Notes to the Annual Financial Statement For the year ended 31 March 2010
35. Commitments (continued)
Group 2010 R’000
Group 2009 R’000
Group 2008 R’000
Company 2010 R’000
Company 2009 R’000
Company 2008 R’000
454 2 320 2 774
– – –
73 – 73
– – –
– – –
– – –
Operating lease commitments (continued) African Exploration Mining and Finance Corporation – within one year – in second to fifth year inclusive
Block C, Upper Grayston Office Park, 152 Ann Crescent, Strathavon, Sandton. The entity has leased Portion 13, remaining Extent of Erf 14, Portion 1 of Erf 14 Simba Township, together with the building erected thereon from CEF (Proprietary) Limited. The agreement commenced on 1 April 2009 and the rent payable shall annually, on the anniversary date, escalate by 10% or alternatively, shall escalate in accordance with the CPI, whichever is greater. Either party shall be entitled to terminate this lease on six months written notice to the other party. PetroSA (Pty) Ltd – within one year – in second to fifth year inclusive
2 465 416 2 881
2 283 2 881 5 164
– – –
– – –
– – –
– – –
Office space was leased at the Tyger Valley Chambers in Parow, Cape Town, effective from 1 June 2008. The lease payment was fixed at R178 345 per month, with a 8% escalation per annum. The period of the lease agreement is three years and ends on 31 May 2011. PetroSA Europe BV Office space – within one year – in second to fifth year inclusive
264
329
389
–
–
–
967 1 231
– 329
259 648
– –
– –
– –
Leases office space at 3011XB Willemswerf, 13th Floor, Boomjes, effective 1 December 2009. The lease payment is fixed at Euro 36,000 per annum, with an inflationary escalation per annum. The period of the lease agreement is five years and ends on 30 November 2014, at which time PetroSA Europe BV has the option to renew the lease for a further five year period.
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CEF (PTY) LTD ANNUAL REPORT 2010