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The Group's cash position as at end-2009
was increased to about $892.7 million
compared with $626.4 million a year ago
due to the completion of rights issue
during the year, which saw the Company
raising a total rights proceeds of about
$707.6 million. As a result, the Group's
net borrowings reduced to $834.0 million
as at end-2009, and the debt-equity ratio
improved to 22% from 52% previously.
Total loans outstanding as at year-end
amounted to $1.7 billion, representing
53% of the total available facilities of
$3.3 billion. Out of the total loans of
$1.7 billion outstanding, only 19.5%,
amounting to about $336.7 million, was
secured by certain subsidiary companies
which pledged their assets (with a net
book value of about $1,189.2 million)
to the financial institutions.
The maturity profile of the loans
is as follows:
| $ million |
| Due in 2010 | 823 |
| Due in 2011 | |
| -Financial institutions | 20 |
| -Related company | 391 |
| Due in 2012 and 2013 | 493 |
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As the Group operates primarily in
Singapore, China, Vietnam, Indonesia
and India, it is exposed to currency risks.
The Group will, as far as practicable,
borrow in the same functional currencies
of its overseas operations to achieve a
natural hedge. The loans are denominated
in the following currencies:
| $ million |
| Singapore dollar | 1,540 |
| United States dollar | 97 |
| Indonesian rupiah | 45 |
| Hong Kong dollar | 19 |
| Vietnamese dong | 14 |
| Thai baht | 11 |
| Indian rupee | 1 |
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In 2009, net interest expense charged
to the profit and loss account amounted
to $9.8 million and $19.3 million was
capitalised under properties held for
sale and investment properties.
Fixed and floating interest rate loans at
end-2009 were in the proportion of 26%
and 74% respectively. As interest rates
moved down during the year, the
average net cost of funds in 2009
was 2.3%, lower than 2.5% in 2008.
Interest cover was 13.1 times compared
with 11.1 times in 2008.
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