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EC World Real Estate Investment Trust ANNUAL REPORT 2016
NOTES TO THE
Financial Statements
For the Financial Year ended 31 December 2016
23. Financial risk management (continued)
(a) Market risk (continued)
(i)
Currency risk (continued)
ECW’s currency exposure based on the information provided to key management is as follows:
SGD
RMB
Other
Total
S$’000
S$’000
S$’000
S$’000
ECW
As at 31 December 2016
Financial assets
Cash and cash equivalents
11,113
–
–
11,113
Loans to subsidiaries
241,557
–
–
241,557
Trade and other receivables
1,061
–
–
1,061
Derivative financial instruments
417
–
–
417
Total financial assets
254,148
–
–
254,148
Financial liabilities
Trade and other payables
(3,578)
–
–
(3,578)
Borrowings
(194,855)
–
–
(194,855)
Derivative financial instruments
(387)
–
–
(387)
Total financial liabilities
(198,820)
–
–
(198,820)
Net financial assets
55,328
–
–
55,328
Less: Net financial assets
denominated in ECW's
functional currency
(55,328)
–
–
(55,328)
Net currency exposure
–
–
–
–
As at 31 December 2015
Financial liabilities
Trade and other payables
(167)
–
–
(167)
Total financial liabilities
(167)
–
–
(167)
Net financial liabilities
(167)
–
–
(167)
Less: Net financial liabilities
denominated in ECW's
functional currency
167
–
–
167
Net currency exposure
–
–
–
–
As at 31 December 2016, the operations of the Group and ECW are not exposed to significant foreign
currency risks as they do not have significant transactions denominated in foreign currencies. As at
31 December 2015, if RMB strengthened/weakened by 5% against the SGD with all other variables
including tax rate being held constant, the total return of the Group would have been lower/higher by
S$12,426,000.