The majority of liabilities from operating leases result from rental of retail and office space. PZU Group has a policy of concluding contracts for a limited period of 3 or 5 years with an option of extension. The table below presents minimum future lease payments from operational leasing (undiscounted amounts).
Liabilities due to minimum operating lease fees | 31 December 2016 | 31 December 2015 |
---|---|---|
Up to 1 year | 210 | 116 |
Over 1 year and up to 5 years | 321 | 262 |
Over 5 years | 45 | 25 |
Total liabilities due to minimum operating lease fees | 576 | 403 |