Lease liabilities primarily relate to finance lease obligations of €617,547 thousand (2009: €651,487 thousand) arising from sale and leaseback transactions for funding leases with customers.
Lease liabilities also include residual-value guarantee obligations of €17,814 thousand (2009: €20,200 thousand). These relate to residual-value guarantees granted in connection with the sale of assets to leasing companies where the amount guaranteed is greater than 10 per cent of the fair value of the assets involved.
The Group has recognised lease liabilities amounting to €26,288 thousand (2009: €27,922 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) |
2010 |
2009 |
|
|
|
Total minimum lease payments (gross) |
724,220 |
775,568 |
due within one year |
278,967 |
247,550 |
due in one to five years |
427,041 |
508,848 |
due in more than five years |
18,212 |
19,170 |
|
|
|
Present value of minimum lease payments |
661,649 |
699,609 |
due within one year |
250,552 |
214,735 |
due in one to five years |
393,335 |
466,296 |
due in more than five years |
17,762 |
18,578 |
|
|
|
Interest included in minimum lease payments |
62,571 |
75,959 |
