Financing Changes in Financing Financial Information Reviewed by Auditors Analysis of Changes in Financing Six months ended Year ended 30th June 2023 31st December 2022 Loans and Lease Loans and Lease bonds liabilities bonds liabilities HK$M HK$M HK$M HK$M At 1st January 22,835 614 24,601 566 Loans drawn and refinanced 5,088 – 7,237 – Bonds issued 3,251 – – – Bonds matured (200) – (3,899) – Repayment of loans (830) – (5,110) – Acquisition of subsidiaries 3,151 42 – – New leases arranged during the period – 54 – 160 Principal elements of lease payments – (38) – (66) Currency adjustment (235) (20) 2 (46) Other non-cash movements 48 1 4 – At 30th June/31st December 33,108 653 22,835 614 Net Debt Financial Information Reviewed by Auditors Net debt at 30th June 2023 was HK$29,514 million, compared with HK$18,947 million at 31st December 2022. The increase in net debt principally reflected capital and development expenditure and investment in joint venture companies and acquisitions of subsidiary companies. 46 Swire Properties Limited Interim Report 2023