ST Engineering Annual Report 2020

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) E4 Borrowings (continued) (c) Medium term notes Group 2020 $’000 Principal 991,650 Unamortised discount (3,809) 987,841 Unamortised discount: At beginning of the year – Additions 4,406 Amortisation for the year (621) Translation difference 24 At the end of the year 3,809 On 29 April 2020, the Group issued US$750 million 1.50% Notes due 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. (d) Lease liabilities The Group leases many assets including real estate leases, vehicles, machinery and IT equipment. Information about leases for which the Group is a lessee is presented below. Group 2020 2019 $’000 $’000 Maturity analysis – contractual undiscounted cash flows Within 1 year 71,307 65,836 Between 1 and 5 years 208,666 159,544 After 5 years 416,304 342,040 Total undiscounted lease liabilities at 31 December 696,277 567,420 Lease liabilities included in the balance sheet at 31 December 527,734 424,158 Repayable: Within 1 year 66,880 61,652 After 1 year 460,854 362,506 527,734 424,158 The total cash outflow for leases recognised in the statement of cash flows is $77,592,000 (2019: $105,375,000). / ST ENG I NEER I NG 242