Annual Report 2018

45 年報 ANNUAL REPORT 2018 管理層論述及分析 MANAGEMENT DISCUSSION AND ANALYSIS Interest bearing borrowings (including banks and related companies) 31 December 2018 二零一八年十二月三十一日 31 December 2017 二零一七年十二月三十一日 HK$’000 % of interest bearing borrowings HK$’000 % of interest bearing borrowings 港幣千元 佔計息 貸款總額 百分比 (%) 港幣千元 佔計息 貸款總額 百分比 (%) RMB 人民幣 598,411 54.4 553,031 52.7 HKD 港幣 502,398 45.6 495,979 47.3 Total 總計 1,100,809 100.0 1,049,010 100.0 In respect of exposure to interest rate risk, the majority of interest bearing borrowings at 31 December 2018 are at fixed instead of floating rates. For the minority of interest bearing borrowings are in floating rates, the Group had not entered into any interest rate swaps to contain any upside risks on the floating interest rates to the results and cash flows of the Group as those relevant floating rate borrowings are for a term of less than one year. While the interest rate of USD may rise further in the future, the latest dovish forward looking statement by the Federal Reserve has led us to believe the frequency and magnitude of an interest rate increase should not warrant us to enter into any interest rate swaps. 計息貸款（包括銀行及有關連公司） 關於利率風險，截至二零一八年十二月三十一 日的計息借款大部分按固定利率而非浮動利率 計息。至於屬計息貸款中較小部分的浮動利率 貸款，本集團並無訂立任何應對利率上升對本 集團業績及現金流量而構成風險之利率掉期， 因為等相關浮動利率貸款為不到一年內到期。 雖然美元利率可能在未來進一步上升，但美聯 儲最近的溫和前瞻性聲明使我們相信加息的頻 率和幅度不賦予理由支持我們進行任何利率掉 期。