BRADKEN LIMITED ANNUAL REPORT 2014 l 80
Notes to the consolidated financial statements
30 June 2014
(continued)
27 Contingencies
(a) Contingent Liabilities
The parent entity and Group had contingent liabilities at 30 June 2014 and 2013 in respect of:
Guarantees and letters of credit
2014
2013
$'000
$'000
Bank guarantees for contract performance
56,800
76,915
Letters of credit
796
762
Total estimated contingent liabilities
57,596
77,677
Claims
No material losses are anticipated in respect of any of the above contingent liabilities.
Austin Engineering
There are no contingent liabilities that are known to Bradken that relate to Austin Engineering.
28 Commitments
(a) Capital commitments
Capital expenditure contracted for at the reporting date but not recognised as liabilities is as follows:
2014
2013
$'000
$'000
Land & buildings
Payable:
Within one year
92
66
92
66
Property, plant and equipment
Payable:
Within one year
9,459
26,532
Later than one year but not later than five years
-
3,266
9,459
29,798
(b) Lease commitments
Within one year
11,145
11,276
Later than one year but not later than five years
26,348
29,556
Later than five years
15,338
18,303
52,831
59,135
Representing:
Non cancellable operating leases
51,372
57,797
Future finance charges on finance leases
1,459
1,338
52,831
59,135
Information about guarantees given by entities within the Group, including the parent entity are described in note 31. No
deficiencies of assets exist in any of these companies.
Commitments in relation to leases contracted for at the reporting
date but not recognised as liabilities, payable:
The Bradken Group is involved in various claims and lawsuits incidental to the ordinary course of business, including damages
and commercial disputes relating to its products and services. The Group has disclaimed liability and will defend any action
flowing from specific claims. It is not practical to estimate the potential effect of these claims but legal advice obtained indicates
that any liability that may arise in the unlikely event these claims are successful will not be significant.
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Bradken Limited
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(CONTINUED)
1...,107,108,109,110,111,112,113,114,115,116 118,119,120,121,122,123,124,125,126,127,...136