Notes to the
consolidated
financial statements
continued
33 Operating leases
241
Overview
Business review
Governance
Financials
Investors
Ahold Delhaize Annual Report 2016
I Total adjustment of €22 million from last year’s disclosure of €1,089 million.
The total contingent rental income recognized during the year on all leases where Ahold Delhaize is the lessor was €3 million (2015: €2 million).
Ahold Delhaize as lessor
Ahold Delhaize rents out its investment properties (mainly retail units in shopping centers containing an Ahold Delhaize store) and also (partially)
subleases various other properties that are leased by Ahold Delhaize under operating leases. The aggregate amounts of the related future
minimum lease and sublease payments receivable under non-cancellable lease contracts are as follows:
In addition to the operating lease commitments disclosed above, Ahold Delhaize 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 €173 million
(2015: €109 million). These lease contracts are subject to conditions precedent to the rent commencement date.
Ahold Delhaize as lessee
Ahold Delhaize 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 Delhaize’s minimum lease commitments payable to third parties under non-cancellable
operating lease contracts are as follows:
2016
1,004
11
(136)
879
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 Delhaize’s leases impose restrictions on Ahold Delhaize’s ability to
pay dividends, incur additional debt or enter into additional leasing arrangements. The annual costs of Ahold Delhaize’s operating leases from
continuing operations, net of sublease income, are as follows:
million
Minimum rentals
Contingent rentals
Sublease income
Total
January 1,
2017
593
296
1,130
2015
823
17
(128)
712
million
Within one year
Between one and five years
After five years
Tota l
million
Within one year
Between one and five years
After five years
Tota l
January 3,
2016
842
2,704
2,594
6,140
January 3,
20161
2ÏT
542
314
1,067
January 1,
2017
1,171
3,462
2,856
7,489
