MISC Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 293 MISC BERHAD ANNUAL REPORT 2018 292 19. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D.) (c) Interest-bearing loans and borrowings (cont'd.) Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Total borrowings Term loans 10,099,715 10,726,148 - - Revolving credits 2,950,191 937,745 763,416 121,785 Loans from subsidiaries - - 5,533,954 7,102,782 13,049,906 11,663,893 6,297,370 7,224,567 The secured term loans and revolving credits are secured by mortgages over certain ships, together with charter agreements and insurance of the relevant assets as well as retention accounts. The carrying values of the ships pledged and rentention accounts restricted for use are stated in Note 13(a) and Note 24 respectively. The range of interest rates as at the reporting date of the above interest-bearing loans and borrowings are as follows: Group Corporation 2018 % 2017 % 2018 % 2017 % Fixed rate Term loans 2.90-4.44 2.03-2.96 - - Loans from subsidiaries - - 3.33 2.36 Floating rate Revolving credits 3.38-3.56 1.44-2.15 3.38-3.56 1.44-2.13 Term loans 3.56-4.31 1.38-2.96 - - Loans from subsidiaries - - 3.31-4.19 1.43-3.05 Changes in liabilities arising from financing activities: Group Term Loan RM'000 Revolving Credits RM'000 Total RM'000 At 1 January 2018 10,726,148 937,745 11,663,893 Net (repayment)/drawdown (838,045) 1,934,340 1,096,295 Amortisation of upfront fees 10,653 - 10,653 The effect of changes in foreign exchange rates 200,959 78,106 279,065 At 31 December 2018 10,099,715 2,950,191 13,049,906 19. OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES (CONT'D.) (c) Interest-bearing loans and borrowings (cont'd.) Corporation Loans from subsidiaries RM'000 Revolving Credits RM'000 Total RM'000 At 1 January 2018 7,102,782 121,785 7,224,567 Net (repayment)/drawdown (1,676,304) 622,081 (1,054,223) Amortisation of upfront fees 6,121 - 6,121 The effect of changes in foreign exchange rates 101,355 19,550 120,905 At 31 December 2018 5,533,954 763,416 6,297,370 Group Term Loan RM'000 Sukuk Murabahah RM'000 Revolving Credits RM'000 Total RM'000 At 1 January 2017 10,832,551 20,000 1,748,955 12,601,506 Net drawdown/(repayment) 957,886 (20,000) (683,816) 254,070 Amortisation of upfront fees 14,711 - - 14,711 The effect of changes in foreign exchange rates (1,079,000) - (127,394) (1,206,394) At 31 December 2017 10,726,148 - 937,745 11,663,893 Changes in liabilities arising from financing activities: Corporation Loans from subsidiaries RM'000 Revolving Credits RM'000 Total RM'000 At 1 January 2017 8,930,517 807,209 9,737,726 Net repayment (1,050,366) (645,109) (1,695,475) Amortisation of upfront fees 8,770 - 8,770 The effect of changes in foreign exchange rates (786,139) (40,315) (826,454) At 31 December 2017 7,102,782 121,785 7,224,567