Able Engineering Holdings Limited — Annual Report 2021

Jul 27, 2021

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(Incorporated in the Cayman Islands with limited liability)

(於開曼群島註冊成立的有限公司)

Stock Code 股份代號: 1627

ANNUAL REPORT 年報 2020/2021

1

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

CONTENTS 目錄

• 2[公司資料] Corporate Information

• 4[五年財務概要] Five-year Financial Summary

• 7[主席報告] Chairman’s Statement

• 11[重大手頭合約概要] Summary of Significant Contracts on Hand

• 12[牌照] Licenses

• 13[管理層討論及分析] Management Discussion and Analysis

• 25[董事及高級管理層履歷] Biographical Details of Directors and Senior Management

• 35[企業管治報告] Corporate Governance Report

• 63[董事會報告] Report of the Directors

• 80[獨立核數師報告] Independent Auditor’s Report

綜合損益及其他全面收入表

• 89 Consolidated Statement of Profit or Loss and Other Comprehensive Income

• 91[綜合財務狀況表] Consolidated Statement of Financial Position

• 93[綜合權益變動表] Consolidated Statement of Changes in Equity

• 94[綜合現金流量表] Consolidated Statement of Cash Flows

• 96[財務報表附註] Notes to Financial Statements

The English text of this annual report shall prevail over the Chinese text in case of inconsistencies or discrepancies. 本年報之中英文版本如有任何歧義或差異，概以英文版本為準。

2 Annual Report 2020-2021 年報

Corporate InformatIon 公司資料

BOARD OF DIRECTORS

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

Independent Non-executive Directors

Prof. KO Jan Ming (appointed on 1 February 2021) Dr. LEE Man Piu Albert (appointed on 1 February 2021) Dr. LI Yok Sheung Ms. LEUNG Yuen Shan Maisy Ms. MAK Suk Hing Mr. MONG Chan (appointed on 1 February 2021)

BOARD COMMITTEES

Audit Committee

Ms. LEUNG Yuen Shan Maisy (Chairman) Prof. KO Jan Ming (appointed on 1 February 2021) Dr. LEE Man Piu Albert (appointed on 1 February 2021) Dr. LI Yok Sheung Ms. MAK Suk Hing Mr. MONG Chan (appointed on 1 February 2021)

Remuneration Committee

Dr. LI Yok Sheung (Chairman) Prof. KO Jan Ming (appointed on 1 February 2021) Dr. LEE Man Piu Albert (appointed on 1 February 2021) Ms. LEUNG Yuen Shan Maisy Ms. MAK Suk Hing Mr. MONG Chan (appointed on 1 February 2021) Mr. YAU Kwok Fai

Nomination Committee

Mr. NGAI Chun Hung (Chairman) Prof. KO Jan Ming (appointed on 1 February 2021) Dr. LEE Man Piu Albert (appointed on 1 February 2021) Dr. LI Yok Sheung Ms. LEUNG Yuen Shan Maisy Ms. MAK Suk Hing Mr. MONG Chan (appointed on 1 February 2021)

董事會

執行董事 魏振雄先生（主席） 張浩源先生（行政總裁） 葉亦楠先生 劉志輝先生 游國輝先生

獨立非執行董事 高贊明教授（於二零二一年二月一日獲委任） 李文彪醫生（於二零二一年二月一日獲委任） 李毓湘博士 梁婉珊女士 麥淑卿女士 蒙燦先生（於二零二一年二月一日獲委任）

董事會委員會

審核委員會 梁婉珊女士（主席） 高贊明教授（於二零二一年二月一日獲委任） 李文彪醫生（於二零二一年二月一日獲委任） 李毓湘博士 麥淑卿女士 蒙燦先生（於二零二一年二月一日獲委任）

薪酬委員會 李毓湘博士（主席） 高贊明教授（於二零二一年二月一日獲委任） 李文彪醫生（於二零二一年二月一日獲委任） 梁婉珊女士 麥淑卿女士 蒙燦先生（於二零二一年二月一日獲委任） 游國輝先生 提名委員會 魏振雄先生（主席） 高贊明教授（於二零二一年二月一日獲委任） 李文彪醫生（於二零二一年二月一日獲委任） 李毓湘博士 梁婉珊女士 麥淑卿女士 蒙燦先生（於二零二一年二月一日獲委任）

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 3

Corporate InformatIon 公司資料

COMPANY SECRETARY

Mr. MUI Siu Hong, CPA (appointed on 5 September 2020)

Mr. WONG Fu Cheong Desmond, CPA (resigned on 5 September 2020)

INDEPENDENT AUDITOR

Ernst & Young Certified Public Accountants Registered Public Interest Entity Auditor

REGISTERED OFFICE

Windward 3, Regatta Office Park PO Box 1350 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 Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 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

In case of any inconsistency between the English version and the Chinese version of this annual report, the English version shall prevail.

公司秘書

梅兆康先生（會計師）（於二零二零年九月五日 獲委任） 黃富昌先生（會計師）（於二零二零年九月五日 離任）

獨立核數師

安永會計師事務所 執業會計師 註冊公眾利益實體核數師

註冊辦事處

Windward 3, Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 開曼群島

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 開曼群島股份過戶登記總處

Ocorian Trust (Cayman) Limited Windward 3, Regatta Office Park PO Box 1350 Grand Cayman KY1-1108 開曼群島

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 股票代號 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

本年報的英文版本與中文版本如有歧義，概以英 文版本為準。

4 Annual Report 2020-2021 年報

Five - Year Financial SummarY 五年財務概要

RESULTS

A summary of the results and of the assets and liabilities of the Group for the last five financial years, as extracted from the published audited financial statements, is set out below:

業績

本集團過往五個財政年度之業績之概要及資產、 負債之概要（摘錄自已刊發經審核財務報表）載列 如下：

	Year ended 31 March 截至三月三十一日止年度 2021 2020 2019 2018 2017 二零二一年 二零二零年 二零一九年 二零一八年 二零一七年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 3,705,241 1,547,841 2,385,415 3,112,264 2,318,317 (3,558,208) (1,391,313) (2,149,888) (2,862,972) (2,065,285) 147,033 156,528 235,527 249,292 253,032 24,802 13,940 14,049 4,793 1,524 (65,180) (90,292) (80,787) (44,987) (108,232) – (40,588) – – – (8,350) (1,320) (528) (221) (235) 14,485 1,328 2,173 – (18,333) (18,090) (15,621) (29,002) (33,906) (26,269) 94,700 23,975 141,432 174,971 101,487 – (1,766) 1,766 – – 94,700 22,209 143,198 174,971 101,487	Year ended 31 March 截至三月三十一日止年度 2021 2020 2019 2018 2017 二零二一年 二零二零年 二零一九年 二零一八年 二零一七年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 3,705,241 1,547,841 2,385,415 3,112,264 2,318,317 (3,558,208) (1,391,313) (2,149,888) (2,862,972) (2,065,285) 147,033 156,528 235,527 249,292 253,032 24,802 13,940 14,049 4,793 1,524 (65,180) (90,292) (80,787) (44,987) (108,232) – (40,588) – – – (8,350) (1,320) (528) (221) (235) 14,485 1,328 2,173 – (18,333) (18,090) (15,621) (29,002) (33,906) (26,269) 94,700 23,975 141,432 174,971 101,487 – (1,766) 1,766 – – 94,700 22,209 143,198 174,971 101,487
REVENUE 收入 Contract costs 合約成本	2021 二零二一年 HK$’000 千港元 3,705,241 (3,558,208)	2020 2019 2018 2017 二零二零年 二零一九年 二零一八年 二零一七年 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 1,547,841 2,385,415 3,112,264 2,318,317 (1,391,313) (2,149,888) (2,862,972) (2,065,285
Gross profit 毛利 Other income and gains 其他收入及收益 Administrative expenses 行政開支 Other expenses 其他開支 Finance costs 財務費用 Share of profits and losses of joint ventures 應佔合營企業損益 Income tax expense 所得稅開支	147,033 24,802 (65,180) – (8,350) 14,485 (18,090)	156,528 235,527 249,292 253,032 13,940 14,049 4,793 1,524 (90,292) (80,787) (44,987) (108,232 (40,588) – – – (1,320) (528) (221) (235 1,328 2,173 – (18,333 (15,621) (29,002) (33,906) (26,269
PROFIT FOR THE YEAR 年內溢利	94,700	23,975 141,432 174,971 101,487
OTHER COMPREHENSIVE INCOME/(LOSS) 其他全面收入╱（虧損） Other comprehensive income/ (loss) that may be reclassified to profit or loss in subsequent periods 於其後期間可能重新分類 至損益的其他全面 收入╱（虧損）	–	(1,766) 1,766 – –
Profit and total comprehensive income for the year attributable to owners of the parent 母公司持有者應佔年內 溢利及全面收入總額	94,700	22,209 143,198 174,971 101,487

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 5

Five - Year Financial SummarY 五年財務概要

FINANCIAL POSITION

財務狀況

	As at 31 March 於三月三十一日	As at 31 March 於三月三十一日
Non-current assets 非流動資產 Current assets 流動資產 Non-current liabilities 非流動負債 Current liabilities 流動負債	2021 二零二一年 HK$’000 千港元 1,278,964 1,785,361 486,071 1,228,711	2020 2019 2018 2017 二零二零年 二零一九年 二零一八年 二零一七年 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 707,850 794,862 125,801 14,248 1,213,315 1,250,598 1,761,665 1,560,050 6,716 – 43 271 659,606 732,826 710,280 571,855
NET ASSETS 資產淨值	1,349,543	1,254,843 1,312,634 1,177,143 1,002,172
TOTAL EQUITY 總權益	1,349,543	1,254,843 1,312,634 1,177,143 1,002,172

FINANCIAL PERFORMANCE INDICATORS

財務表現指標

Current ratio 流動比率 Earnings per share (HK cents) 每股基本溢利（港仙） Dividend per share (HK cents) 每股股息（港仙）	2021 二零二一年 1.5 4.74 2.5	2020 2019 2018 2017 二零二零年 二零一九年 二零一八年 二零一七年 1.8 1.7 2.5 2.7 1.20 7.07 8.75 5.07 – 4 5 –

6 Annual Report 2020-2021 年報

Five - Year Financial SummarY 五年財務概要

FINANCIAL HIGHLIGHTS

• Revenue for the year ended 31 March 2021 increased by 139% to HK$3,705,241,000 from HK$1,547,841,000 for the year ended 31 March 2020.

財務摘要

• 收入由截至二零二零年三月三十一日止年度 的1,547,841,000港元，增加139%至截至二零 二一年三月三十一日止年度的3,705,241,000 港元。

• Net profit for the year ended 31 March 2021 amounted to HK$94,700,000 (2020: HK$23,975,000).

• 截至二零二一年三月三十一日止年度的溢 利淨額為 94,700,000 港元（二零二零年： 23,975,000港元）。

• Basic earnings per share for the year ended 31 March 2021 amounted to HK4.74 cents (2020: HK1.20 cents).

• 截至二零二一年三月三十一日止年度的每股 基本溢利為 4.74 港仙（二零二零年：1.20 港 仙）。

Revenue (HK$’million): 收入（百萬港元）：

Profit for the Year (HK$’million): 年內溢利（百萬港元）：

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4000
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2016/17 2017/18 2018/19 2019/20 2020/21
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2016/17 2017/18 2018/19 2019/20 2020/21
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Capital and Liabilities: 股本及負債：

As at 31 March 2021 於二零二一年三月三十一日

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56%
Other liabilities
其他負債
Capital and reserves
股本及儲備
44%
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7

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

’ Chairman s statement 主席報告

Dear Shareholders,

On behalf of the board (the “ Board ”) of directors (the “ Director(s) ”) of Able Engineering Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”), I report the annual results of the Group for the year ended 31 March 2021.

RESULTS

During the year under review, the Group was engaged in the contract works business, which mainly comprised building construction and repair, maintenance, alteration and addition (“ RMAA ”) works in Hong Kong.

For the year ended 31 March 2021, the Group’s consolidated revenue amounted to HK$3,705,241,000, representing an increase of 139% from HK$1,547,841,000 for the year ended 31 March 2020. Profit attributable to owners of the parent of the Company for the year ended 31 March 2021 and 31 March 2020 amounted to HK$94,700,000 and HK$23,975,000, respectively, representing an increase of 295% during the year. The basic and diluted earnings per share for the year were HK4.74 cents (2020: HK1.20 cents).

The increase in profit attributable to owners of the parent of the Company was mainly attributable to (i) the onetime loss on derecognition of the entire remaining net book value of the building portion of Man Shung Industrial Building (“ Man Shung Building ”) at No.7 Lai Yip Street, Kwun Tong, Kowloon, Hong Kong of HK$40,588,000 in last year that the profit attributable to owners of the parent of the Company for the year ended 31 March 2020 would be HK$64,563,000 if excluding this loss on derecognition (“ Adjusted 2020 Profit ”); and (ii) the receipt of government subsidies amounted to HK$18,556,000 from the “Employment Support Scheme” under the “Anti-Epidemic Fund” in current year. The profit attributable to owners of the parent of the Company for the year ended 31 March 2021 would be HK$76,144,000 if excluding the government subsidies (“ Adjusted 2021 Profit ”). The Adjusted 2021 Profit represented an increase of 18% from the Adjusted 2020 Profit which was mainly due to the increase in share of profits and losses of joint ventures from HK$1,328,000 to HK$14,485,000.

The net assets value attributable to owners of the parent of the Company as at 31 March 2021 amounted to HK$1,349,543,000 (approximately HK$0.67 per share), representing an increase of 8% from HK$1,254,843,000 (approximately HK$0.63 per share) as at 31 March 2020.

致各位股東：

本人謹代表安保工程控股有限公司（「本公司」， 連同其附屬公司，統稱「 本集團 」）的董事（「 董 事」）會（「董事會」），宣佈本集團截至二零二一年 三月三十一日止年度的全年業績。

業績

於回顧年度，本集團從事合約工程業務，主要包 括於香港的樓宇建築及修復、保養、改建及加建 （「 RMAA 」）工程。

於截至二零二一年三月三十一日止年度，本集團 的綜合收入為3,705,241,000港元，較截至二零二 零年三月三十一日止年度的1,547,841,000港元增 加139%。截至二零二一年三月三十一日及二零二 零年三月三十一日止年度，本公司母公司持有者 應佔溢利分別為94,700,000元及23,975,000港元， 增加295%。本年度的每股基本及攤薄盈利為4.74 港仙（二零二零年：1.20港仙）。

本公司母公司持有者應佔溢利增加主要是由於(i) 去年終止確認位於香港九龍觀塘勵業街7號的萬 順工業大廈（「萬順大廈」）樓宇部分的全數餘下 賬面淨值而產生的單次損失 40,588,000 港元（倘 不計及是項終止確認損失，於截至二零二零年 三月三十一日止年度的本公司母公司持有者應 佔溢利將為64,563,000港元（「經調整二零二零年 溢利」））；及(ii)於本年度收取「防疫抗疫基金」 下的「保就業計劃」的政府補助18,556,000港元。 （若撇除政府補助，截至二零二一年三月三十一 日止年度的本公司母公司持有者應佔年內溢利將 為76,144,000港元（「經調整二零二一年溢利」））。 經調整二零二一年溢利較經調整二零二零年溢 利增加 18% ，主要歸因於應佔合營企業損益由 1,328,000港元上升至14,485,000港元。

於二零二一年三月三十一日，母公司持有者應 佔資產淨值為 1,349,543,000 港元（每股約 0.67 港 元），較二零二零年三月三十一日的1,254,843,000 港元（每股約0.63港元）增加8%。

8 Annual Report 2020-2021 年報

’ Chairman s statement 主席報告

DIVIDEND

The Board recommended the payment of a final dividend of HK2.5 cents (2020: nil) per ordinary share of the Company for the year ended 31 March 2021. The proposed dividend will be payable on or before 24 September 2021, Friday, subject to the approval of the Company’s shareholders at the forthcoming 2021 annual general meeting of the Company.

Based on the 2,000,000,000 ordinary shares of the Company in issues as of the date of this annual report, the total dividend amounted to HK$50,000,000.

REDEVELOPMENT OF NO. 7 LAI YIP STREET

During the year ended 31 March 2021, Bright Wind Limited (an indirect wholly-owned subsidiary of the Company) accepted a formal written offer, with conditions, from Lands Department, and paid HK$554,570,000 as premium, in respect of its proposed modification of the lease of the site of No.7 Lai Yip Street, Kwun Tong, Kowloon, Hong Kong (the “ Site ”) from industrial use to nonresidential use. The redevelopment of the Site could provide more flexibility to the Group for its future development with an option to lease out surplus space of the building, if any.

The demolition works of the Man Shung Building were completed in July 2020 and the foundation works of the new building is in progress.

OUTLOOK

Over the past year, economic activities and people’s living in Hong Kong were inevitably affected by the COVID-19 pandemic. Given that the Group has received full support and cooperation of our staff and business partners, the Group’s COVID-19 preventive measures could be effectively implemented to mitigate the risk of COVID-19 from spreading on the Group’s premises or construction sites. We believe that the impact of COVID-19 pandemic on our Group’s day-today operation in the next year will be modest even though the COVID-19 pandemic may not be fully extinguished.

股息

董事會建議就截至二零二一年三月三十一日止 年度派發末期股息每股普通股 2.5 港仙（二零二 零年：無）。預計末期股息將於二零二一年九月 二十四日（星期五）或以前支付予有權取得股息的 股東。擬派發之末期股息須於本公司即將舉行的 二零二一年年度股東週年大會上獲得本公司股東 批准，方可作實。

按本年報日期本公司已發行普通股股份 2,000,000,000 股計算，股息總額為 50,000,000 港 元。

重新發展勵業街 7 號

於截止二零二一年三月三十一止年度，晴風有 限公司（本公司的一間間接持有的全資附屬公司) 已接納地政總署就位於香港九龍觀塘勵業街7號 的地皮「( 有關地皮」）的土地契約由工業用途修訂 為非住宅用途的有條件正式書面要約及已支付 554,570,000港元作為地價。重新發展有關地皮可 為本集團未來的發展提供更大的靈活性，並可選 擇出租大廈的剩餘空間（如有）。

萬順大廈的拆卸工程已於二零二零年七月完成及 新大廈的地基工程正在進行中。

前景

過去一年，香港的經濟活動和市民生活不可避免 地受到COVID-19疫情的影響。鑒於本集團得到 員工和業務夥伴的全力支援和配合，使本集團能 有效施展COVID-19預防措施，以減低COVID-19 在本集團的場地或建築地盤傳播的風險。我們 相信，即使COVID-19疫情未必能完全熄止，但 COVID-19疫情對本集團明年的日常運作影響不 大。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 9

’ Chairman s statement 主席報告

Although Hong Kong’s economy and the property market have been affected since the social unrest in the second half of 2019 and the COVID-19 outbreak in early 2020, the community’s high demand for housing and healthcare services remains unchanged. As mentioned by the Chief Executive of the HKSAR Government in the 2020 Policy Address, the HKSAR Government had already identified 330 hectares of land for providing 316,000 public housing units in the coming 10 years (2021/22 to 2030/31) and committed to facility the provision of 15,000 transitional housing units within three years from 2020/21. In addition, the HKSAR Government has earmarked HK$500 billion for two “10-year Hospital Development Plans”to cope with the increasing demand for healthcare service arising from the ageing population. Accordingly, we expect that there will be a steady flow of construction contracts from the public sector in the coming years.

The HKSAR Government has been implementing the “Construction 2.0” initiatives and set up a HK$1 billion “Construction Innovation and Technology Fund” to encourage wider adoption of innovative constructive methods and new technologies in the construction industry with a view to promoting productivity, uplifting built quality, improving site safety and enhancing environmental performance. In line with the HKSAR Government’s plan, the Group keeps actively investing in innovation and technology so as to enhance work efficiency, quality of work and health and safety performance. We believe that our ever-improving technology will help to increase the successful rate in future tendering for new projects. Our investment in innovation technology will also support the long-term growth of the Group’s business.

Looking forward, we will keep looking for opportunities to integrate with our business partners in order to reduce construction costs, enhance project efficiency and create synergy, which will create reasonable return for the Group and the Shareholders in the long run.

雖然自二零一九年下半年社會動盪和二零二零年 初COVID-19爆發以來，香港經濟和樓市一直受 到影響，但社會對房屋及醫療服務的殷切需求仍 然持續。正如行政長官於特區政府二零二零年施 政報告所提及，特區政府已物色330公頃土地， 以供未來十年（二零二一╱二二年年度至二零三 零╱三一年年度）提供31.6萬個公營房屋單位， 並承諾在二零二零╱二一年年度的三年內提供 15,000個過渡性房屋單位。此外，特區政府已撥 款5,000億港元，用於兩項「十年醫院發展計劃」， 以配合因人口老化而對醫療服務日益增長的需 求。因此，我們預期在未來數年來自公營部門的 建築合約將會保持穩定。

特區政府正推行「建造業2.0」計劃，並設立10億港 元的「建造業創新及科技基金」，以鼓勵廣泛採用 創新建築方法及科技來促進生產力、提高建造質 素、改善工地安全及提升環保效益。配合特區政 府的計劃，本集團不斷地積極投資創新科技，以 提高工作效率、工作質素及健康及安全表現。我 們相信，我們不斷進步的技術，將有助於提高未 來新項目的投標成功率。我們於創新科技的投資 亦將支持本集團的長遠增長。

展望未來，我們將繼續尋求與我們的商業夥伴整 合的機會以減低建築成本、提升項目效率及產生 協同效應，為本集團和股東創造長期合理的回報。

10 Annual Report 2020-2021 年報

’ Chairman s statement 主席報告

CHANGE IN BOARD MEMBERS

On 1 February 2021, each of Prof. KO Jan Ming (“ Prof. KO ”), Dr. LEE Man Piu Albert (“ Dr. LEE ”) and Mr. MONG Chan (“ Mr. MONG ”) was appointed as an Independent Nonexecutive Directors (“ INED(s) ”) and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee of the Company. I and the Board would like to express our warm welcome to Prof. KO, Dr. LEE and Mr. MONG for joining the Board and the Board’s committees.

On 23 June 2021, Ms. LEUNG Yuen Shan Maisy (“ Ms. LEUNG ”) informed the Board that she will retire as INED of the Company and cease to be the chairman of the Audit Committee and a member of the Remuneration Committee of the Company and the Nomination Committee of the Company after the end of her current service contract on 31 August 2021. I and the Board would like to express gratitude to Ms. LEUNG for her invaluable contributions during her tenure of service and offer best wishes to her.

APPRECIATION

Finally, on behalf of the Board, I would like to extend our gratitude and sincere appreciation to all management and employees of the Group for their hard work and dedication, as well as to all shareholders for their continuous support.

Sincerely,

NGAI Chun Hung

Chairman ABLE ENGINEERING HOLDINGS LIMITED

Hong Kong, 23 June 2021

董事會成員的變動

於二零二一年二月一日，高贊明教授（「 高教 授」）、李文彪醫生（「李醫生」）及蒙燦先生（「蒙先 生」）各自獲委任為本公司的獨立非執行董事（「獨 立非執行董事」），以及本公司的審核委員會、薪 酬委員會及提名委員會的成員。本人及董事會謹 此歡迎高教授、李醫生及蒙先生加入本公司董事 會及各董事委員會。

於二零二一年六月二十三日，梁婉珊女士（「 梁 女士 」）通知董事會，彼將於其現有服務合同於 二零二一年八月三十一日期滿後退任獨立非執行 董事，同時亦不再擔任本公司的審核委員會之主 席，以及本公司的薪酬委員會及本公司的提名委 員會之成員。本人及董事會謹此衷心感謝梁女士 於在任期間的寶貴貢獻，並向其致以摯誠的祝福。

鳴謝

最後，本人謹代表董事會對本集團全體管理層及 僱員的努力不懈與貢獻，以及所有股東的支持， 致以衷心感謝！

此致

魏振雄 主席 安保工程控股有限公司

香港，二零二一年六月二十三日

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 11

Summary Of Significant cOntractS On Hand 重大手頭合約概要

At 31 March 2021, the management estimates the gross and outstanding values of the substantial contracts that were awarded to (i) subsidiaries of the Group amounted to approximately HK$4,489 million and HK$1,444 million, respectively; and (ii) joint operations of the Group amounted to HK$18,675 million and HK$16,668 million, respectively. Details of these substantial contracts on hand are set out below:

於二零二一年三月三十一日，管理層估計重大合 約總值及未完成合約價值分別為授予(i)本集團的 附屬公司約44.89億港元及14.44億港元；及(ii)本 集團的合營業務的約186.75億港元及166.68億港 元。此等重大手頭合約的詳細資料載列如下：

Projects	Contract value
項目	合約價值
	HK$’million
	百萬港元
Building Construction – Awarded to Subsidiaries
樓宇建築－授予附屬公司
Extension and Conversion to St. Paul’s Primary Catholic School at
Wong Nai Chung Road, Happy Valley	322
擴建及改建跑馬地黃泥涌道聖保祿天主教小學
Main Contract for the Proposed Residential Development at
NKIL No. 6567 Kai Tak Area 1K Site 1, Kai Tak, Kowloon	1,898
九龍啟德第1K區1號地盤的新九龍內地段第6567號的住宅發展計劃主要建築工程
Construction of Public Housing Development at
Tuen Mun Area 54 Site 1 & 1A	2,269
屯門第54區第1及1A號公共房屋發展計劃建築工程
Building Construction – Awarded to Joint Operations
樓宇建築－授予合營業務
Design and Construction of Redevelopment of Queen Mary Hospital, Phase 1	9,450
– Main Works at Pok Fu Lam Road	(note 1)
設計及建造薄扶林道瑪麗醫院重建工程第一期－主要工程	（附註1）
Main Works for Development of Cingleot Premium Logistics Centre at	5,638
Kwo Lo Wan of Hong Kong International Airport	(note 2)
香港國際機場過路灣高端物流中心發展工程－主要工程	（附註2）
Design and Construction of Joint-user Government Office Building in	3,587
Area 67 Tseung Kwan O	(note 3)
設計及建造位於將軍澳第67區的政府聯用辦公大樓	（附註3）

Notes:

附註：

1. Project was awarded to Paul Y. - Able Joint Venture, an unincorporated body which 30% interest of this joint operation is attributable to the Group.

2. Project was awarded to BUILD KING - ABLE Joint Venture, an unincorporated body which 49% interest of this joint operation is attributable to the Group.

3. Project was awarded to ABLE - PAUL Y. Joint Venture, an unincorporated body which 51% interest of this joint operation is attributable to the Group.

4. 由保華－安保合營（並非屬法團的團體）承建，本 集團佔該共同經營的30%權益。

5. 由利基－安保合營（並非屬法團的團體）承建，本 集團佔該共同經營的49%權益。

6. 由安保－保華合營（並非屬法團的團體）承建，本 集團佔該共同經營的51%權益。

12 Annual Report 2020-2021 年報

Licences 牌照

The following table summarises the details of major qualifications and licences obtained by members of the Group as at 31 March 2021.

下表概述於二零二一年三月三十一日，本集團成 員公司取得的主要資格及牌照詳情：

as at 31 March 2021.
Government Agencies 政府機構	Category 類別	Group 組別
Able Engineering Company Limited安保工程有限公司
Works Branch, Development Bureau 發展局工務科	Buildings 建築	C (confirmed) 丙（確認）
	Plumbing Installation 水管裝置	II (probation) II（試用期）
	Repair and Restoration of Historic Buildings – For works related to ‘Western Style Buildings’ only 維修及修復有歷史性樓宇－只限與「西式樓宇」有關的工程	—
	Turn-key Interior Design and Fitting-out Works 全包室內設計及裝修工程	I
Housing Authority 房屋委員會	Building (New Works) 建築（新工程）	NW2 (confirmed) NW2（確認）
	Building (Maintenance) 建築（保養）	M2 (probation) M2（試用期）
	Decoration Contractors 裝修承辦商	—
Buildings Department 屋宇署	General Building Contractors 一般建築承建商	—
	Site Formation Works 地盤平整工程	—
	Foundation Works 地基工程	—
Housing Society 房屋協會	Building Works 屋宇建造工程	List 2 名冊二
Urban Renewal Authority 市區重建局	Repair/Maintenance Works 維修╱保養工程	Upper Tier 上層
Electrical and Mechanical Services Department 機電工程署	Registered Electrical Contractors (“Electricity Ordinance”) 註冊電業承辦商（《電力條例》）	—
Able Building Construction Limited安保營造有限公司
Buildings Department 屋宇署	General Building Contractors 一般建築承建商	—
Able Contractors Limited安保建築有限公司
Housing Authority 房屋委員會	Decoration Contractors 裝修承辦商	—

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 13

ManageMent Discussion anD analysis 管理層討論及分析

The following discussions should be read in conjunction with the audited consolidated financial statements of the Company for the year ended 31 March 2021.

以下討論應與本公司截至二零二一年三月三十一 日止年度的經審核綜合財務報表一併參閱。

PERFORMANCE

During the year under review, the Group was engaged as a main contractor in building construction and repair, maintenance, alteration and addition (“ RMAA ”) works in Hong Kong. As of 31 March 2021, the Group’s substantial contracts on hand were mainly related to building construction works from the public sector.

表現

於回顧年度內，本集團作為總承建商，主要於 香港從事樓宇建築及修復、保養、改建及加建 （「 RMAA 」）工程。於二零二一年三月三十一日， 本集團手頭上的主要合約為與公營機構有關的工 程。

For the year ended 31 March 2021, the Group’s consolidated revenue amounted to HK$3,705,241,000, representing an increase of 139% from HK$1,547,841,000 for the year ended 31 March 2020. Profit attributable to owners of the parent of the Company for the year ended 31 March 2021 and 31 March 2020 amounted to HK$94,700,000 and HK$23,975,000, respectively, representing an increase of 295% during the year. The basic and diluted earnings per share for the year were HK4.74 cents (2020: HK1.20 cents).

於截至二零二一年三月三十一日止年度，本集團 的綜合收入為3,705,241,000港元，較截至二零二 零年三月三十一日止年度的1,547,841,000港元增 加139%。截至二零二一年三月三十一日及二零 二零年三月三十一日止年度，本公司母公司持有 者應佔溢利分別為94,700,000港元及23,975,000港 元，增加295%。本年度的每股基本及攤薄盈利為 4.74港仙（二零二零年：1.20港仙）。

The increase in profit attributable to owners of the parent of the Company was mainly attributable to (i) the onetime loss on derecognition of the entire remaining net book value of the building portion of Man Shung Industrial Building (the “ Man Shung Building ”) at No.7 Lai Yip Street, Kwun Tong, Kowloon, Hong Kong (the “ Site ”) of HK$40,588,000 in last year that the profit attributable to owners of the parent of the Company for the year ended 31 March 2020 would be HK$64,563,000 if excluding this loss on derecognition (“ Adjusted 2020 Profit ”); and (ii) the receipt of government subsidies amounted to HK$18,556,000 from the “Employment Support Scheme” under the “Anti-Epidemic Fund” in current year. The profit attributable to owners of the parent of the Company for the year ended 31 March 2021 would be HK$76,144,000 if excluding the government subsidies (“ Adjusted 2021 Profit ”). The Adjusted 2021 Profit represented an increase of 18% from the Adjusted 2020 Profit which was mainly due to the increase in share of profits and losses of joint ventures from HK$1,328,000 to HK$14,485,000.

本公司母公司持有者應佔溢利增加主要是由於(i) 去年終止確認位置香港九龍觀塘勵業街7號（「有關 地皮」）的萬順工業大廈（「萬順大廈」）樓宇部分的 全數餘下賬面淨值而產生的單次損失40,588,000 港元（倘不計及是項終止確認損失，於截至二零二 零年三月三十一日止年度的本公司母公司持有者 應佔溢利將為64,563,000港元（「經調整二零二零 年溢利」））；及(ii)於本年度收取「防疫抗疫基金」 下的「保就業計劃」的政府補助18,556,000港元。 （若撇除政府補助，截至二零二一年三月三十一 日止年度的本公司母公司持有者應佔年內溢利將 為76,144,000港元（「經調整二零二一年溢利」））。 經調整二零二一年溢利較經調整二零二零年溢 利增加 18% ，主要歸因於應佔合營企業損益由 1,328,000港元上升至14,485,000港元。

The net asset value attributable to owners of the parent of the Company as at 31 March 2021 amounted to HK$1,349,543,000 (approximately HK$0.67 per share), representing an increase of 8% from HK$1,254,843,000 (approximately HK$0.63 per share) as at 31 March 2020.

於二零二一年三月三十一日，本公司母公司持 有者應佔資產淨值為 1,349,543,000 港元（每股 約佔0.67港元），較二零二零年三月三十一日的 1,254,843,000 港元（每股約佔0.63港元）增加8%。

14 Annual Report 2020-2021 年報

ManageMent Discussion anD analysis 管理層討論及分析

DIVIDEND

The Board recommended the payment of a final dividend of HK2.5 cents (2020: nil) per ordinary share of the Company for the year ended 31 March 2021 to the shareholders whose names appear on the register of shareholders of the Company on 3 September 2021, Friday. The proposed payment of the final dividend is subject to the approval of the Company’s shareholders at the forthcoming 2021 annual general meeting (“ AGM ”) of the Company and has not been recognised as a liability as at 31 March 2021.

BUSINESS REVIEW

Market Review

Over the past year, the progress of tendering and approval projects from public sector has inevitably been affected by the coronavirus disease (“ COVID–19 ”) pandemic. However, with the Government of Hong Kong Special Administrative Region (the “ HKSAR Government ”)’s commitment in increasing land supply for housing and the number of public housing units and the commencement of two “10-year Hospital Plan”, tender opportunities regard the construction contracts from the public sector in the coming years will be sustainable and stable.

The Group’s Performance

For the year ended 31 March 2021, the Group’s revenue amounted to HK$3,705,241,000 (2020: HK$1,547,841,000), representing an increase of 139% from that of last year. The increase in revenue was mainly resulted from two substantial building constructions which contributed over 58% of the revenue in this year. These projects are in mature stage and expected to be completed in coming twelve months.

The gross profit margin decreased from 10.1% for the year ended 31 March 2020 to 4.0% for the year ended 31 March 2021. Under the adoption of HKFRS 15, the gross profit margins of the Group’s individual contract works will not remain constant but will fluctuate over different reporting periods, depending on the actual revenue certified and costs incurred for the construction work performed.

股息

董事會建議就截至二零二一年三月三十一日止年 度向於二零二一年九月三日（星期五）名列本公司 股東登記冊上的股東派發末期股息，每股普通股 2.5港仙（二零二零年：無）。擬派發之末期股息須 於本公司即將舉行的二零二一年年度股東週年大 會（「股東週年大會」）上獲得本公司股東批准，方 可作實，此末期股息因而並未在二零二一年三月 三十一日確認為負債。

業績回顧

市場狀況

過去一年，公共部門的項目招標及審批工 程的進度上無可避免地受到新型冠狀病毒 （「 COVID–19 」）的疲情影響而有所放緩。但隨著 香港特別行政區政府（「特區政府」）承諾增加房屋 用地供應及公屋單位數目，以及實施兩項「十年醫 院發展計劃」，未來數年來自公共部門的建築合約 將會持續而穩定。

本集團表現

截至二零二一年三月三十一日止年度，本集 團的收入為 3,705,241,000 港元（二零二零年： 1,547,841,000港元），較上年度增加139%。收入 增加主要來自兩個重大樓宇建設項目，其相關收 入佔本年度收入的58%以上。這兩個項目處於成 熟階段，預計將於未來十二個月內完成。

毛利率由截至二零二零年三月三十一日止年度的 10.1%下降至截至二零二一年三月三十一日止年 度的4.0%。在採納香港財務報告準則第15號下， 本集團個別合約工程的毛利率將不會保持穩定而 是視乎已進行建築工程所產生的經核定實際收益 及成本而於不同報告期間有所波動。

15

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

ManageMent Discussion anD analysis 管理層討論及分析

Building Construction Works

During the year ended 31 March 2021, the following substantial contracts were awarded to the joint operations with the Group’s subsidiary participation:

樓宇建築工程

於截至二零二一年三月三十一日止年度，本集團 附屬公司參與的合營業務取得以下重大合約：

• Main Works for Development of Cingleot Premium Logistics Centre at Kwo Lo Wan of Hong Kong International Airport, a project with a contract sum of HK$5,638 million was awarded to BUILD KING – ABLE Joint Venture, an unincorporated body which 49% interest of this joint operation is attributable to the Group; and

• 香港國際機場過路灣高端物流中心發展工 程－主要工程，此項目由利基－安保合營 (並非屬法團的團體，本集團佔該合營業務 的49%權益承建)，合約總值56.38億港元； 及

• Design and Construction of Joint-user Government Office Building in Area 67 Tseung Kwan O, a project with a contract sum of HK$3,587 million was awarded to ABLE – PAUL Y. Joint Venture, an unincorporated body which 51% interest of this joint operation is attributable to the Group.

• 設計及建造位於將軍澳第67區的政府聯用辦 公大樓，此項目由安保－保華合營(並非屬 法團的團體，本集團佔該合營業務的51%權 益承建)，合約總值35.87億港元。

Subsequent to the year ended 31 March 2021 and up to the date of approval of this annual report, the Group was also secured the following substantial contract with estimated contract value of HK$2,260 million:

於截至二零二一年三月三十一日止年度後至批准 本年報之日，本集團亦取得以下重大合約，其預 計合約價值約為22.60億港元：

• Construction of Public Housing Development at Yip Wong Road Phase 1 and Phase 2, Tuen Mun

• 屯門業旺路第1及2期公共房屋發展計劃建築 工程

We expect the above mentioned contract will be substantially completed in four years from the project commencement.

• 我們預期，上述合約將於項目開始後四年內大致 完成。

On the other hand, the Group completed the following significant contract regarding building maintenance works during the year ended 31 March 2021:

另一方面，本集團於截至二零二一年三月三十一 日止年度完成以下重大樓宇維修工程合約：

• Hospital Authority Term Contract for Gascoigne Road Site of Minor Capital Project 15/16

• 醫院管理局加士居道地盤的小型工程定期合 約15/16

16 Annual Report 2020-2021 年報

ManageMent Discussion anD analysis 管理層討論及分析

Other Income and Gains

Other income and gains increased from HK$13,940,000 for the year ended 31 March 2020 to HK$24,802,000 for the year ended 31 March 2021. For the year ended 31 March 2021, the increase in the other income and gains was mainly due to the Group applied and recognised government subsidies of HK$18,556,000 under the “Employment Support Scheme” provided by the HKSAR Government during the year. The Group did not implement any involuntary no-pay leave or payout measures amid the adverse economic environment under COVID-19 pandemic.

Administrative Expenses

Administrative expenses decreased from HK$90,292,000 for the year ended 31 March 2020 to HK$65,180,000 for the year ended 31 March 2021. The decrease in the administrative expenses was mainly due to (i) decrease in the discretionary performance-related bonuses and donations; (ii) the respective remuneration of three out of five executive directors who were fully engaged in project management being included in the contract costs for the year; and (iii) capitalisation of relevant consultancy fees and demolition costs incurred during the year for the redevelopment as mentioned in the section of “REDEVELOPMENT OF NO. 7 LAI YIP STREET”.

Other Expenses

For the year ended 31 March 2021, the Group did not incur any other expense. Other expense for the year ended 31 March 2020 represented the onetime loss on derecognition of the entire remaining net book value of the building portion of Man Shung Building of HK$40,588,000, following the decision to demolish the Man Shung Building and redevelop the Site.

Finance Costs

For the year ended 31 March 2021, the Group’s finance costs amounted to HK$8,350,000 (31 March 2020: HK$1,320,000). The interest for bank loans increased by HK$6,650,000 in this year due to the increase in bank loans raised during the year comparing with last year. On the other hand, the interest on lease liabilities of HK$796,000 (2020: HK$416,000) was incurred and recorded under this item in accordance with HKFRS 16.

其他收入及收益

其他收入及收益於截至二零二零年三月三十一日 的13,940,000港元上升至二零二一年三月三十一 日止年度的24,802,000港元。於截至二零二一年 三月三十一日止年度其他收入及收益上升主要由 於本集團於本年間申請並確認由特區政府提供的 「保就業」計劃的政府補助金18,556,000港元。由 COVID-19疫情所引發之嚴峻經濟環境下，本集 團並未實施任何非自願的無薪休假或減薪措施。

行政開支

行政開支由截至二零二零年三月三十一日止年 度的90,292,000港元減少至截至二零二一年三月 三十一日止年的65,180,000港元。行政開支減少 的主要由於(i)酌情表現花紅及捐款減少；(ii)五分 之三的執行董事全面參與項目管理，因此彼等薪 酬已列入本期間的合同費用；及(iii)在董事會決 定拆卸萬順工業大廈（「萬順大廈」）進行重新發展 後（於「重新發展勵業街7號」一節進一步詳述）， 於本期間的相關顧問費用及拆卸費用已被資本作 為新大廈的成本。

其他開支

於截至二零二一年三月三十一日止年度，本集團 並無招致任何其他開支。於截至二零二零年三月 三十一日止年度的其他開支乃是決定拆卸萬順大 廈及進行重新發展有關地皮後，終止確認萬順大 廈的樓宇部分的全數餘下賬面淨值40,588,000港 元的單次損失。

財務費用

截至二零二一年三月三十一日止年度，本集團的 財務費用為8,350,000元（二零二零年：1,320,000 港元）。銀行貸款利息於本年度增加6,650,000港 元，原因是本年度提取的銀行貸款較去年同期有 所增加。另一方面，按香港財務報告準則第16號 產生及錄得的租賃負債的利息為796,000港元（二 零二零年：416,000港元）。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 17

ManageMent Discussion anD analysis 管理層討論及分析

Share of Profits and Losses of Joint Ventures

The share of profits of joint ventures was solely arisen from the share of profits of Gold Victory Resources Inc. (“ Gold Victory ”) and its subsidiaries (collectively, the “ JV Group ”) in which the Group has 50% interest. For the year ended 31 March 2021, net profits shared by the Group from the JV Group amounted to HK$14,485,000 (2020: HK$1,328,000).

應佔合營企業損益

應佔合營企業的溢利完全來自本集團擁有50%權 益的Gold Victory Resources Inc.（「 Gold Victory 」） 及其附屬公司（統稱「合營集團」）的溢利。於截至 二零二一年三月三十一日止，本集團佔合營集團 凈溢利為14,485,000港元（二零二零：1,328,000港 元）。

Pursuant to an equity transfer agreement (the “ Equity Transfer Agreement ”) entered into between Grand Superb Limited (“ Grand Superb ”, an indirect wholly-owned subsidiary of the Company), Golden Stone Asia Inc. (“ Golden Stone ”, the holding company of the Gold Victory and a company controlled by Mr. WONG Kin Wah (“ Mr. WONG ”, an independent third party), and Mr. WONG on 30 November 2018, Mr. WONG irrevocably warrants and guarantees to Grand Superb that the actual profits of the JV Group for the period commencing from 1 December 2018 and ending on 31 March 2022 (the “ Profit Warranty Period ”) shall not be less than the guaranteed profits (the “ Guaranteed Profits ”) of HK$50 million (the “ Profit Warranty ”). In the event the total Guaranteed Profits are not achieved or reached for the entire Profit Warranty Period based on auditor’s certification, Golden Stone shall pay Grand Superb 50% of the shortfall between the actual profits and the Guaranteed Profits, unless the shortfall is caused by the event of force majeure as defined in the Equity Transfer Agreement. The Profit Warranty constitutes a derivative financial instrument of the Group.

根據Grand Superb Limited（「 Grand Superb 」，為 本公司的一間間接全資附屬公司）、Golden Stone Asia Inc.（「 Golden Stone 」，Gold Victory的控股 公司及一間受控於黃建華先生（「黃先生」，為獨 立第三方）的公司）及黃先生於二零一八年十一 月三十日訂立的一份股權轉讓協議（「 股權轉讓 協議」），黃先生向Grand Superb作出不可撤銷保 證及擔保，保證合營集團於二零一八年十二月一 日起至二零二二年三月三十一日止期間（「 溢利 保證期」）的總實際溢利將不低於保證溢利（「保 證溢利」）5千萬港元（「溢利保證」）。倘根據核數 師核證，證實合營集團無法於溢利保證期取得或 達到保證溢利的總額，Golden Stone須向Grand Superb支付實際溢利與保證溢利的差額的50%， 除非有關差額乃由股權轉讓協議內所界定的不可 抗力的事件所導致，則作別論。該溢利保證構成 本集團的一項衍生金融工具。

For the period from 1 December 2018 to 31 March 2021, the JV Group recognised an accumulated profit of HK$51,425,000, higher than that previously estimated and illustrated in the joint announcement dated 30 November 2018. The Group will closely monitor the financial performance of the JV Group during the remaining Profit Warranty Period to ensure the Profit Warranty are met or remedy action has been taken according to the Equity Transfer Agreement.

於二零一八年十二月一日至二零二一年三 月三十一日期間，合營集團確認累計溢利 51,425,000港元，高於先前估計及已於日期為二 零一八年十一月三十日的聯合公告所示之金額。 本集團會密切監察合營集團於餘下保證溢利期的 財務表現，以確保達成保證溢利或根據股權轉讓 協議採取補救方案。

Income Tax Expense

Income tax expense increased by 16% from HK$15,621,000 for the year ended 31 March 2020 to HK$18,090,000 for the year ended 31 March 2021. The increase was consistent with the increase in taxable profit for this year.

所得稅開支

所得稅開支由截至二零二零年三月三十一日止年 度的15,621,000港元，增加16%至截至二零二一年 三月三十一日止年度的18,090,000港元。升幅與 本年度的應課稅溢利的增加一致。

18 Annual Report 2020-2021 年報

ManageMent Discussion anD analysis 管理層討論及分析

Profit Attributable to Owners of the Parent

As a result of the foregoing, profit attributable to owners of the parent increased by 295% from HK$23,975,000 for the year ended 31 March 2020 to HK$94,700,000 for the year ended 31 March 2021.

FINANCIAL REVIEW

Capital Structure, Liquidity and Financial Resources

The capital of the Group only comprises ordinary shares. The Group mainly rely on its internally generated capital and bank borrowings to finance its business. The total equity of the Group as at 31 March 2021 was HK$1,349,543,000 (31 March 2020: HK$1,254,843,000).

The Group monitors capital structure using net gearing ratio, which is measured as interest-bearing bank loans less cash and bank balances, divided by equity attributable to owners of the parent. As at 31 March 2021, the Group’s net gearing ratio was 0 (31 March 2020: 0).

The Group’s cash and cash equivalents increased by 47% from HK$616,645,000 as at 31 March 2020 to HK$904,933,000 at 31 March 2021 was mainly due to net effect of (i) increase in net borrowing; (ii) the net cash inflows from operating activities; and (iii) payment of land premium of the Site. Current ratio stood at 1.45 and 1.84 at 31 March 2021 and 31 March 2020, respectively. Current ratio is measured at total current assets divided by total current liabilities.

The Group’s banking facilities, comprising primarily bank loans, bank overdrafts and performance bonds, amounted to HK$2,950,000,000 as of 31 March 2021 (31 March 2020: HK$2,040,000,000), of which HK$1,819,566,000 (31 March 2020: HK$1,717,135,000) was unutilised.

Looking forward, due to (i) the new substantial projects awarded to a subsidiary of the Group and the joint operations in which a subsidiary of the Group is a joint operator are in the preliminary stage of development; and (ii) the redevelopment of the Site, it is expected significant amount of cash will be consumed in the coming twelve months. The Group will continuously take a prudent and cautious approach to cash application and capital commitments.

母公司持有者應佔溢利

由於上述因素，母公司持有者應佔溢利由截至 二零二零年三月三十一日止年度的23,975,000港 元，增加295%至截至二零二一年三月三十一日止 年度的94,700,000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。本集團主要依靠內 部產生的資本和銀行借款來為其業務提供資金。 本集團於二零二一年三月三十一日的權益總額約 為1,349,543,000港元（二零二零年三月三十一日： 1,254,843,000港元）。

本集團根據淨槓桿比率來監察資本架構。而槓桿 比率以計息銀行貸款總額減去現金及銀行結餘， 除以母公司權益持有者應佔權益計算。於二零 二一年三月三十一日，本集團的淨槓桿比率為0 （二零二零年三月三十一日：0）。

本集團的現金及現金等值物由於二零二零年三月 三十一日616,645,000港元增加47%至於二零二一 年三月三十一日904,933,000港元主要由於(i)銀行 貸款淨增加；(ii)經營業務產生的淨現金流入； (iii) 支付有關地皮之補地金額。本集團於二零 二一年三月三十一日的流動比率為1.45，而於二 零二零年三月三十一日則為1.84。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，於二零二一年三月三十一日的額度為 2,950,000,000港元（於二零二零年三月三十一日： 2,040,000,000港元），其中1,819,566,000港元（於 二零二零年三月三十一日：1,717,135,000港元）尚 未動用。

展望未來，由於(i)新重大項目授予一間本集團附 屬公司及一間附屬公司作為合營方的合營業務處 於初步發展階段；及(ii)重新發展有關地皮，預計 未來十二個月內，將耗用大量資金。本集團將繼 續持審慎和謹慎的態度以運用資金及作資本承擔。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 19

ManageMent Discussion anD analysis 管理層討論及分析

Interest and Foreign Exchange Exposure

At 31 March 2021 and 31 March 2020, 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 banks’ offer rates.

利率及外幣匯兌風險

於二零二一年三月三十一日及二零二零年三月 三十一日，本集團的銀行貸款均以港元計值，並 按浮動利率計算利息。本集團的銀行賬戶在香港 主要銀行開設，相關銀行賬戶的利率由有關銀行 拆放利率而釐定。

The Group’s business operations are in Hong Kong and the Group’s business transactions are denominated in the local currencies. Hence, the Group is not exposed to significant foreign exchange risk.

本集團業務經營位於香港，而本集團交易均以本 地貨幣計值。因此，本集團並無面臨重大外幣匯 兌風險。

For the year ended 31 March 2021 and 31 March 2020, the Group did not engage in any interest rates and currency hedging or speculation activities.

於截至二零二一年三月三十一日及二零二零年三 月三十一日止的年度內，本集團並無從事任何利 率及貨幣對沖或投機活動。

Property, Plant and Equipment

The Group’s property, plant and equipment amounted to HK$1,185,004,000 as of 31 March 2021 (31 March 2020: HK$618,512,000). The increase was due to the net effect of (i) the additions to right-of-use assets and property, plant and equipment of total HK$618,508,000 (including the land premium paid for the Site); and (ii) the depreciation of HK$52,016,000 provided during the year.

物業、機器及設備

本集團的物業、機器及設備於二零二一年三月 三十一日的金額為1,185,004,000港元（於二零二零 年三月三十一日：618,512,000港元）。上升由於(i) 本期內增加使用權資產及物業、機器及設備合共 618,508,000港元（包含已付有關地皮的補地價金 額）；及(ii)折舊52,016,000港元的綜合影響。

Financial Assets at Fair Value through Profit or Loss

The balance represented the cash value of a life insurance acquired for an executive Director during the year ended 31 March 2021.

按公平值計入損益之金融資產

餘額為本公司於截止二零二一年三月三十一日止 年度內為一名執行董事購買的人壽保險的現金價 值。

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 our customers. The level of accounts receivable is principally affected by our work progress and the amount of the progress payment certificate received from our customers up to the end of the financial period. Approximately 99% of the accounts receivable as at 31 March 2021 was subsequently settled as at 16 June 2021 (31 March 2020: approximately 93% was subsequently settled by 10 June 2020).

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 進度及截至財政年度止來自客戶取得的分階段付 款證明書中的金額所影響。於二零二一年三月 三十一日的應收賬款中，約99%已於其後於二零 二一年六月十六日或以前收回（於二零二零年三月 三十一日：約93%已於二零二零年六月十日或以 前收回）。

20 Annual Report 2020-2021 年報

ManageMent Discussion anD analysis 管理層討論及分析

Contract Assets

Balance at current year end mainly represented retention of receivables of HK$275,061,000 (31 March 2020: HK$168,307,000) and unbilled revenue of HK$245,966,000 (31 March 2020: HK$50,538,000). Retention receivables represent the retention monies required by our customers to secure our Group’s due performance of the contracts.

Prepayments, Other Receivables and Other Assets

As at 31 March 2021, the prepayments, other receivables and other assets mainly represented the prepaid insurance for contract works projects, construction waste disposal deposits and rental and utilities deposit. The decrease in total balance during the year was mainly due to the net effect of (i) the refund of stamp duty recoverable amounting to HK$26,979,000 in respect of the redevelopment of the Site; and (ii) prepaid insurance for newly awarded construction projects during the year.

Other Payables and Accruals

As of 31 March 2021, the current and non-current balances of other payable and accruals amounted to HK$447,974,000 (31 March 2020: HK$222,234,000) and HK$4,071,000 (31 March 2020: HK$6,716,000), respectively, which mainly represented provision for contract works, staff costs payable and the lease liabilities recognised. The increase in total balance during the period was mainly due to the net effect of (i) the increase in provision for contract works of HK$185,227,000; and (ii) the increase in the recognition of lease liabilities of HK$35,562,000.

Charges on Assets

As at 31 March 2021, the property, plant and equipment, accounts receivable, unbilled revenue and retention receivables related to certain contract works of HK$1,156,000,000 (2020: nil), HK$87,632,000 (31 March 2020: HK$130,653,000), HK$100,411,000 (31 March 2020: HK$43,824,000) and HK$61,034,000 (31 March 2020: HK$103,575,000), respectively, and equity interest of a subsidiary of the Group were pledged in favour of certain banks to secure certain bank loans granted by those banks to members of the Group.

合約資產

本年度末餘額主要為應收保證金275,061,000港元 （於二零二零年三月三十一日：168,307,000港元） 及未發出付款證明書的收入245,966,000港元（於 二零二零年三月三十一日：50,538,000港元）。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。

預付款項、其他應收款及其他資產

截止二零二一年三月三十一日，預付款項、其他 應收款及其他資產主要為合同工程項目的預付保 險費、建築垃圾處置保證金以及租金和水電費保 證金。年內結餘總額減少主要由於(i)收回就重建 有關地皮的可退還印花稅26,979,000港元；及(ii) 年內為新建設項目預付的保險費。

其他應付款及應計費用

於二零二一年三月三十一日，其他應付款及應計 費用的流動及非流動部分餘額分別為447,974,000 港元（於二零二零年三月三十一日：222,234,000 港元）及4,071,000港元（於二零二零年三月三十一 日： 6,716,000 港元），其主要為合約工程的撥 備、應付員工費用及已確認的租賃負債。本年年 末的總結餘增加主要由於(i)合約工程的撥備增加 185,227,000港元；及(ii)增加已確認的租賃負債 35,562,000港元的綜合影響。

資產抵押

於二零二一年三月三十一日，若干合約工程有關 的物業、機器及設備，應收賬款、未開發票收入 及應收保證金分別為1,156,000,000港元（於二零 二零年三月三十一日：無），87,632,000港元（於 二零二零年三月三十一日：130,653,000港元）、 100,411,000港元（於二零二零年三月三十一日： 43,824,000港元）及61,034,000港元（於二零二零年 三月三十一日：103,575,000港元）及一間集團附屬 公司的股權已抵押予若干銀行以擔保該等銀行授 予本集團的若干銀行貸款。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 21

ManageMent Discussion anD analysis 管理層討論及分析

As at 31 March 2021, bank deposit of HK$110,000,000 (31 March 2020: HK$110,000,000) was pledged to secure a guarantee deposit for the performance bond issued by the relevant bank in relation to a construction project of the Group. The Group’s bank loans with an aggregate carrying amount of HK$87,276,000 (31 March 2020: HK$121,517,000) at year end were secured by certain deposits accounts maintained with these banks as continuing security for the obligations of the Group.

於二零二一年三月三十一日，銀行存款總值 110,000,000港元（於二零二零年三月三十一日： 110,000,000港元）存放於相關銀行作為該銀行就 本集團一項建築工程項目開出的履約保證金的保 證存款及本集團的銀行貸款總值87,276,000港元 （於二零二零年三月三十一日：121,517,000港元） 以本集團於相關銀行持有的若干存款戶口作為本 集團的責任的持續抵押品。

Contingent Liabilities

Details of the Group’s contingent liabilities are set out in note 31 to the financial statements.

或然負債

本集團的或然負債的詳情載於財務報表附註31。

Capital Commitments

Details of the Group’s capital commitments are set out in note 32 to the financial statements.

資本承諾

本集團的資本承諾的詳情載於財務報表附註32。

REDEVELOPMENT OF NO.7 LAI YIP STREET

As disclosed in the announcement of Company dated 10 November 2020, Bright Wind Limited (“ Bright Wind ”, an indirect wholly-owned subsidiary of the Company) received a formal written offer (the “ Offer ”), with conditions, from Lands Department in respect of its proposed modification of the lease of the Site from industrial use to non-residential use (the “ Proposed Lease Modification ”). Pursuant to the Offer, the premium of the Proposed Lease Modification was amounted to HK$554,570,000 (the “ Premium ”) and the Site could be redeveloped for non-residential use that the total gross floor area of the non-residential building to be erected shall not exceed 14,775 square meters. The redevelopment of the Site could provide more flexibility to the Group for its future development with an option to lease out surplus space of the building, if any.

重新發展勵業街 7 號

誠如本公司於日期為二零二零年十一月十日的公 告披露，晴風有限公司（「晴風」，本公司的一間 間接持有的全資附屬公司)已接獲地政總署就有關 其建議將有關地皮的土地契約由工業用途修訂為 非住宅用途（「該建議契約修訂」）的有條件的正式 書面要約（「該要約」）。根據該要約，該建議契約 修訂的地價金額為554,570,000港元（「地價」），有 關地皮將可發展為非住宅用途，所建的非住宅大 廈的總樓面面積將不超過14,775平方米。重新發 展有關地皮可為本集團未來的發展提供更大的靈 活性，並可選擇出租大廈的剩餘空間（如有）。

As at the date of approval of this annual report, Bright Wind accepted the Offer and paid the Premium. The demolition works of the Man Shung Building were completed in July 2020. The construction of new building is in progress. Further announcement(s) in relation to the development of the Site will be made by the Company as and when appropriate in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“ The Stock Exchange ”) (the “ Listing Rule ”).

於批准本年報之日，晴風已接受該要約，並已支 付地價。拆卸萬順大廈的工程已於二零二零年七 月完成。新大廈的建築工程正在進行中，本公司 將適時根據香港聯合交易所有限公司（「聯交所」） 證券上市規則（「上市規則」）就有關地皮的發展刊 發進一步公告。

22 Annual Report 2020-2021 年報

ManageMent Discussion anD analysis 管理層討論及分析

POSSIBLE ACQUISITION

As disclosed in the joint announcement of the Company and Vantage International (Holdings) Limited (“ Vantage ”, a company incorporated in Bermuda and which shares were listed on the Main Board of The Stock Exchange (stock code: 15) from 8 September 2000 to 22 October 2020, ceased to be the intermediate holding company of the Company on 19 November 2020) dated 9 July 2019, Rhythm Classic Limited (the “ Purchaser ”, an indirect wholly-owned subsidiary of the Company) entered into a framework agreement on 9 July 2019 (the “ Framework Agreement ”) with an independent third party (“ Vendor ”) for the possible acquisition of 100% of the equity interest of a Hong Kong company (the “ Target Company ”) and 100% of the interest-free shareholder loan (if any) advanced by the Vendor to the Target Company at a consideration of HK$130,000,000 (the “ Possible Acquisition ”). Pursuant to the Framework Agreement, the Possible Acquisition is conditional upon, among others, the fulfilment of the conditions as stated in the Framework Agreement (the “ Conditions Precedent ”) within 180 days from the date of signing of the Framework Agreement, or such other period as duly agreed by both parties in writing (the “ Agreement Valid Period ”).

The Agreement Valid Period was extended to 2 July 2020 (or such other period as duly agreed by both parties in writing) (the “ Extended Agreement Valid Period ”) as further disclosed in the other joint announcement of the Company and Vantage dated 2 January 2020.

Given that the Conditions Precedent were not fulfilled or waived by the Purchaser within the Extended Agreement Valid Period and no further agreement was entered into between the Purchaser and the Vendor, the Company and Vantage jointly announced on 3 July 2020 that the Framework Agreement was lapsed after the end of the Extended Agreement Valid Period on 2 July 2020 pursuant to the terms of the Framework Agreement. Therefore, the Possible Acquisition constituted under the Framework Agreement was not proceeded.

可能收購事項

誠如本公司與盈信控股有限公司（「盈信」，於百 慕達註冊成立的公司，其股份於二零零零年九月 八日至二零二零年十月二十二日於聯交所主板上 市（股份代號：15 ），於二零二零年十一月十九 日起不再為本公司之中間控股公司）於日期為二 零一九年七月九日的聯合公告所披露，Rhythm Classic Limited（「買方」，本公司的一間間接全資 附屬公司）與一獨立第三方（「賣方」）於二零一九 年七月九日就可能收購一間香港公司（「 目標公 司」）的100%股本權益及賣方向該目標公司提供 的100%免息股東貸款（如有）的事項訂立框架協 議（「框架協議」），代價為130,000,000港元（「可能 收購事項」）。根據框架協議，可能收購事項須待 （其中包括）達成框架協議所列條件（「先決條件」） 後，方可作實，而達成先決條件限期為框架協議 簽署日期起180天內（或雙方經書面協定的其他日 期）（「協議有效期」）。

本公司與盈信於日期為二零二零年一月二日的其 他聯合公告進一步披露，該協議有效期延長至二 零二零年七月二日（或雙方經書面協定的其他日 期）（「經延長協議有效期」）。

鑒於先決條件未能於經延長協議有效期內獲達成 或獲買方豁免，且買方與賣方沒有作進一步協 定，本公司與盈信於日期為二零二零年七月三日 的聯合公告再進一步披露，根據框架協議的條 款，框架協議於二零二零年七月二日的經延長協 議有效期完結後已失效。故此，框架協議項下的 可能收購事項並沒有獲進行。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 23

ManageMent Discussion anD analysis 管理層討論及分析

USE OF PROCEEDS FROM THE LISTING

The shares of the Company (the “ Share(s) ”) were listed (the “ Listing ”) on the Main Board of The Stock Exchange on 20 February 2017 (the “ Listing Date ”). Net proceeds from the Listing were approximately HK$524 million (after deducting the underwriting commission and other expenses in relation to the 500,000,000 new ordinary shares issued pursuant to the listing of Shares on The Stock Exchange. The balance of net proceeds was fully utilised during the year (31 March 2020: the unused net proceeds were approximately HK$82 million).

上市所得款項用途

本公司股份（「股份」）於二零一七年二月二十日在 聯交所主板上市（「上市」）。上市所得款項淨額約 為5.24億港元（經扣除與因本公司股市於聯交所上 市而發行的500,000,000股普通新股份有關的包銷 佣金及其他開支）。所有所得款項結餘已於本期間 全部動用（於二零二零年三月三十一日：尚未動用 所得款項淨額約0.82億港元）。

According to the section “Future Plans and Proposed Use of Proceeds” as set out in the prospectus of the Company dated 26 January 2017, the Group used the net proceeds during the year ended 31 March 2021 as follows:

根據本公司日期為二零一七年一月二十六日的招 股章程所載「未來計劃及建議所得款項用途」一 節，本集團截至二零二一年三月三十一日止年度 期間將所得款項淨額用作以下用途:

					Unused
		Net proceeds	Unused		amount at
		from	amount at	Used in	31 March
		the Listing	1 April 2020	this year	2021
			於二零二零年		於二零二一年
		上市所得	四月一日	本年動用	三月三十一日
		款項淨額	尚未動用金額	的金額	尚未動用金額
		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 capital	維持並增加未來╱新公營項目
requirement and working capital requirement for	的所需資本及營運資金需求
future/new projects in the public sector		402	82	(82)	–
Payment for the upfront costs	支付前期成本	70	–	–	–
General working capital	一般營運資金	52	–	–	–
Total	總額	524	82	(82)	–

24 Annual Report 2020-2021 年報

ManageMent Discussion anD analysis 管理層討論及分析

EMPLOYEES AND REMUNERATION POLICY

As of 31 March 2021, the Group employed 330 full-time employees (31 March 2020: 336) in Hong Kong. The Group remunerates its employees based on their performance and work experience and with reference to the prevailing market conditions. On top of the regular remuneration, discretionary bonus and share options 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 mandatory provident fund, medical insurance, incentive travel (suspended in the year under the COVID-19 pandemic), subsidies for education and training programmes, etc..

At the annual general meeting of the Company held on 31 August 2018, the adoption of a share option scheme (the “ Scheme ”) was considered and approved. The purposes of the Scheme are to provide incentives for the directors and fulltime employees of the members of the Group to work towards enhancing the value of the Company and its Shares for benefit of the Company and its shareholders as a whole. The Scheme provides the Group with a flexible means of either retaining, incentivising, rewarding, remunerating, compensating and/or providing benefits to participants of the Scheme. From the date of adoption of the Scheme and up to 31 March 2021, the Company did not grant any share options under the Scheme and no equity-settled share option expense was charged to the profit or loss.

僱員及薪酬政策

於二零二一年三月三十一日，本集團於香港聘用 330名（於二零二零年三月三十一日：336名）全職 僱員。本集團根據僱員的表現、工作經驗及參考 現行市場狀況以釐定其薪酬。除一般薪酬外，本 集團因應本集團業績、個別項目的業績及僱員的 個人表現，或會向高級管理層及僱員授出酌情花 紅及購股權。僱員福利包括強制性公積金、醫療 保險、獎勵旅遊（本年度因 COVID-19 疫情而暫 停）、教育津貼及培訓計劃。

本公司於其二零一八年八月三十一日舉行的股東 週年大會上，審議並批准採納一項購股權計劃 （「該計劃」）。該計劃旨在鼓勵本集團各成員的董 事及全職僱員為本公司及其股東的整體利益，努 力提升本公司及其股份的價值。該計劃令本集團 能靈活挽留、獎勵、回饋、酬報、補償及╱或向 計劃參與者提供利益。自採納該計劃之日至二零 二一年三月三十一日止，本公司並無根據該計劃 授出購股權，亦無於損益內扣除任何金額作為權 益結算的購股權開支。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 25

Biographical Details of Directors anD senior ManageMent 董事及高級管理層履歷

EXECUTIVE DIRECTORS

Mr. NGAI Chun Hung (“ Mr. NGAI ”), aged 58, a controlling shareholder of the Company. Mr. NGAI joined the Group in February 1996 and has been the Chairman of the Board and an Executive Director of the Company since July 2016. Mr. NGAI is also the chairman of the board of directors and an executive director of Vantage International (Holdings) Limited (“ Vantage ”, a company incorporated in Bermuda and which shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (“ The Stock Exchange ”) (stock code: 15) from 8 September 2000 to 22 October 2020, ceased to be the intermediate holding company of the Company on 19 November 2020) since July 2000.

執行董事

魏振雄先生（「魏先生」），五十八歲，於一九九六 年二月加入本集團，為本公司控股股東，彼自二 零一六年七月出任本公司董事會主席及執行董 事。魏先生自二零零零年七月亦為盈信控股有限 公司（「盈信」，於百慕達註冊成立的公司，其已 發行股份自二零零零年九月八日至二零二零年十 月二十二日於香港聯合交易所有限公司（「 聯交 所」）主版上市（股份代號：15），於二零二零年 十一月十九日起不再為本公司之中間控股公司）的 董事會主席及執行董事。

Mr. NGAI is a director of certain subsidiaries of the Group. He is also the chairman of the Nomination Committee of the Company. Mr. NGAI has over 24 years of experience in the construction industry. He is primarily responsible for the management of the Board and the strategic planning of the Group.

魏先生為本集團若干附屬公司的董事。彼亦為本 公司提名委員會的主席。魏先生於建造業擁有逾 二十四年經驗。彼主要負責董事會管理及本集團 的策略性規劃工作。

Mr. NGAI and Mr. YAU Kwok Fai are brothers-in-law.

魏先生乃游國輝先生的大舅。

Mr. CHEUNG Ho Yuen ( “ Mr. CHEUNG ” ) , aged 49, joined the Group in September 2003, has been an Executive Director of the Company since September 2016. Mr. CHEUNG was appointed as the Chief Executive Officer of the Company in February 2020. He is also a director of certain subsidiaries of the Group. Mr. CHEUNG is primarily responsible for providing leadership for the management, implementing and reporting to the Board on the Group’s strategy, day-to-day management and operations, business development, corporate governance affairs, project estimation, project sub-contracting and procurement management of the Group.

張浩源先生（「張先生」），四十九歲，於二零零三 年九月加入本集團，彼自二零一六年九月出任本 公司執行董事。張先生於二零二零年二月獲委任 為本公司的行政總裁。彼亦為本集團若干附屬公 司的董事。張先生主要負責領導管理層、實行本 集團策略及就此向董事會匯報、本集團的日常管 理及運作業務發展、企業管治事務、項目估算、 項目分包及採購工作管理。

Mr. CHEUNG has over 25 years of experience in the construction industry. He obtained a bachelor degree in Quantity Surveying from University of Greenwich of the United Kingdom (“ UK ”) in July 1998 and a higher diploma in Building Surveying from City University of Hong Kong in November 1995.

張先生於建造業擁有逾二十五年經驗。彼於 一九九八年七月取得英國（「英國」）格林尼治大學 工料測量學學士學位及於一九九五年十一月取得 香港城市大學屋宇測量學高級文憑。

26 Annual Report 2020-2021 年報

Biographical Details of Directors anD senior ManageMent 董事及高級管理層履歷

Mr. IP Yik Nam (“ Mr. IP ”), aged 41, joined the Group in April 2016, has been an Executive Director of the Company since September 2016. Mr. IP was also the Chief Executive Officer of the Company from September 2016 to February 2020. He is also a director of certain subsidiaries of the Group. Mr. IP is primarily responsible for business development, legal and compliance and corporate governance affairs of the Group.

葉亦楠先生（「葉先生」），四十一歲，於二零一六 年四月加入本集團，彼自二零一六年九月出任本 公司執行董事。葉先生於二零一六年九月至二零 二零年二月亦為本公司的行政總裁。彼亦為本集 團若干附屬公司的董事。葉先生主要負責本集團 的業務發展、法律及合規監察及企業管治事務。

Mr. IP has over 16 years of management experience through assuming various management roles in companies in the United States (“ US ”) and Hong Kong. Mr. IP graduated from Hong Kong Baptist University with a Bachelor of Business Administration degree in Human Resources Management in December 2002. He further obtained a Master of Business Administration degree from Long Island University of the US in May 2004 and a Bachelor of Laws degree from University of London of the UK in August 2011.

葉先生通過於美國（「美國」）及香港出任多間公司 的管理層職務，獲得逾十六年的管理經驗。葉先 生於二零零二年十二月畢業於香港浸會大學並取 得人力資源管理學工商管理學士學位。彼其後於 二零零四年五月取得美國長島大學工商管理碩士 學位及於二零一一年八月取得英國倫敦大學法律 學士學位。

Mr. LAU Chi Fai Daniel (“ Mr. LAU ”), aged 52, joined the Group in November 2005, has been an Executive Director of the Company since September 2016. He is also a director of certain subsidiaries of the Group. Mr. LAU is primarily responsible for building project management and contract administration work of the Group.

劉志輝先生（「劉先生」），五十二歲，於二零零五 年十一月加入本集團，彼自二零一六年九月出任 本公司執行董事。彼亦為本集團若干附屬公司的 董事。劉先生主要負責本集團的建築項目管理及 合約行政工作。

Mr. LAU has over 28 years of experience in the construction industry. He obtained a bachelor degree in Construction Management from South Bank University of the UK in July 1993 and a higher diploma in Building Technology and Management from the Hong Kong Polytechnic (currently known as the Hong Kong Polytechnic University (“ PolyU ”)) in November 1991. He is a member of the Hong Kong Institute of Construction Managers.

劉先生於建造業擁有逾二十八年經驗。彼於 一九九三年七月取得英國南岸大學建築管理學學 士學位，並於一九九一年十一月取得香港理工學 院(現為香港理工大學（「理工大學」）)建築科技及 管理學高級文憑。彼為香港營造師學會的會員。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 27

Biographical Details of Directors anD senior ManageMent 董事及高級管理層履歷

Mr. YAU Kwok Fai (“ Mr. YAU ”), aged 55, joined the Group in February 1996, has been an Executive Director of the Company since July 2016. Mr. YAU is a director of certain subsidiaries of the Group. He is also a member of the Remuneration Committee of the Company. Mr. YAU is responsible for formulating policy and overall development of the Group. Mr. YAU was the deputy chairman of the board of directors and an executive director of Vantage from July 2000 to October 2020, and the chief executive officer of Vantage from July 2004 to October 2020.

游國輝先生（「游先生」），五十五歲，於一九九六 年二月加入本集團，彼自二零一六年七月起出任 本公司執行董事。游先生為本集團若干附屬公司 的董事。彼亦為本公司薪酬委員會成員。游先生 主要負責制定政策及本集團的整體發展。游先生 於二零零零年七月至二零二零年十月期間為盈信 的董事會副主席及執行董事；及於二零零四年七 月至二零二零年十月期間為盈信的行政總裁。

Mr. YAU has over 30 years of experience in the construction industry. Mr. YAU obtained a Bachelor of Engineering degree in Civil Engineering (First Class Honours) from the Hong Kong Polytechnic in November 1990, a diploma from the Imperial College London of the UK in July 1991 and a Master of Science degree with distinction in Structural Steel Design from the University of London of the UK in August 1991. Mr. YAU is a Chartered Engineer and a Member of the Institution of Civil Engineers, the Institution of Structural Engineers of the UK and the Hong Kong Institution of Engineers (“ HKIE ”). He is also a Registered Professional Engineer (Civil & Structural) and a Registered Structural Engineer under the Buildings Ordinance of Hong Kong.

游先生於建造業擁有逾三十年經驗。游先生於 一九九零年十一月取得香港理工學院土木工程學 工程學士學位（一級榮譽）、於一九九一年七月取 得英國倫敦帝國學院的文憑，並於一九九一年八 月以優異成績取得英國倫敦大學結構鋼材設計理 學碩士學位。游先生為特許工程師及英國土木工 程師學會、英國結構工程師學會及香港工程師學 會（「香港工程師學會」）的會員。彼亦為註冊專業 工程師（土木及結構）及香港建築物條例下的註冊 結構工程師。

Mr. YAU and Mr. NGAI are brothers-in-law.

游先生乃魏先生的妺夫。

28 Annual Report 2020-2021 年報

Biographical Details of Directors anD senior ManageMent 董事及高級管理層履歷

INDEPENDENT NON-EXECUTIVE DIRECTORS (“INED(S)”)

Prof. KO Jan Ming (“ Prof. KO ”), aged 78, has been an INED of the Company since 1 February 2021. He is mainly responsible for supervising and providing independent advice to the Company. He is currently a member of the Audit Committee, the Nomination Committee and the Remuneration Committee. Prof. KO was an INED of Vantage from July 2000 to October 2020.

獨立非執行董事（「獨立非執行董事」）

高贊明教授（「高教授」），七十八歲，自二零二一 年二月一日起出任本公司獨立非執行董事。彼主 要負責監督董事會及向本公司提供獨立意見。彼 現為審核委員會、提名委員會及薪酬委員會成 員。高教授於二零零零年七月至二零二零年十月 為盈信的一名獨立非執行董事。

Prof. KO has over 50 years of experience in structural engineering and industrial collaboration. He is the former Vice President and former Chair Professor of Structural Engineering of PolyU, and currently an Emeritus Professor at the PolyU and Senior Advisor of its Research Institute for Sustainable Urban Development. Prof. KO holds a bachelor degree in Civil Engineering and a doctorate degree in Structural Engineering from the University of Hong Kong (“ HKU ”). He is a Fellow of each of HKIE, the Institution of Structural Engineers of the UK, the American Society of Civil Engineers and the Hong Kong Academy of Engineering Sciences.

高教授擁有超過五十年結構工程及與業界合作的 經驗。彼為理工大學前副校長及前結構工程講 座教授，現為理工大學榮休教授和其可持續城市 發展研究院的高級顧問。高教授畢業於香港大學 （「香港大學」），先後獲頒授土木工程理學士及 結構工程哲學博士學位。彼分別為香港工程師學 會、英國結構工程師學會及美國土木工程師學會 的資深會員，以及香港工程科學院院士。

Prof. KO was presented The President’s Award of HKIE in 2006 and was inducted into the Hall of Fame of HKIE in 2010. Prof. KO was presented The HKIE Gold Medal in 2011. In the same year, Prof. KO was also presented The Aftab Mufti Medal by the International Society for Structural Health Monitoring of Intelligent Infrastructures in recognition of his lifetime achievement in civil structural health monitoring. In November 2016, Prof. KO was conferred the Honorary Doctor of Engineering by PolyU in recognition of his distinguished accomplishments and contributions.

於二零零六年，高教授獲香港工程師學會頒授「會 長特設成就獎」，並於二零一零年再獲香港工程 師學會授予「工程界翹楚」稱號。於二零一一年， 高教授更獲香港工程師學會頒授「榮譽大獎」。同 年，為表彰其在土木結構健康監察方面的成就， 高教授獲國際結構健康監測協會頒授「終生成就 獎」。於二零一六年十一月，高教授獲理工大學頒 授榮譽工程學博士學位，以表彰其卓越成就及貢 獻。

Dr. LEE Man Piu Albert (“ Dr. LEE ”), aged 60, has been an INED of the Company since 1 February 2021. He is mainly responsible for supervising and providing independent advice to the Company. He is currently a member of the Audit Committee, the Nomination Committee and the Remuneration Committee. Dr. LEE was a non-executive director of Vantage from September 2016 to October 2020.

李文彪醫生（「李醫生」），六十歲，自二零二一年 二月一日起出任本公司獨立非執行董事。彼主要 負責監督董事會及向本公司提供獨立意見。彼現 為審核委員會、提名委員會及薪酬委員會成員。 李醫生於二零一六年九月至二零二零年十月為盈 信的一名非執行董事。

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Dr. LEE is a registered dentist in Hong Kong. He completed his undergraduate training in dentistry at the University of Adelaide, Australia. He then received a Commonwealth Scholarship Medical Award to pursuit his postgraduate training at the Institute of Dental Surgery, University of London, UK. He attained Fellowship of the Royal Australasian College of Dental Surgeons by examination and is an inaugural Fellow of the College of Dental Surgeons of Hong Kong and the Hong Kong Academy of Medicine.

李醫生為一名香港註冊牙科醫生。彼畢業於澳洲 亞得雷德大學牙科學系，隨後考取英聯邦醫學獎 學金到英國倫敦大學牙科醫學院進修碩士課程。 彼考獲澳紐皇家牙科醫學院院士文憑，並為香港 牙科醫學院和香港醫學專科學院的創院院士。

Dr. LEE was a Director and the Honorary Treasurer of the Royal Australasian College of Dental Surgeons, the Deputy Chairman of the Interchange Association of Dental Medicine among Shanghai, Hong Kong, Macao and Taiwan and a member of the Editorial Board of the journal of “Hong Kong Medical Diary”. Dr. LEE had served as a Senior Dental Officer of Department of Health of the Government of Hong Kong (the “ Government ”), a Honorary Consultant Dental Service (Paediatric Dentistry) of the Hospital Authority of Hong Kong and a Part-time Clinical Lecturer in the Faculty of Dentistry of the HKU.

李醫生曾任澳紐皇家牙科醫學院董事會董事及名 譽司庫，以及滬港澳臺口腔醫學交流協會副會長 及《香港醫訊》的編輯委員。李醫生曾為香港政府 （「政府」）衛生署高級牙科醫生、香港醫院管理局 牙科服務兒童齒科榮譽顧問醫生及香港大學牙科 學系臨床兼職講師。

Dr. LI Yok Sheung (“ Dr. LI ”), aged 68, has been an INED of the Company since January 2017. He is mainly responsible for supervising and providing independent advice to the Company. He is currently the chairman of Remuneration Committee and a member of the Audit Committee and the Nomination Committee.

李毓湘博士（「李博士」），六十八歲，自二零一七 年一月起出任本公司獨立非執行董事。彼主要負 責監督董事會及向本公司提供獨立意見。彼現為 薪酬委員會主席以及審核委員會及提名委員會成 員。

Dr. LI has over 32 years of experience in civil engineering and education. He graduated from HKU with a Bachelor of Science degree in Engineering in November 1975 and obtained a Doctor of Philosophy degree in November 1980. Dr. LI joined PolyU as lecturer in September 1984 and was appointed as the Chair Professor of Coastal and Environmental Engineering in January 2000. From July 2000 to July 2007, he also served as the Head of the “Department of Civil and Structural Engineering” (renamed as “Department of Civil and Environmental Engineering” in 2012) of PolyU. Dr. LI retired from the position of chair professor in June 2013 and was appointed as advisor to Head of Civil and Environmental Engineering from September 2013 to August 2018.

李博士擁有逾三十二年土木工程及教育經驗。彼 於一九七五年十一月於香港大學畢業並取得工程 學理學士學位及於一九八零年十一月取得哲學博 士學位。李博士於一九八四年九月加入理工大學 為講師，並於二零零零年一月獲委任為海岸及環 境工程學講座教授。自二零零零年七月至二零零 七年七月，彼亦為理工大學土木及結構工程學系 （於二零一二年改名為「土木及環境工程學系」）主 任。李博士於二零一三年六月退休卸任講座教授 一職，並於二零一三年九月至二零一八年八月被 任命為土木及環境工程學系主任的顧問。

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Dr. LI is a Registered Professional Engineer. He is also a Fellow of the HKIE since September 1997. Dr. LI served on the publications committee of the HKIE between 2002 and 2008 and was the chairman of such committee from 2005 to 2008. He was a member of the Structural Engineers Registration Committee Panel under the Buildings Department in 2004 and 2005. He was appointed as an independent reviewer by the then Territory Development Department for the Central Reclamation Phase III Project in 2003.

李博士為註冊專業工程師。彼亦自一九九七年九 月起為香港工程師學會資深會員。李博士於二零 零二年至二零零八年間於香港工程師學會出版事 務委員會任職及於二零零五年至二零零八年為該 委員會的主席。彼於二零零四年至二零零五年為 屋宇署轄下結構工程師註冊事務委員會委員團成 員。彼於二零零三年獲當時的拓展署委任為獨立 審批員，以跟進中區填海第三期工程。

Ms. LEUNG Yuen Shan Maisy (“ Ms. LEUNG ”), aged 50, has been an INED of the Company since January 2017. She is mainly responsible for supervising and providing independent advice to the Company. She is currently the chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee.

梁婉珊女士（「梁女士」），五十歲，自二零一七年 一月起出任本公司獨立非執行董事。彼主要負責 監督董事會及向本公司提供獨立意見。彼現為審 核委員會主席以及薪酬委員會及提名委員會成員。

Ms. LEUNG has over 20 years of experience in accounting and finance and substantial experience in managerial roles. She had worked in Deloitte Touche Tohmatsu for over 11 years with extensive experience in auditing, corporate finance, and corporate reorganisation. Ms. LEUNG was then employed by a private broadcasting company as the vice president of finance in charge of its financial activities and a multinational artist management company as the strategic development general manager responsible for its corporate strategic plans and policies from 2009 to 2012.

梁女士擁有逾二十年會計及金融經驗以及豐富的 管理經驗。彼曾於德勤‧關黃陳方會計師事務所 工作逾十一年，有豐富的審計、企業融資及企業 重組經驗。梁女士其後於二零零九年至二零一二 年獲一間私人廣播公司聘任為財務副總裁，負責 其財務活動，並獲一間跨國藝人管理公司聘任為 策略發展總經理，負責其企業策略計劃。

Ms. LEUNG obtained a Bachelor of Business Administration degree (majoring in Accounting and Finance) from Simon Fraser University, Canada in May 1995 and a Master Business Administration degree in Business Management (majoring in International Management) from University of London of the UK in November 1997.

梁女士於一九九五年五月取得加拿大西門菲莎大 學工商管理學（主修會計金融學）學士學位，並於 一九九七年十一月取得英國倫敦大學商業管理學 （主修國際管理學）工商管理碩士學位。

Ms. MAK Suk Hing (“ Ms. MAK ”), aged 68, has been an INED of the Company since January 2017. She is mainly responsible for supervising and providing independent advice to the Company. She is currently a member of the Audit Committee, the Remuneration Committee and the Nomination Committee.

麥淑卿女士（「麥女士」），六十八歲，自二零一七 年一月起出任本公司獨立非執行董事。彼主要負 責監督董事會及向本公司提供獨立意見。彼現為 審核委員會、薪酬委員會及提名委員會成員。

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Ms. MAK has over 37 years of experience in education and management. She graduated from the Chinese University of Hong Kong (“ CUHK ”) with a Bachelor of Science degree in October 1975 and obtained a diploma in Education in December 1980. From 1975 to 1997, Ms. MAK served as the assistant education officer, education officer and senior education officer for Education Bureau. She was the principal of Tai Po Government Secondary School from 1997 to 2000 and the principal of South Tuen Mun Government Secondary School from 2000 to 2008. She was a committee member of the School Management Committee of the Clementi Secondary School from 2011 to 2013. From November 2013 to August 2015, Ms. MAK was an INED of Excel Development (Holdings) Limited (a company which shares are listed on the Main Board of The Stock Exchange, had its name changed since 16 January 2017; stock code: 1372). She has also been a member of New Territories East Region of the Scout Association of Hong Kong until 2017.

麥女士擁有逾三十七年教育及管理經驗。彼於 一九七五年十月於香港中文大學（「中文大學」）畢 業，取得理學學士學位，並於一九八零年十二月 取得教育文憑。自一九七五年至一九九七年，麥 女士於教育局任職助理教育主任、教育主任及高 級教育主任。彼於一九九七年至二零零零年擔任 大埔官立中學校長並於二零零零年至二零零八年 擔任南屯門官立中學校長。彼於二零一一年至二 零一三年為金文泰中學學校管理委員會成員。麥 女士於二零一三年十一月至二零一五年八月期間 為怡益控股有限公司（其股份於聯交所主板上市， 自二零一七年一月十六日起已改名；股份代號： 1372）的獨立非執行董事。直至二零一七年，彼 亦為香港童軍總會新界東地域選任委員。

Ms. MAK is currently the assessor for Needs Analysis for Aspiring Principals Programme in the CUHK. She is also a member of the Executive Committee of Rural Training College Alumni Association Limited.

麥女士現為中文大學擬任校長課程需要分析員。 彼亦為鄉村師範專科學校同學會有限公司執行委 員會成員。

Mr. MONG Chan (“ Mr. MONG ”), aged 72, has been an INED of the Company since 1 February 2021. He is mainly responsible for supervising and providing independent advice to the Company. He is currently a member of the Audit Committee, the Nomination Committee and the Remuneration Committee. Mr. MONG was an INED of Vantage from May 2019 to October 2020.

蒙燦先生（「蒙先生」），七十二歲，自二零二一年 二月一日起出任本公司獨立非執行董事。彼主要 負責監督董事會及向本公司提供獨立意見。彼現 為審核委員會、提名委員會及薪酬委員會成員。 蒙先生於二零一九年五月至二零二零年十月為盈 信的一名獨立非執行董事。

Mr. MONG has over 40 years of experience in financial and cost management, accounting, general management and information technology. Mr. MONG obtained a Bachelor of Science (Hons) degree from CUHK in 1971 and a Master of Philosophy degree in Engineering from HKU in 1982. He is a Certified Practising Accountant of the Certified Practising Accountant Australia (CPA Australia) since 1991, a fellow member of the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) since 1984 and an associate of the Chartered Institute of Management Accountants since 1977.

蒙先生於財務及成本管理、會計、行政及資訊科 技方面積累逾四十年經驗。蒙先生持有由香港中 文大學於一九七一年頒發的榮譽理學士學位，及 由香港大學於一九八二年頒發的哲學碩士（工程） 學位。彼自一九九一年起為澳洲會計師公會的執 業會計師、自一九八四年起為香港會計師公會 （「香港會計師公會」）的資深會員及自一九七七年 起為英國特許管理會計師公會的會員。

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Mr. MONG had previously joined the Hong Kong Civil Service as an Executive Officer and was a Chief Treasury Accountant when he left the Government in 1984. He had 13 years of service in various Government departments, including Treasury, Government Secretariat and Public Works, and had gained experience in the areas of management, accounting and budgeting. Mr. MONG also had overseas working experience, including one year in the HM Treasury in London, UK and more than seven years in Australia.

蒙先生曾加入香港政府擔任行政主任，彼於 一九八四年離任政府職務時為總庫務會計師。彼 於政府服務的十三年間曾於不同部門任職，包括 庫務署、政府總部及工務局，於當中取得管理、 會計及預算的經驗。蒙先生亦擁有海外工作經 驗，包括曾在英國倫敦的英國財政部工作一年及 在澳大利亞工作超逾七年。

Mr. MONG was the Associate Director of Finance of The Hong Kong University of Science and Technology (19921997), the Director of Finance (1997-2007) and the Associate Vice President (2003-2007) of PolyU and the Vice President (Administration) and Secretary to Council of the Hong Kong Institute of Education (currently known as “ The Education University of Hong Kong ”) (2007-2014). Mr. MONG had also served as a Government representative on the Council of the Hong Kong Society of Accountants (currently known as “ HKICPA ”) (1982-1984) and the Accountancy Training Board of Vocational Training Council (1982-1983), and a member of the Board of Review (Inland Revenue Ordinance) (20062011). He was also the company secretary of Joint Universities Computer Centre Limited (“ JUCC ”) (2011-2018).

蒙先生曾任香港科技大學的財務副主管（一九九二 年至一九九七年）、理工大學的財務總監 （一九九七年至二零零七年）及兼任協理副校長 （二零零三年至二零零七年），以及香港教育學院 （現正名為「香港教育大學」）的副校長（行政）及校 董會秘書（二零零七年至二零一四年）。蒙先生亦 曾作為政府代表擔任當時香港會計師公會的理事 會（一九八二年至一九八四年）和職業訓練局的會 計業訓練委員會（一九八二年至一九八三年）的委 員，及稅務上訴委員會的成員（二零零六年至二零 一一年）。彼亦曾為大學聯合電腦中心（「 JUCC 」） 的公司秘書（二零一一年至二零一八年）。

Mr. MONG has retired from his full-time job in 2014 and is currently serving voluntarily as the Chairman of the Board of Management of JUCC, a director of the Causeway Bay KaiFong Welfare Advancement Association and a school manager of two kindergartens in Causeway Bay, Hong Kong.

蒙先生於二零一四年退休，現時義務擔任JUCC 的管理委員會主席、銅鑼灣街坊福利促進會的董 事及兩所位於香港銅鑼灣的幼稚園的校董。

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SENIOR MANAGEMENT

Mr. YAM Kui Hung (“ Mr. YAM ”), aged 62, joined the Group in February 1996 and is a director of a major subsidiary of the Group. Mr. YAM was also an Executive Director of the Company from September 2016 to February 2020. Mr. YAM is primarily responsible for quality assessment, project risk management and internal audit of the Group.

高級管理層

任鉅鴻先生（「任先生」），六十二歲，於一九九六 年二月加入本集團為本集團一間主要附屬公司的 董事。任先生於二零一六年九月至二零二零年二 月亦為本公司的執行董事。任先生主要負責本集 團的品質評估、項目風險管理及內部監控。

Mr. YAM has over 40 years of experience in the construction industry. He obtained a higher certificate in Building Studies from the Hong Kong Polytechnic in November 1982 and a postgraduate diploma in Construction Management from the Construction Industry Training Authority in Hong Kong in October 1989. He is a corporate member of the HKIE.

任先生於建造業擁有逾四十年經驗。彼於 一九八二年十一月取得香港理工學院建築系高級 文憑，並於一九八九年十月取得香港建造業訓練 局建築管理深造文憑。彼為香港工程師學會的正 式會員。

Mr. NG Kai Chow (“ Mr. NG ”), aged 52, joined the Group in October 2002, is currently a project manager of the Group and is responsible for provision of building project management and contract administration works of certain contract works.

吳啟洲先生（「吳先生」），五十二歲，於二零零二 年十月加入本集團，現為本集團的項目經理，主 要負責提供建築項目管理及若干合約工程的合約 行政工作。

Mr. NG has over 33 years of experience in the construction industry. He obtained a postgraduate diploma in Construction Law and Arbitration in October 2005 from the University of Hong Kong School of Professional and Continuing Education and a diploma in Construction from the College of Estate Management of the UK in August 2001.

吳先生於建造業擁有逾三十三年經驗。彼於二零 零五年十月取得香港大學專業進修學院建築法及 仲裁深造文憑，並於二零零一年八月取得英國產 業管理學院建築學文憑。

Mr. CHEUNG Pak Lun (“ Mr. CHEUNG ”), aged 42, joined the Group in September 2002, is currently a project manager of the Group and is mainly responsible for provision of building project management and contract administration of certain contract works projects.

張柏倫先生（「張先生」），四十二歲，於二零零二 年九月加入本集團，現為本集團的項目經理，主 要負責提供建築項目管理及若干合約工程的合約 行政工作。

Mr. CHEUNG has over 19 years of experience in the construction industry, in particular, working experience in private and public residential and institutional developments. He obtained a bachelor degree in Building Engineering and Management from PolyU in November 2002.

張先生於建造業擁有逾十九年經驗，尤其私人及 公共住宅及機構發展項目的工作經驗。彼於二零 零二年十一月取得理工大學建築工程及管理學學 士學位。

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Mr. LAM Yim Wang (“ Mr. LAM ”), aged 45, joined the Group in May 2017, is currently a project manager of the Group and is mainly responsible for provision of building project management and contract administration of certain contract works projects.

林炎宏先生（「林先生」），四十五歲，於二零一七 年五月加入本集團，現為本集團的項目經理，主 要負責提供建築項目管理及若干合約工程的合約 行政工作。

Mr. LAM has over 25 years of experience in the construction industry, in particular, working experience in public residential and institutional developments. He obtained a bachelor degree of Applied Science in Construction Management and Economics from the Curtin University of Technology of Australia in October 2002.

林先生於建造業擁有逾二十五年經驗，尤其公共 住宅及機構發展項目的工作經驗。彼於二零零二 年十月取得澳洲科廷大學建築管理及經濟學學士 學位。

Mr. HO Yue Ching Benjamin (“ Mr. HO ”), aged 41, joined the Group in January 2021 as a project manager of the Group and is primarily responsible for overseeing a property redevelopment project of the Group.

何宇正先生（「何先生」），四十一歲，於二零二一 年一月加入本集團，現為本集團的項目經理，主 要負責監督本集團物業重建項目。

Mr. HO is a Registered Professional Surveyor of Surveyors Registration Board, an Authorised Person (List of Surveyors) of the Government of the Hong Kong Special Administrative Region, a member of the Hong Kong Institute of Surveyors and a member of the Royal Institution of Chartered Surveyors. Mr. HO obtained a Bachelor of Science degree in Building Surveying and a Master of Science degree in Project Management from PolyU in 2003 and 2008, respectively. He has over 18 years of experience in project management.

何先生為測量師註冊管理局註冊專業測量師、香 港特區政府的認可人士（測量師名單）、香港測量 師學會會員及皇家特許測量師學會會員。何先生 分別於二零零三年及二零零八年取得理工大學屋 宇測量學理學士學位及項目管理理學碩士學位。 何先生擁有逾十八年的項目管理經驗。

Mr. MUI Siu Hong (“ Mr. MUI ”), aged 33, joined the Group in August 2020. He has been appointed as the company secretary of the Company and financial controller of the Group since 5 September 2020. He is primarily responsible for overseeing the financial matters and company secretarial affairs of the Group.

梅兆康先生（「梅先生」），三十三歲，於二零二零 年八月加入本集團，彼自二零二零年九月五日獲 委任為本公司公司秘書及本集團財務總監，主要 負責監督本集團的財務事宜及公司秘書事務。

Mr. MUI has over 9 years’ accounting and auditing experience and is a member of the HKICPA. Mr. MUI obtained a bachelor degree in Bachelor of Commerce (Major in accounting) from the La Trobe University in March 2010. Prior to joining the Group, Mr. MUI worked in two international accounting firms.

梅先生擁有逾九年的會計及審計經驗，並為香港 會計師公會會員。梅先生於二零一零年三月取得 樂卓博大學商業學士（主修會計）學位。於加入本 集團前，梅先生曾先後於兩間國際會計師事務所 工作。

35

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Corporate GovernanCe report 企業管治報告

Corporate governance is the system by which the Company is directed and controlled. The board (the “ Board ”) of directors (the “ Director ( s )”) of the Company is fully aware of its importance to the shareholders of the Company (the “ Shareholder(s) ”) and has developed a rigorous system of checks and balances which allows management to respond to the strategic directions approved by the Board. This report describes the Company’s corporate governance practices and structures that were in place during the financial year ended 31 March 2021, with specific reference to the principles and guidelines of the “Corporate Governance Code and Corporate Governance Report” (the “ CG Code ”) as set out in Appendix 14 to the Rules (the “ Listing Rules ”) Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“ The Stock Exchange ”). In developing and reviewing its corporate governance policies and practices, the Company has sought to adopt a balanced approach. The Board believes that a well-balanced corporate governance system enables the Company to achieve business excellence and fulfill the Company’s mission.

企業管治為本公司的指導及監控系統。本公司的 董事（「董事」）會（「董事會」）充分了解企業管治 對本公司的股東（「股東」）的重要性，因此建立了 一套嚴謹的監察及制衡制度，使管理層能配合董 事會訂立的策略方針。本報告乃按香港聯合交易 所有限公司（「聯交所」）《證券上市規則》（「上市規 則」）附錄十四《企業管治守則及企業管治報告》 （「企業管治守則」）所載的原則及指引編製，說明 本公司於截至二零二一年三月三十一日止的財政 年度內實行的企業管治常規及架構。在擬定及檢 討企業管治政策及常規時，本公司已盡量採取平 衡的方法。董事會相信，一套平衡的企業管治系 統，可以讓本公司獲得業務優勢，及實現本公司 的使命。

COMPLIANCE WITH THE CG CODE

In the opinion of the Directors, the Company complied with the code provisions as set out in the CG Code throughout the year ended 31 March 2021.

遵守企業管治守則

董事認為，於截至二零二一年三月三十一日止年 度，本公司已遵守企業管治守則所載的守則條文。

36 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

THE BOARD

The overall management of the Company’s business is vested in the Board, which assumes the responsibility for leadership and control of the Company, and the Directors are collectively responsible for promoting the success of the Company by directing and supervising its affairs and overseeing the achievement of strategic plans to enhance Shareholders’ value. The Board has undertaken the corporate governance function as required under the CG Code. The Board is responsible for all major aspects of the Company’s affairs, which includes, among others:

• formulating key policy matters, overall strategic plans and directions, and objectives of the Group;

• monitoring the performance of the management of the Group;

• appointing members and chairman to the Board and the Board’s committees;

• implementing and monitoring an effective framework and systems of risk management and internal control;

• monitoring material transactions (including, in particular, those which may involve conflicts of interest);

• approving interim report(s), annual report(s), announcement(s), environmental, social and governance report(s) and circular(s);

• considering dividend policy and advise on/determine the declaration of final/interim dividends;

• ensuring the Company has good corporate governance and review and monitor its policies and practices on compliance with applicable legal and regulatory requirements; and

• approving and monitoring other significant financial and operational matters.

Responsibilities over day-to-day operations are delegated to the management under the leadership of the Executive Directors.

董事會

本公司業務的整體管理歸屬於董事會，它承擔領 導及控制本公司的責任，董事通過指導和監督公 司事務及監察戰略的實現以提升股東價值，對促 進公司的成功共同負責。董事會按企業管治守則 的要求負責企業管治功能。董事會負責本公司所 有類型的主要決策，當中包括：

• 制定本集團的關鍵政策、策略性計劃、方向 及目標；

• 監察本集團管理層的表現；

• 任命董事會和董事會委員會的成員和主席；

• 實行及監察有效的風險管理及內部監控框架 系統；

• 監察重大交易（尤其包括可能涉及利益衝突 的交易）；

• 審批中期報告、年報、公告、環境、社會及 管治報告及通函；

• 商討派息政策及建議╱決定宣派末期╱中期 股息；

• 確保本公司有良好的企業管治，檢討及監察 其就遵守適用法律及監管規定所制定的政策 及常規；及

• 審議及監察其他重大財務及營運事宜。

在執行董事的領導下，管理層負責日常運作。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 37

Corporate GovernanCe report 企業管治報告

As at 31 March 2021, the Board is composed of eleven Directors, including five Executive Directors and six Independent Non-executive Directors (“ INED ( s )”).

於二零二一年三月三十一日，董事會由十一名董 事組成，包括五名執行董事以及六名獨立非執行 董事（「獨立非執行董事」）。

Executive Directors

Mr. NGAI Chun Hung (“ Mr. NGAI ”) (Chairman)

Mr. CHEUNG Ho Yuen (“ Mr. CHEUNG ”) (Chief Executive Officer)

Mr. IP Yik Nam (“ Mr. IP ”) Mr. LAU Chi Fai Daniel (“ Mr. LAU ”) Mr. YAU Kwok Fai (“ Mr. YAU ”)

執行董事 魏振雄先生（「魏先生」） （主席） 張浩源先生（「張先生」） （行政總裁） 葉亦楠先生（「葉先生」） 劉志輝先生（「劉先生」） 游國輝先生（「游先生」）

INEDs

Prof. KO Jan Ming (“ Prof. KO ”) (appointed on 1 February 2021)

Dr. LEE Man Piu Albert (“ Dr. LEE ”) (appointed on 1 February 2021) Dr. LI Yok Sheung (“ Dr. LI ”) Ms. LEUNG Yuen Shan Maisy (“ Ms. LEUNG ”) Ms. MAK Suk Hing (“ Ms. MAK ”) Mr. MONG Chan (“ Mr. MONG ”) (appointed on 1 February 2021)

獨立非執行董事 高贊明教授（「高教授」） （於二零二一年二月一日獲委任） 李文彪醫生（「李醫生」） （於二零二一年二月一日獲委任） 李毓湘博士（「李博士」） 梁婉珊女士（「梁女士」） 麥淑卿女士（「麥女士」） 蒙燦先生（「蒙先生」） （於二零二一年二月一日獲委任）

Brief biographical details of the Directors are set out in the section “BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT” on pages 25 to 34 of this annual report. A list of Directors and their role and function is also available on the websites of the Company and The Stock Exchange.

各董事的簡歷已載列於本年報第 25 頁到第 34 頁 「董事及高級管理層履歷」一節。一份董事名單與 其角色和職能亦已載列於本公司及聯交所網頁。

The Board has a balance of skills and experience appropriate for the requirements of the Group’s business. All Directors have separate and independent access to the advice and services of the senior management and the Company Secretary, with a view to ensuring that board procedures and all applicable rules and regulations are followed. When needed and upon making request to the Board, the INEDs may obtain independent professional advice at the Company’s expense in carrying out their duties.

董事會具備適當的技能和經驗以處理本集團的業 務需求。為確保董事會程序及所有適用規則及規 例均獲得遵守，所有董事皆有各自及獨立途徑接 觸高級管理層及公司秘書以獲得他們的意見和服 務。在履行職責時，獨立非執行董事可按需要向 董事會提出要求，以取得獨立專業意見，相關費 用由本公司承擔。

The Company has arranged insurance cover in respect of legal action against the Directors and its officers. The insurance coverage is reviewed annually to ensure that the Directors and officers are adequately protected against potential liabilities.

本公司已就董事及高級管理層可能會面對的法律 行動作出投保安排。為確保董事及高級管理層受 充份保障，以防承受潛在負債，該保障範圍會按 年檢討。

38 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

The INEDs

During the year ended 31 March 2021, the Board at all times met the requirements of the Listing Rules relating to the appointment of at least three INEDs, with at least one INED possessing appropriate professional qualifications, or accounting or related financial management expertise as required by Rules 3.10(1) and 3.10(2) of the Listing Rules. The Company has also met the requirement of maintaining at least one-third of members of the Board being INEDs as required by Rules 3.10A of the Listing Rules.

The six INEDs of the Company are persons of high caliber, with professional qualifications and experience in the fields of engineering, education, dental and accounting and finance. With their experience gained from various sectors, they provide strong support towards the effective discharge of the duties and responsibilities of the Board.

All INEDs are appointed for a fixed specific term ranging from one to two years. Pursuant to Rule 3.13 of the Listing Rules, the Company has received from each of Prof. KO, Dr. LEE, Dr. LI, Ms. LEUNG, Ms. MAK and Mr. MONG’s the annual confirmations of independence.

In view of each of Prof. KO, Dr. LEE and Mr. MONG’s previous position as either an INED or a non-executive director (“ NED ”) of Vantage International (Holdings) Limited (“ Vantage ”, a company incorporated in Bermuda and which shares were listed on the Main Board of The Stock Exchange (stock code: 15) from 8 September 2000 to 22 October 2020, was the intermediate holding company of the Company before 19 November 2020) within two years immediately prior to the date of his appointment, and Prof. KO had served the position for more than nine years, Prof. KO, Dr. LEE and Mr. MONG may be considered unable to meet certain independence guidelines as set out in Rule 3.13 of the Listing Rules or in the CG Code. The Board considers that Prof. KO, Dr. LEE and Mr. MONG are independent, for the reasons, among others, set out below:

獨立非執行董事

於截至二零二一年三月三十一日止年度內，董事 會於所有時間均符合上市規則的規定，委任最少 三名獨立非執行董事，而其中最少一名獨立非執 行董事具備上市規則第3.10(1)及3.10(2)條規定的 適當專業資格，或會計或有關財務管理的專業知 識。本公司亦已符合上市規則第3.10A條規定的 最少三分之一的董事會成員為獨立非執行董事的 要求。

本公司的六位獨立非執行董事皆擁有卓越才幹， 在工程、教育、齒科和會計及財務領域擁有學術 及專業資歷。彼等來自不同界別的經驗，為有效 履行董事會的職責和責任，提供了強力的支持。

所有獨立非執行董事均有指定任期一至兩年。根 據上市規則第3.13條，本公司已接獲高教授、李 醫生、李博士、梁女士、麥女士及蒙先生各自的 年度獨立性確認書。

鑒於高教授、李醫生及蒙先生各自於委任日期前 之兩年內曾擔任盈信控股有限公司（「盈信」，於 百慕達註冊成立的公司，其股份於二零零零年九 月八日至二零二零年十月二十二日於聯交所主板 上市（股份代號：15），於二零二零年十一月十九 日起不再為本公司之中間控股公司）之獨立非執 行董事或非執行董事（「非執行董事」）一職，而高 教授擔任該職逾九年，高教授﹑李醫生及蒙先生 可能被認為未能符合若干上市規則第3.13條或企 業管治守則所載之獨立性指引。董事會認為高教 授、李醫生及蒙先生為獨立人士，理據（其中包 括）如下：

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 39

Corporate GovernanCe report 企業管治報告

• (i) each of Prof. KO, Dr. LEE and Mr. MONG was not involved in the daily management and operations of Vantage nor had he developed any business connections with Vantage and its subsidiaries (collectively, the “ Vantage Group ”) (including the Group) during his tenure;

• (i) 高教授、李醫生及蒙先生（各自於彼之任期 內）並無參與盈信之日常管理和營運，亦沒 有與盈信及其附屬公司（統稱為「盈信集團」）

• （包括本集團）建立任何業務聯繫；

• (ii) the roles and duties of Dr. LEE as a NED of Vantage were similar to that of other INEDs of Vantage and Dr. LEE was not involved in the daily management and operations of Vantage nor had he developed any business connections with the Vantage Group during his tenure;

• (ii) 李醫生（於彼之任期內）作為盈信之非執行 董事之角色和職責與其他獨立非執行董事相 似。彼並無參與盈信之日常管理和營運，亦 沒有與盈信集團建立任何業務聯繫；

• (iii) each of Prof. KO, Dr. LEE and Mr. MONG was independent of the Vantage Group, including the Group, during his tenure;

• (iii) 高教授、李醫生及蒙先生（各自於彼之任期 內）獨立於盈信集團（包括本集團）；

• (iv) each of Prof. KO, Dr. LEE and Mr. MONG was not entitled to any discretionary performance-based bonus during his tenure; and

• (iv) 高教授、李醫生及蒙先生（各自於彼之任期 內）各自沒有獲得任何與表現相關之酌情花 紅；及

• (v) each of Prof. KO, Dr. LEE and Mr. MONG has confirmed that he is independent to act as an INED of the Company and met all other independence guidelines for INED.

• (v) 高教授、李醫生及蒙先生已各自確認其作為 本公司之獨立非執行董事之獨立性並已符合 所有其他獨立非執行董事之獨立性指引。

The Company has individually assessed his/her independence and considers all INEDs to be independent based on the independence guidelines set out in Rule 3.13 of the Listing Rules, their non-involvement in the daily operation and management of the Group and the absence of any relationships which will interfere with the exercise of their independent judgment.

本公司已根據上市規則第3.13條所列獨立性標準 的規定評估彼等各自的獨立性，並因彼等並無參 與本集團日常營運及管理，且並無任何關係會干 擾彼等行使獨立判斷，認為所有獨立非執行董事 均屬獨立人士。

The Company confirms that the number of year of service of all INEDs as a Director is less than 9 years.

本公司確認所有獨立非執行董事作為董事已服務 年期均少於9年。

40 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

Meetings

Regular Board meetings are held at least four times a year at approximately quarterly intervals. Tentative dates of regular Board meetings for next year are scheduled approaching the end of each calendar year in order to facilitate the Directors to plan for attendance of the meetings. Meetings will also be convened, as and when required, to deal with ad hoc issues.

Any Director who is not able to present physically may participate at any Board meeting through electronic means of communication, such as conference telephone or other similar communication facilities, in accordance with the Company’s Articles of Association (the “ Articles ”).

Notice convening each regular Board meeting is sent at least 14 days in advance, and reasonable notice is given for other Board meetings. The Company Secretary assists the Chairman of the Board to prepare the meeting notice and agenda. Each Director may include any item in the agenda. The agenda, accompanied by meeting papers with sufficient and reliable information, are sent to each Director not less than 7 days before the date of a Board meeting to enable the Directors to make informed decisions on the matters to be discussed, except where a Board meeting is convened on a very urgent basis to consider any urgent ad hoc matter.

Minutes of Board meetings are recorded in sufficient details regarding the matters considered by the Board and decisions reached at the meetings. Draft minutes of Board meetings are circulated to the Directors for comments and the signed minutes are kept by the Company Secretary and open for inspection to any Director on request.

會議

董事會每年最少舉行四次定期會議，約每季一 次。翌年董事會定期會議的日期將於每年近年底 時擬定，以便董事就出席會議作出安排。董事會 於有需要時會另行召開會議，以處理突發事項。

根據本公司之《組織章程細則》（「細則」），任何無 法親身出席的董事均可透過電子通訊設備，例如 會議電話或其他類似通訊設備，參與任何董事會 會議。

召開每次董事會定期會議的通告會於會議舉行前 最少十四天發出，而就其他董事會會議的通告則 會於合理時間內發出。公司秘書協助董事會主席 擬定會議通告及議程。每位董事均可於議程內加 入任何議題。除非董事會會議於緊急情況下召開 以考慮任何緊急突發事項，議程連同載有充足且 可靠資料的會議文件將於不少於董事會會議舉行 日期前七天發送給每位董事，使董事能就須討論 的事項作知情決定。

董事會的會議記錄詳細記錄會議上所考慮的事項 及達成的決議。董事會會議的會議記錄的初稿均 會傳閱予董事評註，而已簽署的會議記錄均由公 司秘書保存，並開放予任何董事查閱。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 41

Corporate GovernanCe report 企業管治報告

Each Director is expected to give sufficient time and attention to the affairs of the Company. The individual attendance record of each Director at the regular meetings of the Board and meetings of the Board’s committees (the “ Board Committee ( s )”, comprising the Company’s Audit Committee (the “ Audit Committee ”), the Remuneration Committee (the “ Remuneration Committee ”) and the Nomination Committee (the “ Nomination Committee ”)), and at the Annual General Meeting of the Company (“ AGM ”) during the year ended 31 March 2021 are set out below:

預期各董事將給予足夠的時間和精力處理本公司 事務。每一董事於截至二零二一年三月三十一 日止年度於董事會及董事會委員會（「 董事會委 員會 」，包括本公司的審核委員會（「 審核委員 會」）、薪酬委員會（「薪酬委員會」）及提名委員會 （「提名委員會」））的定期會議及本公司股東週年 大會（「股東週年大會」））的出席情況載列如下：

				Attendance/Number	of meetings held
				出席╱會議次數
			Audit	Remuneration	Nomination	Chairman
Directors		Board	Committee	Committee	Committee	and INEDs***	AGM
						主席與獨立	股東
董事		董事會	審核委員會	薪酬委員會	提名委員會	非執行董事*	週年大會
Executive Directors	執行董事
Mr. NGAI*	魏先生*	4/4	N/A不適用	N/A不適用	4/4	1/1	1/1
Mr. CHEUNG	張先生	4/4	N/A不適用	N/A不適用	N/A不適用	N/A不適用	1/1
Mr. IP	葉先生	4/4	N/A不適用	N/A不適用	N/A不適用	N/A不適用	1/1
Mr. LAU	劉先生	4/4	N/A不適用	N/A不適用	N/A不適用	N/A不適用	1/1
Mr. YAU*	游先生*	4/4	N/A不適用	5/5	N/A不適用	N/A不適用	1/1
INEDs	獨立非執行董事
Prof. KO**	高教授**	1/1	1/1	1/1	N/A不適用	N/A不適用	N/A不適用
Dr. LEE**	李醫生**	1/1	1/1	1/1	N/A不適用	N/A不適用	N/A不適用
Dr. LI	李博士	4/4	4/4	5/5	4/4	1/1	1/1
Ms. LEUNG	梁女士	4/4	4/4	5/5	4/4	1/1	1/1
Ms. MAK	麥女士	4/4	4/4	5/5	4/4	1/1	1/1
Mr. MONG**	蒙先生**	1/1	1/1	1/1	N/A不適用	N/A不適用	N/A不適用

* Mr. NGAI and Mr. YAU are brothers-in-law

** Appointed on 1 February 2021

• *** Meeting was held on 27 November 2020

• 魏先生乃游先生的大舅

** 於二零二一年二月一日獲委任 *** 會議於二零二零年十一月二十七日舉行

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Appointment, Re-election, Removal and Retirement of Directors

The Board is responsible for reviewing the Board composition, developing and formulating the relevant procedures for nomination and appointment of Directors, monitoring the appointment and succession of Directors and assessing the independence of INEDs. The appointment of INEDs adheres to the guidelines for assessing independence as set out in Rule 3.13 of the Listing Rules. The Board, through the Nomination Committee set up in January 2017, reviews from time to time its own structure, size, composition and diversity to ensure that it has a balance of appropriate expertise, skills, experience and diversity for the needs of the businesses of the Group.

The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance. The Board has adopted a board diversity policy (the “ Board Diversity Policy ”) since January 2017 which set out the approach to achieve diversity of Board members. Since April 2019, the Board has also adopted a director nomination policy (the “ Director Nomination Policy ”) which set out the approach and procedures the Board adopts for the nomination and selection of Directors. A summary of each of the policies is set out in the subsection “Nomination Committee” under the section “BOARD COMMITTEES” in this report.

The term of office of each of the Directors has been fixed for a specific term for not more than three years. The Directors are subject to retirement by rotation and re-election at the AGM in accordance with the Articles.

委任、重選、罷免及退任董事

董事會負責檢討董事會的組成、發展及制定提名 及委任董事的相關程序、監督董事的委任及繼 任和評估獨立非執行董事的獨立性。獨立非執行 董事的委任乃遵守上市規則第3.13條所列有關評 估獨立性的指引。通過於二零一七年一月成立的 提名委員會，董事會不時檢討其自身的架構、規 模、組成及多元化，以確保董事會具有適當及平 衡的專業知識、技能、經驗及多元化以符合本集 團的業務需求。

本公司明白並深信董事會成員多元化對提升其表 現素質大有裨益。董事會於二零一七年一月採納 《董事會成員多元化政策》（「董事會成員多元化政 策」），文件載列達致董事會成員多元化而採取的 方針；於二零一九年四月，董事會亦在提名委員 會的建議下採納《董事提名政策》（「董事提名政 策」），文件載列董事會採納以提名及甄選董事的 方法及程序。兩份政策的概要已載於本報告內「董 事會委員會」一節項下「提名委員會」的分節中。

各董事的任期訂明為不多於三年。董事須根據細 則於股東週年大會上輪值退任及可膺選連任。

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In accordance with the Articles, at least one-third of the Directors for the time being (or, if their number is not a multiple of three, then the number nearest to but not less than one-third) shall retire from office by rotation. A retired Director shall be eligible for re-election and reappointment at each AGM provided that each Director shall be subject to retirement by rotation at least once every three years. The election of each candidate is done through a separate resolution. Any new Director appointed during the year as an addition to the Board or to fill a casual vacancy on the Board shall hold office only until the next coming general meeting of the Company and shall then be subject to re-election at that meeting.

根據細則，當時為數至少三分之一的董事（或倘董 事人數並非三的倍數，則須為最接近但不少於三 分之一的董事人數）須輪席退任。退任的董事有 資格於各股東週年大會上重選及連任，惟各董事 須最少每三年輪席退任一次。每名候選人的選舉 按獨立的決議案逐一表決。於年度內為增加現有 董事或填補董事會內某臨時空缺而獲委任的新董 事，只任職至下屆股東大會，並有資格於該大會 上膺選連任。

On 1 February 2021, each of Prof. KO, Dr. LEE and Mr. MONG was appointed as an INED of the Company and a member of each of the Audit Committee, the Remuneration Committee and the Nomination Committee.

於二零二一年二月一日，高教授、李醫生及蒙先 生各自獲委任為本公司的獨立非執行董事，以及 審核委員會、薪酬委員會及提名委員會的成員。

The independence consideration of Prof. KO, Dr. LEE and Mr. MONG and related nomination procedures have been set out in the sections headed “The INEDs” and “Board Diversity Policy” of this corporate governance report.

關於高教授、李醫生及蒙先生的獨立性考量及相 關董事提名程序已分別載於本企業管治報告的「獨 立非執行董事」及「董事會成員多元化政策」一節。

On 23 June 2021, Ms. LEUNG informed the Board that she will retire as INED of the Company and cease to be the chairman of the Audit Committee and a member of the Remuneration Committee and the Nomination Committee after the end of her current service contract on 31 August 2021.

於二零二一年六月二十三日，梁女士通知董事 會，彼將於其現有服務合同於二零二一年八月 三十一日期滿後退任獨立非執行董事，同時亦不 再擔任審核委員會之主席，以及薪酬委員會及提 名委員會之成員。

In accordance with the Articles, Mr. NGAI, Mr. YAU, Prof. KO, Dr. LEE, Dr. LI and Mr. MONG shall retire from office at the forthcoming AGM to be held on 26 August 2021 (the “ 2021 AGM ”). All the above retiring Directors, being eligible, have offered themselves for re-election or election to serve for another terms at the 2021 AGM. Details with respect to the candidates standing for election as Directors are set out in the AGM circular to Shareholders.

根據細則，魏先生、游先生、高教授、李醫生、 李博士及蒙先生將於二零二一年八月二十六日舉 行的股東週年大會（「二零二一年股東週年大會」） 上退任董事。所有上述退任董事均符合資格並願 意於即將舉行的二零二一年股東週年大會上膺選 連任及選舉。各候選董事的資料載於寄予股東的 股東週年大會通函內。

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CHAIRMAN AND CHIEF EXECUTIVE OFFICER

During the year ended 31 March 2021, Mr. NGAI served as the Chairman of the Board and Mr. CHEUNG served as the Chief Executive Officer (“ CEO ”) of the Company. This segregation ensures a clear division of the Chairman’s responsibilities for the management of the Board and the CEO’s responsibilities for the day-to-day management of the Company’s business.

The Chairman is responsible for providing leadership for the Board, and ensuring that all Directors are properly briefed on issues arising at Board meetings and that the Directors receive adequate, complete and reliable information in a timely manner. The Chairman has an additional or casting vote in the event of an equality of votes on any matter to be decided by the Board.

The CEO is appointed by the Board and is responsible for providing leadership for the management, implementing and reporting to the Board on the Group’s strategy, overseeing the day-to-day operations of the Group and providing all such information to the Board as necessary to enable the Board to monitor the performance of the management.

According to the code provision A.2.7 of the CG Code, the Chairman met with the then INEDs of the Company for once without the presence of the management and the other Executive Directors on 27 November 2020.

主席及行政總裁

於截至二零二一年三月三十一日止年度，魏先生 擔任董事會主席而本公司行政總裁（「行政總裁」） 由張先生擔任。主席及行政總裁分開委任的安排 確保主席負責管理董事會而行政總裁負責本公司 業務的日常管理的清晰區分。

主席負責領導董事會，並確保董事會會議上所有 董事均適當知悉當前的事項，且董事均及時收到 充分、完備而可靠的資訊。由董事會決定的任何 事項，如票數均等，主席有權投額外一票或決定 票。

行政總裁由董事會委任，負責領導管理層、實行 本集團策略及就此向董事會匯報、監督本集團的 日常運作，並於有需要時向董事會提供一切有關 資料，讓董事會能監督管理層的表現。

根據企業管治守則的守則條文第A.2.7條，在本公 司的管理層及其他執行董事不在場的情況下，主 席與本公司當時的獨立非執行董事於二零二零年 十一月二十七日進行了一次會面。

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BOARD COMMITTEES

The Board has set up three Board Committees, namely, the Audit Committee, the Remuneration Committee and the Nomination Committee, to oversee particular aspects of the Company’s affairs.

董事會委員會

董事會已成立三個董事會委員會，即審核委員 會、薪酬委員會及提名委員會，以監督本公司不 同範疇的事務。

The Audit Committee

The Audit Committee was established on 18 January 2017 with specific written terms of reference stipulating its authorities and duties, which are available on the websites of the Company and The Stock Exchange.

審核委員會

審核委員會於二零一七年一月十八日成立，有關 訂明其權限及職能的明確書面職權範圍，可於本 公司及聯交所網站上查閱。

On 1 February 2021, Prof. KO, Dr. LEE, and Mr. MONG were appointed as the new members of the Audit Committee, following each of his appointment as an INED of the Company. As at 31 March 2021, the Audit Committee comprised six INEDs, namely Prof. KO, Dr. LEE, Dr. LI, Ms. LEUNG, Ms. MAK and Mr. MONG. Ms. LEUNG is currently the chairman of the Audit Committee. Each of Ms. LEUNG and Mr. MONG possesses the appropriate accounting qualifications and experiences in financial matters.

於二零二一年二月一日，隨著高教授、李醫生及 蒙先生各自獲委任為本公司獨立非執行董事後， 彼等獲委任為本公司審核委員會的新成員。於二 零二一年三月三十一日，審核委員會由六名獨立 非執行董事組成，即高教授、李醫生、李博士、 梁女士、麥女士及蒙先生。梁女士現為審核委員 會主席。梁女士及蒙先生均具有合適的會計資格 及財務事宜經驗。

The main responsibilities of the Audit Committee are to review the consolidated financial statements and the auditor’s report, and to monitor the integrity of the consolidated financial statements. It also assists the Board to oversee risk management and internal control systems and internal and external audit functions.

審核委員會的主要職責為審閱綜合財務報表及核 數師報告、監察綜合財務報表的完整性，同時協 助董事會監督風險管理及內部監控系統以及內外 部審核職能。

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The Audit Committee holds regular meetings at least twice a year and they also meet with the Company’s external auditor at least twice a year to discuss the audit plan and to review the Company’s reports and accounts. During the year ended 31 March 2021, the Audit Committee held four meetings and the primarily works performed by the Audit Committee were, among others:

• reviewed the unaudited accounts, interim report and interim results announcement of the Company;

• reviewed the audited accounts and final results announcement of the Company;

• reviewed the accounting policies and practices adopted by the Company and the Group;

• reviewed and recommend the appointment and reappointment of external auditor;

• approved the scope and plan of internal and external audit;

• reviewed the engagement, services (including non-audit services proposed to be provided by the external auditor or its associates) provided and remuneration of the external auditor and its independence;

• reviewed the results and effectiveness of the internal and external audit functions;

• reviewed and monitored the adequacy and effectiveness of the financial reporting function, the risk management system, the internal control system and the internal audit function of the Group;

• reviewed the continuing connected transactions;

• reviewed the “Policy for Non-audit Services provided by the Group’s External Auditor and its Associates” and monitored the policy’s implementation; and

• reviewed the terms of reference of the Audit Committee.

It was confirmed that there was no disagreement between the Board’s and the Audit Committee’s view on re-appointment of external auditor, and they both recommended the reappointment of Ernst & Young as the Company’s external auditor for the ensuing year at the 2021 AGM.

審核委員會與本公司外聘核數師每年舉行最少兩 次會議，以相討有關審計計劃及審閱本公司的報 告及賬目。於截至二零二一年三月三十一日止年 度內，審核委員會舉行了四次會議，其主要的工 作概要如下：

• 審閱本公司的未經審核財務賬目、中期報告 及中期業績公告；

• 審閱本公司的經審核財務賬目及全年業績公 告；

• 審閱本公司及本集團應用的會計政策和慣 例；

• 審閱及推薦外聘核數師的委任及重聘；

• 審批討內外部審核範圍及計劃；

• 評核外聘核數師的工作（包括擬由外聘核數 師或其聯繫人提供的非審核服務）、酬金及 彼等的獨立性；

• 評核內外部審核工作的結果及成效；

• 評核本集團的財務報告系統、風險管理系 統、內部監控系統及內部審核系統是否足夠 及有效；

• 評核持續關聯交易；

• 檢討《本集團外聘核數師及其聯系人提供非 審核服務的政策》並監察其執行；及

• 檢討審核委員會的職權範圍。

董事會及審核委員會確認彼等就重新委任外聘核 數師上並無分歧，而彼等均已建議於即將舉行的 二零二一年股東週年大會上，重新委任安永會計 師事務所為本公司來年的外聘核數師。

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The Remuneration Committee

The Remuneration Committee was established on 18 January 2017 with specific written terms of reference stipulating its authorities and duties, which are available on the websites of the Company and The Stock Exchange, and consists of a majority of INEDs. The purpose of the Remuneration Committee is to set policy on Executive Directors’ and senior management remuneration and for fixing remuneration packages for all Directors and senior management.

薪酬委員會

薪酬委員會於二零一七年一月十八日成立，有關 訂明其權限及職能的明確書面職權範圍，可於本 公司及聯交所網站上查閱，其大部分成員為獨立 非執行董事。成立薪酬委員會的目的乃制定執行 董事及高級管理層的薪酬政策及釐定所有董事及 高級管理層的薪酬待遇。

On 1 February 2021, Prof. KO, Dr. LEE, and Mr. MONG were appointed as the new members of the Remuneration Committee, following each of his appointment as an INED of the Company. As at 31 March 2021, the Remuneration Committee comprised of the six INEDs, namely Prof. KO, Dr. LEE, Dr. LI, Ms. LEUNG, Ms. MAK, Mr. MONG; and one Executive Director, namely Mr. YAU. Dr. LI is the chairman of the Remuneration Committee.

於二零二一年二月一日，隨著高教授、李醫生及 蒙先生各自獲委任為本公司獨立非執行董事後， 彼等獲委任為本公司薪酬委員會的新成員。於二 零二一年三月三十一日，薪酬委員會由六位獨立 非執行董事，即高教授、李醫生、李博士、梁女 士、麥女士及蒙先生；以及一位執行董事，即游 先生，所組成。李博士為薪酬委員會主席。

The main responsibility of the Remuneration Committee is to make recommendations to the Board on the remuneration policy and structuring for Directors and senior management and their remuneration package with reference to the Group’s corporate goals and strategies. The Remuneration Committee meets at least once a year. During the year ended 31 March 2021, the Remuneration Committee held five meetings and the major works performed by the Remuneration Committee were, among others:

薪酬委員會的主要職責包括參照本集團的企業目 標和策略，向董事會提供有關董事和高級管理 層的薪酬政策和結構，個人的薪酬待遇等建議。 薪酬委員會每年舉行最少一次會議。於截至二零 二一年三月三十一日止年度內，薪酬委員會舉行 了五次會議，其主要的工作概要如下：

• approved the contract/letter of appointments entered into between the Company and individual Director(s);

• reviewed and made recommendations to the Board on the policy and structure for remuneration of the Directors and senior management;

• assessed performance of executive Director(s), reviewed and made recommendations to the Board on the remuneration package, including discretionary performance-based bonus, of individual Director and senior management; and

• reviewed the terms of reference of the Remuneration Committee.

• 審批本公司與個別董事所訂立的合約╱委任 函；

• 審閱及就董事及高級管理層的薪酬政策及結 構向董事會提供建議；

• 評估執行董事的表現、審閱及就個別董事及 高級管理層的薪金（包括與表現相關的酌情 花紅）向董事會提供建議；及

• 檢討薪酬委員會的職權範圍。

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The Executive Directors and certain senior management of the Group may entitle to discretionary performance related bonus payments which are determined by the Board with reference to the recommendations of the Remuneration Committee, after accounting for the Group’s operating results and assessed respective performance of the individuals. No Director was involved in the determination about his own remuneration. Particulars of the remuneration payable to each Director for the year ended 31 March 2021 are set out in note 9 to the financial statements of this annual report.

本集團的執行董事及若干高級管理層或有權享有 與表現相關的酌情花紅，而花紅乃參考本集團經 營業績及評估彼等的個別表現後釐定。概無董事 就彼的酬金作出決定。有關截至二零二一年三月 三十一日止年度應支付各董事的薪酬詳情，已載 於本年報內的財務報表附註9。

Pursuant to code provision B.1.5 of the CG Code, the remuneration of the senior management (excluding the Directors) as at 31 March 2021 by band for the year ended 31 March 2021 was set out below:

根據企業管治守則的守則條文第B.1.5條，以下列 出於二零二一年三月三十一日的高級管理層（不包 括董事）於截至二零二一年三月三十一日止年度的 薪酬組別：

		Number of individuals
Within the band of	組別介乎於	人數
Nil to HK$1,500,000	零港元至1,500,000港元	3
HK$1,500,001 to HK$3,000,000	1,500,001港元至3,000,000港元	–
HK$3,000,001 to HK$4,500,000	3,000,001港元至4,500,000港元	1
HK$4,500,001 to HK$6,000,000	4,500,001港元至6,000,000港元	–
HK$6,000,001 to HK$7,500,000	6,000,001港元至7,500,000港元	1
HK$7,500,001 to HK$9,000,000	7,500,001港元至9,000,000港元	–
HK$9,000,001 to HK$10,500,000	9,000,001港元至10,500,000港元	1

The Nomination Committee

The Nomination Committee has been established on 18 January 2017 with specific written terms of reference stipulating its authorities and duties, which are available on the websites of the Company and The Stock Exchange, and consists of a majority of INEDs.

提名委員會

提名委員會於二零一七年一月十八日成立，有關 訂明其權限及職能的明確書面職權範圍，可於本 公司及聯交所網站上查閱，其大部分成員為獨立 非執行董事。

On 1 February 2021, Prof. KO, Dr. LEE, and Mr. MONG were appointed as the new members of the Nomination Committee, following each of his appointment as an INED of the Company. As at 31 March 2021, the Nomination Committee is made up of the six INEDs, namely Prof. KO, Dr. LEE, Dr. LI, Ms. LEUNG, Ms. MAK, Mr. MONG; and one Executive Director, namely Mr. NGAI. Mr. NGAI is the chairman of the Nomination Committee.

於二零二一年二月一日，隨著高教授、李醫生及 蒙先生各自獲委任為本公司獨立非執行董事後， 彼等獲委任為本公司提名委員會的新成員。於二 零二一年三月三十一日，提名委員會由六位獨立 非執行董事，即高教授、李醫生、李博士、梁女 士、麥女士及蒙先生，以及一位執行董事（即魏先 生）組成。魏先生為提名委員會主席。

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The major duties of the Nomination Committee include reviewing the structure, size and diversity of the Board at least annually and making recommendations on any proposed changes to the Board; identifying individuals suitably and qualified to become Directors; and making recommendations to the Board on the selection of individuals nominated for directorships. The Nomination Committee meets at least once a year. During the year ended 31 March 2021, the Nomination Committee held four meetings. The major works performed by the Nomination Committee were, among others:

提名委員會的主要職責包括最少每年檢討董事會 的架構、規模及成員多元化，並對董事會擬作出 的變動，物色及挑選具備合適資格可擔任董事的 人士，並向董事會提名有關人士出任董事，或就 此向董事會提供意見。提名委員會每年舉行最少 一次會議。於截至二零二一年三月三十一日止年 度內，提名委員會舉行了四次會議，其主要的工 作概要如下：

• reviewed the structure, size, composition and diversity (including the skills, knowledge and experience) of the Board and made recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors;

• identifying individuals suitably qualified to become members of the Board and putting forward nominations or recommendations to the Board for proposed appointments to the Board;

• assessed the independence of individual INEDs;

• reviewed time commitment of individual Directors for performance of his/her responsibilities;

• reviewed and monitored the training and continuous professional development of Directors;

• reviewed the “Director Nomination Policy” and “Board Diversity Policy” and monitored the policies’ implementation; and

• reviewed the terms of reference of the Nomination Committee.

• 檢討董事會的架構、規模、組成及多元化

• （包括技能、知識及經驗方面），就董事的委 任、重選及董事的繼任計劃，向董事會提出 建議；

• 物色具備合適資格的人士擔任董事會成員， 並就此向董事會作出建議；

• 評核每名獨立非執行董事的獨立性；

• 評核每名董事對履行其職責所貢獻的時間；

• 評核及監察董事的培訓及持續專業發展；

• 檢討《董事提名政策》和《董事會成員多元化 政策》及監察其執行；及

• 檢討提名委員會的職權範圍。

Director Nomination Policy

The “Director Nomination Policy” sets out the approach and procedures adopted for the nomination and selection of directors, including the appointment of additional Directors, replacement of Directors, and re-election of Directors to ensure that proper approach and procedures of the selection and nomination of Directors are in place. The “Director Nomination Policy” shall be reviewed by the Nomination Committee, as appropriate and at least annually, to ensure its effectiveness.

董事提名政策

《董事提名政策》載列提名及甄選董事(包括委任額 外董事、替補董事及重選董事)的方法及程序以確 保設有適當的董事甄選及提名程序。《董事提名政 策》須由提名委員會（於適當時，惟最少每年）進行 檢討，以確保其有效。

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The “Director Nomination Policy” are summarised below:

Selection Criteria

When the need to select, nominate or re-elect Directors arises, the Nomination Committee shall, as it considers appropriate, consider a variety of factors in making nominations, including but not limited to the following in assessing the suitability of the proposed candidate:

• reputation for integrity;

• the skills, knowledge, experience and professional expertise which are relevant to the operations of the Group;

• commitment in respect of sufficient time, interest and attention and participate in induction on appointment, continuous professional development and other Board associated activities;

• ability to exercise sound business judgement and possess experience in senior management;

• contribute to the Board’s diversity with due regard to the diversity perspectives set out in the “Board Diversity Policy” of the Company; and

• compliance with the criteria of independence as prescribed under Rule 3.13 of the Listing Rules for the consideration of appointment of an INED.

Procedures and Process

• for appointment of new and replacement Directors, the Nomination Committee assesses the potential candidates based on the selection criteria and make recommendation to the Board. The Board has the authority on determining suitable director candidate for appointment; and

• for re-election of Directors and nomination from shareholders, the Nomination Committee make recommendation to the Board/shareholder such retiring Director to stand for re-election at a general meeting.

《董事提名政策》簡述如下：

甄選準則

如有需要甄選、提名或重選董事，提名委員會將 在其認為適當的情況下，於提名準候選人時考慮 多項因素，包括但不限於下列各項：

• 誠信；

• 與本集團營運相關的技能、知識、經驗及專 業知識；

• 承諾對本集團的業務投入足夠的時間、興趣 和關注，並參與就任須知、持續專業發展及 其他董事會相關的活動；

• 具備作出正確業務判斷的能力，並擁有擔任 高級管理層的經驗；

• 對董事多元化的影響，需考慮到本公司《董 事會成員多元化政策》中所訂明的多元化觀 點；及

• 在考慮委任獨立非執行董事時，符合載列於 上市規則第3.13條所規定的獨立性準則。

程序及流程

• 於委任新任及替補董事時：根據甄選準則及 提名委員會認為適合的其他因素評核準候選 人並向董事會提供建議。董事會擁有決定合 適董事人選以作出委任的權力；及

• 於重選董事及股東提名時：提名委員會應考 慮並（如認為適當）建議董事會╱股東考慮該 名（退任）人仕在股東大會上候選董事。

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Board Diversity Policy

The “Board Diversity Policy” sets out the approach to achieve diversity of the Board. It is believed that a truly diverse board will include and make good use of differences in a number of factors, including but without limitation, gender, age, cultural, skills, background, experience, knowledge, expertise and other qualities of members of the Board. These differences will be taken into account in determining the optimum composition of the Board. All appointments of Directors will be based on merit and the Nomination Committee will review the Board composition by considering the benefits of all aspects of diversity. The “Board Diversity Policy” shall be reviewed by the Nomination Committee, as appropriate and at least annually, to ensure its effectiveness.

董事會成員多元化政策

《董事會成員多元化政策》載列實現董事會成員多 元化的方式。本公司認為，一個真正成員多元化 的董事會將融入及善用董事會成員的不同特質， 包括但不限於性別、年齡、文化、技能、背景、 經驗、知識、專長及其他質素。該等差異將在釐 定董事會的最佳組合時納入考量。所有董事的任 命均以用人唯才為原則，而提名委員會將透過考 慮多元化的所有益處檢討董事會的組成。《董事會 成員多元化政策》須由提名委員會（於適當時而最 少每年）進行檢討，以確保其有效。

In considering the nomination of Prof. KO, Dr. LEE and Mr. MONG as a new INED during the year, the Board Diversity Policy was taken into account and the relevant provision of the Director Nomination Policy was followed. The Nomination Committee had (i) considered, among others, the structure, size and skill mix of the Board; (ii) taken measures to identify potential candidates, especially those senior executives who possess the experience and competence commensurate with the position of a director; and (iii) the time commitment that Prof. KO, Dr. LEE and Mr. MONG can spend on the INED’s role. Each of KO, Dr. LEE and Mr. MONG, is with extensive knowledge and experience in different fields, including structural engineering and industrial collaboration, dental, financial and cost management, accounting, general management and information technology. The Nomination Committee and the Board considered that Prof. KO, Dr. LEE and Mr. MONG were the suitable candidates and the appointments will contribute to diversity of the Board and better balance of skills, experience and diversity of the Group’s current business.

在本年度考慮提名高教授、李醫生及蒙先生為新 獨立非執行董事時，董事會多元化政策已被考慮 在內，並已遵循董事提名政策的有關條文。提名 委員會已(i)考慮（當中包括）董事會的架構、人數 及技能組合；(ii)採取措施物色潛在人選，尤其是 擁有董事所需之經驗和能力的高級行政人員；及 (iii)考慮高教授、李醫生及蒙先生可為獨立非執 行董事之職務所花之時間。高教授、李醫生及蒙 先生各自於不同領域，包括結構工程及與業界合 作、齒科、財務及成本管理、會計、一般管理及 資訊科技方面擁有豐富的知識和經驗。提名委員 會及董事會認為高教授、李醫生及蒙先生為合適 的獨立非執行董事人選，該任命有助於董事會的 多元化及在技能﹑經驗及觀點多元化之間取得更 佳的平衡，並適合本集團當前的業務要求。

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An analysis of the Board’s composition, as classified into different aspects, on 31 March 2021 is set out below:

董事會於二零二一年三月三十一日的組成（按不同 類別）分析如下︰

Aspects 類別	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成	Board Composition 董事會的組成
Gender 性別	Male 男 (9)								Female 女 (2)
Designation 職位	Executive 執行 (5)					Independent Non–executive 獨立非執行 (6)
Age group 年齡層	<45 (1)	45–54 (3)			55-64 (3)			65–74 (3)		>74 (1)
Educational background 學歷	Secondary or below 中學或以下 (1)	Undergraduate 大學本科╱大專 (3)			Postgraduate 大學本科以上 (7)
Skills/industry experience 技能╱行業經驗	Construction, property & administration 建築、物業及行政 (2)		Management & administration 管理及行政 (1)	Education & management 教育及管理 (1)	Dental & administration 齒科及行政 (1)	Engineering & education 土木工程及教育 (2)		Construction & engineering 建築及土木工程 (2)	Account & finance 會計及財務 (2)
No. of directorship with other listed companies in the past 3 years 過去三年內擔任其他 上市公司董事之公司數目****	0 (6)						1 (5)

() Number of respective Directors

• Including Vantage (as defined in this annual report)

() 相關董事數目

• 包括盈信控股（如本年報所定義）

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DIRECTORS’ CONTINUOUS PROFESSIONAL DEVELOPMENT AND INDUCTION

Every Director keeps abreast of responsibilities as a Director of the Company and of the conduct, business activities and development of the Group. The Company provides all members of the Board with monthly updates on the Group’s development.

董事持續專業發展及就任須知

每位董事均了解作為本公司董事的責任，掌握本 集團的經營、業務活動及動向。本公司每月向董 事會所有成員匯報本集團的最新發展。

According to the code provision A.6.5 of the CG Code, all Directors should participate in continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains informed and relevant. The Company continues its effort in providing updates on the changes in the relevant regulatory requirements applicable to the Group from time to time and recommending relevant seminars (including webinars)/conferences/forums to the Directors as and when appropriate.

根據企業管治守則的守則條文第A.6.5條規定，所 有董事須參與持續專業發展，以拓展及更新其知 識和技能，從而確保其在具備全面資訊及切合所 需的情況下對董事會作出貢獻。本公司持續向董 事不時提供適用於本集團的相關監管規定變更的 資訊，並適時向彼等推薦相關研討會（包含網上研 討會）╱會議╱論壇。

The Directors acknowledge the need for continuous professional development and confirmed that they had complied with the code provision A.6.5 of the CG Code during the year. All Directors are required to provide the Company with the records of the training they received annually. According to the records maintained by the Company, all Directors pursued continuous professional development during the year ended 31 March 2021 and relevant details are set out below:

董事知悉持續專業發展的需要，而彼等已確認其 於年內已遵守企業管治守則的守則條文第A.6.5 條。所有董事每年均須向本公司提供其培訓紀錄 予本公司保存。根據本公司的紀錄，所有董事於 截至二零二一年三月三十一日止年度內皆有參與 持續專業發展，相關資料如下：

Directors	董事	Types of Training	培訓類別
		(note)	（附註）
Mr. NGAI	魏先生	A & B	甲及乙
Mr. CHEUNG	張先生	A & B	甲及乙
Mr. LAU	劉先生	A & B	甲及乙
Mr. IP	葉先生	A & B	甲及乙
Mr. YAU	游先生	A & B	甲及乙
Prof. KO*	高教授*	A & B	甲及乙
Dr. LEE*	李醫生*	A & B	甲及乙
Dr. LI	李博士	B	乙
Ms. LEUNG	梁女士	A & B	甲及乙
Ms. MAK	麥女士	B	乙
Mr. MONG*	蒙先生*	A & B	甲及乙

* Appointed on 1February 2021

Notes:

A – Participated in seminar(included webinars)/conferences/forums regarding construction and/or environmental, social and governance

B – Read journals/updates/articles regarding updates on rules and regulation, relating to listed companies, corporate governance, construction, financial, accounting and/or taxation

• 於二零二一年二月一日獲委任

附註：

• 甲－ 參與關於樓宇建築及╱或環境、社會和管治的研 討會(包括網絡研討會)╱會議╱論壇

• 乙－ 研讀關於上市公司有關的規則及規條的更新、企 業管治、樓宇建築、金融、會計及╱或稅務的期 刊╱更新╱文章

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On 1 February 2021, each of Prof. KO, Dr. LEE and Mr. MONG was appointed as an INED of the Company. They had received a comprehensive, formal and tailored induction package covering, among others, the Group’s business and the statutory and regulatory obligations of a director of a listed company, had been provided to them before their appointment to ensure that they have a proper understanding of the Group’s operations, businesses and governance policies, and are fully aware of their responsibilities under statute and common law, the Listing Rules, legal and other relevant regulatory requirements.

DIVIDEND POLICY

T o e n h a n c e t r a n s p a r e n c y o f t h e C o m p a n y i n t h e recommendation and declaration of dividend, the Board has adopted a written “Dividend Policy” (the “ Dividend Policy ”) which sets out the factors of determining the recommendation and declaration of dividend since 18 March 2019.

Under the Dividend Policy, the Board may consider declaring and paying dividends to the Shareholders out of the Company’s distributable reserves. Such declaration and payment of dividends shall remain to be determined at the sole discretion of the Board, subject to the requirements of all applicable laws and the Articles (including Shareholders’ approval of the payment of final dividend in AGM).

Pursuant to the Dividend Policy, the Board shall strike a balance between providing immediate return to the Shareholders through the payment of dividends whilst retaining adequate reserves as the Group’s working capital and for the Group’s future growth. In deciding whether to propose or declare a dividend and in determining the dividend amount and means of payment, the Board shall take into account, among others:

• the actual and expected financial performance of the Group;

• the Group’s liquidity position;

• the capital and debt level of the Group;

• retained earnings and distributable reserves of the Company and major subsidiaries of the Group; and

• the working capital requirements, capital expenditure requirements and future development plans of the Group.

於二零二一年二月一日，高教授、李醫生及蒙先 生各自獲委任為本公司的獨立非執行董事。彼等 於其獲委任前均獲提供一份全面、正式且適用的 就任須知，內容涵蓋（其中包括）本集團業務及上 市公司董事的法定及監管責任，以確保彼等充分 了解本集團的營運、業務及管治政策，以及完全 知悉其本身在法規及普通法、上市規則、法律及 其他相關監管規定下的責任。

股息政策

為提升本公司於建議及宣派股息的透明度，董事 會已於二零一九年三月十八日採納一項書面《股息 政策》（「股息政策」），其載列決定建議或宣派股 息所考慮的因素。

根據該股息政策，董事會可考慮自本公司的可供 分派儲備向股東宣派及派付股息。該等股息的分 派及支付應由董事會全權酌情決定，惟必須遵守 所有適用法規及細則（包括股東於股東週年大會批 准支付末期股息）。

根據股息政策，董事會將盡力在透過分派股息為 股東提供即時回報與保留足夠儲備作為本集團的 營運資金及作本集團未來增長之間取得平衡。於 決定是否建議或宣派股息及釐定股息金額及分派 方式時，董事會應考慮（其中包括）：

• 本集團的實際及預期財務表現；

• 本集團的流動資金狀況；

• 本集團的資本及負債水平；

• 本公司及本集團主要附屬公司的保留溢利及 可供分派儲備；及

• 本集團的營運資金需求、資本開支需求及未 來發展計劃。

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The Board will from time to time review the Dividend Policy and may update, amend and/or modify the Dividend Policy at any time as the Board deems fit and necessary.

董事會將不時檢討該股息政策，並在其認為合適 及必要時更新、修訂及╱或更改該股息政策。

SECURITIES TRANSACTIONS OF DIRECTORS AND EMPLOYEES

The Company has adopted the “Model Code for Securities Transactions by Directors of Listed Issuers” (the “ Model Code ”) as set out in Appendix 10 of the Listing Rules as the code of conduct regarding the Directors’ securities transactions.

董事及僱員進行證券交易

本公司已採納上市規則附錄十所載的《上市發行人 董事進行證券交易的標準守則》（「標準守則」）， 作為董事進行證券交易的操守準則。

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 throughout the year ended 31 March 2021. Full details of the Directors’ interests in the shares of the Company are set out on pages 63 to 79 in the “REPORT OF THE DIRECTORS” of this annual report.

經本公司作出特定查詢後，所有董事均確認彼等 於截至二零二一年三月三十一日止年度內一直遵 守標準守則所載的規定。有關董事於本公司的股 份中權益的全部詳情載於本年報第 63 至 79 頁的 「董事會報告」內。

The Company has also established written code on no less exacting terms than the Model Code for dealings in the securities of the Company by relevant employees who are likely to be in possession of unpublished inside information in relation to the Company.

本公司亦已就可能擁有關於本公司的未公佈的內 幕消息的有關僱員在進行本公司的證券交易事宜 設立書面守則，而該守則並不比標準守則寬鬆。

During the year ended 31 March 2021, the Company sent notifications to the Directors and employees reminding them of the “black-out period(s)” as specified in the relevant codes and the relevant period that the Directors and relevant employees during which they are not allowed to deal in the securities of the Company. All Directors and employees are also bound by corporate policies of the Company to refrain from dealing in the Company’s securities if they are in possession of any inside information of the Group.

於截至二零二一年三月三十一日止年度內，本公 司已向董事和僱員發出通知，提醒他們有關守則 內列明的「禁止買賣期」及董事和相關僱員於相關 時期不得買賣本公司的證券。所有董事及所有僱 員均受本公司的公司政策約束，當彼等得悉本集 團的任何內幕消息，則不得買賣本公司的證券。

56 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

AUDITOR’ S REMUNERATION

Ernst & Young was re-appointed by the Shareholders at the AGM held on 4 September 2020 as the Company’s external auditor until the conclusion of the forthcoming AGM.

核數師酬金

安永會計師事務所已在二零二零年九月四日舉行 的股東週年大會上獲股東批准續聘為本公司的外 聘核數師，任期直至即將舉行的股東週年大會結 束為止。

During the year, the Company also awarded non-audit services works to Ernst & Young and its associates. Through the Audit Committee, the Board monitors the non-audit services performed by its external auditor and its associates to the Group to ensure that the independence and objectivity of the external auditor would not be impaired.

除審計工作外，本公司亦於年內委聘安永會計師 事務所及其聯繫人進行非審計服務。董事會通過 審核委員會監察外聘核數師及其聯繫人為本集團 進行的非審核服務，以確保外聘核數師的獨立性 及客觀性不會因而受損。

Pursuant to the “Policy for Non-audit Services provided by the Group’s External Auditor and its Associates”, all proposed nonaudit services of the external auditor or its associates would be reviewed by the Audit Committee before the respective engagement. During the year ended 31 March 2021, the Audit Committee reviewed the nature of non-audit services proposed to be performed by Ernst & Young or its associates and confirmed that these non-audit services did not give rise to impairment of actual or perceived independence, or objectivity of the audit work itself. The Audit Committee recommended the Board to propose the re-appointment of Ernst & Young as the independent external auditor of the Company for Shareholders’ approval at the forthcoming AGM.

根據《本集團外聘核數師及其聯繫人提供非審計 服務的政策》，所有擬委聘外聘核數師或其聯繫人 進行非審核服務的建議需於聘任前經審核委員會 審批。於截至二零二一年三月三十一日止年度， 審核委員會檢視擬委聘安永會計師事務所或其聯 繫人進行的非審計工作的性質，確認該等非審計 工作並沒有對審計工作的獨立性或客觀性造成任 何實際或預期的負面影響。審核委員會已向董事 會提議續聘安永會計師事務所為獨立核數師的建 議，以供股東於即將舉行的股東週年大會批准。

In respect of the year ended 31 March 2021, the remuneration paid and payable to the Company’s external auditor, Ernst & Young, and its associates is set out below:

於截至二零二一年三月三十一日止年度，本公司 已付及應付予外聘核數師安永會計師事務所及其 聯繫人的酬金如下：

		HK$’000
		千港元
Audit services	審核服務	2,600
Non-audit services:	非審核服務：
Taxation services	稅務服務	105

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 57

Corporate GovernanCe report 企業管治報告

COMPANY SECRETARY

The Company Secretary is to support the Board by ensuring good information flow with the Board as well as the Board’s policy and procedures being followed. The Company Secretary is also responsible for advising the Board on governance matters and facilitates induction and the professional development of the Directors. The Company Secretary is a full-time employee of the Group and reports to the Chairman of the Board and the CEO.

公司秘書

公司秘書須協助董事會，確保與董事會有良好資 訊流通及董事會政策和程序均得到遵守。公司秘 書亦負責向董事會就管治事務提出建議，並推動 董事的就任須知及專業發展。公司秘書為本集團 的全職員工，向董事會主席和行政總裁彙報工作。

Mr. MUI Siu Hong (“ Mr. MUI ”), appointed on 5 September 2020, is the Company Secretary of the Group and his brief biography is set out on page 34 of this annual report. Mr. MUI has confirmed that he has complied with all the qualifications and training requirements under the Listing Rules. Mr. MUI is also the financial controller of the Group.

梅兆康先生（「梅先生」），於二零二零年九月五日 獲委任，為本集團公司秘書，彼的履歷載於本年 報第34頁。梅先生已確認其符合上市規則項下公 司秘書的所有資格及培訓要求。梅先生同時為本 集團的財務總監。

R I S K M A N A G E M E N T A N D I N T E R N A L CONTROL

The Board recognises its overall responsibility for maintaining a sound and effective systems of risk management and internal control to safeguard the Shareholders’ investment and the Group’s assets, ensure the maintenance of proper accounting records and the truth and fairness of the financial statements and ensure compliance with relevant legislation and regulations. The systems are designed to provide reasonable, but not absolute, assurance against material errors, losses and fraud, and manage rather than eliminate risks of failure in the Group’s operational systems and in the achievement of the Group’s business objectives.

風險管理及內部監控

董事會認同其有責任確保整體風險管理及內部監 控系統穩健妥善而且有效，以保障股東的投資及 本集團的資產、確保存置適當的會計記錄及財務 報表的真實性和公允性、以及確保遵守相關法例 和法規。系統的設計旨在可合理但非絕對確保本 集團不會出現重大失誤、虧損及欺詐，並可管理 但非消除本集團營運制度失誤及業務未能達標的 風險。

The Board has entrusted the Audit Committee with the responsibility to review the risk management and internal control systems of the Group, covering all the departments and business units, to monitor, assess and manage various risks in the Group’s business activities.

董事會已授權審核委員會負責檢討本集團（涵蓋所 有部門及業務單位）的風險管理及內部監控系統， 以監察、評核及管理本集團業務活動的各種風險。

58 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

The Group’s internal auditor conducted systematic reviews of the Group’s internal control system for the year ended 31 March 2021 by adopting a risk-based approach and review the effectiveness of the Group’s internal control system according to an internal audit plan approved by the Audit Committee. The CEO and any members of the Audit Committee may instruct the internal auditor to undertake internal audit activities of an urgent or sensitive nature. The internal auditor reports directly to the Audit Committee and has free access to review all aspects of the Group’s activities and systems. Internal audit findings and control weaknesses identified, respective management’s responses and follow-up plans/actions taken have been summarised and reported to the Audit Committee at least annually. Other Directors are also informed of the findings and weaknesses identified.

本集團的內部審核人員根據審核委員會批准的內 部審核計劃，有系統地採用以風險為基礎的審核 方法檢討本集團截止二零二一年三月三十一日止 年度的內部監控系統的成效。行政總裁及審核委 員會的任何成員亦可指示內部審核員進行緊急或 具敏感性質的內部審核活動。內部審核員直接向 審核委員會報告，並可自由查閱本集團各方面活 動及監控系統。內部審核的結果及發現的監控弱 點、相關管理層的回應及後續計劃/已採取的行 動，已總結並向審核委員會作出不少於每年一次 的報告，而其他董事亦會獲知有關結果及發現的 監控弱點。

During the year ended 31 March 2021 and up to the date of approval of this annual report, the Group adopts the following four lines of defense approach on risk management:

於截至二零二一年三月三十一日止年度及截至批 准本年報之日止，本集團採納以下「四道防線模 式」來管理風險：

	1st Line of Defense	2nd Line of Defense	3rd Line of Defense	4th Line of Defense
	第一道防線	第二道防線	第三道防線	第四道防線
Focus	Culture, Ethics and General	Business Operations	Oversight Functions	Audit and Whistle-blowing
焦點	Behaviour	運營業務	監督職能	審計和舉報
	文化、誠信及一般行為
Owner	All Employees (Including	Supervisors and Management	Senior Management, the Board	The Board, the Audit
主理人士	Directors)	主管及管理層	and the Audit Committee	Committee, Internal and
	所有員工(包括董事)		高級管理層、董事會及	External Auditors and
			審核委員會	External Professionals
				董事會、審核委員會、內部和
				外部審計師及外部專業人士
Major Measures	• Conduct and behaviour	• Standardise procedures and	• Financial control	• Internal audit
主要措施	requirements	practices	財政控制	內部審計
	行為和行為規範	規範的程序及作業	• Risk management	• External audit
	• Training and promotion	• Internal control measures	風險管理	外部審計
	培訓和宣傳	內部監控措施	• Compliance review	• Whistle-blowing mechanism
		• Management control	合規審查	舉報機制
		管理控制		• External enquiry/investigation
		• Training		外部查詢╱調查
		培訓

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 59

Corporate GovernanCe report 企業管治報告

Regarding the handling and dissemination of inside information, the Company has taken appropriate measures according to a written “Corporate Information Disclosure Policy” to identify inside information and preserve its confidentiality until proper dissemination via the electronic publication system operated by The Stock Exchange. This policy has been set out in a written “Employee Handbook”, which is made available to all employees of the Group, so that not only the senior management but all employees are aware of this disclosure policy and their responsibilities to take all reasonable measures to ensure that proper safeguards exist to prevent the leakage of inside information of the Company from time to time. Employees must also promptly bring any possible leakage or divulgence of inside information to the attention of the Chairman, the CEO and/or the Company Secretary, who will notify the Board immediately accordingly for taking the appropriate action promptly.

就處理及發佈內幕消息，本公司已根據書面《公司 信息披露政策》採取適當措施識別內幕消息並保持 其機密性，直到通過由聯交所管理的電子發佈系 統妥為傳播。有關政策已載列於一份書面的《員工 手冊》，該手冊提供給本集團的所有員工。故此， 不僅高級管理層，所有員工亦知悉該披露政策並 明白其有責任不時採取一切合理措施，以防洩漏 本公司的內幕消息。員工亦須迅速提請主席、或 行政總裁及╱或公司秘書有關內幕消息的任何潛 在洩漏，而其將立即通知董事會以迅速採取適當 的行動。

The Company is committed to achieving and maintaining a high standard of probity, openness, and accountability. A whistle-blowing policy is in place for the Group’s employees and associates of the Group’s businesses to raise concerns and to report when anyone of them believes reasonably and in good faith that he/she has come across fraud, malpractices, violation of business ethics or improprieties. The policy are available on the website of the Company.

本公司致力於實現並保持高標準的誠信、開放和 問責原則。本集團設立一項舉報政策，供本集團 的僱員及與本集團業務有往來的人士在其合理及 真誠相信當遇到欺詐、舞弊、違反商業道德或不 當行為時提出疑慮及作出舉報。該政策可於本公 司的網站查閱。

The Audit Committee, assisted by the management and the internal auditor, had reviewed and evaluated the effectiveness of the Group’s risk management system and internal control system for the year ended 31 March 2021. The Audit Committee considered the risk management and internal control systems of the Group were effective and adequate. The Board also reviewed the Group’s risk management and internal control systems through discussion with the Audit Committee on audit findings and internal control matters.

透過管理層及內部審核員的協助，審核委員會已 檢討及評估本集團於截至二零二一年三月三十一 日止年度的風險管理及內部監控系統的成效。審 核委員會認為本集團的風險管理及內部監控系統 有效及足夠。董事會亦已透過與審核委員會討論 審核結論及內部監控事宜，從而對本集團的風險 管理及內部監控系統的成效作出檢討。

Both the Audit Committee and the Board were satisfied that the risk management and internal control systems of the Group of the reporting year were effective and adequate for their purposes.

審核委員會及董事會均信納本集團在回顧年度內 的風險管理及內部監控系統為有效及足夠。

60 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

COMMUNICATIONS WITH SHAREHOLDERS AND INVESTORS

The Company is endeavouring to maintain a high level of transparency in communication with Shareholders and investors in general. The Company has adopted a “Shareholders’ Communication Policy” on 18 January 2017, which is available on the website of the Company, reflecting mostly the current practices of the Company for the communication with its Shareholders. The various channels via which the Company communicates with its Shareholders include interim and annual reports, information on The Stock Exchange’s and the Company’s websites, and general meetings.

The Company’s AGM provides an opportunity for Shareholders to communicate face to face with the Directors about the Group’s performance and operations. The Chairman of the Board, the Executive Directors, the INEDs, the chairman of each of the Board Committees and external auditor of the Company will attend AGM to answer Shareholders’ questions. Separate resolutions will be proposed at the general meetings on each substantially separate issue, including the re-election of individual Directors.

The Company’s 2020 AGM was held on 4 September 2020, Friday. The notice of the 2020 AGM, the 2019/20 annual report and the circular containing relevant information of the proposed resolutions of the 2020 AGM were sent to Shareholders more than 20 clear business days before the 2020 AGM. All Directors together with majority of the senior management and the external auditor attended the 2020 AGM. The then Company Secretary explained the poll voting procedures at the 2020 AGM. Separate resolutions for each substantially separate issue, including the re-election of individual Directors, were proposed at the 2020 AGM. All the resolutions at the 2020 AGM were dealt with by poll. The poll results of the 2020 AGM are available on the websites of the Company and The Stock Exchange.

與股東及投資者的溝通

在與股東及一般投資者的溝通而言，本公司盡力 維持高透明度，於二零一七年一月十八日，本公 司採納一項《股東溝通政策》，文件可於本公司網 站上查閱，其主要反映本公司目前與其股東溝通 的做法。本公司與其股東溝通的渠道包括中期及 年報、載於聯交所及本公司網站的資料，以及股 東大會。

本公司的股東週年大會為股東提供與董事面對面 溝通有關本集團的表現和營運事宜的機會。董事 會主席、執行董事、獨立非執行董事、每一個董 事會委員會的主席及本公司的外聘核數師均出席 股東週年大會,並回答股東的提問。於股東大會 上，每項實際獨立的事宜（包括重選個別董事）將 會被提呈獨立決議案。

本公司二零二零年股東週年大會已於二零二零年 九月四日（星期五）舉行。二零二零年股東週年大 會的通告、二零一九至二零年報、及載有二零二 零年股東週年大會擬提呈議案相關信息的通函， 已於二零二零年股東週年大會前多於二十個完整 營業日向股東分發。所有董事以及大多數高級管 理層和外聘核數師均有出席二零二零年股東週年 大會。其時的公司秘書於二零二零年股東週年大 會上闡釋按股數投票方式表決的程序。獨立決議 案因應個別重要事項（包括重選個別董事）已於二 零二零年股東週年大會上提呈。所有於二零二零 年股東週年大會上提呈的決議案均以按股數投票 表決方式處理。二零二零年股東週年大會按股數 投票表決的結果已刊載於本公司網站及聯交所網 站內。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 61

Corporate GovernanCe report 企業管治報告

SHAREHOLDERS’ RIGHTS

Right to Convene Special General Meeting

In accordance with the Articles, any Shareholder holding not less than one-tenth of the paid-up capital of the Company carrying the right of voting at general meetings shall have the right, by written requisition served to the Board or the Company Secretary, to require a special general meeting to be convened by the Board for transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of such requisition. If within twenty-one (21) days of such deposit the Board fails to proceed to convene such meeting, the requisitionists themselves may do so in the same manner.

股東權利

召開股東特別大會的權利

根據細則，倘任何股東於向董事會或公司秘書遞 交書面呈請當日持有可於股東大會表決權的本公 司已繳足股本不少於十分之一，則有權要求董事 會召開股東特別大會以處理有關請求書中所列的 任何事項，而有關大會應於存放有關請求書後兩 (2) 個月內舉行。倘於有關存放後二十一 (21)日 內，董事會未有召開有關大會，則請求人可用相 同方式自行召開有關大會。

Procedures for Putting Forward Proposals at General Meetings by Shareholders

There are no provisions allowing Shareholders to move new resolutions at general meetings under the Cayman Islands Companies Laws or the Articles. Shareholders who wish to move a resolution may request the Company to convene a general meeting following the procedures set out in the preceding paragraph.

股東於股東大會提呈建議的程序

根據開曼群島公司法及細則，並沒有任何條文可 允許股東於股東大會上提出新決議案。股東如希 望提出新決議案，可根據前段提及之程序要求本 公司召開股東大會。

Proposing a Person for Election as a Director

The procedures for proposing candidate(s) for election as director(s) at a general meeting are set out in the “Corporate Governance” under section headed “Investor Relations” on the website of the Group.

提名人士參選董事

於股東大會上提名人士參與董事選舉的程序，載 於本集團網站中「投資者關係」一節下「企業管治」 內。

Right to Put Enquiries to the Board

Shareholders have the right to put enquiries to the Board at general meetings or send their enquiries, concerns and notice with sufficient details to the principal place of business of the Company for the attention of the Board.

向董事會提問的權利

股東有權於股東大會上向董事會提問，或把有關 查詢、疑慮和通知的詳情寄往本公司主要營業地 點，抬頭註明董事會收。

RESPONSIBILITY STATEMENT IN RESPECT OF FINANCIAL STATEMENTS

The Directors acknowledge and understand their responsibility for preparing the financial statements for the year ended 31 March 2021, which give a true and fair view of the state of affairs of the Company and the Group on a going concern basis.

有關財務報表的責任聲明

董事知悉及明白彼等有責任以持續營運的基準編 製真實且公允地反映本公司及本集團截至二零 二一年三月三十一日止年度的狀況的財務報表。

To the best of the Directors’ knowledge, there is no uncertainty relating to events or conditions that may cast significant doubt upon the Company and the Group’s ability to continue as a going concern.

就董事所深知，概無任何不明朗因素或情況可能 會嚴重影響本公司及本集團持續營運的能力。

62 Annual Report 2020-2021 年報

Corporate GovernanCe report 企業管治報告

The external auditor of the Company acknowledged their reporting responsibilities in its auditor’s report on the consolidated financial statements for the year ended 31 March 2021 as set out in the Independent Auditor’s Report on pages 80 to 88 of this annual report.

CONSTITUTIONAL DOCUMENTS

During the year ended 31 March 2021, there was no change in the Company’s constitutional documents.

On behalf of the Board of

ABLE ENGINEERING HOLDINGS LIMITED

NGAI Chun Hung

Chairman

Hong Kong, 23 June 2021

本公司的外聘核數師在本年報第80頁至第88頁的 獨立核數師報告中，載列其於截至二零二一年三 月三十一日止年度的綜合財務報表的申報責任。

憲章文件

於截至二零二一年三月三十一日止年度，本公司 的憲章文件並無更改。

代表董事會

安保工程控股有限公司

主席

魏振雄

香港，二零二一年六月二十三日

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 63

RepoRt of the DiRectoRs 董事會報告

The board (the “ Board ”) of directors (the “ Director(s) ”) of Able Engineering Holdings Limited (the “ Company ”, together with its subsidiaries, the “ Group ”) are pleased to present their report together with the audited consolidated financial statements of the Group for the year ended 31 March 2021.

PRINCIPAL ACTIVITIES

The principal activities of the Company are investment holding and the provision of corporate management services. Details of the principal activities of the Group’s principal subsidiaries are set out in note 1 to the financial statements. There were no significant changes in the nature of the Group’s principal activities during the year.

BUSINESS REVIEW

A review of the business of the Group during the year, an analysis of the Group’s financial performance during the year using financial key performance indicators, a discussion on the Group’s future business development and a description of the principal risks and uncertainties facing by the Group are provided in the “FIVE-YEAR FINANCIAL SUMMARY” section of this annual report on pages 4 to 6 and the “MANAGEMENT DISCUSSION AND ANALYSIS” section of this annual report on pages 13 to 24. Also, the Group’s financial risk management objectives and policies are set out in note 36 to the financial statements.

The Group is committed to be an environmental-responsible corporation with the aim to conserve the environment while making reasonable returns. The Group has operated an environmental management system which complies with international standards and will continuously encourage our business partners, suppliers and sub-contractors to follow the same standards. Further information of the Group’s policies and performance during the year ended 31 March 2021 from the environmental perspective would be included in the “Environmental, Social and Governance Report” of the Company to be published within three months from the date of publication of this annual report. During the year ended 31 March 2021, there was no material breach of or noncompliance with applicable laws and regulations by the Group that have significant impact on the business and operations of the Group.

All references herein to other sections of this annual report or reports form part of this report of the Directors.

安保工程控股有限公司（「本公司」，連同其附屬 公司，統稱「本集團」）的董事（「董事」）會（「董事 會 」）欣然提呈其報告連同截至二零二一年三月 三十一日止年度的本集團經審核綜合財務報表。

主要業務

本公司的主要業務為投資控股及提供企業管理服 務。本集團的主要附屬公司的主要業務詳情載於 財務報表附註1。本集團的主要業務的性質在本年 度並無重大變動。

業務回顧

有關本集團本年度的業務回顧、本集團年內以財 務關鍵指標作出分析的財務表現、本集團未來的 業務發展及有關本集團主要風險及不明朗因素的 描述，已載於本報告以及本年報第4頁至第6頁的 「五年財務概要」及本年報第13頁至第24頁的「管 理層討論及分析」中。此外，本集團的財務風險管 理目標和政策已載於財務報表附註36內。

本集團致力成為一間對環境負責的企業，旨在賺 取合理回報的同時保護環境。本集團已採用一 符合國際標準的環境管理系統，並不斷鼓勵我們 的合作夥伴、供應商與分判商採用相同準則。有 關本集團於截至二零二一年三月三十一日止年度 的環保政策及表現的進一步資料，將載於本公司 在緊接刊發本年報之日計起三個月內刊發的《環 境、社會及管治報告》內。於截至二零二一年三月 三十一日止年度，本集團沒有嚴重違反或不遵守 對本集團的業務及運作有顯著影響的適用法律與 法規。

本節所提述本年報的其他章節或報告均構成本董 事會報告的一部分。

64 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

RESULTS AND DIVIDEND

The Group’s profit for the year ended 31 March 2021 and the Group’s financial position at that date are set out in the audited consolidated financial statements on pages 89 to 92 of this annual report.

The Board recommended the payment of a final dividend of HK2.5 cents (2020: nil) per ordinary share for the year ended 31 March 2021 to the shareholders whose names appear on the register of shareholders of the Company on 3 September 2021, Friday. The proposed payment of the final dividend is subject to the approval of the Company’s shareholders at the forthcoming 2021 annual general meeting (“ AGM ”) of the Company and has not been recognised as a liability as at 31 March 2021.

Based on the 2,000,000,000 ordinary shares of the Company in issues as of the date of this annual report, the total dividend amounted to HK$50,000,000.

FIVE-YEAR FINANCIAL SUMMARY

A summary of the published results and of the assets and liabilities of the Group for the last five financial years, as extracted from the published audited financial statements, is set out on pages 4 to 6 of this annual report. This summary does not form part of the audited financial statements but part of “BUSINESS REVIEW”.

ANNUAL GENERAL MEETING AND CLOSURE OF REGISTER OF SHAREHOLDERS

The 2021 AGM of the Company will be held in Hong Kong on 26 August 2021, Thursday. Notice of the AGM will be issued and disseminated to the shareholders of the Company (the “ Shareholders ”) in due course.

To determine the entitlement to attend and vote at the 2021 AGM, the register of shareholders of the Company will be closed from 23 August 2021, Monday to 26 August 2021, Thursday (both days inclusive), during which period no transfer of shares of the Company (the “ Shares ”) will be registered. In order to qualify for attending and voting at the AGM, all share transfer documents accompanied by the relevant share certificates must be lodged with the Company’s branch share registrar in Hong Kong, Tricor Investor Services Limited at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong, for registration not later than 4:30 pm on 20 August 2021, Friday.

業績及股息

本集團於截至二零二一年三月三十一日止年度的 溢利及本集團於當日的財務狀況載於本年報第89 頁至第92頁的經審核綜合財務報表。

董事會建議就截至二零二一年三月三十一日止年 度向於二零二一年九月三日（星期五）名列本公 司股東登記冊上的股東派發末期股息，每股普通 股2.5港仙（二零二零年：無）。擬派發之末期股 息須於本公司即將舉行的二零二一年年度股東週 年大會（「股東週年大會」）上獲得股東批准，方 可作實，此末期股息因而並未在二零二一年三月 三十一日確認為負債。

按本年報日期本公司已發行普通股股份 2,000,000,000 股計算，股息總額為 50,000,000 港 元。

五年財務概要

本集團過去五個財政年度刊發之業績與資產及負 債之概要（摘錄自已刊發經審核財務報表）載於本 年報第4頁至第6頁。但不屬於經審核財務報表的 一部分，但屬「業務回顧」的一部分。

股東週年大會（「股東週年大會」）及暫停 辦理股份過戶登記手續

本公司二零二一年股東週年大會將於二零二一年 八月二十六日（星期四）在香港舉行。股東週年大 會的通告將適時向本公司股東（「股東」）寄發及發 送。

為釐定出席二零二一年股東週年大會並於會上投 票的權利，本公司將由二零二一年八月二十三日 （星期一）至二零二一年八月二十六日（星期四）） （包括首尾兩日）止期間將暫停辦理本公司股份 （「股份」）的過戶登記手續。為符合資格出席股東 週年大會並於會上投票，所有股份過戶文件連同 有關股票必須在二零二一年八月二十日（星期五） 下午四時三十分前送達至本公司的香港股份過戶 登記分處，卓佳證券登記有限公司，地址為香港 皇后大道東183號合和中心54樓，以辦理登記手 續。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 65

RepoRt of the DiRectoRs 董事會報告

DIVIDEND PAYMENT AND CLOSURE OF REGISTER OF SHAREHOLDERS

Assuming that the final dividend recommended by the Board is approved by the Shareholders at the forthcoming AGM, for the purpose of ascertaining the entitlement to the final dividend, the register of shareholders of the Company will be closed from

1 September 2021, Wednesday to 3 September 2021, Friday (both days inclusive). During the closure period, no transfer of shares will be registered. In order to qualify for the final dividend, all share transfer documents accompanied by the relevant share certificates must be lodged for registration with the Company’s branch share registrar in Hong Kong, Tricor Investor Services Limited at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong, not later than 4:30 p.m. on 31 August 2021, Tuesday. It is expected that the final dividend will be payable to those entitled shareholders on or before 24 September 2021, Friday.

RISK MANAGEMENT

Under the Group’s internal control and risk management framework, the Board has entrusted the Audit Committee with the responsibility to review the risk management and internal control systems of the Group. Other than the significant accounting judgements and estimates and the financial risk management objectives and policies of the Group set out in note 36 to the financial statements, the Group is also exposed to other key risks factors and uncertainties, among others:

Business and Market Risk

Demand for services and products of the Group is cyclical in nature and directly correlates with the level of real estate development, construction activities, liquidity demands and general economic environment in Hong Kong. The Group relies heavily on public sector projects which by their nature are only awarded by a limited number of customers who are normally the Hong Kong Special Administrative Region (“ HKSAR ”) Government and/or various institutional bodies. There is no guarantee that our customers will provide the Group with new business or that we will secure new customers.

支付股息及暫停辦理股份過戶登記手續

假設董事會建議之末期股息在即將舉行的股東週 年大會上獲得股東批准，為釐定有權獲得末期股 息的股東，本公司將由二零二一年九月一日（星期 三）至二零二一年九月三日（星期五）（包括首尾兩 日）暫停辦理股份過戶登記手續。為確保取得末期 股息的資格，所有股份過戶文件連同有關股票必 須在二零二一年八月三十一日（星期二）下午四時 三十分前送達本公司的香港股份過戶登記分處， 卓佳證券登記有限公司，地址為香港皇后大道東 183號合和中心54樓，以辦理登記手續。預計末 期股息將於二零二一年九月二十四日（星期五）或 以前支付予有權取得股息的股東。

風險管理

根據本集團的內部監控和風險管理框架，董事會 已委託審核委員會負責審查本集團的風險管理及 內部監控制度。除載於經審核財務報表附註36的 本集團的主要會計判斷及估計及財務風險管理目 標及政策外，本集團亦面臨其他關鍵風險因素， 主要包括：

業務和市場風險

本集團的服務和產品需求屬週期性質，並與香港 的房地產開發、建設活動、資金流動性需求和總 體經濟環境水平直接相關。本集團主要倚賴公營 項目，其特性為只透過數目有限並一般為香港特 別行政區（「香港特區」）政府及╱或各機構組織的 客戶取得項目。本集團無法保證客戶將給予我們 新的業務，或我們將取得新客戶。

66 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

The Group’s business and profitability may be materially and adversely affected by failure to tender for new contract works, any material reduction in spending by the HKSAR Government or various institutional bodies on public sector works and/or delay in awarding contracts of such works. The Group has accumulated over 40 years’ experience in construction industry, we will continue to keep a close eye on project safety, project quality and project efficiency to ensure we remain competitive in tendering new projects.

Construction risk

The Group is exposed to construction risk in relation to price fluctuation, duration of works, quality of work, environmental protection and safety requirements involved in the construction business, which may adversely affect the Group’s profitability. The Group tries to manage and mitigate these risks through risk transfer, improve communication between project teams and project estimation and procurement departments, and implementation of management systems which meet international standards.

Compliance Risk

The Group is exposed to compliance risk in relation to various rules and regulations, including but not limited to rules and regulations in relation to construction labour, occupational health and safety, environmental protection, contractor registration and listing in Hong Kong. Non-compliance may causes serious legal sanctions, material financial loss, or loss to reputation and loss of business to the Group. The Group paid high attention to the enactment and amendment of laws and regulations which may cause legal or business risks to the Group’s business and will arrange appropriate training and experience sharing activities for relevant employees. The Group also launched a safety promotion campaign “Safety • My Habit” since 2017 to promote safety awareness and continuously invest in the provision of appropriate selfowned safety tools to sub-contractors or suppliers in high risk operations.

如未能成功投標取得新合約工程、香港特區政府 或其他機構組織大幅削減公營工程開支及╱或 延遲批出工程合約，均可能對本集團的業務及盈 利能力造成重大不利影響。本集團在建造業積累 超逾四十年的經驗，我們將繼續密切留意項目安 全，項目質量和項目效率，以確保我們在投標新 項目方面保持競爭力。

施工風險

本集團面臨有關價格波動、工程時間、施工質 量、環保及安全等與建築業務相關的施工風險， 或會對本集團的盈利能力造成不利影響。本集團 通過風險轉移、加強施工隊伍與項目評估及採購 部門之間的溝通，以及實施符合國際標準的管理 系統等措施來管理及減輕這些風險。

合規風險

本集團面臨各種法例與法規的合規風險：包括但 不限於有關建築、勞工、職業健康與安全、環境 保護、承建商註冊及香港上市的法例與法規。不 合規的行為可能引致法律制裁、重大財務損失及 有關本集團的聲譽及/或損失業務等結果。本集團 非常關注可能為本集團帶來法律風險及業務風險 的法律與法規的制定和修改，並會為有需要的僱 員安排合適的培訓及經驗分享。本集團亦自二零 一七年起推出安全推廣活動「安全‧我的習慣」， 以提升安全意識，並繼續投放資源為分判商或供 應商的高風險作業提供適當自置安全用具。

67

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

RepoRt of the DiRectoRs 董事會報告

Risk on Reliance of Key Management Personnel

The Group’s success and growth depends on our ability to identify, hire, train and retain suitable, skilled and qualified employees, including management personnel with the requisite industry expertise. The Directors and members of senior management, in particular, the Executive Directors, are important to the Group. If any of the Executive Directors cease to be involved in the management of the Group and the Group is unable to find suitable replacements in a timely manner, there could be an adverse impact on our business, results of operation and profitability of the Group. The Group manages this risk by providing competitive remuneration packages and benefits which including discretionary performance-related bonus, incentive travels and subsidies for education and training programmes.

Business Partners Risk

The Group relies on third-party sub-contractors and service providers in certain parts of its business. The management realises that such operational dependency may pose a threat of vulnerability to unexpected poor or lapses in service including reputation damage, business disruption and monetary losses. In addition, some of the Group’s businesses are conducted through joint ventures/joint operations in which the Group shares control and risks with other business partners. The relevant risks include that these business partners may not continue their relationships with the Group, do not work for the Group’s interest, take actions against the Group’s interest, undergo a change of control or not fulfil their obligations under the joint ventures/joint operations. To address such uncertainties, the Group only engages/cooperates with reputable and experienced business partners and closely monitors their performance.

Cyber and Information Security Risk

Frequency of cyber-attacks like sophisticated phishing campaigns and ransomware continued increased in recent years. The potential threat of a cyber-attack is increasing. Cyberattacks may lead to loss of information, leakage of confidential information, unavailability of systems and disruption of operation that significant costs may be required for data recovery and system restoration, and/or possible claims. The Group manages this risk by implement security measures such as firewall, anti-spam and anti-virus protection, and increase internal communication of cyber and information security threats to raise staff awareness.

依賴主要管理人員的風險

本集團的成功與發展取決於我們物色、聘用、培 訓及挽留適當、熟練及合資格僱員的能力，包括 具備所需行業專業知識的管理人員。董事及高級 管理層成員（尤其是執行董事）對我們非常重要。 若任何該等執行董事日後不再參與管理本集團， 而本集團未能及時覓得適當替代人選，則可能對 本集團的業務、經營業績及盈利能力造成不利影 響。本集團通過提供有競爭力的薪酬計劃及褔利 包括酌情表現花紅、獎勵旅遊及教育津貼及培訓 計劃管理相關風險。

業務夥伴風險

本集團依賴第三方分判商及服務供應商提供若干 部分的業務。管理層清楚該等營運依賴性或會令 本集團在服務突然轉差或出現真空期時，容易受 到不利影響，包括聲譽受損、業務中斷及金錢損 失。此外，本集團部分業務以合營企業/共同經營 進行，與其他業務夥伴分擔控制和風險。相關風 險包括:該等業務夥伴或未能與本集團維持其合作 關係、不以本集團利益而行事、向本集團採取不 利行動、控制權變更或未能履行其於合營企業/共 同經營安排的責任等。針對有關不明朗因素，本 集團僅會聘請或與信譽良好及富經驗的業務夥伴 合作，並會密切監察其表現。

網絡及信息安全風險

近年來，網絡釣魚及勒索軟件等複雜的網絡攻擊 個案有上升趨勢，而網絡攻擊的潛在風險亦與日 俱增。網絡攻擊或會引致信息丟失、洩漏機密資 料、系統失靈及業務中斷。數據復原及系統復原 成本不菲，亦/或可能引致索賠。本集團通過實施 防火牆、反垃圾郵件和防病毒保護等安全措施來 管理這一項風險，並增強內部有關網絡及信息安 全威脅的溝通以提高員工意識。

68 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

PROPERTY, PLANT AND EQUIPMENT

Details of movements in the Group’s property, plant and equipment during the year are set out in note 14 to the financial statements.

BANK BORROWINGS

Particulars of bank borrowings of the Group as at 31 March 2021 are set out in note 25 to the financial statements.

SHARE CAPITAL AND SHARE OPTIONS

There was no movement in the Company’s authorised share capital, issued share capital and share options during this year. Details of movements in the Company’s issued share capital and share options are set out in note 27 and 28 to the financial statements.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company’s Articles of Association (the “ Articles ”) or laws of the Cayman Islands which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.

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

Neither the Company, nor any of its subsidiaries purchased, redeemed or sold any of the Company’s listed securities during the year ended 31 March 2021.

RESERVES

Details of movements in the reserves of the Company and the Group during the year are set out in note 37 to the financial statements and in the consolidated statement of changes in equity, respectively.

物業、機器及設備

本集團的物業、機器及設備於本年度的變動詳情 載於財務報表附註14。

銀行貸款

本集團於二零二一年三月三十一日的銀行貸款的 詳情載於財務報表附註25。

股本及購股權

於本年度內，本公司的法定股本，已發行股本及 購股權無任何變動。本公司已發行股本及購股權 的變動詳情載於財務報表附註27及28。

優先購買權

本公司的《組織章程細則》（「細則」）或開曼群島法 例並無優先購買權的規定，故此本公司無須按比 例向現有股東發售新股。

購買、出售或贖回本公司上市證券

本公司或其任何附屬公司概無於截至二零二一年 三月三十一日止年度內買賣、出售或贖回本公司 任何上市證券。

儲備

於本年度內，本公司及本集團的儲備變動詳情分 別載於財務報表附註37，以及綜合權益變動表。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 69

RepoRt of the DiRectoRs 董事會報告

DISTRIBUTABLE RESERVES

At 31 March 2021, the Company’s reserves available for distribution, calculated in accordance with the Companies Law of the Cayman Islands, amounted to HK$626,739,000 (31 March 2020: HK$595,356,000).

DONATIONS

During the year, the Group made donations for charitable and other purposes of HK$3,347,000 (2020: HK$8,201,000).

MAJOR CUSTOMERS AND SUPPLIERS

The Group recognises the importance of maintaining good relationships with customers, suppliers and sub-contractors to achieve its long-term business growth and development. Accordingly, the Group has kept good communications and shared business updates with business partners when appropriate.

For the year ended 31 March 2021, revenue earned from the Group’s five largest customers accounted for approximately 99.8% (2020: 98.5%) of the total revenue and revenue earned from the largest customer included therein accounted for approximately 32.4% (2020: 38.2%). Two (2020: three) out of the five largest customers are from the public sector. The Group has not entered into any long-term framework agreements with any of these major customers.

Costs paid to the Group’s five largest suppliers/subcontractors accounted for approximately 18% (2020: 25%) of the total subcontracting charges and material costs incurred for the year. Costs paid to the largest supplier/subcontractor included therein accounted for approximately 4% (2020: 11%).

None of the Directors, their close associates, or any Shareholder (which to the knowledge of the Directors own more than 5% of the Company’s issued share capital) has any interest in the Group’s five largest customers and suppliers.

可供分派儲備

於二零二一年三月三十一日，本公司根據開曼群 島公司法計算的可供分派儲備約為626,739,000港 元（二零二零年三月三十一日：595,356,000港元）。

捐款

於本年度內，本集團作出的慈善及其他捐款 3,347,000港元（二零二零年：8,201,000港元）。

主要客戶及供應商

本集團認同保持與客戶、供應商和分判商的良好 關係，對實現長遠業務增長和發展的重要性。因 此，本集團一直與業務夥伴保持良好的溝通，並 適當時與他們分享最新業務資訊。

於截至二零二一年三月三十一日止年度，本集團 自其五大客戶所賺取的合約工程收入佔本年度合 約工程收入總額約99.8%（二零二零年：98.5%）， 其中來自最大客戶的合約工程收入約佔32.4%（二 零二零年：38.2%）。五大客戶中的兩名（二零二零 年：三名）為公營機構。本集團並無與任何主要客 戶訂立任何長期框架協議。

本集團向五大供應商╱分判商的支出佔本年度產 生的分判支出及材料成本總額約18%（二零二零 年：25%）。其中支付最大供應商╱分判商的支出 約佔4%（二零二零年：11%）。

概無董事、其緊密聯繫人或任何股東（據董事所知 擁有超過5％本公司已發行股本）於本集團五大客 戶及供應商中擁有任何權益。

70 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

DIRECTORS

The Directors during the year and up to the date of approval of this report were:

Executive Directors

Mr. NGAI Chun Hung (“ Mr. NGAI ”) (Chairman)

Mr. CHEUNG Ho Yuen (“ Mr. CHEUNG ”) (Chief Executive

董事

於本年度及直至批准本報告之日的期間內，本公 司的董事如下：

執行董事 魏振雄先生（「魏先生」）（主席） 張浩源先生（「張先生」）（行政總裁）

Officer)

Mr. IP Yik Nam (“ Mr. IP ”)

Mr. LAU Chi Fai Daniel (“ Mr. LAU ”)

Mr. YAU Kwok Fai (“ Mr. YAU ”)

Independent Non-executive Directors (“INED(s)”)

Prof. KO Jan Ming (“ Prof. KO ”) (appointed on 1 February 2021)

Dr. LEE Man Piu Albert (“ Dr. LEE ”) (appointed on 1 February 2021)

Dr. LI Yok Sheung (“ Dr. LI ”)

Ms. LEUNG Yuen Shan Maisy (“ Ms. LEUNG ”)

Ms. MAK Suk Hing (“ Ms. MAK ”)

Mr. MONG Chan (“ Mr. MONG ”) (appointed on 1 February 2021)

At the 2021 AGM to be held on 26 August 2021, Mr. NGAI, Mr. YAU and Dr. LI shall retire from office in accordance with article 108 of the Articles. In accordance with article 112 of the Articles, Prof. KO, Dr. LEE and Mr. MONG, each was appointed as an INED by the Board with effect from 1 February 2021, shall hold office until the closing of the Company’s next general meeting, i.e. the 2021 AGM. All the retiring Directors, being eligible, will offer themselves for re-election or election to serve for another term at the 2021 AGM.

CONFIRMATION OF INDEPENDENCE OF INEDs

Pursuant to Rule 3.13 of the Listing Rules, the Company has received from each of Prof. KO, Dr. LEE, Dr. LI, Ms. LEUNG, Ms. MAK and Mr. MONG’s annual confirmation of independence.

The Board considers all of the INEDs are independent in accordance with related Listing Rules. The independence consideration of Prof. KO, Dr. LEE and Mr. MONG has been set out in the section headed “The INEDs” on page 38 of this annual report.

葉亦楠先生（「葉先生」） 劉志輝先生（「劉先生」） 游國輝先生（「游先生」）

獨立非執行董事（「獨立非執行董事」） 高贊明教授（「高教授」）（於二零二一年二月一日 獲委任） 李文彪醫生（「李醫生」）（於二零二一年二月一日 獲委任） 李毓湘博士（「李博士」） 梁婉珊女士（「梁女士」） 麥淑卿女士（「麥女士」） 蒙燦先生（「蒙先生」）（於二零二一年二月一日獲 委任）

於即將於二零二一年八月二十六日舉行的二零 二一年股東週年大會上，魏先生、游先生及李博 士將根據細則第108條退任董事。根據本公司之細 則第112條，高教授、李醫生及蒙先生（均獲董事 會委任為獨立非執行董事，自二零二一年二月一 日起生效）之任期至本公司下屆股東大會（即二零 二一年股東週年大會）完結之時。所有以上退任董 事均符合資格並願意於二零二一年股東週年大會 上膺選連任及選舉。

獨立非執行董事的獨立確認書

根據上市規則第3.13條，本公司已接獲高教授、 李醫生、李博士、梁女士、麥女士及蒙先生各自 的年度獨立性確認書。

董事會認為彼等按相關上市規則均屬獨立人士。 關於高教授、李醫生及蒙先生的獨立性考量已載 於本年報第38頁的「獨立非執行董事」一節。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 71

RepoRt of the DiRectoRs 董事會報告

NON-COMPETITION UNDERTAKINGS

Each of the Covenantors (as defined in the Prospectus of the Company dated 26 January 2017 (the “ Prospectus ”)) has confirmed to the Company of his/its compliance with the noncompetition undertakings provided to the Company under the Deed of Non-Competition (as defined in the Prospectus). The INEDs have reviewed the status of compliance and confirmed that all the undertakings under the Deed of Non-Competition have been complied with by the controlling shareholders during the year ended 31 March 2021.

DIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIES

Brief biographical details of the Directors and the senior management of the Group are set out on pages 25 to 34 of this annual report.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors has a service contract with the Company or any of its subsidiaries which is of a duration exceeding three years or which is not determinable by the Group within one year without payment of compensation (other than statutory compensation).

DIRECTORS’ REMUNERATION

Particulars of the Directors’ remuneration are set out in note 9 to the financial statements.

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

Other than the contracts as further detailed in section headed “RELATED PARTY TRANSACTIONS” below, no Director nor a connected entity of a Director had a material interest, either directly or indirectly, in any transactions, arrangements or contracts of significance to the Group’s business to which the holding company of the Company, or any of the Company’s subsidiaries or fellow subsidiaries was a party, at any time during the year.

MANAGEMENT CONTRACTS

Save for contract of service with the executive Directors, no contract by which a person undertakes the management and administration of the whole or any substantial part of the Company’s business was entered into or subsisted during the year.

不競爭承諾

各契諾人（定義見本公司於日期為二零一七年一月 二十六日的招股章程（「招股章程」））已向本公司 確認，其已遵守根據不競爭契據（定義見招股章 程）向本公司提供的不競爭承諾。獨立非執行董 事已審閱合規情況，並確認截至二零二一年三月 三十一日止年度內控股股東已根據不競爭契據遵 守所有承諾。

董事及高級管理人員的履歷

董事及本集團高級管理層的簡歷載於本年報第25 頁至34頁。

董事的服務合約

各董事並無與本公司或其任何附屬公司訂立任何 年期超逾三年或規定本集團不可在一年內在不予 賠償的情況下（除作出法定賠償外）終止其服務的 服務合約。

董事酬金

董事酬金的詳情載於財務報表附註9。

董事的交易、安排或合約權益

除於下文「關連方交易」一段所披露的合約外，董 事及其聯繫人士並無於本年度的任何時候在本公 司的控股公司或本公司的任何附屬公司或同系附 屬公司作為一方的交易、安排及及合約中擁有直 接或間接的重大權益。

管理合約

除與執行董事簽定的服務合約外，於本年度內並 無簽定亦不存在由一人士承擔本公司業務的全部 或任何重大部分的管理及行政合約。

72 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

PERMITTED INDEMNITY PROVISION

Pursuant to the Articles, every Director and officer shall be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, costs, charges, losses, damages and expenses which he/she may incur in or sustain by the execution of his/her duty or otherwise in relation thereto. The Company has maintained appropriate insurance cover for the Directors and officers in connection with the discharge of their responsibilities throughout the year.

DIRECTORS’ INTERESTS IN COMPETING BUSINESS

At 31 March 2021, Mr. NGAI’s son, Mr. NGAI Wing Yin, aged over 18, is a director of Lanon Development Limited (“ Lanon Development ”), Lanon Construction Limited (“ Lanon Construction ”), Lanon Building Limited (“ Lanon Building ”), Lanon Architectural Limited (“ Lanon Architectural ”) and Lanon Engineering Limited (“ Lanon Engineering ”), all incorporated in Hong Kong and engaging in construction, maintenance and engineering contract works.

Meanwhile, Ms. WONG Chui Yee, Mr. NGAI Wing Yin’s wife and Mr. NGAI’s daughter-in-law, aged over 18, is also a director of Lanon Development. As at 31 March 2021, Mr. NGAI Wing Yin holds 100% beneficial interest in Lanon Development, Lanon Construction, Lanon Building, Lanon Architectural and Lanon Engineering.

The power to make material business decisions for the Group is vested in the Board. Whenever the Board considers that there may be a conflict of interest between the Group and any Director (including Mr. NGAI who is an Executive Director, Chairman of the Board and a controlling shareholder of the Company), such Director will be required to abstain from discussion and voting. Therefore, the Board is capable of carrying on the Group’s business independent of, and at arm’s length, from the business of Mr. NGAI.

Save as disclosed above, as at 31 March 2021, none of the Directors or their respective close associates is interested in any business which competes or was likely to compete, either directly or indirectly, with the business of the Group.

允許賠償條款

根據細則，每名董事及高級管理人員就履行彼等 的職務或與此有關的情況而招致或蒙受的所有行 動、費用、收費、損失、損害及開支，均可從本 公司的資產及利潤獲得彌償及可獲確保免就此受 到任何損害。本公司於年內一直持有適當的保險 保障範圍，以保障董事及高級管理人員在履行其 職責時的責任。

董事於競爭性業務中的權益

於二零二一年三月三十一日，魏先生的兒子魏穎 然先生（已超過十八歲）為亮雅發展有限公司（「亮 雅發展」）、亮雅建築有限公司（「亮雅建築」）、 亮雅建設有限公司（「亮雅建設」）、亮雅建築設計 有限公司（「亮雅建築設計」）及亮雅工程有限公司 （「亮雅工程」）的董事，該等公司為於香港註冊成 立的有限公司，主要從事建築、維修及土木工程 的合約工作。

同時，黃翠怡小姐（為魏穎然先生的太太及魏先生 的媳婦，已超過十八歲）亦為亮雅發展的董事。於 二零二一年三月三十一日，魏穎然先生持有亮雅 發展、亮雅建築、亮雅建設、亮雅建築設計及亮 雅工程的100%實益權益。

本集團作出重大業務決策的權力歸於董事會。每 當董事會認為本集團與任何董事之間可能有利益 衝突時，有關董事（包括作為本公司執行董事、董 事會主席兼控股股東的魏先生）須放棄討論及表 決。因此，董事會在經營本集團的業務時，能與 魏先生的業務保持獨立性和正常業務距離。

除上文所披露者外，於二零二一年三月三十一 日，董事及彼等各自的緊密聯繫人士並無於直接 或間接與本集團業務構成競爭或可能構成競爭的 業務中擁有任何權益。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

RepoRt of the DiRectoRs 董事會報告

D I R E C T O R S ’ A N D C H I E F E X E C U T I V E ’ S INTERESTS IN SECURITIES

As at 31 March 2021, details of the interests and short positions of each of the Director and chief executive of the Company in the Shares, underlying Shares and debentures of the Company as required to be notified to the Company and The Stock Exchange of Hong Kong Limited (“ The Stock Exchange ”) pursuant to Divisions 7 and 8 of Part XV of the Securities and Futures Ordinance (the “ SFO ”) (including interests and short positions which they were taken or deemed to have taken 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:

董事及最高行政人員的證券權益

於二零二一年三月三十一日，本公司各董事及最 高行政人員於本公司的股份、相關股份及債券中 擁有根據證券及期貨條例（「證券及期貨條例」）第 XV部第7及第8分部須知會本公司及香港聯合交易 所有限公司（「聯交所」）的任何權益及淡倉（包括 根據證券及期貨條例有關條文被當作或被視為擁 有的權益及淡倉）；或根據證券及期貨條例第352 條規定須記錄於本公司須予存置的登記冊內的任 何權益及淡倉；或根據上市規則附錄十所載的《上 市發行人董事進行證券交易的標準守則》（「標準 守則」）而須知會本公司及聯交所的任何權益及淡 倉如下：

Long Position in the Shares of the Company:

於本公司普通股（「股份」）中的好倉：

			% of issued
	Capacity and	Number of	share capital of
Director	nature of interests	Shares interested	the Company
		擁有權益的	佔本公司已發行
董事	身份及權益性質	股份數目	股本的百分比
			(note (ii))
			（附註(ii)）
Mr. NGAI_(note (i))_	Interest in a controlled corporation	1,500,000,000	75.000
魏先生（附註(i)）	於一受控制法團的權益
Mr. CHEUNG	Personal	66,857	0.003
張先生	個人
Mr. LAU	Personal	300,000	0.015
劉先生	個人
Prof. KO	Personal	28,000	0.001
高教授	個人

74 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

Notes:

• (i) These Shares are legally and beneficially owned by Golden Lux Holdings Limited (“ Golden Lux ”, a company incorporated in the British Virgin Islands (“ BVI ”) with limited liability and the entire issued share capital of which is wholly-owned by Golden More Limited (“ Golden More ”, a company incorporated in the BVI and the entire issued share capital of which is legally and beneficially owned by Mr. NGAI)). Accordingly, Mr. NGAI is interested in the 1,500,000,000 Shares held by Golden Lux, under the SFO.

• (ii) The percentages showing in the table are approximates.

As at 31 March 2021, 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 31 March 2021, 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 and short positions which they were taken or deemed to have taken 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.

附註：

• (i) 該等股份由金力控股有限公司（「金力」，一間於英 屬維爾京群島註冊成立的有限公司，其全部已發 行股本由金進有限公司（「金進」，一間於英屬維爾 京群島註冊成立的有限公司，其全部已發行股本 由魏先生法定及實益擁有）），法定及實益擁有。 因此，根據證券及期貨條件，魏先生於金力持有 本公司之1,500,000,000股股份中擁有權益。

(ii) 表中所示的百分比為約數。

於二零二一年三月三十一日，本公司及其相聯法 團並無任何已授予董事，而據此可認購本公司及 其相聯法團的證券的尚未行使的購股權。

於二零二一年三月三十一日，本公司董事及最高 行政人員概無於本公司或其任何相關法團（定義見 證券及期貨條例第XV部）的股份、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的任何權益或淡倉（包括 根據證券及期貨條例有關條文被當作或被視為擁 有的權益及淡倉）；或根據證券及期貨條例第352 條規定須記錄於本公司須予存置的登記冊內的任 何權益或淡倉；或根據標準守則須知會本公司及 聯交所的任何權益或淡倉。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

RepoRt of the DiRectoRs 董事會報告

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 year ended 31 March 2021 was the Company, its holding company or any of its subsidiaries a party to any arrangement to enable the Directors, their respective spouses, or children to acquire benefits by means of acquisition of shares in or debentures of the Company or any other body corporate.

SHARE OPTION SCHEME

Particulars of the Share Option Scheme adopted by the Company on 31 August 2018 (the “ Scheme ”) are set out in note 28 to the financial statements.

From the date of the adoption of the Scheme up to the date of approval of this annual report, the Company did not grant any share options under the Scheme.

Save as the Scheme, no equity-linked agreements were entered into by the Group during this year or subsisted at the end of this year.

董事購入證券或債券的權益

除上文「董事及最高行政人員的證券權益」一節所 披露者外，本公司、其控股公司或其任何附屬公 司在截至二零二一年三月三十一日止年度內，概 無作出任何安排致使董事、彼等各自的配偶或子 女，可藉著購入本公司或任何其他法人團體的股 份或債務證券而獲取利益。

購股權計劃

本公司於二零一八年八月三十一日採納之購股權 計劃（「該計劃」）的詳情已載於財務報表附註28。

自該計劃採納日期起至批准本年報之日，本公司 並無根據該計劃授出任何購股權。

除上述的該計劃外，本集團概無於本年度內訂立 股票掛鈎協議，亦概無股票掛鈎協議於本年末存 續。

76 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN SECURITIES

As at 31 March 2021, according to the register kept by the Company pursuant to Section 336 of the 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:

主要股東的證券權益

於二零二一年三月三十一日，根據按證券及期貨 條例第336條規定記錄於本公司須予存置的登記 冊，以下人士及公司（本公司董事或最高行政人員 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分部的條文須向本公司 披露的權益或淡倉：

Long Positions in the Shares:

於本公司股份的好倉 :

				% of issued
				share capital
			Number of	of the
Name of shareholders	Notes	Capacity and nature of interests	Shares held	Company
			所持有普通	佔本公司已發行
股東姓名/名稱	附註	身份及權益性質	股份數目	股本百份比
Golden Lux	(i)	Beneficially owned	1,500,000,000	75
金力		實益擁有人
Golden More	(i)	Interested in a controlled	1,500,000,000	75
金進		受控制法團權益
Ms. CHENG Wai Chun	(ii)	Corporation	1,500,000,000	75
(“Ms. CHENG”)		Interested in a controlled corporation and
		interest of spouse
鄭惠珍女士（「鄭女士」）		受控制法團權益及配偶權益

Notes:

附註：

• (i) Golden Lux is wholly-owned by Golden More. As such, Golden More is deemed to be interested in the 1,500,000,000 Shares owned by Golden Lux under the SFO.

• (i) 金力由金進全資擁有。因此，根據證券及期貨條 例，金進被視為於金力所持有的1,500,000,000股 股份中擁有權益。

• (ii) Ms. CHENG is the spouse of Mr. NGAI. Ms. CHENG is deemed to be interested in the 1,500,000,000 Shares held by Golden Lux under the SFO.

• (ii) 鄭女士為魏先生的配偶。根據證券及期貨條例， 鄭女士被視為於金力所持有的1,500,000,000股股 份中擁有權益。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 77

RepoRt of the DiRectoRs 董事會報告

Save as disclosed above, as at 31 March 2021, no other person (other than the Directors and chief executive of the Company) had an interest or short position in the Shares 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 31 March 2021, 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.

RELATED PARTY TRANSACTIONS

During the year, the Group entered into certain transactions with the companies controlled by Mr. NGAI and a subsidiary of joint venture. 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 33 to the financial statements. The transactions with the companies controlled by Mr. NGAI also constitute de minimis continuing connected transactions of the Company as defined in Chapter 14A of the Listing Rules.

RETIREMENT BENEFIT SCHEME

The Group has joined mandatory provident fund schemes (the “ MPF Schemes ”), which have been registered with the Mandatory Provident Fund Schemes Authority under the Mandatory Provident Fund Schemes Ordinance for its employees (including the Executive Directors). Assets of the MPF Schemes are held separately from those of the Group in funds under the control of an independent trustee. Pursuant to the rules of the MPF Schemes, the employer and its employees are each required to make contributions at rates specified in the MPF Schemes. The only obligation to the Group with respect to the MPF Schemes is to make the required contributions under these schemes.

除上文所述者外，於二零二一年三月三十一日， 概無其他人士（本公司董事及最高行政人員除外） 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分部的條文須向本公司披露 的權益或淡倉，亦無任何人士於二零二一年三月 三十一日直接或間接擁有在任何情況下可於本集 團屬下任何其他成員公司的股東大會上投票的任 何類別股本面值10%或以上的權益。

關連方交易

年內，本集團與魏先生控制的公司及合營企業的 一間附屬公司進行了若干項交易。此等交易主要 涉及本集團於日常業務過程中按一般商業條款經 公平原則磋商而訂立的合約。交易的進一步詳情 載於財務報表附註33。該等與魏先生所控制的公 司的交易亦構成上市規則第14A章所界定的符合 最低豁免水平的持續關連交易。

退休金計劃

本集團已為其僱員（包括執行董事）按《強制性公積 金計劃條例》參加了已向強制性公積金計劃管理局 登記的強制性公積金計劃（「該等強積金計劃」）。 該等強積金計劃的資產與本集團的資產分開及受 獨立信託人管理。按該等強積金計劃的條款，僱 主及僱員均須各自按計劃作相應比率的供款。本 集團對該等強積金計劃的唯一責任是作出所需的 供款。

78 Annual Report 2020-2021 年報

RepoRt of the DiRectoRs 董事會報告

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the knowledge of the Directors, 25% of the Company’s total number of issued shares was held by the public as at the date of approval of this annual report.

DISCLOSURE PURSUANT TO RULE 13.21 OF THE LISTING RULES

During the year ended 31 March 2021, the Company had no disclosure obligation pursuant to Rules 13.21 of the Listing Rules.

EVENTS AFTER THE REPORTING PERIOD

There was no significant event relevant to the business or financial performance of the Group that has come to the attention of the Directors subsequent to the year ended 31 March 2021 and up to the date of approval of this annual report.

FUTURE DEVELOPMENT OF THE GROUP’S BUSINESS

Please refer to the section headed “OUTLOOK” under the section “CHAIRMAN’S STATEMENT” of this annual report for an indication of the likely future development in the Group’s business.

CORPORATE GOVERNANCE

The Company is committed to maintaining a high standard of corporate governance through its continuous effort in improving its corporate governance practices. Information on the corporate governance practices adopted by the Company is set out in the section “CORPORATE GOVERNANCE REPORT” contained in this annual report.

足夠的公眾持股量

根據本公司可得的公眾資訊，並在董事所知範圍 內，於批准本報告之日，本公司已發行總股數之 25%由公眾人士持有。

根據上市規則第 13.21 條而作出的披露

於截至二零二一年三月三十一日止年度內，本公 司概無須根據上市規則第13.21條而作出披露的責 任。

報告期後事項

於截至二零二一年三月三十一日止年度後至批准 本年報之日的期間內，董事概無發現與本集團業 務或財務表現有關的重大事件。

本集團業務的未來發展

有關本集團業務未來發展的展望，請參閱本年報 中「主席報告」一節項下「前景」的分節。

企業管治

本公司致力於通過不斷努力改進其公司管治實 務，以保持高標準的公司管治。有關本公司的企 業管治常規的詳情已載於本年報「企業管治報告」 一節。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 79

RepoRt of the DiRectoRs 董事會報告

REVIEW OF FINANCIAL STATEMENTS

The Audit Committee has reviewed the Group’s consolidated financial statements for the year ended 31 March 2021, including the accounting principles and practices adopted by the Group and recommended to the Board for approval.

AUDITOR

The consolidated financial statements have been audited by Ernst & Young, Certified Public Accountants, who retire and, being eligible, offer themselves for reappointment at the forthcoming AGM. A resolution for the re-appointment of Ernst & Young as external auditor of the Company will be proposed at the forthcoming AGM.

On behalf of the Board of

ABLE ENGINEERING HOLDINGS LIMITED

NGAI Chun Hung

Chairman

Hong Kong, 23 June 2021

財務報表的審閱

審核委員會已審閱本集團截至二零二一年三月 三十一日止年度的綜合財務報表（包括本集團採用 的會計原則及慣例）並建議董事會批准。

核數師

綜合財務報表已經由安永會計師事務所（執業會計 師）審核，其任滿退任及符合資格，並願意在應屆 股東週年大會上獲續聘。在即將舉行的股東週年 大會上將提呈決議案，議決重聘安永會計師事務 所為本公司的外聘核數師。

代表董事會 安保工程控股有限公司

主席

魏振雄

香港，二零二一年六月二十三日

80 Annual Report 2020-2021 年報

Independent AudItor’s report 獨立核數師報告

==> picture [87 x 71] intentionally omitted <==

To the shareholders of Able Engineering Holdings Limited (Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Able Engineering Holdings Limited (the “ Company ”) and its subsidiaries (the “ Group ”) set out on pages 89 to 192, which comprise the consolidated statement of financial position as at 31 March 2021, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 March 2021, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“ HKFRSs ”) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

致安保工程控股有限公司股東

（於開曼群島註冊成立之有限公司）

意見

我們已審計列載於第89頁至第192頁的安保工程 控股有限公司（以下簡稱「 貴公司」）及其附屬公 司（以下統稱「 貴集團」）的綜合財務報表，此綜 合財務報表包括於二零二一年三月三十一日的綜 合財務狀況表與截至該日止年度的綜合損益及其 他全面收入表、綜合權益變動表和綜合現金流量 表，以及綜合財務報表附註，包括主要會計政策 概要。

我們認為，該等綜合財務報表已根據香港會計師 公會（以下簡稱「香港會計師公會」）頒佈的香港 財務報告準則（以下簡稱「香港財務報告準則」） 真實而公允地反映了 貴集團於二零二一年三月 三十一日的綜合財務狀況及截至該日止年度的綜 合財務表現及綜合現金流量，並已遵照香港公司 條例的披露規定妥為擬備。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 81

Independent AudItor’s report 獨立核數師報告

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“ HKSAs ”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “ Code ”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

意見的基礎

我們已根據香港會計師公會頒佈的香港審計準則 （以下簡稱「香港審計準則」）進行審計。我們在該 等準則下承擔的責任已在本報告「核數師就審計綜 合財務報表承擔的責任」部分中作進一步闡述。根 據香港會計師公會頒佈的「專業會計師道德守則」 （以下簡稱「守則」），我們獨立於 貴集團，並已 履行守則中的其他專業道德責任。我們相信，我 們所獲得的審計憑證能充足及適當地為我們的意 見提供基礎。

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

關鍵審計事項

關鍵審計事項是根據我們的專業判斷，認為對本 期綜合財務報表的審計最為重要的事項。這些事 項是在對綜合財務報表整體進行審計並形成意見 的背景下進行處理的，我們不對這些事項提供單 獨的意見。我們對下述每一事項在審計中是如何 應對的描述也以此為背景。

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

我們已經履行了本報告「核數師就審計綜合財務報 表承擔的責任」部分闡述的責任，包括與這些關鍵 審計事項相關的責任。相應地，我們的審計工作 包括執行為應對評估的綜合財務報表重大錯報風 險而設的審計程序。我們執行審計程序的結果， 包括應對下述事項所執行的程序，為隨附的綜合 財務報表發表審計意見提供了基礎。

82 Annual Report 2020-2021 年報

Independent AudItor’s report 獨立核數師報告

KEY AUDIT MATTERS (continued) 關鍵審計事項（續）

KEY AUDIT MATTERS(continued) 關鍵審計事項（續）
Key audit matter 關鍵審計事項	How our audit addressed the key audit matter 我們進行審計時如何處理關鍵審計事項
Accounting for construction contracts 建築合約的會計處理
For the year ended 31 March 2021, the Group’s revenue and costs recognised for contract works amounted to approximately HK$3,705 million and HK$3,558 million, respectively. 截至二零二一年三月三十一日止年度， 貴集團就合約 工程確認的收入及成本分別約37.05億港元及35.58億港 元。 The Group’s revenue from construction contracts is recognised over time using the output method, based on direct measurements of the values transferred by the Group to the customers with reference to the certified values of works performed up to the end of the reporting period. The contract costs are recognised when work is performed, together with any provision for expected future losses. 貴集團來自建築合約的收入根據直接計量 貴集團向客 戶轉移的價值，經參考直至報告期末已施工之經核定價 值，使用產出法在一段時間內確認。合約成本於工程施 工時連同任何預期未來虧損撥備確認。 The Group’s revenue and costs for contract works were significant to the Group’s consolidated financial statements and the recognition of profit on construction contracts required significant management judgement and estimate, particularly in forecasting the costs to complete a contract, in valuing contract variations, claims and potential liquidated damages and in estimating the amount of expected future losses. 貴集團的合約工程收入及成本對 貴集團綜合財務報表 屬重大，而確認建築合約溢利需要重大管理判斷及估 計，尤其是預測完成合約的成本、就合約變化、申索及 潛在違約賠償進行估值，以及估計預期未來虧損金額。	We performed the following procedures in relation to the recognition of revenue and costs for construction contracts: 我們已就確認建築合約收入及成本執行以下程序︰ • understanding and evaluating the Group’s process and control over contract revenue and contract costs recognition and budget estimation; • 了解及評估 貴集團確認合約收入及合約成本以 及估計預算的流程及控制； • testing the calculation of the revenue and profit recognised from construction contracts; • 測試建築合約確認的收入及利潤的計算； • agreeing the progress towards complete satisfaction of the performance obligation to the employers’ latest architect certificates; • 同意完全履行僱主最近的建築師證書之履約責任 的進度； • discussing with management and the respective project teams about the progress of major projects and the estimates and assumptions adopted in the forecast of contract costs, including estimated costs to completion and assessment of potential liquidated damages for major contracts; and • 與管理層及相關項目團隊討論主要項目進度以及 預測合約成本所採納的估計及假設，包括估計竣 工成本及主要合約的潛在違約賠償之評估；及

83

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Independent AudItor’s report 獨立核數師報告

KEY AUDIT MATTERS (continued) 關鍵審計事項（續）

KEY AUDIT MATTERS(continued) 關鍵審計事項（續）
Key audit matter 關鍵審計事項	How our audit addressed the key audit matter 我們進行審計時如何處理關鍵審計事項
Accounting for construction contracts (continued) 建築合約的會計處理（續）
The accounting policies and disclosures for the revenue and costs of construction contracts are included in notes 3, 4, 6 and 7 to the consolidated financial statements. 有關建築合約收入及成本的會計政策及披露，載於綜合 財務報表附註3、4、6及7內。	• testing the supporting documents of the budgets and actual costs incurred on a sampling basis, which include sub-contracting contracts, material purchase contracts/invoices and price quotations, etc. • 抽樣測試預算及實際已產生成本的證明文件，包 括分判合約、購料合約╱發票及報價等。

84 Annual Report 2020-2021 年報

Independent AudItor’s report 獨立核數師報告

OTHER INFORMATION INCLUDED IN THE ANNUAL REPORT

The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report, other than the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE DIRECTORS F O R T H E C O N S O L I D A T E D F I N A N C I A L STATEMENTS

The directors of the Company are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

刊載於年報內的其他信息

貴公司董事需對其他信息負責。其他信息包括刊 載於年報內的信息，但不包括綜合財務報表及我 們的核數師報告。

我們對綜合財務報表的意見並不涵蓋其他信息， 我們亦不對該等其他信息發表任何形式的核證結 論。

就我們對綜合財務報表的審計而言，我們的責任 是閱讀其他信息，在此過程中，考慮其他信息是 否與綜合財務報表或我們在審計過程中所了解的 情況存在重大抵觸或者在其他情況下似乎存在重 大錯報的情況。基於我們已執行的工作，如果我 們總結認為其他信息存在重大錯報，我們需要報 告該事實。在這方面，我們沒有任何報告。

董事就綜合財務報表須承擔的責任

董事須負責根據香港會計師公會頒佈的香港財務 報告準則及香港公司條例的披露規定擬備真實而 公允的綜合財務報表，並對其認為為使綜合財務 報表的擬備不存在由於欺詐或錯誤而導致的重大 錯報所需的內部監控負責。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 85

Independent AudItor’s report 獨立核數師報告

RESPONSIBILITIES OF THE DIRECTORS F O R T H E C O N S O L I D A T E D F I N A N C I A L STATEMENTS (continued)

In preparing the consolidated financial statements, the directors of the Company are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors of the Company either intend to liquidate the Group or to cease operations or have no realistic alternative but to do so.

董事就綜合財務報表須承擔的責任（續）

在擬備綜合財務報表時， 貴公司董事負責評 估 貴集團持續經營的能力，並在適用情況下披 露與持續經營有關的事項，以及使用持續經營為 會計基礎，除非 貴公司董事有意將 貴集團清 盤或停止經營，或別無其他實際的替代方案。

The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

審核委員會協助 貴公司的董事履行職責監 督 貴集團的財務報告過程。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Our report is made solely to you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

核數師就審計綜合財務報表承擔的責任

我們的目標是對綜合財務報表整體是否不存在由 於欺詐或錯誤而導致的重大錯報取得合理保證， 並出具包括我們意見的核數師報告。我們僅對全 體股東作出報告，除此以外，本報告並無其他用 途。我們不會就本報告的內容向任何其他人士負 上或承擔任何責任。

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

合理保證是高水平的保證，但不能保證按照香港 審計準則進行的審計，在某一重大錯報存在時總 能發現。錯報可以由欺詐或錯誤引起，如果合理 預期它們單獨或滙總起來可能影響綜合財務報表 使用者依賴綜合財務報表所作出的經濟決定，則 有關的錯報可被視作重大。

86 Annual Report 2020-2021 年報

Independent AudItor’s report 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

核數師就審計綜合財務報表承擔的責任 （續）

在根據香港審計準則進行審計的過程中，我們運 用了專業判斷，保持了專業懷疑態度。我們亦：

• 識別和評估由於欺詐或錯誤而導致綜合財 務報表存在重大錯報的風險，設計及執行 審計程序以應對這些風險，以及獲取充足 和適當的審計憑證，作為我們意見的基 礎。由於欺詐可能涉及串謀、偽造、蓄 意遺漏、虛假陳述，或凌駕於內部監控之 上，因此未能發現因欺詐而導致的重大錯 報的風險高於未能發現因錯誤而導致的重 大錯報的風險。

• 了解與審計相關的內部監控，以設計適當 的審計程序，但目的並非對 貴集團內部 監控的有效性發表意見。

• 評價董事所採用會計政策的恰當性及作出 會計估計和相關披露的合理性。

• 對董事採用持續經營會計基礎的恰當性作 出結論，並根據所獲取的審計憑證，確定 是否存在與事項或情況有關的重大不確定 性，從而可能導致對 貴集團的持續經營 能力產生重大疑慮。如果我們總結認為存 在重大不確定性，則有必要在核數師報告 中提請使用者注意綜合財務報表中的相關 披露，或假若有關的披露不足，則我們應 當修訂意見。我們的結論是基於核數師報 告日期止所取得的審計憑證。然而，未來 事項或情況可能導致 貴集團不能持續經 營。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 87

Independent AudItor’s report 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

核數師就審計綜合財務報表承擔的責任 （續）

• 評價綜合財務報表的整體列報方式、結構 和內容，包括披露，以及綜合財務報表是 否公允反映相關交易和事項。

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

• 就 貴集團內實體或業務活動的財務信息 獲取充足、適當的審計憑證，以便對綜合 財務報表發表意見。我們負責集團審計的 方向、監督和執行。我們為審計意見承擔 全部責任。

We communicate with the Audit Committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

我們與審核委員會溝通了（其中包括）審計的計劃 範圍、時間安排、重大審計發現等，包括我們在 審計中識別出內部監控的任何重大缺陷。

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

我們還向審核委員會提交聲明，說明我們已符合 有關獨立性的相關道德要求，並與他們溝通有可 能合理地被認為會影響我們獨立性的所有關係和 其他事項，以及（如適用）消除威脅的行動或所用 防範措施。

88 Annual Report 2020-2021 年報

Independent AudItor’s report 獨立核數師報告

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (continued)

From the matters communicated with the Audit Committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Mr. WONG Cheuk Keung.

Ernst & Young Certified Public Accountants

27/F, One Taikoo Place 979 King’s Road Quarry Bay, Hong Kong

23 June 2021

核數師就審計綜合財務報表承擔的責任 （續）

從與審核委員會溝通的事項中，我們釐定對本期 綜合財務報表的審計最為重要的事項，因而構成 關鍵審計事項。我們在核數師報告中描述這些事 項，除非法律或法規不允許公開披露這些事項， 或在極端罕見的情況下，如果合理預期在我們報 告中溝通某事項造成的負面後果超過產生的公眾 利益，我們決定不應在報告中溝通該事項。

出具本獨立核數師報告的審計項目合夥人是黃卓 强先生。

安永會計師事務所 執業會計師 香港鰂魚涌 英皇道979號 太古坊一座27樓

二零二一年六月二十三日

89

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Consolidated statement of Profit or loss and other ComPrehensive inCome 綜合損益及其他全面收入表

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

Notes 附註 REVENUE 收入 6 Contract costs 合約成本	2021 二零二一年 HK$’000 千港元 3,705,241 (3,558,208)	2020 二零二零年 HK$’000 千港元 1,547,841 (1,391,313) 156,528 13,940 (90,292) (40,588) (1,320) 1,328 39,596 (15,621) 23,975 (1,766)
Gross profit 毛利 Other income and gains 其他收入及收益 6 Administrative expenses 行政開支 Other expenses 其他開支 Finance costs 財務費用 8 Share of profits and losses of joint ventures 應佔合營企業損益	147,033 24,802 (65,180) – (8,350) 14,485
PROFIT BEFORE TAX 除稅前溢利 7 Income tax expense 所得稅開支 11	112,790 (18,090)
PROFIT FOR THE YEAR 年內溢利	94,700
OTHER COMPREHENSIVE LOSS 其他全面損失 Other comprehensive loss that may be reclassified to profit or loss in subsequent periods: 於其後期間可能重新分類到 損益的其他全面損失︰ Share of other comprehensive loss of joint ventures 應佔合營企業其他全面損失	–
OTHER COMPREHENSIVE LOSS FOR THE YEAR 年內其他全面損失	–	(1,766) 22,209
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 年內全面收入總額	94,700

90 Annual Report 2020-2021 年報

Consolidated statement of Profit or loss and other ComPrehensive inCome 綜合損益及其他全面收入表

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

Year ended 31 March 2021 截至二零二一年三月三十一日	止年度
Notes 附註 Profit for the year attributable to owners of the parent 母公司持有者應佔年內溢利	2021 二零二一年 HK$’000 千港元 94,700	2020 二零二零年 HK$’000 千港元 23,975
Total comprehensive income for the year attributable to owners of the parent 母公司持有者應佔年內 全面收入總額	94,700	22,209
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT 母公司普通權益持有者應佔 每股盈利 13 Basic and diluted (HK cents) 基本及攤薄（港仙）	4.74	1.20

91

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Consolidated statement of finanCial Position 綜合財務狀況表

31 March 2021 二零二一年三月三十一日
Notes 附註 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、機器及設備 14 Investment in joint ventures 於合營企業的投資 16 Financial assets at fair value through profit or loss 按公平值計入損益的金融資產 21 Deferred tax assets 遞延稅項資產 26	2021 二零二一年 HK$’000 千港元 1,185,004 88,606 5,137 217	2020 二零二零年 HK$’000 千港元 618,512 89,121 – 217
Total non-current assets 非流動資產總值	1,278,964	707,850
CURRENT ASSETS 流動資產 Accounts receivable 應收賬款 18 Contract assets 合約資產 19 Prepayments, other receivables and other assets 預付款項、其他應收款及 其他資產 20 Tax recoverable 可收回稅項 Restricted cash 受限制現金 22 Cash and cash equivalents 現金及現金等值物 22	203,611 521,027 44,835 955 110,000 904,933	201,272 218,845 58,388 8,165 110,000 616,645
Total current assets 流動資產總值	1,785,361	1,213,315
CURRENT LIABILITIES 流動負債 Accounts payable 應付賬款 23 Tax payable 應付稅項 Other payables and accruals 其他應付款及應計費用 24 Interest-bearing bank loans 計息銀行貸款 25	430,552 9,935 447,974 340,250	314,936 919 222,234 121,517
Total current liabilities 流動負債總值	1,228,711	659,606
NET CURRENT ASSETS 流動資產淨值	556,650	553,709
TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債	1,835,614	1,261,559

92 Annual Report 2020-2021 年報

Consolidated statement of finanCial Position 綜合財務狀況表

31 March 2021 二零二一年三月三十一日

31 March 2021 二零二一年三月三十一日
Notes 附註 TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債	2021 二零二一年 HK$’000 千港元 1,835,614	2020 二零二零年 HK$’000 千港元 1,261,559
NON-CURRENT LIABILITIES 非流動負債 Interest-bearing bank loans 計息銀行貸款 25 Other payables 其他應付款 24	482,000 4,071	– 6,716
Total non-current liabilities 非流動負債總值	486,071	6,716
Net assets 資產淨值	1,349,543	1,254,843
EQUITY 權益 Equity attributable to owners of the parent 母公司持有者應佔權益 Issued capital 已發行股本 27 Reserves 儲備 29	20,000 1,329,543	20,000 1,234,843
Total equity 總權益	1,349,543	1,254,843

NGAI Chun Hung 魏振雄 Director 董事

CHEUNG Ho Yuen 張浩源 Director 董事

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 93

Consolidated statement of Changes in equity 綜合權益變動表

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

At 1 April 2019 於二零一九年四月一日 Profit for the year 年內溢利 Other comprehensive loss for the year: 年內其他全面損失︰ Share of other comprehensive loss of joint ventures 應佔合營企業其他全面 損失	Attributable to owners of the parent 母公司持有者應佔 Issued capital Share premium Capital reserve Other reserve Retained profits Total equity 已發行股本 股份溢價 資本儲備 其他儲備 保留溢利 總權益 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 (note 29(b)) (note 29(c)) （附註29(b)）（附註29(c)） 20,000 574,485 (36,742) 1,766 753,125 1,312,634 – – – – 23,975 23,975 – – – (1,766) – (1,766) – – – (1,766) 23,975 22,209 – – – – (80,000) (80,000) 20,000 574,485 (36,742) – *697,100 1,254,843 – – – – 94,700 94,700 20,000 574,485 (36,742) *– 791,800 1,349,543**
Total comprehensive income/(loss) for the year 年內全面收入╱（損失） 總額 2018/19 final dividends 二零一八年╱一九年末期 股息
At 31 March 2020 and 1 April 2020 於二零二零年三月三十一日及 二零二零年四月一日 Profit and total comprehensive income for the year 年內溢利及全面收入 總額
At 31 March 2021 於二零二一年三月三十一日

• These reserve accounts comprise the consolidated reserves of * HK$1,329,543,000 (2020: HK$1,234,843,000) in the consolidated statement of financial position.

該等儲備金額組成綜合財務狀況表內的綜合儲備 1,329,543,000港元（二零二零年︰1,234,843,000港 元）。

94 Annual Report 2020-2021 年報

Consolidated statement of Cash flows 綜合現金流量表

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

Notes 附註 CASH FLOWS FROM OPERATING ACTIVITIES 經營業務之現金流量 Profit before tax 除稅前溢利 Adjustments for: 就下列各項目作出調整： Finance costs 財務費用 8 Share of profits and losses of joint ventures 應佔合營企業損益 Interest income 利息收入 6 Depreciation of owned assets 自置資產的折舊 7 Depreciation of right-of-use assets 使用權資產的折舊 7 Loss on derecognition of a building held for redevelopment 終止確認持有作重新發展的 一棟樓宇的損失 7 Gain on disposal of items of property, plant and equipment 出售物業、機器及設備項目之 收益 6 Fair value loss on a derivative financial instrument 衍生金融工具的公平值損失 7 Fair value loss on financial assets at fair value through profit or loss 按公平值計入損益的金融 資產的公平值損失 7	2021 二零二一年 HK$’000 千港元 112,790 8,350 (14,485) (4,064) 585 51,431 – (20) – 1,159	2020 二零二零年 HK$’000 千港元 39,596 1,320 (1,328 (10,658 1,823 29,202 40,588 (70 21 –	) ) ) ) ) ) ) ) ) ) )
Decrease in accounts receivable 應收賬款減少 Increase in contract assets 合約資產增加 Decrease/(increase) in prepayments, other receivables and other assets 預付款項、其他應收款及 其他資產減少╱（增加） Increase/(decrease) in accounts payable 應付賬款增加╱（減少） Increase/(decrease) in other payables and accruals 其他應付款及應計費用 增加╱（減少）	155,746 114,946 (419,467) 11,955 115,616 207,517	100,494 9,631 (99,562 (11,149 (17,995 (173,748
Cash generated from/(used in) operations 營運所得╱（所用）之現金 Interest received 已收利息 Interest paid 已付利息 Hong Kong profits tax paid 已付香港利得稅	186,313 5,662 (8,082) (1,864)	(192,329 13,776 (1,320 (36,124
Net cash flows from/(used in) operating activities 經營業務所得╱（所用）之 現金流量淨額	182,029	(215,997

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 95

Consolidated statement of Cash flows 綜合現金流量表

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

Notes 附註 Net cash flows from/(used in) operating activities 經營業務所得╱（所用）之 現金流量淨額	2021 二零二一年 HK$’000 千港元 182,029	2020 二零二零年 HK$’000 千港元 (215,997	) ) ) ) ) ) ) )
CASH FLOWS FROM INVESTING ACTIVITIES 投資業務之現金流量 Additions of items of property, plant and equipment 增加物業、機器及設備項目 14 Return of investment from a joint venture 一間合營企業的投資回報 Proceeds from disposal of items of property, plant and equipment 出售物業、機器及設備項目 所得款項 Purchase of financial assets at fair value through profit or loss 購買按公平值計入損益的 金融資產 Increase in restricted cash 受限制現金增加 22	(582,946) 15,000 20 (6,296) –	(3,226 15,000 70 – (110,000
Net cash flows used in investing activities 投資業務所用之現金流量淨額	(574,222)	(98,156
CASH FLOWS FROM FINANCING ACTIVITIES 融資業務所得之現金流量 New bank loans 新增銀行貸款 Repayment of bank loans 償還銀行貸款 Dividends paid 已付股息 Principal portion of lease payments 租賃付款之本金部分 30(b)	1,684,038 (981,805) – (21,752)	419,692 (298,552 (80,000 (7,179
Net cash flows from financing activities 融資業務所得之現金流量淨額	680,481	33,961
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 現金及現金等值物增加╱（減少） 淨額 Cash and cash equivalents at beginning of year 年初之現金及現金等值物	288,288 616,645	(280,192 896,837
CASH AND CASH EQUIVALENTS AT END OF YEAR 年末之現金及現金等值物	904,933	616,645
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS 現金及現金等值物結餘之分析 Cash and bank balances 現金及銀行結餘 22 Non-pledged time deposits 非抵押定期存款	904,933 –	276,645 340,000
Cash and cash equivalents as stated in the statement of cash flows 現金流量表列報之現金及 現金等值物	904,933	616,645

96 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION

• Able Engineering Holdings Limited (the “ Company ”) is a limited liability company incorporated in the Cayman Islands and its shares are publicly traded on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”). The registered office of the Company is located at Windward 3, Regatta Office Park, PO Box 1350, Grand Cayman KY1-1108, Cayman Islands. The principal place of business of the Company is located at No. 155 Waterloo Road, Kowloon Tong, Kowloon, Hong Kong.

1. 公司及集團資料

安保工程控股有限公司（「本公司」）為一家於 開曼群島註冊成立之有限公司，其股份於香 港聯合交易所有限公司（「聯交所」）主板公開 買賣。本公司之註冊辦事處位於Windward 3, Regatta Office Park, PO Box 1350, Grand Cayman KY1-1108, Cayman Islands。本公司 之主要營業地點位於香港九龍九龍塘窩打老 道155號。

During the year, the Company and its subsidiaries (collectively referred to as the “ Group ”) were principally engaged in building construction and repair, maintenance, alteration and addition (“ RMAA ”) works.

於本年度內，本公司及其附屬公司（統稱 為「本集團」）主要從事樓宇建築及維修、保 養、改建及加建（「 RMAA 」）工程。

On 19 November 2020, Profit Chain Investment Limited, the then immediate holding company of the Company, disposed its entire equity interest in the Company to Golden Lux Holdings Limited (“ Golden Lux ”, a company incorporated in the British Virgin Islands (“ BVI ”) and wholly-owned by Golden More Limited (“ Golden More ”, a company incorporated in BVI)). In the opinion of the directors of the Company (the “ Directors ”), Golden Lux have become the intermediate holding company of the Company since 19 November 2020; and Golden More has become the ultimate holding company of the Company accordingly.

於二零二零年十一月十九日，本公司當時

的直接控股公司 Profit Chain Investment Limited 向 Golden Lux Holdings Limited （「 Golden Lux 」，一間於英屬維爾京群島 （「英屬維爾京群島」）註冊成立的公司，並由 Golden More Limited（「 Golden More 」，一間 於英屬維爾京群島註冊成立的公司）全資擁 有）出售其於本公司的全部股權。本公司董 事（「董事」）認為，Golden Lux自二零二零年 十一月十九日起成為本公司中間控股公司， 而Golden More因而成為本公司的最終控股 公司。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 97

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION 1. 公司及集團資料（續） (continued)

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

有關附屬公司之資料

本公司主要附屬公司詳情如下：

			Percentage of	Percentage of
	Place of		equity attributable
	incorporation/		to the Company
	registration and		本公司應佔權益百分比		Principal
Company name	business	Issued share capital	Direct	Indirect	activities
	註冊成立╱登記
公司名稱	及業務地點	已發行股本	直接	間接	主要業務
Able Engineering	Hong Kong	HK$12,300,000	–	100	Building
Company Limited		Ordinary			construction
		HK$11,600,000			and
		Non-voting deferred			maintenance
		(note (i))
安保工程有限公司	香港	普通股			樓宇建築及保養
		12,300,000港元
		無投票權遞延股份
		11,600,000港元
		（附註(i)）
Able Contractors Limited	Hong Kong	HK$10,000 Ordinary	–	100	Building
					construction
安保建築有限公司	香港	普通股10,000港元			樓宇建築
Able Contracting Limited	Hong Kong	HK$1 Ordinary	–	100	Building
					maintenance
安保建業有限公司	香港	普通股1港元			樓宇保養
Able Maintenance	Hong Kong	HK$10,000 Ordinary	–	100	Building
Company Limited					construction
					and
					maintenance
安保維修有限公司	香港	普通股10,000港元			樓宇建築及保養

98 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION

1. 公司及集團資料（續）

• (continued)

• Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as follows: (continued)

有關附屬公司之資料（續） 本公司主要附屬公司詳情如下：（續）

Percentage of Place of equity attributable incorporation/ to the Company registration and 本公司應佔權益百分比 Principal Company name business Issued share capital Direct Indirect activities 註冊成立╱登記 公司名稱 及業務地點 已發行股本 直接 間接 主要業務 Able Building Hong Kong HK$1 Ordinary – 100 Building Construction Limited construction and maintenance 安保營造有限公司 香港 普通股1港元 樓宇建築及保養 Bright Wind Hong Kong HK$1 Ordinary – 100 Property holding Limited (note (ii)) 晴風有限公司（附註(ii)） 香港 普通股1港元 物業持有 Grand Superb Limited BVI US$1 Ordinary – 100 Investment holding Grand Superb Limited 英屬維爾京群島 普通股1美元 投資控股

Notes:

附註:

• (i) The non-voting deferred shares carry no rights to dividends or to receive notice of or to attend or vote at any general meeting of the company or to participate in any distribution on winding-up.

• (ii) As at 31 March 2021, the equity interest of this subsidiary was pledged to a bank to secure a bank loan with a carrying amount of HK$482,000,000 granted to the Group (note 25).

• (i) 無投票權遞延股份概無附帶股息權或接獲公 司股東大會通告或出席任何公司股東大會或 於會上投票的權利，或參與任何清盤分派的 權利。

• (ii) 於二零二一年三月三十一日，該附屬公司的 股權獲質押予銀行，作為本集團所獲授賬面 值為482,000,000港元的銀行貸款之擔保（附 註25）。

The above table lists the subsidiaries of the Company which, in the opinion of the Directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the Directors, result in particulars of excessive length.

董事認為上表所載之本公司附屬公司對本年 度業績有重大影響或佔本集團資產淨值之重 大部分。董事認為倘列出其他附屬公司詳 情，將使篇幅過於冗長。

99

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

2.1 BASIS OF PREPARATION

These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“ HKFRSs ”) (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“ HKASs ”) and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants (the “ HKICPA ”), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance.

2.1 編製基準

該等財務報表乃遵照香港會計師公會（「香港 會計師公會」）頒佈的香港財務報告準則（「香 港財務報告準則」（當中包括所有香港財務報 告準則、香港會計準則（「香港會計準則」）及 詮釋）、香港公認會計原則及香港公司條例 的披露規定而編製。

These financial statements have been prepared under the historical cost convention, except for a life insurance policy and a derivative financial instrument which have been measured at fair value, and are presented in Hong Kong dollars (“ HK$ ”), and all values are rounded to the nearest thousand (“ HK$’000 ”) except when otherwise indicated.

除人壽保險保單和衍生金融工具按公平值計 量外，該等財務報表乃遵照歷史成本法編 製。財務報表以港元（「港元」）列報，而除另 有說明者外，所有價值均約整至最接近千位 數（「千港元」）。

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 March 2021. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

綜合基準

綜合財務報表包括本公司及其附屬公司截至 二零二一年三月三十一日止年度的財務報 表。附屬公司指受本公司直接或間接控制的 實體（包括結構性實體）。倘本集團透過參與 被投資方業務而享有或有權取得被投資方的 可變回報，且有能力行使在被投資方的權力 以影響有關回報，則本集團擁有該實體的控 制權（即現時賦予本集團指示被投資方相關 活動的能力）。

100 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation (continued)

When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

2.1 編製基準（續）

綜合基準（續）

倘本公司直接或間接擁有的被投資方投票權 或類似權利不及大多數，在評估本公司對被 投資方是否擁有權力時，本集團會考慮所有 相關事實及情況，包括：

• (a) the contractual arrangement with the other vote holders of the investee;

• (a) 與該被投資方其他投票權持有者的合約 安排；

• (b) rights arising from other contractual arrangements; and

• (b) 根據其他合約安排所享有的權利；及

• (c) the Group’s voting rights and potential voting rights.

• (c) 本集團的投票權及潛在投票權。

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

附屬公司與本公司的財務報表報告期相同， 並採用一致會計政策編製。附屬公司的業績 由本集團取得控制權之日起綜合計算，並繼 續綜合入賬至該等控制權終止之時為止。

Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

損益及其他全面收入的各組成部分乃歸屬於 本集團母公司持有者及非控股權益，即使此 舉引致非控股權益結餘為負數。所有集團內 公司間的資產及負債、權益、收入、開支及 本集團成員公司間交易相關的現金流均於綜 合賬目時全數抵銷。

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

倘事實或情況顯示上述三項控制要素中的一 項或多項出現變動，則本集團會重新評估其 是否對被投資方擁有控制權。一間附屬公司 的擁有權權益發生變動（並無失去控制權）則 作為權益交易列賬。

101

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation (continued)

If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any noncontrolling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.

2.1 編製基準（續）

綜合基準（續）

倘本集團失去對一間附屬公司的控制權，則 其會撤銷確認(i)該附屬公司的資產（包括商 譽）及負債；(ii)任何非控股權益的賬面值及 (iii)於權益內記錄的累計交易差額；及確認 (i)所收代價的公平值；(ii)所保留任何投資的 公平值及(iii)任何因此產生的盈餘或虧拙至 損益。其先前於其他全面收入內確認的本集 團應佔組成部分會按假設本集團已直接出售 有關資產或負債所須採用的相同基準，重新 分類至損益或保留溢利（倘適用）。

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

The Group has adopted the Conceptual Framework for Financial Reporting 2018 issued by HKICPA and the following revised HKFRSs for the first time for the current year’s financial statements.

2.2 會計政策及披露事項變動

本集團已於本年度之財務報表首次採納香港 會計師公會頒佈的二零一八年財務報告概念 框架及下列經修訂香港財務報告準則。

Amendments to HKFRS 3 Definition of a Business Amendments to HKFRS 9, Interest Rate Benchmark Reform HKAS 39 and HKFRS 7 Amendment to HKFRS 16 Covid-19-Related Rent Concessions (early adopted) Amendments to HKAS 1 Definition of Material and HKAS 8

香港財務報告準則第3號 業務之定義 （修訂本） 香港財務報告準則第9號、 利率基準改革 香港會計準則第39號及 香港財務報告準則第7號 （修訂本） 香港財務報告準則第16號 與Covid-19相關的租金優惠 （修訂本） （提前採納） 香港會計準則第1號及香港 重大性之定義 會計準則第8號（修訂本）

102 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)

The nature and impact of the Conceptual Framework for Financial Reporting 2018 and the revised HKFRSs are described below:

2.2 會計政策及披露事項變動 ( 續 )

二零一八年財務報告概念框架以及經修訂香 港財務報告準則的性質及影響載於下文：

• (a) Conceptual Framework for Financial Reporting 2018 (the “ Conceptual Framework ”) sets out a comprehensive set of concepts for financial reporting and standard setting, and provides guidance for preparers of financial statements in developing consistent accounting policies and provides assistance to all parties to understand and interpret the standards. The Conceptual Framework includes new chapters on measurement and reporting financial performance, new guidance on the derecognition of assets and liabilities, and updated definitions and recognition criteria for assets and liabilities. It also clarifies the roles of stewardship, prudence and measurement uncertainty in financial reporting. The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The Conceptual Framework did not have any significant impact on the financial position and performance of the Group.

• (a) 二零一八年財務報告概念框架（「概念框 架」）就財務報告和準則制定提供了一整 套概念，並為財務報表編製者制定一致 的會計政策提供指引，協助所有人理解 和解讀準則。概念框架包括有關計量和 報告財務績效的新章節，有關資產和負 債終止確認的新指引，以及更新了有關 資產和負債定義和確認的標準。該等框 架亦闡明了管理、審慎和衡量不確定性 在財務報告中的作用。概念框架並非準 則，其中包含的任何概念都不會淩駕於 任何準則中的概念或要求之上。概念框 架對本集團的財務狀況及表現並無任何 重大影響。

103

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

• 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)

• (b) Amendments to HKFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated set of activities and assets to be considered a business, it must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. A business can exist without including all of the inputs and processes needed to create outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce outputs. Instead, the focus is on whether acquired inputs and acquired substantive processes together significantly contribute to the ability to create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment income or other income from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The Group has applied the amendments prospectively to transactions or other events that occurred on or after 1 April 2020. The amendments did not have any impact on the financial position and performance of the Group.

2.2 會計政策及披露事項變動 ( 續 )

• (b) 香港財務報告準則第3號（修訂本）澄清 及訂明有關業務釋義的額外指引。該等 修訂釐清，對於視作一項業務的一整套 活動及資產而言，其必須至少包含可共 同對創造產出的能力做出重大貢獻的輸 入資源及實質性過程。在不包含需要創 造產出的所有輸入資源及過程的情況 下，亦可視作一項業務存在。該等修訂 移除了對市場參與者是否能夠取得業務 及持續產出產品的評估。反之，其重心 放在所取得的輸入資源及所取得的實質 性過程是否共同對創造產出的能力做出 重大貢獻。該等修訂亦縮小了產出的定 義，集中在向客戶提供的商品或服務、 投資收入或正常業務的其他收入。此 外，該等修訂就評估所取得的過程是否 具有實質提供指引，並引入選擇性公平 值集中度測試，以允許按簡化法評估所 取得的一套業務活動及資產是否構成一 項業務。本集團已將該修訂預期應用於 二零二零年四月一日或之後發生的交易 或其他事件。該等修訂對本集團的財務 狀況及表現並無任何影響。

• (c) Amendments to HKFRS 9, HKAS 39 and HKFRS 7 address issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative risk-free rate (“ RFR ”). The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the introduction of the alternative RFR. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. The amendments did not have any impact on the financial position and performance of the Group as the Group does not have any interest rate hedging relationships.

• (c) 香港財務報告準則第9號、香港會計準 則第39號及香港財務報告準則第7號（修 訂本）旨在解決以替代無風險利率（「無 風險利率」）取代現有利率基準之前的期 間的財務報告問題的影響。該等修訂提 供可在引入替代無風險利率前之不確定 期限內繼續進行對沖會計處理之暫時性 補救措施。此外，該等修訂規定公司須 向投資者提供有關直接受到該等不確定 因素影響之對沖關係之額外資料。由於 本集團並無任何利率對沖關係，因此該 等修訂並未對本集團的財務狀況及表現 造成任何影響。

104 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

• 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (continued)

• (d) Amendment to HKFRS 16 provides a practical expedient for lessees to elect not to apply lease modification accounting for rent concessions arising as a direct consequence of the Coronavirus Disease (‘ ’COVID-19’ ’). The practical expedient applies only to rent concessions occurring as a direct consequence of the pandemic and only if (i) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (ii) any reduction in lease payments affects only payments originally due on or before 30 June 2021; and (iii) there is no substantive change to other terms and conditions of the lease. The amendment is effective for annual periods beginning on or after 1 June 2020 with earlier application permitted and shall be applied retrospectively. The amendment did not have any impact on the financial position and performance of the Group.

2.2 會計政策及披露事項變動 ( 續 )

• (d) 香港財務報告準則第16號（修訂本）為承 租人提供一個實際可行的權宜方法以選 擇就新型冠狀病毒（「 COVID-19 」）的直 接後果產生的租金寬免不應用租賃修改 會計處理。該實際可行權宜方法僅適用 於疫情直接後果產生的租金寬免，且僅 當(i)租賃付款的變動使租賃代價有所修 改，而經修改的代價與緊接變動前租賃 代價大致相同，或少於緊接變動前租賃 代價；(ii)租賃付款的任何減幅僅影響原 到期日為二零二一年六月三十日或之前 的付款；及(iii)租賃的其他條款及條件 並無實質變動。該修訂於二零二零年六 月一日或之後開始的年度期間有效，允 許提早應用，並將追溯應用。該修訂並 無對本集團的財務狀況及表現產生任何 影響。

• (e) Amendments to HKAS 1 and HKAS 8 provide a new definition of material. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information, or both. The amendments did not have any significant impact on the financial position and performance of the Group.

• (e) 香港會計準則第1號及香港會計準則第 8號（修訂本）提供了重大的新定義。新 定義訂明，倘資料遺漏、失實或模糊 不清而可能合理預期影響一般用途財 務報表的主要使用者基於該等財務報表 作出的決定，則資料屬重大。該等修訂 本澄清，重大將視乎資料的性質或量級 而定，或兩者兼而有之。該等修訂對本 集團的財務狀況及表現並無任何重大影 響。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 105

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

2.3 I S S U E D B U T N O T Y E T E F F E C T I V E HONG KONG FINANCIAL REPORTING STANDARDS

The Group has not applied the following new and revised HKFRSs, that have been issued but are not yet effective, in these financial statements.

Amendments to HKFRS 3

Reference to the Conceptual Framework[3]

Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16

Interest Rate Benchmark Reform – Phase 2[1]

Amendments to HKFRS 10 and Sale or Contribution of Assets between an Investor and HKAS 28 (2011) its Associate or Joint Venture[5]

Amendments to HKFRS 16

Amendments to HKFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021[2] HKFRS 17 Insurance Contracts[4] Amendments to HKFRS 17 Insurance Contracts[4, 7] Amendments to HKAS 1 Classification of Liabilities as Current or Non-current[4, 6] Amendments to HKAS 1 Disclosure of Accounting Policies[4] Amendments to HKAS 8 Definition of Accounting Estimates[4] Amendments to HKAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction[4] Amendments to HKAS 16 Property, Plant and Equipment: Proceeds before Intended Use[3] Amendments to HKAS 37 Onerous Contracts – Cost of Fulfilling a Contract[3] Annual Improvements to Amendments to HKFRS 1, HKFRS 9 Illustrative HKFRSs 2018–2020 Examples accompanying HKFRS 16, and HKAS 41[3]

• 1 Effective for annual periods beginning on or after 1 January 2021

• 2 Effective for annual periods beginning on or after 1 April 2021

• 3 Effective for annual periods beginning on or after 1 January 2022

• 4 Effective for annual periods beginning on or after 1 January 2023

• 5 No mandatory effective date yet determined but available for adoption

• 6 As a consequence of the amendments to HKAS 1, Hong Kong Interpretation 5 Presentation of Financial Statements - Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause was revised in October 2020 to align the corresponding wording with no change in conclusion

• 7 As a consequence of the amendments to HKFRS 17 issued in October 2020, HKFRS 4 was amended to extend the temporary exemption that permits insurers to apply HKAS 39 rather than HKFRS 9 for annual periods beginning before 1 January 2023

2.3 已頒佈但尚未生效的香港財務報告 準則

本集團並無於該等財務報表應用以下已頒佈 但尚未生效的新訂及經修訂香港財務報告準 則。

香港財務報告準則第3號 參考概念框架[3] （修訂本） 香港財務報告準則第9號、 利率基準改革－第二期[1] 香港會計準則第39號、 香港財務報告準則第7號、 香港財務報告準則第4號及 香港財務報告準則第16號（修訂本） 香港財務報告準則第10號及 投資方與其聯營或合營企業 香港會計準則第28號 之間的資產出售或注資[5] （二零一一年）（修訂本） 香港財務報告準則第16號（修訂本）二零二一年六月三十日後 之Covid-19相關租金寬免[2] 香港財務報告準則第17號 保險合約[4] 香港財務報告準則第17號（修訂本）保險合約[4][、][7] 香港會計準則第1號（修訂本） 分類為流動或非流動負債[4][、][6]

香港會計準則第1號（修訂本） 會計政策之披露[4] 香港會計準則第8號（修訂本） 會計估計之定義[4] 香港會計準則第12號（修訂本） 與單一交易所產生之資產 及負債有關的遞延稅項[4] 香港會計準則第16號（修訂本） 物業、機器及設備︰擬作用途 前的所得款項[3] 香港會計準則第37號（修訂本） 虧損性合約–完成合約成本[3] 二零一八年至二零二零年 香港財務報告準則第1號、 香港財務報告準則之年度改進 香港財務報告準則第9號、 香港財務報告準則第16號 隨附說明示例及香港會計 準則第41號（修訂本）[3]

• 1 於二零二一年一月一日或之後開始的年度期 間生效

• 2 於二零二一年四月一日或之後開始的年度期 間生效

• 3 於二零二二年一月一日或之後開始的年度期 間生效

• 4 於二零二三年一月一日或之後開始的年度期 間生效

• 5 可供採納但尚未釐定強制生效日期

• 6 由於香港會計準則第1號（修訂本），香港詮 釋第5號財務報表呈列－借款人對含有按要 求隨時付還條文的有期貸款的分類於二零二 零年十月修訂以在結論不變下調整相應的字 詞

• 7 由於香港財務報告準則第17號（修訂本）於二 零二零年十月發行，修訂香港財務報告準則 第4號以延長暫時豁免，批准承保人於二零 二三年一月一日前開始的年度期間申請香港 會計準則第39號而非香港財務報告準則第9 號

106 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

• 2.3 I S S U E D B U T N O T Y E T E F F E C T I V E HONG KONG FINANCIAL REPORTING STANDARDS (continued)

Further information about those HKFRSs that are expected to be applicable to the Group is described below:

• 2.3 已頒佈但尚未生效的香港財務報告 準則（續）

有關預期將適用於本集團的該等香港財務報 告準則的進一步資料載於下文：

Amendments to HKAS 1 clarify the requirements for classifying liabilities as current or non-current. The amendments specify that if an entity’s right to defer settlement of a liability is subject to the entity complying with specified conditions, the entity has a right to defer settlement of the liability at the end of the reporting period if it complies with those conditions at that date. Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability. The amendments also clarify the situations that are considered a settlement of a liability. The amendments are effective for annual periods beginning on or after 1 January 2023 and shall be applied retrospectively. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.

香港會計準則第1號（修訂本）澄清將負債分 類為流動或非流動之規定。該等修訂指明， 倘實體延遲償還負債之權利受限於實體符合 特定條件，則倘該實體符合當日之條件，其 有權於報告期末延遲償還負債。負債之分類 不受該實體行使其延遲償還負債權利之可能 性的影響。該等修訂亦澄清被視為償還負債 的情況。該等修訂於二零二三年一月一日或 之後開始的年度期間生效，並應追溯應用。 允許提早應用。該等修訂預期不會對本集團 的財務報表造成任何重大影響。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 107

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

2.3 I S S U E D B U T N O T Y E T E F F E C T I V E HONG KONG FINANCIAL REPORTING STANDARDS (continued)

Amendments to HKAS 37 clarify that for the purpose of assessing whether a contract is onerous under HKAS 37, the cost of fulfilling the contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract include both the incremental costs of fulfilling that contract (e.g., direct labour and materials) and an allocation of other costs that relate directly to fulfilling that contract (e.g., an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract as well as contract management and supervision costs). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual periods beginning on or after 1 January 2022 and shall be applied to contracts for which an entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments. Earlier application is permitted. Any cumulative effect of initially applying the amendments shall be recognised as an adjustment to the opening equity at the date of initial application without restating the comparative information. The amendments are not expected to have any significant impact on the Group’s financial statements.

• 2.3 已頒佈但尚未生效的香港財務報告 準則（續）

香港會計準則第37 號（修訂本）澄清，就根 據香港會計準則第37號評估合約是否屬虧損 性而言，履約成本包括與合約直接相關的成 本。與合約直接相關的成本包括履行該合約 的增量成本(例如直接勞工及材料)及與履行 該合約直接相關的其他成本分配(例如履行 合約所用物業、機器及設備項目的折舊開支 分配以及合約管理及監管成本)。一般及行 政成本與合約並無直接關聯，除非根據合約 明確向對手方收取費用，否則不包括在內。 該等修訂於二零二二年一月一日或之後開始 的年度期間生效，並適用於實體於其首次應 用該等修訂的年報期初尚未履行其所有責任 的合約。允許提早應用。初步應用該等修訂 的任何累積影響將確認為首次應用日期的期 初權益調整，而毋須重列比較資料。該等修 訂預期不會對本集團的財務報表造成任何重 大影響。

108 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Investments in joint ventures

A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

3. 重大會計政策概要

於合營企業的投資

合營企業指一項合營安排類型，對安排擁有 共同控制權的訂約方據此對合營企業的淨資 產擁有權利。共同控制權指按照合約協定對 某項安排所共有的控制權，共同控制權僅在 當相關活動要求共同享有控制權的各方作出 一致同意的決定時存在。

The Group’s investments in joint ventures are stated in the consolidated statement of financial position at the Group’s share of net assets under the equity method of accounting, less any impairment losses. Adjustments are made to bring into line any dissimilar accounting policies that may exist. The Group’s share of the post-acquisition results and other comprehensive income of joint ventures are included in the consolidated statement of profit or loss and other comprehensive income. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and its joint ventures are eliminated to the extent of the Group’s investments in the joint venture, except where unrealised losses provide evidence of an impairment of the assets transferred. Goodwill arising from the acquisition of joint ventures is included as part of the Group’s investments in joint ventures.

本集團於合營企業的投資乃根據股權會計法 按本集團所佔資產淨值減任何減值虧損計入 綜合財務狀況表。出現任何不一致的會計政 策，則須作出調整。本集團應佔合營企業的 收購後業績及其他全面收益於綜合損益及其 他全面收入表中入賬。此外，當已有變動直 接確認於合營企業的權益時，本集團會將其 分佔的任何變動於綜合權益變動表中確認 (倘適用)。除未變現虧損證明所轉讓資產出 現減值外，本集團與其合營企業進行交易所 產生的未變現收益及虧損均予以對銷，並以 本集團的合營企業權益為限。因收購合營企 業而產生的商譽，乃列為本集團於合營企業 的投資的一部分。

If an investment in a joint venture becomes an investment in an associate, the retained interest is not remeasured. Instead, the investment continues to be accounted for under the equity method. In all other cases, upon loss of the joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of the joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

倘於合營企業的投資變為於聯營公司的投 資，不會重新計量保留權益。反之，該投資 繼續按權益法入賬。在所有其他情況下，倘 本集團失去對合營企業的合營控制權，本集 團按公平值計量及確認任何保留投資。失去 共同控制權的合營企業，賬面值與保留投資 的公平值及出售所得款項之間的任何差額均 於損益內確認。

109

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Interests in joint operations

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement.

3. 重大會計政策概要（續）

合營業務權益

合營業務指擁有共同控制權的各方享有與該 安排相關的資產權利及負債責任的一種合營 安排。

The Group recognises in relation to its interest in a joint operation:

本集團於合營業務權益確認以下各項：

• its assets, including its share of any assets held jointly;

• 其資產，包括其應佔任何共同持有之資 產；

• its liabilities, including its share of any liabilities incurred jointly;

• 其負債，包括其應佔任何共同承擔之負 債；

• its revenue from the sale of its share of the output arising from the joint operation;

• 其銷售應佔合營業務產量之收益；

• its share of the revenue from the sale of the output by the joint operation; and

• 其來自銷售合營業務產量之應佔收益； 及

• its expenses, including its share of any expenses incurred jointly.

• 其開支，包括其應佔任何共同承擔之開 支。

The assets, liabilities, revenues and expenses relating to the Group’s interest in a joint operation are accounted for in accordance with the HKFRSs applicable to the particular assets, liabilities, revenues and expenses.

本集團於合營業務中之權益所涉的資產、負 債、收益及開支乃根據適用於該特定資產、 負債、收益及開支的香港財務報告準則入 賬。

110 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Business combinations and goodwill

Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of net assets in the event of liquidation either at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred.

3. 重大會計政策概要 ( 續 )

業務合併及商譽

業務合併乃以購買法入賬。轉讓的代價乃以 收購日期之公平值計算，該公平值為本集團 轉讓的資產於收購日期之公平值、本集團承 擔來自被收購方前擁有人的負債及本集團發 行以換取被收購方控制權的股本權益之總 和。於各業務合併中，本集團選擇是否按公 平值或被收購方可識別資產淨值的應佔比例 計量於被收購方的非控制權益，即賦予持有 人在清盤時按比例分佔資產淨值的現有所有 權權益。所有其他非控制權益之成份均按公 平值計量。收購相關成本於產生時支銷。

The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs.

當所購入的一系列活動及資產包括一項投入 及一項實質性流程，共同對創造產出的能力 作出重大貢獻時，本集團確定其已收購一項 業務。

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree.

當本集團收購一項業務時，會根據合約條 款、於收購日期的經濟環境及相關情況，評 估將承接之金融資產及負債，以作出合適分 類及標示，包括分離被收購方主合約中的嵌 入式衍生工具。

If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognised in profit or loss.

倘業務合併分階段進行，先前持有之股權按 收購日期之公平值重新計量，且任何得出之 收益或損失於損益確認。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 111

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Business combinations and goodwill (continued)

Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognised in profit or loss. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity.

3. 重大會計政策概要（續）

業務合併及商譽（續）

由收購方將予轉讓之任何或然代價將按收購 日期之公平值確認。分類為資產或負債的或 然代價按公平值計量，公平值變動則於損益 確認。分類為權益的或然代價並無重新計 量，而其後結算於權益中入賬。

Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable net assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets acquired, the difference is, after reassessment, recognised in profit or loss as a gain on bargain purchase.

商譽初步按成本計量，即已轉讓代價、已確 認非控股權益及本集團先前持有的被收購方 股權之任何公平值的總額，超出所收購可識 別資產淨值及所承擔負債的差額。倘該代價 及其他項目的總和低於所收購資產淨值的公 平值，於重新評估後其差額將於損益確認為 議價收購收益。

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as at 31 March. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.

於初始確認後，商譽按成本減任何累計減值 虧損計量。商譽每年進行一次減值測試，或 倘發生任何事件或情況變動顯示賬面值可能 減值時，進行減值測試的次數將更為頻密。 本集團於每年三月三十一日進行商譽減值測 試。就減值測試而言，自收購日期開始在業 務合併所取得之商譽會分配至預期將可受惠 於合併之協同效益的本集團現金產生單位或 各組現金產生單位（不論本集團其他資產或 負債是否分配至該等單位或該等組別）。

Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cashgenerating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognised. An impairment loss recognised for goodwill is not reversed in a subsequent period.

減值乃評估與商譽相關之現金產生單位（現 金產生單位組別）可收回數額予以釐定。凡 現金產生單位（現金產生單位組別）可收回數 額低於其賬面值，則須確認減值虧損。就商 譽所確認之減值虧損不會於其後期間撥回。

112 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Business combinations and goodwill (continued) Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cashgenerating unit retained.

3. 重大會計政策概要（續）

業務合併及商譽（續）

凡商譽已被分配至現金產生單位（或現金產 生單位組別）而該單位內之部分業務被出 售，與出售業務相關之商譽在釐定出售損益 時計入業務之賬面值內。在此情況下出售之 商譽乃根據出售業務之相關價值及所保留現 金產生單位部分計量。

Fair value measurement

The Group measures its financial assets at fair value through profit or loss at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

公平值計量

本集團於各報告期末按公平值計量其按公平 值計入損益的金融資產。公平值為市場參與 者於計量日期於有序交易中出售資產時收取 或轉讓負債時支付的價格。公平值計量乃基 予假設出售資產或轉讓負債的交易於資產或 負債的主要市場中進行，或倘並無主要市 場，則於資產或負債的最有利市場進行。主 要或最有利市場必須為本集團可進入的市 場。資產或負債的公平值乃採用對資產或負 債定價時市場參與者將採用的假設計量，並 假設市場參與者以其最佳經濟利益行事。

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

非金融資產的公平值計量計及市場參與者對 使用資產的最高及最佳使用價值，或將其出 售予另一名將使用資產的最高及最佳使用價 值的市場參與者而產生經濟利益的能力。

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

本集團採用當時情況下屬適當且有足夠數據 可用的估值技術計量公平值，盡量使用有關 可觀察輸入數據並盡量避免使用不可觀察輸 入數據。

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Fair value measurement (continued)

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

3. 主要會計政策概要（續）

公平值計量 ( 續 )

於財務報表計量或披露公平值的所有資產及 負債在公平值層級（如下文所述）中，根據對 整體公平值計量而言屬重大的最低層輸入數 據進行分類：

• Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities

• 第一級 －根據相同資產或負債於活躍市 場所報的價格（未經調整）

• Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly

• 第二級 －根據對公平值計量而言重大的 最低層級輸入數據乃可觀察

• （不論直接或間接）的估值技術

• Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

• 第三級 －根據對公平值計量而言重大的 最低層級輸入數據乃不可觀察 的估值技術

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

就按經常基準於財務報表中確認的資產及負 債而言，本集團於各報告期末會重新評估分 類方法（根據對整體公平值計量而言屬重大 的最低層級輸入數據），以釐定轉撥是否已 於各層級之間發生。

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of non-financial assets

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than deferred tax assets, contract assets and financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cashgenerating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

3. 主要會計政策概要（續）

非金融資產減值

倘資產（不包括遞延稅項資產、合約資產及 金融資產）出現減值跡象，或須對資產進行 年度減值測試時，則須估計資產的可收回金 額。資產的可收回金額按資產或現金產生單 位的使用價值與其公平值減出售成本兩者的 較高者計算，並以個別資產釐定，除非有關 資產並不產生很大程度上獨立於其他資產或 資產組合的現金流入，在此情況下須就有關 資產所屬的現金產生單位釐定可收回金額。

An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

只有當資產的賬面值超過其可收回金額時， 方會確認減值損失。在評估使用價值時，使 用稅前折現率將估計日後現金流量折現至其 現值，而該折現率反映市場當時所評估的貨 幣時間價值及該資產的特有風險。減值損失 在其產生期間根據與減值資產功能一致的開 支類別自損益扣除。

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/ amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

於各報告期末均會評估是否有任何跡象顯示 過往確認的減值損失可能不復存在或有所減 少。如有任何該等跡象，則估計可收回金 額。先前就資產（不包括商譽）確認的減值損 失，僅於用以釐定該資產可收回金額的估計 有變時予以撥回，但撥回金額不得高於假設 過往年度並無就該資產確認減值損失而應有 的賬面值（扣除任何折舊╱攤銷）。減值損失 的撥回計入產生期間的損益。

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3. SUMMARY OF SIGNIFICANT ACCOUNTING 3. 主要會計政策概要（續） POLICIES (continued)

Related parties

A party is considered to be related to the Group if:

關連方

• 在下列情況下，一方被認為與本集團有關 聯：

• (a) the party is a person or a close member of that person’s family and that person

• (a) 該方為某人士或其關係密切的家庭成 員，且該人士

• (i) has control or joint control over the Group;

• (i) 控制或共同控制本集團；

• (ii) has significant influence over the Group; or

• (ii) 對本集團具有重大影響力；或

• (iii) is a member of the key management personnel of the Group or of a parent of the Group;

• (iii) 為本集團或本集團母公司的主要管 理人員；

or

或

• (b) the party is an entity where any of the following conditions applies:

• (b) 該方為符合下列任何條件的實體：

• (i) the entity and the Group are members of the same group;

• (i) 該實體與本集團屬同一集團的成員 公司；

• (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

• (ii) 一個實體為另一實體（或該另一實 體的母公司、附屬公司或同系附屬 公司）的聯營或合營企業；

• (iii) the entity and the Group are joint ventures of the same third party;

• (iii) 該實體與本集團為同一第三方的合 營企業；

• (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

• (iv) 一個實體為第三方實體的合營企 業，而另一實體為該第三方的聯營 企業；

• (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;

• (v) 該實體乃本集團或與本集團有關聯 的實體的僱員為受益人的離職後福 利計劃；

116 Annual Report 2020-2021 年報

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Related parties (continued)

• (b) the party is an entity where any of the following conditions applies: (continued)

3. 主要會計政策概要（續）

關連方（續）

• (b) 該方為符合下列任何條件的實體：（續）

• (vi) the entity is controlled or jointly controlled by a person identified in (a);

• (vi) 該實體受(a)所識別人士控制或共 同控制；

• (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

• (vii) (a)(i)所識別人士對該實體有重大 影響力，或該人士為該實體（或該 實體的母公司）的主要管理人員； 及

• (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

• (viii) 該實體或其所屬集團內任何成員公 司為本集團或其母公司提供主要管 理人員服務。

Property, plant and equipment and depreciation

Property, plant and equipment, other than construction in progress, are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

物業、機器及設備及折舊

物業、機器及設備（在建工程除外）乃按成本 減累計折舊及任何減值虧損列賬。物業、機 器及設備項目的成本包括購買價及使資產達 到擬定用途運作狀態及地點的任何直接應計 成本。

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.

物業、機器及設備項目投入運作後產生的維 修及保養等開支，通常於產生期間自損益扣 除。於符合確認標準的情況下，大型檢測開 支計入資產的賬面值，作為重置成本。倘物 業、機器及設備的主要部分須分段重置，則 本集團將該等部分確認為獨立資產，並設定 特定的可使用年期及相應計提折舊。

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Property, plant and equipment and depreciation (continued)

Depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

3. 主要會計政策概要（續）

物業、機器及設備及折舊（續）

折舊乃按直線基準將各項物業、機器及設備 項目的成本於其估計可使用年期內撇銷至其 剩餘價值而計算。就此使用的主要年率如 下：

Owned assets

Building Over the remaining term of land lease Leasehold improvements Over the shorter of the lease term and 20% Furniture, fixtures and 20% to 33% office equipment Motor vehicles 24% to 30% Computer equipment 20% to 24% Right-of-use assets Leasehold land Over the remaining terms of the leases Office properties 2 years to 3 years Machinery 2 years to 3 years

自置資產 樓宇 按剩餘土地租賃期 租賃物業裝修 按租賃期及20% （以較低者為準） 傢俬、固定裝置及 20%至33% 辦公室設備 車輛 24%至30% 電腦設備 20%至24% 使用權資產 租賃土地 按剩餘租賃期 辦公室物業 兩年至三年 機械 兩年至三年

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

倘物業、機器及設備項目各部分的可使用年 期有所不同，則此項目各部分成本將按合理 基準分配，而每部分將作個別折舊。對剩餘 價值、可使用年期及折舊方法至少於各財政 年度末作出檢討並作出調整（倘適用）。

118 Annual Report 2020-2021 年報

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Property, plant and equipment and depreciation (continued)

Right-of-use assets (continued)

An item of property, plant and equipment including significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.

3. 主要會計政策概要（續）

物業、機器及設備及折舊（續）

使用權資產（續）

初始確認的物業、機器及設備項目（包括任 何重大部分）於出售後或預期使用或出售該 等物業、機器及設備項目不會產生未來經濟 利益時終止確認。於資產終止確認年度在損 益中確認的任何出售或報廢盈虧，乃為有關 資產的出售所得款項淨額與賬面值的差額。

Construction in progress represents a building under construction, which is stated at cost less any impairment losses, and is not depreciated. Cost comprises the direct costs of construction and capitalised borrowing costs on related borrowed funds during the period of construction. Construction in progress is reclassified to the appropriate category of property, plant and equipment when completed and ready for use.

在建工程指建造中的一棟樓宇，按成本扣除 任何減值損失列賬，而不計提折舊。成本包 括建造的直接成本及建造期間有關借貸資金 的資本化借貸成本。在建工程於竣工及可作 使用時重新分類為適當類別的物業、機器及 設備。

Leases

The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

租賃

本集團於合約開始時評估合約是否屬於或包 含租賃。倘合約為換取代價而轉讓在一段期 間內使用已識別資產之控制權，則該合約屬 於租賃或包含租賃。

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases and any leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

本集團作為承租人

本集團就所有租賃應用單一確認及計量方 法，惟短期租賃及任何低價值資產的租賃除 外。本集團確認作出租賃付款的租賃負債及 使用權資產（即使用相關資產的權利）。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 119

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

• Leases (continued)

Group as a lessee (continued)

• (a) Right-of-use assets

• R i g h t - o f - u s e a s s e t s a r e r e c o g n i s e d a t t h e commencement date of the lease (that is the date the underlying asset is available for use). Right-ofuse 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. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as detailed in the policy under “Property, plant and equipment and depreciation” above.

3. 主要會計政策概要（續）

租賃（續）

本集團作為承租人（續）

• (a) 使用權資產 使用權資產於租賃開始日期（即相關資 產可供使用的日期）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，並就任何租賃負債的重新計量作 出調整。使用權資產的成本包括已確認 的租賃負債金額、已產生的初始直接成 本及於開始日期或之前作出之租賃付款 減任何已收取之租賃優惠。使用權資產 於其租賃期及該等資產估計可使用年期

• （以較短者為準）（詳情載於上文「物業、 機器及設備及折舊」項下的政策）內按直 線法計算折舊。

If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

倘租賃資產之擁有權於租賃期結束前獲 轉讓予本集團或該成本反映行使購買選 擇權，折舊則使用該資產的估計可使用 年期計算。

• (b) 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 lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. 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.

• (b) 租賃負債 本集團於租賃開始日期確認按租賃期內 租賃付款的現值計量的租賃負債。租賃 付款包括固定付款（包括實物固定付款） 減去任何應收租賃優惠，跟隨指數或利 率而定的可變租賃付款，以及預期在剩 餘價值擔保下支付的金額。租賃付款亦 包括本集團合理確定行使的購買選擇權 的行使價及倘租賃期反映本集團行使終 止租賃選擇權，則包括終止租賃而需支 付的罰款。不依賴於指數或利率的可變 租賃付款在觸發付款的事件或條件發生 的期間內確認為開支。

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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Leases (continued)

Group as a lessee (continued)

• (b) Lease liabilities (continued)

• In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

3. 主要會計政策概要（續）

租賃（續）

本集團作為承租人（續）

• (b) 租賃負債（續）

• 於計算租賃付款之現值時，本集團使用 於租賃開始日期的增量借貸利率，原因 為租賃中隱含的利率不易釐定。於開始 日期後，租賃負債的金額予以增加以反 映利息之累增，並就已作出之租賃付款 予以減少。此外，如有修改、租賃期變 動，租賃付款變動（如因指數或利率變 動產生的未來租賃付款出現變動）或選 擇購買相關資產之評估出現變動，則租 賃負債之賬面值將重新計量。

The Group’s lease liabilities are included in other payables and accruals.

本集團的租賃負債計入其他應付款及應 計費用。

• (c) Short-term leases

• The Group applies the short-term lease recognition exemption to its short-term leases of certain office properties and machinery (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option).

• (c) 短期租賃

• 本團應用短期租賃確認豁免於若干辦公 室物業及機械的短期租賃（即自開始日 期起該等租賃期為12個月或以內且並無 包含購買選擇權的租賃）。

Lease payments on short-term leases are recognised as an expense on a straight-line basis over the lease term.

短期租賃的租金付款於租賃期按直線法 確認為開支。

Group as a lessor

When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

本集團作為出租人

當本集團作為出租人時，在租賃開始時（或 發生租賃變更時）將其各租賃分類為經營租 賃或融資租賃。

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Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Leases (continued)

Group as a lessor (continued)

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis. Rental income is accounted for on a straight-line basis over the lease terms and is included in other income and gains in profit or loss due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.

3. 主要會計政策概要（續）

租賃（續）

本集團作為出租人（續）

本集團並未轉讓資產擁有權所附帶的絕大部 分風險及回報的租賃分類為經營租賃。當合 約包含租賃及非租賃組成部分時，本集團以 相對獨立的銷售價格為基礎將合約中的代價 分配予各組成部分。租金收入於租期內按直 線法列賬並因其經營性質計入損益內的其他 收入及收益。於磋商及安排經營租賃時產生 的初始直接成本乃計入租賃資產的賬面值， 並於租期內按相同基準確認為租金收入。

Investments and other financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss.

投資及其他金融資產 初始確認及計量

金融資產於初始確認時獲分類為其後按攤銷 成本及按公平值計入損益計量。

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under HKFRS 15 in accordance with the policies set out for “Revenue recognition” below.

於初始確認時，金融資產的分類取決於金融 資產的合約現金流量特點及本集團管理該等 金融資產的業務模式。除並無重大融資成分 或本集團已應用不調整重大融資成分的影響 之可行權宜方法的應收賬款外，本集團初始 按公平值加（倘金融資產並非按公平值計入 損益）交易成本計量金融資產。並無重大融 資成分或本集團已應用可行權宜方法的應收 賬款根據下文「收益確認」所載政策按香港財 務報告準則第15號釐定的交易價格計量。

122 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Investments and other financial assets (continued) Initial recognition and measurement (continued) In order for a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest (“ SPPI ”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

3. 主要會計政策概要（續）

投資及其他金融資產 ( 續 ) 初始確認及計量（續）

為使金融資產按攤銷成本進行分類及計量， 其需產生純粹支付未償還本金額的本金及利 息（「純粹支付本金及利息」）的現金流量。不 論其業務模式，擁有並非純粹支付本金及利 息的現金流量的金融資產按公平值計入損益 進行分類及計量。

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss.

本集團管理金融資產的業務模式指其管理金 融資產以產生現金流量的方式。業務模式確 定現金流量是否來自收集合約現金流量、出 售金融資產，或兩者兼有。按攤銷成本分類 及計量的金融資產乃以收取合約現金流量為 目標而持有金融資產的業務模式下持有，而 按公平值計入其他全面收入分類及計量的金 融資產乃以同時持有收取合約現金流量及出 售為目標而持有的業務模式下持有。並非於 上述業務模式下持有的金融資產乃按公平值 計入損益分類及計量。

All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

所有常規方式買賣的金融資產概於交易日 （即本集團承諾購買或出售該資產之日）確 認。常規方式買賣乃指遵循一般法規或市場 慣例在約定時間內交付資產的金融資產買 賣。

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Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Investments and other financial assets (continued) Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

3. 主要會計政策概要（續）

投資及其他金融資產 ( 續 ) 後續計量

金融資產的後續計量視乎其分類如下︰

Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.

按攤銷成本計量的金融資產（債務工具）

按攤銷成本計量的金融資產其後使用實際利 率法計量，並可能須進行減值。當資產終止 確認、修訂或減值時，收益及損失於損益中 確認。

Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in profit or loss.

按公平值計入損益的金融資產

按公平值計入損益的金融資產於財務狀況表 按公平值列賬，公平值的淨變動則於損益確 認。

This category includes a life insurance policy and a derivative instrument which the Group had not irrevocably elected to classify at fair value through other comprehensive income.

此分類包括本集團並無已不可撤回地選擇分 類為按公平值計入其他全面收入的人壽保險 單及衍生工具。

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.

倘嵌入到混合合約（擁有金融負債或非金融 主合約）中的衍生工具與主合約在經濟特徵 及風險方面不存在緊密關係；與嵌入衍生工 具條件相同，單獨存在的工具符合衍生工具 定義；及混合合約並非按公平值計入損益， 則嵌入衍生工具從主合約分拆並以單獨衍生 工具入賬。嵌入衍生工具按公平值計量，公 平值變動則於損益確認。重新評估僅於合約 條款出現變動導致原本所需的現金流量大幅 變動或重新分類金融資產至不屬於按公平值 計入損益類別時發生。

A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss.

於混合合約中擁有金融資產主合約的嵌入衍 生工具不會個別入賬。金融資產主合約及嵌 入衍生工具須完整分類為按公平值計入損益 的金融資產。

124 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:

3. 主要會計政策概要（續）

終止確認金融資產

金融資產（或如適用，金融資產的其中部分 或一組類似金融資產的其中部分）主要在下 列情況下終止確認（即從本集團綜合財務狀 況表中刪除）：

• the rights to receive cash flows from the asset have expired; or

• 自資產收取現金流量的權利已屆滿；或

• the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

• 本集團已轉讓其自資產收取現金流量的 權利，或已根據「轉遞」安排承擔在無重 大延誤的情況下將全數所得現金流量支 付予第三方的責任；及(a)本集團已轉 讓資產的絕大部分風險及回報，或(b) 本集團並無轉讓或保留資產的絕大部分 風險及回報，惟已轉讓資產的控制權。

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

倘本集團已轉讓其自資產收取現金流量的權 利，或已訂立轉遞安排，其將評估其是否保 留該項資產的擁有權風險及回報以及保留的 程度。倘本集團並無轉讓或保留資產的絕大 部分風險及回報，亦無轉讓資產的控制權， 則本集團在繼續參與的情況下確認獲轉讓資 產。在該情況下，本集團亦確認相關負債。 已轉讓資產及相關負債乃按反映本集團已保 留權利及義務的基準計量。

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

以擔保形式對已轉撥資產之持續參與，按資 產原賬面值與本集團可能須償還最高代價兩 者之較低者計量。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of financial assets

The Group recognises an allowance for expected credit losses (“ ECLs ”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

3. 主要會計政策概要（續）

金融資產減值

本集團確認對並非按公平值計入損益持有的 所有債務工具預期信貸損失（「 預期信貸損 失」）之撥備。預期信貸損失乃基於根據合約 到期的合約現金流量與本集團預期收取的所 有現金流量之間的差額而釐定，並以原實際 利率的近似值貼現。預期現金流量將包括出 售所持抵押的現金流量或組成合約條款的其 他信貸提升措施。

General approach

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

一般方法

預期信貸損失分兩階段確認。就自初始確認 以來信貸風險並無大幅增加的信貸風險而 言，本集團會就未來12個月可能發生違約事 件而出現的信貸損失計提預期信貸損失撥備 （12個月預期信貸損失）。就自初始確認以來 信貸風險大幅增加的信貸風險而言，不論違 約時間，須就風險餘下年期的預期信貸損失 作出損失撥備（全期預期信貸損失）。

At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

於各報告日期，本集團評估金融工具的信貸 風險自初始確認以來有否大幅增加。於進行 評估時，本集團比較金融工具於報告日期的 違約風險與金融工具於初始確認日期的違約 風險，並考慮毋需過多成本或努力可得的合 理支持資料，包括歷史及前瞻性資料。

126 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of financial assets (continued) General approach (continued)

The Group considers a financial asset is in default when its contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

3. 主要會計政策概要（續）

金融資產減值（續） 一般方法（續）

倘合約付款逾期90日，本集團視金融資產違 約。然而，於若干情況下，倘於考慮本集團 持有的任何信貸加強措施前內部或外部資料 顯示本集團不大可能悉數收取未償還的合約 金額，則本集團亦會視金融資產違約。倘並 無合理預期收回合約現金流量，金融資產會 予以撇銷。

Financial assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for accounts receivable and contract assets which apply the simplified approach as detailed below.

按攤銷成本計量的金融資產根據一般方法須 面臨減值，且彼等會按以下階段進行分類以 計量預期信貸損失，惟應用下文詳述之簡化 方式的應收賬款及合約資產除外。

• Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs

• Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs

• Stage 3 Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs

• 第一階段－自初始確認以來信貸風險並未 大幅增加的金融工具，其損失 撥備金額按相等於12個月預期 信貸損失的金額計量

• 第二階段－自初始確認以來信貸風險大幅 增加的金融工具（惟並非信貸 減值的金融資產），其損失撥 備金額按相等於全期預期信貸 損失的金額計量

• 第三階段－於報告日期已信貸減值的金融 資產（惟並非購入或源生信貸 減值），其損失撥備金額按相 等於全期預期信貸損失的金額 計量

127

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Impairment of financial assets (continued)

Simplified approach

For accounts receivable and contract assets that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

3. 主要會計政策概要（續）

金融資產減值 ( 續 )

簡化方式

就並無重大融資成分或倘本集團應用不調整 重大融資成分的影響之可行權宜方法的應收 賬款及合約資產，本集團應用簡化方式計算 預期信貸損失。根據簡化方式，本集團不會 追蹤信貸風險的變動，反之會根據各報告日 期的全期預期信貸損失確認損失撥備。本集 團已根據過往信貸損失經驗建立撥備矩陣， 並對債務人及經濟環境特定的前瞻性因素作 出調整。

For accounts receivable and contract assets that contain a significant financing component and lease receivables, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above.

就具備重大融資成分的應收賬款及合約資產 以及應收租金而言，本集團選擇採納簡化方 式為其會計政策，按如上文所述政策計算預 期信貸損失。

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as loans and borrowings, or as payables, as appropriate.

金融負債

初始確認及計量

於初始確認時，金融負債分類為貸款及借 款，或應付款（倘適用）。

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

所有金融負債初始按公平值確認，如屬貸款 及借款以及應付款則按公平值扣除直接應佔 交易成本確認。

The Group’s financial liabilities include accounts and other payables and interest-bearing bank loans.

本集團的金融負債包括應付賬款及其他應付 款及計息銀行貸款。

128 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Financial liabilities (continued) Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

3. 主要會計政策概要（續）

金融負債（續） 後續計量 金融負債的後續計量視乎其分類如下︰

Financial liabilities at amortised cost (loans and borrowings)

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.

按攤銷成本計量的金融負債（貸款及借款） 於初始確認後，計息貸款及借款其後採用實 際利率法按攤銷成本計量，倘折現的影響不 重大，則按成本列賬。收益及損失在負債終 止確認時透過實際利率法攤銷程序於損益中 確認。

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in profit or loss.

計算攤銷成本時亦會計及收購所產生的任何 折讓或溢價，以及作為實際利率一部分的費 用或成本。實際利率攤銷計入損益的財務費 用。

Financial guarantee contracts

Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee contract is recognised initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contracts at the higher of: (i) the ECL allowance determined in accordance with the policy as set out in “Impairment of financial assets”; and (ii) the amount initially recognised less, when appropriate, the cumulative amount of income recognised.

財務擔保合約

本集團發出的財務擔保合約指要求支付指定 金額，以償付持有人因指定債務人未能根 據債務工具條款依期還款而招致損失的合 約。財務擔保合約初始按其公平值確認為負 債（就發出該擔保直接應佔交易成本予以調 整）。於初步確認後，本集團按以下兩者中 較高者計量財務擔保合約：(i)根據「金融資產 減值」所載政策釐定的預期信貸損失撥備； 及(ii)初步確認的金額減（倘適用）累計已確 認收入。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.

3. 主要會計政策概要（續）

終止確認金融負債

金融負債於負債的責任已解除或註銷或屆滿 時終止確認。

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in profit or loss.

當現有金融負債為同一出借人以重大不同的 條款的另一項負債取代時，或現有負債的條 款出現重大修改時，有關交換或修改被視為 解除確認原有負債及確認一項新負債，而各 賬面值的差額於損益內確認。

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

抵銷金融工具

倘現時存在可強制執行合法權利抵銷已確認 金額，且有意以淨額結算，或同時變現資產 及清償負債，則金融資產及金融負債將予抵 銷，且以淨金額於財務狀況表呈報。

Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management.

現金及現金等值物

就綜合現金流量表而言，現金及現金等值物 包括所持現金及活期存款，以及可隨時兌換 為已知金額現金及所涉價值變動風險不高， 且一般自取得起計三個月內到期的短期高流 動性投資，減須按要求償還且構成本集團現 金管理的組成部分的銀行透支。

For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.

就綜合財務狀況表而言，現金及現金等值物 包括用途不受限制的手頭及銀行現金（包括 定期存款）以及性質與現金相似的資產。

130 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Provisions

A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

3. 主要會計政策概要（續）

撥備

當過去事項導致目前須負之責任（法律或推 定），且日後有可能需要撥付資源償付有關 責任所涉及之款項，則會確認撥備，惟該項 責任之數額須能夠可靠地予以估計。

The Group recognises provision for onerous contracts when the unavoidable costs of meeting the performance obligations under the construction contracts exceed the economic benefits expected to be received under them. The amount of provision for onerous contracts is estimated based on contract costs to completion and contract claims. The estimation basis is reviewed on an ongoing basis and revised where appropriate.

倘根據建築合約履行履約責任的不能避免成 本超出預期自該合約取得的經濟利益，則本 集團確認虧損性合約撥備。虧損性合約撥備 金額按竣工的合約成本及合約申索估計。本 集團會持續審閱估計基準並在適當時予以修 訂。

When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.

當折現之影響屬於重大，撥備確認之數額為 預期日後償付有關責任所需支出於報告期末 之現值。已折現現值隨時間而有所增加，有 關增幅會計入損益之財務費用。

Income tax

Income tax comprises current and deferred taxes. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.

所得稅

所得稅包括即期及遞延稅項。與於損益外確 認的項目有關的所得稅於損益外確認，即於 其他全面收入或直接於權益中確認。

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

即期稅項資產及負債按預期可自稅務當局收 回或向其支付的數額計算，採用的稅率（及 稅法）為報告期末已頒佈或已實際執行的稅 率（及稅法），並已計及本集團經營所在國家 的現行詮釋及慣例。

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

遞延稅項乃使用負債法就報告期末的資產及 負債的計稅基礎與其作財務匯報用途的賬面 值之間的所有暫時差額計提撥備。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Income tax (continued)

Deferred tax liabilities are recognised for all taxable temporary differences, except:

3. 主要會計政策概要（續）

所得稅（續）

除下列情況外，對所有應課稅暫時差額確認 遞延稅項負債：

• when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• 遞延稅項負債源於首次確認商譽或一項 並非業務合併的交易中的資產或負債， 且於該項交易進行時不影響會計利潤及 應課稅損益；及

• in respect of taxable temporary differences associated with investments in subsidiaries and joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

• 就與於附屬公司及合營企業的投資有關 的應課稅暫時差額而言，暫時差額的撥 回時間可予控制而該暫時差額於可見未 來可能不會撥回。

Deferred tax assets are recognised for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilised, except:

遞延稅項資產乃就所有可扣減暫時差額、結 轉未動用稅項抵免及任何未動用稅項損失予 以確認。遞延稅項資產在有可能出現應課稅 利潤，用作抵銷該等扣減暫時差額、結轉未 動用稅項抵免及未動用稅項損失的情況下， 方予以確認，惟下列情況除外：

• when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• 有關可扣減暫時差額的遞延稅項資產源 於初次確認一項並非業務合併的交易中 的資產或負債，且於該項交易進行時不 影響會計利潤及應課稅損益；及

• in respect of deductible temporary differences associated with investments in subsidiaries and joint ventures, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

• 就與於附屬公司及合營企業的投資有關 的可扣減暫時差額而言，遞延稅項資產 僅會於暫時差額有可能將會於可預見未 來撥回及存在應課稅利潤可用作抵銷該 暫時差額的情況下，方予以確認。

132 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Income tax (continued)

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at the end of each reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

3. 主要會計政策概要（續）

所得稅（續）

遞延稅項資產的賬面值於各報告期末審閱， 並撇減至不再可能擁有足夠的應課稅利潤以 動用全部或部分遞延稅項資產為限。未確認 遞延稅項資產於各報告期末重新評估，並於 有可能有足夠應課稅利潤可容許收回全部或 部分遞延稅項資產時予以確認。

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

遞延稅項資產及負債按預期適用於資產變現 或負債清償期間的稅率計算，並以各報告期 末已制定或大致上已制定的稅率（及稅法）為 基準。

Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

倘及僅倘本集團存在法律上可予強制執行的 權利將即期稅項資產及即期稅項負債抵銷， 而遞延稅項資產及遞延稅項負債與同一應課 稅機關及同一應課稅實體，或有意按淨基礎 償還即期稅項負債及資產或同時變現及償付 於大額遞延稅項負債或資產預期被償付或收 回的各未來期間的資產及負債的不同應課稅 實體所徵收的所得稅有關，則遞延稅項資產 與遞延稅項負債互相抵銷。

Government grants

Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed.

政府補助

如能合理確保將收到政府補助及將符合所有 附帶條件，則按其公平值確認政府補助。如 補貼與開支項目相關，則於擬用作補貼的成 本產生期間系統地確認為收入。

133

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

3. 主要會計政策概要（續）

收入確認

來自客戶合約之收入

本公司按能反映本集團預期將就向客戶轉讓 貨品或服務而有權換取的代價金額於貨品或 服務的控制權轉移至客戶時確認來自客戶合 約之收入。

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

倘合約代價包括可變金額，代價金額則按本 集團向客戶轉讓貨品或服務而將有權換取的 金額作估計。可變代價於訂立合約時作估計 及受限，直至可變代價的相關不確定因素其 後獲解決，且已確認的累計收入金額很大機 會不會出現重大收入撥回。

When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group with a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15.

倘合約包括就向客戶轉讓貨品或服務撥資向 客戶提供重大利益逾一年之融資成份，收入 乃按應收款的現值計量，並以訂立合約時本 集團與客戶的個別融資交易中反映的折現率 折現。倘合約包括向本集團提供重大財務利 益逾一年之融資成份，根據合約確認的收入 包括合約負債按實際利息法計算的利息開 支。就客戶付款與轉移承諾貨品或服務的期 間為一年或以下的合約，交易價格將使用香 港財務報告準則第15號的可行權宜方式，不 會就重大融資成份的影響作出調整。

134 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue recognition (continued)

Revenue from contracts with customers (continued) Construction services

Revenue from the provision of construction services is recognised over time, using an output method to measure progress towards complete satisfaction of the service, because the Group’s performance creates or enhances an asset that the customer controls overtime as the asset is created or enhanced. The output method recognises revenue in accordance with the direct measurements of the value of the services transferred by the Group to the customer with reference to the certified value of work performed to date.

3. 主要會計政策概要（續）

收入確認（續）

來自客戶合約之收入（續） 建築服務

來自提供建築服務的收入隨時間確認，並使 用產出法計量完全履行服務的進度，因本集 團的履約創建或增強資產，而該資產創建或 增強時由客戶控制。產出法根據經參考迄今 已施工工程的經核定價值直接計量本集團向 客戶轉移之服務的價值確認收入。

Revenue from other sources

Rental income is recognised on a time proportion basis over the lease terms.

來自其他來源的收入 租金收入按時間比例於租期內確認。

Other income

Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset.

其他收入

利息收入按預提基準利用實際利息法確認， 而實際利息法指透過預期金融工具年期或較 短年期（如適用）內收取之估計未來現金收益 精確地折現至金融資產賬面淨值之利率。

Contract assets

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are subject to impairment assessment, details of which are included in the accounting policies for impairment of financial assets.

合約資產

合約資產乃向客戶轉移貨品或服務以換取代 價之權利。倘本集團通過於客戶支付代價前 或於付款到期前將貨品或服務轉移至客戶來 履約，則會就所賺取之有條件代價確認合約 資產。合約資產須接受減值評估，其詳情載 於有關金融資產減值的會計政策。

135

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Contract liabilities

A contract liability is recognised when a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods and services to the customer).

3. 主要會計政策概要（續）

合約負債

當本集團轉移相關貨品或服務前，收到客戶 的款項或應付款（以較早者為準）時，確認合 約負債。當本集團根據合約履約（即將相關 貨品及服務的控制權轉移至客戶）時，合約 負債確認為收益。

Contract costs

Other than the costs which are capitalised as inventories, property, plant and equipment and intangible assets, costs incurred to fulfil a contract with a customer are capitalised as an asset if all of the following criteria are met:

合約成本

除已資本化為存貨、物業、機器及設備及無 形資產的成本外，倘符合以下所有準則，為 履行與客戶的合約而產生的成本會資本化為 資產︰

• (a) The costs relate directly to a contract or to an anticipated contract that the entity can specifically identify.

• (a) 與合約或實體能具體辨識之預期合約直 接相關的成本。

• (b) The costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future.

• (b) 產生或加強實體資源的成本，將於未來 用於履行（或繼續履行）履約責任。

• (c) The costs are expected to be recovered.

• (c) 預期收回的成本。

The capitalised contract costs are amortised and charged to the profit or loss on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Other contract costs are expensed as incurred.

已資本化的合約成本會有系統地按與資產相 關的向客戶轉移貨品及服務一致的方式攤銷 及自損益扣除。其他合約成本於產生時支 銷。

Share-based payments

The Company operates share option schemes for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including directors) of the Group may receive remuneration in the form of sharebased payments, whereby employees render services as consideration for equity instruments (“ equity-settled transactions ”).

以股份為基礎的付款

本公司設有購股權計劃，以獎勵及回報對本 集團業務成就作出貢獻之合資格參與者。本 集團僱員（包括董事）可能以股份為基礎的支 付方式收取報酬，僱員提供服務作為收取股 本工具之代價（「以股權支付之交易」）。

136 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Share-based payments (continued)

The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted.

3. 主要會計政策概要（續）

以股份為基礎的付款（續） 對於與僱員進行以股權支付之交易之成本， 乃參照交易授出日期之公平值而計量。

The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period.

以股權支付之交易之成本，連同權益相應增 加部分，在績效及╱或服務條件獲履行期間 於僱員福利開支內確認。在歸屬日期前，每 個報告期末確認之以股權支付之交易之累計 開支，反映歸屬期已到期部分及本集團對最 終將會歸屬之股本工具數目之最佳估計。在 某一期間內在損益賬內扣除或進賬，乃反映 累計開支在期初與期末確認時之變動。

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

釐定購股權的授出日期公平值時並不考慮服 務及非市場表現條件，惟能達成條件的可能 性則被評定為本集團對最終歸屬為股本工具 數目的最佳估計之一部分。市場表現條件反 映於授出日期的公平值。附帶於購股權中但 並無相關聯服務要求的任何其他條件均被視 為非歸屬條件。非歸屬條件反映於購股權的 公平值，除非同時具服務及╱或績效條件， 否則購股權即時支銷。

For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognised. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

因非市場績效及╱或服務條件未能達成而最 終並未歸屬的獎勵不會確認為開支。凡獎勵 包含市場或非歸屬條件，無論市場條件或 非歸屬條件獲履行與否，倘所有其他績效 及╱或服務條件均獲履行，則交易被視為一 項歸屬。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Share-based payments (continued)

Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification.

3. 主要會計政策概要（續）

以股份為基礎的付款（續）

倘若以股權支付之購股權條款有所變更，且 已符合購股權之原定條款，所確認開支最少 須達到猶如條款並無任何變更之水平。此 外，倘若按變更日期計量，任何變更導致以 股份為基礎的付款之總公平值有所增加，或 對僱員帶來其他利益，則應就該等變更確認 開支。

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the Group or the employee are not met. However, if a new award is substituted for the cancelled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.

如以股權支付之購股權被註銷，則被視為在 註銷當日已歸屬，而尚未就該購股權確認之 任何費用須即時予以確認。此包括本集團或 僱員控制範圍內非歸屬條件未獲達成之任何 購股權。然而，倘有一項新授出購股權取代 已註銷之購股權，及於授出當日被指定為該 已授出購股權之替代品，則該已註銷購股權 及新授出購股權均被視為原購股權之改動 （見前一段所述）。

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.

計算每股盈利時，未行使購股權之攤薄效應 反映為額外股份攤薄。

Other employee benefits

Paid leave carried forward

The Group provides paid annual leave to its employees under their employment contracts on a calendar year basis. Under certain circumstances, such leave which remains untaken as at the end of the reporting period is permitted to be carried forward and utilised by the respective employees in the following year. An accrual is made at the end of the reporting period for the expected future cost of such paid leave earned during the year by the employees and carried forward.

其他僱員福利

結轉有薪假期

本集團根據聘用合約按公曆年的基準向其僱 員提供有薪年假。在若干情況下，於報告期 末，該等尚未使用的假期可結轉，而有關僱 員可在下一年度使用。於報告期末，本集團 就僱員在年度內產生及結轉的有薪假期涉及 的預期未來費用撥作預提費用。

138 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Other employee benefits (continued)

Pension schemes

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “ MPF Scheme ”) under the Mandatory Provident Fund Schemes Ordinance for those employees who are eligible to participate in the MPF Scheme. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

3. 主要會計政策概要（續）

其他僱員福利 ( 續 )

退休福利計劃

本集團已按照強制性公積金計劃條例為所有 合資格參與強積金計劃之僱員設有定額供 款強制性公積金退休福利計劃（「 強積金計 劃 」）。供款乃按照僱員底薪百分比計算， 當需要按照強積金計劃條款規定供款時，即 在損益中扣除有關供款。強積金計劃資產乃 由獨立管理基金持有並與本集團資產分開管 理。當向強積金計劃供款時，本集團之僱主 供款將全數歸於僱員所得。

Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of such borrowing costs ceases when the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs capitalised. All other borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

借貸成本

直接與收購、建築或製造合資格資產（即資 產必須經過一段相當時間以準備作擬定用途 或銷售）有關的借貸成本，將資本化為該等 資產成本的一部分。倘資產已大致可作擬定 用途或銷售，則停止資本化該借貸成本。待 用於合資格資產的借貸於暫時性投資時所產 生之投資收入，則於已資本化的借貸成本中 扣除。所有其他借貸成本在發生當期支銷。 借貸成本包括實體就借用資金而產生的利息 及其他成本。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Dividends

Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting.

3. 主要會計政策概要（續）

股息

末期股息在股東大會上被股東批准後，確認 為負債。

Interim dividends can be simultaneously proposed and declared, because the Company’s articles of association grant the directors the authority to declare interim dividends. Consequently, interim dividends are recognised immediately as a liability when they are proposed and declared.

因為本公司的組織章程細則賦予董事宣告發 放中期股息的權力，故可以同時建議並宣告 發放中期股息。因此，中期股息在建議和宣 告發放後會即時確認為負債。

Proposed final dividends are disclosed in the notes to the financial statements.

擬派末期股息於財務報表附註披露。

Foreign currencies

These financial statements are presented in Hong Kong dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognised in profit or loss.

外幣

該等財務報表乃以本公司的功能貨幣港元呈 列。本集團內各實體釐定本身的功能貨幣， 而計入各實體財務報表的項目乃以該功能貨 幣計量。本集團實體錄得的外幣交易初步以 交易日期的相關功能貨幣匯率記錄。以外幣 計值的貨幣資產及負債，按報告期末的匯率 換算為功能貨幣。結算或兌換貨幣項目產生 的差額於損益確認。

Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception of monetary items that are designated as part of the hedge of the Group’s net investment of a foreign operation. These are recognised in other comprehensive income until the net investment is disposed of, at which time the cumulative amount is reclassified to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in other comprehensive income.

結算或兌換貨幣項目產生的差額於損益確 認，惟指定為本集團海外業務淨投資之對沖 一部分的貨幣項目除外。該等貨幣項目乃於 其他全面收入確認，直至出售淨投資，屆時 累計金額會重新分類至損益。該等貨幣項目 的匯兌差額應佔稅項支出及抵免亦計入其他 全面收入。

140 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign currencies (continued)

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively).

3. 主要會計政策概要（續）

外幣 ( 續 )

以外幣按歷史成本計量的非貨幣項目，乃採 用初步交易日期之匯率換算。以外幣按公平 值計量的非貨幣項目，則採用計量公平值當 日之匯率換算。兌換按公平值計量的非貨幣 項目產生的盈虧的處理方法，與確認該項目 的公平值變動產生的盈虧（即某項目的公平 值盈虧於其他全面收入或損益確認，匯兌差 額亦分別於其他全面收入或損益確認）一致。

In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.

於釐定初始確認相關資產、終止確認非貨幣 資產或與預付代價有關的非貨幣負債的開支 或收入的匯率，初步交易日期乃本集團初步 確認非貨幣資產或自預付代價產生的非貨幣 負債之日。倘有多次付款或預先收款，本集 團就預付代價的各次付款或收款釐定交易日 期。

The functional currencies of certain overseas joint ventures are currencies other than the Hong Kong dollar. As at the end of the reporting period, the assets and liabilities of these entities are translated into Hong Kong dollars at the exchange rates prevailing at the end of the reporting period and their statements of profit or loss are translated into Hong Kong dollars at the weighted average exchange rates for the year.

若干海外合營企業之功能貨幣為港元以外貨 幣。於報告期末，該等實體的資產及負債按 報告期末之匯率換算為港元，而其損益表乃 按年內加權平均匯率換算為港元。

The resulting exchange differences are recognised in other comprehensive income and accumulated in other reserve. On disposal of a foreign operation, the component of other comprehensive income relating to that particular foreign operation is recognised in profit or loss.

所得出匯兌差額於其他全面收入確認，並累 計於其他儲備。出售海外業務時，有關該特 定海外業務之其他全面收入組成部分在損益 中確認。

141

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Foreign currencies (continued)

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate.

3. 主要會計政策概要（續）

外幣 ( 續 )

任何因收購海外業務產生的商譽及任何因收 購產生的資產及負債賬面值之公平值調整被 視為海外業務的資產及負債，並按報告期末 的匯率換算。

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

The preparation of the Group’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

4. 主要會計判斷及估計

編製本集團的財務報表要求管理層作出會影 響收入、開支、資產和負債的報告金額及其 隨附披露以及對或然負債之披露的判斷、估 計和假設。有關該等假設和估計的不確定性 可能導致可能須於未來對受影響資產或負債 的賬面值作出重大調整的結果。

Judgements

In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

判斷

於應用本集團會計政策之過程中，管理層已 作出下列對財務報表所確認金額有最重大影 響之判斷（涉及估計的判斷除外）：

142 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (continued)

• Judgements (continued)

Classification between investment properties and owneroccupied properties

The Group determines whether a property qualifies as an investment property, and has developed criteria in making that judgement. Investment property is a property held to earn rentals or for capital appreciation or both. Therefore, the Group considers whether a property generates cash flows largely independently of the other assets held by the Group. Some properties comprise a portion that is held to earn rentals or for capital appreciation and another portion that is held for use in the production or supply of goods or services or for administrative purposes. If these portions could be sold separately or leased out separately under a finance lease, the Group accounts for these portions separately. If the portions could not be sold separately, the property is an investment property only if an insignificant portion is held for use in the production or supply of goods or services or for administrative purposes. Judgement is made on an individual property basis to determine whether ancillary services are so significant that a property does not qualify as an investment property.

4. 主要會計判斷及估計（續）

判斷 ( 續 )

投資物業及自用物業的分類

本集團確定一幢物業是否可列作投資物業， 並已制定判斷之準則。投資物業乃持作賺取 租金或資金增值或持作兩者之物業。因此， 本集團考慮一幢物業在產生現金流量時，是 否大都獨立於本集團所持有之其他資產。若 干物業包括乃持作賺取租金或資本增值的部 分，及持作生產或供貨或提供服務或作行政 管理用途的部分。倘該等部分能獨立出售或 以融資租賃方式獨立出租，則本集團將該等 部分單獨入賬。倘該等部分不能獨立出售， 則該物業僅在持作生產或供貨或提供服務或 作行政管理用途佔極少部分時列作投資物 業。本集團對各項物業作出判斷，以確定配 套服務是否重要致使物業不符合投資物業的 資格。

Estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

估計的不確定性

下文描述可能引致資產負債之賬面值於下個 財政年度須予以重大調整的重大風險的有關 未來的主要假設，以及於報告期末存在之估 計不確定性的其他主要來源。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

4. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (continued) Estimation uncertainty (continued)

Accounting for contract works

The Group’s revenue from contract works is recognised over time using the output method and is measured in accordance with the progress towards complete satisfaction of the performance obligations. Budgeted contract costs are prepared by management on the basis of contract concluded with and/or quotations provided by major subcontractors, suppliers or vendors involved from time to time, the experience of management and current market condition. The estimation of profitability of each project is dependent on the estimation of the total outcome of the contract, as well as the work done to date. The Group reviews and revises the estimates of contract costs to completion, variation orders and contract claims prepared for each contract as the contract progresses. Significant judgement is required in estimating contract costs to completion, variation works and contract claims which may have an impact to the total outcome of the contract and recognition of profit. Actual outcomes of total contract costs and total revenue may be higher or lower than that estimated at the end of the reporting period, which would affect the profit recognised in future years as an adjustment to the amounts recorded to date.

4. 主要會計判斷及估計（續）

估計的不確定性 ( 續 )

合約工程的會計處理

本集團的合約工程收入隨時間使用產出法確 認並根據完全履行履約責任之進度計量。預 算合約成本由管理層以所訂立之合約為基準 及╱或主要分判商、供應商或不時參與的賣 方提供的報價、管理層經驗及目前市況為基 準編製。估算每個項目的盈利能力視乎所估 計的合約總成果以及迄今已進行的工程。本 集團在合約期間就各合約工程審查及修訂完 工合約成本、工程變更訂單及合約索償之估 計。於評估完工合約成本、變更工程及合約 索償時，須作出重大判斷，從而可能對合約 總成果及溢利確認造成影響。於報告期末之 實際合約總成本及收入總額可能高於或低於 估計，從而可能對於來年確認之溢利造成影 響，作為迄今錄得金額之調整。

Recoverability of accounts receivable and contract assets

The policy for impairment of accounts receivable and contract assets of the Group is based on the evaluation of collectability and ageing analysis of trade receivables and contract assets as well as other quantitative and qualitative information and on management’s judgement and assessment of the forward-looking information. Significant judgement and estimates are required in assessing the ultimate realisation of these assets, based on the current creditworthiness, the past collection history and subsequent settlements of each customer. If the financial conditions of customers of the Group were to deteriorate, resulting in an impairment of their ability to make payments, additional provisions may be required. Further details are disclosed in notes 18, 19 and 36 to the financial statements.

應收賬款及合約資產的可收回性

本集團應收賬款及合約資產的減值政策基於 可收回性的評估及應收賬款及合約資產的賬 齡分析以及其他定量及定性資料及管理層對 前瞻性資料的判斷及評估。於評估此等資產 的最終變現情況時，須基於每名客戶的現時 信譽、過往追收歷史及其後還款情況作出重 大判斷及估計。倘本集團客戶的財務狀況轉 壞而導致其還款能力受損，則可能須作出額 外撥備。進一步詳情於財務報表附註18、19 及36中披露。

144 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

5. OPERATING SEGMENT INFORMATION

For management purposes, the Group has only one reportable operating segment which is the contract works segment. The contract works segment engages in contract works, acting as a main contractor or sub-contractor, primarily in respect of building construction and 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 6 to the financial statements.

5. 經營分部資料

就管理而言，本集團僅有一個可匯報經營分 部，即合約工程分部。合約工程分部從事合 約工程，以總承建商或分判商的身份，主要 涉及樓宇建築及 RMAA 工程。因此，概無 呈列分部資料。有關本集團來自樓宇建築及 RMAA工程的收入的進一步資料載於財務報 表附註6。

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

本集團從外部客戶收入所得僅源自其於香港 的業務，而本集團的非流動資產均位於香 港。

Information about major customers

Revenue from customers which accounted for 10% or more of the Group’s revenue for the year, is set out below:

主要客戶資料

佔本集團年度收入10%或以上的客戶收入載 列如下：

Customer A 客戶甲 Customer B 客戶乙 Customer C 客戶丙 Customer D 客戶丁	2021 二零二一年 HK$’000 千港元 996,264 1,200,121 719,426 636,765	2020 二零二零年 HK$’000 千港元 591,506 414,551 340,045 N/A 不適用

• Less than 10% of the Group’s revenue in the respective year.

• 少於本集團相關年度收入的10%。

Except for the aforesaid, no revenue from other single external customers accounted for 10% or more of the Group’s revenue.

除上文所述者外，概無從其他單一外部客戶 所產生的收入佔本集團收入10%或以上。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

6. REVENUE, OTHER INCOME AND GAINS

All of the Group’s revenue from construction services

is recognised over time and an analysis of the Group’s revenue is as follows:

6. 收入、其他收入及收益

本集團所有來自建築服務之收入乃隨時間確 認及本集團收入之分析如下：

Revenue from contracts with customers 來自客戶合約之收入 Contract works for building construction 樓宇建築合約工程 Contract works for RMAA works RMAA工程合約工程	2021 二零二一年 HK$’000 千港元 3,698,889 6,352	2020 二零二零年 HK$’000 千港元 1,478,874 68,967
	3,705,241	1,547,841

Revenue from contracts with customers

Performance obligation

The performance obligation is satisfied over time as construction services are rendered and payment is generally due within 60 days from the date of issuance of payment certificate. A certain percentage of payment is retained by customers until the end of the retention period as the Group’s entitlement to the final payment is conditional on the satisfaction of the service quality by the customers over a certain period as stipulated in the contracts.

來自客戶合約之收入

履約責任

履約責任隨著提供建築服務而達成，付款通 常於發出付款證明書日期起 60 日內到期。 由於本集團獲取最終付款的權利取決於客戶 在合約所指定時間內對服務質量的滿意度而 定，故客戶會保留一定比例的付款直至保留 期結束為止。

Unsatisfied performance obligation related to construction contracts as at 31 March:

於三月三十一日與建築合約相關的未履行的 履約責任︰

Amounts expected to be recognised as revenue: 預期於以下時間確認為 收入的金額： Within one year 於一年內 After one year 於一年後	2021 二零二一年 HK$’000 千港元 4,715,984 13,395,904	2020 二零二零年 HK$’000 千港元 2,108,248 3,888,410
	18,111,888	5,996,658

146 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

6. REVENUE, OTHER INCOME AND GAINS (continued)

• Revenue from contracts with customers (continued) Performance obligation (continued)

The amount of contract sum allocated to the remaining performance obligations which are expected to be recognised as revenue after one year relates to contract works, of which the performance obligations are to be satisfied within two to four years. All the other amounts of contract sum allocated to the remaining performance obligations are expected to be recognised as revenue within one year. The amounts disclosed above do not include variable consideration which is constrained.

6. 收入、其他收入及收益（續）

來自客戶合約之收入（續）

履約責任（續）

分配至預計將於一年後確認為收入的剩餘履 約責任的合約總額與於兩至四年內完成履約 責任的合約工程有關。所有其他分配至剩餘 履約責任的合約總額預計於一年內確認為收 入。上述披露的金額不包括受到限制的可變 代價。

An analysis of the Group’s other income and gains is as follows:

本集團的其他收入及收益的分析如下：

Interest income 利息收入 Gain on disposal of items of property, plant and equipment 出售物業、機器及設備項目 之收益 Gross rental income with fixed lease payments 有固定租賃付款的租金 收入總額 Government subsidies 政府補助 Sundry income 雜項收入	2021 二零二一年 HK$’000 千港元 4,064 20 – 20,711 7	2020 二零二零年 HK$’000 千港元 10,658 70 2,314 753 145
	24,802	13,940

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Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

7. PROFIT BEFORE TAX

The Group’s profit before tax is arrived at after charging/ (crediting):

7. 除稅前溢利

本集團之除稅前溢利已扣除╱（計入）下列各 項：

Notes 附註 Contract costs 合約成本 Provision for contract works, net: 合約工程撥備淨額： Additional provision 額外的撥備 Utilisation/reversal 使用╱回撥	2021 二零二一年 HK$’000 千港元 3,558,208 363,126 (177,899)	2020 二零二零年 HK$’000 千港元 1,391,313 10,577 (185,119	) ) )
	185,227	(174,542
Depreciation of owned assets 自置資產的折舊 14 Depreciation of right-of-use assets 使用權資產的折舊 14, 15(a) Auditor’s remuneration 核數師酬金 Employee benefit expense (excluding Directors’ remuneration_(note 9)_): 僱員福利開支（不包括董事 酬金（附註9）） ︰ Wages and salaries 工資及薪金 Pension scheme contributions (defined contribution schemes) 退休金計劃供款 （界定供款計劃）	585 51,431 2,600 215,278 5,951	1,823 29,202 2,532 186,730 5,400
	221,229	192,130
Loss on derecognition of a building held for redevelopment 終止確認持有作重新發展 的一棟樓宇的損失 14 Fair value loss on financial assets at fair value through profit or loss 按公平值計入損益的 金融資產之公平值損失 Fair value loss on a derivative financial instrument 衍生金融工具的 公平值損失 Lease payments not included in the measurement of lease liabilities 不包括於租賃負債計量 的租賃付款 15(c) Government subsidies 政府補助	– 1,159 – 22,779 (20,711)	40,588 – 21 11,868 (753

148 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

7. PROFIT BEFORE TAX (continued)

The Group’s profit before tax is arrived at after charging/ (crediting): (continued)

• For the year ended 31 March 2021, depreciation of right-ofuse assets, employee benefit expense, provision for contract works, net and lease payments not included in the measurement of lease liabilities of HK$21,568,000 (2020: HK$4,338,000), HK$213,597,000 (2020: HK$185,288,000), HK$185,227,000 (2020: utilisation/reversal of HK$174,542,000) and HK$22,779,000 (2020: HK$11,428,000), respectively, are included in contract costs disclosed above.

7. 除稅前溢利（續）

本集團之除稅前溢利已扣除╱（計入）下列各 項：（續）

• 截至二零二一年三月三十一日止年度，使用 權資產的折舊、僱員褔利開支、合約工程 撥備淨額及不包括於租賃負債計量的租賃 付款分別為 21,568,000 港元（二零二零年： 4,338,000港元）、213,597,000港元（二零二零 年：185,288,000港元）、185,227,000港元（二 零二零年：使用╱回撥174,542,000港元）及 22,779,000港元（二零二零年：11,428,000港 元）已計入上文披露的合約成本。

• ** This item is included in the “Other expenses” on the face of the consolidated statement of profit or loss and other comprehensive income.

• ** 此項目包括在綜合損益及其他全面收入表項 下的「其他開支」內。

• *** Subsidies have been received from (i) the “Employment Support Scheme” under the “Anti-epidemic Fund” set up by the Government of the Hong Kong Special Administrative Region (the “ HKSAR Government ”); and (ii) the Hong Kong Vocational Training Council and the Construction Industry Council, institutions established by the HKSAR Government, for providing time-limited financial support to employers to retain their employees and for providing on-the-job training for graduate engineers and trainees, respectively. There were no unfulfilled conditions or contingencies relating to these subsidies.

• *** 已分別收取來自 (i)由香港特別行政區政府 （「香港特區政府」）成立的「防疫抗疫基金」項 下「保就業」計劃；及(ii)香港職業訓練局及 建造業議會（香港特區政府成立的機構，分 別為僱主提供限時財務支持以保留僱員及為 已畢業的工程師及學徒提供在職培訓）的補 助。該等補助並無任何未達成條件或或然事 項。

8. FINANCE COSTS

An analysis of finance costs is as follows:

8. 財務費用

財務費用分析如下：

Interest on bank loans 銀行貸款的利息 Interest on lease liabilities 租賃負債的利息	2021 二零二一年 HK$’000 千港元 7,554 796	2020 二零二零年 HK$’000 千港元 904 416
	8,350	1,320

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Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

9. DIRECTORS’ REMUNERATION

Directors’ remuneration for the year, disclosed pursuant to the Rules Governing the Listing of Securities on the Stock Exchange (the “ Listing Rules ”), section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:

9. 董事酬金

根據聯交所證券上市規則（「上市規則」）、香 港《公司條例》第383(1)(a)、(b)、(c)及(f)條 以及公司（披露董事利益資料）規例第2部披 露的本年度董事薪酬如下：

Fees 袍金	2021 二零二一年 HK$’000 千港元 504	2020 二零二零年 HK$’000 千港元 432
Other emoluments: 其他薪酬： Salaries, allowances and benefits in kind 薪金、津貼及實物利益 Discretionary performance-related bonuses 酌情表現花紅 Pension scheme contributions (defined contribution schemes) 退休金計劃供款 （界定供款計劃）	11,502 15,600 90	12,238 21,100 106
	27,192	33,444
	27,696	33,876

150 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

9. DIRECTORS’ REMUNERATION (continued)

• (a) Independent non-executive directors

The fees paid to independent non-executive directors during the year were as follows:

9. 董事酬金（續）

• (a) 獨立非執行董事

於年度內支付予獨立非執行董事的袍金 如下：

Prof. Ko Jan Ming# 高贊明教授# Dr. Lee Man Piu, Albert# 李文彪醫生# Dr. Li Yok Sheung 李毓湘博士 Ms. Leung Yuen Shan, Maisy 梁婉珊女士 Ms. Mak Suk Hing 麥淑卿女士 Mr. Mong Chan# 蒙燦先生#	2021 二零二一年 HK$’000 千港元 24 24 144 144 144 24	2020 二零二零年 HK$’000 千港元 – – 144 144 144 –
	504	432

There were no other emoluments payable to the independent non-executive directors during the year (2020: nil).

於本年度內，並無應付獨立非執行董事 之其他酬金（二零二零年：無）。

Appointed as an independent non-executive director of the Company with effect from 1 February 2021.

自二零二一年二月一日起獲委任為本 公司獨立非執行董事。

(b) Executive directors

(b) 執行董事

Year ended 31 March 2021 截至二零二一年 三月三十一日止年度 Mr. Ngai Chun Hung 魏振雄先生 Mr. Cheung Ho Yuen 張浩源先生 Mr. Ip Yik Nam 葉亦楠先生 Mr. Lau Chi Fai, Daniel 劉志輝先生 Mr. Yau Kwok Fai 游國輝先生	Fees Salaries, allowances and benefits in kind Discretionary performance- related bonuses Pension scheme contributions Total 袍金 薪金、津貼 及實物利益 酌情 表現花紅 退休金 供款計劃 合計 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 – 3,951 4,000 18 7,969 – 1,962 3,600 18 5,580 – 2,256 1,000 18 3,274 – 2,148 4,000 18 6,166 – 1,185 3,000 18 4,203
	– 11,502 15,600 90 27,192

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 151

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

9. DIRECTORS’ REMUNERATION (continued)

• (b) Executive directors (continued)

9. 董事酬金（續） (b) 執行董事（續）

			Salaries,	Discretionary
			allowances	performance-	Pension
	截至二零二零年		and benefits	related	scheme
Year ended 31 March 2020	三月三十一日止年度	Fees	in kind	bonuses	contributions	Total
			薪金、津貼	酌情	退休金
		袍金	及實物利益	表現花紅	供款計劃	合計
		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
Mr. Ngai Chun Hung	魏振雄先生	–	3,772	12,500	18	16,290
Mr. Cheung Ho Yuen	張浩源先生	–	1,681	2,000	18	3,699
Mr. Ip Yik Nam	葉亦楠先生	–	2,256	2,000	18	4,274
Mr. Lau Chi Fai, Daniel	劉志輝先生	–	2,050	2,000	18	4,068
Mr. Yam Kui Hung##	任鉅鴻先生##	–	1,347	200	16	1,563
Mr. Yau Kwok Fai	游國輝先生	–	1,132	2,400	18	3,550
		–	12,238	21,100	106	33,444

Retired as an executive director of the Company with effect from 20 February 2020.

自二零二零年二月二十日起退任本公 司執行董事。

There was no arrangement under which a director waived or agreed to waive any remuneration during the year (2020: nil).

年內概無董事放棄或同意放棄任何酬金的安 排（二零二零年︰無）。

152 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

10. FIVE HIGHEST PAID EMPLOYEES

The five highest paid employees during the year included three (2020: four) directors, details of whose remuneration are set out in note 9 above. Details of the remuneration of the remaining two (2020: one) non-director, highest paid employees during the year are as follows:

10. 五名最高薪酬僱員

於本年度內五名最高薪酬僱員包括三名（二 零二零年：四名）董事，彼等之酬金詳情已 載列於上文附註9。年內其餘兩名（二零二零 年：一名）非董事最高薪酬僱員之酬金詳情 如下：

Salaries, allowances and benefits in kind 薪金、津貼及實物利益 Discretionary performance-related bonuses 酌情表現花紅 Pension scheme contributions 退休金計劃供款	2021 二零二一年 HK$’000 千港元 3,623 13,551 36	2020 二零二零年 HK$’000 千港元 1,750 2,379 18
	17,210	4,147

The number of non-director, highest paid employees whose remuneration fell within the following bands is as follows:

酬金屬下列等級的非董事最高薪酬僱員的人 數如下：

	Number of employees 僱員人數	Number of employees 僱員人數
HK$4,000,001 to HK$4,500,000 4,000,001港元至4,500,000港元 HK$7,000,001 to HK$7,500,000 7,000,001港元至7,500,000港元 HK$9,500,001 to HK$10,000,000 9,500,001港元至10,000,000港元	2021 二零二一年 – 1 1	2020 二零二零年 1 – –
	2	1

153

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31 March 2021 二零二一年三月三十一日

11. INCOME TAX

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% (2020: 16.5%) on the estimated assessable profits arising in Hong Kong during the year.

11. 所得稅

根據開曼群島及英屬維爾京群島的規則及規 例，本集團於開曼群島及英屬維爾京群島無 須繳納任何所得稅。香港利得稅乃根據本年 度內在香港產生之估計應課稅溢利按稅率 16.5%（二零二零年：16.5%）作出撥備。

Current – Hong Kong: 當期 － 香港： Charge for the year 本年度費用 Overprovision in prior years 過往年度超額撥備 Deferred_(note 26)_ 遞延（附註26）	2021 二零二一年 HK$’000 千港元 18,090 – –	2020 二零二零年 HK$’000 千港元 16,254 (634 1	)
Total tax charge for the year 年度稅項開支總額	18,090	15,621

154 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

11. INCOME TAX (continued)

A reconciliation of the tax expense applicable to profit before tax at the statutory rate for the jurisdiction in which the Company and the majority of its subsidiaries are domiciled to the tax expense at the effective tax rate is as follows:

11. 所得稅（續）

適用於利用本公司及其大部分附屬公司所在 司法權區的法定稅率計算除稅前溢利之稅項 開支與利用實際稅率計算稅項開支的對賬如 下：

Profit before tax 除稅前溢利	2021 二零二一年 HK$’000 千港元 112,790	2020 二零二零年 HK$’000 千港元 39,596	) ) ) ) ) )
Tax at the Hong Kong tax rate of 16.5% 按香港稅率16.5%計算之稅項 Temporary difference not recognised 未確認之暫時差額 Profits and losses attributable to a joint venture 歸屬於合營企業的 溢利及虧損 Income not subject to tax 無須課稅收入 Expenses not deductible for tax 不可扣稅之開支 Tax losses not recognised 未確認之稅務虧損 Tax losses utilised from previous periods 動用過往期間的稅項虧損 Adjustments in respect of current tax of previous period 就過往期間即期稅項作出 的調整 Others 其他	18,610 3 (2,391) (3,802) 4,495 1,175 – – –	6,533 (4,089 (219 (1,371 10,415 5,037 (2 (634 (49
Tax charge at the Group’s effective tax rate 本集團按實際稅率計算之 稅項開支	18,090	15,621

The share of tax attributable to joint ventures amounting to HK$2,864,000 (2020: tax credit of HK$165,000) is included in “Share of profits and losses of joint ventures” in the consolidated statement of profit or loss.

應佔合營企業之稅項為2,864,000港元（二零 二零年：稅收抵免165,000港元）於綜合損益 表「應佔合營企業損益」中列賬。

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12. DIVIDENDS

12. 股息

Proposed final – HK2.5 cents (2020: nil) per ordinary share 建議宣派每股普通股末期股息 － 2.5港仙（二零二零年：無）	2021 二零二一年 HK$’000 千港元 50,000	2020 二零二零年 HK$’000 千港元 –

The final dividend proposed subsequent to the end of the reporting period is subject to the approval of the Company’s shareholders at the forthcoming annual general meeting.

於報告期末後建議宣派之末期股息須於本公 司即將舉行的股東週年大會上獲得股東批 准，方可作實。

13. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

The calculation of basic earnings per share is based on the profit for the year attributable to ordinary equity holders of the parent and the weighted average number of ordinary shares of 2,000,000,000 (2020: 2,000,000,000) in issue during the year.

13. 母公司普通權益持有者應佔每股 盈利

每股基本盈利乃根據本年度母公司普通 權益持有者應佔溢利及年度內已發行 2,000,000,000股（二零二零年：2,000,000,000 股）普通股之加權平均數計算。

The Group had no potentially dilutive ordinary shares in issue during the years ended 31 March 2021 and 2020.

於截至二零二一年及二零二零年三月三十一 日止年度，本集團並無已發行具潛在攤薄影 響的普通股。

156 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

14. PROPERTY, PLANT AND EQUIPMENT

14. 物業、機器及設備

PROPERTY, PLANT AND E	14.物業、機器及設備 QUIPMENT
31 March 2021 二零二一年三月三十一日 At 1 April 2020: 於二零二零年四月一日： Cost 成本 Accumulated depreciation 累計折舊	Right-of-use assets Owned assets Total 使用權資產 自置資產 合計 Leasehold land Office properties Machinery Total Leasehold improvements Furniture, fixtures and office equipment Motor vehicles Computer equipment Construction in progress Total 租賃土地 辦公室 物業 機器 合計 租賃物業 裝修 傢俬、 固定裝置及 辦公室設備 車輛 電腦設備 在建工程 合計 HK$’000 HK$’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 千港元 619,633 4,984 18,809 643,426 4,385 11,923 13,202 4,131 3,226 36,867 680,293 (22,599) (2,265) (4,338) (29,202) (4,173) (11,589) (12,813) (4,004) – (32,579) (61,781)	Total 合計
Net carrying amount 賬面淨值	597,034 2,719 14,471 614,224 212 334 389 127 3,226 4,288 618,512
At 1 April 2020, net of accumulated depreciation 於二零二零年四月一日， 扣除累計折舊 Additions 添置 Disposal 出售 Depreciation provided during the year (note 7) 年內折舊（附註7）	597,034 2,719 14,471 614,224 212 334 389 127 3,226 4,288 618,512 554,840 4,504 31,058 590,402 – 34 – 28 28,044 28,106 618,508 – – – – – – – – – – – (27,144) (4,596) (19,691) (51,431) (122) (210) (180) (73) – (585) (52,016)
At 31 March 2021, net of accumulated depreciation 於二零二一年三月三十一日， 扣除累計折舊	1,124,730 2,627 25,838 1,153,195 90 158 209 82 31,270 31,809 1,185,004
At 31 March 2021: 於二零二一年三月三十一日： Cost 成本 Accumulated depreciation 累計折舊	1,174,473 9,488 49,867 1,233,828 4,385 11,957 12,633 4,159 31,270 64,404 1,298,232 (49,743) (6,861) (24,029) (80,633) (4,295) (11,799) (12,424) (4,077) – (32,595) (113,228)
Net carrying amount 賬面淨值	1,124,730 2,627 25,838 1,153,195 90 158 209 82 31,270 31,809 1,185,004

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 157

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

14. PROPERTY, PLANT AND EQUIPMENT (continued)

14. 物業、機器及設備（續）

31 March 2020 二零二零年三月三十一日 At 1 April 2019: 於二零一九年四月一日： Cost 成本 Accumulated depreciation 累計折舊	Right-of-use assets Owned assets Total 使用權資產 自置資產 合計 Leasehold land Office properties Machinery Total Buildings Leasehold improvements Furniture, fixtures and office equipment Motor vehicles Computer equipment Construction in progress Total 租賃土地 辦公室 物業 機器 合計 樓宇 租賃物業 裝修 傢俬、 固定裝置及 辦公室設備 車輛 電腦設備 在建工程 合計 HK$’000 HK$’000 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 千港元 千港元 644,909 – – 644,909 44,952 4,385 11,923 13,202 4,131 – 78,593 723,502 – – – – (1,508) (4,051) (11,300) (12,634) (3,924) – (33,417) (33,417)	Total 合計
Net carrying amount 賬面淨值	644,909 – – 644,909 43,444 334 623 568 207 – 45,176 690,085
At 1 April 2019, net of accumulated depreciation 於二零一九年四月一日， 扣除累計折舊 Additions 添置 Disposal 出售 Depreciation provided during the year (note 7) 年內折舊（附註7） Stamp duty refund recoverable (note 30(a)) 可收回印花稅退款 (附註30(a)) Loss on derecognition of a building held for redevelopment_(note 7)_ 終止確認持有作重新發展的 一棟樓宇的損失(附註7)	644,909 – – 644,909 43,444 334 623 568 207 – 45,176 690,085 – 4,984 18,809 23,793 – – – – – 3,226 3,226 27,019 – – – – – – – – – – – – (22,599) (2,265) (4,338) (29,202) (1,153) (122) (289) (179) (80) – (1,823) (31,025) (25,276) – – (25,276) (1,703) – – – – – (1,703) (26,979) – – – – (40,588) – – – – – (40,588) (40,588)
At 31 March 2020, net of accumulated depreciation 於二零二零年三月三十一日， 扣除累計折舊	597,034 2,719 14,471 614,224 – 212 334 389 127 3,226 4,288 618,512
At 31 March 2020: 於二零二零年三月三十一日： Cost 成本 Accumulated depreciation 累計折舊	619,633 4,984 18,809 643,426 – 4,385 11,923 13,202 4,131 3,226 36,867 680,293 (22,599) (2,265) (4,338) (29,202) – (4,173) (11,589) (12,813) (4,004) – (32,579) (61,781)
Net carrying amount 賬面淨值	597,034 2,719 14,471 614,224 – 212 334 389 127 3,226 4,288 618,512

At 31 March 2021, the Group’s property, plant and equipment with an aggregate net carrying amount of HK$1,156,000,000 (2020: nil) were pledged to secure a bank loan granted to the Group (note 25).

於二零二一年三月三十一日，本集團總賬面淨值 為1,156,000,000港元（二零二零年：無）的物業、 機器及設備已抵押以擔保授予本集團的銀行貸款 （附註25）。

158 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

15. LEASES

The Group as a lessee

The Group has lease contracts for various items of leasehold land, office properties and machinery used in its operations. Lump sum payment was made upfront for the acquisition and lease modification of the leasehold land with a lease period of about 27 years, and no ongoing payments will be made under the terms of this land lease. Leases of office properties and machinery generally have lease terms between 2 and 3 years. There are several lease contracts that include termination options which are further disclosed below.

15. 租賃

本集團作為承租人

本集團擁有經營中所用的租賃土地、辦公室 物業及機器等多個項目的租賃合約。於收購 租期為約二十七年的租賃土地及修訂契約時 已提前作出單次付款，而根據該等土地租賃 的條款，將不會繼續支付任何款項。辦公室 物業及機器的租期通常介乎二至三年。包括 終止選擇權的多項租賃合約進一步披露如 下。

• (a) Right-of-use assets

The carrying amounts of the Group’s right-of-use assets (included under property, plant and equipment) and the movements during the year are disclosed in note 14 to the financial statements.

• (a) 使用權資產

本集團使用權資產（包括於物業、機器 及設備項下）的賬面值及其於本年度之 變動披露於財務報表附註14。

• (b) Lease liabilities

The carrying amount of lease liabilities (included under other payables and accruals) and the movements during the year are as follows:

• (b) 租賃負債

租賃負債（包括於其他應付款及應計費 用項下）的賬面值及其年內變動如下：

Carrying amount at 1 April 於四月一日的賬面值 New leases 新租賃 Accretion of interest recognised during the year 年內已確認利息增幅 Payments 付款	2021 二零二一年 HK$’000 千港元 16,614 35,562 796 (22,548)	2020 二零二零年 HK$’000 千港元 – 23,793 416 (7,595	)
Carrying amount at 31 March 於三月三十一日的賬面值	30,424	16,614

159

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

15. LEASES (continued)

• The Group as a lessee (continued)

• (b) Lease liabilities (continued)

15. 租賃（續）

本集團作為承租人（續）

• (b) 租賃負債（續）

Analysed into: 分析為： Current portion 流動部分 Non-current portion 非流動部分	2021 二零二一年 HK$’000 千港元 26,353 4,071	2020 二零二零年 HK$’000 千港元 9,898 6,716

The maturity analysis of lease liabilities is disclosed in note 36 to the financial statements.

租賃負債的到期日分析在財務報表附註 36中披露。

• (c) The amounts recognised in profit or loss in relation to leases are as follows:

• (c) 於損益中確認的租賃相關金額如下：

Interest on lease liabilities 租賃負債的利息 Depreciation charge of right-of-use assets 使用權資產的折舊開支 Expenses relating to short-term leases 短期租賃的支出	2021 二零二一年 HK$’000 千港元 796 51,431 22,779	2020 二零二零年 HK$’000 千港元 416 29,202 11,868
Total amount recognised in profit or loss 於損益中確認的總金額	75,006	41,486

• (d) The total cash outflow for leases are disclosed in note 30(c) to the financial statements.

• (d) 租賃的現金流出總額在財務報表附註30 （c）中披露。

160 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

15. LEASES (continued)

The Group as a lessee (continued)

(e) Termination options

The Group has several lease contracts that include termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and they are aligned with the Group’s business needs. Set out below are the undiscounted potential future rental payments relating to periods following the exercise date of termination options that are not included in the lease terms:

15. 租賃（續）

本集團作為承租人（續）

(e) 終止選擇權

本集團數項租賃合約包括終止選擇權。 管理層已就該等選擇權進行協商，以靈 活管理租賃資產組合，並使其與本集團 的業務需求一致。不包括於租期內與終 止選擇權行使日期後的期間相關的未貼 現潛在未來租金載列如下：

Termination options expected to be exercised 預計將行使的終止選擇權	2021 二零二一年 Payable within five years 五年內應付款項 HK$’000 千港元 192	2020 二零二零年 Payable within five years 五年內應付款項 HK$’000 千港元 126

The Group as a lessor

For the year ended 31 March 2020, the Group leased certain of its property, plant and equipment (note 14) under operating lease arrangements, with leases initially negotiated for terms ranging from one to three years. The terms of these leases required the tenants to pay security deposits and provide for periodic rent adjustments according to the then prevailing market conditions. Rental income recognised by the Group during the year ended 31 March 2020 was HK$2,314,000, details of which are included in note 6 to financial statements.

本集團作為出租人

截至二零二零年三月三十一日止年度，本集 團根據經營租賃安排出租若干物業、機器及 設備（附註 14 ）。經協商後，租期初步介乎 一至三年。租賃條款要求租戶支付保證金， 並訂明根據當前的市場狀況作出定期租金調 整。本集團於截至二零二零年三月三十一日 止年度年內確認的租金收入為 2,314,000 港 元，詳情載於財務報表附註6。

161

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

16. INVESTMENT IN JOINT VENTURES

16. 於合營企業的投資

Share of net assets 應佔資產淨值 Goodwill on acquisition 收購商譽	2021 二零二一年 HK$’000 千港元 43,591 45,015	2020 二零二零年 HK$’000 千港元 44,106 45,015
	88,606	89,121

The amount due to a joint venture included in the Group’s current liabilities is unsecured, interest-free and is repayable on demand.

計入本集團流動負債的應付一間合營企業款 項乃無抵押、免息及按要求償還。

Particulars of the Group’s material joint venture is as follows:

本集團主要合營企業的詳情如下：

				Percentage of
	Particulars	Place of	下列各項所佔百分比
	of issued	registration	Ownership	Voting	Profit	Principal
Name	shares held	and business	interest	power	sharing	activities
	所持有的
名稱	已發行股份詳情	註冊及業務地點	所有權	投票權	應佔溢利	主要業務
Gold Victory	Registered	BVI/Hong Kong	50	50	50	Investment holding
Resources Inc.	capital of
(“Gold Victory”)	US$2
(note)
Gold Victory	註冊資本	英屬維爾京群島╱				投資控股
Resources Inc.	2美元	香港
(“Gold Victory”)
（附註）

Note: As at 31 March 2021, subsidiaries of Gold Victory (together with Gold Victory, collectively, the “ GV Group ”) are principally engaged in the installation and trading of doors and furniture.

附註︰ 於二零二一年三月三十一日， Gold Victory 的附屬公司（連同 Gold Victory，統稱「 GV 集團」）主要從事 門及傢俬安裝及買賣。

The above investment is held indirectly by a subsidiary of the Company.

以上投資由本公司的一間附屬公司間接持 有。

162 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

16. I N V E S T M E N T I N J O I N T V E N T U R E S

16. 於合營企業的投資（續）

(continued)

The following table illustrates the summarised financial information in respect of the GV Group, adjusted for any differences in accounting policies and reconciled to the carrying amount in the financial statements:

下表闡述GV集團的財務資料摘要，已就會 計政策的任何差異予以調整，以及對賬至財 務報表的賬面值：

Cash and cash equivalents 現金及現金等值物 Other current assets 其他流動資產	2021 二零二一年 HK$’000 千港元 9,021 84,354	2020 二零二零年 HK$’000 千港元 12,706 74,981	) ) ) ) )
Current assets 流動資產	93,375	87,687
Non-current assets 非流動資產	6,458	11,555
Current liabilities 流動負債	(12,284)	(10,028
Non-current liabilities 非流動負債	(367)	(1,002
Net assets 資產淨值	87,182	88,212
Reconciliation to the Group’s interest in the GV Group: 與本集團於GV集團的 權益的對賬： Proportion of the Group’s ownership 本集團擁有權比例 Group’s share of net assets 本集團應佔資產淨值 Goodwill on acquisition 收購商譽	50% 43,591 45,015	50% 44,106 45,015
Carrying amount of the investment 投資的賬面值	88,606	89,121
Revenue 收入 Depreciation and amortisation 折舊及攤銷 Tax credit/(expense) 稅務抵免╱（開支） Other comprehensive loss 其他全面損失 Profit and total comprehensive income/(loss) for the year 年內溢利及全面 收入╱（損失）總額	147,082 (5,134) (5,727) – 28,970	120,099 (10,591 329 (3,532 (876

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 163

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

17. JOINT OPERATIONS

Particulars of the Group’s material joint operations are as follows:

17. 合營業務

本集團重大合營業務的詳情如下：

Percentage of

attributable interest

of the Group

	Percentage of attributable interest of the Group	Percentage of attributable interest of the Group
Form of business Place of registration and	本集團權益應佔百分比
Name structure business 名稱 業務結構形式 註冊及業務地點 Paul Y. – Able Joint Venture Body unincorporate Hong Kong 保華－安保聯營 非法人團體 香港 BUILD KING – ABLE Joint Venture Body unincorporate Hong Kong 利基－安保聯營 非法人團體 香港 ABLE – PAUL Y. Joint Venture Body unincorporate Hong Kong 安保－保華聯營 非法人團體 香港	2021 二零二一年 % 30 49 51	Principal activities 2020 二零二零年 主要業務 % 30 Provision of construction services 提供建築服務 N/A Provision of construction services 不適用 提供建築服務 N/A Provision of construction services 不適用 提供建築服務

Note:

附註：

Under the joint venture agreements, the joint operators have contractually agreed the sharing of control over the relevant activities of these body unincorporates, hence these body unincorporates are jointly controlled by the Group and the other joint operators. Furthermore, the relevant joint venture agreements specify that the Group and the other party to the joint arrangement have rights to the assets and obligations to the liabilities relating to the joint arrangement, therefore these body unincorporates are classified as joint operations.

根據合營協議，合營方已以合約方式協定分佔該 等非法人團體相關活動的控制權，故該等非法人 團體由本集團及其他合營方共同控制。此外，相 關合營協議訂明本集團及合營安排的其他各方對 合營安排所涉及資產及負債享有權利及負有義 務，故此該等非法人團體分類為合營業務。

164 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

18. ACCOUNTS RECEIVABLE

Accounts receivable represented receivables for contract works. The payment terms of contract works receivables are stipulated in the relevant contracts and payments are normally due within 60 days from the date of issuance of the payment certificate.

18. 應收賬款

應收賬款指合約工程應收款項。合約工程應 收款項的支付條款於有關合約訂明，而付款 通常於發出付款證明書日期起60日內到期。

The Group assigned its financial benefits under certain contract works to secure certain general banking facilities granted to members of the Group, and as at 31 March 2021, the aggregate amount of accounts receivable related to such contract works pledged to secure the relevant banking facilities was HK$87,632,000 (2020: HK$130,653,000).

本集團出讓其於若干合約工程的財務利益， 以擔保授予本集團成員公司的若干一般銀行 融資。於二零二一年三月三十一日，與相關 合約工程有關而予以質押作為有關銀行融資 擔保的應收賬款總值87,632,000港元（二零二 零年：130,653,000港元）。

An ageing analysis of accounts receivable as at the end of the reporting period, based on the payment certificate date, is as follows:

於報告期末，應收賬款按付款證明書日期的 賬齡分析如下：

Current to six months 即期至六個月 Over six months 超過六個月	2021 二零二一年 HK$’000 千港元 203,472 139	2020 二零二零年 HK$’000 千港元 192,395 8,877
	203,611	201,272

Details of ECLs are disclosed in note 36 to the financial statements.

預期信貸損失之詳情在財務報表附註36中披 露。

165

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

19. CONTRACT ASSETS

19. 合約資產

Contract assets arising from construction contracts: 建築合約產生的 合約資產︰ Unbilled revenue 未開發票收入 Retention receivables 應收保證金	31 March 2021 二零二一年 三月三十一日 HK$’000 千港元 245,966 275,061	31 March 2020 1 April 2019 二零二零年 三月三十一日 二零一九年 四月一日 HK$’000 HK$’000 千港元 千港元 50,538 57,742 168,307 162,418
	521,027	218,845 220,160

The movements of contract assets are as follows:

合約資產的變動如下︰

At beginning of the year 於年初 Addition in contract assets 合約資產增加 Transfers to accounts receivable 轉移至應收賬款	2021 二零二一年 HK$’000 千港元 218,845 419,467 (117,285)	2020 二零二零年 HK$’000 千港元 220,160 99,562 (100,877)
At end of the year 於年末	521,027	218,845

Unbilled revenue included in contract assets represents the Group’s right to receive consideration for the work performed and not yet certified by customers because the rights are conditional upon the quality and quantity check by the customers on the construction work performed by the Group and the work is pending for the payment certification by the customers. Contract assets regarding unbilled revenue are transferred to accounts receivable when the rights become unconditional, which is typically at the time the Group obtains the payment certification of the performed construction work from the customers.

計入合約資產的未開發票收入指本集團就已 施工但未經客戶核定的工程收取代價的權 利，因有關權利視乎客戶就本集團已施工的 建築工程所進行的質量及數量檢查，且工程 正待客戶的付款證明。當有關權利成為無條 件（一般為本集團自客戶取得已施工建築工 程的付款證明的時候），與未開發票收入相 關的合約資產會轉移至應收賬款。

166 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

19. CONTRACT ASSETS (continued)

Retention receivables included in contract assets represents the Group’s right to consideration for the work performed but not yet collectible because the rights are conditional on the satisfaction of the service quality by the customers over a certain period as stipulated in the contracts. Contract assets regarding retention receivables are transferred to the accounts receivable when the rights become unconditional, which is typically at the expiry date of the period for the provision of assurance by the Group on the service quality of the construction work performed by the Group.

19. 合約資產（續）

計入合約資產的應收保證金指本集團就已施 工但未收取的代價的權利，因有關權利視乎 客戶於合約訂明的若干期間內符合的服務質 量。當有關權利成為無條件（一般為本集團 就已施工的建築工程的服務質量提供保證期 間的屆滿日），與應收保證金相關的合約資 產會轉移至應收賬款。

The increase in contract assets in the year ended 31 March 2021 was mainly due to the increase in the ongoing provision of construction services during the year and the decrease in contract assets in the year ended 31 March 2020 was mainly due to the transfer of contract assets to accounts receivable during the prior year.

合約資產於截至二零二一年三月三十一日止 年度增加，主要由於年內持續提供建築服 務增加。合約資產於截至二零二零年三月 三十一日止年度減少，主要由於過往年度內 轉移合約資產至應收賬款。

Among the above contract assets, HK$228,178,000 as at 31 March 2021 (2020: HK$87,688,000) are expected to be recovered after twelve months from the end of the reporting period.

於二零二一年三月三十一日，於上述合約 資產中的 228,178,000 港元（二零二零年： 87,688,000港元）預期自報告期末起十二個月 後收回。

Details of ECLs are disclosed in note 36 to the financial statements.

預期信貸損失的詳情於財務報表附註 36 披 露。

The Group assigned its financial benefits under certain contract works to secure certain general banking facilities granted to members of the Group, and as at 31 March 2021, the aggregate amount of unbilled revenue and retention receivables related to such contract works pledged to secure the relevant banking facilities were HK$100,411,000 (2020: HK$43,824,000) and HK$61,034,000 (2020: HK$103,575,000), respectively.

本集團出讓其於若干合約工程的財務利益， 以擔保授予本集團成員公司的若干一般銀行 融資。於二零二一年三月三十一日，與相關 合約工程有關而予以質押作為有關銀行融資 擔保的未開發票收入及應收保證金分別總值 100,411,000 港元（二零二零年： 43,824,000 港元）及 61,034,000 港元（二零二零年： 103,575,000港元）。

167

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

20. PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS

20. 預付款項、其他應收款及其他資產

Prepayments 預付款項 Deposits and other receivables 按金及其他應收款	2021 二零二一年 HK$’000 千港元 37,931 6,904	2020 二零二零年 HK$’000 千港元 26,389 31,999
	44,835	58,388

None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default.

上述資產均概無逾期或減值。計入上述結餘 的金融資產與無近期違約紀錄的應收款相 關。

Details of ECLs are disclosed in note 36 to the financial statements.

預期信貸損失的詳情於財務報表附註 36 披 露。

21. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

21. 按公平值計入損益的金融資產

Investment in a life insurance policy 於人壽保險保單的投資	2021 二零二一年 HK$’000 千港元 5,137	2020 二零二零年 HK$’000 千港元 –

168 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

21. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued) As at 31 March 2021, the Group has a life insurance policy with an insurance company to insure a director of the Company. Under the policy, the beneficiary and the policy holder is the Group and the total insured sum is US$2,500,000 (equivalent to approximately HK$19,435,000). The Group was required to pay a oneoff premium payment of US$809,000 (equivalent to approximately HK$6,296,000 at inception). The Group can, at any time, withdraw cash based on the cash value of the policy (“ Cash Value ”) at the date of withdrawal, which is determined by the gross premium paid plus accumulated interest earned (guaranteed interest of 3.9% for the first year and a variable return per annum afterwards (with minimum guaranteed interest rate of 2% per annum)) and minus any charges made in accordance with the terms and conditions of the policy.

21. 按公平值計入損益的金融資產（續）

於二零二一年三月三十一日，本集團與一間 保險公司簽立人壽保險保單以為本公司一名 董事提供保險。根據該保單，受益人及保單 持有人為本集團，而承保總額為 2,500,000 美元（相當於約19,435,000港元）。本集團須 支付809,000美元（於保單開始生效時相當於 約6,296,000港元）的一次性保費。本集團可 隨時按於終止日期保單的現金價值（「現金價 值」）收回現金，其乃根據已付保費總額加所 賺取之累計利息（第一年保證3.9%利息，其 後每年提供浮動回報（保證最低年息2%））及 扣除根據保單條款及條件所作出之任何收費 釐定。

22. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

22. 現金及現金等值物及受限制現金

Cash and bank balances 現金及銀行結餘 Time deposits 定期存款	2021 二零二一年 HK$’000 千港元 904,933 110,000	2020 二零二零年 HK$’000 千港元 276,645 450,000	)
Less: Restricted cash_(note)_ 減：受限制現金（附註）	1,014,933 (110,000)	726,645 (110,000
Cash and cash equivalents 現金及現金等值物	904,933	616,645

Note: A s a t 3 1 M a r c h 2 0 2 1 , b a n k d e p o s i t s a m o u n t i n g t o HK$110,000,000 (2020: HK$110,000,000) were placed as guaranteed deposit for the performance bond issued by the relevant bank in relation to a construction project of the Group and such deposits will be released upon the completion of the relevant project.

附註： 於二零二一年三月三十一日，110,000,000 港元（二零二零年：110,000,000港元）的銀 行存款存放於相關銀行作為該銀行就本集 團一項建築項目開出的履約保證金的保證 存款，而有關存款將於相關項目完成時解 除。

169

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

22. CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (continued)

Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits are made for varying periods of between one day and twelve months depending on the immediate cash requirements of the Group, and earn interest at the respective short term time deposit rates. The bank balances and time deposits are deposited with banks with high credit ratings and no recent history of default.

22. 現金及現金等值物及受限制現金 （續）

銀行現金按根據每日銀行存款利率釐定的浮 動利率賺取利息。短期定期存款的期間不 定，由一天至十二個月不等，視乎本集團的 即時現金需要，並按各短期定期存款利率賺 取利息。銀行結餘及定期存款乃存放在高信 用評級且並無近期違約記錄的銀行。

23. ACCOUNTS PAYABLE

An ageing analysis of the accounts payable as at the end of the reporting period, based on the invoice date or the payment certificate date, is as follows:

23. 應付賬款

於報告期末按發票日期或付款證明書日期的 應付賬款賬齡分析如下︰

Within three months 三個月內 Four to six months 四至六個月 Over six months 超過六個月	2021 二零二一年 HK$’000 千港元 227,507 32,434 170,611	2020 二零二零年 HK$’000 千港元 131,069 34,940 148,927
	430,552	314,936

At 31 March 2021, retention payables included in accounts payable amounted to HK$181,359,000 (2020: HK$144,927,000), which are non-interest-bearing and are normally settled within terms ranging from one to four years.

於二零二一年三月三十一日，應付賬款包含 應付保證金181,359,000港元（二零二零年： 144,927,000港元），其為免息及一般結算期 介乎一至四年。

Other than retention payables, accounts payable are noninterest-bearing and are normally settled within 60 days from the date of invoice or payment certificate date.

除應付保證金外，應付賬款為免息及一般自 發票日期或付款證明書日期起60天內清償。

170 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

24. OTHER PAYABLES AND ACCRUALS

24. 其他應付款及應計費用

24.其他應付 OTHER PAYABLES AND ACCRUALS	款及應計費用
Notes 附註 Provision for contract works 合約工程撥備 Other payables 其他應付款 (a) Accruals 應計費用 Lease liabilities 租賃負債 15(b)	2021 二零二一年 HK$’000 千港元 373,264 33,731 14,626 30,424	2020 二零二零年 HK$’000 千港元 188,037 22,830 1,469 16,614	)
Non-current portion 非流動部分 15(b)	452,045 (4,071)	228,950 (6,716
Current portion 流動部分	447,974	222,234

Note:

附註：

• (a) Other payables are non-interest-bearing and are expected to be settled within one year.

• (a) 其他應付款為免息，並預期在一年內清 償。

171

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

25. INTEREST-BEARING BANK LOANS

25. 計息銀行貸款

INTEREST-BEARING BANK LOANS 25.計息銀行	貸款
Current 流動 Bank loans repayable on demand: 須按要求償還的銀行貸款： Secured and at floating rates 有抵押及按浮動利率計算利息 Unsecured and at floating rates 無抵押及按浮動利率計算利息	2021 二零二一年 HK$’000 千港元 277,276 62,974	2020 二零二零年 HK$’000 千港元 121,517 –
	340,250	121,517
Non-current 非流動 Bank loans: secured and at floating rates 銀行貸款：有抵押及按浮動利率 計算利息	482,000	–
	822,250	121,517
Analysed into: 分析為： Bank loans repayable: 須償還銀行貸款： Within one year or on demand 於一年內或按要求 In the second to fifth years, inclusive 於第二年至第五年 （包括首尾兩年）	340,250 482,000	121,517 –
	822,250	121,517

• (i) As at 31 March 2021, the Group’s bank loan with an aggregate carrying amount of HK$482,000,000 (2020: nil) was secured by:

• (i) 於二零二一年三月三十一日，本集團總 值為482,000,000港元（二零二零年：無） 的銀行貸款由以下各項作抵押：

• (a) the Group’s property, plant and equipment w i t h a n a g g r e g a t e c a r r y i n g a m o u n t o f HK$1,156,000,000 (2020: nil);

• (a) 本集團賬面總值為1,156,000,000港 元（二零二零年：無）的物業、機器 及設備；

• (b) the equity interest of a subsidiary of the Group (2020: nil); and

• (b) 本集團一間附屬公司的股本權益 （二零二零年：無）；及

• (c) the floating charge over all the assets and undertakings of a subsidiary of the Group.

• (c) 就本集團一間附屬公司所有資產及 承諾所作的浮動抵押。

172 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

25. INTEREST-BEARING BANK LOANS

25. 計息銀行貸款（續）

• (continued)

• (ii) As at 31 March 2021, the Group’s bank loans with an aggregate carrying amount of HK$277,276,000 (2020: HK$121,517,000) were secured by the assignment of the Group’s financial benefits under certain contract work, which include accounts receivable, unbilled revenue and retention receivables of HK$87,632,000 (2020: HK$130,653,000), HK$100,411,000 (2020: HK$43,824,000) and HK$61,034,000 (2020: HK$103,575,000), respectively;

• (ii) 於二零二一年三月三十一日，本集團 總值為277,276,000港元（二零二零年： 121,517,000 港元）的銀行貸款以本集 團若干合約工程的財務利益（當中包 括應收賬款、未開發票收入及應收保 證金分別為 87,632,000 港元（二零二零 年： 130,653,000 港元）、 100,411,000 港元（二零二零年： 43,824,000 港元） 及 61,034,000 港元（二零二零年： 103,575,000港元）作抵押；

• (iii) As at 31 March 2021, the Group’s bank loans with an aggregate carrying amounts of HK$87,276,000 (2020: HK$121,517,000) were secured by certain deposits accounts maintained with the relevant banks as continuing security for the obligations of the Group;

• (iii) 於二零二一年三月三十一日，本集團的 銀行貸款賬面總值87,276,000港元（二零 二零年：121,517,000港元）以本集團於 相關銀行持有的若干存款賬戶作為本集 團對該等責任的持續抵押品；

• (iv) The Group’s bank loans are all denominated in Hong Kong dollars; and

• (iv) 本集團的銀行貸款均以港元計值；及

• (v) The interest rates of the Group’s bank loans are primarily repriced every month based on HIBOR changes.

• (v) 本集團銀行貸款的利率主要根據香港銀 行同業拆息變動而每個月重新定價。

173

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

26. DEFERRED TAX

The movements in deferred tax assets during the year are as follows:

26. 遞延稅項

年內遞延稅項資產的變動如下：

		Depreciation in
		excess of related
		depreciation
		allowance
		超過相關折舊的
		折舊免稅額
		HK$’000
		千港元
At 1 April 2019	於二零一九年四月一日	218
Deferred tax charged to profit or loss	年內自損益扣除的遞延稅項（附註11）
during the year_(note 11)_		(1)
At 31 March 2020, 1 April 2020 and 31 March 2021	於二零二零年三月三十一日、
	二零二零年四月一日及
	二零二一年三月三十一日	217

The Group has tax losses arising in Hong Kong of HK$43,523,000 (2020: HK$36,403,000). Subject to the final assessment of the Hong Kong Inland Revenue Department, these tax losses are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses, as it is not considered probable that the relevant subsidiaries would have sufficient future taxable profits to utilise such amount.

本集團於香港產生的稅項虧損為43,523,000 港元（二零二零年：36,403,000港元）。待香 港稅務局最後評稅後，此等稅項虧損可供無 限期抵銷產生虧損的公司的未來應課稅溢 利。由於不認為相關附屬公司可能於未來有 足夠應課稅溢利抵銷該金額，故並無就該等 虧損確認遞延稅項資產。

174 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

26. DEFERRED TAX (continued)

Deferred tax assets (continued)

At 31 March 2021 and 2020, there was no significant unrecognised deferred tax liability for taxes that would be payable on the unremitted earnings of certain of the Group’s subsidiaries or joint ventures as the Group has no liability to additional tax should such amounts be remitted.

26. 遞延稅項（續）

遞延稅項資產（續）

於二零二一年及二零二零年三月三十一日， 本集團若干附屬公司或合營企業的未匯出盈 利的應付稅項並無重大未確認遞延稅項負 債，原因為匯出該等款項不會致使本集團產 生額外的稅項負債。

There are no income tax consequences attaching to the payment of dividends by the Company to its shareholders.

本公司向其股東支付股息不會產生所得稅影 響。

27. SHARE CAPITAL

27. 股本

27.股本 SHARE CAPITAL
Authorised: 法定： 10,000,000,000 ordinary shares of HK$0.01 each 10,000,000,000股每股面值 0.01港元之普通股	2021 二零二一年 HK$’000 千港元 100,000	2020 二零二零年 HK$’000 千港元 100,000
Issued and fully paid: 已發行及繳足： 2,000,000,000 ordinary shares of HK$0.01 each 2,000,000,000股每股面值 0.01港元之普通股	20,000	20,000

There was no movement in the Company’s share capital during the year.

年內本公司股本概無變動。

175

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

28. 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 Vantage International (Holdings) Limited (“ Vantage ”), the then intermediate holding company of the Company, and its subsidiaries (collectively referred to as the “ Vantage Group ”)(Pursuant to the Scheme, directors and full-time employees of the Vantage Group are no longer eligible participants of the Scheme from 19 November 2020 since Vantage ceased to be the intermediate holding company of the Company from the day). 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, 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 at the adoption date of the Scheme or on the day when such limit is subsequently refreshed with shareholders’ approval (excluding for this purpose any share options which have been previously granted pursuant to the Scheme and any other scheme (including those outstanding, cancelled, lapsed or exercised)).

28. 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 」），以提供獎勵及獎賞予對本集團成功 經營作出貢獻的合資格參與人士。該計劃的 合資格參與人士包括任何董事（包括執行董 事、非執行董事及獨立非執行董事）及本集 團任何成員公司及本公司當時的中間控股公 司盈信控股有限公司（「盈信」）及其附屬公司 （統稱為「盈信集團」）的全職僱員（根據該計 劃，盈信集團的董事及全職僱員因盈信自二 零二零年十一月十九日起不再為本公司的中 間控股公司而不再為該計劃的合資格參與人 士）。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，將於該日期 起計十年內持續生效。根據該計劃，就根據 該計劃可能授出購股權的股份數目上限為佔 本公司於該計劃的採納日期或股東批准其後 更新有關限額當日的已發行股本10%的該等 股份數目（就此而言不包括根據該計劃及任 何其他計劃於先前已授出的任何購股權（包 括尚未行使、已註銷、已失效或已行使的購 股權））。

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.

於任何12個月期間，根據授予該計劃每名合 資格參與人士的購股權可發行股份數目上限 乃限於本公司於任何時間已發行股份的1%。 任何進一步授出超過此限額的購股權須獲股 東於股東大會上批准。

176 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

28. SHARE OPTION SCHEME (continued)

Share options granted to directors, officers or substantial shareholders 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 and 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.

28. 購股權計劃（續）

授予本公司董事、高級職員或主要股東（或 任何彼等的聯繫人）的購股權須事先獲獨立 非執行董事批准。此外，於任何12個月期間 內，任何授予本公司主要股東或獨立非執行 董事（或任何彼等的聯繫人）的任何購股權超 過本公司於任何時間已發行股份的0.1%及總 值（以本公司股份於授出日期的價格為準）超 過5百萬港元，須事先獲股東於股東大會上 批准。

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 directors and ends on a date which is not later than 10 years from the date of offer of the share options.

承授人支付合共1港元的名義代價後，授出 購股權之要約可於要約日期起 14 天內獲接 納。授出購股權的行使期可由董事釐定，並 不遲於購股權要約日期起計十年內之日期結 束。

The exercise price of the share options is determinable by the directors, 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 sheets 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.

購股權的行使價可由董事釐定，惟不得少於 以下最高者(i)本公司股份於購股權授出日期 於聯交所日報表所報收市價；(ii)本公司股份 於緊接要約日期前五個交易日於聯交所所報 平均收市價；及(iii)本公司股份面值。

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

購股權並無賦予持有人收取股息或於股東大 會上投票之權利。

No option was granted from the date of adoption of the Scheme up to the date of approval of these consolidated financial statements.

自該計劃採納日期起至批准該等綜合財務報 表之日期，概無授出任何購股權。

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

29. RESERVES

(a) Group

The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity.

29. 儲備

• (a) 本集團

• 本集團於本年度及過往年度的儲備及其 變動金額於綜合權益變動表中呈列。

(b) Capital reserve

The Group’s capital reserve represents the difference between the nominal value of the shares and the share premium account of the subsidiaries acquired pursuant to the Group reorganisation prior to the listing of the Company’s shares and the consideration in exchange therefor.

• (b) 資本儲備

• 本集團的資本儲備指本集團附屬公司於 本公司股份上市前根據本集團重組而獲 得的股份面值及股份溢價賬與本集團就 上市而付出的代價之差額。

(c) Other reserve

• Other reserve represents the Group’s share of exchange fluctuation reserve of its joint ventures.

• (c) 其他儲備

• 其他儲備指本集團應佔合營企業的匯兌 波動儲備。

30. N O T E S T O T H E C O N S O L I D A T E D STATEMENT OF CASH FLOWS

(a) Major non-cash transactions

• (i) D u r i n g t h e y e a r , t h e G r o u p h a d n o n - cash additions to right-of-use assets and lease liabilities of HK$35,562,000 (2020: HK$23,793,000) and HK$35,562,000 (2020: HK$23,793,000), respectively, in respect of lease arrangements for office properties and machinery included in property, plant and equipment.

30. 綜合現金流量表附註

• (a) 主要的非現金交易

  • (i) 於年內，本集團就計入物業、機 器及設備的辦公室物業及機器的 租賃安排分別有非現金添置使用 權資產 35,562,000 港元（二零二零 年： 23,793,000 港元）及租賃負 債 35,562,000 港元（二零二零年： 23,793,000港元）。

• (ii) During the year ended 31 March 2020, the Group was entitled to a stamp duty refund with an aggregate amount of HK$26,979,000 which was recoverable from the Hong Kong Inland Revenue Department upon the approval for the demolition of the relevant building and such amount was reclassified from property, plant and equipment to other receivables.

• (ii) 截至二零二零年三月三十一日止年 度，本集團有權於相關樓宇的拆卸 工程獲得批准後自香港稅務局收回 印花稅退款，總金額為26,979,000 港元。有關金額自物業、機器及設 備重新分類至其他應收款。

178 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

30. N O T E S T O T H E C O N S O L I D A T E D STATEMENT OF CASH FLOWS (continued)

• (b) Changes in liabilities arising from financing activities 2021

30. 綜合現金流量表附註（續）

• (b) 融資活動所產生的負債變動

二零二一年

At 1 April 2020 於二零二零年四月一日 Changes from financing cash flows 融資現金流量變動 Loan arrangement fee 貸款安排費用 New leases 新租賃 Interest expenses 利息開支 Interest paid classified as operating cash flows 分類為經營現金流量的 已付利息	Lease liabilities Interest-bearing bank loans 租賃負債 計息銀行貸款 HK$’000 HK$’000 千港元 千港元 16,614 121,517 (21,752) 702,233 – (1,500) 35,562 – 796 – (796) –
At 31 March 2021 於二零二一年三月三十一日	30,424 822,250
2020 二零二零年

		Lease	Interest-bearing
		liabilities	bank loans
		租賃負債	計息銀行貸款
		HK$’000	HK$’000
		千港元	千港元
At 1 April 2019	於二零一九年四月一日	–	377
Changes from financing cash flows	融資現金流量變動	(7,179)	121,140
New leases	新租賃	23,793	–
Interest expenses	利息開支	416	–
Interest paid classified as operating cash flows	分類為經營現金流量的
	已付利息	(416)	–
At 31 March 2020	於二零二零年三月三十一日	16,614	121,517

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ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

30. N O T E S T O T H E C O N S O L I D A T E D

30. 綜合現金流量表附註（續）

STATEMENT OF CASH FLOWS (continued)

(c) Total cash outflow for leases

The total cash outflow for leases included in the

consolidated statement of cash flows is as follows:

(c) 租賃的總現金流出

計入綜合現金流量表租賃的總現金流出 如下：

Within operating activities 經營活動內 Within investing activities 投資活動內 Within financing activities 融資活動內	2021 二零二一年 HK$’000 千港元 23,575 554,840 21,752	2020 二零二零年 HK$’000 千港元 12,284 – 7,179
	600,167	19,463

31. CONTINGENT LIABILITIES

• (a) As at 31 March 2021, the guarantees given by the Group to certain banks in respect of performance bonds in favour of certain customers of contract works amounted to HK$306,184,000 (2020: HK$201,348,000).

31. 或然負債

• (a) 於二零二一年三月三十一日，本集團就 給予合約工程的若干客戶履約保證金而 給予若干銀行的擔保為306,184,000港元

• （二零二零年： 201,348,000港元）。

(b) Claims

• (i) Personal injuries

• I n t h e o r d i n a r y c o u r s e o f t h e G r o u p ’ s construction business, the Group has been subject to a number of claims due to personal injuries suffered by employees of the Group or the Group’s sub-contractors in accidents arising out of and in the course of their employment. The Directors are of the opinion that such claims are well covered by insurance and would not result in any material adverse impact on the financial position or results and operations of the Group.

(b) 索償

• (i) 人身意外 在本集團之日常建造業務過程中， 本集團或本集團之分判商之僱員因 受僱期間遭遇意外以致受傷而向本 集團索償。董事認為有關索償屬於 保險之受保範圍，故有關索償不會 對本集團之財務狀況或業績及經營 構成任何重大負面影響。

180 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

31. CONTINGENT LIABILITIES (continued)

• (b) Claims (continued)

(ii) Sub-contractors’ claims

I n t h e o r d i n a r y c o u r s e o f t h e G r o u p ’ s construction business, the Group has been subject to various claims from sub-contractors from time to time. Provision would be made for claims when management assessed and can reasonably estimate the probable outcome of the claims. No provision would be made for claims when the claims cannot be reasonably estimated or management believes that the probability of loss is remote.

31. 或然負債（續）

(b) 索償（續）

(ii) 分判商索償

在本集團之日常建造業務過程中， 分判商不時向本集團提出各種索 償。當管理層作出評估並能合理估 計索償的可能結果時，將預提索償 金額。如果無法合理估算索償金額 或管理層相信損失的可能性很小， 則不會預提索償金額。

32. COMMITMENTS

The Group had the following capital commitments at the end of the reporting period:

32. 承擔

本集團於報告期末的資本承擔如下：

Contracted, but not provided for: 已訂約但未撥備： Construction in progress 在建工程	2021 二零二一年 HK$’000 千港元 143,153	2020 二零二零年 HK$’000 千港元 1,904

181

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

33. RELATED PARTY TRANSACTIONS

• (a) In addition to the transactions and balances detailed elsewhere in the financial statements, the Group had the following transactions with related parties during the year:

33. 關連方交易

• (a) 除財務報表其他地方所詳述之交易及結 餘外，本集團於本年度曾與關連方進行 下列交易：

Rental payment to a company controlled by an executive director of the Company 向一間受控於本公司一名執行 董事的公司支付的租金 Contract revenue from a company controlled by an executive director of the Company 自一間受控於本公司一名執行 董事的公司所得的合約收入 Purchase of products and installation services from the GV Group 自GV集團購買產品及安裝 服務	2021 二零二一年 HK$’000 千港元 2,808 – 2,928	2020 二零二零年 HK$’000 千港元 2,780 1,958 –

Note:

附註：

These transactions were conducted on terms and conditions mutually agreed between the relevant parties.

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 of the Group

• (b) 本集團主要管理人員的補償

Short term employee benefits 短期僱員福利 Post-employment benefits 離職後福利	2021 二零二一年 HK$’000 千港元 22,932 97	2020 二零二零年 HK$’000 千港元 11,496 74
Total compensation paid to key management personnel 支付予主要管理人員的 總補償	23,029	11,570

Further details of directors’ emoluments are included 有關董事薪酬的進一步詳情載於財務報表附 in note 9 to the financial statements. 註9。

182 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

34. FINANCIAL INSTRUMENTS BY CATEGORY Except for financial assets at fair value through profit or loss, a derivative financial instrument included in prepayments, other receivables and other assets which are measured at fair value, the financial assets and liabilities of the Group as at 31 March 2021 and 2020 were financial assets stated at amortised cost and financial liabilities stated at amortised cost, respectively.

34. 按類別劃分的金融工具

除一項按公平值計入損益的金融資產、一項 計入預付款項、其他應收款及其他資產的衍 生金融工具（按公平值計量）外，於二零二一 年及二零二零年三月三十一日，本集團的金 融資產及負債分別為按攤銷成本呈列的金融 資產及按攤銷成本呈列的金融負債。

35. F A I R V A L U E A N D F A I R V A L U E H I E R A R C H Y O F F I N A N C I A L INSTRUMENTS

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

35. 金融工具之公平值及公平值等級制 度

管理層已評估現金及現金等值物、受限制現 金、應收賬款、合約資產、計入預付款項、 其他應收款及其他資產的金融資產、應付賬 款、計入其他應付款及應計費用的金融負債 及計息銀行貸款的公平值與其賬面值相若， 主要由於該等工具於短期內到期。

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.

金融資產及負債的公平值以自願交易方（強 迫或清盤出售者除外）當前交易中該工具的 可交易金額入賬。

The fair values of the non-current portion of interestbearing bank loans have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The changes in fair value as a result of the Group’s own non-performance risk for interestbearing bank loans as at 31 March 2021 were assessed to be insignificant.

計息銀行貸款的非流動部分的公平值乃按適 用於具有類似條款、信貸風險及剩餘年期的 工具的現行利率折現預期未來現金流量計 算。於二零二一年三月三十一日，本集團自 身的計息銀行貸款之違約風險導致的公平值 變動並不重大。

The fair value of financial assets at fair value through profit or loss is determined with reference to the Cash Value as provided by the insurance company.

按公平值計入損益的金融資產之公平值乃參 照保險公司所提供的現金價值釐定。

183

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

35. F A I R V A L U E A N D F A I R V A L U E H I E R A R C H Y O F F I N A N C I A L INSTRUMENTS (continued)

Fair value hierarchy

The following table illustrates the fair value measurement hierarchy of the Group’s financial instrument:

35. 金融工具之公平值及公平值等級制 度（續）

公平值等級制度

下表列示本集團金融工具的公平值計量等 級：

Assets measured at fair value:

As at 31 March 2021

按公平值計量的資產： 於二零二一年三月三十一日

Financial assets at fair value through profit or loss 按公平值計入損益的 金融資產	Fair value measurement using 使用以下各項的公平值計量 Quoted prices in active market (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total 於活躍市場 所報的價格 （第一級） 重大可觀察 輸入數據 （第二級） 重大不可觀察 輸入數據 （第三級） 合計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 – 5,137 – 5,137

During the year, there were no transfer of fair value measurements between level 1 and level 2 and no transfer into or out of level 3 for both financial assets and financial liabilities (2020: nil).

於年內，第一級及第二級公平值計量之間並 無轉撥，且金融資產及金融負債概無轉入第 三級或自第三級轉出（二零二零年：無）。

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES

The Group’s principal financial instruments include financial assets at fair value through profit or loss, interestbearing bank loans, accounts and other receivables, contract assets, accounts and other payables and cash and bank balances. Details of these financial instruments are disclosed in the respective notes to the financial statements.

36. 財務風險管理目標及政策

本集團的主要金融工具包括按公平值計入損 益的金融資產、計息銀行貸款、應收賬款及 其他應收款、合約資產、應付賬款及其他應 付款，以及現金及銀行結餘。此等金融工具 的詳情於財務報表相關附註披露。

184 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES (continued)

The main risks arising from the Group’s financial instruments are interest rate risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised below.

36. 財務風險管理目標及政策（續）

本集團金融工具產生的主要風險為利率風 險、信貸風險及流動資金風險。董事會審核 並同意管理各項該等風險的政策。該等政策 概要如下。

Interest rate risk

The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s debt obligations with floating interest rates.

利率風險

本集團面臨的市場利率變動風險主要與本集 團按浮動利率計息的債務責任有關。

At 31 March 2021, it was estimated that an increase/ decrease of 100 basis points in interest rates, with all other variables held constant, would decrease/increase the Group’s profit after tax and retained profits by HK$8,223,000 (2020: HK$1,215,000), arising as a result of higher/lower interest expense on the Group’s floatingrate borrowings. There would be no impact on other components of the Group’s equity.

於二零二一年三月三十一日，估計利率的 100個基點的增加╱減少，而所有其他變數 維持不變，將使本集團稅後溢利及保留溢 利減少╱增加8,223,000港元（二零二零年： 1,215,000港元），乃由於本集團浮動利率借 貸的利息開支較高╱較低。本集團權益的其 他部分並無影響。

The sensitivity analysis above has been determined assuming that the change in interest rates had occurred at the end of the reporting period. For the purposes of the analysis, it is assumed that the amount of variable-rate borrowings outstanding at the end of the reporting period was outstanding throughout the whole year. The 100 basis point increase or decrease represents management assessment of a reasonably possible change in interest rates over the period until the reporting date of the next financial year. The analysis was performed on the same basis for the year ended 31 March 2020.

上述敏感度分析乃假設利率變動於報告期末 發生而釐定。就分析而言，假設於報告期末 的未償還浮息借貸金額為於年內未償還。 100個基點的增加或減少指就利率於期間直 至下一個財政年度的報告日期的合理可能變 動的管理層評估。分析乃按截至二零二零年 三月三十一日止年度的相同基準進行。

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司 185

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES (continued)

Credit risk

The Group’s credit risk is primarily attributable to contract assets, accounts receivable, financial assets included in prepayments, other receivables and other assets and cash and bank balances. The Group’s maximum credit risk exposure at the end of each reporting period in the event of other parties failing to perform their obligations is represented by the carrying amounts of financial assets as stated in the consolidated statement of financial position.

36. 財務風險管理目標及政策（續）

信貸風險

本集團信貸風險主要來自合約資產、應收賬 款、計入預付款項、其他應收款及其他資產 的金融資產，以及現金及銀行結餘。倘其他 各方未能履行其義務，本集團於各報告期末 面臨的最高信貸風險相當於金融資產於綜合 財務狀況表中列示的賬面值。

Management monitors the creditworthiness and payment patterns of each debtor closely and on an ongoing basis. The Group’s accounts receivable and contract assets from contract works represent interim payments or retentions certified by the customers under terms as stipulated in the contracts and the Group does not hold any collateral over these accounts receivable and contract assets. As the Group’s customers in respect of contract works primarily consist of government departments and developers or owners with strong financial backgrounds, management considers that the risk of irrecoverable receivables from contract works is not significant.

管理層會持續密切監察各債務人的信譽及還 款模式。本集團的合約工程應收賬款及合約 資產指根據合約內訂明條款支付的中期付款 或經客戶核實的保留款項，且本集團並未就 該等應收賬款及合約資產持有任何抵押品。 由於本集團的合約工程客戶主要包括政府部 門以及財力雄厚的發展商或業主，故管理層 認為不能收回合約工程應收款項的風險不 大。

At 31 March 2021, the Group had certain concentrations of credit risk as 40% (2020: 42%) and 99% (2020: 97%) of the total accounts receivable and contract assets were due from the Group’s largest external customer and the Group’s five largest external customers, respectively, within the contract works segment.

於二零二一年三月三十一日，由於在合約工 程分部中，總應收賬款及合約資產中的40% （二零二零年：42%）及99%（二零二零年： 97%）分別來自本集團的最大外來客戶及本集 團的五大外來客戶，因此本集團面臨若干信 貸集中風險。

186 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES (continued) Credit risk (continued)

The Group has applied the simplified approach to provide for impairment for ECLs prescribed by HKFRS 9, which permits the use of the lifetime expected loss provision for impairment of all accounts receivable and contract assets. To measure the ECLs, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. With the incorporation of forward-looking information in the measurement of ECLs, management considered that the ECL rate for the Group’s accounts receivable and contract assets is minimal and therefore no provision for impairment of accounts receivable and contract assets was necessary as at 31 March 2021 and 2020.

36. 財務風險管理目標及政策（續）

信貸風險（續）

本集團已應用簡化方式按香港財務報告準則 第9號就預期信貸損失計提減值撥備，香港 財務報告準則第9號允許就所有應收賬款及 合約資產減值使用全期預期損失撥備。為計 量預期信貸損失，應收賬款及合約資產已按 共同信貸風險特徵及逾期日數分組。於計量 預期信貸損失加入前瞻性資料後，管理層認 為，本集團應收賬款及合約資產的預期信貸 損失率極低，故無須於二零二一年及二零二 零年三月三十一日就應收賬款及合約資產計 提減值撥備。

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for groupings of various customer segments with similar loss patterns. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

於各報告日期，本集團使用撥備矩陣計量預 期信貸損失，進行減值分析。撥備率乃基於 將具相似虧損模式之各個客戶分部組別之逾 期天數計算。該計算反映概率加權結果、金 錢之時間價值以及於報告日期就過去事件、 當前狀況及對未來經濟狀況預測可獲得的合 理及支持性資料。

For financial assets included in prepayments, other receivables and other assets (“ Other Financial Assets ”), the Group applied the general approach to provide for impairment for ECLs prescribed by HKFRS 9. None of Other Financial Assets as at 31 March 2021 and 2020 were overdue, and all balances were categorised within Stage 1 for the measurement of ECLs. An impairment analysis is performed throughout the reporting period, which is estimated by applying the probability of default approach with reference to the risks of default of the debtors or comparable companies. Management considered that the ECL rate for the Group’s Other Financial Assets is minimal and therefore no provision for impairment of Other Financial Assets was made as at 31 March 2021 and 2020.

就計入預付款項、其他應收款及其他資產的 金融資產（「其他金融資產」），本集團採用一 般方法按香港財務報告準則第9號就預期信 貸損失計提減值撥備。於二零二一年及二零 二零年三月三十一日，概無逾期的其他金融 資產，且所有結餘獲分類為計量預期信貸損 失的第一階段。報告期內已進行減值分析， 經參考債務人或可比較公司的違約風險後應 用違約或然率方式估計。管理層認為，本集 團其他金融資產的預期信貸損失率極低，故 並無於二零二一年及二零二零年三月三十一 日就其他金融資產計提減值撥備。

187

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES (continued)

Credit risk (continued)

Maximum exposure and year-end staging

The tables below show the credit quality and maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at 31 March.

36. 財務風險管理目標及政策（續）

信貸風險（續）

最高風險及年末階段

下表顯示根據本集團信貸政策（主要基於逾 期資料，除非能以合理成本或精力獲得其 他資料）於三月三十一日信貸風險的信貸質 素、最高風險以及年末階段分類。

The amounts presented are gross carrying amounts for financial assets.

呈列金額乃金融資產的賬面總值。

As at 31 March 2021

於二零二一年三月三十一日

Accounts receivable 應收賬款 Contract assets 合約資產 Financial assets included in prepayments, other receivables and other assets – normal 計入預付款項、其他應收款及 其他資產的金融資產－正常 Restricted cash – not yet past due 受限制現金－尚未逾期 Cash and cash equivalents – not yet past due 現金及現金等值物－尚未逾期	12-month ECLs Lifetime ECLs 12個月 預期信貸損失 全期預期信貸損失 Stage 1 Stage 2 Stage 3 Simplified approach Total 第一階段 第二階段 第三階段 簡化方式 合計 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 – – – 203,611 203,611 – – – 521,027 521,027 6,731 – – – 6,731 110,000 – – – 110,000 904,933 – – – 904,933	12-month ECLs Lifetime ECLs 12個月 預期信貸損失 全期預期信貸損失 Stage 1 Stage 2 Stage 3 Simplified approach Total 第一階段 第二階段 第三階段 簡化方式 合計 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 – – – 203,611 203,611 – – – 521,027 521,027 6,731 – – – 6,731 110,000 – – – 110,000 904,933 – – – 904,933
	Stage 1 第一階段 HK$’000 千港元 – – 6,731 110,000 904,933
	1,021,664	– – 724,638 1,746,302

188 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T

36. 財務風險管理目標及政策（續）

• OBJECTIVES AND POLICIES (continued)

Credit risk (continued) Maximum exposure and year-end staging (continued) As at 31 March 2020

信貸風險（續） 最高風險及年末階段（續） 於二零二零年三月三十一日

12-month ECLs

Lifetime ECLs

12個月

預期信貸損失 全期預期信貸損失

					Simplified
		Stage 1	Stage 2	Stage 3	approach	Total
		第一階段	第二階段	第三階段	簡化方式	合計
		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
Accounts receivable	應收賬款	–	–	–	201,272	201,272
Contract assets	合約資產	–	–	–	218,845	218,845
Financial assets included in	計入預付款項、其他應收款及
prepayments, other receivables	其他資產的金融資產－正常*
and other assets – normal*		31,826	–	–	–	31,826
Restricted cash – not yet past due	受限制現金－尚未逾期	110,000	–	–	–	110,000
Cash and cash equivalents –	現金及現金等值物－尚未逾期
not yet past due		616,645	–	–	–	616,645
		758,471	–	–	420,117	1,178,588

• The credit quality of the financial assets included in prepayments, other receivables and other assets is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.

• 倘計入預付款項、其他應收款及其他資產的 金融資產並無逾期且概無資料顯示該等金融 資產的信貸風險自初始確認以來大幅增加， 則該等金融資產的信貸質素被視為「正常」。 否則，該等金融資產的信貸質素被視為「可 疑」。

Liquidity risk

The Group’s policy is to monitor regularly the current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term. In addition, banking facilities have been put in place for contingency purposes.

流動資金風險

本集團的政策為定期監察現時及預期流動資 金需要，以確保維持足夠現金儲備及來自主 要金融機構並已承諾的足夠融資額度，從而 滿足短期及長期的流動資金需要。此外，本 集團已安排銀行信貸，以備不時之需。

189

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES (continued) Liquidity risk (continued)

• The following table details the remaining contractual maturities at the end of the reporting period of the Group’s financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates, or if floating, based on rates current at the end of the reporting period) and the earliest date that the Group could be required to repay:

36. 財務風險管理目標及政策（續）

流動資金風險（續）

下表詳列本集團金融負債於報告期末的剩餘 合約期，乃根據合約未折現現金流量（包括 按合約利率或如屬浮動利率，根據於報告期 末的通行利率計算的利息付款）及本集團可 能須償還的最早日期呈列：

As at 31 March 2021 於二零二一年 三月三十一日 Accounts payable 應付賬款 Other payables 其他應付款 Lease liabilities 租賃負債 Interest-bearing bank loans 計息銀行貸款	Within one year or on demand In the second year In the third to fifth years Total 一年內或 按要求償還 於第二年 於第三年至 第五年 合計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 312,156 10,762 107,634 430,552 33,731 – – 33,731 26,754 4,084 – 30,838 349,713 8,924 498,259 856,896
	722,354 23,770 605,893 1,352,017
As at 31 March 2020 於二零二零年 三月三十一日 Accounts payable 應付賬款 Other payables 其他應付款 Lease liabilities 租賃負債 Interest-bearing bank loans 計息銀行貸款	227,759 55,186 31,991 314,936 22,830 – – 22,830 10,315 5,881 954 17,150 121,683 – – 121,683 382,587 61,067 32,945 476,599

190 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

36. F I N A N C I A L R I S K M A N A G E M E N T OBJECTIVES AND POLICIES (continued)

Capital management

The primary objective of the Group’s capital management policy is to ensure that the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

36. 財務風險管理目標及政策（續）

資本管理

本集團資本管理政策的主要目標為透過在債 項與股本權益中作出最佳平衡，確保本集團 能持續經營，同時盡量增加股東的回報。

The directors of the Company review the capital structure on a periodical basis. As part of this review, the directors of the Company consider the cost of capital and the risks associated with each class of capital and will balance the Group’s overall capital structure through issuing new shares as well as raising new debts or repayment of existing debts.

本公司董事定期檢討資本架構。作為檢討工 作的一部分，本公司董事考慮資金成本及與 各類資金相關的風險，並將透過發行新股份 及籌集新債項或償還現有債項，以平衡本集 團整體資本架構。

The Group monitors capital using a net gearing ratio, which is net debt divided by the equity attributable to owners of the parent. Net debt includes total interestbearing bank loans less cash and bank balances shown in the consolidated statement of financial position. The following table is an analysis of the Group’s capital structure as at 31 March:

本集團透過使用淨資本負債比率（以淨債務 除以母公司持有者應佔權益）監察資本。淨 債務包括於綜合財務狀況表顯示之計息銀行 貸款總額減現金及銀行結餘。下表分析本集 團於三月三十一日之資本架構：

Interest-bearing bank loans_(note 25) 計息銀行貸款（附註25） Less: Cash and cash equivalents and restricted cash(note 22)_ 減：現金及現金等值物及 受限制現金（附註22）	2021 二零二一年 HK$’000 千港元 822,250 (1,014,933)	2020 二零二零年 HK$’000 千港元 121,517 (726,645	) )
Net cash and bank balances 現金及銀行結餘淨額	(192,683)	(605,128
Equity attributable to owners of the parent 母公司持有者應佔權益	1,349,543	1,254,843
Net gearing ratio 淨資本負債比率	N/A 不適用	N/A 不適用

191

ABLE ENGINEERING HOLDINGS LIMITED 安保工程控股有限公司

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

37. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

Information about the statement of financial position of the Company at the end of the reporting period is as follows:

37. 本公司的財務狀況表

有關本公司於報告期末的財務狀況表的資料 如下：

NON-CURRENT ASSETS 非流動資產 Investments in subsidiaries 於附屬公司的投資	2021 二零二一年 HK$’000 千港元 55,951	2020 二零二零年 HK$’000 千港元 55,951
CURRENT ASSETS 流動資產 Prepayment, deposits and other assets 預付款項、按金及其他資產 Due from subsidiaries 應收附屬公司款項 Cash and cash equivalents 現金及現金等值物	168 590,119 4,079	962 293,097 265,862
Total current assets 流動資產總值	594,366	559,921
CURRENT LIABILITIES 流動負債 Other payables and accruals 其他應付款及應計費用	3,578	516
NET CURRENT ASSETS 流動資產淨值	590,788	559,405
Net assets 資產淨值	646,739	615,356
EQUITY 權益 Share capital 股本 Reserves_(note)_ 儲備（附註）	20,000 626,739	20,000 595,356
Total equity 總權益	646,739	615,356

192 Annual Report 2020-2021 年報

Notes to FiNaNcial statemeNts 財務報表附註

31 March 2021 二零二一年三月三十一日

37. STATEMENT OF FINANCIAL POSITION OF

37. 本公司的財務狀況表（續）

THE COMPANY (continued)

Note:

附註：

A summary of the Company’s reserves is as follows:

本公司儲備概要如下：

		Share premium	Retained profits	Total
		股份溢價	保留溢利	合計
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元
At 1 April 2019	於二零一九年四月一日	574,485	94,213	668,698
Profit and total comprehensive income	年內溢利及全面收入總額
for the year		–	6,658	6,658
2018/19 final dividends	二零一八年╱一九年
	末期股息	–	(80,000)	(80,000)
At 31 March 2020 and 1 April 2020	於二零二零年三月三十一日及
	二零二零年四月一日	574,485	20,871	595,356
Profit and total comprehensive income	年內溢利及全面收入總額
for the year		–	31,383	31,383
At 31 March 2021	於二零二一年三月三十一日	574,485	52,254	626,739

38. A P P R O V A L O F T H E F I N A N C I A L

38. 財務報表之批准

STATEMENTS

The financial statements were approved and authorised for issue by the board of directors on 23 June 2021.

本財務報表已於二零二一年六月二十三日經 由董事會批准並授權發佈。

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