Balance Sheet 1. Income Statement 2. Statement of Changes in Net Asset Value 3. Cash Flow Statement 4. Notes to the Financial Statements 5-14

Transcription

1 AMFIRST REAL ESTATE INVESTMENT TRUST CONTENTS PAGE Balance Sheet 1 Income Statement 2 Statement of Changes in Net Asset Value 3 Cash Flow Statement 4 Notes to the Financial Statements 5-14 Analysis of Unit Holders 15-18

2 AmFIRST REAL ESTATE INVESTMENT TRUST BALANCE SHEET AS AT 30 SEPTEMBER 2008 Audited Note ASSETS INVESTMENTS Investment properties 3 836,771, ,990,441 Deposits with financial institutions 4 29,555,526 16,136, ,326, ,127,197 OTHER ASSETS Receivables 5 9,850,996 5,689,073 Cash and bank balances 6,644,513 18,898,191 16,495,509 24,587,264 TOTAL ASSETS 882,822, ,714,461 LIABILITIES Payables 6 19,390,328 25,727,284 Rental deposits 7 16,248,368 12,738,549 Borrowings 8 402,000, ,605,972 Provision for income distribution 9 18,309,711 - Total liabilities 455,948, ,071,805 NET ASSET VALUE ,873, ,642,656 NUMBER OF UNITS IN CIRCULATION 429,001, ,001,000 NET ASSET VALUE PER UNIT - before proposed distribution after proposed distribution The accompanying notes form an integral part of these financial statements. 1

3 AmFIRST REAL ESTATE INVESTMENT TRUST INCOME STATEMENT FOR THE FINANCIAL PERIOD 30 SEPTEMBER 2008 Note Gross rental income 11 45,380,785 27,817,068 Property expenses 12 (15,586,504) (7,997,144) Net rental income 29,794,281 19,819,924 Interest income 149, ,136 29,943,982 20,037,060 Administrative expenses Manager's fee 13 2,190,431 1,446,958 Trustee's fee 14 87,512 80,175 Valuation fee 15,000 28,000 Auditors' remuneration 9,750 7,500 Tax agent's fees 6,000 6,000 Others 488, ,224 Interest expense 8,837,099 2,679,511 11,634,271 4,493,368 Income before taxation 16 18,309,711 15,543,692 Taxation Income for the financial period 18,309,711 15,543,692 Net income for the financial period is made up as follows:- Realised 18,309,711 15,543,692 Unrealised ,309,711 15,543,692 Earnings per unit (sen) 17 - after managers' fees before managers' fees Net income distribution 18 Proposed interim income distribution of sen per unit payable on 28 November ,309,711 ( : Interim income distribution of sen per unit paid on 30 November 2007) 15,543,692 18,309,711 15,543,692 The accompanying notes form an integral part of these financial statements. 2

4 AmFIRST REAL ESTATE INVESTMENT TRUST STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FINANCIAL PERIOD 30 SEPTEMBER 2008 Distributable Unitholders' Undistributed Unitholders' Capital Income Fund As at 1 April ,873,733 15,768, ,642,656 Distribution to Unitholders - (15,768,923) (15,768,923) Net income for the financial period (Note 18) - 18,309,711 18,309,711 Provision for income distribution - (18,309,711) (18,309,711) As at 30 September ,873, ,873,733 Distributable Unitholders' Undistributed Unitholders' Capital Income Fund As at 1 April ,872,412 8,348, ,221,104 Listing expenses 122, ,088 Distribution to Unitholders - (8,348,692) (8,348,692) Net income for the financial period (Note 18) - 15,543,692 15,543,692 As at 30 September ,994,500 15,543, ,538,192 The accompanying notes form an integral part of these financial statements. 3

5 AmFIRST REAL ESTATE INVESTMENT TRUST CASH FLOW STATEMENT FOR THE FINANCIAL PERIOD 30 SEPTEMBER 2008 CASH FLOW FROM OPERATING ACTIVITIES Income before taxation 18,309,711 15,543,692 Adjustments for: Allowance for doubtful debts 358,421 - Interest income from placements with financial institutions (149,701) (217,136) Interest expense 8,837,099 2,679,511 Operating profit before working capital changes 27,355,530 18,006,067 Changes in working capital Increase in receivables (4,521,346) (6,948,591) Decrease in payables (3,570,299) (176,974) Increase in rental deposits 3,509,819 2,480,445 Net cash generated from operating activities 22,773,704 13,360,947 CASH FLOW FROM INVESTING ACTIVITIES Addition of investment properties (780,665) (86,033,650) Interest income 149, ,136 Net cash used in investing activities (630,964) (85,816,514) CASH FLOW FROM FINANCING ACTIVITIES Interest paid (9,061,964) (2,548,845) Distribution payable/paid to Unitholders (18,309,711) (8,348,692) Drawdowns from borrowings 6,394,027 85,028,000 Net cash (used in)/generated from financing activities (20,977,648) 74,130,463 Net increase in cash and cash equivalents 1,165,092 1,674,896 Cash and cash equivalents as at the beginning of the financial period 35,034,947 16,429,022 Cash and cash equivalents as at the end of the financial period 36,200,039 18,103,918 CASH AND CASH EQUIVALENTS Cash and cash equivalents included in the cash flow statement comprise the following balance sheet amounts:- Cash and bank balances 6,644, ,560 Deposits with financial institutions 29,555,526 17,293,358 36,200,039 18,103,918 The accompanying notes form an integral part of these financial statements. 4

6 AmFIRST REAL ESTATE INVESTMENT TRUST NOTES TO THE FINANCIAL STATEMENTS AS AT 30 SEPTEMBER GENERAL INFOATION The Trust was constituted pursuant to the execution of a Trust Deed dated 28 September 2006 by the Manager, Am ARA REIT Managers Sdn Bhd, and the Trustee, Mayban Trustees Berhad. The Manager, incorporated in Malaysia, is a wholly-owned subsidiary of Am ARA REIT Holdings Sdn Bhd. Am ARA REIT Holdings Sdn Bhd is 70% owned by AmInvestment Group Berhad and 30% owned by ARA Asset Management (Malaysia) Limited, a wholly-owned subsidiary of ARA AmFIRST (Singapore) Pte. Ltd., which is in turn a whollyowned subsidiary of ARA Asset Management Limited, which is an affiliate of the Cheung Kong Group based in Hong Kong. AmFIRST REIT was listed on the Main Board of Bursa Malaysia Securities Berhad on 21 December The key objectives for AmFIRST REIT is to own and invest in real estate whether directly or indirectly through the ownership of singlepurpose companies whose principal assets comprise real estate and real estate-related assets. The registered office of the Manager is located at 22nd Floor, Bangunan AmBank Group, No. 55, Jalan Raja Chulan, Kuala Lumpur. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Accounting The financial statements have been prepared under the historical cost convention and comply with applicable Financial Reporting Standards in Malaysia, applicable provisions of the Trust Deed and the Companies' Act 1965 and the Securities Commission's Guidelines on Real Estate Investment Trust. The accounting policies are consistent with those adopted in the previous audited financial statements except for the adoption of the followings:- (i) The new and revised FRS S that are applicable to the Trust with effect from the financial period beginning on or after 1 April 2007: FRS 117 : Leases FRS 124 : Related Party Disclosure (ii) The Trust has not early adopted the following FRS S, financial years beginning 1 July 2007: amendments to FRS and IC Interpretations, which are effective for FRS FRS 107 : Cash Flow Statements FRS 111 : Construction Contracts FRS 112 : Income Taxes FRS 118 : Revenue FRS 119 : Employee Benefits FRS 120 : Accounting for Government Grants and Disclosure of Government Assistance FRS 134 : Interim Financial Reporting FRS 137 : Provision, Contingent Liabilities and Contingent Assets Amendment to FRS 121: The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operations IC Interpretation 1: Changes in Existing, Decommissioning, Restoration and Similar Liabilities IC Interpretation 2: Members' Shares in Co-operative Entities and Similar Instruments IC Interpretation 5: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds IC Interpretation 6: Liabilities arising from Participating in a Specific Market - Waste Electrical and Electronic Equipment IC Interpretation 7: Applying the Restatement Approach to FRS 129 Financial Accounting in Hyperinflationary Economies IC Interpretation 8: Scope of FRS 2 Share-based Payments 5

7 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (a) Basis of Accounting (cont'd) In the previous financial year, the Malaysian Accounting Standards Board ("MASB") has also issued FRS 139 Financial Instruments : Recognition and Measurement for which the MASB has yet to announce the effective date. The impact of applying FRS 117, 124 and 139 on this financial statements upon first adoption of these standards as required by paragraph 30(b) of FRS 108 Accounting Policies, Changes in Accounting Estimates and Errors are not required to be disclosed by virture of exemptions provided under paragraph 103AB of FRS 139. The adoption of FRS 117 and 124 does not result in significant changes in accounting policies of the Trust. (b) Investment properties Investment properties consist of freehold and leasehold land and buildings held to earn rental income or for capital appreciation or both. Such properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value. Fair value is arrived at by reference to market evidence of transaction prices for similar properties and is performed by registered independent valuers having an appropriate recognised professional qualification and recent experience in the location and category of the properties being valued. In compliance with the Securities Commission's Guidelines on Real Estate Investment Trusts, real property are to be revalued at least once in every 3 years from the last valuation. All revaluations need to be approved by the Securities Commission. Any gains or loss arising from changes in the fair values of investment properties are recognised in the income statement for the period in which they arise. (c) Trade and other receivables Trade and other receivables are carried at anticipated realisable values. Known bad debts are written off and specific provisions are made for any debts considered to be doubtful of collection. (d) Cash and cash equivalents Cash and cash equivalents consist of cash at bank and deposits with licenced financial institutions. (e) Trade and other payables Trade and other payables are stated at cost which is the fair value of the consideration to be paid in the future for goods and services received (f) Provisions A provision is recognised when it is probable that an outflow of resources embodying economic benefit will be required to settle a present obligation (legal or constructive) as a result of a past event and a reliable estimate can be made of the amount. Provision for income distribution Provision for income distribution is recognised when any distribution is declared, determined or publicly recommended by the Directors of the Manager and approved by the Trustee but not distributed at the balance sheet date. (g) Borrowings Interest bearing borrowings are recorded at the amount of proceeds received. 6

8 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (h) Income Tax Income tax on the profit or loss for the year comprises current and deferred tax. Current tax is the expected amount of income tax payable in respect of the taxable profit for the year and is measured using the tax rates that have been enacted at the balance sheet Deferred tax is provided for, using the liability method, on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts in the financial statements. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilised. Deferred tax is not recognised if the temporary difference arises Cash from the andinitial cash equivalents recognition of consist an asset of cash or liability at bank in anda transaction deposits which with licenced is not a financial business combination and at the time of the institutions transaction, affects neither accounting profit nor taxable profit. Deferred tax is measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognised in the income Trade statement, and other exceptpayables when itare arises stated fromat acost transaction which iswhich the fair isvalue recognised of thedirectly consideration in equity, to bein which case the deferred tax is also paid charged in the or future credited for directly goods and in equity. services received (i) Impairment of Assets At each balance sheet date, the Manager reviews the carrying amounts of its assets to determine whether there is any indication of impairment. If any such indication exists, impairment is measured by comparing the carrying values of the assets with their recoverable amounts. Recoverable amount is the higher of net selling price and value in use, which is measured by reference to discounted future cash flows. An impairment loss is charged to the income statement immediately, unless the asset is carried at revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to the extent of any available previously recognised revaluation surplus for the same asset. Reversal of impairment losses recognised in prior years is recorded when there is an indication that the impairment losses recognised for the asset no longer exist or have decreased. The reversal is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at revalued amount. A reversal of an impairment loss on a revalued asset is credited directly to revaluation surplus. However, to the extent that an impairment loss on the same revalued asset was previously recognised as an expense in the income statement, a reversal of that impairment loss is recognised as income in the income statement. (j) Revenue Rental income and interest income are recognised on an accrual basis. (k) Expenses (i) Property expenses Property expenses consist of property management fees, quit rent, assessment and other outgoings in relation to investment properties. (ii) Interest expense Interest expense is recognised in the income statement in the period which they are incurred. (iii) Listing expenses Listing expenses represent expenses incurred for the listing of AmFIRST REIT on the Main Board of Bursa Malaysia Securities Berhad. The expenses are deducted directly against the Unitholders' capital. (iv) Manager's and Trustee's fees The Manager's and Trustee's fees are recognised on an accrual basis. 7

9 3. INVESTMENT PROPERTIES % of Description of Status Existing Acquisition Indicative Valuation to Property of Land Location Use Cost Valuation*** Net Assets Value (i) Menara AmBank * Freehold Kuala Lumpur Office 230,599, ,000,000 (ii) Bangunan AmBank Leasehold Kuala Lumpur Office 180,152, ,000,000 Group*@ (iii) Menara Merais** Freehold Petaling Jaya Office 57,080,705 58,000, (iv) AmBank Group Leadership Centre* Freehold Kuala Lumpur Office 19,432,236 19,000, (v) Kelana Brem Tower ^ # Leasehold Kelana Jaya Office 86,050,991 88,000,000 (vi) The Summit Subang Freehold Subang Jaya Mixed 263,455, ,000,000 USJ**** Commercial Complex 836,771, ,000, * ** ^ The properties were valued on 7 March 2006 by C H Williams Talhar & Wong Sdn. Bhd., an independent professional valuers using comparison and investment method. The property was valued on 8 March 2006 by C H Williams Talhar & Wong Sdn. Bhd., an independent professional valuers using comparison and investment method. The indicative valuations were obtained in connection with the acquisition of the properties by AmFIRST REIT. The leasehold land is expiring on 3 June The property was valued on 20 September 2006 by Rahim & Co. Chartered Surveyors Sdn Bhd, an independent professional valuer using comparison and investment method. # *** The leasehold land is expiring on 19 February The property was valued on 13 June 2007 by Rahim & Co. Chartered Surveyors Sdn Bhd., an independent professional valuer using comparison, investment and profit method. 4. DEPOSITS WITH FINANCIAL INSTITUTIONS Placements maturing within three months placed with a licensed bank 26,983,775 15,107,530 Placements maturing more than three months placed with a licensed bank 2,571,751 1,029,226 29,555,526 16,136,756 The deposits have been placed with a financial institution related to the Manager of the Trust. 8

10 5. RECEIVABLES Trade receivables 7,911,536 4,291,188 Other receivables, deposits and prepayments 2,297,881 1,551,830 10,209,417 5,843,018 Less : Allowance for doubtful debts (358,421) (153,945) 9,850,996 5,689,073 Included in trade receivables are rental outstanding from companies related to the Manager amounting to 481,658 ( : 901,563) and are subject to normal trade term. The Trust s primary exposure to credit risk arises through its trade receivables. The Trust s trading terms with its customers are mainly on credit. The credit period is generally for a period of one month, extending up to three months for major customers. Each customer has a maximum credit limit. The Trust seeks to maintain strict control over its outstanding receivables to minimise credit risk. Overdue balances are reviewed regularly by senior management. In view of the aforementioned and the fact that the Trust s trade receivables relate to a large number of diversified customers, there is no significant concentration of credit risk. Trade receivables are non-interest bearing. 6. PAYABLES Trade payables 1,013,311 4,950,767 Other payables and accrued expenses 18,377,017 20,776,517 19,390,328 25,727,284 Included in other payables and accrued expenses is amount owing to the Manager and Trustee of 2,190,470 ( : 1,551,356) and 87,518 ( : 94,823) respectively and retention sum in relation to the acquisition of The Summit Subang USJ of 11,490,486 ( : 18,417,594) which are unsecured, interest free and repayable on demand. 7. RENTAL DEPOSITS Payable within 12 months 2,131,364 7,143,138 Payable after 12 months 14,117,004 5,595,411 16,248,368 12,738,549 Included in the above are rental deposits received from companies related to the Manager amounting to: Payable within 12 months 1,070,948 3,679,897 Payable after 12 months 6,533,843 3,982,338 7,604,792 7,662,235 9

11 8. BORROWINGS (SECURED) Term loan 147,000, ,000,000 Revolving credit facility 255,000, ,605, ,000, ,605,972 Term loan for the acquisition of Menara Merais is secured by way of lien holder caveat over Menara Merais for a tenure of 3 years with fixed interest of 5.00% per annum. Term loan for the acquisition of The Summit Subang USJ is secured by way of lien holder caveat and for a tenure of between 3 years to 4 years with interest between 4.28 % to 4.35% per annum. Revolving credit facilities are secured for the acquisition of Kelana Brem Towers and The Summit Subang USJ. The facilities bear interest rate ranging from 4.28% to 4.35% per annum. 9. PROVISION FOR INCOME DISTRIBUTION As at 1st April - - Provision made during the period 18,309,711-18,309, NET ASSET VALUE Net asset value attributable to Unitholders is represented by: Unitholders' capital 426,873, ,873,733 Undistributed income ,768, ,873, ,642,656 Unitholders' capital comprised: Authorised 429,001, ,001,000 Issued and fully paid: At date of establishment 1,000 1,000 Issue of new units 429,000, ,000,000 Listing expenses (Note 19) (2,127,594) (2,127,267) 426,873, ,873,733 As at 30 September 2008, the Manager did not hold any units in AmFIRST REIT. However, the parties related to the Manager who hold units in AmFIRST REIT are as follows: 10

12 10. NET ASSET VALUE (CONT'D) % No. of units of total units Direct unitholdings of Directors of the Manager Dato' Azlan Hashim 80, % Cheah Tek Kuang 1, % Unitholdings of companies related to the Manager AmEquities Sdn. Bhd. 80,000, Jadeline Capital Sdn. Bhd. 53,700, RCE Synergy Sdn. Bhd. 33,563, AmcorpGroup Berhad 28,029, AmBank (M) Berhad 25,344, AmAssurance Berhad on behalf of General Fund 19,949, AmAssurance Berhad on behalf of Life Non Par Fund 12,577, AmAssurance Berhad on behalf of Life Fund 8,086, AmAssurance Berhad on behalf of Shareholders Fund 995, GROSS RENTAL INCOME Gross rental income 42,279,415 26,406,909 Carpark income 3,088,713 1,384,706 Other income 12,657 25,453 45,380,785 27,817, PROPERTY EXPENSES Included in property expenses are the following: Property management fee 938, ,748 Land assessment 2,409,682 2,034,872 Quit rent 74,402 57,102 The property management fee is based on a scaled fee as prescribed under the Valuers, Appraisers and Estate Agent Act 1981 with permissable discount. 13. MANAGER'S FEE Pursuant to the Trust Deed, the Manager's fee consist of a base fee up to 0.5% per annum of the total asset value of the Trust (excluding any taxes payable) and a performance fee of 3% per annum of net property income (excluding any taxes payable), accruing monthly but before deduction of property management fee. The Manager's fee is for the period from 1 April 2008 to 30 September TRUSTEE'S FEE Pursuant to the Trust Deed, the Trustee s fee is entitled to receive a fee up 0.10% per annum of the net asset value. The Trustee's fee is for the period from 1 April 2008 to 30 September

13 15. TAXATION Current tax expense - - Reconciliation of effective tax expense Income before taxation 18,309,711 15,543,692 Income tax using Malaysian tax rate of 25% (for YA 2008 : 26%) 4,577,428 4,041,360 Non-deductible expenses 28,253 26,036 Effect of income exempted from tax (4,605,681) (4,067,396) Tax expense INCOME BEFORE TAXATION Income before taxation is arrived at after charging: Audit fee 9,750 7,500 Allowance for doubtful debts 358,421 - Interest expenses on revolving credits and term loans 8,837,099 2,679,511 And crediting: Interest income 149, , EARNINGS PER UNIT (a) The earnings after manager's fee is computed based on net income for the period and on the number of units in issue of 429,001,000 (b) The earnings before manager's fee is computed based on net income for the period and on the number of units in issue of 429,001, INCOME DISTRIBUTION In respect of the current financial period ended 30 September 2008, the Manager proposes an income distribution of sen per unit, totalling 18,309,711 which is line with the objectives of AmFIRST REIT to deliver regular and stable distributions to Unitholders. Distribution to Unitholders is from the following sources:- Net rental income 29,794,281 19,819,924 Interest income 149, ,136 Less: Administrative expenses (11,634,271) (4,493,368) 18,309,711 15,543,691 Gross distribution per unit (sen) Net distribution per unit (sen)

14 19. ESTABLISHMENT AND ISSUE EXPENSES Brokerages and commisions 474, ,438 Professional fees 378, ,660 Miscellaneous expenses 1,274,496 1,274,169 2,127,594 2,127,267 These expenses have been deducted directly against the Unitholders' funds. Included in the professional fees are non-audit fees paid to the auditors amouting to 127,000 for acting as independent reporting accountants with respect to the issuance and placement of additional units in AmFIRST REIT. 20. PORTFOLIO TURNOVER RATIO Portfolio Turnover Ratio ("PTR") (Times) The calculation of PTR is based on the average of total acquisition and total disposal of investments in AmFIRST REIT for the period calculated on a weekly basis. 21. MANAGEMENT EXPENSE RATIO Management expense ratio ("MER") (%) The calculation of MER is based on total fees of AmFIRST REIT incurred, including the Manager's fees, Trustee's fees, audit fees, tax agent's fees and administrative expenses, to the average net asset value during the period. Since the average net asset value is calculated on a weekly basis, comparison of MER of AmFIRST REIT with other real estate investment trusts which use a different basis of calculation may not be an accurate comparison 22. CAPITAL COMMITMENT There were no capital commitments as at the end of the financial period. 23. TRANSACTIONS WITH COMPANIES RELATED TO THE MANAGER Rental earned from AMMB Holdings Berhad and its subsidiaries and associates ("AmBank Group") 17,320,416 34,741,963 Interest earned from AmBank Berhad and AmInvestment Bank Berhad 149, ,136 The above transactions have been entered into in the normal course of business and have been established under terms and conditions that are no less favourable than those arranged with independent third parties. Also included in the financial statements are the following balances with companies related to the Manager: Cash and bank balances, and deposits placed with AmBank (M) Berhad 36,200,039 33,189,825 Rentals deposits received from the AmBank Group 7,604,792 7,662,235 1% acquisition fees for The Summit Subang USJ payable to the Manager - 2,600,000 13

15 24. FINANCIAL INSTRUMENTS AmFIRST REIT operates within clearly defined guidelines as set out in the Securities Commission's Guidelines for Real Estate Investment Trusts ("the Guidelines"). These Guidelines have been formulated with the objective of providing a regulatory framework that would protect the interests of the investing public. AmFIRST REIT's risk management policies, which ensure compliance with the spirit of the Guidelines, are set out below. It is not the Trust's policy to engage in speculative transactions. (a) Interest rate risk AmFIRST REIT's exposure to changes in interest rates relate primarily to interest-earning financial assets and interest bearing financial liabilities. Interest rate risk is managed by the Manager on an ongoing basis with the primary objective of limiting the extent to which interest expense could be affected by adverse movements in interest rate (b) Credit risk At balance sheet date, there were no significant concentration of credit risk. The maximum exposure to credit risk is represented by the carrying amount of financial asset. The Trust does not have any significant exposure to any individual customer or counterparty nor does it have any major concentration of credit risk related to any financial assets. (c) Liquidity risk The Trust manages its liquidity risk by maintaining a portion of its resources in deposits and balances with financial institutions to meet estimated commitments arising from financial liabilities. (d) Effective interest rates and repricing analysis In respect of interest-earning financial assets and interest bearing liabilities, the following table indicates their effective interest rates at the balance sheet date and the periods in which they mature. Financial assets Effective Within interest rate % Total 1 year > 1-5 years Deposits with licensed bank ,555,526 29,555,526 - Financial liablities Term Loan ,000, ,000,000 Revolving credit ,000, ,000,000 - In respect of cash and cash equivalents, receivables and payables, the carrying amounts approximate fair value due to relatively short term nature of these financial instruments. 25. SIGNIFICANT EVENTS There are no significant event during the financial period. 14