23. Finance lease liabilities

23. Finance lease liabilities

 

Minimum lease payments

Present value of minimum lease payments

 

Year ended 31 December

Year ended 31 December

(thousands of €)

2015

2014

2015

2014

Amounts payable under finance lease

 

 

 

 

Within one year

56

58

52

52

In the second to fifth years inclusive

65

121

63

115

After five years

 

 

 

 

 

121

179

115

167

 

 

 

 

 

Less future finance charges

6

12

 

 

Present value of lease obligation

115

167

 

 

 

 

 

 

 

Less amount due for settlement within 12 months

 

 

52

52

Amount due for settlement after 12 months

 

 

63

115

 

Net book value

Acquisition cost

 

Year ended 31 December

Year ended 31 December

(thousands of €)

2015

2014

2015

2014

Leased assets

 

 

 

 

Installation & machinery

109

161

251

295

Total leased assets

109

161

251

295

We lease certain of our installation and machinery under finance leases. For the year ended 31 December 2015, the average borrowing rate was 4.30% (2014: 6.27%). 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 fair value of our lease obligations approximates their carrying value.