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 |
|
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 |
Interest |
Leasing |
|
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 |
| |
|---|---|---|
|
|
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.
