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PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
FINANCIAL REVIEW
DEBT PROFILE
Perennial regularly reviews its debt maturity profile as
part of its disciplined financial management. The tenure
of new loans or refinancing would be spread out where
possible, to mitigate concentration and refinancing risks.
Perennial also strives to strike a balance between managing
its average interest cost and extending its debt maturity
profile. For the Period, Perennial’s weighted average
interest rate of its total borrowings was 3.4% per annum.
As at end 2015, Perennial has a weighted average debt
maturity profile of 2.1 years.
As at 31 December 2015, Perennial's borrowings
comprised 95.9% denominated in Singapore dollar and
4.1% denominated in Renminbi. Where practicable,
Perennial will borrow in the same functional currencies
of its overseas projects to achieve a natural foreign
exchange hedge.
1 Being the gross amount, without amortised transaction costs.
Debt Maturity Profile
S$M
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Total
2016
2018
2017
2019
22
2020
2021
4
1,172
558
170
1,926
Singapore Loans
1
China Loans
1
Fixed Rate Notes
1
Retail Bonds
1
CASH FLOWS
As at 31 December 2015, Perennial has a cash
balance of S$162 million. For the Period, net cash of
S$88.2 million was used in operating activities, mainly
towards properties under development as well as
settlement of trade payables.
Net cash used in investing activities of S$228.8 million
was mainly for acquisition of associates and capital
expenditure incurred in investment properties. Net cash
from financing activities of S$475.7 million mainly arose
from net proceeds from borrowings, issuance of Fixed
Rate Notes and Retail Bonds.
