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Note 28: Operating lease commitments

The Group has entered into commercial leases on certain properties, equipment and aircraft. These leases have durations ranging from two 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 31 March, fall due as follows:

  Group   Company
£ million 2010 2009   2010 2009
Within one year 82 84 72 60
Between one and five years 348 334 335 309
Over five years 444 444   444 444
At 31 March 874 862   851 813

b  Property and equipment

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

  Group   Company
£ million 2010 2009   2010 2009
Within one year 98 84 95 80
Between one and five years 306 249 296 238
Over five years, ranging up to the year 2145 1,585 1,562   1,581 1,557
At 31 March 1,989 1,895   1,972 1,875

c  Sub-leasing

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 2010 2009   2010 2009
Fleet
Within one year 6 6 3 4
Between one and five years 1 8     9
At 31 March 7 14   3 13
Property and equipment
Within one year 7 6 7 6
Between one and five years 25 24 25 24
Over five years 4 10   4 10
At 31 March 36 40   36 40

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