FINANCING • Capital Structure The Group considers a number of factors in monitoring • Medium Term Note Programme its capital structure, which principally include the • Changes in Financing gearing ratio, cash interest cover and the return cycle • Net Debt of its investments. • Sources of Finance – Loans and Bonds Medium Term Note Programme – Bank Balances and Short-term Deposits In 2012, Swire Properties MTN Financing Limited, a • Maturity Profile and Refinancing wholly-owned subsidiary of the Company, established • Currency Profile a US$3 billion Medium Term Note (“MTN”) • Finance Charges Programme. The aggregate nominal amount of the • Gearing Ratio and Interest Cover MTN Programme was increased to US$4 billion in 2017. • Capital Management Notes issued under the MTN Programme are • Attributable Net Debt unconditionally and irrevocably guaranteed by the • Debt in Joint Venture and Associated Companies Company. At 31st December 2022, the MTN Capital Structure Programme was rated A by Fitch and (P)A2 by Moody’s, in each case in respect of notes with a The Group aims to maintain a capital structure which maturity of more than one year. enables it to invest in and finance projects in a disciplined The MTN Programme enables the Group to raise and targeted manner. money directly from the capital markets. Under the The Group’s primary objectives when managing capital are MTN Programme, notes may be issued in US dollars to safeguard the Group’s ability to operate as a going or in other currencies, in various amounts and for concern, so that it can continue to provide returns for various tenors. shareholders, and to secure access to finance at a reasonable cost. 81 SWIRE PROPERTIES ANNUAL REPORT 2022