notes to financial statements - the grande holdings limited

33. CONTINGENT LIABILITIESGroupCompany2003 2002 2003 2002HK$ HK$ HK$ HK$million million million millionBills discounted with recourse 20 34 – –notes tofinancial statements31 December 2003Guarantee of trade finance bankingfacilities granted to:Subsidiaries – – 1,615 1,298Associates – 31 – 31– 31 1,615 1,329All trade bills discounted at the balance sheet date were subsequently honoured bycustomers with no losses to the Group.34. COMMITMENTSGroup2003 2002HK$HK$million million(a)Capital commitments:Contracted for 1 1Authorised, but not contracted for 2 –3 1(b)The future minimum lease payments undernon-cancellable operating leasesfor each of the following periods:Land and buildings:Not later than one year 29 41Later than one year and not later thanfive years 23 31Later than five years – 152 73Operating lease payments represent rentals payable by the Group for certainof its office properties. Leases are negotiated for an average term of 3 yearsand rentals are fixed for an average of 3 years.(c)At the balance sheet date, the Group hadcontracted with tenants for the following futureminimum lease payments:Land and buildings:Not later than one year 3 1Later than one year and not later thanfive years 1 –4 161