NOTES TO THE
FINANCIAL STATEMENTS
Year ended 31 December 2014
22 COMMITMENTS
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Capital commitments:
– contracted but not provided for
5,743
4,211
5,208
3,843
– authorised but not contracted for
1,102
1,198
585
609
6,845
5,409
5,793
4,452
Operating lease commitments
(a)
Operating lease rental payable
Future minimum lease payments for the Group on non-cancellable operating leases with a term of more
than one year are as follows:
Group
2014
2013
$’000
$’000
Within 1 year
132
145
After 1 year but within 5 years
530
579
After 5 years
4,949
5,551
5,611
6,275
(b)
Operating lease rental receivable
The Group leases out its investment properties. Non-cancellable operating lease rentals receivable are as
follows:
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Within 1 year
96,318
97,411
64,426
62,665
After 1 year but within 5 years
377,221
383,961
257,704
250,660
More than 5 years
433,141
546,975
170,155
228,169
906,680
1,028,347
492,285
541,494
Since August 2007, the Group leases out its investment properties in Singapore to PHS, a related party of
the Manager of the Trust, under separate master lease agreements for a period of fifteen years. PHS has
the option to extend the leases for another fifteen years on terms to be mutually agreed between the Trust
and PHS provided that the revised rent for the first year of the extended term shall not exceed the amount
equivalent to 15% of the Adjusted Hospital Revenue for Financial Year 2021.
As at 31 December 2014, the investment properties in Japan which include one pharmaceutical product
distributing and manufacturing facility and thirty-seven nursing homes (including four nursing homes
acquired during the financial year) are leased to a master lessee and several nursing home operators based
in Japan, respectively.
As at 31 December 2014, the Group leased out its strata titled units/lots within Gleneagles Intan Medical
Centre Kuala Lumpur Malaysia to Gleneagles Hospital (Kuala Lumpur) Sdn. Bhd. and CIMB Bank Berhad
of which both lessees are related corporations of the Manager of the Trust.
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