21.
FINANCE LEASE PAYABLES
As at balance sheet date, the Group has obligations under finance leases that are repayable as follows:
Minimum
lease
payments
Future
finance
charges
Present
value of
lease
payments
$’000
$’000
$’000
Group
2015
Within one financial year
257
(11)
246
After one financial year but less than
five financial years
395
(17)
378
652
(28)
624
2014
Within one financial year
46
(2)
44
After one financial year but less than
five financial years
24
(1)
23
70
(3)
67
Minimum
lease
payments
Future
finance
charges
Present
value of
lease
payments
$’000
$’000
$’000
Company
2015
Within one financial year
250
(11)
239
After one financial year but less than
five financial years
395
(17)
378
645
(28)
617
As at 31 December 2014, the Company had no obligations under finance leases.
Lease terms are for three years (2014: one to four years) with options to purchase at the end of
the lease term. Interest is payable at an average effective interest rates of 1.35% to 3.10% (2014:
3.00% to 3.30%) per annum.
100
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
