Hongkong Land Holdings Limited - Bermuda Stock Exchange

Financial Review
Both Moody’s and Standard & Poor’s have maintained
their credit ratings of Hongkong Land Holdings Limited
at A3 and A- respectively.
During the year, the Group refinanced a syndicated
facility of S$800 million with facilities from eight
relationship banks totalling S$1.12 billion. A term
of five years applies to S$870 million and a term of
seven years applies to the remaining S$250 million.
The Group also issued US$65 million of bonds under
its US$3.0 billion Medium Term Note programme,
with maturities ranging from 15 to 20 years. Also,
US$336 million of the Group’s 2.75% convertible
bonds due in December 2012 were converted
into equity leaving US$58 million outstanding at
31st December 2011.
The average tenor of the Group’s debt was 5.3 years
at 31st December 2011, compared with 5.2 years at
the end of 2010.
At the end of 2011, the Group had total committed
lines of approximately US$5.2 billion. Of these lines,
57% was sourced from banks with the remaining
43% from capital markets. The Group had drawn
US$3.3 billion from these lines leaving US$1.9 billion
of committed, but unused facilities. Adding the Group’s
year-end cash balances, the Group had overall liquidity
at 31st December 2011 of US$2.9 billion. This is in
line with the Group’s overall liquidity at 31st December
2010 of US$3.0 billion (after excluding the proceeds of
the early refinancing in 2010 of the US$600 million
bonds due in early May 2011).
Interest
rate
52% Fixed
48% Floating
* After currency swaps
Currency*
69% HK$
29% S$
2% US$
Debt profile at 31st December 2011
260
1,101
1,250
2012 2013 2014
369
2015
Maturity
43% >5 years
35% 2-5 years
20% 1-2 years
2%