REA Group Ltd Annual Report 2021

Annual Report 2021 | REA Group Ltd 10. Leases (continued) Lease liabilities Lease liabilities are presented as interest bearing loans and borrowings (see Note 9). 2021 $’000 2020 $’000 Maturity analysis – undiscounted cash flows Less than one year 10,835 9,244 One to five years 37,181 37,950 More than five years 44,865 53,568 Total undiscounted lease liabilities at 30 June 92,881 100,762 Lease liabilities included in the Consolidated Statement of Financial Position at 30 June 82,220 87,919 Current 8,822 7,014 Non-current 73,398 80,905 Transferred to liabilities of disposal group held for sale 1,064 – (ii) Amounts recognised in profit and loss 2021 $’000 2020 $’000 Interest on lease liabilities 2,217 2,305 Variable lease payment not included in the measurement of lease liabilities – – Expenses relating to short-term leases 548 288 Expenses relating to leases of low-value assets, excluding short‑term leases of low‑value assets 125 135 (iii) Amounts paid during the year 2021 $’000 2020 $’000 Total cash outflow for leases 9,430 8,390 (iv) Extension options A number of the Group’s property leases contain extension options exercisable by the Group, up to six months before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control. The Group has an exposure of $2.2 million (2020: nil) from extension options not reflected in the lease liability. Year in review Directors’ Report Financial Statements Remuneration Report Sustainability Our Leaders 93