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Last Update: 03/12/2009
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Part of the audited Consolidated Financial Statements and Management´s Analysis

27 -- Leasing

Leased assets

Property, plant and equipment include those assets which are considered to be economically owned through a finance lease. They primarily concern the following items:

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Leased assets (million €)

 

 

 

 

2008

 

2007

 

Acquisition cost

Net book value

 

Acquisition cost

Net book
value

Land, land rights and buildings

20

13

 

26

18

Machinery and technical equipment

223

96

 

226

118

Miscellaneous equipment and fixtures

73

18

 

71

20

Advance payments and construction in progress

 

 

316

127

 

323

156

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Liabilities from finance leases (million €)

 

 

2008

 

2007

 

Minimum lease payments

Interest portion

Leasing liability

 

Minimum
lease
payments

Interest
portion

Leasing
liability

Following year 1

20

5

15

 

29

6

23

Following year 2

20

5

14

 

19

5

13

Following year 3

22

5

18

 

18

5

13

Following year 4

11

2

9

 

21

5

16

Following year 5

7

2

4

 

10

3

8

Over 5 years

29

10

20

 

35

12

23

 

108

29

80

 

132

36

96

In the current business year and in 2007, no additional lease payments arising from contractual obligations were recognized in income above the minimum lease payments.

In 2008, leasing liabilities were not offset by any expected minimum lease payments from sub-leases.

In addition, BASF is a lessee under operating lease contracts. The resulting lease obligations totaling €1,449 million in 2008 and €1,272 million in 2007 are due in the following years:

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Commitments due to operating lease contracts
(million €)

 

 

Nominal value of the future minimum payments

 

December 31, 2008

December 31, 2007

Less than 1 year

280

292

1–5 years

613

505

Over 5 years

556

475

 

1,449

1,272

In 2008, commitments due to operating lease contracts of less than one year contained leases of precious metals of €35 million (2007: €93 million). These metals were immediately leased to third parties. Offsetting the other leasing commitments are expected minimum lease payments from sub-leases of €11 million in 2008 (2007: €12 million).

Minimum lease payments of €269 million (2007: €242 million), no conditional lease payments (2007: €0.3 million), and payments received from subleases of €4 million (2007: €4 million) were included in income from operations in 2008.

BASF as lessor


BASF acts as both a lessee and a lessor under finance leases. BASF acts as a lessor for finance leases in a minor capacity only. Receivables on finance leases were €17 million in 2008 and of €1 million in 2007. In 2008, nominal minimum payments arising from operating leases amount to €42 million within one year, and €19 million within the next five years. For 2007, these figures amounted to €101 million within one year, and €23 million within the next five years.

In 2008, precious metal accounts of €505 million (2007: €598 million) continue to be held for customers where the metals are stored physically at BASF.

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