Annual Report 2023

ANNUAL REPORT 2023 23 Note 2 Net interest-bearing debts and lease liabilities divided by total equity. As at 31 December 2023, the Group’s net gearing ratio Note 2 was approximately 20.8%. The Group had aggregate bank loans, notes payable and perpetual capital securities of HK$27,101 million as at 31 December 2023 that contain customary cross default provisions. As at 31 December 2023, the Group’s outstanding bank and other borrowings amounted to HK$36,308 million (as at 31 December 2022: HK$34,529 million). The analysis is as below: 2023 2022 HK$’million HK$’million Floating-rate bank loans which are repayable as follows (Note): Within 1 year 15,795 7,867 Between 1 and 2 years 4,715 592 Between 2 and 5 years 1,559 4,043 More than 5 years 1,330 627 23,399 13,129 Fixed-rate bank loans which are repayable as follows: Within 1 year — 224 Between 2 and 5 years 28 28 28 252 Notes payable which are repayable: In 2023 — 7,008 In 2025 3,903 3,890 In 2027 3,897 3,885 In 2028 4,656 4,638 12,456 19,421 Loans from a fellow subsidiary which are repayable as follows: Within 1 year 267 4 Between 1 and 2 years — 217 More than 5 years 158 48 425 269 Loan from immediate holding company Repayable within 1 year — 1,458 Note: All loans are unsecured except for the secured loans from banks of HK$1,370 million (2022: HK$1,241 million).