Annual Report 2012 - singapore land limited
Annual Report 2012 - singapore land limited
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.