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NOTE 34

Operating leases


Group as the lessee


Minimum lease payments under non-cancellable operating lease agreements:


€ million 2011 2010
No later than 1 year 366.5 348.2
Later than 1 year and no later than 5 years 1,086.9 1,071.1
Later than 5 years 876.1 925.0
Total 2,329.5 2,344.3
     
Expected future minimum lease payments under
non-cancellable sublease agreements
44.1 50.5
     
Lease and sublease payments recognised for the period:    
Minimum lease payments 360.2 360.6
Contingent rents -0.3 0.0
Sublease income 27.4 26.7

The 2011 income statement includes capital and maintenance rentals on real estate under real estate operating leases, and other rentals in a total amount of €398.1 million (€405.0 million). Maintenance rentals are not included in minimum lease payments.

Kesko leases retail and logistics premises for its operating activities. Most of the leases are index-linked and in conformity with local market practice.

Group as the lessor


Minimum lease payments received under non-cancellable operating lease agreements:


€ million 2011 2010
No later than 1 year 15.6 8.5
Later than 1 year and no later than 5 years 33.7 17.0
Later than 5 years 10.3 5.8
Total 59.7 31.3
     
Aggregate contingent rents charged to the income statement 0.9 -

Kesko leases premises to entrepreneurs other than K-retailers in order that the total service offer of a store site support its profit generation potential. Such premises typically include so-called store entrance stores at large retail outlets.