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## NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 

For the year ended 30 June 2014 

## 22 CONTINGENCIES 

## (b) Contingent assets 

(continued) 

(CONTINUED) 

In the event that any entity in the Group is required to meet a joint venture or partnership liability in excess of its proportionate share, that entity has right of recourse against the co-joint venturers or other partners in respect of that excess. Specifically, the Group has a contingent asset for the amount of the following joint and several operating lease commitments in the event that it is called upon to meet liabilities of the other joint venturers: 

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$^{1}$ refer Note 22(a)(ii) for corresponding amount reflecting the related contingent liabilities. 

## 23 COMMITMENTS 

## (a) Operating leases 

The Group has entered into commercial leases for cinemas, offices and other operational location sites. The lease commitments schedule below includes cinema and office leases with terms of up to 15 years, however it does not include terms of renewal. In general, cinema and office leases do not include purchase options although on rare occasions there may be a purchase option. Renewals are at the option of the specific entity that holds that lease. In addition, the leases include the Crown leases entered into by Sea World Property Trust, which have a remaining term of 43 years, and the Wet’n’Wild Sydney ground lease, which has a remaining term of 49 years. 

Future minimum rentals payable under non-cancellable operating leases as at 30 June are as follows: 

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$^{1}$ Accounting standard AASB 117: Leases  applies to the rental commitments of the Group. The Group is required to pay percentage rent on certain operating leases. Percentage rent is payable as either Incentive Rent or Revenue Share. Incentive Rent occurs when the operating lease creates a liability to pay the lessor a percentage of the Gross Receipts when a cinema site’s earnings exceed the Base Rent. Gross receipts are generally made up of box office takings, concession sales and screen advertising, but may also include revenue from licence fees, arcade games and the sale of promotional material. It is not possible for the Group to reliably determine the amount of percentage rent that will be payable under each of the operating leases, as such, percentage rent is expensed as incurred, rather than being included in the operating rent expense recognised on a straight-line basis over the life of the lease. 

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## 24 KEY MANAGEMENT PERSONNEL DISCLOSURES 

Detailed remuneration disclosures of the Key Management Personnel (“KMP”) of the Company and Group are set out in the Remuneration Report section of the Directors’ Report. 

## (a) Compensation of Key Management Personnel by Category 

The compensation, by category, of the Key Management Personnel is set out below: 

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