Aeris Annual Report 2022

Aeris Resources Limited
Notes to the consolidated financial statements
30 June 2022
14. Borrowings (continued)
Borrowings are removed from the statement of financial position when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in the consolidated statement of comprehensive income as other income or finance
costs.
Borrowings are classified as current liabilities unless the consolidated entity has an unconditional right to defer settlement
of the liability for at least 12 months after the end of the reporting year.
15. Lease liabilities
2022 2021
$'000 $'000
Current liabilities
Lease liability 6,173 4,025
Non-current liabilities
Lease liability 9,301 4,244
15,474 8,269
The consolidated entity leases office premises and mobile equipment. Lease contracts are typically made for a fixed
period of 2 to 5 years but may have extension options. Lease terms are negotiated on an individual basis and contain a
wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security
interests in the leased assets that are held by the lessor.
The total cash outflow for leases, including interest, during the year ended 30 June 2022 was $7,064,000 (2021:
$4,947,000).
Refer to note 22 for further information on financial instruments.
Right-of-use assets
Property,
plant and
equipment
$'000
Balance at 1 July 2020 3,546
Additions 6,272
Transfers out (722)
Depreciation expense (3,016)
Balance at 30 June 2021 6,080
Additions 14,404
Depreciation expense (5,240)
Balance at 30 June 2022 15,244
AERIS ANNUAL REPORT 2022
22
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