directors - The Lion Group

85
The Group The Company
2005 2004 2005 2004
RM’000 RM’000 RM’000 RM’000
Portion payable within one year:
LICB Bonds issued to:
- Scheme Creditors (54,468) (88,307) (54,468) (88,307)
- subsidiary/associated companies (4,798) (4,233) (16,356) (14,432)
USD Debts issued to:
- Scheme Creditors (29,693) (22,580) – –
- a subsidiary company – – (29,789) (22,755)
(88,959) (115,120) (100,613) (125,494)
Non-current portion 335,240 407,504 375,952 457,195
Borrowing costs (net of annual amortisation
of RM1.9 million for the Group and the
Company for 9 years) * (11,254) (13,129) (11,254) (13,129)
Net 323,986 394,375 364,698 444,066
The non-current portion of the LICB Bonds and USD Debts is repayable as follows:
The Group The Company
2005 2004 2005 2004
RM’000 RM’000 RM’000 RM’000
Financial years ending 30 June:
2006 – 97,653 – 110,430
2007 265,781 240,392 296,855 267,668
2008 9,597 9,597 10,874 10,874
2009 and thereafter 59,862 59,862 68,223 68,223
335,240 407,504 375,952 457,195
* Borrowing costs represent ordinary shares issued by the Company as a yield enhancement to the cash yield
to maturity in order to enhance the return to the Scheme Creditors.
Pursuant to the implementation of the GWRS in 2003, the Group issued RM denominated bonds (“LICB Bonds”)
and USD consolidated and rescheduled debts (“USD Debts”) to the Scheme Creditors as part of the settlement of
debts.
The LICB Debts issued by the Company to LLB Harta (L) Limited (“Harta (L)”) serves as asset backing to Harta (L)
for the repayment of the USD Debts issued by Harta (L) to the Scheme Creditors.
Both the LICB Bonds and USD Debts constitute direct, unsubordinated and secured obligations of the Group.