Notes forming part of the financial statements
18. LEASES
The Group adopted IFRS 16 Leases from 1 March 2019 and has lease contracts for various items of freehold land & buildings, plant & machinery and motor vehicles & other equipment.
Set out below are the carrying amounts of right-of-use assets (included under property, plant & equipment note 11) recognised and the movements during the year:
Freehold land & buildings | Plant & machinery | Motor vehicles & other equipment | Total | |
|---|---|---|---|---|
€m | €m | €m | €m | |
Leased right-of-use assets | ||||
At 1 March 2019, net carrying amount | 40.1 | 1.7 | 40.1 | 81.9 |
Translation adjustment | 0.3 | - | 0.2 | 0.5 |
Additions | 1.4 | - | 10.7 | 12.1 |
Disposals | (0.5) | - | - | (0.5) |
Depreciation charge for the period | (6.1) | (0.4) | (10.8) | (17.3) |
At 29 February 2020 | 35.2 | 1.3 | 40.2 | 76.7 |
Leased liabilities | ||||
At 1 March 2019, net carrying amount | (55.3) | (1.7) | (42.6) | (99.6) |
Translation adjustment | (0.3) | - | (0.2) | (0.5) |
Additions to lease liabilities | (1.4) | - | (10.7) | (12.1) |
Disposals | 0.5 | - | - | 0.5 |
Payments* | 9.5 | 0.4 | 12.1 | 22.0 |
Discount unwinding | (2.3) | - | (1.3) | (3.6) |
At 29 February 2020 | (49.3) | (1.3) | (42.7) | (93.3) |
* Payments are apportioned between finance charges €3.4m and payment of lease liabilities of €18.6m in the Consolidated Cash Flow Statement | ||||
Lease liabilities classified within: | ||||
Current liabilities | (18.9) | |||
Non-current liabilities | (74.4) | |||
(93.3) | ||||
The table below shows a maturity analysis of the discounted and undiscounted lease liability arising from the Group’s leasing activities. The projections are based on the foreign exchange rates at the end of the relevant financial year and on interest rates (discounted projections only) applicable to the lease portfolio.
As at 29 February 2020 | ||
|---|---|---|
Discounted | Undiscounted | |
€m | €m | |
Within one year | (18.9) | (22.6) |
Between one and two years | (18.4) | (21.6) |
Between two and three years | (14.9) | (17.4) |
Between three and four years | (9.7) | (11.8) |
Between four and five years | (7.4) | (9.0) |
After five years | (24.0) | (27.9) |
Total | (93.3) | (110.3) |
The Group avails of the exemption from capitalising lease costs for short-term leases and low-value assets where the relevant criteria are met. The following lease costs have been charged to the Consolidated Income Statement as incurred:
2020 | |
|---|---|
€m | |
Expense relating to short-term leases (included in operating costs) | 2.1 |
Total | 2.1 |