Page 103 - SAR141018_Forterra AR 2013

FORTERRA
ANNUAL REPORT 2013
NOTES TO THE
FINANCIAL STATEMENTS
101
9 ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE (CONTINUED)
(2) The divestment of the group entities which owned Central Plaza was completed in May
2013.
(3) Cash and cash equivalents classified as held for sale comprise:
Group
2013 2012
$’000 $’000
Cash and cash equivalents that are free from restriction 4,696 3,572
Restricted cash – 4,561
4,696 8,133
(4) The terms and conditions of outstanding loans and borrowings classified as held for sale
are as follows:
Currency
Nominal
interest
rate
per annum
Final
maturity/
repayment
date
2013
Face
value
2013
Carrying
amount
2012
Face
value
2012
Carrying
amount
$’000 $’000 $’000 $’000
Central Plaza
Secured bank loans USD LIBOR +
3.5%
23 May
2013
– – 134,474 132,934
Secured bank loans RMB PBOC rate
125%
23 May
2013
– – 12,461 12,351
Beijing Logistics Park
Secured bank loans RMB PBOC rate
105%
29 May
2021
35,408 34,480 33,359 32,371
35,408 34,480 180,294 177,656
Refer to Note 29 for information on the exposure to interest rate, foreign currency and
liquidity risks.
(5) Deferred tax liabilities are recognised based on changes in the carrying value of the
properties against their tax base. Deferred tax assets of $1,354,000 (2012: $505,000) have
not been recognised as uncertainties exist in the realisation of the tax losses of the group
entities which hold Beijing Logistics Park.