Leasing contracts that mainly transfer the economic risk to Repower are recognised as finance leasing arrangements. All other leasing contracts are classified as operating leasing arrangements. Assets which are recognised in connection with a finance lease are depreciated in accordance with the guidelines explained under property, plant and equipment. If the depreciation period of the asset is greater than the length of the lease agreement, the asset is depreciated over the term of the leasing contract.
The total of the future minimum leasing payments for every subsequent period are:
Operating leasing arrangements
| 31.12.2013 | 31.12.2012 | |
|---|---|---|
| Restated | ||
| Due within 1 year | 4,200 | 4,124 |
| Due in 1-5 years | 5,528 | 8,051 |
| Due after 5 years | 3,389 | 3,691 |
| Total | 13,117 | 15,866 |
At the reporting date of the current financial year, the outstanding minimum lease payments consisted of TCHF 9,345 for property and buildings, TCHF 2,547 for motor vehicles and TCHF 1,225 for IT hardware. At the reporting date of the previous financial year, the outstanding minimum lease payments consisted of TCHF 12,135 for property and buildings, TCHF 2,213 for motor vehicles and TCHF 1,519 for IT hardware.
Only in the case of motor vehicle leasing contracts is Repower required to pay a standard market surcharge if it uses the vehicles beyond the contractually agreed km limit. Repower does not intend to purchase any of the leased vehicles or IT hardware at the end of the leasing period.
Finance leasing arrangements
| 31.12.2013 | 31.12.2012 | |
|---|---|---|
| Sum of minimum lease payments | ||
| Due within 1 year | 371 | 440 |
| Due in 1-5 years | 289 | 714 |
| Due after 5 years | - | - |
| Total | 660 | 1,154 |
| Future interests | -18 | -48 |
| Liabilities for financial leasing | 642 | 1,106 |
| Present value of liabilities for financial leasing | ||
| Due within 1 year | 358 | 438 |
| Due in 1-5 years | 284 | 668 |
| Due after 5 years | - | - |
| Total | 642 | 1,106 |
The finance leasing arrangements only cover motor vehicles. The lease liabilities are contained in financial liabilities. If Repower uses the vehicles beyond the agreed km limit, it must pay a standard market surcharge. Repower does not intend to acquire the leased vehicles at the end of the lease agreement.