Our results

Financial lease liabilities

Accounting policy applied

The Group classifies lease agreements as financial lease if, under the concluded agreement, basically all the potential benefits and risk attributable to holding of a leased object are incurred by the lessee. Any other types of lease are treated as operating lease.

Lease payments are divided into interest part and lease liability reduction, in order to obtain fixed periodic interest rate for the remaining balance of the liability in every period. Financial expenses are referred directly to the result unless they may be assigned directly to relevant assets – in such case, they shall be capitalized.

Structure of financial lease liabilities

As at 31 December 2017, the Group was using the main rolling stock components, vehicles and IT hardware under the financial lease agreements in effect. The agreements that are currently in effect were concluded for the term from 3 to 10 years in PLN, EUR and CZK.

Data in ths. PLN

 As at 31/12/2017 (audited) As at 31/12/2016(audited)
 Minimum lease payments Future financial charges Present value of minimum lease payments Minimum lease payments Future financial charges Present value of minimum lease payments
Up to 1 year51,955 (3,915) 48,040 65,173 (5,606) 59,567
Longer than 1 year and up to 5 years93,623 (7,444) 86,179 113,170 (10,890) 102,280
Over 5 years4,991 (115) 4,876 39,348 (705) 38,643
Total150,569 (11,474) 139,095 217,691 (17,201) 200,490
Long-term liabilities98,614 (7,559) 91,055 152,518 (11,595) 140,923
Short-term liabilities51,955 (3,915) 48,040 65,173 (5,606) 59,567
Total150,569 (11,474) 139,095 217,691 (17,201) 200,490