Full Annual Report - Inchcape

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Financial statements Notes to the accounts continued 29 Commitments continued b. Lease commitments Operating lease commitments – Group as lessee The Group has entered into non-cancellable operating leases for various offices, warehouses and dealerships. These leases have varying terms, escalation clauses and renewal rights. Future minimum lease payments under non-cancellable operating leases are as follows: Within one year 41.8 44.8 Between one and five years 100.9 110.4 After five years 133.3 142.7 276.0 297.9 Operating lease commitments – Group as lessor The Group has entered into non-cancellable operating leases on a number of its vehicles. These leases have varying terms, escalation clauses and renewal rights and are not individually significant to the Group. Future minimum lease payments receivable under non-cancellable operating leases are as follows: Within one year 3.1 5.1 Between one and five years 6.2 9.5 After five years 6.3 8.1 15.6 22.7 Finance leases and hire purchase contracts The Group has finance leases and hire purchase contracts for various items of property, plant and equipment. These leases have varying terms, escalation clauses and renewal rights. Future minimum lease payments under finance leases and hire purchase contracts, together with the present value of the net minimum lease payments (included within borrowings) are as follows: Minimum lease payments: – Within one year 1.3 4.1 – Between one and five years 2.1 3.7 – After five years 7.0 7.0 Total minimum lease payments 10.4 14.8 Less: future finance charges (5.7) (5.8) Present value of finance lease liabilities 4.7 9.0 2009 £m 2009 £m 2009 £m 2008 £m 2008 £m 2008 £m 132 Inchcape plc ¦ Annual Report and Accounts 2009
Section Three Financial statements 30 Related party disclosures a. Principal subsidiaries and joint ventures The consolidated Financial statements include the principal subsidiaries and joint ventures listed below: Country of incorporation Shareholding Description Subsidiaries Subaru (Australia) Pty Limited Australia 90.0% Distribution Toyota Belgium NV/SA Belgium 100.0% Distribution The Motor & Engineering Company of Ethiopia Ltd S.C. Ethiopia 94.1% Distribution Inchcape Motors Finland OY Finland 100.0% Distribution Toyota Hellas SA Greece 100.0% Distribution Crown Motors Limited Hong Kong 100.0% Distribution Inchcape Olimp OOO Russia 100.0% Retail Inchcape Moscow Motors BV Netherlands 75.1% Intermediate holding company (1) Borneo Motors (Singapore) Pte Ltd Singapore 100.0% Distribution Inchcape Finance plc United Kingdom 100.0% Central treasury company Inchcape Fleet Solutions Limited United Kingdom 100.0% Financial services (2) Inchcape International Holdings Limited United Kingdom 100.0% Intermediate holding company Inchcape Retail Limited United Kingdom 100.0% Retail The Cooper Group Limited United Kingdom 100.0% Retail European Motor Holdings Limited United Kingdom 100.0% Retail Inchcape East Limited United Kingdom 100.0% Retail Joint ventures Unitfin SA Greece 60.0% Financial services Tefin SA Greece 50.0% Financial services (1) Holding company of the Musa Motors businesses in Moscow (2) Included within distribution in the business segmental analysis (see note 1) The ultimate parent company of the Group is Inchcape plc, a company incorporated and domiciled in England and Wales and listed on the London Stock Exchange. www.inchcape.com 133
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Annual Report and Accounts 2009 Ind
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Section One Business review Financi
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The Inchcape business model Section
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The Inchcape Advantage Section One
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Global experience Section One Busin
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Section Two Two Governance Inchcape
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Section Three Financial statements
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Full Annual Report - Inchcape

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