Haier 2010 Annual Report Download - page 38

Annual Report 2010 二零一零年年報
HAIER ELECTRONICS GROUP CO., LTD 海爾電器集團有限公司
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FINANCIAL REVIEW 財務回顧
Liquidity and Financial Resources
The Group focuses on cash flow management and has been able to
maintain a healthy financial and liquidity position. The Group had a
current ratio of 124.6% as at 31 December 2010, which was in line with
the 125.6% in 2009 (restated). As at 31 December 2010, the Group’s
cash and cash equivalent balance amounted to RMB2,706,000,000 (31
December 2009 (restated): RMB1,448,000,000), and the Group does
not have any bank borrowings or other borrowings (31 December 2009:
RMB74,000,000). As a result, the net cash and cash equivalent (total
cash balance net total borrowings) amounted to RMB2,706,000,000,
representing an increase of 96.9% as compared to RMB1,374,000,000
in 2009 (restated).
The Group will maintain significant operating cash flow and sources
of liquidity in 2011 that are adequate to meet its working capital
requirements, and for the logistics network penetration and construction
of the distribution facilities, and maintain financial flexibility for any
investment opportunities.
Capital Expenditure
From time to time, the Group will assess its capital expenditure and
investments in the washing machine, water heater and integrated
channel services business. The size of working expenditure is subject
to various factors including the needs to construct new workshops,
upgrade of machinery and equipment and investment in establishing
strategic alliances. The Group expects that most of its capital expenditure
in the upcoming years will be spent in the investment of the integrated
distribution services business segment.
Gearing Ratio
The Group had fully repaid all of its borrowings during the year. As at 31
December 2010, the Group’s gearing ratio (defined as total borrowings
over net assets) was nil (31 December 2009 (restated): 4.2%).
The Group currently has sufficient working capital and hence has no
financing requirement. Should the business development require the
introduction of strategic investors, new capital might be raised.
流動資金及財務資源
本集團 著 重現金 流 管 理， 且財政及 流 動資金 狀 󲜓
穩健， 於二零 一 零年十 二 月三十一 日 之流動 比 率
為124.6%，與二零零九年（重列）的125.6%基 本
持平。 本集團 於 二零一 零 年十二月 三 十一日 之 現
金及現金等值項目結餘為人民幣2,706,000,000
元（二零零九年十二月三十一日（重列）：人民幣
1,448,000,000元 ）， 其 中 並 無 銀 行 及 其 他 借 貸（ 二
零零九年十二月三十一日：人民幣74,000,000
元），故此本年現金結餘淨額（現金結餘󲝍借貸）為
人民幣2,706,000,000元，對比去年（重列）人民幣
1,374,000,000元增長96.9%。
本集團將在二零一一年運營活動中繼續維持󲡏、
穩定之流動資金用以確保未來一年運營資金需求，
及用以渠道分銷的展以及物流建設，並
且在未來重大性投資機會出現時，在財務上具備
活性。
資本性支出
本公司將不時評估洗衣機、熱水器及渠道綜合服務
業務的資本性支出及投資，該等金額取󲝒於建新
廠房、更新設備及建立策略聯的機會，本公司預
期未來數年的主要資本開支將主要源於與本公司渠
道綜合服務業務有關的投資需要。
負債資本比率
本集團在年內已所有借貸全部清還，故於二零一
零年十二月三十一日之負債資本比率（定義為按借貸
總額除以資產淨值計算）為零（二零零九年十二月三
十一日（重列）：4.2%）。
本集團目前運營資金充足，故現階段無融資需求，
如確有必要因業務發展的需要引入略性股東，可
能會在未來帶來新的融入資金。