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At end-2000, the credit facilities available to the Group for drawdown
totalled $2.7 billion. As 89% was utilised, the unutilised balance was 11% or
$282 million. This did not include cash in hand and on deposit of $236 million.
Of the credit facilities that were drawn down, 35% was in fixed rate borrowings
and 65% in floating rate borrowings.
During the year, funds were raised by way of (a) further issues of Floating
Rate Notes, and (b) increased borrowings from related companies.
For 2000, the Group’s interest cover was 1.9 times compared with 2 times
for the previous year. The effective cost of borrowing was 4.5% compared with
4.2% in 1999. Net interest cost expensed and capitalised totalled $96.5 million,
while average net borrowings amounted to $2,164.7 million.
Secured borrowings as a percentage of total borrowings at 31 December 2000
amounted to 11.4%, a decrease from 19.3% in 1999.
With total borrowings of $2.4 billion at 31 December 2000, the Group’s
debt-equity ratio was 107%. Taking cash in hand and on deposit into account, the
ratio was 98%. At the previous year-end, the Group’s debt-equity ratios were
higher at 108% and 100% respectively. The lower gearing at end-2000 was due
mainly to the Group’s increase in shareholders’ funds.
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