NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E4 Borrowings (continued) (c) Medium term notes Group 2022 $’000 2021 $’000 Principal 2,351,825 1,013,700 Unamortised discount (11,476) (2,996) 2,340,349 1,010,704 Unamortised discount: At beginning of the year 2,996 3,809 Additions 10,316 – Amortisation for the year (1,595) (892) Translation difference (241) 79 At the end of the year 11,476 2,996 On 29 April 2020, the Group issued US$750 million 1.50% Notes due in 2025 under its S$5.0 billion Multicurrency Medium Term Note Programme. The bonds bore interest at a fixed rate of 1.50% per annum and interest was payable every six months from the date of issue. The bonds were unconditionally and irrevocably guaranteed by the Company. On 5 May 2022, the Group issued US$700 million of 5-year bonds and US$300 million of 10-year bonds. The bonds bore interest at a fixed rate of 3.38% and 3.75% per annum and interest was payable every six months from the date of issue. The bonds were unconditionally and irrevocably guaranteed by the Company. (d) Lease liabilities The Group leases various assets including real estate leases, vehicles, machinery and IT equipment. Information about leases for which the Group is a lessee is presented below. Group 2022 $’000 2021 $’000 Maturity analysis – contractual undiscounted cash flows Within 1 year 72,789 69,088 Between 1 and 5 years 223,322 205,184 After 5 years 383,031 427,999 Total undiscounted lease liabilities at 31 December 679,142 702,271 Lease liabilities included in the statement of financial position at 31 December 588,826 546,881 Repayable: Within 1 year 73,157 66,416 After 1 year 515,669 480,465 588,826 546,881 The total cash outflow for leases recognised in the statement of cash flows is $99,492,000 (2021: $89,141,000). CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 229
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