81 SWIRE PROPERTIES ANNUAL REPORT 2024 • Capital Structure • Medium Term Note Programme • Changes in Financing • Net Debt • Sources of Finance – Loans and Bonds – Bank Balances and Short-term Deposits • Maturity Profile and Refinancing • Currency Profile • Finance Charges • Gearing Ratio and Interest Cover • Capital Management • Attributable Net Debt • Debt in Joint Venture and Associated Companies Capital Structure The Group aims to maintain a capital structure which enables it to invest in and finance projects in a disciplined and targeted manner. The Group’s primary objectives when managing capital are to safeguard the Group’s ability to operate as a going concern, so that it can continue to provide returns for shareholders, and to secure access to finance at a reasonable cost. The Group considers a number of factors in monitoring its capital structure, which principally include the gearing ratio, cash interest cover and the return cycle of its investments. Medium Term Note Programme In 2012, Swire Properties MTN Financing Limited, a wholly-owned subsidiary of the Company, established a US$3 billion Medium Term Note (“MTN”) Programme. The aggregate nominal amount of the MTN Programme was increased to US$4 billion in 2017. Notes issued under the MTN Programme are unconditionally and irrevocably guaranteed by the Company. At 31st December 2024, the MTN Programme was rated A by Fitch and (P)A2 by Moody’s, in each case in respect of notes with a maturity of more than one year. The MTN Programme enables the Group to raise money directly from the capital markets. Under the MTN Programme, notes may be issued in United States dollars or in other currencies, in various amounts and for various tenors. FINANCING