SWIRE PROPERTIES ANNUAL REPORT 2023 FINANCING • Capital Structure The Group considers a number of factors in monitoring • Medium Term Note Programme its capital structure, which principally include the gearing • Changes in Financing ratio, cash interest cover and the return cycle of its • Net Debt 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 a • Currency Profile US$3 billion Medium Term Note (“MTN”) Programme. • Finance Charges The aggregate nominal amount of the MTN Programme • Gearing Ratio and Interest Cover was increased to US$4 billion in 2017. Notes issued under • Capital Management the MTN Programme are unconditionally and irrevocably • Attributable Net Debt guaranteed by the Company. At 31st December 2023, • Debt in Joint Venture and Associated Companies the MTN Programme was rated A by Fitch and (P)A2 by Capital Structure Moody’s, in each case in respect of notes with a maturity of more than one year. The Group aims to maintain a capital structure which The MTN Programme enables the Group to raise money enables it to invest in and finance projects in a disciplined directly from the capital markets. Under the MTN and targeted manner. Programme, notes may be issued in United States The Group’s primary objectives when managing capital are dollars or in other currencies, in various amounts and for to safeguard the Group’s ability to operate as a going various tenors. concern, so that it can continue to provide returns for shareholders, and to secure access to finance at a reasonable cost. 81