NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 21 INTEREST-BEARING BORROWINGS Group Company Note 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Term loans 22 8,362,956 7,424,542 6,962,618 6,416,821 Bonds and notes 23 3,488,341 2,859,569 2,233,752 2,039,735 Bank loans 24 1,184,514 1,016,192 1,136,557 772,883 Bank overdrafts 18 277,338 325,630 – – 13,313,149 11,625,933 10,332,927 9,229,439 Non-current 8,717,481 7,713,087 6,556,534 6,714,608 Current 4,595,668 3,912,846 3,776,393 2,514,831 13,313,149 11,625,933 10,332,927 9,229,439 Information about the Group’s and the Company’s exposure to interest rate, foreign currency and liquidity risks is included in note 41. 22 TERM LOANS Group Company Note 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Secured 522,564 489,950 – – Unsecured 7,840,392 6,934,592 6,962,618 6,416,821 21 8,362,956 7,424,542 6,962,618 6,416,821 The term loans are obtained from banks and financial institutions. The secured term loans are generally secured by: – mortgages on the borrowing subsidiaries’ property, plant and equipment, investment properties and development properties (see notes 4, 5 and 13); – assignment of all rights and benefits to sale, lease and insurance proceeds in respect of certain property, plant and equipment, investment and development properties; and – pledge on cash deposits of $120.8 million (2023: $119.4 million). The Group’s secured term loans bore interest at 1.65% to 5.42% (2023: 1.13% to 6.46%) per annum as at 31 December 2024. Included in term loans of the Group as at 31 December 2024 is term loans of $192.4 million (2023: $109.8 million) to certain subsidiaries which were also secured by guarantees from their intermediate and/or immediate holding companies. The Group’s unsecured term loans bore interest at 0.87% to 6.41% (2023: 0.83% to 6.63%) per annum as at 31 December 2024. The Company’s unsecured term loans bore interest at 0.87% to 6.41% (2023: 0.83% to 6.49%) per annum as at 31 December 2024. Certain subsidiaries of the Group are subject to fulfilment of covenants relating to certain subsidiaries’ balance sheet ratios on an on-going basis in connection with their banking facilities undertaken. The Group regularly monitors its compliance with these covenants. The Group has complied with the covenants throughout the period and expects to comply with the covenants for at least 12 months after the reporting date. Accordingly, the loans are classified as non-current liabilities as at 31 December 2024. Any failure to comply with the covenants may result in the loans becoming payable on demand. FINANCIALS CITY DEVELOPMENTS LIMITED 146
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