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Hong Kong Cyberport Management Company Limited
nnual Report 2013/14
154
A
3 Financial risk management and fair values
of financial instruments
Notes to the Financial Statements
財務報表附註
(a) Financial risk factors
The Company’s activities are exposed to a variety of
financial risks: interest rate risk, credit risk and liquidity risk.
The Company’s overall risk management programme
focuses on the unpredictability of financial markets and
seeks to minimise potential adverse effects of these risks
on the Company’s financial performance.
Risk management is carried out by the Company’s
management under policies approved by the Board. The
Company’s management identifies, evaluates and
manages significant financial risks in the Company’s
business units. The Board provides guidance for overall
risk management.
(i) Interest rate risk
Interest rate risk is the risk that changes in market interest
rates will impact the earnings of the Company. The
Company’s major interest-bearing assets comprise bank
deposits and held-to-maturity investments (collectively
“interest bearing assets”) and are primarily issued at fixed
rates which therefore do not expose the Company to cash
flow interest rate risk.
The Company has no significant borrowings other than the
non interest-bearing advance from its immediate holding
company.
(ii) Credit risk
Credit risk arises from the potential failure of the
Company’s counterparties to meet their obligations under
financial contracts. The Company is exposed to credit risk
on cash and bank balances, investments in securities, as
well as trade and other receivables and amounts due from
fellow subsidiaries.
The Company’s bank deposits are deposited with banks of
high credit quality in Hong Kong to minimise the credit
exposure.
For investments in securities, the Company adopts a
prudent policy to invest in securities only with very strong
investment-grade credit ratings and limit exposure to any
single investment. The exposures to these credit risks are
monitored on an ongoing basis.
3
財務風險管理及金融工具之公允
價值
(a)
財務風險因素
本公司之業務承受多種財務風險：利率風
險、信貸風險及流動資金風險。本公司之
整體風險管理計劃集中於金融市場之難預
測性，並尋求盡量降低該等風險對本公司
財務表現可能構成之不利影響。
風險管理由本公司管理層根據董事局核准
之政策執行。本公司管理層負責識別、評
估及管理公司個別業務單位存在之重大財
務風險。董事局提供整體財務風險管理指
導。
(i)
利率風險
利率風險是指市場利率變化影響公司收益
之風險。本公司之主要生息資產包括銀行
存款和持有至到期日投資（統稱「計息資
產」），這些資產主要以固定利率發行，因
此不會使本公司承受著現金流利率風險。
除直接控股公司提供的無息墊款外，本公
司並無任何重大借貸。
(ii)
信貸風險
信貸風險起因於本公司交易對手未能履行
財務合約之責任。本公司承受著來自現金
及銀行結存、證券投資、應收賬款及其他
應收款項和應收同系附屬公司款項之信貸
風險。
本公司之銀行存款均存放於香港有高信貸
質素之銀行，務求盡量降低信貸風險。
就證券投資，本公司採用審慎之政策，只
投資於具有非常高之投資級信貸評級以及
限制投資於任何單一之證券。本公司將持
續監察這些信貸風險。