Annual Report 2012 - singapore land limited

80
Singapore Land Limited - Annual Report 2012
NOTES TO THE FINANCIAL STATEMENTS
For the fi nancial year ended 31 December 2012
22. BORROWINGS
(a)
(b)
The Group
The Company
2012 2011 2012 2011
Note $’000 $’000 $’000 $’000
Current
Short-term bank loans (unsecured) (i) 135,400 232,700 135,400 180,000
Term loan (secured) (ii) 2,621 - -
Revolving credit loans (unsecured) (iii) - 4,000 - -
138,021 236,700 135,400 180,000
Non-current
Term loans (secured) (ii) 160,000 - - -
Term loan (secured) (iv) 30,000 30,000 - -
Revolving credit loans (secured) (iv) 74,000 - - -
264,000 30,000 - -
Total borrowings 402,021 266,700 135,400 180,000
(i)
(ii)
The unsecured short-term loans are drawn under various uncommitted fl oating rate revolving credit
facilities.
The term loans are secured by way of legal mortgages over certain property development projects
with carrying amounts of $250,882,000 (2011: Nil) and deposits pledged (note 18).
In respect of the non-current term loans of $160,000,000 (2011: Nil), the Company has provided several
undertakings on cost overrun, interest shortfall, security margin and project completion.
(iii)
(iv)
In 2011, the revolving credit loans taken by a subsidiary company was obtained by way of a negative
pledge over all the assets of the subsidiary company.
The term loan and revolving credit loans are secured by way of an open debenture and legal mortgages over
certain property, plant and equipment of a subsidiary company with carrying amounts of $443,197,000
(2011: $368,369,000). The amounts advanced under the revolving credit facilities are included as
non-current liabilities as the Group has the discretion to rollover the facilities for at least 12 months
after the statement of fi nancial position date. For the purposes of liquidity risk disclosure (note 28(c)),
the revolving credit facilities has been classifi ed as current as the disclosure is based on actual
contractual drawdowns to be repaid within a year.