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29 Obligations under leasing arrangements

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 the period is:

Operating leasing arrangements

  31.12.2014 31.12.2013
     
Due within 1 year 3,963 4,200
Due in 1-5 years 5,542 5,528
Due after 5 years 8,127 3,389
Total 17,632 13,117

At the reporting date of the current financial year, the outstanding minimum lease payments consisted of TCHF 14,930 for property and buildings, TCHF 2,251 for motor vehicles and TCHF 451 for IT hardware. At the reporting date of the previous 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.

Lease expenses of TCHF 5,114 were recognised in the financial year under review. Lease expenses came to TCHF 4,987 the previous year.

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 kilometre limit. In the case of leased IT hardware, the lease contains the option of extending the contract for up to two years.

Finance leasing arrangements

The finance leasing arrangements only cover motor vehicles. The lease liabilities are contained in financial liabilities. If Repower uses the vehicles beyond the agreed kilometre limit, it must pay a standard market surcharge.

  31.12.2014 31.12.2013
     
Sum of minimum lease payments    
Due within 1 year 401 371
Due in 1-5 years 153 289
Due after 5 years 13 -
Total 567 660
Future interests -22 -18
Liabilities for financial leasing 545 642
     
Present value of liabilities for financial leasing    
Due within 1 year 392 358
Due in 1-5 years 142 284
Due after 5 years 11 -
Total 545 642