NOTES TO FINANCIAL STATEMENTS
December 31, 2015
24
SENIOR NOTES (Cont’d)
(d)
The senior notes issued on May 8, 2014 (“6.2% Notes 2017”) will mature on May 8, 2017. The senior notes
bears interest at 6.2% per annum with interest payable on May 8 and November 8 of each year, commencing
on November 8, 2014. Prior to the maturity of the senior notes, the Company may redeem the notes, in
whole or in part, based on the stipulated redemption price at the point of redemption. The senior notes are
denominated in SG dollars.
GROUP
COMPANY
2015
2014
2015
2014
RMB’000
RMB’000
RMB’000
RMB’000
Nominal value of senior notes issued
6,193,709
8,160,600
4,193,709
6,160,600
Transaction costs
(1)
(98,031)
(147,835)
(67,895)
(117,699)
At date of issue
(2)
6,095,678
8,012,765
4,125,814
6,042,901
Cumulative interest accrued
1,718,992
2,038,654
1,417,028
1,849,951
Cumulative interest paid
(1,560,516)
(1,775,732)
(1,294,125)
(1,614,040)
Repurchase and redemption
(127,582)
(1,808,641)
–
(1,808,641)
Exchange difference
239,835
(128,196)
239,835
(128,196)
Total
6,366,407
6,338,850
4,488,552
4,341,975
Interest payable within one year
included in other payables (Note 26)
(98,106)
(94,968)
(87,360)
(83,482)
Liability at end of year
6,268,301
6,243,882
4,401,192
4,258,493
Analysed as
Current
1,867,109
–
–
–
Non current
4,401,192
6,243,882
4,401,192
4,258,493
6,268,301
6,243,882
4,401,192
4,258,493
(1)
Transaction costs included non-audit fees of RMB5 million (2014 : RMB7 million) paid to the auditors of the Company in connection with the issuance
of senior notes of the Company (Note 31).
(2)
Changes in amount at date of issue relative to the preceding year’s amount include the effect of translation to the presentation currency and have been
included in the currency translation reserve.
The cumulative interests accrued on 9.5% Notes 2017, Notes 2018, Notes 2016 and 6.2% Notes 2017 are calculated
by applying effective interest rates of Nil% (2014 : 10.3%), 11.3% (2014 : 11.3%), 6.0% (2014 : 6.0%) and 6.8% (2014
: 6.8%) per annum respectively.
The management estimates the fair value of Notes 2018, Notes 2016 and 6.2% Notes 2017 at December 31, 2015 to
be approximately RMB2.731 billion, RMB1.866 billion and RMB1.847 billion (2014 : RMB2.558 billion, RMB1.945
billion andRMB1.878 billion) respectively. These fair values are based on the prices obtained frombanks’ publications.
YANLORD LAND GROUP LIMITED
ANNUAL REPORT 2015
120
