Air New Zealand 2011 Annual Report Download - page 29

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15. INTEREST-BEARING LIABILITIES
GROUP
2011
$M
GROUP
2010
$M
COMPANY
2011
$M
COMPANY
2010
$M
Current
Secured borrowings 60 111 - -
Finance lease liabilities 92 64 53 24
152 175 53 24
Non-current
Secured borrowings 94 152 - -
Finance lease liabilities 1,009 748 555 206
1,103 900 555 206
Interest rates:
Fixed rate 188 216 - -
Floating rate 1,067 859 608 230
At amortised cost 1,255 1,075 608 230
At fair value 1,276 1,096 614 232
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 2011 (2010: 2.5 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
2011
$M
GROUP
2010
$M
COMPANY
2011
$M
COMPANY
2010
$M
Finance lease liabilities
Repayable as follows:
Not later than 1 year 113 80 66 31
Later than 1 year and not later than 5 years 539 391 281 132
Later than 5 years 594 469 332 96
1,246 940 679 259
Less future finance costs (145) (128) (71) (29)
Present value of future rentals 1,101 812 608 230
Repayable as follows:
Not later than 1 year 92 64 53 24
Later than 1 year and not later than 5 years 471 340 243 114
Later than 5 years 538 408 312 92
1,101 812 608 230
AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011