Creative 2002 Annual Report Download - page 35

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33
NOTE 4 – LEASES AND COMMITMENTS
Creative leases the use of land and certain of its facilities and equipment under non-cancelable operating lease arrangements.
The land and facility leases expire at various dates through 2024 and provide for fixed rental rates during the terms of the
leases.
Minimum future lease payments for non-cancelable leases as of June 30, 2002, were as follows (in US$’000):
Operating
Leases
Fiscal years ended June 30,
2003 $ 11,912
2004 9,680
2005 7,722
2006 5,282
2007 1,926
Thereafter 14,402
Total minimum lease payments $ 50,924
Rental expense under all operating leases was $11.0 million, $11.8 million and $12.2 million for fiscal 2002, 2001 and
2000, respectively.
Future minimum lease obligations, which are secured by the underlying assets, as of June 30, 2002, under capital leases
are as follows (in US$’000):
Capital
Leases
Fiscal years ended June 30,
2003 $ 3,654
2004 3,018
2005 1,323
2006 68
2007 47
Thereafter –
Total minimum lease commitments $ 8,110
Less: Amount representing interest (191)
Total capital lease obligations $ 7,919