APC 2003 Annual Report Download - page 79
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6.2 - Capital leases
77
Property, plant and equipment include the following assets held under capital leases:
(
€
millions)
Dec. 31, 2003 Dec. 31, 2002
Land 2.7 2.7
Buildings 56.7 55.8
Machinery and equipment 29.2 30.7
Less accumulated depreciation (61.8) (62.3)
Assets under capital lease – net 26.8 26.9
Future minimum lease payments related to capital leases as of December 31, 2003
are as follows:
(
€
millions)
In 2004 3.0
In 2005 2.5
In 2006 1.5
In 2007 1.4
In 2008 1.1
After 2008 0.9
Lease commitments 10.4
6.3 - Operating leases
Rental expenses for operating leases over 2003 and 2002 are as follows:
(
€
millions)
2003 2002
Minimum rentals 74.0 98.6
Contingent rentals 1.2 1.4
Less sub-lease rentals (2.2) (3.4)
Total rental expenses 73.0 96.6
Future minimum rental payments required under operating leases that have initial or remaining non-cancelable
lease terms in excess of one year were as follows at December 31, 2003:
(
€
millions)
In 2004 84.0
In 2005 76.2
In 2006 45.3
In 2007 37.6
In 2008 31.2
After 2008 47.3
Total minimum payments required 321.6