ESR Group Limited Annual Report 2023 33 STRATEGIC REPORTS CORPORATE GOVERNANCE FINANCIAL STATEMENTS 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 funds some of its investments through corporate borrowings in the currency of the country in which the investment is located. The Group monitors closely the interest and exchange rates movements and assesses the use of financial derivatives as additional tools when appropriate to manage foreign currency and interest rate exposures. As of 31 December 2023, 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 2023 24% USD 21% RMB 6% HKD 19% SGD 5% KRW 10% AUD 11% JPY 3% Others US$1.0 billion Bank and Other Borrowings As of 31 December 2023 24% SGD 23% JPY 4% AUD 19% HKD 1% Others 12% RMB 17% USD US$6.0 billion * Percentages may not sum up due to rounding. CHARGE OF ASSETS As of 31 December 2023, 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 2023, neither the Group nor the Company had any significant contingent liabilities.
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