Air New Zealand 2009 Annual Report Download - page 27

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15. INTEREST-BEARING LIABILITIES (CONTINUED)
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Finance lease liabilities
Repayable as follows:
Not later than 1 year 82 106 30 43
Later than 1 year and not later than 5 years 366 421 129 168
Later than 5 years 612 701 131 185
1,060 1,228 290 396
Less future finance costs (172) (348) (38) (122)
Present value of future rentals 888 880 252 274
Repayable as follows:
Not later than 1 year 61 55 22 21
Later than 1 year and not later than 5 years 301 264 107 100
Later than 5 years 526 561 123 153
888 880 252 274
16. PROVISIONS
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Provisions
Aircraft lease return costs 198 143 196 142
198 143 196 142
Represented by:
Current 34 27 34 27
Non-current 164 116 162 115
198 143 196 142
Aircraft lease return costs
Balance at the beginning of the year 143 136 142 136
Amount raised 60 43 59 42
Amount utilised (31) (35) (31) (35)
Foreign exchange differences 26 (1) 26 (1)
Balance at the end of the year 198 143 196 142
Represented by:
Current 34 27 34 27
Non-current 164 116 162 115
198 143 196 142
Where a commitment exists to maintain aircraft held under operating lease arrangements, a provision is made during the lease term for the lease
return obligations specified within those lease agreements. The provision is based on the present value of the estimated future costs of major airframe
inspections and engine overhauls by making appropriate charges to the Statement of Financial Performance, calculated by reference to the number of
hours or cycles operated during the year. The provision is expected to be utilised over the shorter of the period to the next inspection or overhaul or the
end of the lease.
GROUP
2009
$M
GROUP
2008
$M
COMPANY
2009
$M
COMPANY
2008
$M
Restructuring
Balance at the beginning of the year - 10 - 10
Amount raised 6 1 6 1
Amount utilised (6) (11) (6) (11)
Balance at the end of the year - - - -
A restructuring provision is created where a detailed formal plan is developed and a valid expectation exists. Costs relating to ongoing activities are not
provided for. The restructuring provision included amounts related to business reorganisation.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2009
25