89
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2014
21.
Borrowings
(continued)
(a)
Security granted
Bank borrowings include secured liabilities of $100,721,000 (2013: $69,107,000) for the Group.
Bank borrowings of the Group are secured over certain short-term bank deposits (Note 11)
and certain buildings on leasehold land (Note 18). Finance lease liabilities of the Group are
effectively secured over the leased machinery and equipment, and motor vehicles (Note
18), as the legal title is retained by the lessor and will be transferred to the Group upon full
settlement of the finance lease liabilities.
(b)
Fair value of non-current borrowings
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Series 1 Notes
46,618
43,393
44,710
43,393
Bank borrowings
39,775
34,086
–
–
Finance lease liabilities
(Note 22)
8,372
12,649
–
–
The fair values above are determined from the cash flow analyses, discounted at market
borrowing rates of an equivalent instrument at the balance sheet date which the directors
expect to be available to the Group as follows:
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Series 1 Notes
6.50
5.75
5.75
5.75
Bank borrowings
2.75
1.65
–
–
Finance lease liabilities
3.54
3.18
–
–
The fair values above are within level 3 of the fair value measurement hierarchy (Note 28(e)).
