Air New Zealand 2009 Annual Report Download - page 26

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13. INVESTMENTS (CONTINUED)
Acquisition related costs recognised within Other expenses in the Statement of Financial Performance were $1 million (30 June 2008: Nil). Under the
amendments to NZ IFRS 3: Business Combinations, acquisition-related costs are required to be expensed in the periods in which the costs are incurred
whereas previously these were capitalised as part of the cost of the business combination.
Operating revenue (including finance income) and net loss after tax recognised in respect of these entities in the Statement of Financial Performance
subsequent to acquisition was $19 million and $1m respectively. If the acquisitions had been effected at the start of the financial year (1 July 2008)
total operating revenue (including finance income) for the Group would have been $4,723 million and net profit after tax $22 million.
14. REVENUE IN ADVANCE
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Current
Transportation sales in advance 622 707 614 701
Loyalty programme 98 115 98 114
Other 1 - - -
721 822 712 815
Non-current
Loyalty programme 114 109 114 109
114 109 114 109
15. INTEREST-BEARING LIABILITIES
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Current
Secured borrowings 111 103 - -
Finance lease liabilities 61 55 22 21
172 158 22 21
Non-current
Secured borrowings 280 342 - -
Finance lease liabilities 827 825 230 253
1,107 1,167 230 253
Interest rates:
Fixed rate 223 184 - -
Floating rate 1,056 1,141 252 274
1,279 1,325 252 274
All 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 2.5 percent to
5.1 percent in 2009 (2008: 2.5 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.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2009
24