✓ audited

27 – Leasing

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 €)

 

2012

 

2011

 

Acquisition cost

Net book value

 

Acquisition cost

Net book value

Land, land rights and buildings

44

25

 

47

27

Machinery and technical equipment

102

39

 

218

60

Miscellaneous equipment and fixtures

37

12

 

64

13

 

183

76

 

329

100

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Liabilities from finance leases (million €)

 

2012

 

2011

 

Minimum lease payments

Interest portion

Leasing liability

 

Minimum lease payments

Interest portion

Leasing liability

Following year 1

24

5

19

 

28

7

21

Following year 2

22

5

17

 

21

6

15

Following year 3

16

4

12

 

18

5

13

Following year 4

13

2

11

 

13

4

9

Following year 5

8

2

6

 

13

3

10

More than 5 years

37

16

21

 

52

19

33

 

120

34

86

 

145

44

101

In 2012 and in 2011, no additional lease payments arising from contractual obligations for finance leases were recognized in expenses in excess of the minimum lease payments for finance leases.

In 2012, leasing liabilities were not offset by any significant minimum lease payments from sub-leases.

In addition, BASF is a lessee under operating lease contracts. The resulting lease commitments totaling €1,604 million in 2012 (2011: €1,801 million) are due in the following years:

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Commitments from operating lease contracts (million €)

 

Nominal value of the future minimum lease payments

 

December 31, 2012

December 31, 2011

Less than 1 year

648

620

1–5 years

666

731

More than 5 years

290

450

 

1,604

1,801

In 2012, commitments due to operating lease contracts of less than one year included leases of precious metals of €325 million (2011: €334 million). These metals were immediately leased to third parties. The other leasing commitments were offset by expected minimum lease payments from sub-leases of €8 million in 2012 (2011: €9 million).

In 2012, minimum lease payments of €336 million were included in income from operations (2011: €313 million). In both 2012 and 2011, income from operations also included conditional lease payments of €2 million. Furthermore, €3 million in lease payments from sub-leases was included in income from operations in both 2012 and 2011.

BASF as lessor

BASF acts as a lessor for finance leases in a minor capacity only. Receivables on finance leases were €21 million in 2012 (2011: €22 million).

In 2012, minimum lease payments arising from operating leases had a nominal value of €338 million within one year (2011: €345 million) and of €71 million for more than one year (2011: €42 million).

In 2012, precious metal accounts of €917 million (2011: €813 million) were held for customers whose metals are stored physically at BASF.