4.5.6Other Current Liabilities
|
31 December 2021 |
31 December 2020 |
||
|---|---|---|---|
|
Trade payables |
1 |
0 |
|
|
Amounts owed to Group companies |
2 |
19 |
|
|
Taxation and social security costs |
0 |
0 |
|
|
Other liabilities |
8 |
7 |
|
|
Total current liabilities |
11 |
26 |
The other current liabilities fall due in less than one year. The fair value of other current liabilities approximates the book value, due to their short-term character.
As per year-end 2021, the Company has a payable due to SBM Holding Inc. S.A. (the cash pool leader of SBM Group) amounting to US$2 million (2020: US$19 million). The lending conditions applied to the outstanding amounts between the cash pool leader and the Company are as follows:
- Fixed fee: the cash pool leader charges a handling fee of 0.075% to the Company;
- Interest rate: the cash pool leader charges an interest of 0.25% (2020: 0.5%) to the Company.
Intercompany payable from group companies outside of the cash pool are free of interest, therefore no interest is imputed. In respect of repayment, no formal agreements have been made.