3.3 Leasing

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CHF million

 

2019

 

2018

 

 

 

 

 

Leasing obligations up to 1 year

 

19

 

20

Leasing obligations 1 to 5 years

 

54

 

58

Leasing obligations over 5 years

 

7

 

11

Operating leases (nominal values)

 

80

 

89

Liabilities relating to financial lease contracts in the amount of CHF 11 million (previous year: CHF 14 million) were mainly due to the leasing of machines by GF Piping Systems and GF Casting Solutions. The leasing obligations are included in “Other financial liabilities at fixed interest rates” and are disclosed in note 3.1 (3.1.1 Interest-bearing financial liabilities).

Accounting principles

The present value of finance leases is recognized in the non-current assets and in the other financial liabilities on the balance sheet when most of the contractual risks and rewards have been transferred to the GF Corporate Company. Lease installments are divided into an interest and a repayment component based on the annuity method. Assets held under such finance leases are depreciated over the shorter of their estimated useful life and lease term. Operating lease installments are reported in the income statement under operating expenses.

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