English - DFDS

104 NOTEs
DFDS annual report 2009
>>> Note 37 continued
Parent Company
DKK ‘000
Consolidated
DKK ‘000
2007 2008 2009 2007 2008 2009
Operating lease contracts as lessor
Minimum lease payments
Ships
0 0 0 0-1 year 71,090 71,090 16,067
0 0 0 1-5 years 66,833 50,698 0
0 0 0 Total ships 137,923 121,788 16,067
The specified obligations are not discounted.
Operational leasing and rent income recognised in the income statement amounts for the Group to DKK 308.2 million in 2009 (2008: DKK 250.3 million, 2007:
DKK 284.0 million) and for the Parent Company to DKK 388.7 million in 2009 (2008:DKK 269.6 million, 2007: DKK 205.6 million).
The contracts are entered on usual conditions.
2007 2008 2009 2007 2008 2009
Financial lease contracts as lessee
Minimum lease payments
25,250 22,699 0 0-1 year 80,278 72,956 12,174
22,688 0 0 1-5 years 115,907 50,087 55,827
47,938 22,699 0 Total minimum lease payments 196,185 123,043 68,001
-20,064 -9,662 0 Elements of timecharter -94,801 -62,661 0
-5,657 -1,375 0 Elements of finance -14,853 -6,009 -10,232
22,217 11,662 0 I alt 86,531 54,373 57,769
Current liabilities
9,656 11,662 0 Non-current liabilities 35,294 34,275 8,930
12,561 0 0 Total recognised in the balance 51,237 20,098 48,839
22,217 11,662 0 Total 86,531 54,373 57,769
The financial lease contracts included in the balance sheet up to 2008 were primarily related to lease of ships (2008: 4 ships, 2007: 4 ships). During 2009 the contract regarding
1 ship expired and 3 ships were returned prior to time. The 3 ships were previous leased on timecharter agreements until 2010. The lease payments were fixed during
the lease terms. DFDS had an option to extend the lease terms by an additional three years for 3 of the ships. None of the lease contracts included an option to acquire
the ships. A small part of the financial lease contracts included in the balance sheet up to 2008 related to cargo carrying equipment. These financial lease contracts expired
during 2009.
In 2009 the financial lease contracts included in the balance sheet are all related to cargo carrying equipment. The lease contracts are entered during 2009 and they
expire in 2014.
Note 38
Related parties
The Group’s related parties exercising control are Lauritzen Fonden, Copenhagen, which indirectly holds more than 50% of the shares in DFDS A/S. The members of the
Board of Directors and the Executive Board at Lauritzen Fonden are also related parties.
Furthermore, related parties comprise all companies owned by Lauritzen Fonden, DFDS’s group enterprises and associates, cf. page 107 and Note 14, and these
companies’ Executive Board and Board of Directors, executive employees and close members of the family of those.
Apart from intra-group balances and transactions (primary charter hire, trade in ships and commissions etc.), which are eliminated on consolidation, the usual Executive
Board remuneration and Board of Directors emoluments (informed in Note 5), share option to the Executive Board (informed in Note 20) and the below transactions,
no related-party transactions have been carried out during the year.
Regarding J. Lauritzen A/S, trade in 2007 has primarily related to rendering of services. Trade is conducted on arm’s length basis.
Note 38 continued on the next page >>>