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194 | S P SETIA BERHAD GROUP | Annual Report 2014

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 October 2014

V. FINANCIAL STATEMENTS

42. COMMITMENTS

(a) Operating lease commitments

The Group as lessee

The Group leases premises from various parties under operating leases. These leases are cancellable and typically run for a period

ranging from 1 to 3 years, with the option to renew upon expiry. None of the leases includes contingent rentals. There are no

restrictions placed upon the Group by entering into these leases.

Future minimum rentals payable under non-cancellable operating leases at the reporting date are as follows:

Group

2014

2013

RM’000

RM’000

Restated

Not later than one year

708

901

Later than one year but not later than five years

682

158

1,390

1,059

The Group as lessor

The Group leases out its investment properties to third parties under non-cancellable operating leases. These leases typically run for

a period of 2 to 5 years with the option to renew upon expiry. None of the leases include contingent rentals. Certain of the leases

include contingent rental arrangements computed based on sales achieved by tenants.

Future minimum rentals receivable under non-cancellable operating leases at the reporting date are as follows:

Group

2014

2013

RM’000

RM’000

Restated

Not later than one year

14,954

11,493

Later than one year but not later than five years

31,535

30,081

Later than five years

192,027

197,076

238,516

238,650