SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
19. Borrowings (continued)
(c)
Interest rate risk (continued)
The exposure of borrowings of the Group to interest rate changes and the periods in which the borrowings
reprice as follows:
The Group
Less than 6
months
6 to 12
months
1 to 5
years
Over
5 years Total
$ $ $ $ $
At 31 December 2004 308,011 164,189 888,526 24,974 1,385,700
At 31 December 2003 4,466,344 19,171 1,244,540 288,780 6,018,835
(d)
Carrying amounts and fair values
The carrying amounts of borrowings approximate their fair values.
20. Finance lease liabilities
The Group
2004 2003
$ $
Minimum lease payments due:
Within 1 year 244,383 154,529
Between 1 and 5 years 418,100 313,639
More than 5 years 3,137 58,930
665,620 527,098
Less:
Finance charges (74,861) (74,607)
590,759 452,491
The present value of finance lease liabilities is as follows:
Within 1 year 220,473 137,315
Between 1 and 5 years 367,582 261,633
More than 5 years 2,704 53,543
590,759 452,491
21. Deferred income
Deferred income, relating to the unrealised gain arising from disposal of vessels to an associated company during
the financial year, is credited to the income statement on a systematic basis over the periods necessary to match
with the depreciation charged on the disposed vessels which is included in the share of associated company’s
result for the financial year. Movements in deferred income are as follows:
The Group
$
Addition during the year 657,800
Credited to income statement (14,840)
Balance as at 31 December 2004 642,960
22. Holding company
The immediate and ultimate holding company is Yeo Holdings Private Limited, a company incorporated in
Singapore.
ANNUAL REPORT 2004_45