Page 187 - Hang Lung Group 2012 Annual Report

24 RESERVES (Continued)
(b) The Company (Continued)
The application of the share premium account and the capital
redemption reserve are governed by Section 48B and Section 49H
of the Hong Kong Companies Ordinance respectively. The investment
revaluation reserve comprises the cumulative net change on the fair
value of available-for-sale securities held at the reporting date and is
dealt with in accordance with the accounting policies in note 2(i)(2). The
exchange reserve represents the exchange differences arising from
the translation of the financial statements of overseas subsidiaries. The
employee share-based compensation reserve comprises the fair value
of share options granted which are yet to be exercised, as explained
in note 2(v). The general reserve was derived from retained profits and
is distributable. The other capital reserve represents any difference
between the cost of the additional investment and the carrying amount
of the net assets acquired at the date of exchange when acquiring an
additional non-controlling interest in a existing subsidiary.
The aggregate amount of the Company’s reserves available for
distribution to equity shareholders of the Company at December 31,
2012 was $10,743 million (2011: $10,411 million).
Capital management
The Group’s primary objectives when managing capital are to
safeguard the Group’s ability to continue as a going concern, so that it
can continue to provide returns for shareholders and benefits to other
stakeholders, and to secure access to finance at a reasonable cost.
The Group actively and regularly reviews and manages its capital
structure to maintain a balance between the higher shareholders’
returns that might be possible with higher levels of borrowings and
the advantages and security afforded by a sound capital position, and
makes adjustments to the capital structure in the light of changes in the
Group’s business portfolio and economic conditions.
The Group monitors its capital structure by reviewing its gearing ratio
and cash flow requirements, taking into account its future financial
obligations and commitments. The gearing ratio represents the
proportion of net debt to equity plus net debt. Net debt represents bank
loans and finance lease obligations, less cash and deposits with banks.
Equity comprises shareholders’ equity and non-controlling interests.
24 儲備（續）
(b) 公司（續）
股份溢價賬及資本贖回儲備之用途分別受
香港《公司條例》第四十八乙條及第四十九
辛條監管。投資重估儲備包括於結算日所
持可供出售證券公平值之累計變動淨額，
並根據附註 2(i)(2) 之會計政策處理。匯兌儲
備包括換算海外附屬公司財務報表產生之
匯兌差額。誠如附註 2(v) 所述，僱員股份補
償儲備包括已授出但尚未被行使之股份期
權之公平值。普通儲備金來自保留溢利，且
可供分派。其他資本儲備指在從非控股權
益購入一家現有附屬公司之權益時，新增
投資的成本與當日收購資產之賬面淨值之
差額。
於二零一二年十二月三十一日，本公司可
供分派予股東之儲備金總額為一百零七億
四千三百萬元（二零一一年：一百零四億一
千一百萬元）。
資本管理
本集團的資本管理政策之首要目標為保障
本集團能持續營運，以為股東提供回報及
為其他持份者提供利益，同時以合理成本
取得融資。
本集團積極及定期檢討及管理其資本結
構，以在維持較高借貸水平可能帶來的較
高股東回報與雄厚資本所帶來的優勢及保
障之間取得平衡，並因應本集團之業務組
合及經濟環境之變動對資本結構作出調整。
本集團透過檢討負債率及現金流量的需
求，並考慮到其未來的財務承擔來監察其
資本結構。負債率指淨債項與股權加淨債
項之比例。淨債項指銀行貸款及融資租約
承擔，減現金及銀行存款。股權包括股東
權益及非控股權益。
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