Air New Zealand 2008 Annual Report Download - page 25

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AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2008
13. REVENUE IN ADVANCE
GROUP
2008
$M
GROUP
2007
$M
COMPANY
2008
$M
COMPANY
2007
$M
Current
Transportation sales in advance 707 628 701 601
Loyalty programme 115 120 114 120
822 748 815 721
Non-current
Loyalty programme 109 102 109 102
109 102 109 102
14. INTEREST-BEARING LIABILITIES
GROUP
2008
$M
GROUP
2007
$M
COMPANY
2008
$M
COMPANY
2007
$M
Current
Secured borrowings 103 66 - -
Finance lease liabilities 55 49 21 20
158 115 21 20
Non-current
Secured borrowings 342 440 - -
Finance lease liabilities 825 829 253 274
1,167 1,269 253 274
Interest rates:
Fixed rate 184 162 - -
Floating rate 1,141 1,222 274 294
1,325 1,384 274 294
All borrowings are secured over aircraft or aircraft related assets and are subject to floating interest rates.
Finance lease liabilities are secured over aircraft and are subject to both fixed and floating interest rates. Fixed interest rates ranged from 2.5 percent to
5.1 percent in 2008 (2007: 1.2 percent to 5.1 percent). Purchase options are available on expiry or, if applicable under the lease agreement, on early
termination of the finance leases. The Company’s finance lease liabilities are with related parties.
GROUP
2008
$M
GROUP
2007
$M
COMPANY
2008
$M
COMPANY
2007
$M
Finance lease liabilities
Repayable as follows:
Not later than 1 year 106 103 43 43
Later than 1 year and not later than 5 years 421 409 168 167
Later than 5 years 701 765 185 226
1,228 1,277 396 436
Less future finance costs (348) (399) (122) (142)
Present value of future rentals 880 878 274 294
Repayable as follows:
Not later than 1 year 55 49 21 20
Later than 1 year and not later than 5 years 264 231 100 93
Later than 5 years 561 598 153 181
880 878 274 294
23