TOTAL EQUITY Total equity has increased from US$3.8 billion as of 31 December 2020 to US$4.4 billion as of 31 December 2021, primarily from net profit for the year of US$382.7 million and US$256.3 million (net of issuance costs) from the perpetual securities. In March 2021, the Company issued an aggregate principal amount of S$200 million (approximately US$148.6 million) NC5 fixed rate perpetual resettable step-up subordinated securities at a distribution rate of 5.65% ("Perpetual Securities NC5 5.65%") under its US$2.0 billion Multicurrency Debt Issuance Programme. In June 2021, the Company issued a further tranche within the Perpetual Securities NC5 5.65% with an aggregate principal amount of S$150 million (approximately US$111.6 million) bringing the aggregate total amount to S$350 million (approximately US$260.2 million). In addition, there was a gain of US$45.7 million arising from mark-to-market of Group’s investment in listed securities (classified as financial assets at fair value through other comprehensive income). The above increases are partially offset by decreases contributed by translation exchange difference of US$50.9 million mainly from the Group’s Japan and Korea operations arising from strengthening of US dollars against Japanese Yen and Korean Won during the year; and share repurchased of US$42.1 million during the year. E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 19
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