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NOTE 30 — COMMITMENTS AND LEASES

THE GROUP PARENT ENTITY

2008
$’000
2007
$’000
2008
$’000
2007
$’000
Capital expenditure commitments
Contracted but not provided for and payable:
Within one year 12,774 3,665 — —
Operating lease commitments — as lessee
Future minimum operating lease rentals not provided for and payable:
Within one year
Later than one year but not later than five years
Later than five years
95,943
333,645
456,389
91,999
336,986
509,560
230
364
—
240
594
—
885,977 938,545 594 834

The Group leases various properties, including cinema sites, under operating leases. The leases typically run for periods up to 20 years, with
varying terms, escalation clauses and renewal or extension options. The head lease in respect of the Thredbo Village and ski area is for a longer
period, being 50 years. A Group subsidiary exercised its option under the head lease and entered into a new lease, on similar terms, for a further
50 years which commenced on 29 June 2007.

A small number of leases have commitments in respect of contingent rental payments which arise when the operating performance of a site
exceeds a pre-determined amount. Also, there are rentals which are determined as the higher of a base rental and a fixed percentage of a
defined amount reflecting the operating performance of a site. Contingent rental payments recognised as an expense in the period for the
Group amounted to $1,535,000 (2007: $1,319,000).

THE GROUP PARENT ENTITY

2008
$’000
2007
$’000
2008
$’000
2007
$’000
Sub-lease receivables — as lessor
Future lease receivables in relation to sub-leases of property space
under operating leases not recognised and receivable:
Within one year
Later than one year but not later than five years
Later than five years
9,290
33,897
254,883
8,822
33,085
247,620
—
—
—
—
—
—
298,070 289,527 — —
Operating leases — as lessor
Future operating lease rentals for owned properties not recognised
and receivable:
Within one year
Later than one year but not later than five years
Later than five years
8,584
11,461
11,128
10,367
16,923
10,947
—
—
—
—
—
—
31,173 38,237 — —

The Group receives rental income from a number of properties, both owned and leased. With exception to sub-leases under the Thredbo head
lease, leases are for periods ranging between one to 18 years and have varying terms, escalation clauses and renewal options. There are
approximately 700 sub-leases under the Thredbo head lease. Thredbo sub-leases consist of long term accommodation sub-leases for holiday
apartments, chalets and lodges and also retail sub-leases for shops. Long term accommodation sub-leases are typically for a period mirroring
the head lease, which was renewed for a further 50-year period on 29 June 2007 (refer above).