Investor Presentaiton slide image

Investor Presentaiton

HKAS 1.51(a) HKAS 1.49 HK Listco Ltd Financial statements for the year ended 31 December 2023 HKFRS 7.7 & 31 26 BANK LOANS AND OVERDRAFTS A16(22) (a) The analysis of the repayment schedule of bank loans and overdrafts is as follows: HKAS 16.74(a) HKFRS 7.31 Within 1 year or on demand After 1 year but within 2 years After 2 years but within 5 years After 5 years (b) Assets pledged as security and covenants for bank loans and overdrafts At 31 December 2023, the bank loans and overdrafts were secured as follows: 226 2023 $'000 2022 $'000 33,218 40,314 5,260 3,375 40,423 40,098 5,000 6,604 50,683 50,077 83,901 90,391 2023 2022 $'000 $'000 Unsecured bank overdrafts (note 22) 1,266 2,789 Secured bank loans - supplier finance arrangement (note 26(c)) Other bank loans 9,818 8,768 secured 11,357 28,397 - unsecured 61,460 50,437 83,901 90,391 At 31 December 2023, the banking facilities of the group were secured by mortgages over land and buildings with an aggregate carrying value of $89,255,000 (2022: $75,087,000) and first floating charges over property, plant and equipment with an aggregate value of $13,910,000 (2022: $16,792,000). Such banking facilities amounted to $91,000,000 (2022: $75,000,000). The facilities were utilised to the extent of $33,284,000 (2022: $52,065,000). All of the group's banking facilities are subject to the fulfilment of covenants relating to certain of the group's balance sheet ratios, as are commonly found in lending arrangements with financial institutions. If the group were to breach the covenants the drawn down facilities would become payable on demand. Among those banking facilities, in 2023 the group entered into a five-year revolving loan facility amounted to $5,000,000. The facility was fully drawn down in May 2023 as a one-year loan and will mature in April 2024. The group has the right to roll-over the loan for another year subject to the fulfilment of a specified debt to equity ratio on each maturity date. The group regularly monitors its compliance with these covenants. Further details of the group's management of liquidity risk are set out in note 33(b). As at 31 December 2023, none of the covenants relating to drawn down facilities had been breached (2022: $ nil). 225, 226 [Note that as per paragraphs 74 to 75 of HKAS 1, if a covenant is breached before the reporting date with the effect that a liability becomes repayable on demand, the liability must be classified as a current liability at the reporting date unless the lender has agreed to provide a grace period ending at least twelve months after the reporting date, and that agreement was obtained before the reporting date. Close attention should be paid to these requirements if the entity is at risk of breaching its covenants, and disclosures should be updated to be consistent with the facts of the entity's circumstances] If there have been any breaches of loan agreements during the period further disclosure may be required by paragraphs 18 and 19 of HKFRS 7. 145 © 2023 KPMG, a Hong Kong partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited ("KPMG International"), a private English company limited by guarantee. All rights reserved.
View entire presentation