Porsche 2012 Annual Report Download - page 175
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Property, plant and equipment are either derecognized upon disposal or when no future
economic benefits are expected from the continued use or sale of a recognized asset. The gain
or loss arising from the derecognition of the asset, determined as the difference between net
disposal proceeds and the asset’s carrying amount as of the date of disposal, is included in
profit or loss for the period when the asset is derecognized.
Leases
Whether an arrangement is, or contains a lease, is determined on the basis of the economic
substance 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 ar-
rangement conveys a right to use the asset. A reassessment after the inception of the lease is
only performed under the prerequisites 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.
Most of the assets leased to third parties under operating leases are vehicles leased from
the group’s leasing companies and are presented in non-current assets. 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 incidental to ownership are transferred to the group entities, lease or rental pay-
ments 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 owner-
ship are transferred to the lessee.
Where items of property, plant and equipment are used under a finance lease, the lessee
recognizes the individual assets and liabilities resulting from the lease 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.
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