40. Commitments under operating leases
Future minimum lease payments under non-cancellable aircraft and other operating lease agreements with third and related parties (Note 39) are as follows:
|
31 December 2013 |
31 December 2012 |
|
|---|---|---|
|
On demand or within 1 year |
615.1 |
538.3 |
|
Later than 1 year and not later than 5 years |
2,905.2 |
1,832.7 |
|
Later than 5 years |
4,188.1 |
1,294.2 |
|
Total operating lease commitments |
7,708.4 |
3,665.2 |
The amounts above represent base rentals payable. Maintenance fees payable to the lessor, based on actual flight hours, and other usage variables are not included in the amounts.
The aircraft that the Group has operated under operating lease agreements as at 31 December 2013 are listed in Note 1. The Group received aircraft under operating lease agreements for the term of 3 to 16 years. The agreements are extendable.
The Group entered into a number of agreements with Russian banks under which the banks guarantee the payment of the Group’s liabilities under existing aircraft lease agreements.
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