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The
Group strives to maintain a prudent financial structure.
Its main sources of operating cashflows came from
residential sales, commercial office rental and
management fee income. On an ongoing basis, the
Group actively reviews its cashflow, debt maturity
profile and overall liquidity position. As part
of its liquidity management to support its funding,
investment needs and growth plans, sufficient undrawn
banking facilities and capital market programmes
are maintained so as to facilitate fund raising
at opportunistic windows.
The Group has built up strong cash reserves and
its financial capacity further strengthened during
the year. As at end 2007, net gearing improved
to 0.47 compared to 0.58 last year. The Group’s
aggregate cash and fixed deposits balance grew
by 62% from S$2.69 billion to S$4.36 billion. Part
of the cash reserves will be utilised to repay
some of the debts that are maturing in 2007 and
to fund its committed investments.
The overall net debt increased by only S$115.0
million to S$5.56 billion for year ended 2007.
The increase in net debt was mainly due to borrowings
raised to fund the investments in China and Vietnam.
Finance cost for the Group was S$403.5 million
for financial year ended 2007. This was 23% higher
compared to S$328.0 million in 2006 as a result
of higher gross debt. Notwithstanding this, the
Group’s net debt to equity ratio at 0.47
was lower than 0.58 last year. |
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