NOTES TO
FINANCIAL STATEMENTS
December 31, 2015
113
CITIC ENVIROTECH LTD.
Annual
Report
2015
18 DEFERRED TAX ASSETS (LIABILITIES) (cont’d)
At the end of the reporting period, the aggregate amount of temporary differences associated with
undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is
$13,748,000 (March 31, 2015 : $10,741,000). No liability has been recognised in respect of these
differences because the Group is in a position to control the timing of the reversal of the temporary
differences and it is probable that such differences will not reverse in the foreseeable future.
19 BANK LOANS
Group
Company
December
31,
March 31,
December
31,
March 31,
2015
2015
2015
2015
$’000
$’000
$’000
$’000
Bank loans (unsecured)
43,546
20,779
–
–
Bank loans (secured)
382,205 199,995
–
1,350
Total
425,751 220,774
–
1,350
The loans are repayable as follows:
On demand or within one year
237,141
60,379
–
1,350
More than one year
188,610 160,395
–
–
Total
425,751 220,774
–
1,350
Average effective interest rates (per annum)
5.1% 4.9%
–
3.8%
The bank loans of the Group amounting to $140,552,000 (March 31, 2015 : $91,428,000) are secured
by the service concession receivables of its subsidiaries (Note 8d), prepaid leases (Note 11) and
treatment plants (Note 15) of its subsidiaries.
The bank loans of the Group amounting to $105,934,000 (March 31, 2015 : $108,469,000) are
secured by the shares of certain subsidiaries.
The bank loans of the Group amounting to $9,283,000 (March 31, 2015 : $Nil) are secured by a
charge over the Group’s leasehold building (Note 15).
The bank loans of the Group amounting to $126,436,000 (March 31, 2015 : $Nil) are secured by
standby letters of credit.
In prior year, the bank loans of the Group amounting to $98,000 was secured by a charge over the
Group’s freehold land and freehold building (Note 15) which was repaid fully during the financial year.
