109
108
STARHILL
GLOBAL
REIT
Annual
Report
FY 2014/15
Notes to the
Financial Statements
12. DEFERRED TAX LIABILITIES
Group
30 June 2015
$’000
31 December 2013
$’000
Deferred tax liabilities
(1)
14,884
18,552
(1)
The deferred tax liability is mainly in respect of Renhe Spring Zongbei Property in China and has been estimated on the basis of an asset sale at the
current book value.
Movements in deferred tax liabilities of the Group (prior to offsetting of balances) during the period are as follows:
At 1 January
$’000
Recognised in
statement of
total return
(Note 23)
$’000
Translation
differences
$’000
At 30 June/
31 December
$’000
Group
30 June 2015
Deferred tax liabilities
Investment properties
18,502
(4,300)
682
14,884
Borrowings
50
(49)
(1)
–
Total
18,552
(4,349)
681
14,884
31 December 2013
Deferred tax liabilities
Investment properties
18,578
(1,279)
1,203
18,502
Borrowings
90
(45)
5
50
Total
18,668
(1,324)
1,208
18,552
13. BORROWINGS
Group
Trust
30 June 2015
$’000
31 December 2013
$’000
30 June 2015
$’000
31 December 2013
$’000
Non-current
Secured borrowings
330,947
198,431
–
–
Unsecured borrowings
658,018
600,790
644,275
583,308
Unamortised loan acquisition expenses
(5,716)
(6,891)
(4,583)
(5,674)
983,249
792,330
639,692
577,634
Current
Unsecured borrowings
146,000
53,639
146,000
52,500
Unamortised loan acquisition expenses
–
(67)
–
(67)
146,000
53,572
146,000
52,433
Total borrowings (net of borrowing costs)
1,129,249
845,902
785,692
630,067
The contractual terms of the Group’s and the Trust’s borrowings, which are measured at amortised cost are disclosed below. The
Group’s and the Trust’s exposure to interest rate, currency and liquidity risk, is disclosed in Note 26.
Terms and debt repayment schedule
Terms and conditions of the outstanding borrowings are as follows:
30 June 2015
Currency
Nominal
interest rate
per annum
%
Year of maturity
Face value
$’000
Carrying
amount
$’000
Group
JPY term loan facility
(1)
JPY 1.01 – 1.10
2016
69,275
69,275
SGD term loan facilities
(1)
SGD 1.41 – 2.44
2018
350,000
350,000
SGD revolving credit facilities
(1) (2)
SGD 1.20 – 2.18
2016 & 2018
22,000
22,000
Singapore MTNs
(3)
SGD 3.40 – 3.50 2015, 2021 & 2023
349,000
349,000
Japan bond
(4)
JPY 2.10 – 2.14
2016
13,743
13,743
Australia loans
(5)
A$ 3.39 – 5.10
2018 & 2019
214,708
214,708
Malaysia MTN
(6)
RM
4.48
2019
117,596
116,239
1,136,322
1,134,965
Trust
JPY term loan facility
(1)
JPY 1.01 – 1.10
2016
69,275
69,275
SGD term loan facilities
(1)
SGD 1.41 – 2.44
2018
350,000
350,000
SGD revolving credit facilities
(1) (2)
SGD 1.20 – 2.18
2016 & 2018
22,000
22,000
Intercompany loans
(3)
SGD 3.40 – 3.50 2015, 2021 & 2023
349,000
349,000
790,275
790,275
31 December 2013
Currency
Nominal
interest rate
per annum
%
Year of maturity
Face value
$’000
Carrying
amount
$’000
Group
JPY term loan facility
(1)
JPY
1.10
2016
84,308
84,308
SGD term loan facilities
(1)
SGD 1.41 – 1.66
2016 & 2018
350,000
350,000
SGD revolving credit facilities
(1) (2)
SGD 1.20 – 1.66
2014 & 2018
77,500
77,500
Singapore MTN
(3)
SGD
3.41
2015
124,000
124,000
Japan bond
(4)
JPY 2.14 – 2.19
2016
17,482
17,482
China loan
(7)
RMB
–
2014
1,194
1,139
Australia loan
(5)
A$ 5.00 – 5.52
2017
71,067
71,067
Malaysia MTN
(6)
RM
5.35
2015
127,364
127,364
852,915
852,860
Trust
JPY term loan facility
(1)
JPY
1.10
2016
84,308
84,308
SGD term loan facilities
(1)
SGD 1.41 – 1.66
2016 & 2018
350,000
350,000
SGD revolving credit facilities
(1) (2)
SGD 1.20 – 1.66
2014 & 2018
77,500
77,500
Intercompany loan
(3)
SGD
3.41
2015
124,000
124,000
635,808
635,808
