Unilever 2015 Annual Report Download - page 137
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Please find page 137 of the 2015 Unilever annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.20 OMMITMENTS AND ONTINENT LIABILITIES
Leases are classfed as fnance leases whenever the terms of the lease transfer substantally all the rsks and rewards of ownershp
All other leases are classfed as operatng leases
Assets held under fnance leases are ntally recognsed at the lower of far value at the date of commencement of the lease and the
present value of the mnmum lease payments Subsequent to ntal recognton, these assets are accounted for n accordance wth
the accountng polcy relatng to that specfc asset The correspondng lablty s ncluded n the balance sheet as a fnance lease
oblgaton Lease payments are apportoned between fnance costs n the ncome statement and reducton of the lease oblgaton
so as to acheve a constant rate of nterest on the remanng balance of the lablty
Lease payments under operatng leases are charged to the ncome statement on a straght-lne bass over the term of the lease
ontngent labltes are ether possble oblgatons that wll probably not requre a transfer of economc benefts, or present
oblgatons that may, but probably wll not, requre a transfer of economc benefts It s not approprate to make provsons for
contngent labltes, but there sa chance that they wll result n an oblgaton n the future ontngent labltes are dsclosed at the
rsk adusted best estmate of the amount that would be requred to settle the lablty as at the end of the reportng perod Where a
rsk weghtng s not avalable, the maxmum exposure s reported
Long-term fnance lease commtments
mllon
Future
mnmum
lease
payments
2015
mllon
Fnance
cost
2015
mllon
Present
value
2015
mllon
Future
mnmum
lease
payments
2014
mllon
Fnance
cost
2014
mllon
Present
value
2014
Buldngs(a) 284 105 179 283 102 181
Plant and machnery 18 216 22 4 18
302 107 195 305 106 199
The commtments fall due as follows
Wthn 1 year 51 14 37 25 12 13
Later than 1 year but not later than 5 years 85 37 48 108 36 72
Later than 5 years 166 56 110 172 58 114
302 107 195 305 106 199
(a) All leased land s classfed as operatng leases
The table below shows the net book value of property, plant and equpment under a number of fnance lease agreements
Net book value
mllon
Buldngs
mllon
Plant and
equpment
mllon
Total
ost 239 154 393
Accumulated deprecaton (82) (133) (215)
31 December 2015 157 21 178
ost 218 148 366
Accumulated deprecaton (69) (124) (193)
31 December 2014 149 24 173
The roup has sublet part of the leased propertes under fnance leases Future mnmum sublease payments of 41 mllon
(2014 38 mllon) are expected to bereceved
Long-term operatng lease commtments
mllon
2015
mllon
2014
Land and buldngs 2,024 1,903
Plant and machnery 430 424
2,454 2,327
130 Unilever Annual Report and Accounts 2015Financial statements
NOTES TO THE ONSOLIDATED FINANIAL STATEMENTS
UNILEVER ROUP ONTINUED