Porsche 2008 Annual Report Download - page 160
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To our shareholders The Company
158
Leases
Whether an arrangement is, or contains a lease, is determined on the basis of the economic sub-
stance of the arrangement at its inception date and requires an assessment whether the fulfillment
of the arrangement is dependent on the use of a specific asset or assets or the arrangement
conveys a right to use the asset. A reassessment after the inception of the lease is only per-
formed under the conditions set forth in IFRIC 4.
Operating leases
Leases under which substantially all the risks and rewards incidental to ownership of the asset are
not transferred to the lessee are classified as operating leases.
Assets leased under operating leases in which the Porsche group is lessor are presented in fixed
assets. Most of the operating leases are for vehicles leased from the group’s leasing companies.
Leased vehicles are recognized at cost and depreciated on a straight-line basis over the term of
the lease to the lower of estimated residual value and fair value.
Where group companies are the lessee in operating leases, i.e. when not all significant risks and
rewards have been transferred incidental to ownership, lease or rental payments are recognized
as an expense in the income statement.
Finance leases
A lease is classified as a finance lease if substantially all risks and rewards incidental to ownership
are transferred to the lessee.
When using items of property, plant and equipment as lessee under a finance lease, the individual
assets and liabilities resulting from the lease are recognized at fair value or, if lower, the present
value of the minimum lease payments. Items of property, plant and equipment are depreciated on
a straight-line basis over the economic useful life or the term of the lease, if shorter.
Where group companies are the lessor under finance leases, receivables are initially recognized at
an amount equal to the net investment.
Borrowing cost
Borrowing costs that are attributable to the acquisition, construction or production of a qualifying
asset are recognized as part of the cost of that asset. In the fiscal year 2008/09, borrowing costs
of €0.6 million were capitalized for the first time, assuming a borrowing cost rate of 4.4%.