28 – 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:

Leased assets (in million €)

 

 

December 31, 2014

December 31, 2013

 

 

Acquisition cost

Net book value

Acquisition cost

Net book value

Land, land rights and buildings

 

43

30

42

25

Machinery and technical equipment

 

118

32

103

38

Miscellaneous equipment and fixtures

 

44

14

39

12

Total

 

205

76

184

75

Liabilities from finance leases (in million €)

 

 

December 31, 2014

December 31, 2013

 

 

Minimum lease payments

Interest portion

Leasing liability

Minimum lease payments

Interest portion

Leasing liability

Following year 1

 

26

6

20

27

7

20

Following year 2

 

24

4

20

21

6

15

Following year 3

 

18

4

14

19

4

15

Following year 4

 

13

3

10

13

3

10

Following year 5

 

10

3

7

10

3

7

More than 5 years

 

38

15

23

45

17

28

Total

 

129

35

94

135

40

95

In 2014 and in 2013, no additional lease payments exceeding minimum lease payments due to contractual conditions for finance leases were recognized in the income statement.

In 2014 and 2013, leasing liabilities were not offset by any significant future minimum lease payments from subleases.

In addition, BASF is a lessee under operating lease contracts. The lease commitments totaling €1,587 million in 2014 (2013: €1,469 million) are due in the following years:

Commitments from operating lease contracts (in million €)

 

 

Nominal value of the future minimum lease payments

 

 

Dec. 31, 2014

Dec. 31, 2013

Less than 1 year

 

397

341

1–5 years

 

779

785

More than 5 years

 

411

343

Total

 

1,587

1,469

Future minimum lease payments from subleasing contracts based on existing agreements amounted to €11 million in 2014 (2013: €6 million).

In 2014, minimum lease payments of €384 million were included in income from operations (2013: €367 million). In 2014, conditional lease payments of €1 million were also included in income from operations (2013: €1 million). Furthermore, €4 million in sublease payments was included in income from operations (2013: €3 million).

BASF as lessor

BASF acts as a lessor for finance leases to a minor extent only. Receivables on finance leases were €43 million in 2014 (2013: €21 million).

In 2014, minimum lease payments arising from operating leases had a nominal value of €20 million (2013: €17 million) within one year, €51 million (2013: €48 million) for more than one year and up to five years, and €29 million (2013: €22 million) for more than five years.