24. Finance leases

The Group has contracted finance leases mainly for commercial premises. The corresponding leased assets are recorded under property, plant and equipment in the consolidated balance sheet (see note 11), while the related debt is recognized as a financial liability (see note 18).

The Group has the option of purchasing the commercial premises for a nominal amount at the end of the lease term.

The annual interest rates implicit in all the obligations, under the finance leases, are established at the inception of the lease and are in line with those in the related country and currency in which the lease has been entered into.

The leases in force do not envisage the charging of common expenses, future increases in the CPI or future contractual lease payment revisions. At 31 January 2013 and 2012, there was no contingent rent recognized as an expense in the consolidated income statement.

The carrying amount of items held under finance leases and the future amounts payable until the leases expire are as follows:

	31/01/2013	31/01/2012
Cost of the asset	2,120	36,515
Accumulated depreciation	(1,087)	(13,077)
	1,033	23,438

Finance leases

	31/01/2013	31/01/2012
Less than one year	284	255
One to five years	592	781
	876	1,036