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NOTE 29

Finance lease liabilities


€ million 2011 2010
The maturities of finance lease payments are as follows:    
No later than 1 year 14.4 17.7
Later than 1 year and no later than 5 years 44.6 45.0
Later than 5 years 0.3 13.6
Total minimum lease payments 59.4 76.4
     
Present value of minimum lease payments:    
No later than 1 year 11.6 14.6
Later than 1 year and no later than 5 years 39.9 38.1
Later than 5 years 0.3 13.4
Total finance lease liabilities 51.8 66.1
     
Accumulating finance costs 7.6 10.3
     
Contingent rents for the period -0.2 0.3
     
Expected sublease rentals 32.1 44.1

 

The finance lease liabilities mainly consist of store fixtures leased by Kesko Food Ltd from finance companies and subleased to chain companies. In addition, finance leases include real estate leases with lease payments tied to interest rate.