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AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2012
26
14. REVENUE IN ADVANCE
GROUP
2012
$M
GROUP
2 011
$M
COMPANY
2012
$M
COMPANY
2 011
$M
Current
Transportation sales in advance 779 767 776 758
Loyalty programme 103 106 103 107
Other 20 15 14 3
902 888 893 868
Non-current
Loyalty programme 131 122 131 122
Other 4 - 3 -
135 122 134 122
15. INTEREST-BEARING LIABILITIES
GROUP
2012
$M
GROUP
2 011
$M
COMPANY
2012
$M
COMPANY
2 011
$M
Current
Secured borrowings 14 60 - -
Finance lease liabilities 141 92 83 53
155 152 83 53
Non-current
Secured borrowings 83 94 - -
Unsecured bonds 150 - 150 -
Finance lease liabilities 1,304 1,009 889 555
1,537 1,103 1,039 555
Interest rates:
Fixed rate 762 188 559 -
Floating rate 930 1,067 563 608
At amortised cost 1,692 1,255 1,122 608
At fair value 1,605 1,276 1,053 614
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
2.4 percent to 5.1 percent in 2012 (30 June 2011: 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.
On 28 September 2011 Air New Zealand issued $150 million of unsecured, unsubordinated fixed rate bonds. The bonds have a maturity
date of 15 November 2016 and an interest rate of 6.90% payable semi-annually.
GROUP
2012
$M
GROUP
2 011
$M
COMPANY
2012
$M
COMPANY
2 011
$M
Finance lease liabilities
Repayable as follows:
Not later than 1 year 171 113 106 66
Later than 1 year and not later than 5 years 724 539 444 281
Later than 5 years 739 594 549 332
1,634 1,246 1,099 679
Less future finance costs (189) (145) (127) (71)
Present value of future rentals 1,445 1,101 972 608
Repayable as follows:
Not later than 1 year 141 92 83 53
Later than 1 year and not later than 5 years 629 471 375 243
Later than 5 years 675 538 514 312
1,445 1,101 972 608
Notes to the Financial Statements (Continued)
As at 30 June 2012