Haier 2006 Annual Report Download - page 20

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Haier Electronics Group Co., Ltd. Annual Report 2006
海爾電器集團有限公司 二零零六年年報
CAPITAL STRUCTURE AND GEARING RATIO
As at 31 December 2006, the Group maintained a comfortable
gearing ratio (defined as total borrowings plus Convertible Notes
over net assets) of 37% (2005: 41%).
TREASURY POLICIES
The Group employs a conservative approach to cash management
and risk controls. Most of the Group’s receipts and payments are in
Renminbi and Hong Kong dollars. Cash is generally placed in short
term deposits denominated either in Renminbi or Hong Kong dollars.
As at 31 December 2006, the Convertible Notes were denominated
in Hong Kong dollars and most of the Group’s outstanding
borrowings were denominated in Renminbi and were principally
made on a floating rate basis. Foreign currency risk is not significant
as liabilities in Renminbi will be matched by the Group’s earnings,
most of which are also denominated in Renminbi. The Group does
not have any significant interest rate risk, as the current interest
rate in the PRC stays at low level and is relatively stable. The
Group does not have any financial instruments for hedging purposes.
EMPLOYEES AND REMUNERATION POLICY
The total number of employees of the Group as at 31 December
2006 was approximately 7,800, representing a decrease of
approximately 5% as compared to 31 December 2005.
The Group ensures that the remuneration packages for its
employees are competitive and employees are generally
remunerated with a fixed monthly income, which are normally
reviewed on an annual basis, plus discretionary performance related
bonuses. Employees are also provided with benefits including
provident fund and medical insurance. The Group maintains a share
option scheme as an incentive to attract and retain talented
employees. As at 31 December 2006, there were outstanding share
options entitling the grantees to subscribe for 267.5 million new
shares of the Company (or 26.75 million new shares of the Company
after adjusting the figure in corresponding with the share
consolidation as detailed in note 43 to the financial statements
below).
MATERIAL ACQUISITION AND DISPOSAL OF
SUBSIDIARIES AND ASSOCIATES
Please refer to notes 13 and 37 to the combined annual financial
statements below for details of disposal of the mobile handset
business and acquisition of the front loading washing machine and
water heater businesses respectively during the year.
資本架構及負債資本比率
於二零零六年十二月三十一日，本集團之負債
資本比率（定義為按借貸總額加可換股票據除
以資產淨值計算）理想，為37%（二零零五年︰
41%）。
庫務政策
本集團採取審慎現金管理及風險監控。本集團
大部分收支以人民幣及港元結算。現金一般存
作人民幣或港元短期存款。於二零零六年十二
月三十一日，可換股票據以港元計值，而本集
團大部份未償還借貸以人民幣結算，並主要按
浮動利率利息。由於人民幣負債將與本集團盈
利（大部分亦以人民幣計值）對銷，因此外匯風
險並不重大。由於現時中國利率偏低且相當穩
定，故此本集團並無任何重大利率風險。本集
團並無運用任何金融工具進行對沖。
僱員及薪酬政策
本集團於二零零六年十二月三十一日之僱員總
數約7,800人，較於二零零五年十二月三十一
日減少約5%。
本集團確保僱員酬金待遇具競爭力，僱員一般
獲發定額月薪，另加表現花紅，而薪酬通常每
年作檢討。僱員亦獲提供公積金及醫療保險等
福利。本集團設有購股權計劃，以作為吸引及
留聘人才之獎勵。於二零零六年十二月三十一
日，尚未行使之購股權可供授予者認購本公司
新股之總數為267,500,000 股（或就下文財務
報表附註43所詳述之股份合併作出調整後之數
字為26,750,000股本公司新股）。
附屬公司及聯營公司之重大收購及出售
年內，有關出售移動手機業務及收購滾筒式洗
衣機及熱水器業務之詳情，請分別參閱下述合
併年度財務報表附註13及37。