C ash fo w sensitivit y analysis f or v ariable r a t e ins trumen ts A change o f 50 basis poin ts in in t er es t r a t es a t the r epor ting da t e w ould ha v e incr e ased decr e ased pr o ft be f or e inc ome t a x and equit y b y the amoun ts sho wn belo w T his analysis as sumes tha t al l o ther v ariables in par ticular f or eign curr enc y r a t es r emain c ons t an t T he analysis is per f ormed on the s ame basis f or 2018 C onsolida t ed A s a t 31 M ar ch 2019 A s a t 31 M ar ch 2018 In mil lions o f A UD Pr o ft E quit y Pr o ft E quit y 50 bp incr e ase 50 bp decr e ase 50 bp incr e ase 50 bp decr e ase 50 bp incr e ase 50 bp decr e ase 50 bp incr e ase 50 bp decr e ase V ariable r a t e ins trumen ts 06 06 09 09 In t er es t r a t e c on tr ac ts 07 07 07 07 C ash fo w sensitivit y ne t 01 01 02 02 F air v alues o f fnancial ins trumen ts T he Gr oup s fnancial as se ts and liabilities ar e included in the balanc e shee t a t amoun ts tha t appr o xima t e f air v alues with the e x c ep tion o f fx ed r a t e deb t which has a f air v alue o f 7648 mil lion 2018 7063 mil lion T he basis f or de t ermining f air v alues is disclosed in no t e 7c T he f air v alue a t 31 M ar ch 2019 o f deriv a tiv e as se ts 2018 as se t held f or risk managemen t which ar e the Gr oup s only fnancial ins trumen ts carried a t f air v alue w as a ne t gain o f 12 mil lion 2018 56 mil lion los s me asur ed us ing L e v el 2 v alua tion t echniques as de fned in the f air v alue hier ar ch y sho wn in no t e 7c T he Gr oup does no t ha v e an y fnancial ins trumen ts tha t ar e ca t egorised as L e v el 1 or L e v el 3 in the f air v alue hier ar ch y 4D C ONTINGENCIES T he dir ec t ors ar e o f the opinion tha t ther e ar e no ma t erial c on tingen t liabilities a t 31 M ar ch 2019 4E C APIT AL C O MMIT MENT S In mil lions o f A UD C onsolida t ed C apit al e xpenditur e c ommitmen ts 2019 2018 P lan t and equipmen t c on tr ac t ed but no t pr o vided f or and pa y able within one y e ar 276 248 4F OPERA TING LEA SES L e ases as les see In mil lions o f A UD C onsolida t ed 2019 2018 L es s than one y e ar 425 354 Be tw een one and fv e y e ars 884 648 Mor e than fv e y e ars 515 379 1824 1381 T he Gr oup le ases pr oper t y plan t and equipmen t under op er a ting le ases e xpiring o v er t erms o f up t o six y e ars L e ases gener al ly pr o vide the Gr oup with a righ t o f r ene w al a t which time al l t erms ar e r enego tia t ed Some le ases pr o vide f or ad ditional r en t pa ymen ts tha t ar e based on a local pric e inde x During the y e ar ended 31 M ar ch 2019 547 mil lion w as r ec ognised as an e xpense in the pr o ft and los s s t a t emen t in r espec t o f oper a ting le ases 2018 499 mil lion Ac c oun ting polic y Oper a ting le ase pa ymen ts P a ymen ts made under oper a ting le ases ar e r ec ognised in the pr o ft and los s s t a t emen t on a s tr aigh t line basis o v er the t erm o f the le ase L e ase inc en tiv es r ec eiv ed ar e r ec og nised in the pr o ft and los s s t a t emen t as an in t egr al par t o f the t o t al le ase e xpenses and spr e ad o v er the le ase t erm L e ases as les sor T he Gr oup le ases out its in v es tmen t pr oper t y held under oper a ting le ase see no t e 2f T he futur e minimum le ase pa ymen ts r ec eiv able under non canc el lable le ases ar e as f ol lo ws In mil lions o f A UD C onsolida t ed 2019 2018 L es s than one y e ar 21 21 Be tw een one and fv e y e ars 56 78 77 99 During the y e ar ended 31 M ar ch 2019 21 mil lion w as r ec ognised as r en t al inc ome in the pr o ft and los s s t a t emen t 2018 19 mil lion 67 ALS LIMITED AND IT S SUBSIDIARIES A NNU AL F INANCIAL R EPOR T F OR THE Y EAR E NDED 31 M AR CH 2019 F INANCIAL REPOR T F INANCIAL S T A TEMENT S N O TES T O THE FINANCIAL S T A TEMENT S Risk capit al managemen t