Lenovo 2015 Annual Report Download - page 191
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189
2014/15 Annual Report Lenovo Group Limited
NOTES TO THE FINANCIAL STATEMENTS
27 BORROWINGS
2015 2014
US$’000 US$’000
Current liabilities
Short-term loans (i) 1,168,274 145,477
Term loans (ii) –300,000
1,168,274 445,477
Non-current liabilities
Term loans (ii) 395,043 10,125
Long term notes (iii) 1,490,805 –
1,885,848 10,125
3,054,122 455,602
Notes:
(i) Short-term loans primarily comprised a US$1,200 million 5-year loan facility (comprising US$800 million short term) entered into in
December 2013 and has been utilized to the extent of US$700 million as at March 31, 2015; and a US$500 million revolving loan facility
entered into on February 2, 2011 which has been utilized to the extent of US$300 million as at March 31, 2015. The majority of the
short-term bank loans are denominated in United States dollar.
(ii) Term loans comprised a US$1,200 million 5-year loan facility (comprising US$800 million short term) entered into in December 2013, and
has been drawn down to the extent of US$400 million as at March 31, 2015.
(iii) On May 8, 2014, the Group completed the issuance of 5-Year US$1.5 billion notes bearing annual interest at 4.7% due in May 2019. The
proceeds would be used for general corporate purposes including working capital, and to fund any acquisition.
The exposure of all the borrowings of the Group to interest rate changes and the contractual repricing dates at the end of the
reporting period are as follows:
2015 2014
US$’000 US$’000
Within 1 year 1,168,274 445,477
Over 1 to 3 years –10,125
Over 3 to 5 years 1,885,848 –
3,054,122 455,602
The carrying amounts of borrowings approximate their fair value as the impact of discounting is not significant.
Total bank facilities of the Group are as follows:
Total facilities Utilized amounts
2015 2014 2015 2014
US$’000 US$’000 US$’000 US$’000
Revolving loans 1,300,000 1,300,000 1,000,000 –
Term loans 400,000 711,045 400,000 310,125
Short-term loans 339,111 324,643 177,154 145,477
Foreign exchange contracts 10,530,679 7,076,019 9,821,769 6,513,326
Other trade finance facilities 1,353,244 489,054 315,562 213,745
13,923,034 9,900,761 11,714,485 7,182,673