Annual Report and Accounts 2006 - DCC plc

notes to the financial statements10144. Commitments under operating and finance leasesGroupOperating leasesFuture minimum rentals payable under non-cancellable operating leases at 31 March are as follows:2006 2005€’000 €’000Within one year 945 1,011After one year but not more than five years 7,668 7,098More than five years 63,537 64,73872,150 72,847The Group leases a number of properties under operating leases. The leases typically run for a period of 15 to 25 years.Rents are generally reviewed every five years.During the year ended 31 March 2006 €9.102 million (2005: €8.148 million) was recognised as an expense in the IncomeStatement in respect of operating leases.Finance leasesFuture minimum lease payments under finance leases together with the present value of the net minimum leasepayments are as follows:2006 2005PresentPresentMinimum value of Minimum value ofpayments payments payments payments€’000 €’000 €’000 €’000Within one year 5,292 4,801 6,646 5,915After one year but not more than five years 5,756 5,442 11,156 10,37011,048 10,243 17,802 16,285Less: amounts allocated to future finance costs (805) - (1,517) -Present value of minimum lease payments 10,243 10,243 16,285 16,28545. Business combinationsThe principal acquisitions completed by the Group during the year, together with percentages acquired were as follows:- Physio-Med Services Limited (76%): a supplier of physiotherapy and related products, acquired on 13 June 2005. Putand call options exist to acquire the remaining 24%;- Pilton Company (100%): a distributor of DVD’s, computer games and other products, acquired on 15 June 2005; and- AB Computing (100%): a value added distributor of IT infrastructure solutions headquartered in Belgium, acquiredon 6 July 2005.In addition, a number of small oil and LPG distributors were acquired during the year.