Notes to the Financial Statements For the financial year ended 31 December 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 12. LOANS AND BORROWINGS Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Non-current liabilities Bank loans (secured) 1,750,685 1,119,316 – – Bank loans (unsecured) 169,607 359,147 – – Medium term notes (unsecured) 298,096 77,632 – 77,632 2,218,388 1,556,095 – 77,632 Current liabilities Bank loans (secured) 496,646 943,581 – – Bank loans (unsecured) 748,259 678,593 – – Medium term notes (unsecured) 77,709 – 77,709 – Convertible bonds (unsecured) 28,286 21,128 – – 1,350,900 1,643,302 77,709 – The Group and the Company’s exposure to liquidity and market risks related to loans and borrowings are disclosed in Note 23. Terms and debt repayment schedule Terms and conditions of outstanding loans and borrowings are as follows: Currency Nominal interest rate per annum Year of maturity Face value Carrying amount % $’000 $’000 Group 31 December 2025 Bank loans (secured) RMB 3.75 – 6.65 2026 - 2035 451,703 451,500 Bank loans (secured) HKD 4.99 – 7.87 2026 - 2027 127,073 126,784 Bank loans (secured) SGD 2.31 – 6.94 2026 - 2028 1,675,349 1,669,047 Bank loans (unsecured) RMB 4.00 – 4.50 2026 14,852 14,830 Bank loans (unsecured) SGD 2.84 – 6.94 2026 - 2027 904,000 903,036 Medium term notes (unsecured) (1) SGD 6.50 2026 33,500 33,489 Medium term notes (unsecured) (1) SGD 6.50 2026 44,250 44,220 Medium term notes (unsecured) (1) SGD 5.75 2028 200,000 198,956 Medium term notes (unsecured) (1) SGD 5.00 2030 100,000 99,140 Convertible bonds (unsecured) SGD 3.00 2026 28,520 28,286 3,579,247 3,569,288 31 December 2024 Bank loans (secured) RMB 4.08 – 5.00 2025 – 2034 265,878 265,017 Bank loans (secured) HKD 7.59 – 8.57 2025 – 2026 134,096 133,821 Bank loans (secured) SGD 4.38 – 7.69 2025 – 2027 1,669,699 1,664,059 Bank loans (unsecured) RMB 4.50 2025 20,407 20,380 Bank loans (unsecured) SGD 4.50 – 7.69 2025 – 2027 1,018,490 1,017,360 Medium term notes (unsecured) (1) SGD 6.50 2026 44,250 44,205 Medium term notes (unsecured) (1) SGD 6.50 2026 33,500 33,427 Convertible bonds (unsecured) SGD 3.00 2025 19,000 21,128 3,205,320 3,199,397 12. LOANS AND BORROWINGS (continued) Terms and debt repayment schedule (continued) Currency Nominal interest rate per annum Year of maturity Face value Carrying amount % $’000 $’000 Company 31 December 2025 Medium term notes (unsecured) (1) SGD 6.50 2028 44,250 44,220 Medium term notes (unsecured) (1) SGD 6.50 2028 33,500 33,489 77,750 77,709 31 December 2024 Medium term notes (unsecured) (1) SGD 6.50 2026 44,250 44,205 Medium term notes (unsecured) (1) SGD 6.50 2026 33,500 33,427 77,750 77,632 (1) Medium term notes issued by the Company and Perennial Treasury Pte. Ltd., a subsidiary of the Group, under its $2 billion multicurrency debt issuance programme established on 22 January 2015. The notes are unconditionally and irrevocably guaranteed by the Company. Security As at 31 December 2025, the bank loans are secured on the followings: • Legal mortgage over the investment properties and land use rights of the investment properties under development (Note 6) and development properties (Note 10); • First fixed charge over the bank accounts and other assets of certain subsidiaries (Note 11); • An assignment of all the rights, benefit, title and interest of the Group in relation to the sale and purchase agreements and tenancy agreements (including sale proceeds and rental proceeds) relating to investment properties; • Assignments of rights under all material agreements and contracts (including tenancy agreements and construction agreements), property management agreement, insurance policies (as applicable); • First legal mortgage over receivables from investment properties including all rights under, and all proceeds arising from tenancy agreements, sales agreements and property management agreement; and • Share charges over all the shares in certain subsidiaries and joint ventures. Covenants The Group’s loan and borrowings are subject to certain financial covenants which measure capital structure, gearing and debt servicing ability. These covenants are assessed regularly for compliance purpose. The Group is in compliance with these covenants during the reporting period and expects to comply with these covenants for at least 12 months after the reporting date. Convertible bonds Group 2025 2024 $’000 $’000 At beginning of the year 21,128 18,759 Proceeds from issue of convertible bonds 7,392 2,128 Amount classified as equity (Note 16) (1,295) (241) Accreted interest 1,061 482 Carrying amount of liability at end of the year 28,286 21,128 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 209 208 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
RkJQdWJsaXNoZXIy NTM2MDQ5