Page 160 - Demo

- 35 -- 10 -24 %u8cc7%u672c%u627f%u64d4 24 CAPITAL COMMITMENTS%u65bc 2024 %u5e74 3 %u6708 31 %u65e5%uff0c%u623f%u59d4%u6703%u6c92%u6709%u5728%u8ca1%u52d9%u5831%u8868%u5167%u4f5c%u51fa%u64a5%u5099%u7684%u672a%u5c65%u884c%u5408%u7d04%u8cc7%u672c%u627f%u64d4%u8a08%u6709%uff1aThe Authority had the following contractual capital commitmentsoutstanding at 31 March 2024 not provided for in the financial statements:2024 2023%u767e%u842c%u5143(%u6e2f%u5e63)HK$M%u767e%u842c%u5143(%u6e2f%u5e63)HK$M%u57fa%u672c%u5de5%u7a0b%uff0f%u8a08%u5283 Capital Works/Projects%u516c%u5171%u79df%u4f4f%u623f%u5c4b%uff0f%u7da0%u7f6e%u5c45 Public rental housing/GSH%u8a08%u5283%u5efa%u7bc9%u8a08%u5283 construction projects 45,882 30,750%u5c45%u5c4b%u8a08%u5283%u5efa%u7bc9%u8a08%u5283 HOS construction projects 19,203 16,314%u5176%u4ed6%u8a08%u5283 Other projects 2,253 2,38367,338 49,44725 %u8ca1%u52d9%u98a8%u96aa%u7ba1%u7406 25 FINANCIAL RISK MANAGEMENT%u98a8%u96aa%u7ba1%u7406%u662f%u623f%u59d4%u6703%u8ca1%u52d9%u653f%u7b56%u548c%u7a0b%u5e8f%u4e0d%u53ef%u6216%u7f3a%u7684%u4e00%u74b0%u3002%u623f%u59d4%u6703%u8ca1%u52d9%u5c0f%u7d44%u59d4%u54e1%u6703%u8ca0%u8cac%u63d0%u4f9b%u8ca1%u52d9%u653f%u7b56%u65b9%u9762%u7684%u610f%u898b%uff0c%u4e26%u4e14%u76e3%u7763%u623f%u59d4%u6703%u7684%u8cc7%u91d1%u7ba1%u7406%u4e8b%u5b9c%uff0c%u800c%u5176%u4e0b%u8a2d%u6709%u8cc7%u91d1%u7ba1%u7406%u9644%u5c6c%u5c0f%u7d44%u59d4%u54e1%u6703%uff0c%u5c31%u623f%u59d4%u6703%u7684%u8cc7%u91d1%u7ba1%u7406%u653f%u7b56%u3001%u7b56%u7565%u548c%u6307%u5f15%uff0c%u4ee5%u53ca%u8058%u8acb%u548c%u76e3%u7763%u5916%u8058%u6295%u8cc7%u7d93%u7406%u7b49%u5404%u65b9%u9762%u63d0%u4f9b%u610f%u898b%u3002%u73fe%u628a%u4e3b%u8981%u7684%u8ca1%u52d9%u98a8%u96aa%u7ba1%u7406%u63aa%u65bd%u6982%u8ff0%u5982%u4e0b%uff1aRisk management is an integral part of the Authority%u2019s financial policies and processes. The Authority%u2019s Finance Committee advises on financial policies and oversees the management of funds of the Authority. The Finance Committee has established a Funds Management Sub-Committee to advise on the Authority%u2019s funds management policies, strategies, guidelines, and the appointment and monitoring of external fund managers. The key financial risk management practices are highlighted belo(a) %u6d41%u52d5%u8cc7%u91d1%u98a8%u96aa (a) Liquidity risk%u623f%u59d4%u6703%u6bcf%u65e5%u5747%u76e3%u5bdf%u5176%u73fe%u91d1%u6d41%u91cf%uff0c%u800c%u5176%u6295%u8cc7%u7ba1%u7406%u4e43%u57fa%u65bc%u78ba%u4fdd%u6709%u8db3%u5920%u8cc7%u91d1%u61c9%u4ed8%u8cc7%u672c%u958b%u652f%u548c%u71df%u904b%u9700%u8981%u7684%u9996%u8981%u76ee%u6a19%u800c%u5be6%u884c%u3002%u7531%u65bc%u623f%u59d4%u6703%u7684%u6d41%u52d5%u8cc7%u91d1%u60c5%u6cc1%u826f%u597d%uff0c%u5176%u6d41%u52d5%u8cc7%u91d1%u98a8%u96aa%u7a0b%u5ea6%u5c6c%u65bc%u6975%u4f4e%u3002The Authority%u2019s cash flows are monitored on a daily basis and its investments are managed with the primary objective of ensuring that sufficient funds are available to meet capital expenditure and operational needs. As the Authority has a strong liquidity position, it has a very low level of liquidity risk.(b) %u5e02%u5834%u53ca%u4fe1%u8cb8%u98a8%u96aa (b) Market and credit risks%u623f%u59d4%u6703%u7684%u91d1%u878d%u5de5%u5177%u6d89%u53ca%u5229%u7387%u98a8%u96aa%u3001%u8ca8%u5e63%u98a8%u96aa%u3001%u80a1%u50f9%u98a8%u96aa%u3001%u5176%u4ed6%u5e02%u5834%u98a8%u96aa%u53ca%u4fe1%u8cb8%u98a8%u96aa%u3002%u623f%u59d4%u6703%u5df2%u8a02%u7acb%u5168%u9762%u7684%u8cc7%u91d1%u7ba1%u7406%u653f%u7b56%u548c%u6295%u8cc7%u6307%u5f15%uff0c%u4ee5%u78ba%u4fdd%u80fd%u6301%u7e8c%u5be9%u614e%u5730%u76e3%u5bdf%u548c%u7ba1%u7406%u6240%u627f%u53d7%u7684%u5404%u9805%u98a8%u96aa%u3002The Authority%u2019s financial instruments are subject to interest rate risk, currency risk, equity price risk, other market risk and credit risk. Comprehensive funds management policy and investment guidelines are in place to ensure that the exposures to these risks are monitored and managed prudently on an ongoing basis.(i) %u5229%u7387%u98a8%u96aa (i) Interest rate risk%u623f%u59d4%u6703%u7684%u8a08%u606f%u8cc7%u7522%u4e3b%u8981%u5305%u62ec%u6309%u56fa%u5b9a%u5229%u7387%u8a08%u606f%u7684%u9280%u884c%u5b58%u6b3e%u3002%u623f%u59d4%u6703%u6839%u64da%u5df2%u5be9%u6279%u7684%u7b56%u7565%u548c%u57fa%u6e96%u76e3%u5bdf%u8a72%u7b49%u5229%u7387%u98a8%u96aa%u3002%u7531%u65bc%u9280%u884c%u5b58%u6b3e%u4ee5%u6524%u92b7%u6210%u672c%u8a08%u91cf%uff0c%u5176%u5e33%u9762%u503c%u4ee5%u53ca%u623f%u59d4%u6703%u7684%u5e74%u5167%u76c8%u9918%uff0c%u4e0d%u6703%u53d7%u5e02%u5834%u5229%u7387%u7684%u8b8a%u52d5%u6240%u5f71%u97ff%u3002The Authority%u2019s interest-bearing assets include mainly bank deposits which bear interest at fixed rates. The Authority monitors its interest rate risk with reference to the approved strategies and benchmarks. Since bank deposits are all measured at amortised cost, their carrying amounts and the Authority%u2019s surplus for the year will not be affected by changes in market interest rates.(ii) %u8ca8%u5e63%u98a8%u96aa (ii) Currency risk%u5728%u7ba1%u7406%u8ca8%u5e63%u98a8%u96aa%u65b9%u9762%uff0c%u623f%u59d4%u6703%u7684%u6295%u8cc7%u6307%u5f15%u5c0d%u6240%u627f%u53d7%u7684%u8ca8%u5e63%u98a8%u96aa%u8a2d%u6709%u9650%u5236%u3002%u623f%u59d4%u6703%u4ee5%u6e2f%u5143%u4ee5%u5916%u7684%u8ca8%u5e63%u70ba%u55ae%u4f4d%u7684%u6295%u8cc7%u8cc7%u7522%uff0c%u4e3b%u8981%u4ee5%u7f8e%u5143%u70ba%u55ae%u4f4d%uff0c%u5176%u9918%u4ee5%u5176%u4ed6%u53ef%u81ea%u7531%u514c%u63db%u7684%u4e3b%u8981%u570b%u969b%u8ca8%u5e63%u70ba%u55ae%u4f4d%u3002%u5018%u6e2f%u5143%u514c%u76f8%u95dc%u8ca8%u5e63%u7684%u532f%u7387%u51fa%u73fe%u6ce2%u52d5%uff0c%u8a72%u7b49%u4ee5%u6e2f%u5143%u5217%u793a%u7684%u6295%u8cc7%u8cc7%u7522%u50f9%u503c%u6703%u96a8%u4e4b%u800c%u8b8a%u52d5%u3002On currency risk management, the investment guidelines set limits on currency exposure. The Authority%u2019s investment assets in currencies other than Hong Kong dollars are denominated mainly in US dollars with the remaining in other freely convertible major international currencies. When the exchange rates of the relevant currencies against the Hong Kong dollar fluctuate, the value of these investment assets expressed in Hong Kong dollar will vary accordingly.- 35 -