[HK]安保工程控股:中期报告 2019/2020

时间:2019年12月20日 12:30:48&nbsp18财经
原标题:安保工程控股:中期报告 2019/2020


CONTENTS目錄


2公司資料


Corporate Information

4綜合損益及其他全面收益表


Consolidated Statement of Profit or Loss and
Other Comprehensive Income


6綜合財務狀況表


Consolidated Statement of Financial Position

8綜合權益變動表


Consolidated Statement of Changes in Equity

9簡明綜合現金流量表


Condensed Consolidated Statement of Cash Flows

10簡明綜合中期財務資料附註


Notes to the Condensed Consolidated Interim Financial Information

33管理層討論及分析


Management Discussion and Analysis

41其他資料


Other Information


BOARD OF DIRECTORS
Executive Directors

Mr. NGAI Chun Hung (Chairman)
Mr. IP Yik Nam (Chief Executive Officer)
Mr. YAU Kwok Fai
Mr. YAM Kui Hung
Mr. LAU Chi Fai, Daniel
Mr. CHEUNG Ho Yuen

Independent Non-Executive Directors

Dr. LI Yok Sheung
Ms. MAK Suk Hing
Ms. LEUNG Yuen Shan, Maisy

BOARD COMMITTEES
Audit Committee

Ms. LEUNG Yuen Shan, Maisy (Chairman)
Dr. LI Yok Sheung
Ms. MAK Suk Hing

Remuneration Committee

Dr. LI Yok Sheung (Chairman)
Ms. MAK Suk Hing
Ms. LEUNG Yuen Shan, Maisy
Mr. YAU Kwok Fai

Nomination Committee

Mr. NGAI Chun Hung (Chairman)
Dr. LI Yok Sheung
Ms. MAK Suk Hing
Ms. LEUNG Yuen Shan, Maisy

COMPANY SECRETARY

Mr. WONG Fu Cheong, Desmond, CPA

AUDITORS

Ernst & Young

Certified Public Accountants

董事會
執行董事

魏振雄先生(主席)
葉亦楠先生(行政總裁)
游國輝先生
任鉅鴻先生
劉志輝先生
張浩源先生

獨立非執行董事

李毓湘博士
麥淑卿女士
梁婉珊女士

董事會委員會
審核委員會

梁婉珊女士(主席)
李毓湘博士
麥淑卿女士

薪酬委員會

李毓湘博士(主席)
麥淑卿女士
梁婉珊女士
游國輝先生

提名委員會

魏振雄先生(主席)
李毓湘博士
麥淑卿女士
梁婉珊女士

公司秘書

黃富昌先生(會計師)

核數師

安永會計師事務所
執業會計師



REGISTERED OFFICE

PO Box 1350, Clifton House
75 Fort Street
Grand Cayman KY1-1108
Cayman Islands

HEAD OFFICE AND PRINCIPAL PLACE
OF BUSINESS

No. 155 Waterloo Road, Kowloon Tong
Kowloon, Hong Kong

SHARE REGISTRAR AND TRANSFER OFFICE
Principal Share Registrar and Transfer Office
in the Cayman Islands

Estera Trust (Cayman) Limited
PO Box 1350, Clifton House
75 Fort Street
Grand Cayman KY1-1108
Cayman Islands

Hong Kong Branch Share Registrar and Transfer Office

Tricor Investor Services Limited
Level 54, Hopewell Centre
183 Queen’s Road East
Hong Kong

SHARE INFORMATION
Ordinary share listing

Place of listing Main Board of The Stock Exchange
of Hong Kong Limited
Stock code 01627
Board lot size 4,000 shares
WEBSITES

http://www.ableeng.com.hk
http://www.gennexir.com/?page_id=191&code=01627&lang=en_US

註冊辦事處


PO Box 1350, Clifton House
75 Fort Street
Grand Cayman KY1-1108
Cayman Islands

總辦事處兼主要營業地點

香港九龍
九龍塘窩打老道155號

股份過戶登記處
開曼群島主要股份過戶登記處


Estera Trust (Cayman) Limited
PO Box 1350, Clifton House
75 Fort Street
Grand Cayman KY1-1108
Cayman Islands

香港股份過戶登記分處

卓佳證券登記有限公司
香港
皇后大道東183號
合和中心54樓

股份資料
普通股上市

上市地點香港聯合交易所

有限公司主板
股份代號
01627
每手買賣單位
4,000股

網址


http://www.ableeng.com.hk
http://www.gennexir.com/?page_id=191&code=01627&lang=zh_HK


The board (the “Board”) of directors (the “Directors”) of 安保工程控股有限公司(「本公司」)的董事(「董
Able Engineering Holdings Limited (the “Company”) presents 事」)會(「董事會」)提呈本公司及其附屬公司(統
the unaudited condensed consolidated interim financial 稱「本集團」)截至二零一九年九月三十日止六個
information of the Company and its subsidiaries (collectively, 月(「本期間」)的未經審核簡明綜合中期財務資
the “Group”) for the six months ended 30 September 2019 料,連同於去年同期的比較數字。簡明綜合中期
(“this period”) together with comparative figures for the 財務資料未經審核,惟已經本公司的審核委員會
corresponding period in the previous year. The condensed 審閱。

consolidated interim financial information has not been
audited, but has been reviewed by the Company’s audit
committee.

Consolidated statement of Profit or loss and other ComPrehensive inCome

綜合損益及其他全面收益表


Six months ended 30 September 2019截至二零一九年九月三十日止六個月


Unaudited

未經審核


Six months ended
30 September

截至九月三十日止六個月


Notes
附註
2019
二零一九年
HK$’000
千港元
2018
二零一八年
HK$’000
千港元
REVENUEContract costs
收入
合約成本
5 644,367
(498,984)
1,333,224
(1,186,336)
Gross profitOther income and gainsAdministrative expensesFinance costsShare of profits and losses of
joint ventures
毛利
其他收入及收益
行政開支
財務費用
應佔合營企業損益
5
145,383
8,638
(57,786)
(358)
2,913
146,888
7,341
(56,051)
(367)

PROFIT BEFORE TAXIncome tax expense
除稅前溢利
所得稅開支
6
7
98,790
(19,233)
97,811
(17,913)
PROFIT FOR THE PERIOD期間溢利
79,557 79,898


Unaudited

未經審核


Six months ended
30 September

截至九月三十日止六個月


Note
附註
2019
二零一九年
HK$’000
千港元
2018
二零一八年
HK$’000
千港元
PROFIT FOR THE PERIOD期間溢利
79,557 79,898
OTHER COMPREHENSIVE LOSSOther comprehensive loss that
may be reclassified to profit or loss
in subsequent periods:
Share of other comprehensive loss of
joint ventures
其他全面虧損
於其後期間可能重新分類至
損益的其他全面虧損:
應佔合營企業其他全面虧損
(2,263) –
OTHER COMPREHENSIVE LOSS
FOR THE PERIOD
期間其他全面虧損
(2,263) –
PROFIT AND TOTAL
COMPREHENSIVE INCOME
FOR THE PERIOD
期間溢利及全面收益總額
77,294 79,898
Profit for the period attributable to
owners of the parent
母公司持有者應佔期間溢利
79,557 79,898
Profit and total comprehensive income
for the period attributable to owners
of the parent
母公司持有者應佔期間溢利
及全面收益總額
77,294 79,898
EARNINGS PER SHARE
ATTRIBUTABLE TO ORDINARY
EQUITY HOLDERS OF
THE PARENTBasic and diluted (HK cents)
母公司普通權益持有者
應佔每股盈利
基本及攤薄(港仙) 9 3.98 3.99


Notes
附註
Unaudited
未經審核
30 September
2019
二零一九年
九月三十日
HK$’000
千港元
Audited
經審核
31 March
2019
二零一九年
三月三十一日
HK$’000
千港元
NON-CURRENT ASSETSProperty, plant and equipmentInvestments in joint venturesDeferred tax assets
非流動資產
物業、機器及設備
於合營企業的投資
遞延稅項資產
10 689,056
105,208
218
690,085
104,559
218
Total non-current assets非流動資產總值
794,482 794,862
CURRENT ASSETSAccounts receivableContract assetsPrepayments, other receivables
and other assetsTax recoverablePledged depositsCash and cash equivalents
流動資產
應收賬款
合約資產
預付款項、其他應收款及
其他資產
可收回稅項
已抵押存款
現金及現金等值物
11 161,491
214,953
14,813
176
110,000
591,437
110,026
220,160
23,399
176

896,837
Total current assets流動資產總值
1,092,870 1,250,598
CURRENT LIABILITIESAccounts payableTax payableOther payables and accrualsInterest-bearing bank loans
流動負債
應付賬款
應付稅項
其他應付款及預提費用
計息銀行貸款
12 331,794
32,667
205,209
2,636
332,931
13,434
386,084
377
Total current liabilities流動負債總值
572,306 732,826
NET CURRENT ASSETS流動資產淨值
520,564 517,772
TOTAL ASSETS LESS CURRENT
LIABILITIES
資產總值減流動負債
1,315,046 1,312,634


Notes
附註
NON-CURRENT LIABILITIES非流動負債
Lease liabilities租賃負債


Total non-current liabilities非流動負債總值


Net assets資產淨值


EQUITYEquity attributable to owners
of the parent

Issued capitalReserves

權益
母公司持有者應佔權益


已發行股本
13
儲備


Total equity總權益


Unaudited

未經審核

30 September
2019

二零一九年
九月三十日

HK$’000

千港元

5,118

5,118

1,309,928

20,000
1,289,928

1,309,928

Audited

經審核


31 March

二零一九年
三月三十一日


HK$’000

千港元






1,312,634

20,000
1,292,634

1,312,634


Unaudited

未經審核


Attributable to owners of the parent

母公司持有者應佔


Issued Share Capital Other Retained Total
capital premium reserve reserve profits equity
已發行股本股份溢價資本儲備其他儲備保留溢利權益總計
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
At 1 April 2019於二零一九年四月一日
20,000 574,485* (36,742)* 1,766* 753,125* 1,312,634
Profit for the period期間溢利
– – – – 79,557 79,557
Other comprehensive loss for the period:期間其他全面虧損:
Share of other comprehensive 應佔合營企業其他
loss of joint ventures全面虧損
– – – (2,263) – (2,263)
2018/19 final dividend (note 8)二零一八╱一九年末期股息
(附註8)
– – – – (80,000) (80,000)

At 30 September 2019於二零一九年九月三十日
20,000 574,485* (36,742)* (497)* 752,682* 1,309,928

At 31 March 2018 (audited)於二零一八年三月三十一日
(經審核)
20,000 574,485 (36,742) – 619,400 1,177,143
Effect of the adoption of HKFRS 15採納香港財務報告準則
第15號之影響
– – – – 92,293 92,293

Restated balance as at 1 April 2018 於二零一八年四月一日
(audited)經重列的結餘(經審核)
20,000 574,485 (36,742) – 711,693 1,269,436
Profit and total comprehensive income 期間溢利及全面收益總額
for the period– – – – 79,898 79,898
2017/18 final dividend (note 8)二零一七╱一八年末期股息
(附註8)
– – – – (100,000) (100,000)

At 30 September 2018於二零一八年九月三十日
20,000 574,485 (36,742) – 691,591 1,249,334

* These reserve accounts comprise the consolidated reserves of *於二零一九年九月三十日,該等儲備賬目包括於
HK$1,289,928,000 (31 March 2019: HK$1,292,634,000) in the 綜合財務狀況表中的綜合儲備1,289,928,000港元
consolidated statement of financial position as at 30 September 2019. (於二零一九年三月三十一日:
1,292,634,000港
元)。




Unaudited

未經審核


Six months ended
30 September

截至九月三十日止六個月


Note
附註
2019
二零一九年
HK$’000
千港元
2018
二零一八年
HK$’000
千港元
Net cash flows from/(used in)
operating activities
經營業務所得╱(所用)之
現金流量淨額
(114,396) 322,048
Cash flows from investing activitiesAdditions of items of property,
plant and equipmentProceeds from disposal of items of
property, plant and equipmentIncrease in pledged time deposits
投資業務之現金流量
添置物業、機器及設備項目
出售物業、機器及設備項目的
所得款項
已抵押定期存款增加


(110,000)
(598,212)
162

Net cash flows used in investing activities投資業務所用之現金流量淨額
(110,000) (598,050)
Cash flows from financing activitiesNew bank loansRepayment of bank loansDividend paidPrincipal portion of lease payments
融資業務之現金流量
新增銀行貸款
償還銀行貸款
已付股息
租賃付款的本金部分
8
258,900
(256,641)
(80,000)
(3,263)


(100,000)

Net cash flows used in financing activities融資業務所用之現金流量淨額
(81,004) (100,000)
Net decrease in cash and
cash equivalentsCash and cash equivalents at
beginning of period
現金及現金等值物減少淨額
現金及現金等值物期初餘額
(305,400)
896,837
(376,002)
1,185,501
Cash and cash equivalents at
end of period
現金及現金等值物期末餘額
591,437 809,499
Analysis of cash and cash equivalents:
Cash and bank balancesNon-pledged time deposits
現金及現金等值物之分析:
現金及銀行結餘
無抵押定期存款
231,437
360,000
439,499
370,000
Cash and cash equivalents as stated
in the condensed consolidated
statement of cash flows
簡明綜合現金流量表內所述之
現金及現金等值物
591,437 809,499


1.
CORPORATE INFORMATION
Able Engineering Holdings Limited (the “Company”) is
a limited liability company incorporated in the Cayman
Islands and whose shares are publicly traded on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”).
The registered office of the Company is located at PO Box
1350, Clifton House, 75 Fort Street, Grand Cayman, KY11108,
Cayman Islands. The principal place of business
of the Company is located at No. 155 Waterloo Road,
Kowloon Tong, Kowloon, Hong Kong.

During the period, the Company and its subsidiaries
(collectively, referred to as the “Group”) were engaged in
building construction and maintenance businesses.

In the opinion of the Board, Profit Chain Investments
Limited (“Profit Chain”), a company incorporated in
the British Virgin Islands (“BVI”), is the immediate
holding company of the Company; Vantage International
(Holdings) Limited (“Vantage”, together with its
subsidiaries, excluding the Group, collectively referred
to as the “Remaining Vantage Group”), a company
incorporated in Bermuda and listed on the Main Board
of the Stock Exchange, is the intermediate holding
company of the Company; and Winhale Ltd., a company
incorporated in the BVI, is the ultimate holding company
of the Company.

2.
BASIS OF PREPARATION
This unaudited condensed consolidated interim financial
information for the six months ended 30 September
2019 has been prepared in accordance with Hong Kong
Accounting Standard (“HKAS”) 34 “Interim Financial
Reporting” issued by the Hong Kong Institute of Certified
Public Accountants (“HKICPA”) and the applicable
disclosure requirements set out in Appendix 16 of the
Rules Governing the Listing of Securities on the Stock
Exchange (the “Listing Rules”).

1.
公司資料
安保工程控股有限公司
「(本公司」)為一家於
開曼群島註冊成立的有限公司,其股份於香
港聯合交易所有限公司(「聯交所」)公開買
賣。本公司的註冊辦事處位於
PO Box 1350,
Clifton House, 75 Fort Street, Grand Cayman,
KY1-1108, Cayman Islands。本公司的主要營
業地點位於香港九龍九龍塘窩打老道155號。


於本期間,本公司及其附屬公司(統稱為「本
集團」)從事樓宇建築及保養業務。


董事會認為,Profit Chain Investments Limited

(「Profit Chain」,於英屬維爾京群島(「英
屬維爾京群島」)註冊成立的公司)為本公司
的直接控股公司;盈信控股有限公司(「盈
信」,連同其附屬公司(本集團除外)則統稱
為「餘下盈信集團」,於百慕達註冊成立的公
司,並於聯交所主板上市)為本公司的中間
控股公司;及Winhale Ltd.(於英屬維爾京群
島註冊成立的公司)為本公司的最終控股公
司。



2.
編製基準
此截至二零一九年九月三十日止六個月的未
經審核簡明綜合中期財務資料乃根據香港會
計師公會(「香港會計師公會」)頒佈的香港會
計準則(「香港會計準則」)第34號中期財務報
告及聯交所證券上市規則(「上市規則」)附錄
十六載列的適用披露規定而編製。



2. BASIS OF PREPARATION (continued) 2. 編製基準(續)
The accounting policies and basis of preparation 除於下文未經審核簡明綜合中期財務資料附
adopted in the preparation of this unaudited condensed 註3所述外,本集團在編製此未經審核簡明
consolidated interim financial information are consistent 綜合中期財務資料時所採用的會計政策及編
with those set out in the Group’s audited consolidated 製基準,與其於截至二零一九年三月三十一
financial statements for the year ended 31 March 2019 日止年度的經審核綜合財務報表所載一致,
which have been prepared in accordance with Hong 並按照香港會計師公會頒佈的香港財務報告
Kong Financial Reporting Standards (“HKFRSs”) (which 準則(「香港財務報告準則」)(包括所有香港
include all Hong Kong Financial Reporting Standards, 財務報告準則、香港會計準則及詮釋)及香
HKASs and Interpretations) issued by the HKICPA and 港公認會計原則而編製。此未經審核簡明綜
accounting principles generally accepted in Hong Kong, 合中期財務資料乃根據歷史法編製(一項已
except as stated in note 3 to the unaudited condensed 按公平值計量的衍生金融工具除外),並以
consolidated interim financial information below. This 港元(「港元」)(本公司的功能及呈列貨幣)呈
unaudited condensed consolidated interim financial 列,除另有說明者外,所有價值均約整至最
information has been prepared under the historical cost 接近的千位數。

convention, except for a derivative financial instrument
which has been measured at fair value, and is presented
in Hong Kong dollars (“HK$”), which is the Company’s
functional and presentation currency, and all values are
rounded to the nearest thousand except when otherwise
indicated.
This unaudited condensed consolidated interim financial 此未經審核簡明綜合中期財務資料並不包括
information does not include all the information and 年度財務報表所需披露的全部資料,並應與
disclosures required in the annual financial statements, 本集團截至二零一九年三月三十一日止年度
and should be read in conjunction with the Group’s 的年度綜合財務報表一併閱讀。此簡明綜合
annual consolidated financial statements for the year 中期財務資料並未經本公司的外聘核數師審
ended 31 March 2019. This condensed consolidated 核或審閱,惟已由本公司的審核委員會(「審
interim financial information has not been audited or 核委員會」)審閱。

reviewed by the Company’s external auditor, but has been
reviewed by the Company’s audit committee (the “Audit
Committee”).


3. CHANGES IN ACCOUNTING POLICIES AND 3. 會計政策及披露的變動
DISCLOSURES
The Group has adopted, for the first time, the following 本集團於編製此未經審核簡明綜合中期財務
new and revised HKFRSs, in the preparation of this 資料時已首次採納以下新訂及經修訂香港財
unaudited condensed consolidated interim financial 務報告準則。

information.
Amendments to HKFRS 9 Prepayment Features with Negative 香港財務報告準則第9號(修訂)具負補償的提前償付特徵
Compensation
HKFRS 16 Leases 香港財務報告準則第16號租賃
Amendments to HKAS 19 Plan Amendment, Curtailment or Settlement 香港會計準則第19號(修訂)計劃修改、縮減或結算
Amendments to HKAS 28 Long-term Interests in Associates and 香港會計準則第28號(修訂)於聯營企業及合營企業中的
Joint Ventures 長期權益
HK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments 香港(國際財務報告詮釋委員會)所得稅處理的不確定性
-詮釋第23號
Annual Improvements Amendments to HKFRS 3, HKFRS 11, 二零一五年至二零一七年週期的香港財務報告準則第3號、
2015-2017 Cycle HKAS 12 and HKAS 23 年度改進香港財務報告準則第11號、
香港會計準則第12號及
香港會計準則第23號的修訂
Other than as explained below regarding the impact of 除下文所解釋有關香港財務報告準則第16號
HKFRS 16 Leases, Amendments to HKAS 28 Long-term 租賃、香港會計準則第28號(修訂)於聯營企
Interests in Associates and Joint Ventures and HK(IFRIC)業
及合營企業中的長期權益及香港(國際財
Int 23 Uncertainty over Income Tax Treatments, other 務報告詮釋委員會)-詮釋第
23號所得稅處
amendments do not have significant impact on this 理的不確定性的影響外,其他的幾項修訂對
unaudited condensed consolidated interim financial 本集團編製此未經審核簡明綜合中期財務資
information of the Group. 料並無重大影響。

The Group has not early adopted any standard, 本集團並無提早採納已頒佈惟尚未生效的任
interpretation or amendment that has been issued but is 何準則、詮釋或修訂。

not yet effective.


3. CHANGES IN ACCOUNTING POLICIES AND 3. 會計政策及披露的變動(續)
DISCLOSURES (continued)
The nature and impact of the new and revised HKFRSs are 新訂及經修訂香港財務報告準則的性質及影
described below: 響載述如下:
(a) HKFRS 16 Leases (a) 香港財務報告準則第16號租賃
HKFRS 16 replaces HKAS 17 Leases, HK(IFRIC)香
港財務報告準則第16號取代香港會計
Int 4 Determining whether an Arrangement contains a 準則第
17號租賃、香港(國際財務報告
Lease, HK(SIC)-Int 15 Operating Leases – Incentives 詮釋委員會)-詮釋第4號釐定安排是否
and HK(SIC)-Int 27 Evaluating the Substance of 包括租賃、香港(常設詮釋委員會)-詮
Transactions Involving the Legal Form of a Lease. The 釋第
15號經營租賃-優惠及香港(常設
standard sets out the principles for the recognition, 詮釋委員會)-詮釋第27號評估牽涉合
measurement, presentation and disclosure of leases 法租賃形式的交易的內容。該準則載列
and requires lessees to account for all leases under a 有關租賃確認、計量、呈列及披露租賃
single on-balance sheet model. 的原則,並要求承租人對所有租賃採用
單一資產負債表內模型進行會計處理。

Lessor accounting under HKFRS 16 is substantially 香港財務報告準則第16號項下規定的出
unchanged from HKAS 17. Lessors will continue to 租人的會計原則與香港會計準則第
17classify leases as either operating or finance leases 號規定的並無實質性改變。出租人將繼
using similar principles as in HKAS 17. Therefore, 續利用香港會計準則第17號相若的原則
HKFRS 16 did not have any financial impact on leases 將租賃分類為經營租賃或融資租賃。因
where the Group is the lessor. 此,香港財務報告準則第16號對本集團
作為出租人的租賃並無任何財務影響。

The Group adopted HKFRS 16 using the modified 本集團已使用經修改追溯性調整法採納
retrospective method of adoption with the date 香港財務報告準則第
16號,首次應用
of initial application of 1 April 2019. Under this 日期為二零一九年四月一日。根據此方
method, the standard is applied retrospectively with 法,該準則追溯適用於初次採納的累計
the cumulative effect of initial adoption (if any) as 影響(如有),作為二零一九年四月一日
an adjustment to the opening balance of retained 對保留溢利的期初餘額的調整,該追溯
earnings at 1 April 2019, and the comparative 方法並無重列去年相關比較資料而繼續
information for prior year was not restated and 根據香港會計準則第17號呈列。

continues to be reported under HKAS 17.


3.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES (continued)
(a)
HKFRS 16 Leases (continued)
New definition of a lease

Under HKFRS 16, a contract is, or contains a
lease if the contract conveys a right to control the
use of an identified asset for a period of time in
exchange for consideration. Control is conveyed
where the customer has both the right to obtain
substantially all of the economic benefits from use
of the identified asset and the right to direct the
use of the identified asset. The Group elected to
use the transition practical expedient allowing the
standard to be applied only to contracts that were
previously identified as leases applying HKAS 17 and
HK(IFRIC)-Int 4 at the date of initial application.
Contracts that were not identified as leases under
HKAS 17 and HK(IFRIC)-Int 4 were not reassessed.
Therefore, the definition of a lease under HKFRS 16
has been applied only to contracts entered into or
changed on or after 1 April 2019.

At inception or on reassessment of a contract that
contains a lease component, a lessee shall allocate the
consideration in the contract to each lease and nonlease
component on the basis of their standard-alone
prices. A practical expedient is available to a lessee,
which the Group has adopted, not to separate nonlease
components and to account for the lease and
the associated non-lease components as a single lease
component.

3.
會計政策及披露的變動(續)
(a)
香港財務報告準則第16號租賃(續)
租賃的新定義
根據香港財務報告準則第16號,倘合約
為換取代價而給予在一段時間內控制可
識別資產使用的權利,則該合約為租賃
或包含租賃。當客戶有權從使用可識別
資產獲得絕大部分經濟利益以及擁有指
示使用可識別資產的權利時,即有控制
權。本集團選擇應用過渡性的實際權宜
辦法以允許該準則僅適用於首次應用日
期之前已根據香港會計準則第17號及香
港(國際財務報告詮釋委員會)-詮釋第
4號定為租賃的合約。根據香港會計準
則第
17號及香港(國際財務報告詮釋委
員會)-詮釋第4號未確定為租賃的合約
不會重新評估。因此,香港財務報告準
則第16號項下的租賃新定義僅適用於二
零一九年四月一日或之後訂立或變更的
合約。


當訂立及重新評估包括租賃部分的合約
時,承租人應根據獨立價格基準將合約
的代價分配至各租賃及非租賃部分。本
集團已採納可供承租人採用的實際權宜
辦法,不分開非租賃部分,並將租賃及
有關非租賃部分作為單一租賃部分進行
會計處理。



3.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES (continued)
(a)
HKFRS 16 Leases (continued)
As a lessee – Leases previously classified as operating
leases

Nature of the effect of adoption of HKFRS 16

The Group has lease contracts for certain land,
buildings and machinery. As a lessee, the Group
previously classified leases as either finance leases or
operating leases based on the assessment of whether
the lease transferred substantially all the rewards
and risks of ownership of assets to the Group. Under
HKFRS 16, the Group applies a single approach
to recognise and measure right-of-use assets and
lease liabilities for all leases, except for two elective
exemptions for leases of low value assets (elected on
a lease by lease basis) and short-term leases (elected
by class of underlying asset). The Group has elected
not to recognise right-of-use assets and lease liabilities
for (i) leases of low-value assets; and (ii) leases, that
at the commencement date, have a lease term of 12
months or less. Instead, the Group recognises the lease
payments associated with those leases as an expense
on a straight-line basis over the lease term.

Impacts on transition

The current portion of lease liabilities was included
in “Other payables and accruals” whereas the noncurrent
portion of lease liabilities was separately
disclosed in the consolidated statement of financial
position.

The right-of-use assets were included in “Property,
plant and equipment” in the consolidated statement
of financial position.

3.
會計政策及披露的變動(續)
(a)
香港財務報告準則第16號租賃(續)
作為承租人-先前分類為經營租賃的
租賃
採納香港財務報告準則第16號的影響的
性質
本集團擁有若干土地、樓宇及機器的租
賃合約。作為承租人,本集團先前根據
相關租賃是否將資產所有權的絕大部分
回報及風險轉移至本集團的評估,將租
賃分類為融資租賃或經營租賃。根據香
港財務報告準則第
16號,本集團現採
用單一方法確認及計量所有租賃的使用
權資產及租賃負債,惟低價值租賃資產

(按個別租賃基準選擇)及短期租賃(按
相關資產類別選擇)的兩項選擇性豁免
除外。本集團已選擇不就
(i)低價值資
產租賃;及
(ii)於開始日期之租賃期為
十二個月或以下之租賃確認使用權資產
及租賃負債。相反,本集團將與這些租
賃相關的租賃付款在租賃期內按直線法
確認為支出。


過渡影響

租賃負債的流動部分包括在「其他應付
款及預提費用」中,而租賃負債的非流
動部分則在綜合財務狀況表中單獨披
露。


使用權資產包括在綜合財務狀況表的
「物業、機器及設備」中。



3.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES (continued)
(a)
HKFRS 16 Leases (continued)
As a lessee – Leases previously classified as operating
leases (continued)
Impacts on transition (continued)


The Group has used the following elective practical
expedients when applying HKFRS 16 at 1 April 2019:

.
applied a single discount rate to a portfolio of
leases with reasonably similar characteristics;
.
applied the short-term lease exemptions to leases
with a lease term that ends within 12 months
from the date of initial application;
.
used hindsight in determining the lease term
where the contract contains options to extend/
terminate the lease; and
.
excluded initial direct costs from the
measurement of the right-of-use asset at the date
of initial application.
There is no significant impact arising from the
adoption of HKFRS 16 by the Group as at 1 April
2019, after using the aforementioned practical
expedients.

3.
會計政策及披露的變動(續)
(a)
香港財務報告準則第16號租賃(續)
作為承租人-先前分類為經營租賃的
租賃(續)
過渡影響(續)
於二零一九年四月一日應用香港財務報
告準則第16號時,本集團使用以下選擇
性實際權宜辦法:


.
對具有相似特徵的租賃組合使用單
一貼現率;
.
對於租期自首次應用日起12個月內
終止的租賃應用短期租賃豁免;
.
倘合約包含延長╱終止租賃的選擇
權,則使用事後方式釐定租期;及
.
於初次應用日,計量使用權資產時
剔除初步直接成本。

於使用上述之實際權宜辦法後,本集團
於二零一九年四月一日採納香港財務報
告準則第16號並無產生重大的影響。




3.
CHANGES IN ACCOUNTING POLICIES AND 3. 會計政策及披露的變動(續)
DISCLOSURES (continued)
(a) HKFRS 16 Leases (continued)
(a) 香港財務報告準則第16號租賃(續)
As a lessee – Leases previously classified as operating 作為承租人-先前分類為經營租賃的
leases (continued) 租賃(續)
Impacts on transition (continued) 過渡影響(續)


The Group’s lease liabilities as at 1 April 2019 本集團於二零一九年四月一日的租賃負
reconciled to the operating lease commitments as at 債與其於二零一九年三月三十一日的經
31 March 2019 is as follows: 營租賃承擔的對賬如下:

Unaudited

未經審核


HK$’000

千港元


Operating lease commitments 於二零一九年三月三十一日的
as at 31 March 2019 (audited)經營租賃承擔(經審核)
814
Weighted average incremental borrowing rate 於二零一九年四月一日的加權平均
as at 1 April 2019遞增借貸利率
3.4%

Discounted operating lease commitments 於二零一九年四月一日的
as at 1 April 2019貼現經營租賃承擔
806
Less: Commitments relating to short-term leases 減:與短期租賃及該等餘下租期
and those leases with a remaining lease term 於二零二零年三月三十一日或
ending on or before 31 March 2020之前結束的租賃相關的承擔
(806)

Lease liabilities as at 1 April 2019於二零一九年四月一日的租賃負債



3.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES (continued)
(a)
HKFRS 16 Leases (continued)
Summary of new accounting policies

The accounting policy for leases as disclosed in
the annual financial statements for the year ended
31 March 2019 is replaced with the following new
accounting policies upon adoption of HKFRS 16 from
1 April 2019:

Right-of-use assets

Right-of-use assets are recognised at the
commencement date of the lease. Right-of-use
assets are measured at cost, less any accumulated
depreciation and any impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and
lease payments made at or before the commencement
date less any lease incentives received. Unless the
Group is reasonably certain to obtain ownership
of the leased asset at the end of the lease term, the
recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of the estimated
useful life and the lease term.

Lease liabilities

Lease liabilities are recognised at the commencement
date of the lease at the present value of lease payments
to be made over the lease term. The lease payments
include fixed payments (including in-substance
fixed payments) less any lease incentives receivable,
variable lease payments that depend on an index or a
rate, and amounts expected to be paid under residual
value guarantees. The variable lease payments that do
not depend on an index or a rate are recognised as an
expense in the period in which the event or condition
that triggers the payment occurs.

3.
會計政策及披露的變動(續)
(a)
香港財務報告準則第16號租賃(續)
新訂會計政策概要
於自二零一九年四月一日起採納香港財
務報告準則第16號後,截至二零一九年
三月三十一日止年度之年度財務報表中
披露的租賃會計政策被以下新會計政策
取代:

使用權資產

使用權資產於租賃開始日期確認。使用
權資產按成本減任何累計折舊及任何減
值虧損計量,並就重新計量租賃負債作
出調整。使用權資產的成本包括已確認
的租賃負債金額、已發生的初始直接成
本,以及在開始日期或之前作出的租賃
付款減已收取的任何租賃優惠。除非本
集團合理確定在租賃期屆滿時取得租賃
資產的擁有權,否則已確認的使用權資
產按直線法於估計使用年限及租期(以
較短者為準)內計提折舊。


租賃負債

租賃負債按租賃期內的租賃付款的現值
於租賃開始日期確認。租賃付款包括固
定付款(包括實質固定付款)減去任何應
收租賃優惠、取決於指數或利率的可變
租賃付款,以及預期在剩餘價值擔保下
支付的金額。於觸發付款的事件或條件
發生時,不依賴於指數或利率的可變租
賃付款將於該期間確認為支出。



3.
CHANGES IN ACCOUNTING POLICIES AND 3. 會計政策及披露的變動(續)
DISCLOSURES (continued)
(a)
HKFRS 16 Leases (continued) (a) 香港財務報告準則第16號租賃(續)
Summary of new accounting policies (continued) 新訂會計政策概要(續)
Lease liabilities (continued) 租賃負債(續)
In calculating the present value of lease payments, 在計算租賃付款的現值時,如果租賃中
the Group uses the incremental borrowing rate at the 所隱含的利率難以確定,本集團則使用
lease commencement date if the interest rate implicit 於租賃開始日的遞增借貸利率作計算。

in the lease is not readily determinable. After the 在開始日期之後,租賃負債的金額將會
commencement date, the amount of lease liabilities 增加以反映利息的增加,並按已支付的
is increased to reflect the accretion of interest and 租賃付款額減少。此外,如發生修改、
reduced for the lease payments made. In addition, 因指數或利率變動而產生的未來租賃付
the carrying amount of lease liabilities is remeasured 款變動、租賃期限改變、固定租賃付款
if there is a modification, a change in future lease 的實質變化或購買相關資產的評估的
payments arising from change in an index or rate, a 變更時,租賃負債的賬面價值將重新計
change in the lease term, a change in the in-substance 量。

fixed lease payments or a change in assessment to
purchase the underlying asset.

Amounts recognized in the unaudited consolidated 於未經審核綜合財務狀況表及損益表確
statement of financial position and profit or loss 認之金額

The carrying amounts of the Group’s right-of-use 本集團使用權資產及租賃負債之賬面值
assets and lease liabilities, and the movement during 及期內變動如下:
the period are as follow:


Unaudited

未經審核


Right-of-use assets

使用權資產


Leasehold Leasehold Lease
land buildings Machinery Sub-total liabilities

租賃土地租賃樓宇機器小計租賃負債


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


As at 1 April 2019於二零一九年四月一日
644,909 – – 644,909 –
Additions添置
– 7,716 6,027 13,743 13,743
Depreciation charge折舊費用
(11,414) (1,553) (670) (13,637) –
Interest expense利息支出
––––
Payments付款
– – – – (3,263)

As at 30 September 2019於二零一九年九月三十日
633,495 6,163 5,357 645,015 10,625


3.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES (continued)
(b) Amendments to HKAS 28 Long-term Interests in
Associates and Joint Ventures
Amendments to HKAS 28 clarify that the scope
exclusion of HKFRS 9 only includes interests in an
associate or joint venture to which the equity method
is applied and does not include long-term interests
that in substance form part of the net investment in
the associate or joint venture, to which the equity
method has not been applied. Therefore, an entity
applies HKFRS 9, rather than HKAS 28, including
the impairment requirements under HKFRS 9, in
accounting for such long-term interests. HKAS 28 is
then applied to the net investment, which includes
the long-term interests, only in the context of
recognising losses of an associate or joint venture and
impairment of the net investment in the associate
or joint venture. The Group assessed its business
model for its long-term interests in joint ventures
upon adoption of the amendments on 1 April 2019
and concluded that the long-term interests in joint
ventures continue to be measured at amortised cost
in accordance with HKFRS 9. Accordingly, the
amendments did not have any significant impact
on the Group’s unaudited condensed consolidated
interim financial information.

3.
會計政策及披露的變動(續)
(b)
香港會計準則第28號(修訂)於聯營企業
及合營企業中的長期權益
香港會計準則第28號(修訂)釐清香港
財務報告準則第9號的範圍豁免僅包括
應用權益法於聯營企業或合營企業的權
益,而不包括實質上構成聯營企業或合
營企業的淨投資的一部份的長期權益

(其中並無應用權益法)。因此,就此類
長期權益進行會計處理時,實體應採用
香港財務報告準則第
9號(包括香港財務
報告準則第
9號下的減值規定),而非香
港會計準則第
28號。只在確認聯營企
業或合營企業的虧損及淨投資減值情況
下,香港會計準則第28號才會應用於淨
投資(包括長期權益)。於二零一九年四
月一日採納該等修訂後,本集團評估其
於合營企業的長期權益的業務模式,並
得出結論認為,合營企業的長期權益繼
續根據香港財務報告準則第9號按攤銷
成本計量。因此,該等修訂對本集團未
經審核簡明綜合中期財務報表並無任何
重大影響。




3.
CHANGES IN ACCOUNTING POLICIES AND
DISCLOSURES (continued)
(c) HK(IFRIC)-Int 23 Uncertainty over Income Tax
Treatments
HK(IFRIC)-Int 23 addresses the accounting for
income taxes (current and deferred) when tax
treatments involve uncertainty that affects the
application of HKAS 12 (often referred to as
“uncertain tax positions”). The interpretation does
not apply to taxes or levies outside the scope of HKAS
12, nor does it specifically include requirements
relating to interest and penalties associated with
uncertain tax treatments. The interpretation
specifically addresses (i) whether an entity considers
uncertain tax treatments separately; (ii) the
assumptions an entity makes about the examination
of tax treatments by taxation authorities; (iii) how
an entity determines taxable profits or tax losses,
tax bases, unused tax losses, unused tax credits and
tax rates; and (iv) how an entity considers changes
in facts and circumstances. The interpretation did
not have any significant impact on the Group’s
unaudited condensed consolidated interim financial
information.

4.
SEGMENT INFORMATION
For management purposes, the Group has only one
reportable operating segment which is the contract works
segment of which the Group engages in contract works as
a main contractor or subcontractor, primarily in respect of
building construction and repair, maintenance, alteration
and addition (“RMAA”) works. Accordingly, no segment
information is presented. Further details of the Group’s
revenue from building construction and RMAA works are
set out in note 5 to the unaudited condensed consolidated
interim financial information.

The Group’s revenue from external customers was derived
solely from its operations in Hong Kong and the noncurrent
assets of the Group were substantially located in
Hong Kong.

3.
會計政策及披露的變動(續)
(c)
香港(國際財務報告詮釋委員會)—詮釋
第23號所得稅處理的不確定性
香港(國際財務報告詮釋委員會)-詮釋
第23號處理倘稅項處理涉及影響香港會
計準則第
12號的應用的不確定性(通常
指「不確定的稅務狀況」)時的所得稅(即
期及遞延)會計方法。該詮釋不適用於
香港會計準則第12號範圍外的稅項或徵
稅,且其亦無特別包括與不確定稅項處
理相關的利息及處罰的相關規定。該詮
釋具體處理(i)實體是否單獨考慮不確定
稅項處理;(ii)實體對稅務機關的稅項處
理檢查所作的假設;
(iii)實體如何釐定
應課稅溢利或稅項虧損、稅基、未動用
稅項虧損、未動用稅收抵免及稅率;及


(iv)實體如何考慮事實及情況變動。該
詮釋對本集團的未經審核簡明綜合中期
財務資料並無任何重大影響。

4.
分部資料
就管理而言,本集團僅有一個可匯報經營分
部,即本集團以總承建商或分判商身份從事
合約工程的合約工程分部,主要涉及樓宇建
築及維修、保養、改建及加建(「RMAA」)工
程。因此,並無分部資料呈列。有關本集團
樓宇建築及RMAA工程的收益的更多詳情載
列於未經審核簡明綜合中期財務資料附註5。


本集團從外部客戶所得收入完全源自其於香
港的業務,而本集團的非流動資產主要位於
香港。



5. REVENUE, OTHER INCOME AND GAINS 5. 收入、其他收入及收益
All of the Group’s revenue from construction services is 本集團所有來自建築服務之收入乃隨時間被
recognized over time. An analysis of the Group’s revenue, 確認。本集團的收入、其他收入及收益的分
other income and gains is as follows: 析如下:
Unaudited
未經審核
Six months ended
30 September
截至九月三十日止六個月


2019
二零一九年
HK$’000
千港元
2018
二零一八年
HK$’000
千港元
Revenue from contracts with customersContract works for building constructionContract works for RMAA works
來自客戶合約之收入
樓宇建築的合約工程
RMAA合約工程
621,982
22,385
1,291,482
41,742
644,367 1,333,224
Other income and gainsInterest incomeGain on disposal of items of property,
plant and equipmentRental incomeSundry income
其他收入及收益
利息收入
出售物業、機器及設備項目
的收益
租金收入
雜項收入
6,270

1,972
396
2,726
162
3,909
544
8,638 7,341


6. PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after charging:
6. 除稅前溢利
本集團的除稅前溢利已扣除下列各項:
Unaudited
未經審核
Six months ended
30 September
截至九月三十日止六個月


2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
Contract costs合約成本
498,984 1,186,336
Depreciation of property, plant 物業、機器及設備的折舊
and equipment1,136 12,619
Depreciation of right-of-use assets使用權資產的折舊
13,637 –
Employee benefits expenses 僱員福利開支
(exclusive of directors’ remuneration)(不包括董事薪酬)
83,831 90,522
Directors’ remuneration董事薪酬
27,090 31,643

7. INCOME TAX 7. 所得稅
Unaudited

未經審核


Six months ended
30 September

截至九月三十日止六個月


2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
Current – Hong Kong:即期-香港:
Charge for the period期間費用
19,233 17,913

Pursuant to the rules and regulations of the Cayman
Islands and the BVI, the Group is not subject to any
income tax in the Cayman Islands and the BVI. Hong
Kong profits tax has been provided at the rate of 16.5%
(six months ended 30 September 2018: 16.5%) on the
estimated assessable profits arising in Hong Kong during
this period.

根據開曼群島及英屬維爾京群島的法例及法
規,本集團毋須在開曼群島及英屬維爾京群
島繳納任何所得稅。香港利得稅乃根據本
期間在香港產生的估計應課稅溢利按稅率


16.5%(截至二零一八年九月三十日止六個
月:16.5%)作出撥備。


8. DIVIDEND 8. 股息
During the six months ended 30 September 2019, the 於截至二零一九年九月三十日止六個月,
Company declared and paid a final dividend of HK$0.04 本公司已宣派及支付截至二零一九年三月
per share for the year ended 31 March 2019, amounting a 三十一日止年度每股0.04港元的末期股息,
total of HK$80,000,000 (six months ended 30 September 總金額為80,000,000港元(截至二零一八年九
2018: HK$0.05 per share, a total of HK$100,000,000). 月三十日止六個月:每股
0.05港元,總金額
為100,000,000港元)。

The Board has resolved not to declare the payment of an 董事會決議不宣派截至二零一九年九月三十
interim dividend for the six months ended 30 September 日止六個月的中期股息(截至二零一八年九
2019 (six months ended 30 September 2018: Nil). 月三十日止六個月:無)。

9. EARNINGS PER SHARE ATTRIBUTABLE 9. 母公司普通權益持有者應佔每股盈
TO ORDINARY EQUITY HOLDERS OF THE 利
PARENT
The calculation of the basic earnings per share amounts 每股基本盈利金額乃根據母公司普通權益持
is based on the profit for the period ended 30 September 有者應佔於截至二零一九年及二零一八年九
2019 and 2018 attributable to ordinary equity holders of 月三十日止期間溢利及於截至二零一九年
the parent and the weighted average number of ordinary 及二零一八年九月三十日止期間已發行的
shares of 2,000,000,000 in issue during the period ended 30 2,000,000,000股普通股的加權平均數計算。

September 2019 and 2018.
The Group had no potential dilutive ordinary shares in 本集團於截至二零一九年及二零一八年九月
issue during the period ended 30 September 2019 and 三十日止期間並無潛在攤薄已發行普通股。

2018.
10. PROPERTY, PLANT AND EQUIPMENT 10. 物業、機器及設備
The Group has entered into new lease agreements during 於截至二零一九年九月三十日止六個月,本
the six months ended 30 September 2019. Right-of集
團已訂立新的租賃協議。據此已確認使用
use assets amounted to approximately HK$13,743,000 權資產約13,743,000港元(截至二零一八年九
(six months ended 30 September 2018: Nil) have been 月三十日止六個月:無)。

recognised accordingly.
During the six months ended 30 September 2018, the 於截至二零一八年九月三十日止六個月,本
Group acquired items of property, plant and equipment 集團購買了成本約為
712,240,000港元的物
with a cost of approximately HK$712,240,000. 業、廠房及設備項目。




11. ACCOUNTS RECEIVABLE
Accounts receivable represented receivables for contract
works. The payment terms of contract works receivables
are stipulated in the relevant contracts.

The Group assigned its financial benefits under certain
contract works to secure certain general banking facilities
granted to the Group. As at 30 September 2019, the
aggregate amount of accounts receivable related to such
contract works pledged to secure the relevant banking
facilities amounted to HK$39,693,000 (31 March 2019:
HK$21,963,000).

An ageing analysis of the Group’s accounts receivable as at
the end of the reporting period, based on the invoice date,
is as follow:

11. 應收賬款
應收賬款是指合約工程的應收款項。合約工
程應收款項的支付條款於相關合約中訂明。


本集團出讓其於若干合約工程的財務利益,
以擔保授予本集團的若干一般銀行融資。於
二零一九年九月三十日,與相關合約工程有
關而予以質押作為有關銀行融資擔保的應收
賬款總額為39,693,000港元(於二零一九年三
月三十一日:21,963,000港元)。


於報告期末,本集團的應收賬款按發票日期
的賬齡分析如下:

Unaudited
未經審核
30 September
2019
二零一九年
九月三十日
HK$’000
千港元
Audited
經審核
31 March
2019
二零一九年
三月三十一日
HK$’000
千港元
Current to three monthsFour to six monthsOver six months
即期至三個月
四至六個月
超過六個月
153,284

8,207
101,754
65
8,207
161,491 110,026


12. ACCOUNTS PAYABLE 12. 應付賬款
An ageing analysis of the Group’s accounts payable as at 於報告期末,本集團的應付賬款按發票日期
the end of the reporting period, based on the invoice date, 的賬齡分析如下:
is as follows:

Unaudited
未經審核
30 September
2019
二零一九年
九月三十日
HK$’000
千港元
Audited
經審核
31 March
2019
二零一九年
三月三十一日
HK$’000
千港元
Current to three monthsFour to six monthsOver six months
即期至三個月
四至六個月
超過六個月
147,782
14,168
169,844
124,092
6,385
202,454
331,794 332,931

At 30 September 2019, retentions payable included in
accounts payable amounted to HK$151,707,000 (31 March
2019: HK$172,663,000), which are normally settled
within terms ranging from one to four years.

Accounts payable are non-interest-bearing. The payment
terms are stipulated in the relevant contracts.

於二零一九年九月三十日,應付賬款包括的
應付保證金為151,707,000港元(於二零一九
年三月三十一日:
172,663,000港元),一般
償還期為一至四年。


應付賬款為不計息。支付條款於相關合約中
訂明。



13. SHARE CAPITAL 13. 股本
Shares 股份
Unaudited Audited
未經審核經審核
30 September 31 March
2019 2019
二零一九年二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
Authorised:法定股本:
10,000,000,000 (31 March 2019: 10,000,000,000股(於二零一九年
10,000,000,000) ordinary shares 三月三十一日:10,000,000,000股)
of HK$0.01 each 每股面值0.01港元的普通股
100,000 100,000
Issued and fully paid:已發行及繳足股本:
2,000,000,000 (31 March 2019: 2,000,000,000股(於二零一九年
2,000,000,000) ordinary shares 三月三十一日:2,000,000,000股)
of HK$0.01 each 每股面值0.01港元的普通股
20,000 20,000

There was no movement in the Company’s share capital
during the period ended 30 September 2019.

Share options

Details of the Company’s share option schemes are
included in note 14 to the unaudited condensed
consolidated interim financial information.

於截至二零一九年九月三十日止期間,本公
司的股本並無變動。


購股權

有關本公司購股權計劃的詳情載於未經審核
簡明綜合中期財務資料附註14。



14. SHARE OPTION SCHEME
Pursuant to a resolution of the Company passed on 31
August 2018, the Company has adopted a share option
scheme (the “Scheme”) for the purpose of providing
incentives and rewards to eligible participants who
contribute to the success of the Group’s operations.
Eligible participants of the Scheme include any directors
(including executive directors, non-executive directors
and independent non-executive directors) and full-time
employees of any member of the Group and the Remaining
Vantage Group. The Scheme became effective on 31
August 2018 and, unless otherwise cancelled or amended,
will remain in force for 10 years from that date. Pursuant
to the Scheme and subject to shareholders’ approval, the
maximum number of shares in respect of which options
may be granted under the Scheme is such a number of
shares representing 10% of the issued share capital of the
Company from time to time (excluding for this purpose
any shares which have been duly allotted and issued
pursuant to the Scheme and any other scheme).

The maximum number of unexercised share options
currently permitted to be granted under the Scheme is
an amount equivalent, upon their exercise, to 10% of the
total number of shares of the Company in issue as at the
date when the Scheme was approved by the shareholders of
the Company in a general meeting. The maximum number
of shares issuable under share options to each eligible
participant in the Scheme within any 12-month period
is limited to 1% of the shares of the Company in issue at
any time. Any further grant of share options in excess of
this limit is subject to shareholders’ approval in a general
meeting.

14. 購股權計劃
根據本公司於二零一八年八月三十一日通過
的決議案,本公司已採納購股權計劃(「該計
劃」)以旨在對本集團業務經營成功作出貢獻
的合資格參與者給予加許及獎勵。該計劃的
合資格參與者包括本集團任何成員公司及餘
下盈信集團的任何董事(包括執行董事、非
執行董事及獨立非執行董事)及全職僱員。

該計劃已於二零一八年八月三十一日生效,
除另有註銷或修訂者外,將自該日期起計十
年內持續生效。根據該計劃並視乎股東批准
而定,就根據該計劃可授出購股權的股份數
目上限為佔本公司不時已發行股本中10%的
該等股份數目(不包括根據該計劃或任何其
他計劃就此正式配發及發行的任何股份)。


現時根據該計劃而予以允許授出且並未獲行
使購股權的數目上限(於行使後)相等於股東
大會上獲本公司股東批准該計劃當日本公司
已發行股份總數的10%。於任何十二個月期
間內向該計劃的每位合資格參與者授出購股
權而可予發行的最高股份數目,以本公司不
時的已發行股份的1%為限。任何進一步授出
超逾此限制的購股權須獲股東於股東大會上
批准。




14. SHARE OPTION SCHEME (continued)
Share options granted to Directors, officer or substantial
shareholder of the Company, or to any of their associates,
are subject to approval in advance by the independent
non-executive Directors. In addition, any share options
granted to a substantial shareholder or an independent
non-executive Director of the Company, or to any of their
associates, in excess of 0.1% of the shares of the Company
in issue at any time or with an aggregate value (based on the
price of the Company’s shares at the date of grant) in excess
of HK$5 million, within any 12-month period, are subject
to shareholders’ approval in advance in a general meeting.

The offer of a grant of share options may be accepted
within 14 days from the date of offer, upon payment of a
nominal consideration of HK$1 in total by the grantee.
The exercise period of the share options granted is
determinable by the Board and ends on a date which is
not later than 10 years from the date of offer of the share
options.

The exercise price of the share options is determinable by
the Board, but should not be less than the highest of (i)
the closing price of the shares of the Company as stated in
the Stock Exchange daily quotation sheet on the date of
grant of the share options; (ii) the average closing price of
the shares of the Company as stated in the Stock Exchange
for the five trading days immediately preceding the date of
the offer; and (iii) the nominal value of the shares of the
Company.

Share options do not confer rights on the holders to
dividends or to vote at shareholders’ meetings.

No option was granted from the date of adoption of the
Scheme up to the date of approval of this unaudited
condensed consolidated interim financial information.

14. 購股權計劃(續)
授予本公司董事、高級行政人員或主要股東
或彼等各自的任何聯繫人的購股權,須事先
獲獨立非執行董事批准。此外,在任何十二
個月期間內,授予本公司主要股東或獨立非
執行董事或彼等各自的任何聯繫人的任何購
股權,超逾本公司不時的已發行股份0.1%或
總值超逾5百萬港元(以本公司股份於授出日
期的股價計算)者,須事先獲股東於股東大
會上批准。


授出購股權可於授出日期起十四天內獲接
納,惟承授人須支付總計1港元的名義代
價。授出的購股權的行使期由董事會釐定,
該期間的終止日不遲於購股權授出日期起計
十年。


購股權的行使價由董事會釐定,惟不得低於


(i)本公司股份於購股權授出日期於聯交所的
每日報價表所列的收市價;(ii)本公司股份緊
接授出日期前五個交易日於聯交所所列的平
均收市價;及
(iii)本公司股份面值當中的最
高者。

購股權並無賦予持有者享有股息或於股東大
會上投票的權利。


自該計劃採納日期起至批准此未經審核簡明
綜合中期財務資料當日,並無授出任何購股
權。




15. CONTINGENT LIABILITIES 15. 或然負債
(a) Guarantees (a) 擔保
At 30 September 2019, the guarantees given by the 於二零一九年九月三十日,本集團就給
Group to certain banks in respect of performance 予若干合約客戶的履約保證金而給予若
bonds in favour of certain contract customers 干銀行的擔保為269,676,000港元(於二
amounted to HK$269,676,000 (31 March 2019: 零一九年三月三十一日:
278,485,000港
HK$278,485,000). 元)。

(b) Claims (b) 索償
(i) Personal injuries (i) 人身意外
In the ordinary course of the Group’s 在本集團的日常建築業務過程中,
construction business, the Group has been 若干本集團或本集團分判商的僱員
subject to a number of claims due to personal 因受僱期間遭遇意外以致受傷而向
injuries suffered by employees of the Group or the 本集團索償。董事會認為有關索償
Group’s sub-contractors in accidents arising out 屬於保險的受保範圍,故有關索償
of and in the course of their employment. The 不會對本集團的財政狀況或業績及
Directors are of the opinion that such claims are 經營業務構成任何重大負面影響。

well covered by insurance and would not result
in any material adverse impact on the financial
position or results and operations of the Group.
(ii) Sub-contractors’ claims (ii) 分判商索償
In the ordinary course of the Group’s 在本集團的日常建築業務過程中,
construction business, the Group has been 分判商不時向本集團提出各種索
subject to various claims from sub-contractors 償。當管理層作出評估並能合理估
from time to time. Provision would be made for 計索償的可能結果時,將預提索償
claims when the management assessed and can 金額。倘無法合理估算索償金額或
reasonably estimate the probable outcome of the 管理層相信損失的可能性很小,則
claims. No provision would be made for claims 不會預提索償金額。

when the claims cannot be reasonably estimated
or management believes that the probability of
loss is remote.
16. CAPITAL COMMITMENTS 16. 資本承擔
At the end of the reporting period, the Group did not have 於報告期末,本集團並無重大承擔(於二零
any significant commitments (31 March 2019: Nil). 一九年三月三十一日:無)。



17. RELATED PARTY TRANSACTIONS
(a) Related party transaction
In addition to the transactions and balances detailed
elsewhere in this unaudited condensed consolidated
interim financial information, the Group had the
following transaction with a related party during the
period:

17. 關連方交易
(a) 關連方交易
除於此未經審核簡明綜合中期財務資料
其他部分所詳述的該等交易及結餘外,
本集團於本期間內曾與關連方進行下列
交易:

Unaudited

未經審核


Six months ended
30 September

截至九月三十日止六個月


2019 2018
二零一九年二零一八年
Note HK$’000 HK$’000
附註千港元千港元
Rental payment to the Remaining 向餘下盈信集團支付租金
Vantage Group(i) 1,376 1,320

Note: 附註:
(i) This transaction was conducted at terms and conditions
mutually agreed between the relevant parties.
(i) 該等交易乃按相關訂約方互相協定的
條款及條件進行。

(b) Compensation of key management personnel
(excluding the Directors) of the Group
(b) 本集團主要管理人員(不包括董事)的補

Unaudited
未經審核
Six months ended
30 September
截至九月三十日止六個月


2019
二零一九年
HK$’000
千港元
2018
二零一八年
HK$’000
千港元
Short-term employee benefitsPost-employment benefits
短期僱員福利
離職後福利
4,654
45
4,376
63
Total compensation paid to
key management personnel
支付予主要管理人員的
總補償
4,699 4,439


18. FINANCIAL RISK MANAGEMENT AND FAIR
VALUE MEASUREMENT
(a) Financial risk management
The Group’s financial risk management objectives
and policies are the same as those disclosed in the
Group’s annual consolidated financial statements for
the year ended 31 March 2019.

(b) Fair value measurement
Management has assessed that the fair values of cash
and cash equivalents, pledged deposits, accounts
receivable, contract assets, accounts payable, financial
assets included in prepayments, other receivables and
other assets, financial liabilities included in other
payables and accruals, interest-bearing bank loans
and lease liabilities are approximate to their carrying
amounts largely due to the short term maturities of
these instruments.

The fair values of the financial assets and liabilities
are included at the amount at which the instrument
could be exchanged in a current transaction between
willing parties, other than in a forced or liquidation
sale.

19. COMPARATIVE AMOUNTS
Certain comparative amounts have been restated to
conform to the audited consolidated financial statements
for the year ended 31 March 2019.

20. APPROVAL OF THE UNAUDITED CONDENSED
CONSOLIDATED INTERIM FINANCIAL
INFORMATION
This unaudited condensed consolidated interim financial
information was approved and authorised for issue by the
Board on 27 November 2019.

18. 財務風險管理及公允值計量
(a) 財務風險管理
本集團的財務風險管理目標及政策與本
集團截至二零一九年三月三十一日止年
度的年度綜合財務報表所載者一致。



(b) 公允值計量
管理層已評估,由於有關工具的短期到
期性質,現金及現金等值物、已抵押存
款、應收賬款、合約資產、應付賬款、
計入預付款項、其他應收款及其他資產
的金融資產、計入其他應付款及預提費
用的金融負債、計息銀行貸款及租賃負
債的公允價值與其賬面值相若。


金融資產及負債的公允價值以該工具自
願交易方(強迫或清盤出售者除外)當前
交易下的交易金額入賬。



19. 比較數字
若干比較數字已被重列以符合截至二零一九
年三月三十一日止年度的經審核綜合財務報
表。



20. 批准未經審核簡明綜合中期財務資

此未經審核簡明綜合中期財務資料已於二零
一九年十一月二十七日獲董事會批准及授權
發佈。



RESULTS FOR THE INTERIM PERIOD

During the six months ended 30 September 2019 (“this
period” or “current period”), the Group recorded a
consolidated turnover of HK$644,367,000, representing a
decrease of 52% from HK$1,333,224,000 of the previous
corresponding period. The Group’s gross profit during this
period was HK$145,383,000, representing a decrease of 1%
from HK$146,888,000 for the six months ended 30 September
2018. Profit attributable to owners of the parent of this period
amounted to HK$79,557,000 (six months ended 30 September
2018: HK$79,898,000), remained at similar level comparing
with the same period of last year. The basic earnings per share
decreased slightly from HK3.99 cents for the six months ended
30 September 2018 to HK3.98 cents for this period.

DIVIDEND

The Board has resolved not to declare the payment of an
interim dividend for this period (six months ended 30
September 2018: Nil).

BUSINESS REVIEW

The Group recorded revenue of HK$644,367,000 for this
period, representing a decrease of 52% from HK$1,333,224,000
for the six months ended 30 September 2018. The decrease
in revenue was mainly due to certain projects were in the
preliminary stage of development which generated not much
revenue in this period while most of the projects in the same
period of last year were in the mature stage of development. As
of 30 September 2019, the estimated total contract values and
estimated total outstanding values of the Group’s substantial
contracts on hand were approximately HK$8,787 million and
HK$7,077 million, respectively. These contracts are expected
to be completed in around one to four years’ time.

The gross profit margin increased from approximately 11% for
the six months ended 30 September 2018 to approximately
23% for this period. Under the adoption of HKFRS 15, the
gross profit margins of the Group’s contracts will fluctuate
over different reporting periods, depending on the actual
revenue certified and costs incurred for the construction work
performed. The increase in gross profit margin was mainly due
to certain projects reaching construction phase of higher gross
profit margin during this period.

中期業績

於截至二零一九年九月三十日止六個月(「本
期」或「本期間」),本集團錄得的綜合收入為
644,367,000港元,較去年同期的
1,333,224,000
港元下跌
52%。本集團於本期間的毛利為
145,383,000港元,較截至二零一八年九月三十日
止六個月的146,888,000港元下跌1%。而本期間的
母公司持有者應佔溢利則為79,557,000港元(截至
二零一八年九月三十日止六個月:
79,898,000港
元),保持與去年同期相近水平。每股基本盈利由
截至二零一八年九月三十日止六個月的3.99港仙
輕微下跌至本期間的3.98港仙。


股息

董事會決議不就本期間宣派任何中期股息(截至二
零一八年九月三十日止六個月:無)。


業務回顧

本集團於本期間錄得的收入為
644,367,000港
元,較截至二零一八年九月三十日止六個月的
1,333,224,000港元下跌52%。收入下跌主要由於
若干項目處於初步發展階段,因此對本期間之收
入帶來不大貢獻,而相比去年同期的皆為以達成
熟發展階段的工程。於二零一九年九月三十日,
本集團手頭上的重大合約的估計合約總值及相
關未完成合約的估計總值分別約87.87億港元及


70.77億港元。預期該等合約將於約一至四年內完
成。

毛利率自截至二零一八年九月三十日止六個月約
11%上升至本期間約23%。於採納香港財務報告
準則第15號下,本集團合約的毛利率將視乎已進
行建築工程所產生的經核定實際收入及成本而於
不同報告期間有所波動,而本期間毛利率上升乃
主要由於若干工程在本期內到達毛利率較高的建
築階段。



During the six months ended 30 September 2019, the following
substantial contract was awarded to the Group with estimated
contract value of approximately HK$2,269 million:

.
Construction of Public Housing Development at Tuen
Mun Area 54 Sites 1 & 1A
We expected to incur much upfront cost for the above newly
awarded project and projects which are in the preliminary stage
of development in the second half of the year, which may have
negative impact on our financial performance in the second
half of the year.

On the other hand, the Group has completed the following
significant contract regarding building construction works
during the six months ended 30 September 2019:

.
Construction of Public Rental Housing Development at
Lai Chi Kok Road – Tonkin Street Phases 1 & 2
Other Income and Gains

Other income and gains increased from HK$7,341,000 for the
six months ended 30 September 2018 to HK$8,638,000 for
this period. The increase was the combined effect of (i) the
increase in bank interest income of HK$3,544,000 as a result
of the increase in fixed deposit and interest rate during this
period; and (ii) the decrease in rental income of HK$1,937,000
contributed by Man Shung Industrial Building (“Man Shung”)
due to the termination of certain tenancy agreements upon
their expiry.

Administrative Expenses

Administrative expenses increased by HK$1,735,000 from
HK$56,051,000 for the six months ended 30 September
2018 to HK$57,786,000 for this period. The increase in the
administrative expenses was mainly due to the consultancy fees
incurred for revitalisation of Man Shung in order to maximise
its use.

於截至二零一九年九月三十日止六個月,本集團
取得以下重大合約,其合約價值約為22.69億港
元:


.
屯門第54區第1及1A號公共房屋發展計劃建
築工程
我們預期於下半年就上述新獲取的工程及仍處於
初步發展階段的工程將產生更多前期成本,因此
對我們下半年的財務表現可能造成負面影響。


此外,本集團於截至二零一九年九月三十日止六
個月已完成以下重大樓宇建築工程合約:


.
荔枝角道東京街第1及2期公共租住房屋發展
計劃建築工程
其他收入及收益

其他收入及收益由截至二零一八年九月三十日止
六個月的7,341,000港元增加至本期間的8,638,000
港元。增幅乃由於以下綜合影響:
(i)銀行利
息收入於期內因定期存款和利率上升而增加了
3,544,000港元;及
(ii)來自萬順工業大廈(「萬
順」)的租金收入於期內因若干租賃到期而終止引
致減少了1,937,000港元。


行政開支

行政開支由截至二零一八年九月三十日止六個月
的56,051,000港元增加1,735,000港元至本期間的
57,786,000港元。行政開支上升主要由於活化萬
順以盡量提高其用途而產生的顧問費用。



Finance Costs

For this period, the Group’s finance costs were HK$358,000
(six months ended 30 September 2018: HK$367,000). The
interest for bank loans dropped by HK$154,000 in this period
due to the decrease in bank loans raised during this period
comparing with the same period of last year. On the other hand,
interest on lease liabilities of HK$145,000 (six months ended
30 September 2018: Nil) was incurred upon the adoption of
HKFRS 16 in this period.

Share of Profits and Losses of Joint Ventures

The share of profits of joint ventures for the six months ended
30 September 2019 was solely arisen from the share of profits of
Gold Victory Resources Inc. and its subsidiaries, in which the
Group has 50% interest in them.

Income Tax Expense

Income tax expense increased by 7% from HK$17,913,000 for
the six months ended 30 September 2018 to HK$19,233,000 for
this period as a result of the increase in taxable profit for this
period.

Profit Attributable to Owners of the Parent

As a result of the foregoing, profit attributable to owners of the
parent decreased from HK$79,898,000 for the six months ended
30 September 2018 to HK$79,557,000 for this period.

FINANCIAL REVIEW
Capital Structure, Liquidity and Financial Resources

The capital of the Group only comprises ordinary shares.
The total equity of the Group as at 30 September 2019 was
HK$1,309,928,000 (31 March 2019: HK$1,312,634,000).

The Group monitors capital structure by using net gearing
ratio, which is measured as total bank borrowings less cash and
cash equivalents, divided by equity attributable to owners of the
parent. As at 30 September 2019, the Group’s net gearing ratio
was 0 (31 March 2019: 0).

財務費用

於本期間,本集團的財務費用為358,000港元(截

至二零一八年九月三十日止六個月:
367,000港

元)。銀行貸款利息於本期間減少154,000港元,

原因是本期間提取的銀行貸款較去年同期有所減

少。另一方面,本期間因採納香港財務報告準則

第16號而產生的租賃負債的利息為145,000港元
(截至二零一八年九月三十日止六個月:無)。


應佔合營企業損益

於截至二零一九年九月三十日止六個月,應佔合
營企業的溢利完全來自分佔本集團擁有50%權益
的Gold Victory Resources Inc.及其附屬公司的溢
利。


所得稅開支

因本期間應課稅溢利有所增加,所得稅開支由截
至二零一八年九月三十日止六個月的17,913,000
港元上升7%至本期間的19,233,000港元。


母公司持有者應佔溢利

鑒於以上所述,母公司持有者應佔溢利由截至二
零一八年九月三十日止六個月的79,898,000港元
減少至本期間的79,557,000港元。


財務回顧

資本架構、流動資金及財務資源

本集團的資本僅由普通股組成。本集團於二零
一九年九月三十日的權益總額為
1,309,928,000港
元(於二零一九年三月三十一日:
1,312,634,000港
元)。


本集團根據淨槓桿比率來監察資本架構。淨槓桿
比率以銀行借款總額減去現金及現金等值物,除
以母公司權益持有者應佔權益計算。於二零一九
年九月三十日,本集團的淨槓桿比率為零(於二零
一九年三月三十一日:零)。




The Group’s cash and cash equivalents decreased by 34% from
HK$896,837,000 as at 31 March 2019 to HK$591,437,000
at current period end due to (i) net cash outflows from
operating activities; (ii) increase in pledged time deposits; and

(iii) payment of 2018/19 final dividend during this period.
Current ratio stood at 1.9 and 1.7 at 30 September 2019 and
31 March 2019, respectively. Current ratio is measured at total
current assets divided by total current liabilities.
The Group’s banking facilities, comprising primarily bank
loans, overdrafts and performance bond, amounted to
HK$2,030,000,000 as of 30 September 2019 (31 March 2019:
HK$1,620,000,000), of which HK$1,757,688,000 (31 March
2019: HK$1,341,138,000) was unutilised.

The Group maintains sufficient working capital resources to
execute its contract works. The Group generally takes a prudent
and cautious approach to cash application and its capital
commitments.

Interest Exposure

At 30 September 2019 and 31 March 2019, the Group’s bank
borrowings were all denominated in Hong Kong dollars and
on a floating rate basis. The Group’s bank accounts were
operated with principal bankers in Hong Kong. The interest
rates of these bank accounts are determined by reference to
the respective bank’s offer rate. During this period, the Group
did not engage in any interest rates and currency hedging or
speculating activities.

Foreign Exchange Exposure

The Group’s business operations are principally in Hong
Kong, and certain operation of a joint venture is in the
People’s Republic of China. Majority of the Group’s business
transactions are denominated in the local currencies. Hence,
the Group is not exposed to significant foreign exchange risk.

本集團的現金及現金等值物由二零一九年三月
三十一日的896,837,000港元下降34%至於本期末
的591,437,000港元,原因為本期內(i)經營業務的
淨現金流出;
(ii)增加已抵押定期存款;及
(iii)支
付二零一八至一九年度的末期股息。於二零一九
年九月三十日及二零一九年三月三十一日的流動
比率分別為1.9及1.7。流動比率以流動資產總值
除以流動負債總值計量。


本集團的銀行信貸主要包括銀行貸款、透支及
履約擔保,於二零一九年九月三十日的額度共
2,030,000,000港元(於二零一九年三月三十一日:
1,620,000,000港元),其中
1,757,688,000港元(於
二零一九年三月三十一日:
1,341,138,000港元)尚
未動用。


本集團維持足夠的營運資金資源以執行其合約工
程。對現金應用及資本承擔,本集團一向持保守
及審慎態度。


利息風險

於二零一九年九月三十日及二零一九年三月
三十一日,本集團的銀行借款均以港元計值,並
按浮動利率計息。本集團的銀行賬戶於香港的主
要銀行開設,該等銀行賬戶的利率乃參考相關銀
行放款利率而釐定。於本期間,本集團並無參與
任何利率及貨幣對沖或投機活動。


外幣匯兌風險

本集團的業務經營主要位於香港,而合資企業則
有若干業務位於中華人民共和國。本集團業務交
易大多數以當地貨幣計值。因此,本集團並無面
臨重大外幣匯兌風險。



Accounts Receivable

The Group’s accounts receivable represented the receivables
for contract works in relation to completed and on-going
contract works projects. Accounts receivable represents
progress billing of work performed and the progress payment
certificates issued by and received from customers. The level
of accounts receivable is principally affected by our work
progress and the amount of the progress payment certificate
received from customers before the end of the reporting
period. Approximately 88% of the accounts receivable as at 30
September 2019 was subsequently settled as at 15 November
2019.

Contract Assets

Balance at current period end represented retention receivables
and unbilled revenue. Retention receivables represent the
retention monies required by our customers to secure our
Group’s due performance of the contracts. Generally, the
first half of the retention money is released upon practical
completion and the second half of the retention money is
released upon expiry of the defect liability period.

Charges on Assets

As at 30 September 2019, bank deposit of HK$110,000,000
(31 March 2019: Nil) was pledged to secure a guarantee given
by the Group to a bank in respect of a performance bond in
favour of a contract customer. In addition, the Group assigned
its financial benefits under certain contract works to secure
certain general banking facilities granted to the Group. As
at 30 September 2019, the aggregated amount of accounts
receivable, unbilled revenue and retention receivables
related to such contract works pledged to secure the relevant
banking facilities amounted to HK$39,693,000 (31 March
2019: HK$21,963,000), nil (31 March 2019: HK$23,255,000)
and HK$60,059,000 (31 March 2019: HK$57,871,000),
respectively.

應收賬款

本集團的應收賬款為有關已完成及在建合約工程
項目的合約工程應收款。應收賬款為進行工程的
進度款項及來自客戶發出及取得的階段付款證明
書。應收賬款水平主要受於報告期末前的工程進
度及自客戶取得的分階段付款證明書中的金額所
影響。於二零一九年九月三十日的應收賬款中,
約88%已於其後於二零一九年十一月十五日或以
前收回。


合約資產

本期末餘額主要為應收保證金及未發出付款證明
書的收入。應收保證金指客戶為確保本集團按合
約如期完工所需的保留金。一般而言,保留金的
一半會在工程實際竣工後發放,而餘下一半則會
於保修期屆滿後發放。


資產抵押

於二零一九年九月三十日,銀行存款110,000,000
港元(於二零一九年三月三十一日:無)已抵押
作為本集團就給予合約客戶的履約保證金而給予
銀行的擔保。此外,本集團出讓其於若干合約工
程的財務利益,以擔保授予本集團的若干一般銀
行融資。於二零一九年九月三十日,與相關合約
工程有關而予以質押作為有關銀行融資擔保的應
收賬款、未發出付款證明書的收入及應收保證金
總額分別為39,693,000港元(於二零一九年三月
三十一日:21,963,000港元)、無(於二零一九年三
月三十一日:
23,255,000港元)及60,059,000港元
(於二零一九年三月三十一日:57,871,000港元)。




Contingent Liabilities

Details of the Group’s contingent liabilities are set out in note
15 to the unaudited condensed consolidated interim financial
information.

Capital Commitments

Details of the Group’s capital commitments are set out in note
16 to the unaudited condensed consolidated interim financial
information.

SIGNIFICANT INVESTMENT HELD AND
FUTURE PLANS FOR MATERIAL INVESTMENTS
ON CAPITAL ASSETS

The Group did not have any significant investment held as at
30 September 2019. The Group is currently investigating and
evaluating different investment opportunities.

MATERIAL ACQUISITION AND DISPOSALS
Possible Acquisition

The Group entered into a framework agreement on 9 July
2019 (the “Framework Agreement”) with an independent
third party for the possible acquisition (the “Possible
Acquisition”) of 100% of the equity interest of a Hong Kong
company (the “Target Company”) and 100% of the interestfree
shareholder loan (if any) advanced by the vendor to the
Target Company, at a consideration of HK$130,000,000. The
Possible Acquisition is subject to the terms and conditions
of the Framework Agreement and the entering into of a
formal sale and purchase agreement. For further details of the
Possible Acquisition, please refer to the joint announcement
of the Company and Vantage dated 9 July 2019. Further
announcement(s) in relation to the Possible Acquisition will be
made by the Company as and when appropriate in accordance
with the Listing Rules.

或然負債

本集團的或然負債的詳情載於未經審核簡明綜合
中期財務資料附註15。


資本承擔

本集團的資本承擔的詳情載於未經審核簡明綜合
中期財務資料附註16。


持有的重大投資及有關資本資產重大投
資的未來計劃

本集團於二零一九年九月三十日並無任何重大投
資。本集團目前正研究及評估不同的投資機會。


重大收購及出售
可能收購事項

於二零一九年七月九日,本集團與一獨立第三方
訂立框架協議(「框架協議」),據此可能收購(「可
能收購事項」)一間香港公司(「目標公司」)的100%
股本權益及100%由賣家向目標公司提供的免息股
東貸款(如有),作價為130,000,000港元。可能收
購事項受限於框架協議的條款及條件及正式買賣
協議的簽訂。有關可能收購事項的詳情請參考本
公司及盈信日期為二零一九年七月九日的聯合公
告。本公司將適時根據上市規則就可能收購事項
刊發進一步公告。



USE OF PROCEEDS FROM THE LISTING 上市所得款項用途

The shares of the Company were listed on the Main Board 本公司股份於二零一七年二月二十日(「上市日
of the Stock Exchange (the “Listing”) on 20 February 期」)於聯交所主板上市(「上市」)。上市所得款項
2017 (the “Listing Date”). Net proceeds from the Listing 淨額為約5.24億港元(經扣除與發售有關的包銷
were approximately HK$524 million (after deducting the 佣金及其他開支)。根據日期為二零一七年一月
underwriting commission and other expenses in relation to the 二十六日的招股章程所載「未來計劃及建議所得款
offering). According to the section “Future Plans and Proposed 項用途」一節,本集團於上市日期至二零一九年九
Use of Proceeds” as set out in the prospectus dated 26 January 月三十日期間將所得款項淨額動用如下:
2017, the Group used the net proceeds during the period
between the Listing Date and 30 September 2019 as follows:

Actual Unused
Net proceeds Unused Used amount at
from the amount at amount in 30 September
Listing 1 April 2019 this period 2019
於二零一九年於二零一九年
上市實際四月一日於本期間已九月三十日
所得款項淨額的未動用金額動用的金額的未動用金額
HK$ Million HK$ Million HK$ Million HK$ Million
百萬港元百萬港元百萬港元百萬港元


Maintaining and increasing the employed 維持並增添未來╱新公營項目

capital requirement and working capital 的所需資本及營運資金需求


requirement for future/new projects in

the public sector402 179 (97) 82
Payment for the upfront costs支付前期成本
70 – – –
General working capital一般營運資金
52 2(2)–

Total總額
524 181 (99) 82

As at 30 September 2019, the unused proceeds were deposited 於二零一九年九月三十日,未動用的所得款項已
in licensed banks in Hong Kong.存於香港持牌銀行。



PROSPECTS

As mentioned in the 2019 Policy Address, the Government of
Hong Kong Special Administrative Region (the “Hong Kong
Government”) will continue its effort in increasing the land
supply and number of residential units to meet the public needs.
The Policy Address mentioned various short and medium-term
support measures to tackle the shortage of housing supply. The
Hong Kong Government will set aside HK$5 billion to increase
the number of transitional housing projects to provide a total of
10,000 units within the next three years and expedite planning
work and then invoke the Lands Resumption Ordinance to
resume three types of private land for developing public housing
and Starter Homes.

In view of the Hong Kong Government’s development plans,
the medium to long-term outlook of the construction industry
in Hong Kong looks promising. We believe that our Group
has accumulated ample experience and know-how to be
competitive in tendering new projects.

Looking forward, we believe our actions will help create
reasonable return for shareholders in a changing marketplace.
We are also looking for different investment opportunities to
broaden our source of income.

STAFF AND REMUNERATION POLICY

As of 30 September 2019, the Group employed 357 full-time
employees (31 March 2019: 360) in Hong Kong. The Group
remunerates its employees based on their performance and
working experience and with reference to the prevailing market
conditions. On top of the regular remuneration, discretionary
bonus may be granted to senior management and staff members
by reference to the Group’s performance, specific project’s
performance as well as the individual employee’s performance.
Staff benefits include medical, mandatory provident fund,
incentive travel, subsidies for education and training
programmes.

前景

誠如二零一九年的施政報告所述,香港特別行政
區政府(「香港政府」)將繼續努力增加土地供應
及住宅單位數目,以應付公眾需要。施政報告提
出多項短期及中期的支援措施,以紓緩房屋供應
緊張。香港政府已預留50億港元以增加未來三年
合共提供10,000個過渡性房屋單位及加快規劃工
作,並運用《收回土地條例》收回三類私人土地用
於發展公營房屋及首次置業物業。


鑒於香港政府的發展計劃,香港建造業的中期及
長期前景明朗。我們相信本集團已累積豐富經驗
及技術,可於各新項目投標中保持競爭力。


展望未來,我們相信我們的行動將有助在不斷變
化的市場中為股東創造合理回報。我們亦正尋求
不同的投資機會以擴大收入來源。


僱員及薪酬政策

於二零一九年九月三十日,本集團在香港聘用
357名(於二零一九年三月三十一日:
360名)全職
僱員。本集團根據僱員的表現、工作經驗及參考
現行市場狀況釐定僱員薪酬。除一般薪酬外,本
集團因應其業績、個別項目的業績及僱員的個人
表現,或會向高級管理層及個別員工授出酌情花
紅。僱員福利包括醫療、強制性公積金、獎勵旅
遊、教育津貼及培訓計劃。



DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS IN SECURITIES

At 30 September 2019, details of the interests and short
positions of each of the Directors and chief executive of the
Company in the shares, underlying shares and debentures of
the Company or any of its associated corporations (within the
meaning of Part XV of the Securities and Futures Ordinance
(the “SFO”)) as required to be notified to the Company and
the Stock Exchange pursuant to Divisions 7 and 8 of Part XV
of the SFO (including interests & short positions which they
were taken or deemed to have under provisions of the SFO);
or required to be recorded in the register kept by the Company
under Section 352 of the SFO; or otherwise required to be
notified to the Company and the Stock Exchange pursuant to
the “Model Code for Securities Transactions by Directors of
Listed Issuers” (the “Model Code”) as set out in Appendix 10 of
the Listing Rules were as follows:

Long Position in the Ordinary Shares of the Company:

Directors
Capacity and nature of interest

董事
身份及權益性質

Mr. NGAI Chun Hung Interest in a controlled corporation
(“Mr. NGAI”) (Note)

魏振雄先生((附註)

「魏先生」)於一受控制法團之權益


Mr. LAU Chi Fai, Daniel Personal
(“Mr. LAU”)

劉志輝先生(「劉先生」)個人


Mr. CHEUNG Ho Yuen Personal
(“Mr. CHEUNG”)
張浩源先生(「張先生」)個人


Note:
Mr. NGAI is deemed to be interested in 1,080,011,200 shares of
Vantage (“Vantage Shares”) (representing approximately 64.17%
of the entire issued share capital of Vantage), which comprise (i)
6,250,800 Vantage Shares held by himself; (ii) 838,760,400 Vantage
Shares held by Winhale Ltd. (“Winhale”) by virtue of him being the
settlor of The Xyston Trust; and (iii) 235,000,000 Vantage Shares
held by Fame Yield International Limited (“Fame Yield”) by virtue of
his beneficial interest in the entire issued share capital of Fame Yield.
Accordingly, Mr. NGAI is deemed to be interested in 1,500,000,000
shares of the Company held by Profit Chain Investments Limited
(“Profit Chain”), an immediate holding company of the Company,
under the SFO by virtue of his deemed interest in approximately
64.17% of the entire issued share capital of Vantage.

董事及最高行政人員之證券權益

於二零一九年九月三十日,董事及本公司最高行

政人員各自於本公司或其任何相聯法團(定義見

證券及期貨條例(「證券及期貨條例」)第XV部)之

股份、相關股份及債券中擁有根據證券及期貨條

例第XV部第7及第8分部須知會本公司及聯交所

之權益及淡倉(包括根據證券及期貨條例有關條

文被當作或被視為擁有之權益及淡倉);或根據

證券及期貨條例第352條須記錄於本公司須予存

置之登記冊內之權益及淡倉;或根據上市規則附

錄10「上市發行人董事進行證券交易的標準守則」

(「標準守則」)須知會本公司及聯交所之權益及淡

倉之詳情如下:

於本公司普通股中之好倉:

Number of % of issued
ordinary share capital of
shares interested the Company

擁有權益之佔本公司已發行
普通股數目股本百分比


1,500,000,000 75.00

300,000 0.02

66,857 0.00

附註:魏先生被視為於1,080,011,200股盈信股份(「盈
信股份」)(佔盈信全部已發行股本約64.17%)中
擁有權益,其中包括(i)其自身持有之6,250,800
股盈信股份;
(ii) Winhale Ltd.(「Winhale」)持
有之838,760,400股盈信股份(因其為The Xyston
Trust授予人);及
(iii)名成國際有限公司(「名
成」)持有之
235,000,000股盈信股份(因其為
名成全部已發行股本之實益權益擁有人)。因
此,基於魏先生被視為於盈信全部已發行股本
約64.17%中擁有權益,根據證券及期貨條例,
其被視為於本公司直接控股公司Profit Chain
Investments Limited(「
Profit Chain」)持有之
1,500,000,000股本公司股份中擁有權益。



Long Position in the Ordinary Shares of an Associated 於相聯法團普通股中之好倉-盈信:
Corporation – Vantage:
Number of % of issued
Capacity and ordinary share capital of
Directors Notes nature of interest shares interested Vantage

擁有權益之佔盈信已發行
董事附註身份及權益性質普通股數目股本百分比


Mr. NGAI
(a) As founder of a trust 838,760,400 49.84

魏先生
作為一信託成立人


(b) Interest in a controlled corporation 235,000,000 13.96
於一受控制法團之權益


Personal
6,250,800 0.37

個人


1,080,011,200 64.17

Mr. YAU Kwok Fai (“Mr. YAU”) (c) Interest in a controlled corporation 30,888,000 1.84

游國輝先生(「游先生」)
於一受控制法團之權益


Personal
8,448,000 0.50

個人


39,336,000 2.34

Mr. LAU Personal
300,000 0.02

劉先生
個人


Mr. CHEUNG Personal
240,000 0.01

張先生
個人


Notes:
附註:


(a)
These shares are legally and beneficially owned by Winhale, which is (a) 此等股份由Winhale法定及實益擁有,而Winhaleultimately beneficially wholly-owned by The Xyston Trust. The Xyston 乃由
The Xyston Trust最終實益全資擁有。The
Trust is a discretionary trust founded by Mr. NGAI for the benefits of his Xyston Trust為魏先生為其家族成立的全權信託
family members. 基金。

(b)
These shares are legally and beneficially owned by Fame Yield, the entire (b) 此等股份由名成法定及實益擁有,該公司之全部
issued share capital of which is legally and beneficially owned by Mr. 已發行股本乃由魏先生法定及實益擁有。

NGAI.
(c)
These shares are legally and beneficially owned by Business Success (c) 此等股份由Business Success Limited法定及實益擁
Limited, the entire issued share capital of which is legally and beneficially 有,該公司之全部已發行股本乃由游先生法定及
owned by Mr. YAU.實益擁有。


Long Position in the underlying shares of an Associated 於相聯法團相關股份中之好倉-盈信:
Corporation – Vantage:

Number of share options

購股權數目


At Granted Exercised At Date of Exercise Exercise
1 April during during 30 September grant of period of price of
Directors 2019 the period the period 2019 share options share options share options
於於於於
二零一九年本期間本期間二零一九年購股權購股權之購股權之
董事四月一日內授出內行使九月三十日授予日行使期行使價
’000 ’000 ’000 ’000 HK$ per share
千股千股千股千股每股港元
(Note)
(附註)
Mr. NGAI4,500 – – 4,500 10/09/201510/03/2016 to 0.526
09/09/2020
魏先生
二零一五年二零一六年
九月十日
三月十日至
二零二零年
九月九日
Mr. YAU4,500 – – 4,500 10/09/201510/03/2016 to 0.526
09/09/2020
游先生
二零一五年二零一六年
九月十日
三月十日至
二零二零年
九月九日


In aggregate9,000 – – 9,000

合計


Note: The exercise price of the share options is subject to adjustment in the 附註︰購股權之行使價可在供股、發行紅股或盈信股
cases of rights or bonus issues, or other similar changes in the Vantage’s 本之其他相若變動下作調整。

share capital.


Save as disclosed above, as at 30 September 2019, the Company
and its associated corporations had no outstanding share
options granted to the Directors to subscribe for the securities
of the Company and its associated corporations.

Save as disclosed above, as at 30 September 2019, none of the
Directors or chief executive of the Company had any interests
or short positions in the shares, underlying shares or debentures
of the Company or any of its associated corporations (within
the meaning of Part XV of the SFO) which was required to be
notified to the Company and the Stock Exchange pursuant to
Divisions 7 and 8 of Part XV of the SFO (including interests &
short positions which they were taken or deemed to have under
provisions of the SFO), or as recorded in the register kept by
the Company under Section 352 of the SFO, or otherwise to be
notified to the Company and the Stock Exchange pursuant to
the Model Code.

DIRECTORS’ RIGHT TO ACQUIRE SECURITIES
OR DEBENTURES

Save as disclosed under the heading “DIRECTORS’ AND
CHIEF EXECUTIVE’S INTERESTS IN SECURITIES” above,
at no time during the six months ended 30 September 2019 was
the Company, its holding company or any of its subsidiaries a
party to any arrangement to enable the Company’s directors,
their respective spouse, or children to acquire benefits by means
of acquisition of shares in or debentures of the Company or any
other body corporate.

SHARE OPTION SCHEMES

Save as the Scheme adopted by the Company set out in note
14 to the unaudited condensed consolidated interim financial
information, no equity-linked agreements were entered into by
the Company and its subsidiaries during this period or subsisted
at the end of this period.

除上文披露者外,於二零一九年九月三十日,本
公司及其相聯法團概無向董事授予可認購本公司
及其相聯法團之證券之尚未行使的購股權。


除上文披露者外,於二零一九年九月三十日,概
無董事或本公司最高行政人員於本公司或其任何
相聯法團(定義見證券及期貨條例第XV部)之股
份、相關股份或債券中擁有根據證券及期貨條例
第XV部第7及第8分部須知會本公司及聯交所之任
何權益或淡倉(包括根據證券及期貨條例有關條文
被當作或被視為擁有之權益及淡倉),或根據證券
及期貨條例第352條須記錄於本公司須予存置之登
記冊內之任何權益或淡倉,或根據標準守則須知
會本公司及聯交所之任何權益或淡倉。


董事購入證券或債券之權利

除上文「董事及最高行政人員之證券權益」所披露
者外,截至二零一九年九月三十日止六個月內,
本公司、其控股公司或其任何附屬公司概無訂立
任何安排,致使本公司董事、彼等各自之配偶或
子女可藉著購入本公司或任何其他法人團體之股
份或債券而獲取利益。


購股權計劃

除本公司採納於未經審核簡明綜合中期財務資料
附註14所載的該計劃外,本公司及其附屬公司概
無於本期間內訂立股票掛鈎協議,亦概無股票掛
鈎協議於本期間末存續。



SUBSTANTIAL SHAREHOLDERS’ INTERESTS
IN SECURITIES

As at 30 September 2019, according to the register kept by
the Company pursuant to Section 336 of SFO, the following
persons and companies (other than the Directors or chief
executive of the Company) had an interest or short position
in the shares and the underlying shares of the Company which
fell to be disclosed to the Company under the provisions of the
Divisions 2 and 3 of Part XV of the SFO:

Long Positions in the shares of the Company:

Name of shareholders Notes
股東姓名╱名稱附註
Profit Chain
Profit Chain(a)
Vantage
盈信
(a)
Winhale
Winhale(b)
Braveway Limited
Braveway Limited(c)
HSBC International
Trustee Limited
滙豐國際信託有限公司
(c)
Ms. CHENG Wai Chun
鄭惠珍女士
(d)
Notes:

Capacity and
nature of interest

身份及權益性質

Beneficial owner

實益擁有人


Interest in a controlled corporation
於一受控制法團之權益
1,500,000,000 75.00Interest in a controlled corporation
於一受控制法團之權益
1,500,000,000 75.00
Interest in a controlled corporation
於一受控制法團之權益
1,500,000,000 75.00
Interest in a controlled corporation
於一受控制法團之權益
1,500,000,000 75.00Interest in a controlled corporation and spouse 1,500,000,000 75.00

於一受控制法團及配偶之權益


(a)
Profit Chain is wholly-owned by Vantage. As such, Vantage is deemed to
be interested in the 1,500,000,000 shares of the Company owned by Profit
Chain under the SFO.
(b)
Winhale is deemed to be interested in 1,500,000,000 shares of the
Company held by Profit Chain under the SFO by virtue of its deemed
interest in approximately 49.84% of the entire issued share capital of
Vantage.
(c)
Braveway Limited and HSBC International Trustee Limited are deemed
to be interested in the Vantage’s shares held by Winhale by virtue of
the fact that Winhale is wholly-owned by the trusts of which Braveway
Limited and HSBC International Trustee Limited are the trustees.
(d)
Ms. CHENG Wai Chun is the sole shareholder of Braveway Limited
and the spouse of Mr. NGAI. Ms. CHENG Wai Chun is deemed to be
interested in 1,500,000,000 shares of the Company held by Profit Chain
under the SFO.
主要股東之證券權益

於二零一九年九月三十日,根據本公司按照證券
及期貨條例第336條規定存置之登記冊,以下人士
及公司(董事或本公司最高行政人員除外)於本公
司股份及相關股份中擁有根據證券及期貨條例第
XV部第2及第3分部之條文須向本公司披露之權益
或淡倉:

於本公司股份中之好倉:
Number of % of issued
ordinary share capital of
shares held the Company
所持有普通佔本公司已發行
股數目股本百分比
1,500,000,000 75.00

附註︰


(a)
Profit Chain由盈信全資擁有。因此,根據證券及
期貨條例,盈信被視為於Profit Chain所擁有之
1,500,000,000股本公司股份中擁有權益。

(b)
基於
Winhale被視為於盈信全部已發行股本

49.84%中擁有權益,根據證券及期貨條
例,
Winhale被視為於
Profit Chain所持有之
1,500,000,000股本公司股份中擁有權益。

(c)
基於
Winhale乃由
Braveway Limited及滙豐國
際信託有限公司作為信託人之信託全資擁有,
Braveway Limited及滙豐國際信託有限公司被視為
於Winhale所持有之盈信股份中擁有權益。

(d)
鄭惠珍女士為Braveway Limited 之唯一股東,並為
魏先生之配偶。根據證券及期貨條例,鄭惠珍女
士被視為於 Profit Chain 所持有之1,500,000,000股
本公司股份中擁有權益。


Save as disclosed above, as at 30 September 2019, no other
person (other than the Directors and chief executive of the
Company) had an interest or short position in the shares of the
Company and the underlying shares which fell to be disclosed
to the Company under the provisions of the Divisions 2 and 3
of Part XV of the SFO, or who, as at 30 September 2019, was
directly or indirectly, interested in 10% or more of the nominal
value of any class of share capital carrying rights to vote in all
circumstances at general meetings of any other member of the
Group.

CONNECTED TRANSACTIONS

The Group entered into certain transactions with parties
regarded as “Related Parties” under applicable accounting
principles. These mainly relate to contracts entered into by the
Group in the ordinary course of business, which contracts were
negotiated on normal commercial terms and on an arm’s length
basis. Further details are set out in note 17 to the unaudited
condensed consolidated interim financial information. The
details of the transactions which also constitute “continuing
connected transactions” under the Listing Rules are set out as
follows:

Continuing Connected Transaction – Lease granted by the
Remaining Vantage Group

The following lease arrangements were entered into by the
Group, as tenant, and Frason Holdings Limited, an indirect
wholly-owned subsidiary of Vantage, as landlord:

Connected person Date of agreement Terms
關連人士協議日期年期
Frason Holdings 31 May 2016 Commencing
Limited from 1 June 2016
and expiring on
31 May 2019
輝信集團有限公司二零一六年自二零一六年六月一日
五月三十一日起至二零一九年
五月三十一日止
Frason Holdings 31 May 2019 Commencing
Limited from 1 June 2019
and expiring on
31 March 2021
輝信集團有限公司二零一九年自二零一九年六月一日
五月三十一日起至二零二一年
三月三十一日止

除上文披露者外,於二零一九年九月三十日,概
無其他人士(董事及本公司最高行政人員除外)於
本公司股份及相關股份中擁有根據證券及期貨條
例第XV部第2及第3分部之條文須向本公司披露
之權益或淡倉,亦無任何人士於二零一九年九月
三十日直接或間接擁有附帶權利可於所有情況下
在本集團屬下任何其他成員公司的股東大會上投
票之任何類別股本面值10%或以上之權益。


關連交易

本集團與根據適用會計原則被視為「關連方」之人
士訂立若干交易。該等交易主要涉及本集團於日
常業務過程中按一般商業條款經公平原則基礎磋
商而訂立之合約。進一步詳情載於未經審核簡明
綜合中期財務資料附註17。當中亦構成上市規則
項下的「持續關連交易」之交易之詳情載列如下:

持續關連交易-餘下盈信集團授出之租賃

本集團(作為租戶)與輝信集團有限公司(盈信之間
接全資附屬公司)(作為業主)達成下列租賃安排:

Premises
物業
Consideration
代價
Identified portion of
No. 155 Waterloo Road,
Kowloon Tong, Kowloon
HK$220,000/month
九龍九龍塘窩打老道155號
已識別位置
每月220,000港元
Identified portion of
No. 155 Waterloo Road,
Kowloon Tong, Kowloon
HK$234,000/month
九龍九龍塘窩打老道155號
已識別位置
每月234,000港元


During the six months ended 30 September 2019, the
aforementioned lease arrangements constitute de minimis
continuing connected transactions of the Company which fall
under the fully exempted de minimis provisions pursuant to
Rule 14A.76(1)(c) of the Listing Rules.

The above continuing connected transactions were entered
in the ordinary and usual course of business of the Group after
due negotiations on an arm’s length basis with reference to the
prevailing market conditions and ratable value of the property.

UPDATES ON DIRECTORS’ INFORMATION

With effect from 20 February 2020, (i) Mr. YAM Kui Hung will
retire as an executive Director of the Company; (ii) Mr. IP Yik
Nam (“Mr. IP”) will cease to be the chief executive officer
and an authorised pepresentative of the Company; and (iii)
Mr. CHEUNG has been appointed as the chief executive
officer and an authorised representative of the Company.

Mr. NGAI, Mr. IP, Mr. YAU, Mr. LAU and Mr. CHEUNG
have respectively renewed their service contracts with the
Company on 27 November 2019 for a term from 20 February
2020 to 31 March 2022, which may be terminated by either
party by giving a six-month written notice.

Save as disclosed above, upon enquiry by the Company, there
is no change in the information of the Directors required to be
disclosed since the Company’s last published annual report.

CORPORATE GOVERNANCE

In the opinion of Board, the Company complied with the
code provisions as set out in the “Corporate Governance Code”
contained in Appendix 14 to the Listing Rules throughout the
six months ended 30 September 2019.

MODEL CODE FOR SECURITIES TRANSACTIONS
BY DIRECTORS

The Company has adopted the Model Code as set out in
Appendix 10 to the Listing Rules as its code of conduct
regarding securities transactions by the Directors. Following
specific enquiry made by the Company, all Directors have
confirmed that they had complied with the required standard
set out in the Model Code during the six months ended 30
September 2019.

於截至二零一九年九月三十日止六個月,上述租
賃安排構成本公司符合最低豁免水平之持續關連
交易,符合上市規則第14A.76(1)(c)條之符合最
低豁免水平規定,可獲全面豁免。


以上持續關連交易已參考其時之市況及該物業之
應課差餉租值,並經公平原則基礎磋商後在本集
團日常及一般業務過程中訂立。


更新董事資料

自二零二零年二月二十日起,(i)任鉅鴻先生將退
任本公司之執行董事;(ii)葉亦楠先生(「葉先生」)
將不再擔任本公司之行政總裁及授權代表;及


(iii)張先生已獲委任為本公司之行政總裁及授權
代表。

魏先生、葉先生、游先生、劉先生及張先生已於
二零一九年十一月二十七日分別與本公司更新彼
等之服務合約,任期由二零二零年二月二十日起
至二零二二年三月三十一日止,其可由任何一方
以六個月書面通知而終止。


除上文所披露者外,經本公司查詢後,自本公司
最近公佈的年度報告起,董事的信息並無任何須
予披露的更改。


企業管治

董事會認為,於截至二零一九年九月三十日止六
個月內,本公司已遵守上市規則附錄14所載「企
業管治守則」的守則條文。


董事進行證券交易之標準守則

本公司已採納上市規則附錄10所載的標準守則
作為董事進行證券交易的操守準則。經本公司作
出特定查詢後,所有董事均確認彼等於截至二零
一九年九月三十日止六個月內一直遵守標準守則
所載的規定標準。



PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES

Neither the Company nor any of its subsidiaries purchased, sold
or redeemed any of the Company’s listed securities during the
six months ended 30 September 2019.

REVIEW BY AUDIT COMMITTEE

The Audit Committee comprises three independent nonexecutive
Directors of the Company, Ms. LEUNG Yuen Shan,
Maisy (Chairman), Dr. LI Yok Sheung and Ms. MAK Suk
Hing, with written terms of reference in accordance with the
requirements of the Listing Rules, and reports to the Board.
Ms. LEUNG Yuen Shan, Maisy possesses the appropriate
accounting qualifications and experiences in financial matters.
The Audit Committee has reviewed with management the
accounting principles and practices adopted by the Group
and discussed internal control, risk management and financial
reporting matters. The Audit Committee has also reviewed
the unaudited condensed consolidated interim financial
information for the six months ended 30 September 2019.

APPRECIATION

On behalf of the Board, I would like to express our gratitude
and sincere appreciation to all management and staff members
of the Group for their hard work and dedication, and all
shareholders of the Company for their support.

By Order of the Board of

ABLE ENGINEERING HOLDINGS LIMITED
NGAI Chun Hung

Chairman

Hong Kong, 27 November 2019

購買、出售或贖回本公司上市證券

於截至二零一九年九月三十日止六個月內,本公
司或其任何附屬公司並無購買、出售或贖回本公
司任何上市證券。


審核委員會審閱

審核委員會由本公司三名獨立非執行董事:梁婉
珊女士(主席)、李毓湘博士及麥淑卿女士所組
成,其書面職權範圍符合上市規則的規定,並向
董事會匯報。梁婉珊女士具有合適的會計資格及
財務事宜的經驗。審核委員會已與管理層審閱本
集團所採納的會計原則及慣例,並已就內部監
控、風險管理及財務申報事宜進行商討。審核委
員會亦已審閱截至二零一九年九月三十日止六個
月的未經審核簡明綜合中期財務資料。


鳴謝

本人謹代表董事會對本集團全體管理人員及僱員
的努力不懈與貢獻,以及本公司所有股東的支
持,致以衷心感謝。


承董事會命

安保工程控股有限公司

主席

魏振雄

香港,二零一九年十一月二十七日


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