19. INTEREST-BEARING LOANS AND BORROWINGS
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December 31, |
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December 31, |
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2016 |
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2017 |
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Long-term loans and borrowings |
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|
|
|
|
|
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|
|
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Finance lease payables (note 20) |
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6,692,302 |
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5,607,570 |
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|
|
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Bank and other loans (Note (a)) |
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|
|
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— Secured (Note (f)) |
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13,415,140 |
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14,716,175 |
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— Guaranteed (Note (e)) |
|
2,088,327 |
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3,191,277 |
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— Unsecured |
|
16,196,805 |
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22,575,882 |
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|
|
|
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|
|
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31,700,272 |
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40,483,334 |
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Medium-term notes and bonds and long-term bonds and private |
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placement notes (Note (b)) |
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— Guaranteed (Note (e)) |
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1,998,833 |
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— |
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— Unsecured |
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22,058,281 |
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15,696,961 |
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|
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|
|
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24,057,114 |
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15,696,961 |
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|
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|
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Total long-term loans and borrowings |
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62,449,688 |
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61,787,865 |
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Current portion of finance lease payables (note 20) |
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(2,008,716) |
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(2,115,644) |
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|
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Current portion of medium-term bonds and long-term bonds |
|
(8,393,073) |
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(12,492,378) |
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|
|
|
|
|
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Current portion of long-term bank and other loans |
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(4,725,151) |
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(6,890,140) |
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|
|
|
|
|
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Non-current portion of long-term loans and borrowings |
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47,322,748 |
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40,289,703 |
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December 31, |
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December 31, |
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2016 |
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2017 |
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Short-term loans and borrowings |
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Bank and other loans (Note (c)) |
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— Secured (Note (f)) |
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1,846,500 |
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1,292,000 |
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— Guaranteed (Note (e)) |
|
305,000 |
|
150,000 |
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— Unsecured |
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30,170,325 |
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29,392,442 |
|
|
|
|
|
|
|
|
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32,321,825 |
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30,834,442 |
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|
|
|
|
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Short-term bonds, unsecured (Note (d)) |
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8,020,015 |
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3,601,573 |
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Gold leasing arrangements (Note (g)) |
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2,990,614 |
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6,818,393 |
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Current portion of finance lease payables (note 20) |
|
2,008,716 |
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2,115,644 |
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Current portion of medium-term notes |
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8,393,073 |
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12,492,378 |
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Current portion of long-term bank and other loans |
|
4,725,151 |
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6,890,140 |
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|
|
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Total short-term borrowings and |
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|
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current portion of long-term loans and borrowings |
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58,459,394 |
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62,752,570 |
As at December 31, 2017, except for loans and borrowings of the Group amounting to RMB21 million (December 31, 2016: RMB23 million) and RMB1,860 million (December 31, 2016: RMB1,572 million) which were denominated in JPY and USD, respectively, all loans and borrowings were denominated in RMB.
Included in the Group's interest-bearing loans and borrowings are amounts due from the Group's joint ventures and subsidiaries of Chinalco of RMB190 million (December 31, 2016: RMB190 million) and RMB3,330 million (December 31, 2016: RMB6,051 million), respectively, as set out in note 35(b).
Note:
(a) Long-term bank and other loans
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(i) |
The maturity of long-term bank and other loans is set out below： |
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Loans from banks and |
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Total of long-term bank |
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other |
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and |
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financial institutions |
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Other loans |
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other loans |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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December 31, |
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2016 |
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2017 |
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2016 |
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2017 |
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2016 |
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2017 |
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Within 1 year |
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4,718,809 |
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6,883,500 |
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6,342 |
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6,640 |
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4,725,151 |
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6,890,140 |
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Between 1 and 2 years |
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7,994,380 |
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5,171,738 |
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6,342 |
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2,277 |
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8,000,722 |
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5,174,015 |
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Between 2 and 5 years |
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10,268,857 |
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8,666,967 |
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7,026 |
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6,827 |
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10,275,883 |
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8,673,794 |
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Over 5 years |
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8,687,124 |
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19,736,283 |
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11,392 |
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9,102 |
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8,698,516 |
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19,745,385 |
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|
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31,669,170 |
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40,458,488 |
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31,102 |
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24,846 |
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31,700,272 |
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40,483,334 |
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(ii) |
Other loans were provided by local bureaus of the Ministry of Finance to the Group. The weighted average annual interest rate of long-term bank and other loans for the year ended December 31, 2017 was 5.67% (2016: 5.08%). |
(b) Medium-term notes and bonds and long-term bonds and private placement notes
Outstanding long-term bonds and medium-term notes of the Group as at December 31, 2016 and 2017 are summarized as follows:
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Face |
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Effective |
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December 31, |
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December 31, |
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value /maturity |
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interest rate |
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2016 |
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2017 |
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2007 long-term bonds |
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2,000,000 |
/2017 |
4.64 |
% |
1,998,833 |
|
— |
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2015 medium-term notes |
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3,000,000 |
/2018 |
5.53 |
% |
2,989,992 |
|
2,999,030 |
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2015 medium-term notes |
|
1,500,000 |
/2018 |
5.01 |
% |
1,492,351 |
|
1,496,503 |
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2012 medium-term bonds |
|
3,000,000 |
/2017 |
5.77 |
% |
2,996,618 |
|
— |
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2013 medium-term bonds |
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3,000,000 |
/2018 |
5.99 |
% |
2,993,272 |
|
2,999,211 |
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2014 medium-term bonds |
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3,000,000 |
/2017 |
7.35 |
% |
2,997,622 |
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— |
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2015 medium-term bonds |
|
3,000,000 |
/2018 |
6.11 |
% |
2,996,615 |
|
2,999,359 |
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2015 medium-term bonds |
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2,000,000 |
/2018 |
6.08 |
% |
1,993,474 |
|
1,998,275 |
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2016 private placement notes |
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3,215,000 |
/2019 |
5.12 |
% |
3,198,337 |
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3,204,583 |
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2012 NingXia medium-term notes |
|
400,000 |
/2017 |
6.06 |
% |
400,000 |
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— |
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24,057,114 |
|
15,696,961 |
Long-term bonds and medium-term notes and bonds were issued for capital expenditure purposes, operating cash flows and bank loan re-financing.
(c) Short-term bank and other loans
Other loans were entrusted loans provided by state-owned companies to the Group.
The weighted average annual interest rate of short-term bank and other loans for the year ended December 31, 2017 was 4.43% (2016: 4.44%).
(d) Short-term bonds
Outstanding short-term bonds as at December 31, 2016 and 2017 are summarized as follows:
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|
Face |
|
Effective |
|
December 31, |
|
December 31, |
|
|
|
value /maturity |
|
interest rate |
|
2016 |
|
2017 |
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2016 short-term bonds |
|
1,500,000 |
/2017 |
4.30 |
% |
1,535,140 |
|
— |
|
2016 short-term bonds |
|
3,000,000 |
/2017 |
4.13 |
% |
3,047,026 |
|
— |
|
2016 short-term bonds |
|
3,000,000 |
/2017 |
3.95 |
% |
3,037,849 |
|
— |
|
2016 short-term bonds |
|
400,000 |
/2017 |
4.13 |
% |
400,000 |
|
— |
|
2017 short-term bonds |
|
3,000,000 |
/2018 |
4.30 |
% |
— |
|
3,101,573 |
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2017 short-term bonds |
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500,000 |
/2018 |
4.90 |
% |
— |
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500,000 |
|
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|
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8,020,015 |
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3,601,573 |
All the above short-term bonds were issued for working capital needs.
(e) Guaranteed interest-bearing loans and borrowings
Details of the interest-bearing loans and borrowings in which the Group received guarantees are set out as follows:
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|
December 31, |
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December 31, |
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Guarantors |
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2017 |
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2016 |
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Long-term bonds |
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Bank of Communications (交通銀行股份有限公司) ("BOCOM") |
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1,998,833 |
|
— |
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|
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Long-term loans |
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|
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Lanzhou Aluminum Factory*(蘭州鋁廠) (Note (i)) |
|
8,000 |
|
4,000 |
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The Company |
|
866,877 |
|
— |
|
Ningxia Energy (Note (ii)) |
|
1,099,400 |
|
1,020,400 |
|
Yinxing Energy (Note (ii)) |
|
109,000 |
|
91,000 |
|
Zhongwei Renewable Energy Co., Ltd.* (中衛寧電新能源有限公司) (Note (ii)) |
|
5,050 |
|
— |
|
Baotou Aluminum Co., Ltd. (包頭鋁業) and Baotou Communications Investment Group Co., Ltd. (包交投資) (Note (iii)) |
|
— |
|
1,600,000 |
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The Company and Hangzhou Jinjiang Group Co., Ltd. (杭州錦江) (Note (iv)) |
|
— |
|
475,877 |
|
|
|
|
|
|
|
|
|
2,088,327 |
|
3,191,277 |
|
|
|
|
|
|
|
Short-term loans |
|
|
|
|
|
Ningxia Energy (Note (ii)) |
|
120,000 |
|
70,000 |
|
Shandong Aluminum (Note (i)) |
|
15,000 |
|
— |
|
Chalco Shandong (Note (ii)) |
|
170,000 |
|
80,000 |
|
|
|
|
|
|
|
|
|
305,000 |
|
150,000 |
Note:
(i)The guarantor is a subsidiary of Chinalco.
(ii)The guarantor is a subsidiary of the Group.
(iii)The guarantors are a subsidiary of the Company and a third party respectively.
(iv)The guarantors are the Company and a third party respectively.
* The English names represent the best effort by management of the Group in translating the Chinese names of the Companies as they do not have any official English names.
(f) Secured interest-bearing loans and borrowings
The assets pledged for bank and other borrowings were set out in note 24 to the financial statements.
(g) Gold leasing arrangements
In 2016 and 2017, the Company entered into several gold leasing master framework agreements, individual gold leasing agreements and general hedging agreements with Bank of Communications, China Everbright Bank and Agriculture Bank of China , collectively, "the Banks".
According to the gold leasing master framework agreements and gold leasing agreements, the Company leased standard gold with fineness of Au 99.99 for 6 to 12 months from the Banks, with annual interest rates ranging from 3.65% to 4.15%. Concurrently, the Company entrusted the Banks to sell all the leased gold and received cash of RMB7,804 million from the sale. Upon the expiry of the gold leasing agreements, the Company shall purchase the standard gold (with same quality and value according to the general hedging agreements entered into simultaneously with the leasing agreements ) to return to the Banks.
The directors of the Company are of the view that the Company is free from the assumption of risk of gold price fluctuations due to the fixed repurchase price under the general hedging agreements, and therefore, this arrangement should be accounted for as short-term loans with fixed interest rates (ranging from 3.65% to 4.15%), net of the Banks' charges.