Annual Report - QuamIR
Annual Report - QuamIR Annual Report - QuamIR
Notes to the Consolidated Financial Statements (Continued) 3 Financial risk management (Continued) 3.1 Financial risk factors (Continued) (c) Liquidity risk (Continued) 3 3.1 (c) Less than 1 year Between 1 and 2 years Between 2 and 5 years Over 5 years Total HK$ Million HK$ Million HK$ Million HK$ Million HK$ Million Group At 31 December 2011 Bank borrowings and other loans 915.2 678.7 1,037.4 1,539.6 4,170.9 Finance lease liabilities 11.6 11.9 37.9 61.1 122.5 Trade and other payables 1,130.6 – – – 1,130.6 Other non-current payables 1.0 1.0 15.7 6.3 24.0 At 31 December 2010 Bank borrowings with callable terms 206.1 – – – 206.1 Bank borrowings and other loans 740.0 411.6 1,126.1 1,764.0 4,041.7 Finance lease liabilities 10.8 11.1 35.3 71.1 128.3 Trade and other payables 902.0 – – – 902.0 Other non-current payables – 264.9 – 59.0 323.9 Liabilities of disposal group classified as held for sale 295.6 – – – 295.6 Company At 31 December 2011 Other payables 14.1 – – – 14.1 At 31 December 2010 Other payables 10.3 – – – 10.3 112 HKC (Holdings) Limited • Annual Report 2011
Notes to the Consolidated Financial Statements (Continued) 3 Financial risk management (Continued) 3.2 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. 3 3.2 In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, raise new debt financing, issue new shares, share options and warrants or conduct share buy-backs. The Group monitors its capital structure by reviewing its gearing ratio and cash flows requirements, taking into account its future financial obligations and commitments for this purpose. The Group defines gearing ratio as total debt divided by total equity. Total debt is current and non-current borrowings as shown in the consolidated financial statements and total equity is as shown in the consolidated balance sheet. The gearing ratios at 31 December 2011 and 2010 were as follows: Group 2011 2010 HK$ Million HK$ Million Current borrowings 740.0 739.8 Non-current borrowings 2,990.9 2,942.6 Total borrowings 3,730.9 3,682.4 Total equity 14,280.4 13,644.9 Gearing ratio (total debt/total equity) 26.1% 27.0% • 113
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Notes to the Consolidated Financial Statements (Continued)<br />
<br />
3 Financial risk management (Continued)<br />
3.1 Financial risk factors (Continued)<br />
(c) Liquidity risk (Continued)<br />
3 <br />
3.1 <br />
(c) <br />
Less than<br />
1 year<br />
Between<br />
1 and<br />
2 years<br />
Between<br />
2 and<br />
5 years<br />
Over<br />
5 years Total<br />
<br />
HK$ Million HK$ Million HK$ Million HK$ Million HK$ Million<br />
<br />
Group<br />
<br />
At 31 December 2011<br />
<br />
Bank borrowings and other loans 915.2 678.7 1,037.4 1,539.6 4,170.9<br />
Finance lease liabilities 11.6 11.9 37.9 61.1 122.5<br />
Trade and other payables 1,130.6 – – – 1,130.6<br />
Other non-current payables 1.0 1.0 15.7 6.3 24.0<br />
At 31 December 2010<br />
<br />
Bank borrowings with callable terms 206.1 – – – 206.1<br />
Bank borrowings and other loans 740.0 411.6 1,126.1 1,764.0 4,041.7<br />
Finance lease liabilities 10.8 11.1 35.3 71.1 128.3<br />
Trade and other payables 902.0 – – – 902.0<br />
Other non-current payables – 264.9 – 59.0 323.9<br />
Liabilities of disposal group<br />
classified as held for sale<br />
<br />
295.6 – – – 295.6<br />
Company<br />
<br />
At 31 December 2011<br />
<br />
Other payables 14.1 – – – 14.1<br />
At 31 December 2010<br />
<br />
Other payables 10.3 – – – 10.3<br />
112 HKC (Holdings) Limited • <strong>Annual</strong> <strong>Report</strong> 2011