21. Property, plant and equipment

As of 30 September 2015, property, plant and equipment totalling €7,955 million (30/9/2014: €10,025 million) was recorded. The development of property, plant and equipment is shown in the following table.

The decline in property, plant and equipment mainly results from the reclassification of assets to assets held for sale in the amount of €1,658 million (2013/14: €172 million). At €1,535 million, these primarily relate to property, plant and equipment of the divested Galeria Kaufhof group. The latter includes real estate assets, at €1,353 million, other plant, business and office equipment, at €174 million, and assets under construction, at €7 million. In addition, the reclassifications include individual real estate properties in the amount of €62 million and property, plant and equipment of the wholesale business of METRO Cash & Carry Greece in the amount of €56 million.

Negative currency effects of €445 million (2013/14: €268 million) also contributed to the decline. These primarily concern Russia and Ukraine.

Restrictions on titles in the form of liens and encumbrances for property, plant and equipment amounted to €89 million (30/9/2014: €179 million, including €67 million related to discontinued operations).

Contractual commitments for the acquisition of property, plant and equipment in the amount of €156 million (30/9/2014: €128 million, including €28 million related to discontinued operations) were entered into.

Leases

Assets available to METRO GROUP under the terms of finance leases were valued at €845 million (30/9/2014: €879 million). The assets involved are mainly leased buildings.

Finance leases generally have terms of 15 to 25 years with options under expiration to extend them at least once for five years. The interest rates in the leases vary by market and date of signing between 2.09 and 5.22 per cent.

In addition to finance leases, METRO GROUP also signed other types of leases classified as operating leases based on their economic value. Operating leases generally have an initial term of up to 15 years. The interest rates in the leases are based partly on variable and partly on fixed rents.

Payments due under finance and operating leases in subsequent periods are shown as follows:

Future payments due on finance leases contain purchase payments amounting to €32 million required for the exercise of more favourable purchase options (30/9/2014: €42 million, including €0 million related to discontinued operations).

The nominal value of future lease payments due to METRO GROUP coming from the subleasing of assets held under finance leases amounts to €264 million (30/9/2014: €199 million, including €5 million related to discontinued operations).

The nominal value of future lease payments due to METRO GROUP coming from the subleasing of assets held under operating leases amounts to €463 million (30/9/2014: €470 million, including €32 million related to discontinued operations).

Profit or loss for the period includes expenses from leases totalling €1,539 million (2013/14: €1,585 million), including €156 million related to discontinued operations (2013/14: €161 million). Profit or loss for the period includes rental income totalling €333 million (2013/14: €341 million), including €48 million related to discontinued operations (2013/14: €47 million).

Contingent lease payments from finance leases recognised as expenses during the period amount to €7 million (2013/14: €10 million), including €0 million related to discontinued operations (2013/14: €1 million). Contingent lease payments from operating leases recognised as expenses during the period amount to €53 million (2013/14: €55 million), including €0 million related to discontinued operations (2013/14: €0 million).

Lease payments due in subsequent periods from entities outside METRO GROUP for the rental of properties that are legally owned by METRO GROUP (METRO GROUP as lessor) are shown below: