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At end-2002, the credit facilities available to the
Group for drawdown totalled $2.4 billion. As
90% was utilised, the unutilised balance was
10% or $254 million. This did not include cash
in hand and on deposit of $342 million. Of the
credit facilities that were drawndown, 33% was
in fixed rate borrowings and 67% in floating
rate borrowings.
During the year, funds were raised by way of
issuance of notes under the US$800 million
Multicurrency Medium Term Note Programme
and the monetisation of future residential
receivables.
For 2002, the Group’s interest cover was 2.4
times compared with 1.3 times for the previous
year. The effective cost of borrowing was 2.6%
compared with 4.4% in 2001. Net interest cost
expensed and capitalised totalled $56.1 million,
whilst average net borrowings amounted to
$2,121 million.
Secured borrowings as a percentage of total
borrowings at 31 December 2002 amounted to
10.2%, a reduction from 15.3% in 2001.
With net borrowings of $1.8 billion at
31 December 2002, the Group’s debt-equity
ratio (including minority interests) was 109%.
At the previous year-end, the Group’s
debt-equity ratio was higher at 130%. The lower
gearing at end-2002 was due to the reduction
in borrowings, partly offset by the decrease in
the Group’s shareholders’ funds.
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