( )
CONTENTS | 目錄 | |
Corporate Information | 公司資料 | 1 |
Results | 業績 | |
Condensed Consolidated Statement of Comprehensive Income | 簡明綜合全面收益報表 | 3 |
Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況報表 | 5 |
Condensed Consolidated Statement of Changes in Equity | 簡明綜合股本權益變動表 | 7 |
Condensed Consolidated Statement of Cash Flows | 簡明綜合現金流量表 | 10 |
Notes to the Condensed Consolidated Financial Statements | 簡明綜合財務報表附註 | 11 |
Interim Dividend | 中期股息 | 45 |
Closure of Register of Members | 暫停辦理股東登記手續 | 45 |
Financial Operation Review | 財務業務回顧 | 46 |
Business Review | 業務回顧 | 65 |
Other Information and Events After the Reporting Period | 其他資料及報告期末後事項 | 67 |
Prospects | 展望 | 68 |
Directors' and Chief Executives' Interests in the Securities | 董事及最高行政人員於本公司及 | 69 |
of the Company and Associated Corporations | 相聯法團之證券權益 | |
Substantial Shareholders' Interests in the Securities of | 主要股東於本公司之證券權益 | 72 |
the Company | ||
Disclosure Pursuant to Rule 13.21 of the Listing Rules | 根據上巿規則第13.21 條進行的披露 | 73 |
Share Award Scheme | 股份獎勵計劃 | 74 |
Audit Committee Review | 審核委員會審閱 | 74 |
Corporate Governance | 企業管治 | 74 |
Model Code for Securities Transactions | 證券交易之標準守則 | 75 |
Purchase, Sale or Redemption of the Company's | 購買、出售或贖回本公司之上市證券 | 75 |
Listed Securities | ||
Appreciation | 致謝 | 75 |
- Should there be any discrepancy between the English and Chinese versions, the English version shall prevail.
- 中英文版本出現歧義,概以英文版本為準。
Date of this report: 2nd August, 2019
本報告日期:二零一九年八月二日
CORPORATE INFORMATION
Directors
Executive Directors:
Chan, Sze-wan (Chief Executive Officer)
Chan, Hoi-wan
Chan, Lok-wan
Lam, Kwong-wai
Non-executive Directors:
Lau, Ming-wai(Chairman)
Amy Lau, Yuk-wai
Independent Non-executive Directors:
Chan, Kwok-wai
Phillis Loh, Lai-ping
Ma, Tsz-chun
Audit Committee
Chan, Kwok-wai(Chairman)
Phillis Loh, Lai-ping
Ma, Tsz-chun
Investment Committee
Chan, Sze-wan(Chairman)
Lam, Kwong-wai (Chief Investment Officer)
Chan, Kwok-wai
Ma, Tsz-chun
Nomination Committee
Phillis Loh, Lai-ping(Chairman)
Chan, Kwok-wai
Ma, Tsz-chun
Remuneration Committee
Chan, Kwok-wai(Chairman)
Phillis Loh, Lai-ping
Ma, Tsz-chun
Company Secretary
Lam, Kwong-wai
Authorised Representatives
Chan, Sze-wan
Lam, Kwong-wai
Solicitors
(Listed in alphabetical order) S.Y. Wong & Co.
Sit, Fung, Kwong & Shum
Auditors
HLB Hodgson Impey Cheng Limited
Bankers
(Listed in alphabetical order)
China Construction Bank (Asia) Corporation Limited Deutsche Bank AG, Singapore Branch
OCBC Wing Hang Bank Limited Oversea-Chinese Banking Corporation Limited The Bank of East Asia, Limited, London Branch
公司資料
董事
執行董事:
陳詩韻(行政總裁) 陳凱韻
陳諾韻
林光蔚
非執行董事: 劉鳴煒(主席) 劉玉慧
獨立非執行董事: 陳國偉
羅麗萍
馬時俊
審核委員會
陳國偉(主席) 羅麗萍
馬時俊
投資委員會
陳詩韻(主席)
林光蔚(投資總監) 陳國偉
馬時俊
提名委員會
羅麗萍(主席) 陳國偉
馬時俊
薪酬委員會 陳國偉(主席) 羅麗萍
馬時俊
公司秘書
林光蔚
授權代表
陳詩韻
林光蔚
律師
(按字母順序排列) 黃倩儀律師事務所 薛馮鄺岑律師行
核數師
國衛會計師事務所有限公司
往來銀行
(按字母順序排列)
中國建設銀行(亞洲)股份有限公司 Deutsche Bank AG, Singapore Branch
華僑永亨銀行有限公司
Oversea-Chinese Banking Corporation Limited
東亞銀行有限公司(倫敦分行)
1
CORPORATE INFORMATION (continued)
Place of Incorporation
Bermuda
Registered Office Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda
Principal Office in Hong Kong
26th Floor, China Evergrande Centre
38 Gloucester Road
Wanchai, Hong Kong
Principal Registrar and Transfer Office MUFG Fund Services (Bermuda) Limited 4th Floor North, Cedar House
41 Cedar Avenue
Hamilton HM 12 Bermuda
Branch Registrar and Transfer Office in Hong Kong
Computershare Hong Kong Investor Services Limited
Shops 1712-1716
17th Floor, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
Tel: (852) 2862 8555
Fax: (852) 2865 0990/(852) 2529 6087
Office in the People's Republic of China Room 1003, 10th Floor, Oriental Place
No. 9 East Dongfang Road
North Dongsanhuan Road
Chaoyang District, Beijing, PRC
Post Code: 100027
Tel: (8610) 6466 0638
Fax: (8610) 6466 0238
Website
http://www.chineseestates.com
Stock Code 127
Board Lot 500 shares
Investor Relations
For enquiries relating to investor relations, please contact:
Tel: (852) 2866 6999
Fax: (852) 2866 2822/(852) 2866 2833
E-mail: investor.relations@chineseestates.com
公司資料(續)
註冊成立地點 百慕達
註冊辦事處
Victoria Place, 5th Floor 31 Victoria Street Hamilton HM 10 Bermuda
香港主要辦事處 香港灣仔
告士打道38 號
中國恆大中心26 樓
主要過戶登記處
MUFG Fund Services (Bermuda) Limited 4th Floor North, Cedar House
41 Cedar Avenue
Hamilton HM 12 Bermuda
香港過戶登記分處
香港中央證券登記有限公司 香港灣仔
皇后大道東183 號 合和中心17 樓
1712 至1716 號舖
電話: (852) 2862 8555
傳真: (852) 2865 0990/(852) 2529 6087
中華人民共和國辦事處 中國北京市朝陽區 東三環北路
東方東路9 號
東方國際大廈10 樓1003 室 郵編: 100027
電話: (8610) 6466 0638
傳真: (8610) 6466 0238
網址
http://www.chineseestates.com
股份代號
127
買賣單位
500 股
投資者關係
有關投資者關係之查詢,請聯絡: 電話: (852) 2866 6999
傳真: (852) 2866 2822/(852) 2866 2833
電郵: investor.relations@chineseestates.com
2
RESULTS | 業績 | ||||||
The board of directors (the "Board") of Chinese Estates Holdings | Chinese Estates Holdings Limited(「本 公 司」)之 | ||||||
Limited (the "Company") would like to announce the unaudited | 董 事 會(「董 事 會」)謹 此 公 布 本 公 司 及 其 附 屬 | ||||||
consolidated interim results of the Company and its subsidiaries | 公 司(統 稱「本 集 團」)截 至 二 零 一 九 年 六 月 三 | ||||||
(together, the "Group") for the six months | ended 30th June, | 十 日 止 六 個 月(「本 期 間」)之 未 經 審 核 綜 合 中 | |||||
2019 (the "Period") together with the comparative figures for the | 期業績,連同二零一八年同期之比較數字:- | ||||||
corresponding period in 2018:- | |||||||
CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合全面收益報表 | ||||||
COMPREHENSIVE INCOME | 截至二零一九年六月三十日止六個月 | ||||||
For the six months ended 30th June, 2019 | |||||||
Six months ended 30th June, | |||||||
截至六月三十日止六個月 | |||||||
2019 | 2018 | ||||||
二零一九年 | 二零一八年 | ||||||
Notes | HK$'000 | HK$'000 | |||||
附註 | 千港元 | 千港元 | |||||
(Unaudited) | (Unaudited) | ||||||
(未經審核) | (未經審核) | ||||||
Revenue | 收入 | 3 | 269,865 | 559,741 | |||
Cost of sales | 銷售成本 | (14,788) | (108,719) | ||||
Gross profit | 毛利 | 255,077 | 451,022 | ||||
Other income | 其他收入 | 5 | 30,080 | 51,931 | |||
Investment income (expenses), net | 投資收入(開支)淨額 | 6 | 1,253,385 | (540,830) | |||
Administrative expenses | 行政開支 | (137,072) | (132,115) | ||||
Gain on disposals of equipment | 出售設備之收益 | - | 1,106 | ||||
Fair value changes on investment properties | 投資物業之公平值變動 | (427,132) | (22,755) | ||||
Finance costs | 財務費用 | 7 | (192,625) | (156,166) | |||
Other gains and losses | 其他收益及虧損 | (694) | (1) | ||||
Share of results of investments accounted | 攤佔以權益法入賬投資之 | ||||||
for using the equity method | 業績 | 95,209 | 94,293 | ||||
Profit (loss) before tax | 除稅前溢利(虧損) | 876,228 | (253,515) | ||||
Income tax expense | 所得稅開支 | 8 | (29,870) | (65,220) | |||
Profit (loss) for the period | 本期間溢利(虧損) | 9 | 846,358 | (318,735) | |||
Other comprehensive expenses | 其他全面支出 | ||||||
Items that will not be reclassified to | 不會重新分類至損益之 | ||||||
profit or loss | 項目 | ||||||
Gains and losses on investments in | 通過其他全面收益以 | ||||||
equity instruments measured | 反映公平值計量之 | ||||||
at fair value through other | 股本工具投資之 | ||||||
comprehensive income | 收益及虧損 | (1,012,299) | (5,815,551) | ||||
Share of other comprehensive income | 攤佔以權益法入賬投資 | ||||||
of investments accounted | 之其他全面收益 | ||||||
for using the equity method | 4 | 79 | |||||
(1,012,295) | (5,815,472) | ||||||
3
CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合全面收益報表(續) | ||||||
COMPREHENSIVE INCOME (continued) | 截至二零一九年六月三十日止六個月 | ||||||
For the six months ended 30th June, 2019 | |||||||
Six months ended 30th June, | |||||||
截至六月三十日止六個月 | |||||||
2019 | 2018 | ||||||
二零一九年 | 二零一八年 | ||||||
Notes | HK$'000 | HK$'000 | |||||
附註 | 千港元 | 千港元 | |||||
(Unaudited) | (Unaudited) | ||||||
(未經審核) | (未經審核) | ||||||
Other comprehensive expenses | 其他全面支出(續) | ||||||
(continued) | 隨後可能重新分類至損益 | ||||||
Items that may be reclassified | |||||||
subsequently to profit or loss | 之項目 | ||||||
Exchange differences on translation | 境外業務所產生之 | ||||||
of foreign operations | 匯兌差額 | (6,260) | (105,340) | ||||
Share of other comprehensive expenses | 攤佔以權益法入賬投資 | ||||||
of investments accounted | 之其他全面支出 | ||||||
for using the equity method | (673) | (2,462) | |||||
(6,933) | (107,802) | ||||||
Other comprehensive expenses | 本期間其他全面支出 | ||||||
for the period (net of tax) | (除稅後) | (1,019,228) | (5,923,274) | ||||
Total comprehensive expenses | 本期間全面支出總額 | ||||||
for the period | (172,870) | (6,242,009) | |||||
Profit (loss) for the period | 應佔本期間溢利(虧損): | ||||||
attributable to: | |||||||
Owners of the Company | 本公司擁有人 | 844,917 | (363,534) | ||||
Non-controlling interests | 非控股權益 | 1,441 | 44,799 | ||||
846,358 | (318,735) | ||||||
Total comprehensive expenses | 應佔本期間全面支出總額: | ||||||
for the period attributable to: | |||||||
Owners of the Company | 本公司擁有人 | (174,311) | (6,286,808) | ||||
Non-controlling interests | 非控股權益 | 1,441 | 44,799 | ||||
(172,870) | (6,242,009) | ||||||
Earnings (loss) per share (HK$) | 每股盈利(虧損)(港元) | 11 | |||||
Basic and diluted | 基本及攤薄 | 0.443 | (0.191) | ||||
4
CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況報表 | |||||||
FINANCIAL POSITION | 於二零一九年六月三十日 | |||||||
At 30th June, 2019 | ||||||||
30th June, | 31st December, | |||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
六月三十日 十二月三十一日 | ||||||||
Notes | HK$'000 | HK$'000 | ||||||
附註 | 千港元 | 千港元 | ||||||
(Unaudited) | (Audited) | |||||||
(未經審核) | (經審核) | |||||||
Non-current assets | 非流動資產 | 14,840,174 | ||||||
Investment properties | 投資物業 | 12 | 15,280,848 | |||||
Property, plant and equipment | 物業、廠房及設備 | 35,271 | 36,654 | |||||
Right-of-use assets | 使用權資產 | 38,654 | - | |||||
Intangible assets | 無形資產 | - | - | |||||
Goodwill | 商譽 | 13 | 322,938 | 322,938 | ||||
Investments accounted for using | 以權益法入賬之投資 | 14 | 2,321,877 | 2,276,177 | ||||
the equity method | ||||||||
Advances to associates | 墊付聯營公司款項 | 15 | 49,802 | 49,259 | ||||
Advance to a joint venture | 墊付 | 一 | 間合資公司款項 | 16 | 154,218 | 154,218 | ||
Financial assets measured at fair value | 通過損 | 益以反映公平值 | 1,623,249 | |||||
through profit or loss | 計量 | 之金融資產 | 17 | 1,350,090 | ||||
Financial assets measured at fair value | 通過其 | 他全面收益以 | ||||||
through other comprehensive income | 反映 | 公平值計量之 | 18 | 20,355,008 | 21,367,307 | |||
金融 | 資產 | |||||||
Advances to investee companies | 墊付接 | 受投資公司款項 | 264,141 | 652,304 | ||||
Advance to a non-controlling shareholder | 墊付一 | 間非控股股東 | 11,170 | 11,170 | ||||
款項 | ||||||||
Deferred tax assets | 遞延稅項資產 | 1,642 | 1,899 | |||||
Pledged deposits | 抵押存款 | 85,227 | 83,203 | |||||
40,103,371 | 41,586,067 | |||||||
Current assets | 流動資產 | 228,223 | ||||||
Stock of properties | 物業存貨 | 228,799 | ||||||
Financial assets measured at fair value | 通過損益以反映公平值 | 6,875,305 | ||||||
through profit or loss | 計量之金融資產 | 17 | 5,415,827 | |||||
Inventories | 存貨 | 2,395 | 3,187 | |||||
Debtors, deposits, other receivables and | 應收賬項、按金、其他 | 341,661 | ||||||
prepayments | 應收賬項及預付款項 | 19 | 517,562 | |||||
Securities trading receivables and | 應收證券交易賬項及 | 21,909 | ||||||
deposits | 存款 | 22,497 | ||||||
Tax recoverable | 可收回稅款 | 31,775 | 15,670 | |||||
Pledged deposits | 抵押存款 | 158,632 | 154,195 | |||||
Time deposits, bank balances and cash | 定期存款、銀行結餘及 | 870,895 | 714,572 | |||||
Sales proceeds held by stakeholders | 現金 | |||||||
保管人所持銷售所得 | 32,339 | 32,327 | ||||||
款項 | ||||||||
8,563,134 | 7,104,636 |
5
CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況報表(續) | |||||||
FINANCIAL POSITION (continued) | 於二零一九年六月三十日 | |||||||
At 30th June, 2019 | ||||||||
30th June, | 31st December, | |||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
六月三十日 十二月三十一日 | ||||||||
Notes | HK$'000 | HK$'000 | ||||||
附註 | 千港元 | 千港元 | ||||||
(Unaudited) | (Audited) | |||||||
(未經審核) | (經審核) | |||||||
Current liabilities | 流動負債 | 142,101 | ||||||
Creditors and accruals | 應付賬項及應計款項 | 20 | 247,187 | |||||
Securities trading and margin payable | 應付證券交易賬項及 | 31,855 | 22,295 | |||||
保證金 | ||||||||
Deposits and receipts in advance | 按金及預收款項 | 216,209 | 218,633 | |||||
Lease liabilities | 租賃負債 | 15,065 | - | |||||
Tax liabilities | 稅項負債 | 42,825 | 62,656 | |||||
Borrowings | 借貸 | 21 | 9,873,923 | 9,303,688 | ||||
Derivative financial instrument | 衍生金融工具 | 377 | - | |||||
10,322,355 | 9,854,459 | |||||||
Net current liabilities | 流動負債淨值 | (1,759,221) | (2,749,823) | |||||
Total assets less current liabilities | 資產總額減流動負債 | 38,344,150 | 38,836,244 | |||||
Equity attributable to owners of | 本公司擁有人應佔 | |||||||
the Company | 股本權益 | 190,762 | ||||||
Share capital | 股本 | 22 | 190,762 | |||||
Financial assets measured at fair value | 通過其他 | 全面收益以 | ||||||
through other comprehensive income | 反映公 | 平值計量之 | 6,004,072 | |||||
reserve | 金融資產之儲備 | 7,016,367 | ||||||
Statutory reserve | 法定儲備 | 668 | 668 | |||||
Special reserve | 特別儲備 | 2,499,685 | 2,499,685 | |||||
Capital redemption reserve | 資本贖回儲備 | 138,062 | 138,062 | |||||
Translation reserve | 匯兌儲備 | (600,141) | (593,208) | |||||
Retained profits | 保留溢利 | 19,076 | 190,762 | |||||
- declared/proposed dividend | - 宣派╱擬派股息 | |||||||
- others | - 其他 | 25,445,111 | 24,619,270 | |||||
非控股權益 | 33,697,295 | 34,062,368 | ||||||
Non-controlling interests | 32,642 | 81,201 | ||||||
Total equity | 股本權益總額 | 33,729,937 | 34,143,569 | |||||
Non-current liabilities | 非流動負債 | 4,347,760 | ||||||
Borrowings | 借貸 | 21 | 4,443,987 | |||||
Amounts due to associates | 欠負聯營公司款項 | 23 | 187,319 | 171,619 | ||||
Amount due to a non-controlling | 欠負一間非控股股東 | 253 | ||||||
shareholder | 款項 | 23 | 24,177 | |||||
Lease liabilities | 租賃負債 | 23,151 | - | |||||
Deferred tax liabilities | 遞延稅項負債 | 55,730 | 52,892 | |||||
4,614,213 | 4,692,675 | |||||||
38,344,150 | 38,836,244 | |||||||
6
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
簡明綜合股本權益變動表
For the six months ended 30th June, 2019
截至二零一九年六月三十日止六個月
Attributable to owners of the Company
本公司擁有人應佔股本權益
Financial assets | |||||||||||
measured | |||||||||||
at fair value | |||||||||||
through other | |||||||||||
Share | comprehensive | Statutory | |||||||||
capital | income reserve | reserve | |||||||||
通過其他 | |||||||||||
全面收益以反映 | |||||||||||
公平值計量之 | |||||||||||
股本 金融資產之儲備 | 法定儲備 | ||||||||||
HK$'000 | HK$'000 | HK$'000 | |||||||||
千港元 | 千港元 | 千港元 | |||||||||
(note (i)) | (note (ii)) | ||||||||||
(附註(i)) | (附註(ii)) | ||||||||||
At 1st January, 2018 | 於二零 | 一八 | 年一月一 | 日 | |||||||
(audited) | (經審核) | 190,762 | 10,204,417 | 668 | |||||||
Loss for the period | 本期間虧損 | - | - | - | |||||||
Other comprehensive expenses | 本期間其他全面支出 | ||||||||||
for the period | - | (5,815,472) | - | ||||||||
Total comprehensive expenses | 本期間全面支出總額 | ||||||||||
for the period | - | (5,815,472) | - | ||||||||
Final dividend for 2017 paid | 已付二 | 零一 | 七年末期股息 | - | - | - | |||||
Unclaimed dividends forfeited | 沒收未被領取之股息 | ||||||||||
(note (iv)) | (附註(iv)) | - | - | - | |||||||
At 30th June, 2018 | 於二零 | 一八 | 年六月三 | 十日 | |||||||
(unaudited) | (未經審核) | 190,762 | 4,388,945 | 668 | |||||||
Profit for the period | 本期間溢利 | - | - | - | |||||||
Other comprehensive income | 本期間其他全面收益 | ||||||||||
for the period | - | 2,968,157 | - | ||||||||
Total comprehensive income | 本期間全面收益總額 | ||||||||||
for the period | - | 2,968,157 | - | ||||||||
Transfer of reserve upon disposal of | 於出售通過其他全面收益 | ||||||||||
the investment in an equity instrument | 以反映公平值計量之 | ||||||||||
measured at fair value through | 股本工具投資時轉撥之 | ||||||||||
other comprehensive income | 儲備 | - | (340,735) | - | |||||||
Dividends paid to non-controlling | 已付非控股股東股息 | ||||||||||
shareholders | - | - | - | ||||||||
Interim dividend for 2018 paid | 已付二零一八年中期股息 | - | - | - | |||||||
At 31st December, 2018 | 於二零一八年十二月三十一日 | 190,762 | 7,016,367 | 668 | |||||||
(audited) | (經審核) | ||||||||||
Profit for the period | 本期間溢利 | - | - | - | |||||||
Other comprehensive expenses | 本期間其他全面支出 | - | (1,012,295) | - | |||||||
for the period | |||||||||||
Total comprehensive expenses | 本期間全面支出總額 | ||||||||||
- | (1,012,295) | - | |||||||||
for the period | |||||||||||
Dividend paid to a non-controlling | 已付一間非控股股東股息 | - | - | - | |||||||
shareholder | |||||||||||
Final dividend for 2018 paid | 已付二零一八年末期股息 | - | - | - | |||||||
At 30th June, 2019 | 於二零一九年六月三 | 十日 | |||||||||
(unaudited) | (未經審核) | 190,762 | 6,004,072 | 668 | |||||||
7
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
簡明綜合股本權益變動表(續)
For the six months ended 30th June, 2019
截至二零一九年六月三十日止六個月
Attributable to owners of the Company
本公司擁有人應佔股本權益
Capital | Non- | |||||||||||||
Special | redemption | Translation | Retained | controlling | ||||||||||
reserve | reserve | reserve | profits | Total | interests | Total equity | ||||||||
資本 | 股本權益 | |||||||||||||
特別儲備 | 贖回儲備 | 匯兌儲備 | 保留溢利 | 總額 | 非控股權益 | 總額 | ||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||
千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||||||||
(note (iii)) | ||||||||||||||
(附註(iii)) | ||||||||||||||
2,499,685 | 138,062 | (308,253) | 23,660,575 | 36,385,916 | 107,086 | 36,493,002 | ||||||||
- | - | - | (363,534) | (363,534) | 44,799 | (318,735) | ||||||||
- | - | (107,802) | - | (5,923,274) | - | (5,923,274) | ||||||||
- | - | (107,802) | (363,534) | (6,286,808) | 44,799 | (6,242,009) | ||||||||
- | - | - | (190,762) | (190,762) | - | (190,762) | ||||||||
- | - | - | 3,270 | 3,270 | - | 3,270 | ||||||||
2,499,685 | 138,062 | (416,055) | 23,109,549 | 29,911,616 | 151,885 | 30,063,501 | ||||||||
- | - | - | 1,378,824 | 1,378,824 | (276) | 1,378,548 | ||||||||
- | - | (177,153) | - | 2,791,004 | - | 2,791,004 | ||||||||
- | - | (177,153) | 1,378,824 | 4,169,828 | (276) | 4,169,552 | ||||||||
- | - | - | 340,735 | - | - | - | ||||||||
- | - | - | - | - | (70,408) | (70,408) | ||||||||
- | - | - | (19,076) | (19,076) | - | (19,076) | ||||||||
2,499,685 | 138,062 | (593,208) | 24,810,032 | 34,062,368 | 81,201 | 34,143,569 | ||||||||
- | - | - | 844,917 | 844,917 | 1,441 | 846,358 | ||||||||
- | - | (6,933) | - | (1,019,228) | - | (1,019,228) | ||||||||
- | - | (6,933) | 844,917 | (174,311) | 1,441 | (172,870) | ||||||||
- | - | - | - | - | (50,000) | (50,000) | ||||||||
- | - | - | (190,762) | (190,762) | - | (190,762) | ||||||||
2,499,685 | 138,062 | (600,141) | 25,464,187 | 33,697,295 | 32,642 | 33,729,937 | ||||||||
8
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
For the six months ended 30th June, 2019
Notes:
- The cumulative amount of the gain on a listed equity investment classified as financial assets measured at fair value through other comprehensive income ("FVTOCI") was approximately HK$5,238,043,000 as at 30th June, 2019 (31st December, 2018: HK$6,571,043,000).
簡明綜合股本權益變動表(續)
截至二零一九年六月三十日止六個月
附註:
- 於 二 零 一 九 年 六 月 三 十 日,上 市 股 本 投 資 分 類為通過其他全面收益以反映公平值(「通過 其他全面收益以反映公平值」)計量之金融資 產之累計收益金額約為5,238,043,000 港元(二 零 一 八 年 十 二 月 三 十 一 日:6,571,043,000 港 元)。
During the Period, the unrealised loss on fair value change from holding | 於 本 期 間,通 過 其 他 全 面 收 益 以 反 映 公 平 值 | ||
shares of China Evergrande Group (stock code: 3333) ("Evergrande | 計量之金融資產之儲備中錄得來自持有中國 | ||
Shares") of HK$1,333,000,000 (2018: HK$5,959,910,000) was | 恆大集團(股份代號:3333)股份(「恆大股份」) | ||
recorded in financial assets measured at FVTOCI reserve. | 之 公 平 值 變 動 之 未 變 現 虧 損1,333,000,000 港 | ||
元(二零一八年:5,959,910,000 港元)。 | |||
(ii) | The statutory reserve of the Group refers to the People's Republic of | (ii) | 本集團的法定儲備指中華人民共和國(「中國」) |
China ("PRC") statutory reserve fund. Appropriations to such reserve | 法 定 儲 備 基 金。向 該 儲 備 基 金 作 出 的 撥 款 乃 | ||
fund are made out of profit after tax as recorded in the statutory financial | 撥自中國附屬公司法定財務報表的除稅後溢 | ||
statements of the PRC subsidiaries. The amount should not be less | 利。所 撥 金 額 不 得 低 於 法 定 財 務 報 表 所 錄 得 | ||
than 10% of the profit after tax as recorded in the statutory financial | 之 除 稅 後 溢 利 之10%,除 非 總 額 超 過 中 國 附 | ||
statements unless the aggregate amount exceeds 50% of the registered | 屬 公 司 註 冊 資 本 之50%。法 定 儲 備 乃 於 填 補 | ||
capital of the PRC subsidiaries. The statutory reserve can be used to | 過 往 年 度 虧 損(如 有)後 作 出,並 可 透 過 資 本 | ||
make up prior year losses, if any, and can be applied in conversion | 化發行應用以兌換為中國附屬公司之資本。 | ||
into the PRC subsidiaries' capital by means of capitalisation issue. | |||
(iii) | Special reserve represented the difference arising from the aggregate | (iii) | 特別儲備乃指前控股公司與本公司於一九八 |
of the share capital and premium amount of the former holding | 九年遷冊該控股公司為百慕達公司時之股本 | ||
company and the Company upon redomicile of the holding company | 及溢價賬總額產生之差額及為不可分配。 | ||
as a Bermuda Company in 1989 and is non-distributable. | |||
(iv) | Unclaimed dividends forfeited represented dividends declared by the | (iv) | 沒收未被領取之股息乃指本公司於二零一一 |
Company on or before 17th August, 2011 remaining unclaimed by | 年八月十七日或之前宣派而本公司之股東於 | ||
shareholders of the Company on 28th February, 2018. During the six | 二零一八年二月二十八日仍未領取之股息。 | ||
months ended 30th June, 2018, unclaimed dividends amounted to | 於截至二零一八年六月三十日止六個月內, | ||
approximately HK$3,270,000 were forfeited and transferred to retained | 仍未被領取之股息金額約為3,270,000 港元已 | ||
profits. | 被沒收並轉撥至保留溢利。 |
9
CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合現金流量表 | |||||||
CASH FLOWS | 截至二零一九年六月三十日止六個月 | |||||||
For the six months ended 30th June, 2019 | ||||||||
Six months ended 30th June, | ||||||||
截至六月三十日止六個月 | ||||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
(Unaudited) | (Unaudited) | |||||||
(未經審核) | (未經審核) | |||||||
Net cash (used in) generated from | (用於)來自經營業務之 | |||||||
operating activities | 現金淨額 | (551,947) | 2,761,355 | |||||
Net cash generated from investing activities | 來自投資業務之現金淨額 | |||||||
Increase in pledged deposits | 抵押存款之增加 | (4,521) | (33,056) | |||||
Repayments from an investee company | 一 | 間接受投資公司還款 | 512,750 | 15,000 | ||||
Other investing activities | 其他投資業務 | 230,510 | 154,155 | |||||
738,739 | 136,099 | |||||||
Net cash generated from (used in) | 來自(用於)融資業務之 | |||||||
financing activities | 現金淨額 | |||||||
New bank and other borrowings | 新增(償還)銀行及其他 | |||||||
raised (repaid), net | 借貸淨額 | 488,257 | (551,556) | |||||
Repayments of loans from a director | 償還董事貸款 | - | (1,835,500) | |||||
Principal elements of lease payments | 租賃付款之本金部分 | (3,446) | - | |||||
Interest elements of lease payments | 租賃付款之利息部分 | (304) | - | |||||
Dividend paid | 已付股息 | (190,762) | (190,762) | |||||
Other financing activities | 其他融資業務 | (266,422) | (156,616) | |||||
27,323 | (2,734,434) | |||||||
Net increase in cash and cash equivalents | 現金及現金等值項目之增加淨額 | 214,115 | 163,020 | |||||
Cash and cash equivalents at 1st January | 於一月一日之現金及現金等值 | |||||||
項目 | 605,872 | 570,578 | ||||||
Effect of foreign exchange rate changes | 匯率變動之影響 | (1,982) | 860 | |||||
Cash and cash equivalents at 30th June | 於六月三十日之現金及現金等值 | |||||||
項目 | 818,005 | 734,458 | ||||||
Analysis of the balances of cash and | 現金及現金等值項目結餘分析 | |||||||
cash equivalents | ||||||||
Time deposits, bank balances and cash | 定期存款、銀行結餘及現金 | 870,895 | 913,208 | |||||
Less: Time deposits with maturity greater | 減:存款期多於三個月之 | |||||||
than three months | 定期存款 | (52,890) | (178,750) | |||||
818,005 | 734,458 | |||||||
10
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30th June, 2019
1. Basis of Preparation
These unaudited condensed consolidated financial statements have been prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and with Hong Kong Accounting Standard ("HKAS") 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants ("HKICPA").
As at 30th June, 2019, the Group's current liabilities exceeded its current assets by approximately HK$1,759,221,000 (31st December, 2018: HK$2,749,823,000). Notwithstanding the above result, these unaudited condensed consolidated financial statements have been prepared on a going concern basis.
The management closely monitors the Group's financial performance and liquidity position. The validity of the going concern basis depends upon the success of the Group's future operations, its ability to generate adequate cash flows in order to meet its financial obligations as and when they fall due, and its ability to refinance or restructure its borrowings such that the Group can meet its future working capital and financing requirements.
As at 30th June, 2019, the Group had unutilised bank facilities. Based on the latest communications with the banks, the directors of the Company ("Directors") are not aware of any intention of the principal banks to withdraw their bank facilities or require early repayment of the borrowings, and the Directors believe that the existing bank facilities will be renewed or roll-overed when their current terms expire given the good track records and relationships the Group has with the banks. Further, the Group has unutilised loan facility from a Director. In addition, the Group held a portfolio of listed securities investments and treasury products presented as non-current assets as at 30th June, 2019 in aggregate of approximately HK$20,385,099,000 (31st December, 2018: HK$21,438,609,000) (Notes 17 and 18), which could be realised into cash, if necessary.
The Directors have reviewed the Group's cash flow projections prepared by the management. The cash flow projections cover a period of not less than twelve months from 30th June, 2019. Based on the cash flow projections, the Group will have sufficient financial resources to meet its financial obligations as and when they fall due in the coming twelve months from 30th June, 2019. The management has made key assumptions on the projections with regard to the anticipated cash flows from the Group's operations, capital expenditures and the continuous availability of bank facilities. The Group's ability to achieve the projected cash flows depends on the continuous availability of bank facilities from the banks.
In view of the above, the Directors are of the opinion that there will be sufficient financial resources available to the Group to enable it to meet its liabilities as and when they fall due and to continue as a going concern. Accordingly, the Directors have prepared these unaudited condensed consolidated financial statements on a going concern basis.
簡明綜合財務報表附註
截至二零一九年六月三十日止六個月
1. 編製基準
本未經審核簡明綜合財務報表乃按照香港聯 合交易所有限公司證券上市規則附錄16 之適 用披露規定及香港會計師公會(「香港會計師 公會」)頒布之香港會計準則(「香港會計準則」) 第34 號「中期財務報告」編製。
於 二 零 一 九 年 六 月 三 十 日,本 集 團 之 流 動 負 債 超 逾 其 流 動 資 產 約1,759,221,000 港 元(二 零 一 八 年 十 二 月 三 十 一 日:2,749,823,000 港 元)。儘管以上所述,本未經審核簡明綜合財 務報表乃按持續經營基準編製。
管理層密切監察本集團之財務表現及流動資 金 狀 況。持 續 經 營 基 準 之 有 效 性 取 決 於 本 集 團 未 來 營 運 之 成 果、其 產 生 足 夠 現 金 流 量 以 履 行 其 到 期 財 務 責 任 之 能 力、以 及 其 再 融 資 或 重 組 其 借 貸 之 能 力,以 滿 足 本 集 團 對 未 來 營運資金及融資之需要。
於 二 零 一 九 年 六 月 三 十 日,本 集 團 擁 有 未 動 用 之 銀 行 信 貸 額。根 據 與 銀 行 近 期 溝 通,本 公 司 之 董 事(「董 事」)並 無 知 悉 其 主 要 銀 行 有 任何意向撤回彼等之銀行信貸額或要求提早 償 還 借 貸。董 事 相 信,以 本 集 團 良 好 的 過 往 記 錄 及 與 銀 行 之 關 係,現 有 銀 行 信 貸 額 將 於 彼 等 現 有 條 款 期 滿 時 獲 續 期 或 滾 存。此 外, 本集團擁有來自一位董事之未動用貸款額。 另 外,於 二 零 一 九 年 六 月 三 十 日,本 集 團 持 有呈列為非流動資產之上市證券投資及財資 產 品 組 合 合 共 約 為20,385,099,000 港 元(二 零 一八年十二月三十一日:21,438,609,000港元) (附註17 及18),可於需要時變現為現金。
董事已審閱管理層編製之本集團現金流量預 測。該 等 現 金 流 量 預 測 涵 蓋 自 二 零 一 九 年 六 月 三 十 日 起 不 少 於 十 二 個 月 之 期 間。根 據 該 等 現 金 流 量 預 測,本 集 團 將 具 備 足 夠 財 務 資 源 以 履 行 其 自 二 零 一 九 年 六 月 三 十 日 起 十 二 個 月 內 到 期 之 財 務 責 任。在 該 等 預 測 中, 管理層就有關本集團營運所得之預計現金流 量、資 本 開 支 及 持 續 可 動 用 之 銀 行 信 貸 額 作 出 關 鍵 假 設。本 集 團 能 否 取 得 預 測 現 金 流 量 取決於能否持續取得銀行授予可動用之銀行 信貸額。
鑑 於 上 文 所 述,董 事 認 為 本 集 團 將 具 備 足 夠 財 務 資 源 以 償 還 其 到 期 負 債,並 能 繼 續 持 續 經 營。據 此,董 事 已 按 持 續 經 營 基 準 編 製 本 未經審核簡明綜合財務報表。
11
1. Basis of Preparation (continued) | 1. 編製基準(續) |
These unaudited condensed consolidated financial statements have been prepared under the historical cost basis, except for certain properties and financial instruments, which are measured at their fair values.
本未經審核簡明綜合財務報表乃按歷史成本 法 編 製,惟 按 公 平 值 計 量 之 若 干 物 業 及 金 融 工具除外。
2. Principal Accounting Policies
The accounting policies adopted in these unaudited condensed consolidated financial statements for the Period are consistent with those followed in the preparation of the Group's consolidated financial statements for the year ended 31st December, 2018 except as described below.
In the current period, the Group has applied, for the first time, the following new Hong Kong Financial Reporting Standards ("HKFRSs"), new interpretation and amendments to existing HKFRSs ("2019 new HKFRSs") issued by the HKICPA, which are effective for the current accounting period of the Group. The 2019 new HKFRSs adopted by the Group in these unaudited condensed consolidated financial statements are set out below:
HKFRSs (Amendments) | Annual Improvements to HKFRSs | |
2015-2017 Cycle | ||
HKFRS 9 (Amendments) | Prepayment Features with Negative | |
Compensation | ||
HKFRS 16 | Leases | |
HKAS 19 (Amendments) | Plan Amendment, Curtailment or | |
Settlement | ||
HKAS 28 (Amendments) | Long-term Interests in Associates and | |
Joint Ventures | ||
HK(IFRIC) - Int 23 | Uncertainty over Income Tax | |
Treatments |
HKFRS 16 Leases
Accounting policies applied from 1st January, 2019
HKFRS 16 introduces a comprehensive model for the identification of lease arrangements and accounting treatments for both lessors and lessees. HKFRS 16 superseded HKAS 17 "Leases" and the related interpretations when it became effective. The standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for most leases under a single lessee accounting model. It distinguishes leases and service contracts on the basis of whether an identified asset is controlled by a customer. In addition, HKFRS 16 requires sales and leaseback transactions to be determined based on the requirements of HKFRS 15 "Revenue from Contracts with Customers" as to whether the transfer of the relevant asset should be accounted as a sale. HKFRS 16 also includes requirements relating to subleases and lease modifications.
2. 主要會計政策
除 下 述 者 外,本 期 間 之 未 經 審 核 簡 明 綜 合 財 務報表所採納之會計政策與編製本集團截至 二零一八年十二月三十一日止年度之綜合財 務報表所依循者一致。
於 本 期 間,本 集 團 已 首 次 應 用 下 列 由 香 港 會 計 師 公 會 頒 布 並 於 本 集 團 現 行 會 計 期 間 生 效之新訂香港財務報告準則(「香港財務報告 準 則」)、新 訂 詮 釋 及 對 現 有 香 港 財 務 報 告 準 則之修訂(「二零一九年新訂香港財務報告準 則」)。本 集 團 於 本 未 經 審 核 簡 明 綜 合 財 務 報 表所採納之二零一九年新訂香港財務報告準 則載列如下:
香港財務報告準則 | 2015 年至2017 年週期 |
(修訂本) | 頒布之香港財務報告 |
準則年度改進 |
香港財務報告準則 具有負補償特性之
- 9 號(修訂本) 預付款項
- 港財務報告準則 租賃
- 16 號
香港會計準則 | 計劃修訂、縮減或結算 |
第19 號(修訂本) | |
香港會計準則 | 於聯營公司及合資公司 |
- 28 號(修訂本) 之長期權益
- 港(國際財務報告 所得稅處理之不確定性
詮釋委員會)
- 詮釋第23 號 - 港財務報告準則第16 號 - 租賃
- 零一九年一月一日起應用之會計政策
- 港財務報告準則第16 號為出租人及承租人 識別其租賃安排及會計處理引入一個全面的 模式。香港財務報告準則第16 號於生效時取 代香港會計準則第17號「租賃」及有關之詮釋。 該 準 則 載 列 確 認、計 量、呈 列 及 披 露 租 賃 的 原 則,並 要 求 承 租 人 將 大 多 數 租 賃 以 單 一 承 租 人 會 計 模 式 入 賬。該 模 式 乃 根 據 客 戶 對 已 識 別 資 產 控 制 權 來 分 辨 租 約 及 服 務 合 約。此 外,香港財務報告準則第16 號規定銷售及回 租 交 易 須 根 據 香 港 財 務 報 告 準 則 第15 號「與 客 戶 合 約 之 收 入」之 規 定 而 釐 定 有 關 資 產 之 轉 讓 是 否 應 作 為 銷 售 入 賬。香 港 財 務 報 告 準 則第16號亦包括有關轉租及租賃修訂之規定。
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2. Principal Accounting Policies (continued) HKFRS 16 Leases (continued)
Accounting policies applied from 1st January, 2019 (continued)
Subject to limited exceptions for short-term leases and low-value assets, distinctions of operating and finance leases are removed for lessee accounting, and is replaced by a model where a right-of-use asset and a corresponding liability have to be recognised for all leases by lessees. However, the standard does not significantly change the accounting of lessors.
The Group adopted HKFRS 16 using the modified retrospective method of adoption with the date of initial application of 1st January, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognised at the date of initial application and the comparative information for 2018 was not restated. The Group elected to use the transition practical expedient allowing the standard to be applied only to contracts that were previously identified as leases applying HKAS 17 and HK(IFRIC)
- Int 4 "Determining whether an Arrangement contains a Lease" at the date of initial application.
Nature of the effect of adoption of HKFRS 16
The Group has lease contracts for office premises and equipment. As a lessee, the Group previously classified leases as operating leases. Under HKFRS 16, the Group applies a single approach to recognise and measure right-of-use assets and lease liabilities for all leases, except for two elective exemptions for leases of low-value assets (elected on a lease-by-lease basis) and short-term leases (elected by class of underlying asset). The Group has elected not to recognise right- of-use assets and lease liabilities for (i) leases of low-value assets; and (ii) leases, that at the commencement date, have a lease term of twelve months or less. Accordingly, the Group recognises the lease payments associated with those leases as an expense on a straight-line basis over the lease term. In addition, lease payments in relation to lease liability are allocated into a principal and an interest portion which are presented as financing cash flows in the unaudited condensed consolidated statement of cash flows by the Group.
Impacts on transition
In accordance with the transitional provision under HKFRS 16, the Group applied the simplified transition approach on 1st January, 2019. Lease liabilities were recognised at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at the date of initial application. All right-of-use assets were measured at the amount of lease liabilities on adoption (adjusted for any prepaid or accrued lease expenses, if any).
In applying HKFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:
- applied the short-term lease recognition exemption to leases with lease term that ends within twelve months at the date of initial application; and
- excluded the initial direct costs from the measurement of the right-of-use assets at the date of initial application.
2. 主要會計政策(續)
香港財務報告準則第16 號 - 租賃(續)
二零一九年一月一日起應用之會計政策(續)
除 短 期 租 賃 及 低 價 值 資 產 之 有 限 例 外 情 況 下,承 租 人 之 會 計 處 理 剔 除 營 業 租 賃 與 融 資 租 賃 之 分 辨,並 以 承 租 人 對 所 有 租 賃 確 認 使 用 權 資 產 及 相 關 負 債 的 模 式 取 代。然 而,該 準則對出租人之會計處理並無重大改變。
本集團採納香港財務報告準則第16 號時使用 經 修 改 追 溯 法,首 次 應 用 日 期 為 二 零 一 九 年 一月一日。根據該方法,已追溯應用該準則, 並於首次應用日期確認首次應用該準則之累 計影響,且不會重列二零一八年之比較資料。 本 集 團 選 擇 使 用 過 渡 性 的 實 際 權 宜 方 法,以 允許該準則僅應用於首次應用日期前已根據 香 港 會 計 準 則 第17 號 及 香 港(國 際 財 務 報 告 詮 釋 委 員 會)- 詮 釋 第4 號「釐 定 安 排 是 否 包 含租賃」識別為租賃之合約。
採納香港財務報告準則第16 號之影響性質
本集團擁有寫字樓物業及設備之租賃合約。 作 為 承 租 人,本 集 團 先 前 將 租 賃 分 類 為 營 業 租 賃。根 據 香 港 財 務 報 告 準 則 第16 號,本 集 團應用單一方法確認及計量所有租賃的使用 權資產及租賃負債,惟低價值資產租賃(按個 別 租 賃基 準選 擇)及 短期 租 賃(按 相 關 資產 類 別選擇)之兩項選擇性豁免除外。本集團已選 擇不就(i) 低價值資產租賃;及(ii) 於開始日期 起計租期為十二個月或以下之租賃確認使用 權 資 產 及 租 賃 負 債。因 此,本 集 團 於 租 期 內 以直線法確認與該等租賃相關之租賃付款為 開 支。另 外,有 關 租 賃 負 債 之 租 賃 付 款 被 分 配 至 本 金 及 利 息 部 分,並 於 本 集 團 之 未 經 審 核簡明綜合現金流量表呈列為融資現金流量。
過渡影響
根 據 香 港 財 務 報 告 準 則 第16 號 之 過 渡 性 條 文,本 集 團 於 二 零 一 九 年 一 月 一 日 應 用 簡 化 過 渡 法。租 賃 負 債 乃 按 於 首 次 應 用 日 期 承 租 人之遞增借貸利率貼現剩餘租賃付款之現值 予 以 確 認。所 有 使 用 權 資 產 按 採 納 時 之 租 賃 負 債 金 額 計 量(根 據 預 付 或 應 計 租 賃 開 支 進 行調整(如有))。
於首次應用香港財務報告準則第16 號時,本 集團已使用下列該準則所允許之實際權宜方 法:
-
對 租 期 於 首 次 應 用 日 期 起 計 十 二 個 月 內結束之租賃應用短期租賃確認豁免;
及 - 於 首 次 應 用 日 期 計 量 使 用 權 資 產 時 撇 除初步直接成本。
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2. Principal Accounting Policies (continued) | 2. 主要會計政策(續) | |||||
HKFRS 16 Leases (continued) | 香港財務報告準則第16 號 - 租賃(續) | |||||
Accounting policies applied from 1st January, 2019 (continued) | 二零一九年一月一日起應用之會計政策(續) | |||||
Impacts on transition (continued) | 過渡影響(續) | |||||
The impacts arising from the adoption of HKFRS 16 as at 1st January, | 於二零一九年一月一日採納香港財務報告準 | |||||
2019 are as follows: | 則第16 號所產生之影響如下: | |||||
HK$'000 | ||||||
千港元 | ||||||
Assets | 資產 | |||||
Increase in right-of-use assets | 使用權資產增加 | 7,825 | ||||
Properties | 物業 | 6,593 | ||||
Equipment | 設備 | 1,232 | ||||
Liabilities | 負債 | |||||
Increase in lease liabilities | 租賃負債增加 | 7,825 | ||||
Non-current portion | 非流動部分 | 4,588 | ||||
Current portion | 流動部分 | 3,237 | ||||
The weighted average discount rate applied to the lease liabilities on 1st | 於二零一九年一月一日應用於租賃負債之加 | |||||
January, 2019 was 2.73%. The lease liabilities as at 1st January, 2019 | 權 平 均 貼 現 率 為2.73 厘。於 二 零 一 九 年 一 月 | |||||
reconciled to the operating lease commitments as at 31st December, | 一日之租賃負債及於二零一八年十二月三十 | |||||
2018 is as follows: | 一日之營業租賃承擔之對賬如下: | |||||
HK$'000 | ||||||
千港元 | ||||||
Operating lease commitments as at | 於二零一八年十二月三十一日之 | |||||
31st December, 2018 | 營業租賃承擔 | 20,138 | ||||
Less: Commitments relating to short-term leases | 減: 有關短期租賃之承擔 | (1,688) | ||||
Leases not yet commenced on 1st January, 2019 | 於二零一九年一月一日尚未開始之租賃 | (10,375) | ||||
8,075 | ||||||
Discounted operating lease commitments, lease | 於二零一九年一月一日確認之租賃負債 | |||||
liabilities recognised as at 1st January, 2019 | (已貼現營業租賃承擔) | 7,825 | ||||
Summary of new accounting policies
As a result of the adoption of HKFRS 16, the new accounting policies of the Group which have been applied from the date of initial application are set out below:
Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date which the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, estimated costs to be incurred by the lessee in restoring the underlying asset to the condition required by the terms and conditions of the lease, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight- line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.
新會計政策概要
因採納香港財務報告準則第16 號,本集團由 首次應用日期起所應用之新會計政策載列如 下:
使用權資產
本 集 團 於 租 賃 開 始 日 期(即 相 關 資 產 可 供 使 用日期)確認使用權資產。使用權資產按成本 減 任 何 累 計 折 舊 及 減 值 虧 損 計 量,並 就 任 何 重 新 計 量 租 賃 負 債 作 出 調 整。使 用 權 資 產 成 本 包 括 已 確 認 租 賃 負 債 金 額、已 產 生 初 步 直 接 成 本、承 租 人 將 相 關 資 產 還 原 至 租 賃 條 款 及條件要求之狀況所產生之估計成本以及於 開始日期或之前作出之租賃付款減任何已收 租 賃 優 惠。除 非 本 集 團 合 理 地 確 定 於 租 期 結 束 時 取 得 租 賃 資 產 擁 有 權,否 則 已 確 認 使 用 權 資 產 於 其 估 計 可 使 用 年 期 及 租 期(以 較 短 者為準)按直線法計算折舊。使用權資產須予 以減值。
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2. Principal Accounting Policies (continued) HKFRS 16 Leases (continued)
Accounting policies applied from 1st January, 2019 (continued) Summary of new accounting policies (continued)
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments).
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification (i.e. a change in future lease payments arising from change in an index or rate, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset).
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to short- term leases of assets (i.e. those leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). The Group also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered as low value. Lease payments on short-term leases and leases of low-value assets are recognised as an expense on a straight- line basis over the lease term.
Significant judgment in determining the lease term of contracts with termination option
The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to terminate the lease if it is reasonably certain not to be exercised. The Group has the option, under some of its leases, to terminate the lease with prior written notice without any compensation. The Group applies judgment in evaluating whether it is reasonably certain to exercise the option to terminate. That is, the Group considers all relevant factors that create an economic incentive for it to exercise the termination option. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option.
2. 主要會計政策(續)
香港財務報告準則第16 號 - 租賃(續)
二零一九年一月一日起應用之會計政策(續)
新會計政策概要(續)
租賃負債
於 租 賃 開 始 日 期,本 集 團 確 認 於 租 期 內 作 出 之 租 賃 付 款 現 值 計 量 之 租 賃 負 債。租 賃 付 款 包括定額付款(含實質定額付款)。
於 計 算 租 賃 付 款 之 現 值 時,倘 租 賃 之 隱 含 利 率 不 易 釐 定,則 本 集 團 使 用 租 賃 開 始 日 期 之 遞 增 借 貸 利 率 計 算。於 開 始 日 期 後,租 賃 負 債 金 額 之 增 加 反 映 利 息 之 增 加,其 減 少 則 為 租賃付款所致。此外,倘有任何修改(即指數 或 利 率 變 化 引 致 未 來 租 賃 付 款 出 現 變 動、租 期 之 變 動、實 質 定 額 租 賃 付 款 或 購 買 相 關 資 產 之 評 估 之 變 動)則 重 新 計 量 租 賃 負 債 之 賬 面值。
短期租賃及低價值資產租賃
本集團將短期租賃確認豁免應用於短期租賃 之 資 產(即 該 等 自 租 賃 開 始 日 期 起 計 租 期 為 十 二 個 月 或 以 下 且 不 包 含 購 買 選 擇 權 之 租 賃)。本 集 團 亦 將 低 價 值 資 產 租 賃 確 認 豁 免 應 用 於 被 認 為 低 價 值 之 辦 公 室 設 備 租 賃。短 期租賃及低價值資產租賃之租賃付款於租期 內以直線法確認為開支。
釐 定 具 終 止 選 擇 權 的 合 約 中 之 租 期 作 出 之 重大判斷
本集團將租期釐定為不可撤銷之租賃期限, 倘能合理地確定將不會行使終止租賃之選擇 權 時,租 期 還 應 包 括 該 選 擇 權 所 涵 蓋 的 任 何 期 間。本 集 團 根 據 其 部 分 租 賃,在 預 先 書 面 通 知 下,可 選 擇 無 償 終 止 租 賃。本 集 團 運 用 判 斷 評 估 行 使 終 止 選 擇 權 是 否 合 理 確 定。換 言 之,本 集 團 考 慮 到 所 有 能 形 成 經 濟 誘 因 而 促 使 其 行 使 終 止 選 擇 權 之 相 關 因 素。自 開 始 日 期 後,倘 若 在 本 集 團 控 制 範 圍 內 有 重 大 事 件或環境變化而影響本集團行使(或不行使) 該選擇權之能力,本集團會重新評估租期。
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2. Principal Accounting Policies (continued) HKFRS 16 Leases (continued)
Accounting policies applied from 1st January, 2019 (continued)
Amounts recognised in unaudited condensed consolidated financial statements
The carrying amounts of the Group's right-of-use assets and lease liabilities and the movements during the Period are as follows:
2. 主要會計政策(續)
香港財務報告準則第16 號 - 租賃(續)
- 零一九年一月一日起應用之會計政策(續) 於未經審核簡明綜合財務報表中確認之金額
本集團之使用權資產及租賃負債之賬面值及 於本期間之變動如下:
Right-of-use | Lease |
assets | liabilities |
使用權資產 | 租賃負債 |
HK$'000 | HK$'000 | ||||||
千港元 | 千港元 | ||||||
At 1st January, 2019 | 於二 | 零一 | 九年一月一日 | 7,825 | 7,825 | ||
Additions | 添置 | 36,537 | 33,837 | ||||
Depreciation (Note 9) | 折舊(附註9) | (5,708) | - | ||||
Interest expense (Note 7) | 利息開支(附註7) | - | 304 | ||||
Lease payments | 租賃付款 | - | (3,750) | ||||
At 30th June, 2019 | 於二 | 零一 | 九年六月三十日 | 38,654 | 38,216 | ||
Analysed for reporting purpose as: | 作報 | 告用 | 途之分析: | ||||
Non-current | 非 | 流動 | 性質 | 38,654 | 23,151 | ||
Current | 流動性質 | - | 15,065 | ||||
38,654 | 38,216 | ||||||
The Group recognised rental expenses from short-term leases of approximately HK$19,195,000 (Note 9) during the Period.
Save as disclosed above, the application of the 2019 new HKFRSs had no material effect on how the results and financial position for the current or prior accounting periods are prepared and presented. Accordingly, no prior period adjustment has been required.
The Group has not early adopted the following new HKFRS and amendments to existing HKFRSs ("new and amended HKFRSs") that have been issued but are not yet effective.
HKFRS 3 (Amendments) | Definition of a Business1 | |
HKFRS 10 and HKAS 28 | Sale or Contribution of Assets between | |
(Amendments) | an Investor and its Associate or Joint | |
Venture3 | ||
HKFRS 17 | Insurance Contracts2 | |
HKAS 1 and HKAS 8 | Definition of Material1 | |
(Amendments) |
- Effective for annual periods beginning on or after 1st January, 2020
- Effective for annual periods beginning on or after 1st January, 2021
- Effective for annual periods beginning on or after a date to be determined
於 本 期 間,本 集 團 確 認 短 期 租 賃 之 租 金 開 支
- 19,195,000 港元(附註9)。
除 上 文 所 披 露 者 外,應 用 二 零 一 九 年 新 訂 香 港財務報告準則不會對本會計期間或過往會 計期間之業績及財務狀況之編製及呈列方式 構成重大影響,故毋須作出過往期間調整。
本集團並未提早採納下列已頒布但仍未生效 之新訂香港財務報告準則及對現有香港財務 報告準則之修訂(「新訂及經修訂香港財務報 告準則」)。
香港財務報告準則 業務之定義1
第3 號(修訂本)
- 港財務報告準則 投資者與其聯營公司或
第10 號及香港 | 合資公司之間的資產 |
會計準則第28 號 | 出售或注資3 |
(修訂本) |
香港財務報告準則 保險合同2
- 17 號
- 港會計準則第1 號 重大之定義1 及香港會計準則
- 8 號(修訂本)
- 於 二 零 二 零 年 一 月 一 日 或 之 後 開 始 之
- 度期間生效
- 於 二 零 二 一 年 一 月 一 日 或 之 後 開 始 之
- 度期間生效
- 尚 待 釐 定 之 日 期 或 之 後 開 始 之 年 度 期 間生效
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2. Principal Accounting Policies (continued) | 2. 主要會計政策(續) |
The Directors are in the process of assessing the potential impact of the new and amended HKFRSs but are not yet in a position to determine whether the new and amended HKFRSs will have a significant impact on how the Group's results of operations and financial position are prepared and presented. The new and amended HKFRSs may result in changes in the future as to how the results and financial position are prepared and presented.
董事現正評估該等新訂及經修訂香港財務報 告 準 則 之 潛 在 影 響,惟 尚 未 釐 定 該 等 新 訂 及 經修訂香港財務報告準則對本集團之經營業 績及財務狀況之編製及呈列方式會否構成重 大 影 響。該 等 新 訂 及 經 修 訂 香 港 財 務 報 告 準 則或會導致日後業績及財務狀況之編製及呈 列方式出現變動。
3. Revenue | 3. 收入 |
Revenue represents the aggregate amounts of sales of properties held for sale, commission from brokerage, settlement charges from brokerage, cosmetic goods sold less returns and amounts received and receivable from property rental income, are analysed as follows:
收 入 乃 指 持 作 出 售 物 業 之 銷 售、經 紀 佣 金、 經 紀 服 務 之 交 易 費 用、扣 除 退 貨 後 之 化 妝 品 銷售以及已收及應收之物業租金收入之合計 金額,分析如下:
Six months ended 30th June,
截至六月三十日止六個月
20192018 二零一九年 二零一八年
HK$'000 HK$'000
千港元 千港元
Revenue from contracts with customers: | 與客戶合約之收入: | ||||||||
Recognised at a point in time | 於某一時點確認 | ||||||||
Sales of properties held for sale | 持作出售物業之銷售 | - | 273,989 | ||||||
Brokerage and cosmetic income | 經紀服務及化妝品銷售收入 | 8,103 | 10,730 | ||||||
8,103 | 284,719 | ||||||||
Revenue from other source: | 其他來源之收入: | ||||||||
Property rental income | 物業租金收入 | 261,762 | 275,022 | ||||||
269,865 | 559,741 | ||||||||
4. Operating Segments | 4. | 營運分類 | |||||||
The Group determines its operating segments based on the reports | 本集團根據主要營運決策者用於作出策略決 | ||||||||
reviewed by the chief operating decision-makers that are used to make | 定時審閱之報告以釐定營運分類。 | ||||||||
strategic decisions. | |||||||||
The Group has six reportable segments - (i) property development | 本集團擁有六項可呈報分類 - (i) 物業發展及 | ||||||||
and trading; (ii) property leasing for retail; (iii) property leasing for non- | 買 賣、(ii) 零 售 物 業 租 賃、(iii) 非 零 售 物 業 租 | ||||||||
retail; (iv) listed equity investments at FVTOCI; (v) listed investments | 賃、(iv) 通 過 其 他 全 面 收 益 以 反 映 公 平 值 之 | ||||||||
and treasury products at fair value through profit or loss ("FVTPL"); | 上市股本投資、(v)通過損益以反映公平值(「通 | ||||||||
and (vi) unlisted investments, investment holding and brokerage. The | 過損益以反映公平值」)之上市投資及財資產 | ||||||||
segmentations are based on the information about the operation of | 品 以 及(vi) 非 上 市 投 資、投 資 控 股 及 經 紀 服 | ||||||||
the Group that management of the Group uses to make decisions. | 務。上 述 分 類 方 式 乃 基 於 本 集 團 之 營 運 資 料 | ||||||||
以供本集團管理層作出決策之用。 |
17
4. Operating Segments (continued)
Principal activities are as follows:
Property development and | - Property development and sales | ||
trading | of trading properties | ||
Property leasing | |||
- Retail | - Property leasing from retail | ||
properties | |||
- Non-retail | - Property leasing from non-retail | ||
properties | |||
Listed equity investments | - Listed equity securities at FVTOCI | ||
at FVTOCI | |||
Listed investments and | - Listed securities investments in | ||
treasury products at | investments held-for-trading, | ||
FVTPL | over-the-counter trading and | ||
structured products | |||
Unlisted investments, | - Unlisted securities investments, | ||
investment holding and | trading and brokerage | ||
brokerage |
The Group evaluates performance on the basis of profit or loss from operations after tax expense and non-controlling interests but not including the major non-cash items. The major non-cash items are unrealised fair value changes on investment properties and other properties together with their, if applicable, respective deferred tax. No intersegment revenue is accounted for as the intersegment revenue is mainly the rental income for administrative purpose.
Unallocated corporate assets mainly comprised leasehold land and building for own use, right-of-use assets, advance to a non-controlling shareholder, deferred tax assets and tax recoverable (31st December, 2018: also included derivative financial instrument).
Unallocated corporate liabilities mainly comprised tax liabilities, bank borrowings, amounts due to associates, amount due to a non-controlling shareholder, lease liabilities, deferred tax liabilities and derivative financial instrument.
The Group's measurement methods used to determine reported segment profit or loss remain unchanged from 2018.
The Group's reportable segments are strategic business units that operate different activities. They are managed separately because each business unit has different markets and requires different marketing strategies.
Further, the business units are also managed to operate in different countries separately. Revenue and results are attributed to countries on the basis of the property or asset location.
There was(were) one (2018: two) major customer(s) who individually accounted for 10% or more of the Group's revenue. Revenue of approximately HK$88,166,000 was derived from a customer in non-retail property leasing segment in the United Kingdom (2018: HK$273,989,000 was derived from a customer in property development and trading segment in Hong Kong and HK$93,623,000 was derived from a customer in non-retail property leasing segment in the United Kingdom).
4. 營運分類(續)
主要業務活動如下:
物業發展及買賣 | - | 物業發展及買賣 |
物業銷售 | ||
物業租賃 | ||
- 零售 | - | 來自零售物業租賃 |
- 非零售 | - | 來自非零售物業 |
租賃 | ||
通過其他全面收益 - | 通過其他全面收益 | |
以反映公平值之 | 以反映公平值之 | |
上市股本投資 | 上市股本證券 | |
通過損益以反映 | - | 於持作買賣之上市 |
公平值之上市 | 證券投資、 | |
投資及財資產品 | 場外交易及 | |
結構性產品 | ||
非上市投資、投資 - | 非上市證券投資、 | |
控股及經紀服務 | 買賣及經紀服務 |
本集團以扣除稅項開支及非控股權益後來自 經 營 之損 益(惟 不 包括 主要 非 現金 項 目)為 基 準 評 估 表 現。主 要 非 現 金 項 目 為 投 資 物 業 及 其他物業之未變現公平值變動連同其相關之 遞 延 稅 項(如 適 用)。由 於 分 類 間 之 收 入 主 要 為 就 行 政 目 的 之 租 金 收 入,因 此 並 無 將 分 類 間之收入入賬。
未分攤之公司資產主要包括自用之租賃土地 及 樓 宇、使 用 權 資 產、墊 付 一 間 非 控 股 股 東 款項、遞延稅項資產以及可收回稅款(二零一 八年十二月三十一日:且包括衍生金融工具)。
未 分 攤 之 公 司 負 債 主 要 包 括 稅 項 負 債、銀 行 借 貸、欠 負 聯 營 公 司 款 項、欠 負 一 間 非 控 股 股 東 款 項、租 賃 負 債、遞 延 稅 項 負 債 以 及 衍 生金融工具。
本集團用作釐定已呈報分類損益之計量方式 與二零一八年維持不變。
本集團可呈報分類為營運不同活動之策略業 務 單 元。由 於 各 業 務 單 元 擁 有 不 同 市 場,且 要求不同市場策略,故彼等受個別管理。
此 外,業 務 單 元 亦 於 不 同 國 家 受 個 別 營 運 管 理。各 國 應 佔 收 入 及 業 績 乃 按 物 業 或 資 產 所 在地為基準。
一 位(二 零 一 八 年:兩 位)主 要 客 戶 之 個 別 收 入 佔 本 集 團 收 入 之10% 或 以 上。一 位 來 自 英 國 非 零 售 物 業 租 賃 分 類 之 客 戶 所 產 生 之 收 入 約 為88,166,000 港 元(二 零 一 八 年:一 位 來 自香港物業發展及買賣分類之客戶所產生之 收 入 為273,989,000 港 元,以 及一 位來 自 英 國 非 零 售 物 業 租 賃 分 類 之 客 戶 所 產 生 之 收 入 93,623,000 港元)。
18
4. Operating Segments (continued)
Operating segment information is presented below:
Condensed Consolidated Statement of Comprehensive Income For the six months ended 30th June, 2019
4. 營運分類(續)
營運分類資料呈列如下:
簡明綜合全面收益報表
截至二零一九年六月三十日止六個月
Listed | Unlisted | ||||||||||||||||
Property leasing | investments | investments, | |||||||||||||||
Property | 物業租賃 | Listed equity | and treasury | investment | |||||||||||||
development | investments | products | holding and | All other | |||||||||||||
and trading | Retail | Non-retail | at FVTOCI | at FVTPL | brokerage | segments | Consolidated | ||||||||||
通過其他全面 | 通過損益以 | 非上市投資、 | |||||||||||||||
物業發展 | 收益以反映 | 反映公平值之 | 所有其他 | ||||||||||||||
零售 | 非零售 | 公平值之 | 上市投資及 | 投資控股及 | 綜合 | ||||||||||||
及買賣 | 上市股本投資 | 財資產品 | 經紀服務 | 分類 | |||||||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||||
千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||||||||||
Major cash items excluding in revenue | 收入以外之主要現金項目 | - | - | - | - | 1,394,901 | - | - | 1,394,901 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Other countries | - 其他國家 | - | - | - | - | 138,403 | - | - | 138,403 | ||||||||
- | - | - | - | 1,533,304 | - | - | 1,533,304 | ||||||||||
Revenue | 收入 | ||||||||||||||||
Revenue from external customers | 來自外部客戶之收入 | - | 20,849 | 68,033 | - | - | 3,060 | 5,043 | 96,985 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- United Kingdom | - 英國 | - | 17,432 | 155,134 | - | - | - | - | 172,566 | ||||||||
- Mainland China | - 中國大陸 | - | - | 314 | - | - | - | - | 314 | ||||||||
- | 38,281 | 223,481 | - | - | 3,060 | 5,043 | 269,865 | ||||||||||
Revenue from external customers | 來自外部客戶之收入 | - | 38,281 | 223,481 | - | - | 3,060 | 5,043 | 269,865 | ||||||||
Attributable rental revenue from associates/ | 應佔聯營公司╱合資公司╱ | ||||||||||||||||
joint venture/investee company | 接受投資公司租金收入 | - | 10,136 | 23,628 | - | - | - | - | 33,764 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Mainland China | - 中國大陸 | - | 26,109 | 3,919 | - | - | - | - | 30,028 | ||||||||
- | 74,526 | 251,028 | - | - | 3,060 | 5,043 | 333,657 | ||||||||||
Result | 業績 | ||||||||||||||||
Segment result | 分類業績 | - | 18,793 | 64,188 | - | 754,034 | (1,598) | 7,237 | 842,654 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- United Kingdom | - 英國 | - | 16,897 | 152,229 | - | - | 48 | - | 169,174 | ||||||||
- Mainland China | - 中國大陸 | - | - | 144 | - | - | 1,567 | - | 1,711 | ||||||||
- Other countries | - 其他國家 | - | - | - | - | 503,303 | - | - | 503,303 | ||||||||
Share of results of investments accounted | 攤佔以權益法入賬投資之 | - | 35,690 | 216,561 | - | 1,257,337 | 17 | 7,237 | 1,516,842 | ||||||||
for using the equity method | 業績 | ||||||||||||||||
- Attributable gross income | - 應佔收入總額 | - | 9,658 | 23,483 | - | - | - | 1,103 | 34,244 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Mainland China | - 中國大陸 | - | 26,109 | 3,919 | - | - | - | - | 30,028 | ||||||||
- Attributable operating cost | - 應佔營運成本 | - | (399) | (3,591) | - | - | - | - | (3,990) | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Mainland China | - 中國大陸 | - | (11,820) | (1,482) | - | - | - | - | (13,302) | ||||||||
- | 59,238 | 238,890 | - | 1,257,337 | 17 | 8,340 | 1,563,822 | ||||||||||
Other income | 其他收入 | 6,462 | - | - | - | - | - | - | 6,462 | ||||||||
Finance costs | 財務費用 | - | - | - | (62,713) | (49,318) | - | - | (112,031) | ||||||||
Other gains and losses | 其他收益及虧損 | (694) | - | - | - | - | - | - | (694) | ||||||||
Share of results of investments accounted | 攤佔以權益法入賬投資之 | ||||||||||||||||
for using the equity method | 業績 | 682 | (18,955) | (3,664) | - | - | - | (162) | (22,099) | ||||||||
- Income tax and others | - 所得稅及其他 | ||||||||||||||||
6,450 | 40,283 | 235,226 | (62,713) | 1,208,019 | 17 | 8,178 | 1,435,460 | ||||||||||
Unallocated items | 未分攤項目 | (121,834) | |||||||||||||||
Unallocated corporate expenses, net | 未分攤之公司開支淨額 | ||||||||||||||||
Unallocated finance costs | 未分攤之財務費用 | (80,594) | |||||||||||||||
Income tax expense | 所得稅開支 | (28,088) | |||||||||||||||
Non-controlling interests | 非控股權益 | (1,441) | |||||||||||||||
Operating profit for the period attributable to | 本公司擁有人應佔本期間之 | ||||||||||||||||
owners of the Company | 經營溢利 | 1,203,503 | |||||||||||||||
Major non-cash items | 主要非現金項目 | ||||||||||||||||
- Unrealised fair value changes on investment properties | - 投資物業之未變現公平值變動 | ||||||||||||||||
(including share of results of investments accounted | (包括攤佔以權益法入賬投資 | (356,804) | |||||||||||||||
for using the equity method) | 之業績) | ||||||||||||||||
- Deferred tax expense | - 遞延稅項開支 | (1,782) | |||||||||||||||
Profit for the period attributable to | 本公司擁有人應佔本期間之 | ||||||||||||||||
owners of the Company | 溢利 | 844,917 | |||||||||||||||
Core profit for the period attributable to | 本公司擁有人應佔本期間之 | ||||||||||||||||
owners of the Company | 核心溢利 | 1,203,503 | |||||||||||||||
19
4. Operating Segments (continued) | 4. 營運分類(續) | ||||||||||||||||||||
Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況報表 | ||||||||||||||||||||
At 30th June, 2019 | 於二零一九年六月三十日 | ||||||||||||||||||||
Listed | Unlisted | ||||||||||||||||||||
Property leasing | investments | investments, | |||||||||||||||||||
Property | 物業租賃 | Listed equity | and treasury | investment | |||||||||||||||||
development | investments | products | holding and | All other | |||||||||||||||||
and trading | Retail | Non-retail | at FVTOCI | at FVTPL | brokerage | segments | Consolidated | ||||||||||||||
通過其他全面 | 通過損益以 | ||||||||||||||||||||
收益以反映 | 反映公平值之 | 非上市投資、 | |||||||||||||||||||
物業發展 | 公平值之 | 上市投資及 | 投資控股及 | 所有其他 | |||||||||||||||||
及買賣 | 零售 | 非零售 | 上市股本投資 | 財資產品 | 經紀服務 | 分類 | 綜合 | ||||||||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||||||||
千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||||||||||||||
Assets | 資產 | ||||||||||||||||||||
Segment assets | 分類資產 | 1,103,136 | 2,189,581 | 5,264,914 | 18,834,010 | 6,996,262 | 406,547 | 156,382 | 34,950,832 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- United Kingdom | - 英國 | - | 1,497,861 | 7,129,364 | - | - | - | - | 8,627,225 | ||||||||||||
- Mainland China | - 中國大陸 | 261,489 | - | 29,050 | - | - | 6,850 | - | 297,389 | ||||||||||||
- Other countries | - 其他國家 | - | - | - | - | 1,631,262 | 522,606 | - | 2,153,868 | ||||||||||||
Investments accounted for using the equity method | 以權益法入賬之投資 | 36,356 | 428,011 | 1,662,352 | - | - | 2,052 | 6,328 | 2,135,099 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- Mainland China | - 中國大陸 | - | 140,906 | 45,872 | - | - | - | - | 186,778 | ||||||||||||
Advances to associates and a joint venture | 墊付聯營公司及一間合資公司款項 | 1,663 | - | 154,331 | - | - | 2 | 1,117 | 157,113 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- Mainland China | - 中國大陸 | - | 35,389 | 11,518 | - | - | - | - | 46,907 | ||||||||||||
Reportable segment assets | 可呈報分類資產 | 1,402,644 | 4,291,748 | 14,297,401 | 18,834,010 | 8,627,524 | 938,057 | 163,827 | 48,555,211 | ||||||||||||
Unallocated corporate assets | 未分攤之公司資產 | 111,294 | |||||||||||||||||||
Consolidated total assets | 綜合資產總額 | 48,666,505 | |||||||||||||||||||
Liabilities | 負債 | ||||||||||||||||||||
Segment liabilities | 分類負債 | 66,639 | 21,192 | 70,108 | 4,003,519 | 3,391,458 | 26,484 | 6,586 | 7,585,986 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- United Kingdom | - 英國 | - | 14,757 | 171,904 | - | - | - | - | 186,661 | ||||||||||||
- Mainland China | - 中國大陸 | - | - | 184 | - | - | - | - | 184 | ||||||||||||
- Other countries | - 其他國家 | - | - | - | - | 534,489 | - | - | 534,489 | ||||||||||||
Reportable segment liabilities | 可呈報分類負債 | 66,639 | 35,949 | 242,196 | 4,003,519 | 3,925,947 | 26,484 | 6,586 | 8,307,320 | ||||||||||||
Unallocated corporate liabilities | 未分攤之公司負債 | 6,629,248 | |||||||||||||||||||
Consolidated total liabilities | 綜合負債總額 | 14,936,568 | |||||||||||||||||||
Additions to non-current assets | 非流動資產添置 | ||||||||||||||||||||
(other than financial instruments and | (金融工具及遞延稅項資產除外) | ||||||||||||||||||||
deferred tax assets) | - | - | 2,041 | - | - | 6 | 44 | ||||||||||||||
20
4. Operating Segments (continued) | 4. | 營運分類(續) | ||||||||||
Other Material Items | 其他重大項目 | |||||||||||
For the six months ended 30th June, 2019 | 截至二零一九年六月三十日止六個月 | |||||||||||
Condensed | ||||||||||||
Adjustments | Adjustments | consolidated | ||||||||||
for | for major | statement of | ||||||||||
Reportable | unallocated | non-cash | comprehensive | |||||||||
segments | items | items | income | |||||||||
未分攤項目 | 主要非現金 | 簡明綜合 | ||||||||||
可呈報分類 | 之調整 | 項目之調整 全面收益報表 | ||||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | |||||||||
千港元 | 千港元 | 千港元 | 千港元 | |||||||||
Interest income | 利息收入 | 355,641 | - | - | 355,641 | |||||||
Finance costs | 財務費用 | (112,031) | (80,594) | - | (192,625) | |||||||
Net income | 收入淨額 | 243,610 | (80,594) | - | 163,016 | |||||||
Depreciation - property, plant | 折舊 - 物業、廠房 | |||||||||||
and equipment | 及設備 | - | (2,514) | - | (2,514) | |||||||
Depreciation - right-of-use | 折舊 - 使用權資產 | |||||||||||
assets | - | (5,708) | - | (5,708) | ||||||||
Fair value changes on | 投資物業之公平值 | |||||||||||
investment properties | 變動 | - | - | (427,132) | (427,132) | |||||||
Write-down of stock of | 物業存貨之減值 | |||||||||||
properties | (694) | - | - | (694) | ||||||||
Share of results of | 攤佔以權益法入賬 | |||||||||||
investments accounted | 投資之業績 | |||||||||||
for using the equity method | 24,881 | - | 70,328 | 95,209 | ||||||||
Income tax expense | 所得稅開支 | - | (28,088) | (1,782) | (29,870) | |||||||
Non-controlling interests | 非控股權益 | - | (1,441) | - | (1,441) | |||||||
21
4. Operating Segments (continued)
Condensed Consolidated Statement of Comprehensive Income For the six months ended 30th June, 2018
4. 營運分類(續)
簡明綜合全面收益報表
- 至二零一八年六月三十日止六個月
Listed | Unlisted | ||||||||||||||||
Property leasing | investments | investments, | |||||||||||||||
Property | 物業租賃 | Listed equity | and treasury | investment | |||||||||||||
development | investments | products | holding and | All other | |||||||||||||
and trading | Retail | Non-retail | at FVTOCI | at FVTPL | brokerage | segments | Consolidated | ||||||||||
通過其他全面 | 通過損益以 | ||||||||||||||||
收益以反映 | 反映公平值之 | 非上市投資、 | |||||||||||||||
物業發展 | 公平值之 | 上市投資及 | 投資控股及 | 所有其他 | |||||||||||||
及買賣 | 零售 | 非零售 | 上市股本投資 | 財資產品 | 經紀服務 | 分類 | 綜合 | ||||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||||
千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||||||||||
Major cash items excluding in revenue | 收入以外之主要現金項目 | - | - | - | - | 4,674,329 | - | - | 4,674,329 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Other countries | - 其他國家 | - | - | - | - | 443,255 | - | - | 443,255 | ||||||||
- | - | - | - | 5,117,584 | - | - | 5,117,584 | ||||||||||
Revenue | 收入 | ||||||||||||||||
Revenue from external customers | 來自外部客戶之收入 | 273,989 | 20,907 | 68,271 | - | - | 6,008 | 4,722 | 373,897 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- United Kingdom | - 英國 | - | 18,511 | 167,333 | - | - | - | - | 185,844 | ||||||||
273,989 | 39,418 | 235,604 | - | - | 6,008 | 4,722 | 559,741 | ||||||||||
Revenue from external customers after | 來自扣除非控股權益後之 | ||||||||||||||||
non-controlling interests | 外部客戶收入 | 191,792 | 39,418 | 235,601 | - | - | 6,008 | 4,722 | 477,541 | ||||||||
Attributable property sales from associates | 應佔聯營公司物業銷售 | 2,908 | - | - | - | - | - | - | 2,908 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
Attributable rental revenue from associates/ | 應佔聯營公司╱合資公司╱ | ||||||||||||||||
joint venture/investee company | 接受投資公司租金收入 | - | 10,138 | 20,327 | - | - | - | - | 30,465 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Mainland China | - 中國大陸 | - | 37,779 | 4,824 | - | - | - | - | 42,603 | ||||||||
194,700 | 87,335 | 260,752 | - | - | 6,008 | 4,722 | 553,517 | ||||||||||
Result | 業績 | ||||||||||||||||
Segment result | 分類業績 | 179,149 | 17,235 | 67,024 | 575 | (275,087) | 12,857 | 9,557 | 11,310 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- United Kingdom | - 英國 | - | 17,967 | 163,972 | - | - | 52 | - | 181,991 | ||||||||
- Mainland China | - 中國大陸 | - | - | - | - | - | 1,737 | - | 1,737 | ||||||||
- Other countries | - 其他國家 | - | - | - | - | (276,893) | - | - | (276,893) | ||||||||
Share of results of investments accounted | 攤佔以權益法入賬投資之 | 179,149 | 35,202 | 230,996 | 575 | (551,980) | 14,646 | 9,557 | (81,855) | ||||||||
for using the equity method | 業績 | ||||||||||||||||
- Attributable property sales, net | - 應佔物業銷售淨額 | 2,227 | - | - | - | - | - | - | 2,227 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Attributable gross income | - 應佔收入總額 | - | 9,696 | 19,596 | - | - | - | 1,085 | 30,377 | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Mainland China | - 中國大陸 | - | 37,779 | 4,824 | - | - | - | - | 42,603 | ||||||||
- Attributable operating cost | - 應佔營運成本 | - | (375) | (3,838) | - | - | - | - | (4,213) | ||||||||
- Hong Kong | - 香港 | ||||||||||||||||
- Mainland China | - 中國大陸 | - | (14,311) | (1,551) | - | - | - | - | (15,862) | ||||||||
Non-controlling interests | 非控股權益 | (52,741) | - | (3) | - | - | - | - | (52,744) | ||||||||
128,635 | 67,991 | 250,024 | 575 | (551,980) | 14,646 | 10,642 | (79,467) | ||||||||||
Finance costs | 財務費用 | - | - | - | (52,899) | (31,537) | - | - | (84,436) | ||||||||
Share of results of investments accounted | 攤佔以權益法入賬投資之 | ||||||||||||||||
for using the equity method | 業績 | 8 | (19,448) | (2,016) | - | - | - | (218) | (21,674) | ||||||||
- Income tax and others | - 所得稅及其他 | ||||||||||||||||
128,643 | 48,543 | 248,008 | (52,324) | (583,517) | 14,646 | 10,424 | (185,577) | ||||||||||
Unallocated items | 未分攤項目 | ||||||||||||||||
Unallocated corporate expenses, net | 未分攤之公司開支淨額 | (87,032) | |||||||||||||||
Unallocated finance costs | 未分攤之財務費用 | (71,730) | |||||||||||||||
Income tax expense | 所得稅開支 | (64,410) | |||||||||||||||
Unallocated non-controlling interests | 未分攤之非控股權益 | 7,945 | |||||||||||||||
Operating loss for the period attributable to | 本公司擁有人應佔本期間之 | ||||||||||||||||
owners of the Company | 經營虧損 | (400,804) | |||||||||||||||
Major non-cash items | 主要非現金項目 | ||||||||||||||||
- Unrealised fair value changes on investment properties | - 投資物業之未變現公平值變動 | ||||||||||||||||
(including share of results of investments accounted | (包括攤佔以權益法入賬投資 | ||||||||||||||||
for using the equity method) | 之業績) | 38,080 | |||||||||||||||
- Deferred tax expense | - 遞延稅項開支 | (810) | |||||||||||||||
Loss for the period attributable to | 本公司擁有人應佔本期間之 | ||||||||||||||||
owners of the Company | 虧損 | (363,534) | |||||||||||||||
Core loss for the period attributable to | 本公司擁有人應佔本期間之 | ||||||||||||||||
owners of the Company | 核心虧損 | (400,804) | |||||||||||||||
22
4. Operating Segments (continued) | 4. 營運分類(續) | ||||||||||||||||||||
Condensed Consolidated Statement of Financial Position | 簡明綜合財務狀況報表 | ||||||||||||||||||||
At 31st December, 2018 | 於二零一八年十二月三十一日 | ||||||||||||||||||||
Listed | Unlisted | ||||||||||||||||||||
Property leasing | investments | investments, | |||||||||||||||||||
Property | 物業租賃 | Listed equity | and treasury | investment | |||||||||||||||||
development | investments | products | holding and | All other | |||||||||||||||||
and trading | Retail | Non-retail | at FVTOCI | at FVTPL | brokerage | segments | Consolidated | ||||||||||||||
通過其他全面 | 通過損益以 | ||||||||||||||||||||
收益以反映 | 反映公平值之 | 非上市投資、 | |||||||||||||||||||
物業發展 | 公平值之 | 上市投資及 | 投資控股及 | 所有其他 | |||||||||||||||||
及買賣 | 零售 | 非零售 | 上市股本投資 | 財資產品 | 經紀服務 | 分類 | 綜合 | ||||||||||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | ||||||||||||||
千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||||||||||||||
Assets | 資產 | ||||||||||||||||||||
Segment assets | 分類資產 | 1,651,525 | 1,948,679 | 5,253,665 | 20,167,010 | 5,499,322 | 420,325 | 76,278 | 35,016,804 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- United Kingdom | - 英國 | - | 1,632,210 | 7,433,806 | - | - | - | - | 9,066,016 | ||||||||||||
- Mainland China | - 中國大陸 | 267,880 | - | 29,045 | - | - | 6,821 | - | 303,746 | ||||||||||||
- Other countries | - 其他國家 | - | - | - | - | 1,272,109 | 493,267 | - | 1,765,376 | ||||||||||||
Investments accounted for using the equity method | 以權益法入賬之投資 | 68,750 | 424,507 | 1,582,710 | - | - | 2,167 | 6,549 | 2,084,683 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- Mainland China | - 中國大陸 | - | 141,553 | 49,941 | - | - | - | - | 191,494 | ||||||||||||
Advances to associates and a joint venture | 墊付聯營公司及一間合資公司款項 | 1,000 | - | 154,306 | - | - | 2 | 1,160 | 156,468 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- Mainland China | - 中國大陸 | - | 34,751 | 12,258 | - | - | - | - | 47,009 | ||||||||||||
Reportable segment assets | 可呈報分類資產 | 1,989,155 | 4,181,700 | 14,515,731 | 20,167,010 | 6,771,431 | 922,582 | 83,987 | 48,631,596 | ||||||||||||
Unallocated corporate assets | 未分攤之公司資產 | 59,107 | |||||||||||||||||||
Consolidated total assets | 綜合資產總額 | 48,690,703 | |||||||||||||||||||
Liabilities | 負債 | ||||||||||||||||||||
Segment liabilities | 分類負債 | 165,431 | 20,593 | 69,688 | 3,809,914 | 3,091,361 | 35,868 | 8,452 | 7,201,307 | ||||||||||||
- Hong Kong | - 香港 | ||||||||||||||||||||
- United Kingdom | - 英國 | - | 16,464 | 167,234 | - | - | - | - | 183,698 | ||||||||||||
- Mainland China | - 中國大陸 | 778 | - | 31 | - | - | 7 | - | 816 | ||||||||||||
- Other countries | - 其他國家 | - | - | - | - | 432,759 | 9 | - | 432,768 | ||||||||||||
Reportable segment liabilities | 可呈報分類負債 | 166,209 | 37,057 | 236,953 | 3,809,914 | 3,524,120 | 35,884 | 8,452 | 7,818,589 | ||||||||||||
Unallocated corporate liabilities | 未分攤之公司負債 | 6,728,545 | |||||||||||||||||||
Consolidated total liabilities | 綜合負債總額 | 14,547,134 | |||||||||||||||||||
Additions to non-current assets | 非流動資產添置 | ||||||||||||||||||||
(other than financial instruments and | (金融工具及遞延稅項資產除外) | ||||||||||||||||||||
deferred tax assets) | - | - | 2,224 | - | - | 40 | 16 | ||||||||||||||
23
4. Operating Segments (continued)
Other Material Items
For the six months ended 30th June, 2018
4. 營運分類(續)
其他重大項目
- 至二零一八年六月三十日止六個月
Condensed | |||
Adjustments | Adjustments | consolidated | |
for | for major | statement of | |
Reportable | unallocated | non-cash | comprehensive |
segments | items | items | income |
未分攤項目 | 主要非現金 | 簡明綜合 | |
可呈報分類 | 之調整 | 項目之調整 全面收益報表 | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 |
千港元 | 千港元 | 千港元 | 千港元 |
Interest income | 利息收入 | 316,816 | - | - | 316,816 | |||||||||||
Finance costs | 財務費用 | (84,436) | (71,730) | - | (156,166) | |||||||||||
Net income | 收入淨額 | 232,380 | (71,730) | - | 160,650 | |||||||||||
Depreciation - property, plant | 折舊 - 物業、廠房 | |||||||||||||||
and equipment | 及設備 | - | (3,745) | - | (3,745) | |||||||||||
Fair value changes on | 投資物業之公平值 | |||||||||||||||
investment properties | 變動 | - | - | (22,755) | (22,755) | |||||||||||
Share of results of | 攤佔以權益法入賬 | |||||||||||||||
investments accounted | 投資之業績 | |||||||||||||||
for using the equity method | 33,458 | - | 60,835 | 94,293 | ||||||||||||
Income tax expense | 所得稅開支 | - | (64,410) | (810) | (65,220) | |||||||||||
Non-controlling interests | 非控股權益 | (52,744) | 7,945 | - | (44,799) | |||||||||||
5. Other Income | 5. | 其他收入 | ||||||||||||||
Six months ended 30th June, | ||||||||||||||||
截至六月三十日止六個月 | ||||||||||||||||
2019 | 2018 | |||||||||||||||
二零一九年 | 二零一八年 | |||||||||||||||
HK$'000 | HK$'000 | |||||||||||||||
千港元 | 千港元 | |||||||||||||||
Included in other income are: | 其他收入包括: | |||||||||||||||
Building management fee income | 樓宇管理費收入 | 14,056 | 18,897 | |||||||||||||
Building management fee expenses | 樓宇管理費開支 | (7,974) | (10,944) | |||||||||||||
6,082 | 7,953 | |||||||||||||||
Rental services income | 租賃服務收入 | 2,561 | 3,536 | |||||||||||||
Property management services, | 物業管理服務、 | |||||||||||||||
leasing administration services and | 租務行政服務及 | |||||||||||||||
property administration services income | 物業行政服務收入 | 14,250 | 14,850 | |||||||||||||
Advisory and consultancy services income | 諮詢及顧問服務收入 | 18 | 15 | |||||||||||||
Asset management and maintenance services | 資產管理及保養服務收入 | |||||||||||||||
income | - | 4 | ||||||||||||||
Overprovision of costs incurred in prior years | 就一項發展項目所產生之成本 | |||||||||||||||
in respect of a development project | 於過往年度超額撥備 | 6,462 | - | |||||||||||||
Consultancy fee income | 顧問費收入 | - | 13,354 | |||||||||||||
Exchange gain, net | 匯兌收益淨額 | - | 3,563 | |||||||||||||
Reversal of impairment in respect of | 撥回其他應收賬項之減值及 | |||||||||||||||
other receivable and interest thereon of | 相關利息約2,192,000 港元 | |||||||||||||||
approximately HK$2,192,000 | - | 4,884 | ||||||||||||||
24
6. Investment Income (Expenses), Net | 6. 投資收入(開支)淨額 | |||||||
Six months ended 30th June, | ||||||||
截至六月三十日止六個月 | ||||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
Financial assets measured at fair value | 通過損益以反映公平值 | |||||||
through profit or loss: | 計量之金融資產: | |||||||
Unrealised gain (loss) arising from change | 債券之公平值變動而產生之 | |||||||
810,665 | ||||||||
in fair value of bonds | 未變現收益(虧損) | (868,114) | ||||||
Realised gain (loss) arising from change | 債券之公平值變動而產生之 | |||||||
in fair value of bonds | 已變現收益(虧損) | |||||||
- Change in fair value | - 公平值變動 | 74,038 | (9,850) | |||||
- Exchange component of change | - 匯兌部分變動 | 3,074 | 5,271 | |||||
Net gain (loss) arising from change | 債券之公平值變動而產生之 | |||||||
in fair value of bonds | 收益(虧損)淨額 | 887,777 | (872,693) | |||||
Unrealised (loss) gain arising from change in | 會籍及公司債券之公平值變動而 | |||||||
fair value of club and corporate debentures | 產生之未變現(虧損)收益 | (6,160) | 5,158 | |||||
Realised loss arising from change in | 會籍債券之公平值變動而 | |||||||
fair value of a club debenture | 產生之已變現虧損 | (171) | - | |||||
(Loss) gain arising from change in | 會籍及公司債券之公平值變動而 | |||||||
fair value of club and corporate debentures | 產生之(虧損)收益 | (6,331) | 5,158 | |||||
Unrealised loss arising from change in | 衍生金融工具之公平值變動而 | |||||||
fair value of derivative financial instrument | 產生之未變現虧損 | (377) | - | |||||
Realised loss arising from change in | 衍生金融工具之公平值變動而 | |||||||
fair value of derivative financial instrument | 產生之已變現虧損 | (1,921) | - | |||||
Loss arising from change in | 衍生金融工具之公平值變動而 | |||||||
fair value of derivative financial instruments | 產生之虧損 | (2,298) | - | |||||
Other investment income | 其他投資收入 | 18,845 | 12,446 | |||||
Interest income | 利息收入 | 355,392 | 314,259 | |||||
1,253,385 | (540,830) | |||||||
Interest income mainly included interest income from bonds of | ||||||||
利 息 收 入 中 主 要 包 括 債 券 利 息 收 入 約 為 | ||||||||
approximately HK$350,715,000 (2018: HK$308,842,000). | 350,715,000 港 元(二 零 一 八 年:308,842,000 | |||||||
港元)。 |
25
7. | Finance Costs | 7. 財務費用 | ||||||
Six months ended 30th June, | ||||||||
截至六月三十日止六個月 | ||||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
Interest on: | 利息: | |||||||
Bank borrowings | 銀行借貸 | 78,180 | 67,087 | |||||
Other borrowings | 其他借貸 | 114,958 | 86,178 | |||||
Lease liabilities | 租賃負債 | 304 | - | |||||
Total interest | 利息總額 | 193,442 | 153,265 | |||||
Exchange gain on translation of foreign currency | 外幣銀行及其他借貸之 | |||||||
bank and other borrowings, net | 匯兌收益淨額 | (4,446) | (1,742) | |||||
Other finance costs | 其他財務費用 | 3,629 | 4,643 | |||||
192,625 | 156,166 | |||||||
8. | Income Tax Expense | 8. 所得稅開支 | ||||||
Six months ended 30th June, | ||||||||
截至六月三十日止六個月 | ||||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
The charge comprises: | 支出包括: | |||||||
Current tax: | 當期稅項: | |||||||
Hong Kong Profits Tax | 香港利得稅 | 5,357 | 34,639 | |||||
Other than Hong Kong | 香港以外地區 | 21,155 | 23,621 | |||||
26,512 | 58,260 | |||||||
Underprovision in prior years: | 過往年度撥備不足: | |||||||
Hong Kong Profits Tax | 香港利得稅 | (30) | 5,207 | |||||
Other than Hong Kong | 香港以外地區 | 201 | (2,418) | |||||
171 | 2,789 | |||||||
Deferred tax: | 遞延稅項: | |||||||
Current period charge | 本期間支出 | 3,187 | 4,171 | |||||
29,870 | 65,220 | |||||||
Under the two-tiered profits tax rates regime, the first HK$2,000,000 of profits of the qualifying group entity will be taxed at 8.25%, and profits above HK$2,000,000 will be taxed at 16.5%. The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%. The PRC Enterprise Income Tax for the PRC subsidiaries are calculated at the PRC Enterprise Income Tax rate of 25% (2018: 25%). Taxation arising from other jurisdictions is calculated at the rates prevailing in the relevant jurisdictions.
根 據 利 得 稅 兩 級 制, 合 資 格 集 團 實 體 首 2,000,000 港 元 之 溢 利 將 按 稅 率8.25% 課 稅, 而 超 過2,000,000 港 元 之 溢 利 將 按 稅 率16.5% 課 稅。不 符 合 利 得 稅 兩 級 制 之 集 團 實 體 之 溢 利 將 繼 續 按 統 一 稅 率16.5% 課 稅。中 國 附 屬 公司之中國企業所得稅乃按中國企業所得稅
- 25%(二 零 一 八 年:25%)計 算。其 他 司 法 權區產生之稅項乃按有關司法權區之現行稅
- 計算。
26
9. Profit (Loss) for the Period | 9. 本期間溢利(虧損) | |||||||
Six months ended 30th June, | ||||||||
截至六月三十日止六個月 | ||||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
Profit (loss) for the period has been arrived at | 本期間溢利(虧損)已(扣除)計入: | |||||||
after (charging) crediting: | ||||||||
Total staff costs: | 僱員成本總額: | |||||||
Staff costs, including Directors' emoluments | 僱員成本(包括董事酬金) | (74,948) | (80,887) | |||||
Retirement benefit scheme contributions, | 退休福利計劃供款,扣除已 | |||||||
net of forfeited contributions of approximately | 沒收供款約171,000 港元 | |||||||
HK$171,000 (2018: HK$324,000) | (二零一八年:324,000 港元) | (4,099) | (4,108) | |||||
(79,047) | (84,995) | |||||||
Auditors' remuneration: | 核數師酬金: | |||||||
Auditors of the Company | 本公司核數師 | |||||||
- Current period | - 本期間 | (1,007) | (1,025) | |||||
Other auditors | 其他核數師 | |||||||
- Current period | - 本期間 | (131) | (249) | |||||
- Underprovision in prior years | - 過往年度撥備不足 | (5) | (21) | |||||
Depreciation of: | 折舊: | |||||||
Property, plant and equipment | 物業、廠房及設備 | (2,514) | (3,745) | |||||
Right-of-use assets | 使用權資產 | (5,708) | - | |||||
(8,222) | (3,745) | |||||||
Exchange loss, net | 匯兌虧損淨額 | (718) | - | |||||
Rental expenses from short-term leases | 短期租賃之租金開支 | (19,195) | - | |||||
Cost of trading properties recognised | 買賣物業成本確認 | - | (71,064) | |||||
Cost of cosmetic products recognised | 化妝品成本確認 | (2,022) | (1,754) | |||||
Share of tax of associates | 攤佔聯營公司稅項 | (4,101) | (6,409) | |||||
Share of tax of a joint venture | 攤佔一間合資公司稅項 | (237) | (259) | |||||
Share of tax of investments accounted | 攤佔以權益法入賬投資之稅項 | |||||||
for using the equity method | (已計入攤佔以權益法入賬 | |||||||
(included in share of results of investments | 投資之業績) | |||||||
accounted for using the equity method) | (4,338) | (6,668) | ||||||
Gross rental income from investment properties | 投資物業租金收入總額 | 261,762 | 275,022 | |||||
Less: Direct operating expenses from investment | 減:本期間產生租金收入之 | |||||||
properties that generated rental income | 投資物業直接經營開支 | |||||||
during the period | (8,006) | (7,665) | ||||||
Direct operating expenses from investment | 本期間並無產生租金收入之 | |||||||
properties that did not generate rental | 投資物業直接經營開支 | |||||||
income during the period | (1,505) | (1,159) | ||||||
252,251 | 266,198 | |||||||
Reversal of impairment loss recognised | 就應收貿易賬項確認之減值虧損 | |||||||
in respect of trade receivables, net | 撥回淨額 | 30 | 13 | |||||
(Impairment loss) reversal of impairment loss | 就其他應收賬項確認之(減值虧損) | |||||||
recognised in respect of other receivables, net | 減值虧損撥回淨額 | (18) | 2,445 | |||||
27
10. Dividends | 10. | 股息 | ||||
Six months ended 30th June, | ||||||
截至六月三十日止六個月 | ||||||
2019 | 2018 | |||||
二零一九年 | 二零一八年 | |||||
HK$'000 | HK$'000 | |||||
千港元 | 千港元 | |||||
Final dividend for 2018 paid on 12th June, | 於二零一九年六月十二日已派付之 | |||||
2019 of HK10 cents (2017: HK10 cents) | 二零一八年末期股息每股10 港仙 | |||||
per share | (二零一七年:每股10 港仙) | 190,762 | 190,762 | |||
Interim dividend for 2019 of HK1 cent (2018: HK1 cent) per share | ||||||
董事會於中期期末後宣派二零一九年中期股 | ||||||
has been declared by the Board after interim period end. | 息每股1 港仙(二零一八年:每股1 港仙)。 | |||||
11. Earnings (Loss) per Share | 11. 每股盈利(虧損) | |||||
The calculation of the basic and diluted earnings (loss) per share | 本公司擁有人應佔之每股基本及攤薄盈利(虧 | |||||
attributable to owners of the Company is based on the following data: | 損)乃根據以下數據計算: | |||||
Six months ended 30th June, | ||||||
截至六月三十日止六個月 | ||||||
2019 | 2018 | |||||
二零一九年 | 二零一八年 | |||||
HK$'000 | HK$'000 | |||||
千港元 | 千港元 | |||||
Earnings (loss): | 盈利(虧損)︰ | |||||
Earnings (loss) for the purposes of basic and | 計算每股基本及攤薄盈利(虧損)之 | |||||
diluted earnings (loss) per share | 盈利(虧損) | |||||
Profit (loss) for the period attributable to | 本公司擁有人應佔本期間之 | |||||
owners of the Company | 溢利(虧損) | 844,917 | (363,534) | |||
Number of shares | ||||||
股份數目 | ||||||
Six months ended 30th June, | ||||||
截至六月三十日止六個月 | ||||||
2019 | 2018 | |||||
二零一九年 | 二零一八年 | |||||
Number of shares: | 股份數目: | |||||
Weighted average number of ordinary shares | 計算每股基本及攤薄盈利(虧損)之 | |||||
for the purposes of basic and diluted | 普通股加權平均數 | |||||
earnings (loss) per share | 1,907,619,079 | 1,907,619,079 | ||||
Diluted earnings (loss) per share for the six months ended 30th June, 2019 and 2018 were the same as the basic earnings (loss) per share as there were no diluting events during both periods.
截至二零一九年及二零一八年六月三十日止 六 個 月,由 於 並 無 攤 薄 事 項,故 上 述 兩 個 期 間之每股攤薄盈利(虧損)與每股基本盈利(虧 損)相同。
28
12. Investment Properties | 12. 投資物業 | ||||
Completed | |||||
properties | |||||
落成物業 | |||||
HK$'000 | |||||
千港元 | |||||
Fair value | 公平值 | ||||
At 1st January, 2018 | 於二 | 零一 | 八年一月一日 | 15,649,991 | |
Exchange adjustments | 匯兌 | 調整 | (491,444) | ||
Increase in fair value recognised in the consolidated | 於綜 | 合全 | 面收益報表中確認之 | ||
statement of comprehensive income | 公 | 平值 | 增加 | ||
- unrealised | - 未變現 | 122,301 | |||
At 31st December, 2018 | 於二 | 零一 | 八年十二月三十一日 | 15,280,848 | |
Additions | 添置 | 861 | |||
Exchange adjustments | 匯兌調整 | (14,403) | |||
Decrease in fair value recognised in the condensed | 於簡明綜 | 合全面收益報表中確認之 | |||
consolidated statement of comprehensive income | 公平值 | 減少 | |||
- unrealised | - 未變現 | (427,132) | |||
Carrying amounts | 賬面值 | ||||
At 30th June, 2019 | 於二零一 | 九年六月三十日 | 14,840,174 | ||
All of the Group's property interests held under operating leases to earn rentals or for capital appreciation purposes are measured using the fair value model and are classified and accounted for as investment properties.
Property valuations as at 30th June, 2019 and 31st December, 2018 were carried out by B.I. Appraisals Limited ("B.I. Appraisals"), independent qualified professional valuer, in respect of the Group's investment properties in Hong Kong and Mainland China. For the investment properties in the United Kingdom, the property valuations as at 30th June, 2019 and 31st December, 2018 were carried out by Peak Vision Appraisals Limited ("Peak Vision Appraisals"), another independent qualified professional valuer. The valuers have recent relevant experience in the valuations of similar properties in the relevant locations.
At the end of the reporting period, the management of the Group discussed with the independent qualified professional valuers about the appropriate valuation techniques and key inputs for Level 3 fair value measurements.
The valuation reports for the investment properties as at 30th June, 2019 and 31st December, 2018 were signed by the respective director of B.I. Appraisals and Peak Vision Appraisals, who are members of The Hong Kong Institute of Surveyors and/or The Royal Institution of Chartered Surveyors. The valuations were performed in accordance with "The HKIS Valuation Standards 2017 Edition" published by The Hong Kong Institute of Surveyors and/or "The RICS Valuation - Global Standards 2017" published by The Royal Institution of Chartered Surveyors.
本集團所有持有營業租約以賺取租金或資本 增 值 之 物 業 權 益 乃 採 用 公 平 值 模 式 計 量,並 分類及列作投資物業入賬。
於二零一九年六月三十日及二零一八年十二 月 三 十 一 日,本 集 團 位 於 香 港 及 中 國 大 陸 之 投資物業由獨立合資格專業估值師保柏國際 評 估 有 限 公 司(「保 柏 國 際 評 估」)進 行 物 業 估 值。至 於 位 於 英 國 之 投 資 物 業,由 另 一 獨 立 合資格專業估值師澋鋒評估有限公司(「澋鋒 評估」)進行於二零一九年六月三十日及二零 一 八 年 十 二 月 三 十 一 日 之 物 業 估 值。估 值 師 近期亦有評估相關地點類似物業之經驗。
於 報 告 期 末,本 集 團 之 管 理 層 與 獨 立 合 資 格 專業估值師討論有關合適之估值技術及第三 級公平值計量之主要數據。
於二零一九年六月三十日及二零一八年十二 月 三 十 一 日,投 資 物 業 之 估 值 報 告 由 保 柏 國 際 評 估 及 澋 鋒 評 估 各 自 之 董 事(彼 等 為 香 港 測 量 師 學 會 會 員 及╱或 皇 家 特 許 測 量 師 學 會 會員)簽署。該等估值乃遵守香港測量師學會 所 頒 布 之「香 港 測 量 師 學 會 評 估 準 則 二 零 一 七 年 版 本」及╱或 皇 家 特 許 測 量 師 學 會 所 頒 布 之「皇 家 特 許 測 量 師 學 會 估 值 - 二 零 一 七 年全球準則」進行。
29
12. Investment Properties (continued) | 12. 投資物業(續) | |||||||||
The fair value of each investment property is individually determined | 每項投資物業之公平值於各報告期末根據其 | |||||||||
at the end of each reporting period based on its market value and by | 市值,並採納投資法及╱或直接比較法(按適 | |||||||||
adopting investment method, and/or direct comparison method, as | 用情況而定)而個別釐定。投資法乃依據資本 | |||||||||
appropriate. The investment method relying on the capitalisation of | 化 租 金 收 入,並 以 對 各 項 物 業 未 來 業 績 之 估 | |||||||||
rental income is based upon estimates of future results and a set of | 計 及 一 系 列 特 定 假 設 為 依 據,以 反 映 其 租 賃 | |||||||||
assumptions specific to each property to reflect its tenancy status. The | 狀況。每項投資物業之公平值反映(其中包括) | |||||||||
fair value of each investment property reflects, among other things, | 現 有 租 約 期 限 之 租 金 收 入、租 約 期 限 之 回 報 | |||||||||
rental income from current term leases, term yield rate, assumptions | 率、基 於 現 時 市 況 對 未 來 復 歸 租 約 所 得 租 金 | |||||||||
about rental income from future reversion leases in light of current | 收 入 之 假 設、假 設 出 租 率 及 復 歸 回 報 率。於 | |||||||||
market conditions, the assumed occupancy rate and reversionary yield | 釐 定 主 要 估 值 因 素(包 括 租 約 期 限 之 回 報 率 | |||||||||
rate. Judgment by the valuers is required to determine the principal | 及復歸回報率)時須由估值師作出判斷。於採 | |||||||||
valuation factors, including term yield rate and reversionary yield | 納有關回報率時已考慮投資氣氛及市場對類 | |||||||||
rate. Such yield rates were adopted after considering the investment | 似 性 質 物 業 之 預 期。直 接 比 較 法 假 設 該 等 物 | |||||||||
sentiments and market expectations of properties of similar nature. | 業各自可以現況交吉出售及參照相關市場上 | |||||||||
Direct comparison method assumes each of these properties is capable | 可供比較之銷售證據。 | |||||||||
of being sold in its existing state with the benefit of vacant possession | ||||||||||
and by making reference to comparable sales evidence as available in | ||||||||||
the relevant markets. | ||||||||||
The following tables analysed the investment properties which are | 下表為於報告期末以公平值計量之投資物業 | |||||||||
measured at fair value at the end of the reporting period into the | 之 三 級 分 級 制(定 義 見 香 港 財 務 報 告 準 則 第 | |||||||||
three-level hierarchy as defined in HKFRS 13 "Fair Value Measurement" | 13 號「公 平 值 計 量」)分 析 及 於 附 註28 作 進 一 | |||||||||
which is further elaborated in Note 28. | 步詳述。 | |||||||||
Fair value | Level 1 | Level 2 | Level 3 | |||||||
公平值 | 第一級 | 第二級 | 第三級 | |||||||
HK$'000 | HK$'000 | HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | 千港元 | 千港元 | |||||||
Recurring fair value | 經常性公平值計量: | |||||||||
measurements: | ||||||||||
Completed properties | 落成物業 | |||||||||
At 30th June, 2019 | 於二零一九年 | |||||||||
六月三十日 | 14,840,174 | - | 1,253,232 | 13,586,942 | ||||||
At 31st December, 2018 | 於二零一八年 | |||||||||
十二月三十一日 15,280,848 | - | 1,296,616 | 13,984,232 | |||||||
Certain investment properties located in Hong Kong and Mainland China | 分類為第二級公平值計量之若干位於香港及 | |||||||||
categorised as Level 2 fair value measurement are determined using | 中 國 大 陸 之 投 資 物 業 以 直 接 比 較 法 釐 定,參 | |||||||||
direct comparison method with reference to the recent selling prices | 考 可 供 比 較 物 業 之 最 近 每 平 方 呎 售 價,而 售 | |||||||||
of comparable properties on a price per square foot basis which are | 價為經調整以反映有關物業之狀況及位置。 | |||||||||
adjusted to reflect the conditions and locations of the related properties. |
30
12. Investment Properties (continued) | 12. 投資物業(續) | ||||||||||
Details of valuation techniques used and key inputs to valuation on | 於報告期末分類為第三級公平值計量之投資 | ||||||||||
investment properties which are categorised as Level 3 fair value | 物業之估值所使用之技術及主要數據之詳情 | ||||||||||
measurement at the end of the reporting period are as follows: | 如下: | ||||||||||
Significant | |||||||||||
Fair value | Valuation techniques | unobservable inputs | Range | ||||||||
公平值 | 估值技術 | 重大非可觀察數據 | 範圍 | ||||||||
30th June, 31st December, | |||||||||||
2019 | 2018 | ||||||||||
二零一九年 | 二零一八年 | ||||||||||
六月三十日 十二月三十一日 | |||||||||||
HK$'000 | HK$'000 | ||||||||||
千港元 | 千港元 | ||||||||||
Properties held for investment | 5,524,870 | 5,482,740 | Combination of direct | (1) | Reversionary yield; and | 2.50% to 4.75% | |||||
in Hong Kong | comparison method | 復歸回報率;及 | (31st December, 2018: | ||||||||
位於香港之持作投資物業 | and investment method | (2) | Market rent per square | 2.50% to 4.75%) | |||||||
直接比較法及投資法 | foot | 2.50 厘至4.75 厘 | |||||||||
之合併 | 每平方呎之市場租金 | (二零一八年 | |||||||||
十二月三十一日: | |||||||||||
2.50 厘至4.75 厘) | |||||||||||
Properties held for investment | 8,062,072 | 8,501,492 | Combination of direct | (1) | Reversionary yield; and | 3.00% to 5.00% | |||||
in the United Kingdom | comparison method | 復歸回報率;及 | (31st December, 2018: | ||||||||
位於英國之持作投資物業 | and investment method | (2) | Market rent per square | 2.88% to 4.75%) | |||||||
直接比較法及投資法 | foot | 3.00 厘至5.00 厘 | |||||||||
之合併 | 每平方呎之市場租金 | (二零一八年 | |||||||||
十二月三十一日: | |||||||||||
2.88 厘至4.75 厘) |
Total | 13,586,942 | 13,984,232 | |
總額 | |||
Reversionary yield is the rate taking into account the capitalisation of potential rental income, nature of the property and prevailing market conditions. Market rent per square foot is the market rent taking into account the direct comparable market transactions to the related properties.
The fair value measurements are negatively correlated to the reversionary yield, while positively correlated to the market rent per square foot.
復 歸 回 報 率 乃 計 及 潛 在 租 金 收 入 資 本 化、物 業 性 質 及 當 時 市 況 得 出 之 比 率。每 平 方 呎 之 市場租金乃計及相關物業之市場可供直接比 較交易得出之市場租金。
公 平 值 計 量 與 復 歸 回 報 率 成 反 比,而 與 每 平 方呎之市場租金則成正比。
31
12. Investment Properties (continued)
Movements of investment properties which are categorised as Level 3 fair value measurement during the period/year are as follows:
12. 投資物業(續)
分 類 為 第 三 級 公 平 值 計 量 之 投 資 物 業 於 期 內╱年內之變動如下:
30th June, 31st December,
20192018
二零一九年 二零一八年
六月三十日 十二月三十一日
HK$'000 | HK$'000 |
千港元 | 千港元 |
At the beginning of the period/year | 於期初╱年初 | 13,984,232 | 14,248,322 | |||||||
Additions | 添置 | 861 | - | |||||||
Exchange adjustments | 匯兌調整 | (14,297) | (490,024) | |||||||
(Decrease) increase in fair value recognised in | 於綜合全面收益報表中確認之 | |||||||||
the consolidated statement of | 公平值(減少)增加 | |||||||||
comprehensive income | ||||||||||
- unrealised | - 未變現 | (383,854) | 225,934 | |||||||
Carrying amounts | 賬面值 | |||||||||
At the end of the period/year | 於期末╱年末 | 13,586,942 | 13,984,232 | |||||||
There were no transfers into or out of Level 3 fair value measurement | 於 期 內╱年 內,第 三 級 公 平 值 計 量 之 投 資 物 | |||||||||
during the period/year and no change in valuation techniques used in | 業 並 無 轉 入 或 轉 出,而 所 用 之 估 值 技 術 與 過 | |||||||||
prior years. In estimating the fair value of the properties, their current | 往 年 度 所 用 的 亦 無 轉 變。就 估 計 物 業 之 公 平 | |||||||||
use equates to the highest and best use of the properties. | 值,物業之當前用途等同其最高及最佳用途。 | |||||||||
13. Goodwill | 13. | 商譽 | ||||||||
HK$'000 | ||||||||||
千港元 | ||||||||||
Cost | 成本 | |||||||||
At 1st January, 2018, | 於二 | 零 | 一八年一月一 | 日、 | ||||||
31st December, 2018 and | 二 | 零 | 一八年十二月 | 三十 | 一日及 | |||||
30th June, 2019 | 二 | 零 | 一九年六月三 | 十日 | 370,686 | |||||
Impairment | 減值 | |||||||||
At 1st January, 2018, | 於二 | 零 | 一八年一月一 | 日、 | ||||||
31st December, 2018 and | 二 | 零 | 一八年十二月 | 三十 | 一日及 | |||||
30th June, 2019 | 二 | 零 | 一九年六月三 | 十日 | 47,748 | |||||
Carrying amounts | 賬面 | 值 | ||||||||
At 30th June, 2019 | 於二 | 零 | 一九年六月三 | 十日 | 322,938 | |||||
At 31st December, 2018 | 於二 | 零 | 一八年十二月 | 三十 | 一日 | 322,938 | ||||
32
14. Investments Accounted for Using the Equity Method | 14. 以權益法入賬之投資 |
30th June, 31st December,
20192018
二零一九年 二零一八年
六月三十日 十二月三十一日
HK$'000 | HK$'000 |
千港元 | 千港元 |
Interests in associates:
- Cost of investment in associates
- unlisted
- Share of post-acquisition profits/losses
- and other comprehensive income/
- expenses net of dividends received
Interest in a joint venture:
- Cost of investment in a joint venture
- unlisted
- Share of post-acquisition profits
聯營公司權益: | ||||
投資聯營公司成本 | ||||
- 非上市 | 1,204,736 | 1,204,736 | ||
攤佔收購後溢利╱虧損及 | ||||
其他全面收益╱支出 | ||||
扣除已收股息 | 1,103,316 | 1,067,815 | ||
2,308,052 | 2,272,551 | |||
一間合資公司權益: | ||||
投資一間合資公司成本 | ||||
- 非上市 | 150 | 150 | ||
攤佔收購後溢利 | 13,675 | 3,476 | ||
13,825 | 3,626 | |||
2,321,877 | 2,276,177 | |||
The Company provided corporate guarantees to secure bank borrowings granted to its associates in prior years and joint venture during the Period. The fair value of the financial guarantee contract at initial recognition was determined by Norton Appraisals Limited, independent qualified professional valuer, and was recognised as investments accounted for using the equity method and financial guarantee liabilities in the Group's unaudited condensed consolidated statement of financial position.
As at 30th June, 2019 and 31st December, 2018, the investment properties held by the Group's principal associates and joint venture were revalued by B.I. Appraisals. B.I. Appraisals continues to adopt investment method and/or direct comparison method as the valuation methodologies. The valuation methods and significant assumptions applied in determining the fair values of investment properties are detailed in Note 12.
本公司於過往年度為其聯營公司及於本期間 為合資公司提供公司擔保作為獲授銀行借貸 之 抵 押。財 務 擔 保 合 約 初 步 確 認 之 公 平 值 由 獨立合資格專業估值師普敦國際評估有限公 司 釐 定,並 已 於 本 集 團 之 未 經 審 核 簡 明 綜 合 財務狀況報表內確認為以權益法入賬之投資 及財務擔保負債。
於二零一九年六月三十日及二零一八年十二 月 三 十 一 日,本 集 團 主 要 聯 營 公 司 及 合 資 公 司持有之投資物業已由保柏國際評估進行重 估。保 柏 國 際 評 估 持 續 採 納 投 資 法 及╱或 直 接 比 較 法 為 估 值 方 法。應 用 於 釐 定 投 資 物 業 公平值之估值方法及主要假設於附註12詳述。
33
15. Advances to Associates | 15. | 墊付聯營公司款項 | ||||||
30th June, | 31st December, | |||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
六月三十日 十二月三十一日 | ||||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
Interest-bearing advances to associates | 墊付聯營公司之計息款項 | 48,000 | 48,147 | |||||
Interest-free advances to associates | 墊付聯營公司之免息款項 | 1,802 | 1,112 | |||||
49,802 | 49,259 | |||||||
The advances to associates are unsecured. The Group will not demand | ||||||||
墊 付 聯 營 公 司 款 項 為 無 抵 押。本 集 團 不 會 要 | ||||||||
for repayment within one year from the end of the reporting period and | 求 於 報 告 期 末 起 計 一 年 內 償 還,故 將 該 等 款 | |||||||
the amounts are therefore shown as non-current. The interest-bearing | 項 列 作 非 流 動 性 質。墊 付 聯 營 公 司 之 計 息 款 | |||||||
advances to associates bear interest at the prevailing market rates. | 項以當時之市場借貸利率計息。 | |||||||
16. Advance to a Joint Venture | 16. | 墊付一間合資公司款項 | ||||||
The advance to a joint venture is unsecured and interest-free. The Group | 墊 付 一 間 合 資 公 司 款 項 乃 無 抵 押 及 免 息。本 | |||||||
will not demand for repayment within one year from the end of the | 集團不會要求於報告期末起計一年內償還, | |||||||
reporting period and the amount is therefore shown as non-current. | 故將該款項列作非流動性質。 | |||||||
17. Financial Assets Measured at Fair Value Through | 17. | 通過損益以反映公平值計量之金融資產 | ||||||
Profit or Loss | ||||||||
30th June, | 31st December, | |||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
六月三十日 十二月三十一日 | ||||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
Bonds | 債券 | 8,426,404 | 6,685,515 | |||||
Club and corporate debentures | 會籍及公司債券 | 72,150 | 78,481 | |||||
Derivative financial instrument | 衍生金融工具 | - | 1,921 | |||||
8,498,554 | 6,765,917 | |||||||
Analysed for reporting purpose as: | 作報告用途之分析: | |||||||
Non-current | 非流動性質 | 1,623,249 | 1,350,090 | |||||
Current | 流動性質 | 6,875,305 | 5,415,827 | |||||
8,498,554 | 6,765,917 | |||||||
34
17. Financial Assets Measured at Fair Value Through Profit or Loss (continued)
Major terms of the bonds denominated in United States dollar ("US$") and Pound Sterling ("GBP") are as follows:
Notional amount | Maturity |
US$9,000,000 | 2021 |
US$49,000,000 | 2022 |
US$187,000,000 | 2023 |
US$267,000,000 | 2024 |
US$40,000,000 | 2025 |
US$9,000,000 | 2036 |
US$21,000,000 | 2046 |
US$464,365,000 | Perpetual |
GBP25,500,000 | Perpetual |
Included in non-current assets, there were financial assets measured at FVTPL of approximately HK$1,623,249,000 (31st December, 2018: HK$1,350,090,000). They were included in non-current assets according to their intended holding periods. Notwithstanding the presentation of the above assets as non-current assets, these financial assets to the extent of approximately HK$1,551,099,000 (31st December, 2018: HK$1,271,609,000) were treasury products and could be realised in the market at any time within twelve months from the end of the reporting period.
17. 通過損益以反映公平值計量之金融資產(續)
以 美 元(「美 元」)及 英 鎊(「英 鎊」)計 值 之 債 券 之主要內容如下:
名義金額 | 到期日 |
9,000,000 美元 | 二零二一年 |
49,000,000 美元 | 二零二二年 |
187,000,000 美元 | 二零二三年 |
267,000,000 美元 | 二零二四年 |
40,000,000 美元 | 二零二五年 |
9,000,000 美元 | 二零三六年 |
21,000,000 美元 | 二零四六年 |
464,365,000 美元 | 永久 |
25,500,000 英鎊 | 永久 |
非流動資產中包括通過損益以反映公平值計 量 之 金 融 資 產 約1,623,249,000 港 元(二 零 一 八年十二月三十一日:1,350,090,000 港元)。 根據彼等之擬定持有期而計入非流動資產。 儘 管 上 述 資 產 呈 列 為 非 流 動 資 產,該 等 金 融 資 產 之 金 額 約1,551,099,000 港 元(二 零 一 八 年十二月三十一日:1,271,609,000 港元)為財 資產品並可於報告期末起十二個月內任何時 間於市場上變現。
18. Financial Assets Measured at Fair Value Through | 18. 通過其他全面收益以反映公平值計量之 | ||||
Other Comprehensive Income | 金融資產 | ||||
30th June, | 31st December, | ||||
2019 | 2018 | ||||
二零一九年 | 二零一八年 | ||||
六月三十日 十二月三十一日 | |||||
HK$'000 | HK$'000 | ||||
千港元 | 千港元 | ||||
Listed investment: | 上市投資: | ||||
- Equity securities listed in Hong Kong | - 於香港上市股本證券 | ||||
(note (i)) | (附註(i)) | 18,834,000 | 20,167,000 | ||
Unlisted equity securities: | 非上市股本證券: | ||||
- Incorporated in Hong Kong (note (ii)) | - 於香港註冊成立(附註(ii)) | 998,909 | 707,542 | ||
- Incorporated elsewhere (note (iii)) | - 於其他地區註冊成立(附註(iii)) | 522,099 | 492,765 | ||
20,355,008 | 21,367,307 | ||||
35
18. Financial Assets Measured at Fair Value Through | 18. 通過其他全面收益以反映公平值計量之 | ||
Other Comprehensive Income (continued) | 金融資產(續) | ||
Notes: | 附註: | ||
(i) | As at 30th June, 2019, the Group held certain Evergrande Shares. | (i) | 於二零一九年六月三十日,本集團持有 |
The unrealised loss on fair value change of the Evergrande Shares | 若 干 恆 大 股 份。於 本 期 間,根 據 於 活 躍 | ||
of HK$1,333,000,000 (during the year ended 31st December, | 市 場 之 買 入 報 價 而 釐 定 恆 大 股 份 公 平 | ||
2018: HK$3,052,253,000), which was determined based on | 值變動之未變現虧損1,333,000,000 港元 | ||
quoted market bid price in active market, was recorded in | (於 截 至 二 零 一 八 年 十 二 月 三 十 一 日 止 | ||
financial assets measured at FVTOCI reserve during the Period. | 年 度:3,052,253,000 港 元)已 於 通 過 其 | ||
The carrying amount of the Evergrande Shares held by the Group | 他 全 面 收 益 以 反 映 公 平 值 計 量 之 金 融 | ||
as at 30th June, 2019 was HK$18,834,000,000 (31st December, | 資產之儲備內入賬。於二零一九年六月 | ||
2018: HK$20,167,000,000). | 三十日,本集團持有恆大股份之賬面值 | ||
為18,834,000,000 港元(二零一八年十二 | |||
月三十一日:20,167,000,000 港元)。 | |||
(ii) | As at 30th June, 2019, the carrying amount mainly comprised | (ii) | 於二零一九年六月三十日,賬面值主要 |
investment in a property development project in Hong Kong of | 為 投 資 於 一 項 位 於 香 港 之 物 業 發 展 項 | ||
HK$829,517,000 (31st December, 2018: HK$540,659,000). | 目829,517,000 港 元(二 零 一 八 年 十 二 月 | ||
三十一日:540,659,000 港元)。 | |||
(iii) | As at 30th June, 2019, the carrying amount mainly comprised | (iii) | 於 二 零 一 九 年 六 月 三 十 日,賬 面 值 主 |
investment in an exempted limited partnership formed under | 要 為 投 資 於 一 間 按 開 曼 群 島 獲 豁 免 有 | ||
the Exempted Limited Partnership Law (Revised) of the Cayman | 限 合 夥 企 業 法(經 修 訂)成 立 之 獲 豁 免 | ||
Islands ("Cayman Islands Partnership") of approximately | 有限合夥企業(「開曼群島合夥企業」)約 | ||
HK$432,764,000 (31st December, 2018: HK$408,159,000). | 432,764,000 港 元(二 零 一 八 年 十 二 月 三 | ||
十一日:408,159,000 港元)。 | |||
Included in non-current assets, there were financial assets measured | 非 流 動 資 產 中 包 括 通 過 其 他 全 面 收 益 以 反 | ||
at FVTOCI of approximately HK$20,355,008,000 (31st December, | 映 公 平 值 計 量 之 金 融 資 產 約20,355,008,000 | ||
2018: HK$21,367,307,000). They were included in non-current | 港 元( 二 零 一 八 年 十 二 月 三 十 一 日: | ||
assets according to their intended holding periods. Notwithstanding the | 21,367,307,000 港 元 )。 根 據 彼 等 之 擬 定 持 | ||
presentation of the above assets as non-current assets, these financial | 有 期 而 計 入 非 流 動 資 產。 儘 管 上 述 資 產 | ||
assets to the extent of HK$18,834,000,000 (31st December, 2018: | 呈 列 為 非 流 動 資 產,該 等 金 融 資 產 之 金 額 | ||
HK$20,167,000,000) were listed securities investments and could be | 18,834,000,000 港 元(二 零 一 八 年 十 二 月 三 十 | ||
realised in the market at any time within twelve months from the end | 一 日:20,167,000,000 港 元)為 上 市 證 券 投 資 | ||
of the reporting period. | 並可於報告期末起十二個月內任何時間於市 | ||
場上變現。 |
36
19. Debtors, Deposits, Other Receivables and Prepayments | 19. 應收賬項、按金、其他應收賬項及 | |||||
預付款項 | ||||||
Included in debtors, deposits, other receivables and prepayments are | 應 收 賬 項、按 金、其 他 應 收 賬 項 及 預 付 款 項 | |||||
trade receivables of approximately HK$4,834,000 (31st December, | 包 括 應 收 貿 易 賬 項 約4,834,000 港 元(二 零 一 | |||||
2018: HK$3,553,000) comprised rental receivables billed in advance | 八年十二月三十一日:3,553,000 港元),包括 | |||||
and settlements from tenants which are expected upon receipts of | 預先開單而預期租戶會於收到租單後支付之 | |||||
billings and receivables from cosmetic business. | 應收租金,以及來自化妝品業務之應收賬項。 | |||||
The carrying amounts of trade receivables (net of allowance for doubtful | 本集團主要業務應收貿易賬項(扣除呆賬撥備) | |||||
debts) of the Group's major businesses are as follows: | 之賬面值如下: | |||||
30th June, | 31st December, | |||||
2019 | 2018 | |||||
二零一九年 | 二零一八年 | |||||
六月三十日 十二月三十一日 | ||||||
HK$'000 | HK$'000 | |||||
千港元 | 千港元 | |||||
Property leasing | 物業租賃 | 2,312 | 1,240 | |||
Cosmetic business | 化妝品業務 | 2,522 | 2,313 | |||
4,834 | 3,553 | |||||
The following is the aged analysis of trade receivables (net of allowance for doubtful debts), presented based on the respective revenue recognition dates, at the end of the reporting period:
0-30 days | 零至三十日 |
31-60 days | 三十一日至六十日 |
61-90 days | 六十一日至九十日 |
Over 90 days | 九十日以上 |
根據各項收入之確認日期呈列之應收貿易賬 項(扣 除呆 帳撥 備)於 報 告期 末之 賬 齡 分析 如 下:
30th June, 31st December,
20192018
二零一九年 二零一八年
六月三十日 十二月三十一日
HK$'000 | HK$'000 | |
千港元 | 千港元 | |
2,164 | 755 | |
984 | 534 | |
742 | 634 | |
944 | 1,630 | |
4,834 | 3,553 | |
37
20. Creditors and Accruals
Included in creditors and accruals are trade payables of approximately HK$3,579,000 (31st December, 2018: HK$6,555,000).
The following is the aged analysis of trade payables at the end of the reporting period:
20. 應付賬項及應計款項
-
付 賬 項 及 應 計 款 項 包 括 應 付 貿 易 賬 項 約
3,579,000 港元(二零一八年十二月三十一日:
6,555,000 港元)。 - 付貿易賬項於報告期末之賬齡分析如下:
30th June, 31st December,
20192018
二零一九年 二零一八年
六月三十日 十二月三十一日
HK$'000 | HK$'000 |
千港元 | 千港元 |
0-90 days | 零至九 | 十日 | 3,150 | 6,531 | ||||||||
Over 90 days | 九十日以上 | 429 | 24 | |||||||||
3,579 | 6,555 | |||||||||||
21. Borrowings | 21. | 借貸 | ||||||||||
30th June, | 31st December, | |||||||||||
2019 | 2018 | |||||||||||
二零一九年 | 二零一八年 | |||||||||||
六月三十日 十二月三十一日 | ||||||||||||
HK$'000 | HK$'000 | |||||||||||
千港元 | 千港元 | |||||||||||
Secured bank borrowings repayable | 須於下列期間償還之有抵押 | |||||||||||
within a period of (note): | 銀行借貸(附註): | |||||||||||
Less than one year | 一年以下 | 1,370,126 | 1,371,935 | |||||||||
More than one year but within two years | 一年以上但不超逾兩年 | 1,147,810 | 131,385 | |||||||||
More than two years but within five years | 兩年以上但不超逾五年 | 3,199,950 | 4,312,602 | |||||||||
5,717,886 | 5,815,922 | |||||||||||
Secured bank borrowing that contains | 附帶按要求償還條款之有抵押 | |||||||||||
repayment on demand clause | 銀行借貸(列作流動負債), | |||||||||||
(shown as current liability) but repayable | 惟須於下列期間償還(附註): | |||||||||||
within a period of (note): | ||||||||||||
More than two years but within five years | 兩年以上但不超逾五年 | 586,642 | 601,279 | |||||||||
Total secured bank borrowings | 有抵押銀行借貸總額 | 6,304,528 | 6,417,201 | |||||||||
Other secured borrowings repayable | 須於一年內償還之其他有抵押 | |||||||||||
within one year | 借貸 | 7,917,155 | 7,330,474 | |||||||||
14,221,683 | 13,747,675 | |||||||||||
Less: Amounts due within one year | 減:一年內到期之款項 | (9,873,923) | (9,303,688) | |||||||||
Amounts due after one year | 一年後到期之款項 | 4,347,760 | 4,443,987 | |||||||||
Note: The amounts due are based on scheduled repayment dates | 附註: | |||||||||||
該 等 到 期 之 金 額 按 貸 款 協 議 中 載 列 | ||||||||||||
as set out in the loan agreement(s). | 之預定還款日期。 |
38
22. | Share Capital | 22. | 股本 | |||||
Number of | ||||||||
shares | Share capital | |||||||
股份數目 | 股本 | |||||||
HK$'000 | ||||||||
千港元 | ||||||||
Ordinary shares of HK$0.10 each | 每股面值0.10 港元之普通股 | |||||||
Authorised: | 法定股本: | |||||||
At 1st January 2018, | 於二零一八年一月一日、 | |||||||
31st December, 2018 and | 二零一八年十二月三十一日及 | |||||||
30th June, 2019 | 二零一九年六月三十日 | 5,000,000,000 | 500,000 | |||||
Issued and fully paid: | 已發行及繳足股本: | |||||||
At 1st January 2018, | 於二零一八年一月一日、 | |||||||
31st December, 2018 and | 二零一八年十二月三十一日及 | |||||||
30th June, 2019 | 二零一九年六月三十日 | 1,907,619,079 | 190,762 | |||||
23. Amount(s) due to Associates and a Non-controlling | 23. | 欠負聯營公司及一間非控股股東款項 | ||||||
Shareholder | ||||||||
The amount(s) due to associates and a non-controlling shareholder | 欠負聯營公司及一間非控股股東款項均為無 | |||||||
is(are) unsecured and interest-free. The associates and non-controlling | 抵 押 及 免 息。該 等 聯 營 公 司 及 非 控 股 股 東 不 | |||||||
shareholder will not demand for repayment within one year from the | 會 要 求 於 報 告 期 末 起 計 一 年 內 償 還,故 將 該 | |||||||
end of the reporting period and the amount(s) is(are) therefore shown | 等款項列作非流動性質。 | |||||||
as non-current. | ||||||||
24. | Capital Commitments | 24. | 資本承擔 | |||||
30th June, | 31st December, | |||||||
2019 | 2018 | |||||||
二零一九年 | 二零一八年 | |||||||
六月三十日 十二月三十一日 | ||||||||
HK$'000 | HK$'000 | |||||||
千港元 | 千港元 | |||||||
Authorised and contracted for: | 已批准及已簽約: | |||||||
Capital investment in limited partnership | 有限合夥企業之 | |||||||
(note) | 資本投資(附註) | 78,202 | 98,387 | |||||
Purchases of equipment, furniture and | 購買設備、傢俬及 | |||||||
leasehold improvement | 租賃物業裝修 | 17,745 | - | |||||
95,947 | 98,387 | |||||||
Note: The Group had committed to make a capital contribution of | ||||||||
附註: 本集團就開曼群島合夥企業承諾作出 | ||||||||
US$100,000,000 (equivalent to HK$781,450,000) in the | 100,000,000 美元(相當於781,450,000 | |||||||
Cayman Islands Partnership. Up to the end of the reporting period, | 港 元)之 資 本 注 資。截 至 報 告 期 末 | |||||||
approximately US$89,993,000 (equivalent to approximately | 止,本 集 團 已 注 資 約89,993,000 美 元 | |||||||
HK$697,973,000) (31st December, 2018: US$87,437,000 | (相 當於 約697,973,000 港元)(二 零 一 | |||||||
(equivalent to approximately HK$677,957,000)) among the | 八 年 十 二 月 三 十 一 日:87,437,000 | |||||||
contribution has been paid by the Group. The outstanding | 美 元( 相 當 於 約677,957,000 港 元 )) | |||||||
amount was approximately US$10,007,000 (equivalent to | 資 本 承 擔 金 額。未 注 資 之 金 額 約 為 | |||||||
approximately HK$78,202,000, after exchange adjustment) | 10,007,000 美元(相當於約78,202,000 | |||||||
(31st December, 2018: US$12,563,000 (equivalent to | 港元(經匯兌調整後))(二零一八年十 | |||||||
approximately HK$98,387,000, after exchange adjustment)). | 二 月 三 十 一 日:12,563,000 美 元( 相 | |||||||
當 於 約98,387,000 港 元(經 匯 兌 調 整 | ||||||||
後)))。 |
39
24. | Capital Commitments (continued) | 24. 資本承擔(續) | |
Other than the capital commitments as disclosed above, an interest-free | 除 以 上 披 露 之 資 本 承 擔 外,本 集 團 向 一 間 合 | ||
funding undertaking in proportion of 50% has been provided by the | 資 公 司(佔50%)- 隆 裕(香 港)有 限 公 司(「隆 | ||
Group to a 50% joint venture, Landrich (H.K.) Limited ("Landrich"), in | 裕」)提 供 按50% 比 例 之 免 息 出 資 承 諾,即 任 | ||
the event that the funds raised from banks or financial institutions by | 何時候倘隆裕從銀行或金融機構取得之資金 | ||
Landrich are not sufficient for satisfying any working capital requirements | 未 能 滿 足 其 任 何 營 運 資 金 需 求 時 而 作 出。於 | ||
at any time. As at 30th June, 2019 and 31st December, 2018, Landrich | 二零一九年六月三十日及二零一八年十二月 | ||
was in net asset position and the Directors considered that Landrich | 三 十 一 日,隆 裕 之 狀 況 為 資 產 淨 值 以 及 董 事 | ||
had sufficient working capital and therefore no funding was required | 認 為 隆 裕 已 具 備 充 足 營 運 資 金,故 於 該 等 日 | ||
as of these dates. | 期無須提供資金。 | ||
25. | Contingent Liabilities | 25. 或然負債 | |
30th June, | 31st December, | ||
2019 | 2018 | ||
二零一九年 | 二零一八年 | ||
六月三十日 十二月三十一日 | |||
HK$'000 | HK$'000 | ||
千港元 | 千港元 |
Guarantee given to a bank in respect of
- banking facilities in lieu of the cash
- public utility deposit jointly
- utilised by subsidiaries
Guarantees given to banks in respect of
- banking facilities utilised by
- investee companies
Guarantee given to a bank in respect of
- a banking facility utilised by
- a joint venture
為附屬公司獲授銀行共用之
銀行信貸額以取替現金公用事務 存款而向一間銀行提供之擔保
15,000 15,000
為接受投資公司動用銀行信貸額 而向銀行提供之擔保
625,178 625,178
為一間合資公司動用銀行信貸額 而向一間銀行提供之擔保
90,000-
730,178 640,178
No provision for financial guarantee contracts have been made as at | 由 於 董 事 認 為 違 約 風 險 低,故 於 二 零 一 九 年 |
30th June, 2019 and 31st December, 2018 as the Directors considered | 六月三十日及二零一八年十二月三十一日並 |
the default risk is low. | 無就財務擔保合約作出撥備。 |
26. Major Non-cash Transactions
Save as disclosed elsewhere in these unaudited condensed consolidated financial statements, the Group did not have major non- cash transactions.
26. 主要非現金交易
除本未經審核簡明綜合財務報表其他部分所 披露者外,本集團並無主要非現金交易。
27. Material Related Party Transactions Transactions:
In February 2019, the Group entered into a three-year lease ("Lease") and a framework agreement ("Framework Agreement") in respect of leases of certain leasehold properties held by a company controlled by a Director and a trustee of substantial shareholders of the Company ("Trustee of Substantial Shareholders") as the headquarter of the Group.
27. 重大關連人士交易 交易:
於 二 零 一 九 年 二 月,本 集 團 訂 立 一 項 為 期 三 年 之 租 賃(「租 賃」)及 一 份 框 架 協 議(「框 架 協 議」),內 容 關 於 承 租 由 一 位 董 事 及 本 公 司 之 主 要 股 東 之 信 託 人(「主 要 股 東 之 信 託 人」)控 制之公司持有之若干租賃物業作為本集團之 總部。
40
27. Material Related Party Transactions (continued) Transactions: (continued)
Under the Lease, the amount of rent payable and building management fee payable per month are HK$1,025,000 and approximately HK$110,000 respectively and security deposit paid as at 30th June, 2019 was approximately HK$3,559,000. At the commencement date of the Lease, the Group recognised the present value of the lease payments over the lease term as lease liability and the aggregate amount of lease liability and estimated costs to be incurred by the Group for restoration of the property as right-of-use asset. As at 30th June, 2019, the carrying amounts of the lease liability and the right- of-use asset were approximately HK$32,000,000 and HK$32,478,000 respectively. Under the Framework Agreement, the security deposit paid amounted to approximately HK$3,518,000 as at 30th June, 2019. Details were disclosed in the announcement of the Company dated 28th February, 2019.
Save as disclosed above and elsewhere in these unaudited condensed consolidated financial statements, the Group had the following material transactions with related parties during the Period:
27. 重大關連人士交易(續)
交易:(續)
根 據 該 租 賃,每 月 應 付 租 金 及 應 付 樓 宇 管 理 費 金 額 分 別 為1,025,000 港 元 及 約110,000 港 元,而 於 二 零 一 九 年 六 月 三 十 日 之 已 付 保 證 按 金 則 約 為3,559,000 港 元。於 該 租 賃 之 開 始 日 期,本 集 團 將 租 期 內 租 賃 付 款 之 現 值 確 認 為 租 賃 負 債,以 及 將 租 賃 負 債 及 本 集 團 還 原 物 業 所 產 生 之 估 計 成 本 之 合 計 金 額 確 認 為 使 用 權 資 產。於 二 零 一 九 年 六 月 三 十 日, 租 賃 負 債 及 使 用 權 資 產 之 賬 面 值 分 別 約 為 32,000,000 港元及32,478,000 港元。根據該框 架 協 議,於 二 零 一 九 年 六 月 三 十 日 已 付 保 證 按 金 金 額 約 為3,518,000 港 元。詳 情 於 本 公 司 日期為二零一九年二月二十八日之公布內披 露。
除上文及本未經審核簡明綜合財務報表其他 部 分 所 披 露 者 外,本 集 團 於 本 期 間 與 關 連 人 士進行以下重大交易:
Six months ended 30th June,
截至六月三十日止六個月
20192018 二零一九年 二零一八年
HK$'000 HK$'000
千港元 千港元
Interest income received from associates | 已收聯營公司之利息收入 | 1,047 | 1,047 | |||
Income received from Directors and/or | 已收董事及╱或主要股東之信託人、 | |||||
the Trustee of Substantial Shareholders, | 與董事及╱或主要股東之信託人 | |||||
close family members of Directors and/or | 關係密切之家庭成員、董事及╱ | |||||
the Trustee of Substantial Shareholders, | 或主要股東之信託人控制之公司 | |||||
companies controlled by Directors and/or | 以及一位與董事及╱或主要股東 | |||||
the Trustee of Substantial Shareholders and | 之信託人關係密切之家庭成員 | |||||
a company controlled by a close family | 控制之公司之收入: | |||||
member of Directors and/or the Trustee of | ||||||
Substantial Shareholders: | ||||||
Rental services | 租賃服務 | 2,560 | 3,526 | |||
Property management services, | 物業管理服務、 | |||||
leasing administration services and | 租務行政服務及 | |||||
property administration services | 物業行政服務 | 14,044 | 14,587 | |||
Advisory and consultancy services | 諮詢及顧問服務 | 18 | 15 | |||
Other ordinary services | 其他一般服務 | 1,112 | 2,755 | |||
Rent and building management fee | 已付聯營公司之租金及 | |||||
paid to associates | 樓宇管理費 | 2,160 | 1,661 | |||
Interest income was charged at the prevailing market rates based on | ||||||
利息收入乃根據於本期間未償還結餘按當時 | ||||||
outstanding balances during the Period. | 市場利率計算。 | |||||
Rental services, property management services, leasing administration | 租 賃 服 務、物 業 管 理 服 務、租 務 行 政 服 務、 | |||||
services, property administration services, advisory and consultancy | 物 業 行 政 服 務、諮 詢 及 顧 問 服 務 以 及 其 他 一 | |||||
services and other ordinary services income (details were disclosed in | 般 服 務 之 收 入(詳 情 於 本 公 司 日 期 為 二 零 一 | |||||
the announcement of the Company dated 31st October, 2017) were | 七 年 十 月 三 十 一 日 之 公 布 內 披 露)乃 根 據 雙 | |||||
charged at the terms agreed by both parties. | 方協定之條款收取該等服務費。 |
41
27. Material Related Party Transactions (continued) | 27. 重大關連人士交易(續) |
Transactions: (continued) | 交易:(續) |
Rent, building management fee and security deposit paid were | 租 金、樓 宇 管 理 費 及 已 付 保 證 按 金 乃 根 據 與 |
determined based on terms similar to those applicable to transactions | 非關連人士交易適用之類似條款而釐定。 |
with unrelated parties. | |
Balances: | 結餘: |
At the end of the reporting period, the Group had balances with Directors | 於 報 告 期 末,本 集 團 與 董 事 及╱或 主 要 股 東 |
and/or the Trustee of Substantial Shareholders, companies controlled | 之 信 託 人、董 事 及╱或 主 要 股 東 之 信 託 人 控 |
by Directors and/or the Trustee of Substantial Shareholders and a | 制 之 公 司 及 一 位 與 董 事 及╱或 主 要 股 東 之 信 |
close family member of Directors and/or the Trustee of Substantial | 託人關係密切之家庭成員之交易結餘合共約 |
Shareholders of approximately HK$17,489,000 in aggregate which | 為17,489,000 港 元 已 包 括 在 應 收 賬 項 及 其 他 |
was included in debtors and other receivables (31st December, 2018: | 應收賬項內(二零一八年十二月三十一日︰合 |
HK$19,341,000 in aggregate which was included in debtors and other | 共 為19,341,000 港 元 已 包 括 在 應 收 賬 項 及 其 |
receivables and HK$10,843,000 which was included in creditors and | 他 應 收 賬 項 內 以 及10,843,000 港 元 已 包 括 在 |
accruals). | 應付賬項及應計款項內)。 |
Details of the balances with other related parties at the end of the | 於 報 告 期 末,與 其 他 關 連 人 士 之 交 易 結 餘 詳 |
reporting period are set out in Notes 15, 16 and 23. | 情載列於附註15、16 及23。 |
28. Fair Value Measurements of Financial Instruments | 28. 金融工具之公平值計量 |
Fair value is the price that would be received to sell an asset or | 公平值乃於計量日市場參與者於有秩序交易 |
paid to transfer a liability in an orderly transaction between market | 中 出 售 資 產 所 收 取 或 轉 讓 負 債 所 支 付 之 價 |
participants at the measurement date, regardless of whether that price | 格,而 不 論 該 價 格 為 可 直 接 觀 察 取 得 或 可 使 |
is directly observable or estimated using another valuation technique. In | 用 其 他 估 值 技 術 估 計。於 估 計 資 產 或 負 債 之 |
estimating the fair value of an asset or a liability, the Group takes into | 公 平 值 時,本 集 團 會 考 慮 該 等 市 場 參 與 者 於 |
account the characteristics of the asset or liability if market participants | 計量日對資產或負債定價時所考慮資產或負 |
would take those characteristics into account when pricing the asset | 債 之 特 點。於 本 未 經 審 核 簡 明 綜 合 財 務 報 表 |
or liability at the measurement date. Fair value for measurement and/ | 中 作 計 量 及╱或 披 露 用 途 之 公 平 值 乃 按 此 基 |
or disclosure purposes in these unaudited condensed consolidated | 準 釐 定,惟 不 包 括 香 港 財 務 報 告 準 則 第2 號 |
financial statements is determined on such a basis, except for share- | 「股 份 付 款」範 圍 內 之 以 股 份 付 款 交 易、根 據 |
based payment transactions that are within the scope of HKFRS 2 | 香 港 財 務 報 告 準 則 第16 號 入 賬 之 租 賃 交 易 |
"Share-based Payment", leasing transactions that are accounted for | 及與公平值有若干類似之處但不屬公平值之 |
in accordance with HKFRS 16, and measurements that have some | 計 量,例 如 香 港 會 計 準 則 第2 號「存 貨」之 可 |
similarities to fair value but are not fair value, such as net realisable | 變現淨值或香港會計準則第36 號「資產減值」 |
value in HKAS 2 "Inventories" or value-in-use in HKAS 36 "Impairment | 之使用價值。 |
of Assets". | |
In addition, for financial reporting purposes, fair value measurements | 此 外,就 財 務 報 告 用 途,根 據 公 平 值 計 量 數 |
are categorised into Level 1, 2 or 3 based on the degree to which | 據之可觀察程度及數據對公平值計量之整體 |
the inputs to the fair value measurements are observable and the | 重 要 程 度,公 平 值 計 量 劃 分 為 第 一 級、第 二 |
significance of the inputs to the fair value measurements in its entirety, | 級及第三級,如下所述: |
which are described as follows: | |
Level 1: inputs are quoted prices (unadjusted) in active markets | 第一級: 數據為同等之資產或負債(實體能 |
for identical assets or liabilities that the entity can access | 夠於計量日取得)於活躍市場取得 |
at the measurement date; | 之報價(未經調整); |
Level 2: inputs are inputs, other than quoted prices included within | 第二級: 數 據 為 直 接 或 間 接 從 可 觀 察 之 資 |
Level 1, that are observable for the asset or liability, either | 產或負債所得的數據(於第一級之 |
directly or indirectly; and | 報價除外);及 |
Level 3: inputs are unobservable inputs for the asset or liability. | 第三級: 數 據 為 從 資 產 或 負 債 之 非 可 觀 察 |
數據。 |
42
28. Fair Value Measurements of Financial Instruments (continued)
Financial instruments measured at fair value
The following table analysed the financial instruments which are measured at fair value at the end of the reporting period into the three-level hierarchy.
28. 金融工具之公平值計量(續)
以公平值計量之金融工具
下表為於報告期末以公平值計量之金融工具 之三級分級制分析。
Fair value | Valuation techniques | ||||||
Fair value | hierarchy | and key inputs | Significant unobservable inputs | ||||
公平值 | |||||||
公平值 | 分級制 | 估值技術及主要數據 | 重大非可觀察數據 | ||||
30th June, | 31st December, | ||||||
2019 | 2018 | ||||||
二零一九年 | 二零一八年 | ||||||
六月三十日 | 十二月三十一日 | ||||||
HK$'000 | HK$'000 | ||||||
千港元 | 千港元 | ||||||
Financial assets | |||||||
金融資產 | 18,834,000 | ||||||
Listed equity securities presented as | 20,167,000 | Level 1 | Quoted prices in | N/A | |||
financial assets measured at FVTOCI | 第一級 | active markets | 不適用 | ||||
呈列為通過其他全面收益以反映公平值 | 活躍市場之報價 | ||||||
計量之金融資產之上市股本證券 | |||||||
Bonds presented as financial assets measured at | 8,426,404 | 6,685,515 | Level 1 | Quoted prices in | N/A | ||
FVTPL | 第一級 | active markets | 不適用 | ||||
呈列為通過損益以反映公平值計量之 | 活躍市場之報價 | ||||||
金融資產之債券 | |||||||
Unlisted club and corporate debentures | 72,150 | 78,481 | Level 2 | Market comparison | N/A | ||
presented as financial assets measured at FVTPL | 第二級 | 市場之比較數據 | 不適用 | ||||
呈列為通過損益以反映公平值計量之 | |||||||
金融資產之非上市會籍及公司債券 | |||||||
Derivative financial instrument presented as | - | 1,921 | Level 2 | Discounted cash flow methodology | N/A | ||
financial assets measured at FVTPL | 第二級 | based on spot and forward | 不適用 | ||||
- Cross currency swap | exchange rates and yield curves | ||||||
呈列為通過損益以反映公平值計量之 | of the currency | ||||||
金融資產之衍生金融工具 | 貼現現金流量法,按該貨幣之 | ||||||
- 貨幣掉期 | 即期及遠期匯率及收益率 | ||||||
曲線 | |||||||
Unlisted equity securities presented as | 1,521,008 | 1,200,307 | Level 3 | Discounted cash flow: | Forecast distribution taking into account | ||
financial assets measured at FVTOCI | 第三級 | forecast distribution, | management's experience and the | ||||
呈列為通過其他全面收益以反映公平值 | discount rate and | estimated terminal value (note (i)) | |||||
計量之金融資產之非上市股本證券 | contract terms (if any) | 預測之分派乃參照管理層經驗及 | |||||
貼現現金流量︰ | 估計之最終價值(附註(i)) | ||||||
預測之分派、貼現率及 | |||||||
合約條款(如有) | Discount rates ranging from 12.18% | ||||||
to 20.73% (31st December, 2018: | |||||||
24.33%) (note (i)) | |||||||
貼現率介乎12.18 厘至20.73 厘 | |||||||
(二零一八年十二月三十一日: | |||||||
24.33 厘)(附註(i)) | |||||||
Reference to the fair value of | Fair value of the underlying property | ||||||
the underlying property | based on valuation model (note (i)) | ||||||
參考相關物業之公平值 | 基於估值模式釐定相關物業之 | ||||||
公平值(附註(i)) | |||||||
Net asset value (note (ii)) | N/A | ||||||
資產淨值(附註(ii)) | 不適用 | ||||||
28,853,562 | 28,133,224 | ||||||
Financial liability | |||||||
金融負債 | 377 | ||||||
Derivative financial instrument | - | Level 2 | Discounted cash flow methodology | N/A | |||
- Cross currency swap | 第二級 | based on spot and forward | 不適用 | ||||
衍生金融工具 | exchange rates and yield curves | ||||||
- 貨幣掉期 | of the currency | ||||||
貼現現金流量法,按該貨幣之 | |||||||
即期及遠期匯率及收益率 | |||||||
曲線 | |||||||
43
28. Fair Value Measurements of Financial Instruments (continued)
Financial instruments measured at fair value (continued) Notes:
- The higher the forecast distribution, estimated terminal value and fair value of the underlying property, the higher the fair value. The higher the discount rate, the lower the fair value.
- The Group has determined that the net asset value represents the fair value at the end of the reporting period.
The Group's policy is to recognise transfers into and out of fair value hierarchy levels as at the date of the events or changes in circumstances that caused the transfer.
There were no transfers amongst Level 1, Level 2 and Level 3 in the fair value hierarchy during the period/year and no change in valuation techniques used in prior years.
The fair value of financial instruments traded in active markets is based on quoted market prices at the end of each reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
The movement during the period/year in the balances of Level 3 fair value measurement is as follows:
28. 金融工具之公平值計量(續)
以公平值計量之金融工具(續)
附註:
- 預測之分派、估計之最終價值及相關物 業 之 公 平 值 越 高,公 平 值 越 高。貼 現 率 越高,公平值越低。
- 本 集 團 已 釐 定 於 報 告 期 末 之 資 產 淨 值 為公平值。
本集團之政策為於導致轉撥之事件或情況改 變之日期,確認公平值分級之間的轉撥。
公 平 值 分 級 制 內 第 一 級、第 二 級 及 第 三 級 之 間 於 期 內╱年 內 並 無 轉 撥 以 及 與 過 往 年 度 所 用之估值技術亦無轉變。
於活躍市場買賣之金融工具之公平值即各報 告 期 末 之 市 場 報 價。倘 即 時 及 定 時 透 過 交 易 所、交易商、經紀、業界組別、報價服務或監 管 機 構 獲 得 報 價,且 該 等 價 格 屬 實 際 及 定 期 按 公 平 基 準 進 行 之 市 場 交 易,則 市 場 可 被 視 為 活 躍。本 集 團 所 持 金 融 資 產 所 用 之 市 場 報 價為目前之買入價。此等工具已計入第一級。
第 三 級 公 平 值 計 量 結 餘 於 期 內╱年 內 之 變 動 如下:
HK$'000
千港元
Unlisted equity securities presented as | 呈列為通過其他全面收益以反映公平值 | |
financial assets measured at FVTOCI | 計量之金融資產之非上市股本證券 | |
At 1st January, 2018 | 於二零一八年一月一日 | 1,031,230 |
Net unrealised gain recognised in other comprehensive | 於年內其他全面收益確認之 | |
income during the year (note) | 未變現收益淨額(附註) | 169,077 |
At 31st December, 2018 | 於二零一八年十二月三十一日 | 1,200,307 |
Net unrealised gain recognised in other comprehensive | 於期內其他全面收益確認之 | |
income during the period (note) | 未變現收益淨額(附註) | 320,701 |
At 30th June, 2019 | 於二零一九年六月三十日 | 1,521,008 |
Note: | All of the above gains included in other comprehensive income |
for the period/year related to unlisted equity securities held | |
at the end of the reporting periods are reported as changes | |
of financial assets measured at FVTOCI reserve. |
Financial instruments not measured at fair value
The Directors consider that the carrying amounts of the Group's financial instruments that are not measured at fair value approximate to their fair values.
附註: 上 述 就 於 報 告 期 末 持 有 之 非 上 市 股 本證券所有計入期內╱年內其他全面 收 益 之 收 益 列 報 為 通 過 其 他 全 面 收 益 以 反 映 公 平 值 計 量 之 金 融 資 產 之 儲備之變動。
並非以公平值計量之金融工具
董事認為本集團並非以公平值計量之金融工 具之賬面值與其公平值相若。
44
INTERIM DIVIDEND | 中期股息 |
The Board has resolved to declare an interim dividend of HK1 cent | 董 事 會 已 議 決 宣 派 本 期 間 之 中 期 股 息 每 股1 |
per share (2018: HK1 cent per share) for the Period (the "Interim | 港仙(二零一八年:每股1港仙)(「中期股息」)。 |
Dividend"). | |
During the Period, the Group has recorded a total comprehensive | 於 本 期 間 內,本 集 團 錄 得 本 公 司 擁 有 人 應 佔 |
expenses attributable to owners of the Company of approximately | 之 全 面 支 出 總 額 約174,300,000 港 元(二 零 一 |
HK$174.3 million (2018: HK$6,286.8 million). As at 30th June, | 八 年:6,286,800,000 港 元)。於 二 零 一 九 年 六 |
2019, the Group had cumulative unrealised gain on fair value change | 月三十日,本集團於中國恆大集團(股份代號: |
of listed equity investment in China Evergrande Group (stock code: | 3333)之 上 市 股 本 投 資 之 公 平 值 變 動 之 累 計 |
3333) of approximately HK$5,238.0 million (details are disclosed | 未 變 現 收 益 約 為5,238,000,000 港 元(詳 情 於 |
in the sub-paragraph headed "Listed Equity Investments at Fair | 下文「財務業務回顧」一節中「證券投資」一段 |
Value Through Other Comprehensive Income" of paragraph headed | 之「通 過 其 他 全 面 收 益 以 反 映 公 平 值 之 上 市 |
"Securities Investments" in the section headed "Financial Operation | 股 本 投 資」分 段 內 披 露)。然 而,該 收 益 屬 未 |
Review" below). However, such gain was unrealised and was a non- | 變 現 及 非 現 金 項 目,董 事 會 暫 時 無 意 就 該 未 |
cash item, any dividend declaration or recommendation on such | 變 現 收 益 宣 派 或 建 議 派 發 任 何 股 息。董 事 會 |
unrealised gain is not currently intended by the Board. The Board | 意 識 到 香 港 股 市 潛 在 波 動 之 可 能 性。當 中 國 |
recognised the possible potential fluctuation in Hong Kong stock | 恆 大 集 團 之 股 價 達 到 滿 意 及 吸 引 水 平,本 集 |
market. As and when the share price of China Evergrande Group | 團可能考慮變現其於中國恆大集團之部份上 |
reaches a satisfactory and attractive level, the Group may consider | 市 股 本 投 資。視 乎 本 公 司 之 股 息 政 策 以 及 本 |
realise part of the listed equity investment in China Evergrande | 集 團 當 時 之 業 務、財 務 及 現 金 流 量 狀 況,於 |
Group. Subject to the Company's dividend policy as well as the | 適時變現其通過其他全面收益以反映公平值 |
then business, financial and cashflow position of the Group, the | 之 上 市 股 本 投 資(包 括 中 國 恆 大 集 團 之 股 份 |
Board may consider declaration or recommendation of dividend(s) | 擬變現的所得款項淨額(成本及利潤(如有))) |
if and when appropriate upon realisation of investments in listed | 後,董 事 會 可 能 考 慮 宣 派 或 建 議 派 發 股 息, |
equity investments at fair value through other comprehensive income | 以 回 饋 本 公 司 股 東 支 持。本 公 司 將 就 建 議 分 |
including the net proceeds of the intended realisation of the cost and | 派 任 何 有 關 股 息(如 有),另 行 根 據 香 港 聯 合 |
profit arising from the shares in China Evergrande Group (if any), as a | 交易所有限公司(「聯交所」)證券上市規則(「上 |
return to the shareholders of the Company. Further announcement(s) | 市規則」)發出公布。 |
regarding any proposal of such dividend(s) (if any) will be made by | |
the Company pursuant to the Rules Governing the Listing of Securities | |
on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") | |
(the "Listing Rules"). | |
Having considered the Company's dividend policy, to preserve more | 經 考 慮 本 公 司 之 股 息 政 策,為 保 留 更 多 現 金 |
cash for the Group's future financial, property investment or securities | 作 本 集 團 把 握 日 後 財 務、物 業 投 資 或 證 券 投 |
investment opportunities, the Board has resolved to declare the | 資 的 機 遇 之 需 要,董 事 會 已 議 決 宣 派 中 期 股 |
Interim Dividend of HK1 cent per share (2018: HK1 cent per share). | 息每股1 港仙(二零一八年:每股1 港仙)。 |
Dividend warrants for the Interim Dividend will be posted on or about | 中期股息之股息單將於二零一九年八月二十 |
27th August, 2019 to shareholders whose names appear on the | 七日或前後寄發予於二零一九年八月十六日 |
register of members of the Company on 16th August, 2019. | 名列本公司股東名冊之股東。 |
CLOSURE OF REGISTER OF MEMBERS | 暫停辦理股東登記手續 |
The register of members will be closed on 16th August, 2019. In | 本公司將於二零一九年八月十六日暫停辦理 |
order to qualify for the Interim Dividend, all share transfers documents | 股東登記手續。為符合獲派中期股息之資格, |
accompanied by the relevant share certificates must be lodged with | 所有股份過戶文件連同有關股票必須於二零 |
the Company's Branch Registrar and Transfer Office in Hong Kong, | 一九年八月十五日下午四時三十分前送達本 |
namely Computershare Hong Kong Investor Services Limited, at Shops | 公 司 於 香 港 之 過 戶 登 記 分 處 香 港 中 央 證 券 |
1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, | 登 記 有 限 公 司,地 址 為 香 港 灣 仔 皇 后 大 道 東 |
Wanchai, Hong Kong not later than 4:30 p.m. on 15th August, 2019. | 183 號合和中心17 樓1712 至1716 號舖。 |
45
FINANCIAL OPERATION REVIEW | 財務業務回顧 |
Results | 業績 |
Revenue | 收入 |
Revenue for the six months ended 30th June, 2019 ("Period") | 截至二零一九年六月三十日止六個月(「本期 |
amounted to HK$269.9 million (2018: HK$559.7 million), a decrease | 間」)之收入為269,900,000 港元(二零一八年: |
of 51.8% over the same period of last year and comprised gross rental | 559,700,000 港 元),較 去 年 同 期 減 少51.8%, |
income of HK$261.8 million and others of HK$8.1 million (2018: | 當中包括租金收入總額261,800,000 港元及其 |
gross rental income of HK$275.0 million, property sales of HK$274.0 | 他收入8,100,000 港元(二零一八年:租金收入 |
million and others of HK$10.7 million). The decline in revenue was | 總額275,000,000 港元、物業銷售274,000,000 |
mainly due to no property sales recorded for the Period. | 港 元 及 其 他 收 入10,700,000 港 元)。收 入 下 降 |
主要由於於本期間並無錄得物業銷售。 | |
Gross Profit | 毛利 |
Gross profit for the Period amounted to HK$255.1 million (2018: HK$451.0 million), a decrease of 43.4% as compared with the same period of last year which also mainly derived from no property sales profit for the Period (2018: HK$179.1 million).
Property Leasing
本 期 間 之 毛 利 為255,100,000 港 元( 二 零 一 八 年:451,000,000 港 元),較 去 年 同 期 減 少 43.4%,該 減 少 主 要 由 於 於 本 期 間 並 無 物 業 銷售之溢利(二零一八年:179,100,000港元)。
物業租賃
For property leasing, the overall rental revenue in both non-retail and | 在 物 業 租 賃 方 面, 於 本 期 間 非 零 售 及 零 |
retail sections slightly decreased to HK$223.5 million and HK$38.3 | 售 部 分 之 整 體 租 金 收 入 分 別 輕 微 減 少 至 |
million respectively during the Period. The total rental income in | 223,500,000 港 元 及38,300,000 港 元。本 期 間 |
revenue for the Period recorded a decrease of 4.8% to HK$261.8 | 之 收 入 錄 得 之 租 金 收 入 總 額 較 去 年 同 期 之 |
million as compared with the same period of last year of HK$275.0 | 275,000,000 港 元 減 少4.8% 至261,800,000 港 |
million. | 元。 |
Together with the attributable rental revenue generated from | 連 同 應 佔 聯 營 公 司、一 間 合 資 公 司 及 一 間 接 |
associates, a joint venture and an investee company of HK$63.8 | 受 投 資 公 司 租 金 收 入63,800,000 港 元(二 零 |
million (2018: HK$73.1 million), the total attributable rental revenue | 一 八 年:73,100,000 港 元),本 公 司 及 其 附 屬 |
to the Company and its subsidiaries (together, "Group") amounted | 公 司(統 稱「本 集 團」)應 佔 租 金 收 入 總 額 為 |
to HK$325.6 million (2018: HK$348.1 million after non-controlling | 325,600,000 港 元(二 零 一 八 年:扣 除 非 控 股 |
interests), which represents a decrease of 6.5% over the same period | 權 益 後 為348,100,000 港 元),相 對 去 年 同 期 |
of last year. | 減幅為6.5%。 |
Attributable net rental income for the Period showed HK$298.1 | 本期間之應佔租金收入淨額為298,100,000 港 |
million, a decrease of 6.3% over HK$318.0 million in the same | 元,較去年同期之318,000,000港元減少6.3%。 |
period of last year. | |
Property Development and Trading | 物業發展及買賣 |
During the Period, the Group did not dispose of any trading property. | 於 本 期 間,本 集 團 並 無 出 售 任 何 買 賣 物 業。 |
In the first half of 2018, the attributable property sales revenue and | 於 二 零 一 八 年 上 半 年,本 集 團 及 其 聯 營 公 |
profit from the Group and its associates recorded HK$194.7 million | 司 之 應 佔 物 業 銷 售 收 入 及 溢 利 分 別 錄 得 |
and HK$128.6 million respectively, including sales of 55 Conduit | 194,700,000 港元及128,600,000 港元,包括銷 |
Road in Mid-Levels West (70% interest) contributed an attributable | 售 位 於 半 山 區 西 部 之 璈 珀(佔70% 權 益)為 本 |
profit to the Group of HK$126.4 million, and sales of a workshop | 集 團 帶 來 應 佔 溢 利126,400,000 港 元,以 及 銷 |
unit at Kwong Kin Trade Centre in Tuen Mun (50% interest) and | 售位於屯門之廣建貿易中心一個工場單位(佔 |
parking spaces at Greenville Residence in Yuen Long (50% interest) | 50% 權 益)及 位 於 元 朗 之 逸 翠 軒 車 位(佔50% |
(properties held by associates) generated profit of HK$1.9 million | 權益)(該等物業由聯營公司所持有)分別帶來 |
and HK$0.3 million respectively, as reflected in the share of results | 溢 利1,900,000 港 元 及300,000 港 元,已 反 映 |
of investments accounted for using the equity method. | 於攤佔以權益法入賬投資之業績內。 |
46
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) | |
Results (continued) | 業績(續) | |
Securities Investments | 證券投資 | |
The Group has in the ordinary and normal course of business | 本集團在一般及正常業務過程中進行證券投 | |
conducted its securities investment activities, as at 30th June, 2019, | 資 活 動,於 二 零 一 九 年 六 月 三 十 日 包 括 債 券 | |
comprised of bonds and listed equity investment. During the Period, | 及 上 市 股 本 投 資。於 本 期 間,來 自 上 市 證 券 | |
the gain (excluding gain/loss recognised in financial assets measured | 投 資 及 財 資 產 品 確 認 之 收 益(不 包 括 於 通 過 | |
at fair value through other comprehensive income ("FVTOCI") | 其他全面收益以反映公平值(「通過其他全面 | |
reserve) recognised from listed securities investments and treasury | 收益以反映公平值」)計量之金融資產之儲備 | |
products was HK$1,145.3 million (2018: loss of HK$635.8 million), | 內確認之收益╱虧損)為1,145,300,000 港元(二 | |
comprised loss on listed equity investments at FVTOCI of HK$62.7 | 零 | 一八年:虧損635,800,000 港元),包括來自 |
million (2018: HK$52.3 million) and gain on listed investments and | 通過其他全面收益以反映公平值之上市股本 | |
treasury products at fair value through profit or loss ("FVTPL") of | 投 資 之 虧 損 為62,700,000 港 元(二 零 一 八 年: | |
HK$1,208.0 million (2018: loss of HK$583.5 million). | 52,300,000 港 元)及 通 過 損 益 以 反 映 公 平 值 | |
(「通 過 損 益 以 反 映 公 平 值」)之 上 市 投 資 及 財 | ||
資 產 品 之 收 益 為1,208,000,000 港 元(二 零 一 | ||
八 | 年:虧損為583,500,000 港元)。 | |
During the Period, the Group did not dispose of any listed investments | 於 本 期 間,本 集 團 並 無 出 售 任 何 持 作 買 賣 之 | |
held-for-trading (2018: no disposal). The realised gain from sales of | 上 市 投 資(二 零 一 八 年:並 無 出 售)。出 售 債 | |
bonds of HK$77.1 million (2018: realised loss of HK$4.6 million) was | 券 確 認 之 已 變 現 收 益 為77,100,000 港 元(二 | |
recognised, mainly comprising realised gain on bonds in industry of | 零 一 八 年:已 變 現 虧 損 為4,600,000 港 元), | |
the People's Republic of China ("PRC")-based real estate of HK$72.3 | 主 要 包 括 來 自 中 華 人 民 共 和 國(「中 國」)房 | |
million (2018: HK$9.4 million), and the Group did not dispose of any | 地 產 行 業 之 債 券 之 已 變 現 收 益72,300,000 港 | |
bonds in industries of overseas financial institutions (2018: realised | 元(二 零 一 八 年:9,400,000 港 元),以 及 本 集 | |
loss of HK$11.2 million) and insurance (2018: realised loss of HK$2.0 | 團 並 無 出 售 任 何 海 外 金 融 機 構 行 業 之 債 券 | |
million). During the Period, the Group had acquired 11 bonds (2018: | (二 零 一 八 年:已 變 現 虧 損11,200,000 港 元) | |
10 bonds including those additions to the existing bonds) in the sum | 及 保 險 行 業 之 債 券(二 零 一 八 年:已 變 現 虧 | |
of HK$2,386.4 million (2018: HK$2,595.9 million), and disposed of/ | 損2,000,000 港 元)。於 本 期 間,本 集 團 購 入 | |
redeemed 12 bonds (2018: 39 bonds) (including those with partial | 11 隻(二 零 一 八 年:10 隻(包 括 增 持 現 有 之 債 | |
disposal) with carrying amounts in the sum of HK$1,533.3 million | 券))債券總額為2,386,400,000 港元(二零一八 | |
(2018: HK$5,122.2 million). Bonds acquired were mainly in the | 年:2,595,900,000 港 元),及 出 售╱贖 回12 隻 | |
industries of PRC-based real estate of 96.6% (2018: 47.7%) and | (二零一八年:39 隻)債券(包括部分出售之債 | |
overseas financial institutions of 3.4% (2018: 50.5%). | 券)賬 面 值 總 額 為1,533,300,000 港 元(二 零 一 | |
八 年:5,122,200,000 港 元)。購 入 之 債 券 主 要 | ||
來 自 中 國 房 地 產 行 業 佔96.6%(二 零 一 八 年: | ||
47.7%)及 海 外 金 融 機 構 行 業 佔3.4%(二 零 一 | ||
八年:50.5%)。 |
47
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) |
Results (continued) | 業績(續) |
Securities Investments (continued) | 證券投資(續) |
Furthermore, the Group recorded an unrealised gain of HK$810.7 | 此 外,本 集 團 錄 得 債 券 之 公 平 值 變 動 之 未 變 |
million (2018: unrealised loss of HK$868.1 million) representing | 現 收 益 為810,700,000 港 元(二 零 一 八 年:未 |
the changes in fair value of bonds, which had no effect on the cash | 變 現 虧 損 為868,100,000 港 元),對 本 集 團 現 |
flow of the Group. The unrealised gain (2018: unrealised loss) from | 金 流 量 並 無 影 響。債 券 之 公 平 值 變 動 之 未 變 |
changes in fair value of bonds represented 29 bonds (2018: 28 | 現 收 益(二 零 一 八 年:未 變 現 虧 損)乃 來 自29 |
bonds), mainly comprising unrealised gain from industry of overseas | 隻(二 零 一 八 年:28 隻)債 券,主 要 包 括 來 自 |
financial institutions of HK$308.7 million or increase in fair value of | 海外金融機構行業之未變現收益308,700,000 |
8.4% over the Period; and unrealised gain from industry of PRC-based | 港 元 或 於 本 期 間 之 公 平 值 增 加8.4%;及 中 |
real estate of HK$467.3 million or increase in fair value of 12.7% | 國 房 地 產 行 業 之 未 變 現 收 益467,300,000 港 |
over the Period (2018: unrealised loss from industry of overseas | 元 或 於 本 期 間 之 公 平 值 增 加12.7%(二 零 一 |
financial institutions of HK$320.9 million or decrease in fair value of | 八 年:來 自 海 外 金 融 機 構 行 業 之 未 變 現 虧 損 |
7.5% over the six-month period; and unrealised loss from industry | 320,900,000 港 元 或 於 過 去 六 個 月 期 間 之 公 |
of PRC-based real estate of HK$524.7 million or decrease in fair | 平值減少7.5%;以及來自中國房地產行業之 |
value of 14.9% over the six-month period). The Group believes that | 未變現虧損524,700,000 港元或於過去六個月 |
the increase in price of bonds in PRC-based real estate sector in the | 期 間 之 公 平 值 減 少14.9%)。本 集 團 相 信 於 本 |
Period, among others, was owing to the pressure from increasing of | 期 間 中 國 房 地 產 行 業 之 債 券 價 格 上 升,乃 因 |
the United States Federal funds rate was faded out as there was no | (其中包括)美國聯邦基金利率自二零一八年 |
change in United States Federal funds rate since December 2018 | 十 二 月 以 來 未 有 變 動,其 上 升 帶 來 之 壓 力 於 |
which stimulate the investment market during the Period. | 本期間逐漸消失,因而刺激投資市場。 |
During the Period, interest income from bonds amounted to | 於 本 期 間,債 券 之 利 息 收 入 為350,700,000 港 |
HK$350.7 million (2018: HK$308.8 million), represented 4.2% | 元(二 零 一 八 年:308,800,000 港 元),於 本 期 |
(2018: 4.3%) (before effect on leverage) return on average market | 間持有債券按平均市值計算之回報為4.2%(二 |
value of bondholding during the Period. | 零一八年:4.3%)(槓桿影響前)。 |
Summing up the realised and unrealised gain/loss and adding the | 總 括 已 變 現 及 未 變 現 收 益╱虧 損 以 及 加 入 利 |
net income from interest income, other investment income and net | 息 收 入、其 他 投 資 收 入 及 財 務 費 用 淨 額 之 |
finance costs of HK$257.5 million (2018: HK$236.9 million), the gain | 收 入 淨 額 為257,500,000 港 元(二 零 一 八 年: |
recognised from listed securities investments and treasury products | 236,900,000 港 元),上 市 證 券 投 資 及 財 資 產 |
was HK$1,145.3 million (2018: loss of HK$635.8 million). | 品 確 認 之 收 益 為1,145,300,000 港 元(二 零 一 |
八年:虧損為635,800,000 港元)。 |
48
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) |
Results (continued) | 業績(續) |
Securities Investments (continued) | 證券投資(續) |
The respective income/expense from securities investments under | 以 下 就 來 自 不 同 類 別 之 證 券 投 資 收 入╱開 支 |
different categories are further elaborated below: | 作進一步詳述: |
Listed Investments and Treasury Products at Fair Value Through Profit or Loss
通 過 損 益 以 反 映 公 平 值 之 上 市 投 資 及 財 資 產品
The listed investments and treasury products at FVTPL recorded a | 通 過 損 益 以 反 映 公 平 值 之 上 市 投 資 及 財 資 |
profit before and after net finance costs of HK$1,257.3 million and | 產 品 於 本 期 間 計 入 財 務 費 用 淨 額 前╱後 分 別 |
HK$1,208.0 million (2018: loss before and after net finance costs of | 錄 得 溢 利1,257,300,000 港 元 及1,208,000,000 |
HK$552.0 million and HK$583.5 million) respectively for the Period. | 港元(二零一八年:財務費用淨額前╱後虧損 |
552,000,000 港元及583,500,000 港元)。 | |
Gain from the listed investments and treasury products at FVTPL | 於 本 期 間,通 過 損 益 以 反 映 公 平 值 之 上 市 投 |
reflected in the unaudited condensed consolidated statement of | 資 及 財 資 產 品 之 收 益 反 映 於 未 經 審 核 簡 明 |
comprehensive income for the Period comprised realised gain on | 綜 合 全 面 收 益 報 表 內,包 括 債 券 之 公 平 值 變 |
fair value changes of bonds of HK$77.1 million (2018: realised loss | 動 之 已 變 現 收 益77,100,000 港 元(二 零 一 八 |
of HK$4.6 million), unrealised gain on fair value changes of bonds | 年:已 變 現 虧 損4,600,000 港 元)、債 券 之 公 |
of HK$810.7 million (2018: unrealised loss of HK$868.1 million), | 平 值 變 動 之 未 變 現 收 益810,700,000 港 元(二 |
interest income of HK$350.7 million (2018: HK$308.8 million) | 零 一 八 年:未 變 現 虧 損868,100,000 港 元)、 |
and other investment income of HK$18.8 million (2018: HK$11.9 | 利 息 收 入350,700,000 港 元( 二 零 一 八 年: |
million). Net relevant finance costs for the Period was HK$49.3 million | 308,800,000 港元)及其他投資收入18,800,000 |
(2018: HK$31.5 million) including interest expense of HK$52.0 | 港 元(二 零 一 八 年:11,900,000 港 元)。本 期 |
million (2018: HK$33.1 million) and exchange gain of HK$2.7 million | 間 相 關 財 務 費 用 淨 額 為49,300,000 港 元(二 |
(2018: HK$1.6 million). | 零 一 八 年:31,500,000 港 元),包 括 利 息 開 支 |
52,000,000 港 元(二 零 一 八 年:33,100,000 港 | |
元)及 匯 兌 收 益2,700,000 港 元(二 零 一 八 年: | |
1,600,000 港元)。 |
49
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) |
Results (continued) | 業績(續) |
Securities Investments (continued)
The respective income/expense from securities investments under different categories are further elaborated below: (continued)
Listed Investments and Treasury Products at Fair Value Through Profit or Loss (continued)
The table below summarises the performance of bonds during the Period:
證券投資(續)
以 下 就 來 自 不 同 類 別 之 證 券 投 資 收 入╱開 支 作進一步詳述:(續)
通 過 損 益 以 反 映 公 平 值 之 上 市 投 資 及 財 資 產品(續)
下表概述本期間債券之表現:
Realised gain (loss) | Unrealised gain (loss) | Interest income | Total profit (loss) | |||||||||||||||||
已變現收益(虧損) | 未變現收益(虧損) | 利息收入 | 溢利(虧損)總額 | |||||||||||||||||
Six months ended 30th June, | Six months ended 30th June, | Six months ended 30th June, | Six months ended 30th June, | |||||||||||||||||
截至六月三十日止六個月 | 截至六月三十日止六個月 | 截至六月三十日止六個月 | 截至六月三十日止六個月 | |||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||
二零一九年 | 二零一八年 | 二零一九年 | 二零一八年 | 二零一九年 | 二零一八年 | 二零一九年 | 二零一八年 | |||||||||||||
HK$ million | HK$ million | HK$ million | HK$ million | HK$ million | HK$ million | HK$ million | HK$ million | |||||||||||||
百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | |||||||||||||
Bond issuers by industry | 按債券發行人之行業 | |||||||||||||||||||
Overseas financial institutions | 海外金融機構 | - | (11.2) | 308.7 | (320.9) | 143.0 | 158.9 | 451.7 | (173.2) | |||||||||||
Insurance | 保險 | - | (2.0) | - | - | - | 1.2 | - | (0.8) | |||||||||||
PRC-based real estate | 中國房地產 | 72.3 | 9.4 | 467.3 | (524.7) | 196.4 | 136.9 | 736.0 | (378.4) | |||||||||||
Others | 其他 | 4.8 | (0.8) | 34.7 | (22.5) | 11.3 | 11.8 | 50.8 | (11.5) | |||||||||||
77.1 | (4.6) | 810.7 | (868.1) | 350.7 | 308.8 | 1,238.5 | (563.9) | |||||||||||||
Other investment income | 其他投資收入 | 18.8 | 11.9 | |||||||||||||||||
Profit (loss) before net finance | 財務費用淨額前之 | |||||||||||||||||||
costs | 溢利(虧損) | 1,257.3 | (552.0) | |||||||||||||||||
Net finance costs | 財務費用淨額 | (49.3) | (31.5) | |||||||||||||||||
Profit (loss) after net finance costs | 財務費用淨額後之 | |||||||||||||||||||
溢利(虧損) | 1,208.0 | (583.5) | ||||||||||||||||||
Listed Equity Investments at Fair Value Through Other Comprehensive | ||||||||||||||||||||
通過其他全面收益以反映公平值之上市股本 | ||||||||||||||||||||
Income | 投資 | |||||||||||||||||||
(a) Implication on Profit or Loss for the Period | (a) 本期間損益之影響 | |||||||||||||||||||
Dividend income (if any), other investment income and relevant | 於 本 期 間,持 有 通 過 其 他 全 面 收 益 以 反 | |||||||||||||||||||
finance costs of holding listed equity investments at FVTOCI | 映公平值之上市股本投資而產生之股息 | |||||||||||||||||||
were recognised in profit or loss for the Period. During the | 收 入(如 有)、其 他 投 資 收 入 及 相 關 財 務 | |||||||||||||||||||
Period, no dividend income was recorded from holding of | 費 用 於 損 益 內 確 認。於 本 期 間,並 無 錄 | |||||||||||||||||||
860,000,000 shares of China Evergrande Group (stock code: | 得來自持有860,000,000 股中國恆大集團 | |||||||||||||||||||
3333) ("China Evergrande") ("Evergrande Shares"), hence the | (股份代號:3333)(「中國恆大」)股份(「恆 | |||||||||||||||||||
result from listed equity investments at FVTOCI recorded net | 大 股 份」)之 股 息 收 入,因 此 通 過 其 他 全 | |||||||||||||||||||
loss of HK$62.7 million (2018: HK$52.3 million) represented | 面收益以反映公平值之上市股本投資之 | |||||||||||||||||||
the entirety of its net relevant finance costs (2018: comprised | 業績錄得虧損淨額62,700,000 港元(二零 | |||||||||||||||||||
other investment income of HK$0.6 million and net relevant | 一 八 年:52,300,000 港 元),悉 數 為 相 關 | |||||||||||||||||||
finance costs of HK$52.9 million). | 財務費用淨額(二零一八年:包括其他投 | |||||||||||||||||||
資 收 入600,000 港 元 及 相 關 財 務 費 用 淨 | ||||||||||||||||||||
額52,900,000 港元)。 |
50
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) |
Results (continued) | 業績(續) |
Securities Investments (continued)
The respective income/expense from securities investments under different categories are further elaborated below: (continued)
Listed Equity Investments at Fair Value Through Other Comprehensive Income (continued)
(b) Implication on Other Comprehensive Expenses for the Period
證券投資(續)
以 下 就 來 自 不 同 類 別 之 證 券 投 資 收 入╱開 支 作進一步詳述:(續)
通過其他全面收益以反映公平值之上市股本 投資(續)
- 本期間其他全面支出之影響
During the Period, the unit share price of China Evergrande | 於 本 期 間,中 國 恆 大 每 股 股 價 由 二 零 一 | ||||||||||||
had dropped from HK$23.45 as at 31st December, 2018 to | 八 年 十 二 月 三 十 一 日 之23.45 港 元 下 跌 | ||||||||||||
HK$21.90 as at 28th June, 2019 (being the last trading day for | 至 二 零 一 九 年 六 月 二 十 八 日(即 本 期 間 | ||||||||||||
the Period), or 6.6% over the Period, hence an unrealised loss | 之 最 後 交 易 日)之21.90 港 元 或 於 本 期 間 | ||||||||||||
on fair value changes of listed equity investments at FVTOCI of | 下跌6.6%,因此通過其他全面收益以反 | ||||||||||||
HK$1,333.0 million (2018: HK$5,959.9 million) was recognised | 映公平值之上市股本投資之公平值變動 | ||||||||||||
in other comprehensive expenses. Realised gain/loss on fair | 之 未 變 現 虧 損1,333,000,000 港 元(二 零 | ||||||||||||
value change is a cash item while unrealised fair value change | 一八年:5,959,900,000 港元)於其他全面 | ||||||||||||
is a non-cash item and will not affect the cash flow of the | 支出內確認。公平值變動之已變現收益╱ | ||||||||||||
Group. The Group believes that the decrease in share price | 虧 損 乃 現 金 項 目,而 未 變 現 公 平 值 變 動 | ||||||||||||
of China Evergrande for the Period, among others, was owing | 乃 非 現 金 項 目,對 本 集 團 現 金 流 量 並 無 | ||||||||||||
to the unstable business environment in the PRC, and China | 構 成 影 響。本 集 團 相 信 於 本 期 間 中 國 恆 | ||||||||||||
Evergrande, a PRC-based company with United States dollar | 大 之 股 價 下 跌 乃 因(其 中 包 括)中 國 之 營 | ||||||||||||
("US$") debt exposure against a weakened Renminbi ("RMB") | 商 環 境 不 穩 定,及 人 民 幣(「人 民 幣」)疲 | ||||||||||||
currency, was adversely impacted. | 弱 使 中 國 恆 大(一 間 中 國 公 司)面 對 美 元 | ||||||||||||
(「美元」)債務風險以致有不利影響。 | |||||||||||||
The table below summarises the performance of the Evergrande | 下表概述本期間恆大股份之表現: | ||||||||||||
Shares during the Period: | |||||||||||||
Recorded in unaudited condensed | Recorded in unaudited condensed | ||||||||||||
consolidated statement of | consolidated statement of | ||||||||||||
financial position | comprehensive income | ||||||||||||
錄入未經審核簡明綜合財務狀況報表 | 錄入未經審核簡明綜合全面收益報表 | ||||||||||||
Other | |||||||||||||
Financial assets | Financial assets | comprehensive | |||||||||||
Number of | Closing price | measured | measured | Loss for | expenses | ||||||||
shares | (per share) | at FVTOCI | at FVTOCI reserve | the Period | for the Period | ||||||||
通過其他全面收益 | 通過其他全面收益 | ||||||||||||
收市價 | 以反映公平值計量 | 以反映公平值計量 | 本期間其他 | ||||||||||
股份數目 | (每股) | 之金融資產 | 之金融資產之儲備 | 本期間虧損 | 全面支出 | ||||||||
HK$ | HK$ million | HK$ million | HK$ million | HK$ million | |||||||||
港元 | 百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | |||||||||
At 31st December, 2018 | 於二零一八年十二月三十一日 | 860,000,000 | 23.45 | 20,167.0 | 6,571.0 | - | - | ||||||
Unrealised fair value changes | 未變現公平值變動 | - | (1,333.0) | (1,333.0) | - | (1,333.0) | |||||||
Net finance costs | 財務費用淨額 | - | - | - | (62.7) | - | |||||||
於二零一九年六月三十日 | |||||||||||||
At 30th June, 2019 | 860,000,000 | 21.90 | 18,834.0 | 5,238.0 | (62.7) | (1,333.0) | |||||||
Percentage to total assets | 佔資產總額之百分比 | ||||||||||||
At 30th June, 2019 | 於二零一九年六月三十日 | 38.7% | |||||||||||
At 31st December, 2018 | 於二零一八年十二月三十一日 | 41.4% | |||||||||||
51
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) |
Results (continued) | 業績(續) |
Other Income and Expenses | 其他收入及開支 |
Other income for the Period, which mainly came from net building | 本期間之其他收入主要來自樓宇管理費收入 |
management fee income, rental services income, property | 淨 額、租 賃 服 務 收 入、物 業 管 理 服 務、租 務 |
management services, leasing administration services and property | 行政服務及物業行政服務收入以及就一項發 |
administration services income and overprovision of costs incurred in | 展項目所產生之成本於過往年度超額撥備, |
prior years in respect of a development project decreased to HK$30.1 | 減 少 至30,100,000 港 元(二 零 一 八 年:且 包 括 |
million (2018: also included consultancy fee income, exchange gain, | 顧 問 費 收 入、匯 兌 收 益 淨 額 以 及 撥 回 其 他 應 |
net and reversal of impairment in respect of other receivable and | 收賬項之減值及相關利息51,900,000 港元), |
interest thereon of HK$51.9 million), representing a decrease of | 減 幅 為42.1%。該 減 少 主 要 由 於 本 期 間 不 存 |
42.1%. The decrease was mainly due to absence of consultancy fee | 在顧問費收入以及撥回其他應收賬項之減值 |
income and reversal of impairment in respect of other receivable and | 及相關利息而於二零一八年上半年合共錄得 |
interest thereon for the Period while a total of HK$18.2 million was | 18,200,000 港元。 |
recorded in the first half of 2018. | |
During the Period, administrative expenses increased by 3.8% to | 於本期間,行政開支增加 3.8% 至137,100,000 |
HK$137.1 million (2018: HK$132.1 million). Finance costs increased | 港 元(二 零 一 八 年:132,100,000 港 元)。財 務 |
by 23.3% to HK$192.6 million (2018: HK$156.2 million) during the | 費 用 於 本 期 間 增 加23.3% 至192,600,000 港 元 |
Period, including exchange gain of HK$2.9 million (2018: HK$1.7 | (二 零 一 八 年:156,200,000 港 元),當 中 包 括 |
million) on translation of foreign currency other borrowings hedged | 外 幣 其 他 借 貸 用 以 對 沖 外 幣 證 券 投 資 所 產 |
for foreign currency securities investments and exchange gain of | 生 之 匯 兌 收 益2,900,000 港 元(二 零 一 八 年: |
HK$1.5 million (2018: nil) on translation of a foreign currency bank | 1,700,000 港 元)及 外 幣 銀 行 借 貸 所 產 生 之 匯 |
borrowing. The increase in finance costs was mainly due to the | 兌 收 益1,500,000 港 元(二 零 一 八 年:無)。財 |
increase in interest rates during the Period. | 務費用之增加主要由於於本期間利率上升所 |
致。 | |
Other gains and losses for the Period recorded a loss on write-down | 本期間其他收益及虧損錄得物業存貨之減值 |
of stock of properties of HK$0.7 million as compared with minimal | 虧損700,000 港元,相比去年同期錄得輕微虧 |
loss of the same period of last year. | 損。 |
Investments Accounted for Using the Equity Method | 以權益法入賬之投資 |
The share of results of investments accounted for using the equity | 本期間攤佔以權益法入賬投資之業績錄得溢 |
method for the Period recorded a profit of HK$95.2 million (2018: | 利95,200,000 港 元(二 零 一 八 年:94,300,000 |
HK$94.3 million), comprised profit from the share of results of | 港 元),包 括 攤 佔 聯 營 公 司 及 一 間 合 資 公 司 |
associates and a joint venture of HK$85.0 million (2018: HK$78.2 | 業績之溢利分別為85,000,000 港元(二零一八 |
million) and HK$10.2 million (2018: HK$16.1 million) respectively. | 年:78,200,000 港 元)及10,200,000 港 元(二 零 |
一八年:16,100,000 港元)。 | |
Fair Value Changes on Investment Properties | 投資物業之公平值變動 |
Investment properties of the Group in Hong Kong and Mainland | 保 柏 國 際 評 估 有 限 公 司(「保 柏 國 際 評 估」)已 |
China were revalued at 30th June, 2019 by B.I. Appraisals Limited | 就本集團位於香港及中國大陸之投資物業進 |
("B.I. Appraisals") whereas investment properties in the United | 行 於 二 零 一 九 年 六 月 三 十 日 之 物 業 估 值。至 |
Kingdom were revalued by Peak Vision Appraisals Limited ("Peak | 於 本 集 團 位 於 英 國 之 投 資 物 業,由 澋 鋒 評 估 |
Vision Appraisals"). B.I. Appraisals and Peak Vision Appraisals are | 有 限 公 司(「澋 鋒 評 估」)進 行 物 業 估 值。保 柏 |
independent property valuers. A loss on fair value changes of | 國際評估及澋鋒評估均為獨立物業估值師。 |
investment properties of HK$427.1 million (2018: HK$22.8 million) | 於本期間錄得投資物業之公平值變動之虧損 |
was recorded during the Period. The unrealised fair value change is a | 為427,100,000 港 元(二 零 一 八 年:22,800,000 |
non-cash item and will not affect the cash flow of the Group. | 港元)。未變現公平值變動乃非現金項目,對 |
本集團現金流量並無構成影響。 |
52
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) | |
Profit/Loss, Core Profit/Loss, Dividends, Repurchase, Cash | 溢 利╱虧 損、核 心 溢 利╱虧 損、股 息、回 購、 | |
Payment Ratio and Total Comprehensive Expenses | 現金支出比率及全面支出總額 | |
Profit/Loss | 溢利╱虧損 | |
Profit for the Period attributable to owners of the Company was | 本 公 司 擁 有 人 應 佔 本 期 間 之 溢 利 為 | |
HK$844.9 million as compared with loss of HK$363.5 million for the | 844,900,000 港 元, 相 比 去 年 同 期 為 虧 損 | |
same period of last year. The turning from loss to profit for the Period | 363,500,000 港元。本期間轉虧為盈主要由於 | |
was mainly due to result from the segment of listed investments and | 來自分類為通過損益以反映公平值之上市投 | |
treasury products at FVTPL turning to profit of HK$1,208.0 million | 資 及 財 資 產 品 之 業 績 轉 為 溢 利1,208,000,000 | |
as compared with loss of HK$583.5 million recorded in the first | 港 元, 相 比 二 零 一 八 年 上 半 年 虧 損 為 | |
half of 2018 despite of (a) increase in loss on fair value changes of | 583,500,000 港元,儘管(a) 投資物業之公平值 | |
investment properties of HK$404.3 million; and (b) no attributable | 變 動 之 虧 損 增 加404,300,000 港 元;及(b) 於 | |
property sales profit (2018: HK$128.6 million) was recognised during | 本 期 間 並 無 確 認 應 佔 物 業 銷 售 溢 利(二 零 一 | |
the Period. Earnings per share for the Period was HK$0.44 (2018: | 八 | 年:128,600,000 港元)。本期間之每股盈利 |
loss per share of HK$0.19). | 為0.44 港 元(二 零 一 八 年:每 股 虧 損 為0.19 港 | |
元)。 | ||
Core Profit/Loss | 核心溢利╱虧損 | |
If the net loss on the major non-cash items of HK$358.6 million | 如撇除主要非現金項目虧損淨額358,600,000 | |
(2018: net gain of HK$37.3 million) is excluded, the Group will have | 港 元( 二 零 一 八 年: 收 益 淨 額37,300,000 港 | |
a core profit for the Period attributable to owners of the Company of | 元),本集團將錄得本公司擁有人應佔本期間 | |
HK$1,203.5 million (2018: core loss of HK$400.8 million) and a core | 之 核 心 溢 利1,203,500,000 港 元(二 零 一 八 年: | |
profit per share of HK$0.63 (2018: core loss per share of HK$0.21). | 核 心 虧 損400,800,000 港 元)及 每 股 核 心 溢 利 | |
為0.63港元(二零一八年:每股核心虧損為0.21 | ||
港元)。 | ||
The major non-cash items represented the attributable net unrealised | 主 要 非 現 金 項 目 乃 指 來 自 本 集 團 以 及 其 聯 | |
fair value loss on investment properties together with their respective | 營 公 司 及 合 資 公 司 之 應 佔 投 資 物 業 之 未 變 | |
deferred tax from the Group and its associates and joint venture of | 現 公 平 值 虧 損 淨 額 連 同 其 相 關 之 遞 延 稅 項 | |
HK$358.6 million (2018: net gain of HK$37.3 million). | 共358,600,000 港 元(二 零 一 八 年:收 益 淨 額 | |
37,300,000 港元)。 | ||
Dividends | 股息 | |
Final dividend of HK10 cents (year ended 31st December, 2017: | 截至二零一八年十二月三十一日止年度之每 | |
HK10 cents) per share in total amount of HK$190.8 million for the | 股10 港 仙(截 至 二 零 一 七 年 十 二 月 三 十 一 日 | |
year ended 31st December, 2018 was paid in cash on 12th June, | 止 年 度:每 股10 港 仙)總 額 為190,800,000 港 | |
2019. | 元 之 末 期 股 息,已 於 二 零 一 九 年 六 月 十 二 日 | |
以現金派付。 | ||
Repurchase | 回購 |
During the Period, the Company had not repurchased any of the Company's share.
Cash Payment Ratio
於 本 期 間,本 公 司 並 無 回 購 本 公 司 之 任 何 股 份。
現金支出比率
Based on (a) the core profit for the Period of HK$1,203.5 million or | 根 據(a) 本 期 間 之 核 心 溢 利1,203,500,000 港 |
HK$0.63 per share (2018: core loss of HK$400.8 million or HK$0.21 | 元 或 每 股0.63 港 元(二 零 一 八 年:核 心 虧 損 |
per share); and (b) cash interim dividend of HK1 cent (2018: HK1 | 400,800,000 港 元 或 每 股0.21 港 元);及(b) 宣 |
cent) per share declared, the ratio of such cash payment to the core | 派以現金派付之中期股息每股1 港仙(二零一 |
profit is 1.6% (2018: the ratio was undefined as a result of the core | 八 年:每 股1 港 仙),該 現 金 支 出 與 核 心 溢 利 |
loss). | 之 比 率 為1.6%(二 零 一 八 年:由 於 核 心 虧 損 |
致比率未能確定)。 |
53
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) |
Profit/Loss, Core Profit/Loss, Dividends, Repurchase, Cash | 溢 利╱虧 損、核 心 溢 利╱虧 損、股 息、回 購、 |
Payment Ratio and Total Comprehensive Expenses (continued) | 現金支出比率及全面支出總額(續) |
Total Comprehensive Expenses | 全面支出總額 |
Total comprehensive expenses for the Period attributable to owners | 本 公 司 擁 有 人 應 佔 本 期 間 之 全 面 支 出 總 額 |
of the Company was HK$174.3 million or HK$0.09 per share | 為174,300,000 港 元 或 每 股0.09 港 元( 二 零 |
(2018: HK$6,286.8 million or HK$3.30 per share), which comprised | 一 八 年:6,286,800,000 港 元 或 每 股3.30 港 |
(a) profit for the Period attributable to owners of the Company of | 元),其 中 包 括(a) 本 公 司 擁 有 人 應 佔 本 期 間 |
HK$844.9 million (2018: loss of HK$363.5 million); and (b) other | 之 溢 利844,900,000 港 元(二 零 一 八 年:虧 損 |
comprehensive expenses for the Period attributable to owners of the | 363,500,000 港 元);及(b) 本 公 司 擁 有 人 應 佔 |
Company of HK$1,019.2 million (2018: HK$5,923.3 million) which | 本期間之其他全面支出1,019,200,000 港元(二 |
mainly included unrealised loss on fair value changes of listed equity | 零 一 八 年:5,923,300,000 港 元),主 要 包 括 通 |
investment at FVTOCI of HK$1,333.0 million (2018: HK$5,959.9 | 過其他全面收益以反映公平值之上市股本投 |
million), details are disclosed in the sub-paragraph headed "Listed | 資 之 公 平 值 變 動 之 未 變 現 虧 損1,333,000,000 |
Equity Investments at Fair Value Through Other Comprehensive | 港 元(二 零 一 八 年:5,959,900,000 港 元),詳 |
Income (b) Implication on Other Comprehensive Expenses for the | 情 已 於 上 文「證 券 投 資」一 段 中 之「通 過 其 他 |
Period" of paragraph headed "Securities Investments" above. | 全 面 收 益 以 反 映 公 平 值 之 上 市 股 本 投 資(b) |
本期間其他全面支出之影響」分段內披露。 | |
Net Asset Value | 資產淨值 |
As at 30th June, 2019, the Group's net asset value attributable to | 於 二 零 一 九 年 六 月 三 十 日,本 公 司 擁 有 人 應 |
owners of the Company amounted to HK$33,697.3 million (31st | 佔本集團之資產淨值為33,697,300,000港元(二 |
December, 2018: HK$34,062.4 million), a decrease of HK$365.1 | 零 一 八 年 十 二 月 三 十 一 日:34,062,400,000 |
million or 1.1% when compared with 31st December, 2018. With | 港 元),較 二 零 一 八 年 十 二 月 三 十 一 日 減 少 |
the total number of ordinary shares in issue of 1,907,619,079 as | 365,100,000 港 元 或1.1%。根 據 於 二 零 一 九 |
at 30th June, 2019 and 31st December, 2018, the net asset value | 年六月三十日及二零一八年十二月三十一日 |
per share attributable to owners of the Company was HK$17.66 | 之 已 發 行 普 通 股 總 數1,907,619,079 股 計 算, |
(31st December, 2018: HK$17.86). The movement in net asset | 本 公 司 擁 有 人 應 佔 之 每 股 資 產 淨 值 為17.66 |
value was mainly due to (a) total comprehensive expenses for the | 港 元(二 零 一 八 年 十 二 月 三 十 一 日:17.86 港 |
Period attributable to owners of the Company of HK$174.3 million; | 元)。資 產 淨 值 變 動 主 要 與(a) 本 公 司 擁 有 人 |
and (b) final dividend recognised as distribution during the Period | 應 佔 本 期 間 之 全 面 支 出 總 額174,300,000 港 |
of HK$190.8 million. | 元;及(b) 於 本 期 間 已 確 認 派 發 之 末 期 股 息 |
190,800,000 港元有關。 | |
During the Period, loss on fair value changes of the listed equity | 於 本 期 間,分 類 為 通 過 其 他 全 面 收 益 以 反 映 |
investment categorised as financial assets measured at FVTOCI of | 公 平 值 計 量 之 金 融 資 產 之 上 市 股 本 投 資 之 |
HK$1,333.0 million (2018: HK$5,959.9 million) was recorded in | 公 平 值 變 動 虧 損 為1,333,000,000 港 元(二 零 |
other comprehensive expenses. The cumulative amount of gain on | 一 八 年:5,959,900,000 港 元 ), 並 錄 入 為 其 |
fair value changes of listed equity investment included in financial | 他 全 面 支 出。於 二 零 一 九 年 六 月 三 十 日,上 |
assets measured at FVTOCI reserve was HK$5,238.0 million as at | 市 股 本 投 資 之 公 平 值 變 動 收 益 之 累 計 金 額 |
30th June, 2019 (31st December, 2018: HK$6,571.0 million). | 5,238,000,000 港 元(二 零 一 八 年 十 二 月 三 十 |
一日:6,571,000,000 港元)已包括在通過其他 | |
全面收益以反映公平值計量之金融資產之儲 | |
備內。 |
Other than the existing projects and those disclosed in the interim results, the Group did not have material acquisition or disposal of assets and any future plans for material investment or capital assets.
除 現 有 項 目 及 於 中 期 業 績 內 所 披 露 者 外,本 集團並無重大收購或出售資產及重大投資或 資本資產之未來計劃。
54
FINANCIAL OPERATION REVIEW (continued)
Net Current Liabilities
The Group recorded net current liabilities as at 30th June, 2019 of HK$1,759.2 million (31st December, 2018: HK$2,749.8 million), of which current assets were HK$8,563.1 million (31st December, 2018: HK$7,104.6 million) and current liabilities were HK$10,322.3 million (31st December, 2018: HK$9,854.4 million). The position was mainly due to certain of the Group's current liabilities had been utilised to finance the Group's non-current assets.
財務業務回顧(續)
流動負債淨值
於 二 零 一 九 年 六 月 三 十 日,本 集 團 錄 得 流 動 負 債 淨 值1,759,200,000 港 元(二 零 一 八 年 十 二 月 三 十 一 日:2,749,800,000 港 元),其 中 流 動 資 產 為8,563,100,000 港 元(二 零 一 八 年 十 二月三十一日:7,104,600,000 港元)及流動負 債 為10,322,300,000 港 元(二 零 一 八 年 十 二 月 三 十 一 日:9,854,400,000 港 元)。該 狀 況 主 要 由於本集團若干流動負債用作融資本集團非 流動資產所致。
In the unaudited condensed consolidated statement of financial | 於 二 零 一 九 年 六 月 三 十 日 之 未 經 審 核 簡 | |
position and within securities investment activities, which comprised | 明 綜 合 財 務 狀 況 報 表 及 證 券 投 資 活 動 中, | |
of bonds and listed equity investment, the total carrying amount | 包 括 債 券 及 上 市 股 本 投 資 之 賬 面 值 總 額 為 | |
as at 30th June, 2019 was HK$27,260.4 million (31st December, | 27,260,400,000 港 元(二 零 一 八 年 十 二 月 三 十 | |
2018: HK$26,852.5 million). Included in non-current assets were | 一 日:26,852,500,000 港 元)。非 流 動 資 產 當 | |
part of the bonds in the sum of HK$1,551.1 million (31st December, | 中包括呈列為通過損益以反映公平值計量之 | |
2018: HK$1,271.6 million) presented as financial assets measured | 金 融 資 產 之 部 分 債 券 合 共1,551,100,000 港 元 | |
at FVTPL and listed equity investment in the sum of HK$18,834.0 | (二零一八年十二月三十一日:1,271,600,000 | |
million (31st December, 2018: HK$20,167.0 million) presented as | 港 元)及 呈 列 為 通 過 其 他 全 面 收 益 以 反 映 公 | |
financial assets measured at FVTOCI. Included in current assets were | 平 值 計 量 之 金 融 資 產 之 上 市 股 本 投 資 合 共 | |
part of the bonds in the sum of HK$6,875.3 million (31st December, | 18,834,000,000 港 元(二 零 一 八 年 十 二 月 三 十 | |
2018: HK$5,413.9 million) presented as financial assets measured | 一 日:20,167,000,000 港 元)。流 動 資 產 當 中 | |
at FVTPL. Margin loans utilised to finance the securities investments | 包括呈列為通過損益以反映公平值計量之金 | |
in both non-current and current assets in the sum of HK$7,917.2 | 融資產之部分債券合共6,875,300,000 港元(二 | |
million (31st December, 2018: HK$7,330.5 million) were presented | 零 一 八 年 十 二 月 三 十 一 日:5,413,900,000 港 | |
as borrowings in current liabilities. | 元)。用 作 融 資 非 流 動 及 流 動 資 產 中 之 證 券 | |
投資之保證金貸款合共7,917,200,000 港元(二 | ||
零 一 八 年 十 二 月 三 十 一 日:7,330,500,000 港 | ||
元),呈列為流動負債中之借貸。 | ||
If the margin loans of HK$7,917.2 million (31st December, 2018: | 倘 將 保 證 金 貸 款7,917,200,000 港 元(二 零 一 | |
HK$7,330.5 million) were allocated into the securities investments | 八 | 年 十 二 月 三 十 一 日:7,330,500,000 港 元) |
secured according to the respective non-current and current assets | 以相關呈列於非流動及流動資產中之抵押證 | |
presentation, HK$4,534.7 million (31st December, 2018: HK$4,240.4 | 券 投 資 分 配,4,534,700,000 港 元(二 零 一 八 | |
million) and HK$3,382.5 million (31st December, 2018: HK$3,090.1 | 年 十 二 月 三 十 一 日:4,240,400,000 港 元)及 | |
million) were secured by the securities investments in non-current | 3,382,500,000 港 元(二 零 一 八 年 十 二 月 三 十 | |
and current assets respectively. | 一日:3,090,100,000 港元)之保證金貸款分別 | |
以非流動及流動資產中證券投資作為抵押。 | ||
If the margin loans secured by the securities investments in non- | 倘以非流動資產中證券投資作為抵押之保證 | |
current assets of HK$4,534.7 million (31st December, 2018: | 金 貸 款4,534,700,000 港 元(二 零 一 八 年 十 二 | |
HK$4,240.4 million) were reclassified as non-current liabilities, the | 月三十一日:4,240,400,000 港元)被重新分類 | |
net current liabilities position of the Group would become net current | 為 非 流 動 負 債,本 集 團 於 二 零 一 九 年 六 月 三 | |
assets position as at 30th June, 2019 of HK$2,775.5 million (31st | 十日之流動負債淨值狀況將變為流動資產淨 | |
December, 2018: HK$1,490.6 million). | 值 狀 況2,775,500,000 港 元(二 零 一 八 年 十 二 | |
月三十一日:1,490,600,000 港元)。 |
55
FINANCIAL OPERATION REVIEW (continued)
Net Current Liabilities (continued)
The ratio of margin loans against securities investments was loan-to- value ratio, which was 29.0% as at 30th June, 2019 (31st December, 2018: 27.3%). In accordance with the terms and conditions of margin loans facility agreements of the Group with financial institutions, among others, as long as the securities investments maintained market value which is in excess of pre-definedloan-to-value ratios as set out by the financial institutions, the margin loans upon interest payment due date would be roll-overedmonth-for-month, and repayment of margin loans by the Group to financial institutions would not be required. As such, very often margin loans of the Group which were presented as current liabilities would not be current and would be repayable over one year. In the event that the Group intends to reduce or repay part of the margin loans, the Group might, among others, dispose of some of the securities investments to effect the payment.
Listed securities investments and treasury products of the Group were frequently traded in the market, and formed part of the Group's treasury management. They were presented as non-current assets and current assets according to their intended holding periods.
If the entire listed securities investments and treasury products of the Group as at 30th June, 2019 were presented as current assets, current assets would be increased by HK$20,385.1 million (31st December, 2018: HK$21,438.6 million), and net current liabilities position of HK$1,759.2 million (31st December, 2018: HK$2,749.8 million) would become net current assets position of HK$18,625.9 million (31st December, 2018: HK$18,688.8 million).
財務業務回顧(續)
流動負債淨值(續)
貸款價值比率乃保證金貸款除以證券投資之 比 率,於 二 零 一 九 年 六 月 三 十 日 為29.0%(二 零 一 八 年 十 二 月 三 十 一 日:27.3%)。根 據 本 集團與金融機構之保證金貸款融資協議之條 款 及 條 件(其 中 包 括),只 要 證 券 投 資 之 市 值 維持超過金融機構規定之預先定義貸款價值 比 率,到 期 支 付 利 息 之 保 證 金 貸 款 將 按 月 滾 存,本集團無需向金融機構償還保證金貸款。 因 此,本 集 團 慣 常 將 保 證 金 貸 款 呈 列 為 流 動 負 債,然 而 並 非 流 動 及 將 於 一 年 後 償 還。倘 本 集 團 有 意 減 少 或 償 還 部 分 保 證 金 貸 款,則 本 集 團 可 能(其 中 包 括)出 售 部 分 證 券 投 資 以 支付貸款。
本集團之上市證券投資及財資產品經常於市 場 買 賣,及 成 為 本 集 團 資 金 管 理 之 一 部 分。 上市證券投資及財資產品乃按擬定持有期呈 列為非流動資產及流動資產。
倘將本集團於二零一九年六月三十日之全部 上市證券投資及財資產品呈列為流動資產, 流 動 資 產 將 會 增 加20,385,100,000 港 元( 二 零 一 八 年 十 二 月 三 十 一 日:21,438,600,000 港 元),及 流 動 負 債 淨 值 狀 況1,759,200,000 港 元( 二 零 一 八 年 十 二 月 三 十 一 日: 2,749,800,000 港 元)將 變 為 流 動 資 產 淨 值 狀
-
18,625,900,000 港 元(二 零 一 八 年 十 二 月 三
十一日:18,688,800,000 港元)。
The Group believes that the net current liabilities position as at 30th | 本 集 團 相 信,於 二 零 一 九 年 六 月 三 十 日 之 流 |
June, 2019 would not have adverse financial effect to the Group's | 動負債淨值狀況將不會對本集團之流動資金 |
liquidity or gearing position and the Group has ability to continue as | 或 負 債 狀 況 造 成 不 利 之 財 務 影 響,且 本 集 團 |
a going concern. | 能夠繼續持續經營。 |
Securities Investments | 證券投資 |
The Group's strategy is to maintain securities investment portfolio for | 本集團之策略是維持證券投資組合作為財資 |
treasury management and invest in listed securities investments and | 管理以及投資具吸引收益率及良好前景之上 |
treasury products with attractive yield and good prospect in order to | 市 證 券 投 資 及 財 資 產 品,以 確 保 長 遠 帶 來 穩 |
bring stable and satisfactory realised return in long run. During the | 定 及 滿 意 之 變 現 回 報。於 本 期 間,本 集 團 進 |
Period, the Group further diversified the bonds portfolio comprised | 一 步 使 債 券 組 合 多 元 化,組 合 包 括 海 外 金 融 |
of the bonds issued by overseas financial institutions and PRC-based | 機構及中國房地產公司發行之債券。 |
real estate companies. | |
As at 30th June, 2019, the portfolio of listed securities investments | 於 二 零 一 九 年 六 月 三 十 日,上 市 證 券 投 資 及 |
and treasury products of HK$27,260.4 million (31st December, | 財 資 產 品 組 合27,260,400,000 港 元( 二 零 一 |
2018: HK$26,852.5 million) comprised (a) bonds (financial assets | 八 年 十 二 月 三 十 一 日:26,852,500,000 港 元) |
measured at FVTPL (non-current and current assets in aggregate)) of | 中 包 括(a) 債 券(通 過 損 益 以 反 映 公 平 值 計 量 |
HK$8,426.4 million (31st December, 2018: HK$6,685.5 million); and | 之 金 融 資 產(合 共 於 非 流 動 及 流 動 資 產 內)) |
(b) listed equity investment (financial assets measured at FVTOCI) of | 8,426,400,000 港 元(二 零 一 八 年 十 二 月 三 十 |
HK$18,834.0 million (31st December, 2018: HK$20,167.0 million), | 一日:6,685,500,000 港元);及(b) 上市股本投 |
representing 56.0% (31st December, 2018: 55.1%) of total assets. | 資(通 過 其 他 全 面 收 益 以 反 映 公 平 值 計 量 之 |
金 融 資 產)18,834,000,000 港 元(二 零 一 八 年 | |
十 二 月 三 十 一 日:20,167,000,000 港 元),佔 | |
資產總額56.0%(二零一八年十二月三十一日: | |
55.1%)。 |
56
FINANCIAL OPERATION REVIEW (continued)
Securities Investments (continued)
The respective securities investments under different categories are elaborated below:
Listed Equity Investments at Fair Value Through Other Comprehensive Income
財務業務回顧(續)
證券投資(續)
以下就不同類別之證券投資作出詳述:
通過其他全面收益以反映公平值之上市股本 投資
In prior years, the Group had acquired 860,000,000 shares of China | 於 過 往 年 度,本 集 團 購 入860,000,000 股 中 |
Evergrande and recorded as financial assets measured at FVTOCI. | 國 恆 大 股 份,並 列 為 通 過 其 他 全 面 收 益 以 |
During the Period, no acquisition or disposal of shares of China | 反 映 公 平 值 計 量 之 金 融 資 產。於 本 期 間,本 |
Evergrande. The Group held 860,000,000 shares of China Evergrande, | 集 團 並 無 購 入 或 出 售 中 國 恆 大 股 份,並 持 有 |
representing approximately 6.6% of the total issued share capital of | 860,000,000 股 中 國 恆 大 股 份(相 當 於 中 國 恆 |
China Evergrande as at 30th June, 2019. | 大於二零一九年六月三十日之全部已發行股 |
本約6.6%)。 | |
As at 31st December, 2018, the cumulative unrealised gain on fair | 於 二 零 一 八 年 十 二 月 三 十 一 日, 恆 大 股 |
value change of the Evergrande Shares was HK$6,571.0 million and | 份 之 公 平 值 變 動 之 累 計 未 變 現 收 益 為 |
the carrying amount of the Evergrande Shares was HK$20,167.0 | 6,571,000,000 港 元 及 恆 大 股 份 之 賬 面 值 為 |
million. After deducting the unrealised fair value loss of HK$1,333.0 | 20,167,000,000 港 元。 經 扣 除 本 期 間 未 變 |
million for the Period, the carrying amount of the Evergrande Shares | 現 公 平 值 虧 損1,333,000,000 港 元 後, 於 二 |
as at 30th June, 2019 was HK$18,834.0 million, representing 38.7% | 零 一 九 年 六 月 三 十 日 恆 大 股 份 之 賬 面 值 為 |
(31st December, 2018: 41.4%) of total assets. The cumulative | 18,834,000,000 港元,佔資產總額38.7%(二零 |
unrealised gain on fair value change of the Evergrande Shares was | 一 八 年 十 二 月 三 十 一 日:41.4%)。恆 大 股 份 |
reduced from HK$6,571.0 million as at 31st December, 2018 to | 之公平值變動之累計未變現收益由二零一八 |
HK$5,238.0 million as at 30th June, 2019, which was recorded in | 年 十 二 月 三 十 一 日 之6,571,000,000 港 元 下 降 |
the financial assets measured at FVTOCI reserve. The unrealised fair | 至 於 二 零 一 九 年 六 月 三 十 日 之5,238,000,000 |
value change is a non-cash item and will not affect the cash flow of | 港 元,並 已 錄 入 通 過 其 他 全 面 收 益 以 反 映 公 |
the Group. | 平 值 計 量 之 金 融 資 產 之 儲 備 內。未 變 現 公 平 |
值 變 動 乃 非 現 金 項 目,對 本 集 團 現 金 流 量 並 | |
無構成影響。 | |
China Evergrande group is principally engaged in the property | 中國恆大集團主要於中國從事房地產開發、 |
development, property investment, property management, hotel | 物業投資、物業管理、酒店營運、金融業務、 |
operations, finance business, internet business and health industry | 互 聯 網 業 務 及 健 康 業 務。根 據 中 國 恆 大 於 截 |
business in the PRC. According to the audited consolidated financial | 至 二 零 一 八 年 及 二 零 一 七 年 十 二 月 三 十 一 |
statements of China Evergrande for the years ended 31st December, | 日 止 年 度 之 經 審 核 綜 合 財 務 報 表,收 入 及 股 |
2018 and 2017, the revenue and profit attributable to shareholders | 東 應 佔 溢 利 分 別 為 人 民 幣466,200,000,000 |
were RMB466.2 billion (2017: RMB311.0 billion) and RMB37.4 | ( 二 零 一 七 年: 人 民 幣311,000,000,000) |
billion (2017: RMB24.4 billion) respectively; while the total assets | 及 人 民 幣37,400,000,000( 二 零 一 七 年: 人 |
and total equity were RMB1,880.0 billion (2017: RMB1,761.8 billion) | 民 幣24,400,000,000); 而 資 產 總 額 及 股 本 |
and RMB308.6 billion (2017: RMB242.2 billion) respectively, the | 權 益 總 額 分 別 為 人 民 幣1,880,000,000,000 |
net debt was RMB468.9 billion (2017: RMB444.9 billion). Net debt | ( 二 零 一 七 年: 人 民 幣1,761,800,000,000) |
is calculated as total borrowings less cash and cash equivalents and | 及 人 民 幣308,600,000,000(二 零 一 七 年:人 |
restricted cash. | 民 幣242,200,000,000), 債 務 淨 額 為 人 民 |
幣468,900,000,000( 二 零 一 七 年: 人 民 幣 | |
444,900,000,000)。債務淨額乃按借貸總額減 | |
現金及現金等值物以及受限制現金計算。 |
57
FINANCIAL OPERATION REVIEW (continued)
Securities Investments (continued)
The respective securities investments under different categories are elaborated below: (continued)
Listed Investments and Treasury Products at Fair Value Through Profit or Loss
財務業務回顧(續)
證券投資(續)
以下就不同類別之證券投資作出詳述:(續)
通 過 損 益 以 反 映 公 平 值 之 上 市 投 資 及 財 資 產品
As at 31st December, 2018, the carrying amount of the bonds | 於 二 零 一 八 年 十 二 月 三 十 一 日,呈 列 為 通 過 | |
presented as financial assets measured at FVTPL was HK$6,685.5 | 損益以反映公平值計量之金融資產之債券賬 | |
million. During the Period, the bonds portfolio was increased by | 面 值 為6,685,500,000 港 元。於 本 期 間,該 債 | |
a net acquisition of HK$853.1 million. After adding the fair value | 券組合已就購入淨額增加853,100,000 港元。 | |
gain of HK$887.8 million, the bonds portfolio of the Group became | 經 計 入 公 平 值 收 益887,800,000 港 元 後,本 集 | |
HK$8,426.4 million as at 30th June, 2019, representing 17.3% (31st | 團 於 二 零 一 九 年 六 月 三 十 日 之 債 券 組 合 為 | |
December, 2018: 13.7%) of total assets, which formed part of the | 8,426,400,000 港 元,佔 資 產 總 額17.3%(二 零 | |
Group's cash management activities. | 一 | 八 年 十 二 月 三 十 一 日:13.7%),該 組 合 為 |
本集團資金管理活動之一部分。 | ||
As at 30th June, 2019, the bonds portfolio comprised of bonds issued | 於 二 零 一 九 年 六 月 三 十 日,該 債 券 組 合 包 括 | |
by overseas financial institutions of 47.2% (31st December, 2018: | 47.2%(二零一八年十二月三十一日:53.7%) | |
53.7%), PRC-based real estate companies of 49.2% (31st December, | 由 海 外 金 融 機 構 發 行、49.2%(二 零 一 八 年 | |
2018: 41.6%) and other industries of 3.6% (31st December, 2018: | 十 二 月 三 十 一 日:41.6%)由 中 國 房 地 產 公 | |
4.7%). They are denominated in different currencies with 97.0% | 司 發 行 及3.6%(二 零 一 八 年 十 二 月 三 十 一 | |
(31st December, 2018: 96.7%) in US$ and 3.0% (31st December, | 日:4.7%)由 其 他 行 業 之 公 司 發 行 之 債 券。 | |
2018: 3.3%) in Pound Sterling ("GBP"). The bonds denominated | 該 等 債 券 以 美 元(97.0%)(二 零 一 八 年 十 二 | |
in US$ carry at fixed rate range from 4.750% to 13.000% (31st | 月 三 十 一 日:96.7%)及 英 鎊(「英 鎊」)(3.0%) | |
December, 2018: 4.750% to 9.375%) per annum of which notional | (二 零 一 八 年 十 二 月 三 十 一 日:3.3%)之 不 同 | |
amount of US$1,007.4 million (31st December, 2018: US$911.4 | 貨 幣 計 值。以 美 元 計 值 之 債 券 固 定 年 利 率 為 | |
million) are callable, all bonds denominated in GBP carry at fixed rate | 4.750 厘 至13.000 厘(二 零 一 八 年 十 二 月 三 十 | |
range from 5.875% to 7.250% (31st December, 2018: 5.875% to | 一 日:4.750 厘 至9.375 厘),其 中 名 義 金 額 為 | |
7.250%) per annum of notional amount of GBP25.5 million (31st | 1,007,400,000 美元(二零一八年十二月三十一 | |
December, 2018: GBP22.5 million) are callable. As at 30th June, | 日:911,400,000 美元)之債券為可贖回。全部 | |
2019, the bonds portfolio comprised of 29 bonds (31st December, | 以 英 鎊 計 值 之 債 券 固 定 年 利 率 為5.875 厘 至 | |
2018: 25 bonds); in terms of credit rating, investment grade, non- | 7.250 厘(二零一八年十二月三十一日:5.875 | |
investment grade and unrated were 5 bonds, 22 bonds and 2 | 厘至7.250厘),名義金額為25,500,000英鎊(二 | |
bonds (31st December, 2018: 5 bonds, 16 bonds and 4 bonds) | 零 一 八 年 十 二 月 三 十 一 日:22,500,000 英 鎊) | |
respectively. In terms of maturity, 16 bonds (31st December, 2018: | 之債券為可贖回。於二零一九年六月三十日, | |
14 bonds) were contingent convertible bonds issued by overseas | 該 債 券 組 合 包 括29 隻(二 零 一 八 年 十 二 月 三 | |
financial institutions which were perpetual with no fixed tenor. 13 | 十一日:25 隻)債券,以信貸評級分類,5 隻、 | |
bonds (31st December, 2018: 11 bonds) issued by issuers other | 22 隻 及2 隻(二 零 一 八 年 十 二 月 三 十 一 日:5 | |
than overseas financial institutions will be matured between 2021 | 隻、16 隻 及4 隻)債 券 分 別 為 投 資 評 級、非 投 | |
to 2046 and no perpetual bond (31st December, 2018: 8 bonds | 資評級及未獲評級。以到期日分類,16 隻(二 | |
would be matured between 2021 to 2046 and the remaining 3 | 零 一 八 年 十 二 月 三 十 一 日:14 隻)由 海 外 金 | |
bonds were perpetual). | 融機構發行之或然可換股債券為永續債券及 | |
並 無 固 定 期 限。13 隻(二 零 一 八 年 十 二 月 三 | ||
十 一 日:11 隻)由 海 外 金 融 機 構 以 外 之 發 行 | ||
人發行之債券將於二零二一年至二零四六年 |
到 期 及 並 非 永 續 債 券(二 零 一 八 年 十 二 月 三 十 一 日:8 隻 債 券 將 於 二 零 二 一 年 至 二 零 四 六年到期及餘下3 隻為永續債券)。
58
FINANCIAL OPERATION REVIEW (continued)
Securities Investments (continued)
The respective securities investments under different categories are elaborated below: (continued)
Listed Investments and Treasury Products at Fair Value Through Profit or Loss (continued)
財務業務回顧(續)
證券投資(續)
以下就不同類別之證券投資作出詳述:(續)
通 過 損 益 以 反 映 公 平 值 之 上 市 投 資 及 財 資 產品(續)
Details and movement of the bonds portfolio at the end of the | 於報告期末債券組合之詳情及變動載列如下: | ||||||||||||||
reporting period are set out below: | |||||||||||||||
Overseas | |||||||||||||||
financial | PRC-based | ||||||||||||||
institutions | real estate | Others | Total | ||||||||||||
海外金融機構 | 中國房地產 | 其他 | 總額 | ||||||||||||
HK$ million | HK$ million | HK$ million | HK$ million | ||||||||||||
百萬港元 | 百萬港元 | 百萬港元 | 百萬港元 | ||||||||||||
Movement of | 債券組合之變動 | ||||||||||||||
bonds portfolio | |||||||||||||||
Carrying amounts | 賬面值 | ||||||||||||||
At 31st December, 2018 | 於二零一八年 | ||||||||||||||
十二月三十一日 | 3,588.3 | 2,780.9 | 316.3 | 6,685.5 | |||||||||||
Purchases | 購入 | 80.5 | 2,305.9 | - | 2,386.4 | ||||||||||
Disposals | 出售 | - | (1,480.4) | (52.9) | (1,533.3) | ||||||||||
Fair value changes | 公平值變動 | 308.7 | 539.6 | 39.5 | 887.8 | ||||||||||
At 30th June, 2019 | 於二零一九年 | ||||||||||||||
六月三十日 | 3,977.5 | 4,146.0 | 302.9 | 8,426.4 | |||||||||||
Percentage to total assets | 佔資產總額之百分比 | ||||||||||||||
At 30th June, 2019 | 於二零一九年 | ||||||||||||||
六月三十日 | 8.2% | 8.5% | 0.6% | 17.3% | |||||||||||
At 31st December, 2018 | 於二零一八年 | ||||||||||||||
十二月三十一日 | 7.4% | 5.7% | 0.6% | 13.7% | |||||||||||
At 30th June, 2019 | At 31st December, 2018 | ||||||||||||||
於二零一九年六月三十日 | 於二零一八年十二月三十一日 | ||||||||||||||
Percentage | Percentage | ||||||||||||||
HK$ million | to total | HK$ million | to total | ||||||||||||
佔總額之 | 佔總額之 | ||||||||||||||
百萬港元 | 百分比 | 百萬港元 | 百分比 | ||||||||||||
Bond issuers by industry | 按債券發行人之行業 | ||||||||||||||
Carrying amounts | 賬面值 | ||||||||||||||
Overseas financial | 海外金融機構 | ||||||||||||||
institutions | 3,977.5 | 47.2% | 3,588.3 | 53.7% | |||||||||||
PRC-based real estate | 中國房地產 | 4,146.0 | 49.2% | 2,780.9 | 41.6% | ||||||||||
Others | 其他 | 302.9 | 3.6% | 316.3 | 4.7% | ||||||||||
8,426.4 | 100.0% | 6,685.5 | 100.0% | ||||||||||||
59
FINANCIAL OPERATION REVIEW (continued)
Securities Investments (continued)
The respective securities investments under different categories are elaborated below: (continued)
財務業務回顧(續)
證券投資(續)
以下就不同類別之證券投資作出詳述:(續)
Listed Investments and Treasury Products at Fair Value Through Profit or Loss (continued)
Details and movement of the bonds portfolio at the end of the reporting period are set out below: (continued)
通 過 損 益 以 反 映 公 平 值 之 上 市 投 資 及 財 資 產品(續)
於報告期末債券組合之詳情及變動載列如下:
(續)
Bonds by currency
- Carrying amounts
- US$
- GBP
At 30th June, 2019 | At 31st December, 2018 | |||||||||||
於二零一九年六月三十日 | 於二零一八年十二月三十一日 | |||||||||||
Coupon rate | Percentage | Coupon rate | Percentage | |||||||||
(per annum) | HK$ million | to total | (per annum) | HK$ million | to total | |||||||
佔總額之 | 佔總額之 | |||||||||||
票息年利率 | 百萬港元 | 百分比 | 票息年利率 | 百萬港元 | 百分比 | |||||||
按債券之貨幣 | ||||||||||||
賬面值 | ||||||||||||
美元 | 4.750% to | 8,172.0 | 97.0% | 4.750% to | 6,466.6 | 96.7% | ||||||
13.000% | 9.375% | |||||||||||
4.750 厘至 | 4.750 厘至 | |||||||||||
13.000 厘 | 9.375 厘 | |||||||||||
英鎊 | 5.875% to | 254.4 | 3.0% | 5.875% to | 218.9 | 3.3% | ||||||
7.250% | 7.250% | |||||||||||
5.875 厘至 | 5.875 厘至 | |||||||||||
7.250 厘 | 7.250 厘 |
8,426.4 | 100.0% | 6,685.5 | 100.0% | ||||||
Unlisted Securities Investments | 非上市證券投資 | ||||||||
The Group invested in an exempted limited partnership formed under | 本集團已投資於一間按開曼群島獲豁免有限 | ||||||||
the Exempted Limited Partnership Law (Revised) of the Cayman | 合 夥 企 業 法(經 修 訂)成 立 之 獲 豁 免 有 限 合 夥 | ||||||||
Islands and the carrying amount was HK$408.1 million as at 31st | 企 業 及 於 二 零 一 八 年 十 二 月 三 十 一 日 其 賬 | ||||||||
December, 2018. During the Period, the Group has contributed | 面 值 為408,100,000 港 元。於 本 期 間,本 集 團 | ||||||||
US$2.6 million (equivalent to approximately HK$20.0 million) and | 已 注 資2,600,000 美 元( 相 當 於 約20,000,000 | ||||||||
received distribution of US$2.6 million (equivalent to approximately | 港 元)及 已 收 分 派2,600,000 美 元(相 當 於 約 | ||||||||
HK$20.0 million) (which was included in financial assets measured | 20,000,000 港 元)(計 入 通 過 其 他 全 面 收 益 以 | ||||||||
at FVTOCI), after adding the fair value gain for the Period of HK$24.6 | 反 映 公 平 值 計 量 之 金 融 資 產),經 計 入 本 期 | ||||||||
million (which was recognised in financial assets measured at FVTOCI | 間公平值收益24,600,000 港元(於通過其他全 | ||||||||
reserve), the carrying amount was HK$432.7 million as at 30th June, | 面收益以反映公平值計量之金融資產之儲備 | ||||||||
2019, representing 0.9% (31st December, 2018: 0.8%) of total | 內確認)後,於二零一九年六月三十日之賬面 | ||||||||
assets. | 值 為432,700,000 港 元,佔 資 產 總 額0.9%(二 | ||||||||
零一八年十二月三十一日:0.8%)。 | |||||||||
Risk Management | 風險管理 | ||||||||
The Group has established adequate risk management procedures | 本 集 團 設 有 一 套 完 善 的 風 險 管 理 程 序,以 識 | ||||||||
that enable it to identify, measure, monitor and control various | 別、衡 量、監 察 及 控 制 其 面 對 的 各 種 風 險, | ||||||||
types of risk it faces. This is supplemented by active management | 同 時 輔 以 管 理 層 之 積 極 參 與、有 效 的 內 部 監 | ||||||||
involvement, effective internal controls and adequate internal audit | 控 及 足 夠 的 內 部 審 核,以 保 障 本 集 團 的 最 佳 | ||||||||
in the best interests of the Group. | 利益。 | ||||||||
Equity | 股本 | ||||||||
The number of issued ordinary shares as at 30th June, 2019 and | 於 二 零 一 九 年 六 月 三 十 日 及 二 零 一 八 年 | ||||||||
31st December, 2018 were 1,907,619,079. | 十 二 月 三 十 一 日 的 已 發 行 普 通 股 數 目 為 | ||||||||
1,907,619,079 股。 |
60
FINANCIAL OPERATION REVIEW (continued) | 財務業務回顧(續) | |
Debt and Gearing | 債務及資本與負債比率 | |
As at 30th June, 2019, the Group's total debt amounted to | 於 二 零 一 九 年 六 月 三 十 日,本 集 團 之 債 務 | |
HK$14,259.9 million (31st December, 2018: HK$13,747.7 million), | 總 額 為14,259,900,000 港 元( 二 零 一 八 年 十 | |
comprised bank and other borrowings of HK$14,221.7 million (31st | 二 月 三 十 一 日:13,747,700,000 港 元 ), 包 | |
December, 2018: HK$13,747.7 million) and lease liabilities of | 括 銀 行 及 其 他 借 貸14,221,700,000 港 元( 二 | |
HK$38.2 million (31st December, 2018: nil). Cash and deposits | 零 一 八 年 十 二 月 三 十 一 日:13,747,700,000 | |
at banks amounted to HK$870.9 million (31st December, 2018: | 港 元 )及 租 賃 負 債38,200,000 港 元( 二 零 一 | |
HK$714.6 million), pledged deposits amounted to HK$243.9 million | 八 | 年 十 二 月 三 十 一 日:無)。現 金 及 銀 行 存 |
(31st December, 2018: HK$237.4 million) and net debt (including | 款 為870,900,000 港 元( 二 零 一 八 年 十 二 月 | |
lease liabilities) amounted to HK$13,145.1 million (31st December, | 三 十 一 日:714,600,000 港 元),抵 押 存 款 為 | |
2018: HK$12,795.7 million). Upon the initial application of Hong | 243,900,000 港 元(二 零 一 八 年 十 二 月 三 十 一 | |
Kong Financial Reporting Standard 16 "Leases" on 1st January, 2019 | 日:237,400,000 港 元),而 債 務 淨 額(包 括 租 | |
(details are set out in Note 2 "Principal Accounting Policies" to the | 賃負債)為13,145,100,000 港元(二零一八年十 | |
unaudited condensed consolidated financial statements), recognition | 二 | 月 三 十 一 日:12,795,700,000 港 元)。於 二 |
of lease liabilities gave rise to increase in total debt and net debt of | 零 一 | 九 年 一 月 一 日,首 次 應 用 香 港 財 務 報 告 |
the Group. | 準則第16 號「租賃」(詳情 載列於未經審 核簡 | |
明綜合財務報表附註2「主要會計政策」內), | ||
確認租賃負債導致本集團之債務總額及債務 | ||
淨額增加。 | ||
Total debt to equity ratio (including lease liabilities) was 42.3% (31st | 債 務 總 額 與 股 本 權 益 比 率(包 括 租 賃 負 債) | |
December, 2018: 40.3%) and net debt to equity ratio (including | 為42.3%( 二 零 一 八 年 十 二 月 三 十 一 日: | |
lease liabilities) was 39.0% (31st December, 2018: 37.5%), which | 40.3%),而 債 務 淨 額 與 股 本 權 益 比 率(包 括 | |
are expressed as a percentage of total debt, and net debt, respectively, | 租 賃 負 債)為39.0%(二 零 一 八 年 十 二 月 三 十 | |
over the total equity of HK$33,729.9 million (31st December, 2018: | 一 日:37.5%),乃 分 別 將 債 務 總 額 及 債 務 淨 | |
HK$34,143.6 million). The increase in both ratios was mainly due to | 額 除 以 股 本 權 益 總 額33,729,900,000 港 元(二 | |
increase in total debt and net debt as well as decrease in total equity. | 零 | 一八年十二月三十一日:34,143,600,000 港 |
元)得出之百分比。兩個比率增加主要由於債 | ||
務總額及債務淨額增加以及股本權益總額減 | ||
少所致。 | ||
If the listed securities investments and treasury products of | 如 計 入 上 市 證 券 投 資 及 財 資 產 品 | |
HK$27,260.4 million (31st December, 2018: HK$26,852.5 million) | 27,260,400,000 港 元(二 零 一 八 年 十 二 月 三 十 | |
are included, there would be a net cash position of HK$14,115.3 | 一 日:26,852,500,000 港 元),則 狀 況 將 會 為 | |
million (31st December, 2018: HK$14,056.8 million). | 現 金 淨 額14,115,300,000 港 元(二 零 一 八 年 十 | |
二月三十一日:14,056,800,000 港元)。 | ||
As at 30th June, 2019, the Group's bank and other borrowings of | 於 二 零 一 九 年 六 月 三 十 日,本 集 團 之 銀 行 | |
HK$14,221.7 million, 69.4%, 8.1% and 22.5% were repayable | 及 其 他 借 貸14,221,700,000 港 元 中,69.4%、 | |
within 1 year, 1 to 2 years and 2 to 5 years respectively. Of which | 8.1% 及22.5% 須 分 別 於 一 年 內、一 年 至 兩 年 | |
the Group's bank and other borrowings were denominated in HK$ | 內 及 兩 年 至 五 年 內 償 還。於 本 集 團 之 銀 行 及 | |
(52.2%), GBP (28.5%) and US$ (19.3%) before entering the cross | 其 他 借 貸 中,以 港 元(52.2%)、英 鎊(28.5%) | |
currency swap. HK$, GBP and US$ securities investments were | 及 美 元(19.3%)(進 行 貨 幣 掉 期 前)計 值。港 | |
hedged by HK$, GBP and US$ borrowings. During the Period, the | 元、英 鎊 及 美 元 之 證 券 投 資 以 港 元、英 鎊 及 | |
Group has entered into short term US$/HK$ cross currency swap to | 美 元 借 貸 對 沖。於 本 期 間,本 集 團 訂 立 短 期 | |
enhance interest payable on borrowing, and as at 30th June, 2019, | 美元╱港元貨幣掉期以改善借貸之應付利息, | |
notional amount of approximately US$158.6 million was outstanding. | 以及於二零一九年六月三十日未償還之名義 | |
The Group's bank borrowings were carried at interest rates calculated | 金 額 約 為158,600,000 美 元。本 集 團 之 銀 行 借 | |
with reference to cost of funds, Hong Kong Interbank Offered Rate | 貸 參 照 資 金 成 本、香 港 銀 行 同 業 拆 息(「香 港 | |
("HIBOR") or London Interbank Offered Rate; other borrowings were | 銀行同業拆息」)或倫敦銀行同業拆息計算利 | |
carried at interest rates calculated with reference to cost of funds or | 率;而 其 他 借 貸 參 照 資 金 成 本 或 香 港 銀 行 同 | |
HIBOR. As at 30th June, 2019, all the Group's borrowings were on | 業拆息計算利率。於二零一九年六月三十日, | |
floating rate basis. Except as disclosed, no hedging for interest rate | 本 集 團 所 有 借 貸 均 為 浮 息 借 貸。除 所 披 露 者 | |
is subsisted at the end of the reporting period. | 外,於報告期末並無就利率作出對沖。 |
61
FINANCIAL OPERATION REVIEW (continued)
Pledge of Assets
As at 30th June, 2019, the Group had pledged the following assets with their respective carrying amounts:
- The Group's investment properties of HK$12,362.5 million (31st December, 2018: HK$12,770.6 million) and bank deposits of HK$228.8 million (31st December, 2018: HK$208.6 million) were pledged to the banks to secure general banking and loan facilities granted to the Group.
- The Group's bonds and listed equity investment with carrying amounts of HK$27,260.4 million (31st December, 2018: HK$25,445.5 million) and cash deposits of HK$15.1 million (31st December, 2018: HK$28.8 million) were pledged to the financial institutions to secure margin and securities facilities granted to the Group in respect of securities transactions, of which HK$7,917.2 million (31st December, 2018: HK$7,330.5 million) was utilised as at 30th June, 2019 as borrowings due within one year.
財務業務回顧(續)
資產抵押
於 二 零 一 九 年 六 月 三 十 日,本 集 團 已 抵 押 以 下資產連同其相關之賬面值:
- 就本集團獲授之一般銀行及貸款融資,本 集團之投資物業12,362,500,000 港元(二零
- 八 年 十 二 月 三 十 一 日:12,770,600,000
港 元)及 銀 行 存 款228,800,000 港 元(二 零 - 八 年 十 二 月 三 十 一 日:208,600,000 港 元)已抵押予銀行。
- 八 年 十 二 月 三 十 一 日:12,770,600,000
- 就本集團有關證券交易獲授之保證金及 證 券 融 資,本 集 團 之 債 券 及 上 市 股 本 投 資 之 賬 面 值27,260,400,000 港 元(二 零 一 八年十二月三十一日:25,445,500,000 港 元)及 現 金 存 款15,100,000 港 元(二 零 一 八 年 十 二 月 三 十 一 日:28,800,000 港 元) 已 抵 押 予 金 融 機 構。而 本 集 團 於 二 零 一 九年六月三十日已動用融資並於一年內 到 期 之 借 貸 為7,917,200,000 港 元(二 零
- 八 年 十 二 月 三 十 一 日:7,330,500,000
港元)。
- 八 年 十 二 月 三 十 一 日:7,330,500,000
(c) Interests in certain subsidiaries of the Company have been | (c) 本公司若干附屬公司之權益已質押為本 |
pledged as part of the security to secure certain bank borrowings | 集團獲授若干銀行借貸之部分抵押品。 |
granted to the Group. | |
In addition, the Group had subordinated and assigned its advance | 此 外,於 二 零 一 九 年 六 月 三 十 日,本 集 團 已 |
to a joint venture of HK$154.2 million to a bank to secure a banking | 就一間合資公司獲授之銀行信貸額將其墊付 |
facility granted to the joint venture as at 30th June, 2019. | 該合資公司款項154,200,000 港元轉歸及授讓 |
予一間銀行。 | |
Financial and Interest Income/Expenses | 財務及利息收入╱開支 |
Interest income was included in revenue and investment income | 收入及投資收入(二零一八年:收入、投資收 |
(2018: revenue, investment income and other income). Interest | 入 及 其 他 收 入)均 包 括 利 息 收 入。本 期 間 之 |
income for the Period was HK$355.6 million, representing an increase | 利 息 收 入 為355,600,000 港 元,較 去 年 同 期 之 |
of 12.3% over the same period of last year of HK$316.8 million, | 316,800,000 港 元 增 加12.3%,主 要 由 於 本 期 |
mainly due to increase in bond interest income during the Period. | 間債券利息收入增加所致。 |
Finance costs included interest expenses on bank and other borrowings | 財務費用包括銀行及其他借貸以及租賃負債 |
and lease liabilities (2018: interest expenses on bank and other | 之利息開支(二零一八年:銀行及其他借貸之 |
borrowings); exchange difference on translation of foreign currency | 利息開支);外幣借貸所產生之匯兌差額;以 |
borrowings; and arrangement fee and facility and commitment fee | 及 安 排 費 用 與 信 貸 及 承 擔 費 用 開 支。本 期 間 |
expenses. Interest expenses (excluding interest expenses on lease | 之 利 息 開 支(不 包 括 租 賃 負 債 之 利 息 開 支)為 |
liabilities) for the Period amounted to HK$193.1 million, representing | 193,100,000 港元,較去年同期之153,300,000 |
an increase of 26.0% over the same period of last year of HK$153.3 | 港 元 增 加26.0%,該 增 加 主 要 由 於 於 本 期 間 |
million and the increase was mainly due to the increase in interest | 利率上升所致。於回顧期內之平均利率為2.63 |
rates during the Period. The average interest rate over the period | 厘(二 零 一 八 年:2.01 厘),乃 以 利 息 支 付 總 |
under review was 2.63% (2018: 2.01%), which was expressed as a | 額(不 包 括 租 賃 負 債 之 利 息)除 以 平 均 計 息 借 |
percentage of total interest paid (excluding interest on lease liabilities) | 貸總額得出之百分比。 |
over the average total interest-bearing borrowings. |
62
FINANCIAL OPERATION REVIEW (continued)
Remuneration Policies, Share Option Scheme and Share Award Scheme
As at 30th June, 2019, the Group employed a total of 474 staff (31st December, 2018: 476 staff) including about 233 staff (31st December, 2018: 237 staff) employed under the estate management company in Hong Kong.
Employees were remunerated on the basis of their performance, experience and prevailing industry practice. Remuneration packages comprised salary and year-end discretionary bonus based on market conditions and individual performance. The executive directors of the Company continued to review employees' contributions and to provide them with necessary incentives and flexibility for their better commitment and performance. No share option scheme was adopted during the Period.
財務業務回顧(續)
酬金政策、購股權計劃及股份獎勵計劃
於 二 零 一 九 年 六 月 三 十 日,本 集 團 於 香 港 共 有 僱 員474 人(二 零 一 八 年 十 二 月 三 十 一 日: 476 人),包括受僱於物業管理公司之員工約 233人(二零一八年十二月三十一日:237人)。
僱 員 薪 金 乃 根 據 其 表 現、經 驗 及 目 前 業 內 慣 例 釐 定。酬 金 包 括 薪 金 以 及 按 市 況 及 個 人 表 現 釐 定 之 年 終 酌 情 花 紅。本 公 司 之 執 行 董 事 持續檢討僱員之貢獻及向彼等提供所需之獎 勵 及 彈 性,使 其 更 投 入 工 作 及 有 更 佳 表 現。 本期間並無採納購股權計劃。
The Company had adopted a share award scheme ("Share Award | 本公司於二零零九年採納股份獎勵計劃(「股 |
Scheme") in 2009 which was valid and effective until 13th January, | 份 獎 勵 計 劃」),該 股 份 獎 勵 計 劃 有 效 及 生 效 |
2019 ("Expiry"). The Share Award Scheme was to recognise and | 至 二 零 一 九 年 一 月 十 三 日(「期 滿」)止。該 股 |
reward certain employees for their contributions to the Group and | 份獎勵計劃旨在向為本集團作出貢獻之若干 |
to give long-term incentives for retaining them for the continued | 僱 員 給 予 肯 定 及 回 報,並 作 為 吸 引 其 留 効 本 |
operations and development of the Group. Details were set out in | 集 團,繼 續 為 本 集 團 之 持 續 營 運 及 發 展 而 努 |
"Share Award Scheme" in the section headed "Directors' Report" of | 力 之 長 期 獎 勵。有 關 股 份 獎 勵 計 劃 之 詳 情 已 |
the Company's 2018 annual report. No share was granted under the | 刊載於本公司二零一八年年報「董事會報告書」 |
Share Award Scheme during the period from 1st January, 2019 to | 一節中「股份 獎勵計劃」一 段內。由二零 一九 |
the Expiry and during the life of the Share Award Scheme. | 年一月一日至期滿之期間及於股份獎勵計劃 |
有效期內並無就該股份獎勵計劃授出任何股 | |
份。 | |
United Kingdom and Mainland China | 英國及中國大陸 |
As at 30th June, 2019, the Group's investment properties in | 本 集 團 位 於 英 國 之 投 資 物 業 於 二 零 一 九 年 |
the United Kingdom with carrying amount of GBP813.6 million | 六 月 三 十 日 之 賬 面 值 為813,600,000 英 鎊(相 |
(equivalent to approximately HK$8,062.1 million) (31st December, | 當 於 約8,062,100,000 港 元)(二 零 一 八 年 十 |
2018: GBP855.4 million (equivalent to approximately HK$8,501.5 | 二 月 三 十 一 日:855,400,000 英 鎊(相 當 於 約 |
million)) incurred a net loss of HK$334.4 million (2018: HK$164.8 | 8,501,500,000 港 元))並 為 本 集 團 於 本 期 間 |
million) to the Group for the Period, the loss mainly included in gross | 帶 來 虧 損 淨 額334,400,000 港 元( 二 零 一 八 |
profit, fair value changes on investment properties, finance costs and | 年:164,800,000 港 元),而 該 虧 損 主 要 包 括 |
taxation. GBP exchange loss of foreign operations included in other | 毛 利、投 資 物 業 之 公 平 值 變 動、財 務 費 用 及 |
comprehensive expenses for the Period amounted to HK$5.1 million | 稅 項。已 計 入 本 期 間 之 其 他 全 面 支 出 之 境 |
(2018: HK$102.2 million). As at 30th June, 2019, the Group's net | 外 業 務 之 英 鎊 匯 兌 虧 損 為5,100,000 港 元(二 |
investment in the United Kingdom amounted to HK$4,488.5 million | 零 一 八 年:102,200,000 港 元)。於 二 零 一 九 |
(31st December, 2018: HK$4,826.2 million) representing 13.3% | 年 六 月 三 十 日,本 集 團 於 英 國 之 投 資 淨 額 為 |
(31st December, 2018: 14.1%) of the Group's total equity. | 4,488,500,000 港 元(二 零 一 八 年 十 二 月 三 十 |
一 日:4,826,200,000 港 元),佔 本 集 團 股 本 權 | |
益 總 額13.3%(二 零 一 八 年 十 二 月 三 十 一 日: | |
14.1%)。 |
63
FINANCIAL OPERATION REVIEW (continued)
United Kingdom and Mainland China (continued)
Loss incurred by the Group's investment in Mainland China (mainly included in other income, share of results of investments accounted for using the equity method and taxation) for the Period amounted to HK$5.9 million (2018: profit of HK$8.0 million). RMB exchange loss of foreign operations included in other comprehensive expenses (including share of investments accounted for using the equity method) for the Period amounted to HK$1.8 million (2018: HK$5.6 million). The Group's net investment in Mainland China as at 30th June, 2019 amounted to HK$566.2 million (31st December, 2018: HK$574.1 million) representing 1.7% (31st December, 2018: 1.7%) of the Group's total equity.
Property Valuation
Property valuations in respect of the Group's investment properties in Hong Kong and Mainland China as at 30th June, 2019 and 31st December, 2018 were carried out by B.I. Appraisals, independent qualified professional valuer. For the investment properties in the United Kingdom, the property valuations as at 30th June, 2019 and 31st December, 2018 were carried out by Peak Vision Appraisals, another independent qualified professional valuer. Their valuations were based on investment method and/or direct comparison method as the valuation methodologies and were used in preparing 2019 interim results.
The Group's investment properties were valued at HK$14,840.2 million (31st December, 2018: HK$15,280.8 million), a 2.8% decrease over 2018 after adjusted for the additions and exchange adjustments of investment properties during the Period. The decrease in fair value of HK$427.1 million was recognised in the unaudited condensed consolidated statement of comprehensive income for the Period. The Group also shared an increase in fair value of investment properties held by associates and a joint venture of HK$70.3 million in total for the Period.
The decrease in fair value of HK$427.1 million was mainly derived from decrease in fair value of investment properties located in the United Kingdom. The fair value change is a non-cash item and will not affect the cash flow of the Group.
財務業務回顧(續)
英國及中國大陸(續)
本集團於中國大陸之投資為本期間帶來虧損 5,900,000 港 元(二 零 一 八 年:溢 利8,000,000 港 元)(主 要 包 括 其 他 收 入、攤 佔 以 權 益 法 入 賬 投 資 之 業 績 及 稅 項)。已 計 入 本 期 間 之 其 他全面支出(包括攤佔以權益法入賬之投資) 之境外業務之人民幣匯兌虧損為1,800,000 港 元(二 零 一 八 年:5,600,000 港 元)。於 二 零 一 九 年 六 月 三 十 日,本 集 團 於 中 國 大 陸 之 投 資 淨 額 為566,200,000 港 元(二 零 一 八 年 十 二 月 三十一日:574,100,000 港元),佔本集團股本 權益總額1.7%(二零一八年十二月三十一日: 1.7%)。
物業估值
本集團位於香港及中國大陸之投資物業由獨 立合資格專業估值師保柏國際評估進行於二 零一九年六月三十日及二零一八年十二月三 十 一 日 之 物 業 估 值。至 於 位 於 英 國 之 投 資 物 業,由 另 一 獨 立 合 資 格 專 業 估 值 師 澋 鋒 評 估 進行於二零一九年六月三十日及二零一八年 十 二 月 三 十 一 日 之 物 業 估 值。所 有 評 估 皆 採 納 投 資 法 及╱或 直 接 比 較 法 作 為 估 值 方 法, 並已用於編製二零一九年中期業績。
本 集 團 投 資 物 業 之 估 值 為14,840,200,000 港 元( 二 零 一 八 年 十 二 月 三 十 一 日: 15,280,800,000 港 元),經 作 出 調 整 本 期 間 投 資 物 業 之 添 置 及 匯 兌 調 整 後,較 二 零 一 八 年 減少2.8%。本期間之公平值減少427,100,000 港元已計入未經審核簡明綜合全面收益報表 內。本 集 團 亦 於 本 期 間 攤 佔 由 聯 營 公 司 及 一 間合資公司持有之投資物業之公平值增加合
- 70,300,000 港元。
公平值減少427,100,000 港元乃主要來自位於 英 國 投 資 物 業 之 公 平 值 減 少 所 致。公 平 值 變 動 乃 非 現 金 項 目,對 本 集 團 現 金 流 量 並 無 構 成影響。
64
BUSINESS REVIEW | 業務回顧 |
Hong Kong Property Investment | 香港物業投資 |
Rentals from investment properties continued to be one of the major | 投資物業之租金仍然是本集團之主要收入來 |
sources of our income. | 源之一。 |
As at 30th June, 2019, the occupancy rate of the shops of Causeway | 於 二 零 一 九 年 六 月 三 十 日,銅 鑼 灣 地 帶 之 商 |
Place was approximately 97.27%. | 舖出租率約為97.27%。 |
Olympian City 3 (25% interest), the retail mall in The Hermitage | 奧海城三期(佔25% 權益),位於西九龍帝峯 • |
residences in West Kowloon, the occupancy rate was approximately | 皇殿住宅之商場,於二零一九年六月三十日, |
95.07% as at 30th June, 2019. | 出租率約為95.07%。 |
Coronation Circle (15% interest), the retail mall in The Coronation | 中港薈(佔15% 權益),位於西九龍御金 • 國峯 |
residences in West Kowloon, the occupancy rate was approximately | 住 宅 之 商 場,於 二 零 一 九 年 六 月 三 十 日,出 |
87.35% as at 30th June, 2019. | 租率約為87.35%。 |
As at 30th June, 2019, the occupancy rate of the Group's office | 於 二 零 一 九 年 六 月 三 十 日,本 集 團 之 辦 公 室 |
property, Harcourt House was approximately 91.28%. | 物業 - 夏慤大廈之出租率約為91.28%。 |
No. 1 Hung To Road (33.33% interest), a 33-storey industrial building | 鴻 圖 道 一 號(佔33.33% 權 益),位 於 觀 塘 一 幢 |
in Kwun Tong, the average occupancy rate was approximately 89.58% | 33 層之工業大廈,於本期間內之平均出租率 |
during the Period. | 約為89.58%。 |
Nos. 14-18 Ma Kok Street (50% interest), an industrial building | 馬 角 街14 至18 號(佔50% 權 益),一 幢 位 於 荃 |
in Tsuen Wan was fully let during January to March 2019. It is | 灣 之 工 業 大 廈,所 有 單 位 於 二 零 一 九 年 一 月 |
planned to be redeveloped into a 23-storey (including G/F and 2 | 至三月均獲承租。該項目計劃重建為一幢23 |
levels of basement) industrial building with a total gross floor area of | 層 之 工 業 大 廈(包 括 地 下 及 兩 層 地 庫),總 樓 |
approximately 228,000 square feet. Section 16 Planning Application | 面面積約228,000 平方呎。於二零一九年二月 |
for minor relaxation of plot ratio restriction has been submitted to | 已 根 據《城 市 規 劃 條 例》第16 條 向 城 市 規 劃 委 |
the Town Planning Board in February 2019. | 員會遞交略為放寬地積比率限制申請。 |
Hong Kong Property Development | 香港物業發展 |
The Hermitage (25% interest) is one of the Group's joint venture | 帝 峯 • 皇 殿(佔25% 權 益)為 本 集 團 其 中 一 項 |
development projects in West Kowloon. It comprises 6 residential | 位 於 西 九 龍 的 合 營 發 展 項 目。該 項 目 由6 座 |
tower blocks and provides in aggregate 964 residential units and | 住 宅 大 廈 組 成,提 供 合 共964 個 住 宅 單 位 及 |
retail properties with a total gross floor area of around 1,095,980 | 零 售 商 舖,總 樓 面 面 積 合 共 約1,095,980 平 方 |
square feet. As at 30th June, 2019, 99.79% of total units were sold. | 呎。於 二 零 一 九 年 六 月 三 十 日,已 售 出 單 位 |
總數之99.79%。 | |
The Coronation (15% interest) is another joint venture development | 御 金 • 國 峯(佔15% 權 益)為 本 集 團 另 一 項 位 |
project of the Group in West Kowloon. It comprises 6 residential | 於 西 九 龍 的 合 營 發 展 項 目。該 項 目 由6 座 住 |
tower blocks and provides in aggregate 740 residential units and | 宅 大 廈 組 成,提 供 合 共740 個 住 宅 單 位 及 零 |
retail properties with a total gross floor area of around 650,600 | 售商舖,總樓面面積合共約650,600 平方呎。 |
square feet. As at 30th June, 2019, 99.86% of total units were sold. | 於 二 零 一 九 年 六 月 三 十 日,已 售 出 單 位 總 數 |
之99.86%。 |
65
BUSINESS REVIEW (continued) | 業務回顧(續) |
Hong Kong Property Development (continued)
Grand Central (10% interest) is a joint venture development project of the Group awarded by the Urban Renewal Authority. Its total site area is approximately 234,160 square feet. Total gross floor area of around 1,853,561 square feet will be developed. 4 residential tower blocks with 1,999 residential units in aggregate will be built in two phases. Presale consent applications of both phases were approved in 2018. Since the presales commenced in December 2018, 863 units of first phase and 767 units of second phase were presold up to 30th June, 2019. Superstructure works of both phases are in progress, the whole project will be completed in the first half of 2021.
Mainland China Property Investment
Hilton Beijing (50% interest) is a five-star international hotel consists of 506 rooms. During the Period, 15th to 25th Floors of the main tower were under renovation. As at 30th June, 2019, the occupancy rate of Hilton Beijing was approximately 53.35%.
Oriental Place (50% interest) is a 10-storey office building next to Hilton Beijing. Its average occupancy rate was approximately 80.30% during the Period.
Overseas Property Investment
Overall, approximately 99.13% of the Group's investment property portfolio in the United Kingdom has been let out during the Period.
River Court is a freehold office building situated at 116-129 Fleet Street, London, United Kingdom. It provides a total net internal area of approximately 431,324 square feet, together with certain car parking spaces. During the Period, River Court was fully let.
"14 St George Street" is a freehold office building located in London, United Kingdom. The building comprises approximately 51,861 square feet of office accommodation arranged over lower ground, ground and four upper floors. It was fully let during the Period.
"61-67 Oxford Street and 11-14 Soho Street" is a mixed use freehold building located in London, United Kingdom, comprising approximately 55,162 square feet in aggregate. The building provides retails, office and residential accommodation, occupying approximately 33,850 square feet, 13,735 square feet and 7,577 square feet respectively, over lower ground, ground and six upper floors. It was fully let during the Period.
"11 and 12 St James's Square and 14 to 17 Ormond Yard" is a mixed use freehold building located in London, United Kingdom. The building provides around 80,000 square feet office accommodation arranged over lower ground, ground and six upper floors, approximately 93.26% had been let out during the Period on average.
香港物業發展(續)
凱 滙(佔10% 權 益)為 本 集 團 獲 市 區 重 建 局 批 予 發 展 之 合 營 發 展 項 目。地 盤 面 積 合 共 約 234,160 平方呎,將發展之總樓面面積合共約 1,853,561 平 方 呎。分 為 兩 期 建 成4 座 住 宅 大 廈,合 共 提 供1,999 個 住 宅 單 位。兩 期 項 目 均 於 二 零 一 八 年 獲 批 預 售 樓 花 同 意 書。自 二 零 一 八 年 十 二 月 開 始 預 售 以 來,截 至 二 零 一 九 年 六 月 三 十 日 止 已 預 售 第 一 期863 個 單 位 及 第 二 期767 個 單 位。兩 期 項 目 之 上 蓋 建 築 工 程 現 正 進 行。整 個 項 目 將 於 二 零 二 一 年 上 半 年竣工。
中國內地物業投資
北 京 希 爾 頓 酒 店(佔50% 權 益)為 一 座 設 有 506 間客房的五星級國際酒店,於本期間內, 其主樓之15 至25 樓層正進行翻新工程。於二 零一九年六月三十日,入住率約為53.35%。
東 方 國 際 大 廈(佔50% 權 益)為 北 京 希 爾 頓 酒 店側 的一幢樓高10 層辦公樓,於本期間內之 平均出租率約為80.30%。
海外物業投資
整 體 而 言,於 本 期 間 內,本 集 團 於 英 國 之 投 資物業組合約99.13% 獲承租。
River Court 為 一 幢 位 於 英 國 倫 敦Fleet Street 116-129 號 之 永 久 業 權 寫 字 樓。River Court 提 供總室內淨面積約431,324 平方呎,連同若干 泊車位。River Court 之所有單位於本期間內均 獲承租。
「St George Street 14 號」為一幢位於英國倫敦 之 永 久 業 權 寫 字 樓。該 物 業 由 面 積 合 共 約 51,861 平 方 呎 分 佈 於 地 下 低 層、地 下 及 樓 上 四 層 之 寫 字 樓 樓 面 組 成。該 物 業 之 所 有 單 位 於本期間內均獲承租。
「Oxford Street 61-67 號及Soho Street 11-14 號」 為一幢位於英國倫敦之永久業權綜合用途樓 宇,面積合共約55,162 平方呎。該物業提供零 售、寫 字 樓 及 住 宅 單 位,面 積 分 別 約33,850 平 方 呎、13,735 平 方 呎 及7,577 平 方 呎,由 地 下 低 層、地 下 及 樓 上 六 層 組 成。該 物 業 之 所 有單位於本期間內均獲承租。
「St James's Square 11 及12 號以及Ormond Yard 14 至17 號」為 一 幢 位 於 英 國 倫 敦 之 永 久 業 權 綜 合 用 途 樓 宇。該 物 業 提 供 約80,000 平 方 呎 之 寫 字 樓 樓 面,分 佈 於 地 下 低 層、地 下 及 樓 上六層。於本期間內平均約93.26% 獲承租。
66
BUSINESS REVIEW (continued)
Securities Investments
Securities investments is one of the principal activities of the Group.
The Group's strategy is to maintain securities investment portfolio for treasury management. As at 30th June, 2019, the Group's securities investment portfolio comprised of bonds and listed equity investments. The Group's primary objectives when managing capital are to safeguard the abilities of the entities in the Group to continue as a going concern, so that it can continue to provide returns for shareholders of the Company. The Group's strategy for future investments is to invest in a diversified portfolio to minimise risks with attractive yield, good liquidity and issuers from reputable entities, so as to maintain a healthy financial status and grasp every good investment chance. No investments are made for speculative purposes.
The gain recognised from securities investments for the Period was approximately HK$1,145.3 million. Details of the performance of securities investments are disclosed in the "Financial Operation Review" of this interim report.
The Group will continue to closely monitor its portfolio of securities investments to achieve satisfactory returns.
業務回顧(續)
證券投資
證券投資乃本集團其中一項主要業務。
本集團的策略是維持證券投資組合的財資管 理。於 二 零 一 九 年 六 月 三 十 日,本 集 團 證 券 投 資 組 合 包 括 債 券 及 上 市 股 本 投 資。本 集 團 管理資本之主要目標為保持本集團之實體持 續 經 營 之 能 力,以 確 保 本 集 團 能 為 本 公 司 股 東 持 續 提 供 回 報。本 集 團 之 未 來 投 資 策 略 是 投 資 於 具 吸 引 收 益 率、充 分 流 動 性 及 由 信 譽 良好之發行人發行之多元化投資組合以把風 險 降 至 最 低,從 而 保 持 穩 健 的 財 務 狀 況,抓 住 每 一 個 良 好 的 投 資 機 會。沒 有 投 資 是 作 為 投機之用。
本 期 間 證 券 投 資 確 認 之 收 益 約1,145,300,000 港元。證券投資表現之詳情於本中期報告「財 務業務回顧」內披露。
本 集 團 將 繼 續 密 切 監 察 其 證 券 投 資 組 合,以 取得令人滿意的回報。
OTHER INFORMATION AND EVENTS AFTER THE | 其他資料及報告期末後事項 |
REPORTING PERIOD | |
Connected Transaction and Continuing Connected Transactions | 關連交易及持續關連交易 |
- Agreements for Tenancies | - 租賃協議 |
On 28th February, 2019, the Group (as tenant) entered into (a) a | 於 二 零 一 九 年 二 月 二 十 八 日,本 集 團(作 為 |
tenancy agreement in relation to the leasing of the whole of 17th floor | 租 戶)與 當 時 由(i) 陳 凱 韻 女 士(執 行 董 事 及 本 |
of Chubb Tower, Windsor House; and (b) an agreement for lease in | 公 司 之 主 要 股 東(彼 之 兩 名 未 成 年 子 女)之 信 |
relation to the leasing of the whole of 19th floor, the whole of 20th | 託人)(以其未成年子女之信託人之身份及其 |
floor and the whole of 21st floor of Chubb Tower, Windsor House, | 本 身 之 身 份)、(ii) 劉 鳴 煒 先 生(非 執 行 董 事、 |
with a company at that time indirectly owned by (i) Ms. Chan, Hoi-wan | 董 事 會 主 席 及 本 公 司 之 主 要 股 東)、及(iii) 劉 |
(an Executive Director and a trustee of the substantial shareholders | 鑾 雄 先 生(陳 凱 韻 女 士 之 配 偶)之 家 族 信 託 間 |
of the Company (who are two of her minor children)), both in her | 接持有之公司(作為業主)訂立(a) 一份有關租 |
capacity as a trustee of her minor children and in her own capacity; | 賃皇室大廈安達人壽大樓17 樓全層的租賃協 |
(ii) Mr. Lau, Ming-wai (a Non-executive Director, the Chairman of | 議;及(b) 一份有關租賃皇室大廈安達人壽大 |
the Board and a substantial shareholder of the Company); and (iii) | 樓19 樓全層、20 樓全層及21 樓全層的同意租 |
a family trust of Mr. Joseph Lau, Luen-hung (the spouse of Ms. Chan, | 賃協議(「該等交易」),以作本集團之新總部。 |
Hoi-wan) (as landlord) (the "Transactions"), for the purpose of new | 該等交易構成本公司之關連交易及持續關連 |
headquarter of the Group. The Transactions constitute a connected | 交 易,詳 情 載 列 於 本 公 司 日 期 為 二 零 一 九 年 |
transaction and continuing connected transactions for the Company | 二月二十八日之公布內。 |
as more described in the Company's announcement dated 28th | |
February, 2019. |
Adoption of Dividend Policy
The Board has approved and adopted a Dividend Policy for the Company on 5th March, 2019, details as disclosed in the "Corporate Governance Report" of the Company's 2018 annual report.
採納股息政策
董事會於二零一九年三月五日批准並採納本 公 司 之 股 息 政 策,詳 情 載 列 於 本 公 司 二 零 一 八年年報「企業管治報告書」內。
67
OTHER INFORMATION AND EVENTS AFTER THE REPORTING PERIOD (continued)
Change of Address of Registered Office in Bermuda
As announced on 15th July, 2019, the address of the Company's registered office in Bermuda has been changed to Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda with effect from 15th July, 2019.
Change of Address of Principal Registrar and Transfer Office in Bermuda
As announced on 19th July, 2019, the address of MUFG Fund Services (Bermuda) Limited, the Company's principal registrar and transfer office in Bermuda, has been changed to 4th Floor North, Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda with effect from 19th July, 2019.
其他資料及報告期末後事項(續)
百慕達註冊辦事處之地址變更
誠 如 二 零 一 九 年 七 月 十 五 日 發 出 之 公 布,自 二 零 一 九 年 七 月 十 五 日 起,本 公 司 於 百 慕 達 之 註 冊 辦 事 處 之 地 址 已 變 更 為Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda。
百慕達主要過戶登記處之地址變更
誠 如 二 零 一 九 年 七 月 十 九 日 發 出 之 公 布, 自 二 零 一 九 年 七 月 十 九 日 起,本 公 司 於 百 慕 達 之 主 要 過 戶 登 記 處MUFG Fund Services (Bermuda) Limited 之 地 址 已 變 更 為4th Floor North, Cedar House, 41 Cedar Avenue, Hamilton HM 12, Bermuda。
PROSPECTS | 展望 |
The 2019 global economic outlook remains clouded in the face | 面 對 二 零 一 九 年 各 種 外 圍 阻 力,二 零 一 九 年 |
of various external headwinds in 2019. There have been growing | 的 全 球 經 濟 前 景 仍 然 黯 淡。過 去 幾 個 月 中 美 |
uncertainties between China and the United States over the past few | 之 間 的 不 明 朗 因 素 日 益 增 加。市 場 普 遍 認 同 |
months. The market consensus is that such growing uncertainties will | 該等日漸增加的不明朗因素將成為在近期內 |
be among one of the impediments to resolving the US-China trade | 解 決 中 美 貿 易 爭 端 的 障 礙 之 一。另 外 亦 有 跡 |
disputes in any near future. There are also signs showing that the | 象 顯 示,爭 端 正 蔓 延 至 如 科 技 及 國 防 等 貿 易 |
disputes are spreading towards areas outside of the remits of trades, | 以 外 的 領 域。由 於 中 美 貿 易 戰 長 期 持 續;加 |
such as technologies and national defense. Stock markets have lost | 上 美 國 及 亞 洲 國 家 對 利 率 調 整 的 期 待,股 市 |
directions and momentum because of the prolonged US-China trade | 已失去方向及動力。 |
war; as well as the waits on interest rates movements across the | |
United States and Asian countries. | |
On the local front, the once proposed extradition bill sparked a series | 本 地 方 面,曾 被 提 出 的 引 渡 條 例 草 案 引 發 一 |
of protests and demonstrations, social atmosphere has turned tense. | 連 串 示 威 抗 議 行 動,社 會 氣 氛 變 得 緊 張。本 |
Local retail consumption and tourist arrivals are already experiencing | 地 零 售 消 費 及 旅 客 人 數 已 出 現 下 降 趨 勢,短 |
downward trends, which may bring challenge to our retail properties | 期 內 可 能 對 我 們 的 零 售 物 業 構 成 挑 戰。與 此 |
in the short term. Meanwhile, the less optimistic investment sentiment | 同 時,投 資 氣 氛 不 甚 樂 觀 促 使 企 業 削 減 辦 公 |
has prompted corporations to cut cost on office accommodation, | 室 成 本,導 致 許 多 企 業 遷 離 中 環 核 心 區。夏 |
leading many of them decentralising from core Central District. | 慤 大 廈 的 位 置 雖 靠 近 中 環 核 心 區,但 處 於 其 |
Harcourt House, which is located in the proximity, but at the fringe | 外圍,因此預期其租金將有較好的保障。 |
of core Central District, is expected to see its rental well upheld as | |
a result. | |
In the United Kingdom, the Brexit issues are still unresolved, and | 英 國 方 面,英 國 脫 歐 事 件 仍 然 未 決,而 且 有 |
unexpected news on Brexit issues might continue to unfold during | 關英國脫歐事件出乎預料的消息今年內可能 |
the course of this year. Nevertheless, the Group takes a long term | 繼續出現。然而,本集團對英國着眼於長線, |
view for the United Kingdom, and is optimistic in her economy in the | 對 其 長 遠 經 濟 持 樂 觀 態 度。本 集 團 為 提 升 我 |
long run. The Group continuously strives to enhance the values of | 們 位 於 倫 敦 的 物 業 之 回 報 率 及 價 值,將 不 斷 |
our properties through asset enhancement works during which rental | 透 過 資 產 改 進 工 程 提 升 物 業 價 值,儘 管 期 間 |
income will be significantly affected. We believe that our expertise | 租 金 收 入 將 受 一 定 程 度 影 響。惟 本 集 團 相 信 |
experience in asset upgrade will enhance the yields and values of | 憑著我們於資產提升的專業經驗定能取得成 |
our London properties. | 功。 |
68
PROSPECTS (continued) | 展望(續) |
The Asian stock markets are relatively volatile due to the persistent drag of the trade war, along with many Asian countries having reduced interest rates ahead of the United States in order to maintain competitive for their exports. In respect of the securities investments, the Group stays confident and believes the investment in reputable issuers' securities will continue to provide stable returns for shareholders.
受 貿 易 戰 持 續 拖 累,加 上 許 多 亞 洲 國 家 搶 先 在 美 國 之 前 降 低 利 率 以 保 持 出 口 競 爭 力,以 致 亞 洲 股 市 較 為 波 動。對 於 證 券 投 資,本 集 團 保 持 信 心,相 信 投 資 於 由 信 譽 良 好 的 發 行 人發行的證券將繼續為股東帶來穩定回報。
Looking ahead, the Group will remain watchful in light of the lingering uncertainty. We will continue to look for quality investments so as to enhance shareholders' value as a whole.
展 望 未 來,鑒 於 長 期 的 不 明 朗 因 素,本 集 團 將繼續保持警惕。我們將繼續尋求優質投資, 以提升整體股東價值。
DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN THE SECURITIES OF THE COMPANY AND ASSOCIATED CORPORATIONS
董事及最高行政人員於本公司及相聯法 團之證券權益
As at 30th June, 2019, the interests and short positions of the Directors | 於 二 零 一 九 年 六 月 三 十 日,董 事 及 本 公 司 最 | ||||
and chief executives of the Company in the shares, underlying shares | 高 行 政 人 員 於 本 公 司 或 其 任 何 相 聯 法 團(定 | ||||
and debentures of the Company or any of its associated corporations | 義 見 香 港 法 例 第571 章 證 券 及 期 貨 條 例(「證 | ||||
(within the meaning of Part XV of the Securities and Futures Ordinance, | 券及期貨條例」)第XV 部)之股份、相關股份及 | ||||
Chapter 571 of the laws of Hong Kong (the "SFO")) as recorded in | 債 券 中 擁 有 之 權 益 及 淡 倉,按 本 公 司 根 據 證 | ||||
the register kept by the Company pursuant to section 352 of the | 券 及 期 貨 條 例 第352 條 備 存 之 登 記 冊 所 載 或 | ||||
SFO or as otherwise notified to the Company and the Stock Exchange | 根 據 上 市 規 則 附 錄 十 所 載 之《上 市 發 行 人 董 | ||||
pursuant to Appendix 10 of Model Code for Securities Transactions | 事進行證券交易的標準守則》(「標準守則」)知 | ||||
by Directors of Listed Issuers (the "Model Code") contained in the | 會本公司及聯交所如下:- | ||||
Listing Rules were as follows:- | |||||
I The Company | |||||
本公司 | |||||
Percentage of | |||||
Issued | |||||
Number of | Share Capital | ||||
Name of Directors | Shares Held | Notes Capacity | 已發行 | ||
董事姓名 | 所持股份數目 | 附註 身份 | 股本百分比 | ||
Mr. Lau, Ming-wai ("Mr. MW Lau") | 1,430,700,768 | * Interest in controlled corporation | 74.99% | ||
劉鳴煒先生(「劉鳴煒先生」) | and other | ||||
於受控制公司之權益及其他 | |||||
Ms. Chan, Hoi-wan ("Ms. Chan") | 1,430,700,768 | # | Interest in controlled corporation, trustee, | 74.99% | |
陳凱韻女士(「陳女士」) | interest of children under 18 and other | ||||
於受控制公司之權益、信託人、 | |||||
未滿18 歲子女之權益及其他 |
69
DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN THE SECURITIES OF THE COMPANY AND ASSOCIATED CORPORATIONS (continued)
- The Company (continued)
本公司(續)
Notes:
- Mr. MW Lau was deemed to be interested in 1,430,700,768 shares of the Company in aggregate. 476,425,000 shares of the Company were directly owned by Century Frontier Limited, which was wholly owned by Mr. MW Lau. Mr. MW Lau was also deemed to be interested in 954,275,768 shares of the Company indirectly held by Ms. Chan as the trustee for her minor children Lau, Chung-hok and Lau, Sau-wah by virtue of the right of first refusal granted to Century Frontier Limited for those 954,275,768 shares under a right of first refusal deed.
董事及最高行政人員於本公司及相聯法 團之證券權益(續)
附註:
-
劉 鳴 煒 先 生 被 視 為 合 共 擁 有
1,430,700,768 股 本 公 司 股 份。
476,425,000 股 本 公 司 股 份 由Century Frontier Limited 直接擁有,Century Frontier Limited 由劉鳴煒先生全資擁有。劉鳴煒 先 生 亦 被 視 為 擁 有 由 陳 女 士(作 為 其 未 成 年 子 女 劉 仲 學 及 劉 秀 樺 之 信 託 人)間 接 持 有 之954,275,768 股 本 公 司 股 份, 因Century Frontier Limited 透 過 根 據 一 份 優 先 認 購 權 契 據 而 就 該 等954,275,768 股股份獲授予優先認購權。
# | Ms. Chan was deemed to be interested in 1,430,700,768 | # | 陳女士被視為合共擁有1,430,700,768 股 |
shares of the Company in aggregate. 954,275,768 shares of | 本 公 司 股 份。954,275,768 股 本 公 司 股 | ||
the Company were indirectly owned by Sino Omen Holdings | 份 由Sino Omen Holdings Limited 間 接 擁 | ||
Limited, the entire issued share capital of which was held by Ms. | 有,其 全 部 已 發 行 股 本 由 陳 女 士(作 為 | ||
Chan as the trustee of her minor children Lau, Chung-hok and | 其 未 成 年 子 女 劉 仲 學 及 劉 秀 樺 之 信 託 | ||
Lau, Sau-wah. Ms. Chan was also deemed to be interested in | 人)持 有。陳 女 士 亦 被 視 為 擁 有 由 劉 鳴 | ||
476,425,000 shares of the Company indirectly held by Mr. MW | 煒 先 生 間 接 持 有 之476,425,000 股 本 公 | ||
Lau by virtue of the right of first refusal granted to Sino Omen | 司股份,因 Sino Omen Holdings Limited、 | ||
Holdings Limited, Solar Bright Ltd. and Joseph Lau Luen Hung | Solar Bright Ltd. 及Joseph Lau Luen Hung | ||
Investments Limited for those 476,425,000 shares under a right | Investments Limited 均透過根據一份優先 | ||
of first refusal deed. | 認 購 權 契 據 而 就 該 等476,425,000 股 股 | ||
份獲授予優先認購權。 |
70
DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN THE SECURITIES OF THE COMPANY AND ASSOCIATED CORPORATIONS (continued)
- Associated corporations of the Company
本公司之相聯法團
董事及最高行政人員於本公司及相聯法 團之證券權益(續)
Percentage of | |||||
Issued | |||||
Name of Associated | Number of | Share Capital | |||
Name of Director | Corporations | Share(s) Held | Note | Capacity | 已發行 |
董事姓名 | 相聯法團名稱 | 所持股份數目 | 附註 | 身份 | 股本百分比 |
Ms. Chan | Sino Omen Holdings | 1,000 | * | Trustee and interest of children | 100% |
陳女士 | Limited | under 18 | |||
信託人及未滿18 歲子女之權益 | |||||
Ms. Chan | Solar Bright Ltd. | 1 | * | Interest in controlled corporation, | 100% |
陳女士 | trustee and interest of children | ||||
under 18 | |||||
於受控制公司之權益、信託人 | |||||
及未滿18 歲子女之權益 |
Note:
- Ms. Chan (as the trustee for her minor children Lau, Chung-hok and Lau, Sau-wah) directly held the entire issued share capital of Sino Omen Holdings Limited. Sino Omen Holdings Limited directly held the entire issued share capital of Solar Bright Ltd.. Therefore, Ms. Chan as the trustee for her said minor children was also regarded as interested in the entire issued share capital of Solar Bright Ltd..
附註:
- 陳 女 士(作 為 其 未 成 年 子 女 劉 仲 學 及 劉 秀 樺 之 信 託 人)直 接 持 有Sino Omen Holdings Limited 之 全 部 已 發 行 股 本。 Sino Omen Holdings Limited 直接持有Solar Bright Ltd. 之 全 部 已 發 行 股 本。因 此,陳 女士作為其上述未成年子女之信託人, 亦 被 視 為 持 有Solar Bright Ltd. 全 部 已 發 行股本。
All the interests stated above represent long positions. The percentage shown was the number of shares the relevant Directors were interested in expressed as a percentage of the number of issued shares as at 30th June, 2019.
Save as disclosed above, none of the other Directors and chief executives of the Company had or were deemed under the SFO to have any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as at 30th June, 2019.
During the Period, none of the Directors and chief executives of the Company nor their spouses or children under 18 years of age were granted or had exercised any right to subscribe for any securities of the Company or any of its associated corporations.
上 述 所 有 權 益 均 為 好 倉。所 顯 示 的 百 分 比 為 有關董事於二零一九年六月三十日所擁有之 股份數目佔已發行股份數目之百分比。
除上文所披露外,於二零一九年六月三十日, 其他董事或本公司最高行政人員概無擁有或 根據證券及期貨條例被視為擁有本公司或其 任何相聯法團(定義見證券及期貨條例第XV部) 之股份、相關股份或債券之任何權益或淡倉。
於 本 期 間 內,董 事 或 本 公 司 最 高 行 政 人 員 以 及彼等之配偶或十八歲以下之子女概無獲授 予或行使任何可認購本公司或其任何相聯法 團之任何證券之權利。
71
SUBSTANTIAL SHAREHOLDERS' INTERESTS IN THE | 主要股東於本公司之證券權益 |
SECURITIES OF THE COMPANY | |
As at 30th June, 2019, so far as are known to any Directors or chief | 據 董 事 及 本 公 司 最 高 行 政 人 員 所 知 悉,於 二 |
executives of the Company, the following parties (other than Directors | 零 一 九 年 六 月 三 十 日,本 公 司 根 據 證 券 及 期 |
or chief executives of the Company) were recorded in the register | 貨 條 例 第336 條 須 備 存 之 登 記 冊 所 載 錄 或 另 |
kept by the Company under section 336 of the SFO, or as otherwise | 行 知 會 本 公 司,直 接 或 間 接 擁 有 或 被 視 為 擁 |
notified to the Company, as being directly or indirectly interested or | 有本公司已發行股本5%或以上權益之人士(董 |
deemed to be interested in 5% or more of the issued share capital | 事或本公司最高行政人員除外)如下:- |
of the Company:- |
Name of Substantial | Number of | |
Shareholders | Shares Held Notes | |
主要股東名稱 | 所持股份數目 附註 | |
Mr. Joseph Lau, Luen-hung | 1,430,700,768 | △ |
("Mr. Joseph Lau") | ||
劉鑾雄先生 | ||
(「劉鑾雄先生」) | ||
Sino Omen Holdings | 1,430,700,768 | # |
Limited | ||
Solar Bright Ltd. | 1,430,700,768 | # |
Percentage of
Issued
Share Capital
Capacity已發行
身份股本百分比
Interest of spouse, interest of children under | 74.99% |
18 and other | |
配偶之權益、未滿18 歲的子女之權益及 | |
其他 | |
Interest in controlled corporation and other | 74.99% |
於受控制公司之權益及其他 | |
Beneficial owner, interest in controlled | 74.99% |
corporation and other |
實益擁有人、於受控制公司之權益及其他
Century Frontier Limited | 1,430,700,768 | * Beneficial owner and other | 74.99% | |
實益擁有人及其他 | ||||
Joseph Lau Luen Hung | 707,409,820 | # | Beneficial owner and other | 37.08% |
Investments Limited | 實益擁有人及其他 |
Notes:
- Mr. Joseph Lau was deemed to be interested in the same parcel of shares that his spouse, Ms. Chan, and his minor children, Lau, Chung- hok and Lau, Sau-wah, deemed to have interests.
- Sino Omen Holdings Limited held the entire issued share capital of Solar Bright Ltd. and therefore was regarded as interested in the same parcel of shares held by Solar Bright Ltd.. Solar Bright Ltd. held the entire issued share capital of Joseph Lau Luen Hung Investments Limited and therefore was regarded as interested in the same parcel of shares held by Joseph Lau Luen Hung Investments Limited. Joseph Lau Luen Hung Investments Limited directly held 230,984,820 shares of the Company while Solar Bright Ltd. directly held 723,290,948 shares of the Company. Sino Omen Holdings Limited, Solar Bright Ltd. and Joseph Lau Luen Hung Investments Limited were also deemed to be interested in 476,425,000 shares of the Company directly held by Century Frontier Limited by virtue of the right of first refusal granted to them for those 476,425,000 shares under a right of first refusal deed. As such, Solar Bright Ltd. and Joseph Lau Luen Hung Investments Limited were deemed to be interested in 1,430,700,768 shares and 707,409,820 shares of the Company in aggregate respectively; Sino Omen Holdings Limited was deemed to be interested in 1,430,700,768 shares of the Company, which were referred to in the interests of Ms. Chan as disclosed under "Directors' and Chief Executives' Interests in the Securities of the Company and Associated Corporations".
附註:
△ 劉鑾雄先生被視為擁有其妻子陳女士及其未 成年子女劉仲學及劉秀樺被視為擁有之同一 批股份權益。
- Sino Omen Holdings Limited 持有Solar Bright Ltd.
- 全部已發行股本,故被視為擁有Solar Bright Ltd. 所持有之同一批股份權益。Solar Bright Ltd. 持有Joseph Lau Luen Hung Investments Limited
- 全部已發行股本,故被視為擁有Joseph Lau Luen Hung Investments Limited 所持有之同一批 股 份 權 益。Joseph Lau Luen Hung Investments Limited 直接持有230,984,820 股本公司股份, 而Solar Bright Ltd. 直 接 持 有723,290,948 股 本 公 司 股 份。Sino Omen Holdings Limited、Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 亦被視為擁有由Century Frontier Limited
直接持有之476,425,000 股本公司股份權益, 因 彼 等 均 透 過 根 據 一 份 優 先 認 購 權 契 據 而 就 該 等476,425,000 股 股 份 獲 授 予 優 先 認 購 權。 因 此,Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 分別被視為擁有合共 1,430,700,768 股 及707,409,820 股 本 公 司 股 份,而Sino Omen Holdings Limited 被視為擁有 1,430,700,768 股 本 公 司 股 份,即「董 事 及 最 高行政人員於本公司及相聯法團之證券權益」 項下所披露陳女士之權益中所指之權益。
72
SUBSTANTIAL SHAREHOLDERS' INTERESTS IN THE SECURITIES OF THE COMPANY (continued)
Notes: (continued)
- Century Frontier Limited directly held 476,425,000 shares of the Company. Century Frontier Limited was also deemed to be interested in 954,275,768 shares of the Company directly held by Solar Bright Ltd. and Joseph Lau Luen Hung Investments Limited in aggregate by virtue of the right of first refusal granted to it for those 954,275,768 shares under a right of first refusal deed. As such, Century Frontier Limited was deemed to be interested in 1,430,700,768 shares of the Company in aggregate, which were referred to in the interests of Mr. MW Lau as disclosed under "Directors' and Chief Executives' Interests in the Securities of the Company and Associated Corporations".
主要股東於本公司之證券權益(續)
附註:(續)
- Century Frontier Limited 直 接 持 有476,425,000
- 本 公 司 股 份。Century Frontier Limited 亦 被 視 為 擁 有 由Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 直 接 持 有 合 共
954,275,768 股本公司股份權益,因彼透過根 據一份優先認購權契據而就該等954,275,768 - 股 份 獲 授 予 優 先 認 購 權。 因 此,Century Frontier Limited 被視為擁有合共1,430,700,768
- 本 公 司 股 份,即「董 事 及 最 高 行 政 人 員 於 本 公 司 及 相 聯 法 團 之 證 券 權 益」項 下 所 披 露 劉鳴煒先生之權益中所指之權益。
- 本 公 司 股 份。Century Frontier Limited 亦 被 視 為 擁 有 由Solar Bright Ltd. 及Joseph Lau Luen Hung Investments Limited 直 接 持 有 合 共
All the interests stated above represent long positions. As at 30th | 上 述 所 有 權 益 均 為 好 倉。於 二 零 一 九 年 六 月 |
June, 2019, no short positions were recorded in the register kept by | 三 十 日,根 據 本 公 司 按 證 券 及 期 貨 條 例 第 |
the Company under section 336 of the SFO. | 336 條備存之登記冊所載概無任何淡倉。 |
DISCLOSURE PURSUANT TO RULE 13.21 OF THE LISTING RULES
As disclosed in the Company's announcement dated 23rd November, 2018, an indirect wholly-owned subsidiary of the Company (the "Borrower") as borrower has on 23rd November, 2018 entered into a facility agreement (the "Facility Agreement") with a bank (the "Bank") as lender in respect of a term loan facility (the "Facility") in the principal sum of up to HK$674,000,000 and it is a term of the Facility Agreement that the Company entered into a guarantee (the "Guarantee"). The Facility will be repayable in 12 successive quarterly instalments with the final repayment date falling 36 months after the date on which the advance under the Facility is made.
Pursuant to the Facility Agreement and the Guarantee, the Borrower and the Company shall procure that the substantial shareholders of the Company (as disclosed at pages 69 to 70 of the 2017 annual report of the Company) and/or their ultimate beneficial owners together with their respective associates and connected persons in aggregate shall maintain not less than 30% shareholding in and remain a single largest shareholder of the Company.
A breach of the abovementioned undertaking may constitute an event of default under the Facility Agreement, whereby the Bank may, among others, cancel the Facility and declare that all sums accrued or outstanding (including accrued interest) under the Facility Agreement be immediately due and payable. The occurrence of such event may trigger the cross default provisions of other banking or credit facilities available to the Group and, as a possible consequence, these other facilities may also be declared by the relevant lenders to be immediately due and payable.
根據上市規則第13.21 條進行的披露
誠如本公司日期為二零一八年十一月二十三 日 之 公 布 所 披 露,本 公 司 之 一 間 間 接 全 資 擁 有 附 屬 公 司(「借 款 人」)作 為 借 款 人 與 一 間 銀 行(「銀 行」)作 為 貸 款 人,於 二 零 一 八 年 十 一 月二十三日訂立一項融資協議(「融資協議」), 內 容 有 關 一 項 本 金 總 額 上 限 為674,000,000 港 元 之 定 期 貸 款 融 資(「該 融 資」);而 按 融 資 協議的條款,本公司訂立一項擔保(「擔保」)。 該融 資須連續12 個季度分期償還,且最後 還 款日期為該融資項下提供貸款當日後36個月。
根 據 融 資 協 議 及 擔 保,借 款 人 及 本 公 司 須 促 使 本 公 司 之 主 要 股 東(誠 如 本 公 司 二 零 一 七 年 年 報 第69 至70 頁 所 披 露)及╱或 彼 等 之 最 終實益擁有人連同彼等各自之聯繫人及關連 人士總體而言須持有本公司股權不少於30% 且仍為本公司之單一最大股東。
違反上述承諾可能構成融資協議項下之違約 事 件,在 此 情 況 下,銀 行 可(其 中 包 括)取 消 該融資並宣布融資協議項下之所有應計或未 償 還 款 項(包 括 應 計 利 息)即 時 到 期 及 須 予 償 還。發 生 有 關 事 件 或 會 觸 發 適 用 於 本 集 團 之 其 他 銀 行 或 信 貸 融 資 之 連 帶 違 約 條 款,並 可 能因此導致相關貸款人亦宣布該等其他融資 即時到期及須予償還。
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SHARE AWARD SCHEME | 股份獎勵計劃 |
The Company had adopted a share award scheme (the "Share Award | 本公司於二零零九年採納股份獎勵計劃(「股 |
Scheme") in 2009 which was valid and effective until 13th January, | 份 獎 勵 計 劃」),該 股 份 獎 勵 計 劃 有 效 及 生 效 |
2019 (the "Expiry"). The Share Award Scheme was a long-term | 至 二 零 一 九 年 一 月 十 三 日(「期 滿」)止。該 股 |
incentive arrangement for the selected employees. The purpose of the | 份獎勵計劃乃為經甄選僱員而設之長期獎勵 |
Share Award Scheme was to recognise and reward certain employees | 安 排,旨 在 向 為 本 集 團 作 出 貢 獻 之 若 干 僱 員 |
of the Group for their contributions to the Group and to give long- | 給予肯定及回報,並作為吸引其留効本集團, |
term incentives for retaining them for the continued operations and | 繼續為本集團之營運及發展而努力之長期獎 |
development of the Group. It was also intended to attract suitable | 勵。此 計 劃 亦 有 助 於 吸 引 合 適 之 專 業 人 士 加 |
professional recruits to join the Group and to assist in the further | 盟 本 集 團 及 協 助 本 集 團 進 一 步 發 展。有 關 股 |
development of the Group. Details of the Share Award Scheme were | 份獎勵計劃之詳情已刊載於本公司日期為二 |
set out in the circular of the Company dated 23rd December, 2008. | 零 零 八 年 十 二 月 二 十 三 日 之 通 函。本 集 團 由 |
No share was granted under the Share Award Scheme during the | 二零一九年一月一日至期滿之期間及於股份 |
period from 1st January, 2019 to the Expiry and during the life of | 獎勵計劃有效期內並無就該股份獎勵計劃授 |
the Share Award Scheme. | 出任何股份。 |
AUDIT COMMITTEE REVIEW | 審核委員會審閱 |
The interim results for the Period are unaudited and have not been reviewed by the auditors of the Company. The Audit Committee of the Company, comprised all the Independent Non-executive Directors, has reviewed with management the accounting principles and practices adopted by the Group and the unaudited condensed consolidated financial statements for the Period.
本 期 間 之 中 期 業 績 為 未 經 審 核,且 未 經 本 公 司 核 數 師 審 閱。由 本 公 司 所 有 獨 立 非 執 行 董 事組成之審核委員會已聯同管理層審閱本集 團 所 採 納 之 會 計 原 則 及 常 規,以 及 本 期 間 之 未經審核簡明綜合財務報表。
CORPORATE GOVERNANCE | 企業管治 |
Throughout the Period, the Company had applied the principles and complied with the code provisions and certain recommended best practices set out in the Corporate Governance Code contained in Appendix 14 to the Listing Rules, except the following deviations:-
Code Provision A.6.7
- Non-executive Director Attending General Meeting
Mr. MW Lau, a Non-executive Director, was unable to attend the annual general meeting of the Company held on 24th May, 2019 ("AGM") as he had business engagement.
Code Provision E.1.2
- Chairman Attending Annual General Meeting
Mr. MW Lau, the Chairman of the Board, was unable to attend the AGM as he had business engagement. Mr. Chan, Kwok-wai, the chairman of the Audit Committee and Remuneration Committee, was elected as the chairman of the AGM to ensure effective communication with shareholders of the Company at the AGM. The chairman of Nomination Committee, Ms. Phillis Loh, Lai-ping had also attended the AGM.
於 本 期 間,本 公 司 已 應 用 上 市 規 則 附 錄 十 四 《企 業 管 治 守則》之 原 則 及 遵 守 其 守 則 條 文 及 若干建議最佳常規,惟以下偏離事項除外:-
守則條文A.6.7
- 非執行董事出席股東大會
非執行董事劉鳴煒先生因公務而未能出席本 公司於二零一九年五月二十四日舉行之股東 週年大會(「股東週年大會」)。
守則條文E.1.2
- 主席出席股東週年大會
董事會主席劉鳴煒先生因公務而未能出席股 東 週 年 大 會。審 核 委 員 會 及 薪 酬 委 員 會 主 席 陳 國 偉 先 生 被 選 為 股 東 週 年 大 會 主 席,以 確 保與本公司股東於股東週年大會上保持有效 的 溝 通。提 名 委 員 會 主 席 羅 麗 萍 女 士 亦 有 出 席股東週年大會。
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MODEL CODE FOR SECURITIES TRANSACTIONS | 證券交易之標準守則 |
The Company has adopted a code of conduct regarding securities transactions by Directors on terms without deviation from the required standard set out in the Model Code. All Directors, after specific enquiries by the Company, confirmed that they had complied with the required standard set out in the Model Code and the said code of conduct during the Period.
The Company has also adopted a code of conduct regarding securities transactions by relevant employees on terms no less exacting than the required standard set out in the Model Code. All the relevant employees (the "Relevant Employees") who, because of office or employment, are likely to be in possession of unpublished inside information in relation to the Group's securities had been requested to follow such code when dealing in the securities of the Company. All Relevant Employees, after specific enquiries by the Company, confirmed that they had complied with the required standard set out in the said code during the Period.
本公司已採納一套董事進行證券交易之守則, 其條款與標準守則所規定之標準別無差異。 經 本 公 司 作 出 明 確 查 詢 後,所 有 董 事 均 已 確 認彼等已於本期間內遵守標準守則所規定之 標準及前述之交易守則。
本公司亦已採納一套有關僱員進行證券交易 之 守 則,其 條 款 不 遜 於 標 準 守 則 所 規 定 之 標 準。本 公 司 已 要 求 所 有 因 其 職 位 或 崗 位 而 極 可能掌握有關本集團證券之未公布之內幕消 息 之 有 關 僱 員(「有 關 僱 員」),於 買 賣 本 公 司 證 券 時 遵 守 該 守 則。經 本 公 司 作 出 明 確 查 詢 後,所 有 有 關 僱 員 均 已 確 認 彼 等 已 於 本 期 間 內遵守前述守則所規定之標準。
PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES
During the Period, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company's listed securities.
購買、出售或贖回本公司之上市證券
於 本 期 間 內,本 公 司 或 其 任 何 附 屬 公 司 概 無 購買、出售或贖回本公司之任何上市證券。
APPRECIATION | 致謝 |
We would like to take this opportunity to express our gratitude to | 我們謹藉此機會對股東一直以來的鼎力支持 |
the shareholders for their continuing support. We would also like to | 與全體員工的貢獻及竭誠工作表示感謝。 |
express our sincere thanks to all staff members for their dedication | |
and hard work. |
On behalf of the Board | 代表董事會 |
Lau, Ming-wai | 主席 |
Chairman | 劉鳴煒 |
Hong Kong, 2nd August, 2019 | 香港,二零一九年八月二日 |
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Chinese Estates Holdings Limited published this content on 18 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2019 10:01:05 UTC