APC 2005 Annual Report Download - page 88

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86
6.2 - Finance leases
Property, plant and equipment include the following
assets held under finance leases:
Dec. 31, Dec. 31,
2005 2004
Land 2.1 2.7
Buildings 63.6 80.0
Machinery and equipment 31.5 39.6
Other tangible assets 1.0 10.6
Intangible assets 0.3 4.4
Accumulated depreciation
and amortization (60.5) (87.0)
Assets under
finance lease, net 37.9 50.3
Future minimum lease payments under finance leas-
es as of December 31, 2005 are as follows:
Minimum Discounted
payments minimum
payments
Less than one year 2.8 2.8
Between one year and five years 6.2 6.0
Five years and more 2.0 1.9
Total commitments 11.0 10.7
6.3 - Operating leases
Rental expenses for operating leases in 2005 and
2004 are as follows:
2005 2004
Minimum rentals 94.4 84.4
Contingent rentals 1.2 1.1
Sub-lease rentals (3.6) (1.8)
Total rental expense 92.0 83.7
Future minimum lease payments under non-cance-
lable operating leases break down as follows at
December 31, 2005:
Minimum Discounted
payments minimum
payments
Less than one year 87.7 87.7
Between one and five years 186.7 180.4
Five years and more 124.6 120.4
Total rental commitments 399.0 388.5
Note 7 - Investments in associates
Investments in associates can be analyzed as follows:
% interest Share in net assets Share in net income
at Dec. 31 at Dec. 31 at Dec. 31
2005 2004 2005 2004 2005 2004
Clipsal Asia Holdings Ltd 50.0% 50.0% 41.9 41.1 (5.3) (2.8)
ELAU Administration GmbH (1) - 49.1% - 16.8 0.8 0.8
Delta Dore Finance 20.0% 20.0% 11.9 11.5 1.2 1.4
VA Tech Schneider HV GmbH (2) - - - - - (0.8)
Entivity (2) - - - - - (0.5)
Other N/A N/A (5.6) (4.1) (0.3) (1.7)
Total - - 48.2 65.3 (3.6) (3.6)
(1) See notes 3 and 4.
(2) Companies sold in 2004.
On January 12, 2006, the Group announced the acquisition of all outstanding shares in Clipsal Asia (see note
28 – Subsequent Events).
Schneider Electric’s interest in Clipsal Asia Holdings was accounted for by the equity method at December 31,
2005 on the basis of provisional unaudited financial statements.