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Annual Report 2012 - singapore land limited

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80<br />

Singapore Land Limited - <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong><br />

NOTES TO THE FINANCIAL STATEMENTS<br />

For the fi nancial year ended 31 December <strong>2012</strong><br />

22. BORROWINGS<br />

(a)<br />

(b)<br />

The Group<br />

The Company<br />

<strong>2012</strong> 2011 <strong>2012</strong> 2011<br />

Note $’000 $’000 $’000 $’000<br />

Current<br />

Short-term bank loans (unsecured) (i) 135,400 232,700 135,400 180,000<br />

Term loan (secured) (ii) 2,621 - -<br />

Revolving credit loans (unsecured) (iii) - 4,000 - -<br />

138,021 236,700 135,400 180,000<br />

Non-current<br />

Term loans (secured) (ii) 160,000 - - -<br />

Term loan (secured) (iv) 30,000 30,000 - -<br />

Revolving credit loans (secured) (iv) 74,000 - - -<br />

264,000 30,000 - -<br />

Total borrowings 402,021 266,700 135,400 180,000<br />

(i)<br />

(ii)<br />

The unsecured short-term loans are drawn under various uncommitted fl oating rate revolving credit<br />

facilities.<br />

The term loans are secured by way of legal mortgages over certain property development projects<br />

with carrying amounts of $250,882,000 (2011: Nil) and deposits pledged (note 18).<br />

In respect of the non-current term loans of $160,000,000 (2011: Nil), the Company has provided several<br />

undertakings on cost overrun, interest shortfall, security margin and project completion.<br />

(iii)<br />

(iv)<br />

In 2011, the revolving credit loans taken by a subsidiary company was obtained by way of a negative<br />

pledge over all the assets of the subsidiary company.<br />

The term loan and revolving credit loans are secured by way of an open debenture and legal mortgages over<br />

certain property, plant and equipment of a subsidiary company with carrying amounts of $443,197,000<br />

(2011: $368,369,000). The amounts advanced under the revolving credit facilities are included as<br />

non-current liabilities as the Group has the discretion to rollover the facilities for at least 12 months<br />

after the statement of fi nancial position date. For the purposes of liquidity risk disclosure (note 28(c)),<br />

the revolving credit facilities has been classifi ed as current as the disclosure is based on actual<br />

contractual drawdowns to be repaid within a year.

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