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Sales financing (Absatzfinanzierung)

In the case of sales financing, the trader or producer of capital goods offers its customers, i.e. the potential users of these assets, the suitable lease financing at the same time. Based on cooperation agreements with UniCredit Leasing, lease financing becomes an integral part of an overall portfolio. Depending on the agreement, it is possible for the future user to act as the lessee of the leased asset or for the producer/dealer itself to act as the lessee and subsequently sublease the leased asset to its customers.

Depreciation for wear and tear (Abschreibung für Abnutzung, AfA)

Depreciation is the amount that can be effectively deducted for tax purposes by the beneficial owner of the leased asset in the balance sheet as an expense for the economic loss in value. Depreciation is calculated on the basis of the useful life of the asset, which may vary depending on the leased asset. In Austria, the useful life of only a few assets is fixed by law (cars) or specified (buildings). For all other assets, it is to be assessed according to their use in the company; alternatively, the German official depreciation tables can be used here.

Savings deposit (Ansparkaution)

In the case of the savings deposit, a deposit portion is paid together with the leasing payment, which serves as collateral for the lessor during the leasing contract term and can be used at the end of the contract term to cover the residual value. The savings deposit is not subject to VAT; the lessee (who is not eligible for input tax deductions) will save on the VAT rate.


Construction controlling (Baucontrolling)

In this service, in the course of the construction or a conversion or addition to a property, a consulting contract is concluded that is tailored to the respective requirements of the project and the lessee. This includes, in particular, the ongoing quality, schedule and cost controls, the approval of invoices, as well as the acceptance of services and the handover to the user. UniCredit Leasing is also responsible for safeguarding the interests of the lessee with respect to planners, consultants, local construction supervisors and all contractors.

Building right (Baurecht)

A property owner (the lessee or a third party) may grant the lessor the right to erect a structure on another's land (= building right). The lessor then builds a structure on this land in exercise of the building right, which is then owned by the lessor, and leases it.

Building right interest (Baurechtszins)

This is the amount to be paid annually by the lessor to the owner of the property as consideration for the transfer of the property. The building right interest is subject to VAT when it is charged back to the lessee and must be agreed at the customary local rate.

Processing fee (Bearbeitungsgebühr)

The processing fee (one-time) will be charged to the lessee with the first leasing payment.

Inventory contract (Bestandvertrag)

A lease agreement for a property is concluded between a property owner (the lessee or a third party) as the landlord, and the lessor as the tenant - usually over a longer period - in order to enable the lessor to construct the building in its property (building on non-owned property) and subsequently lease it to the lessee.

Normal useful life (Betriebsgewöhnliche Nutzungsdauer, BGN)

Normal useful life is the period of normal economic use of a leased asset. The decisive factor here is the possibility of use in the user's business. It is used to determine depreciation.

Balance sheet neutral (Bilanzneutral)

Balance sheet neutral means that an investment made via leasing does not change the lessee’s balance sheet. The leased asset is therefore acquired or constructed by the lessor (leasing company) and capitalised as an investment or a leased asset in its balance sheet. This means that the lessee's capital ratios, i.e. equity and debt capital, as well as any debt ratio, remain unchanged.

Buy & lease

A buy & lease is a financing transaction in which the leasing company acquires a used or new asset from a third party (e.g. manufacturer or supplier) at the lessee's request and transfers it to the lessee for use for an agreed period. Usually, the asset is sold to the lessee at the end of the term. This is the most common form of leasing.


Depot (one-time deposit)

In the case of residual value leasing, the lessee can reduce the financing amount by paying a deposit (one-time deposit) at the beginning of the contract. This reduces the leasing payment by calculated deposit interest. If the lessee acquires the property after the end of the contract, the deposit paid will be credited when determining the purchase price.


Equity (Eigenkapital)

Equity is that part of the company's capital that belongs to the company itself. These are those funds that have either been set up by the owners for financing purposes or left in the company as profit.

Own contribution (Eigenleistung)

Own contribution refers to personal funds that the lessee itself provides for financing in the form of an advance leasing payment or a deposit. The amount of one’s own contribution influences the financing amount and consequently the leasing payment.

Euribor (European Interbank Offered Rate)

Euribor is the most important reference interest rate for short-term financing in the euro area. It is determined for maturities of one week to one year by daily calculation from the interest rates quoted in the interbank market of leading banks. In the financing business, 3-month Euribor (interest rate for 3-month funds) or 6-month Euribor (interest rate for 6-month funds) are often used as reference interest rates.


Facility management

Facility management is a package of services related to the ongoing management of an existing building. The facility manager takes over the entire building management in terms of commercial and organisational aspects, building services and infrastructure services such as cleaning and winter services, the handling of official procedures and further development of the land use concept.

Finance (capital) lease according to IAS/IFRS and US GAAP

Under a finance (capital) lease, all the significant risks and rewards incidental to ownership of an asset are transferred to the lessee. Irrespective of the transfer of ownership under civil law, finance (capital) lease agreements are economically regarded as financing purchases. The leased asset is capitalised on the lessee’s balance sheet. Future lease payments must be recognised as liabilities in the same amount. As in the case of loan financing, the current leasing payments are divided into an interest portion and a repayment portion, with the interest portion being recognised as an expense in the income statement and the repayment portion reducing the lease obligation recognised in the balance sheet.

Amount of financing (Finanzierungsbetrag)

This is the purchase price of the leased asset or the investment volume of the leasing project, reduced in each case by any personal funds contributed by the lessee. Personal funds are advance payments (special leasing payments), security deposits and one-time deposits.

Finance leasing (Finanzierungsleasing)

In Austria, finance leasing refers to investment financing with transfer of use in return for payment. The leases are entered into for a fixed term and are generally non-cancellable. During the term of the lease, significant risks and rewards incidental to ownership of the leased asset are usually transferred to the lessee without the lessee actually becoming the owner under civil law. At the end of the contract term, the lessee usually has the option of concluding a follow-up contract, purchasing the leased asset or returning it to the leasing company. The leased asset is generally capitalised in the lessor's balance sheet; for the lessee, the ongoing net leasing payments represent operating expenses. Within the framework of finance leasing, both residual value leasing and full pay-out leasing are possible in Austria. Finance leasing as defined in the Austrian Income Tax Guidelines should not be confused with the international term Finance Lease or Capital Lease according to IAS/IFRS and US GAAP!

Fixed interest rate (Fixzinssatz)

The fixed interest rate is contractually fixed for a certain period of time and cannot be changed. It therefore provides a hedge against possible increases in interest rates.

Full pay-out leasing

In the case of full pay-out leasing (full amortisation), the leasing payment is assessed in such a way that the purchase price of the leased asset, including all ancillary costs, is fully amortised after the end of the contract term. For tax reasons, the contract term must be between 40 and 90 percent of the normal useful life of the asset.


Building value (Gebäudewert)

In real estate financing, the financing amount usually includes a land portion and a building portion. That amount attributable to the building is referred to as the building value and is to be taken into account in determining the residual value at the appropriate depreciation rates.

Base value (Grundwert)

In the case of real estate financing, the financing amount usually includes a land portion and a building portion. The amount attributable to the land is referred to as the base value and is to be taken into account at the full acquisition price when determining the residual value, as it is not subject to depreciation.



The International Financial Reporting Standards, IFRS for short (formerly International Accounting Standard, IAS for short), are the accounting standards widely used in Europe for listed European companies. US GAAP (US Generally Accepted Accounting Principles) is the American accounting standard and is used by companies listed on a US stock exchange. IAS/IFRS and US GAAP are similar in content and structure. Currently, there is no general obligation in Austria to apply these international accounting regulations, although many companies already voluntarily apply the IAS/IFRS. However, in order to harmonise the accounting regulations of the individual EU countries, the EU has decided by means of a regulation to make IFRS the mandatory standard for listed companies as of 2005. Accordingly, all companies that trade on an EU stock exchange are required to prepare consolidated financial statements in accordance with IFRS.

Real estate leasing (Immobilien-Leasing)

Real estate leasing is a long-term and asset-related form of debt financing for land and buildings. In the case of real estate leasing, the leasing company (the lessor) acquires the real estate with a business asset (or constructs such an asset according to the lessee's needs) and leases it to the lessee for economic use in return for payment and for a limited period of time.


Calculated residual value (Kalkulatorischer Restwert)

The calculated residual value is the portion of the investment costs not amortised at the end of the term and, in the case of full pay-out leases, generally corresponds to a leasing payment.

Purchase option (Kaufoption)

Purchase option is the lessee's right to purchase the leased asset from the lessor at the end of the lease term. Upon exercise of the purchase option by the lessee, the lessor is obliged to sell the leased asset to the lessee.

Deposit leasing (Kautionsleasing)

With this leasing option, the monthly lease payments consist of a leasing component, which is fully deductible as a business expense, and a deposit component. The lessee capitalises this deposit as a receivable from the leasing company in its balance sheet. If the lessee returns the asset to the lessor at the end of the contract, the deposit is refunded, provided that the terms of the lease agreement have been duly fulfilled by the lessee.

Vehicle leasing (KFZ-Leasing)

In the case of vehicle leasing, the leasing company acquires a motor vehicle as the lessor. The choice of brand and type, the choice of dealer and the negotiation of the purchase price are the responsibility of the lessee. The leasing company assists the lessee in an advisory capacity. After acquiring the vehicle, the leasing company leases it to the lessee. The monthly leasing payment is calculated depending on the agreed duration of the contract. After the end of the contract, leasing companies usually offer the asset for sale.


Term (Laufzeit)

The lease term stipulated in the lease agreement is based on the normal useful life of the leased asset. For full pay-out leases (full amortisation), the 40 to 90 percent rule applies when determining the possible contract term (basic lease term) - this means that, for tax reasons, the contract term may not be shorter than 40 and not longer than 90 percent of the leased asset's useful life. Only the 90 percent rule applies to residual value leases.


The term "leasing" comes from English and can best be translated as renting or letting. In principle, leasing is similar to the traditional form of lease or rental, but it differs in various aspects. Leasing is a type of financing that involves the transfer of the use and enjoyment of assets in return for payment, whereby this use and enjoyment is granted over a fixed period of time. The three participating parties are characteristic for leasing: - the lessee, - the lessor (leasing company), - the manufacturer or supplier. In principle, we differentiate between full pay-out leasing (full amortisation leasing) and residual value leasing (partial amortisation leasing). Special forms such as sale and lease back, deposit leasing and rental purchase complete our range.

Leasing payment (Leasingentgelt)

The leasing payment (lease instalment) is the financial consideration of the lessee for the benefit granted by the transfer of use. The lease instalments accruing over the entire term of the contract cover the acquisition, financing and other ancillary costs incurred by the lessor, taking into account any residual value recognised. The leasing payment is calculated as an annuity (repayment and interest) and is due at regular fixed calendar dates. The leasing payment is calculated from the factors of financing volume, contract term, residual value, equity contribution and interest rate, the latter in turn being influenced by refinancing, capital and risk costs of the lessor. The lessee’s leasing payment is generally taxable as an operating expense.

Lessor (Leasinggeber)

Leasing companies are lessors in their role and are therefore also referred to as such in the texts of the contract. The largest equipment and real estate lessors in Austria - including UniCredit Leasing GmbH - are subsidiaries of major Austrian banks. Several well-known manufacturer-dependent leasing companies also operate in the vehicle leasing sector.

Lessee (Leasingnehmer)

A lessee is a legal entity or natural person to whom a leasing company grants the right to use a leased asset for a specified period of time in return for payment under a leasing contract.

Leasing contract (Leasingvertrag)

The leasing contract is the agreement between the lessee and the lessor to enter into a leasing transaction. It regulates all terms of the leasing transaction between the contracting parties. The most important parts of the contract are the contracting parties (lessee and leasing company), the amount of the leasing payment, the duration of the contract, the description of the leased asset, the payment terms, and the amount of the residual value, advance payment and/or deposit (if any).


Rental purchase (Mietkauf)

Rental purchase is a special form of debt financing that is economically equivalent to the instalment purchase. The rental purchaser is the beneficial owner of the asset from the start of the contract, i.e. the asset is included in the fixed assets of the rental purchaser or capitalised in its balance sheet, while UniCredit Leasing retains title until the last instalment has been paid and thus remains the owner of the asset under civil law until that time. In addition to depreciation, interest expense can also be claimed as an operating expense under certain conditions. The design of the term can account for up to 100 percent of the normal useful life. Upon payment of the last instalment, legal ownership is also transferred to the lease purchaser.

Equipment leasing (Mobilien-Leasing)

The object of equipment leasing is movable fixed assets such as office machines, production equipment, medical-technical equipment, EDP equipment, construction, emergency or rail vehicles, operating and business equipment, bulk storage systems, vehicles, boats, etc.


Operating lease under IAS/IFRS and US GAAP

All leases that do not meet the finance (capital) lease criteria qualify as operating leases. Such leases represent pure rental relationships. The leased asset is accounted for by the lessor. The lessee recognises the current leasing payments as an expense in the income statement. This is usually done linearly over the term of the contract unless there is an economic need for the lessee to present it differently.

Operating leasing

In Austria, operating leases are those leases in which the main focus is on the transfer of use. No subsequent acquisition of ownership by the lessee is intended from the outset, but in practice, it or a third party is often granted a purchase option after the end of the contract. The investment and sales risk as well as the material risk (damage, destruction of the leased asset) is borne by the lessor. The leased asset is capitalised in the lessor's balance sheet. For the lessee, the ongoing net leasing payments constitute operating expenses. Operating leasing according to the Austrian income tax guidelines is not to be confused with the international term operating lease according to IAS/IFRS and US GAAP!



The pay-as-you-earn principle is a key underlying concept of leasing: The instalments can be largely adjusted to the income generated by the use of the leased asset. In this way, liquidity burdens due to high upfront costs for complex investment plans and projects can be avoided.

Pre-delivery payments

Pre-delivery payments are partial payments of the purchase price that are transferred to the manufacturer during the construction of the asset.



Ratings are used to make a statement about a company's creditworthiness. The economic situation of a company is analysed according to a standardised procedure. It verifies that the company can meet its financial obligations at all times. The result is the award of a grade, the so-called rating class.

Residual book value (Restbuchwert)

The residual book value is the value that is still shown on the balance sheet after depreciation of an asset.

Residual value (Restwert)

In contrast to other forms of financing, with residual value leasing, the financing amount is not repaid in full during the financing term. The unpaid amount is called the residual value. To cover the residual value after the end of the contract, the leasing company sells the asset (to the lessee or a third party) or leases it on.

Residual value leasing (Restwert-Leasing)

In the case of residual value leasing (partial amortisation), the leasing payment is determined in such a way that a calculated residual value is recognised at the end of the contract term. As only part of the capital employed is repaid during the term of the contract, the ongoing charges are lower than for full pay-out leasing. A further reduction in leasing instalments can be achieved by making an advance payment (for tax reasons, up to a maximum of 30 percent of the total investment costs).


Sale and lease back

A sale and lease back is a financing transaction in which the leasing company acquires used assets from a future lessee and then leases them (back) to the lessee. It should be noted that the purchase price at which the lessor acquires the asset must correspond to the fair market value. As a rule, the purchase price and the normal remaining useful life are documented by an expert opinion from a court-certified expert. High-growth companies can use sale and lease back financing to build up additional liquidity. By contrast, sale and lease back financing is not offered as a "last resort" for a company with a sustained liquidity squeeze.

Building on non-owned property (Superädifikat)

A building on non-owned property is a structure that has been or will be constructed on the basis of a contract concluded between the landlord as the owner of the land and the tenant as the future owner of the building. The land and building owners are therefore not identical.


Variable interest rate (Variabler Zinssatz)

The variable interest rate is adjusted to the general interest rate trend in the money and capital markets or a specific indicator (e.g. 3-month Euribor). If the interest rate is variable, the leasing payments are adjusted quarterly or semi-annually, depending on the contractual agreement.

Contract fee (Vertragsgebühr)

The statutory contract fee is charged to the lessee with the first leasing payment and paid to the tax office by the lessor. It is payable once and, in the case of an indefinite term, is essentially 1 percent of 36 times the monthly gross leasing payments plus any gross advance payments made; in the case of a definite term, it is essentially 1 percent of the gross leasing payments to be made for that period plus any gross advance rental payments made.

Advance payment (Vorauszahlung) (special leasing payment, down payment)

A reduction in the leasing payment can be achieved by the lessee contributing its own funds. The inclusion of such a special leasing payment is possible for tax purposes up to a maximum amount of 30 percent of the total investment costs.

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