Notes to the Group financial statements

for the year ended 30 June

	R million	2014	2013
29.	CAPITAL EXPENDITURE AND RENTAL COMMITMENTS
	Capital commitments
	Contracted	657	183
	Authorised by the directors but not contracted	1 434	1 259
		2 091	1 442
	To be spent in the forthcoming financial year	2 004	1 442
	To be spent thereafter	87	–
		2 091	1 442
	Future capital expenditure will be funded by a combination of internally generated cash flows and debt facilities.
	Rental commitments
	The Group has the following material rental agreements as at 30 June 2014:
(i)	For the Group’s head office in Sandton, expiring on 1 July 2029, with an annual rental of R15.4 million, escalating at 7% per annum. The Group has the option to renew the lease for 5 years after the expiration of the initial lease.
(ii)	For the land upon which the Wild Coast Sun Resort is situated, expiring on 9 March 2029, at an annual rental of R0.1 million, escalating at 5% per annum. The Group has an option to renew the lease to March 2079. The rental payment would be negotiated and cannot increase by more than 15% based on the rental payable in March 2029.
(iii)	For the land upon which the Flamingo casino complex is situated, expiring on 30 September 2096, with an annual rental of R0.1 million, plus contribution to the maintenance cost of the golf course.
(iv)	For the Sands Hotel building expiring on 30 June 2019, with an annual rental of R11.2 million, escalating at 8% per annum. The Group has the option to renew the lease to June 2029.
(v)	For the Maslow Hotel building expiring on 31 December 2031, with an annual rental of R22 million, escalating at 7% per annum.
	The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
	No later than 1 year	45	52
	Later than 1 year and no later than 5 years	255	194
	Later than 5 years	1 166	956
		1 466	1 202