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NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued) Liquidity risk (continued) Company Less than 3 months 3 to less than 12 months 1 to 5 years Total On demand HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 2010 Financial liabilities included in accrued liabilities 561 – – – 561 Interest-bearing bank borrowings – 40,333 121,000 76,667 238,000 Guarantees of banking facilities granted to subsidiaries 4,786,830 – – – 4,786,830 4,787,391 40,333 121,000 76,667 5,025,391 2009 Financial liabilities included in accrued liabilities 303 – – – 303 Interest-bearing bank borrowings – – 161,333 238,000 399,333 Guarantees of banking facilities granted to subsidiaries 4,322,470 – – – 4,322,470 Capital management The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to the equity holders through the optimisation of the debt and equity balance. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholder, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2010 and 31 March 2009. 39. 4,322,773 – 161,333 238,000 4,722,106 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 127
NOTES TO THE FINANCIAL STATEMENTS 31 March 2010 TEXWINCA HOLDINGS LIMITED ANNUAL REPORT 2010 39. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued) Capital management (continued) The Group monitors capital using gearing ratio, which is total interest-bearing debts, less cash and cash equivalents, divided by total equity. The Group’s policy is to maintain the gearing ratio at an appropriate level. Group 2010 2009 HK$’000 HK$’000 Total Interest-bearing debts 1,712,788 905,844 Less: Cash and cash equivalents (1,526,465) (800,800) 186,323 105,044 Total equity 4,792,696 4,274,788 Gearing ratio 0.04 0.02 40. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were approved and authorised for issue by the board of directors on 28 June 2010. 39. 40. 128
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CONTENTS 02 Corporate Information
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CORPORATE INFORMATION HEAD OFFICE
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FINANCIAL AND OPERATIONAL HIGHLIGHT
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MANAGEMENT’S DISCUSSION AND ANALY
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REPORT OF THE DIRECTORS The board
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REPORT OF THE DIRECTORS SHARE CAPI
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REPORT OF THE DIRECTORS BIOGRAPHIC
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REPORT OF THE DIRECTORS DIRECTORS
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SHARE OPTI
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REPORT OF THE DIRECTORS SUBSTANTIA
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REPORT OF THE DIRECTORS CONTINUING
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CORPORATE GOVERNANCE REPORT INDEPE
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CORPORATE GOVERNANCE REPORT NOMINA
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CORPORATE GOVERNANCE REPORT INVEST
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INDEPENDENT AUDITORS’ REPORT An
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CONSOLIDATED STATEMENT OF COMPREHEN
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CONSOLIDATED STATEMENT OF FINANCIAL
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CONSOLIDATED STATEMENT OF CHANGES I
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CONSOLIDATED STATEMENT OF CASH FLOW
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COMPANY STATEMENT OF FINANCIAL POSI
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NOTES TO THE FINANCIAL STATEMENTS
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Page 78 and 79: NOTES TO THE FINANCIAL STATEMENTS
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