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PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN

PEMBELANJAAN PEMBELANJAAN PERUSAHAANPERUSAHAAN

LECTURE 7b – TYPES OF LECTURE 7b – TYPES OF DEBTS -LEASINGDEBTS -LEASING

PP/MB-IPB/10 22

LEASINGLEASING

Operational LeaseOperational Lease

CancelableCancelable contractual contractual

Lessee makes periodic Lessee makes periodic

payments, (for < to 5 years).payments, (for < to 5 years).

Total payments < initial cost of Total payments < initial cost of

the leased asset.the leased asset.

At maturity: returns the leased At maturity: returns the leased

asset asset

Financial LeaseFinancial Lease

Non-cancelable & longer-termNon-cancelable & longer-term

Lessee makes payments over Lessee makes payments over

a predefined period of time.a predefined period of time.

Total payments > initial cost of Total payments > initial cost of

the leased asset.the leased asset.

Leasing land, buildings, and Leasing land, buildings, and

large pieces of equipment.large pieces of equipment.

PP/MB-IPB/10 33

Direct leaseDirect lease: :

Lessor owns the assets & leased to Lessee.Lessor owns the assets & leased to Lessee.

Sale-leasebackSale-leaseback: :

Lessee sells an asset Lessee sells an asset for cashfor cash to a prospective lessor & to a prospective lessor &

leases back the same asset.leases back the same asset.

Leveraged leaseLeveraged lease: :

Lessor acts as an equity participant, supplying +/- Lessor acts as an equity participant, supplying +/- 20 %20 %

of the cost of the asset with a lender supplying the of the cost of the asset with a lender supplying the

balance.balance.

Leasing ArrangementsLeasing Arrangements

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Operating leaseOperating lease: :

Requiring the lessor to Requiring the lessor to maintainmaintain the assets and to make the assets and to make

insurance and tax payments.insurance and tax payments.

Renewal optionsRenewal options: :

PProvisions that grant the lessee the option rovisions that grant the lessee the option to re-leaseto re-lease

assets at the expiration of the lease.assets at the expiration of the lease.

Purchase optionsPurchase options: :

Provisions in both operating and financial leases that Provisions in both operating and financial leases that

allow the lessee to purchaseallow the lessee to purchase the asset at maturity -- the asset at maturity --

usually at a pre-specified price.usually at a pre-specified price.

Leasing ArrangementsLeasing Arrangements

PP/MB-IPB/10

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