Air New Zealand 2016 Annual Report Download - page 23
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Notes to the Financial Statements (continued)
As at 30 June 2016
21
AIR NEW ZEALAND GROUP
15. Interest-Bearing Liabilities (continued)
Finance lease liabilities
Payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability.
The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the
remaining balance of the liability.
2016
$M
2015
$M
Repayable as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
244
797
578
238
866
719
Less future finance costs
1,619
(132)
1,823
(163)
Present value of future rentals 1,487 1,660
Repayable as follows:
Not later than 1 year
Later than 1 year and not later than 5 years
Later than 5 years
225
721
541
207
777
676
1,487 1,660
Finance lease liabilities are secured over aircraft and are subject to both fixed and floating interest rates. Fixed interest rates ranged from 0.7
percent to 3.4 percent (30 June 2015: 0.7 percent to 3.4 percent). Purchase options are available on expiry or, if applicable under the lease
agreement, on early termination of the finance leases.