Page 92 - ar2013.pdf

ANNUAL REPORT 2013 91 SUNNINGDALE TECH LTD
31 December 2013
Continued
NOTES TO FINANCIAL STATEMENTS
22. NON-CURRENT ASSETS HELD FOR SALE
On 3 October 2013, the Company had announced that its wholly-owned subsidiary, UFE Pte Ltd (“UFE”) had on 20 September
2013 granted an option to a third party to purchase UFE’s property at No. 5 Joo Koon Way, Singapore 628944 for an aggregate
sale consideration of S$9,100,000. The property was used by UFE for their production (mould fabrication and injection
moulding) and office.
The net carrying amount of the property amounting to $3,769,000 has been reclassified from property, plant and equipment.
The disposal of property was completed on 14 February 2014.
23. TRADE AND OTHER PAYABLES
Group Company
2013 2012 2013 2012
$’000 $’000 $’000 $’000
Trade payables 40,782 40,460 2,609 1,998
Amounts due to subsidiaries
– trade – – 40,120 34,461
– non-trade – – 1,707 1,822
Other payables 13,007 17,935 1,493 2,600
Total trade and other payables 53,789 58,395 45,929 40,881
Add:
– Other liabilities (Note 24) 32,090 30,411 4,053 4,216
– Loans and borrowings (Note 25) 59,753 58,572 18,228 11,786
Total financial liabilities carried at amortised cost 145,632 147,378 68,210 56,883
Trade payables/other payables
These amounts are non-interest bearing and are normally settled on 30 to 90 days’ terms.
Amounts due to subsidiaries
The non-trade amounts due to subsidiaries are unsecured, interest-free and repayable on demand.
Purchases from subsidiaries are made at terms equivalent to those prevailing in arm’s length transactions with third parties.
All amounts with subsidiaries are to be settled in cash.
Trade payables denominated in foreign currencies at 31 December are as follows:
Group Company
2013 2012 2013 2012
$’000 $’000 $’000 $’000
United States Dollar 10,786 8,133 746 517
Euro 2,357 1,967 207 110