The Group generally owns its production facilities. The Group rents some warehouse and office premises under leasing agreements and has also leasing contracts for certain office equipment. Most leasing agreements in the Group are operational leases and the costs are recognized directly in the income statement in the corresponding period.
Finance leases are capitalized at the inception of the lease at the lower of the fair value of the leased property or the present value of the minimum lease payments. Leased assets are depreciated over their useful lives. If there is no reasonable certainty that the lessee will obtain ownership by the end of the lease term, the assets are fully depreciated over the shorter of the lease term or remaining useful life.
Electrolux has no material financial leases.
The future amount of minimum lease-payment obligations are distributed as follows:
| Operating leases | |
|---|---|
| 2015 | 820 |
| 2016–2019 | 2.043 |
| 2020– | 456 |
| Total | 3.319 |
Expenses in 2014 for rental payments (minimum leasing fees) amounted to SEK 884m (757). Among the Group’s operating leases there are neither material contingent expenses, nor restrictions.