Off-balance sheet value of machinery and equipment used under operating lease agreements and operating leases with purchase options contracts amounted to PLN 59 032 thousand as at 31 December 2013 (as at 31 December 2012: PLN 56 155 thousand). In the years ended 31 December 2013 and 31 December 2012, respectively, there were no restrictions on the Group's right to use its tangible fixed assets as a result of pledges as security for liabilities.
At the balance date, the fair value of assets presented as ‘Investment Properties’ amounted to PLN 114 589 thousand and was estimated using the comparative method.
In 2013 and 2012, the Group received compensation from third parties for impairment or loss of tangible fixed assets in the amount of PLN 12 896 thousand and PLN 14 755 thousand respectively recognised in the income statement.
Operating lease – lessor
As at the balance date the total value of future lease receivables within minimal lease payment under operating lease are as follows:
| Total value of future lease payments under irrevocableoperating lease | 31.12.2013 | 31.12.2012 |
|---|---|---|
| For the period: | ||
| up to 1 year | 5,624 | 7,176 |
| from 1 year to 5 years | 13,847 | 6,449 |
| above 5 years | 8,404 | 52 |
| Total | 27,875 | 13,677 |
The average agreement period for operating lease agreements where the Group is a lessor is usually 36 months. The lessee bears service and insurance costs.
As at the balance date the assets in lease under operating lease are as follows:
| For the year ended 31 December 2013 | Means of transport under operating lease | Properties under operating lease | Machinery and equipment under operating lease | Total |
|---|---|---|---|---|
| Gross value at the beginning of the period | 15,771 | 6,844 | - | 22,615 |
| Changes in the period | 21,714 | (334) | 867 | 22,247 |
| Gross value at the end of the period | 37,485 | 6,510 | 867 | 44,862 |
| Accumulated depreciation at the beginning of the period | (5,280) | (404) | - | (5,684) |
| Depreciation for the period | (4,468) | (95) | (18) | (4,581) |
| Other changes in depreciation | 4,312 | (26) | 4,286 | |
| Accumulated depreciation at the end of the period | (5,436) | (525) | (18) | (5,979) |
| Impairment allowances at the beginning of the period | - | (1,134) | - | (1,134) |
| Impairment allowances reversed during the period | - | 98 | - | 98 |
| Impairment allowances at the end of the period | - | (1,036) | - | (1,036) |
| Net book value | 32,049 | 4,949 | 849 | 37,847 |
| For the year ended 31 December 2012 | Means of transport under operating lease | Properties under operating lease | Total |
|---|---|---|---|
| Gross value at the beginning of the period | 23,538 | 9,107 | 32,645 |
| Changes in the period | (7,767) | (2,263) | (10,030) |
| Gross value at the end of the period | 15,771 | 6,844 | 22,615 |
| Accumulated depreciation at the beginning of the period | (7,667) | (263) | (7,930) |
| Depreciation for the period | (4,347) | (97) | (4,444) |
| Other changes in depreciation | 6,734 | (44) | 6,690 |
| Accumulated depreciation at the end of the period | (5,280) | (404) | (5,684) |
| Impairment allowances at the beginning of the period | - | - | - |
| Impairment allowances recorded during the period | - | (1,134) | (1,134) |
| Impairment allowances reversed during the period | - | - | - |
| Impairment allowances at the end of the period | - | (1,134) | (1,134) |
| Net book value | 10,491 | 5,306 | 15,797 |