2014 Annual report - Statement of changes in equity

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NOTE 30	OPERATING AND FINANCE LEASES

The Group as lessor, operating leases

The Group leases fixtures and equipment under operating leases. Essentially, equipment is rented out to Elopak's customers who use them in their own production.
Specification of income on operating leases
Specification of income on operating leases			2014	2013
Total variable leases recognised as income			110 555	101 495
Minimum leases (including fixed leases) recognised as income				3 933
Total			110 555	105 428

At the balance sheet date, the Group has contracted the following future minimum leases:			2014	2013
Totally due next year			93 034	80 291
Totally due in 2-5 years			282 959	225 228
Totally due after 5 years			31 356	41 095
Total			407 349	346 614
The amounts have not ben discounted.

The Group as lessor, finance leases

Specification of income from finance leases			2014	2013
Total variable leases recognised as income			17 617	6 019
Finance income from finance leasing contracts
Total income from finance leases			17 617	6 019

Gross investment compared to the present value of outstanding minimum leases			2014	2013
Gross receivables on lease agreements			17 617	27 528
Finance income not yet earned			- 2 439	- 3 303
Net investment from finance leases (present value)			15 178	24 225

The Group as lessee, operating leases

Specification of expenses on operating leases			2014	2013
Total variable leases recognised as expenses			158 824	153 379
Minimum leases (including fixed leases) recognised as expense			183 310	151 328
Subleases recognised as cost reductions			- 171	- 934
Total leasing costs			341 963	303 773

Due for payment			2014	2013
Total costs next year			338 231	280 803
Total costs 2-5 years			947 479	887 725
Total costs after 5 years			822 811	426 201
Total			2 108 521	1 594 729
The amounts have not been discounted.

Distribution of the same leasing obligation on leasing objects			2014	2013
Buildings and land			1 799 654	1 308 512
Machines and installations			207 495	193 384
Fixtures, vehicles and equipment			101 372	92 833
Total leasing obligations related to operating lease commitments			2 108 521	1 594 729

The Group as lessee, finance leasing

Specification of leasing costs			2014	2013
Total variable leases recognised as expenses			6 610	8 922
Total leasing costs			8 922	8 922

Future minimum leases and corresponding present values, by due dates:		Minimum rent	Calculated interest	Present value
Total due in one year		1 077	25	1 052
Total due in year 2-5		131	8	123
total due after 5 years
Total leasing obligations related to finance leasing		1 208	33	1 175

Net carrying value of leased assets, by asset class			2014	2013
Fixtures, vehicles and equipment			4 005	15 447
Total carrying value of leased assets			4 005	15 447
The fixed assets are also included in the tangible asset note (note 14).