Bradken Limited Annual Report 2015 - page 114

79 l BRADKEN LIMITED ANNUAL REPORT 2015
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
27 Contingencies
(a) Contingent Liabilities
The parent entity and Group had contingent liabilities at 30 June 2015 and 2014 in respect of:
Guarantees and letters of credit
2015
2014
$'000
$'000
Bank guarantees for contract performance
73,773
56,800
Letters of credit
4,741
796
Total estimated contingent liabilities
78,514
57,596
Claims
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:
2015
2014
$'000
$'000
Land & buildings
Payable:
Within one year
126
92
126
92
Property, plant and equipment
Payable:
Within one year
9,573
9,459
Later than one year but not later than five years
43
-
9,616
9,459
(b) Lease commitments
Within one year
14,026
11,145
Later than one year but not later than five years
37,110
26,348
Later than five years
47,393
15,338
98,529
52,831
Representing:
Non cancellable operating leases
96,452
51,372
Future finance charges on finance leases
2,077
1,459
98,529
52,831
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. Based on legal advice obtained, any adverse impact of these claims is unlikely to be material
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