Page 85 - Hang Lung Group 2012 Annual Report

行債券籌集定息長期債務，為我們在管理
未來利率波動及再融資風險方面提供更大
彈性。年內，集團借貸組合的平均還款期
由三點五年增至四點一年。
現時的市場環境為本集團提供一線良機，藉
著債券市場融資可減低各項財務風險，並可
將庫存現金轉換為人民幣存款。此舉為集團
賺取更高的利息收入，並同時為集團內地項
目的資本承擔提供了自然的貨幣對沖。
因此，本集團年內的現金及借貸均有增加。
經扣除總借貸（無抵押）港幣三百七十六億四
千五百萬元，本集團於二零一二年十二月三
十一日持有現金淨額港幣二十五億三千八百
萬元。於二零一一年十二月三十一日，本集
團持有債務淨額為港幣十五億四千五百萬元。
本集團將繼續採取審慎卓越的財務管理策
略，以支持其長線增長。憑藉雄厚的資本
和創造現金能力，集團穩佔優越地位，可
購置更多土地及抓緊新的投資機遇。
through bond issues provided the Group with more financial flexibility
and further enhanced its ability in managing interest rate volatility and
re-financing risks in the future. The average maturity period of the debt
portfolio has been lengthened to 4.1 years from 3.5 years during the year.
The current market conditions provide a rare opportunity for the Group to
tap the bond market to mitigate various financial risks and to convert the
surplus cash to RMB deposits. As a result, it could earn higher interest
income and at the same time benefit from a natural currency hedge for
the Group’s capital commitments on various Mainland projects.
Consequently, both the cash and borrowings of the Group increased
during the year. After netting off total borrowings, all unsecured, of
HK$37,645 million, the Group had net cash of HK$2,538 million as
at December 31, 2012. As at December 31, 2011, the Group had net
borrowings of HK$1,545 million.
The Group will continue to adopt a prudent and sound financial
management strategy to support its long-term growth. With a strong
balance sheet and an outstanding ability to generate quality recurring
cash flow, the Group is well positioned to buy more land and seize new
investment opportunities when arise.
ҳ༟يุe೯࢝ʕҳ༟يุʿܙ ਯي ุ
Investment Properties, Investment Properties
Under Development and Properties for Sale
׵ɤɚ˜ɧɤɓ˚
At December 31
ಥ࿆ϵຬʩ
HK$ million
140,000
120,000
60,000
40,000
80,000
20,000
100,000
0
2008 2009 2010 2011 2012
$136,723
million
ҳ༟يุ
Investment
properties
೯࢝ʕҳ༟يุ
Investment
properties under
development
ܙਯيุ
Properties for sale
ৌਕ༟๕ʿ༟͉ו ዄ
Financing Resources and Capital Commitment
׵ɤɚ˜ɧɤɓ˚
At December 31
70,000
60,000
30,000
20,000
40,000
10,000
50,000
0
2008 2009 2010 2011 2012
$66,381
million
ಥ࿆ϵຬʩ
HK$ million
ვБπಛ
Bank deposits
֠͊౤՟൲ڦʿ
ʕಂୃኽ೯Бඎ
Undrawn credit
facilities and MTN
issuing capacity
༟͉וዄ
Capital
commitment
85