Lenovo 2014 Annual Report Download - page 179
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177
2013/14 Annual Report Lenovo Group Limited
28 Bank borrowings
Group Company
2014 2013 2014 2013
US$’000 US$’000 US$’000 US$’000
Term loans (i) 310,125 303,133 300,000 300,000
Short-term loans (ii) 145,477 175,838 ––
455,602 478,971 300,000 300,000
Notes:
(i) Term loans comprise a US$300 million (2013: US$300 million) 5-year term loan facility entered into in July 2009. It has been withdrawn in
July 2012.
(ii) The majority of the short-term loans are denominated in Brazilian Real.
The exposure of all the bank borrowings of the Group and of the Company to interest rate changes and the contractual repricing
dates at the end of the reporting period are as follows:
Group Company
2014 2013 2014 2013
US$’000 US$’000 US$’000 US$’000
Within 1 year 445,477 175,838 300,000 –
Over 1 to 3 years 10,125 303,133 –300,000
455,602 478,971 300,000 300,000
The carrying amounts of bank borrowings approximate their fair value as the impact of discounting is not significant.
Total bank facilities of the Group are as follows:
Total facilities Utilized amounts
2014 2013 2014 2013
US$’000 US$’000 US$’000 US$’000
Revolving loans 1,300,000 500,000 ––
Term loans 711,045 389,000 310,125 303,133
Short-term loans 324,643 668,000 145,477 175,838
Foreign exchange contracts 7,076,019 5,934,000 6,513,326 4,945,000
Other trade finance facilities 489,054 391,000 213,745 242,000
9,900,761 7,882,000 7,182,673 5,665,971
All the bank borrowings are unsecured and the effective annual interest rates at March 31, 2014 are as follows:
United States dollar Other currencies
2014 2013 2014 2013
Term loans 2.24% 2.3%-2.45% 8% 5.54%-12.92%
Short-term loans 0%-5.0% N/A 0%-12.87% 3.5%-12.92%