Air New Zealand 2013 Annual Report Download - page 28

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Air New Zealand Annual Financial Results 
26
. INTERESTBEARING LIABILITIES
GROUP
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GROUP
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COMPANY
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COMPANY
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Current
Secured borrowings 15 14 - -
Finance lease liabilities
144 141 87 83
159 155 87 83
Non-current
Secured borrowings
69 83 - -
Unsecured bonds 150 150 150 150
Finance lease liabilities
1,251 1,304 771 889
1,470 1,537 921 1,039
Interest rates:
Fixed rate 756 762 500 559
Floating rate
873 930 508 563
At amortised cost
1,629 1,692 1,008 1,122
At fair value
1,560 1,605 970 1,053
All borrowings are secured over aircra or aircra related assets and are subject to floating interest rates.
Finance lease liabilities are secured over aircra and are subject to both fixed and floating interest rates. Fixed interest rates ranged from
0.8 percent to 4.1 percent in 2013 (30 June 2012: 2.4 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.
On 28 September 2011 Air New Zealand issued $150 million of unsecured, unsubordinated fixed rate bonds. The bonds have a maturity
date of 15 November 2016 and an interest rate of 6.90% payable semi-annually.
GROUP
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GROUP
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COMPANY
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COMPANY
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Finance lease liabilities
Repayable as follows:
Not later than 1 year 169 171 105 106
Later than 1 year and not later than 5 years
742 724 425 444
Later than 5 years
642 739 426 549
1,553 1,634 956 1,099
Less future finance costs
(158) (189) (98) (127)
Present value of future rentals
1,395 1,445 858 972
Repayable as follows:
Not later than 1 year
144 141 87 83
Later than 1 year and not later than 5 years 663 629 374 375
Later than 5 years
588 675 397 514
1,395 1,445 858 972
Notes to the Financial Statements (Continued)
As at 30 June 2013