Haier 2009 Annual Report Download - page 160
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31 December 2009
NOTES TO FINANCIAL STATEMENTS 財務報表附註
HAIER ELECTRONICS GROUP CO., LTD ANNUAL REPORT 2009
158
36. Financial Risk Management Objectives and
Policies (Cont’d)
Capital management
The primary objectives of the Group’s capital management are to
safeguard the Group’s ability to continue as a going concern and
to maintain healthy capital ratios in order to support its business
and maximise shareholders’ value.
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 shareholders, return capital to shareholders or issue
new shares. The Group is not subject to any externally imposed
capital requirements. No changes were made in the objectives,
policies or processes for managing capital during the years ended
31 December 2009 and 31 December 2008.
The Group monitors capital using a gearing ratio, which is total
debt divided by total equity. The Group’s policy is to maintain the
gearing ratio not exceeding 100%. Total debt is interest-bearing
borrowings. The gearing ratios as at the ends of the reporting
periods were as follows:
Group
2009 2008
年
RMB’000 RMB’000
Interest-bearing borrowings 74,000 143,000
Total debt 74,000 143,000
Total equity 1,572,123 1,117,362
Gearing ratio 5% 13%
36.
100%