Annual Report 2019

30 SHOUGANG CONCORD CENTURY HOLDINGS LIMITED 首長寶佳集團有限公司 MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 土地使用權之減值損失撥回 截至二零一九年十二月三十一日止年度，土地 使用權之減值損失撥回報港幣 17,456,000 元， 這是由於二零一九年十一月滕州東方二期項 目的建設工程開始動工。 財資政策 本集團的財資政策集中於流動資金管理和監 控財務風險，包括利率風險、匯兌風險和交易 對手風險。其目的是確保本集團有充足的財 務資源以在財務狀況可行情況下維持業務增 長。 本集團的剩餘資金一般以短期存款（以港幣、 人民幣或美元為單位）存放在香港及中國信譽 良好的銀行。本集團的資金籌措主要包括短期 到中期銀行的貸款，貸款組合會考慮本集團的 資金流動性及利息成本而作出。 股本、資金流動及財政資源 股本及資產淨值 本公司管理其資本架構的目的以確保本集團 之業務能繼續可持續增長及為股東提供一個 長期合理的回報。 於二零一八年及二零一九年十二月三十一日， 已發行股份總數目仍為 1,922,900,556 股。本 集團於二零一九年十二月三十一日之資產淨值 報港幣 1,415,072,000 元，比二零一八年十二 月三十一日的港幣 1,339,150,000 元略微上升 5.7% ，增加歸因於本年度的溢利淨額。於二零 一九年十二月三十一日的每股資產淨值報港 幣 0.736 元，比二零一八年十二月三十一日每 股報港幣 0.696 元亦上升 5.7% 。 Reversal of impairment losses on land use rights Reversal of impairment losses on land use rights amount to HK$17,456,000 for the year ended 31 December 2019 due to the commencement of the construction work of TESC Phase II Project in November 2019. TREASURY AND FUNDING POLICIES The treasury and funding policies of the Group concentrate on the management of liquidity and the monitoring of financial risks, including interest rate risk, currency risk and counterparty risks. The objectives are to ensure the Group has adequate financial resources to maintain business growth with a viable financial position. Surplus funds of the Group are generally placed on short term deposits denominated in HKD, RMB or USD with reputable banks in Hong Kong and the PRC. The financing of the Group principally comprises short to medium term loans from banks. The loan portfolio takes into consideration of the liquidity of the Group and interest costs. SHARE CAPITAL, LIQUIDITY AND FINANCIAL RESOURCES Share capital and net asset value The Company manages its capital structure with the objectives of ensuring that the businesses of the Group can maintain a sustainable growth and providing a long-term reasonable return to its Shareholders. The total number of issued shares of the Company remained at 1,922,900,556 Shares at 31 December 2018 and 2019. Net asset value of the Group was HK$1,415,072,000 at 31 December 2019, increased slightly by 5.7% as compared to HK$1,339,150,000 at 31 December 2018. The increase in net asset value was attributable to the net profit throughout the year. Net asset value per Share was HK$0.736 at 31 December 2019, also increased by 5.7% as compared to HK$0.696 at 31 December 2018.