NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
43 FAIR VALUE OF ASSETS AND LIABILITIES (CONT’D)
E.
Assets and liabilities not carried at fair value but for which fair value is disclosed (cont’d)
Determination of fair value
Fixed rate term loans
The fair value as disclosed in the table above is estimated based on the present value of future cash flows, discounted at
the market rate of interest for similar types of lending or borrowings at the end of the reporting period.
Associates/fixed rate notes
The fair value as disclosed in the table above is the price on the last trading day in the Singapore Exchange Securities
Trading Limited (SGX-ST).
F.
Fair value of financial assets and liabilities by classes that are not carried at fair value and whose carrying amounts are
not reasonable approximations of fair value
The fair value of financial assets and liabilities by classes that are not carried at fair value and whose carrying amounts are
not reasonable approximations of fair value are as follows:
Group
Company
2014
2013
2014
2013
Note
$’000
$’000
$’000
$’000
Carrying
Fair
Carrying
Fair
Carrying
Fair
Carrying
Fair
Amount
Value
Amount
Value
Amount
Value
Amount
Value
Financial liabilities:
Fixed rate term loans 32
219,030 221,558
41,022 41,717
–
–
–
–
Fixed rate notes
32
–
–
224,357 234,338
–
–
224,357 234,338
44 COMPARATIVE FIGURES
Following the decision by the Indonesian authorities not to allow PT Koba Tin an extension of the Contract of Work in
Indonesia, Bemban Corporation Limited (“BCL”) group was classified as held for sale in December 2013 and was sold in
June 2014. As PT MSC Indonesia (“PT MSCI”) was sold in June 2014, its results, together with those of BCL group, were
reclassified as discontinued operations. The comparatives have been restated accordingly.
Arising from the joint venture between the Group and Far East Orchard Limited and the sale of Rendezvous Grand Hotel
Singapore to related entities of the Far East Organisation, the hospitality assets and business of the Group were reclassified
as held for sale in June 2013.
Certain comparative figures on revenue and other items of expenses were reclassified to other expenses to conform to
current year’s presentation.
163
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
