25. Finance lease liabilities
|
Minimum lease payments |
Present value of minimum lease payments |
||
|
Year ended 31 December, |
Year ended 31 December, |
||
(thousands of €) |
2014 |
2013 |
2014 |
2013 |
Amounts payable under finance lease |
|
|
|
|
Within one year |
58 |
238 |
52 |
226 |
In the second to fifth years inclusive |
121 |
237 |
115 |
167 |
After five years |
|
|
|
|
|
179 |
475 |
167 |
393 |
|
|
|
|
|
Less future finance charges |
12 |
82 |
|
|
Present value of lease obligation |
167 |
393 |
|
|
|
|
|
|
|
Less amount due for settlement within 12 months |
|
|
52 |
226 |
Amount due for settlement after 12 months |
|
|
115 |
167 |
|
Net book value |
Acquisition cost |
||
|
Year ended 31 December, |
Year ended 31 December, |
||
(thousands of €) |
2014 |
2013 |
2014 |
2013 |
Leased assets |
|
|
|
|
Installation & machinery |
161 |
384 |
295 |
2,534 |
Total leased assets |
161 |
384 |
295 |
2,534 |
The Group leases certain of its installation and machinery under finance leases. For the year ended 31 December 2014, the average borrowing rate was 6.27% (2013: 6.17%). The interest rates were fixed at the date of the contracts. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
The decrease in leased assets in 2014 is mainly related to a finance lease of lab equipment in the Belgian entity which ended in 2014.
The fair value of the Group’s lease obligations approximates their carrying value.