NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 23 BONDS AND NOTES (CONT’D) (iii) $700 million (2022: $530 million) medium term notes (MTNs) which comprise 3 series (2022: 2 series) of notes issued by a subsidiary as part of a $700 million secured MTN programme established in 2001. The MTNs bore interest at 1.65% to 3.73% (2022: 1.65% to 2.96%) per annum as at 31 December 2023 and are secured by a mortgage over an investment property and property, plant and equipment as well as rental and insurance proceeds to be derived from the said property. Unless previously redeemed or purchased and cancelled, the MTNs are redeemable at their principal amounts on their respective maturity dates from May 2024 to December 2028 (2022: May 2024 to December 2025). In addition, as at 31 December 2022, secured bonds and notes included a $51 million [JPY5,040 million] bond issued by a subsidiary which holds a Japan development property through a TMK structure. The bond bore interest at 0.37% per annum as at 31 December 2022. the bond was redeemed in September 2023. Unsecured bonds and notes comprise $2,045 million (2022: $1,975 million) medium term notes (MTNs) which comprise 9 series (2022: 10 series) of notes issued by the Company at various interest rates as part of a $5.0 billion unsecured MTN programme established in 1999. The MTNs bore interest at 2.00% to 4.14% (2022: 2.00% to 3.90%) per annum as at 31 December 2023. Unless previously redeemed or purchased and cancelled, the MTNs are redeemable at their principal amounts on their respective maturity dates from January 2024 to April 2028 (2022: April 2023 to June 2026). 24 BANK LOANS Group Company Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Bank loans repayable within 1 year – secured 983 10,362 – – – unsecured 1,015,209 1,097,877 772,883 874,187 21 1,016,192 1,108,239 772,883 874,187 The Group’s secured bank loans bore interest at 3.20% to 6.63% (2022: 2.97% to 5.08%) per annum as at 31 December 2023. The loans are secured by mortgages on the borrowing subsidiary’s property, plant and equipment (note 4) and a pledge on cash deposits (note 18). The Group’s unsecured bank loans bore interest at 0.80% to 6.50% (2022: 0.71% to 5.51%) per annum as at 31 December 2023. The Company’s unsecured bank loans bore interest at 5.05% to 6.39% (2022: 0.71% to 5.51%) per annum as at 31 December 2023. 25 EMPLOYEE BENEFITS Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Net liability for: – defined benefit obligations 2,077 7,276 – – – short-term accumulating compensated absences 30,226 28,196 2,579 1,960 – other long-term benefits 3,708 395 2,904 – 36,011 35,867 5,483 1,960 Non-current 4,716 7,304 2,591 – Current 31,295 28,563 2,892 1,960 36,011 35,867 5,483 1,960 Group 2023 2022 $’000 $’000 Net liability for defined benefit obligations Present value of unfunded obligations 2,766 3,732 Present value of funded obligations 88,137 88,682 Fair value of plan assets (88,826) (85,138) Liability for defined benefit obligations 2,077 7,276 Changes in the present value of defined benefit obligations Defined benefit obligations at 1 January 92,414 158,329 Remeasurements: – Experience adjustment (4,570) 6,275 – Actuarial gain from changes in demographic assumptions (2,033) (4,818) – Actuarial gain from changes in financial assumptions 1,878 (51,482) Benefits paid (3,851) (5,023) Interest cost 4,296 2,355 Current service costs 272 329 Past service costs – (53) Translation differences on consolidation 2,497 (13,498) Defined benefit obligations at 31 December 90,903 92,414 Changes in the fair value of plan assets Fair value of plan assets at 1 January 85,138 133,795 Return on plan assets, excluding interest income 707 (34,025) Contributions by employer 340 4,738 Benefits paid (3,825) (8,892) Interest income 3,982 1,977 Translation differences on consolidation 2,484 (12,455) Fair value of plan assets at 31 December 88,826 85,138 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 189 188
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