Page 158 - Annual Report 2014

13 Borrowings (continued) Overview
13.1 Bank loans

Group and Company

2014 2013

$m $m Strategy

Current 200.0 –
Non-current 267.5 467.5
467.5 467.5

Repayable: 200.0 – Performance
– Within 1 year 267.5 467.5
– After 1 year but within 5 years 467.5 467.5

At 31 December 2014, the unsecured bank loans bore interest at rates ranging from 0.79% to 2.56% (2013: 0.79% to 2.56%) per annum.

13.2 Medium term note

Group and Company Governance

2014 2013

$m $m

Non-current 220.0 220.0

The Company has established a multicurrency medium term note programme with a maximum aggregate principal amount Financials
of $1,000,000,000 in September 2011. In September 2012, the Company issued a $220,000,000 10 years medium term note
which bore an interest rate of 3.08% per annum and is payable in September 2022. There is no material difference between the
carrying amount and fair value of the medium term note.

14 Deferred Income

Group Company

2014 2013 2014 2013

Note $m $m $m $m

Deferred grants 41.7 62.9 – –
At beginning of year (20.4) (21.2) – –
Amount accreted to the income statement 21.3 41.7 – –
At end of year

Deferred grants to be accreted:

Current (within 1 year) 12 14.0 20.4 – –

Non-current (after 1 year but within 5 years) 7.3 21.3 – –

Total 21.3 41.7 – –

The deferred income are government grants received. The assets related grants are recognised over the estimated useful
lives of the related assets. The income related grants are recognised on a systematic basis over the periods to match the
related cost.

StarHub Ltd | Annual Report 2014 155