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2002-03 Financial Statements

Department of Defence
Notes To And Forming Part Of The Financial Statements
for the year ended 30 June 2003
2002-03 2001-02
$'000 $'000
Note 8: Interest Bearing Liabilities
Note 8A: Leases
Finance lease commitments
Payable:
Within one year 35,487 35,868
In one to five years 141,690 143,286
In more than five years 425,202 475,639
Minimum lease payments 602,379 654,793
Deduct: future finance charges (258,641) (294,522)
Net lease liability 343,738 360,271
Lease liability is represented by:
Current 9,774 8,914
Non current 333,964 351,357
Net lease liability 343,738 360,271
Finance leases exist in relation to property and equipment. The leases are non-cancellable and for fixed terms. Defence guarantees the residual value of all assets leased.