147 SWIRE PROPERTIES ANNUAL REPORT 2024 2. Financial Risk Management (continued) (iv) Liquidity exposure The Group takes liquidity risk into consideration when deciding its sources of funds and their tenors, so as to avoid over reliance on funds from any one source and to prevent substantial refinancing in any one period. Cash flow forecasting is performed in the operating entities of the Group and aggregated by the head office. The head office monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans, covenant compliance, compliance with internal balance sheet ratio targets and, if applicable, external regulatory or legal requirements. The tables below analyse the contractual undiscounted cash flows of the Group’s non-derivative financial liabilities and net- settled derivative financial liabilities by relevant maturity groupings based on the remaining periods at the year-end date to the earliest contractual maturity dates. At 31st December 2024 Note Carrying amount HK$M Total contractual undiscounted cash flow HK$M Within 1 year or on demand HK$M More than 1 year but less than 2 years HK$M More than 2 years but less than 5 years HK$M More than 5 years HK$M Trade creditors 27 933 933 933 – – – Rental deposits from tenants 27 2,942 2,942 756 590 1,251 345 Other payables 27 7,465 7,465 7,465 – – – Put option in respect of a non-controlling interest 27 653 653 653 – – – Lease liabilities 28 520 593 102 85 191 215 Borrowings (including interest obligations) 29 48,347 51,851 8,076 12,059 29,753 1,963 Derivative financial instruments 30 19 19 – – 19 – Financial guarantee contracts 38 – 4,208 4,208 – – – 60,879 68,664 22,193 12,734 31,214 2,523 At 31st December 2023 Note Carrying amount HK$M Total contractual undiscounted cash flow HK$M Within 1 year or on demand HK$M More than 1 year but less than 2 years HK$M More than 2 years but less than 5 years HK$M More than 5 years HK$M Trade creditors 27 1,046 1,046 1,046 – – – Rental deposits from tenants 27 2,965 2,965 871 586 1,158 350 Other payables 27 5,138 5,138 5,138 – – – Put option in respect of a non-controlling interest 27 613 613 613 – – – Lease liabilities 28 607 701 99 100 215 287 Borrowings (including interest obligations) 29 41,169 45,531 9,053 7,207 26,830 2,441 Derivative financial instruments 30 22 22 – – 22 – Financial guarantee contracts 38 – 4,069 4,069 – – – 51,560 60,085 20,889 7,893 28,225 3,078