Air New Zealand 2014 Annual Report Download - page 21

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AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2014 19
8. INVENTORIES
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Engineering expendables
Consumable stores
154
15
138
17
126
14
108
17
169 155 140 125
Held at cost
Held at fair value less costs to sell
139
30
134
21
110
30
104
21
169 155 140 125
Movement in the provision for inventory obsolescence
Balance at the beginning of the year
Net increase in the provision
(38)
(7)
(27)
(11)
(37)
(7)
(26)
(11)
Balance at the end of the year (45) (38) (44) (37)
9. ASSETS HELD FOR RESALE
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Current
Aircraft related assets
4
7
3
4
4 7 3 4
Non-current
Aircraft related assets
2
-
2
-
2 - 2 -
In anticipation of the exit of the Boeing 747-400 and Boeing 767-300 fleet spares and engines are being marketed for sale.
It is expected that proceeds will be received over the next two years. In addition the Group disposed of rotable assets as part of a
maintenance pooling arrangement in July 2014. The carrying value of the assets held for resale reflects the lower of their previous
carrying value at the date of transfer or external market assessments of the fair value, less costs to sell.
10. OTHER ASSETS
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Current
Contract work in progress
Amounts owing from subsidiaries
Amounts owing from joint ventures and associates
Non interest-bearing assets
Other assets (including defined pension assets)
23
-
7
-
11
31
-
3
44
5
10
35
2
-
9
19
50
2
-
4
41 83 56 75
Non-current
Capital work in progress
Amounts owing from subsidiaries
Progress payments on aircraft, engines and simulators
Interest-bearing assets
Other assets
83
-
209
125
6
49
-
151
184
10
78
476
209
125
2
44
350
151
184
2
423 394 890 731
As at 30 June 2013 non interest-bearing assets included an equity derivative share purchase option held in Virgin Australia
Holdings Limited.
Interest-bearing assets include registered transferable certificates of deposit (RTDs) that have been provided as security over credit
card obligations incurred by Air New Zealand. The RTD’s bear a three month fixed interest rate and mature in December 2018.
These are subject to potential offsetting under master netting arrangements, as disclosed in Note 19.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2014