ANNUAL%20REPORT%202015%20eng

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Notes to Consolidated Financial Statements 30 FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) (c) Foreign currency exchange risk (Continued) (i) Exposure to currency risk The following table details the Group’s exposure at the balance sheet date to currency risk arising from recognised assets or liabilities denominated in a currency other than the functional currency of the entity to which they relate. For presentation purpose, the amounts of the exposure are shown in USD, translated using the spot rate at the year end date. Exposure to foreign currencies (expressed in United States Dollars) 2015 2014 United United States Hong Kong States Hong Kong Renminbi Dollars Dollars Renminbi Dollars Dollars USD’000 USD’000 USD’000 USD’000 USD’000 USD’000 Trade and other receivables 2,103 — — 8,921 45,620 — Cash at bank and in hand 9 50,141 — 149 236,966 8,657 Trade and other payables (9,519) (110,470) (588) (11,498) (89,863) (3,350) Short-term borrowings and current portion of long-term borrowings — (101,818) — — (51,818) — Long-term borrowings, less current portion — — — — (91,818) — Net exposure arising from Recognised assets and liabilities (7,407) (162,147) (588) (2,428) 49,087 5,307 (ii) Sensitivity analysis An 5% strengthening/weakening of other currency against functional currencies defined in Note 2(v) as at the respective balance sheet dates would decrease/(increase) loss after taxation by the amount shown below. This analysis assumes that all other risk variables remained constant. 2015 2014 Loss/profit for the year USD’000 USD’000 5% increase in RMB (284) (8) 5% decrease in RMB 284 8 5% increase in USD (6,095) 3,228 5% decrease in USD 6,095 (3,228) 5% increase in HKD (29) 264 5% decrease in HKD 29 (264) Annual Report 2015 185
Notes to Consolidated Financial Statements 30 FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF FINANCIAL INSTRUMENTS (Continued) (d) Interest rate risk The Group’s interest rate risk arises primarily from short-term borrowings, long-term borrowings and convertible bond. Borrowings issued at variable rates expose the Group to cash flow interest rate risk and fair value interest rate risk, respectively. The following table details the profile of the Group’s net borrowings (interest-bearing financial liabilities less interest-bearing financial assets) at the balance sheet date. The detailed interest rates and maturity information of the Group’s and the Company’s borrowings are disclosed in Note 23. 2015 2014 USD’000 USD’000 Net fixed rate borrowings: Borrowings 55,000 40,000 Obligations under finance lease — 8 Senior notes 597,634 595,906 Promissory notes 72,230 66,601 Less: Bank deposits (50,000) (50,000) 674,864 652,515 Net floating rate borrowings: Borrowings 142,631 236,796 Less: Bank deposits (689) (202,808) 141,942 33,988 Total net borrowings: 816,806 686,503 At 31 December 2015, it is estimated that a general increase/decrease of 100 basis points in interest rates, with all other variables held constant, would have increased/decreased the Group’s loss after taxation and decreased/increased retained earnings by approximately USD1,737,000 (31 December 2014: USD332,000). The sensitivity analysis above indicates the instantaneous change in the Group’s loss after tax that would arise assuming that the change in interest rates had occurred at the balance sheet date and had been applied to re-measure those financial instruments held by the Group which expose the Group to fair value interest rate risk at the balance sheet date. In respect of the expose to cash flow interest rate risk arising from floating rate non-derivative instruments held by the Group at the balance sheet date, the impact on the Group’s loss after tax and retained profits and other components of consolidated equity is estimated as an annualised impact on interest expense or income of such a change in interest rates. 186 Annual Report 2015
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(Incorporated in the Cayman Islands
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Company Profile Mongolian Mining Co
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Corporate Information BOARD OF DIRE
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Directors and Senior Management BOA
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Directors and Senior Management Gan
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Directors and Senior Management Une
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Directors and Senior Management SEN
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Group Structure 14 Annual Report 20
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Chairman’s Statement I believe th
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Management Discussion and Analysis
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Sustainability Report OUR APPROACH
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Sustainability Report Fair operatin
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Sustainability Report Figure 3. HR
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Sustainability Report The Company
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Sustainability Report In September
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Sustainability Report Figure 5. LTI
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Sustainability Report Biodiversity
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Sustainability Report In 2015, appr
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Sustainability Report There are num
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Sustainability Report OUR COMMUNITY
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Sustainability Report We receive gr
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Sustainability Report As part of th
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Sustainability Report Procurement W
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Corporate Governance Report BOARD O
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Corporate Governance Report Continu
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Corporate Governance Report Remuner
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Corporate Governance Report SHAREHO
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Directors’ Report The Directors s
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Directors’ Report Risk Management
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Directors’ Report FINANCIAL STATE
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Directors’ Report DIRECTORS’ SE
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Directors’ Report DIRECTORS’ AN
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Directors’ Report The basis of el
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Directors’ Report Details of the
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Directors’ Report RIGHTS TO PURCH
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Directors’ Report ER pledged its
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Directors’ Report At the time of
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Independent Auditor’s Report OPIN
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Consolidated Statement of Profit or
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Consolidated Statement of Financial
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Consolidated Cash Flow Statement Fo
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Notes to Consolidated Financial Sta
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