Annual Report 2023

Management Discussion and Analysis CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED 24 The bank and other borrowings are denominated in the following currencies: Bank loans Notes payable Loans from a fellow subsidiary Loan from immediate holding company Total HK$’million HK$’million HK$’million HK$’million HK$’million As at 31 December 2023 HKD & USD 12,019 12,456 — — 24,475 RMB 11,182 — 425 — 11,607 Brazilian Real 226 — — — 226 23,427 12,456 425 — 36,308 As at 31 December 2022 HKD & USD 1,721 19,421 — — 21,142 RMB 10,950 — 269 1,458 12,677 EURO 381 — — — 381 Brazilian Real 329 — — — 329 13,381 19,421 269 1,458 34,529 ASSETS CHARGE As at 31 December 2023, loans from banks of HK$1,370 million (2022: HK$313 million) borrowed by subsidiaries of the Company were secured by right-of-use assets with carrying value of HK$34 million (2022: HK$37 million). In addition, as at 31 December 2022, the entire shareholdings in two subsidiaries respectively owned by the Company and its subsidiary were pledged to various banks for bank loans of HK$928 million. RATINGS In 2023, international credit rating agencies Standard and Poor’s upgraded the rating on the Group to BBB+ and affirmed the “stable” outlook; while Moody’s maintained the Baa1 investment rating on the Group and the “stable” outlook. During the year, the Group was rated A- in the 2023 Sustainability Performance Assessment conducted by the Hong Kong Quality Assurance Agency (2022: A-). The Group’s ESG rating was upgraded to BB by MSCI (2022: CCC).