Page 203 - Hang Lung Properties 2012 Annual Report

23 RESERVES (Continued)
(b) The Company (Continued)
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.
The Group has a net cash position as at December 31, 2012 and 2011.
Neither the Company nor any of its subsidiaries are subject to externally
imposed capital requirements.
24 NON-CONTROLLING INTERESTS
Non-controlling interests represent the equity interests and the share
of profit or loss attributable to other shareholders in respect of the
subsidiaries not wholly-owned by the Group as at December 31. Details
of movement of non-controlling interests are set out in the consolidated
statement of changes in equity.
23 儲備（續）
(b) 公司（續）
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。
於二零一二年及二零一一年十二月三十一
日，本集團處於淨現金水平。本公司或其
任何附屬公司並無受到外間實施資本需求
之規限。
24 非控股權益
非控股權益為其他股東於本集團（於十二月
三十一日）非全資擁有的附屬公司的股本權
益及應佔溢利或虧損。非控股權益之變動
詳情載於綜合權益變動表。
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