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 (continued) Convertible bonds (continued) On 30 April 2024, the Group issued convertible bonds that are convertible into 2,128,000 ordinary shares of a subsidiary at any time between 30 April 2024 to 20 December 2024 at the option of the holder. Any unconverted bonds become repayable on demand. On 2 May 2024, the Group entered into an agreement with the bondholder to further extend the expiry of the exercise date of the previously issued convertible bonds, which are convertible to 9,900,000 ordinary shares and 9,100,000 ordinary shares of a subsidiary, to any time before 20 December 2024. On 20 December 2024, the Group entered into an agreement with the bondholder to further extend the expiry of the exercise date of the previously issued convertible bonds, which are convertible to 9,900,000, 9,100,000 and 2,128,000 ordinary shares of a subsidiary, to any time before 30 June 2025. On 26 March 2025, the Group issued convertible bonds that are convertible into 7,391,990 ordinary shares of a subsidiary at any time between 26 March 2025 to 31 December 2025 at the option of the holder. Any unconverted bonds become repayable on demand. On 10 December 2025, the Group entered into an agreement with the bondholder to further extend the expiry of the exercise date of all convertible bonds issued to-date, which are convertible to 9,900,000, 9,100,000, 2,128,000 and 7,391,990 ordinary shares of a subsidiary, to any time before 31 March 2026. Reconciliation of liabilities arising from financing activities Non-cash changes At 1 January Financing cash flows Interest expense Foreign exchange movement Other changes At 31 December $’000 $’000 $’000 $’000 $’000 $’000 2025 Loans and borrowings(2) 3,178,269 366,846(1) 7,731 (18,504) 6,660 3,541,002 Convertible bonds 21,128 7,392 – 1,061 (1,295) 28,286 Interest payables 24,972 (149,647) 154,150 (129) (11,391) 17,955 Non-trade amounts due to joint ventures 129,384 – – (3,812) (3,710) 121,862 Non-trade amounts due to non-controlling interests (net) 155,423 16,475 – (2,097) 57 169,858 Non-trade amounts due to immediate holding company – – – – 106 106 Non-trade amounts due to related corporations 52,944 (33,680) – (526) – 18,738 Lease liabilities 53,222 (8,977) 7,245 (1,598) 142,279 192,171 Dividend payable to immediate holding company 5,000 (3,363) – – (1,637) – Non-reciprocal capital contribution from immediate holding company 484,439 129,000 – – 1,461 614,900 * Other changes comprise items arising from the acquisition of Eber (Note 8), as well as additional lease liabilities recognised in connection with new lease agreements entered into, with corresponding increases in right‑of‑use assets. 12 LOANS AND BORROWINGS (continued) Reconciliation of liabilities arising from financing activities (continued) Non-cash changes At 1 January Financing cash flows Interest expense Foreign exchange movement Other changes At 31 December $’000 $’000 $’000 $’000 $’000 $’000 2024 Loans and borrowings(2) 3,134,634 34,727(1) 8,180 728 – 3,178,269 Convertible bonds 18,759 2,128 482 – (241) 21,128 Interest payables 25,810 (197,548) 206,661 35 (9,986) 24,972 Non-trade amounts due to joint ventures 128,244 2,930 – (1,790) – 129,384 Non-trade amounts due to non-controlling interests (net) 138,364 17,625 – (566) – 155,423 Non-trade amounts due to immediate holding company 333,829 134,000 – 5,155 (472,984) – Non-trade amounts due to related corporations 17,575 35,599 – (230) – 52,944 Lease liabilities 223 (2,616) 847 208 54,560 53,222 Dividend payable to immediate holding company 9,000 (5,250) – – 1,250 5,000 (1) Net proceeds from loans and borrowings, repayment of loans and borrowings, and payment of transaction costs related to loans and borrowings. (2) Excludes convertible bonds. 13. TRADE AND OTHER PAYABLES Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Trade payables 26,179 26,238 – – Accrued development expenditures 112,631 101,717 – – Accrued operating expenses 11,817 14,881 1,750 1,194 Interest payables 17,955 24,972 36,756 42,112 Other payables 94,955 77,841 7,535 7,362 Employee benefits – – – – Security deposits 61,939 61,590 – – Dividend payable to immediate holding company – 5,000 – 5,000 Non-trade amounts due to: - immediate holding company 106 – 106 – - subsidiaries – – 109,900 381,139 - joint ventures 121,862 129,384 – – - related corporations 18,738 52,944 – – - non-controlling interests 169,858 155,423 – – 636,040 649,990 156,047 436,807 Advance rental received 3,139 4,010 – – 639,179 654,000 156,047 436,807 Non-current 255,918 269,881 38,691 310,464 Current 383,261 384,119 117,356 126,343 639,179 654,000 156,047 436,807 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 211 210 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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