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At end-2001, the credit facilities available to the
Group for drawdown totalled $2.9 billion. As 90%
was utilised, the unutilised balance was 10% or
$289 million. This did not include cash in hand and
on deposit of $238 million. Of the credit facilities that
were drawndown, 27% was in fixed rate borrowings
and 73% in floating rate borrowings.
During the year, funds were raised by way of increased
borrowings from banks and from related companies.
For 2001, the Group’s interest cover was 1.3 times
before provisions for write-down in the values of the
Group’s landbank compared with 1.9 times for the
previous year. The effective cost of borrowing was
4.4% compared with 4.5% in 2000. Net interest
cost expensed and capitalised totalled $100.5 million,
whilst average net borrowings amounted to
$2,291 million.
Secured borrowings as a percentage of total
borrowings at 31 December 2001 amounted to
15.3%, an increase from 11.4% in 2000.
With total borrowings of $2.6 billion at
31 December 2001, the Group’s debt-equity ratio
(including minority interests) was 140%. Taking cash
in hand and on deposit into account, the ratio was
128%. At the previous year-end, the Group’s
debt-equity ratios were lower at 92% and 83%
respectively. The higher gearing at end-2001 was due
to an increase in borrowings and a decrease in the
Group’s shareholders’ funds.
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