23. Finance lease liabilities
|
Minimum lease payments |
Present value of minimum lease payments |
||
|
31 December |
31 December |
||
(thousands of €) |
2016 |
2015 |
2016 |
2015 |
Amounts payable under finance lease |
|
|
|
|
Within one year |
56 |
56 |
54 |
52 |
In the second to fifth years inclusive |
9 |
65 |
9 |
63 |
After five years |
|
|
|
|
|
65 |
121 |
63 |
115 |
|
|
|
|
|
Less future finance charges |
2 |
6 |
|
|
Present value of lease obligation |
63 |
115 |
|
|
|
|
|
|
|
Less amount due for settlement within 12 months |
|
|
54 |
52 |
Amount due for settlement after 12 months |
|
|
9 |
63 |
|
Net book value |
Acquisition cost |
||
|
31 December |
31 December |
||
(thousands of €) |
2016 |
2015 |
2016 |
2015 |
Leased assets |
|
|
|
|
Installation & machinery |
58 |
109 |
251 |
251 |
Total leased assets |
58 |
109 |
251 |
251 |
We lease certain of our installation and machinery under finance leases. For the year ended 31 December 2016, the average borrowing rate was 4.34% (2015: 4.30%). 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.