26 Leases
Minimum amounts receivable under non-cancellable leases
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Operating lease |
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Finance lease contracts and hire purchase agreements |
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assets: |
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Gross |
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Present value |
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Other |
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Future |
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Present |
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future minimum |
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amounts |
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adjustments |
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movements |
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Drawdowns |
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value |
|
lease rentals |
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Year in which receipt will occur |
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£m |
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£m |
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£m |
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£m |
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£m |
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£m |
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2017 |
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|
|
|
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|
|
|
|
|
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Within 1 year |
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2,817 |
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(203) |
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(96) |
|
(70) |
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2,448 |
|
129 |
|
After 1 year but within 5 years |
|
3,736 |
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(261) |
|
(94) |
|
— |
|
3,381 |
|
256 |
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After 5 years |
|
467 |
|
(112) |
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(27) |
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— |
|
328 |
|
16 |
|
|
|
|
|
|
|
|
|
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|
|
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|
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Total |
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7,020 |
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(576) |
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(217) |
|
(70) |
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6,157 |
|
401 |
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2016 |
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Within 1 year |
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111 |
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(12) |
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(1) |
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— |
|
98 |
|
— |
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After 1 year but within 5 years |
|
170 |
|
(45) |
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(8) |
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— |
|
117 |
|
— |
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After 5 years |
|
228 |
|
(84) |
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(19) |
|
— |
|
125 |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total |
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509 |
|
(141) |
|
(28) |
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— |
|
340 |
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— |
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2017 |
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2016 |
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2015 |
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|
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£m |
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£m |
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£m |
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Nature of operating lease assets on the balance sheet |
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Transportation |
|
280 |
|
— |
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— |
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Cars and light commercial vehicles |
|
45 |
|
— |
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— |
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Other |
|
271 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
596 |
|
— |
|
— |
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Amounts recognised as income and expense |
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Finance leases - contingent rental income |
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— |
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(3) |
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(3) |
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Operating leases - minimum rentals payable |
|
80 |
|
97 |
|
78 |
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Finance lease contracts and hire purchase agreements |
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Accumulated allowance for uncollectable minimum receivables |
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63 |
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— |
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— |
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There were no amounts recognised as income and expense in discontinued operations (2016 - £11 million; 2015 - £11 million) in relation to operating leases – minimum rentals payable.
Residual value exposures
The table below gives details of the unguaranteed residual value included in the carrying value of finance lease receivables and operating lease assets (refer to page 131 and 132).
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2017 |
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2016 |
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Year in which residual value will be recovered |
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Year in which residual value will be recovered |
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After 1 year |
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After 2 years |
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After 1 year |
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After 2 years |
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|
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Within 1 |
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but within |
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but within |
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After 5 |
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Within 1 |
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but within |
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but within |
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After 5 |
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year |
|
2 years |
|
5 years |
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years |
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Total |
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year |
|
2 years |
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5 years |
|
years |
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Total |
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£m |
|
£m |
|
£m |
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£m |
|
£m |
|
£m |
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£m |
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£m |
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£m |
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£m |
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Operating leases |
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|
|
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|
|
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- transportation |
|
26 |
|
22 |
|
69 |
|
17 |
|
134 |
|
— |
|
— |
|
— |
|
— |
|
— |
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- cars and light commercial vehicles |
|
5 |
|
7 |
|
7 |
|
— |
|
19 |
|
— |
|
— |
|
— |
|
— |
|
— |
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- other |
|
21 |
|
24 |
|
30 |
|
9 |
|
84 |
|
— |
|
— |
|
— |
|
— |
|
— |
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Finance lease contracts |
|
32 |
|
20 |
|
72 |
|
27 |
|
151 |
|
1 |
|
2 |
|
6 |
|
19 |
|
28 |
|
Hire purchase agreements |
|
64 |
|
2 |
|
1 |
|
— |
|
67 |
|
— |
|
— |
|
— |
|
— |
|
— |
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|
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|
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|
148 |
|
75 |
|
179 |
|
53 |
|
455 |
|
1 |
|
2 |
|
6 |
|
19 |
|
28 |
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Acting as a lessor the Group provides asset finance to its customers. It purchases plant, equipment and intellectual property; renting them to customers under lease arrangements that, depending on their terms, qualify as either operating or finance leases.