Lenovo 2012 Annual Report Download - page 159
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2011/12 Annual Report Lenovo Group Limited 157
28 Bank borrowings
Group Company
2012 2011 2012 2011
US$’000 US$’000 US$’000 US$’000
Term loans (i) –200,000 –200,000
Short-term loans (ii) 62,952 71,561 ––
62,952 271,561 –200,000
Notes:
(i) Term loans have been settled in March 2012.
(ii) Majority of the short-term loans are denominated in United States dollar.
The exposure of all the bank borrowings of the Group and the Company to interest rate changes and the contractual repricing
dates at the end of the reporting period are within one year.
The carrying amounts of bank borrowings approximate their fair value as the impact of discounting is not significant.
Total bank facilities of the Group are as follows:
Total facilities Utilized amounts
2012 2011 2012 2011
US$’000 US$’000 US$’000 US$’000
Revolving loans 800,000 800,000 ––
Term loans –300,000 –200,000
Short-term loans 521,000 475,000 62,952 71,561
Foreign exchange contracts 5,759,000 4,764,000 4,720,000 3,190,000
Other trade finance facilities 362,000 331,000 220,000 201,000
7,442,000 6,670,000 5,002,952 3,662,561
All the bank borrowings are unsecured and the effective annual interest rates at March 31, 2012 are as follows:
United States dollar Other currencies
2012 2011 2012 2011
Term loans –3.5% ––
Short-term loans 3.5%-5.45% 1.5%-2.4% 5% 1.5%-14.1%
29 Other non-current liabilities
Group Company
2012 2011 2012 2011
US$’000 US$’000 US$’000 US$’000
Contingent considerations (Note 37) 428,915 –256,093 –
Guaranteed dividend to non-controlling
shareholders of Medion (Note) 31,015 –––
Environmental restoration (Note 27) 83,876 11,081 ––
Others 98,180 62,895 725 –
641,986 73,976 256,818 –
Note:
FollowingtheacquisitionofMediononJuly29,2011asdisclosedinNote37,LenovoGermanyHoldingGmbH(“LenovoGermany”),anindirect
wholly-owned subsidiary of the Company and the immediate holding company of Medion entered into a domination and profit and loss transfer
agreement(the“DominationAgreement”)withMediononOctober25,2011.PursuanttotheDominationAgreement,LenovoGermanyhas
guaranteed to the non-controlling shareholders of Medion an annual guaranteed pre-tax dividend for each fiscal year amounting to EUR0.82 per
share. The Domination Agreement became effective on January 3, 2012 and is terminable by either Lenovo Germany or Medion after March 31,
2017. Accordingly, a non-current liability in respect of future guaranteed dividend has been recognized. The corresponding amount stated at its
discounted value on the date of acquisition of Medion was charged to retained earnings in equity.