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20 OMMITMENTS AND ONTINENT LIABILITIES
Leases are classfed as fnance leases whenever the terms of the lease transfer substantally all the rsks and rewards of
ownershp All other leases are classfed as operatng leases
Assets held under fnance leases are ntally recognsed at the lower of far value at the date of commencement of the lease and the
present value of the mnmum lease payments Subsequent to ntal recognton, these assets are accounted for n accordance wth
the accountng polcy relatng to that specfc asset The correspondng lablty s ncluded n the balance sheet as a fnance lease
oblgaton Lease payments are apportoned between fnance costs n the ncome statement and reducton of the lease oblgaton
so as to acheve a constant rate of nterest on the remanng balance of the lablty
Lease payments under operatng leases are charged to the ncome statement on a straght-lne bass over the term of the lease
ontngent labltes are ether possble oblgatons that wll probably not requre a transfer of economc benefts, or present
oblgatons that may, but probably wll not, requre a transfer of economc benefts It s not approprate to make provsons for
contngent labltes, but there sa chance that they will result in an obligation in the future.
Long-term fnance lease commtments
 mllon
Future
mnmum
lease
payments
2014
 mllon
Fnance
cost
2014
 mllon
Present
value
2014
€ million
Future
minimum
lease
payments
2013
€ million
Finance
cost
2013
€ million
Present
value
2013
Buildings(a) 283 102 181 290 103 187
Plant and machinery 22 4 18 22 517
305 106 199 312 108 204
The commitments fall due as follows:
Within 1 year 25 12 13 25 10 15
Later than 1 year but not later than 5 years 108 36 72 107 36 71
Later than 5 years 172 58 114 180 62 118
305 106 199 312 108 204
(a) All leased land is classified as operating leases.
The table below shows the net book value of property, plant and equipment under a number of finance lease agreements.
Net book value
 mllon
Buldngs
 mllon
Plant and
equpment
 mllon
Total
Cost 218 148 366
Accumulated depreciation (69) (124) (193)
31 December 2014 149 24 173
Cost 211 141 352
Accumulated depreciation (57) (119) (176)
31 December 2013 154 22 176
The Group has sublet part of the leased properties under finance leases. Future minimum sublease payments of €38 million
(2013: €30 million) are expected to bereceived.
Long-term operatng lease commtments
 mllon
2014
€ million
2013
Land and buildings 1,903 1,328
Plant and machinery 424 459
2,327 1,787
Operatng lease and other commtments fall due as follows
 mllon
Operatng
leases
2014
€ million
Operating
leases
2013
 mllon
Other
commt-
ments
2014
€ million
Other
commit-
ments
2013
Within 1 year 390 335 1,034 906
Later than 1 year but not later than 5 years 1,171 913 950 778
Later than 5 years 766 539 41 25
2,327 1,787 2,025 1,709
124 Unilever Annual Report and Accounts 2014Financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
UNILEVER GROUP CONTINUED