Bank and Other Borrowings As at 31 December 2021 USD 51% RMB 15% JPY 13% SGD 12% AUD 6% HKD 3% Cash and Bank Balances As at 31 December 2021 USD 41% RMB 18% AUD 15% JPY 13% SGD 9% HKD 2% KRW 1% OTHERS 1% reduction as sustainability targets are achieved. The first US$500 million was drawn down in November 2021 and another US$500 million has been drawn down post year-end. Subsequent to year-end, the Company further secured a 5-year senior unsecured, committed corporate SLL of JPY28 billion (approximately US$243 million) with an option to upsize to JPY35 billion (approximately US$303 million). Similar to the SLL US$1 billion corporate facility, the Company will be entitled to a reduction of interest rate (currently at Tibor plus 1.80%) as sustainability targets are achieved. On 3 February 2022, the Company made repayment in full of its S$350 million 6.75% fixed-rate notes issued pursuant to the EMTN Programme. Together with new borrowings entered into during FY2021, these have further lowered the Group’s overall cost of funding. The Group manages its interest rates exposure by maintaining a combination of fixed and floating rate borrowings. As of 31 December 2021, 30% of the Group’s borrowings were on fixed rate while the remaining 70% 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 4.1% at end-December 2021, 50bps lower than 4.6% at end-December 2020. 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 4.5 years as of 31 December 2021, from 3 years as of 31 December 2020. Subsequent to year-end, the Group had repaid approximately US$450 million (i.e., 35%) of the US$1.3 billion borrowings due within a year which included the S$350 million 6.75% fixed-rate notes; with another US$425 million (i.e., 32%) relating to its US$425 million 7.875% fixed-rate notes to be repaid on 4 April 2022. The Group has exposures to foreign exchange rate fluctuations primarily from its investments and income from its subsidiaries, associates and joint ventures in 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 2021, currency profile of the Group’s cash and bank balances; and bank and other borrowings are as below: CHARGE OF ASSETS As of 31 December 2021, 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 2021, neither the Group nor the Company had any significant contingent liabilities. 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 21
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