23. Finance lease liabilities

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.