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Note 29: Operating lease commitments

The Group has entered into commercial leases on certain properties, equipment and aircraft. These leases have durations ranging from five years for aircraft to 150 years for ground leases. Certain leases contain options for renewal.

a  Fleet

The aggregate payments, for which there are commitments under operating leases as at March 31, fall due as follows:

  Group   Company
£ million 2009 2008   2009 2008
Within one year 84 77   60 62
Between one and five years 334 169   309 143
Over five years 444 17   444 17
At March 31 862 263   813 222

b  Property and equipment

The aggregate payments, for which there are commitments under operating leases as at March 31, fall due as follows:

  Group   Company
£ million 2009 2008   2009 2008
Within one year 84 86   80 82
Between one and five years 249 244   238 229
Over five years, ranging up to the year 2145 1,562 1,612   1,557 1,603
At March 31 1,895 1,942   1,875 1,914

The Group and Company sub-lease surplus rental properties and aircraft assets held under non-cancellable leases to third parties and subsidiary companies. These leases have remaining terms of one to seven years and the assets are surplus to the Group’s requirements.

Future minimum rentals receivable under non-cancellable operating leases are as follows:

  Group   Company
£ million 2009 2008   2009 2008
Fleet          
Within one year 6 6   4 1
Between one and five years 8 13   9 2
At March 31 14 19   13 3
Property and equipment          
Within one year 6 5   6 5
Between one and five years 24 19   24 19
Over five years 10 1   10 1
At March 31 40 25   40 25

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