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## 34. Commitments 

## (a) Capital expenditure contracted for but not provided is payable as follows: 

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## (b) Lease expenditure commitments 

(i) Finance lease rentals are payable as follows: 

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Rebel leases certain store fit-out assets, computers, motor vehicles and ski hire equipment under finance leases expiring from one to five years. At the end of the lease term, Rebel has the right to purchase the assets at an agreed residual value. All lease payments are determined at the commencement of the lease and remain fixed for the lease term. The finance lease liabilities are secured by charges over the underlying assets financed (refer to Note 14 for net book value of capitalised lease assets) but rank behind the security held by the bankers of Rebel. 

(ii) Operating lease expenditure contracted for is payable as follows: 

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Operating leases are entered into as a means of acquiring access to retail property and warehouse facilities. Rental payments are renewed annually in line with rental agreements. 

The directors do not consider turnover rents or CPI contingent rentals to be significant, hence, turnover rents are excluded from contingent rentals. The average lease term is 5 - 7 years with the majority of leases having options for further terms. There are no restrictions imposed by lease arrangements on dividends, additional debt or further leasing. 

(c) Capital expenditure commitments on behalf of joint ventures are payable as follows: 

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