2012 wintec annual report

NOTES TO THE
FINANCIAL STATEMENTS
For the year ended 31 December 2012.
16 commitments
Operating Lease Commitments
The Institute has entered into commercial leases on campus leases. The Institute is able to exit leases with a right of renewal at renewal
date, and the disclosure has been made with the assumption that all rights of renewal will be exercised - as such, the commitment has been
disclosed for the entire term of the lease.
The Institute has entered into commercial leases on certain motor vehicles and items of small machinery where it is not in the best interest of
the Institute to purchase these assets.
These leases have an average life of between four and 10 years with renewal terms included in the contracts.
Renewals are at the option of the specific entity that holds the lease.
There are no restrictions placed upon the lessee by entering into these leases.
Future minimum rentals payable under non-cancellable operating leases as at 31 December are as follows:
CONSOLIDATED
2012
$’000
2011
$’000
2012
$’000
PARENT
2011
$’000
Within one year 1,467 1,516 1,402 1,451
After one year but not more than five years 6,388 6,950 4,711 5,273
More than five years 18,046 20,863 17,616 20,433
Total non-cancellable operating leases 25,901 29,329 23,729 27,157
These commitments include the perpetually renewable lease with Tainui for the city campus land. The term of the lease is 20 years with
further rights of renewal of 20 years.