Page 201 - Hang Lung Group 2012 Annual Report

31 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
(d) Currency risk (Continued)
The Group also engaged in property development and investments in
mainlandChina through its local subsidiarieswhose net assets are exposed
to currency risk. In addition, the Group holds Renminbi deposits and bonds
to meet its ongoing payment obligations in relation to its development
projects in mainland China which is denominated in Renminbi. Where
appropriate, the Group seeks to minimize its exposure to currency risk in
mainland China through borrowings denominated in Renminbi.
Management estimated that a 1% appreciation/depreciation of
Renminbi against Hong Kong dollar would not have a material effect
on the Group’s profit after taxation and the Group’s equity attributable
to shareholders would be increased/decreased by $450 million (P.E.
12/2011: $362 million).
The above analysis has been determined assuming that the change in
foreign exchange rates had occurred at the end of the reporting period
and that all other variables, in particular interest rates, remain constant.
(e) Fair value
The fair values of the listed investments of the Group are measured
using quoted prices (unadjusted) in active markets for identical financial
instruments which are categorized as level 1 defined in accordance with
HKFRS 7, Financial Instruments: Disclosures. During the year/period,
there were no transfers of fair value measurements between levels.
The fair values of held-to-maturity instruments, unlisted investments,
trade and other receivables, trade and other payables, cash and
deposits with banks, bank loans and other borrowings are considered
approximate to their carrying amounts at the end of the reporting period.
31 財務風險管理目標及政策（續）
(d) 貨幣風險（續）
本集團亦透過其中國內地附屬公司在當地
從事物業發展及投資，而該等附屬公司之
淨資產承受外幣風險。本集團手持人民幣
銀行存款及債券以應付其於中國內地的發
展項目持續的付款責任。本集團（於適用
時）尋求以人民幣借貸對沖在中國內地之
投資。
管理層估計，人民幣兌港幣匯率升值╱貶
值百分之一將不會對本集團之溢利造成重
大影響，惟本集團之除稅後溢利及股東應
佔權益將相應增加╱減少四億五千萬元（二
零一一期間：三億六千二百萬元）。
上述分析乃假設匯率變動於結算日已發
生，而所有其他變數（特別是利率）保持
不變。
(e) 公平值
上市投資之公平值乃使用交投活躍市場之
同類財務工具之市場報價（未經調整）計
量。根據 HKFRS 7 金融工具：披露之定
義，此上市投資分類為第一級。年／期內，
級別之間概無任何公平值計量之轉換。
於結算日，持至到期日工具、非上市投資、
應收賬款及其他應收款、應付賬款及其他應
付款、現金及銀行存款、銀行貸款及其他借
貸之公平值被視為與彼等之賬面值相若。
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