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BRADKEN LIMITED ANNUAL REPORT 2013 79
Notes to the consolidated financial statements
30 June 2013
(continued)
28 Commitments (continued)
(i)
Operating leases
2013
2012
$'000
$'000
Within one year
10,599
7,074
Later than one year but not later than five years
28,928
14,275
Later than five years
18,270
2,338
57,797
23,687
(ii) Finance leases
2013
2012
$'000
$'000
Within one year
5,489
5,620
Later than one year but not later than five years
6,817
6,751
Later than five years
923
-
Minimum lease payments
13,229
12,371
Future finance charges
(1,338)
(1,330)
Total lease liabilities
11,891
11,041
Representing lease liabilities:
Current (note 19)
4,805
4,845
Non current (note 19)
7,086
6,196
11,891
11,041
29 Related party transactions
(a) Parent entities
The ultimate parent entity within the Group is Bradken Limited.
(b) Key management personnel
Disclosures relating to key management personnel are set out in note 25.
(c) Terms and conditions
All other transactions were made on normal commercial terms and conditions and at market rates, except that there are no fixed
terms for the repayment of loans between the parties. Outstanding balances are unsecured with no fixed term for repayment.
The terms and conditions of the tax funding agreement are set out in note 6(e).
Transactions relating to dividends were on the same conditions that applied to other shareholders.
Commitments for minimum lease payments in relation to non
cancellable operating leases are payable as follows:
The Group leases various items of plant and equipment with a carrying amount of $12,292,000 (2012: $11,186,000) under
finance leases expiring within three to five years. Under the terms of the leases, the Group has the option to acquire some of
the leased assets on expiry of the leases.
Operating leases relate to buildings and plant and equipment with lease terms generally between 1 to 5 years with a small
amount being payable over greater than 5 years. Leases generally provide the consolidated entity with a right of renewal at
which time all terms are renegotiated.
The weighted average interest rate implicit in the leases is 8.48
%
(2012: 8.40%).
Commitments in relation to finance leases are payable as
follows:
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Bradken Limited