[28] Lease liabilities

Lease liabilities primarily relate to finance lease obligations of €669,035 thousand (31 December 2010: €617,547 thousand) arising from sale and leaseback transactions for funding leases with customers.

Lease liabilities also include obligations of €15,765 thousand (31 December 2010: €17,814 thousand) arising from residual-value guarantees that were provided when leased assets were sold to leasing companies.

The KION Group has recognised lease liabilities amounting to €16,712 thousand (31 December 2010: €26,288 thousand) arising from procurement leases, which are classified as finance leases due to their terms and conditions.

The amounts recognised as lease liabilities are based on the following data:

Minimum lease payments

€ thousand

2011

2010

 

 

 

Total minimum lease payments (gross)

769,603

724,220

due within one year

260,230

278,967

due in one to five years

490,680

427,041

due in more than five years

18,693

18,212

 

 

 

Present value of minimum lease payments

701,512

661,649

due within one year

230,381

250,552

due in one to five years

452,988

393,335

due in more than five years

18,143

17,762

 

 

 

Interest included in minimum lease payments

68,091

62,571

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