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A M A R Q U E A B O V E T H E R E S T
90
E U R O S P O R T S G L O B A L L I M I T E D
91
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
22. Financial Instruments: Information on Financial Risks
22A. Classification of Financial Assets and Liabilities
The following table summarises the carrying amount of financial assets and liabilities recorded at the
end of the reporting year by FRS 39 categories:
Group
Company
2014
$’000
2013
$’000
2014
$’000
Financial assets:
Cash and bank balances
34,154
5,942
–
Loans and receivables
1,379
6,362
8,866
At end of the year
35,533
12,304
8,866
Financial liabilities:
Borrowings at amortised cost
14,789
30,485
–
Trade and other payables at amortised cost
3,454
6,443
100
At end of the year
18,243
36,928
100
Further quantitative disclosures are included throughout these financial statements.
There are no significant fair value measurements recognised in the statement of financial position.
22B. Financial Risk Management
The main purpose for holding or issuing financial instruments is to raise and manage the finances
for the entity’s operating, investing and financing activities. There are exposures to the financial
risks on the financial instruments such as credit risk, liquidity risk and market risk comprising interest
rate, currency risk and price risk exposures. Management has certain practices for the management
of financial risks and actions to be taken in order to manage the financial risks. All financial risk
management activities are carried out and monitored by senior management staff. All financial risk
management activities are carried out following good market practices.
There have been no changes to the exposures to risk; the objectives, policies and processes for
managing the risk and the methods used to measure the risk.
21. Other Liabilities (Cont’d)
21A. Deferred Income (Cont’d)
Pursuant to a conditional sale and purchase agreement dated 4 July 2012 between EuroSports Auto
Pte Ltd and RBC Dexia Trust Services Singapore Limited (in its capacity as trustee of Cambridge
Industrial Trust) (the “
Purchaser
”), EuroSports Auto Pte Ltd has agreed to sell its leasehold interest
in respect of 30 Teban Gardens Crescent Singapore 608927, comprising the land, building and all
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million. On 17 March 2014, the sale of property was completed and EuroSports Auto Pte Ltd has
leased the property from the Purchaser for six years commencing from 17 March 2014 at an average
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of six years. Knight Frank Pte Ltd, a firm of independent professional valuers, valued the property
BT BU +VMZ
BU
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has been or will be granted and the property is sold in the open market without the benefit of any
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PG
21B. Warranty Provision
Group
2014
$’000
2013
$’000
Balance at beginning of the year
419
539
Provision charged to profit or loss included in cost of sales
8
118
Used
(193)
(238)
Balance at end of the year
234
419