Annual Report 2019

33 年報 ANNUAL REPORT 2019 MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 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）除以權益 總額計算）由二零一八年十二月三十一日報 71.4% 下降至二零一九年十二月三十一日報 50.8% 。本集團於二零一九年十二月三十一日 的流動比率（以流動資產除以流動負債計算） 為 1.28 倍，相對於二零一八年十二月三十一日 則為 1.19 倍。 外幣及利率風險 本集團的營業額來源主要以歐元、人民幣和美 元為單位，而購買和付款的則主要以人民幣和 港幣為單位。於本年度回顧，本集團通過訂立 外匯對沖合約賣出人民幣兌港幣，名義總金 額為港幣 280,000,000 元，以及賣出歐元兌人 民幣，名義總金額為 2,000,000 歐元，以管理 其以港幣為單位的負債兌人民幣及以歐元為 單位的資產兌人民幣的匯率風險。這些合約 於二零一九年十二月三十一日之前已完全確 定。本集團的銀行結存及現金（包括已抵押銀 行存款）及銀行貸款的貨幣組合分別載列於綜 合財務報告附註 26(b) 及附註 29 。 至於利率風險，截至二零一九年十二月三十一 日止年度的計息貸款大部份是按固定而非浮 動利率計息，因屬計息貸款中較小部分為浮動 利率，本集團並無訂立就浮動利率貸款利率掉 期。鑒於近期公佈的經濟數據相對平淡，現行 市場觀點是利率下調，因此我們預計短期內不 會進行任何利率掉期。 Debt and liquidity ratios Gearing ratio represents total interest bearing borrowings less bank balances and cash (including pledged bank deposits) is divided by total equity of the Group decreased markedly from 71.4% at 31 December 2018 to 50.8% at 31 December 2019. The current ratio (calculated as current assets divided by current liabilities) of the Group was 1.28 times at 31 December 2019 as compared to 1.19 times at 31 December 2018. FOREIGN CURRENCY AND INTEREST RATE EXPOSURES The Group’s source of revenue is mainly denominated in EUR, RMB and USD while those of purchases and payments are mainly denominated in RMB and HKD. During the year under review, the Group managed its exchange rate exposures of HKD denominated liabilities against RMB and EUR denominated assets against RMB by entering into the foreign currency hedging contracts to sell RMB against HKD with aggregate notional amount of HK$280,000,000 and to sell EUR vs RMB with aggregate notional amount of EUR2,000,000. These contracts were fully fixed before 31 December 2019. The respective currency composition of the Group’s bank balances and cash (including pledged bank deposits) and bank borrowings is set out in note 26(b) and note 29 to the consolidated financial statements respectively. In respect of exposure to interest rate risk, the majority of interest bearing borrowings for the year ended 31 December 2019 were at fixed instead of floating rates. Since the minority of interest bearing borrowings was in floating rates, the Group has not entered into any interest rate swaps on the floating rate borrowings. In light of the relatively lacklustre economic data published lately, the prevailing market view is a cut in interest rate and hence, we do not anticipate to conduct any interest rate swaps in the near term.