NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E4 Borrowings (continued) (d) Lease liabilities (continued) (ii) Other leases The Group leases vehicles and equipment, with lease terms of 3 to 5 years. In some cases, the Group has options to purchase the assets at the end of the contract term. The Group monitors the use of these vehicles and equipment, and reassesses the estimated amount payable under the residual value guarantees at the reporting date to remeasure lease liabilities and right-of-use assets. The Group also leases IT equipment and machinery. These leases are short-term and/or leases of low-value items. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases. Reconciliation of movements of liabilities and assets to cash flows arising from financing activities Group Liabilities Assets Borrowings $’000 Trade payables and accruals $’000 Amounts due to related parties $’000 Deposits pledged $’000 Total $’000 Balance at 1 January 2022 2,115,220 2,675,997 27,781 – 4,818,998 Changes from financing cash flows Proceeds from bank loans 1,098,690 – – – 1,098,690 Proceeds from commercial papers 4,206,138 – – – 4,206,138 Proceeds from medium term note issuance 1,385,000 – – – 1,385,000 Repayment of bank loans (386,204) – – – (386,204) Repayment of commercial papers (1,852,969) – – – (1,852,969) Repayment of lease liabilities (83,894) – – – (83,894) Interest paid (33,800) (38,582) – – (72,382) Deposit pledged – – – (22) (22) Total changes from financing cash flows 4,332,961 (38,582) – (22) 4,294,357 Changes arising from obtaining or losing control of subsidiaries 47,051 23,068 – – 70,119 The effect of changes in foreign exchange rates (60,977) (15,714) – – (76,691) Change in fair value (15,338) – – – (15,338) Liability-related other changes Working capital changes (49,573) 206,159 14,106 – 170,692 New leases 76,166 – – – 76,166 Interest expense 89,027 48,282 – – 137,309 Total liability-related other changes 115,620 254,441 14,106 – 384,167 Balance at 31 December 2022 6,534,537 2,899,210 41,887 (22) 9,475,612 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 231
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