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Notes to the
financial statements
For the financial year ended 31 December 2018
125
A N N U A L R E P O R T
2 0 1 8
22.
Loans and borrowings
Group
Maturity
31.12.2018
$’000
Current:
Bank loan A
2019
7,508
Bank loan B
2019
939
8,447
Non-current:
Bank loan B
2020-2023
4,067
12,514
Bank loan A:
The bank loan is an unsecured revolving 6 months credit facility which bears effective interest rate
of 4.66% per annum at the end of the reporting period.
Bank loan B:
The bank loan is unsecured with a tenure of 72 months and bears effective interest rate of 5.50%
per annum at the end of the reporting period. This loan is provided by a bank for an initiative under
SPRING Singapore, an agency under the Ministry of Trade and Industry of Singapore, for working
capital assistance for companies in the offshore industry.
Based on the terms of the loan arrangements, the repayment of the principal amount of the loan
will commence 24 months from the inception of the loan.
Reconciliation of liabilities arising from financing activities
The table below details changes in the group’s liabilities arising from financing activities, including
both cash and non–cash changes as follows:
Group
1.1.2018
Acquisition of
subsidiary
Foreign
exchange
movement
31.12.2018
$’000
$’000
$’000
$’000
Borrowings
–
12,500
14
12,514