Page 81 - Hospital Authority Annual Report 2019-2020

NOTES TO THE FINANCIAL 財務報表附註
STATEMENTS

3. Financial risk management 3. 財務風險管理

(a) Financial risk factors （a） 財務風險因素

The Group’s activities of providing healthcare services to patients, 集團所進行的事務如為病人提供醫療服務、
the administration of drugs, the employment of a large workforce 管理藥物、僱用龐大職員隊伍及投資活動
and the investment activities are primary areas of financial risks 等，均是主要的財務風險來源，就這些風險
being mitigated by the Group’s financial risk management process. 進行財務管理可將風險減低。集團財務風險
The Group’s underlying principles of financial risk management 管理的主要原則，是透過向不同保險公司購
are to transfer the cost of financial risks of significant level 買保險及自行承保運作風險，將重大風險而
through insurance with a diversity of insurers, to self insure for 導致的財政費用轉移，以及遵守作為僱主及
the operational risks and to comply with regulatory insurance 擁有車隊的機構各項保險規管條文。
requirements as an employer and owner of a motor fleet.
With regard to investments, in accordance with the Group’s 就投資方面，根據集團有關政策及指引，其
policies and guidelines, the primary objectives are to meet liquidity 主要目標是符合流動資金的需要、保障資
requirements, to protect capital and to provide a reasonable return. 金及提供合理回報。截至二零二零年三月
The investment portfolio (“Portfolio”) as at 31 March 2020 consisted 三十一日的投資組合（「組合」），包括銀行
of bank deposits, fixed income instruments and placements with the 存款、固定入息工具及外匯基金存款。根據
Exchange Fund. Based on the risk control measures as summarised 下文所列的風險控制措施，有關交易對方的
below, the risk of default by the counterparties is considered 拖欠風險應可減至最低，而組合亦沒有重大
minimal and the Portfolio has no significant concentration of credit 的信貸集中風險。此外，由於組合的資產及
risk. Besides, the Group has no significant currency risk because 負債大體上都以港元為單位，即集團的功能
substantially all assets and liabilities are denominated in Hong Kong 及呈列貨幣，故無重大的貨幣風險。集團對
dollar, the Group’s functional and presentation currency. The Group 流動現金需要及風險的管理，於附註3（c）
manages its cash flow requirements and risk as disclosed in note 3(c). 披露。

(i) Credit risk （i） 信貸風險

The Group’s credit risk is the risk that counterparties may 集團的信貸風險是交易對方可能拖欠
default on its bank deposits, fixed income instruments and 其銀行存款、固定入息工具及外匯基金
placements with the Exchange Fund. 存款。

Bank deposits are placed with the Group’s approved banks 銀行存款均存放於集團所認可的銀行，
which are of investment grade as determined by Moody’s or 銀行乃根據穆迪或標準普爾釐定的投資
Standard and Poor’s. For bank deposits, banks must meet 評級。就銀行存款而言，銀行的最低信
the minimum credit rating not lower than Moody’s Baa3 or 貸評級須不低於穆迪 Baa3或同等級別。
equivalent. The impairment requirements of HKFRS 9 do 《香港財務報告準則》第9號的減值規定
not have a material impact on the bank deposits. Credit risk 對銀行存款沒有重大影響，銀行存款涉
arising from the bank deposits is not significant to the Group. 及的信貸風險對集團的影響並不大。
All transactions in fixed income instruments are settled or 所有固定入息工具的交易是在交收後透
paid for upon delivery through approved banks and trading 過認可銀行及交易代理人結算 / 支付，
agent as well as safe kept by the approved custodian with high 並由具良好信貸評級的認可保管人妥為
credit ranking. The credit risks of the issuers are assessed 保管。固定入息工具發行商的信貸風險
based on the credit rating determined by Moody’s or Standard 乃根據穆迪或標準普爾釐定的信貸評
and Poor’s. Investments in fixed income instruments (i.e. 級。若投資於固定入息工具（即存款證及
certificates of deposits and bonds) are with issuers of credit 債券），有關發行商的最低信貸評級在投
rating not lower than Moody’s A3 or equivalent at the time of 資時須不低於穆迪 A3或同等級別。至於
investment. Where the maturity is over three years, the credit 到期日超過三年的投資，有關發行商的
rating is not lower than Moody’s Aa3 or equivalent. 信貸評級須不低於穆迪Aa3或同等級別。

The placements with the Exchange Fund are entered into 外匯基金存款是醫管局與香港金融管理
between HA and the Hong Kong Monetary Authority (“HKMA”) 局（「金管局」）訂定的安排，預計金管
and it is expected that HKMA can fulfill its contractual 局就這筆存款可履行對醫管局的合約
obligations to HA in respect of the placements. 責任。

Independent Auditor’s Report and Audited Financial Statements 獨立核數師報告及經審核的財務報表 79