Notes to the financial statements
27 Contingencies and commitments
A. Capital commitments
|
2009
£m |
2008
£m |
| Commitments in respect of properties in the course of construction |
52.1 |
182.8 |
In respect of its interests in a joing venture (see note 16), the joint venture is committed to incur capital expenditure of £31.9m (last year nil), of which the Group's share of this commitment is £19.3m (last year nil).
B. Other material contracts
In the event of a material change in the trading arrangements with certain warehouse operators, the Group has a commitment to purchase property, plant and equipment, at values ranging from historical net book value to market value, which are currently owned and operated by them on the Group’s behalf.
C. Commitments under operating leases
The Group leases various stores, offices, warehouses and equipment under non-cancellable operating lease agreements. The leases have varying terms, escalation clauses and renewal rights.
|
2009
£m |
2008
£m |
| Total future minimum rentals under non-cancellable operating leases expiring: |
|
|
| Not later than one year |
44.0 |
17.9 |
| Later than one year and not later than five years |
178.5 |
90.4 |
| Later than five years and not later than 25 years |
2,464.4 |
2,223.6 |
| Later than 25 years |
1,488.0 |
1,551.1 |
| Total |
4,174.9 |
3,883.0 |
The total future sublease payments to be received are £64.9m (last year £70.5m).