Full Report - Fraser and Neave Limited

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 September 2006
30. BORROWINGS
Weighted
average effective THE GROUP THE COMPANY
interest rate 2006 2005 2006 2005
% Notes ($’000) ($’000) ($’000) ($’000)
(Restated)
Repayable within one year:
Unsecured
Bank loans 4.89 514,460 332,344 94,923 112,340
Bank overdrafts 12,017 3,051 – –
526,477 335,395 94,923 112,340
Term loans 3.08 280,000 500,000 – –
Secured
Bank loans 5.96 (b) 180,856 330,035 – –
Bank overdrafts (b) 56 1,871 – –
180,912 331,906 – –
Finance leases 1,155 872 – –
988,544 1,168,173 94,923 112,340
Repayable after one year:
Unsecured
Bank loans 5.00 168,692 179,832 – –
Term loans 3.67 1,688,339 1,500,000 949,167 800,000
Secured
Bank loans 4.39 (b) 974,807 504,400 – –
Finance leases 2,895 2,592 – –
(d) 2,834,733 2,186,824 949,167 800,000
Total 3,823,277 3,354,997 1,044,090 912,340
Fair value (c) 3,811,593 3,330,601 1,034,306 922,140
Notes
(a) Term loans comprise variable rate notes, medium term notes, fixed rate notes, transferable term loan and
floating rate bonds issued by the Company and subsidiary companies.
(b) The secured bank loans and overdrafts are secured by certain subsidiary companies by way of a charge over
fixed deposits, plant and machinery, pledge of shares of a subsidiary company, fixed and floating charge over
certain assets and mortgages on freehold and leasehold land under development.
A subsidiary company’s issue of 330,000 redeemable non-voting Class A Preference Shares of an aggregate
value of $330,000,000 (2005: $330,000,000) are classified as bank borrowings in the consolidated financial
statements of the Group.
Fraser and Neave, Limited & Subsidiary Companies Annual Report 2006 145