29 FINANCIAL INSTRUMENTS
(continued)
Credit risk
(continued)
The maximum exposure to credit risk for loans and receivables at the reporting date by
geographic region was:
Group
Trust
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Singapore
1,412
2,631 1,973,472 1,703,598
Australia
132
58
–
–
China
13,023
6,720
–
–
Europe (excluding United Kingdom)
4,166
5,531
–
–
Indonesia
4,259
3,566
–
–
Japan
2,855
1,093
–
–
Malaysia
559
–
–
–
Philippines
3,467
4,032
–
–
United Kingdom
1,922
4,230
–
–
Vietnam
882
1,334
–
–
32,677
29,195 1,973,472 1,703,598
At 31 December 2014 and 31 December 2013, there were no significant concentration of credit
risk. The maximum exposure to credit risk is represented by the carrying value of each financial
asset on the statement of financial position.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial
asset. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.
The Manager monitors and maintains a level of cash and cash equivalents deemed adequate by
management to finance the Group’s operations and to mitigate the effects of fluctuations in cash
flows. Typically the Group ensures that it has sufficient cash on demand to meet expected
operational expenses for a period of 90 days, including the servicing of financial obligations;
this excludes the potential impact of extreme circumstances that cannot reasonably be
predicted, such as natural disasters.
As at 31 December 2014, the Group has unutilised credit facilities of approximately $270.0
million (2013: $211.0 million) expiring between February 2015 and September 2026 (2013:
between June 2014 and February 2021), that can be drawn down to meet short-term financing
needs.
In addition, the Group has put in place a $1.0 billion MTN Programme, under which notes of
$382.5 million (2013: $311.4 million) have been issued as at 31 December 2014. In 2011, the
Group established a US$2.0 billion Euro-Medium Term Note Programme, under which notes of
$129.6 million (2013: $Nil) have been issued as at 31 December 2014.
Pursuing Growth | 171
