The Group has rented stores through its subsidiaries operating in different countries, usually under long-term lease contracts, in accordance with local legislation and customs. Early termination is usually only allowed for breach of contract. In specific cases local legislation also allows the tenant to rescind the contract early. The amount of rent is fixed but some contracts contain clauses allowing it to be raised or terms requiring the payment of increasing rents, on top of an established minimum, upon the achievement of predetermined sales volumes. The rental expense and income recognized in the statement of income in 2009 amount respectively to Euro 168,860 thousand (of which the variable portion is Euro 10,540 thousand) and Euro 71,627 thousand (of which Euro 55,708 thousand relating to sublets).
At the balance sheet date, the Group's future rental payments under non-cancelable lease contracts are as follows in each of the following periods:
|
(thousands of Euro)
|
|
|
12.31.2009
|
|
Within 1 year
|
|
|
145,236
|
|
Between 1 and 5 years
|
|
|
479,161
|
|
Beyond 5 years
|
|
|
416,403
|
|
Total
|
|
|
1,040,800
|
At the balance sheet date, the Group's future rental income under non-cancelable lease contracts is as follows in each of the following periods:
|
(thousands of Euro)
|
|
|
12.31.2009
|
|
Within 1 year
|
|
|
65,530
|
|
Between 1 and 5 years
|
|
|
144,915
|
|
Beyond 5 years
|
|
|
38,119
|
|
Total
|
|
|
248,564
|