Bradken Limited Annual Report 2015 - page 115

BRADKEN LIMITED ANNUAL REPORT 2015 l 80
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
28 Commitments (continued)
(i)
Operating leases
2015
2014
$'000
$'000
Within one year
13,303
10,503
Later than one year but not later than five years
35,830
25,591
Later than five years
47,319
15,278
96,452
51,372
(ii) Finance leases
2015
2014
$'000
$'000
Within one year
4,982
5,322
Later than one year but not later than five years
11,305
7,002
Later than five years
2,207
1,607
Minimum lease payments
18,494
13,931
Future finance charges
(2,077)
(1,459)
Total lease liabilities
16,417
12,472
Representing lease liabilities:
Current (note 20)
4,261
4,676
Non current (note 20)
12,156
7,796
16,417
12,472
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
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 $15,348,000 (2014: $13,232,000) 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 however the lease
agreements for the Steel River Corporate Office facility in NSW and the Bassendean facility in Western Australia are up to 15
years in length. 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 7.35
%
(2014: 8.51%).
Commitments in relation to finance leases are payable as
follows:
The terms and conditions of the tax funding agreement are set out in note 8(e).
Transactions relating to dividends were on the same conditions that applied to other shareholders.
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.
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