Annual Report 2019

Explanatory Notes 30 SEPTEMBER 2019 36. COMMITMENTS GROUP Sep-19 Sep-18 MUR m MUR m Operating lease - where the Group is the lessor The Group has entered into Operating leases for motor vehicles, equipment and investment properties consisting of buildings for rental. These leases have terms ranging from 1 to 10 years. The future minimum lease receivable under operating leases are as follows: Within one year 149.9 220.8 After one year and before five years 326.8 482.4 Later than 5 years 32.0 114.8 508.7 818.0 37. EVENTS AFTER THE REPORTING DATE The parent company, CIM Financial Services Ltd, has resolved for an amalgamation together with a number of its subsidiaries with the objective of streamlining the structure of the group. The entities concerned are Cim Finance Ltd, Cim Agencies Ltd, Mauritian Eagle Leasing Company Limited, CimManagement Services Ltd, and Cim Shared Services Ltd. The amalgamation is not yet effective and will be subject to regulatory approvals. In October 2019, the Group raised MUR 2billion by way of senior unsecured fixed rate notes through a private placement. 38. CONTINGENT LIABILITIES GROUP & COMPANY Sep-19 Sep-18 MUR m MUR m Corporate guarantees on behalf of subsidiary 20.0 20.0 20.0 20.0 At 30 September 2019, the Company had contingent liabilities in respect of guarantees from which it is anticipated that no material liabilities would arise. The Company has given corporate guarantees amounting to MUR 20m (2018: MUR 20m) on behalf of one subsidiary company. CIM FINANCIAL SERVICES LTD / ANNUAL REPORT 2019 149