Annual Report 2007 - The Link REIT

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104 The Link Real Estate Investment Trust Annual Report 2007 Notes to the Consolidated Financial Statements 17 Accounts payable, receipts in advance and accruals (continued) The ageing analysis of accounts payable is as follows: 2007 2006 HK$’M HK$’M 0 – 30 days 60 37 31 – 90 days 3 – Over 90 days 1 – 64 37 18 Interest bearing liabilities 2007 2006 HK$’M HK$’M Current Unsecured one year bridging loan facility – 12,169 Non-current Guaranteed notes (Note a) 3,591 – Syndicated loan (Note b) 4,586 – Other loan (Note c) 4,000 – 12,177 – 12,177 12,169 Interest bearing liabilities are repayable as follows: 2007 2006 HK$’M HK$’M Due in the first year Unsecured one year bridging loan facility – 12,169 Due in the second year Guaranteed notes 2,196 – Due in the third year Guaranteed notes 1,395 – Other loan 4,000 – 5,395 – Due in the fifth year Syndicated loan 4,586 – 12,177 12,169
Annual Report 2007 The Link Real Estate Investment Trust 105 Notes to the Consolidated Financial Statements 18 Interest bearing liabilities (continued) Notes: (a) (b) (c) (d) On 4 August 2006, a subsidiary of the Group, The Link Finance (Cayman) 2006 Limited, issued three guaranteed notes (the “Notes”) in the aggregate amount of HK$3.6 billion. The Notes, listed on The Stock Exchange of Hong Kong Limited and guaranteed by two subsidiaries of the Group, The Link Holdings Limited and The Link Properties Limited, are divided into three tranches, HK$1.4 billion 5.12% guaranteed notes due in 2009, HK$1.4 billion 5.00% guaranteed notes due in 2008 and HK$0.8 billionfloating rate guaranteed notes due in 2008. On 4 August 2006, the Group arranged an unsecured HK$5 billionfi ve-yearfloating rate syndicated term/revolving bank loan facility, guaranteed by two subsidiaries of the Group, The Link Holdings Limited and The Link Properties Limited. The undrawn portion of the facility amounted to HK$0.4 billion as at 31 March 2007. On 27 November 2006, The Link Properties Limited entered into a three-yearfloating rate mortgage loan facility of HK$4 billion (the “Mortgage Loan Facility”) with The Link Finance Limited. Certain of the investment properties were pledged for this purpose, of which the carrying value of the pledged properties as at 31 March 2007 amounted to approximately HK$4 billion. The Mortgage Loan Facility was then sold for a consideration of HK$4 billion to The Hong Kong Mortgage Corporation Limited. The Mortgage Loan Facility is guaranteed by The Link Holdings Limited and HSBC Institutional Trust Services (Asia) Limited, the trustee of The Link REIT. The effective interest rate of the interest bearing liabilities at the balance sheet date was 4.66% (2006: 4.74%). The carrying amounts of the interest bearing liabilities approximate their fair values. 19 Deferred tax liabilities Deferred taxation is calculated in full on temporary differences under the liability method using a principal taxation rate of 17.5% (2006: 17.5%). Analysis of net deferred tax liabilities: 2007 2006 HK$’M HK$’M Deferred tax assets (21) (173) Deferred tax liabilities 5,123 4,360 5,102 4,187
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