Financing Gearing Ratio and Interest Cover 30th June 31st December 2023 2022 2022 Restated (1) Gearing ratio 10.2% 5.3% 6.5% Six months ended Year ended 30th June 31st December 2023 2022 2022 Restated (1) Interest cover – times Per financial statements 16.1 61.9 48.3 Underlying 24.8 85.1 74.7 Cash interest cover – times (1) Per financial statements 5.5 13.9 12.1 Underlying 8.4 13.6 13.4 (1) Refer to Glossary on page 83 for definitions. Debt in Joint Venture and Associated Companies In accordance with Hong Kong Financial Reporting Standards, the net debt of the Group reported in the consolidated statement of financial position does not include the net debt of its joint venture and associated companies. These companies had the following net debt positions at 30th June 2023 and 31st December 2022: Net Debt of Joint Venture and Portion of Net Debt Debt Guaranteed by Associated Companies Attributable to the Group the Group 30th June 31st December 30th June 31st December 30th June 31st December 2023 2022 2023 2022 2023 2022 HK$M HK$M HK$M HK$M HK$M HK$M Hong Kong Entities 10,330 10,402 3,451 3,472 2,408 2,408 Chinese Mainland Entities 11,675 15,171 5,290 7,532 1,298 1,203 U.S.A. and other Entities 15 542 16 461 142 570 Total 22,020 26,115 8,757 11,465 3,848 4,181 If the attributable portion of the net debt in joint venture and associated companies were to be added to the Group’s net debt, gearing would rise to 13.3%. 50 Swire Properties Limited Interim Report 2023