BOOK NET BOOK COST VALUE COST VALUE Bombardier Pre-owned aircraft $ 120 $114 $ 7 $ 7 BC Continued portfolios Commercial aircraft 424 275 453 378 Wind-down portfolios Business aircraft 338 231 907 815 Freight cars 70 51 80 61 Industrial equipment (1) 69 46 73 56 Other 43 23 71 41 520 351 1,131 973 Total BC 944 626 1,584 1,351 $1,064 $740 $1,591 $1,358 2004 2003 Raw materials $ 106 $ 114 Aerospace programs 2,150 2,184 Long-term contracts 2,438 1,711 Finished products 1,062 1,255 $5,756 $5,264