ANNUAL%20REPORT%202015%20eng

Notes to Consolidated Financial Statements
25 INCOME TAX IN THE CONSOLIDATED STATEMENT OF FINANCIAL
POSITION (Continued)
(d)
Deferred tax liabilities not recognised
At 31 December 2015, temporary differences relating to the undistributed profits of subsidiaries
amounted to nil (2014: nil). Deferred tax liabilities of nil (2014: nil) have not been recognised in respect
of the tax that would be payable on the distribution of these retained profits as the Company controls
the dividend policy of these subsidiaries and it has been determined that it is probable that profits will
not be distributed in the foreseeable future.
26 SENIOR NOTES
USD’000
At 1 January 2014 594,329
Interest charged during the year (Note 6(a)) 54,827
Interest payable (53,250)
At 31 December 2014 595,906
At 1 January 2015 595,906
Interest charged during the year (Note 6(a)) 54,978
Interest payable (53,250)
At 31 December 2015 597,634
On 29 March 2012, the Company issued guaranteed senior notes in the aggregate principal amount of
USD600,000,000 which were listed on the Singapore Exchange Securities Trading Limited. The senior notes
bear interest at 8.875% per annum, payable semi-annually in arrears, and will be due in 2017.
The senior notes may be redeemed at the option of the Company upon giving not less than 30 days or no
more than 60 days notice to the holders.
The Company has agreed, for the benefit of the holders of the senior notes, to pledge all of the capital stock
of Mongolian Coal Corporation Limited owned by the Company and to cause Mongolian Coal Corporation
Limited to pledge all of the capital stock of Mongolian Coal Corporation S.à.r.l. owned by Mongolian Coal
Corporation Limited. The senior notes are guaranteed by some of the Company’s subsidiaries, namely
Mongolian Coal Corporation Limited, Mongolian Coal Corporation S.à.r.l., Energy Resources Corporation
LLC, Energy Resources LLC, Energy Resources Mining LLC and Transgobi LLC.
174
Annual Report 2015