Aer Lingus 2008 Annual Report Download - page 78

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AER LINGUS GROUP PLC - ANNUAL REPORT 2008
76
18 Borrowings (continued)
The carrying amounts and fair value of the non-current borrowings are as follows:
Carrying amounts Fair values
2008
€’000
2007
€’000
2008
€’000
2007
€’000
Finance lease obligations 447,920 333,311 407,708 337,569
The fair values are based on cash flows discounted using a rate based on prevailing forward market rates. In 2008, these rates
ranged from 1.5% to 3.7%.
The carrying amounts of short-term borrowings approximate their fair values.
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
2008
€’000
2007
€’000
Euro 59,512 81,582
US dollar 493,357 293,674
552,869 375,256
The effective interest rates at the balance sheet date were as follows:
2008 2007
€US$ £ €US$ £
Bank overdrafts ------
Finance lease obligations 3.9% 3.7% - 3.0% 3.8% -
Finance lease obligations – minimum lease payments
2008
€’000
2007
€’000
No later than one year 123,693 35,432
Later than one year but no later than five years 238,613 229,099
Later than five years 295,290 168,194
657,596 432,725
Future finance charges on finance leases (104,727) (74,607)
Capital value of finance lease liabilities 552,869 358,118
The Group had no undrawn borrowing facilities at 31 December 2008 or 31 December 2007.
Notes to the Consolidated Financial Statements
continued