Part of the Consolidated Financial Statements as of 31 December 2009; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

[22] Leases


The Group is lessee under lease arrangements covering real property and equipment.

Finance Lease Commitments

The following table presents the net carrying value for each class of leasing assets held under finance leases.

in € m.

Dec 31, 2009

Dec 31, 2008

Land and buildings

91

95

Furniture and equipment

2

2

Other

Net carrying value

93

97

Additionally, the Group has sublet leased assets classified as finance leases with a net carrying value of € 67 million as of December 31, 2009, and € 60 million as of December 31, 2008.

The future minimum lease payments required under the Group’s finance leases were as follows.

in € m.

Dec 31, 2009

Dec 31, 2008

Future minimum lease payments:

 

 

not later than one year

25

32

later than one year and not later than five years

106

118

later than five years

144

202

Total future minimum lease payments

275

352

less: Future interest charges

108

160

Present value of finance lease commitments

167

192

Future minimum sublease payments of € 111 million are expected to be received under non-cancelable subleases as of December 31, 2009. As of December 31, 2008 future minimum sublease payments of € 193 million were expected. As of December 31, 2009 the amount of contingent rent recognized in the income statement was (0.7) million. As of December 31, 2008 contingent rent was € 1 million. The contingent rent is based on market interest rates; below a certain rate the Group receives a rebate.

Operating Lease Commitments

The future minimum lease payments required under the Group’s operating leases were as follows.

in € m.

Dec 31, 2009

Dec 31, 2008

Future minimum rental payments:

 

 

not later than one year

728

765

later than one year and not later than five years

2,046

2,187

later than five years

2,352

2,797

Total future minimum rental payments

5,126

5,749

less: Future minimum rentals to be received

255

245

Net future minimum rental payments

4,871

5,504

In 2009, € 804 million were charges relating to lease and sublease agreements, of which € 819 million was for minimum lease payments, € 22 million for contingent rents and € 37 million for sublease rentals received.

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