Net debt to equity stood at 83.4% compared to 75.8% as at Sept 30, 2023. Net debt to assets stood at 42.1%. The higher ratio was driven by capital expenditure and redemption of perpetual securities offset by divestments and fund raising by a the group's REITs. 72.9% of FPL's debt is on fixed rates, mitigating the impact of rapidly rising interest rates over the past two years. Blended debt funding cost was 3.9% compared to 3.5% in FY2023 and weighted average debt maturity stood at 2.5 years.
As at Sept 30, 2024, 88% of the group's assets comprised recurring income asset classes contributing 74% to FY2024's Pbit.
During the year, FPL unlocked $1.8 billion of value including divesting Nex to Frasers Centrepoint Trust , and four German industrial and logistics properties to Frasers Logistics and Commercial Trust. FPL divested Fraser Residence River Promenade and Capri by Fraser to third parties, and FCT divested Changi City Point to a third party.
FPL closed at 88.5 cents on Nov 12.
See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
