Capital Management LOAN REFINANCING AND MATURITY EXTENSION In FY 2024, CLCT successfully refinanced approximately S$183.0 million in debt, extending their maturities to FY2029. This includes the issuance of a RMB400 million bond in October 2024. The Manager has proactively managed the upcoming debt facilities due in FY 2025 by securing committed facilities, of which S$80.0 million was refinanced as at 31 December 2024, with maturity extended to FY 2031. These strategic initiatives have contributed to a welldistributed debt maturity profile, with an improved average term to maturity of 3.4 years and average cost of debt of 3.51% per annum. Recognising the importance of diversification and risk mitigation, we will continue to review and optimise our debt portfolio through tapping various sources of funding and expanding CLCT’s range of financing partners to minimise refinancing risks. SUSTAINABLE FINANCING In October 2023, we established a Sustainability-Linked Financing Framework and obtained a Second-Party Opinion from Moody’s Investors Service. As at 31 December 2024, sustainability-linked loans accounted for 42% of our total outstanding debt, an increase from 31% in the previous year. This growth underscores our dedication to aligning capital management strategies with broader sustainability objectives. HEDGING STRATEGIES Effective capital management at CLCT also involves robust hedging strategies to manage currency and interest rate exposures. As at 31 December 2024, 87%1 of our total gross borrowings was on fixed interest rates, effectively mitigating interest rate volatility. In addition, 69%2 of our undistributed distributable income was hedged into SGD, reducing our foreign currency risk and contributing to greater stability in unitholder returns. CLCT holds derivative financial instruments to hedge its currency and interest rate risk exposures. The fair value derivatives for FY 2024 comprised financial derivative assets and financial derivative liabilities of S$7.8 million and S$11.5 million respectively. This net amount represents 0.2% of the net assets attributable to Unitholders of CLCT as at 31 December 2024. CASH FLOW AND LIQUIDITY Prudent liquidity management remains at the core of our capital strategy. We closely monitor cash flow to ensure sufficient liquidity for distributions to Unitholders, as well as to meet any near-term financial obligations. 0 100 200 300 400 500 200.0 3.5 150.0 111.3 4.5 9.6 105.0 337.0 76.6 80.0 13.1 324.5 74.2 7.0 200.0 150.0 11.0 S$ million DEBT MATURITY PROFILE (31 December 2024) Offshore SGD Loans Onshore RMB Loans RMB-Denominated Bondsi SGD Notes under MTN Programme 2025 2026 2027 2028 2029 2030 2031 Beyond Total Total Gross Borrowings (S$ million) 203.5 265.8 405.7 361.0 413.6 9.6 93.1 105.0 1,857.3 % of Total Debt maturing by end of the year 11.0% 14.3% 21.8% 19.4% 22.3% 0.5% 5.0% 5.7% 100.0% i Refer to the offshore FTZ bond issued in 2023 and RMB400 million bond issued in October 2024. 1 Excludes onshore RMB loans. 2 Based on undistributed distributable income as at 31 December 2024. 26 CapitaLand China Trust
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