NOTES TO THE FINANCIAL STATEMENTS l NOTE 33

COMPANY       GROUP  
2014   2013     (R’million) 2014   Restated
2013		 *
        33 Group commitments        
        33.1 Approved capital expenditure, which will be financed from the group’s own resources, is as follows:        
          Contracted 244,5   372,2  
          Not contracted 733,5   408,1  
            978,0   780,3  
        33.2 Commitments of R655,7 million will be expended in 2015 and the remaining commitments will be expended from 2016 to 2018.        
          The capital commitments noted above include various capital efficiency and expansion projects.        
* The amounts have been restated due to the adoption of IAS 19R.

33.3 Commitments in respect of operating leases
(R'million) Land and
buildings		 Motor
vehicles		 Property,
plant and
equipment		 Other Total
commitments		  
2014            
During 2015 61,7 37,8 31,0 – 130,5  
During 2016 46,3 28,4 1,8 – 76,5  
During 2017 18,6 16,3 1,6 – 36,5  
During 2018 5,8 10,2 1,6 – 17,6  
During 2019 and thereafter 5,1 7,0 0,8 – 12,9  
  137,5 99,7 36,8 – 274,0  
2013 (restated)*            
During 2014 54,9 32,5 22,6 0,1 110,1  
During 2015 47,0 22,3 21,1 0,1 90,5  
During 2016 24,4 14,9 0,2 – 39,5  
During 2017 12,1 7,4 – – 19,5  
During 2018 and thereafter 4,4 5,5 – – 9,9  
  142,8 82,6 43,9 0,2 269,5  
* The amounts have been restated due to the adoption of IAS 19R.

With the exception of the leases described on the following page, operating leases are generally three to six years in duration, without purchase options and in certain instances have escalation clauses of between 7% and 10% or are linked to the prime rate of interest or consumer price index (CPI). Other contingent rentals are generally not applicable. One lease, relating to fruit processing equipment, has a remaining contract period of three years, contingent rental linked to tons of fruit processed and escalates based on the American CPI, amounts to R3,9 million (2013: R4,5 million).
33.4 Commitments in respect of finance leases

The group has finance leases for various items of plant and machinery. These leases have terms of renewal with a purchase option and are linked to the prime interest rate. Renewals are at the option of the specific entity that holds the lease. Future minimum lease payments under finance leases, together with the present value of the net minimum lease payments, are as follows:

    GROUP  
    2014   Restated*
2013		  
(R’million)   Minimum
payments		   Present value
of payments		   Minimum
payments		   Present value
of payments		  
Within one year   2,7   2,2   5,4   4,9  
After one year but not more than five years   5,3   4,8   8,0   6,7  
Total minimum lease payments   8,0   7,0   13,4   11,6  
Less amounts representing finance charges   (1,0)   –   (1,8)   –  
Total   7,0   7,0   11,6   11,6  
* The amounts have been restated due to the adoption of IAS 19R.

Refer to note 31.3 for further details.
33.5 Commitments in respect of inventories

In terms of its normal business practice, certain group operations have entered into commitments to purchase certain agricultural inputs over their respective seasons.
33.6 Commitments in respect of transport

The group maintains long-term contracts, including certain minimum payments, with various transport companies for the distribution of its products.

NOTES TO THE FINANCIAL STATEMENTS l NOTE 33