Annual Report 2018

43 年報 ANNUAL REPORT 2018 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS Debt and liquidity ratios Gearing ratio (calculated as total interest bearing borrowings less bank balances and cash (including pledged bank deposits) divided by Shareholders’ equity) of the Group increased from 56.0% at 31 December 2017 to 71.4% at 31 December 2018 mainly due to decrease in bank balances and cash. The current ratio (calculated as current assets divided by current liabilities) of the Group was 1.19 times at 31 December 2018 as compared to 1.17 times at 31 December 2017. FOREIGN CURRENCY AND INTEREST RATE Both the Group’s sources of revenue, purchases and payments are mainly denominated in RMB, HKD and USD. The Group’s bank balances and cash are therefore mainly in RMB, HKD and USD. Under this circumstance, the Group shall mainly raise borrowings in a mix of these currencies to minimise the risk of significant mismatch between the sources of revenue with interest bearing borrowings. The respective currency composition of the Group’s bank balances and cash (including pledged bank deposits) and interest bearing borrowings was as follows: 負債及流動資產比率 本集團之負債比率（以計息貸款總額減銀行 結存及現金（包括已抵押銀行存款）除以股東 權益計算）較二零一七年十二月三十一日報 56.0% 上升至於二零一八年十二月三十一日報 71.4% 。本集團於二零一八年十二月三十一日 的流動比率（以流動資產除以流動負債計算）為 1.19 倍，對比於二零一七年十二月三十一日則 為 1.17 倍。 外幣及利率風險 本集團收入來源及採購和付款均主要以人民 幣、港幣及美元為單位。本集團的銀行結存及 現金因此亦主要以人民幣、港幣及美元為單 位，而在這種情況下，本集團將主要以這些貨 幣為單位借貸，以盡量減少因收入來源與計息 貸款貨幣單位重大錯配的風險。本集團的銀行 結存及現金（包括已抵押銀行存款）及計息貸款 的貨幣組合分別如下：