Notes to the consolidated financial statements
134
32 Share-based compensation (continued)
Share option plans
-
-
33 Operating leases
Ahold as lessee
Ahold at a glance
Business review
Governance
Financials
Ahold
Annual Report 2014
After the introduction of GRO in 2006, options were discontinued as a remuneration component. All options vested by the end of 2009. No options were outstanding for individual Management Board members during
2014. The following table summarizes the status of the share option plans during 2014 for all other employees in the aggregate.
Description of grant
Outstanding at
the beginning
of2014
Exercisec
Forfeited
Expired
Outstanding at
the end
of 2014
Exercise price
Expiration date
Ten-year
36,000
36,000
6.36
04/03/2015
Total options
36,000
36,000
Weighted average exercise price
6.36
6.36
Weighted average share price at date of exercise
14.10
Ahold leases a significant number of its stores, as well as distribution centers, offices and other assets,
parties under non-cancelable operating lease contracts are as follows:
under operating lease arrangements. The aggregate amounts of Ahold's minimum lease commitments payable to third
million
December 28,
2014
December 29,
2013
Within one year
768
687
Between one and five years
2,457
2,155
After five years
2,564
2,409
Total
5,789
5,251
Certain store leases provide for contingent additional rentals based on a percentage of sales and consumer price indices. Substantially all of the store leases have renewal options for additional terms. None of Ahold's leases
impose restrictions on Ahold's ability to pay dividends, incur additional debt or enter into additional leasing arrangements. The annual costs of Ahold's operating leases from continuing operations, net of sublease income,
are as follows:
million
2014
2013
Minimum rentals
690
705
Contingent rentals
20
21
Sublease income
(113)
(111)
Total
597
615
During the fourth quarter of 2013, Ahold closed six stores and three gas stations in the New Hampshire area. In the annual costs relating to minimum rentals for 2013, costs are included for the provision to cover the lease
exposure for the closed locations.
In addition to the operating lease commitments disclosed above, Ahold has signed lease agreements for properties under development of which it has not yet taken possession. The total future minimum lease payments for
these agreements amount to approximately €195 million (2013: €184 million). These lease contracts are subject to conditions precedent to the rent commencement date.