NOTES TO THE
FINANCIAL STATEMENTS
Year ended 31 December 2014
24 FINANCIAL INSTRUMENTS (CONT’D)
Liquidity risk (cont’d)
As at 31 December 2014, the Group has secured a 5-year term loan facility of JPY4,500 million (approximately
$49.7 million) (2013: nil) to term out its short term bridging loan in the first quarter of 2015. In addition, the Group
has unutilised short term credit facilities of approximately $69.1 million (2013: $145.5 million) that can be drawn
down to meet short term financing needs. Furthermore, the Group has put in place a $500 million MTN Programme,
of which there were no outstanding notes issued under the MTN Programme as at 31 December 2014.
The following are the contractual maturities of financial liabilities, including estimated interest payments and
excluding the impact of netting agreements:
<------------- Cash flow ------------->
Carrying
amount
Contractual
cash flows
Within
1 year
2 to
5 years
More than
5 years
$’000
$’000
$’000
$’000
$’000
Group
2014
Non-derivative financial liabilities
S$ unsecured bank loans
174,388
(181,185)
(21,332)
(84,075)
(75,778)
JPY unsecured bank loans
412,294 (427,744)
(65,647)
(323,369)
(38,728)
Security deposits
13,511
(13,511)
(1,064)
(2,421)
(10,026)
Trade and other payables
^
15,970
(15,970)
(15,970)
–
–
616,162 (638,410)
(104,013)
(409,865)
(124,532)
Derivative financial instruments
Forward foreign exchange
contracts (gross-settled)
– assets
(31,751)
32,903
10,601
21,717
585
– liabilities
25,349
(26,254)
(8,018)
(17,722)
(514)
Cross currency interest
rate swap (gross-settled)
– assets
(7,882)
8,168
1,436
5,743
989
– liabilities
3,371
(3,493)
(614)
(2,456)
(423)
Interest rate swaps used for
hedging (net-settled)
2,629
(2,724)
(758)
(1,957)
(9)
(8,284)
8,600
2,647
5,325
628
607,879
(629,810)
(101,366)
(404,540)
(123,904)
134
PA R K WAY L I F E R E I T
