28. Finance lease liabilities
The Group leases aircraft from third and related parties under finance lease agreements (Note 39). The aircraft that the Group has operated under finance lease agreements as at 31 December 2013 are listed in Note 1.
|
31 December 2013 |
31 December 2012 |
|
|---|---|---|
|
Total outstanding payments |
2,643.3 |
2,233.0 |
|
Future finance lease interest expense |
(442.4) |
(351.3) |
|
Total finance lease liabilities |
2,200.9 |
1,881.7 |
|
Representing: |
||
|
Current finance lease liabilities |
265.4 |
246.3 |
|
Non-current finance lease liabilities |
1,935.5 |
1,635.4 |
|
Total finance lease liabilities |
2,200.9 |
1,881.7 |
|
31 December 2013 |
31 December 2012 |
|||||
|---|---|---|---|---|---|---|
|
Due for repayment: |
Principal |
Future interest expense |
Total payments |
Principal |
Future interest expense |
Total payments |
|
On demand or within 1 year |
265.4 |
81.1 |
346.5 |
246.3 |
65.4 |
311.7 |
|
Later than 1 year and not later than 5 years |
898.5 |
238.4 |
1,136.9 |
771.8 |
191.7 |
963.5 |
|
Later than 5 years |
1,037.0 |
122.9 |
1,159.9 |
863.6 |
94.2 |
957.8 |
|
Total |
2,200.9 |
442.4 |
2,643.3 |
1,881.7 |
351.3 |
2,233.0 |
As at 31 December 2013 interest payable amounted to USD 7.7 million (31 December 2012: USD 4.0 million) and is included in accounts payable and accrued liabilities.
The effective interest rate as at 31 December 2013 was 4.1 % per annum (31 December 2012: 3.7% per annum).
Finance lease liabilities of USD 2,109.2 million are denominated in US Dollars (31 December 2012: USD 1,775.8 million in US Dollars) (Note 37).
In 2013 interest expense on finance leases was USD 56.1 million (2012: USD 52.7 million).
Leased aircraft and engines with the carrying amount disclosed in Note 21 are effectively pledged for finance lease liabilities as the rights to the leased asset revert to the lessor in the event of default.
Notes in Consolidated Statements:
Consolidated Statement of Financial Position
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