23. Finance Lease
The finance lease liabilities are secured by the leased assets.
The Group leases production equipment and transportation vehicles under a number of finance lease agreements. Finance lease liabilities are payable as follows:
| At 31 December 2011 | |||
|---|---|---|---|
| Future minimum lease payments | Present value of minimum lease payments | Interest | |
|
Less than one year |
653,506 |
466,376 |
187,130 |
|
Between one and five years |
470,798 |
400,360 |
70,438 |
|
1,124,304 |
866,736 |
257,568 |
|
| At 31 December 2010 | |||
|---|---|---|---|
| Future minimum lease payments | Present value of minimum lease payments | Interest | |
| Less than one year | 902,489 | 580,984 | 321,505 |
| Between one and five years | 1,124,304 | 866,735 | 257,569 |
| 2,026,793 | 1,447,719 | 579,074 | |
Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011