Annual Report 2019

ANNUAL REPORT 2019 255 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 March 2019 47. FINANCIAL INSTRUMENTS (continued) b. Financial risk management objectives and policies (continued) Liquidity risk (continued) Bank and other borrowings with a repayment on demand clause are included in the “on demand or within one year” time band in the above maturity analysis. As at 31 March 2019 and 31 March 2018, the aggregate undiscounted principal amounts of these bank and other borrowings amounted to HK$1,813,162,000 and HK$2,529,554,000, respectively. Taking into account the Group’s financial position, the directors of the Company do not believe that it is probable that the banks will exercise their discretionary rights to demand immediate repayment. The directors believe that such term loans are expected to be repaid in accordance with the loan repayment schedules which are repayable by yearly instalment up to September 2023 (2018: September 2023). On this basis, the interest and principal cash flows for the variable interest rate instruments would be as follows: On demand or within one year One to three years Three to five years Over five years Total undiscounted cashflow Carrying amount HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At 31 March 2019 Variable interest rate instruments 3,625,105 9,032,433 6,232,078 287,824 19,177,440 17,838,543 At 31 March 2018 Variable interest rate instruments 4,222,325 5,651,879 2,394,188 270,210 12,538,602 11,947,422 The cash flows presented above for variable interest rate financial liabilities is subject to change if changes in interest rates differ from those at the end of the reporting period adopted in the above calculation.