| Notes to the consolidated
annual financial statements l Note 6 |
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2014
Rm |
2013
Rm |
| 6. |
Finance lease receivables |
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Amounts receivable under finance leases: |
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Gross investment |
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455 |
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310 |
288 |
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Less: Unearned finance income |
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(55) |
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(41) |
(36) |
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Present value of minimum lease payments receivable |
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400 |
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269 |
252 |
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Receivable as follows: |
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Present value |
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Within one year (note 10) |
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258 |
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146 |
137 |
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In the second to fifth year inclusive |
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142 |
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123 |
115 |
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400 |
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269 |
252 |
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Minimum lease payments |
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Within one year |
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280 |
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171 |
157 |
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In the second to fifth year inclusive |
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175 |
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139 |
131 |
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455 |
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310 |
288 |
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Less: Unearned finance income |
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(55) |
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(41) |
(36) |
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400 |
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269 |
252 |
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Fair value of finance lease receivables |
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400 |
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269 |
252 |
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Unguaranteed residual values of assets leased under finance leases |
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27 |
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34 |
25 |
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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 46 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
30 September 2015 was 10% per annum (2014: 10%; 2013: 9%). |
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| Notes to the consolidated
annual financial statements l Note 6 |
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