Annual Report 2016
179
Financial Section
43 Commitments
(a) Capital commitments
Capital expenditure contracted for at the end of the year but not yet provided is as follows:
2016
2015
HK$m
HK$m
Contracted but not provided for
Property, plant and equipment
1,166.5
1,520.9
Investment properties
6,741.7
6,913.3
Intangible concession rights
–
93.0
Associated companies
437.7
1,679.6
Joint ventures
1,934.9
425.7
Other investments
1,200.5
436.0
11,481.3
11,068.5
The Group’s share of capital commitments of the joint ventures not included above are as follows:
2016
2015
HK$m
HK$m
Contracted but not provided for
708.3
1,269.2
(b) Commitments under operating leases
The future aggregate lease payments under non-cancellable operating leases are as follows:
2016
2015
HK$m
HK$m
Land and buildings
In the first year
873.5
954.6
In the second to fifth year
3,056.3
3,176.8
After the fifth year
3,480.8
5,110.0
7,410.6
9,241.4
The Group leases various retail outlets under non-cancellable operating lease agreements. The leases have varying
terms ranging from 1 to 19 years. Certain of these leases have escalation clauses and renewal rights.
(c) Operating lease receivable
The future minimum rental receivable under non-cancellable operating leases are as follows:
2016
2015
HK$m
HK$m
In the first year
1,742.5
1,781.0
In the second to fifth year
2,729.2
2,550.3
After the fifth year
567.9
915.9
5,039.6
5,247.2
The Group’s operating leases are for terms ranging from 1 to 18 years.