Notes to the Financial Statements For the financial year ended 31 December 2024 16 BORROWINGS The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M Bank borrowings: – secured 1,569 2,742 – – – unsecured 4,123 7,058 – – 32(d) 5,692 9,800 – – Lease liabilities (d), 32(d) 579 728 88 98 6,271 10,528 88 98 Repayable: Not later than 1 year 1,098 1,014 7 9 Between 1 and 5 years 4,297 7,970 48 46 After 5 years 876 1,544 33 43 After 1 year 5,173 9,514 81 89 6,271 10,528 88 98 (a) The Group’s borrowings are denominated mainly in Singapore Dollars, Chinese Renminbi, Malaysian Ringgit and US Dollars (2023: included Japanese Yen). As at 31 December 2024, the effective interest rates for bank borrowings denominated in these currencies ranged from 3.25% to 7.66% (2023: 0.59% to 7.90%) per annum. (b) As at 31 December 2024, $1,129 million (2023: $1,980 million) of the Group’s borrowings are sustainability-linked loans which are drawn down as part of the Group’s sustainable financing. Under the conditions of these loan agreements, loan margins vary according to the achievements of the Group’s sustainability performance targets that are benchmarked against Global Real Estate Sustainability Benchmark ratings or green building certifications. (c) Bank borrowings are secured by the following assets, details of which are disclosed in the respective notes to the financial statements, where relevant: (i) mortgages on the borrowing subsidiaries’ investment properties, deposits pledged and shares of certain subsidiaries of the Group; and (ii) assignment of all rights, titles and benefits with respect to the properties mortgaged. (d) Lease liabilities relate to the leases of property, plant and equipment (note 3) and investment properties (note 5). 142 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 16 BORROWINGS (continued) (e) The reconciliation of liabilities arising from financing activities were as follows: Non-cash changes Note At 1/1/2024 Financing cashflows* Acquisition of subsidiaries Disposal of subsidiaries Foreign exchange movement Others At 31/12/2024 $’M $’M $’M $’M $’M $’M $’M Bank borrowings 9,800 (1,864) 113 (2,323) (78) 44 ^ 5,692 Debt securities 17 2,062 597 – (1,009) (20) – 1,630 Lease liabilities 728 (64) – (252) (15) 182 # 579 Loans from related corporations 18 126 (7) – – – – 119 Bank borrowings in liabilities held for sale 13 234 (234) – – – – – Loans from associates and joint ventures 72 (18) – – * 3 57 Non-cash changes Note At 1/1/2023 Financing cashflows* Acquisition of subsidiaries Disposal of subsidiaries Foreign exchange movement Others At 31/12/2023 $’M $’M $’M $’M $’M $’M $’M Bank borrowings 10,429 (166) – (329) (147) 13^ 9,800 Debt securities 17 1,502 586 – – (25) (1) 2,062 Lease liabilities 659 (61) – – (6) 136 # 728 Loans from related corporations 18 70 56 – – – – 126 Bank borrowings in liabilities held for sale 13 – – – 234 – – 234 Loans from associates and joint ventures 108 (34) – – (2) – 72 * Cashflows from financing activities presented in the consolidated statement of cash flows include interest expense paid of $498 million (2023: $481 million) which are included under accruals, amounts due to associates, joint ventures, related corporations and non-controlling interests of note 15 – trade and other payables. There are no material non-cash changes associated with interest payables. ^ Includes bank borrowings of $43 million (2023: $9 million) under Operating cashflows. # Relates mainly to new leases contracted during the year. 143 Annual Report 2024
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