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Operating leases
Leases as lessee

	2008 £m	2007 £m
Rentals paid – hire of plant and machinery	64	58
– hire of other assets	25	18
Non-cancellable operating lease rentals are payable as follows:
Within one year	104	77
Between one and five years	163	179
After five years	205	99
	472	355
Leases as lessor
	2008 £m	2007 £m
Rentals received – credited within revenue from after market services	26	27
Non-cancellable operating lease rentals are receivable as follows:
Within one year	6	5
Between one and five years	13	13
After five years	3	3
	22	21

The Group acts as lessee and lessor for both land and buildings and gas turbine engines, and acts as lessee for some plant and equipment.

• Sublease payments of £15m (2007 £15m) and sublease receipts of £11m (2007 £8m) were recognised in the income statement in the year.
• Purchase options exist on aero engines, land and buildings and plant and equipment with the period to the purchase option date varying between one to five years.
• Renewal options exist on aero engines, land and buildings and plant and equipment with the period to the renewal option varying between one to 21 years at terms to be negotiated upon renewal.
• Escalation clauses exist on some leases and are linked to LIBOR.
• The total future minimum sublease payments expected to be made is £88m (2007 £13m) and sublease receipts expected to be received is £6m (2007 £3m).

Finance leases

Finance lease liabilities are payable as follows:

	2008 2007
	Payments £m	Interest £m	Principal £m	Payments £m	Interest £m	Principal £m
Within one year	4	1	3	6	1	5
Between one and five years	—	—	—	3	—	3
After five years	1	—	1	1	—	1
	5	1	4	10	1	9

There were no contingent rents recognised as an expense in the year (2007 £nil) and no future minimum sublease receipts are expected under non-cancellable subleases (2007 £nil).