Notes to the consolidated financial statements
135
33 Operating leases
Ahold as lessee
Ahold as lessor
Ahold at a glance
Business review
Governance
Financials
Ahold
Annual Report 2015
Ahold leases a significant number of its stores, as well as distribution centers, offices and other assets, under operating lease arrangements. The aggregate amounts of Ahold's minimum lease commitments payable to third
parties under non-cancelable operating lease contracts are as follows:
January 3,
December 28,
million
2016
2014
Within one year
842
768
Between one and five years
2,704
2,457
After five years
2,594
2,564
Total
6,140
5,789
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:
millior
2015
2014
Minimum rentals
823
690
Contingent rentals
17
20
Sublease income
(128)
(113)
Total 712 597
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 €109 million (2014: €195 million). These lease contracts are subject to conditions precedent to the rent commencement date.
Ahold rents out its investment properties (mainly retail units in shopping centers containing an Ahold store) and also (partially) subleases various other properties that are leased by Ahold under operating leases. The aggregate
amounts of the related future minimum lease and sublease payments receivable under non-cancelable lease contracts are as follows:
January 3,
December 28,
million
2016
2014
Within one year
213
197
Between one and five years
554
514
After five years
322
323
Total
1,089
1,034
The total contingent rental income recognized during the year on all leases where Ahold is the lessor was €2 million (2014: €2 million).
