bank borrowings 2.6 351,334 395,361 42,965 568,450 1,911,451 3,269,561 3,012,766
------------ ------------ ------------ ------------ ------------ ------------ ------------
615,916 403,839 46,708 571,814 1,998,753 3,637,030 3,380,235
======= ======= ======= ======= ======= ======= =======
33. FINANCIAL INSTRUMENTS - continued
(b) Financial risk management objectives and policies - continued
Liquidity risk - continued
The amounts of financial guarantee liabilities, as set out in
note 39, are the maximum amounts the Group could be required to
settle under the arrangement for the full guaranteed amount if that
amount is claimed by the counterparty to the guarantee. Based on
expectations at the end of the reporting period, the Group
considers that it is more likely than not that such an amount will
not be payable under the arrangement. However, this estimate is
subject to change depending on the probability of the counterparty
claiming under the guarantee which is a function of the likelihood
that the financial receivables held by the counterparty which are
guaranteed suffer credit losses.
The amounts included above for variable rate bank borrowings are
subject to change if changes in variable interest rates differ to
those estimates of interest rates determined at the end of the
reporting period.
(c) Fair value measurement of financial instruments
the fair value of financial assets and financial liabilities are
determined in accordance with generally accepted pricing models
which is based on discounted cash flows analysis using the relevant
prevailing market rates as input.
The directors consider that the carrying amounts of financial
assets and financial liabilities recorded at amortised cost in the
consolidated financial statements approximate their fair
values.
34. OPERATING LEASE ARRANGEMENTS
The Group as lessee
Minimum lease payments paid under operating leases during the
year are HK$1,325,000 (2013: HK$1,045,000).
At the end of the reporting period, the Group had commitments
for future minimum lease payments under non-cancellable operating
leases in respect of rented premises which fall due as follows:
2014 2013
HK$'000 HK$'000
Within one year 977 477
In the second to fifth years
inclusive 834 993
--------------- ---------------
1,811 1,470
======== ========
Leases are negotiated for the range of 1 to 2 years (2013: 1 to
2 years) with fixed monthly rentals.
34. OPERATING LEASE ARRANGEMENTS - continued
The Group as lessor
The majority of the Group's investment properties were leased
out under operating leases.
At the end of the reporting period, the Group had contracted
with tenants for the following future minimum lease payments:
2014 2013
HK$'000 HK$'000
Within one year 370,462 365,017
In the second to fifth years
inclusive 553,512 636,653
Over five years 512,189 489,571
--------------- ---------------
1,436,163 1,491,241
======== ========
In addition to the annual minimum lease payments, the Group is
entitled to, in respect of leases, in addition to committed rent,
additional rental based on a specified percentage of revenue, if
achieved, earned by the tenant. No such additional rental was
received during the year and the preceding year.
The lease terms of the remaining leased properties range from 1
to 17 years (2013: 1 to 18 years).
35. PLEDGE OF ASSETS
At the end of the reporting period, the Group had pledged the
following assets to secure banking facilities granted to the
Group:
(a) Fixed charges on investment properties and property, plant
and equipment with an aggregate carrying value of HK$10,058,375,000
(2013: HK$9,486,635,000) together with a floating charge over all
the assets of the properties owning subsidiaries and benefits
accrued to the relevant properties.
(b) Fixed charges on hotel properties with aggregate carrying values of HK$947,053,000 (2013: HK$974,569,000) together with a floating charge over all the assets of the properties owning subsidiaries and benefits accrued to the relevant properties.
(c) Fixed charges on properties under development held for sale
with an aggregate carrying value of HK$961,301,000 (2013:
HK$882,479,000).
(d) Fixed charge on properties for development with an aggregate
carrying value of HK$119,689,000 (2013: nil).
(e) Note receivables of HK$54,289,000 (2013: HK$54,279,000).
36. SHARE-BASED PAYMENTS
Share Option Scheme of the Company
The share option scheme of the Company (the "Share Option
Scheme") was approved by the shareholders of SEA on 27 May 2010 and
by the board of directors of the Company (the "Board") on 28 May
2010. The Share Option Scheme came into effect on 16 August 2010
(the "Adoption Date") upon fulfillment of the conditions contained
in the Share Option Scheme. Unless terminated earlier by the Board,
the Share Option Scheme shall be valid and effective for a term of
10 years until 15 August 2020.
The purpose of the Share Option Scheme is to provide a flexible
means to recognise and acknowledge the performance and/or
contribution of any (i) director or employee of the Company or any
of its affiliates; (ii) representative, manager, agent, contractor,
advisor, consultant, distributor or supplier engaged by the Company
or any of its affiliates; (iii) customer, promoter, business ally
or joint-venture partner of the Company or any of its affiliates;
or (iv) trustee of any trust established for the benefit of
employees of the Company or any of its affiliates.
Under the Share Option Scheme, the Board (or any committee
delegated by the Board) may offer to the eligible participants
options to subscribe for shares of the Company at a price at least
the highest of (i) the closing price of the share of the Company on
the AIM Market on the date of grant of the option; (ii) the average
of the closing price of the share of the Company on the AIM Market
for the five business days immediately preceding the date of grant
of the option; and (iii) the par value of the share of the
Company.
Without prior approval of the shareholders of SEA in general
meetings, no option may be granted to (a) an eligible participant
which, if exercised in full, would result in the total number of
shares issued and to be issued upon exercise of all options already
granted or to be granted to such eligible participant in any
12-month period, exceeding 1% of the shares of the Company then in
issue; and (b) a substantial shareholder and/or an independent
non-executive director of the Company or SEA or any of their
respective associates which, if exercised in full, would result in
the total number of shares issued and to be issued upon exercise of
all options granted or to be granted to such person in any 12-month
period, exceeding 0.1% of the shares of the Company then in issue
and with an aggregate value exceeding HK$5 million (or its
equivalent amount in British Pound).
Options granted must be taken up within 28 days from the date of
grant upon payment of HK$10 (or its equivalent amount in British
Pound or United States dollars). The period during which an option
may be exercised is determined by the Board (or any committee
delegated by the Board) at its absolute discretion, save that no
option may be exercised more than 10 years after it has been
granted. Unless otherwise determined by the Board (or any committee
delegated by the Board) at its sole discretion, there is no minimum
period for which an option must be held before it can be
exercised.
No option was granted since the Adoption Date of the Share
Option Scheme.
36. SHARE-BASED PAYMENTS - continued
Share Award Scheme of the Company
The share award scheme of the Company (the "Share Award Scheme")
was approved by the shareholders of SEA on 27 May 2010 and by the
Board on 28 May 2010 and came into effect on the Adoption Date.
Unless terminated earlier by the Board, the Share Award Scheme
shall be valid and effective for a term of 15 years until 15 August
2025.
The purpose of the Share Award Scheme is to provide a flexible
means to recognise and acknowledge the performance and/or
contribution of the eligible participants. Under the Share Award
Scheme, the Board (or any committee delegated by the Board) may at
its absolute discretion grant awards, which may comprise (a) new
shares of the Company; (b) existing shares of the Company in issue
and is listed on the AIM Market from time to time; (c) cash in lieu
of the shares of the Company; or (d) a combination of (a), (b) and
(c), to any eligible participants as it thinks fit and appropriate
and subject to the terms and conditions of the Share Award Scheme.
No award may be granted under the Share Award Scheme if the
aggregate number of shares which may be issued and/or transferred
upon vesting of all outstanding awards granted under the Share
Award Scheme and any other share award scheme of the Company and
which may be issued upon exercise of all outstanding options
granted and yet to be exercised under any share option scheme of
the Company exceed 30% of the shares of the Company in issue from
time to time.
No award was granted since the Adoption Date of the Share Award
Scheme.
Share OptionScheme of SEA
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