Positioning for the Future | 167
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
20 DEBT SECURITIES
(cont’d)
(v) $650.0 million principal amount of convertible bonds of the Company due on 19 June 2020 with interest
rate at 1.85% per annum. These bonds are convertible into new ordinary shares at the conversion price
of $4.9946 (2013 $5.00) per share on or after 30 July 2013 and may be redeemed at the option of the
Company or at the option of the bond holders on specimed dates.
(vi) $800.0 million principal amount of convertible bonds of the Company due on 17 October 2023 with
interest rate at 1.95% per annum. These bonds are convertible into new ordinary shares at the conversion
price of $4.2074 (2013 $4.212) per share on or after 27 November 2013 and may be redeemed at the
option of the Company or at the option of the bond holders on specimed dates.
(vii) $175.0 million (2013 $175.0 million) principal amount of convertible bonds of a subsidiary due on
12 September 2017 with interest rate at 2.5% per annum. These bonds are convertible into units issued
by the subsidiary at the conversion price of $1.5865 (2013 $1.6394) per share on or after 23 October
2012 and may be redeemed at the option of the subsidiary on specimed dates.
(viii) In 2014, there were conversion of $69.3 million (2013 $34.2 million) of the principal amount of convertible
bonds of a subsidiary due on 21 April 2015 with interest rate at 2.7% per annum (2.7% bonds) into 58.1
million (2013 27.8 million) units of the subsidiary. In addition, the subsidiary repurchased and redeemed
$121.0 million of the 2.7% bonds. As a result, the 2.7% bonds has been cancelled in its entirety as at
31 December 2014.
(d) Secured debt securities
As at 31 December 2014, the secured notes and bonds amounting to $205.0 million (2013 $214.1 million)
were fully secured by mortgages on the investment properties of the Group. Details on assets pledged are
disclosed in the respective notes to the mnancial statements.
21 OTHER NON-CURRENT LIABILITIES
The Group
The Company
Note
2014
$’000
2013
$’000
2014
$’000
2013
$’000
Restated
Amounts due to non-controlling
interests (unsecured)
- interest free
32,052
28,405
–
–
- interest bearing
221,847
215,528
–
–
Amounts due to an associate
7(b)
136,385
146,131
–
–
Liability for employee benemts
22
22,489
21,754
10,171
14,405
Derivative liabilities
56,544
51,885
–
–
Security deposits and other
non-current payables
(a)
185,593
161,556
–
–
Deferred income
350
324
–
–
655,260
625,583
10,171
14,405
(a) Other non-current payables as at 31 December 2014 included non-current consideration payable of $53.3
million relating to the acquisition of 60% interest in two residential sites in China in 2014. The consideration
is payable in 14 unequal instalments commencing from 2015. The amounts due within 12 months as at
31 December 2014 amounted to $35.3 million and are included in trade and other payables (note 17).
