Page 146 - ar2013

CapitaRetail China Annual Report 2013 144 Clarity
Notes to the
Financial Statements
Year ended 31 December 2013
26 CAPITAL AND FINANCIAL RISK MANAGEMENT (continued)
Offsetting financial assets and financial liabilities (continued)
Financial instruments such as loans and receivables and financial liabilities are not disclosed in the tables below
unless they are offset in the statements of financial position.
The Trust’s derivative transactions that are not transacted on an exchange are entered into under International
Swaps and Derivatives Association (ISDA) Master Agreements. In certain circumstances, for example when a
termination event such as a default occurs, all outstanding transactions under the agreement are terminated, the
termination value is assessed and only a single net amount is due or payable in settlement of all transactions.
Under the agreements signed, the Trust and its counterparties neither have a legal obligation nor intend to settle
on a net basis or to realise the assets and settle the liabilities simultaneously. In addition, the right of set-off of
recognised amounts is enforceable only following the occurrence of a termination event as set out in the agreements.
Accordingly, the ISDA agreements do not meet the criteria for offsetting and the derivatives financial instruments
presented below are not offset in the Statement of Financial Position.
Financial assets and liabilities subject to offsetting and enforceable master netting arrangement under
termination events:
Gross amounts
of recognised
financial
instruments
Gross amount
of recognised
financial
instruments
offset in the
statement
of financial
position
Net amounts
of financial
instruments
presented
in the statement
of financial
position
Related amounts
not offset in
the statement
of financial
position Net amounts
$’000 $’000 $’000 $’000 $’000
31 December 2013
Financial assets
Interest rate swaps 302 – 302 (302) –
Non-deliverable forward 1,742 – 1,742 (1,655) 87
2,044 – 2,044 (1,957) 87
Financial liabilities
Interest rate swaps 1,090 – 1,090 (553) 537
Non-deliverable forward 4,118 – 4,118 (1,404) 2,714
5,208 – 5,208 (1,957) 3,251
27 SUBSEQUENT EVENT
On 29 January 2014, the Manager declared a distribution of 4.33 cents per Unit to Unitholders in respect of the
period from 1 July 2013 to 31 December 2013.
On 10 February 2014, the Trust issued 2,735,125 new Units at an issue price of S$1.3023 per Unit as payment of the
acquisition fee of CapitaMall Grand Canyon which was completed on 30 December 2013.