This chapter is covered by the Auditors' Report.
Leasing with the Company as lessee
Assets under finance leases, recorded as property, plant and equipment, consist of:
|
|
2008 |
2007 |
|
Acquisition costs |
|
|
|
Real estate |
2,059 |
1,743 |
|
Machinery |
4 |
4 |
|
|
2,063 |
1,747 |
|
Accumulated depreciation |
|
|
|
Real estate |
–763 |
–589 |
|
Machinery |
–4 |
–2 |
|
|
–767 |
–591 |
|
Accumulated impairment losses |
|
|
|
Real estate |
–10 |
–80 |
|
Net carrying value |
1,286 |
1,076 |
As of December 31, 2008, future minimum lease payment obligations for leases were distributed as follows:
|
Finance leases |
Operating leases |
|
2009 |
208 |
3,429 |
|
2010 |
199 |
2,757 |
|
2011 |
156 |
2,153 |
|
2012 |
144 |
1,673 |
|
2013 |
144 |
984 |
|
2014 and later |
1,381 |
2,951 |
|
Total |
2,232 |
13,947 |
|
Future finance charges 1) |
–804 |
n/a |
|
Present value of finance lease liabilities |
1,428 |
13,947 |
Expenses in 2008 for leasing of assets were SEK 4,708 (2,878) million, of which variable expenses were SEK 1 (8) million. The leasing contracts vary in length from 1 to 20 years.
The Company’s lease agreements normally do not include any contingent rents. In the few cases they occur, it relates to charges for heating linked to the oil price index. Most of the leases of real estate contain terms of renewal, giving the right to prolong the agreement in question for a predefined period of time. All of the finance leases of facilities contain purchase options. Only a very limited number of the Company’s lease agreements contain restrictions on stockholders’ equity or other means of finance. The major agreement contains a restriction stating that the Parent Company must maintain a stockholders’ equity of at least SEK 25 billion.
Leases with the Company as lessor
Leasing income mainly relates to subleasing of real estate. These leasing contracts vary in length from 1 to 10 years.
At December 31, 2008, future minimum payment receivables were distributed as follows:
|
Finance leases |
Operating leases |
|
2009 |
– |
122 |
|
2010 |
– |
72 |
|
2011 |
– |
25 |
|
2012 |
– |
1 |
|
2013 |
– |
1 |
|
2014 and later |
– |
3 |
|
Total |
– |
224 |
|
Unearned financial income |
– |
n/a |
|
Uncollectible lease payments |
– |
n/a |
|
Net investments in financial leases |
– |
n/a |
Leasing income in 2008 was SEK 205 (160) million.
