Debt to equity ratio 中文

the Directors considered that the Group

[...]

maintained a healthy capital ratio as at 31

[...] December 2007 as thetotal debttoequity ratiowas at a relative [...]

low level.

gdc-world.com

gdc-world.com

董事認為，本集團於二零零七年十二月三十一日維持 良 好權益比率， 總 債 務 與 權 益比率 為相 對低水平。

gdc-world.com

gdc-world.com

the Directors review the capital structure regularly and manage its capital structure to ensure an optimal capital structure and shareholder returns, taking into consideration the future capital requirements of the Group, projected operating cash flows, projected capital expenditures and projected strategic investment

[...]

opportunities.

[...] the Directors monitor capital mainly usingtotal debttoequity ratio.the ratio as at 31 December 2007 and 2006 [...]

was as follows

gdc-world.com

gdc-world.com

董事定期檢討資本架構及管理其資本架構，以確保最理想之資本架構及股東回報，彼等經計及本 集 團 日後 資金需求、 預期營運現金流量、預期資本開支及預期策 略投資 機會。

gdc-world.com

gdc-world.com

The gearingratiowas 46.2% (2010: 41.1%) (Netdebt(interest bearing bank borrowings after deducting cash and cash equivalents) divided bytotal equity).

wqfz.com

wqfz.com

資本負債比率為41.1%（二零零九 年：37.7%）（淨負債（包括扣 除現金及現金等價物的附 息銀行借貸）除以權益總值）。

wqfz.com

wqfz.com

Gearingratio(as measured by netdebt/total equityholders’ capital [...]

and net debt) increased from 46% for the year ended 31

[...]

December 2011 to 50% as at 30 June 2012.

equitynet.com.hk

equitynet.com.hk

資本負債比率（按債務淨額╱權益 持有 人的 資本及 債 務淨 額的總和 計 算） 由截 至2011年12月31日 止年度的46%上升至2012年6月30日的50%。

equitynet.com.hk

equitynet.com.hk

However, for any givendebt equity ratio,the impact of leverage on the [...]

Return on Equity is negligible and in any case would

[...]

not attract support from the potential lenders.

legco.gov.hk

legco.gov.hk

不過， 論債 務 與 資本的比率 多少，舉債 對資本回報率的 影響都 是 微 不 足 道 ， 這 項 計劃也難 以取得貸 款。

legco.gov.hk

legco.gov.hk

According to the criterion

[...] of the World Bank(totalexternaldebtand GDPratio),the economy of [...]

the Republic of Serbia is

[...]

in the group of medium indebted countries (the limit is set to 80 per cent GDP).

daccess-ods.un.org

daccess-ods.un.org

按世界银行的标准(外债总额与国内生 产总 值 的 比率 )， 塞尔 维亚共和国的经济属 中度债务国行列(规定的限制比率是占国内生产总值的 80%)。

daccess-ods.un.org

daccess-ods.un.org

In comparison with public utilities in Hong Kong and many airports in the

[...] world, the AA has a lowdebttoequity ratio.

legco.gov.hk

legco.gov.hk

機管局 現 時的債 務 與

[...] 股 本 比 率，跟 香港的公用 事業及世 界 各地很 多機場 比 較，相對偏 低。

legco.gov.hk

legco.gov.hk

Total debttototalassetsratioof the Group expressed [...]

as a percentage of the syndicated loans and its related derivative

[...]

financial instruments designated as hedging instruments over the total assets was 20.2% as at 31 December 2012.

parksongroup.com.cn

parksongroup.com.cn

本集團債務總額與資產總額的比率乃 以銀 團貸款及其相關衍生金融工具佔資產總額的百分 比計算，於二零一二年十二月三十一日為20.2%。

parksongroup.com.cn

parksongroup.com.cn

As at 31

[...] December 2007, theratioof netdebtto shareholders’equitywas 27.3% and tototal equitywas 25.6%, compared [...]

to 22.5% and 21.1%

[...]

at 31 December 2006, respectively.

wharfholdings.com

wharfholdings.com

於二○○七年十二月三十一日，負債 淨額 與股 東權 益 比率 為2 7.3%， 而 負 債 淨額 與總 權 益 比率 則為 25.6%，於二○○六年十二月 三十一日則分別為22.5%及21.1%。

wharfholdings.com

wharfholdings.com

The Group manages capital by regularly monitoring its current and expected liquidity requirements

[...] rather than usingdebt/equity ratioanalyses.

equitynet.com.hk

equitynet.com.hk

本集團透過定期監控其當期及預期流動資金要求（而 非採用資產負債比率分析法 ）進行資本管理。

equitynet.com.hk

equitynet.com.hk

Whilst the majority of the members supported the capital restructuring exercise prior to privatisation, members have raised concerns on the pros and cons of the proposed

[...]

capital restructuring, the

[...] appropriateness of pitching thedebttoequity ratioat 1:2 instead of the current ratio [...]

of about 1:4, and

[...]

the effect of capital restructuring on the financial strength and credit rating of AA.

legco.gov.hk

legco.gov.hk

雖然大 部分委員支持在私營化前進行資本結構重組，

[...] 但委員曾提出若干關注事項，當中包括：擬議 資本結構重組的利弊、將債務與股本 比率 定為 1:2(而非約1:4的現行比率)是 否恰當、以及資本 結構重組對機管局的財政能力及信貸評級帶來 [...]

的影響。

legco.gov.hk

legco.gov.hk

The financing arrangements will allow KCRC to

[...] maintain a minimum Debt Service Coverage ratio of 1.25 and a maximumdebttoequity ratioof 43%.

legco.gov.hk

legco.gov.hk

有關的融資安排可讓九 鐵公司把 最 低 債務償還 比率維持在 1.25 倍，而最高的債務與資本比率 則維持在 43%。

legco.gov.hk

legco.gov.hk

Adjusting for these two movements (given our c. $ 9 billion of long term committed liquidity could

[...]

have been drawn to

[...] repay short termdebt),the Adjusted currentratioimproves to 1.27x. Non current assets increased from $ 40,434 million as at 31 December 2011 to $ 51,478 million as at 31 December 2012, primarily due to the acquisitions and capital expenditure programs noted above, including large non controlling interest asset gross-ups in relation to Mutanda and Optimum, where Glencore moved fromequityto consolidated [...]

accounting during the year.

glencore.com

glencore.com

非流動資產由二零一一年十二月三十一日的40,434百萬美元增至二零一二年十二月三十一日的51,47 8百萬美元， 主要由於收購及上述資本開支計劃所致，包括有關Mutanda及Optimum的非控股權益資產大幅增加， Glencore已就 此於年內由權益會計法改為 綜合會計法。

glencore.com

glencore.com

The interest capitalised is

[...] computed by applying an average borrowing rate of outstandingdebtto thetotalamount of qualifying assets under construction, not to exceed [...] [...]

total interest costs incurred.

asiasat.com

asiasat.com

資本化之利息乃按照建造中合資格資產之總額 ，以平均借款利率計算 ， 惟不可超逾所涉之利息成本總額 。

asiasat.com

asiasat.com

The calculation of the net gearingratiowas based on total bank borrowings, net of cash and cash equivalents held by the Group, overtotal equityattributable to shareholders’ of the Company as at the respective date.

cigyangtzeports.com

cigyangtzeports.com

淨 資 本負 債比 率 之 計 算 方 法 乃 根 據 銀 行 借 貸 總 額 扣 除 貴 集 團 持 有 之 現 金 及 現 金 等 價 物 後 除 以 於 有 關 日 期 貴 公 司 股 東 應 佔 權 益 總 額 計 算 。

cigyangtzeports.com

cigyangtzeports.com

Gearingratioincreased from 0.6 to 2.9 (defined astotalborrowings less cash and bank deposits divided by shareholders’equity).

mmg.com

mmg.com

權益負債比率（定義為 借貸總額減現金及銀行存款再除以 股東 權益）由 0.6 增加至 2.9。

mmg.com

mmg.com

After Completion, if external borrowings are used to fund the entire amount of the capital contribution required to be contributed by Kingsrich of approximately US$29.7 million (equivalent to

[...]

approximately HK$232.1 million),

[...] assuming thetotal equityof the Group remains unchanged, the gearing ratioof the Group [...]

will be increased to

[...]

55.6%, which we consider acceptable.

cre8ir.com

cre8ir.com

完 成 後，倘 若 利 用 外 來 借

[...]

貸 支 付Kingsrich將 會 支 付 全 數 出 資 額

[...] 約29,700,000美 元（相 等 於232,100,000港 元），假 設 貴 集 團 的 總 權 益 不 變， 貴 集 團 的 資 本與負債比率將增至55.6% ，吾等認為此乃可接受水平。

cre8ir.com

cre8ir.com

As at 30th June,

[...] 2007, net gearingratio(borrowings minus bank balances and cash tototal equity)was 0.79:1.

golikmetal.com

golikmetal.com

於二零零七年六月三十日，淨資產負 債比率（ 借貸 減銀行結存及現 金 與 總 權 益 相 比 ）為 0.79:1。

golikmetal.com

golikmetal.com

the capital structure of the

[...] Group consists ofdebt,which includes the loans from other related parties, loan from a fellow subsidiary, obligations under finance leases, secured bank borrowing and other loan disclosed in notes 33, 34, 35, 36 and 37, respectively, andtotal equity.

gdc-world.com

gdc-world.com

本集團之資本架構包括債務（包括分 別於附註33、34、35、36及37披露之其他關連人士貸款、一間同系附 屬公司貸款、融資租賃承擔、有抵押銀行借貸及其他 貸 款） 及 權益 總 額。

gdc-world.com

gdc-world.com

Gearingratiorepresents theratioof consolidated net borrowings tototal equity.

cre.com.hk

cre.com.hk

負債比率指綜合借款淨額與總權益的 比例。

cre.com.hk

cre.com.hk

As at 30 June

[...] 2010, the gearingratio (totalborrowings to total assets) of the Target Group was nil because Target Group did not have any interest bearingdebtsas at 30 June 2010.

equitynet.com.hk

equitynet.com.hk

於二零一零年六月三十日， 由於目標集團於二零一零年六月三十日並無任何計息銀 行 債務 ，故 其 資 本負 債比 率（借 貸總額對資產總值）為零。

equitynet.com.hk

equitynet.com.hk

The capital structure of the

[...] Group consists ofdebt,which includes loan from a fellow subsidiary and secured bank borrowing disclosed in notes 33 and 34, respectively, andtotal equity.

gdc-world.com

gdc-world.com

本集團之資本架構包括債務（包括分 別於附註33及34披露之一間同系附屬公司貸款及有抵押銀行借 貸） 及 權益 總 額。

gdc-world.com

gdc-world.com

Those funds are likely to be treated as equity where

[...] the originaldebttoequity ratiowas high before [...]

the funds were contributed and the

[...]

funds would reduce the ratio; if the paid-up share capital was inadequate; if it is unlikely that an external creditor would have made a loan in the same circumstances; and if the terms on which the advance was made were not reasonable and there was no reasonable expectation of repayment.

daccess-ods.un.org

daccess-ods.un.org

在下述情况下这些资金可 能会被视作股本：注入资金前的债务 股本 比率 很高 ，注 入资金后使这一比率下 降；实收股份资本不足；外部债权人不可能在相同的情况下提供贷款；贷款的 [...]

条件不合理并且没有理由期望偿还。

daccess-ods.un.org

daccess-ods.un.org

The Group monitors capital by

[...] using a gearingratiodefined astotalborrowings less cash and bank deposits divided by shareholders’equity.

mmg.com

mmg.com

本集 團採用 資 本負債 比率（以 總借貸 減現金 及 銀行存 款除以股 東 權益 界定）監 察其資本情況。

mmg.com

mmg.com

During the effective period of the syndicated credit

[...] agreement, thedebttoequity ratioat the end of [...]

each year must be maintained at less than 100%.

english.taiwanmobile.com

english.taiwanmobile.com

於聯合授信合約存續期間，各年度之年 底負 債比率應維持100%以下。

corp.taiwanmobile.com

corp.taiwanmobile.com

Secondly, after amendments to the

[...]

Ordinance concerned and after the AA

[...] revised upwards itsdebttoequity ratio,I believe the [...]

AA will have greater versatility and

[...]

flexibility in capital financing.

legco.gov.hk

legco.gov.hk

其次，

[...] 在有關條例修訂後 ， 機管局 將其債 務 與 股 本 比 率 調高後 ， 我相信 在 融 資 方 面將更靈 [...]

活 和有彈 性 ， 對其未 來 的 投 資 發 展 ， 甚 至 是 推行私營化 計 劃 時的估 值 都有利 。

legco.gov.hk

legco.gov.hk

In studying the privatization of AA, the Government's

[...] financial advisors find that the presentdebttoequity ratioof AA is relatively low when compared with

legco.gov.hk

legco.gov.hk

在 研究機管局私營化計劃時，政府的財務顧問發現機管局現 時的債務與股本比率， 與香港的公用事業及世界各地的一些選定機場 比較，相對偏低(附件A)。

legco.gov.hk

legco.gov.hk

As the cost of debt is normally

[...] lower than the cost of equity, AA’s lowdebttoequity ratioof about 1:4 has resulted in relatively [...]

high weighted average cost of capital (WACC).

legco.gov.hk

legco.gov.hk

由於債 務成本通 常 低於股本成本，而機管局的債 務與股本的比 例 約 為 1:4， 比率偏低， 導致其 加權平均資本成本相 對 偏高。

legco.gov.hk

legco.gov.hk

Thedebt-equity ratioas at 30 September [...]

2010 was 3.9%, down from 9.5% as at 31 December 2009.

wheelockcompany.com

wheelockcompany.com

負債與權益比率由二○○ 九年十二月三十一日 的 9.5%下降至二○一○年九月三十日的 3.9%。

wheelockcompany.com

wheelockcompany.com

As I have pointed out in my speech at the previous Legislative Council meeting,

[...]

in comparison with public utilities in Hong Kong and many airports in the

[...] world, the AA has a lowdebttoequity ratio.

legco.gov.hk

legco.gov.hk

正如我在上一次 立法會會議發言 時 所 指 出，機 管 局 現 時的債 務 與 股 本 比 率

[...] ， 與 香港的公用 事業及世 界 各 地 很 多 機 場比較， 相 對 偏 低 。

legco.gov.hk

legco.gov.hk