Creative 2009 Annual Report Download - page 45

Download and view the complete annual report

Please find page 45 of the 2009 Creative annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 64

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64

45
CREATIVE฀TECHNOLOGY฀LTD฀AND฀ITS฀SUBSIDIARIES
23. LONG TERM OBLIGATIONS
฀Group฀ Company
฀ ฀ 2009฀ 2008฀ 2009฀ 2008฀
฀ US$’000฀ US$’000฀ US$’000฀ US$’000
฀Current฀ ฀ ฀ ฀
฀ Bank฀borrowings฀฀ –฀ 100,000฀ –฀ 100,000
฀ Finance฀lease฀liabilities฀฀ 10฀ 19฀ 10฀ 13
฀ ฀ 10฀ 100,019฀ 10฀ 100,013
฀Non-current
฀ Bank฀borrowings฀ –฀ –฀ –฀ –
฀ Finance฀lease฀liabilities฀฀ –฀ 10฀ –฀ 10
฀ ฀ –฀ 10฀ –฀ 10
฀ Total฀borrowings฀ 10฀ 100,029฀ 10฀ 100,023
In November 2004, the Company entered into a five-year US$175,000,000 syndicated term loan facility with a group of
international banks. The proceeds from this facility were used primarily to fund the growth in working capital requirements
arising from the growth in the Group’s revenue. The facility is unsecured and bears interest at LIBOR plus a margin of
0.45% for the first three years and LIBOR plus a margin of 0.95% for the remaining two years. The loan facility contains
certain financial covenants, including requirements for the Group to maintain certain ratios for its working capital, but does
not restrict the Group’s ability to borrow nor distribute earnings. The entire loan facility of US$175,000,000 was drawn
down in the financial year ended 30 June 2005, the Company repaid US$75,000,000 in the financial year ended 30 June
2007 and the remaining balance of US$100,000,000 was repaid in the current financial year.
24. DEFERRED INCOME TAX LIABILITIES
Movements in deferred income tax account are as follows:
฀Group฀ Company
฀ ฀ 2009฀ 2008฀ 2009฀ 2008฀
฀ US$’000฀ US$’000฀ US$’000฀ US$’000
฀ ฀ ฀ ฀ ฀
฀ Beginning฀of฀financial฀year฀ 29,746฀ 31,101฀ 14,044฀ 12,744
฀ Effects฀of฀change฀in฀Singapore฀tax฀rate฀(Note฀8)฀ (780)฀ –฀ (780)฀ –
฀ Exchange฀difference฀ (97)฀ 154฀ –฀ –
฀ Acquisition฀of฀subsidiaries฀(Note฀17)฀ 36฀ –฀ –฀ –
฀ Disposal฀of฀subsidiaries฀(Note฀17)฀ –฀ (1,668)฀ –฀ –
฀ Charged฀to฀Income฀Statement฀(Note฀8)฀ 553฀ 159฀ 536฀ 1,300
฀ Underprovision฀in฀prior฀financial฀years฀(Note฀8)฀ 52฀ –฀ –฀ –
฀ End฀of฀financial฀year฀ 29,510฀ 29,746฀ 13,800฀ 14,044
AR09 pg1-64_Final.indd 45 10/2/2009 10:38:10 AM