Year 2017

22. Lease agreements

 

Finance leases

 

Finance lease liabilities: minimum lease payments

     

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

     

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.

       

Finance lease receivables: minimum lease income

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

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.

Operating leases

 

Maturity of minimum lease payments

     

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.

       

Maturity of minimum lease payment receivables

     

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.