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HALF-YEAR REPORT 2016
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Consolidated debt by type as at 30 June 2016
Loan within one year or on demand
Loan over one year
Corporate bonds issued
Notes issued
Subordinated debt issued
Certificate of deposit issued
Interbank CD
4%
12%
14%
9%
12%
2%
47%
The debt to equity ratio of CITIC Limited as at 30June 2016 is as follows:
In HK$ million
Consolidated Head office
Debt
719,877
66,047
Total equity
(5)
655,617
389,589
Debt to equity ratio
110%
17%
Note:
(5)
Total consolidated equity is based on the “total equity” in the Consolidated Balance Sheet; Total equity of head office is based
on the “total ordinary shareholders’ funds and perpetual capital securities” in the Balance Sheet.
2.
Liquidity risk management
The objective of liquidity risk management is to ensure that CITIC Limited always has sufficient cash to
repay its maturing debt, perform other payment obligations and meet other funding requirements for
normal business development.
CITIC Limited’s liquidity management involves the regular cash flow forecast for the next three years
and the consideration of its liquid assets level and new financings necessary to meet future cash flow
requirements.
CITIC Limited centrally manages its own liquidity and that of its major non-financial subsidiaries and
improves the efficiency of fund utilisation. With flexible access to domestic and overseas markets, CITIC
Limited seeks to diversify sources of funding through different financing instruments, in order to raise low-
cost funding of medium and long terms, maintain a mix of staggered maturities and minimise refinancing
risk.
Details of liquidity risk management are set out in Note 32(b) to the consolidated financial statements.