NOTES TO THE
FINANCIAL STATEMENTS
Year ended 31 December 2014
9
TRADE AND OTHER PAYABLES
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Trade payables and accrued operating expenses
13,041
6,033
3,843
3,184
Amounts due to related parties:
– the Manager (trade)
2,036
1,536
2,022
1,532
– the Manager (non-trade)
107
214
107
214
– the Trustee (trade)
47
46
47
46
Interest payable
739
781
739
781
Advance rent received
5,507
6,039
2,500
2,500
21,477
14,649
9,258
8,257
The non-trade amount due to theManager is unsecured and interest-free, and is repayable on demand. Transactions
with related parties are priced on terms agreed between the parties.
The Group’s and Trust’s exposure to liquidity risk related to trade and other payables are disclosed in note 24.
10 LOANS AND BORROWINGS
Group and Trust
2014
2013
$’000
$’000
Current liabilities
Unsecured bank loan
80,864
4,472
Non-current liabilities
Unsecured bank loans
505,818
499,205
Unamortised transaction costs
(2,471)
(2,246)
503,347
496,959
Terms and debt repayment schedule
Terms and conditions of outstanding loans and borrowings are as follows:
2014
2013
Group and Trust
Nominal
interest rate
Year of
maturity
Face
value
Carrying
amount
Face
value
Carrying
amount
%
$’000
$’000
$’000
$’000
S$ variable rate loan
Bank’s cost of fund 2015
19,200 19,200
4,400
4,400
S$ floating rate loan
SOR
#
+ margin
2016
80,000 80,000
80,000 80,000
JPY variable rate loan
Bank’s cost of fund 2015
61,664 61,664
72
72
JPY floating rate loans
LIBOR
*
+ margin
2015
–
–
160,760 160,760
JPY floating rate loans
LIBOR
*
+ margin
2017
79,488 79,488
86,832 86,832
JPY floating rate loans
LIBOR
*
+ margin
2018
103,003 103,003
112,519 112,519
JPY floating rate loans
LIBOR
*
+ margin
2019
129,499 129,499
59,094 59,094
S$ floating rate loans
SOR
#
+ margin
2020
75,188 75,188
–
–
JPY floating rate loan
LIBOR
*
+ margin
2020
38,640 38,640
–
–
586,682 586,682
503,677 503,677
#
Swap Offer Rate
* London Interbank Offered Rate
124
PA R K WAY L I F E R E I T
