Page 214 - Hang Lung Properties 2012 Annual Report

30 FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES (Continued)
(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.
The Group also engaged in property development and investments
in mainland China through its local subsidiaries whose 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 $744 million (P.E.
12/2011: $630 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 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.
30 財務風險管理目標及政策（續）
(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。
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／減少七億四千四百萬元
（二零一一期間：六億三千萬元）。
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
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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