Integrated Business Platform Expansion
Focusing on Financial Management
Achieving financial stability: maintaining a balanced debt structure of different
currencies at a reasonable level; diversifying financing channels; aiming for
investment-grade ratings; making financial management the key in all of the
Group's operations
•
Balanced debt
structure of
different
currencies
Prudent management of
funding cost, optimizing
debt-financing portfolio
Proportions of different currencies in debts
Borrowings in RMB
Notes and Borrowings in USD
Borrowings in HKD
Borrowings in Ringgit
2%
2%
4%
2%
8%
47%
44%
38%
51%
47%
55%
52%
50%
52%
45%
Maintaining
debts at
manageable
level
•
⚫ implementing net gearing
ratio cap (below 70%)
•
deleveraging through
capital operation
Diversifying
financing
channels
•
2010
2011
Net Debt/Shareholders' Equity²
48.4%
2010
63.3%
2011
2012
2013
2014
67.3%
59.7%
53.9%
2012
2013
2014
.
•
•
In recent years, the Company has successfully obtained substantial capital from the market through diversified
financing channels;
Since 2009 till Dec 2014, Country Garden successfully conducted eight bond issues in the US bond market;
Obtained a HK$4.5 Billion dual-currency club loan in December 2014
Further expansion of onshore and offshore financing channels in the future
Current rating & outlook,
Target
S&P: BBB- and above
Aiming for
investment
grade
S&P: BB+ (Stable)
Fitch: BB+ (Positive)
Moody's: Ba2 (Positive)
Fitch: BBB- and above
Moody's: Baa3 and above
2009 ratios are restated according to change in accounting policy
1 Net debt = LT Debt + ST Debt - Cash & cash equivalents - restricted cash (excluding cash collateral)
2 Equity attributable to the owners of the Company
• The Group's current credit rating is
only one step away from
"Investment Grade" rating of some
rating agencies
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