78
McPHERSON’S LIMITED
ANNUAL REPORT 2015
NOTE 27. CONTRACTUAL COMMITMENTS FOR EXPENDITURE (CONTINUED)
(B) LEASE COMMITMENTS
The Group primarily leases offices, warehouses, motor vehicles and equipment under non-cancellable leases expiring within one to seven years. The
leases have varying terms and renewal rights. On renewal, the terms are renegotiated.
2015
$’000
2014
$’000
Operating leases
Aggregate amount of non-cancellable operating leases contracted for at balance date, but not provided for in the accounts, due:
Not later than one year
6,205
6,535
Later than one year but not later than five years
17,308
18,169
Later than five years
6,888
10,774
30,401
35,478
NOTE 28. CONTINGENT LIABILITIES
From time to time, and in the ordinary course of business, claims arise against the Group including claims relating to product and general liability.
The Directors consider these claims to be minor which will not materially affect the results of the Group.
NOTE 29. REMUNERATION OF AUDITORS
2015
$
2014
$
During the year the following fees were paid or payable for services provided by the auditor of the parent entity, its
related practices and non-related audit firms:
(A) PRICEWATERHOUSECOOPERS AUSTRALIA
Audit and other assurance services
Audit and review of financial statements
349,500
297,000
Other assurance services
Earnout statement audit
15,000
-
Review of rent certificates
-
6,000
Total remuneration for audit and other assurance services
364,500
303,000
Other services
Tax advice relating to employee performance rights plan
1,500
9,500
Consulting services associated with due diligence review
60,000
39,660
Dispute support services
205,000
-
Total remuneration for other services
266,500
49,160
Total remuneration of PricewaterhouseCoopers Australia
631,000
352,160
(B) NETWORK FIRMS OF PRICEWATERHOUSECOOPERS AUSTRALIA
Audit and other assurance services
Audit and review of financial statements
5,300
44,200
Other assurance services
Financial statement preparation
-
3,000
Total remuneration for audit and other assurance services
5,300
47,200
Total remuneration of network firms of PricewaterhouseCoopers Australia
636,300
399,360
(C) NON PRICEWATERHOUSECOOPERS AUDIT FIRMS
Audit and other assurance services
Audit and review of financial statements
29,368
27,702
Total remuneration of non-PricewaterhouseCoopers audit firms
29,368
27,702
Total auditor’s remuneration
665,668
427,062
NOTES TO AND FORMING PART OF THE
CONSOLIDATED FINANCIAL STATEMENTS CONTINUED