Annual Report 2020

MANAGEMENT DISCUSSION AND ANALYSIS 管理層論述及分析 35 2020 ANNUAL REPORT 年報 負債及流動資金比率 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）除以本集團權 益總額計算），並由二零一九年十二月三十一 日報 50.8% 下降至二零二零年十二月三十一日 報 29.4% 。本集團於二零二零年十二月三十一 日的流動比率（以流動資產除以流動負債計算） 為 1.15 倍，相對於二零一九年十二月三十一日 則為 1.28 倍。 外幣及利率風險 本集團的收入來源主要以歐元、人民幣和美 元為單位，而購買和付款的收入來源則主要 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歐元及美元兌 人民幣，名義總金額分別為 8,000,000 歐元及 10,000,000 美元，以管理其以歐元及美元為單 位的資產兌人民幣的匯率風險。這些合約在截 至二零二零年十二月三十一日止年度已完全確 定。 至於利率風險，截至二零二零年十二月三十一 日的計息貸款全部是按固定而非浮動利率計 息，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。 我們將檢討及調整計息貸款的貨幣組合，以盡 量減少我們的計息貸款的匯率和利率風險。 無論如何，我們會根據內部監控指引下，持續 監察本集團計息貸款的貨幣及利率組合，及於 需要時採取適當行動，以減低匯兌及利率的風 險。 Debt and liquidity ratios Gearing ratio represented total interest bearing borrowings less bank balances and cash (including pledged bank deposits) divided by total equity of the Group and decreased markedly from 50.8% at 31 December 2019 to 29.4% at 31 December 2020. The current ratio (calculated as current assets divided by current liabilities) of the Group was 1.15 times at 31 December 2020 as compared to 1.28 times at 31 December 2019. 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 EUR and USD denominated assets against RMB by entering into the foreign currency hedging contracts to sell EUR and USD against RMB with aggregate notional amount of EUR8,000,000 and USD10,000,000 respectively. These contracts were fully fixed during the year ended 31 December 2020. In respect of exposure to interest rate risk, all the interest bearing borrowings at 31 December 2020 were at fixed instead of floating rates, the Group has not entered into any interest rate swaps on the floating rate borrowings. In light of the relatively lack lustre 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. We will review and adjust the currency composition of our interest bearing borrowings from time to time to minimise our risks on exchange and interest rate in respect of our interest bearing borrowings. In any event, we would keep monitoring the currency and interest rate composition of the Group’s interest bearing borrowings under the guidance of the Internal Control Manual and take appropriate action to minimise our exchange and interest rate risks when needed.