Financial Statement - Aztech Group Ltd - Investor Relations

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The borrowings are repayable as follows: GROUP COMPANY 31.03.12 31.12.11 31.03.12 31.12.11 $’000 $’000 $’000 $’000 On demand or within one year 37,132 48,255 3,517 3,640 In the second year 6,038 7,233 - - In the third year 390 607 - - In the fourth year - - - - In the fifth year - - - - After five years - - - - 43,560 56,095 3,517 3,640 Less: Amount due for settlement within 12 months (shown under current liabilities) (37,132) (48,255) (3,517) (3,640) Amount due for settlement after 12 months 6,428 7,840 - - Bank borrowings 1) Trade finance: The <strong>Group</strong> has banking facilities related to bills discounted with recourse, trade bills payable, revolving credit, export trade loan, and bank overdrafts of $78,109,000 (FY2011: $78,730,000), of which $31,729,000 (FY2011: 41,881,000) was utilized as at 31 March 2012. These banking facilities are secured by a corporate guarantee from the Company. These banking facilities bear interest rates from 1.9% to 5.8% (FY2011: 1.2% to 5.8%) per annum. 2) Term loans: The term loans comprise of: i) an amount of $7,190,000 denominated as US$5,000,000 extended to a subsidiary of the Company in 2008. The loan bore an interest of 1.5% per annum over LIBOR or the Lender’s cost of funds, whichever is higher, repayable in 36 equal monthly principal installments commencing in June 2009 (FY2009: US$1,006,000, FY2010: US$1,754,000, FY2011: US$1,787,000, FY2012: US$453,000). As at 31 March 2012, the loan was fully settled (FY2011: $589,000 denominated as US$453,000). ii) an amount of $7,190,000 denominated as US$5,000,000 extended to a subsidiary of the Company in 2008. The loan bore interest of 1.75% per annum over LIBOR or the Lender’s cost of funds, whichever is higher, repayable in 8 equal quarterly installments commencing in November 2009 (FY2009: US$625,000, FY2010: US$2,500,000, FY2011: US$1,875,000). The loan was fully settled in FY2011. iii) an amount of $2,186,000 denominated as HK$12,000,000 extended to a subsidiary of the Company in 2009. The loan bears an interest of 1.75% per annum over HIBOR repayable in 60 monthly installments commencing in November 2009 (FY2009: HK$383,000, FY2010: HK$2,315,000, FY2011: HK$2,358,000 FY2012: HK$2,406,000, FY2013: HK$2,455,000, FY2014: HK$2,083,000). As at 31 March 2012, the loan has an outstanding balance of $1,022,000 (FY2011: $1,158,000) denominated as HK$6,345,000 (FY2011: HK$6,944,000). iv) an amount of $3,290,000 denominated as HK$20,000,000 extended to a subsidiary of the Company in October 2010. The loan bears an interest of 2.5% per annum below HK dollar prime rate repayable in 12 quarterly installments commencing in January 2011 (FY2011: HK$6,400,000, FY2012: HK$6,400,000, FY2013: HK$7,200,000). As at 31 March 2012, the loan has an outstanding balance of $1,933,000 (FY2011: $2,269,000) denominated as HK$12,000,000 (FY2011: HK$13,600,000). Page 6 of 16
v) an amount of $2,000,000 extended to a subsidiary of the Company during the year. The loan bears an interest of 2% per annum above the Lender’s cost of funds repayable in 24 monthly installments commencing in December 2010 (FY2010: $83,300, FY2011: $999,600, FY2012: $917,100). As at 31 March 2012, the loan has an outstanding balance of $667,200 (FY2011: 917,100). 3) Vessel loan i) The vessel loan of approximately $16,994,000 (FY2008: $13,983,000) denominated in US$11,732,000 (FY2008: US$9,723,000) was extended to a subsidiary of the Company to purchase 2 tug boats and 6 barges. The loan bears an interest of 1.85% per annum over USD SIBOR repayable over 5 years commencing in May 2009. (FY2009: US$1,391,000, FY2010: US$2,831,000, FY2011: US$1,923,000, FY2012: US$1,923,000 and FY2013: US$3,664,000). The vessel loan is secured by first priority mortgage over the vessels and a corporate guarantee from the Company. As at 31 March 2012, the vessel loan has an outstanding balance of $6,413,000 (FY2011: $7,261,000) denominated as US$5,106,000 (FY2011: US$5,587,000) ii) The vessel loan of approximately $1,920,000 was extended to a subsidiary of the Company to purchase a tug boat in FY2009. The loan bears a fixed interest rate of 5.2% per annum repayable in 48 equal monthly installments commencing in December 2009 (FY2009: $40,000, FY2010: $480,000, FY2011: $480,000, FY2012: $480,000, FY2013: $440,000). The vessel loan is secured by first priority mortgage over the vessel and a corporate guarantee from the Company. As at 31 March 2012, the vessel loan has an outstanding balance of $800,000 (FY2011: $920,000). iii) The vessel loan of approximately $1,520,000 was extended to a subsidiary of the Company to purchase a barge in December 2010. The loan bears a fixed interest rate at 5.0% per annum repayable in 48 equal monthly installments commencing in January 2011 (FY2011: $420,000, FY2012: $420,000, FY2013: $420,000, FY2014: $260,000). The vessel loan is secured by first priority mortgage over the vessel and a corporate guarantee from the Company. As at 31 March 2012, the vessel loan has an outstanding balance of $995,000 (FY2011: $1,100,000). As at 31 March 2012, where applicable, the <strong>Group</strong> obtained waiver from bankers for non-compliance of banking financial covenants. Page 7 of 16
Page 1 and 2: First Quarter ended 31 March 2012 F
Page 3 and 4: 1(b)(i) A balance sheet (for the is
Page 5: 1(b)(ii) Aggregate amount of group'
Page 9 and 10: 3 months ended 3 months ended 31.03
Page 11 and 12: Share capital Treasury shares Warra
Page 13 and 14: 1 (d)(iv) Statement showing all sal
Page 15 and 16: Results for 1Q2012 Revenue Turnover

Financial Statement - Aztech Group Ltd - Investor Relations

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