NOTE 34
COMMITMENTS (CONTINUED)
(b) Lease commitments: Group company as lessee (continued)
(ii) Finance leases
The Group leases various plant and equipment with a carrying amount of $0.4m (2012 $1.0m) 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.
Consolidated
2013
$’000
2012
$’000
Commitments in relation to finance leases are payable as follows:
Within one year
337
261
Later than one year but not later than five years
85
422
Minimum lease payments
422
683
Future finance charges
(22)
(58)
Total lease liabilities
400
625
Representing lease liabilities:
Current (note 21)
316
233
Non-current (note 24)
84
392
400
625
The weighted average interest rate implicit in the leases is 6.98 %.
(c) Lease commitments: Group company 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
2013
$’000
2012
$’000
Within one year
6,273
4,831
Later than one year but not later than five years
11,345
11,306
Later than five years
10,329
13,027
27,947
29,164
101
