96 Consolidated  Notes to the  Financial  Statements Minimum Present Minimum Present future lease  value of  future lease  value of payments payments payments payments 2011 2011 2010 2010 Finance lease liabilities  $m $m $m $m No longer than one year  – – – – Longer than one year and not longer than five years  0.3 – – – Longer than five years  178.4 11.9 178.4 10.6 Minimum future lease payments*  178.7 11.9 178.4 10.6 Less future finance charges  (166.8) – (167.8) – Present value of minimum lease payments  11.9 11.9 10.6 10.6 Included in the financial statements as: Current borrowings  – – Non-current borrowings (Note 29)  11.9 10.6 11.9 10.6 Note 38 – Lease commitments 2011 2010 $m $m Operating leases Non-cancellable operating lease rentals are payable as follows: No longer than one year  16.9 16.4 Longer than one year and not longer than five years  49.7 45.2 Longer than five years  23.7 32.7 90.3 94.3 Contingent assets Note 39 – Contingent liabilities and contingent assets * Minimum future lease payments includes the aggregate of all lease payments and any guaranteed residual. Finance leases primarily relate to the land and property, plant and equipment affixed to that land at the Kiewa and Rubicon hydro electric  schemes. These leases have terms of 60 years and payments are not required under the lease agreements until the year 2028. The consolidated entity has entered into commercial non-cancellable operating leases on certain properties and other plant and equipment.  Leases vary in contract period depending on the asset involved. Renewal terms are included in certain contracts, whereby renewal is at the  option of the specific entity that holds the lease. There are no restrictions placed upon the lessee by entering into these leases. Details of contingent liabilities which Directors consider should be disclosed are set out below. The Directors are of the opinion that  provisions are not required in respect of these matters, as it is either not probable that a future sacrifice of economic benefits will be  required or the amount is not capable of reliable measurement. (a)   The consolidated entity has various contingent liabilities arising in connection with the sale of certain subsidiaries and a jointly controlled  entity. Under the various sale agreements the consolidated entity has given warranties and indemnities in relation to tax related  matters, environmental and other specific liabilities. (b) Certain entities in the consolidated entity are party to various other legal actions and claims which have arisen in the ordinary course of  business. Any liabilities arising from such legal actions and claims are not expected to have a material adverse effect on the  consolidated entity. There are no contingent assets for the consolidated entity.