Page 132 - ar2013.pdf

NOTES TO THE FINANCIAL STATEMENTS
For the Ànancial year ended 31 December 2013
130
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
33. Commitments
(a) Capital commitments
Capital expenditure contracted for at the balance sheet date but not recognised in the financial statements
are as follows:
The Group
2013 2012
$’000 $’000
Property, plant and equipment 86,564 60,056
(b) Operating lease commitments – where the Group is a lessee
The Group leases various office premises, docks and quays to non-related parties and related parties under
non-cancellable operating lease agreements. The leases have varying terms, escalation clauses and renewal
rights.
The future aggregate minimum lease payables under non-cancellable operating leases contracted for at the
balance sheet date but not recognised as liabilities, are as follows:
The Group
2013 2012
$’000 $’000
Not later than 1 year 11,782 17,067
Later than 1 year but not later than 5 years 34,499 39,914
Later than 5 years 67,441 88,813
113,722 145,794
(c) Operating lease commitments – where the Group is a lessor
The Group leases out certain items of property, plant and equipment and investment properties to non-
related parties and related parties under non-cancellable operating leases.
The future minimum lease receivables under non-cancellable operating leases contracted for at the balance
sheet date but not recognised as receivables, are analysed as follows:
The Group
2013 2012
$’000 $’000
Not later than 1 year 17,711 12,149
Later than 1 year but not later than 5 years 434 2,632
18,145 14,781