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27 Non-current and current liabilities
Carrying amount
Non-current liabilities 2013 2012
Bonds 1,315 1,330
Loans from financial institutions 124 487
Finance lease liabilities 144 158
Other loans 3 2
Other non-current liabilities 3 5
Accruals and deferred income 4 2
Non-current liabilities total 1,593 1,984
of which interest-bearing 1,586 1,977
The carrying amounts of non-current liabilities are measured at amortized cost using the effective interest rate method and the fair values are determined by using the discounted cash flow method employing market interest rates or market values at the balance sheet date. The fair value of the bonds was EUR 1,372 million (2012: EUR 1,384 million). The fair values of other non-current liabilities are not materially different from their carrying amounts.
Carrying amount
Current liabilities 2013 2012
Loans from financial institutions 164 342
Finance lease liabilities 7 7
Advances received 12 13
Trade payables 1,433 1,370
Other current liabilities 314 440
Current tax liabilities 49 40
Accruals and deferred expenses 116 110
Current liabilities total 2,095 2,322
of which interest-bearing 171 357
The carrying amounts of current interest-free liabilities are reasonable approximations of their fair value. The carrying amounts of current interest-bearing liabilities are measured at amortized cost using the effective interest rate method.
Re-pricing periods of the Group's interest-bearing debt is disclosed in Note 3, Financial risk management, section 'Market risk'.
The future minimum lease payments of finance lease liabilities and their present value in the balance sheet
2013 2012
MEUR Minimum
lease
payments
Future
finance
charges
Present value
of minimum
lease
payments
Minimum
lease
payments
Future
finance
charges
Present value
of minimum
lease
payments
Amounts payable under finance lease:
Within one year 19 12 7 20 13 7
Between one and five years 108 46 62 126 58 68
More than 5 years 182 101 81 201 111 90
Total amounts payable 309 159 150 347 182 165
Finance lease liabilities arise from bareboat agreements on crude oil tankers Tempera and Mastera delivered in 2002 and 2003 that are classified as finance lease agreements under IAS 17. The lease terms are 13 years for both vessels as agreed on the amendment made on year 2012, and in addition the lessee having a call option to purchase the leased assets in the 12th and 13th year of the lease period. Minimum lease payments in each agreement include option prices as terminal payments.
In addition, finance lease liabilities arise from two finance lease agreements for the Singapore production plant and one finance lease agreement for the Rotterdam production plant. The agreements of Singapore plant are made with two local companies that provide utilities and jetty- and storage services that are used by the production facility. The major assets under these agreements are a jetty used for loading and discharging of vessels, a pipeline for off-gas produced as a side product in the production process, and product tanks used for storing of the end product. The leasing contracts are 30 and 15 years long. The agreement of Rotterdam plant is made with a local company that provides utilities that are used by the production facility. The major assets under this agreement consist of pipelines.