IAS 17 para 35 operating lessee disclosures

NEXT plc – Annual report – 27 January 2018

Industry: retail

  1. Operating Profit (extract)

Group operating profit is stated after charging/(crediting):

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  1. Operating Lease Commitments

The Group has entered into operating leases primarily in respect of retail stores and lesser amounts for warehouses, vehicles and equipment. These non-cancellable leases have remaining terms of between one month and approximately 25 years. Contingent rentals are payable on certain retail store leases based on store revenues. The majority of the Group’s property leases provide for their renewal by mutual agreement at the expiry of the lease term.

Future minimum rentals payable (to the nearest break-clause) under non-cancellable operating leases where the Group is the lessee:

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At January 2018, future rentals receivable under non-cancellable sub-leases where the Group is the lessor were £12.7m (2017: £12.0m).

Additional information on the Group’s leasing commitments as at 27 January 2018 is detailed in the table below:

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Future minimum rentals payable to the end of the lease term are as follows:

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