Page 200 - Hang Lung Group 2012 Annual Report

31 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
(c) Credit risk (Continued)
It maintains a defined credit policy including stringent credit evaluation on
and payment of a rental deposit from tenants. Proceeds from property
sales are receivable pursuant to the terms of the sale and purchase
agreements. In addition to the payment of rental deposits, tenants
are required to pay monthly rents in respect of leased properties in
advance. Except for sale of properties developed by the Group, it does
not hold any collateral over the receivables. Receivables are regularly
reviewed and closely monitored to minimize any associated credit risk.
The Group does not engage in any derivative transactions. Surplus cash
is placed with reputable banks and financial institutions in accordance
with pre-determined limits based on credit ratings and other factors to
minimize concentration risk.
Except for the financial guarantees given by the Company as set out in
note 27, the Group does not provide any other guarantee which would
expose the Group or the Company to material credit risk.
There are no significant concentrations of credit risk within the Group.
The maximum exposure to credit risk is represented by the carrying
amount of each financial asset in the consolidated statement of
financial position.
(d) Currency risk
Currency risk arises when recognized assets and liabilities are
denominated in a currency other than the functional currency of the
Group’s entities to which they related. The Group maintains certain
bank deposits denominated in United States dollars amounting to
US$143 million (2011: US$149 million) and 10-year bonds amounting
to US$500 million (2011: $Nil). Given that Hong Kong dollars are
pegged to United States dollars, the resulting currency risk on such
deposits is considered insignificant.
31 財務風險管理目標及政策（續）
(c) 信貸風險（續）
本集團推行明確之信貸政策，其中涵蓋對
租戶之嚴謹信貸評估及對租賃按金的支付
規定。來自物業銷售的應收樓價乃按買賣
協議的條款釐定。租客除支付租賃按金外
亦需預繳有關租賃物業的月租。除本集團
所發展之物業銷售外，本集團並無就此等
數額持有任何抵押品。本集團定期檢閱其
應收款，並嚴格監控，藉以將任何相關之
信貸風險減至最低。
本集團並無進行任何衍生工具交易。盈餘
現金乃根據信貸評級及其他因素而預設之
限額存放於聲譽良好之銀行及金融機構，
以將集中信貸風險減至最低。
除本公司所作出之財務擔保外（如附註 27
所述），本集團並無提供其他擔保而導致本
集團或本公司承擔任何重大信貸風險。
本集團並無重大集中信貸風險。
對信貸風險之承擔上限為綜合財務狀況表
內各財務資產之賬面值。
(d) 貨幣風險
倘已確認資產及負債以本集團有關個別公
司功能貨幣以外之貨幣列值，則產生貨幣風
險。本集團有若干美元銀行存款，金額達
一億四千三百萬美元（二零一一年：一億四
千九百萬美元），及價值五億美元（二零一
一年：零）十年期票據。鑒於港幣與美元掛
鈎，該等存款所引致之貨幣風險並不重大。
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