Bright Smart Securities & Commodities Group Limited — Interim / Quarterly Report 2013

Dec 11, 2012

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耀才金業 快將隆重推出 Bright Smart Bullion trading will be coming soon

Contents 目錄

Corporate Information	公司資料	2
Management Discussion and Analysis	管理層討論與分析	4
Other Information	其他資料	17
Consolidated Statement of Comprehensive Income	綜合全面收益表	23
Consolidated Statement of Financial Position	綜合財務狀況表	24
Consolidated Statement of Changes in Equity	綜合權益變動表	26
Condensed Consolidated Cash Flow Statement	簡明綜合現金流量表	28
Notes to the Unaudited Interim Financial Report	未經審核中期財務報告附註	29
Independent Auditor’s Review Report	獨立核數師審閱報告	63

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

1

Corporate Information 公司資料

EXECUTIVE DIRECTORS

Mr. Yip Mow Lum (Chairman) Mr. Chan Kai Fung (Chief Executive Officer) Mr. Kwok Sze Chi Mr. Chan Wing Shing, Wilson

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Yu Yun Kong Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

AUTHORISED REPRESENTATIVES

Mr. Chan Kai Fung Mr. Chan Wing Shing, Wilson

COMPANY SECRETARY

Mr. Chan Kwan Pak

MEMBERS OF AUDIT COMMITTEE

Mr. Yu Yun Kong (Chairman) Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

MEMBERS OF NOMINATION COMMITTEE

Mr. Yip Mow Lum (Chairman) Mr. Yu Yun Kong Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

MEMBERS OF REMUNERATION COMMITTEE

Mr. Yu Yun Kong (Chairman) Mr. Yip Mow Lum Mr. Szeto Wai Sun Mr. Ling Kwok Fai, Joseph

REGISTERED OFFICE

Scotia Centre, 4th Floor P.O. Box 2804 George Town Grand Cayman KY1-1112 Cayman Islands

執行董事

葉茂林先生（主席） 陳啟峰先生（行政總裁） 郭思治先生 陳永誠先生

獨立非執行董事

余韌剛先生 司徒維新先生 凌國輝先生

授權代表

陳啟峰先生 陳永誠先生

公司秘書

陳筠柏先生

審核委員會成員

余韌剛先生（主席） 司徒維新先生 凌國輝先生

提名委員會成員

葉茂林先生（主席） 余韌剛先生 司徒維新先生 凌國輝先生

薪酬委員會成員

余韌剛先生（主席） 葉茂林先生 司徒維新先生 凌國輝先生

註冊辦事處

Scotia Centre, 4th Floor P.O. Box 2804 George Town Grand Cayman KY1-1112 Cayman Islands

2 Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

Corporate Information 公司資料

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS

10th Floor, Wing On House 71 Des Voeux Road Central Central, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

HONG KONG SHARE REGISTRAR

Tricor Investor Services Limited 26th Floor, Tesbury Centre 28 Queen’s Road East Wanchai, Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited Bank of Communications Co., Ltd. Hong Kong Branch China Construction Bank (Asia) Corporation Limited Chong Hing Bank Limited DBS Bank (Hong Kong) Limited Hang Seng Bank Limited Industrial and Commercial Bank of China (Asia) Limited Standard Chartered Bank (Hong Kong) Limited The Bank of East Asia, Limited The Hongkong and Shanghai Banking Corporation Limited Wing Hang Bank, Limited

AUDITOR

KPMG

Certified Public Accountants

WEBSITE

http://www.bsgroup.com.hk

總辦事處及主要營業地點

香港中環 德輔道中 71 號 永安集團大廈 10 樓

主要股份過戶登記處

Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

香港股份過戶登記處

卓佳證券登記有限公司 香港灣仔 皇后大道東 28 號 金鐘匯中心 26 樓

主要往來銀行

中國銀行（香港）有限公司 交通銀行股份有限公司香港分行 中國建設銀行（亞洲）股份有限公司 創興銀行有限公司 星展銀行（香港）有限公司 恒生銀行有限公司 中國工商銀行（亞洲）有限公司 渣打銀行（香港）有限公司 東亞銀行有限公司 香港上海滙豐銀行有限公司 永亨銀行有限公司

核數師

畢馬威會計師事務所 執業會計師

網站

http://www.bsgroup.com.hk

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

3

Management Discussion and Analysis 管理層討論與分析

MARKET OVERVIEW

In the six months ended 30 September 2012 (the “Period”) under review, the Hong Kong stock market continued to fluctuate. Impacted by the rumor of Greece’s possible exit from the eurozone as well as financing difficulties faced by some key countries in the eurozone, the Hang Seng Index once plunged to an all-year low of 18,056 points in early June. Fortunately, the European Union (EU) members were proactive in implementing austerity and bailout measures to slightly ease market concerns about the debt issue in Europe, and many central banks worldwide adopted loose monetary policies to spur the economic growth including the third round of quantitative easing (QE3) officially launched by the US Federal Reserve Board and the direct currency trading program launched by the European Central Bank. As a result, the market sentiment has gradually become more optimistic.

In the PRC, economic growth slowed down significantly to below 8%, but the PRC government showed no signs of stepping up its pace to ease the monetary supply. This has become the major cause of the weakening A shares as well as the restrained rally of Hong Kong shares. In conclusion, the Hang Seng Index opened at 20,662 points on 2 April 2012 and closed at 20,840 points on 28 September 2012, representing a slight increase of 0.86% in the Period.

Looking ahead to the coming six months, instead of concentrating on the European debt crisis, the Hong Kong stock market is expected to focus on how to address the “fiscal cliff” after the US presidential election as well as whether the PRC government will launch additional measures after the 18th Party Congress to stabilize the economic growth. In addition, given that many countries worldwide maintained the loose monetary policies, the Group believes that those countries will gradually pick up the momentum of economic recovery, and hopefully, the financial performance of the local listed companies will get better steadily as well. It will help the reallocation of the funds to the risk assets. Thus, the Group remains prudently optimistic about the landscape of the Hong Kong stock market.

市場回顧

回顧截至二零一二年九月三十日止六個月（「本期 間」），香港股票市場維持著反覆上落之格局。受累於 希臘可能脫離歐元區的傳聞，加上部份歐元區大國 面臨融資困難，恒生指數於六月上旬一度跌至年內 低位 18,056 點。可幸地，歐盟各國其後積極落實緊縮 及救助協議，稍稍緩解市場對歐洲債務問題的憂慮； 同時，環球多國央行期內採取寬鬆貨幣政策以刺激 經濟增長，如美國聯儲局正式啟動第三輪量化寬鬆、 歐洲央行推出直接貨幣交易計劃等等，均令市場氣 氛轉趨樂觀。

至於內地市場方面，經濟增速顯著放緩至 8% 以下， 卻未見中央加快放鬆銀根的步伐，則成為 A 股積弱的 主因，這同時限制了港股的回升幅度。綜合而言，恒 生指數由二零一二年四月二日開市的 20,662 點，至 二零一二年九月二十八日收報 20,840 點，期內輕微 上升 0.86%。

展望未來半年，美國總統大選後如何處理「財政懸崖」 之問題，以及內地政府於「十八大」換屆後會否額外 推出穩定經濟增長之措施，料將接棒歐債危機成為 港股市場的關注焦點。此外，隨著全球多國依然維持 寬鬆貨幣政策，本集團相信各國經濟之復甦動力將 逐漸回升，本地上市公司的盈利表現亦可望穩步改 善，有助資金重新配置於風險資產上，因此對港股市 場之看法仍屬審慎樂觀。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

4

Management Discussion and Analysis 管理層討論與分析

OPERATING RESULTS

During the Period, Bright Smart Securities & Commodities Group Limited (the “Company”) and its subsidiaries (the “Group”) recorded turnover of HK$110.4 million (2011: HK$122.7 million), representing a decrease of 10.0% compared to the corresponding period of last year; whereas, the net profit amounted to HK$31.3 million (2011: HK$33.0 million), approximately at a similar level as compared to the corresponding period of last year with a slight drop of 4.9%. Basic earnings per share is HK Cents 3.98 (2011: HK Cents 4.85). The board of directors of the Company (the “Board”) does not recommend the payment of an interim dividend for the Period.

The turnover and net profit saw a decline, mainly resulting from a decrease in commission income from securities brokerage due to the weak trading volume in the market during the Period. However, the Group has been more resistant to downturn than its counterparts in the industry, and despite the general unsatisfactory performance in the market (a 31.3% period-to-period drop in the total transaction value recorded by HKEx), it still recorded healthy growth in total number of clients by implementing the strategic expansion of branches as well as a series of strong marketing strategies.

經營業績

本期間，耀才證券金融集團有限公司（「本公司」）及 其附屬公司（「本集團」）錄得營業額 110.4 百萬港元（二 零一一年：122.7 百萬港元），較去年同期下降 10.0%；溢利為 31.3 百萬港元（二零一一年：33.0 百 萬港元），與去年同期相若，稍微下降 4.9%；每股基 本盈利為 3.98 港仙（二零一一年：4.85 港仙）。本公司 董事會（「董事會」）不建議就本期間派發中期股息。

營業額及溢利下跌，主要是因為本期間市況交投淡 薄，證券經紀佣金收入減少所致。然而，在整體大市 表現欠佳的情況下（港交所於本期間錄得之成交金額 同比下跌 31.3%），憑藉策略性的分行擴展計劃及一 系列強勢市場推廣策略，本集團在同業之間的抗跌 力相對強勁，客戶總數仍然錄得理想增長。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

5

Management Discussion and Analysis 管理層討論與分析

TURNOVER

營業額

Contrary to the adverse market trend, the Group continued its expansion during the Period, opening branches in Wan Chai, Mei Foo, Hung Hom, and Kowloon City. By the end of September 2012, the total number of branches has increased to 17 (excluding the head office in Central), of which 13 selected branches are opened for business seven days a week. The number of new client accounts opened (after deducting the number of client accounts closed) reached 13,595, representing an increase of 22.0% as compared to the corresponding period last year (2011: 11,143). Of the new client accounts opened, 12,551 and 1,044 were attributable to the branches and the head office respectively, accounting for 92.3% and 7.7%. As at 30 September 2012, the Group’s total number of client accounts jumped by 22.5% to 74,072 from 60,477 as at 31 March 2012, breaking through the 70,000 marks.

本期間，本集團繼續逆市擴充，灣仔、美孚、紅磡及 九龍城分行先後投入營運，截至二零一二年九月底， 分行總數增加至十七間（中環總行不計算在內），共 有十三間特選分行實施七天營業。新開立戶口達 13,595 個（已扣減結束賬戶之客戶），較去年同期增加 22.0%（二零一一年：11,143 個）。來自分行及總行之 新開立戶口分別為 12,551 及 1,044 個，比例為 92.3%： 7.7%。於二零一二年九月三十日，本集團的客戶總 數由二零一二年三月三十一日的 60,477 個，大幅增 長 22.5% 至 74,072 個，進一步衝破 7 萬大關。

Number of New Accounts Opened 新開立戶口

Total Number of Client Accounts 客戶總數

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20,000
15,000
13,595
11,143
10,000
5,000
0
2011/12 2012/13
6 months ended 30 September
截至九月三十日止六個月
22.0%
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----- Start of picture text -----

80,000
74,072
70,000
60,477
60,000
50,000
43,524
40,000
30,000
9/11 3/12 9/12
Month/Year
月份/年
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Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

6

Management Discussion and Analysis 管理層討論與分析

During the Period, the turnover attributable to the branches was HK$66.3 million (2011: HK$52.0 million), representing an increase of 27.5% as compared to the corresponding period last year. The percentage of total turnover attributable to the branches was 60.0% (2011: 42.4%), representing an increase of 41.5% as compared to the corresponding period last year.

本期間，分行錄得營業額66.3百萬港元（二零一一年： 52.0 百萬港元），較去年同期增長 27.5%。分行佔總 營業額比例為 60.0%（二零一一年：42.4%），較去年 同期上升 41.5%。

Turnover Distribution from Head Office and Branches 來自總行及分行營業額分佈

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42.4% Branches 分行 60.0%
57.6% Head Office 總行 40.0%
2011/12 2012/13
6 months ended 30 September
截至九月三十日止六個月
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A summary of the revenue from different business segments of the Group is set out below:

本集團各業務分部之收益概要載列如下：

			6 months	ended 30 September	ended 30 September
			截至九月三十日止六個月
			Proportion of		Proportion of
			total turnover		total turnover	Increase/
		2012	佔總營業額	2011	佔總營業額	(decrease)
		二零一二年	之比例	二零一一年	之比例	增加╱（減少）
		HK$’000		HK$’000
		千港元	%	千港元	%	%
Commission income from:	來自以下各項之佣金收入：
— Securities brokerage	—證券經紀	48,900	44.3%	57,681	46.9%	(15.2%)
— Hong Kong futures and options	—香港期貨及期權經紀
brokerage		28,279	25.6%	23,780	19.4%	18.9%
— Global futures brokerage	—環球期貨經紀	9,799	8.9%	7,830	6.4%	25.1%
— IPO brokerage	—首次公開發售經紀	349	0.3%	2,710	2.2%	(87.1%)
— Stock options brokerage	—股票期權經紀	1,467	1.3%	1,422	1.2%	3.2%
Interest income from margin	孖展融資利息收入
financing		21,539	19.5%	28,564	23.3%	(24.6%)
Interest income from IPO financing	首次公開發售利息收入	40	0.1%	700	0.6%	(94.3%)
		110,373	100%	122,687	100%	(10.0%)

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

7

Management Discussion and Analysis 管理層討論與分析

I. Securities brokerage

During the Period, the HKEx recorded a total transaction value of HK$6,028.7 billion (2011: HK$8,768.6 billion), representing a period-to-period drop of 31.3%. However, the Group has been relatively more resistant to downturn than its counterparts in the industry, and the commission income from securities brokerage amounted to HK$48.9 million (2011: HK$57.7 million), representing a decrease of only 15.2% as compared to the corresponding period last year, and comprising 44.3% (2011: 46.9%) of the total turnover.

II. Hong Kong futures and options brokerage

During the Period, the Group’s Hong Kong futures and options brokerage segment delivered commission income of HK$28.3 million (2011: HK$23.8 million), representing an increase of 18.9% as compared to the corresponding period last year, and comprising 25.6% (2011: 19.4%) of the total turnover.

III. Global futures brokerage

During the Period, the commission income from global futures brokerage was HK$9.8 million (2011: HK$7.8 million), up 25.1% from the corresponding period last year, accounting for 8.9% (2011: 6.4%) of the total turnover.

I. 證券經紀

儘管港交所於本期間之成交金額同比下跌 31.3%，錄得 60,287 億港元（二零一一年： 87,686 億港元），但本集團在同業之間的抗跌 力相對強勁，證券經紀佣金收入只較去年同期 減少 15.2%，錄得 48.9 百萬港元（二零一一年： 57.7 百萬港元），佔總營業額 44.3%（二零一一 年：46.9%）。

II. 香港期貨及期權經紀

本期間，本集團錄得香港期貨及期權經紀佣金 收入 28.3 百萬港元（二零一一年：23.8 百萬港 元），較去年同期增長 18.9%，佔總營業額 25.6%（二零一一年：19.4%）。

III. 環球期貨經紀

本期間，環球期貨經紀佣金收入較去年同期增 長 25.1% 至 9.8 百萬港元（二零一一年：7.8 百萬 港元），佔總營業額8.9%（二零一一年：6.4%）。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

8

Management Discussion and Analysis 管理層討論與分析

IV. Stock options brokerage

During the Period, the Group’s trading service for stock options recorded an income of HK$1.5 million (2011: HK$1.4 million), accounting for 1.3% (2011: 1.2%) of the total turnover. Stock option is a highly leveraged investment product. The Group closely monitored the margin levels maintained in the stock option accounts and adjusted according to market conditions to ensure proper risk control.

V. Margin financing

During the Period, the Group’s interest income generated from margin financing was HK$21.5 million (2011: HK$28.6 million), representing a decrease of 24.6% from the corresponding period last year, accounting for 19.5% (2011: 23.3%) of the total turnover.

VI. IPO brokerage and IPO financing

Impacted by the fluctuating market, the market sentiment for new shares was quite inactive. According to the HKEx’s figures, the amount of funds raised by way of IPO decreased significantly by 80.3% compared to the corresponding period last year. Investors showed lukewarm interest in subscription. During the Period, the Group’s commission income from IPO brokerage was HK$0.3 million (2011: HK$2.7 million), representing a period-to-period decrease of 87.1%, while the interest income from IPO financing declined by 94.3% to HK$40 thousand (2011: HK$700 thousand).

IV. 股票期權經紀

本集團於本期間錄得股票期權買賣服務收入為 1.5 百萬港元（二零一一年：1.4 百萬港元），佔 總營業額 1.3%（二零一一年：1.2%）。股票期權 為高槓桿的投資產品，本集團嚴謹監察股票期 權戶口的按金水平，並根據市況作出調整，以 妥善控制風險。

V. 孖展融資

本期間，本集團之孖展融資利息收入為 21.5 百 萬港元（二零一一年：28.6 百萬港元），較去年 同期減少 24.6%，佔總營業額 19.5%（二零一一 年：23.3%）。

VI. 首次公開發售經紀及首次公開發售融資

受市況波動影響，新股市場氣氛淡靜，根據港 交所資料顯示，首次公開發售項目集資額較去 年同期大幅減少80.3%，投資者認購氣氛低迷。 本期間，本集團來自首次公開發售經紀業務之 佣金收入錄得 0.3 百萬港元（二零一一年：2.7 百萬港元），同比下降 87.1%；首次公開發售融 資利息收入下降 94.3% 至 40 千港元（二零一一 年：700 千港元）。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

9

Management Discussion and Analysis 管理層討論與分析

OPERATING EXPENSES

經營開支

During the Period, the Group’s operating expenses was HK$102.6 million (2011: HK$101.4 million), representing a slight increase of 1.1% as compared to the corresponding period last year. The Group will continually implement effective cost control measures to enhance profitability. A summary of the operating expenses is set out below:

本期間，本集團之經營開支較去年同期輕微上升 1.1%，為 102.6 百萬港元（二零一一年：101.4 百萬港 元）。本集團將繼續實施強效的成本控制措施，以提 升整體盈利能力。經營開支明細如下：

		6 months ended 30 September	6 months ended 30 September
		截至九月三十日止六個月		Increase/
		2012	2011	(decrease)
		二零一二年	二零一一年	增加╱（減少）
		HK$’000	HK$’000
		千港元	千港元	%
Staff costs	員工成本	39,736	40,765	(2.5)%
Depreciation	折舊	6,168	5,199	18.6%
Finance costs	財務成本	6,824	8,695	(21.5)%
Advertising and promotion expenses	廣告及宣傳開支	3,478	3,282	6.0%
Handling and settlement expenses	手續費及結算費用	10,072	9,466	6.4%
Commission expenses to overseas	向海外經紀支付之佣金
brokers		2,553	2,221	14.9%
Information and communication	資訊及通訊開支
expenses		10,271	10,353	(0.8)%
Rentals, rates and building	租金、差餉及樓宇管理費
management fee		16,102	14,476	11.2%
Legal and professional fees	法律及專業費用	1,674	1,431	17.0%
Miscellaneous expenses	雜項開支	5,679	5,529	2.7%
		102,557	101,417	1.1%

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

10

Management Discussion and Analysis 管理層討論與分析

FUTURE PLANS

In line with the accelerated process of RMB internationalization, RMB treasury bonds and RMB-denominated products are currently listed in Hong Kong. During the Period, the HKEx even introduced the first RMB deliverable currency futures in Hong Kong, thus gradually sharpening the competitive edges of the Hong Kong stock market. Despite uncertain factors looming over the global economic outlook, the Group will still actively cope with a series of HKEx development strategies, seize the immediate opportunities, and continue to grow into a more powerful enterprise.

The Group will continue to implement the operating policy of “low commission, good service, and speedy execution”. In keeping with its active expansion strategies, the Group will continue to explore the potential regions for new branches, and continue to attract new clients to further capture market share. The Kowloon head office, located at the intersection of the Nathan Road, Kansu Street and Woosung Street, is expected to commence operation in early 2013.

To meet clients’ needs, the Group has been vigorously developing various types of financial products. Apart from the introduction of the US securities margin loan service in April 2012, the Group is planning to roll out the leveraged forex and the bullion businesses, etc. The Group has a unique price quoting system (capable of displaying price depth and clients can use the system to inquire the real-time price of the precious metal products). This will provide clients with high transparency, real fairness, justice, and openness in the bullion trading service. It is believed that the introduction of such services will generate a new source of considerable income for the Group.

未來計劃

隨著人民幣國際化進程加快，人民幣國債及人民幣 計價產品先後在港上市，港交所於本期間更推出全 港首隻人民幣可交割貨幣期貨，港股市場的競爭力 正在逐步提升。儘管環球經濟前景存在不穩定因素， 本集團仍會積極配合港交所一系列發展策略，把握 眼前機遇，繼續做大做強。

本集團將繼續貫徹「佣金平、服務好、速度快」的營 運方針，透過積極的拓展策略，繼續物色具潛力地區 開設分行，不斷吸納新客戶以進一步搶佔市場份額。 其中位處九龍彌敦道、甘肅街及吳松街交界之九龍 區總部，預計將於二零一三年年初投入服務。

為配合客戶需要，本集團一直致力拓展各類金融產 品，除了於二零一二年四月增設美股孖展借貸服務 以外，目前正計劃推出槓桿式外匯、現貨金等業務。 憑藉獨有的報價系統（能顯示價格深度，客戶可查閱 貴金屬產品的即時價格），本集團將為客戶提供透明 度高、真正公平、公正、公開的現貨金買賣服務。相 信有關業務的推出，將會為本集團帶來可觀的新收 入來源。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 11

Management Discussion and Analysis 管理層討論與分析

In the PRC, the Group will use “Bright Smart Finance Channel” ( 耀 才財經台 ) as the flagship promotion tool to enhance the marketing effects. The Group’s celebrity stock commentator, Mr. Kwok Sze Chi (Executive Director and Marketing Director of the Group) will conduct seminars in the PRC regularly to promote communication between the Group and the Mainland investors and, at the same time, share with them the latest information of the Hong Kong stock market. Furthermore, the Group’s powerful and reliable online trading platform enables the Group to offer one-stop financial services to Mainland investors. Moreover, the Group adheres to its favorable commission policy which also helps attract more customers from China.

Looking forward, through ongoing implementation of progressive marketing and development strategies, the Group will realize constant growth in the business and take the lead in the industry. Following its diversification into new businesses with a growing variety of financial products, the Group, with all-out efforts, provides one-stop financial services to its clients, sharpens its competitive edges, solidifies its clientele and captures greater market share. As for cost control, the Group will implement effective measures to control costs to enhance its overall profitability and operational efficiency, and seek optimal returns for its shareholders.

CAPITAL STRUCTURE, LIQUIDITY AND FINANCIAL RESOURCES

As at 30 September 2012, the net current assets of the Group increased by HK$191.9 million or 41.8% to HK$651.2 million (31 March 2012: HK$459.3 million). The Group’s current ratio, which is current assets divided by current liabilities, was 1.58 as at 30 September 2012 (31 March 2012: 1.42).

The Group’s bank deposits, bank balances and cash amounted to HK$245.8 million as at 30 September 2012 (31 March 2012: HK$397.1 million), a decrease of 38.1% compared to that as at 31 March 2012.

內地市場方面，本集團將會透過《耀才財經台》作為旗 艦宣傳工具，加強推廣力度，旗下星級股評人郭思治 先生（本集團執行董事兼市務總監）亦會定期到內地 進行講座，促進本集團與內地投資者之間的交流，同 時分享港股最新資訊。再者，本集團擁有強大穩健的 網絡交易平台，能為內地投資者提供一站式金融服 務，加上一直貫徹的佣金優惠政策，相信能有效吸納 更多國內客戶。

展望未來，本集團將會繼續以積極進取的業務推廣 政策及拓展策略，實現業務持續增長，成為行業領 軍。隨著業務發展愈趨廣泛，金融產品種類愈來愈 多，本集團將致力提供一站式金融服務予客戶，藉此 提升競爭能力，在鞏固客戶基礎的同時積極搶佔市 場佔有率。在控制成本方面，將會透過強效的成本控 制措施，致力提升整體盈利能力及營運效率，為股東 爭取理想回報。

資本結構、流動資金及財務資源

於二零一二年九月三十日，本集團之流動資產淨值 增加 191.9 百萬港元或 41.8% 至 651.2 百萬港元（二零 一二年三月三十一日：459.3 百萬港元）。於二零一二 年九月三十日，本集團之流動比率（按流動資產除以 流動負債計算）為 1.58 倍（二零一二年三月三十一日： 1.42 倍）。

本集團於二零一二年九月三十日之銀行存款、銀行 結餘及現金為 245.8 百萬港元（二零一二年三月 三十一日：397.1 百萬港元），較於二零一二年三月 三十一日者減少 38.1%。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

12

Management Discussion and Analysis 管理層討論與分析

The Group had total bank borrowings of HK$575 million as at 30 September 2012 (31 March 2012: HK$425 million) which are primarily at fixed rates. The bank borrowings were primarily collateralised by its margin clients’ securities pledged to the Group. As at 30 September 2012, unutilised facilities amounted to HK$1,568 million (31 March 2012: HK$1,648 million). The Group’s gearing ratio, which is total bank borrowings divided by the total shareholders’ equity, was 83.1% (31 March 2012: 86.1%).

CAPITAL MANAGEMENT

The Group actively and regularly reviews and manages its capital structure and adjusts it in light of changes in economic conditions. For the licensed subsidiaries, the Group ensures each of them maintains a liquid capital level adequate to support the level of activities with a sufficient buffer to accommodate increases in liquidity requirements arising from potential increases in the level of business activities. During the Period, all the licensed subsidiaries complied with the liquid capital requirements under the Securities and Futures (Financial Resources) Rules (“FRR”).

CHARGES ON ASSETS

None of the Group’s assets were subject to any charges as at 30 September 2012 and 31 March 2012.

CONTINGENT LIABILITIES

As at 30 September 2012, the subsidiaries of the Company engaging in securities and futures broking had secured banking facilities from authorised institutions for a total amount of HK$623 million (31 March 2012: HK$623 million). The Company has issued corporate guarantees for a total principal amount of HK$623 million (31 March 2012: HK$623 million) for these facilities. As at 30 September 2012, the subsidiary has utilised HK$50 million of these aggregate banking facilities (31 March 2012: HK$325 million).

As at 30 September 2012, the Directors did not consider it probable that a claim would be made against the Company under any of the guarantees.

於二零一二年九月三十日，本集團之總銀行借貸為 575 百萬港元（二零一二年三月三十一日：425 百萬港 元），主要按固定息率計算。銀行借貸主要以其孖展 客戶抵押予本集團之證券作抵押。於二零一二年九 月三十日，未動用融資為 1,568 百萬港元（二零一二 年三月三十一日：1,648 百萬港元）。本集團之資產負 債比率（按總銀行借貸除以總股東權益計算）為 83.1% （二零一二年三月三十一日：86.1%）。

資本管理

本集團積極定期檢討及管理資本結構，並因應經濟 環境之轉變對資本結構作出調整。就持牌附屬公司 而言，本集團確保各附屬公司均保持資金靈活周轉， 足以支持業務經營，以及在業務活動可能轉趨頻繁 而引致對流動資金之需求上升時亦能應付裕如。於 本期間，所有持牌附屬公司均遵守證券及期貨（財政 資源）規則（「財政資源規則」）項下之流動資金規定。

資產抵押

於二零一二年九月三十日及二零一二年三月三十一 日，本集團之資產並無受限於任何抵押。

或然負債

於二零一二年九月三十日，本公司從事證券及期貨 經紀之附屬公司自認可機構取得銀行融資合共 623 百 萬港元（二零一二年三月三十一日：623 百萬港元）。 本公司已就該等融資作出本金總額 623 百萬港元（二 零一二年三月三十一日：623百萬港元）之公司擔保。 於二零一二年九月三十日，附屬公司已動用該等銀 行融資總額之50百萬港元（二零一二年三月三十一日： 325 百萬港元）。

於二零一二年九月三十日，董事認為上述擔保不大 可能會令本公司遭受任何申償。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

13

Management Discussion and Analysis 管理層討論與分析

OPERATING LEASE COMMITMENTS AND CAPITAL COMMITMENTS

The operating lease commitments as at 30 September 2012 were HK$26.3 million (31 March 2012: HK$36.3 million). The Group did not have any material capital commitment as at 30 September 2012 and 31 March 2012.

EMPLOYEES AND REMUNERATION POLICIES

As at 30 September 2012, the Group had a work force of 245 employees (31 March 2012: 236 employees). The Group’s remuneration policy aims to offer competitive remuneration packages to recruit, retain and motivate competent employees. The Group believes the remuneration packages are reasonable and competitive and in line with market trends. The Group has put in place a share option scheme and a bonus scheme for its executives and employees in a bid to provide a competitive remuneration package for the Group’s long term growth and development. The Group also provides appropriate training and development programs to its employees to enhance the staff’s skills and personal effectiveness.

SIGNIFICANT ACQUISITION AND DISPOSAL OF SUBSIDIARIES

During the Period, the Company did not make any significant acquisitions and disposals of subsidiaries.

經營租約承擔及資本承擔

於二零一二年九月三十日，經營租約承擔為 26.3 百 萬港元（二零一二年三月三十一日：36.3 百萬港元）。 於二零一二年九月三十日及二零一二年三月三十一 日，本集團並無任何重大資本承擔。

僱員及薪酬政策

於二零一二年九月三十日，本集團共有245名僱員（二 零一二年三月三十一日：236 名僱員）。本集團之薪 酬政策旨在提供具競爭力之薪酬福利，以吸引、挽留 及激勵能幹之僱員。本集團相信該等薪酬福利屬合 理及具競爭力，且符合市場趨勢。本集團已為其行政 人員及僱員設立一項購股權計劃及獎金計劃，藉此 提供具競爭力之薪酬福利，以達致本集團之長期增 長及發展。本集團亦向其僱員提供適當培訓及發展 計劃，以提升員工之工作能力及個人效能。

重大收購及出售附屬公司

本期間內，本公司並無就附屬公司作出任何重大收 購及出售。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

14

Management Discussion and Analysis 管理層討論與分析

RISK MANAGEMENT

Credit risk

The Group’s credit risk is primarily attributable to accounts receivable due from clients, brokers and clearing houses. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.

In respect of accounts receivable due from clients, individual credit evaluations are performed on all clients including cash and margin clients. Cash clients are required to place deposits as prescribed by the Group’s credit policy before execution of any purchase transactions. Receivables due from cash clients are due within the settlement period commonly adopted by the relevant market convention, which is usually within a few days from the trade date. Because of the prescribed deposit requirements and the short settlement period involved, the credit risk arising from the accounts receivable due from cash clients is considered low. The Group normally obtains liquid securities and/or cash deposits as collateral for providing margin financing to its clients. Margin loans due from margin clients are repayable on demand. For commodities and futures broking, an initial margin is required before opening a trading position. Market conditions and adequacy of securities collateral and margin deposits of each margin account and futures account are monitored by management on a daily basis. Margin calls and forced liquidation are made where necessary.

In respect of accounts receivable from brokers and clearing houses, credit risks are considered low as the Group normally enters into transactions with brokers and clearing houses which are registered with regulatory bodies and have sound reputation in the industry.

The Group has no significant concentration of credit risk as credits are granted to a large population of clients.

The Group does not provide any other guarantees which would expose it to credit risk.

風險管理

信貸風險

本集團之信貸風險主要來自應收客戶、經紀及結算 所之賬款。管理層訂有信貸政策，並持續監控信貸風 險。

就應收客戶賬款方面，所有客戶（包括現金及孖展客 戶）均須接受個別信貸評估。於執行任何購買交易 前，現金客戶須按本集團之信貸政策向指定戶口存 款。應收現金客戶款項乃於相關市場慣例普遍採用 之結算期內到期，一般為交易日後數天內。基於指定 存款規定及所涉及結算期短，故應收現金客戶賬款 產生之信貸風險甚微。本集團一般會向其客戶取得 流動證券及╱或現金存款作為向其客戶提供孖展融 資之抵押品。應收孖展客戶之孖展貸款須應要求償 還。就商品及期貨經紀業務而言，於開倉前須支付基 本按金。管理層會每日監察市況以及各孖展賬戶及 期貨賬戶之證券抵押品及保證金是否足夠，如有需 要，會追繳保證金及強行斬倉。

由於本集團一般與已向監管機構註冊並於業內享有 良好聲譽之經紀及結算所進行交易，故應收經紀及 結算所賬款之信貸風險甚低。

由於本集團向眾多客戶提供信貸，故並無重大集中 信貸風險。

本集團並無提供任何其他擔保，致令本集團面對信 貸風險。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 15

Management Discussion and Analysis 管理層討論與分析

Liquidity risk

Individual operating entities within the Group are responsible for their own cash management, including the raising of loans to cover expected cash demands, and ensuring compliance with FRR. The Group’s policy is to regularly monitor its liquidity requirement and its compliance with lending covenants, to ensure that it maintains sufficient cash reserves and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and long term.

Interest rate risk

The Group charges interest to its margin clients on the basis of its cost of funding plus a mark-up. Financial assets such as margin loans and deposits with banks, and financial liabilities such as bank loans and loan from a related company are primarily at fixed rates. The Group’s income and operating cash flows are not subject to significant interest rate risk.

Foreign currency risk

The Group is exposed to currency risk primarily arising from financial instruments that are denominated in United States dollars (“USD”) and Renminbi (“RMB”). As the Hong Kong dollar (“HKD”) is pegged to the USD, the Group considers the risk of movements in exchange rates between the HKD and the USD to be insignificant. In respect of financial instruments denominated in RMB, the Group ensures that the net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates where necessary to address short-term imbalances. Management monitors all foreign currency positions on a daily basis.

流動資金風險

本集團內個別經營實體負責各自之現金管理，包括 籌措貸款應付預期現金需要，並確保符合財政資源 規則。本集團之政策為定期監管流動資金需要，並遵 守借貸契諾，確保維持足夠現金儲備及來自大型財 務機構之充足承諾融資額度，以應付長短期流動資 金需要。

利率風險

本集團按其資金成本另加漲價向孖展客戶收取利息。 財務資產（如孖展貸款及銀行存款）及財務負債（如銀 行貸款及來自一家關連公司之貸款）主要按固定息率 計息。本集團之收入及經營現金流量並無面對重大 利率風險。

外匯風險

本集團所承受外匯風險主要源自以美元（「美元」）及 人民幣（「人民幣」）計值之金融工具。由於港元與美 元掛鈎，本集團認為，港元與美元之匯率變動風險輕 微。就以人民幣計值之金融工具而言，本集團在有需 要的情況下按即期匯率購入或出售外幣以處理短期 之不平衡情況，藉以確保風險淨額維持於可接受之 水平。管理層每日監控所有外匯持倉。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

16

Other Information 其他資料

PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S SHARES

購買、銷售或贖回本公司之股份

During the Period, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities other than as an agent for clients of the Company or its subsidiaries.

本期間，本公司或其附屬公司概無購買、出售或贖回 任何本公司之股份，惟作為本公司或其附屬公司客 戶之代理者除外。

SHARE OPTION SCHEME

購股權計劃

On 4 August 2010, the Company conditionally approved and adopted a share option scheme (the “Scheme”) for the purpose of enabling the Group to grant share options (the “Options”) to selected participants as incentives or rewards for their contribution to the Group. As at 1 April 2012, a total of 16,268,000 share options had been granted and none of which was exercised during the Period.

於二零一零年八月四日，本公司有條件性批准及採 納一項購股權計劃（「該計劃」），以使本集團可授出 購股權（「購股權」）予選定參與者，作為激勵或回報 彼等對本集團所作之貢獻。於二零一二年四月一日， 已授出之購股權有16,268,000份，期內一概未有行使。

The following table discloses details of the Company’s outstanding Options held by the Directors, certain employees, consultants and contractors of the Company under the Scheme and its movement during the Period:

下表披露本公司董事、若干僱員、顧問及承包商根據 該計劃持有本公司之未行使購股權及本期間之變動 詳情：

						Options
						adjusted	Options
	Options	Options	Options	Options	Options	during	held at 30	Original	Adjusted
	held at	granted	exercised	cancelled	lapsed	the Period	September	exercise	exercise
	1 April 2012	during	during	during	during	(Note)	2012	price	price
	於二零一二年	the Period	the Period	the Period	the Period	本期間內調整	於二零一二年	(Note)	(Note)			Vesting
	四月一日	本期間內授出	本期間內行使	本期間內註銷	本期間內失效	之購股權	九月三十日	原本行使價	經調整行使價	Date of grant	Exercise period	conditions
	持有之購股權	之購股權	之購股權	之購股權	之購股權	（附註）	持有之購股權	（附註）	（附註）	授出日期	行使期	歸屬條件
								HK$	HK$
								港元	港元
Executive Directors:
執行董事：
Mr. Yip Mow Lum	–	–	–	–	–	–	–	–	–	–	–	–
葉茂林先生
Mr. Chan Kai Fung	2,000,000	–	–	–	–	68,000	2,068,000	0.69	0.67	13/10/2011	13/10/2011–	Nil
陳啟峰先生											12/10/2013
										二零一一年	二零一一年	無
										十月十三日	十月十三日至
											二零一三年
											十月十二日
Mr. Kwok Sze Chi	2,000,000	–	–	–	–	68,000	2,068,000	0.69	0.67	13/10/2011	13/10/2011–	Nil
郭思治先生											12/10/2013
										二零一一年	二零一一年	無
										十月十三日	十月十三日至
											二零一三年
											十月十二日

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 17

Other Information 其他資料

Options held at 1 April 2012 於二零一二年 四月一日 持有之購股權 Options granted during the Period 本期間內授出 之購股權 Options exercised during the Period 本期間內行使 之購股權 Options cancelled during the Period 本期間內註銷 之購股權 Options lapsed during the Period 本期間內失效 之購股權 Options adjusted during the Period (Note) 本期間內調整 之購股權 （附註） Options held at 30 September 2012 於二零一二年 九月三十日 持有之購股權 Original exercise price (Note) 原本行使價 （附註） Adjusted exercise price (Note) 經調整行使價 （附註） Date of grant 授出日期 Exercise period 行使期 Vesting conditions 歸屬條件 HK$ 港元 HK$ 港元

Mr. Chan Wing Shing, Wilson 陳永誠先生 Independent Non- executive Directors: 獨立非執行董事： Mr. Yu Yun Kong 余韌剛先生 Mr. Szeto Wai Sun 司徒維新先生 Mr. Ling Kwok Fai, Joseph 凌國輝先生 Employees 僱員 Consultants and contractors 顧問及承包商

400,000 – – – – 13,600 413,600 0.69 0.67 13/10/2011 13/10/2011– 12/10/2013 Nil 二零一一年 十月十三日 二零一一年 十月十三日至 二零一三年 十月十二日 無 666,000 – – – – 22,644 688,644 0.69 0.67 13/10/2011 13/10/2011– 12/10/2013 Nil 二零一一年 十月十三日 二零一一年 十月十三日至 二零一三年 十月十二日 無 666,000 – – – – 22,644 688,644 0.69 0.67 13/10/2011 13/10/2011– 12/10/2013 Nil 二零一一年 十月十三日 二零一一年 十月十三日至 二零一三年 十月十二日 無 666,000 – – – – 22,644 688,644 0.69 0.67 13/10/2011 13/10/2011– 12/10/2013 Nil 二零一一年 十月十三日 二零一一年 十月十三日至 二零一三年 十月十二日 無 6,370,000 – – – (794,080) 193,800 5,769,720 0.69 0.67 13/10/2011 13/10/2011– 12/10/2013 Nil 二零一一年 十月十三日 二零一一年 十月十三日至 二零一三年 十月十二日 無 3,500,000 – – – (500,000) 102,000 3,102,000 0.69 0.67 13/10/2011 13/10/2011– 12/10/2013 Nil 二零一一年 十月十三日 二零一一年 十月十三日至 二零一三年 十月十二日 無 – – – 16,268,000 – – – (1,294,080) 513,332 15,487,252

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

18

Other Information 其他資料

Note: The exercise price and the number of share options were adjusted with effect from 6 August 2012, upon allotment and issue of rights shares to the shareholders of the Company, as announced by the Company on 3 August 2012.

附註： 誠如本公司於二零一二年八月三日所公佈，於向本公司股東 配發及發行供股股份後，本公司購股權之行使價及數目已予 以調整，自二零一二年八月六日起生效。

As at 30 September 2012, Options to subscribe for a total of 15,487,252 shares granted by the Company pursuant to the Scheme remained valid and outstanding and the Options representing approximately 1.5% of the total number of issued shares as at the date of this report.

於二零一二年九月三十日，本公司根據該計劃授出 以認購合共 15,487,252 股股份之購股權仍然有效及尚 未行使，而該等購股權佔本報告日期已發行股份總 數約 1.5%。

DIRECTORS’ AND CHIEF EXECUTIVE OFFICER’S INTERESTS IN SHARES AND UNDERLYING SHARES

董事及行政總裁於股份及相關股份之 權益

As at 30 September 2012, the Directors and the Chief Executive Officer of the Company and their respective associates had the following interests in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company pursuant to section 352 of the Securities and Futures Ordinance (the “SFO”) or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”):

於二零一二年九月三十日，本公司董事及行政總裁 及彼等各自之聯繫人於本公司之股份及相關股份中 擁有以下權益，而該等權益是根據《證券及期貨條例》 第 352 條規定須備存之登記冊內記錄或根據《上市發 行人董事進行證券交易之標準守則》（「標準守則」）須 知會本公司及香港聯合交易所有限公司（「聯交所」） 之權益：

• (A) Interests in shares and underlying shares of the Company

(A) 於本公司股份及相關股份之權益

				Approximate
				percentage of
				the issued
				share capital
			Number of	佔已發行股本之
Name of Director	Nature of interest	Long/Short positions	shares	概約百分比
董事姓名	權益性質	好╱淡倉	股份數目	(%)
Mr. Yip Mow Lum_(Note)_	Interest in a controlled	Long position	675,000,000	65.9%
葉茂林先生（附註）	corporation	好倉
	受控法團權益
Mr. Yip Mow Lum	Beneficial owner	Long position	83,826,000	8.2%
葉茂林先生	實益擁有人	好倉
Mr. Chan Kai Fung	Beneficial owner	Long position	534,000	0.1%
陳啟峰先生	實益擁有人	好倉

Note: The 675,000,000 shares were held by New Charming Holdings Limited, a company wholly owned by Mr. Yip Mow Lum, the Chairman of the Board. Therefore, Mr. Yip Mow Lum is deemed to be interested in these shares.

附註： 675,000,000 股股份由新長明控股有限公司（董事會主 席葉茂林先生全資擁有之公司）持有。因此，葉茂林 先生被視為於該等股份中擁有權益。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

19

Other Information 其他資料

Save as disclosed above, as at 30 September 2012, none of the Directors or the Chief Executive Officer of the Company or their respective associates had any interest or short position in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept by the Company pursuant to section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

(B) Share options

The interests of the Directors and the Chief Executive Officer in the share options of the Company are detailed in the section headed “Share Option Scheme” on page 17 of this interim report.

Save as disclosed above, at no time during the Period, the Directors and the Chief Executive Officer (including their spouses and children under 18 years of age) had any interest in, or had been granted, or exercised, any rights to subscribe for shares (or warrants or debentures, if applicable) of the Company or its associated corporations required to be disclosed pursuant to the SFO.

除上文所披露外，於二零一二年九月三十日， 本公司各董事、行政總裁或彼等各自之聯繫人 士概無在本公司或其任何相關法團（按《證券及 期貨條例》第 XV 部所指之定義）之股份、相關 股份或債券中擁有任何權益或淡倉，而該等權 益或淡倉是根據《證券及期貨條例》第 352 條規 定須備存之登記冊內記錄，或根據標準守則須 知會本公司及聯交所之權益。

(B) 購股權

董事及行政總裁於本公司購股權之權益於本中 期報告第 17 頁「購股權計劃」一節詳述。

除上文所披露外，於本期間內任何時間，各董 事及行政總裁（包括彼等之配偶及未滿 18 歲之 子女）概無擁有、獲授或行使任何根據《證券及 期貨條例》須予披露可認購本公司或其相關法 團股份（或認股權證或債券，如適用）之權利。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

20

Other Information 其他資料

INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS IN THE SHARE CAPITAL OF THE COMPANY

主要股東於本公司股本中之權益及淡倉

As at 30 September 2012, the interests of substantial shareholders in the shares or the underlying shares of the Company which were required to be notified to the Company pursuant to Divisions 2 and 3 of Part XV of the SFO, or which were required to be recorded in the register required to be kept by the Company under section 336 of the SFO were as follows:

於二零一二年九月三十日，根據《證券及期貨條例》第 XV 部第 2 及第 3 分部須知會本公司，或須記錄於根據 《證券及期貨條例》第 336 條規定須備存之登記冊之本 公司股份或相關股份之主要股東權益如下：

				Approximate
				percentage of
				the issued
				share capital
			Number of	佔已發行股本之
Name of shareholder	Nature of interest	Long/Short positions	shares	概約百分比
股東名稱	權益性質	好╱淡倉	股份數目	(%)
New Charming Holdings Limited	Beneficial owner	Long position	675,000,000	65.9%
新長明控股有限公司	實益擁有人	好倉
Mr. Yip Mow Lum_(Note)_	Interest in a controlled	Long position	675,000,000	65.9%
葉茂林先生（附註）	corporation	好倉
	受控法團權益
Mr. Yip Mow Lum	Beneficial owner	Long position	83,826,000	8.2%
葉茂林先生	實益擁有人	好倉

Note: The 675,000,000 shares were held by New Charming Holdings Limited, a company wholly owned by Mr. Yip Mow Lum, the Chairman of the Board. Therefore, Mr. Yip Mow Lum is deemed to be interested in these shares.

附註： 675,000,000 股股份由新長明控股有限公司（董事會主席葉茂 林先生全資擁有之公司）持有。因此，葉茂林先生被視為於該 等股份中擁有權益。

Save as disclosed above, as at 30 September 2012, there was no other person who had any interest or short position in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under section 336 of the SFO, or as otherwise notified to the Company and the Stock Exchange.

除上文所披露外，於二零一二年九月三十日，概無其 他人士於本公司股份或相關股份中，擁有根據《證券 及期貨條例》第 XV 部第 2 及第 3 分部規定須向本公司 披露，或已記錄於根據《證券及期貨條例》第 336 條規 定須備存之登記冊，或須以其他方式知會本公司及 聯交所之任何權益或淡倉。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 21

Other Information 其他資料

COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE

The Board is committed to ensuring high standards of corporate governance practices. During the Period, the Company fully complied with the mandatory code provisions set out in the Corporate Governance Code contained in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”).

COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code set out in Appendix 10 of the Listing Rules as its own code of conduct regarding securities transactions by the Directors. The Company has made a specific enquiry to all Directors regarding any non-compliance with the Model Code. All the Directors confirmed that they have fully complied with the required standard set out in the Model Code during the Period.

AUDIT COMMITTEE

The primary duties of the Audit Committee of the Company are to review and supervise the financial reporting process and internal control procedures of the Company. The Audit Committee, together with the external auditor of the Group, KPMG, had reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters concerning the unaudited consolidated results of the Group for the six months ended 30 September 2012.

By Order of the Board

Chan Kai Fung

Executive Director & Chief Executive Officer

Hong Kong, 13 November 2012

遵守企業管治守則

董事會恪守維持高水平之企業管治常規之承諾。本 期間內，本公司完全遵守載於香港聯合交易所有限 公司上市規則（「上市規則」）附錄 14 所載企業管治守 則之強制守則條文。

遵守證券交易之標準守則

本公司已採納上市規則附錄 10 所載之標準守則作為 董事進行證券交易之行為守則。本公司已向全體董 事就任何不遵守標準守則之情況作出特定查詢。全 體董事均已確認，彼等於本期間內已全面遵守標準 守則所訂之標準。

審核委員會

本公司審核委員會之主要職責為審閱及監督本公司 之財務申報過程及內部監控程序。審核委員會已與 本集團之外聘核數師畢馬威會計師事務所審閱本集 團採納之會計原則及常規，並討論有關本集團之內 部監控及截至二零一二年九月三十日止六個月之未 經審核綜合業績之財務報告事宜。

承董事會命

陳啟峰

執行董事兼行政總裁

香港，二零一二年十一月十三日

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

22

Consolidated Statement of Comprehensive Income 綜合全面收益表

For the six months ended 30 September 2012 — unaudited (Expressed in Hong Kong dollars) 截至二零一二年九月三十日止六個月[—] 未經審核（以港元列示）

Six months ended 30 September 截至九月三十日止六個月 2012 2011 二零一二年 二零一一年 Note $ $ 附註 元 元	Six months ended 30 September 截至九月三十日止六個月 2012 2011 二零一二年 二零一一年 Note $ $ 附註 元 元
Turnover 營業額 4 110,372,797 Other revenue 其他收益 5 27,723,041 Other net gain 其他收益淨額 6 104,505 Staff costs 員工成本 (39,736,250) Depreciation 折舊 (6,167,952) Other operating expenses 其他經營開支 (49,828,469)	122,687,201 17,679,882 364,835 (40,765,104) (5,199,052) (46,758,342)
Profit from operations 經營溢利 42,467,672 Finance costs 財務成本 7(a) (6,824,388)	48,009,420 (8,694,819)
Profit before taxation 除稅前溢利 7 35,643,284 Income tax 所得稅 8 (4,293,994)	39,314,601 (6,347,058)
Profit and total comprehensive income attributable to equity shareholders for the period 權益股東應佔期內溢利 及全面收益總額 31,349,290	32,967,543
Earnings per share 每股盈利 9 Basic (cents) 基本（仙） 3.98	4.85
Diluted (cents) 攤薄（仙） 3.98	4.85

The notes on pages 29 to 62 form part of this interim financial 第 29 至 62 頁之附註構成本中期財務報告其中部分。 report.

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 23

Consolidated Statement of Financial Position 綜合財務狀況表

At 30 September 2012 — unaudited (Expressed in Hong Kong dollars) 於二零一二年九月三十日[—] 未經審核（以港元列示）

			Note 附註	At 30 September 2012 於二零一二年 九月三十日 $ 元
	Non-current assets Fixed assets Other non-current assets	非流動資產 固定資產 其他非流動資產	12
				30,464,590
				10,459,668
	Total non-current assets	非流動資產總值		40,924,258
	Current assets Accounts receivable Other receivables, deposits and prepayments Cash and cash equivalents	流動資產 應收賬款 其他應收款項、按金 及預付款項 現金及現金等價物	13 14 15
				1,521,842,508
				13,739,907
				245,768,199
	Total current assets	流動資產總值		1,781,350,614
	Current liabilities Accounts payable Accrued expenses and other payables Bank loans Current taxation Amount due to a related company	流動負債 應付賬款 應計開支及其他應付款項 銀行貸款 即期稅項 應付一家關連公司款項	16 17 18 21(a)(iii)
				430,971,735
				16,079,654
				575,000,000
				8,057,135
				100,000,000
	Total current liabilities	流動負債總額		1,130,108,524
	Net current assets	流動資產淨值		651,242,090
	Total assets less current liabilities	資產總額減流動負債		692,166,348
	Non-current liabilities Deferred tax liabilities	非流動負債 遞延稅項負債
				192,551
	NET ASSETS	資產淨值		691,973,797

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

24

Consolidated Statement of Financial Position 綜合財務狀況表

At 30 September 2012 — unaudited (Expressed in Hong Kong dollars) 於二零一二年九月三十日[—] 未經審核（以港元列示）

			At	At
			30 September	31 March
			2012	2012
			於二零一二年	於二零一二年
			九月三十日	三月三十一日
		Note	$	$
		附註	元	元
EQUITY	權益
Share capital	股本	19(a)	307,269,900	204,846,600
Share premium	股份溢價	19(c)	246,310,124	181,907,382
Merger reserve	合併儲備	19(c)	(19,999,991)	(19,999,991)
Share option reserve	購股權儲備	19(c)	3,154,777	3,427,420
Retained profits	保留溢利		155,238,987	123,617,054
TOTAL EQUITY	權益總值		691,973,797	493,798,465

The notes on pages 29 to 62 form part of this interim financial 第 29 至 62 頁之附註構成本中期財務報告其中部分。 report.

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 25

Consolidated Statement of Changes in Equity 綜合權益變動表

For the six months ended 30 September 2012 — unaudited (Expressed in Hong Kong dollars) 截至二零一二年九月三十日止六個月[—] 未經審核（以港元列示）

						Share
			Share	Share	Merger	option	Retained	Total
			capital	premium	reserve	reserve	profits	equity
			股本	股份溢價	合併儲備	購股權儲備	保留溢利	權益總額
		Note	$	$	$	$	$	$
		附註	元	元	元	元	元	元
Balance at 1 April 2011	於二零一一年四月一日
	之結餘		203,904,600	192,255,508	(19,999,991)	2,749,525	62,669,491	441,579,133
Changes in equity for the	截至二零一一年
six months ended	九月三十日止六個月
30 September 2011:	之權益變動：
Profit and total comprehensive	期內溢利及
income for the period	全面收入總額		—	—	—	—	32,967,543	32,967,543
Effect of lapsed share options	已失效購股權之影響		—	—	—	(311,697)	311,697	—
Dividend paid during	期內派付股息
the period		19(b)	—	(12,234,276)	—	—	—	(12,234,276)
Balance at 30 September 2011	於二零一一年
	九月三十日之結餘		203,904,600	180,021,232	(19,999,991)	2,437,828	95,948,731	462,312,400
Balance at 1 October 2011	於二零一一年
	十月一日之結餘		203,904,600	180,021,232	(19,999,991)	2,437,828	95,948,731	462,312,400
Changes in equity for the	截至二零一二年
six months ended	三月三十一日
31 March 2012:	止六個月之權益變動：
Profit and total comprehensive	期內溢利及全面
income for the period	收入總額		—	—	—	—	27,668,323	27,668,323
Equity-settled share-based	權益結算股份付款
payments			—	—	—	1,686,959	—	1,686,959
Shares issued under share option	根據購股權計劃
scheme	發行股份		942,000	1,886,150	—	(661,550)	—	2,166,600
Effect of lapsed share options	購股權失效之影響		—	—	—	(35,817)	—	(35,817)
Balance at 31 March 2012	於二零一二年
	三月三十一日之結餘		204,846,600	181,907,382	(19,999,991)	3,427,420	123,617,054	493,798,465

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

26

Consolidated Statement of Changes in Equity 綜合權益變動表

For the six months ended 30 September 2012 — unaudited (Expressed in Hong Kong dollars) 截至二零一二年九月三十日止六個月[—] 未經審核（以港元列示）

						Share
			Share	Share	Merger	option	Retained	Total
			capital	premium	reserve	reserve	profits	equity
			股本	股份溢價	合併儲備	購股權儲備	保留溢利	權益總額
		Note	$	$	$	$	$	$
		附註	元	元	元	元	元	元
Balance at 1 April 2012	於二零一二年
	四月一日之結餘		204,846,600	181,907,382	(19,999,991)	3,427,420	123,617,054	493,798,465
Changes in equity for the	截至二零一二年
six months ended	九月三十日
30 September 2012:	止六個月之權益變動：
Profit and total comprehensive	期內溢利及全面
income for the period	收入總額		—	—	—	—	31,349,290	31,349,290
Shares issued under the	供股已發行股份
Rights Issue		19(a)	102,423,300	85,352,750	—	—	—	187,776,050
Share issuance costs	股份發行成本	19(a)	—	(2,513,814)	—	—	—	(2,513,814)
Effect of lapsed share options	購股權失效之影響		—	—	—	(272,643)	272,643	—
Dividend paid during	期內派付股息
the period		19(b)	—	(18,436,194)	—	—	—	(18,436,194)
Balance at 30 September 2012	於二零一二年
	九月三十日之結餘		307,269,900	246,310,124	(19,999,991)	3,154,777	155,238,987	691,973,797

The notes on pages 29 to 62 form part of this interim financial 第 29 至 62 頁之附註構成本中期財務報告其中部分。 report.

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 27

Condensed Consolidated Cash Flow Statement 簡明綜合現金流量表

For the six months ended 30 September 2012 — unaudited (Expressed in Hong Kong dollars) 截至二零一二年九月三十日止六個月[—] 未經審核（以港元列示）

			Six months ended 30 September	Six months ended 30 September
			截至九月三十日止六個月
			2012	2011
			二零一二年	二零一一年
		Note	$	$
		附註	元	元
Cash (used in)/generated from	經營業務（所用）╱所得現金
operations			(384,657,953)	175,957,736
Hong Kong Profits Tax paid	已付香港利得稅		—	—
Net cash (used in)/generated from	經營活動（所用）╱所得現金淨額
operating activities			(384,657,953)	175,957,736
Net cash generated from/(used in)	投資活動所得╱（所用）現金淨額
investing activities			3,371,509	(9,616,515)
Net cash generated from/(used in)	融資活動所得╱（所用）現金淨額
financing activities			230,001,654	(243,929,095)
Net decrease in cash and cash	現金及現金等價物減少淨額
equivalents			(151,284,790)	(77,587,874)
Cash and cash equivalents at 1 April	於四月一日之現金及現金等價物		397,052,989	349,858,257
Cash and cash equivalents at	於九月三十日之現金及
30 September	現金等價物	15	245,768,199	272,270,383

The notes on pages 29 to 62 form part of this interim financial 第 29 至 62 頁之附註構成本中期財務報告其中部分。 report.

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

28

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

1 GENERAL INFORMATION

1 一般資料

Bright Smart Securities & Commodities Group Limited (“the Company”) was incorporated in the Cayman Islands on 4 August 2009 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The consolidated interim financial report of the Company as at and for the six months ended 30 September 2012 comprises the Company and its subsidiaries (together referred to as the “Group”).

耀才證券金融集團有限公司（「本公司」）於二零 零九年八月四日根據開曼群島法例第 22 章公司 法（一九六一年第三法例，經綜合及修訂）在開 曼群島註冊成立為獲豁免有限公司。本公司截 至二零一二年九月三十日止六個月之綜合中期 財務報告包括本公司及其附屬公司（統稱「本集 團」）。

The Company had direct or indirect interests in the following subsidiaries, all of which are private companies, particulars of which are set out below:

本公司於以下附屬公司擁有直接或間接權益， 該等附屬公司均為私人公司，其詳情如下：

	Place and date of	Issued and fully	Attributable	Attributable
Name of company	incorporation	paid-up capital	equity	interest	Principal activities
公司名稱	註冊成立地點及日期	已發行及實繳股本	應佔股本權益		主要業務
			direct	indirect
			直接	間接
Bright Smart Investment	British Virgin Islands (BVI)/	US$100 at	100%	—	Investment holding
Holdings Limited	22 October 2009	US$1 per share
耀才投資控股有限公司	英屬處女群島╱	100美元，			投資控股
	二零零九年十月二十二日	每股面值1美元
Bright Smart Asset	Hong Kong/	HK$5,000,000 at	—	100%	Inactive
Management Limited	18 August 2011	HK$1 per share
耀才資產管理有限公司	香港╱	5,000,000港元，			暫無營業
	二零一一年八月十八日	每股面值1港元
Bright Smart Futures &	Hong Kong/	HK$44,000,000 at	—	100%	Commodities and
Commodities Co., Ltd	14 November 1995	HK$1 per share			futures broking
耀才期貨及商品有限公司	香港╱	44,000,000港元，			商品及期貨經紀
	一九九五年	每股面值1港元
	十一月十四日
Bright Smart Forex Limited	Hong Kong/	HK$10,000 at	—	100%	Inactive
(formerly known as	23 April 2012	HK$1 per share
Bright Smart FX &
Bullion Limited)
耀才環球外匯有限公司	香港╱	10,000港元，			暫無營業
（前稱耀才外匯黃金	二零一二年四月二十三日	每股面值1港元
有限公司）
Bright Smart Investment	Hong Kong/	HK$1 at	—	100%	Investment holding
Consultancy (China)	9 November 2010	HK$1 per share
Company Limited
耀才投資諮詢顧問	香港╱	1港元，			投資控股
（中國）有限公司	二零一零年十一月九日	每股面值1港元

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

29

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

1

1 一般資料（續） Name of company Place and date of incorporation Issued and fully paid-up capital Attributable equity interest Principal activities 公司名稱 註冊成立地點及日期 已發行及實繳股本 應佔股本權益 主要業務 direct indirect 直接 間接 GENERAL INFORMATION_(Continued)_

Bright Smart Securities International (H.K.) Limited Hong Kong/ 10 August 1998 HK$481,000,000 at HK$1 per share — 100% Securities broking and margin financing 耀才證券國際（香港） 有限公司 香港╱ 一九九八年八月十日 481,000,000港元， 每股面值1港元 證券經紀及孖展融資 Everlasting Source Limited Hong Kong/ 8 December 2010 HK$1 at HK$1 per share — 100% Administrative services 粵彩有限公司 香港╱ 二零一零年十二月八日 1港元， 每股面值1港元 行政服務 Glow Dragon Limited Hong Kong/ 21 January 2010 HK$1 at HK$1 per share — 100% Administrative services 晴龍有限公司 香港╱ 二零一零年一月二十一日 1港元， 每股面值1港元 行政服務 Huge Dynasty Limited Hong Kong/ 13 January 2010 HK$1 at HK$1 per share — 100% Administrative services 展躍有限公司 香港╱ 二零一零年一月十三日 1港元， 每股面值1港元 行政服務 Ideal Magic Limited Hong Kong/ 13 January 2010 HK$1 at HK$1 per share — 100% Administrative services 裕驊有限公司 香港╱ 二零一零年一月十三日 1港元， 每股面值1港元 行政服務 Merit Act Limited Hong Kong/ 3 November 2009 HK$1 at HK$1 per share — 100% Administrative services 浤烽有限公司 香港╱ 二零零九年十一月三日 1港元， 每股面值1港元 行政服務 Victor Tone Limited Hong Kong/ 21 January 2010 HK$1 at HK$1 per share — 100% Administrative services 圍通有限公司 香港╱ 二零一零年一月二十一日 1港元， 每股面值1港元 行政服務 耀才商務諮詢（深圳） 有限公司 (note)（附註） People’s Republic of China/ 10 January 2011 HK$1,000,000 — 100% Inactive 中華人民共和國╱ 二零一一年一月十日 1,000,000港元 暫無營業

Note: It is registered as a wholly foreign-owned enterprise under the laws of 附註： 此公司乃根據中華人民共和國法律註冊為一間外商獨 the People’s Republic of China. 資企業。

30 Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

(a) Statement of compliance

This interim financial report for the six months period ended 30 September 2012 has been prepared in accordance with Hong Kong Accounting Standard 34, “Interim Financial Reporting”, issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). This interim financial report also complies with the applicable disclosure provisions of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. A summary of the significant accounting policies adopted and consistently applied by the Group in the preparation of this interim financial report is set out below.

The preparation of an interim financial report in conformity with HKAS 34, “Interim Financial Reporting” requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

The interim financial report contains condensed consolidated financial statements and selected explanatory notes. The condensed consolidated interim financial statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”).

The interim financial report is unaudited, but has been reviewed by KPMG in accordance with the Hong Kong Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the HKICPA.

2 重大會計政策

(a) 合規聲明

本截至二零一二年九月三十日止六個月 期間之中期財務報告乃根據香港會計師 公會（「香港會計師公會」）頒佈之香港會 計準則第 34 號「中期財務報告」編製。本 中期財務報告亦遵守香港聯合交易所有 限公司證券上市規則之適用披露條文。 本集團編製本中期財務報告時所採納及 貫徹應用之重大會計政策概要載於下文。

編製符合香港會計準則第 34 號「中期財 務報告」之中期財務報告需要管理層作出 會對政策應用和按年內迄今為止所申報 之資產及負債、收入及支出金額構成影 響之判斷、估計和假設。實際結果或會 有別於該等估計。

中期財務報告包括簡明綜合財務報表及 經挑選之說明附註。簡明綜合中期財務 報表及其附註並不包括根據香港財務報 告準則（「香港財務報告準則」）編製整套 財務報表所需之全部資料。

中期財務報告未經審核，惟已由畢馬威 會計師事務所根據香港會計師公會頒佈 之香港審閱委聘準則第 2410 號「由實體 獨立核數師審閱中期財務資料」進行審閱。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 31

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

• (b) Basis of preparation of the financial statements

The interim financial statements are presented in Hong Kong Dollars (“HKD”). It is prepared on the historical cost basis.

• (c) Basis of consolidation

Subsidiaries

Subsidiaries are entities controlled by the Group. Control exists when the Group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable are taken into account. The financial statements of subsidiaries are included in the financial statements from the date that control commences until the date that control ceases. Intra-group balances and transactions and any unrealised profits arising from intra-group transactions are eliminated in full in preparing the financial statements. Unrealised losses resulting from intra-group transactions are eliminated in the same way as unrealised gains but only to the extent that there is no evidence of impairment.

• (b) 編製財務報表基準

中期財務報表以港元（「港元」）呈列，並 按照歷史成本基準編製。

• (c) 綜合基準

附屬公司

附屬公司指本集團控制之實體。倘本集 團有權支配實體之財務及經營政策，藉 此從其活動中取得利益，則存在控制關 係。在評估控制權時，會考慮目前可行 使之潛在表決權。附屬公司之財務報表 自控制開始當日計入財務報表，直至控 制終止當日為止。集團內結餘及交易以 及集團內交易所產生之任何未變現溢利， 在編製財務報表時全數對銷。集團內交 易所產生之未變現虧損僅在並無出現減 值證據之情況下以與未變現收益相同之 方法予以對銷。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

32

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(d) Fixed assets

(d) 固定資產

Fixed assets are stated in the consolidated statement of financial position at cost less accumulated depreciation and impairment losses (see note 2(f)(ii)).

固定資產按成本減累計折舊及減值虧損 （見附註 2(f)(ii)）於綜合財務狀況表列賬。

Gains or losses arising from the retirement or disposal of an item of fixed assets are determined as the difference between the net disposal proceeds and the carrying amount of the item and are recognised in profit or loss on the date of retirement or disposal.

報廢或出售固定資產項目所產生之損益 以該項目之出售所得款項淨額與其賬面 值之間的差額釐定，並於報廢或出售當 日在損益確認。

Depreciation is calculated to write off the cost of items of fixed assets, less their estimated residual value, if any, using the straight-line method over their estimated useful lives as follows:

固定資產折舊以固定資產項目成本減其 估計剩餘價值（如有）撇銷，並以直線法 按其預計可用年限計算如下：

—	Leasehold improvements	Shorter of the unexpired term of lease and 3 years
—	裝修	未屆滿租期或3年（以較短期為準）
—	Motor vehicles	5 years
—	汽車	5年
—	Office equipment	5 years
—	辦公室設備	5年
—	Furniture and fixtures	5 years
—	傢具及裝置	5年
—	Computers and software	5 years
—	電腦及軟件	5年

Both the useful life of an asset and its residual value, if any, are reviewed annually.

資產之可使用年限及其剩餘價值（如有） 會每年進行檢討。

(e) Operating lease charges

(e) 經營租約支出

Leases which do not transfer substantially all the risks and rewards of ownership to the Group are classified as operating leases. Where the Group has the use of assets under operating leases, payments made under the leases are charged to profit or loss in equal instalments over the accounting periods covered by the lease terms, except where an alternative basis is more representative of the pattern of benefits to be derived from the leased asset. Lease incentives received are recognised in profit or loss as an integral part of the aggregate net lease payments made.

凡並無將擁有權之絕大風險及回報轉讓 予本集團之租賃，均分類為經營租約。 倘本集團使用經營租約下之資產，則根 據租約支付之款項會於租約年期所涵蓋 之會計期間，以等額於損益中扣除，除 非有其他基準更能代表租賃資產所產生 之利益模式則屬例外。獲取之租約優惠 於損益確認為淨租金總額之組成部分。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

33

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(f) Impairment of assets

• (i) Impairment of investments in subsidiaries and accounts receivable and other receivables Investments in subsidiaries and accounts receivable and other receivables that are carried at cost or amortised cost are reviewed at each reporting date to determine whether there is objective evidence of impairment. If any such evidence exists, any impairment loss is determined and recognised as follows:

• For investments in subsidiaries, the impairment loss is measured by comparing the recoverable amount in the investment with its carrying amount in accordance with note 2(f)(ii). The impairment loss is reversed if there has been a favourable change in the estimates used to determine the recoverable amount in accordance with note 2(f)(ii).

• For accounts receivable and other receivables carried at amortised cost, the impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets), where the effect of discounting is material. This assessment is made collectively where financial assets carried at amortised cost share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group.

• (f) 資產減值

• (i) 附屬公司投資以及應收賬款及其他 應收款項減值 按成本或攤銷成本列賬之附屬公司 投資以及應收賬款及其他應收款項 於各報告日期審閱，以確定有否客 觀減值證據。倘存在任何該等證 據，任何減值虧損釐定及確認如 下：

  • 就附屬公司投資而言，於計 量減值虧損時，乃根據附註 2(f)(ii) 將投資之可回收金額及 其賬面值進行比較。減值虧 損予以回撥時，其前提為根 據附註 2(f)(ii) 釐定可回收金 額所使用之估計出現有利變 動。

  • 就按攤銷成本列賬之應收賬 款及其他應收款項而言，倘 貼現影響重大，減值虧損按 資產賬面值與估計未來現金 流量現值之差額，按財務資 產原先實際利率（即初步確 認該等資產時計算所用實際 利率）貼現計算。倘按攤銷 成本列賬之財務資產承擔之 風險特徵相近（如逾期狀況 相似）及並未個別評估為出 現減值等，則會以集體形式 進行評估。經集體評估為減 值之財務資產之未來現金流 量乃以信貸風險特徵類似該 集合組別的資產之過往虧損 經驗為依據。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

34

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(f) Impairment of assets (Continued)

• (i) Impairment of investments in subsidiaries and accounts receivable and other receivables (Continued)

• If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognised, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset’s carrying amount exceeding that which would have been determined had no impairment loss been recognised in prior periods.

(ii) Impairment of fixed assets

At the end of each reporting period, the Group reviews the carrying amount of its fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised in profit or loss immediately.

• (f) 資產減值 （續）

• (i) 附屬公司投資以及應收賬款及其他 應收款項減值 （續）

倘於往後期間之減值虧損金 額減少，而有關減幅客觀上 與確認減值虧損後發生之事 件有關，則減值虧損會於損 益撥回。減值虧損之撥回不 應導致資產賬面值超過其在 過往期間並無確認減值虧損 而應已釐定之金額。

• (ii) 固定資產減值 於各報告期末，本集團審閱其固定 資產之賬面值，以釐定是否存有任 何跡象顯示該等資產已發生減值虧 損。倘資產之可回收金額估計將低 於其賬面值，則資產之賬面值減至 其可回收金額。減值虧損即時確認 作開支。

倘其後減值虧損回撥，資產之賬面 值增至其可回收金額之修改估計金 額，但增加賬面值並無超逾所釐定 之賬面值，其前提為過往年度並無 確認任何減值虧損。回撥減值虧損 即時於損益中確認。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 35

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(g) Accounts receivable and other receivables

Accounts receivable and other receivables are initially recognised at fair value and thereafter stated at amortised cost less allowance for impairment of doubtful debts (see note 2(f)(i)), except where the receivables are interest-free loans made to related parties without any fixed repayment terms or the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less allowance for impairment of doubtful debts (see note 2(f)(i)).

(h) Accounts payable and other payables

Accounts payable and other payables are initially recognised at fair value and thereafter stated at amortised cost unless the effect of discounting would be immaterial, in which case they are stated at cost.

(i) Interest-bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

(j) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, time deposits and demand deposits with banks.

(g) 應收賬款及其他應收款項

應收賬款及其他應收款項初步按公平值 確認，其後則按攤銷成本扣除呆賬減值 撥備列賬（見附註 2(f)(i)），惟倘若應收款 項為給予有關連人士之無固定還款期免 息貸款，或貼現影響並不重大者則除外。 於該等情況下，應收款項按成本扣除呆 賬減值撥備列賬（見附註 2(f)(i)）。

(h) 應付賬款及其他應付款項

應付賬款及其他應付款項初步按公平值 確認，其後則按攤銷成本列賬，惟倘若 貼現影響並不重大，則按成本列賬。

(i) 計息借貸

計息借貸初步以公平值減應佔交易成本 確認。在初步確認後，計息借貸按攤銷 成本列賬，而初步確認金額與贖回價值 之間的任何差額連同任何應付利息及費 用在借貸期間以實際利率法在損益確認。

(j) 現金及現金等價物

現金及現金等價物包括銀行存款及手頭 現金以及定期及活期銀行存款。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

36

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(k) Employee benefits

• (i) Salaries, annual bonuses, paid annual leave, contributions to defined contribution retirement plans and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees.

• (ii) Contributions to Mandatory Provident Funds as required under the Hong Kong Mandatory Provident Fund Schemes Ordinance are recognised as an expense in profit or loss as incurred.

• (iii) The fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in a share option reserve within equity. The fair value is measured at the grant date using the Black-Scholes model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.

(l) Income tax

Income tax for the period comprises current tax and movements in deferred tax assets and liabilities. Current tax and movements in deferred tax assets and liabilities are recognised in profit or loss except to the extent that they relate to items recognised in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognised in other comprehensive income or directly in equity, respectively.

(k) 僱員福利

• (i) 薪金、年終花紅、有薪年假、向定 額供款退休計劃作出之供款及非貨 幣福利成本於僱員提供相關服務之 年度計算。

• (ii) 根據香港強制性公積金計劃條例規 定向強積金作出之供款於產生時在 損益確認為開支。

• (iii) 授予僱員購股權之公平值確認為僱 員成本，相應之增加會於權益內之 購股權儲備反映。公平值在授出日 期採用柏力克[—] 舒爾斯模式，經 考慮授出購股權之條款及條件而計 量。倘僱員須符合歸屬條件才有權 無條件行使購股權，則購股權之估 計總公平值會於考慮購股權將歸屬 之可能性後在歸屬期內分攤。

(l) 所得稅

本期間之所得稅包括即期稅項及遞延稅 項資產與負債變動。即期稅項及遞延稅 項資產與負債變動在損益確認，惟涉及 於其他全面收入或直接於權益確認之項 目，其相關稅款分別在其他全面收益或 直接於權益確認。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 37

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(l) Income tax (Continued)

Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years.

Deferred tax assets and liabilities arise from deductible and taxable temporary differences respectively, being the differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax assets also arise from unused tax losses and unused tax credits.

Apart from certain limited exceptions, all deferred tax liabilities, and all deferred tax assets to the extent that it is probable that future taxable profits will be available against which the asset can be utilised, are recognised. Future taxable profits that may support the recognition of deferred tax assets arising from deductible temporary differences include those that will arise from the reversal of existing taxable temporary differences, provided those differences relate to the same taxation authority and the same taxable entity, and are expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward. The same criteria are adopted when determining whether existing taxable temporary differences support the recognition of deferred tax assets arising from unused tax losses and credits, that is, those differences are taken into account if they relate to the same taxation authority and the same taxable entity, and are expected to reverse in a period, or periods, in which the tax loss or credit can be utilised.

(l) 所得稅 （續）

即期稅項指就本期間應課稅收入按於報 告期末已頒佈或實質頒佈之稅率計算之 預期應繳稅項，以及就過往年度應繳稅 項所作任何調整。

遞延稅項資產及負債分別來自可扣稅及 應課稅暫時差額，即就財務申報目的之 資產及負債賬面值與其稅基之間之差額。 遞延稅項資產亦源自未動用稅項虧損及 未動用稅項抵免。

除若干有限例外情況外，所有遞延稅項 負債及遞延稅項資產（僅限於資產有可能 用以抵銷日後應課稅溢利之部分）均予確 認。可支持確認源自可扣稅暫時差額之 遞延稅項資產之未來應課稅溢利包括撥 回現有應課稅暫時差額產生之款項，惟 該等差額須與同一徵稅機關及同一應課 稅實體有關，並預期會於預料撥回可扣 稅暫時差額之同一期間或遞延稅項資產 所產生稅項虧損可往撥回或結轉之期間 內撥回。該項準則亦適用於釐定現有應 課稅暫時差額可否支持確認未動用稅項 虧損及稅項抵免所產生遞延稅項資產， 即該等差額倘與同一徵稅機關及同一應 課稅實體有關時將予以計入，並預期於 稅項虧損或稅項抵免可予使用之一段期 間或多段期間撥回。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

38

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

• (l) Income tax (Continued)

The limited exceptions to recognition of deferred tax assets and liabilities are those temporary differences arising from goodwill not deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (provided they are not part of a business combination), and temporary differences relating to investments in subsidiaries to the extent that, in the case of taxable differences, the Group controls the timing of the reversal and it is probable that the differences will not reverse in the foreseeable future, or in the case of deductible differences, unless it is probable that they will reverse in the future.

The amount of deferred tax recognised is measured based on the expected manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period. Deferred tax assets and liabilities are not discounted.

The carrying amount of a deferred tax asset is reviewed at each end of the reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow the related tax benefit to be utilised. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available.

Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets against deferred tax liabilities if the Group has the legally enforceable right to set off current tax assets against current tax liabilities and the following additional conditions are met:

• in the case of current tax assets and liabilities, the Group intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously; or

• (l) 所得稅 （續）

確認遞延稅項資產及負債之有限例外情 況包括：不可扣稅商譽產生之暫時差額、 初步確認不影響會計或應課稅溢利之資 產或負債（不屬業務合併之部分）以及與 投資於附屬公司有關的暫時差額；如屬 應課稅差額，以本集團可控制撥回時間 及不大可能在可預見未來撥回差額為限； 或如屬可扣稅差額，則以可能在未來撥 回差額為限。

已確認遞延稅項金額按資產及負債賬面 值之預期變現或結算方式，採用報告期 末已頒佈或實質頒佈之稅率計算。遞延 稅項資產及負債均不予貼現。

遞延稅項資產賬面值於各報告期末檢討， 倘不再可能備有足夠應課稅溢利可供動 用相關稅務利益，則須削減遞延稅項資 產賬面值。倘很可能有足夠應課稅溢利， 則會撥回有關減額。

即期稅項結餘及遞延稅項結餘以及其變 動乃分開各自呈列，且不予抵銷。倘本 集團有法定行使權以即期稅項資產抵銷 即期稅項負債，且符合以下附帶條件， 可以即期稅項資產及遞延稅項資產分別 抵銷即期稅項負債及遞延稅項負債：

• 就即期稅項資產及負債而言，本集 團計劃按淨額基準結算，或在變現 資產之同時清償負債；或

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 39

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

• (l) Income tax (Continued)

• in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:

  • the same taxable entity; or

  • different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend to realise the current tax assets and settle the current tax liabilities on a net basis or realise and settle simultaneously.

(m) Provisions and contingent liabilities

Provisions are recognised for other liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation.

Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.

(l) 所得稅 （續）

• 就遞延稅項資產及負債而言，倘該 等資產及負債與同一稅務機關就下 列任何實體徵收之所得稅有關：

• 同一應課稅實體；或

• 不同應課稅實體，而該等實 體計劃在預期有大額遞延稅 項負債或資產須予清償或收 回之各個未來期間，按淨額 基準變現即期稅項資產及清 償即期稅項負債，或同時進 行變現及清償。

(m) 撥備及或然負債

於本集團須就過往事件承擔法律或推定 責任，而履行該責任很可能須流出經濟 利益，且能夠作出可靠估計時，將就不 確定時間或款額之其他負債確認撥備。 倘貨幣時間價值重大，則按預計履行責 任所需開支之現值撥備。

倘需要經濟利益流出之可能性不大，或 無法對有關款額作出可靠估計，則會將 該責任披露為或然負債，惟該等經濟利 益流出之機會極低則除外。除非經濟利 益流出之可能性極低，否則視乎某宗或 多宗未來事件是否發生方可確定是否存 在之潛在責任，亦會披露為或然負債。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

40

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(n) Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Provided it is probable that the economic benefits will flow to the Group and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows:

• (i) Brokerage commission income Brokerage commission income is recognised on a trade date basis when the relevant transactions are executed. Volume rebate to customers is recognised as a reduction in brokerage commission income when payment of the rebate is probable and the amounts can be estimated reliably. The fair value of the consideration received or receivable in respect of the initial trade under customer loyalty programmes is allocated between the award credits and other components of the trade by reference to their relative fair value. The award credits are deferred and revenue is recognised only when the Group fulfils its obligation to provide free or discounted brokerage services.

• (ii) Interest income Interest income is recognised as it accrues using the effective interest method.

• (iii) Handling and settlement fee income Handling and settlement fee income are recognised when the related services are rendered.

(n) 收益確認

收益乃按已收或應收代價之公平值計量。 當經濟利益可能流入本集團，加上收益 及成本（如適用）能可靠計量時，將按以 下方式於損益內確認收益：

• (i) 經紀佣金收入

• 經紀佣金收入乃於進行相關交易時 按交易日基準確認。向客戶提供大 額交易回贈乃於可支付有關回贈且 有關金額能可靠計量時確認為經紀 佣金收入扣減。於長期客戶計劃項 下進行首宗交易之已收或應收代價 之公平值乃按其各自之公平值分配 至積分獎賞及其他交易部分。積分 獎賞均遞延入賬，只於本集團履行 責任提供免費或優惠經紀服務時方 確認收益。

• (ii) 利息收入 利息收入按實際利率法於產生時確 認。

• (iii) 手續費及結算費用收入 手續費及結算費用收入於提供相關 服務時確認。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 41

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(o) Translation of foreign currencies

Foreign currency transactions during the period are translated at the foreign exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at the end of the reporting period. Exchange gains and losses are recognised in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the foreign exchange rates ruling at the transaction dates.

(p) Fiduciary activities

The Group commonly acts as trustees and in other fiduciary capacities that result in the holding or placing of assets on behalf of its customers. These assets and income arising thereon are excluded from the financial statements, as they are not assets of the Group.

(q) Related parties

• (i) A person, or a close member of that person’s family, is related to the Group if that person:

• (1) has control or joint control over the Group;

• (2) has significant influence over the Group; or

• (3) is a member of the key management personnel of the Group or the Group’s parents.

(o) 外幣換算

本期間之外幣交易按交易日之匯率換算。 以外幣結算之貨幣資產及負債則按報告 期末之匯率換算。匯兌盈虧於損益確認。

以外幣按歷史成本計算之非貨幣資產及 負債使用交易日之匯率換算。

(p) 信託活動

本集團一般擔任信託人，及以導致代客 戶持有或配售資產之其他受託身分行事。 由於就此產生之該等資產及收入並非本 集團資產，故並無包括於財務報表內。

(q) 有關連人士

• (i) 倘屬以下人士，則該人士或該人士 之近親與本集團有關連：

• (1) 控制或共同控制本集團；

• (2) 對本集團有重大影響；或

• (3) 為本集團或本集團母公司之 主要管理人員。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

42

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(q) Related parties (Continued)

• (ii) An entity is related to the Group is any of the following conditions applies:

• (1) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

• (2) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

• (3) Both entities are joint ventures of the same third party.

• (4) One entity is a joint venture of a third entity and the other entity is an associate of the third party.

• (5) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group.

• (6) The entity is controlled or jointly controlled by a person identified in (i).

• (7) A person identified in (i)(1) 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).

Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.

• (q) 有關連人士 （續）

• (ii) 倘符合下列任何條件，則該實體與 本集團有關連：

  • (1) 該實體與本集團屬同一集團 之成員公司（即各母公司、 附屬公司及同系附屬公司之 間互有關連）。

  • (2) 一間實體為另一實體之聯營 公司或合營企業（或為該另 一實體所屬集團旗下成員公 司之聯營公司或合營企業）。

  • (3) 兩間實體均為同一第三方之 合營企業。

  • (4) 一間實體為第三方實體之合 營企業，而另一實體為該第 三方實體之聯營公司。

  • (5) 實體為本集團或與本集團有 關連之實體就僱員利益設立 之離職後福利計劃。

  • (6) 實體受 (i) 項所識別人士控制 或共同控制。

  • (7) (i)(1) 項所識別人士對實體有 重大影響力或屬該實體（或 該實體之母公司）之主要管 理人員。

  • 任何人士之近親是指與該實體交易 時預期可影響該名人士或受該人士 影響之家庭成員。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 43

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

2 SIGNIFICANT ACCOUNTING POLICIES

2 重大會計政策 （續）

(Continued)

(r) Segment reporting

Operating segments, and the amounts of each segment item reported in the financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.

Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.

(r) 分部報告

經營分部及財務報表所呈報之各分部項 目金額，乃根據就分配資源予本集團各 業務及地區分部及評估其表現而定期提 供予本集團最高行政管理人員之財務資 料確定。

就財務報告而言，個別重要經營分部不 會綜合呈報，除非此等分部具有類似經 濟特徵以及在產品及服務性質、生產程 序性質、客戶類型或類別、分銷產品或 提供服務所採用之方式及監管環境性質 方面類似。倘個別並非屬重大之經營分 部共同存在上述大部分特徵，則可綜合 計算。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

44

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

3 ACCOUNTING POLICIES

3 會計政策

The HKICPA has issued a few amendments to HKFRSs that are first effective for the current accounting period of the Group and the Company. Of these, the following developments are relevant to the Group’s financial statements:

香港會計師公會已頒佈香港財務報告準則之若 干修訂，該等修訂於本集團及本公司當前會計 期間首次生效。其中以下變動與本集團之財務 報表有關：

• Amendments to HKFRS 7, Financial instruments: Disclosures — Transfers of financial assets

• 香港財務報告準則第 7 號之修訂，金融工 具：披露[—] 金融資產之轉讓

• Amendments to HKAS 12, Income taxes — Deferred tax: Recovery of underlying assets

• 香港會計準則第 12 號之修訂，所得稅[—] 遞延稅項：相關資產之回收

The Group has not applied any new standard or interpretation that is not yet effective for the current accounting period. These developments do not have a material impact on the Group’s financial statements.

本集團並無應用任何於本會計期間尚未生效之 新訂準則或詮釋。該等情況並無對本集團之財 務報表造成任何重大影響。

4 TURNOVER

4 營業額

The principal activities of the Group are securities broking, margin financing and commodities and futures broking.

本集團之主要業務為證券經紀、孖展融資以及 商品及期貨經紀。

Turnover represents the brokerage commission from securities, commodities and futures broking and interest income from margin and initial public offering (“IPO”) financings as follows:

營業額指來自證券、商品及期貨經紀之經紀佣 金、孖展融資及首次公開發售（「首次公開發 售」）融資所得利息收入如下：

		Six months ended 30 September	Six months ended 30 September
		截至九月三十日止六個月
		2012	2011
		二零一二年	二零一一年
		$	$
		元	元
Brokerage commission	經紀佣金	88,793,632	93,423,241
Interest income from margin financing	孖展融資利息收入	21,539,498	28,564,168
Interest income from IPO financing	首次公開發售融資利息收入	39,667	699,792
		110,372,797	122,687,201

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 45

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

（除另有指明外，以港元列示）

(Expressed in Hong Kong dollars unless otherwise indicated)

5 OTHER REVENUE

5 其他收益

		Six months ended 30 September	Six months ended 30 September
		截至九月三十日止六個月
		2012	2011
		二零一二年	二零一一年
		$	$
		元	元
Interest income from	利息收入來自
— Authorised institutions	—認可機構	9,991,590	1,669,342
— Others	—其他	3,815,453	4,018,117
		13,807,043	5,687,459
Handling and settlement fees	手續費及結算費用	13,592,080	11,793,946
Sundry income	雜項收入	323,918	198,477
		27,723,041	17,679,882

6 OTHER NET GAIN

6 其他收益淨額

		Six months ended 30 September	Six months ended 30 September
		截至九月三十日止六個月
		2012	2011
		二零一二年	二零一一年
		$	$
		元	元
Error trades arising from securities,	證券、商品及期貨交易
commodities and futures dealing	之錯誤交易	(251,149)	(435,270)
Net foreign exchange gain	外匯收益淨額	355,654	800,105
		104,505	364,835

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

46

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

7 PROFIT BEFORE TAXATION 7 除稅前溢利

Profit	before taxation is arrived at after charging:	before taxation is arrived at after charging:	before taxation is arrived at after charging:	除稅前溢利已扣除下列各項：	除稅前溢利已扣除下列各項：	除稅前溢利已扣除下列各項：
					Six months ended 30 September
					截至九月三十日止六個月
					2012	2011
					二零一二年	二零一一年
					$	$
					元	元
(a)	Finance costs Interest expense on	(a)	財務成本 以下各項利息開支
	— Bank loans for IPO financing		—首次公開發售融資之銀行貸款		—	(307,697)
	— Other bank loans and overdrafts		—其他銀行貸款及透支		(4,072,230)	(6,104,235)
	— Loans from related companies		—來自關連公司貸款		(2,752,158)	(2,282,887)
					(6,824,388)	(8,694,819)
(b)	Other operating expenses	(b)	其他經營開支
	Auditors’ remuneration		核數師酬金		(649,998)	(663,000)
	Advertising and promoting expenses		廣告及宣傳開支		(3,478,286)	(3,282,375)
	Handling and settlement expenses		手續費及結算費用		(10,072,359)	(9,466,086)
	Commission expense to overseas		海外經紀佣金開支
	brokers				(2,553,363)	(2,221,039)
	Information and communication		資訊及通訊開支
	expenses				(10,271,153)	(10,352,642)
	Legal and professional fees		法律及專業費用		(1,674,099)	(1,430,860)
	Operating lease charges in respect		物業經營租約費用
	of properties				(14,363,526)	(12,924,058)
	Rates and building management fees		差餉及樓宇管理費		(1,738,651)	(1,551,617)

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 47

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

8 INCOME TAX

8 所得稅

		Six months ended 30 September	Six months ended 30 September
		截至九月三十日止六個月
		2012	2011
		二零一二年	二零一一年
		$	$
		元	元
Current tax — Hong Kong Profits Tax	即期稅項 — 香港利得稅
Provision for the period	期內撥備	(4,293,994)	(7,331,475)
Deferred tax	遞延稅項
Origination and reversal of temporary	暫時差額之來源及撥回
differences		—	984,417
Actual tax expense	實際稅項開支	(4,293,994)	(6,347,058)

Hong Kong Profits Tax has been provided at the rate of 16.5% (2011: 16.5%) on the estimated assessable profits for the current period.

香港利得稅乃按本期間估計應課稅溢利以 16.5% 之稅率（二零一一年：16.5%）作出撥備。

9 EARNINGS PER SHARE

9 每股盈利

The calculation of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company of $31,349,290 (six months ended 30 September 2011: $32,967,543) and the weighted average number of shares in issue during the period ended 30 September 2012 of 787,297,497 (six months ended 30 September 2011: 679,682,000).

每股基本盈利乃按本公司普通股權益股東應佔 溢利 31,349,290 元（截至二零一一年九月三十 日止六個月：32,967,543 元）及截至二零一二年 九月三十日止期間內已發行股份加權平均數 787,297,497 股（截至二零一一年九月三十日止 六個月：679,682,000 股）計算。

There were no dilutive potential ordinary shares for the six months ended 30 September 2012 and 2011, therefore basic earnings per share equals to diluted earnings per share.

由於在截至二零一二年及二零一一年九月三十 日止六個月內概無潛在攤薄普通股，故每股基 本盈利與每股攤薄盈利相等。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

48

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

10 DIVIDEND

The Board does not recommend the payment of an interim dividend in respect of the six months ended 30 September 2012 (six months ended 30 September 2011: $Nil).

11 SEGMENT REPORTING

The Group manages its businesses by divisions, which are organised by business lines. In a manner consistent with the way in which information is reported internally to the Group’s most senior executive management for the purposes of resource allocation and performance assessment, the Group has presented the following two reportable segments. No operating segments have been aggregated to form the following reportable segments.

• Securities broking — provision of broking services in securities traded in Hong Kong and overseas markets and margin financing services to those broking clients.

• Commodities and futures broking — provision of broking services in commodities and futures contracts traded in Hong Kong and selected overseas markets.

(a) Segment results, assets and liabilities

For the purposes of assessing segment performance and allocating resources between segments, the Group’s senior executive management monitors the results, assets and liabilities attributable to each reportable segment on the following bases:

Segment assets include all tangible assets and current assets with the exception of other corporate assets. Segment liabilities include trade creditors and accruals attributable to the activities of the individual segments.

The measure used for reporting segment profit is earnings before finance costs and taxes (“EBIT”). To arrive at EBIT, the Group’s earnings are further adjusted for items not specifically attributed to individual segments, such as corporate administration costs.

10 股息

董事會不建議就截至二零一二年九月三十日止 六個月派發中期股息（截至二零一一年九月 三十日止六個月：無）。

11 分部報告

本集團按業務類別劃分之分部管理其業務。本 集團按與就資源分配及表現評估向本集團最高 行政管理人員內部呈報資料一致方式呈列以下 兩個可報告分部。概無合併經營分部以組成下 列可報告分部。

• 證券經紀[—] 提供於香港及海外市場買賣 之證券經紀服務，以及向經紀客戶提供 孖展融資服務。

• 商品及期貨經紀[—] 提供於香港及特定海 外市場買賣之商品及期貨合約之經紀服 務。

• (a) 分部業績、資產及負債

為評估分部表現及各分部間之資源分配， 本集團最高行政管理人員按以下基準監 察各可報告分部應佔業績、資產及負債：

分部資產包括所有有形資產及流動資產， 惟其他公司資產除外。分部負債包括個 別分部活動應佔之交易應付賬款及應計 開支。

就報告分部溢利採用之計量標準為除財 務成本及稅項前之盈利（「EBIT」）。於得 出 EBIT 時，本集團盈利就並無指定歸屬 個別分部之項目（如公司行政成本）作出 進一步調整。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告

49

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

11	SEGMENT REPORTING_(Continued)_	11分部報告（續）
	(b) Segment information	(b)分部資料

	Six months ended 30 September 2012	Six months ended 30 September 2012	Six months ended 30 September 2012
	截至二零一二年九月三十日止六個月
		Commodities
	Securities	and futures
	broking	broking	Total
	證券經紀	商品及期貨經紀	總計
	$	$	$
	元	元	元
Revenue from customers:	來自客戶之收益：
— Brokerage commission	—經紀佣金 50,715,568	38,078,064	88,793,632
— Interest income from margin	—孖展融資利息收入
financing	21,539,498	—	21,539,498
— Interest income from IPO financing	—首次公開發售融資利息收入 39,667	—	39,667
Consolidated turnover	綜合營業額 72,294,733	38,078,064	110,372,797
Handling and settlement fees	手續費及結算費用 13,586,230	5,850	13,592,080
Reportable segment revenue	可報告分部收益 85,880,963	38,083,914	123,964,877
Reportable segment profit (EBIT)	可報告分部溢利(EBIT) 30,919,641	11,883,690	42,803,331
Depreciation for the period	期內折舊 (6,144,984)	(3,518)	(6,148,502)
Other interest income	其他利息收入 11,754,328	2,033,314	13,787,642
Finance costs	財務成本 (6,818,405)	(5,983)	(6,824,388)
Additions to non-current segment	期內添置之非流動分部資產
assets during the period	9,852,035	—	9,852,035
	At	30 September 2012
	於二零一二年九月三十日
		Commodities
	Securities	and futures
	broking	broking	Total
	證券經紀	商品及期貨經紀	總計
	$	$	$
	元	元	元
Reportable segment assets	可報告分部資產 1,634,356,572	215,969,431	1,850,326,003
Reportable segment liabilities	可報告分部負債 (1,074,967,230)	(110,240,131)	(1,185,207,361)

50 Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

11 SEGMENT REPORTING (Continued) 11 分部報告 （續）

(b) Segment information (Continued)

• (b) 分部資料 （續）

		Six months ended 30 September 2011	Six months ended 30 September 2011	Six months ended 30 September 2011
		截至二零一一年九月三十日止六個月
			Commodities
		Securities	and futures
		broking	broking	Total
		證券經紀	商品及期貨經紀	總計
		$	$	$
		元	元	元
Revenue from customers:	來自客戶之收益：
— Brokerage commission	—經紀佣金	61,813,389	31,609,852	93,423,241
— Interest income from margin	—孖展融資利息收入
financing		28,564,168	—	28,564,168
— Interest income from IPO financing	—首次公開發售融資利息收入	699,792	—	699,792
Consolidated turnover	綜合營業額	91,077,349	31,609,852	122,687,201
Handling and settlement fees	手續費及結算費用	11,784,447	9,499	11,793,946
Reportable segment revenue	可報告分部收益	102,861,796	31,619,351	134,481,147
Reportable segment profit (EBIT)	可報告分部溢利(EBIT)	25,669,962	23,872,508	49,542,470
Depreciation for the period	期內折舊	(4,995,446)	(7,904)	(5,003,350)
Other interest income	其他利息收入	5,506,370	180,485	5,686,855
Finance costs	財務成本	(8,694,819)	—	(8,694,819)
Additions to non-current segment	期內添置之
assets during the period	非流動分部資產	9,392,980	—	9,392,980
		At	30 September 2011
		於二零一一年九月三十日
			Commodities
		Securities	and futures
		broking	broking	Total
		證券經紀	商品及期貨經紀	總計
		$	$	$
		元	元	元
Reportable segment assets	可報告分部資產	1,217,396,743	197,387,982	1,414,784,725
Reportable segment liabilities	可報告分部負債	(839,475,994)	(109,791,823)	(949,267,817)

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 51

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

11 SEGMENT REPORTING (Continued)

11 分部報告 （續）

• (c) Reconciliation of reportable segment profit, assets and liabilities

• (c) 可報告分部溢利、資產及負債之對 賬

Six months ended 30 September 截至九月三十日止六個月 2012 2011 二零一二年 二零一一年 $ $ 元 元	Six months ended 30 September 截至九月三十日止六個月 2012 2011 二零一二年 二零一一年 $ $ 元 元
Profit 溢利 Reportable segment profit (EBIT) 可報告分部溢利(EBIT) 42,803,331 Finance costs 財務成本 (6,824,388) Unallocated corporate expenses 未分配公司開支 (335,659)	49,542,470 (8,694,819) (1,533,050)
Consolidated profit before taxation 綜合除稅前溢利 35,643,284	39,314,601
At 30 September 2012 於二零一二年 九月三十日 $ 元	At 31 March 2012 於二零一二年 三月三十一日 $ 元
Assets 資產 Reportable segment assets 可報告分部資產 1,850,326,003 Elimination of inter-segment receivables 抵銷分部間應收款項 (37,036,536) Unallocated corporate assets 未分配公司資產 8,985,405	1,587,217,871 (6,137,151) 9,098,307
Consolidated total assets 綜合資產總值 1,822,274,872	1,590,179,027

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

52

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

11 SEGMENT REPORTING (Continued)

• 11 分部報告 （續）

• (c) Reconciliation of reportable segment profit, assets and liabilities (Continued)

• (c) 可報告分部溢利、資產及負債之對 賬 （續）

		At	At
		30 September	31 March
		2012	2012
		於二零一二年	於二零一二年
		九月三十日	三月三十一日
		$	$
		元	元
Liabilities	負債
Reportable segment liabilities	可報告分部負債	(1,185,207,361)	(1,094,238,172)
Elimination of inter-segment payables	抵銷分部間應付款項	63,207,312	1,881,968
Current taxation	即期稅項	(8,057,135)	(3,763,141)
Deferred tax liabilities	遞延稅項負債	(192,551)	(192,551)
Unallocated corporate liabilities	未分配公司負債	(51,340)	(68,666)
Consolidated total liabilities	綜合負債總額	(1,130,301,075)	(1,096,380,562)

12 FIXED ASSETS

12 固定資產

Acquisitions and disposals

收購及出售

During the six months ended 30 September 2012, the Group acquired items of fixed assets with a cost of $10,435,535 (six months ended 30 September 2011: $9,616,515). No item of fixed assets was disposed of during the six months ended 30 September 2012 and 2011.

於截至二零一二年九月三十日止六個月內，本 集團按成本 10,435,535 元（截至二零一一年九 月三十日止六個月：9,616,515 元）購入固定資 產項目。於截至二零一二年及二零一一年九月 三十日止六個月內，並無出售固定資產項目。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 53

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

13 ACCOUNTS RECEIVABLE 13 應收賬款

		At	At
		30 September	31 March
		2012	2012
		於二零一二年	於二零一二年
		九月三十日	三月三十一日
		$	$
		元	元
Accounts receivable from	應收賬款來自
— Cash clients	—現金客戶	85,356,346	110,688,229
— Margin clients	—孖展客戶	1,064,461,314	893,571,157
— Clearing houses	—結算所	353,448,941	127,318,844
— Brokers and dealers	—經紀及交易商	19,540,291	15,345,484
Less: Allowance for doubtful debts	減：呆賬撥備	(964,384)	(964,384)
		1,521,842,508	1,145,959,330

The aging analysis of accounts receivable from cash clients as at the end of the reporting period is as follows:

應收現金客戶款項於報告期末之賬齡分析如 下：

		At 30 September 2012 於二零一二年 九月三十日 $ 元	At 31 March 2012 於二零一二年 三月三十一日 $ 元
Current	即期	52,584,586	38,637,877
Less than 1 month past due 1 to 3 months past due More than 3 months past due	逾期少於1個月 逾期1至3個月 逾期多於3個月	9,442,202	59,540,934 6,738,631 5,770,787
		8,971,717
		14,357,841
Amount past due	已逾期金額	32,771,760	72,050,352
		85,356,346	110,688,229

Accounts receivable from cash clients relate to a wide range of customers for whom there was no recent history of default. Based on past experience, management believes that no impairment allowance is necessary in respect of these balances as there has not been a significant change in credit quality and the balances are considered fully recoverable.

應收現金客戶賬款涉及多名客戶，而該等客戶 近期並無欠款記錄。根據過往經驗，管理層相 信，毋須就該等結餘作出減值撥備，原因為信 貸質素並無重大變動及有關結餘被視為可全數 收回。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

54

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

13 ACCOUNTS RECEIVABLE (Continued)

13 應收賬款 （續）

Margin loans due from margin clients are current and repayable on demand. Margin clients are required to pledge securities collateral to the Group in order to obtain credit facilities for securities trading. The amount of credit facilities granted to them is determined by the discounted value of securities accepted by the Group. At 30 September 2012 and 31 March 2012, the total market value of securities pledged as collateral in respect of the loans to margin clients was approximately $3,881,801,951 and $2,941,959,839 respectively.

應收孖展客戶之孖展貸款為即期及須按要求償 還。孖展客戶須向本集團抵押證券抵押品，以 就證券交易獲取信貸融資。授予彼等之信貸融 資金額按本集團接納之經貼現證券價值釐定。 於二零一二年九月三十日及二零一二年三月 三十一日，就向孖展客戶授出貸款已抵押證券 作為抵押品之市值總額分別約為 3,881,801,951 元及 2,941,959,839元。

Accounts receivable from clearing houses, brokers and dealers are current. These represent (1) pending trades arising from the business of dealing in securities, which are normally due within a few days after the trade date and (2) margin deposits arising from the business of dealing in futures contracts.

應收結算所、經紀及交易商之賬款為即期類 別，來自 (1) 買賣證券業務之待結算買賣交易， 一般於交易日後數日內到期，及 (2) 買賣期貨合 約業務之孖展保證金。

14 OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS

14 其他應收款項、按金及預付款項

		At	At
		30 September	31 March
		2012	2012
		於二零一二年	於二零一二年
		九月三十日	三月三十一日
		$	$
		元	元
Rental and utility deposits	租金及公用設施按金	9,243,753	8,370,302
Prepayments	預付款項	2,102,175	2,451,894
Other receivables	其他應收款項	2,393,979	1,657,473
		13,739,907	12,479,669

Included in the above balances are amount of $8,673,867 and $9,478,094 as at 30 September 2012 and 31 March 2012 respectively which are expected to be recovered in more than one year.

於二零一二年九月三十日及二零一二年三月 三十一日，計入上述結餘之款項分別為 8,673,867 元及 9,478,094 元，預期多於一年後 收回。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 55

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

15 CASH AND CASH EQUIVALENTS

15 現金及現金等價物

Cash and cash equivalents comprise:

現金及現金等價物包括：

		At	At
		30 September	31 March
		2012	2012
		於二零一二年	於二零一二年
		九月三十日	三月三十一日
		$	$
		元	元
Deposits with banks	銀行存款	115,025,574	249,483,240
Cash at bank and in hand	銀行及手頭現金	130,742,625	147,569,749
		245,768,199	397,052,989

The Group maintains segregated accounts with authorised institutions to hold client money in the normal course of business.

本集團於認可機構設有獨立賬戶，於日常業務 過程中持有客戶資金。

At 30 September 2012 and 31 March 2012, client money maintained in segregated accounts not otherwise dealt with in the financial statements amounted to $1,969,119,231 and $1,744,633,782 respectively.

於二零一二年九月三十日及二零一二年三月 三十一日，於獨立賬戶存放且並無於財務報表 其他部分處理之客戶資金分別為 1,969,119,231 元及 1,744,633,782元。

16 ACCOUNTS PAYABLE

16 應付賬款

At 30 September 2012 於二零一二年 九月三十日 $ 元	At 31 March 2012 於二零一二年 三月三十一日 $ 元
Accounts payable 應付賬款 — Cash clients —現金客戶 175,788,281 — Margin clients —孖展客戶 238,040,562 — Clearing houses —結算所 62,450 — Broker —經紀 17,080,442	66,866,180 161,168,878 241,702,113 —
430,971,735	469,737,171

All of the accounts payable are due within one month or on demand.

所有應付賬款於一個月內到期或按要求償還。

56 Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

17 ACCRUED EXPENSES AND OTHER 17 應計開支及其他應付款項 PAYABLES

		At	At
		30 September	31 March
		2012	2012
		於二零一二年	於二零一二年
		九月三十日	三月三十一日
		$	$
		元	元
Commission rebate payable	應付佣金回贈	3,564,081	4,139,055
Accrued bonuses	應計花紅	3,386,284	3,018,516
Stamp duty, trading levy and trading fee	應付印花稅、交易徵費
payables	及交易費	2,700,923	3,182,719
Other payables	其他應付款項	6,428,366	7,347,409
		16,079,654	17,687,699

All accrued expenses and other payables are expected to be settled or recognised as income within one year.

預期所有應計開支及其他應付款項於一年內償 還或確認為收入。

18	18銀行貸款 BANK LOANS At 30 September 2012 At 31 March 2012 於二零一二年 九月三十日 於二零一二年 三月三十一日 $ $ 元 元
	Bank loans 銀行貸款 575,000,000 425,000,000

All the bank loans are repayable within one year and classified as current liabilities. The carrying amounts of the bank borrowings approximate their fair value.

所有銀行貸款須於一年內償還及分類為流動負 債。銀行借貸之賬面值與其公平值相若。

The bank loans at 30 September 2012 are secured by securities collateral of margin clients re-pledged to banks. The fair value of the collateral re-pledged as at 30 September 2012 amounted to $1,084,405,500 (31 March 2012: $916,921,500).

於二零一二年九月三十日之銀行貸款是以孖展 客戶之證券抵押品再抵押予銀行作為抵押。於 二零一二年九月三十日，再抵押之抵押品公平 值為 1,084,405,500 元（二零一二年三月三十一 日：916,921,500 元）。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 57

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

19 CAPITAL, RESERVES AND DIVIDEND

19 股本、儲備及股息

• (a) Share capital (a) 股本

Authorised ordinary shares of $0.30 each 法定每股 0.3 元之普通股 No. of shares Nominal value 股份數目 面值 $ 元 At 30 September and 31 March 2012 於二零一二年九月三十日 及三月三十一日 2,000,000,000 600,000,000 Issued and fully paid 已發行及繳足 No. of shares Nominal value 股份數目 面值 $ 元 At 1 April 2012 於二零一二年四月一日 682,822,000 204,846,600 Shares issued under the Rights Issue 透過供股發行股份 341,411,000 102,423,300 At 30 September 2012 於二零一二年九月三十日 1,024,233,000 307,269,900

On 2 August 2012, the Company completed a Rights Issue to raise $187,776,050 by issuance of 341,411,000 Rights Shares at a price of $0.55 per share. After deducting the expenses in connection with the Rights Issue amounting to $2,513,814, the net proceeds from issuance of ordinary shares is $185,262,236.

於二零一二年八月二日，本公司透過按 每股 0.55 元之價格發行 341,411,000 股供 股股份而完成供股發行並集資 187,776,050 元。經扣除供股有關開支 2,513,814 元後，發行普通股所得款項淨 額為 185,262,236 元。

58 Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

19 CAPITAL, RESERVES AND DIVIDEND

19 股本、儲備及股息 （續）

(Continued)

(b) Dividends

(b) 股息

Dividends payable to equity shareholders of the Company attributable to the previous financial year, approved and paid during the interim period:

應付予本公司權益股東之股息乃來自上 一財政年度，並於中期期間獲批准及支 付：

		Six months ended 30 September	Six months ended 30 September
		截至九月三十日止六個月
		2012	2011
		二零一二年	二零一一年
		$	$
		元	元
Final dividend in respect of the previous	上一財政年度之末期股息，
financial year, approved and paid	於中期期間獲批准及支付
during the interim period		18,436,194	12,234,276

(c) Nature and purpose of reserves

(c) 儲備性質及目的

(i) Share premium

Under the Companies Law of the Cayman Islands, the share premium account of the Company may be applied for payment of distributions or dividends to shareholders provided that immediately following the date on which the distribution or dividend is proposed to be paid, the Company is able to pay its debts as they fall due in the ordinary course of business.

(i) 股份溢價 根據開曼群島公司法，本公司之股 份溢價賬可用作支付應派付予股東 之分派或股息，惟緊隨擬支付分派 或派付股息日期後，本公司仍可在 日常業務過程中償付其到期債務。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 59

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

19 SHARE CAPITAL, SHARE PREMIUM, RESERVES AND DIVIDENDS (Continued)

(c) Nature and purpose of reserves (Continued)

(ii) Merger reserve

• On 29 June 2010, the Company acquired the entire issued share capital of Bright Smart Futures & Commodities Co., Ltd, Bright Smart Securities International (H.K.) Limited and Merit Act Limited through Bright Smart Investment Holdings Limited from their respective shareholders. The difference between the nominal value of the share capital of the subsidiaries acquired as a result of the restructuring exercise and the nominal value of the share capital of the Company issued in exchange thereof is treated as an equity movement and recorded in “Merger reserve”.

(iii) Share option reserve

The share option reserve comprises the fair value of the actual number of unexercised share options granted under the share option scheme recognised in accordance with the accounting policy adopted for share-based payments.

19 股本、股份溢價、儲備及股息 （續）

(c) 儲備性質及目的 （續）

(ii) 合併儲備 於二零一零年六月二十九日，本公 司透過耀才投資控股有限公司向耀 才期貨及商品有限公司、耀才證券 國際（香港）有限公司及浤烽有限公 司之有關股東收購該等公司之全部 已發行股本。因重組活動被收購之 附屬公司之股本面值與本公司發行 之股本面值（作為代價）兩者之差額 視作權益變動處理，並記錄在「合 併儲備」內。

(iii) 購股權儲備

購股權儲備包括根據以股份為基礎 之款項採用之會計政策確認根據購 股權計劃授予之未行使購股權實際 數目的公平值。

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

60

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated)

（除另有指明外，以港元列示）

20 OPERATING LEASE COMMITMENTS 20 經營租約承擔

The total future minimum lease payments under non根據物業之不可撤銷經營租約項下之未來最低 cancellable operating lease on properties are payable as 租賃款項總額須於下列期間支付： follows:

		At	At
		30 September	31 March
		2012	2012
		於二零一二年	於二零一二年
		九月三十日	三月三十一日
		$	$
		元	元
Within one year	一年內	18,832,514	28,162,913
After one year but within five years	一年後但五年內	8,384,324	8,100,269
		27,216,838	36,263,182

The Group leases a number of properties under operating leases. The leases run for a period of two to four years. None of the leases includes contingent rentals.

本集團根據經營租約租賃多項物業。該等租約 為期二至四年。租約不包括或然租金。

21 MATERIAL RELATED PARTY TRANSACTIONS

21 重大有關連人士交易

In addition to the related party information disclosed elsewhere in the interim financial statements, the Group entered into the following material related party transactions.

除中期財務報表其他部份披露之有關連人士資 料外，本集團訂有下列重大有關連人士交易。

(a) Balances with related parties

(a) 與有關連人士之結餘

• (i) As at 30 September 2012, the Group had accounts receivable balances due from related parties of $74,517 (31 March 2012: $Nil) and accounts payable balances due to a related party of $1,417,983 (31 March 2012: $5,192,421) respectively which was arising from the Group’s ordinary course of business in securities broking, margin financing and commodities and futures broking. Accounts payable from related parties are set out at same terms as those normally offered to third party clients.

• (i) 於二零一二年九月三十日，本集團 擁有應收關連方之應收款結餘及應 付一家關連方之應付賬款結餘分別 為 74,517 元（二零一二年三月 三十一日：無）及 1,417,983 元（二 零一二年三月三十一日：5,192,421 元），此乃涉及本集團日常業務中 進行證券經紀、孖展融資以及商品 與期貨經紀業務而產生。有關連人 士應付之金額與一般提供予第三方 客戶者具有相同條款。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 61

Notes to the Unaudited Interim Financial Report 未經審核中期財務報告附註

(Expressed in Hong Kong dollars unless otherwise indicated) （除另有指明外，以港元列示）

21 MATERIAL RELATED PARTY TRANSACTIONS (Continued)

(a) Balances with related parties (Continued)

• (ii) As at 30 September 2012, included in other receivables, deposits and repayments were rental and office management deposits of $3,581,071 (31 March 2012: $3,562,373) which had been made to related companies owned by a director of the Group. These amounts are unsecured, interestfree and repayable upon expiry of the respective leases.

• (iii) On 13 June 2012, Bright Smart Securities International (H.K.) Limited (“BSSI”), an indirect wholly owned subsidiary of the Company, entered into a new loan facility letter with China Finance (Worldwide) Limited (“CFW”), a company which is 100% beneficially owned by the controlling shareholder of the Company, for provision of an increased revolving loan facility from $310,000,000 to $600,000,000 by CFW to BSSI for general working capital purposes. The loan bears interest at HIBOR plus 2.75% per annum, is unsecured and repayable on demand. As at 30 September 2012, BSSI has drawn $100,000,000 (31 March 2012: $180,000,000) under the facility.

(b) Other transactions with related parties

Brokerage and interest income of $153,733 (six months ended 30 September 2011: $203,152) was received from related parties in the ordinary course of the Group’s business of securities broking and commodities and futures broking. Commission rates are set at the same level as those normally offered to third party clients.

Rental expenses of $6,600,678 (six months ended 30 September 2011: $5,647,226) paid to related parties were charged at a rate mutually agreed between the parties with reference to market rates.

21 重大有關連人士交易

(a) 與有關連人士之結餘 （續）

• (ii) 於二零一二年九月三十日，其他應 收款項、按金及預付款項中有 3,581,071 元（二零一二年三月 三十一日：3,562,373元）屬於向本 集團一名董事擁有之關連公司支付 之租金及辦公室管理按金。該等金 額為無抵押及免息，並將於個別租 約屆滿時償還。

• (iii) 於二零一二年六月十三日，本公司 間接全資擁有附屬公司耀才證券國 際（香港）有限公司（「耀才證券國 際」）與中國財務（國際）有限公司

• （「中國財務（國際）」，為本公司之 控股股東 100% 實益擁有之公司）簽 訂新貸款融資函件，內容有關中國 財務（國際）向耀才證券國際提供循 環貸款融資由 310,000,000 元增至 600,000,000 元，用作一般營運資 金。該貸款按港元銀行同業拆息加 年利率 2.75% 計息，乃無抵押及須 應要求償還。於二零一二年九月 三十日，耀才證券國際已根據貸款 融資提取 100,000,000 元（二零一二 年三月三十一日：180,000,000元）。

(b) 與有關連人士之其他交易

經紀及利息收入 153,733 元（截至二零 一一年九月三十日止六個月：203,152元） 乃本集團日常業務中進行證券經紀以及 商品及期貨經紀業務而向有關連人士收 取。佣金收費訂於一般向第三方客戶提 供之相同水平。

租金開支 6,600,678 元（截至二零一一年 九月三十日止六個月：5,647,226 元）乃按 訂約方參考市場租值後互相協定之租值 計算而支付予有關連人士。

62 Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

Review report to the board of directors of

Bright Smart Securities & Commodities Group Limited (Incorporated in the Cayman Islands with limited liability)

INTRODUCTION

We have reviewed the interim financial report set out on pages 23 to 62 which comprises the consolidated statement of financial position of Bright Smart Securities & Commodities Group Limited (the “Company”) as of 30 September 2012 and the related consolidated statement of comprehensive income, statement of changes in equity and condensed consolidated statement of cash flows for the six month period then ended and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34, Interim financial reporting , issued by the Hong Kong Institute of Certified Public Accountants. The directors are responsible for the preparation and presentation of the interim financial report in accordance with Hong Kong Accounting Standard 34.

Our responsibility is to form a conclusion, based on our review, on the interim financial report and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, Review of interim financial information performed by the independent auditor of the entity , issued by the Hong Kong Institute of Certified Public Accountants. A review of the interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an audit opinion.

致耀才證券金融集團有限公司 董事會之審閱報告 （於開曼群島註冊成立之有限公司）

緒言

我們已審閱列載於第 23 至 62 頁耀才證券金融集團有 限公司（「貴公司」）的中期財務報告，此中期財務報 告包括於二零一二年九月三十日的綜合財務狀況表 與截至該日止六個月期間的綜合全面收益表、權益 變動表和簡明綜合現金流量表以及附註解釋。根據 《香港聯合交易所有限公司證券上市規則》（「上市規 則」），上市公司必須符合上市規則中的相關規定和香 港會計師公會頒佈的《香港會計準則》第 34 號「中期財 務報告」的規定編製中期財務報告。董事須負責根據 《香港會計準則》第 34 號編製及列報中期財務報告。

我們的責任是根據我們的審閱對中期財務報告作出 結論，並按照我們雙方所協定的應聘條款，僅向全體 董事會報告。除此以外，我們的報告書不可作其他用 途。我們概不就本報告的內容，對任何其他人士負責 或承擔法律責任。

審閱範圍

我們已根據香港會計師公會頒佈的《香港審閱工作準 則》第 2410 號「獨立核數師對中期財務信息的審閱」 進行審閱。中期財務報告審閱工作包括主要向負責 財務會計事項的人員詢問，並實施分析及其他審閱 程序。由於審閱的範圍遠較按照香港審計準則進行 審核的範圍為小，所以不能保證我們會注意到在審 核中可能會被發現的所有重大事項。因此我們不會 發表任何審核意見。

耀才證券金融集團有限公司 • 二零一二 / 一三年中期報告 63

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the interim financial report as at 30 September 2012 is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34, Interim financial reporting .

KPMG

Certified Public Accountants

8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong

13 November 2012

結論

根據我們的審閱工作，我們並沒有注意到任何事項， 使我們相信於二零一二年九月三十日的中期財務報 告在所有重大方面沒有按照《香港會計準則》第 34 號 「中期財務報告」的規定編製。

畢馬威會計師事務所

執業會計師

香港中環 遮打道十號 太子大廈八樓

二零一二年十一月十三日

Bright Smart Securities & Commodities Group Limited • Interim Report 2012/13

64

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