SWIRE PROPERTIES ANNUAL REPORT 2023 Gearing Ratio and Interest Cover The following graphs illustrate the gearing ratio and underlying interest cover for each of the last five years: Gearing Ratio HK$M Ratio (%) 350,000 35 300,000 30 250,000 25 200,000 20 Total equity 150,000 15 Net debt 100,000 10 50,000 5 Gearing ratio 0 0 2019 2020 2021 2022 2023 Underlying HK$M Times Interest Cover 28,000 112 24,000 96 Underlying operating profit 20,000 80 Net finance charges 16,000 64 12,000 48 Capitalised interest 8,000 32 4,000 16 Underlying interest cover Underlying cash interest cover 0 0 2019 2020 2021 2022 2023 87