The Group is lessee under lease arrangements covering property and equipment.
Finance Lease Commitments
Most of the Group’s finance lease arrangements are made under usual terms and conditions.
Net Carrying Value of Leasing Assets Held under finance leases |
||
in € m. |
Dec 31, 2014 |
Dec 31, 2013 |
Land and buildings |
13 |
82 |
Furniture and equipment |
1 |
1 |
Other |
5 |
0 |
Net carrying value |
19 |
84 |
Future Minimum Lease Payments Required under the Group’s Finance Leases |
||||
in € m. |
Dec 31, 2014 |
Dec 31, 2013 |
||
|
||||
Future minimum lease payments: |
|
|
||
Not later than one year |
6 |
26 |
||
Later than one year and not later than five years |
24 |
11 |
||
Later than five years |
84 |
10 |
||
Total future minimum lease payments |
114 |
47 |
||
Less: Future interest charges |
71 |
19 |
||
Present value of finance lease commitments |
43 |
28 |
||
Future minimum lease payments to be received |
9 |
12 |
||
Contingent rent recognized in the income statement1 |
0 |
1 |
||
Operating Lease Commitments
The Group leases the majority of its offices and branches under long-term agreements. Most of the lease contracts are made under usual terms and conditions, which means they include options to extend the lease by a defined amount of time, price adjustment clauses and escalation clauses in line with general office rental market conditions. However, the lease agreements do not include any clauses that impose any restriction on the Group’s ability to pay dividends, engage in debt financing transactions or enter into further lease agreements. The Group has one significant lease contract which contains five options to extend the lease each for a period of five years and there is no purchase option in this specific lease.
Future Minimum Lease Payments Required under the Group’s Operating Leases |
||
in € m. |
Dec 31, 2014 |
Dec 31, 2013 |
Future minimum rental payments: |
|
|
Not later than one year |
778 |
824 |
Later than one year and not later than five years |
2,370 |
2,324 |
Later than five years |
1,955 |
1,865 |
Total future minimum rental payments |
5,103 |
5,013 |
Less: Future minimum rentals to be received |
171 |
161 |
Net future minimum rental payments |
4,932 |
4,852 |
As of December 31, 2014, the total future minimum rental payments included € 386 million for the Group headquarters in Frankfurt am Main that was sold and leased back on December 1, 2011. The Group entered into a 181 months leaseback arrangement for the entire facility in connection with the transaction.
In 2014, the rental payments for lease and sublease agreements amounted to € 815 million. This included charges of € 835 million for minimum lease payments and € 10 million for contingent rents as well as € 29 million related to sublease rentals received.
