Download - Tenaga Nasional Berhad

More documents

Recommendations

Info

Tenaga Nasional Berhad 260 Annual Report 2009Notes to the financial statements (Cont’d.)31 August 200929 BORROWINGS (CONT’D.)Group2009 2008RM’million RM’millionNet book values of property, plant and equipment pledged as security for term loans:(i) Machinery and equipment 2,549.4 2,651.4(ii) Building 773.2 802.53,322.6 3,453.9The Company’s unsecured term loans include RM13.4 million (2008: RM14.7 million) due to the Government of Malaysia and RM4,437.7 million(2008: RM3,571.4 million) guaranteed by the Government of Malaysia.(a)Term loansDetails of term loans with designated derivative financial instruments are as follows:(i)30-YEAR JPY26.0 BILLION TERM LOANOn 30 March 2004, TNB Capital (L) Ltd (‘TNBCL’) entered into a 30-year JPY26.0 billion unsecured loan, paying interests at USD fixed rates.The loan will mature on 13 April 2034. The loan is an amortising loan whose principal is payable in 20 equal annual instalments. The firstrepayment shall be due on 13 April 2015. The interest is paid semi-annually on 13 April and 13 October each year commencing 13 October2005. The balance as at 31 August 2009 is RM976.0 million (2008: RM812.5 million).Forward Start JPY call spreadIn April 2004, TNBCL entered into Currency Option Agreements with a notional amount of JPY26.0 billion as a hedge on its Term Loan. Thistransaction enables TNBCL to reduce its exposure to losses that may arise from adverse fluctuation on USD/JPY exchange rates in relationto the above Term Loan.(ii)5-YEAR JPY11.0 BILLION TERM LOANOn 13 December 2004, the Company entered into a 5-year JPY11.0 billion unsecured loan, paying floating interest rates. The loan will matureon 4 January 2010. The loan is an amortising loan whose principal amount is payable in 10 equal semi-annual instalments. The firstrepayment of the loan commenced on 4 July 2005. The translated Ringgit Malaysia of the loan as at 31 August 2009 in accordance withCompany’s accounting policy is equivalent to RM41.3 million (2008: RM103.1 million).JPY-MYR cross-currency swap (‘CCS’)In October 2006, TNB entered into a CCS agreement that entitles TNB to receive a floating interest rate in JPY and to pay a fixed rate of4.23% in Ringgit Malaysia. The notional principle of the swap is JPY7.7 billion. The effect of this transaction is to fix the interest rate payableon that loan and reduce TNB’s exposure to losses that may arise from adverse fluctuation on foreign currency exchange rates and interestrates in relation to the loan.
Tenaga Nasional Berhad 261 Annual Report 200929 BORROWINGS (CONT’D.)(a)Term loans (Cont’d.)(iii)9-YEAR USD503.0 MILLION TERM LOAN (ECA LOAN)On 30 August 2006, the Company novated the loan to TNB Capital (L) Ltd. (‘TNBCL’), a wholly owned subsidiary of TNB. The loan isguaranteed by the Company and recognised as an inter-company loan between the Company and TNBCL. The loan is an amortising loan inwhich the principal is payable in 17 equal semi-annual instalments and will mature on 28 February 2015. The first repayment of the loan ison 28 February 2007. The balance as at 31 August 2009 is RM1,251.8 million (2008: RM1,405.8 million).Interest Rate Swap (‘IRS’)The Company entered into IRS agreements on 10 October 2008 with effective period from 15 October 2008 to 28 February 2015 that entitles itto receive interest at floating rates, and obliges it to pay interest at fixed rate of 3.76% on aggregate notional principal of USD384.6 million.The effect of this transaction is to effectively fix the interest rate payable on the loan.(b)BondsDetails of bonds with designated derivative financial instrument are as follows:(i)5-YEAR RM200.0 MILLION CONVERTIBLE INCOME SECURITIES (‘CRIS’)On 11 May 2004, the Company issued RM200.0 million 3.05% CRIS.The holders of the CRIS have the right at any time during the conversion period to convert all or any part of the CRIS into fully paid upordinary shares of the Company at the conversion price.On 28 February 2006, the exchange price of the CRIS was adjusted from RM11.47 per share to RM9.18 per share as a result of thebonus issue.The CRIS has since matured on 8 May 2009.(ii)ISLAMIC DEBT SECURITIES – BAI BITHAMIN AJIL (‘BaIDS’)On 28 June 2004, Kapar Energy Ventures Sdn Bhd (‘KEV’), a subsidiary of TNB obtained RM3,402.0 million BaIDS to finance the acquisitionof Stesen Janaelektrik Sultan Salahuddin Abdul Aziz. The tenure of the BaIDS Facility ranges from 1 to 15 years with a profit rate of between3.65% and 8.70% per annum.The BaIDS are secured by the following:(i) Charge over KEV’s leased land. The charge of the leased land was not effected as at 31 August 2008.(ii)(iii)Debenture over KEV’s assets and properties and assignment of all rights, title interest and benefits under the project documents, theassigned insurances, and the designated accounts to secure the payment and repayment of the total secured amounts.The Priority and Security Sharing Agreement.The terms of BaIDS require deposits to be placed in the debt reserve account with a licensed bank to meet the debt servicing requirements.The terms of BaIDS also require KEV to maintain certain financial covenants.
Page 2:
years of nation building
Page 8 and 9:
60years ofLighting Up LivesINDUSTRI
Page 10 and 11:
60years ofLighting Up LivesDIVERSIF
Page 13 and 14:
years of serving Malaysians
Page 15 and 16:
Lighting up LivesThis year’s cove
Page 17 and 18:
Tenaga Nasional Berhad 15 Annual Re
Page 19:
Page 22:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35:
Page 39 and 40:
Page 41 and 42:
In the meantime, the option of look
Page 43:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
PULAULANGKAWIKEDAHPERLISPULAUPINANG
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Tenaga Nasional Berhad 100 Annual R
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Page 166 and 167:
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196 and 197:
Page 198 and 199:
Page 200 and 201:
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
Page 208 and 209:
Page 210 and 211:
Page 212 and 213: Tenaga Nasional Berhad 210 Annual R
Page 312 and 313:
Page 314 and 315:
Page 316 and 317:
Page 318:
Symphony Share Registrars Sdn. Bhd.
show all

Download - Tenaga Nasional Berhad

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?