| |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED |
| for the year ended 30 June 2007 |
| |
All monetary amounts are expressed
in millions of Rands |
|
2007 |
Restated
2006 |
| 17. |
OBLIGATIONS UNDER FINANCE HEADLEASES (continued) |
|
|
|
|
The finance headlease payments represent payments by the Group for the
headlease properties in which the Group has a controlling interest at the end of the
lease and consist of leases over commercial, industrial and retail properties. These
leases have varying terms, escalation clauses and renewal periods. |
|
|
|
| |
The future minimum sublease payments expected to be received for the next three
years on the leased properties are R334,9 million (2006: R325,5 million). |
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|
| 18. |
LONG-TERM PROVISIONS |
|
|
|
| 18.1 |
Headleases and other property activities |
|
|
|
|
At beginning of the year |
|
10,2 |
25,1 |
|
Additional provisions raised |
|
6,9 |
– |
|
Provision released to the income statement |
|
– |
(13,5) |
|
Trading losses |
|
– |
(1,4) |
| |
At end of the year |
|
17,1 |
10,2 |
| 18.2 |
Decommissioning and other provisions |
|
|
|
|
At beginning of the year |
|
12,2 |
– |
|
Additional provisions raised |
|
54,4 |
11,6 |
|
Provision released to the income statement |
|
(1,0) |
– |
|
Provision utilised |
|
(1,5) |
(0,5) |
| |
Exchange differences |
|
(0,5) |
1,1 |
|
At end of the year |
|
63,6 |
12,2 |
|
Less: Current portion included in provisions for obligations (note 22) |
|
(17,1) |
– |
| |
|
|
46,5 |
12,2 |
|
|
|
63,6 |
22,4 |
| |
The decommissioning provisions are based on the directors’ best estimate of the decommissioning cost to be incurred. |
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