Aer Lingus 2013 Annual Report Download - page 120

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118
The carrying amounts and fair value of the borrowings are as follows:
Carrying amounts
Fair values
2013
2012
2013
2012
€’000
€’000
€’000
€’000
Finance lease obligations
477,598
531,587
470,031
534,405
The fair values are based on cash flows discounted using a rate based on prevailing forward market rates. In 2013, these rates ranged from
0.18% to 2.3%.
The carrying amounts of short-term borrowings approximate their fair values.
The carrying amounts of the Group’s borrowings are denominated in the following currencies:
2013
2012
€’000
€’000
Euro
160,529
181,503
US dollar
317,069
350,084
477,598
531,587
The effective interest rates at the reporting date were as follows:
2013
2012
€
$
€
$
Finance lease obligations
3.2%
2.1%
3.2%
2.1%
Finance lease obligation – minimum lease payments
2013
2012
€’000
€’000
No later than one year
132,802
63,789
Later than one year but no later than five years
249,794
316,070
Later than five years
163,992
246,162
546,588
626,021
Future finance charges on finance leases
(68,990)
(94,434)
Capital value of finance lease liabilities
477,598
531,587
The Group had no undrawn borrowing facilities at 31 December 2013 or 31 December 2012.
25 Defined contribution pension schemes
The Group’s operating subsidiary, Aer Lingus Limited, participates in a number of pension schemes for its staff. The two main pension
schemes are the Irish Airlines (Pilots) Superannuation Scheme (the “Pilots’ Scheme”), for its pilots, and the Irish Airlines (General
Employees) Superannuation Scheme (the “IASS”), a multi-employer scheme (Dublin Airport Authority plc (“DAA”), Shannon Airport
Authority plc (“SAA”) and SR Technics being the other sponsoring employers) for other employees who fall within the category of
“General Employees” (collectively the “Irish Pensions Schemes”). Aer Lingus Limited is the sponsoring company for the Group’s
participation in the Irish Pension Schemes. Although similar rules apply to both Irish Pension Schemes, the contribution rates and benefits
differ between the schemes. Aer Lingus Limited’s contributions to these two schemes are set out in the table below. The Irish Pension
Schemes are accounted for as defined contribution schemes in both the entity accounts of Aer Lingus Limited and in the Group’s
consolidated accounts because the rate of contribution to these schemes is fixed.
2013
2012
€’000
€’000
The IASS
4,880
5,171
The Pilots’ Scheme
10,819
10,079
Other defined contribution schemes
4,529
4,500
Total
20,228
19,750