100 NOTEs TO THE FINANCIAL sTATEMENTs  26. COMMITMENTs OPERATING LEASE COMMITMENTS– GROUP AS LESSEE FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 The Group has entered into commercial leases on office and warehouse premises, motor vehicles and office equipment.  Future minimum rentals payable under non-cancellable operating leases as at the period end are as follows: Non-cancellable leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases can be  renegotiated. The leases have remaining terms of between five and sixteen years. All property leases include a clause to enable  upward revision of the rental charge on an annual basis according to prevailing market conditions. The Group has a finance lease for property, plant and machinery with a carrying amount of $8.2 million (2012: $28.9 million).  The lease has a remaining term of two years (2012: three years) and a weighted average interest rate of 13.3% (2012: 13.3%).  Future minimum lease payments under the finance lease together with the present value of the net minimum lease payments  are as follows: 30June 2013 $’000 24 JUNE 2012 $’000 Within one year  39,861   41,805  Later than one year and not later than five years  122,219   140,921  Later than five years  284,111   311,320  Total operating lease commitments  446,191   494,046 MINIMUM PAYMENTS PRESENT  VALUE OF PAYMENTS MINIMUM PAYMENTS PRESENT  VALUE OF PAYMENTS NOTE 2013 $’000 2013 $’000 2012 $’000 2012 $’000 Within one year  5,076   4,438   5,076   4,131  Later than one year and not later than five years  6,344   6,014   11,420   10,452  Later than five years  –   –   –  – Minimum lease payments  11,420   10,452   16,496   14,583  Less future finance charges  (968) – (1,913)  – Total finance lease liability  19(D)   10,452   10,452   14,583   14,583  30June 2013 $’000 24 JUNE 2012 $’000 Within one year  30,407   1,322  Later than one year and not later than five years  –   –  Later than five years  –   –  Total capital commitments  30,407   1,322  A component of the finance lease payments are contingent on movements in the consumer price index. At reporting date,  the rent payable over the remaining lease term of two years which is subject to such movements amounts to $10.4 million  (2012: $14.4 million).  At 30 June 2013, the Group has commitments principally relating to the purchase of property, plant and equipment.  Commitments contracted for at reporting date but not recognised as liabilities are as follows: Commitments contracted at reporting date include a $29.1 million upgrade to the regional printing network. CONTINGENT RENTALS UNDER FINANCE LEASE CAPITAL COMMITMENTS FINANCE LEASE COMMITMENTS– GROUP AS LESSEE