Apart from the lease obligations, the Group’s borrowings comprised the medium-term notes, USCP, and short-term and long-term bank loans. Details of the Group’s borrowings are presented in Note E4 to the Financial Statements (pages 223 to 228). The gross debt/EBITDA ratio and net debt/EBITDA ratio as at 31 December 2024 of 3.6 times and 3.3 times respectively were lower compared to 2023’s 4.2 times and 4.0 times respectively. ST Engineering’s credit ratings remain strong at Aaa (Stable) and AA+ (Stable) by Moody’s and S&P respectively. 2023 2024 Gross Debt ($m) 6,108 5,822 Gross Debt / EBITDA Ratio 4.2 3.6 Net Debt ($m) 5,755 5,392 Net Debt / EBITDA Ratio 4.0 3.3 8,000 4,000 2,000 3,000 5,000 6,000 1,000 7,000 BORROWING PROFILE BY MATURITY ($m) 2023 2024 6,108 5,822 < 1 Year 1 to < 3 Years 3 to < 5 Years > = 5 Years 0 8,000 4,000 2,000 3,000 5,000 1,000 7,000 6,000 BORROWING PROFILE BY FIXED & FLOATING RATES ($m) 2023 2024 6,108 5,822 Fixed Floating 0 8,000 4,000 2,000 3,000 5,000 1,000 7,000 6,000 BORROWING PROFILE BY CURRENCY ($m) 2023 2024 6,108 5,822 USD SGD EUR CNY 0 Liquidity The Group’s cash and cash equivalents (CCE) stood at $430m as at 31 December 2024 (2023: $353m). Borrowings The Group’s borrowings including lease obligations were lower at $5,822m as at 31 December 2024 (2023: $6,108m). 47 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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