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92

Every Note Counts

Financial assets

-

5,765

-

4,570

Other non-current assets

-

21,699

-

21,132

Cash and cash equivalents

22,553

91,368

63,581

228,540

Trade and other receivables

1,018

27,255

3,616

22,514

Interest-bearing liabilities

(330,686)

(3,910,365)

(180,414)

(4,328,752)

Trade and other payables

(10,072)

(33,823)

(3,268)

(26,252)

(317,187)

(3,798,101)

(116,485)

(4,078,248)

Group

Hedge of net investment in foreign operation

N otes to the Financial Statements

Year ended 31 December 2010

At 31 December 2009, a portion of the Singapore dollar and Euro denominated bank loans amounting to $0.40 billion has been hedged against the exposure to market fluctuations in foreign exchange rates. In connection with these loans, the Group entered into cross currency interest rate swap contracts to receive variable rate interest in Singapore dollars and Euro and pay variable rate interest in Hong Kong dollars. Both the bank loans and cross currency interest rate swaps have the same terms and conditions. The net fair value of swaps as at 31 December 2009 comprised assets of $9.5 million and liabilities of $3.6 million.

31 December 2010

31 December 2009

HK Dollar

US Dollar

HK Dollar

US Dollar

$’000

$’000

$’000

$’000

Loans to subsidiaries

331,400

1,418,230

180,810

700,975

Cash and cash equivalents

22,512

43,115

63,148

172,732

Trade and other receivables

1,018

-

3,616

150

Interest-bearing liabilities

(330,686)

(2,691,200)

(180,414)

(2,086,573)

Trade and other payables

(10,072)

(19,417)

(1,321)

(10,068)

14,172

(1,249,272)

65,839

(1,222,784)

The Group’s and Company’s significant exposures to foreign currencies are as follows:

Company

Cash flow hedge

The Group’s US dollar and Hong Kong dollar denominated unsecured bank loans, fixed and floating rate notes amounting to $4.13 billion (2009: $4.53 billion) are designated as hedging instruments for the Group’s investment in its associated companies.

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