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年報 2018/19   查看PDF原文

公告日期:2019-10-18
Contents目录

Corporate Information                        公司资料                              2
Chairman’s Statement                          主席报告书                            4
Management Discussion and Analysis            管理层讨论及分析                      7
Board of Directors and Senior Management        董事会及高级管理人员                  21
Report of the Directors                        董事会报告书                          25
Corporate Governance Report                  企业管治报告                          36
Environmental, Social and Governance Report      环境、社会及管治报告                  51
Independent Auditor’s Report                    独立核数师报告书                      67
Consolidated Statement of Comprehensive Income  综合全面收益表                        73
Consolidated Statement of Financial Position        综合财务状况表                        75
Consolidated Statement of Changes In Equity      综合权益变动表                        77
Consolidated Statement of Cash Flows            综合现金流量表                        79
Notes to the Consolidated Financial Statements    综合财务报表附注                      82
Financial Summary                            财务摘要                            219
Particulars of Principal Properties                主要物业详情                        220
The English text of this annual report shall prevail over the Chinese text in case of inconsistencies or discrepancies.

本年报之中英文本如有任何歧义或差异,概以英文文本为准。

  This annual report is printed on environmentally friendly paper.

  本年报以环保纸印制。

Corporate Information
公司资料

EXECUTIVE DIRECTORS                            执行董事

Dr. CHOI Chiu Fai Stanley(Chairman)                                蔡朝晖博士(主席)

Mr. CHAN Chun Yiu Thomas (ChiefExecutiveOfficer)                      陈浚曜先生(行政总裁)
INDEPENDENT NON-EXECUTIVE                  独立非执行董事

?DIRECTORS

Ms. LU Gloria Yi                                                  陆奕女士

Mr. SUN Jiong                                                  孙炯先生

Mr. HA Kee Choy Eugene                                          夏其才先生

EXECUTIVE COMMITTEE                          执行委员会

Dr. CHOI Chiu Fai Stanley (CommitteeChairman)                        蔡朝晖博士(委员会主席)
Mr. CHAN Chun Yiu Thomas                                        陈浚曜先生

AUDIT COMMITTEE                              审核委员会

Mr. HA Kee Choy Eugene (CommitteeChairman)                        夏其才先生(委员会主席)
Ms. LU Gloria Yi                                                  陆奕女士

Mr. SUN Jiong                                                  孙炯先生

NOMINATION COMMITTEE                        提名委员会

Ms. LU Gloria Yi (CommitteeChairman)                              陆奕女士(委员会主席)
Mr. HA Kee Choy Eugene                                          夏其才先生

Mr. CHAN Chun Yiu Thomas                                        陈浚曜先生

REMUNERATION COMMITTEE                    薪酬委员会

Mr. SUN Jiong (CommitteeChairman)                                孙炯先生(委员会主席)
Ms. LU Gloria Yi                                                  陆奕女士

Mr. HA Kee Choy Eugene                                          夏其才先生

COMPANY SECRETARY                            公司秘书

Mr. WONG Chun Kit                                              王震杰先生

AUTHORISED REPRESENTATIVES                  授权代表

Dr. CHOI Chiu Fai Stanley                                          蔡朝晖博士

Mr. WONG Chun Kit                                              王震杰先生

COMPANY WEBSITE                              公司网址

http://www.ientcorp.com                                          http://www.ientcorp.com
02    Annual Report年报2018/19


                            Corporate Information
                                        公司资料
REGISTERED OFFICE                              注册办事处

Cricket Square                                                  Cricket Square

Hutchins Drive                                                  Hutchins Drive

P. O. Box 2681                                                  P.O. Box 2681

Grand Cayman KY1-1111                                          Grand Cayman KY1-1111

Cayman Islands                                                  Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE              香港总办事处及主要营业地点

? OF BUSINESS IN HONG KONG

Units 2109–10 21st Floor                                          香港

Wing On House                                                  德辅道中71号

No. 71 Des Voeux Road Central                                      永安集团大厦

Hong Kong                                                    21楼2109–10室

PRINCIPAL SHARE REGISTRAR AND                股份过户登记总处

? TRANSFER OFFICE

SMP Partners (Cayman) Limited                                      SMP Partners (Cayman) Limited

Royal Bank House – 3rd Floor                                      Royal Bank House – 3rd Floor

24 Shedden Road                                                24 Shedden Road

P. O. Box 1586                                                  P.O. Box 1586

Grand Cayman, KY1-1110                                          Grand Cayman, KY1-1110

Cayman Islands                                                  Cayman Islands

HONG KONG BRANCH SHARE                      香港股份过户登记分处

? REGISTRAR AND TRANSFER OFFICE

Computershare Hong Kong Investor Services Limited                    香港中央证券登记有限公司

Shops 1712–1716                                                香港

17th Floor, Hopewell Centre                                        湾仔皇后大道东183号

183 Queen’s Road East, Wan Chai                                    合和中心17楼

Hong Kong                                                    1712–1716号舖

PRINCIPAL BANKERS                              主要往来银行

BDO Unibank, Inc.                                                BDO Unibank, Inc.

Chong Hing Bank Limited                                          创兴银行有限公司

Hang Seng Bank Limited                                          恒生银行有限公司

Maybank Philippines Inc.                                          Maybank Philippines Inc.

AUDITOR                                          核数师

BDO Limited                                                    香港立信德豪会计师事务所有限公司

Certified Public Accountants                                        执业会计师

25th Floor, Wing On Centre                                        香港

111 Connaught Road Central                                      干诺道中111号

Hong Kong                                                    永安中心25楼

STOCK CODE                                      股份代号

01009                                                          01009

                                                                                          Annual Report年报2018/19  03
Chairman’s Statement
主席报告书

Dear Fellow Shareholders,                                          致各位股东:

I am pleased to take this opportunity to present the annual report of  本人借此机会欣然提呈国际娱乐有限公司(「本公
International Entertainment Corporation (the “Company”) and its  司」)及其附属公司(统称「本集团」)截至二零一九
subsidiaries (collectively the “Group”) for the fifteen months ended 30 June  年六月三十日止十五个月期间(「期内」)之年报。
2019 (the “Period”).

The principal activities of the Group are hotel operations, leasing of  本集团之主要业务为经营酒店、出租设有娱乐设
properties equipped with entertainment equipment, football club  备之物业、经营足球俱乐部及经营现场扑克活动。
operations, and live poker events operations.

In 2019, the Company changed its financial year end date from 31 March  于二零一九年,本公司将其财政年度结算日由三
to 30 June and therefore there were fifteen months for this financial period.  月三十一日改为六月三十日,故本财政期间涵盖
The Group’s revenue for the fifteen months ended 30 June 2019 was  十五个月。截至二零一九年六月三十日止十五个
approximately HK$456.9 million, representing an increase of approximately  月期间, 本集团之收入约为456,900,000港元, 较
54.1%, as compared with approximately HK$296.4 million in the year ended  截至二零一八年三月三十一日止年度约 296,400,000
31 March 2018. Both the revenue from the leasing of properties and the  港元增加约54.1%。期内,来自出租物业及经营酒
hotel operations for the Period increased as compared with the year ended  店之收入较截至二零一八年三月三十一日止年度
31 March 2018. The Group recorded a loss of approximately HK$93.3  有所增加。截至二零一九年六月三十日止十五个
million for the fifteen months ended 30 June 2019 as compared with a loss  月期间,本集团录得亏损约93,300,000港元,而截
of approximately HK$67.3 million for the year ended 31 March 2018, which  至二零一八年三月三十一日止年度则录得亏损约
represented an increase of approximately 38.6%. The increase in loss was  67,300,000港元,即增加约38.6%。亏损增加主要由
mainly attributable to the change in the fair value of financial assets at fair  于按公平值计入损益之金融资产公平值变动约
value through profit or loss of approximately HK$51.8 million, and the  51,800,000港元及新分部 — 足球俱乐部及现场活
operation loss for the new segments — Football Club and Live Events. Loss  动之经营亏损。截至二零一九年六月三十日止
per share for the fifteen months ended 30 June 2019 amounted to  十五个月期间之每股亏损约为5.66港 仙, 而截至
approximately 5.66 HK cents, as compared with loss per share of  二零一八年三月三十一日止年度之每股亏损则约
approximately 5.15 HK cents for the year ended 31 March 2018.            为5.15港仙。

Net cash generated from operating activities of the Group for the Period  本集团于回顾期内经营活动产生之现金净额约为
under review was approximately HK$37.1 million, representing a decrease  37,100,000港元,较截至二零一八年三月三十一日
of approximately 58.6%, as compared with approximately HK$89.6 million  止 年 度 约89,600,000港 元 减 少 约58.6%。于 二 零
for the year ended 31 March 2018. Net assets attributable to the owners of  一九年六月三十日,本公司拥有人应占资产净值
the Company as at 30 June 2019 amounted to approximately HK$2,023.3  约为2,023,300,000港元,较二零一八年三月三十一
million, representing a decrease of approximately 2.8%, as compared with  日之约2,082,400,000港元减少约2.8%。

approximately HK$2,082.4 million as at 31 March 2018.

As always, the Group is committed to maintaining a high standard of  一如以往,本集团致力维持高水平之企业管治常
corporate governance practices and will continue to enhance the risk  规,并将继续加强风险管理及内部监控制度,以
management and internal control systems to comply with the statutory  符合法定及监管规定,务求为本公司股东(「股东」)
and regulatory requirements to maximise the values of the shareholders of  带来最大价值。

the Company (the “Shareholders”).

The Group will continue to focus on its existing business operations and  本集团将继续专注于其现时位于菲律宾之业务营
investments in the Philippines riding on business environment to strive for  运及投资,在目前之营商环境下致力开拓潜在商
exploring potential business opportunities. The Company is renovating its  机。本公司正翻新其投资物业及内建设施,借以
investment properties as well as facilities, therein so as to retain the existing  留住现有客户及扩大客户群。

customers as well as to expand the customer base.


                            Chairman’s Statement
                                      主席报告书
The Group will also actively diversify its business portfolio and already  本集团亦将积极将其业务组合多元化,并已于期
completed two acquisitions during the Period. Considering the poker  内完成两项收购。考虑到扑克游戏热潮席卷亚洲,
games are thriving in Asia, the Group signed the cooperation agreement  本集团于二零一八年五月与全球最大扑克集团The
with the world’s largest poker group, The Stars Group, in May 2018 and the  Stars Group签订合作协议,并于二零一八年十二月
event in South Korea was completed in December 2018 and June 2019.  及二零一九年六月完成南韩之活动。本集团将于
The Group will continue to operate more poker events in certain Asian  来年继续于若干亚洲国家经营更多扑克活动。

countries in the coming year.

Besides, the Group has acquired Wigan Athletic Holdings Limited, which  此外,本集团已收购Wigan Athletic Holdings Limited
operates Wigan Athletic Football Club based in Wigan, Greater Manchester,  (其经营位于英格兰大曼彻斯特郡威根之Wigan
England. The Group will firstly invest and develop the football performance  Athletic Football Club)。本集团将首先投资及发展
operation at academy and first team level, and will look to develop further  在足球学校及一线队层面之足球赛事业务,并寻
the football performance model around elite performance and academy  求在争取佳绩及培养新人补充一线球队实力之策
development to support the 1st team club operation. On the football  略下进一步发展足球赛事模式。在足球业务方面,
business side, the Group will implement a business plan around increasing  本集团将通过发展赞助、酒店、零售、售票及球
match day and non-match day revenues through development of  迷参与活动之策略,实施增加比赛日及非比赛日
sponsorship, hospitality, retail, ticketing and fan engagement strategies to  收益之业务计划,从而提升整体营业额。

increase overall turnover.

The Group believes that the deployment of expanding the above  本集团相信,部署扩大上述娱乐及体育相关业务
entertainment and sports related businesses will broaden its source of  将扩大其收入来源,为本集团业务缔造协同效益。
income and create synergies among the Group’s businesses.

The tourism industry in the Philippines has experienced steady growth,  菲律宾旅游业稳健增长,可动用收入增加,日益
with higher disposable incomes, increasingly discerning market  追求生活品味之市场人口增长,以及其他正面因
demographic and other positive factors have driven the booming  素推动菲律宾蓬勃发展。于二零一九年四月三十
development of Philippines. On 30 April 2019, the Group had entered into  日,本集团就一间持有两间菲律宾公司40%股权
the sale and purchase agreement with the vendors for a 100% equity  之英属处女群岛公司之全部股权与卖方订立买卖
interest of a British Virgin Islands company, which holds 40% equity interest  协议。该两间菲律宾公司主要持有多幅位于菲律
of two companies in Philippines. Two companies in Philippines mainly hold  宾之土地。是项收购将可让本集团投资及获得位
pieces of land in Philippines. The acquisition will allow the Group to invest  于菲律宾黄金地段之土地及物业,并加强本集团
and gain exposure in land and properties in a premium location in  之物业投资组合。鉴于马尼拉及菲律宾之长远经
Philippines and strengthen the Group’s property investment portfolio.  济及酒店业前景亮丽,长远而言,是项投资具备
Given the promising long-term economic and hospitability prospects of  十分吸引之资本增值潜力。

Manila and the Philippines, there is potential for attractive capital

appreciation for this investment over the long term.

In addition, currently pieces of land are leased to the Group. The board (the  此外,该等土地目前出租予本集团。本公司董事
“Board”) of directors (the “Directors”) of the Company believes that the  (「董事」)会(「董事会」)相信,本集团可透过尽量
Group can bolster the continuity and sustainability of its operation in  降低租约遭提早终止或不获续租之风险以及减轻
Philippines by mitigating the risk of early termination or non-renewal of  租金开支负担提高其于菲律宾营运之延续性及可
leases and alleviating its rental expenses burden.                        持续性。

Chairman’s Statement
主席报告书

On 28 June 2019, New Coast Hotel, Inc., an indirect wholly﹣owned  于二零一九年六月二十八日,本公司间接全资附
subsidiary of the Company, entered into a termination agreement with  属 公 司New Coast Hotel, Inc.与NWH Management
NWH Management Philippines, Incorporated and New World Hotel  Philippines, Incorporated 及 New World Hotel
Management Limited to terminate the hotel management agreement and  Management Limited订立终止协议,以终止酒店管
the sales and marketing agreement with effect from 31 December 2019.  理协议及销售及市场推广协议,自二零一九年
The Directors are of the view that (i) the hotel operations team of the  十二月三十一日起生 效。 董事认为,(i)本公司之
Company had learnt and accumulated relevant knowledge and skills in  酒店营运团队已于期内学习及积累酒店管理及酒
hotel management and hotel marketing during the period such that the  店市场推广方面之相关知识及技能,使团队积累
team has built up sufficient experience to undertake the scope of work  足够经验以承担该等协议项下之工作范 围( 如必
under the agreements, if necessary; (ii) the business operations of the hotel  要);(ii)酒店之业务营运已稳 定;及(iii)终止该等
has stabilized; and (iii) the termination of the agreements could reduce the  协议可降低酒店之营运成本。

operating costs of the hotel.

Looking forward, we strive to explore more opportunities of high potential  展望将来,我们致力发掘更多具庞大潜力之商机,
to create synergies among businesses and support the long-term growth  借以缔造业务间之协同效益及支持本集团长远增
of the Group.                                                    长。

In conclusion, I would like to express my sincerest gratitude to my fellow  最后,本人谨此由衷感激本集团之董事会仝人、
Directors, the management team and the employees of the Group for their  管理层团队及全体雇员于期内全力投入、努力不
relentless commitment, efforts and creative ideas during the Period. I  懈及创意求新。本人亦借此机会感谢本集团之股
would also like to take this opportunity to thank our Shareholders,  东、客户及业务伙伴对我们长期支持。

customers and business partners for their continued support.

Dr. Choi Chiu Fai Stanley                                        主席

Chairman                                                      蔡朝晖博士

Hong Kong, 25 September 2019                                    香港,二零一九年九月二十五日

06    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
FINANCIAL REVIEW                              财务回顾

In 2019, the Company changed its financial year end date from 31 March  于二零一九年,本公司将其财政年度结算日由三
to 30 June and therefore there were fifteen months for this financial period.  月三十一日改为六月三十日,故本财政期间涵盖
The Group’s revenue for the fifteen months ended 30 June 2019 was  十五个月。截至二零一九年六月三十日止十五个
approximately HK$456.9 million, representing an increase of approximately  月期 间,本集团之收入约为456,900,000港元,较
54.1%, as compared with approximately HK$296.4 million in the year ended  截至二零一八年三月三十一日止年度约296,400,000
31 March 2018. Both the revenue from the leasing of properties and the  港元增加约54.1%。期内,来自出租物业及经营酒
hotel operations for the Period increased as compared with the year ended  店之收入较截至二零一八年三月三十一日止年度
31 March 2018. The Group reported a gross profit of approximately  有 所 增 加。 本 集 团 于 回 顾 期 内 录 得 毛 利 约
HK$220.6 million for the Period under review, representing a decrease of  220,600,000港元,较截至二零一八年三月三十一
approximately 2.0%, as compared with approximately HK$225.2 million in  日止年度约225,200,000港元减少约2.0%。截至二
the year ended 31 March 2018. Gross profit margin for the fifteen months  零一九年六月三十日止十五个月期间之毛利率约
ended 30 June 2019 was approximately 48.3%, representing a decrease of  为48.3%,较截至二零一八年三月三十一日止年度
approximately 27.7%, as compared to gross profit margin of approximately  之毛利率约76.0%减少约27.7%。 期 内毛利率减少
76.0% for the year ended 31 March 2018. The decrease in gross profit  主要由于两个新业务分部─足球俱乐部及现场活
margin for the Period was mainly due to the lower profit margin for two  动的利润率较低。

new business segments — football club and live events.

Other income of the Group for the fifteen months ended 30 June 2019 was  截至二零一九年六月三十日止十五个月期间,本
approximately HK$27.4 million, representing an increase of approximately  集团之其他收入约为27,400,000港元,较截至二零
119.2%, as compared with approximately HK$12.5 million in the year ended  一八年三月三十一日止年度约12,500,000港元增加
31 March 2018.                                                  约119.2%。

The Group recorded a loss of approximately HK$51.8 million on change in  截至二零一九年六月三十日止十五个月期间,本
fair value of financial assets at fair value through profit or loss for the fifteen  集团录得按公平值计入损益之金融资产公平值变
months ended 30 June 2019, while a slight loss on change in fair value of  动之亏损约51,800,000港元,而截至二零一八年三
financial assets at fair value through profit or loss of approximately  月三十一日止年度则确认按公平值计入损益之金
HK$0.001 million was recognised for the year ended 31 March 2018.        融资产公平值变动之轻微亏损约1,000港元。

Other losses of the Group mainly represented the net foreign exchange  本集团之其他亏损主要指汇兑收益或亏损净额。
gain or loss. The Group recorded a net foreign exchange loss of  截至二零一九年六月三十日止十五个月期间,本
approximately HK$9.5 million for the fifteen months ended 30 June 2019,  集团录得汇兑亏损净额约9,500,000港元,而截至
while a net foreign exchange loss of approximately HK$1.4 million was  二零一八年三月三十一日止年度则录得汇兑亏损
recorded in the year ended 31 March 2018. For the fifteen months ended  净额约1,400,000港元。 截 至二零一九年六月三十
30 June 2019, the other losses also included the written-off of property,  日止十五个月期间,其他亏损亦包括撇销物业、
plant and equipment of approximately HK$2.2 million and impairment loss  厂房及设备约2,200,000港元及球员减值亏损约
of players of approximately HK$4.0 million. In addition, the other losses also  4,000,000港 元。此 外,其他亏损亦与出售球员之
net off with the gain on disposal of players, amortization of contingent  收益、或然负债摊销及豁免其他应付款项分别约
liabilities and waive of other payable approximately HK$8.8 million, HK$3.2  8,800,000港元、3,200,000港元及1,300,000港元进行
million and HK$1.3 million respectively.                              对销。

                                                                                          Annual Report年报2018/19  07
Management Discussion and Analysis
管理层讨论及分析

FINANCIAL REVIEW (Continued)                      财务回顾(续)

Selling and marketing expenses and general and administrative expenses  截至二零一九年六月三十日止十五个月期间,本
of the Group increased by approximately 84.9% to approximately HK$284.0  集团之销售及市场推广开支以及一般及行政开支
million for the fifteen months ended 30 June 2019 from approximately  由 截 至 二 零 一 八 年 三 月 三 十 一 日 止 年 度 约
HK$153.6 million in the year ended 31 March 2018. Included in these  153,600,000港元增加约84.9%至约284,000,000港元。
expenses for the fifteen months ended 30 June 2019, approximately 40.6%  截至二零一九年六月三十日止十五个月期间之开
and 9.6% were the staff costs and the utilities expenses respectively. The  支其中约40.6%及9.6%分别为员工成本及公共事业
staff costs for the fifteen months ended 30 June 2019 was approximately  费用。截至二零一九年六月三十日止十五个月期
HK$115.3 million, representing an increase of approximately 81.0%, as  间之员工成本约为115,300,000港 元,较截至二零
compared with approximately HK$63.7 million in the year ended 31 March  一八年三月三十一日止年度约63,700,000港元增加
2018. The utilities expenses for the fifteen months ended 30 June 2019 was  约81.0%。截至二零一九年六月三十日止十五个月
approximately HK$27.3 million, representing an increase of approximately  期间之公共事业费用约为27,300,000港元,较截至
26.4%, as compared with approximately HK$21.6 million in the year ended  二零一八年三月三十一日止年度约21,600,000港元
31 March 2018.                                                  增加约26.4%。

Finance costs of the Group for the fifteen months ended 30 June 2019 was  截至二零一九年六月三十日止十五个月期间,本
approximately HK$21.9 million, which mainly represented the interest  集团之财务费用约为21,900,000港元,主要为本公
expenses on promissory note issued by a subsidiary of the Company in  司一家附属公司于二零一六年十月三日就收购本
relation to the acquisition of 49% equity interest in another subsidiary of  公司另一家附属公司之49%股权而发行之承兑票
the Company on 3 October 2016, representing an increase of  据之利息开支,较截至二零一八年三月三十一日
approximately 31.1% as compared with approximately HK$16.7 million in  止年度约16,700,000港元增加约31.1%。 财务费用
the year ended 31 March 2018. The finance costs also included the bank  亦包括于截至二零一九年六月三十日止十五个月
loan interest from bank borrowings made during the fifteen months ended  期间内来自银行借贷之银行贷款利息。

30 June 2019.

Income tax expenses of the Group increased by approximately 160.6% to  截至二零一九年六月三十日止十五个月期间,本
approximately HK$8.6 million for the fifteen months ended 30 June 2019  集团之所得税支出由截至二零一八年三月三十一
from approximately HK$3.3 million in the year ended 31 March 2018. The  日 止 年 度 约3,300,000港 元 增 加 约160.6%至 约
increase in income tax charge for the Period was mainly due to the  8,600,000港元。期内所得税支出增加主要由于未
changes of deferred tax impacts relating to unrealized exchange gain or  变现汇兑收益或亏损、投资物业公平值变动及出
loss, fair value movement on investment properties, and disposal and  售及摊销无形资产相关递延税项影响有所变动。
amortization of the intangible assets.

The Group recorded a loss of approximately HK$93.3 million for the fifteen  截至二零一九年六月三十日止十五个月期间,本
months ended 30 June 2019 as compared with a loss of approximately  集团录得亏损约93,300,000港元,而截至二零一八
HK$67.3 million for the year ended 31 March 2018, which represented an  年三月三十一日止年度则录得亏损约67,300,000港
increase of approximately 38.6%. The increase in loss was mainly  元,即增加约38.6%。亏损增加主要由于按公平值
attributable to the change in the fair value of financial assets at fair value  计入损益之金融资产公平值变动约51,800,000港元
through profit or loss of approximately HK$51.8 million, and the operation  及新分部 — 足球俱乐部及现场活动之经营亏损。
loss for the new segments — Football Club and Live Events.

Loss per share for the fifteen months ended 30 June 2019 amounted to  截至二零一九年六月三十日止十五个月期间之每
approximately 5.66 HK cents, as compared with loss per share of  股亏损约为5.66港仙,而截至二零一八年三月
approximately 5.15 HK cents for the year ended 31 March 2018.            三十一日止年度之每股亏损则约为5.15港仙。

08    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
Business Review                                业务回顾

The principal activities of the Group are hotel operations, leasing of  本集团之主要业务为经营酒店、出租设有娱乐设
properties equipped with entertainment equipment, football club  备之物业、经营足球俱乐部及经营现场扑克活动。
operations, and live poker events operations.

1.  Leasing of properties                                1.  出租物业

    The revenue derived from the leasing of properties represents the        来自出租物业之收入乃出租本集团之物业予
    rental income from the premises of the Group leased to Philippine        Philippine Amusement and Gaming Corporation
    Amusement and Gaming Corporation (“PAGCOR”). The monthly      (「PAGCOR」)之租金收入。每月租金收入乃
    rental income is based on an agreed percentage of net gaming        按PAGCOR(本集团物业承租人)所经营之当
    revenue generated from the local gaming area operated by PAGCOR        地博彩场地所得博彩收入净额协定百分比或
    as lessee of the Group’s premises or a fixed rental amount, whichever        固定租金金额(以较高者为准)计算。

    is higher.

    The revenue derived from the leasing of properties for the fifteen        截至二零一九年六月三十日止十五个月期
    months ended 30 June 2019 was approximately HK$229.5 million,        间,来自出租物业之收入约为229,500,000港
    representing an increase of approximately 22.1%, as compared with        元,较截至二零一八年三月三十一日止年度
    approximately HK$188.0 million in the year ended 31 March 2018.        约188,000,000港元增加约22.1%。按披索计
    There was an increase in revenue in Peso term, more than offset by        之收入增加超过由披索兑港元之汇率贬值所
    the depreciation in exchange rate of Peso against HK$. It contributed        抵销者。于回顾期内,上述收入占本集团总
    approximately 50.2% of the Group’s total revenue during the Period        收 入 约50.2%, 而 截 至 二 零 一 八 年 三 月
    under review while it contributed approximately 63.4% of the        三十一日止年度,上述收入占本集团总收入
    Group’s total revenue in the year ended 31 March 2018.                  约63.4%。

2.  Hotel operations                                    2.  经营酒店

    The revenue derived from the hotel operations mainly includes        来自经营酒店之收入主要包括房间收入、餐
    room revenue, revenue from food and beverages and other hotel        饮收入及其他酒店服务收入。本集团之酒店
    service income. The hotel of the Group is located in Manila City        位于马尼拉市内,此处为旅游景点,教堂及
    which is a tourist spot with churches and historical sites as well as        历史遗址林立,并有多处可供旅客消遣之晚
    various night spots catered for tourists and is one of the major tourist        间景点,是菲律宾其中一个主要旅游胜地。
    destinations in the Philippines.

    The revenue derived from the hotel operations for the fifteen        截至二零一九年六月三十日止十五个月期
    months ended 30 June 2019 was approximately HK$141.3 million,        间,来自经营酒店之收入约为141,300,000港
    representing an increase of approximately 30.5%, as compared with        元,较截至二零一八年三月三十一日止年度
    approximately HK$108.3 million in the year ended 31 March 2018.        约108,300,000港元增加约30.5%。有关增加
    The increase was mainly due to the combined offset of increase in        主要由于房间收入及餐饮收入增加之合并影
    room and food and beverages revenue.                              响。

    During the Period under review, included in the revenue derived        于回顾期内, 来自经营酒店之收入其中约
    from the hotel operations, approximately 63.8% of the revenue was        63.8%为房间收入,而房间收入于截至二零
    contributed by room revenue while it was approximately 63.3% in        一八年三月三十一日止年度则占约63.3%。
    the year ended 31 March 2018. The room revenue for the fifteen        截至二零一九年六月三十日止十五个月期间
    months ended 30 June 2019 was approximately HK$90.1 million,        之房间收入约为90,100,000港元,较截至二
    representing an increase of approximately 31.5%, as compared with        零一八年三月三十一日止年度约68,500,000
    approximately HK$68.5 million in the year ended 31 March 2018. The        港元增加约31.5%。 有 关增加主要由于房租
    increase was mainly due to increase in both room rate and        费及入住率均有所增加。

    occupancy.

                                                                                          Annual Report年报2018/19  09
Management Discussion and Analysis
管理层讨论及分析

Business Review (Continued)                        业务回顾(续)

3.  Football club operations                              3.  经营足球俱乐部

    The revenue derived from the football club operations represents        来自经营足球俱乐部之收入为转播收入、商
    broadcasting income, commercial income and matchday income.        业收入及比赛日收入。转播收入为来自英格
    The broadcasting income represents central distributions of        兰足球联赛(「英格兰足球联赛」)之转播收入
    broadcasting revenue from the English Football League (“EFL”) and        之集中分派及来自英格兰超级足球联赛之补
    solidarity payment from the Premier League. The commercial        偿付款。商业收入为赞助及其他商业收入(例
    income represents the sponsorship, and other commercial income        如餐饮销售、体育场租赁收入及酒店销售)。
    such as sales of food and beverages, stadium hiring income and        比赛日收入为源自英格兰冠军足球联赛赛事
    hospitality sales. The matchday income represents the ticket income        及其他杯赛赛事之门票收入。

    from EFL Championship competitions and other cups competitions.

    The revenue derived from the football club operations for the fifteen        截至二零一九年六月三十日止十五个月期
    months ended 30 June 2019 was approximately HK$80.9 million. It        间, 来 自 经 营 足 球 俱 乐 部 之 收 入 约 为
    contributed approximately 17.7% of the Group’s total revenue        80,900,000港元。 于回顾期内,上述收入占
    during the Period under review.                                    本集团总收入约17.7%。

4.  Live poker events operations                          4.  经营现场扑克活动

    The revenue derived from the live poker events operations        来自经营现场扑克活动之收入为赞助及入场
    represents the live event income from the sponsorship and the        费所得现场活动收入。

    entrance fee.

    The revenue derived from the live poker events operations for the        截至二零一九年六月三十日止十五个月期
    fifteen months ended 30 June 2019 was approximately HK$5.2        间,来自经营现场扑克活动之收入约为
    million. It contributed approximately 1.1% of the Group’s total        5,200,000港元。于回顾期内,上述收入占本
    revenue during the Period under review.                              集团总收入约1.1%。

FUTURE OUTLOOK                                展望

The Group will continue to focus on its existing business operations and  本集团将继续专注于其现时位于菲律宾之业务营
investments in the Philippines riding on business environment to strive for  运及投资,在目前之营商环境下致力开拓潜在商
exploring potential business opportunities. The Company is renovating its  机。本公司正翻新其投资物业及内建设施,借以
investment properties as well as facilities, therein so as to retain the existing  留住现有客户及扩大客户群。

customers as well as to expand the customer base.

The Group will also actively diversify its business portfolio and already  本集团亦将积极将其业务组合多元化,并已于期
completed two acquisitions during the Period. Considering the poker  内完成两项收购。考虑到扑克游戏热潮席卷亚洲,
games are thriving in Asia, the Group signed the cooperation agreement  本集团于二零一八年五月与全球最大扑克集团The
with the world’s largest poker group, The Stars Group, in May 2018 and the  Stars Group签订合作协议,并于二零一八年十二月
event in South Korea was completed in December 2018 and June 2019.  及二零一九年六月完成南韩之活动。本集团将于
The Group will continue to operate more poker events in certain Asian  来年继续于若干亚洲国家经营更多扑克活动。

countries in the coming year.

10    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
FUTURE OUTLOOK (Continued)                        展望(续)

Besides, the Group has acquired Wigan Athletic Holdings Limited, which  此外,本集团已收购Wigan Athletic Holdings Limited
operates Wigan Athletic Football Club based in Wigan, Greater Manchester,  (其经营位于英格兰大曼彻斯特郡威根之Wigan
England. The Group will firstly invest and develop the football performance  Athletic Football Club)。本集团将首先投资及发展
operation at academy and first team level, and will look to develop further  在足球学校及一线队层面之足球赛事业务,并寻
the football performance model around elite performance and academy  求在争取佳绩及培养新人补充一线球队实力之策
development to support the 1st team club operation. On the football  略下进一步发展足球赛事模式。在足球业务方面,
business side, the Group will implement a business plan around increasing  本集团将通过发展赞助、酒店、零售、售票及球
match day and non-match day revenues through development of  迷参与活动之策略,实施增加比赛日及非比赛日
sponsorship, hospitality, retail, ticketing and fan engagement strategies to  收益之业务计划,从而提升整体营业额。

increase overall turnover.

The Group believes that the deployment of expanding the above  本集团相信,部署扩大上述娱乐及体育相关业务
entertainment and sports related businesses will broaden its source of  将扩大其收入来源,为本集团业务缔造协同效益。
income and create synergies among the Group’s businesses.

The tourism industry in the Philippines has experienced steady growth,  菲律宾旅游业稳健增长,可动用收入增加,日益
with higher disposable incomes, increasingly discerning market  追求生活品味之市场人口增长,以及其他正面因
demographic and other positive factors have driven the booming  素推动菲律宾蓬勃发展。于二零一九年四月三十
development of Philippines. On 30 April 2019, the Group had entered into  日,本集团就一间持有两间菲律宾公司40%股权
the sale and purchase agreement with the vendors for a 100% equity  之英属处女群岛公司之全部股权与卖方订立买卖
interest of a British Virgin Islands company, which holds 40% equity interest  协议。该两间菲律宾公司主要持有多幅位于菲律
of two companies in Philippines. Two companies in Philippines mainly hold  宾之土地。是项收购将可让本集团投资及获得位
pieces of land in Philippines. The acquisition will allow the Group to invest  于菲律宾黄金地段之土地及物业,并加强本集团
and gain exposure in land and properties in a premium location in  之物业投资组合。鉴于马尼拉及菲律宾之长远经
Philippines and strengthen the Group’s property investment portfolio.  济及酒店业前景亮丽,长远而言,是项投资具备
Given the promising long-term economic and hospitability prospects of  十分吸引之资本增值潜力。

Manila and the Philippines, there is potential for attractive capital

appreciation for this investment over the long term.

In addition, currently pieces of land are leased to the Group. The Board  此外,该等土地目前出租予本集团。董事会相信,
believes that the Group can bolster the continuity and sustainability of its  本集团可透过尽量降低租约遭提早终止或不获续
operation in Philippines by mitigating the risk of early termination or non-  租之风险以及减轻租金开支负担提高其于菲律宾
renewal of leases and alleviating its rental expenses burden.              营运之延续性及可持续性。

                                                                                          Annual Report年报2018/19  11
Management Discussion and Analysis
管理层讨论及分析

FUTURE OUTLOOK (Continued)                        展望(续)

On 28 June 2019, New Coast Hotel, Inc. (“NCHI”), an indirect wholly﹣owned  于二零一九年六月二十八日,本公司间接全资附
subsidiary of the Company, entered into a termination agreement (the  属 公 司New Coast Hotel, Inc(. 「NCHI」) 与NWH
“Termination Agreement”) with NWH Management Philippines,  Management Philippines, Incorporated(「NWHM」)及
Incorporated (“NWHM”) and New World Hotel Management Limited  New World Hotel Management Limited(「NWHML」)
(“NWHML”) to terminate the hotel management agreement and the sales  订立终止协议(「终止协议」),以终止酒店管理协
and marketing agreement with effect from 31 December 2019. The  议及销售及市场推广协议,自二零一九年十二月
Directors are of the view that (i) the hotel operations team of the Company  三十一日起生效。 董 事认 为,(i)本公司之酒店营
had learnt and accumulated relevant knowledge and skills in hotel  运团队已于期内学习及积累酒店管理及酒店市场
management and hotel marketing during the period such that the team  推广方面之相关知识及技能,使团队积累足够经
has built up sufficient experience to undertake the scope of work under  验以承担该等协议项下之工作范围(如必要);(ii)
the agreements, if necessary; (ii) the business operations of the hotel has  酒店之业务营运已稳定;及(iii)终止该等协议可降
stabilized; and (iii) the termination of the agreements could reduce the  低酒店之营运成本。

operating costs of the hotel.

LIQUIDITY, FINANCIAL RESOURCES AND          流动资金、财务资源及资本结构

CAPITAL STRUCTURE

As at 30 June 2019, the Group’s net current assets amounted to  于二零一九年六月三十日,本集团流动资产净值
approximately HK$388.4 million (as at 31 March 2018: HK$701.8 million).  约为388,400,000港元(于二零一八年三月三十一日:
Current assets amounted to approximately HK$546.6 million (as at 31  701,800,000港元)。流动资产约为546,600,000港元
March 2018: HK$742.6 million), of which approximately HK$242.3 million (as  (于二零一八年三月三十一日:742,600,000港元),
at 31 March 2018: HK$696.6 million) was bank balances and cash,  当中约242,300,000港元(于二零一八年三月三十一
approximately HK$26.5 million (as at 31 March 2018: HK$22.4 million) was  日:696,600,000港 元 )为 银 行 结 存 及 现 金; 约
trade receivables, approximately HK$82.7 million (as at 31 March 2018:  26,500,000港元(于二零一八年三月三十一日:
HK$21.7 million) was other receivables, deposits and prepayments, and  22,400,000港元)为应收账项;约82,700,000港元(于
approximately HK$2.9 million (as at 31 March 2018: HK$1.9 million) was  二零一八年三月三十一日:21,700,000港元)为其
inventories, approximately HK$191.4 million (as at 31 March 2018: Nil) was  他应收款项、按金及预付款项;约2,900,000港元
financial assets at fair value through profit or loss, and approximately  (于二零一八年三月三十一日:1,900,000港 元 )为
HK$0.9 million (as at 31 March 2018: Nil) was contract assets.              存 货; 约191,400,000港 元( 于 二 零 一 八 年 三 月
                                                              三十一日:零)为按公平值计入损益之金融资产;
                                                              及约900,000港元( 于二零一八年三月三十一日:
                                                              零)为合约资产。

As at 30 June 2019, the Group had current liabilities amounted to  于二零一九年六月三十日,本集团有流动负债约
approximately HK$158.2 million (as at 31 March 2018: HK$40.7 million), of  158,200,000港元(于二零一八年三月三十一日:
which approximately HK$20.5 million (as at 31 March 2018: HK$5.3 million)  40,700,000港元),当中约20,500,000港元(于二零
was trade payables, approximately HK$121.6 million (as at 31 March 2018:  一八年三月三十一日:5,300,000港元)为应付账项;
HK$35.4 million) was other payables and accrued charges, approximately  约121,600,000港元(于二零一八年三月三十一日:
HK$11.3 million (as at 31 March 2018: Nil) was contract liabilities, and  35,400,000港元 )为 其他应付款项及应计费用;约
approximately HK$4.8 million (as at 31 March 2018: Nil) was bank  11,300,000港元(于二零一八年三月三十一日:零)
borrowings.                                                    为合约负债;及约4,800,000港元(于二零一八年三
                                                              月三十一日:零)为银行借贷。

The bank balances and cash of the Group as at 30 June 2019 was mainly  于二零一九年六月三十日,本集团之银行结存及
denominated in Philippine Peso (“Peso”), Hong Kong Dollars (“HK$”), British  现金主要以菲律宾披索(「披索」)、港元(「港元」)、
Pound (“GBP”) and United States Dollars (“USD”).                        英镑(「英镑」)及美元(「美元」)列值。

12    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
LIQUIDITY, FINANCIAL RESOURCES AND          流动资金、财务资源及资本结构(续)

CAPITAL STRUCTURE (Continued)

During the year ended 31 March 2017, Fortune Growth Overseas Limited, a  截至二零一七年三月三十一日止年度,本公司全
wholly-owned subsidiary of the Company, completed the acquisition of  资附属公司Fortune Growth Overseas Limited完成收
the remaining 49% equity interest in Maxprofit International Limited at a  购 于Maxprofit International Limited之 余 下49%股
consideration of HK$1,138.0 million, of which HK$788.0 million was settled  权, 代 价为1,138,000,000港 元,当中788,000,000港
by cash and HK$350.0 million was settled by way of the issuance of a  元以现金结付及350,000,000港元以Fortune Growth
promissory note (the “Promissory Note”) in the principal amount of  Overseas Limited向Cross-Growth Co., Ltd.发行本金
HK$350.0 million by Fortune Growth Overseas Limited to Cross-Growth Co.,  额为350,000,000港元之承兑票据(「承兑票据」)的
Ltd.. Details of the acquisition are set out in the announcement of the  方式结付。收购事项之详情载于本公司日期为二
Company dated 25 July 2016 and the circular of the Company dated 25  零一六年七月二十五日之公告及本公司日期为二
August 2016. The Promissory Note, which was issued on 3 October 2016,  零一六年八月二十五日之通函内。于二零一六年
carries interest at the fixed rate of 4% per annum and shall become due  十月三日发行之承兑票据按固定年利率4厘计息
and payable in full on the business day immediately preceding the fifth  且将于紧接其发行日期满第五周年前一个营业日
anniversary of its issue date and is unsecured and guaranteed by the  到期及必须全数偿还,为无抵押及由本公司担保。
Company. As at 30 June 2019, the carrying value of the Promissory Note  于二零一九年六月三十日,承兑票据账面值约为
was approximately HK$342.8 million (as at 31 March 2018: HK$339.1  342,800,000港元(于二零一八年三月三十一日:
million).                                                        339,100,000港元)。

Net cash generated from operating activities of the Group for the Period  本集团于回顾期内经营活动产生之现金净额约为
under review was approximately HK$37.1 million, representing a decrease  37,100,000港元,较截至二零一八年三月三十一日
of approximately 58.6%, as compared with approximately HK$89.6 million  止 年 度 约89,600,000港 元 减 少 约58.6%。于 二 零
for the year ended 31 March 2018. Net assets attributable to the owners of  一九年六月三十日,本公司拥有人应占资产净值
the Company as at 30 June 2019 amounted to approximately HK$2,023.3  约为2,023,300,000港元,较二零一八年三月三十一
million, representing a decrease of approximately 2.8%, as compared with  日之约2,082,400,000港元减少约2.8%。

approximately HK$2,082.4 million as at 31 March 2018.

                                                                                          Annual Report年报2018/19  13
Management Discussion and Analysis
管理层讨论及分析

LIQUIDITY, FINANCIAL RESOURCES AND          流动资金、财务资源及资本结构(续)

CAPITAL STRUCTURE (Continued)

On 27 July 2017, the Company entered into a placing agreement with a  于二零一七年七月二十七日,本公司与配售代理
placing agent (the “Placing Agreement”). The completion of the placing  订立配售协议(「配售协议」)。配售于二零一七年
took place on 10 August 2017. Pursuant to the terms and conditions of the  八月十日完成。根据配售协议之条款及条件,配
Placing Agreement, an aggregate of 190,000,000 ordinary shares of the  售代理已按配售价每股配售股份1.90港元成功配
Company of HK$1.00 each as placing shares were successfully placed by  售合共190,000,000股本公司每股面值1.00港元之
the placing agent at the placing price of HK$1.90 per placing share. Further  普通股作为配售股份。进一步详情载于本公司日
details are set out in the announcements of the Company dated 27 July  期为二零一七年七月二十七日及二零一七年八月
2017 and 10 August 2017. The net proceeds from the placing, after  十日之公告。配售所得款项净额(扣除配售佣金及
deducting the placing commission and other related expenses payable by  其他本公司应付相关开支后)约358,500,000港元。
the Company, were approximately HK$358.50 million. The net proceeds  现拟将配售所得款项净额其中(i)约150,000,000港
from the placing were intended to be used as to (i) approximately  元用于装修本集团在马尼拉市内之一间酒店(「酒
HK$150.0 million for the renovation of a hotel of the Group in Manila City  店 」);(ii)约100,000,000港元用于开发临近酒店之
(the “Hotel”); (ii) approximately HK$100.0 million for the development of  地块(「新酒店地块」)(包括但不限于兴建酒店的停
the parcels of land adjacent to the Hotel (the “New Hotel Land”), including  车场及便利设施)以及为收购新酒店地块向独立第
but not limited to the construction of a carpark and amenities of the Hotel,  三方提供融资;(iii)约70,000,000港元用于可能收购
and the provision of a facility to an independent third party for the  (包括但不限于)菲律宾的土地以建设酒店及╱或
acquisition of the New Hotel Land; (iii) approximately HK$70.0 million for  娱乐场;及(iv)其余所得款项用作本集团的一般营
the potential acquisition of, including but not limited to, lands in the  运资金。下文概述所得款项净额的动用情况:

Philippines for the construction of hotel(s) and/or casino(s); and (iv) the

remaining proceeds for the general working capital of the Group. Set forth

below is a summary of the utilization of the net proceeds:

                                                                                  Amountof      Balanceof
                                                                            thenetproceeds  thenetproceeds
                                                              Intendeduseof      utilisedasat    unutilisedasat
                                                            thenetproceeds    30June2019    30June2019
                                                                              于二零一九年    于二零一九年
                                                              所得款项净额 六月三十日已动用 六月三十日未动用
                                                                  拟定用途 所得款项净额金额 所得款项净额结余
                                                                (HK$million)      (HK$million)      (HK$million)
                                                                (百万港元)    (百万港元)    (百万港元)
RenovationoftheHotel(Note1)          酒店装修(附注1)                      150.0            58.7            91.3
DevelopmentoftheNewHotelLand,including 开发新酒店地块(包括但不限

? butnotlimitedtotheconstructionofa      于兴建酒店的停车场及

? carparkandamenitiesoftheHotel,andthe    便利设施)及为收购新酒店

? provisionofafacilitytoanindependent      地块向独立第三方提供融资

? thirdpartyfortheacquisitionofthe        (附注2)

? NewHotelLand(Note2)                                                    100.0            51.6            48.4
Potentialacquisition(the“PotentialAcquisition”) 可能收购(包括但不限于)菲律宾的

? of,includingbutnotlimitedto,landsinthe    土地以建设酒店及╱或娱乐场

? Philippinesfortheconstructionofhotel(s)    (「可能收购事项」()附注3)

? and/orcasino(s)(Note3)                                                    70.0              –            70.0
GeneralworkingcapitaloftheGroup        本集团的一般营运资金                    38.5            38.5              –

Total                              总计                                358.5            148.8            209.7

14    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
LIQUIDITY, FINANCIAL RESOURCES AND          流动资金、财务资源及资本结构(续)

CAPITAL STRUCTURE (Continued)

Notes:                                                                    附注:

1.    It is expected that the renovation of the Hotel will be completed in the financial  1.    预计将于截至二零二零年六月三十日止财政年度完成
      year ending 30 June 2020 and the balance of the net proceeds allocated for such        酒店装修,并将于截至二零二零年六月三十日止财政
      use will be utilised in the financial year ending 30 June 2020.                          年度动用分配作此用途的所得款项净额结余。

2.    The HK$51.6 million utilised comprised HK$50.9 million loan to an independent  2.    已动用的51,600,000港元包括就收购新酒店地块向独
      third party for the acquisition of the New Hotel Land and HK$0.7 million for the        立第三方提供的贷款50,900,000港元,及就开发新酒
      payment of the design and consultancy services fees for the development of the        店地块支付的设计及咨询服务费700,000港元。本公
      New Hotel Land. Priority will be given to the development of the new lands to be        司将于开发新酒店地块前优先考虑开发将于可能收购
      acquired in the Potential Acquisition before the development of the New Hotel        事项中收购的新地块。预期可能收购事项将于截至二
      Land. The Potential Acquisition is expected to be completed in the financial year        零二零年六月三十日止财政年度完成。除已分配的所
      ending 30 June 2020. It is expected that in addition to the balance of the net        得款项净额结余约48,400,000港元外,预期开发新酒
      proceeds of approximately HK$48.4 million allocated, further financial resources        店地块需要更多财务资源。开始开发新酒店地块的时
      are required for the development of the New Hotel Land. The time for        间及分配用作开发新酒店地块的余下所得款项净额的
      commencement of the development of the New Hotel Land and use of the        使用情况,将视乎完成可能收购事项后及开始开发将
      remaining net proceeds allocated for the development of the New Hotel Land will        予收购的新地块时本集团可动用的内部及外部财务资
      depend on the internal and external financial resources available to the Group        源而定。

      after completion of the Potential Acquisition and commencement of the

      development of the new lands to be acquired.

3.    It is expected that the HK$70 million allocated for the Potential Acquisition will be  3.    预计将于截至二零二零年六月三十日止财政年度动用
      utilised in the financial year ending 30 June 2020.                                    分配用作可能收购事项的70,000,000港元。

The gearing ratio, measured in terms of the carrying values of total  资产负债比率(以总借贷账面值除以总资产计算)
borrowings divided by total assets, was approximately 15.0% (as at 31  约为15.0%(于二零一八年三月三十一日:12.9%)。
March 2018: 12.9%).

The Group financed its operations including but not limited to internally  本集团以(包括但不限于)内部产生之现金流量及
generated cash flows and the issuance of the Promissory Note.            发行承兑票据提供营运资金。

                                                                                          Annual Report年报2018/19  15
Management Discussion and Analysis
管理层讨论及分析

EVENTS AFTER THE END OF REPORTING PERIOD  报告期结算日后事项

(a)  Pursuant to the Company’s announcement dated on 28 June 2019,  (a)  根据本公司日期为二零一九年六月二十八日
    NCHI entered into the Termination Agreement with NWHM and        之公告,NCHI与NWHM及NWHML订立终止
    NWHML to terminate the hotel management agreement and the        协议,以终止酒店管理协议及销售及市场推
    sales and marketing agreement with effect from 31 December 2019.        广协议,自二零一九年十二月三十一日起生
                                                                    效。

    Pursuant to the Termination Agreement, no termination fee shall be        根据终止协议,NCHI毋须就提早终止酒店管
    payable by NCHI to NWHM and NWHML in respect of the early        理协议及销售及市场推广协议向NWHM及
    termination of the hotel management agreement and the sales and        NWHML支付终止费用。董事认为,(i)本公司
    marketing agreement. The Directors are of the view that (i) the hotel        之酒店营运团队已于期内学习及积累酒店管
    operations team had learnt and accumulated relevant knowledge        理及酒店市场推广方面之相关知识及技能,
    and skills in hotel management and hotel marketing during the        使团队积累足够经验以承担该等协议项下之
    period such that the team has built up sufficient experience to        工作范围(如必要);(ii)酒店之业务已稳定;
    undertake the scope of work under the agreements, if necessary; (ii)        及(iii)终止该等协议可降低该酒店之营运成
    the business operations of the hotel has stabilized; and (iii) the        本。

    termination of the agreements could reduce the operating costs of

    the hotel.

(b)  Pursuant to the Company’s announcement dated on 30 April 2019,  (b)  根据本公司日期为二零一九年四月三十日之
    Baltic Success Limited (“BSL”), an indirect wholly-owned subsidiary of        公 告, 本 公 司 间 接 全 资 附 属 公 司Baltic
    the Company, entered into the sale and purchase agreement        Success Limited(「BSL」)订 立 买 卖 协 议,据
    pursuant to which BSL has agreed to acquire the entire issued share        此,BSL同意向两名卖方收购目标公司之全
    capital of the target company with consideration of HK$26,500,000        部已发行股本,代价分别为26,500,000港元
    and HK$26,500,000 respectively to two vendors. The consideration        及26,500,000港元。代价由本公司向卖方发
    shall be settled by way of issue of convertible bond amounted to        行价值53,000,000港元之可换股债券之方式
    HK$53,000,000 by the Company to the vendors. The transaction was        支付。交易于二零一九年七月五日完成,详
    completed on 5 July 2019 which was detailed in the Company’s        情载于本公司日期为二零一九年七月五日之
    announcement dated on 5 July 2019.                                公告。

(c)  Subsequent to 30 June 2019, a subsidiary of the Group entered into  (c)  于二零一九年六月三十日后,本集团附属公
    agreements to acquire and dispose of the football registrations of        司订立协议以收购及出售若干球员之足球注
    certain football personnel which have not been recognised in        册,惟于本报告期间尚未确认。本集团预计
    current reporting period. The Group expects the acquisition of        收购球员之足球注册将导致添置无形资产
    football registration of football personnel would result in addition of        75,458,000港元,而出售球员之足球注册将
    intangible assets of HK$75,458,000 while the disposal of the football        不会对本集团构成重大财务影响。

    registration of football personnel would not have significant financial

    impact to the Group.

16    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
RISKS AND UNCERTAINTIES                      风险及不确定因素

The Group continues to face significant risks and uncertainties from the  本集团继续面对来自本集团经营所在地的经济增
economic growth and the competition in the market that the Group  长及市场竞争以及本集团经营所在地的经济、政
operates, and changes in economic, political and social conditions and  治及社会变动及相关法律及法规改动的重大风险
changes in the relevant laws and regulations in the places that the Group  及不确定因素。

operates.

The Group is also exposed to currency risk as the Group’s assets and  由于本集团的资产及负债主要以港元、美元、英
liabilities are mainly denominated in HK$, USD, GBP, Peso and EURO and  镑、披索及欧元列值、以及本集团之收入及收益
the Group primarily earns its revenue and income in HK$, USD, GBP and  主要为港元、美元、英镑及披索及其产生的成本
Peso while the Group primarily incurs costs and expenses mainly in HK$,  及开支主要为港元、英镑及披索,因此本集团亦
GBP and Peso.                                                  面对货币风险。

In addition, uncertainties exist with regard to the tax disputes between  此外,本公司若干于菲律宾经营的附属公司涉及
certain subsidiaries of the Company operating in the Philippines and the  与菲律宾Bureau of Internal Revenue(「BIR」)之 间之
Bureau of Internal Revenue in the Philippines (the “BIR”).                  税务纠纷亦带来不确定因素。

COMPLIANCE WITH RELEVANT LAWS AND        遵守相关法律及法规

REGULATIONS

Save as otherwise mentioned in this report, during the fifteen months  除本报告另行提述者外,于截至二零一九年六月
ended 30 June 2019, there was no incidence of non-compliance with the  三十日止十五个月期间,本集团并无发生不遵守
relevant laws and regulations of the places in which the Group operates  其营运所在地之有关法律及法规而对本集团业务
that has a significant impact on the business operations of the Group.      营运造成重大影响之事件。

CHARGES ON GROUP ASSETS                      本集团资产抵押

As at 30 June 2019, the bank loans are secured by the Group’s investment  于二零一九年六月三十日,银行贷款以本集团约
properties amounted to approximately HK$1,510,000,000.                1,510,000,000港元投资物业作抵押。

As at 31 March 2018, there were no charges over any of the Group’s assets.  于二零一八年三月三十一日,本集团资产概无任
                                                              何抵押。

MATERIAL ACQUISITIONS AND DISPOSALS AND  重大收购与出售及重大投资

SIGNIFICANT INVESTMENTS

On 21 May 2018, the Company and Hamsard 3467 Limited (“Hamsard  于二零一八年五月二十一日,本公司与于英格兰
3467”), an investment holding company incorporated in England and  及威尔斯注册成立之投资控股公司Hamsard 3467
Wales, entered into a share purchase agreement pursuant to which  Limited(「Hamsard 3467」)订立购股协议,据此,
Hamsard 3467 has conditionally agreed to acquire the entire issued share  Hamsard 3467有条件同意收购于英格兰及威尔斯
capital (including both ordinary shares and preference shares) of Wigan  注 册 成 立 之 股 份 有 限 私 营 公 司Wigan Athletic
Athletic Holdings Limited (the “Target Company”, together with its  Holdings Limited(「目标公司」,连同其附属公司统
subsidiaries, the “Target Group”), a private company limited by shares  称「目标集团」)全部已发行股本(包括普通股及优
incorporated in England and Wales, and the shareholding of the Trustees  先股)以及Whelan Family Bare Trust之受托人所持于
of the Whelan Family Bare Trust in Wigan Athletic A.F.C. Limited, a company  英格兰及威尔斯注册成立之公司Wigan Athletic
incorporated in England and Wales.                                  A.F.C. Limited之股权。

                                                                                          Annual Report年报2018/19  17
Management Discussion and Analysis
管理层讨论及分析

MATERIAL ACQUISITIONS AND DISPOSALS AND  重大收购与出售及重大投资(续)

SIGNIFICANT INVESTMENTS (Continued)

On the same date, the Company and Hamsard 3467 also entered into  同日,本公司与Hamsard 3467亦就收购物业A、物
property agreement A, property agreement B and property agreement C  业B及物业C分别与物业卖方A、物业卖方B及物
with property seller A, property seller B and property seller C respectively  业卖方C订立物业协议A、物业协议B及物业协议C。
for the acquisition of property A, property B and property C.

The capital commitment for this acquisition is the aggregate of:            是项收购之资本承担为以下两者之总和:

(i)  ?15,900,000 (equivalent to approximately HK$169,494,000); and      (i)  15,900,000英镑(相当于约169,494,000港元);
                                                                    及

(ii)  the working capital loans (in any event not exceeding ?6,475,000 on  (ii)  营运资金贷款(由于最后截止日期已押后至
    the basis that the long stop date was extended to 31 January 2019)        二零一九年一月三十一日,故营运资金贷款
    (equivalent to approximately HK$69,023,500), which shall be settled        无论如何应不超过6,475,000英 镑( 相当于约
    by cash.                                                        69,023,500港元),且应以现金结付)。

All conditions precedent under the share purchase agreement have been  购股协议项下所有先决条件已达成,而完成已于
fulfilled and the completion took place on 7 November 2018. The Target  二零一八年十一月七日落实。目标公司已成为本
Company has become an indirect wholly-owned subsidiary of the  公司之间接全资附属公司,而其各附属公司已成
Company and each of its subsidiaries has become an indirect non-wholly  为本公司之间接非全资附属公司。目标集团之综
owned subsidiary of the Company. The consolidated financial results of the  合财务业绩将合并计入本集团之财务报表。进一
Target Group will be consolidated into the financial statements of the  步详情载于本公司日期为二零一八年五月二十一
Group. Further details are set out in the announcements of the Company  日、六月十二日、八月三十一日、九月二十一日、
dated 21 May, 12 June, 31 August, 21 September, 2 November and 7  十一月二日及十一月七日之公告,以及日期为二
November 2018, and the circular dated 9 October 2018.                  零一八年十月九日之通函。

On 15 June 2018, the Company’s wholly owned subsidiary, IEC Investment  于二零一八年六月十五日,本公司全资附属公司
Limited (previously known as VMS Private Investment Partners VIII Limited)  IEC Investment Limited(前称VMS Private Investment
entered into a limited partnership agreement to subscribe for the interests  Partners VIII Limited)订立有限合伙协议,以有限合
in the fund, as a limited partner, in the total amount of EUR26,200,000 of  伙 人 身 份 认 购Hontai Capital Fund II Limited
Hontai Capital Fund II Limited Partnership. Further details are set out in the  Partnership合共26,200,000欧元之基金权益。进一
announcements of the Company dated 15 June 2018 and 27 July 2018.      步详情载于本公司日期为二零一八年六月十五日
                                                              及二零一八年七月二十七日之公告。

On 28 August 2018, the Company’s subsidiary, Lucky Genius Limited,  于二零一八年八月二十八日,本公司附属公司
entered into share purchase agreement with Global Poker Tours Limited  Lucky Genius Limited分  别  与Global Poker Tours
and European Poker Tour (IOM) Limited for the purchase of all their 96%  Limited及European Poker Tour (IOM) Limited订立购
and 4% interest in Rational Live Events Macau Limited (“RLEM”) respectively  股协议,以按总代价436,272美元购买Global Poker
at a total consideration of USD436,272. The Group holds 100% of the issued  Tours Limited及European Poker Tour (IOM) Limited于
shares of RLEM after the completion of acquisition. Further details are set  理性现场活动澳门有限公司(「理性现场活动」)之
out in the announcements of the Company dated 28 August 2018 and 27  96%及4%权益。收购完成后,本集团持有理性现
September 2018.                                                场活动之全部已发行股份。进一步详情载于本公
                                                              司日期为二零一八年八月二十八日及二零一八年
                                                              九月二十七日之公告。

18    Annual Report年报2018/19


              Management Discussion and Analysis
                              管理层讨论及分析
MATERIAL ACQUISITIONS AND DISPOSALS AND  重大收购与出售及重大投资(续)

SIGNIFICANT INVESTMENTS (Continued)

On 30 April 2019, BSL and two vendors, entered into a sale and purchase  于二零一九年四月三十日,BSL与两名卖方订立买
agreement pursuant to which BSL agreed to acquire, and each vendor  卖协议,据此,BSL同意购买而各卖方同意分别按
agreed to sell 50% of equity interests at a consideration of HK$26,500,000  代价26,500,000港元及26,500,000港元出售Oriental-
and HK$26,500,000 respectively of Oriental-Invest Properties Limited, a  Invest Properties Limited(于英属处女群岛注册成立
company incorporated in the British Virgin Islands with limited liability,  之有限公司)之50%股权,有关代价将透过本公司
which shall be settled by way of issue of the convertible bond by the  分别向各卖方发行可换股债券之方式结偿。于二
Company to each vendor respectively. On 2 July 2019, BSL entered into a  零一九年七月二日,BSL与卖方订立补充协议,据
supplemental agreement with the vendors, pursuant to which BSL and the  此,BSL与卖方同意就完成之若干行政安排对买卖
vendors agreed to make certain amendments to the sale and purchase  协议作出若干修订。完成于二零一九年七月五日
agreement in respect of certain administrative arrangement of completion.  落实。完成时,Oriental-Invest Properties Limited成
The completion took place on 5 July 2019. Upon completion, Oriental-  为本公司之间接全资附属公司。Oriental-Invest
Invest Properties Limited has become an indirect wholly-owned subsidiary  Properties Limited之财务业绩将综合并入本集团之
of the Company. The financial results of Oriental-Invest Properties Limited  财务报表。进一步详情载于本公司日期为二零
will be consolidated into the financial statements of the Group. Further  一九年四月三十日、二零一九年七月二日及二零
details are set out in the announcements of the Company dated 30 April  一九年七月五日之公告。

2019, 2 July 2019 and 5 July 2019.

Save as disclosed, there was no acquisition or disposal of subsidiary and  除披露者外,截至二零一九年六月三十日止十五
associated company or significant investments of the Group, which would  个月期间,本集团并无任何根据《香港联合交易所
have been required to be disclosed under the Rules Governing the Listing  有限公司(「联交所」)证券上市规则》(「上市规则」)
of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong  规定须予披露之收购或出售本集团附属公司及联
Limited (the “Stock Exchange”) for the fifteen months ended 30 June 2019.  营公司或重大投资。

FUTURE PLANS FOR MATERIAL INVESTMENTS    重大投资或资本资产之未来计划

OR CAPITAL ASSETS

The Group will continue to explore the market and identify any business  本集团将继续开拓市场,发掘任何可缔造增长及
opportunities which may provide its growth and development potential,  发展潜力之商机,以提高盈利能力及为股东争取
enhance the profitability, and strive for better return to the Shareholders.  更丰硕回报。本集团亦将继续考虑翻新计划,以
The Group will also continue to consider a renovation plan to improve the  改善本集团物业及有关设施,从而吸引更多旅客
properties of the Group as well as the facilities therein so as to attract more  及提升彼等于逗留期间的体验。

guests and enhance their experience during their stays.

                                                                                          Annual Report年报2018/19  19
Management Discussion and Analysis
管理层讨论及分析

EXPOSURE TO FLUCTUATIONS IN EXCHANGE      汇率波动风险及任何相关对冲

RATES AND ANY RELATED HEDGES

The functional currency of the Company is Peso, the currency of the  本公司功能货币为披索,即本公司之主要附属公
primary economic environment in which the Company’s major subsidiaries  司营运地点主要经济环境的货币。本集团综合财
operate. The consolidated financial statements of the Group are presented  务报表以港元列示,因为董事认为,此呈列对香
in HK$ as the Directors consider that it is an appropriate presentation for a  港上市公司及就方便股东而言均属合适做法。

company listed in Hong Kong and for the convenience of the Shareholders.

The Group’s assets and liabilities are mainly denominated in HK$, USD, GBP,  本集团之资产及负债主要以港元、美元、英镑、
Peso and EURO. The Group primarily earns its revenue and income in HK$,  披索及欧元计值。本集团所赚取收入及收益主要
USD, GBP and Peso while the Group primarily incurs costs and expenses  以港元、美元、英镑及披索计值,而本集团产生
mainly in HK$, GBP and Peso. Therefore, the Group may be exposed to  之费用及支出则主要以港元、英镑及披索计值。
currency risk.                                                    因此,本集团可能面对货币风险。

The Group has not implemented any foreign currency hedging policy.  本集团并无实行任何外汇对冲政策。然而,本集
However, the management of the Group will monitor foreign currency  团管理层将监察各业务分部的外汇风险及检讨个
exposure for each business segment and review the needs of individual  别地区的需要,并于日后有需要时考虑采取合适
geographical area, and consider appropriate hedging policy in future when  之对冲政策。

necessary.

EMPLOYEES AND REMUNERATION POLICY        雇员及薪酬政策

The total number of employees of the Group was 636 as at 30 June 2019  于二零一九年六月三十日,本集团之雇员总数为
(as at 31 March 2018: 311). The staff costs for the fifteen months ended 30  636名(于二零一八年三月三十一日:311名)。截
June 2019 was approximately HK$210.0 million (for the year ended 31  至二零一九年六月三十日止十五个月期间之员工
March 2018: HK$63.7 million). The remuneration policy of the Company is  成本约为210,000,000港元(截至二零一八年三月
recommended by the remuneration committee of the Company. The  三十一日止年度:63,700,000港元)。 本公司之薪
remuneration of the Directors and the employees of the Group is based on  酬政策乃由本公司之薪酬委员会建议。董事及本
the performance and experience of the individuals and is determined with  集团雇员之薪酬乃根据个人表现及经验,并经参
reference to the Group’s performance, the remuneration benchmark in the  考本集团业绩、业界薪酬指标及当时市况厘定。
industry and the prevailing market conditions. In addition to the salaries,  除薪金外,本集团雇员有权享有之福利包括医疗、
the employees of the Group are entitled to benefits including medical,  保险及退休福利。此外,本集团定期就本集团雇
insurance and retirement benefits. Besides, the Group regularly provides  员所需向彼等提供内部及外间培训课程。

internal and external training courses for the employees of the Group to

meet their needs.

20    Annual Report年报2018/19


        Board of Directors and Senior Management
                          董事会及高级管理人员
Biographical information of the Directors the senior management of the  截至本年报日期,本集团之董事及高级管理人员
Group as at the date of this annual report is set out as follows:              之履历资料载列如下:

EXECUTIVE DIRECTORS                            执行董事

Dr. Choi Chiu Fai Stanley, aged 50, joined the Company as an executive  蔡朝晖博士,50岁,于二零一七年五月加入本公
Director in May 2017 and was appointed as the chairman of the board of  司担任执行董事并于二零一七年六月获委任为董
Directors in June 2017. He is also the chairman of the executive committee  事会主席。彼亦担任本公司执行委员会主席、本
of the Company, the authorised representative of the Company and a  公司法定代表及本公司多间附属公司之董事。蔡
director of various subsidiaries of the Company. Dr. Choi possesses more  博士于金融服务及合并收购项目拥有超过20年经
than 20 years of experience in financial service and merger and acquisition  验。彼为联合金融集团有限公司的主席。除于香
projects. He is the chairman of Head & Shoulders Financial Group Limited.  港不同金融集团担任高层外,蔡博士亦于多间香
Apart from working at senior positions for different financial groups in  港上市公司担任高级管理层成员。彼曾于二零
Hong Kong, Dr. Choi has also served as a member of the senior  一四年九月至二零一九年一月担任泰加保险(控股)
management of various listed companies in Hong Kong. He was an  有限公司(联交所主板上市公司,股份代号:
executive director of Target Insurance (Holdings) Limited (a company listed  6161)之执行董事,亦曾于二零一六年一月至二零
on the main board of the Stock Exchange, stock code: 6161) from  一八年七月及二零一六年二月至二零一八年七月
September 2014 to January 2019, and was an executive director and the  先后担任大庆乳业控股有限公司(现称「龙辉国际
chairman of Daqing Dairy Holdings Limited (now known as “Longhui  控股有限公司」)( 联 交所主板上市公司, 股 份代
International Holdings Limited”) (a company listed on the main board of  号:1007)之执行董事及主席。蔡博士亦曾于二零
the Stock Exchange, stock code: 1007) from January 2016 to July 2018 and  一六年七月至二零一六年九月出任山西广和山水
from February 2016 to July 2018 respectively. Dr. Choi was also an  文化传播股份有限公司(其股份于上海证券交易所
independent director of Guanghe Landscape Culture Communication Co.,  上巿,股份代号:600234)之独立董事。蔡博士于
Ltd, Shanxi(山西广和山水文化传播股份有限公司)(stock code:  一九九五年获美国威奇塔州立大学颁授工商管理
600234) from July 2016 to September 2016, the shares of which are listed  学士(优等生)学位,其后于一九九六年获美国依
on the Shanghai Stock Exchange. Dr. Choi obtained a bachelor’s degree of  利诺大学厄巴纳一香槟分校颁授理学硕士学位,
business administration (Magna Cum Laude) from Wichita State University  两所大学皆为美国的大学。彼亦于二零一三年获
in 1995 and a master’s degree of science from the University of Illinois at  得香港城市大学工商管理博士学位。

Urbana Champaign in 1996, both of which are in the United States of

America. He has also obtained a doctoral degree of business administration

from the City University of Hong Kong in 2013.

Dr. Choi is the sole shareholder and the sole director of Head and Shoulders  蔡 博 士 为Head and Shoulders Direct Investment
Direct Investment Limited, a company incorporated in the British Virgin  Limited(在英属维尔京群岛注册成立的有限公司)
Islands with limited liability, which in turn is the sole shareholder of  的唯一股东及唯一董事,亦为本公司控股股东
Brighten Path Limited, the controlling Shareholder (as defined in the Listing  Brighten Path Limited的唯一股东(定义见上市规
Rules). Dr. Choi is deemed, by virtue of his interest in Brighten Path Limited,  则)。蔡博士根据其于Brighten Path Limited拥有的
to be interested in 764,223,268 shares of the Company (the “Shares”) under  权益而被视为根据香港法例第571章证券及期货条
the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong  例于764,223,268股本公司 股 份(「 股份」)中拥有权
Kong), representing approximately 55.82% of the issued share capital of the  益,占本公司已发行股本约55.82%。

Company.

                                                                                          Annual Report年报2018/19  21

Board of Directors and Senior Management

董事会及高级管理人员

EXECUTIVE DIRECTORS (Continued)                    执行董事(续)

Mr. Chan Chun Yiu Thomas (formerly known as Chan Chee Choi), aged  陈浚曜先生(前称陈子才),56岁,于二零一七年
56, joined the Company in February 2017, and is an executive Director, the  二月加入本公司,为本公司执行董事、行政总裁
chief executive officer and the group general counsel of the Company. He  兼集团总法律顾问。彼亦为本公司执行委员会及
is also a member of the executive committee and the nomination  提名委员会成员以及本公司多间附属公司之董事。
committee of the Company, and a director of various subsidiaries of the  陈先生于一九八七年在香港大学取得法学学士学
Company. Mr. Chan obtained a bachelor of laws degree in 1987 and the  位,并于一九八八年在香港大学获颁法律深造证
postgraduate certificate in laws in 1988, both at the University of Hong  书。彼于一九九零年取得资格成为香港事务律师,
Kong. He was admitted as a solicitor in Hong Kong in 1990, and as a  并于一九九一年取得资格成为英国事务律师。彼
solicitor in the United Kingdom in 1991. Following his admission as a  在香港取得资格后,曾在香港多间本地及国际律
solicitor in Hong Kong, he spent almost 15 years in private practice in Hong  师事务所私人执业近十五年,专门从事银行、商
Kong with various local and international law firms, specialising in banking,  业及物业之范畴。彼其后脱离私人执业,并于二
commercial and real estate areas. He then left private practice and joined  零零五年三月加入法国兴业银行香港分行,二零
the Hong Kong branch of Societe Generale S.A. in March 2005, and left in  一一年八月离职时担任董事职级之法律顾问,并
August 2011 as its legal counsel at director level, specialising in listed and  担任法律部门结构产品╱基金团队负责人,专门
unlisted structured products, retail funds, exchange traded funds and  从事上市及非上市结构性产品、零售基金、交易
general banking advisory work. Subsequently, he joined CLSA Hong Kong  所买卖基金及一般银行业务咨询工作。其后,彼
Holdings Limited and worked as its senior legal adviser from August 2011  加入CLSA Hong Kong Holdings Limited,并于二零
to April 2015. Mr. Chan is an independent non-executive director of  一一年八月至二零一五年四月担任其高级法律顾
Longhui International Holdings Limited (stock code: 1007). He also served  问。陈先生为龙辉国际控股有限公司(股份代号:
as an independent non-executive director of LEAP Holdings Group Limited  1007)之独立非执行董事。彼亦于二零一七年十一
(stock code: 1499) from November 2017 to April 2018. The shares of these  月至二零一八年四月期间担任前进控股集团有限
two companies are listed on the Main Board of the Stock Exchange.        公司(股份代号:1499)之独立非执行董事。该两
                                                              间公司之股份均于联交所主板上市。

22    Annual Report年报2018/19


        Board of Directors and Senior Management
                          董事会及高级管理人员
INDEPENDENT NON-EXECUTIVE DIRECTORS      独立非执行董事

Ms. Lu Gloria Yi, aged 49, joined the Company as an independent non-  陆奕女士,49岁,于二零一七年五月加入本公司
executive Director in May 2017. She is also the chairman of the nomination  担任独立非执行董事。彼亦为本公司提名委员会
committee, and a member of the audit committee and the remuneration  主席兼审核委员会及薪酬委员会成员。陆女士于
committee of the Company. Ms. Lu has over 20 years of experience in  投资银行、资本市场及风险管理方面积逾20年经
investment banking, capital market and risk management. She was the  验。彼于二零一四年至二零一六年为华兴资本证
head of equities of China Renaissance Securities (Hong Kong) Limited  券(香港)有限公司(「华兴资本」)之股票部门主管,
(“China Renaissance”) between 2014 and 2016 and was responsible for  负责香港及美利坚合众国两地股票市场之股票研
equity research, sales and trading, distribution and operation of both Hong  究、销售及买卖、分销及营运。加入华兴资本前,
Kong and the United States of America equity markets. Prior to joining  彼为中国人寿富兰克林资产管理有限公司之副行
China Renaissance, she was a deputy chief executive officer of China Life  政总裁,负责该公司之投资、研究、产品开发、
Franklin Asset Management Co., Limited and was responsible for its  营销及分销以及行政事务。彼亦曾于专业职业生
investment, research, product development, marketing and distribution as  涯中,任职贝莱德资产管理北亚有限公司及德意
well as administrative duties. She also worked for Blackrock Asset  志证券亚洲有限公司。彼曾于二零零七年九月至
Management North Asia Limited and Deutsche Securities Asia Limited in  二零零九年九月于联交所GEM上市公司环球数码
her professional career. She was an executive director of Global Digital  创意控股有限公司(股份代号:8271)担任执行董
Creations Holdings Limited (a company listed on the Growth Enterprise  事。彼于一九九四年获多伦多大学颁授商学学士
Market of the Stock Exchange, stock code: 8271) from September 2007 to  学位。彼持有特许金融分析师认证,目前为已向
September 2009. She obtained her bachelor’s degree in commerce from  香港证券及期货事务监察委员会注册从事第9类(提
the University of Toronto in 1994. She is a charterholder of Chartered  供资产管理)受规管活动之蓝藤资本有限公司之负
Financial Analyst and currently a responsible officer of Parantoux Capital  责人员。

Limited for type 9 regulated activity (asset management) registered with

the Securities and Futures Commission of Hong Kong.

Mr. Sun Jiong, aged 50, joined the Company as an independent non-  孙炯先生,50岁,于二零一七年五月加入本公司
executive Director in May 2017. He is also the chairman of the  担任独立非执行董事。彼亦为本公司薪酬委员会
remuneration committee, and a member of the audit committee of the  主席及审核委员会成员。孙先生现为坤鹏融资租
Company. Mr. Sun is currently a chief executive officer of E-autofinance  赁(上海)有限公司之行政总裁。孙先生亦曾于二
(Shanghai) Limited. He also served as a vice president of Alibaba Cloud  零一四年一月至二零一八年五月出任阿里巴巴集
department in Taobao (China) Software Co. Ltd., a business unit of Alibaba  团旗下业务分部淘宝(中国)软件有限公司阿里云
Group, which develops and provides highly scalable cloud computing and  部门之副总裁,该部门负责阿里云之开发及提供
data management services from January 2014 to May 2018. He worked  高扩展性云计算及数据管理服务。彼于二零零七
with Alibaba (China) Technology Co. Ltd from 2007 to 2010 as the general  年至二零一零年任职阿里巴巴(中国)网站技术有
manager of its Japanese business unit. He served as a chairman of Open  限公司,担任日本业务分部之总经理。彼于二零
Associates China Co., Ltd. from November 2010 to December 2013.        一零年十一月至二零一三年十二月担任贤仕投资
                                                              咨询(上海)有限公司之主席。

                                                                                          Annual Report年报2018/19  23

Board of Directors and Senior Management

董事会及高级管理人员

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

(Continued)

Mr. Ha Kee Choy Eugene, aged 62, joined the Company as an  夏其才先生,62岁,于二零一七年五月加盟本公
independent non-executive Director in May 2017. He is also the chairman  司担任独立非执行董事。彼亦为本公司审核委员
of the audit committee, and a member of the nomination committee and  会主席及提名委员会与薪酬委员会成员。彼持有
the remuneration committee of the Company. He holds a Master’s Degree  工商管理硕士学位,并为英国特许公认会计师公
in Business Administration and is a fellow member of the Association of  会资深会员。彼于金融及银行业拥有逾20年经验,
Chartered Certified Accountants. He has over 20 years of experience in the  现时或╱及曾经担任香港多间私人及上市公司的
finance and banking industry and acts or/and acted as director of a number  董事。夏先生为香港执业会计师事务所之董事。
of private and listed companies in Hong Kong. Mr. Ha is the director of a  彼目前为龙辉国际控股有限公司(股份代号:
certified public accountants corporate practice in Hong Kong. He is  1007)、 中 国透云科技集团有限公司(股份代 号:
currently an independent non-executive director of Longhui International  1332)及梧桐国际发展有限公司(股份代号:613)
Holdings Limited (stock code: 1007), China Touyun Tech Group Limited  的独立非执行董事。该等公司之股份均于联交所
(stock code: 1332) and Planetree International Development Limited (stock  主板上市。

code: 613). The shares of these companies are listed on the Main Board of

the Stock Exchange.

SENIOR MANAGEMENT                            高级管理人员

Mr. Li Shui Keung, aged 62, joined the Group in May 2007 and is the chief  李瑞强先生,62岁,于二零零七年五月加入本集
financial officer of the Company. He is responsible for the accounting and  团,为本公司财务总裁。彼负责本集团之会计及
financial management of the Group. He is also a director of various  财务管理。彼亦为本公司多间附属公司之董事。
subsidiaries of the Company. Mr. Li holds a Degree of Master of Professional  李先生持有香港理工大学专业会计硕士学位。彼
Accountant from the Hong Kong Polytechnic University. He is a Fellow of  现为英国特许公认会计师公会资深会员及香港会
the Chartered Association of Certified Accountants and an Associate of the  计师公会会员。彼于会计及财务管理方面拥有逾
Hong Kong Institute of Certified Public Accountants. He has over 30 years  30年经验。

of experience in accounting and finance management.

Mr. Lee Chi Wai, aged 41, joined the Group in January 2019 and is the  李志威先生,41岁,于二零一九年一月加入本集
deputy chief financial officer of the Company. He is responsible for the  团,为本公司副财务总监。彼负责本集团之会计
accounting and financial management of the Group. Mr. Lee holds a  及财务管理。李先生持有香港理工大学商业学文
degree of bachelor of arts in Business Studies from The Hong Kong  学士学位。彼为英国特许公认会计师公会资深会
Polytechnic University. He is a Fellow of the Chartered Association of  员。彼于一间国际会计师事务所积逾18年之审计、
Certified Accountants. He has over 18 years of experience in auditing,  会计及财务管理经验。

accounting and finance management in an international accounting firm.

24    Annual Report年报2018/19


                          Report of the Directors
                                  董事会报告书
The Directors present their annual report and the audited consolidated  董事谨此提呈本集团截至二零一九年六月三十日
financial statements of the Group for the fifteen months ended 30 June  止十五个月期间之年报及经审核综合财务报表。
2019.

PRINCIPAL ACTIVITIES                            主要业务

The Company acts as an investment holding company. The activities of its  本公司为投资控股公司,其主要附属公司之业务
principal subsidiaries are set out in note 33 to the consolidated financial  载于综合财务报表附注33。

statements.

RESULTS AND APPROPRIATIONS                  业绩及分派

The results of the Group for the fifteen months ended 30 June 2019 are set  本集团截至二零一九年六月三十日止十五个月期
out in the consolidated statement of comprehensive income on page 73  间之业绩载于本年报第73页之综合全面收益表。
of this annual report.

The Board does not recommend the payment of any dividend for the  董事会并不建议就截至二零一九年六月三十日止
fifteen months ended 30 June 2019 (for the year ended 31 March 2018: nil).  十五个月期间派付任何股息(截至二零一八年三月
                                                              三十一日止年度:无)。

BUSINESS REVIEW                                业务回顾

The business review of the Group for the fifteen months ended 30 June  本集团截至二零一九年六月三十日止十五个月期
2019 is set out in the section headed “Management Discussion and  间之业务回顾载于本年报第7至20页「管理层讨论
Analysis” on pages 7 to 20 of this annual report.                        及分析」一节。

MAJOR CUSTOMERS AND SUPPLIERS              主要客户及供应商

The percentage of sales attributable to the Group’s largest customer and  本集团最大客户及五大客户应占销售百分比,分
five largest customers accounted for approximately 50% and 60%  别占本集团期内总收入约50%及60%。

respectively of the Group’s total revenue for the Period.

The aggregate purchases attributable to the Group’s five largest suppliers  本集团五大供应商应占总采购额之百分比,占本
were less than 30% of the Group’s total purchases for the Period.          集团期内总采购额低于30%。

At no time during the Period did a Director, a close associate (as defined in  于期内任何时间,概无董事、董事之紧密联系人
the Listing Rules) of a Director or a Shareholder (which to the knowledge of  (定义见上市规则)或据董事所知拥有本公司已发
the Directors owns more than 5% of the Company’s issued share capital)  行股本超过5%之股东,在本集团五大供应商或客
has an interest in any of the Group’s five largest suppliers or customers.      户中拥有任何权益。

                                                                                          Annual Report年报2018/19  25
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董事会报告书

FIVE-YEAR FINANCIAL SUMMARY                五年财务摘要

A summary of the results, assets and liabilities of the Group for the last five  本集团过去五个财政年度之业绩、资产及负债概
financial years is set out on page 219 of this annual report.                要载于本年报第219页。

PROPERTY, PLANT AND EQUIPMENT AND        物业、厂房及设备以及投资物业

INVESTMENT PROPERTIES

Details of the movements in the property, plant and equipment and  本集团物业、厂房及设备以及投资物业于期内之
investment properties of the Group during the Period are set out in notes  变动详情,分别载于综合财务报表附注14及15。
14 and 15 respectively to the consolidated financial statements.

PRINCIPAL PROPERTIES OWNED BY THE GROUP  本集团拥有之主要物业

Particulars of the principal properties of the Group are set out on page 220  本集团之主要物业详情载于本年报第220页。

of this annual report.

SHARE CAPITAL                                  股本

Details of the movements in the share capital of the Company during the  本公司股本于期内之变动详情载于综合财务报表
Period are set out in note 25 to the consolidated financial statements.      附注25。

DISTRIBUTABLE RESERVES                        可分派储备

The reserves of the Company available for distribution to the Shareholders  于二零一九年六月三十日,本公司可分派予股东
as at 30 June 2019, which is calculated in accordance with the Companies  之储备约为387,772,000港元,乃根据开曼群岛公
Law, Cap. 22 (Law 3 of 1961, as consolidated and revised) of the Cayman  司法第22章(一九六一年第三项法例,经综合及
Islands (the “Cayman Islands Companies Law”) and the Company’s articles  修订)(「开曼群岛公司法」)及本公司之组织章程细
of association (the “Articles”), amounted to approximately HK$387,772,000.  则(「细则」)计算得出。

Details of movements in the reserves of the Group and the Company  本集团及本公司储备于期内之变动详情分别载于
during the Period are set out in the consolidated statement of changes in  本年报第77页之综合权益变动表及综合财务报表
equity on page 77 of this annual report and note 35(b) to the consolidated  附注35(b)。

financial statements respectively.

DONATIONS                                      捐款

During the Period, no charitable donations were made by the Group.        本集团于期内并无作出慈善捐款。

26    Annual Report年报2018/19


                          Report of the Directors
                                  董事会报告书
DIRECTORS                                        董事

The Directors during the Period and up to the date of this annual report  于期内及直至本年报日期之董事如下:

are:

Executive Directors                                      执行董事

Dr. Choi Chiu Fai Stanley (Chairman)                                蔡朝晖博士(主席)

Mr. Chan Chun Yiu Thomas (ChiefExecutiveOfficer)                      陈浚曜先生(行政总裁)(自二零一八年七月六日起
? (appointed as an executive Director with effect from 6 July 2018 and        获委任为执行董事,后自二零一九年七月一日
? as the Chief Executive Officer with effect from 1 July 2019)                起获委任为行政总裁)

Mr. Lam Yat Ming (resigned with effect from 6 July 2018)                  林一鸣先生(自二零一八年七月六日起辞任)

Mr. Zhang Yan Min (appointed as the Chief Executive Officer with          张燕民先生(自二零一八年七月六日起获委任为

? effect from 6 July 2018 and resigned as the Chief Executive Officer and      行政总裁,后自二零一九年六月三十日起辞任
? an executive Director with effect from 30 June 2019)                    行政总裁及执行董事)

Independent non-executive Directors                      独立非执行董事

Ms. Lu Gloria Yi                                                  陆奕女士

Mr. Sun Jiong                                                    孙炯先生

Mr. Ha Kee Choy Eugene                                          夏其才先生

Mr. Ren Yunan (resigned with effect from 6 July 2018)                    任煜男先生(自二零一八年七月六日起辞任)

In accordance with article 84 of the Articles and the Corporate Governance  根据细则第84条及上市规则附录14所载《企业管
Code set out in Appendix 14 to the Listing Rules, Ms. Lu Gloria Yi and Mr.  治守则》,独立非执行董事陆奕女士及孙炯先生须
Sun Jiong being independent non-executive Directors, shall retire from  于本公司将于二零一九年十二月四日(星期三)举
office by rotation at the forthcoming annual general meeting of the  行的应届股东周年大会(「股东周年大会」)轮值告
Company (the “AGM”) to be held on Wednesday, 4 December 2019. All  退。全体退任董事均合资格并愿意于应届股东周
retiring Directors, being eligible, offer themselves for re-election at the  年大会重选连任。

forthcoming AGM.

No Director proposed for re-election at the forthcoming AGM has a service  拟于应届股东周年大会重选连任之董事概无与本
contract which is not determinable by the Group within one year without  集团订立一年内不可在不予补偿(法定赔偿除外)
payment of compensation (other than statutory compensation).          的情况下予以终止之服务合约。

Biographical information of the Directors is set out in the section headed  有关董事之履历资料载于本年报第21至24页「董
“Board of Directors and Senior Management” on pages 21 to 24 of this  事会及高级管理人员」一节。

annual report.

CONFIRMATION OF INDEPENDENCE OF            独立非执行董事之独立身份确认书

INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company has received from each of Ms. Lu Gloria Yi, Mr. Sun Jiong and  本公司已接获陆奕女士、孙炯先生及夏其才先生
Mr. Ha Kee Choy Eugene a confirmation of his/her independence pursuant  各自根据上市规则第3.13条之独立身份年度确认
to Rule 3.13 of the Listing Rules and the Company considers that all the  书,本公司认为全体独立非执行董事均属独立人
independent non-executive Directors are independent.                  士。

                                                                                          Annual Report年报2018/19  27
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INTERESTS AND SHORT POSITIONS OF            董事及主要行政人员于本公司及其相联
DIRECTORS AND CHIEF EXECUTIVES IN SHARES,  法团之股份、 相 关股份及债券之权益及
UNDERLYING SHARES AND DEBENTURES OF      淡仓

THE COMPANY AND ITS ASSOCIATED
CORPORATIONS

Save as disclosed below, as at 30 June 2019, none of the Directors or chief  除下文披露者外,于二零一九年六月三十日,各
executives of the Company had any interests or short positions in the  董事或本公司主要行政人员概无于本公司或其任
shares, underlying shares or debentures of the Company or any of its  何相联法团(定义见香港法例第571章《证券及期
associated corporations (within the meaning of Part XV of the Securities  货条例》(「证券及期货条例」)第XV部)之股份、相
and Futures Ordinance, Chapter 571 of the Laws of Hong Kong (the “SFO”)),  关股份或债券中,拥有根据证券及期货条例第XV
which were required to be notified to the Company and the Stock  部第7及第8分部条文须知会本公司及联交所之任
Exchange pursuant to the provisions of Divisions 7 and 8 of Part XV of the  何权益或淡仓(包括彼等根据证券及期货条例有关
SFO, including interests or short positions which they were taken or  条文被视作或当作拥有之权益或淡仓);或根据证
deemed to have under such provisions of the SFO, or which were required,  券及期货条例第352条须载入该条所指登记册之任
pursuant to section 352 of the SFO, to be entered in the register referred to  何权益或淡仓;或根据本公司采纳之董事进行证
therein, or which were required, pursuant to the Model Code for Securities  券交易的标准守则须知会本公司及联交所之任何
Transactions by Directors adopted by the Company, to be notified to the  权益或淡仓。

Company and the Stock Exchange.

Long positions in the Shares                              于股份之好仓

                                                                Number of Shares

                                                                    股份数目

                                                                                              Approximate
                                                                                              percentage
                                                                                                    of the
                                                        Personal    Corporate                  number of
Name of Director                                          interest      interest        Total issued Shares
                                                                                                占已发行
                                                                                                股份数目
董事姓名                                                个人权益    公司权益        总计  概约百分比
Dr. Choi Chiu Fai Stanley        蔡朝晖博士(「蔡博士」)            –    764,223,268    764,223,268        55.82%
? (“Dr. Choi”)                                                              (Note)

                                                                    (附注)

Note:  These Shares were held by Brighten Path Limited (“Brighten Path”), a company  附注: 该等股份由Brighten Path Limited(「Brighten Path」)持
      wholly-owned by Head and Shoulders Direct Investment Limited (“Head and        有,Brighten Path为 一 间 由Head and Shoulders Direct
      Shoulders”) which in turn is wholly-owned by Dr. Choi, an executive Director.              Investment Limited(「Head and Shoulders」)全资拥有之
                                                                                公司, 而Head and Shoulders则由执行董事蔡博士全
                                                                                资拥有。

28    Annual Report年报2018/19


                          Report of the Directors
                                  董事会报告书
INTERESTS AND SHORT POSITIONS OF            股东于本公司股份及相关股份之权益及
SHAREHOLDERS IN SHARES AND UNDERLYING    淡仓

SHARES OF THE COMPANY

Save as disclosed below, as at 30 June 2019, so far as is known to the  除下文披露者外,于二零一九年六月三十日,据
Directors or chief executives of the Company, the Company had not been  董事或本公司主要行政人员所知,除董事或本公
notified by any persons (other than the Directors or chief executive of the  司主要行政人员外,本公司并无获任何人士知会,
Company) who had interests or short positions in the Shares or underlying  表示彼于股份或相关股份中,拥有根据证券及期
Shares which would fall to be disclosed to the Company under the  货条例第XV部第2及3分部条文须向本公司披露之
provisions of Divisions 2 and 3 of Part XV of the SFO or which were  权益或淡仓,或已于本公司根据证券及期货条例
recorded in the register required to be kept by the Company under Section  第336条规定存置之登记册中记录。

336 of the SFO.

Long positions in the Shares                              于股份之好仓

                                                                                    Approximate

                                                                                    percentage of

                              Capacity/Nature of                                    the number of

Name of Shareholder            Interest                    Number of Shares        issued Shares    Note
                                                                                    占已发行股份

股东名称                      身份╱权益性质                    股份数目      数目概约百分比  附注
Brighten Path                    Beneficial owner                    764,223,268                55.82%

Brighten Path                    实益拥有人

Head and Shoulders              Interest of a controlled                764,223,268                55.82%  Note1
                              ?corporation

Head and Shoulders              受控制公司之权益                                                  附注1
Mediastar International Limited      Beneficial owner                      69,800,000                5.10%

?(“Mediastar”)

Mediastar International Limited      实益拥有人

 (「Mediastar」)

Sky Warrior Investments Limited    Interest of a controlled                69,800,000                5.10%  Note2
? (“Sky Warrior”)                    corporation

Sky Warrior Investments Limited    受控制公司之权益                                                  附注2
 (「Sky Warrior」)

Chow Tai Fook (Holding) Limited    Interest of a controlled                69,800,000                5.10%  Note3
?(“CTFHL”)                        corporation

Chow Tai Fook (Holding) Limited    受控制公司之权益                                                  附注3
 (「CTFHL」)

Chow Tai Fook Capital Limited      Interest of a controlled                69,800,000                5.10%  Note4
?(“CTFC”)                        corporation

Chow Tai Fook Capital Limited      受控制公司之权益                                                  附注4
 (「CTFC」)

                                                                                          Annual Report年报2018/19  29
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INTERESTS AND SHORT POSITIONS OF            股东于本公司股份及相关股份之权益及
SHAREHOLDERS IN SHARES AND UNDERLYING    淡仓(续)

SHARES OF THE COMPANY (Continued)

Long positions in the Shares (Continued)                      于股份之好仓(续)

                                                                                    Approximate

                                                                                    percentage of

                              Capacity/Nature of                                    the number of

Name of Shareholder            Interest                    Number of Shares        issued Shares    Note
                                                                                    占已发行股份

股东名称                      身份╱权益性质                    股份数目      数目概约百分比  附注
Cheng Yu Tung Family (Holdings II)  Interest of a controlled                69,800,000                5.10%  Note5
? Limited (“CYTFH-ll”)                corporation

Cheng Yu Tung Family (Holdings II)  受控制公司之权益                                                  附注5
  Limited(「CYTFH-ll」)

Cheng Yu Tung Family (Holdings)    Interest of a controlled                69,800,000                5.10%  Note6
? Limited (“CYTFH”)                corporation

Cheng Yu Tung Family (Holdings)    受控制公司之权益                                                  附注6
  Limited(「CYTFH」)

Notes:                                                                    附注:

(1)    Brighten Path was wholly-owned by Head and Shoulders which in turn was  (1)    Brighten Path由Head and Shoulders全资拥有,而Head
      wholly-owned by Dr. Choi. Accordingly, each of Head and Shoulders and Dr. Choi        and Shoulders则由蔡博士全资拥有。因此,根据证券
      was deemed to be interested in 764,223,268 Shares held by Brighten Path under        及期货条例,Head and Shoulders及蔡博士均被视作于
      the SFO.                                                                    Brighten Path所持764,223,268股股份中拥有权益。

(2)    Mediastar was wholly-owned by Sky Warrior. Accordingly, under the SFO, Sky  (2)    Mediastar由Sky Warrior全资拥有。因此,根据证券及期
      Warrior was deemed to be interested in 69,800,000 Shares held by Mediastar.              货条例,Sky Warrior被视作于Mediastar所持69,800,000
                                                                                股股份中拥有权益。

(3)    Sky Warrior was wholly-owned by CTFHL. Accordingly, under the SFO, CTFHL was  (3)    Sky Warrior由CTFHL全资拥有。因此, 根据证券及期
      deemed to be interested in 69,800,000 Shares held by Mediastar.                        货条例,CTFHL被视作于Mediastar所持69,800,000股
                                                                                股份中拥有权益。

(4)    CTFC held approximately 81.03% direct interest in CTFHL. Accordingly, under the  (4)    CTFC于CTFHL持有约81.03%直接权益。因此,根据证
      SFO, CTFC was deemed to be interested in 69,800,000 Shares held by Mediastar.            券及期货条例,CTFC被视作于Mediastar所持69,800,000
                                                                                股股份中拥有权益。

(5)    CYTFH-II held approximately 46.65% direct interest in CTFC. Accordingly, under the  (5)    CYTFH-ll于CTFC持有约46.65%直接权益。因此,根据
      SFO, CYTFH-II was deemed to be interested in 69,800,000 Shares held by Mediastar.        证券及期货条例,CYTFH-ll被视作于Mediastar所持
                                                                                69,800,000股股份中拥有权益。

(6)    CYTFH held approximately 48.98% direct interest in CTFC. Accordingly, under the  (6)    CYTFH于CTFC 持有约48.98%直接权益。因此,根据证券
      SFO, CYTFH was deemed to be interested in 69,800,000 Shares held by Mediastar.          及期货条例,CYTFH被视作于Mediastar所持69,800,000
                                                                                股股份中拥有权益。

30    Annual Report年报2018/19


                          Report of the Directors
                                  董事会报告书
SHARE OPTION SCHEME                          购股权计划

The share option scheme of the Company (the “Share Option Scheme”)  本公司购股权计划(「购股权计划」)于二零一七年
was conditionally adopted by the Shareholders on 1 November 2017 and  十一月一日获股东有条件采纳,并于二零一七年
became unconditional on 2 November 2017. A summary of the principal  十一月二日成为无条件。购股权计划之主要条款
terms of the Share Option Scheme are as follows:                      概要如下:

Purpose of the Share Option Scheme                        购股权计划之目的

The purpose of the Share Option Scheme is to provide incentives and/or  购股权计划旨在就合资格参与者对本公司所作出
rewards to eligible participants for their contributions to, and continuing  之贡献及不断为提升本公司利益所作出之努力,
efforts to promote the interests of, the Company.                      向彼等提供激励及╱或奖励。

Participants of the Share Option Scheme                    购股权计划之参与者

The eligible participant(s) of the Share Option Scheme is/are full time or  购股权计划之合资格参与者为本集团的全职或兼
part time employees of the Group (including any directors, whether  职雇员(包括本集团的任何董事,无论执行或非执
executive or non-executive and whether independent or not, of the  行及无论独立与否); 及本集团的任何业务或合营
Group); and any business or joint venture partners, contractors, agents or  企业伙伴、承包商、代理商或代表、咨询人、顾
representatives, consultants, advisers, suppliers, producers or licensors,  问、供应商、生产商或许可人、客户、持牌人(包
customers, licensees (including any sub-licensee) or distributors, landlords  括任何再授特许持牌人)或分销商、业主或租户(包
or tenants (including any sub-tenants) of the Group or any person who, in  括任何分租客)或由董事会自行决定为本集团已作
the sole discretion of the Board, has contributed or may contribute to the  出或可能作出贡献的任何人士。

Group.

Maximum number of Shares available for issue              可供发行股份之最高数目

The maximum number of Shares which may be issued upon exercise of all  根据购股权计划及本公司任何其他购股权计划可
options which may be granted under the Share Option Scheme and any  能授出之全部购股权获行使时可予发行之最高股
other share option schemes of the Company must not, in aggregate,  份数目,合共不得超过批准购股权计划当日已发
exceed 10% of the Shares in issue as at the date of the approval of the  行股份之10%。

Share Option Scheme.

Maximum entitlement of each eligible participant            每名合资格参与者可获授权益上限

The total number of Shares issued and to be issued upon exercise of the  在截至授出当日止任何十二(12)个月期间内授予
options granted to each eligible participant or grantee (including exercised  每名合资格参与者或承授人之购股权(包括已行使
and outstanding options) in any twelve (12)-month period up to the date  及尚未行使之购股权)获行使时已发行及将予发行
of grant shall not exceed 1% of the Shares in issue.                      之股份总数,不得超过已发行股份之1%。

                                                                                          Annual Report年报2018/19  31
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董事会报告书

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

Time of exercise of options                                购股权之行使时间

Subject to the terms of the Share Option Scheme, an option may be  在购股权计划条款之规限下,购股权可于董事于
exercised in whole or in part at any time during the period to be  作出要约时厘定及通知购股权承授人之期间内随
determined and notified by the Directors to the grantee thereof at the time  时全数或部份行使,惟有关期间不得超过特定购
of making an offer provided that such period shall not exceed the period of  股权授出日期起计十(10)年,并须受购股权计划之
ten (10) years from the date of the grant of the particular option but  提早终止条文所规限。

subject to the provisions for early termination but subject to the early

termination of the Share Option Scheme.

There is no specified minimum period under the Share Option Scheme for  购股权计划并无订明购股权于可根据购股权计划
which an option must be held or the performance target which must be  之条款行使前必须持有之指定最短期限,或必须
achieved before an option can be exercised under the terms of the Share  达致之表现目标。

Option Scheme.

Acceptance of options                                    接纳购股权

An offer of the grant of an option shall be made to eligible participants in  授出购股权之要约应以董事会不时厘定之书面格
writing (and unless so made shall be invalid) in such form as the Board may  式(而并非以书面形式作出者属无效)向合资格参
from time to time determine and shall remain open for acceptance by the  与者授出,有关合资格参与者仍可于作出要约当
eligible participant concerned for a period of twenty-one (21) days  日起计二十一(21)日期间内(包括首尾两日)接纳,
inclusive of, from the date upon which it is made provided that no such  惟于采纳日期后满10年当日或购股权计划终止(以
offer shall be open for acceptance after the earlier of the date falling 10  较早者为准)后,概不可接纳有关要约。

years after the adoption date or the termination of the Share Option

Scheme.

A non-refundable nominal consideration of HK$1.00 is payable by the  承授人于接纳购股权时须支付1.00港元之不可退
grantee upon acceptance of an option. An option shall be deemed to have  回象征式代价。当本公司接获合资格参与者正式
been accepted when the duplicate letter comprising acceptance of the  签署包括购股权接纳表格在内之一式两份函件及
option duly signed by the eligible participant together with the said  上述1.00港元之代价时,购股权将被视为已获接
consideration of HK$1.00 is received by the Company.                    纳。

Exercise price                                            行使价

The subscription price for Shares under the Share Option Scheme may be  购股权计划项下股份之认购价可由董事会全权酌
determined by the Board at its absolute discretion but in any event will not  情厘定,惟于任何情况下均不得低于以下三项之
be less than the highest of: (i) the closing price of the Shares on the Stock  最高者:(i)股份于要约日期(该日须为营业日)在
Exchange as shown in the daily quotations sheet of the Stock Exchange on  联交所每日报价表所示于联交所之收市价;(ii)股
the offer date, which must be a business day; (ii) the average of the closing  份于紧接要约日期前五(5)个营业日在联交所每日
prices of the Shares as shown in the daily quotations sheets of the Stock  报价表所示之平均收市价;及(iii)股份于要约日期
Exchange for the five (5) business days immediately preceding the offer  之面值。

date; and (iii) the nominal value of the Share on the offer date.

32    Annual Report年报2018/19


                          Report of the Directors
                                  董事会报告书
SHARE OPTION SCHEME (Continued)                  购股权计划(续)

Duration of the Share Option Scheme                      购股权计划之年期

The Share Option Scheme shall continue in force for the period  购股权计划将由采纳日期起至采纳日期起计十(10)
commencing from the adoption date and expiring at the close of business  年当日营业时间结束时届满之期间内一直有效,
on the date which falls ten (10) years after the adoption date, after such  于该期间后,将不得再授出任何购股权,惟购股
period no further options will be granted but the provisions of the Share  权计划之条文对在购股权计划届满或终止前授出
Option Scheme shall remain in full force and effect in respect of any  但尚未行使之任何购股权仍具十足效力及作用。
options granted before its expiry or termination but not yet exercised.

Movements relating to the share options granted during the fifteen  截至二零一九年六月三十日止十五个月期间,有
months ended 30 June 2019 were as follows:                          关已授出购股权之变动如下:

                                              Numberofshareoptions

                                                    购股权数目

                                  At                                              At

                                1April                                            30June                          Exercise
Dateofgrant    Capacity            2018    Granted  Exercised    Lapsed  Cancelled      2019          Validityperiod      price
                                  于                                                于

                            二零一八年                                        二零一九年

授出日期      身份            四月一日    已授出    已行使    已失效    已注销  六月三十日                有效期    行使价
                                                                                                                    HK$
                                                                                                                  港元
4December2017  Businesspartners    13,691,572        –        –        –        –  13,691,572        4December2017to        1.94
                                                                                                3December2027

二零一七年    业务伙伴                                                                      二零一七年十二月四日至

 十二月四日                                                                                  二零二七年十二月三日

                              13,691,572        –        –        –        –  13,691,572        4December2017to        1.94
                                                                                                3December2027

                                                                                          二零一七年十二月四日至

                                                                                            二零二七年十二月三日

                              13,691,572        –        –        –        –  13,691,572        4December2017to        1.94
                                                                                                3December2027

                                                                                          二零一七年十二月四日至

                                                                                            二零二七年十二月三日

                              13,691,572        –        –        –        –  13,691,572        4December2017to        1.94
                                                                                                3December2027

                                                                                          二零一七年十二月四日至

                                                                                            二零二七年十二月三日

9July2018      Advisor                –  13,691,572        –        –        –  13,691,572    9July2018to8July2028        1.57
二零一八年    顾问                                                                          二零一八年七月九日至

 七月九日                                                                                    二零二八年七月八日

                              54,766,288  13,691,572        –        –        –  68,457,860

                                                                                          Annual Report年报2018/19  33
Report of the Directors
董事会报告书

PERMITTED INDEMNITY PROVISION              获准许弥偿条文

Pursuant to the Articles, every Director shall be indemnified and secured  根据细则,每名董事就彼各自职务执行职责时因
harmless out of the assets and profits of the Company from and against all  所作出、同意或遗漏任何行为而令彼将会或可能
actions, costs, charges, losses, damages and expenses which he/she shall  产生或蒙受之所有诉讼、费用、收费、损失、损
or may incur or sustain by or by reason of any act done, concurred in or  害及开支,均可自本公司之资产及盈利获得弥偿
omitted in or about the execution of the duty of his/her office.            及可获确保就此免受任何损害。

The Company has taken out directors’ liability insurance throughout the  本公司已于期内投购董事责任保险,为董事及本
Period, which provides appropriate cover for the Directors and the directors  公司附属公司董事提供适当的保障。

of the subsidiaries of the Company.

DIRECTORS’ INTERESTS IN TRANSACTIONS,      董事于买卖、安排或合约之权益

ARRANGEMENTS OR CONTRACTS

No transactions, arrangements or contracts of significance to which the  于期间结算日或于期内任何时间,本公司或其任
Company or any of its subsidiaries was a party and in which a Director or  何附属公司概无订立任何董事或董事之关连实体
the Director’s connected entity had a material interest, whether directly or  直接或间接于当中拥有重大权益之重大买卖、安
indirectly, subsisted at the end of the Period or at any time during the  排或合约。

Period.

DIRECTORS’ INTEREST IN COMPETING BUSINESS  董事于竞争业务中的权益

During the Period, no Directors or their respective associates (as defined in  期内,概无董事或彼等各自之联系人(定义见上市
the Listing Rules) had any interest in a business which competes or is likely  规则)于直接或间接对本集团业务构成或可能构成
to compete, either directly or indirectly, with the business of the Company.  竞争之业务中拥有任何权益。

PURCHASE, SALE OR REDEMPTION OF THE        买卖或赎回本公司之上市证券

COMPANY’S LISTED SECURITIES

During the fifteen months ended 30 June 2019, neither the Company nor  于截至二零一九年六月三十日止十五个月期间,
any of its subsidiaries purchased, sold or redeemed any of the Company’s  本公司或其任何附属公司概无买卖或赎回本公司
listed securities.                                                  任何上市证券。

SUFFICIENCY OF PUBLIC FLOAT                  足够公众持股量

As at the date of this annual report, based on information available to the  于本年报日期,根据本公司可得资料并就董事所
Company and within the knowledge of the Directors, the percentage of  知,公众持有之股份占本公司已发行股份总数之
the Shares which are in the hands of the public exceeds 25.0% of the  百分比超过25.0%。

Company’s total number of issued Shares.

34    Annual Report年报2018/19


                          Report of the Directors
                                  董事会报告书
PRE-EMPTIVE RIGHTS                            优先购买权

There are no pre-emptive rights provisions in the Articles, or under the  细则或开曼群岛公司法并无有关优先购买权之条
Cayman Islands Companies Law, which would oblige the Company to offer  文,规定本公司须按其现有股东之持股比例向彼
new Shares on a pro-rata basis to its existing Shareholders.                等提呈发售新股份。

AUDITOR                                          核数师

Deloitte Touche Tohmatsu, Certified Public Accountants, retired and did  执业会计师德勤   关黄陈方会计师行自于二零一七
not seek for re-appointment as the auditor of the Company with effect  年九月二十七日举行之股东周年大会结束起退任
from the conclusion of the AGM held on 27 September 2017. Ernst &  本公司核数师,且并无寻求续聘。于执业会计师
Young (“EY”), Certified Public Accountants, was appointed as the new  德勤   关黄陈方会计师行退任后,执业会计师安永
auditor of the Company following the retirement of Deloitte Touche  会计师事务所(「安永」)获委任为本公司新任核数
Tohmatsu, Certified Public Accountants. EY has resigned as the auditor of  师。由于本公司与安永未能就本集团于英国之建
the Company with effect from 12 April 2018 as the Company and EY could  议收购后之海外审核安排达成共识,安永辞任本
not reach a consensus on the overseas audit arrangements in respect of  公司核数师,自二零一八年四月十二日起生效。
the Group following the proposed acquisition in the United Kingdom. With  经本公司审核委员会推荐,执业会计师香港立信
the recommendation of the audit committee of the Company, BDO  德豪会计师事务所有限公司自二零一八年四月
Limited, Certified Public Accountants, was appointed as the new auditor of  十二日起获委任为本公司新任核数师以填补安永
the Company with effect from 12 April 2018 to fill the casual vacancy  辞任后出现之临时空缺,其后于二零一八年九月
following the resignation of EY and was subsequently re-appointed as  五日举行之股东周年大会获续聘为本公司核数师。
auditor of the Company at the AGM held on 5 September 2018. A  本公司将于应届股东周年大会上提呈决议案,以
resolution will be proposed at the forthcoming AGM to re-appoint BDO  续聘香港立信德豪会计师事务所有限公司为本公
Limited as auditor of the Company.                                  司核数师。

On behalf of the Board                                            代表董事会

Dr. Choi Chiu Fai Stanley                                        主席

Chairman                                                      蔡朝晖博士

Hong Kong, 25 September 2019                                    香港,二零一九年九月二十五日

                                                                                          Annual Report年报2018/19  35
Corporate Governance Report
企业管治报告

CORPORATE GOVERNANCE PRACTICES            企业管治常规

The Company is committed to maintaining a high standard of corporate  本公司致力维持高水平之企业管治常规及程序,
governance practices and procedures and to complying with the statutory  并遵守法定及监管规定,务求为股东带来最大价
and regulatory requirements with an aim to maximising the Shareholders’  值及利益,并提高对持份者之透明度及问责性。
values and interests as well as to enhancing the stakeholders’ transparency  本公司于截至二零一九年六月三十日止十五个月
and accountability. During the fifteen months ended 30 June 2019, the  期间内已遵守上市规则附录14所载《企业管治守则》
Company has complied with the code provisions of the Corporate  内之守则条文。

Governance Code as set out in Appendix 14 to the Listing Rules.

MODEL CODE FOR SECURITIES TRANSACTIONS    董事进行证券交易之标准守则

BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions by  本公司已采纳董事进行证券交易之标准守则(「证
Directors (the “Code on Securities Transactions”), the standard of which is  券交易守则」),其标准不较上市规则附录10所载
no less than the required standard provided in the Model Code for  《上市发行人董事进行证券交易的标准守则》(「标
Securities Transactions by Directors of Listed Issuers set out in Appendix 10  准守则」)所规定标准宽松。

to the Listing Rules (the “Model Code”).

The Company, having made specific enquiries of all Directors, was not  经向全体董事作出具体查询后,本公司并不知悉
aware of any non-compliance with the required standard provided in the  于截至二零一九年六月三十日止十五个月期间内
Model Code and the Code on Securities Transactions throughout the  有任何不遵守标准守则及证券交易守则所载规定
fifteen months ended 30 June 2019.                                  标准之情况。

BOARD OF DIRECTORS                            董事会

The principal duty of the Board is to ensure that the Company is properly  董事会之主要职责为确保本公司得到妥善管理,
managed in the interest of the Shareholders.                          以符合股东利益。

The Chairman of the Board (the “Chairman”) takes primary responsibility for  董事会主席(「主席」)承担确保建立良好企业管治
ensuring that good corporate governance practices and procedures are  常规及程序的主要责任,及负责管理董事会,并
established, and is responsible for the management of the Board and  确保全体董事可及时获得充足、完整及可靠之资
ensures that all Directors receive adequate, complete and reliable  料,及就董事会会议所提呈之议题获得适当的概
information in a timely manner and appropriate briefing on issues arising  要。本公司行政总裁(「行政总裁」)主要执掌本集
at Board meetings. The chief executive officer of the Company (the “Chief  团整体管理及监督管理层。管理层则负责本集团
Executive Officer”) is primarily responsible for the overall management of  日常营运。主席及行政总裁之间的角色及职责分
the Group and oversight of the management. The management is  工界定清晰。此外,本公司已成立执行委员会、
responsible for the day-to-day operations of the Group. The roles and  审核委员会、提名委员会及薪酬委员会,各有其
division of responsibilities between the Chairman and the Chief Executive  职权范围以协助董事会专注特定事项,以履行董
Officer are clearly established. In addition, the Company has established  事会授予彼等之职务及功能,以及向董事会提供
the executive committee, the audit committee, the nomination committee  任何必要建议。

and the remuneration committee with respective terms of reference to

assist the Board in focusing on specific matters, fulfill their roles and

functions delegated by the Board, and make any necessary

recommendations of the Board.

36    Annual Report年报2018/19


                    Corporate Governance Report
                                  企业管治报告
BOARD OF DIRECTORS (Continued)                    董事会(续)

As at the date of this annual report, the Board comprises five Directors, of  于本年报日期,董事会由五名董事组成,其中两
whom two are executive Directors and three are independent non-  名为执行董事,另外三名为独立非执行董事。于
executive Directors. The names of the Directors during the Period and up  期内及直至本年报日期止之董事姓名载列如下:
to the date of this annual report are set out below:

Executive Directors                                      执行董事

Dr. Choi Chiu Fai Stanley (Chairman)                                蔡朝晖博士(主席)

Mr. Chan Chun Yiu Thomas (ChiefExecutiveOfficer)                      陈浚曜先生(行政总裁)

? (appointed as an executive Director with effect from 6 July 2018 and      (自二零一八年七月六日起获委任为执行董事,
? as the Chief Executive Officer with effect from 1 July 2019)                后自二零一九年七月一日起获委任为行政总裁)
Mr. Lam Yat Ming (resigned with effect from 6 July 2018)                  林一鸣先生(自二零一八年七月六日起辞任)

Mr. Zhang Yan Min (appointed as the Chief Executive Officer with          张燕民先生(自二零一八年七月六日起获委任

? effect from 6 July 2018 and resigned as the Chief Executive Officer and      为行政总裁,后自二零一九年六月三十日起

? an executive Director with effect from 30 June 2019)                    辞任行政总裁及执行董事)

Independent non-executive Directors                      独立非执行董事

Ms. Lu Gloria Yi                                                  陆奕女士

Mr. Sun Jiong                                                    孙炯先生

Mr. Ha Kee Choy Eugene                                          夏其才先生

Mr. Ren Yunan (resigned with effect from 6 July 2018)                    任煜男先生(自二零一八年七月六日起辞任)

Biographical information of the Directors and the relationship among the  董事之履历资料以及董事会各成员之间的关系载
members of the Board are set out in the section headed “Board of Directors  于本年报第21至24页「董事会及高级管理人员」
and Senior Management” on pages 21 to 24 of this annual report.          一节。

If a Director has a conflict of interest in a matter to be considered by the  倘董事会认为该董事于董事会将予考虑之事项中
Board which the Board has determined to be material, the matter should  涉及重大利益冲突,则有关事项将于正式董事会
be dealt with by a physical board meeting rather than a written resolution.  会议上处理而非以书面决议案。本身及其紧密联
Independent non-executive Directors who, and whose close associates (as  系人(定义见上市规则)并无于交易中拥有重大利
defined under the Listing Rules), have no material interest in the  益之独立非执行董事,须出席该董事会会议。

transaction should be present at that Board meeting.

The Company has received from each of the independent non-executive  本公司已接获各独立非执行董事根据上市规则第
Directors a confirmation of his/her independence pursuant to Rule 3.13 of  3.13条规定提供的独立身份确认 书,且本公司认
the Listing Rules and the Company considers that all the independent non-  为所有独立非执行董事均为独立人士。

executive Directors are independent.

The Board held thirteen meetings during the fifteen months ended 30  于截至二零一九年六月三十日止十五个月期间,
June 2019. Notice of not less than 14 days was given to all the Directors for  董事会曾举行十三次会议。全体董事可就常规董
the regular Board meetings and the Directors were given an opportunity to  事会会议获不少于14日通知,以提供机会在常规
include matters in the agenda for the regular Board meetings.            董事会会议议程上加插事项。

                                                                                          Annual Report年报2018/19  37
Corporate Governance Report
企业管治报告

BOARD OF DIRECTORS (Continued)                    董事会(续)

The attendance of each Director at the said thirteen Board meetings, the  各董事出席上述十三次董事会会议丶于二零一八
AGM held on 5 September 2018 and the extraordinary general meeting of  年九月五日举行之股东周年大会及于二零一八年
the Company (the “EGM”) held on 2 November 2018 are set out below:      十一月二日举行之本公司股东特别大会(「股东特
                                                              别大会」)之出席率载列如下:

                                                                              Attendance

                                                                              出席次数

                                                                    Board

                                                                  Meetings          AGM          EGM
                                                                董事会会议  股东周年大会  股东特别大会
Executive Directors                    执行董事

Dr. Choi Chiu Fai Stanley (Chairman)        蔡朝晖博士(主席)              13/13            1/1            1/1
Mr. Chan Chun Yiu Thomas                陈浚曜先生

? (ChiefExecutiveOfficer) (Note1)              (行政总裁)(附注1)                7/7            1/1            1/1
Mr. Lam Yat Ming (Note2)                  林一鸣先生(附注2)                  4/6            0/0            0/0
Mr. Zhang Yan Min (Note3)                  张燕民先生(附注3)                10/13            0/1            1/1
Independentnon-executiveDirectors    独立非执行董事

Ms. Lu Gloria Yi                        陆奕女士                      12/13            1/1            1/1
Mr. Sun Jiong                          孙炯先生                      12/13            1/1            1/1
Mr. Ha Kee Choy Eugene                  夏其才先生                    11/13            1/1            1/1
Mr. Ren Yunan (Note4)                      任煜男先生(附注4)                  6/6            0/0            0/0
Notes:                                                                    附注:

(1)    Mr. Chan Chun Yiu Thomas was appointed as an executive Director with effect  (1)    陈浚曜先生自二零一八年七月六日起获委任为执行董
      from 6 July 2018 and as the Chief Executive Officer with effect from 1 July 2019.            事,后自二零一九年七月一日起获委任为行政总裁。
(2)    Mr. Lam Yat Ming resigned as an executive Director with effect from 6 July 2018.    (2)    林一鸣先生自二零一八年七月六日起辞任执行董事。
(3)    Mr. Zhang Yan Min was appointed as the Chief Executive Officer with effect from 6  (3)    张燕民先生自二零一八年七月六日起获委任为行政总
      July 2018, and subsequently resigned as the Chief Executive Officer and an        裁,后自二零一九年六月三十日起辞任行政总裁及执
      executive Director with effect from 30 June 2019.                                    行董事。

(4)    Mr. Ren Yunan resigned as an independent non-executive Director with effect  (4)    任煜男先生自二零一八年七月六日起辞任独立非执行
      from 6 July 2018.                                                              董事。

38    Annual Report年报2018/19


                    Corporate Governance Report
                                  企业管治报告
BOARD OF DIRECTORS (Continued)                    董事会(续)

The external auditor attended the AGM held on 5 September 2018 to  外聘核数师出席于二零一八年九月五日举行之股
answer questions about the conduct of the audit, the preparation and  东周年大会以就审核的执行、核数师报告的编制
content of the auditor’s report, the accounting policies and auditor  及内容、会计政策及核数师的独立性回答提问。
independence and the Chairman also held a meeting with the  期内,主席亦曾在其他董事避席之情况下与独立
independent non-executive Directors without the presence of other  非执行董事举行了一次会议。

Directors during the Period.

The Directors are subject to retirement by rotation at least once every three  根据细则及上市规则之规定,董事须至少每三年
years in accordance with the Articles and the Listing Rules. The non-  轮值告退一次。非执行董事须遵守上述退任规定,
executive Directors are subject to the aforesaid retirement requirements  委任时应有特定年期并须重选连任。退任董事可
and are appointed for a specific term, subject to re-election. The retiring  于本公司股东周年大会上重选连任。任何获董事
Directors shall be eligible for re-election at the annual general meeting of  会委任以填补临时空缺之董事须留任直至彼等获
the Company. Any Director appointed by the Board to fill a casual vacancy  委任后本公司首届股东大会为止,并须于有关大
shall hold office until the first general meeting of the Company after his/  会上重选。

her appointment and be subject to re-election at such meeting.

Each of Ms. Lu Gloria Yi, Mr. Sun Jiong and Mr. Ha Kee Choy Eugene, who  陆奕女士、孙炯先生及夏其才先生自二零一七年
were appointed as independent non-executive Directors with effect from  五月十五日起获委任为独立非执行董事,分别与
15 May 2017, entered into a letter of appointment with the Company for a  本公司订立委任函,自委任日期起为期三年,且
term of three years commencing on the date of his/her appointment and  须受细则约束。

is subject to the Articles.

Appropriate liability insurance for the Directors has been arranged for  本公司已为董事安排适当之责任保险,就彼等因
indemnifying their liabilities arising out of corporate activities.              企业活动须承担之责任给予弥偿。

INDUCTION AND CONTINUING PROFESSIONAL    入职及持续专业发展

DEVELOPMENT

Newly appointed Directors are provided with induction training. Each of  新委任董事将获提供入职培训。各位董事将收到
them will receive a Director’s Handbook which contains the terms of  董事行为手册,当中载有董事会委员会职能、董
reference of the Board’s committees, the information on the duties and  事于法定法规及上市规则下之职责资料,以及企
responsibilities of directors under statutory regulations and the Listing  业管治事宜相关之其他资料。彼等亦将收到有关
Rules, and other information on corporate governance matters. They will  本集团之运营及业务材料。

also receive the materials on the operations and business of the Group.

The Directors should participate in continuing professional development  董事应参与持续专业发展以发展并更新其知识及
to develop and refresh their knowledge and skills to ensure that their  技能,确保其继续在具备资讯及切合所需的情况
contribution to the Board remains informed and relevant. The Company  下对董事会作出贡献。本公司已每月向董事提供
has provided the Directors with the monthly updates on the Group’s  有关本集团之表现、状况及前景之更新资料,并
performance, position and prospects, and the latest development of the  提供有关上市规则以及与董事之职责及责任有关
Listing Rules, and the relevant laws, rules and regulations relating to the  之相关法律、规则及规例之最新发展概况。

Directors’ duties and responsibilities.

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INDUCTION AND CONTINUING PROFESSIONAL    入职及持续专业发展(续)

DEVELOPMENT (Continued)

All Directors have provided the Company with their training records for the  全体董事均已向本公司提供彼等于截至二零一九
fifteen months ended 30 June 2019 and all of them had participated in  年六月三十日止十五个月期间所接受培训之记录。
continuing professional development activities by attending the training  截至二零一九年六月三十日止十五个月期间,彼
courses, seminars, workshops and/or training on corporate governance,  等均曾参与持续专业发展活动,包括出席培训课
regulatory development or other relevant topics during the fifteen months  程、研讨会、工作坊及╱或有关企业管治、法规
ended 30 June 2019. A summary of the training received by each of the  之发展或其他相关课题之培训。各董事于截至二
Directors during the fifteen months ended 30 June 2019 is as follows:      零一九年六月三十日止十五个月期间曾接受之培
                                                              训概述如下:

                                                                Type of continuous professional development
                                                                            持续专业发展类别

                                                                Training on corporate    Reading material

                                                              governance, regulatory    relevant to the

                                                                development or other  directors’ duties and
                                                                  relevant topics        responsibilities

                                                                  有关企业管治、

                                                                  法规发展或其他      有关董事职务及

                                                                  相关课题之培训      职责之阅读材料

Executive Directors                    执行董事

Dr. Choi Chiu Fai Stanley                  蔡朝晖博士                        —

Mr. Chan Chun Yiu Thomas                陈浚曜先生

Independent non-executive Directors    独立非执行董事

Ms. Lu Gloria Yi                        陆奕女士                          —

Mr. Sun Jiong                          孙炯先生

Mr. Ha Kee Choy Eugene                  夏其才先生                        —

EXECUTIVE COMMITTEE                          执行委员会

The executive committee of the Company (the “Executive Committee”)  于本年报日期,本公司之执行委员会(「执行委员
comprises two executive Directors as at the date of this annual report,  会」)由两名执行董事组成,即蔡朝晖博士(执行委
namely Dr. Choi Chiu Fai Stanley (Chairman of the Executive Committee)  员会主席)及陈浚曜先生。执行委员会之主要职责
and Mr. Chan Chun Yiu Thomas. The primary duties of the Executive  为(其中包括)就制订本集团经营业务之政策向董
Committee are, inter alia, to advise the Board in formulating policies in  事会提供建议、督促管理层执行董事会制订之政
relation to the business operations of the Group, supervise the  策、就本集团业务计划向董事会提供意见,以及
management to implement the policies laid down by the Board, make  监察管理层与本集团之日常运作。

recommendations to the Board as to the Group’s business plans, and

oversee the management and the daily operations of the Group.

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REMUNERATION COMMITTEE                    薪酬委员会

The remuneration committee of the Company (the “Remuneration  于本年报日期,本公司薪酬委员会(「薪酬委员会」)
Committee”) comprises three independent non-executive Directors as at  由三名独立非执行董事组成,即孙炯先生(薪酬委
the date of this annual report, namely Mr. Sun Jiong (Chairman of the  员会主席)、陆奕女士及夏其才先生,其书面职权
Remuneration Committee), Ms. Lu Gloria Yi and Mr. Ha Kee Choy Eugene,  范围载于联交所网页及本公司网页。薪酬委员会
with written terms of reference which are available on the website of the  之主要职责为(其中包括)就本公司全体董事及本
Stock Exchange and the website of the Company. The primary duties of  集团高级管理人员之薪酬政策及结构,以及为制
the Remuneration Committee are, inter alia, to make recommendations to  订发展该等薪酬政策之正规及具透明度之程序向
the Board on the Company’s policy and structure for all remuneration of  董事会提供建议;及就个别执行董事及本集团高
the Directors and the senior management of the Group and on the  级管理人员之薪酬方案以及非执行董事之薪酬向
establishment of a formal and transparent procedure for developing the  董事会提供建议。

remuneration policy and to make recommendations to the Board on the

remuneration packages of individual executive Directors and the senior

management of the Group, and the remuneration of the non-executive

Directors.

The remuneration of the Directors and the senior management of the  董事及本集团高级管理人员之薪酬乃根据个别表
Group is based on the performance and experience of individuals and is  现及经验,并经参考本集团业绩、业界薪酬指标
determined with reference to the Group’s performance, the remuneration  及当时市况厘定。于截至二零一九年六月三十日
benchmark in the industry and the prevailing market conditions. During  止十五个月期间,薪酬委员会曾举行三次会议,
the fifteen months ended 30 June 2019, the Remuneration Committee  以审阅本公司之薪酬政策,以及就董事及本集团
held three meetings to review the remuneration policy of the Company  高级管理人员之薪酬向董事会提供建议。薪酬委
and make recommendations to the Board on the remuneration of the  员会成员之出席记录载列如下:

Directors and the senior management of the Group. The attendance

records of the members of the Remuneration Committee are set out

below:

Committee members                                                                            Attendance
委员会成员                                                                                      出席次数
Mr. Sun Jiong (Chairman) (Note1)                        孙炯先生(主席)(附注1)                                1/1
Ms. Lu Gloria Yi                                      陆奕女士                                            2/3
Mr. Ha Kee Choy Eugene                              夏其才先生                                          3/3
Mr. Ren Yunan (Note2)                                  任煜男先生(附注2)                                    2/2
Notes:                                                                    附注:

(1)    Mr. Sun Jiong was appointed as the chairman and a member of the Remuneration  (1)    孙炯先生自二零一八年七月六日起获委任为薪酬委员
      Committee with effect from 6 July 2018.                                          会主席及成员。

(2)    Mr. Ren Yunan resigned as the chairman and a member of the Remuneration  (2)    任煜男先生自二零一八年七月六日起辞任薪酬委员会
      Committee with effect from 6 July 2018.                                          主席及成员。

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NOMINATION COMMITTEE                        提名委员会

The nomination committee of the Company (the “Nomination  于本年报日期,本公司之提名委员会(「提名委员
Committee”) comprises two independent non-executive Directors and one  会」)由两名独立非执行董事及一名执行董事组成,
executive Director as at the date of this annual report, namely Ms. Lu Gloria  即陆奕女士(提名委员会主席)、夏其才先生及陈
Yi (Chairman of the Nomination Committee), Mr. Ha Kee Choy Eugene and  浚曜先生,其书面职权范围载于联交所网页及本
Mr. Chan Chun Yiu Thomas, with written terms of reference which are  公司网页。提名委员会之主要职责为(其中包括)
available on the website of the Stock Exchange and the website of the  至少每年检讨董事会的架构、人数及组成(包括技
Company. The primary duties of the Nomination Committee are, inter alia,  能、知识及经验),并就任何为实施本公司企业策
to review the structure, size and the composition (including the skills,  略拟作出的变动向董事会提供建议;物色具备合
knowledge and experience) of the Board at least annually and make  适资格可担任董事会成员之人士,并挑选提名有
recommendations to the Board on any proposed changes to complement  关人士出任董事或就此向董事会提供建议;评估
the Company’s corporate strategy; to identify individuals suitably qualified  独立非执行董事的独立身份;就委任或再度委任
to become Board members and select or make recommendations to the  董事以及董事继任计划(特别是本公司主席、董事
Board on the selection of individuals nominated for directorships; to assess  总经理或行政总裁)向董事会提供建议;以及提名
the independence of the independent non-executive Directors; to make  及推荐候选人填补董事会临时空缺,以待董事会
recommendations to the Board on the appointment or re-appointment of  批准。

Directors and succession planning for Directors, in particular the Chairman,

the managing Director or the Chief Executive of the Company; and to

nominate and recommend candidates to fill a casual vacancy on the Board

for the Board’s approval.

The Board has adopted a board diversity policy (the “Board Diversity  董事会已采纳一项董事会成员多元化的政策(「董
Policy”) setting out the approach to achieve and maintain diversity on the  事会多元化政策」),列载就董事会达至及维持成
Board. Under the Board Diversity Policy, the Nomination Committee is  员多元化而采取的方针。根据董事会多元化政策,
responsible to assess the appropriate mix of skills, experience, knowledge,  提名委员会负责评估按本集团现时及预计未来业
expertise and diversity (including but not limited to gender, age, cultural/  务就董事会成员所需技能、经验、知识、专长及
educational background, or professional experience) required on the Board  多元化(包括但不限于性别、年龄、文化╱教育背
based on current and projected future activities of the Group, and the  景或专业经验)的适当组合,及评估所须技能、经
extent to which the required skills, experience, knowledge, expertise and  验、知识、 专 长及多元化如何表现于董事会上;
diversity are represented on the Board; to oversee the Board succession to  监察董事会之继任以维持董事会成员技能、经验、
maintain an appropriate mix of skills, experience, knowledge, expertise and  知识、专长及多元化的适当组合;向董事会建议
diversity on the Board; to propose to the Board the measureable objectives;  可衡量之目标;以及检讨董事会多元化政策及与
and to review the Board Diversity Policy and discuss any required changes  董事会讨论任何所须变动。

with the Board.

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NOMINATION COMMITTEE (Continued)                提名委员会(续)

In regard to the criteria for evaluating and selecting candidates, the  就评估及甄选候选人之准则而言,提名委员会将
Nomination Committee shall consider two types of qualifications, as  考虑以下两类资格:

follows:

I.  Characteristics of individual director                  I.  董事之个人特质

         Integrity and accountability                                         诚信及责任

         Informed judgment                                               知情判断

         Prudence and maturity                                           审慎及成熟

         Principled and professional                                         重原则及专业

         Other characteristics as the Nomination Committee deems             提名委员会认为适当之其他特质

          appropriate

II.  Competencies in the following areas to ensure the      II.  于以下范畴之胜任能力,以确保董事会
    Board’s overall suitability                                整体维持适当

         Accounting and finance                                           会计及财务

         Law                                                           法律

         Industry knowledge                                               行业知识

         Marketing                                                     市场营销

         Other competencies as the Nomination Committee deems             提名委员会认为适当之其他胜任能力
          appropriate

The Nomination Committee shall also consider:                        提名委员会亦将考虑:

     the structure, size and composition of the Board;                       董事会之架构、人数及组成;

     the appropriate mix of competencies between Directors to enable       董事间之胜任能力组合适当,从而确保董事
    the Board to discharge its responsibilities effectively;                    会有效履行其职责;

     the appropriate balance of skills, experience, knowledge, expertise       董事会得以于技能、经验、知识、专业知识
    and diversity of the Board is maintained, and the Board Diversity        及多元化方面维持适当平衡,且董事会所采
    Policy adopted by the Board is followed;                              纳董事会多元化政策得到遵从;

     the capability of the candidate to devote the necessary time and       候选人就其角色投入所需时间及承担之能
    commitment to the role; and                                      力;及

     the potential conflicts of interest, and independence.                   潜在利益冲突及独立身份。

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NOMINATION COMMITTEE (Continued)                提名委员会(续)

If more than one candidate are nominated by the Nomination Committee,  倘提名委员会提名超过一名候选人,提名委员会
the Nomination Committee shall base on the criteria and recommend the  将根据有关准则进行甄选,并向董事会推荐建议
most competent candidate to the Board. The Nomination Committee shall  最具胜任能力之候选人。提名委员会亦将考虑候
also consider the number of board positions they hold in other firms. After  选人于其他公司担任之董事会职务数目。提名委
the Nomination Committee reviewed and considered the candidates, the  员会于审阅及考虑候选人后,就执行本公司企业
Nomination Committee makes recommendations to the Board on any  策略向董事会建议任何可能变动。潜在候选人相
proposed changes to implement the Company’s corporate strategy.  关详尽背景资料,须提供予全体董事,以供彼等
Detailed background information in relation to potential candidate should  考虑。任何董事任命必须经董事会在获得提名委
be provided to all Directors for consideration. An offer of a director  员会已向全体董事传阅之推荐建议后批准,方可
appointment must be made by the Board’s approval, with any  作出。新任董事须签署出任董事之同意书。

recommendations from the Nomination Committee having been

circulated to all Director. The new director shall sign a consent letter to act

as a Director.

In accordance with the Articles and the Listing Rules, (i) every Director  根据细则及上市规则,(i)每名董事均须至少每三
should be subject to retirement by rotation at least once every three years,  年轮值告退一次,所有退任董事均符合资格于每
all retiring Directors shall be eligible for re-election at each AGM; and (ii)  届股东周年大会重选连任;及(ii)董事会委任之任
any Director appointed by the Board shall hold office only until the next  何董事仅任职至本公司下次股东大会为止,退任
general meeting of the Company, the retiring Director shall be eligible for  董事将符合资格于本公司股东大会重选连任。就
re-election at the general meeting of the Company. For those who offered  愿意于股东周年大会或本公司其他股东大会重选
themselves for re-election at the AGM or the other general meeting of the  连任之董事而言,提名委员会将考虑彼等所履行
Company, the Nomination Committee shall take into account the  职责、所作出贡献以及于董事会会议及股东大会
fulfillment of duties, contribution, and attendance of Board meetings and  之出席率。提名委员会亦将评估退任董事是否继
general meetings. The Nomination Committee shall also access whether  续符合有关准则。提名委员会将于审阅及考虑愿
the retiring Directors continue to meet the criteria. After the Nomination  意重选连任之退任董事后,向董事会提供推荐建
Committee reviewed and considered the retiring Directors who offer  议。董事会将根据提名委员会之推荐建议,向股
themselves for re-election, the Nomination Committee shall make  东推荐建议于股东周年大会或本公司其他股东大
recommendations to the Board. Based on the recommendations made by  会接受重选之退任董事,并遵照上市规则之规定
the Nomination Committee, the Board shall make recommendations to the  提供可获得之退任董事履历,以便股东于股东周
Shareholders on the retiring Directors standing for re-election at the AGM  年大会或本公司其他股东大会就重选有关退任董
or other general meeting of the Company, and provide available  事作出知情决定。

biographical information of the retiring Directors in accordance with the

requirements under the Listing Rules to enable the Shareholders to make

informed decision on the re-election of such retiring Directors at the AGM

or other general meeting of the Company.

The Nomination Committee considers that all Board members possess the  提名委员会认为全部董事会成员均拥有与本集团
relevant skills and knowledge in the area of the business operations of the  经营业务范畴相关之技能及知识,其中至少两名
Group with at least two of them also possess professional qualifications.  亦拥有专业资格。提名委员会认为已维持董事会
The Nomination Committee considers that an appropriate mix of skills,  成员技能、经验、知识、专长及多元化的适当组
experience, knowledge, expertise and diversity on the Board is maintained  合,因此并无向董事会建议可衡量之目标。

and therefore no measurable objectives were proposed to the Board.

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NOMINATION COMMITTEE (Continued)                提名委员会(续)

During the fifteen months ended 30 June 2019, the Nomination  截至二零一九年六月三十日止十五个月期间,提
Committee held two meetings to review the structure, size and  名委员会曾举行两次会议,以检讨董事会的架构、
composition of the Board; to assess the appropriate mix of skills,  人数及组成;评估董事会成员技能、经验、知识、
experience, knowledge, expertise and diversity on the Board; to review the  专长及多元化的适当组合;检讨董事会多元化政
Board Diversity Policy and monitor its implementation; to review the  策及监察其执行;检讨独立非执行董事之独立身
independence of the independent non-executive Directors; to recommend  份;建议委任新董事;以及考虑在本公司股东周
the appointment of new Directors; and to consider the qualifications of the  年大会参选之退任董事之资格。

retiring Directors standing for election at the annual general meeting of

the Company.

The attendance records of the members of the Nomination Committee are  提名委员会成员之出席记录载列如下:

set out below:

Committee members                                                                            Attendance
委员会成员                                                                                      出席次数
Ms. Lu Gloria Yi (Chairman)                            陆奕女士(主席)                                    1/2
Mr. Ha Kee Choy Eugene                              夏其才先生                                          2/2
Mr. Chan Chun Yiu Thomas (Note1)                        陈浚曜先生(附注1)                                    0/0
Mr. Zhang Yan Min (Note2)                              张燕民先生(附注2)                                    0/0
Mr. Ren Yunan (Note3)                                  任煜男先生(附注3)                                    2/2
Notes:                                                                    附注:

(1)    Mr. Chan Chun Yiu Thomas was appointed as a member of the Nomination  (1)    陈浚曜先生自二零一九年七月一日起获委任为提名委
      Committee with effect from 1 July 2019.                                          员会成员。

(2)    Mr. Zhang Yan Min was appointed as a member of the Nomination Committee  (2)    张燕民先生自二零一八年七月六日起获委任为提名委
      with effect from 6 July 2018 and resigned as a member of the Nomination        员会成员,后自二零一九年六月三十日起辞任提名委
      Committee with effect from 30 June 2019.                                          员会成员。

(3)    Mr. Ren Yunan resigned as a member of the Nomination Committee with effect  (3)    任煜男先生自二零一八年七月六日起获委任为提名委
      from 6 July 2018.                                                              员会成员。

AUDIT COMMITTEE                              审核委员会

The audit committee of the Company (the “Audit Committee”) comprises  于本年报日期,本公司之审核委员会(「审核委员
all three independent non-executive Directors, as at the date of this annual  会」)由全体三名独立非执行董事组成,即夏其才
report namely Mr. Ha Kee Choy Eugene (Chairman of the Audit  先生(审核委员会主席)、陆奕女士及孙炯先生,
Committee), Ms. Lu Gloria Yi and Mr. Sun Jiong, with written terms of  其书面职权范围载于联交所网页及本公司网页。
reference which are available on the website of the Stock Exchange and  审核委员会其中一名成员具备上市规则所界定之
the website of the Company. One of the members of the Audit Committee  适当专业会计资格。审核委员会之主要职责为(其
possesses appropriate professional accounting qualification as defined  中包括)监察本公司与外聘核数师之关系、审阅本
under the Listing Rules. The primary duties of the Audit Committee are,  集团之财务资料,以及检讨及监督本集团之财务
inter alia, to oversee the relationship with the external auditor, to review  汇报程序、内部监控及风险管理功能。

the financial information of the Group, and to review and supervise the

financial reporting process, internal controls and risk management

functions of the Group.

                                                                                          Annual Report年报2018/19  45
Corporate Governance Report
企业管治报告

AUDIT COMMITTEE (Continued)                      审核委员会(续)

During the Period, the Audit Committee held five meetings to review the  期内,审核委员会曾举行五次会议,以检讨本集
financial reporting process, internal controls and risk management systems  团财务汇报程序、内部监控及风险管理系统、内
of the Group, the effectiveness of the internal audit function of the Group,  部监控功能之有效性,审阅本公司报告与账目(包
the Company’s reports and accounts including the interim and annual  括本集团之中期及全年业绩)、检讨外聘核数师之
results of the Group, the remuneration and terms of engagement of the  薪酬及聘用条款,并向董事会提供意见及建议。
external auditor, and provide advice and recommendations to the Board.  期内,审核委员会亦曾与外聘核数师进行不少于
The Audit Committee also met with the external auditor not less than twice  两次会议,以讨论本集团之财务汇报程序与内部
to discuss the financial reporting process and internal controls of the Group  监控,并已审阅本公司截至二零一八年九月三十
during the Period and had reviewed the interim reports of the Company  日止六个月及截至二零一九年三月三十一日止
for the six months ended 30 September 2018 and the twelve months  十二个月之中期报告以及本公司截至二零一九年
ended 31 March 2019, and the annual report of the Company for the  六月三十日止十五个月期间之年报。

fifteen months ended 30 June 2019.

The attendance records of the members of the Audit Committee are set  审核委员会成员之出席记录载列如下:

out below:

Committee members                                                                            Attendance
委员会成员                                                                                      出席次数
Mr. Ha Kee Choy Eugene (Chairman)                    夏其才先生(主席)                                  5/5
Ms. Lu Gloria Yi                                      陆奕女士                                            5/5
Mr. Sun Jiong                                      孙炯先生                                            5/5
Mr. Ren Yunan (Note)                                  任煜男先生(附注)                                      2/2
Note:  Mr. Ren Yunan resigned as a member of the Audit Committee with effect from 6  附注: 任煜男先生自二零一八年七月六日起辞任审核委员
      July 2018.                                                                    会成员。

AUDITOR’S REMUNERATION                      核数师酬金

For the fifteen months ended 30 June 2019, the remuneration in relation to  截至二零一九年六月三十日止十五个月期间,向
audit services paid or payable to the auditor of the Company was  本公司核数师已付或应付有关审核服务之酬金约
approximately HK$4,006,000 and the remuneration in relation to non-audit  为4,006,000港元, 而 向本公司核数师及其联属公
services (including review of interim results, tax consultancy and other non-  司已付或应付有关非审核服 务( 包括审阅中期业
audit services) paid or payable to the auditor of the Company and its  绩、税务咨询及其他非审核服务)之酬金约为
affiliated firm was approximately HK$2,642,000.                        2,642,000港元。

46    Annual Report年报2018/19


                    Corporate Governance Report
                                  企业管治报告
CORPORATE GOVERNANCE FUNCTIONS          企业管治职能

The Board is collectively responsible for performing the corporate  董事会共同负责履行企业管治职责,包括:

governance duties including:

(i)  to develop and review the Company’s policies and practices on  (i)  制定及检讨本公司之企业管治政策及常规,
    corporate governance and make recommendations from time to        并不时提出建议;

    time;

(ii)  to review and monitor the training and continuous professional  (ii)  检讨及监察本集团董事及高级管理人员之培
    development of the Directors and senior management of the Group;        训及持续专业发展;

(iii)  to review and monitor the Company’s policies and practices in  (iii)  检讨及监察本公司在遵守法律及监管规定方
    compliance with legal and regulatory requirements;                    面之政策及常规;

(iv)  to develop, review and monitor the code of conduct and compliance  (iv)  制定、检讨及监察董事及本集团雇员之操守
    manual (if any) applicable to the Directors and the employees of the        准则及合规手册(如有);及

    Group; and

(v)  to review the Company’s compliance with the code and disclosure  (v)  检讨本公司遵守守则之情况及在《企业管治
    in the Corporate Governance Report.                                报告》内之披露。

RISK MANAGEMENT AND INTERNAL CONTROL    风险管理及内部监控

The Board acknowledges its responsibility for the risk management and  董事会确认彼等有风险管理及内部监控系统以及
internal control systems and for reviewing their effectiveness. Such systems  检讨其成效之责任。设立该等系统乃为有序及有
are established in order to carry on the business of the entity in an orderly  效进行实体业务、确保遵行管理层政策、保障资
and efficient manner, ensure adherence to management policies,  产、尽可能确保记录完整准确,及识别潜在风险
safeguard the assets, secure as far as possible the completeness and  以管理已识别之风险、执行措施以减轻该等已识
accuracy of records, and identify potential risks so as to manage the  别风险所产生之任何失实陈述或损失之潜在影响。
identified risks, undertake the measures to mitigate the potential effects of  本集团管理层负责识别潜在风险。已识别风险随
any misstatement or loss arising from such identified risks. The  后将就其可能性及对本集团财务、运营及合规的
management of the Group is responsible to identify the potential risks. The  影响进行评估。本集团管理层将执行措施以减轻
identified risks would then be assessed for the likelihood and impact on  该等已识别风险所产生之任何失实陈述或损失之
the financial, operational and compliance of the Group. The management  潜在影响。已识别风险亦将向董事报告并于年报
of the Group would undertake relevant measures to mitigate the potential  中披露重大风险。此外,本集团已采纳处理及发
effects of any misstatement or loss arising from such identified risks. The  布本集团内幕消息的政策,乃根据香港证券及期
identified risks would also be reported to the Directors and disclosed the  货事务监察委员会《内幕消息披露指引》设立。

significant risks in this annual report. In addition, the Group has adopted a

policy to handle and disseminate the inside information of the Group,

which was designed based on “Guidelines on Disclosure of Inside

Information” issued by the Securities and Futures Commission of Hong

Kong.

                                                                                          Annual Report年报2018/19  47
Corporate Governance Report
企业管治报告

RISK MANAGEMENT AND INTERNAL CONTROL    风险管理及内部监控(续)

(Continued)

During the Period, the Board conducted a review of the effectiveness of  期内,董事会透过本集团内部审核职能对本集团
the risk management and internal control systems of the Group through  风险管理及内部监控制度之成效进行检讨。本集
the internal audit function of the Group. The Group engaged an  团已委任一间独立事务所负责内部审核职能,检
independent firm to perform the internal audit function to carry out the  讨本集团风险管理及内部监控制度。有关检讨涵
review on the risk management and internal control systems of the Group.  盖对本集团财务、营运及合规之监控。本集团之
The review covered the controls over the financial, operational and  内部审核职能考虑本集团运营规模及可取得之资
compliance of the Group. The internal audit function of the Group  源,且其检讨乃基于监控测试、查阅相关文件及
considered the scale of operations of the Group and resources available  与本集团相关人员的讨论。

and its review was based on tests of controls, inspection of the related

documents and discussion with the relevant personnel of the Group.

After the internal audit function conducted the review, the internal audit  于内部审核职能进行审阅后,内部审核职能向审
function submitted its review report to the Audit Committee with the key  核委员会呈交包括主要审核结果及建议之审阅报
audit findings and recommendations to improve the risk management and  告,以改善本集团风险管理及内部监控制度,有
internal control systems of the Group which were also presented at the  关报告并会在董事会会议上提呈。内部审核的结
Board meeting. The internal audit function concluded that no significant  论认为,于审阅中并无发现本集团的风险管理及
deficiency in the risk management and internal control systems of the  内部监控系统存在重大不足。

Group was found during the review.

In addition, the management of the Group has provided a confirmation to  此外,本集团管理层已就本集团风险管理及内部
the Board on the effectiveness of the risk management and internal control  监控系统的有效性向董事会提供确认。经考虑本
systems of the Group. Having considered the review report prepared by  集团内部审核职能所编制审阅报告,及本集团管
the internal audit function of the Group and the confirmation on the  理层就本集团风险管理及内部监控系统的有效性
effectiveness of the risk management and internal control systems of the  向董事会提供之确认,董事会认为本集团现有之
Group provided by the management of the Group, the Board considered  风险管理及内部监控系统属有效且充分。

that the existing risk management and internal control systems of the

Group are effective and adequate.

The Board also reviewed, and was satisfied with, the adequacy of resources,  董事会亦已检讨及满意资源充足程度、本集团在
qualifications and experience of the staff of the Group’s accounting and  会计及财务汇报职能方面之员工资历及经验,以
financial reporting function, and the training programmes and budget of  及本集团会计、内部审核及财务申报功能方面的
the Group’s accounting, internal audit and financial reporting function.      培训课程及有关预算。

48    Annual Report年报2018/19


                    Corporate Governance Report
                                  企业管治报告
FINANCIAL REPORTING                            财务汇报

The Board acknowledges its responsibility for preparing the consolidated  董事会明了其须负责编制本集团截至二零一九年
financial statements of the Group for the fifteen months ended 30 June  六月三十日止十五个月期间之综合财务报表。本
2019. The consolidated financial statements of the Group have been  集团之综合财务报表乃按照香港会计师公会所颁
prepared in accordance with Hong Kong Financial Reporting Standards  布之《香港财务报告准则》编制,并载有上市规则
issued by the Hong Kong Institute of Certified Public Accountants and  及香港《公司条例》规定之适用披露资料。

include the applicable disclosures required by the Listing Rules and the

Hong Kong Companies Ordinance.

The reporting responsibilities of the auditor of the Company on the  本公司核数师的申报责任载于本年报第67至72页
Independent Auditor’s Report are set out on pages 67 to 72 of this annual  独立核数师报告书内。

report.

COMPANY SECRETARY                            公司秘书

Mr. Wong Chun Kit (“Mr. Wong”), is engaged and appointed by the  王震杰先生(「王先生」)获本公司自一间外部秘书
Company from an external secretarial services provider as its Company  服务供应商委聘为公司秘书。本公司的主要公司
Secretary. The primary corporate contact person of the Company is Dr.  联络人为执行董事蔡朝晖博士。王先生确定,彼
Choi Chiu Fai Stanley, an executive Director. Mr. Wong confirmed that he  于回顾期内已根据上巿规则第3.29条之规定接受
has received 15 hours professional trainings under the requirement of Rule  15小时之专业培训。

3.29 of the Listing Rules during the Period under review.

SHAREHOLDERS’ RIGHTS                          股东权利

Procedures for the Shareholders to convene an              股东召开本公司股东特别大会之程序

extraordinary general meeting of the Company

The following procedures are subject to the Articles and applicable  下列程序须受细则及适用法例及法规之限制。

legislation and regulations.

1.  Any one or more Shareholders holding at the date of deposit of the  1.  任何一位或以上于送达请求日期持有不少于
    requisition not less than one-tenth of the paid-up capital of the        本公司实缴股本(附有于本公司股东大会表
    Company carrying the right of voting at general meetings of the        决权利)十分之一之股东,于任何时候有权
    Company shall at all times have the right, by written requisition sent        透过向董事会或本公司之公司秘书寄发书面
    to the Board or the Company Secretary at the address of the        请求至本公司香港主要营业地点,要求董事
    Company’s principal place of business in Hong Kong to require an        会召开股东特别大会,以处理有关请求中订
    EGM to be called by the Board for the transaction of any business        明之任何事务;且股东特别大会应于送达该
    specified in such requisition, and an EGM shall be held within two (2)        请求日期后两(2)个月内举行。倘送达日期后
    months after the date of the deposit of such requisition. If within        二十一(21)日内,董事会未有召开股东特别
    twenty-one (21) days of the date of such deposit the Board fails to        大会,则该(等)股东可自行以同样方式作出
    proceed to convene an EGM, the Shareholder(s) may do so in the        此举,而本公司应向该(等)股东支付因董事
    same manner, and all reasonable expenses incurred by such        会未能召开股东特别大会所产生之一切合理
    Shareholder(s) as a result of the failure of the Board to convene an        开支。

    EGM shall be reimbursed by the Company to such Shareholder(s).

                                                                                          Annual Report年报2018/19  49
Corporate Governance Report
企业管治报告

SHAREHOLDERS’ RIGHTS (Continued)                  股东权利(续)

Procedures for the Shareholders to convene an              股东召开本公司股东特别大会之程序(续)
extraordinary general meeting of the Company (Continued)

2.  The written requisition must state the purposes of requisitioning the  2.  书面请求须列明要求召开股东特别大会之目
    EGM, and be signed by the Shareholder(s) concerned and may        的、经该(等)股东签署,并可由多份相同格
    consist of several documents in like form, each to be signed by such        式之文件组成,而每份文件将由该等股东或
    Shareholders or any one of them.                                    其中之一名签署。

3.  If the requisition is in order, the Company Secretary will ask the Board  3.  倘请求符合程序,公司秘书将要求董事会根
    to convene an EGM by serving sufficient notice in accordance with        据法例规定向全体登记股东送达充分通知后
    the statutory requirements to all the registered Shareholders. On the        召开股东特别大会。相反,倘请求无效,则
    contrary, if the requisition is invalid, the Shareholder(s) concerned        会告知该(等)股东有关结果无效,亦将不会
    will be advised of the invalidity and accordingly, an EGM will not be        召开股东特别大会。

    convened.

4.  An EGM must be called by written notice of not less than fourteen  4.  召开股东特别大会须发出不少于足十四(14)
    (14) clear days and not less than ten (10) clear business days but if        日及足十(10)个营业日之书面通知。惟于上
    permitted by the Listing Rules, an EGM may be called by shorter        市规则许可情况下,倘根据适用法律,有权
    notice, subject to the applicable laws, if it is so agreed by a majority        出席并于股东特别大会上投票之大多数(即
    in number of the Shareholders having the right to attend and vote at        不少于全体有权出席并于股东特别大会上投
    the EGM, being a majority together representing not less than ninety        票之股东投票权之95%)股东同 意,股东特
    five per cent. (95%) of the total voting rights of all Shareholders        别大会可于较短之通知期限发出通知召开。
    having a right to attend and vote at the general meeting of the

    Company.

Shareholders who have enquires about the above procedures or other  股东如对上述程序有任何疑问,或有其他有关书
enquires relating to written requisition for an EGM may write to the  面请求股东特别大会的查询,可按本公司之香港
Company Secretary at the Company’s principal place of business in Hong  主要营业地点致函公司秘书。

Kong.

AMENDMENT OF THE COMPANY’S                本公司宪章文件之修订

CONSTITUTIONAL DOCUMENTS

There have been no changes in the Company’s constitutional documents  截至二零一九年六月三十日止十五个月期间,本
during the fifteen months ended 30 June 2019. The consolidated version  公司之宪章文件并无任何变动。本公司组织章程
of the memorandum of association of the Company and the Articles is  大纲及细则之综合版本可于联交所网站及本公司
available on the website of the Stock Exchange and the website of the  网站浏览。

Company.

DIVIDEND POLICY                                股息政策

The declaration, payment and amount of the dividends will be subject to  股息之宣派、派付及金额须由董事酌情厘定,并
be discretion of the Directors and will be dependent upon the Company’s  将取决于本公司之盈利财务状况、现金需要及供
earning financial condition, cash requirements and availability, the  给情况、有关法律条文以及所有其他相关因素。
provisions of relevant laws and all other relevant factors.

50    Annual Report年报2018/19


      Environmental, Social and Governance Report
                          环境、社会及管治报告
REPORTING SCOPE AND STANDARD              报告范围及标准

Pursuant to Appendix 27 Environmental, Social and Governance Reporting  根据上市规则附录27环境、社会及管治报告指引
Guide (the “ESG Guide”) of the Listing Rules, International Entertainment  (「环境、社会及管治报告指引」),国际娱乐有限
Corporation (the “Company”) and its subsidiaries (collectively the “Group”)  公司(「本公司」)及其附属公司(统称「本集团」)于
reviewed, identified and disclosed herein the material environmental and  本报告审核、识别及披露截至二零一九年六月
social issues and aspects, which are considered to have significant impacts  三十日止期间被视为对本集团之业务及持份者构
and are relevant to the Group’s business and stakeholders for the period  成重大影响及与其有关之重大环境及社会议题及
ended 30 June 2019.                                              范畴。

The Group is principally engaged in the business of the hotel operations,  本集团主要从事经营酒店、出租设有娱乐设备之
leasing of properties equipped with entertainment equipment, football  物业、经营足球俱乐部及经营现场扑克活动业务。
club operations, and live poker events operations. The Group has a  本集团有责任尽量提高股东回报,此乃巩固本集
responsibility to maximise shareholder returns, and this is one of the key  团长期发展及成功基础之要素。本集团不仅借助
elements to reinforce the foundation of the Group for long-term  其财务优势,亦透过培训雇员及广泛参与社会事
development and success. This is achieved not only through the Group  务以达成此目标。

having financial strength but also through investing in employees and

wider social practices.

This ESG Report aims to share our key sustainability performances and  本环境、社会及管治报告旨在分享我们于二零
outline our milestones on our sustainability journey during the reporting  一八年四月一日至二零一九年六月三十日之报告
period from 1 April 2018 to 30 June 2019. The reporting timeframe is  期内在可持续发展方面之关键绩效,并概述在可
consistent with the Company’s financial period ended 30 June 2019. Our  持续发展道路上奠下之里程碑。报告涵盖时间与
reporting boundary is limited to Hong Kong and Philippines unless  本公司截至二零一九年六月三十日止财政期间一
otherwise specified. The Group provides an overview of the environment,  致。除另有指明外,报告范围仅限于香港及菲律
community, employment and labour practices and operation convention  宾。本集团提供截至二零一九年六月三十日止期
for the period ended 30 June 2019, with coverage of the Company’s lease  间涵盖本公司于菲律宾马尼拉之租赁营运及其酒
operations and its hotel hospitality business in Manila, Philippines (the  店款待业务(「经选定业务分部」)营运之环境、社
“Selected Business Segments”).                                      区、雇佣及劳工惯例以及营运常规之概览如下。
STAKEHOLDERS’ ENGAGEMENT AND              持份者参与及重要性评估

MATERIALITY ASSESSMENT

To better understand stakeholders’ concerns and expectations, the Group  为更了解持份者关注之事项及期望,本集团已采
has adopted a multi-pronged approach to engage its key stakeholders on  取多管齐下之方法,透过各种渠道定期接触其关
a regular basis through various channels. We have striven to ensure the  键持份者。我们致力确保本报告所披露资料遵守
information disclosed herein is in compliance with the four reporting  联交所所规定环境、社会及管治报告指引项下四
principles of materiality, quantitative, balance and consistency under the  个汇报原则:重要性、量化、 平 衡 及一致性。我
ESG Reporting Guide required by the Stock Exchange. We will continue to  们将继续加强收集汇报资料,以改善社会责任及
strengthen its collection of reporting information, so as to enhance its  相关披露表现。下表概述股东参与渠道以及彼等
performance of social responsibilities and relevant disclosures. The  之期望及要求。我们专注所有影响其业务及持份
following table summarises stakeholders’ participation channels and their  者之环境、社会及管治议题,其中已识别其尤为
expectations and demands. While we pay attention to all ESG issues which  重视之各业务部门重大之议题。该等议题之重要
affect our businesses and stakeholders, we have identified the material  性乃通过持份者参与活动、管理层评审及行业分
issues in each sector of our business which we have paid additional focus  析而识别。

on. Materiality of these issues is identified through stakeholder

engagement exercises, management reviews and industry analysis.

                                                                                          Annual Report年报2018/19  51
Environmental, Social and Governance Report
环境、社会及管治报告

STAKEHOLDERS’ ENGAGEMENT AND              持份者参与及重要性评估(续)

MATERIALITY ASSESSMENT (Continued)

Stakeholders        Participation Channels              Topics concerned

持份者              参与渠道                          关注主题

Shareholders/Inventors       General meetings                     Financial results

股东╱投资者             Annual reports                       Sustainability business development

                         Direct communication                 Environmental responsibility

                         Group website                       Company transparency

                         股东大会                           财务业绩

                         年报                               可持续业务发展

                         直接沟通                           环境责任

                         本集团网站                         公司透明度

Clients                   Customer service                     Product quality

客户                     Daily communication                 Protection and management on customer information
                                                             Environmental responsibility

                                                             Integrity and business behaviours

                         客户服务                           产品质素

                         日常沟通                           客户资料保障及管理

                                                             环境责任

                                                             诚信及商业操守

Employees                 Regular performance appraisals         Career development

雇员                     Frequent meetings                   Health and safety

                         Training programs                     Remuneration and benefits

                                                             Sustainability development

                         定期表现评估                       事业发展

                         频繁会议                           健康及安全

                         培训课程                           薪酬及福利

                                                             可持续发展

Suppliers                 Close communication                 Corporate contribution

供应商                   Order/contract execution               Product quality

                                                             Environmental responsibility

                         紧密沟通                           公司参与

                         下达订单╱签立合约                 产品质素

                                                             环境责任

Communities/             Donation and support to the           Social contribution

?Non-governmental        community

?organisations             向社区作出捐款及提供支援           社会贡献

社区╱非政府组织

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      Environmental, Social and Governance Report
                          环境、社会及管治报告
ENVIRONMENTAL PROTECTION                  环境保护

The Group dedicates its effort in minimising the impact of the Group’s  本集团致力减少本集团经营业务中对环境之影响,
business operations on the environment and believes that it is responsible  并相信保护环境为其责任。本集团重视自然资源
to protect the environment. It emphasises the need of conserving natural  及能源保护之需要,并尽量减少废物生产及温室
resources and energy as well as minimising waste production and  气体之排放。本集团对环境保护持负责任之方法
greenhouse gas emissions. The Group embraces a responsible approach in  并实施环保政策以符合相关法律及法规之规定。
environment protection and implements environmental protection  环保政策集中于三个方面,即排放物、资源利用
policies to meet the requirements under the relevant laws and regulations.  以及环境及自然资源。

The environmental protection policies focus on three areas. They are

emissions, use of resources, and the environment and natural resources.

The adopted environmental policies with a focus to ensure full compliance  所采取环境政策之重点乃确保全面遵守适用法律
with applicable legislation and requirements, promote environmental  及规定、提高员工之环保意识、于日常营运中采
awareness among staff, adopt eco-friendly practices in daily operation,  纳环保惯例、以对环境负责之方式进行处理以及
dispose in an environmental responsible way and reduce waste where  减少废物、(如实际可行)循环再用及回收物料。
practicable, reusing and recycling materials.

The Group identified the following material issues of environmental  本集团识别到以下环境保护之重大议题,并讨论
protection, which are discussed the actions the Group has been taken for  下列所采取之行动。

as below.

Environmental protection                                环境保护

     Energy consumption and emission                                   能源消耗及排放物

    (i)  Use LED light in the hotel areas and guestrooms                  (i)  于酒店范围及客房使用LED灯

    (ii)  Install variable-frequency drive to regulate motors                  (ii)  安装变频驱动器以调节发动机

    (iii)  Reduce numbers of light tubes                                (iii)  减少灯管数目

    (iv)  Drive less and carpool                                        (iv)  减少驾驶及共乘汽车

     Waste consumption and wastewater management                     废物消耗及废水管理

    (i)  Dispose the waste by Wet/Organic and Dry/Non Organic        (i)  按湿╱有机及干╱无机类别处理废物
          categories

    (ii)  Recycle the waste by type, with separate containers for metal,        (ii)  就金属、纸张及塑胶设置独立回收箱,
          paper and plastic                                                按类别回收废物

    (iii)  Clean and sanitise the plastic bins for the waste after time of        (iii)  清洁及消毒已使用之塑胶垃圾桶,再
          usage before putting it back to its area of origin                        将其放回原处

    (iv)  Install sewage treatment plant and equipment to recycle the        (iv)  安装污水处理厂及设备以回收厂房废
          plant effluent                                                    水

    (v)  Recorded disposal of used oil and took pictures prior disposal        (v)  记录废油处理情况并于进行处理前拍
                                                                        照

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环境、社会及管治报告

ENVIRONMENTAL PROTECTION (Continued)          环境保护(续)

Energy consumption and emission                          能源消耗及排放物

In any case, reducing in energy consumption is the important steps to save  于任何情况下,减少能源消耗为保护环境及减少
the environment as well as the operating costs of the Group’s business  本集团经营业务中经营成本之重要一步。下表显
operations. The following table shows the electricity, diesel, liquefied  示于回顾期内本集团于菲律宾经营业务之电力、
petroleum gas (“LPG”) and refrigerant consumption of the Group’s business  柴油、液化石油气(「液化石油气」)及制冷剂之消
operations in the Philippines during the period under review.              耗量。

In addition to the reduction of waste production and the conservative use  除减少废物产生及小心使用能源或自然资源外,
of energy or natural resources, the Group promotes the minimisation of  本集团亦推动减低本集团产生之温室气体排放。
greenhouse gas emissions generated by the Group. To this end, the Group  为此,本集团促进于其工作环境方面之环境保护。
encourages the environmental care in its working environment. Unit of fuel  燃料消耗单位 —1千克(「千克」)气体消耗相等于
consumed — 1 Kilogram (“Kg”) of gas consumed is equal to 48 mega joules  48兆焦耳(「兆焦耳」)煤气或46兆焦耳液化石油气。
(“MJ”) for Towngas or 46MJ for LPG.

                                                                                        Tonnes

                                                                                          吨

                                                                                    2019          2018
Emission                                排放物                                二零一九年    二零一八年
                                                                                                (Restated)
                                                                                                (经重列)
Nitrogen oxides (NOx)                      氮氧化物(NOx)                            48,776          37,814
Sulphur oxides (SOx)                        硫氧化物(SOx)                                243            191
Particulate Matter (PM)                      悬浮粒子(PM)                                  1              3
                                                            1 April 2018 to    1 April 2017 to

                                                              30 June 2019  31 March 2018  Units

                                                                二零一八年    二零一七年

                                                                四月一日至    四月一日至

                                                                二零一九年    二零一八年

Energy Consumption              能源消耗                      六月三十日  三月三十一日  单位

Electricity                        电力                          14,480,259      10,571,763  Kilowatt hours

                                                                                            千瓦时

LPG                            液化石油气                        263,739        204,487  Kilograms

                                                                                            千克

Diesel fuel                        柴油                              289,165        220,837  Kilograms

                                                                                            千克

Refrigerant                      制冷剂                                841            681  Kilograms

                                                                                            千克

54    Annual Report年报2018/19


      Environmental, Social and Governance Report
                          环境、社会及管治报告
ENVIRONMENTAL PROTECTION (Continued)          环境保护(续)

Waste management                                      废物管理

Apart from the smart use energy as mentioned above, the Group  除上述精明使用能源外,本集团鼓励雇员减少用
encourages its employees to reduce water and paper consumption,  纸,推动于记录及阅读方面使用电子复本,以及
promote the use of electronic copies for filing and reading purpose, and  收集可循环再用之废料。污水处理系统已投入使
collect waste materials which can be recycled for use. The waste water  用,于整个期间并无因设备故障或进行保养而有
treatment system were functional and none of any major interruptions due  任何重大中止运作情况。我们已遵守共和国法
to such as equipment breakdown or maintenance in the operation  (Republic Act)第4850条,每季度向The Philippines’
throughout the period. We applied and submitted Quarterly Self-  Laguna Lake Development Authority (LLDA)申请及提
Monitoring Report (“QSM Report”) to The Philippines’ Laguna Lake  交季度自我监控报告(「季度自我监控报告」),并
Development Authority (LLDA) in quarterly by complies with the Republic  于二零一八年八月二日获续发LLDA排放许可证
Act 4850, the renewed LLDA Discharged Permit was obtained on 2 August  (LLDA Discharged Permit)。我们最近亦于二零一九
2018. The QMS Report for 4rd quarter of 2018/2019 was also submitted on  年七月二日递交二零一八╱二零一九年度第四季
last 2 July 2019. The Group is not aware of any significant generation of  度之季度自我监控报告。本集团不知悉任何重大
hazardous waste, and there was no incidence of non-compliance of the  有害废物产生,亦无有关菲律宾环境保护法律及
relevant environmental protection laws and regulations in the Philippines.    法规之不合规事件。

The following tables shows the data of greenhouse gas emissions covered  下表显示于回顾期内本集团于菲律宾经营业务所
the business operations of the Group in the Philippines during the period  排放之温室气体数据。

under review.

                                                            1 April 2018 to    1 April 2017 to

                                                              30 June 2019  31 March 2018  Units

                                                                二零一八年    二零一七年

                                                                四月一日至    四月一日至

                                                                二零一九年    二零一八年

Resources usage and emission    资源用量及排放                六月三十日  三月三十一日  单位

Water                            水                                272,315        209,031  Cubic metres

                                                                                            立方米

Paper                            纸张                              24,615          19,451  Kilograms

                                                                                            千克

                                                            1 April 2018 to    1 April 2017 to

                                                              30 June 2019  31 March 2018  Units

Resources recycled              已回收资源                    二零一八年    二零一七年

                                                                四月一日至    四月一日至

                                                                二零一九年    二零一八年

                                                                六月三十日  三月三十一日  单位

Paper                            纸张                              24,615          19,451  Kilograms

                                                                                            千克

Plastic                          塑胶                                7,163          3,553  Kilograms

                                                                                            千克

Glass bottles                      玻璃瓶                                600            720  Kilograms

                                                                                            千克

Can                            罐                                  3,310          1,925  Kilograms

                                                                                            千克

Oil                              油                                13,955          5,205  Litres

                                                                                            公升

                                                                                          Annual Report年报2018/19  55
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环境、社会及管治报告

ENVIRONMENTAL PROTECTION (Continued)          环境保护(续)

Waste management (Continued)                              废物管理(续)

                                                            1 April 2018 to    1 April 2017 to

                                                              30 June 2019  31 March 2018  Units

Resources non recycled          非回收资源                    二零一八年    二零一七年

                                                                四月一日至    四月一日至

                                                                二零一九年    二零一八年

                                                                六月三十日  三月三十一日  单位

Wet                            湿性                              256,052          6,019  Kilograms

                                                                                            千克

Dry                            干性                              25,590          28,180  Kilograms

                                                                                            千克

Greenhouse gas emission                                  温室气体排放

Greenhouse gas (“GHG”) emission includes carbon dioxide (“CO2”), and  温室气体(「温室气体」)排放包括二氧化碳(「二氧
nitrous oxide (“NO2”). The major sources of air and greenhouse gas (GHG)  化碳」)及一氧化二氮(「一氧化二氮」)。空气及温
emissions are energy consumptions, including the fuel consumed by the  室气体排放之主要来源为能源消耗,包括酒店旅
corporate vehicles in respect of tour buses of the hotel and private cars and  游巴等公司车辆及私家车所消耗燃料以及为供办
purchased electricity used in offices and the hotel daily operations. Types  公室及酒店日常运营使用而购买之电力。相关排
of relevant emission data are set out as follows.                        放数据载列如下。

                                                                              CO2 equivalent emission (kg)
                                                                                二氧化碳排放当量(千克)

                                                                                    2019          2018
GHG Emission                            温室气体排放                          二零一九年    二零一八年
                                                                                                (Restated)
                                                                                                (经重列)
Direct emissions (Scope 1) (Note i)                直接排放(范围一)(附注i)                    853,559        660,066
Energy indirect emissions (Scope 2) (Note ii)        能源间接排放(范围二)(附注ii)              8,657,747        6,320,857
Other indirect emissions (Scope 3) (Note iii)          其他间接排放(范围三)(附注iii)              205,088        173,719
Notes: (i)    Direct emissions (Scope 1) arose mainly from the fuel consumption.        附注: (i)    直接排放(范围一)之主要来源为燃料消耗。
      (ii)    Energy indirect emissions (Scope 2) arose mainly from the electricity        (ii)    能源间接排放(范围二)之主要来源为耗电。
            consumption.

      (iii)  Other indirect emissions arose mainly from the water consumption.              (iii)  其他间接排放(范围三)之主要来源为耗水。
56    Annual Report年报2018/19


      Environmental, Social and Governance Report
                          环境、社会及管治报告
EMPLOYMENT AND LABOUR PRACTICES          雇佣及劳工常规

The Group committed to provide an inclusive and harmonious workplace  本集团致力提供一个包容及和谐之工作场所,为
which provides equal opportunity to all employees regardless of gender,  全体雇员提供平等机会,而不论其性别、年龄、
age, nationality, religion, sexual orientation, disability, or other aspects of  国籍、宗教、性取向、残疾或其他多元化方面。
diversity. The Group identified the following material issues of employment  本集团识别到以下雇佣及劳工常规之重大议题,
and labour practices, which are discussed as below.                      并讨论下列各项。

Employment and labours practices                        雇佣及劳工常规

     Employment                                                   雇佣

    Obtain the certificate of compliance on general labour standards        取得国家首都辖区劳工及雇佣部(Department
    issued by Department of labour and employment in National Capital        of labour and employment in National Capital
    Region                                                        Region)发出之一般劳工准则合规证书

     Human resource profile                                           人力资源概况

    Analysis the structure and turnover of employees                      分析雇员架构及流失

     Health, safety and security                                         健康、安全及保障

    Monitor to the injury and incidents                                  监察受伤及事故情况

     Development and training                                         发展及培训

    Provide training to all level staffs                                    为各级员工提供培训

     Anti-child and forced labour                                       反童工及强制劳工

    Ensure all employees are fulfilling the job requirements underlying        确保全体雇员符合彼等各自职位之有关工作
    their respective positions                                          要求

                                                                                          Annual Report年报2018/19  57
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环境、社会及管治报告

EMPLOYMENT AND LABOUR PRACTICES (Continued)  雇佣及劳工常规(续)

Employment                                            雇佣

We have programmes in place, such as our expanded honing skills in  我们已经订定计划,例如我们在二零一九年扩大
hospitality programme in 2019 that specifically trains ethnic minority  待客技巧计划,专门培训少数族裔青年。所制定
youth. Our policy and processes are in place to ensure that reported  之政策及流程乃确保以公平及适当之方式听取及
incidents of discrimination are heard and handled in a fair and appropriate  处理所举报之歧视个案。我们非常严肃处理此等
manner. We deal with these reports very seriously and encourage  举报个案,并鼓励作出举报。于二零一九年并无
reporting. In 2019 there were no reports of discrimination. In the spirit of  接获歧视举报。本著持续改进之精神,我们将于
continuous improvement, we will roll out several initiatives in 2020 with  二零二零年推出多项措施,旨在提高对有关范畴
the aim of increasing awareness in this area.                            之认知。

We strictly follow the compliance with labour standards pursuant to  我们严格遵守符合菲律宾劳工守则(Labour Code of
provisions of the Labour Code of the Philippines and other applicable laws,  the Philippines)条文及其他适用法例、规则及规例
rules and regulations and have a zero tolerance policy to unethical  之劳工准则,且我们之政策绝不容许任何涉及童
employment terms involving child or forced labour. We have obtained the  工或强制劳工之不道德雇佣条款。自二零一七年
certificate of compliance on general labour standards issued by  起, 我 们 取 得 国 家 首 都 辖 区 劳 工 及 雇 佣 部
Department of labour and employment in National Capital Region since  (Department of labour and employment in National
2017. During the reporting period, the Group do not aware of any business  Capital Region)发出之一般劳工准则合规证书。于
branch that hire child or forced labour.                                报告期内,我们并不知悉有任何业务分支雇用童
                                                              工或强制劳工。

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      Environmental, Social and Governance Report
                          环境、社会及管治报告
EMPLOYMENT AND LABOUR PRACTICES (Continued)  雇佣及劳工常规(续)

Human resource profile                                  雇员资料

                By Employment Category        By Gender

                        按雇佣类别                  按性别

                    100%                                    70%

                    80%      93% 96%                        60%

                                                                50%      62% 60%

                    60%                                    40%

                    40%                                    30%                          38% 40%

                    20%                                    20%

                                                        7% 4%        10%

                      0%                                      0%

                                    Middle level        Senior level                      Male              Female

                                    中级管理层      高级管理层                      男性              女性

                                2019      2018                      2019      2018

                                          二零一九年  二零一八年                        二零一九年  二零一八年

                      By Region                  By Age

                      按地区                      按年龄

                        100%                                            60%

                        80%      96% 98%                            50%

                                                                                            53%

                                                                        40%        44%        48%

                        60%

                                                                        30%    39%

                        40%

                                                                        20%

                        20%                                            10%                              8%  7%

                                                      4%  2%

                          0%                                            0%

                                  Philippines          Others                ≦30 years old 31–49 years old ≧ 50 years old

                                        菲律宾                其他                        30岁或以下  31至49岁        50岁或以上

                                2019      2018                      2019      2018

                                          二零一九年  二零一八年                        二零一九年  二零一八年

                                  Turnover By Age

                                按年龄划分的流失率

                                          ≧ 50 years old  2%

                                                  50岁或以上          6%

                                                                            12%

                                          31–49 years old

                                                31至49岁                                15%

                                          ≦30 years old                            16%

                                                  30岁或以下    0%

                                                      0%        5%      10%      15%      20%

                                                    2019      2018

                                                                  二零一九年  二零一八年

                                                                                          Annual Report年报2018/19  59
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环境、社会及管治报告

EMPLOYMENT AND LABOUR PRACTICES (Continued)  雇佣及劳工常规(续)

Human resource profile (Continued)                          雇员资料(续)

As at 30 June 2019, the group has 326 employees (31 March 2018: 302  于二零一九年六月三十日,本集团于香港及菲律
employees restated) in Hong Kong and Philippines. The numbers of  宾有326名雇员(二零一八年三月三十一 日:302
employees from the Philippine and other regions are 312 and 14  名雇员,经重列)。菲律宾及其他地区分别有312
respectively. During the reporting period, 94 employees (male: 48 and  名及14名雇员。于报告期内,94名(男性:48名
female: 46) in the Philippines resigned, representing a turnover rate of 30%.  及女性:46名)菲律宾雇员已辞任,流失率为
                                                              30%。

Health, safety and security                                健康、安全及保障

The health, safety and security of guests and employees at our hotels, clubs  我们透过有效的制度及政策,将酒店、俱乐部及
and properties remain a priority through effective systems and policies. In  物业的贵宾及雇员的健康、安全及保障放在首位。
Philippine we continue to deal with issues such as terrorism and/or social  于菲律宾,我们继续处理恐怖主义及╱或社会动
unrest. Each operation has their own health and safety committee meeting  荡等问题。各业务均定期举行内部健康及安全委
regularly to review performance and implement improvements. Our  员会会议,以检讨表现及进行改善措施。我们的
operations have systems or management procedures in place that comply  业务均设有至少符合当地法规的制度或管理程序,
with local regulations as a minimum and where possible to supplement  并在可行情况下符合或遵守国际公认的职业健康
with alignment or compliance to the internationally recognised  及安全管理标准。

occupational health and safety management standard.

In 2019, we continued our efforts to enhance our security and safety  于二零一九年,我们继续致力提升保安管理及系
management and systems. Specifically, we conducted a gap analysis to  统。特别是,我们进行差距分析以识别我们的业
identify improvements in our operations towards meeting the international  务在保安管理方面就符合国际基准作出的改进措
benchmark on security management. We will be implementing the  施。我们将于二零二零年及之后实施分析结果。
findings of our analysis in 2020 and onwards.

We continued to build a safety-first culture and engage employees to keep  我们继续建立安全第一的文化,并尽可能将雇员
incidents as low as possible. Our injury rate for 2019 is down by 52.2% from  事故减至最少。于二零一九年,我们的受伤率较
2018 due to increased staff awareness of preventing incidents, majority of  二零一八年减少52.2%,原因是员工提升预防事故
which were minor injuries. Our lost day rate decreased by 50.0% due to  发生的意识,且大部分事故属轻伤。我们的损失
increased awareness of preventing injury incidents, which is compensated  工作日数减少50.0%,原因是预防伤害事故的意识
and managed according to relevant local laws. When staffs are able come  提升,并根据当地有关法律进行补偿及管理。员
back to work, they are re-assigned to rehabilitative roles.                  工复工时,将会重新调配至有助康复的职位。

During the period under review, we were not aware of any non-  于回顾期内,我们并不知悉有任何不遵守相关法
compliance with relevant laws and regulations that had a significant  例及规例的情况导致对指引B1、B2及B4层面所述
impact on it relating to employment, health and safety, and labour  雇佣、健康及安全以及劳工准则构成任何重大影
standards as mentioned in aspects B1, B2 and B4 of the Guide. We  响。我们已成功达到零身亡的目标。

successfully achieved our goal of zero fatalities.

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      Environmental, Social and Governance Report
                          环境、社会及管治报告
EMPLOYMENT AND LABOUR PRACTICES (Continued)  雇佣及劳工常规(续)

Health, safety and security (Continued)                        健康、安全及保障(续)

                                                                                    2019          2018
                                                                              二零一九年    二零一八年
Number of incidents of work related injury      因工作关系而受伤事件数目                    33            69
Number of lost days due to work injury          因工伤损失工作日数                    26 days日      51 days日
Development and training                                发展及培训

Investing in our people is perhaps the most important investment we can  人才投资也许是我们为业务可持续发展所作出最
make for the sustainability of our business. The opportunity to learn and  重要的投资。学习及成长的机会亦为雇员(特别是
grow is also a key motivating factor for employees, especially among  年轻员工)的主要推动力。我们提供多项管理发展
younger staff. We offer various management development and  及加速计划,提升雇员应对不同职位水平的技能
acceleration programmes to enhance the skills and knowledge catering to  及知识。我们将继续寻求提升计划效益的新方法。
the different job levels of our employees. We will continue to seek out new

ways to increase effectiveness of our programmes.

The Group values the mutual growth and development with employees.  本集团重视雇员的共同成长及发展。因此,本集
Therefore, the Group pushes forward career and staff development. All staff  团推进事业及员工发展,包括提供管理╱监督技
is being encouraged to take advantage of the staff development programs,  巧的内部及外部培训、技术技能、客户服务技能
which included provision of in-house and external training on  等,以巩固及提升雇员知识及竞争力。于回顾期
management/supervisory skills, technical skills, customer services skills etc.,  间,全体雇员(包括高级以至一般雇员)均获得培
to consolidate and enhance employees’ knowledge and competitiveness.  训。

During the period under review, 100% of employees were trained including

whom taking part as senior to general.

                                                                            2019 Average    2018 Average
                                                                            training hours    training hours
                                                                                completed      completed
Employment Categories                    雇员类别                              二零一九年    二零一八年
                                                                              已完成平均    已完成平均
                                                                                培训时数      培训时数
Senior                                    高级                                      79.90          23.65
Middle-level                              中级                                      58.13          13.25
General                                  一般                                      35.73          10.00
Anti-child and forced labour                              反童工及强制劳工

We are well aware that child labour and forced labour violate fundamental  我们明了童工及强制劳工违反基本人权。我们不
human rights. The Group engage in nor tolerate any use of child or forced  会聘用或容忍任何童工或强制劳工,具体禁止聘
labour and specifically restrict employ children below 18 years old. The  用18岁以下儿童。人力资源部确保所有雇员符合
Human Resources Department ensure all employees are fulfilling the job  彼等各自职位的有关工作要求。除此以外,我们
requirements underlying their respective positions. Apart from it, the  定期检讨招聘员工的雇佣惯例及指引,确保全面
Group regularly review the employment practice and guidelines on staff  遵守雇佣条例及共和国法(Republic Act)第9231条
recruitment to ensure that it is in full compliance with the Employment  以及有关(其中包括)防止童工及强制劳工的其他
Ordinance and Republic Act No. 9231 and other regulations related to,  规例。

among other things, prevention of child labour and forced labour.

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环境、社会及管治报告

OPERATING PRACTICES                          经营惯例

The Group devotes its best effort to provide a privilege experience for its  本集团竭尽所能为客户提供优质体验。就此而言,
customers. To this end, it commits to offering quality services to its  本集团承诺为客户提供优质服务,并满足彼等需
customers and meets their needs in order to retain its customers. The  求以挽留客户。本集团于经营惯例方面采取负责
Group takes a responsibility approach in its operation practices and takes  任方针,把握每个机会提升其服务以期为客户提
every opportunity to improve its services to strive for the best value for its  供最佳价值。本节将专注于供应链管理、反贪腐
customers. This section would focus on supply chain management, anti-  及产品责任。本集团确认以下经营惯例的重大事
corruption and product responsibility. The Group identified the following  宜,并于下文讨论。

material issues of operating practices, which are discussed as below.

Operating practices                                      经营惯例

     Supply chain management                                         供应链管理

    (i)  Ensure the stability of out supply chain                          (i)  确保供应链的稳定性

     Customer privacy and data                                         客户私隐及数据

    (i)  Follow the compliance requirements of regulating body            (i)  遵照监管机构的合规要求

     Managing anti-corruption risk                                       管理反贪腐风险

    (i)  Observe the highest standards of ethical, personal and        (i)  遵守最高标准的 道 德、个人及专业操
          professional conduct                                              守

     Products and services quality                                       产品及服务质素

    (i)  Take care of all complaints from our stakeholders                  (i)  妥善处理持份者的所有投诉

    (ii)  Ensure all linen and amenities in a good condition                  (ii)  确保所有床单及设施均处于良好状态
Supply chain management                                供应链管理

Supplier relationships are an important part of our reputation and brand.  供应商关系是我们的声誉及品牌的最重要部分。
We seek to buy at competitive rates, but not at the expense of labour  我们致力以具竞争力的价格采购,惟不会以劳工
standards, human rights, health impacts or the environment. We work  标准、人权、健康影响或环境作为代价。我们与
closely with our suppliers to ensure we meet our high quality and  供应商紧密合作,确保我们符合优质全面的标准。
comprehensive standards. We know our decisions can impact on our wider  我们深知作出的决策对广大社区带来影响,因此
communities, so we have included these supply chain initiatives under this  我们已将该等供应链计划纳入本节。

section.

We strive not to over-rely on a specific supplier so as to ensure the stability  我们尽量不会过份依赖特定供应商,确保供应链
of out supply chain. Choosing business partners, our procurement and  的稳定性。选择业务伙伴方面,我们的采购及经
operations teams work with reputable suppliers who help us provide the  营团队与信誉良好的供应商合作,有助我们提供
best quality products, with a consideration of our sustainability  优质产品,并考虑到我们的可持续发展规范及符
specifications and aligning with our Supply Chain Code of Conduct. The  合我们的供应链行为准则。下表为有关供应链管
following table is an overview of data in relation to supply chain  理的概览资料。

management.

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      Environmental, Social and Governance Report
                          环境、社会及管治报告
OPERATING PRACTICES (Continued)                  经营惯例(续)

Supply chain management (Continued)                        供应链管理(续)

Number of suppliers in terms of                                                        2019          2018
geographical location                      按地区划分的供应商数目              二零一九年    二零一八年
The Philippines                            菲律宾                                      534            459
Europe                                  欧洲                                          10              8
Hong Kong                                香港                                          10              6
USA                                      美国                                          4              6
China                                    中国                                          4              3
Other regions                              其他地区                                      7              2

Total Suppliers with Purchase/Payments    采购╱付款供应商总数                        569            484

The supply chains mainly cover two general categories: (i) office supply  供应链主要涵盖两个一般范畴:(i)办公室供应链;
chains; and (ii) hotel supply chains. At the office level, supply chains cover  及(ii)酒店供应链。就办公室而言,供应链涵盖总
procurement for headquarter office and are mainly focused on routine  部办公室之采购工作,主要集中于日常办工用品,
office items such as stationery, toner and paper. At the hotel segment,  如文具、碳粉及纸张。就酒店而言,大部分用品
most items are procured for running a hotel and that cover a wide variety  皆为经营酒店而采购,其中涵盖各式各样之物品,
items including beverage, food, linens and cleaning supplies etc. The  包括饮品、食物、床单及清洁用品。本集团致力
Group is committed to operating in an ethical and safe environment and  在符合道德及安全的环境下营运,并采取完善的
employ sound supply chain practices to ensure that the performance  供应链惯例,确保绩效得以维持下去。采购过程
remains sustainable. Its procurement process encourages a high level of  中,鼓励选择供应商时保持高度客观公正。供应
objectivity and impartiality in supplier selection. Its suppliers are required  商须提供符合我们预期的优质产品及服务。于向
to provide quality goods and services that meet our expectations. The  供应商购买货品前,本集团亦确保供应商将提供
Group also ensures that suppliers will provide efficient after-sales services  有效的售后服务。

prior to purchasing any products from them.

Additionally, all suppliers are required to comply with relevant legislation  此外,所有供应商于向本集团供应货品及服务时
when supplying goods and services to the Group. The Group conducts  符合相关法律。本集团对其供应商进行年度评估,
annual evaluations of its suppliers to ensure that quality is maintained,  确保质素得以维持、确实提供货品及服务以及就
goods and services have actually been provided and that prices paid for  有关货品及服务支付的价格维持竞争力。本集团
such goods and services remain competitive. The Group also strongly  亦强烈鼓励采购单位留意当地政府有关产品供应
encourages the purchase unit to take note of the local Government’s  及设计的建议绿色产品规格的政策。

policy on recommended green product specifications in their product

offerings and design.

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环境、社会及管治报告

OPERATING PRACTICES (Continued)                  经营惯例(续)

Customer privacy and data                                客户私隐及数据

The Group protects customer data privacy and complies with all relevant  本集团保护客户数据私隐并遵守所有相关法律及
laws and regulations to safeguard the data security of our customers, such  法规,以保障我们客户之数据安全,如遵照菲律
as storing the commercial documents by following government law in  宾政府法律储存商业文件。本集团特别关注客户
Philippine. We pay extra attention to customer data management and no  数据管理,于报告年度并无有关客户私隐泄露或
substantiated complaint regarding leakage of customer privacy or loss of  客户数据遗失查明属实之投诉。我们已制定明确
customer data were reported in the reporting period. A clear customer  客户数据私隐政策,为员工管理所得数据提供指
data privacy policy has been formulated to instruct our employees on  引,彼等亦会于入职及进修课程期间接受数据私
managing the data which they have access to. Data privacy training is  隐培训。

available for employees in the orientation and refresher programme.

The Group has appointed its new data protection officer, Ms. Twinkle  本 集 团 已 委 任 其 新 任 数 据 保 障 主 任Twinkle
Lacsamana who will act as the company’s point person with regards to  Lacsamana女士作为本公司负责数据私隐合规的主
data privacy compliance. In relation to the Data Privacy Act (“DPA”) of 2012,  要人士。就二零一二年数据私隐法方面,彼亦为
she also acts as the liaison officer between the company and the National  本公司与数据私隐法的监管机构国家私隐委员会
Privacy Commission (“NPC”), the regulating body of the DPA. Currently, the  之间的联络主任。现时,本集团正在完成国家私
Group is in the process of completing the compliance requirements of the  隐委员会的合规规定,并已执行法例规定的保安
NPC and have already executed security measures required by the law  措施,包括颁布私隐政策及进行宣传活动及培训
including the issuance of privacy policies and conducting awareness  课程。

campaigns and training sessions.

Managing anti-corruption risk                            管理反贪污风险

The Group maintains the highest standards of openness, uprightness and  本集团维持开放、正直及问责之最高标准,并要
accountability and all our employees are expected to observe the highest  求全体员工遵守最高道德、个人及专业操守标准。
standards of ethical, personal and professional conduct. We do not tolerate  我们绝不姑息任何涉及业务营运之贪污、贿赂、
corruption, bribery, extortion, money laundering and other fraudulent  勒索、洗黑钱及其他欺诈行为。我们采纳预防贪
activities in connection with any of our business operations. We adopted  腐或反贪腐措施,让雇员得以对防止贪腐作出判
on corruption prevention or anti-corruption enable employees to exercise  断,并于日常工作中运用反贪腐常规,旨在鼓励
judgment on corruption prevention and apply practice on anti-corruption  雇员举报。举报政策载有举报政策适用的不当行
in their daily work by aiming to encourage whistle-blowing. This whistle-  为示例、列明举报不当行为所需证据、载列保护
blowing policy presents examples of misconduct to which the whistle-  举报者身份及地址的保密程序、阐明作出虚假或
blowing policy applies, sets out required proof on reported misconduct,  不实指称的后果、载列申报渠道及调查程序。

sets out confidential procedures to protect the identity of and the

correspondence with the whistle-blower, presents outcomes of making

false or undue allegations, sets out reporting channels and investigation

procedures.

The Group’s policies stated that employees are prohibited, with only  本集团的政策列明雇员禁止收取酒店客户、同事
limited exceptions, from receiving tips and gifts from hotel customers,  或供应商的小费及礼物,只有少数情况例外。所
colleagues or suppliers. All gifts and favours, regardless of value, must be  有礼物及好处(不论价值)须向个别主管报告。任
reported to the individual supervisor. Any matters of genuine concern are  何真正关心的问题应彻底调查,并采取相应行动。
to be thoroughly investigated and actions will be taken accordingly.  截至二零一九年六月三十日止财政期间,本集团
Throughout the financial period ended 30 June 2019, the Group has not  并无得悉就此方面的任何不合规事宜。

received any non-compliance matters in this aspect.

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      Environmental, Social and Governance Report
                          环境、社会及管治报告
OPERATING PRACTICES (Continued)                  经营惯例(续)

Products and services quality                              产品及服务质素

We are committed to delivering superior customer services and to handle  我们致力及时及有效率地提供优质客户服务及处
queries from customers in a timely and efficient manner. In order to  理客户之查询。为持续改善酒店之产品及服务,
enhance the hotel’s products and services on a continuous basis,  我们鼓励宾客就其体验提供反馈意见,本集团已
customers are encouraged to provide feedback on their experience, and  设立处理宾客查询及投诉之程序。训练有素之代
the Group has established procedures for handling customers’ queries and  表随时就绪即时回应查询、要求及投诉。所有提
complaints. Well trained representatives are always ready to promptly  交个案将获撤底审查并转交至相关部门制订解决
respond to enquiries, requests and complaints. All escalated cases will be  交通、通讯及其他服务方面及改善方法。

examined thoroughly and passed to the relevant department for

developing resolutions and enhancement.

The hotel takes care of all complaints from our stakeholders as we believe  我们相信服务质素最为重要,故酒店关注所有权
our quality of service is first priority. Obtaining the guest preferences at  益相关者提出之所有投诉。酒店同意就服务质素
each contact with the guests, updating guest profile in the hotel’s Opera  采取之行动为每次与宾客联络时均须记录宾客偏
Property Management System for requests and comments that have been  好、就任何已接获要求及意见(不论直接来自宾客
received either directly from the guests or staffs of the other departments  或其他部门员工)更新酒店之Opera物业管理系统
in order to mark sure all guest preference are met, monitoring the follow-  (Opera Property Management System)以确保满足所
up progress in a timely manner to ensure all requests are properly handled,  有宾客偏好、监察跟进进度以确保所有要求获妥
and handing all complaints in a courteous, professional, efficient way with  善处理以及所有投诉均以正面态度按有礼、专业
a positive attitude are the actions that the hotel agreed to commit for the  及具效率之方式处理。

service quality.

Major issues for the period are air-conditioners problem, limited TB  期内主要问题为冷气机问题、电视频道有限、断
channels, water interruption, and implementation of additional security  水、实施额外保安措施、客房冰箱故障、噪音滋
measures, minibar not working, noise disturbance, and defective tools such  扰、电话及保险箱等工具状况不良、断水、机场
as telephone and safety deposit box, water interruption, airport pick-up  接机安排。

arrangements.

Service Quality review during the                                                        2019          2018
reporting period                          报告期内服务质素检讨                二零一九年    二零一八年
Complaints received (in cases)                接获投诉(以个案计)                        1,321          1,606
Average number of minutes to solve            解决问题之平均时间                            7              8
                                                                                          Annual Report年报2018/19  65
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环境、社会及管治报告

COMMUNITY INVESTMENT                        社区投资

The Group recognises the importance of local communities to the  本集团深明本地社区对业务持续成功及增长举足
continued success and growth of our business. Apart from the donation to  轻重。本集团不时向慈善机构捐款,旗下雇员亦
charity organisation by the Group from time to time, employees are all  乐于投放时间及精力回馈社区,自愿透过不同渠
delighted to devote their time and efforts to give a helping hand to the  道为社区作出贡献,包括捐赠及慈善机构义工服
community. They participate and contribute to the community in any form  务。截至二零一九年六月三十日止财政期间,本
voluntarily including donation, volunteer work in charity organisations.  集团支持各项社区活动,积极参与扶贫及社区关
During the financial period ended 30 June 2019, the Group supported and  顾等工作。本集团识别到以下社区之重大议题,
participated in different community activities covering poverty alleviation  并讨论下列各项。

and community caring. The Group identified the following material issues

of community, which are discussed as below.

Community Investment                                  社区投资

     Poverty alleviation                                               扶贫

    Provide support to the underprivileged                              支持弱势群体

     Community caring                                               社区关顾

    Donate what the Group has gathered from internal and external        捐赠本集团从内部及外部各方收集之资助
    parties

Poverty alleviation                                      扶贫

The Group has been devoting much effort to poverty alleviation. We  本集团积极投身扶贫工作,透过赞助Room to Read
sponsored in different charity, such as the Room to Read Programme,  计划等不同慈善机构,致力为学习资源及家庭支
aiming to raise charity funding for those children who are lack of assistance  援不足之儿童筹款。我们已向Room to Read捐款
on studies and family care. We have donated a total of Peso 189,798 raising  合共189,798披索,有关捐款来自二零一八年十月
through various donation drive activities such as Bingo event,  举行之Bingo活动、房务销售及莫斯科冷饮(Moscow
Housekeeping Sales and Moscow chill beverage during October 2018 to  chill beverage)等多个筹款活动。Room to Read计划
the Room to Read Program, which was a global organization transforming  为一个全球性组织,旨在透过教育及性别平等改
the lives of millions of children in low-income countries through educating  善低收入国家数以百万计儿童的生活。

literacy and gender equality.

Community caring                                        社区关顾

The Group has also took part in various charity activities, for instant, the  本 集 团 亦 参 与 多 项 慈 善 活 动, 例 如 由Kythe
“Kythe Hoodie Sales”, ”Kythe’s annual kite flying event” and “Bantay Bata  Foundation及ABS-CBN Lingkod Kapamilya Foundation
scholar”, which were organised by Kythe Foundation and ABS-CBN Lingkod  于二零一九年主办之「Kythe Hoodie Sales」、「Kythe
Kapamilya Foundation in 2019. We facilitated a fund raising activity that  年度放风筝活动」及「Bantay Bata scholar」。我们促
includes selling and sponsorship which generated a total amount of Php  成一项筹款活动,包括销售及赞助,为Kythe
199,895 donation to Kythe Foundation and Php 285,499 donation to ABS-  Foundation筹得捐款合共199,895菲律宾披索及为
CBN Lingkod Kapamilya Foundation. Not only internal donation drive  ABS-CBN Lingkod Kapamilya Foundation筹得捐款合
activities but also wishing well donations at the Lobby from guests and  共285,499菲律宾披索。于报告期内,我们不但举
hotel partners is one of the fund raising channels we have taken for the  办内部筹款活动,于酒店大堂之住客及酒店合作
reporting period.                                                伙伴祝福捐款亦是我们其中一个筹款渠道。

66    Annual Report年报2018/19


                    Independent Auditor’s Report
                              独立核数师报告书
TO THE SHAREHOLDERS OF                      致国际娱乐有限公司列位股东

INTERNATIONAL ENTERTAINMENT
CORPORATION

(incorporatedintheCaymanIslandswithlimitedliability)                  (于开曼群岛注册成立之有限公司)

Opinion                                          意见

We have audited the consolidated financial statements of International  本核数师已审核第73至218页所载有关国际娱乐
Entertainment Corporation (the “Company”) and its subsidiaries (together  有限公司(「贵公司」)及其附属公司(统称「贵集团」)
as the “Group”) set out on pages 73 to 218, which comprise the  的综合财务报表,此财务报表包括于二零一九年
consolidated statement of financial position as at 30 June 2019, and the  六月三十日之综合财务状况表与二零一八年四月
consolidated statement of comprehensive income, the consolidated  一日至二零一九年六月三十日之十五个月期间的
statement of changes in equity and the consolidated statement of cash  综合全面收益表、综合权益变动表及综合现金流
flows for the fifteen months period from 1 April 2018 to 30 June 2019, and  量表,连同综合财务报表附注,包括重大会计政
notes to the consolidated financial statements, including a summary of  策概要。

significant 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会
view of the consolidated financial position of the Group as at 30 June 2019,  (「香港会计师公会」)颁布的《香港财务报告准则》
and of its consolidated financial performance and its consolidated cash  真实而中肯地反映了  贵集团于二零一九年六月
flows for the fifteen months period from 1 April 2018 to 30 June 2019 in  三十日之综合财务状况,及于二零一八年四月一
accordance with Hong Kong Financial Reporting Standards issued by the  日至二零一九年六月三十日之十五个月期间之综
Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have  合财务表现及综合现金流量,并已根据香港《公司
been properly prepared in compliance with the disclosure requirements of  条例》的披露要求妥善编制。

the 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之《香港审计准则》
Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those  (「香港审计准则」)进行审核。我们就该等准则承
standards are further described in the “Auditor’s Responsibilities for the  担的责任在本报告「核数师就审核综合财务报表
Audit of the Consolidated Financial Statements” section of our report. We  承担的责任」部分中进一步阐述。根据香港会计师
are independent of the Group in accordance with the HKICPA’s “Code of  公会的职业会计师道德守则(「守则」),我们独立
Ethics for Professional Accountants” (the “Code”), and we have fulfilled our  于  贵集团,并已履行守则中的其他道德责任。
other ethical responsibilities in accordance with the Code. We believe that  我们相信,我们所获得的审核凭证能充足及适当
the audit evidence we have obtained is sufficient and appropriate to  地为我们的意见提供基础。

provide a basis for our opinion.

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Key Audit Matters                            关键审核事项

Key audit matters are those matters that, in our professional judgment,  关键审核事项是根据我们的职业判断,对本期的
were of most significance in our audit of the consolidated financial  综合财务报表的审核最为重要的事项。这些事项
statements of the current period. These matters were addressed in the  是在我们审核整体综合财务报表及出具意见时进
context of our audit of the consolidated financial statements as a whole,  行处理的。我们不会对这些事项提供单独的意见。
and in forming our opinion thereon, and we do not provide a separate

opinion on these matters.

Impairment assessment of the hotel property                酒店物业减值评估

We identified the impairment assessment in relation to the hotel property  我们已将有关  贵集团位于菲律宾共和国(「菲律
of the Group located in the Republic of the Philippines (the “Philippines”)  宾」)的酒店物业(「酒店物业」)的减值评估识别为
(the “Hotel Property”) as a key audit matter because the Group’s hotel  一项关键审核事项,原因为  贵集团的酒店分部
segment had incurred losses for the period ended 30 June 2019 and year  于截至二零一九年六月三十日止期间及截至二零
ended 31 March 2018 and the Hotel Property is a significant operating  一八年三月三十一日止年度均产生亏损,而酒店
asset to the Group.                                              物业为贵集团一项重大营运资产。

As disclosed in note 3 to the consolidated financial statements, property,  诚如综合财务报表附注3所披露, 贵集团的物业、
plant and equipment of the Group, including the Hotel Property, are stated  厂房及设备(包括酒店物业)乃按成本减其后累计
at cost less subsequent accumulated depreciation and subsequent  折旧及其后累计减值(如有)列账。诚如综合财务
accumulated impairment, if any. As disclosed in note 14 to the  报表附注14所披露,于二零一九年六月三十日,
consolidated financial statements, as at 30 June 2019, the carrying amount  酒店物业的账面值约为260,700,000港元(二零一八
of the Hotel Property was approximately HK$260.7 million (2018: HK$258.5  年:258,500,000港元)。截至二零一九年六月三十
million). No impairment loss has been recognised on the Hotel Property for  日止期间概无就酒店物业确认减值亏损。

the period ended 30 June 2019.

At the end of each reporting period, the management assesses if there are  于各报告期间结算日,管理层评估酒店物业是否
any indicators of potential impairment of the Hotel Property. If any  有任何潜在减值迹象。倘存在任何减值迹象,管
impairment indicator exists, the management assesses the recoverable  理层会参考由一名与  贵集团并无关连之独立估
amount of the Hotel Property with reference to the valuation prepared by  值师(「估值师」)按收入资本化法所编制之估值评
an independent valuer not connected to the Group (the “Valuer”) by  估酒店物业的可收回金额。

income capitalisation approach.

The accounting policy, significant accounting judgements and estimates,  会计政策、重大会计判断及估计、减值模型所用
key assumptions used in the impairment model and disclosures are  主要假设以及披露资料载于综合财务报表附注14。
included in note 14 to the consolidated financial statements.

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Our response:                                                  我们的应对:

Our procedures in relation to management’s impairment assessment of  我们就管理层所进行的酒店物业减值评估所执行
the hotel property included:                                        的程序包括:

     Discussing the impairment indicators of the Hotel Property with the       与管理层讨论酒店物业的减值迹象,并检查
    management and inspecting the operating results and cash flow        酒店业务的经营业绩及现金流量预测;

    forecast of the hotel operation;

     Assessing the valuation methodology;                               评估估值方法;

     Evaluating the competence, capabilities, and objectivity of the Valuer       评估估值师的胜任程度、能力及客观性,并
    and obtaining an understanding of the Valuer’s scope of work and        对估值师的工作范畴及委聘条款取得了解;
    their terms of engagement; and                                    及

     Challenging the reasonableness of key assumptions adopted in the       通过对管理层所批准的预算、可获得的可资
    valuation, such as the discount rate, capitalisation rate, average        比较物业市场数据以及  贵集团酒店分部的
    occupancy rate and average daily room rate, by comparing them        历史营运表现进行比较,评估估值中所采用
    with the budget approved by the management, available market        的主要假设是否合理,如贴现率、资本化比
    data for comparable properties and the historical operating        率、平均入住率及日均房租。

    performances of the Group’s hotel segment.

Directors’ Responsibilities for the          董事就综合财务报表承担的责任

Consolidated Financial Statements

The directors are responsible for the preparation of the consolidated  董事须负责根据香港会计师公会颁怖的《香港财务
financial statements that give a true and fair view in accordance with Hong  报告准则》及香港《公司条例》的披露要求拟备真
Kong Financial Reporting Standards issued by the HKICPA and the  实而中肯的综合财务报表,并对其认为为使综合
disclosure requirements of the Hong Kong Companies Ordinance, and for  财务报表的拟备不存在由于欺诈或错误而导致的
such internal control as the directors determine is necessary to enable the  重大错误陈述所必需的内部控制负责。

preparation of consolidated financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are  在拟备综合财务报表时,董事负责评估  贵集团
responsible for assessing the Group’s ability to continue as a going  持续经营的能力,并在适用情况下披露与持续经
concern, disclosing, as applicable, matters related to going concern and  营有关的事项,以及使用持续经营为会计基础,
using the going concern basis of accounting unless the directors either  除非董事有意将  贵集团清盘或停止经营,或别
intend to liquidate the Group or to cease operations, or have no realistic  无其他实际的替代方案。

alternative but to do so.

The directors are also responsible for overseeing the Group’s financial  董事亦须负责监督  贵集团财务报告过程。审核
reporting process. The Audit Committee assists the directors in discharging  委员会就此协助董事履行其职责。

their responsibility in this regard.

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Auditor’s Responsibilities for the Audit    核数师就审核综合财务报表承担的责任
of the Consolidated Financial
Statements

Our objectives are to obtain reasonable assurance about whether the  我们的目标是对整体综合财务报表是否不存在由
consolidated financial statements as a whole are free from material  于欺诈或错误而导致的任何重大错误陈述取得合
misstatement, whether due to fraud or error, and to issue an auditor’s  理保证,并出具载有我们意见的核数师报告书。
report that includes our opinion. This report is made solely to you, as a  本报告仅向  阁下(作为整体)按照我们的应聘条
body, in accordance with the terms of our engagement, and for no other  款出具,除此以外本报告不可用作其他用途。我
purpose. We do not assume responsibility towards or accept liability to any  们并不就本报告之内容对任何其他人士负担任何
other person for the contents of this report.                            责任或接受任何义务。

Reasonable assurance is a high level of assurance, but is not a guarantee  合理保证是高水平的保证,但不能保证按香港审
that an audit conducted in accordance with HKSAs will always detect a  计准则进行的审核在存在重大错误陈述时总能发
material misstatement when it exists. Misstatements can arise from fraud or  现。错误陈述可以由欺诈或错误引起,如果合理
error and are considered material if, individually or in the aggregate, they  预期它们个别或整体可能影响此等综合财务报表
could reasonably be expected to influence the economic decisions of users  的使用者依赖综合财务报表所作出的经济决定,
taken on the basis of these consolidated financial statements.              则有关的错误陈述可被视作重大。

As part of an audit in accordance with HKSAs, we exercise professional  在根据香港审计准则进行审核的过程中,我们运
judgment and maintain professional skepticism throughout the audit. We  用了专业判断,保持了职业怀疑态度。我们亦:
also:

     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财务
    consolidated financial statements, whether due to fraud or error,        报表存在重大错误陈述的风险,设计及执行
    design and perform audit procedures responsive to those risks, and        审核程序以应对这些风险,以及获取充足和
    obtain audit evidence that is sufficient and appropriate to provide a        适当的审计凭证,作为我们意见的基础。由
    basis for our opinion. The risk of not detecting a material        于欺诈可能涉及串谋、伪造、蓄意遗漏、虚
    misstatement resulting from fraud is higher than for one resulting        假陈述,或凌驾于内部控制之上,因此未能
    from error, as fraud may involve collusion, forgery, intentional        发现因欺诈而导致的重大错误陈述的风险大
    omissions, misrepresentations, or the override of internal control.          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 in       了解与审计相关的内部控制,以设计适当的
    order to design audit procedures that are appropriate in the        审计程序,但目的并非对  贵集团内部控制
    circumstances, but not for the purpose of expressing an opinion on        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       评价董事所采用会计政策的恰当性及作出会
    reasonableness of accounting estimates and related disclosures        计估计及相关披露资料的合理性。

    made by the directors.

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     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作出
    concern basis of accounting and, based on the audit evidence        结论。根据所得的审核凭证,确定是否存在
    obtained, whether a material uncertainty exists related to events or        与事件或情况有关的重大不确定性,从而可
    conditions that may cast significant doubt on the Group’s ability to        能导致对  贵集团的持续经营能力产生重大
    continue as a going concern. If we conclude that a material        疑虑。如果我们认为存在重大不确定性,则
    uncertainty exists, we are required to draw attention in our auditor’s        有必要在核数师报告书中提请使用者注意对
    report to the related disclosures in the consolidated financial        综合财务报表中的相关披露。假若有关的披
    statements or, if such disclosures are inadequate, to modify our        露资料不足,则我们应当发表非无保留意
    opinion. Our conclusions are based on the audit evidence obtained        见。我们的结论是基于截至核数师报告书日
    up to the date of our auditor’s report. However, future events or        止所取得的审计凭证。然而,未来事件或情
    conditions may cause the Group to cease to continue as a going        况可能导致贵集团不能继续持续经营。
    concern.

     evaluate the overall presentation, structure and content of the       评价综合财务报表的整体列报方式、结构和
    consolidated financial statements, including the disclosures, and        内容,包括披露资料,以及综合财务报表是
    whether the consolidated financial statements represent the        否公允反映相关交易及事项。

    underlying transactions and events in a manner that achieves fair

    presentation.

     obtain sufficient appropriate audit evidence regarding the financial       就  贵集团中实体或业务活动的财务资料获
    information of the entities or business activities within the Group to        取充分、适当的审计证据,以对综合财务报
    express an opinion on the consolidated financial statements. We are        表发表意见。我们负责  贵集团审计的方
    responsible for the direction, supervision and performance of the        向、监督及执行。我们为审计意见承担全部
    group audit. We remain solely responsible for our audit opinion.            责任。

We communicate with the Audit Committee regarding, among other  除其他事项外,我们与审核委员会沟通了计划的
matters, the planned scope and timing of the audit and significant audit  审核范围、时间安排、重大审核发现等事项,包
findings, including any significant deficiencies in internal control that we  括我们在审核期间识别出内部控制的任何重大缺
identify during our audit.                                          失。

We also provide the Audit Committee with a statement that we have  我们亦向审核委员会提交声明,说明我们已符合
complied with relevant ethical requirements regarding independence, and  有关独立性的相关职业道德要求,并与他们沟通
to communicate with them all relationships and other matters that may  所有合理地被认为会影响我们独立性的关系和其
reasonably be thought to bear on our independence, and where  他事项,以及在适用的情况下,相关的防范措施。
applicable, related safeguards.

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From the matters communicated with the directors, we determine those  从与董事沟通的事项中,我们决定哪些事项对本
matters that were of most significance in the audit of the consolidated  期间综合财务报表的审核最为重要,因而构成关
financial statements of the current period and are therefore the key audit  键审核事项。我们会在核数师报告书中描述这些
matters. We describe these matters in our auditor’s report unless law or  事项,除非法律法规不允许对某件事项作出公开
regulation precludes public disclosure about the matter or when, in  披露,或在极端罕见的情况下,若有合理预期在
extremely rare circumstances, we determine that a matter should not be  我们报告书中传达某事项而造成的负面后果将会
communicated in our report because the adverse consequences of doing  超过其产生的公众利益,我们将不会在此等情况
so would reasonably be expected to outweigh the public interest benefits  下在报告书中传达该事项。

of such communication.

BDO Limited                                                  香港立信德豪会计师事务所有限公司

CertifiedPublicAccountants                                        执业会计师

Ng Wai Man                                                    伍惠民

Practising Certificate number P05309                                执业证书编号P05309

Hong Kong, 25 September 2019                                    香港,二零一九年九月二十五日

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  Consolidated Statement of Comprehensive Income
                                综合全面收益表
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                    Note        HK$’000        HK$’000
                                                                    附注          千港元        千港元
Revenue                              收入                          5(b)        456,918        296,380
Cost of sales                            销售成本                                  (236,337)        (71,228)

Gross profit                            毛利                                      220,581        225,152
Other income                          其他收入                        6          27,368          12,473
Other losses                            其他亏损                        7            (2,357)          (735)
Change in fair value of financial assets at      按公平值计入损益之金融资产

? fair value through profit or loss              公平值变动                                (51,770)            (1)
Change in fair value of investment properties  投资物业公平值变动            15          (89,396)        (130,605)
Gain on bargain purchase                  议价收购收益                  29(b)        116,790              –
Selling and marketing expenses            销售及市场推广开支                          (7,773)          (5,676)
General and administrative expenses        一般及行政开支                            (276,187)        (147,890)
Finance costs                            财务费用                        8          (21,915)        (16,700)

Loss before taxation                    除税前亏损                      9          (84,659)        (63,982)
Income tax expense                      所得税支出                    11          (8,634)          (3,296)

Loss for the period/year                期╱年内亏损                                (93,293)        (67,278)
Other comprehensive (loss)/income that will  将不会重新分类至损益之

? not be reclassified to profit or loss:          其他全面(亏损)╱收益:

? — Remeasurement of defined              — 重新计量界定福利责任

???benefit obligations                                                              (1,344)          1,748
? — Exchange differences arising on          — 换算为呈列货币时产生

??? translation of presentation currency          之汇兑差额                            19,163        (51,957)

Total comprehensive loss for the          期╱年内全面亏损总额

? period/year                                                                      (75,474)        (117,487)

Loss for the period/year attributable to:      应占期╱年内亏损:

? — Owners of the Company                — 本公司拥有人                          (77,527)        (67,278)
? — Non-controlling interests                — 非控股权益                            (15,766)              –

                                                                                  (93,293)        (67,278)

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Consolidated Statement of Comprehensive Income综合全面收益表
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                    Note        HK$’000        HK$’000
                                                                    附注          千港元        千港元
Total comprehensive loss for the period/  应占期╱年内全面亏损总额:

? year attributable to:

? — Owners of the Company                — 本公司拥有人                          (59,128)        (117,487)
? — Non-controlling interests                — 非控股权益                            (16,346)              –

                                                                                  (75,474)        (117,487)

                                                                            HK Cents 港仙    HK Cents 港仙
Loss per share attributable to owners of the    本公司拥有人应占每股亏损

?Company                                                            13

? — Basic                                — 基本                                      (5.66)          (5.15)

? — Diluted                              — 摊薄                                      (5.66)          (5.15)

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        Consolidated Statement of Financial Position
                                综合财务状况表
                                                                                                            At30June2019
                                                                                                于二零一九年六月三十日
                                                                              30 June 2019  31 March 2018
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                    Note        HK$’000        HK$’000
                                                                    附注          千港元        千港元
ASSETS                                资产

Non-current assets                        非流动资产

? Property, plant and equipment              物业、厂房及设备            14          619,956        299,979
? Investment properties                    投资物业                    15        1,510,000        1,527,000
? Intangible assets                        无形资产                    16          49,556              –
? Loan receivable                          应收贷款                    17          51,575          50,902
? Financial assets at fair value through          按公平值计入损益之

?? profit or loss                            金融资产                  18                –            784
? Other receivables, deposits and              其他应收款项、按金及

??prepayments                            预付款项                  20          19,644          11,468

                                                                                2,250,731        1,890,133

Current assets                          流动资产

?Inventories                              存货                                        2,852          1,944
? Financial assets at fair value through          按公平值计入损益之

?? profit or loss                            金融资产                  18          191,360              –
? Trade receivables                        应收账项                    19          26,450          22,389
? Other receivables, deposits and              其他应收款项、按金及

??prepayments                            预付款项                  20          82,728          21,654
? Contract assets                          合约资产                    21              934              –
? Bank balances and cash                    银行结存及现金              32          242,317        696,568

                                                                                  546,641        742,555

Total assets                            资产总值                                  2,797,372        2,632,688

Current liabilities                        流动负债

? Trade payables                          应付账项                    22          20,532          5,295
? Other payables and accrued charges        其他应付款项及应计费用      22          121,572          35,442
? Contract liabilities                        合约负债                    21          11,343              –
? Bank borrowings                        银行借贷                    28            4,765              –

                                                                                  158,212          40,737

Net current assets                        流动资产净值                              388,429        701,818

                                                                                          Annual Report年报2018/19  75
Consolidated Statement of Financial Position
综合财务状况表
At30June2019
于二零一九年六月三十日

                                                                              30 June 2019  31 March 2018
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                    Note        HK$’000        HK$’000
                                                                    附注          千港元        千港元
Non-current liabilities                    非流动负债

? Deferred tax liabilities                    递延税项负债                23          184,786        166,085
? Other liabilities                          其他负债                                  6,386          4,355
? Promissory note                          承兑票据                    27          342,829        339,116
? Bank borrowings                        银行借贷                    28          71,473              –

                                                                                  605,474        509,556

NET ASSETS                            资产净值                                  2,033,686        2,082,395

EQUITY                                权益

Equity attributable to owners of the Company  本公司拥有人应占权益

? Share capital                            股本                        25        1,369,157        1,369,157
? Share premium and reserves                股份溢价及储备                          654,110        713,238

                                                                                2,023,267        2,082,395
Non-controlling interests                  非控股权益                    34          10,419              –

TOTAL EQUITY                        权益总额                                  2,033,686        2,082,395

The financial statements on pages 73 to 218 were approved by the Board  载于第73至218页之财务报表已于二零一九年九
of Directors on 25 September 2019 and were signed on its behalf by:        月二十五日获董事会批准,并由下列董事代表签
                                                              署:

              Dr. Choi Chiu Fai Stanley                              Mr. Chan Chun Yiu Thomas

                    蔡朝晖博士                                            陈浚曜先生

                      DIRECTOR                                              DIRECTOR

                      董事                                                董事

76    Annual Report年报2018/19


      Consolidated Statement of Changes in Equity
                                综合权益变动表
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
                                                      AttributabletoownersoftheCompany

                                                            本公司拥有人应占

                                                                                      Retained

                                          Share                              Share-based    profits/              Non-

                                Share    premium    Merger      Other    Exchange compensation (accumulated            controlling      Total
                                capital    account    reserve    reserves    reserves    reserve    losses)      Total    interests    equity
                                                                          以股份为基础  保留盈利╱

                                股本  股份溢价账    合并储备    其他储备    汇兑储备  之补偿储备  (累计亏损)      总额  非控股权益    权益总额
                                HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000
                                千港元    千港元    千港元    千港元    千港元    千港元    千港元    千港元    千港元    千港元
                                                  (notea)    (noteb)              (notec)

                                                (附注a)  (附注b)            (附注 c)

At1April2017        于二零一七年四月一日  1,179,157      1,122      53,022    (112,683)    (249,844)        –    964,505    1,835,279        81    1,835,360
Lossfortheyear      年内亏损              –        –        –        –        –        –    (67,278)    (67,278)        –    (67,278)
Remeasurementofdefined  重新计量界定

? benefitobligations      福利责任            –        –        –        –        –        –      1,748      1,748        –      1,748
Exchangedifferencesarising 换算产生之汇兑差额

? ontranslation                          –        –        –        –    (51,957)        –        –    (51,957)        –    (51,957)

Totalcomprehensiveloss  年内全面亏损总额

? fortheyear                            –        –        –        –    (51,957)        –    (65,530)    (117,487)        –    (117,487)
Sharesplacing(note25)    股份配售(附注 25)      190,000    169,167        –        –        –        –        –    359,167        –    359,167
Capitalinjectioninasubsidiary 于一间附属公司注资        –        –        –        –        –        –        3        3        (3)        –
Dividendspaidtonon-    已付非控股权益之股息

? controllinginterests                        –        –        –        –        –        –        –        –      (78)      (78)
Equitysettledshare-based  以股本结算以股份为

?transactions(note26)    基础之交易(附注26)      –        –        –        –        –      5,433        –      5,433        –      5,433

At31March2018      于二零一八年

                三月三十一日      1,369,157    170,289      53,022    (112,683)    (301,801)      5,433    898,978    2,082,395        –    2,082,395

Lossfortheperiod      期内亏损              –        –        –        –        –        –    (77,527)    (77,527)    (15,766)    (93,293)
Remeasurementofdefined  重新计量界定

? benefitobligations      福利责任            –        –        –        –        –        –    (1,344)    (1,344)        –    (1,344)
Exchangedifferencesarising 换算产生之汇兑差额

? ontranslation                          –        –        –        –    19,743        –        –    19,743      (580)    19,163

Totalcomprehensiveloss  期内全面亏损总额

? fortheperiod                          –        –        –        –    19,743        –    (78,871)    (59,128)    (16,346)    (75,474)
Acquisitionofsubsidiary  收购附属公司

? (note29(b))        (附注 29(b))            –        –        –        –        –        –        –        –    26,765    26,765

At30June2019      于二零一九年

                六月三十日      1,369,157    170,289    53,022    (112,683)    (282,058)    5,433    820,107  2,023,267    10,419  2,033,686

                                                                                          Annual Report年报2018/19  77

Consolidated Statement of Changes in Equity

综合权益变动表
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

(a)    Merger reserve of the Group represents the difference between the share capital  (a)    本集团合并储备指创博数码媒体有限公司(其股份与
      and share premium of Cyber On-Air Multimedia Limited whose shares were        本公司股份交换)之股本及股份溢价与本公司根据集
      exchanged for the Company’s shares and the nominal amount of share capital        团重组所发行股本之面值两者间之差额。创博数码媒
      issued by the Company pursuant to the group reorganisation. Cyber On-Air        体有限公司已于截至二零零八年三月三十一日止年度
      Multimedia Limited was disposed of during the year ended 31 March 2008.                出售。

(b)  The other reserves represent net effect of discount on acquisition of subsidiaries  (b)  其他储备指于截至二零零八年三月三十一日及二零
      and premium on acquisition of additional interest in subsidiaries from a subsidiary        一七年三月三十一日止年度分别向当时中介母公司之
      of the then intermediate parent arising during the year ended 31 March 2008 and        一家附属公司收购附属公司产生之折让及收购附属公
      31 March 2017 respectively.                                                    司额外权益产生之溢价之净影响。

(c)    Share-based compensation reserve comprises the value of the unexercised share  (c)    以股份为基础之补偿储备包括根据附注3.19就以股份
      option granted by the Company recognised in accordance with the accounting        为基础付款所采纳会计政策确认之本公司授出之尚未
      policy adopted for share-based payments in note 3.19.                                行使购股权之价值。

78    Annual Report年报2018/19


              Consolidated Statement of Cash Flows
                                综合现金流量表
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
OPERATING ACTIVITIES                      经营活动

Loss before taxation                        除税前亏损                              (84,659)        (63,982)
Adjustments for:                            就下列项目作出调整:

? Interest income                            利息收入                                (7,631)          (5,459)
? Interest expenses                          利息开支                                21,915          16,700
? Allowance for/(reversal of allowance) bad and    应收账项之呆坏账拨备╱

?? doubtful debts for trade receivables, net        (拨备拨回)净额                          879              8
? Change in fair value of financial assets at fair      按公平值计入损益之金融资产

?? value through profit or loss                    公平值变动                            51,770              1
? Realised gain on disposal of financial assets at    出售按公平值计入损益之

?? fair value through profit or loss                金融资产之已变现收益                      –            (627)
? Change in fair value of investment properties    投资物业公平值变动                      89,396        130,605
? Depreciation of property, plant and equipment    物业、厂房及设备折旧                    54,371          27,926
? Loss on disposal of property, plant              出售物业、厂房及设备之亏损

??and equipment                                                                        –              3
? Loss on written-off of property, plant            撇销物业、厂房及设备之亏损

??and equipment                                                                    2,179              –
? Amortisation of intangible assets              无形资产摊销                            28,583              –
? Impairment of intangible assets                无形资产减值                            3,954              –
? Gain on disposal of intangible assets            出售无形资产之收益                      (8,828)              –
? Waive of other payable                      豁免其他应付款项                        (1,256)              –
? Release of provision for additional transfer fee    解除额外转会费拨备                      (3,207)              –
? Share-based payment expenses                以股份为基础付款之开支                      –          5,433
? Gain on bargain purchase                    议价收购收益                          (116,790)              –
? Dividend income from financial assets at        源自按公平值计入损益之

?? fair value through profit or loss                金融资产之股息收入                        –            (782)
? Net foreign exchange loss                    汇兑亏损净额                            9,515          1,359

                                                                                          Annual Report年报2018/19  79
Consolidated Statement of Cash Flows
综合现金流量表
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
Operating cash flows before movements in      未计营运资金变动前之

? working capital                            经营现金流量                            40,191        111,185
(Increase)/decrease in inventories              存货(增加)╱减少                            (536)            208
Decrease/(Increase) in trade receivables          应收账项减少╱(增加)                      6,206          (1,055)
Increase in other receivables, deposits and      其他应收款项、按金及

?prepayments                              预付款项增加                          (29,605)        (10,699)
Decrease in trade payables                    应付账项减少                              (1,253)          (1,021)
Increase/(decrease) in other payables and        其他应付款项及应计费用

? accrued charges                            增加╱(减少)                          22,048          (9,643)
Increase in other liabilities                    其他负债增加                                  –            597

Cash generated from operations              源自经营活动之现金                        37,051          89,572
Income taxes paid                          已付所得税                                    –              –

NET CASH GENERATED FROM                  源自经营活动之现金净额

? OPERATING ACTIVITIES                                                              37,051          89,572

INVESTING ACTIVITIES                        投资活动

Interest received                            已收利息                                  5,411          4,150
Dividends received from financial assets at      已收按公平值计入损益之

? fair value through profit or loss                金融资产之股息                              –            782
Additions to property, plant and equipment      添置物业、厂房及设备                    (60,047)          (9,970)
Proceeds received on disposal of property,      出售物业、厂房及设备之

? plant and equipment                        已收所得款项                              295          1,220
Increase in deposits for property,              物业、厂房及设备按金

? plant and equipment                        增加                                  (19,644)              –
Purchase of investment properties              购买投资物业                            (53,464)              –
Acquisition of subsidiaries                    收购附属公司                            (183,114)              –
Proceeds from sale of players’ registration        销售球员注册所得款项                      18,416              –
Payment for purchase of players’ registration      购入球员注册之付款                      (23,729)              –
Purchase of financial asset at fair value          购入按公平值计入损益之

? through profit and loss                      金融资产                              (242,350)          (3,785)
Proceeds received on disposal of financial assets  出售按公平值计入损益之

? at fair value through profit and loss            金融资产之已收所得款项                      –          24,148
Increase in loan receivable                    应收贷款增加                                  –        (50,902)

NET CASH USED IN INVESTING ACTIVITIES        应用于投资活动之现金净额                (558,226)        (34,357)

80    Annual Report年报2018/19


              Consolidated Statement of Cash Flows
                                综合现金流量表
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
FINANCING ACTIVITIES                      融资活动

Dividends paid to non-controlling interests      已付非控股权益股息                            –            (78)
Net proceeds from issue of shares              发行股份之所得款项净额                        –        359,167
Interest paid for promissory note              已付承兑票据利息                        (15,671)        (14,000)
Increase in bank borrowings                  银行借贷增加                              76,238              –

NET CASH GENERATED FROM FINANCING        源自融资活动之现金净额

?ACTIVITIES                                                                        60,567        345,089

NET (DECREASE)/INCREASE IN CASH AND CASH  现金及现金等值物(减少)╱增加

?EQUIVALENTS                              净额                                  (460,608)        400,304
EFFECT OF FOREIGN EXCHANGE RATE CHANGES  汇率变动之影响                            6,357          (7,447)
CASH AND CASH EQUIVALENTS AT BEGINNING    于期╱年初之现金及现金等值物

? OF THE PERIOD/YEAR                                                              696,568        303,711

CASH AND CASH EQUIVALENTS AT END        于期╱年终之现金及现金等值物

? OF THE PERIOD/YEAR

? represented by bank balances and cash          以银行结存及现金列示                  242,317        696,568

                                                                                          Annual Report年报2018/19  81

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

1.  GENERAL                                      1.  一般事项

    International Entertainment Corporation (the “Company”) was        国际娱乐有限公司(「本公司」)为于开曼群岛
    incorporated in the Cayman Islands with limited liability and its        注册成立之有限公司,其股份于香港联合交
    shares are listed on The Stock Exchange of Hong Kong Limited (the        易所有限公司(「联交所」)上市。于本报告日
    “Stock Exchange”). As of the date of this report, Brighten Path Limited        期,Brighten Path Limited(「Brighten Path」)及
    (“Brighten Path”) and Head and Shoulders Direct Investment Limited        Head and Shoulders Direct Investment Limited
    (“Head and Shoulders”) are the Company’s immediate and ultimate      (「Head and Shoulders」)分别为本公司之直接
    parent respectively. Head and Shoulders is wholly and beneficially        母公司及最终母公司。Head and Shoulders由
    owned by Dr. Choi Chiu Fai Stanley, executive Director. The        执行董事蔡朝晖博士全资及实益拥有。本公
    addresses of the registered office and the principal place of business        司注册办事处及香港主要营业地点之地址于
    of the Company in Hong Kong are disclosed in “Corporate        本年报「公司资料」一节内披露。

    Information” section to this annual report.

    The Company is an investment holding company. The Group were        本公司为投资控股公司。本集团主要业务为
    principally involved in hotel operations and leasing of properties        于菲律宾共和国(「菲律宾」)马尼拉都会区之
    equipped with entertainment equipment at the hotel complex of        本集团酒店综合项目内经营酒店业务以及出
    the Group in Metro Manila in the Republic of the Philippines (the        租设有娱乐设备之物业。于 二零一八年十一
    “Philippines”). Following the acquisition of Wigan Athletics Holdings        月 七 日 收 购Wigan Athletics Holdings Limited
    Limited on 7 November 2018 (note 29(b)), the Group started to        后(附注29(b)),本集团开始于英国(「英国」)
    engage in operation of a football club with related and ancillary        从事经营一家足球俱乐部与相关及配套业务。
    activities in the United Kingdom (the “UK”).

82    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”)              报告准则」)

    (a)  Adoption of new/revised HKFRSs — effective            (a)  采纳新订╱经修订香港财务报告准
        1 April 2018                                            则 — 自二零一八年四月一日起生
                                                                效

          Annual Improvements    Amendments to HKFRS 1, First-time              香港财务报告准则  香港财务报告准则
          ? to HKFRSs 2014–2016  ? adoption of Hong Kong Financial                二零一四年至      第1号(修订本)
          ?Cycle              ? Reporting Standards                        二零一六年周期    首次采用香港

                                                                          之年度改进        财务报告准则

          Annual Improvements    Amendments to HKAS 28,                    香港财务报告准则  香港会计准则

          ? to HKFRSs 2014–2016  ? Investments in Associates and                  二零一四年至      第28号(修订本)
          ? Cycle              ? Joint Ventures                              二零一六年周期    于联营公司及

                                                                          之年度改进        合营企业投资

          Amendments to HKFRS 2  Classification and Measurement of              香港财务报告准则  以股份为基础的

                              ? Share-based Payment                        第2号(修订本)    支付交易之分类
                              ?Transactions                                                及计量

          HKFRS 9              Financial Instruments                        香港财务报告准则  金融工具

                                                                          第9号

          HKFRS 15              Revenue from Contracts with                  香港财务报告准则  客户合约收益

                              ?Customers                                第15号

          Amendments to        Revenue from Contracts with                  香港财务报告准则  客户合约收益(香港
          ? HKFRS 15            ? Customers (Clarifications to                    第15号(修订本)    财务报告准则

                              ? HKFRS 15)                                                  第15号之澄清)
          Amendments to        Transfers of Investment Property                香港会计准则      转拨投资物业

          ? HKAS 40                                                        第40号(修订本)

          HK(IFRIC) — Int 22      Foreign Currency Transactions and              香港(国际财务报告  外币交易及预付代价
                              ? Advance Consideration                      诠释委员会)

                                                                          -诠释第22号

          The impact of the adoption of HKFRS 9 Financial Instruments            采纳香港财务报告准则第9号金融工具
          and HKFRS 15 Revenue from Contracts with Customers have            及香港财务报告准则第15号客户合约
          been summarised in below. The other new or amended            收益之影响于下文概述。 其 他自二零
          HKFRSs that are effective from 1 April 2018 did not have any            一八年四月一日起生效之新订或经修
          material impact on the Group’s accounting policies.                    订香港财务报告准则对本集团之会计
                                                                        政策并无任何重大影响。

                                                                                          Annual Report年报2018/19  83

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective            (a)  采纳新订╱经修订香港财务报告准
        1 April 2018 (Continued)                                    则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments                                  香港财务报告准则第9号:金融工具
          HKFRS 9 replaces HKAS 39 Financial Instruments: Recognition            香港财务报告准则第9号于二零一八年
          and Measurement for annual periods beginning on or after 1            一月一日或以后开始的年度期间取代
          January 2018, bringing together all three aspects of the            香港会计准则第39号金融工具:确认
          accounting for financial instruments: (1) classification and            及计量, 合 并金融工具会计处理方式
          measurement; (2) impairment and (3) hedge accounting. The            之所有三个方面:(1)分类及计量;(2)
          adoption of HKFRS 9 from 1 April 2018 has resulted in changes            减值及(3)对冲会计。自二零一八年四
          in accounting policies of the Group as below.                          月一日起采纳香港财务报告准则第9号
                                                                        已导致本集团会计政策出现下列变动。
          (i)  Classificationandmeasurementoffinancialinstruments              (i)  金融工具的分类及计量

              Under HKFRS 9, except for certain trade receivables (that                  根据香港财务报告准则第9号,
              the trade receivables do not contain a significant                  除若干应收账 项( 指根据香港财
              financing component in accordance with HKFRS 15), an                  务报告准则第15号不包含重大融
              entity shall, at initial recognition, measures a financial                  资部分的应收账项)外,实体于
              asset at its fair value plus, in the case of a financial asset                  初步确认时须按公平值加交易成
              not at fair value through profit or loss (“FVTPL”),                  本( 倘 为并非按公平值计入损益
              transaction costs. A financial asset is classified as: (i)                (「按公平值计入损益」)的金融资
              financial assets at amortised cost (“amortised costs”); (ii)                  产)计量金融资 产。 金融资产分
              financial assets at fair value through other                  类为:(i)按摊销成本(「摊销成
              comprehensive income (“FVOCI”); or (iii) FVTPL (as                  本」)计量的金融资产;(ii)按公平
              defined in above). The classification of financial assets                  值计入其他全面收益(「按公平值
              under HKFRS 9 is generally based on two criteria: (i) the                  计入其他全面收益」)的金融资
              business model under which the financial asset is                  产;或(iii)按公平值计入损益(定
              managed and (ii) its contractual cash flow characteristics                  义见上文)。根据香港财务报告
              (the “solely payments of principal and interest” criterion,                  准则第9号, 金 融资产的分类一
              also known as “SPPI criterion”). Under HKFRS 9,                  般基于两个准则:(i)管理金融资
              embedded derivatives are no longer required to be                  产的业务模式及(ii)其合约现金流
              separated from a host financial asset. Instead, the hybrid                  量特征(「仅支付本金及利息」标
              financial instrument is assessed as a whole for the                  准, 亦 称为「 仅 支付本金及利息
              classification.                                                    标准」)。根据香港财务报告准则
                                                                              第9号, 嵌 入式衍生工具再毋须
                                                                              与主体金融资产分开列示。反
                                                                              之,混合式金融工具须整体评估
                                                                              分类。

84    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective            (a)  采纳新订╱经修订香港财务报告准
        1 April 2018 (Continued)                                    则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号: 金融工具
                                                                      (续)

          (i)  Classificationandmeasurementoffinancialinstruments              (i)  金融工具的分类及计量(续)

              (Continued)                                                    当金融资产同时符合以下条件,
              A financial asset is measured at amortised cost if it                  且并无被指定为按公平值计入损
              meets both of the following conditions and it has not                  益,则该金融资产按摊销成本计
              been designated as at FVTPL:                                      量:

                   It is held within a business model whose objective                       该金融资产由一个旨在通
                    is to hold financial assets in order to collect                      过持有金融资产收取合约
                    contractual cash flows; and                                        现金流量之业务模式所持
                                                                                  有;及

                   The contractual terms of the financial asset give                       该金融资产的合约条款于
                    rise on specified dates to cash flows that meet                      特定日期产生符合仅支付
                    the SPPI criterion.                                                本金及利息标准的现金流
                                                                                  量。

              A debt investment is measured at FVOCI if it meets both                  倘债务投资同时符合以下条件,
              of the following conditions and it has not been                  且并无指定为按公平值计入损
              designated as at FVTPL:                                            益,则该债务投资按公平值计入
                                                                              其他全面收益:

                   It is held within a business model whose objective                       该债务投资由一个旨在通
                    is to achieve by both collecting contractual cash                      过收取合约现金流量及销
                    flows and selling financial assets; and                                售金融资产之业务模式所
                                                                                  持有;及

                   The contractual terms of the financial asset give                       该金融资产的合约条款于
                    rise on specified dates to cash flows that meet                      特定日期产生符合仅支付
                    the SPPI criterion.                                                本金及利息标准的现金流
                                                                                  量。

                                                                                          Annual Report年报2018/19  85

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective            (a)  采纳新订╱经修订香港财务报告准
        1 April 2018 (Continued)                                    则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号:金融工具
                                                                      (续)

          (i)  Classificationandmeasurementoffinancialinstruments              (i)  金融工具的分类及计量(续)

              (Continued)

              On initial recognition of an equity investment that is not                  于初次确认并非持作买卖用途的
              held for trading, the Group could irrevocably elect to                  股本投资时,本集团可不可撤回
              present subsequent changes in the investment’s fair                  地选择于其他全面收益中呈列投
              value in other comprehensive income. This election is                  资公平值的后续变动。该选择乃
              made on an investment-by-investment basis. All other                  按个别投资基准作出。所有其他
              financial assets not classified at amortised cost or FVOCI                  并非按上文所述分类为按摊销成
              as described above are classified as FVTPL. This includes                  本计量或按公平值计入其他全面
              all derivative financial assets. On initial recognition, the                  收益的金融资产,均分类为按公
              Group may irrevocably designate a financial asset that                  平值计入损益。此包括所有衍生
              otherwise meets the requirements to be measured at                  金融资产。于初次确认时,本集
              amortised cost or FVOCI at FVTPL if doing so eliminates                  团可不可撤回地指定金融资产
              or significantly reduces an accounting mismatch that                (于其他方面符合按摊销成本计
              would otherwise arise.                                            量或按公平值计入其他全面收益
                                                                              的规定)为按公平值计入损 益,
                                                                              前提是有关指定可消除或大幅减
                                                                              少会计错配发生。

              The following accounting policies would be applied to                  以下会计政策将适用于本集团的
              the Group’s financial assets as follows:                                金融资产如下:

              FVTPL      FVTPL is subsequently measured at fair                  按公平值    按公平值计入损益
                          value. Changes in fair value, dividends                    计入损益  其后按公平值计
                          and interest income are recognised in                              量。公平值、股息
                          profit or loss.                                                    及利息收入的变动
                                                                                          均于损益确认。
              Amortised    Financial assets at amortised cost are                  摊销成本    按摊销成本计量的
              ?cost      subsequently measured using the                              金融资产其后采用
                          effective interest rate method. Interest                              实际利率法计量。
                          income, foreign exchange gains and                              利息收入、汇兑收
                          losses and impairment are recognised in                              益及亏损以及减值
                          profit or loss. Any gain on derecognition                              于损益确认。终止
                          is recognised in profit or loss.                                      确认的任何收益于
                                                                                          损益确认。

86    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective            (a)  采纳新订╱经修订香港财务报告准
        1 April 2018 (Continued)                                    则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号: 金融工具
                                                                      (续)

          (i)  Classificationandmeasurementoffinancialinstruments              (i)  金融工具的分类及计量(续)

              (Continued)

              The following table summaries the original                  下表概述本集团各类金融资产于
              measurement categories under HKAS 39 and the new                  二零一八年四月一日根据香港会
              measurement categories under HKFRS 9 for each class                  计准则第39号的原有计量类别及
              of the Group’s financial assets as at 1 April 2018:                        根据香港财务报告准则第9号的
                                                                              新计量类别:

                                      Originalclassification    Newclassification      Balanceasat1April  Balanceasat1April
              Financialassets            underHKAS39        underHKFRS9        2018underHKAS39  2018underHKFRS9
                                                                                根据香港会计      根据香港财务
                                                                                准则第39号    报告准则第9号
                                      根据香港会计准则      根据香港财务报告准则      于二零一八年      于二零一八年
              金融资产                第 39号原有分类      第9号的新分类          四月一日的结余    四月一日的结余
                                                                                    HK$’000          HK$’000
                                                                                    千港元          千港元
              Loanreceivable              Loansandreceivables    Amortisedcost                  50,902          50,902
              应收贷款                贷款及应收款项        摊销成本

              Financialassetsatfairvalue      FVTPL              FVTPL                          784            784
              ? throughprofitorloss

              按公平值计入损益之金融资产    按公平值计入损益      按公平值计入损益

              Tradereceivables            Loansandreceivables    Amortisedcost                  22,389          22,389
              应收账项                贷款及应收款项        摊销成本

              Otherreceivables            Loansandreceivables    Amortisedcost                  5,780            5,780
              其他应收款项              贷款及应收款项        摊销成本

              Bankbalancesandcash        Loansandreceivables    Amortisedcost                  696,568          696,568
              银行结存及现金            贷款及应收款项        摊销成本

                                                                                          Annual Report年报2018/19  87

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective            (a)  采纳新订╱经修订香港财务报告准
        1 April 2018 (Continued)                                    则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号:金融工具
                                                                      (续)

          (ii)  Impairmentoffinancialassets                                  (ii)  金融资产的减值

              The adoption of HKFRS 9 has changed the Group’s                  采纳香港财务报告准则第9号已
              impairment model by replacing the HKAS 39 “incurred                  改变本集团的减值模式,将香港
              loss model” to the “expected credit losses (“ECLs”)                  会计准则第39号「已产生亏损模
              model”. HKFRS 9 requires the Group to recognise ECL                  式 」以「 预期信贷亏损(「 预期信
              for trade receivables, financial assets at amortised costs                  贷亏损」)模式」取代。香港财务
              and contract assets earlier than HKAS 39. Cash and cash                  报告准则第9号规定本集团早于
              equivalents are subject to ECL model but the                  香港会计准则第39号就应收账
              impairment is immaterial.                                          项、按摊销成本计量的金融资产
                                                                              及合约资产确认预期信贷亏损。
                                                                              现金及现金等值物须受预期信贷
                                                                              亏损模式规限,惟有关减值并不
                                                                              重大。

              Under HKFRS 9, the losses allowances are measured on                  根据香港财务报告准则第9号,
              either of the following bases: (1) 12 months ECLs: these                  亏损拨备按以下其中一项基准计
              are the ECLs that result from possible default events                  量:(1) 12个月的预期信贷亏损:
              within the 12 months after the reporting date: and (2)                  此乃于报告日期后12个月内可能
              lifetime ECLs: these are ECLs that result from all possible                  发生违约事件所导致的预期信贷
              default events over the expected life of a financial                  亏损;及(2)存续期内的预期信贷
              instrument.                                                    亏损:此乃于金融工具预计年期
                                                                              内所有可能违约事件所导致的预
                                                                              期信贷亏损。

              Measurement of ECLs                                            预期信贷亏损的计量

              ECLs are based on the difference between the contractual                  预期信贷亏损乃基于根据合约应
              cash flows due in accordance with the contract and all the                  付的合约现金流量与本集团预期
              cash flows that the Group expects to receive. The shortfall                  收取的所有现金流量之间的差
              is then discounted at an approximation to the assets’                  额。该差额其后按资产原有实际
              originaleffectiveinterestrate.                                        利率相近的差额贴现。

              The Group has elected to measure loss allowances for                  本集团已选用香港财务报告准则
              trade receivables using HKFRS 9 simplified approach                  第9号简化法计量应收账项的亏
              and has calculated ECLs based on lifetime ECLs. The                  损拨备,并已根据存续期内的预
              Group has established a provision matrix that is based                  期信贷亏损计算预期信贷亏损。
              on the Group’s historical credit loss experience, adjusted                  本集团已设立根据本集团过往信
              for forward-looking factors specific to the debtors and                  贷亏损经验计算的拨备矩阵,并
              the economic environment.                                        按债务人特定的前瞻性因素及经
                                                                              济环境进行调整。

88    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号: 金融工具
                                                                      (续)

          (ii)  Impairmentoffinancialassets(Continued)                        (ii)  金融资产的减值(续)

              Measurement of ECLs (Continued)                                  预期信贷亏损的计量(续)

              For other receivables and loan receivable, the ECLs are                  就其他应收款项及应收贷款而
              based on the 12-months ECLs. The 12-months ECLs is                  言,预期信贷亏损按12个月的预
              the portion of the lifetime ECLs that results from default                  期信贷亏损计算。12个月的预期
              events on a financial instrument that are possible within                  信贷亏损为存续期内的预期信贷
              12 months after the reporting date. However, when                  亏损其中一部分,其源自于报告
              there has been a significant increase in credit risk since                  日期后12个月内之金融工具潜在
              origination, the allowance will be based on the lifetime                  违约事件。然而,当自发生以来
              ECLs. When determining whether the credit risk of a                  信贷风险显著增加,拨备将按存
              financial asset has increased significantly since initial                  续期内的预期信贷亏损计算。当
              recognition and when estimating ECL, the Group                  厘定金融资产之信贷风险有否自
              considers reasonable and supportable information that                  初步确认以来显著增加,并于估
              is relevant and available without undue cost or effort.                  计预期信贷亏损时,本集团考虑
              This includes both quantitative and qualitative                  相关及毋须付出不必要成本或精
              information and analysis, based on the Group’s historical                  力即可获得之合理可作为依据之
              experience and informed credit assessment and                  资料。此包括根据本集团过往经
              including forward-looking information.                                验及已知信贷评估得出之定量及
                                                                              定性资料及分析,并包括前瞻资
                                                                              料。

              The maximum period considered when estimating ECL                  于估计预期信贷亏损时所考虑的
              is the maximum contractual period over which the                  最长期间为本集团面临信贷风险
              Group is exposed to credit risk.                                      的最长合约期间。

              Presentation of ECLs                                              预期信贷亏损的呈列

              Loss allowances for financial assets measured at                  按摊销成本计量的金融资产的亏
              amortised cost are deducted from the gross carrying                  损拨备从资产的账面总额中扣
              amount of the assets.                                              除。

              The Group has reviewed the impact of HKFRS 9 and                  本集团已审阅香港财务报告准则
              applied the HKFRS 9 simplified approach to measure                  第9号之影响并应用香港财务报
              ECLs of its financial assets on 1 April 2018. The expected                  告准则第9号简化法计量其于二
              credit loss rate as at 1 April 2018 was determined for                  零一八年四月一日之金融资产之
              trade receivables, other receivables and loan receivable                  预期信贷亏损。就应收账项、其
              as follows:                                                      他应收款项及应收贷款所厘定于
                                                                              二零一八年四月一日之预期信贷
                                                                              亏损率如下:

                                                                                          Annual Report年报2018/19  89

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号:金融工具
                                                                      (续)

          (ii)  Impairmentoffinancialassets(Continued)                        (ii)  金融资产的减值(续)

              Impairment of trade receivables                                    应收账项的减值

              As mentioned above, the Group applies the HKFRS 9                  诚如上文所述,本集团就所有应
              simplified approach to measure ECLs which adopts a                  收账项应用香港财务报告准则第
              lifetime ECLs for all trade receivables. To measure the                  9号简化法计量预期信贷亏损,
              ECLs, trade receivables have been grouped based on                  有关计量采纳存续期内的预期信
              shared credit risk characteristics. On that basis, the loss                  贷亏损。为计量预期信贷亏损,
              allowance as at 1 April 2018 was determined as follows                  应收账项已按共同信贷风险特征
              for trade receivables as follows:                                      分类。按此基准,就以下应收账
                                                                              项厘定于二零一八年四月一日的
                                                                              亏损拨备如下:

                                                                GroupA    GroupB    GroupC    GroupD
                                                                    甲组      乙组      丙组      丁组
              Expectedcreditlossrate        预期信贷亏损率            0.41%      0.5%  0.8%–20.5%      0.9%
              Grosscarryingamount(HK$’000)  账面总值(千港元)          17,367        681      2,660      1,691
              Lossallowance(HK$’000)      亏损拨备(千港元)            71          3        23        15
              Under HKAS 39, the Group has made a provision for                  根据香港会计准则第39号,本集
              impairment loss of trade receivables amounting to                  团于二零一八年三月三十一日就
              HK$10,000 as at 31 March 2018. After applying the                  应 收 账 项 计 提 减 值 亏 损 拨 备
              expected credit loss rate to gross amount of trade                  10,000港元。对应收账项总额应
              receivables, the management considered that the                  用预期信贷亏损率后,管理层认
              HKFRS 9 has no significant financial effect on the                  为香港财务报告准则第9号对综
              provision of impairment loss of financial assets                  合财务报表内确认的金融资产的
              recognised in the consolidated financial statements.                    减值亏损拨备并无重大财务影
                                                                              响。

              Impairment of other receivables                                    其他应收款项的减值

              As at 1 April 2018, other receivables mainly represent                  于二零一八年四月一日,其他应
              interest receivables from an independent third party. It                  收款项主要指应收独立第三方的
              is considered low risk as the borrower is considered, in                  利息。有关款项被视为具备低风
              the short term, to have a strong capacity to meet its                  险,原因为借款人被视为于短期
              obligations, and therefore the impairment provision is                  内具备雄厚实力可履行其义务,
              determined as 12 months expected credit losses. The                  故此按12个月的预期信贷亏损厘
              restatement of the loss allowance for debt investments                  定减值拨备。因应用预期信贷风
              and on transition to HKFRS 9 as a result of applying the                  险模式而导致重列债务投资的亏
              expected credit risk model was immaterial.                            损拨备及过渡至香港财务报告准
                                                                              则第9号实属微不足道。

90    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号: 金融工具
                                                                      (续)

          (ii)  Impairmentoffinancialassets(Continued)                        (ii)  金融资产的减值(续)

              Impairment of loan receivable                                      应收贷款的减值

              As at 1 April 2018, loan receivable represent a loan to an                  于二零一八年四月一日,应收贷
              independent third party (note 17). It is considered to be                  款指向独立第三方的贷 款( 附注
              low risk as the borrower is considered, in the short term,                  17)。有关款项被视为具备低风
              to have a strong capacity to meet its obligations, and                  险,原因为借款人被视为于短期
              therefore the impairment provision is determined as 12                  内具备雄厚实力可履行其义务,
              months expected credit losses. The restatement of the                  故此按12个月的预期信贷亏损厘
              loss allowance for debt investments and on transition to                  定减值拨备。因应用预期信贷风
              HKFRS 9 as a result of applying the expected credit risk                  险模式而导致重列债务投资的亏
              model was immaterial.                                            损拨备及过渡至香港财务报告准
                                                                              则第9号实属微不足道。

          (iii)  Hedgeaccounting                                          (iii)  对冲会计处理

              Hedge accounting under HKFRS 9 has no impact on the                  根据香港财务报告准则第9号的
              Group as the Group does not apply hedge accounting                  对冲会计处理对本集团并无影
              in its hedging relationships.                                        响,原因为本集团并无应用对冲
                                                                              会计处理对冲关系。

          (iv)  Transition                                                (iv)  过渡安排

              The Group has applied the transitional provision in                  本集团已应用香港财务报告准则
              HKFRS 9 such that HKFRS 9 was generally adopted                  第9号的过渡条文, 以 使香港财
              without restating comparative information. The                  务报告准则第9号全面获采纳而
              reclassifications and the adjustments arising from the                  毋须重列可比较资料。因此,由
              new ECLs rules are therefore not reflected in the                  于新预期信贷亏损规则而产生的
              statement of financial position as at 31 March 2018, but                  重新分类及调整并无于二零一八
              are recognised in the consolidated statement of                  年三月三十一日的财务状况表中
              financial position on 1 April 2018. This means that                  反映,惟于二零一八年四月一日
              differences in the carrying amounts of financial assets                  的综合财务状况表中确认。这意
              and financial liabilities resulting from the adoption of                  味著采纳香港财务报告准则第9
              HKFRS 9 are recognised in retained earnings and                  号所产生的金融资产与金融负债
              reserves as at 1 April 2018. Accordingly, the information                  账面金额的差异乃于二零一八年
              presented for 2018 does not reflect the requirements of                  四月一日的保留盈利及储备中确
              HKFRS 9 but rather those of HKAS 39.                                认。因此,就二零一八年呈列的
                                                                              资料并不反映香港财务报告准则
                                                                              第9号的规 定, 惟反映香港会计
                                                                              准则第39号的规定。

                                                                                          Annual Report年报2018/19  91

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS9:FinancialInstruments(Continued)                          香港财务报告准则第9号:金融工具
                                                                      (续)

          (iv)  Transition(Continued)                                        (iv)  过渡安排(续)

              The following assessments have been made on the                  以下评估乃根据香港财务报告准
              basis of the facts and circumstances that existed at the                  则第9号初次应用日期(「初次应
              date of initial application of HKFRS 9 (the “DIA”):                        用日期」)存在的事实及情况而作
                                                                              出:

                   The determination of the business model within                       厘定持有金融资产的业务
                    which a financial asset is held;                                      模式;

                   The designation and revocation of previous                       指定及撤销原来指定的若
                    designations of certain financial assets and                      干金融资产及金融负债为
                    financial liabilities as measured at FVTPL; and                          按公平值计入损益计量;
                                                                                  及

                   The designation of certain investments in equity                       指定对按公平值计入其他
                    investments not held for trading as at FVOCI.                          全面收益且并非持作买卖
                                                                                  的股本投资的若干投资。
              If an investment in a debt investment had low credit risk                  倘于债务投资的投资中在初次应
              at the DIA, then the Group has assumed that the credit                  用日期具有较低的信贷风险,则
              risk on the asset had not increased significantly since its                  本集团假设该资产的信贷风险自
              initial recognition.                                                其初始确认起并无显著增加。

          HKFRS15:RevenuefromContractswithCustomers                  香港财务报告准则第15号:客户合约
                                                                      收益

          HKFRS 15 supersedes HKAS 11 Construction Contracts, HKAS            香港财务报告准则第15号取代香港会
          18 Revenue and related interpretations. HKFRS 15 has            计准则第11号建筑合约、香港会计准
          established a five-step model to account for revenue arising            则第18号收益及相关诠释。香港财务
          from contracts with customers. Under HKFRS 15, revenue is            报告准则第15号就将客户合约收益列
          recognised at the amount that reflects the consideration to            账建立一个五步 模 型。根据香港财务
          which an entity expects to be entitled in exchange for            报告准则第15号,收益按能反映实体
          transferring goods or services to a customer.                          预期就向客户转让货品或服务作交换
                                                                        而有权获得之代价金额确认。

          The Group has adopted HKFRS 15 using the cumulative effect            本集团已采用累计影响法采纳香港财
          method without practical expedients. The Group has            务报告准则第15号,而无采用实际权
          recognised the cumulative effect of initially applying HKFRS 15            宜方法。 本 集团已将初次应用香港财
          as an adjustment to the opening balance of retained earnings            务报告准则第15号之累计影响确认为
          at the date of initial application (that is, 1 April 2018). As a            于初次应用日期(即二零一八年四月一
          result, the consolidated financial information presented for            日 )对保留盈利期初结余的调整。因
          2018 has not been restated.                                        此, 就 二零一八年呈列之综合财务资
                                                                        料并未重列。

92    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS15:RevenuefromContractswithCustomers                  香港财务报告准则第15号:客户合约
          (Continued)                                                    收益(续)

          The following tables summarised the impact of adopting            下表概述于二零一八年四月一日采纳
          HKFRS 15 on the Group’s consolidated statement of financial            香港财务报告准则第15号对本集团综
          position as at 1 April 2018. There was no material impact on            合财务状况表之影 响。 截至二零一八
          the Group’s consolidated statement of comprehensive income            年三月三十一日止年度, 本 集团之综
          and consolidated statement of cash flows for the year ended            合全面收益表及综合现金流量表并无
          31 March 2018.                                                  重大影响。

                                                                                                Impact of
                                                                                              adoption of
                                                                                              HKFRS 15 at
                                                                                              1 April 2018
                                                                                            于二零一八年
                                                                                                四月一日
                                                                                            采纳香港财务
                                                                                                报告准则
                                                                                            第15号之影响
                                                                                                  HK$’000
                                                                                                  千港元
          Assets                                    资产

          Current assets                              流动资产

          Trade receivables                            应收账项                                        (509)
          Contract assets                              合约资产                                        509

                                                                                                        –

          Liabilities                                  负债

          Current liabilities                            流动负债

          Other payables and accrued charges            其他应付款项及应计费用                          262
          Contract liabilities                            合约负债                                        (262)

                                                                                                        –

                                                                                          Annual Report年报2018/19  93

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS15:RevenuefromContractswithCustomers                  香港财务报告准则第15号:客户合约
          (Continued)                                                    收益(续)

          The Group has applied the following accounting policy for            本集团于编制此等综合财务报表时,
          revenue recognition in the preparation of these consolidated            已应用以下有关收益确认之会计政策:
          financial statements:

          The Group recognises revenue from contracts with customers            本集团根据载于香港财务报告准则第
          based on a five-step model as set out in HKFRS 15:                      15号之五步模型确认客户合约收益:
          Step 1:  Identify contract(s) with a customer: A contract is            第一步: 识别与客户订立之合约:该
                  defined as an agreement between two or more                      合约界定为双方或多方之间
                  parties that creates enforceable rights and                      订立的协议,具可执行权利
                  obligations.                                                      及责任。

          Step 2:  Identify performance obligations in the contract: A            第二步: 识别合约中的履约责任:履
                  performance obligation is a promise in a contract                      约责任为客户合约中向客户
                  with a customer to transfer a good or service to the                      转让货品或服务的承诺。
                  customer.

          Step 3:  Determine the transaction price: The transaction            第三步: 厘定交易价:交易价为本集
                  price is the amount of consideration to which the                      团预期向客户转让所承诺货
                  Group expects to be entitled in exchange for                      品或服务而有权获得的代价
                  transferring promised goods or services to a                      金额(不包括代表第三方收
                  customer, excluding amounts collected on behalf of                      取之金额)。

                  third parties.

          Step 4:  Allocate the transaction price to the performance            第四步: 将交易价分配至合约中的履
                  obligations in the contract. For a contract that has                      约责任:倘合约中有超过一
                  more than one performance obligation, the Group                      项履约责任,本集团将按预
                  allocates the transaction price to each performance                      期就完成各项履约责任而有
                  obligation in an amount that depicts the amount of                      权换取之代价的金额,将交
                  consideration to which the Group expects to be                      易价分配至各项履约责任。
                  entitled in exchange for satisfying each

                  performance obligation.

          Step 5:  Recognise revenue when (or as) the Group satisfies            第五步: 于本集团完成履约责任时
                  a performance obligation.                                          (或就此)确认收入。

94    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS15:RevenuefromContractswithCustomers                  香港财务报告准则第15号:客户合约
          (Continued)                                                    收益(续)

          Depending on the terms of the contract and the laws that            视乎合约条款及适用于合约之法例,
          apply to the contract, control of the goods or service may be            货品或服务之控制权可随时间或于某
          transferred over time or at a point in time. Control of the            一时间点转移。 倘 本集团履约如下,
          goods or service is transferred over time if the Group’s            则货品或服务控制权随时间转移:

          performance:

               provides all of the benefits received and consumed                 客户同时收取及利用本集团履约
              simultaneously by the customer;                                    提供之所有利益;

               creates or enhances an asset that the customer controls                 本集团之履约创造或提升客户所
              as the Group performs; or                                          控制资产;或

               does not create an asset with an alternative use to the                 本集团履约未创造对本集团具有
              Group and the Group has an enforceable right to                  替代用途的资产,而本集团有强
              payment for performance completed to date.                          制执行权收取至今已履约部分的
                                                                              款项。

          If control of the goods or services transfers over time, revenue            倘货品或服务控制权随时间转 移, 则
          is recognised over the period of the contract by reference to            收益参考相关履约责任之完成进度于
          the progress towards complete satisfaction of that            合约期内确认。否则,收益于客户获
          performance obligation. Otherwise, revenue is recognised at a            得货品或服务控制权之时间点确认。
          point in time when the customer obtains control of the goods

          or service.

          The Group has reviewed the impact of HKFRS 15 and            本集团已审阅香港财务报告准则第15
          considered that HKFRS 15 does not have a material impact on            号之影 响, 并认为香港财务报告准则
          the timing and amounts of revenue recognised for contracts            第15号对确认客户合约收益之时间及
          with customers.                                                  金额并无重大影响。

          A contract asset represents the Group’s right to consideration            合约资产指本集团对交换已转移至客
          in exchange for goods or services that the Group has            户之货品或服务而尚未成为无条件之
          transferred to a customer that is not yet unconditional. It is            代价之权 利, 其乃根据香港财务报告
          assessed for impairment in accordance with HKFRS 9. In            准则第9号进行减值评估。相对而言,
          contrast, a receivable represents the Group’s unconditional            应收款项指本集团对代价之无条件权
          right to consideration, i.e. only the passage of time is required            利,即只须时间流逝该代价便到期支
          before payment of that consideration is due.                          付。

                                                                                          Annual Report年报2018/19  95

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS15:RevenuefromContractswithCustomers                  香港财务报告准则第15号:客户合约
          (Continued)                                                    收益(续)

          A contract liability represents the Group’s obligation to transfer            合约负债指本集团就本集团向客户收
          services to a customer for which the Group has received            取代价(或到期代价金额)向客户转移
          consideration (or an amount of consideration is due) from the            服务之责任。

          customer.

          Details of the nature and effect of the changes on previous            过往会计政策变动之性质及对本集团
          accounting policies in relation to the Group’s various revenue            于二零一八年四月一日之多项收入来
          sources as at 1 April 2018 are set out below:                            源之影响之详情载列如下:

          Roomrevenue                                                  房间收入

          The services are charged at a fixed rate with no significant            有关服务按固定费率收费, 并 无重大
          variable consideration. The Group recognises revenue in the            可变代价。 本 集团按实体有权出具发
          amount to which the entity has the right to invoice, which is            票之金额(代表所交付服务之价值)确
          representative to the value of service being delivered. Invoices            认收 益。 发票按逐项交易基准于客户
          are issued on a transaction basis upon check out and payable            退房及须即时支付时发出。 概 不 存在
          immediately. No significant financing component existed.            任何重大融资部 分。 根据香港会计准
          Under HKAS 18, room revenue is recognised when the services            则第18号,房间收入于提供服务时确
          are rendered. The revenue is recognised over time as the            认。有关收益于客户逗留酒店期间同
          benefits received and consumed simultaneously by the guests            时收取及利用有关利益时随时间确认。
          during the period of staying in the hotel.

          Under HKAS 18, contract balances relating to room revenue            根据香港会计准则第18号,房间收入
          were presented in the consolidated statement of financial            相关之合约结余于综合财务状况表分
          position under “trade receivables” or “other payables and            别呈列在「应收账项」或「其他应付款
          accrued charges” respectively. To reflect these changes in            项及应计费用」项下。为反映采纳香港
          presentation upon adoption of HKFRS 15, the Group has made            财务报告准则第15号时呈列方式之变
          reclassification amounting to HK$509,000 from “trade            动, 本集团将509,000港元由「应收账
          receivables” to “contract assets” and HK$262,000 from “other            项 」重 新 分 类 至「 合 约 资 产 」及 将
          payables and accrued charges” to “contract liabilities”            262,000港元由「 其他应付款项及应计
          respectively. The contracts are within one year and therefore            费 用 」重新分类至「 合 约负债」。 有 关
          no significant financing component existed.                          合约均为一年 内, 故并不存在重大融
                                                                        资部分。

96    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (a)  Adoption of new/revised HKFRSs — effective 1          (a)  采纳新订╱经修订香港财务报告准
        April 2018 (Continued)                                      则 — 自二零一八年四月一日起生
                                                                效(续)

          HKFRS15:RevenuefromContractswithCustomers                  香港财务报告准则第15号:客户合约
          (Continued)                                                    收益(续)

          Foodandbeverage                                              餐饮

          The Group provides food and beverages service in the hotel.            本集团于酒店提供餐饮服务。 本 集团
          The Group recognises revenue in the amount to which the            按实体有权出具发票之金额(代表所交
          entity has the right to invoice, which is representative to the            付服务之价值)确认收益。餐饮服务之
          service being delivered. Invoices for food and beverage service            发票于客户退房及须即时支付时发出。
          are issued on upon customer check-out and payable            概不存在任何重大融资部分。

          immediately. No significant financing component existed.

          Under HKAS 18, food and beverage revenue is recognised            根据香港会计准则第18号,餐饮服务
          when the services are rendered. The revenue is recognised            收入于提供服务时确认。 有 关收益于
          over time as the benefits received and consumed            客户在餐厅消磨时间期间同时收取及
          simultaneously by the customer during the time spent in the            利用有关利益时随时间 确 认。首次应
          restaurant. The initial adoption of HKFRS 15 did not result in            用香港财务报告准则第15号并无对本
          significant impact on the Group’s accounting policies on food            集团有关餐饮收入之会计政策构成重
          and beverage revenue.                                            大影响。

                                                                                          Annual Report年报2018/19  97

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (b)  Potential impact arising on HKFRSs not yet              (b)  尚未生效之香港财务报告准则之潜
        effective                                                在影响

          The following new or revised HKFRSs, potentially relevant to            本集团并无提早采纳以下已颁布但尚
          the Group’s operations, have been issued but are not yet            未生效、 可 能与本集团营运有关之新
          effective and have not been early adopted by the Group.                订或经修订香港财务报告准则。

          HKFRS 16                  Leases1                                香港财务报告准则第16 号  租赁1

          HK(IFRIC)-Int 23            Uncertainty over Income Tax                香港(国际财务报告诠释  所得税处理之

                                  ?Treatments1                            委员会)-诠释第23号    不确定性1

          Amendments to HKFRS 9      Prepayment Features with                香港财务报告准则      具有负补偿的提前
                                  ? Negative Compensation1                  第9号(修订本)        还款特性1

          Amendments to HKAS 28    Long-term Interests in                    香港会计准则          于联营公司及合营
                                  ? Associates and Joint                      第28号(修订本)      企业的长期权益1
                                  ?Ventures1

          Annual Improvements to      Amendments to HKFRS 3,                  香港财务报告准则      香港财务报告准则
          ? HKFRSs 2015–2017 Cycle    ? Business Combinations1                  二零一五年至二零一七年  第3号(修订本)
                                                                          周期之年度改进        业务合并1

          Annual Improvements to      Amendments to HKFRS 11,                香港财务报告准则      香港财务报告准则
          ? HKFRSs 2015–2017 Cycle    ? Joint Arrangements1                    二零一五年至二零一七年  第11号(修订本)
                                                                          周期之年度改进        合营安排1

          Annual Improvements to      Amendments to HKAS 12,                  香港财务报告准则      香港会计准则第12号
          ? HKFRSs 2015–2017 Cycle    ? Income Taxes1                          二零一五年至二零一七年 (修订本)所得税1
                                                                          周期之年度改进

          Annual Improvements to      Amendments to HKAS 23,                  香港财务报告准则      香港会计准则第23号
          ? HKFRSs 2015–2017 Cycle    ? Borrowing Costs1                        二零一五年至二零一七年 (修订本)借贷成本1
                                                                          周期之年度改进

          Amendments to HKFRS 3      Definition of a Business2                  香港财务报告准则      业务的定义2

                                                                          第3号(修订本)

          Amendments to HKAS 1 and  Definition of Material2                    香港会计准则第1号及    重大的定义2

          ? HKAS 8                                                        香港会计准则第8号

                                                                        (修订本)

          HKFRS 17                  Insurance Contracts3                      香港财务报告准则第17 号  保险合约3

          Amendments to HKFRS 10    Sale or Contribution of Assets              香港财务报告准则第10 号  投资者与其联营公司
          ? and HKAS 28            ? between an Investor and its                及香港会计准则        或合营企业之间
                                  ? Associate or Joint Venture4                第28号(修订本)      之资产出售或注资4
98    Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (b)  Potential impact arising on HKFRSs not yet              (b)  尚未生效之香港财务报告准则之潜
        effective (Continued)                                        在影响(续)

                    1    Effective for annual periods beginning on or after 1 January 2019                              1    于二零一九年一月一日或之后开始之年
                                                                                            度期间生效

                    2    Effective for annual periods beginning on or after 1 January 2020                              2    于二零二零年一月一日或之后开始之年
                                                                                            度期间生效

                    3    Effective for annual periods beginning on or after 1 January 2021                              3    于二零二一年一月一日或之后开始之年
                                                                                            度期间生效

                    4    The amendments were originally intended to be effective for                          4    该等修订本原计划于二零一七年一月一
                  periods beginning on or after 1 January 2017. The effective date                    日或之后开始之期间生效。有关生效日
                  has now been deferred/removed. Early application of the                    期现已延迟╱移除。该等修订本之修订
                  amendments of the amendments continue to be permitted.                          仍可提早应用。

          Those new/revised HKFRSs that might have material impact            可能对本集团财务报表构成重大影响
          on the Group’s financial statements are set out below:                    之新订╱经修订香港财务报告准则载
                                                                        列如下:

          HKFRS16—Leases                                            香港财务报告准则第16号 —租赁

          HKFRS 16, which upon the effective date will supersede HKAS            香港财务报告准则第16号将于生效日
          17 “Leases” and related interpretations, introduces a single            期取代香港会计准则第17号「租赁」及
          lessee accounting model and requires a lessee to recognise            相关诠释。香港财务报告准则第16号
          assets and liabilities for all leases with a term of more 12            引入单一承租人会计处理模 式, 并规
          months, unless the underlying asset is of low value.            定承租人就为期超过12个月之所有租
          Specifically, under HKFRS 16, a lessee is required to recognise a            赁确认资产及负债, 除 非相关资产为
          right-of-use asset representing its right to use the underlying            低价值资产则作别 论。具体而 言,根
          leased asset and a lease liability representing its obligation to            据香港财务报告准则第16号,承租人
          make lease payments. Accordingly, a lessee should recognise            须确认使用权资产(表示其有权使用相
          depreciation of the right-of use asset and interest on the lease            关租赁资产)及租赁负债(表示其有责
          liability, and also classifies cash repayments of the lease liability            任支付租赁款项)。因此,承租人应确
          into a principal portion and an interest portion and presents            认使用权资产折旧及租赁负债利息,
          them in the statement of cash flows. Also, the right-of-use            并将租赁负债之现金还款分类为本金
          asset and the lease liability are initially measured on a present            部分及利息部 分, 在现金流量表中呈
          value basis. The measurement includes non-cancellable lease            列。此外,使用权资产及租赁负债初
          payments and also includes payments to be made in optional            步按现值基准计 量。 计量包括不可撤
          periods if the lessee is reasonably certain to exercise an option            销租赁付款, 亦 包括承租人合理肯定
          to extend the lease, or to exercise an option to terminate the            会行使选择权延续租赁或不行使中止
          lease. This accounting treatment is significantly different from            租赁选择权之情况下, 将 于选择权期
          the lessee accounting for leases that are classified as operating            间内作出之付款。 就 根据前订准则香
          leases under the predecessor standard, HKAS 17.                        港会计准则第17号分类为经营租赁之
                                                                        租赁而 言, 此会计处理方法与承租人
                                                                        会计法显著不同。

                                                                                          Annual Report年报2018/19  99

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准 则(「 香 港 财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (b)  Potential impact arising on HKFRSs not yet              (b)  尚未生效之香港财务报告准则之潜
        effective (Continued)                                        在影响(续)

          HKFRS16—Leases(Continued)                                  香港财务报告准则第16号 —租赁(续)
          In respect of the lessor accounting, HKFRS 16 substantially            就出租人之会计处理方 面, 香港财务
          carries forward the lessor accounting requirements in HKAS            报告准则第16号大致沿用香港会计准
          17. Accordingly, a lessor continues to classify its leases as            则第17号之出租人会计处理规定。因
          operating leases or finance leases, and to account for those            此, 出 租人继续将其租约分类为经营
          two types of leases differently.                                      租约或融资租 约, 并以不同方式将该
                                                                        两种租约入账。

          The Group plans to adopt the transitional provisions in HKFRS            本集团计划追溯采纳香港财务报告准
          16 retrospectively by recognising the cumulative effect of            则第16号之过渡条文,将首次应用之
          initial application as an adjustment to the opening balance of            累计影响确认为于二零一九年七月一
          retained earnings at 1 July 2019 and will not restate the            日保留盈利期初结余之调 整, 及将不
          comparatives. As a practical expedient permitted by HKFRS 16,            会重列比较数 字。 按香港财务报告准
          the Group plans to apply the new requirements to contracts            则第16号所准许可行权宜方式,本集
          that were previously identified as leases applying HKAS 17 and            团计划对过往识别为应用香港会计准
          measure the lease liability at the present value of the            则第17号之租赁之合约应用新规定,
          remaining lease payments, discounted using the Group’s            并按余下租赁付款现值(以本集团于首
          incremental borrowing rate at the date of initial application.            次应用日期之增量借款利率贴现)计量
          The right-of-use asset will be measured at the amount of the            租赁负 债。 使用权资产将按租赁负债
          lease liability, adjusted by the amount of any prepaid or            金额计量, 并 按紧接首次应用日期前
          accrued lease payments relating to the lease recognised in the            之财务状况表中所确认租赁相关之任
          statement of financial position immediately before the date of            何预付或累计租赁付款作出调 整。 本
          initial application. The Group also plans to use the practical            集团亦计划对于首次应用日期租期于
          expedient allowed by the standard on lease contracts whose            12个月内结束之租赁合约采用准则所
          lease terms end within 12 months as of the date of initial            准许可行权宜方式。

          application.

          The directors of the Company expect the initial application of            本公司董事预 期, 首次应用香港财务
          HKFRS 16 will result in recognition of right-of-use assets with            报告准则第16号将导致于财务状况表
          an offsetting liability in the statement of financial position. As            确认使用权资产并抵销负 债。 就全面
          for the statement of comprehensive income, there will be a            收益表而 言,经营租赁付款将减 少,
          decrease in operating lease payments while increase in            而折旧及利息开支将增加。 本 公司董
          depreciation and interest expenses. The directors of the            事仍在评估采纳香港财务报告准则第
          Company is still in the process of assessment for the impact            16号之影响, 而 基于初步评估结果,
          from adoption of HKFRS 16, and based on the result of            对本集团财务表现之净影响有限。

          preliminary assessment, the net impact on the Group’s

          financial performance is limited.

100  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
2.  ADOPTION OF HONG KONG FINANCIAL        2.  采纳香港财务报告准则(「香港财务
    REPORTING STANDARDS (“HKFRSs”) (Continued)      报告准则」)(续)

    (b)  Potential impact arising on HKFRSs not yet              (b)  尚未生效之香港财务报告准则之潜
        effective (Continued)                                        在影响(续)

          HK(IFRIC)-Int23—UncertaintyoverIncomeTax                    香港(国际财务报告诠释委员会)-诠
          Treatments                                                  释第23号 —所得税处理之不确定性

          The Interpretation supports the requirements of HKAS 12,            该诠释透过就如何反映所得税会计处
          Income Taxes, by providing guidance over how to reflect the            理涉及之不确定性之影响提供指引,
          effects of uncertainty in accounting for income taxes.                    支持香港会计准则第12号所得税之规
                                                                        定。

          Under the Interpretation, the entity shall determine whether            根据该 诠 释,实体须决定分开抑或集
          to consider each uncertain tax treatment separately or            中考虑各项不确定税务处理, 以 更佳
          together based on which approach better predicts the            预测不确定性之解决方 法。 实体亦须
          resolution of the uncertainty. The entity shall also assume the            假设税务机关将会查验其有权查验之
          tax authority will examine amounts that it has a right to            金额, 并 在作出上述查验时全面知悉
          examine and have full knowledge of all related information            所有相关 资 料。如实体决定税务机关
          when making those examinations. If the entity determines it is            可能会接受一项不确定税务处 理, 则
          probable that the tax authority will accept an uncertain tax            实体应按与其税务申报计量即期及递
          treatment, then the entity should measure current and            延税项。 倘 实体决定税务机关不可能
          deferred tax in line with its tax filings. If the entity determines            会接受一项不确定税务处理, 则 采用
          it is not probable, then the uncertainty in the determination of            「最可能金额」或「预期值」两个方法中
          tax is reflected using either the “most likely amount” or the            较能预测不确定性解决方式的方法来
          “expected value” approach, whichever better predicts the            反映厘定税务涉及的不确定性。

          resolution of the uncertainty.

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策

    3.1 Statement of compliance                            3.1 合规声明

          The consolidated financial statements have been prepared in            综合财务报表已根据香港会计师公会
          accordance with all applicable Hong Kong Financial Reporting            (「香港会计师公会」)颁布之所有适用
          Standards, Hong Kong Accounting Standards (“HKASs”) and            《香港财务报告准则》、《香港会计准则》
          Interpretations (hereinafter collectively referred to as the            (「香港会计准则」)及诠释(此后统称「香
          “HKFRSs”) issued by the Hong Kong Institute of Certified Public            港财务报告准则」)以及香港《公司条例》
          Accountants (“HKICPA”) and the disclosure requirements of            之适用披露规定编制。此外, 综 合财
          the Hong Kong Companies Ordinance. In addition, the            务报表包括遵守《联交所证券上市规则》
          consolidated financial statements include applicable            (「上市规则」)规定之适用披露。

          disclosures required by the Rules Governing the Listing of

          Securities on the Stock Exchange (the “Listing Rules”).

                                                                                          Annual Report年报2018/19 101

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.2 Basis of measurement                                3.2 计量基准

          The consolidated financial statements have been prepared            除若干金融工具按公平值计量外,综
          under the historical cost basis except for certain financial            合财务报表按历史成本基准编制。

          instruments, which are measured at fair value.

          The consolidated financial statements for the period ended 30            截至二零一九年六月三十日止期间之
          June 2019 comprise the Company and its subsidiaries            综合财务报表包括本公司及其附属公
          (together referred to as the “Group”).                                司(统称「本集团」)。

          To align the Company’s financial year end date with that of            为使本公司财政年度结算日与本公司
          the newly acquired subsidiaries of the Company, in order to            新收购之附属公司一致, 从 而精简本
          streamline the preparation of the financial statements of the            集团财务报表之编制工作, 本 公司决
          Group, the Company determined to change its financial            定,自截至二零一九年六月三十日止
          period end date from 31 March to 30 June commencing from            财政期间开 始, 将其财政期间结算日
          the financial period ended 30 June 2019.                              由三月三十一日改为六月三十日。

          Due to the change of the end of financial period, this set of            由于更改财政期间结算日, 本 份综合
          consolidated financial statements is prepared for a period of            财务报表乃就二零一八年四月一日至
          fifteen months from 1 April 2018 to 30 June 2019. The            二零一九年六月三十日之十五个月期
          comparative figures, however, are presented for twelve            间编制。然而,比较数字乃就二零
          months from 1 April 2017 to 31 March 2018, and hence are            一七年四月一日至二零一八年三月
          not comparable.                                                三十一日之十二个月期间呈 列, 故并
                                                                        非可资比较。

    3.3 Functional and presentation currency                  3.3 功能及呈列货币

          The functional currency of the Company is Philippine Peso            本公司功能货币为菲律宾披索(「披
          (“Peso”), the currency of the primary economic environment in            索」),即本公司之主要附属公司营运
          which the Company’s major subsidiaries operate. The            地点主要经济环境之货 币。 本集团综
          consolidated financial statements of the Group are presented            合财务报表以港元(「港元」)列示,原
          in Hong Kong Dollars (“HK$”) as the directors of the Company            因为本公司董 事(「 董 事 」)认 为, 此呈
          (the “Directors”) consider that it is an appropriate presentation            列对香港上市公司及就方便本公司股
          for a company listed in Hong Kong and for the convenience of            东(「股东」)而言均属合适之做法。

          the shareholders of the Company (the “Shareholders”).

102  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.4 Business combination and basis of consolidation        3.4 业务合并及综合账目基准

          The consolidated financial statements comprise the financial            综合财务报表包括本集团之财务报表。
          statements of the Group. Inter-company transactions and            本集团旗下成员公司之集团内公司间
          balances between group companies together with unrealised            交易及结余连同未变现盈利于编制综
          profits are eliminated in full in preparing the consolidated            合财务报表时全数对销。 未 变现亏损
          financial statements. Unrealised losses are also eliminated            亦会对销, 除 非交易提出所转让资产
          unless the transaction provides evidence of impairment on            之减值证据,于有关情况下,亏损于
          the asset transferred, in which case the loss is recognised in            损益中确认。

          profit or loss.

          The results of subsidiaries acquired or disposed of during the            年内所收购或出售附属公司之业绩自
          year are included in the consolidated statement of            收购日期起或截至出售日期止(视乎适
          comprehensive income from the dates of acquisition or up to            用情况而定)计入综合全面收益表。如
          the dates of disposal, as appropriate. Where necessary,            有需 要, 附属公司的财务报表会作出
          adjustments are made to the financial statements of            调整, 以 使其会计政策与本集团其他
          subsidiaries to bring their accounting policies into line with            成员公司之会计政策一致。

          those used by other members of the Group.

          Acquisition of subsidiaries or businesses is accounted for using            收购附属公司或业务按收购法入 账。
          the acquisition method. The cost of an acquisition is measured            收购成本按所转让资产于收购日之公
          at the aggregate of the acquisition-date fair value of assets            平值、所产生负债及本集团(作为收购
          transferred, liabilities incurred and equity interests issued by            方)发行之股本权益之总额计量。可识
          the Group, as the acquirer. The identifiable assets acquired and            别之所收购资产及所承担负债主要按
          liabilities assumed are principally measured at acquisition-date            收购日期之公平值计量。 本 集团先前
          fair value. The Group’s previously held equity interest in the            所持之收购对象股权按收购日期之公
          acquiree is re-measured at acquisition-date fair value and the            平值重新计量, 所 得收益或亏损于损
          resulting gains or losses are recognised in profit or loss. The            益中确认。 本 集团可选择按个别交易
          Group may elect, on a transaction-by-transaction basis, to            基准, 按 公平值或按于收购对象可识
          measure the non-controlling interests that represent present            别资产净值之按比例应占部分计量非
          ownership interests in the subsidiary either at fair value or at            控股权益(即于附属公司之目前拥有权
          the proportionate share of the acquiree’s identifiable net            权益)。所有其他非控股权益按公平值
          assets. All other non-controlling interests are measured at fair            计量, 除 非香港财务报告准则规定使
          value unless another measurement basis is required by            用其他计量基准则除 外。 所产生的收
          HKFRSs. Acquisition-related costs incurred are expensed unless            购相关成本支销, 除 非有关成本乃于
          they are incurred in issuing equity instruments in which case            发行股本工具时产生,于有关情况下,
          the costs are deducted from equity.                                  成本自权益扣除。

                                                                                          Annual Report年报2018/19 103

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.4 Business combination and basis of consolidation        3.4 业务合并及综合账目基准(续)

          (Continued)

          The excess of the consideration transferred, amount of any            所转让代价、 所 收购实体任何非控股
          non-controlling interest in the acquired entity, and            权益金额及所收购实体任何过往股权
          acquisition-date fair value of any previous equity interest in            之收购日期公平值超出所收购可识别
          the acquired entity over the fair value of the identifiable net            资产之公平值之金额将入账列为商誉。
          assets acquired is recorded as goodwill. If those amounts are            倘有关金额少于所收购业务之可识别
          less than the fair value of the identifiable net assets of the            资产净值之公平值, 则 有关差额直接
          business acquired, the difference is recognised directly in            于损益确认为「议价收购收益」。

          profit or loss as “gain on bargain purchase”.

          Any contingent consideration to be transferred by the acquirer            将由收购方转让之任何或然代价按收
          is recognised at acquisition-date fair value. Subsequent            购日期之公平值确认。 代 价之其后调
          adjustments to consideration are recognised against goodwill            整仅于有关调整乃因于计量期内(最多
          only to the extent that they arise from new information            为自收购日期起计12个月)取得有关收
          obtained within the measurement period (a maximum of 12            购日期公平值之新资料导致时, 方 会
          months from the acquisition date) about the fair value at the            于商誉确认。 分 类为资产或负债之或
          acquisition date. All other subsequent adjustments to            然代价之所有其他其后调整于损益中
          contingent consideration classified as an asset or a liability are            确认。

          recognised in profit or loss.

          When the Group loses control of a subsidiary, the profit or loss            倘本集团失去一间附属公司之控制权,
          on disposal is calculated as the difference between (i) the            出售之收益或亏损将按(i)已收代价公
          aggregate of the fair value of the consideration received and            平值及任何保留权益之公平值总额与(ii)
          the fair value of any retained interest and (ii) the previous            附属公司资产(包括商誉)及负债以及
          carrying amount of the assets (including goodwill), and            非控股权益之过往账面值之差额计算。
          liabilities of the subsidiary and any non-controlling interest.            过往就附属公司于其他全面收益确认
          Amounts previously recognised in other comprehensive            之金额以出售相关资产或负债时所规
          income in relation to the subsidiary are accounted for in the            定之相同方式入账。

          same manner as would be required if the relevant assets or

          liabilities were disposed of.

          Subsequent to acquisition, the carrying amount of non-            进行收购事项后,非控股权益(即于附
          controlling interests that represent present ownership            属公司之目前拥有权权益)之账面值为
          interests in the subsidiary is the amount of those interests at            该等权益于初步确认时之金额加非控
          initial recognition plus such non-controlling interest’s share of            股权益应占权益其后变动之部 分。 全
          subsequent changes in equity. Total comprehensive income is            面收益总额计入非控股权 益, 即使此
          attributed to such non-controlling interests even if this results            举导致有关非控股权益出现亏绌结余。
          in those non-controlling interests having a deficit balance.

104  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.5 Subsidiaries                                        3.5 附属公司

          A subsidiary is an investee over which the Company is able to            附属公司为本公司可行使控制权之投
          exercise control. The Company controls an investee if all three            资对象。倘符合下列全部三项因素,
          of the following elements are present: power over the            则本公司控制投资对象: 可 对投资对
          investee, exposure, or rights, to variable returns from the            象行使权 力; 对投资对象之可变回报
          investee, and the ability to use its power to affect those            承担风险或享有权 利; 及有能力行使
          variable returns. Control is reassessed whenever facts and            其权力以影响该等可变回 报。 倘有事
          circumstances indicate that there may be a change in any of            实及情况反映三项控制因素其中一项
          these elements of control.                                          或多项出现改变, 本 集团会重新评估
                                                                        其控制权。

          In the Company’s statement of financial position, investments            于附属公司之投资按成本减减值亏损
          in subsidiaries are stated at cost less impairment loss, if any.            (如有)于本公司之财务状况表中列账。
          The results of subsidiaries are accounted for by the Company            附属公司之业绩由本公司按已收及应
          on the basis of dividend received and receivable.                        收股息基准入账。

          ChangeintheGroup’sownershipinterestsinexisting                本集团于现有附属公司之拥有权权益
          subsidiaries                                                  变动

          Changes in the Group’s ownership interests in existing            倘本集团于现有附属公司的拥有权权
          subsidiaries that do not result in the Group losing control over            益变动未导致本集团对其失去控制权,
          the subsidiaries are accounted for as equity transactions. The            将作股权交易入账。 本 集团相关权益
          carrying amounts of the Group’s relevant components of            部分(包括储备及非控股权益)账面值
          equity including reserves and the non-controlling interests are            乃经调整以反映彼等附属公司的相应
          adjusted to reflect the changes in their relative interests in the            权益变动。 非 控股权益于相关权益部
          subsidiaries. Any difference between the amount by which            分重新归类后经调整的金额与已付或
          the non-controlling interests are adjusted after re-attribution            已收代价的公平值之间的任何差额,
          of the relevant equity component, and the fair value of the            直接于股权中确认并归属于本公司拥
          consideration paid or received is recognised directly in equity            有人。

          and attributed to owners of the Company.

    3.6 Property, plant and equipment                        3.6 物业、厂房及设备

          Property, plant and equipment are stated at cost less            物 业、 厂房及设备按成本减累计折旧
          accumulated depreciation and accumulated impairment            及累计减值亏损(如有)列账。

          losses, if any.

          The cost of property, plant and equipment includes its            物 业、 厂房及设备包括收购有关项目
          purchase price and the costs directly attributable to the            之购买价及直接相关成本。

          acquisition of the items.

                                                                                          Annual Report年报2018/19 105

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.6 Property, plant and equipment (Continued)                3.6 物业、厂房及设备(续)

          Subsequent costs are included in the asset’s carrying amount            其后成本仅于可能有与该项目相关之
          or recognised as a separate asset, as appropriate, only when it            未来经济利益流入本集团且有关项目
          is probable that future economic benefits associated with the            之成本能可靠计量 时, 方会计入资产
          item will flow to the Group and the cost of the item can be            之账面值或确认为独立资产(视乎适用
          measured reliably. The carrying amount of the replaced part is            情况而定)。重置部分之账面值会取消
          derecognised. All other repairs and maintenance are            确认。 所 有其他维修及保养于产生之
          recognised as an expense in profit or loss during the financial            财政期间内在损益中确认为开支。

          period in which they are incurred.

          Property, plant and equipment are depreciated so as to write            物业、 厂 房及设备亦折旧以于其估计
          off their cost net of expected residual value over their            可使用年期内按直线法撇销其成本(扣
          estimated useful lives on a straight-line basis. The useful lives,            除预期剩余价值)。可使用年期、剩余
          residual value and depreciation method are reviewed, and            价值及折旧方法于各报告期间结算日
          adjusted if appropriate, at the end of each reporting period.            审阅及作出 调 整( 如 适用)。可使用年
          The useful lives are as follows:                                      期如下:

          Freehold land and    100 years                                  永久业权土地  100年

          ?building                                                        及楼宇

          Leasehold land and    Over the shorter of the remaining                租赁土地及    按楼宇所在地之余下
          ?building          ? term of the land leases on which                楼宇          土地租赁年期或
                              ? the buildings are located, or their                              其预计可使用年期
                              ? estimated useful lives                                      (以较短者为准)
          Leasehold            Over the shorter of the remaining                租赁装修      按楼宇所在地之租赁
          ?improvements      ? term of the lease or land leases on                              或土地租赁余下
                              ? which the buildings are located, or                              年期或其预计

                              ? their estimated useful lives                                    可使用年期

                                                                                        (以较短者为准)
          Machinery          3–15 years                                  机器          3至15年

          Furniture, fixtures      3–15 years                                  家私、装置    3至15年

          ? and equipment                                                  及设备

          Entertainment        5–15 years                                  娱乐设备      5至15年

          ?equipment

          Computer hardware  3–5 years                                  电脑硬件      3至5年

          Motor vehicles        5 years                                    汽车          5年

106  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.6 Property, plant and equipment (Continued)                3.6 物业、厂房及设备(续)

          An asset is written down immediately to its recoverable            倘资产之账面值高于其估计可收回金
          amount if its carrying amount is higher than the asset’s            额,资产即时撇减至其可收回金额。
          estimated recoverable amount.

          The gain or loss on disposal of an item of property, plant and            出售物 业、 厂房及设备项目之收益或
          equipment is the difference between the net sale proceeds            亏损为销售所得款项净额与其账面值
          and its carrying amount, and is recognised in profit or loss on            之差额,于出售时在损益中确认。

          disposal.

          An asset is written down immediately to its recoverable            倘资产之账面值高于其估计可收回金
          amount if its carrying amount is higher than the asset’s            额,资产即时撇减至其可收回金额。
          estimated recoverable amount.

    3.7 Investment property                                3.7 投资物业

          Investment property is property held to earn rentals and/or for            投资物业指为赚取租金及╱或资本增
          capital appreciation. Investment property is initially measured            值而持有之物业。 投 资物业初步按成
          at cost, including any directly attributable expenditure.            本计量,包括任何直接应占开支。于
          Subsequent to initial recognition, investment property is            初步确认后,投资物业按公平值计量。
          measured at its fair value. The Group’s property interest held            本集团根据经营租赁持有以赚取租金
          under operating leases to earn rentals or for capital            或资本增值之物业分类及入账列为投
          appreciation purposes is classified and accounted for as            资物业,并按公平值模型计量。投资
          investment property and is measured using the fair value            物业之公平值变动所产生收益或亏损
          model. Gain or loss arising from change in the fair value of            计入产生期间之损益。

          investment property are included in profit or loss for the

          period in which they arise.

          An investment property is derecognised upon disposal or            投资物业于出售或投资物业永久停用
          when the investment property is permanently withdrawn            且预期出售该物业将不会产生未来经
          from use and no future economic benefits are expected from            济利益时终止确认。 终 止确认物业所
          its disposals. Any gain or loss arising on derecognition of the            产生之任何收益或亏损(按出售所得款
          property (calculated as the difference between the net            项净额与资产账面值之差额计算),于
          disposal proceeds and the carrying amount of the asset) is            终止确认有关物业期间计入损益。

          included in the profit or loss in the period in which the

          property is derecognised.

                                                                                          Annual Report年报2018/19 107

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.8 Leasing                                            3.8 租约

          Leases are classified as finance leases whenever the terms of            凡租约条款将拥有权之绝大部分风险
          the lease transfer substantially all the risks and rewards of            及回报转移至承租人之租约, 均 列为
          ownership to lessee. All other leases are classified as operating            融资租约。 所 有其他租约归类为经营
          leases.                                                        租约。

          TheGroupaslessor                                            本集团作为出租人

          Rental income from properties leased to Philippine            根据经营租约向Philippine Amusement
          Amusement and Gaming Corporation (“PAGCOR”) under the            and Gaming Corporation(「PAGCOR」)出
          operating leases is recognised at a certain percentage of net            租物业所得之租金收入乃按当地博彩
          gaming revenue of the casino (less franchise tax) or a fixed            场地所得博彩收入净额(减专营税)若
          rental amount, whichever is higher.                                  干百分比或固定租金金额(以较高者为
                                                                        准)确认。

          Fixed rental income from operating leases is recognised in            经营租约之固定租金收入按与PAGCOR
          profit or loss over the term of the lease with PAGCOR.                    所订之租赁年期内于损益确认。

          Contingent rental income from operating leases to PAGCOR is            当与PAGCOR所订之经营租约所得或然
          calculated with reference to certain percentage of net gaming            租金收入高于固定租金收入 时, 则参
          revenue of the casino when it is higher than the fixed rental            考当地博彩场地所得博彩收入净额若
          amount. The contingent rental income is recognised in profit            干百分比计算。 或 然租金收入于赚取
          or loss in the period when it is earned.                                收入期间于损益确认。

          Rental income from properties leased to Wigan Warriors            根据经营租约向Wigan Warriors Rugby
          Rugby League Club (the “Wigan Warriors”) under the operating            League Club(「Wigan Warriors」)出租物
          leases is recognised at a certain percentage of the match            业之租金收入按Wigan Warriors之比赛
          ticket sales from Wigan Warriors. The contingent rental income            门票销售额之一定百分比确 认。 或然
          is recognised in profit or loss in the period when it is earned.              租金收入于赚取时在期内损益中确认。
          Initial direct costs incurred in negotiating and arranging an            磋商及安排经营租约产生之初始直接
          operating lease are added to the carrying amount of the            成 本, 计入出租资产之账面值,并以
          leased asset and recognised as an expense on a straight-line            直线法在租赁年期确认为开支。

          basis over the lease term.

108  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.8 Leasing (Continued)                                    3.8 租约(续)

          TheGroupaslessee                                            本集团作为承租人

          The total rentals payable under the operating leases are            经营租约项下应付租金总额于有关租
          recognised in profit or loss on a straight-line basis over the            赁年期按直线法于损益中确 认。 已收
          lease term. Lease incentives received are recognised as an            租赁优惠于租赁年期内确认为租金开
          integrated part of the total rental expense, over the term of            支总额组成部分。

          the lease.

          In the event that lease incentives are received to enter into            倘于订立经营租约时收取租赁优惠,
          operating leases, such incentives are recognised as a liability.            则有关优惠确认为负债。 优 惠总利益
          The aggregate benefit of incentives is recognised as a            以直线法确认为租金开支减少。

          reduction of rental expense on a straight-line basis.

    3.9 Intangible assets (other than goodwill)                3.9 无形资产(商誉除外)

          Acquisitionandregistrationoffootballpersonnel                  球员收购及注册

          The cost associated with the acquisition and registration of            有关球员收购及注册的成本初步按应
          football personnel are capitalised initially at the fair value of            付代价之公平值资本化。 成 本包括转
          the consideration payable. Costs include transfer fees, leagues            会 费、 本集团产生之联赛征费及其他
          levy fees incurred by the Group and other directly attributable            直接应占成本。 成 本亦包括任何或然
          costs. Costs also include the fair value of any contingent            代价之公平值, 主 要为倘经本集团管
          consideration, which is primarily payable to the football            理层评估付款成为可能而应付予足球
          player’s former club if the payment are assessed by            运动员前俱乐部之或然代价。

          management of the Group as probable.

          Costs are fully amortised using the straight-line method over            成本乃于球员合约规定期间(即两至四
          the period covered by the football personnel’s contract, being            年)内使用直线法悉数摊销。

          between two to four years.

          Contingent consideration payable that was not recognised on            倘管理层进行其后重估后付款成为可
          initial recognition are also included in the cost of the football            能,则于初步确认时未予确认之应付
          players’ registration once payment becomes probable in            或然代价亦计入足球运动员注册成本
          subsequent reassessment performed by management.            内。 或 然代价摊销起始于其已确认之
          Amortisation of contingent consideration commenced once it            时及直至合约终止为止。

          has recognised and until the end of contract.

          Where a contract is extended, any costs associated with            倘合约获延长, 有 关确保延期的任何
          securing the extension are added to the unamortised balance            成本乃增加至未摊销结余(于修订日期)
          (at the date of the amendment) and the revised book value is            及经修订账面值于剩余经修订合约期
          amortised over the remaining revised contract life.                      限内摊销。

                                                                                          Annual Report年报2018/19 109

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.9 Intangible assets (other than goodwill) (Continued)        3.9 无形资产(商誉除外()续)

          Acquisitionandregistrationoffootballpersonnel                  球员收购及注册(续)

          (Continued)

          Gains and losses on disposal of football personnel registrations            出售球员注册之收益及亏损乃透过比
          are determined by comparing the fair value of the            较应收代价之公平值(扣除任何交易成
          consideration receivable, net of any transaction costs, with the            本)与账面值而厘定,并于损益内「其
          carrying amount and are recognised separately in profit or loss            他收益或亏损」项下分开确认。

          within “other gain or loss”.

          Where a part of the consideration receivable is contingent on            倘部分应收代价为基于特定表现条件
          specified performance conditions, this amount is recognised            之或然 代 价,则该金额于收入基本确
          in the profit or loss when receipt is virtually certain.                      定时于损益确认。

          Remunerationpaidtofootballpersonnel                          支付予球员之薪酬

          Remuneration of football personnel is charged in accordance            球员薪酬乃根据适用合约安排条款扣
          with the terms of the applicable contractual arrangements            除, 任 何酌情花红乃于存在法定或推
          and any discretionary bonuses is recognised in profit or loss            定责任时于损益确认。

          when there is a legal or constructive obligation.

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018)                                        起应用之会计政策)

          Financialassets                                                金融资产

          A financial asset (unless it is a trade receivable without a            金融资产(并无重大融资部份之应收账
          significant financing component) is initially measured at fair            项除外)初步按公平值另加(就并非按
          value plus, for an item not at fair value through profit or loss            公平值计入损益(「按公平值计入损益」)
          (“FVTPL”), transaction costs that are directly attributable to its            之项目而言)收购或发行金融资产应占
          acquisition or issue. A trade receivable without a significant            之直接交易成本计 量。 并无重大融资
          financing component is initially measured at the transaction            部份之应收账项初步按交易价格计量。
          price.

          All regular way purchases and sales of financial assets are            所有以常规方式购买及销售之金融资
          recognised on the trade date, that is, the date that the Group            产于交易日(即本集团承诺购买或出售
          commits to purchase or sell the asset. Regular way purchases            资产当日)确认。常规买卖指规定于一
          or sales are purchases or sales of financial assets that require            般由市场规例或惯例确立期间内交付
          delivery of assets within the period generally established by            资产之金融资产买卖。

          regulation or convention in the market place.

          Financial assets with embedded derivatives are considered in            在确定具有嵌入衍生工具之金融资产
          their entirely when determining whether their cash flows are            之现金流是否纯粹为本金及利息付款
          solely payment of principal and interest.                              时,需从金融资产之整体考虑。

110  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Financialassets(Continued)                                      金融资产(续)

          Debtinstruments                                                债务工具

          Subsequent measurement of debt instruments depends on            债务工具之后续计量取决于本集团管
          the Group’s business model for managing the asset and the            理资产之业务模式及有关资产之现金
          cash flow characteristics of the asset. There are two            流量特征。 本 集团将其债务工具分类
          measurement categories into which the Group classifies its            为两个计量类别:

          debt instruments:

          Amortised cost: Assets that are held for collection of            摊销成本: 倘 持有资产旨在收取合约
          contractual cash flows where those cash flows represent solely            现金流量, 而 该等现金流量纯粹为本
          payments of principal and interest are measured at amortised            金及利息付款, 该 等资产按摊销成本
          cost. Financial assets at amortised cost are subsequently            计量。 按 摊销成本计量之金融资产其
          measured using the effective interest rate method. Interest            后使用实际利率法计 量。 利息收 入、
          income, foreign exchange gains and losses and impairment            外汇收益及亏损以及减值于损益确认。
          are recognised in profit or loss. Any gain on derecognition is            终止确认产生之任何收益于损益确认。
          recognised in profit or loss.

          FVTPL: Financial assets at FVTPL include financial assets held            按公平值计入损 益: 按公平值计入损
          for trading, financial assets designated upon initial recognition            益之金融资产包括持作买卖之金融资
          at FVTPL, or financial assets mandatorily required to be            产、 于 初步确认时指定按公平值计入
          measured at fair value. Financial assets are classified as held for            损益之金融资产, 或 需要强制按公平
          trading if they are acquired for the purpose of selling or            值计量之金融资产。 倘 金融资产乃为
          repurchasing in the near term. Derivatives, including separated            于近期进行出售或购回而收 购, 则金
          embedded derivatives, are also classified as held for trading            融资产会分类为持作买 卖。 衍生工具
          unless they are designated as effective hedging instruments.            (包括独立嵌入式衍生工具)亦分类为
          Financial assets with cash flows that are not solely payments            持作买 卖, 除非彼等指定为实际对冲
          of principal and interest are classified and measured at FVTPL,            工具则作别论。 现 金流量并非纯粹用
          irrespective of the business model. Notwithstanding the            作支付本金及利息之金融资产分类为
          criteria for debt instruments to be classified at amortised cost            按公平值计入损益计量, 而 不论业务
          or at FVOCI, as described above, debt instruments may be            模式。 尽 管如上文所述债务工具可分
          designated at FVTPL on initial recognition if doing so            类为按摊销成本或按公平值计入其他
          eliminates, or significantly reduces, an accounting mismatch.              全面收益, 倘 能够消除或显著减少会
                                                                        计错 配, 则债务工具或会于初步确认
                                                                        时指定为按公平值计入损益。

                                                                                          Annual Report年报2018/19 111

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Financialassets(Continued)                                      金融资产(续)

          Equityinstruments                                              股本工具

          On initial recognition of an equity investment that is not held            股本工具于初次确认并非持作买卖用
          for trading, the Group could irrevocably elect to present            途之股本投资 时, 本集团可不可撤回
          subsequent changes in the investment’s fair value in other            地选择于其他全面收益中呈列投资公
          comprehensive income. This election is made on an            平值后续变动。 是 项选择乃按逐项投
          investment-by-investment basis. Equity investments at fair            资基准作 出。 按公平值计入其他全面
          value through other comprehensive income are measured at            收益之股本投资乃按公平值计 量。 股
          fair value. Dividend income are recognised in profit or loss            息收入于损益确 认, 除非股息收入清
          unless the dividend income clearly represents a recovery of            楚呈列收回部分投资成本,则作别论。
          part of the cost of the investments. Other net gains and losses            其他收益及亏损净额于其他全面收益
          are recognised in other comprehensive income and are not            确认,亦不会重新分类至损 益。所有
          reclassified to profit or loss. All other equity instruments are            其他股本工具分类为按公平值计入损
          classified as FVTPL, whereby changes in fair value, dividends            益,倘公平值有所变 动,股息及利息
          and interest income are recognised in profit or loss.                      收入于损益确认。

          Impairmentlossonfinancialassets                                  金融资产之减值亏损

          The Group recognises loss allowances for expected credit            本集团就应收账项、 合 约资产及按摊
          losses (“ECLs”) on trade receivables, contract assets and            销成本计量之金融资产之预期信贷亏
          financial assets measured at amortised cost. The ECLs are            损(「预期信贷亏 损 」)确 认亏损拨备。
          measured on either of the following bases: (1) 12 months            预期信贷亏损按以下其中一项基准计
          ECLs: these are the ECLs that result from possible default            量:(1)12个月的预期信贷亏损: 此乃
          events within the 12 months after the reporting date: and (2)            于报告日期后12个月内之潜在违约事
          lifetime ECLs: these are ECLs that result from all possible            件所导致预期信贷亏损;及(2)存续期
          default events over the expected life of a financial instrument.            内的预期信贷亏损: 此 乃于金融工具
          The maximum period considered when estimating ECLs is the            预计年期内之所有潜在违约事件所导
          maximum contractual period over which the Group is exposed            致预期信贷亏 损。 估计预期信贷亏损
          to credit risk.                                                    时所考虑最长期间为本集团面对信贷
                                                                        风险之最长合约期间。

          ECLs are a probability-weighted estimate of credit losses.            预期信贷亏损为信贷亏损之概率加权
          Credit losses are measured as the difference between all            估计。 信 贷亏损乃按根据合约应付本
          contractual cash flows that are due to the Group in            集团之所有合约现金流量与本集团预
          accordance with the contract and all the cash flows that the            期收取之所有现金流量间之差额计量。
          Group expects to receive. The shortfall is then discounted at            该差额其后按与资产原有实际利率相
          an approximation to the assets’ original effective interest rate.              若之利率贴现。

112  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Financialassets(Continued)                                      金融资产(续)

          Impairmentlossonfinancialassets(Continued)                          金融资产之减值亏损(续)

          The Group has elected to measure loss allowances for trade            本集团已选用香港财务报告准则第9号
          receivables and contract assets using HKFRS 9 simplified            简化法计量应收账项及合约资产之亏
          approach and has calculated ECLs based on lifetime ECLs. The            损拨备, 并 已根据存续期内的预期信
          Group has established a provision matrix that is based on the            贷亏损计算预期信贷亏 损。 本集团已
          Group’s historical credit loss experience, adjusted for forward-            制定根据本集团过往信贷亏损经验计
          looking factors specific to the debtors and the economic            算之拨备矩阵, 并 按与债务人相关之
          environment.                                                    特定前瞻因素及经济环境调整。

          For other debt financial assets, the ECLs are based on the            就其他债务金融资产而 言, 预期信贷
          12-months ECLs. However, when there has been a significant            亏损按12个月预期信贷亏损计算。然
          increase in credit risk since origination, the allowance will be            而,当自发生以来信贷风险显著增加,
          based on the lifetime ECLs.                                        拨备将按存续期内的预期信贷亏损计
                                                                        算。

          In assessing whether the credit risk of a financial instrument            评估金融工具之信贷风险有否自初步
          has increased significantly since initial recognition, the Group            确认以来显著增加 时, 本集团会对比
          compares the risk of default occurring on the financial            所评估金融工具于报告日期之违约风
          instrument assessed at the reporting date with that assessed            险与初次确认日期评估之违约风险。
          at the date of initial recognition.

          In making this reassessment, the Group considers that a            进行重新评估时, 本 集团认为于下列
          default event occurs when (i) the borrower is unlikely to pay            情况下即发生违约事件:(i)借款人不
          its credit obligations to the Group in full, without recourse by            可能在本集团无追索权(例如:变现担
          the Group to actions such as realising security (if any is held);            保(如持有))下向本集团悉数支付其信
          or (ii) the financial asset is 90 days past due. The Group            贷责任;或(ii)该金融资产逾期超过90
          considers both quantitative and qualitative information that is            日。本集团考虑合理可作为依据之定
          reasonable and supportable, including historical experience            量及定性资料, 包 括过往经验及毋须
          and forward-looking information that is available without            付出不必要成本或精力即可获得之前
          undue cost or effort.                                              瞻资料。

          Depending on the nature of the financial instruments, the            视乎金融工具之性质, 信 贷风险显著
          assessment of a significant increase in credit risk is performed            增加的评估按个别或集体基准进 行。
          on either an individual basis or a collective basis. When the            当评估以集体基准进行时, 金 融工具
          assessment is performed on a collective basis, the financial            按共同信贷风险特征(例如过期状态及
          instruments are grouped based on shared credit risk            信贷风险评级)分类。

          characteristics, such as past due status and credit risk ratings.

                                                                                          Annual Report年报2018/19 113

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Financialassets(Continued)                                      金融资产(续)

          Impairmentlossonfinancialassets(Continued)                          金融资产之减值亏损(续)

          In particular, the following information is taken into account            尤其在评估自初步确认后信贷风险是
          when assessing whether credit risk has increased significantly            否显著增加时,会考虑以下资料:

          since initial recognition:

               failure to make payments of principal or interest on their                 未能在合约到期日支付本金或利
              contractually due dates;                                          息;

               an actual or expected significant deterioration in a                 金融工具外部或内部信贷评级
              financial instrument’s external or internal credit rating (if                (如有)实际或预期显著恶化;
              available);

               an actual or expected significant deterioration in the                 债务人经营业绩实际或预期显著
              operating results of the debtor; and                                  恶化;及

               existing or forecast changes in the technological,                 科技、市场、经济或法律环境的
              market, economic or legal environment that have a                  现有或预期变动对债务人履行其
              significant adverse effect on the debtor’s ability to meet                  对本集团责任的能力构成重大不
              its obligation to the Group.                                        利影响。

          Irrespective of the outcome of the above assessment, the            不论上述评估之结果, 于 合约付款逾
          Group presumes that the credit risk has increased significantly            期超过30日时,本集团假设信贷风险
          since initial recognition when contractual payments are more            自初步确认以来显著增加, 除 非本集
          than 30 days past due, unless the Group has reasonable and            团有合理可靠资料另有证明。

          supportable information that demonstrates otherwise.

          ECLs are remeasured at each reporting date to reflect changes            预期信贷亏损在各报告期间结算日重
          in the financial instrument’s credit risk since initial recognition.            新计量, 以 反映自初步确认后金融工
          Any change in the ECL amount is recognised as an impairment            具信贷风险之变 动。 预期信贷亏损金
          gain or loss in profit or loss. The Group recognises an            额任何变动于损益中确认为减值收益
          impairment gain or loss for all financial instruments with a            或亏损。 本 集团确认所有金融工具之
          corresponding adjustment to their carrying amount through a            减值收益或亏损时, 透 过亏损拨备账
          loss allowance account.                                            对其账面值作出相应调整。

          Interest income on credit-impaired financial assets is            信贷减值金融资产之利息收入按金融
          calculated based on the amortised cost (i.e. the gross carrying            资产之摊销成本(即账面总值减亏损拨
          amount less loss allowance) of the financial asset. For non            备)计算。非信贷减值金融资产之利息
          credit-impaired financial assets interest income is calculated            收入则按账面总值计算。

          based on the gross carrying amount.

114  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Financialassets(Continued)                                      金融资产(续)

          Impairmentlossonfinancialassets(Continued)                          金融资产之减值亏损(续)

          Write-off policy                                                  撇销政策

          The gross carrying amount of a financial asset, lease receivable            金融资 产、 应收租赁或合约资产之账
          or contract asset is written off (either partially or in full) to the            面总值于预计实际无法收回时进行撇
          extent that there is no realistic prospect of recovery. This is            销(部分或全部)。撇销通常于本集团
          generally the case when the group determines that the debtor            厘定债务人并无可产生足够现金流量
          does not have assets or sources of income that could generate            之资产或收入来源以偿还待撇销金额
          sufficient cash flows to repay the amounts subject to the            时进 行。 过往撇销但随后收回的资产
          write-off. Subsequent recoveries of an asset that was            于收回发生期间之损益中确认为减值
          previously written off are recognised as a reversal of            拨回。

          impairment in profit or loss in the period in which the recovery

          occurs.

          Financialliabilities                                            金融负债

          The Group classifies its financial liabilities, depending on the            本集团视乎所产生负债之目的将金融
          purpose for which the liabilities were incurred. Financial            负债分 类。 按公平值计入损益之金融
          liabilities at fair value through profit or loss are initially            负债初步按公平值计量, 而 按摊销成
          measured at fair value and financial liabilities at amortised            本列账之金融负债初步按公平值计量
          costs are initially measured at fair value, net of directly            并扣除已产生直接应占成本。

          attributable costs incurred.

          Subsequent to initial recognition, financial liabilities at fair            初步确认 后, 按公平值计入损益之金
          value through profit or loss are measured at fair value, with            融负债按公平值计量, 公 平值变动于
          changes in fair value recognised in profit or loss in the period            产生之期间内在损益中确 认, 惟本集
          in which they arise, except for the gains and losses arising            团本身之信贷风险所产生收益及亏损
          from the Group’s own credit risk which are presented in other            则除外, 有 关收益及亏损于其他全面
          comprehensive income with no subsequent reclassification to            收入呈列, 其 后不会重新分类至损益
          the statement of profit or loss. The net fair value gain or loss            表。于损益表确认之公平值收益或亏
          recognised in the statement of profit or loss does not include            损净额不包括就该等金融负债收取之
          any interest charged on these financial liabilities.                        任何利息。

                                                                                          Annual Report年报2018/19 115

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Financialliabilities(Continued)                                    金融负债(续)

          Financialliabilitiesatamortisedcost                                  按摊销成本列账之金融负债

          Financial liabilities at amortised cost including trade and other            按摊销成本列账之金融负债包括应付
          payables, bank borrowings and promissory note are            账项及其他应付款 项、 银行借款及承
          subsequently measured at amortised cost, using the effective            兑 票 据,其后采用实际利率法按摊销
          interest method. The related interest expense is recognised in            成本计量。相关利息开支于损益确认。
          profit or loss.

          Gains or losses are recognised in profit or loss when the            终止确认负债 时, 于损益确认收益或
          liabilities are derecognised as well as through the amortisation            亏损并经摊销处理。

          process.

          Effectiveinterestmethod                                        实际利率法

          The effective interest method is a method of calculating the            实际利率法为计算金融资产或金融负
          amortised cost of a financial asset or financial liability and of            债之摊销成本及按有关期间摊分利息
          allocating interest income or interest expense over the            收入或利息开支之方法。 实 际利率为
          relevant period. The effective interest rate is the rate that            确切贴现金融资产或负债之预计年期
          exactly discounts estimated future cash receipts or payments            或(如适用)较短期间之估计未来现金
          through the expected life of the financial asset or liability, or            收入或付款之利率。

          where appropriate, a shorter period.

          Derecognition                                                终止确认

          The Group derecognises a financial asset when the contractual            倘对金融资产相关未来现金流量之合
          rights to the future cash flows in relation to the financial asset            约权利届满,或倘金融资产已转让,
          expire or when the financial asset has been transferred and            而转让符合香港财务报告准则第9号规
          the transfer meets the criteria for derecognition in accordance            定之终止确认准 则, 则本集团终止确
          with HKFRS 9.                                                    认该金融资产。

          Financial liabilities are derecognised when the obligation            倘有关合约中订明之责任获解除、注
          specified in the relevant contract is discharged, cancelled or            销或届满时,则会终止确认金融负债。
          expires.

116  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.10 Financial instruments (accounting policies applied      3.10 金融工具(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Derecognition(Continued)                                        终止确认(续)

          Where the Group issues its own equity instruments to a            当本集团因重新磋商金融负债的条款
          creditor to settle a financial liability in whole or in part as a            而向债权人发行自身股本工 具, 以全
          result of renegotiating the terms of that liability, the equity            部或部分清偿该金融资产时, 所 发行
          instruments issued are the consideration paid and are            的股本工具为支付的代 价, 并于金融
          recognised initially and measured at their fair value on the            负债或其中部分清偿之日初步按公平
          date the financial liability or part thereof is extinguished. If the            值确认及计量。 如 所发行股本工具的
          fair value of the equity instruments issued cannot be reliably            公平值无法可靠计量 时, 股本工具按
          measured, the equity instruments are measured to reflect the            反映所清偿金融负债的公平值计 量。
          fair value of the financial liability extinguished. The difference            已清偿的金融负债账面值或其中部分
          between the carrying amount of the financial liability or part            与已付代价之间的差额于年内损益中
          thereof extinguished and the consideration paid is recognised            确认。

          in profit or loss for the year.

    3.11 Financial instruments (accounting policies applied      3.11 金融工具(直至二零一八年三月
        until 31 March 2018)                                      三十一日止应用之会计政策)

          Financial assets and financial liabilities are recognised on the            当集团实体为工具合约条文之订约方,
          statement of financial position when a group entity becomes            即于财务状况表确认金融资产及金融
          a party to the contractual provisions of the instrument.            负 债。 金融资产及金融负债初步按公
          Financial assets and financial liabilities are initially measured at            平值计量。 因 收购或发行金融资产及
          fair value. Transaction costs that are directly attributable to the            金融负债(按公平值计入损益之金融资
          acquisition or issue of financial assets and financial liabilities            产及金融负债除外)而直接应占之交易
          (other than financial assets and financial liabilities at fair value            成本,于初步确认时加入或扣自(视乎
          through profit or loss) are added to or deducted from the fair            适用情况而定)金融资产或金融负债之
          value of the financial assets or financial liabilities, as            公平 值。 收购按公平值计入损益之金
          appropriate, on initial recognition. Transaction costs directly            融资产或金融负债之直接应占交易成
          attributable to the acquisition of financial assets or financial            本即时于损益确认。

          liabilities at fair value through profit or loss are recognised

          immediately in profit or loss.

                                                                                          Annual Report年报2018/19 117

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.11 Financial instruments (accounting policies applied      3.11 金融工具(直至二零一八年三月
        until 31 March 2018) (Continued)                            三十一日止应用之会计政策()续)
          Financialassets                                                金融资产

          The Group classifies its financial assets at initial recognition,            本集团根据收购资产之目的于初步确
          depending on the purpose for which the asset was acquired.            认时将其金融资产分类。 本 集团之金
          The Group’s financial assets are classified into one of the two            融资产分两类, 为 按公平值计入损益
          categories, comprising financial assets at FVTPL and loans and            之金融资产以及贷款及应收款 项。 所
          receivables. All regular way purchases or sales of financial            有以常规方式购买或出售之金融资产,
          assets are recognised and derecognised on a trade date basis.            均以交易日为基准进行确认或终止确
          Regular way purchases or sales are purchases or sales of            认。以常规方式购买或出售是指要求
          financial assets that require delivery of assets within the time            于相关市场规则或惯例所约定之时间
          frame established by regulation or convention in the            内交付资产之金融资产买 卖。 就各类
          marketplace. The accounting policies adopted in respect of            别金融资产采纳之会计政策载列如下。
          each category of financial assets are set out below.

          Financialassetsatfairvaluethroughprofitorloss                        按公平值计入损益之金融资产

          These assets include financial assets held for trading. Financial            该等资产包括持作交易之金融资产。
          assets are classified as held for trading if they are acquired for            倘金融资产乃为于短期内出售而收购,
          the purpose of sale in the near term. Derivatives, including            则分类为持作交易。衍生工具(包括独
          separated embedded derivatives, are also classified as held for            立嵌入式衍生工具)亦分类为持作交
          trading unless they are designated as effective hedging            易, 除 非有关衍生工具指定为实际对
          instruments or financial guarantee contracts.                          冲工具或财务担保合约。

          Subsequent to initial recognition, financial assets at fair value            初步确 认 后,按公平值计入损益之金
          through profit or loss are measured at fair value, with changes            融资产按公平值计 量, 公平值变动于
          in fair value recognised in profit or loss in the period in which            产生期间在损益中确认。

          they arise.

          Loansandreceivables                                            贷款及应收款项

          These assets are non-derivative financial assets with fixed or            该等资产为附带固定或待定付款且并
          determinable payments that are not quoted in an active            无在活跃市场报价之非衍生金融资产,
          market. They arise principally through the provision of goods            主要透过向客户提供货品及服务(应收
          and services to customers (trade debtors), and also incorporate            账项)产生,亦会纳入其他类型的合约
          other types of contractual monetary asset. Subsequent to            货币资 产。于初步确认后, 贷 款及应
          initial recognition, they are carried at amortised cost using the            收款项采用实际利率法按摊销成本减
          effective interest method, less any identified impairment            任何已识别减值亏损列账。

          losses.

118  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.11 Financial instruments (accounting policies applied      3.11 金融工具(直至二零一八年三月
        until 31 March 2018) (Continued)                            三十一日止应用之会计政策()续)
          Financialassets(Continued)                                      金融资产(续)

          Impairmentoffinancialassets                                      金融资产减值

          The Group assesses, at the end of each reporting period,            于各报告期间结算 日, 本集团评估是
          whether there is any objective evidence that financial asset is            否有任何客观证据证明金融资产已减
          impaired. Financial asset is impaired if there is objective            值。 当 有客观减值证据证明于初步确
          evidence of impairment as a result of one or more events that            认金融资产后发生一项或多项事件对
          has occurred after the initial recognition of the asset and that            金融资产之估计未来现金流量构成影
          event has an impact on the estimated future cash flows of the            响,有关影响可能可靠计量,则金融
          financial asset that can be reliably estimated. Evidence of            资产出现减值。减值证据可包括:

          impairment may include:

               Significant financial difficulty of the issuer or                 发行人或交易方有重大财务困
              counterparty;                                                    难;

               Default or delinquency in interest or principal payments;                 利息或本金付款出现逾期或拖欠
                                                                              情况;

               It becoming probable that the borrower will enter                 借款人有可能申请破产或进行财
              bankruptcy or financial re-organisation; or                            务重组;或

               Significant changes in the technological, market,                 科技、市场、经济及法律环境出
              economic or legal environment that have an adverse                  现重大变动而对债务人构成不利
              effect on the debtor.                                              影响。

          For Loans and receivables                                          贷款及应收款项

          An impairment loss is recognised in profit or loss when there            本公司于有客观证据显示资产已减值
          is objective evidence that the asset is impaired, and is            时于损益确认减值亏损, 并 按资产账
          measured as the difference between the asset’s carrying            面值与按原先实际利率贴现之估计未
          amount and the present value of the estimated future cash            来现金流量现值之差额计量减值亏损。
          flows discounted at the original effective interest rate. The            金融资产之账面值透过使用拨备账削
          carrying amount of financial asset is reduced through the use            减。 倘 金融资产任何部分被认为无法
          of an allowance account. When any part of financial asset is            收 回, 则自有关金融资产之拨备账撇
          determined as uncollectible, it is written off against the            销有关部分。

          allowance account for the relevant financial asset.

                                                                                          Annual Report年报2018/19 119

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.11 Financial instruments (accounting policies applied      3.11 金融工具(直至二零一八年三月
        until 31 March 2018) (Continued)                            三十一日止应用之会计政策()续)
          Financialassets(Continued)                                      金融资产(续)

          Impairmentoffinancialassets(Continued)                              金融资产减值(续)

          For Loans and receivables (Continued)                                贷款及应收款项(续)

          If in a subsequent period the amount of an impairment loss            倘于其后期间减值亏损金额有所减少,
          decreases and the decrease can be linked objectively to an            而客观上与确认减值亏损后发生之事
          event occurring after the impairment loss was recognised, the            件有关,则有关减值亏损会拨回损益。
          impairment loss is reversed through profit or loss. A reversal of            减值亏损之拨回不应导致资产之账面
          an impairment loss shall not result in the asset’s carrying            值超过倘其在以往年度没有确认任何
          amount exceeding that which has been determined had no            减值亏损而应厘定之数额。

          impairment loss been recognised in prior years.

          Impairment losses are written off against the corresponding            减值亏损从相应资产中直接撇销,惟
          assets directly, except for impairment losses recognised in            是否可以收回属难以预料而并非微乎
          respect of an asset, whose recovery is considered doubtful but            其微, 则 就其确认之减值亏损不会从
          not remote. In this case, the impairment losses for doubtful            相应资产中直接撇销。在此情况下,
          debts are recorded using an allowance account. When the            呆账之减值亏损以拨备账记录。 倘 本
          Group is satisfied that recovery is remote, the amount            集团信纳能收回应收账款之机会微乎
          considered irrecoverable is written off against the            其微, 则 被视为不可收回之金额会直
          corresponding asset directly and any amounts held in the            接从应收贸易账款中撇销, 而 在拨备
          allowance account relating to that asset are reversed.            账中就有关债务保留之任何金额会被
          Subsequent recoveries of amounts previously charged to the            拨 回。 倘之前计入拨备账之款项在其
          allowance account are reversed against the allowance            后收回,则有关款项于拨备账拨回。
          account. Other changes in the allowance account and            拨备账之其他变动及其后收回先前直
          subsequent recoveries of amounts previously written off            接撇销之款项均于损益确认。

          directly are recognised in profit or loss.

          Financialliabilities                                            金融负债

          The Group classifies its financial liabilities, depending on the            本集团的金融负债分类取决于负债产
          purpose for which the liabilities were incurred.                          生之原因。

          Financialliabilitiesatamortisedcost                                  按摊销成本计算之金融负债

          Financial liabilities at amortised cost including trade payables,            按摊销成本计算之金融负债(包括应付
          other payables and accrued charges and promissory note are            账 项、 其他应付款项及应计费用以及
          subsequently measured at amortised cost, using the effective            承兑票据)其后采用实际利率法按摊销
          interest method. The related interest expense is recognised in            成本计量。相关利息开支于损益确认。
          profit or loss.

          Gains or losses are recognised in profit or loss when the            有关收益或亏损于负债终止确认时或
          liabilities are derecognised as well as through the amortisation            透过摊销过程中产生时在损益表中确
          process.                                                        认。

120  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.11 Financial instruments (accounting policies applied      3.11 金融工具(直至二零一八年三月
        until 31 March 2018) (Continued)                            三十一日止应用之会计政策()续)
          Effectiveinterestmethod                                        实际利率法

          The effective interest method is a method of calculating the            实际利率法为计算金融资产或金融负
          amortised cost of a financial asset or financial liability and of            债之摊销成本及于有关期间摊分利息
          allocating interest income or interest expense over the            收入或利息开支之方法。 实 际利率为
          relevant period. The effective interest rate is the rate that            确切折算金融资产或负债预计年期(或
          exactly discounts estimated future cash receipts or payments            (如适用)较短期间)之估计未来现金收
          through the expected life of the financial asset or liability, or            款或付款之利率。

          where appropriate, a shorter period.

          Equityinstruments                                              股本工具

          Financial liabilities are derecognised when the obligation            当金融负债于相关合约指明的义务已
          specified in the relevant contract is discharged, cancelled or            履 行、 注销或到期,该金融负债将被
          expires. Equity instruments issued by the Company are            终止确认。 本 公司发行的股本工具按
          recorded at the proceeds received, net of direct issue costs.              已收所得款项减直接发行成本列账。
          Derecognition                                                  终止确认

          The Group derecognises a financial asset only when the            本集团仅会于资产之现金流量合约权
          contractual rights to the cash flows from the asset expire.                利届满时,终止确认有关金融资产。
          On derecognition of a financial asset, the difference between            在终止确认金融资产时, 资 产账面值
          the asset’s carrying amount and the sum of the consideration            与已收及应收代价及已于其他全面收
          received and receivable and the cumulative gain or loss that            益中确认并于权益中累计之累计收益
          had been recognised in other comprehensive income and            或亏损之总和之差额,于损益确认。
          accumulated in equity is recognised in profit or loss.

          The Group derecognises financial liabilities when, and only            本集 团 会 于( 及 仅 会于)其责任已被解
          when, the Group’s obligations are discharged, cancelled or            除、 注 销或届满时,终止确认金融负
          have expired. The difference between the carrying amount of            债。 终 止确认之金融负债账面值与已
          the financial liability derecognised and the consideration paid            付及应付代价之差额,于损益确认。
          and payable is recognised in profit or loss.

    3.12 Inventories                                          3.12 存货

          Inventories are stated at the lower of cost and net realisable            存货按成本与可变现净值之较低者列
          value. Costs of inventories are determined on a weighted            账。 存 货成本按加权平均法厘 定。可
          average method. Net realisable value represents the estimated            变现净值乃存货估计销售价格减所有
          selling price for inventories less all estimated costs necessary            销售所需之估计成本。

          to make the sale.

                                                                                          Annual Report年报2018/19 121

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.13 Revenue recognition (accounting policies applied        3.13 收入确认(自二零一八年四月一日
        from 1 April 2018)                                        起应用之会计政策)

          Revenue from contracts with customers is recognised when            客户合约收入于货品或服务控制权转
          control of goods or services is transferred to the customers at            移至客户时按反映本集团预期就该等
          an amount that reflects the consideration to which the Group            货品或服务有权换取之代价金额确认,
          expects to be entitled in exchange for those goods or services,            惟不包括代表第三方收回之金额。收
          excluding those amounts collected on behalf of third parties.            入不包括增值税或其他销售 税, 并经
          Revenue excludes value added tax or other sales taxes and is            扣除任何贸易折扣。

          after deduction of any trade discounts.

          Depending on the terms of the contract and the laws that            货品或服务控制权可于一段时间内或
          apply to the contract, control of the goods or service may be            某一时间点转 移, 取决于合约条款及
          transferred over time or at a point in time. Control of the            适用于合约之法律规 定。 倘本集团在
          goods or service is transferred over time if the Group’s            履约过程中符合下列条件, 则 货品或
          performance:                                                    服务控制权于一段时间内转移:

               provides all of the benefits received and consumed                 提供全部利益,而客户亦同步收
              simultaneously by the customer;                                    到并消耗有关利益;

               creates or enhances an asset that the customer controls                 本集团履约时创建或优化由客户
              as the Group performs; or                                          控制之资产;或

               does not create an asset with an alternative use to the                 并无产生对本集团有替代用途之
              Group and the Group has an enforceable right to                  资产,且本集团可强制执行权利
              payment for performance completed to date.                          以收取累计至今已完成履约部分
                                                                              之款项。

          If control of the goods or services transfers over time, revenue            倘货品或服务控制权于一段时间内转
          is recognised over the period of the contract by reference to            移,则收入乃于整个合约期间经参考
          the progress towards complete satisfaction of that            完成履约责任之进度确认。否则,收
          performance obligation. Otherwise, revenue is recognised at a            入于客户获得货品或服务控制权之时
          point in time when the customer obtains control of the goods            间点确认。

          or service.

122  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.13 Revenue recognition (accounting policies applied        3.13 收入确认(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          When the contract contains a financing component which            倘合约包括为客户提供超过一年有关
          provides the customer a significant benefit of financing the            就向客户转移货品或服务拨付资金之
          transfer of goods or services to the customer for more than            重大利益之融资部 分, 则收入按应收
          one year, revenue is measured at the present value of the            款项现值计量, 并 使用本集团与客户
          amounts receivable, discounted using the discount rate that            之单独融资交易中所反映于合约开始
          would be reflected in a separate financing transaction            时之贴现率贴 现。 倘合约包括为本集
          between the Group and the customer at contract inception.            团提供重大融资利益之融资部 分, 则
          Where the contract contains a financing component which            根据该合约确认之收入包括按实际利
          provides a significant financing benefit to the Group, revenue            率法计算之合约负债所产生利息开支。
          recognised under that contract includes the interest expense            就自付款至转移承诺货品或服务期间
          accreted on the contract liability under the effective interest            为一年或以内之合约而言, 则 采用香
          method. For contracts where the period between the            港财务报告准则第15号之实际权宜方
          payment and the transfer of the promised goods or services is            法, 即 不会就重大融资部分之影响调
          one year or less, the transaction price is not adjusted for the            整交易价。

          effects of a significant financing component, using the

          practical expedient in HKFRS 15.

          Roomrevenue                                                房间收入

          Room revenues are recognised over time as the benefits            房间收入于一段时间内确认, 原 因为
          received and consumed simultaneously by the customer            客户于住宿酒店期间同步收到并消耗
          during the stay in the hotel. The services are charged at a fixed            利 益。 服务按固定费率收 费, 并无重
          rate with no significant variable consideration. The Group            大可变代 价。本集团确认收入为实体
          recognised revenue in the amount to which the entity has the            有权开出发票之金 额, 其代表所交付
          right to invoice, which is representative to the value service            之价值服 务。 发票于退房时发出并须
          being delivered. Invoices are issued upon check-out and            立即支付。概无重大融资成分。

          payable immediately. No significant financing component

          existed.

          Foodandbeverage                                            餐饮

          The Group provides food and beverages service in the hotel            本集团于英国之酒店及足球场提供餐
          and football stadium in the UK. The Group recognises revenue            饮服务。 本 集团确认收入为实体有权
          in the amount to which the entity has the right to invoice,            开出发票之金 额, 其代表所交付之服
          which is representative to the service being delivered. Invoices            务。餐饮服务发票于顾客结账时发出
          for food and beverage service are issued on upon customer            并须立即支付。概无重大融资成分。
          check-out and payable immediately. No significant financing

          component existed.

                                                                                          Annual Report年报2018/19 123

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.13 Revenue recognition (accounting policies applied        3.13 收入确认(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Broadcastingincome                                          转播收入

          The Group’s UK Championship League football matches            本集团之英国足球冠军联赛转播合约
          broadcasting contracts are centrally negotiated by English            由英格兰足球联赛(「英格兰足球联赛」)
          Football League (“EFL”), in which the Group receives            集中协 商, 本集团收取转播分派作为
          broadcasting distribution as consideration. In addition, the            代 价。 此外,本集团收取来自英格兰
          Group receives solidarity payment from Premier League (“PL”).            超级足球联赛(「英格兰超级足球联赛」)
          The Group’s performance obligation is to participate all the            之补偿 付 款。本集团之履约责任为于
          football matches of Championship League during football            足球赛季期间参与冠军联赛全部足球
          season, which management considers the obligation to play            比赛, 管 理层认为参与比赛之责任为
          the matches is a series of distinct services, each of which is            一系列截然不同之服务, 每 项责任大
          substantially the same and with same pattern of transfer the            致相 同, 而转移予其客户之模式亦相
          its customer. The performance obligation is satisfied over time            同。履约责任于一段时间内履行,原
          as the benefits received and consumed simultaneously by the            因为客户于足球赛季之比赛期间同步
          customer during the matches play in the football season.            收到并消耗利益。 转 播分派及补偿付
          Broadcasting distribution and solidarity payment are fixed            款为来自英格兰足球联赛及英格兰超
          payment from EFL and PL with no variable element, payable            级足球联赛之固定付 款, 并无可变元
          by EFL on monthly basis and PL on semi-annually basis, and            素, 有 关款项由英格兰足球联赛每月
          recognised as revenue evenly as each Championship League            支付一 次, 而英格兰超级足球联赛则
          match plays during the football season. No significant            每半年支付一 次, 并平均地确认为收
          financing component existed.                                      入,原因为每场冠军联赛均在足球赛
                                                                        季期间进行。概无重大融资成分。

          Matchdayincome                                              比赛日收入

          The Group sells season tickets and matchday tickets to            本集团向客户出售赛季门票及比赛日
          customer in which the Group collects the receipts as            门 票, 本集团将收取收益作为代价。
          consideration. The Group’s performance obligation is to            本集团之履约责任为于所有主场比赛
          arrange the seat and related facilities available to the customer            (包括冠军联赛及本地杯赛、于DW
          on all the home matches, including Championship League            stadium进行比赛以及当日比赛)中为
          and domestic cups, play at DW stadium and to play the match            客户安排座位及现有相关设 施。 管理
          on that day. Management considers the obligation to play the            层认为于DW stadium进行比赛之责任
          matches at DW stadium is a series of distinct services, each of            为一系列截然不同之服 务, 每项责任
          which is substantially the same and with same pattern of            大致相同, 而 转移予其客户之模式亦
          transfer to its customer. The performance obligation is satisfied            相同。履约责任于一段时间内履行,
          over time as the benefits received and consumed            原因为客户于足球赛季之主场比赛期
          simultaneously by the customer during the home matches            间同步收到并消耗利益。 在 本集团履
          play in the football season. Receipt from sales of season tickets            行履约义务前收讫之赛季门票及比赛
          and matchday tickets prior to the Group’s satisfaction of            日门票销售收益计入综合财务状况表
          performance obligation are included in the consolidated            之合约负债(见下文3.15)。

          statement of financial position under contract liabilities (see

          3.15 below).

124  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.13 Revenue recognition (accounting policies applied        3.13 收入确认(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Commercialincome                                            商业收入

          The Group receives sponsorship income from entering into            本集团通过与客户订立赞助协议收取
          sponsorship agreements with its customers and hospitality            赞助收入以及透过于非比赛日期间提
          income from providing conference and event facilities in DW            供DW stadium之会议及活动设施收取
          stadium during non-match day. The Group’s performance            酒店收 入。 本集团于赞助协议项下之
          obligations under sponsorship agreements are to provide            履约责任为于协定赞助期间于Wigan
          visibility of sponsors’ name on Wigan Athletic Football Club            Athletic Football Club(「Wigan AFC」)之
          (“Wigan AFC”) team shirt and selected location, such as            球衣及经选定地点(例如广告 板、DW
          advertising board, inside DW stadium during the agreed            stadium场内)印上清晰之赞助商名称。
          sponsorship period. The Group’s performance obligation for            本集团在酒店收入方面之履约责任为
          hospitality income is to provide conference and event facilities            于服务期间提供会议及活动设施。收
          during the service period. The revenue is recognised over time            入在赞助及服务期间按直线基准于一
          on a straight-line basis during the sponsorship and service            段时间内确认, 原 因为客户同步收到
          period as the benefits received and consumed simultaneously            并消耗利益。发票一般于30日内到期。
          by the customer. Invoices are generally due within 30 days. No            概无重大融资成分。

          significant financing component existed.

          Liveeventincome                                              现场活动收入

          The Group generates income from organising live event poker            本集团透过经营现场扑克活动产生收
          events. The revenue are recognised over time as the benefits            入。收入于一段时间内确 认,原因为
          received and consumed simultaneously by the customer. The            客户同步收到并消耗利 益。 本集团确
          Group recognises revenue in the amount to which the entity            认收入为实体有权开出发票之金额,
          has the right to invoice, which is representative to the service            其代表所交付之服 务。 现场扑克活动
          being delivered. Invoices for live poker events are issued on            发票于活动结束后发出并须于90日内
          upon the end of event and payable within 90 days. No            支付。概无重大融资成分。

          significant financing component existed.

          Otherincome                                                  其他收入

          Revenues from other hotel services are recognised over time            其他酒店服务所得收入于一段时间内
          as the benefits received and consumed simultaneously by the            确 认, 原因为客户同步收到并消耗利
          customer. The services are charged at a fixed rate with no            益。 服 务按固定费率收费, 并 无重大
          significant variable consideration. The Group recognised            可变代价。 本 集团确认收入为实体有
          revenue in the amount to which the entity has the right to            权开出发票之金额, 其 代表所交付之
          invoice, which is representative to the value of services being            服务。概无重大融资成分。

          delivered. No significant financing component existed.

                                                                                          Annual Report年报2018/19 125

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.13 Revenue recognition (accounting policies applied        3.13 收入确认(自二零一八年四月一日
        from 1 April 2018) (Continued)                                起应用之会计政策()续)

          Otherincome(Continued)                                        其他收入(续)

          Interest income is recognised as it accrues under the effective            利息收入于产生时以实际利率法(使用
          interest method using the rate that exactly discounts            将金融资产之预计使用年限内之估计
          estimated future cash receipts through the expected life of            未来现金收入准确贴现为金融资产总
          the financial asset to the gross carrying amount of the financial            账面金额之利率)确认。就按摊销成本
          asset. For financial assets measured at amortised cost that are            计量且并无出现信贷减值之金融资产
          not credit-impaired, the effective interest rate is applied to the            而言, 实 际利率适用于该资产之账面
          gross carrying amount of the asset.                                  总值。

          Dividend income from investments is recognised when the            投资之股息收入于确立收取有关付款
          shareholders’ rights to receive payment have been established            之股东权利时确认, 前 提为经济利益
          (provided that it is probable that the economic benefits will            可能流入本集团且收益金额能可靠计
          flow to the Group and the amount of revenue can be            量。

          measured reliably).

    3.14 Revenue recognition (accounting policies applied        3.14 收入确认(直至二零一八年三月
        until 31 March 2018)                                      三十一日止应用之会计政策)

          Revenue is measured at the fair value of the consideration            收入按已收或应收代价之公平值计量,
          received or receivable and represents amounts receivable for            即于日常业务中就所售出货品及所提
          goods sold and services provided in the normal course of            供服务应收之款项, 经 扣除折扣及销
          business, net of discounts and sales related taxes.                      售相关税项。.

          Revenue is recognised when the amount of revenue can be            当收益金额可可靠地计量时; 倘 未来
          reliably measured; when it is probable that future economic            经济利益可能流入本集团且本集团各
          benefits will flow to the Group and when specific criteria have            业务达成特定标准时,即确认收益,
          been met for each of the Group’s activities, as described            概述如下。

          below.

          The Group’s accounting policy for recognition of revenue from            本集团确认经营租约收益之会计政策
          operating leases is described in the accounting policy for            载于下文有关租约之会计政策。

          leasing below.

          Hotel revenue from room rentals, food and beverage sale and            来自房 租、 餐饮销售以及其他配套服
          other ancillary service is recognised when services are            务之酒店收入于提供服务时确认。

          provided.

          Service income is recognised when the services are provided.              服务收入于提供服务时确认。

126  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.14 Revenue recognition (accounting policies applied        3.14 收入确认(直至二零一八年三月
        until 31 March 2018) (Continued)                            三十一日止应用之会计政策()续)
          Interest income from a financial asset is recognised when it is            金融资产之利息收入于有关经济利益
          probable that the economic benefits will flow to the Group            有可能流入本集团及收入金额能可靠
          and the amount of income can be measured reliably. Interest            计量时确 认。 利息收入参照未偿还本
          income is accrued on a time basis, by reference to the            金额及适用实际利 率, 按时间基准计
          principal outstanding and at the effective interest rate            提,有关利率为于初步确认时将金融
          applicable, which is the rate that exactly discounts the            资产预计年期内之估计未来现金收入
          estimated future cash receipts through the expected life of            折算至该资产之账面净值之利率。

          the financial asset to that asset’s net carrying amount on initial

          recognition.

          Dividend income from investments is recognised when the            投资之股息收入于确立收取有关付款
          shareholders’ rights to receive payment have been established            之股东权利时确 认, 前提为经济利益
          (provided that it is probable that the economic benefits will            可能流入本集团且收益金额能可靠计
          flow to the Group and the amount of revenue can be            量。

          measured reliably).

    3.15 Contract assets and liabilities                          3.15 合约资产及负债

          A contract asset represents the Group’s right to consideration            合约资产指本集团就向客户换取本集
          in exchange for services that the Group has transferred to a            团已转让之商品或服务收取代价之权
          customer that is not yet unconditional. In contrast, a receivable            利(尚未成为无条件 )。 相 反,应收款
          represents the Group’s unconditional right to consideration,            项指本集团收取代价之无条件权利,
          i.e. only the passage of time is required before payment of that            即只需待时间过去代价即须到期支付。
          consideration is due. Contract assets are assessed for ECL in            合约资产根据财务报表附注3.10所载
          accordance with the policy set out in note 3.10 to the financial            政策就预期信贷亏损进行评 估, 并于
          statements and are reclassified to receivables when the right            代价权利成为无条件后重新分类至应
          to the consideration was become unconditional.                        收款项。

          Contract asset is recognised when the Group recognised            在开始无条件有权根据合约所载付款
          room revenue before begin unconditional entitled to the            条款收取代价 前, 合约资产于本集团
          consideration under the payment term set out in the contract.            确认房间收入时确认。

          A contract liability is the obligation to transfer goods or            合约负债指向客户转让货品或服务之
          services to a customer for which the Group has received a            责任, 而 本集团就此向客户收取代价
          consideration (or an amount of consideration that is due) from            (或应付之代价金 额 )。 倘客户于本集
          the customer. If a customer pays the consideration before the            团将货品或服务转让予客户前支付代
          Group transfers goods or services to the customer, a contract            价,则于作出付款或应付款项时(以较
          liability is recognised when the payment is made or the            早者为准)确认合约负债。合约负债于
          payment is due (whichever is earlier). Contract liabilities are            本集团履行合约时确认为收入。

          recognised as revenue when the Group performs under the

          contract.

                                                                                          Annual Report年报2018/19 127

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.15 Contract assets and liabilities (Continued)                3.15 合约资产及负债(续)

          In the comparative period, accrued room revenue for services            于比较期间, 在 住宿期结束前已向客
          rendered but not yet paid by the customer before the end of            户提供服务但尚未支付之应计房间收
          the period of stay were included under “Trade receivables”.            入计入「应收账项」。提供服务前已向
          Room revenue received from a customer before the service            客户收取之房间收入计入「其他应付款
          was rendered were included under “other payable and            项及应计费用」。诚如附注2(a)所示,
          accrued charges”. These balances have been reclassified on 1            此等结余于二零一八年四月一日重新
          April 2018 as shown in note 2 (a).                                    分类。

    3.16 Income taxes                                        3.16 所得税

          Income tax charge represents the sum of the tax currently            所得税支出指即期应付税项及递延税
          payable and deferred tax.                                          项之总和。

          The tax currently payable is based on taxable profit for the            即期应付税项按年内应课税盈利计算。
          year. Taxable profit differs from “profit before taxation” as            由于其他年度之应课税或可扣税收入
          reported in the consolidated statement of comprehensive            或开支以及毋须课税或不可扣税之项
          income because of income or expense that are taxable or            目, 故 应课税盈利与综合全面收益表
          deductible in other years and items that are never taxable or            所列「除税前盈利」不同。本集团即期
          deductible. The Group’s liability for current tax is calculated            税项负债按报告期间结算日在相关司
          using tax rates that have been enacted or substantively            法权区内已颁布或实际上已颁布之税
          enacted in the relevant jurisdictions by the end of the            率计算。

          reporting period.

          Deferred tax is recognised on temporary differences between            递延税项按综合财务报表中资产及负
          the carrying amounts of assets and liabilities in the            债账面值与计算应课税盈利时作相应
          consolidated financial statements and the corresponding tax            税基用途之资产及负债账面值两者间
          base used in the computation of taxable profit.                        的暂时差额确认。

          Deferred tax liabilities are generally recognised for all taxable            递延税项负债一般就所有应课税暂时
          temporary differences. Deferred tax assets are generally            差额 确 认。递延税项资产一般就所有
          recognised for all deductible temporary differences to the            可扣减暂时差额确 认, 惟以将来很可
          extent that it is probable that taxable profits will be available            能取得应课税盈利而令该等可扣减暂
          against which those deductible temporary differences can be            时差额得以运用之情况为限。 如 初次
          utilised. Such assets and liabilities are not recognised if the            确认(业务合并除外)不影响应课税盈
          temporary difference arises from the initial recognition (other            利或会计盈利之交易之其他资产及负
          than in a business combination) of other assets and liabilities            债产生暂时差 额, 则有关资产及负债
          in a transaction that affects neither the taxable profit nor the            不予确认。

          accounting profit.

128  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.16 Income taxes (Continued)                              3.16 所得税(续)

          Deferred tax liabilities are recognised for taxable temporary            于附属公司投资之相关应课税暂时差
          differences associated with investments in subsidiaries, except            额会确认为递延税项负 债, 惟如本集
          where the Group is able to control the reversal of the            团能控制有关暂时差额之拨 回, 且暂
          temporary difference and it is probable that the temporary            时差额不大可能于可见将来拨回则除
          difference will not reverse in the foreseeable future. Deferred            外。确认该等投资之相关可扣减暂时
          tax assets arising from deductible temporary differences            差额所产生之递延税项资 产, 乃以可
          associated with such investments are only recognised to the            能将有足够应课税盈利而令暂时差额
          extent that it is probable that there will be sufficient taxable            之利益得以运用, 且 预期于可见将来
          profits against which to utilise the benefits of the temporary            拨回者为限。

          differences and they are expected to reverse in the foreseeable

          future.

          The carrying amounts of deferred tax assets are reviewed at            递延税项资产之账面值于报告期间结
          the end of the reporting period and reduced to the extent            算日检 讨, 并削减其至不再可能有足
          that it is no longer probable that sufficient taxable profits will            够应课税盈利可供收回全部或部分资
          be available to allow all or part of the assets to be recovered.              产。

          Deferred tax assets and liabilities are measured at the tax rates            递延税项资产及负债乃按报告期间结
          that are expected to apply in the period in which the liability is            算日在相关司法权区内已颁布或实际
          settled or the asset is realised, based on tax rates (and tax laws)            上已颁布之税率(及税法), 按 预 期适
          in the relevant jurisdictions that have been enacted or            用于清偿负债或资产变现期间之税率
          substantively enacted by the end of the reporting period.                计算。

          The measurement of deferred tax liabilities and assets reflects            递延税项负债及资产之计量反映本集
          the tax consequences that would follow from the manner in            团预期于报告期间结算日以收回或偿
          which the Group expects, at the end of the reporting period,            还其资产及负债账面值的方式所导致
          to recover or settle the carrying amount of its assets and            之税务后果。

          liabilities.

          An exception to the general requirement on determining the            有关厘定计量递延税项金额所用适当
          appropriate tax rate used in measuring deferred tax amount is            税率之一般规定有例外情况, 即 当投
          when an investment property is carried at fair value under            资物业为根据香港会计准则第40号「投
          HKAS 40 “Investment Property”. Unless the presumption is            资物业」按公平值列账时。除非推定遭
          rebutted, the deferred tax amounts on these investment            推翻, 否 则该等投资物业之递延税项
          properties are measured using the tax rates that would apply            金额按于报告日期按账面值出售该等
          on sale of these investment properties at their carrying            投资物业所适用之税率计 量。 当投资
          amounts at the reporting date. The presumption is rebutted            物业可予 折 旧,并于旨在随时间消耗
          when the investment property is depreciable and is held            物业所包含之绝大部分经济利益而非
          within a business model whose objective is to consume            透过出售之业务模式内持有时, 有 关
          substantially all the economic benefits embodied in the            假设会遭推翻。

          property over time, rather than through sale.

          Current and deferred tax are recognised in profit or loss.                  即期及递延税项于损益确认。

                                                                                          Annual Report年报2018/19 129

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.17 Foreign currencies                                  3.17 外币

          In preparing the financial statements of each individual group            编制各个别集团实体之财务报表时,
          entity, transactions in currencies other than the functional            以该实体之功能货币以外货币(即外币)
          currency of that entity (i.e. foreign currencies) are recorded in            进行之交易, 按 交易日期之适用汇率
          the respective functional currency (i.e. the currency of the            换算为各自之功能货币(即该实体经营
          primary economic environment in which the entity operates)            所在地主要经济环境之货币)记账。于
          at the rates of exchanges prevailing on the dates of the            报告期间结算 日, 以外币列值之货币
          transactions. At the end of the reporting period, monetary            项目按厘定公平值当日之适用汇率重
          items denominated in foreign currencies are re-translated at            新换 算。 按历史成本计量并以外币列
          the rates prevailing at the date when the fair value was            值之非货币项目,则不予重新换算。
          determined. Non-monetary items that are measured in terms

          of historical cost in a foreign currency are not re-translated.

          Exchange differences arising on the settlement of monetary            来自结算货币项目及重新换算货币项
          items, and on the retranslation of monetary items, are            目之汇兑差额, 于 产生期间在损益确
          recognised in profit or loss in the period in which they arise.              认。

          For the purposes of presenting the consolidated financial            为呈列综合财务报表, 本 集团海外业
          statements, the assets and liabilities of the Group’s foreign            务之资产及负债均按于各报告期间结
          operations are translated into the presentation currency of the            算日之汇率换算为本集团之呈列货币
          Group (i.e. HK$) using exchange rates prevailing at the end of            (即港元 )。 收 入及开支项目按年内平
          each reporting period. Income and expenses items are            均汇率换算, 惟 期内汇率出现重大波
          translated at the average exchange rates for the year, unless            幅者除外,于此情况 下,则采用交易
          exchange rates fluctuate significantly during the period, in            日期之汇率。所产生之汇兑差额(如有)
          which case, the exchange rates prevailing at the transactions            会于其他全面收益中确认并于权益项
          are used. Exchange differences arising, if any, are recognised in            下之汇兑储备累计(计入作非控股权益
          other comprehensive income and accumulated in equity            (如适用))。

          under the heading of the exchange reserve (attributed to non-

          controlling interests as appropriate).

130  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.18 Employee benefits                                  3.18 雇员福利

          Short-termandotherlong-termemployeebenefits                  短期及其他长期雇员福利

          Short-term employee benefits are recognised at the            短期雇员福利在雇员提供服务期间按
          undiscounted amount of the benefits expected to be paid as            预期将支付的福利未折现金额确认。
          and when employees rendered the services. All short-term            所有短期雇员福利均确认为开支,惟
          employee benefits are recognised as an expense unless            香港财务报告准则另有规定或允许将
          another HKFRS requires or permits the inclusion of the benefit            福利计入资产的成本则除外。

          in the cost of an asset.

          A liability is recognised for benefits accruing to employees            负债乃就诸如工资及薪金以及年假等
          (such as wages and salaries and annual leave) after deducting            属于雇员的福利(扣除任何已支付之金
          any amount already paid.                                          额后)进行确认。

          Liabilities recognised in respect of other long-term employee            就其他长期雇员福利确认的负债乃按
          benefits are measured at the present value of the estimated            预计本集团将就截至报告日期雇员所
          future cash outflows expected to be made by the Group in            提供服务作出的估计未来现金流出的
          respect of services provided by employees up to the reporting            现值计量。服务成 本、 利息及重新计
          date. Any changes in the liabilities’ carrying amounts resulting            量导致负债的账面值的任何变动于损
          from service cost, interest and remeasurements are recognised            益确 认, 惟香港财务报告准则另有规
          in profit or loss except to the extent that another HKFRS            定或允许将其计入资产的成本则除外。
          requires or permits their inclusion in the cost of an asset.

          RetirementbenefitcostsinHongKong                            香港之退休福利成本

          The Group operates a defined contribution Mandatory            根据强制性公积金计划条例, 本 集团
          Provident Fund retirement benefits scheme (the “MPF            为合资格参与定额供款强制性公积金
          Scheme”) under the Mandatory Provident Fund Schemes            退休福利计划(「强积金计划」)之香港
          Ordinance, for those employees in Hong Kong who are            雇员设立强积金计 划。 按照强积金计
          eligible to participate in the MPF Scheme. Contributions are            划之规 则, 供款按雇员基本薪金一定
          made based on a percentage of the employees’ basic salaries            百分比作 出, 并于应付供款时自损益
          and are charged to profit or loss as they become payable in            扣除。 强 积金计划资产与本集团资产
          accordance with the rules of the MPF Scheme. The assets of            分开,并由独立管理基金持有。 本 集
          the MPF Scheme are held separately from those of the Group            团之雇主供款于向强积金计划供款时
          in independently administered funds. The Group’s employer            悉数归属于雇员。强积金计划生效前,
          contributions vest fully with the employees when contributed            本集团并无为其雇员制定任何退休金
          into the MPF Scheme. Prior to the MPF Scheme being            安排。

          effective, the Group did not have any pension arrangements

          for its employees.

                                                                                          Annual Report年报2018/19 131

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.18 Employee benefits (Continued)                          3.18 雇员福利(续)

          RetirementbenefitcostsinthePhilippines                          菲律宾之退休福利成本

          Payments to defined contribution retirement benefit schemes            向界定供款退休福利计划所作供款,
          are recognised as an expense when employees have rendered            于雇员提供服务赋予彼等权利获取供
          service entitling them to the contribution. Contributions are            款时确认为开 支。 有关供款因在供款
          reduced by contributions forfeited by those employees who            全数归属前(如适用)已离开计划之雇
          leave the schemes prior to vesting fully in the contributions,            员没收其供款而减少。

          where applicable.

          For defined benefit schemes, the cost of providing benefits is            就界定福利计划而 言, 提供福利之成
          determined using the projected unit credit method, with            本采用预计单位信贷法厘 定, 于各年
          actuarial valuations being carried out at the end of each            度报告期间结算日进行精算估 值。 重
          annual reporting period. Remeasurement, comprising actuarial            新计量包括精算收益及亏 损, 即时于
          gains and losses, is reflected immediately in the consolidated            综合财务状况表内反 映, 而支出或进
          statement of financial position with a charge or credit            账则于产生期间于其他全面收益确认。
          recognised in other comprehensive income in the period in

          which they occur.

          Remeasurement recognised in other comprehensive income            于其他全面收益内确认的重新计量即
          is reflected immediately in retained profits and will not be            时于保留盈利内反映, 且 将不予重新
          reclassified to profit or loss. Past service cost is recognised in            分类至损益。 过 往服务成本在计划修
          profit or loss in the period of a plan amendment. Net interest            订期内于损益确认。 利 息净额乃对界
          is calculated by applying the discount rate at the beginning of            定福利责任或资产之净额采用期初折
          the period to the net defined benefit obligations or assets.            算率计算。退休福利成本分类如下:
          Retirement benefit costs are categorised as follows:

               service cost (including current service cost, past service                 服务成本(包括现时服务成本、
              cost, as well as gains and losses on curtailments and                  过往服务成本以及缩减及结算时
              settlements);                                                    之收益及亏损);

               net interest expense or income; and                                 利息开支或收益净额;及

               remeasurement.                                                 重 新计量。

          The Group presents the retirement benefit costs (other than            本集团于损益呈列退休福利成本(重新
          remeasurement) in profit or loss. Curtailment gains and losses            计量除外)。缩减之收益及亏损入账列
          are accounted for as past service costs.                                为过往服务成本。

          The retirement benefit obligations recognised in the            于综合财务状况表确认之退休福利责
          consolidated statement of financial position represents the            任指界定福利责任之现值。

          present value of the defined benefit obligations.

132  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.18 Employee benefits (Continued)                          3.18 雇员福利(续)

          RetirementbenefitcostsintheUnitedKingdom                    英国之退休福利成本

          Subsidiary in the UK is one of a number of participating            英国之附属公司为众多参与足球联赛
          employers in The Football League Limited Pension and Life            有限退休金及人寿保险金计划(「该计
          Assurance Scheme (the “Scheme”), a funded multi-employers            划」)的雇主之一,该计划为多个雇主
          defined benefit scheme which has been closed to new            注资界定福利计划(已对新雇员关闭)。
          employees. The Group is unable to identify its share of the            本集团无法识别其应占该计划之资产
          assets and liabilities of the Scheme and consequently accounts            及负债, 因 此将其对该计划之供款入
          for its contributions into the Scheme as if they were paid to a            账 处 理,犹如有关款项乃向界定供款
          defined contribution scheme, which are recognised within the            计划支付,并于到期时于损益确认。
          profit or loss when they fall due.

          The subsidiaries in the UK also contributes to various defined            英国之附属公司亦为其雇员向多项界
          contribution schemes for its employees. The assets of the            定供款计划供 款。 计划资产乃置于独
          schemes are held separately from those of the Group in            立管理基金,与本集团资产分开持有。
          independently administered funds. The subsidiaries’            附属公司向该等计划作出的供款于到
          contributions into these schemes are recognised within the            期时于损益确认。

          profit or loss when they fall due.

    3.19 Share-based payments                              3.19 以股份为基础的付款

          Where share options are awarded to employees and others            将购股权奖励予雇员或其他提供类似
          providing similar services, the fair value of the options at the            服务的人士时, 购 股权于授出日期之
          date of grant is recognised in profit or loss over the vesting            公平值于归属期之损益中确 认, 权益
          period with a corresponding increase in the employee share            项下雇员购股权储备亦相应增 加。非
          option reserve within equity. Non-market vesting conditions            市场归属条件乃透过调整预期于各报
          are taken into account by adjusting the number of equity            告期间结算日归属之股本工具数目而
          instruments expected to vest at the end of each reporting            计 入, 以致最终于归属期内确认之累
          period so that, ultimately, the cumulative amount recognised            计金额乃基于最后归属之购股权数目。
          over the vesting period is based on the number of options            市场归属条件纳入所授出购股权之公
          that eventually vest. Market vesting conditions are factored            平值。只要所有其他归属条件获达成,
          into the fair value of the options granted. As long as all other            即会收取费用, 而 不论市场归属条件
          vesting conditions are satisfied, a charge is made irrespective            是否获达 成。 累计开支不会因未能达
          of whether the market vesting conditions are satisfied. The            成市场条件而作出调整。

          cumulative expense is not adjusted for failure to achieve a

          market vesting condition.

          Where the terms and conditions of options are modified            倘购股权之条款及条件于归属前修订,
          before they vest, the increase in the fair value of the options,            购股权公平值增幅(于紧接修订前及紧
          measured immediately before and after the modification, is            随修订后计量)亦会于剩余归属期内在
          also recognised in profit or loss over the remaining vesting            损益中确认。

          period.

                                                                                          Annual Report年报2018/19 133

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.19 Share-based payments (Continued)                      3.19 以股份为基础的付款(续)

          Where equity instruments are granted to persons other than            倘向雇员及其他提供类似服务的人士
          employees and others providing similar services, the fair value            以外之人士授出股本工 具, 所收货品
          of goods or services received is recognised in profit or loss            或服务之公平值于损益中确 认, 除非
          unless the goods or services qualify for recognition as assets.            货品或服务合资格确认为资产。 倘 实
          When the entity cannot estimate reliably the fair value of            体无法可靠估计所收货品或服务之公
          goods or services received, they are indirectly measured by            平值, 则 会参考所授出股本工具的之
          reference to the fair value of the equity instruments granted. A            公平值间接计量有关所收货品或服务
          corresponding increase in equity is recognised. For cash-            之公 平 值。实体亦确认权益之相应增
          settled share based payments, a liability is recognised at the            加。就以现金结算以股份为基础之付
          fair value of the goods or services received.                            款而言, 负 债应按所收货品或服务之
                                                                        公平值确认。

          When the option is exercised, the amount recognised in the            购股权获行使时, 于 以股份为基础补
          share-based compensation reserve is transferred to share            偿储备确认之金额转拨至股份溢价账。
          premium account. When the option lapses, the amount            购股权失效 时, 于以股份为基础补偿
          recognised in the share-based compensation reserve is            储备确认之金额直接发放至保留盈利。
          released directly to retained profits.

    3.20 Impairment of non-financial assets                    3.20 非金融资产减值

          At the end of the reporting period, the Group reviews the            于报告期间结算日, 本 集团审阅其物
          carrying amounts of its property, plant and equipment, and            业、 厂 房及设备以及无形资产以厘定
          intangible assets to determine whether there is any indication            是否有任何迹象显示该等资产蒙受减
          that those assets have suffered an impairment loss. If any such            值亏损。 如 存在任何有关迹象,则会
          indication exists, the recoverable amount of the asset is            估计有关资产之可收回金额以厘定减
          estimated in order to determine the extent of the impairment            值亏损程度(如有)。倘不可能估计个
          loss, if any. When it is not possible to estimate the recoverable            别资产之可收回金 额, 本集团估计该
          amount of an individual asset, the Group estimates the            资产所属现金产生单位之可收回金额。
          recoverable amount of the cash-generating unit to which the            如可确定合理及统一之分配 基 准,企
          asset belongs. When a reasonable and consistent basis of            业资产亦分配至个别现金产生单位,
          allocation can be identified, corporate assets are also allocated            或分配至能确定合理及统一之分配基
          to individual cash-generating units, or otherwise they are            准之最小现金产生单位组别。

          allocated to the smallest group of cash-generating units for

          which a reasonable and consistent allocation basis can be

          identified.

          Recoverable amount is the higher of fair value less costs of            可收回金额为公平值减出售成本或使
          disposal and value in use. In assessing value in use, the            用价值(以较高者为准)。于评估使用
          estimated future cash flows are discounted to their present            价值 时, 估计未来现金流量以能反映
          value using a pre-tax discount rate that reflects current market            目前市场评估金钱时间值及该资产特
          assessments of the time value of money and the risks specific            有风险之税前贴现率贴现至其现 值,
          to the asset for which the estimates of future cash flows have            而估计未来现金流量则未被调整。

          not been adjusted.

134  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.20 Impairment of non-financial assets (Continued)            3.20 非金融资产减值(续)

          If the recoverable amount of an asset (or a cash-generating            倘估计资产(或现金产生单位)之可收
          unit) is estimated to be less than its carrying amount, the            回金额低于其账面值,则该资产(或现
          carrying amount of the asset (or a cash-generating unit) is            金产生单位)之账面值将减至其可收回
          reduced to its recoverable amount. In allocating the            金额。分配减值亏损时,减值亏损首
          impairment loss, the impairment loss is allocated first to            先分配以扣减任何商誉(如适用)之账
          reduce the carrying amount of any goodwill (if applicable) and            面值, 其 后根据单位内各资产之账面
          then to the other assets on a pro-rata basis based on the            值按比例分配至其他资产。 资 产之账
          carrying amount of each asset in the unit. The carrying amount            面值不可减至低于以下最高者: 其 公
          of an asset is not reduced below the highest of its fair value            平值减出售成本(如可计量)、其使用
          less costs of disposal (if measurable), its value in use (if            价值(如可厘定)及零。可能以其他方
          determinable) and zero. The amount of the impairment loss            式分配至资产之减值亏损金额按比例
          that would otherwise have been allocated to the asset is            分配至单位之其他资产。 减 值亏损即
          allocated pro rata to the other assets of the unit. An            时于损益确认。

          impairment loss is recognised immediately in profit or loss.

          Where an impairment loss subsequently reverses, the carrying            倘其后拨回减值亏损,资产(或现金产
          amount of the asset (or a cash-generating unit) is increased to            生单位)之账面值将增加至其经修订之
          the revised estimate of its recoverable amount, but so that the            估计可收回金 额, 惟账面值增幅不得
          increased carrying amount does not exceed the carrying            超出倘该资产(或现金产生单位)于过
          amount that would have been determined had no            往年度并无确认减值亏损而应厘定之
          impairment loss been recognised for the asset (or a cash-            账面值。减值亏损之拨回于损益确认。
          generating unit) in prior years. A reversal of an impairment loss

          is recognised in profit or loss.

    3.21 Borrowing costs                                    3.21 借款成本

          Borrowing costs directly attributable to the acquisition,            购买、建造或生产合资格资产(即须经
          construction or production of qualifying assets, which are            一段颇长时间方可供用作拟定用途或
          assets that necessarily take a substantial period of time to get            出售之资产)直接应占之借款成本,会
          ready for their intended use or sale, are added to the cost of            计入该等资产之成本内, 直 至该等资
          those assets until such time as the assets are substantially            产大致上可供用作拟定用途或出售为
          ready for their intended use or sale. Investment income earned            止。特定借款尚未用于合资格资产前
          on the temporary investment of specific borrowings pending            而作暂时投资所赚取之投资收 入, 则
          their expenditure on qualifying assets is deducted from the            从可拨充资本之借款成本中扣除。

          borrowing costs eligible for capitalisation.

          All other borrowings costs are recognised in profit or loss in            所有其他借款成本于产生期间在损益
          the period in which they are incurred.                                确认。

                                                                                          Annual Report年报2018/19 135

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.22 Provisions and contingent liabilities                    3.22 拨备及或然负债

          Provisions are recognised when the Group has a present            倘本集团现时因过往事件产生责任(法
          obligation (legal or constructive) as a result of a past event, it is            定或推定),而本集团可能须抵偿该责
          probable that the Group will be required to settle that            任, 且 对该责任金额可作可靠估计,
          obligation, and a reliable estimate can be made of the amount            即确认拨备。

          of the obligation.

          The amount recognised as a provision is the best estimate of            确认为拨备之金额为经考虑责任所附
          the consideration required to settle the present obligation at            带之风险及不确定因素 后, 于报告期
          the end of the reporting period, taking into account the risks            间结算日为抵偿当前责任而须承担之
          and uncertainties surrounding the obligation. When a            代价之最佳估 计。 当拨备按抵偿该当
          provision is measured using the cash flows estimated to settle            前责任之估计现金流量计 量, 其账面
          the present obligation, its carrying amount is the present value            值为该等现金流量之现值(如金钱时间
          of those cash flows (where the effect of time value of money is            值影响重大)。

          material).

          Where it is not probable that an outflow of economic benefits            倘不大可能需要经济利益流出或有关
          will be required, or the amount cannot be estimated reliably,            金额无法可靠计 量, 则有关责任披露
          the obligation is disclosed as a contingent liability, unless the            为或然负债, 除 非经济流出的可能性
          probability of outflow of economic benefits is remote. Possible            极低。 可 能责任亦披露作或然负 债,
          obligations, the existence of which will only be confirmed by            其是否存在仅可以是否发生一项或多
          the occurrence or non-occurrence of one or more future            项未来事件确认, 惟 倘经济流出的可
          events, are also disclosed as contingent liabilities unless the            能性极低则除外。

          probability of outflow of economic benefits is remote.

          Contingent liabilities assumed in a business combination            于业务合并时承担之或然负债为于收
          which are present obligations at the date of acquisition are            购日期之现有责 任, 初步按公平值确
          initially recognised at fair value, provided the fair value can be            认, 前 提是公平值能可靠地计 量。于
          reliably measured. After their initial recognition at fair value,            初步按公平值确认 后, 该等或然负债
          such contingent liabilities are recognised at the higher of the            会按初步确认金额减累计摊销(如适用)
          amount initially recognised, less accumulated amortization            及根据香港会计准则第37号厘定之金
          where appropriate, and the amount that would be            额两者中之较高者确认。

          determined in accordance with HKAS 37.

136  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.23 Related parties                                      3.23 关连人士

          (a)  A person or a close member of that person’s family is            (a)  倘符合以下条件,即该人士或该
              related to the Group if that person:                                  人士的近亲与本集团有关连:

              (i)  has control or joint control over the Group;                      (i)  控制或共同控制本集团;
              (ii)  has significant influence over the Group; or                      (ii)  对本集团有重大影响力;
                                                                                  或

              (iii)  is a member of key management personnel of                  (iii)  为本集团或本公司母公司
                    the Group or the Company’s parent .                                的主要管理层成员。

          (b)  An entity is related to the Group if any of the following            (b)  倘符合以下任何条件,即实体与
              conditions apply:                                                本集团有关连:

              (i)  The entity and the Group are members of the                  (i)  该实体与本集团属同一集
                    same group (which means that each parent,                      团的成员公司(即各母公
                    subsidiary and fellow subsidiary is related to the                      司、附属公司及同系附属
                    others).                                                        公司彼此之间均有关连)。
              (ii)  One entity is an associate or joint venture of the                  (ii)  一家实体为另一实体的联
                    other entity (or an associate or joint venture of a                      营公司或合营企业(或另一
                    member of a group of which the other entity is a                      实体为成员公司的集团旗
                    member).                                                      下成员公司的联营公司或
                                                                                  合营企业)。

              (iii)  Both entities are joint ventures of the same third                  (iii)  两家实体均为同一第三方
                    party.                                                          的合营企业。

              (iv)  One entity is a joint venture of a third entity and                  (iv)  一家实体为第三方实体的
                    the other entity is an associate of the third entity.                        合营企业,而另一实体则
                                                                                  为该第三方实体的联营公
                                                                                  司。

              (v)  The entity is a post-employment benefit plan for                  (v)  实体为就本集团或与本集
                    the benefit of the employees of the Group or an                      团有关连的实体的雇员利
                    entity related to the Group.                                        益而设立的离职福利计划。
                                                                                          Annual Report年报2018/19 137

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

3.  SIGNIFICANT ACCOUNTING POLICIES        3.  重大会计政策(续)

    (Continued)

    3.23 Related parties (Continued)                              3.23 关连人士(续)

          (b)  (Continued)                                                (b) (续)

              (vi)  The entity is controlled or jointly controlled by a                  (vi)  实体受(a)所识别的人士控
                    person identified in (a).                                            制或共同控制。

              (vii)  A person identified in (a)(i) has significant                  (vii)  于(a)(i)所识别的人士对实
                    influence over the entity or is a member of key                      体有重大影响力或属该实
                    management personnel of the entity (or of a                      体(或该实体的母公司)主
                    parent of the entity).                                              要管理层成员。

              (viii) The entity, or any member of a group of which it                  (viii) 该实体或其任何集团成员
                    is a party, provides key management personnel                      公司提供主要管理层成员
                    services to the Group or to the Group’s parent.                          服务予本集团或本集团的
                                                                                  母公司。

          Close members of the family of a person are those family            个别人士的近亲是指预期可影响该个
          members who may be expected to influence, or be influenced            别人士处理实体事务的亲属或预期受
          by, that person in their dealings with the entity and include:              该个别人士影响的亲属,当中包括:
          (i)  that person’s children and spouse or domestic partner;              (i)  该名人士的子女及配偶或同居伴
                                                                              侣;

          (ii)  children of that person’s spouse or domestic partner;            (ii)  该名人士的配偶或同居伴侣的子
              and                                                          女;及

          (iii)  dependents of that person or that person’s spouse or            (iii)  该名人士或其配偶或同居伴侣的
              domestic partner.                                                受养人。

138  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
4.  CRITICAL ACCOUNTING JUDGEMENTS AND  4.  重大会计判断及不确定估计之主要
    KEY SOURCES OF ESTIMATION                    来源

    UNCERTAINTY

    In the application of the Group’s accounting policies, the directors        应用本集团之会计政策时,董事须就并非可
    are required to make judgements, estimates and assumptions about        从其他资料来源轻易获取之资产及负债账面
    the carrying amounts of assets and liabilities that are not readily        值作出判断、估计及假设。该等估计及相关
    apparent from other sources. The estimates and associated        假设乃基于过往经验以及被视作相关之其他
    assumptions are based on historical experience and other factors        因素。实际结果或会有别于该等估计。

    that are considered to be relevant. Actual results differ from these

    estimates.

    The estimates and underlying assumptions are reviewed on an        估计及相关假设会持续作出检讨。会计估计
    ongoing basis. Revisions to accounting estimates are recognised in        之修订如仅影响修订当期,则有关会计估计
    the period in which the estimate is revised if the revision affects only        修订将于当期确认;或如该项会计估计修订
    that period, or in the period of the revision and future periods if the        影响当期及未来期间,则有关会计估计修订
    revision affects both current and future periods. The estimates and        将于修订当期及未来期间确认。具导致下个
    assumptions that have significant risk of causing a material        财政年度资产及负债之账面值出现大幅调整
    adjustment to the carrying amounts of assets and liabilities within        之重大风险之估计及假设阐述如下:

    the next financial year are discussed below:

    Estimated useful lives of property, plant and                物业、厂房及设备之估计可使用年期
    equipment

    The Group estimates the useful lives of its property, plant and        本集团按预期本集团可使用有关资产之期间
    equipment based on the period over which the assets are expected        估计其物业、厂房及设备之可使用年期。本
    to be utilised by the Group. The Group reviews their estimated useful        集团定期根据不同因素(包括技术变更、现
    lives based on factors that include technological changes, the        行情况、预期经济使用率及有关资产之实际
    existing circumstances, prospective economic utilisation as well as        状况)审阅其可使用年期。上述因素出现变
    physical condition of the assets on a regular basis. The results of the        动令所得出估计有变可能影响本集团之经营
    operations of the Group could be affected by changes in these        业绩。本集团管理层定期审阅该等因素以厘
    estimates brought about by the changes in the factors mentioned.        定资产之估计可使用年期。

    The management of the Group regularly reviews these factors in

    determining the estimated useful lives of the assets.

    A significant change in the expected pattern of consumption of the        于该等资产内含未来经济利益的预期消耗模
    future economic benefits embodied in these assets would result in a        式任何重大变动,将导致估计可使用年期变
    change to the estimated useful lives to reflect the changed pattern.        动以反映已改变之模式。资产之估计可使用
    A reduction in the estimated useful lives of the assets would        年期减少将会减少资产折旧期及增加用作撇
    decrease the depreciation period of the assets and increase        销资产成本的折旧,而资产之估计可使用年
    depreciation provided to write off the cost of assets, while an        期增加将对折旧期及折旧造成相反影响。
    increase in the estimated useful lives of the assets, opposite impact

    on depreciation period and depreciation would be resulted.

                                                                                          Annual Report年报2018/19 139

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

4.  CRITICAL ACCOUNTING JUDGEMENTS AND  4.  重大会计判断及不确定估计之主要
    KEY SOURCES OF ESTIMATION                    来源(续)

    UNCERTAINTY (Continued)

    Cost and impairment of player registrations                球员注册成本及减值

    The cost associated with the acquisition of player’s registrations are        收购球员注册相关之成本按应付代价之公平
    capitalised at the fair value of the consideration payable, including        值资本化,包括倘经管理层评估付款成为可
    an estimate of the fair value of any contingent consideration if the        能之任何或然代价之估计公平值。其后重新
    payment are assessed by management as probable. Subsequent        评估应付或然代价金额亦包括先前评估为不
    reassessments of the amount of contingent consideration payable        可能而其后成为可能之付款时之球员注册成
    are also included in the cost of player’s registrations when payments        本。估计应付或然代价之公平值需要管理层
    previously assessed as not probable become probable subsequently.        评估达成指定履约条件之可能性,乃基于管
    The estimate of the fair value of the contingent consideration        理层对个别球员计划之判断及彼等对足球俱
    payable requires management to assess the likelihood of specific        乐部足球联赛日后状况之最佳估计。

    performance conditions being met, which based on management’s

    judgement on plan of individual player, and their best estimate of

    the football club’s football league status in future.

    At the end of each reporting period, management reviewed on an        于各报告期间结算日,管理层按个别基准进
    individual basis to determine whether there are indicators of        行审阅,以厘定是否存在球员注册之减值迹
    impairment for player registrations take into consideration of the        象,并考虑球员于球队之参加及参与程度、
    level of players’ participation and involvement in the playing squad,        市场对球员之关注水平及近期相关之转让交
    the level of interest on the players in the market and the recent        易。截至二零一九年六月三十日止期间已于
    relevant transfer transactions. Impairment loss of HK$3,954,000 has        损益确认减值亏损3,954,000港元( 二 零一八
    been recognised in profit or loss for the period ended 30 June 2019        年:零港 元 )。 于二零一九年六月三 十 日,
    (2018: HK$Nil). The carrying amounts of player registrations as at 30        球员注册之账面值为49,556,000港元(二零
    June 2019 were HK$49,556,000 (2018: HK$Nil).                          一八年:零港元)。

    Deferred tax assets                                      递延税项资产

    At the end of the reporting period, the Group had unused tax losses        于报告期间结算日,本集团因本集团旗下若
    arising from certain companies within the Group that are suffering        干公司承受亏损多年而产生之未动用税项亏
    from losses for years amounted to approximately HK$794,752,000        损 约794,752,000港 元( 二 零 一 八 年:
    (2018: HK$107,113,000) (details disclosed in note 23). No deferred tax        107,113,000港元)(详情于附注23披 露 )。由
    assets have been recognised and offset against deferred tax liabilities        于无法预计本集团旗下该等公司的未来盈利
    due to the unpredictability of future profit streams from these        来源,故并无确认递延税项资产,亦无抵销
    companies within the Group. The unused tax losses not recognised        递延税项负债。尚未确认之未动用税项亏损
    may be crystallised if the actual future profits generated are more        或可于所产生之实际未来盈利高于预期时动
    than expected.                                                  用。

140  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
4.  CRITICAL ACCOUNTING JUDGEMENTS AND  4.  重大会计判断及不确定估计之主要
    KEY SOURCES OF ESTIMATION                    来源(续)

    UNCERTAINTY (Continued)

    Deferred tax liabilities                                    递延税项负债

    Deferred tax liability on the undistributed profits earned by the        本公司于菲律宾共和国(「菲律宾」)之附属公
    subsidiaries of the Company in the Republic of the Philippines (the        司赚取之未分派盈利之递延税项负债乃就不
    “Philippines”) have been accrued at a tax rate of 15% on the        少于两个年度之年度盈利70%( 经 考虑本公
    expected dividend stream of not less than 70 % of the yearly profit in        司相关附属公司目前的股息政策厘定)之预
    both years which is determined after taking into consideration of the        期股息流,按税率15%计提。

    current dividend policy of the relevant subsidiaries of the Company.

    The dividend policy is subject to the financial and market conditions,        股息政策受限于本公司于菲律宾之相关附属
    the availability of funding and reserves available for distribution of        公司之财务及市场情况、资金可用情况及可
    relevant subsidiaries of the Company in the Philippines. If the        分派储备。倘本公司相关附属公司之股息政
    dividend policy of the relevant subsidiaries of the Company has        策有变,则有关未分派盈利所涉预扣税之递
    changed, the deferred tax in relation to withholding tax of        延税项亦将出现相应变动。

    undistributed earnings would be changed accordingly.

    Impairment of property, plant and equipment              物业、厂房及设备减值

    Property, plant and equipment are reviewed for impairment        厘定物业、厂房及设备项目是否出现减值需
    whenever events or changes in circumstances indicate that the        要对物业、厂房及设备之可收回金额进行估
    carrying amounts may not be recoverable. The recoverable amounts        计,可收回金额按其使用价值与公平值减出
    have been determined based on the higher of value-in-use        售成本两者中之较高者厘定。有关计算需要
    calculations or fair value less costs to disposal calculations. The        采用判断及估计。资产减值范畴需要管理层
    calculations require the use of judgements and estimates.        作出判断,尤其是于评估下列各项时:(i)是
    Management judgement is required in the area of asset impairment        否已发生可能显示相关资产价值可能无法收
    particularly in assessing: (i) whether an event has occurred that may        回之事件;(ii)资产账面值是否有可收回金额
    indicate that the related asset values may not be recoverable; (ii)      (即公平值减出售成本与使用价值计算之较
    whether the carrying value of an asset can be supported by the        高者)支持;及(iii)评估可收回金额时将应用
    recoverable amount, being the higher of fair value less costs to        之合适主要假设,包括现金流量预测及贴现
    disposal and value-in-use calculations; and (iii) the appropriate key        率等。管理层评估减值时选择作出之假设改
    assumptions to be applied in assessing the recoverable amount,        动(包括贴现率及现金流量预测之增长率假
    including cash flow projections, discount rates etc.. Changing the        设)可影响减值测试所用净现值,因而影响
    assumptions selected by management in assessing impairment,        本集团之财务状况及营运业绩。

    including the discount rates or the growth rate assumptions in the

    cash flow projections, could affect the net present value used in the

    impairment test and as a result affect the Group’s financial position

    and results of operations.

    No impairment loss has been recognised in profit or loss for the        截至二零一九年六月三十日止期间及截至二
    period ended 30 June 2019 and the year ended 31 March 2018. The        零一八年三月三十一日止年度,并无于损益
    carrying amounts of property, plant and equipment is approximately        确认任何减值亏损。物业、厂房及设备的账
    HK$619,956,000 (2018: HK$299,979,000).                              面 值 约 为619,956,000港 元( 二 零 一 八 年:
                                                                  299,979,000港元)。

                                                                                          Annual Report年报2018/19 141

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

4.  CRITICAL ACCOUNTING JUDGEMENTS AND  4.  重大会计判断及不确定估计之主要
    KEY SOURCES OF ESTIMATION                    来源(续)

    UNCERTAINTY (Continued)

    Fair value of measurement                                计量之公平值

    The Group’s financial assets at fair value through profit or loss and        本集团按公平值计入损益之金融资产及投资
    investment properties are measured at fair value.                        物业乃按公平值计量。

    The fair value measurements of the Group’s financial assets and        本集团金融资产及投资物业之公平值计量尽
    investment properties utilise market observable inputs and data as        量运用市场可观察输入数据及数据。厘定公
    far as possible. Inputs used in determining fair value measurements        平值计量所用输入数据根据所采用估值技术
    are categorised into different levels based on how observable the        中所用输入数据之可观察方式分类至不同层
    inputs used in the valuation technique utilised are (the “fair value        级(「公平值层级」):

    hierarchy”):

       Level 1:  Quoted prices in active markets for identical items             第一级: 相同项目于活跃市场之报价
                (unadjusted);                                                    (未经审核);

       Level 2:  Observable direct or indirect inputs other than Level           第二级: 直接或间接可观察输入数据
                1 inputs;                                                        (第一级输入数据除外);

       Level 3:  Unobservable inputs (i.e. not derived from market             第三级: 不可观察输入数据(即并非源
                data).                                                          自市场数据)。

    The classification of an item into the above levels is based on the        将项目分类至上述层级乃基于对项目公平值
    lowest level of the inputs used that has a significant effect on the fair        计量有重大影响之已用输入数据之最低层
    value measurement of the item. Transfers of items between levels        级。项目于各层级间之转拨于进行转拨之期
    are recognised in the period they occur.                              间确认。

    A more detailed information in relation to the fair value        有关该等资产之公平值计量之更详尽资料于
    measurement of these assets is disclosed in note 15 and note 18.          附注15及附注18披露。

142  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
5.  SEGMENT REPORTING                        5.  分部报告

    Reportable segments                                    可呈报分部

    The Group determines its operating segments based on the reports        本集团根据主要经营决策人所审阅以作出策
    reviewed by the chief operating decision-maker that are used to        略决定之报告厘定其经营分部。已识别主要
    make strategic decisions. The chief operating decision-maker has        经营决策人为本公司执行董事。

    been identified as the Executive Directors of the Company.

    An operating segment is a component of the Group that is engaged        经营分部为本集团从事业务活动的组成部
    in business activities from which the Group may earn revenue and        分,本集团自其中赚取收入及产生开支。有
    incur expenses, and is identified on the basis of the internal        关分部按提供予本集团董事定期检讨以分配
    management reporting information that is provided to and regularly        资源及评估分部表现的内部管理呈报资料识
    reviewed by the Group’s directors in order to allocate resources and        别。

    assess performance of the segment.

    In 2018, the Executive Directors have determined that the Group had        于二零一八年,执行董事厘定本集团有两个
    two reportable segments — “Hotel” and “Leasing”. The hotel        可呈报分部 —「酒店」及「租务」。酒店分部
    segment represent the operation of hotel business in the Philippines;        指经营菲律宾酒店业务;租务分部指向
    the leasing segment represent leasing of investment properties        PAGCOR出租设有娱乐设备之投资物业。

    equipped with entertainment equipment to PAGCOR.

    Upon the completion of the business combinations on 28 August        如附注29所述分别于二零一八年八月二十八
    2018 and 7 November 2018 respectively as described in note 29, the        日及二零一八年十一月七日完成业务合并
    directors of the Group have determined two new reporting        后,本集团董事已厘定两个新的可呈报分部
    segments — “Live Events” and “Football Club”. The “Live Events”        —「现场活动」及「足球俱乐部」。「现场活动」
    segment represents the operation of live poker events business; the        分部指经营现场扑克活动业务,而「足球俱
    “Football Club” segment represents the operation of Wigan A.F.C,        乐 部 」分部指经营英国之足球俱乐部Wigan
    which is a football club in the UK.                                    A.F.C。

                                                                                          Annual Report年报2018/19 143

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (a)  Business segment                                    (a)  业务分部

          Segment information about these reportable segments is            有关该等可呈报分部之分部资料呈列
          presented below:                                                如下:

          Period ended 30 June 2019                                      截至二零一九年六月三十日止期间

                                                      Hotel      Leasing  FootballClub  LiveEvents  Consolidated
                                                      酒店        租务  足球俱乐部    现场活动        综合
                                                  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
          Revenue—external      收入—外界            141,300      229,521      80,936        5,161      456,918

          Segmentresults        分部业绩              (28,693)      60,553      (11,899)      (2,897)      17,064

          Unallocatedotherincome  未分配其他收入                                                            4,428
          Co-branding,salesand    品牌联营、销售及

          ? marketingservicesincome  营销服务收入                                                          14,445
          Exchangelosses        汇兑亏损                                                                (2,299)
          Changeinfairvalueof    按公平值计入损益之

          ? financialassetsatFVTPL    金融资产公平值变动                                                    (51,770)
          Auditor’sremuneration    核数师酬金                                                              (6,648)
          Legalandprofessionalfees  法律及专业费                                                            (16,619)
          Salariesandallowances    薪金及津贴                                                              (12,203)
          Rentalexpenses        租金开支                                                                (4,218)
          Financecosts          财务费用                                                              (21,202)
          Unallocatedexpenses      未分配开支                                                              (5,637)
          Lossbeforetaxation      期内除税前亏损

          ? fortheperiod                                                                                (84,659)
144  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (a)  Business segment (Continued)                          (a)  业务分部(续)

          At 30 June 2019                                                于二零一九年六月三十日

                                                      Hotel      Leasing  FootballClub  LiveEvents  Consolidated
                                                      酒店        租务  足球俱乐部    现场活动        综合
                                                  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
          ASSETS              资产

          Segmentassets          分部资产              310,223    1,821,763      422,362      21,809    2,576,157
          Unallocatedassets        未分配资产

          ? Bankbalancesandcash    银行结存及现金                                                        21,876
          ? FinancialassetsatFVTPL    按公平值计入损益

                                之金融资产                                                          191,360
          ?Others              其他                                                                  7,979
          Consolidatedtotalassets    综合资产总值                                                          2,797,372
          LIABILITIES            负债

          Segmentliabilities        分部负债                56,044      248,903      99,074        1,643      405,664
          Unallocatedliabilities      未分配负债

          ? Promissorynote        承兑票据                                                            353,223
          ?Others              其他                                                                  4,799
          Consolidatedtotalliabilities  综合负债总额                                                            763,686
                                                                                          Annual Report年报2018/19 145

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (a)  Business segment (Continued)                          (a)  业务分部(续)

          Otherinformation                                              其他资料

          Period ended 30 June 2019                                      截至二零一九年六月三十日止期间
                                                    Hotel    Leasing FootballClub  LiveEvents  Unallocated Consolidated
                                                    酒店      租务  足球俱乐部    现场活动    未分配      综合
                                                  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
          Depreciationofproperty,      物业、厂房及设备折旧

          ? plantandequipment                          33,790    14,674      5,172      334      401    54,371
          Additiontoproperty,        添置物业、厂房及设备

          ? plantandequipment                          18,139    29,147    23,960      154      1,432    72,832
          Additiontoinvestmentproperty  添置投资物业              –    54,813        –        –        –    54,813
          Amortisationofintangibleassets  无形资产摊销              –        –    28,583        –        –    28,583
          Additiontointangibleassets    添置无形资产              –        –    14,268        –        –    14,268
          Impairmentofintangibleassets  无形资产减值              –        –      3,954        –        –      3,954
          Provisionforexpectedcreditlosses 预期信贷亏损拨备          146        70      663        –        –      879
          Changeinfairvalueof        投资物业之公平值变动

          ? investmentproperties                              –    89,396        –        –        –    89,396
          Changeinfairvalueoffinancial  按公平值计入损益之

          ? assetsatfairvaluethrough    金融资产公平值变动

          ? profitorloss                                    –        –        –        –    51,770    51,770
          Gainonbargainpurchase      议价收购收益              –        –    (116,790)        –        –    (116,790)
          Interestincome            利息收入                (183)    (7,204)        –        –      (244)    (7,631)
          Lossonwritten-offofproperty,  撇销物业、厂房及

          ? plantandequipment        设备亏损              2,120        –        –        –        59      2,179
          Incometaxexpense/(credit)    所得税支出╱(抵免)        372    13,868      (5,606)        –        –      8,634

146  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (a)  Business segment (Continued)                          (a)  业务分部(续)

          Year ended 31 March 2018                                      截至二零一八年三月三十一日止年度
                                                                    Hotel        Leasing    Consolidated
                                                                      酒店          租务          综合
                                                                  HK$’000        HK$’000        HK$’000
                                                                    千港元        千港元        千港元
          Revenue — external            收入 — 外界                  108,336        188,044        296,380

          Segment results                分部业绩                    (12,364)          (8,003)        (20,367)

          Unallocated other income        未分配其他收入                                                4,033
          Other gains and losses          其他收益及亏损                                                2,204
          Change in fair value of financial    按公平值计入损益之

          ? assets at FVTPL                金融资产公平值变动                                            (1)
          Auditor’s remuneration          核数师酬金                                                  (2,682)
          Legal and professional fees      法律及专业费                                                (6,576)
          Salaries and allowances          薪金及津贴                                                  (16,824)
          Finance costs                  财务费用                                                    (16,700)
          Unallocated expenses          未分配开支                                                  (7,069)
          Loss before taxation for the year  年内除税前亏损                                              (63,982)
                                                                                          Annual Report年报2018/19 147

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (a)  Business segment (Continued)                          (a)  业务分部(续)

          At 31 March 2018                                              于二零一八年三月三十一日

                                                                    Hotel        Leasing    Consolidated
                                                                      酒店          租务          综合
                                                                  HK$’000        HK$’000        HK$’000
                                                                    千港元        千港元        千港元
          ASSETS                      资产

          Segment assets                分部资产                    356,268        1,885,066        2,241,334
          Unallocated assets              未分配资产

          ? Bank balances and cash          银行结存及现金                                            385,703
          ? Financial assets at FVTPL        按公平值计入损益

                                          之金融资产                                                784
          ?Others                      其他                                                        4,867
          Consolidated total assets        综合资产总额                                              2,632,688
          LIABILITIES                  负债

          Segment liabilities              分部负债                    46,411        154,738        201,149
          Unallocated liabilities            未分配负债

          ? Promissory note                承兑票据                                                  346,135
          ?Others                      其他                                                        3,009
          Consolidated total liabilities      综合负债总额                                                550,293
          Otherinformation                                              其他资料

          Year ended 31 March 2018                                      截至二零一八年三月三十一日止年度
                                                              Hotel      Leasing  Unallocated Consolidated
                                                              酒店        租务      未分配        综合
                                                            HK$’000      HK$’000      HK$’000      HK$’000
                                                            千港元      千港元      千港元      千港元
          Depreciation of property,      物业、厂房及设备

          ? plant and equipment        折旧                    15,793      12,099          34      27,926
          Addition to property,        添置物业、厂房及

          ? plant and equipment        设备                    11,479        8,536        148      20,163
          Allowance for bad debts for    应收账项之坏账拨备

          ? trade receivables, net        净额                        8          –          –          8
          Change in fair value of        投资物业之公平值

          ? investment properties        变动                        –      130,605          –      130,605
          Interest income            利息收入                  (651)      (4,493)        (315)      (5,459)
          Loss on written off of property, 撇销物业、厂房及

          ? plant and equipment        设备亏损                    –          –          (3)          (3)
          Income tax expense          所得税支出                (874)      4,170          –        3,296

148  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (b)  Disaggregation of revenue                            (b)  收入分拆

          In the following table, revenue is disaggregated by primary            下表载列按主要地区市 场、 主要产品
          geographical market, major products and service lines and            及服务项目以及收入确认时间分拆之
          timing of revenue recognition. The table also includes a            收 入。 下表亦载列分拆收入与本集团
          reconciliation of the disaggregated revenue with the Group’s            可呈报分部间之对账。

          reportable segments.

          Period ended 30 June 2019                                      截至二零一九年六月三十日止期间

                                                      Hotel      Leasing  FootballClub  LiveEvents  Consolidated
                                                      酒店        租务  足球俱乐部    现场活动        综合
                                                  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
          Primarygeographical    主要地区市场

          ?markets

          ThePhilippines          菲律宾                141,300      229,521          –          –      370,821
          TheUK              英国                      –          –      80,936          –      80,936
          Others              其他                      –          –          –      5,161        5,161

                                                    141,300      229,521      80,936        5,161      456,918

          Majorproductsand      主要产品及服务

          ? servicelines,timing      项目、收入确认

          ? ofrevenuerecognition  时间

          Transferredovertime      随时间转移

          Roomrevenue          房间收入                90,122          –          –          –      90,122
          Foodandbeverages      餐饮                  48,299          –      12,030          –      60,329
          Otherhotelserviceincome  其他酒店服务收入          2,879          –          –          –      2,879
          Commercialincome      商业收入                    –          –      12,787          –      12,787
          Broadcastingincome      转播收入                    –          –      40,197          –      40,197
          Matchdayincome        比赛日收入                  –          –      15,102          –      15,102
          Liveeventincome        现场活动收入                –          –          –      5,161        5,161

                                                    141,300          –      80,116        5,161      226,577

          Othersourceofincome  其他收入来源

          Leasingofinvestment      租赁设有娱乐设备之

          ? propertiesequippedwith  投资物业

          ? entertainmentequipment                            –      229,521          –          –      229,521
          Leasingofstadium        租赁体育场                  –          –        820          –        820

                                                        –      229,521        820          –      230,341

                                                    141,300      229,521      80,936        5,161      456,918

                                                                                          Annual Report年报2018/19 149

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (b)  Disaggregation of revenue (Continued)                  (b)  收入分拆(续)

          Year ended 31 March 2018                                      截至二零一八年三月三十一日止年度
                                                                    Hotel        Leasing    Consolidated
                                                                      酒店          租务          综合
                                                                  HK$’000        HK$’000        HK$’000
                                                                    千港元        千港元        千港元
          Major products and service    主要产品及服务

          ? lines, timing of revenue      项目、收入确认

          ?recognition                  时间

          Transferredovertime            随时间转移

          Room revenue                房间收入                    68,478              –          68,478
          Food and beverages            餐饮                          37,460              –          37,460
          Other hotel service income      其他酒店服务收入              2,398              –          2,398

                                                                    108,336              –        108,336

          Other source of income        其他收入来源

          Leasing of investment properties  租赁设有娱乐设备之

          ? equipped with entertainment    投资物业

          ? equipment                                                    –        188,044        188,044

                                                                    108,336        188,044        296,380

    (c)  Geographic information                              (c)  地区资料

          The following table provides an analysis of the Group’s non-            下表提供本集团来自金融工 具、 递延
          current assets other than financial instruments, deferred tax            税项资产及离职福利资产(「特定非流
          assets and post-employment benefit assets (“Specified non-            动资产」)以外非流动资产之分析。

          current assets”).

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          The Philippines                      菲律宾                            1,880,565        1,889,228
          The UK                              英国                                368,512              –
          Others                              其他                                  1,654            121

                                                                                2,250,731        1,889,349

150  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
5.  SEGMENT REPORTING (Continued)                5.  分部报告(续)

    (d)  Information about major customers                    (d)  有关主要客户之资料

          Included in the revenue generated from leasing segment of            租务分部产生之收入约229,521,000港
          approximately HK$229,521,000 (2018: HK$188,044,000) were            元(二零一八年:188,044,000港元)由
          contributed by the Group’s largest customer and the            本集团最大客户贡 献, 而来自该客户
          aggregate revenue from this customer represented            之总收入占本集团总收入约50%(二零
          approximately 50% (2018: 63%) of the total revenue of the            一 八 年:63%)。 概 无其他单一客户为
          Group. There are no other single customers contributing over            本集团总收入带来10%以上之贡献。
          10% of the Group’s total revenue.

6.  OTHER INCOME                              6.  其他收入

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Co-branding, sales and marketing            品牌联营、销售及营销

    ? service income                          服务收入                            14,445          1,870
    Interest income                          利息收入                                7,631          5,459
    Dividend income from financial assets        按公平值计入损益之

    ? at FVTPL                                金融资产之股息收入                        –            782
    Sundry income                          杂项收入                                5,292          4,362

                                                                                    27,368          12,473

                                                                                          Annual Report年报2018/19 151

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

7.  OTHER LOSSES                                7.  其他亏损

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Net foreign exchange losses                汇兑亏损净额                            9,515          1,359
    Loss on written-off of property,              撇销物业、厂房及设备之亏损

    ? plant and equipment                                                            2,179              3
    Gain on disposal of intangible assets          出售无形资产之收益                      (8,828)              –
    Impairment loss of intangible assets          无形资产之减值亏损                      3,954

    Release of provision for additional transfer fee  解除额外转会费拨备                      (3,207)              –
    Waive of other payables                  豁免其他应付款项                        (1,256)              –
    Realised gain on disposal of financial assets    出售按公平值计入损益之

    ? at FVTPL                                金融资产之已变现收益                      –            (627)

                                                                                    2,357            735

8.  FINANCE COSTS                              8.  财务费用

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Interest on promissory note                承兑票据之利息                        21,203          16,700
    Interest on bank borrowings                银行借贷之利息                          2,029              –

                                                                                    23,232          16,700
    Less: Amount capitalised(note)              减:资本化金额(附注)                  (1,317)              –

                                                                                    21,915          16,700

      Note:                                                                    附注:

      Borrowing costs capitalised during the period arose on the specific borrowings to        期内资本化借贷成本乃源自用于合资格资产之特定借
      expenditure on qualifying assets.                                                贷。

152  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
9.  LOSS BEFORE TAXATION                      9.  除税前亏损

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Loss before taxation has been arrived at        除税前亏损已扣除下列各项:

    ? after charging:

    Directors’ emoluments (note10)              董事酬金(附注10)                      6,815          4,410
    Staff costs (excluding directors’ emoluments):    员工成本(不包括董事酬金):

    ? Salaries and allowances                    薪金及津贴                        187,945          58,135
    ? Retirement benefits scheme contributions      退休福利计划供款                    15,226          1,164

    Total staff costs                            总员工成本                          209,986          63,709
    Change in fair value of financial              按公平值计入损益之

    ? assets at FVTPL                            金融资产公平值变动                  51,770              1
    Change in fair value of investment            投资物业之公平值变动

    ?properties (note15)                      (附注15)                          89,396        130,605
    Auditor’s remuneration                    核数师酬金

    ? — Audit services                          — 审核服务                          4,006          1,500
    ? — Non-audit service                      — 非审核服务                        2,642          1,182
    Share-based payment expenses              以股份为基础付款开支                      –          5,433
    Cost of inventories recognised as an expense    确认为开支之存货成本                  35,310          19,304
    Minimum lease payment under non-cancellable 不可撤销租约安排项下

    ? lease arrangements                        最低租约租金                        10,937          6,334
    Provision for expected credit losses            预期信贷亏损拨备

    ? — Trade receivables                        — 应收账项                            296              8
    ? — Other receivables                      — 其他应收款项                        583              –
    Depreciation of property, plant and equipment  物业、厂房及设备折旧                  54,371          27,926
    Amortisation of intangible assets              摊销无形资产                          28,583              –
    Legal and professional fees                  法律及专业费用                        23,057          7,231

                                                                                          Annual Report年报2018/19 153

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

10. DIRECTORS’ EMOLUMENTS AND HIGHEST    10. 董事酬金及最高薪人士

    PAID INDIVIDUALS

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Directors’ fees                          董事袍金

    ? Executive directors                        执行董事                              4,337          2,975
    ? Independent non-executive Directors        独立非执行董事                          964            998
    Basic remuneration, allowances and benefits  基本薪酬、津贴及实物利益

    ? in kind                                                                        1,446            387
    Retirement benefits scheme contributions    退休福利计划供款                          68            50

                                                                                    6,815          4,410

    The emoluments paid or payable to each of the eight (2018:        已付或应付八名(二零一八年:十八名)董事
    eighteen) directors were as follows:                                  各人之酬金如下:

    Period ended 30 June 2019                                      截至二零一九年六月三十日止期间

                                                                        Basic

                                                                remuneration,  Retirement

                                                                    allowances      benefits

                                                                  and benefits      scheme

                                                            Fees      in kind contributions        Total
                                                                  基本薪酬、

                                                                        津贴及    退休福利

                                                            袍金    实物利益    计划供款        总计
                                                        HK$’000      HK$’000      HK$’000      HK$’000
                                                          千港元      千港元      千港元      千港元
    Executive directors        执行董事

    Dr. Choi Chiu Fai Stanley2    蔡朝晖博士 2                1,500            –          23        1,523
    Mr. Lam Yat Ming2,3          林一鸣先生 2、3                160            –            4          164
    Mr. Zhang Yan Min2,5        张燕民先生 2、5              1,200        1,176          23        2,399
    Mr. CHAN Chun Yiu Thomas4  陈浚曜先生 4                1,477          270          18        1,765
    Independent non-executive 独立非执行董事

    ?directors

    Mr. Ren Yunan2,3            任煜男先生 2、3                  64            –            –          64
    Ms. LU Gloria Yi2            陆奕女士 2                    300            –            –          300
    Mr. SUN Jiong2              孙炯先生 2                    300            –            –          300
    Mr. HA Kee Choy Eugene2    夏其才先生 2                  300            –            –          300

                                                          5,301        1,446          68        6,815

154  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
10. DIRECTORS’ EMOLUMENTS AND HIGHEST    10. 董事酬金及最高薪人士(续)

    PAID INDIVIDUALS (Continued)

    Year ended 31 March 2018                                      截至二零一八年三月三十一日止年度

                                                                          Basic

                                                                  remuneration,    Retirement

                                                                    allowances      benefits

                                                                    and benefits      scheme

                                                            Fees        in kind  contributions        Total
                                                                  基本薪酬、

                                                                        津贴及    退休福利

                                                            袍金    实物利益    计划供款        总计
                                                        HK$’000      HK$’000      HK$’000      HK$’000
                                                          千港元      千港元      千港元      千港元
    Executive directors        执行董事

    Dr. Choi Chiu Fai Stanley2    蔡朝晖博士 2                  1,055            –          17        1,072
    Mr. Lam Yat Ming2,3          林一鸣先生 2、3                527            –          16          543
    Mr. Zhang Yan Min2,5        张燕民先生 2、5                844          387          17        1,248
    Dr. Cheng Kar Shun1        郑家纯博士 1                  163            –            –          163
    Mr. Lo Lin Shing, Simon1      鲁连城先生 1                  127            –            –          127
    Mr. To Hin Tsun, Gerald1      杜显俊先生 1                  106            –            –          106
    Mr. Cheng Kam Chiu, Stewart1  郑锦超先生 1                    38            –            –          38
    Mr. Cheng Kam Biu, Wilson1  郑锦标先生 1                    38            –            –          38
    Dr. Cheng Chi Kong1        郑志刚博士 1                    38            –            –          38
    Mr. Cheng Chi Him1          郑志谦先生 1                    38            –            –          38
    Independent non-executive 独立非执行董事

    ?directors

    Mr. Ren Yunan2,3            任煜男先生 2、3                212            –            –          212
    Ms. Lu Gloria Yi2            陆奕女士 2                    212            –            –          212
    Mr. Sun Jiong2              孙炯先生 2                    212            –            –          212
    Mr. Ha Kee Choy Eugene2    夏其才先生 2                  212            –            –          212
    Mr. Cheung Hon Kit1        张汉杰先生 1                    38            –            –          38
    Mr. Kwee Chong Kok, Michael1 郭彰国先生 1                    37            –            –          37
    Mr. Lau Wai Piu1            刘伟彪先生 1                    38            –            –          38
    Mr. Tsui Hing Chuen, William1  徐庆全先生 1                    38            –            –          38

                                                            3,973          387          50        4,410

                                                                                          Annual Report年报2018/19 155

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

10. DIRECTORS’ EMOLUMENTS AND HIGHEST    10. 董事酬金及最高薪人士(续)

    PAID INDIVIDUALS (Continued)

    No emoluments were paid by the Group to any of the directors as an        期内,本集团并无向任何董事支付酬金,作
    inducement to join, or upon joining the Group or as a compensation        为加盟本集团或于加盟时之奖金或离职补偿
    for loss of office for the period (2018: Nil). In addition, none of the      (二零一八年:无)。此外,于本年度或过往
    directors had waived any emoluments during the current or prior        年度,概无董事放弃收取任何酬金。

    year.

      Notes:                                                                    附注:

          1    These executive directors and independent non-executive directors were                1    该等执行董事及独立非执行董事于二零一七年
            resigned on 10 June 2017.                                                      六月十日辞任。

          2    These executive directors and independent non-executive directors were                2    该等执行董事及独立非执行董事于二零一七年
            appointed on 15 May 2017.                                                    五月十五日获委任。

          3    These directors were resigned on 6 July 2018.                                                        3    该等董事于二零一八年七月六日辞任。

          4    The executive director was appointed on 6 July 2018.                                              4    有关执行董事于二零一八年七月六日获委任。
          5    The executive director was resigned on 30 June 2019.                                              5    有关执行董事于二零一九年六月三十日辞任。
    Highest paid individuals                                  最高薪人士

    The five individuals with the highest emoluments in the Group did        于两个年度,本集团五名最高薪人士中并无
    not include any Directors for both years. The emoluments of the five        任何董事在内。该五名(二零一八年:五名)
    (2018: five) individuals, of which none (2018: two) of individuals were        人士(当中并无(二零一八年:两名)人士为
    senior management of the Group, in the Group were as follows:            本集团高级管理人员)于本集团之酬金如下:
                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Basic salaries and allowances                基本薪金及津贴                        22,251          10,843
    Retirement benefits scheme contributions    退休福利计划供款                        3,084            50
    Discretionary or performance related        酌情或与表现挂钩奖金

    ? incentive payments                                                                657            835

                                                                                    25,992          11,728

156  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
10. DIRECTORS’ EMOLUMENTS AND HIGHEST    10. 董事酬金及最高薪人士(续)

    PAID INDIVIDUALS (Continued)

    Highest paid individuals (Continued)                          最高薪人士(续)

    The emoluments were within the following bands:                      酬金范围如下:

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  Number        Number
                                                                            of individuals    of individuals
                                                                                      人数          人数
    HK$1,000,001 to HK$1,500,000              1,000,001港元至1,500,000港元                  –              2
    HK$1,500,001 to HK$2,000,000              1,500,001港元至2,000,000港元                  –              2
    HK$4,500,001 to HK$5,000,000              4,500,001港元至5,000,000港元                  2              –
    HK$5,000,001 to HK$5,500,000              5,000,001港元至5,500,000港元                  2              –
    HK$5,500,001 to HK$6,000,000              5,500,001港元至6,000,000港元                  1              1

                                                                                        5              5

    The emoluments of the senior management of the Group, whose        本集团高级管理人员(其履历详情载于本年
    biographical details are set out in the“Board of Directors and Senior        报「董事会及高级管理人员」一节)之酬金范
    management” section of this annual report, were within the        围如下:

    following bands:

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  Number        Number
                                                                            of individuals    of individuals
                                                                                      人数          人数
    At or below HK$1,000,000                  1,000,000港元或以下                          2              –
    HK$1,000,001 to HK$1,500,000              1,000,001港元至1,500,000港元                  2              1
    HK$1,500,001 to HK$2,000,000              1,500,001港元至2,000,000港元                  –              1

                                                                                        4              2

                                                                                          Annual Report年报2018/19 157

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

10. DIRECTORS’ EMOLUMENTS AND HIGHEST    10. 董事酬金及最高薪人士(续)

    PAID INDIVIDUALS (Continued)

    Highest paid individuals (Continued)                          最高薪人士(续)

    The discretionary or performance related incentive payments are        酌情或与表现挂钩奖金乃经参考本集团个别
    determined by reference to the individual performance of the        雇员之表现厘定。

    employees of the Group.

    During the period, no emolument was paid by the Group to the        期内,本集团并无向董事或五名最高薪人士
    Directors or any of the five highest paid individual as inducement to        中任何人士支付酬金,作为加盟本集团或于
    join or upon joining of the Group or as compensation for loss of        加盟时之奖金或离职补偿。截至二零一九年
    office. No Director waived any emoluments in the period ended 30        六月三十日止期间及截至二零一八年三月
    June 2019 and the year ended of 31 March 2018.                        三十一日止年度,概无董事放弃收取任何酬
                                                                  金。

11. INCOME TAX EXPENSE                        11. 所得税支出

    The amount of tax recognised in the consolidated statement of        于综合全面收益表确认之税项金额指:

    comprehensive income represents:

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Current tax                              即期税项                                    –              –
    Deferred tax expense (note23)              递延税项支出(附注23)                  8,634          3,296

    Income tax expense                      所得税支出                              8,634          3,296

    Hong Kong profits tax is calculated at 8.25% on the first HK$2 million        截至二零一九年六月三十日止期间,香港利
    of the estimated assessable profits and 16.5% on the estimated        得税乃以首2,000,000港元估计应课税盈利按
    assessable profits above HK$2 million (2018: at a flat rate of 16.5%)        税率8.25%及超过2,000,000港元之估计应课
    for the period ended 30 June 2019. No provision for taxation in Hong        税盈利按税率16.5%(二零一八年:按划一税
    Kong was made in the financial statements for the current period as        率16.5%)计算。由于本集团于香港之业务并
    the Group’s operations in HK had no assessable profits.                  无应课税盈利,故并无于本期间财务报表内
                                                                    计提香港税项拨备。

    The Group’s subsidiaries in the Philippines are subject to the        于两个期间,本集团之菲律宾附属公司须按
    Philippines Profits tax rate of 30% for both periods. The withholding        税率30%缴纳菲律宾利得税。本公司于菲律
    tax rate in respect of a dividend distributed by a subsidiary of the        宾经营业务之附属公司于截至二零一九年六
    Company operating in the Philippines to its overseas immediate        月三十日止期间及截至二零一八年三月
    holding company is 15% for the period ended 30 June 2019 and year        三十一日止年度向其海外直接控股公司派付
    ended 31 March 2018. No provision for taxation in the Philippines        之股息涉及之预扣税税率为15%。由于本集
    was made in the financial statements for the current period as the        团于菲律宾之业务并无应课税盈利,故并无
    Group’s operations in the Philippines had no assessable profits.            于本期间财务报表内计提菲律宾税项拨备。
158  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
11. INCOME TAX EXPENSE (Continued)                11. 所得税支出(续)

    The Group’s subsidiaries in the UK are subject to UK Corporate        截至二零一九年六月三十日止期间,本集团
    income tax with tax rates of 19% for the period ended 30 June 2019.        之英国附属公司须按税率19%缴纳英国企业
    No provision for taxation in the UK was made in the financial        所得税。由于本集团于英国之业务并无应课
    statements for the current period as the Group’s operations in the        税盈利,故并无于本期间财务报表内计提英
    UK had no assessable profits.                                        国税项拨备。

    The Group’s subsidiary in Macau is subject to Macau Profits tax rate        截至二零一九年六月三十日止期间,本集团
    of 12% for the period ended 30 June 2019. No provision for taxation        之澳门附属公司须按税率12%缴纳澳门利得
    was made in the financial statements for the current period as the        税。由于本集团于澳门之业务并无应课税盈
    Group’s operations in Macau had no assessable profits.                  利,故并无于本期间财务报表内计提税项拨
                                                                    备。

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Loss before taxation                    除税前亏损                            (84,659)        (63,982)

    Taxation at the principal tax rates applicable    按有关国家适用于盈利之

    ? to profits in the country concerned          主要税率计算之税项                  (25,398)        (19,194)
    Effect of different tax rates of subsidiaries      于其他司法权区经营业务之

    ? operating in other jurisdictions              附属公司不同税率之影响              23,447          6,922
    Tax effect of expenses not deductible        不可扣税开支之税务影响

    ? for tax purpose                                                                  2,995          42,486
    Tax effect of income not taxable for tax purpose 毋须课税收入之税务影响                (19,337)          (912)
    Tax effect of net income derived from leasing  向PAGCOR出租物业所产生毋须

    ? of properties to PAGCOR not taxable        课税收入净额之税务影响

    ? for tax purpose                                                                (39,614)        (35,202)
    Tax effect of utilisation of tax losses and      动用早前未确认税项亏损及

    ? deductible temporary difference not        可扣减暂时差额之税务影响

    ? previously recognised                                                            (373)              –
    Tax effect of tax losses and deductible        未确认税项亏损及可扣减暂时

    ? temporary differences not recognised        差额之税务影响                      66,914          9,552
    Provision of deferred tax, net                递延税项拨备净额                            –            (83)
    Others                                其他                                        –            (273)

    Income tax charge for the period/year        期╱年内所得税支出                      8,634          3,296

                                                                                          Annual Report年报2018/19 159

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

11. INCOME TAX EXPENSE (Continued)                11. 所得税支出(续)

    At 30 June 2019, there are tax dispute cases between Marina Square        于二零一九年六月三十日,本公司附属公司
    Properties, Inc. (“MSPI”), a subsidiary of the Company principally        Marina Square Properties, Inc(. 「MSPI」,主要于
    engaging in the business of leasing of properties in the Philippines,        菲 律 宾 从 事 物 业 出 租 业 务 )与Bureau of
    and Bureau of Internal Revenue Philippines (“BIR”) for the calendar        Internal Revenue Philippine(s 「BIR」)之间存在
    years of 2008, 2012, 2014 and 2015 which were pending for final        有关二零零八年、二零一二年、二零一四年
    decision of the court. Based on the advice of the independent legal        及二零一五年历年之税务纠纷案件,尚待法
    advisor of the subsidiary, the Directors believe that MSPI has valid        院最终裁决。根据该附属公司之独立法律顾
    legal arguments to defend the tax disputes and concluded that the        问之意见,董事相信MSPI拥有确切法律论点
    possibility of additional tax liabilities is remote.                          就税务纠纷抗辩,并得出结论认为构成额外
                                                                  税项负债之可能极微。

    At 30 June 2019, there are tax dispute cases between New Coast        于二零一九年六月三十日,本公司附属公司
    Hotel, Inc. (“NCHI”), a subsidiary of the Company principally engaging        New Coast Hotel, Inc(. 「NCHI」,主要于菲律宾
    in the hotel operations in the Philippines, and BIR for the calendar        从事经营酒店业务)与BIR之间存在有关二零
    year of 2011 which were pending for final decision of the court.        一一年历年之税务纠纷案件,尚待法院最终
    Based on the advice of the independent legal adviser of the        裁决。根据该附属公司之独立法律顾问之意
    subsidiary, the Directors believe that NCHI has valid legal arguments        见,董事相信NCHI拥有确切法律论点就税务
    to defend the tax disputes and concluded that the possibility of        纠纷抗辩,并得出结论认为构成额外税项负
    additional tax liabilities is remote.                                    债之可能极微。

12. DIVIDEND                                    12. 股息

    The Board does not recommend the payment of a final dividend for        董事会不建议就截至二零一九年六月三十日
    the period ended 30 June 2019 (Year ended 31 March 2018: nil).            止期间派付末期股息(截至二零一八年三月
                                                                    三十一日止年度:无)。

160  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
13. LOSS PER SHARE                              13. 每股亏损

    The basic and diluted loss per share attributable to the owners of the        本公司拥有人应占每股基本及摊薄亏损乃根
    Company are calculated as follows:                                  据下列数据计算:

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
    Loss for the period/year                期╱年内亏损                          千港元        千港元
    Loss for the purpose of basic and diluted      用以计算每股基本及摊薄亏损

    ? loss per share                            之亏损                              (77,527)        (67,278)

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                      ’000            ’000
    Number of shares                      股份数目                                千股          千股
    Weighted average number of ordinary shares  用以计算每股基本亏损之

    ? for the purposes of basic loss per share        普通股加权平均数                  1,369,157        1,307,439
    Effect of dilutive potential ordinary shares:    潜在摊薄普通股之影响:

    — Share options                        — 购股权                                    –            500

    Weighted average number of ordinary shares  用以计算每股摊薄亏损之

    ? for the purposes of diluted loss per share      普通股加权平均数                  1,369,157        1,307,939

                                                                                          Annual Report年报2018/19 161

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

13. LOSS PER SHARE                              13. 每股亏损

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK Cents        HK Cents
                                                                                      港仙          港仙
    Loss per share                          每股亏损

    — Basic                                — 基本                                  (5.66)          (5.15)

    — Diluted                              — 摊薄                                  (5.66)          (5.15)

    The computation of diluted earnings per share for the period ended        计算截至二零一九年六月三十日止期间之每
    30 June 2019 does not assume the exercise of the Company’s        股摊薄盈利时并无假设行使本公司尚未行使
    outstanding share options as the exercise price of those options is        之购股权,原因为该等购股权之行使价高于
    higher than the average market price for shares for the period.            股份于期间之平均市价。

162  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
14. PROPERTY, PLANT AND EQUIPMENT          14. 物业、厂房及设备

                                          Freehold    Leasehold                      Furniture,

                                          landand    landand    Leasehold            fixturesand Entertainment    Computer      Motor  Construction

                                          buildings    buildings improvements    Machinery  equipment  equipment  equipment    vehicles  inprogress      Total
                                          永久业权      租赁                      家私、装置

                                          土地及楼宇  土地及楼宇    租赁装修      机器      及设备    娱乐设备    电脑设备      汽车    在建工程      总计
                                            HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000
                                            千港元      千港元      千港元      千港元      千港元      千港元      千港元      千港元      千港元      千港元
      Cost:                成本:

      ? At1April2017          于二零一七年四月一日        –    476,908      3,911      86,470      60,904    141,748      259      1,091        –    771,291
      ?Additions              添置                  –        –        22      6,417      5,146      8,293        87      198        –      20,163
      ?Disposals              出售                  –        –        –        –        (64)      (5,894)        –        –        –      (5,958)
      ?Written-off            撇销                  –        –      (428)      (1,374)      (1,571)      (2,893)      (238)        –        –      (6,504)
      ? Exchangeadjustments      汇兑调整                –      (12,570)      (92)      (2,389)      (1,679)      (3,727)        –        (33)        –      (20,490)

      ? At31March2018          于二零一八年

                          三月三十一日            –    464,338      3,413      89,124      62,736    137,527      108      1,256        –    758,502
      ? Acquisitionofsubsidiaries      收购附属公司(附注 29)

      ??(note29)                                  –    372,725      11,108        –      44,578        –      11,487      2,574        –    442,472
      ?Additions              添置                16,683      5,716      1,399      4,409      10,998      28,854      334      449      3,990      72,832
      ?Disposals              出售                  –        –        –      (1,353)    (1,950)    (4,490)        –        –        –      (7,793)
      ?Written-off            撇销                  –        –        (22)    (1,798)    (1,238)    (43,970)      (31)        –      (2,120)    (49,179)
      ? Exchangeadjustments      汇兑调整              (315)    (6,177)      3,572      1,213      23,170      22,417      (376)      (57)        45      43,492

      ? At30June2019          于二零一九年六月三十日    16,368    836,602      19,470      91,595    138,294    140,338      11,522      4,222      1,915    1,260,326

      Accumulateddepreciation    累计折旧及减值:

      ? andimpairment:

      ? At1April2017          于二零一七年四月一日        –    199,311      1,976      82,045      57,122    112,735      250      725        –    454,164
      ? Provisionfortheyear        年内拨备                –      12,025      164      2,135      1,807      11,639        27      129        –      27,926
      ? Eliminationondisposal      出售时对销              –        –        –        –        (62)      (4,673)        –        –        –      (4,735)
      ? Eliminationonwritten-off      撇销时对销              –        –      (428)      (1,374)      (1,571)      (2,896)      (235)        –        –      (6,504)
      ? Exchangeadjustments      汇兑调整                –      (5,515)      (44)      (2,179)      (1,508)      (3,060)        –        (22)        –      (12,328)

      ? At31March2018          于二零一八年

                          三月三十一日            –    205,821      1,668      80,627      55,788    113,745        42      832        –    458,523
      ? Acquisitionofsubsidiaries      收购附属公司

      ? ? (note29)            (附注 29)              –      77,685      6,715        –      35,412        –      9,938      2,101        –    131,851
      ? Provisionfortheperiod      期内拨备              107      29,139      826      3,889      5,319      14,147      547      397        –      54,371
      ? Eliminationondisposal      出售时对销              –        –        –      (1,342)    (1,867)    (4,289)        –        –        –      (7,498)
      ? Eliminationonwritten-off      撇销时对销              –        –        (6)    (1,799)    (1,210)    (43,969)      (16)        –        –    (47,000)
      ? Exchangeadjustments      汇兑调整                (2)      764      3,692      1,086      23,214      21,754      (332)      (53)        –      50,123

      At30June2019          于二零一九年六月三十日        105    313,409      12,895      82,461    116,656    101,388      10,179      3,277        –    640,370

      Carryingamount:          账面值:

      ? At30June2019          于二零一九年六月三十日    16,263    523,193      6,575      9,134      21,638      38,950      1,343      945      1,915    619,956

      ? At31March2018          于二零一八年

                          三月三十一日            –    258,517      1,745      8,497      6,948      23,782        66      424        –    299,979

                                                                                          Annual Report年报2018/19 163

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

14. PROPERTY, PLANT AND EQUIPMENT (Continued)  14. 物业、厂房及设备(续)

    Impairment tests for Property, plant and equipment          物业、厂房及设备之减值测试

    As the Group continued to record a loss for the hotel segment        由于年内,本集团酒店分部持续录得亏损,
    during the year, management considered there was indication for        故管理层认为此分部之物业、厂房及设备有
    impairment for the property, plant and equipment in this segment.        减值迹象。

    For the purpose of impairment testing, the recoverable amount of        就减值测试而言,酒店分部之物业、厂房及
    property, plant and equipment in the hotel segment was        设备之可收回金额乃根据与本集团并无关连
    determined with reference to the valuation prepared by Jones Lang        之独立估值师仲量联行(「仲量联行」)按收入
    LaSalle, IP, Inc. (“JLL”), an independent valuer not connected to the        资本化法所编制估值而厘定。计算可收回金
    Group by income capitalisation approach. Key assumptions used in        额所用主要假设如下:

    calculating the recoverable amount are as follows:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
    Growth rate of revenue                    收益增长率                              4.5%          5.0%
    Discount rate                            折算率                                  11.5%          11.5%
    Capitalisation rate                        资本化比率                              7.0%          6.5%

    Management believes that any reasonably possible change in any of        管理层相信此等假设任何一项出现任何合理
    these assumptions would not cause the aggregate carrying amount        可能变动将不会导致账面总值超过可收回总
    to exceed the aggregate recoverable amount. As at 30 June 2019,        金额。于二零一九年六月三十日,管理层认
    management determines that there is no impairment on property,        为物业、厂房及设备并无减值。

    plant and equipment.

164  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
15. INVESTMENT PROPERTIES                    15. 投资物业

                                                                                                    Total
                                                                                                    总计
                                                                                                  HK$’000
                                                                                                  千港元
    FAIR VALUE                                    公平值

    At 31 March 2017                                于二零一七年三月三十一日                    1,699,000
    Fair value loss                                    公平值亏损                                    (130,605)
    Exchange adjustment                            汇兑调整                                      (41,395)

    At 31 March 2018                                于二零一八年三月三十一日                    1,527,000
    Addition                                        添置                                          54,813
    Fair value loss                                    公平值亏损                                    (89,396)
    Exchange adjustment                            汇兑调整                                      17,583

    At 30 June 2019                                于二零一九年六月三十日                      1,510,000

    The above investment properties are located in the Philippines. The        上述投资物业位于菲律宾。本集团持作赚取
    Group’s property interest held to earn rentals is measured using the        租金之物业权益按公平值模式计量,并分类
    fair value model and is classified and accounted for as investment        及入账列为投资物业。

    property.

    The fair value of the Group’s investment properties at 30 June 2019        本集团投资物业于二零一九年六月三十日之
    was approximately HK$1,510,000,000 (31 March 2018:        公平值约为1,510,000,000港元(二零一八年三
    HK$1,527,000,000). The fair value has been arrived at based on a        月三十一日:1,527,000,000港元)。公平值乃
    valuation carried out by Jones Lang LaSalle Corporate Appraisal and        根据与本集团并无关连之独立估值师仲量联
    Advisory Limited (“JLL”), independent valuer not connected with the        行企业评估及咨询有限公司(「仲量联行」)进
    Group. JLL is a member of the Hong Kong Institute of Surveyors.            行之估值厘定。仲量联行为香港测量师学会
                                                                  会员。

    Investment properties are pledged to a bank to secure the loan and        投资物业乃质押予一间银行,作为本集团获
    general banking facilities granted to the Group (note 28).                授贷款及一般银行融资(附注28)之抵押。
                                                                                          Annual Report年报2018/19 165

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

15. INVESTMENT PROPERTIES (Continued)            15. 投资物业(续)

    The fair value was determined based on the income approach,        公平值以收入法厘定,当中参考租赁协议将
    where capitalising the estimated net income derived from the        从投资物业所得估计收入净额资本化,并计
    investment properties with reference to the Lease Agreement and        及未来增长潜力,当中参考往年达致之过往
    taking into account the future growth potential with reference to        收入趋势。折算率参考具备相若业务组合之
    historical income trend achieved in previous years. The discount rate        上市公司之加权平均资本成本厘定。所用估
    was determined by reference to weighted average cost of capital of        值技术与往年并无分别。计算可收回金额所
    the listed companies with similar business portfolio. There had been        用主要假设如下:

    no change from the valuation technique used in the prior year. Key

    assumptions used in calculating the recoverable amount are as

    follows:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
    Growth rate of revenue                    收益增长率                              3.0%          3.0%
    Discount rate                            折算率                                  12.0%          12.5%
    Capitalisation rate                        资本化比率                              7.5%          7.5%
    The fair value of the investment property at 30 June 2019 and 31        投资物业于二零一九年六月三十日及二零
    March 2018 were measured using valuation techniques with        一八年三月三十一日之公平值按使用重大不
    significant unobservable inputs and hence were classified as Level 3        可观察输入数据之估值技术计量,故分类为
    of the fair value hierarchy. There were no transfer into or out of Level        公平值层级第三级。期╱年内第三级并无任
    3 during the period/year.                                          何转入或转出。

    A significant increase/decrease in the rental value in isolation would        租金价值单独大幅增加╱减少将导致投资物
    result in a significant increase/decrease in the fair value of the        业公平值大幅增加╱减少。折算率及资本化
    investment properties. A significant increase/decrease in the        比率单独大幅增加╱减少将导致投资物业公
    discount rate and capitalisation rate in isolation would result in a        平值大幅减少╱增加。一般而言,就租金价
    significant decrease/increase in the fair value of the investment        值作出之假设变动将连带每年租金增长出现
    properties. Generally, a change in the assumption made for the        类似方向之变动。

    rental value is accompanied by a directionally similar change in the

    rent growth per annum.

    The fair value measurement is based on the above properties’        公平值计量乃以上述物业之最高及最佳用途
    highest and best use, which does not differ from their actual use.          (与彼等之实际用途无异)为基准。

166  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
16. INTANGIBLE ASSETS                          16. 无形资产

                                                                                                    Player
                                                                                              registrations
                                                                                                球员注册
                                                                                                  HK$’000
                                                                                                  千港元
    COST                                          成本

    At 1 April 2017, 31 March 2018                      于二零一七年四月一日、

                                                      二零一八年三月三十一日                            –
    Acquisition of subsidiaries(note29)                  收购附属公司(附注29)                        135,136
    Addition                                        添置                                          14,268
    Disposal                                        出售                                          (48,779)
    Exchange adjustment                            汇兑调整                                      (3,779)

    At 30 June 2019                                于二零一九年六月三十日                        96,846

    ACCUMULATED Amortisation AND IMPAIRMENT 累计摊销及减值

    At 1 April 2017, 31 March 2018                      于二零一七年四月一日、

                                                      二零一八年三月三十一日                            –
    Acquisition of subsidiaries (note29)                  收购附属公司(附注29)                          35,650
    Amortisation                                    摊销                                          28,583
    Impairment loss                                  减值亏损                                        3,954
    Disposal                                        出售                                          (19,484)
    Exchange adjustment                            汇兑调整                                      (1,413)

    At 30 June 2019                                于二零一九年六月三十日                        47,290

    CARRYING AMOUNT                            账面值

    At 30 June 2019                                于二零一九年六月三十日                        49,556

    At 31 March 2018                              于二零一八年三月三十一日                            –

    The impairment loss recognised in profit or loss represents the        于损益内确认之灭值亏损指将有关球员诠册
    written down of carrying amount of the relevant player’s registration        之照面值撇减至其由本公司董事根据有关球
    to its recoverable amount determined by the directors of the        员注册之公平值减出售成本厘定之可收回金
    Company based on fair value less cost of disposal of the relevant        额。

    player’s registration.

17. LOAN RECEIVABLE                            17. 应收贷款

    The Group’s loan receivable represents a loan to a third party        本集团应收贷款指于二零一七年八月三日授
    granted on 3 August 2017. The loan is interest bearing at 3.5% per        予一名第三方之贷 款。贷款按年利率3.5厘
    annum, repayable annually and the whole principal amount is        计息、须每年还款及本金额须于二零三三年
    repayable on 3 August 2033.                                        八月三日悉数偿还。

    The loan was secured by three parcel of land owned by the        贷款以借款人拥有之三幅土地作抵押。管理
    borrower. Management considered that the estimated fair value of        层认为,该等抵押品之估计公平值不少于截
    these collaterals was not less than the carrying amount of the        至二零一九年六月三十日及二零一八年三月
    respective loan receivable as at 30 June 2019 and 31 March 2018.          三十一日各应收贷款之账面值。

                                                                                          Annual Report年报2018/19 167

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

18. FINANCIAL ASSETS AT FAIR VALUE          18. 按公平值计入损益之金融资产

    THROUGH PROFIT OR LOSS

    Financial assets at fair value through profit or loss include the        按公平值计入损益之金融资产包括以下各
    following:                                                      项:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Non-currentassets                        非流动资产

    Deutsche Far Eastern DWS Asia High Yield    德银远东DWS亚洲高收益债券证券

    ? Bond Income Fund                      投资信托基金累积型                        –            784

    Currentassets                          流动资产

    Deutsche Far Eastern DWS Asia High Yield    德银远东DWS亚洲高收益债券证券

    ? Bond Income Fund                      投资信托基金累积型                      770              –
    Unlisted investment fund (note)            非上市投资基金(附注)                190,590              –

                                                                                  191,360              –

      Note:                                                                    附注:

      On 15 June 2018, the Company’s wholly owned subsidiary, IEC Investment Limited        于二零一八年六月十五日,本公司全资附属公司IEC
      (previously known as VMS Private Investment Partners VIII Limited) entered into a        Investment Limited(前称VMS Private Investment Partners
      Limited Partnership Agreement (the “Agreement”) to subscribe for the interests in        VIII Limited)订立有限合伙协议(「该协议」),以有限合
      the fund, as a limited partner, in the total amount of EUR26,200,000 (equivalent to        伙 人 身 份 出 资 认 购Hontai Capital Fund II Limited
      approximately HK$242,350,000) of Hontai Capital Fund II Limited Partnership (the        Partnership(「Hontai Fund」)合共26,200,000欧元(相当
      “Hontai Fund”). All required capital contribution of the investment was paid during        于约242,350,000港元)之基金收益。所有投资所需注
      the period ended 30 June 2019.                                                  资已于截至二零一九年六月三十日止期间支付。

      This Hontai Fund was established principally to achieve long-term capital        成立Hontai Fund之主要目的为实现长期资本增值,
      appreciation primarily through privately-negotiated investments in companies        主要透过私下磋商投资于从事制作及分销体育活动、
      and/or its affiliates which is/are engaged in the production and distribution of the        娱乐内容及体育赛事媒体转播权之公司及╱或其联属
      sports events and entertainment content and sports media rights market. The        公司。本集团为Hontai Fund之有限合伙人,对Hontai
      Group is a limited partner in this Hontai Fund and does not have control nor        Fund之营运及融资决策并无控制权或重大影响力。
      significant influence in the Hontai Fund’s operational and financing decisions.

      The directors of the Company have determined the fair value of the unlisted fund        本公司董事已参照具备专业资格及相关经验之独立专
      as at 30 June 2019 with reference to the valuation report issued by Jones Lang        业估值师仲量联行企业评估及咨询有限公司(「仲量
      LaSalle Corporate Appraisal and Advisory Limited (“JLL”), an independent        联行」)发出之估值报告,厘定非上市基金于二零一九
      professional valuer who has professional qualifications and relevant experience.        年六月三十日之公平值。非上市基金之公平值采用市
      The fair value of the unlisted fund is determined by market approach, with        场法参照可资比较公司之基准倍数厘 定。 截至二零
      references to comparable companies benchmark multiples. During the period        一九年六月三十日止期间,本集团于综合全面收益表
      ended 30 June 2019, the Group recognised a fair value loss approximately to        内确认公平值亏损约51,760,000港元。

      HK$51,760,000 in the consolidated statement of comprehensive income.

168  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
19. TRADE RECEIVABLES                          19. 应收账项

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Trade receivables                        应收账项                              26,760          22,399
    Less: provision for expected credit losses      减:预期信贷亏损拨备                    (310)            (10)

                                                                                    26,450          22,389

    The following is an aged analysis of trade receivables net of        以下为于报告期间结算日按发票日期(与有
    allowance for doubtful debts presented based on invoice date which        关收入确认日期相若)呈列之应收账项(扣除
    approximate the respective revenue recognition date at the end of        呆账拨备)之账龄分析。

    the reporting period.

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    0–30 days                              0至30日                                19,596          20,047
    31–60 days                              31至60日                                3,631          1,985
    61–90 days                              61至90日                                2,019            24
    Over 90 days                            超过90日                                1,204            333

                                                                                    26,450          22,389

    The Group has a policy allowing its customers credit periods        本集团设有政策给予其客户一般介乎0至90
    normally ranging from 0 to 90 days. The Group does not hold any        日之信贷期。本集团并无持有任何用作抵押
    collateral as security.                                              之抵押品。

    The Group recognised impairment loss based on the accounting        本集团根据附注3.10所述会计政策确认减值
    policy stated in Note 3.10. For detailed assessments, please refer to        亏损。有关详尽评估,请参阅附注38(a)。
    Note 38(a).

                                                                                          Annual Report年报2018/19 169

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

20. OTHER RECEIVABLES, DEPOSIT AND          20. 其他应收款项、按金及预付款项
    PREPAYMENT

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Player transfer fee receivables              应收球员转会费                        37,419              –
    Deposit                                按金                                  14,291          6,299
    Other receivables                        其他应收款项                          19,304          4,471
    Prepayment                            预付款项                              27,829          21,043
    Interest receivables                      应收利息                                3,529          1,309

                                                                                  102,372          33,122

    Represented by:                          指:

    Non-current portion                      非流动部分                            19,644          11,468
    Current portion                          流动部分                              82,728          21,654

                                                                                  102,372          33,122

170  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
21. CONTRACT ASSETS AND CONTRACT          21. 合约资产及合约负债

    LIABILITIES

    (a)  Contract assets                                      (a)  合约资产

                                                                                At 30 June        At 1 April
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日      四月一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Current contract assets relating          与提供酒店服务有关之

          ? to provision of hotel services            流动合约资产                        934            509

          In case of room revenue, the guest pays the room charge            就房间收入 而 言,客人按照付款时间
          based on the payment schedule. If the services rendered by            表支付房间收 费。 倘酒店所提供服务
          the Hotel exceed the payment, a contract asset is recognised.            多于付 款,则确认合约资 产。 倘付款
          If the payments exceed the services rendered, a contract            多于所提供服务,则确认合约负债。
          liability is recognised.

          An impairment analysis is performed at each reporting date            于各报告日期采用拨备矩阵进行减值
          using a provision matrix to measure expected credit losses.            分析,以计量预期信贷亏损。计量合
          The provision rates for the measurement of the expected            约资产之预期信贷亏损所用拨备率乃
          credit losses of the contract assets are based on those of the            以应收账项之拨备率为依 据, 原因为
          trade receivables as the contract assets and the trade            合约资产及应收账项乃源自相同客户
          receivables are from the same customer bases. The provision            群。合约资产之拨备率乃基于按相若
          rates of contract assets are based on days past due of trade            亏损模式适当分类之应收账项之逾期
          receivables appropriately grouped by similar loss pattern. The            日 数。有关计算反映概率加权结果、
          calculation reflects the probability weighted outcome, the            货币时间价值以及于报告日期可获得
          time value of money, and reasonable and supportable            有关过往事 件、 当前状况及未来经济
          information that is available at the reporting date about past            状况预测之合理及有据可依之资料。
          events, current conditions and forecast of future economic

          conditions.

          After applying the expected credit loss rate to gross amount            对合约资产总值应用预期信贷亏损率
          of contract assets, the management considered that the            后, 管 理层认为合约资产之减值亏损
          provision of impairment loss of contract assets is immaterial to            拨备对综合财务报表而言属微不足道。
          the consolidated financial statements.

                                                                                          Annual Report年报2018/19 171

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

21. CONTRACT ASSETS AND CONTRACT          21. 合约资产及合约负债(续)

    LIABILITIES (Continued)

    (b)  Contract liabilities                                  (b)  合约负债

                                                                                At 30 June        At 1 April
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日      四月一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Contract liabilities relating to            与提供酒店服务有关之

          ? provision of hotel service                合约负债                              601            262
          Contract liabilities relating to            与比赛日收入有关之

          ? matchday income                      合约负债                          10,742              –

                                                                                    11,343            262

          Contract liabilities mainly represents receipts in advance from            合约负债主要指预收经营酒店分部客
          customers of the Hotel operation and deferred income from            户之款项及销售足球俱乐部季票所得
          sale of seasonal tickets of the football club. The contract            递延收入。 因 比赛日收入而产生之合
          liabilities arising from matchday income represented the sales            约负债指季票销售 额。 倘付款多于所
          of seasonal tickets. The payments exceed the services            提供服务(足球 比 赛 ), 则确认合约负
          rendered (football match), a contract liability is recognised.                债。

172  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
21. CONTRACT ASSETS AND CONTRACT          21. 合约资产及合约负债(续)

    LIABILITIES (Continued)

    (b)  Contract liabilities (Continued)                          (b)  合约负债(续)

          Movements in contract liabilities:                                    合约负债变动如下:

                                                                      Hotel    Matchday

                                                                      service      income        Total
                                                                    酒店服务    比赛日收入          总计
                                                                    HK$’000      HK$’000      HK$’000
                                                                      千港元        千港元        千港元
          Balance as at 1 April 2018        于二零一八年四月一日

                                        之结余                        262            –          262
          Acquisition of subsidiaries        收购附属公司

          ? (note29(b))                  (附注29(b))                      –        14,949        14,949
          Decrease in contract liabilities as a  期内因确认收入而引致之

          ? result of recognising revenue      合约负债减少

          ? during the period that was      (计入年初╱收购

          ? included in the contract liabilities  日期之合约负债)

          ? at the beginning of the year/

          ? acquisition date                                                (260)      (14,736)      (14,996)
          Increase in contract liabilities      期内合约负债增加

          ? during the period                                              587        10,948        11,535
          Exchange difference            汇兑差额                          12          (419)        (407)

          Balance as at 30 June 2019        于二零一九年六月三十日

                                        之结余                        601        10,742        11,343

                                                                                          Annual Report年报2018/19 173

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

22. TRADE PAYABLES, OTHER PAYABLES AND    22. 应付账 项、 其他应付款项及应计费
    ACCRUED CHARGES                              用

    Trade payables, other payables and accrued charges comprise        应付账项、其他应付款项及应计费用包括采
    amounts outstanding for the purchase and ongoing costs.                购及持续成本之未支付金额。

    The following is an aged analysis of trade payables presented based        以下为于报告期间结算日按发票日期呈列之
    on the invoice date at the end of the reporting period.                  应付账项账龄分析。

    The average credit period on purchase of goods is 90 days.                采购货品之平均信贷期为90日。

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    0–30 days                              0至30日                                10,609          3,586
    31–60 days                              31至60日                                7,246            280
    61–90 days                              61至90日                                961            159
    Over 90 days                            超过90日                                1,716          1,270

                                                                                    20,532          5,295

174  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
23. DEFERRED TAX LIABILITIES                  23. 递延税项负债

    Details of the deferred tax assets and liabilities recognised and        期╱年内确认之递延税项资产及负债以及其
    movement during the period/year are listed as follow:                    变动详情列示如下:

                                                        Fairvalue

                                                      adjustments    Fairvalue    Fairvalue  Withholding  Unrealised

                                            Accelerated  onProperty,  adjustments  adjustment      taxon    foreign

                                                capital    plantand oninvestment  onintangible undistributed    exchange

                                              allowance  equipment  properties      assets    earnings      gain      Total
                                                      物业、厂房及

                                                          设备之  投资物业之  无形资产之      未分派      未变现

                                            加速资本拨备  公平值调整  公平值调整  公平值调整  盈利之预扣税    汇兑收益      总计
                                              HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000    HK$’000
                                                千港元      千港元      千港元      千港元      千港元      千港元      千港元
    At1April2017            于二零一七年四月一日            –      25,085    115,947        –      14,134      11,677    166,843
    (Credited)/chargedtoprofitorloss  年内于损益(计入)╱

    ? fortheyear(note11)        扣除(附注 11)              –      (1,087)      5,624        –        –      (1,241)      3,296
    Exchangeadjustments        汇兑调整                    –      (638)      (3,135)        –        –      (281)      (4,054)

    At31March2018          于二零一八年三月三十一日        –      23,360    118,436        –      14,134      10,155    166,085

    (Credited)/chargedtoprofitorloss  期内于损益(计入)╱

    ? fortheperiod(note11)        扣除(附注 11)              –      (203)      5,928      (5,593)        –      8,502      8,634
    Acquisitionofsubsidiaries(note29)  收购附属公司(附注 29)          39      1,684        –      6,162        –        –      7,885
    Exchangeadjustments        汇兑调整                    –      251      1,688        (97)        –      340      2,182

    At30June2019            于二零一九年六月三十日          39      25,092    126,052      472      14,134      18,997    184,786

                                                                                          Annual Report年报2018/19 175

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

23. DEFERRED TAX LIABILITIES (Continued)          23. 递延税项负债(续)

    At 30 June 2019, the Group had estimated unused tax losses of        于二零一九年六月三十日,本集团有估计未
    approximately HK$794,752,000 (31 March 2018: HK$107,113,000) and        动用税项亏损约794,752,000港 元( 二零一八
    deductible temporary differences of approximately HK$6,466,000 (31        年三月三十一日:107,113,000港元)及因本
    March 2018: HK$6,268,000) arising from certain companies within        集团旗下若干蒙受年度亏损之公司引致之可
    the Group that are suffering from losses for years available for offset        供 抵 销 未 来 盈 利 之 可 扣 减 暂 时 差 额 约
    against future profits. At 30 June 2019 and 31 March 2018, no        6,466,000港元(二零一八年三月三十一日:
    deferred tax assets was recognised for such losses due to the        6,268,000港元 )。于二零一九年六月三十日
    unpredictability of future profit streams from these companies        及二零一八年三月三十一日,由于难以预计
    within the Group. Tax losses amounting to approximately        本集团旗下该等公司之未来盈利来源,故并
    HK$709,433,000 (31 March 2018: HK$58,253,000) may be carried        无就该等亏损确认递延税项资产。税项亏损
    forward indefinitely. The remaining tax losses will be expired as        约709,433,000港 元( 二零一八年三月三十一
    follows:                                                        日:58,253,000港元)可无限期结转。税项亏
                                                                  损余额将于以下年份到期:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Year 2018                              二零一八年                                  –          17,958
    Year 2019                              二零一九年                            15,281          15,082
    Year 2020                              二零二零年                            12,493          12,330
    Year 2021                              二零二一年                            51,138          3,490
    Year 2022                              二零二二年                              6,407              –

                                                                                    85,319          48,860

24. RETIREMENT BENEFIT COSTS                  24. 退休福利成本

    The retirement benefit costs of the Group recognised to        于综合全面收益表确认之本集团退休福利成
    consolidated statement of comprehensive income are as follows:          本如下:

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Hong Kong                            香港                                      217            190
    The Philippines                          菲律宾                                  1,469          1,024
    The UK                                英国                                  13,607              –

                                                                                    15,293          1,214

176  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
24. RETIREMENT BENEFIT COSTS (Continued)          24. 退休福利成本(续)

    Pursuant to Mandatory Provident Fund Schemes Ordinance (Chapter        根据《强制性公积金计划条例》(香港法例第
    485, Laws of Hong Kong), the Group participates in a defined        485章),本集团于香港参与一项界定公积金
    provident fund retirement benefit scheme in Hong Kong.                退休福利计划。

    Under the relevant law in the Philippines, it provides a benefit to        根据菲律宾相关法例,规定向合资格雇员提
    qualified employees but it does not require minimum funding of the        供福利,但并无规定计划之最低拨款。倘实
    plan. In the absence of any pension plan in the entity, the relevant        体概无任何退休金计划,相关法例规定向合
    law requires a provision for retirement pay to qualified employees.          资格雇员提供退休金。

    In addition to participating in national insurance contribution for        除为英国雇员参与国家保险供款外,本集团
    employees in the UK, the Group also participates in the Scheme,        亦参与该计划,该计划为获拨资之多雇主界
    which is a funded multi-employers defined benefit scheme, with 92        定福利计划,有92名雇主参与,而成员于期
    participating employers, and where members may have periods of        内可服务于多名参与雇主。

    service attributable to several participating employers.

    Defined contribution scheme in Hong Kong                  香港界定供款计划

    The Group participates in a mandatory provident fund retirement        本集团于香港参与一项强制性公积金退休福
    benefit scheme in Hong Kong. The relevant scheme assets are held        利计划。有关计划资产以受托人控制之基金
    separately from those of the Group, in funds under the control of the        持有,与本集团之资产分开单独持有。根据
    trustee. Under that scheme, the Group is required to make        有关计划,本集团须根据《强制性公积金计
    contributions pursuant to the Mandatory Provident Fund Schemes        划条例(》香港法例第485章)之规定作出供款。
    Ordinance (Chapter 485, Laws of Hong Kong).

    The Group’s contributions to the retirement benefit scheme in Hong        于截至二零一九年六月三十日止期间之综合
    Kong charged to the consolidated statement of comprehensive        全面收益表扣账之本集团向香港退休福利计
    income for the period ended 30 June 2019 was approximately        划之供款约为217,000港元(截至二零一八年
    HK$217,000 (Year ended 31 March 2018: HK$190,000).                    三月三十一日止年度:190,000港元)。

                                                                                          Annual Report年报2018/19 177

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

24. RETIREMENT BENEFIT COSTS (Continued)          24. 退休福利成本(续)

    Defined contribution scheme in the United Kingdom          英国界定供款计划

    For national insurance contribution in the UK, the Group has no legal        就英国国家保险供款而言,倘基金并无足够
    or constructive obligations to pay further contributions if the funds        资产支付雇员退休,本集团并无法定或推定
    does not hold sufficient assets to pay the employees on their        责任支付进一步供款。 就该计划之供款而
    retirement. For the contribution to the Scheme, the Group is unable        言,本集团无法识别其应占该计划之资产及
    to identify its share of the assets and liabilities of the Scheme and        负债,因此将其向该计划之供款按犹如此乃
    consequently accounts for its contributions into the Scheme as if        向界定供款计划支付之供款入账。

    they were paid to a defined contribution scheme.

    The Group is advised only of the additional contributions it is        本集团仅获告知其须支付以补足欠款之额外
    required to pay to make good the deficit. Base on the latest triennial        供款。据每三年进行一次之最近期精算估值
    actuarial valuation, which showed a deficit of HK$301,575,000 of the        所示,按持续估值基准计算之该计划欠款为
    Scheme on the ongoing valuation basis, HK$198,000 has been        301,575,000港元,其中198,000港元获分配为
    allocated as the Group’s share of deficit. The deficit is funded by        本集团应占之欠款。该欠款由现行年度供款
    annual contribution of HK$36,000 currently and the annual        36,000港元(按精算估值假设计算得出)拨
    contribution will increase by 5% per annum from September 2019        付,而有关年度供款将自二零一九年九月起
    based on the actuarial valuation assumptions, and expect to be        按年增加5%,并预期足以拨付于二零二三
    sufficient to pay off the deficit by 2023. However, it could increase in        年前结清欠款。然而,倘一名或以上参与雇
    the future if one or more of the participating employers exits the        主退出该计划,则有关款项日后或会增加。
    Scheme.

    The total contributions recognised in profit and loss across all        截至二零一九年六月三十日止期间就所有计
    schemes during the period ended 30 June 2019 amounted to        划于损益确认之供款总额为13,607,000港元。
    HK$13,607,000.

    Defined benefit scheme in the Philippines                  菲律宾界定福利计划

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Net defined benefit obligations              界定福利责任净额                        6,282          4,355

    The Group operates a funded defined benefit plan for the qualified        本集团为其菲律宾附属公司之合资格雇员设
    employees of its subsidiary in the Philippines.                          有一项获拨资之界定福利计划。

178  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
24. RETIREMENT BENEFIT COSTS (Continued)          24. 退休福利成本(续)

    Defined benefit scheme in the Philippines (Continued)          菲律宾界定福利计划(续)

    The defined benefit plan is administrated by trustee appointed by        界定福利计划由本公司相关附属公司所委任
    the respective subsidiary of the Company and is legally separated        受托人管理,且此计划于法律上与该附属公
    from the subsidiary. Under the plan, the qualified employees are        司并不相连。根据该计划,合资格雇员达正
    entitled to retirement benefits equivalent to final plan salary for        常退休年龄时,有权就每个信托服务年度获
    every year of credit service at the normal retirement age. There are        取等同于最后计划薪金之退休福利。退休福
    no unusual or significant risks to which the retirement benefit        利责任并不会令本公司有关附属公司承受不
    obligations expose the relevant subsidiary of the Company.        寻常或重大风险。然而,倘根据退休福利计
    However, in the event a benefit claim arises under the retirement        划提出福利申索而退休基金并不足以支付责
    benefit scheme and the retirement fund is not sufficient to settle the        任,则该申索未拨付资金之部分将即时到
    obligation, the unfunded portion of the claim shall immediately be        期,并应由本公司有关附属公司支付予退休
    due and payable by the relevant subsidiary of the Company to the        基金。

    retirement fund.

    (a)  The amount included in the consolidated statement of        (a)  本集团就其界定福利计划之责任所产
          financial position arising from the Group’s obligation in            生包括在综合财务状况表之金额如下:
          respect of its defined benefit plans is as follows:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Present value of defined benefit obligations 界定福利责任现值                      6,332          4,402
          Fair value of plan assets                计划资产公平值                          (50)            (47)

          Net liability arising from defined benefit    界定福利责任产生之负债净额

          ?obligations                                                                6,282          4,355

    (b)  Movements in the present value of the defined benefit        (b)  截至二零一九年六月三十日止期间及
          obligations for both period ended 30 June 2019 and year            截至二零一八年三月三十一日止年度,
          ended 31 March 2018 are as follows:                                  界定福利责任现值变动如下:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          At 1 April                            于四月一日                            4,402          5,553
          Current service costs                  现有服务成本                          1,112            734
          Interest cost                          利息成本                                361            293
          Actuarial losses/(gains)                精算亏损╱(收益)                    1,344          (1,748)
          Benefits paid                        已付福利                                (984)          (254)
          Exchange realignment                汇兑调整                                97            (176)

                                                                                    6,332          4,402

                                                                                          Annual Report年报2018/19 179

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

24. RETIREMENT BENEFIT COSTS (Continued)          24. 退休福利成本(续)

    (c)  Movements in the fair value of the plan assets for both the        (c)  截至二零一九年六月三十日止期间及
          period ended 30 June 2019 and year ended 31 March 2018 are            截至二零一八年三月三十一日止年度,
          as follows:                                                      计划资产公平值变动如下:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          At 1 April                            于四月一日                              47            47
          Interest income                      利息收入                                  4              3
          Actuarial loss                        精算亏损                                  (2)            (2)
          Exchange realignment                汇兑调整                                  1              (1)

                                                                                      50            47

    (d)  Amounts recognised in the consolidated statement of        (d)  于综合全面收益表确认有关该等界定
          comprehensive income in respect of these defined benefit            福利计划之金额如下:

          plans are as follows:

                                                                              Period ended      Year ended
                                                                              30 June 2019  31 March 2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Service cost:                        服务成本:

          Current service costs                  现有服务成本                          1,112            734
          Net interest expense                  利息支出净额                            357            290

          Components of defined benefit costs      于损益确认之界定福利成本部分

          ? recognised in profit or loss                                                  1,469          1,024

          Remeasurement on the net defined      重新计量界定福利负债净额:

          ? benefit liability:

          Actuarial (losses)/gains                精算(亏损)╱收益                      (1,344)          1,748

180  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
24. RETIREMENT BENEFIT COSTS (Continued)          24. 退休福利成本(续)

    (d)  (Continued)                                                (d) (续)

          The defined benefit cost of HK$1,469,000 (2018: HK$1,024,000)            界定福利成本1,469,000港元(二零一八
          has been included in the administrative expenses. The            年:1,024,000港元)包括在行政开支。
          remeasurement of the net defined benefit liability is included            重新计量界定福利负债净额包括在其
          in other comprehensive income.                                    他全面收益。

          The Group has also made provision for estimated liabilities for            本集团亦在没有退休金计划之情况下
          retirement benefit obligations, in the absence of any pension            就退休福利责任之估计负债作出拨备,
          plan, covering the qualified employees of its another            涵盖于菲律宾其他附属公司之合资格
          subsidiary in the Philippines. There are no unusual or            雇员。 退 休福利责任并不会令本公司
          significant risks to which the retirement benefit obligations            有关附属公司承受不寻常或重大风险。
          expose the relevant subsidiary of the Company. However in            然而,倘提出福利申索,该责任将即
          the event a benefit claim arises, the obligations shall            时到 期, 并应由本公司有关附属公司
          immediately be due and payable by the relevant subsidiary of            支付。

          the Company.

          The most recent actuarial valuation of plan assets and the            计划资产最近期精算估值及界定福利
          present value of the defined benefit obligations at 30 June            责任于二零一九年六月三十日之现值
          2019 were carried out by E.M. Zalamea Actuarial Services, Inc.            由 独 立 精 算 师E.M. Zalamea Actuarial
          and Institutional Synergy, Inc. (2018: E.M. Zalamea Actuarial            Services, Inc.及Institutional Synergy, Inc.
          Services, Inc.) (members of the Actuarial Society of the            ( 二 零 一 八 年:E.M. Zalamea Actuarial
          Philippines), the independent actuaries.                              Services, Inc.)( 为Actuarial Society of the
                                                                        Philippines之成员)进行。

          The present value of the defined benefit obligations, and the            界定福利责任之现值及相关现有服务
          related current service cost and past service cost, were            成本及过往服务成本乃采用预计单位
          measured using the projected unit credit method.                      计入法计量。

                                                                                          Annual Report年报2018/19 181

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

24. RETIREMENT BENEFIT COSTS (Continued)          24. 退休福利成本(续)

    (e)  The principal assumptions used for the purpose of the        (e)  就精算估值使用之主要假设如下:

          actuarial valuation were as follows:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Discount rate                        折算率                        5.12%–5.16%    7.00%–7.91%
          Expected rate of salary increase          预期薪金增长率                4.00%–5.00%    4.00%–5.00%

          The discount rate assumption is based on the spot yield curve            折算率假设乃基于自市场收益计算得
          calculated from the market yields by striping the coupons            出之现货收益曲线, 此 乃透过于二零
          from government bonds to create theoretical zero-coupon            一九年六月三十日及二零一八年三月
          bonds as of the valuation date as at 30 June 2019 and 31            三十一日剔除截至估值日之政府债券
          March 2018.                                                    之票息以创造理论零票息债券。

          The actuarial valuation showed that the fair values of the            精算估值显示, 以 上单位投资信托基
          above unit investment trust funds are determined based on            金之公平值乃根据按市值计价之估值
          mark-to-market valuation.                                          厘定。

          The actual return on plan assets was a loss of approximately            计划资产实际回报为亏损约2,000港元
          HK$2,000 (2018: HK$1,000).                                        (二零一八年:1,000港元)。

          The weighted average duration of the defined benefit            界定福利责任加权平均期为14.8年(二
          obligations is 14.8 years (2018: 13.5 years).                            零一八年:13.5年)。

          Based on the actuarial reports prepared by the independent            根据独立精算师编制之精算报 告, 本
          actuaries, the Group’s expected contribution is to be made to            集团预期毋须为下一财政年度界定福
          the defined benefit plan for the next financial year is nil (2018:            利计划作出供款(二零一八年:无)。
          nil).

182  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
25. SHARE CAPITAL                              25. 股本

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Ordinary shares of HK$0.1 each              每股面值0.1港元之普通股

    Authorised:                            法定:

    2,000,000,000 ordinary shares              2,000,000,000股普通股                2,000,000        2,000,000

    Issued and fully paid:                    已发行及缴足:

    1,369,157,235 (2018: 1,179,157,235)          年初之普通股1,369,157,235股

    ? ordinary shares at beginning of year        (二零一八年:1,179,157,235股)      1,369,157        1,179,157
    Issuance of ordinary shares (note)            发行普通股(附注)                          –        190,000

    1,369,157,235 (2018: 1,369,157,235)          期╱年末之普通股1,369,157,235股

    ? ordinary shares at end of period/year        (二零一八年:1,369,157,235股)      1,369,157        1,369,157

      Note:                                                                    附注:

      On 10 August 2017, the Company completed a share placing to not less than 6        于二零一七年八月十日,本公司完成按配售价1.9港
      places for an aggregate of 190,000,000 shares at placing price of HK$1.9. The net        元向不少于6名承配人配售合共190,000,000股股份。
      proceeds from the placing was amounted to HK$359,167,000, net of placing        配售所得款项净额为359,167,000港元,扣除配售佣金
      commission and other related expenses.                                          及其他相关开支。

                                                                                          Annual Report年报2018/19 183

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

26. SHARE-BASED PAYMENT                      26. 以股份为基础付款

    On 9 July 2018, a total of 13,691,572 share options were granted to        于二零一八年七月九 日,合共13,691,572份
    eligible persons and entitled the grantees to subscribe for ordinary        购股权已授予合资格人士,赋予承授人权利
    shares at an exercise price of HK$1.57 per share, with closing price        按行使价每股1.57港元认购普通股,紧接购
    per share immediately before the date on which the share options        股权授出日期前之每股收市价为1.40港元。
    were granted at HK$1.40. The options may be exercisable during the        购股权可于二零一八年七月九日至二零二八
    period from 9 July 2018 to 8 July 2028.                                年七月八日期间行使。

    Key assumptions used in calculating the fair value of share option        计算授出之购股权公平值所用主要假设如
    granted are as follow:                                            下:

    Expected volatility                                预期波幅                                      62.73%
    Risk Free Rate                                    无风险利率                                      2.78%
    Expected dividend rate                            预期股息率                                        0%
    Exercise Multiple                                行使倍数                                          2.86
    The volatility assumption is measured at the average of the        波幅假设乃按同一期间内可资比较公司之股
    comparable companies’ share price return volatility over the same        价回报波幅之平均数计量。

    period.

    Share options were granted with no vesting condition. There were        授出购股权并无附带归属条件。概无与授出
    no market conditions associated with the share option grants. Since        购股权相关之市场条件。由于股购权之公平
    the share options fair value is zero, no share-based payment has        值为零,故期内概无于综合全面收益表内确
    been recognised in the consolidated statement of comprehensive        认任何以股份为基础付款。

    income during the period.

    Details and movements of share options are as follows:                  购股权之详情及变动如下:

                                                                                Weighted

                                                                                  average

                                                                            exercise price        Number
                                                                          加权平均行使价          数目
                                                                                                      ’000
                                                                                                    千份
    At 1 April 2017                          于二零一七年四月一日                        –

    Granted during the year                  年内授出                                  1.94          57,466

    At 31 March 2018                        于二零一八年三月三十一日                  1.94          57,466
    Granted during the period                  期内授出                                  1.57          13,692

    At 30 June 2019                        于二零一九年六月三十日                  1.87        71,158

184  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
26. SHARE-BASED PAYMENT (Continued)              26. 以股份为基础付款(续)

    The weighted average exercise price of options outstanding for the        截至期末尚未行使之购股权之加权平均行使
    period ended is HK$1.87 (2018: HK$1.94) and their weighted average        价为1.87港元(二零一八年:1.94港元)及其
    remaining contractual life was 8.55 years (2018: 9.68 years).                加权平均剩余合约年期为8.55年(二零一八
                                                                    年:9.68年)。

    Of the total number of options outstanding at the end of the period/        于截至期╱年末尚未行使之购股权总数当
    year, all were exercisable at the end of the period/year. All of the        中,全部均可于期╱年末行使。所有尚未行
    share options outstanding were held by third party grantees, the        使之购股权均由第三方承授人持有,而本集
    directors and employees of the Group did not hold any share        团董事及雇员并无持有任何购股权。

    options.

    No share options were exercised during the period ended 30 June        截至二零一九年六月三十日止期间及截至二
    2019 and year ended 31 March 2018.                                零一八年三月三十一日止年度,概无购股权
                                                                  获行使。

27. PROMISSORY NOTE                          27. 承兑票据

    The promissory note was issued on 3 October 2016 by Fortune        承兑票据于二零一六年十月三日由本公司全
    Growth Overseas Limited, a wholly-owned subsidiary of the        资附属公司Fortune Growth Overseas Limited
    Company, to a subsidiary of Chow Tai Fook (Holding) Limited for the        向Chow Tai Fook (Holding) Limited旗下一间附
    acquisition of additional interest in a subsidiary of the Company        属公司发行,以收购本公司旗下一间附属公
    which is a non-cash transaction. The promissory note carries interest        司额外权益,此乃非现金交易。承兑票据就
    which accrues on the outstanding principal amount of        未偿还本金额350,000,000港元自其发行日期
    HK$350,000,000 from its issue date until repayment in full of the        起直至本金额获悉数偿还止按固定年利率4
    principal amount at the fixed rate of 4% per annum. The promissory        厘应计利息。承兑票据将于紧接其发行日期
    note shall become due and payable in full on the business day        满第五周年前一个营业日全数到期及必须偿
    immediately preceding the fifth anniversary of its issue date and is        还,为无抵押,并由本公司担保。

    unsecured and guaranteed by the Company.

    The promissory note is denominated in HK$ which is the foreign        承兑票据以港元计值,港元乃相关集团实体
    currency of the relevant group entity (where functional currency is      (其功能货币为披索)之外币。

    Peso).

                                                                                          Annual Report年报2018/19 185

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

28. BANK BORROWINGS                          28. 银行借贷

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Non-current                            非流动

    Bank loans due for repayment more          一年后到期偿还之银行贷款

    ? than one year                                                                71,473              –

    Current                                流动

    Bank loans due for repayment within one year  一年内到期偿还之银行贷款                4,765              –

      Note:                                                                    附注:

      On 4 March 2019, a banking facility was granted to a subsidiary of the Group of        于二零一九年三月四日,本集团旗下一间附属公司获
      Peso1,500,000,000 (equivalent to HK$223,492,000), of which Peso500,000,000 has        授银行融资1,500,000,000披索(相当于223,492,000港
      been utilised as at 30 June 2019. Interest is charged at a fixed rate of 8.53% per        元),其中500,000,000披索于二零一九年六月三十日
      annum in respect to this banking facility.                                          已获动用。该笔银行融资按固定年利率8.53厘计息。
      The bank loans are secured by the subsidiaries’ investment properties (note 15)        银行贷款由资产净值为1,510,000,000港元之附属公司
      with net asset value of HK$1,510,000,000.                                          之投资物业(附注15)作抵押。

      At 30 June 2019, total non-current bank loans was scheduled to repay as follows:          于二零一九年六月三十日,预定按以下情况偿还非流
                                                                                动银行贷款总额:

                                                                                                  At 30 June        At 31 March
                                                                                                      2019              2018
                                                                                              于二零一九年      于二零一八年
                                                                                                六月三十日      三月三十一日
                                                                                                    HK$’000            HK$’000
                                                                                                      千港元            千港元
      More than one year, but not exceeding two years      一年后但不超过两年                              19,060                –
      More than two years, but not exceeding five years      两年后但不超过五年                              52,413                –

                                                                                                      71,473                –

186  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
29. BUSINESS ACQUISITION                      29. 业务收购

    (a)  Acquisition of Rational Live Events Macau Limited      (a)  收购理性现场活动澳门有限公司
          On 28 August 2018, the Company’s subsidiary, Lucky Genius            于二零一八年八月二十八日, 本 公司
          Limited, entered into share purchase agreement with Global            附 属 公 司Lucky Genius Limited分 别 与
          Poker Tours Limited and European Poker Tour (IOM) Limited            Global Poker Tours Limited及European
          for the purchase of all their 96% and 4% interest in Rational            Poker Tour (IOM) Limited订立购股协议,
          Live Events Macau Limited (“RLEM”) respectively at a total            以 按 总 代 价436,272美 元( 相 当 于 约
          consideration of USD436,272 (equivalent to approximately            3,425,000港 元)购 买Global Poker Tours
          HK$3,425,000). The Group holds 100% of the issued shares of            Limited及European Poker Tour (IOM)
          RLEM after the completion of acquisition.                              Limited于理性现场活动澳门有限公司
                                                                        (「理性现场活动」)之96%及4%权益。
                                                                        收购完成 后, 本集团持有理性现场活
                                                                        动之全部已发行股份。

          The fair values of identifiable assets and liabilities of RLEM as at            理性现场活动于收购当日之可识别资
          the date of acquisition were as follows:                                产及负债之公平值如下:

                                                                                                  HK$’000
                                                                                                  千港元
          Property, plant and equipment                    物业、厂房及设备                              740
          Deposits and other receivables                    按金及其他应收款项                            257
          Bank balances and cash                        银行结存及现金                                2,785
          Deposits received, other payables and accruals      已收按金、其他应付款项及应计费用              (318)
          Deferred tax liabilities                          递延税项负债                                    (39)

          Total identified net assets                    已识别净资产总额                              3,425

          Purchase consideration settled by cash          以现金偿付之购买代价                          3,425

          Cash outflow/(inflow) arising from acquisition of a subsidiary:              收购附属公司产生之现金流出╱( 流
                                                                        入):

                                                                                                  HK$’000
                                                                                                  千港元
          Consideration settled by cash                    以现金偿付之代价                              3,425
          Bank balances and cash acquired                  已收购银行结存及现金                        (2,785)

                                                                                                      640

          Since the acquisition date, RLEM has contributed revenue of            自收购日期以 来, 理性现场活动为本
          HK$5,161,000 and a loss after tax of HK$2,897,000 to the            集团带来收入5,161,000港元及除税后
          Group. If the acquisition had occurred on 1 April 2018, the            亏 损2,897,000港 元。 倘 收 购 于 二 零
          Group’s revenue and loss after tax would have been            一八年四月一日发 生, 则本集团之收
          HK$466,694,000 and HK$94,194,000 respectively. This pro            入及除税后亏损将分别为466,694,000
          forma information is for illustrative purposes only and is not            港元及94,194,000港元。本备考资料仅
          necessarily an indication of revenue and results of operations            供说明用 途, 不一定为倘收购于二零
          of the Group that actually would have been achieved had the            一八年四月一日完 成, 本集团实际可
          acquisition been completed on 1 April 2018, nor is it intended            达致之收入及经营业绩之指标, 亦 无
          to be a projection of further performance.                            意作为未来业绩之预测。

                                                                                          Annual Report年报2018/19 187

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

29. BUSINESS ACQUISITION (Continued)              29. 业务收购(续)

    (b)  Acquisition of Wigan Athletic Holdings Limited          (b)  收购 WiganAthleticHoldingsLimited
          On 21 May 2018, the Group entered into share purchase            于二零一八年五月二十一日, 本 集团
          agreement (the “Share Purchase Agreement”) with David            与David Whelan、Patricia Whelan、Jayne
          Whelan, Patricia Whelan, Jayne Best and Whelan Family Bare            Best及Whelan Family Bare Trus(t 「 受 托
          Trust (the “Trustees”) (Combined as “Vendors”), in which the            人」)(统称「卖方」)订立购股协议(「购
          Group conditionally agreed to acquire the entire issued share            股协议」),据此,本集团有条件同意
          capital (including both ordinary shares and preference            购  买Wigan Athletic Holdings Limited
          ordinary shares) of Wigan Athletic Holdings Limited (“Wigan”)            (「Wigan」)之 全部已发行股 本( 包 括普
          and the shareholding of the Trustees of the Whelan Family            通股及优先股)及Whelan Family Bare
          Bare Trust in Wigan Athletic A.F.C. Limited (“Wigan AFC”),            Trust之 受 托 人 于Wigan之 附 属 公 司
          which is a subsidiary of Wigan.                                      Wigan Athletic A.F.C. Limited(「Wigan
                                                                        AFC」)之股权。

          The Group completed the acquisition of Wigan and its            本集团于购股协议之所有先决条件于
          subsidiaries when all conditions precedent under the Share            二零一八年十一月七日(「完成日期」)
          Purchase Agreement had been fulfilled on 7 November 2018            达成时完成收购Wigan及其附属公司。
          (the “Completion Date”).

          The fair values of identifiable assets and liabilities of Wigan as            Wigan于完成日期之可识别资产及负债
          at the Completion Date were as follows:                              之公平值如下:

                                                                                                  HK$’000
                                                                                                  千港元
          Fair value of the consideration                代价之公平值                                183,624
          Less:                                        减:

          Fair value of identifiable assets and liabilities of  Wigan于完成日期之可识别资产

          ? Wigan on Completion Date                    及负债之公平值

          Property, plant and equipment                    物业、厂房及设备                            309,881
          Intangible assets — player registrations            无形资产 — 球员注册                          99,486
          Inventories                                  存货                                            341
          Trade receivables                              应收账项                                      9,332
          Other receivables, deposits and prepayments        其他应收款项、按金及预付款项                11,092
          Bank balances and cash                        银行结存及现金                                1,150
          Trade payables                                应付账项                                    (16,390)
          Other payables and accrued charges              其他应付款项及应计费用                      (64,918)
          Contract liabilities                              合约负债                                    (14,949)
          Deferred tax liabilities                          递延税项负债                                  (7,846)

                                                                                                  327,179
          Add:                                        加:

          Non-controlling interests                      非控股权益                                  26,765

          Gain on bargain purchase                    议价收购收益                              (116,790)

188  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
29. BUSINESS ACQUISITION (Continued)              29. 业务收购(续)

    (b)  Acquisition of Wigan Athletic Holdings Limited          (b)  收购WiganAthleticHoldingsLimited
          (Continued)                                                  (续)

          Cash outflow/(inflow) arising from acquisition of subsidiaries:              收购附属公司产生之现金流出╱(流
                                                                        入):

                                                                                                  HK$’000
                                                                                                  千港元
          Consideration settled by cash                    以现金偿付之代价                            183,624
          Bank balances and cash acquired                  已收购银行结存及现金                        (1,150)

                                                                                                  182,474

          The directors of the Company have determined the fair values            本公司董事已参照具备专业资格及相
          of the identifiable assets and liabilities of Wigan on            关经验之独立专业估值师仲量联行企
          Completion Date with reference to the valuation report issued            业评估及咨询有限公司(「仲量联行」)
          by Jones Lang LaSalle Corporate Appraisal and Advisory            发出之估值报告,厘定Wigan于完成日
          Limited (“JLL”), an independent professional valuer who has            期之可识别资产及负债之公平值。

          professional qualifications and relevant experience.

          Non-controlling interests of HK$26,765,000 (equivalent to            非 控 股 权 益26,765,000港 元( 相 当 于
          GBP2,610,000) is calculated as 13.76% and 15% of the share of            2,610,000英镑)计算为占Wigan AFC及
          fair value of identifiable net assets and liabilities of Wigan AFC            Wigan Football Company Limited之可识
          and Wigan Football Company Limited respectively.                      别净资产及负债公平值分别13.76%及
                                                                        15%。

          Any goodwill or discount arising on Acquisition will be            收购所产生任何商誉或折算将厘定为
          determined as the excess or deficit of the purchase price to be            本集团将产生之购买价超出或少于其
          incurred by the Group over the Group’s interests in the fair            所持Wigan于完成日期之可识别资产及
          value of the identifiable assets and liabilities of Wigan at the            负债之公平值权益之金额。 本 集团所
          Completion Date. Excess of the Group’s interests in the fair            持Wigan之可识别资产及负债之公平值
          value of the identifiable assets and liabilities of Wigan over            权益超出代价之金额应即时于综合全
          consideration should be recognized immediately in the            面收益表内确认。

          consolidated statement of comprehensive income.

          Since the acquisition date, Wigan has contributed revenue of            自收购日期以来,Wigan为本集团带来
          HK$80,936,000 and a profit after tax of HK$2,994,000 to the            收 入80,936,000港 元 及 除 税 后 盈 利
          Group. If the acquisition had occurred on 1 April 2018, the            2,994,000港元。倘收购于二零一八年
          Group’s revenue and loss after tax would have been            四月一日发 生, 则本集团之收入及除
          HK$529,502,000 and HK$113,896,000 respectively. This pro            税后亏损将分别为529,502,000港元及
          forma information is for illustrative purposes only and is not            113,896,000港元。本备考资料仅供说明
          necessarily an indication of revenue and results of operations            用 途, 不一定为倘收购于二零一八年
          of the Group that actually would have been achieved had the            四月一日完成, 本 集团实际可达致之
          acquisition been completed on 1 April 2018, nor is it intended            收入及经营业绩之指标, 亦 无意作为
          to be a projection of further performance.                            未来业绩之预测。

                                                                                          Annual Report年报2018/19 189

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

30. COMMITMENTS                              30. 承担

    (a)  Capital commitments                                (a)  资本承担

          Capital expenditure contracted for but not yet accounted for            于报告期间结算日已订约但尚未于财
          at the end of the reporting period in the financial statements            务报表入账之资本开支如下:

          is as follows:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Property, plant and equipment          物业、厂房及设备                    41,730          5,314

    (b)  Operating lease commitments — The Group as          (b)  经营租约承担 — 本集团作为出租
        lessor                                                  人

          As announced by the Company on 18 December 2015, MSPI            诚如本公司于二零一五年十二月十八
          as lessor, entered into the Lease Agreement with PAGCOR as            日 所 公 布,MSP(I 作 为 出 租 人 )与
          lessee for the renewal of the lease of certain premises of the            PAGCOR(作为承租人)订立租赁协议重
          Group for a term commencing from 1 April 2016 and expiring            续本集团若干物业之租 约, 年期自二
          on the earlier of 31 March 2031 or upon the total rent accruing            零一六年四月一日 起, 并于二零三一
          against and/or payable by PAGCOR to MSPI under the Lease            年三月三十一日或于PAGCOR根据租赁
          Agreement reaching an aggregate of Peso24.5 billion            协议须付及╱或应付予MSPI之累计租
          (equivalent to approximately HK$3,686,877,000). The monthly            金总额合共达24,500,000,000披索(相当
          rental is based on a certain percentage of net gaming revenue            于约3,686,877,000港元)时(以较早者为
          of the casino operated by PAGCOR or a fixed amount of            准)到期。 月 租将按PAGCOR经营娱乐
          Peso100,000 (equivalent to approximately HK$15,000 (as at 31            场所得博彩收入净额若干百分比或固
          March 2018: HK$15,000)), whichever is higher. Rental income            定金额100,000披索(相当于约15,000港
          arising from such agreement during the period end 30 June            元( 于 二 零 一 八 年 三 月 三 十 一 日:
          2019 was approximately HK$229,521,000 (2018:            15,000港元))之较高者厘定。截至二零
          HK$188,044,000), representing contingent rental income.                一九年六月三十日止期间, 有 关协议
                                                                        产生之租金收入约为229,521,000港元
                                                                        (二零一八年:188,044,000港元),相当
                                                                        于或然租金收入。

          Wigan Football Company, the subsidiary of the Company has            本 公 司 附 属 公 司Wigan Football
          granted a lease to a company operating Wigan Warriors Rugby            Company向 一 间 经 营Wigan Warriors
          League Club (the “Wigan Warriors”) for the use of the DW            Rugby League Club(「Wigan Warriors」)
          Stadium by Wigan Warriors up to May 2025, with the option of            之公司授出租约, 让Wigan Warriors使
          a further 25 years thereafter, and also rents the stadium for            用DW Stadium, 直至二零二五年五月
          other prestige matches. The lease receivables for Wigan            止, 并 可于期满后选择重续25年,亦
          Warriors are calculated as a fixed percentage of the match            就其他著名比赛出租体育场。就Wigan
          ticket sales from Wigan Warriors. There is no minimum fee            Warriors之应收租赁款项按源自Wigan
          payable by Wigan Warriors under the lease. For the period            Warriors之比赛门票销售额之固定百分
          ended 30 June 2019, GBP81,000 (equivalent to approximately            比计算。Wigan Warriors根据租约并无
          HK$820,000) was recognised as revenue of the Group.                    任何最低应付费用。 就 截至二零一九
                                                                        年六月三十日止期间而 言, 本集团确
                                                                        认收入81,000英镑(相当于约820,000港
                                                                        元)。

190  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
30. COMMITMENTS (Continued)                      30. 承担(续)

    (c)  Operating lease commitments — the Group as          (c)  经营租约承担 — 本集团作为承租
        lessee                                                  人

          At 30 June 2019, the Group had outstanding minimum            于二零一九年六月三十 日, 本集团根
          commitments under non-cancellable operating leases which            据不可撤销经营租约之未履行最低承
          fall due as follows:                                                担之到期情况如下:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Within one year                      一年内                                6,144          5,611
          In the second to fifth year inclusive        第二至第五年(包括首尾两年)          17,678          16,031
          Over five years                        超过五年                            22,637          27,068

                                                                                    46,459          48,710

          Operating lease payments represent rentals payable by the            经营租约租金指本集团就租赁土地、
          Group in respect of leasehold land, condominium units, office            共用单位、 办 公室物业及员工宿舍应
          premises and staff quarters. Leases are negotiated for terms            付之租金。 该 等租约所议定之租期介
          ranging from two to twenty years and rentals are fixed for the            乎二至二十年, 且 租金于租期内乃固
          lease period.                                                    定。

          Following the acquisition of Wigan, there is a lease agreement            收购Wigan后,本集团之附属公司与
          for ninety-nine years commenced from 4 August 1999 entered            Wigan Metropolitan Borough Council
          into between the Group’s subsidiary and Wigan Metropolitan            (「Council」)就使用位于Robin Park之地
          Borough Council (the “Council”) for the use of the land at            块( 本集团之附属公司已于其上兴建
          Robin Park, on which the Group’s subsidiary has built the DW            DW Stadium及周边设施)订立租赁协
          Stadium and surrounds.                                          议, 年 期自一九九九年八月四日起为
                                                                        期九十九年。

          The rental was subject to review every five years, and Wigan            租金须每五年检讨一次,而Wigan自
          has provided certain usage of the DW Stadium and adjoining            一九九九年起每年向Council提供位于
          land and sports facilities at Robin Park every year from 1999 to            Robin Park之DW Stadium以及相连地块
          the Council, which has been accepted by the Council as full            及 体 育 设 施 作 若 干 用 途, 并 已 获
          consideration of the lease payment in form of rental allowance            Council接纳作为自一九九九年起每年
          every year from 1999. The commitment above does not            以租金津贴形式支付之全部租约租金
          include this operating lease arrangement.                            代 价。 上述承担不包括该经营租约安
                                                                        排。

                                                                                          Annual Report年报2018/19 191

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

31. RELATED PARTY DISCLOSURES                31. 关连人士披露资料

    (a)  No transactions has been entered into with related parties      (a)  截至二零一九年六月三十日止期间及
          during the period ended 30 June 2019 and year ended 31            截至二零一八年三月三十一日止年度,
          March 2018.                                                    概无与关连人士订立任何交易。

    (b)  Compensation of key management personnel          (b)  主要管理人员之报酬

          The remuneration of the Directors and other members of key            董事及本集团其他主要管理人员之酬
          management of the Group are disclosed in note 10. The            金于附注10披露。董事及本集团主要
          remuneration of the Directors and key management personnel            管理人员之酬金乃按个别人士表现及
          of the Group is based on the performance and experience of            经验以及参考本集团业 绩、 业界之薪
          individuals and is determined with reference to the Group’s            酬指标及当时市况厘定。

          performance, the remuneration benchmark in the industry

          and the prevailing market conditions.

32. NOTES SUPPORTING CASH FLOW            32. 支持现金流量表之附注

    STATEMENT

    (a)  Cash and cash equivalents comprise:                  (a)  现金及现金等值物包括:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Cash available on demand              可按要求取得之现金                  149,361        413,197
          Short-term deposits (note)              短期存款(附注)                      92,956        283,371

                                                                                  242,317        696,568

            Note:                                                              附注:

            The balance represents short-term bank deposits with an original maturity        有关结余指原定到期日为三个月或以内之短期银行存
            of three months or less. The Group’s bank balances deposited in the banks        款。本集团存于香港银行之银行结存按现行市场年利
            in Hong Kong carry prevailing market interest rates of 0.001% (2018: 0.001%        率0.001厘(二零一八年:0.001厘至2厘)计息。此外,
            to 2%) per annum. Moreover, the Group also has bank balances deposited        本集团存于菲律宾及英国银行之银行结存按现行市场
            in the banks in the Philippines and the UK which carry prevailing market        年利率介乎0.050厘至5.75厘(二零一八年:0.050厘至
            interest rates ranging from 0.050% to 5.75% (2018: 0.050% to 3%) per        3厘)计息。

            annum.

192  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
32. NOTES SUPPORTING CASH FLOW            32. 支持现金流量表之附注(续)

    STATEMENT (Continued)

    (b)  Reconciliation of liabilities arising from financing        (b)  融资活动所产生负债之对账:

        activities:

                                                                                    Bank

                                                                  Interest    borrowings      Promissory
                                                                  payable        (note28)  note(note27)
                                                                                  银行借贷        承兑票据
                                                                  应付利息      (附注28)    (附注27)
                                                                    HK$’000        HK$’000        HK$’000
                                                                    千港元        千港元        千港元
          At1April2018                于二零一八年四月一日            7,019              –        339,116
          Proceed from new borrowings  新造借贷所得款项                    –          76,238              –
          Interest paid                已付利息                      (15,671)              –              –

          Total changes from financing    融资现金流量所产生

          ? cash flows                  变动总额                      (15,671)          76,238              –

          Other changes:              其他变动:

          Interest expenses accrued      应计利息开支                    18,202              –          3,713
          Capitalised borrowing cost      已资本化借贷成本                1,317              –              –
          Exchange difference          汇兑差额                          (30)              –              –

                                                                    19,489              –          3,713

          At30June2019              于二零一九年六月三十日          10,837        76,238        342,829

                                                                                            Promissory note
                                                                                                  (note 27)
                                                                                                承兑票据
                                                                                                (附注27)
                                                                                                  HK$’000
                                                                                                  千港元
          At1April2017                                于二零一七年四月一日                        336,416
          Interest paid                                  已付利息                                    (14,000)

          Total changes from financing cash flows            融资现金流量所产生变动总额                  (14,000)
          Other changes:                                其他变动:

          Interest expenses accrued                        应计利息开支                                16,700

          At31March2018                              于二零一八年三月三十一日                    339,116

                                                                                          Annual Report年报2018/19 193

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

33. PARTICULARS OF SUBSIDIARIES              33. 附属公司详情

    Particulars of the Company’s principal subsidiaries at 30 June 2019        于二零一九年六月三十日之本公司主要附属
    were as follows:                                                  公司详情如下:

                                                      Issuedandfully

                                      Placeof        paidshare

                          Formof      incorporationand  capital/          Percentageheldbythe

    Nameofsubsidiary        business    operations      registeredcapital        Company      Principalactivities

                                      注册成立及      已发行及缴足

    附属公司名称            业务形式    经营地点        股本╱注册股本      本公司所持百分比  主要业务

                                                                        Directly Indirectly

                                                                            直接    间接

                                                                              %      %

    LuckyGeniusLimited        Corporation    BVI            US$1                  100        – Investmentholding

    LuckyGeniusLimited        法团        英属维尔京群岛  1美元                              投资控股

    SuccessGoldHoldingsLimited  Corporation    BVI            US$1                  100        – Investmentholding

    SuccessGoldHoldingsLimited  法团        英属维尔京群岛  1美元                              投资控股

    FortuneGrowthOverseasLimited Corporation    BVI            US$1                  100        – Investmentholding

    FortuneGrowthOverseasLimited 法团        英属维尔京群岛  1美元                              投资控股

    NewworthVenturesLimited    Corporation    BVI            US$1                  100        – Investmentholding

    NewworthVenturesLimited    法团        英属维尔京群岛  1美元                              投资控股

    MaxprofitInternationalLimited  Corporation    BVI            US$100                  –      100 Investmentholding

    ?(“Maxprofit”)

    MaxprofitInternational        法团        英属维尔京群岛  100美元                            投资控股

      Limited(「Maxprofit」)

    Flexi-DeliverHoldingLtd.      Corporation    BVI            US$1                    –      100 Investmentholding

    Flexi-DeliverHoldingLtd.      法团        英属维尔京群岛  1美元                              投资控股

    CTFHotelandEntertainment,Inc. Corporation    Philippines        Peso10,468,600            –      100 Investmentholding

    CTFHotelandEntertainment,Inc. 法团        菲律宾          10,468,600披索                        投资控股

    CTFProperties(Philippines),Inc.  Corporation    Philippines        Peso10,468,600            –      100 Investmentholding

    CTFProperties(Philippines),Inc.  法团        菲律宾          10,468,600披索                        投资控股

    MarinaSquareProperties,      Corporation    Philippines        Peso2,722,930,653            –      100 Propertyinvestment

    ? Inc.(“MSPI”)

    MarinaSquareProperties,      法团        菲律宾          2,722,930,653披索                      物业投资

      Inc(. 「MSPI」)

194  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
33. PARTICULARS OF SUBSIDIARIES (Continued)      33. 附属公司详情(续)

                                                      Issuedandfully

                                      Placeof        paidshare

                          Formof      incorporationand  capital/          Percentageheldbythe

    Nameofsubsidiary        business    operations      registeredcapital        Company      Principalactivities

                                      注册成立及      已发行及缴足

    附属公司名称            业务形式    经营地点        股本╱注册股本      本公司所持百分比  主要业务

                                                                        Directly Indirectly

                                                                            直接    间接

                                                                              %      %

    NewCoastHotel,Inc.(“NCHI”)  Corporation    Philippines        Peso621,444,867            –      100 Hotelowner,operationof
    NewCoastHotel,Inc(. 「NCHI」) 法团        菲律宾          621,444,867披索                      ? hotelbusiness

                                                                                        酒店拥有人、经营酒店
                                                                                          业务

    FutureGrowthLimited        Corporation    HongKong      HK$2                  100        – Generaladministration

    德盈有限公司            法团        香港          2港元                              ? fortheGroup

                                                                                        本集团一般行政管理
    EastFortuneHoldingsLimited  Corporation    HongKong      HK$1                    –      100 Investmentholding

    英发集团有限公司        法团        香港          1港元                              投资控股

    IECInvestmentLimited      Corporation    BVI            ClassB:US$9,500          100        – Investmentholding

    ? (formerlyknownas        法团        英属维尔京群岛  B类:9,500美元                      投资控股

    ? “VMSPrivateInvestment

    ? PartnersVIIILimited(“VMS”)”)                            ClassA:US$500

    IECInvestmentLimited                                  A类:500美元

    (前称「VMSPrivate

      InvestmentPartnersVIII

      Limited(「VMS」)」)

    IECWiganPropertyHoldings    Corporation    EnglandandWales  GBP1                    –      100 FootballCluboperation
    ?Limited

    IECWiganPropertyHoldings    法团        英格兰及威尔斯  1英镑                              经营足球俱乐部

      Limited

    IECSportsManagementLimited  Corporation    EnglandandWales  GBP1                    –      100 Investmentholding

    IECSportsManagementLimited  法团        英格兰及威尔斯  1英镑                              投资控股

    IECLiveEventsMacauLimited  Corporation    Macau          MOP25,000                –      100 LiveEvents

    ? (formerlyknownasRational

    ? LiveEventsMacauLimited)

    IEC现场活动澳门一人公司    法团        澳门          25,000澳门元                        现场活动

    (前称「理性现场活动澳门

      有限公司」)

                                                                                          Annual Report年报2018/19 195

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

33. PARTICULARS OF SUBSIDIARIES (Continued)      33. 附属公司详情(续)

                                                      Issuedandfully

                                      Placeof        paidshare

                          Formof      incorporationand  capital/          Percentageheldbythe

    Nameofsubsidiary        business    operations      registeredcapital        Company      Principalactivities

                                      注册成立及      已发行及缴足

    附属公司名称            业务形式    经营地点        股本╱注册股本      本公司所持百分比  主要业务

                                                                        Directly Indirectly

                                                                            直接    间接

                                                                              %      %

    IECWiganAthleticHoldings    Corporation    EnglandandWales  Ordinary:                –      100 Investmentholding

    ? Limited(formerlyknownas                              ?GBP547,847.05

    ? “WiganAthleticHoldings

    ?Limited”)

    IECWiganAthleticHoldings    法团        英格兰及威尔斯  普通股:                            投资控股

      Limited(前称「WiganAthletic                              547,847.05英镑

      HoldingsLimited」)

    WiganFootballCompanyLimited Corporation    EnglandandWales  OrdinaryA:                –      85 FootballCluboperation
    WiganFootballCompanyLimited 法团        英格兰及威尔斯  ?GBP25,497,120                      经营足球俱乐部

                                                      A类普通股:

                                                        25,497,120英镑

                                                      OrdinaryB:

                                                      ?GBP4,499,492

                                                      B类普通股:

                                                        4,499,492英镑

    WiganAthleticA.F.C.Limited    Corporation    EnglandandWales  Ordinary:                –    86.24 FootballCluboperation
    WiganAthleticA.F.C.Limited    法团        英格兰及威尔斯  ?GBP131,250                        经营足球俱乐部

                                                      普通股:

                                                        131,250英镑

    Saved as disclosed in note 27, none of the subsidiaries had any debt        除附注27披露者外,于年末或期╱年内任何
    securities outstanding at the end of the year or at any time during        时间,概无附属公司有任何未偿还债务证券。
    the period/year.

    The above table lists the subsidiaries of the Company which, in the        上表列示董事认为对本集团年度业绩有重大
    opinion of the Directors, principally affected the results for the year        影响或构成本集团资产或负债重大部分之本
    or formed a substantial portion of assets and liabilities of the Group.        公司附属公司。董事认为列示其他附属公司
    To give details of other subsidiaries would, in the opinion of the        详情将令篇幅过于冗长。

    Directors, result in particulars of excessive length.

196  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
34. NON-CONTROLLING INTERESTS              34. 非控股权益

    The Group has two subsidiaries with material non-controlling        本集团有两间持有重大非控股权益的附属公
    interests, namely, Wigan Athletic A.F.C. Limited and Wigan Football        司,即WiganAthleticA.F.C.Limited及WiganFootball
    Company Limited, which were acquired during the period ended 30        Company Limited,此乃于截至二零一九年六
    June 2019 as detailed in note 29(b) to the financial statements. The        月三十日止期间购入,详情载于财务报表附
    NCI of all other subsidiaries that are not 100% owned by the Group        注29(b)。所有其他并非由本集团全资拥有之
    are considered to be immaterial.                                    附属公司之非控股权益被视为微不足道。
    Summarised financial information for the period ended 30 June 2019        于集团内公司间对销前,有关Wigan Athletic
    in relation to the NCI of Wigan Athletic A.F.C. Limited before intra-        A.F.C. Limited之非控股权益截至二零一九年
    group eliminations, is presented below:                              六月三十日止期间之财务资料概要呈列如
                                                                  下:

                                                                                                  HK$’000
                                                                                                  千港元
    Revenue                                        收入                                          64,887
    Loss for the period                                期内亏损                                    (104,674)
    Total comprehensive income                      全面收益总额                                (100,281)

    Loss for the period attributable to non-controlling      非控股权益应占期内亏损

    ?interests                                                                                    (14,403)

    Total comprehensive income for the period            非控股权益应占期内全面收益总额

    ? attributable to non-controlling interests                                                            (13,798)

    Dividend paid during the period to non-controlling      期内已付非控股权益之股息

    ?interests                                                                                          –

                                                                                          Annual Report年报2018/19 197

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

34. NON-CONTROLLING INTERESTS (Continued)      34. 非控股权益(续)

                                                                                                  HK$’000
                                                                                                  千港元
    Cash flows used in operating activities                应用于经营业务之现金流量                      (87,827)
    Cash flows used in investing activities                应用于投资活动之现金流量                      (5,894)
    Cash flows generated from financing activities          源自融资活动之现金流量                      101,715

    Net cash inflows                                  现金流入净额                                    7,994

    As at 30 June                                                                                  HK$’000
    于六月三十日                                                                                  千港元
    Current assets                                    流动资产                                      59,098
    Non-current assets                                非流动资产                                    59,890
    Current liabilities                                流动负债                                    (292,509)
    Non-current liabilities                              非流动负债                                      (577)

    Net liabilities                                    负债净额                                    (174,098)

    Accumulated non-controlling interests                累计非控股权益                                (23,956)

    Summarised financial information for the period ended 30 June 2019        于集团内公司间对销前,有关Wigan Football
    in relation to the NCI of Wigan Football Company Limited before        Company Limited之非控股权益截至二零一九
    intra-group eliminations, is presented below:                          年六月三十日止期间之财务资料概要呈列如
                                                                    下:

                                                                                                  HK$’000
                                                                                                  千港元
    Revenue                                        收入                                          19,859
    Loss for the period                                期内亏损                                      (9,086)
    Total comprehensive income                      全面收益总额                                  (16,982)

    Loss for the period attributable to non-controlling      非控股权益应占期内亏损

    ?interests                                                                                      (1,363)

    Total comprehensive income for the period            非控股权益应占期内全面收益总额

    ? attributable to non-controlling interests                                                            (2,548)

    Dividend paid during the period to non-controlling      期内已付非控股权益之股息

    ?interests                                                                                          –

198  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
34. NON-CONTROLLING INTERESTS (Continued)      34. 非控股权益(续)

                                                                                                  HK$’000
                                                                                                  千港元
    Cash flows from operating activities                  应用于经营业务之现金流量                        1,465
    Cash flows used in investing activities                应用于投资活动之现金流量                      (1,137)

    Net cash inflows                                  现金流入净额                                      328

    As at 30 June                                                                                  HK$’000
    于六月三十日                                                                                  千港元
    Current assets                                    流动资产                                        3,144
    Non-current assets                                非流动资产                                    286,843
    Current liabilities                                流动负债                                      (59,208)
    Non-current liabilities                              非流动负债                                    (1,615)

    Net liabilities                                    负债净额                                      229,164

    Accumulated non-controlling interests                累计非控股权益                                34,374

                                                                                          Annual Report年报2018/19 199

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

35. STATEMENT OF FINANCIAL POSITION AND  35. 本公司之财务状况表及储备变动

    RESERVE MOVEMENTS OF THE COMPANY

    (a)  Statement of financial position of the Company          (a)  本公司之财务状况表

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                    Notes        HK$’000        HK$’000
                                                                    附注          千港元        千港元
          Non-current assets                非流动资产

          ? Investments in subsidiaries          于附属公司之投资                      306,703        251,409
          ? Amount due from a subsidiary in      应收一间附属公司款项

          ?? form of promissory note          (以承兑票据形式)                  759,857        750,476
          ? Amount due from subsidiaries        应收附属公司款项                      681,473        356,386

                                                                                1,748,033        1,358,271

          Current assets                    流动资产

          ? Other receivables, deposits and      其他应收款项、按金及

          ??prepayments                    预付款项                                500            489
          ? Bank balances                    银行结存                              13,124        356,651

                                                                                    13,624        357,140

          Current liabilities                  流动负债

          ? Other payables and accrued charges  其他应付款项及应计费用                  4,728          2,924

          NET ASSETS                      资产净值                              1,756,929        1,712,487

          Equity attributable to owners of the  本公司拥有人应占权益

          ?Company

          ? Share capital                    股本                      25        1,369,157        1,369,157
          ?Reserves                        储备                    35(b)        387,772        343,330

          TOTAL EQUITY                    权益总额                              1,756,929        1,712,487

          The statement of financial position of the Company was            本公司之财务状况表于二零一九年九
          approved by the Board of Director on 25 September 2019 and            月二十五日获董事会批 准, 并由下列
          was signed on its behalf by:                                        人士代表签署:

                      Dr. Choi Chiu Fai Stanley                        Mr. Chan Chun Yiu Thomas

                            蔡朝晖博士                                      陈浚曜先生

                              DIRECTOR                                        DIRECTOR

                              董事                                          董事

200  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
35. STATEMENT OF FINANCIAL POSITION AND  35. 本公司之财务状况表及储备变动(续)
    RESERVE MOVEMENTS OF THE COMPANY

    (Continued)

    (b)  Reserves movement of the Company                  (b)  本公司之储备变动

                                                  Share      Other  Exchange Share-option Accumulated

                                                premium    reserve    reserve    reserve      losses      Total
                                                                                购股权

                                                股份溢价  其他储备  汇兑储备      储备  累计亏损      总计
                                                  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
          At31March2017        于二零一七年

                              三月三十一日          1,122      53,022    (229,123)        –    321,470    146,491
          Sharesissuedforcash      就现金代价发行股份

          ?consideration                              169,167        –        –        –        –    169,167
          Sharesoptionissued      已发行购股权              –        –        –      5,433        –      5,433
          Exchangedifferencearising  换算为呈列货币产生之

          ? ontranslationtopresentation  汇兑差额

          ?currency                                    –        –    (37,480)        –        –    (37,480)
          Totalcomprehensiveincome  年内全面收益总额

          ? fortheyear                                    –        –        –        –      59,719      59,719

          At31March2018        于二零一八年

                              三月三十一日        170,289      53,022    (266,603)      5,433    381,189    343,330
          Exchangedifferencearising  换算为呈列货币产生之

          ? ontranslationtopresentation  汇兑差额

          ?currency                                    –        –    60,154        –        –    60,154
          Totalcomprehensiveincome  年内全面收益总额

          ? fortheyear                                    –        –        –        –    (15,712)    (15,712)

                                                      于二零一九年六月三十日

          At30June2019        于二零一九年

                              六月三十日          170,289    53,022    (206,449)    5,433    365,477    387,772

                                                                                          Annual Report年报2018/19 201

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

36. SUMMARY OF FINANCIAL ASSETS AND      36. 按类别划分之金融资产及金融负债
    FINANCIAL LIABILITIES BY CATEGORY            概要

    The carrying amounts of the financial assets and financial liabilities        于报告期间结算日金融资产及金融负债账面
    recognised at the end of reporting period were categorised as        值按类别划分如下:

    follows:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Financial assets                        金融资产

    Financial assets at FVTPL                  按公平值计入损益之金融资产            191,360            784
    Financial assets at amortised cost            按摊销成本列值之金融资产              384,970              –
    Loans and receivables at amortised costs      按摊销成本列值之贷款及应收款项

    ? (including bank balances and cash)          (包括银行结存及现金)                    –        782,722

                                                                                  576,330        783,506

    Financial liabilities                      金融负债

    Financial liabilities at amortised cost          按摊销成本列值之金融负债              568,082        378,853

    The fair values of financial assets and financial liabilities are        金融资产及金融负债之公平值按以下方式厘
    determined as follows:                                            定:

    —  the fair value of investments held for trading with standard        —  持作按标准条款及条件及于活跃流通
          terms and conditions and traded on active liquid markets are            市场交易之投资之公平值乃参考市场
          determined with reference to quoted market price; and                  报价厘定;及

    —  the fair values of other financial assets and financial liabilities        —  其他金融资产及金融负债之公平值基
          are determined in accordance with generally accepted pricing            于贴现现金流量分析按公认定价模型
          models based on discounted cash flow analysis.                        厘定。

    HKFRS 13 requires disclosures for financial instruments that are        香港财务报告准则第13号规定按下列公平值
    measured at fair value by level of the following fair value        计量层级之等级就按公平值计量之金融工具
    measurement hierarchy:                                          作出披露:

    Level 1:  Quoted prices (unadjusted) in active markets for identical        第一级:  活跃市场上相同资产或负债之报
            assets or liabilities;                                                  价(未经调整);

    Level 2:  Inputs other than quoted prices included within Level 1          第二级:  就资产或负债直接或间接地可观
            that are observable for the asset or liability, either directly                    察之输入资料(第一级所包括报
            or indirectly; and                                                    价除外);及

    Level 3:  Inputs for the asset or liability that are not based on            第三级:  并非基于可观察市场数据之资产
            observable market data.                                              或负债输入数据。

202  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
36. SUMMARY OF FINANCIAL ASSETS AND      36. 按类别划分之金融资产及金融负债
    FINANCIAL LIABILITIES BY CATEGORY            概要(续)

    (Continued)

    The following table provides an analysis of financial instruments        下表提供按公平值层等之等级划分按公平值
    carried at fair value by level of fair value hierarchy:                      列账之金融工具分析:

                                                          Level1      Level2      Level3        Total
                                                          第一级        第二级        第三级          总计
                                                          HK$’000      HK$’000      HK$’000      HK$’000
                                                          千港元        千港元        千港元        千港元
    At30June2019            于二零一九年

                                六月三十日

    Financialassetsatfairvalue  按公平值计入损益之

    ? throughprofitorloss      金融资产

    Deutsche Far Eastern DWS Asia  德银远东DWS亚洲

    ? High Yield Bond Income Fund  高收益债券证券投资

                                信托基金累积型              770            –            –          770
    Unlisted investment fund (note) 非上市投资基金(附注)            –            –      190,590      190,590

                                                            770            –      190,590      191,360

    At31March2018          于二零一八年

                                三月三十一日

    Financialassetsatfairvalue  按公平值计入损益之

    ? throughprofitorloss      金融资产

    Deutsche Far Eastern DWS Asia  德银远东DWS亚洲

    ? High Yield Bond Income Fund  高收益债券证券投资

                                信托基金累积型              784            –            –          784

    For the unlisted investment fund, the fair value is arrived at based on        就非上市投资基金而言,公平值乃根据与本
    a valuation carried out by JLL, an independent valuer not connected        集团并无关连之独立估值师仲量联行进行之
    to the Group. The fair value was determined based on market        估值厘定。公平值根据市场法确定,而公平
    approach, where fair value estimated with references to comparable        值参考可资比较公司之基准倍数进行估算。
    companies’ benchmark multiples.

                                                                                          Annual Report年报2018/19 203

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

36. SUMMARY OF FINANCIAL ASSETS AND      36. 按类别划分之金融资产及金融负债
    FINANCIAL LIABILITIES BY CATEGORY            概要(续)

    (Continued)

    Significant unobservable inputs                            重大不可观察输入数据

                                                                                                At 30 June
                                                                                                    2019
                                                                                            于二零一九年
                                                                                              六月三十日
    Market multiples of comparable companies adopted 所采纳可资比较公司之市场倍数

    — P/E Ratio                                      — 市盈率                                    11.04%
    — EV/EBITDA ratio                                — 企业价值对除利息、税项、折旧及

                                                        摊销前盈利比率                            8.63%
    Discount for lack of marketability                  缺乏市场流通性之贴现                        12.93%
    Had the P/E Ratio and EV/EBITDA ratio of comparable companies        倘所采纳可资比较公司之市盈率以及企业价
    adopted increased by 5%, it would increase the fair value of the        值对除利息、税项、折旧及摊销前盈利比率
    unlisted investment by HK$13,925,000. Had the P/E Ratio and EV/        增 加5%, 则 非 上 市 投 资 之 公 平 值 增 加
    EBITDA ratio of comparable companies adopted decreased by 5%, it        13,925,000港元。 倘所采纳可资比较公司之
    would decrease the fair value of the unlisted investment by        市盈率以及企业价值对除利息、税项、折旧
    HK$13,286,000.                                                  及摊销前盈利比率减少5%,则非上市投资
                                                                  之公平值减少13,286,000港元。

    The following table shows the reconciliation of Level 3 fair value        下表显示非上市投资基金第三级公平值计量
    measurement of the unlisted investment fund:                        之对账:

                                                                                                  HK$’000
                                                                                                  千港元
    At 1 April                                      于四月一日                                          –
    Purchase                                        购买                                          242,350
    Change in fair value (included in other net gains/(losses))  公平值变动(计入其他收益╱(亏损)净额)          (51,760)

    At 30 June                                      于六月三十日                                  190,590

    The directors consider that the carrying amounts of financial assets        董事认为,财务报表内按摊销成本列值之金
    and financial liabilities carried at amortised cost in the financial        融资产及金融负债之账面值与其公平值相若。
    statements approximate their fair values.

204  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
37. CAPITAL RISK MANAGEMENT                37. 资本风险管理

    The Group’s objectives of managing capital are to safeguard the        本集团管理其资本以确保本集团旗下实体有
    Group’s ability to continue as a going concern in order to provide        能力持续经营,从而为股东及其他持份者带
    returns for shareholders and benefits for other stakeholders and to        来回报及利益,以及维持最佳资本架构以减
    maintain an optimal capital structure to reduce cost of capital. There        低成本。资本管理策略及目标与过往期间相
    was no change in capital management policies and objectives from        比维持不变。

    prior periods.

    The Group actively and regularly reviews and manages its capital        本集团积极定期检讨及管理其资本架构,以
    structure to maintain a balance between the higher shareholder        维持较高借贷水平可带来的较高股东回报与
    returns that might be possible with higher levels of borrowings and        稳健资本状况带来的好处及保障间之平衡,
    the advantages and security afforded by a sound capital position        并因应经济状况调整资本架构。

    and makes adjustment to the capital structure in light of changes in

    economic conditions.

    Consistent with industry practice, the Group monitors its capital        本集团根据资产负债比率监察其资本架构,
    structure on the basis of the gearing ratio. This ratio is calculated as        与行业惯例一致。该比率按债务净额除资本
    net debt divided by total capital. Net debt is calculated as total        总值计算。债务净额按借贷总额(相当于综
    borrowings representing outstanding promissory note and        合财务状况表所示未偿还承兑票据及未偿还
    outstanding bank borrowing as shown in the consolidated        银行借贷)减现金及银行结存计算。资本总
    statement of financial position less cash and bank balances. Total        值按综合财务状况表所示权益加(如适用)债
    capital is calculated as equity as shown in the consolidated        务净额(借贷超出现金及银行结存之部分)计
    statement of financial position, plus net debt (excess of borrowings        算。

    over cash and bank balances), as appropriate.

    During the period ended 30 June 2019, the Group’s strategy, was to        截至二零一九年六月三十日止期间,本集团
    maintain a zero or minimal gearing ratio.                              策略乃维持零或最低资产负债比率。

                                                                                          Annual Report年报2018/19 205

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

37. CAPITAL RISK MANAGEMENT (Continued)        37. 资本风险管理(续)

    The gearing ratio as at 30 June 2019 and 31 March 2018 were as        于二零一九年六月三十日及二零一八年三月
    follows:                                                        三十一日之资产负债比率如下:

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
    Total borrowings                        借贷总额                              419,067        339,116
    Less: Bank balances and cash                减:银行结存及现金                  (242,317)        (696,568)

    Net debt                              债务净额                              176,750        (357,452)

    Total capital                            资本总值                            2,033,686        2,082,395

    Gearing ratio                            资产负债比率                            8.69%      N/A 不适用

38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策

    AND POLICIES

    The Group’s major financial instruments include loan receivables,        本集团主要金融工具包括应收贷款、按公平
    financial assets at FVTPL, trade receivables and contract assets, other        值计入损益之金融资产、应收账项及合约资
    receivables, bank balance and cash, trade payables, other payables        产、其他应收款项、银行结存及现金、应付
    and accrued charges, promissory note and bank borrowings.              账项、其他应付款项及应计费用、承兑票据
                                                                  以及银行借贷。

    Details of these financial instruments are disclosed in respective        此等金融工具之详情于有关附注披露。此等
    notes. The risk associated with these financial instruments and the        金融工具之相关风险及如何减低有关风险之
    policies on how to mitigate these risk are set out below. The        政策载于下文。本集团管理层管理及监察该
    management of the Group manages and monitors these exposures        等风险,确保及时有效采取适当措施。

    to ensure appropriate measures are implemented on a timely and

    effective manner.

206  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (a)  Credit risk                                          (a)  信贷风险

          The Group’s credit risk is primarily attributable to its trade and            本集团之信贷风险主要源自其应收账
          other receivables and loan receivables. Management has a            项及其他应收款项以及应收贷款。管
          credit policy in place and the exposures to these credit risks            理层备有信贷政策, 并 按持续经营基
          are monitored on an ongoing basis.                                  准监察所承担信贷风险。

          In respect of trade and other receivables, individual credit            就应收账项及其他应收款项而 言, 会
          evaluations are performed on all customers requiring credit            对所有要求超过一定金额信贷的客户
          over a certain amount. These evaluations focus on the            进行个别信贷 评 估。有关评估针对客
          customer’s past history of making payments when due and            户于信贷到期时之过往付款纪录及现
          current ability to pay, and take into account information            行支付能力, 并 考虑客户之特定账户
          specific to the customers as well as pertaining to the            资料及客户经营所在的有关经济环境。
          economic environment in which the customers operate.            一般而 言, 本集团不会自客户取得抵
          Normally, the Group does not obtain collateral from            押品。

          customers.

          At 30 June 2019, the Group had concentration of credit risk in            于二零一九年六月三十日, 本 集团就
          respect of trade receivable from PAGCOR of approximately            应收PAGCOR账款约16,877,000港元(二
          HK$16,877,000 (31 March 2018: HK$16,798,000). The credit risk            零一八年三月三十一日:16,798,000港
          on trade receivable from PAGCOR is limited as PAGCOR is            元)承担信贷集中风 险。由于PAGCOR
          controlled and owned by the government of the Philippines            由菲律宾政府控制及拥有且具有良好
          and with a good repayment history. The trade receivable from            还款记录,故应收PAGCOR账款之信贷
          PAGCOR at 30 June 2019 was substantially settled subsequent            风险有 限。于二零一九年六月三十日
          to the end of the reporting period.                                  之应收PAGCOR账款绝大部分已于报告
                                                                        期间结算日后偿还。

          Bank balances are mainly placed with banks which are            银行结存主要存放于经国际信贷评级
          assigned with credit-ratings by international credit rating            机构评定信贷评级之银行。

          agencies.

          Tradereceivables                                              应收账项

          The Group measures loss allowances for trade receivables at            本集团按相等于存续期内之预期信贷
          an amount equal to lifetime ECLs, which is calculated using a            亏损金额就应收账项计量亏损拨备,
          provision matrix. To measure ECLs, trade receivables and            而存续期内之预期信贷亏损金额则运
          contract assets have been grouped by segments based on            用拨备矩阵计 算。 为计量预期信贷亏
          same credit risk characteristics.                                      损,应收账项及合约资产已根据相同
                                                                        信贷风险特征按分部分组。

                                                                                          Annual Report年报2018/19 207

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (a)  Credit risk (Continued)                                  (a)  信贷风险(续)

          Tradereceivables(Continued)                                    应收账项(续)

          The following table provides information about the Group’s            下表载列有关本集团于二零一九年六
          exposure to credit risk and ECLs for trade receivables as at 30            月三十日所面临信贷风险及应收账项
          June 2019:                                                      之预期信贷亏损之资料:

                                            GroupA    GroupB    GroupC    GroupD    GroupE    GroupF    GroupG
                                              甲组      乙组      丙组      丁组      戊组      己组      庚组
          Expectedcreditlossrate    预期信贷亏损率          0.42%      0.5%  0.94%–20.5%  0.73%–20.5%  1.15%–16.18%  1.15%–16.18%  0.43%–16.18%
          Grosscarryingamount(HK$’000) 账面总值(千港元)        17,817      751      2,890      2,691      843      1,087      681
          Lossallowance(HK$’000)    亏损拨备(千港元)          75        4        28      124        30        29        20
          Expected loss rates are based on actual loss experience over            预期亏损率乃根据过往3年之实际亏损
          the past 3 years. These rates are adjusted to reflect differences            经验得 出。 该等比率会作出调整以反
          between economic conditions during the period over which            映期内经济状况与汇集历史数据之差
          the historic data has been collected, current conditions and            异、 现 时状况及本集团对应收款项预
          the Group’s view of economic conditions over the expected            期年期内经济状况之看法。

          lives of the receivables.

          Prior to 1 April 2018, an impairment loss was recognised only            于二零一八年四月一日 前, 减值亏损
          when there was indicators that the trade receivables is            仅在有迹象显示应收账项出现重大财
          experiencing significant financial difficulty or default. The            务困难或违约时方始确认。于二零
          ageing analysis of trade receivables that were past due but not            一八年三月三十一 日, 已逾期但并无
          impaired on 31 March 2018 as follow:                                减值之应收账项之账龄分析如下:

                                                                                                  HK$’000
                                                                                                  千港元
          31–60 days                                  31至60日                                      1,985
          61–90 days                                  61至90日                                        24
          Over 90 days                                  超过90日                                      333

                                                                                                    2,342

          Receivables that were neither past due nor impaired related to            既无逾期亦无减值之应收款项与近期
          a wide range of customers for whom there was no recent            并无拖欠记录之多名不同客户有关。
          history of default.

208  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (a)  Credit risk (Continued)                                  (a)  信贷风险(续)

          Tradereceivables(Continued)                                    应收账项(续)

          Receivables that were past due but not impaired related to a            已逾期但并无减值之应收款项与多名
          number of independent customers that had a good track            于本集团有良好过往记录之独立客户
          record with the Group. Based on past experience,            有 关。根据过往经 验,管理层认为,
          management believed that no impairment allowance was            由于信贷质素并无重大变动且结余仍
          necessary in respect of these balances as there had been no            被视为可悉数收回, 故 毋须就该等结
          significant change in credit quality and the balances were still            余作出减值拨备。

          considered fully recoverable.

          The below table reconciled the movement in the allowance            下表为期╱年内应收账项呆账拨备之
          for doubtful debts of trade receivables for the period/year:                变动对账:

                                                                              Period ended      Year ended
                                                                                  30 June        31 March
                                                                                    2019          2018
                                                                                      截至          截至
                                                                              二零一九年    二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  止期间        止年度
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          At beginning of period/year            于期╱年初                              10          4,234
          Impairment losses recognised, net/      已确认减值亏损净额╱

          ? (reversal of impairment losses)          (拨回减值亏损)                      296              8
          Amounts written off as uncollectible      撇销为不可收回之金额                      –          (4,212)
          Exchange adjustments                汇兑调整                                  4            (20)

          At end of period/year                  于期╱年末                              310            10

          Impairmentofotherreceivables                                  其他应收款项之减值

          As at 30 June 2019, other receivables mainly represent player            于二零一九年六月三十 日, 其他应收
          transfer fee receivables. It is considered low risk as the debtors            款项主要指应收球员转会费。 有 关款
          are considered, in the short term, to have a strong capacity to            项被视为具备低风 险, 原因为借款人
          meet its obligations, and therefore the impairment provision is            被视为于短期内具备雄厚实力可履行
          determined as 12 months expected credit losses. As at 30 June            其义务,故此按12个月之预期信贷亏
          2019, the Group made a provision of approximately            损厘定减值拨 备。 于二零一九年六月
          HK$583,000 on other receivables.                                    三十 日, 本集团就其他应收款项计提
                                                                        拨备约583,000港元。

                                                                                          Annual Report年报2018/19 209

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (a)  Credit risk (Continued)                                  (a)  信贷风险(续)

          Impairmentofloanreceivable                                    应收贷款之减值

          Loan receivable represent a loan to an independent third            应收贷款指向一名独立第三方之贷款
          party (note 17). It is considered to be low risk as the loan is            (附注17)。有关款项被视为具备低风
          heavily collateralised by three parcel of land, and therefore the            险,原因为贷款由三块土地高度抵押,
          impairment provision is determined as 12 months expected            故此按12个月之预期信贷亏损厘定减
          credit losses. As at 30 June 2019, the management assess that            值拨备。于二零一九年六月三十日,
          the effect of applying the expected credit risk model on loan            管理层评估应用预期信贷风险模或对
          receivables was immaterial.                                        应收贷款之影响并不重大。

    (b)  Liquidity risk                                        (b)  流动资金风险

          In the management of the liquidity risk, the Group monitors            管理流动资金风险 时, 本集团监察并
          and maintains a level of cash and cash equivalents deemed            维持本集团管理层视为足够之现金及
          adequate by the management of the Group to finance the            现金等值物水 平, 以为本集团营运提
          Group’s operations and mitigate the effects of fluctuations in            供资金及减低现金流量波动之影响。
          cash flows.

          The following table details the Group of remaining contractual            下表详列本集团非衍生金融负债之余
          maturity for its non-derivative financial liabilities. The table has            下合约期 限。 下表根据本集团可被要
          been drawn up based on the undiscounted cash flows of            求支付之最早 日 期,按金融负债之未
          financial liabilities based on the earliest date on which the            折算现金流量得 出。 非衍生金融负债
          Group can be required to pay. The maturity dates for non-            之到期日根据已协定之偿还日 期。 下
          derivative financial liabilities are based on the agreed            表包含利息及本金现金流量。

          repayment dates. The table includes both interest and

          principal cash flows.

210  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (b)  Liquidity risk (Continued)                              (b)  流动资金风险(续)

                                                                    Total                          Morethan
                                                                contractual              Morethan  2yearsbut
                                                      Carrying  undiscounted  Within1year 1yearbutless    Lessthan
                                                      amount    cashflow  orondemand  than2years      5years
                                                                合约未折算    一年内或  超过一年但  超过两年但
                                                      账面值  现金流量总额      按要求    少于两年    少于五年
                                                      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
          TheGroup              本集团

          At30June2019          于二零一九年六月三十日

          Non-derivatives:            非衍生:

          Tradepayables            应付账项                20,532      20,532      20,532          –          –
          Otherpayablesandaccruals    其他应付款项及应计费用      121,572    121,572    121,572          –          –
          Promissorynote            承兑票据                342,829    378,000      14,000    364,000          –
          Bankborrowings          银行借贷                76,238      94,566      11,140      24,438      58,988

                                                      561,171    614,670    167,244    388,438      58,988

          At31March2018          于二零一八年三月三十一日

          Non-derivatives:            非衍生:

          Tradepayables            应付账项                  5,295        5,295        5,295          –          –
          Otherpayablesandaccruals    其他应付款项及应计费用      35,442      35,442      35,442          –          –
          Promissorynote            承兑票据                339,116      406,000      14,000      28,000      364,000

                                                      379,853      446,737      54,737      28,000      364,000

                                                                                          Annual Report年报2018/19 211

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (c)  Interest rate risk                                    (c)  利率风险

          The Group’s interest rate risk arises from its financial assets at            本集团之利率风险源自其按公平值计
          FVTPL (note 18) and variable-rate bank balances (note 32(a))            入损益之金融资产(详见附注18)及浮
          and promissory note (note 27) and bank borrowings (note 28).            息银行结存(详见附注32(a))以及承兑
          Financial assets at FVTPL and promissory note at fixed interest            票 据(见 附 注27)及 银 行 借 贷(附 注
          rates expose the Group to fair value interest rate risk. Bank            28)。以固定利率按公平值计入损益之
          balances at variable rates and bank borrowings at a fixed rate            金融资产及承兑票据令本集团承受公
          expose the Group to cash flow interest rate risk.                        平值利率风险。 浮 息银行结存及银行
                                                                        借贷令本集团承受现金流量利率风险。
          The Group does not have interest rate hedging policy.            本集团并无利率对冲政 策。 然而,本
          However, the management of the Group monitors interest            集团管理层监察利率风险, 并 于有需
          rate exposure and will consider appropriate hedging policy            要时考虑适当对冲政策。

          when necessary.

          Sensitivityanalysis                                            敏感度分析

          The Company is exposed to cash flow interest rate risk in            本公司就浮息银行结存(包括存放于香
          relation to variable-rate bank balances including bank            港、菲律宾及英国银行之银行结存)承
          balances deposits in the banks in Hong Kong, the Philippines            受现金流量利率风 险。 下述敏感度分
          and the UK. The sensitivity analysis below has been            析根据浮息定期存款于报告期间结算
          determined based on the exposure to interest rates for            日所承受利率风险厘定。 分 析之编制
          variable-rate time deposits at the end of the reporting period.            乃假设于报告期间结算日之该等银行
          The analysis is prepared assuming these bank balances            结存于整个期间╱年度仍然存在。菲
          outstanding at the end of the reporting period are            律宾银行之浮息定期存款的50个基点
          outstanding for the whole period/year. A 50 basis points (2018:            (二零一八年:50个基点)用于估计利
          50 basis points) in variable-rate time deposits in the banks in            率潜在 变 动,亦即本集团管理层对利
          the Philippines is used in estimating the potential change in            率可能合理变动之评估。倘利率上
          interest rate and represents the assessment of the reasonably            升╱下降50个基点,而所有其他变数
          possible change in interest rates made by the management of            维持不 变, 则本集团年内除税后盈利
          the Group. If interest rates had been 50 basis points higher/            将增加╱减少约363,000港元(二零一八
          lower and all other variables were held constant, the Group’s            年:805,000港元)。香港银行之浮息定
          post-tax profit for the year would increase/decrease by            期存款的30个基点(二零一八年:30
          approximately HK$363,000 (2018: HK$805,000). A 30 basis            个基点)用于估计利率潜在变动,亦即
          points (2018: 30 basis points) in variable-rate time deposits in            本集团管理层对利率可能合理变动之
          the banks in Hong Kong is used in estimating the potential            评估。倘利率上升╱下降30个基点(二
          change in interest rate and represents the assessment of the            零一八年:上升╱下降30个基点),而
          reasonably possible change in interest rates made by the            所有其他变数维持 不 变,则本集团年
          management of the Group. If the interest rates had been 30            内除税后盈利将增加╱减少至零(二零
          basis points higher/lower (2018: 30 basis points higher/lower)            一八年:64,000港元)。

          and all other variables were held constant, the Group’s post-

          tax profit for the year would increase/decrease to nil (2018:

          HK$64,000).

212  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (c)  Interest rate risk (Continued)                            (c)  利率风险(续)

          The Group is exposed to cash flow interest rate risk in relation            本集团就其长期银行借贷承受现金流
          to its long-term bank borrowings. At 30 June 2019, it is            量利率 风 险。于二零一九年六月三十
          estimated that a general increase/decrease of 100 basis points            日,估计利率整体增加╱减少100个基
          in interest rates, with all other variables held constant, would            点,而所有其他变数维持不变,则本
          decrease/increase the Group’s profit after income tax and            集团之除所得税后盈利及保留盈利将
          retained profits by approximately HK$119,000 (2018: nil). Other            减少╱增加约119,000港元(二零一八
          components of equity would not be changed.                          年:无)。权益之其他部份将不变。
          The sensitivity analysis above has been determined assuming            上述敏感性分析乃假设利率变动已于
          that the change in interest rates had occurred at the end of            报告期间结算日产生并适用于当日存
          the reporting period and had been applied to the exposure to            在之衍生及非衍生金融工具所承担之
          interest rate risk for both derivative and non-derivative            利率风险而厘定。增加或减少100个基
          financial instruments in existence at that date. The 100 basis            点为管理层对直至下一个报告期利率
          point increase or decrease represents management’s            可能合理变动之评估。

          assessment of a reasonably possible change in interest rates

          over the period until the next annual reporting period.

    (d)  Other price risk                                      (d)  其他价格风险

          At 30 June 2019, the Group is exposed to price risk through its            于二零一九年六月三十 日, 本集团就
          financial assets at FVTPL in respect of the investment in Hontai            其按公平值计入损益之金融资产(涉及
          Fund and Deutsche Far Eastern DWS Asia High Yield Bond            Hontai Fund及德银远东DWS亚洲高收
          Income Fund. The management of the Group has performed            益债券证券投资信托基金累积型之投
          analysis of the nature of market risk associated with the            资)承受价格风险。本集团管理层已就
          investments, including discussion with the investment            上述投资相关市场风险之性质进行分
          advisors, and concluded that the price risk is more prominent            析, 当 中包括与投资顾问进行讨论,
          in evaluating the market risk of this kind of investments. The            得出之结论是, 于 评估此类投资之市
          management of the Group monitors this exposure and will            场风险 时, 价格风险更为显著。 本 集
          consider appropriate hedging policy when necessary.                    团管理层监控有关 风 险,并将于有需
                                                                        要时考虑适当对冲政策。

          SensitivityanalysisonfinancialassetsatFVTPL                    按公平值计入损益之金融资产之敏感
                                                                      度分析

          The sensitivity analysis below have been determined, based            下述敏感度分析乃根据于德银远东
          on the investment in Deutsche Far Eastern DWS Asia High            DWS亚洲高收益债券证券投资信托基
          Yield Bond Income Fund, price risk (including fair value interest            金累积型之投资及源自按公平值计入
          rate risk) arising from financial assets at FVTPL. If the prices of            损益之金融资产之价格风险(包括公平
          respective financial instruments had been 10% higher/lower,            值利率风险)厘定。倘有关金融工具之
          the Group’s post-tax profit for the year would increase/            价格上升╱下降10%,以致按公平值计
          decrease by approximately HK$77,000 (2018:HK$78,000) as a            入损益之金融资产于二零一九年六月
          result of the change in fair value of financial assets at FVTPL at            三十日之公平值有 变 动,则本集团年
          30 June 2019.                                                    内除税后盈利将增加╱减少约77,000
                                                                        港元(二零一八年:78,000港元)。

                                                                                          Annual Report年报2018/19 213

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (e)  Currency risk                                        (e)  货币风险

          The Group is exposed to currency risk primarily through the            本集团主要面对以与其业务有关之功
          financial assets at FVTPL, other receivables, bank balances and            能货币以外货币计值之按公平值计入
          cash, other payables and promissory note that are            损益之金融资 产、 其他应收款 项、银
          denominated in a currency other than the functional currency            行结存及现金、 其 他应付款项及承兑
          of the operations to which they relate. The currencies giving            票据所产生货币风 险。 产生此风险之
          rise to this risk are primarily United States dollars and Hong            货币主要为美元及港元。

          Kong dollar.

          The carrying amounts of monetary assets and monetary            货币资产及货币负债之账面值于报告
          liabilities are denominated in foreign currencies of the relevant            期间结算日按有关集团实体(其功能货
          group entities whose functional currency is Peso at the end of            币为披索)之外币计值如下:

          the reporting period are as follows:

                                                            Liabilities                    Assets

                                                              负债                      资产

                                                      At 30 June    At 31 March    At 30 June    At 31 March
                                                          2019        2018        2019        2018
                                                    于二零一九年 于二零一八年 于二零一九年 于二零一八年
                                                      六月三十日 三月三十一日  六月三十日 三月三十一日
                                                        HK$’000      HK$’000      HK$’000      HK$’000
                                                          千港元      千港元      千港元      千港元
          USD                  美元                      5,219        3,409      120,207        63,766
          HK$                  港元                    359,426      342,040      53,277      357,885
          EUR                  欧元                          –            –      192,119            –
          The Group currently does not have foreign currency hedging            本集团目前并无外币对冲政策。然而,
          policy. However, the management of the Group monitors            本集团管理层就各业务分部监察外币
          foreign currency exposure for each business segment and            风险并检讨个别地区之需 要, 并于有
          reviews the needs of individual geographical area, and will            需要时考虑适当对冲政策。

          consider appropriate hedging policy when necessary.

214  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (e)  Currency risk (Continued)                              (e)  货币风险(续)

          Sensitivityanalysis                                            敏感度分析

          As HK$ is pegged to USD, the Group does not expect any            由于港元与美元挂 钩, 故本集团预期
          significant foreign currency exposure arising from the            不会因美元兑港元及港元兑美元之汇
          fluctuation of the USD/HK$ and HK$/USD exchange rates. As a            率波动而产生任何重大外币风险。因
          result, the management of the Group considers that the            此,本集团管理层认为本集团对美元
          sensitivity of the Group’s exposure towards the change in            兑港元及港元兑美元之间之外币汇率
          foreign exchange rates between USD/HK$ and HK$/USD is            变动风险之敏感度属低。

          minimal.

          The currency risk is mainly arising from exchange rate of Peso            货币风险主要源自披索兑美元及港元
          against USD and HK$.                                            之汇率。

          The following table details the Group’ sensitivity to a 10%            下表详列本集团对披索兑美元及港元
          (2018: 10%) increase and decrease in Peso against USD and            增加及减少10%(二零一八年:10%)之
          HK$. 10% (2018: 10%) represents the assessment of the            敏感度。10%(二零一八年:10%)乃本
          reasonably possible change in foreign exchange rates made            集团管理层对外币汇率可能合理变动
          by the management of the Group. The sensitivity analysis            之评估。 敏 感度分析仅包括尚未结算
          includes only outstanding foreign currency denominated            之外币列值货币项目。 下 表显示倘披
          monetary items. The table below indicates the impact on            索兑外币贬值10%(二零一八年:10%)
          post-tax profit for the year where the Peso weaken 10% (2018:            对年内除税后盈利之影响,反之亦然。
          10%) against foreign currencies, and vice versa. For a 10%            倘披索兑外币升值10%(二零一八年:
          (2018: 10%) strengthening of Peso against foreign currencies,            10%),年内除税后盈利将受到金额相
          there would be an equal and opposite impact on the post-tax            同而效果相反之影响。

          profit for the year.

                                                            HK$ impact                USD impact

                                                            港元影响                  美元影响

                                                      At 30 June    At 31 March    At 30 June    At 31 March
                                                          2019        2018        2019        2018
                                                    于二零一九年 于二零一八年 于二零一九年 于二零一八年
                                                      六月三十日 三月三十一日  六月三十日 三月三十一日
                                                        HK$’000      HK$’000      HK$’000      HK$’000
                                                          千港元      千港元      千港元      千港元
          Increase/(decrease) in    年内除税后盈利

          ? post-tax profit for the year  增加╱(减少)        (30,824)        1,076        8,133        4,973

                                                                                          Annual Report年报2018/19 215

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

38. FINANCIAL RISK MANAGEMENT OBJECTIVES  38. 财务风险管理目标及政策(续)

    AND POLICIES (Continued)

    (e)  Currency risk (Continued)                              (e)  货币风险(续)

          Sensitivityanalysis(Continued)                                    敏感度分析(续)

          The following table details the Group’ sensitivity to a 5%            下表详列本集团对欧元兑港元增加及
          increase and decrease in EUR against HK$. 5% represents the            减少5%之敏感度。5%乃本集团管理层
          assessment of the reasonably possible change in foreign            对外币汇率可能合理变动之评估。敏
          exchange rates made by the management of the Group. The            感度分析仅包括尚未结算之外币列值
          sensitivity analysis includes only outstanding foreign currency            货币项目。 下 表显示倘欧元兑港元贬
          denominated monetary items. The table below indicates the            值5%对年内除税后盈利之影响。倘欧
          impact on post-tax profit for the year where the EUR weaken            元兑港元升值5%,年内除税后盈利将
          5% against HK$. For a 5% strengthening of EUR against HK$,            受到金额相同而效果相反之影响。

          there would be an equal and opposite impact on the post-tax

          profit for the year.

                                                                                      EUR impact

                                                                                      欧元影响

                                                                                At 30 June      At 31 March
                                                                                    2019          2018
                                                                            于二零一九年  于二零一八年
                                                                              六月三十日  三月三十一日
                                                                                  HK$’000        HK$’000
                                                                                  千港元        千港元
          Increase/(decrease) in post-tax profit      年内除税后盈利增加╱(减少)

          ? for the year                                                              19,059              –

39. MATERIAL INTEREST OF DIRECTORS IN      39. 董事于交易、 安 排或合约之重大权
    TRANSACTION, ARRANGEMENTS OR              益

    CONTRACTS

    No transactions, arrangements or contracts of significance to which        概无由本公司订立且本公司董事或与董事有
    the Company was a party and in which the directors of the Company        关连之实体直接或间接于其中拥有重大权益
    or an entity connected with the directors had a material interest,        之任何重大交易、安排或合约于财政年度内
    whether directly or indirectly, subsisted during or at the end of the        或财政年度结算日存续。

    financial year.

216  Annual Report年报2018/19


    Notes to the Consolidated Financial Statements
                              综合财务报表附注
                                                                                        Forthefifteenmonthsended30June2019
                                                                                截至二零一九年六月三十日止十五个月期间
40. CONTINGENT LIABILITIES                    40. 或然负债

    As at 30 June 2019, there are certain contractual obligations made        于二零一九年六月三十日,本集团负有向其
    by the Group to pay additional payments to other football clubs        他足球俱乐部作出额外付款之若干合约责
    dependent on achievement of certain future performances criteria        任,此乃视乎球员达成若干未来绩效标准(例
    of the players such as number of goals, appearances, whether Wigan        如入球数目、上场次数)、Wigan AFC是否晋
    AFC promote to PL etc., or upon disposal of relevant players at profit.        升至英格兰超级足球联赛等或出售相关球员
    Except for contingent additional payments of HK$15,795,000 have        时是否获利而定。除本集团于二零一九年六
    been recognised by the Group at fair value of HK$5,723,000 on        月三十日按收购Wigan(其账面值为2,389,000
    acquisition of Wigan with carrying amount of HK$2,389,000 at 30        港 元(二 零 一 八 年:零 港 元))之 公 平 值
    June 2019 (2018: HK$Nil), all other additional payments are not        5,723,000港元确认或然额外付款15,795,000港
    recognised until it becomes probable the specific future        元外,所有其他额外付款在可能达成特定未
    performances criteria would achieve. The maximum unprovided        来绩效标准前不予确认。于二零一九年六月
    liability amounts to HK$16,616,000 as at 30 June 2019 (2018: HK$Nil).        三十日,未拨备负债之最高金额为16,616,000
                                                                  港元(二零一八年:零港元)。

41. EVENT AFTER THE END OF REPORTING        41. 报告期间结算日后事项

    PERIOD

    (a)  Pursuant to the Company announcement dated on 28 June        (a)  根据本公司日期为二零一九年六月
          2019, NCHI entered into a termination agreement            二 十 八 日 之 公 告,NCHI与NWH
          (“Termination Agreement”) with NWH Management            Management Philippines, Incorporated
          Philippines, Incorporated (“NWHM”) and New World Hotel            (「NWHM」)及NewWorldHotelManagement
          Management Limited (“NWHML”) to terminate the hotel            Limited(「NWHML」)订立终止协议(「终
          management agreement and the sales and marketing            止协议」),以终止酒店管理协议及销
          agreement with effect from 31 December 2019.                        售及市场推广协议,自二零一九年
                                                                        十二月三十一日起生效。

          Pursuant to the Termination Agreement, no termination fee            根据终止协议,NCHI毋须就提早终止
          shall be payable by NCHI to NWHM and NWHML in respect of            酒店管理协议及销售及市场推广协议
          the early termination of the hotel management agreement            向NWHM及NWHML支付终止费用。本
          and the sales and marketing agreement. The Directors of the            公司董事认为,(i)本公司之酒店营运
          Company are of the view that (i) the hotel operations team of            团队已于期内学习及积累酒店管理及
          the Company had learnt and accumulated relevant            酒店市场推广方面之相关知识及技能,
          knowledge and skills in hotel management and hotel            使团队积累足够经验以承担该等协议
          marketing during the period such that the team has built up            项下之工作范围(如必要);(ii)酒店之
          sufficient experience to undertake the scope of work under            业务已稳定;及(iii)终止该等协议可降
          the agreements, if necessary; (ii) the business operations of the            低该酒店之营运成本。

          hotel has stabilized; and (iii) the termination of the agreements

          could reduce the operating costs of the hotel.

                                                                                          Annual Report年报2018/19 217

Notes to the Consolidated Financial Statements

综合财务报表附注
Forthefifteenmonthsended30June2019
截至二零一九年六月三十日止十五个月期间

41. EVENT AFTER THE END OF REPORTING        41. 报告期间结算日后事项(续)

    PERIOD (Continued)

    (b)  Pursuant to the Company announcement dated on 30 April        (b)  根据本公司日期为二零一九年四月
          2019, Baltic Success Limited, an indirect wholly-owned            三十日之公告, 本 公司间接全资附属
          subsidiary of the Company (“BSL”), entered into the sale and            公司Baltic Success Limited(「BSL」)订立
          purchase agreement pursuant to which BSL has agreed to            买卖协议,据此,BSL同意向两名卖方
          acquire the entire issued share capital of the target company            收购目标公司之全部已发行 股 本,代
          with consideration of HK$26,500,000 and HK$26,500,000            价 分 别 为26,500,000港 元 及26,500,000
          respectively to two vendors. The consideration shall be settled            港元。 代 价由本公司向卖方发行价值
          by way of issue of convertible bond amounted to            53,000,000港元之可换股债券之方式支
          HK$53,000,000 by the Company to the vendors. The            付。交易于二零一九年七月五日完成,
          transaction was completed on 5 July 2019 which was detailed            详情载于本公司日期为二零一九年七
          in the Company announcement dated on 5 July 2019.                  月五日之公告。

    (c)  Subsequent to 30 June 2019, a subsidiary of the Group        (c)  于二零一九年六月三十日 后, 本集团
          entered into agreements to acquire and dispose of the            附属公司订立协议以收购及出售若干
          football registrations of certain football personnel which have            球员之足球注册, 惟 于本报告期间尚
          not been recognised in current reporting period. The Group            未确认。 本 集团预计收购球员之足球
          expects the acquisition of football registration of football            注册将导致添置无形资产75,458,000港
          personnel would result in addition of intangible assets of            元, 而 出售球员之足球注册将不会对
          HK$75,458,000 while the disposal of the football registration of            本集团构成重大财务影响。

          football personnel would not have significant financial impact

          to the Group.

42. APPROVAL OF FINANCIAL STATEMENTS      42. 批准财务报表

    The financial statements were reviewed by the Audit Committee and        财务报表由审核委员会审阅,并于二零一九
    approved and authorised for issue by the Board of Directors on 25        年九月二十五日获董事会批准及授权刊发。
    September 2019.

218  Annual Report年报2018/19


                              Financial Summary
                                        财务摘要
RESULTS                                          业绩

                                                                                                    Forthe
                                                                                                    fifteen
                                                  Forthe      Forthe      Forthe      Forthe      months
                                              yearended    yearended    yearended    yearended      ended
                                                31March    31March    31March    31March      30June
                                                  2015        2016        2017        2018        2019
                                                                                                      截至
                                                  截至        截至        截至        截至  二零一九年
                                              二零一五年  二零一六年  二零一七年  二零一八年  六月三十日
                                            三月三十一日 三月三十一日 三月三十一日 三月三十一日  止十五个月
                                                止年度      止年度      止年度      止年度        期间
                                                            (Restated)    (Restated)

                                                          (经重列)  (经重列)

                                                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
Revenue                  收入                    366,837      330,939      290,714      296,380      456,918

Profit/(loss)for              年╱期内溢利╱

? theyear/period            (亏损)                61,138    1,502,134      (41,770)      (67,278)      (93,293)

Profit/(loss)attributableto:      以下人士应占

                          溢利╱(亏损):

? OwnersoftheCompany        本公司拥有人            45,944      774,773      (31,486)      (67,278)      (77,527)

NET ASSETS                                      净资产

                                                  Asat        Asat        Asat        Asat        Asat
                                                31March    31March    31March    31March      30June
                                                  2015        2016        2017        2018        2019
                                                    于          于          于          于          于
                                              二零一五年  二零一六年  二零一七年  二零一八年  二零一九年
                                            三月三十一日 三月三十一日 三月三十一日 三月三十一日  六月三十日
                                                            (Restated)    (Restated)

                                                          (经重列)  (经重列)

                                                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
Totalassets                总资产                2,670,933    3,577,976    2,386,434    2,632,688    2,797,372
Totalliabilities              总负债                  (228,253)      (235,344)      (551,074)      (550,293)    (763,686)

                                                2,442,680    3,342,632    1,835,360    2,082,395    2,033,686

Equityattributableto:        以下人士应占权益:

? OwnersoftheCompany      本公司拥有人          1,875,134    2,057,622    1,835,279    2,082,395    2,023,267

                                                                                          Annual Report年报2018/19 219
Particulars of Principal Properties
主要物业详情

Location                      Existing use                                Lease term

地址                          现有用途                                  租赁年期

1588 M.H. Del Pilar                Hotel operations and leasing of properties          Medium-term lease
? cor. Pedro Gil, Malate Manila      ? (equipped with entertainment equipment)

? The Philippines

1588 M.H. Del Pilar                经营酒店及租赁物业(设有娱乐设备)          中期租约

? cor. Pedro Gil, Malate Manila

? The Philippines

The north of Robin Park Road,      Football Stadium                              Long-term lease
? Wigan, WN5 OUJ,
? United Kingdom

The north of Robin Park Road,      足球场                                      长期租约

? Wigan, WN5 OUJ,
? United Kingdom
220  Annual Report年报2018/19


                
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