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年報 2018/2019   查看PDF原文

公告日期:2019-07-23
BUILD A BETTER FUTURE WITH
TRUST&COMMITMENT

承 诺 互 信 ? 共 建 未 来

                2018/19
                            ANNUAL REPORT 年 报
COREVALUES核 心 价 值 观

VISION              To be an acclaimed contractor and developer in Asia with dynamic and
愿 景              sustainable growth

                      成为一间活力充沛、发展蓬勃、享誉亚洲的承办商和发展商

MISSION              Improve people’s quality of life through city and infrastructure
使 命                  development

                        参与城市和基建发展,提升优质生活

                        Grow with our employees through fulfilling work environment and
                        career development

                        提供完善的工作环境及事业发展机会,与雇员一起成长

                        Create value for shareholders

                        努力不懈,为股东赚取回报

CORPORATE        We aspire to excel in all aspects of our performance. In our business
CULTURE            dealings, we are responsive to the needs of our clients and ensure
                      that these needs are fully satisfied. We manage our projects with
企 业 文 化      qualified, competent and experienced staff, whose clear priorities are
                      to thoroughly plan, execute and follow through the works and to fulfill
                      our obligations responsibly. Our staff always face up to challenges and
                      proactively tackle problems with practicality and perseverance in a
                      positive way.

                      We have followed this culture for half a century and believe that it has
                      been the key to our success. Our continued success serves to reinforce
                      the culture which has been with us from the outset.

                      本集团本著追求卓越、精益求精之精神,关心及竭力满足客户之一切需
                      要,此正是本集团待客之道。本集团负责各项目之员工皆具备足够资格、
                      能力及富有经验;对彼等而言,周详策划、执行及跟进每项项目,克尽己
                      任地完成任务是明确要达致之优先目标。本集团全体员工皆抱著主动、积
                      极、务实而坚毅之态度以随时面对挑战并勇于解决难题。

                      本集团半世纪以来一直坚守以上原则,并相信此企业文化正是我们成功关
                      键所在,而我们不断取得之卓越成就,更加增强此项于本集团创业之初早
                      已植根之企业文化。

2      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

CONTENTS
目录

4    CORPORATE INFORMATION                                        企业资料

6    CORPORATE EVENT HIGHLIGHTS                                    企业大事纪要

13    CHAIRMAN’S STATEMENT                                          主席报告

17    MANAGEMENT DISCUSSION AND ANALYSIS                          管理层讨论及分析

38    ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT                环境、社会及管治报告

69    BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT    董事及高层管理人员资料

78    CORPORATE GOVERNANCE REPORT                                企业管治报告

94    DIRECTORS’ REPORT                                              董事局报告

114  INDEPENDENT AUDITOR’S REPORT                                  独立核数师报告

124  CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND                  综合损益及其他全面收益表

        OTHER COMPREHENSIVE INCOME

126  CONSOLIDATED STATEMENT OF FINANCIAL POSITION                  综合财务状况表

128  CONSOLIDATED STATEMENT OF CHANGES IN EQUITY                  综合股东权益变动表

130  CONSOLIDATED STATEMENT OF CASH FLOWS                        综合现金流量表

134  NOTES TO FINANCIAL STATEMENTS                                  财务报表附注

297  FINANCIAL SUMMARY                                            财务概要

298  PARTICULARS OF PROPERTIES                                      物业详情

                                                                      2018/19年报    亚洲联合基建控股有限公司      3
企业资料

BOARD OF DIRECTORS                                董事局

Executive Directors                                    执行董事

Pang Yat Ting, Dominic (Chairman)                                  彭一庭(主席)

Xu Jianhua (Deputy Chairman)                                      徐建华(副主席)

Pang Yat Bond, Derrick (Chief Executive Officer)                        彭一邦(行政总裁)

Shea Chun Lok, Quadrant                                            佘俊乐

  (Chief Financial Officer and Company Secretary)                        (首席财务官兼公司秘书)
Li Wai Hang, Christina                                              李蕙娴

Han Li                                                            韩莉

Independent Non-executive Directors                  独立非执行董事

Wu William Wai Leung                                              胡伟亮

Lam Yau Fung, Curt                                                林右烽

Ho Gilbert Chi Hang                                                何智恒

AUDIT COMMITTEE                                  审核委员会

Wu William Wai Leung (Chairman)                                    胡伟亮(主席)

Lam Yau Fung, Curt                                                林右烽

Ho Gilbert Chi Hang                                                何智恒

EXECUTIVE COMMITTEE                              执行委员会

Pang Yat Ting, Dominic (Chairman)                                  彭一庭(主席)

Xu Jianhua                                                        徐建华

Pang Yat Bond, Derrick                                              彭一邦

Shea Chun Lok, Quadrant                                            佘俊乐

MANAGEMENT COMMITTEE                            管理委员会

Pang Yat Bond, Derrick (Chairman)                                  彭一邦(主席)

Pang Yat Ting, Dominic                                              彭一庭

Xu Jianhua                                                        徐建华

Shea Chun Lok, Quadrant                                            佘俊乐

NOMINATION COMMITTEE                            提名委员会

Pang Yat Ting, Dominic (Chairman)                                  彭一庭(主席)

Wu William Wai Leung                                              胡伟亮

Lam Yau Fung, Curt                                                林右烽

REMUNERATION COMMITTEE                          薪酬委员会

Lam Yau Fung, Curt (Chairman)                                      林右烽(主席)

Wu William Wai Leung                                              胡伟亮

Ho Gilbert Chi Hang                                                何智恒

COMPANY SECRETARY                                公司秘书

Shea Chun Lok, Quadrant                                            佘俊乐

4      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业资料

AUDITOR                                          核数师

Ernst & Young                                                      安永会计师事务所

LEGAL ADVISORS                                    法律顾问

Conyers Dill & Pearman                                              康德明律师事务所

LC Lawyers LLP                                                    林朱律师事务所有限法律责任合伙

PRINCIPAL BANKERS                                主要往来银行

China Construction Bank (Asia) Corporation Limited                      中国建设银行(亚洲)股份有限公司

Hang Seng Bank Limited                                            恒生银行有限公司

Industrial and Commercial Bank of China (Asia) Limited                  中国工商银行(亚洲)有限公司

The Hongkong and Shanghai Banking Corporation Limited                香港上海汇丰银行有限公司

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS          总办事处及主要营业地点

C1, 5th Floor                                                      香港

Hong Kong Spinners Industrial Building Phase 1                          九龙长沙湾

601-603 Tai Nan West Street                                        大南西街601至603号

Cheung Sha Wan, Kowloon                                          香港纱厂工业大厦一期

Hong Kong                                                        5楼C1

REGISTERED OFFICE                                  注册办事处

Clarendon House                                                  Clarendon House

2 Church Street                                                    2 Church Street

Hamilton HM 11                                                    Hamilton HM 11

Bermuda                                                          Bermuda

PRINCIPAL SHARE REGISTRAR                          主要股份过户登记处

MUFG Fund Services (Bermuda) Limited                                MUFG Fund Services (Bermuda) Limited

4th floor, North Cedar House                                        4th floor, North Cedar House

41 Cedar Avenue                                                  41 Cedar Avenue

Hamilton HM12                                                    Hamilton HM12

Bermuda                                                          Bermuda

HONG KONG BRANCH SHARE REGISTRAR                  股份过户登记处香港分处

Tricor Secretaries Limited                                            卓佳秘书商务有限公司

Level 54, Hopewell Centre                                            香港

183 Queen’s Road East                                              皇后大道东183号

Hong Kong                                                        合和中心54楼

CORPORATE WEBSITE                                企业网址

www.asiaalliedgroup.com                                            www.asiaalliedgroup.com

STOCK CODE                                        股份代号

00711                                                            00711

                                                                      2018/19年报    亚洲联合基建控股有限公司      5
企业大事纪要
6-8  2018

                                            Shing Mun Tunnels & Tseung Kwan O Tunnel and Kai Tak Tunnel
                                            & Lion Rock Tunnel Management Takeover Ceremonies

                                            Chun Wo Tunnel Management Limited (“CW Tunnel”) has secured
                                            from the Transport Department two six-year tunnel management
                                            contracts of Shing Mun Tunnels and Tseung Kwan O Tunnel as well
                                            as Kai Tak Tunnel and Lion Rock Tunnel with effect from 1 June 2018
                                            and 1 August 2018 respectively. The Takeover Ceremonies were held
                                            to witness the important moment of the Group’s tunnel management
                                            business.

                                            城门隧道和将军澳隧道以及启德隧道和狮子山隧道管理承接典礼

                                            俊和隧道管理有限公司(「俊和隧道」)成功取得运输署两份隧道管理合
                                            约,分别为城门隧道和将军澳隧道,以及启德隧道和狮子山隧道的管
                                            理合约。每份合约为期6年,分别于2018年6月1日及2018年8月1日起
                                            生效。本集团举办承接典礼,以见证隧道管理业务发展的重要时刻。
8  2018
Completion of the Hong Kong-Zhuhai-Macao

Bridge Hong Kong Boundary Crossing Facilities –

Passenger Clearance Building

Chun Wo, the construction business of the Group,

has secured a contract of Hong Kong-Zhuhai-Macao

Bridge Hong Kong Boundary Crossing Facilities –

Passenger Clearance Building which valued at HK$8.4

billion from the Highways Department through a

joint venture in 2014. After 4 years of contributions

and efforts by the project team, Passenger Clearance

Building was completed in 2018 and the Hong

Kong–Zhuhai–Macao Bridge officially commenced
operation on 24 October 2018.
港珠澳大桥香港口岸旅检大楼竣工
本集团旗下建筑业务-俊和于2014年透过联营公司
承办路政署总值84亿港元的港珠澳大桥香港口岸-
旅检大楼工程项目。经过工程团队四年间的贡献和
努力,旅检大楼于2018年竣工,而港珠澳大桥亦于
2018年10月24日正式通车。

6      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业大事纪要
8  2018

                                                          Lifewire “Photalkgraphers” Charitable Photo
                                                          Exhibition

                                                          Chun Wo and Lifewire jointly organised the
                                                          “Photalkgraphers” Charitable Photo Exhibition in
                                                          August 2018. The exhibition featured the works of
                                                          9 photographers with “Hong Kong” as the theme and
                                                          9 selected photos were auctioned to raise funds to
                                                          benefit the children, whom Lifewire are helping, with
                                                          rare diseases. This Charitable Photo Exhibition raised
                                                          over HK$2.4 million and all net proceeds were donated
                                                          to Lifewire for helping people in need.

Lifewire《护 联网》「我相港故」
慈善摄影展
俊和与Lifewire《护 联网》于
2018年8月合办「我相港故」慈善
摄影展。该展览展出9名摄影师
以「香港」为主题拍摄的作品,其
中9幅精选作品更即场拍卖,为
Lifewire《护 联网 》帮 助的罕见
疾病儿童筹款。此慈善摄影展共
筹得超过240万港元,善款扣除
成本后全数捐赠Lifewire《护 联
网》以帮助有需要人士。
8  2018
Secured a Management Contract of

Central – Wan Chai Bypass Tunnel

CW Tunnel has secured a four-year

management, operation and maintenance

contract of Central – Wan Chai Bypass

Tunnel from the Transport Department. The

contract has commenced on 20 January

2019.
成功取得中环及湾仔绕道隧道管理合约
俊和隧道取得运输署为期四年的中环及湾
仔绕道隧道的管理、营运及维修服务合
约,该合约已于2019年1月20日生效。

                                                                      2018/19年报    亚洲联合基建控股有限公司      7
企业大事纪要
10-11  2018

                                              AAI│Chun Wo “50th Anniversary Photo Exhibition Tour” and
                                              The First “Chun Wo Innovation Student Awards”

                                              2018 marked the Group’s 50th anniversary and the Group held
                                              a series of celebration events, including “The 50th Anniversary
                                              Photo Exhibition Tour” and the first “Chun Wo Innovation Student
                                              Awards” Presentation Ceremony, to celebrate the occasion. The 50th
                                              Anniversary Photo Exhibition Tour, themed “Our Story, Your Story”,
                                              showcased photos of the Group’s construction projects of the past 50
                                              years and its development history. In addition, “Chun Wo Innovation
                                              Student Awards” was established to encourage students to be
                                              innovative and promote social development with their expertise. Team
                                              “Twind Turbine” from the City University of Hong Kong won the Gold
                                              Award and received the prize from Mr. Paul Chan Mo-po, Financial
                                              Secretary, at the “50th Anniversary Celebration Cocktail”.

                                              亚洲联合基建│俊和「五十周年巡回相片展览」及首届「创新俊和学生奖」
                                              2018年是本集团成立五十周年,本集团就此举行了一系列志庆活动,
                                              包括「五十周年巡回相片展览」及首届「俊和学生创新奖」颁奖典礼。
                                              五十周年巡回相片展览以「Our Story, Your Story」为题,展出本集团
                                              50年来负责的建筑项目,及其业务发展历程的相片。另外,本集团
                                              亦成立「创新俊和学生奖」,鼓励学生勇于创新,并以专业推动社会发
                                              展。金奖由香港城市大学的「Twind Turbine」队伍获得,并于「五十周
                                              年金禧纪念庆祝酒会」上获财政司司长陈茂波先生颁发奖项。

8      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业大事纪要
11  2018
AAI│Chun Wo 50th Anniversary
Celebration Cocktail
The Group hosted the “50th
Anniversary Celebration Cocktail“

at Sky100 on 2 November 2018

to commemorate its fruitful results
and accomplishments in developing
business over the years. Industry
leaders and political and business
luminaries from Hong Kong, Macao

and Mainland China were invited to

attend the grand celebration event

to share the joy with us.

亚洲联合基建│俊和五十周年金禧
纪念庆祝酒会
本集团于2018年11月2日于天际
100举行「五十周年金禧纪念庆祝酒
会 」, 庆祝本集团过去业务发展的
丰硕成果及辉煌成就,并邀得中港
澳三地的业界与政商界翘楚到场祝
贺,场面盛大。

                                                                      2018/19年报    亚洲联合基建控股有限公司      9
企业大事纪要
12  2018

                                                          Chun Wo and Lifewire Jointly Present “Lifewire
                                                          Run” Charity Run

                                                          Chun Wo and Lifewire jointly organized the “Lifewire
                                                          Run” Charity Run (the “Charity Run”) on 2 December
                                                          2018, which attracted more than 1,500 athletes and
                                                          over 41 organisations participated in and sponsored the
                                                          event. It raised over HK$1.7 million and all net proceeds
                                                          were donated to Lifewire for addressing child patient
                                                          cases. Ir Dr. Pang Yat Bond, Derrick, JP, the Group’s
                                                          Chief Executive Officer, Dr. Fernando Cheung Chiu-
                                                          hung, Legislative Council Member, and Ms. Angie
                                                          Cheong, artist and Joint Chairman of Fundraising Sub-
                                                          Committee of the Children’s Heart Foundation, served as
                                                          officiating guests of the Charity Run.

俊和与Lifewire《护   联网》联合呈献「爱跑   香港仔」慈善跑
俊和与Lifewire《护   联网》于2018年12月2日合办「爱跑   香
港仔」慈善跑(「慈善跑」),吸引逾1,500位健儿及逾41家机构
参与及赞助,筹得超过170万港元,善款扣除成本后全数拨捐
Lifewire《护   联网》以支援各病童个案。本集团行政总裁彭一
邦博士工程师太平绅士、立法会议员张超雄博士、艺人及儿童
心脏基金会筹款联席主席张慧仪小姐均有出席担任慈善跑主礼
嘉宾。
1  2019

Members of the Group Joined the Walk for

Millions Held at The Central-Wan Chai Bypass

The Community Chest held the Walk for Millions at

The Central-Wan Chai Bypass on 6 January 2019,

more than 60 colleagues of the Group participated

in to raise fund for the Chest’s member social

welfare agencies in enhancing “Family and Child

Welfare Services” and share the joy of the project

completion.
本集团成员参与在中环及湾仔绕道举行之百万行
公益金百万行于2019年1月6日在中环及湾仔绕道
举行,本集团有超过60位同事参与,一同为「家庭
及儿童福利服务」的社会福利机构会员筹款,并分
享工程竣工的喜悦。

10      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业大事纪要
1  2019

                                                                    Inno@ChunWoInnovationAnnouncement
                                                                    The Group formed Inno@ChunWo in
                                                                    2016 to develop innovative construction
                                                                    technologies with different universities
                                                                    and technology research companies.
                                                                    Inno@ChunWo hosted the Innovation
                                                                    Announcement (the “Announcement”) on
                                                                    21 January 2019 to share with the public
                                                                    its fruitful results, including Rapid Repairing
                                                                    Mortar Materials (R2M2) which can enhance
                                                                    the efficiency of maintenance of ageing
                                                                    buildings and application of the technology
                                                                    of artificial intelligence (“A.I.”) to enhance
                                                                    the construction safety and efficiency of
                                                                    works. The Announcement attracted a large
                                                                    number of guests and the media to attend.
                                                                    Inno@ChunWo创新技术发布会

                                                                    本集团于2016年成立Inno@ChunWo,与不
                                                                    同大学及科技研究公司合作,以研发建筑
                                                                    方面的创新科技。Inno@ChunWo于2019年
                                                                    1月21日举办创新技术发布会(「发布会」)与
                                                                    各界分享研究成果,包括能够提高老旧楼
                                                                    宇维修效益的快速修补砂浆材料(R2M2),以
                                                                    及应用人工智能(「人工智能」)技术以提高
                                                                    建造安全性及施工效率。发布会吸引大批
                                                                    嘉宾及传媒出席。

2  2019

Chun Wo x SHELL Carbon Emission

Offsetting Program

Chun Wo and SHELL have joined hands

to launch the Carbon Emission Offsetting

Program. Chun Wo became the first and

the only engineering company to neutralize

100% of the Carbon Dioxide (CO2) released

from civil engineering construction sites

and achieve zero emission by purchasing

internationally recognized Verified Carbon
Units (VCUs) in Hong Kong.
俊和与蚬壳(SHELL)推行减轻碳排放计划
俊和与蚬壳(SHELL)携手推行减轻碳排放计
划,成为香港首家及唯一一间工程公司透
过购买国际认证的碳信用额,抵销100%由
土木工程项目工地排放的二氧化碳,从而
达到施工零排放。

                                                                      2018/19年报    亚洲联合基建控股有限公司    11
企业大事纪要
4-5  2019

                                                      Tapping Non-Franchised Bus Services

                                                      The Group has formed an indirect non-wholly-owned
                                                      subsidiary, Chun Wo Bus Services Limited (“CW Bus”), to
                                                      enter into the transportation sector through operating the
                                                      non-franchised bus services business in Hong Kong, further
                                                      diversifying the Group’s revenue stream and business
                                                      portfolio.

                                                      CW Bus held a “New Office Grand Opening Ceremony” in
                                                      May 2019. Senior management and guests have attended
                                                      the ceremony to share the joy with the Group.

                                                      正式营办非专营巴士服务

                                                      本集团成立一间间接非全资拥有附属公司俊和巴士服务有限
                                                      公司(「俊和巴士」),通过该公司营办香港非专营巴士服务业
                                                      务正式进军运输业,进一步多元化本集团的收入来源及业务
                                                      组合。

                                                      俊和巴士于2019年5月举行「新办公室开幕仪式」。本集团一
                                                      众管理层及嘉宾均有出席庆贺,同享喜悦。

12      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

主席报告

                      Pang Yat Ting, Dominic

                      Chairman

                      彭一庭

                      主席

      We will seek to provide services not only in Hong Kong, but also across Asia so as to
      contribute directly to regional development. We hope to be able to celebrate many
      more milestones as we head to our centenary, and beyond.

      我们将不只局限于香港,而是在亚洲各地提供服务,从而直接为当地发展作出贡献。我们希
      望在迈向百周年志庆的道路上及往后的岁月里,能创造更多的里程碑。

                                                                      2018/19年报    亚洲联合基建控股有限公司    13
主席报告

On behalf of the board of directors (the “Board” or the “Directors”) of  本人谨代表亚洲联合基建控股有限公司(「本
Asia Allied Infrastructure Holdings Limited (the “Company”), I hereby  公司」)董事局(「董事局」或「董事」)提呈本公
present the annual results of the Company and its subsidiaries (the  司及其附属公司(「本集团」)截至2019年3月
“Group”) for the year ended 31 March 2019 (the “Year”). During the  31日止年度(「本年度」)的全年业绩。于本年
Year, the business environment of the construction industry remained  度,受内外因素的影响,建造业的营商环境仍
challenging, hampered by both internal and external factors. Despite  充满挑战。尽管身处逆境,本集团于本年度仍
the greater headwind, the Group was able to record a revenue of  录得营业额8,080,000,000港元及本公司股东
HK$8.08 billion and a net profit attributable to shareholders of the  (「股东」)应占纯利137,000,000港元。

Company (the “Shareholder”) of HK$137 million for the Year.

Over the Year, we continued to follow the Group’s long-term strategic  于本年度,我们一直遵循本集团的长远战略计
plan for becoming a significant construction and development force in  划,致力成为亚洲尤其于粤港澳大湾区(「大湾
Asia, and specifically the Guangdong-Hong Kong-Macao Bay Area (the  区」)举足轻重的建筑及开发公司。沿著此发展
“Greater Bay Area”). Consistent with this road map, we are investing in  方向,我们正在投资具高潜力的建筑相关公
high-potential construction-related companies, and seeking opportunities  司,同时寻求机遇以促进我们于香港业务的
to foster the growth of our operations in Hong Kong at the same time.  增长。此外,我们继续透过合作关系以考察大
Besides, we continued to look into development projects in the Greater  湾区的发展项目,以符合我们扩大本集团收益
Bay Area through partnership arrangements, which is in line with our  来源的整体战略目标。我们亦为使用港珠澳大
overall objective of strategically widening the Group’s revenue streams.  桥及高速铁路的旅客提供非专营巴士服务,展
We also made progress by way of providing non-franchised bus services  现我们勇于尝试,精益求精的精神。除业务发
to travellers using the Hong Kong-Zhuhai-Macao Bridge and Express Rail  展外,我们亦致力开发创新技术,并已取得令
Link, which is our newest endeavour that holds tremendous promise.  人鼓舞的成果,包括推出快速修补砂浆材料
In addition to business development, we placed energies on developing  (R2M2)及采纳人工智能技术以提高建筑安全及
innovative technologies, and here too netted encouraging results,  效率。

including the introduction of Rapid Repairing Mortar Materials (R2M2)

and the adoption of A.I. technology for raising construction safety and

efficiency.

In the past calendar year, the Hong Kong economy grew irregularly,  去年,香港经济录得不规律的增长,实际本
expanding by 1.3% year-on-year in the final quarter after growing  地生产总值于第三季度同期增长2.8%后,第
by 2.8% in the third quarter when compared with the corresponding  四季度同期增长1.3%,最终2018年全年录得
period last year. Ultimately, the Hong Kong economy achieved real Gross  3%1的增长。中美贸易战及美国联邦储备委员
Domestic Product growth of 3% in 20181. Such fluctuations, the result of  会宣布加息,以及立法会的拉布行为所导致待
the US-China trade war and interest rate hikes by the US Federal Reserve  审议事项大量屯积,其中包括与大型基础建设
Board, combined with filibustering in the Legislative Council that caused  项目有关的事项,当中所引致的经济波动,令
a backlog of items for debate, including those pertaining to large-scale  建筑行业陷入低迷。

infrastructure projects, resulted in a downturn in the construction sector.

1  According to The Hong Kong Trade Development Council research on 2 May 2019        1  根据香港贸易发展局于2019年5月2日进行的研究
14      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

主席报告

Mindful of the aforementioned developments and market challenges, we  鉴于上述发展动态及市场挑战,我们选择以审
chose to take a prudent approach towards our business development.  慎方针推进业务发展。因此,在我们的建筑业
Hence, while our construction operation continued to perform steadily,  务持续稳健发展的情况下,我们将定期检视其
we regularly examined other facets of operation, including the property  他方面的营运以优化回报,当中包括物业发展
development and assets leasing business with a view to optimise returns.  及资产租赁业务。展望未来,我们将继续调整
Going forward, we will continue to adjust our property portfolio, as well  我们的物业组合,并通过成立合营公司于香港
as invest in other major projects in Hong Kong by way of joint ventures  投资其他主要项目,以降低风险及减少财务支
to mitigate risk and reduce financial outlays. Similarly, we will look for  出。同样地,我们将密切关注并把握参与大
opportunities in involving major development projects in the Greater Bay  湾区主要发展项目的机遇以达致我们长远的目
Area as catalysts for achieving our long-term goals.                      标。

Apart from encouraging the growth of our core businesses, we also  除了致力推动核心业务发展外,我们亦进一步
sought to bolster our professional services operation, which includes  加强专业服务,包括保安及设施管理业务,以
the security and facility management business, as well as the tunnel  及隧道管理业务。我们于2018年5月取得两份
management business. We secured two six-year tunnel management  为期六年的隧道管理合约,期后于2018年8月
contracts in May 2018, which was followed by a four-year tunnel  签订一份为期四年的隧道管理、营运及维修服
management, operation and maintenance contract in August 2018.  务合约。因此,本集团现时管理香港六条隧
Consequently, the Group now manages six tunnels in Hong Kong,  道,包括红磡海底隧道、城门隧道、将军澳隧
namely, the Cross-Harbour Tunnel, Shing Mun Tunnels, Tseung Kwan  道、启德隧道、狮子山隧道及中环及湾仔绕道
O Tunnel, Kai Tak Tunnel, Lion Rock Tunnel and Central-Wan Chai  隧道。鉴于隧道管理业务的收入贡献增加,我
Bypass Tunnel. In view of rising revenue contributions from the tunnel  们相信专业服务分部将会蓬勃发展。

management operation, we trust that the professional services segment

will make further headway.

It is worth noting as well that we have continued with our diversification  值得注意的是,我们继续致力实现业务多元
efforts, which included examining possibilities of developing projects  化,包括分析在区内发展教育相关项目的可能
pertaining to education in the region. The management will further direct  性。管理层将继续致力于市场研究及寻求并购
efforts towards conducting market research and exploring opportunities  机遇,以加强本集团教育业务的发展。

for mergers and acquisitions that enable the Group to bolster its presence

in the education sector.

                                                                      2018/19年报    亚洲联合基建控股有限公司    15
主席报告

FUTURE STRATEGY AND DIRECTION                      未来策略及方向

In the year ahead, we do see opportunities in the Hong Kong market.  未来一年,我们看到香港市场的机遇。就重点
With respect to key infrastructure projects, the Group has its sights  基础建设项目而言,本集团密切关注扩建香港
on the construction of the Three-Runway System, which is part of  国际机场第三跑道系统工程。再者,行政长官
the Hong Kong International Airport’s expansion plan. In addition,  在其2018年施政报告中概述的大屿山填海项
the Lantau reclamation project outlined by the Chief Executive in her  目,将成为我们将致力参与的另一项发展项
2018 Policy Address will be another development project that we will  目。放眼世界,我们将继续探求与亚洲各地建
seek involvement in. Outside of the city, we will continue to look for  筑公司合作的机遇,包括分享我们的项目管理
opportunities to build ties with construction companies across Asia, which  专业知识及其他可传授技能,以支持彼等的发
include sharing our project management expertise and other transferable  展。因此,鉴于预期亚洲区及大湾区的建筑业
skills to support their growth. By doing so, we will be expediting the  于未来几年将会蓬勃发展,我们将加速推动本
Group’s development into a major infrastructure projects developer with  集团成为该地区的主要基础建设项目开发商以
reach across Asia and the Greater Bay Area. This, in turn, will allow the  把握商机。由于一带一路倡议亦将创造重大机
Group to seize opportunities resulting from the expected construction  遇,我们将密切关注相关发展动态,并将利用
boom in the said regions in the coming years. As the Belt and Road  我们的革新战略,既抓住与建筑相关的机遇,
initiative is also set to create significant opportunities, we will closely  又能扩大我们的其他商业利益,并探索扩展新
observe relevant developments and will leverage our transformative  业务及拓展新服务的可能性。就我们的物业发
strategy to both capture construction-related opportunities and to  展及资产租赁业务而言,我们将进一步寻求机
further our other business interests, as well as explore the possibility of  会建立伙伴关系,以便巩固我们在本地市场的
expanding into new segments and services. With respect to our property  地位,并以住宅市场尤甚。

development and assets leasing business, we will seek opportunities to

form partnerships in order to bolster our position in the local market,

particularly in the residential segment.

Having celebrated the Group’s 50th anniversary during the past year,  继去年本集团成立50周年志庆过后,我们期待
we now look forward to building on our half century of successes. With  往后半个世纪能再创佳绩。有鉴于此,我们将
this in mind, we will seek to provide services not only in Hong Kong, but  不只局限于香港,而是在亚洲各地提供服务,
also across Asia so as to contribute directly to regional development. We  从而直接为当地发展作出贡献。我们希望在迈
hope to be able to celebrate many more milestones as we head to our  向百周年志庆的道路上及往后的岁月里,能创
centenary, and beyond.                                              造更多的里程碑。

ACKNOWLEDGMENTS                                致谢

I would like to express my sincere gratitude to the management team and  本人谨此衷心感谢管理团队及所有员工于本年
all of our staff members for their contributions and dedication during the  度作出的宝贵贡献及竭诚服务。本人亦谨此感
Year. I wish to also extend my appreciation to our business partners and  谢我们的业务伙伴及股东的鼎力支持。透过各
Shareholders for their unwavering support. Through the collective efforts  方的共同努力,本人相信本集团将成为亚洲领
of all parties, I trust the Group will become Asia’s leading construction  先的建筑及开发公司,并继续缔造辉煌。

and development company, and much more.

16      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

管理层讨论及分析
FINANCIAL HIGHLIGHTS
财务摘要

                                    Total revenue

                                      总营业额            Profit attributable to

          Total assets          HK$8,076,048,000港元          Shareholders

            总资产值                                          股东应占溢利

      HK$8,225,514,000港元                                  HK$136,648,000港元

                          Net assets            Equity per share*

                            资产净值                  每股权益*

                    HK$2,474,150,000港元          HK$1.31港元

          Basic earnings

            per share                Dividend per share              Gearing ratio

          每股基本盈利                  每股股息

        HK7.37 cents港仙        Interim中期HK1.26 cents港仙          资本负债比率

                                      Final末期HK0.84 cent港仙                0.37

                                          Full year全年

                                        HK2.10 cents港仙

* Equity per share refers to equity attributable to Shareholders divided by the total number of issued ordinary shares as at 31 March 2019.

* 每股权益指股东应占权益除以于 2019 年 3 月 31 日之已发行普通股总数。

BUSINESS REVIEW                                  业务回顾

The Group recorded a total revenue of HK$8.08 billion (2018: HK$8.23  本集团于本年度录得总营业额8,080,000,000
billion) and a net profit attributable to Shareholders of HK$137 million  港 元( 2018 年:8,230,000,000 港 元 )及 股
(2018: HK$150 million) for the Year. The results were due mainly to the  东 应 占 纯 利 137,000,000 港 元( 2018 年 :
relatively weaker performance of the construction sector during the Year.  150,000,000 港元)。有关业绩主要受本年度
The Company’s net asset value per share amounted to HK$1.33 as at 31  建筑行业表现较为疲弱所影响。于2019年3月
March 2019 (2018: HK$1.35).                                        31日,本公司每股资产净值为1.33港元(2018
                                                                  年:1.35港元)。

                                                                      2018/19年报    亚洲联合基建控股有限公司    17
管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Construction                                          建筑

The Group’s construction operation, which falls under the respected  本集团以著名品牌「俊和」经营的建筑分部
“Chun Wo” brand, represents its primary business. As such, the segment  为主营业务。因此,该分部继续成为本集
has continued to be the Group’s key revenue generator, contributing  团的主要收入来源,于本年度录得营业额
HK$7.31 billion (2018: HK$7.68 billion) in revenue and HK$150.4  7,310,000,000港 元(2018年:7,680,000,000
million (2018: HK$116.3 million) in segmental profit for the Year. As at  港元)及分部溢利150,400,000港元(2018年:
31 March 2019, the Group possessed contracts with an aggregate value  116,300,000港元)。于2019年3月31日,本集
of HK$26.99 billion, of which projects with contracts valued at HK$11.64  团持有之合约总价值为26,990,000,000港元,
billion in total were ongoing.                                          其中合约总价值为11,640,000,000港元的工程
                                                                  仍在进行中。

During the Year, the Group has secured 17 new projects, among which  于本年度,本集团已取得17个新项目,其中包
include such prominent projects as the Construction of Public Housing  括晓明街公营房屋发展之建造工程;安达臣道
Development at Hiu Ming Street; Development of Anderson Road Quarry  石矿场用地发展-道路改善工程及行人连系设
Site – Road Improvement Works and Pedestrian Connectivity Facilities  施工程第二期甲;及新界东南堆填区扩展计划
Works Phase 2A; and Subcontract for the Engineering, Procurement and  之设计、采购及施工分判合约等重大项目。
Construction of South East New Territories Landfill Extension.

In respect of ongoing projects, the Group is presently conducting  就在建项目而言,本集团目前正在进行37个项
37 projects, the majority of which require a level of technical expertise and  目,其中大部分项目需要一定程度的专业技术
construction capabilities that Chun Wo is renowned for. These projects  及建筑实力,而俊和正以此著称。该等项目包
include Hong Kong International Airport – Terminal 2 Foundation and  括香港国际机场-二号客运大楼地基及下层结
Substructure Works; Design and Construction of the Novaliches – Balara  构工程;诺瓦利切斯-Balara四号输水隧道之
Aqueduct 4; Construction of Public Rental Housing Redevelopment at Pak  设计及建造工程;白田邨第七及第八期以及第
Tin Estate Phases 7 & 8 and Phase 11; Phase 1 Redevelopment of Ming  十一期公共租住房屋重建项目建筑工程;明华
Wah Dai Ha; and Main Contract for Subsidised Sale Flats Project at Shatin  大厦第一期重建项目;及沙田36C区地皮发展
Area 36C.                                                          资助出售房屋项目总合约。

The Year also marked the conclusion of several major projects, among  若干重大项目亦于本年度竣工,其中包括港珠
which include the Hong Kong-Zhuhai-Macao Bridge Hong Kong  澳大桥香港口岸-旅检大楼;湾仔发展计划第
Boundary Crossing Facilities – Passenger Clearance Building; Wan Chai  二期:中环及湾仔绕道湾仔东段;莲塘╱香园
Development Phase II: Central-Wan Chai Bypass at Wan Chai East;  围口岸土地平整及基础建设工程-工程合约
Liantang/Heung Yuen Wai Boundary Control Point, Site Formation and  三;港铁合约编号1107-沙中线:钻石山至
Infrastructure Works – Contract 3; MTR Contract No. 1107 – Shatin to  启德隧道;港铁合约编号1108-沙中线:启
Central Link: Diamond Hill to Kai Tak Tunnels; MTR Contract No. 1108  德站及相关隧道工程;葵涌医院重建工程(第
– Shatin to Central Link: Kai Tak Station and Associated Tunnels; Design  一期)-设计及建造工程;及香港石澳石澳道
and Construction of Redevelopment of Kwai Chung Hospital (Phase 1);  17号乡郊建屋地段编号270住宅发展项目之上
and Superstructure Works for Proposed Residential Development at R.B.L.  盖工程。

270, No. 17 Shek O Road, Shek O, Hong Kong.

18      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Construction (continued)                                建筑(续)

Though the construction segment remains intensely competitive and is  虽然建筑分部依然面对激烈的竞争且受公共工
dragged down by the slow funding approval process for public works  程项目缓慢的拨款审批程序所拖累,但管理层
projects, the management will continue to actively pursue opportunities  将继续在多个方面积极寻求机会。本集团认为
on several fronts. Considering the housing market continues to be  房屋市场继续受惠于强劲的私人市场需求,以
benefited from the strong private market demand and the Governments’  及政府主动拨地兴建住宅,尤其是公共房屋,
initiatives to allocate land for residential housing, especially public  此将为本集团带来商机。本集团注视之另一项
housing, which will bring opportunities to the Group. Another area that  目为行政长官于2018年施政报告中提及的大
the Group has its sights is on the Lantau reclamation project introduced  屿山填海工程。该划时代的建议旨在解决香港
in the Chief Executive’s 2018 Policy Address. This landmark proposal  迫切的住屋问题,并充当通往世界以及连接其
aimed at addressing the pressing housing problem in Hong Kong and  他大湾区城市之「双门户」,势将成为未来的重
acting as a “Double Gateway” to the world and other Greater Bay  要发展领域。另一本集团注视的重大项目为香
Area cities, which will become a major development area well into the  港国际机场第三跑道系统之扩建工程,此可为
future. Another significant project that the Group’s expertise would be  本集团提供向外展示杰出技术的宝贵机会。因
eyeing on is the construction of the Three-Runway System for the Hong  此,本集团将持续密切监察其发展动态,以把
Kong International Airport, which will offer a precious opportunity for  握相关机遇。

the Group to demonstrate its eminent technique. Hence, the Group

has continued to closely monitor developments to seize relevant

opportunities.

To capitalise on current and upcoming opportunities, the Group has  为把握当前及未来的机遇,本集团不断投资于
continued to invest in research and development, the fruits of which  研发方面,其成果包括推出快速修补砂浆材料
include the introduction of Rapid Repairing Mortar Materials (R2M2) that  (R2M2),以提高旧建筑物的维修效率。同时,
raises the efficiency of repair works for old buildings. Also, the Group is  本集团率先引入人工智能技术,以提高建造安
at the forefront of A.I. technology for enhancing the construction safety  全性及施工效率。

and efficiency of works.

While seeking business growth, the Group is also committed to corporate  在寻求业务增长的同时,本集团亦致力于履行
social responsibility the (“CSR”). The launch of Carbon Emission Offset  企业社会责任(「企业社会责任」)。俊和与香港
Program in cooperation with Shell Hong Kong Limited (“SHELL”), has  蚬壳有限公司(「蚬壳」)合作推出减轻碳排放计
made Chun Wo becoming the first and only engineering company to  划,使其成为香港第一家及唯一一家可抵销建
neutralise the carbon released from construction sites and achieve zero  筑工地的碳排放含量并实现二氧化碳零排放的
carbon dioxide emission in Hong Kong.                                工程公司。

                                                                      2018/19年报    亚洲联合基建控股有限公司    19
管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Major Projects Completed in the Year                  于本年度竣工之主要项目

 Project Name
 项目名称
 Building Construction Works 楼宇建筑工程

 1  Hong Kong-Zhuhai-Macao Bridge Hong Kong Boundary Crossing Facilities – Passenger Clearance Building

    港珠澳大桥香港口岸-旅检大楼

 2  Hong Kong-Zhuhai-Macao Bridge Hong Kong Boundary Crossing Facilities – Remaining Ancillary Buildings and
    Facilities

    港珠澳大桥香港口岸-余下配套建筑物及设施

 3  Design and Construction of Redevelopment of Kwai Chung Hospital (Phase 1)

    葵涌医院重建工程(第一期)-设计及建造工程

 4  Superstructure Works for Proposed Residential Development at R.B.L. 270, No. 17 Shek O Road, Shek O, Hong Kong
    香港石澳石澳道17号乡郊建屋地段编号270住宅发展项目之上盖工程

 5  Construction Works for New Hangar of Macau International Airport

    澳门国际机场新飞机库建造工程
 Civil Engineering Works 土木工程

 6  Wan Chai Development Phase II: Central-Wan Chai Bypass at Wan Chai East

    湾仔发展计划第二期:中环及湾仔绕道湾仔东段

 7  Liantang/Heung Yuen Wai Boundary Control Point, Site Formation and Infrastructure Works – Contract 3

    莲塘╱香园围口岸土地平整及基础建设工程-工程合约三

 8  MTR Contract No.1107 – Shatin to Central Link: Diamond Hill to Kai Tak Tunnels

    港铁合约编号1107-沙中线: 钻石山至启德隧道

 9  MTR Contract No.1108 – Shatin to Central Link: Kai Tak Station and Associated Tunnels

    港铁合约编号1108-沙中线:启德站及相关隧道工程
 Foundation Works 地基工程

 10 P4-001 Direct Contract for Bored Pile Works for Galaxy Resort & Casino, Phase 4 Lot 4 New Integrated Resort
    Development at Cotai City Macau

    澳门路氹城银河渡假城及赌场第四期第四地段新综合渡假城发展项目之钻孔桩工程(P4-001)
 Maintenance Works 维修工程

 11 Main Contract for Refurbishment of Hong Kong Buddhist Hospital

    香港佛教医院翻新工程总合约

 12 Term Contract 2015 for Waterworks District E – New Territories East

    水务工程定期合约2015-地区E-新界东

 13 Preventive Maintenance Works, Upgrading Works and Associated Ground Investigations for WSD Slopes, 2012-2013
    Programme

    2012至2013年度水务署斜坡预防性维修、改善及相关的勘探工程

20      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19


Hong Kong-Zhuhai-Macao Bridge Hong Kong Boundary Crossing Facilities – Passenger Clearance Building

港珠澳大桥香港口岸 – 旅检大楼

Wan Chai Development Phase II: Central-Wan Chai Bypass at Wan Chai East

湾仔发展计划第二期 : 中环及湾仔绕道湾仔东段

                                                                      2018/19年报    亚洲联合基建控股有限公司    21

      Liantang / Heung Yuen Wai Boundary Control Point, Site Formation and Infrastructure Works - Contract 3
      莲塘 / 香园围口岸土地平整及基础建设工程 – 工程合约三

22      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19


MTR Contract No. 830 - Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong Section):

Trackwork and Overhead Line System
港铁合约编号830 – 广深港高速铁路(香港段):轨道及接触网系统

Design and Construction of Redevelopment of Kwai Chung Hospital (Phase 1)

葵涌医院重建工程(第一期)– 设计及建造工程

                                                                      2018/19年报    亚洲联合基建控股有限公司    23

      MTR Contract No.1108 - Shatin to Central Link: Kai Tak Station and Associated Tunnels
      港铁合约编号1108 - 沙中线:启德站及相关隧道工程

      Main Contract for Refurbishment of Hong Kong Buddhist Hospital

      香港佛教医院翻新工程总合约

24      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Major Projects in Progress at the End of the Year        于本年度结束时在建的主要工程

 Project Name
 项目名称
 Building Construction Works 楼宇建筑工程

 1  Construction of Public Rental Housing Redevelopment at Pak Tin Estate Phases 7 & 8

    白田邨第七及第八期公共租住房屋重建项目建筑工程

 2  Construction of Public Rental Housing Redevelopment at Pak Tin Estate Phase 11

    白田邨第十一期公共租住房屋重建项目建筑工程

 3  Main Contract for Subsidised Sale Flats Project at Shatin Area 36C

    沙田36C区地皮发展资助出售房屋项目总合约

 4  Phase 1 Redevelopment of Ming Wah Dai Ha

    明华大厦第一期重建项目

 5  Construction of Columbarium at Wo Hop Shek Cemetery – Phase 1

    和合石坟场灵灰安置所第一期兴建工程

 6  Main Contract for the Proposed Residential Development at TMTL 499, Tseng Choi Street, Tuen Mun, New Territories
    新界屯门市地段第499号井财街住宅发展项目总合约
 Civil Engineering Works 土木工程

 7  Central-Wan Chai Bypass: Tunnel (North Point Section) and Island Eastern Corridor Link

    中环及湾仔绕道:北角段隧道和东区走廊连接路工程

 8  Site Formation and Infrastructure Works for Development of Anderson Road Quarry Site

    安达臣道石矿场用地发展的土地平整及基础建设工程

 9  Hong Kong International Airport – Terminal 2 Foundation and Substructure Works

    香港国际机场-二号客运大楼地基及下层结构工程

 10 Queen’s Hill Development – Road and Drainage Works

    皇后山发展-道路及渠务工程

 11 In-situ Reprovisioning of Shatin Water Treatment Works (South Works) – Advance Works

    沙田滤水厂原地重置工程(南厂)-前期工程

 12 Provision of Universal Access Facilities for Highway Structures – Package 2 Contract 1

    为道路构筑物提供畅道通行设施-第二组第一份合约

 13 Tseung Kwan O – Lam Tin Tunnel – Tseung Kwan O Interchange and Associated Works

    将军澳-蓝田隧道-将军澳交汇处及相关工程

 14 Design and Construction of the Novaliches – Balara Aqueduct 4

    诺瓦利切斯-Balara 四号输水隧道之设计及建造工程

 15 Improvement of Water Supply to Sheung Shui and Fanling

    上水及粉岭供水改善计划

 16 Hong Kong Disneyland Resort Project – Arendelle Advance Works

    香港迪士尼乐园度假区项目-阿德尔前期工程

                                                                      2018/19年报    亚洲联合基建控股有限公司    25
管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Major Projects in Progress at the End of the Year (continued)  于本年度结束时在建的主要工程(续)
 Project Name
 项目名称

 Electrical & Mechanical Works 电力及机械工程

 17 Electrical Installation for the Construction of Subsidised Sale Flats Development at Tseung Kwan O Area 65C2
    Phases 1 & 2

    将军澳第 65C2 区资助出售房屋发展计划第一和第二期建筑工程的电力装置工程

 Foundation Works 地基工程

 18 Foundation, ELS and Excavation Works for Proposed Residential Development at Yau Tong Inland Lot No. 44, Junction
    of Shung Shun Street and Yan Yue Wai, Yau Tong

    油塘崇信街与仁宇围交界油塘内地段第44号的住宅发展项目之地基、侧向承托及挖掘工程

 19 Foundation for Public Rental Housing Development at Tsing Hung Road, Tsing Yi

    青衣青鸿路公共租住房屋发展计划的地基工程
 Maintenance Works 维修工程

 20 Term Contract for Minor Works 2015 for Hong Kong East and Hong Kong West Clusters

    2015港岛东及港岛西医院联网小型工程定期合约

 21 MTR Contract No.11209 – Shatin to Central Link: Platform Modification and Associated Works at East Rail Line

    港铁合约编号11209-沙中线:东铁线车站月台改善及相关工程

 22 Term Contract for the Alterations, Additions, Maintenance and Repair of Buildings and Lands and Other Properties for
    which the Architectural Services Department (Property Services Branch) is Responsible (Designated Contract Area: Tai
    Po, North District and Outlying Islands (North))

    为指定合约区(大埔、北区及离岛(北))内由建筑署物业事务处负责的建筑物、土地及其他物业进行改建、加建、保
    养及维修工程的定期合约

 23 Term Contract the Alterations, Additions, Maintenance and Repair of Buildings and Lands and Other Properties for
    which the Architectural Services Department (Property Services Branch) is Responsible (Designated Contract Area:
    Central, Peak and Mid-levels)

    为指定合约区(中区,山顶及半山)内由建筑署物业事务处负责的建筑物、土地及其他物业进行改建、加建、保养及
    维修工程的定期合约

 24 Term Contract for the Maintenance of Slopes for which the Architectural Services Department (Property Services
    Branch) is Responsible (Designated Contract Area: Hong Kong Island and Outlying Islands (South))

    为指定合约区(港岛及离岛(南))内由建筑署物业事务处负责的斜坡进行保养工程的定期合约

 25 Replacement and Rehabilitation of Water Mains, Stage 4 Phase 1: Mains in Eastern and Southern Districts

    更换及修复水管工程第四阶段第一期:东区及南区水管工程

 26 Replacement and Rehabilitation of Water Mains, Stage 4 Phase 1: Major Mains in Western New Territories

    更换及修复水管工程第四阶段第一期:新界西部主要水管工程

26      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19


Main Contract for Subsidised Sale Flats Project at Shatin Area 36C

沙田36C区地皮发展资助出售房屋项目总合约

                                                              2018/19年报    亚洲联合基建控股有限公司    27

      Central-Wan Chai Bypass: Tunnel (North Point Section) and Island Eastern Corridor Link

      中环及湾仔绕道 : 北角段隧道和东区走廊连接路工程

      Site Formation and Infrastructure Works for Development of Anderson Road Quarry Site
      安达臣道石矿场用地发展的土地平整及基础建设工程

28      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19


Design and Construction of the Novaliches - Balara Aqueduct 4

诺瓦利切斯 - Balara 四号输水隧道之设计及建造工程

Tseung Kwan O - Lam Tin Tunnel - Tseung Kwan O Interchange and Associated Works

将军澳 - 蓝田隧道 - 将军澳交汇处及相关工程

                                                                      2018/19年报    亚洲联合基建控股有限公司    29
管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

New Major Projects Awarded in the Year                于本年度新承接的主要项目

 Project Name
 项目名称
 Building Construction Works 楼宇建筑工程

 1  Construction of Public Housing Development at Hiu Ming Street

    晓明街公营房屋发展之建造工程

 2  Basement Carpark and Public Vehicle Park For Proposed Residential Development at Yau Tong Inland Lot No. 44, at
    the Junction of Shung Shun Street and Yan Yue Wai, Yau Tong

    油塘崇信街与仁宇围交界油塘内地段第 44 号住宅发展项目之地下停车场及公众停车场建设工程

 Civil Engineering Works 土木工程

 3  Development of Anderson Road Quarry Site – Road Improvement Works and Pedestrian Connectivity Facilities Works
    Phase 2A

    安达臣道石矿场用地发展-道路改善工程及行人连系设施工程第二期甲

 4  Subcontract for the Engineering, Procurement and Construction of South East New Territories Landfill Extension

    新界东南堆填区扩展计划之设计、采购及施工分判合约

 5  Construction of Government Flying Service Kai Tak Division

    政府飞行服务队启德分部建造工程

 6  Rehabilitation of Trunk Sewers in Tuen Mun

    屯门污水干渠修复工程
 Foundation Works 地基工程

 7  Foundation for Public Rental Housing Development at North West Kowloon Reclamation Site 1 (East)

    西北九龙填海区第一号地盘(东)公共租住房屋发展之地基工程

 8  Construction of Bored Pile Works for Foundation, Excavation & Lateral Support and Basement Excavation Works for
    New Acute Hospital at Kai Tak Development Area (Site A and Site B)

    启德发展区新急症室医院地基、挖掘和横向承拓工程及地库挖掘工程之大口径钻孔桩工程(工地A及工地B)
 Maintenance Works 维修工程

 9  Construction of Reprovisioning Facilities at Hong Ning Road Park and Ngau Tau Kok Fresh Water Services Reservoir
    (Programme No. 281RS)

    康宁道公园及牛头角食水配水库重置设施建造工程(工务计划编号 281RS)

30      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19


Foundation for Public Rental Housing Development at North West Kowloon Reclamation Site 1 (East)

西北九龙填海地区第一号地盘(东)公共租住房屋发展之地基工程

                                                                      2018/19年报    亚洲联合基建控股有限公司    31
管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Property Development and Assets Leasing              物业发展及资产租赁

The property development and assets leasing segment contributed a  物业发展及资产租赁分部于本年度录得溢利
profit of HK$180.3 million (2018: HK$197.7 million) during the Year.      180,300,000港元(2018年:197,700,000港元)。
During the Year, the Group recorded a gain from the disposal of its  于本年度,本集团就出售位于屯门青棉径2号
residential project located at No. 2 Tsing Min Path, Tuen Mun, known  的住宅项目「菁隽」而录得收益。该交易突显本
as “T PLUS”. The transaction highlights the Group’s market acumen and  集团市场触觉敏锐及行动迅速,以充分把握
prompt action to fully capitalise on market developments. Given that the  市场发展动向。鉴于房地产市场正继续进行调
property market is continuing to undergo adjustments, the Group will  整,本集团将坚定不移,抓住可带来长期收益
adhere to its practice of seizing opportunities that bring long-term gains,  的机遇,同时设立合营公司及建立合作伙伴关
as well as establishing joint ventures and forming partnerships to mitigate  系以降低风险。

risk.

Among the local property development projects that the Group, with  本集团与战略伙伴目前在本地参与的物业发展
strategic partners, is currently engaged in include two residential  项目中包括两个住宅物业,分别位于何文田窝
properties located at Waterloo Road, Ho Man Tin and Prince Edward  打老道及太子道西。此外,本集团同时参与重
Road West, respectively. Also, the Group is involved in the property re-  建金马伦道35号之一项商用物业,并将于下一
development at No. 35 Cameron Road, which is a commercial building,  财政年度启动东涌一幅地皮的发展规划,从而
and will also commence development planning on a land parcel located  能够提供多元化的收入来源。

in Tung Chung in the coming fiscal year, hence will be able to provide

diverse revenue streams.

In view of several factors that have led uncertainty to the property market,  鉴于导致房地产市场不确定性的若干因素,包
including interest rate hikes and the unresolved US-China trade dispute,  括加息及悬而未决的中美贸易争端,本集团将
the Group will continue to take a cautious approach towards identifying  继续采取谨慎态度,在香港物色及收购合适的
and acquiring suitable development projects in Hong Kong, and will also  发展项目,持续地审视及调整其物业组合,力
continuously review and adjust its property portfolio to realise maximum  求实现最大之收益。

gains.

Professional Services                                  专业服务

The professional services segment, of which the security and facility  专业服务分部主要包括由城市服务集团有限
management business operated by City Services Group Limited (“City  公司(「城市服务」)营运之保安及设施管理业
Services”) is the principal constituent, continued to perform satisfactorily.  务,其表现继续令人满意。随著隧道管理业
With increasing contribution from the tunnel management business, we  务的收益日渐增多,我们相信该分部业绩将
believe segment results will continue to bloom. The segment recorded a  继续提升。于本年度,该分部录得营业额
revenue of HK$763 million (2018: HK$548 million) and profit of HK$28.8  763,000,000港元(2018年:548,000,000港元)
million (2018: HK$26.7 million) during the Year.                        及溢利28,800,000港元(2018年:26,700,000
                                                                  港元)。

32      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

管理层讨论及分析

BUSINESS REVIEW (continued)                          业务回顾(续)

Professional Services (continued)                          专业服务(续)

During the Year, City Services was able to renew contracts with numerous  于本年度,城市服务得以与多名知名客户续
prominent clients, thus ensuring stable revenue for the security and  约,从而确保保安及管理业务维持稳定收益。
management business. In respect of the tunnel management business, a  在隧道管理业务方面,本集团于2018年8月获
four-year contract of the Central-Wan Chai Bypass Tunnel was secured  得一份中环及湾仔绕道隧道的四年期合约,此
in August 2018, which is the latest secured contract. In May 2018, the  为最新获得的合约。于2018年5月,本集团分
Group was awarded two six-year management contracts for the Shing  别获授予城门隧道和将军澳隧道以及启德隧道
Mun Tunnels and Tseung Kwan O Tunnel, and Kai Tak Tunnel and Lion  和狮子山隧道的两份六年期管理合约。本集团
Rock Tunnel, respectively. The Group now totally manages six tunnels  现时在香港共管理六条隧道,包括红磡海底隧
in Hong Kong, comprising the Cross-Harbour Tunnel, the Shing Mun  道、城门隧道、将军澳隧道、启德隧道、狮子
Tunnels, the Tseung Kwan O Tunnel, the Kai Tak Tunnel, the Lion Rock  山隧道及中环及湾仔绕道隧道。

Tunnel and the Central-Wan Chai Bypass Tunnel.

Other Business                                        其他业务

The Group is constantly seeking opportunities to develop new income  本集团不断寻求机会开辟有潜力发展成为独立
streams that possess the potential to become standalone businesses. In  业务的新收入来源。因此近年来成立高级保管
recent years, this has led to the establishment of a premium safe deposit  箱租赁业务、提供建筑融资服务及管理网上建
box leasing business, the provision of construction financing services, and  筑材料采购平台。另外,为满足使用港珠澳大
the management of an online building materials procurement platform.  桥及高速铁路来往香港的旅客日益增长的需
Besides, in order to tap growing demand from travellers using the Hong  求,本集团已开始透过俊和巴士提供非专营巴
Kong-Zhuhai-Macao Bridge and the Express Rail Link for travelling to and  士服务。

from Hong Kong, the Group has commenced to provide non-franchised

bus services through CW Bus.

                                                                      2018/19年报    亚洲联合基建控股有限公司    33
管理层讨论及分析

LIQUIDITY AND FINANCIAL RESOURCES                  流动资金及财政资源

The Group mainly relies upon internally generated funds as well as  本集团业务营运及扩展所需资金主要来自内部
bank borrowings to finance its operations and expansion, which is  资金及银行借款,在有需要时再辅以发行股份
supplemented by equity funding when it is required.                      集资。

At 31 March 2019, the total net debts of the Group amounted  于 2019 年 3 月 31 日 , 本 集 团 之 净 债 务 总
to approximately HK$905.3 million, representing total debts of  额 约 905,300,000 港 元 , 即 债 务 总 额 约
approximately HK$2,761.30 million less total of cash and bank balances  2,761,300,000港元减去现金及银行结余总额
of approximately HK$1,856.0 million. The debt maturity profile, based on  约1,856,000,000港元。根据本集团于2019年
scheduled repayment dates set out in loan agreements of the Group at  3月31日之贷款协议所载之既定还款日期,债
31 March 2019, is analysed as follows:                                项之到期日分析如下:

                                                                                    As at          As at
                                                                            31 March 2019  31 March 2018
                                                                                于2019年      于2018年
                                                                                  3月31日        3月31日
                                                                              HK$ million    HK$ million
                                                                                  百万港元      百万港元
 Borrowings and obligations under hire purchase  须于下列期间偿还之借款及

  contract and finance leases repayable:          租购合约及融资租赁承担:

  Within one year or on demand                一年内或按要求                      1,061.7        2,677.5
  After one year, but within two years            一年后至两年内

    – On demand shown under                    -列入流动负债作按要求

      current liabilities                              偿还之部分                          2.8          37.5
    – Remaining balances                        -余额                            1,310.3            5.9
  After two years, but within five years            两年后至五年内

    – On demand shown under                    -列入流动负债作按要求

      current liabilities                              偿还之部分                            –            1.3
    – Remaining balances                        -余额                            385.2            1.6
  Over five years                              五年以上                                1.3            4.0
                                                                                  2,761.3        2,727.8
 Guaranteed bonds                            担保债券

  – Repayable within one year                    -于一年内偿还                          –          39.0
 Total debts                                  债务总额                              2,761.3        2,766.8
The Group has continued to implement a prudent financial management  本集团继续采取保守的财务管理政策,于
policy, at 31 March 2019, the gearing ratio of the Group, being the  2019年3月31日,本集团之资本负债比率(即
proportion of net interest bearing debts to equity attributable to  计息债务净额与股东应占权益之比率)为0.37
Shareholders, was 0.37 (2018: 0.30). The current ratio of the Group is  (2018年:0.30)。本集团之流动比率上升了
increased by 30% to 1.67 (2018: 1.28), reflecting a healthy financial  30%至1.67(2018年:1.28),反映其稳健之
position to finance its operation.                                      财务状况以应付其日常营运。

34      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

管理层讨论及分析

LIQUIDITY AND FINANCIAL RESOURCES (continued)          流动资金及财政资源(续)

To minimise exposure on foreign exchange fluctuations, the Group’s  为尽量减低外汇波动风险,本集团之借款及现
borrowings and cash balances are primarily denominated in Hong Kong  金结余均以港元或人民币为主,即与相关的集
dollars or Renminbi which are the same as the functional currency of the  团实体之功能货币相同。本集团承担之外汇波
relevant group entities. The Group has no significant exposure to foreign  动风险不大,并仅于有需要时方会使用衍生合
exchange rate fluctuations and shall use derivative contracts to hedge  约用作对冲所承担之货币风险。此外,本集团
against its exposure to currency risk only when it is required. Furthermore,  之借款并无采用任何利率金融工具作对冲。
the Group’s borrowings have not been hedged by any interest rate

financial instruments.

Details of the structure and interest rate profile of the bank borrowings  本集团于2019年3月31日的银行借款的结构及
of the Group as at 31 March 2019 are set out in Note 33 to the financial  利率分布之详情载于财务报表附注33。

statements.

PLEDGE OF ASSETS                                  资产抵押

Details of the pledge of assets of the Group are set out in Note 33(e) to  本集团抵押资产之详情载于财务报表附注
the financial statements.                                            33(e)。

CONTINGENT LIABILITIES                              或然负债

Details of the contingent liabilities of the Group are set out in Note 45 to  本集团或然负债之详情载于财务报表附注45。
the financial statements.

EMPLOYEE AND REMUNERATION POLICIES                雇员及薪酬政策

The Group had approximately 6,595 employees as at 31 March 2019.  于2019年3月31日,本集团约有6,595名雇员。
Total remuneration of employees for the Year amounted to approximately  本年度之雇员薪酬总额约为2,033,900,000港
HK$2,033.9 million. Employees are remunerated according to their  元。雇员薪酬按其工作性质及市场趋势厘定,
nature of work and the market trend, with merit-based components  并根据考勤评核按表现厘定每年之增薪金额,
incorporated in the annual increment review to reward and motivate  以奖励及激励个别员工之表现。雇员之花红乃
individual performance. Employee bonus is distributable based on the  按个别分部及有关雇员之表现而发放。此外,
performance of the respective divisions and the employees concerned.  本集团亦因雇员之工作职务而提供内部培训计
Moreover, the Group also provides in-house training program and  划及就外间培训课程提供资助。

sponsorship for external training courses which are complementary to

their job functions.

With a view to providing incentive for employees to achieve performance  为达致向雇员提供达到表现目标的激励及令雇
goals and aligning the interests of employees directly to the Shareholders  员利益透过拥有本公司股份直接与股东利益一
through ownership of shares of the Company, the Company adopted  致的目标,本公司于2017年8月1日采纳了受
the restricted share award scheme on 1 August 2017, pursuant to which  限制股份奖励计划。根据该计划,本公司可向
the Company may grant to eligible participants restricted shares of the  合资格参与者授出本公司之受限制股份。该等
Company. Such grant shares are acquired by the scheme trustee on  授出股份乃由计划受托人于香港联合交易所有
the market of The Stock Exchange of Hong Kong Limited (the “Stock  限公司(「联交所」)之市场上购买及为承授人的
Exchange”) and held upon trust for the benefit of the grantees and shall  利益以信托方式持有,并于特定归属条件达成
become vested in the grantees upon satisfaction of specified vesting  后归属承授人。

criteria.

                                                                      2018/19年报    亚洲联合基建控股有限公司    35
管理层讨论及分析

EMPLOYEE AND REMUNERATION POLICIES (continued)        雇员及薪酬政策(续)

In addition, the Company had also adopted a share option scheme (the  此外,本公司亦已采纳购股权计划(「该购股权
“Share Option Scheme”), under which the Directors are authorised to  计划」),据此,董事获授权向合资格参与者授
grant share options to the eligible participants to subscribe for shares  出购股权以认购本公司股份,旨在(其中包括)
of the Company for the purpose of, among other things, providing  向合资格参与者提供激励及奖赏,并肯定其所
incentives and rewards to, and recognizing the contributions of, the  作之贡献。该购股权计划由2012年9月3日起
eligible participants. The Share Option Scheme is valid and effective for a  10年内有效及生效。

period of 10 years commencing on 3 September 2012.

OUTLOOK AND PROSPECTS                            前景及展望

Construction                                          建筑

The Group holds guarded optimism towards the Hong Kong construction  鉴于香港政府已表明增加土地及房屋供应的决
sector in the coming years, given that the local government has  心,例如透过毗邻大屿山的建议填海项目,此
demonstrated its commitment to increasing land and housing supply  将为一个重大长期发展计划,本集团对未来数
as exemplified by the proposed reclamation project near Lantau, which  年香港建筑业仍抱持审慎乐观态度。因此,本
is set to be a significant long-term development scheme. The Group  集团将利用其专业、知识、技术及经验,以及
will, therefore, seek to bolster its leading position in the Hong Kong  通过与拥有相关经验及资源的内地企业合作,
construction sector by leveraging its professionalism, knowledge,  力图巩固其在香港建筑业的领导地位。

technologies and experience, as well as by co-operating with mainland

enterprises that possess relevant experience and resources.

Close ties with mainland enterprises will allow the Group to diversify its  大湾区乃政府主导的另一项重大倡议,必将
construction business both within and outside the area as well as expand  为建筑业带来更大机遇,与内地企业建立紧
its footprint into the Greater Bay Area, which represents another major  密关系能令本集团在区内外的建筑业务更趋多
government-led initiative that is set to bring enormous opportunities  元化,并将本集团的足迹扩展到大湾区。有见
to the construction sector. Mindful of this, the Group will proactively  及此,本集团将于该重点区域积极拓展业务版
grow its footprint in this key region through investing in companies that  图,透过投资公司以提升行业领导地位及以合
enhance its leading industry position and working in partnerships that  作伙伴关系快速提高市场渗透率。

create the expressways for enhancing market penetration.

Property Development and Assets Leasing              物业发展及资产租赁

As market adjustments are expected to be the trend in the coming year,  由于本集团预期市场调整将为未来一年的趋
the Group will continue to take a prudent approach towards property  势,本集团将继续采取审慎方针于物业发展及
development and assets leasing business and capitalise on opportunities  资产租赁业务及利用各发展项目带来的机遇。
arising from various development projects. Consistent with its prudent  秉承其审慎发展方针,本集团将适时寻求合作
approach, the Group will duly seek partnerships and joint ventures that  伙伴及建立合营企业,以冀降低风险并进一步
allow it to mitigate risk as well as better utilise its financial resources.        善用其财务资源。

36      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

管理层讨论及分析

OUTLOOK AND PROSPECTS (continued)                    前景及展望(续)

Professional Services                                  专业服务

For the professional services segment, the Group will continue to  就专业服务分部而言,本集团将继续加强其保
strengthen its solid foundation of the security and facility management  安及设施管理业务的稳固基础,同时寻求基础
business, while looking for the opportunity of infrastructure management  建设管理业务的机遇。

business.

Other Business                                        其他业务

With sound financial health, ample experience and solid reputation,  凭借稳健的财务状况、丰富的经验及良好的声
the Group will utilise such strengths to further explore opportunities  誉,本集团将利用有关优势进一步探索及拓展
and expand its scope of operations. At the same time, the Group will  营运范围的机遇。同时,本集团将加快发展仍
expedite the development of those businesses which are still at early  处于增长初期的业务,以扩大其回报,尤其前
stages of growth to broaden its return, in particular, the non-franchised  景令人鼓舞的非专营巴士服务业务。本集团将
bus services business in view of encouraging prospects. The Group will  扩大俊和巴士的营运,包括扩大巴士车队规模
expand the operations of CW Bus, both in terms of bus fleet and routes.    及拓展路线。

Overview                                            概览

In the coming year, the Group will seek to advance the construction  于未来一年,本集团将寻求涉及大型基础建设
business, its key operation, by seizing collaborative opportunities involving  项目的合作机会,并以大湾区相关项目为主,
major infrastructure projects, particularly those pertaining to the Greater  以提升其主营建筑业务。此外,本集团预期教
Bay Area. Also, the Group will seek opportunities to penetrate in this  育行业将受惠于该地区的蓬勃发展,将寻求机
area’s education sector since it is set to be greatly benefit from the  会涉足当地的教育行业。

expected boom across this region.

The Group will examine opportunities to take part in development  本集团亦将探索参与亚洲主要市场发展项目的
projects in major Asian markets as well, particularly those along the Belt  机遇,并以一带一路沿线为主。一带一路为另
and Road route, which is another China-led initiative that will benefit the  一项由中国主导的倡议,其将为建筑业带来得
construction sector.                                                益。

As always, the Group will take a measured approach towards business  本集团将一如既往地采取审慎的业务发展及业
development and business management to move closer towards realising  务管理方针,以实现其成为一间活力充沛、发
its vision of becoming an acclaimed contractor and developer in Asia with  展蓬勃、享誉亚洲的承办商和发展商的愿景。
dynamic growth.

                                                                      2018/19年报    亚洲联合基建控股有限公司    37
环境、社会及管治报告

INTRODUCTION                                      绪言

Our Group is dedicated to maintaining a high standard of CSR. The  本集团致力于维持高水准企业社会责任。商界
business sector is placing an increasing emphasis on CSR performance,  日益重视企业社会责任表现,尤其于安全与健
particularly in the aspects of safety and health, sustainable development,  康、可持续发展、社区影响以及法律及法规合
community impact and law and regulatory compliance. We understand  规方面。我们深明我们的业务运营与社会息息
that we do not operate our business in isolation of our society.  相关。雇员、供应商、客户、自然环境及社区
Employees, suppliers, clients, the natural environment and the general  整体皆为我们的持份者,均受本集团经营业务
community are all our stakeholders influenced by the ways in which our  的方式影响。

Group transacts the business.

During the Year, we have continued our efforts to enhance CSR  于本年度,我们已透过多项措施继续致力提高
performance via various initiatives. The four key subject areas this  企业社会责任表现。环境、社会及管治(「环
Environmental, Social and Governance (“ESG”) Report covers are: (I)  境、社会及管治」)报告四大主题包括(I)工作环
Workplace Quality, (II) Environmental Protection, (III) Operating Practices

and (IV) Community Involvement.                                      境质素、(II)环境保护、(III)营运惯例及(IV)社区
                                                                  参与。

(I) WORKPLACE QUALITY                            (I) 工作环境质素

  Our People                                            我们的员工

    As at 31 March 2019, our Group had approximately 6,595        截至2019年3月31日,本集团约有6,595
    employees with the majority stationed in Hong Kong. We recognise        名雇员,大部分驻于香港。我们深知雇
    that employees are valuable assets of our Group and embrace the        员为本集团宝贵资产,并秉承投资于人
    philosophy of investing in people by providing them with a range        才的理念,向彼等提供一系列可提高其
    of training programs that can enhance their professional skills        专业技能及知识的培训课程。我们亦致
    and knowledge. We are also committed to maintaining a safe        力于为全体雇员维持安全及健康的工作
    and healthy working environment for all employees as well as to        环境,以及实施平等就业机会常规。

    implementing equal opportunity employment practices.

Statistics in relation to employment
有关雇佣的统计数据

                                                      Employment Type

                                                      雇员类别

                                                                                                                      2017/18  2018/19
 Gender Distribution of Employees                                                              Top        0.4%    0.5%

 雇员性别分布                                                                                        Management

                                                                                                        高层管理人员

                                                  2017/18  2018/19                                    Middle      6.5%    4.2%

                                                                                                        Management

                                                                                                        中层管理人员

                                    Male %      72.0%  70.6%                                      Supervisory  15.4%  12.7%

                                    男性百分比                                                        主任

                                    Female %    28.0%  29.4%                                      Operation    77.7%  82.6%

                                    女性百分比                                                        操作

  Working Conditions                                  工作条件

    To attract, motivate and retain talents, our Group regularly reviews        为吸引、激励及挽留人才,本集团定期检
    our staff compensation and benefit packages to ensure our benefits        讨员工薪酬及福利计划,以确保我们的福
    are competitive in the market. With reference to prevailing market        利于市场具有竞争力。经参考当前市场状
    conditions, a review is conducted annually on the pay packages        况,本集团每年审阅雇员薪酬及其他雇佣
    of employees and other employment benefits, which include the        福利计划,包括医疗计划、体检计划、旅
    medical scheme, health check program, travel insurance, training        游保险、培训津贴及退休福利。

    subsidies and retirement benefits.

38      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Training and Development                            培训及发展

    Training                                                          培训

    Continuous learning is one of our core values. The Group’s support        持续学习是我们的核心价值之一。本集
    in development and training applies to staff of all levels. We have        团支持各级员工的发展及培训。我们自
    been offering training sponsorship to all staff members to encourage        2005年起为全体员工提供培训资助,以
    self-improvement in a learning organisation since 2005. Employees        鼓励员工于学习型机构中自我增值。雇
    are provided with comprehensive in-house training and sponsorship        员可获提供内部培训及获资助参加外间
    for external training courses including seminars, workshops,        培训课程,包括研讨会、工作坊、探访
    visits and demonstrations to upgrade their skills and knowledge        及示范活动,以提升技能及增进知识,
    for performing their duties more effectively and promoting their        从而更有效地履行职务及促进个人发展。
    personal development.

    Since 1999, our Group’s Chun Wo Construction and Engineering        自1999年起,本集团旗下的俊和建筑工
    Company Limited has been certified by the Hong Kong Institution of        程有限公司获香港工程师学会认证为土
    Engineers as a Scheme A Graduate Training approved organisation        木、建造及屋宇装备界别的工程毕业生
    in Civil, Building and Building Services disciplines.                        培训计划认可机构。

    Training programs offered by the Group                            本集团提供之培训课程

        GLAD Program for accounting trainees                                GLAD会计实习生计划

        Core Program                                                      核心计划

        Elite Program                                                      精英计划

        Graduate/Freshman Program for Engineers/Quantity Surveyors            工程师╱工料测量师毕业生╱

                                                                          新生计划

        Design Engineer Program                                            设计工程师计划

        Technical Apprentice Program                                        技术学徒计划

        Site Agent Development Program                                      地盘总管发展计划

        Sub Agent Program                                                副总管计划

        Construction Industry Council Training Academy Program                建造业议会训练学院计划(承建商
        (Contractor Cooperative Training Scheme,                              合作培训计划、进阶工艺培训计
        Advanced Construction Manpower Training Scheme,                    划、中级技工合作培训计划)

        Construction Tradesman Collaborative Training Scheme)

        Building Information Modeling Internship Program                      建筑信息模型实习生计划

        Mentorship Program                                                导师计划

    Recognition from Employees Retraining Board                      雇员再培训局之表彰

    – “ERB Excellence Award for Employers 2018-2019”                  -「ERB杰出雇主奖2018-2019」

        City Security Company Limited                                        城市护衞有限公司

    Recognition form Labour Deparment                                劳工处之表彰

    – “Good Employer Charter 2018”                                    -「好雇主约章2018」

        Chun Wo Construction Holdings Company Limited                      俊和建筑控股有限公司

        City Professional Management Limited                                城市专业管理有限公司

        City Security Company Limited                                        城市护衞有限公司

                                                                      2018/19年报    亚洲联合基建控股有限公司    39
环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Training and Development (continued)                    培训及发展(续)

    Development                                                      发展

                                      Basketball Team                          Soccer Team

                                            篮球队                                  足球队

  Sports Team

    运动团队

                                      Friendly matches with our joint venture partners

                                                  与合营伙伴举行友谊赛

                  Demonstrate Team Spirit    Promote Harmonious Message    Foster Regular Exercise

                        呈现团队精神                  宣扬和谐讯息                培养恒常运动习惯

                  “Caring Hotline”                      Request for help 寻求协助

                「深程热线」

    Caring                                                        Enquire information 查询资讯

      关爱

                                                        Express opinions 表达意见

                  Accredited with the “Happy    Realising the concept of “Happiness at Work”

                  Company” label from 2013      实现「开心工作间」理念

                  to 2019

  Recognition    由2013年至2019年获颁「开心    Building a pleasant working environment

      表彰        企业」标志                      建立愉快的工作环境

                                                  Increasing staff’s level of happiness at workplace

                                                  提升员工工作时的快乐水平

                Placing Great Value on People Development and Treasuring the Well-being of All Our Employees
                高度重视人力发展及全体雇员的福祉

    During the Year, our basketball team won 1st runner up of        于本年度,我们的篮球队获得建造业议
    Construction Industry Council Basketball Competition 2018 and our        会2018年篮球赛亚军,而我们的足球队
    soccer team won 1st runner up of Construction Industry Council        获得建造业议会2018年足球联赛亚军,
    Football League 2018, demonstrating the excellent team spirit and        展现了强大的团队精神以及同事之间的
    bond of understanding among our colleagues.                          相互理解与支持。

40      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Employee Health and Safety                          雇员健康及安全

    By integrating internationally-recognised ISO 9001, ISO 14001,        本集团遵守健康及安全标准,分别将
    ISO 45001 and OHSAS 18001 certifications into our quality,

    environmental and occupational safety and health management        国际认可的ISO 9001、ISO 14001、 ISO
                                                                      45001及OHSAS 18001认证整合至品质、
    systems respectively, our Group demonstrates our compliance with        环境及职业安全及健康管理系统。本集
    health and safety standards. Our Group’s

    “PDCA” system further ensures each individual                                      团的「PDCA」系统进一步确
                                                                                  保个人和每个团队竭尽全
    and team to contribute their ability to meet                      Plan

                                                                                  力遵守法定要求及达致持
    statutory requirements and achieve the ultimate                      规划

                                                                                  续进步的最终目标。

    goal of continuous improvement.

    We are aware of the importance of workplace                                      我们深知工作环境安全之
    safety. To guarantee the occupational safety                  Continuous              重要性。为保证建筑营运
    standards of our construction operations, we      Act      Improvement      Do      达到建筑职业安全标准,
    have introduced a safety audit system designed      行动        持续改善        实行    我们推出了安全审核制
    to monitor the effectiveness of our safety                                      度,用于监察安全管理系
    management system. For 2018, the corporate                                      统的成效。于2018年,
    average safety audit score was 87.6%,                                      企业平均安全审核分数为
                                                                                  87.6% , 超 过 86% 的 目
    exceeding the target of 86% (in 2017, the

    score was 86.6%).                                                      Check                标分数(2017年的分数为
                                                                                检查                86.6%)。

    In 2018, all safety indicators were in line                                      于2018年,所有安全指标
    with our objectives, in particular, the accident frequency rate of        均与我们的目标相符,尤其工程项目意
    construction work within 5 years recorded a decreasing trend,

    reflecting our dedication and achievements in construction site        外率于5年内更录得下降趋势,反映我们
                                                                      对工程地盘安全的重视和成就。

    safety.

    Accident Frequency Rate

    意外率

    AFR (per 100,000 man-hours)                                                      2018 Target ≦0.21

    意外率(每十万工时)                                                                2018目标≦0.21

                                    2014 | 0.220 0.220

                                        2015 |2016 | 0.210 0.207                    EXCELLENT

                                                2017 |2018 | 0.191

    Protect the Safety and Health of Workers at Construction Sites

    于工程项目地盘保障工人的安全及健康

      Mini Health Check Stations            Heat Shelters and Water                  Morning Exercise

          小型健康检查站                  Sprinklers on Rooftops                      早晨运动

                                          屋顶加装隔热板及洒水器

          Ensure workers in                  Dissipate heat gain          Alert workers of the potential injuries
            optimal state

      确保员工处于最佳状态                  发挥散热作用                  and ways of prevention

                                                                        提醒员工潜在受伤风险以及预防措施
                                                                      2018/19年报    亚洲联合基建控股有限公司    41
环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Health and Safety Policies                              健康及安全政策

    Our security and facility management divisions also follow a well-        我们的保安及设施管理分部亦奉行一套
    structured management system and conduct annual audit to        结构完善的管理体系及进行年度审核,
    ensure that we meet the international standards. Both our City        以确保我们符合国际标准。我们的城市
    Security Company Limited (“City Security”) and City Professional        护衞有限公司(「城市护衞」)及城市专业
    Management Limited (“City Professional Management”) have        管理有限公司(「城市专业管理」)获得国
    received accreditations in ISO 10002 customer satisfaction        际认可认证有限公司(「国际认可认证」)
    management system, ISO 9001 quality management system, ISO        授予ISO 10002 客户满意管理体系、ISO
    14001 environmental management system and OHSAS 18001        9001质量管理体系、ISO 14001环境管理
    occupational health and safety management system awarded by        体系以及OHSAS 18001职业健康及安全
    Accredited Certification International Limited (“ACI”). On the other        管理体系认证。另外,我们的俊和隧道
    hand, our CW Tunnel have received ISO 9001 quality management        获国际认可认证授 予 ISO 9001质量管理
    system, ISO 14001 environmental management system and OHSAS        体系、ISO 14001环境管理体系及OHSAS
    18001 occupational health and safety management system awarded        18001职业健康及安全管理体系认证。

    by ACI.

    The safety and health of all our employees and the public are of        对本集团而言,每位雇员的安全和健康
    paramount importance to our Group. Thus, our senior management        均至关重要。因此,高层管理人员非常
    places a strong emphasis on our safety and health performance.        重视我们的安全及健康表现。为此,本
    To this end, our Group has set up an effective occupational health        集团遵照工厂及工业经营(安全管理)规
    and safety management system conforming to the Factories and        例及OHSAS 18001:2007规定设立了有
    Industrial Undertakings (Safety Management) Regulation and OHSAS        效的职业健康及安全管理体系。有关指
    18001: 2007 requirements. Related guidelines are stated in our        引载于本集团的安全政策内。

    Group’s safety policy.

    Our target is to fulfill all relevant health, safety and environmental        我们矢志达到所有相关的健康、安全及
    protection regulatory requirements and provide our staff with a        环保监管要求,并为雇员提供安全无害
    hazard-free workplace. To achieve this, we encourage all employees        的工作环境。为实现此愿景,我们鼓励
    to take responsibility and comply with the systems, policies, manuals,        所有雇员承担责任并遵守有关制度、政
    procedures and working rules such as wearing personal protective        策、手册、程序及工作规则,例如配戴
    equipment and reporting violations of regulatory requirements or        个人保护装备及汇报违反监管规定或指
    orders.                                                            令的事件。

    Company’s Health and Safety Policies                              本公司之健康及安全政策

        No violence in the workplace                                          杜绝在工作场所中的暴力

        No sexual harassment and discrimination                              杜绝性骚扰及歧视

        An alcohol-free and drug-free workplace                              无酒无毒的工作环境

        A non-smoking workplace                                            无烟工作环境

        Immediate reporting of accidents                                      即时汇报意外事故

        Familiarity with fire prevention and safety working procedures            熟悉防火及安全工作程序

        Special arrangement for typhoons and rainstorm warnings                台风及暴雨警告的特别安排

        Security of property and safety inspection                              物业保安及安全巡查

42      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Safety and Health Awards                            安全及健康奖项

    In the Year, our various business units garnered more than 60        于本年度,我们多个业务单位勇夺超过
    safety and health awards, proving our effective implementation of        60个安全及健康奖项,印证本集团各个
    occupational safety and health management system throughout the        分部内职业安全与健康管理系统的有效
    various divisions in our Group. In particular, Chun Wo Foundations        实施。尤其是俊和地基工程有限公司荣
    Limited have received the industry honours of the “Safety        获业内「安全管理制度大奖-建造业(铜
    Management System Award – Construction (Bronze Award)”        奖)」的殊荣,肯定我们在行业安全及健
    affirming our outstanding contribution to industrial safety and        康方面的杰出贡献。

    health.

    The Group is honoured to receive the following safety and health        于本年度,本集团荣获下列安全及健康
    awards in the Year:                                                  奖项:

    Innovation Safety Initiative Award 2018                            创意工程安全奖2018

    Development Bureau, Construction Industry Council (“CIC”)      发展局、建造业议会(「建造业议会」)及
    and Hong Kong Construction Association (“HKCA”)                香港建造商会(「香港建造商会」)

        Safety Operational Device – Tipper Safety Device (Merit Award)            安全操作设施-倾卸车安全装置

                                                                          (优异奖)

        Safety Management System, Training And Promotion – e-Lifting            安全管理制度、培训与宣传-电子
        Permit App (Bronze Award)                                          吊运许可证(铜奖)

        Safety Operational Device Category – Intelligent Accident            安全操作设施-智能预防事故系统
        Prevention System (Bronze Award)                                    (铜奖)

    The 30th Anniversary of Occupational Safety and Health        职安局30周年志庆-卓越同行职安健大
    Council – OSH Excellence Award and ISSA Global Vision Zero        奖暨国际社会安全协会全球「零伤亡愿
    Campaign                                                        景」运动

    Occupational Safety and Health Council (“OSHC”)                  职业安全健康局(「职安局」)

        OSH Excellence Award (for 2 subsidiaries)                              卓越同行职安健大奖(2间附属公司)
    HKOSHA Occupational Safety and Health Team Excellence        香港职业安全卫生协会职业安全健康团
    Award 2018                                                      队奖2018

    Hong Kong Occupational Safety and Health Association            香港职业安全卫生协会

        Occupational Safety and Health Team Excellence Award 2018              职业安全健康团队奖2018

        (1 Sliver Award and 2 Bronze Awards)                                (一项银奖及两项铜奖)

    Hong Kong Green Awards 2018                                    香港绿色企业大奖2018

    Green Council                                                  环保促进会

        Environmental, Health and Safety Award (Large Corporation)              超卓环保安全健康奖(大型企业)
        (1 Platinum Award and 1 Silver Award)                                (一项白金奖及一项银奖)

                                                                      2018/19年报    亚洲联合基建控股有限公司    43
环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)
  Safety and Health Awards (continued)                    安全及健康奖项(续)
    The 24th Considerate Contractors Site Award Scheme

    第24届公德地盘嘉许计划

    Development Bureau and CIC

    发展局及建造业议会

        Non-Public Works – RMAA Works (Gold Award)

        非工务工程-维修、保养、改建及加建工程(金奖)

        Public Works – New Works (1 Silver Award and 2 Merit Awards)

        工务工程-新建工程(一项银奖及两项优异奖)

        Public Works – RMAA (Bronze Award)

        工务工程-维修、保养、改建及加建工程(铜奖)

    The 17th Hong Kong Occupational Safety and Health Award

    第17届香港职业安全健康大奖

                                                  OSHC and Labour Department

                                                职安局及劳工处

                                                      Safety Performance Award – Construction
                                                      (for 11 subsidiaries)

                                                      安全表现大奖-建造业组别

                                                      (11间附属公司)

    Construction Industry Safety Award Scheme (2018-2019)

    建造业安全奖励计划(2018-2019)

    Labour Department

    劳工处

      Renovation and Maintenance Works Category (Sliver Award)

      装修及维修工程类别(银奖)

      Civil Engineering Sites Category (Bronze Award)

      土木工程建造地盘类别(铜奖)

      Civil Engineering Sites Category-Subcontractor (1 Sliver Award,

      1 Bronze Award and 1 Outstanding Performance in

      Work-at-height Safety Prize)

      土木工程建造地盘-次承判商(一项银奖、

      一项铜奖及一项最佳高处工作安全表现奖)

      Certificate of Good Performance in the

      Civil Engineering Sites Category

      土木工程建造地盘-良好表现证书

      Certificate of Good Performance in the Safety Teams Category

      安全队伍-良好表现证书

      Best Safe Worker (4 Awards)

      最佳安全工友(四项奖项)

44      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Safety and Health Awards (continued)                    安全及健康奖项(续)

    The Lighthouse Club Safety Award

    明建会安全大奖

    The Lighthouse Club Hong Kong

    香港明建会

        Safe Subcontractor Award 2018

        – Certificate of Appreciation

        安全分判商奖2018

        -嘉许状

        Safe Project Team Award 2018

        – Certificate of Appreciation

        安全工程项目团队奖2018

        -嘉许状

        Safe Foreman Award 2018

        – Runner-up

        安全管工奖2018

        -亚军

        Site Safety Practitioner Award 2018

        – Commended Award

        工地安全专业人员奖2018

        -推荐奖

        Construction Manager Award 2018

        – Commended Award

        营造师安全奖2018

        -推荐奖

    The Lighthouse Club Health and Safety Awards 2019

    明建会健康及安全大奖2019

                                                      The Lighthouse Club Hong Kong

                                                    香港明建会

                                                          International Design for Safety Awards – Innovation in
                                                          Construction Plant to Save Lives (Special Award)

                                                          国际安全设计大奖-建筑场地创新减少伤亡(特别奖)
                                                                      2018/19年报    亚洲联合基建控股有限公司    45
环境、社会及管治报告

(I) WORKPLACE QUALITY (continued)                    (I) 工作环境质素(续)

  Safety Activities                                      安全活动

    To ensure the continuous improvement of occupational safety and        为确保持续改进职业安全及健康标准,
    health standards, we have developed an evaluation questionnaire to        我们已编制评价调查问卷,于每次会
    collect feedback from the participants of all meetings, seminars and        议、研讨会或论坛中向参与者收集反馈
    forums.                                                            意见。

    Our Group encourages employees to participate in occupational        本集团鼓励员工参与职业安全及健康活
    safety and health activities and voluntary services and share expertise        动及志愿服务,并与同事以至香港建造
    and information not only with colleagues but also fellow workers        业界的工友分享专业知识及资讯。为积
    in the Hong Kong construction industry. To actively promote        极推动本集团之职业安全,我们于本年
    occupational safety throughout our Group, a range of safety        度举办了多项安全活动,包括安全工作
    activities, including safety workshops, special safety seminars and        坊、特别安全研讨会及社区活动。

    community activities, were organised during the Year.

    Through these activities, all participants have increased their        通过上述活动,所有参与者均可提升职
    awareness and knowledge of occupational safety as well as        业安全意识、增进相关知识及交流意
    exchanged ideas, helping to promote the safety culture in our        见,有助于在本集团内宣扬安全文化。
    Group.

  Compliance with Employment Laws                    遵守雇佣法例

    We have adopted the comprehensive Employee Handbook for        我们已为本集团的雇员编制全面的雇员
    employees of our Group and review the policies from time to time to        手册及不时检讨该等政策,以确保我们
    ensure that we comply with the Employment Ordinance in respect        遵守有关雇佣保障及雇员福利的雇佣条
    of employment protection and benefits for employees. Our human        例。我们不同业务单位的人力资源部门
    resource functions of different business units also observe the        亦遵守部门手册,以于整个招聘过程符
    departmental manual to adhere to legal and regulatory requirements        合法律及法规规定,以及杜绝雇用非法
    throughout the recruitment process and avoid the employment of        劳工。

    illegal labour.

(II) ENVIRONMENT PROTECTION                        (II) 环境保护

    As a responsible corporate citizen, our Group has established policies        作为负责任的企业公民,本集团已制订
    and measures to minimise pollution, efficiently utilise energy, reduce        政策及采取措施,在营运过程中尽量减
    waste and expand recycling in our operation. Risk-based thinking,        少污染、有效使用能源、减废及扩大循
    lifecycle perspective and mitigation have been incorporated into our        环再造。我们已于管理体系融入风险为
    management system to address the latest environmental challenges.        本的思维、生命周期观点及缓减措施,
    Our Group has established effective environmental management        以解决最新的环境挑战。本集团已按照
    systems in compliance with internationally-recognised ISO 14001        国 际 认 可 的 ISO 14001 及 ISO 50001 标
    and ISO 50001 standards. Adhering to the core values of the Group,        准,设立有效的环境管理系统。我们是
    we are members of various environmental groups and actively        多个环保团体的会员并积极支持有关团
    support these organisations.                                          体,坚守本集团的核心价值。

46      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Waste and Resources Management                    废物及资源管理

    Waste Management Hierarchy has been adopted on-site to reduce        为减少产生废料及增加循环再造,我们
    waste production and enhance recycling.                              在工地内已实施废物分级制度。

    Waste Management Hierarchy 废物分级制度

            Top Priority      I Avoidanceand Minimisation

                  最优先                                避免及尽量减少

              II Reuseof Materials

                                                            重用材料

              III Recoveryand Recycling

                                                          回收及循环再造

              IV Treatment处理

            Last Priority        VDisposal

                最后优先                                      弃置

    Example 例子

                      Metal and Concrete and                                  Other Construction Sites

                          Temporary Works                                          其他建筑工地

    Reused          金属及混凝土及临时工程

      重用          Construction and Demolition                                      Paving Bricks

                              Waste                                                  舖路砖

                          工程及拆卸废物

                          Plastic Wastes of          Damaged Water Barriers            Traffic Cones

                        Expired Safety Helmets          损坏的注水路障                交通标桶

    Recycled          过期的安全头盔塑胶废物

    循环再造

                                                      Plastic Granules

                                                          胶粒制品

                Reduce Waste Production and Enhance Recycling

                减少产生废料及增加循环再造

                                                                      2018/19年报    亚洲联合基建控股有限公司    47
环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Waste and Resources Management (continued)            废物及资源管理(续)

                                Recycled and ReusedOver 90% of Construction Waste

                    循环再造及重用多于90%的工程废物

 Recycled and Reused of Waste Total

 废物循环再造及重用总计                548,971.40 Tonnes 吨

597,132.63  Tonnes 吨                    Waste recycled at public fill

                                                                                              于公众填料循环再造的废物

43,893.32 Tonnes 吨  349.96 Tonnes 吨    0.43 Tonnes 吨

 Soil reused by other projects                      Timber/paper/cardboard recycled (non-office waste)    Paper recycled (office paper)

 由其他项目重用的泥土                          循环再用的木材╱废纸╱纸皮(非办公室废物)    循环再造废纸(办公室用纸)

74.40 Tonnes 吨      3,832.32 Tonnes 吨    10.80 Tonnes 吨

 Concrete recycled                              Metal recycled                                  Plastic recycled

 循环再造混凝土                                循环再造金属                                  循环再造塑胶

    Infrequent hazardous waste from demolition of old structures or        来自拆卸旧建筑或设备的不常见有害
    equipment (e.g. asbestos), which accounted for less than 0.003%        废料(如石棉)占所产生废料总额不足
    of the total waste generated has been separated and treated in        0.003%,均按照本地规例隔离及处理。
    accordance with local regulations.

48      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Waste and Resources Management (continued)            废物及资源管理(续)

                  DisposedLess Than 10% Waste        Pressure on Landfill

            废弃少于10%废物                        Disposal Decrease

                                                                堆填区废物的压力

    Managing Resources and Energy Use in an Eco-friendly        以环境友善的方式管理资源及能源使用
    Manner

        Implementing Eco-Friendly Actions in our offices and project            在办公室及项目地盘开展环保行
        sites to promote environmental awareness                              动,以提升环保意识

        Using B5 bio-diesel at project sites with the aim of reducing            在项目地盘使用B5生物柴油,旨在
        carbon emissions                                                    减少碳排放

        Managing fuel and electricity usage through deployment of            透过安装高效设备管理燃料及电力
        high efficiency equipment                                            使用

        Phasing out traditional T8 tubes and replacing with energy-            逐步淘汰传统的T8光管,以节能的
        saving T5 fluorescent tubes and LED lighting                            T5萤光灯管及LED照明取代

        Using of solar thermal energy for power (electricity) generation            运用太阳能发电,以减少柴油使用
        to reduce diesel use

        Reusing wastewater after sedimentation treatment for site            把废水沉淀处理,循环再用于地盘
        cleaning, water suppression systems, wheel washing at site            清洁、洒水抑尘系统、于工地出入
        access, water barrier filling, etc.                                      口清洗车轮及灌入注水路障等

        Reusing recycled water for preliminary air lifting of bore piles              将水循环再用于初步清洗钻孔桩

        Reusing water dripping from air-conditioners for roof sprinkler            收集冷气机滴水,循环再用于屋顶
        cooling systems and watering of plants of site office                      洒水降温系统及工地办公室植物灌
                                                                          溉

        Using noise barrier and enclosure to protect sensitive receivers            运用隔音屏障及隔音罩保护易受噪
                                                                          音影响的群体

              Maximise the Benefits of Environmental Protection, Energy Efficiency

              and Carbon Footprint Reduction

              发挥环境保护、能源效益及减少碳足印的最大益处

                                                                      2018/19年报    亚洲联合基建控股有限公司    49
环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Measures                              环保措施

    Substainable designs and construction methods have been initiated        我们已于项目地盘采用可持续设计及建
    in our project sites with developed mitigation measures to protect        造方法,使用成熟的缓减措施以保护环
    our environment, reduce waste generation and enhance recycling.          境、减少废物产生及增加循环再造。

    Eco-Firendly Actions — At Construction Site

    保护环境行动 — 于工地

                        Project: Improvement of Water Supply to Sheung Shui and Fanling

                                        项目:上水及粉岭供水改善工程

  Green Construction Method          Environmental Benefits          Building Information Modelling

          绿色建筑措施                        环保效益                        建筑信息模拟

    Use of trenchless method on      Avoidance of open cutting of long      Avoidance of clashing of tunnel
    pipe installation works across      trench for lying mains                boring machine with the bridge
    environmental and ecological      避免开挖安放主要管道的长沟          piling

    sensitive areas                                                          避免隧道挖掘机与桥桩碰撞

    在环境及生态敏感区进行安装管      Minimising disturbance on heavy

    道工程时采用非开挖技术            trafficked Man Kam To Road          Reducing abortive works

                                        减少交通繁忙的文锦渡路的影响        减少作废的工程

                                        Protection of ecological sensitive      Reusing over 75,000 tonnes of
                                        Ng Tung River and Man Kam To      construction and demolition waste
                                        Egretry                            by Building Information Modelling
                                        保护生态敏感的梧桐河及文锦渡      of soil quantity surveying and
                                        鹭鸟林                            progress monitoring

                                                                            通过土量测量与过程监控之建筑
                                        Minimising disturbance on      信息模拟循环再用逾75,000吨建
                                        environmental sensitive areas      筑废料

                                        from noise and exhausted gas

                                        emissions

                                        减少噪音及废气排放对环境敏感

                                        区的影响

                Minimising Environmental Risks

                减低环境风险

50      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Measures (continued)                      环保措施(续)

 Eco-Firendly Actions — At Offices and Construction Sites

 保护环境行动 —于办公室及工地

        Carbon Emission

        Monitoring System                  Eco-renovation                  On-Grid Solar System

        二氧化碳监控系统                      环保装修                      并网型太阳能系统

    Paperless meetings                  Applying energy-saving lighting        Operating in parallel with the
    无纸会议                          使用节能照明                      electricity grid of the site for
    Switching off lighting and      Utilising natural light in interior      supplementing the foil-based
    appliances (computers and      design                              generation and protecting
    monitors) during lunch hours          在室内设计上善用自然光源          environment

    于午膳时间关掉照明及装置(电      Reusing old furniture                  与工地的输电网络配合使用,以
    脑及屏幕)                        重用旧家具                        补充以箔为本的发电以及保护环
    Maintaining indoor temperature                                          境

    between 24°C and 26°C in

    summer

    于夏季维持室内温度介乎24度至

    26度

                Enhance Staff’s Environmental Awareness of Reducing Energy Consumption

                and Carbon Emissions

                提高员工保护环境的意识,减少能源消耗及碳排放

                                                                      2018/19年报    亚洲联合基建控股有限公司    51
环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Performance                            环保绩效

    Our Group has established a comprehensive group-wide carbon        本集团已设立全面涵盖集团整体的碳审
    audit system to monitor emission data of the different business units        计系统,监测本集团不同业务单位的排
    under our Group. During the Year, we have collaborated with SHELL        放数据。于本年度,我们与蚬壳合作推
    to launch the Carbon Emission Offsetting Programme, to neutralise        出减轻碳排放计划,以抵销土木工程建
    carbon released from our civil engineering construction site, whereas        筑地盘的碳排放,并以碳信用额监测碳
    monitored by Verified Carbon Units (VCUs).                            排放。

    The Key Performance Indicators (“KPI(s)”) demonstrating our        反映本集团于环境方面绩效之关键绩效
    Group’s performance under the environmental area are disclosed as        指标(「关键绩效指标」)披露如下:

    follows:

    KPI          Description

    关键绩效指标  描述

    Aspect A1    Emissions

    层面A1        排放物

    A1.1          The types of emissions and respective emissions data

                    排放物种类及相关排放数据

                    Disclosure of emissions is omitted as the Group’s operations do not result in significant air emissions
                    from vehicles.

                    由于本集团之运作不会导致汽车产生严重空气污染,因此本集团省略排放物之披露。

    A1.2          Greenhouse gas emissions in total and intensity

                    温室气体总排放量及密度

    Scope 1                            Scope 2                              Total (tonnes CO2e)

    范围1                              范围2                                总计(吨二氧化碳当量)

    Direct Emissions (tonnes CO2e)          Energy Indirect Emissions                2017/18    2018/19

    直接排放(吨二氧化碳当量)          (tonnes CO2e)              23,441 28,052
                        18,980 能源非直接排放          9,072

              17,011          (吨二氧化碳当量)6,430

                                                                              Intensity (tonnes CO2e per
                                                                              HK$ million revenue)

                                                                              密度(吨二氧化碳当量╱

                                                                              每百万港元收益)

                                                                              2017/18    2018/19

                                              2.85  3.47

                            2017/18      2018/19                          2017/18      2018/19

52      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Performance (continued)                  环保绩效(续)

    KPI          Description

    关键绩效指标  描述

    Aspect A1    Emissions (continued)

    层面A1      排放物(续)

    A1.3 & A1.4  Total hazardous waste and non-hazardous waste produced and intensity

                    所产生有害及无害废弃物总量及密度

    Hazardous Waste (tonnes)                        Non-hazardous Waste (tonnes)

    有害废弃物(吨)                                  无害废弃物(吨)

    2017/18    2018/19                              2017/18        2018/19

  31.96  16.68                565,110  621,722

    Intensity (tonnes per HK$ million revenue)          Intensity (tonnes per HK$ million revenue)

    密度(吨╱每百万港元收益)                        密度(吨╱每百万港元收益)

    2017/18    2018/19                              2017/18    2018/19

  0.01  0.01                  68.65  76.98

    A1.5          Description of measures to mitigate emissions and results achieved

                    描述减低排放量的措施及所得成果

                    Please refer to the section headed “ENVIRONMENT PROTECTION” above.

                    请参见上述「环境保护」一节。

    A1.6          Description of how hazardous and non-hazardous wastes are handled, reduction initiatives and

                    results achieved

                    描述处理有害及无害废弃物的方法、减低产生量的措施及所得成果

                    Please refer to the section headed “ENVIRONMENT PROTECTION” above.

                    请参见上述「环境保护」一节。

                                                                      2018/19年报    亚洲联合基建控股有限公司    53
环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Performance (continued)                  环保绩效(续)

    KPI          Description

    关键绩效指标  描述

    Aspect A2    Use of Resources

    层面A2        资源使用

    A2.1          Direct and/or indirect energy consumption by type in total and intensity

                    按类型划分的直接及╱或间接能源总耗量及密度

                    Electricity (kWh)                  Intensity (kWh per HK$ million revenue)
                    用电量(千瓦时)                  密度(千瓦时╱每百万港元收益)

                    2017/18        2018/19          2017/18        2018/19

              10,975,254 15,789,757  1,333.40 1,995.15

                    Diesel (Litre)                      Intensity (Litre per HK$ million revenue)
                    柴油(升)                        密度(升╱每百万港元收益)

                    2017/18        2018/19          2017/18        2018/19

              5,912,230  6,627,946  718.29  820.70

                    Petroleum (Litre)                  Intensity (Litre per HK$ million revenue)
                    石油(升)                        密度(升╱每百万港元收益)

                    2017/18        2018/19          2017/18        2018/19

              540,448    531,398    65.66    65.80

    A2.2          Water consumption in total and intensity

                    总耗水量及密度

                    Water consumption (m3)          Intensity (m3 per HK$ million revenue)
                    耗水量(立方米)                  密度(立方米╱每百万港元收益)

                    2017/18        2018/19          2017/18        2018/19

              441,847    511,817    53.68    63.38

54      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Performance (continued)                  环保绩效(续)

    KPI          Description

    关键绩效指标  描述

    Aspect A2    Use of Resources (continued)

    层面A2      资源使用(续)

    A2.3          Description of energy use efficiency initiatives and results achieved

                    描述能源使用效益计划及所得成果

                    Please refer to the section headed “ENVIRONMENT PROTECTION” above.

                    请参见上述「环境保护」一节。

    A2.4          Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency
                    initiatives and results achieved

                    描述求取适用水源上可有任何问题,以及提升用水效益计划及所得成果

                    Please refer to the section headed “ENVIRONMENT PROTECTION” above.

                    请参见上述「环境保护」一节。

    A2.5          Total packaging material used for finished products and, if applicable, with reference to per unit

                    produced

                    制成品所用包装材料的总量及(如适用)每生产单位占量

                    Disclosure of packing material is omitted since it is not identified as material aspect in the business of
                    the Group.

                    由于包装材料未被确认属于本集团之重要业务方面,因此省略包装材料之披露。

    Aspect A3    The Environment and Natural Resources

    层面A3        环境及天然资源

    A3.1          Description of the significant impacts of activities on the environment and natural resources and the
                    actions taken to manage them

                    描述业务活动对环境及天然资源的重大影响及已采取管理有关影响的行动

                    Please refer to the section headed “ENVIRONMENT PROTECTION” above.

                    请参见上述「环境保护」一节。

                                                                      2018/19年报    亚洲联合基建控股有限公司    55
环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Awards                                环保奖项

    Our Group’s efforts in contributing to environmental protection        本集团在贡献环保方面的努力备受社会
    have been recognised by the community with the following        肯定,并于本年度荣获以下环保奖项:
    environmental awards received during the Year:

    2017 and 2018 Hong Kong Awards for Environmental Excellence

    2017及2018香港环境卓越大奖

    Environmental Campaign Committee

    环保运动委员会

        Hong Kong Awards for Environmental Excellence

        – Construction Industry

        (1 Bronze Award and 2 Certificates of Merit)

        香港环境卓越大奖-建造业

      (一项铜奖及两项优异奖)

        Hong Kong Awards for Environmental Excellence

        – Outstanding Green Leadership Award

        香港环境卓越大奖

        -杰出绿色领导大奖

    The 24th Considerate Contractors Site Award Scheme

    第24届公德地盘嘉许计划

                                                      Development Bureau and CIC

                                                    发展局及建造业议会

                                                          Outstanding Environmental Management &
                                                          Performance Awards (1 Gold Award, 1 Silver Award
                                                          and 1 Merit Award)

                                                          杰出环境管理及表现奖(一项金奖、一项银奖及一项
                                                          优异奖)

    CIC Sustainable Construction Award

    建造业议会可持续建筑大奖

    CIC

    建造业议会

        CIC Sustainable Construction Award

        – Contractor in New Works (Gold Award)

        建造业议会可持续建筑大奖

        -新建工程承建商(金奖)

        CIC Sustainable Construction Award

        – Young Practitioner (Excellence Award)

        建造业议会可持续建筑大奖

        -青年专业人员(卓越奖)

56      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(II) ENVIRONMENT PROTECTION (continued)                (II) 环境保护(续)

  Environmental Awards (continued)                        环保奖项(续)

    Hong Kong Green Awards 2018

    香港绿色企业大奖2018

                                                Green Council

                                              环保促进会

                                                    Green Management Award – Project Management

                                                    (Large Corporation) (Gold Award)

                                                    优越环保管理奖-项目管理(大型企业)(金奖)

                                                    Green Management Award – Corporate (Large Corporation)
                                                    (3 Gold Awards, 1 Silver Award and 4 Bronze Awards)

                                                    优越环保管理奖-企业(大型企业)

                                                  (三项金奖、一项银奖及四项铜奖)

                                                    Sustained Performance 3 Years + (for 2 subsidiaries)

                                                    连续获奖机构(3年或以上)(2间附属公司)

    Green Office and Eco-Healthy Workplace Awards Labelling          绿色办公室及健康工作间奖励计划

    Scheme – Spring 2018                                              -2018年春季季度

    World Green Organisation                                        世界绿色组织

        Green Office and Eco-Healthy Workplace Awards Labelling            绿色办公室及健康工作间奖励计划
        Scheme (5 Certificates)                                              (五项证书)

    2018 Hong Kong Construction Environmental Awards                香港建筑环保大奖2018

    HKCA                                                          香港建造商会

        Environmental Merit Award                                          环保优异奖

                                                                      2018/19年报    亚洲联合基建控股有限公司    57
环境、社会及管治报告

(III) OPERATING PRACTICES                            (III) 营运惯例

  Supply Chain Management                            供应链管理

    We recognise that supply chain management is essential to        我们了解供应链管理乃提升营运效率不
    operational efficiency and therefore work closely with suppliers and        可或缺的一环,因此我们与供应商及承
    contractors to effectively and efficiently meet our clients’ needs,        判商紧密合作,务求以行之有效及高效
    while emphasising responsible operating practices.                      率的方式迎合客户需求,同时重视负责
                                                                      任的营运方式。

    Our Group is stringent in selecting qualified suppliers, ensuring        本集团严格挑选合资格供应商,确保其
    that their entire production process is in line with our standards        整个生产程序均符合我们的标准及规
    and specifications. Not only do we require our new suppliers to        格。我们不但要求新供应商提交所有相
    submit all relevant documents for review, we also run background        关文件以供审阅,亦会进行背景调查,
    checks to evaluate their reliability. We conduct regular inspections        以评估其可靠性。我们定期进行巡查及
    and evaluations to review the standards of our suppliers and cease        评估,以检视供应商的标准,并会终止
    cooperation with unqualified suppliers. We are committed to        与不合资格的供应商合作。我们致力在
    developing and maintaining effective and mutually fruitful working        整体供应链中发展及维持有效及互惠的
    relationships throughout our entire supply chain.                        合作关系。

  Product/Service Responsibility                          产品╱服务责任

    We recognise that good quality products and services are keys        我们确信优质产品及服务乃成功的关
    to success and enhance our competitive edge. Adhering to this        键,且可提升我们的竞争优势。本集团
    belief, our Group has established the Quality Management System        坚守此信念,设立了品质管理系统,融
    embedded with risk-based thinking, life-cycle perspective and        入风险为本思维、生命周期观点及缓减
    mitigations. Such system is implemented by reliable business teams,        措施。此系统由可靠的业务团队付诸实
    ensuring the quality of our products and services as well as efficient        行,确保产品与服务质素以及迅速处理
    handling of all queries from our clients.                                客户的所有查询。

    The heads of individual business units discuss any particular        各业务单位主管与相关分部经理、项目
    incident related to our products and services with the relevant        经理、支援部门及委员会讨论任何关于
    division managers, project managers, supporting departments and        产品及服务的特定事件,以就良好标准
    committees sharing their views regarding various aspects of good        及合规等各方面交流意见,制订相应改
    standards and statutory compliance. Corresponding improvements        善措施,并于各级推行。高层管理人员
    are planned and implemented across all levels. Senior management        亦定期与业务单位进行检讨,并在适当
    also regularly conducts reviews with business units and takes        情况下采取必要的预防措施。

    necessary precautionary measures whenever applicable.

    We maintain reliable electronic and hard copy recording systems at        我们设有可靠的电子及纸本文件记录系
    various stages, including material delivery notes, origin certificates,        统,涵盖不同工作阶段,包括物料发货
    method statements, traceability records, inspection and testing        单、产地来源证、施工说明书、追溯记
    reports, etc., to facilitate any needs for a                              录、检查及测试报告等,以便应付任
    recall. Recall procedures are traced through                              何召回需要。召回程序会透过我们的
    our recording system to obtain relevant                              记录系统加以追溯,以取得相关资
    information to make decisions on any further                              料,决定所需的进一步行动。

    action that may be necessary.

58      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(III) OPERATING PRACTICES (continued)                    (III) 营运惯例(续)

  Product/Service Responsibility (continued)                产品╱服务责任(续)

    Our Group implements stringent quality control measures comprising        本集团实施严格的品质控制措施(包括详
    detailed operational flows and procedures, project management and        尽的营运流程及程序、项目管理及员工
    staff training to ensure that we deliver high quality services to our        培训),以确保我们向客户交付高品质的
    clients. In recognition of our quality assurance, our various business        服务。作为对我们质量保证的认可,多
    divisions have been accredited with ISO 9001 quality management        个业务分部已获得ISO 9001质量管理体系
    system standard and upgraded to ISO 9001:2015 edition to sustain        标准认证及升级至ISO 9001:2015版本,
    our business position and ISO 10002 customer management system        以维持我们的业务地位,及ISO 10002客
    standard. Through the ISO 9001 upgrade, the internal and external        户管理系统标准认证。实现ISO 9001的升
    factors are determined to support our Group strategic direction.            级后,内部及外部因素定将支持本集团
                                                                      之战略方向。

    Applicable laws and regulations governing property development        本集团遵守管理物业发展及资产租赁的
    and assets leasing are being complied with, and practices are        适用法律及法规,其惯例亦符合地政总
    in conformity with those promulgated by Lands Department,        署、屋宇署及规划署颁布之规条。在物
    Buildings Department and Planning Department. In property        业发展项目,健康及安全在设计直至售
    development projects, from design to after sales care, health and        后服务阶段均为重点考量因素,本集团
    safety considerations are taken into account and that our Group is        亦竭力提供优质产品及服务,令客户满
    committed to the delivery of high-quality products and services to        意。

    the satisfaction of customers.

    To address regulatory requirements in the context of property        针对有关物业销售的监管规定,除内部
    sales, in addition to internal staff members, external legal advisors        员工外,我们委聘外部法律顾问及专业
    and professional consultancy firms are appointed to advise on        顾问公司以就遵守有关法例及法规提供
    the compliance of relevant laws and regulations, particularly the        意见,特别是一手住宅物业销售条例(该
    Residential Properties (First-hand Sales) Ordinance which regulates        条例规管售楼说明书、宣传广告、价
    the provisions of sales brochures, promotional advertisements,        单、示范单位、参观物业、销售安排、
    price lists, show flats, viewing of properties, sales arrangements,        签立合约、成交纪录册等事项),以及遵
    execution of agreements, register of transactions and the like, as        守及履行批地文件及地政总署预售楼花
    well as observance and performance of the conditions set out in the        同意方案下预售同意书所载条件。

    Land Grant and/or the pre-sale consent under the Lands Department

    Consent Scheme.

    Our security and facility management divisions also adopt control        我们的保安及设施管理分部亦就遵守有
    measures in respect of compliance with the relevant laws and        关法律及法规采取监控措施,尤其是保
    regulations, especially the license requirements under the Security        安及护衞服务条例下的牌照要求及物业
    and Guarding Services Ordinance and responsibilities of a property        管理人于建筑物管理条例下的责任。

    manager under the Building Management Ordinance.

                                                                      2018/19年报    亚洲联合基建控股有限公司    59
环境、社会及管治报告

(III) OPERATING PRACTICES (continued)                    (III) 营运惯例(续)

  Data Protection and Privacy Policies                    资料保护及私隐政策

    All employees are prohibited from disclosing any confidential        根据我们的私隐保护政策,所有雇员不
    information such as customer data under our privacy protection        得披露任何保密资料(例如客户数据)。
    policy. Consumer data including project-                          客户数据(包括有关项目资料及其他敏感
    related information and other sensitive                          资料)均须受取览权限控制,以确保资料
    information are subject to access right control                          安全及防止任何滥用或不当使用。本集
    to ensure its security and prevent any abuse                          团遵守个人资料(私隐)条例,并不时检
    or misuse. Our Group observes Personal Data                          讨人力资源及业务常规以确保合规。

    (Privacy) Ordinance and reviews our human

    resource and business practices from time to

    time to ensure its compliance.

  Anti-corruption                                        反贪污

    Our Group believes that honesty, integrity and fair play are        本集团深信,诚实、廉洁及公平竞争对
    important contributors to the value of our assets and business. It        其资产及业务的价值贡献尤深。因此,
    is therefore essential for all employees to ensure that our Group’s        所有雇员必须确保本集团的声誉不会因
    reputation will not be tarnished by dishonesty, disloyalty or        欺诈、不忠或贪污而受损。我们已实施
    corruption. Various policies and guidelines are in place to avoid any        多项政策及指引,以避免任何违反防止
    breach of the Prevention of Bribery Ordinance.                          贿赂条例的事件。

    Employees should decline an offer of gift if acceptance of it could        如接受馈赠可能会影响雇员处理本集团
    affect their objectivity in conducting our Group’s business, induce        业务的客观性、诱使其行事损害本集团
    them to act against the interests of our Group or lead to allegations        的利益或引致不正当行为的指控,雇员
    of impropriety. If an employee wishes to accept a gift with the        便应拒绝接受该等馈赠。如雇员有意接
    amount greater than the limit as stated in our Employee Handbook,        受金额超过雇员手册所列上限的馈赠,
    such employee should seek written permission                          须向特定附属公司或本集团的董事总经
    from the managing director of the particular                          理寻求书面许可。任何雇员如违反雇员
    subsidiary or our Group. Any employee in                          手册内的操守准则,均须接受纪律处
    breach of the code of conduct in the Employee                          分,包括终止雇用。

    Handbook will be subject to disciplinary action

    including termination of employment.

    Periodic written reminders are sent to our business partners and        我们会定期就本集团的「谢绝接受餽赠」
    suppliers about our Group’s policy regarding “No Acceptance of        政策向业务伙伴及供应商发出书面提示。
    Advantages”.

  Conflict of Interests                                    利益冲突

    All employees should avoid any situation which                        所有雇员应避免任何可能导致实际或潜
    may lead to an actual or potential conflict of                        在利益冲突的情况;如有此情况,其应
    interests and should make a declaration in                        向附属公司或本集团的主管人员作出书
    writing to the head of the subsidiary or our                        面申报。若未有申报利益冲突情况,可
    Group when such a situation arises. Failure to                        能会被指控为偏私、滥权甚至贪污。

    do so may give rise to allegations of favoritism,

    abuse of authority or even corruption.

60      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT                        (IV) 社区参与

    The Group believes that contributing to society is a must for a        本集团认为贡献社会是一家成功及负责
    successful and responsible enterprise. Towards that end, the Group        任的企业必须具备的品质。为实现该愿
    has actively encouraged its employees to participate actively in        景,本集团于本年度积极鼓励雇员踊跃
    different charity works in the Year, aiming to build closer ties        参与各类慈善活动,与社区建立更紧密
    between itself and the community.                                    的联系。

  “Chun Wo x WFO: Social Integration of Able-      非政府组织合作计划2018/19-
  bodied and Disabled Persons Programme”, NGO    「俊和x极地同行:伤健共融计划」
  Partnership Programme 2018/19

    To foster integration between the disabled and able-bodied, the        为促进伤健共融,本集团建筑品牌俊和
    Group’s construction brand, Chun Wo, has partnered with Wheel        与极地同行(「极地同行」)携手合作,通
    For Oneness (“WFO”), to promote an inclusive society via different        过不同的活动推动共融社会。

    activities.

    A series of activities under the Social Integration of Able-bodied and        于本年度安排了一系列的伤健共融计划
    Disabled Persons Programme have been organised during the Year        活动,增进雇员对于残障人士的了解,
    to enhance staffs’ understanding of the disabled and raise their        提高雇员关爱残障人士的意识。

    awareness of caring for disadvantaged people.

    .  Oneness in the Office Workshop – In the workshop,      伤健共融工作坊-在工作坊内,参与者
          participants were assigned different tasks to experience the        被指派不同的任务,体验视障或听障人
          daily life of the visually or hearing impaired and thereby        士的日常生活,加深对该等人士的了解
          gaining empathy with them.                                    与情感共鸣。

                                                                      2018/19年报    亚洲联合基建控股有限公司    61
环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  “Chun Wo x WFO: Social Integration of Able-      非政府组织合作计划2018/19-
  bodied and Disabled Persons Programme”, NGO    「俊和x极地同行:伤健共融计划」
  Partnership Programme 2018/19 (continued)                (续)

          The “Guide Run Workshop” – With the guidance of a      「领跑训练工作坊」-在专业教练的指导
          professional coach on how to care for the visually impaired        下,义工们学习帮助视障运动员及领跑
          athletes, volunteers have learnt the practical skills to be a        的实用技巧,通过该经历加深对残障人
          guide runner, thereby gaining a better insight on disabilities        士的了解。

          via the experience.

    .  “Smoke-free Run” Competition – After two sessions of      「全城无烟跑」赛事-经过两节领跑训练
          guide-runner training, our colleagues have participated in the        课程后,我们的同事参与香港吸烟与健
          “Smoke-free Run” organised by the Hong Kong Council on        康委员会组织的「全城无烟跑」。我们的
          Smoking and Health. Our team finished the 10km race with        参赛队伍与极地同行的目标服务人士一
          WFO’s target service group, and won the 1st runner-up in the        同完成10 公里赛事,并夺得男子组亚
          Men’s Race. The volunteers have truly put theory into practice        军。义工们将理论付诸实践当中,并通
          and promoted social integration through this worthwhile        过这意义非凡的慈善跑活动促进社会共
          charity run.                                                  融。

62      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  “Photalkgraphers” Charitable Photo Exhibition and    「我相港故」慈善摄影展 及「 2018
  “Lifewire Run 2018”                                  爱跑   香港仔」

          Lifewire Foundation Limited (“Lifewire”) is the first online        护   联网慈善基金有限 公 司(「Lifewire
          crowdfunding platform. It aims at helping children afflicted      《护   联网》」)为首个线上众筹平台,旨
          with rare diseases in Hong Kong.                                在帮助香港身患罕见疾病的儿童。

          Lifewire and Chun Wo co-organised the “Photalkgraphers”        于2018年8月,Lifewire《护   联网》与
          Charitable Photo Exhibition, which featured the works of        俊和合办「我相港故」慈 善摄影展,展
          9 photographers with the theme of “Hong Kong” in August        出9位摄影师拍摄的「香港」主题照片。
          2018. 9 selected photos were auctioned to raise funds for        其中9幅展出作品拍卖所得善款用于帮
          children in need. Eventually the exhibition raised over HK$2.4        助有需要的儿童。最终,摄影展筹得逾
          million, and all net proceeds have been donated to Lifewire.        240万港元,善款扣除成本后全数捐赠
                                                                      予Lifewire《护   联网》。

          The “Lifewire Run 2018” co-organised by Lifewire and        Lifewire《护   联网》与俊和于2018年
          Chun Wo held in December 2018 attracted more than        12月合办「2018爱跑   香港仔」,吸引
          1,500 athletes with over 41 organisations participating in        超过1,500名健儿及超过41间机构参加
          and sponsoring the event. The activity raised approximately        及赞助。该活动共筹得约170万港元。
          HK$1.7 million in total. Net proceeds have been donated to        善款扣除成本后捐赠予Lifewire《护   联
          Lifewire for addressing child patient cases as well.                  网》,以帮助患病儿童。

                                                                      2018/19年报    亚洲联合基建控股有限公司    63
环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  Harmony Community Programme and CSR Award      和谐社区活动计划及「乐义赏」社
  Scheme                                              区参与

    To support and encourage the staff participating in volunteer        为支持及鼓励雇员参与义工服务,本集
    services, the Group has launched an award scheme to recognise        团推出一项奖励计划,表扬透过参与「和
    colleagues who are committed to completing specified service hours        谐社区活动计划」完成指定服务时数的同
    through participation in the “Harmony Community Programme”. A        事。于本年度,合共445名同事参与该计
    total of 445 colleagues have joined the scheme in the Year and 3,279        划,共计完成3,279小时的义工服务。
    volunteer service hours were recorded.

    The Group also wishes to contribute the community through our        本集团亦希望利用我们的职业专长贡献
    profession. Thus we have co-operated with the Ma On Shan District        社区。由于去年登革热疫情在社区渐趋
    Elderly Community Centre during summer for our Environmental        严重,因此我们在夏季与马鞍山长者地
    Officers to provide tips to the elderly to prevent mosquito bites as        区中心合作,派出环保主任为长者提供
    the Dengue Fever outbreak worsened in the community last year.          防蚊建议。

    Moreover, the Group understands the processes of construction        另一方面,本集团意识到建筑施工过程
    may cause interference and bring inconvenience to the community.        可能为社区带来困扰及不便。因此,我
    Hence, we try our best to gain an understanding from the        们尽力寻求社区对我们的理解并组织活
    community and organise activities to build closer bonds with them.        动与社区建立更密切的连系。例如,我
    For instance, our colleagues celebrated the Dragon Boat Festival        们的同事在端午节期间向沙田广源邨的
    with the elderly living in Kwong Yuen Estate, Sha Tin by giving out        长者赠送粽子及礼物包,与长者共同庆
    rice dumplings and gift bags. The activity aimed to contribute to the        祝端午佳节。该活动旨在为社会作出积
    society positively.                                                    极贡献。

    The Harmony Community Programme is now in its fifth year.        和谐社区活动计划已举办五年。我们的
    Our staff supported 47 volunteer activities organised at different        雇员于去年共参与了不同项目地盘组织
    project sites during last year. Through an active participation in        的47项义工活动。透过积极参与此计
    such programme, the Group has demonstrated its determination to        划,展示了本集团致力贡献社区的决心。
    contribute the community.

          More than 60 colleagues participated in The Community        超过60名同事参加香港公益金于中环及
          Chest’s annual event, Walks for Millions, held at the Central-        湾仔绕道(俊和参与其中的工程项目且
          Wan Chai Bypass, in which Chun Wo has been involved in        由俊和隧道负责运营及管理)举行的年
          the construction project and CW Tunnel is responsible for        度活动-百万行。该活动为推动「家庭
          operation and management. The event aimed to raise funds        与儿童福祉服务」的社会福祉机构筹集
          for social welfare agencies promoting “Family and Child        资金。

          Welfare Services”.

64      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  Scholarships for Tertiary Students                      大专生奖学金

    To drive sustained growth of the construction industry, we        为促进建造业持续发展,我们持续为主
    continuously provide scholarships to tertiary students studying        修工程及工料测量学科的大专生提供奖
    engineering and quantity surveying to help nurturing professionals        学金,帮助行业培养专业人才。

    for the industry.

    Scholarships have been awarded to students from institutions        我们分别向香港大学、香港科技大学、
    including The University of Hong Kong, The Hong Kong University        香港理工大学、职业训练局及建造业议
    of Science and Technology, The Hong Kong Polytechnic University,        会等机构的学生授予奖学金。

    Vocational Training Council and CIC.

          We have made donations amounting to HK$100,000 to        我们已连续三年向香港大学土木工程系
          support the students in “Project Mingde”, a volunteer        成立的志愿建屋及教育计划「明德工程」
          construction and education activity organised by the        捐赠100,000港元,资助该工程符合条
          Department of Civil Engineering, The University of Hong        件的学生,帮助建设校园及相关设施及
          Kong, aiming to build the campus and related facilities, as        资助中国偏远贫困地区的家境清贫的学
          well as provide schooling for the underprivileged children in        生完成学业。

          remote and less prosperous regions in China, for the third

          consecutive year.

                                                                      2018/19年报    亚洲联合基建控股有限公司    65
环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  “Life Planning Talk for Secondary School Students”    「中学生生涯规划讲座」及「明日之
  and “Future Stars Programme”                        星计划」

    The Group has been invited to provide a guest speaker for the “Life        于本年度内,本集团三次获香港专业及
    Planning Talk for Secondary School Students” organised by Hong        资深行政人员协会邀请作为嘉宾参与「中
    Kong Professionals And Senior Executives Association on three        学生生涯规划讲座」并发表演讲。俊和董
    occasions this Year. Mr. Ho Wai Fu, Raymond, director of Chun        事何伟富先生在每一次的演讲中分享俊
    Wo, has shared the information of Chun Wo's large-scale projects        和大型项目的相关资料以及有关工程专
    and valuable insights of the engineering profession at each of these        业的宝贵见解。该讲座鼓励学生为未来
    talks. The talk has encouraged students to take an active role in the        积极努力及作定期规划。

    future and consider planning rationally.

          The Group has joined the “Future Stars Programme”        本集团加入由扶贫委员会统筹的「明日
          organised by the Commission on Poverty, which provides        之星计划」,向家境贫困的年轻人提供
          scholarships to enhance the opportunities and capabilities of        奖学金,为其提供更多机会并帮助其提
          young people from less privileged backgrounds.                    升能力。

  Donations to Charities                                慈善捐赠

    The Group has supported reputable charities through donations.        本集团通过捐赠支持声誉良好的慈善组
    Financial support of about HK$1,700,000 was extended to the CIC,        织。约1,700,000港元的资助分别捐赠予
    World Green Organisation, H.K.U. Engineering Alumni Association        建造业议会、世界绿色组织、香港大学
    Education Foundation Limited, Hong Kong Breast Cancer Foundation        工程旧生会教育基金有限公司、香港乳
    Limited, and other organisations.                                      癌基金会有限公司及其他组织。

66      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  CSR Awards and Recognition                          企业社会责任奖项及嘉许

    “Caring Company”                                                「商界展关怀」

    Chun Wo is proud to have been awarded the                        俊和荣获香港社会服务联会颁发2018/19
    10 Years Plus Caring Company Logo from The                        年度的10年Plus商界展关怀标志。我们已
    Hong Kong Council of Social Service for the                        连续十四年获得商界展关怀标志。本集
    year 2018/19. We have been a recipient of the                        团附属公司城市护衞及城市专业管理亦
    Caring Company Logo for fourteen consecutive                        获颁发「10年Plus商界展关怀」标志,表扬
    years. The Group’s subsidiaries City Security and                        其在建立关爱社区方面的贡献。

    City Professional Management have also been awarded the “Caring

    Company 10+” logo for their dedication in building a caring

    community.

    “Hong Kong Outstanding Corporate Citizenship Award”            「香港杰出企业公民奖」

    Chun Wo has garnered “The 9th Hong                          俊和获香港生产力促进局颁发「第九届香
    Kong Outstanding Corporate Citizenship                          港杰出企业公民奖」,表彰其在促进社会
    Awarded” from the Hong Kong Productivity                          可持续发展及履行良好企业公民义务方
    Council, which recognises its achievement in                          面取得的成绩。

    promoting sustainable development in society

    and playing the role of good corporate citizen.

    “Family-Friendly Employers Award”                                「家庭友善雇主奖励计划」

    Chun Wo has been honored with the “Family-                        俊和获「家庭友善雇主奖」,表彰其为女
    Friendly Employers Award” for providing                        性雇员母乳喂哺提供的支持,同时也是
    breastfeeding support for its female employees.                        对我们重视雇员身心健康的肯定。此
    This shows how we care about the physical and                        外,我们已将女性雇员有薪产假延长至
    mental health of our employees. Moreover,                        14周、男性雇员侍产假延长至7天,为准
    we extended paid maternity leave to 14 weeks                        父母提供支持,同时履行高水平的企业
    for female employees and paternity leave to 7                        社会责任。

    days for male employees so as to support the

    expectant parents and maintain a high standard

    in meeting CSR.

                                                                      2018/19年报    亚洲联合基建控股有限公司    67
环境、社会及管治报告

(IV) COMMUNITY INVOLVEMENT (continued)                (IV) 社区参与(续)

  CSR Awards and Recognition (continued)                  企业社会责任奖项及嘉许(续)

    “Partner Employer Award”                                        「友商有良嘉许计划」

    Chun Wo has been honoured with the “Partner                      俊 和 获 香 港 中 小 型 企 业 总 商 会 颁 发
    Employer Award” for the year 2018/19 from                      2018╱19年度「友商有良」奖项。该奖项
    The Hong Kong General Chamber of Small and                      表彰本集团于聘用本地技术学院及大学
    Medium Business. The award has been presented                      毕业生方面所作的努力,让毕业生获得
    in recognition of the Group’s efforts in hiring                      培训机会及实务经验,有助他们的长远
    graduates from local technical institutes and                      事业规划。

    universities, offering training opportunities and

    practical experience that facilitate their long-term

    career planning.

    “Industry Cares” Logo                                            「工业献爱心」标志

    Chun Wo has garnered the “Caring Certificate”                      俊和在第六届「工业献爱心」表扬计划中
    in the sixth annual “Industry Cares” recognition                      获得「爱心关怀证书」,表扬及肯定其去
    scheme, which acknowledges its effort in actively                      年积极履行企业社会责任。

    fulfilling CSR in the past year.

THE FUTURE                                        未来路向

Our Group recognises the importance of CSR and, going forward, will  本集团肯定企业社会责任的重要性,未来亦将
strive to improve its performance in this area. In conducting our business,  继续努力提升这方面的表现。于进行业务活动
we will continue to take into account the interest of all of our various  时,我们将继续以可持续业务模式考虑所有持
stakeholders and actively engage them through a sustainable business  份者的利益,并推动各持份者的积极参与。此
model. Furthermore, we will regularly review our Corporate Social  外,本集团将定期检视企业社会责任政策,确
Responsibility Policy to ensure that our CSR initiatives and performance  保企业社会责任措施及表现能够在不断变化的
address the needs of society in the changing environment.                环境中迎合社会需要。

68      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事及高层管理人员资料

EXECUTIVE DIRECTORS                              执行董事

Mr. Pang Yat Ting, Dominic (“Mr. Pang”) BA, MBA, JD                彭一庭先生(「彭先生」)BA,MBA,JD

Chairman                                                        主席

Mr. Pang, aged 46, graduated from Columbia University, New York  彭先生,46岁,于1995年毕业于纽约哥伦比
in 1995 with a Bachelor of Arts degree in Economics, Political Science  亚大学,获授文学士学位,主修经济学、政
and Mathematics, and obtained a Juris Doctorate from the New York  治学及数学,并分别于1998年及2010年获纽
University School of Law in 1998 and an Executive Master of Business  约大学法学院颁授法律博士学位及Kellogg-
Administration degree from Kellogg-HKUST in 2010. Mr. Pang currently is  HKUST 颁授行政人员工商管理硕士学位。彭
a member of council of the City University of Hong Kong, and has served  先生现时为香港城市大学校董会成员,及于
as a standing committee member of Hebei Province of The Chinese  2018年1月起出任中国人民政治协商会议河北
People’s Political Consultative Conference since January 2018 and has  省常务委员会成员以及于2018年4月获委任为
been appointed as a vice president of Belt & Road General Chamber of  一带一路总商会副会长。

Commerce in April 2018.

Mr. Pang joined the Group in 2003 and was appointed as the assistant  彭先生于2003年加入本集团并获委任为已故
to the late Chairman, Dr. Pang Kam Chun. Mr. Pang was appointed  主席彭锦俊博士之助理。彭先生于2010年4月
as the Chairman and Executive Director of the Company in April 2010  获委任为本公司主席兼执行董事,并于2015年
and re-designated as the Co-Chairman and Non-executive Director  1月调任为本公司联席主席兼非执行董事。彼
of the Company in January 2015. He has been further re-designated  再于2017年3月起调任为本公司主席兼执行董
as the Chairman and Executive Director of the Company since March  事。彭先生亦为董事局提名委员会及执行委员
2017. Mr. Pang is also the Chairman of the Nomination Committee and  会之主席,以及董事局管理委员会之成员。
Executive Committee of the Board and a member of the Management  彼现时亦为本集团物业发展执行委员会之主
Committee of the Board. He is also currently the Chairman of the  席,负责本集团整体物业发展及资产租赁业务
property development executive board of the Group, responsible for the  之管理。彼亦担任本公司若干附属公司之董
management of the overall property development and assets leasing  事。彭先生为本公司之执行董事及行政总裁
business of the Group. He also holds directorships in certain subsidiaries  彭一邦博士工程师之胞兄,亦为本公司执行
of the Company. Mr. Pang is the brother of Ir Dr. Pang Yat Bond, Derrick,  董事李蕙娴女士(「李女士」)之儿子。彭先生
Executive Director and the Chief Executive Officer of the Company,  为本公司控股股东(定义见联交所证券上市
and the son of Madam Li Wai Hang, Christina (“Madam Li”), Executive  规则(「上市规则」))GT Winners Limited(「GT
Director of the Company. Mr. Pang is a director of GT Winners Limited  Winners」)之董事。彭先生及李女士各自拥有
(“GT Winners”), the controlling shareholder of the Company (as defined  GT Winners之45%股本权益。

in the Rules Governing the Listing of Securities on the Stock Exchange (the

“Listing Rules”)). Mr. Pang and Madam Li each owns 45% equity interest

in GT Winners.

Mr. Xu Jianhua (“Mr. Xu”) LLB, MBA, LLM                            徐建华先生(「徐先生」)LLB,MBA,LLM

Deputy Chairman                                                副主席

Mr. Xu, aged 50, holds a Bachelor’s degree in Law of the China University  徐先生,50岁,持有中国政法大学法学学
of Political Science and Law, a Master’s degree in Business Administration  士学位、北京航空航天大学工商管理硕士
of Beijing University of Aeronautics and Astronautics and a Master of  专业学位及香港城市大学国际经济法法学
Laws degree in International Economic Law of City University of Hong  硕士学位。彼于1994年获中华人民共和国
Kong. He was qualified as a lawyer in the People’s Republic of China  (「中国」)律师资格及于2003年获得中国高
(the “PRC”) in 1994 and a senior economist in the PRC in 2003. Mr. Xu  级经济师资格。徐先生积逾20年企业管理
has over 20 years of corporate management experience and extensive  经验及丰富的并购交易经验及投融资经验。
experience in transactions of mergers and acquisitions and investment  彼曾于一间于上海证券交易所上市之公司
and financing. He was a director of a company listed on the Shanghai  以及两间于联交所主板上市之公司任职董
Stock Exchange and two companies listed on the Main Board of the Stock  事。徐先生于2015年1月获委任为本公司
Exchange. Mr. Xu was appointed as the Co-Chairman and Executive  之联席主席兼执行董事。彼于2017年3月
Director of the Company in January 2015. He has been re-designated  由联席主席调任为副主席,现时亦为董事局管
from the Co-Chairman to the Deputy Chairman in March 2017 and  理委员会及执行委员会之成员。徐先生亦担任
is currently a member of the Management Committee and Executive  本公司若干附属公司之董事。

Committee of the Board. Mr. Xu also holds directorships in certain

subsidiaries of the Company.

                                                                      2018/19年报    亚洲联合基建控股有限公司    69
董事及高层管理人员资料

EXECUTIVE DIRECTORS (continued)                      执行董事(续)

Ir Dr. Pang Yat Bond, Derrick (“Ir Dr. Pang”) JP                      彭一邦博士工程师(「彭博士工程师」)太平绅士
BSc, MEng, MBA, PhD, PE(US), MICE, MHKIE                          BSc,MEng,MBA,PhD,PE(US),MICE,MHKIE
Chief Executive Officer                                            行政总裁

Ir Dr. Pang, aged 44, graduated from the University of California,  彭博士工程师,44岁,于1997年毕业于美国
Berkeley in the United States in 1997 with a Bachelor of Science degree  加州大学柏克莱分校,获授理学士学位,并于
and obtained a Master of Engineering degree in Civil and Environmental  1998年获得美国麻省理工学院颁授土木及环
Engineering from Massachusetts Institute of Technology in the United  境工程硕士学位,以及于2007年获香港中文
States in 1998 and a Master’s degree in Business Administration from The  大学颁授工商管理硕士学位。彼亦于2014年
Chinese University of Hong Kong in 2007. He also obtained a Doctor of  获香港科技大学颁授哲学博士(土木工程学)。
Philosophy in Civil Engineering from the Hong Kong University of Science  彭博士工程师为英国土木工程师学会及香港工
and Technology in 2014. Ir Dr. Pang is a member of the Institution of  程师学会会员,亦为美国加州注册专业工程
Civil Engineers, the United Kingdom and the Hong Kong Institution  师。彼于美国及香港积逾19年土力工程设计及
of Engineers and a Registered Professional Engineer in the State of  建筑经验。彼于2015年7月起获委任为土地及
California, United States. He has over 19 years of geotechnical design  建设咨询委员会之非官方成员,并于2017年
and construction experience in the United States and Hong Kong. He has  2月起出任建造业议会非官方成员。彭博士工
been appointed as a non-official member of the Land and Development  程师于2017年6月获香港特别行政区政府委任
Advisory Committee since July 2015 and has served as a non-official  为太平绅士。彼亦于2017年9月至2019年2月
member of the Construction Industry Council since February 2017.  期间担任土地供应专责小组之非官方成员。
Ir Dr. Pang was appointed Justice of the Peace by the Government of the

Hong Kong Special Administrative Region in June 2017. He was also a

non-official member of the Task Force and Land Supply from September

2017 to February 2019.

Ir Dr. Pang joined the Group in 2001 and holds directorships in certain  彭博士工程师于2001年加入本集团,并担任
subsidiaries of the Company. He has been appointed as Executive Director  本公司若干附属公司之董事。彼自2010年4月
of the Company since April 2010 and acted as the Deputy Chairman  起获委任为本公司之执行董事,并于2010年
of the Company from April 2010 to March 2017. Ir Dr. Pang has been  4月至2017年3月期间出任本公司副主席。彭
appointed as the Chief Executive Officer of the Company since April  博士工程师自2017年4月起获委任为本公司之
2017 and acted as the Chief Operating Officer of the Company from  行政总裁,并于2017年4月至2019年1月期间
April 2017 to January 2019. He is also the Chairman of the Management  出任本公司营运总裁。彼亦为董事局管理委员
Committee and a member of the Executive Committee of the Board.  会之主席及执行委员会之成员。彼现时亦为本
He is also currently the member of the property development executive  集团物业发展执行委员会之成员,负责本集
board of the Group, responsible for the management of the overall  团整体物业发展及资产租赁业务之管理。彭博
property development and assets leasing business of the Group. Ir Dr.  士工程师为本公司主席兼执行董事彭先生之胞
Pang is the brother of Mr. Pang, the Chairman and Executive Director of  弟,亦为本公司执行董事李女士之儿子(彼等
the Company, and also the son of Madam Li, Executive Director of the  均为本公司之控股股东(定义见上市规则))。
Company, both of whom are controlling shareholders of the Company (as

defined in the Listing Rules).

70      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事及高层管理人员资料

EXECUTIVE DIRECTORS (continued)                      执行董事(续)

Mr. Shea Chun Lok, Quadrant (former name: Shea Chi Lap,  佘俊乐先生(前称:佘志立)(「佘先生」)

Quadrant) (“Mr. Shea”) BBus., MEcon., LLM, FCPA(Aust.), CPA, CTA,  BBus. , MEcon. , LLM , FCPA (Aust.),CPA,
ACMA, ISCA, ATIHK, CGMA                                        CTA,ACMA,ISCA,ATIHK,CGMA

Chief Financial Officer and Company Secretary                          首席财务官兼公司秘书

Mr. Shea, aged 52, graduated from Monash University of Australia with  佘先生,52岁,毕业于澳洲蒙纳殊大学,获授
a Bachelor’s degree in Business and later completed a postgraduate  商业学士学位,其后修毕公共财政学(税务)硕
programme of Public Finance (Taxation) and obtained a Master’s degree  士课程,并获中国暨南大学颁授经济学硕士学
in Economics from Jinan University, China and a Master of Laws degree  位,以及于中国人民大学取得法学硕士学位。
from Renmin University of China. He is a fellow member of CPA Australia,  彼为澳洲会计师公会资深会员及香港会计师公
a member of Hong Kong Institute of Certified Public Accountants, The  会、香港税务学会、英国特许管理会计师公会
Taxation Institute of Hong Kong, The Chartered Institute of Management  及新加坡特许会计师公会会员,并获授全球特
Accountants of the United Kingdom and Institute of Singapore Chartered  许管理会计师名衔。彼亦为香港注册税务师与
Accountants and a Chartered Global Management Accountant. He is  香港税务学会中国税务委员会成员,并获深圳
also a Certified Tax Adviser of Hong Kong and a China Tax Committee  市国家税务局与深圳市地方税务局联合颁发香
member of The Taxation Institute of Hong Kong and obtained a  港注册税务师服务深圳前海深港现代服务业合
Certificate of Pass in Practice Training Examination for Hong Kong  作区执业培训考核合格证书。

Certified Tax Advisers Serving in Shenzhen-Hong Kong Modern Service

Industry Cooperation Zone, Qianhai, Shenzhen jointly issued by Shenzhen

Municipal Office of the State Administration of Taxation and Shenzhen

Local Taxation Bureau.

Mr. Shea has substantial experience in accounting and finance in listed  佘先生在上市公司的会计和财务范畴拥有丰
companies and worked as qualified accountant and company secretary in  富经验,且多年来曾于多间于联交所主板上
various companies listed on the Main Board of the Stock Exchange over  市的公司任职合资格会计师及公司秘书。彼
the years. He was the group financial controller of S.A.S. Dragon Holdings  于1999至2005年期间为时捷集团有限公司
Limited (a company listed on the Main Board of the Stock Exchange,  (一间于联交所主板上市之公司,股份代号:
stock code: 01184) from 1999 to 2005. He has been appointed as an  01184)之集团财务总监。彼自2002年起获委
independent non-executive director of Beijing Enterprises Water Group  任为北控水务集团有限公司(一间于联交所主
Limited (a company listed on the Main Board of the Stock Exchange, stock  板上市之公司,股份代号:00371)之独立非执
code: 00371) since 2002 and is also the chairman of the audit committee  行董事,亦为该公司审核委员会之主席。彼自
of the company. He has also been appointed as an independent non-  2015年起亦获委任为扬宇科技控股有限公司
executive director of Hi-Level Technology Holdings Limited (a company  (一间于联交所GEM上市之公司,股份代号:
listed on GEM of the Stock Exchange, stock code: 08113) since 2015  08113)之独立非执行董事,并为该公司审核
and is the chairman of the audit committee, nomination committee and  委员会、提名委员会及薪酬委员会之主席。佘
remuneration committee of the company. Mr. Shea joined the Group  先生于2008年加入本集团为物业发展之财务
as Financial Controller of property development in 2008 and has been  总监,并自2015年起获委任为本公司之首席
appointed as the Chief Financial Officer and Company Secretary of the  财务官及公司秘书。彼自2017年7月起获委任
Company since 2015. He has been appointed as Executive Director of  为本公司之执行董事,现时亦为董事局管理委
the Company since July 2017 and is also currently a member of the  员会及执行委员会之成员。彼现时亦为本集团
Management Committee and Executive Committee of the Board. He is  物业发展执行委员会之成员,负责本集团整
also currently the member of the property development executive board  体物业发展及资产租赁业务之管理。佘先生
of the Group, responsible for the management of the overall property  亦担任本公司若干附属公司之董事。

development business and assets leasing of the Group. Mr. Shea also

holds directorships in certain subsidiaries of the Company.

                                                                      2018/19年报    亚洲联合基建控股有限公司    71
董事及高层管理人员资料

EXECUTIVE DIRECTORS (continued)                      执行董事(续)

Madam Li Wai Hang, Christina (“Madam Li”)                        李蕙娴女士(「李女士」)

Madam Li, aged 68, joined the Group in 1975 and has over 44 years’  李女士,68岁,于1975年加入本集团,并于
experience in the construction industry. Madam Li previously acted as an  建造业积逾44年经验。李女士于1992年7月至
Executive Director of the Company from July 1992 to February 2015 and  2015年2月期间曾出任本公司之执行董事,并
had continued to be a member of the senior management of the Group  于其后继续担任本集团之高层管理人员。彼
thereafter. She has re-joined the Board as an Executive Director of the  于2017年11月再次加入董事局为本公司执行
Company since November 2017. She also holds directorships in certain  董事。彼亦担任本公司若干附属公司之董事。
subsidiaries of the Company. Madam Li is the mother of Mr. Pang, the  李女士为董事局主席兼本公司执行董事彭先生
Chairman of the Board and Executive Director of the Company, and  及本公司之执行董事及行政总裁彭博士工程师
Ir Dr. Pang, Executive Director and the Chief Executive Officer of the  之母亲。彼为本公司控股股东(定义见上市规
Company. She is a director of GT Winners, the controlling shareholder of  则)GT Winners之董事。李女士及彭先生各自
the Company (as defined in the Listing Rules). Madam Li and Mr. Pang  拥有GT Winners之45%股本权益。

each owns 45% equity interest in GT Winners.

Madam Han Li (“Madam Han”)                                    韩莉女士(「韩女士」)

Madam Han, aged 49, holds a Bachelor’s degree of Engineering of  韩女士,49岁,持有湘潭大学工程学学士学位
Xiangtan University and a Master’s degree in Economics of Jinan University.  及暨南大学经济学硕士学位。彼现时为广州基
She is currently the deputy general manager of SFund International  金国际股权投资基金管理有限公司副总经理。
Investment Fund Management Limited. Madam Han has over 16 years’  韩女士于银行及金融业拥有16年以上丰富的管
extensive experience in management and securities investment in banking  理及证券投资经验。韩女士于2018年4月获委
and finance industry. Madam Han has been appointed as Executive  任为本公司之执行董事。

Director of the Company in April 2018.

72      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事及高层管理人员资料

INDEPENDENT NON-EXECUTIVE DIRECTORS                独立非执行董事

Mr. Wu William Wai Leung (“Mr. Wu”)                              胡伟亮先生(「胡先生」)

Mr. Wu, aged 52, holds a Bachelor of Business Administration degree and  胡 先 生 ,52 岁 , 持 有 加 拿 大 Simon Fraser
a Master of Business Administration degree of Simon Fraser University in  University之工商管理学士学位及工商管理硕士
Canada. He was qualified as a chartered financial analyst of The Institute  学位。彼于1996年取得特许金融分析师学会
of Chartered Financial Analysts in 1996. Mr. Wu was the chief executive  之特许金融分析师资格。胡先生于2006年4月
officer of SW Kingsway Capital Holdings Limited (now known as Sunwah  至2010年9月期间曾任汇富金融控股有限公司
Kingsway Capital Holdings Limited) (a company listed on the Main Board  (现称新华汇富金融控股有限公司)(一间于联
of the Stock Exchange, stock code: 00188) from April 2006 to September  交所主板上市之公司,股份代号:00188)之
2010. He was also a director and chief executive officer of RHB Hong  行政总裁。彼亦曾于2011年4月至2017年10月
Kong Limited from April 2011 to October 2017. Mr. Wu was also the  期间出任兴业金融(香港)有限公司之董事兼行
executive director and chief executive officer of Power Financial Group  政总裁。胡先生自2017年11月至2019年1月
Limited (a company listed on the Main Board of the Stock Exchange,  期间曾任权威金融集团有限公司(一间于联交
stock code: 00397) from November 2017 to January 2019. Mr. Wu has  所主板上市之公司,股份代号:00397)之执
been appointed as managing director, Investment Banking of Glory Sun  行董事及行政总裁。胡先生自2019年1月起获
Securities Limited since January 2019.                                  委任为宝新证券有限公司投资银行之董事总经
                                                                  理。

Mr. Wu previously worked for a number of international investment  胡先生曾任职于多间国际投资银行,于投资银
banks and possesses over 26 years of experience in the investment  行、资本市场、机构经纪及直接投资业务方面
banking, capital markets, institutional broking and direct investment  积逾26年经验。彼为香港法例第571章证券及
businesses. He is a registered license holder to carry out Type 6 (advising  期货条例下可进行第6类(就机构融资提供意
on corporate finance) and Type 9 (asset management) regulated activities  见)及第9类(提供资产管理)受规管活动之注册
under the Securities and Futures Ordinance (Chapter 571 of the Laws  持牌人。彼于2013年1月起获委任为中国人民
of Hong Kong). He has been appointed as a member of the Guangxi  政治协商会议广西壮族自治区委员会委员。
Zhuang Autonomous Region Committee of the Chinese People’s Political

Consultative Conference since January 2013.

Mr. Wu has been appointed as Independent Non-executive Director  胡先生于2015年2月起获委任为本公司之独立
of the Company since February 2015 and is also the Chairman of  非执行董事,亦为董事局审核委员会之主席,
Audit Committee and a member of the Remuneration Committee and  以及薪酬委员会及提名委员会之成员。

Nomination Committee of the Board.

Mr. Lam Yau Fung, Curt (“Mr. Lam”)                                林右烽先生(「林先生」)

Mr. Lam, aged 50, is the General Manager of Wanda Hotel Development  林先生,50岁,为于联交所主板上市并为大
Company Limited (stock code: 00169), which is listed on the Main Board  连万达集团成员公司之万达酒店发展有限公司
of the Stock Exchange and a member of the Dalian Wanda Group. He  (股份代号:00169)总经理。彼曾出任于联交
was an executive director of Yuexiu Property Company Limited (stock  所主板上市之越秀地产股份有限公司(股份代
code: 00123), a company listed on the Main Board of the Stock Exchange,  号:00123)之执行董事,亦曾为越秀集团之
and also the chief financial officer of the Yue Xiu Group. Mr. Lam was  财务总监。林先生曾担任中国其中一间最大电
previously the head of Corporate Finance and Business Development  器零售商并于联交所主板上市的国美电器控股
at GOME Electrical Appliances Holding Limited (now known as GOME  有限公司(现称国美零售控股有限公司)(股份
Retail Holdings Limited) (stock code: 00493) (“GOME”), one of China’s  代号:00493)(「国美」)的企业融资及业务发
largest electronics retailers, which is listed on the Main Board of the Stock  展总监。在加入国美前,彼于施罗德投资、荷
Exchange. Prior to joining GOME, he spent about 10 years working in  银洛希尔及德意志银行等投资银行及资本市场
investment banking and capital markets at Schroders Asia, ABN AMRO  任职约十年。彼为特许财务分析师,并持有
Rothschild, and Deutsche Bank. He is a Chartered Financial Analyst  美国莱斯大学企业管理硕士学位。林先生于
(CFA) and holds a Master of Business Administration (MBA) degree from  2017年1月起获委任为本公司之独立非执行董
Rice University in the United States. Mr. Lam has been appointed as  事,亦为董事局薪酬委员会之主席,以及审核
Independent Non-executive Director of the Company since January 2017  委员会及提名委员会之成员。

and is also the Chairman of the Remuneration Committee and a member

of the Audit Committee and Nomination Committee of the Board.

                                                                      2018/19年报    亚洲联合基建控股有限公司    73
董事及高层管理人员资料

INDEPENDENT NON-EXECUTIVE DIRECTORS (continued)        独立非执行董事(续)

Mr. Ho Gilbert Chi Hang (“Mr. Ho”)                                何智恒先生(「何先生」)

Mr. Ho, aged 42, has been appointed as an executive director and a  何先生,42岁,于2018年7月获委任为新创建
member of the executive committee of NWS Holdings Limited (“NWS”)  集团有限公司(「新创建」)(一间于联交所主板
in July 2018 (a company listed on the Main Board of the Stock Exchange,  上市之公司,股份代号:00659)之执行董事
stock code: 00659). He joined NWS in January 2018 and is responsible  及执行委员会成员。彼于2018年1月加入新创
for overseeing the business development and mergers and acquisitions  建,负责监督新创建的业务拓展和合并及收购
affairs, and certain businesses of NWS. Mr. Ho has extensive experience  事务及若干业务。何先生于企业管理、投资、
in the area of corporate management, investments, corporate finance,  企业融资、并购交易及国际品牌及零售管理范
merger and acquisition transactions and international brand and retail  畴拥有丰富经验。彼曾任AID Partners Capital
management. He was the managing partner of AID Partners Capital  Limited(汇友资本)之管理合伙人及汇友生命科
Limited and the executive director and chief executive officer of AID  学控股有限公司(一间于联交所GEM上市之公
Life Science Holdings Limited (a company listed on GEM of the Stock  司,股份代号:08088)之执行董事兼首席执
Exchange, stock code: 08088), the vice president of PT International  行官、保德国际发展企业有限公司(前称「德祥
Development Corporation Limited (formerly known as “ITC Corporation  企业集团有限公司」)(一间于联交所主板上市
Limited”) (a company listed on the Main Board of the Stock Exchange,  之公司,股份代号:00372)之副总裁、新世
stock code: 00372), the senior investment director of New World  界发展有限公司(一间于联交所主板上市之公
Development Company Limited (a company listed on the Main Board  司,股份代号:00017)之高级投资总监、新
of the Stock Exchange, stock code: 00017), an executive director of  世界策略投资有限公司之执行董事及一间国际
New World Strategic Investment Limited and was a partner of an  律师事务所法朗克律师行(Fried, Frank, Harris,
international law firm Fried, Frank, Harris, Shriver and Jacobson LLP.  Shriver and Jacobson LLP)之合伙人。何先生为
Mr. Ho is a committee member of the Chinese People’s Political  中国人民政治协商会议沈阳市委员会委员、内
Consultative Conference of Shenyang, a standing committee member  蒙古自治区青年联合会常务委员及内蒙古香港
of the Youth Federation of Inner Mongolia and a vice chairman of Inner  青年交流促进会副主席。何先生持有澳洲悉尼
Mongolia & Hong Kong Youth Exchange Association. Mr. Ho holds a  大学商业学士及法学士学位,并为澳洲新南威
Bachelor of Commerce degree and a Bachelor of Laws degree from The  尔士省、英格兰及威尔斯认可之律师以及澳洲
University of Sydney, Australia and was admitted as a solicitor in New  高等法院认可之律师及大律师。彼亦为澳洲会
South Wales, Australia and England and Wales and as a solicitor and  计师公会资深会员。

barrister in the High Court of Australia. He is also a fellow member of

CPA Australia.

Mr. Ho had been a non-executive director of Renhe Commercial Holdings  何先生曾于2007年12月至2012年2月期间担
Company Limited (stock code: 01387) during December 2007 to  任人和商业控股有限公司(股份代号:01387)
February 2012, a non-executive director of Capital Environment Holdings  之非执行董事,于2010年1月至2010年9月
Limited (stock code: 03989) during January 2010 to September 2010,  期间担任首创环境控股有限公司(股份代号:
an independent non-executive director of Infinity Development Holdings  03989)之非执行董事,于2010年3月至2013年
Company Limited (stock code: 00640) during March 2010 to November  11月期间担任星谦发展控股有限公司(股份代
2013 and an executive director of HMV Digital China Group Limited (stock  号:00640)之独立非执行董事及于2016年10
code: 08078) during October 2016 to June 2017, and is a non-executive  月至2017年6月期间出任HMV数码中国集团有
director of Shougang Concord International Enterprises Company Limited  限公司(股份代号:08078)之执行董事,并于
(stock code: 00697) since May 2018 and Wai Kee Holdings Limited (“Wai  2018年5月起担任首长国际企业有限公司(股
Kee”) (stock code: 00610) since December 2018, an independent non-  份代号:00697)及于2018年12月起担任惠记
executive director of Kam Hing International Holdings Limited (stock code:  集团有限公司(「惠记」)(股份代号:00610)之
02307) since May 2010 and Hailiang International Holdings Limited (stock  非执行董事、2010年5月起担任锦兴国际控股
code: 02336) since May 2014 (all of the above-mentioned companies are  有限公司(股份代号:02307)之独立非执行董
listed on the Stock Exchange).                                        事及于2014年5月起担任海亮国际控股有限公
                                                                  司(股份代号:02336)之独立非执行董事(上
                                                                  述所有公司均于联交所上市)。

Mr. Ho has been appointed as Independent Non-executive Director of the  何先生于2017年1月获委任为本公司之独立非
Company in January 2017 and is also a member of the Audit Committee  执行董事,亦为董事局审核委员会及薪酬委员
and Remuneration Committee of the Board.                            会之成员。

74      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事及高层管理人员资料

SENIOR MANAGEMENT                                高层管理人员

Mr. Ko Wing Nin, Ken (“Mr. Ko”) BSc(Eng), MSc(Eng),                高永年先生(「高先生」)BSc(Eng),MSc(Eng),
CEng, MICE, FHKIE, RPE(Civil), FCHKRI                                CEng,MICE,FHKIE,RPE(Civil),FCHKRI

Mr. Ko, aged 55, graduated from Chu Hai College in 1986 with a  高先生,55岁,1986年毕业于珠海学院,获
Bachelor of Science and Engineering degree in Civil Engineering. He  授土木工程理学士学位。彼亦于1994年获英
also obtained a Master’s degree in Civil and Structural Engineering  国University of Sheffield颁授土木及结构工程
from the University of Sheffield, the United Kingdom in 1994 and a  硕士学位,并于2011年取得香港理工大学建
Master’s degree in Construction Law from The Hong Kong Polytechnic  筑法硕士学位。彼为英国土木工程师学会会
University in 2011. He is a member of the Institution of Civil Engineers,  员、香港工程师学会资深会员、香港注册专业
the United Kingdom, a fellow member of the Hong Kong Institution of  工程师(土木界别)及中国香港铁道学会资深会
Engineers, a Registered Professional Engineer in civil discipline in Hong  员。彼于建造业拥有33年经验,其中包括香
Kong and a Fellow of China Hong Kong Railway Institution. He has  港、澳门及阿拉伯联合酋长国之土木工程、建
33 years’ experience in the construction industry including civil, building,  筑工程、地基工程及海事工程项目。高先生于
foundation and marine engineering projects in Hong Kong, Macau and  2006年加入本集团,并由2018年起出任本集
the United Arab Emirates. Mr. Ko joined the Group in 2006 and has also  团建筑部之副营运总裁,负责本集团整体建筑
been the Deputy Chief Operating Officer of the construction segment  业务之管理。

of the Group since 2018, responsible for the management of the overall

construction business of the Group.

Mr. Lau Tai Wai, David (“Mr. Lau”) FHKIE, FHKIHT, CEng,              刘大卫先生(「刘先生」)FHKIE,FHKIHT,CEng,
MICE, MIStructE, MCIArb, RPE (Civil, Structural)                        MICE,MIStructE,MCIArb,RPE(Civil,Structural)
Mr. Lau, aged 60, graduated from The Hong Kong Polytechnic University  刘先生, 60岁,1982年毕业于香港理工大
in 1982. He is a fellow member of the Hong Kong Institution of Engineers  学。彼为香港工程师学会及香港公路学会之资
and the Hong Kong Institution of Highways and Transportation and a  深会员,以及英国土木工程师学会、结构工程
member of the Institution of Civil Engineers, the Institution of Structural  师学会及特许仲裁师公会之会员,并为香港
Engineers and the Chartered Institute of Arbitrators of the United  注册专业工程师(土木及结构界别)。彼于土
Kingdom as well as a Registered Professional Engineer in civil and  木工程方面拥有37年之丰富经验,包括于香
structural disciplines in Hong Kong. He has 37 years’ experience in a wide  港、中国内地及台湾有关管理、建筑、设计及
range of civil engineering from a diversified perspective of management,  建设-营运-转移(BOT)之多元化工作之视野。
construction, design as well as build-operate-transfer (BOT) in Hong  刘先生于2013年加入本集团,并由2018年起
Kong, the Mainland China and Taiwan. Mr. Lau joined the Group in 2013  出任本集团建筑部之副营运总裁,负责本集团
and has also been the Deputy Chief Operating Officer of the construction  整体建筑业务之管理。

segment of the Group since 2018, responsible for the management of

the overall construction business of the Group.

                                                                      2018/19年报    亚洲联合基建控股有限公司    75
董事及高层管理人员资料

SENIOR MANAGEMENT (continued)                        高层管理人员(续)

Mr. Lee Ka Lun, Stephen (“Mr. Lee”) BA(AS), B. Bldg,                  李家粦先生(「李先生」)BA(AS),B. Bldg,

Dip Proj Man(RICS), FRICS, FHKIS, ACIArb, RPS(QS)                      DipProjMan(RICS),FRICS,FHKIS,ACIArb,RPS(QS)
Mr. Lee, aged 62, graduated from The University of Hong Kong with a  李先生,62岁,1980年毕业于香港大学,获
Bachelor of Arts (Architectural Studies) degree in 1980 and a Bachelor  授文学士(建筑学)学位,及于1982年取得建
of Building degree in 1982. He is a Registered Professional Surveyor (QS)  造学学士学位。彼为香港注册专业测量师(工
with fellow membership of the Royal Institution of Chartered Surveyors  料测量),并为英国皇家特许测量师学会及香
and The Hong Kong Institute of Surveyors and membership of the  港测量师学会资深会员,以及英国特许仲裁师
Chartered Institute of Arbitrators. He is on the List of Arbitrators of Hong  公会会员。彼获列入香港国际仲裁中心的仲裁
Kong International Arbitration Centre and is a member of the Joint Panel  员名册,并为香港测量师学会及香港建筑师学
of Arbitrators of The Hong Kong Institute of Surveyors and The Hong  会联合仲裁委员会成员。李先生于香港、中国
Kong Institute of Architects. Mr. Lee has 38 years’ experience in quantity  内地、台湾、澳门、新加坡及马来西亚拥有
surveying and commercial management in Hong Kong, the Mainland  38年有关工料测量及商务管理之经验。彼曾
China, Taiwan, Macau, Singapore and Malaysia. He worked with the  于1998至2005年间受雇于本集团,并于2011
Group from 1998 to 2005 and re-joined the Group in 2011. Mr. Lee  年重投本集团。李先生为本集团之董事(法律
is a Director (Legal and Commercial) of the Group. He is also currently  及商务)。彼现时亦为本集团建筑部之行政总
the Chief Executive Officer of the construction segment of the Group,  裁,负责本集团整体建筑业务之管理。

responsible for the management of the overall construction business of

the Group.

Mr. Tam Chi Kwong, Steve (“Mr. Tam”) MSc(PM)                    谭志光先生(「谭先生」)MSc(PM)

Mr. Tam, aged 55, obtained a higher diploma in structural engineering  谭先生,55岁,分别于1986年及1988年于香
and an associateship in civil and structural engineering from the Hong  港理工学院(现称为香港理工大学)取得结构
Kong Polytechnic (now known as the Hong Kong Polytechnic University)  工程高级文凭及土木及工程院士。彼其后亦
in 1986 and 1988 respectively. He further obtained a postgraduate  分别于1996年及2009年于香港理工大学取得
diploma in civil engineering and a master of science degree in project  土木工程学深造文凭及项目管理理学硕士学
management from the Hong Kong Polytechnic University in 1996 and  位。谭先生于企业管理方面拥有逾12年经验。
2009 respectively. Mr. Tam has more than 12 years of experience in  彼于2002年加入本集团,现时担任本集团的
corporate management. He joined the Group in 2002 and is currently  董事,负责监管本集团内部营运的整体表现。
the director of the Group overseeing the overall performance of the  谭先生担任本公司若干附属公司之董事,并为
internal operations of the Group. Mr. Tam holds directorships in certain  城市服务集团有限公司之非执行董事。彼现时
subsidiaries of the Company and is also a non-executive director of City  亦为本集团其他业务执行委员会之成员。

Services Group Limited. He is also currently a member of other business

executive board of the Group.

76      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事及高层管理人员资料

SENIOR MANAGEMENT (continued)                        高层管理人员(续)

Mr. Wong Wing Tong, Michael (“Mr. Wong”) MISM, CMIPSA          黄永堂先生(「黄先生」)MISM,CMIPSA

Mr. Wong, aged 63, has more than 22 years’ experience in the  黄先生,63岁,于保安及设施管理服务行业之
management level of security and facility management services. He  管理层拥有逾22年经验。彼曾服务于前英国正
previously served at the Hong Kong Military Service Corps, formerly the  规驻港部队香港军事服务团,取得多项专业军
British army unit in Hong Kong, and obtained various professional military  事资格及技能。黄先生为国际专业保安协会会
qualifications and skills. Mr. Wong is a member of the International  员。于2016年9月,彼获委任为保安业商会有
Professional Security Association. In September 2016, he was appointed  限公司执行委员会成员,为期两年。黄先生于
as an executive committee member for Chamber of Security Industry  1997年加入本集团,现为城市服务集团有限
Limited for a period of 2 years. Mr. Wong joined the Group in 1997 and  公司之董事局主席及董事总经理,负责监察本
is currently the chairman of the board and managing director of City  集团保安及设施管理业务之管理。

Services Group Limited, responsible for overseeing the management of

the security and facility management business of the Group.

Mr. Yiu Chi Sang, Andy (“Mr. Yiu”) Dip(Eng), LLB(Hons),              饶智生先生(「饶先生」)Dip(Eng),LLB(Hons),
MA(ArbDR), MSc(C.Mgt), MRICS, MICE,                              MA(ArbDR),MSc(C.Mgt),MRICS,MICE,
MHKIE, MASCE, FCIArb, FHKIArb, CEng                              MHKIE,MASCE,FCIArb,FHKIArb,CEng
Mr. Yiu, aged 63, graduated from Hong Kong Baptist University in 1981  饶先生, 63岁,1981年毕业于香港浸会大
with a Diploma in Civil Engineering. He was awarded a Master of Arts  学,获授土木工程文凭。彼分别于1995年及
degree in Dispute Resolution and Arbitration in 1995 and a Master of  1998年获香港城市大学颁授争议解决及仲裁
Science degree in Construction Management in 1998 from City University  学文学硕士学位以及建筑管理学科学硕士学
of Hong Kong. He further obtained a Bachelor of Laws degree in 2004  位。彼其后再于2004年取得英国University of
from the University of Wolverhampton, the United Kingdom. He is a  Wolverhampton法律学士学位。彼为皇家特许
member of the Royal Institution of Chartered Surveyors, the Institution  测量师学会、英国土木工程师学会、香港工程
of Civil Engineers, the United Kingdom, the Hong Kong Institution  师学会及美国土木工程师学会之会员,以及英
of Engineers and the American Society of Civil Engineers as well as a  国特许仲裁司公会及香港仲裁司学会之资深会
fellow member of the Chartered Institute of Arbitrators, the United  员。饶先生于建造业积逾38年经验,包括香
Kingdom and the Hong Kong Institute of Arbitrators. Mr. Yiu has over  港、澳门、越南及中国内地之土木工程、建筑
38 years’ experience in the construction industry, including civil, building,  工程、地基工程及海事工程项目。彼于2008年
foundation and marine engineering projects in Hong Kong, Macau,  重投本集团,现为本集团建筑部之营运总裁,
Vietnam and the Mainland China. He re-joined the Group in 2008 and  负责本集团整体建筑业务之管理。

is currently the Chief Operating Officer of the construction segment of

the Group, responsible for the management of the overall construction

business of the Group.

                                                                      2018/19年报    亚洲联合基建控股有限公司    77
企业管治报告

The Company has been making continued efforts to incorporate the  本公司一直致力将完善的企业管治要素融入其
key elements of sound corporate governance into its management  管理架构及内部监控程序当中。本公司锐意保
structure and internal control procedures. The Company is committed  持高水平的企业管治,其原则旨在维持业务在
to maintaining a high standard of corporate governance, the principles  各方面均能贯彻严谨的道德标准、透明度、责
of which serve to uphold a high standard of ethics, transparency,  任及诚信操守,并确保业务以符合适用法例及
responsibility and integrity in all aspects of business, and to ensure that  法规的方式进行。

affairs are conducted in accordance with applicable laws and regulations.

CORPORATE GOVERNANCE PRACTICES                  企业管治常规

The Company has complied with all the code provisions of the Corporate  本公司于本年度内已遵守上市规则附录十四
Governance Code (the “Code”) contained in Appendix 14 to the Listing  《企业管治守则》(「守则」)内所载之所有守则条
Rules throughout the Year.                                          文。

DIRECTORS’ SECURITIES TRANSACTIONS                董事的证券交易

The Company has adopted the Model Code for Securities Transactions by  本公司已采纳上市规则附录十《上市发行人董
Directors of Listed Issuers (the “Model Code”) contained in Appendix 10  事进行证券交易的标准守则》(「标准守则」)作
to the Listing Rules as its code of conduct regarding securities transactions  为董事进行证券交易之行为守则。经本公司作
by the Directors. All Directors have confirmed, after a specific enquiry  出具体查询后,全体董事已确认彼等于本年度
made by the Company, that they have fully complied with the required  内已全面遵守标准守则内所规定之标准。

standard set out in the Model Code throughout the Year.

BOARD OF DIRECTORS                                董事局

The Board is responsible for the management of the Company on  董事局代表股东负责本公司之管理。主要职责
behalf of the Shareholders. Key responsibilities include formulation of  包括制订本集团之整体策略、订立管理目标及
the Group’s overall strategies, the setting of management targets and  监察管理层之表现。董事局负责整体决策,并
supervision of management performance. The Board confines itself to  行使下文所述之多项保留权力,而考虑工作细
making broad policy decisions and also exercising a number of reserved  节之职务则交由本公司行政总裁带领之董事局
powers as mentioned below, while delegating responsibility for more  管理委员会负责:

detailed considerations to the Management Committee of the Board

under the leadership of the Chief Executive Officer of the Company:

   those functions and matters as set out in the terms of reference       各个董事局委员会之职权范围内订明之
    of various Board committees (as amended from time to time), for        各项职能及事务(经不时修订),其必须
    which Board’s approval must be sought from time to time;                由董事局不时批准;

   those functions and matters for which Board’s approval must be       按照本集团之内部政策(经不时修订),
    sought in accordance with the Group’s internal policy (as amended        必须提交予董事局批准的各项职能及事
    from time to time);                                                  务;

   consideration and approval of the financial statements in interim       考虑及批准中期报告与年报内之财务报
    reports and annual reports, announcements and press releases of        表,以及中期与全年业绩之公告及新闻
    interim and annual results;                                            稿;

   focusing its attention on matters affecting the Company’s overall       集中注意影响本公司之整体策略性政
    strategic policies, financing and Shareholders;                          策、融资及股东之事宜;

   consideration of dividend policy and dividend amount; and               考虑股息政策及股息金额;及

   reviewing and monitoring the corporate governance policies and       检讨及监察本集团的企业管治政策及常
    practices of the Group to ensure compliance with the legal and        规,以确保遵守法律及监管规定。

    regulatory requirements.

78      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

BOARD OF DIRECTORS (continued)                        董事局(续)

The Board had duly performed its duties relating to the corporate  董事局已履行其有关企业管治职能之职责,及
governance functions and was not aware of any code provisions of the  并无发现于本年度内有违反守则内之任何守则
Code being violated during the Year.                                  条文。

All Directors have full and timely access to all relevant information,  全体董事均可全面和及时索阅所有相关资讯,
including regular reports from the Board committees and briefings on  包括董事局辖下的委员会之定期报告,以及对
significant legal, regulatory or accounting issues affecting the Group.  本集团构成影响之重大法律、监管或会计事宜
Directors may seek independent professional advice in appropriate  之简报。董事可于适当情况下寻求独立专业意
circumstances, which will be paid for by the Company.                    见,费用将由本公司支付。

BOARD COMPOSITION                                董事局组成

As at the date of this report, the Board comprises nine Directors including  于本报告日期,董事局由九名董事组成,包括
six executive directors (“Executive Director(s)”) and three Independent  六名执行董事(「执行董事」)及三名独立非执行
Non-executive Directors (“INED(s)”), with INEDs representing not less than  董事(「独立非执行董事」),其中独立非执行董
one-third of the Board as required under the Listing Rules. The Board  事按上市规则规定占董事局成员人数不少于三
members are listed below:                                            分之一。董事局成员列示如下:

Executive Directors                                    执行董事

Mr. Pang Yat Ting, Dominic (Chairman)                                彭一庭先生(主席)

Mr. Xu Jianhua (Deputy Chairman)                                    徐建华先生(副主席)

Ir Dr. Pang Yat Bond, Derrick, JP (Chief Executive Officer)                彭一邦博士工程师太平绅士(行政总裁)

Mr. Shea Chun Lok, Quadrant                                        佘俊乐先生

(Chief Financial Officer and Company Secretary)                        (首席财务官兼公司秘书)

Madam Li Wai Hang, Christina                                        李蕙娴女士

Madam Han Li                                                      韩莉女士

Independent Non-executive Directors                  独立非执行董事

Mr. Wu William Wai Leung                                          胡伟亮先生

Mr. Lam Yau Fung, Curt                                              林右烽先生

Mr. Ho Gilbert Chi Hang                                            何智恒先生

Each of the INEDs has entered into an appointment letter with the  各独立非执行董事已与本公司订立一份为期
Company for a term of three years. The appointment letter is renewable  三年之委任函。有关委任函在本公司及独立
subject to consent given by the Company and the respective INEDs. The  非执行董事各自同意下可予续约。独立非执行
INEDs are subject to retirement by rotation in accordance with the Bye-  董事须根据本公司之公司细则(「公司细则」)
laws of the Company (the “Bye-laws”).                                轮席退任。

The Board had at all times during the Year met the requirements of the  董事局于本年度内任何时间均符合上市规则之
Listing Rules relating to the appointment of at least three INEDs with  规定,委任最少三名独立非执行董事,而其中
at least one INED possessing appropriate professional qualifications, or  最少一名独立非执行董事已具备合适之专业资
accounting or related financial management expertise.                    格或会计或相关财务管理专业知识。

                                                                      2018/19年报    亚洲联合基建控股有限公司    79
企业管治报告

BOARD COMPOSITION (continued)                        董事局组成(续)

The Company has received an annual written confirmation from each  本公司已接获各独立非执行董事按上市规则第
INED to confirm his independence pursuant to Rule 3.13 of the Listing  3.13条确认彼之独立性之年度书面确认书。本
Rules. The Company is of the view that all INEDs are independent under  公司认为全体独立非执行董事根据上市规则均
the Listing Rules.                                                    具独立性。

There is no financial, business, family or other material/relevant  除董事局主席彭一庭先生与本公司行政总裁
relationship among members of the Board, other than Mr. Pang Yat  彭一邦博士工程师为兄弟,以及执行董事
Ting, Dominic, the Chairman of the Board, and Ir Dr. Pang Yat Bond,  李蕙娴女士为彭一庭先生及彭一邦博士工程师
Derrick, the Chief Executive Officer of the Company, being brothers, and  之母亲外,董事局成员之间概无财务、业务、
Madam Li Wai Hang, Christina, the Executive Director, is the mother of  家属或其他重大╱相关之关系。

Mr. Pang Yat Ting, Dominic and Ir Dr. Pang Yat Bond, Derrick.

Board Diversity Policy                                  董事局成员多元化政策

The Company recognises the benefits of having a diverse Board to  本公司明白董事局成员多元化对提升其表现质
enhance the quality of its performance and maintain a sustainable  素及维持长远可持续发展裨益良多。为此,提
development in long run. In this regard, the Nomination Committee has  名委员会已批准一套董事局成员多元化政策
endorsed a board diversity policy (the “Board Diversity Policy”) which sets  (「董事局成员多元化政策」),当中列载达致董
out the approach to achieve diversity on the Board.                      事局成员多元化之方针。

Board diversity shall be achieved through consideration of a number  为达致董事局成员多元化,须考虑董事局成员
of factors and measurable objectives as set out in the Board Diversity  多元化政策所载之多项因素及可测量目标(包
Policy, including but not limited to gender, age, cultural and educational  括但不限于性别、年龄、文化及教育背景、专
background, professional expertise, industry experience, skills and  业知识、行业经验、技能及知识)。

knowledge.

Nomination Policy                                    提名政策

The Company has also adopted a nomination policy (the “Nomination  本公司亦已采纳提名政策(「提名政策」)中所载
Policy”) setting out the key selection criteria and principles to be used  本公司就委任及重新委任董事以及董事继任计
by the Company in making recommendations on the appointment or  划向董事局提供建议之主要甄选标准及原则,
re-appointment of Directors and succession planning for Directors to  以确保董事局根据本公司业务具备适当所需技
the Board to ensure that the Board has a balance of skill, knowledge,  能、知识、经验及多样化观点。

experience and diversity of perspectives appropriate to the requirements

of the Company’s business.

The Nomination Committee shall make reference to the Nomination Policy  提名委员会应参考提名政策及董事局成员多元
and the Board Diversity Policy to nominate suitably qualified candidates  化政策,向董事局提名合适的合资格候选人以
to the Board for consideration and make recommendations on the  供考虑,以及建议委任任何候选人予董事局或
appointment of any proposed candidate to the Board or re-appointment  重新委任任何董事局现有成员。

of any existing member(s) of the Board.

The Nomination Committee is responsible for monitoring the implementation  提名委员会负责监察董事局成员多元化政策及
of the Board Diversity Policy and the Nomination Policy and will review the  提名政策之执行,及将于适当时检讨以上政
above policies, as appropriate, to ensure the effectiveness of the above  策,以确保以上政策行之有效。

policies.

80      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

BOARD COMPOSITION (continued)                        董事局组成(续)

Board Diversity                                        董事局成员多元化

The following charts show the diversity profile of the Board as of the date  下表阐述于本报告日期董事局之多元化情况:
of this report:

                Gender                                              Male

                  性别                                              男性

                                                                      Female

                                                                      女性

            Age Group                                              50 or below

              年龄界别                                              50岁或以下

                                                                      Over 50

                                                                      50岁以上

      Length of Service                                              5 years or below

              服务年期                                              5年或以下

                                                                      Over 5 years

                                                                      5年以上

                                    Experience or Expertise

                                        经验或专业知识

                                                Construction

                                  Investment      建筑        Property

                                and Financing                Development

                                  投资及融资                  物业发展

                              Retail                                Accounting

                          Management                            and Finance

                            零售管理                              会计及财务

                              Merger and                          Corporate

                              Acquisition                          Management

                              合并及收购                          企业管理

                                            Legal        Company

                                            法律        Secretarial

                                                        公司秘书

                                                                      2018/19年报    亚洲联合基建控股有限公司    81
企业管治报告

DIRECTORS’ ATTENDANCE RECORDS AT MEETINGS          董事出席会议之记录

During the Year, the Company had held four board meetings and one  于本年度内,本公司举行了四次董事局会议及
general meeting. The attendance records of individual members of the  一次股东大会。董事局及董事局辖下委员会之
Board and Board committees at the respective meetings during the Year  个别成员于本年度内出席相关会议之记录载列
are set out below:                                                  如下:

                                                      Number of meetings attended/Number of meetings held

                                                                出席会议次数╱举行会议次数

                                                              Audit  Nomination Remuneration      Annual
                                                  Board    Committee    Committee    Committee      General
                                                Meeting      Meeting      Meeting      Meeting      Meeting
                                                  董事局    审核委员会    提名委员会    薪酬委员会      股东周年
 Directors                    董事                  会议        会议        会议        会议        大会
 Executive Directors            执行董事

 Mr. Pang Yat Ting, Dominic (Chairman) 彭一庭先生(主席)          3/4          –          2/2          –          1/1
 Mr. Xu Jianhua (Deputy Chairman)    徐建华先生(副主席)        4/4          –          –          –          1/1
 Ir Dr. Pang Yat Bond, Derrick        彭一邦博士工程师          4/4          –          –          –          1/1
  (Chief Executive Officer)          (行政总裁)

 Mr. Shea Chun Lok, Quadrant      佘俊乐先生              4/4          –          –          –          1/1
  (Chief Financial Officer and        (首席财务官兼

  Company Secretary)              公司秘书)

 Madam Li Wai Hang, Christina      李蕙娴女士              2/4          –          –          –          1/1
 Madam Han Li*                韩莉女士*                2/3          –          –          –          1/1
 IndependentNon-executiveDirectors 独立非执行董事

 Mr. Wu William Wai Leung        胡伟亮先生              4/4          2/2          2/2          1/1          1/1
 Mr. Lam Yau Fung, Curt          林右烽先生              4/4          2/2          2/2          1/1          1/1
 Mr. Ho Gilbert Chi Hang          何智恒先生              4/4          2/2          –          0/1          0/1
*    appointed as an Executive Director on 24 April 2018                              *    于2018年4月24日获委任为执行董事

82      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

DIRECTORS’ CONTINUOUS PROFESSIONAL DEVELOPMENT    董事之持续专业发展

All Directors are encouraged to attend relevant training courses at the  我们鼓励全体董事参加相关培训课程,费用由
Company’s expense. All Directors are regularly provided with information  本公司支付。全体董事获定期提供有关本集团
in respect of the Group’s latest business development and the latest  最新业务发展及有关上市规则及其他适用法律
development regarding the Listing Rules and other applicable statutory  及法规规定的最新发展之资讯,从而促进其有
and regulatory requirements to facilitate their effective performance  效履行董事职责,以及确保合规及维持良好的
of directors’ duties and ensure compliance and maintenance of good  企业管治常规。于本年度内,全体董事已参与
corporate governance practices. During the Year, all Directors had  培训及╱或阅读资料以增进及更新其知识及技
participated in seminars and/or studied materials for developing and  能。本公司已接获全体董事于本年度各自的培
refreshing their knowledge and skills. The Company has received from all  训记录。

Directors their respective training records for the Year.

CHAIRMAN AND CHIEF EXECUTIVE                      主席及最高行政人员

During the Year, the Board had been led by the Chairman, Mr. Pang Yat Ting,  于本年度,董事局由主席彭一庭先生领导,本
Dominic and the role of Chief Executive Officer is performed by  公司行政总裁由彭一邦博士工程师担任。

Ir Dr. Pang Yat Bond, Derrick.

The role of the Chairman is separate from that of the chief executive. The  主席与最高行政人员之角色明确划分。主席负
Chairman is responsible for overseeing the functioning of the Board while  责监督董事局职能运作,而最高行政人员则负
the chief executive is responsible for managing the Group’s business.      责管理本集团之业务。

BOARD COMMITTEES                                董事局辖下的委员会

The Board has established various committees, including the Audit  董事局已成立不同委员会,包括审核委员会、
Committee, the Nomination Committee, the Remuneration Committee,  提名委员会、薪酬委员会、管理委员会及执行
the Management Committee and the Executive Committee. The  委员会。审核委员会、提名委员会及薪酬委员
respective terms of reference of the Audit Committee, the Nomination  会其各自之职权范围不逊于守则所规定之标
Committee and the Remuneration Committee are of no less exacting  准,并已登载于本公司网站。所有委员会均获
terms than those set out in the Code and are available on the Company’s  提供充足资源履行其职责。

website. All committees are provided with sufficient resources to

discharge their duties.

Management Committee                              管理委员会

The Management Committee was established in April 1993. It operates as  管理委员会于1993年4月成立。其获董事局全
a general management committee with overall delegated authority from  面授权,以总管理委员会之身份运作,以提升
the Board in order to increase the efficiency for the business decision and  业务决策上之效率及有便于若干企业行动之批
facilitate the approval of certain corporate actions.                      核。

As at the date of this report, the Management Committee comprises four  于本报告日期,管理委员会由四名成员组成,
members, all of whom are Executive Directors.                          全部均为执行董事。

Members of the Management Committee:                          管理委员会成员:

Ir Dr. Pang Yat Bond, Derrick (Chairman)                              彭一邦博士工程师(主席)

Mr. Pang Yat Ting, Dominic                                          彭一庭先生

Mr. Xu Jianhua                                                    徐建华先生

Mr. Shea Chun Lok, Quadrant                                        佘俊乐先生

                                                                      2018/19年报    亚洲联合基建控股有限公司    83
企业管治报告

BOARD COMMITTEES (continued)                        董事局辖下的委员会(续)

Executive Committee                                  执行委员会

The Executive Committee was established in March 2007 to assist the  执行委员会于2007年3月成立,协助管理委员
Management Committee in the running of the day-to-day business of  会处理本公司之日常业务运作。其负责发展及
the Company. It is responsible for the development and implementation  落实企业及业务部门的业务计划。执行委员会
of the business plans for corporate and business units. The Executive  亦获项目管理主管所支援,使绩效管理延伸至
Committee is also supported by the heads of Project Management,  项目层面。

cascading performance management down to project level.

As at the date of this report, the Executive Committee comprises four  于本报告日期,执行委员会由四名成员组成,
members, all of whom are Executive Directors.                          全部均为执行董事。

Members of the Executive Committee:                            执行委员会成员:

Mr. Pang Yat Ting, Dominic (Chairman)                                彭一庭先生(主席)

Mr. Xu Jianhua                                                    徐建华先生

Ir Dr. Pang Yat Bond, Derrick                                          彭一邦博士工程师

Mr. Shea Chun Lok, Quadrant                                        佘俊乐先生

Remuneration Committee                              薪酬委员会

The Remuneration Committee was formed in April 2005. The primary  薪酬委员会于2005年4月成立。薪酬委员会之
responsibilities of the Remuneration Committee are, inter alia, to make  主要职责为(其中包括)就本公司有关全体董事
recommendations to the Board on the Company’s policies and structure  及本集团高层管理人员之薪酬政策及架构向董
for the remuneration of all Directors and senior management of the  事局提出建议,并获董事局转授责任,厘定个
Group and determine, with delegated responsibility, the remuneration  别执行董事及本集团高层管理人员之薪酬待
packages of individual Executive Directors and the senior management of  遇。在审阅个别董事之薪酬待遇时,该名董事
the Group. When reviewing the remuneration package of an individual  须放弃投票。

Director, such Director will abstain from voting.

As at the date of this report, the Remuneration Committee comprises  于本报告日期,薪酬委员会由三名成员组成,
three members, all of whom are INEDs.                                全部均为独立非执行董事。

Members of the Remuneration Committee:                        薪酬委员会成员:

Mr. Lam Yau Fung, Curt (Chairman)                                  林右烽先生(主席)

Mr. Wu William Wai Leung                                          胡伟亮先生

Mr. Ho Gilbert Chi Hang                                            何智恒先生

During the Year, the Remuneration Committee assessed the performance  于本年度内,薪酬委员会已评估执行董事及本
and approved the remuneration packages of Executive Directors and  集团高层管理人员之表现及批准其薪酬待遇。
senior management of the Group.

84      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

BOARD COMMITTEES (continued)                        董事局辖下的委员会(续)

Remuneration Committee (continued)                    薪酬委员会(续)

Details of the emoluments of Directors during the Year are set out in  本年度董事酬金之详情载于本年报之财务报表
Note 10 to the financial statements of this annual report. The annual  附注10。本年度本集团高层管理人员之年度薪
remuneration of the members of the senior management of the Group  酬按等级载列如下:

by band for the Year is set out below:

                                                                                              Number of
 Remuneration Band                                                                  Senior Management
 薪酬等级                                                                                高层管理人员人数
 HK$2,000,001 to HK$3,000,000      2,000,001港元至3,000,000港元                                        1
 HK$3,000,001 to HK$4,000,000      3,000,001港元至4,000,000港元                                        3
 HK$4,000,001 to HK$5,000,000      4,000,001港元至5,000,000港元                                        1
 HK$5,000,001 to HK$6,000,000      5,000,001港元至6,000,000港元                                        1
Nomination Committee                                提名委员会

The Nomination Committee was formed in April 2005. The responsibilities  提名委员会于2005年4月成立。提名委员会之
of the Nomination Committee are, inter alia, to make recommendations  职责为(其中包括)就董事委任或重新委任以及
to the Board on the appointment or re-appointment of Directors and  董事继任计划向董事局提出建议、检讨董事局
the succession planning for Directors, to review the structure, size and  之架构、规模及组成,并确保委任或重新委任
composition of the Board and to ensure fair and transparent procedures  董事之程序公平及具透明度。

for the appointment or re-appointment of Directors.

In case of necessity, the Nomination Committee will propose candidates  于需要之情况下,提名委员会将向董事局推荐
for appointment to the Board for consideration and the Board will review  委任人选以供考虑,而董事局将审阅有关人选
the qualifications of the relevant candidates for determining the suitability  之资历,并按照其资历、经验及背景决定该名
to the Group on the basis of his/her qualifications, experience and  人选是否适合本集团。委任董事之决定必须获
background. The decision of appointing a director must be approved by  董事局批准通过,而所有董事局成员之委任均
the Board and all Board members’ appointments will be based on merit  以用人唯才为原则,并以多元化作考虑因素。
while taking into account diversity.

As at the date of this report, the Nomination Committee comprises three  于本报告日期,提名委员会由三名成员组成,
members, consisting of an Executive Director and two INEDs.              包括一名执行董事及两名独立非执行董事。
Members of the Nomination Committee:                          提名委员会成员:

Mr. Pang Yat Ting, Dominic (Chairman)                                彭一庭先生(主席)

Mr. Wu William Wai Leung                                          胡伟亮先生

Mr. Lam Yau Fung, Curt                                              林右烽先生

                                                                      2018/19年报    亚洲联合基建控股有限公司    85
企业管治报告

BOARD COMMITTEES (continued)                        董事局辖下的委员会(续)

Nomination Committee (continued)                      提名委员会(续)

The following is a summary of work performed by the Nomination  以下为提名委员会于本年度内之工作概要:
Committee during the Year:

(i)  reviewing the structure, size and composition of the Board and  (i)  检讨董事局之架构、人数及组成以及执
    performed the measurable objective assessment for the year ended        行截至2018年3月31日止年度之可测量目
    31 March 2018;                                                    标的评估;

(ii)  assessing the independence of the INEDs;                          (ii)  评估独立非执行董事之独立性;

(iii) recommending the retiring Directors who offered themselves for  (iii) 建议股东批准于2018年股东周年大会上
    re-election at the 2018 annual general meeting for Shareholders’        膺选连任之退任董事;及

    approval; and

(iv) considering the appointment of the Executive Director.              (iv) 考虑执行董事之委任。

Audit Committee                                      审核委员会

The Audit Committee was established in December 1998. The Audit  审核委员会于1998年12月成立。审核委员会
Committee provides an important link between the Board and the  就本集团审核范围内之事宜,担当董事局与本
Company’s external auditor in matters coming within the scope of the  公司外聘核数师之间之重要桥梁。审核委员会
Group’s audit. The primary duties of the Audit Committee are to review  之主要职务为审阅及监督本集团之财务及会计
and supervise the financial and accounting policies and practices of the  政策及常规。其亦同时负责检讨外部审核以及
Group. It also reviews the effectiveness of both the external audit and  内部监控及风险管理系统之效能。

internal controls and risk management system.

As at the date of this report, the Audit Committee comprises three INEDs  于本报告日期,审核委员会由三名独立非执行
with its chairman possessing appropriate professional qualification,  董事组成,而其主席已按上市规则规定具备适
accounting or related financial management expertise as required under  当之专业资格、会计或相关财务管理专业知
the Listing Rules.                                                    识。

Members of the Audit Committee:                                审核委员会成员:

Mr. Wu William Wai Leung (Chairman)                                胡伟亮先生(主席)

Mr. Lam Yau Fung, Curt                                              林右烽先生

Mr. Ho Gilbert Chi Hang                                            何智恒先生

The following is a summary of work performed by the Audit Committee  以下为审核委员会于本年度内之工作概要:
during the Year:

(i)  reviewing the annual report and the annual results announcement  (i)  审阅本集团截至2018年3月31日止年度之
    of the Group for the year ended 31 March 2018, with a        年报及全年业绩公告,并建议董事局批
    recommendation to the Board for approval;                            准;

(ii)  reviewing the external auditor’s independence and objectivity and  (ii)  检讨外聘核数师之独立性及客观性,以
    the effectiveness of the audit process, with a recommendation to        及审核过程之有效性,并向董事局建议
    the Board for the re-appointment of the external auditor at the 2018        于2018年股东周年大会上续聘外聘核数
    annual general meeting;                                            师;

86      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

BOARD COMMITTEES (continued)                        董事局辖下的委员会(续)

Audit Committee (continued)                            审核委员会(续)

(iii) approving the remuneration and the terms of engagement letters  (iii) 就委任外聘核数师批准其酬金及委任函
    for the purpose of appointing the external auditor in connection        之条款,以由外聘核数师进行法定审核
    with the statutory audit and review of the results announcement by        及审阅业绩公告;

    the external auditor;

(iv) reviewing the interim report and the interim results announcement  (iv) 审阅本集团截至2018年9月30日止六个月
    of the Group for the six months ended 30 September 2018, with a        之中期报告及中期业绩公告,并建议董
    recommendation to the Board for approval; and                        事局批准;及

(v)  overseeing the Group’s financial reporting system and risk  (v)  监察本集团之财务汇报系统以及风险管
    management and internal control procedures and reviewing the        理及内部监控程序,并审阅本集团内部
    report of the internal control function on the risk management and        监控职能就风险管理及内部监控系统之
    internal control systems of the Group.                                  报告。

INTERNAL CONTROLS AND RISK MANAGEMENT            内部监控及风险管理

The Board is responsible for the Group’s internal control and conducts  董事局负责本集团之内部监控,并对本集团内
review on the effectiveness of the internal control of the Group, including  部监控之有效性进行审视,包括财务、营运与
financial, operational and compliance controls and risk management  合规监控以及风险管理职能。

functions.

Role of the Board                                      董事局的角色

The Board acknowledges its overall responsibility in ensuring and  董事局确认其于确保及审视本集团内部监控系
reviewing the effectiveness of the systems of internal controls, risk  统、风险管理及法律及法规合规方面的整体责
management and legal and regulatory compliance of the Group in order  任,以维护股东利益及本集团资产。

to safeguard the interests of Shareholders and the assets of the Group.

Internal Controls and Risk Management                内部监控及风险管理

The Board has put in place policies and procedures, including policies for  董事局已制定政策及程序,包括明确界定本集
delegation of authority clearly defining the limits of authorities designated  团内部特定职位的权限之授权政策。该等政策
to specified positions within the Group. Such policies and procedures set  及程序制定了风险管理及内部监控系统之框架
out the framework for the risk management and internal control systems  以供本集团上下采用。为确保现存系统属充足
for adoption throughout the Group. To ensure that the systems in place  及能够纠正实施中存在的弱点,执行董事在各
are adequate and address the existing weaknesses in implementation, the  业务部门执行委员会的协助下,检讨现有政策
Executive Directors, with the assistance of the executive board of different  及常规并不时发出指示文件,以指出特定问题
business divisions, review the existing policies and practices and issue  及关注点,从而实现本集团管治常规的持续改
directives from time to time to highlight the specific issues and concerns  进。执行董事亦会于定期会议上批准由各业务
in order to achieve ongoing improvement on the governance practices  部门管理层提交的营运及财务报告、业务计划
within the Group. The Executive Directors also approve operational and  及预算。

financial reports, business plans and budgets provided by management of

each business division at regular meetings.

                                                                      2018/19年报    亚洲联合基建控股有限公司    87
企业管治报告

INTERNAL CONTROLS AND RISK MANAGEMENT (continued)    内部监控及风险管理(续)

Internal Controls and Risk Management (continued)        内部监控及风险管理(续)

Executive Directors and senior management of the Group are appointed  执行董事及本集团高级管理层获委派担任所有
to the boards of all operating subsidiaries and associated companies  重大营运附属公司及联营公司之董事职务,以
of material importance in order to monitor the operation of these  监察该等公司之营运。彼等出席董事局会议及
companies. They attend board meetings and participate in significant  参与有关审阅及批准财务预算、制定业务计划
decision making process on reviewing and approving financial budgets,  及监控表现目标并识别相关风险的重大决策过
establishing business plans and controlling performance targets with  程。不同业务部门的管理团队日常对彼等各分
associated risks identified. The management teams of different business  部之表现负责。执行董事定期审阅部门管理层
divisions are accountable for the performance of their respective divisions  提交的财务及营运报告,以监管表现及评估附
on a day-to-day basis. The Executive Directors review the financial and  属公司面临的重大风险。

operational reports from division management regularly to monitor the

performance and assess the significant risk exposure of the subsidiaries.

The Group’s Finance Department reports to the Board in respect of  本集团财务部就有关监察本公司所有附属公司
overseeing the financial reporting and control systems for all subsidiaries  及联营公司之财务汇报及监控制度事宜向董事
and associated companies of the Company. The business segments  局汇报。业务分部编制年度预算,供本集团财
compile annual budgets for review by the Group’s finance function and  务部审阅,而综合年度预算则提呈予执行董事
the consolidated annual budgets are presented to the Executive Directors  以予批准。执行董事亦与业务部门管理团队举
for approval. The Executive Directors also hold regular meetings with the  行定期会议,以审视本集团现金流状况,考虑
management team of business divisions to review the cashflow position  需要额外营运或资本开支的重大特别项目,并
of the Group, consider material ad-hoc projects which require additional  就重大投资及借贷活动作出决策。付款批准受
operating or capital expenditure, and make decisions on significant  限于明确载列按有关人员特定职位所定权限之
investment and lending activities. Payment approval is subject to control  权限指引列表。

of the limits of authorities clearly setting out the authority with reference

to the specified positions of the relevant personnel.

Legal and Regulatory Compliance                      法律及法规之合规

The Contracts and Legal Department is responsible for preparing,  合约及法律部负责编写、审阅及批准集团公司
reviewing and endorsing all material contracts entered into by Group  订立的所有重大合约,以维护本集团利益不受
companies in order to safeguard the interests of the Group against legal  法律风险的影响。其亦监察所有集团公司在业
risks. It also oversees the regulatory compliance matters of all Group  务营运环境下的法规合规事宜。

companies in the environment of their business operations.

Besides, the Company Secretarial Department is in charge of corporate  此外,公司秘书部负责本集团公司之公司秘书
secretarial documentation of the Group companies and overseeing  文件,及监察有关上市规则及不同司法权区之
compliance matters in relation to the Listing Rules and the relevant  相关企业法律及法规的合规事宜。

corporate laws and regulations of different jurisdictions.

External legal advisors are engaged to advise the Group on important  在必要时聘请外聘法律顾问就重要法律事宜及
legal matters and compliance issues when necessary.                    合规事项向本集团提供意见。

88      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

INTERNAL CONTROLS AND RISK MANAGEMENT (continued)    内部监控及风险管理(续)

Audit Committee and Internal Audit Function            审核委员会及内部审核职能

The Company has established an internal audit function. The internal  本公司已设立内部审核职能。内部审核部持续
audit function conducts internal audit on different business divisions  对本集团不同业务部门及职能进行内部审核,
and functions within the Group on an ongoing basis to assess the  以评估本集团现有内部监控、法律及法规合规
effectiveness and identify weaknesses in the existing internal control, legal  及风险管理制度的有效性及识别其弱点。倘若
and regulatory compliance and risk management systems of the Group. In  发现问题,内部审核部与管理层讨论及就改进
the event that defects are identified, the internal audit function engages  提供意见。

in discussions with the management and recommends suggestions for

improvement.

Delegated by the Board, the Audit Committee reviews the internal  审核委员会获董事局授权审阅内部审核部每半
audit report prepared by the internal audit function twice every year.  年编制一次的内部审核报告。于本年度,本公
Reviews have been conducted on the Group’s internal control and risk  司已就本集团内部监控及风险管理系统进行审
management systems during the Year and the Board and the Audit  视,董事局及审核委员会信纳本集团之风险管
Committee are satisfied that the Group’s risk management and internal  理及内部监控系统属有效及充足。

control systems are effective and adequate.

Whilst these policies and procedures are designed to manage the  该等政策及程序旨在管理可能对本集团达成其
risks that could adversely impact the ability of the Group to achieve its  业务目标能力构成负面影响的风险,其并不能
business objectives, they do not eliminate such risks and can only provide  完全消除该等风险,且就重大错误陈述、损失
reasonable but not absolute assurance against material misstatement, loss  或违规仅可提供合理但非绝对保证。

or non-compliance.

Handling of Inside Information                        处理内幕消息

The Group has adopted a policy in relation to handling of inside  本集团已根据香港法例第571章证券及期货条
information in compliance with the Securities and Futures Ordinance  例(「证券及期货条例」)采纳有关处理内幕消息
(Chapter 571 of the Laws of Hong Kong) (the “SFO”). Employees should  的政策。雇员应按该政策及雇员手册所载「雇
preserve the confidentiality of any inside information according to the  员操守及商业道德守则」列明的方式保密任何
manner specified in the policy and the “Code of Employee Conduct  内幕消息。本集团已就进行本公司证券之交易
and Business Ethics” contained in the Staff Handbook. The Group has  采纳事先批准程序,并通知董事及相关雇员有
also adopted the pre-clearance procedures on dealing in the Company’s  关于禁止买卖期间进行本公司证券交易的限
securities and notified Directors and relevant employees of restrictions on  制,以防止于本集团内可能出现内幕消息的不
dealing in the Company’s securities during blackout periods to prevent  当处理。

possible mishandling of inside information within the Group.

                                                                      2018/19年报    亚洲联合基建控股有限公司    89
企业管治报告

AUDITOR’S REMUNERATION                            核数师之酬金

The remuneration in respect of services provided by Ernst & Young (“EY”),  就本公司之核数师安永会计师事务所(「安永」)
the auditor of the Company, is analysed as follows:                      提供之服务支付的酬金分析如下:

 Remuneration Band                                                                              HK$’000
 薪酬等级                                                                                          千港元
 Annual audit services                      年度审核服务                                              4,587
 Non-audit services*                        非审核服务*                                              2,630
                                                                                                    7,217
*    Such non-audit services include agreed-upon procedures engagements,    *    该等非审核服务包括有关全年业绩之初步公告之
    transaction advisory, tax advisory and compliance services.                              协定程序、交易咨询、税务咨询及合规服务。

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES FOR  董事及核数师对账目之责任

ACCOUNTS

Statements of the Directors’ responsibility for preparing the consolidated  董事对编制财务报表之责任声明及本公司核数
financial statements and the auditor of the Company about their  师对其汇报之责任声明已载于本年报的独立核
reporting responsibilities are set out in the Independent Auditor’s Report  数师报告内。

of this annual report.

The Directors also acknowledge their responsibility to present a balanced,  董事确认其于本公司年报及中期报告与其他上
clear and understandable assessment in the Company’s annual and  市规则规定的财务披露以及应在向监管机构提
interim reports and other financial disclosures required by the Listing  交的报告及根据法定要求披露的资料呈列全
Rules as well as reports to regulators and information disclosed pursuant  面、清晰及容易理解之评估的责任。

to statutory requirements.

As at 31 March 2019, the Board is not aware of any material uncertainties  于2019年3月31日,董事局并不知悉任何涉及
relating to events or conditions which may cast significant doubt on  可能对本公司之持续经营能力产生重大疑虑之
the Company’s ability to continue as a going concern. Accordingly, the  事件或情况之重大不明朗因素。因此,董事已
Directors have prepared the financial statements of the Company on a  按持续经营基准编制本公司财务报表。管理层
going concern basis. The management has provided to the Board the  已向董事局提供必要诠释及资料,让董事局对
necessary explanation and information to enable the Board to carry out  本公司财务报表作出知情评估。

an informed assessment of the financial statements of the Company.

COMPANY SECRETARY                                公司秘书

During the Year, Mr. Shea Chun Lok, Quadrant, the company secretary of  于本年度内,本公司之公司秘书(「公司秘书」)
the Company (the “Company Secretary”), undertook no less than fifteen  佘俊乐先生已接受不少于15小时之相关专业培
hours of relevant professional training.                                训。

90      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

SHAREHOLDERS’ RIGHTS                              股东权利

Procedures for Requisitioning a Special General Meeting  请求召开股东特别大会之程序

Pursuant to the Bye-laws, Shareholders holding at the date of deposit  根据公司细则,于提出请求当日持有不少于十
of the requisition not less than one-tenth of the paid up capital of  分之一附有权利可于本公司股东大会上投票之
the Company carrying the right of voting at general meetings of the  本公司缴足股本之股东,有权要求董事局就处
Company have rights to require a special general meeting to be called by  理该请求书所述之任何事项召开股东特别大
the Board for the transaction of any business specified in such requisition,  会,而该请求书必须由请求人签署。请求书须
which must be signed by the requisitionist(s). The requisition must be  呈递至本公司的注册办事处(「注册办事处」),
deposited at the registered office of the Company at Clarendon House,  地 址 为 Clarendon House, 2 Church Street,
2 Church Street, Hamilton HM11, Bermuda (the “Registered Office”) for  Hamilton HM11, Bermuda,注明致公司秘书。
the attention of the Company Secretary. To ensure that the requisition is  为确保本公司及早收到该请求书,已签署之请
received by the Company at the earliest opportunity, a copy of the signed  求书副本亦应呈递至本公司香港总办事处(「总
requisition should also be deposited at the head office of the Company  办事处」),地址为香港九龙长沙湾大南西街
in Hong Kong at C1, 5th Floor, Hong Kong Spinners Industrial Building  601至603号香港纱厂工业大厦一期5楼C1,注
Phase 1, 601-603 Tai Nan West Street, Cheung Sha Wan, Kowloon, Hong  明致公司秘书。

Kong (the “Head Office”) for the attention of the Company Secretary.

Procedures for Putting Forward Proposals at General    于股东大会上提呈建议之程序

Meetings

Pursuant to the Companies Act 1981 of Bermuda (the “Companies  根据百慕达1981年公司法(「公司法」),于提
Act”), Shareholders holding at the date of deposit of the requisition not  出请求当日持有于本公司股东大会上之总投票
less than one-twentieth of the total voting right at general meetings of  权不少于二十分之一之股东,或不少于一百名
the Company or not less than one hundred Shareholders may provide  股东,可向本公司提交书面请求,列明拟于股
a written requisition to the Company stating the resolution intended to  东大会上处理之决议案。请求书须呈递至注册
be proceeded at the general meeting. The requisition must be deposited  办事处,注明致公司秘书。为确保本公司及早
at the Registered Office for the attention of the Company Secretary. To  收到该请求书,已签署之请求书副本亦应呈递
ensure that the requisition is received by the Company at the earliest  至总办事处,注明致公司秘书。

opportunity, a copy of the signed requisition should also be deposited at

the Head Office for the attention of the Company Secretary.

As regards proposing a person for election as a director of the Company  有关股东提议推选个别人士为本公司之董事而
by Shareholders, Shareholders may refer to the procedures available on  言,股东可参阅登载于本公司网站之程序。
the Company’s website.

Shareholders can also refer to the detailed requirements and procedures as  就提出任何要求或建议于本公司股东大会上处
set forth in the relevant sections of the Companies Act and the Bye-laws  理时,股东亦可参阅公司法及公司细则之相关
when making any requisitions or proposals for transaction at the general  章节所载之详细规定及程序。

meetings of the Company.

                                                                      2018/19年报    亚洲联合基建控股有限公司    91
企业管治报告

INVESTOR RELATIONS                                投资者关系

The Group uses several formal channels to ensure fair disclosure and  本集团透过若干正式渠道,确保对其表现及业
comprehensive and transparent reporting of its performance and  务作出公平之披露和全面而具透明度之报告。
activities. The Company’s annual and interim reports and circulars are  本公司之年报、中期报告及通函印发予全体股
printed and sent to all Shareholders. Moreover, announcements, circulars,  东。此外,本公司之公告、通函、刊物及新闻稿
publications and press releases of the Company are published on the  亦会于本公司之网站(www.asiaalliedgroup.com)
Company’s website (www.asiaalliedgroup.com). The Company’s website  内刊登,本公司网站以电子方式适时发放公司
disseminates corporate information and other relevant financial and non-  资讯及其他相关财务及非财务资料。

financial information electronically on a timely basis.

The Company acknowledges that general meetings are good  本公司认同股东大会乃公司与股东之间良好之
communication channel with Shareholders and encourages the Directors  沟通渠道,并鼓励董事及董事局辖下的委员会
and the members of the Board committees to attend and answer  之成员出席股东大会,并于会上解答股东之提
questions raised by Shareholders at the general meetings.                问。

The Company is committed to promoting and maintaining effective  本公司致力促进及维持与股东及其他持份者之
communication with Shareholders and other stakeholders. The  有效沟通。股东通讯政策已获采纳,以确保股
Shareholders Communication Policy has been adopted for ensuring that  东均可快速、一致及适时地取得全面及容易理
the Shareholders are provided with ready, equal and timely access to  解的本公司资料,一方面使股东可在知情情况
balanced and understandable information about the Company in order  下行使彼等之权力,另一方面亦让股东与本公
to enable Shareholders to exercise their rights in an informed manner,  司加强沟通。股东通讯政策已登载于本公司网
and to allow Shareholders to engage actively with the Company. The  站并由董事局不时检讨以反映其时与股东沟通
Shareholders Communication Policy is available on the Company’s  之最佳方法。

website and will be reviewed by the Board from time to time to reflect

current best practice in communications with Shareholders.

SHAREHOLDERS’ ENQUIRIES                          股东咨询

Shareholders should direct their questions about their shareholdings to  股东可就彼等之股权向本公司之股份过户
the Company’s share registrars. The addresses of the Company’s share  登记处查询。本公司之股份过户登记处的
registrars are set out in the section “Corporate Information” on page  地址已刊载于本年报第4页 之「企业资料 」一
4 of this annual report. Shareholders may at any time make a request  节内。股东可随时要求索取本公司之公开资
for the Company’s information to the extent that such information  料。股东亦可将书面查询或要求邮寄至总办
is publicly available. Shareholders may also send written enquiries or  事处,或传真至(852) 3798 5700或电邮至
requests to the Head Office or by fax to (852) 3798 5700 or by email to  info@asiaalliedgroup.com,注明致公司秘书。
info@asiaalliedgroup.com for the attention of the Company Secretary.

DIVIDEND POLICY                                    股息政策

The Board has approved and adopted a dividend policy for the Company  董事局自2019年3月1日起为本公司通过及采
with effect from 1 March 2019 which setting out the principles and  纳股息政策,其中列载为股东提供常规股息之
guidelines to provide the Shareholders with regular dividend (the  原则及指引(「股息政策」)。

“Dividend Policy”).

Subject to the Bye-laws and the statutory requirements, the Company  受限于公司细则及法定要求,本公司将维持可
shall maintain a sustainable and steady profit distribution policy.  持续稳定的利润分配政策。根据股息政策,董
Under the Dividend Policy, the Board targets to pay dividends to the  事局订定向股东派发之累计年度股息金额为年
Shareholders in an aggregate annual amount of approximately 30% of  度综合股东应占纯利中约30%。

the annual consolidated net profit attributable to the Shareholders.

92      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

企业管治报告

DIVIDEND POLICY (continued)                            股息政策(续)

In proposing any distribution of dividend, the Board will take into  于建议派发任何股息时,董事局将考虑以下因
consideration of the following factors:                                  素:

   the long-term interest of the Group;                                 本集团的长远利益;

   the general interest of all the Shareholders;                             全部股东的整体利益;

   the sustainable development of the Group;                             本集团的可持续发展;

   the earnings, cash flow, financial condition, capital requirement and       本集团之盈利、现金流量、财务状况、
    distributable reserves of the Group; and                                资金需求及可供分派储备;及

   any other factors that the Board deems relevant.                       董事局视为任何相关之其他因素。

The Board has the sole discretion to recommend/not to recommend final  经考虑上述因素,董事局可全权酌情建议╱不
dividend to the Shareholders for approval and to declare/not to declare  建议派付末期股息予以股东批准,及宣派╱不
any other dividend, including but not limited to interim dividend and/  宣派任何其他股息,包括但不限于中期股息
or special dividends, after taking into consideration the factors as stated  及╱或特别股息。

above.

CONSTITUTIONAL DOCUMENTS                        宪章文件

During the Year, there was no change in the Company’s constitutional  于本年度内,本公司之宪章文件并无作出任何
documents.                                                        修订。

                                                                      2018/19年报    亚洲联合基建控股有限公司    93
董事局报告

The Board is pleased to present the annual report and the audited  董事局欣然提呈本集团本年度之年报及经审核
consolidated financial statements of the Group for the Year.              综合财务报表。

PRINCIPAL ACTIVITIES                                主要业务

The Company is an investment holding company. Its subsidiaries are  本公司为一间投资控股公司,其附属公司主要
principally engaged in civil engineering, electrical and mechanical  从事土木工程、机电工程、地基及楼宇建筑工
engineering, foundation and building construction work, property  程、物业发展及资产租赁、专业服务(包括提
development and assets leasing, professional services (including provision  供保安及设施管理解决方案)及其他业务。

of security and facility management solutions) and other activities.

RESULTS AND APPROPRIATIONS                        业绩及分派

The results of the Group for the Year are set out in the consolidated  本年度本集团之业绩载于第124页及第125页
statement of profit or loss and other comprehensive income on pages  之综合损益及其他全面收益表。

124 and 125.

FINAL DIVIDEND                                    末期股息

The Board has approved and adopted a Dividend Policy. Depending on  董事局已通过及采纳股息政策。视乎本集团之
the financial conditions of the Group and the conditions and factors as  财务状况及股息政策载列之条件及因素,董事
set out in the Dividend Policy, dividends may be proposed and/or declared  局可于财政年度内建议及╱或宣派股息,而财
by the Board during a financial year and any final dividend for a financial  政年度之末期股息须待股东批准。股息政策详
year will be subject to the Shareholders’ approval. Details of the Dividend  情已于本公司年报之企业管治报告内披露。
Policy have been disclosed in the Corporate Governance Report of this

annual report of the Company.

The Board has recommended the payment of a final dividend of HK0.84  董事局建议派发本年度之末期股息每股0.84港
cent per share for the Year (the “Final Dividend”) (2017/18: HK1.09  仙(「末期股息」)(2017/18年度:1.09港仙)(共
cents), amounting to approximately HK$15.6 million (2017/18: HK$20.4  约15,600,000港元(2017/18年度:20,400,000
million), to the Shareholders whose names appear on the register of  港元))予于2019年9月2日名列本公司股东名
members of the Company on 2 September 2019. The proposed Final  册之股东。待股东于应届股东周年大会(「股
Dividend will be paid on 12 September 2019, subject to approval by the  东周年大会」)批准后,建议之末期股息将于
Shareholders at the forthcoming annual general meeting (the “AGM”).  2019年9月12日派付。连同已于2019年1月派
Together with the interim dividend of HK1.26 cents per share paid  付之中期股息每股1.26港仙,建议之末期股息
in January 2019, the proposed Final Dividend will result in a full-year  将令本年度全年股息达每股2.10港仙(2017/18
dividend of HK2.10 cents for the Year per share (2017/18: HK2.32 cents).  年度:2.32港仙)。

94      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

CLOSURE OF REGISTER OF MEMBERS                    暂停办理股份过户登记手续

For the purpose of determining the entitlement to attend and vote at  为厘定出席股东周年大会并于会上投票之资
the AGM, and the entitlement to the proposed Final Dividend (subject to  格,及获派发建议的末期股息之资格(须待股
approval of the Shareholders at the AGM), the register of members of the  东于股东周年大会上批准),本公司将分别于
Company will be closed during the following periods respectively:          下列期间暂停办理股份过户登记手续:

            For determining the entitlement to attend and vote at the AGM

                      为厘定出席股东周年大会并于会上投票之资格

Latest time to lodge transfer documents for registration                                      4:30 p.m. on Thursday,
交回股份过户文件以作登记的最后时限                                                          15 August 2019
                                                                                    2019年8月15日(星期四)
                                                                                              下午4时30分
Closure of register of members                                                          Friday, 16 August 2019 to
暂停办理股份过户登记手续                                                            Thursday, 22 August 2019
                                                                                        (both days inclusive)
                                                                                  2019年8月16日(星期五)至
                                                                                    2019年8月22日(星期四)
                                                                                            (包括首尾两天)

            For determining the entitlement to the proposed Final Dividend

                          为厘定获派发建议的末期股息之资格

Latest time to lodge transfer documents for registration                                        4:30 p.m. on Tuesday,
交回股份过户文件以作登记的最后时限                                                          27 August 2019
                                                                                    2019年8月27日(星期二)
                                                                                              下午4时30分
Closure of register of members                                                    Wednesday, 28 August 2019 to
暂停办理股份过户登记手续                                                          Monday, 2 September 2019
                                                                                        (both days inclusive)
                                                                                  2019年8月28日(星期三)至
                                                                                      2019年9月2日(星期一)
                                                                                            (包括首尾两天)

In order to be eligible to attend and vote at the AGM and be eligible for  为符合资格出席股东周年大会并于会上投票,
the entitlement to the proposed Final Dividend, all completed transfer  及获派发建议的末期股息,所有填妥之过户文
documents accompanied by the relevant share certificate(s) must be  件连同有关股票,须不迟于上述分别指明的最
lodged with the Hong Kong Branch Share Registrar of the Company,  后时限前送交本公司股份过户登记处香港分处
Tricor Secretaries Limited at Level 54, Hopewell Centre, 183 Queen’s  卓佳秘书商务有限公司,地址为香港皇后大
Road East, Hong Kong not later than the respective latest time as stated  道东183号合和中心54楼,以办理过户登记手
above for registration.                                              续。

                                                                      2018/19年报    亚洲联合基建控股有限公司    95
董事局报告

BUSINESS REVIEW AND OUTLOOK                      业务回顾及前景

A review of the business and the future development of the Group, its  本集团业务回顾及未来发展、其主要风险及不
principal risks and uncertainties as well as an analysis of its performance  确定因素,以及本年度表现之分析载于第13页
for the Year are provided in the sections headed “Chairman’s Statement”  至第16页之「主席报告」一节及第17页至第37
set out on pages 13 to 16 and “Management Discussion and Analysis”  页之「管理层讨论及分析」一节。

set out on pages 17 to 37.

The Group’s environmental policies and performance, compliance with  本集团环境政策及表现、遵守相关法律及法
the relevant laws and regulations as well as its key relationships with  规,以及与雇员、客户及供应商以及其他重要
employees, customers and suppliers and other significant stakeholders are  持份者的关系载于第38页至第68页「环境、社
discussed in the section headed “Environmental, Social and Governance  会及管治报告」一节。

Report” set out on pages 38 to 68.

FINANCIAL SUMMARY                                财务概要

A financial summary of the Group for the last five financial years is set out  本集团于过去五个财政年度之财务概要载于第
on page 297.                                                      297页。

EQUITY FUND RAISING ACTIVITIES                      股本集资活动

The Company did not conduct any fund raising activities on issue of  本公司于本年度内并无进行任何涉及发行股本
equity securities during the Year.                                      证券之集资活动。

INVESTMENT PROPERTIES                            投资物业

Details of the revalued investment properties of the Group as at 31 March  本集团于2019年3月 31日的投资物业重估详
2019 are set out in Note 16 to the financial statements.                  情,载于财务报表附注16。

PROPERTY, PLANT AND EQUIPMENT                    物业、机器及设备

During the Year, the Group acquired property, plant and equipment at a  于本年度内,本集团以成本约88,500,000港元
cost of approximately HK$88.5 million for the purpose of expanding the  购入物业、机器及设备以扩展本集团之业务。
Group’s business.

Details of these and other movements during the Year in the property,  有关上述变动及于本年度内本集团物业、机器
plant and equipment of the Group are set out in Note 15 to the financial  及设备之其他变动详情,载于财务报表附注
statements.                                                        15。

SHARE CAPITAL                                    股本

Details of the movements in the share capital of the Company during the  于本年度内,本公司之股本变动详情载于财务
Year are set out in Note 39(a) to the financial statements.                报表附注39(a)。

CONVERTIBLE BONDS                                可换股债券

Details of the movements in convertible bonds issued by the Company  本公司发行之可换股债券变动之详情载于财务
are set out in Note 34 to the financial statements.                        报表附注34。

96      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

SHARE OPTION SCHEME                              购股权计划

Pursuant to an ordinary resolution passed on 3 September 2012, the  根据于2012年9月3日通过之普通决议案,本
Company has adopted the Share Option Scheme.                        公司已采纳该购股权计划。

Purposes                                              宗旨

The purposes of the Share Option Scheme provide the directors and  该购股权计划为给予本公司及其附属公司之董
employees of, and technical, financial or corporate managerial advisers  事、雇员及技术、财务或企业管理之顾问一个
and consultants to the Company and its subsidiaries with the opportunity  购入本公司拥有权之机会,并鼓励购股权之承
to acquire proprietary interests in the Company, which will encourage the  授人努力工作以提升本公司之价值,从而令本
grantees of options to work towards enhancing the value of and for the  公司及其股东整体上得益。

benefit of the Company and the Shareholders as a whole.

Eligible Participants                                    合资格参与者

The eligible participants under the Share Option Scheme include (i) any  该购股权计划下之合资格参与者包括(i)本公司
full time employee of the Company or of any subsidiary; (ii) directors  或任何附属公司之全职雇员;(ii)本公司或任何
(including non-executive directors and independent non-executive  附属公司之董事(包括非执行董事及独立非执
directors) of the Company or of any subsidiary; (iii) part time employees  行董事);(iii)受聘于本公司或任何附属公司每
with weekly work hours of 15 hours or above of the Company or of any  周工作15小时或以上之兼职雇员;及(iv)本公
subsidiary; and (iv) advisors and consultants to the Company or to any  司或任何附属公司之顾问(技术、财务或企业
subsidiary in the areas of technical, financial or corporate managerial.      管理范畴)。

Scheme Mandate Limit                                计划授权限额

The total number of shares of the Company (the “Share(s)”) which may  根据该购股权计划及本公司任何其他购股权计
be issued upon exercise of all the share options to be granted under  划将予授出之所有购股权获行使时可予发行之
the Share Option Scheme and any other share option schemes of the  本公司股份「(股份」)总数,不得超过于2017
Company must not exceed 10% of the total number of Shares in issue as  年12月11日通过更新该购股权计划下之计划
at the date of passing the ordinary resolution of the refreshment of the  授权限额之普通决议案当日已发行股份总数之
scheme mandate limit under the Share Option Scheme on 11 December  10%(即187,553,384股股份)(「该更新」)。自
2017 (i.e. 187,553,384 Shares) (the “Refreshment”). No share option has  该更新起,本公司并无授出任何购股权。

been granted by the Company since the Refreshment.

Furthermore, the Shares which may be issued upon exercise of all  此外,根据该购股权计划及本公司任何其他
outstanding share options granted and yet to be exercised under the  购股权计划已授出而尚未行使之所有购股权
Share Option Scheme and any other share option scheme(s) of the  获行使时可予发行之股份,不得超过不时已
Company must not exceed 30% of the Shares in issue from time to time.  发行股份之30%。于本报告日期,本公司有
As at the date of this report, the Company had 29,140,000 outstanding  29,140,000股已授出而尚未行使之购股权,占
share options granted and remaining unexercised under the Share Option  已发行股份数目约1.56%。

Scheme, representing approximately 1.56% of the issued Share.

                                                                      2018/19年报    亚洲联合基建控股有限公司    97
董事局报告

SHARE OPTION SCHEME (continued)                      购股权计划(续)

Maximum Entitlement                                可获授权益上限

The total number of Shares issued and to be issued upon exercise of the  于任何12个月期间内,按授予任何一位合资
options granted to any eligible participant (including both exercised and  格参与者之购股权(包括已行使及尚未行使之
outstanding options) in any 12-month period must not exceed 1% of  购股权)获行使时已发行及将予发行之股份总
the total number of Shares in issue without separate approval from the  数,倘未获得股东另行批准,不得超过已发行
Shareholders.                                                      股份总数之1%。

Option Period                                        购股权行使期

The option period of a particular option is the period during which the  特定购股权之行使期乃指该购股权可予行使之
option can be exercised. Such period is notified by the Board to each  期间,而该期间由董事局于提出购股权要约时
grantee at the time of making an offer. In any event, the option period  通知各承授人,惟在任何情况下,购股权行使
shall not expire later than 10 years from the date of grant.                期届满之日,不得迟于授出日期起计10年之
                                                                  后。

Acceptance of Options                                接纳购股权

The grantee of options shall pay HK$1 in favour of the Company by way  购股权之承授人须于要约日期起30日内向本公
of consideration for the grant of options within 30 days from the date of  司支付1港元作为授予购股权之代价。

offer.

Exercise Price                                          行使价

The exercise price of an option shall be determined by the Board in its  购股权之行使价由董事局全权酌情厘定,且不
absolute discretion and shall be no less than the highest of: (i) the closing  得低于下列之最高者:(i)每股股份于授出日期
price per share as quoted on the Stock Exchange on the date of grant; (ii)  在联交所所报的收市价;(ii)每股股份于紧接授
the average closing price per share as quoted on the Stock Exchange for  出日期前五个营业日在联交所所报的平均收市
the five business days immediately preceding the date of grant; and (iii)  价;及(iii)每股股份的面值。

the nominal value per share.

Life of the Share Option Scheme                        该购股权计划之有效期

Subject to early termination of the Share Option Scheme in accordance  除根据该购股权计划之条款提前终止外,该购
with the terms thereof, the Share Option Scheme is valid and effective for  股权计划于2012年9月3日(即该购股权计划之
a period of 10 years commencing on 3 September 2012 (i.e. the adoption  采纳日期)起计10年内有效及生效。

date of the Share Option Scheme).

98      Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

SHARE OPTION SCHEME (continued)                      购股权计划(续)

Movements of Share Options                          购股权之变动

Details of the share options granted and outstanding under the Share  该购股权计划下于本年度内已授出及尚未行使
Option Scheme during the Year were as follows:                        的购股权详情如下:

                                                                                  Number of share options

                                                                                      购股权数目

 Name or                              Exercise                                  Balance    Lapsed    Balance
 category of                              price    Vesting              Exercise      as at    during      as at
 grantees                Date of grant    (HK$)      date              period 01/04/2018  the Year 31/03/2019
                                                                              于2018年            于2019年
                                      行使价                                    4月1日  本年度内    3月31日
 承授人姓名或类别            授出日期    (港元)    归属日期              行使期  尚未行使      失效  尚未行使
 Director:
 董事:

 Mr. Pang Yat Ting, Dominic*    05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    900,000        –    900,000
 彭一庭先生*                                    05/12/2019  05/12/2019-04/12/2021    900,000        –    900,000
                                              05/12/2020  05/12/2020-04/12/2021  1,200,000        –  1,200,000
 Mr. Xu Jianhua              05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    900,000        –    900,000
 徐建华先生                                      05/12/2019  05/12/2019-04/12/2021    900,000        –    900,000
                                              05/12/2020  05/12/2020-04/12/2021  1,200,000        –  1,200,000
 Mr. Shea Chun Lok, Quadrant    05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    900,000        –    900,000
 佘俊乐先生                                      05/12/2019  05/12/2019-04/12/2021    900,000        –    900,000
                                              05/12/2020  05/12/2020-04/12/2021  1,200,000        –  1,200,000
 Madam Li Wai Hang,          05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    360,000        –    360,000
  Christina*                                    05/12/2019  05/12/2019-04/12/2021    360,000        –    360,000
 李蕙娴女士*                                    05/12/2020  05/12/2020-04/12/2021    480,000        –    480,000
 Mr. Wu William Wai Leung      05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    180,000        –    180,000
 胡伟亮先生                                      05/12/2019  05/12/2019-04/12/2021    180,000        –    180,000
                                              05/12/2020  05/12/2020-04/12/2021    240,000        –    240,000
 Mr. Lam Yau Fung, Curt        05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    180,000        –    180,000
 林右烽先生                                      05/12/2019  05/12/2019-04/12/2021    180,000        –    180,000
                                              05/12/2020  05/12/2020-04/12/2021    240,000        –    240,000
 Mr. Ho Gilbert Chi Hang        05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021    180,000        –    180,000
 何智恒先生                                      05/12/2019  05/12/2019-04/12/2021    180,000        –    180,000
                                              05/12/2020  05/12/2020-04/12/2021    240,000        –    240,000
                                                                            12,000,000        –  12,000,000
                                                                      2018/19年报    亚洲联合基建控股有限公司    99
董事局报告

SHARE OPTION SCHEME (continued)                      购股权计划(续)

Movements of Share Options (continued)                  购股权之变动(续)

                                                                                  Number of share options

                                                                                      购股权数目

 Name or                              Exercise                                  Balance    Lapsed    Balance
 category of                              price    Vesting              Exercise      as at    during      as at
 grantees                Date of grant    (HK$)      date              period 01/04/2018  the Year 31/03/2019
                                                                              于2018年            于2019年
                                      行使价                                    4月1日  本年度内    3月31日
 承授人姓名或类别            授出日期    (港元)    归属日期              行使期  尚未行使      失效  尚未行使
 Other employees:
 其他雇员:

 In aggregate                05/12/2017      1.02  05/12/2018  05/12/2018-04/12/2021  6,942,000  (1,332,000)  5,610,000
 合共                                          05/12/2019  05/12/2019-04/12/2021  6,942,000  (1,332,000)  5,610,000
                                              05/12/2020  05/12/2020-04/12/2021  9,256,000  (1,776,000)  7,480,000
                                                                            23,140,000  (4,440,000) 18,700,000
 Total

 合计                                                                        35,140,000  (4,440,000) 30,700,000
 Number of options exercisable at the end of the Year

 于本年度结束时可予行使之购股权数目                                                                      9,210,000
 Weighted average exercise price (HK$ per share)

 加权平均行使价(港元(每股))                                                                              1.02
*    Mr. Pang Yat Ting, Dominic and Madam Li Wai Hang, Christina are also    *    彭一庭先生及李蕙娴女士亦为本公司之主要及控
    substantial and controlling shareholders of the Company, and Mr. Pang Yat Ting,        股股东,而彭一庭先生、李蕙娴女士及彭一邦博
    Dominic, Madam Li Wai Hang, Christina and Ir Dr. Pang Yat Bond, Derrick are        士工程师彼此互为联系人(根据上市规则所界定之
    associates of each other (within the meanings as defined under the Listing Rules).          涵义)。

The closing price of the Shares immediately before the date of grant as  股份在紧接授出日期前于联交所所报的收市价
quoted on the Stock Exchange was HK$1.02 per share.                  为每股1.02港元。

Save as disclosed above, no share options were exercised or cancelled  除上文所批露者外,于本期间内概无购股权获
during the Year.                                                    行使或被注销。

Further details of the Share Option Scheme are set out in Note 41 to the  该购股权计划之更多详情载于财务报表附注
financial statements.                                                41。

100    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

RESTRICTED SHARE AWARD SCHEME                    受限制股份奖励计划

The Board has adopted a restricted share award scheme (the “Share  董事局已于2017年8月1日采纳受限制股份奖
Award Scheme”), pursuant to which the Company may grant to eligible  励计划(「该股份奖励计划」),据此本公司可向
participants restricted Shares, on 1 August 2017. A summary of the Share  合资格参与者授出受限制股份。该股份奖励计
Award Scheme is set out as below:                                    划之概要载列如下:

Purposes                                              宗旨

The purposes of the Share Award Scheme are to encourage and retain  该股份奖励计划的宗旨是鼓励及挽留选定参与
selected participants (the “Selected Participant(s)”), including any eligible  者(「选定参与者」)(包括由该股份奖励计划之
person selected by the administration committee of the Share Award  行政委员会按照该股份奖励计划的条款选定,
Scheme in accordance with the terms of and entitled to receive a grant  并有权根据该股份奖励计划获得授出的任何合
under the Share Award Scheme, to work with the Company and to  资格人士)任职于本公司,并向彼等提供达到
provide incentive for them to achieve performance goals with a view  表现目标的激励,以实现增加本公司价值及令
to achieving the objectives of increasing the value of the Company and  选定参与者利益透过拥有股份直接与股东利益
aligning the interests of Selected Participants directly to the Shareholders  一致的目标。

through ownership of Shares.

Eligible Persons                                      合资格人士

The eligible persons under the Share Award Scheme include individuals  该股份奖励计划下之合资格人士包括属本公司
being a Director (including executive and non-executive Director), officer  或其附属公司的董事(包括执行董事及非执行
or employee of the Company or its subsidiary.                          董事)、高级人员或雇员。

Duration                                              期限

Subject to any early termination of the Share Award Scheme and without  除非该股份奖励计划提早终止,在不影响任何
prejudicing the subsisting rights of any Selected Participant, the Share  选定参与者现有权利的情况下,该股份奖励计
Award Scheme shall be valid for the period of 10 years commencing on 1  划将于2017年8月1日(即该股份奖励计划之采
August 2017 (i.e. the adoption date of the Share Award Scheme).          纳日期)起计10年内有效。

Maximum Limit                                      最高限额

The maximum number of Shares administered under the Share Award  根据该股份奖励计划管理的股份最高数目不
Scheme shall not reach 10% or more of the Company’s issued share  可达到本公司不时已发行股本的10%或以
capital from time to time. As at the date of this report, the number of  上。于本报告日期,本公司已发行股份数目为
issued shares of the Company is 1,863,391,847 Shares and the maximum  1,863,391,847股股份,而根据该股份奖励计
number of Shares which may be administered under the Share Award  划可管理的股份最高数目为186,339,184股股
Scheme is 186,339,184 Shares.                                      份。

Movements of Restricted Shares                        受限制股份之变动

Since the adoption of Share Award Scheme, an aggregate of 30,896,000  自该股份奖励计划采纳起,合共30,896,000股
restricted Shares were granted to Selected Participants, who were  受限制股份根据该股份奖励计划下于2017年
employees of the Group, pursuant to the grant on 2 August 2017 under  8月2日之授出已授予身为本集团雇员之选定参
the Share Award Scheme. None of the grantees was a Director, chief  与者。概无承授人为本公司的董事、最高行政
executive or substantial shareholder of the Company, or an associate  人员或主要股东或任何彼等之联系人(定义见
(as defined under the Listing Rules) of any of them. The grant of an  上市规则)。合共22,590,000股受限制股份之
aggregate of 22,590,000 restricted Shares had been accepted by the  授出已获承授人接纳。

grantees.

                                                                      2018/19年报    亚洲联合基建控股有限公司    101
董事局报告

RESTRICTED SHARE AWARD SCHEME (continued)            受限制股份奖励计划(续)

Movements of Restricted Shares (continued)              受限制股份之变动(续)

During the Year, an aggregate of 9,378,000 restricted Shares were vested  于本年度,合共9,378,000股受限制股份归属
and 12,154,000 restricted Shares were lapsed.                          及12,154,000股受限制股份失效。

Further details of the Share Award Scheme are set out in Note 40 to the  该股份奖励计划之更多详情载于财务报表附注
financial statements.                                                40。

ARRANGEMENT TO PURCHASE SHARES OR DEBENTURES    购买股份或债券安排

Other than the Share Option Scheme and the Share Award Scheme  除上文所披露之该购股权计划及该股份奖励计
disclosed above, at no time during the Year and at the end of the Year  划外,本公司或其任何控股公司、附属公司或
was the Company or any of its holding companies, subsidiaries or fellow  同系附属公司并无于本年度内任何时间及于本
subsidiaries a party to any arrangements to enable the Directors to  年度末订立任何安排,致使本公司之董事因购
acquire benefits by means of acquisition of shares in, or debentures of,  入本公司或任何其他法人团体之股份或债券而
the Company or any other body corporate.                              取得实益。

BORROWINGS AND INTEREST CAPITALISED                借款及利息资本化

Details of the Group’s borrowings are set out in Notes 33 and 36 to the  本集团之借款详情载于财务报表附注33及36。
financial statements.

Interest capitalised by the Group during the Year is set out in Note 8 to  于本年度内,本集团之利息资本化载于财务报
the financial statements.                                            表附注8。

SUBSIDIARIES, JOINT OPERATIONS, JOINT VENTURES AND  附属公司、合营业务、合营公司及
ASSOCIATES                                        联营公司

Particulars of the Company’s principal subsidiaries, joint operations, joint  于2019年3月31日,本公司之主要附属公司、
ventures and associates as at 31 March 2019 are set out in Notes 52, 53,  合营业务、合营公司以及联营公司之详情,分
54 and 55 to the financial statements respectively.                      别载于财务报表附注52、53、54及55。

RESERVES                                        储备

The Company’s reserves available for distribution to Shareholders as at 31  于2019年3月31日,本公司可供分派予股东之
March 2019 were as follows:                                        储备如下:

                                                                                                  HK$’000
                                                                                                  千港元
 Contributed surplus                        缴入盈余                                                52,552
 Retained earnings                        保留溢利                                                79,527
                                                                                                  132,079
Details of the movements in the reserves of the Company and the Group  于本年度内,本公司及本集团之储备变动详情
during the Year are set out in Note 57 to the financial statements and  分别载于财务报表附注57,以及第128页及第
the consolidated statement of changes in equity on pages 128 and 129  129页之综合股东权益变动表。

respectively.

102    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

DIRECTORS                                        董事

The Directors during the Year and up to the date of this report are:        于本年度内及截至本报告之日期止之董事
                                                                  如下:

Executive Directors                                    执行董事

Mr. Pang Yat Ting, Dominic                                          彭一庭先生

Mr. Xu Jianhua                                                    徐建华先生

Ir Dr. Pang Yat Bond, Derrick, JP                                      彭一邦博士工程师太平绅士

Mr. Shea Chun Lok, Quadrant                                        佘俊乐先生

Madam Li Wai Hang, Christina                                        李蕙娴女士

Madam Han Li (appointed on 24 April 2018)                          韩莉女士(于2018年4月24日获委任)

Independent Non-executive Directors                  独立非执行董事

Mr. Wu William Wai Leung                                          胡伟亮先生

Mr. Lam Yau Fung, Curt                                              林右烽先生

Mr. Ho Gilbert Chi Hang                                            何智恒先生

In accordance with Bye-law 87 of the Bye-laws, Mr. Pang Yat Ting,  根据公司细则第87条之规定,彭一庭先生、徐
Dominic, Mr. Xu Jianhua and Mr. Ho Gilbert Chi Hang will retire from  建华先生及何智恒先生将于股东周年大会上轮
office by rotation. All the retiring Directors, being eligible, will offer  席退任。所有退任董事均符合资格并将于股东
themselves for re-election at the AGM.                                周年大会上膺选连任。

None of the Directors being proposed for re-election at the AGM has  拟于股东周年大会上膺选连任之董事,概无与
a service contract with the Company or any of its subsidiaries which is  本公司或其任何附属公司订立不可于一年内不
not determinable by the Group within one year without payment of  付赔偿(法定赔偿除外)而终止之服务合约。
compensation, other than statutory compensation.

Ir Dr. Pang Yat Bond, Derrick ceased to be the Chief Operating Officer  彭一邦博士工程师于2019年2月1日因职务替
of the Company on 1 February 2019 due to replacement. Ir Dr. Pang Yat  任不再担任本公司之营运总裁。彭一邦博士工
Bond, Derrick remains as Executive Director and Chief Executive Officer of  程师继续担任本公司之执行董事及行政总裁,
the Company to focus on managing the Group’s business.                以专注管理本集团之业务。

INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE  独立非执行董事之独立性

DIRECTORS

The Company has received from each of the INEDs an annual  本公司已收到各独立非执行董事根据上市规则
confirmation of his independence pursuant to Rule 3.13 of the Listing  第3.13条呈交之年度确认书,确认其独立性。
Rules. The Company considers all of the INEDs are independent under the  本公司认为全体独立非执行董事根据上市规则
Listing Rules.                                                      均具独立性。

                                                                      2018/19年报    亚洲联合基建控股有限公司    103
董事局报告

MANAGEMENT CONTRACT                            管理合约

No contracts concerning the management and administration of the  于本年度内,本公司并无订立或存在任何有关
whole or any substantial part of the business of the Company were  本公司全部或任何重大部份业务的管理及行政
entered into or in existence during the Year.                            合约。

EMOLUMENTS OF DIRECTORS AND THE FIVE HIGHEST PAID  董事酬金及五名最高薪酬人士

INDIVIDUALS

Details of the Directors’ emoluments and the five highest paid individuals  董事酬金及本集团五名最高薪酬人士之详情,
in the Group are set out in Notes 10 and 11 to the financial statements.    载于财务报表附注10及11。

EMOLUMENT POLICY FOR DIRECTORS                    董事酬金政策

The Directors’ emoluments are in line with market practice. The Group  董事酬金乃符合市场水平。本集团采纳下列主
adopted the following main principles in determining the Directors’  要原则厘定董事之酬金:

remuneration:

   No individual should determine his/her own remuneration;               概无个别人士可决定其本身之酬金;

   Remuneration should be broadly aligned with companies with       薪酬水平应与本集团聘用人才之竞争公
    whom the Group competes for human resources; and                    司大致相若;及

   Remuneration should reflect performance and responsibility with a       酬金应反映个别人士之表现及责任,藉
    view to motivating and retaining high performing individuals and        此激励及挽留表现优秀之个别人士及提
    enhancing the value of the Company to the Shareholders.                升本公司对股东的价值。

In addition to the basic salaries, a share option scheme and a share award  除基本薪金外,本公司已采纳购股权计划及股
scheme have been adopted for rewarding and retaining Directors for the  份奖励计划以奖励及挽留董事为本集团持续经
continual operation and development of the Group.                      营及发展效力。

PERMITTED INDEMNITY PROVISION                      获准许的弥偿条文

A permitted indemnity provision (as defined in the Hong Kong Companies  惠及本公司董事之获准许的弥偿条文(定义见
Ordinance) for the benefit of the Directors is currently in force and was in  香港公司条例)于目前及本年度内有效。

force throughout the Year.

The Company has arranged for appropriate insurance cover to protect the  本公司已就董事可能会面对的法律行动安排适
Directors from possible legal actions against them.                      当的投保。

104    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

INTERESTS AND SHORT POSITIONS OF DIRECTORS AND  董事及主要行政人员于股份、相关
CHIEF EXECUTIVE IN SHARES, UNDERLYING SHARES AND  股份及债券之权益及淡仓

DEBENTURES

As at 31 March 2019, the interests of the Directors and chief executive  于2019年3月31日,本公司根据证券及期货条
of the Company in the shares, underlying shares and debentures of the  例第352条规定所备存之登记册之记录,董事
Company or any of its associated corporations (within the meaning of  及本公司主要行政人员于本公司或其任何相
Part XV of the SFO) as recorded in the register required to be kept by the  联法团(定义见证券及期货条例第XV部)之股
Company under Section 352 of the SFO, or as otherwise notified to the  份、相关股份及债券之权益,或根据上市规则
Company and the Stock Exchange pursuant to the Model Code contained  附录十标准守则须向本公司及联交所披露之权
in Appendix 10 to the Listing Rules, were as follows:                      益如下:

                                                                  Number of      Number of      % of the
                                                                    ordinary    underlying    Company’s
                                                                shares held    shares held        issued
 Name of Directors            Capacity                Notes    (long position)  (long position)    share capital
                                                                      持有          持有      占本公司
                                                                  普通股数目    相关股份数目      已发行股本
 董事姓名                    身份                    附注          (好仓)      (好仓)        百分比
 Mr. Pang Yat Ting, Dominic      Beneficial owner            1          5,680,000      3,000,000        0.46%
 彭一庭先生                  实益拥有人

                              Interests of controlled        2      1,216,614,388    183,802,317        75.15%
                                corporation

                              受控法团权益

 Mr. Xu Jianhua                Beneficial owner            1                  –      3,000,000        0.16%
 徐建华先生                  实益拥有人

 Ir Dr. Pang Yat Bond, Derrick      Beneficial owner                        7,326,000              –        0.39%
 彭一邦博士工程师              实益拥有人

 Mr. Shea Chun Lok, Quadrant    Beneficial owner            1                  –      3,000,000        0.16%
 佘俊乐先生                  实益拥有人

 Madam Li Wai Hang, Christina    Beneficial owner            1          10,880,875      1,200,000        0.64%
 李蕙娴女士                  实益拥有人

                              Interests of controlled        2      1,216,614,388    183,802,317        75.15%
                                corporation

                              受控法团权益

                                                                      2018/19年报    亚洲联合基建控股有限公司    105
董事局报告

INTERESTS AND SHORT POSITIONS OF DIRECTORS AND  董事及主要行政人员于股份、相关
CHIEF EXECUTIVE IN SHARES, UNDERLYING SHARES AND  股份及债券之权益及淡仓(续)

DEBENTURES (continued)

                                                                  Number of      Number of      % of the
                                                                    ordinary    underlying    Company’s
                                                                shares held    shares held        issued
 Name of Directors            Capacity                Note    (long position)  (long position)    share capital
                                                                      持有          持有      占本公司
                                                                  普通股数目    相关股份数目      已发行股本
 董事姓名                    身份                    附注          (好仓)      (好仓)        百分比
 Mr. Wu William Wai Leung        Beneficial owner            1                  –        600,000        0.03%
 胡伟亮先生                  实益拥有人

 Mr. Lam Yau Fung, Curt          Beneficial owner            1                  –        600,000        0.03%
 林右烽先生                  实益拥有人

 Mr. Ho Gilbert Chi Hang          Beneficial owner            1                  –        600,000        0.03%
 何智恒先生                  实益拥有人

Notes:                                                                          附注:

1.  Details of the underlying shares of the Company held by the Directors are set out    1.  董事持有之本公司相关股份的详情载于上文「购股
    in the above section headed “Share Option Scheme”.                                  权计划」一节。

2.  GT Winners was owned as to 45% by Mr. Pang Yat Ting, Dominic and 45% by    2.  彭一庭先生与李蕙娴女士各自拥有GT Winners
    Madam Li Wai Hang, Christina. By virtue of the SFO, each of them was deemed        45%股权。根据证券及期货条例,彼等各自被视
    to be interested in the ordinary shares/underlying shares of the Company in which        为拥有GT Winners所拥有或被视为拥有权益之本
    GT Winners had interest or was deemed to have interest. The details of such        公司普通股或相关股份之权益。GT Winners有关
    interests of GT Winners are set out in the following section headed “Interests and        权益之详情载于下文「主要股东于股份及相关股份
    Short Positions of Substantial Shareholders in Shares and Underlying Shares”.              之权益及淡仓」一节。

Save as disclosed above, as at 31 March 2019, none of the Directors and  除上文所披露者外,于2019年3月31日,概无
chief executive of the Company had any interests or short positions in  董事及本公司主要行政人员于本公司或其任何
the shares, underlying shares or debentures of the Company or any of its  相联法团(定义见证券及期货条例第XV部)之
associated corporations (within the meaning of Part XV of the SFO).        股份、相关股份或债券中拥有任何权益或淡
                                                                  仓。

106    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL        主要股东于股份及相关股份之权益
SHAREHOLDERS IN SHARES AND UNDERLYING SHARES      及淡仓

As at 31 March 2019, the following Shareholders (other than Directors or  于2019年3月31日,本公司根据证券及期货条
chief executive of the Company) were recorded in the register kept by the  例第336条规定所备存之登记册之记录,以下
Company under Section 336 of the SFO as being interested or deemed to  股东(董事或本公司主要行政人员除外)于本公
have interest in 5% or more of the issued share capital of the Company:    司已发行股本中拥有或被视为拥有5%或以上
                                                                  之权益:

                                                                  Number of      Number of      % of the
                                                                    ordinary    underlying    Company’s
                                                                shares held    shares held        issued
 Name of Shareholders            Capacity            Notes    (long position)  (long position)    share capital
                                                                      持有          持有      占本公司
                                                                  普通股数目    相关股份数目      已发行股本
 股东姓名╱名称                  身份                附注          (好仓)      (好仓)        百分比
 GT Winners                      Beneficial owner          1      1,216,614,388    183,802,317        75.15%
                                实益拥有人

 SFund International Investment      Beneficial owner          2        183,802,317              –        9.86%
  Fund Management Limited        实益拥有人

  (“SFund International”)
 广州基金国际股权投资基金管理

  有限公司(「广州基金国际」)

 广州汇垠天粤股权投资基金管理      Interests of controlled      2        183,802,317              –        9.86%
  有限公司(「广州汇垠天粤」)        corporation

  (transliterated as Guangzhou Huiyin  受控法团权益

  Tianyue Equity Investment Fund

  Management Co., Ltd. (“GZHYTY”))

 广州科技金融创新投资控股有限公司  Interests of controlled      2        183,802,317              –        9.86%
  (「广州科金控股」)                corporation

  (transliterated as Guangzhou      受控法团权益

  Financial Innovation Investment

  Holdings Co., Ltd. (“GZFI”))

 广州产业投资基金管理有限公司      Interests of controlled      2        183,802,317              –        9.86%
  (「广州产投基金」)                corporation

  (transliterated as Guangzhou      受控法团权益

  Industrial Investment Fund

  Management Co., Ltd. (“GZI”))

 广州市城市建设投资集团有限公司    Interests of controlled      2        183,802,317              –        9.86%
  (「广州城建」)                  corporation

  (transliterated as Guangzhou City  受控法团权益

  Construction Investment Group

  Co., Ltd (“GZCC”))

                                                                      2018/19年报    亚洲联合基建控股有限公司    107
董事局报告

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL        主要股东于股份及相关股份之权益
SHAREHOLDERS IN SHARES AND UNDERLYING SHARES      及淡仓(续)

(continued)

Notes:                                                                          附注:

1.  These represent (i) a beneficial interest in 1,216,614,388 ordinary shares of the    1.  该 等 权 益 指 由 GT Winners 直 接 持 有 (i) 于
    Company, representing approximately 65.29% of the issued share capital of the        1,216,614,388股本公司普通股之实益权益,相当
    Company; and (ii) a beneficial interest in 183,802,317 underlying shares of the        于本公司已发行股本约65.29%;及(ii)根据认购
    Company pursuant to a call option, representing approximately 9.86% of the        期权于183,802,317股本公司相关股份之实益权
    issued share capital of the Company, directly held by GT Winners.                        益,相当于本公司已发行股本约9.86%。

2.  SFund International was wholly-owned by GZHYTY, which was in turn directly    2.  广州基金国际由广州汇垠天粤全资拥有,而广州
    owned as to 95% by GZFI and 5% by GZI. GZFI was wholly-owned by GZI and GZI        汇垠天粤则直接由广州科金控股拥有95%及由广
    was wholly-owned by GZCC.                                                      州产投基金拥有5%。广州科金控股由广州产投
                                                                                    基金全资拥有,而广州产投基金由广州城建全资
                                                                                    拥有。

Save as disclosed above, as at 31 March 2019, the Company had not  除上文所披露者外,于2019年3月31日,本公
been notified of any other person or corporation (other than Directors or  司并无获悉任何其他人士或法团(董事或本公
chief executive of the Company) as being interested or deemed to have  司主要行政人员除外)于本公司股份或相关股
interests or short positions in shares or underlying shares of the Company  份中拥有或被视为拥有根据证券及期货条例第
which would fall to be disclosed to the Company or the Stock Exchange  XV部须向本公司或联交所披露之权益或淡仓。
under Part XV of the SFO.

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S  购买、出售或赎回本公司之上市
LISTED SECURITIES                                  证券

During the Year, the Company repurchased 12,142,000 Shares at an  于本年度内,本公司以总代价8,569,160港元
aggregate consideration of HK$8,569,160 (before expenses) on the Stock  (扣除开支前)于 联交所购回12,142,000 股股
Exchange. All repurchased Shares were cancelled during the Year.          份。所有购回之股份已于本年度内注销。

Particulars of the repurchase during the Year are as follows:              于本年度内进行购回之资料如下:

                                                                                              Aggregate
                                                      Number of      Highest      Lowest consideration
                                                          shares    price paid    price paid  paid (before
 Months of share repurchase                        repurchased    per share    per share    expenses)
                                                        购回股份    已付每股    已付每股  已付总代价
 购回股份之月份                                          之数目      最高价      最低价 (扣除开支前)
                                                                          HK$        HK$        HK$
                                                                          港元        港元        港元
 July                            7月                  1,672,000        0.77        0.71    1,225,720
 September                      9月                    774,000        0.78        0.74      583,240
 October                        10月                  9,696,000        0.73        0.65    6,760,200
                                                      12,142,000                                8,569,160
108    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S  购买、出售或赎回本公司之上市
LISTED SECURITIES (continued)                          证券(续)

The Directors considered that the repurchases were made with a view to  董事认为进行购回是为了提高本公司每股资产
enhancing the net asset value per share and earnings per share of the  净值及每股盈利。

Company.

Save as disclosed above, neither the Company nor any of its subsidiaries  除上文披露者外,于本年度内,本公司或其任
purchased, sold or redeemed any of the Company’s listed securities  何附属公司概无购买、出售或赎回本公司任何
during the Year.                                                    上市证券。

PRE-EMPTIVE RIGHTS                                优先购股权

There are no provisions for pre-emptive rights under the Bye-laws and  公司细则并无载有优先购股权之条文,而百慕
there is no restriction against such rights under the laws of Bermuda.      达法例亦无该等权利之限制。

SUFFICIENCY OF PUBLIC FLOAT                        充足的公众持股量

Based on information that is publicly available to the Company and within  根据于本报告日期本公司可得悉之公开资料所
the knowledge of the Directors as at the date of this report, the Company  示及就董事所知悉,本公司于本年度内已维持
has maintained sufficient public float throughout the Year as required  上市规则所规定之充足公众持股量。

under the Listing Rules.

CONNECTED TRANSACTIONS                          关连交易

Details of the related party transactions set out in Note 48 to the financial  关连方交易详情载于财务报表附注48。除上文
statements. Save as disclosed above, no other related party transaction  所披露者外,于本年度内,概无其他关连方交
constitute any connected transactions or continuing connected  易构成任何上市规则定义下之关连交易或持续
transactions as defined under the Listing Rules during the Year.            关连交易。

DIRECTORS’ INTERESTS IN TRANSACTIONS,              董事于重要交易、安排或合约中之
ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCE        利益

Save as the related party transactions disclosed in Note 48 to the financial  除财务报表附注48所披露之关连方交易外,于
statements, no transactions, arrangements or contracts of significance  2019年3月31日或于本年度内之任何时间,本
in relation to the Group’s business in which the Company or any of  公司或其任何附属公司或其控股公司,或其控
its subsidiaries, its holding company, or any subsidiaries of its holding  股公司的任何附属公司,概无存在董事于其中
company was a party and in which a Director had a material interest,  拥有直接或间接重大利益的有关本集团业务之
whether directly or indirectly, subsisted as at 31 March 2019 or at any  重要交易、安排或合约。

time during the Year.

                                                                      2018/19年报    亚洲联合基建控股有限公司    109
董事局报告

CONTINUING DISCLOSURE REQUIREMENTS UNDER RULE  上市规则第13章第13.22条之持续披
13.22 OF CHAPTER 13 OF THE LISTING RULES              露规定

In accordance with the requirements under Rule 13.22 of Chapter 13  根据上市规则第13章第13.22条之规定,并参
of the Listing Rules, the details of the Group’s financial assistance given  照第13.16条之规定,于2019年3月31日,本
to and guarantees given for banking facilities granted to its affiliated  集团提供予其联属公司的财务资助及为其联属
companies as at 31 March 2019 pursuant to Rule 13.16 thereof are set  公司获授予的银行融资所作出的担保之详情载
out below:                                                        列如下:

(i)  As at 31 March 2019, the advance/loan due from Dingway  (i)  于2019年3月31日,本集团应收鼎汇
    Investment Limited (“Dingway”, a company in which the Group held        投资有限公司(「鼎汇 」一间本集团持有
    45% interest) to the Group amounted to approximately HK$314.0        45%权益的公司)的垫款╱贷款金额约为
    million. Such advance/loan is unsecured, non-interest bearing and        314,000,000港元。该垫款╱贷款为无抵
    has no fixed term of repayment and is repayable on demand.              押、不计息及无固定还款期并须按要求
                                                                      偿还。

(ii)  As at 31 March 2019, the amount guaranteed by the Group for  (ii)  于 2019 年3 月 31 日,本集团就沈隆发展
    banking facilities granted to Great Prosper Development Limited        有限公司(「沈隆」,一间本集团持有40%
    (“Great Prosper”, a company in which the Group held 40% interest)        权益的公司)获授予的银行融资提供担保
    was approximately HK$935.4 million. The banking facilities will be        的金额约为935,400,000港元。该银行融
    repayable upon the earlier of (i) the date falling 48 months from        资须于(i)自融资协议日期(即2017年5月
    the date of the facility agreement (i.e. 31 May 2017); or (ii) the date        31日)起计满48个月之日;或(ii)沈隆持有
    falling 6 months after the issuance of the occupation permit by the        的物业发展项目获屋宇署发出占用许可
    Buildings Department for a property development project owned by        证后满6个月之日(以较早者为准)偿还。
    Great Prosper. The banking facilities carry interest which is at normal        该银行融资乃经与各贷款方公平磋商后
    commercial rate after arm’s length negotiation with the respective        所厘定的一般商业利率计息,并以(其
    lenders and are secured by (among others) guarantees by the Group        中包括)由本集团提供之担保作抵押(而
    (with the other shareholder of Great Prosper providing to the Group        沈隆的其他股东则就超出基于本集团持
    counter-guarantee in respect of the amount of banking facilities in        有沈隆的股权百分比所计算本集团应占
    excess of the Group’s pro rata share based on the Group’s equity        份额之银行融资金额向本集团提供反担
    interest in Great Prosper). As at 31 March 2019, an aggregate of        保)。于2019年3月31日,沈隆已动用该
    HK$362.4 million of such guaranteed banking facilities had been        已担保银行融资合共362,400,000港元。
    utilised by Great Prosper.

110    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

CONTINUING DISCLOSURE REQUIREMENTS UNDER RULE  上市规则第13章第13.22条之持续披
13.22 OF CHAPTER 13 OF THE LISTING RULES (continued)      露规定(续)

As at 31 March 2019, the Group’s financial assistance given to  于2019年3月31日,本集团提供予其联属公司
and guarantees given for banking facilities granted to its affiliated  的财务资助及为其联属公司获授予的银行融资
companies in aggregate amounted to approximately HK$1,249.4 million,  所作出的担保合共约为1,249,400,000港元,
representing 15.2% of the total assets of the Group, exceeding 8% of  相当于本集团总资产15.2%,超过按上市规则
the assets ratio as defined under Rule 14.07(1) of the Listing Rules. The  第14.07(1)条所界定的资产比率之8%。该等
financial information of these affiliated companies as at 31 March 2019 is  联属公司于 2019 年3月31 日之财务资料载列
set out below:                                                      如下:

                                                                            Dingway and

                                                                          its subsidiaries#

                                                                                    鼎汇及  Great Prosper
                                                                              其附属公司#          沈隆
                                                                                  HK$’000      HK$’000
                                                                                    千港元        千港元
 Current assets                            流动资产                                727,275      1,261,413
 Current liabilities                          流动负债                                (757,728)      (128,205)
 Non-current liabilities                      非流动负债                                    –      (362,390)
 Net (liabilities)/assets                      (负债)╱资产净值                        (30,453)      770,818
 Issued capital                            已发行股本                                    1              –
 Reserves                                储备                                    (30,454)      770,818
 Total equity                              权益总额                                (30,453)      770,818
#    During the Year, the Group has used the financial information of Dingway and      #    于本年度,本集团使用权益会计法将鼎汇及其附
    its subsidiaries (the “Dingway Group”) as at 31 December 2018 and for the nine        属公司(「鼎汇集团」)于2018年12月31日及截至该
                                                                                    日止九个月的财务资料入账,乃由于合营伙伴(负
    months then ended for its equity method of accounting purposes, as the joint

    venture partner (which was responsible for keeping the accounting records of the        责保存鼎汇集团的会计记录)自愿清盘,而鼎汇集
    Dingway Group) went into the voluntary liquidation and the financial information        团截至2019年3月31日止年度的财务资料并未提
                                                                                    供予本集团以编制该等财务报表。

    of the Dingway Group for the year ended 31 March 2019 was not made available

    to the Group for the preparation of the Group’s financial statements for the Year.

As at 31 March 2019, the consolidated attributable interest of the Group  于2019年3月31日,本集团于联属公司之综合
in the affiliated companies amounted to approximately HK$676.6 million.  应占权益合共约为676,600,000港元。

DIRECTORS’ INTERESTS IN COMPETING BUSINESSES        董事于竞争业务中之权益

(i)  During the Year, Mr. Pang Yat Ting, Dominic and Madam Li Wai  (i)  于本年度,执行董事彭一庭先生及李蕙
    Hang, Christina, Executive Directors, held through their controlled        娴女士通过彼等之受控法团持有 Clover
    corporation 40% interests in Clover Peak Limited (“Clover Peak”),        Peak Limited(「Clover Peak」)40%之权
    which held 10% indirect interests in Golden Concept Development        益 , 而 Clover Peak 透 过 Wealth Anchor
    Limited (being the registered owner of the site of Shatin Town Lot        Investments Limited持有创金发展有限公
    No. 579 at Area 56A Kau To, Shatin, New Territories, Hong Kong        司(即香港新界沙田九肚山56A区沙田市
    (the “Site”)) through Wealth Anchor Investments Limited. The Site        地段第 579 号 地盘(「 该地盘」)之注册拥
    had been used for property development purpose and therefore Mr.        有人)10%间接股权。该地盘用于物业发
    Pang Yat Ting, Dominic and Madam Li Wai Hang, Christina were        展,故彭一庭先生及李蕙娴女士均被视
    regarded as being interested in such businesses which competed or        为于与本集团存在竞争或可能存在竞争
    were likely to compete with the Group.                                之该业务拥有权益。

                                                                      2018/19年报    亚洲联合基建控股有限公司    111
董事局报告

DIRECTORS’ INTERESTS IN COMPETING BUSINESSES        董事于竞争业务中之权益(续)

(continued)

(ii)  During the Year, Mr. Ho Gilbert Chi Hang, Independent Non-  (ii)  于本年度,独立非执行董事何智恒先生
    executive Director, is an executive director of NWS and a non-        为新创建之执行董事及惠记之非执行董
    executive director of Wai Kee which certain of their subsidiaries        事,其若干附属公司从事建筑业务。董
    are engaged in the construction business. The Board is of the view        事局认为两间公司之建筑业务与本集团
    that the construction business of both companies is similar to but in        的相似但规模及性质不同,并因此与本
    different scale and nature of that of the Group and therefore it does        集团的业务不构成竞争。

    not compete with the business of the Group.

Each of the Directors are aware of his/her fiduciary duties as a director  各董事均知悉其作为本公司董事的诚信责任,
of the Company and will act in the interests of the Company and the  并将以本公司及股东整体利益为依归行事及避
Shareholders as a whole and avoid any conflict of interests between his/  免作为董事之职责与其个人利益产生任何利益
her duties as a Director and his/her personal interests.                    冲突。

Save as disclosed above, none of the Directors were interested in any  除上文所披露者外,概无董事于与本集团业务
business which competes or was likely to compete, either directly or  直接或间接构成或可能构成竞争的任何业务中
indirectly, with the Group’s business.                                  拥有权益。

MAJOR CUSTOMERS AND SUPPLIERS                    主要客户及供应商

For the Year, the aggregate amount of turnover attributable to the  于本年度内,本集团之五个最大客户之累计营
Group’s five largest customers accounted for approximately 83% of  业总额占本集团总营业额约83%,而本集团最
the Group’s total turnover and the turnover attributable to the Group’s  大客户之营业额占本集团总营业额约61%。本
largest customer accounted for approximately 61% of the Group’s total  集团之五个最大供应商之累计采购总额占本集
turnover. The aggregate amount of purchases attributable to the Group’s  团总采购金额少于30%。

five largest suppliers accounted for less than 30% of the Group’s total

purchases.

The Group’s five largest customers include governmental authorities  本集团五大客户包括政府机关及法定机构、基
and statutory organisations, infrastructure and property developers and  础建设及物业发展商及业主。向该等客户授出
property owners. The credit terms granted to these customers are in line  之信用期与向其他客户授出之信用期及行业惯
with those granted to other customers as well as industry practices. The  例相符。本集团管理层已考虑该等主要客户的
Group’s management has considered the credit quality of these major  信贷质素,并认为概无相关贸易应收款项被视
customers and is of the view that none of the relevant trade receivables  为呆坏账。于厘定信用期时,本集团已考虑若
is considered doubtful. In determining the credit terms, the Group takes  干因素,包括交易方之背景、财务实力及账项
into account various factors, including the background, financial strength  清付之往绩记录,以降低信用风险。基于主要
and track records of credit settlement of the counterparties, in order  客户之财务实力及高信贷评级,董事认为本集
to mitigate credit risks. In view of the financial strength and high credit  团面对的集中信用风险有限。

rating the major customers, the Directors consider that the Group’s

exposure to concentration of credit risk is limited.

None of the Directors, their associates or any Shareholders (which to the  董事、彼等之联系人或据董事所知悉拥有本公
knowledge the Directors own more than 5% of the Company’s share  司股本5%以上之任何股东,概无拥有本集团
capital) has any interest in any of the Group’s five largest customers or  五大客户或供应商之任何权益。

suppliers.

112    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

董事局报告

CHARITABLE DONATIONS                              慈善捐献

During the Year, the Group made charitable and other donations totalling  于本年度内,本集团所作之慈善及其他捐款共
approximately HK$1.7 million.                                        约1,700,000港元。

AUDITOR                                          核数师

The consolidated financial statements for the Year were audited by EY,  本年度之综合财务报表乃由本公司之核数师安
the auditor of the Company, which would retire at the conclusion of  永审核,其将于股东周年大会结束时退任,惟
the AGM and, being eligible, offer themselves for re-appointment. A  符合资格并愿膺聘连任。于股东周年大会上,
resolution will be proposed to the Shareholders at the AGM to re-appoint  将就续聘安永为本公司核数师及授权董事局厘
EY as the auditor of the Company and to authorise the Board to fix their  订其酬金向股东提呈一项决议案。

remuneration.

There has been no change in the auditor of the Company in the preceding  本公司过去三年间并无更换核数师。

three years.

On behalf of the Board                                              代表董事局

Pang Yat Ting, Dominic                                          主席

Chairman                                                          彭一庭

Hong Kong, 24 June 2019                                            香港,2019年6月24日

                                                                      2018/19年报    亚洲联合基建控股有限公司    113
独立核数师报告

                        Ernst & Young          安永会计师事务所      Tel 电话: +852 2846 9888

                        22/F, CITIC Tower      香港中环添美道1号    Fax 传真: +852 2868 4432

                        1 Tim Mei Avenue      中信大厦22楼          ey.com

                        Central, Hong Kong

To the shareholders of Asia Allied Infrastructure Holdings Limited    致:亚洲联合基建控股有限公司

(Incorporated in Bermuda with limited liability)                        (于百慕达注册成立之有限公司)

                                                                  列位股东

OPINION                                          意见

We have audited the consolidated financial statements of Asia Allied  我们已审核列载于第124页至第296页的亚洲
Infrastructure Holdings Limited (the “Company”) and its subsidiaries  联合基建控股有限公司(「贵公司」)及其附属公
(the “Group”) set out on pages 124 to 296, which comprise the  司(「贵集团」)之综合财务报表,该等综合财务
consolidated statement of financial position as at 31 March 2019, and the  报表包括于2019年3月31日之综合财务状况表
consolidated statement of profit or loss and other comprehensive income,  与截至该日止年度之综合损益及其他全面收益
the consolidated statement of changes in equity and the consolidated  表、综合股东权益变动表及综合现金流量表,
statement of cash flows for the year then ended, and notes to the  以及综合财务报表附注,包括主要会计政策概
consolidated financial statements, including a summary of significant  要。

accounting policies.

In our opinion, the consolidated financial statements give a true and fair  我们认为,综合财务报表已根据香港会计师公
view of the consolidated financial position of the Group as at 31 March  会(「香港会计师公会」)颁布的香港财务报告准
2019, and of its consolidated financial performance and its consolidated  则(「香港财务报告准则」)真实而公平地反映
cash flows for the year then ended in accordance with Hong Kong  了  贵集团于2019年3月31日的综合财务状况
Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong  以及其截至该日止年度的综合财务表现及综合
Institute of Certified Public Accountants (the “HKICPA”) and have been  现金流量,并已遵照香港公司条例的披露要求
properly prepared in compliance with the disclosure requirements of the  妥为编制。

Hong Kong Companies Ordinance.

BASIS FOR OPINION                                  意见的基础

We conducted our audit in accordance with Hong Kong Standards on  我们已根据香港会计师公会颁布的香港审计准
Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under  则(「香港审计准则」)进行审核。我们在该等
those standards are further described in the Auditor’s responsibilities for  准则下的责任在本报告「核数师就审核综合财
the audit of the consolidated financial statements section of our report.  务报表须承担的责任」一节进一步阐述。根据
We are independent of the Group in accordance with the HKICPA’s Code  香港会计师公会的「专业会计师道德守则」(「守
of Ethics for Professional Accountants (the “Code”), and we have fulfilled  则」),我们独立于  贵集团,并已履行守则中
our other ethical responsibilities in accordance with the Code. We believe  其他道德责任。我们相信,我们所获得的审核
that the audit evidence we have obtained is sufficient and appropriate to  凭证能充足及适当地为我们的审核意见提供基
provide a basis for our opinion.                                        础。

114    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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KEY AUDIT MATTERS                                关键审核事项

Key audit matters are those matters that, in our professional judgement,  关键审核事项为根据我们的专业判断认为对本
were of most significance in our audit of the consolidated financial  期间的综合财务报表审核中最重要的事项。这
statements of the current period. These matters were addressed in the  些事项是在对综合财务报表整体进行审计并形
context of our audit of the consolidated financial statements as a whole,  成意见的背景下进行处理的,我们不对这些事
and in forming our opinion thereon, and we do not provide a separate  项提供单独的意见。我们对下述每一事项在审
opinion on these matters. For each matter below, our description of how  计中是如何应对的描述也以此为背景。

our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the Auditor’s  我们已履行本报告核数师就审核综合财务报表
responsibilities for the audit of the consolidated financial statements  须承担的责任,包括与此等事项相关之责任。
section of our report, including in relation to these matters. Accordingly,  据此,我们的审核工作包括执行为应对综合财
our audit included the performance of procedures designed to respond to  务报表进行重大错误陈述风险评估而设计的程
our assessment of the risks of material misstatement of the consolidated  序。审核程序(包括为处理下列事项而进行的
financial statements. The results of our audit procedures, including the  程序)的结果为我们就随附综合财务报表发表
procedures performed to address the matters below, provide the basis for  审核意见提供了基础。

our audit opinion on the accompanying consolidated financial statements.

Financial impact of adopting HKFRS 15                  采纳香港财务报告准则第15号之财务
                                                      影响

Revenue of the Group for the year ended 31 March 2019 amounted to  截至2019年3月31日止年度, 贵集团的收益
HK$8.1 billion, which is a significant item in the consolidated statement  为8,100,000,000港元,该收益为综合损益及
of profit or loss and other comprehensive income.                        其他全面收益表内的重大项目。

During the year, the Group adopted HKFRS 15 Revenue from Contracts  本年度内, 贵集团首次采纳于2018年1月1日
with Customers, which is effective for annual periods beginning on or  或之后开始的年度期间生效的香港财务报告准
after 1 January 2018, for the first time. The revenue recognition of the  则第15号来自客户合约之收益。  贵集团的收
Group involves significant judgements and estimates by management,  益确认涉及管理层的重大判断及估计,包括(i)
including (i) whether a contract modification shall be accounted for as a  合约修订是否将入账作独立合约;(ii)合约是否
separate contract; (ii) whether a contract contains multiple performance  包含多重履约责任;(iii)估计将计入交易价格
obligations; (iii) the model in estimating the amount of variable  的可变代价金额的模式;(iv)分配交易价格至
considerations to be included in the transaction price; (iv) the allocation  多元合约的个别履约责任;(v)履约责任是否于
of the transaction price to individual performance obligations of multi-  时间点或随时间达成;及(vi)随时间计量达成
element contracts; (v) whether performance obligations are satisfied at a  各履约责任进度的方法。

point in time or over time; and (vi) the method of measuring progress for

each performance obligation satisfied over time.

                                                                      2018/19年报    亚洲联合基建控股有限公司    115
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KEY AUDIT MATTERS (continued)                        关键审核事项(续)

Financial impact of adopting HKFRS 15 (continued)        采纳香港财务报告准则第15号之财务
                                                      影响(续)

Given the material impact, sensitivity of the estimates and the level of  鉴于香港财务报告准则第15号项下之收益确认
judgements involved in the revenue recognition under HKFRS 15, we  所涉及的重大影响、估计的敏感度及所用判断
considered this a key audit matter.                                    的程度,我们认为此项为关键审核事项。

Related disclosures are included in notes 3.1(c), 3.3, 4, 6 and 25 to the  相关披露载于综合财务报表附注3.1(c)、3.3、
consolidated financial statements.                                    4、6及25。

How our audit addressed the key audit matter                      于审核中处理关键审核事项的方法

As part of our audit procedures, we obtained an understanding of the  作为审核程序的一部分,我们已了解  贵集团
Group’s processes in connection with the application of HKFRS 15 for  就收益确认而应用香港财务报告准则第15号的
revenue recognition. We then selected and examined material contracts  程序。我们随后按抽样基准选取及检查与客户
with customers, comprising those have not been completed as at the  的重大合约(包括于年初尚未完成及于本年度
beginning of the year and those entered into during the year, on a  内订立的合约),通过(i)评估合约内合约条款
sample basis to assess the appropriateness of the application of HKFRS 15  的详情;(ii)评估应用的判断;(iii)考虑所用估
made by management, by (i) assessing the details of contractual terms in  计的过往数据;及(iv)评估管理层的计算方式
the contracts; (ii) evaluating the judgements applied; (iii) considering the  对管理层应用香港财务报告准则第15号的适当
historical outturns of estimates used; and (iv) assessing management’s  性而进行评估。我们亦已评估综合财务报表附
calculation. We also assessed the adequacy of the related disclosures in  注所载相关披露的充足性。

the notes to the consolidated financial statements.

Revenue and costs of construction projects              建筑项目的收益及成本

Revenue of the Group from the provision of construction services  截至2019年3月31日止年度, 贵集团提供建
amounted to HK$7.3 billion for the year ended 31 March 2019.            筑服务产生的收益为7,300,000,000港元。

Contract revenue is recognised over time using the output method, based  合约收益根据直接计量  贵集团已交付服务或
on direct measurements of the value of services delivered or surveys of  已进行测量工作的价值按产量法随时间确认。
work performed by the Group. Contract costs are recognised when work is  合约成本于进行工程时确认,连同任何预期合
performed, together with any provisions for expected contract losses.      约亏损作出拨备。

The recognition of revenue and profit relies on management’s estimate  收益及溢利的确认依赖管理层对各合约最终结
of the final outcome of each contract, which involves the exercise of  果的估计,有关估计涉及行使重大管理判断,
significant management judgement, particularly in forecasting the  尤其是预测完成合约的成本、合约修改之估
costs to complete a contract, in valuing contract variations, claims and  值、申索及延期赔偿、估计预期亏损金额及评
liquidated damages, in estimating the amount of expected losses and  估贵集团根据协定时间表交付服务的能力。
in assessing the ability of the Group to deliver services according to the

agreed timetable.

116    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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KEY AUDIT MATTERS (continued)                        关键审核事项(续)

Revenue and costs of construction projects (continued)    建筑项目的收益及成本(续)

In addition, the Group regularly assesses the possible outcome of  此外, 贵集团根据建筑工程发生之最近期事
construction contracts based on the latest facts and circumstances  实及情况,以及开展类似建筑工程之过往经
occurred in the construction work, and past experience in conducting  验,定期评估建筑合约之可能结果。当预测
similar construction work. When there is a change in the expectation as  到建筑合约之结果会出现变动及能够可靠估
to when the outcome of construction contracts can be estimated reliably,  计时, 贵集团将相应调整合约成本及合约利
the Group will adjust the amounts of contract costs and contract profit  润。该变动构成会计估计之变动,并涉及管理
accordingly. Such change constitutes a change in an accounting estimate  层对合约结果的重大估计及判断。于本年度及
and involves significant management estimation and judgement regarding  未来期间,会计估计之任何变动的影响会预期
the outcome of a contract. The effect of any change in an accounting  确认并计入损益。

estimate is recognised prospectively by including it in profit or loss in the

current year and future periods.

Given that the estimation of the total revenue and total costs to complete  鉴于完成建筑合约的总收益及总成本的估计涉
the construction contracts involves significant management judgement  及重大管理层判断及估计,我们认为此项为关
and estimation, we considered this a key audit matter.                    键审核事项。

Related disclosures are included in notes 3.3, 4 and 6 to the consolidated  相关披露载于综合财务报表附注3.3、4及6。
financial statements.

How our audit addressed the key audit matter                      于审核中处理关键审核事项的方法

As part of our audit procedures, we examined external or internal surveys  作为审核程序的一部分,我们检查了就已确
of work for amounts of contract revenue recognised and revenue cutoff.  认合约收益及截止收益的外部或内部测量工
We then selected material construction contracts, read their financial  作。我们随后挑选了重大建筑合约,阅读其有
budgets on contract revenue and costs and interviewed the Group’s  关合约收益及成本的财务预算,并就建筑合约
quantity surveyors regarding the preparation and approval processes  财务预算编制及审批流程以及独立测量师的工
of financial budgets of construction contracts and the progress of  程进度证书事宜采访  贵集团的工料测量师。
work certification by independent surveyors. In addition, we read the  此外,我们阅读了  贵集团与独立测量师的通
correspondence between the Group and independent surveyors and,  信,并获得合约客户及  贵集团聘用之争议解
if necessary, obtained professional advices of the dispute resolution  决顾问有关已履行建筑工程的专业意见(倘必
advisors engaged by the contract customers and the Group in respect  要)。我们亦已评估综合财务报表附注所载相
of construction work performed. We also assessed the adequacy of the  关披露的充足性。

related disclosures in the notes to the consolidated financial statements.

                                                                      2018/19年报    亚洲联合基建控股有限公司    117
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KEY AUDIT MATTERS (continued)                        关键审核事项(续)

Impairment assessment of property development  物业开发项目减值评估

projects

At 31 March 2019, the Group’s investments in land held for property  于2019年3月31日, 贵集团持作物业发
development (the “property development projects”) amounted to  展的土地(「物业开发项目」)的投资共计为
HK$533 million in total, representing 6% of the total assets of the Group.  533,000,000港元,占贵团总资产的6%。
The carrying amounts of the property development projects are stated  物业开发项目账面值按成本与可变现净值两者
at the lower of cost and net realisable value. Significant management  中之较低者入账。于厘定物业开发项目的预计
judgement is involved in determining the estimated net realisable values  可变现净值时,需要作出重大的管理判断,包
of the property development projects, including estimation of selling  括估计售价、直至完成前将产生的成本及可变
prices, costs to be incurred until completion and variable selling expenses.  出售开支。

Given the sensitivity of the assumptions and the level of judgement  鉴于假设的敏感度及所用判断的程度,管理层
involved, management engaged independent professional valuers  已委聘独立专业估值师,就  贵集团的物业开
to prepare a feasibility report and valuation reports for the property  发项目编制可行性报告及估值报告。

development projects of the Group.

Related disclosures are included in notes 3.3, 4 and 20 to the consolidated  相关披露载于综合财务报表附注3.3、4及20。
financial statements.

How our audit addressed the key audit matter                      于审核中处理关键审核事项的方法

As part of our audit procedures, we obtained the feasibility report  作为审核程序的一部分,我们获得可行性报告
and valuation reports and assessed the objectivity, competence and  及估值报告并评估独立专业估值师的客观性、
independence of the independent professional valuers. We then engaged  能力及独立性。我们随后委聘内部估值专家协
our internal valuation specialists to assist us in the assessment of the bases  助我们对减值评估中采纳的基准及假设进行评
and assumptions adopted in the impairment assessment. In addition, our  估。此外,我们之程序包括与管理层及独立专
procedures included discussions with management and the independent  业估值师就估计最新售价、直至完成前将产生
professional valuers about the assumptions and parameters used in  的成本、可变出售开支及  贵集团物业开发计
estimating the latest selling prices, costs to be incurred until completion,  划可行性(如适用)所用之假设及参数进行讨
variable selling expenses and, as applicable, the feasibility of the Group’s  论。

property development plan.

118    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

独立核数师报告

KEY AUDIT MATTERS (continued)                        关键审核事项(续)

Recoverability of an investment deposit and an  一项投资按金及应收一间合营公司之
amount due from a joint venture                      款项之可收回性

Included in the Group’s other receivables as at 31 March 2019 was an  贵集团于2019年3月31日的其他应收款项中包
amount of HK$148 million which is a portion of an investment deposit  括一笔148,000,000港元之金额,这是根据两
and partial consideration of HK$198 million in total (collectively, the  名订约方于2015年11月4日订立的买卖协议就
“Deposit”) paid to a third party (the “Vendor”) for the acquisition  以前年度收购一间实体(「实体」)而向一名第三
of an entity (the “Entity”) in a prior year in accordance with a sale  方(「卖方」)支付的投资按金及部分代价合共
and purchase agreement entered into between the two parties on 4  198,000,000港元之一部份(统称为「按金」)。
November 2015. The acquisition transaction was subsequently rescinded  收购交易随后已遭撤销及  贵集团与卖方于
and a supplementary agreement was entered into between the Group  2016年8月25日订立补充协议,据此(其中包
and the Vendor on 25 August 2016, pursuant to which, inter alia, the  括),卖方须向  贵集团退还按金及  贵集团
Vendor shall refund the Deposit to the Group and the Group is entitled  有权采取措施保护其利益,包括向第三方出售
to take steps to protect its interest, including selling the shares of the  全部或部分实体的股份及倘卖方未能履行其
Entity in part or in whole to a third party and claiming any shortfall, loss  向  贵集团偿还按金的责任,则直接向卖方及
or damages directly against the Vendor and its shareholder should the  其股东索赔任何差额、损失或赔偿。于2019
Vendor fail to fulfil its obligations to repay the Deposit to the Group.  年3月31日,按金148,000,000港元(「未偿还
HK$148 million of the Deposit (the “Outstanding Amount”) remained  金额」)仍未结付。

unsettled as at 31 March 2019.

Subsequent to the reporting period, on 19 June 2019, for the purpose  于报告期后,为收回与已撤销收购交易有关
of recovering the Outstanding Amount in connection with the rescinded  的未偿还金额, 贵集团于2019年6月19日
acquisition transaction, the Group entered into two sale and purchase  与一名独立第三方订立两份买卖协议(「销售
agreements (the “Sale Agreements”) with an independent third party,  协议 」),据此, 贵集团同意按总现金代价
pursuant to which the Group agreed to dispose of the investees held by  148,000,000港元出售实体持有投资对象。 贵
the Entity for a total cash consideration of HK$148 million. Certain legal  集团将采取若干法律行动以达成销售协议订明
actions shall be taken for meeting the conditions precedent as stipulated  的先决条件。

in the Sale Agreements.

In considering the recoverability of the Outstanding Amount, management  于考虑未偿还金额之可收回性时,管理层已考
took into account (i) its latest action plan to recover the Outstanding  虑(i)其收回未偿还金额之最新行动计划,包括
Amount which includes the execution of the Sale Agreements and certain  签订销售协议及  贵集团对卖方及其股东已提
legal actions taken or to be taken by the Group against the Vendor and  起或将予提起之若干法律诉讼;及(ii)有关已提
its shareholder; and (ii) the legal opinion regarding the possible outcome  起或将予提起之法律诉讼之可能结果之法律意
of the legal actions taken and to be taken, and is of the view that a  见并认为未偿还金额总额54,800,000港元预期
total of HK$54.8 million of the Outstanding Amount is not expected to  不可收回,因此,于截至2019年3月31日止年
be recoverable and hence an impairment loss against this amount was  度的损益内就该款项确认减值亏损。

recognised in profit or loss during the year ended 31 March 2019.

In addition, included in investments in joint ventures as at 31 March 2019  此外,于2019年3月31日于合营公司的投资包
was a shareholder’s loan (the “Shareholder’s Loan”) of HK$314 million  括授予一间合营公司(「合营公司」)的股东贷款
granted to a joint venture (the “Joint Venture”) which holds certain  314,000,000港元(「股东贷款」),该合营公司
parcels of land in the United States of America for property development.  在美利坚合众国持有若干用作物业发展的地
For the purpose of the recoverability assessment of the Shareholder’s  块。为评估股东贷款之可收回性, 贵集团评
Loan, the Group assessed the financial position of the Joint Venture,  估合营公司的财务状况,包括委聘独立专业估
including engaging an independent professional valuer to perform a  值师对合营公司的上述土地资产进行估值并认
valuation of the aforesaid land asset of the Joint Venture, and is of the  为股东贷款可悉数收回及并无必要对其计量作
view that the Shareholder’s Loan is fully recoverable and no impairment  出减值亏损。

loss against it is considered necessary.

                                                                      2018/19年报    亚洲联合基建控股有限公司    119
独立核数师报告

KEY AUDIT MATTERS (continued)                        关键审核事项(续)

Recoverability of an investment deposit and an  一项投资按金及应收一间合营公司之
amount due from a joint venture (continued)              款项之可收回性(续)

Given the significance of the amounts of the Outstanding Amount and  鉴于未偿还金额及股东贷款金额属重大及可收
the Shareholder’s Loan and the judgemental nature of the recoverability  回性评估的判断性质,我们认为此项为关键审
assessments, we considered this a key audit matter.                      核事项。

Related disclosures are included in notes 3.3, 4, 18(c) and 26(a) to the  相关披露载于财务报表附注3.3、4、18(c)及
consolidated financial statements.                                    26(a)。

How our audit addressed the key audit matter                      于审核中处理关键审核事项的方法

As part of our audit procedures, we obtained and read the relevant  作为审核程序的一部分,我们已获得及阅读有
agreements in connection with the rescinded acquisition transaction,  关已撤销收购交易及股东贷款的相关协议(包
including the Sale Agreements, and the Shareholder’s Loan.              括销售协议)。

With regard to the recoverability assessment of the Outstanding Amount  鉴于管理层编制之未偿还金额可收回性评
prepared by management, we (i) enquired management about the bases  估,我们(i)已向管理层查询评估采纳的基准及
and assumptions adopted in the assessment; and (ii) obtained legal  假设;(ii)就透过诉讼收回未偿还金额可能性
advices from the external lawyer engaged by the Group for the probability  自贵集团所委聘外部律师取得法律意见。
of recovering the Outstanding Amount through litigations.

With regard to the recoverability assessment of the Shareholder’s Loan  鉴于管理层编制之股东贷款可收回性评估,我
prepared by management, we (i) obtained the valuation report of the  们(i)已取得合营公司土地资产的估值报告及评
land asset of the Joint Venture and assessed the objectivity, competence  估独立专业估值师的客观性、能力及独立性;
and independence of the independent professional valuer; and (ii)  及(ii)委聘我们的内部估值专家协助我们评估估
engaged our internal valuation specialists to assist us in the assessment of  值评估中所采纳的基准及假设。

the bases and assumptions adopted in the valuation.

We also assessed the adequacy of the disclosures in the notes to the  我们亦已评估综合财务报表附注所载披露的充
consolidated financial statements.                                    足性。

OTHER INFORMATION INCLUDED IN THE ANNUAL REPORT    载于年报的其他资料

The directors of the Company are responsible for the other information.  贵公司董事须对其他资料承担责任。其他资料
The other information comprises the information included in the Annual  包括载于年报的资料,但不包括综合财务报表
Report, other than the consolidated financial statements and our auditor’s  及我们的核数师报告。

report thereon.

Our opinion on the consolidated financial statements does not cover  我们对综合财务报表作出的意见并无涵盖其他
the other information and we do not express any form of assurance  资料,而我们不会对其他资料发表任何形式的
conclusion thereon.                                                鉴证结论。

In connection with our audit of the consolidated financial statements,  就我们审核综合财务报表而言,我们的责任为
our responsibility is to read the other information and, in doing so,  阅读其他资料,从而考虑其他资料是否与综合
consider whether the other information is materially inconsistent with the  财务报表或我们在审核过程中所了解的情况存
consolidated financial statements or our knowledge obtained in the audit  在重大不符,或似乎存在重大错误陈述。倘我
or otherwise appears to be materially misstated. If, based on the work we  们基于已进行的工作认为其他资料出现重大错
have performed, we conclude that there is a material misstatement of this  误陈述,则我们须报告有关事实。就此而言,
other information, we are required to report that fact. We have nothing  我们毋须作出报告。

to report in this regard.

120    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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RESPONSIBILITIES OF THE DIRECTORS FOR THE            董事就综合财务报表须承担的责任
CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of  贵公司董事须负责根据香港会计师公会颁布的
the consolidated financial statements that give a true and fair view  香港财务报告准则及香港公司条例的披露要
in accordance with HKFRSs issued by the HKICPA and the disclosure  求,编制真实而公平地反映情况的综合财务报
requirements of the Hong Kong Companies Ordinance, and for such  表,及对其认为使综合财务报表的编制不会存
internal control as the directors determine is necessary to enable the  在由于欺诈或错误而导致的重大错误陈述所需
preparation of consolidated financial statements that are free from  的内部监控负责。

material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors of the  在编制综合财务报表时, 贵公司的董事须负
Company are responsible for assessing the Group’s ability to continue  责评估  贵集团持续经营的能力,并披露与持
as a going concern, disclosing, as applicable, matters related to going  续经营有关的事项(如适用)。除非  贵公司董
concern and using the going concern basis of accounting unless the  事拟将  贵集团清盘或停止营运,或除此之外
directors of the Company either intend to liquidate the Group or to cease  并无其他实际可行的办法,否则须采用以持续
operations or have no realistic alternative but to do so.                    经营为基础的会计法。

The directors of the Company are assisted by the Audit Committee in  审核委员会协助  贵公司董事履行彼等监
discharging their responsibilities for overseeing the Group’s financial  督贵集团财务报告程序的责任。

reporting process.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE        核数师就审核综合财务报表须承担
CONSOLIDATED FINANCIAL STATEMENTS                的责任

Our objectives are to obtain reasonable assurance about whether the  我们的目标是对综合财务报表整体是否不会
consolidated financial statements as a whole are free from material  存在由于欺诈或错误而导致的重大错误陈述
misstatement, whether due to fraud or error, and to issue an auditor’s  取得合理确定,并发出载有我们意见的核数师
report that includes our opinion. Our report is made solely to you, as  报告。本报告依据百慕达公司法1981年第90
a body, in accordance with section 90 of the Bermuda Companies Act  条,仅为全体股东编制,除此以外不可作其他
1981, and for no other purpose. We do not assume responsibility towards  用途。我们概不就本报告的内容对任何其他人
or accept liability to any other person for the contents of this report.        士负责或承担任何责任。

Reasonable assurance is a high level of assurance, but is not a guarantee  合理确定属高层次的核证,惟根据香港审计准
that an audit conducted in accordance with HKSAs will always detect a  则进行的审核工作不能保证总能察觉所存在的
material misstatement when it exists. Misstatements can arise from fraud  重大错误陈述。错误陈述可因欺诈或错误产
or error and are considered material if, individually or in the aggregate,  生,倘个别或整体在合理预期情况下可影响使
they could reasonably be expected to influence the economic decisions of  用者根据综合财务报表作出的经济决定时,则
users taken on the basis of these consolidated financial statements.        被视为重大错误陈述。

                                                                      2018/19年报    亚洲联合基建控股有限公司    121
独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE        核数师就审核综合财务报表须承担
CONSOLIDATED FINANCIAL STATEMENTS (continued)        的责任(续)

As part of an audit in accordance with HKSAs, we exercise professional  在根据香港审计准则进行审计的过程中,我们
judgement and maintain professional scepticism throughout the audit.  运用专业判断,并保持专业怀疑态度。我们
We also:                                                          亦:

   identify and assess the risks of material misstatement of the       识别及评估由于欺诈或错误而导致综合
    consolidated financial statements, whether due to fraud or error,        财务报表存在重大错误陈述的风险、设
    design and perform audit procedures responsive to those risks,        计及执行审计程序以应对该等风险,以
    and obtain audit evidence that is sufficient and appropriate to        及取得充足和适当的审计凭证,作为我
    provide a basis for our opinion. The risk of not detecting a material        们意见的基础。由于欺诈可能涉及串
    misstatement resulting from fraud is higher than for one resulting        谋、伪造、蓄意遗漏、虚假陈述或凌驾
    from error, as fraud may involve collusion, forgery, intentional        内部监控的情况,因此未能发现因欺诈
    omissions, misrepresentations, or the override of internal control.          而导致的重大错误陈述的风险高于未能
                                                                      发现因错误而导致的重大错误陈述的风
                                                                      险。

   obtain an understanding of internal control relevant to the audit       了解与审计相关的内部监控,以设计适
    in order to design audit procedures that are appropriate in the        当的审计程序,惟并非旨在对  贵集团
    circumstances, but not for the purpose of expressing an opinion on        内部监控的有效性发表意见。

    the effectiveness of the Group’s internal control.

   evaluate the appropriateness of accounting policies used and the       评估董事所采用会计政策的恰当性及作
    reasonableness of accounting estimates and related disclosures        出会计估计和相关披露的合理性。

    made by the directors.

   conclude on the appropriateness of the directors’ use of the going       对董事采用持续经营会计基础的恰当性
    concern basis of accounting and, based on the audit evidence        作出结论,并根据所取得的审计凭证,
    obtained, whether a material uncertainty exists related to events        确定是否存在与事项或情况有关的重大
    or conditions that may cast significant doubt on the Group’s ability        不确定性,从而可能导致对  贵集团的
    to continue as a going concern. If we conclude that a material        持续经营能力产生重大疑虑。倘我们认
    uncertainty exists, we are required to draw attention in our auditor’s        为存在重大不确定性,则有必要在核数
    report to the related disclosures in the consolidated financial        师报告中提请使用者注意综合财务报表
    statements or, if such disclosures are inadequate, to modify our        中的相关披露。倘有关披露不足,则修
    opinion. Our conclusions are based on the audit evidence obtained        订我们意见。我们结论乃基于截至核数
    up to the date of our auditor’s report. However, future events or        师报告日期止所取得的审计凭证。然
    conditions may cause the Group to cease to continue as a going        而,未来事项或情况可能导致  贵集团
    concern.                                                          无法持续经营。

122    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE        核数师就审核综合财务报表须承担
CONSOLIDATED FINANCIAL STATEMENTS (continued)        的责任(续)

   evaluate the overall presentation, structure and content of the       评估综合财务报表的整体呈报方式、结
    consolidated financial statements, including the disclosures, and        构及内容,包括披露资料,以及综合财
    whether the consolidated financial statements represent the        务报表是否中肯反映相关交易和事项。
    underlying transactions and events in a manner that achieves fair

    presentation.

   obtain sufficient appropriate audit evidence regarding the financial       就  贵集团内实体或业务活动的财务资
    information of the entities or business activities within the Group to        料获取充足及适当的审计凭证,以便对
    express an opinion on the consolidated financial statements. We are        综合财务报表发表意见。我们负责集团
    responsible for the direction, supervision and performance of the        审计的方向、监督及执行。我们为审核
    group audit. We remain solely responsible for our audit opinion.            意见承担全部责任。

We communicate with the Audit Committee regarding, among other  我们与审核委员会就(其中包括)审计的计划范
matters, the planned scope and timing of the audit and significant audit  围、时间安排及重大审计发现沟通,该等发现
findings, including any significant deficiencies in internal control that we  包括我们在审计过程中识别的内部监控的任何
identify during our audit.                                            重大缺失。

We also provide the Audit Committee with a statement that we have  我们亦向审核委员会作出声明,指出我们已符
complied with relevant ethical requirements regarding independence  合有关独立性的相关道德要求,并与彼等沟通
and to communicate with them all relationships and other matters that  可能被合理认为会影响我们独立性的所有关系
may reasonably be thought to bear on our independence, and where  及其他事宜,以及相关防范措施(如适用)。
applicable, related safeguards.

From the matters communicated with the Audit Committee, we  从与审核委员会沟通的事项中,我们厘定对本
determine those matters that were of most significance in the audit  期间综合财务报表的审计至关重要的事项,因
of the consolidated financial statements of the current period and  而构成关键审核事项。我们在核数师报告中描
are therefore the key audit matters. We describe these matters in our  述该等事项,除非法律或法规不允许公开披露
auditor’s report unless law or regulation precludes public disclosure about  该等事项,或在极端罕见的情况下,倘合理预
the matter or when, in extremely rare circumstances, we determine that  期在我们报告中沟通某事项造成的负面后果超
a matter should not be communicated in our report because the adverse  出产生的公众利益,则我们决定不应在报告中
consequences of doing so would reasonably be expected to outweigh the  传达该事项。

public interest benefits of such communication.

The engagement partner on the audit resulting in this independent  出具本独立核数师报告的审计项目合伙人为郑
auditor’s report is CHENG, Man.                                      敏。

Ernst & Young                                                    安永会计师事务所

Certified Public Accountants                                        执业会计师

Hong Kong                                                        香港

24 June 2019                                                      2019年6月24日

                                                                      2018/19年报    亚洲联合基建控股有限公司    123
综合损益及其他全面收益表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
 REVENUE                                营业额                      6        8,076,048      8,231,055
 Cost of sales                              销售成本                              (7,621,505)    (7,846,341)
 Gross profit                              毛利                                    454,543        384,714
 Fair value gain of investment properties, net  投资物业公平值收益净额    16          26,623        261,900
 Other income and gains, net                其他收入及收益净额          7          312,701        88,669
 Selling expenses                          销售开支                                (19,856)        (16,117)
 Administrative expenses                    行政开支                              (456,345)      (403,817)
 Other expenses, net                      其他开支净额                            (65,653)        (23,237)
 Finance costs                            融资成本                    8          (91,920)        (66,838)
 Share of profits and losses of joint ventures    应占合营公司溢利及亏损    18(d)          6,400            797
 Share of profits and losses of associates      应占联营公司溢利及亏损    19(c)          (1,332)          4,129
 PROFIT BEFORE TAX                      除税前溢利                  9          165,161        230,200
 Income tax                              所得税                    12          (24,066)        (66,523)
 PROFIT FOR THE YEAR                    本年度溢利                              141,095        163,677
 OTHER COMPREHENSIVE (LOSS)/INCOME  其他全面(亏损)╱收益

 Items that may be reclassified to profit      后续期间可能重新分类至

  or loss in subsequent periods:              损益之项目:

  Exchange differences:                      汇兑差额:

    Translation of foreign operations            换算海外业务                        (39,656)        70,019
    Reclassification adjustments for gains        取消注册附属公司

      included in profit or loss upon              收益之重新分类

      deregistration of subsidiaries                调整(计入损益)                        –        (15,408)
    Share of movement in the exchange          应占一间合营公司外

      fluctuation reserve of a joint venture        汇波动储备之变动    18(d)              7          (421)
    Share of movements in the exchange        应占联营公司外汇波

      fluctuation reserves of associates            动储备之变动        19(c)            (209)          404
 OTHER COMPREHENSIVE (LOSS)/INCOME  本年度其他全面(亏损)╱

  FOR THE YEAR, NET OF INCOME TAX      收益,已扣除零港元之

  OF NIL                                  所得税                                (39,858)        54,594
 TOTAL COMPREHENSIVE INCOME        本年度全面收益总额

  FOR THE YEAR                                                                101,237        218,271
124    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

综合损益及其他全面收益表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Note        HK$’000        HK$’000
                                                                    附注          千港元        千港元
 PROFIT FOR THE YEAR ATTRIBUTABLE TO: 应占本年度溢利:

  Shareholders of the Company              本公司股东                            136,648        150,176
  Non-controlling interests                  非控股权益                              4,447        13,501
                                                                                  141,095        163,677
 TOTAL COMPREHENSIVE INCOME FOR    应占本年度全面收益总额:

  THE YEAR ATTRIBUTABLE TO:

  Shareholders of the Company              本公司股东                            96,790        204,770
  Non-controlling interests                  非控股权益                              4,447        13,501
                                                                                  101,237        218,271
 EARNINGS PER SHARE ATTRIBUTABLE    本公司股东应占每股盈利    14        HK cents        HK cents
  TO SHAREHOLDERS OF THE COMPANY                                              港仙          港仙
  Basic                                    基本                                    7.37          8.83
  Diluted                                  摊薄                                    7.36          8.80
                                                                      2018/19年报    亚洲联合基建控股有限公司    125
综合财务状况表
31 March 2019
2019年3月31日

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
 NON-CURRENT ASSETS                  非流动资产

 Property, plant and equipment              物业、机器及设备          15          284,608        256,896
 Investment properties                      投资物业                  16          166,173        14,263
 Goodwill                                商誉                      17          45,994        47,561
 Interests in joint ventures                  于合营公司之权益          18          423,362        315,104
 Investments in associates                  于联营公司之投资          19          499,768        384,089
 Deposits paid for acquisition of items of      购置物业、机器及设备

  property, plant and equipment and an        项目以及支付予一名

  investee                                  投资对象之已付按金      26          55,574              –
 Deferred tax assets                        递延税项资产              38              897          6,775
 Total non-current assets                    非流动资产总额                        1,476,376      1,024,688
 CURRENT ASSETS                        流动资产

 Land held for property development          持作物业发展之土地        20          532,565        550,103
 Properties under development              发展中物业                21                –        667,994
 Properties held for sale                    持作销售物业              22            2,829          6,651
 Amounts due from contract customers      应收合约客户款项          23                –      1,966,743
 Trade receivables                          贸易应收款项              24          983,990      1,668,172
 Contract assets                          合约资产                  25(a)        2,752,909              –
 Prepayments, deposits and other            预付款项、按金及其他

  receivables                              应收款项                26          598,726        572,387
 Sales deposits received held in an            存放于托管账户之已收

  escrow account                          销售按金                27                –        144,093
 Income tax recoverable                    可退回所得税                            22,049        10,859
 Equity investments at fair value through      按公平值计入损益之

  profit or loss                              股本投资                28              65            80
 Restricted cash and pledged deposits        受限制现金及已抵押存款    29          26,149        37,330
 Cash and cash equivalents                  现金及与现金等值项目      30        1,829,856      1,979,852
 Total current assets                        流动资产总额                          6,749,138      7,604,264
 CURRENT LIABILITIES                    流动负债

 Amounts due to contract customers          应付合约客户款项          23                –        796,012
 Trade payables                            贸易应付款项              31        1,840,192      1,519,774
 Contract liabilities                        合约负债                  25(b)          33,905              –
 Other payables and accruals                其他应付款项及应计款项    32          891,599        480,480
 Sales deposits received for sale of            出售一项物业权益之已收

  a property interest                        销售按金                27                –        297,360
 Bank borrowings                          银行借款                  33        1,058,582      2,705,454
 Guaranteed bonds                        担保债券                  35                –        39,000
 Hire purchase contract and finance          租购合约及融资租赁

  lease payables                            应付款项                36            5,742        10,838
 Provision for construction works            建筑工程之拨备            37          133,128              –
 Income tax payables                      应缴所得税                              89,038        80,048
 Total current liabilities                      流动负债总额                          4,052,186      5,928,966
 NET CURRENT ASSETS                    流动资产净值                          2,696,952      1,675,298
 TOTAL ASSETS LESS CURRENT LIABILITIES  资产总额减流动负债                    4,173,328      2,699,986
126    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

综合财务状况表
31 March 2019
2019年3月31日

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
 NON-CURRENT LIABILITIES                非流动负债

 Other payables                            其他应付款项              32                –        147,603
 Bank borrowings                          银行借款                  33        1,695,564          5,515
 Hire purchase contract and finance lease      租购合约及融资租赁

  payables                                应付款项                36            1,438          5,969
 Deferred tax liabilities                      递延税项负债              38            2,176        16,817
 Total non-current liabilities                  非流动负债总额                        1,699,178        175,904
 Net assets                                资产净值                              2,474,150      2,524,082
 EQUITY                                权益

 Equity attributable to shareholders      本公司股东应占权益

  of the Company

 Issued capital                            已发行股本                39(a)        186,339        187,553
 Reserves                                储备                      42(a)        2,255,263      2,318,250
                                                                                2,441,602      2,505,803
 Non-controlling interests                  非控股权益                              32,548        18,279
 Total equity                              权益总额                              2,474,150      2,524,082
              Pang Yat Ting, Dominic                              Pang Yat Bond, Derrick

                      彭一庭                                              彭一邦

                      Director                                              Director

                      董事                                              董事

                                                                      2018/19年报    亚洲联合基建控股有限公司    127
综合股东权益变动表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                              AttributabletoshareholdersoftheCompany

                                                                      本公司股东应占

                                                            Shares

                                                        heldunder

                                                          theshare        Convertible

                                                    Share    award Share-based    bond        Exchange                  Non-

                                              Issued  premium  scheme compensation    equity  Capital  fluctuation  Retained        controlling    Total
                                            capital  account  account  reserve  reserve  reserve  reserve    profits    Total  interests    equity
                                                        根据股份奖励

                                                        计划账目下  股份报酬 可换股债券        外汇波动

                                          已发行股本 股份溢价账 持有的股份    储备  权益储备  资本储备    储备  保留溢利    总额 非控股权益  权益总额
                                      Notes  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000
                                      附注    千港元  千港元  千港元  千港元  千港元  千港元  千港元  千港元  千港元  千港元  千港元
                                                          (note40)              (note42(b))

                                                        (附注40)              (附注42(b))

 At1April2017            于2017年4月1日              161,929  623,804      –      –  17,978  36,471    (1,356) 1,381,656  2,220,482  24,778  2,245,260
 Profitfortheyear            本年度溢利                    –      –      –      –      –      –      –  150,176  150,176  13,501  163,677
 Othercomprehensiveincome/(loss)    本年度其他全面收益╱(亏损):

 fortheyear:

 Exchangedifferences:          汇兑差额:

  Translationofforeignoperations    换算海外业务                –      –      –      –      –      –  70,019      –  70,019      –  70,019
  Reclassificationadjustments        取消注册附属公司

    forgainsincludedinprofit        收益之重新分类

    orlossuponderegistration        调整(计入损益)

    ofsubsidiaries                                    –      –      –      –      –      –  (15,408)      –  (15,408)      –  (15,408)
  Shareofmovementinthe        应占一间合营公司外汇

    exchangefluctuation          波动储备之变动

    reserveofajointventure                                –      –      –      –      –      –    (421)      –    (421)      –    (421)
  Shareofmovementsinthe        应占联营公司外汇

    exchangefluctuation          波动储备之变动

    reservesofassociates                                  –      –      –      –      –      –    404      –    404      –    404

 Totalcomprehensiveincome      本年度全面收益总额

 fortheyear                                        –      –      –      –      –      –  54,594  150,176  204,770  13,501  218,271

 Issueofsharesuponexercise      行使可换股债券所发行的股份

 ofconvertiblebonds                            34    25,624  156,725      –      –  (33,885)      –      –      –  148,464      –  148,464
 Repurchaseofshares          根据股份奖励计划

 undertheshareawardscheme      购回股份          40(b)      –      –  (18,197)      –      –      –      –      –  (18,197)      –  (18,197)
 Shareawardexpense          股份奖励开支          40(a)      –      –      –    3,443      –      –      –      –    3,443      –    3,443
 Equity-settledshareoptionexpense    以股本结算之购股权开支    41(b)      –      –      –    2,832      –      –      –      –    2,832      –    2,832
 Transferofshare-based          于没收购股权时转拨

 compensationreserveupon        股份报酬储备

 theforfeitureofshareoptions                                  –      –      –    (58)      –      –      –    58      –      –      –
 Recognitionuponmodifications      于修订可换股债券

 ofthetermsofconvertiblebonds    条款时确认          34      –      –      –      –  33,885      –      –      –  33,885      –  33,885
 Transferuponamodificationof      于修订可换股债券

 thetermsofconvertiblebonds      条款时转拨          34      –      –      –      –  (17,978)      –      –  17,978      –      –      –
 Deemedcontributionfrom        视作一名附属公司非控股股权

 anon-controllingequity          持有人之注资

 holderofasubsidiary                                    –      –      –      –      –  12,310      –      –  12,310      –  12,310
 Disposalofanassociate          出售一间联营公司                –      –      –      –      –  (17,584)      –      –  (17,584)      –  (17,584)
 Dividendpaidtoanon-controlling    已付一间附属公司之一名

 shareholderofasubsidiary        非控股股东之股息                –      –      –      –      –      –      –      –      –  (20,000)  (20,000)
 Final2017dividenddeclared      已宣派2017年度

                      末期股息                    –      –      –      –      –      –      –  (61,533)  (61,533)      –  (61,533)
 Interim2018dividenddeclared      已宣派2018年度

                      中期股息            13      –      –      –      –      –      –      –  (23,069)  (23,069)      –  (23,069)

 At31March2018            于2018年3月31日              187,553  780,529*  (18,197)*  6,217*    –*  31,197*  53,238* 1,465,266* 2,505,803  18,279  2,524,082

128    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

综合股东权益变动表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                              AttributabletoshareholdersoftheCompany

                                                                      本公司股东应占

                                                            Shares

                                                            heldunder

                                                            theshare

                                                      Share    award  Share-based          Exchange                    Non-

                                              Issued  premium    scheme compensation    Capital  fluctuation  Retained          controlling    Total
                                              capital    account    account    reserve    reserve    reserve    profits    Total  interests    equity
                                                          根据股份奖励

                                                          计划账目下  股份报酬          外汇波动

                                            已发行股本  股份溢价账  持有的股份    储备  资本储备    储备  保留溢利    总额  非控股权益  权益总额
                                      Notes  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000  HK$’000
                                      附注    千港元    千港元    千港元    千港元    千港元    千港元    千港元    千港元    千港元    千港元
                                                            (note40)          (note42(b))

                                                          (附注40)        (附注42(b))

 At31March2018            于2018年3月31日                187,553    780,529    (18,197)    6,217    31,197    53,238  1,465,266  2,505,803    18,279  2,524,082
 EffectofadoptionofHKFRS15      采纳香港财务报告准则

                      第15号的影响          3.1(c)      –      –      –      –      –      –  (102,780)  (102,780)      –  (102,780)

 At1April2018(restated)        于2018年4月1日(经重列)            187,553    780,529    (18,197)    6,217    31,197    53,238  1,362,486  2,403,023    18,279  2,421,302
 Profitfortheyear            本年度溢利                      –      –      –      –      –      –    136,648    136,648    4,447    141,095
 Othercomprehensive          本年度其他全面收益╱(亏损):

 income/(loss)fortheyear:

 Exchangedifferences:          汇兑差额:

  Translationofforeignoperations      换算海外业务                  –      –      –      –      –    (39,656)      –    (39,656)      –    (39,656)
  Shareofmovementintheexchange    应占一间合营公司外汇

    fluctuationreserveofajointventure    波动储备之变动                –      –      –      –      –      7      –      7      –      7
  Shareofmovementsintheexchange    应占联营公司外汇波动储备之

    fluctuationreservesofassociates      变动                      –      –      –      –      –    (209)      –    (209)      –    (209)

 Totalcomprehensiveincome/(loss)    本年度全面收益╱(亏损)总额

 fortheyear                                        –      –      –      –      –    (39,858)  136,648    96,790    4,447    101,237

 Deemedcontributionfromanon-controlling 视作一名附属公司非控股股权

 equityholderofasubsidiary        持有人之注资                    –      –      –      –    2,307      –      –    2,307      –    2,307
 Deemeddisposalofpartialinterest    视作出售一间附属公司之部分权益

 inasubsidiary                                        –      –      –      –      90    (173)      –      (83)    1,177    1,094
 Disposalofsubsidiaries          出售附属公司            44(a)      –      –      –      –      –      –      –      –    (17,848)    (17,848)
 Cancellationofrepurchasedshares    注销已购回股份          39(a)    (1,214)    (7,355)      –      –      –      –      –    (8,569)      –    (8,569)
 Shareawardexpense          股份奖励开支            40(a)      –      –      –    1,381      –      –      –    1,381      –    1,381
 Exerciseofshareawardsundertheshare  行使在股份奖励计划下之

 awardscheme              股份奖励            40(b)      –      –    7,554    (2,208)      –      –      –    5,346      –    5,346
 Transferofshare-basedcompensationreserve 于没收股份奖励计划之股份时转拨
 upontheforfeitureofsharesundertheshare 股份报酬储备

 awardscheme                                        –      –      –    (2,616)      –      –    2,616      –      –      –
 Equity-settledshareoptionexpense    以股本结算之购股权开支      41(c)      –      –      –    7,004      –      –      –    7,004      –    7,004
 Otherequity-settledshare-basedpayment  其他以股本结算之以股份为基础

 expense                付款的开支            9        –      –      –    2,300      –      –      –    2,300      –    2,300
 Exerciseofequity-settledshare-based    以股本结算之以股份为基础付款之

 payment                行使              9        –      –      –    (2,300)    (355)      –      –    (2,655)    5,155    2,500
 Transferofshare-basedcompensation    于没收购股权时转拨股份报酬储备

 reserveupon theforfeitureofshareoptions                              –      –      –    (1,014)      –      –    1,014      –      –      –
 Final2018dividenddeclared        已宣派2018年度末期股息      13      –      –      –      –      –      –    (20,425)    (20,425)      –    (20,425)
 Interim2019dividenddeclared      已宣派2019年度中期股息      13      –      –      –      –      –      –    (23,479)    (23,479)      –    (23,479)
 Reclassification              重新分类                      –      –      –      –    (21,338)      –      –    (21,338)    21,338      –

 At31March2019            于2019年3月31日                186,339    773,174*  (10,643)*    8,764*    11,901*    13,207*  1,458,860*  2,441,602    32,548  2,474,150

*    These reserve accounts comprise the consolidated reserves of HK$2,255,263,000    *    于2019年3月31日,该等储备账包括综合财务状
    (2018: HK$2,318,250,000) in the consolidated statement of financial position as        况表内之综合储备2,255,263,000港元(2018年:
    at 31 March 2019.                                                                2,318,250,000港元)。

                                                                      2018/19年报    亚洲联合基建控股有限公司    129
综合现金流量表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                                                      2019          2018
                                                                                    2019年          2018年
                                                                    Notes          HK$’000        HK$’000
                                                                    附注            千港元          千港元
 CASH FLOWS FROM OPERATING ACTIVITIES    来自经营活动之现金流量

 Profit before tax                          除税前溢利                                    165,161        230,200
 Adjustments for:                        调整:

  Share of profits and losses of joint ventures        应占合营公司溢利及亏损                        (6,400)          (797)
  Share of profits and losses of associates        应占联营公司溢利及亏损                          1,332          (4,129)
  Interest income                          利息收入                      7            (23,478)        (15,827)
  Gains on deregistration of subsidiaries, net        取消注册附属公司之收益净额      7                (9)          (5,693)
  (Gain)/loss on sale of property interests through  透过出售附属公司出售物业权益

    disposal of subsidiaries                    之(收益)╱亏损              9            (257,674)            264
  Gain on sale of a property interest through      透过出售一间联营公司出售物业

    disposal of an associate                    权益之收益                  7                –          (2,075)
  Gains on disposal of other subsidiaries, net      出售其他附属公司之收益净额      7                –          (19,996)
  Gains on disposal of non-current assets        出售分类为持作销售之非流动资

    classified as held for sale                    产之收益                    7                –          (14,713)
  Fairvaluegainofinvestmentproperties,net        投资物业公平值收益净额          16            (26,623)        (261,900)
  Finance costs                            融资成本                      8            91,920          66,838
  Depreciation                            折旧                        9            20,988          14,890
  Fair value loss of equity investments            按公平值计入损益之股本投资之

    at fair value through profit or loss            公平值亏损                  9                15            25
  (Gain)/loss on disposal of items of property,      出售物业、机器及设备项目之

    plant and equipment, net                  (收益)╱亏损净额            9            (1,911)            670
  Write-off of items of property, plant and        物业、机器及设备项目之撇账

    equipment                                                        9              208            286
  Impairment of items of property, plant and      物业、机器及设备项目之减值

    equipment                                                        9              7,500          10,000
  Impairment of an investment deposit and      就一项已撤销收购交易的已付之

    partial consideration paid for a rescinded

    acquisition transaction                    投资按金及部分代价之减值      9            54,800              –
  Loss on modifications of terms of convertible    修订可换股债券条款之亏损

    bonds                                                            9                –          10,132
  Share award expense                      股份奖励开支                  9              1,381          3,443
  Equity-settled share option expense            以股本结算之购股权开支          9              7,004          2,832
  Other equity-settled share-based payment      其他以股本结算之以股份为基础

    expense                              付款的开支                  9              2,300              –
                                                                                    36,514          14,450
 Increase in land held for property development  持作物业发展之土地及发展中物业

  and properties under development            增加                                      (68,189)        (265,042)
 Decrease in properties held for sale            持作销售物业减少                                2,617          1,046
 Net decrease in balances with contract customers  合约客户结余减少净额                                –          25,176
 Decrease/(increase) in trade receivables        贸易应收款项减少╱(增加)                      144,948        (151,446)
 Increase in contract assets                  合约资产增加                                  (417,096)              –
 (Increase)/decrease in prepayments, deposits and  预付款项、按金及其他应收款项

  other receivables                        (增加)╱减少                                (14,600)        16,652
 Increase/(decrease) in trade payables          贸易应付款项增加╱(减少)                      320,418          (68,333)
 Increase in contract liabilities                合约负债增加                                    1,269              –
 (Decrease)/increase in other payables and accruals 其他应付款项及应计款项(减少)╱

                                        增加                                      (150,691)        168,800
 Sales deposits received for sale of a property    出售一项物业权益之已收销售按金

  interest                                                                                –        153,267
 Increase in provision for construction works      建筑工程之拨备增加                              20,501              –
 Cash used in operations                    经营业务所用之现金                            (124,309)        (105,430)
 Income taxes paid                        已付所得税                                    (36,223)        (49,653)
 Net cash flows used in operating activities        经营活动所用之现金流量净额                      (160,532)        (155,083)
130    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

综合现金流量表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                                                      2019          2018
                                                                                    2019年          2018年
                                                                    Notes          HK$’000        HK$’000
                                                                    附注            千港元          千港元
 CASH FLOWS FROM INVESTING ACTIVITIES  来自投资活动之现金流量

 Interest received                        已收利息                                      23,478          15,827
 Dividend received from an associate          自一间联营公司收取之股息                          3,763          21,842
 Purchases of items of property, plant and      购买物业、机器及设备项目

  equipment                                                                        (87,161)        (46,688)
 Proceeds from disposal of items of property, plant 出售物业、机器及设备项目

  and equipment                          所得款项                                    5,428          2,456
 Purchases of investment properties            购买投资物业                                  (102,011)              –
 Additions to investment property under        添置在建投资物业

  construction                                                                            –          (26,281)
 Proceeds from disposal of investment properties  出售投资物业所得款项                            10,782          9,359
 Acquisition of joint ventures                收购合营公司                                  (10,000)              –
 Acquisition of an associate                  收购一间联营公司                                (3,484)          (2,333)
 Proceeds from sale of property interests through  透过出售附属公司出售物业权益所

  disposal of subsidiaries                    得款项                      44(a)          200,111        476,352
 Proceeds from sale of property interests through  透过出售一间联营公司出售物业权

  disposal of an associate                    益所得款项                                      –          98,701
 Proceeds from disposal of other subsidiaries      出售其他附属公司所得款项        44(b)                –          28,563
 Increase in amount due from a joint venture    应收一间合营公司之款项增加                      (99,066)          (2,115)
 Increase in amounts due from associates        应收联营公司之款项增加                        (112,224)          (4,000)
 Increase in loan receivables                  应收贷款增加                                  (12,495)        (128,400)
 Decrease/(Increase) in time deposits with maturity 于购入时到期日超过三个月之

  of more than three months when acquired      定期存款减少╱(增加)                          3,001          (3,001)
 Net cash flows (used in)/from investing activities    投资活动(所用)╱产生之现金

                                        流量净额                                  (179,878)        440,282
                                                                      2018/19年报    亚洲联合基建控股有限公司    131
综合现金流量表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                                                      2019          2018
                                                                                    2019年          2018年
                                                                    Notes          HK$’000        HK$’000
                                                                    附注            千港元          千港元
 CASH FLOWS FROM FINANCING ACTIVITIES    来自融资活动之现金流量

 Proceeds from exercise of share awards under    根据股份奖励计划所行使之

  share award scheme                      股份奖励所得款项              40(b)            5,346              –
 Repurchase of shares                      购回股份                      39(a)            (8,569)              –
 Advance from a non-controlling shareholder    来自一名非控股股东之垫款                        33,378              –
 Repurchase of shares under the share award    根据股份奖励计划购回股份

  scheme                                                            40(b)                –          (18,197)
 New bank loans                          新获得银行贷款                              3,488,146        2,408,111
 New trust receipt loans                    新造信托收据贷款                                55,619          67,090
 Repayment of bank loans                  偿还银行贷款                                (3,137,022)      (2,152,711)
 Repayment of trust receipt loans              偿还信托收据贷款                              (55,619)        (69,599)
 Repayment of other borrowings              偿还其他借款                                      –          (2,820)
 Repayment of guaranteed bonds            偿还担保债券                                  (39,000)              –
 Repayment of straight bond                偿还普通债券                                      –          (93,442)
 Capital element of hire purchase contract      租购合约及融资租赁租金付款之

  and finance lease rental payments            资本部分                                    (10,947)        (13,846)
 Interest element of hire purchase contract      租购合约及融资租赁租金付款之

  and finance lease rental payments            利息部分                      8              (442)          (679)
 Other interest paid                        其他已付利息                                  (85,847)        (101,386)
 Dividends paid                          已付股息                                      (43,904)        (84,602)
 Dividend paid to a non-controlling shareholder of 已付附属公司一名非控股股东股息

  a subsidiary                                                                            –          (20,000)
 Decrease in restricted cash and pledged deposits    受限制现金及已抵押存款减少                      11,181          14,089
 Net cash flows from/(used in) financing activities    融资活动产生╱(所用)之

                                        现金流量净额                                212,320          (67,992)
 NET (DECREASE)/INCREASE IN CASH AND    现金及与现金等值项目(减少)╱增

  CASH EQUIVALENTS                    加净额                                    (128,090)        217,207
 Cash and cash equivalents at beginning of      年初时现金及与现金等值项目

  year                                                                            1,976,851        1,713,371
 Effect of foreign exchange rate changes, net    外币汇率变动影响净额                            (18,905)        46,273
 CASH AND CASH EQUIVALENTS AT END OF  年终时现金及与现金等值项目

  YEAR                                                                          1,829,856        1,976,851
132    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

综合现金流量表
Year ended 31 March 2019
截至2019年3月31日止年度

                                                                                      2019          2018
                                                                                    2019年          2018年
                                                                    Note          HK$’000        HK$’000
                                                                    附注            千港元          千港元
 ANALYSIS OF BALANCES OF CASH AND CASH 现金及与现金等值项目结余分析

  EQUIVALENTS

 Cash and bank balances other than time deposits 现金及银行结余(不包括定期存款)    30          1,113,039        1,196,089
 Time deposits                          定期存款                        30            742,966        821,093
 Less: Restricted cash and pledged deposits      减:受限制现金及已抵押存款        30            (26,149)        (37,330)
 Cash and cash equivalents as stated in the      综合财务状况表所述之现金及与现

  consolidated statement of financial position      金等值项目                                1,829,856        1,979,852
 Less: Time deposits with maturity of more than  减:于购入时到期日超过三个月之

      three months when acquired                定期存款                                      –          (3,001)
 Cash and cash equivalents as stated in the      综合现金流量表所述之现金及

  consolidated statement of cash flows          与现金等值项目                            1,829,856        1,976,851
                                                                      2018/19年报    亚洲联合基建控股有限公司    133
财务报表附注
31 March 2019
2019年3月31日

1. CORPORATE AND GROUP INFORMATION              1. 公司及集团资料

    Asia Allied Infrastructure Holdings Limited (the “Company”) is        亚洲联合基建控股有限公司(「本公司」)
    incorporated in Bermuda as an exempted company with limited        于百慕达注册成立为一间受豁免之有限
    liability and its shares are listed on the Main Board of The Stock        公司,其股份在香港联合交易所有限公
    Exchange of Hong Kong Limited (the “Stock Exchange”). The        司(「联交所」)主板上市。本公司之注册
    registered office of the Company is located at Clarendon House, 2        办事处位于Clarendon House, 2 Church
    Church Street, Hamilton HM 11, Bermuda, and the principal place        Street, Hamilton HM 11, Bermuda,而本
    of business of the Company is located at C1, 5th Floor, Hong Kong        公司之主要营业地点位于香港九龙长沙
    Spinners Industrial Building Phase 1, 601-603 Tai Nan West Street,        湾大南西街601-603号香港纱厂工业大厦
    Cheung Sha Wan, Kowloon, Hong Kong.                              1期5楼C1室。

    During the year, the Company and its subsidiaries (collectively,        于本年度内,本公司及其附属公司(统称
    the “Group”), joint operations, joint ventures and associates were        为「本集团」)、合营业务、合营公司及联
    involved in the following principal activities:                            营公司涉及下列主要业务:

       provision of construction and consultancy services in areas           主要在香港提供就土木工程、机电
        of civil engineering, electrical and mechanical engineering,            工程、地基及楼宇建筑方面之工程
        foundation and building construction mainly in Hong Kong;              及咨询服务;

       development and sale of properties and leasing of assets in           在香港、中华人民共和国(「中国」)
        Hong Kong, mainland of the People’s Republic of China (the            内地、阿拉伯联合酋长国(「阿联
        “PRC”), the United Arab Emirates (the “UAE”) and the United            酋」)及美利坚合众国(「美国」)进行
        States of America (the “USA”); and                                    发展及出售物业以及资产租赁;及
       provision of security and facility management solutions in Hong           在香港提供保安及设施管理解决方
        Kong.                                                            案。

    Particulars of the Company’s principal subsidiaries, joint operations,        本公司之主要附属公司、合营业务、合
    joint ventures and associates are set out in notes 52, 53, 54 and 55        营公司及联营公司详情分别载于财务报
    to the financial statements, respectively.                                表附注52、53、54及55。

    At 31 March 2019, in the opinion of the directors of the Company,        于2019年3月31日,本公司董事认为本公
    the immediate holding company and the ultimate holding company        司之直接控股公司及最终控股公司为GT
    of the Company is GT Winners Limited (“GT Winners”), which is a        Winners Limited(「GT Winners」),其为于
    company incorporated in the British Virgin Islands (the “BVI”) with        英属处女群岛(「英属处女群岛」)注册成
    limited liability.                                                    立之有限公司。

134    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

2. BASIS OF PREPARATION                          2. 编制基准

    These financial statements have been prepared in accordance        此等财务报表乃根据香港会计师公会
    with Hong Kong Financial Reporting Standards (“HKFRSs”) (which      (「香港会计师公会」)颁布之香港财务报
    include all Hong Kong Financial Reporting Standards, Hong Kong        告准则(「香港财务报告准则」)(包括所有
    Accounting Standards (“HKASs”) and Interpretations) issued by the        香港财务报告准则、香港会计准则(「香
    Hong Kong Institute of Certified Public Accountants (the “HKICPA”),        港会计准则」)及诠释)、香港公认会计原
    accounting principles generally accepted in Hong Kong and the        则及香港公司条例之披露规定而编制。
    disclosure requirements of the Hong Kong Companies Ordinance.        财务报表乃按历史成本基准编制,惟投
    They have been prepared under the historical cost convention except        资物业、按公平值计入损益之股本投资
    for investment properties, equity investments at fair value through        及可换股债券之衍生部分按公平值计量
    profit or loss and the derivative components of convertible bonds      (更多详情载于财务报表附注3.3)除外。
    which have been measured at fair value as further explained in        此等财务报表以港元(「港元」)呈列,除
    note 3.3 to the financial statements. These financial statements are        非另有说明,所有数值均四舍五入至最
    presented in Hong Kong dollars (“HK$”) and all values are rounded        接近千位(「千港元」)。

    to the nearest thousand (“HK$’000”) except when otherwise

    indicated.

  Basis of consolidation                                  综合基准

    The consolidated financial statements include the financial        综合财务报表包括本公司及其附属公司
    statements of the Company and its subsidiaries for the year ended        截至2019年3月31日止年度之财务报表。
    31 March 2019. A subsidiary is an entity (including a structured        附属公司为一间由本公司直接或间接控
    entity), directly or indirectly, controlled by the Company. Control        制之实体(包括结构性实体)。当本集团
    is achieved when the Group is exposed, or has rights, to variable        对参与投资对象业务的多项回报承担风
    returns from its involvement with the investee and has the ability to        险或享有权利以及能透过对投资对象的
    affect those returns through its power over the investee (i.e., existing        权力(即本集团获赋予现有能力以主导投
    rights that give the Group the current ability to direct the relevant        资对象相关活动的既存权利)影响该等回
    activities of the investee).                                            报时,即取得控制权。

    When the Company has, directly or indirectly, less than a majority        倘本公司直接或间接拥有少于投资对象
    of the voting or similar rights of an investee, the Group considers all        大多数投票权或类似的权利,则本集团
    relevant facts and circumstances in assessing whether it has power        于评估其是否拥有对投资对象之权力时
    over an investee, including:                                          会考虑一切相关事实及情况,包括:

    (a)  the contractual arrangement with the other vote holders of the        (a)  与投资对象其他投票持有人之合约
        investee;                                                          安排;

    (b)  rights arising from other contractual arrangements; and              (b)  其他合约安排所产生之权利;及

    (c)  the Group’s voting rights and potential voting rights.                (c)  本集团之投票权及潜在投票权。

    The financial statements of the subsidiaries are prepared for the        附属公司的财务报表乃就本公司之相同
    same reporting period as the Company. The results of subsidiaries        报告期编制。附属公司之业绩乃由本集
    are consolidated from the date on which the Group obtains control,        团获取控制权之日开始作综合计算,并
    and continue to be consolidated until the date that such control        继续综合入账直至失去有关控制权之日
    ceases. Adjustments are made to bring into line any dissimilar        为止。倘出现任何不相符之会计政策,
    accounting policies that may exist.                                    即会作出调整加以修正。

                                                                      2018/19年报    亚洲联合基建控股有限公司    135
财务报表附注
31 March 2019
2019年3月31日

2. BASIS OF PREPARATION (continued)                  2. 编制基准(续)

  Basis of consolidation (continued)                        综合基准(续)

    Profit or loss and each component of other comprehensive        损益及其他全面收益各组成部分乃归属
    income are attributed to the shareholders of the Company and        于本公司股东及非控股权益,即使此举
    to the non-controlling interests, even if this results in the non-        引致非控股权益出现亏绌结余。有关本
    controlling interests having a deficit balance. All intra-group assets        集团成员公司间交易资产及负债、权
    and liabilities, equity, income, expenses and cash flows relating to        益、收入、开支及现金流量均于综合账
    transactions between members of the Group are eliminated in full        目时全数抵销。

    on consolidation.

    The Group reassesses whether or not it controls an investee if facts        倘有事实及情况显示上文所述三个控制
    and circumstances indicate that there are changes to one or more        因素中有一个或以上出现变动,则本集
    of the three elements of control described above. A change in        团将重新评估是否仍控制投资对象。附
    the ownership interest of a subsidiary, without a loss of control, is        属公司之拥有权权益变动(并无丧失控制
    accounted for as an equity transaction.                                权)被视为权益交易入账。

    If the Group loses control over a subsidiary, it derecognises        倘本集团失去对附属公司之控制权,则
    (i) the assets (including goodwill) and liabilities of the subsidiary,        取消确认(i)该附属公司之资产(包括商誉)
    (ii) the carrying amount of any non-controlling interest and        及负债,(ii)任何非控股权益之账面值及
    (iii) the cumulative translation differences recorded in equity; and        (iii)于权益内记录之累计换算差额;及确
    recognises (i) the fair value of the consideration received, (ii) the fair        认(i)已收代价之公平值,(ii)所保留任何投
    value of any investment retained and (iii) any resulting surplus or        资之公平值及(iii)损益中任何因此产生之
    deficit in profit or loss. The Group’s share of components previously        盈余或亏绌。先前于其他全面收益内确
    recognised in other comprehensive income is reclassified to profit or        认之本集团应占部分重新分类至损益或
    loss or retained profits, as appropriate, on the same basis as would        保留溢利(如适用),所依据之基准与倘
    be required if the Group had directly disposed of the related assets        本集团直接出售相关资产或负债所需依
    or liabilities.                                                        据者相同。

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露

    The Group has adopted the following new and revised HKFRSs for        本集团于本财政年度之财务报表首次采
    the first time for the current financial year’s financial statements:          纳下列新订及经修订香港财务报告准则:
    Amendments to HKFRS 2  Classification and Measurement of            香港财务报告准则    以股份为基础的付款
                              Share-based Payment Transactions            第2号修订          交易之分类及计量
    Amendments to HKFRS 4  Applying HKFRS 9 Financial Instruments        香港财务报告准则    采用香港财务报告

                              with HKFRS 4 Insurance Contracts            第4号修订          准则第4号保险

                                                                                        合约时一并应用

                                                                                        香港财务报告准则
    HKFRS 9                Financial Instruments                                          第9号金融工具

                                                                                      金融工具

                                                                      香港财务报告准则

    HKFRS 15                Revenue from Contracts with                  第9号          来自客户合约之

                                                                      香港财务报告准则

                              Customers                                第15号            收益

    Amendments to HKFRS 15  Clarifications to HKFRS 15 Revenue          香港财务报告准则    厘清香港财务报告

                              from Contracts with Customers              第15号修订        准则第15号来自

                                                                                        客户合约之收益

    Amendments to HKAS 40  Transfers of Investment Property              香港会计准则      转让投资物业

    HK(IFRIC)-Int 22          Foreign Currency Transactions and              第40号修订      外币交易及预收

                                                                      香港(国际财务报告

                              Advance Consideration                    诠释委员会)-      预付代价

    Annual Improvements      Amendments to HKFRS 1 and                  诠释第22号

                                                                    2014年至2016年

                                                                                          香港财务报告准则

      2014-2016 Cycle          HKAS 28                                周期之年度改进      第1号及香港会计
                                                                                            准则第28号之修订
136    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    Other than as explained below regarding the impact of amendments        除下文有关香港财务报告准则第2号修
    to HKFRS 2, HKFRS 9, HKFRS 15, amendments to HKFRS 15,        订、香港财务报告准则第9号、香港财务
    amendments to HKAS 40, and HK(IFRIC)-Int 22, the adoption of the        报告准则第15号、香港财务报告准则第
    above new and revised standards has had no significant financial        15号修订、香港会计准则第40号修订及
    effect on these financial statements.                                  香港(国际财务报告诠释委员会)-诠释
                                                                      第22号的影响之解释外,采纳上述新订
                                                                      及经修订准则对此等财务资料并无重大
                                                                      财务影响。

    (a)  Amendments to HKFRS 2 address three main areas: the effects        (a)  香港财务报告准则第2号修订阐述
        of vesting conditions on the measurement of a cash-settled            三大范畴:归属条件对计量以现金
        share-based payment transaction; the classification of a share-            结算之以股份为基础付款交易之影
        based payment transaction with net settlement features for            响;对附有预扣若干金额之净额结
        withholding a certain amount in order to meet an employee’s            算特质以满足与以股份为基础付款
        tax obligation associated with the share-based payment; and            相关之雇员税务责任之以股份为基
        accounting where a modification to the terms and conditions            础付款交易作出分类;以及对因修
        of a share-based payment transaction changes its classification            订以股份为基础付款交易之条款及
        from cash-settled to equity-settled. The amendments clarify            条件而导致其分类由现金结算变为
        that the approach used to account for vesting conditions when            股本结算时之会计处理方法。该等
        measuring equity-settled share-based payments also applies to            修订厘清,于计量以股本结算之以
        cash-settled share-based payments. The amendments introduce            股份为基础付款之交易时,用于计
        an exception so that a share-based payment transaction with            入归属条件之方法亦适用于以现金
        net share settlement features for withholding a certain amount            结算之以股份为基础付款交易。该
        in order to meet the employee’s tax obligation is classified            等修订引入一个例外情况,致使在
        in its entirety as an equity-settled share-based payment            符合若干条件之情况下,附有预扣
        transaction when certain conditions are met. Furthermore,            若干金额之净额结算特质以满足雇
        the amendments clarify that if the terms and conditions of a            员税务责任之以股份为基础付款之
        cash-settled share-based payment transaction are modified,            交易乃完整分类为以股本结算之以
        with the result that it becomes an equity-settled share-based            股份为基础付款之交易。此外,该
        payment transaction, the transaction is accounted for as an            等修订厘清,倘以现金结算之以股
        equity-settled transaction from the date of the modification.            份为基础付款交易之条款及条件有
        The amendments have had no impact on the financial position            所修订,导致其变为以股本结算之
        or performance of the Group as the Group does not have any            以股份为基础付款之交易,该交易
        cash-settled share-based payment transactions and has no            自修订日期起乃入账列为以股本结
        share-based payment transactions with net settlement features            算之交易。该等修订对本集团之财
        for withholding tax.                                                务状况或表现并无影响,原因为本
                                                                          集团并无任何以现金结算之以股份
                                                                          为基础付款交易,且并无附有预扣
                                                                          税项之净额结算特质以股份为基础
                                                                          付款交易。

                                                                      2018/19年报    亚洲联合基建控股有限公司    137
财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (b)  HKFRS 9 Financial Instruments replaces HKAS 39 Financial        (b)  香港财务报告准则第9号金融工具于
        Instruments: Recognition and Measurement for annual periods            2018年1月1日或之后开始的年度期
        beginning on or after 1 January 2018, bringing together all            间取代香港会计准则第39号金融工
        three aspects of the accounting for financial instruments:          具:确认及计量,汇集金融工具会
        classification and measurement, impairment and hedge            计处理之所有三个方面:分类及计
        accounting.                                                        量、减值及对冲会计。

        The Group has applied HKFRS 9 from the date of initial            本集团已于2018年4月1日首次应用
        application, i.e., 1 April 2018. Therefore, the comparative            香港财务报告准则第9号。因此,本
        information was not restated and continues to be reported            集团并未重列比较资料,并继续根
        under HKAS 39.                                                    据香港会计准则第39号进行呈报。
        Classification and measurement                                    分类及计量

        Upon the adoption of HKFRS 9, on 1 April 2018, the Group:              于2018年4月1日采纳香港财务报告
                                                                          准则第9号后,本集团:

        (i)  continued to classify the listed equity investments as at            (i)  继续将于2018年3月31日之上
            31 March 2018 as financial assets at fair value through                市股本投资分类为按公平值计
            profit or loss;                                                      入损益之金融资产;

        (ii)  reclassified a loan of HK$313,993,000 advanced to a            (ii)  重新分类于2018年3月31日
            joint venture which was classified as an item of loans and                之授予一间合营公司之贷款
            receivables as at 31 March 2018 as a financial asset at fair                313,993,000港元(过往归类为
            value through profit or loss;                                          贷款及应收款项)为按公平值计
                                                                              入损益之金融资产;

        (iii) reclassified other loans and receivables as at 31 March            (iii) 重新分类于2018年3月31日之
            2018 as financial assets at amortised cost; and                          其他贷款及应收款项为按摊销
                                                                              成本计量之金融资产;及

        (iv) continued to classify all financial liabilities as at 31 March            (iv) 继续将于2018年3月31日之所
            2018 as financial liabilities at amortised cost.                            有金融负债分类为按摊销成本
                                                                              计量之金融负债。

        Other than the above-mentioned loan advanced to a joint            除上述根据香港财务报告准则第9号
        venture which is measured at fair value under HKFRS 9 instead            按公平值而非根据香港会计准则第
        of at amortised cost under HKAS 39, there was no change in            39号按摊销成本计量之授予一间合
        the measurement of the Group’s financial assets and liabilities            营公司之贷款外,于2018年4月1日
        as at 31 March 2018 upon the adoption of HKFRS 9 on 1 April            采纳香港财务报告准则第9号后,本
        2018.                                                            集团于2018年3月31日之金融资产
                                                                          及负债之计量并无变动。

        Impairment                                                      减值

        The Group did not recognise additional impairment loss            于2018年4月1日首次应用香港财务
        allowance against financial assets upon initial application            报告准则第9号后,本集团并无就金
        of HKFRS 9 on 1 April 2018 as the amounts involved are            融资产确认额外减值亏损拨备,原
        insignificant.                                                      因为所涉金额并不重大。

138    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  HKFRS 15 and its amendments replace HKAS 11 Construction        (c)  香港财务报告准则第15号及其修订
        Contracts, HKAS 18 Revenue and related interpretations and            本取代香港会计准则第11号建筑合
        they apply, with limited exceptions, to all revenue arising from          约、香港会计准则第18号收益及相
        contracts with customers. HKFRS 15 establishes a new five-            关诠释,且除有限例外情况外,适
        step model to account for revenue arising from contracts            用于客户合约所产生之所有收益。
        with customers. Under HKFRS 15, revenue is recognised            香港财务报告准则第15号确立一个
        at an amount that reflects the consideration to which an            新五步模式,用以为来自客户合约
        entity expects to be entitled in exchange for transferring            所产生之收益入账。根据香港财务
        goods or services to a customer. The principles in HKFRS 15            报告准则第15号,收益乃按可反映
        provide a more structured approach for measuring and            实体预期就向客户转让货品或服务
        recognising revenue. The standard also introduces extensive            而有权获得之代价金额进行确认。
        qualitative and quantitative disclosure requirements, including            香港财务报告准则第15号之原则为
        the disaggregation of total revenue, information about            计量及确认收益提供更加结构化之
        performance obligations, changes in contract asset and liability            方法。该准则亦引入广泛之定性及
        account balances between periods and key judgements and            定量披露规定,包括收益总额之分
        estimates. The disclosures are included in notes 4, 6 and 25 to            拆、关于履约责任、不同期间之间
        the financial statements. As a result of the application of HKFRS            合约资产及负债账目结余之变动以
        15, the Group has changed its accounting policy with respect            及主要判断及估计之资料。相关披
        to revenue recognition in note 3.3 to the financial statements.            露载于财务报表附注4、6及25。由
                                                                          于应用香港财务报告准则第15号,
                                                                          本集团已更改于财务报表附注3.3有
                                                                          关收益确认之会计政策。

        The Group has adopted HKFRS 15 using the modified            本集团以经修订之追溯法采纳香港
        retrospective method of adoption. Under this method, the            财务报告准则第15号。根据该方
        standard can be applied either to all contracts at the date of            法,该项准则适用于首次应用日期
        initial application or only to contracts that are not completed            的所有合约或仅适用于当日尚未完
        at this date. The Group has elected to apply the standard to            成之合约。本集团已选择将该项准
        contracts that are not completed as at 1 April 2018.                      则应用于截至2018年4月1日尚未完
                                                                          成的合约。

        The cumulative effect of the initial application of HKFRS 15            首次应用香港财务报告准则第15号
        was recognised as an adjustment to the opening balance of            之累计影响已作为一项对 2018 年4
        retained profits as at 1 April 2018. Therefore, the comparative            月1日之保留溢利期初结余之调整确
        information was not restated and continues to be reported            认。因此,本集团并未重列比较资
        under HKAS 11, HKAS 18 and related interpretations.                    料,并继续根据香港会计准则第11
                                                                          号、香港会计准则第18号及相关诠
                                                                          释进行呈报。

                                                                      2018/19年报    亚洲联合基建控股有限公司    139
财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        The Group’s principal activities that are within the scope of            本集团属于香港财务报告准则第15
        HKFRS 15 comprise construction services, development and sale            号范畴内的主要业务包括建筑服
        of properties and provision of security and facility management            务、发展及出售物业及提供保安及
        solutions.                                                          设施管理解决方案。

        Set out below are the amounts by which each financial            以下载列因采纳香港财务报告准则
        statement line item was affected as at 1 April 2018 as a result            第15号导致于2018年4月1日财务报
        of the adoption of HKFRS 15:                                        表之各项目受影响之金额。

                                                                                                Increase/
                                                                                                (decrease)
                                                                                            增加╱(减少)
                                                                                    Notes        HK$’000
                                                                                    附注          千港元
        Assets                                          资产

        Amounts due from contract customers                应收合约客户款项          (i)        (1,966,743)
        Trade receivables                                  贸易应收款项              (i)          (539,234)
        Contract assets                                    合约资产                  (i)        2,303,320
        Total assets                                      资产总额                              (202,657)
        Liabilities                                        负债

        Amounts due to contract customers                  应付合约客户款项          (i)          (796,012)
        Other payables and accruals                        其他应付款项及应计款项    (i), (ii)        583,867
        Sales deposits received for sale of                    出售一项物业权益之

          a property interest                                已收销售按金            (ii)          (297,360)
        Contract liabilities                                合约负债                  (ii)          299,716
        Provision for construction works                    建筑工程之拨备            (i)          112,627
        Deferred tax liabilities                              递延税项负债              (i)            (2,715)
        Total liabilities                                    负债总额                                (99,877)
        Equity                                          权益

        Retained profits                                  保留溢利                  (i)          (102,780)
140    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        Set out below are the amounts by which each financial            以下载列因采纳香港财务报告准则
        statement line item was affected as at 31 March 2019 and            第15号导致于2019年3月31日及截
        for the year ended 31 March 2019 as a result of the adoption            至2019年3月31日止年度财务报表
        of HKFRS 15. The adoption of HKFRS 15 has had no impact            各项目受影响之金额。采纳香港财
        on other comprehensive income or on the Group’s operating,            务报告准则第15号并无对于2019年
        investing and financing cash flows for the year ended 31 March            3月31日止年度之其他全面收益或本
        2019. The first column shows the amounts recorded under            集团之经营、投资及融资现金流量
        HKFRS 15 and the second column shows what the amounts            产生影响。第一栏列示根据香港财
        would have been had HKFRS 15 not been adopted:                      务报告准则第15号列账之金额,而
                                                                          第二栏则列示倘未采纳香港财务报
                                                                          告准则第15号而本该录得之金额:
        Consolidated statement of profit or loss and other            截至2019年3月31日止年度之综合
        comprehensive income for the year ended 31 March 2019:                损益及其他全面收益表:

                                                                        Amounts prepared under

                                                                          根据下列准则编制之金额

                                                                                  Previous      Increase/
                                                                  HKFRS 15        HKFRS    (decrease)
                                                                    香港财务    先前采纳之

                                                                    报告准则      香港财务        增加╱
                                                                      第15号      报告准则      (减少)
                                                        Notes      HK$’000      HK$’000      HK$’000
                                                        附注        千港元        千港元        千港元
        Revenue                      营业额            (i)      8,076,048    7,034,153    1,041,895
        Cost of sales                  销售成本          (i)      (7,621,505)    (6,708,290)    (913,215)
        Gross profit                    毛利                          454,543      325,863      128,680
        Profit before tax                除税前溢利                    165,161        36,481      128,680
        Income tax                    所得税                        (24,066)      (24,066)            –
        Profit for the year              本年度溢利                    141,095        12,415      128,680
        Other comprehensive loss for the  本年度其他全面

          year, net of income tax of nil    亏损,已扣除

                                        零港元之所得税              (39,858)      (39,858)            –
        Total comprehensive income/    本年度全面收益╱

          (loss) for the year              (亏损)总额                  101,237      (27,443)      128,680
        Profit for the year attributable to:  应占本年度溢利:

          Shareholders of the Company    本公司股东                  136,648        7,968      128,680
          Non-controlling interests        非控股权益                    4,447        4,447            –
                                                                    141,095        12,415      128,680
        Total comprehensive income/(loss) 应占本年度全面

          for the year attributable to:      收益╱(亏损)

                                        总额:

          Shareholders of the Company    本公司股东                  96,790      (31,890)      128,680
          Non-controlling interests        非控股权益                    4,447        4,447            –
                                                                    101,237      (27,443)      128,680
        Earnings per share attributable    本公司股东应占              HK cents      HK cents      HK cents
          toshareholdersoftheCompany    每股盈利                      港仙          港仙          港仙
          Basic                          基本                          7.37          0.43          6.94
          Diluted                        摊薄                          7.36          0.43          6.93
                                                                      2018/19年报    亚洲联合基建控股有限公司    141
财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        Consolidated statement of financial position as at 31 March            于2019年3月31日之综合财务状况
        2019:                                                            表:

                                                                        Amounts prepared under

                                                                          根据下列准则编制之金额

                                                                                  Previous      Increase/
                                                                  HKFRS 15        HKFRS    (decrease)
                                                                    香港财务    先前采纳之

                                                                    报告准则      香港财务        增加╱
                                                                      第15号      报告准则      (减少)
                                                        Notes      HK$’000      HK$’000      HK$’000
                                                        附注        千港元        千港元        千港元
        Amounts due from contract      应收合约客户款项

          customers                                      (i)              –    2,262,943    (2,262,943)
        Trade receivables              贸易应收款项      (i)        983,990    1,541,036      (557,046)
        Contract assets                合约资产          (i)      2,752,909            –    2,752,909
        Total assets                    资产总额                    8,225,514    8,292,594      (67,080)
        Amounts due to contract        应付合约客户款项

          customers                                      (i)              –      373,566      (373,566)
        Contract liabilities              合约负债          (ii)          33,905            –        33,905
        Other payables and accruals      其他应付款项及

                                        应计款项        (ii)        891,599      778,046      113,553
        Provision for construction works  建筑工程之拨备    (i)        133,128            –      133,128
        Total liabilities                  负债总额                    5,751,364    5,844,344      (92,980)
        Net assets                    资产净值                    2,474,150    2,448,250        25,900
        Retained profits                保留溢利                    1,458,860    1,432,960        25,900
        Total equity                    权益总额                    2,474,150    2,448,250        25,900
        The nature of the adjustments as at 1 April 2018 and the            于2018年4月1日之调整性质以及于
        reasons for the significant changes in the consolidated            2019年3月31日之综合财务状况表
        statement of financial position as at 31 March 2019            及截至2019年3月31日止年度之综
        and the consolidated statement of profit or loss and            合损益及其他全面收益表之重大变
        other comprehensive income for the year ended            动原因如下:

        31 March 2019 are described below:

142    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        (i)  Construction services                                          (i)  建筑服务

            Identification of performance obligations                              识别履约责任

            The Group considered HKFRS 15’s guidance on                本集团考虑香港财务报告准则
            identification of performance obligations in a construction                第15号有关识别于建筑合约、
            contract, contract combinations, contract modifications                合约组合、合约修订中之履约
            and resulting variation consideration arising from                责任及因变更指令及索偿而产
            variation orders and claims. In particular, the Group                生的可变代价之指引。具体而
            provides warranties to customers in relation to the                言,本集团就提供建筑服务于
            provision of construction services for general repairs of                维修责任期产生缺陷的一般维
            defects occurring during a defect liability period which                修向客户提供保养并通常于建
            generally lasts for one to two years after completion of                筑工程完成后持续一至两年。
            the construction work. The Group considered that this is                本集团认为此乃本集团授出之
            a kind of assurance-type warranties granted by the Group                保证型保养,并不构成单独将
            and does not constitute a separate service or goods to                予转让至客户之服务或货品。
            be transferred to customers. Based on the results of the                根据评估结果,本集团认为,
            assessment, the Group concluded that, in general, a                一般而言,就会计目的而言建
            construction contract or a work order contains one single                筑合约或工程指令只包含一项
            performance obligation for accounting purposes.                        履约责任。

            Timing of revenue recognition                                      收益确认时间

            The Group has assessed that, as the Group’s performance                本集团已评估,由于本集团之
            under a construction contract creates or enhances                履约行为创造或增加了客户于
            an asset that the customer controls as the asset is                资产被创造或增加时已控制之
            created or enhanced, therefore the Group satisfies the                资产,因此本集团履行于建筑
            performance obligation under a construction contract and                合约下之履约责任并于建筑过
            recognises related revenue over time during the course of                程中确认相关收益。

            construction by the Group.

            Revenue from the Group’s construction contracts is                本集团之建筑合约收益按产量
            recognised over time under an output method. The                法随时间确认。完成建筑合约
            progress towards complete satisfaction of a performance                履约责任之进度乃参照内部或
            obligation of a construction contract is measured with                外聘测量师就迄今为止已完成
            reference to the certificates issued by the internal or                履约或工程部分所出具之批核
            external surveyors on the performance or work completed                证明计量。

            to date.

            Accordingly, upon the adoption of HKFRS 15, amounts                因此,采纳香港财务报告准
            due from contract customers and amounts due to                则第15号后,于2019年3月
            contract customers as at 31 March 2019 were decreased                31日,应收合约客户款项及
            by HK$67,080,000 (1 April 2018: HK$202,657,000)                应付合约客户款项分别减少
            and HK$226,108,000 (1 April 2018: HK$209,789,000),                67,080,000港元(2018年4月
            respectively, with a related deferred tax effect of nil                1 日 : 202,657,000 港 元 )及
            (1 April 2018: HK$2,715,000), resulting in an increase                226,108,000港元(2018年4月1
            in profit for the year ended 31 March 2019 and retained                日:209,789,000港元),有关
            profits as at 31 March 2019 of HK$149,181,000                递延税务影响为零(2018年4月
            and HK$159,028,000 (1 April 2018: increase of                1日:2,715,000港元),致令截
            HK$9,847,000), respectively.                                          至2019年3月31日止年度溢利
                                                                              及于2019年3月31日之保留溢
                                                                              利分别增加149,181,000港元
                                                                              及159,028,000港元(2018年4
                                                                              月1日:增加9,847,000港元)。
                                                                      2018/19年报    亚洲联合基建控股有限公司    143
财务报表附注
31 March 2019
2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        (i)  Construction services (continued)                              (i)  建筑服务(续)

            Contract assets and contract costs                                    合约资产及合约成本

            Upon the adoption of HKFRS 15, unbilled revenue is                本集团于采纳香港财务报告
            recognised when the Group performs by transferring                准则第15号后,未发票据之
            goods or services to customers and the Group’s right to                收益乃透过向客户转让货品或
            consideration is conditional on the satisfaction by the                服务,而本集团收取代价之权
            customers on the construction work completed by the                利须待客户对本集团所完成建
            Group, i.e., the work is pending for the certification by                筑工程表示满意后方可作实且
            the customers, and such balance was reclassified from                相关工程(尚有待客户核证时
            amounts due from contract customers under previous                进行确认), 而有关余额已由
            HKFRS to contract assets under HKFRS 15. Accordingly,                根据先前之香港财务报告准则
            the Group reclassified HK$2,195,863,000 (1 April 2018:                之应收合约客户款项重新分
            HK$1,764,086,000) from amounts due from contract                类至根据香港财务报告准则
            customers to contract assets as at 31 March 2019.                      第15号之合约资产。因此,
                                                                              本集团将于2019年3月31日为
                                                                              2,195,863,000港元(2018年4
                                                                              月1日:1,764,086,000港元)之
                                                                              应收合约客户款项重新分类至
                                                                              合约资产。

            In addition, upon the adoption of HKFRS 15, costs that                此外,采纳香港财务报告准则
            related to satisfying performance obligations are expensed                第15号后,与履行履约责任
            as incurred. Accordingly, amounts due to contract                有关的成本于产生时支销。因
            customers of HK$147,458,000 as at 31 March 2019                此,于2019年3月31日应付合
            (1 April 2018: HK$586,223,000) were reclassified to                约客户款项为147,458,000港元
            accruals.                                                          (2018年4月1日:586,223,000
                                                                                港元)已重新分类至应计款项。
            Provision for construction works                                    建筑工程之拨备

            The Group recognises provision for construction works                当执行建筑合约履约责任的不
            when the unavoidable costs of meeting the performance                可避免成本超过根据建筑合约
            obligations under the construction contracts exceed the                预期将取得的经济利益时,本
            economic benefits expected to be received under them.                集团将确认建筑工程之拨备。
            The amount of provision is estimated based on contract                拨备金额根据完成合约成本及
            costs to completion and contract claims. The estimation                合同索赔估算。本集团将持续
            basis is reviewed on an ongoing basis and revised where                检讨估计基础,并在适当情况
            appropriate.                                                        下作出修订。

            Upon the adoption of HKFRS 15, provision for                采纳香港财务报告准则第15号
            construction works of HK$133,128,000 was recognised                后,133,128,000港元之建筑
            as at 31 March 2019 (1 April 2018: HK$112,627,000),                工程之拨备于2019年3月31日
            resulting in a decrease in profit for the year and retained                (2018年4月1日:112,627,000
            profits of HK$20,501,000 and HK$133,128,000 (1 April                港元)确认,并使本年度溢利及
            2018: HK$112,627,000), respectively.                                  保留溢利分别减少20,501,000
                                                                              港元及133,128,000港元(2018
                                                                              年4月1日:112,627,000港元)。
144    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        (i)  Construction services (continued)                              (i)  建筑工程(续)

            Retention receivables                                              应收保固金

            Before the adoption of HKFRS 15, retention receivables                于采纳香港财务报告准则第15
            arising from construction contracts, that were conditional                号前,建筑合约产生之应收保
            on the satisfaction of the service quality by the customers                固金(须待客户于合约订明之
            over a defect liability period as stipulated in the contracts,                维修责任期间内对服务质素表
            were included in trade receivables. Upon the adoption of                示满意后方可作实), 已计入
            HKFRS 15, retention receivables of HK$557,046,000 as                贸易应收款项。采纳香港财务
            at 31 March 2019 (1 April 2018: HK$539,234,000) were                报告准则第15号后,应收保
            reclassified to contract assets.                                        固金557,046,000港元于2019
                                                                                年3月 31 日(2018年4月1日:
                                                                                539,234,000港元)重新分类至
                                                                                合约资产。

            The Group also assessed whether there is a significant                本集团亦评估建筑合约中是否
            financing component in a construction contract,                存在重大融资成分,尤其考虑
            particularly taking into account the reasons for the                导致货品及服务控制权转让予
            difference in timing between the transfer of control of                客户与相关付款时间两者间之
            goods and services to customers and timing of related                时间差异之原因。应收保固金
            payments. Retention receivables represented withholding                指扣除每笔分期付款之特定百
            of a specified percentage of each milestone payment,                分比,旨在保护客户免于本集
            which is intended to protect the customers from the                团未能充分履行合约规定之责
            Group’s failure to adequately complete its obligations                任。因此,应收保固金不会根
            under the contracts. Accordingly, retention receivables                据重大融资成分之影响进行调
            are not adjusted for the effects of a significant financing                整。

            component.

        (ii) Development and sale of properties                            (ii) 发展及出售物业

            Regarding the revenue arising from the development and                就发展及出售物业所产生之收
            sale of properties, the Group has assessed that, based on                益而言,本集团已根据本集团
            the terms of the sale agreements entered into between                与客户所订立出售协议之条款
            the Group and customers, the Group does not have an                评估,本集团并无可强制执行
            enforceable right to payment for performance completed                之权利以收取迄今为止已完成
            to date. Accordingly, the criteria set out in HKFRS 15 for                履约部分的款项。因此,香港
            recognising revenue over time are not met for the sale of                财务报告准则第15号所载之随
            properties. On account of this, the Group continues to                时间确认收益准则并不符合出
            recognise the sale of properties until the point in time at                售物业。因此,本集团将继续
            which the Group delivers the properties to the customers.                确认出售物业直至本集团向客
                                                                                户交付物业的时间点为止。

            Before the adoption of HKFRS 15, the Group recognised                本集团于采纳香港财务报告准
            consideration received from customers in advance as                则第15号前,将预收客户之
            other payables or sales deposits received for sale of a                代价确认为其他应付款项或出
            property interest. Upon adoption of HKFRS 15, the Group                售一项物业权益之已收销售按
            reclassified customers’ deposits of HK$33,905,000 as                金。采纳香港财务报告准则第
            at 31 March 2019 from other payables (1 April 2018:                15号后,本集团将于2019年3
            HK$2,356,000 and HK$297,360,000 from other payables                月31日的客户按金33,905,000
            and sales deposits received for sale of a property interest)                港元由其他应付款项(2018
            to contract liabilities.                                                年4月1日:2,356,000港元及
                                                                                297,360,000港元分别由其他
                                                                                应付款及出售一项物业权益之
                                                                                已收销售按金)重新分类至合约
                                                                                负债。

                                                                      2018/19年报    亚洲联合基建控股有限公司    145
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2019年3月31日

3.1 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES  3.1 会计政策变动及披露(续)

    (continued)

    (c)  (continued)                                                    (c) (续)

        (iii) Provision of security and facility management            (iii) 提供保安及设施管理解决方案
            solutions

            Regarding the revenue arising from the provision of                就提供保安及设施管理解决方
            security and facility management solutions, the accounting                案服务所产生之收益而言,根
            policy under the previous HKFRS for revenue recognition                据先前之香港财务报告准则之
            of the service income over time when services are provided                服务收益之会计政策为就提供
            is still an appropriate method under HKFRS 15, because                之服务随时间确认,此仍为香
            the customer simultaneously receives and consumes the                港财务报告准则第15号项下之
            benefits provided by the Group.                                      适用方法,因为客户同时收取
                                                                                及使用本集团提供之利益。

    (d)  Amendments to HKAS 40 clarify when an entity should        (d)  香港会计准则第40号修订厘清实体
        transfer property, including property under construction            何时应将物业(包括在建或发展中物
        or development, into or out of investment property. The            业)转入或转出投资物业。该等修订
        amendments state that a change in use occurs when the            规定,当物业开始符合或不再符合
        property meets, or ceases to meet, the definition of investment            投资物业之定义,且有用途改变之
        property and there is evidence of the change in use. A mere            证据时,即其用途改变存在。仅管
        change in management’s intentions for the use of a property            理层对有关物业用途之意向变化并
        does not provide evidence of a change in use. The amendments            不构成用途改变的证据。该等修订
        have had no impact on the financial position or performance of            对本集团之财务状况或表现并无影
        the Group.                                                        响。

    (e)  HK(IFRIC)-Int 22 provides guidance on how to determine the        (e)  香港(国际财务报告诠释委员会)诠
        date of the transaction when applying HKAS 21 The Effects            释第22号提供有关在对实体以外币
        of Changes in Foreign Exchange Rates to the situation where            收取或支付预付代价并确认非货币
        an entity receives or pays advance consideration in a foreign            资产或负债的情况应用香港会计准
        currency and recognises a non-monetary asset or liability. The            则第21号外币汇率变动的影响 时
        interpretation clarifies that the date of the transaction for the            如何确定交易日期的指引。该解释
        purpose of determining the exchange rate to use on initial            厘清,就确定首次确认相关资产、
        recognition of the related asset, expense or income (or part of            开支或收入(或其中一部分)时使用
        it) is the date on which an entity initially recognises the non-            的汇率而言的交易日期,为实体首
        monetary asset (such as a prepayment) or non-monetary liability            次确认因支付或收取预付代价所产
        (such as deferred income) arising from the payment or receipt            生的非货币资产(如预付款项)或非
        of the advance consideration. If there are multiple payments            货币负债(如递延收入)之日。如在
        or receipts in advance of recognising the related item, the            确认相关项目前多次预付或预收款
        entity must determine the transaction date for each payment            项,实体必须确定每次预付或预收
        or receipt of the advance consideration. The interpretation            代价的交易日期。由于本集团用于
        has had no impact on the financial statements as the Group’s            厘定首次确认非货币资产或非货币
        accounting policy for the determination of the exchange rate            负债的汇率的会计政策与诠释所提
        applied for initial recognition of non-monetary assets or non-            供的指引一致,故该诠释对此财务
        monetary liabilities is consistent with the guidance provided in            资料并无影响。

        the interpretation.

146    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.2 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL  3.2 已颁布但尚未生效之香港财务
  REPORTING STANDARDS                              报告准则

    The Group has not applied the following new and revised HKFRSs,        本集团并无于该等财务报表应用下列已
    that have been issued but are not yet effective, in these financial        颁布但尚未生效之新订及经修订香港财
    statements:                                                        务报告准则:

    Amendments to HKFRS 3  Definition of a Business2                    香港财务报告准则  业务之定义2

                                                                        第3号修订

    Amendments to HKFRS 9  Prepayment Features with Negative          香港财务报告准则  带有负补偿特性之
                              Compensation1                            第9号修订        预付款项1

    Amendments to HKFRS 10  Sale or Contribution of Assets between        香港财务报告准则  投资者与其联营

      and HKAS 28 (2011)      an Investor and its Associate or Joint          第10号及香港会计  公司或合营公司
                              Venture4                                  准则第28号修订    之间之资产出售
                                                                        (2011年)        或注资4

    HKFRS 16                Leases1                                  香港财务报告准则  租赁1

                                                                        第16号

    HKFRS 17                Insurance Contracts3                        香港财务报告准则  保险合约3

                                                                        第17号

    Amendments to HKAS 1    Definition of Material2                      香港会计准则      重大性之定义2

      and HKAS 8                                                        第1号及香港会计

                                                                        准则第8号修订

    Amendments to HKAS 19  Plan Amendment, Curtailment or            香港会计准则      计划修订、缩减

                              Settlement1                              第19号修订        或结清1

    Amendments to HKAS 28  Long-term Interests in Associates and        香港会计准则      于联营公司及合营
                              Joint Ventures1                            第28号修订        公司之长期权益1
    HK(IFRIC)-Int 23          Uncertainty over Income Tax                香港(国际财务报告 所得税处理的

                              Treatments1                              诠释委员会)-    不确定性1

                                                                        诠释第23号

    Annual Improvements      Amendments to HKFRS 3, HKFRS 11,        2015年至2017年    香港财务报告准则
      2015-2017 Cycle          HKAS 12 and HKAS 231                    周期之年度改进    第3号、香港财
                                                                                            务报告准则第11
                                                                                            号、香港会计准
                                                                                            则第12号及香港
                                                                                            会计准则第23号
                                                                                            修订1

        1    Effective for annual periods beginning on or after 1 January 2019                                1    于2019年1月1日或之后开始之年度期间生
                                                                                          效

        2    Effective for annual periods beginning on or after 1 January 2020                                2    于2020年1月1日或之后开始之年度期间生
                                                                                          效

        3    Effective for annual periods beginning on or after 1 January 2021                                3    于2021年1月1日或之后开始之年度期间生
                                                                                          效

        4    No mandatory effective date yet determined but available for adoption                        4    尚未厘定强制生效日期,但可提前采纳

                                                                      2018/19年报    亚洲联合基建控股有限公司    147
财务报表附注
31 March 2019
2019年3月31日

3.2 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL  3.2 已颁布但尚未生效之香港财务
  REPORTING STANDARDS (continued)                      报告准则(续)

    Further information about those new and revised HKFRSs that are        有关预期适用于本集团之该等新订及经
    expected to be applicable to the Group is as follows:                    修订香港财务报告准则之进一步资料如
                                                                      下:

    (a)  Amendments to HKFRS 3 clarify and provide additional        (a)  香港财务报告准则第3号修订澄清并
        guidance on the definition of a business. The amendments            提供有关业务定义之额外指引。该
        clarify that for an integrated set of activities and assets to be            等修订澄清,就一系列被视为业务
        considered a business, it must include, at a minimum, an input            之综合活动及资产而言,其须至少
        and a substantive process that together significantly contribute            包括一项投入及一个实质性过程,
        to the ability to create output. A business can exist without            可共同对创造产出之能力有重大贡
        including all of the inputs and processes needed to create            献。业务可在不包括创造产出所需
        outputs. The amendments remove the assessment of whether            之所有投入及过程之情况下存在。
        market participants are capable of acquiring the business and            该等修订移除了对市场参与者能否
        continue to produce outputs. Instead, the focus is on whether            获取业务并继续创造产出之评估。
        acquired inputs and acquired substantive processes together            相反,其侧重所获取之投入及所获
        significantly contribute to the ability to create outputs. The            取之实质性过程能否共同大幅助益
        amendments have also narrowed the definition of outputs to            创造产出之能力。该等修订亦缩小
        focus on goods or services provided to customers, investment            了产出之定义,转而侧重向客户提
        income or other income from ordinary activities. Furthermore,            供之货品或服务、投资收入或一般
        the amendments provide guidance to assess whether an            活动所产生之其他收入。此外,该
        acquired process is substantive and introduce an optional fair            等修订在评估所获取之流程是否具
        value concentration test to permit a simplified assessment            有实质性方面提供了指导,并引入
        of whether an acquired set of activities and assets is not            可选之公平值集中测试,以准许对
        a business. The Group expects to adopt the amendments            所获取之一系列活动及资产是否不
        prospectively from 1 April 2020.                                      属于业务作出简化评估。本集团预
                                                                          期将于2020年4月1日起采纳该等修
                                                                          订。

    (b)  Amendments to HKFRS 10 and HKAS 28 (2011) address an        (b)  香港财务告准则第10号及香港会计
        inconsistency between the requirements in HKFRS 10 and in            准则第28号(2011年)修订乃针对香
        HKAS 28 (2011) in dealing with the sale or contribution of            港财务报告准则第10号及香港会计
        assets between an investor and its associate or joint venture.            准则第28号(2011年)之间有关投资
        The amendments require a full recognition of a gain or loss            者与其联营或合营公司之间的资产
        when the sale or contribution of assets between an investor            出售或注资两者规定之不一致性。
        and its associate or joint venture constitutes a business. For a            该等修订规定,当投资者与其联营
        transaction involving assets that do not constitute a business,            或合营公司之间之资产出售或注资
        a gain or loss resulting from the transaction is recognised in            构成一项业务时,须确认全数收益
        the investor’s profit or loss only to the extent of the unrelated            或亏损。当交易涉及不构成一项业
        investor’s interest in that associate or joint venture. The            务之资产时,由该交易产生之收益
        amendments are to be applied prospectively. The previous            或亏损于该投资者之损益内确认,
        mandatory effective date of amendments to HKFRS 10 and            惟仅以不相关投资者于该联营或合
        HKAS 28 (2011) was removed by the HKICPA in January 2016            营公司之权益为限。预期将应用此
        and a new mandatory effective date will be determined after            等修订。于 2016 年1月,香港会计
        the completion of a broader review of accounting for associates            师公会取消了之前香港财务报告准
        and joint ventures. However, the amendments are available for            则第10号及香港会计准则第28号
        adoption now.                                                    (2011年)修订之强制生效日期,并
                                                                          将在完成对合营公司及联营公司投
                                                                          资之会计准则更广泛之覆核后决定
                                                                          新之强制生效日期。然而,目前该
                                                                          修订已可供采用。

148    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.2 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL  3.2 已颁布但尚未生效之香港财务
  REPORTING STANDARDS (continued)                      报告准则(续)

    (c)  HKFRS 16 replaces HKAS 17 Leases, HK(IFRIC)-Int 4        (c)  香港财务报告准则第16号取代香港
        Determining whether an Arrangement Contains a Lease,            会计准则第17号租赁、香港(国际财
        HK(SIC)-Int 15 Operating Leases – Incentives and HK(SIC)-            务报告诠释委员会)-诠释第4号厘
        Int 27 Evaluating the Substance of Transactions Involving the          定安排是否包括租赁、香港(准则诠
        Legal Form of a Lease. The standard sets out the principles for            释委员会)-诠释第15号经营租赁-
        the recognition, measurement, presentation and disclosure of          优惠及香港(准则诠释委员会)-诠
        leases and requires lessees to recognise assets and liabilities            释第27号评估涉及租赁法律形式
        for most leases. The standard includes two elective recognition          交易之内容。该准则载列确认、计
        exemptions for lessees – leases of low-value assets and short-            量、呈列及披露租赁之原则,并要
        term leases.                                                        求承租人就大多数租赁确认资产及
                                                                          负债。该准则包括两类租赁给予承
                                                                          租人可选择性确认豁免-低价值资
                                                                          产租赁及短期租赁。

        At the commencement date of a lease, a lessee will recognise            于租赁开始日期,承租人将确认于
        a liability to make lease payments (i.e., the lease liability) and            租赁期作出租赁付款为负债(即租赁
        an asset representing the right to use the underlying asset            负债 )及反映于租赁期内可使用相
        during the lease term (i.e., the right-of-use asset). The right-of-            关资产之权利为资产(即有使用权资
        use asset is subsequently measured at cost less accumulated            产)。除非有使用权资产符合香港会
        depreciation and any impairment losses unless the right-of-            计准则第40号投资物业对投资物业
        use asset meets the definition of investment property in HKAS            之定义或与应用重估模型之物业、
        40 Investment Property, or relates to a class of property, plant            机器及设备类别有关,否则有使用
        and equipment to which the revaluation model is applied. The            权资产其后按成本减累计折旧及任
        lease liability is subsequently increased to reflect the interest on            何减值亏损计量。租赁负债其后会
        the lease liability and reduced for the lease payments. Lessees            就反映租赁负债利息而增加及因租
        will be required to separately recognise the interest expense on            赁付款而减少。承租人将须分别确
        the lease liability and the depreciation expense on the right-of-            认租赁负债之利息开支及有使用权
        use asset. Lessees will also be required to remeasure the lease            资产之折旧开支。承租人亦须于若
        liability upon the occurrence of certain events, such as a change            干事件发生(例如租赁期变更及用于
        in the lease term and a change in future lease payments            厘定该等付款之一项指数或比率变
        resulting from a change in an index or rate used to determine            更而引致未来租赁付款变更)时重新
        those payments. Lessees will generally recognise the amount            计量租赁负债。承租人一般将重新
        of the remeasurement of the lease liability as an adjustment to            计量租赁负债之数额确认为有使用
        the right-of-use asset.                                                权资产之调整。

        Lessor accounting under HKFRS 16 is substantially unchanged            香港财务报告准则第16号大致沿用
        from the accounting under HKAS 17. Lessors will continue to            香港会计准则第17号内出租人之会
        classify all leases using the same classification principle as in            计处理方式。出租人将继续使用与
        HKAS 17 and distinguish between operating leases and finance            香港会计准则第17号相同之分类原
        leases.                                                            则对所有租赁进行分类,并将之分
                                                                          为经营租赁及融资租赁。

        HKFRS 16 requires lessees and lessors to make more extensive            香港财务报告准则第16号要求承租
        disclosures than under HKAS 17. Lessees can choose to apply            人及出租人较根据香港会计准则第
        the standard using either a full retrospective or a modified            17号作出更全面的披露。承租人可
        retrospective approach. The Group will adopt HKFRS 16 from 1            选择以全面追溯或经修改追溯方法
        April 2019.                                                        应用该准则。本集团将自 2019 年4
                                                                          月1日起采纳香港财务报告准则第16
                                                                          号。

                                                                      2018/19年报    亚洲联合基建控股有限公司    149
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3.2 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL  3.2 已颁布但尚未生效之香港财务
  REPORTING STANDARDS (continued)                      报告准则(续)

    (c)  (continued)                                                    (c) (续)

        The Group plans to adopt the transitional provisions in HKFRS 16            本集团计划采纳香港财务报告准则
        to recognise the cumulative effect of initial adoption as an            第16号之过渡性条文,以通过调整
        adjustment to the opening balance of retained profits at 1 April            于2019年4月1日保留溢利之期初
        2019 and will not restate the comparatives. In addition, the            结余来确认首次采纳之累计影响,
        Group plans to apply the new requirements to contracts that            并将不会重列比较数字。此外,本
        were previously identified as leases applying HKAS 17 and            集团计划将该等新要求应用于先前
        measure the lease liability at the present value of the remaining            被确认为应用香港会计准则第17
        lease payments, discounted using the Group’s incremental            号之租赁的合约,按余下租赁付款
        borrowing rate at the date of initial application. The right-of-            之现值计量租赁负债,并使用本集
        use asset will be measured at the amount of the lease liability,            团于首次应用日期之增额借款利率
        adjusted by the amount of any prepaid or accrued lease            进行贴现。使用权资产将按租赁负
        payments relating to the lease recognised in the consolidated            债金额计量,并就于紧接首次应用
        statement of financial position immediately before the date            日期前在综合财务状况表中确认之
        of initial application. The Group plans to use the exemptions            与租赁相关之任何预付或应计租赁
        allowed by the standard on lease contracts whose lease terms            付款金额作出调整。本集团计划在
        end within 12 months as of the date of initial application.            租赁合约中使用该准则所允许之豁
        During the year, the Group has performed a detailed assessment            免,其租赁期限将于自首次应用日
        on the impact of adoption of HKFRS 16. The Group has            期起计12个月内终止。于本年度,
        estimated that right-of-use assets and lease liabilities of            本集团已就采纳香港财务报告准则
        approximately HK$32 million each will be recognised at 1 April            第16号之影响作出详细评估。据
        2019.                                                            本集团估计,于2019年4月1日将
                                                                          各自确认使用权资产及租赁负债约
                                                                          32,000,000港元。

    (d)  Amendments to HKAS 1 and HKAS 8 provide a new definition        (d)  香港会计准则第1号及香港会计准
        of material. The new definition states that information is            则第8号修订提供了对重大性之新
        material if omitting, misstating or obscuring it could reasonably            定义。新定义规定,倘遗漏、错误
        be expected to influence decisions that the primary users            或模糊陈述有关资料可合理地预期
        of general purpose financial statements make on the basis            将会影响一般用途之财务报表之主
        of those financial statements. The amendments clarify            要使用者根据该等财务报表作出决
        that materiality will depend on the nature or magnitude            定,则该等资料属重大。该等修订
        of information. A misstatement of information is material            澄清重大性将视乎资料之性质或程
        if it could reasonably be expected to influence decisions            度而定。倘可合理地预期资料之错
        made by the primary users. The Group expects to adopt the            误陈述将会影响主要使用者作出决
        amendments prospectively from 1 April 2020. The amendments            定,则错误陈述有关资料乃属重
        are not expected to have any significant impact on the Group’s            大。本集团预期将自2020年4月1日
        financial statements.                                                起采纳该等修订。该等修订预期将
                                                                          不会对本集团的财务报表造成任何
                                                                          重大影响。

150    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.2 ISSUED BUT NOT YET EFFECTIVE HONG KONG FINANCIAL  3.2 已颁布但尚未生效之香港财务
  REPORTING STANDARDS (continued)                      报告准则(续)

    (e)  Amendments to HKAS 28 clarify that the scope exclusion        (e)  香港会计准则第28号修订澄清香港
        of HKFRS 9 only includes interests in an associate or joint            财务报告准则第9号之豁免范围仅
        venture to which the equity method is applied and does            包括应用权益法之于联营公司或合
        not include long-term interests that in substance form part            营公司之投资,而不包括实质上构
        of the net investment in the associate or joint venture, to            成于联营公司或合营公司投资净额
        which the equity method has not been applied. Therefore,            一部分且并未应用权益法之长期权
        an entity applies HKFRS 9, rather than HKAS 28, including            益。因此,实体在对该等长期权益
        the impairment requirements under HKFRS 9, in accounting            入账时应用香港财务报告准则第9
        for such long-term interests. HKAS 28 is then applied to the            号,包括香港财务报告准则第9号项
        net investment, which includes the long-term interests, only            下之减值规定,而非香港会计准则
        in the context of recognising losses of an associate or joint            第28号。仅当确认联营公司或合营
        venture and impairment of the net investment in the associate            公司亏损及于联营公司或合营公司
        or joint venture. The Group expects to adopt the amendments            投资净额之减值时,香港会计准则
        on 1 April 2019 and will assess its business model for such            第28号则适用于该投资净额,其中
        long-term interests based on the facts and circumstances that            包括长期权益。本集团预期于2019
        exist on 1 April 2019 using the transitional requirements in            年4月1日采纳该等修订,并将使用
        the amendments. The Group also intends to apply the relief            修订中之过渡规定基于2019年4月1
        from restating comparative information for prior periods upon            日存在之事实及情况评估该等长期
        adoption of the amendments.                                        权益之业务模式。本集团亦拟于采
                                                                          纳该等修订时申请豁免重列过往期
                                                                          间比较资料。

    (f)  HK(IFRIC)-Int 23, issued in July 2017, addresses the accounting        (f)  香港(国际财务报告诠释委员会)诠
        for income taxes (current and deferred) when tax treatments            释第23号于2017年7月颁布,针对
        involve uncertainty that affects the application of HKAS 12            当税项处理涉及影响香港会计准则
        Income Taxes (often referred to as “uncertain tax positions”).            第 12 号所得税应用之不确定性(常
        The interpretation does not apply to taxes or levies outside the            称为「不确定税项状况」)时之所得税
        scope of HKAS 12, nor does it specifically include requirements          (即期及递延)会计处理。该诠释并
        relating to interest and penalties associated with uncertain            不适用于香港会计准则第12号范围
        tax treatments. The interpretation specifically addresses            之外的税项及征费,尤其亦不包括
        (i) whether an entity considers uncertain tax treatments            涉及有关不确定税项处理之权益及
        separately; (ii) the assumptions an entity makes about the            罚金之规定。该诠释具体针对(i)实
        examination of tax treatments by taxation authorities; (iii) how            体是否单独考虑不确定税项处理;(ii)
        an entity determines taxable profits or tax losses, tax bases,            实体对税务机关之税项处理检查所
        unused tax losses, unused tax credits and tax rates; and (iv)            作之假设;(iii)实体如何厘定应课税
        how an entity considers changes in facts and circumstances.            溢利或税项亏损、税基、未动用税
        The interpretation is to be applied retrospectively, either fully            项亏损、未动用税项抵免及税率;
        retrospectively without the use of hindsight or retrospectively            及(iv)实体如何考虑事实及情况之
        with the cumulative effect of application as an adjustment to            变动。该诠释将追朔应用,将不采
        the opening equity at the date of initial application, without the            用事后确认地全面追溯或以作为于
        restatement of comparative information. The Group expects to            首次应用日期之期初权益之调整而
        adopt the interpretation from 1 April 2019. The interpretation            应用之累计效应追溯应用该诠释,
        is not expected to have any significant impact on the Group’s            而不重列比较资料。本集团预期自
        financial statements.                                                2019年4月1日起采纳该诠释。该诠
                                                                          释预期不会对本集团之财务报表造
                                                                          成任何重大影响。

                                                                      2018/19年报    亚洲联合基建控股有限公司    151
财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES      3.3 主要会计政策概要

  Investments in associates and joint ventures            于联营公司及合营公司之投资

    An associate is an entity in which the Group has a long term interest        联营公司为本集团拥有一般不少于20%
    of generally not less than 20% of the equity voting rights and over        股份投票权之长期权益,并可对其发挥
    which it is in a position to exercise significant influence. Significant        重大影响力之实体。重大影响力为参与
    influence is the power to participate in the financial and operating        投资对象之财务及营运政策决定之权
    policy decisions of the investee, but is not control or joint control        力,而非控制或共同控制该等政策。

    over those policies.

    A joint venture is a type of joint arrangement whereby the parties        合营公司指一种合营安排,对该安排拥
    that have joint control of the arrangement have rights to the net        有共同控制权之订约方据此对合营公司
    assets of the joint venture. Joint control is the contractually agreed        之资产净值拥有权利。共同控制指按照
    sharing of control of an arrangement, which exists only when        合约协定对一项安排所应占之控制权,
    decisions about the relevant activities require the unanimous consent        共同控制仅在有关活动要求享有控制权
    of the parties sharing control.                                        之订约方作出一致同意之决定时存在。
    The Group’s investments in associates and joint ventures are stated        本集团于联营公司及合营公司之投资乃
    in the consolidated statement of financial position at the Group’s        按权益会计法,以本集团应占之资产净
    share of net assets under the equity method of accounting, less        值减任何减值亏损计算,并于综合财务
    any impairment losses. Adjustments are made to bring into line any        状况表列账。倘出现任何不相符之会计
    dissimilar accounting policies that may exist.                            政策,即会作出调整加以修正。

    The Group’s share of the post-acquisition results and other        本集团应占联营公司及合营公司于收购
    comprehensive income of associates and joint ventures is included in        后之业绩及其他全面收益分别于综合损
    the consolidated profit or loss and consolidated other comprehensive        益及综合其他全面收益内列账。此外,
    income, respectively. In addition, when there has been a change        倘直接于联营公司或合营公司之权益确
    recognised directly in the equity of the associates or joint ventures,        认变动,本集团会于综合股东权益变动
    the Group recognises its share of any changes, when applicable,        表确认其应占之任何变动(如适用)。本
    in the consolidated statement of changes in equity. Unrealised        集团与其联营公司或合营公司之交易所
    gains and losses resulting from transactions between the Group        产生之未变现收益及亏损会以本集团于
    and its associates or joint ventures are eliminated to the extent of        联营公司或合营公司之投资为限抵销,
    the Group’s investments in the associates or joint ventures, except        惟未变现亏损证明所转让资产出现减值
    where unrealised losses provide evidence of an impairment of the        则除外。收购联营公司或合营公司所产
    assets transferred. Goodwill arising from the acquisition of associates        生之商誉乃计入作为本集团于联营公司
    or joint ventures is included as part of the Group’s investments in        或合营公司之投资之一部分。

    associates or joint ventures.

    If an investment in an associate becomes an investment in a joint        倘于联营公司之投资成为于合营公司之
    venture or vice versa, the retained interest is not remeasured.        投资或反之亦然,则不会重新计量保留
    Instead, the investment continues to be accounted for under the        权益。反之,投资继续根据权益法入
    equity method. In all other cases, upon loss of significant influence        账。在所有其他情况下,于失去联营公
    over the associate or joint control over the joint venture, the Group        司之重大影响力或合营公司共同控制权
    measures and recognises any retained investment at its fair value.        时,本集团会按公平值计量及确认任何
    Any difference between the carrying amount of the associate or        保留投资。于失去重大影响力或共同控
    joint venture upon loss of significant influence or joint control and        制权时联营公司或合营公司之账面值与
    the fair value of the retained investment and proceeds from disposal        保留投资公平值之任何差异及出售所得
    is recognised in profit or loss.                                        款项乃在损益确认。

152    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Interests in joint operations                            于合营业务之权益

    A joint operation is a joint arrangement whereby the parties that        合营业务指一种合营安排,对该安排拥
    have joint control of the arrangement have rights to the assets,        有共同控制权之订约方据此对该安排之
    and obligations for the liabilities, relating to the arrangement.        资产及负债拥有权利及义务。共同控制
    Joint control is the contractually agreed sharing of control of an        指按照合约协定对一项安排所应占之控
    arrangement, which exists only when decisions about the relevant        制权,共同控制仅在有关活动要求享有
    activities require the unanimous consent of the parties sharing        控制权之订约方作出一致同意之决定时
    control.                                                            存在。

    The Group recognises in relation to its interest in a joint operation:          本集团就其在合营业务之权益确认:

       its assets, including its share of any assets held jointly;                   其资产,包括其应占共同持有之任
                                                                          何资产;

       its liabilities, including its share of any liabilities incurred jointly;           其负债,包括其应占共同产生之任
                                                                          何负债;

       its revenue from the sale of its share of the output arising from           其来自出售其应占合营业务产生之
        the joint operation;                                                  产值之收入;

       its share of the revenue from the sale of the output by the joint           其应占合营业务销售产值所产生之
        operation; and                                                      收入;及

       its expenses, including its share of any expenses incurred jointly.           其开支,包括其应占共同产生之任
                                                                          何支出。

    The assets, liabilities, revenues and expenses relating to the Group’s        与本集团于合营业务之权益相关之资
    interest in a joint operation are accounted for in accordance with        产、负债、收入及支出根据适用于特定
    the HKFRSs applicable to the particular assets, liabilities, revenues        资产、负债、收入及支出之香港财务报
    and expenses.                                                      告准则入账。

                                                                      2018/19年报    亚洲联合基建控股有限公司    153
财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Related parties                                        关连方

    A party is considered to be related to the Group if:                      任何一方如属以下情况,即视为本集团
                                                                      之关连方:

    (a)  the party is a person or a close member of that person’s family        (a)  该方为以下人士或为该人士之近亲
        and that person (i) has control or joint control over the Group;            且该人士(i)拥有本集团之控制权或
        (ii) has significant influence over the Group; or (iii) is a member            共同控制权;(ii)对本集团具有重大
        of the key management personnel of the Group or of a holding            影响力;或(iii)为本集团或本集团控
        company of the Group;                                              股公司之主要管理人员其中一名成
                                                                          员;

    or                                                                或

    (b)  the party is an entity where any of the following conditions        (b)  该方为一实体,且以下任何一种情
        applies:                                                            况适用:

        (i)  the entity and the Group are members of the same group;            (i)  实体及本集团为同一集团之成
                                                                                员公司;

        (ii)  one entity is an associate or joint venture of the other            (ii)  一间实体为另一间实体(或另一
            entity (or of a holding company, subsidiary or fellow                间实体之控股公司、附属公司
            subsidiary of the other entity);                                        或同系附属公司)之联营公司或
                                                                                合营公司;

        (iii) the entity and the Group are joint ventures of the same            (iii) 实体及本集团为同一第三方之
            third party;                                                        合营公司;

        (iv) one entity is a joint venture of a third entity and the other            (iv) 一间实体为第三方实体之合营
            entity is an associate of the third entity;                                公司,而另一间实体为该第三
                                                                                方实体之联营公司;

        (v)  the entity is a post-employment benefit plan for the            (v)  实体为终止雇用后福利计划,
            benefit of employees of either the Group or an entity                乃为本集团或与本集团有关连
            related to the Group;                                                之实体之雇员福利而设;

        (vi) the entity is controlled or jointly controlled by a person            (vi) 实体受(a)所识别之人士控制或
            identified in (a);                                                    共同控制;

        (vii) a person identified in (a)(i) has significant influence            (vii) (a)(i)所识别之人士对实体具有
            over the entity or is a member of the key management                重大影响力或为实体(或实体控
            personnel of the entity (or of a holding company of the                股公司)之主要管理人员其中一
            entity); and                                                        名成员;及

        (viii) the entity, or any member of a group of which it is a part,            (viii) 该实体或其所属集团之任何成
            provides key management personnel services to the Group                员向本集团或本集团之控股公
            or to a holding company of the Group.                                司提供主要管理人员服务。

154    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Business combinations and goodwill                    业务合并及商誉

    Business combinations are accounted for using the acquisition        业务合并乃采用收购法入账。转让代价
    method. The consideration transferred is measured at the acquisition        乃以收购日期的公平值计量,该公平值
    date fair value which is the sum of the acquisition date fair values        为本集团转让的资产于收购日期的公平
    of assets transferred by the Group and liabilities assumed by the        值及本集团向被收购方前拥有人承担的
    Group to the former owners of the acquiree. For each business        负债。于各业务合并中,本集团选择是
    combination, the Group elects whether to measure the non-        否以公平值或于被收购方可识别净资产
    controlling interests in the acquiree that are present ownership        的应占比例,计量于被收购方属现时拥
    interests and entitle their holders to a proportionate share of net        有人权益的非控股权益,并赋予拥有人
    assets in the event of liquidation at fair value or at the proportionate        权利,于清盘时按比例分占实体的净资
    share of the acquiree’s identifiable net assets. All other components        产。非控股权益的所有其他组成部分均
    of non-controlling interests are measured at fair value. Acquisition-        按公平值计量。收购相关成本于产生时
    related costs are expensed as incurred.                                列为开支。

    When the Group acquires a business, it assesses the financial assets        当本集团收购一项业务时,会根据合约
    and liabilities assumed for appropriate classification and designation        条款、收购日期之经济环境及相关条件
    in accordance with the contractual terms, economic circumstances        对所承担的金融资产及负债进行评估,
    and pertinent conditions as at the acquisition date. This includes        以作出适当的分类及确认,包括将嵌入
    the separation of embedded derivatives in host contracts of the        式衍生工具与被收购方主合约分开。

    acquiree.

    If the business combination is achieved in stages, the previously held        如业务合并分阶段进行,先前持有的股
    equity interest is remeasured at its acquisition date fair value and        本权益按其于收购日期的公平值重新计
    any resulting gain or loss is recognised in profit or loss.                    量,所产生的任何损益在损益账中确认。
    Any contingent consideration to be transferred by the acquirer        收购方将转让的任何或然代价按收购日
    is recognised at fair value at the acquisition date. Contingent        期的公平值确认。分类为资产或负债的
    consideration classified as an asset or liability is measured at        或然代价按公平值计量,其公平值变动
    fair value with changes in fair value recognised in profit or        于损益账内确认。分类为权益的或然代
    loss. Contingent consideration that is classified as equity is not        价不重新计量,其后的结算在权益中入
    remeasured and subsequent settlement is accounted for within        账。

    equity.

    Goodwill is initially measured at cost, being the excess of the        商誉按成本进行首次计量,即已转让代
    aggregate of the consideration transferred, the amount recognised        价、非控股权益之确认金额及本集团先
    for non-controlling interests and any fair value of the Group’s        前所持于被收购方之股本权益公平值总
    previously held equity interests in the acquiree over the identifiable        额超出所收购可识别资产净值及所承担
    net assets acquired and liabilities assumed. If the sum of this        负债之差额。倘总代价及其他项目之总
    consideration and other items is lower than the fair value of the net        和低于所收购资产净值之公平值,于重
    assets acquired, the difference is, after reassessment, recognised in        估后之差额会于损益确认为议价购买时
    profit or loss as a gain on bargain purchase.                            之收益。

                                                                      2018/19年报    亚洲联合基建控股有限公司    155
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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Business combinations and goodwill (continued)          业务合并及商誉(续)

    After initial recognition, goodwill is measured at cost less any        首次确认后,商誉按成本减累计减值亏
    accumulated impairment losses. Goodwill is tested for impairment        损计量。商誉每年就减值进行测试,倘
    annually or more frequently if events or changes in circumstances        有事件或情况变化显示账面值可能出现
    indicate that the carrying value may be impaired. The Group        减值迹象,则进行更为频密之检讨。本
    performs its annual impairment test of goodwill as at 31 March. For        集团会于3月31 日进行商誉年度减值测
    the purpose of impairment testing, goodwill acquired in a business        试。进行就减值测试而言,业务合并中
    combination is, from the acquisition date, allocated to each of the        购入之商誉由收购日期起,被分配到
    Group’s cash-generating units, or groups of cash-generating units,        预期将从合并之协同效应中受益之本集
    that are expected to benefit from the synergies of the combination,        团各现金产生单位(或现金产生单位组
    irrespective of whether other assets or liabilities of the Group are        别),不论本集团之其他资产或负债是否
    assigned to those units or groups of units.                              被分配至该等单位或单位组别。

    Impairment is determined by assessing the recoverable amount of        减值按对与商誉有关之现金产生单位(现
    the cash-generating unit (group of cash-generating units) to which        金产生单位组别)可收回金额进行之评估
    the goodwill relates. Where the recoverable amount of the cash-        厘定。倘现金产生单位(现金产生单位组
    generating unit (group of cash-generating units) is less than the        别)之可收回金额少于其账面值,则确认
    carrying amount, an impairment loss is recognised. An impairment        减值亏损。就商誉确认之减值亏损不会
    loss recognised for goodwill is not reversed in a subsequent period.        于随后期间拨回。

    Where goodwill has been allocated to a cash-generating unit (or        当商誉被分配至现金产生单位(或现金
    group of cash-generating units) and part of the operation within        产生单位组别 )而出售该单位之某部分
    that unit is disposed of, the goodwill associated with the operation        业务,则于厘定出售业务之收益或亏损
    disposed of is included in the carrying amount of the operation        时,与出售业务相关之商誉将包括在该
    when determining the gain or loss on the disposal. Goodwill        业务之账面值内。在此情况下出售之商
    disposed of in these circumstances is measured based on the relative        誉将以出售业务和保留之现金产生单位
    value of the operation disposed of and the portion of the cash-        部分相对价值为基础作计量。

    generating unit retained.

  Fair value measurement                                公平值计量

    The Group measures its investment properties and financial assets        本集团于各报告期末按公平值计量投资
    at fair value through profit or loss at fair value at the end of each        物业及按公平值计入损益之金融资产。
    reporting period. Fair value is the price that would be received to        公平值为市场参与者于计量日期在有序
    sell an asset or paid to transfer a liability in an orderly transaction        交易中出售资产将会收取或转让负债将
    between market participants at the measurement date. The fair        会支付之价格。公平值计量乃根据假设
    value measurement is based on the presumption that the transaction        出售资产或转让负债之交易在资产或负
    to sell the asset or transfer the liability takes place either in the        债之主要市场或( 在无主要市场之情况
    principal market for the asset or liability, or in the absence of a        下)在资产或负债之最具优势市场进行而
    principal market, in the most advantageous market for the asset or        作出。主要或最具优势市场必须为本集
    liability. The principal or the most advantageous market must be        团可进入之市场。资产或负债之公平值
    accessible by the Group. The fair value of an asset or a liability is        乃按假设市场参与者于资产或负债定价
    measured using the assumptions that market participants would use        时会以最佳经济利益行事计量。

    when pricing the asset or liability, assuming that market participants

    act in their economic best interest.

156    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Fair value measurement (continued)                      公平值计量(续)

    A fair value measurement of a non-financial asset takes into account        非金融资产之公平值计量经计及一名市
    a market participant’s ability to generate economic benefits by using        场参与者透过以最大限度利用资产以达
    the asset in its highest and best use or by selling it to another market        致最佳用途或将资产出售予将以最大限
    participant that would use the asset in its highest and best use.            度利用资产以达致最佳用途之另一名市
                                                                      场参与者而产生经济效益之能力。

    The Group uses valuation techniques that are appropriate in the        本集团视乎情况使用适当且具备充足数
    circumstances and for which sufficient data are available to measure        据可供计量公平值之估值技术,以尽量
    fair value, maximising the use of relevant observable inputs and        增加使用相关可观察输入值及尽量减少
    minimising the use of unobservable inputs.                              使用不可观察输入值。

    All assets and liabilities for which fair value is measured or disclosed        所有其公平值会被计量或于财务报表披
    in the financial statements are categorised within the fair value        露之资产及负债乃按整体对公平值计量
    hierarchy, described as follows, based on the lowest level input that is        属重要之最低级输入值在下述公平值等
    significant to the fair value measurement as a whole:                    级内分类:

    Level 1 –  based on quoted prices (unadjusted) in active markets        第一级 - 按相同资产或负债于活跃市
              for identical assets or liabilities                                        场之报价(未经调整)

    Level 2 –  based on valuation techniques for which the lowest level        第二级 - 按对公平值计量属重要之最
              input that is significant to the fair value measurement is                  低级输入值为可直接或间接
              observable, either directly or indirectly                                  观察之估值技术

    Level 3 –  based on valuation techniques for which the lowest level        第三级 - 按对公平值计量属重要之最
              input that is significant to the fair value measurement is                  低级输入值为不可观察之估
              unobservable                                                        值技术

    For assets and liabilities that are recognised in the financial        就经常于财务报表以公平值确认之资产
    statements at fair value on a recurring basis, the Group determines        及负债而言,本集团透过于各报告期末
    whether transfers have occurred between levels in the hierarchy by        重新评估分类(按整体对公平值计量属重
    reassessing categorisation (based on the lowest level input that is        要之最低级输入值)厘定等级内各级之间
    significant to the fair value measurement as a whole) at the end of        有否出现转换。

    each reporting period.

                                                                      2018/19年报    亚洲联合基建控股有限公司    157
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Property, plant and equipment and depreciation        物业、机器及设备以及折旧

    Property, plant and equipment are stated at cost less accumulated        物业、机器及设备乃按其成本值扣去累
    depreciation and any accumulated impairment losses.                    计折旧及任何累计减值亏损后列账。

    The cost of an item of property, plant and equipment comprises its        一项物业、机器及设备之成本包括其购
    purchase price and any directly attributable costs of bringing the        入价以及令该资产达至其生产状况及位
    asset to its working condition and location for its intended use.        置以作其拟定用途时任何直接有关之应
    Expenditure incurred after items of property, plant and equipment        占成本。物业、机器及设备项目运作后
    have been put into operation, such as repairs and maintenance,        产生之开支,例如维修及保养支出等,
    is normally charged to profit or loss in the period in which it is        一般将于其产生期间内在损益中扣除。
    incurred. In situations where the recognition criteria are satisfied,        在确认条件获达成之情况下,主要检查
    the expenditure for a major inspection is capitalised in the carrying        之支出乃计入资产账面值之成本账项内
    amount of the asset as a replacement. Where significant parts        作为替代。倘物业、机器及设备之主要
    of property, plant and equipment are required to be replaced at        部分须不时更换,则本集团确认该等部
    intervals, the Group recognises such parts as individual assets with        分为具有特定可使用年期之独立资产,
    specific useful lives and depreciates them accordingly.                    并作出相应折旧。

    Depreciation of leasehold land under finance leases and buildings        融资租赁土地及楼宇之折旧按直线基准
    are calculated on the straight-line basis to write off their costs        计算,以撇销其成本:(i)按较短租期为准
    (i) over the shorter of the lease term and 50 years in respect of        及有关租赁土地为50年;及(ii)按较短租
    leasehold land; and (ii) over the shorter of the lease term and 25        期为准及有关楼宇为25年。

    years in respect of buildings.

    Depreciation of other property, plant and equipment is calculated on        其他物业、机器及设备之折旧乃按递减
    the reducing balance basis to write off the cost of each item of other        余额基准于估计余下可使用年期撇销各
    property, plant and equipment to its estimated residual value over        个其他物业、机器及设备项目之成本值
    its estimated useful life. The estimated depreciation rates per annum        至其估计余值。其他物业、机器及设备
    of different categories of other property, plant and equipment are as        不同类别之年度估计折旧率如下:

    follows:

    Plant and machinery                            15% to 25%        机器及设备              15%至25%
    Furniture, fixtures and equipment                        15%        家具、装置及设备              15%
    Motor vehicles                                        25%        汽车                          25%
158    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Property, plant and equipment and depreciation      物业、机器及设备以及折旧(续)
    (continued)

    Where parts of an item of property, plant and equipment have        当一项物业、机器及设备之部分有不同
    different useful lives, the cost of that item is allocated on a        之可使用年期,该项目之成本乃按合理
    reasonable basis among the parts and each part is depreciated        基准于各部分之间分配,而每一部分乃
    separately. Residual values, useful lives and the depreciation        分开折旧。剩余价值、可使用年期及折
    methods are reviewed, and adjusted if appropriate, at least at each        旧法最少于各财政年度结束时检讨,及
    financial year end.                                                  倘适用时作出调整。

    An item of property, plant and equipment including any significant        一项物业、机器及设备包括任何重大部
    part initially recognised is derecognised upon disposal or when no        分之首次确认于出售时或当预期其使用
    future economic benefits are expected from its use or disposal. Any        或出售再无未来经济利益时取消确认。
    gain or loss on disposal or retirement recognised in profit or loss in        于资产取消确认之期间于损益内确认之
    the period the asset is derecognised is the difference between the        出售或废弃所得任何之收益或亏损为有
    net sales proceeds and the carrying amount of the relevant asset.          关资产之出售所得净额与账面值间之差
                                                                      额。

  Investment properties                                投资物业

    Investment properties are interests in land and buildings (including        投资物业指持有以赚取租金收入及╱或
    the leasehold interest under an operating lease for a property which        作资本增值用途之土地及楼宇权益(包括
    would otherwise meet the definition of an investment property)        在其他方面符合投资物业定义之物业经
    held to earn rental income and/or for capital appreciation, rather        营租赁下之租赁权益),而并非持有作生
    than for use in the production or supply of goods or services or        产或供应货品或服务或行政用途;或于
    for administrative purposes; or for sale in the ordinary course of        日常业务过程中销售之土地及楼宇之权
    business. Such properties are measured initially at cost, including the        益。有关物业首次按成本(包括直接建筑
    direct costs of construction, capitalised borrowing costs on related        成本、于建设期间相关借款资金之资本
    borrowed funds during the period of construction and transaction        化借款成本以及交易成本)计量。于首次
    costs. Subsequent to initial recognition, investment properties are        确认后,投资物业按反映报告期末市况
    stated at fair value, which reflects market conditions at the end of        之公平值列账。

    the reporting period.

    Land held for development and/or properties under development        持作开发土地及╱或未来用作投资物业
    for future use as investment properties are classified as “Investment        的在建物业被分类为「在建投资物业」及
    properties under construction” and are reclassified to “Completed        于竣工及可投入使用时被重新分类为「竣
    investment properties” when completed and ready for use.                工投资物业」。

    Gains or losses arising from changes in the fair values of investment        投资物业公平值变动所产生之盈亏于产
    properties are included in profit or loss in the period in which they        生之期间计入损益内。

    arise.

    Any gains or losses on the retirement or disposal of an investment        投资物业报废或出售所产生之任何盈亏
    property are recognised in profit or loss in the period of the        于报废或出售期间之损益中确认。

    retirement or disposal.

                                                                      2018/19年报    亚洲联合基建控股有限公司    159
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Investment properties (continued)                        投资物业(续)

    When a property occupied by the Group as an owner-occupied        倘本集团占用之物业由业主自用物业转
    property becomes an investment property, any difference between        变为投资物业,物业在改变用途当日之
    the carrying amount and the fair value of the property at the date of        账面值与公平值之任何差额按以下方式
    change in use is accounted for as follows:                              入账:

    (a)  any resulting decrease in the carrying amount of the property        (a)  由此产生之物业账面值减少在改变
        is recognised in profit or loss in the period the change in use            用途发生期间之损益中确认;或

        takes place; or

    (b)  any resulting increase in the carrying amount is credited to        (b)  由此产生之任何账面值增加计入损
        profit or loss, to the extent that the increase reverses a previous            益,惟增加之数额仅限于拨回先前
        impairment loss for that property, or restores the carrying            就该物业确认之减值亏损,或令该
        amount of the property to an amount that would have been            物业之账面值回升至倘过往期间
        determined (net of any depreciation) had no impairment            并无就该物业确认减值亏损而可能
        loss been recognised for the property in prior periods; and            厘定之金额(扣除任何折旧);而余
        any remaining part of the increase in the carrying amount is            下账面值增加则直接计入物业重估
        credited directly to equity in the property revaluation reserve.            储备之权益内。于其后出售该物业
        On subsequent disposal of the property, the relevant portion            时,变现之物业重估储备相关部分
        of the property revaluation reserve realised is transferred to            将转拨至保留溢利,入账列作储备
        retained profits as a movement in reserves.                              变动。

    For a transfer from investment properties to properties under        当投资物业转移至发展中物业或持作销
    development or properties held for sale, the deemed cost of a        售物业,用于后续会计处理之物业视作
    property for subsequent accounting is its fair value at the date of        成本为其用途变动日期之公平值。

    change in use.

    The Group transfers a property from properties under development        倘物业用途有变,致使物业乃持作赚取
    or properties held for sale to investment properties when there is a        租金或╱及资本升值而非于一般业务过
    change in use to hold the property to earn rentals or/and for capital        程内出售时(以与另一方开展经营租赁为
    appreciation rather than for sale in the ordinary course of business,        凭证),本集团将发展中物业或持作销售
    which is evidenced by the commencement of an operating lease to        物业转移至投资物业。倘物业由发展中
    another party. For a transfer from properties under development        物业或持作销售物业转移至投资物业,
    or properties held for sale to investment properties, any difference        物业于用途变动日期之公平值与其先前
    between the fair value of the property at the date of change in use        账面值之任何差额于损益确认。

    and its previous carrying amount is recognised in profit or loss.

160    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Leases                                                租赁

    Leases that transfer substantially all the rewards and risks of        凡有关资产之拥有权(法定业权除外)所
    ownership of assets to the Group, other than legal title, are        附之绝大部分回报及风险转让予本集团
    accounted for as finance leases. At the inception of a finance lease,        之租赁均列为融资租赁。于融资租赁之
    the cost of the leased asset is capitalised at the present value of the        始,租赁资产之成本乃按最低租赁付款
    minimum lease payments and recorded together with the obligation,        之现值拨充资本,并连同付款责任(利息
    excluding the interest element, to reflect the purchase and financing.        部分除外)一并记录以反映购买及融资。
    Assets held under capitalised finance leases are included in non-        根据资本化融资租赁持有之资产乃计入
    current assets. The finance costs of such leases are charged to profit        非流动资产。该等租赁之融资成本乃在
    or loss so as to provide a constant periodic rate of charge over the        损益扣除,以提供租赁年期内之固定定
    lease terms.                                                        期扣除率。

    Assets acquired through hire purchase contracts of a financing        透过属融资性质之租购合约收购之资产
    nature are accounted for as finance leases, but are depreciated over        入账为融资租赁,但按估计可使用年期
    their estimated useful lives.                                          折旧。

    Leases where substantially all the rewards and risks of ownership of        凡有关资产之拥有权所附之绝大部分回
    assets remain with the lessor are accounted for as operating leases.        报及风险保留于出租人之租赁均列为经
    Where the Group is the lessor, assets leased by the Group under        营租赁。倘若本集团为出租人,本集团
    operating leases are included in non-current assets, and rentals        将按照租约年期以直线法,分别将经营
    receivable under the operating leases are credited to profit or loss on        租赁之资产纳入非流动资产及将于经营
    the straight-line basis over the lease terms. Where the Group is the        租赁之应收租金纳入损益内记账。倘若
    lessee, rentals payable under operating leases, net of any incentives        本集团为承租人,该等经营租赁之应付
    received from the lessor, are charged to profit or loss on the straight-        租金(扣除向出租人收取的任何奖励)乃
    line basis over the lease terms.                                        按租约年期以直线法于损益中扣除。

    Prepaid land lease payments under operating leases are initially        经营租赁项下之土地租赁预付款项于首
    stated at cost and subsequently recognised on the straight-line basis        次按成本列账,其后按照租约年期以直
    over the lease terms. When the lease payments cannot be allocated        线法确认。倘租赁付款不能于土地及建
    reliably between the land and buildings elements, the entire lease        筑物部分之间可靠分配,则整项租赁付
    payments are included in the cost of the land and buildings as a        款乃计入土地及建筑物之成本内,作为
    finance lease in property, plant and equipment.                          物业、机器及设备之融资租赁。

                                                                      2018/19年报    亚洲联合基建控股有限公司    161
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    (continued)

  Land held for property development, properties      持作物业发展之土地、发展中物
  under development and properties held for sale        业及持作销售物业

    Land held for property development and properties under        持作物业发展之土地及发展中物业拟于
    development are intended to be held for sale after completion of        完成物业发展后持作销售。彼等分类为
    the property development. They are classified as current assets        流动资产,除非相关物业发展项目之建
    unless the construction period of the relevant property development        筑期间预期于一般营运周期以后完成。
    project is expected to complete beyond the normal operating cycle.        完成时,物业转让至持作销售物业。

    On completion, the properties are transferred to properties held for

    sale.

    Land held for property development, properties under development        持作物业发展之土地、发展中物业及持
    and properties held for sale are stated at the lower of cost and        作销售物业按成本及可变现净值之较低
    net realisable value. Cost includes prepaid land lease payments,        者列账。成本包括土地租赁预付款项及
    cost of land/land use rights together with any other direct costs        土地╱土地使用权成本,连同任何其他
    attributable to the development of the properties, and borrowing        物业发展应占直接成本及于发展期间资
    costs capitalised during the development period. Net realisable        本化之借款成本。可变现净值乃参考基
    value is determined by reference to estimated selling price based on        于现行市况之估计售价厘定,当中扣减:
    prevailing market conditions less (i) anticipated cost to completion        (i)完成开发有关发展中物业之预期成本;
    of the development in respect of properties under development;        及(ii)营销及销售物业产生之估计成本。
    and (ii) estimated costs to be incurred in marketing and selling the

    properties.

  Impairment of non-financial assets                      非金融资产减值

    Where an indication of impairment exists, or when annual        倘有迹象显示出现减值,或需要就资产
    impairment testing for an asset is required (other than investment      (投资物业、持作物业发展之土地、发
    properties, land held for property development, properties under        展中物业、持作销售物业、递延税项资
    development, properties held for sale, deferred tax assets, financial        产、金融资产及建筑合约资产除外)进行
    assets and construction contract assets), the asset’s recoverable        年度减值测试,则会估计资产之可收回
    amount is estimated. An asset’s recoverable amount is the higher of        数额。资产之可收回数额乃资产或现金
    the asset’s or cash-generating unit’s value in use and its fair value        产生单位之使用价值及其公平值(以较高
    less costs of disposal, and is determined for an individual asset,        者为准)减出售成本,并就个别资产而厘
    unless the asset does not generate cash inflows that are largely        定,除非有关资产并无产生很大程度上
    independent of those from other assets or groups of assets, in which        独立于其他资产或资产组别所产生之现
    case the recoverable amount is determined for the cash-generating        金流入,在此情况下,可收回数额则就
    unit to which the asset belongs.                                      资产所属之现金产生单位而厘定。

162    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Impairment of non-financial assets (continued)            非金融资产减值(续)

    An impairment loss is recognised only if the carrying amount of an        倘资产之账面值超逾其可收回数额,减
    asset exceeds its recoverable amount. In assessing value in use, the        值亏损方予确认。于评估使用价值时,
    estimated future cash flows are discounted to their present value        估计日后现金流量乃按可反映现时市场
    using a pre-tax discount rate that reflects current market assessments        评估货币之时间价值及资产特定风险之
    of the time value of money and the risks specific to the asset. An        除税前折让率折现至其现值。减值亏损
    impairment loss is charged to profit or loss in the period in which it        乃于产生期间于损益扣除。

    arises.

    An assessment is made at the end of each reporting period as to        于各报告期末,会就有否迹象显示先前
    whether there is an indication that previously recognised impairment        已确认之减值亏损可能不再存在或可能
    losses may no longer exist or may have decreased. If such an        减少而作出评估。倘出现该迹象,则估
    indication exists, the recoverable amount is estimated. A previously        计可收回数额。就非金融资产(商誉除
    recognised impairment loss of a non-financial asset other than        外)先前已确认之减值亏损仅于厘定该资
    goodwill is reversed only if there has been a change in the estimates        产之可收回数额所使用之估计出现变动
    used to determine the recoverable amount of that asset, but not        时方予拨回,惟在假设于过往期间并无
    to an amount higher than the carrying amount that would have        就该资产确认减值亏损,高出于此情况
    been determined (net of any depreciation/amortisation) had no        下所厘定之账面值之数额(扣除任何折
    impairment loss been recognised for the asset in prior periods. A        旧╱摊销)则不予拨回。减值亏损之拨回
    reversal of such an impairment loss is credited to profit or loss in the        乃于产生期间计入损益。

    period in which it arises.

  Investments and other financial assets (policies      投资及其他金融资产(香港财务报
  under HKFRS 9 applicable from 1 April 2018)            告准则第9号项下自2018年4月1日
                                                          起适用之政策)

    Initial recognition and measurement                                首次确认及计量

    Financial assets are classified, at initial recognition, as subsequently        金融资产于首次确认时分类,其后于适
    measured at amortised cost, or fair value through profit or loss, as        当时按摊销成本或公平值计入损益(如适
    appropriate.                                                        用)。

    The classification of financial assets at initial recognition depends        金融资产于首次确认时之分类视乎金融
    on the financial asset’s contractual cash flow characteristics and the        资产之合约现金流量特征以及本集团管
    Group’s business model for managing them. With the exception        理该等金融资产之业务模式而定。除贸
    of trade receivables that do not contain a significant financing        易应收款项不包含重大融资成分或本集
    component or for which the Group has applied the practical        团已应用不调整重大融资成分影响之可
    expedient of not adjusting the effect of a significant financing        行权宜方法外,本集团初步按公平值另
    component, the Group initially measures a financial asset at its fair        加交易成本(倘金融资产不按公平值计入
    value, plus in the case of a financial asset not at fair value through        损益)计量金融资产。并无重大融资成分
    profit or loss, transaction costs. Trade receivables that do not contain        或本集团已应用可行权宜方法之贸易应
    a significant financing component or for which the Group has        收款项,乃根据下文「收入确认(于2018
    applied the practical expedient are measured at the transaction price        年4月1日之后适用)」所载政策按香港财
    determined under HKFRS 15 in accordance with the policies set out        务报告准则第15号所确定之交易价格计
    for “Revenue recognition (applicable from 1 April 2018)” below.          量。

                                                                      2018/19年报    亚洲联合基建控股有限公司    163
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    (continued)

  Investments and other financial assets (policies          投资及其他金融资产(香港财务报
  under HKFRS 9 applicable from 1 April 2018)            告准则第9号项下自2018年4月1日
    (continued)                                              起适用之政策()续)

    Initial recognition and measurement (continued)                  首次确认及计量(续)

    In order for a financial asset to be classified and measured at        为使金融资产按摊销成本进行分类及计
    amortised cost, it needs to give rise to cash flows that are solely        量,其需要产生纯粹为支付本金及未偿
    payments of principal and interest (“SPPI”) on the principal amount        还本金之利息(「纯粹支付本金及利息」)
    outstanding.                                                      之现金流量。

    The Group’s business model for managing financial assets refers to        本集团管理金融资产之业务模式指其管
    how it manages its financial assets in order to generate cash flows.        理金融资产以产生现金流量之方法。业
    The business model determines whether cash flows will result from        务模型可确定现金流量是否来自收集合
    collecting contractual cash flows, selling the financial assets, or both.        约现金流量、出售金融资产或两者兼而
                                                                      有之。

    All regular way purchases and sales of financial assets are recognised        所有正常购买及销售金融资产乃于交易
    on the trade date, that is, the date that the Group commits to        日期(即本集团承诺购买或出售资产之
    purchase or sell the asset. Regular way purchases or sales are        日)确认。正常购买或销售乃指须按照市
    purchases or sales of financial assets that require delivery of assets        场一般规定或惯例于一定期间内交付资
    within the period generally established by regulation or convention        产之购买或销售金融资产。

    in the marketplace.

    Subsequent measurement                                          其后计量

    The subsequent measurement of financial assets depends on their        金融资产之其后计量视乎彼等以下之分
    classification as follows:                                              类而定:

    (a)  Financial assets at amortised cost (debt instruments)                (a)  按摊销成本计量之金融资产(债务工
                                                                        具)

        The Group measures financial assets at amortised cost if both            倘金融资产同时满足以下两个条
        of the following conditions are met:                                    件,则本集团会按摊销成本计量:
           The financial asset is held within a business model with               以收取合约现金流量为目标而
            the objective to hold financial assets in order to collect                持有金融资产的业务模式下所
            contractual cash flows.                                              持有的金融资产。

           The contractual terms of the financial asset give rise on               金融资产的合约条款于指定日
            specified dates to cash flows that are solely payments                期产生的现金流量仅为支付本
            of principal and interest on the principal amount                金及未偿还的本金利息。

            outstanding.

        Financial assets at amortised cost are subsequently measured            按摊销成本计量之金融资产其后采
        using the effective interest method and are subject to            用实际利率法计量,并可能会出现
        impairment. Gains and losses are recognised in profit or loss            减值。当资产被取消确认、修改或
        when the asset is derecognised, modified or impaired.                    出现减值时,收益及亏损乃于损益
                                                                          确认。

164    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Investments and other financial assets (policies          投资及其他金融资产(香港财务报
  under HKFRS 9 applicable from 1 April 2018)            告准则第9号项下自2018年4月1日
    (continued)                                              起适用之政策()续)

    Subsequent measurement (continued)                            其后计量(续)

    (b)  Financial assets at fair value through profit or loss                  (b)  按公平值计入损益之金融资产

        Financial assets at fair value through profit or loss include            按公平值计入损益之金融资产包括
        financial assets held for trading, financial assets designated            持作买卖之金融资产、于首次确认
        upon initial recognition at fair value through profit or loss, or            时按公平值计入损益之金融资产或
        financial assets mandatorily required to be measured at fair            强制规定须按公平值计量之金融资
        value. Financial assets are classified as held for trading if they            产。倘金融资产仍收购作为近期出
        are acquired for the purpose of selling or repurchasing in the            售或购回目的,则会被分类为持作
        near term. Financial assets with cash flows that are not solely            买卖。就现金流量并非纯粹支付本
        payments of principal and interest are classified and measured            金及利息之金融资产而言,不论其
        at fair value through profit or loss, irrespective of the business            业务模式如何,均按公平值计入损
        model. Notwithstanding the criteria for debt instruments            益分类及计量。尽管债务工具之分
        to be classified at amortised cost, as described above, debt            类标准为按摊销成本或按公平值计
        instruments may be designated at fair value through profit or            入其他全面收益(如上所述),但倘
        loss on initial recognition if doing so eliminates, or significantly            指定为按公平值计入损益可消除或
        reduces, an accounting mismatch.                                    大幅减少会计错配,则债务工具可
                                                                          在首次确认时指定为按公平值计入
                                                                          损益。

        Financial assets at fair value through profit or loss are carried            按公平值计入损益之金融资产于综
        in the consolidated statement of financial position at fair value            合财务状况表以公平值列值,并于
        with net changes in fair value recognised in profit or loss.                损益确认公平值净额变动。

        This category includes equity investments which the Group            该类别包括股本投资,本集团并无
        had not irrevocably elected to classify at fair value through            不可撤销地选择其按公平值透过其
        other comprehensive income. Dividends on equity investments            他全面收益分类。当付款权已确
        classified as financial assets at fair value through profit or loss            立,与股息相关之经济利益很可能
        are also recognised as other income in profit or loss when the            会流入本集团,且股息金额能够可
        right of payment has been established, it is probable that the            靠地计量时,分类为按公平值计入
        economic benefits associated with the dividend will flow to            损益之金融资产之股权投资股息亦
        the Group and the amount of the dividend can be measured            会作为其他收入于损益内确认。

        reliably.

                                                                      2018/19年报    亚洲联合基建控股有限公司    165
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    (continued)

  Investments and other financial assets (policies      投资及其他金融资产(香港会计准
  under HKAS 39 applicable before 1 April 2018)          则第39号项下于2018年4月1日之
                                                          前适用之政策)

    Initial recognition and measurement                                首次确认及计量

    Financial assets are classified, at initial recognition, as loans and        金融资产乃于首次确认时分类为按公平
    receivables or financial assets at fair value through profit or loss, as        值计入损益之金融资产或贷款及应收款
    appropriate. When financial assets are recognised initially, they are        项(如适用)。金融资产于首次确认时,
    measured at fair value plus transaction costs that are attributable to        乃以公平值加收购金融资产应占之交易
    the acquisition of the financial assets, except in the case of financial        成本计量,惟按公平值计入损益之金融
    assets at fair value through profit or loss.                              资产则除外。

    All regular way purchases and sales of financial assets are recognised        所有正常购买及销售金融资产乃于交易
    on the trade date, that is, the date that the Group commits to        日期(即本集团承诺购买或出售资产之
    purchase or sell the asset. Regular way purchases or sales are        日)确认。正常购买或销售乃指须按照市
    purchases or sales of financial assets that require delivery of assets        场一般规定或惯例于一定期间内交付资
    within the period generally established by regulation or convention        产之购买或销售金融资产。

    in the marketplace.

    Subsequent measurement                                          其后计量

    The subsequent measurement of financial assets depends on their        金融资产之其后计量视乎彼等以下之分
    classification as follows:                                              类而定:

    (a)  Loans and receivables                                          (a)  贷款及应收款项

        Loans and receivables are non-derivative financial assets with            贷款及应收款项为并非于活跃市场
        fixed or determinable payments that are not quoted in an active            上报价而附有固定或可厘定款项之
        market. After initial measurement, such assets are subsequently            非衍生金融资产。于首次计量后,
        measured at amortised cost using the effective interest method            该等资产其后乃使用实际利率法按
        less any allowance for impairment. Amortised cost is calculated            摊销成本减任何减值拨备计量。摊
        by taking into account any discount or premium on acquisition            销成本经计及收购之任何折让或溢
        and includes fees or costs that are an integral part of the            价后计算,并包括属实际利率组成
        effective interest rate. The effective interest rate amortisation            部分之费用或成本。实际利率摊销
        is included in interest income in profit or loss. The loss arising            于损益内列入利息收入。减值产生
        from impairment is recognised as other expenses in profit or            之亏损于损益内确认为其他开支。
        loss.

    (b)  Financial assets at fair value through profit or loss                  (b)  按公平值计入损益之金融资产

        Financial assets at fair value through profit or loss include            按公平值计入损益之金融资产包括
        financial assets held for trading and financial assets designated            持作买卖用途之金融资产及于首次
        upon initial recognition as at fair value through profit or loss.            确认时指定为按公平值计入损益之
        Financial assets are classified as held for trading if they are            金融资产。倘金融资产乃收购作为
        acquired for the purpose of sale in the near term.                        短期内销售目的,将分类为持作买
                                                                          卖用途类别。

166    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Investments and other financial assets (policies      投资及其他金融资产(香港会计准
  under HKAS 39 applicable before 1 April 2018)      则第39号项下于2018年4月1日之
    (continued)                                              前适用之政策()续)

    Subsequent measurement (continued)                            其后计量(续)

    (b)  Financial assets at fair value through profit or loss (continued)        (b)  按公平值计入损益之金融资产(续)
        Financial assets at fair value through profit or loss are carried            按公平值计入损益之金融资产于综
        in the consolidated statement of financial position at fair value            合财务状况表以公平值列值,并于
        with changes in fair value recognised in profit or loss. These            损益确认公平值变动。该等公平值
        net fair value changes do not include any dividends or interest            变动净额并不包括该等金融资产
        earned on these financial assets, which are recognised in            所赚取之任何股息或利息,该等股
        accordance with the policies set out for“Revenue recognition            息或利息乃根据下文「收入确认(于
        (applicable before 1 April 2018)” below.                                2018年4月1日之前适用)」所载之政
                                                                          策确认。

        Financial assets designated upon initial recognition as at fair            于首次确认时指定为按公平值计入
        value through profit or loss are designated at the date of initial            损益之金融资产乃于首次确认日期
        recognition and only if the criteria in HKAS 39 are satisfied.                及仅于符合香港会计准则第39号之
                                                                          准则时作出指定。

  Derecognition of financial assets (policies under      取消确认金融资产(香港财务报告
  HKFRS 9 applicable from 1 April 2018 and policies      准则第9号项下自2018年4月1日
  under HKAS 39 applicable before 1 April 2018)          起适用之政策及香港会计准则第
                                                          39号项下于2018年4月1日之前适
                                                          用之政策)

    A financial asset (or, where applicable, a part of a financial asset or        金融资产(或如适用,一项金融资产之一
    part of a group of similar financial assets) is primarily derecognised        部分或一组类似金融资产之一部分)主要
    (i.e., removed from the consolidated statement of financial position)        在下列情况下取消确认(即从综合财务状
    when:                                                            况表中移除):

       the rights to receive cash flows from the asset have expired; or           收取该项资产所得现金流量之权利
                                                                          已届满;或

       the Group has transferred its rights to receive cash flows from           本集团已转让收取该项资产所得现
        the asset, or has assumed an obligation to pay the received            金流量之权利,或根据一项「通过」
        cash flows in full without material delay to a third party under            安排,在未有严重延缓第三方之情
        a “pass-through” arrangement; and either (a) the Group            况下,已就所收取现金流量全数承
        has transferred substantially all the risks and rewards of the            担付款之责任;及(a)本集团已大致
        asset, or (b) the Group has neither transferred nor retained            转让该项资产所附之所有风险及回
        substantially all the risks and rewards of the asset, but has            报;或(b)本集团并无大致转让或
        transferred control of the asset.                                      保留该项资产所附之所有风险及回
                                                                          报,但已转让该项资产之控制权。
                                                                      2018/19年报    亚洲联合基建控股有限公司    167
财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Derecognition of financial assets (policies under        取消确认金融资产(香港财务报告
  HKFRS 9 applicable from 1 April 2018 and policies        准则第9号项下自2018年4月1日
  under HKAS 39 applicable before 1 April 2018)          起适用之政策及香港会计准则第
    (continued)                                              39号项下于2018年4月1日之前适
                                                          用之政策()续)

    When the Group has transferred its rights to receive cash flows        本集团凡已转让其收取一项资产所得现
    from an asset or has entered into a pass-through arrangement, it        金流量之权利或已订立一项通过安排,
    evaluates if, and to what extent, it has retained the risk and rewards        其评估是否有保留资产拥有权之风险及
    of ownership of the assets. When it has neither transferred nor        回报和保留程度。倘其无大致转让或保
    retained substantially all the risks and rewards of the asset nor        留该项资产所附之所有风险及回报,且
    transferred control of the asset, the Group continues to recognise        并无转让该项资产之控制权,本集团继
    the transferred assets to the extent of the Group’s continuing        续以本集团之持续参与为限确认已转让
    involvement. In that case, the Group also recognises an associated        资产。于该情况下,本集团亦确认一项
    liability. The transferred asset and the associated liability are        相关负债。已转让资产及相关负债乃按
    measured on a basis that reflects the rights and obligations that the        反映本集团已保留之权利及责任之基础
    Group has retained.                                                计量。

    Continuing involvement that takes the form of a guarantee over the        就已转让资产作出担保形式之持续参与
    transferred asset is measured at the lower of the original carrying        乃按该资产之原账面值与本集团可能须
    amount of the asset and the maximum amount of consideration        偿还之最高代价金额之较低者计量。

    that the Group could be required to repay.

  Impairment of financial assets (policies under      金融资产减值(香港财务报告准则
  HKFRS 9 applicable from 1 April 2018)                  第9号项下自2018年4月1日起适
                                                          用之政策)

    The Group recognises an allowance for expected credit losses        本集团会确认对并非按公平值计入损益
    (“ECLs”) for all debt instruments not held at fair value through        的所有债务工具预期信贷亏损(「预期信
    profit or loss. ECLs are based on the difference between the        贷亏损」)之拨备。预期信贷亏损乃基于
    contractual cash flows due in accordance with the contract and all        根据合约到期的合约现金流量与本集团
    the cash flows that the Group expects to receive, discounted at an        预期收取的所有现金流量之间的差额而
    approximation of the original effective interest rate. The expected        厘定,并以原实际利率的近似值贴现。
    cash flows will include cash flows from the sale of collateral held or        预期现金流量将包括出售所持抵押的现
    other credit enhancements that are integral to the contractual terms.        金流量或组成合约条款的其他信贷提升
                                                                      措施。

    General approach                                                  一般方法

    ECLs are recognised in two stages. For credit exposures for which        预期信贷亏损分两个阶段确认。就首次
    there has not been a significant increase in credit risk since initial        确认以来信贷风险并无大幅增加的信贷
    recognition, ECLs are provided for credit losses that result from        风险而言,会为未来12个月可能发生的
    default events that are possible within the next 12 months (a        违约事件所产生的信贷亏损(12个月预期
    12-month ECL). For those credit exposures for which there has been        信贷亏损)作出预期信贷亏损拨备。就首
    a significant increase in credit risk since initial recognition, a loss        次确认以来信贷风险大幅增加的信贷风
    allowance is required for credit losses expected over the remaining        险而言,须就预期于风险的余下年期产
    life of the exposure, irrespective of the timing of the default (a        生的信贷亏损作出减值拨备,而不论违
    lifetime ECL).                                                      约的时间(全期预期信贷亏损)。

168    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Impairment of financial assets (policies under      金融资产减值(香港财务报告准则
  HKFRS 9 applicable from 1 April 2018) (continued)          第9号项下自2018年4月1日起适
                                                          用之政策()续)

    General approach (continued)                                  一般方法(续)

    At each reporting date, the Group assesses whether the credit risk        于各报告日期,本集团会评估自首次确
    on a financial instrument has increased significantly since initial        认以来金融工具的信贷风险是否已大幅
    recognition. When making the assessment, the Group compares        增加。在进行评估时,本集团会将于报
    the risk of a default occurring on the financial instrument as at the        告日期金融工具发生的违约风险与于首
    reporting date with the risk of a default occurring on the financial        次确认日期金融工具发生的违约风险进
    instrument as at the date of initial recognition and considers        行比较,并考虑无须花费过多成本或精
    reasonable and supportable information that is available without        力即可获得的合理及可支持的资料(包括
    undue cost or effort, including historical and forward-looking        过往资料及前瞻性资料)。

    information.

    The Group considers a financial asset in default when contractual        当合约付款逾期90天时,本集团认为金
    payments are 90 days past due. However, in certain cases, the        融资产违约。然而,在若干情况下,当
    Group may also consider a financial asset to be in default when        内部或外部资料表明本集团在计及本集
    internal or external information indicates that the Group is unlikely        团所持有的任何信贷提升措施之前不大
    to receive the outstanding contractual amounts in full before        可能完全收到未偿还合约款项时,本集
    taking into account any credit enhancements held by the Group. A        团亦可能认为金融资产违约。倘并无合
    financial asset is written off when there is no reasonable expectation        理预期可收回合约现金流量,金融资产
    of recovering the contractual cash flows.                                将被撇销。

    Financial assets at amortised cost are subject to impairment under        按摊销成本计量之金融资产在一般方法
    the general approach and they are classified within the following        下可能会出现减值,且会在以下阶段进
    stages for measurement of ECLs except for trade receivables and        行分类以计量预期信贷亏损,惟应用简
    contract assets which apply the simplified approach as detailed        化方法的贸易应收款项及合约资产除
    below.                                                            外,如下所详述。

    Stage 1 –  Financial instruments for which credit risk has not        第1阶段 - 自首次确认以来其信贷风险
              increased significantly since initial recognition and for                  并无显著增加,且亏损拨备
              which the loss allowance is measured at an amount                  乃按相等于12个月预期信贷
              equal to 12-month ECLs                                              亏损的金额计量之金融工具
    Stage 2 –  Financial instruments for which credit risk has increased        第2阶段 - 自首次确认以来其信贷风险
              significantly since initial recognition but that are not                  显著 增 加( 惟并非信贷减值
              credit-impaired financial assets and for which the loss                  金融资产),且亏损拨备乃
              allowance is measured at an amount equal to lifetime                  按相等于全期预期信贷亏损
              ECLs                                                              的金额计量之金融工具

    Stage 3 –  Financial assets that are credit-impaired at the reporting        第3阶段 - 于报告日期已信贷减 值(惟
              date (but that are not purchased or originated credit-                  并 非 购 入 或 源 生 信 贷 减
              impaired) and for which the loss allowance is measured                  值), 且亏损拨备乃按相等
              at an amount equal to lifetime ECLs                                    于全期预期信贷亏损的金额
                                                                                  计量之金融资产。

                                                                      2018/19年报    亚洲联合基建控股有限公司    169
财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Impairment of financial assets (policies under      金融资产减值(香港财务报告准则
  HKFRS 9 applicable from 1 April 2018) (continued)          第9号项下自2018年4月1日起适
                                                          用之政策()续)

    Simplified approach                                              简化方法

    For trade receivables and contract assets that do not contain a        就并无重大融资成分的贸易应收款项及
    significant financing component or when the Group applies the        合约资产而言,或当本集团应用不就重
    practical expedient of not adjusting the effect of a significant        大融资成分的影响作出调整的可行权宜
    financing component, the Group applies the simplified approach in        方法时,本集团应用简化方法计算预期
    calculating ECLs. Under the simplified approach, the Group does not        信贷亏损。根据简化方法,本集团不会
    track changes in credit risk, but instead recognises a loss allowance        追踪信贷风险的变动,而是根据各报告
    based on lifetime ECLs at each reporting date. The Group has        日期的全期预期信贷亏损确认亏损拨
    established a provision matrix that is based on its historical credit        备。本集团已根据过往信贷亏损经验建
    loss experience, adjusted for forward-looking factors specific to the        立拨备矩阵,并根据债务人及经济环境
    debtors and the economic environment.                                所特有的前瞻性因素作出调整。

  Impairment of financial assets (policies under      金融资产减值(香港财务报告准则
  HKAS 39 applicable before 1 April 2018)                第39号项下于2018年4月1日之前
                                                          适用之政策)

    The Group assesses at the end of each reporting period whether        本集团于各报告期末评估是否有客观迹
    there is objective evidence that a financial asset or a group of        象表明一项金融资产或一组金融资产出
    financial assets is impaired. An impairment exists if one or more        现减值。倘首次确认该资产后出现之一
    events that occurred after the initial recognition of the asset have an        项或多项事件对一项金融资产或一组金
    impact on the estimated future cash flows of the financial asset or        融资产之估计日后现金流量构成影响而
    the group of financial assets that can be reliably estimated. Evidence        该等影响能可靠估计,即为出现减值。
    of impairment may include indications that a debtor or a group        减值之迹象可能包括一名债务人或一组
    of debtors is experiencing significant financial difficulty, default or        债务人出现重大财政困难、违约或拖欠
    delinquency in interest or principal payments, the probability that        利息或本金,彼等将申请破产或其他财
    they will enter bankruptcy or other financial reorganisation and        务重组之可能性,可观察数据显示估计
    observable data indicating that there is a measurable decrease in the        日后现金流量出现重大跌幅,例如欠款
    estimated future cash flows, such as changes in arrears or economic        或与违约有关连之经济情况出现变动。
    conditions that correlate with defaults.

    For financial assets carried at amortised cost, the Group first assesses        就按摊销成本计量之金融资产而言,本
    whether impairment exists individually for financial assets that are        集团首先评估个别重大之金融资产是否
    individually significant, or collectively for financial assets that are not        出现减值,或共同评估非个别重大之金
    individually significant. If the Group determines that no objective        融资产是否出现减值。倘本集团认为经
    evidence of impairment exists for an individually assessed financial        个别评估金融资产(不论属重大与否)并
    asset, whether significant or not, it includes the asset in a group of        无出现减值客观迹象,该金融资产将计
    financial assets with similar credit risk characteristics and collectively        入一组具相若信贷风险之金融资产中之
    assesses them for impairment. Assets that are individually assessed        资产内,并共同评估是否出现减值。经
    for impairment and for which an impairment loss is, or continues        个别减值评估之资产及其减值亏损获得
    to be, recognised are not included in a collective assessment of        或持续获确认者,将不包括在共同减值
    impairment.                                                        评估内。

170    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Impairment of financial assets (policies under      金融资产减值(香港财务报告准则
  HKAS 39 applicable before 1 April 2018) (continued)        第39号项下于2018年4月1日之前
                                                          适用之政策()续)

    The amount of any impairment loss identified is measured as the        已识别之任何减值亏损数额乃按资产之
    difference between the asset’s carrying amount and the present        账面值与估计日后现金流量(不包括尚未
    value of estimated future cash flows (excluding future credit losses        产生之日后信贷损失)之现值间之差额计
    that have not yet been incurred). The present value of the estimated        量。估计日后现金流量之现值以金融资
    future cash flows is discounted at the financial asset’s original        产之原本实际利率(即首次确认时计算之
    effective interest rate (i.e., the effective interest rate computed at        实际利率)折现计算。

    initial recognition).

    The carrying amount of the asset is reduced either directly or        资产之账面值乃直接确认或透过使用备
    through the use of an allowance account and the amount of        抵账目减少,有关亏损金额乃于损益内
    the loss is recognised in profit or loss. Interest income continues        确认。利息收入于账面值减少后持续产
    to be accrued on the reduced carrying amount using the rate of        生,且采用计量减值亏损时用以折现日
    interest used to discount the future cash flows for the purpose of        后现金流量之利率累计。当贷款及应收
    measuring the impairment loss. Loans and receivables together with        款项并无实际可能于未来收回,贷款及
    any associated allowance are written off when there is no realistic        应收账项连同任何相关拨备乃予以撇销。
    prospect of future recovery.

    If, in a subsequent period, the amount of the estimated impairment        于往后期间,倘估计减值亏损之数额增
    loss increases or decreases because of an event occurring after the        加或减少,乃由于减值确认后发生之事
    impairment was recognised, the previously recognised impairment        件所致,则先前确认之减值亏损乃透过
    loss is increased or reduced by adjusting the allowance account. If a        调整备抵账目予以增加或减少。倘未来
    future write-off is later recovered, the recovery is credited to other        撇销数额其后收回,收回之数额则于损
    expenses in profit or loss.                                            益计入其他开支。

  Financial liabilities (policies under HKFRS 9 applicable      金融负债(香港财务报告准则第9
  from 1 April 2018 and policies under HKAS 39          号项下自2018年4月1日起及香港
  applicable before 1 April 2018)                        会计准则第39号项下于2018年4
                                                          月1日之前适用之政策)

    Initial recognition and measurement                                首次确认及计量

    Financial liabilities are classified, at initial recognition, as financial        于首次确认时,金融负债分类为按摊销
    liabilities at amortised cost or financial liabilities at fair value through        成本计量之金融负债或按公平值计入损
    profit or loss, as appropriate. All financial liabilities are recognised        益之金融负债(如适用)。所有金融负债
    initially at fair value and, in the case of financial liabilities at        均按公平值作首次确认,如为按摊销成
    amortised cost, net of directly attributable transaction costs.              本计量之金融负债则经扣除直接应占交
                                                                      易成本。

                                                                      2018/19年报    亚洲联合基建控股有限公司    171
财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Financial liabilities (policies under HKFRS 9 applicable      金融负债( 香港财务报告准则第
  from 1 April 2018 and policies under HKAS 39          9号项下自2018年4月1日起适用
  applicable before 1 April 2018) (continued)                之政策及香港会计准则第39号项
                                                          下于2018年4月1日之前适用之政
                                                          策()续)

    Subsequent measurement                                          其后计量

    The subsequent measurement of financial liabilities depends on their        金融负债之其后计量视乎彼等以下之分
    classification as follows:                                              类而定:

    (a)  Financial liabilities at amortised cost                              (a)  按摊销成本计量之金融负债

        After initial recognition, financial liabilities at amortised cost are            首次确认后,金融负债其后按摊销
        subsequently measured at amortised cost, using the effective            成本计量。倘若贴现之影响并不重
        interest method unless the effect of discounting would be            大,于此情况下则按成本列账。收
        immaterial, in which case they are stated at cost. Gains and            益及亏损于负债取消确认时及透过
        losses are recognised in profit or loss when the liabilities are            实际利率摊销过程在损益内确认。
        derecognised as well as through the effective interest rate

        amortisation process.

        Amortised cost is calculated by taking into account any            摊销成本计及收购之任何折让或溢
        discount or premium on acquisition and fees or costs that are            价后计算,并包括属实际利率组成
        an integral part of the effective interest rate. The effective            部分之费用或成本。实际利率摊销
        interest rate amortisation is included as finance costs in profit            计入损益中之融资成本内。

        or loss.

    (b)  Financial liabilities at fair value through profit or loss                (b)  按公平值计入损益之金融负债

        Financial liabilities at fair value through profit or loss include            按公平值计入损益之金融负债包括
        financial liabilities held for trading and financial liabilities            持作买卖之金融负债及于初始确认
        designated upon initial recognition as at fair value through            后划分为按公平值计入损益之金融
        profit or loss.                                                      负债。

        Financial liabilities are classified as held for trading if they are            金融负债倘以短期购回目的而购
        acquired for the purpose of repurchasing in the near term. This            买,则分类为持作买卖之负债。此
        category includes derivative financial instruments entered into            分类包括由本集团订立之衍生金融
        by the Group that are not designated as hedging instruments            工具,但并非指定为对冲关系中之
        in hedge relationships. Separated embedded derivatives are            对冲工具。独立附带在内衍生工具
        also classified as held for trading unless they are designated            亦归类为持作买卖,除非被指定用
        as effective hedging instrument. Gains or losses on financial            作有效对冲工具则另作别论。持作
        liabilities held for trading are recognised in profit or loss. The            买卖之金融负债之损益在损益表中
        net fair value gain or loss recognised in profit or loss does not            确认。于损益表中确认之净公平值
        include any interest charged on these financial liabilities.                  收益或亏损不包括该等金融负债所
                                                                          支付之任何利息。

172    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Derecognition of financial liabilities (policies under      取消确认金融负债(香港财务报告
  HKFRS 9 applicable from 1 April 2018 and policies      准则第9号项下自2018年4月1日
  under HKAS 39 applicable before 1 April 2018)          起适用之政策及香港会计准则第
                                                          39号项下于2018年4月1日之前适
                                                          用之政策)

    A financial liability is derecognised when the obligation under the        一项金融负债于负债项下之责任获解除
    liability is discharged or cancelled, or expires.                            或取消或届满时取消确认。

    When an existing financial liability is replaced by another from the        当一项现有金融负债获同一贷款人以大
    same lender on substantially different terms, or the terms of an        致不相同条款之另一负债所取代,或一
    existing liability are substantially modified, such an exchange or        项现有负债之条款经大幅修订,该项交
    modification is treated as a derecognition of the original liability        换或修订应被视为原负债之取消确认及
    and a recognition of a new liability, and the difference between the        一项新负债之确认,而有关账面值间之
    respective carrying amounts is recognised in profit or loss.                差额乃于损益内确认。

  Convertible bonds (policies under HKFRS 9 applicable      可换股债券(香港财务报告准则第
  from 1 April 2018 and policies under HKAS 39          9号项下自2018年4月1日起适用
  applicable before 1 April 2018)                        之政策及香港会计准则第39号项
                                                          下于2018年4月1日之前适用之政
                                                          策)

    Convertible bonds that contain liability and equity components            含有负债及权益部分的可换股债券

    Convertible bonds that can be converted to equity share capital at        可换股债券可按持有人选择转换为权益
    the option of the holder, where the number of shares that would be        股本,转换时发行的股份数目及当时收
    issued on conversion and the value of the consideration that would        取的代价价值不变。可换股债券入账列
    be received at that time do not vary, are accounted for as compound        为复合金融工具,包含负债部分及权益
    financial instruments which contain both a liability component and        部分(换股权)。

    an equity component (conversion option).

    The component of convertible bonds that exhibits characteristics of        显示负债特征的可换股债券部分经扣除
    a liability is recognised and accounted for as a financial liability at        交易成本后于综合财务状况表确认并计
    amortised cost in the consolidated statement of financial position,        入为按摊销成本计量之金融负债。发行
    net of transaction costs. On issuance of convertible bonds, the fair        可换股债券时,负债部分公平值采用同
    value of the liability component is determined using a market rate        等非可换股债券市场利率厘定;该金额
    for an equivalent non-convertible bond; and this amount is carried        按摊销成本列为非流动负债或流动负债
    as a non-current liability or a current liability, as appropriate, on the      (如适用),直至转换或赎回本金。所得
    amortised cost basis until extinguished on conversion or redemption.        款项余额经扣除交易成本后分配至换股
    The remainder of the proceeds, net of transaction costs, is allocated        权(权益部分),并确认为及计入本公司
    to the conversion option (the equity component) which is recognised        可换股债券权益储备。换股权账面值于
    and included in the Company’s convertible bond equity reserve.        其后年度不予重新计量。交易成本乃基
    The carrying amount of the conversion option is not remeasured in        于首次确认工具时分配至负债及权益部
    subsequent years. Transaction costs are apportioned between the        分的所得款项于可换股债券的负债及权
    liability and equity components of the convertible bonds based on        益部分间按比例分配。

    the allocation of proceeds to the liability and equity components

    when the instruments are first recognised.

                                                                      2018/19年报    亚洲联合基建控股有限公司    173
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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Convertible bonds (policies under HKFRS 9 applicable      可换股债券(香港财务报告准则第
  from 1 April 2018 and policies under HKAS 39          9号项下自2018年4月1日起适用
  applicable before 1 April 2018) (continued)                之政策及香港会计准则第39号项
                                                          下于2018年4月1日之前适用之政
                                                          策()续)

    Convertible bonds that contain liability and derivative components        含有负债及衍生部分的可换股债券

    If the conversion option of convertible bonds exhibits characteristics        倘可换股债券的换股权显示嵌入式衍生
    of an embedded derivative, it is separated from its liability        工具的特征,则与其负债部分分开入
    component. On initial recognition, the conversion option and other        账。于首次确认时,可换股债券的换股
    derivative components of the convertible bonds are measured at        权及其他衍生工具部分按公平值计量,
    fair value and presented as part of derivative financial instruments        并列为衍生财务工具部分(按公平值计入
    (financial liabilities at fair value through profit or loss). Any excess        损益之金融负债)。若所得款项超出首次
    of proceeds over the amount initially recognised as the derivative        确认为衍生工具部分的金额,则超出金
    components is recognised as the liability component and is        额确认为负债部分并计入按摊销成本计
    accounted for as a financial liability at amortised cost. Transaction        量之金融负债。交易成本根据所得款项
    costs are apportioned between the liability and derivative        于工具首次确认时在负债与衍生工具部
    components of the convertible bonds based on the allocation        分间的分配,分别列为可换股债券负债
    of proceeds to the liability and derivative components when the        部分的交易成本及衍生工具部分的交易
    instruments are initially recognised. The portion of the transaction        成本。有关负债部分的交易成本部分于
    costs relating to the liability component is recognised initially as part        首次确认时确认为负债部分。有关衍生
    of the liability. The portion relating to the derivative components is        工具部分则即时在损益表内确认。

    recognised immediately in profit or loss.

  Financial guarantee contracts                          财务担保合约

    Financial guarantee contracts issued by the Group are those        本集团作出的财务担保合约即要求发行
    contracts that require a payment to be made to reimburse the        人作出特定付款以偿付持有人因特定债
    holder for a loss it incurs because the specified debtor fails to        务人未能根据债务工具的条款偿还到期
    make a payment when due in accordance with the terms of a debt        款项而招致损失的合约。

    instrument.

    Policies under HKFRS 9 applicable from 1 April 2018                    香港会计准则第9号项下自2018年4月1日
                                                                    起适用之政策

    A financial guarantee contract is recognised initially as a liability        财务担保合约首次按其公平值确认为一
    at its fair value, adjusted for transaction costs that are directly        项负债,并就作出该担保直接产生的交
    attributable to the issuance of the guarantee. Subsequent to initial        易成本作出调整。于首次确认后,本集
    recognition, the Group measures the financial guarantee contracts        团按如下的较高者计量财务担保合约:
    at the higher of: (i) the ECL allowance determined in accordance        (i)根据「金融资产减值(香港财务报告准
    with the policy as set out in “Impairment of financial assets (policies        则第9号项下自2018年4月1日起适用之
    under HKFRS 9 applicable from 1 April 2018)”; and (ii) the amount        政策)」所载政策厘定之预期信贷亏损拨
    initially recognised less, when appropriate, the cumulative amount        备;及(ii)首次确认金额减(如适用)已确
    of income recognised.                                              认累计收入金额。

    Policies under HKAS 39 applicable before 1 April 2018                  香港会计准则第39号项下于2018年4月1
                                                                    日之前适用之政策

    A financial guarantee contract is recognised initially as a liability at its        财务担保合约首次按其公平值确认为一
    fair value, adjusted for transaction costs that are directly attributable        项负债,并就作出该担保直接产生的交
    to the issue of the guarantee. Subsequent to initial recognition, the        易成本作出调整。于首次确认后,本集
    Group measures the financial guarantee contract at the higher of:        团按如下的较高者计量财务担保合约:(i)
    (i) the amount of best estimate of the expenditure required to settle        于报告期末为偿付现有责任所需开支的
    the present obligation at the end of the reporting period and (ii)        最佳估计数额;及(ii)首次确认的数额减
    the amount initially recognised less, when appropriate, cumulative      (如适用)累计摊销。

    amortisation.

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Offsetting of financial instruments (policies under      抵销金融工具(香港财务报告准则
  HKFRS 9 applicable from 1 April 2018 and policies      第9号项下自2018年4月1日起适
  under HKAS 39 applicable before 1 April 2018)          用之政策及香港会计准则第39号
                                                          项下于2018年4月1日之前适用之
                                                          政策)

    Financial assets and financial liabilities are offset and the net amount        倘目前存在可执行之法律权力抵销已确
    is reported in the consolidated statement of financial position if        认金额,且计划以净额结算或同时变现
    there is a currently enforceable legal right to offset the recognised        资产及偿付负债,方会抵销金融资产及
    amounts and there is an intention to settle on a net basis, or to        金融负债并在综合财务状况表内呈报有
    realise the assets and settle the liabilities simultaneously.                  关净额。

  Shares held under a share award scheme                根据股份奖励计划持有的股份

    Own equity instruments which are reacquired from the market and        由本公司或本集团根据本公司股份奖励
    held by the Company or the Group (treasury shares) under the share        计划在市场上重新购入及持有的本身权
    award scheme of the Company are recognised directly in equity at        益工具(库存股份)乃按成本直接于权益
    cost. No gain or loss is recognised in profit or loss on the purchase,        中扣除。并无购回、出售、发行或注销
    sale, issue or cancellation of the Group’s own equity instruments.          本集团自身权益工具的收益或亏损于损
                                                                      益内确认。

    Upon exercise of share awards, the related costs of the vested        行使股份奖励后,从市场上购回的已归
    awarded shares repurchased from the market and shares acquired        属奖励股份及就奖励股份所收取股息的
    from reinvesting dividends received on the awarded shares are        再投资中收购的股份的相关成本,记入
    credited to the shares held under the share award scheme account,        根据股份奖励计划账目下持有的股份,
    with a corresponding decrease in the share-based compensation        而股份报酬储备已就奖励股份相应减少。
    reserve for the awarded shares.

    For vesting of forfeited or unallocated shares regranted, the related        就重新授出的已没收或未分配股份的归
    costs of the forfeited or unallocated shares regranted are credited        属而言,重新授出的已没收或未分配股
    to the shares held under the share award scheme account, and the        份的相关成本记入根据股份奖励计划账
    related fair value of the shares regranted are debited to the share-        目下持有的股份,而重新授出股份的相
    based compensation reserve. The difference between the cost        关公平值于股份报酬储备内扣除。倘重
    and the fair value of the shares regranted is credited to the share        新授出股份的公平值高于成本,则其成
    premium account if the fair value is higher than the cost or debited        本与公平值的差额记入股份溢价账,而
    against retained profits if the fair value is less than the cost.                倘公平值低于成本,两者之差额于保留
                                                                      利溢中扣除。

  Cash and cash equivalents                            现金及与现金等值项目

    For the purpose of the consolidated statement of cash flows, cash        就综合现金流量表而言,现金及与现金
    and cash equivalents comprise cash on hand and demand deposits,        等值项目包括手持现金及活期存款,及
    and short term highly liquid investments that are readily convertible        可随时转换为可知现金数额、须承受价
    into known amounts of cash, are subject to an insignificant risk of        值改变之非重大风险及于购入起计一般
    changes in value, and have a short maturity of generally within three        于三个月内到期之短期及高度流通投
    months when acquired, less bank overdrafts which are repayable on        资,经减除须按要求偿还之银行透支,
    demand and form an integral part of the Group’s cash management.        及为本集团现金管理组成之一部分。

    For the purpose of the consolidated statement of financial position,        就综合财务状况表而言,现金及与现金
    cash and cash equivalents comprise cash on hand and at banks,        等值项目包括手持及银行现金,包括定
    including term deposits, and assets similar in nature to cash, which        期存款及性质与现金相似的资产,其用
    are not restricted as to use.                                          途不受限制。

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    (continued)

  Provisions                                            拨备

    A provision is recognised when a present obligation (legal or        倘因过往事件产生现有责任( 法定或推
    constructive) has arisen as a result of a past event and it is probable        定)及日后可能需要有资源流出以履行责
    that a future outflow of resources will be required to settle the        任,则确认拨备,惟必须能可靠估计责
    obligation, provided that a reliable estimate can be made of the        任所涉及之金额。

    amount of the obligation.

    When the effect of discounting is material, the amount recognised        倘贴现之影响属重大时,所确认之拨备
    for a provision is the present value at the end of the reporting        金额为预期须支付有关责任之未来支出
    period of the future expenditures expected to be required to settle        于报告期末之现值。因时间流逝而导致
    the obligation. The increase in the discounted present value amount        贴现现值增加之金额,乃计入损益表内
    arising from the passage of time is included as finance costs in profit        融资成本中。

    or loss.

    A contingent liability recognised in a business combination is initially        于业务合并中,或然负债首次按公平值
    measured at its fair value. Subsequently, it is measured at the        计量。其后,其按以下较高者计量:(i)根
    higher of (i) the amount that would be recognised in accordance        据上述普遍拨备指引应予确认之金额;
    with the general guidance for provisions above; and (ii) the amount        及(ii)已首次确认之金额减(如适用)根据
    initially recognised less, when appropriate, cumulative amortisation        收益确认指引确认之累计摊销。

    recognised in accordance with the guidance for revenue recognition.

  Income tax                                            所得税

    Income tax comprises current and deferred tax. Income tax relating        所得税包括即期税项及递延税项。与在
    to items recognised outside profit or loss is recognised outside profit        损益以外确认项目有关之所得税乃在损
    or loss, either in other comprehensive income or directly in equity.          益以外确认,即在其他全面收益或直接
                                                                      在股本中确认。

    Current tax assets and liabilities are measured at the amount        即期税项资产及负债乃根据于报告期末
    expected to be recovered from or paid to the taxation authorities,        前已颁布或实际已颁布之税率(及税务法
    based on tax rates (and tax laws) that have been enacted or        例),并经考虑本集团经营业务所在国家
    substantively enacted by the end of the reporting period, taking into        之现行诠释及惯例后,按预期可向税务
    consideration interpretations and practices prevailing in the countries        机关收回或支付予税务机关之数额计算。
    in which the Group operates.

    Deferred tax is provided, using the liability method, on all temporary        递延税项就于报告期末资产及负债之税
    differences at the end of the reporting period between the tax        项基准及其于财务申报中之账面值之所
    bases of assets and liabilities and their carrying amounts for financial        有暂时性差额以负债法作出拨备。

    reporting purposes.

176    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Income tax (continued)                                  所得税(续)

    Deferred tax liabilities are recognised for all taxable temporary        所有应课税暂时性差额均被确认为递延
    differences, except:                                                  税项负债,除非:

       when the deferred tax liability arises from the initial recognition           递延税项负债从首次确认商誉或一
        of goodwill or an asset or liability in a transaction that is not a            项交易(该交易并非为企业合并)之
        business combination and, at the time of the transaction, affects            资产或负债时产生,及于进行交易
        neither the accounting profit nor taxable profit or loss; and                时,不对会计盈利或应课税盈利或
                                                                          亏损构成影响;及

       in respect of taxable temporary differences associated with           有关于附属公司、合营业务、合营
        investments in subsidiaries, joint operations, joint ventures and            公司及联营公司之投资所产生之应
        associates, when the timing of the reversal of the temporary            课税暂时性差额,除非可控制拨回
        differences can be controlled and it is probable that the            暂时性差额之时间及暂时性差额于
        temporary differences will not reverse in the foreseeable future.            可预见之将来可能不会拨回。

    Deferred tax assets are recognised for all deductible temporary        所有可被扣减之暂时性差额及未被动用
    differences, the carryforward of unused tax credits and any unused        之税项抵免与任何未被动用之税务亏损
    tax losses. Deferred tax assets are recognised to the extent that it        之结转均被确认为递延税项资产。递延
    is probable that taxable profit will be available against which the        税项资产以可能产生足够应课税盈利抵
    deductible temporary differences, the carryforward of unused tax        扣可扣减暂时性差额为限确认,而结转
    credits and unused tax losses can be utilised, except:                      未被动用之税项抵免及税务亏损可予动
                                                                      用,除非:

       when the deferred tax asset relating to the deductible           与可扣减暂时性差额有关之递延税
        temporary differences arises from the initial recognition of            项资产从首次确认一项(该交易并非
        an asset or liability in a transaction that is not a business            为企业合并)之资产或负债产生,及
        combination and, at the time of the transaction, affects neither            于进行交易时,并不对会计盈利或
        the accounting profit nor taxable profit or loss; and                      应课税盈利或亏损构成影响;及

       in respect of deductible temporary differences associated with           有关从附属公司、合营业务、合营
        investments in subsidiaries, joint operations, joint ventures and            公司及联营公司之投资产生之可扣
        associates, deferred tax assets are only recognised to the extent            减暂时性差额,递延税项资产以可
        that it is probable that the temporary differences will reverse            能出现之暂时性差额于可预见之将
        in the foreseeable future and taxable profit will be available            来可拨回及有可动用应课税盈利抵
        against which the temporary differences can be utilised.                  扣所动用暂时性差额时予以确认。
    The carrying amount of deferred tax assets is reviewed at the end of        递延税项资产之账面值于各报告期末检
    each reporting period and reduced to the extent that it is no longer        讨,并扣减至当不再可能有足够应课税
    probable that sufficient taxable profit will be available to allow all or        盈利让所有或部分递延税项资产被动用
    part of the deferred tax asset to be utilised. Unrecognised deferred        为止。未被确认之递延税项资产乃于各
    tax assets are reassessed at the end of each reporting period and are        报告期末重新评估及在已可能有足够应
    recognised to the extent that it has become probable that sufficient        课税盈利让所有或部分递延税项资产被
    taxable profit will be available to allow all or part of the deferred tax        收回时确认。

    asset to be recovered.

    Deferred tax assets and liabilities are measured at the tax rates that        递延税项资产及负债以该期间(当资产被
    are expected to apply to the period when the asset is realised or the        变现或负债被清还时)预期之适用税率计
    liability is settled, based on tax rates (and tax laws) that have been        量,根据于报告期末前已颁布或实际已
    enacted or substantively enacted by the end of the reporting period.        颁布之税率(及税务法例)计算。

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    (continued)

  Income tax (continued)                                  所得税(续)

    Deferred tax assets and deferred tax liabilities are offset if and only if        只有在本集团具有依法可强制执行的权
    the Group has a legally enforceable right to set off current tax assets        利抵销即期税项资产和即期税项负债,
    and current tax liabilities and the deferred tax assets and deferred tax        且递延税项资产和递延税项负债涉及同
    liabilities relate to income taxes levied by the same taxation authority        一税务机关对同一应评税实体或对拟按
    on either the same taxable entity or different taxable entities which        净额基准结算即期税项负债和资产或同
    intend either to settle current tax liabilities and assets on a net basis,        时变现资产和清偿负债的不同应评税实
    or to realise the assets and settle the liabilities simultaneously, in        体征收的所得税时,才能在预期清偿或
    each future period in which significant amounts of deferred tax        收回大额递延税项负债或资产的各未来
    liabilities or assets are expected to be settled or recovered.                期间抵销递延税项资产和递延税项负债。
  Revenue recognition (applicable from 1 April 2018)      收益确认(自2018年4月1日起适用)
    Revenue from contracts with customers                            来自客户合约之收益

    Revenue from contracts with customers is recognised when control        当货品或服务的控制权按能反映本集团
    of goods or services is transferred to the customers at an amount        预期就交换该等货品或服务而可收取的
    that reflects the consideration to which the Group expects to be        代价的金额转让予客户时,会确认来自
    entitled in exchange for those goods or services.                        客户合约之收益。

    When the consideration in a contract includes a variable amount,        当合约中之代价包含可变金额时,将估
    the amount of consideration is estimated to which the Group will        计本集团有权就交换将该等货品或服务
    be entitled in exchange for transferring the goods or services to        转移至客户而收取之代价金额。可变代
    the customer. The variable consideration is estimated at contract        价乃于合约开始时作出估计并受到约
    inception and constrained until it is highly probable that a significant        束,直至与可变代价相关之不明朗因素
    revenue reversal in the amount of cumulative revenue recognised        随后得以解决,已确认累计收益很可能
    will not occur when the associated uncertainty with the variable        不会发生重大收益拨回为止。

    consideration is subsequently resolved.

    When the contract contains a financing component which provides        当合约包含融资部分,其在将货品或服
    the customer a significant benefit of financing the transfer of        务转移至客户方面为客户提供重大融资
    goods or services to the customer for more than one year, revenue        利益超过一年时,收益会按以本集团与
    is measured at the present value of the amount receivable,        客户于合约开始时进行的个别融资交易
    discounted using the discount rate that would be reflected in a        中所反映贴现率贴现的应收款项现值计
    separate financing transaction between the Group and the customer        量。当合约包含融资部分,为本集团提
    at contract inception. When the contract contains a financing        供重大财务利益超过一年时,会根据该
    component which provides the Group a significant financial benefit        合约确认的收益包括按实际利率法计算
    for more than one year, revenue recognised under the contract        合约负债产生的利息开支。就客户付款
    includes the interest expense accreted on the contract liability under        与承诺货品或服务转移之间的间隔期限
    the effective interest method. For a contract where the period        为一年或以内之合约而言,交易价格不
    between the payment by the customer and the transfer of the        会根据香港财务报告准则第15号所提供
    promised goods or services is one year or less, the transaction price        之可行权宜方法就重大融资部分之影响
    is not adjusted for the effects of a significant financing component,        作出调整。

    using the practical expedient in HKFRS 15.

178    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Revenue recognition (applicable from 1 April 2018)      收益确认(自2018年4月1日起适用)
    (continued)                                                  (续)

    Revenue from contracts with customers (continued)                来自客户合约之收益(续)

    (a)  Construction work                                            (a)  建筑工程

        Revenue from construction work is recognised over time, using            由于本集团之履约行为会创造或增
        an output method to measure progress towards complete            加了客户在资产创造或增加了所控
        satisfaction of the work, because the Group’s performance            制之资产,故建筑工程之收入乃使
        creates or enhances an asset that the customer controls as the            用产量法计量完成工程之进度并随
        asset is created or enhanced. The progress towards complete            时间而确认。完成建筑合约履约责
        satisfaction of a performance obligation of construction            任之进度乃参照内部或外聘测量师
        contracts is measured with reference to the certificates issued            就迄今为止已完成履约或工程部分
        by the internal or external surveyors on the performance of            所出具之批核证明计量。

        work completed to date.

        Claims to customers are amounts that the Group seeks to            向客户提出之索偿乃本集团寻求向
        collect from the customers as reimbursement of costs and            客户收取之金额,作为原建筑合约
        margins for scope of works not included in the original            以外工程范围之成本及利润之补偿
        construction contract. Claims are accounted for as variable            款项。索偿乃作为可变代价列账并
        consideration and constrained until it is highly probable that            受到约束,直至与可变代价相关之
        a significant revenue reversal in the amount of cumulative            不明朗因素随后得以解决,已确认
        revenue recognised will not occur when the associated            累计收益很可能不会发生重大收益
        uncertainty with the variable consideration is subsequently            拨回为止。本集团使用最可能金额
        resolved. The Group uses the most likely amount method to            法估计索偿金额,乃由于此方法最
        estimate the amounts of claims because this method best            能预测本集团将有权获得之可变代
        predicts the amount of variable consideration to which the            价金额。

        Group will be entitled.

    (b)  Sale of properties                                            (b)  销售物业

        Revenue from the sale of properties is recognised at the            销售物业之收益乃于资产控制权转
        point in time when control of the asset is transferred to the            移至客户之时间点确认。

        customer.

                                                                      2018/19年报    亚洲联合基建控股有限公司    179
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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Revenue recognition (applicable from 1 April 2018)      收益确认(自2018年4月1日起适用)
    (continued)                                                  (续)

    Revenue from contracts with customers (continued)                来自客户合约之收益(续)

    (c)  Rendering of services                                          (c)  提供服务

        Revenue from the rendering of services is recognised over            提供服务之收益乃于计划年期内以
        the scheduled period on the straight-line basis because the            直线法确认,因为客户同时接收及
        customer simultaneously receives and consumes the benefits            消耗本集团所提供的利益。

        provided by the Group.

    Revenue from other sources                                        其他来源之收益

    (a)  Rental income                                                (a)  租金收入

        Rental income is recognised on the straight-line basis over the            租金收入乃于租期以直线法基准确
        lease terms.                                                        认。

    (b)  Interest income                                              (b)  利息收入

        Interest income is recognised on an accrual basis using the            利息收入乃以应计方式按金融工具
        effective interest method by applying the rate that exactly            之估计年期(或较短期间,倘适用)
        discounts the estimated future cash receipts over the expected            使用实际利率法将日后估计之现金
        life of the financial instrument or a shorter period, when            收入准确折扣计算金融资产之账面
        appropriate, to the net carrying amount of the financial asset.              净值而确认。

    (c)  Dividend income                                              (c)  股息收入

        Dividend income is recognised when the shareholders’ right to            股息收入乃于股东收取付款之权利
        receive payment has been established, it is probable that the            确立后,与股息相关之经济利益很
        economic benefits associated with the dividend will flow to            可能会流入本集团,且股息金额能
        the Group and the amount of the dividend can be measured            够可靠地计量时确认。

        reliably.

180    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Revenue recognition (applicable before 1 April      收益确认(于2018年4月1日之前
  2018)                                                适用)

    Revenue is recognised when it is probable that the economic        在经济利益可能归于本集团以及收益可
    benefits will flow to the Group and when the revenue can be        得以可靠地计量时,收益将按下列之基
    measured reliably, on the following bases:                              准确认:

    (a)  from construction work, on the percentage-of-completion        (a)  建筑工程,按完成百分比基准确
        basis, as further explained in the accounting policy for            认,详情载于下文「建筑合约(于
        “Construction contracts (applicable before 1 April 2018)”            2018年4月1日之前适用)」之会计政
        below;                                                            策;

    (b)  from the rendering of other services, when services have been        (b)  提供其他服务,于已提供服务时确
        rendered;                                                          认;

    (c)  from the sale of properties, when the significant risks and        (c)  销售物业,乃于拥有权之绝大部分
        rewards of ownership have been transferred to the buyer,            风险及回报已转让予买方时确认,
        provided that the Group maintains neither managerial            惟本集团对已售物业并无维持通常
        involvement to the degree usually associated with ownership,            与拥有权相关之程度之管理参与,
        nor effective control over the properties sold;                            亦无维持实际控制权;

    (d)  rental income, on the straight-line basis over the lease terms;          (d)  租金收入,于租期以直线法基准确
                                                                          认;

    (e)  interest income, on an accrual basis using the effective        (e)  利息收入,乃以应计方式按金融工
        interest method by applying the rate that exactly discounts the            具之估计年期( 或较短期间,倘适
        estimated future cash receipts over the expected life of the            用)使用实际利率法将日后估计之现
        financial instrument or a shorter period, when appropriate, to            金收入准确折扣计算金融资产之账
        the net carrying amount of the financial asset; and                      面净值;及

    (f)  dividend income, when the shareholders’ right to receive        (f)  股息收入,于股东收取付款之权利
        payment has been established.                                        确立时确认。

  Contract assets (applicable from 1 April 2018)            合约资产(自2018年4月1日起适用)
    A contract asset is the right to consideration in exchange for goods        合约资产乃向客户转移货品或服务以换
    or services transferred to the customer. If the Group performs by        取代价之权利。倘本集团通过于客户支
    transferring goods or services to a customer before the customer        付代价前或于付款到期前将货品或服务
    pays consideration or before payment is due, a contract asset is        转移至客户来履约,则会就所赚取之有
    recognised for the earned consideration that is conditional.                条件代价确认合约资产。

                                                                      2018/19年报    亚洲联合基建控股有限公司    181
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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Contract liabilities (applicable from 1 April 2018)        合约负债(自2018年4月1日起适用)
    A contract liability is the obligation to transfer goods or services to        合约负债指本集团因已向客户收取代价
    a customer for which the Group has received a consideration (or      (或代价款项已到期)而须向客户转让货
    an amount of consideration that is due) from the customer. If a        品或服务的责任。倘客户于本集团将货
    customer pays the consideration before the Group transfers goods        品或服务转移至客户前支付代价,则于
    or services to the customer, a contract liability is recognised when        作出付款或付款到期时(以较早者为准)
    the payment is made or the payment is due (whichever is earlier).        确认合约负债。合约负债于本集团履行
    Contract liabilities are recognised as revenue when the Group        合约时确认为收益。

    performs under the contract.

  Contract costs (applicable from 1 April 2018)            合约成本(自2018年4月1日起适用)
    Other than the costs which are capitalised as inventories, property,        除作为存货、物业、机器及设备及无形
    plant and equipment and intangible assets, costs incurred to fulfil        资产拨充资本之成本外,倘符合以下所
    a contract with a customer are capitalised as an asset if all of the        有条件,则履行与客户订立之合约所产
    following criteria are met:                                            生之成本会作为一项资产拨充资本:

    (a)  The costs relate directly to a contract or to an anticipated        (a)  成本与合约或实体可具体确定之预
        contract that the entity can specifically identify.                          期合约直接相关。

    (b)  The costs generate or enhance resources of the entity that will        (b)  成本会产生或增加将用于履行(或持
        be used in satisfying (or in continuing to satisfy) performance            续履行)履约责任之实体资源。

        obligations in the future.

    (c)  The costs are expected to be recovered.                            (c)  预期费用将可予以收回。

    The capitalised contract costs are amortised and charged to profit        资本化合约成本乃按系统基准摊销及自
    or loss on a systematic basis that is consistent with the pattern of        损益扣除,其符合确认资产相关之收益
    the revenue to which the asset related is recognised. Other contract        模式一致。其他合约成本则于产生时列
    costs are expensed as incurred.                                        作开支。

  Costs to obtain a contract                              获得合约的成本

    Incremental costs of obtaining a contract are those costs that the        获得合约的成本增加部分是本集团与客
    Group incurs to obtain a contract with customer that it would not        户订立合约所产生的成本,倘未能获得
    have incurred if the contract had not been obtained. Incremental        合约,则不会产生该等成本。倘成本与
    costs of obtaining a contract are capitalised when incurred if the        收益相关(将于未来报告期确认)且预计
    costs relate to revenue which will be recognised in a future reporting        可收回成本,则以获得合约的成本增长
    period and the costs are expected to be recovered. The incremental        部分于产生时予以拨充资本。获得合约
    costs of obtaining a contract are charged to profit or loss on a        的成本增加部分按系统基准计入损益
    systematic basis that is consistent with the pattern of the revenue        内,与确认资产相关之收益的模式一
    to which the asset related is recognised. Other costs of obtaining a        致。获得合约的其他成本于产生时计入
    contract are expensed when incurred.                                  费用。

182    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Construction contracts (applicable before 1 April      建筑合约(于2018年4月1日之前
  2018)                                                适用)

    Contract revenue comprises the agreed contract amount and        合约收益包括已协定之合约金额及来自
    appropriate amounts from variation orders, claims and incentive        变更指令、索偿及赏金的金额。所产生
    payments. Contract costs incurred comprise direct materials, the        的合约成本包括直接物料、分包成本、
    costs of subcontracting, direct labour and an appropriate proportion        直接劳工成本及适当比例之非固定及固
    of variable and fixed construction overheads.                            定建筑费用。

    Where the outcome of a construction contract can be estimated        若能可靠地估计建筑合约结果,收益及
    reliably, revenue and costs are recognised in profit or loss by        成本会参照于报告期末合约完工进度于
    reference to the stage of completion of the contract activity at        损益内确认,而完工进度则参照外聘估
    the end of the reporting period, which is measured by reference        值师于认证日期执行工程价值测量计
    to surveys of the value of work carried out to date as certified by        算。合约工程之修改、申索及赏金只会
    external valuers. Variations in contract work, claims and incentive        在金额能可靠地计量及认为有可能收款
    payments are included to the extent that the amount can be        之情况下方计算在内。

    measured reliably and its receipt is considered probable.

    Where the outcome of a construction contract cannot be estimated        若不能可靠地估计建筑合约结果,合约
    reliably, contract revenue is recognised to the extent of contract        收益仅以可收回之已产生合约成本数额
    costs incurred that it is probable will be recoverable. Contract costs        确认。合约成本于产生期间确认为开支。
    are recognised as expenses in the period in which they are incurred.

    When it is probable that total contract costs will exceed total        当合约成本总额将有可能超逾合约收益
    contract revenue, the expected loss is recognised as an expense        总额时,预计亏损即时确认为开支。

    immediately.

    Where contract costs incurred to date plus recognised profits less        倘直至目前为止已产生之合约成本加已
    recognised losses exceed progress billings, the surplus is shown as        确认溢利减已确认亏损超逾进度付款,
    amounts due from contract customers. For contracts where progress        则多出之数额列作应收合约客户款项。
    billings exceed contract costs incurred to date plus recognised        倘合约之进度付款超逾直至目前为止已
    profits less recognised losses, the surplus is shown as amounts due        产生之合约成本加已确认溢利减已确认
    to contract customers. Amounts received before the related work is        亏损,则多出之数额列作应付合约客户
    performed are included in the consolidated statement of financial        款项。于进行相关工程前收取之款项作
    position, as a liability, as advances received. Amounts billed for work        为负债于综合财务状况表内列作已收垫
    performed but not yet paid by the customer are included in the        款。已发出工程账单但客户仍未付款之
    consolidated statement of financial position under trade receivables.        数额则于综合财务状况表内列入贸易应
                                                                      收款项。

                                                                      2018/19年报    亚洲联合基建控股有限公司    183
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3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Share-based payments                                以股份为基础付款

    Share award scheme                                              股份奖励计划

    The Group operates a share award scheme for the purpose of        本集团实行股份奖励计划,以向雇员提
    providing incentives for employees to achieve performance goals        供达到表现目标的激励及令雇员利益透
    and aligning the interests of employees directly to the shareholders        过拥有本公司股份直接与本公司股东利
    of the Company through ownership of shares of the Company.            益一致的目标。

    The amount to be expensed as share-based compensation expenses        作为以股份为基础支付的酬金开支所支
    is determined by reference to the fair value of the share awards        销的金额乃经参考所授出股份奖励的公
    granted, taking into account all non-vesting conditions associated        平值并计及所有与授出相关的非授予条
    with the grants. The total expense is recognised over the relevant        件而厘定。总开支于有关归属期内(或倘
    vesting periods (or on the grant date if the shares vest immediately),        股份即时归属,则于授出当日)确认,并
    with a corresponding credit to the share-based compensation        相应记入权益项下之股份报酬储备。

    reserve under equity.

    For those share awards which are amortised over the vesting periods,        就于归属期摊销的股份奖励而言,本集
    the Group revises its estimates of the number of awarded shares        团于各报告期末修订其预期最终会根据
    that are expected to ultimately vest based on the vesting conditions        归属条件归属的奖励股份数目的估计数
    at the end of each reporting period. Any resulting adjustment to the        目。因而对过往年度确认的累计公平值
    cumulative fair value recognised in prior years is recognised in profit        的任何调整于本年度损益中确认,并对
    or loss in the current year, with a corresponding adjustment to the        股份报酬储备作出相应调整。

    share-based compensation reserve.

    Share option scheme                                              购股权计划

    The Company operates a share option scheme for the purpose        本公司执行购股权计划,旨在向为本集
    of providing incentives and rewards to eligible participants who        团经营之成功作出贡献之合资格参与人
    contribute to the success of the Group’s operations. Employees        提供鼓励及奖励。本集团之雇员(包括本
    (including directors of the Company) of the Group receive        公司董事)以股份为基础付款方式获取报
    remuneration in the form of share-based payments, whereby        酬,而雇员提供之服务则作为股本工具
    employees render services as consideration for equity instruments        之代价(「股本结算交易」)。

    (“equity-settled transactions”).

184    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Share-based payments (continued)                        以股份为基础付款(续)

    Share option scheme (continued)                                购股权计划(续)

    The cost of equity-settled transactions with employees is measured        授予雇员之股本结算交易之成本,乃参
    by reference to the fair value at the date at which they are granted.        考授予该股份日期之公平值计算。公平
    The fair value is determined by an external valuer using a binomial        值乃由外部估值师使用二项式购股权定
    option pricing model, further details of which are given in note 41        价模式厘定,进一步详情于财务报表附
    to the financial statements.                                          注41披露。

    The cost of equity-settled transactions is recognised in employee        就股本结算交易之成本,连同相应之股
    benefit expense, together with a corresponding increase in equity,        本增加,乃按业绩表现及╱或服务之条
    over the period in which the performance and/or service conditions        件获履行之期间在雇员福利开支内确认
    are fulfilled. The cumulative expense recognised for equity-settled        入账。就股本结算交易于各报告期末确
    transactions at the end of each reporting period until the vesting        认直至生效日期为止之累计支出,反映
    date reflects the extent to which the vesting period has expired and        生效期之届满及本集团就最终将予生效
    the Group’s best estimate of the number of equity instruments that        之股本工具数目作出之最佳估计予以确
    will ultimately vest. The charge or credit to profit or loss for a period        认。在某一期间之损益扣除或计入之数
    represents the movement in the cumulative expense recognised as        额,为该期间之期初及期末确认之累计
    at the beginning and end of that period.                                开支之变动。

    Service and non-market performance conditions are not taken into        厘定奖励获授当日之公平值时,并不计
    account when determining the grant date fair value of awards, but        及服务或非市场绩效条件,惟在有可能
    the likelihood of the conditions being met is assessed as part of the        符合条件的情况下,则评估为本集团对
    Group’s best estimate of the number of equity instruments that will        最终将会赋予股本工具数目最佳估计之
    ultimately vest. Market performance conditions are reflected within        一部分,市场绩效条件反映于奖励获授
    the grant date fair value. Any other conditions attached to an award,        当日之公平值。奖励之任何其他附带条
    but without an associated service requirement, are considered to be        件(但不带有服务要求)视作非赋予条
    non-vesting conditions. Non-vesting conditions are reflected in the        件。非赋予条件反映于奖励之公平值,
    fair value of an award and lead to an immediate expensing of an        除非同时具服务及╱或绩效条件,否则
    award unless there are also service and/or performance conditions.        奖励即时开销。

    For awards that do not ultimately vest because non-market        由于市场表现不佳及╱或服务条件未达
    performance and/or service conditions have not been met, no        成而最终并无生效之奖励不会确认为开
    expense is recognised. Where awards include a market or non-        支。倘奖励包括一项市场或非归属条
    vesting condition, the transactions are treated as vesting irrespective        件,则有关交易视作归属,而无论有关
    of whether the market or non-vesting condition is satisfied, provided        市场或非归属条件是否已达成,惟所有
    that all other performance and/or service conditions are satisfied.          其他表现及╱或服务条件已达成。

                                                                      2018/19年报    亚洲联合基建控股有限公司    185
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Share-based payments (continued)                        以股份为基础付款(续)

    Share option scheme (continued)                                购股权计划(续)

    Where the terms of an equity-settled award are modified, as a        倘股本结算奖励之条款经修订,所确认
    minimum an expense is recognised as if the terms had not been        之开支须最少达到犹如条款未经修订之
    modified, if the original terms of the award are met. In addition, an        水平(如已达到奖励之原本条款)。此
    expense is recognised for any modification that increases the total        外,倘按修订日期计算,任何修订将使
    fair value of the share-based payments, or is otherwise beneficial to        以股份为基础付款之公平值总额增加,
    the employee as measured at the date of modification.                  或对雇员带来其他利益,则应就修订确
                                                                      认开支。

    Where an equity-settled award is cancelled, it is treated as if it        倘股本结算奖励被注销,应被视为已于
    had vested on the date of cancellation, and any expense not yet        注销日期生效,并即时确认奖励之任何
    recognised for the award is recognised immediately. This includes        尚未确认开支。此包括于本集团或雇员
    any award where non-vesting conditions within the control of        控制范围内非生效条件未获达成之任何
    either the Group or the employee are not met. However, if a new        奖励。然而,倘一新奖励替代已注销之
    award is substituted for the cancelled award, and is designated as a        奖励,且于授予日期指定为替代奖励,
    replacement award on the date that it is granted, the cancelled and        则如前段所述,已注销及新奖励均应被
    new awards are treated as if they were a modification of the original        视为原奖励之修订。

    award, as described in the previous paragraph.

    Upon exercise of share options, the resulting shares issued are        于行使购股权时,本公司将所涉及之已
    recorded by the Company as additional share capital at the nominal        发行股份按股份面值入账列为额外股
    value of the shares, and the excess of the exercise price per share        本。本公司亦会将每股行使价高于股份
    over the nominal value of the shares is recorded by the Company        面值之款额计入股份溢价账内。此外,
    in the share premium account. In addition, at the time when the        于购股权行使时,先前于股份报酬储备
    share options are exercised, the amount previously recognised in the        确认之款项将转拨至股份溢价账。

    share-based compensation reserve will be transferred to the share

    premium account.

    Share options which are cancelled prior to their exercise date or        在行使日期前注销或失效之购股权均自
    lapse are deleted from the register of outstanding options. When        尚未行使购股权之名册中剔除。倘购股
    the share options are forfeited after the vesting date or are still not        权于归属日期后遭没收或于届满日期仍
    exercised at the expiry date, the amount previously recognised in the        未行使,则先前于股份报酬储备确认之
    share-based compensation reserve will be transferred to retained        款项将转拨至保留溢利作为储备之变动。
    profits as a movement in reserves.

    The dilutive effect of outstanding share options is reflected as        未行使之购股权之摊薄影响,于计算每
    additional share dilution in the computation of earnings per share.          股盈利时反映为额外股份摊薄。

186    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Other employee benefits                              其他雇员褔利

    Defined contribution plans                                        定额供款计划

    The Group operates a defined contribution Mandatory Provident        本集团根据香港强制性公积金计划条例
    Fund retirement benefit scheme in Hong Kong (the “MPF Scheme”)        于香港执行定额供款强制公积金退休计
    under the Hong Kong Mandatory Provident Fund Schemes        划(「强积金计划」)予合资格参与强积金
    Ordinance for those employees who are eligible to participate in        计划之雇员。供款乃按参与计划之雇员
    the MPF Scheme. Contributions are made based on a percentage        获得之基本薪金之某百分比而作出,并
    of the employees’ basic salaries and are charged to profit or loss        根据强积金计划之规则于应付时于损益
    as they become payable in accordance with the rules of the MPF        中扣除。强积金计划之资产与本集团之
    Scheme. The assets of the MPF Scheme are held separately from        资产乃分开保存,由独立管理基金持
    those of the Group in an independently administered fund. The        有。本集团所作之雇主供款于向强积金
    Group’s employer contributions vest fully with the employees when        计划供款时悉数归予雇员。

    contributed into the MPF Scheme.

    The employees of the Group’s subsidiaries which operate in the        本集团于中国及新加坡之附属公司之雇
    PRC and Singapore are required to participate in central pension        员需要参与由中国及新加坡政府所提供
    schemes operated by the local PRC and Singapore governments,        之中央退休金计划,其资产与本集团资
    the assets of which are held separately from those of the Group.        产分开保存。附属公司根据参与雇员薪
    Contributions are made by the subsidiaries based on a percentage of        金之百分比支付供款,并于根据相关的
    the participating employees’ salaries and are charged to profit or loss        中央退休金计划规例应付时在损益扣
    as they become payable in accordance with the rules of the relevant        除。雇主供款悉数归属。

    central pension schemes. The employer contributions vest fully once

    made.

  Borrowing costs                                      借款成本

    Borrowing costs consist of interest and other costs that an entity        借贷成本包括实体就借入资金产生之利
    incurs in connection with the borrowing of funds.                        息及其他成本。

    Borrowing costs directly attributable to the acquisition, construction        收购、兴建或生产合资格资产(即需要一
    or production of qualifying assets, i.e., assets that necessarily take a        段颇长期间始能达致其拟定用途或出售
    substantial period of time to get ready for their intended use or sale,        之资产)直接应占之借贷成本乃计入成本
    are capitalised as part of the cost of those assets. The capitalisation        账作为该等资产成本之一部分。当该等
    of such borrowing costs ceases when the assets are substantially        资产大致可作其拟定用途或出售时,借
    ready for their intended use or sale. Investment income earned        贷成本将停止计入成本账内。原以支付
    on the temporary investment of specific borrowings pending their        合资格资产的特定借款用作临时投资,
    expenditure on qualifying assets is deducted from the borrowing        其投资所得收益将从拨充资本之借贷成
    costs capitalised.                                                    本中扣除。

    Borrowing costs directly attributable to the activity of a construction        建筑合约活动直接应占借款成本计为合
    contract are included as part of the contract costs.                      约成本一部分。

    All other borrowing costs are expensed in the period in which they        所有其他借款成本已于产生之期间内支
    are incurred.                                                      销。

                                                                      2018/19年报    亚洲联合基建控股有限公司    187
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2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Dividends                                            股息

    Final dividends are recognised as a liability when they have been        末期股息于已获股东在股东大会上批准
    approved by the shareholders in a general meeting. Proposed final        时确认为负债。建议末期股息于财务报
    dividends are disclosed in the notes to the financial statements.            表附注披露。

    Interim dividends are simultaneously proposed and declared, because        由于本公司组织章程大纲及章程细则授
    the Company’s memorandum and articles of association grant the        予董事派付中期股息的权力,因此同时
    directors the authority to declare interim dividends. Consequently,        建议及宣派中期股息。因此,中期股息
    interim dividends are recognised immediately as a liability when they        于建议及宣派时即时确认为负债。

    are proposed and declared.

  Foreign currencies                                    外币

    These financial statements are presented in Hong Kong dollar,        此等财务报表乃以本公司的功能货币港
    which is the Company’s functional currency. Each entity in the        元列报。本集团内每个实体均自行决定
    Group determines its own functional currency and items included        其功能货币,而每个实体的财务报表所
    in the financial statements of each entity are measured using that        包含的项目均采用该功能货币计量。本
    functional currency. Foreign currency transactions recorded by the        集团旗下实体所记录的外币交易最初以
    entities in the Group are initially recorded using their respective        交易当日的各功能货币汇率记录。以外
    functional currency rates prevailing at the dates of the transactions.        币计算的货币资产及负债按报告期末的
    Monetary assets and liabilities denominated in foreign currencies        功能货币汇率换算。货币项目结算或换
    are translated at the functional currency rates of exchange ruling at        算产生的差额于损益确认。

    the end of the reporting period. Differences arising on settlement or

    translation of monetary items are recognised in profit or loss.

    Non-monetary items that are measured in terms of historical cost        以外币历史成本计量的非货币项目采用
    in a foreign currency are translated using the exchange rates at the        首次交易日期的汇率换算。以外币公平
    dates of the initial transactions. Non-monetary items measured at        值计算的非货币项目按计量公平值当日
    fair value in a foreign currency are translated using the exchange        的汇率换算。换算按公平值计量的非货
    rates at the date when the fair value was measured. The gain or loss        币项目交易所产生的收益或亏损与确认
    arising on translation of a non-monetary item measured at fair value        该项目公平值变动的盈亏的处理方法一
    is treated in line with the recognition of the gain or loss on a change        致(即于其他全面收益或损益中确认公平
    in fair value of the item (i.e., translation difference on the item        值盈亏的项目的换算差额,亦分别于其
    whose fair value gain or loss is recognised in other comprehensive        他全面收益或损益确认)。

    income or profit or loss is also recognised in other comprehensive

    income or profit or loss, respectively).

    In determining the exchange rate on initial recognition of the related        于厘定首次确认与预付代价相关之非货
    asset, expense or income on the derecognition of a non-monetary        币资产或非货币负债于取消确认时的有
    asset or non-monetary liability relating to an advance consideration,        关资产、开支或收入之汇率时,首次交
    the date of initial transaction is the date on which the Group initially        易日期为本集团首次确认因预付代价产
    recognises the non-monetary asset or non-monetary liability arising        生之非货币资产或非货币负债之日期。
    from the advance consideration. If there are multiple payments or        倘存在多笔预付款项或预收款项,则本
    receipts in advance, the Group determines the transaction date for        集团会厘定每笔预付款项或预收款项之
    each payment or receipt of the advance consideration.                    交易日期。

188    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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31 March 2019
2019年3月31日

3.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  3.3 主要会计政策概要(续)

    (continued)

  Foreign currencies (continued)                            外币(续)

    The functional currencies of certain subsidiaries, joint venture        若干于中国及海外成立的附属公司、合
    and associates established in the PRC and overseas are currencies        营公司及联营公司的功能货币为港元以
    other than the Hong Kong dollars. As at the end of the reporting        外的货币。于报告期末,该等实体的资
    period, the assets and liabilities of these entities are translated into        产与负债按报告期末的现行汇率换算为
    Hong Kong dollars at the exchange rates prevailing at the end of        港元,而损益则按年度的加权平均汇率
    the reporting period and their profits or losses are translated into        换算为港元。所产生的汇兑差额于其他
    Hong Kong dollars at the weighted average exchange rates for the        全面收益内确认,并累计计入外汇波动
    year. The resulting exchange differences are recognised in other        储备。于出售海外业务时,与该特定海
    comprehensive income and accumulated in the exchange fluctuation        外业务有关的其他全面收入部分于损益
    reserve. On disposal of a foreign operation, the component of other        确认。

    comprehensive income relating to that particular foreign operation is

    recognised in profit or loss.

    Any goodwill arising on the acquisition of a foreign operation is        收购海外业务产生的任何商誉被视为海
    treated as an assets of the foreign operation and translated at the        外业务的资产及按收市汇率换算。

    closing rate.

    For the purpose of the consolidated statement of cash flows,        就综合现金流量表而言,若干于中国及
    the cash flows of certain subsidiaries established in the PRC and        海外成立的附属公司的现金流量乃按现
    overseas are translated into Hong Kong dollars at the exchange        金流量当日的汇率换算为港元。年内该
    rates prevailing at the dates of the cash flows. Frequently recurring        等海外附属公司频繁产生的现金流量乃
    cash flows of these subsidiaries which arise throughout the year are        按本年度的加权平均汇率换算为港元。
    translated into Hong Kong dollars at the weighted average exchange

    rates for the year.

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND  4. 关键会计判断及估计

  ESTIMATES

    The preparation of the Group’s financial statements requires        管理层编制本集团之财务报表时,须作
    management to make judgements, estimates and assumptions        出会影响收益、支出、资产及负债之呈
    that affect the reported amounts of revenues, expenses, assets and        报金额及其随同披露,以及或然负债披
    liabilities, and their accompanying disclosures, and the disclosure        露之判断、估计及假设。有关假设及估
    of contingent liabilities. Uncertainty about these assumptions and        计之不确定因素可导致管理层须就未来
    estimates could result in outcomes that could require a material        受影响之资产或负债账面值作出重大调
    adjustment to the carrying amounts of the assets or liabilities        整。

    affected in the future.

    The major judgements, estimates and assumptions that have the        对财务报表所确认金额具有极重大影响
    most significant effect on the amounts recognised in the financial        及导致资产及负债账面值于下一个财政
    statements and have a significant risk of causing a material        年度出现重大调整之重大风险之主要判
    adjustment to the carrying amounts of assets and liabilities within        断、估计及假设载列如下:

    the next financial year are set out below:

                                                                      2018/19年报    亚洲联合基建控股有限公司    189
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2019年3月31日

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND          4. 关键会计判断及估计(续)

  ESTIMATES (continued)

  Classification between joint operations and joint      合营业务及合营公司之分类

  ventures

    The Group has numerous joint arrangements with third parties        本集团与第三方有多项关于在香港的建
    for construction work mainly in Hong Kong and under which        筑工程的合营安排,有关安排项下的相
    decisions about the relevant activities of such arrangements        关活动的决策均须合营安排各订约方一
    require the unanimous consent of all parties to the arrangements.        致同意。就会计处理而言,本公司董事
    For accounting purposes, the directors of the Company assessed        已根据香港财务报告准则第11号合营
    whether such arrangements are joint operations or joint ventures      安排,经参考合营安排之架构、法律形
    under HKFRS 11 Joint Arrangements, taking into consideration the        式、与合营安排订约方协定之合约条款
    rights and obligations of parties to the joint arrangements with        及相关事实及情况,以考虑有关安排是
    reference to the structure, the legal form of the arrangements, the        否属合营业务或合营公司。

    contractual terms agreed by the parties in the arrangements, and

    the relevant facts and circumstances.

  Construction contracts                                建筑合约

    With respect to construction contracts, the Group recognises        就建筑合约而言,由于本集团之履约行
    contract revenue on a construction contract over time, using an        为会创造或增加了客户在资产创造或增
    output method to measure progress towards complete satisfaction        加时所控制之资产,故本集团使用产量
    of the construction work, because the Group’s performance creates        法计量达成建筑工程之进度,随时间确
    or enhances an asset that the customer controls as the asset is        认建筑合约之合约收益。产量法根据内
    created or enhanced. The output method recognises revenue based        部或外聘测量师所出具之批核证明计
    on the certificates issued by the internal or external surveyors on the        量、参考建筑合约之整体表现而获得的
    performance or work completed to date, latest available financial        建筑合约之最近可得财政预算,以及管
    budgets of the construction contract with reference to the overall        理层之最佳估计及判断,确认收入。在
    performance of the construction contract, and management’s        得出建筑合约之财政预算时,估计建筑
    best estimates and judgements. In developing the financial budget        收益乃根据相关合约所载之条款厘定。
    of a construction contract, construction revenue is estimated in        由于建筑行业之性质使然,管理层将根
    accordance with the terms set out in the relevant contract. Because        据定期检讨合约工程进度及估计建筑收
    of the nature of the construction industry, management will make        益对建筑收益之金额作出判断(如适用)。
    adjustments, where appropriate, to the amounts of construction

    revenue based on regular review of contract work progress and

    estimated construction revenue.

190    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND          4. 关键会计判断及估计(续)

  ESTIMATES (continued)

  Construction contracts (continued)                        建筑合约(续)

    The Group regularly assesses the possible outcome of construction        本集团根据建筑合约发生之最近期事实
    contracts based on latest facts and circumstances occurred in the        及情况以及开展类似建筑工程之经验定
    construction contracts, and past experience in conducting similar        期评估建筑合约之可能结果。当预测到
    construction work. When there is a change in the expected outcome        建筑合约之结果会出现变动时,本集团
    of construction contracts, the Group will adjust the amounts of        将调整预期于损益中确认之合约收益。
    contract revenue to be recognised in profit or loss prospectively.

  Determining the method to estimate variable      厘定估算可变代价及评估建筑工
  consideration and assessing the constraint for      程限制之方法

  construction work

    The Group seeks to collect claims from customers as reimbursement        本集团会寻求向客户收取索偿款项,作
    of costs and margins for scope of works not included in the original        为原建筑合约以外工程范围之成本及利
    construction contract, which give rise to variable consideration. The        润之补偿款项,因而会产生可变代价。
    Group has determined that the most likely amount method is the        鉴于存在多种需要与第三方磋商之可能
    appropriate method to use in estimating the variable consideration        结果,故本集团认定预期价值法乃用于
    for claims in construction work, given there is a wide range of        估算建筑服务索偿可变代价之适当方法。
    possible outcomes which are subject to negotiations with third

    parties.

    Before including any amount of variable consideration in the        于将任何数额之可变代价纳入交易价格
    transaction price, the Group considers whether the amount of        之前,本集团会计及其过往经验、与客
    variable consideration is constrained by considering its historical        户之当前磋商情况及当前经济状况,考
    experience, current negotiations with customers and the current        虑可变代价之金额是否受到限制。

    economic conditions.

  Fair value of investment properties                    投资物业之公平值

    Investment properties are carried in the consolidated statement        投资物业于2019年3月31日之综合财务状
    of financial position at 31 March 2019 at their fair value of        况表按公平值约166,173,000港元列账。
    approximately HK$166,173,000. The fair value was based on        该公平值乃根据独立合资格专业估值师
    valuation of these properties conducted by the independent        以物业估值法对该等物业进行之估值计
    qualified professional valuers using property valuation techniques        算,有关估值采用直接比较估值法参照
    which adopt the direct comparison approach by making reference        有关市场上类似销售交易计算。有利或
    to comparable sales transactions as available in the relevant markets.        不利变动均会导致本集团投资物业之公
    Favourable or unfavourable changes would result in changes in the        平值有所变动,并须对损益内确认之收
    fair value of the Group’s investment properties and corresponding        益或亏损金额作出相应调整。

    adjustments to the amount of gain or loss recognised in profit or

    loss.

                                                                      2018/19年报    亚洲联合基建控股有限公司    191
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2019年3月31日

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND          4. 关键会计判断及估计(续)

  ESTIMATES (continued)

  Determination of net realisable value of land      厘定持作物业发展之土地、发展
  held for property development, properties under      中物业及持作销售物业之可变现
  development and properties held for sale              净值

    Land held for property development, properties under development        持作物业发展之土地、发展中物业及持
    and properties held for sale are stated at the lower of cost and net        作销售物业乃按成本或可变现净值(以较
    realisable value. The net realisable value is the estimated selling        低者为准)入账。可变现净值乃以估计售
    price (based on the direct comparison method) less estimated        价(按直接比较法计算)减估计销售开支
    selling expenses and estimated cost of completion (if any), which        及估计竣工成本(如有)计算,并根据最
    are determined based on best available information and valuation        可靠之资料及独立专业估值师作出之估
    performed by independent professional valuers. Where there is        值厘定。倘香港、中国及阿联酋之物业
    any unfavourable changes in the estimated selling price, estimated        市场状况发生任何改变导致估计售价、
    selling expenses and/or estimated cost of completion arising from        估计销售开支及╱或估计竣工成本出现
    any changes to the property market conditions in Hong Kong,        不利变动,可能会就本集团持作物业发
    the PRC and the UAE, loss may be recognised in profit or loss on        展之土地、发展中物业及持作销售物业
    the Group’s land held for property development, properties under        于损益内确认额外亏损,其于2019年3月
    development and properties held for sale, which had a total carrying        31日的总账面值为535,394,000港元。
    amount of HK$535,394,000 as at 31 March 2019.

  Recoverability of an investment deposit and partial      一项已撤销收购交易的已付投资
  consideration paid for a rescinded acquisition      按金及部分代价的可收回性

  transaction

    As disclosed in note 26(a) to the financial statements, an investment        如财务报表附注26(a)所披露,就于过往
    deposit and partial consideration of HK$198 million in total (defined        年度收购一间附属公司已付卖 方(定义
    in note 26(a) as the “Deposit”) was paid to the Vendor (as defined        见附注26(a))之投资按金及部分代价总
    in note 26(a)) for the acquisition of a subsidiary in a prior year.        计198,000,000港元(于附注26(a)定义为
    The acquisition transaction was rescinded in March 2017 and the      「按金」)。该收购交易已于2017年3月撤
    Vendor shall refund the Deposit to the Group. Despite the Group’s        销,卖方将向本集团退还按金。尽管本
    repeated efforts to pursue the Vendor for refund, HK$148 million of        集团已作出多番努力向卖方追讨退款,
    the Deposit remained unsettled as at 31 March 2019. In considering        惟148,000,000港元的按金于2019年3月
    the recoverability of the outstanding amount of the Deposit, the        31日仍然尚未予以支付。于考虑未偿还
    directors of the Company took into account (i) its latest action plan        按金之可收回性时,本公司董事已考虑(i)
    to recover the outstanding amount of the Deposit which includes        其收回未偿还按金之最新行动计划,包
    the execution of the Series of Agreements and the Sale Agreements        括签立该等系列协议及销售协议(定义见
    (as defined in note 26(a)) and certain legal actions taken or to be        附注26(a)),本集团向卖方及其股东已提
    taken by the Group against the Vendor and its shareholder; and        起或将予提起之若干法律诉讼;(ii)有关已
    (ii) the legal opinion regarding the possible outcome of the legal        提起或将予提起之法律诉讼可能结果的
    actions taken and to be taken, and are of the view that a total of        法律意见,并表示合共54,800,000 港元
    HK$54.8 million of the outstanding amount of the Deposit may not        的未偿还按金或无法确定能收回,因此
    be recoverable with reliable certainty and hence an impairment loss        针对该笔款项的减值亏损于截至2019年3
    against this amount was recognised in profit or loss during the year        月31日止年度的损益确认。

    ended 31 March 2019.

192    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND          4. 关键会计判断及估计(续)

  ESTIMATES (continued)

  Recoverability of an investment deposit and partial      一项已撤销收购交易的已付投资
  consideration paid for a rescinded acquisition      按金及部分代价的可收回性(续)
  transaction (continued)

    A considerable amount of estimation is required in assessing        在评估该等应收款项之最终变现值(包括
    the ultimate realisation of this receivable, including the current        销售协议交易对方的现时信誉及最终实
    creditworthiness of the counterparty to the Sale Agreements and        现收回未偿还按金的计划)时须作出相当
    the ultimate materialisation of the plan to recover the outstanding        大量的估计。倘对方之财务状况日趋恶
    amount of the Deposit. If the financial condition of the counterparty        劣,以致其无力偿债,或须作额外拨备。
    has deteriorated, resulting in an impairment of its ability to make

    payments, additional allowances may be required.

  Impairment of goodwill                                商誉减值

    The Group determines whether goodwill is impaired at least on an        本集团每年至少进行一次评估以厘定商
    annual basis. This requires an estimation of the value in use of the        誉是否减值。这要求对获分配商誉之现
    cash-generating unit to which the goodwill is allocated. Estimating        金产生单位之使用价值进行估计。本集
    the value in use requires the Group to make an estimate of the        团须评估其现金产生单位预期未来现金
    expected future cash flows from the cash-generating unit and also        流量以估计使用价值,并选择合适的折
    to choose a suitable discount rate in order to calculate the present        让率作为计算该等现金流量的现值。于
    value of those cash flows. The carrying amount of goodwill carried        2019年3月 31日之综合财务状况表内列
    as an asset in the consolidated statement of financial position as at        账为资产之商誉账面值为 45,994,000港
    31 March 2019 was HK$45,994,000, details of which are set out in        元,有关详情载于财务报表附注17。

    note 17 to the financial statements.

  Income tax                                            所得税

    At 31 March 2019, deferred tax assets in relation to unused tax losses        于2019年3月31日,综合财务状况表中已
    of HK$123,152,000 in aggregate have been recognised in the        确认与未使用税项亏损有关之递延税项资
    consolidated statement of financial position whereas deferred        产合共123,152,000港元。于2019年3月31
    tax asset has not been recognised in respect of tax losses of        日,由于未能预测未来溢利之来源,故并
    HK$456,442,000 as at 31 March 2019 due to the unpredictability        无就456,442,000港元之税项亏损确认为
    of future profit streams (note 38(a)). The realisability of the deferred        递延税项资产(附注38(a))。变现递延税
    tax assets mainly depends on whether sufficient future profits or        项资产主要视乎日后有否足够未来溢利
    taxable temporary differences will be available in the future. In cases        或应课税暂时性差额而定。倘实际产生
    where the actual future profits generated are less or more than        之未来溢利少于或多于预期,则可能引
    expected, a material reversal or further recognition of deferred tax        致对递延税项资产作重大拨回或进一步
    assets may arise, which would be recognised in profit or loss for the        确认,并于拨回或确认发生期间于损益
    period in which such a reversal or recognition takes place.                内确认。

                                                                      2018/19年报    亚洲联合基建控股有限公司    193
财务报表附注
31 March 2019
2019年3月31日

5. OPERATING SEGMENT INFORMATION                5. 经营分部资料

    For management purposes, the Group’s operating businesses are        就管理目的而言,本集团的经营业务乃
    structured and managed separately according to the nature of their        按其营运性质及所提供产品和服务分开
    operations and the products and services they provide. Each of the        组织及管理。本集团旗下各经营分部均
    Group’s operating segments represents a strategic business unit that        为提供产品和服务的策略业务单位,各
    offers products and services which are subject to risks and returns        产品和服务所承受风险及回报有别于其
    that are different from those of the other operating segments.            他经营分部。

    The chief operating decision maker of the Group has been identified        本集团之主要营运决策者为本公司执行
    as the executive directors of the Company and certain senior        董事及若干高级管理层(统称为「主要营
    management (collectively referred to as the “CODM”). For the        运决策者」)。就主要营运决策者评估表
    purpose of performance assessment and resource allocation by the        现及分配资源而言,本集团之业务活动
    CODM, the Group’s business activities are categorised under the        分类为以下三个可呈报经营分部:

    following three reportable operating segments:

       Construction services  –  provision of construction and           建筑服务    -  提供土木工程、
                                consultancy services in areas of                            机电工程、地基
                                civil engineering, electrical and                            及楼宇建筑方面
                                mechanical engineering, foundation                            之工程及咨询服
                                and building construction                                      务

       Property development –  development and sale of properties,           物业发展及  -  发展及出售物业
          and assets leasing      and leasing of assets                          资产租赁      以及租赁资产
       Professional services  –  provision of security and facility           专业服务    -  提供保安及其他
                                management solutions                                        设施管理解决方
                                                                                            案

194    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

5. OPERATING SEGMENT INFORMATION (continued)        5. 经营分部资料(续)

  Segment revenue and results                          分部收益及业绩

    Segment results represent the gross profit generated from each        分部业绩指各分部所产生之毛利,经扣
    segment, net of selling expenses and administrative expenses        除各分部直接应占之销售开支以及行政
    directly attributable to each segment without allocation of corporate        开支,而并无分配企业开支、利息收入
    expenses, interest income and finance costs. This is the measure        及融资成本。此为向主要营运决策者就
    reported to the CODM for the purposes of resource allocation and        资源分配及表现评核作报告之计量基准。
    performance assessment.

    The following is an analysis of the Group’s revenue and results by        本集团按可呈报经营分部划分之收益及
    reportable operating segment:                                        业绩分析如下:

    Year ended 31 March 2019                                        截至2019年3月31日止年度

                                                                        Property

                                                                    development

                                                      Construction          and    Professional

                                                          services  assets leasing      services        Total
                                                                        物业发展

                                                          建筑服务    及资产租赁      专业服务          总额
                                                          HK$’000      HK$’000      HK$’000      HK$’000
                                                            千港元        千港元        千港元        千港元
    Segment revenue (note 6):        分部收益(附注6):

    Sales to external customers          向外部客户销售            7,305,894        7,109      763,045      8,076,048
    Intersegment sales                分部间销售                51,211            –        19,135        70,346
                                                          7,357,105        7,109      782,180      8,146,394
    Reconciliation:                  对账:

    Elimination of intersegment sales      分部间销售之抵销                                                    (70,346)
                                                                                                  8,076,048
    Segment results                分部业绩                  150,410        180,255        28,800      359,465
    Interest income                  利息收入                                                          23,478
    Corporate and other unallocated      企业及其他

      expenses                      未分配开支                                                      (125,862)
    Finance costs                  融资成本                                                          (91,920)
    Profit before tax                除税前溢利                                                        165,161
    Income tax                    所得税                                                            (24,066)
    Profit for the year                本年度溢利                                                        141,095
    Other segment information:      其他分部资料:

    Share of profits and losses of        应占合营公司溢利及亏损

      joint ventures                                            6,400            –            –        6,400
    Share of profits and losses of associates  应占联营公司溢利及亏损            –        (1,332)            –        (1,332)
    Depreciation                    折旧                      (35,517)        (8,196)        (5,503)      (49,216)
    Fair value gain of investment properties, 投资物业公平值收益净额

      net                                                      –        26,623            –      26,623
    Gainondisposalofitemsofproperty,      出售物业、机器及设备

      plantandequipment,net            项目之收益净额            1,880            –          31        1,911
    Impairmentofitemsofproperty,plant  物业、机器及设备

      andequipment                  项目之减值                    –        (7,500)          –        (7,500)
    Impairmentofaninvestmentdeposit    就一项已撤销收购交易

      andpartialconsiderationpaidfor      的已付投资按金

      arescindedacquisitiontransaction      及部分代价之减值

      (unallocatedasset)                (未分配资产)                                                    (54,800)
                                                                      2018/19年报    亚洲联合基建控股有限公司    195
财务报表附注
31 March 2019
2019年3月31日

5. OPERATING SEGMENT INFORMATION (continued)        5. 经营分部资料(续)

  Segment revenue and results (continued)                  分部收益及业绩(续)

    Year ended 31 March 2018                                          截至2018年3月31日止年度

                                                                        Property

                                                                    development

                                                      Construction          and    Professional

                                                          services  assets leasing        services        Total
                                                                      物业发展

                                                          建筑服务    及资产租赁      专业服务        总额
                                                          HK$’000      HK$’000      HK$’000      HK$’000
                                                            千港元      千港元        千港元      千港元
    Segment revenue:            分部收益:

    Sales to external customers      向外部客户销售          7,679,501        3,601      547,953    8,231,055
    Intersegment sales              分部间销售              242,496            –      25,147      267,643
                                                        7,921,997        3,601      573,100    8,498,698
    Reconciliation:                对账:

    Elimination of intersegment sales  分部间销售之抵销                                                  (267,643)
                                                                                                8,231,055
    Segment results              分部业绩                116,336      197,707      26,662      340,705
    Interest income                利息收入                                                          15,827
    Corporate and other            企业及其他

      unallocated expenses            未分配开支                                                      (59,494)
    Finance costs                  融资成本                                                          (66,838)
    Profit before tax              除税前溢利                                                        230,200
    Income tax                  所得税                                                            (66,523)
    Profit for the year              本年度溢利                                                        163,677
    Other segment information:    其他分部资料:

    Share of profit of a joint        应占一间合营

      venture                      公司溢利                  797            –            –          797
    Share of profits and losses of      应占联营公司溢利

      associates                    及亏损                      –        4,129            –        4,129
    Depreciation                  折旧                    (36,460)        (6,236)      (2,003)      (44,699)
    Fair value gain of investment      投资物业公平值

      properties, net                收益净额                    –      261,900            –      261,900
    Loss on disposal of items of      出售物业、机器及

      property, plant and            设备项目之亏损

      equipment, net                净额                      (416)          (49)        (205)        (670)
    Impairment of items of property,  物业、机器及设备

      plant and equipment            项目之减值                  –      (10,000)          –      (10,000)
196    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

5. OPERATING SEGMENT INFORMATION (continued)        5. 经营分部资料(续)

  Segment assets and liabilities                          分部资产及负债

    Segment assets and liabilities information is not disclosed as they are        由于主要营运决策者并非定期审阅分部
    not regularly reviewed by the CODM.                                  资产及负债,故有关资料不作披露。

  Geographical information                              地区资料

    (a) Revenue from external customers                              (a) 来自外部客户之收益

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Hong Kong                            香港                          8,020,627      8,092,338
          Macau                                澳门                              22,827        84,815
          Mainland China                          中国内地                          2,112          1,800
          The UAE                                阿联酋                              330            974
          Other jurisdictions                        其他司法权区                      30,152        51,128
                                                                                8,076,048      8,231,055
        The revenue information disclosed above is based on the            上述披露之收益资料乃根据客户所
        locations of the customers.                                          在地而作出分类。

    (b) Non-current assets                                            (b) 非流动资产

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Hong Kong                            香港                          1,034,643        569,192
          Mainland China                          中国内地                          6,107          4,116
          Other jurisdictions                        其他司法权区                      74,742        83,051
                                                                                1,115,492        656,359
        The non-current asset information disclosed above is based            上述披露之非流动资产资料乃根据
        on the locations of the assets and excludes goodwill, financial            资产(不包括商誉、金融资产及递延
        assets and deferred tax assets.                                        税项资产)所在地而作出分类。

                                                                      2018/19年报    亚洲联合基建控股有限公司    197
财务报表附注
31 March 2019
2019年3月31日

5. OPERATING SEGMENT INFORMATION (continued)        5. 经营分部资料(续)

  Information about a major customer                    有关一名主要客户之资料

    A summary of revenue earned from an external customer which        于截至2019年及2018年3月31日止各年
    contributed more than 10% of the Group’s revenue for each of the        度来自为本集团贡献收益达10%以上的
    years ended 31 March 2019 and 2018 is set out below:                  一名外部客户的收益摘要载列如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Customer A:                                客户A:

      Contribution to construction services segment    属于建筑服务分部            4,674,049      5,289,650
      Contribution to professional services segment    属于专业服务分部              248,521          2,709
                                                                                4,922,570      5,292,359
6. REVENUE                                      6. 营业额

    An analysis of the Group’s revenue is as follows:                        本集团之营业额分析如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Construction work income                    建筑工程收入                  7,281,136      7,629,573
    Construction-related consultancy service income  建筑相关咨询服务之收入            24,758        49,928
    Sales of properties                            销售物业                          2,112          1,800
    Gross rental income from assets leasing          资产租赁之租金收入总额            4,997          1,801
    Security and facility management solutions service 保安及设施管理

      income                                    解决方案服务之收入            763,045        547,953
                                                                                8,076,048      8,231,055
198    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

6. REVENUE (continued)                              6. 营业额(续)

    Notes:                                                                          附注:

    (a) Disaggregated revenue information                        (a) 营业额之分拆资料

          Year ended 31 March 2019                                                      截至2019年3月31日止年度

                                                                                            Property

                                                                                        development

                                                                          Construction          and  Professional

                                                                              services  assets leasing      services        Total
                                                                                            物业发展

                                                                              建筑服务    及资产租赁      专业服务          总额
                                                                              HK$’000      HK$’000      HK$’000      HK$’000
                                                                                千港元        千港元        千港元        千港元
            Type of goods or services                    货品或服务类型

            Construction work                          建筑工程                7,281,136            –            –    7,281,136
            Rendering of construction-related              提供建筑相关咨询服务

              consultancy services                                                  24,758            –            –        24,758
            Sale of properties                            销售物业                        –        2,112            –        2,112
            Rendering of security and facility                提供保安及设施管理

              management solutions services                解决方案服务                  –            –      763,045      763,045
            Total revenue from contracts with customers      来自客户合约之收益总额    7,305,894        2,112      763,045    8,071,051
            Revenuefromanothersource–Grossrentalincome    来自其他来源之收益

                                                      -租金收入总额                –        4,997            –        4,997
            Total revenue                              收益总额                7,305,894        7,109      763,045    8,076,048
            Geographical markets                      地区市场

            Hong Kong                                香港                    7,252,915            –      763,045    8,015,960
            Macau                                    澳门                      22,827            –            –        22,827
            Mainland China                            中国内地                        –        2,112            –        2,112
            Other jurisdictions                          其他司法权区                30,152            –            –        30,152
            Total revenue from contracts with customers      来自客户合约之收益总额    7,305,894        2,112      763,045    8,071,051
            Revenuefromanothersource–Grossrentalincome    来自其他来源之收益

                                                      -租金收入总额                –        4,997            –        4,997
            Total revenue                              收益总额                7,305,894        7,109      763,045    8,076,048
            Timing of revenue recognition              收益确认时间

            Goods transferred at a point in time            于时间点转移货品                –        2,112            –        2,112
            Services transferred over time                  随时间转移服务          7,305,894            –      763,045    8,068,939
            Total revenue from contracts with customers      来自客户合约之收益总额    7,305,894        2,112      763,045    8,071,051
            Revenuefromanothersource–Grossrentalincome    来自其他来源之收益

                                                      -租金收入总额                –        4,997            –        4,997
            Total revenue                              收益总额                7,305,894        7,109      763,045    8,076,048
                                                                      2018/19年报    亚洲联合基建控股有限公司    199
财务报表附注
31 March 2019
2019年3月31日

6. REVENUE (continued)                              6. 营业额(续)

    Notes: (continued)                                                              附注:(续)

    (a) Disaggregated revenue information (continued)              (a) 营业额之分拆资料(续)

          The following table shows the amounts of revenue recognised in the              下表列示于本报告期内确认之收益金额,
          current reporting period that were included in the contract liabilities at              该等金额已计入报告期初之合约负债及从
          the beginning of the reporting period and recognised from performance              先前期间已完成之履约责任中确认:

          obligations satisfied in previous periods:

                                                                                                                          2019
                                                                                                                        2019年
                                                                                                                      HK$’000
                                                                                                                        千港元
            Revenue recognised that was included in contract liabilities      计入报告期初合约负债之

              at the beginning of the reporting period:                      已确认收益:

              Sale of properties                                          出售物业                                          1,956
            Revenue recognised from performance obligations satisfied      因先前期间达成或部分达成履约责任

              or partially satisfied in previous periods:                        而确认之收益:

              Revenue from construction work services not previously          因对可变代价的限制而先前未确认之

                recognised due to constraints on variable consideration          来自建筑工程服务之收益                      452,237
    (b) Performance obligations                                    (b) 履约责任

          Information about the Group’s performance obligations in contracts with              有关本集团之客户合约履约责任资料概述
          customers is summarised below:                                                    如下:

          Construction work                                                              建筑工程

          The performance obligation is satisfied over time as services are rendered              履约责任随提供服务时间而达成,且款项
          and payment is generally due within one month from the date of billing.              一般于自开具账单日期起计一个月内到期
          A certain percentage of payment is retained by customers until the end              支付。客户会保留一定比例之付款直至保
          of the retention period as the Group’s entitlement to the final payment is              固期结束,因为本集团收取最终付款之权
          conditional on the satisfaction of the service quality by the customers over a              利取决于客户在合约规定之一段时间内是
          certain period as stipulated in the contracts.                                          否对服务质量感到满意。

          Construction-related consultancy services                                        建筑相关咨询服务

          The performance obligation is satisfied over time when the services are              履约责任随服务提供的时间而达成,而付
          rendered and payment is generally due within 30 days from the date of              款一般自开具发票日期起计30日内到期支
          billing.                                                                          付。

200    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

6. REVENUE (continued)                              6. 营业额(续)

    Notes: (continued)                                                              附注:(续)

    (b) Performance obligations (continued)                        (b) 履约责任(续)

          Sale of properties                                                              销售物业

          The performance obligation is satisfied at a point in time upon transfer of              履约责任乃于转移已售物业之控制权之时
          the control of properties sold and payment in advance is normally required.                间点达成,且通常需要提前付款。

          Security and facility management solutions services                              保安及设施管理解决方案服务

          The performance obligation is satisfied over time when the services are              履约责任随服务提供的时间而达成,而付
          rendered and payment is generally due within 30 days from the date of              款一般自开具发票日期起计30日内到期支
          billing.                                                                          付。

          The transaction prices allocated to the remaining performance obligations              截至2019年3月31日,向余下履约责任(未
          (unsatisfied or partially unsatisfied) as at 31 March 2019 are as follows:                  达成或部分未达成)分配之交易价格如下:
                                                                                                                      HK$’000
                                                                                                                        千港元
            Within one year                                          一年以内                                        7,940,878
            More than one year                                        超过一年                                        9,072,056
                                                                                                                    17,012,934
          The remaining performance obligations expected to be recognised in more              预期于超过一年确认之余下履约责任涉及
          than one year relate to construction work that are to be satisfied within five              将于五个年度内达成之建筑工程。预期所
          years. All the other remaining performance obligations are expected to be              有其他余下履约责任将于一年内确认。上
          recognised within one year. The amounts disclosed above do not include              述所披露之金额不包括受到限制之可变代
          variable consideration which is constrained.                                          价。

                                                                      2018/19年报    亚洲联合基建控股有限公司    201
财务报表附注
31 March 2019
2019年3月31日

7. OTHER INCOME AND GAINS, NET                    7. 其他收入及收益净额

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Other income                      其他收入

    Interest income                      利息收入                                23,478        15,827
    Other rental income                  其他租金收入                                73            83
    Guarantee income                    担保收入                  32(a)          16,602        17,713
    Management fee income              管理费收入                                4,362          1,255
    Sundry income                      杂项收入                                  8,592        10,725
                                                                                  53,107        45,603
    Gains, net                          收益净额

    Gain on sale of a property interest      透过出售附属公司出售

      through disposal of subsidiaries        一项物业权益之收益      44(a)        257,674              –
    Gains on disposal of other              出售其他附属公司

      subsidiaries, net                      之收益净额              44(b)              –        19,996
    Gains on deregistration of              取消注册附属公司

      subsidiaries, net                      之收益净额                                  9          5,693
    Gain on sale of a property interest      透过出售一间联营公司

      through disposal of an associate        出售一项物业权益

                                            之收益                                      –          2,075
    Gain on disposal of items of property,    出售物业、机器及设备

      plant and equipment, net              项目之收益净额                          1,911              –
    Gains on disposal of non-current assets  出售分类为持作销售之

      classified as held for sale              非流动资产之收益                            –        14,713
    Foreign exchange gain, net            汇兑收益净额                                  –            589
                                                                                  259,594        43,066
    Other income and gains, net        其他收入及收益净额                      312,701        88,669
202    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

8. FINANCE COSTS                                  8. 融资成本

    An analysis of the Group’s finance costs is as follows:                    本集团之融资成本分析如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Interest on:                                  以下各项之利息:

      Bank borrowings                            银行借款                        83,584        81,445
      Hire purchase contract and finance lease        租购合约及融资租赁

        payables                                    应付款项                        442            679
      Convertible bonds                            可换股债券                          –        11,725
      Guaranteed bonds                            担保债券                        2,263          2,417
                                                                                  86,289        96,266
    Imputed interest on:                          估算利息:

      Convertible bonds                            可换股债券                          –        15,420
      Interest-free loans from a non-controlling equity  来自一名附属公司非控股

        holder of a subsidiary                        股权持有人之免息贷款          2,035          6,781
                                                                                    2,035        22,201
    Total interest expenses                        总利息开支                        88,324        118,467
    Amortisation of ancillary costs incurred in        有关银行贷款安排产生

      connection with the arrangement of bank loans  之辅助性成本之摊销              15,327          6,607
    Total finance costs                            总融资成本                      103,651        125,074
    Less: Amount included in cost of                减:计入建筑工程服务成本

            construction work services                    之数额                      (4,265)        (12,433)
          Amount capitalised in properties under          拨充资本至发展中物业

            development                                之数额                      (7,466)        (15,132)
          Amount capitalised in an investment            拨充资本至一项在建

            property under construction                  投资物业之数额

            (note 16)                                  (附注16)                        –        (30,671)
                                                                                  91,920        66,838
                                                                      2018/19年报    亚洲联合基建控股有限公司    203
财务报表附注
31 March 2019
2019年3月31日

9. PROFIT BEFORE TAX                              9. 除税前溢利

    The Group’s profit before tax is arrived at after charging/(crediting):        本集团之除税前溢利已扣除╱(计入)下
                                                                      列各项:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Note        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Cost of construction work              建筑工程成本                          6,891,365      7,312,822
    Cost of construction-related consultancy  已提供建筑相关咨询

      services provided                      服务成本                              19,284        37,223
    Cost of properties sold                已售物业成本                              2,983          1,800
    Direct operating expenses (including    收取租金之资产所产生

      repairs and maintenance) arising on      之直接经营开支

      rental-earning assets                (包括维修及保养)                      16,714        14,489
    Cost of security and facility management 已提供保安及设施管理

      solutions services provided            解决方案之服务成本                    691,159        480,007
    Depreciation                        折旧                      15          49,216        44,699
    Less: Amount included in cost of        减:计入建筑工程成本

          construction work                    之数额                            (28,228)        (29,809)
                                                                                  20,988        14,890
    Minimum lease payments under        营业租约下之最低租赁

      operating leases                      付款                                  113,878        135,806
    Less: Amount included in cost of        减:计入建筑工程成本

          construction work                    之数额                            (90,525)      (113,077)
                                                                                  23,353        22,729
    Auditor’s remuneration                核数师酬金                                4,696          4,733
204    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

9. PROFIT BEFORE TAX (continued)                      9. 除税前溢利(续)

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Employee benefit expense (including    雇员福利开支(包括董事

      directors’ remuneration – note 10):      酬金-附注10):

      Salaries, allowances and              薪金、津贴及实物福利

        benefits in kind                                                          2,217,969      2,074,310
      Share award expense                  股份奖励开支            40(a)            1,381          3,443
      Equity-settled share option expense      以股本结算之购股权

                                              开支                  41(b)          7,004          2,832
      Other equity-settled share-based        其他以股本结算之以

        payment expense (note)                股份为基础付款的

                                              开支(附注)                          2,300              –
      Retirement benefit scheme contributions  退休福利计划供款                      60,426        64,644
      Total employee benefit expense        雇员福利开支总额                    2,289,080      2,145,229
      Less: Amount included in cost of        减:计入建筑工程成本

              construction work                  之数额                        (1,340,834)    (1,361,954)
            Amount included in cost              计入提供服务成本

              of services provided                  之数额                        (658,169)      (514,314)
                                                                                  290,077        268,961
    Foreign exchange loss/(gain), net        汇兑亏损╱(收益)净额                      2,840          (589)
    Fair value loss of equity investments at  按公平值计入损益之股本

      fair value through profit or loss          投资之公平值亏损                          15            25
    (Gain)/loss on sale of property interests  透过出售附属公司

      through disposal of subsidiaries        出售物业权益之

                                          (收益)╱亏损            44(a)        (257,674)          264
    (Gain)/loss on disposal of items of      出售物业、机器及设备

      property, plant and equipment, net      项目之(收益)╱亏损

                                            净额                                    (1,911)          670
    Loss on modifications of terms of        修订可换股债券条款

      convertible bonds                    之亏损                34(a), (b)              –        10,132
    Impairment of items of property,        物业、机器及设备项目

      plant and equipment                  之减值                  15(c)            7,500        10,000
    Write-off of items of property,          物业、机器及设备项目

      plant and equipment                  之撇账                                    208            286
    Impairment of an investment deposit    就一项已撤销收购交易

      and partial consideration paid for        的已付投资按金及

      a rescinded acquisition transaction      部分代价之减值          26(a)          54,800              –
                                                                      2018/19年报    亚洲联合基建控股有限公司    205
财务报表附注
31 March 2019
2019年3月31日

9. PROFIT BEFORE TAX (continued)                      9. 除税前溢利(续)

    Note: During the year, the Group disposed of 5% equity interest in a subsidiary        附注: 本年度内,本集团以现金代价2,500,000
          to a director of the subsidiary at a cash consideration of HK$2,500,000.                港元向一间附属公司之一名董事出售附属
          The fair value of the equity interest of the subsidiary disposed of was                公司5%权益。已售附属公司之股权的公
          determined with reference to a valuation performed by CH Global Valuation                平值乃参考浩富环球评估咨询服务有限公
          & Advisory Services Limited, an independent professionally qualified valuer                司(于香港注册的独立专业合资格估值师)
          registered in Hong Kong, using a market-based valuation technique, based                根据并非由可观察市价或利率支持的假设
          on assumptions that are not supported by observable market prices or                采用市场估值技术进行估计。估值要求本
          rates. The valuation requires the directors of the Company to determine                公司董事基于行业、规模、杠杆及策略确
          comparable public companies based on industry, size, leverage and                定可比较之上市公司,并为各已识别可比
          strategy, and calculates an appropriate price multiple (price to earnings                较公司计算适当的价格倍数(介乎5.69至
          multiple from 5.69 to 19.68) for each comparable company identified. The                19.68的市盈率)。倍数乃按可比较公司的
          multiple is calculated by dividing the enterprise value of the comparable                企业价值除以收益计量来计算。其后根据
          company by an earnings measure. The trading multiple is then discounted                公司特定的事实及情况,考虑到可比较公
          for considerations such as illiquidity and size differences between the                司之间的流动性及规模差异等因素,对交
          comparable companies based on company-specific facts and circumstances.                易倍数进行贴现。将贴现倍数(市场流动
          The discounted multiple (marketability discount of 35%) is applied to                性贴现率35%)应用于非上市股本投资的
          the corresponding earnings measure of the unlisted equity investment to                相应收益计量,以计量其公平值。

          measure the fair value.

          Based on the valuation, the fair value of the aforesaid 5% equity interest                根据估值,上述已售附属公司之5%权
          of the subsidiary disposed of interest was assessed to be approximately                益的公平值估计约为4,800,000港元,因
          HK$4,800,000, and therefore the difference between its fair value and the                此,其公平值与所收代价之间的差额为
          consideration received, which amounted to HK$2,300,000, was recognised                2,300,000港元,本年度内在损益中确认
          as an equity-settled share-based payment expense in profit or loss during                为以股本结算之以股份为基础付款的开
          the year.                                                                          支。

206    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

10. DIRECTORS’ REMUNERATION                        10. 董事薪酬

    Directors’ remuneration for the year, disclosed pursuant to The        根据联交所证券上市规则(「上市规
    Rules Governing the Listing of Securities on the Stock Exchange (the        则」)、香港公司条例第383(1)(a)、(b)、(c)
    “Listing Rules”), section 383(1)(a), (b), (c) and (f) of the Hong Kong        及(f)条及公司(披露董事利益资料)规例第
    Companies Ordinance and Part 2 of the Companies (Disclosure of        2部,本年度之董事酬金披露如下:

    Information about Benefits of Directors) Regulation, is as follows:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Fees                                        袍金                                690            690
    Other emoluments:                          其他酬金:

      Salaries, allowances and benefits in kind        薪金、津贴及实物福利            13,043        12,947
      Equity-settled share option expense            以股本结算之购股权开支          2,504            960
      Retirement benefit scheme contributions        退休福利计划供款                  161            149
                                                                                  15,708        14,056
    Total directors’ remuneration                  董事酬金总额                      16,398        14,746
    Certain directors were granted share options in the prior financial        根据本公司购股权计划,若干董事已于
    year, in respect of their services to the Group, under the share        过往财政年度就彼等为本集团所提供的
    option scheme of the Company, further details of which are set out        服务获授予购股权,其进一步详情载于
    in note 41 to the financial statements. The fair value of these share        财务报表附注41。该等于归属期在损益
    options, which has been recognised in profit or loss over the vesting        中确认的购股权之公平值已于授出日期
    period,was determined as at the date of grant and the amount        厘定,而于本财政年度计入财务报表的
    included in the financial statements for the current financial year is        金额已载入上述董事酬金披露内。

    included in the above directors’ remuneration disclosures.

                                                                      2018/19年报    亚洲联合基建控股有限公司    207
财务报表附注
31 March 2019
2019年3月31日

10. DIRECTORS’ REMUNERATION (continued)              10. 董事酬金(续)

    An analysis of the directors’ remuneration, on a named basis, is as        以具名方式作出之董事酬金分析如下:
    follows:

    Year ended 31 March 2019                                        截至2019年3月31日止年度

                                                              Salaries,              Retirement

                                                            allowances Equity-settled      benefit

                                                            and benefits  share option      scheme

                                                      Fees      in kind    expense contributions        Total
                                                            薪金、津贴  以股本结算    退休福利

                                                      袍金  及实物福利  之购股权开支    计划供款        总额
                                                  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
    Executive directors:            执行董事:

      Pang Yat Ting, Dominic        彭一庭                  –      2,797        626          18      3,441
      Xu Jianhua                徐建华                  –      2,929        626          18      3,573
      Pang Yat Bond, Derrick        彭一邦                  –      3,062          –          60      3,122
      Shea Chun Lok, Quadrant      佘俊乐                  –      2,206        626          60      2,892
      Li Wai Hang, Christina        李蕙娴                  –      1,937        251          –      2,188
      Han Li1                    韩莉1                    –        112          –          5        117
                                                        –      13,043      2,129        161      15,333
    Independent non-executive      独立非执行董事:

      directors:

      Wu William Wai Leung        胡伟亮                230          –        125          –        355
      Lam Yau Fung, Curt          林右烽                230          –        125          –        355
      Ho Gilbert Chi Hang          何智恒                230          –        125          –        355
                                                      690          –        375          –      1,065
    Total                    总额                    690      13,043      2,504        161      16,398
208    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

10. DIRECTORS’ REMUNERATION (continued)              10. 董事酬金(续)

    Year ended 31 March 2018                                          截至2018年3月31日止年度

                                                                Salaries,                Retirement

                                                            allowances  Equity-settled      benefit

                                                            and benefits  share option      scheme

                                                      Fees      in kind      expense  contributions        Total
                                                            薪金、津贴  以股本结算    退休福利

                                                      袍金  及实物福利 之购股权开支    计划供款        总额
                                                  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
    Executive directors:            执行董事:

      Pang Yat Ting, Dominic        彭一庭                  –      2,965        240          18      3,223
      Xu Jianhua                  徐建华                  –      3,094        240          18      3,352
      Pang Yat Bond, Derrick        彭一邦                  –      3,227          –          60      3,287
      Shea Chun Lok, Quadrant2      佘俊乐2                –      1,662        240          43      1,945
      Li Wai Hang, Christina3        李蕙娴3                –        979          96          –      1,075
      Kwok Yuk Chiu, Clement4      郭煜钊4                –      1,020          –          10      1,030
                                                        –      12,947        816        149      13,912
    Independent non-executive      独立非执行董事:

      directors:

      Wu William Wai Leung        胡伟亮                230          –          48          –        278
      Lam Yau Fung, Curt          林右烽                230          –          48          –        278
      Ho Gilbert Chi Hang          何智恒                230          –          48          –        278
                                                      690          –        144          –        834
    Total                      总额                  690      12,947        960        149      14,746
        1    appointed as an executive director on 24 April 2018                                                    1    于2018年4月24日获委任为执行董事

        2    appointed as an executive director on 13 July 2017                                                    2    于2017年7月13日获委任为执行董事

        3    appointed as an executive director on 2 November 2017                                              3    于2017年11月2日获委任为执行董事

        4    resigned as an executive director on 1 June 2017                                                        4    于2017年6月1日辞任执行董事

    There was no arrangement under which a director waived or agreed        本年度内,并无任何安排让董事据此放
    to waive any remuneration during the year (2018: Nil).                    弃或同意放弃任何酬金(2018年:无)。
                                                                      2018/19年报    亚洲联合基建控股有限公司    209
财务报表附注
31 March 2019
2019年3月31日

11. FIVE HIGHEST PAID EMPLOYEES                    11. 五名最高薪酬雇员

    The five highest paid employees during the year included two (2018:        本年度内,五名最高薪酬雇员包括本公
    three) directors of the Company, details of whose emoluments        司两名(2018年:三名)董事,其薪酬详
    are set out in note 10 above. Details of the remuneration for the        情载于上文附注10。年内其余三名(2018
    year of the remaining three (2018: two) non-director highest paid        年:两名)非董事最高薪酬雇员之薪酬详
    employees are as follows:                                            情如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Salaries, allowances and benefits in kind      薪金、津贴及实物福利                10,388          7,220
    Equity-settled share option expense          以股本结算之购股权开支                1,066            314
    Other equity-settled share-based            其他以股本结算之以股份为

      payment expense                          基础付款的开支                      2,300              –
    Retirement benefit scheme contributions      退休福利计划供款                        180            120
                                                                                  13,934          7,654
    The number of non-director highest paid employees whose        酬金介乎下列范围内之非董事最高薪酬
    remuneration fell within the following bands is as follows:                雇员之人数如下:

                                                                                Number of employees

                                                                                      雇员人数

                                                                                      2019          2018
                                                                                    2019年        2018年
    HK$3,500,001 to HK$4,000,000              3,500,001港元至4,000,000港元                1              2
    HK$4,000,001 to HK$4,500,000              4,000,001港元至4,500,000港元                1              –
    HK$5,500,001 to HK$6,000,000              5,500,001港元至6,000,000港元                1              –
                                                                                        3              2
210    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

12. INCOME TAX                                    12. 所得税

    An analysis of the Group’s income tax is as follows:                      本集团之所得税分析如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Current – Hong Kong                        即期-香港

      Charge for the year                          本年度开支                      27,166        51,837
      Under/(over)-provision in prior years            过往年度拨备不足╱

                                                    (过度拨备)                    3,279          (2,192)
                                                                                  30,445        49,645
    Current – Mainland China                    即期-中国内地

      Charge for the year                          本年度开支                          90            808
      Withholding tax on dividend distributed          已分派股息之预扣税

        (note (b))                                  (附注(b))                          –        23,806
      Under-provision in prior years                  过往年度拨备不足                    –            649
                                                                                      90        25,263
    Current – Elsewhere                          即期-其他地方

      Charge for the year                          本年度开支                      2,817          2,262
      Under/(over)-provision in prior years            过往年度拨备不足╱

                                                    (过度拨备)                    669          (5,054)
                                                                                    3,486          (2,792)
    Deferred (note 38)                            递延(附注38)                    (9,955)        (5,593)
    Total tax expense for the year                  本年度税项开支总额                24,066        66,523
    Notes:                                                                          附注:

    (a)  Hong Kong profits tax has been provided at the rate of 16.5%        (a)  香港利得税乃按本年度内在香港产生之估
          (2018: 16.5%) on the estimated assessable profits arising in              计应课税溢利以16.5%(2018年:16.5%)计
          Hong Kong during the year. Commencing from the year ended              提拨备。自截至2019年3月31日止年度起,
          31 March 2019, the assessable profits of a Hong Kong incorporated              于香港注册成立的附属公司的应课税溢利
          subsidiary (as elected by the directors) are subject to the two-tiered profits              (按董事的选择)须遵守于2019年3月28日
          tax rates regime, which was effective on 28 March 2019, such that the first              生效的两级利得税率制度的规定。该制度
          HK$2 million of assessable profits will be taxed at 8.25%, and assessable              规定首2,000,000港元的应课税溢利将按
          profits above HK$2 million will be taxed at 16.5%. Taxes on profits              8.25%缴付,及超过2,000,000港元的应课
          assessable elsewhere have been calculated at the rates of tax prevailing in              税溢利将按16.5%缴付。就其他地区应课
          the jurisdictions in which the Group operates.                                        税溢利缴付之税项,乃根据本集团经营之
                                                                                          司法权区之现行税率计算。

    (b)  Amount represented withholding tax of the PRC levied at the rate of 10%        (b)  金额指截至2018年3月31日止年度就本公司
          on dividend income of HK$238 million distributed by two subsidiaries of the              于中国内地成立之两间附属公司所分派之
          Company established in Mainland China during the year ended 31 March              股息收入238,000,000港元,按10%税率征
          2018.                                                                          收之中国预扣税。

                                                                      2018/19年报    亚洲联合基建控股有限公司    211
财务报表附注
31 March 2019
2019年3月31日

12. INCOME TAX (continued)                            12. 所得税(续)

    Notes: (continued)                                                              附注:(续)

    (c)  A reconciliation of the tax expense applicable to profit before tax at the        (c)  按法定税率计算之除税前溢利适用税项开
          statutory rates to the tax expense at the Group’s effective tax rate is as              支与按本集团实际税率计算之税项开支之
          follows:                                                                        对账如下:

                                                                                2019                        2018

                                                                              2019年                      2018年

                                                                          HK$’000          %        HK$’000          %
                                                                            千港元                        千港元

            Profit before tax                    除税前溢利                  165,161                      230,200

            Tax expense at the statutory          按法定税率之税项开支

              tax rates                                                      24,479        14.8          37,778        16.4
            Profits and losses attributable          合营公司及联营公司

              to joint ventures and associates        应占之溢利及亏损            (836)        (0.5)            (813)        (0.4)
            Income not subject to tax            毋须缴税之收入              (51,152)        (31.0)        (51,488)        (22.4)
            Expenses not deductible for tax        不可扣税之开支              12,739          7.8          25,429        11.1
            Withholding tax on dividend distributed 已分派股息之预扣税                –            –          23,806        10.3
            Under/(over)-provision in prior        过往年度拨备不足╱

              years, net                          (过度拨备),净额            3,948          2.4          (6,597)        (2.9)
            Tax losses not recognised            未确认之税项亏损            40,637        24.6          45,740        19.9
            Tax losses utilised from previous        动用先前期间之

              periods                            税项亏损                  (5,289)        (3.2)          (9,386)        (4.1)
            Others                            其他                          (460)        (0.3)          2,054          0.9
            Tax expense at the Group’s            按本集团实际税率

              effective tax rate                    计算之税项开支            24,066        14.6          66,523        28.8
13. DIVIDENDS                                      13. 股息

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元          千港元
    Interim – HK1.26 cents (2018: HK1.23 cents)    中期-每股普通股1.26港仙

      per ordinary share                          (2018年:1.23港仙)                23,479        23,069
    Proposed final – HK0.84 cent                  建议末期-每股普通股0.84港仙

      (2018: HK1.09 cents) per ordinary share        (2018年:1.09港仙)                15,652        20,425
                                                                                    39,131        43,494
    The proposed final dividend for the year is subject to the approval        本年度之建议末期股息须待本公司股东
    of the Company’s shareholders at the forthcoming annual general        于应届股东周年大会上批准后,方可作
    meeting.                                                          实。

212    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

14. EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS  14. 本公司股东应占每股盈利

  OF THE COMPANY

    The calculation of the basic earnings per share amount is based on        每股基本盈利金额乃根据本公司股东应
    the profit for the year attributable to shareholders of the Company        占本年度溢利计算,而计算所用的普通
    and the weighted average number of ordinary shares used in the        股加权平均数为(i)本年度已发行之普通股
    calculation is (i) the weighted average number of ordinary shares        加权平均数;减(ii)本年度根据本公司股
    in issue during the year; less (ii) the weighted average number of        份奖励计划持有之普通股加权平均数。
    ordinary shares held under the share award scheme of the Company

    during the year.

    The calculation of the diluted earnings per share amount is based on        每股摊薄盈利金额乃根据本公司股东应
    the profit for the year attributable to shareholders of the Company,        占本年度溢利计算,而计算所用之普通
    and the weighted average number of ordinary shares used in        股加权平均数为以下之总和:(i)计算每
    the calculation is the total of (i) the weighted average number of        股基本盈利所用的普通股加权平均数;
    ordinary shares used in the basic earnings per share calculation; and        及(ii)假设视作行使本公司之股份奖励计
    (ii) the weighted average number of ordinary shares assumed to        划下持有之所有股份权利时按零代价授
    have been awarded at no consideration on the deemed exercise of        予普通股之加权平均数。截至2019年及
    all rights of shares held under the Company’s share award scheme.        2018年3月31日止年度,尚未行使之购股
    The share options of the Company outstanding during the years        权并无对每股基本盈利金额有摊薄影响。
    ended 31 March 2019 and 2018 had no diluting effect on the basic

    earnings per share amounts presented.

    The calculation of the basic and diluted earnings per share amounts is        每股基本及摊薄盈利金额乃根据以下数
    based on the following data:                                          据计算:

  Earnings                                              盈利

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Profit for the year attributable to shareholders    本公司股东应占本年度

      of the Company, used in the basic and diluted    溢利,用于计算每股

      earnings per share calculation                  基本及摊薄盈利                136,648        150,176
  Number of shares                                    股份数目

                                                                                    2019          2018
                                                                                  2019年        2018年
    Weighted average number of ordinary shares    本年度已发行普通股加权

      in issue during the year less weighted average    平均数减本年度根据

      number of ordinary shares held under the        股份奖励计划持有之

      share award scheme during the year, used      普通股加权平均数,

      in the basic earnings per share calculation        用于计算每股基本盈利    1,853,952,921  1,701,591,975
    Effect of dilution of shares held under the        根据股份奖励计划持有之

      share award scheme                          股份之摊薄影响

      – weighted average number of ordinary shares    -普通股加权平均数          1,869,239      4,353,098
    Weighted average number of ordinary shares,    普通股加权平均数,

      used in the diluted earnings per share calculation  用于计算每股摊薄盈利    1,855,822,160  1,705,945,073
                                                                      2018/19年报    亚洲联合基建控股有限公司    213
财务报表附注
31 March 2019
2019年3月31日

15. PROPERTY, PLANT AND EQUIPMENT                  15. 物业、机器及设备

                                                                          Furniture,

                                                  Land and    Plant and  fixtures and      Motor

                                                  buildings  machinery  equipment    vehicles      Total
                                                      土地        机器  家私、装置

                                                    及楼宇      及设备      及设备        汽车        总额
                                                  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
                                                              (notes (a)

                                                  (note (b))    and (b))    (note (c))    (note (a))

                                                              (附注(a)

                                                (附注(b))      及(b))  (附注(c))  (附注(a))

    31 March 2019              2019年3月31日

    At 1 April 2018:              于2018年4月1日:

      Cost                      成本              70,692    344,977    128,836      70,999    615,504
      Accumulated depreciation      累计折旧及减值

        and impairment                              (33,480)    (204,673)    (69,885)    (50,570)    (358,608)
      Net carrying amount          账面净值            37,212    140,304      58,951      20,429    256,896
    Net carrying amount:          账面净值:

      At 1 April 2018              于2018年4月1日      37,212    140,304      58,951      20,429    256,896
      Additions                  添置                880      51,054      20,185      16,364      88,483
      Depreciation provided during    本年度内计提

        the year                    之折旧            (1,700)    (24,483)    (16,385)      (6,648)    (49,216)
      Impairment recognised during    本年度确认之

        the year (note (c))            减值(附注(c))          –          –      (7,500)          –      (7,500)
      Disposals and write-off        出售及撇账              –      (1,324)        (208)      (2,193)      (3,725)
      Exchange realignment          汇兑调整            (274)          –        (19)        (37)        (330)
      At 31 March 2019            于2019年3月31日    36,118    165,551      55,024      27,915    284,608
    At 31 March 2019:            于2019年3月31日:

      Cost                      成本              71,286    384,565    148,441      72,254    676,546
      Accumulated depreciation and    累计折旧及减值

        impairment                                  (35,168)    (219,014)    (93,417)    (44,339)    (391,938)
      Net carrying amount          账面净值            36,118    165,551      55,024      27,915    284,608
214    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

15. PROPERTY, PLANT AND EQUIPMENT (continued)          15. 物业、机器及设备(续)

                                                                          Furniture,

                                                  Land and    Plant and  fixtures and      Motor

                                                  buildings    machinery    equipment      vehicles        Total
                                                      土地        机器  家私、装置

                                                    及楼宇      及设备      及设备        汽车        总额
                                                  HK$’000    HK$’000    HK$’000    HK$’000    HK$’000
                                                    千港元      千港元      千港元      千港元      千港元
                                                  HK$’000    HK$’000    HK$’000    HK$’000    HK$’000
                                                              (notes (a)

                                                  (note (b))      and (b))    (note (c))    (note (a))

                                                              (附注(a)

                                                  (附注(b))      及(b))  (附注(c))  (附注(a))

    31 March 2018              2018年3月31日

    At 1 April 2017:              于2017年4月1日:

      Cost                      成本                70,093      339,068      101,074      77,673      587,908
      Accumulated depreciation        累计折旧            (31,836)    (184,505)      (50,877)      (52,877)    (320,095)
      Net carrying amount            账面净值            38,257      154,563      50,197      24,796      267,813
    Net carrying amount:          账面净值:

      At 1 April 2017              于2017年4月1日      38,257      154,563      50,197      24,796      267,813
      Additions                  添置                    –      11,199      31,926      3,705      46,830
      Depreciation provided          本年度内计提

        during the year                之折旧            (1,623)      (24,574)      (11,597)      (6,905)      (44,699)
      Impairment recognised          本年度内确认之

        during the year (note(c))          减值(附注(c))          –          –      (10,000)          –      (10,000)
      Deregistration of subsidiaries      取消注册附属公司          –          –        (311)        (38)        (349)
      Disposals and write-off          出售及撇账              –        (884)      (1,330)      (1,198)      (3,412)
      Exchange realignment          汇兑调整              578          –          66          69        713
      At 31 March 2018            于2018年3月31日      37,212      140,304      58,951      20,429      256,896
    At 31 March 2018:            于2018年3月31日:

      Cost                      成本                70,692      344,977      128,836      70,999      615,504
      Accumulated depreciation and    累计折旧及减值

        impairment                                  (33,480)    (204,673)      (69,885)      (50,570)    (358,608)
      Net carrying amount            账面净值            37,212      140,304      58,951      20,429      256,896
    Notes:                                                                          附注:

    (a)  The net carrying amounts of the Group’s property, plant and equipment        (a)  本集团已计入2019年3月31日之机器及设备
          held under hire purchase contracts and finance leases included in the total              与汽车之总额内之根据租购合约及融资租
          amounts of plant and machinery and motor vehicles as at 31 March 2019              赁持有物业、机器及设备之账面净值分别
          were HK$22,121,000 (2018: HK$26,024,000) and HK$1,285,000 (2018:              为22,121,000港元(2018年:26,024,000港
          HK$3,510,000), respectively.                                                      元 )及 1,285,000港 元( 2018 年 :3,510,000
                                                                                          港元)。

    (b)  At 31 March 2019, certain of the Group’s land and buildings, and plant        (b)  于2019年3月31日,本集团已抵押若干土地
          and machinery with then net carrying amounts of HK$8,749,000 (2018:              及楼宇和机器及设备,其账面净值分别为
          HK$8,311,000) and nil (2018: HK$12,364,000), respectively, were pledged              8,749,000 港元(2018年:8,311,000 港元)
          to secure general banking facilities granted to the Group (note 33(e)).                    及无(2018:12,364,000港元),作为本集
                                                                                          团获授一般银行融资之担保(附注33(e))。
                                                                      2018/19年报    亚洲联合基建控股有限公司    215
财务报表附注
31 March 2019
2019年3月31日

15. PROPERTY, PLANT AND EQUIPMENT (continued)          15. 物业、机器及设备(续)

    Notes: (continued)                                                              附注:(续)

    (c)  The Group incurred operating losses for its assets leasing business, which        (c)  本集团就其资产租赁业务产生经营亏损,
          did not generate enough cash flows to cover the operating costs. In view              该业务产生的现金流量并不足以补足其经
          of this, an impairment assessment of the relevant property, plant and              营成本。有鉴于此,本集团采用贴现现金
          equipment was performed by the Group based on a value in use calculation              流法计算的使用价值对相关物业、机器及
          using the discounted cash flow method and an impairment loss of              设备进行减值之评估,及根据减值评估结
          HK$7,500,000 (2018: HK$10,000,000) was recognised against these assets              果,就该等资产确认减值亏损为7,500,000
          based on the results of the impairment assessment. The discount rate used              港元(2018年:10,000,000港元)。计算所
          in the calculation was 10%.                                                        用之折让率为10%。

16. INVESTMENT PROPERTIES                          16. 投资物业

                                                                                    Under

                                                                Completed    construction          Total
                                                                      竣工      在建工程          总额
                                                                  HK$’000      HK$’000      HK$’000
                                                                    千港元        千港元        千港元
                                                                (note (a))

                                                                (附注(a))

    Carrying amount at 1 April 2017    于2017年4月1日

                                        的账面值                  26,120        840,000        866,120
    Additions                        添置                          1,188        26,281        27,469
    Interest capitalised (note 8)          资本化之利息(附注8)              –        30,671        30,671
    Net (loss)/gain from fair value        公平值调整(亏损)╱

      adjustments                      收益净额                  (4,063)      265,963        261,900
    Disposal of a subsidiary            出售一间附属公司

      (notes (b) and 44(a))              (附注(b)及44(a))                –      (1,162,915)    (1,162,915)
    Exchange realignment              汇兑调整                      377              –            377
    Disposals                        出售                        (9,359)              –          (9,359)
    Carrying amount at 31 March 2018  于2018年3月31日及

      and 1 April 2018                  2018年4月1日的

                                        账面值                    14,263              –        14,263
    Additions                        添置                        102,011              –        102,011
    Transfer from prepayments and      由预付款项及

      deposits                          按金转拨                  34,068              –        34,068
    Netgainfromfairvalueadjustments    公平值调整之收益净额        26,623              –        26,623
    Disposals (note (c))                出售(附注(c))              (10,782)              –        (10,782)
    Exchange realignment              汇兑调整                        (10)              –            (10)
    Carrying amount at                于2019年3月31日

      31 March 2019                    的账面值                  166,173              –        166,173
216    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

16. INVESTMENT PROPERTIES (continued)                  16. 投资物业(续)

    Notes:                                                                          附注:

    (a)  The Group’s completed investment properties consisting of residential        (a)  本集团之竣工投资物业包括阿联酋的住宅
          properties in the UAE, industrial properties and car parking spaces in Hong              物业,位于香港的工业物业及车 位( 2018
          Kong (2018: residential properties in the UAE) are leased to third parties              年:阿联酋的住宅物业)已根据经营租赁租
          under operating leases, further summary details of which are included in              予第三方,其进一步详情于财务报表附注
          note 46(a) to the financial statements.                                              46(a)概述。

          At 31 March 2019, certain completed investment properties of the Group              于2019年3月31日,账面值163,074,000港元
          with a then carrying amount of HK$163,074,000 (2018: Nil) were pledged              (2018年:无)的本集团若干之竣工投资物
          to secure certain general banking facilities granted to the Group (note              业已抵押作为本集团获授若干一般银行融
          33(e)).                                                                          资之担保(附注33(e))。

    (b)  In October 2016, the Group acquired a residential development project (the        (b)  于2016年10月,本集团自一名独立第三方
          “Waterloo Project”) at No.128 Waterloo Road, Kowloon, Hong Kong from              购入香港九龙窝打老道128号住宅发展项目
          an independent third party. The Group plans to redevelop the property into              (「窝打老道项目」)。本集团计划开发该物
          a residential building for leasing to third parties under operating leases.              业为住宅楼宇以根据经营租赁向第三方出
          Accordingly, the Waterloo Project was classified as an investment property              租物业。因此,于2017年3月31日,窝打老
          under construction as at 31 March 2017.                                            道项目被分类为在建投资物业。

          On 7 March 2018, the Group sold 60% interest in the Waterloo Project to              于2018年3月7日,本集团向莱蒙俊和物业
          Top Spring Chun Wo Development Holdings Limited (“Top Spring Chun              发展控股有限公司(「莱蒙俊和」,由本集团
          Wo”, a 40% owned associate of the Group formed by the Group and              与一名独立第三方仅为持有窝打老道项目
          an independent third party for the sole purpose of holding the Waterloo              而成立,及由本集团拥有40%之联营公司)
          Project) for a total cash consideration of HK$476,721,000, which was              出售窝打老道项目之60%权益,总现金代
          settled in full in the prior financial year.                                              价为476,721,000港元,已于上一个财政年
                                                                                          度全数结清。

          As a result of the transaction, the Waterloo Project was derecognised and,              由于此次交易,窝打老道项目已被取消
          with reference to the transaction price, a fair value gain of approximately              确认及参考交易价格,紧接完成交易前
          HK$266 million on the remeasurement of the Waterloo Project immediately              重新计量窝打老道项目之公平值收益约
          before the completion of the transaction was recognised in profit or loss              266,000,000港元已于截至2018年3月31日
          during the year ended 31 March 2018.                                              止年度的损益内确认。

    (c)  During the year, the Group sold certain residential units in the UAE to an        (c)  本年度内,本集团按现金代价5,050,000阿
          independent third party for a total cash consideration of Emirati Dirham              联酋迪拉姆(「迪拉姆」)(相当于10,782,000
          (“AED”) 5,050,000 (equivalent to HK$10,782,000). As a result of the              港元)将位于阿联酋的若干住宅单位出售予
          transaction, these residential units were derecognised and, with reference              独立第三方。因此,该等住宅单位已被取
          to the transaction price, a fair value loss of AED74,000 (equivalent to              消确认,并参考交易价格,紧接交易完成
          HK$158,000) on the remeasurement of these residential units immediately              前重新计量该等住宅单位产生的公平值之
          before the completion of the transaction was recognised in profit or loss              亏损74,000迪拉姆(相当于158,000港元)已
          during the year ended 31 March 2019. All sale proceeds were received              于截至2019年3月31日止年度的损益中确
          during the year.                                                                  认。所有销售所得款项均于本年度内收取。
          Subsequent to the reporting period, on 14 April 2019, the Group sold the              报告期后,于2019年4月14日,本集团将位
          remaining residential unit in the UAE to the independent third party for a              于阿联酋的剩余住宅单位出售予独立第三
          cash consideration of AED1,450,000 (equivalent to HK$3,099,000). A fair              方,现金代价为1,450,000迪拉姆(相当于
          value loss of approximately AED100,000 (equivalent to HK$214,000) on the              3,099,000港元)。参考交易价格,重新计
          remeasurement of the residential unit was recognised in profit or loss during              量住宅单位产生的公平值亏损约100,000迪
          the year ended 31 March 2019 with reference to the transaction price.                  拉姆(相当于214,000港元)于截至2019年3
                                                                                          月31日止年度的损益中确认。

                                                                      2018/19年报    亚洲联合基建控股有限公司    217
财务报表附注
31 March 2019
2019年3月31日

16. INVESTMENT PROPERTIES (continued)                  16. 投资物业(续)

    Notes: (continued)                                                              附注:(续)

    (d)  At 31 March 2019, the Group’s investment properties were remeasured        (d)  于2019年3月31日,根据独立专业合资格
          based on valuations performed by Knight Frank Petty Limited (2018:              估值师莱坊测量师行有限公司(2018年:
          Cluttons, LLC), independent professional qualified valuers. Each year, the              Cluttons, LLC)进行之估值,本集团已重新
          Group’s senior management decides which external valuers to be appointed              计量其投资物业。本集团高级管理层每年
          for the external valuations of the Group’s investment properties. Selection              决定委任外聘估值师人选,以为本集团投
          criteria include market knowledge, independence and whether professional              资物业进行外部估值。甄选条件包括市场
          standards are maintained. The Group’s senior management has on-going              知识、独立性及是否符合专业准则。于估
          discussions with the valuers on the valuation assumptions and valuation              值过程中,本集团高级管理层一直与估值
          results during the course of the valuation.                                            师就估值假设及估值得出之结果进行讨论。
        Fair value hierarchy disclosure                                  公平值层级披露

          At 31 March 2019, other than a residential unit in the UAE which was              于2019年3月31日,除一个位于阿联酋住
          revalued with reference to its subsequent selling price as further detailed              宅单位按上述附注(c)详述之其后销售价作
          in note (c) above, fair value measurements of all of the Group’s other              为参考外,本集团其他投资物业之公平值
          investment properties are using significant unobservable inputs (Level 3) as              计量使用重大不可观察输入数据(第三级)
          defined in HKFRS 13. During the year, there were no transfers of fair value              (定义见香港财务报告准则第13号)。本年
          measurements between Level 1 (quoted prices in active markets) and Level              度内,公平值计量第一级(活跃市场报价)
          2 (significant observable inputs) and transfer of a residential unit in the UAE              与第二级(重大可观察输入数据)之间并无
          with carrying amount of HK$3,313,000 from Level 3 to Level 2 (2018: Nil).                转移,而账面值为3,313,000港元的一个阿
                                                                                          联酋住宅单位会由第三级转至第二级(2018
                                                                                          年:无)。

          Below is a summary of the valuation techniques used and the key inputs to              以下为在公平值计量第三级下之已竣工的
          the valuation of those completed investment properties which are within              投资物业估值所用估值技术及主要输入数
          Level 3 fair value measurement category:                                            据之概要:

            Valuation techniques                Significant unobservable inputs                      2019                2018
            估值技术                            重大不可观察输入数据                              2019年              2018年
            Residential units in the UAE

            阿联酋之住宅单位

            Direct comparison approach            Selling property unit rate (per square foot)                N/A            AED1,050
            直接比较法                          出售物业单位售价(每平方呎)                        不适用          1,050迪拉姆
                                                                                                                  (equivalent to
                                                                                                                      HK$2,244)
                                                                                                            (相当于2,244港元)
            Industrial properties in Hong Kong

            香港的工业大厦

            Direct comparison approach            Selling property unit rate (per square foot)            HK$9,450                N/A
            直接比较法                          出售物业单位售价(每平方呎)                    9,450港元              不适用
            Car parking spaces in Hong Kong

            香港的车位

            Direct comparison approach            Selling property unit rate (per unit)              HK$2,200,000                N/A
            直接比较法                          出售物业单位售价(每个)                    2,200,000港元              不适用
218    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

16. INVESTMENT PROPERTIES (continued)                  16. 投资物业(续)

    Notes: (continued)                                                              附注:(续)

    (d)  (continued)                                                                (d) (续)

        Fair value hierarchy disclosure (continued)                        公平值层级披露(续)

          The valuations were arrived at by making reference to its development              估值乃经参考根据其最高及最佳用途的发
          potential according to its highest and best use or, by making reference to              展潜力或经参考有关市场进行的可资比较
          comparable sales transactions as available in the relevant markets. In the              出售交易而达致。根据直接比较法的估
          valuation under the direct comparison approach, the comparables are made              值,可资比较物业乃经参考邻近类似物业
          by reference to those of similar properties in the neighbourhood.                        作出。

          Residential units in the UAE, industrial properties and car parking spaces              于阿联酋之住宅单位以及位于香港的工业
          in Hong Kong were valuated using the direct comparison approach, under              大厦及车位按直接比较法估值,就此,市
          which market price is one of the key inputs, taking into account the time,              场价格为主要输入值之一,并计及可比较
          location, and individual factors, such as frontage and size, between the              物业及该物业之时间、地点及单独因素如
          comparables and the property.                                                    面积及规模。

          A significant increase in the market price used would result in a significant              所使用市场价格大幅增加会导致投资物业
          increase in the fair value measurement of the investment properties, and              公平值计量大幅上升,反之亦然。

          vice versa.

17. GOODWILL                                      17. 商誉

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Cost and net carrying amount:          成本及账面净值:

      At beginning of year                  年初时                                47,561        44,686
      Exchange realignment                汇兑调整                                (1,567)          2,875
      At end of year                        年终时                                45,994        47,561
                                                                      2018/19年报    亚洲联合基建控股有限公司    219
财务报表附注
31 March 2019
2019年3月31日

17. GOODWILL (continued)                              17. 商誉(续)

  Impairment testing of goodwill                        商誉减值测试

    The carrying amount of the goodwill acquired through acquisition of        透过收购一间附属公司所得的商誉账面
    a subsidiary has been allocated to the relevant business unit of the        值已分配至本集团建筑服务分部相关业
    construction services segment of the Group for impairment testing.        务单位以作减值测试。

    The recoverable amount of the relevant business unit in the        建筑服务分部相关业务单位的可收回金
    construction services segment has been determined with reference        额乃参考使用现金流量预测计算的使用
    to a value in use calculation using cash flow projections, which        价值厘定,该计算乃使用高级管理层批
    were based on a financial forecast approved by senior management        准之两年期财务预测计算的现金流量预
    covering a two-year period.                                          测作出。

    Based on the results of the impairment testing of goodwill, in the        根据商誉减值测试结果,本公司董事认
    opinion of the directors of the Company, no impairment provision is        为,于2019年3月31日,并无必要就本集
    considered necessary for the Group’s goodwill as at 31 March 2019.        团商誉计提拨备。

    The following describes each key assumption on which management        管理层就编制商誉减值测试的现金流量
    has based for the preparation of the cash flow projections to        预测所依据的各重大假设描述如下:

    undertake impairment testing of goodwill:

    Budgeted gross margin                                            预算毛利率

    The basis used to determine the value assigned to the budgeted        用以厘定预算毛利率价值的基准为紧接
    gross margin is the average gross margin achieved in the year        预算年度前一年所达致的平均毛利率,
    immediately before the budget year, increased for expected        因预计效率提升及预计市场开发而增加。
    efficiency improvements, and expected market development.

    Business environment                                              业务环境

    There have been no major changes in the existing political, legal and        新加坡现有政治、法律及经济状况并无
    economic conditions in Singapore.                                    重大变动。

    Growth rate                                                      增长率

    The growth rate of 2.5% (2018: 2.5%) applied to the cash        现金流量预测所应用之2.5%(2018年:
    flow projections is based on the average annual inflation rate in        2.5%)增长率乃基于新加坡平均年度通胀
    Singapore.                                                        率。

    Discount rate                                                      折让率

    The discount rate of 10% (2018: 10%) applied to the cash flow        现金流量预测所应用之10%( 2018年:
    projections is pre-tax and reflects specific risks relating to the        10%)折让率为除税前的及反映有关楼宇
    building construction and architectural consultancy business.              建设及建筑咨询业务的特定风险。

220    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

18. INTERESTS IN JOINT VENTURES                      18. 于合营公司之权益

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Interests in joint ventures, included in    于合营公司之权益,

      non-current assets:                    计入非流动资产:

      Investments in joint ventures            于合营公司之投资

        Share of net assets                    应占资产净值                        17,518          1,111
        Due from joint ventures                应收合营公司款项      (b)          91,851              –
                                                                                  109,369          1,111
      Loan to a joint venture                向一间合营公司贷款      (c)          313,993        313,993
                                                                                  423,362        315,104
    Due from a joint venture, included      应收一间合营公司款项,

      in current assets                      计入流动资产          (b), 26          9,017          1,801
    Total interests in joint ventures          于合营公司之权益总额                    432,379        316,905
      Notes:                                                                        附注:

      (a)  Particulars of the joint ventures as at 31 March 2019 are set out in note        (a)  合营公司于2019年3月31日之详情载于财务
            54 to the financial statements.

                                                                                          报表附注54。

      (b)  The balances with joint ventures are unsecured, interest-free and have        (b)  合营公司之结余属无抵押、免息及无固定
            no fixed terms of repayment. Certain of these balances amounting to              还款期限。于2019年3月31日的若干该等
            HK$91,851,000 in total as at 31 March 2019 are not expected to be

            repaid in the financial year ending 31 March 2020 and hence they are              结余合计91,851,000港元预期不会于截至
                                                                                          2020年3月31日止财政年度偿还,因此,其
            classified as non-current assets in the consolidated statement of financial              于2019年3月31日的综合财务状况表中分类
            position as at 31 March 2019.

                                                                                          为非流动资产。

      (c)  The balance represents a shareholder’s loan (the “Shareholder’s Loan”) of        (c)  结余指就附属公司所持的美国若干地块的
            HK$314 million advanced to Dingway Investment Limited (“Dingway”, a              物业开发项目而向鼎汇投资有限公司(「鼎
            joint venture of the Group) for a property development project on certain              汇」,本集团的合营公司)垫付的股东贷款
            parcels of land in the USA held by its subsidiary. The Shareholder’s Loan is              (「股东贷款」)314,000,000港元。股东贷款
            unsecured, interest-free and has no fixed terms of repayment. It has been

                                                                                          为无抵押、免息且无固定还款期。采纳香
            reclassified as a debt instrument at fair value through profit or loss from              港财务报告准则第9号后,自2018年4月1日
            an item of loans and receivables since 1 April 2018 upon the adoption of

                                                                                          起,股东贷款从一项贷款及应收款项重新
            HKFRS 9.                                                                      分类为按公平值计入损益的债务工具。

            During the year, the joint venture partner went into a voluntary              本年度内,合营公司伙伴进行自愿清盘,
            liquidation, and hence there has not been any development activities on              因此鼎汇及其附属公司(统称「鼎汇集团」)
            the aforesaid land asset held by Dingway and its subsidiaries (collectively,              持有的上述土地资产并无任何开发活动。
            the “Dingway Group”). For the purpose of the recoverability assessment of              为进行股东贷款的可收回性评估,本集
            the Shareholder’s Loan, the Group engaged an independent professional              团聘请独立专业估值师对鼎汇集团的上述
            valuer to perform a valuation of the aforesaid land asset of the Dingway              土地资产进行估值,前提是股东贷款可通
            Group on the assumption that the Shareholder’s Loan is to be recovered              过鼎汇集团清盘或出售本集团于鼎汇集团
            by way of winding up the Dingway Group or selling the Group’s interest in              之权益的方式收回。根据可收回性评估的
            the Dingway Group. Based on the results of the recoverability assessment,              结果,本公司董事认为股东贷款可全数收
            the directors of the Company are of the view that the Shareholder’s Loan is              回,且并无需要作出减值亏损。

            fully recoverable and no impairment loss is considered necessary.

      (d)  Summarised financial information of joint ventures                              (d)  合营公司之财务资料概要

            The Dingway Group and Mega Champion Enterprises Limited and its              鼎汇集团及Mega Champion Enterprises
            subsidiary (the “Mega Group“) are considered as material joint venture

            groups and are accounted for using the equity method. The major assets              Limited及其附属公司(「Mega集团」)被视
                                                                                          为重大合营集团,并采用权益法入账。鼎
            of the Dingway Group and Mega Group are parcels of lands located              汇集团及Mega集团的主要资产分别为位
            in Miami, the USA and at Prince Edward Road West in Hong Kong,

                                                                                          于美国迈阿密及香港太子道西的持作物业
            respectively, which are held for property development.                                发展之土地。

                                                                      2018/19年报    亚洲联合基建控股有限公司    221
财务报表附注
31 March 2019
2019年3月31日

18. INTERESTS IN JOINT VENTURES (continued)            18. 于合营公司之权益(续)

    Notes: (continued)                                                              附注:(续)

    (d)  Summarised financial information of joint ventures (continued)                    (d)  合营公司之财务资料概要(续)

          The following table illustrates the summarised financial information in              下表载列鼎汇集团及Mega集团的财务资料
          respect of the Dingway Group and the Mega Group, adjusted for any

                                                                                          概要,已就会计政策的任何差异作出调整
          differences in accounting policies and reconciled to the carrying amounts in              以及与财务报表账面值进行对账:

          the financial statements:

                                                                                                                  Period from
                                                                                                                  10 July 2018
                                                                                                                      (date of
                                                                                                                    acquisition)
                                                                                                                  to 31 March
                                                                                              2019        2018        2019
                                                                                                                        2018年
                                                                                                                      7月10日
                                                                                                                    (收购日)
                                                                                                                      至2019年
                                                                                            2019年      2018年  3月31日期间
                                                                                          Dingway      Dingway        Mega
                                                                                            Group#      Group      GroupΩ
                                                                                          鼎汇集团#    鼎汇集团    Mega集团Ω
            Proportion of the Group’s ownership      占本集团所有权的百分比                  45%        45%        50%
                                                                                          HK$’000      HK$’000    HK$’000
                                                                                            千港元      千港元      千港元
            Financial position                        财务状况

            Land held for property development          持作物业发展之土地                    718,469      718,469            –
            Properties under development                发展中物业                                  –            –      227,329
            Cash and cash equivalents                  现金及与现金等值项目                    8,773        4,443          319
            Other current assets                        其他流动资产                              33          33      52,300
            Current assets                              流动资产                              727,275      722,945      279,948
            Current liabilities                          流动负债                            (757,728)    (752,685)    (261,314)
            Net (liabilities)/assets                      (负债)╱资产净值                      (30,453)      (29,740)      18,634
            Group’s share of net assets                  本集团资产应占之资产净额                    –*          –*      10,000
            Financial performance                    财务表现

            Revenue                                  营业额                                      –            –            –
            Loss before tax                            除税前亏损                              (714)      (29,451)      (1,366)
            Loss for the year/period and total comprehensive 本年度╱期间亏损及本年度╱期间

              loss for the year/period                      全面亏损总额                          (714)      (29,451)      (1,366)
            Group’s share of results for the year/period and 本集团应占本年度╱期间业绩

              total comprehensive income for the year/      及本年度╱期间全面收益总额

              period                                                                              –*          –*          –*
                  #    During the year, the Group has used the financial information of the                        #    本年度内,本集团使用权益法作会计
              Dingway Group as at 31 December 2018 and for the nine months                    用途将鼎汇集团于2018年12月31日
              then ended for its equity method of accounting purposes, as the joint

                                                                                                及截至该日止九个月的财务资料入
              venture partner (which was responsible for keeping the accounting                    账,乃由于合营伙伴(负责保存鼎汇
              records of the Dingway Group) went into the voluntary liquidation                    集团的会计记录)自愿清盘,而鼎汇
              and the financial information of the Dingway Group for the year                    集团截至2019年3月31日止年度的财
              ended 31 March 2019 was not made available to the Group for the

                                                                                                务资料并未提供予本集团以编制该等
              preparation of these financial statements. Management is of the view                    财务报表。管理层认为,该会计处理
              that this accounting treatment has had no significant impact on its                    对其于合营公司之权益及应占合营公
              interest in and share of results of the joint venture.                                    司之业绩并无重大影响。

222    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

18. INTERESTS IN JOINT VENTURES (continued)            18. 于合营公司之权益(续)

    Notes: (continued)                                                              附注:(续)

    (d)  Summarised financial information of joint ventures (continued)                    (d)  合营公司之财务资料概要(续)

                  Ω    The Mega Group was acquired during the current financial year                        Ω    Mega集团于本财政年度被收购,因
              and hence comparative information in respect of the year ended                    此上表中并未呈列其于截至2018年3
              31 March 2018 was not presented in the table above. The financial

              performance information of the Mega Group presented above is the                    月31日止年度的比较资料。上文所述
                                                                                              Mega集团的财务业绩资料为自2018
              post-acquisition results for the period from the date of acquisition of                    年7月10日收购日期至2019年3月31日
              10 July 2018 to 31 March 2019.

                                                                                              期间的收购后业绩。

          *    The Group has discontinued sharing the losses of the Dingway Group              *    本集团已终止分占鼎汇集团及Mega
              and the Mega Group because the share of their losses has exceeded                    集团之进一步亏损,因应占其亏损
              the Group’s investments in them and the Group has no obligation                    已超过本集团于其投资且本集团并
              to take up further of their losses. The amounts of the Group’s                    无责任承担其他亏损。于2019年
              accumulated unrecognised share of the losses of the Dingway Group                    3月31日,本集团应占鼎汇集团及
              and the Mega Group as at 31 March 2019 was HK$13,704,000 (2018:                    Mega集团累计未确认的亏损金额
              HK$13,383,000) and HK$683,000 (2018: Nil), respectively.                            分别为13,704,000港元(2018年:
                                                                                              13,383,000 港 元 )及 683,000 港 元
                                                                                              (2018年:无)。

          The following table illustrates the financial information of a joint venture of              下表载列本集团一间非重大合营公司之财
          the Group that is not material:                                                      务资料:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            Share of the joint venture’s profit for the year    应占合营公司之本年度溢利                      6,400              797
            Share of the joint venture’s other                应占合营公司之本年度其他

              comprehensive profit/(loss) for the year          全面溢利╱(亏损)                              7              (421)
            Share of the joint venture’s total                应占合营公司之本年度全面

              comprehensive income for the year              收益总额                                    6,407              376
            Aggregate carrying amount of the              本集团于合营公司之投资

              Group’s investment in the joint venture          之总账面值                                  7,518            1,111
                                                                      2018/19年报    亚洲联合基建控股有限公司    223
财务报表附注
31 March 2019
2019年3月31日

19. INTERESTS IN ASSOCIATES                        19. 于联营公司之权益

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Investments in associates, included      于联营公司之投资,

      in non-current assets:                  计入非流动资产:

      Share of net assets                    应占资产净值                          60,125        61,946
      Due from associates                  应收联营公司之款项      (b)          439,643        322,143
                                                                                  499,768        384,089
    Due from an associate, included in      应收一间联营公司之款项,

      current assets                        计入流动资产          (b), 26              –          5,275
    Due to associates, included in          应付联营公司之款项,

      current liabilities                      计入流动负债          (b), 32        (12,436)        (12,436)
    Total interests in associates            于联营公司之权益总额                    487,332        376,928
    Notes:                                                                          附注:

    (a)  Particulars of the principal associates as at 31 March 2019 are set out in        (a)  各主要联营公司于2019年3月31日之详情载
          note 55 to the financial statements.                                                于财务报表附注55。

    (b)  The balances with associates are unsecured, interest-free and have        (b)  与联营公司相关之结余为无抵押、免息及
          no fixed terms of repayment. Certain of these balances amounting to              并无固定还款期限。于2019年3月31日的
          HK$439,643,000 (2018: HK$322,143,000) in total as at 31 March 2019 are              若干该等结余合计439,643,000港元(2018
          not expected to be repaid in the financial year ending 31 March 2020 (2018:              年:322,143,000港元)预期不会于截至
          31 March 2019) and hence they are classified as non-current assets in the              2020年3月31日(2018年:2019年3月31日)
          consolidated statement of financial position as at 31 March 2019.                        止财政年度偿还,因此,其于2019年3月31
                                                                                          日的综合财务状况表中分类为非流动资产。
    (c)  Summarised financial information of associates                                  (c)  联营公司财务资料概要

          Top Spring Chun Wo and its subsidiary (the “TSCWPD Group”) and Creative              莱蒙俊和及其附属公司(「莱蒙俊和物业发
          Profit Development Limited (the “CPDL”) are considered as a material              展集团」及创利发展有限公司(「创利发展」)
          associate group and a material associate, respectively, and are accounted              分别被视为重大联营集团及重大联营公
          for using the equity method. The major assets of the TSCWPD Group and              司,并采用权益法入账。莱蒙俊和物业发
          CPDL are the Waterloo Project and a parcel of land at Cameron Road in              展集团及创利发展之重大资产分别为持作
          Hong Kong, respectively, which are held for property development.                      物业发展之窝打老道项目及位于香港金马
                                                                                          伦道之地块。

224    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

19. INTERESTS IN ASSOCIATES (continued)                19. 于联营公司之权益(续)

    Notes: (continued)                                                              附注:(续)

    (c)  Summarised financial information of associates (continued)                        (c)  联营公司财务资料概要(续)

          The following tables illustrate the summarised financial information in              下表载列莱蒙俊和物业发展集团及创利发
          respect of the TSCWPD Group and CPDL, adjusted for any differences in              展就会计政策的任何差异已作出调整的财
          accounting policies and reconciled to the carrying amount in the financial              务资料概要以及与财务报表账面值的对账
          statements:                                                                      分析:

                                                                                                                  Period from
                                                                                                                    16 October
                                                                                                                          2018
                                                                                                                      (date of
                                                                                                                    acquisition)
                                                                                                                  to 31 March
                                                                                              2019        2018        2019
                                                                                                                        2018年
                                                                                                                      10月16日
                                                                                                                    (收购日)
                                                                                                                      至2019年
                                                                                            2019年      2018年  3月31日期间
                                                                                          TSCWPD      TSCWPD

                                                                                            Group        Group        CPDLΩ
                                                                                          莱蒙俊和    莱蒙俊和

                                                                                      物业发展集团 物业发展集团    创利发展Ω
            Proportion of the Group's ownership      占本集团所有权的百分比                  40%        40%        20%
                                                                                          HK$’000      HK$’000    HK$’000
                                                                                            千港元      千港元      千港元
            Financial position                        财务状况

            Property under development                发展中物业                          1,227,511    1,163,588      674,317
            Cash and cash equivalents                  现金及与现金等值项目                  33,897      10,147      13,571
            Other current assets                        其他流动资产                              229      128,561          406
            Current assets                              流动资产                            1,261,637    1,302,296      688,294
            Non-current liabilities                        非流动负债                                  –            –    (302,696)
            Current liabilities                          流动负债                          (1,273,638)  (1,301,900)    (392,861)
            Net (liabilities)/assets                        (负债)╱资产净值                    (12,001)        396      (7,263)
            Group’s share of net assets of the associates    本集团应占联营公司资产净值                  –*        158            –*
            Financial performance                    财务表现

            Revenue                                  营业额                                      –            –            –
            (Loss)/profit before tax and (loss)/profit for the  除税前(亏损)╱溢利及年度╱

              year/period                                期间(亏损)╱溢利                    (12,002)        396      (8,218)
            Group’s share of (loss)/profit for the year      本集团应占本年度(亏损)╱溢利            (158)*        158            –*
                  Ω    CPDL was acquired during the current financial year and hence                        Ω    创利发展于本财政年度被收购,因此
              comparative information in respect of the year ended 31 March 2018                    上表中并未呈列其于2018年3月31日
              was not presented in the table above. The financial performance                    止年度的比较资料。上文所述创利发
              information of CPDL presented above is the post-acquisition results                    展的财务业绩资料为自2018 年10月
              for the period from the date of acquisition of 16 October 2018 to                    16日收购日期至2019年3月31日期间
              31 March 2019.                                                                  的收购后业绩。

          *    The Group has discontinued sharing further losses of the TSCWPD              *    本集团已终止分占莱蒙俊和物业发展
              Group and CPDL because the share of their losses has exceeded the                    集团及创利发展之进一步亏损,因应
              Group’s investments in them and the Group has no obligation to take                    占其亏损已超过本集团于其投资且本
              up further of their losses. The amounts of the Group’s accumulated                    集团并无责任承担其他亏损。于2019
              unrecognised share of the losses of the TSCWPD Group and CPDL as                    年3月31日,本集团应占莱蒙俊和物
              at 31 March 2019 was HK$4,642,000 (2018: Nil) and HK$1,644,000                    业发展集团及创利发展累计未确认的
              (2018: Nil), respectively.                                                          亏损金额分别为4,642,000港元(2018
                                                                                              年:无)及1,644,000港元(2018年:
                                                                                              无)。

                                                                      2018/19年报    亚洲联合基建控股有限公司    225
财务报表附注
31 March 2019
2019年3月31日

19. INTERESTS IN ASSOCIATES (continued)                19. 于联营公司之权益(续)

    Notes: (continued)                                                              附注:(续)

    (c)  Summarised financial information of associates (continued)                        (c)  联营公司财务资料概要(续)

          The following table illustrates the aggregate financial information of the              下表载列本集团之个别非重大联营公司之
          Group’s associates that are not individually material:                                  汇总财务资料:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            Share of the associates’ comprehensive          应占联营公司全面收益或亏损:

              income or loss:

              (Loss)/profit for the year                          本年度(亏损)╱溢利                      (1,174)            3,971
              Other comprehensive (loss)/income                其他全面(亏损)╱收益                      (209)              404
              Total comprehensive (loss)/income                  全面(亏损)╱收益总额                    (1,383)            4,375
            Share of the associates’ assets and liabilities:    应占联营公司资产及负债:

              Non-current assets                              非流动资产                              43,484            42,773
              Current assets                                  流动资产                                17,365            19,223
              Current liabilities                                流动负债                                  (724)              (208)
                                                                                                    60,125            61,788
20. LAND HELD FOR PROPERTY DEVELOPMENT            20. 持作物业发展之土地

    The Group’s land held for property development is leasehold        本集团持作物业发展之土地即本集团为
    land or land use rights acquired by the Group for future property        未来物业发展作销售用途而获取之租赁
    development for sale. An analysis of the Group’s land held for        土地或土地使用权。截至报告期末本集
    property development by geographical area as at the end of the        团持作物业发展之土地按照地区分析如
    reporting period is as follows:                                        下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Hong Kong                                  香港                              34,486        34,173
    Mainland China                              中国内地                        259,609        277,460
    The UAE                                    阿联酋                          238,470        238,470
                                                                                  532,565        550,103
226    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

21. PROPERTIES UNDER DEVELOPMENT                  21. 发展中物业

    The Group’s properties under development as at 31 March 2018        于2018年3月31日之本集团发展中物业指
    represented a residential development project in Hong Kong, which        一个香港住宅发展项目,其预计将于正
    was expected to be completed within the normal operating cycle        常营运周期内竣工,因而已分类为流动
    and hence was classified as a current asset. These properties under        资产。于2018年3月31日,该等发展中物
    development were pledged to banks as at 31 March 2018 to secure        业已抵押予银行,作为本集团获授之若
    certain banking facilities granted to the Group (note 33(e)).                干银行融资之担保(附注33(e))。

    During the year, the Group disposed of all its entire interest in the        本年度内,根据本集团与一名独立第三
    properties under development through disposal of an indirect 60%        方分别于2017年6月19日及2018年9月21
    owned subsidiary together with the outstanding shareholder’s loan        日订立的一份临时买卖协议及一份补充
    owed to the Group pursuant to a provisional agreement for sale        协议,本集团透过出售其间接拥有60%
    and purchase and a supplemental agreement entered into with        权益之附属公司连同结欠本集团之未偿
    an independent third party on 19 June 2017 and 21 September        还股东贷款而出售其于发展中物业之全
    2018. Further details of the transaction, which was completed on        部权益。有关于2018年9月26日完成之交
    26 September 2018, are included in note 44(a) to the financial        易之进一步详情载于财务报表附注44(a)。
    statements.

22. PROPERTIES HELD FOR SALE                        22. 持作销售物业

    The Group’s properties held for sale are residential properties and        本集团持作销售物业均为位于中国内地
    car parking spaces in Mainland China.                                  的住宅物业及车位。

23. AMOUNTS DUE FROM/TO CONTRACT CUSTOMERS      23. 应收╱应付合约客户款项

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Gross amounts due from contract customers      应收合约客户款项总额                  –      1,966,743
    Gross amounts due to contract customers        应付合约客户款项总额                  –      (796,012)
                                                                                        –      1,170,731
    Contract costs incurred plus recognised          已产生合约成本加已确认

      profits less recognised losses                  溢利,减已确认亏损                  –    44,968,303
    Less: Progress billings                        减:进度付款                          –    (43,797,572)
                                                                                        –      1,170,731
    At 31 March 2018, retentions held by customers for contract        于 2018 年3 月 31 日,客户就建筑工程持
    works included in trade receivables of the Group amounted to        有之保固金已计入本集团之贸易应收
    HK$539,234,000 (note 24(b)).                                        款项,金额为539,234,000港元(附注
                                                                      24(b))。

                                                                      2018/19年报    亚洲联合基建控股有限公司    227
财务报表附注
31 March 2019
2019年3月31日

24. TRADE RECEIVABLES                              24. 贸易应收款项

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Trade receivables other than retention    贸易应收款项

      receivables                          (应收保固金除外)      (a), (c)        983,990      1,128,938
    Retention receivables                  应收保固金                (b)                –        539,234
                                                                                  983,990      1,668,172
    Notes:                                                                          附注:

    (a)  Except for the rental income from the leasing of assets which are settled in        (a)  除根据有关协议条款结算之租赁资产租金
          accordance with the terms of the relevant agreements, the Group generally              收入外,本集团一般向其客户提供不超过
          allows a credit period of not exceeding 60 days to its customers. Interim              60日之信贷期。有关建筑合约之中期进度
          applications for progress payments on construction contracts are normally              付款申请一般按月提交及于一个月内结算。
          submitted on a monthly basis and are normally settled within one month.

          Before accepting any new customer, the Group assesses the potential              于接纳任何新客户前,本集团将评估潜在
          customer’s credit quality and defines credit limits by customer. Limits and              客户的信贷质素及按客户界定信贷限额。
          scoring attributed to customers are reviewed periodically. The majority of              客户应占的限额与评级将定期审阅。根据
          the Group’s trade receivables that are neither past due nor impaired relate              相关结算记录,本集团大部分并无逾期或
          to customers that have good credit quality with reference to the respective              减值的贸易应收款项均与具备良好信贷质
          settlement history.                                                                素的客户有关。

          The ageing analysis of the trade receivables (other than retention              于报告期末,基于发票日期之贸易应收款
          receivables) as at the end of the reporting period, based on the invoice date,              项(应收保固金除外)的账龄分析列载如下:
          is as follows:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            Within 1 month                                  一个月内                                788,550          998,857
            1 to 2 months                                  一至两个月                                92,052            64,730
            2 to 3 months                                  两至三个月                                33,362            15,892
            Over 3 months                                  三个月以上                                70,026            49,459
                                                                                                    983,990          1,128,938
228    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

24. TRADE RECEIVABLES (continued)                      24. 贸易应收款项(续)

    Notes: (continued)                                                              附注:(续)

    (a)  (continued)                                                                (a)  (续)

          Impairment                                                                    减值

          Impairment under HKFRS 9 as at 31 March 2019                                    于2019年3月31日根据香港财务报告准则
                                                                                      第9号计提之减值

          The Group applies the simplified approach to provide for expected credit              本集团应用香港财务报告准则第9号所规定
          losses prescribed by HKFRS 9, which permits the use of the lifetime              的简化方法就预期信贷亏损作出拨备,即
          expected loss provision for all trade receivables. The Group has assessed the              准许为所有贸易应收款项使用年期预期亏
          impairment of its trade receivables on an individual basis based on internal              损拨备。本集团已根据内部信贷评级及该
          credit rating and ageing of these balances which, in the opinion of the              等结余的账龄对个别贸易应收款项减值进
          directors of the Company, have no significant increase in credit risk during              行评估,而本公司董事认为本年度内信贷
          the year. ECL is estimated based on historical observed default rates over the              风险并无显著增加。预期信贷亏损乃基于
          expected life of debtors and are adjusted for forward-looking information              债务人估计年期内的过往观察所得违约率
          that is available without undue cost or effort. Considering the good credit              估算,并就无需过多成本或努力即可获得
          history of debtors, no ECL provision was made for trade receivables as at              的前瞻性资料进行调整。考虑到债务人的
          1 April 2018 and 31 March 2019.                                                  良好信贷记录,截至2018年4月1日及2019
                                                                                          年3月31日,并未就贸易应收款项作出预期
                                                                                          信贷亏损拨备。

          Impairment under HKAS 39 as at 31 March 2018                                    于2018年3月31日根据香港会计准则第39号
                                                                                      计提之减值

          The ageing analysis of the trade receivables (other than retention              于2018年3月31日,根据香港会计准则第
          receivables) as at 31 March 2018 that were not individually nor collectively              39号并无个别或共同视为减值之贸易应收
          considered to be impaired under HKAS 39 is as follows:                                款项(应收保固金除外)的账龄分析列载如
                                                                                          下:

                                                                                                                          2018
                                                                                                                        2018年
                                                                                                                      HK$’000
                                                                                                                        千港元
            Neither past due nor impaired                                并无逾期亦无减值                                990,321
            Past due but not impaired:                                    已逾期但未减值:

              1–30 days                                                  1-30日                                        71,577
              31–90 days                                                31-90日                                        20,624
              91–180 days                                                91-180日                                        7,026
              Over 180 days                                              超过180日                                      39,390
                                                                                                                      138,617
                                                                                                                      1,128,938
                                                                      2018/19年报    亚洲联合基建控股有限公司    229
财务报表附注
31 March 2019
2019年3月31日

24. TRADE RECEIVABLES (continued)                      24. 贸易应收款项(续)

    Notes: (continued)                                                              附注:(续)

    (a)  (continued)                                                                (a)  (续)

          Impairment (continued)                                                        减值(续)

          Impairment under HKAS 39 as at 31 March 2018 (continued)                          于2018年3月31日根据香港会计准则第39
                                                                                      号计提之减值(续)

          Receivables that were neither past due nor impaired related to a large              并无逾期亦无减值之应收款项与具备不同
          number of diversified customers for whom there was no recent history of              背景及近期无拖欠记录之大量各类客户有
          default.                                                                        关。

          Receivables that were past due but not impaired related to a number of              已逾期但未减值之应收款项与若干在本集
          independent customers that had a good track record with the Group. Based              团以往记录中有良好记录之独立客户有
          on past experience, the directors of the Company were of the opinion that              关。根据以往经验,本公司董事认为,因
          no provision for impairment under HKAS 39 was necessary in respect of              信贷质素并无重大转变,以及该等结余仍
          these balances as there had not been a significant change in credit quality              可全数收回,故毋须根据香港会计准则第
          and the balances were still considered fully recoverable.                                39号就该等结余作出任何减值拨备。

    (b)  At 31 March 2018, Retention receivables arise from the Group’s        (b)  于2018年3月31日,合约客户持有之应收保
          construction work business and are held by contract customers in order              固金乃产生自本集团之建筑工程业务,藉
          to provide the customers with assurance that the Group will complete its              以向客户保证本集团将根据合约满意总地
          obligation satisfactorily under the contracts, rather than to provide financing              完成责任,而并非向客户提供融资,并根
          to the customers. They are in general settled within a period ranging from              据建筑工程合约所规定,于建筑工程竣工
          one year to three years after the completion of the construction work, as              后介乎一年至三年内结付。于2018年4月1
          stipulated in the construction contracts. Upon the adoption of HKFRS 15 on              日采纳香港财务报告准则第15号后,应收
          1 April 2018, retention receivables have been reclassified to contract assets              保固金重新分类至合约资产(附注25(a))。
          (note 25(a)).

          The due date for settlement of the Group’s retention receivables as at              于2018年3月31日本集团应收保固金到期结
          31 March 2018 was analysed as follows:                                            付之期限分析如下:

                                                                                                                          2018
                                                                                                                        2018年
                                                                                                                      HK$’000
                                                                                                                        千港元
            Due within one year                                        一年内到期                                      180,737
            Due after one year                                          一年后到期                                      358,497
                                                                                                                      539,234
    (c)  Included in the trade receivables of the Group as at 31 March 2019 and        (c)  计入本集团于2019年及2018年3月31日
          2018 are amounts of HK$61,328,000 (2018: HK$56,571,000) due from              的贸易应收款项中应收合营业务之其他
          other partners of joint operations.                                                  伙伴的款项为61,328,000港元(2018年:
                                                                                          56,571,000港元)。

230    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

25. CONTRACT ASSETS AND CONTRACT LIABILITIES        25. 合约资产及合约负债

  (a) Contract assets                                    (a) 合约资产

                                                                31 March          1 April      31 March
                                                                    2019          2018          2018
                                                            2019年3月31日  2018年4月1日 2018年3月31日
                                                    Notes        HK$’000        HK$’000        HK$’000
                                                    附注          千港元        千港元        千港元
          Unbilled revenue        未发票据之收益      (i)        2,195,863      1,764,086              –
          Retention receivables    应收保固金          (ii)          557,046        539,234              –
                                                                2,752,909      2,303,320              –
          Notes:                                                                          附注:

          (i)  Unbilled revenue is initially recognised for revenue earned from              (i)  未发票据之收益初步就提供建筑工程
              the provision of construction work as the receipt of consideration                    所赚取之收益确认,因收取代价以成
              is conditional on successful completion of construction. Upon                    功完成工程为条件。于工程完成及获
              completion of construction and acceptance by the customer, the                    客户验收后,确认为未发票据之收益
              amounts recognised as unbilled revenue are reclassified to trade                    之金额会被重新分类至贸易应收款
              receivables.                                                                      项。

          (ii)  Retention receivables arise from the Group’s construction work              (ii)  合约客户持有之应收保固金乃产生自
              business and are held by contract customers in order to provide the                    本集团之建筑工程业务,借以向客户
              customers with assurance that the Group will complete its obligation                    保证本集团将根据合约满意总地完成
              satisfactorily under the contracts, rather than to provide financing to                    责任,而并非向客户提供融资,并根
              the customers. They are in general settled within a period ranging                    据建筑工程合约所规定,于建筑工程
              from one year to three years after the completion of the construction                    竣工后介乎一年至三年内结付。

              work, as stipulated in the construction contracts.

          (iii)  The expected timing of recovery or settlement of contract assets as at              (iii)  于2019年3月31日,合约资产之预期
              31 March 2019 is as follows:                                                      收回或清偿时间如下:

                                                                                                                          2019
                                                                                                                        2019年
                                                                                                                      HK$’000
                                                                                                                        千港元
                Within one year                                    一年内                                              889,783
                More than one year                                超过一年                                          1,863,126
                                                                                                                      2,752,909
                                                                      2018/19年报    亚洲联合基建控股有限公司    231
财务报表附注
31 March 2019
2019年3月31日

25. CONTRACT ASSETS AND CONTRACT LIABILITIES        25. 合约资产及合约负债(续)

    (continued)

  (a) Contract assets (continued)                          (a) 合约资产(续)

          Notes: (continued)                                                              附注:(续)

          (iii)  (continued)                                                                (iii) (续)

              The Group applies the simplified approach to provide for expected                    本集团应用香港财务报告准则第9号
              credit losses prescribed by HKFRS 9, which permits the use of the                    所规定的简化方法就预期信贷亏损作
              lifetime expected loss provisions, for all contract assets. The Group                    出拨备,即准许为所有合约资产使用
              has assessed the impairment of its contract assets on an individual                    全期预期亏损拨备。本集团已根据内
              basis based on the internal credit rating and ageing of these balances                    部信贷评级及该等结余的账龄对个别
              which, in the opinion of the directors of the Company, had no                    合约资产减值进行评估,而本公司董
              significant increase in credit risk during the year. ECL is estimated                    事认为本年度内信贷风险并无显著增
              based on historical observed default rates over the expected life of                    加。预期信贷亏损乃基于债务人估计
              debtors and are adjusted for forward-looking information that is                    年期内的过往观察所得违约率估算,
              available without undue cost or effort. Considering the good credit                    并就无需过多成本或努力即可获得的
              history of debtors, no ECL provision was made for contract assets as                    前瞻性资料进行调整。考虑到债务人
              at 1 April 2018 and 31 March 2019.                                                的良好信贷记录,截至2018年4月1
                                                                                                日及2019年3月31日,并未就合约资
                                                                                              产作出预期信贷亏损拨备。

  (b) Contract liabilities                                  (b) 合约负债

        Details of contract liabilities as at 31 March 2019 and 1 April            于2019年3月31日及2018年4月1日
        2018 are as follows:                                                之合约负债详情如下:

                                                                                31 March          1 April
                                                                                    2019          2018
                                                                            2019年3月31日  2018年4月1日
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Customers’ deposits for sale of properties    销售物业之已收客户按金            33,905        299,716
        Contract liabilities include advance payments for the sale of            合约负债包括就销售物业的预付
        properties. The decrease in contract liabilities in 2019 was            款。合约负债于2019年减少乃主要
        mainly due to the completion of the disposal of a property            由于于本财政年度内透过出售附属
        interest through disposal of subsidiaries during the current            公司完成出售一项物业权益,详情
        financial year, as further detailed in notes 27 and 44(a) to the            载于财务报表附注27及44(a)。

        financial statements.

232    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

26. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES    26. 预付款项、按金及其他应收款项
                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Prepayments                        预付款项                                18,406        31,795
    Deposits and other debtors            按金及其他应收账项                      252,991        224,475
    Investment deposit and partial          一项已撤销收购交易的      (a)          148,000        148,000
      consideration paid for a rescinded      已付投资按金及

      acquisition transaction                部份代价

    Loan receivables                      应收贷款                  (b)          150,577        138,083
    Consideration receivable              应收代价                  44(a)        103,092              –
    Due from a joint venture              应收一间合营公司之款项    18(c)            9,017          1,801
    Due from an associate                应收一间联营公司之款项    19(c)                –          5,275
    Due from other partners of joint        应收合营业务其他          (c)            19,776        25,070
      operations                          伙伴之款项

    Due from non-controlling equity holders  应收附属公司非控股股权    (c)            12,314          2,961
      of subsidiaries                        持有人之款项

                                                                                  714,173        577,460
    Impairment allowance                减值拨备                  (d)          (59,873)        (5,073)
                                                                                  654,300        572,387
    Portion classified as current assets      分类为流动资产之部分                  (598,726)      (572,387)
    Non-current portion                  非流动部分                              55,574              –
    Notes:                                                                          附注:

    (a)  The amount was an investment deposit and partial consideration paid in        (a)  该金额为就收购中国城市发展有限公司
          connection with the acquisition of the entire issued share capital of CCCC              (「目标公司」)之全部已发行股本而支付的
          Development Limited (the “Target Company”).                                        投资按金及部分代价。

          On 4 November 2015, the Group entered into a sale and purchase              于2015年11月4日,本集团与中国城建投资
          agreement (the “Original Agreement”) with China Chengjian Investment              有限公司(「卖方」)订立一份买卖协议(「原
          Limited (the “Vendor”), pursuant to which the Group conditionally agreed              协议」),据此,本集团有条件同意收购,
          to acquire and the Vendor conditionally agreed to sell the entire issued share              而卖方有条件同意出售目标公司之全部已
          capital of the Target Company at a cash consideration of HK$660,000,000              发行股本,现金代价为660,000,000港元
          (the “Acquisition”). At the material time, the Target Company held 50%              (「收购事项」)。当时,目标公司持有两间
          equity interest in each of two PRC construction companies, namely 中城建              中国建筑公司,分别为中城建第四工程局
          第四工程局集团有限公司 (“CCCC Fourth”) and 中城建第十三工程局有限              集团有限公司(「中城建第四工程局」)及中
          公司 (“CCCC Thirteenth”). The Target Company and the two construction              城建第十三工程局有限公司(「中城建第
          companies were principally engaged in municipal construction, building              十三工程局」)各自之50%股权。目标公司
          construction, and construction of build-transfer, build-operate-transfer,              及该两个建筑公司主要于中国从事市政建
          public-private partnership projects, property development and investment in              筑、楼宇建筑、及以兴建-移交、兴建-
          the PRC. An investment deposit and partial consideration (collectively, the              营运-移交、公私合营项目建设、物业发
          “Deposit”) of HK$198 million in total was paid to the Vendor at the original              展及投资。投资按金及部份代价( 统称为
          completion date of the Acquisition.                                                「按金」)共计198,000,000港元已于收购事
                                                                                          项之原来完成日期支付予卖方。

                                                                      2018/19年报    亚洲联合基建控股有限公司    233
财务报表附注
31 March 2019
2019年3月31日

26. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES  26. 预付款项、按金及其他应收款项
    (continued)                                                  (续)

    Notes: (continued)                                                              附注:(续)

    (a)  (continued)                                                                (a) (续)

          The Acquisition was rescinded on 31 March 2017 pursuant to a              根据本集团与卖方于2016年8月25日签订
          supplemental agreement (the “Supplemental Agreement”) which was              一份补充协议(「补充协议」),收购事项于
          entered into between the Group and the Vendor on 25 August 2016, the              2017年3月31日遭撤销,卖方须退还按金予
          Vendor shall refund the Deposit to the Group and the Group was entitled              本集团,以及当卖方未能履行其向本集团
          to take steps to protect its interest, including selling the shares of the Target              偿还按金的义务时,本集团有权采取措施
          Company in part or in whole to a third party and claiming any shortfall, loss              以保障其权益,包括将目标公司的部分或
          or damages directly against the Vendor and its shareholder (as guarantor in              全部股份出售予第三方,并直接向卖方及
          the Acquisition) should the Vendor fail to fulfil its obligations to repay the              其股东(作为收购事项的担保人)索赔任何
          Deposit to the Group. Further details of the Supplemental Agreement are              差额、损失或赔偿。有关补充协议的进一
          set out in the Company’s announcement and circular dated 25 August 2016              步详情分别载于本公司日期为2016年8月25日
          and 30 September 2016, respectively. The Supplemental Agreement was              的公告及2016年9月30日的通函。补充协议
          approved at the Company’s special general meeting held on 31 October              在本公司于2016年10月31日举行之股东特
          2016.                                                                          别大会上已获批准。

          The Group was able to recoup HK$50 million as part of the refund of the              本集团能收回50,000,000港元作为按金
          Deposit, but the larger portion of the Deposit, being HK$148 million (the              之部份退款。尽管本集团已作出多番努力
          “Outstanding Amount”), remained unpaid as at 31 March 2019, despite              向卖方追讨退款,惟按金之较大部份(即
          the Group’s repeated efforts to pursue the Vendor for refund.                          148,000,000港元)(「未偿还金额」)于2019
                                                                                          年3月31日仍然尚未予以支付。

          The Group commenced legal proceedings on 16 May 2017 at the High              诚如本公司日期为2017年5月16日之公告所
          Court of Hong Kong against the Vendor and its shareholder for breach              披露,本集团已于2017年5月16日透过于
          of the Original Agreement and the Supplemental Agreement (including              香港高等法院向卖方及其股东展开法律诉
          the Vendor’s failure to repay the Outstanding Amount to the Group), as              讼,内容有关其违反原协议及补充协议(包
          disclosed in the Company’s announcement dated 16 May 2017.                        括卖方未能向本集团偿还未偿还金额)。
          For the purpose of recouping the Outstanding Amount, the Group entered              就收回未偿还金额而言,本集团已于2017
          into a series of agreements (the “Series of Agreements”) with the Vendor,              年6月26日与卖方、其同系附属公司及联营
          its fellow subsidiary and affiliated companies and other parties on 26 June              公司及其他订约方订立一系列协议(「该等
          2017, in respect of a disposal of a joint venture entity, namely Dingway,              系列协议」),内容有关出售一间合营实体
          which, through its subsidiaries, held certain parcels of land in the USA. The              (即鼎汇,该公司透过其附属公司在美国持
          sale of the joint venture entity did not materialise and therefore the Group              有若干地块)。由于出售有关合营实体未能
          initiated the legal proceedings against the Vendor and various parties for              落实,故本集团已向卖方及各订约方就其
          breach of the Series of Agreements. In April 2019, the Group obtained              违反该等系列协议展开法律诉讼。诚如本
          from the High Court of Hong Kong an order as the final judgement against              公司日期为2019年6月20日之公告所披露,
          the Vendor in the sum of HK$148 million (which is equivalent to the              于2019年4月,本集团已接获香港高等法院
          Outstanding Amount), as disclosed in the Company’s announcement dated              作出最终裁决之命令,该命令针对卖方偿
          20 June 2019. However, the Group has not yet been able to enforce such              还148,000,000港元(相等于未偿还金额)。
          order and recoup any part of the Outstanding Amount.                                然而,本集团尚未能行使该命令,亦未能
                                                                                          收回未偿还金额之任何部份。

          Subsequent to the reporting period, on 19 June 2019, for the purpose              于报告期后,于2019年6月19日,就收回未
          of recovering the Outstanding Amount, the Group entered into two              偿还金额而言,本集团与一名独立第三方
          conditional sale and purchase agreements (the “Sale Agreements”) with              华宝兴国际有限公司(「华宝兴」)订立两份
          an independent third party, Hua Bao Xing International Limited (“Hua Bao              有条件销售及购买协议(「销售协议」)。本
          Xing”). The entering into of the Sale Agreements was announced by the              公司于2019年6月20日宣布订立销售协议。
          Company on 20 June 2019. In one of the Sale Agreements, the Group              于其中一份销售协议,本集团同意向华宝
          agreed to sell to Hua Bao Xing the shares of a subsidiary of the Company              兴出售本公司一间附属公司(其持有中城建
          which holds the equity interest in CCCC Thirteenth for a total consideration              第十三工程局之股权 )之 股份,总代价为
          of HK$74 million. Hua Bao Xing has already paid a deposit of RMB10 million              74,000,000港元。华宝兴已根据该份销售
          under such Sale Agreement.                                                        协议支付人民币10,000,000元之按金。

          In the second Sale Agreement, the Group agreed to sell the shares of the              于第二份销售协议,本集团同意向华宝
          Target Company to Hua Bao Xing for a maximum consideration of HK$74              兴出售目标公司之股份,最高代价为
          million. If the Group is not able to procure the equity interest in CCCC              74,000,000港元。倘本集团由2019年6月19日
          Fourth to be placed under a subsidiary of the Target Company within two              起计之两年内未能促致中城建第四工程局
          years from 19 June 2019, the consideration will be reduced.                            之股权存至目标公司之一间附属公司名
                                                                                          下,其代价将会减少。

234    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

26. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES  26. 预付款项、按金及其他应收款项
    (continued)                                                  (续)

    Notes: (continued)                                                              附注:(续)

    (a)  (continued)                                                                (a) (续)

          Management took into account (i) the Group’s previous actions taken              管理层已考虑(i)本集团之前为收回未偿还金
          to recover the Outstanding Amount which included the entering into              额所采取之行动,包括订立补充协议及该
          of the Supplemental Agreement and the Series of Agreements; (ii) the              等系列协议;(ii)该等行动之结果及执行该
          outcome of such actions and the difficulties in implementing the actions,              等行动之困难,包括卖方及其他相关方违
          which included the breaches of such agreements by the Vendor and              反该等协议;(iii)本集团针对卖方及其他人
          the other relevant parties; (iii) the legal proceedings commenced by the              士而展开之法律诉讼及针对卖方及其他有
          Group against the Vendor and other related persons and the difficulties              关人士强制执行法庭判决以收回未偿还金
          in enforcing the Court judgements against the Vendor and those persons              额之困难;及(iv)销售协议及如上文所述之
          to recover the Outstanding Amount; and (iv) the Sale Agreements and              第二份销售协议可能发生之代价减少,以
          the possible reduction in consideration in the second Sale Agreement as              及因上述行动及协议而产生之成本。本公
          mentioned above and the costs incurred in the above-mentioned actions              司董事认为54,800,000港元之未偿还金额
          and agreements. The directors of the Company are of the view that a              预期不可收回,因此该金额于本年度内于
          total of HK$54.8 million out of the Outstanding Amount is not expected              损益确认为减值亏损(附注(d))。

          to be recoverable and hence an impairment loss against this amount was

          recognised in profit or loss during the year (note (d)).

    (b)  The loan receivables, which are loans provided to some independent third        (b)  应收贷款乃为向若干独立第三方提供的贷
          parties, bear interest at rates ranging from 8% to 19% per annum (2018:              款,每年按介乎8%至19%(2018年:每
          7% to 13% per annum), are repayable within 1 year. The loan receivables              年7%至13%)的利率计息,须于一年内偿
          are secured by (i) certain trade payables owed by the Group to the business              还。该应收贷款以(i)本集团结欠业务伙伴之
          partners; or (ii) shipping vessels and properties held by borrowers.                        部份贸易应付款项;或(ii)借方持有之船舶
                                                                                          及物业作抵押。

    (c)  The amounts are unsecured, interest-free and repayable on demand.                (c)  该等款项为无抵押、免息及须按要求偿还。
    (d)  The movement in the loss allowance for impairment of other receivables is as        (d)  其他应收款项减值亏损拨备的变动如下:
          follows:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            At beginning of year                            于年初                                      5,073            5,073
            Impairment loss recognised (note (a))              已确认减值亏损(附注(a))                  54,800                –
            At end of year                                  于年末                                    59,873            5,073
          In addition to the impairment of the Outstanding Amount as further              除上文附注(a)进一步详述的未偿还金额之
          detailed in note (a) above, allowance for impairment of other receivables              减值外,其他应收款项减值拨备乃就物业
          was also made against certain individually advance payments with an              开发项目开发成本之若干个别垫付款项总
          aggregate amount of HK$5,073,000 (2018: HK$5,073,000) in relation              额5,073,000港元(2018年:5,073,000港
          to development costs of property development projects. The directors of              元)而作出。由于该等应收款项已被拖欠数
          the Company believe that the recoverability of these receivables was in              年,故本公司董事对该等款项可收回性成
          doubt as these amounts have been outstanding for a number of years and              疑,因此已于过往年度全额拨备预付款项。
          accordingly allowance had been made for the full amounts of these advance

          payments in prior years.

                                                                      2018/19年报    亚洲联合基建控股有限公司    235
财务报表附注
31 March 2019
2019年3月31日

27. SALES DEPOSITS RECEIVED HELD IN AN ESCROW  27. 存放于托管账户之已收销售按
  ACCOUNT/SALES DEPOSITS RECEIVED FOR SALE OF A      金╱出售一项物业权益之已收
  PROPERTY INTEREST                                销售按金

    The balances as at 31 March 2018 related to the deposits received        于2018年3月31日的结余与根据于2017
    from an independent third party in connection with the sale of        年6月19日订立之一份临时买卖协议向一
    the Group’s 60% interest in a residential development project (the        名独立第三方出售本集团位于香港屯门
    “T PLUS Project”) located at No. 2 Tsing Min Path, Tuen Mun, Hong        青棉径2号的住宅发展项目(「菁隽项目」)
    Kong to the independent third party in accordance with a provisional        60%权益而自该名独立第三方收取之按
    agreement for sale and purchase dated 19 June 2017.                    金有关。

    Pursuant to the agreement, all deposit payments received shall be        根据该协议,已收取之全部按金款项应
    held in an escrow account and can only be applied for payments        存放于托管账户,并只可用作支付菁隽
    of construction costs and professional fees in connection with the        项目相关之建设开支及专业费用。

    T PLUS Project.

    The sale transaction was completed on 26 September 2018 and a        该项出售交易已于2018年9月26日完成,
    gain on disposal of subsidiaries in the amount of HK$257,674,000        出售附属公司之收益金额为257,674,000
    was recognised in profit or loss during the year ended 31 March        港元已于截止2019年3月31日止年度之损
    2019 (note 44(a)).                                                  益内确认(附注44(a))。

28. EQUITY INVESTMENTS AT FAIR VALUE THROUGH PROFIT  28. 按公平值计入损益之股本投资
  OR LOSS

    Equity investments at fair value through profit or loss of the Group as        于2019年及2018年3月31日,本集团按
    at 31 March 2019 and 2018 were equity investments listed outside        公平值计入损益之股本投资为香港境外
    Hong Kong, which were classified as held for trading and stated at        上市股本投资,其分类为持作买卖并按
    fair value determined based on their quoted market prices (Level 1        基于市场报价厘定的公平值(属第一级公
    fair value measurement).                                            平值计量)列账。

236    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

29. RESTRICTED CASH AND PLEDGED DEPOSITS            29. 受限制现金及已抵押存款

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Restricted cash for issuance of guarantees 就发出担保之受限制现金    (a)            6,318          6,925
    Pledged deposits for general banking    就一般银行融资之

      facilities                            已抵押存款              (b)          19,831        30,405
    Restricted cash and pledged deposits    受限制现金及已抵押存款                  26,149        37,330
    Notes:                                                                          附注:

    (a)  In respect of the sale of the properties held for sale in the PRC, the        (a)  就于中国持作销售物业之销售而言,本集
          Group entered into agreements with certain banks in the PRC to arrange              团与中国若干银行订立协议,为本集团
          mortgage loans to eligible purchasers of the Group’s properties held for              持作销售物业之合资格买家安排按揭贷
          sale and pursuant to which, the Group is required to place at designated              款。据此,本集团须在指定银行户口存入
          bank accounts certain amounts as guarantee deposits for potential default              若干款项,作为物业买家有可能拖欠偿还
          in repayment of mortgage loans advanced to property purchasers. Such              彼获垫付之按揭贷款时之担保存款。该等
          guarantee deposits will be released after the property ownership certificates              担保存款将于相关物业之物业所有权证
          of the relevant properties have been passed to the banks. At 31 March              已转交银行后解除。于2019年3月31日,
          2019, such guarantee deposits amounted to RMB5,402,000 (equivalent to              有关担保存款达人民币5,402,000元(相
          HK$6,318,000) (2018: RMB5,540,000, equivalent to HK$6,925,000).                    当于6,318,000港元)(2018年: 人民币
                                                                                          5,540,000元(相当于6,925,000港元))。

    (b)  The pledged deposits have been placed in designated banks as part of the        (b)  已抵押存款存放于指定银行,作为担保本
          security given to secure general banking facilities granted to the Group (note              集团一般银行信贷融资之部分抵押(附注
          33(e)).                                                                          33(e))。

                                                                      2018/19年报    亚洲联合基建控股有限公司    237
财务报表附注
31 March 2019
2019年3月31日

30. CASH AND CASH EQUIVALENTS                      30. 现金及与现金等值项目

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Cash and bank balances other than            现金及银行结余

      time deposits                              (不包括定期存款)            1,113,039      1,196,089
    Time deposits                                定期存款                        742,966        821,093
    Total cash and bank balances                  现金及银行结余总额            1,856,005      2,017,182
    Less: Restricted cash and                        减:受限制现金及已

          pledged deposits (note 29)                      抵押存款(附注29)          (26,149)        (37,330)
    Cash and cash equivalents                    现金及与现金等值项目          1,829,856      1,979,852
    Notes:                                                                          附注:

    (a)  At the end of the reporting period, the cash and bank balances of the        (a)  于报告期末,本集团以人民币(「人民币」)
          Group denominated in Renminbi (“RMB”) amounted to approximately              计值之现金及与银行结余约为278,370,000
          HK$278,370,000 (2018: HK$343,541,000), of which HK$276,710,000              港元(2018年:343,541,000港元),当中总
          in total was deposited at banks in Mainland China. The RMB is not freely              计为276,710,000港元已存放于中国内地之
          convertible into other currencies, however, under the PRC’s Foreign              银行。人民币不能自由兑换成其他货币。
          Exchange Control Regulations and Administration of Settlement, Sale              然而,根据《中华人民共和国外汇管理条
          and Payment of Foreign Exchange Regulations, the Group is permitted to              例》及《结汇、售汇及付汇管理规定》,本集
          exchange RMB for other currencies through banks authorised to conduct              团可透过获授权经营外汇业务之银行将人
          foreign exchange business.                                                        民币兑换成其他货币。

    (b)  Cash at banks earns interest at floating rates based on daily bank deposit        (b)  银行现金按每日银行存款利率计算之浮
          rates. Time deposits are made for varying periods of between 7 days and              动利率赚取利息。视乎本集团即时现金
          1 year depending on the immediate cash requirements of the Group, and              需求,定期存款之存款期介乎7天至1年
          earn interest at the respective short term time deposit rates. The bank              不等,并按有关短期定期存款利率赚取利
          balances are deposited with creditworthy banks with no recent history of              息。银行结余乃存置于近期并无违约记录
          default.                                                                        之具信誉银行。

238    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

31. TRADE PAYABLES                                31. 贸易应付款项

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Trade payables other than retention    贸易应付款项

      payables                            (应付保固金除外)        (a)        1,240,777        915,321
    Retention payables                    应付保固金                (b)          599,415        604,453
                                                                                1,840,192      1,519,774
    Notes:                                                                          附注:

    (a)  The Group’s trade payables (other than retention payables) are non-interest        (a)  本集团之贸易应付款项(应付保固金除外)
          bearing and are normally settled on 30-day terms.                                    为免息并通常按30天期数偿还。

          An ageing analysis of the Group’s trade payables (other than retention              于报告期末,本集团之贸易应付款项(应付
          payables) as at the end of the reporting period, based on the invoice date, is              保固金除外)以发票日期为基准计算之账龄
          as follows:                                                                      分析列载如下:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            Within 1 month                                  一个月内                                798,297          558,920
            1 to 2 months                                  一至两个月                              111,700          111,492
            2 to 3 months                                  两至三个月                                59,626            88,366
            Over 3 months                                  三个月以上                              271,154          156,543
                                                                                                  1,240,777          915,321
    (b)  Retention payables held by the Group arose from the Group’s construction        (b)  本集团所持有应付保固金乃产生自本集团
          services business and are settled to subcontractors within a period ranging              之建筑服务业务,并根据分包工程合约所
          from one year to three years after the completion of the contract work by              规定,于分包商完成相关建筑工程后介乎
          the subcontractors, as stipulated in the subcontracting contracts.                        一年至三年内向分包商偿付。

          The due date for settlement of the Group’s retention payables as at the end              截至报告期末,本集团应付保固金的到期
          of the reporting period was analysed as follows:                                      日分析如下:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            Due within one year                              一年内                                  424,223          233,112
            Due after one year                              一年以上                                175,192          371,341
                                                                                                    599,415          604,453
                                                                      2018/19年报    亚洲联合基建控股有限公司    239
财务报表附注
31 March 2019
2019年3月31日

32. OTHER PAYABLES AND ACCRUALS                  32. 其他应付款项及应计款项

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Accruals                            应计款项                                673,877        301,279
    Deposits received                    已收按金                                  9,670        10,187
    Other liabilities                      其他负债                                83,523        54,085
    Consideration payable for the acquisition 收购一间附属公司之

      of a subsidiary                        应付代价                              11,827        11,827
    Consideration payable for the acquisition 收购一间联营公司之

      of an associate                      应付代价                                1,516          1,516
    Client money received incidental to the  就提供设施管理服务

      provision of facility management services  收取之客户款项                          5,213        20,257
    Deferred income                      递延收入                  (a)            4,323        22,208
    Due to associates                    应付联营公司之款项        19(c)          12,436        12,436
    Due to other partners of joint operations 应付合营业务其他伙伴之

                                            款项                    (b)          49,836        44,187
    Due to a fellow subsidiary of            应付一间合营业务其他

      another partner of a joint operation      伙伴之同系附属公司之

                                            款项                    (b)              896              –
    Due to non-controlling equity holders    应付附属公司的非控股

      of subsidiaries                        股权持有人之款项        (b)          38,482          7,239
    Interest-free loans from a non-controlling 来自一间附属公司非控股

      equity holder of a subsidiary            股权持有人之免息贷款    (c)                –        142,862
                                                                                  891,599        628,083
    Portion classified as current liabilities    分类为流动负债之部分                  (891,599)      (480,480)
    Non-current portion                  非流动部分                                    –        147,603
      Notes:                                                                          附注:

      (a)  The deferred income represented payments from two parties as          (a)  递延收入指应收两名人士之款项,作为本
          consideration for the Group to provide them with guarantees to indemnify              集团就补偿该两名人士涉及的本集团若干
          them any losses and liabilities that they may incur in connection with              建筑工程可能产生的任何损失及负债向其
          certain construction works of the Group in which the two parties have              提供担保的代价。已收款项按担保收益入
          involvement. The payments received were accounted for as guarantee              账并采用直线法按相关建筑工程余下建筑
          income and recognised in profit or loss on the straight-line basis over the              工程期间于损益内确认。

          respective remaining construction periods of the relevant construction

          works.

      (b)  The amounts are unsecured, interest-free and repayable on demand.                (b)  该款项为无抵押、免息及须按要求偿还。
      (c)  The amounts as at 31 March 2018 were unsecured, interest-free and          (c)  于2018年3月31日的款项为无抵押、免息
          repayable on or before the end of year 2021. During the year, the amounts              及须于2021年年底或之前偿还。本年度
          were derecognised as a result of the disposal of the Group’s 60% interest              内,由于出售本集团于菁隽项目之60%权
          in the T PLUS Project, as further detailed in note 44(a)(i) to the financial              益而取消确认该金额,详情载于财务报表
          statements.                                                                      附注44(a)(i)。

240    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

33. BANK BORROWINGS                              33. 银行借款

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
    Bank borrowings comprise:            银行借款包括:          (a), (b)

      Bank loans, secured                  银行贷款,有抵押                      313,314        703,064
      Bank loans, unsecured                银行贷款,无抵押                    2,468,450      2,027,810
                                                                                2,781,764      2,730,874
    Less: Unamortised ancillary costs        减:就银行贷款安排产生

          incurred in connection with the        之未摊销辅助性

          arrangement of bank loans            成本                              (27,618)        (19,905)
    Total bank borrowings                银行借款总额                          2,754,146      2,710,969
    Analysed into:                        分析如下:

      Repayable on demand                须按要求偿还          (c), (d)        526,427      2,704,632
      Within one year                      一年内                                532,155            822
      In the second to fifth years,            第二至五年

        inclusive                            (包括首尾两年)                  1,694,197          1,515
      Beyond five years                    五年以上                                1,367          4,000
      Total bank borrowings              银行借款总额                          2,754,146      2,710,969
      Portion classified as current liabilities  分类为流动负债之部分                  (1,058,582)    (2,705,454)
      Non-current portion                非流动部分                            1,695,564          5,515
    Notes:                                                                          附注:

    (a)  Except for certain bank loans of approximately HK$5,338,000 (2018:        (a)  除约5,338,000港元(2018年:6,338,000
          HK$6,338,000) which are denominated in Singapore dollars (“SG$”), the              港元)之若干银行贷款以新加坡元(「新加坡
          Group’s bank borrowings are denominated in HK$.                                    元」)计值外,本集团之银行借款均以港元
                                                                                          计值。

    (b)  The bank loans of the Group denominated in HK$ and SG$ carry interest at        (b)  本集团银行贷款(以港元及新加坡元计值)
          floating rates ranging from one-month HIBOR plus 1.25% to 2.5% (2018:              分别按浮动利率及固定利率计息,年利
          one-month HIBOR plus 1.5% to 2.8%) per annum and at fixed rates of              率分别介乎一个月香港银行同业拆息加
          2.43% (2018: 2.43% to 6.5%) per annum, respectively.                                1.25%至2.5%(2018年:一个月香港银行
                                                                                          同业拆息加 1.5% 至2.8% )及 2.43%( 2018
                                                                                          年:2.43%至6.5%)。

                                                                      2018/19年报    亚洲联合基建控股有限公司    241
财务报表附注
31 March 2019
2019年3月31日

33. BANK BORROWINGS (continued)                      33. 银行借款(续)

    Notes: (continued)                                                              附注:(续)

    (c)  At 31 March 2018, the Group did not comply with a financial covenant        (c)  于2018年3月31日,本集团未能遵守本金金
          of a bank loan with a principal amount of HK$840 million and hence              额为840,000,000港元之一项银行贷款的财
          certain bank borrowings were classified as current liabilities as at 31 March              务契约,故若干银行借款于2018年3月31日
          2018 and grouped into the “Repayable on demand” category in the bank              被分类为流动负债并于上述银行借款偿还
          borrowings repayment analysis disclosed above. The bank loan with which              分析披露中归类为「须按要求偿还」。未被
          a financial covenant was not be complied has been refinanced on 25 June              遵守之财务契约之该银行贷款已于2018年
          2018 and, to the best knowledge of the directors of the Company, the              6月25日获贷款方再融资,及据本公司董事
          Group has since then been able to comply with all financial undertakings in              所尽知,本集团自此以后一直能够遵守本
          connection with the Group’s bank borrowings.                                        集团银行借款有关之财务承诺。

    (d)  The expected repayment dates of the Group’s bank borrowings that contain        (d)  参考有期贷款协议所载还款时间表,本集
          a repayment on demand clause, with reference to schedules of repayments              团包含须按要求偿还条文之银行借款之预
          set out in the term loan agreements, are as follows:                                    期还款日期如下:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                                    HK$’000          HK$’000
                                                                                                      千港元            千港元
            Within one year                                  一年以内                                523,626          1,632,699
            In the second year                                第二年                                    2,801          247,482
            In the third to fifth years, inclusive                  第三至五年(包括首尾两年)                      –          824,451
                                                                                                    526,427          2,704,632
    (e)  At the end of the reporting period, the following assets were pledged to        (e)  于报告期末,已抵押以下资产,作为本集
          secure the banking facilities granted to the Group:                                    团获银行融资之担保:

                                                                                                      2019              2018
                                                                                                    2019年            2018年
                                                                                  Notes            HK$’000          HK$’000
                                                                                  附注              千港元            千港元
            Property, plant and equipment            物业、机器及设备                15(b)              8,749            20,675
            Investment properties                    投资物业                        16(a)            163,074                –
            Properties under development            发展中物业                      21                    –          667,994
            Bank deposits                          银行存款                        29(b)              19,831            30,405
                                                                                                    191,654          719,074
          In addition to the above, as at 31 March 2018, the Group had pledged              除上文所述者外,于2018年3月31日,本
          the equity interest in a non-wholly-owned subsidiary to secure a banking              集团已抵押其于一间非全资拥有附属公司
          facility granted to the Group. The pledge was released upon disposal of the              之股权,作为授予本集团之银行融资之担
          relevant subsidiary during the year, as further detailed in note 44(a)(i) to the              保。该抵押于本年度内出售相关附属公
          financial statements.                                                              司后解除,其详情进一步于财务报表附注
                                                                                          44(a)(i)详述。

          At 31 March 2019, certain of the Group’s bank borrowings in the total              于 2019 年 3 月 31 日 , 本 集 团 总 额 为
          amount of HK$5,338,000 (2018: HK$6,338,000) were guaranteed by the              5,338,000港 元( 2018 年:6,338,000港元)
          non-controlling equity holders of a subsidiary.                                        之若干银行借款由一间附属公司之非控股
                                                                                          权益持有人担保。

242    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

34. CONVERTIBLE BONDS                            34. 可换股债券

    The Group did not have any convertible bonds outstanding during        截至2019年3月31日止年度,本集团并无
    the year ended 31 March 2019.                                      任何未行使的可换股债券。

    Summary information of the Group’s convertible bonds outstanding        本集团截至2018年3月31日止年度的未行
    during the year ended 31 March 2018 is set out as follows:                使可换股债券概要资料载列如下:

                                                                                Convertible      Convertible
                                                                                  Bonds A        Bonds B
                                                                              可换股债券A    可换股债券B
                                                                                  (note (a))        (note (b))
                                                                                (附注(a))    (附注(b))
    Issuance date                                  发行日期                  30 March 2015 9 December 2016
                                                                            2015年3月30日  2016年12月9日
    Maturity date                                  到期日                    30 March 2018 9 December 2017
                                                                            2018年3月30日  2017年12月9日
    Original principal amount (HK$’000)                原有本金金额(千港元)            94,924        214,072
    Outstanding principal amount                      于2018年3月31日

      as at 31 March 2018                            未偿还之本金金额                    –              –
    Coupon rate                                  票息率                          zero 零          10%
    Conversion price per ordinary share of                每股本公司普通股之

      the Company (HK$)                              换股价(港元)                    1.56*          0.72
      *    The conversion price of Convertible Bonds A was adjusted to HK$1.56,          *    由于截至2017年3月31日止年度内进
            with effect from 11 May 2016, as a result of a share placement during                  行股份配售,可换股债券A的换股价自
            the year ended 31 March 2017.                                                    2016年5月11日起调整为1.56港元。

    For accounting purposes, each batch of these convertible bonds        就会计目的而言,可换股债券均一分为
    is bifurcated into (i) a liability component; and (ii) derivative        二成(i)负债部分;及(ii)衍生部分或权益部
    components or an equity component, as further described in the        分,详情于财务报表附注3.3所载「可换
    accounting policy for “Convertible bonds (policies under HKFRS        股债券(香港财务报告准则第9号项下自
    9 applicable from 1 April 2018 and policies under HKAS 39        2018年4月1日起适用之政策及香港会计
    applicable before 1 April 2018)” set out in note 3.3 to the financial        准则第39号项下于2018年4月1日之前适
    statements.                                                      用之政策)」会计政策阐述。

                                                                      2018/19年报    亚洲联合基建控股有限公司    243
财务报表附注
31 March 2019
2019年3月31日

34. CONVERTIBLE BONDS (continued)                    34. 可换股债券(续)

    The following tables summarise the movements in the principal        下表概述截至2018年3月31日止年度本集
    amounts, the liability, derivative and equity components of the        团可换股债券之本金金额、负债、衍生
    Group’s convertible bonds during the year ended 31 March 2018:          及权益部分之变动:

                                                                Convertible    Convertible

                                                                  Bonds A        Bonds B          Total
                                                              可换股债券A    可换股债券B          总额
                                                                  HK$’000        HK$’000        HK$’000
                                                                    千港元        千港元        千港元
                                                                  (note (a))      (note (b))

                                                                (附注(a))    (附注(b))

    Principal amount outstanding    尚未偿还本金金额

    At 1 April 2017                    于2017年4月1日              94,924        184,493        279,417
    Extinguishment upon a modification  于修订可换股债券

      of the terms of convertible bonds    条款时失效                (94,924)              –        (94,924)
    Conversion of convertible bonds    本年度内转换可换股

      during the year                    债券                            –      (184,493)      (184,493)
    At 31 March 2018                于2018年3月31日                  –              –              –
    Liability component              负债部分

    At 1 April 2017                    于2017年4月1日              88,508        129,270        217,778
    Derecognition of the original liability  于修订可换股债券

      component upon a modification    条款时取消确认

      of the terms of convertible bonds    原负债部分                      –      (136,704)      (136,704)
    Recognition of a new liability        于修订可换股债券

      component upon a modification    条款时确认

      of the terms of convertible bonds    一项新负债部分                  –        173,414        173,414
    Extinguishment upon a modification  于修订可换股债券

      of the terms of convertible bonds    条款时失效                (92,839)              –        (92,839)
    Conversion of convertible bonds    本年度内转换可换股

      during the year                    债券                            –      (171,270)      (171,270)
    Interest paid                      已付利息                          –        (17,524)        (17,524)
    Interest expense                  利息开支                          –        11,725        11,725
    Imputed interest expense          估算利息开支                  4,331        11,089        15,420
    At 31 March 2018                于2018年3月31日                  –              –              –
244    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

34. CONVERTIBLE BONDS (continued)                    34. 可换股债券(续)

                                                                Convertible    Convertible

                                                                  Bonds A        Bonds B          Total
                                                              可换股债券A    可换股债券B          总额
                                                                  HK$’000        HK$’000        HK$’000
                                                                    千港元        千港元        千港元
                                                                  (note (a))      (note (b))

                                                                (附注(a))    (附注(b))

    Derivative components          衍生部分

    At 1 April 2017                    于2017年4月1日                  –        38,260        38,260
    Derecognition of original derivative  于修订可换股债券

      components upon a modification    条款时取消确认

      of the terms of convertible bonds    原衍生部分                      –        (38,260)        (38,260)
    Recognition of a new derivative      于修订可换股债券

      component upon a modification    条款时确认

      of the terms of convertible bonds    一项新衍生部分                  –        (22,806)        (22,806)
    Conversion of convertible bonds    本年度内转换可换股

      during the year                    债券                            –        22,806        22,806
    At 31 March 2018                于2018年3月31日                  –              –              –
    Equity component                权益部分

      (included in convertible          (计入可换股债券

      bond equity reserve)            权益储备内)

    At 1 April 2017                    于2017年4月1日              17,978              –        17,978
    Recognition of a new equity        于修订可换股债券

      component upon a modification    条款时确认

      of the terms of convertible bonds    一项新权益部分                  –        33,885        33,885
    Transfer to retained profits upon    于修订可换股债券

      a modification of the terms of      条款时转拨至保留

      convertible bonds                  溢利                      (17,978)              –        (17,978)
    Conversion of convertible bonds    本年度内转换可换股

      during the year                    债券                            –        (33,885)        (33,885)
    At 31 March 2018                于2018年3月31日                  –              –              –
    Notes:                                                                          附注:

    (a)  Convertible Bonds A were issued on 30 March 2015 pursuant to a        (a)  根据订立日期为2015年3月13日之认购协
          subscription agreement dated 13 March 2015 for the purpose of providing              议,可换股债券A于2015年3月30日发行,
          general working capital to the Group.                                              以向本集团提供一般营运资金。

          Further details of the Convertible Bonds A and the conversion price              可换股债券A及截至2017年3月31日止年度
          adjustment during the year ended 31 March 2017 are set out in the              换股价调整之更多详情分别载于本公司日
          Company’s announcements dated 13 March 2015 and 18 November 2016,              期为2015年3月13日及2016年11月18日之
          respectively.                                                                    公告。

                                                                      2018/19年报    亚洲联合基建控股有限公司    245
财务报表附注
31 March 2019
2019年3月31日

34. CONVERTIBLE BONDS (continued)                    34. 可换股债券(续)

    Notes: (continued)                                                              附注:(续)

    (a)  (continued)                                                                (a) (续)

          On 5 December 2017, the Company received a deed of renunciation of              于2017年12月5日,本公司自GT Winners
          conversion rights (the “Deed”) from GT Winners, the then Convertible              (可换股债券A的当时持有人)收到一份放弃
          Bonds A’s holder. Pursuant to the Deed, GT Winners irrevocably and              转换权契据(「该契据」)。根据该契据,GT
          unconditionally revoked the conversion rights attached to the Convertible              Winners不可撤销及无条件撤回可换股债券A
          Bonds A. For accounting purposes, such renunciation represented a              所附之转换权。就会计处理而言,该放弃
          substantial modification of the terms of the Convertible Bonds A which              指大幅修订可换股债券A之条款,入账列为
          was accounted for as an extinguishment of the original liability and equity              可换股债券A之原负债及权益部分失效及按
          components of the Convertible Bonds A and the recognition of a new              其当时公平值93,442,000港元确认为一项
          financial liability (straight bond) at its then fair value of HK$93,442,000.              新的金融负债(普通债券)。产生的失效亏
          An extinguishment loss of approximately HK$603,000 was resulted and              损约为603,000港元,并已于截至2018年3
          recognised in profit or loss during the year ended 31 March 2018.                      月31日止年度损益内确认。

          On 8 December 2017, the Company early redeemed all the outstanding              于2017年12月8日,本公司根据债券持有人
          straight bond at approximately HK$93,442,000 in accordance with the              之要求以约93,442,000港元提前赎回全部
          bondholder’s request.                                                            未偿还普通债券。

    (b)  Convertible Bonds B were issued to an independent third party (the “CB B        (b)  于2016年12月9日,根据本公司与可换股债
          Subscriber”) and its fellow subsidiary on 9 December 2016 pursuant to a              券B认购人订立的日期分别为2016年11月
          subscription agreement and an amendment agreement dated 20 November              20日的认购协议及2016年12月8日的修订
          2016 and 8 December 2016, respectively, entered into between the              协议,向一名独立第三方(「可换股债券B认
          Company and the CB B Subscriber. Further details of the Convertible Bonds              购人」)及其同系附属公司发行可换股债券
          B are set out in the Company’s announcement dated 20 November 2016.                B。有关可换股债券B的进一步详情载于本
                                                                                          公司日期为2016年11月20日的公告。

246    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

34. CONVERTIBLE BONDS (continued)                    34. 可换股债券(续)

    Notes: (continued)                                                              附注:(续)

    (b)  (continued)                                                                (b) (续)

          On 1 April 2017 and 8 June 2017, the Company entered into deeds of              于 2017 年4月1日及2017年6月8日,本公
          waiver with Convertible Bonds B’s holders for changes to certain conversion              司与可换股债券B之持有人就更改若干兑换
          price adjustment terms. Such waiver represented a substantial modification              价调整条款订立豁免契据。有关豁免指大
          of the terms of the Convertible Bonds B which was accounted for as              幅修订可换股债券B之条款,入账列作可
          an extinguishment of the original liability and derivative components              换股债券B之原负债及衍生部分失效及确
          of Convertible Bonds B and recognition of a new financial instrument,              认新金融工具,于首次始确认后,该金融
          which has a liability component, a derivative component (derivative asset              工具拥有一项负债部分、一项衍生部分(衍
          – the early redemption option by the Company) and equity component              生资产-本公司作出提早赎回选择)及权益
          (the conversion option) of HK$173,414,000, HK$22,806,000 and              部分(转换权)分别约173,414,000港元、
          HK$33,885,000, respectively, upon initial recognition. An extinguishment              22,806,000港元及33,885,000港元。失效
          loss of approximately HK$9,529,000 was recognised in profit or loss during              亏损约9,529,000港元已于截至2018年3月
          the year ended 31 March 2018.                                                    31日止年度的损益内确认。

          During the year ended 31 March 2018, the Convertible Bonds B’s holders              于截至2018年3月31日止年度,可换股
          converted the remaining Convertible Bonds B in the total principal              债券B持有人将本金总额为184,492,844
          amount of HK$184,492,844 into 256,240,060 new ordinary shares of the              港元的余下可换股债券B兑换为本公司的
          Company. The total difference of approximately HK$156,725,000 between              256,240,060股新普通股。于转换日期已发
          the nominal value of the ordinary shares issued and the then aggregate              行普通股面值与有关可换股债券负债、衍
          carrying amounts of the liability, derivative and equity components of the              生及股权部分的账面值总额的差额总额约
          relevant convertible bonds at the date of conversion was transferred to the              156,725,000港元转拨至本公司股份溢价
          Company’s share premium account.                                                账。

          The punctual performance by the Company of all its obligations under the              本公司董事彭一庭先生已就本公司按时履
          subscription agreement and the instrument of the Convertible Bonds B was              行彼于认购协议及可换股债券B文据下的所
          guaranteed by Mr. Pang Yat Ting, Dominic, a director of the Company.                  有义务作出担保。

35. GUARANTEED BONDS                              35. 担保债券

    On 20 March 2017, the Group issued guaranteed bonds with a total        于2017年3月20日,本集团向一名独立第
    principal amount of HK$39,000,000 to an independent third party.        三方发行本金总额为39,000,000港元的
    The guaranteed bonds bore interest at the rate of 6% per annum,        担保债券。担保债券按年利率6%计息并
    were guaranteed by the Company, and were fully settled by the        由本公司担保,及于2019年3月20日(到
    Company on the maturity date of 20 March 2019.                      期日)由本公司悉数结付。

36. HIRE PURCHASE CONTRACT AND FINANCE LEASE  36. 租购合约及融资租赁应付款项
  PAYABLES

    The Group purchases and leases certain of its plant and machinery        本集团根据租购合约或融资租赁安排购
    and motor vehicles for its construction services business under        买及租赁其建筑服务业务之若干机器及
    hire purchase or finance lease arrangements. These hire purchase        设备及汽车。该等租购合约及租赁分类
    contracts and leases are classified as finance leases and have        为融资租赁,余下分期付款期或租期介
    remaining instalment periods or lease terms ranging from four        乎四个月至五年(2018年:一至三年)。
    months to five years (2018: one to three years).

                                                                      2018/19年报    亚洲联合基建控股有限公司    247
财务报表附注
31 March 2019
2019年3月31日

36. HIRE PURCHASE CONTRACT AND FINANCE LEASE  36. 租购合约及融资租赁应付款项
  PAYABLES (continued)                                      (续)

    At 31 March 2019, the total future minimum lease payments under        于2019年3月31日,根据租购合约及融资
    hire purchase contracts and finance leases and their present values        租赁之日后最低租赁付款总额及其现值
    were as follows:                                                    如下:

                                                              Minimum              Present value of

                                                            lease payments      minimum lease payments
                                                            最低租赁付款            最低租赁付款现值

                                                            2019        2018        2019        2018
                                                          2019年      2018年      2019年      2018年
                                                          HK$’000    HK$’000    HK$’000    HK$’000
                                                            千港元      千港元      千港元      千港元
    Amounts payable:              应付款项:

      Within one year                一年内                5,872      11,184        5,742      10,838
      In the second year              第二年                  802        5,550        764        5,467
      In the third to fifth years,        第三至五年

        inclusive                      (包括首尾两年)        723        505        674        502
    Total minimum lease payments  最低租赁付款总额        7,397      17,239        7,180      16,807
    Future finance charges          日后融资费用              (217)        (432)

    Total net hire purchase contract  租购合约净值及

      and finance lease payables      融资租赁应付

                                    款项总额              7,180      16,807

    Portion classified as current      分类为流动负债之

      liabilities                      部分                  (5,742)    (10,838)

    Non-current portion            非流动部分              1,438        5,969

248    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

37. PROVISION FOR CONSTRUCTION WORKS              37. 建筑工程之拨备

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    At beginning of year:                        于年初:

      As previously reported                        按先前呈报                          –              –
      Effect of adoption of HKFRS 15 (note 3.1(c))      采纳香港财务报告准则

                                                    第15号的影响

                                                    (附注3.1(c))                112,627              –
      As restated                                  经重列                        112,627              –
    Additional provision                          额外拨备                        105,663              –
    Amounts utilised during the year                年内已动用金额                  (77,144)              –
    Reversal of unutilised amounts                  拨回未动用金额                    (8,018)              –
    At end of year                              于年末                          133,128              –
    The Group recognises provision for construction works when the        当达致建筑合约履约责任的不可避免成
    unavoidable costs of meeting the performance obligations under the        本超过根据建筑合约预期将取得的经济
    construction contracts exceed the economic benefits expected to be        利益时,本集团确认建筑工程之拨备。
    received. The amount of provision is estimated based on contract        拨备金额根据完成合约成本及合同索偿
    costs to completion and contract claims. The estimation basis is        估算。本集团持续检讨估计基础,并在
    reviewed on an ongoing basis and revised where appropriate.              适当情况下作出修订。

38. DEFERRED TAX                                  38. 递延税项

    Net deferred tax assets and liabilities recognised in the consolidated        于综合财务状况表确认之递延税项资产
    statement of financial position are as follows:                            及负债净额如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Deferred tax assets                          递延税项资产                        897          6,775
    Deferred tax liabilities                        递延税项负债                      (2,176)        (16,817)
                                                                                    (1,279)        (10,042)
                                                                      2018/19年报    亚洲联合基建控股有限公司    249
财务报表附注
31 March 2019
2019年3月31日

38. DEFERRED TAX (continued)                          38. 递延税项(续)

    The components of deferred tax assets/(liabilities) and their        本年度内,递延税项资产╱(负债)之组
    movements during the year are as follows:                              成部分及其变动如下:

                                                                    Attributable to

                                                                        应占

                                                                                        Other

                                                          Accelerated                deductible  Net deferred
                                                                tax        Tax    temporary    tax assets/
                                                          depreciation      losses  differences    (liabilities)
                                                                                                  递延税项
                                                                加速                其他可扣税  资产╱(负债)
                                                            税项折旧    税项亏损    暂时性差额        净额
                                                  Notes    HK$’000    HK$’000    HK$’000    HK$’000
                                                  附注      千港元      千港元      千港元      千港元
    At 1 April 2018:              于2018年4月1日:

      As previously reported          如先前呈报                  (23,854)      12,666        1,146      (10,042)
      Effect of adoption of HKFRS 15    采纳香港财务报告

                                    准则第15号的影响 3.1(c)          –          –        2,715        2,715
      As restated                  经重列                      (23,854)      12,666        3,861      (7,327)
    Deferred tax credited/(charged)    本年度内损益

      to profit or loss                计入╱(扣除)之

      during the year                递延税项          12        3,862        7,654      (1,561)      9,955
    Disposal of subsidiaries          出售附属公司        44(a)          –          –      (3,908)      (3,908)
    Exchange realignment          汇兑调整                          –          –          1          1
    At 31 March 2019            于2019年3月31日                (19,992)      20,320      (1,607)      (1,279)
    At 1 April 2017              于2017年4月1日                (24,490)      2,059        6,798      (15,633)
    Deferred tax credited/(charged)    本年度内损益

      to profit or loss                计入╱(扣除)之

      during the year                递延税项          12          636      10,607      (5,650)      5,593
    Exchange realignment          汇兑调整                          –          –          (2)          (2)
    At 31 March 2018            于2018年3月31日                (23,854)      12,666        1,146      (10,042)
250    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

38. DEFERRED TAX (continued)                          38. 递延税项(续)

    Notes:                                                                          附注:

    (a)  At 31 March 2019, deferred tax assets have not been recognised in respect        (a)  于2019年3月31日,概无就未动用税项亏损
          of unused tax losses of HK$456,442,000 (2018: HK$543,948,000) as they              456,442,000港元(2018年:543,948,000港
          have been arisen in the Company, certain subsidiaries and joint operations              元)确认递延税项资产,因为其产生自本公
          that have been loss-making for some time and it is not assured that taxable              司、若干附属公司及合营业务,其已于一
          profits will be available against which such tax losses can be utilised.                      定时间内持续亏损,且无法确定将产生可
                                                                                          动用有关税项亏损之应课税溢利。

    (b)  Pursuant to the PRC Corporate Income Tax Law, a 10% withholding        (b)  根据中国企业所得税法,于中国成立之外资
          tax is levied on dividends declared to foreign investors from the foreign              企业向外国投资者宣派股息须征收10%预
          investment enterprises established in the PRC. The requirement is effective              扣税。该规定于2008年1月1日起生效,并
          from 1 January 2008 and applies to earnings after 31 December 2007. A              适用于2007年12月31日后之盈利。倘中国
          lower withholding tax rate may be applied if there is a tax treaty between              与有关外国投资者之司法权区订有税务条
          the PRC and the jurisdiction of the foreign investors. For the Group, the              约,则可按较低预扣税率征税。就本集团
          applicable rate is 5% or 10%. The Group is therefore liable for withholding              而言,适用税率为5%或10%。因此,就于
          taxes on dividends distributed by those subsidiaries established in the PRC in              中国成立之该等附属公司就2008年1月1日
          respect of earnings generated from 1 January 2008.                                  起产生之盈利分派股息而言,本集团须缴
                                                                                          交预扣税。

          At 31 March 2019, no deferred tax has been recognised for withholding              于2019年3月31日,概无就本集团于中国
          taxes that would be payable on the unremitted earnings that are subject to              成立之附属公司之未转汇盈利(须缴纳预扣
          withholding taxes of the Group’s subsidiaries established in the PRC (2018:              税)之应付预扣税确认递延税项(2018年:
          Nil). In the opinion of the directors of the Company, it is not probable that              无)。本公司董事认为,该等附属公司不大
          these subsidiaries will distribute such earnings in the foreseeable future. The              可能于可见未来分派有关盈利。于2019年
          aggregate amount of temporary differences associated with investments              3月31 日,与投资于中国附属公司有关暂
          in subsidiaries in the PRC for which deferred tax liabilities have not been              时性差额总额(并无就此确认递延税项负
          recognised totalled approximately HK$50,000 (2018: HK$1,850,000) as at              债)为约50,000港元(2018年:1,850,000港
          31 March 2019.                                                                  元)。

          There are no income tax consequences attaching to the payment of              本公司向股东支付股息概无所得税影响。
          dividends by the Company to its shareholders.

39. SHARE CAPITAL                                  39. 股本

  (a) Shares                                            (a) 股份

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Authorised:                          法定:

            5,000,000,000 ordinary shares          5,000,000,000股

              of HK$0.1 each                      每股面值0.1港元之普通股        500,000        500,000
          Issued and fully paid:                  已发行及缴足:

            1,863,391,847 (2018: 1,875,533,847)  1,863,391,847股

              ordinary shares of HK$0.1 each        (2018年:1,875,533,847股)

                                                  每股面值0.1港元之普通股        186,339        187,553
                                                                      2018/19年报    亚洲联合基建控股有限公司    251
财务报表附注
31 March 2019
2019年3月31日

39. SHARE CAPITAL (continued)                          39. 股本(续)

  (a) Shares (continued)                                  (a) 股份(续)

        A summary of the movements in the Company’s issued share            于截至2019年及2018年3月31日止
        capital and share premium account during the years ended            年度,本公司已发行股本及股份溢
        31 March 2019 and 2018 is as follows:                                价账之变动概要如下:

                                                          Number of

                                                            ordinary                    Share

                                                              shares      Issued    premium

                                                              in issue      capital      account        Total
                                                              已发行      已发行        股份

                                                          普通股数目        股本      溢价账        总额
                                                                          HK$’000    HK$’000    HK$’000
                                                                          千港元      千港元      千港元
          At 1 April 2017                于2017年4月1日      1,619,293,787      161,929      623,804      785,733
          Issue of shares upon conversion    因转换可换股债券而发行

          of convertible bonds (note 34(b))  股份(附注34(b))    256,240,060      25,624      156,725      182,349
          At 31 March 2018 and          于2018年3月31日及

          1 April 2018                  2018年4月1日      1,875,533,847      187,553      780,529      968,082
          Cancellation of                注销已购回股份

          repurchased shares (note)        (附注)            (12,142,000)      (1,214)      (7,355)      (8,569)
          At 31 March 2019              于2019年3月31日    1,863,391,847      186,339      773,174      959,513
252    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

39. SHARE CAPITAL (continued)                          39. 股本(续)

  (a) Shares (continued)                                  (a) 股份(续)

          Note:  During the year, the Company repurchased 12,142,000 (2018:              附注: 本 年 度 内 , 本 公 司 以 总 代 价 约
                Nil) ordinary shares in total on the Stock Exchange at an aggregate                    8,569,000 港元(2018年:无 )于联
                consideration of approximately HK$8,569,000 (2018: Nil) and                    交所购回12,142,000 股(2018年:
                all these shares were subsequently cancelled before the year end                    无)普通股,且所有该等股份其后
                date. The premium of approximately HK$7,355,000 (2018: Nil)                    已于年结日前注销。购回该等股
                paid over the nominal value on the repurchases of these shares                    份时支付之超过账面值的溢价约
                was debited to the share premium account. The repurchases were                    7,355,000 港元(2018年:无 )已于
                effected by the directors of the Company with a view to benefiting                    股份溢价账中扣除。有关购回由本
                the shareholders as a whole by enhancing the Company’s net                    公司董事进行,旨在透过提高本公
                asset value and earnings per share. Details of the repurchases are                    司资产净值及每股盈利致令股东整
                summarised as follows:                                                            体受惠。购回详情概述如下:

                                                                            Number of        Purchase price

                                                                              ordinary        paid per share        Aggregate
                                                                                shares        每股已付购买价      consideration
                  Month of repurchases                                  repurchased      Highest      Lowest        paid
                                                                                已购回                                    已付
                  购回月份                                                普通股数目        最高        最低      总代价
                                                                                              HK$        HK$    HK$’000
                                                                                              港元        港元      千港元
                  July 2018                  2018年7月                    1,672,000        0.77        0.71        1,226
                  September 2018            2018年9月                      774,000        0.78        0.74          583
                  October 2018                2018年10月                  9,696,000        0.73        0.65        6,760
                                                                            12,142,000                                  8,569
  (b) Shares held under a share award scheme            (b) 根据股份奖励计划持有的股份
        Details of the Company’s restricted share award scheme and            本公司受限制股份奖励计划及根据
        the shares held under the scheme are included in note 40 to            该计划持有之股份之详情载于财务
        the financial statements.                                            报表附注40。

  (c) Share options                                      (c) 购股权

        Details of the Company’s share option scheme and the share            本公司购股权计划及根据计划发行之
        options issued under the scheme are included in note 41 to the            购股权之详情载于财务报表附注41。
        financial statements.

                                                                      2018/19年报    亚洲联合基建控股有限公司    253
财务报表附注
31 March 2019
2019年3月31日

40. SHARE AWARD SCHEME                          40. 股份奖励计划

    The board of directors of the Company (the “Board”) approved the        本公司董事局(「董事局」)已批准采纳受
    adoption of a restricted share award scheme (the “Share Award        限制股份奖励计划(「股份奖励计划」),
    Scheme”) with effect from 1 August 2017 (the “Adoption Date”).        自2017年8月1日(「采纳日期」)起生效。
    The purposes of the Share Award Scheme are to encourage and        该股份奖励计划的宗旨是鼓励及挽留选
    retain selected participants (the “Selected Participant(s)”), including        定参与者(「选定参与者」)(包括本公司董
    directors of the Company, to work with the Company and to provide        事)任职于本公司,并向彼等提供达到表
    incentives for them to achieve performance goals with a view to        现目标的激励,以实现增加本公司价值
    achieving the objectives of increasing the value of the Company        及令选定参与者利益透过拥有本公司股
    and aligning the interests of the Selected Participants directly to the        份直接与本公司股东利益一致的目标。
    shareholders of the Company through ownership of shares of the        除非董事局决议案提前终止,否则股份
    Company. Unless otherwise early terminated by the resolution of the        奖励计划自采纳日期起计10年期间有效
    Board, the Share Award Scheme is valid and effective for a period of        及生效。

    10 years from the Adoption Date.

    The Share Award Scheme is operated through a trustee which is        股份奖励计划透过一名独立于本集团的
    independent of the Group. The shares to be awarded under the        受托人营运。根据股份奖励计划授出的
    Share Award Scheme will be acquired by the trustee from the open        股份将由受托人于收到本公司通知及指
    market after the notification and instruction by the Company. The        示后自公开市场上购入。受托人所持股
    trustee shall not hold more than 10% of the total number of issued        份应不超过持有本公司已发行股份总数
    shares of the Company.                                              之10%。

    Details of share awards under the Share Award Scheme during the        于截至2018年3月31日止年度,根据股份
    year ended 31 March 2018 are as follows:                              奖励计划的股份奖励的详情如下:

                                              Number of        Average fair value

    Date of award                          share awards          per share (HK$)            Vesting date
                                                                  每股平均公平值

    奖授日期                              股份奖励数目                (港元)              归属日期
    2 August 2017                            22,590,000                    0.83          2 August 2018
    2017年8月2日                                                                          2018年8月2日
254    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

40. SHARE AWARD SCHEME (continued)                  40. 股份奖励计划(续)

    The movements of the Company’s shares held under the Share        截至2019年及2018年3月31日止年度,
    Award Scheme account during the years ended 31 March 2019 and        本公司根据股份奖励计划账目下持有之
    2018 are as follows:                                                股份之变动如下:

                                                                              Number of

                                                                          ordinary shares        Amount
                                                                                普通股数目          金额
                                                                    Note                        HK$’000
                                                                    附注                          千港元
    At 1 April 2017                      于2017年4月1日                                –              –
    Shares purchased for share            就股份奖励计划购买的

      award scheme                        股份                    (b)        21,830,000        18,197
    At 31 March 2018 and                于2018年3月31日及

      1 April 2018                        2018年4月1日                      21,830,000        18,197
    Exercise of share awards              行使股份奖励              (b)        (9,378,000)        (7,554)
    At 31 March 2019                    于2019年3月31日                      12,452,000        10,643
      Notes:                                                                        附注:

      (a)  During the year ended 31 March 2018, an aggregate of 30,896,000 share        (a)  截 至 2018 年 3 月 31 日 止 年 度 , 合 共
            awards were granted to the Selected Participants, who were employees              30,896,000股股份奖励根据该股份奖励计
            of the Group, pursuant to the grant on 2 August 2017 under the Share              划下于2017年8月2日之授出已授予为本集
            Award Scheme. None of the grantees was a director, chief executive              团雇员之选定参与者。概无承授人身为本
            or substantial shareholder of the Company, or an associate (as defined              公司的董事、最高行政人员或主要股东或
            under the Listing Rules) of any of them. The grants of an aggregate of              任何彼等之联系人(定义见上市规则)。合
            22,590,000 share awards were accepted by the grantees.                            共22,590,000股股份奖励之授出已获承授
                                                                                          人接纳。

            Subject to the acceptance of the grantees and that the grantee remain as              待承授人接纳及承授人于股份奖励计划归
            eligible person on the vesting date of the Share Award Scheme, the share              属日期仍为合资格人士,则股份奖励将于
            awards shall vest in them on 2 August 2018, at which time the awarded              2018年8月2日归属彼等,届时,奖励股份
            shares will be transferred to the grantees at a consideration of HK$0.57              将按代价每股奖励股份0.57港元转让予承
            per awards share.                                                              授人。

            During the year ended 31 March 2019, the Group amortised the              截至2019年3月31日止年度,本集团将股份
            difference between the fair value of the share awards and the              奖励公平值与雇员须向本公司支付的代价
            consideration that employees have to pay to the Company over the              之间的差额于归属期间摊销,并于损益内
            vesting period and recognised a share award expense of HK$1,381,000              确认1,381,000港元(2018年:3,443,000港
            (2018: HK$3,443,000) in profit or loss.                                            元)为股份奖励开支。

      (b)  During the year ended 31 March 2018, 21,830,000 ordinary shares of        (b)  截至2018年3月31日止年度,本公司透过受
            the Company were purchased by the trustee from the open market at an              托人从公开市场购入21,830,000股本公司
            aggregate consideration of approximately HK$18,197,000. The amount              普通股,总代价约18,197,000港元。该金
            has been deducted from the shareholders’ equity and recorded in “shares              额已自股东权益扣除,并计入本集团「根据
            held under the share award scheme account” of the Group.                          股份奖励计划账目下持有的股份」。

            During the year and as at 31 March 2019, an aggregate of 12,154,000              于 本 年 度 及 于 2019 年 3 月 31 日 , 合 共
            (2018: 1,058,000) share awards lapsed and 9,378,000 (2018: Nil) share              12,154,000股(2018年:1,058,000股)股
            awards were exercised by the Selected Participants at a total consideration              份奖励失效及9,378,000股股份奖励(2018
            of HK$5,346,000 during the year ended 31 March 2019.                            年:无)于截止2019年3月31日年度内被选
                                                                                          定参与者行使,总代价为5,346,000港元。
                                                                      2018/19年报    亚洲联合基建控股有限公司    255
财务报表附注
31 March 2019
2019年3月31日

41. SHARE OPTION SCHEME                          41. 购股权计划

    Pursuant to an ordinary resolution passed on 3 September 2012,        根据于2012年9月3日通过之普通决议
    the Company has adopted a share option scheme (the “Share        案,本公司已采纳一项购股权计划(「购
    Option Scheme”) for the primary purpose of providing eligible        股权计划」)。主要目的是为合资格参与
    personnel with the opportunity to acquire proprietary interests in        人士提供购入本公司拥有权之机会,并
    the Company, which will encourage the grantees of such options to        鼓励购股权之承授人努力工作以提升本
    work towards enhancing the value of the Company and its shares        公司及其股份之价值,从而令本公司及
    for the benefit of the Company and the shareholders as a whole.        其股东整体得益。董事局将于提出要约
    The Board will set out in the offer the terms on which the option        时列出授予购股权之条款。该等条款可
    is to be granted. Such terms may include (i) minimum performance        包括(i)于购股权可全部或局部行使前最低
    targets that must be reached before the option can be exercised in        限度须达致之表现目标;及╱或(ii)董事
    whole or in part; and/or (ii) such other terms (including the vesting        局按个别情况或一般情况酌情施加之其
    period) as may be imposed at the discretion of the Board either on a        他条款(包括归属期)。

    case-by-case basis or generally.

    The overall limit on the number of shares which may be issued upon        按购股权计划及本公司之其他购股权计
    exercise of all outstanding options granted and yet to be exercised        划(如有)已授出而尚未行使之购股权获
    under the Share Option Scheme and other share option schemes of        全数行使时所发行之股份总数,以不超
    the Company (if any) must not exceed 30% of the ordinary shares        过不时发行普通股之30%(「购股权计划
    in issue from time to time (the “Share Option Scheme Limit”). No        上限」)为限。在任何时候,倘若授出购
    options will be granted under the Share Option Scheme at any time        股权会导致超逾购股权计划上限,则不
    if such grant will result in the Share Option Scheme Limit being        得根据购股权计划授出任何购股权。

    exceeded.

    The total number of shares which may be issued upon exercise of        按购股权计划及本公司之所有其他购股
    all options to be granted under the Share Option Scheme and all        权计划(如有)将授出之全数购股权获行
    other share option schemes of the Company (if any) shall not exceed        使时所发行之股份总数,以不超过于批
    10% of the ordinary shares in issue as at the date of approval of the        准购股权计划当日已发行普通股之10%
    Share Option Scheme (the “Share Option Scheme Mandate Limit”),      (「购股权计划授权上限」)为限,惟购股
    subject to the refreshment of the Share Option Scheme Mandate        权计划授权上限可作出更新。凡按照购
    Limit. Options which have lapsed in accordance with the terms of        股权计划或本公司之任何其他购股权计
    the Share Option Scheme or any other share option schemes of the        划条款已告期满失效之购股权均不计算
    Company shall not be counted for the purpose of calculating the        入购股权计划授权上限之内。

    Share Option Scheme Mandate Limit.

    The total number of shares issued and to be issued upon exercise        于任何12个月期间内,按授予任何一位
    of the options granted to any eligible personnel (including both        合资格参与人士之购股权(包括已行使及
    exercised and outstanding options) in any 12-month period must not        尚未行使之购股权)获行使而已发行及将
    exceed 1% of the shares in issue without prior approval from the        发行之股份总数,倘未获得股东事先批
    shareholders. An offer of the options shall be deemed to have been        准,不得超过已发行股份之1%。如该合
    accepted by way of consideration of HK$1 payable by the eligible        资格参与人士于提出要约日期起计30日
    personnel within 30 days from the date of offer.                        内缴付1港元之代价,即被视作接纳有关
                                                                      购股权。

256    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

41. SHARE OPTION SCHEME (continued)                  41. 购股权计划(续)

    Where any grant of options to a substantial shareholder or an        倘若向某位主要股东或独立非执行董事
    independent non-executive director, or any of their respective        或彼等各自之任何联系人士授出购股
    associates, would result in the shares issued and to be issued upon        权,而将会导致于授出日期之前12个月
    exercise of all options already granted and to be granted (including        期间(包括该日在内)按已授予及将授予
    options exercised, cancelled and outstanding) to such person in        该人士之全数购股权(包括已行使、已注
    the 12-month period up to and including the date of grant (i)        销及尚未行使之购股权)获行使而已发行
    representing in aggregate over 0.1% of the shares in issue; and (ii)        及将发行之股份:(i)总数占已发行股份之
    having an aggregate value, based on the closing price of the shares        0.1%以上;及(ii)按于相关授出日期联交
    as stated in the daily quotations sheets issued by the Stock Exchange        所发布之每日报价表上注明之股份收市
    on the relevant date of grant, in excess of HK$5 million, such further        价计算之总值超过5,000,000港元,则上
    grant of options must be approved by the shareholders.                  述进一步授出购股权事宜须获股东批准
                                                                      后,方可进行。

    The subscription price shall be such price determined by the Board in        认购价应由董事局全权酌情决定并将在
    its absolute discretion and will be notified to the eligible personnel in        要约内通知合资格参与人士,而且不得
    the offer and shall be no less than the highest of:                        低于下列三者中之最高者:

    (i)  the closing price of a share as stated in the daily quotations        (i)  于授出日期联交所发布之每日报价
        sheets issued by the Stock Exchange on the date of grant;                表上注明之股份收市价;

    (ii)  the average of the closing prices of a share as stated in the        (ii)  于紧接授出日期之前5个营业日内联
        daily quotations sheets issued by the Stock Exchange for the            交所发布之每日报价表上注明之股
        5 business days immediately preceding the date of grant; and              份收市价之平均数;及

    (iii) the nominal value of a share on the date of grant.                  (iii) 于授出日期股份之面值。

    The Share Option Scheme is valid and effective for a period of        购股权计划于采纳日期(即2012年9月3日)
    10 years commencing on the adoption date of 3 September 2012.          起计10年内生效及有效。

                                                                      2018/19年报    亚洲联合基建控股有限公司    257
财务报表附注
31 March 2019
2019年3月31日

41. SHARE OPTION SCHEME (continued)                  41. 购股权计划(续)

    Details of the movements in share options granted under the Share        根据购股权计划授出的购股权变动详情
    Option Scheme are as follows:                                        如下:

    Year ended 31 March 2019                                        截至2019年3月31日止年度

                                                                              Numberofshareoptions

                                                                                  购股权数目

                                                            Exercise Outstanding    Granted    Lapsed Outstanding
                            Dateof                        priceper        at    during    during        at
    Categoryofeligibleparticipants  grant        Exercisableperiod      option    1/4/2018    theyear    theyear  31/3/2019
                                                              每份    于2018年                        于2019年
                                                            购股权    4月1日    本年度    本年度    3月31日
    合资格参与者之类别          授出日期      行使期              行使价    尚未行使    已授出    已失效    尚未行使
                                                              HK$

                                                              港元

    Executivedirectors            5/12/2017      5/12/2018-4/12/2021      1.02  3,060,000        –        –  3,060,000
    执行董事

                                          5/12/2019-4/12/2021      1.02  3,060,000        –        –  3,060,000
                                          5/12/2020-4/12/2021      1.02  4,080,000        –        –  4,080,000
    Independentnon-executive      5/12/2017      5/12/2018-4/12/2021      1.02    540,000        –        –    540,000
      directors

    独立非执行董事

                                          5/12/2019-4/12/2021      1.02    540,000        –        –    540,000
                                          5/12/2020-4/12/2021      1.02    720,000        –        –    720,000
    Employees                5/12/2017      5/12/2018-4/12/2021      1.02  6,942,000        –  (1,332,000)  5,610,000
    雇员

                                          5/12/2019-4/12/2021      1.02  6,942,000        –  (1,332,000)  5,610,000
                                          5/12/2020-4/12/2021      1.02  9,256,000        –  (1,776,000)  7,480,000
                                                                    35,140,000        –  (4,440,000)  30,700,000
    Numberofoptionsexercisableat  于报告期末可行使之购股权数目

      theendofthereportingperiod                                                                        9,210,000
    Weightedaverageexerciseprice    加权平均行使价

      (HK$pershare)            (港元(每股))                                1.02        –      1.02      1.02
258    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

41. SHARE OPTION SCHEME (continued)                  41. 购股权计划(续)

    Year ended 31 March 2018                                        截至2018年3月31日止年度

                                                                              Numberofshareoptions

                                                                                  购股权数目

                                                            Exercise  Outstanding    Granted    Lapsed  Outstanding
                            Dateof                          priceper        at      during      during        at
    Categoryofeligibleparticipants    grant          Exercisableperiod        option    1/4/2017    theyear    theyear  31/3/2018
                                                              每份    于2017年                        于2018年
                                                            购股权    4月1日    本年度    本年度    3月31日
    合资格参与者之类别          授出日期      行使期              行使价    尚未行使    已授出    已失效    尚未行使
                                                              HK$

                                                              港元

    Executivedirectors            5/12/2017      5/12/2018-4/12/2021      1.02        –  3,060,000        –  3,060,000
    执行董事

                                          5/12/2019-4/12/2021      1.02        –  3,060,000        –  3,060,000
                                          5/12/2020-4/12/2021      1.02        –  4,080,000        –  4,080,000
    Independentnon-executivedirectors 5/12/2017      5/12/2018-4/12/2021      1.02        –    540,000        –    540,000
    独立非执行董事

                                          5/12/2019-4/12/2021      1.02        –    540,000        –    540,000
                                          5/12/2020-4/12/2021      1.02        –    720,000        –    720,000
    Employees                5/12/2017      5/12/2018-4/12/2021      1.02        –  7,302,000    (360,000)  6,942,000
    雇员

                                          5/12/2019-4/12/2021      1.02        –  7,302,000    (360,000)  6,942,000
                                          5/12/2020-4/12/2021      1.02        –  9,736,000    (480,000)  9,256,000
                                                                          –  36,340,000  (1,200,000)  35,140,000
    Numberofoptionsexercisableat  于报告期末可行使之购股权数目

      theendofthereportingperiod                                                                              –
    Weightedaverageexerciseprice    加权平均行使价

      (HK$pershare)            (港元(每股))                                  –      1.02      1.02      1.02
                                                                      2018/19年报    亚洲联合基建控股有限公司    259
财务报表附注
31 March 2019
2019年3月31日

41. SHARE OPTION SCHEME (continued)                  41. 购股权计划(续)

    Notes:                                                                          附注:

    (a)  The vesting period, which is the period from the date of grant to the first        (a)  已授购股权之归属期(授出日期至首个可行
          exercisable date, of the share options granted is determined by directors of              使日期期间)乃由本公司董事于授出各购股
          the Company at each time when the options are granted. Holders of share              权时厘定。根据购股权计划授出之购股权
          options granted under the Share Option Scheme may only exercise their              之持有人仅可于以下行使期内行使其购股
          options during the exercisable periods as follows:                                      权:

                                                                                                                    占可行使

                                          Maximum percentage of                                                  购股权之

            Exercisable period            share options exercisable                        行使期                    最高百分比
            5/12/2018-4/12/2019            up to 30%                                      2018年12月5日至2019年12月4日  不超过30%
            5/12/2019-4/12/2020            up to 60%                                      2019年12月5日至2020年12月4日  不超过60%
            5/12/2020-4/12/2021            up to 100%                                      2020年12月5日至2021年12月4日  不超过100%
    (b)  The fair value of equity-settled share options granted during the year ended        (b)  于截至2018年3月31日止年度授出之以股本
          31 March 2018 amounted to HK$15,396,098 in total, which was estimated              结算购股权之公平值共计为15,396,098港元,
          as at the date of grant using a binomial option pricing model, taking into              乃于估值日期采用二项式期权定价模式估
          account the terms and conditions upon which the options were granted.              计,并计及所授出购股权之条款及条件。
          The following table lists the inputs to the model used:                                  下表载列所使用模式之输入数据:

                                                                                                                          2018
                                                                                                                        2018年
            Dividend yield                                  股息率                                                      3.762%
            Volatility                                        波幅                                                      67.313%
            Risk-free interest rate                            无风险利率                                                  1.389%
            Effective life of options                            购股权有效年期                                          4.0 years 年
            Weighted average share price                      加权平均股价                                      HK$1.01 per share
                                                                                                                  每股1.01港元
          The Group recognised a share option expense of HK$7,004,000 (2018:              截至2019年3月31日止年度,本集团已就本
          HK$2,832,000) in total for the year ended 31 March 2019 in relation to the              公司根据购股权计划授出之购股权确认总
          share options granted by the Company under the Share Option Scheme.                  购股权计划开支7,004,000港元(2018年:
                                                                                          2,832,000港元)。

260    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

42. RESERVES                                      42. 储备

    (a)  The amounts of the Group’s reserves and the movements        (a)  本集团于本年度及过往财政年度之
        therein for the current and prior financial years are presented in            储备金额及其变动于综合股东权益
        the consolidated statement of changes in equity.                        变动表呈列。

    (b)  The capital reserve mainly includes:                                (b)  资本储备主要包括:

        (i)  a debit balance of HK$7,340,000 recognised in prior            (i)  于过往年度确认之借项结余
            years, which represented the aggregate amount of                7,340,000港元,即俊和建筑工
            the non-voting deferred share capital of Chun Wo                程有限公司(本集团全资拥有附
            Construction and Engineering Company Limited, a                属公司)之无投票权递延股本,
            wholly-owned subsidiary of the Group, and the difference                以及本公司发行之股本面值与
            between the nominal amount of the share capital issued                依据1993年集团重组而购入之
            by the Company and the aggregate nominal amount of                附属公司股本总面值两者差额
            the share capital of the subsidiaries acquired pursuant to a                之总额;

            group reorganisation undertaken in 1993;

        (ii)  a deemed contribution of HK$10,240,000 recognised            (ii)  因于截至2010年3月31日止年
            upon the acquisition of the remaining 62% interest in                度向本公司一名当时董事兼
            Mandarin Group Limited from a then director and a then                当时控股股东收购Mandarin
            controlling shareholder of the Company during the year                Group Limited余下62%权益而
            ended 31 March 2010;                                              确认之被视作注资10,240,000
                                                                              港元;

        (iii) the amount of profit capitalisation upon allotment of            (iii) 于截至1997年3月31日止年度
            share capital of Chun Wo Foundations Limited (a wholly-                配发俊和地基工程有限公司(一
            owned subsidiary) during the year ended 31 March 1997;                间全资拥有附属公司)之股本时
            and                                                              资本化之溢利;及

        (iv) share of differences between the principal amounts            (iv) 应占由附属公司非控股股权持
            and fair values of the loans at inception of interest-free                有人及本集团分别提供予一间
            loans provided to a subsidiary and an associate by a non-                附属公司及一间联营公司之免
            controlling equity holder of a subsidiary and the Group,                息贷款本金金额与贷款发放时
            respectively.                                                        之公平值之差额。

                                                                      2018/19年报    亚洲联合基建控股有限公司    261
财务报表附注
31 March 2019
2019年3月31日

43. NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS  43. 综合现金流量表之附注

    (a)  Changes in liabilities arising from financing activities during the        (a)  截至2019年及2018年3月31日止年
        years ended 31 March 2019 and 2018 are as follows:                    度,融资活动所产生之负债变动如
                                                                          下:

                                                                Amounts

                                                              due to non-                              Hire
                                                                controlling                          purchase
                                                                  equity                            contract
                                                                holders of      Bank  Guaranteed  and finance
                                                              subsidiaries  borrowings      bonds lease payables
                                                              应付附属公司                          租购合约及
                                                                非控股股权                            融资租赁
                                                              持有人之款项    银行借款    担保债券    应付款项
                                                                HK$’000    HK$’000    HK$’000    HK$’000
                                                                  千港元      千港元      千港元      千港元
          At 1 April 2018                    于2018年4月1日                7,239    2,710,969      39,000      16,807
          Changes from operating cash flows      经营现金流量之变动            (2,135)          –          –          –
          Changes from financing cash flows      融资现金流量之变动            33,378    267,540      (41,263)    (11,389)
          Purchase of items of property, plant      根据租购合约购买物业、

          and equipment under hire            机器及设备项目

          purchase contracts                                              –          –          –      1,322
          Interest expense (note 8)              利息开支(附注8)                  –      83,584      2,263        442
          Amortisation of ancillary costs incurred    有关银行贷款安排产生之

            in connection with the arrangement      辅助性成本之摊销(附注8)

            of bank loans (note 8)                                            –      15,327          –          –
          Disposal of a subsidiary (note 44(a))      出售一间附属公司(附注44(a))          –    (323,065)          –          –
          Exchange realignment                汇兑调整                        –        (209)          –          (2)
          At 31 March 2019                  于2019年3月31日              38,482    2,754,146          –      7,180
262    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

43. NOTES TO CONSOLIDATED STATEMENT OF CASH FLOWS  43. 综合现金流量表之附注(续)

    (continued)

    (a)  Changes in liabilities arising from financing activities during        (a)  截至2019年及2018年3月31日止年
        the years ended 31 March 2019 and 2018 are as follows:            度,融资活动所产生之负债变动如
        (continued)                                                      下:(续)

                                                                                                      Hire
                                                                      Liability                        purchase
                                                                  componentof                        contract
                                                              Bank    convertible    Straight  Guaranteed  andfinance
                                                          borrowings      bonds      bond      bonds  leasepayables
                                                                                                  租购合约及
                                                                    可换股债券                        融资租赁
                                                            银行借款    负债部份    普通债券    担保债券    应付款项
                                                            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
          At1April2017                  于2017年4月1日          2,944,528    217,778        –      39,000      30,511
          Changesfromfinancingcashflows        融资现金流量之变动          168,626    (17,524)    (93,442)      (2,417)    (14,525)
          Purchasesofitemsofproperty,plantand    根据租购合约购买物业、

          equipmentunderhirepurchasecontracts    机器及设备项目              –        –        –        –      142
          Interestexpense(note8)              利息开支(附注8)            81,445      11,725        –      2,417      679
          Imputedinterestonconvertiblebonds      可换股债券之估算利息(附注8)

          (note8)                                                –      15,420        –        –        –
          Amortisationofancillarycostsincurredin    有关银行贷款安排产生之

          connectionwiththearrangement        辅助性成本之摊销(附注8)

          ofbankloans(note8)                                      6,607        –        –        –        –
          Extinguishment/recognitionuponmodifications  于修订可换股债券条款时

          oftermsofconvertiblebonds            失效╱确认                  –    (56,129)    93,442        –        –
          Conversionofconvertiblebonds(note34)    转换可换股债券(附注34)          –    (171,270)        –        –        –
          Disposalofasubsidiary(note44(a))        出售一间附属公司(附注44(a))    (490,980)        –        –        –        –
          Exchangerealignment                汇兑调整                  743        –        –        –        –
          At31March2018                  于2018年3月31日          2,710,969        –        –      39,000      16,807
    (b)  Major non-cash transactions                                      (b)  重大非现金交易

        During the year, HK$36,158,000 (2018: HK$153,267,000)            本年度内,存放于托管账户之已收
        sales deposits received held in an escrow account was applied            销售按金36,158,000港元(2018年:
        for payments of construction costs and professional fees in            153,267,000港元)已用作支付菁隽
        connection with the T PLUS Project. In addition, during the            项目相关之建设开支及专业费用。
        year ended 31 March 2018, certain convertible bonds were            此外,于截止2018年3月31日止年
        modified, converted and extinguished, as detailed in note 34 to            度,若干可换股债券已修订、转
        the financial statements.                                            换、失效,如财务报表附注34详述。
        Save as disclosed above, the Group did not have other major            除上文所披露者外,于截止2019年
        non-cash transactions of investing and financing activities            及2018年3月31日止年度,本集团
        during the years ended 31 March 2019 and 2018.                      并未有其他重大投资及融资活动之
                                                                          非现金交易。

                                                                      2018/19年报    亚洲联合基建控股有限公司    263
财务报表附注
31 March 2019
2019年3月31日

44. DISPOSAL OF SUBSIDIARIES                        44. 出售附属公司

  (a) Sale of property interests                          (a) 出售物业权益

        The Group completed the sale of the following property            本集团于截至2019年及2018年3月
        development and investment projects through disposal of            31日止年度内主要透过出售附属公
        subsidiaries during the years ended 31 March 2019 and 2018:            司完成出售下述持有的物业发展及
                                                                          投资项目:

        (i)  On 19 June 2017 and 21 September 2018, the Group            (i)  于2017年6月 19 日及2018年9
            entered into a provisional agreement for sale and                月21日,本集团与(其中包括)
            purchase and a supplemental agreement with, amongst                一名独立第三方订立一份临时
            others, an independent third party, pursuant to which the                买卖协议及一份补充协议,
            Group disposed of 60% interest in the T PLUS Project,                据此,本集团出售菁隽项目之
            together with the outstanding shareholder’s loan owed to                60%权益,连同欠付本集团之
            the Group, at a net cash consideration attributable to the                未偿还股东贷款,本集团应占
            Group of HK$500,060,000. The transfer of the ownership                净现金代价为500,060,000港
            interest in the T PLUS Project was completed on 26                元。转让菁隽项目之拥有权之
            September 2018.                                                  权益已于2018年9月26日完成。
        (ii)  On 7 March 2018, the Group sold 60% interest in the            (ii)  于2018年3月7日,本集团向莱
            Waterloo Project to Top Spring Chun Wo, a 40% owned                蒙俊 和(本集团拥有 40%权益
            associate of the Group, for a total cash consideration of                之联营公司 )出售窝打老道项
            HK$476,721,000. Further details of the transactions are                目之60%权益,总现金代价为
            set out in note 16(b) to the financial statements.                        476,721,000港元。有关交易
                                                                              的进一步详情载于财务报表附
                                                                              注16(b)。

264    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

44. DISPOSAL OF SUBSIDIARIES (continued)                44. 出售附属公司(续)

  (a) Sale of property interests (continued)                  (a) 出售物业权益(续)

        An analysis of the assets and liabilities derecognised as a result            由于上述出售而取消确认之资产与
        of the above disposals is as follows:

                                                                          负债分析如下:

                                                                                      2019          2018
                                                                                    2019年        2018年
                                                                    Notes          HK$’000        HK$’000
                                                                    附注            千港元          千港元
          Net assets disposed of:                出售资产之净值:

            Investment properties                投资物业                16                –      1,162,915
            Deferred tax assets                  递延税项资产            38            3,908              –
            Properties under                    发展中物业

              development                                            21          741,301              –
            Prepayments, deposits and            预付款项、按金及其他

              other receivables                    应收款项                                6        128,662
            Cash and bank balances              现金及银行结余                            52            369
            Trade payables                      贸易应付款项                                –          (1,007)
            Other payables and accruals            其他应付款项及应计款项                (169,348)          (4,984)
            Bank borrowings                    银行借款                            (323,065)        (490,980)
            Non-controlling interest              非控股权益                            (17,848)              –
                                                                                  235,006        794,975
          Expenses incurred for the disposals      出售所产生之开支                          7,380              –
          Gain/(loss) on sale of property interests    透过出售附属公司出售物业

            through disposal of subsidiaries        权益之收益╱(亏损)      9            257,674            (264)
                                                                                  500,060        794,711
          Satisfied by:                        达成方式:

            Cash consideration                  现金代价                              500,060        476,721
            Reclassification of retained interests      重新分类保留权益为

              as interests in associates              于联营公司之权益                          –        317,990
                                                                                  500,060        794,711
        An analysis of the net inflow of cash and cash equivalents as a            由于上述出售而产生的现金及与现
        result of the above disposals is as follows:                              金等值项目之流入净额分析如下:
                                                                                      2019          2018
                                                                                    2019年        2018年
                                                                    Note          HK$’000        HK$’000
                                                                    附注            千港元          千港元
          Cash consideration                  现金代价                                500,060        476,721
          Outstanding cash consideration        尚未偿还之现金代价        26          (103,092)              –
          Less: Sales deposits received for sale of a  减:出售一项物业权益之已

              property interest, net of utilisation      收销售按金,扣除已

              for payments of construction costs      动用于支付建设开支

              and professional fees                及专业费用                        (189,425)              –
          Cash and bank balances disposed of      已出售之现金及银行结余                      (52)          (369)
          Expenses incurred for the disposals      出售所产生之开支                          (7,380)              –
          Net inflow of cash and cash equivalents  透过出售附属公司出售物业

            in respect of sale of property interests    权益之现金及与现金等值

            through disposal of subsidiaries        项目流入净额                          200,111        476,352
                                                                      2018/19年报    亚洲联合基建控股有限公司    265
财务报表附注
31 March 2019
2019年3月31日

44. DISPOSAL OF SUBSIDIARIES (continued)                44. 出售附属公司(续)

  (b) Other disposals                                    (b) 其他出售

        In respect of the prior financial year, on 28 April 2017,            就上一财政年度而言,于2017年
        pursuant to a sale and purchase agreement entered into            4月 28日,根据本集团与本公司之
        between the Group and a fellow subsidiary of the non-            一间附属公司非控股权益持有人之
        controlling equity holder of a subsidiary of the Company            同系附属公司(「买方」)订立的买卖
        (the ”Buyer”), the Group disposed of the entire equity            协议,本集团以约30,809,000 港元
        interest in Regal Rich Limited (“Regal Rich“), together with            之总代价出售在富睿有限公司(「富
        the outstanding shareholder’s loan owed by Regal Rich            睿」)的全部股权连同富睿欠付本集
        to the Group for a total consideration of approximately            团的未偿还之股东贷款。于2017年
        HK$30,809,000. Regal Rich was classified as a disposal            3月31日,富睿分类为持作出售的出
        group held for sale as at 31 March 2017. As a result of the            售集团。此交易带来的销售收益约
        transaction, a gain of disposal of approximately HK$20,958,000            为20,958,000港元,已于截至2018
        was recognised in profit or loss during the year ended            年3月31日止年度之损益中确认。
        31 March 2018.

        The disposal transaction constituted a connected transaction            根据上市规则,出售交易构成关连
        under the Listing Rules that was subject to disclosure            交易,须遵守披露规定,惟获豁免
        requirements but exempted from the independent            遵守独立股东批准规定。有关出售
        shareholders’ approval requirement. Further details of            交易的进一步详情载于本公司2017
        the disposal transaction are set out in the Company’s            年4月 25日及2017年4月28日的公
        announcements dated 25 April 2017 and 28 April 2017.                  告。

        In addition to the above disposal, the Group also completed            除上述出售事项外,本集团已于截
        the disposals of two subsidiaries during the year ended            至2018年3月31日止年度亦完成出
        31 March 2018.                                                    售两间附属公司。

        An analysis of the assets and liabilities derecognised as a result            因上述出售而取消确认之资产及负
        of the above disposals is as follows:                                    债分析如下:

                                                                                    2018

                                                                                  2018年

                                                                      Regal Rich        Others          Total
                                                                          富睿          其他          总额
                                                                      HK$’000      HK$’000      HK$’000
                                                                        千港元        千港元        千港元
          Net assets disposed of:            出售资产之净值:

          Property, plant and equipment      物业、机器及设备                  10,566            –        10,566
          Prepayments, deposits and other    预付款项、按金及

            receivables                    其他应收款项                        –          965          965
          Other payables and accruals        其他应付款项及应计款项                –            (3)          (3)
          Deferred tax liability              递延税项负债                      (715)            –          (715)
                                                                        9,851          962        10,813
          Gain/(loss) on disposal of subsidiaries  出售附属公司之收益╱(亏损)          20,958          (962)        19,996
                                                                        30,809            –        30,809
          Satisfied by cash                达成方式为现金支付                  30,809            –        30,809
266    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

44. DISPOSAL OF SUBSIDIARIES (continued)                44. 出售附属公司(续)

  (b) Other disposals (continued)                          (b) 其他出售(续)

        An analysis of the net inflow of cash and cash equivalents as a            因上述出售而产生之现金及与现金
        result of the above disposals is as follows:                              等值项目之流入净额分析如下:

                                                                                                    2018
                                                                                                  2018年
                                                                                                  HK$’000
                                                                                                  千港元
          Cash consideration                                现金代价                                30,809
          Deposits received as at 31 March 2017                于2017年3月31日之已收按金              (2,246)
          Net inflow of cash and cash equivalents in            透过出售附属公司之现金及

            respect of disposal of subsidiaries                    与现金等值项目之流入净额              28,563
45. CONTINGENT LIABILITIES                          45. 或然负债

    At the end of the reporting period, the Group had the following        于报告期末,本集团有以下尚未于财务
    contingent liabilities, which have not been provided for in the        报表计提拨备之或然负债:

    financial statements:

  (a) Corporate guarantees and performance bonds      (a) 已作出之公司担保及履约保证
      given

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Indemnities issued to financial institutions    就下列公司承担建筑工程及

            for performance bonds in respect of        专业服务合约之履约保证

            construction and professional services      而向金融机构作出之担保:

            contracts undertaken by:

            – subsidiaries                            -附属公司                  1,038,576      1,032,206
            – joint operations                        -合营业务                    113,255        165,766
            – a joint venture                        -一间合营公司                  40,445        40,446
                                                                                1,192,276      1,238,418
          Guarantees issued to financial institutions to 就一间合营公司及联营公司

            secure credit facilities granted to a joint      获得信贷融资而向金融机

            venture and associates (note (ii))            构作出之担保(附注(ii))        1,210,530        935,390
          Guarantees for property development      就物业发展项目向购买本集

            projects given to banks which granted      团持作销售物业之人士提

            facilities to purchasers of the Group’s      供融资之银行提供之担保

            properties held for sale (note (iii))          (附注(iii))                      65,660        103,144
                                                                                2,468,466      2,276,952
                                                                      2018/19年报    亚洲联合基建控股有限公司    267
财务报表附注
31 March 2019
2019年3月31日

45. CONTINGENT LIABILITIES (continued)                  45. 或然负债(续)

  (a) Corporate guarantees and performance bonds      (a) 已作出之公司担保及履约保证
      given (continued)                                            (续)

        In addition to the above, corporate guarantees were provided            除上文所述者外,于财务报表附注
        by the Group to two parties as disclosed in note 32(a) to the            32(a)所披露本集团向两名人士提供
        financial statements to indemnify them any losses and liabilities            公司担保,以补偿本集团若干建筑
        that they may incur in connection with certain construction            工程(该等两名人士均参与其中)可
        work of the Group in which the two parties have involvement,            能对彼等带来任何亏损及负债,然
        however, the financial impact of the contingent liabilities that            而,本公司董事认为,由于未能切
        may arise from these arrangements is not disclosed as, in the            实估量该等安排可能产生的或然负
        opinion of the directors of the Company, the estimate of which            债的财务影响,因此并无作出披露。
        is not practicable to do so.

          Notes:                                                                          附注:

          (i)  In the opinion of the directors of the Company, the fair values of              (i)  本公司董事认为,本集团财务担保合
              the financial guarantee contracts of the Group are insignificant at                    约于首次确认时之公平值不属重大,
              initial recognition and the directors of the Company consider that the                    且本公司董事认为有关各方违约之可
              possibility of the default of the parties involved is remote. Accordingly,                    能性甚低。因此,并无就该等财务担
              no value has been recognised in the consolidated statement of                    保合约于综合财务状况表内确认价
              financial position in respect of these financial guarantee contracts.                      值。

          (ii)  At 31 March 2019, the banking facilities granted to a joint venture              (ii)  于2019年3月31日,由本集团担保而
              and associates and guaranteed by the Group were utilised to the                    向一间合营公司及联营公司授出之
              extent of HK$460,670,000 (2018: HK$490,980,000). The other                    银行融资已被动用460,670,000港元
              shareholder of an associate provides to the Group a counter-                  (2018年:490,980,000港元)。一间
              guarantee in respect of the amount of banking facilities in excess of                    联营公司的其他股东就超出基于本集
              the Group’s pro rata share based on the Group’s equity interest in an                    团持有该联营公司的股权所计算本集
              associate.                                                                      团应占份额之银行融资金额向本集团
                                                                                              提供一项反担保。

          (iii)  At 31 March 2019 and 2018, the Group provided guarantees in              (iii)  于2019年及2018年3月31日,本集团
              respect of mortgage facilities granted by certain banks relating to                    就若干银行就本集团若干物业买家的
              the mortgage loans arranged for certain purchasers of the Group’s                    按揭贷款安排而授出的按揭贷款提供
              properties.                                                                      担保。

              Pursuant to the terms of the guarantees, in the event of default on                    根据担保条款,如该等买家于担保到
              mortgage payments by these purchasers before the expiry of the                    期前拖欠按揭付款,本集团须负责偿
              guarantees, the Group is responsible for repaying the outstanding                    还买家拖欠银行的未偿付按揭本金连
              mortgage principals together with the accrued interest and penalties                    同累计利息以及罚款。而本集团有权
              owed by the defaulted purchasers to the banks, and the Group is                    透过采取法律行动以接收相关物业的
              entitled to take over the legal title and possession of the related                    管业权。本集团的担保期自授予相关
              properties through taking legal actions. The Group’s guarantee period                    按揭贷款日期起至(i)向买家发出房地
              starts from the dates of grant of the relevant mortgage loans and                    产所有权证;及(ii)买家全数清偿相关
              discharges upon the earlier of (i) the issuance of real estate ownership                    按揭贷款之较早时间解除。

              certificates to the purchasers; and (ii) the fully repayment of the

              relevant mortgage loans by the purchasers.

              The fair value of the guarantees is not significant and the directors of                    该等担保的公允值并非重大,且本公
              the Company consider that in the event of default on payments, the                    司董事认为在发生拖欠付款的情况
              net realisable value of the related properties can cover the repayment                    下,相关物业的可变现净值足以偿付
              of the outstanding mortgage principals together with the accrued                    所结欠按揭本金连同累计利息以及罚
              interest and penalties and therefore no provision has been made in                    款,因此,并无于财务报表内就该等
              the financial statements for the guarantees.                                          担保作出拨备。

268    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

45. CONTINGENT LIABILITIES (continued)                  45. 或然负债(续)

  (b) Litigations                                        (b) 诉讼

        In or about December 2013 and March 2014, a plaintiff            于2013年12月或前后及于2014年3月
        commenced two separate legal proceedings against a subsidiary            或前后,一名原告人分别向本公司
        of the Company (the “Subsidiary”) and the Company,            之一间附属公司(「该附属公司」)及
        respectively, alleging that the Subsidiary’s termination of a            本公司展开两宗法律诉讼,声称该
        proposed transaction in relation to the sale of a commercial            附属公司之终止有关销售清水湾道8
        development and 49% interest in the car park development at            号之商业发展及停车场发展之49%
        No. 8 Clear Water Bay Road (collectively, the “Properties”) was            权益(统称「该等物业」)之建议交易
        wrongful and claimed against the Subsidiary and the Company            属不合法并就因该附属公司违反与
        for the loss of capital appreciation of the Properties for the            原告人于2013年9月订立之备忘录
        breach of a memorandum entered into between the plaintiff            之该等物业资本升值而引起之损失
        and the Subsidiary in September 2013.                                向该附属公司及本公司提出索偿。
        The above two cases were heard together before a judge at            上述两宗案件已于2019年1月15日
        the High Court of Hong Kong between 15 January 2019 and            至2019年1月31日香港高等法院大
        31 January 2019. The High Court of Hong Kong has completed            楼由法官一同进行聆讯。香港高等
        to hear all the factual evidence and the two cases are now            法院已完成对所有事实凭证的聆讯
        adjourned to be heard until 19 August 2019 (4 days reserved)            及该两宗案件现已延期至 2019 年8
        for expert valuation evidence. The Court will hear the parties’            月19日进行聆讯,并预留四日供专
        closing submission on 16 October 2019.                                家评估证据。法院将于2019年10月
                                                                          16日聆讯各方的结案陈词。

        Based on the existing legal documents after having performed            基于管理层根据上述案件之现有法
        management’s internal critical assessment of the aforesaid            律文件进行的内部关键性评估,并
        cases and seeking advice from an independent legal advisor,            向独立法律顾问寻求意见后,本公
        the directors of the Company are of the opinion that the Group            司董事认为本集团有合理之抗辩理
        has a reasonable ground of defence on the merits and the            据且案件可获成功抗辩。因此,预
        cases would be successfully defended, therefore, no material            期不会对本集团造成重大不利之财
        adverse financial impact on the Group is expected.                      务影响。

        Besides, in or about April 2014, another plaintiff commenced            此外,于2014年4月或前后,另一
        legal proceedings against the Subsidiary alleging that the            名原告人向该附属公司展开法律诉
        Subsidiary’s termination of a proposed transaction in relation            讼,声称该附属公司终止有关销售
        to the sale of the commercial development at No. 8 Clear            清水湾道8号之商业发展建议交易属
        Water Bay Road was wrongful and sought damages from the            不合法,并向该附属公司提出索赔。
        Subsidiary.

        Both the plaintiff and the defendant have completed the            原告人及被告人均完成披露、准备
        stages of disclosure, preparation of witness statements.            证人陈述书各阶段。审前覆核已定
        The pre-trial review is fixed on 3 September 2019. The            于2019年9月3日举行。上述案件将
        above case will be heard before a judge at the High            于2019年12月 10 日至2019年12月
        Court of Hong Kong between 10 December 2019 and            23日在香港高等法院大楼由法官进
        23 December 2019.                                                行聆讯。

                                                                      2018/19年报    亚洲联合基建控股有限公司    269
财务报表附注
31 March 2019
2019年3月31日

45. CONTINGENT LIABILITIES (continued)                  45. 或然负债(续)

  (b) Litigations (continued)                                (b) 诉讼(续)

        Based on the existing legal documents after having performed            基于管理层根据上述案件之现有法
        management’s internal critical assessment of the aforesaid case            律文件进行的内部关键性评估,并
        and seeking advice from an independent legal advisor, the            向独立法律顾问寻求意见后,本公
        directors of the Company are of the opinion that the Group            司董事认为本集团有合理之抗辩理
        has a reasonable ground of defence on the merits and the case            据且案件可获成功抗辩。因此,预
        would be successfully defended, therefore, no material adverse            期不会对本集团造成重大不利之财
        financial impact on the Group is expected.                              务影响。

46. OPERATING LEASE ARRANGEMENTS                  46. 经营租赁安排

  (a) As lessor                                          (a) 以出租人身份

        The Group leases its completed investment properties            本集团根据经营租赁安排出租其竣
        (note 16(a) to the financial statements) under operating lease            工投资物业(财务报表附注16(a)),
        arrangements, with leases negotiated for terms within one year            经磋商租期为一年以内(2018年:一
        (2018: one year). The terms of the leases generally also require            年)。租约条款通常亦要求租户支付
        the tenants to pay security deposits.                                    保证金。

        There was no operating lease arrangement as lessor by the            于2019年及2018年3月31日,本集
        Group as at 31 March 2019 and 2018.                                团作为出租人概无作出经营租赁安
                                                                          排。

  (b) As lessee                                          (b) 以承租人身份

        The Group leases certain of its office properties under operating            本集团根据经营租赁安排租用其若
        lease arrangements, with leases negotiated for terms ranging            干办公室物业,经磋商租期介乎一
        from one year to five years.                                          年至五年。

        At 31 March 2019, the Group had total future minimum lease            于2019年3月31日,本集团根据不
        payments under non-cancellable operating leases falling due as            可撤销经营租赁拥有日后最低租赁
        follows:                                                            付款,支付期如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Within one year                          一年内                            23,023        25,567
          In the second to fifth years, inclusive        第二至五年(包括首尾两年)        17,686        11,536
                                                                                  40,709        37,103
270    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

47. COMMITMENTS                                  47. 承担

    In addition to the operating lease commitments detailed in note        除上文附注46(b)所详述之经营租赁承担
    46(b) above, the Group had the following commitments at the end        外,于报告期末,本集团有以下承担:
    of the reporting period:

  (a) Capital commitments                              (a) 资本承担

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Contracted, but not provided for:          已订约但未拨备:

            Acquisition of items of property, plant      购置物业、机器及

              and equipment                          设备项目                    238,902            313
            Acquisition of investment properties        收购投资物业                        –        102,011
            Acquisition of an associate                收购一间联营公司                11,538              –
          Total capital commitments                资本承担总额                    250,440        102,324
  (b) Property development commitments                (b) 物业发展承担

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Contracted, but not provided for:          已订约但未拨备:

            Residential developments                  住宅发展                        2,121          2,989
                                                                      2018/19年报    亚洲联合基建控股有限公司    271
财务报表附注
31 March 2019
2019年3月31日

47. COMMITMENTS (continued)                          47. 承担(续)

  (c) Commitments for sale of property interests          (c) 出售物业权益之承担

        In respect of the prior financial year, the Group had the            就过往财政年度而言,于2018年
        following commitments for sale of property interests as at 31            3月31日,本集团有以下出售物业权
        March 2018:                                                      益之承担:

        (i)  On 19 June 2017, the Group entered into a provisional            (i)  于2017年6月19日,本集团与
            agreement for sale and purchase with, amongst others,                (其中包括)一名独立第三方订
            an independent third party, pursuant to which the Group                立临时买卖协议,据此,本集
            shall dispose of 60% interest in the T PLUS Project,                团应出售菁隽项目之60%权
            together with the outstanding shareholder’s loan owed                益,连同欠付本集团的未偿还
            to the Group, at a cash consideration attributable to                股东贷款,本集团应得现金代
            the Group of HK$500,060,000. In accordance with the                价为500,060,000港元。根据
            agreement, the transfer of the ownership interest in                该协议,转让菁隽项目之所有
            the T PLUS Project would have been completed upon                权权益将于所有先决条件(包括
            the fulfillment of all the conditions precedent including                香港地政总署颁发合规证书,
            the issuance of certificate of compliance by the Land                预期将于2019年9月或之前获
            Department of Hong Kong, which was expected to be                得)获达成后完成。

            obtained on or before September 2019.

            At 31 March 2018, deposit payments with a total                于2018年3月31日,本集团已
            amount of HK$297 million had been received by the                收到总金额为297,000,000港元
            Group. Pursuant to the agreement, all deposit payments                之按金款项。根据该协议,已
            received shall be held in an escrow account and can                收取之全部按金款项已存放于
            only be applied for payments of construction costs and                托管账户,并只可用作支付菁
            professional fees in connection with the T PLUS Project.                  隽项目相关之建设开支及专业
                                                                              费用。

            As the sale transaction was expected to be completed in                由于预期销售交易将于2019年
            September 2019, the T PLUS Project was not accounted                9月完成,于2018年3月31日,
            for as a disposal group classified as held for sale under                菁隽项目并未根据香港财务报
            HKFRS 5 in the consolidated statement of financial                告准则第5号于综合财务状况
            position as at 31 March 2018.                                        表内入账列作分类为持作销售
                                                                              之出售集团。

            The transfer of the ownership interest in the T PLUS                根据一份各方于2018年9月21
            Project was completed on 26 September 2018 pursuant                日签订之补充协议,菁隽项目
            to a supplementary agreement entered into between                的所有权权益转让已于2018
            the parties on 21 September 2018. Further details of                年 9 月 26 日完成。有关交易的
            the transaction are set out in note 44(a) to the financial                进一步详情载于财务报表附注
            statements.                                                        44(a)。

272    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

47. COMMITMENTS (continued)                          47. 承担(续)

  (c) Commitments for sale of property interests      (c) 出售物业权益之承担(续)

        (continued)

        (ii)  On 23 October 2017, the Group entered into a share            (ii)  于2017年10月23日,本集团
            transfer agreement with an independent third party for                与一名独立第三方订立股份转
            the disposal of the entire equity interest in 石家庄俊景房                让协议以出售于石家庄俊景房
            地产开发有限公司 (“Shijiazhuang JunJing”), an indirect                地产开发有限公司(「石家庄俊
            wholly-owned subsidiary of the Company, for a total                景」)(本公司之间接全资附属公
            consideration of RMB508 million. Shijiazhuang JunJing                司)之全部股权,总代价为人民
            holds the Group’s land held for property development                币508,000,000。石家庄俊景
            in Mainland China and certain of the Group’s properties                持有本集团于中国内地持作物
            held for sale in Mainland China. The completion of the                业发展之土地以及本集团于中
            transaction is subject to fulfillment of all conditions                国内地持作销售之若干物业。
            precedent before the long stop date of 23 July 2018 (as                有关交易须待所有先决条件于
            extended from 23 April 2018 by mutual agreement).                    2018年7月23日之最后截止日
                                                                                期(经双方协定后自2018年4月
                                                                                23日延长 )前 获 达成后,方可
                                                                                作实。

            As at the date of approval of the financial statements for                于批准截至2018年3月31日止
            the year ended 31 March 2018, the transaction has not                年度之财务报表日期,该交易
            been completed. In the opinion of the directors, as the                尚未完成。董事认为,由于概
            fulfillment of all conditions precedent before the long stop                不确定所有先决条件可于最后
            date is uncertain, the completion of the sale transaction                截止日期前获达成,销售交易
            is not highly probable. Accordingly, Shijiazhuang JunJing                未必极有可能完成。因此,于
            was not accounted for as a disposal subsidiary classified as                2018年3月31日,石家庄俊景
            held for sale under HKFRS 5 in the consolidated statement                并未根据香港财务报告准则第
            of financial position as at 31 March 2018.                              5号于综合财务状况表内入账
                                                                              列作分类为持作销售之出售附
                                                                              属公司。

        The transaction was terminated by mutual agreement during            交易已经在本财政年度经双方协定
        the current financial year.                                            下终止。

        There was no commitment for sale of property interests as at            截至2019年3月31日,本集团并无
        31 March 2019.                                                    出售物业权益之承担。

                                                                      2018/19年报    亚洲联合基建控股有限公司    273
财务报表附注
31 March 2019
2019年3月31日

48. RELATED PARTY DISCLOSURES                      48. 关连方披露

    (a)  In addition to the transactions detailed elsewhere in these        (a)  除该等财务报表其他部分详述之交
        financial statements, the Group entered into the following            易外,本集团于本年度内与关连方
        material transactions with related parties during the year:                订立以下重大交易:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
        Associates:                        联营公司:

          Management fee income          管理费收入              (i)            1,605          1,255
          Construction contract revenue      建筑合约收益            (i)                –        24,500
        Interest expense paid and          就已付及

          payable to the ultimate            应付最终控股公司之

          holding company on              可换股债券之

          convertible bonds                  利息开支                (ii)                –          7,255
          Notes:                                                                          附注:

          (i)  The transaction prices were determined by reference to the then              (i)  交易价格乃参考当时适用之市场价格
              prevailing market rates.                                                            厘定。

          (ii)  The interest expense was paid to GT Winners on the Convertible              (ii)  可换股债券B(如附注34(b)详述)已付
              Bonds B (as detailed in note 34(b)) which bore interest at the rate of                    GT Winners利息开支按年利率10%计
              10% per annum.                                                                息。

        The related party transactions in respect of item (ii) disclosed            上文第(ii)条所披露关连方交易亦构
        above also constitute connected transactions as defined in            成关连交易(定义见上市规则第14A
        Chapter 14A of the Listing Rules which are exempted from            章),惟根据上市规则第14A.90条可
        announcement, reporting and independent shareholders’            豁免遵守公告、申报及独立股东批
        approval requirements pursuant to Rule 14A.90 of the Listing            准之规定。

        Rules.

    (b)  Outstanding balances and other transactions with related        (b)  与关连方之未付余额及其他交易:
        parties:

        (i)  Details of the balances with joint ventures and associates            (i)  于报告期末,与合营公司及联
            at the end of the reporting period are disclosed in notes                营公司之余额详情分别于财务
            18(b),18(c), 19(b) to the financial statements, respectively.                报表附注18(b)、18(c)及19(b)
                                                                              披露。

        (ii)  Details of the trade receivable balances with other partners            (ii)  于报告期末,与合营业务其他
            of joint operations at the end of the reporting period are                伙伴之贸易应收款项结余详情
            disclosed in note 24(c) to the financial statements.                      于财务报表附注24(c)披露。
        (iii) Details of the guarantees provided by non-controlling            (iii) 一间附属公司非控股股权持有
            equity holders of a subsidiary in respect of certain bank                人就本集团若干银行贷款提供
            loans of the Group are set out in note 33(e) to the                担保之详情载于财务报表附注
            financial statements.                                                33(e)。

        (iv) Details of the guarantees given by the Group for banking            (iv) 本集团为银行融资向一间合营
            facilities granted to a joint venture and associates are                公司及联营公司授出担保之详
            disclosed in note 45(a)(ii) to the financial statements.                    情载于财务报表附注45(a)(ii)。
274    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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48. RELATED PARTY DISCLOSURES (continued)              48. 关连方披露(续)

    (b)  (continued)                                                    (b) (续)

        (v)  Details of the disposal of a subsidiary to a connected            (v)  向本公司关连人士出售一间附
            person of the Company are disclosed in note 44(b) to the                属公司之详情载于财务报表附
            financial statements.                                                注44(b)。

    (c)  Compensation of key management personnel of the Group          (c)  本集团主要管理人员之薪酬

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
          Short term employee benefits            短期雇员福利                        31,019        37,613
          Equity-settled share option expense      以股本结算之购股权开支              3,994          1,812
          Others equity-settled share-based        其他以股本结算之以股份为

            payment expense                      基础付款之开支                    2,300              –
          Retirement benefit scheme contributions  退休福利计划供款                      479            604
          Total compensation paid to key          向主要管理人员支付的

            management personnel                薪酬总额                          37,792        40,029
        Further details of directors’ emoluments are included in note            董事酬金的进一步详情载于财务报
        10 to the financial statements.                                        表附注10。

49. FINANCIAL INSTRUMENTS BY CATEGORY              49. 按类别划分之金融工具

    Except for a loan to a joint venture and equity investments being        除向一间合营公司贷款及股本投资分类
    classified as financial assets at fair value through profit or loss, as        为按公平值计入损益之金融资产(于财务
    disclosed in notes 18(c) and 28 to the financial statements, all other        报表附注18(c)及28披露)外,于2019年3
    financial assets and liabilities of the Group as at 31 March 2019        月31日,本集团所有其他金融资产及负
    are classified as financial assets and liabilities at amortised cost,        债乃分别分类为按摊销成本计量之金融
    respectively.                                                        资产及负债。

    Except for equity investments being classified as financial assets        除股本投资分类为按公平值计入损益之
    at fair value through profit or loss, as disclosed in note 28 to the        金融资产于财务报表附注28披露外,于
    financial statements, all other financial assets and liabilities of the        2018年3月31日,本集团所有其他金融资
    Group as at 31 March 2018 were loans and receivables and financial        产及负债分别为贷款及应收款项以及按
    liabilities stated at amortised cost, respectively.                          摊销成本计量之金融负债。

                                                                      2018/19年报    亚洲联合基建控股有限公司    275
财务报表附注
31 March 2019
2019年3月31日

50. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL  50. 金融工具之公平值及公平值层
  INSTRUMENTS

                                                    级

    The fair values of financial assets and financial liabilities are        金融资产及金融负债之公平值乃按下列
    determined as follows:                                              方式厘定:

       the fair values of financial assets with standard terms and           受标准条款及条件规管并于活跃流
        conditions and traded on active liquid markets are determined            通市场中买卖之金融资产之公平值
        with reference to quoted market bid prices; and                        乃参考市场所报买入价厘定;及

       the fair values of other financial assets and financial liabilities           其他金融资产及金融负债(计入第二
        included in the Level 2 and Level 3 categories have been            级及第三级类别)之公平值乃按折算
        determined in accordance with generally accepted pricing            现金流量分析为基准之公认定价模
        models based on a discounted cash flow analysis, with the            式厘定,其中最重要的输入数据为
        most significant inputs being the discount rate that reflects the            反映交易对手信贷风险的贴现率。
        credit risk of counterparties.

    The directors of the Company consider that the fair values of        本公司董事认为,于一年内到期收取或
    financial assets and financial liabilities which are due to be received        结算之金融资产及负债之公平值与各自
    or settled within one year approximate to their carrying amounts        之账面值相若,主要由于此等工具之期
    largely due to the short term maturities of these instruments.              限均为短期。

  Fair value measurements recognised in the              于综合财务状况表确认之公平值
  consolidated statement of financial position            计量

    The following table provides an analysis of financial instruments that        下表提供首次确认后以公平值计量之金
    are measured subsequent to initial recognition at fair value, grouped        融工具分析,其按可观察公平值程度分
    into Levels 1 to 3 based on the degree to which the fair value is        为一至三级。

    observable.

       Level 1 fair value measurements are those derived from quoted           第一级公平值计量乃按相同资产或
        prices (unadjusted) in active market for identical assets or            负债于活跃市场中所报价格(未经调
        liabilities.                                                          整)。

       Level 2 fair value measurements are those derived from inputs           第二级公平值计量乃除第一级计入
        other than quoted prices included within Level 1 that are            之报价外,来自资产或负债可直接
        observable for the asset or liability, either directly (i.e., as prices)          (即价格)或间接(即自价格衍生)观
        or indirectly (i.e., derived from prices).                                  察输入数据得出。

       Level 3 fair value measurements are those derived from           第三级公平值计量乃计入并非根据
        valuation techniques that include inputs for the asset or liability            可观察市场数据(非可观察输入数
        that are not based on observable market data (unobservable            据)之资产或负债之估值方法得出。
        inputs).

276    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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2019年3月31日

50. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL  50. 金融工具之公平值及公平值层
  INSTRUMENTS (continued)                              级(续)

  Fair value measurements recognised in the              于综合财务状况表确认之公平值
  consolidated statement of financial position            计量(续)

    (continued)

                                                          2019                          2018

                                                        2019年                          2018年

                                                Level 1    Level 3      Total    Level 1    Level 3      Total
                                                第一级    第三级      总额    第一级    第三级      总额
                                              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
    Equity investments at fair value  按公平值计入损益之

      through profit or loss        股本投资              65        –        65        80        –        80
    Debt instrument at fair value  按公平值计入损益之

      through profit or loss        债务工具              –    313,993    313,993        –        –        –
                                                    65    313,993    314,058        80        –        80
    There were no transfers between Level 1 and Level 2 and no transfer        于本财政年度及过往财政年度,第一级
    into or out of Level 3 in the current and prior financial years.              与第二级之间并无任何转换及并无由第
                                                                      三级转入或出。

    Below is a summary of the valuation technique used and the key        以下为本集团按公平值计入损益的债务
    input to the valuation of the Group’s debt instrument at fair value        工具估值所用估值技术及主要输入数据
    through profit or loss:                                                之概要:

                                                                                  Sensitivity of fair value
    Valuation technique          Significant unobservable inputs Discount rate  to the input

                                                                                  公平值输入

    估值技术                      重大不可观察输入数据                  贴现率  数据之敏感度

    Discounted cash flow method    Credit spread                          3.62%  1% increase/(decrease)

    折算现金流量法                信贷息差                                        in discount rate would

                                                                                    result in decrease/

                                                                                    (increase) in fair value

                                                                                    by approximately

                                                                                    HK$3,140,000/

                                                                                    (HK$3,140,000)

                                                                                  贴现率增加╱(减少)1%将
                                                                                    导致公平值减少╱(增加)
                                                                                    大约3,140,000港元╱

                                                                                    (3,140,000港元)

                                                                      2018/19年报    亚洲联合基建控股有限公司    277
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31 March 2019
2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策

  POLICIES

    The Group’s financial instruments include trade and other        本集团之金融工具包括贸易及其他应收
    receivables, equity investments at fair value through profit or loss,        款项、按公平值计入损益之股本投资、
    balances with joint ventures, associates, other partners of joint        于合营公司、联营公司、合营业务其他
    operations and non-controlling equity holders of subsidiaries, cash        伙伴及附属公司非控股股权持有人之结
    and bank balances, trade and other payables, accruals and bank        余、现金及银行结余、贸易及其他应付
    borrowings. Details of the financial instruments are disclosed in the        款项、应计款项及银行借款。该等金融
    respective notes to the financial statements. The risks associated        工具之详情于财务报表有关附注披露。
    with these financial instruments include market risk (currency risk        该等金融工具之相关风险包括市场风险
    and interest rate risk), credit risk and liquidity risk. Management      (货币风险及利率风险)、信贷风险及流
    manages and monitors these exposures to ensure appropriate        动资金风险。管理层管理及监控有关风
    measures are implemented in a timely and effective manner. The        险,以确保能适时及有效地采取适当措
    policies on how to mitigate these risks are set out below:                  施。有关减低该等风险之政策载于下文:
  Market risk                                          市场风险

    (i)  Currency risk                                                  (i)  货币风险

        Most of the Group’s assets and liabilities are denominated in            本集团大部分资产及负债均以港元
        HK$ or RMB, which are the same as the functional currencies            或人民币计值,与相关集团实体之
        of the relevant group entities. The Group undertakes certain            功能货币一致。本集团进行若干以
        transactions denominated in foreign currencies, and hence            外币计值之交易,因此面临汇率
        exposures to exchange rate fluctuations arise. The Group            波动风险。本集团预期毋须承担任
        does not expect any significant exposure to foreign exchange            何重大外汇波动风险,并仅会于有
        fluctuations and shall use derivative contracts to hedge against            需要时使用衍生合约对冲其外币风
        its exposure to currency risk only when it is required. The            险。本集团透过密切监察外币汇率
        Group manages its foreign currency risk by closely monitoring            变动,管理其外币风险。

        the movement of the foreign currency rate.

    (ii) Fair value and cash flow interest rate risks                      (ii) 公平值及现金流量利率风险

        The Group has significant bank borrowings and bank deposits            本集团以浮动利率计息的重大银行
        with floating interest rates which are exposed to cash flow            借款及银行存款面临现金流利率风
        interest rate risk. During the year, the Group has not hedged            险。本年度内本集团并无就其现金
        its cash flow and fair value interest rate risks. The directors            流量及公平值利率风险进行任何对
        of the Company consider the Group’s exposure to cash flow            冲。由于大部分存款以浮息利率计
        interest rate risk on the bank deposits is insignificant as most            息,而近年息率之波动并不重大,
        deposits bear variable interest rates which have not significantly            故本公司董事认为本集团银行存款
        fluctuated in recent years.                                            之现金流量利率风险并不重大。

278    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Market risk (continued)                                  市场风险(续)

    (ii) Fair value and cash flow interest rate risks (continued)          (ii) 公平值及现金流量利率风险(续)
        Sensitivity analysis                                                敏感度分析

        The sensitivity analysis below has been determined based on            下列敏感度分析根据于报告期末浮
        the exposure to interest rates for variable-rate bank borrowings            息银行借款之利率风险厘定。编制
        at the end of the reporting period. The analysis is prepared            有关分析时,乃假设于报告期末未
        assuming the amount of liability outstanding at the end of            偿还之负债金额于全年一直并未偿
        the reporting period was outstanding for the whole year. A            还。100基点(2018年:100基点)增
        100 (2018: 100) basis point increase or decrease is used when            减乃代表管理层对利率之合理可能
        reporting interest rate risk internally to key management            变动所作评估,亦是内部对主要管
        personnel and represents management’s assessment of the            理人员汇报利率风险时所用基准。
        reasonably possible change in interest rates.

        If interest rates had been 100 (2018: 100) basis points higher/            假设利率上升╱下跌100基点(2018
        lower and all other variables were held constant, the Group’s            年:100基点),而所有其他变数
        post-tax profit for the year ended 31 March 2019 would have            均维持不变,本集团截至 2019 年3
        decreased/increased by approximately HK$20,447,000 (2018:            月31日止年度之除税后溢利将会减
        HK$12,346,000).                                                  少╱增加约20,447,000港元(2018
                                                                          年:12,346,000港元)。

        Sensitivity analysis on bank deposits is not presented as the            由于本公司董事认为本集团银行存
        directors of the Company consider that the Group’s exposure            款之利率波动风险并不重大,因此
        to interest rate fluctuations on bank deposits is insignificant.              并无呈列银行存款之敏感度分析。
  Credit risk                                            信贷风险

    The Group’s credit risk is primarily attributable to its debtors and        本集团之信贷风险主要来自其应收账项
    amounts due from other partners of joint operations. The Group is        以及合营业务其他伙伴所欠款项。本集
    exposed to concentration of credit risk as a substantial portion of its        团面对信贷集中风险,因为其大部分贸
    trade debtors are generated from a limited number of customers.        易应收账项源自少量的客户。于报告期
    At the end of the reporting period, two (2018: two) customers of        末,本集团两名(2018年:两名)客户占
    the Group accounted for approximately 53% (2018: 62%) of the        本集团之贸易应收账款约53%(2018年:
    Group’s trade receivables. In order to minimise the credit risk, the        62%)。为减低信贷风险,本集团之管理
    management of the Group has delegated a team responsible for        层已授权一个小组,负责厘定信贷额、
    determination of credit limits, credit approvals and other monitoring        批授信贷及执行其他监控程序,以确保
    procedures to ensure that follow-up action is taken to recover        采取跟进行动收回逾期债务。为减轻就
    overdue debts. To mitigate credit risk arising from guarantees        动用一间合营公司及联营公司信贷融资
    provided to banks in respect of credit facilities utilised by a joint        提供财务担保而引起的信贷风险,本集
    venture and associates, the Group has delegated a team responsible        团已委派一组人员负责评估信贷状况及
    for assessing credit standing and limits to the guarantees to be        所作担保之限制。此外,管理层认为,
    made. In addition, management considers the credit risk exposure        由于融资以物业作为抵押,因此提供予
    to financial guarantees provided to property purchasers is limited        物业买方的财务担保信贷风险有限。就
    because the facilities are secured by the properties. In this regard,        此而言,本公司董事认为,本集团之信
    the directors of the Company consider that the Group’s credit risk is        贷风险已大幅减少。

    significantly reduced.

                                                                      2018/19年报    亚洲联合基建控股有限公司    279
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2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Credit risk (continued)                                    信贷风险(续)

    Except for the above, the Group does not have any significant        除上文所述者外,本集团并无任何重大
    concentration of credit risk, with exposure spreading over a number        集中之信贷风险,该等风险乃分散至多
    of counterparties and customers.                                      名交易对手及客户。

    The credit risk on liquid funds is limited because the counterparties        由于交易对手为获国际信贷评级机构评
    are banks with high credit ratings assigned by international credit-        级为高信贷评级之银行,故流动资金之
    rating agencies.                                                    信贷风险有限。

    With respect to credit risk arising from amounts due from joint        就合营公司、联营公司及合营业务其他
    ventures, associates and other partners of joint operations,        伙伴所之应收款项产生之信贷风险而
    the Group’s exposure to credit risk arising from default of the        言,本集团来自交易对手方违约的信贷
    counterparty is limited as the counterparty has sufficient net assets        风险有限,因为交易对手有足够的净资
    to repay its debts and/or a good history of repayment.                    产偿还其债务及╱或具备良好之还款记
                                                                      录。

    The table below shows the credit quality and the maximum exposure        下表列示基于本集团信贷政策的信贷质
    to credit risk based on the Group’s credit policy, which is mainly        量及最大信贷风险敞口,该信贷政策主
    based on past due information unless other information is available        要基于过往的有效资料(除非其他资料无
    without undue cost or effort, and year-end staging classification        需付出不必要的成本或努力即可获得)以
    as at 31 March 2019. The amounts presented are gross carrying        及截至 2019 年 3月 31 日 的年终按阶段分
    amounts for financial assets.                                          类。所呈列金额为金融资产之账面总值。
                                                        12-month

                                                            ECLs          Lifetime ECLs

                                                          12个月内

                                                            的预期            全期的

                                                          信贷亏损          预期信贷亏损

                                                                                      Simplified

                                                          Stage 1    Stage 2    Stage 3  approach      Total
                                                          第一阶段  第二阶段  第三阶段    简单法      总计
                                                          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
    Trade receivables*                贸易应收款项*                –        –        –  983,990  983,990
    Contract assets*                  合约资产*                    –        –        –  2,757,909  2,757,909
    Financial assets included in          计入预付款项、按金及

      prepayments, deposits and other      其他应收款项的

      receivables                      金融资产

      – Normal**                    – 正常**              566,193        –        –        –  566,193
      – Doubtful**                    – 可疑**                    –    74,000        –        –    74,000
    Restricted cash and pledged deposits  受限制现金及已抵押存款

      – Not yet past due                – 尚未逾期              26,149        –        –        –    26,149
    Cash and cash equivalents          现金及与现金等值项目

      – Not yet past due                – 尚未逾期            1,829,856        –        –        –  1,829,856
                                                        2,422,198    74,000        –  3,741,899  6,238,097
280    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

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31 March 2019
2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Credit risk (continued)                                    信贷风险(续)

    *    For trade receivables and contract assets to which the Group applies        *    就本集团采用简单法进行减值的贸易应收
          the simplified approach for impairment, information based on historical              款项及合约资产而言,基于债务人估计年
          observed default rates over the expected life of debtors and adjusted for              期内的过往观察所得的违约率估算,并就
          forward-looking information as disclosed in notes 24 and 25(a) to the              前瞻性资料进行调整的资料分别于财务报
          financial statements, respectively.                                                  表附注24及25(a)披露。

    **  The credit quality of the financial assets included in prepayments, deposits        **  包含于预付款项、按金及其他应收款项的
          and other receivables is considered to be “normal” when they are not past              金融资产的信贷质量于未逾期,并且无任
          due and there is no information indicating that the financial assets had a              何迹象表明该金融资产自初始确认以来其
          significant increase in credit risk since initial recognition. Otherwise, the              信贷风险已显著增加时被视为「正常」。否
          credit quality of the financial assets is considered to be “doubtful”.                      则,该金融资产的信贷质量被视为「可疑」。
  Liquidity risk                                          流动资金风险

    In the management of liquidity risk, the Group monitors and        在管理流动资金风险方面,本集团监控
    maintains a level of cash and cash equivalents deemed adequate        及维持一定水平之现金及与现金等值项
    by management to finance the Group’s operations and mitigate        目,而管理层认为其足以为本集团营运
    the effects of fluctuations in cash flows. Management monitors the        提供资金及缓和现金流量波动之影响。
    utilisation of bank borrowings and ensures compliance with loan        管理层监控银行借款之使用情况并确保
    covenants.                                                        遵守贷款契约。

    The Group relies on bank borrowings, guaranteed bonds and equity        本集团依靠银行借款、担保债券及股本
    financing as significant sources of liquidity. Details of which are set        融资作为其主要流动资金来源,有关详
    out in notes 33, 35 and 39 to the financial statements.                    情载于财务报表附注33、35及39。

    The following tables detail the Group’s remaining contractual        下表详列本集团非衍生金融负债按协定
    maturity for its non-derivative financial liabilities based on the agreed        偿还条款分析之剩余合约年期。下表根
    repayment terms. The tables have been drawn up based on the        据本集团最早需要还款之日期按金融负
    undiscounted cash flows of financial liabilities based on the earliest        债之未贴现现金流量编制。该等列表同
    date on which the Group can be required to pay. The tables include        时包括利息及本金之现金流量。倘该等
    both interest and principal cash flows. To the extent that cash flows        现金流量为浮息,未贴现金额按报告期
    are at floating rate, the undiscounted amount is derived from the        末之利率计算。

    interest rate at the end of the reporting period.

                                                                      2018/19年报    亚洲联合基建控股有限公司    281
财务报表附注
31 March 2019
2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Liquidity risk (continued)                                流动资金风险(续)

    Liquidity and interest risk tables                                    流动资金及利息风险表

    31 March 2019                                                    2019年3月31日

                                            Weighted  Repayable

                                              average  on demand                            Total

                                              effective    or within      1 to 5  More than undiscounted    Carrying
                                          interest rate      1 year      years    5 years  cash flows    amount
                                              加权平均  须按要求或                        未贴现现金

                                              实际利率  一年内偿还  一年至五年    超过五年    流量总额      账面值
                                                        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
    Trade payables            贸易应付款项                  1,665,000    175,192        –    1,840,192    1,840,192
    Other payables and accruals    其他应付款项及

                              应计款项                    775,956        –        –    775,956    775,956
    Due to other partners of joint    应付合营业务其他

      operations – interest-free      伙伴之款项-免息              49,836        –        –      49,836      49,836
    Due to a fellow subsidiary of    应付一间合营业务

      another partner of a joint      其他伙伴同系附属

      operation – interest-free      公司之款项-免息                  896        –        –        896        896
    Due to associates            应付联营公司之款项              12,436        –        –      12,436      12,436
    Due to non-controlling equity    应付附属公司的

      holders of subsidiaries        非控股股权

                              持有人之款项                  38,482        –        –      38,482      38,482
    Bank borrowings – variable rates  银行借款-浮息        3.03    1,126,461    1,736,419      1,367    2,864,247    2,754,146
    Obligations under hire purchase  租购合约及

      contracts and finance leases    融资租赁承担        2.51      5,872      1,525        –      7,397      7,180
    Financial guarantee contracts    财务担保合约                  460,670        –        –    460,670        –
                                                        4,135,609    1,913,136      1,367    6,050,112    5,479,124
282    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Liquidity risk (continued)                                流动资金风险(续)

    Liquidity and interest risk tables (continued)                      流动资金及利息风险表(续)

    31 March 2018                                                    2018年3月31日

                                              Weighted    Repayable

                                              average  on demand                            Total

                                              effective    or within      1 to 5  More than  undiscounted    Carrying
                                            interest rate      1 year      years      5 years    cash flows    amount
                                              加权平均  须按要求或                        未贴现现金

                                              实际利率  一年内偿还  一年至五年    超过五年    流量总额      账面值
                                                        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
    Trade payables            贸易应付款项                  1,148,433    371,341        –    1,519,774    1,519,774
    Other payables and accruals    其他应付款项及

                              应计款项                    388,964        –        –    388,964    388,964
    Due to other partners of joint    应付合营业务其他

      operations – interest-free      伙伴之款项-免息              44,187        –        –      44,187      44,187
    Due to associates            应付联营公司之款项              12,436        –        –      12,436      12,436
    Due to non-controlling equity    应付附属公司的

      holders of subsidiaries        非控股股权

                              持有人之款项                  7,239        –        –      7,239      7,239
    Interest-free loans from        来自一间附属公司

      a non-controlling equity      非控股股权持有人

      holder of a subsidiary        之免息贷款                        –        –    157,738    157,738    142,862
    Bank borrowings – variable rates  银行借款-浮息        3.00    2,705,595      2,343      5,000    2,712,938    2,710,969
    Guaranteed bonds          担保债券              6.00      41,340        –        –      41,340      39,000
    Obligations under hire purchase  租购合约及融资

      contracts and finance leases    租赁承担            4.63      11,184      6,055        –      17,239      16,807
    Financial guarantee contracts    财务担保合约                  490,980        –        –    490,980        –
                                                        4,850,358    379,739    162,738    5,392,835    4,882,238
    The amounts included above for financial guarantee contracts        上述计入财务担保合约之金额为交易对
    are the maximum amounts the Group could be required to settle        手就担保提出索偿有关款项时,本集团
    under the arrangements for the full guaranteed amounts if those        根据安排可能须就全数担保金额偿还之
    amounts are claimed by the counterparties to the guarantees. Based        最高金额。根据于报告期末之预期,本
    on expectations at the end of the reporting period, the Group        集团认为,不大可能须根据安排支付任
    considers that it is more likely than not that no amount will be        何款项。然而,是项估计将因应交易对
    payable under the arrangements. However, this estimate is subject        手根据担保提出申索之可能性而出现变
    to change depending on the probability of the counterparties        动,而有关可能性则与交易对手所持已
    claiming under the guarantees which are a function of the likelihood        担保之财务应收款项出现信贷亏损之可
    that the financial receivables held by the counterparties which are        能性有关。

    guaranteed suffer credit losses.

                                                                      2018/19年报    亚洲联合基建控股有限公司    283
财务报表附注
31 March 2019
2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Liquidity risk (continued)                                流动资金风险(续)

    Bank borrowings with a repayment on demand clause are included        附有须按要求偿还条文之银行借款于
    in the “repayable on demand or within 1 year” time band in the        上述到期分析中列入「须按要求或一
    above maturity analysis. At 31 March 2019, the aggregate carrying        年内偿还」时间组别。于2019年3月31
    amount of the bank borrowings classified as repayable on demand        日,分类为按要求偿还之银行借款之总
    was HK$526,427,000 (2018: HK$2,704,632,000). Taking into        账面值为526,427,000港元(2018年:
    account the Group’s financial position, the directors of the Company        2,704,632,000港元)。经考虑本集团之财
    do not believe that it is probable that the banks will exercise their        务状况,本公司董事相信银行行使酌情
    discretionary rights to demand immediate repayment.                    权要求即时还款之可能性不大。

    For the purpose of managing liquidity risk, management reviews the        为管理流动资金风险,管理层检讨本集
    expected cash flow information of the Group’s bank borrowings.        团之银行借款之预期现金流量资料。于
    The maturity profile of the Group’s bank borrowings with a        报告期末,根据约定还款日期及合约未
    repayment on demand clause as at the end of the reporting period,        贴现付款,本集团附有须按要求偿还条
    based on the scheduled repayment dates and the contractual        款的银行借款到期日如下:

    undiscounted payments, is as follows:

                                                          Repayable                    Total

                                                              within        1 to 5 undiscounted    Carrying
                                                              1 year        years    cash flows      amount
                                                                                    未贴现现金

                                                        须一年内偿还    一年至五年    流量总额      账面值
                                                            HK$’000    HK$’000    HK$’000    HK$’000
                                                              千港元      千港元      千港元      千港元
    31 March 2019                2019年3月31日

    Bank borrowings with            附有须按要求偿还条文之

      a repayment on demand clause    银行借款                  523,985        2,801      526,786      526,427
    31 March 2018                2018年3月31日

    Bank borrowings with            附有须按要求偿还条文之

      a repayment on demand clause    银行借款                1,687,876    1,110,500    2,798,376    2,704,632
    The amounts included above for variable interest rate instruments        上述计入非衍生金融负债浮动利率工具
    for non-derivative financial liabilities are subject to change if changes        之金额,将于浮动利率之变动与于报告
    in variable interest rates differ to those estimates of interest rates        期末厘定之估计利率变动有差异时作出
    determined at the end of the reporting period.                          修订。

284    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

51. FINANCIAL RISK MANAGEMENT OBJECTIVES AND  51. 财务风险管理目标及政策(续)
  POLICIES (continued)

  Capital management                                  资本管理

    The primary objectives of the Group’s capital management are to        本集团资本管理的首要目标是保障本集
    safeguard the Group’s ability to continue as a going concern and to        团持续经营并维持稳健的资本比率以支
    maintain healthy capital ratios in order to support its business and        持其业务及尽量提升股东价值的能力。
    maximise shareholders’ value.

    The Group manages its capital structure and makes adjustments to it        本集团根据经济环境的变化及相关资产
    in light of changes in economic conditions and the risk characteristics        的风险特质管理其资本架构及作出调
    of the underlying assets. To maintain or adjust the capital structure,        整。为维持或调整资本架构,本集团可
    the Group may adjust the dividend payment to shareholders or issue        能调整支付予股东的股息或发行新股
    new shares. No changes were made in the objectives, policies or        份。于截至2019年及2018年3月31日止
    processes for managing capital during the years ended 31 March        年度,资本管理目标、政策或程序概无
    2019 and 2018.                                                    任何变动。

    Depending on the market conditions and funding arrangements,        视乎市况及资金安排,倘于任何时间购
    if at any time, repurchase of the Company’s shares will lead to an        回本公司股份将提升本集团每股资产净
    enhancement of the net asset value per share and/or earnings per        值及╱或每股盈利,本公司董事将批准
    share of the Group, the directors of the Company will authorise        有关交易。

    such transactions.

    The Group monitors capital using a gearing ratio, which is total        本集团使用资本负债比率监察资本,资
    debts less total cash and bank balances divided by the equity        本负债比率即总债务减现金及银行结余
    attributable to shareholders of the Company. The gearing ratios as        总额除以本公司股东应占权益。于报告
    at the end of the reporting periods are as follows:                        期末资本负债比率如下:

                                                                                    2019          2018
                                                                                  2019年        2018年
                                                                                  HK$’000        HK$’000
                                                                                    千港元        千港元
    Bank borrowings                        银行借款                          2,754,146      2,710,969
    Guaranteed bonds                      担保债券                                  –        39,000
    Hire purchase contract and finance lease    租购合约及融资租赁

      payables                                应付款项                            7,180        16,807
    Total debts                              债务总额                          2,761,326      2,766,776
    Less: Total cash and bank balances          减:现金及银行结余总额            (1,856,005)    (2,017,182)
    Net debts                              债务净额                            905,321        749,594
    Equity attributable to shareholders of        本公司股东应占权益

      the Company                                                            2,441,602      2,505,803
    Gearing ratio                            资本负债比率                            37%          30%
                                                                      2018/19年报    亚洲联合基建控股有限公司    285
财务报表附注
31 March 2019
2019年3月31日

52. PARTICULARS OF PRINCIPAL SUBSIDIARIES            52. 主要附属公司详情

    Particulars of the Company’s principal subsidiaries as at 31 March        本公司主要附属公司于2019年3月31日的
    2019 are as follows:                                                详情如下:

                                    Place of                Issued      Percentage

                                    incorporation/        ordinary/      of equity

                                    registration        registered    attributable to

    Name of subsidiary              and business      share capital    the Company    Principal activities

                                    注册成立╱        已发行普通╱      本公司应占

    附属公司名称                    营业地点            注册股本      股权百分比      主要业务

                                                                        2019      2018

                                                                      2019年    2018年

                                                                          %        %

    Bloom Team Building Construction    Hong Kong              HK$2      100      100  Building construction
      Company Limited                                ordinary shares                        works

    佳诚建筑工程有限公司              香港              2港元普通股                      楼宇建筑工程

    Champion Surveying & Engineering    Hong Kong              HK$2      100      100  Surveying and

      Co., Limited                                    ordinary shares                        engineering works
    俊威测绘工程有限公司              香港              2港元普通股                      测量及建筑工程

    Chun Wo Building Construction Limited Hong Kong      HK$600,000,000      100      100  Construction

                                                      ordinary shares

    俊和建筑有限公司                香港          600,000,000港元                      建筑

                                                            普通股

    Chun Wo Construction and Engineering Hong Kong      HK$291,000,000      100      100  Construction

      Company Limited                                ordinary shares

                                                      HK$9,000,000

                                                  non-voting deferred

                                                            shares

    俊和建筑工程有限公司              香港          291,000,000港元                      建筑

                                                            普通股

                                                      9,000,000港元

                                                  无投票权递延股份

    Chun Wo E & M Engineering Limited  Hong Kong      HK$90,000,000      100      100  Electrical and

                                                      ordinary shares                        mechanical contract
                                                                                          works

    俊和机电工程有限公司              香港            90,000,000港元                      机电合约工程

                                                            普通股

286    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

52. PARTICULARS OF PRINCIPAL SUBSIDIARIES (continued)    52. 主要附属公司详情(续)

                                    Place of                Issued      Percentage

                                    incorporation/        ordinary/      of equity

                                    registration        registered    attributable to

    Name of subsidiary              and business      share capital    the Company    Principal activities

                                    注册成立╱        已发行普通╱      本公司应占

    附属公司名称                    营业地点            注册股本      股权百分比      主要业务

                                                                        2019      2018

                                                                      2019年    2018年

                                                                          %        %

    Chun Wo Elegant Decoration        Hong Kong      HK$100,000,000      100      100  Interior design and

      Engineering Company Limited                      ordinary shares                        decoration

    俊和高雅装饰工程有限公司          香港          100,000,000港元                      室内设计及装修

                                                            普通股

    Chun Wo Engineering (Macau)        Macau          MOP1,000,000      100      100  Construction

      Company Limited                                        capital

    俊和工程(澳门)有限公司            澳门          1,000,000澳门元                      建筑

                                                              资本

    Chun Wo Foundations Limited        Hong Kong      HK$19,000,000      100      100  Construction

                                                      ordinary shares

    俊和地基工程有限公司              香港            19,000,000港元                      建筑

                                                            普通股

    Chun Wo Foundations (Macau)        Macau            MOP100,000      100      100  Construction

      Engineering Limited                                      capital

    俊和地基(澳门)工程有限公司        澳门            100,000澳门元                      建筑

                                                              资本

    Chun Wo Group Finance (HK) Limited  Hong Kong              HK$1      100      100  Financing

                                                      ordinary share

                                    香港              1港元普通股                      融资

    Chun Wo Tunnel Management Limited  Hong Kong              HK$1        95      100  Tunnel management
                                                      ordinary share                        services

    俊和隧道管理有限公司              香港              1港元普通股                      隧道管理服务

                                                                      2018/19年报    亚洲联合基建控股有限公司    287
财务报表附注
31 March 2019
2019年3月31日

52. PARTICULARS OF PRINCIPAL SUBSIDIARIES (continued)    52. 主要附属公司详情(续)

                                    Place of                Issued      Percentage

                                    incorporation/        ordinary/      of equity

                                    registration        registered    attributable to

    Name of subsidiary              and business      share capital    the Company    Principal activities
                                    注册成立╱        已发行普通╱      本公司应占

    附属公司名称                    营业地点            注册股本      股权百分比      主要业务

                                                                        2019      2018

                                                                      2019年    2018年

                                                                          %        %

    City Professional Management Limited  Hong Kong        HK$8,230,000        95      100  Property management
                                                      ordinary shares                        services

    城市专业管理有限公司              香港            8,230,000港元                      物业管理服务

                                                            普通股

    City Security Company Limited        Hong Kong        HK$1,000,000        95      100  Security guard services
                                                      ordinary shares

    城市护衞有限公司                香港            1,000,000港元                      护衞服务

                                                            普通股

    Full Fame Development Limited        Hong Kong              HK$1      100      100  Property development
                                                      ordinary share

    广誉发展有限公司                香港              1港元普通股                      物业发展

    Green Solution Interior Design and    Hong Kong              HK$1      100      100  Interior design and
      Decoration Company Limited                        ordinary share                        decoration

    佳朗室内设计及装修有限公司        香港              1港元普通股                      室内设计及装修

    Honest Kind Limited                Hong Kong              HK$1      100      100  Financing

                                                      ordinary share

    良诚有限公司                    香港              1港元普通股                      融资

    Smartlink International Development    Hong Kong/              HK$1      100      100  Property investment
      Limited                          the UAE        ordinary share

    俊盈国际发展有限公司              香港╱阿联酋      1港元普通股                      物业投资

    Smartwill Asia Limited              Hong Kong/              HK$1      100      100  Property development
                                      the UAE        ordinary share

    骏伟亚洲有限公司                香港╱阿联酋      1港元普通股                      物业发展

    Vasteam Construction Limited        Hong Kong      HK$100,000,000      100      100  Civil engineering

                                                      ordinary shares                        construction work
                                                                                          services

    浩隆建筑有限公司                香港          100,000,000港元                      土木建筑工程

                                                            普通股                        施工服务

288    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

52. PARTICULARS OF PRINCIPAL SUBSIDIARIES (continued)    52. 主要附属公司详情(续)

                                    Place of                Issued      Percentage

                                    incorporation/        ordinary/      of equity

                                    registration        registered    attributable to

    Name of subsidiary              and business      share capital    the Company    Principal activities

                                    注册成立╱        已发行普通╱      本公司应占

    附属公司名称                    营业地点            注册股本      股权百分比      主要业务

                                                                        2019      2018

                                                                      2019年    2018年

                                                                          %        %

    Wing Cheong Electrical Engineering &  Hong Kong      HK$20,000,000      100      100  Electrical and

      Contracting Company Limited                      ordinary shares                        mechanical contract
                                                                                          works

    永昌电器工程有限公司              香港            20,000,000港元                      机电合约工程

                                                            普通股

    石家庄俊景房地产开发有限公司      PRC/Mainland    HK$150,000,000      100      100  Property development
      (note (ii)() 附注(ii))                China        registered capital

                                    中国╱        150,000,000港元                      物业发展

                                      中国内地            注册股本

    深圳前海俊和投资咨询有限公司      PRC/Mainland    RMB10,000,000      100      100  Consultancy service

      (note (ii)() 附注(ii))                China        registered capital

                                    中国╱                人民币                      顾问服务

                                      中国内地          10,000,000

                                                          注册股本

      Notes:                                                                        附注:

      (i)  All the above principal subsidiaries are indirectly held by the Company.            (i)  上述所有主要附属公司均由本公司间接拥
                                                                                          有。

      (ii)  These subsidiaries are wholly-foreign-owned enterprises established under        (ii)  该等附属公司均为根据中国法律成立之外
            PRC law.                                                                      商独资企业。

    The above table lists the subsidiaries of the Company which, in        上表列举本公司董事认为主要影响本年
    the opinion of the directors of the Company, principally affected        度业绩或占本集团资产净值相当比重之
    the results for the year or formed a substantial portion of the net        本公司附属公司。本公司董事认为列出
    assets of the Group. To give details of other subsidiaries would, in        其他附属公司之详情会令篇幅过于冗长。
    the opinion of the directors of the Company, result in particulars of

    excessive length.

                                                                      2018/19年报    亚洲联合基建控股有限公司    289
财务报表附注
31 March 2019
2019年3月31日

53. PARTICULARS OF PRINCIPAL JOINT OPERATIONS        53. 主要合营业务详情

    Particulars of the Company’s principal joint operations as at        本集团主要合营业务于2019年3月31日的
    31 March 2019 are as follows:                                        详情如下:

                                      Form of        Place of            Percentage of

                                      business        registration/    attributable interest

    Name of joint operation            structure        operation          of the Group    Principal activities
    合营业务名称                      经营架构形式    注册╱营业地点  本集团应占权益百分比  主要业务

                                                                          2019      2018

                                                                        2019年    2018年

                                                                            %        %

                                                                      (note (a))  (note (a))  (note (b))

                                                                    (附注(a)) (附注(a)) (附注(b))

    CW – CMGC Joint Venture            Unincorporated  Hong Kong            51        51  Construction

    俊和-中冶联营                    非公司法人      香港                                建筑

    CW – STEC – CMGC JV              Unincorporated  Hong Kong            34        34  Construction

    俊和-上隧-中冶联营              非公司法人      香港                                建筑

    Notes:                                                                          附注:

    (a)  The Group’s attributable interest is equal to, greater or less than 50% in        (a)  本集团应占权益相等于、高于或低于该等
          these body unincorporates. However, under the joint venture agreements,              非公司法人团体的50%。然而,根据合营
          the joint operators have contractually agreed sharing of control over the              协议,合营方已订约协定共同享有该等非
          relevant activities of these body unincorporates, and hence all these body              公司法人团体相关活动的控制权,因此,
          unincorporates are jointly controlled by the Group and the other joint              该等非公司法人团体全部均由本集团及其
          operators. Furthermore, the relevant joint venture agreements specify that              他合营方共同控制。此外,相关合营协议
          the Group and the other parties to the joint arrangements have rights to              订明,本集团及合营安排其他订约方有权
          the assets and obligations to the liabilities relating to the joint arrangements              利分别根据上述本集团应占之权益及其他
          in accordance with the attributable interest of the Group as disclosed above              合营方应占之权益,享有合营安排所涉及
          and the interest attributable to the other joint operators respectively, and              资产,及承担当中的责任,因此,该等非
          therefore these body unincorporates are classified as joint operations.                    公司法人团体被分类为合营业务。

    (b)  All principal joint operations engaged in construction works are contracted        (b)  所有从事建筑工程的主要合营业务均已订
          to carry out infrastructure and public facilities related works in Hong Kong.              约,以于香港进行基建及公众设施相关工
          These joint operations are strategic to the Group’s principal activities in              程。该等合营业务对本集团于建筑工程的
          construction works.                                                              主要活动至关重要。

    The above table lists the joint operations of the Group which, in        上表列举本公司董事认为主要影响本年
    the opinion of the directors of the Company, principally affect the        度业绩或占本集团资产净值相当比重之
    results of the year or constitute a substantial portion of the net assets        本集团合营业务。本公司董事认为列出
    of the Group. To give details of other joint operations would, in        其他合营业务之详情会令篇幅过于冗长。
    the opinion of the directors of the Company, result in particulars of

    excessive length.

290    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

54. PARTICULARS OF JOINT VENTURES                  54. 合营公司详情

    Particulars of the Group’s joint ventures, which are indirectly held by        于 2019 年3 月 31 日,本集团之合营公司
    the Company, as at 31 March 2019 are as follows:                      (由本公司间接持有)之资料详情如下:
                                            Place of

    Name of            Particulars of        registration    Ownership Percentage      Profit  Principal

    joint venture        issued shares held    and business      interest  of voting    sharing  activities

    合营公司名称        所持已发行股份之详情 注册地址及业务  所有者权益 投票权百分比  利润分红  主要业务

                                                                  %        %        %

    Dingway Investment  Registered shares      BVI                    45        50        45  Investment

      Limited (note(i))      of US$1 each                                                          holding

    鼎汇投资有限公司    注册资本每股1美元    英属处女群岛                                      投资控股

      (附注(i))

    Novabala JV Corp.    2,000 common      Philippines              20        20        20  Design and

                          shares of PHP 100                                                      construction
                          each and 9,000

                          redeemable

                          preferred shares of

                          PHP 200 each

                        2,000股每股面值100  菲律宾                                            设计及建造

                          菲律宾比索的普通股

                          及9,000股每股面值

                          200菲律宾比索的可

                          赎回优先股

    Mega Champion      Registered shares of    BVI                    50        50        50  Investment

      Enterprises Limited    US$1 each                                                            holding

      (note(ii))

      (附注(ii))        注册资本每股1美元    英属处女群岛                                      投资控股

    Notes:                                                                          附注:

    (i)  Dingway Investment Limited has a wholly-owned subsidiary, named CCCC        (i)  鼎汇投资有限公司之全资附属公司 CCCC
          International USA LLC, which is incorporated in the State of Delaware of the              International USA LLC,该公司乃于美国特
          USA and is engaged in the business of property development.                          拉华州注册成立及从事物业发展业务。

    (ii)  Mega Champion Enterprises Limited has a wholly-owned subsidiary, named        (ii)  Mega Champion Enterprises Limited之全资
          Famous Smart Corporation Limited, which is incorporated in Hong Kong              附属公司俊铭有限公司,该公司乃于香港
          and is engaged in the business of property development.                              注册成立及从事物业发展业务。

                                                                      2018/19年报    亚洲联合基建控股有限公司    291
财务报表附注
31 March 2019
2019年3月31日

55. PARTICULARS OF PRINCIPAL ASSOCIATES            55. 主要联营公司详情

    Particulars of the Group’s principal associates as at 31 March 2019        于2019年3月31日,本集团之主要联营公
    are as follows:                                                      司之详情如下:

                                                            Issued      Percentage

                                  Place of                ordinary/      of equity

                                  incorporation/          registered      attributable

    Name of associate            business              share capital    to the Group    Principal activities

                                  注册成立╱            已发行普通╱      本公司应占

    联营公司名称                营业地点                注册股本      股权百分比      主要业务

                                                                        2019      2018

                                                                      2019年    2018年

                                                                          %        %

    Vietnam Land (HK) Ltd.          BVI                US$25,000,000        20        20  Investment holding

                                                      ordinary shares

                                  英属处女群岛        25,000,000美元                      投资控股

                                                            普通股

    Top Spring Chun Wo            Cayman Islands              US$10        40        40  Property development
                                                      ordinary shares

    莱蒙俊和                    开曼群岛                  10美元                      物业发展

                                                            普通股

    CPDL*                      Hong Kong                HK$100        20        –  Property development
                                                      ordinary shares

    创利发展*                  香港                100港元普通股                      物业发展

    *    Acquired during the year                                                    *    本年度内收购

    The above table lists the associates of the Group which, in the        上表列举本公司董事认为主要影响本年
    opinion of the directors of the Company, principally affected the        度业绩或构成本集团资产净值相当比重
    results for the year or formed a substantial portion of the net assets        之本集团联营公司。本公司董事认为列
    of the Group. To give details of other associates would, in the        出其他联营公司之详情会令篇幅过于冗
    opinion of the directors of the Company, result in particulars of        长。

    excessive length.

292    Asia Allied Infrastructure Holdings Limited    Annual Report 2018/19

财务报表附注
31 March 2019
2019年3月31日

56. EVENTS AFTER THE REPORTING PERIOD              56. 报告期后事项

    Save as disclosed in note 26(a) to the financial statements regarding        除财务报表附注26(a)所披露关于订立销
    the entering into of the Sale Agreements, the following significant        售协议外,于报告期后发生之重大事项
    events occurred subsequent to the reporting period:                      如下:

    (a)  On 30 November 2018, Chun Wo Bus Services Limited        (a)  于2018年11月30日,俊和巴士服务
        (“CW Bus”), an indirect non-wholly-owned subsidiary of the            有限公司(「俊和巴士」,本公司之间
        Company, as the purchaser, and certain vendors entered into            接非全资拥有附属公司),作为买
        an asset purchase agreement, pursuant to which CW Bus            方,与若干卖方订立一份资产购买
        conditionally agreed to purchase, and the vendors conditionally            协议,据此,俊和巴士有条件同意
        agreed to sell, 47 non-franchised buses owned by the vendors            购买,而卖方有条件同意出售卖方
        and the related passenger service licences granted by the            所拥有47辆非专营巴士以及相关政
        relevant government department in favour of the vendors (the            府部门向卖方授出之有关乘客服务
        “Related Passenger Service Licences”) at a total consideration            牌照(「有关乘客服务牌照」),总代
        of HK$175,920,000. As at 31 March 2019, a total deposit of            价为175,920,000港元。于2019年3
        HK$35,184,000 was paid to the vendors and the remaining            月31日,按金总额35,184,000港元
        balance was settled upon the completion of the transaction            已支付予卖方及余额已于 2019 年4
        in April 2019. Details of the transaction are set out in the            月交易完成后结付。有关交易详情
        announcement of the Company dated 30 November 2018.                载于本公司日期为2018年11月30日
                                                                          之公告。

        As at the date of approval of these financial statements, the            截至此等财务报表获批准日期,本
        Group had further purchased 41 non-franchised buses and            集团进一步向若干卖方购买41辆非
        the Related Passenger Service Licences from certain vendors            专营巴士及有关乘客服务牌照,总
        at a total consideration of approximately HK$143,576,000.            代价约143,576,000港元。于2019
        As at 31 March 2019 and subsequent to the reporting period,            年3月31日及于报告期后,本集团已
        deposits of approximately HK$9,890,000 and approximately            分别支付按金约9,890,000港元及约
        HK$7,887,600 were paid by the Group, respectively, and the            7,887,600港元,及余额已于╱将于
        remaining balances were/would be settled upon the completion            交易完成(须待相关资产购买协议中
        of the transactions which is subject to certain conditions            规定的若干先决条件达成后方可作
        precedent as stipulated in the respective asset purchase            实)后结付。所有交易预期于2019年
        agreements. The completion of all transactions is expected to            8月底前完成。

        take place before the end of August 2019.

        Each transaction with each vendor is not subject to the            各卖方的各项交易不受上市规则第
        reporting and announcement requirements under Chapter 14            14章项下的申报及公告规定所规限。
        of the Listing Rules.

                                                                      2018/19年报    亚洲联合基建控股有限公司    293
财务报表附注
31 March 2019
2019年3月31日

56. EVENTS AFTER THE REPORTING PERIOD(continued)        56. 报告期后事项(续)

    (b)  On 4 December 2018, a direct wholly-owned subsidiary of the        (b)  于2018年12月4日,本公司的一间
        Company, as the offeror, and an offeree/vendor entered into            直接全资拥有附属公司(作为要约
        an offer to purchase for the proposed acquisition of certain            方)与受要约方╱卖方订立一份有关
        issued share capital of a target company, which provides            建议收购目标公司(其提供顾问及结
        consultancy and structural engineering services. On 1 April            构工程服务)若干已发行股本之购买
        2019, the Company, through its another indirect wholly-owned            要约。于2019年4月1日,本公司透
        subsidiary of the Company, as the purchaser, and the vendor            过其另一间间接全资拥有附属公司
        entered into a sale and purchase agreement, pursuant to which          (作为买方)与卖方订立一份买卖协
        the vendor agreed to transfer 40% of the issued share capital            议,据此,卖方同意向买方转让目
        of the target company to the purchaser at the consideration of            标公司已发行股本的40%,代价约
        approximately HK$22,000,000. The transaction is not subject            22,000,000 港元。有关交易不受上
        to the reporting and announcement requirements under            市规则第14章项下的申报及公告规
        Chapter 14 of the Listing Rules. As at 31 March 2019, a total            定所规限。于2019年3月31日,买
        deposit of HK$10,500,000 has been paid by the purchaser and            方已支付按金总额10,500,000 港元
        the remaining balance was settled on 8 April 2019.                      及余额已于2019年4月8日结付。
    (c)  On 9 May 2019, the Company, as the subscriber, and SFund        (c)  于2019年5月9日,本公司(作为认
        International Investment Fund Management Limited, as the            购人 )与广州基金国际股权投资基
        issuer, entered into a subscription agreement, pursuant to which            金管理有限公司(作为发行人)订立
        the Company has conditionally agreed to subscribe for, and the            一份认购协议,据此,本公司有条
        issuer has conditionally agreed to issue to an indirect wholly-            件同意认购,而发行人有条件同意
        owned subsidiary of the Company, promissory notes in the            向本公司的一间间接全资拥有附
        principal amount of HK$180,000,000 for a term of 364 days            属公司发行为期364天、年利率为
        with an interest rate of 5% per annum and an arrangement            5%及安排费为3%之本金金额为
        fee of 3%. Completion of the subscription took place on            180,000,000港元的承兑票据。认购
        10 May 2019. Details of the subscription agreement are set out