Annual Report 2008

Annual Report 2008 年報 27 信貸風險 本集團的金融資產為銀行結存以及貿易和其他應 收款項，即本集團所面對有關金融資產的最大信 貸風險。 為減低有關貿易應收款項的信貸風險，管理層已 委派專責隊伍，負責釐定信貸限額、審批信貸及 其他監察程序，確保採取跟進行動收回過期債 務。此外，本集團於各個結算日檢討各項貿易債 務的可回收金額，確保已為不可收回金額計提足 夠減值虧損。因此，董事認為本集團的信貸風險 已大大降低。資產負債表所示金額已扣除呆壞賬 撥備，乃管理層根據過往經驗、對當時經濟環境 的評估及將於日後收取的現金流量貼現值估計。 本集團的貿易應收款項分散於大量交易對手及客 戶，故無重大信貸集中風險。 由於本集團大部份交易對手為獲國際信貸評級機 構評定有高信貸評級的銀行，故流動資金的信貸 風險有限。 現金流量利率風險 本集團的現金流量利率風險主要與短期銀行存款 的浮動利率有關。因此，日後任何利率升跌不會 對本集團業績有重大影響。 流動資金風險 本集團持續監察預測及實際現金流量水平，並會 配對各項金融資產與負債的到期狀況，以維持足 夠的現金及現金等值，控制流動資金風險。 Credit Risk The Group’s financial assets are bank balances and trade and other receivables, which represent the Group’s maximum exposure to credit risk in relation to financial assets. In order to minimize the credit risk in relation to trade receivables, the management has delegated a team responsible for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the Directors consider that the Group’s credit risk is significantly reduced. The amounts presented in the balance sheet are net of allowances for doubtful receivables, estimated by the management based on prior experience, their assessment of the current economic environment and future discounted cash flow to receive. The Group has no significant concentration of credit risk for its trade receivables which spread over a large number of counterparties and customers. The credit risk on liquid funds is limited because majority of the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. Cash Flow Interest Rate Risk The Group’s cash flow interest rate risk relates primarily to variable- rate for bank deposits which are all short-term in nature. Therefore, any future variations in interest rates will not have a significant impact on the results of the Group. Liquidity Risk The Group manages liquidity risk by maintaining adequate level of cash and cash equivalents by continuously monitoring forecast and actual cash flow and matching the maturity profiles of financial assets and liabilities.