NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 21 INTEREST-BEARING BORROWINGS Group Company Note 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Term loans 22 8,902,997 8,362,956 7,260,103 6,962,618 Bonds and notes 23 3,506,934 3,488,341 2,433,426 2,233,752 Bank loans 24 943,131 1,184,514 801,631 1,136,557 Bank overdrafts 18 43,245 277,338 – – 13,396,307 13,313,149 10,495,160 10,332,927 Non-current 10,220,530 8,717,481 7,672,641 6,556,534 Current 3,175,777 4,595,668 2,822,519 3,776,393 13,396,307 13,313,149 10,495,160 10,332,927 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 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Secured 280,533 522,564 – – Unsecured 8,622,464 7,840,392 7,260,103 6,962,618 21 8,902,997 8,362,956 7,260,103 6,962,618 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 $73.4 million (2024: $92.6 million). The Group’s secured term loans bore interest at 2.25% to 4.60% (2024: 1.65% to 5.42%) per annum as at 31 December 2025. Included in term loans of the Group as at 31 December 2025 is term loans of $125.6 million (2024: $192.4 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 1.17% to 5.33% (2024: 0.87% to 6.41%) per annum as at 31 December 2025. The Company’s unsecured term loans bore interest at 1.17% to 5.33% (2024: 0.87% to 6.41%) per annum as at 31 December 2025. 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 2025 and 31 December 2024. Any failure to comply with the covenants may result in the loans becoming payable on demand. ANNUAL REPORT 2025 | 169
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