Page 158 - URA Annual Report 2020-21

NOTES TO THE FINANCIAL STATEMENTS
(expressed in Hong Kong Dollars)
17. Trade and other payables (Continued)
Note:
(a) Contract liabilities
Contract liabilities recognised arise from property development activities. Typical payment terms are as follows:
The Group receives certain percentage of the contract value as deposit from customers when they sign the sale and purchase agreement. The deposit is recognised as a contract liability until the properties are completed and transferred to the customers. The rest of the consideration is typically paid when the property is assigned to the customer.
Movements in contract liabilities
Balance at 1 April
Decrease in contract liabilities as a result of recognising revenue during the year that was included in the contract liabilities at the beginning of the period
Increase in contract liabilities as a result of receiving forward sales deposits and instalments during the year in respect of property sales not yet completed as at 31 March
Balance at 31 March
18. Debt securities issued
2021 $’000
210,084
(210,084) 29,175
29,175
2020 $’000
1,241
(1,241) 210,084
210,084
As at 31 March 2021, the Group has issued the following fixed rate notes under a Medium Term Note programme.
Non-current portion
HK dollar Fixed rate notes with coupon of 2.18% due 2023 HK dollar Fixed rate notes with coupon of 2.15% due 2023 HK dollar Fixed rate notes with coupon of 3.85% due 2026 Less: Unamortised debt securities issuing costs
Current portion
HK dollar Fixed rate notes with coupon of 1.64% due 2020 HK dollar Fixed rate notes with coupon of 2.92% due 2021 Less: Unamortised debt securities issuing costs
2021 $’000
300,000 300,000 500,000
(3,086)
1,096,914
- - -
2020 $’000
300,000 300,000 500,000
(3,949)
1,096,051
300,000 400,000
(494)
-
699,506
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URA ANNUAL REPORT 2020-21