[17] Leased assets

The changes in leased assets in 2011 and 2010 were as follows:

Leased assets

€ thousand

2011

2010

 

 

 

Balance as at 1/1/

501,164

536,224

 

 

 

Group changes

10,690

0

Currency translation adjustments

-1,449

16,830

Additions

287,722

188,832

Disposals

-86,623

-65,140

Depreciation

-169,452

-176,558

Reclassification

-2,321

976

 

 

 

Balance as at 31/12/

539,731

501,164

 

 

 

Gross carrying amount as at 31/12/

1,436,849

1,443,182

Accumulated depreciation

-897,118

-942,018

The segment breakdown of leased assets is as follows:

Leased assets broken down by segment

€ thousand

LMH

STILL

Other

Total

 

 

 

 

 

Balance as at 1/1/2010

312,271

220,035

3,918

536,224

Currency translation adjustments

14,230

2,600

0

16,830

Additions

103,549

84,240

1,043

188,832

Disposals

-39,660

-25,480

0

-65,140

Depreciation

-103,939

-70,261

-2,358

-176,558

Reclassification

-157

1,133

0

976

 

 

 

 

 

Balance as at 31/12/2010

286,294

212,267

2,603

501,164

 

 

 

 

 

Gross carrying amount as at 31/12/2010

871,633

562,603

8,946

1,443,182

Accumulated depreciation

-585,339

-350,336

-6,343

-942,018

 

 

 

 

 

Balance as at 1/1/2011

286,294

212,267

2,603

501,164

Group changes

10,690

0

0

10,690

Currency translation adjustments

387

-1,836

0

-1,449

Additions

152,280

133,689

1,753

287,722

Disposals

-51,931

-34,371

-321

-86,623

Depreciation

-102,152

-65,802

-1,498

-169,452

Reclassification

199

-2,520

0

-2,321

 

 

 

 

 

Balance as at 31/12/2011

295,767

241,427

2,537

539,731

 

 

 

 

 

Gross carrying amount as at 31/12/2011

841,619

586,699

8,532

1,436,850

Accumulated depreciation

-545,852

-345,272

-5,995

-897,119

The breakdown of leased assets by contract type is shown in the following table:

Leased assets broken down by contract types

Operating leases
as lessor

Sale with Risk

Finance leases
as lessee

Total

€ thousand

2011

2010

2011

2010

2011

2010

2011

2010

 

 

 

 

 

 

 

 

 

Land and buildings

6,798

12,426

6,798

12,426

Industrial trucks

455,075

386,971

66,464

86,322

33

25

521,572

473,318

Plant and machinery

301

2,671

301

2,671

Office furniture and equipment

2,261

3,375

237

641

8,562

8,733

11,060

12,749

Total leased assets

457,336

390,346

66,701

86,963

15,694

23,855

539,731

501,164

Assets held under operating leases include leased assets with a residual value of €333,153 thousand (31 December 2010: €274,877 thousand) that are funded by means of sale and leaseback transactions with leasing companies and leased assets with a residual value of €124,183 thousand (31 December 2010: €115,469 thousand) that are largely funded internally or by means of bank loans.

Total operating leases resulted in non-cancellable lease obligations from customers amounting to €162,140 thousand (31 December 2010: €129,946 thousand).

The following table shows the maturity structure of the minimum lease payments:

Minimum lease payments

€ thousand

2011

2010

 

 

 

Cash receipts from minimum lease payments

162,140

129,946

due within one year

66,613

53,965

due in one to five years

94,768

75,510

due in more than five years

759

471

The buildings, plant and machinery, and office furniture and equipment leased under finance leases are reported in leased assets with a residual value of €15,694 thousand (31 December 2010: €23,855 thousand). The corresponding liabilities are reported as lease liabilities.

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