GCS ANNUAL REPORT 2014

FOR THE FINANCIAL YEAR ENDED 30 JUNE 2014
NOTE 17. BORROWINGS
Current
Unsecured
Borrowings 2,713 4,745
Total unsecured current borrowings 2,713 4,745
Secured
Bank bill facility 2,000 1,000
Hire purchase finance 18,536 19,566
Lease liability 523 432
Total secured current borrowings 21,059 20,998
Total current borrowings 23,772 25,743
2014
$’000
2013
$’000
Non-current
Secured
Bank bill facility 25,340 23,840
Hire purchase finance 28,228 46,521
Lease liability 85 565
Total secured non-current borrowings 53,653 70,926
a. Unsecured borrowings
Current unsecured borrowings are repayable in 12 monthly instalments and bear interest at a flat rate of 2.78% (2013: 2.97%) per annum.
b. Lease & HP liabilities
The lease & HP liabilities are secured by the rights to the asset in the event of a default. The carrying value of assets pledged as security is disclosed in Note 12(b).
c. Secured borrowings
The secured borrowings relate to a bill facility from Westpac Banking Corporation that has been secured by a fixed and floating charge over the assets of the Group.
Principal repayments of $500,000 will be made on a quarterly basis. The bill facility is due to expire 31 October 2015.
d. Risk exposures
Details of the Group’s exposure to risks on borrowings are set out in Note 32.
Global Construction Services Limited has access to a total bank bill facility of $28.9m (2013: $33.9m). The facility is drawn to $27.3m at 30 June 2014 (2013: $24.8m).
The carrying value of the Group’s assets under a fixed and floating charge is $238m (2013: $257m).
e. Fair Value
The fair value of borrowings is not materially different from its carrying amount since interest payable on these borrowings are either close to current market rates
or the borrowings are of a short term nature.
GLOBAL CONSTRUCTION SERVICES LIMITED ANNUAL REPORT 2014
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