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(c) Detailed accounting treatment of acquisition of remaining shares in Hamilton Riverview Hotel
Presented below is the detailed accounting treatment of the acquisition that took place in May 2014.
2015
$’000
Non-controlling interest opening balance
5,914
Profit attributable to non-controlling interest
(4)
Adjustment to value of net assets on acquisition
(910)
Purchase price
5,000
2 6 L e a s e s
(a) Group as lessee
Commitments for minimum lease payments in relation to non-cancellable operating leases are payable as follows:
Consolidated
2015
$’000
2014
$’000
Within one year
526
400
Later than one year but not later than five years
1,519
1,498
Later than five years
6,680
6,960
Commitments not recognised in the financial statements
8,725
8,858
There are no options to purchase attached to any lease agreements.
The operating leases that exist between the Trust and Tainui Group Holdings Limited for land owned by the Trust that are rent
free until the first rent review date which is in 2019 and 2022.
(b) Group as lessor
Commitments for minimum lease receipts in relation to non-cancellable operating leases are receivable as follows:
Consolidated
2015
$’000
2014
$’000
Within one year
31,417
32,915
Later than one year and not later than five years
84,910
86,729
Later than five years
130,269
101,607
246,596
221,251
Operating leases (with Group as lessor) relate to the investment properties owned by the Trust and Group with a range of lease
terms from less than one year through to ninety-nine years. Some of the longer term leases have perpetual rights of renewal. All
operating lease contracts contain market review clauses and the lessee will usually have an option to renew. The lessees do not
have any options to purchase the properties at the expiry of their lease period.
87
waikato-tainui
annual report 2015