Page 88 - Hang Lung Properties 2012 Annual Report

(b) 現金管理、融資及流動資金
本集團從整體企業層面管理和監控其現金
和融資，此舉有助我們爭取較佳的借貸條
件及統一管理財務的風險。
本集團確保有足夠資金、銀行貸款及多項
籌集資金的渠道來履行有需要之債務承
擔，並小心規劃存款和貸款的到期日，以
減低資金流動風險。年內，由於發行長期
債券，本集團的平均債務還款期有所延
長。在中期票據計劃下，我們可彈性地選
擇在債券市場進行融資。我們會密切留意
市場，審慎管理還款及再融資的風險。
(c) 信貸／交易對手
信貸／交易對手之風險主要涉及應收租金、
與物業銷售有關的應收分期付款，以及存
放在銀行的存款。
為降低應收租金的風險，我們對準租戶作
出信用評估，並會收取租金按金，同時密
切監察未繳租金之狀況。對於物業銷售有
關的應收款，我們持有相關物業作為抵
押。本集團於每間銀行的存款均設有限額
度，避免過度集中所帶來的風險，並且只
存放在信譽良好、財力雄厚及／或擁有高度
信貸評級的銀行。
(d) 使用衍生工具
衍生工具僅用於對沖金融的風險，集團政
策絕不容許投機性的衍生工具交易。
(b) Cash Management, Funding and Liquidity
The Group’s cash and financing are managed and controlled at the
corporate level. It helps negotiate better borrowing terms and facilitate
coherent financial risk management.
The Group ensures that sufficient funds, banking facilities and multiple
fund raising channels are available to meet obligations as and when
needed. The maturity of deposits and loans is also carefully planned
and managed to reduce liquidity risk. During the year, average debts
maturity of the Group has been lengthened as a result of issuance of
long-dated bonds. Given the Medium Term Note Program in place, we
have flexibility to tap the bond market if we so choose. We will closely
monitor the markets to manage repayment and refinancing risks in a
prudent manner.
(c) Credit/Counterparty
Credit/counterparty risk exposure is primarily in the areas of rents
receivable, installments receivable relating to property sales and
deposits placed with banks.
Rents receivable risks are mitigated through credit assessments of
prospective tenants, collection of rental deposits and close monitoring
of outstanding rent. Receivables related to property sales are protected
with collateral on the properties in question. The Group assigns
exposure limits on banks to mitigate concentration risks, and deposits
are made only with reputable banks that have sound financial strength
and/or good credit ratings.
(d) Use of Derivatives
Derivative instruments are used only for hedging purpose. Group
policies do not permit speculative derivative transactions.
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