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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
PP/MB-IPB/10 44
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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