Financing Changes in Financing Financial Information Reviewed by Auditors Analysis of Changes in Financing Six months ended Year ended 30th June 2024 31st December 2023 Loans and Lease Loans and Lease bonds liabilities bonds liabilities HK$M HK$M HK$M HK$M At 1st January 41,169 607 22,835 614 Loans drawn and refinanced 2,650 – 11,523 – Bonds issued 1,879 – 6,742 – Bonds matured (300) – (200) – Repayment of loans (2,350) – (2,930) – Acquisition of subsidiary companies – – 3,151 42 New leases arranged during the period – 14 – 62 Principal elements of lease payments – (39) – (82) Currency adjustment (323) (14) (27) (16) Other non-cash movements 30 1 75 (13) At 30th June/31st December 42,755 569 41,169 607 Net Debt Financial Information Reviewed by Auditors Net debt at 30th June 2024 was HK$37,796 million, compared with HK$36,679 million at 31st December 2023. The increase in net debt principally reflected capital and development expenditure and investment in joint venture companies in Hong Kong and the Chinese Mainland. 48 Swire Properties Limited Interim Report 2024