RESULTADOS DEL TRABAJO DE CAMPO
3. Evaluación de Resultados:
A-HTRUST A-HREIT Group A-HBT Group
2014 2013 2014 2013 2014 2013 $’000 $’000 $’000 $’000 $’000 $’000 Current Trade receivables 6,804 11,446 338 50 6,466 11,396 Sundry debtors 943 1,997 1,382 1,367 1,343 2,109 VAT/GST receivables 97 8,242 – 6,422 97 1,820
Total trade and other receivables 7,844 21,685 1,720 7,839 7,906 15,325 Cash and cash equivalents (Note 21) 72,145 58,804 26,427 15,247 45,718 43,557
Other current assets 1,987 84 – – 1,987 84
Non-current
Amount due from joint ventures 907 5,072 – – 907 5,072
Total loans and receivables 82,883 85,645 28,147 23,086 56,518 64,038
Trade receivables are non-interest bearing and are generally on 30 days’ term. They are recognised at their original invoice amounts which represent their fair values on initial recognition.
Included in the amount due from joint ventures as at 31 March 2013 are loans to joint ventures. During the financial year 2014, a subsidiary of A-HBT, Ascendas Australia Hotel Trust, and its joint venture partner converted a loan into equity investment in the joint venture. The remaining balance of $907,000 (2013: $325,000) is unsecured, interest-free and not expected to be repayable within the next 12 months.
Notes to the Financial Statements
For the financial year ended 31 March 2014
ASCENDAS HOSPITALIT Y TRUST
21.
Cash and cash equivalents
A-HTRUST A-HREIT Group A-HBT Group
2014 2013 2014 2013 2014 2013
$’000 $’000 $’000 $’000 $’000 $’000
Cash at bank and on hand 58,605 52,655 14,674 12,247 43,931 40,408 Fixed deposits 13,540 6,149 11,753 3,000 1,787 3,149
72,145 58,804 26,427 15,247 45,718 43,557
Fixed deposits are placed for varying periods of between 1 month and 3 months (2013: 1 month and 3 months) at interest rates ranging from 0.25% to 3.05% (2013: 0.18% to 3.10%) per annum.
22. Trade and other payables
A-HTRUST A-HREIT Group A-HBT Group
2014 2013 2014 2013 2014 2013
$’000 $’000 $’000 $’000 $’000 $’000
Trade payables 4,586 6,356 – 15 4,586 6,341
Sundry creditors 320 534 9 29 311 505
Amounts due to related companies 945 1,507 879 681 1,848 2,304
GST/VAT payables 1,132 2,002 321 – 811 2,002
Deferred cash settlement (Note 7) 150 6,385 150 – – 6,385
Other payable 3,941 1,350 440 256 3,501 1,094
Accrued employee benefits 4,186 6,241 – – 4,186 6,241 Accrued operating expenses 5,304 7,201 571 950 4,733 6,251
Accrued management fees 232 554 266 105 (34) 449
Accrued - others 5,450 745 139 453 5,311 292
Rental and other deposits 4,642 4,381 – – 4,642 4,381
Total trade and other payables 30,888 37,256 2,775 2,489 29,895 36,245 Add:
Current borrowings (Note 24) – 1,309 – 1,309 – –
Non-current borrowings (Note 24) 485,103 391,267 155,748 61,747 329,355 329,520 Less: GST/VAT payables (1,132) (2,002) (321) – (811) (2,002)
Total financial liabilities at amortised cost 514,859 427,830 158,202 65,545 358,439 363,763
Trade and other payables are non-interest bearing. Trade payables are normally settled on 30 days’ term.
Amounts due to related companies are unsecured, interest-free and have no fixed term of repayment. These amounts are to be settled in cash.
Notes to the Financial Statements
For the financial year ended 31 March 2014
ASCENDAS HOSPITALIT Y TRUST
23. Deferred income
A-HTRUST A-HREIT Group A-HBT Group
2014 2013 2014 2013 2014 2013
$’000 $’000 $’000 $’000 $’000 $’000
At beginning of financial year/date of constitution 8,141 – – – 8,141 – Additions during the financial year/period 11,562 8,141 1,232 – 10,330 8,141 Amount amortised during the financial year (1,602) – (93) – (1,509) –
Translation differences (953) – – – (953) –
At end of financial year/period 17,148 8,141 1,139 – 16,009 8,141
This comprises:
Non-current 15,090 246 1,016 – 14,074 246
Current 2,058 7,895 123 – 1,935 7,895
At end of financial year/period 17,148 8,141 1,139 – 16,009 8,141
The REIT Manager and the Trustee-Manager, through the Ascendas Australia Hotel Fund (“AAHF”) which owns the seven hotels in Australia, together with Accor, embarked on an extensive AUD30.0 million capital expenditure programme (50% or approximately AUD15.0 million of the capital expenditure was funded by Accor) for the refurbishment and repositioning of six of the properties in the prior financial period. The refurbishment works have been completed during the current financial year.
Deferred income relates to the cash reimbursement received from Accor for its 50% share of the capital expenditure incurred by six properties. The reimbursement by Accor is conditional upon the non-termination of the hotel management agreement signed between Ascendas Hotel Investment Co Pty Ltd (“AHIC”) and Accor prior to 30 June 2017.
Notes to the Financial Statements
For the financial year ended 31 March 2014
ASCENDAS HOSPITALIT Y TRUST
24. Borrowings
A-HTRUST A-HREIT Group A-HBT Group
2014 2013 2014 2013 2014 2013 $’000 $’000 $’000 $’000 $’000 $’000 Current: Unsecured bonds – 1,309 – 1,309 – – Total current – 1,309 – 1,309 – – Non-current: Unsecured bonds 1,222 – 1,222 – – –
Secured bank loans 258,430 283,117 – – 258,430 283,117 Less: Transaction costs capitalised (1,231) (1,603) – – (1,231) (1,603)
257,199 281,514 – – 257,199 281,514
Unsecured bank loans 227,610 110,500 155,110 62,000 72,500 48,500 Less: Transaction costs capitalised (928) (747) (584) (253) (344) (494)
226,682 109,753 154,526 61,747 72,156 48,006
Total non-current 485,103 391,267 155,748 61,747 329,355 329,520
Total borrowings 485,103 392,576 155,748 63,056 329,355 329,520
(i) Unsecured bonds
During the current financial year, Ascendas Hospitality Tokutei Mokuteki Kaisha issued unsecured Japanese Yen denominated bonds of JPY100 million which was used to fully repay the JPY100 million bonds which matured on 30 November 2013. The bonds carry a fixed interest rate of 1.333% per annum and mature on 15 November 2017. A-HTRUST’s interest in the Ariake Sunroute property in Japan is held via a Tokutei Mokuteki Kaisha (“TMK”) structure, and such TMK structures are required to issue preferred shares and bonds to fund the acquisition of assets.
(ii) Secured bank loans
During the current financial year, A-HBT Group’s subsidiaries, Ascendas Australia Hotel Trust (“AAHF Trust”) and Ascendas Hotel Investment Company Pty Limited (“AAHF Company”), secured a new AUD250 million term loan facility (“AAHF Facility”) comprising a three-year tranche of AUD100 million and a five-year tranche of AUD150 million and used it to repay the existing borrowings. As at 31 March 2014, AUD222 million of the AAHF facility has been drawn.
Notes to the Financial Statements
For the financial year ended 31 March 2014
ASCENDAS HOSPITALIT Y TRUST
24. Borrowings (cont’d)
(ii) Secured bank loans (cont’d)
The securities for the AAHF Facility include (i) first registered mortgage over each property in the Ascendas Australia Hotel Fund portfolio other than Pullman Cairns International, (ii) General Security Agreement granted over The Trust Company (RE Services) Limited as the trustee for the AAHF Trust and the AAHF Company (collectively, “AAHF”) and The Trust Company Limited (in its capacity as custodian of the AAHF Trust), (iii) first registered mortgage over leases between the AAHF Company and AAHF Trust over each hotel lease other than Pullman Cairns International lease agreement, and (iv) General Security Agreement granted by Lodging Logistics Pty Ltd (a company associated with the Courtyard by Marriott North Ryde). Under the facility, AAHF shall be subject to certain financial covenants including the Loan to Value Ratio not exceeding 50%.
The AAHF Facility has a three-year tranche and a five-year tranche, and bears interest at the relevant BBSY rate plus an average margin of 1.34% (2013: 2.1%) per annum.
(iii) Unsecured bank loans
A-HREIT and A-HBT have drawn down unsecured bank facilities of $62 million (“A-HREIT Facility”) and $48.5 million (“A-HBT Facility”) respectively to fund the acquisition of the properties for the initial public offering.
During the current financial year, A-HREIT secured a new JPY5 billion fixed rate term loan facility for a 4-year term. The term loan facility carries a fixed interest rate of 1.099% per annum and matures on 20 December 2017. As at 31 March 2014, the term loan facility was fully drawn down to re-finance the outstanding borrowings of $62 million under the A-HREIT Facility.
During the current financial year, A-HREIT secured a new $110 million term loan facility comprising a three-year tranche of $55 million and a five-year tranche of $55 million. The term loan facility bears interest at the relevant Singapore dollar swap offer rate plus an average margin of 1.05%. The term loan facility was used to fund the acquisition of Park Hotel Clarke Quay. As at 31 March 2014, $94 million is outstanding under the term loan facility.
During the current financial year, A-HBT secured a new $60 million revolving credit facility, of which $36 million was unutilised as at 31 March 2014.
Notes to the Financial Statements
For the financial year ended 31 March 2014
ASCENDAS HOSPITALIT Y TRUST
24. Borrowings (cont’d)
Terms and debt repayment schedule
Currency
Nominal
interest rate Year of maturity
Carrying value
2014 % $’000