Financing Gearing Ratio and Interest Cover 30th June 31st December 2024 2023 2023 (1) Gearing ratio 13.3% 10.2% 12.7% Six months ended Year ended 30th June 31st December 2024 2023 2023 (1) Interest cover – times Per financial statements 6.9 16.1 10.0 Underlying 10.8 24.8 26.8 Cash interest cover – times (1) Per financial statements 3.8 5.5 4.0 Underlying 5.8 8.4 10.0 (1) Refer to Glossary on page 79 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 2024 and 31st December 2023: 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 2024 2023 2024 2023 2024 2023 HK$M HK$M HK$M HK$M HK$M HK$M Hong Kong Entities 10,521 10,228 3,539 3,444 2,408 2,408 Chinese Mainland Entities 9,255 7,042 4,192 3,403 1,502 1,449 U.S.A. and other Entities 239 86 108 64 152 139 Total 20,015 17,356 7,839 6,911 4,062 3,996 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 16.1%. 52 Swire Properties Limited Interim Report 2024