Annual Report 2019

172 Annual Report 2019 Miramar Hotel and Investment Company, Limited Notes to the Financial Statements 25 Capital commitments Capital commitments outstanding at 31 December 2019 not provided for in the financial statements were as follows: 2019 2018 HK$’000 HK$’000 Future expenditure relating to properties: Contracted for 25,449 2,051 Authorised but not contracted for 2,970 44,029 28,419 46,080 26 Operating lease commitments (a) At 31 December 2019, the total future minimum lease income under non-cancellable operating leases are receivable as follows: 2019 2018 HK$’000 HK$’000 Within 1 year 605,917 653,603 After 1 year but within 2 years 389,936 382,451 After 2 years but within 3 years 201,227 179,674 After 3 years but within 4 years 51,987 70,581 After 4 years but within 5 years 16,715 26,388 After 5 years 21 238 1,265,803 1,312,935 (b) At 31 December 2018, the total future minimum lease payments under non-cancellable operating leases are payable as follows: 2018 HK$’000 Within 1 year 61,022 After 1 year but within 5 years 102,909 After 5 years 6,132 170,063 The Group is the lessee in respect of a number of properties under leases which were previously classified as operating leases under HKAS 17. The Group has initially applied HKFRS 16 using the modified retrospective approach. Under this approach, the Group recognises lease liabilities relating to these leases (see note 1(c)). From 1 January 2019 onwards, future lease payments are recognised as lease liabilities in the consolidated statement of financial position in accordance with the policies set out in note 1(j), and the details regarding the Group’s future lease payments are disclosed in note 18.