Annual Report 2023

Notes to the Consolidated Financial Statements For the year ended 31 December 2023 166 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 30. BANK AND OTHER BORROWINGS (CONTINUED) Notes: (continued) (d) Listed notes issued by subsidiaries of the Company amounting to HK$12,456 million (2022: HK$19,421 million) are secured by corporate guarantees provided by the Company. The effective interest rates of the Group’s notes payable are as follows: 2023 2022 US$900 million, 4.375% guaranteed listed notes maturing in 2023 N/A 4.57% US$500 million, 4.75% guaranteed listed notes maturing in 2025 4.83% 4.83% US$500 million, 4% guaranteed listed notes maturing in 2027 4.09% 4.09% US$600 million, 5% guaranteed listed notes maturing in 2028 5.18% 5.18% The fair value of the listed notes payable as at 31 December 2023 was HK$12,461 million (2022: HK$19,207 million). The fair value of the listed notes payable was determined with reference to quoted market price. Other than the listed notes payable, the carrying amounts of the bank and other borrowings approximate their fair values as at 31 December 2023 and 2022. (e) The Group is required to comply with certain financial covenants and non-financial covenants throughout the continuance of the relevant loans. The Group has complied with the covenants throughout the reporting period. (f) As at 31 December 2023, the Group has undrawn facilities of bank loan and other debt financing instruments amounting to HK$19,418 million (2022: HK$26,198 million), of which HK$6,690 million (2022: HK$12,204 million) and HK$12,728 million (2022: HK$13,994 million) are committed and uncommitted credit facilities respectively. (g) The bank and other borrowings as at 31 December 2023 and 2022 are repayable as follows: Bank loans Loans from a fellow subsidiary Loan from immediate holding company Notes payable Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million HK$’million Within 1 year 15,795 8,091 267 4 — 1,458 — 7,008 16,062 16,561 Between 1 and 2 years 4,715 592 — 217 — — 3,903 — 8,618 809 Between 2 and 5 years 1,587 4,071 — — — — 8,553 7,775 10,140 11,846 Within 5 years 22,097 12,754 267 221 — 1,458 12,456 14,783 34,820 29,216 More than 5 years 1,330 627 158 48 — — — 4,638 1,488 5,313 Total 23,427 13,381 425 269 — 1,458 12,456 19,421 36,308 34,529 (h) The effective interest rates of bank loans at the end of the reporting period are as follows: 2023 2022 Hong Kong dollar 5.57% to 6.18% 4.87% to 5.20% Renminbi 1.20% to 3.60% 1.20% to 4.06% Euro N/A 3.72% to 4.25% United States dollar 5.84% to 5.85% 5.17% to 7.08% Brazilian Real 12.45% to 12.90% 13.58%