Page 152 - Neal and Massy Holdings Annual Report 2012

150 2012
33 Contingencies
At September 30, 2012 the Group had contingent liabilities in respect of bank and other guarantees and other matters arising in the
ordinary course of business from which it is anticipated that no material liabilities will arise. In the ordinary course of business the
Group has given guarantees for associates and joint ventures amounting to $135,915 (2011: $256,431) to third parties, of which
$63,000 (2011: $63,000) relates to Caribbean Industrial Gases Unlimited.
Group companies are defendants in various legal actions. In the opinion of the directors, after taking appropriate legal advice, the
outcome of such actions will not give rise to any significant loss. However, the Group has pending tax appeals with the Board of Inland
Revenue for the income years 1998 and 2001.
34 Commitments
Capital commitments
Capital expenditure contracted at the statement of financial position date but not yet incurred is as follows:
2012 2011
$ $
Property, plant and equipment 5,142 7,104
Operating lease commitments - where a Group Company is the lessee:
The Group leases various retail outlets, offices and warehouses under non-cancellable operating lease agreements. The leases have
varying terms, escalation clauses and renewal rights.
The Group also leases various plant and machinery under cancellable operating lease agreements. The Group is required to give a
six-month notice for the termination of these agreements.
The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
2012 2011
$ $
No later than 1 year 30,540 26,473
Later than 1 year and no later than 5 years 99,020 90,866
Later than 5 years 36,361 47,233
165,921 164,572
Operating lease commitments - where a Group company is the lessor:
Less than one year 26,115 25,131
One year to five years 25,165 14,692
51,280 39,823
NOTES TO THE Consolidated FINANCIAL STATEMENTS
September 30, 2012
Expressed in Thousands of Trinidad and Tobago dollars