NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
9 FINANCE COSTS
Group
2014
2013
$’000
$’000
Interest on bank loans
10,219
12,644
Interest on debt securities (note 32)
5,281
9,675
Fees incurred for credit facilities/debt securities *
13,659
1,595
Interest on loan from a non-controlling shareholder of a subsidiary
453
–
Discount adjustment on provision (note 31)
136
62
29,748
23,976
* The fees incurred for credit facilities/debt securities for 2014 were mainly due to early buy back of debt securities (note
32).
10 OTHER EXPENSES
Group
2014
2013
(restated)
$’000
$’000
Costs of development properties sold
82
5,654
Upkeep and maintenance expenses of properties
2,885
2,958
Operating lease expenses
1,230
1,412
Property related taxes
2,171
1,914
Marketing and distribution expenses
1,404
1,516
Administrative expenses
4,519
4,478
Professional fees *
3,449
10,866
Deferred mine exploration and evaluation expenditure/deferred mine development
expenditure written off (note 16(b)(ii))
–
756
Impairment of doubtful receivables, net of reversal (note 20)
2,325
407
Bad debts recovered
(1)
(15)
Project expenses written off
–
701
Provision for repairs (note 31)
8,285
–
Provision for financial guarantee (note 31)
3,748
–
Property management expenses
2,464
–
Exchange losses/(gains)
4,880
(455)
Other expenses
3,090
1,372
40,531
31,564
* The professional fees for 2013 were mainly fees paid to bankers, lawyers and advisors relating to the series
of corporate transactions.
86
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014