2022 Corporate Report

Corporate Report for the year ended 30 June 2022

Introduction and overview

Business performance

Governance and risk

Directors’ report

Remuneration report

Financial statements

Sustainability supplement

Security holder information

Section B: Notes to the Group financial statements for the year ended 30 June 2022

Section B: Notes to the Group financial statements for the year ended 30 June 2022

Other B31 Leases Leases as a lessee

The Group leases various office buildings. Rental contracts are typically made for fixed periods of 3 to 12 years but may have extension options. The majority of extension options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, management consider all facts and circumstances that create an economic incentive to exercise an extension option. Right-of-use Asset The Group’s right-of use assets relate to leased office buildings and are included in property, plant and equipment on the Group’s consolidated balance sheet. Right-of-use assets have finite lives, are depreciated on a straight-line basis and are carried at cost less accumulated depreciation. The net carrying amount of right-of-use assets is presented below:

Office buildings



$M 124

$M 139

Carrying amount at 1 July Depreciation charge for the year Foreign exchange movements Carrying amount at 30 June






Lease liability Lease liabilities are included in other liabilities on the Group’s consolidated balance sheet.



$M (17)

$M (12)


(114) (131)


(129) (141)

Total lease liability

Refer to Note B15 for contractual maturities for lease liabilities. Refer to Note B13 for interest expense on lease liabilities (included in finance costs). Reconciliation of lease liabilities arising from financing activities

Lease liabilities



$M 141

$M 152

Balance at 1 July


Interest paid on leases


(10) (16)

Principal repayment of leases

(10) (17)

Total cash flows

Non-cash changes Unwinding of discount Total non-cash changes

6 6

6 6


Balance at 30 June


The total cash outflow for leases in the year ended 30 June 2022 was $16 million (2021: $17 million). The Group presents lease payments as ‘principal repayments of leases’ in ‘cash flows from financing activities’ and the finance cost as ‘interest paid’ in ‘cash flows from operating activities’ within the consolidated statement of cash flows. The Group's commitments related to leases not yet commenced as at 30 June 2022 are $30 million (2021: $nil).

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