DEBT MATURITY PROFILE of Singapore. With effect from 1 January 2022, the aggregate leverage of a property fund may exceed 45.0% (up to a maximum of 50.0%) only if the property fund has minimum adjusted interest coverage ratio of 2.5 times after taking into account the interest payment obligations arising from the new borrowings. In FY 2023, to demonstrate CLAS’ commitment towards sustainability, CLAS entered into a sustainability-linked cross currency interest rate swap of JPY11.0 billion. As at 31 December 2023 As at 31 December 2022 19% 14% 10% 18% 15% 11% 14% 17% 42% 40% In total, CLAS has approximately S$551.2 million in sustainable financing. CLAS holds derivative financial instruments to hedge its currency and interest rate risk exposures. The fair value of derivatives for FY 2023 comprised financial derivative assets and financial derivative liabilities of S$92.2 million and S$7.7 million respectively. The net assets amount of S$84.5 million represented 1.9% of the net assets of CLAS as at 31 December 2023. 2024 2025 2026 2027 2028 & after 2023 2024 2025 2026 2027 & after 2023 Maturity S$’million 2024 562.4 2025 301.3 2026 466.0 2027 429.3 2028 & after 1,289.4 Total 3,048.4i 2022 Maturity S$’million 2023 401.7 2024 529.2 2025 320.0 2026 486.4 2027 & after 1,137.3 Total 2,874.6i i Net of unamortised transaction costs. CLAS maintains a well spread debt maturity profile to minimise refinancing risks. Out of CLAS’ total borrowings, 19% falls due in 2024, 10% falls due in 2025, 15% falls due in 2026, 14% falls due in 2027 and the balance falls due in 2028 and after. The Managers have commenced discussions to refinance the loan facilities due in 2024, ahead of their maturity dates. The fixed rate loans take into account the interest rate swaps and cross currency interest rate swaps which were entered into to convert floating rate loans to fixed rate loans. As at 31 December 2023, S$2,459.0 million4 or 81% of CLAS’ borrowings were on fixed interest rates, including S$464.3 million4 due for refinancing in 2024, in line with the maturity dates of the underlying loans. FIXED VERSUS FLOATING RATE PROFILE As at 31 December 2023 As at 31 December 2022 S$’million % S$’million % Fixed Rate 2,459.0 81 2,234.6 78 Floating Rate 589.4 19 640.0 22 Total 3,048.4i 100 2,874.6i 100 i Net of unamortised transaction costs. 4 Net of unamortised transaction costs. ANNUAL REPORT 2023 67 Overview Leadership Portfolio & Performance Sustainability & Governance Financial Statements and Other Information
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