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BerkDekap25l - Grundlggende om leasing I Leaseren Er den...

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Grundl°ggende om leasing I Leaseren: Er den part i en leasingaftale, der er forpligtet til at erl°gge de periodiske leasingydelser i bytte for retten til at anvende anl°gsgenstanden Lessor: Er den part i en leasingaftale, der er berettiget til leasingydelsen i bytte for udl±n af anl°gsgenstanden Ingen eller ubetydelig up-front betaling Leasingydelserne i henhold til leasingkontrakten (ofte forudbetalte, m±nedlige, kvartalsvise, ±rlige) Ved leasingkontraktens udllb speci²cerer kontrakten, hvem der bevarer ejerskabet til anl°gsgenstanden og p± hvilke vilk±r Hans Sommerfeldt Department of Business Studies Kapitel 25 i Berk& DeMarzo: Corporate fFinance 1 / 46
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Grundl°ggende om leasing II Leasingkontrakten speci²cerer vilk±rene for kontraktens ophlr inden udllb, fornyelse af kontrakten og klb, samt forpligtelserne mht vedligeholdelsesomkostninger og serviceomkostninger Eksempler p° leasingtransaktioner Salgstype leasing , her er lessor ofte producent (hovedforhandler) af anl°gsgenstanden, ex IBM, Xerox. Direkte leasing , lessor ej producent emn uafh°ngigt selskab der er spcialist i klb af anl°gsgenstanden og leaser den til kunder Sale and lease back , her ejer virksomheden anl°gsgenstanden, som den leaser til leaseren Hans Sommerfeldt Department of Business Studies Kapitel 25 i Berk& DeMarzo: Corporate fFinance 2 / 46
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Grundl°ggende om leasing III Leveraged lease, lessoren l±ner fra bank eller andre udl±nere til klbet af anl°gsgenstanden Special-purpose-entity (SPE), dannet af lessor med det eneste form±l at f± leasingkontrakten SPE er anvendt i forbindelse med syntetiske leasingkontrakter med det form±l at opn± speci²kke regnskabsm°ssige og skattem°ssige virkninger Hans Sommerfeldt Department of Business Studies Kapitel 25 i Berk& DeMarzo: Corporate fFinance 3 / 46
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Leasing betalinger og residualv°rdier I Problemstilling: Bestemmelse af hvor meget leaseren vil betale for brugen af en anl°gsgenstand (ga/eltruck) Residualv°rdien (scrapv°rdien) af anl°gsgenstanden er afglrende for omkostningerne ved at lease Hans Sommerfeldt Department of Business Studies Kapitel 25 i Berk& DeMarzo: Corporate fFinance 4 / 46
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Leasing betalinger og residualv°rdier II Antag leasingmarkedet er et perfekt kapitalmarked = ) leasingydelserne fastl°gges s± kontrakten har en NPV=0 PV(leasingydelserne)=Klbspris-PV(Residualv°rdien) Dvs. I et perfekt market, er leasingomkostningerne °kvivalent med omkostningerne ved klb og salg af aktivet Hans Sommerfeldt Department of Business Studies Kapitel 25 i Berk& DeMarzo: Corporate fFinance 5 / 46
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Leasing betalinger og residualv°rdier III Hans Sommerfeldt Department of Business Studies Kapitel 25 i Berk& DeMarzo: Corporate fFinance 6 / 46
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Problem: I Problem § Assume: •The purchase price of an industrial lathe is $50,000.
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