NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
37 LEASE COMMITMENTS (CONT’D)
Operating Lease Commitments (cont’d)
(b)
For Lessee
The Group has entered into operating lease agreements for properties and office equipment. These non-cancellable
operating leases have remaining non-cancellable lease terms of up to 5 years. Contingent rents are payable subject
to the related revenue exceeding a level stated in the respective agreements. Certain property lease agreements
have renewal options of up to 3 years. The lessee shall not assign, mortgage or charge the lease property without
prior consent of the landlord. There is no restriction imposed by lease arrangements, such as those concerning
dividends and additional debt.
Operating lease payments recognised in profit or loss are as follows:
Group
2014
2013
$’000
$’000
Minimum lease payments
– Continuing operations
1,178
1,300
– Discontinued operations
–
13,944
Contingent lease payments
– Continuing operations
52
112
– Discontinued operations
–
4,808
1,230
20,164
Future minimum lease payable under non-cancellable operating leases are as follows:
Group
2014
2013
$’000
$’000
Not later than 1 year
1,759
1,091
Later than 1 year but not later than 5 years
2,006
48
3,765
1,139
140
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
