Notes to the consolidated financial statements 103 22 Other non-current financial liabilities (continued) Finance lease liabilities Ahold at a glance Business review Governance Financials Ahold Annual Report 2014 Finance lease liabilities are payable as follows: December 28, 2014 December 29, 2013 Present Present Future value of Future value of minimum minimum minimum minimum ease Interest lease lease Interest lease million payments portion payments payments portion payments Within one year 179 91 88 162 87 75 Between one and five years 681 284 397 629 281 348 After five years 1,003 275 728 1,011 274 737 Total 1,863 650 1,213 ,802 642 ,160 Continuing operations 1,863 650 1,213 1,779 636 1,143 Discontinued operations - - - 23 6 17 Total 1,863 650 1,213 1,802 642 1,160 Current portion finance lease liabilities (see Note 26) 88 74 Current portion finance lease liabilities included in "liabilities related to assets held for sale" (see Note 5) - 1 Non-current portion finance lease liabilities included in "liabilities related to assets held for sale" (see Note 5) - 16 Non-current portion finance lease liabilities 1,125 1,069 Finance lease liabilities are principally for buildings. Terms range primarily from 10 to 25 years and include renewal options if it is reasonably certain, at the inception of the leases, that they will be exercised. At the time of entering into a finance lease agreement, the commitment is recorded at its present value using the interest rate implicit in the lease, if this is practicable to determine; if not, the operating company-specific interest rate applicable for long-term borrowings is used. As of December 28, 2014, the finance lease liabilities are recorded at their present value at a weighted average interest rate of 77% (December 29, 2013: 78%). 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. During 2014, interest expense on finance lease liabilities was €90 million (2013: €95 million), of which nil related to discontinued operations (2013: €2 million). Total future minimum sublease income expected to be received under non-cancelable subleases as of December 28, 2014, is €107 million (December 29, 2013: €116 million). The total contingent rent expense recognized during the year on finance leases was €2 million income (2013: €4 million expense).

Jaarverslagen | 2014 | | pagina 5