2006 - Eastern Caribbean Securities Exchange

Notes to the Consolidated Financial Statementsfor the year ended 31st December, 2006Expressed in Thousands of Trinidad and Tobago dollars16. Medium and long term financing (continued)Finance leasesIncluded in total borrowings are the present values of finance leases amounting to $15.1 million (2005–$15.1 million). The minimum lease payments under these finance leases are as follows:2006 2005Due not more than one year 5,370 4,379Due in years two to five 11,775 11,822Due after year five 324 1,843Total minimum lease payments 17,469 18,044Less: Finance charges (2,296) (2,980)Total net present value 15,173 15,06417. Stated capital and other reserves(a)Stated capitalAuthorisedAn unlimited number of ordinary and preference shares of no par valueIssued and fully paid 2006 2005249,765,136 (2005 – 249,765,136) ordinary sharesof no par value 466,206 466,206(b) Other reserves Currency Totaltranslation Hedging otheraccount reserve reserveYear ended 31st December, 2006Balance at 1st January, 2006 (110,242) (3,073) (113,315)Currency translation and other adjustments (10,676) – (10,676)Change in fair value of swap obligation – 3,805 3,805Deferred taxation on swap obligation – (951) (951)Balance at 31st December, 2006 (120,918) (219) (121,137)Annual Report 200629