APC 2006 Annual Report Download - page 115
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113
5
6.2 - Finance leases
Property, plant and equipment include the following
assets held under finance leases:
Minimum Discounted
payments minimum
payments
Less than one year 2.8 2.8
Between one year
and five years 10.9 10.0
Five years and more 9.3 6.8
Total commitments 23.0 16.8
Discounting effect (6.2) -
Discounted
minimum payments 16.8 -
Dec. 31, Dec. 31, Dec. 31,
2006 2005 2004
Land 2.8 2.1 2.7
Buildings 78.9 63.6 80.0
Machinery
and equipment 29.9 31.5 39.6
Other tangible
assets 1.4 1.0 10.6
Intangible assets 0.0 0.3 4.4
Accumulated
depreciation and
amortization (79.9) (60.5) (87.0)
Assets under
finance lease, net 33.1 37.9 50.3
6.3 - Operating leases
Rental expenses for operating leases in 2006, 2005
and 2004 are as follows:
2006 2005 2004
Minimum rentals 96.0 94.4 84.4
Contingent rentals 4.6 1.2 1.1
Sub-lease rentals (1.9) (3.6) (1.8)
Total rental expense 98.7 92.0 83.7
Future minimum lease payments under finance leases
as of December 31, 2006 are as follows:
Minimum Discounted
payments minimum
payments
Less than one year 83.8 83.8
Between one and five years 235.1 214.4
Five years and more 148.3 115.1
Total rental commitments 467.2 413.3
Future minimum lease payments under non-cance-
lable operating leases break down as follows at
December 31, 2006:
The Group signed a lease contract for its new head-
quarters in the Paris region in 2006, with a nine-year
commitment as from 2008. Discounted future lease
payments amount to 92 million.
% interest at Dec. 31 Share in net assets Share in net income
at Dec. 31 at Dec. 31
2006 2005 2004 2006 2005 2004 2006 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% 20.0% 13.2 11.9 11.5 1.3 1.2 1.4
VA Tech Schneider HV GmbH
(2)
- - - - - - - - (0.8)
Entivity
(2)
- - - - - - - - (0.5)
Other N/A N/A N/A (3.0) (5.6) (4.1) 0.6 (0.3) (1.7)
Total - - - 10.2 48.2 65.3 1.9 (3.6) (3.6)
(1) Notes 3 and 4.
(2) Companies sold in 2004.
Note 7 - Investments in associates
Investments in associates can be analyzed as follows:
In 2006, the Group acquired all the outstanding shares in Clipsal Asia. As a result, Clipsal Asia has been fully consolidated since
January 1, 2006. The Group’s interest was accounted for by the equity method in 2004 and 2005.