Annual report 2012 - Comrod

Annual report 2012 53/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesNote 23 - LeasesFinance leases – Group as lesseeThe Group has a finance lease for a turning lathe and is responsible for maintenance and insurance. The original lease term was 5 years.Payments are made monthly.Assets held under finance leases:(NOK 1000) 2012 2011Plant and equipment 3 915 3 915-Accumulated depreciations -2 528 -1 966Net carrying amount 1 387 1 948Future minimum lease paymentsNot later than 1 year 567 7951 to 5 year 509 1 077Later than 5 years 0 0Future minimum lease payments 1 077 1 872Present value of future minimum lease payments 1 266 1 809Of whichcurrent liabilities 543 543non-current liabilities 724 1 266Operating leases – Group as lesseeThe group has entered into various operating leases on items of machinery, office equiment and other facilities. Most ofthese leases have a renewal option. Others have fixed terms. The leases have terms ranging from 3 to 5 years.The leasesnormally allow revision to accommodate factors such as changes in the CPI, increases in public duties and interest rates.None of the leases includes contingent rents. There is no legal right to acquire title to any leased asset.Lease payments:(NOK 1000) 2012 2011Ordinary lease payments 2 512 1 235Total 2 512 1 235Future minimum payments for fixed term leases:Not later than 1 year 970 1 1191 to 5 year 1 744 823Later than 5 years - -Total 2 714 1 94153