1 PEMBELANJAAN PERUSAHAAN LECTURE 7b – TYPES OF DEBTS - LEASING

PP/MB-IPB/10 2 LEASING Operational Lease Cancelable contractual Lessee makes periodic payments, (for < to 5 years). Total payments < initial cost of the leased asset. At maturity: returns the leased asset Financial Lease Non-cancelable & longer-term Lessee makes payments over a predefined period of time. Total payments > initial cost of the leased asset. Leasing land, buildings, and large pieces of equipment.

PP/MB-IPB/10 3 Direct lease: Lessor owns the assets & leased to Lessee. Sale-leaseback: Lessee sells an asset for cash to a prospective lessor & leases back the same asset. Leveraged lease: Lessor acts as an equity participant, supplying +/- 20 % of the cost of the asset with a lender supplying the balance. Leasing Arrangements

PP/MB-IPB/10 4 Operating lease: Requiring the lessor to maintain the assets and to make insurance and tax payments. Renewal options: P rovisions that grant the lessee the option to re-lease assets at the expiration of the lease. Purchase options: Provisions in both operating and financial leases that allow the lessee to purchase the asset at maturity -- usually at a pre-specified price. Leasing Arrangements

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