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Notes to the Financial Statements
(Continued)
ৌਕజڌڝൗ
ᚃ
Independent Auditor's Report and Audited Financial Statements
獨立核數師報告及經審查的財務報表
3. Financial riskmanagement
(Continued)
(a) Financial risk factors
(Continued)
With regard to investments, in accordance with the Group’s policies and
guidelines, the primary objectives are to meet liquidity requirements, to
protect capital and to provide a reasonable return. The investment
portfolio (“Portfolio”) as at 31 March 2013 consisted entirely of bank
deposits and debt instruments. Based on the risk control measures as
summarised below, the risk of default by the counterparties is considered
minimal and the Portfolio has no significant concentration of credit risk.
Besides, the Group has no significant currency risk because substantially
all assets and liabilities are denominated in Hong Kong dollar, the Group’s
functional and presentation currency. The Group manages its cash flow
requirements and risk as disclosed in note 3(c).
(i)
Credit risk
The Group’s credit risk is the risk that counterparties may default on
its bank deposits, debt instruments and placement.
Bank deposits are placed with the Group’s approved banks which
are of investment grade as determined by Standard and Poor’s and
Moody’s. For bank deposits, banks must meet the minimum credit
rating not lower than Moody’s Baa3 or equivalent.
All transactions in debt instruments are settled or paid for upon
delivery through approved banks. The credit risks of the issuers are
assessed based on the credit ratings determined by Standard and
Poor’s or Moody’s. Investments in debt instruments (i.e. certificate of
deposits or bonds) should be with issuers of credit ratings not lower
than Moody’s A3 or equivalent. Where the maturity is over two years,
the credit ratings should not be lower than Moody ’s Aa3 or
equivalent at the time of investments.
The placement with the HKMA is entered into between HA and the
HKMA for the HK$6,000,000,000 not immediately required by the
Samaritan Fund (note 8). It is expected that the HKMA can fulfill its
contractual obligations to HA in respect to the placement.
(ii) Interest rate risk
The Portfolio’s interest rate risk arises from interest bearing cash at
bank, bank deposits and debt instruments. Cash at bank, which
earns interest at variable rates, gives rise to cash flow interest rate
risk. Fixed rate bank deposits and debt instruments expose the
Portfolio to fair value interest rate risk. Sensitivity analyses have
been performed by the Group with regard to interest rate risk as at
31 March 2013. If interest rates had been increased or decreased by
50 basis points, which represent management’s assessment of a
reasonably possible change in those rates, and all other variables
were held constant, the effect on the Group’s surplus and net assets
is insignificant.
3.
ৌਕࠬᎈ၍ଣ
ᚃ
(a)
ৌਕࠬᎈΪ९
ᚃ
ఱҳ༟˙ࠦd࣬ኽණྠϞᗫ݁ഄʿܸˏdՉ˴ࠅͦᅺ
݊ୌΥݴਗ༟ږٙცࠅeڭღ༟ږʿԶΥଣΫజf
࿚Їɚཧɓɧϋɧ˜ɧɤɓ˚ٙҳ༟ଡ଼Υଡ଼Υd
Ό᙮ვБπಛʿවਕʈՈf࣬ኽɨ˖הΐٙࠬᎈછՓ
ણ݄dϞᗫვБٙ˞ࠬᎈᏐ̙ಯЇ௰ЭdϾଡ଼Υ͵
ӚϞࠠɽٙڦ൲ණʕࠬᎈfϤ̮d͟༟ପʿࠋවɽ
ɪே˸ಥʩމఊЗdуණྠٙ̌ঐʿяΐ࿆d݂
ණྠೌࠠɽ࿆ٙࠬᎈfණྠ࿁ݴਗତږცࠅʿࠬᎈ
ٙ၍ଣdڝൗ
3(c)
מᚣf
(i)
ڦ൲ࠬᎈ
ණྠٙڦ൲ࠬᎈ݊ʹ࿁˓̙ঐ˞ՉვБπ
ಛeවਕʈՈʿπɝಛධf
ვБπಛѩπ׳ණྠٙႩ̙ვБdვБɗ࣬
ኽᅺ౷ဧʿጒࠔᔾ֛ٙҳ༟൙ॴfఱვБπ
ಛϾԊdვБٙ௰Эڦ൲൙ॴʔЭጒࠔ
Baa3
אΝഃॴйf
הϞවਕʈՈٙʹ݊ίʹϗܝீཀႩ̙ვБ
ഐၑŊ˕˹fවਕʈՈ೯Бਠٙڦ൲ࠬᎈɗ࣬
ኽᅺ౷ဧאጒࠔᔾ֛ٙڦ൲൙ॴf߰ҳ༟
වਕʈՈуπಛᗇאවՎdϞᗫ೯Бਠٙ௰
Эڦ൲൙ॴʔЭጒࠔ
A3
אΝഃॴйfЇ
Ցಂ˚൴ཀՇϋٙҳ༟dϞᗫڦ൲൙ॴίҳ༟
ࣛʔЭጒࠔ
Aa3
אΝഃॴйf
ᔼ၍҅ၾږ၍҅ࠈ֛τરdਗ਼ᅥီлԭਿږ͊
уࣛცࠅٙಥ࿆
6,000,000,000
ʩπ׳ږ၍҅
ڝൗ
8
dཫࠇږ၍҅ఱவഅπಛ̙ᄵБ࿁ᔼ၍
҅ٙΥߒபf
(ii)
лଟࠬᎈ
ଡ଼ΥٙлଟࠬᎈԸІᒃ՟лࢹٙვБତږeვ
БπಛʿවਕʈՈfვБତږᒃ՟ʔΝлଟd
ึϞݴਗତږлଟࠬᎈiϾᒃ՟ո֛ࢹଟٙვ
БπಛʿවਕʈՈdۆϞʮlsᄆ࠽лଟࠬᎈf
ණྠίɚཧɓɧϋɧ˜ɧɤɓ˚ఱлଟࠬᎈආ
Бઽชܓʱؓfлଟʺࠥ
50
ᓃɿу၍ଣᄴႩ
މٙΥଣ̙ঐʘлଟᜊਗdϾהϞՉ˼ᜊਗΪ
९ၪܵʔᜊdவ࿁ණྠٙޮቱʿ༟ପଋ࠽ʔึ
Ϟࠠɽᅂᚤf
110 HOSPITAL AUTHORITY ANNUAL REPORT 2012-2013