172
FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 20 JUNE 2014 (DATE OF CONSTITUTION) TO 30 SEPTEMBER 2015
16.
DEFERRED INCOME
FHT FH-REIT Group
FH-BT
30 Sep 2015
30 Sep 2015
30 Sep 2015
$’000
$’000
$’000
Cost
At 20 Jun 2014 (Date of constitution)
–
–
–
Additions
12,151
12,151
–
Translation differences
(95)
(95)
–
At 30 Sep 2015
12,056
12,056
–
Accumulated amortisation
At 20 Jun 2014 (Date of constitution)
–
–
–
Charge for the financial period
(610)
(610)
–
Translation differences
4
4
–
At 30 Sep 2015
(606)
(606)
–
Net deferred income
11,450
11,450
–
Represented by:
Current
667
667
–
Non-current
10,783
10,783
–
11,450
11,450
–
Deferred income (current) relates to one month’s advanced fixed rental income received from a related company
of the REIT Manager, which is prepaid on a monthly basis.
Deferred income (non-current) relates to the difference between the considerations received for security
deposits and its fair value on initial recognition, and is credited to the Statements of Total Return as the effect of
recognising rental income on a straight-line basis over the individual lease term.
17.
BORROWINGS
FHT FH-REIT Group
FH-BT
30 Sep 2015
30 Sep 2015
30 Sep 2015
$’000
$’000
$’000
Non-current
Medium term notes (secured)
30,932
30,932
–
Bonds (unsecured)
27,359
27,359
–
Bank loans (unsecured)
732,329
732,329
–
Less: transaction costs capitalised
(5,617)
(5,617)
–
Total borrowings
785,003
785,003
–
Medium Term Notes (secured)
A Medium Term Note – Senior Bond of MYR 95.0 million (equivalent to SGD 30.9 million) – with a 5 year maturity
commencing on 14 July 2014 is secured by The Westin Kuala Lumpur. The interest rate on the Senior Bond is
4.9% per annum.
Bonds (unsecured)
During the financial period, Kobe Excellence TMK issued unsecured Japanese Yen-denominated bonds of
JPY 2.35 billion. The bonds carry a variable interest rate of London Interbank Offered Rates (“LIBOR”) + 1.28% per
annum and mature 5 years from 14 July 2014. FH-REIT’s interest in the ANA Crowne Plaza Kobe in Japan is held
via a TMK structure. TMK structures are required to issue preference shares and bonds to fund the acquisition
of assets.
