The foreign currency translation reserve is used to record
exchange differences arising from the translation of the financial
statements of companies in the Group whose functional currencies
are different from that of the Group's presentation currency.
2013 2012
USD'000 USD'000
At 1 January 1,736 (717)
Foreign currency translation adjustments (3,949) 2,453
At 31 December (2,213) 1,736
Share-based payment transaction reserve
The share-based payment transaction reserve is used to recognise
the value of equity-settled share-based payment transaction
provided to directors, employees and consultants as part of their
remuneration or compensation for services rendered. Refer Note 29
for further details of these plans.
2013 2012
USD'000 USD'000
At 1 January 10,604 9,543
Expense recognised during the year 204 1,128
Pursuant to issuance of ordinary
shares (Note 23) (826) (67)
At 31 December 9,982 10,604
25. Loans and borrowings
2013 2012
USD'000 USD'000
Bank overdraft 2,477 613
Short term revolving credit - 1,962
Bank Guaranteed Medium Term Notes
Programme 76,607 31,954
Term loans 52,741 84,821
131,825 119,350
Add: Obligations under finance leases
(Note 30(c)) 2,117 2,123
133,942 121,473
2013 2012
Maturity USD'000 USD'000
Current
Bank overdraft BLR* + 1.0%
p.a. On demand 2,477 613
Short term revolving credit
COF** + 2.5% p.a. On demand - 1,962
Term loan BLR - 1.5% 2014 5 5
Term loans BLR + 1.0% p.a. 2014 965 2,292
Term loans COF + 2.0% p.a. 2014 762 -
Term loans COF + 2.5% p.a. 2014 - 964
Bridging loan COF + 1.75%
p.a. 2014 - 12,426
Obligations under finance
leases
(Note 30(c)) 2014 610 502
4,819 18,764
Non-current
2015 -
Term loan BLR - 1.5% p.a. 2031 159 177
2015 -
Term loans BLR + 1.0% p.a. 2020 28,036 46,947
2015 -
Term loans COF + 2.0% p.a. 2020 22,814 12,118
2015 -
Term loans COF + 2.5% p.a. 2019 - 9,892
Bank Guaranteed Medium Term 2017 -
Notes Programme 2020 76,607 31,954
Obligations under finance
leases 2015 -
(Note 30(c)) 2017 1,507 1,621
129,123 102,709
Total loans and borrowings 133,942 121,473
* BLR refers to Base Lending Rate
** COF refers to Cost of Fund
Details of the loans and borrowings, which are all denominated
in RM, are as follows:
Obligations under finance leases
These obligations are secured by a charge over the leased assets
(Note 15). Interest rates of the leases range from 4.13% to 6.23%
(2012: 4.68% to 6.23%) p.a. Future minimum lease payments under
finance leases together with the present value of the net minimum
lease payments are disclosed Note 30(c).
Short-term revolving credit COF + 2.5% p.a.
During the current financial year, the short-term revolving
credit, which was repayable on demand with a six months rollover
period, was fully settled through the MTN Programme as elaborated
below. It was secured over a leasehold land of the Group in which
the rights to use the land as disclosed in Note 17 was prepaid.
This revolving credit included a financial covenant which requires
the subsidiary company to maintain a gearing ratio not exceeding
70%.
Bank overdrafts BLR + 1.0% p.a.
There are three (2012: two) bank overdrafts facilities which
bear interest of BLR + 1% p.a. and with a total combined amount of
USD4.0 million (2012: USD2.6 million) are currently available for
use by the Group. The bank overdrafts are secured over leasehold
lands of the Group in which it has prepaid the rights to use the
lands as disclosed in Note 17. This bank overdraft includes a
financial covenant which requires the subsidiary company to
maintain a gearing ratio not exceeding 70%.
Term loan BLR - 1.5% p.a.
This term loan which is obtained for the purchase of a building
is secured over the said building as disclosed in Note 15 and is
repayable over a period of 22 years.
Term loans BLR + 1.0% p.a.
There are currently two (2012: three) term loans which bear
interest of BLR + 1% p.a. obtained for the purpose of acquisition
of subsidiaries and land use rights. During the current financial
year, the MTN Programme as further elaborated below has wholly
re-financed a term loan amounting to USD18.0 million that was due
to commence repayment this year. The remaining two term loans of
USD8.0 million and USD23.4 million will commence repayment in Year
2014 and Year 2015, respectively.
All term loans are repayable over a period of six years and are
secured over certain leasehold land of the Group in which the Group
has prepaid the rights to use the land as disclosed in Note 17 and
a corporate guarantee provided by the Company. The term loan of
USD23.4 million is further secured by a fixed deposit of USD801,000
(2012: USD835,000) as disclosed in Note 22. These loans include
financial covenants which require the subsidiary company to
maintain a gearing ratio not exceeding 70%.
Term loan COF + 2.0% p.a
There are three (2012: two) term loans which bear interest of
COF + 2.0% p.a. obtained for the purpose of oil palm development
activities. The total facility amount available from the term loans
is USD39.9 million (2012: USD27.0 million), and is to be drawn down
in two to four tranches. As at the reporting date, the Group has
only drawn down USD23.8 million (2012: USD12.0 million), and the
balance is available for further draw down until 31 December 2016.
The term loans will commence repayment in Year 2014, Year 2015 and
Year 2016, respectively, for a period of six years.
The term loans are secured over leasehold land of the Group in
which the Group has prepaid the rights to use the land as disclosed
in Note 17 and a corporate guarantee provided by the Company. These
loans include a financial covenant which requires the subsidiary
company to maintain a gearing ratio not exceeding 70%.
Term loans COF + 2.5% p.a
There were two term loans which bear interest of COF + 2.5% p.a.
obtained for the purpose of partial financing of acquisition of a
subsidiary and land use rights, and oil palm development
activities. The total amount of loan obtained for these term loans
amounted to USD11 million and the Group had fully drawn down this
amount in previous years. Both term loans which were due to
commence repayment in the current year were wholly re-financed
through the MTN Programme as elaborated below.
The term loans were secured over a leasehold land of the Group
in which the Group has prepaid the rights to use the land as
disclosed in Note 17. These loans include financial covenants which
require the subsidiary company to maintain a gearing ratio not
exceeding 70%.
Bank Guaranteed Medium Term Notes Programme
The MTN Programme of up to RM255 million (approximately USD85
million) in nominal value is guaranteed by Malayan Banking Berhad
("MBB") for the full principal redemption of up to RM255 million
and one semi-annual coupon payment. The proceeds from this
programme is utilised towards the construction of the Group's first
vertical steriliser oil palm mill, refinancing of the Group's
certain loans and borrowings that are due for repayment as
mentioned in the preceding paragraphs, and to also finance the
plantation development expenditure including working capital
requirements for BJ.
As at 31 December 2013, the Group has fully drawn down the
second tranche of the MTN Programme totalling RM155 million (USD52
million). The first tranche of USD100 million (USD33 million) was
drawn down in the previous year.
Of the first tranche of the MTN Programme, RM35 million (USD12
million) bears a coupon rate of 4.35% p.a., while the balance of
RM65 million (USD21 million) bears a coupon rate of 4.45% p.a. The
coupon rate for the second tranche of the MTN Programme ranges from
3.9% p.a. to 4.3% p.a. Tenure of the MTN Programme is up to 10
years from the date of the first issuance and repayment is to
commence 5 years from the date of first issue.
The MTN Programme is secured over all the leasehold land of the
Group in which the Group has prepaid rights to use the land as
disclosed in Note 17 and a corporate guarantee provided by the
Company.
Bank guarantee by MBB on the MTN Programme includes financial
covenants which require the Group on a consolidated level, to
maintain the following:
(a) Maximum Debt to Equity ratio of 2.25:1
(b) Minimum Debt Service Cover Ratio of 1.50:1
(c) Minimum Equity of USD92 million (or RM276 million) as at 31
December 2013
In December 2013, the Group secured a temporary relaxation from
MBB to allow the Group up to 31 December 2014 to comply with the
abovementioned loan covenants.
Bridging Loan COF + 1.75% p.a.
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