Notes to the accounts
24. Commitments
Operating lease commitments – minimum lease payments
The Group occupies certain properties and holds plant, machinery and vehicles under operating leases. The property leases often include renewal options and escalation clauses and, in the US, generally provide for contingent rentals based on a percentage of lease defined revenues.
The minimum payments in respect of operating leases for the 52 weeks to 1 February 2009 to which the Group was committed as at 2 February 2008 were as follows:
| Plant, machinery & vehicles $m |
Leasehold properties $m |
Total $m |
|
|---|---|---|---|
| Operating leases which expire: | |||
| Within one year | 0.9 | 14.6 | 15.5 |
| Between one and five years | 1.9 | 84.9 | 86.8 |
| More than five years | – | 196.7 | 196.7 |
| At 2 February 2008 | 2.8 | 296.2 | 299.0 |
| At 3 February 2007 | 3.4 | 276.9 | 280.3 |
The future minimum payments for operating leases having initial or non-cancellable terms in excess of one year are as follows:
| $m | |
|---|---|
| For financial periods: | |
| 2008/09 | 299.0 |
| 2009/10 | 280.8 |
| 2010/11 | 260.4 |
| 2011/12 | 241.2 |
| 2012/13 | 219.2 |
| Thereafter | 1,227.8 |
| 2,528.4 |
Capital and other financial commitments
Capital commitments at 2 February 2008 for which no provision has been made in these consolidated accounts were as follows:
| 2008 $m |
2007 $m |
|
|---|---|---|
| Contracted | 37.4 | 24.4 |