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PSA International Pte Ltd Annual Report 2010

N otes to the Financial Statements

Year ended 31 December 2010

Finance lease liabilities

The fair value of finance lease liabilities is estimated as the present value of future cash flows, discounted at market interest rates for homogeneous lease agreements. The estimated fair values reflect changes in interest rates.

Non-derivative financial assets and liabilities

Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date.

Other financial assets and liabilities

The notional amounts of financial assets and liabilities with a maturity of less than one year (including cash and cash equivalents, trade and other receivables, bank overdrafts, trade and other payables, short-term borrowings) are assumed to approximate their fair values.

The fair values of the financial assets and liabilities, together with the carrying amounts shown in the statement of financial position, are as follows:

Loans

Swap

Other

Total

and

Available-

hedging

financial

carrying

Fair

receivables

for-sale

instruments

liabilities

amount

value

$’000

$’000

$’000

$’000

$’000

$’000

Note

Financial assets

9

-

330,049

-

-

330,049

330,049

Other non-current assets

10

30,160

-

-

-

30,160

30,160

Trade and other receivables

11

545,585

-

-

-

545,585

545,585

Swap hedging instruments

11

-

-

7,963

-

7,963

7,963

Cash and cash equivalents

14

2,052,092

-

-

-

2,052,092

2,052,092

2,627,837

330,049

7,963

-

2,965,849

2,965,849

Group

31 December 2010

14

-

-

-

(16,394)

(16,394)

(16,394)

17 17 17 17

- - - -

- - - -

- - - -

(4,020,561) (1,288,819) (2,747,978) (122,150)

(4,020,561) (1,288,819) (2,747,978) (122,150)

(4,137,235) (1,287,830) (2,746,420) (116,551)

17

- - - -

- - - -

- - (53,594) (53,594)

(54,135) (1,132,778)

(54,135) (1,132,778)

(54,135) (1,132,778)

23

- (9,382,815)

(53,594) (9,436,409)

(53,594) (9,544,937)

Bank overdrafts

Unsecured fixed and floating rate notes

Secured bank loans Unsecured bank loans Finance lease liabilities

Loans from non-controlling shareholders of subsidiaries

Trade and other payables Swap hedging instruments

95

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