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AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 201424
15. REVENUE IN ADVANCE
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Current
Transportation sales in advance
Loyalty programme
Other
802
101
27
796
101
21
802
101
15
796
101
13
930 918 918 910
Non-current
Loyalty programme
Other
143
5
135
5
143
5
135
5
148 140 148 140
16. INTEREST-BEARING LIABILITIES
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Current
Secured borrowings
Finance lease liabilities
22
168
15
144
-
86
-
87
190 159 86 87
Non-current
Secured borrowings
Unsecured bonds
Finance lease liabilities
191
150
1,202
69
150
1,251
-
150
631
-
150
771
1,543 1,470 781 921
Interest rates basis:
Fixed rate
Floating rate
727
1,006
756
873
434
433
500
508
At amortised cost 1,733 1,629 867 1,008
All secured 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 0.5 percent to 4.1 percent in 2014 (30 June 2013: 0.8 percent to 4.1 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.
The unsecured, unsubordinated fixed rate bonds have a maturity date of 15 November 2016 and an interest rate of 6.90% payable
semi-annually.
GROUP
2014
$M
GROUP
2013
$M
COMPANY
2014
$M
COMPANY
2013
$M
Finance lease liabilities
Repayable as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
191
734
591
169
742
642
103
375
321
105
425
426
Less future finance costs
1,516
(146)
1,553
(158)
799
(82)
956
(98)
Present value of future rentals 1,370 1,395 717 858
Repayable as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
168
654
548
144
663
588
86
331
300
87
374
397
1,370 1,395 717 858
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2014