Lease liabilities primarily relate to finance lease obligations of €669,035 thousand (31 December 2010: €617,547 thousand) arising from sale and leaseback transactions for funding leases with customers.
Lease liabilities also include obligations of €15,765 thousand (31 December 2010: €17,814 thousand) arising from residual-value guarantees that were provided when leased assets were sold to leasing companies.
The KION Group has recognised lease liabilities amounting to €16,712 thousand (31 December 2010: €26,288 thousand) arising from procurement leases, which are classified as finance leases due to their terms and conditions.
The amounts recognised as lease liabilities are based on the following data:
|
Minimum lease payments | ||
|
€ thousand |
2011 |
2010 |
|
|
|
|
|
Total minimum lease payments (gross) |
769,603 |
724,220 |
|
due within one year |
260,230 |
278,967 |
|
due in one to five years |
490,680 |
427,041 |
|
due in more than five years |
18,693 |
18,212 |
|
|
|
|
|
Present value of minimum lease payments |
701,512 |
661,649 |
|
due within one year |
230,381 |
250,552 |
|
due in one to five years |
452,988 |
393,335 |
|
due in more than five years |
18,143 |
17,762 |
|
|
|
|
|
Interest included in minimum lease payments |
68,091 |
62,571 |
