Consolidated balance sheets page 85 Bombardier Inc. Annual Report 2003-04 AS AT JANUARY 31 BOMBARDIER INC. (MILLIONS OF CANADIAN DOLLARS) CONSOLIDATED BOMBARDIER BC NOTES 2004 2003 2004 2003 2004 2003 Assets Cash and cash equivalents $1 , 619 $1 , 014 $1 , 605 $ 713 $ 14 $ 301 Receivables 3 2,438 2,259 2,246 2,093 192 166 Finance receivables  4 4,148 7,013 – – 4,148 7,013 Assets under operating leases 5 740 1,358 114 7 626 1,351 Inventories 6 5,756 5,264 5,756 5,264 – – Property, plant and equipment 7 4,674 5,386 4,555 5,239 119 147 Goodwill 8 3,038 3,245 3,038 3,245 – – Deferred income taxes 19 699 915 455 632 244 283 Investment in BC and advances and  subordinated loans to Bombardier – – 1,142 1,287 776 69 Accrued benefit asset 23 498 265 498 265 – – Assets held for sale 2 – 1,260 – 1,260 – – Other assets 10 1,959 1,145 998 758 961 387 $25,569 $29,124 $20,407 $20,763 $7,080 $9,717 Liabilities Short-term borrowings 11 $ 308 $2 , 564 $ – $ 381 $ 308 $2,183 Advances from BC – – 179 69 – – Accounts payable and accrued liabilities 12 9,000 8,906 8,668 8,494 332 412 Advances and progress billings in excess of related costs 6 3,563 3,816 3,563 3,816 – – Deferred income taxes 19 138 186 133 182 5 4 Long-term debt 13 8,074 8,926 2,781 3,099 5,293 5,827 Accrued benefit liability 23 1,236 1,151 1,236 1,147 – 4 Liabilities related to assets held for sale 2 – 834 – 834 – – Subordinated loans from BC – – 597 – – – 22,319 26,383 17,157 18,022 5,938 8,430 Shareholders’ equity (Investment in BC) 3,250 2,741 3,250 2,741 1,142 1,287 $25,569 $29,124 $20,407 $20,763 $7,080 $9,717 Commitments and contingencies 24 The accompanying summary of significant accounting policies and notes are an integral part of these Consolidated Financial Statements and provide information  on the financial statement presentation. On behalf of the Board of Directors, Signed by Signed by L. DENIS DESAUTELS DIRECTOR PAUL M. TELLIER DIRECTOR