29. Operating lease obligations
2019 | 2018 | |
|---|---|---|
€m | €m | |
Within 1 year | 1.6 | 9.5 |
In the second to fifth years | - | 5.4 |
After 5 years | - | 56.0 |
1.6 | 70.9 |
Commitments at 31 December 2019 relate to short term vessel charter and container hire obligations. An expense of €6.7 million (2018: €15.5 million) was recognised in the period under operating leases where the related rights were not recognised as a right to use asset. The 2019 operating lease expense is analysed as follows;
€m | |
|---|---|
Short term leases of terms of less than one year | 6.1 |
Variable lease payments not included in the measurement of lease liabilities | 0.6 |
6.7 |
The Group applied IFRS 16 Leases, which replaced IAS 17, with effect from 1 January 2019 as set out at note 2 Accounting Policies. At initial application, the Group recognised right of use assets and related lease liabilities by adjusting the opening balances brought forward from the Statement of Financial Position reported at 31 December 2018. A reconciliation of previously reported operating lease commitments at 31 December 2018 is set out at note 30.