NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2025 9 LOANS AND BORROWINGS (CONT’D) Reconciliation of movements of liabilities to cash flows arising from financing activities: Financing cash flows Non-cash changes 1 January Net proceeds from / repayment of loans and borrowings Net proceeds from issuance / redemption of preferred units Payment of transaction costs Other changes 31 December US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 Group 2025 Loans and borrowings 745,952 (186,000) − (762) 5,496 564,686 Preferred units (Note 11) 822 − (230) − 67 659 746,774 (186,000) (230) (762) 5,563 565,345 2024 Loans and borrowings 920,323 (180,686) − − 6,315 745,952 Preferred units (Note 11) 904 − (115) − 33 822 921,227 (180,686) (115) − 6,348 746,774 The details of credit facilities available and utilised as at 31 December are set out below: 2025 2024 Facility amount Utilised Facility amount Utilised US$’000 US$’000 US$’000 US$’000 Group and Trust Unsecured Trust-level term loans1,3 665,000 422,014 850,000 608,014 Sponsor-Lender Loan 137,000 137,000 137,000 137,000 Committed revolving credit facility − − 50,000 − 802,000 559,014 1,037,000 745,014 3 For the Trust-level term loans, the Group entered into interest rate swaps to hedge the floating rate under certain loans drawn to a fixed rate. Please refer to Note 10. Interest coverage ratio sensitivity analysis In accordance with the revised CIS Code effective from 28 November 2024, the ICR is calculated by dividing the trailing 12 months’ earnings before interest, tax, depreciation and amortisation (excluding effects of any fair value changes of derivatives and investment properties, and foreign exchange translation) (the “EBITDA”), by the trailing 12 months’ interest expense, borrowing-related fees and distributions on hybrid securities. During the financial year ended 31 December 2025, the Group did not have any hybrid securities. / 130 / EXPANDING HORIZONS
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