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16. Other financial liabilities - (continued)
Group
Company
2011
2010
2011
2010
Current liabilities
At amortised cost
1 090 512
387 236
-
287 236
14 567 285
387 236 8 734 640
287 236
17. Finance lease obligation
Group
Company
2011
2010
2011
2010
Minimum lease payments due
– within one year
60 715
148 910
60 715
148 910
– in second to fifth year inclusive
-
124 092
-
124 092
60 715
273 002
60 715
273 002
less: future finance charges
(6 741)
(26 281)
(6 741)
(26 281)
Present value of minimum lease payments
53 974
246 721
53 974
246 721
Non-current liabilities
-
121 152
121 152
Current liabilities
53 974
125 569
53 974
125 569
53 974
246 721
53 974
246 721
The average lease term was 3 years and the average effective borrowing rate was the prime bank overdraft rate.
Interest rates are linked to prime at the contract date. All leases have fixed repayments and no arrangements have been
entered into for contingent rent.
The group’s obligations under finance leases are secured by the lessor’s charge over the leased assets. Refer note 3.