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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2.%u0009 Significant accounting policies (continued)iii) Changes in accounting policies and disclosures (continued)New and amended standards and interpretations (continued)IFRS 16 - Leases (continued) Leases previously classified as operating leases - Group as lessee (continued)The lease liabilities as at 1 January 2019 can be reconciled to the operating lease commitments as of 31 December 2018, as follows:$Operating lease commitments as at 31 December 2018 13,947Weighted average incremental borrowing rate as at 1 January 2019 7%Discounted operating lease commitments as at 1 January 2019 12,479Less: Commitments relating to short-term lease (182)Commitments realting to leases of low-vale assets %u2013Add:Commitments relating to leases previously classified as finance leases under borrowings 1,082Lease payments relating to renewal periods not included in operating commitments as at December 2018 %u2013Lease liabilities as at 1 January 2019 13,379GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 47