17. Leases
Obligations under finance leases
Obligations under finance leases comprise the following at December 31:
|
|
|
2017 |
|
2016 |
||||||||
|
|
|
Non- |
|
|
|
|
|
Non- |
|
|
|
|
|
|
|
Current |
|
Current |
|
Total |
|
Current |
|
Current |
|
Total |
|
|
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
Hydroelectrical installations (including power lines and concessions) |
|
68,088 |
|
12,551 |
|
80,639 |
|
— |
|
— |
|
— |
|
Other finance leases |
|
1,625 |
|
369 |
|
1,994 |
|
3,385 |
|
1,852 |
|
5,237 |
|
Total |
|
69,713 |
|
12,920 |
|
82,633 |
|
3,385 |
|
1,852 |
|
5,237 |
The Company’s most significant finance lease relates to its rights to use certain hydroelectrical installations. As of December 31, 2016, the Company has a non-current and current balance of $70,876 thousand and $10,507 thousand, respectively, related to its Spanish hydroelectrical installations. The Company signed an agreement for the sale of its Spanish Energy business on December 12, 2016 and as of December 31, 2016, these financial lease obligations were recognized in the account “Liabilities associated with assets held for sale - obligations under financial leases” (see Note 29). Subsequently, the Company did not receive the necessary regulatory approvals for the sale and the financial lease obligations of the Company’s Spanish Energy business are recognized in “Obligations under finance leases” as of December 31, 2017.
The detail, by maturity, of the non-current payment obligations under finance leases as of December 31, 2017 is as follows:
|
|
|
2019 |
|
2020 |
|
2021 |
|
2022 |
|
Total |
|
|
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
Hydroelectrical installations (including power lines and concessions) |
|
13,173 |
|
13,824 |
|
14,506 |
|
26,585 |
|
68,088 |
|
Other finance leases |
|
467 |
|
446 |
|
471 |
|
241 |
|
1,625 |
|
Total |
|
13,640 |
|
14,270 |
|
14,977 |
|
26,826 |
|
69,713 |
Operating leases
The Company also enters into operating leases, the most significant of which relates to the Company’s office leases. Expenses associated with operating leases are recorded in Other Operating Expenses in the consolidated income statement, and the minimum lease payments on operating leases at December 31, are as follows:
|
|
|
2017 |
|
2016 |
|
|
|
US$'000 |
|
US$'000 |
|
Within one year |
|
2,361 |
|
1,788 |
|
Between one and five years |
|
6,557 |
|
5,555 |
|
After five years |
|
3,789 |
|
2,315 |
|
Total |
|
12,707 |
|
9,658 |