4.4 Legal risk - Scor

Financial lease contracts
The Group holds a finance lease which contains an option to purchase an investment property in Paris at the end of the
lease term. The lease was extended until 25 June 2013 by an addendum in 2011. The amount of the minimum payments
and their discounted values are as follows:
2012 2011
Present Value of
Minimum Lease Minimum Interest
Payments payments expenses
Present Value of
Minimum Lease
Payments
Minimum Interest
In EUR million
payments expenses
Less than one year 4 (1) 3 8 (1) 7
From one to five years - - - 4 (1) 3
More than five years - - - - - -
Total 4 (1) 3 12 (2) 10
Commitments relating to the financing of acquisitions of investment properties through financial leases and other bank loans
are presented within Note 14 – Financial debt.
Rental income
As part of its real estate investment activities described above, SCOR leases its investment buildings. The leases generally
conform to the local market conditions and have annual indexation clauses for the rental payments. The estimated minimum
rental income is as follows:
2012 2011
In EUR million Minimum rental income Minimum rental income
Less than one year 35 39
From one to five years 96 69
More than five years 58 16
TOTAL MINIMUM RENTAL INCOME 189 124
The rental income related to investment property was EUR 38 million in 2012 (2011: EUR 37 million) and the direct
operating expenses EUR 2 million (2011: EUR 2 million).
Property related commitments and guarantees
SCOR signed in 2012 a contract of sale before completion (VEFA) to acquire a building in Saint-Quentin-en-Yvelines. Total
costs for building and land are EUR 93 million. Total cost of the land and finished portion of the building (EUR 72 million)
was capitalised as at 31 December 2012, as transfer of ownership is contingent upon progress of construction work. As at
31 December 2012, SCOR has not the right to use the building. This right is contingent upon the delivery of the building.
(D) FIXED INCOME SECURITIES
(a) Credit ratings – fixed income securities classified as available-for-sale or fair value through income
An analysis of the credit ratings of fixed income securities classified as available-for-sale and fair value through income is as
follows:
In EUR million AAA AA A BBB < BBB Not rated Total
As at 31 December 2012
Available-for-sale 3,109 2,733 1,934 1,146 605 124 9,651
Fair value through income 11 34 10 - - 1 56
Total fixed income
securities as at 31
December 2012 3,120 2,767 1,944 1,146 605 125 9,707
As at 31 December 2011
Available-for-sale 3,079 2,086 1,775 1,022 272 100 8,334
Fair value through income - 28 9 - - 1 38
Total fixed income
securities as at 31
December 2011 3,079 2,114 1,784 1,022 272 101 8,372
230