SEO Version
A M A R Q U E A B O V E T H E R E S T
88
E U R O S P O R T S G L O B A L L I M I T E D
89
2 0 1 4 A N N U A L R E P O R T
31 March 2014
31 March 2014
NOTES TO THE
NOTES TO THE
F INANCI AL STATEMENTS
F INANCI AL STATEMENTS
20. Other Financial Liabilities (Cont’d)
20C. Finance Lease Payables (Cont’d)
There are leases for certain of its plant and equipment and inventories under finance leases. The
average lease term is 2 to 8 years. The average effective interest rate is about 1.38% to 1.88% (2013:
1.38% to 1.88%) per year. All leases are on a fixed repayment basis and no arrangements have been
entered into for contingent rental payments. The obligations under finance leases are secured by the
lessor’s charge over the leased assets.
21. Other Liabilities
Group
2014
$’000
2013
$’000
Non-current:
Deferred income (Note 21A)
16,532
1,346
Non-current, total
16,532
1,346
Current:
Deferred income (Note 21A)
3,333
448
Warranty provision (Note 21B)
234
419
Deposits from customers
5,166
4,866
Current, total
8,733
5,733
Total
25,265
7,079
21A. Deferred Income
Group
2014
$’000
2013
$’000
At beginning of the year
1,794
2,542
Additions [Note 12(e)]
20,000
–
Adjustment
–
(300)
Credit to profit or loss included in other income
(1,929)
(448)
At end of the year
19,865
1,794
Presented in the statement of financial position as:
Current
3,333
448
Non-current
16,532
1,346
19,865
1,794
20. Other Financial Liabilities (Cont’d)
20A. Bank Overdrafts and Bank Loans
The bank agreements for certain of the bank overdrafts and bank loans provide among other matters
for the following:
(a)
A legal mortgage over the leasehold properties under construction in progress;
(b)
Joint and several guarantees from the Executive Directors of the Company; and
(c)
Corporate guarantee by the Company.
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per month.
20B. Trust Receipts and Bills Payables
The credit facilities for trust receipts and bills payables provide among other matters the following:
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(b)
Joint and several guarantees by the Executive Directors of the Company; and
(c)
Corporate guarantee by the Company.
The period of financing under trust receipts is 120 days inclusive of suppliers’ credit. The interest is
payable up to 2.25% per annum over Singapore Inter Bank Offer Rate (SIBOR) prevailing from time
to time.
20C. Finance Lease Payables
Group
2014:
Minimum
payments
Finance
charges
Present
value
$’000
$’000
$’000
Minimum lease payments payable:
Due within one year
1,273
(50)
1,223
Due within 2 to 5 years
1,643
(86)
1,557
Total
2,916
(136)
2,780
Net book value of plant and equipment and inventories under finance leases
4,346
Group
2013:
Minimum
payments
Finance
charges
Present
value
$’000
$’000
$’000
Minimum lease payments payable:
Due within one year
953
(29)
924
Due within 2 to 5 years
593
(26)
567
Total
1,546
(55)
1,491
Net book value of plant and equipment and inventories under finance leases
2,547
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