notes to the financial statements - Singapore Technologies ...

More documents

Recommendations

Info

180 SIMPLY SMARTERNOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)18. Long-term receivablesGroupCompany2011 2010 2011 2010$’000 $’000 $’000 $’000Housing and car loans and advances to staff 1,295 1,036 19 77Deposits – 4,099 – –Other receivables – 2,489 – –Loans to:Third parties * 1 58,847 48,136 – –Allowance for doubtful loans (8,962) (8,957) – –49,885 39,179 – –51,180 46,803 19 77Receivable:Within 1 year 12,925 10,428 19 77After 1 year 38,255 36,375 – –51,180 46,803 19 77Loans and receivables are carried at amortised cost and are subject to impairment.* 1 Included in the loans to third parties are:(a) a loan of $8,312,000 (2010: $8,312,000) secured by intellectual property rights, and is not expected to be repaid within the next 12 months.Interest is repriced every month and chargeable at the US dollar prime rate plus 2% (2010: 2%) per annum, which is also the effective interest rate.The loan is convertible to shares of that entity, subject to certain terms and conditions. In a prior year, a notice was given to that entity to convert theloan to shares of that entity but the conversion has not been effected as at the end of the year. The loan is fully impaired at the balance sheet date.No interest income has been accrued for this financial year stated due to uncertainty over the collectibility of the interest income.(b) a bridging loan of $649,650 (US$500,000) (2010: $645,000 (US$500,000)) extended to a third party. The bridging loan is secured by way of a Deedof Debenture, which creates a floating charge over the assets of the third party. This loan is treated as a net investment in the third party and is notexpected to be repaid. The loan is stated at cost and has been fully impaired due to uncertainty over collectibility.(c) an amount of $49,885,000 (2010: $39,179,000) relating to instalment payment plans granted to customers. These loans are unsecured, repayableover a period of 7.5 years from 2008. The interest rates on these loans are LIBOR with margins at 0.63% (2010: 0.5% to 0.63%) per annum. Theinterest rates range from 0.91% to 1.43% (2010: 0.92% to 1.39%) per annum, which are also the effective interest rates.Movements in allowance for doubtful loans to third parties are as follows:Group2011 2010$’000 $’000At beginning of the year 8,957 9,015Translation difference 5 (58)At end of the year 8,962 8,957
SINGAPORE TECHNOLOGIES ENGINEERING LTD Annual Report 2011181NOTES TO THE FINANCIAL STATEMENTS31 December 2011(Currency - Singapore dollars unless otherwise stated)19. Finance lease receivablesThe Group entered into finance lease arrangements with customers with terms ranging from 1 to 10 years (2010: 1 to 10 years) and effective interestrate of 1.35% to 20.74% (2010: 1.42% to 20.7%) per annum.Gross investmentin finance leaseUnearnedinterestPresent value ofminimum leasereceivablesAllowance fordoubtful leasereceivablesNet investmentin finance lease$’000 $’000 $’000 $’000 $’000Group2011Within 1 year 28,687 1,081 27,606 (1,443) 26,1632 to 5 years 15,361 1,161 14,200 – 14,200More than 5 years 287 5 282 – 28215,648 1,166 14,482 – 14,482201044,335 2,247 42,088 (1,443) 40,645Within 1 year 17,183 562 16,621 (2,142) 14,4792 to 5 years 6,094 646 5,448 – 5,448More than 5 years 1,188 84 1,104 – 1,1047,282 730 6,552 – 6,55224,465 1,292 23,173 (2,142) 21,031GroupNote 2011 2010$’000 $’000Net investment in finance leaseNot past due and not impaired 33,100 14,699Past due and not impaired 7,545 6,33240,645 21,031Individually assessedDoubtful lease receivables 1,443 2,142Allowance for doubtful lease receivables (1,443) (2,142)– –Movements in allowance for doubtful lease receivables are as follows:At beginning of the year 2,142 2,816Charge/(write-back) to profit or loss 5 202 (543)Allowance utilised (1,031) –Translation difference 130 (131)At end of the year 1,443 2,142
Page 2 and 3:
118 SIMPLY SMARTERNOTES TO THE FINA
Page 4 and 5:
Page 6 and 7:
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15: 130 SIMPLY SMARTERNOTES TO THE FINA
show all

notes to the financial statements - Singapore Technologies ...

Create successful ePaper yourself

Delete template?

Save as template?