22. Lease agreements
Finance leases
|
Finance lease liabilities: minimum lease payments |
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|
EUR million |
2017 |
2016 |
2015 |
|
Less than 1 year |
9.9 |
13.0 |
14.2 |
|
1–5 years |
9.9 |
19.6 |
27.1 |
|
More than 5 years |
0.0 |
0.2 |
0.2 |
|
Minimum lease payments total |
19.8 |
32.8 |
41.6 |
|
Future interest expenses |
-0.5 |
-1.1 |
-2.1 |
|
Total |
19.3 |
31.6 |
39.5 |
|
Present value of minimum lease payments |
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|
EUR million |
2017 |
2016 |
2015 |
|
Less than 1 year |
9.5 |
12.3 |
13.2 |
|
1–5 years |
9.7 |
19.2 |
26.4 |
|
More than 5 years |
0.0 |
0.2 |
- |
|
Total |
19.3 |
31.6 |
39.6 |
|
Finance leases consist mainly of leased transport equipment. Duration of leasing contracts is typically 3–10 years. |
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|
Finance lease receivables: minimum lease income |
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|
EUR million |
2017 |
2016 |
2015 |
|
Less than 1 year |
0.0 |
0.0 |
0.1 |
|
1–5 years |
0.0 |
0.0 |
0.1 |
|
Minimum lease income |
0.0 |
0.0 |
0.2 |
|
Future interest income |
0.0 |
0.0 |
-0.0 |
|
Total |
0.0 |
0.0 |
0.2 |
|
Maturity of finance lease receivables |
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|
EUR million |
2017 |
2016 |
2015 |
|
Less than 1 year |
0.0 |
0.0 |
0.1 |
|
1–5 years |
0.0 |
0.0 |
0.1 |
|
Total |
0.0 |
0.0 |
0.2 |
|
The group sold the bulilding which was leased out under a finacial lease in 2016. |
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Operating leases
|
Maturity of minimum lease payments |
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|
EUR million |
2017 |
2016 |
2015 |
|
Less than 1 year |
56.0 |
76.3 |
71.5 |
|
1–5 years |
118.8 |
155.4 |
154.7 |
|
More than 5 years |
79.5 |
95.0 |
79.5 |
|
Total |
254.3 |
326.8 |
305.7 |
|
The income statement includes EUR 122.2 (2016: 104.6, 2015: 128.4) million expenses for operating lease agreements. The Group has leased e.g. premises, office equipment and vehicles. The lease period for office equipment and vehicles varies between 2 and 5 years and that for premises until 12 years. |
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|
Maturity of minimum lease payment receivables |
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|
EUR million |
2017 |
2016 |
2015 |
|
Less than 1 year |
2.1 |
1.6 |
2.0 |
|
1–5 years |
1.8 |
0.5 |
0.9 |
|
More than 5 years |
1.8 |
1.9 |
1.9 |
|
Total |
5.7 |
4.0 |
4.8 |
|
The Group leases out premises in its possession. The notice period of leases generally varies between 1 and 12 months, few leases having a notice period from 1 to 4 years. The lease of Kirjekyyhky's site will expire in 2050. |
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