NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 18. BORROWINGS (CONTINUED) Reconciliation of movements of liabilities to cash flows arising from financing activities. 2019 Lease liabilities $’000 Bank borrowing $’000 Subordinated notes $’000 Total $’000 At 1 January – 417,291 599,435 1,016,726 Recognition of lease liabilities 9,548 – – 9,548 Restated balance at 1 January 2019 9,548 417,291 599,435 1,026,274 Changes from financing cash flows Payment of lease liabilities (2,318) – – (2,318) Interest paid (1,054) (11,269) (21,900) (34,223) Total changes from financing cash flows (3,372) (11,269) (21,900) (36,541) Other changes New leases 38,956 – – 38,956 Capitalised borrowing costs – 890 147 1,037 Interest expenses 1,054 11,269 21,900 34,223 Total other changes 40,010 12,159 22,047 74,216 Balance at 31 December 46,186 418,181 599,582 1,063,949 2018 Lease liabilities $’000 Bank borrowing $’000 Subordinated notes $’000 Total $’000 At 1 January – 416,401 599,292 1,015,693 Changes from financing cash flows Payment of lease liabilities – – – – Interest paid – (9,453) (21,900) (31,353) Total changes from financing cash flows – (9,453) (21,900) (31,353) Other changes New leases – – – – Capitalised borrowing costs – 890 143 1,033 Interest expenses – 9,453 21,900 31,353 Total other changes – 10,343 22,043 32,386 Balance at 31 December – 417,291 599,435 1,016,726 ANNUAL REPORT 2019 129