 | Actionnaires & analystes | | Rapports annuels 2005 |
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Note 25 Operating Lease Commitments 
At 31 December 2005, UBS was obligated under a number of non-cancellable operating leases for premises and equipment used primarily for banking purposes. The significant premises leases usually include renewal options and escalation clauses in line with general office rental market conditions as well as rent adjustments based on price indices. However, the lease agreements do not contain contingent rent payment clauses and purchase options. The leases also do not impose any restrictions on UBS’s ability to pay dividends, engage in debt financing transactions or enter into further lease agreements.
The minimum commitments for non-cancellable leases of premises and equipment are presented as follows:
CHF million | 31.12.05 | ||
Operating leases due | |||
2006 | 963 | ||
2007 | 908 | ||
2008 | 844 | ||
2009 | 783 | ||
2010 | 672 | ||
2011 and thereafter | 3,973 | ||
Subtotal commitments for minimum payments under operating leases | 8,143 | ||
Less: Sublease rentals under non-cancellable leases | 821 | ||
Net commitments for minimum payments under operating leases | 7,322 | ||
CHF million | 31.12.05 | 31.12.04 | 31.12.03 |
Gross operating lease expense | 1,232 | 1,309 | 1,354 |
from continuing operations | 1,157 | 1,236 | 1,263 |
from discontinued operations | 75 | 73 | 91 |
Sublease rental income from continuing operations | 51 | 43 | 43 |
Net operating lease expense | 1,181 | 1,266 | 1,311 |
from continuing operations | 1,106 | 1,193 | 1,220 |
from discontinued operations | 75 | 73 | 91 |
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