Annual Report 2019

ANNUAL REPORT 2019 37 MANAGEMENT DISCUSSION AND ANALYSIS The table below shows the Group’s debts profile. As at 31 March 2019 As at 31 March 2018 HK$ million HK$ million The Company’s notes 3,509 3,499 Dorsett bonds – 908 Unsecured bank loans 2,809 1,437 Secured bank loans – Property development and investment 7,536 3,954 – Hotel operations and management 6,008 5,787 – Car park operations and facilities management 556 576 – Gaming 94 – – Others 855 211 Total bank loans, notes and bonds 21,367 16,372 As at 31 March 2019, the Group’s undrawn banking facilities were approximately HK$9.0 billion which were all committed banking facilities. Of this amount, approximately HK$5.3 billion was in relation to construction development while the balance of approximately HK$3.7 billion was for the Group’s general corporate use. The unutilized banking facilities together with sale proceeds to be generated from the Group’s upcoming property development projects place the Group in a solid financial position to fund not only its existing business and operations but also to expand its business further. In addition, a total of 8 hotel assets within the Group were unencumbered as at 31 March 2019, the capital value of which amounted to HK$5.0 billion based on independent valuation assessed as at 31 March 2019. These assets can be used as collateral for further bank borrowings which can provide further liquidity for the Group, should this be necessary. Sky Deck, Queen’s Wharf, Brisbane