The Group as at the initial date, classifies leases as finance or operating lease.
In order to make the above classification the Group assesses whether the entire risk and benefits resulting from ownership of the underlying asset were transferred to a lessee. If the entire risk and benefits were transferred to a lessee, the lease is classified as a financial lease, in the opposite situation – as operating lease.
Maturity analysis for financial lease payments
| 31/12/2019 | |
|---|---|
| up to 1 year | 12 |
| from 1 to 3 years | 12 |
| from 3 to 5 years | 1 |
| 25 |
The Group as a lessor in finance lease, recognised as at 1 January 2019, in accordance with IFRS 16 subleasing agreements in the Unipetrol Group for which the value of lease payments due as at 31 December 2019 amounted to PLN 25 million.
Maturity analysis for operating lease payments
| 31/12/2019 | |
|---|---|
| up to 1 year | 89 |
| from 1 to 2 years | 41 |
| from 2 to 3 years | 39 |
| from 3 to 4 years | 37 |
| from 4 to 5 years | 33 |
| above 5 years | 336 |
| 575 |
As at 31 December 2019, the net carrying amount of the Company’s non-current assets leased to other entities under operating lease agreements amounted to PLN 150 million and related mainly to own land (PLN 46 million) as well as buildings and construction (PLN 94 million).
Lease payments under operating leases are recognised on a straight-line basis over the lease period as revenues from the sale of products and services.
Revenues from operating lease for 2019 amounted to PLN 257 million.