| NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 6 |
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2014
Rm |
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2013
Rm |
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2012
Rm |
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| 6. |
FINANCE LEASE RECEIVABLES |
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Amounts receivable under finance leases: |
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Gross investment |
310 |
|
288 |
|
305 |
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Less: Unearned finance income |
(41) |
|
(36) |
|
(35) |
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Present value of minimum lease payments receivable |
269 |
|
252 |
|
270 |
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Receivable as follows: |
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Present value |
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Within one year () |
146 |
|
137 |
|
145 |
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In the second to fifth year inclusive |
123 |
|
115 |
|
125 |
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| |
|
269 |
|
252 |
|
270 |
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| |
Minimum lease payments |
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Within one year |
171 |
|
157 |
|
165 |
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In the second to fifth year inclusive |
139 |
|
131 |
|
140 |
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| |
|
310 |
|
288 |
|
305 |
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Less: Unearned finance income |
(41) |
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(36) |
|
(35) |
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| |
|
269 |
|
252 |
|
270 |
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Fair value of finance lease receivables |
269 |
|
252 |
|
270 |
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Unguaranteed residual values of assets leased under finance leases |
34 |
|
25 |
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35 |
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Long-term vehicle fleet is leased to customers for periods ranging from 24 to 60 months. The average lease term is 45 months and the majority of these leases are at interest rates linked to the South African prime rate. The weighted average interest rate on lease receivables for the year ended 30 September 2014 was 10% per annum (2013: 9%; 2012: 9%). |
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| NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 6 |
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