FORWARD TOGETHER 40 Capital Management The Group manages and monitors its debt maturity profile proactively. It also ensures sufficient cash reserves are maintained and disciplined in refinancing existing borrowings to meet the Group’s short-term obligations, ongoing developments, and investments opportunities. After refinancing with longer tenor corporate borrowings, the Group’s weighted average debt maturity had increased to approximately 5.1 years as of 31 December 2022, from 4.5 years as of 31 December 2021. The Group manages its interest rates exposure by maintaining a combination of fixed and floating rate borrowings. As of 31 December 2022, 15% of the Group’s borrowings were on fixed rate while the remaining 85% were on floating rate basis. In managing the interest rate profile, the Group considers interest rate outlook and holding periods of its investment profile. The Group’s weighted average interest rate was 4.2% at end-December 2022. The Group has exposures to foreign exchange rate fluctuations primarily from its investments and income from its subsidiaries, associates and joint ventures, including Greater China, Japan, South Korea, Australia, Singapore and India. The Group manages and minimises its foreign currency exposures by natural hedges using various currencies via project and corporate level. Operating and development activities of each country are funded mainly through project level debts and operating income that are in their respective local currencies. At corporate level, the Group currently fund some of its investments through corporate borrowings in the currency of the country in which the investment is located. The Group continues to closely monitor the interest and exchange rates movements and evaluate such impact to its portfolio. The Group will consider using financial derivatives as additional tools when appropriate to manage foreign currency and interest rate exposures. As of 31 December 2022, currency profile of the Group’s cash and bank balances; and bank and other borrowings are as below: Cash and Bank Balances* As of 31 December 2022 32% USD 15% SGD 14% RMB 13% JPY 8% HKD 8% AUD 6% KRW 2% Others Bank and Other Borrowings* As of 31 December 2022 32% USD 21% SGD 20% JPY 11% RMB 5% AUD 11% HKD 1% Others CHARGE OF ASSETS As of 31 December 2022, certain of the Group’s assets were pledged to secure bank and other borrowings granted to the Group. The details of charged assets are disclosed in Note 25 to the Consolidated Financial Statements. Except for the aforementioned charges, all the Group’s assets are free from any encumbrances. CONTINGENT LIABILITIES As of 31 December 2022, neither the Group nor the Company had any significant contingent liabilities. * Percentages may not sum up due to rounding
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