137
ANNUAL REPORT 2014
13 FINANCIAL DERIVATIVE LIABILITIES
HBT Group
H-REIT Group
Stapled Group
2014
2013
2014
2013
2014
2013
$’000
$’000
$’000
$’000
$’000
$’000
Non-current liabilities
Interest rate swap used for hedging
–
–
–
421
–
421
Current liabilities
Interest rate swap used for hedging
–
–
581
–
581
–
The H-REIT Group has an interest rate swap contract with a notional amount of $100,311,000 (2013: $105,353,000).
The H-REIT Group and Stapled Group use interest rate swaps to manage their exposures to interest rate movements
on the floating rate interest-bearing bank loans by swapping the interest expense of a bank loan from floating rate to
fixed rate (Note 12).
14 DEFERRED TAX
Movement in temporary differences during the year:
Recognised
Recognised
in
in
Statement
Balance Statement
Balance
Balance as of Total
Exchange as at
of Total
Exchange as at
at 1/1/2013 Return differences 31/12/2013 Return differences 31/12/2014
$’000
$’000
$’000
$’000
$’000
$’000
$’000
H-REIT Group
Deferred tax assets
Tax losses carried forward
(3,620)
(640)
434
(3,826)
(1,752)
243
(5,335)
Deferred tax liabilities
Investment properties
11,716
3,270
(1,309)
13,677
2,754
(540)
15,891
Net deferred tax liabilities/
(assets)
8,096
2,630
(875)
9,851
1,002
(297)
10,556
Stapled Group
Deferred tax assets
Tax losses carried forward
(3,620)
(640)
434
(3,826)
(1,752)
243
(5,335)
Deferred tax liabilities
Investment properties
11,716
3,270
(1,309)
13,677
2,704
(543)
15,838
Net deferred tax liabilities/
(assets)
8,096
2,630
(875)
9,851
952
(300)
10,503
NOTES TO THE FINANCIAL STATEMENTS
