Annual Report 2019

73 年報 ANNUAL REPORT 2019 CORPORATE GOVERNANCE REPORT 企業管治報告 在決定股息分配時，我們會考慮內在因素及外 在因素。 內在因素方面，我們會考慮： (i) 公司的盈利能 力； (ii) 流動資金狀況和現金流的可用性； (iii) 增長計劃的資本要求，可能需要本公司保留其 資金及資金撥用，內部及外部； (iv) 本公司的 投資機會； (v) 本公司的借貸能力以抓住外圍 或其他增長機會； (vi) 獲得本公司的附屬公司 和聯營公司股息的能力；及 (vii) 股東對獲得有 利可圖的投資回報的期望從而維持其對本公 司的投資。 外在因素方面，我們會考慮： (i) 股息分派的法 定及監管要求及限制； (ii) 影響本公司支付股 息的能力的合同制約╱債務契約的限制； (iii) 當前包括中國在內的全球經濟狀況影響可供 派發股息之溢利； (iv) 金融市場的新興趨勢和 鋼簾線業務的商業周期將影響鋼簾線行業的 增長和表現；及 (v) 稅務考慮。 董事會可根據本股息政策行使全權的酌情權 派發中期股息，或如董事會認為本公司可供分 派之溢利情況足以派發中期股息。如股本分為 各類不同股份（如適用），則董事除可派發中 期股息予享有派息優先權股份之持有人外， 亦可派發中期股息予遞延股份或非優先股份 之持有人。惟倘於派付股息時，尚有任何優先 股股息並未償付，則不得派發中期股息予遞延 或非優先股份之持有人。 When considering the decision on dividend declaration, we will take into account both the internal factors and external factors. For internal factors, we will consider the: (i) profitability of the Company; (ii) liquidity position and the availability of free cash flow; (iii) capital requirements for growth plans of the Company which may require funds preservation and internal funds generation, both internal and external; (iv) investment opportunities available with the Company; (v) borrowing capacity of the Company so as to capture any growth opportunities, inorganic or otherwise; (vi) ability to receive dividend from the Company’s subsidiaries and associated companies; and (vii) Shareholder’s expectation of a profitable return on their investment to maintain their investment in the Company. For external factors, we will consider the: (i) statutory and regulatory requirements and restrictions on the dividend distributions; (ii) contractual restrictions/restrictions in debt covenants which affect the Company’s ability to pay dividends; (iii) prevailing economic climate in the global including the PRC that will affect the availability of profits for dividend; (iv) emerging trends in the financial market and business cycle of Steel cord business that will affect the growth and performance of the Steel cord industry; and (v) taxation consideration. The Board may declare interim dividends at its absolute discretion in line with the dividend policy, or if the Board are justified by the profits of the Company available for distribution. If the share capital is divided into different classes (if applicable), the Directors may pay interim dividends on shares which confer deferred or non-preferred rights with regard to dividend as well as on shares which confer preferential rights with regard to dividend, but no interim dividend shall be paid on shares carrying deferred or non-preferred rights if, at the time of payment, any preferential dividend is in arrears.