Annual Report 2010 - Christchurch City Council

p218.
Annual Report
Christchurch Otautahi
2010
Financial statements
Capital commitments
and operating leases
Notes to financial statements
37. Capital commitments and operating leases
(a) Capital and other operating commitments
Parent
Group
30 Jun 10 30 Jun 09 30 Jun 10 30 Jun 09
Actual Actual Actual Actual
$000s $000s $000s $000s
Property, plant & equipment 51,933 62,881 153,969 225,116
Electricity distribution network - - 3,607 6,031
Intangible assets 135 1,051 938 3,404
Other - - - 263
Total capital commitments 52,068 63,932 158,514 234,814
Other operating commitments 65,114 13,979 65,114 13,979
Total other operating commitments 65,114 13,979 65,114 13,979
Included in the Group property, plant and equipment value above is
$4.4 million (2009: $17.8 million) which is related to Civic Building
Ltd, the joint venture that the Group is a party to. See note 21 for
more information on the joint venture.
(b) Non-cancellable operating lease liabilities
Parent
Group
30 Jun 10 30 Jun 09 30 Jun 10 30 Jun 09
Actual Actual Actual Actual
$000s $000s $000s $000s
No later than one year 10,317 3,496 15,688 6,550
Later than one year and not later than five years 39,837 6,474 53,220 13,224
Later than five years 159,751 4,692 166,366 11,522
Total non-cancellable operating lease liabilities 209,905 14,662 235,274 31,296
Parent
The Council leases computer equipment, property and motor
vehicles.
Effective 13 August 2010 Council leased the new civic building in
Hereford Street from Civic Building Ltd, a wholly owned subsidiary
of Christchurch City Council. Civic Building Ltd owns the Council’s
50% interest in the unincorporated joint venture with Ngai Tahu
Property Ltd. The initial annual lease payment is $8.2 million
plus GST. The lease has an initial term of 24 years with 3 rights of
renewal of 24 years. The note above only includes the first lease
term of 24 years.