The groups non-cancellable operating leases mainly relate to building occupancy leases and typically expire within ten years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. Commitments for minimum lease payments in relation to non-cancellable operating leases at balance date are as follows:

(Note; recently issued bonds pay 5.30% interest, but the group has older bonds that pay 6.0% interest.)

Future minimum rentals payable	2019	2018
	$000	$000
0-1 years	127,142	121,473
1-2 years	108,034	107,531
2-5 years	240,375	249,550
5+ years	185,957	234,207
Operating Leases	661,508	712,761

Fill in the lease template below. You will need to calculate the opening lease liability as the present value of minimum lease payments.

Year

Lease Payment

Lease Liability

Interest Part

Principal Part