- IDGC of Centre in 2011
- Financial and Operating Results
- Development Strategy
- Investments and Innovations
- To Shareholders and Investors
- Securities
- Dividends
- Share Capital
- Registrar
- Corporate Governance
- Corporate Governance
- Corporate Governance Rating
- Disclosure
- General Shareholders’ Meeting
- Board of Directors
- Corporate Secretary
- Committees under the Board of Directors
- The Chief Executive Officer
- The Management Board
- The Audit Commission
- Remuneration of members of the management and control bodies
- External auditors
- Internal Control and Risk Management
- Social Responsibility
- Mass Media and Investor Relations
- Appendixes
- Statements in accordance with RAS
- Statements in accordance with IFRS
- Independent Auditors’ Report
- Consolidated Statement of Comprehensive Income for the year ended 31 December 2011
- Consolidated Statement of Financial Position as at 31 December 2011
- Consolidated Statement of Cash Flows for the year ended 31 December 2011
- Consolidated Statement of Changes in Equity for the year ended 31 December 2011
- Notes to the Consolidated Financial Statements for the year ended 31 December 2011
- Explanation of separate indicators
- Report on Interregional distribution grid company of centre jsc, compliance with the code of corporate governance
- Information on Large Deals and Related Party Transactions Closed in 2011
29. Operating Leases
The Group leases a number of land plots owned by local governments under operating leases. In addition, the Group leases non-residential premises and vehicles.
Land leases were entered in prior periods and represented land plots on which power lines, equipment for electricity transformation and other assets are located. The land leases typically run for an initial period of 1 to 49 years, with an option to renew the lease after that date. Lease payments are reviewed regularly to reflect market rentals.
The land title does not pass and the landlord retains control over land usage. The Group determined that substantially all the risks and rewards of the land plots are with the landlord, therefore the leases are considered as operating leases.
Operating lease rentals under non-cancellable leases are payable as follows:
| 31 December 2011 | 31 December 2010 | |
|---|---|---|
| Less than one year | 540,954 | 512,581 |
| Between one year and five years | 1,442,487 | 1,210,693 |
| More than five years | 3,577,175 | 3,139,098 |
| 5,560,616 | 4,862,372 |
The amount of lease expense under operating leases recognized in profit or loss in 2011 was RUB 576,615 thousand (in 2010: RUB 477,251 thousand).
Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011