(i) Finance leases
The Group leases various plant and
equipment with a carrying amount of $1.0m
(2011 ‑ $1.1m) under finance leases expiring
within seven years. Under the terms of the
leases, the Group has the option to acquire the
leased assets for the agreed residual value on
expiry of the leases.
Note 35
Commitments (continued)
Consolidated
2012
2011
Notes
$’000
$’000
Commitments in relation to finance leases are
payable as follows:
Within one year
261
261
Later than one year but not later than five years
422
683
Later than five years
-
-
Minimum lease payments
683
944
Future finance charges
(58)
(110)
Recognised as a liability
625
834
Representing lease liabilities:
Current
23
233
209
Non‑current
26
392
625
625
834
The weighted average interest rate implicit in the leases is 6.98%.
(c) Lease commitments : where the Group is the lessor
The Group has entered into various property leases with terms of the lease ranging from 1 year to indefinite.
The future minimum lease payments receivable under operating leases are as follows:
Consolidated
2012
2011
$’000
$’000
Within one year
4,831
3,662
Later than one year and not later than five years
11,306
10,600
Later than five years
13,027
13,820
29,164
28,082
107
