104 / 116
Level 3 fair value
The following table shows the reconciliation between the opening and closing balance for the level 3 fair value:
Level 3 fair value sensitivity analysis
IN ’000 €
CONTINGENT
CONSIDERATIONS
BALANCE AT END OF PREVIOUS PERIOD
Acquisitions through business combinations (see Note 10)
5 519
Change in fair value (unrealized) (part of the finance income) (see Note 7)
-1 359
BALANCE AT END OF CURRENT PERIOD
4 159
IN ’000 €
2014
10% increase in the projected number of visitors of the future cinema in Utrecht
535
10% decrease in the projected number of visitors of the future cinema in Utrecht
-535
25. Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
IN ’000 €
2013
2014
Less than one year
4 525
7 515
Between one and five years
13 038
24 316
More than five years
10 653
20 720
TOTAL
28 216
52 551
Minimum lease payments in the income statement with regard to operating leases
4 855
6 164
Contingent lease payments in the income statement with regard to operating leases
199
247
The multiplex in Valencia (Spain) is leased for a period of
40 years since May 2001. There is an option to terminate
the contract after 20 years. The contract does not provide
for a purchase option.
The Group also leases the complex in the centre of Nîmes
(France) and a complex in the centre of Liège (Belgium).
The term of these leases is nine years (renewable).
A fixed rent is always charged.
The Group also leases the land on which a number of
complexes have been built and the adjacent car park for a
remaining period of 11 years (renewable) in Belgium and
49 years in France (long lease construction). The paid rent is
partly fixed and partly variable, based on the number of
tickets sold. This variable rent was € 0.2 million in 2014.
A number of car parks are also leased in Belgium for a
period of 1 to 27 years (renewable). A fixed rent is always
charged.
IN ’000 €
2013
2014
LEVEL1
LEVEL2
LEVEL3
LEVEL1
LEVEL2
LEVEL3
Cash flow hedging – Interest
Interest rate swaps
-31
Cash flow hedging – Currency
Foreign exchange forward contracts
-29
27
Financial liabilities measured at fair value
Contingent considerations
4 159
TOTAL
-60
27
4 159
The possible change in the significant non-observable input
stated below could reasonably have the following impact
on the fair value of the contingent considerations at balance
sheet date:
102
05 / FINANCIAL REPORT
KINEPOLIS GROUP
ANNUAL REPORT 2014