82 MANAGEMENT DISCUSSION & ANALYSIS FINANCING Changes in Financing Audited Financial Information During the year, the Group raised approximately HK$10,822 million. This comprised: • term and revolving loan facilities aggregating HK$3,892 million • medium term notes aggregating HK$6,930 million During the year, the Group made various repayments of debt. This comprised: • repayment of term and revolving loan facilities aggregating HK$6,435 million • repayment of medium term notes of HK$1,100 million Loans and bonds Lease liabilities HK$M Total 2024 HK$M 2023 HK$M due within one year HK$M due after one year HK$M At 1st January 7,563 33,606 607 41,776 23,449 Loans drawn and refinanced 800 7,608 – 8,408 11,523 Bonds issued – 6,904 – 6,904 6,742 Bonds matured (1,100) – – (1,100) (200) Repayment of loans (6,435) – – (6,435) (2,930) Acquisition of subsidiary companies – – – – 3,193 New leases arranged during the year – – 12 12 62 Principal elements of lease payments – – (83) (83) (82) Reclassification 6,073 (6,073) – – – Currency adjustment (156) (505) (17) (678) (43) Other non-cash movements 15 47 1 63 62 At 31st December 6,760 41,587 520 48,867 41,776 Net Debt Audited Financial Information Net debt at 31st December 2024 was HK$43,746 million, compared with HK$36,679 million at 31st December 2023. The increase in net debt principally reflected capital and development expenditure and investment in joint venture companies in Hong Kong and the Chinese Mainland. The Group’s borrowings are principally denominated in Hong Kong dollars, Renminbi and United States dollars. Outstanding borrowings at 31st December 2024 and 2023 were as follows: 2024 HK$M 2023 HK$M Borrowings included in non-current liabilities Bank borrowings 19,596 13,159 Bonds 21,991 20,447 Borrowings included in current liabilities Bank borrowings 1,844 6,463 Bonds 4,916 1,100 Total borrowings 48,347 41,169 Lease liabilities Included in non-current liabilities 434 527 Included in current liabilities 86 80 Less: short-term deposits and bank balances 5,121 5,097 Net debt 43,746 36,679