Haier 2009 Annual Report Download - page 30
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FINANCIAL REVIEW 財務回顧
HAIER ELECTRONICS GROUP CO., LTD ANNUAL REPORT 2009
28
Treasury Policies
The Group employs a prudent approach to cash management and risk
controls. Most of the Group’s receipts and payments are denominated 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 2009, most of the Group’s borrowings were denominated in
Renminbi and largely carried interests at floating rates. Foreign currency
risk is largely, though not fully, mitigated as liabilities in Renminbi will be
substantially offset by the Group’s earnings, most of which are derived
from domestic sales in the PRC and are denominated in Renminbi, and
only approximately 8% of the Group’s revenue are derived from export
sales and are denominated in other currencies. The Group does not
have any significant interest rate risk, as the Group has an overall net
cash balance. 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 2009 was
approximately 15,200, representing a decrease of approximately 8.1%
as compared to 31 December 2008, and total staff costs for the year
amounted to approximately RMB797 million, representing an increase of
approximately 6.1% as compared to 2008, which is primarily due to the
increasing pay reflecting the staff’s contributions to the Group.
8%
15,200
8.1%
797,000,0006.1%