22 BANK AND OTHER DEBTS
Group
Current
Non-current
portion
portion
Total
HK$’000
HK$’000
HK$’000
Unsecured bank loans
8,819,200
16,420,000
25,239,200
Secured bank loans
108,000
-
108,000
Guaranteed notes
-
7,800,000
7,800,000
Total principal amount of bank and other debts
8,927,200
24,220,000
33,147,200
Unamortised loan facilities fees and discounts related to debts
(16,035)
(98,924)
(114,959)
Unrealised loss on bank and other debts pursuant to
interest rate swap contracts
-
(38,784)
(38,784)
At 31 December 2015
8,911,165
24,082,292
32,993,457
Unsecured bank loans
8,067,700
25,559,200
33,626,900
Secured bank loans
127,500
-
127,500
Total principal amount of bank and other debts
8,195,200
25,559,200
33,754,400
Unamortised loan facilities fees and discounts related to debts
(4,958)
(68,028)
(72,986)
At 31 December 2014
8,190,242
25,491,172
33,681,414
The carrying amounts of bank loans of the Group approximate their fair values as the bank loans bear floating interest rates
and are repriced within six months at the prevailing market interest rates. The loans will be fully repayable from July 2016 to
April 2019 (2014: repayable from July 2015 to April 2019).
In March 2015, the Group issued a 3-year US$500 million 2.25% guaranteed note due 2018 and a 5-year US$500 million
2.875% guaranteed note due 2020. Interests rate swaps are utilised by the Group in the management of its interest rate
exposures. The Group’s policy is not to utilise derivative financial instruments for trading or speculative purposes. The Group
has entered into interest rate swap agreements with banks to swap the fixed interest rate guaranteed notes to floating
interest rate.
The e
ective interest rate of the Group’s bank and other debts at 31 December 2015 is 1.6% per annum (2014: 1.6% per annum).
Bank and other debts are denominated in the following currencies:
Group
2015
2014
Percentage
Percentage
Hong Kong dollar
13%
17%
United States dollar
87%
83%
100%
100%
At 31 December 2015, leasehold land and land use rights of the Group totalling HK$237,136,000 (2014: HK$240,739,000) were
pledged as security for a bank loan.
Notes to the
Financial Statements
101
ANNUAL REPORT 2015
HUTCHISON PORT HOLDINGS TRUST
