Te pŪrongo 2012
Notes to the financial statements (continued)
17 Statement of commitments and contingencies
(a) Commitments
Group Group Parent Parent
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Capital commitments
Property, plant and equipment
1,033
2,251
1,033
2,251
1,033
2,251
1,033
2,251
Capital commitments represent capital expenditure contracted for at balance date, but not yet incurred.
Operating lease commitments - Group as lessee
The group has entered commercial leases on certain buildings where it is not in the best interest of the
group to purchase these assets.
These leases have an average life of between one and six years with renewal terms included in the
contracts. Renewals are at the option of the group. There are no restrictions placed upon the lessee by
entering into these leases.
Future minimum rentals payable under non-cancellable operating leases as at 31 December are
as follows:
Group Group Parent Parent
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Within one year
3,815
4,098
2,893
3,212
After one year but no more than five years
5,517
4,890
2,968
3,627
More than five years
938
1,688
-
-
10,270
10,676
5,861
6,839
Operating lease commitments - Group as lessor
The group owns a number of buildings and has entered commercial leases where it is not in the best
interest of the group to use these buildings for their operations.
These leases have an average life of between one and two years with renewal terms included in the
contracts. Renewals are at the option of the lessee. There are no restrictions placed upon the lessee by
entering into these leases.
Future minimum rentals receivable under non-cancellable operating leases as at 31 December are
as follows:
Group Group Parent Parent
2012 2011 2012 2011
$’000 $’000 $’000 $’000
Within one year
108
162
108
162
After one year but no more than five years
-
54
-
54
108
216
108
216
No contingent rents have been recognised in surplus or deficit during the period.
108
