Annual Report 2010 - Scana Industrier ASA

73Note 20. Leasing obligationsOperational leasing agreements:The group has entered into a number of lease agreements for machinery, offices and other facilities with a remaining lease period of 1-10 years.These lease agreements are classified as operational leasing. The agreements do not entail restrictions on the company’s dividend policy orfinancing options. None of the assets that are leased are sub-let. The leasing cost in 2010 was NOK 20.7 million.The figures apply to future minimum leases.Annual Report 2010 Scana Industrier ASAThe figures apply to future minimum leases. 2010 2009Within a year 19 050 13 756More than 1 year and less than 5 years 58 283 48 266More than 5 years 8 441 7 307Total 85 774 69 329The group as lessee – financial leases:The group’s assets under financial leasing agreements include machinery and equipment. In addition to the lease payments, the group has obligationsfor maintenance and insurance of the assets. The remaining lease period varies from 1-9 years. None of the assets that are leased under noncancellablefinancial lease agreements are sub-let. The agreements do not entail restrictions on the company’s dividend policy or financing options.2010 2009Book Minimum Book MinimumFinancial leasing: value payment* value payment*Within a year 6 790 7 473 8 068 9 073After 1 year but not more than 5 years 13 644 14 804 18 666 20 063More than 5 years 2 630 2 970 4 464 5 021Book value of leasing 23 064 25 247 31 198 34 157Book value corresponds to the present value of the lease agreement.The free purchase amount of the larger financial and operational lease agreements amounts to NOK 72.5 million.*) Minimum payment is instalment and interest in accordance with the respective lease agreements.Financial leasing mainly relates to assets classified as machinery in note 9.Note 21. Related-party transactionsCompanies with significant influence: Sale Purchase Receivables LiabilityFrode Alhaug AS 2010 0 924 0 02009 0 775 0 300Panda AS *) 2010 0 1 462 0 2732009 0 1 419 0 134Strandkaien 2 AS **) 2010 0 1 398 0 02009 0 1 502 0 250*) Panda AS is owned by Per Ravnestad.**) Scana Industrier ASA rents office premises from Strandkaien 2 AS. This company is a sister company of Verket Finans AS, which is ashareholder in Scana Industrier ASA. Both companies are controlled by Øgreid AS.