McConnell Dowell 74 All figures are in A$000's Note 2022 2021 Current Obligations under finance leases - Singapore Vehicles 15(a) 103 97 Secured loan BNZ at 6.95% 15(b) - 2,572 Chattel mortgage at 5.68% 15(c) 11 123 Chattel mortgage at 5.34% to 6.41% 15(d) 72 169 Total current interest bearing borrowings 186 2,961 Non-current Obligations under finance leases - Singapore Vehicles 15(a) 103 195 Chattel mortgage at 5.68% 15(c) - 11 Chattel mortgage at 5.34% to 6.41% 15(d) 11 83 Secured loan BNZ at 6.95% 15(b) - 1,045 Total non-current interest bearing borrowings 114 1,334 Total capitalised lease obligations 18 206 292 15(a) - The Group has entered into lease agreements in Singapore for the sale and leaseback of construction equipment. The term of the obligation is average 2.5 years with an average cost of funding of approximately 1.5%. The leases have no terms of renewal and no obligation to repurchase. Finance lease obligations are secured against the equipment purchased. 15(b) - Loan secured over tunnel boring machines obtained from BNZ in New Zealand in prior years and settled in the current financial year. The interest rate is 6.95%. 15(c) - In April 2015 the Group entered into an Equipment Chattel Mortgage. The term of the obligation is four years with a fixed cost of funding of 5.68%. The mortgage is secured against the equipment purchased. 15(d) - Between June 2015 to February 2019 the Group entered into Equipment Chattel Mortgages. The term of the obligations are three years with a fixed cost of funding of 5.34% to 6.41%. The mortgages are secured against the equipment purchased. Information regarding foreign exchange, interest rate and liquidity risk exposures are set out in Note 20. Notes to the annual financial statements (continued) for the year ended 30 June 2022 Consolidated 15. Interest bearing borrowings
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