Brockman Mining Limited — Annual Report 2007

Apr 28, 2008

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Looking Ahead

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Annual Report 2007

2007 年報

WONG’S INTERNATIONAL (HOLDINGS) LIMITED

王氏國際（集團）有限公司[*]

(Incorporated in Bermuda with limited liability)

(於百慕達註冊成立之有限公司）

Stock Code 股份代號： ９９

* For identification purpose only 僅供識別**

目錄 Contents

		頁次
		Pages
公司資料	Corporate Information	2
股東週年大會通告	Notice of Annual General Meeting	4
主席報告書	Chairman’s Statement	9
五年財務概要	Five-Year Financial Summary	13
財務摘要	Financial Highlights	14
董事會報告書	Directors’ Report	15
企業管治報告書	Corporate Governance Report	35
管理層討論及分析	Management Discussions and Analyses	41
獨立聯席核數師報告書	Independent Joint Auditors’ Report	43
綜合收益表	Consolidated Income Statement	45
綜合資產負債表	Consolidated Balance Sheet	46
綜合股本變動表	Consolidated Statement of Changes in Equity	47
綜合現金流量表	Consolidated Cash Flow Statement	48
綜合財務報表附註	Notes to the Consolidated Financial Statements	50

中文譯本只供作參考，內容以英文為準。

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 1

公司資料 Corporate Information

董事會

執行董事

王忠秣先生（主席兼行政總裁） 王忠椏先生 陳子華先生 譚靜安先生 溫民強先生 王賢敏小姐

獨立非執行董事

李家祥博士，G.B.S.，O.B.E.，太平紳士 楊孫西博士，G.B.S.，太平紳士 葉天養先生，太平紳士

審核委員會

李家祥博士，G.B.S.，O.B.E.，太平紳士（主席） 楊孫西博士，G.B.S.，太平紳士 葉天養先生，太平紳士

薪酬委員會

楊孫西博士，G.B.S.，太平紳士（主席） 葉天養先生，太平紳士 陳子華先生

公司秘書

朱金蓮小姐

聯席核數師

均富會計師行 香港執業會計師

信永中和（香港）會計師事務所有限公司 香港執業會計師

BOARD OF DIRECTORS

Executive Directors

Mr. Wong Chung Mat, Ben (Chairman and Chief Executive Offi cer) Mr. Wong Chung Ah, Johnny Mr. Chan Tsze Wah, Gabriel Mr. Tan Chang On, Lawrence Mr. Wan Man Keung Ms. Wong Yin Man, Ada

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric, G.B.S., O.B.E., J.P. Dr. Yu Sun Say, G.B.S., J.P. Mr. Alfred Donald Yap, J.P.

AUDIT COMMITTEE

Dr. Li Ka Cheung, Eric, G.B.S., O.B.E., J.P. (Chairman) Dr. Yu Sun Say, G.B.S., J.P. Mr. Alfred Donald Yap, J.P.

REMUNERATION COMMITTEE

Dr. Yu Sun Say, G.B.S., J.P. (Chairman) Mr. Alfred Donald Yap, J.P. Mr. Chan Tsze Wah, Gabriel

COMPANY SECRETARY

Ms. Chu Kam Lin, Iris

JOINT AUDITORS

Grant Thornton Certifi ed Public Accountants, Hong Kong

SHINEWING (HK) CPA Limited Certifi ed Public Accountants, Hong Kong

2 王氏國際（集團）有限公司 ■ 二零零七年年報

公司資料 Corporate Information

律師

羅文錦律師樓 羅夏信律師樓 Farrand Cooper, P.C.

來往銀行

渣打銀行 香港上海滙豐銀行有限公司 美國銀行

註冊辦事處

Clarendon House Church Street Hamilton HM 11 Bermuda

總辦事處

香港 九龍 官塘 偉業街 180A 號 王氏工業中心

主要股份過戶登記處

Butterfi eld Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda

香港股份過戶登記分處

卓佳標準有限公司 香港 灣仔 皇后大道東 28 號 金鐘匯中心 26 樓

SOLICITORS

Lo and Lo Stephenson Harwood & Lo Farrand Cooper, P.C.

BANKERS

Standard Chartered Bank The Hongkong and Shanghai Banking Corporation Limited Bank of America, N.A.

REGISTERED OFFICE

Clarendon House Church Street Hamilton HM 11 Bermuda

PRINCIPAL OFFICE

Wong’s Industrial Centre 180A Wai Yip Street Kwun Tong Kowloon Hong Kong

PRINCIPAL SHARE REGISTRARS

Butterfi eld Fund Services (Bermuda) Limited Rosebank Centre 11 Bermudiana Road Pembroke Bermuda

HONG KONG BRANCH SHARE REGISTRARS

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

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 3

股東週年大會通告 Notice of Annual General Meeting

茲通告 本公司謹訂於二零零八年六月十七日 （星期二）下午三時三十分假座香港九龍麼地 道 64 號九龍香格里拉大酒店大堂低座一樓粉 嶺廳，舉行股東週年大會，藉以處理下列事 項：

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at Fanling Room, Lower Level 1, Kowloon ShangriLa, 64 Mody Road, Kowloon, Hong Kong on Tuesday, 17th June, 2008 at 3:30 p.m. for the following purposes:

1. 省覽截至二零零七年十二月三十一日止 年度之賬目、董事會報告書及獨立聯席 核數師報告書；

2. To receive and consider the Accounts, the Directors’ Report and the Independent Joint Auditors’ Report for the year ended 31st December, 2007;

3. 宣派末期股息；

4. To declare a fi nal dividend;

5. 重選董事並授權董事會釐定其酬金；

6. To re-elect Directors and to authorise the Board of Directors to fi x their remuneration;

7. 委聘聯席核數師並授權董事會釐定其酬 金；

8. To appoint Joint Auditors and to authorise the Board of Directors to fi x their remuneration;

9. 作為特別事項，考慮並酌情通過下列決 議案為普通決議案：

10. As special business, to consider and, if thought fi t, pass the following resolution as an Ordinary Resolution:

11. 「 動議 無條件全面授權本公司之董事發 行、配發及處理本公司股本中之額外股 份，以及就此作出或授予售股建議、協 議及購股權，惟須受下列各項條件限 制：

12. “ THAT there be granted to the Directors an unconditional general mandate to issue, allot and deal with additional shares in the capital of the Company, and to make or grant offers, agreements and options in respect thereof, subject to the following conditions:

13. (A) 該項授權之有效期間不得超逾有關 期間（定義見下文），惟董事可於有 關期間內作出或授予可能須於有關 期間結束後才行使該等權力之售股 建議、協議及購股權；

14. (A) such mandate shall not extend beyond the Relevant Period (as defi ned below) save that the Directors may during the Relevant Period make or grant offers, agreements and options which might require the exercise of such powers after the end of the Relevant Period;

4 王氏國際（集團）有限公司 ■ 二零零七年年報

股東週年大會通告 Notice of Annual General Meeting

• (B) 除依照 (i) 配售新股（定義見下文）， (ii) 任何本公司發出之認股權證或 其他可轉換本公司普通股份之證券 之條款行使其認購或轉換股份之權 力，及 (iii) 任何僱員購股權計劃或 其他當時採行之類似安排所授予或 發給本公司及╱或其任何附屬公司 之高級職員及╱或僱員股份或認購 本公司股份之權力等方式外，本公 司之董事所配發或有條件或無條件 同意配發之本公司股本面值總額

• （不論根據購股權或其他方式），不 得超過本決議案獲通過之日之本公 司已發行股本面值總額之 20%；

(B) the aggregate nominal amount of share capital of the Company allotted or agreed conditionally or unconditionally to be allotted (whether pursuant to an option or otherwise) by the Directors otherwise than pursuant to (i) a Rights Issue (as defi ned below), (ii) the exercise of rights of subscription or conversion under the terms of any warrants issued by the Company, or any securities which are convertible into ordinary shares of the Company, and (iii) any employee share option scheme or similar arrangement for the time being adopted for the grant or issue to offi cers and/or employees of the Company and/or any of its subsidiaries of shares or rights to acquire shares of the Company, shall not exceed 20 per cent. of the aggregate nominal amount of the share capital of the Company in issue at the date of passing of this resolution;

• (C) 該項授權為授予董事因行使任何認 股權證之認購權或行使本公司任何 僱員購股權計劃之任何購股權而隨 時配發及發行本公司股本中額外股 份之授權以外之授權；及

• (C) such mandate shall be additional to the authority given to the Directors at any time to allot and issue additional shares in the capital of the Company arising from the exercise of subscription rights under any warrants or the exercise of any options under any employee share option scheme of the Company; and

• (D) 就本決議案而言：

• (D) for the purposes of this resolution:

「有關期間」指由本決議案通過之日 至以下日期（以較早者為準）止之期 間：

“Relevant Period” means the period from the date of passing of this resolution until whichever is the earlier of:

• (i) 本公司下屆股東週年大會結 束之日；或

• (i) the conclusion of the next annual general meeting of the Company; or

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 5

股東週年大會通告 Notice of Annual General Meeting

• (ii) 依照本公司之公司細則或百 慕達適用之法例規定，本公 司下屆股東週年大會須予召 開之期限屆滿之日；或

• (ii) the expiration of the period within which the next annual general meeting of the Company is required by the Byelaws of the Company or any applicable law of Bermuda to be held; or

• (iii) 本公司股東於股東大會上通 過普通決議案撤銷或修訂本 決議案之日。

• (iii) the revocation or variation of this resolution by an ordinary resolution of the shareholders of the Company in general meeting.

「配售新股」指董事於指定期間內， 視情況而定，向於指定記錄日期名 列本公司股東名冊及認股權證持有 人名冊之股份及╱或認股權證持 有人，按彼等當時所持該等股份 及╱或認股權證數目之比例建議發 售股份（惟董事認為必須或適宜時 可就零碎股份或經考慮在香港或香 港以外任何地區適用於本公司之法 律之任何限制或責任或任何認可管 制機構或任何證券交易所之規定後 而取消若干股東在此方面之權利或 作出其他安排）。」

“Rights Issue” means an offer of shares open for a period fi xed by the Directors made to holders of the shares and/or warrants on, as the case may be, the Register of Members and the Register of Warrantholders of the Company on a fi xed record date in proportion to their then holdings of such shares and/ or warrants (subject to such exclusions or other arrangements as the Directors may deem necessary or expedient in relation to fractional entitlements or having regard to any restrictions or obligations under the laws of, or the requirements of any recognised regulatory body or any stock exchange in, or in any territory outside, Hong Kong).”

承董事會命 朱金蓮 公司秘書

By Order of the Board Chu Kam Lin, Iris Company Secretary

香港，二零零八年四月二十九日

Hong Kong, 29th April, 2008

6 王氏國際（集團）有限公司 ■ 二零零七年年報

股東週年大會通告 Notice of Annual General Meeting

附註：

Notes:

1. 凡有權出席上述大會及於會上投票之股東均 有權委任一位或多位代表出席，並於表決時 代其投票。受委代表毋須為本公司之股東。

2. Any member entitled to attend and vote at the above meeting is entitled to appoint a proxy or proxies to attend and, on a poll, vote instead of him. A proxy need not be a member of the Company.

3. 任何股份之聯名登記持有人方面，任何一名 該等人士均可親自或委派代表於會上就所持 股份投票，猶如彼乃唯一有權投票者，惟倘 超過一名該等聯名持有人親自或委派代表出 席會議，則只有出席會議而在股東名冊上排 名首位之人士方可就有關股份投票。

4. Where there are joint registered holders of any share, any one of such persons may vote at the meeting, either personally or by proxy, in respect of such share as if he were solely entitled thereto but if more than one such joint holders be present at the meeting personally or by proxy, that one of the said persons so present whose name stands fi rst on the Register of Members in respect of such share shall alone be entitled to vote in respect thereof.

5. 代表委任表格及已簽署之授權書或其他授權 文件（如有）或經公證人簽署證明之授權書 或授權文件副本，必須於大會或其任何續會 舉行前四十八小時送交香港九龍官塘偉業街 180A 號王氏工業中心本公司之總辦事處。

6. The form of proxy and the power of attorney or other authority (if any) under which it is signed or a notarially certifi ed copy of such power or authority must be deposited at the principal offi ce of the Company at Wong’s Industrial Centre, 180A Wai Yip Street, Kwun Tong, Kowloon, Hong Kong not less than 48 hours before the time appointed for holding the meeting or any adjourned meeting.

7. 本公司將由二零零八年六月十一日（星期三） 至二零零八年六月十七日（星期二）止（包括 首尾兩天），暫停辦理股份過戶登記手續。 如欲獲派上述股息，務須於二零零八年六月 十日（星期二）下午四時前，將所有過戶表格 連同有關股票，一併送達本公司之香港股份 過戶登記分處卓佳標準有限公司，地址為香 港灣仔皇后大道東28號金鐘匯中心26樓，以 辦理登記手續。

8. The Register of Members will be closed from Wednesday, 11th June, 2008 to Tuesday, 17th June, 2008, both days inclusive, during which period no transfer of shares will be effected. To qualify for the above dividend, all transfers accompanied by the relevant share certifi cates must be lodged with the Company’s Hong Kong branch share registrars, Tricor Standard Limited, 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong for registration not later than 4:00 p.m. on Tuesday, 10th June, 2008.

9. 擬重選連任董事之詳情及股東要求以投票方 式表決之程序載於股東週年大會通告說明附 註內，此說明附註將連同二零零七年年報寄 發予股東。

10. Details of the Directors proposed to be re-elected and the procedures by which members may demand a poll are set out in the Explanatory Notes to the Notice of Annual General Meeting, which will be dispatched to the members together with the 2007 Annual Report.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 7

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主席報告
Chairman's statement
Setting
the Pace
for Tomorrow
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主席報告書 Chairman’s Statement

股息

於二零零七年，本公司已支付中期股息每股 港幣 0.01 元（二零零六年：港幣 0.02 元）。董 事現建議於二零零八年六月二十七日（星期 五）派付末期股息每股港幣 0.02 元（二零零六 年：港幣 0.03 元）予二零零八年六月十七日 （星期二）名列於股東名冊之股東。

本公司將由二零零八年六月十一日（星期三） 至二零零八年六月十七日（星期二）止（包括首 尾兩日）暫停辦理股份過戶登記手續。如欲獲 派上述股息，務須於二零零八年六月十日（星 期二）下午四時前，將所有過戶表格連同有關 股票，一併送達本公司之香港股份過戶登記 分處卓佳標準有限公司，地址為香港灣仔皇 后大道東28號金鐘匯中心26樓，以辦理登記 手續。

業務回顧

本集團

本集團之銷售收入由二零零六年之港幣約 3,710,000,000 元下跌 9.4% 至二零零七年之 港幣約3,360,000,000元，主要由於電子製造 服務部門（「EMS 部門」）現有客戶之需求下降 所致。

本集團之除稅前溢利由二零零六年之港幣 78,260,000元增加4.7%至二零零七年之港幣 81,950,000 元。然而，扣除投資物業公平價 值增加之收益，除稅前溢利於二零零七年將 減少 32.6% 至港幣 50,500,000 元。溢利減少 主要由於 EMS 部門於二零零七年之銷售收入 減少及員工成本增加所致。

DIVIDENDS

The Company paid an interim dividend of HK$0.01 per share (2006: HK$0.02) for 2007. The Directors now recommend the payment of a fi nal dividend of HK$0.02 (2006: HK$0.03) per share on Friday, 27th June, 2008 to the shareholders on the Register of Members on Tuesday, 17th June, 2008.

The Register of Members will be closed from Wednesday, 11th June, 2008 to Tuesday, 17th June, 2008, both days inclusive, during which period no transfer of shares will be effected. To qualify for the above dividend, all transfers accompanied by the relevant share certifi cates must be lodged with the Company’s Hong Kong branch share registrars, Tricor Standard Limited, 26th Floor, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong for registration not later than 4:00 p.m. on Tuesday, 10th June, 2008.

REVIEW OF BUSINESS ACTIVITIES

The Group

Sales revenue of the Group decreased 9.4% from HK$3.71 billion in 2006 to HK$3.36 billion in 2007. The decrease in sales revenue was primarily due to reduced demand from existing customers in the Electronic Manufacturing Service Division (the “EMS Division”).

Profi t before taxation of the Group increased 4.7% from HK$78.26 million in 2006 to HK$81.95 million in 2007. However, excluding the gain from the increase in fair value of investment properties, profi t before taxation would have decreased 32.6% to HK$50.5 million in 2007. The decrease in profi t was primarily due to a decline in sales revenue and the increases in staff costs for the EMS Division in 2007.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 9

主席報告書 Chairman’s Statement

業務回顧（續）

EMS 部門

本公司位於深圳沙井之廠房之銷售收入較二 零零六年下跌 10.4%。本公司位於蘇州之廠 房於二零零七年之銷售收入較二零零六年增 加 18.9%。為應付蘇州廠房客戶基礎之增 長，本公司正擴建蘇州廠房，預計將於二零 零八年下半年竣工。擴建部分將為本公司之 蘇州廠房增加面積 13,000 平方米，而整座廠 房面積則為 25,000 平方米。

EMS 業務之競爭仍然激烈。本公司不斷需要 面對來自客戶之定價壓力。此外，有關薪酬 及工資、焊接及使用化學品之營運開支，以 及人民幣持續升值均令 EMS 部門之經營環境 更加困難。為保持理想之經營收入，EMS 部 門將繼續精簡生產，並於製造及行政方面實 施控制成本措施。二零零七年，本集團承諾 於越南河內購置工業用地，本公司預計將於 其上興建新廠房，並於二零零九年初投產。

ODM 部門

原設計及市場推廣部門（「ODM 部門」）於二零 零七年繼續集中開發及推廣 RFID（無線射頻識 別器）產品。ODM 部門之總銷售收入由二零 零六年之港幣 3,400,000 元增加 50% 至二零 零七年之港幣5,100,000元，預期銷售收入於 二零零八年將繼續上升。

二零零七年，ODM 部門繼續與新客戶簽訂 合約，以將 RFID 產品發展至應用於付款終端 機、石油提煉、自動售賣機之實地服務以及 聰明卡付款系統等領域。本公司已成為全球 其中一家極具規模之公司，為 RFID 業界提供 低成本、靈活及無線識別器解決方案。本集 團深信，長遠而言，該產品將成為本集團之 寶貴資產。

REVIEW OF BUSINESS ACTIVITIES (Continued)

The EMS Division

The sales revenue of our factory in Shajing, Shenzhen fell 10.4% compared with 2006. Sales revenue in our factory in Suzhou increased by 18.9% in 2007 compared with 2006. To cope with the growth of the customer base for our Suzhou factory, we are building a new extension to our Suzhou factory, which is expected to be completed in the second half of 2008. The new extension will add 13,000 square meters to our Suzhou factory, with a combined area of 25,000 square meters.

Competition for the EMS business remains intense. We have continued to experience pricing pressure from our customers. In addition, the operating expenses related to salaries and wages, solder and chemical consumption, and continued appreciation of the Renminbi have made the operating environment of the EMS Division increasingly diffi cult. In order to maintain satisfactory operating income, the EMS Division will continue to streamline the production and implement costs control in both manufacturing and administration. In 2007, the Group has committed to purchase an industrial land in Hanoi, Vietnam which we expect to build a new factory and start production in early 2009.

The ODM Division

The Original Design and Marketing Division (the “ODM Division”) continued its focus on the development and marketing of RFID (radio frequency identifi cation) products during 2007. Total sales revenue of the ODM Division increased by 50% from HK$3.4 million in 2006 to HK$5.1 million in 2007 and it is expected that the sales revenue will continue to increase in 2008.

In 2007, the ODM Division continued to sign up with new customers to develop RFID products for new areas of application such as payment terminals, oil refi nery, on-fi eld service for vending machines and smart card payment systems. It has become one of the leading companies in the world to provide a low cost, fl exible and wireless reader solution to the RFID industry. The Group believed that it would be a valuable asset to the Group in the long term.

10 王氏國際（集團）有限公司 ■ 二零零七年年報

主席報告書 Chairman’s Statement

業務回顧（續）

物業發展

位於半山區之住宅發展項目（「項目」）方面， 項目於二零零七年已售出 14 個住宅單位，實 現總銷售所得款項港幣 126,000,000 元。截 至二零零七年十二月三十一日止，5 個住宅 單位（包括 4 個複式單位及 1 個相連單位）以及 65 個泊車位尚未售出。倘豪宅市場之需求仍 然高企，本公司預期能於二零零八年出售所 有餘下單位。

財務

於二零零七年十二月三十一日，本集團之銀 行貸款淨額約港幣 20,600,000 元（二零零六 年：港幣 219,800,000 元），佔該日之股東權 益 2.8%（二零零六年：32.5%）。

本集團大部份銷售均以美元進行，成本及開 支則主要以美元、港幣、日圓及人民幣計 算。本集團於有需要或實際可行時以遠期外 匯合約對沖外滙風險。

資本結構

本集團之資本結構包括銀行貸款、現金及現 金等值項目以及本公司股份持有人應佔之權 益，當中包括已發行股本及儲備。

僱員

於二零零七年十二月三十一日，本集團聘用 約 6,700 名僱員，其中約 5,700 名為生產部工 人。除提供年終花紅、醫療及人壽保險外， 本集團亦會因應僱員之表現發放酌情花紅。 本集團之酬金政策及福利計劃會不時檢討。

本集團亦向其員工提供內部及外間培訓計劃。

REVIEW OF BUSINESS ACTIVITIES (Continued)

Property development

With respect to the residential development in the mid-levels (“the Project”), the Project has sold 14 residential units in 2007, realising total gross sales proceeds of HK$126 million. As at 31st December, 2007, 5 residential units (including 4 duplexes and 1 combined unit) and 65 parking spaces remain unsold. If the current high demand in the highend residential property market persists, we expect to sell all remaining residential units in 2008.

FINANCE

As at 31st December, 2007, the Group had net bank borrowings of about HK$20.6 million (2006: HK$219.8 million), representing 2.8% (2006: 32.5%) of the shareholders’ equity at that date.

Most of the Group’s sales are conducted in US dollars and costs and expenses are mainly in US dollars, Hong Kong dollars, Japanese Yen and Renminbi. Forward contracts are used to hedge foreign exchange exposures where necessary or practicable.

CAPITAL STRUCTURE

The capital structure of the Group consists of bank borrowings, cash and cash equivalents and equity attributable to equity holders of the Group, comprising issued share capital and reserves.

EMPLOYEES

As at 31st December, 2007, the Group employed approximately 6,700 employees of whom approximately 5,700 were production workers. In addition to the provision of annual bonuses, medical and life insurance, discretionary bonuses are also available to employees based on individual performance. The remuneration packages and policies are reviewed periodically.

The Group also provides in-house and external training programs to its employees.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 11

主席報告書 Chairman’s Statement

前景

根據現有之手頭訂單及預計從客戶獲得之訂 單，董事預期 EMS 部門於二零零八年上半年 之銷售收入將保持平穩。本公司亦對可能影 響本公司服務需求之美國市場之整體營商及 經濟前景抱審慎態度。

就 ODM 部門而言，由於新客戶之訂單不斷增 加，本公司預期銷售量於二零零八年將繼續 上升。二零零八年，董事將以現金流量達致 收支平衡為目標。

本人謹此代表各董事衷心感謝客戶、供應商 及業務夥伴一直對本集團之信任及支持。本 人亦謹此特別感謝員工之忠誠、勤奮及為本 集團提供專業服務。

王忠秣

主席兼行政總裁

香港，二零零八年四月十五日

PROSPECTS

Based on the level of orders received and forecasts provided by customers, the Directors expect that the sales of the EMS Division will continue to be fl at during the fi rst half of 2008. We are also cautious about the general business and economic outlook of the United States market which could affect the demand on our services.

With respect to the ODM Division, we expect the sales will continue to increase in 2008 due to increasing orders from new customers. It is the Directors’ target to achieve break-even in terms of cash fl ow in 2008.

On behalf of the Directors, I would like to sincerely thank our customers, suppliers and business partners for their continued confidence in and support to the Group. I would also like to pay a special tribute to all of our employees for their loyal, diligent and professional services to the Group.

WONG CHUNG MAT, BEN

Hong Kong, 15th April, 2008

12 王氏國際（集團）有限公司 ■ 二零零七年年報

五年財務概要 Five-Year Financial Summary

	2004 港幣千元 2007 2006 2005 HK$’000 2003 港幣千元 港幣千元 港幣千元 （重新呈列） 港幣千元 HK$’000 HK$’000 HK$’000 (Restated) HK$’000
業績 Results 營業額 Turnover 經營溢利 Prof t from operations 融資成本 Finance costs 出售一間附屬公司 Gain on disposal of a 之收益╱撇銷 subsidiary / write off 一間已撤銷附屬 of a deregistered 公司 subsidiary 出售聯營公司 Loss on disposal of 權益之虧損 interests in associates 一間聯營公司 Impairment loss recognised 之商譽之已 in respect of goodwill 確認減值虧損 of an associate 其他投資之已 Impairment loss recognised 確認減值虧損 in respect of other investments 列為可供出售之 Impairment loss recognised 資產之已確認 in respect of asset 減值虧損 classif ed as held for sale 應佔聯營公司 Share of results of 業績 associates 對一間聯營公司 Impairment loss recognised 已確認減值虧損 in respect of an associate 墊支予一間 Write back of allowance 聯營公司貸款 for loan advanced 撥備之回撥 to an associate 墊支予 Allowance for loans 聯營公司 advanced to 貸款之撥備 associates 開發成本資本化 Impairment loss recognised 已確認減值 in respect of development 虧損 costs capitalised 除稅前溢利 Prof t before taxation 稅項 Taxation 本年度溢利 Prof t for the year 以下項目應佔： Attributable to: 公司股份持有人 Equity holders of the Company 少數股東權益 Minority interests 資產及負債 Assets and liabilities 總資產 Total assets 總負債 Total liabilities 少數股東權益 Minority interests	3,363,777 3,713,784 2,763,674 2,522,163 2,220,387
	108,945 112,152 78,003 40,205 47,975 (22,850) (26,867) (21,143) (9,152) (10,481) 345 – – 578 – – – (378) – – (1,990) – – – – (3,104) – – – – – (8,795) – – – 2,299 2,526 (1,622) (1,166) 6,994 – – – (6,264) – – – – 10,000 2,589 – – – – (14,785) (1,696) (753) (4,639) – –
	81,949 78,263 50,221 34,201 32,292 (11,081) (16,320) (18,770) (5,580) (9,157)
	70,868 61,943 31,451 28,621 23,135
	70,868 61,943 31,455 28,672 24,903 – – (4) (51) (1,768)
	70,868 61,943 31,451 28,621 23,135
	1,679,492 1,910,546 1,686,979 1,767,873 1,600,950
	941,216 1,235,097 1,057,169 1,163,168 992,949
	– 345 345 349 –

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 13

財務摘要 Financial Highlights

==> picture [149 x 245] intentionally omitted <==

----- Start of picture text -----

營業額
Turnover
港幣百萬元 HK$ million
4,000
3,714
3,364
3,000
2,764
2,522
2,220
2,000
1,000
0
2003 2004 2005 2006 2007
----- End of picture text -----

==> picture [145 x 264] intentionally omitted <==

----- Start of picture text -----

除稅後溢利
Profit after Tax
港幣百萬元 HK$ million
80
71
70
62
60
50
40
30 29 31
23
20
10
0
2003 2004 2005 2006 2007
重新呈列 Restated
----- End of picture text -----

==> picture [165 x 38] intentionally omitted <==

----- Start of picture text -----

總資產及總負債
Total Assets and Total Liabilities
港幣百萬元 HK$ million
----- End of picture text -----

各業務地區之營業額(2007年)

Turnover by Geographical Area (Year 2007)

==> picture [388 x 248] intentionally omitted <==

----- Start of picture text -----

2,000 香港
Hong Kong
21%
1,911
1,768
1,687 1,679
1,500 1,601
1,235 歐洲
1,163
1,000 Europe
993 1,057 10%
941
北美洲
500 North
America
13%
亞洲（香港除外）
Asia other than Hong Kong
56%
0
2003 2004 2005 2006 2007
總資產 Total Assets
總負債 Total Liabilities
重新呈列 Restated
----- End of picture text -----*

14

王氏國際（集團）有限公司 ■ 二零零七年年報

董事會報告書 Directors’ Report

董事會同寅現提呈截至二零零七年十二月 三十一日止年度之報告及已審核之綜合財務 報表，此等綜合財務報表已於本報告日期召 開之董事會會議上獲董事會批准。

The Directors present their report together with the audited consolidated fi nancial statements for the year ended 31st December, 2007 which were approved by them at the board meeting held on the date of this report.

主要業務

PRINCIPAL ACTIVITIES

本公司屬控股公司，其附屬公司之主要業務 是開發、製造、推廣及分銷電子產品，包括 微型電腦、傳訊設備、寬頻通訊產品、互聯 網應用器材、無線通訊或網絡設備及其他電 子產品。

The Company acts as a holding company. The principal activities of its subsidiaries are the development, manufacture, marketing and distribution of electronic products, including micro-computers, telecommunication equipment, broadband communication products, internet appliances, wireless communication or networking equipment and other electronic products.

本集團之營業額及經營溢利主要來自為電子 製造服務客戶製造電子產品。

Substantially all of the turnover and operating profi t of the Group are derived from the manufacture of electronic products for electronic manufacturing service customers.

賬目

ACCOUNTS

本集團本年度之溢利與現金流量，以及本集 團於二零零七年十二月三十一日結算時之財 務狀況刊載於本年報第 45 頁至 124 頁內。

The profi t and cash fl ows of the Group for the year and the state of affairs of the Group as at 31st December, 2007 are set out on pages 45 to 124 of this Annual Report.

分類資料

SEGMENTAL INFORMATION

按主要業務及經營地區詳細分析之本集團營 業額及溢利刊載於綜合財務報表附註 8。

A detailed analysis of the Group’s turnover and profit by principal activity and geographical area of operations are set out in note 8 to the

股息

DIVIDENDS

董事會已宣派中期股息，現擬派發截至二零 零七年十二月三十一日止年度之末期股息如 下：

The Directors have declared an interim dividend and now recommend a fi nal dividend in respect of the year ended 31st December, 2007 as follows:

下：
	港幣千元 HK$’000
已派發中期股息，每股為港幣0.01元 Interim dividend of HK$0.01 per share paid 擬派末期股息，每股為港幣0.02元 Proposed f nal dividend of HK$0.02 per share in issue	4,669 9,339
	14,008

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 15

董事會報告書 Directors’ Report

主要客戶及供應商

MAJOR CUSTOMERS AND SUPPLIERS

本集團最大供應商及客戶所佔採購及銷售百 分率如下：

The percentage of purchases and sales attributable to the Group’s largest suppliers and customers are as follows:

		百分率
		%
採購額	Purchases
－最大供應商	– the largest supplier	7.71
－五大供應商合併計算	– f ve largest suppliers combined	17.00
銷售額	Sales
－最大客戶	– the largest customer	33.71
－五大客戶合併計算	– f ve largest customers combined	74.02

各董事、其聯繫人士或股東（就董事所知擁有 本公司股本 5% 以上）於本年度任何時間均無 擁有上述供應商或客戶之權益。

No directors, their associates or shareholders (which to the knowledge of the Directors own more than 5% of the Company’s share capital) were interested at any time during the year in the above suppliers or customers.

五年財務概要

FIVE-YEAR FINANCIAL SUMMARY

本集團過去五年之業績、資產及負債撮列於 第 13 頁。

The results, assets and liabilities of the Group for the last fi ve years are summarised on page 13.

附屬公司及聯營公司詳情

PARTICULARS OF SUBSIDIARIES AND ASSOCIATES

主要附屬公司及聯營公司詳情分別刊載於綜 合財務報表附註 37 及 18。

Particulars of the principal subsidiaries and associates are set out in notes 37 and 18 to the consolidated fi nancial statements respectively.

股本

SHARE CAPITAL

本年度之股本變動情況刊載於綜合財務報表 附註 30。

Movements in share capital during the year are set out in note 30 to the

儲備

RESERVES

本年度儲備之變動情況刊載於本年報第 47 頁。

Movements in reserves during the year are set out on page 47 of this Annual Report.

本公司於結算日可供分派予股東之儲備（按百 慕達公司法及本公司之細則所規定計算）約港 幣 490,599,000 元。此外，本公司之股份溢 價可以繳足紅股方式派發。

The reserves of the Company available for distribution to the shareholders, as calculated under the Companies Act of Bermuda and the Bye-laws of the Company, as at the balance sheet date amounted to approximately HK$490,599,000. In addition, the Company’s share premium may be distributed in the form of fully-paid bonus shares.

16 王氏國際（集團）有限公司 ■ 二零零七年年報

董事會報告書 Directors’ Report

優先權

本公司之公司細則或百慕達法例並無規定有 關發行股份之優先權。

購買、出售或贖回本公司上市證券

於截至二零零七年十二月三十一日止年度 內，本公司及其任何附屬公司概無購買、出 售或贖回本公司任何上市證券。

物業、廠房及設備

本年度物業、廠房及設備之賬面值變動情況 刊載於綜合財務報表附註 16。

捐款

本集團於本年度之慈善及其他性質捐款總額 為港幣 120,000 元。

董事

本年度及截至本報告日期之本公司董事為：

執行董事

王忠秣先生（主席兼行政總裁） 王忠椏先生 陳子華先生 譚靜安先生 溫民強先生 王賢敏小姐

獨立非執行董事

李家祥博士，G.B.S，O.B.E，太平紳士 楊孫西博士，G.B.S，太平紳士 葉天養先生，太平紳士

根據本公司之細則第112條，陳子華先生、李 家祥博士（G.B.S，O.B.E，太平紳士）及葉天養先生 （太平紳士）須輪值告退，並合資格及願意膺選 連任。

PRE-EMPTIVE RIGHTS

There are no pre-emptive rights upon the issue of shares which are imposed by the Company’s Bye-laws or Bermuda law.

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

During the year ended 31st December, 2007, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities.

PROPERTY, PLANT AND EQUIPMENT

Movements in book values of property, plant and equipment during the year are set out in note 16 to the consolidated fi nancial statements.

DONATIONS

Donations made by the Group for charitable and other purposes during the year amounted to HK$120,000.

DIRECTORS

The Directors of the Company during the year and up to the date of this report are:

Executive Directors

Mr. Wong Chung Mat, Ben (Chairman and Chief Executive Offi cer) Mr. Wong Chung Ah, Johnny Mr. Chan Tsze Wah, Gabriel Mr. Tan Chang On, Lawrence Mr. Wan Man Keung Ms. Wong Yin Man, Ada

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric, G.B.S., O.B.E., J.P. Dr. Yu Sun Say, G.B.S., J.P. Mr. Alfred Donald Yap, J.P.

In accordance with Bye-law 112 of the Company’s Bye-laws, Mr. Chan Tsze Wah, Gabriel, Dr. Li Ka Cheung, Eric, G.B.S., O.B.E., J.P. and Mr. Alfred Donald Yap, J.P. shall retire by rotation and, being eligible, offer themselves for reelection.

17

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007

董事會報告書 Directors’ Report

董事及高級管理人員個人資料

執行董事

王忠秣先生 ，現年 56 歲，自一九九零年六 月出任本公司董事。於二零零三年二月獲委 任為本公司主席兼行政總裁。彼於一九七五 年加入本集團。王先生現為王氏電子有限公 司（「王氏電子」）之董事及總裁，並為本集 團其他多間公司之董事。彼亦為王華湘父子 有限公司（「王華湘父子」）及 Salop Investment Limited 之董事，兩者皆為本公司之主要股 東。彼取得俄亥俄州立大學之營運研究碩士 學位，於電子業累積逾 33 年經驗。彼為高雅 國際集團有限公司之獨立非執行董事。王先 生是王忠椏先生之弟及王賢敏小姐之父。

王忠椏先生 ，現年 72 歲，於一九九零年六月 獲委任為本公司董事及主席。於二零零三年 二月辭去主席一職，但仍擔任本公司執行董 事。彼於一九七六年加入本集團，並為本集 團其他多間公司之董事。彼亦為王華湘父子 及 Kong King International Limited 之董事， 兩者皆為本公司之主要股東。彼於電子業累 積逾 32 年經驗及負責本集團方針及策略之籌 劃。王先生是王忠秣先生之兄及王賢敏小姐 之伯父。

陳子華先生 ，現年 59 歲，自一九九零年六月 出任本公司董事。彼於一九八五年加入本集 團。彼曾為本集團之財務總監。於二零零七 年七月，彼停止出任本集團財務總監一職， 並改為出任本集團之財務顧問。彼亦為本集 團其他多間公司之董事。彼為英國特許公認 會計師公會之資深會員，取得香港大學之社 會科學學士學位。在加入本集團之前，彼曾 任職於一間大型國際會計師行約 10 年。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

Executive Directors

Mr. Wong Chung Mat, Ben , aged 56, has been a Director of the Company since June 1990. In February 2003 he was appointed Chairman and Chief Executive Officer of the Company. He joined the Group in 1975. Mr. Wong is a director and the President of Wong’s Electronics Co., Limited (“WEC”) and a director of various other companies of the Group. He is also a director of W. S. Wong & Sons Company Limited (“WSW&S”) and Salop Investment Limited, both of which are substantial shareholders of the Company. He obtained a Master of Science Degree in Operations Research from Ohio State University and has over 33 years’ experience in the electronics industry. He is an Independent Non-executive Director of Elegance International Holdings Limited. Mr. Wong is the brother of Mr. Wong Chung Ah, Johnny and the father of Ms. Wong Yin Man, Ada.

Mr. Wong Chung Ah, Johnny , aged 72, was appointed Director and Chairman of the Company in June 1990. In February 2003, he stepped down as Chairman but remained as an Executive Director of the Company. He joined the Group in 1976 and is a director of various other companies of the Group. He is also a director of WSW&S and Kong King International Limited, both of which are substantial shareholders of the Company. He has over 32 years’ experience in the electronics industry and is responsible for policy and strategic planning for the Group. Mr. Wong is the brother of Mr. Wong Chung Mat, Ben and the uncle of Ms. Wong Yin Man, Ada.

Mr. Chan Tsze Wah, Gabriel , aged 59, has been a Director of the Company since June 1990. He joined the Group in 1985. He was formerly the Group’s Financial Controller. In July 2007, he ceased to be the Group’s Financial Controller and became a fi nancial adviser of the Group. He is also a director of various other companies of the Group. He is a fellow member of the Association of Chartered Certified Accountants. He obtained a Bachelor degree in Social Sciences from the University of Hong Kong. Before joining the Group, he had approximately 10 years’ experience with a major international fi rm of accountants.

18 王氏國際（集團）有限公司 ■ 二零零七年年報

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董事及高級管理人員個人資料（續）

執行董事（續）

譚靜安先生 ，現年 58 歲，於一九八六年加 入本集團及於二零零三年二月獲委任為本公 司董事，彼現為 Wong’s International (USA) Corporation（「WIU」）之董事及總裁。彼亦為 本集團其他若干公司之董事。彼主要負責將 本集團之產品向電子製造服務客戶作海外市 場拓展及銷售工作。彼於一九七二年於俄亥 俄州大學取得電機工程理學士學位後，再赴 Ann Arbor之密芝根大學深造，於一九七四年 獲電機工程學碩士學位。畢業後，譚先生在 加入本集團前，曾於美國一家大型公司任職 約 12 年。

溫民強先生 ，現年 56 歲，於一九八八年一月 首次加入本集團。離開本集團約 14 個月後， 彼於一九九三年六月再次加入本集團。於二 零零四年一月獲委任為本公司董事。現亦為 王氏電子之董事及執行副總裁。彼亦為本集 團其他若干公司之董事。彼持有香港大學之 機械工程學士學位，於電子製造業累積逾 32 年經驗。溫先生全盤負責王氏電子之若干客 戶。彼管理電子製造服務部門之新銷售及推 廣部，並負責開拓新客戶。

王賢敏小姐 ，現年 30 歲，於二零零二年加入 本集團及於二零零五年十月獲委任為本公司 董事，彼負責間接物料之採購及外判部門。 彼更負責管理王氏電子之管理資訊系統及廠 務工程。彼取得南加州大學工業工程學士學 位及工程管理理學碩士學位。王小姐為王忠 秣先生之女兒及王忠椏先生之侄女。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

Executive Directors (Continued)

Mr. Tan Chang On, Lawrence , aged 58, joined the Group in 1986 and in February 2003 he was appointed Director of the Company. He is a director and the President of Wong’s International (USA) Corporation (“WIU”). He is also a director of certain other companies of the Group. He is mainly responsible for the Group’s overseas marketing and sales of products to electronic manufacturing service customers. He graduated from Ohio University with a BSEE in 1972 and then went to University of Michigan at Ann Arbor and got his MSEE in 1974. After graduation, he joined a major corporation in the United States for about 12 years before joining the Group.

Mr. Wan Man Keung , aged 56, fi rst joined the Group in January 1988. After leaving the Group for about 14 months, he rejoined the Group in June 1993. In January 2004 he was appointed Director of the Company. He is a director and the Executive Vice President of WEC. He is also a director of certain other companies of the Group. He obtained a Bachelor degree in Mechanical Engineering from the University of Hong Kong and has over 32 years’ experience in the electronics manufacturing industry. Mr. Wan has the overall responsibility for serving a portfolio of customers at WEC. He oversees the Electronic Manufacturing Service Division’s New Sales and Marketing Department and is responsible for the development of new customers.

Ms. Wong Yin Man, Ada , aged 30, joined the Group in 2002 and was appointed Director of the Company in October 2005. She is responsible for the Purchasing of Indirect Material and Outsourcing Departments. She is also responsible for managing the Management Information System and Plant Engineering of WEC. She obtained a Bachelor degree in Industrial Engineering and a Master of Science in Engineering Management from University of Southern California. Ms. Wong is the daughter of Mr. Wong Chung Mat, Ben and a niece of Mr. Wong Chung Ah, Johnny.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 19

董事會報告書 Directors’ Report

董事及高級管理人員個人資料（續）

獨立非執行董事

李家祥博士 ，現年 54 歲，GBS，OBE，太平紳 士，LLD，DSocSc，B.A.，FCPA (Practising)，FCA，FCPA (Aust.)，FCIS，FAIA (Hon)，CGA (Hon)，Hon. HKAT，RFP (Hon)，自一九九九年四月加入本公司為獨立 非執行董事。李博士為李湯陳會計師事務所 首席會計師，執業會計師，並為數碼通電訊 集團有限公司、載通國際控股有限公司、恒 生銀行有限公司、華潤創業有限公司、路訊 通控股有限公司、美維控股有限公司及交通 銀行股份有限公司之獨立非執行董事。彼為 新鴻基地產發展有限公司之非執行董事。李 博士現擔任中國人民政治協商會議第十一屆 全國委員會委員及中華人民共和國財政部會 計準則委員會諮詢專家。彼為香港立法會前 任議員、立法會政府帳目委員會前任主席， 亦為香港會計師公會前會長。

楊孫西博士 ， G.B.S.，太平紳士，現年 69 歲，於 一九九九年十月加入本公司為獨立非執行董 事。彼為香江國際集團主席，亦為多間製造 及投資公司之董事。彼為中聯石油化工國際 有限公司之獨立非執行董事。彼曾任香港特 別行政區籌備委員會委員及香港事務顧問。 現任全國政協常委、香港中華總商會常務會 董及香港中華廠商聯合會永遠名譽會長。

葉天養先生 ，太平紳士，現年 69 歲，於二零 零四年九月加入本公司為獨立非執行董事。 彼目前於何君柱、方燕翔律師樓擔任顧問一 職。葉先生為香港律師會及亞太法律協會前 任主席。彼亦曾擔任香港事務顧問。葉先生 曾任職多間公共及社區機構，目前擔任城市 規劃委員會會員。彼目前為豐德麗控股有限 公司及鴻興印刷集團有限公司之獨立非執行 董事。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric , aged 54, GBS, OBE, JP, LLD, DSocSc, B.A., FCPA (Practising), FCA, FCPA (Aust.), FCIS, FAIA (Hon), CGA (Hon), Hon. HKAT, RFP (Hon), joined the Company as an Independent Non-executive Director in April 1999. Dr. Li is the senior partner of Li, Tang, Chen & Co., Certified Public Accountants and an Independent Non-executive Director of SmarTone Telecommunications Holdings Limited, Transport International Holdings Limited, Hang Seng Bank Limited, China Resources Enterprise, Limited, Roadshow Holdings Limited, Meadville Holdings Limited and Bank of Communications Co., Ltd. He is a Non-executive Director of Sun Hung Kai Properties Limited. Dr. Li is presently a member of The 11th National Committee of the Chinese People’s Political Consultative Conference and an adviser to its Ministry of Finance on international accounting standards. He is a former member of the Legislative Council of Hong Kong, former chairman of its Public Accounts Committee and a past president of the Hong Kong Institute of Certifi ed Public Accountants.

Dr. Yu Sun Say , G.B.S., J.P., aged 69, joined the Company as an Independent Non-executive Director in October 1999. He is the Managing Director of the H.K.I. Group of Companies and a director of a number of manufacturing and investment companies. He is an Independent Nonexecutive Director of Sino Union Petroleum & Chemical International Limited. He served as a member of the Preparatory Committee for the Hong Kong Special Administrative Region and as a Hong Kong Affairs Adviser. He is currently a member of the Standing Committee of the Chinese People’s Political Consultative Conference, a member of the Standing Committee of the Chinese General Chamber of Commerce and Permanent Honorary President of the Chinese Manufacturers’ Association of Hong Kong.

Mr. Alfred Donald Yap , J.P., aged 69, joined the Company as an Independent Non-executive Director in September 2004. He is presently a consultant at K.C. Ho & Fong, Solicitors and Notaries. Mr. Yap is a former president of The Law Society of Hong Kong and The Law Association for Asia and the Pacifi c (LAWASIA). He is also a former Hong Kong Affairs Adviser. Mr. Yap has served on various public and community organisations and is presently a member of the Town Planning Board. He is currently an Independent Non-executive Director of eSun Holdings Limited, and Hung Hing Printing Group Limited.

20 王氏國際（集團）有限公司 ■ 二零零七年年報

董事會報告書 Directors’ Report

董事及高級管理人員個人資料（續）

高級管理階層

林錫崇先生， 50 歲，於一九八五年加入本集 團。彼為 WIU 之董事及副總裁。彼於二零零 七年五月獲委任為本集團財務總裁。彼亦為 本集團其他若干公司之董事。彼主要負責本 集團整體財務報告。彼取得金門大學會計學 士及信息科學碩士學位。

麥競敏先生 ，現年 56 歲，於一九八零年加入 本集團及於一九九二年離職，於二零零五年 八月再次加入本集團，擔任王氏電子之技術 總監，帶領研發部門。彼之職責範圍於二零 零五年十月擴大至包括管理並行工程部門。 於二零零七年三月，彼獲委任為工程、營運 及品質保證部門之執行副總裁。於一九八零 年加入本集團前，彼曾任職於一間大型美國 半導體公司。麥先生取得美國溫德標大學之 電機工程學士學位（高等榮譽），及美國加州 大學柏克萊分校之電機工程理學碩士學位及 電腦科學工程碩士學位。

韓克勤先生 ，現年 57 歲，於一九八二年加 入本集團，現為王氏電子之董事及高級副總 裁。彼亦為本集團其他若干公司之董事。彼 為英國特許銀行學會會士 (ACIB)，並持有香 港中文大學商業經濟理學碩士學位及澳門東 亞大學之工商管理碩士學位。韓先生全盤負 責王氏電子之若干客戶。

畠山純忠先生 ，現年 65 歲，於二零零二年加 入本集團，擔任 Wong’s International Japan, Inc.之總裁。加入本集團之前，彼在日本一間 大型電子公司工作約 35 年，負責海外業務， 包括銷售及市場推廣之工作。彼畢業於東京 大學（法律系）。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

Senior Management

Mr. Lam Sek Sung, Patrick , aged 50, joined the Group in 1985. He was the director and the Vice President of WIU. In May 2007, he was appointed the Group’s Chief Financial Offi cer. He is also a director of certain other companies of the Group. He is responsible for the Group’s overall fi nancial reporting. He received a Bachelor degree in Accounting and Master degree in Information Science from Golden Gate University.

Mr. Mak King Mun, Philip , aged 56, joined the Group in 1980, left in 1992, and rejoined the Group in August 2005 as the Chief Technical Offi cer of WEC to head up the R&D Department. His job responsibility expanded in October 2005 to include managing the Concurrent Engineering Department. In March 2007, he was appointed Executive Vice President of Engineering, Operations, and Quality Assurance. Before joining the Group in 1980, he worked for a major American semiconductor company. Mr. Mak obtained a Bachelor’s degree (High Honour) in Electrical Engineering from Vanderbilt University, U.S.A., as well as a Master of Science degree in Electrical Engineering and a Master of Engineering degree in Computer Science from the University of California, Berkeley, U.S.A.

Mr. Hon Hak Kan, Lawrence , aged 57, joined the Group in 1982 and is a director and the Senior Vice President of WEC. He is also a director of certain other companies of the Group. He is an Associate of the Chartered Institute of Bankers (ACIB). He holds a Master of Science degree in Business Economics from The Chinese University of Hong Kong and a Master degree in Business Administration from the University of East-Asia, Macau. Mr. Hon has the overall responsibility for serving a portfolio of customers at WEC.

Mr. Sumitada Hatakeyama , aged 65, joined the Group in 2002 as the President of Wong’s International Japan, Inc.. Before joining the Group, he worked for a major electronics corporation in Japan for about 35 years where he was involved in overseas operations including sales and marketing. He graduated from the University of Tokyo (faculty of law).

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 21

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董事及高級管理人員個人資料（續）

高級管理階層（續）

Elaine Tang Lee女士 ，現年54歲，由一九九 二年至一九九四年及二零零二年至二零零四 年期間服務本集團，並於二零零五年再次 加入本集團。彼曾為 WISRS (Malaysia) Sdn. Bhd. 及 Welco Technologies Mexico, S.A. de C.V. 之總經理。彼現為華高科技（蘇州）有限 公司之高級副總裁，負責管理生產設施。彼 畢業於加州San Jose State University，取得會 計理學學士學位。彼曾出任美國、歐洲及亞 洲企業之高級管理職位。

董事及主要行政人員之權益

於二零零七年十二月三十一日，本公司董事 及主要行政人員於本公司或其任何相聯法團 （定議見證券及期貨條例（「證券及期貨條例」） 第 XV 部）之股份、相關股份及債券中擁有須 記錄於證券及期貨條例第 352 條規定置存之 記錄冊內之權益或淡倉，或須根據上市公司 董事進行證券交易的標準守則（「標準守則」） 知會本公司及香港聯合交易所有限公司（「聯 交所」）之權益或淡倉如下：

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

Senior Management (Continued)

Ms. Elaine Tang Lee , aged 54, was in service with the Group between 1992 to 1994 and 2002 to 2004 and last rejoined the Group in 2005. She was formerly a General Manager of WISRS (Malaysia) Sdn. Bhd. and Welco Technologies Mexico, S.A. de C.V. She is now the Senior Vice President of Welco Technology (Suzhou) Limited and is responsible for management of the manufacturing facility. She graduated from San Jose State University in California with a Bachelor of Science in Accounting. She has held senior management positions in corporations in the United States, Europe and Asia.

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES

As at 31st December, 2007, the interests or short positions of the Directors and chief executives of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notifi ed 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”), were as follows:

22 王氏國際（集團）有限公司 ■ 二零零七年年報

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董事及主要行政人員之權益（續）

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES (Continued)

於本公司股份之好倉

Long positions in shares of the Company

		普通股數目	權益百分比
執行董事姓名	身份	Number of	Percentage
Name of Executive Directors	Capacity	ordinary shares	interests
王忠秣	實益擁有人及全權信託之創辦人（附註1）
Wong Chung Mat, Ben	Benef cial owner and founder of	75,810,699	16.24%
	discretionary trust_(Note 1)_
王忠椏	實益擁有人、子女或配偶權益
	及全權信託之創辦人（附註2）
Wong Chung Ah, Johnny	Benef cial owner, interest of child	40,693,487	8.72%
	or spouse and founder of
	discretionary trust_(Note 2)_
陳子華	實益擁有人
Chan Tsze Wah, Gabriel	Benef cial owner	1,237,500	0.27%
譚靜安	實益擁有人
Tan Chang On, Lawrence	Benef cial owner	10,000	0.00%
王賢敏	全權信託之受益人（附註3）
Wong Yin Man, Ada	Benef ciary of a trust_(Note 3)_	74,810,699	16.02%
附註：	Notes:

附註：

1. 王忠秣先生被視為（根據證券及期貨條例）於 本公司 75,810,699 股股份中持有權益。該等 股份透過以下身份持有：

2. Mr. Wong Chung Mat, Ben was deemed (by virtue of the SFO) to be interested in 75,810,699 shares in the Company. These shares were held in the following capacity:

3. (a) 1,000,000 股股份由王忠秣先生個人持 有。

4. (a) 1,000,000 shares were held by Mr. Wong Chung Mat, Ben personally.

5. (b) 74,810,699 股股份由 Salop Investment Limited（該公司由 Batsford Limited 全資 擁有）根據一項全權信託持有。根據證 券及期貨條例，王忠秣先生被視為該信 託之創辦人，而王賢敏小姐被視為其中 一名受益人。在此提述被視為由王忠秣 先生（於本段披露）、Salop Investment Limited（於「主要股東之權益」一節披 露）、王賢敏小姐（於下文附註 3 披露） 及 Batsford Limited（於「主要股東之 權益」一節附註 4(a) 披露）持有權益之 74,810,699股股份乃屬於同一批股份。

6. (b) 74,810,699 shares were held by Salop Investment Limited (which was in turn wholly owned by Batsford Limited) under a discretionary trust, of which Mr. Wong Chung Mat, Ben was regarded as the founder and Ms. Wong Yin Man, Ada was regarded as one of the benefi ciaries (by virtue of the SFO). The references to 74,810,699 shares deemed to be interested by Mr. Wong Chung Mat, Ben (as disclosed herein), Salop Investment Limited (as disclosed in the section headed “Interests of substantial shareholders”), Ms. Wong Yin Man, Ada (as disclosed in Note 3 below) and Batsford Limited (as disclosed in Note 4(a) under the section headed “Interests of substantial shareholders”) relate to the same block of shares.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 23

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董事及主要行政人員之權益（續）

於本公司股份之好倉（續）

附註：（續）

1. 王忠椏先生被視為（根據證券及期貨條例）於 本公司 40,693,487 股股份中持有權益。該等 股份透過以下身份持有：

2. (a) 1,000,000 股股份由王忠椏先生個人持 有。

3. (b) 1,235,000 股股份由王忠椏先生之妻子 陸潔貞女士持有。

4. (c) 38,458,487 股股份由 Kong King International Limited 根據一項全權信託 持有。根據證券及期貨條例，王忠椏先 生被視為該信託之創辦人。Kong King International Limited 由 Mountainview International Limited 全資擁有，而該 公司則由 HSBC Trustee (Cook Islands) Limited（前稱「Bermuda Trust (Cook lslands) Limited」）全資擁有。在此提述 被視為由王忠椏先生（於本段披露）、 Kong King International Limited、 Mountainview International Limited 及 HSBC Trustee (Cook lslands) Limited（於

5. 「主要股東之權益」一節披露）持有權益 之 38,458,487 股股份乃屬於同一批股 份。

6. 王賢敏小姐被視為（根據證券及期貨條例）於 本公司 74,810,699 股股份中持有權益，該等 股份由 Salop Investment Limited（該公司由 Batsford Limited全資擁有）根據一項全權信託 持有。根據證券及期貨條例，王賢敏小姐被 視為該信託其中一名受益人，而王忠秣先生 被視為創辦人（請參閱上文附註 1(b)）。

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES (Continued)

Long positions in shares of the Company (Continued)

Notes: (Continued)

1. Mr. Wong Chung Ah, Johnny was deemed (by virtue of the SFO) to be interested in 40,693,487 shares in the Company. These shares were held in the following capacity:

2. (a) 1,000,000 shares were held by Mr. Wong Chung Ah, Johnny personally.

3. (b) 1,235,000 shares were held by Ms. Luk Kit Ching, wife of Mr. Wong Chung Ah, Johnny.

4. (c) 38,458,487 shares were held by Kong King International Limited under a discretionary trust, of which Mr. Wong Chung Ah, Johnny was regarded as the founder (by virtue of the SFO). Kong King International Limited was wholly owned by Mountainview International Limited, which was wholly owned by HSBC Trustee (Cook Islands) Limited (formerly known as “Bermuda Trust (Cook Islands) Limited”). The references to 38,458,487 shares deemed to be interested by Mr. Wong Chung Ah, Johnny (as disclosed herein), Kong King International Limited, Mountainview International Limited and HSBC Trustee (Cook Islands) Limited (as disclosed in the section headed “Interests of substantial shareholders”) relate to the same block of shares.

5. Ms. Wong Yin Man, Ada was deemed (by virtue of the SFO) to be interested in 74,810,699 shares in the Company, which were held by Salop Investment Limited (which was in turn wholly owned by Batsford Limited) under a discretionary trust, of which Ms. Wong Yin Man, Ada was regarded as one of the benefi ciaries and Mr. Wong Chung Mat, Ben was regarded as the founder (by virtue of the SFO). Please see Note 1(b) above.

24 王氏國際（集團）有限公司 ■ 二零零七年年報

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INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES (Continued)

於本公司相聯法團股份之好倉

Long positions in shares of associated corporations of the Company

				普通股數目	權益百分比
執行董事姓名	相聯法團	身份		Number of	Percentage
Name of Executive Director	Associated corporation	Capacity	ordinary shares		interests
王忠椏	王氏地產發展有限公司	受控制法團之權益（附註）		2	50%
Wong Chung Ah, Johnny	Wong’s Properties Limited	Interest of controlled
		corporations_(Note)_

• 附註：王忠椏先生被視為（根據證券及期貨條例）於 王氏地產發展有限公司之 2 股股份中持有權 益。該等股份由鵬海投資有限公司持有。鵬 海投資有限公司由 Glorious Glow Limited 擁 有 50% 權益，而 Glorious Glow Limited 則由 王忠椏先生全資擁有。

Note: Mr. Wong Chung Ah, Johnny was deemed (by virtue of the SFO) to be interested in 2 shares in Wong’s Properties Limited. These shares were held by Blessea Investment Limited, which was 50% owned by Glorious Glow Limited, which in turn was wholly owned by Mr. Wong Chung Ah, Johnny.

若干董事以信託方式，代表本公司或本公司 其他附屬公司持有本公司若干附屬公司之合 資格股份。

Certain Directors held qualifying shares in certain subsidiaries of the Company on trust for the Company or other subsidiaries of the Company.

除本報告披露者外，於二零零七年十二月 三十一日，本公司董事或主要行政人員或彼 等各自之聯繫人士概無於本公司或其任何相 聯法團（定議見證券及期貨條例第 XV 部）之股 份、相關股份或債券中擁有須記錄於證券及 期貨條例第 352 條規定置存之記錄冊內之權 益或淡倉，或須根據標準守則知會本公司及 聯交所之權益或淡倉。

Save as disclosed herein, as at 31st December, 2007, none of the Directors or chief executives of the Company or their respective associates had any interests or short positions in the shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notifi ed to the Company and the Stock Exchange pursuant to the Model Code.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 25

董事會報告書 Directors’ Report

主要股東之權益

INTERESTS OF SUBSTANTIAL SHAREHOLDERS

據任何本公司董事或主要行政人員所知，於 二零零七年十二月三十一日，下列人士（本公 司董事或主要行政人員除外）於本公司股份或 相關股份中擁有須記錄於證券及期貨條例第 336 條規定置存之記錄冊內之權益或淡倉如 下：

So far as is known to any Director or chief executive of the Company, as at 31st December, 2007, persons (other than a Director or chief executive of the Company) who had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO were as follows:

於本公司股份之好倉

Long positions in shares of the Company

		普通股數目	權益百分比
主要股東名稱	身份	Number of	Percentage
Name of substantial shareholders	Capacity	ordinary shares	interests
王華湘父子有限公司	實益擁有人（附註1）
W. S. Wong & Sons Company Limited	Benef cial owner_(Note 1)_	195,338,803	41.84%
	實益擁有人（附註2）
Salop Investment Limited	Benef cial owner_(Note 2)_	74,810,699	16.02%
	信託人（附註3）
HSBC International Trustee Limited	Trustee_(Note 3)_	40,957,546	8.77%
	信託人（附註4）
Batsford Limited	Trustee_(Note 4)_	270,949,502	58.03%
		普通股數目	權益百分比
其他人士名稱	身份	Number of	Percentage
Name of other persons	Capacity	ordinary shares	interests
	實益擁有人（附註5）
Kong King International Limited	Benef cial owner_(Note 5)_	38,458,487	8.24%
	信託人（附註5）
Mountainview International Limited	Trustee_(Note 5)_	38,458,487	8.24%
	信託人（附註5）
HSBC Trustee (Cook Islands) Limited	Trustee_(Note 5)_	38,458,487	8.24%
(前稱formerly known as“Bermuda
Trust (Cook Islands) Limited”)
王忠梴	全權信託之創辦人（附註6）
Wong Chung Yin, Michael	Founder of discretionary trust_(Note 6)_	29,683,960	6.36%

26 王氏國際（集團）有限公司 ■ 二零零七年年報

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主要股東之權益（續）

於本公司股份之好倉（續）

附註：

1. 王華湘父子有限公司為一間由王氏家族控制 之公司，並於本公司 195,338,803 股股份中 持有權益。

Levy Investment Limited 及 Salop Investment Limited 各自擁有王華湘父子有限公司之 19% 權益，而該兩間公司則由 Batsford Limited 全 資擁有。因此，根據證券及期貨條例，王華 湘父子有限公司被視為 Batsford Limited 之受 控制法團。在此提述由王華湘父子有限公司 （於本段披露）及被視為由Batsford Limited（於 下文附註 4(c) 披露）持有權益之 195,338,803 股股份乃屬於同一批股份。

1. 請參閱「董事及主要行政人員之權益」一節附 註 1(b)。

2. HSBC International Trustee Limited 被視為（根 據證券及期貨條例）於本公司 40,957,546 股 股份中持有權益。該等股份透過以下身份持 有：

3. (a) 17,584,960 股股份由 Levy Pacific Limited（該公司由 HSBC International Trustee Limited 全資擁有）根據一項全 權信託持有。根據證券及期貨條例，王 忠梴先生被視為該信託之創辦人。根據 證券及期貨條例，HSBC International Trustee Limited 為信託人。在此提述 被視為由 HSBC International Trustee Limited（於本段披露）及王忠梴先生

4. （於下文附註 6(b) 披露）持有權益之 17,584,960股股份乃屬於同一批股份。

5. (b) 11,357,150 股股份由 Floral lnc.（該公司 由HSBC International Trustee Limited全 資擁有）根據一項全權信託持有。根據 證券及期貨條例，HSBC International Trustee Limited 為該信託之信托人。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS (Continued)

Long positions in shares of the Company (Continued)

Notes:

1. W. S. Wong & Sons Company Limited was a company controlled by the Wong family and was interested in 195,338,803 shares in the Company.

Each of Levy Investment Limited and Salop Investment Limited owned 19% of W. S. Wong & Sons Company Limited, and was in turn wholly owned by Batsford Limited. Accordingly, W. S. Wong & Sons Company Limited was regarded as a controlled corporation of Batsford Limited (by virtue of the SFO). The references to 195,338,803 shares interested by W. S. Wong & Sons Company Limited (as disclosed herein) and deemed to be interested by Batsford Limited (as disclosed in Note 4(c) below) relate to the same block of shares.

1. Please see Note 1(b) under the section headed “Interests of Directors and chief executives”.

2. HSBC International Trustee Limited was deemed (by virtue of the SFO) to be interested in 40,957,546 shares in the Company. These shares were held in the following capacity:

3. (a) 17,584,960 shares were held by Levy Pacifi c Limited (which was wholly owned by HSBC International Trustee Limited) under a discretionary trust, of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO) and HSBC International Trustee Limited was the trustee (by virtue of the SFO). The references to 17,584,960 shares deemed to be interested by HSBC International Trustee Limited (as disclosed herein) and Mr. Wong Chung Yin, Michael (as disclosed in Note 6(b) below) relate to the same block of shares.

4. (b) 11,357,150 shares were held by Floral Inc. (which was wholly owned by HSBC International Trustee Limited) under a discretionary trust of which HSBC International Trustee Limited was the trustee (by virtue of the SFO).

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 27

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主要股東之權益（續）

於本公司股份之好倉（續）

附註：（續）

• (c) 12,015,436 股股份由 Sycamore Assets Limited（該公司由 HSBC International Trustee Limited 全資擁有）根據一項全 權信託持有。根據證券及期貨條例， HSBC International Trustee Limited 為該 信託之信託人。

• Batsford Limited 被視為（根據證券及期貨條 例）於本公司 270,949,502 股股份中持有權 益。該等股份透過以下身份持有：

• (a) 74,810,699 股股份由 Salop Investment Limited（該公司由 Batsford Limited 全資 擁有）根據一項全權信託持有。根據證 券及期貨條例，王忠秣先生被視為該信 託之創辦人，而王賢敏小姐被視為其中 一名受益人。請參閱「董事及主要行政 人員之權益」一節附註 1(b)。

• (b) 800,000 股股份由 Levy Investment Limited（該公司由 Batsford Limited 全 資擁有）根據一項全權信託持有。根據 證券及期貨條例，王忠梴先生被視為 該信託之創辦人。在此提述被視為由 Batsford Limited（於本段披露）及王忠梴 先生（於下文附註 6(a) 披露）持有權益之 800,000 股股份乃屬於同一批股份。

• (c) 195,338,803 股股份由王華湘父子有限 公司持有權益。根據證券及期貨條例， 該公司被視為Batsford Limited之受控制 法團。請參閱上文附註 1。

• 請參閱「董事及主要行政人員之權益」一節附 註 2(c)。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS (Continued)

Long positions in shares of the Company (Continued)

Notes: (Continued)

• (c) 12,015,436 shares were held by Sycamore Assets Limited (which was wholly owned by HSBC International Trustee Limited) under a discretionary trust of which HSBC International Trustee Limited was the trustee (by virtue of the SFO).

• Batsford Limited was deemed (by virtue of the SFO) to be interested in 270,949,502 shares in the Company. These shares were held in the following capacity:

• (a) 74,810,699 shares were held by Salop Investment Limited (which was in turn wholly owned by Batsford Limited) under a discretionary trust, of which Mr. Wong Chung Mat, Ben was regarded as the founder and Ms. Wong Yin Man, Ada was regarded as one of the benefi ciaries (by virtue of the SFO). Please see Note 1(b) under the section headed “Interests of Directors and chief executives”.

• (b) 800,000 shares were held by Levy Investment Limited (which was in turn wholly owned by Batsford Limited) under a discretionary trust, of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO). The references to 800,000 shares deemed to be interested by Batsford Limited (as disclosed herein) and Mr. Wong Chung Yin, Michael (as disclosed in Note 6(a) below) relate to the same block of shares.

• (c) 195,338,803 shares were interested by W. S. Wong & Sons Company Limited, which was regarded as a controlled corporation of Batsford Limited (by virtue of the SFO). Please see Note 1 above.

• Please see Note 2(c) under the section headed “Interests of Directors and chief executives”.

28 王氏國際（集團）有限公司 ■ 二零零七年年報

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主要股東之權益（續）

於本公司股份之好倉（續）

附註：（續）

1. 王忠梴先生被視為（根據證券及期貨條例）於 本公司 29,683,960 股股份中持有權益。該等 股份透過以下身份持有：

2. (a) 800,000 股股份由 Levy Investment Limited（該公司由 Batsford Limited 全資 擁有）根據一項全權信託持有。根據證 券及期貨條例，王忠梴先生被視為信託 之創辦人。請參閱上文附註 4(b)。

3. (b) 17,584,960股股份由Levy Pacifi c Limited 根據一項全權信託持有。根據證券及期 貨條例，王忠梴先生被視為該信託之 創辦人。根據證券及期貨條例，HSBC International Trustee Limited 為信託 人。請參閱上文附註 3(a)。

4. (c) 11,299,000 股股份代表 The Pacifi c Way Unit Trust 持有。就同一批股份而言， 根據證券及期貨條例，王忠梴先生被視 為一項全權信託之創辦人。

除披露者外，於二零零七年十二月三十一 日，董事並不知悉任何其他人士於本公司股 份或相關股份中擁有須記錄於證券及期貨條 例第 336 條規定置存之記錄冊內之權益或淡 倉。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS (Continued)

Long positions in shares of the Company (Continued)

Notes: (Continued)

1. Mr. Wong Chung Yin, Michael was deemed (by virtue of the SFO) to be interested in 29,683,960 shares in the Company. These shares were held in the following capacity:

2. (a) 800,000 shares were held by Levy Investment Limited (which was in turn wholly owned by Batsford Limited) under a discretionary trust, of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO). Please see Note 4(b) above.

3. (b) 17,584,960 shares were held by Levy Pacific Limited under a discretionary trust, of which Mr. Wong Chung Yin, Michael was regarded as the founder (by virtue of the SFO) and HSBC International Trustee Limited was the trustee (by virtue of the SFO). Please see Note 3(a) above.

4. (c) 11,299,000 shares were held for The Pacifi c Way Unit Trust. Mr. Wong Chung Yin, Michael was regarded as the founder of the discretionary trust (by virtue of the SFO) in relation to the same block of shares.

Save as disclosed, the Directors are not aware of any other persons who, as at 31st December, 2007, had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 29

董事會報告書 Directors’ Report

購股權

SHARE OPTIONS

於本年度開始及終結時，並無尚未行使之購 股權。

There were no outstanding options at the beginning and at the end of the year.

截至二零零七年十二月三十一日止年度內並 無已授出、已行使、已註銷或失效之購股權。

During the year ended 31st December, 2007, no options were granted, exercised, cancelled or lapsed.

僱員購股權計劃概要

SUMMARY OF THE EMPLOYEE SHARE OPTION SCHEME

根據上市規則，披露於二零零零年七月三十 日生效之僱員購股權計劃（「計劃」）概要如 下：

A summary of the Employee Share Option Scheme (the “Scheme”) which came into effect on 30th July, 2000, disclosed in accordance with the Listing Rules is as follows:

計劃

The Scheme

1. 計劃之目的 作為給予僱員之獎勵 Purpose of the Scheme As incentive to employees

2. 計劃之參與者 Participants of the Scheme

合資格僱員（包括本公司或任何附屬公司之任何執行董事，以及為向本公 司或附屬公司提供全職或大部分全職服務而僱用之本公司或任何附屬公 司之任何高級行政人員、主任或僱員）

Eligible employees including any executive director of the Company or any subsidiary, and any senior executive, offi cer or employee of the Company or any subsidiary employed to render full-time or substantially full-time service to the Company or a subsidiary

1. 可根據計劃發行之股份總數，以及於本 46,692,179 股股份 (10%) 報告日期所佔已發行股本之百分比 46,692,179 shares (10%) Total number of shares available for issue under the Scheme and % of the issued capital that it represents as at the date of this Report

30 王氏國際（集團）有限公司 ■ 二零零七年年報

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僱員購股權計劃概要（續）

SUMMARY OF THE EMPLOYEE SHARE OPTION SCHEME (Continued)

		計劃
		The Scheme
4.	各參與者根據計劃之最高權益	根據計劃，概無參與者獲授予購股權，而將導致向有關參與者所發行或
	Maximum entitlement of each participant	可發行之股份數目超過當時根據計劃已發行或可予發行之股份總數之
	under the Scheme	10%。根據上市規則第17章，除非獲得股東批准，否則每名參與者在任
		何12個月內獲授出之購股權（包括已行使及未行使之購股權）予以行使時
		所發行及將發行之股份總數，不得超過已發行股本之1％。
		Under the Scheme, no participant shall be granted an option which would
		result in the number of shares issued or issuable to the relevant participant
		exceeding 10% of the aggregate number of the shares for the time being
		issued or issuable under the Scheme. Pursuant to Chapter 17 of the Listing
		Rules, the total number of shares issued and to be issued upon exercise
		of the options granted to each participant (including both exercised and
		outstanding options) in any 12-month period must not exceed 1% of the
		issued share capital, unless approved by shareholders.
5.	可根據購股權認購股份之期間	購股權可於董事就該購股權授出條款所指定之期間行使，惟不得早於授
	The period within which the shares must	出日期起計1年或遲於授出日期起計10年。
	be taken up under an option	An option may be exercised as specif ed by the Directors in relation to such
		option in its terms of grant which shall not be earlier than 1 year after its
		date of grant, nor be more than 10 years from its date of grant.

1. 購股權可獲行使前須持有之最短期限 （如有） The minimum period, if any, for which an option must be held before it can be exercised

不可於授出日期後 1 年內行使購股權。

No option shall be exercisable earlier than 1 year after its date of grant.

1. 申請或接納購股權須支付之款項（如 為接納獲授之購股權，須於作出授予購股權之要約日期起計 28 日（或董 有），及須或可能須於期間內付款或催 事酌情釐定之其他日子）內支付港幣 10 元予本公司，作為獲授購股權之 繳股款或必須償還就此作出之貸款 代價。 The amount, if any, payable on To accept the offer of the grant of an option, HK$10 as consideration for application or acceptance of the option the grant of an option must be paid to the Company within a period of 28 and the period within which payments or days (or otherwise at the Directors’ discretion) from the date upon which calls must or may be made or loans for an offer of the grant of an option is made. such purpose must be repaid

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 31

董事會報告書 Directors’ Report

僱員購股權計劃概要（續）

SUMMARY OF THE EMPLOYEE SHARE OPTION SCHEME (Continued)

• 計劃 The Scheme

• 1. 釐定行使價之基準 根據上市規則第 17 章，行使價須最少為下列各項之最高者： The basis of determining the exercise Pursuant to Chapter 17 of the Listing Rules the exercise price must be at price least the higher of:

• (a) 股份於授出日期（必須為營業日）於聯交所每日報價表之收市價；及 the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant, which must be a business day; and

• (b) 股份於緊接授出日期前五個營業日於聯交所每日報價表之平均收市 價。 the average closing price of the shares as stated in the Stock Exchange’s daily quotations sheets for the five business days immediately preceding the date of the grant.

根據計劃，行使價不得低於股份之面值。

Under the Scheme, the exercise price must not be below the nominal amount of the shares.

1. 計劃之剩餘年期 計劃將於二零一零年七月三十日營業時間結束時到期。 The remaining life of the Scheme The Scheme will expire at the close of business on 30th July, 2010.

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認購股份或債券之安排

除僱員購股權計劃外，本公司、其附屬公司 或其相關法團於本年度內概無訂立任何安 排，致使本公司之董事或主要行政人員或彼 等各自之聯繫人士可透過購入本公司或其相 聯法團之股份、相關股份或債券而獲取利益。

關連人士交易

倘綜合財務報表附註 34 內所述任何交易構成 關連交易，本公司則已遵守上市規則之有關 披露及批准規定（如有）。

董事享有權益之合約

於年底或年內任何時間，各董事並未在任何 與本公司或其任何附屬公司所訂立關乎本集 團業務之重大合約中取得任何直接或間接利 益。

董事服務合約

擬於應屆股東週年大會上提選連任之董事， 並無與本公司或其附屬公司訂立任何倘本公 司或其附屬公司不支付補償費用（法定補償除 外）則不得於一年內終止之服務合約。

集團借貸及利息資本化

於一年內償還或按通知償還之銀行貸款及透 支刊載於綜合財務報表附註 28 內，亦可在超 過一年償還之銀行貸款及其他借款亦刊載於 綜合財務報表附註 28 內。於年內，本集團並 無將利息撥作為資本。

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

Apart from the employee share option scheme, at no time during the year was the Company, its subsidiaries or its associated corporations a party to any arrangement to enable the Directors or chief executives of the Company or their respective associates to acquire benefi ts by an acquisition of shares or underlying shares in, or debentures of, the Company or its associated corporations.

RELATED PARTY TRANSACTIONS

Where any transaction mentioned in note 34 to the consolidated fi nancial statements constitutes a connected transaction, the disclosure and approval requirements, if any, under the Listing Rules have been complied with.

DIRECTORS’ INTERESTS IN CONTRACTS

No contracts of signifi cance in relation to the Group’s business to which the Company or any of its subsidiaries was a party and in which a Director had, whether directly or indirectly, a material interest subsisted at the end of the year or at any time during the year.

SERVICE CONTRACTS OF DIRECTORS

There is no service contract, which is not determinable by the Company or its subsidiaries within one year without payment of compensation (other than statutory compensation), with any Director proposed for re-election at the forthcoming annual general meeting.

GROUP BORROWINGS AND INTEREST CAPITALISED

Bank loans and overdrafts repayable within one year or on demand are set out in note 28 to the consolidated fi nancial statements. Bank loans and other borrowings repayable within a period of more than one year are set out in note 28 to the consolidated fi nancial statements. No interest was capitalised by the Group during the year.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 33

董事會報告書 Directors’ Report

足夠公眾持股量

根據本公司獲得之公開資料並就本公司董事 所知，於本報告日期，本公司相信，公眾所 持有之本公司證券數目高於有關方面規定之 最低百份比。

聯席核數師

於二零零五年十一月十七日，信永中和（香 港）會計師事務所有限公司（「信永中和（香 港）」）取代何錫麟會計師行（「何錫麟會計師 行」）出任本公司其中一名聯席核數師。何錫 麟會計師行已與中國信永中和會計師事務所 合併，因而成立信永中和（香港）。因此，何 錫麟會計師行已於二零零五年十一月十七日 辭任，而信永中和（香港）於同日獲委任以填 補臨時空缺。德勤 • 關黃陳方會計師行（「德 勤」）仍然留任為另一名聯席核數師。

於二零零六年八月二十一日，德勤辭任為其 中一名聯席核數師，而均富會計師行於二零 零六年九月一日獲委任以填補臨時空缺。信 永中和（香港）仍然留任為另一名聯席核數師。

聯席核數師均富會計師行及信永中和（香港） 任滿告退，備聘再任。

承董事會命

王忠秣

主席兼行政總裁

香港，二零零八年四月十五日

SUFFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and within the knowledge of the directors of the Company as at the date of this Report, the Company believes that the number of securities of the Company which are in the hands of the public is above the relevant prescribed minimum percentage.

JOINT AUDITORS

On 17th November, 2005, SHINEWING (HK) CPA Limited (“SHINEWING (HK)”) replaced Ho and Ho & Company (“Ho & Ho”) as one of the joint auditors of the Company. SHINEWING (HK) was established as Ho & Ho has joined SHINEWING Certifi ed Public Accountants in China. Accordingly, Ho & Ho resigned on 17th November, 2005 and SHINEWING (HK) was appointed on the same day to fill the casual vacancy. Deloitte Touche Tohmatsu (“Deloitte”) remained as the other joint auditors.

On 21st August, 2006, Deloitte resigned as one of the joint auditors and Grant Thornton was appointed on 1st September, 2006 to fi ll the casual vacancy. SHINEWING (HK) remained as the other joint auditors.

The joint auditors, Grant Thornton and SHINEWING (HK), retire and, being eligible, offer themselves for re-appointment.

On behalf of the Board

WONG CHUNG MAT, BEN

Hong Kong, 15th April, 2008

34 王氏國際（集團）有限公司 ■ 二零零七年年報

企業管治報告書 Corporate Governance Report

本公司致力制定良好的企業管治常規守則及 程序，所遵行的企業管治原則著重高質素之 董事會、健全之內部監控，以及對全體股東 之透明度及問責性。

The Company is committed to the establishment of good corporate governance practices and procedures. The corporate governance principles of the Company emphasize a quality board, sound internal control, transparency and accountability to all shareholders.

董事認為，截至二零零七年十二月三十一日 止年度內，本公司已遵守香港聯合交易所有 限公司證券上市規則（「上市規則」）（附錄 14 所載「企業管治常規守則」）（「守則」）之守則條 文，惟以下兩項則除外：(a) 主席及行政總裁 之職位由同一人擔任，這與守則條文第 A.2.1 條有所偏離；及 (b) 獨立非執行董事之委任並 無固定任期，惟須根據本公司細則於股東週 年大會上輪值告退及膺選連任，這與守則條 文第 A.4.1 條有所偏離。

In the opinion of the Directors, during the year ended 31st December, 2007, the Company has complied with the code provisions of the “Code on Corporate Governance Practices” (the “Code”) as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), except that (a) the positions of Chairman and Chief Executive Offi cer were occupied by the same person, which deviates from code provision A.2.1; and (b) the Independent Nonexecutive Directors are not appointed for a specifi c term but are subject to retirement by rotation and re-election at annual general meetings of the Company in accordance with the Bye-laws of the Company, which deviates from code provision A.4.1.

董事之證券交易

DIRECTORS’ SECURITIES TRANSACTION

本公司已採納上市規則附錄 10 所載之上市 公司董事進行證券交易的標準守則（「標準守 則」）之規定標準。經向所有董事作出特定查 詢後，所有董事確認於截至二零零七年十二 月三十一日止年度內已遵守標準守則所載之 規定。

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules. Having made specifi c enquiry of all Directors, all Directors confi rmed that they had complied with the required standard set out in the Model Code during the year ended 31st December, 2007.

董事會

BOARD OF DIRECTORS

董事會（「董事會」）主要負責制定企業策略、 通過業務計劃及監管本公司之財政及管理表 現。董事會會議上討論之事項包括制定本集 團策略及政策；批准重大業務、管理及財政 事宜、年度預算、主要收購事項、出售事項 及資本承諾；批准有關本公司組織章程及股 本之事宜，以及更換董事會成員及核數師； 成立董事委員會；審閱企業管治及維持良好 的內部監控制度。

The Board of Directors (the “Board”) is mainly responsible for formulating corporate strategies, approving business plans and supervising the Company’s fi nancial and management performance. Matters which may be discussed in Board meetings include the formulation of the Group’s strategies and policies; approval of significant business, management and fi nancial matters, annual budgets, major acquisitions, disposals and capital commitments; approval of matters relating to the Company’s constitution and share capital, and change of board members and auditors; establishment of board committees; review of corporate governance and the maintenance of a sound internal control system.

董事會向管理層指派多項特定責任，當中包 括編製賬目以供董事會批准；實行董事會所 批准之策略及政策；日常監控預算；實行特定 業務及工作項目；實行企業管治及內部監控 程序以及其他遵例事宜。管理層定期向董事 會提呈報告以供審閱及作出指引。

The Board delegates specifi c tasks to the management, which includes the preparation of accounts for the Board’s approval; implementation of strategies and policies approved by the Board; day-to-day monitoring of budgets; implementation of specific business and work projects; implementation of corporate governance and internal control procedures and other compliance matters. Management presents regular reports to the Board for their review and guidance.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 35

企業管治報告書 Corporate Governance Report

董事會（續）

BOARD OF DIRECTORS (Continued)

董事會現時由六名執行董事及三名獨立非執 行董事組成。董事之履歷詳情（包括董事會成 員間之關係）刊載於本年報第18頁至22頁內。

The Board currently comprises six Executive Directors and three Independent Non-executive Directors. The biographical details of the Directors (including relationships among the members of the Board) are set out on pages 18 to 22 of this Annual Report.

董事會大約每三個月舉行一次董事會定期會 議，每年至少舉行四次，以討論本公司之整 體策略、經營及財政狀況。除董事會定期會 議外，董事會亦不時舉行會議，以審閱管理 層獲指派事務之進度，以及處理董事會定期 會議之間之任何重大發展及變動。截至二零 零七年十二月三十一日止年度內舉行之董事 會會議總數為十二次。

The Board holds at least four regular Board meetings at approximately quarterly intervals to discuss the overall strategy, operation and fi nancial performance of the Company. In addition to the regular Board meetings, the Board also meets from time to time to review the progress of the matters delegated to the management and any major developments or changes taken place during the intervals between regular Board meetings. The total number of Board meetings held during the year ended 31st December, 2007 was twelve.

四次董事會定期會議之董事出席率如下：

The attendance of the Directors at four regular Board meetings were as follows:

		出席率
		Attendance
執行董事	Executive Directors
王忠秣先生（主席兼行政總裁）	Mr. Wong Chung Mat, Ben_(Chairman and Chief Executive Off cer)_4/4
王忠椏先生	Mr. Wong Chung Ah, Johnny	4/4
陳子華先生	Mr. Chan Tsze Wah, Gabriel	4/4
譚靜安先生	Mr. Tan Chang On, Lawrence	2/4
溫民強先生	Mr. Wan Man Keung	4/4
王賢敏小姐	Ms. Wong Yin Man, Ada	4/4
獨立非執行董事	Independent Non-executive Directors
李家祥博士	Dr. Li Ka Cheung, Eric	4/4
楊孫西博士	Dr. Yu Sun Say	3/4
葉天養先生	Mr. Alfred Donald Yap	3/4

36 王氏國際（集團）有限公司 ■ 二零零七年年報

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董事會（續）

BOARD OF DIRECTORS (Continued)

於舉行董事會會議前，董事會獲提供所有所 需資料以考慮將予討論之事項。隨後會就所 有董事會會議發出正式議程。季度董事會會 議於財政年度開始時排定，確保最多董事可 以出席。於董事會會議進行之所有業務均載 入有關會議之會議記錄。董事會若干決定乃 以全體董事通過書面決議案之方式作出。所 有董事會成員可向公司秘書尋求意見及獲取 服務。倘有需要，董事亦可向外尋求專業意 見，費用由本公司支付。

Before the holding of a Board meeting, the Board is supplied with all necessary information to enable it to consider the matters to be discussed. A formal agenda is followed in all Board meetings. The quarterly Board meetings are scheduled at the beginning of the fi nancial year in order to ensure maximum attendance by Directors. All business transacted at the Board meetings is documented in the minutes of such meeting. Some Board decisions are made by way of written resolutions of all Directors. All Board members have access to the advice and services of the Company Secretary. If necessary, Directors also have access to external professional advice at the expense of the Company.

主席及行政總裁

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

王忠秣先生為本集團主席兼行政總裁，自二 零零三年二月起一直兼任這兩個職位。在容 許兩個職位由同一人擔任時，本公司已考慮 以下事項：

Mr. Wong Chung Mat, Ben is the Group’s Chairman and Chief Executive Officer and has occupied these two positions since February 2003. In allowing the two positions to be occupied by the same person, the Company has considered the following:

• (a) 兩個職位均須對本集團業務具備透徹了 解及豐富經驗。本集團內外均難以遇到 同時具備合適知識、經驗及領導才能之 人選。倘任何一個職位由不符合資格之 人士擔任，可能會拖累本集團之表現。

• (a) Both positions require in-depth knowledge and considerable experience of the Group’s business. Candidates with the suitable knowledge, experience and leadership are difficult to find both within and outside the Group. If either of the positions is occupied by an unqualifi ed person, the Group’s performance could be gravely compromised.

• (b) 本公司相信，董事會及其獨立非執行董 事之監察可提供一個有效之制衡機制， 並確保可足夠代表股東利益。

• (b) The Company believes that the supervision of the Board and its Independent Non-executive Directors can provide an effective check and balance mechanism and ensures that the interests of the shareholders are adequately represented.

非執行董事

NON-EXECUTIVE DIRECTORS

本公司認為獨立非執行董事由工業、財務及 法律專才組成，能夠就制定策略及其他財政 或監管規定向董事會及管理層提供意見。根 據上市規則之規定，獨立非執行董事已分別 向本公司提供有關其獨立性之年度確認書。 本公司認為所有獨立非執行董事均具獨立性。

The Company is satisfied that its Independent Non-executive Directors comprise a good mix of industrial, fi nancial and legal expertise to advise the Board and the management team on strategy formulation and other financial or regulatory requirements. Pursuant to the requirement in the Listing Rules, each of the Independent Non-executive Directors has provided an annual confi rmation of independence to the Company. The Company considers all of the Independent Non-executive Directors to be independent.

本公司現有非執行董事概無固定任期。然 而，本公司各董事現時須根據本公司細則第 112 條輪值告退。由此，本公司認為已採取 足夠措施，確保本公司之企業管治常規不遜 於守則所載者。

None of the existing Non-executive Directors of the Company is appointed for a specific term. However, every Director of the Company is now subject to retirement by rotation under Bye-law 112 of the Bye-laws of the Company. As such, the Company considers that suffi cient measures have been taken to ensure that the Company’s corporate governance practices are no less exacting than those in the Code.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 37

企業管治報告書 Corporate Governance Report

董事之薪酬

REMUNERATION OF DIRECTORS

本公司已成立薪酬委員會，由兩名獨立非執 行董事（楊孫西博士（其為薪酬委員會主席）及 葉天養先生）及一名執行董事（陳子華先生）組 成。

The Company has established a Remuneration Committee which comprises two Independent Non-executive Directors (Dr. Yu Sun Say, who is the Chairman of the Remuneration Committee and Mr. Alfred Donald Yap) and one Executive Director (Mr. Chan Tsze Wah, Gabriel).

薪酬委員會之主要責任包括制定本集團之薪 酬政策、通過或建議執行董事及高級管理層 之薪酬組合，並按照企業目標及宗旨審閱及 批准按表現為衡量基準之薪酬。

The principal responsibilities of the Remuneration Committee include the formulation of the Group’s remuneration policy, the approval or recommendation of remuneration packages for the Executive Directors and the senior management, and the review and approval of performancebased remuneration by reference to corporate goals and objectives.

薪酬委員會於截至二零零七年十二月三十一 日止年度內已舉行一次會議，而若干決定乃 以全體成員通過書面決議案方式作出，以審 閱及批准執行董事及高級管理層之薪酬，包 括薪金及花紅。

During the year ended 31st December, 2007, the Remuneration Committee held one meeting and made some decisions by way of written resolutions of all members to review and approve the remuneration, including salary and bonus, of the Executive Directors and senior management.

該次會議之薪酬委員會成員出席率如下：

The attendance of the Remuneration Committee members at this meeting was as follows:

		出席率
		Attendance
獨立非執行董事	Independent Non-executive Directors
楊孫西博士（主席）	Dr. Yu Sun Say_(Chairman)_	1/1
葉天養先生	Mr. Alfred Donald Yap	1/1
執行董事	Executive Directors
陳子華先生	Mr. Chan Tsze Wah, Gabriel	0/1

本公司之薪酬政策乃設立並維持合適及具競 爭力之酬金以吸引、挽留及激勵僱員成功推 動本集團業務。董事之酬金乃根據各董事預 計所需付出之時間及努力、彼等於本公司之 職責、本公司之薪酬政策及市場價格作基準。

The Company’s remuneration policy is to establish and maintain an appropriate and competitive level of remuneration to attract, retain and motivate employees to run the Group successfully. The emoluments of Directors are based on the anticipated time and effort required from each Director, duties and responsibilities with the Company, the Company’s remuneration policy and market benchmark.

提名董事

NOMINATION OF DIRECTORS

本公司並無成立提名委員會。所有本公司董 事均有責任就提名及委任董事以及董事繼任 人選，向董事會作出推薦建議，並委任具有 合適經驗及能力之董事會成員，以維持及改 善本公司之競爭力。

The Company has not established a Nomination Committee. All Directors of the Company are responsible for making recommendations to the Board on nomination and appointment of Directors and Board succession, with a view to appoint to the Board individuals with suitable experience and capabilities to maintain and improve the competitiveness of the Company.

38 王氏國際（集團）有限公司 ■ 二零零七年年報

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提名董事（續）

NOMINATION OF DIRECTORS (Continued)

在個別董事作出推薦建議後，董事會對有關 人選之專業背景、經驗及往績記錄作出考 慮。董事會亦考慮管理層及認識該人選之其 他人士所作出之推薦建議。其後，董事會舉 行會議以討論該等提名，倘適合，則通過委 任有關人選為董事。

Following recommendations by individual Directors, the Board considers the professional background, experience and track records of the relevant candidates. The Board also considers the recommendations from the management team and other individuals who know the candidates. Subsequently, the Board meets to discuss the nominations and if appropriate, approve the appointment of the relevant candidates as Directors.

內部監控

INTERNAL CONTROL

董事會對維持本集團穩健有效之內部監控負 有整體責任，並透過審核委員會檢討內部 監控之有效性。內部審核部門對本集團之內 部監控系統定期進行內部檢討，當中包括財 務、營運、合規監控及風險管理功能。監管 委員會由本集團行政人員組成，彼等定期開 會，檢討內部審核部門進行內部審核工作之 發現及意見，並提出相關建議。委員會之行 政人員亦確保監控弱點已向有關部門有效溝 通，並監察有關部門其後就其建議作出之行 動。內部審核部門將向監督本集團內部監控 有效性之審核委員會匯報其發現及意見。

The Board has overall responsibility for maintaining sound and effective internal controls of the Group and reviewing its effectiveness through the Audit Committee. The Internal Audit Department conducts regular internal reviews of the Group’s internal control system covering the financial, operational, and compliance controls and risk management functions. The Compliance Committee which comprises the executives of the Group meets regularly to review the findings and opinions of internal audits conducted by the Internal Audit Department and makes the relevant recommendations. The executives from the Committee will also ensure the control weaknesses are effectively communicated to the relevant departments and monitor the follow-up actions in response to its recommendations. The Internal Audit Department will also report their findings and advice to the Audit Committee which oversees the effectiveness of the Group’s internal control.

本集團內部監控系統旨在就提供合理而非絕 對之保障，以防範出現重大錯誤陳述或損 失，並管理而非消除營運系統失效之風險， 從而令本集團可達到其目標。於二零零七年 度，董事會並無識別到任何重大之內部監控 弱點。審核委員會對目前已就鑒別、評估及 管理本集團所面對風險設定之持續進行程序 感到滿意。

The purpose of the Group’s internal control is to provide reasonable, but not absolute assurance against material misstatement or loss and to manage rather than eliminate risks of failure in operational system so that the Group’s objectives can be reached. For the year of 2007, the Board has not identified any critical internal control weaknesses. The Audit Committee is satisfi ed that there is an ongoing process in place for identifying, evaluating and managing the signifi cant risks faced by the Group.

核數師酬金

AUDITORS’ REMUNERATION

截至二零零七年十二月三十一日止年度，就 審核服務已付或應付聯席核數師均富會計師 行及信永中和（香港）會計師事務所有限公司 之酬金為港幣2,280,000元。截至二零零七年 十二月三十一日止年度內，概無支付非審核 服務費用予聯席核數師。

For the year ended 31st December, 2007, the remuneration paid or payable to the joint auditors, Grant Thornton and SHINEWING (HK) CPA Limited, for audit services amounted to HK$2,280,000. During the year ended 31st December, 2007, no payments for non-audit services to the joint auditors were made.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 39

企業管治報告書 Corporate Governance Report

審核委員會

AUDIT COMMITTEE

本公司已成立審核委員會，由三名獨立非執 行董事包括李家祥博士（審核委員會主席）、 楊孫西博士及葉天養先生組成。

The Company has established an Audit Committee which comprises three Independent Non-executive Directors, namely, Dr. Li Ka Cheung, Eric (the Chairman of the Audit Committee), Dr. Yu Sun Say and Mr. Alfred Donald Yap.

審核委員會之主要職責包括監察本集團之財 務報告系統及內部監控程序、審閱本集團之 財務資料及檢討與本公司核數師之關係。

The principal duties of the Audit Committee include the oversight of the Group’s fi nancial reporting system and internal control procedures, review of the Group’s fi nancial information and review of the relationship with the auditors of the Company.

截至二零零七年十二月三十一日止年度內， 審核委員會與外聘核數師會面三次，並已 審閱本集團採納之會計原則及慣例，討論核 數、內部監控及財務申報事宜，包括審閱本 集團二零零六年全年業績及二零零七年中期 業績。審核委員會亦已審閱本集團截至二零 零七年十二月三十一日止年度之經審核財務 報表。

The Audit Committee met with the external auditors three times during the year ended 31st December, 2007 and reviewed the accounting principles and practices adopted by the Group, discussed auditing, internal control and fi nancial reporting matters including a review of the 2006 fi nal results and 2007 interim results of the Group. It has reviewed the audited fi nancial statements of the Group for the year ended 31st December, 2007.

該三次會議之審核委員會成員出席率如下：

The attendance of the Audit Committee members at three meetings were as follows:

		出席率
		Attendance
獨立非執行董事	Independent Non-executive Directors
李家祥博士（主席）	Dr. Li Ka Cheung, Eric_(Chairman)_	3/3
楊孫西博士	Dr. Yu Sun Say	3/3
葉天養先生	Mr. Alfred Donald Yap	2/3
董事及聯席核數師對賬目之責任	DIRECTORS’ AND JOINT AUDITORS’ RESPONSIBILITIES
	FOR ACCOUNTS
有關董事及聯席核數師編製本集團綜合財務	The responsibilities of the Directors and the joint auditors for preparing
報表之責任刊載於本年報第43頁至44頁之	the consolidated financial statements of the Group are set out in the
「獨立聯席核數師報告書」。	“Independent Joint Auditors’ Report” on pages 43 to 44 of this Annual
	Report.

40 王氏國際（集團）有限公司 ■ 二零零七年年報

管理層討論及分析 Management Discussions and Analyses

於二零零七年十二月三十一日，本集團之總 資產達港幣1,679,492,000元，較去年減少港 幣 231,054,000 元。總資產變化之明細如下：

The Group’s total assets as at 31st December, 2007 amounted to HK$1,679,492,000 which is HK$231,054,000 lower compared with last year. The breakdown of the change in total assets is as below:

	增加╱（減少）	增加╱（減少）
	Increase / (Decrease)
		港幣千元
		HK$’000
投資物業	Investment properties	31,500
物業、廠房及設備及預付租賃款項	Property, plant and equipment and prepaid lease payments	(10,671)
於聯營公司之權益	Interests in associates	(36,381)
開發成本資本化	Development costs capitalised	(1,870)
存貨	Inventories	(42,783)
貿易及其他應收賬款	Trade and other receivables	(134,248)
訂金及預付款項	Deposits and prepayments	15,034
銀行結餘及現金	Bank balances and cash	(50,681)
其他	Sundries	(954)
		(231,054)

投資物業增加主要是由於年內已確認公平價 值增加所致。

The increase in investment properties represented the appreciation in their fair value recognised during the year.

物業、廠房及設備及預付租賃款項之減少凈 額，主要為年內約港幣 68,000,000 元之折 舊開支超過年內所收購之廠房及設備約港幣 50,000,000 元之新附加成本，以及國外業務 中物業、廠房及設備之匯兌收益。

The net decrease in property, plant and equipment and prepaid lease payments represented mainly the excess of the depreciation charge for the year of about HK$68 million over the cost of new additional plant and equipment acquired during the year of HK$50 million and the exchange gain on translation of property, plant and equipment of foreign operations.

於聯營公司之權益減少主要是由於聯營公司 償還貸款約港幣 27,000,000 元，以及支付股 息約港幣 12,000,000 元。上述減少之影響部 分被本集團年內應佔一間聯營公司之溢利所 抵銷。

The decrease in interests in associates was mainly caused by the repayment of loans and dividend paid by associated companies of about HK$27 million and HK$12 million respectively. The effect of the above decreases was partly offset by the Group’s share of profi t of an associated company for the year.

開發成本資本化乃指原設計及市場推廣部門 開發新產品產生之成本，該等成本預期透過 日後之銷售活動之溢利收回。

Development costs capitalised represented the cost of development of new products incurred by the Original Design and Marketing Division, the recovery of which is anticipated to be realised through future benefi ts from sales activities.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 41

管理層討論及分析 Management Discussions and Analyses

存貨減少，主要反映本集團加緊存貨控制之 成果，以及減少手中持有存貨之決心。

貿易及其他應收賬款大幅减少，主要由於二 零零六年年報所載列為未償付之多名客戶之 應收及應付賬款互抵銷逾港幣 113,000,000 元所致。本年內，銷售收益之減少亦導致二 零零七年底貿易及其他應收賬款期末結餘減 少。

二零零七年訂金及預付款項增加主要為本 集團沙井之工廠為新項目購買總額為港幣 17,000,000 元之工具及製造裝置所致。此 外，增加亦是由於在越南購買兩塊土地以建 設新廠房之訂金港幣 3,000,000 元所致。然 而，整體增加已被沙井當地之電力供應支付 訂金而部份抵銷。

The decrease in inventories mainly reflected the Group’s effort in tightening its inventory control and our determination to reduce our carrying inventory on hand.

The substantial decrease in trade and other receivables was principally due to our off-setting settlement of more than HK$113 million between accounts receivables and payables among several customers which were outstanding as stated in our 2006 annual report. The decline in our sales revenue during the year also contributes to the decrease in our ending balance of trade and other receivables at the year-end of 2007.

The increase in deposits and prepayment in 2007 was mainly due to increase in purchase of tooling and manufacturing fi xtures in an amount of HK$17 million for new projects in our Shajing’s factory. In addition, the increase also represented a deposit of HK$3 million on purchase of two parcels of land in Vietnam to build a new manufacturing factory. However, the overall increase was partially offset by the settlement of deposits for electricity supplied by Shajing local city.

42 王氏國際（集團）有限公司 ■ 二零零七年年報

獨立聯席核數師報告書 Independent Joint Auditors’ Report

==> picture [103 x 59] intentionally omitted <==

致王氏國際（集團）有限公司各股東 （於百慕達註冊成立之有限公司）

本聯席核數師已將刊於第 45 頁至第 124 頁內 之王氏國際（集團）有限公司（「貴公司」）及其 附屬公司（統稱為「貴集團」）之綜合財務報表 審核完竣。綜合財務報表包括於二零零七年 十二月三十一日之綜合資產負債表，以及截 至該日止年度之綜合收益表、綜合股本變動 表及綜合現金流量表連同主要會計政策摘要 及其他附註解釋。

董事就綜合財務報表之責任

貴公司之董事須根據由香港會計師公會頒佈 之香港財務報告準則及香港公司條例之披 露規定編製及真實與公正地列報綜合財務報 表。此責任包括設計、實施及維持與編製及 真實而公正地列報綜合財務報表相關的內部 監控，以使綜合財務報表不存在由於欺詐或 錯誤而導致的重大錯誤陳述；選擇及應用適 當之會計政策；及按情況下作出合理之會計 估計。

聯席核數師之責任

本聯席核數師之責任是根據審核工作之結 果，對該等綜合財務報表作出獨立意見，並 根據百慕達一九八一年公司法第 90 條之規 定，將此意見僅向整體股東報告，不作其他 用途。本聯席核數師並不就本報告之內容向 任何其他人士負上責任或承擔法律責任。

本聯席核數師乃根據香港會計師公會頒佈之 香港審計準則進行審核工作。該準則要求本 聯席核數師遵守道德規範，並策劃及執行審 核，以合理確定該等綜合財務報表是否不存 在任何重大錯誤陳述。

==> picture [119 x 37] intentionally omitted <==

==> picture [26 x 24] intentionally omitted <==

Member of Grant Thornton International Ltd

TO THE SHAREHOLDERS OF WONG’S INTERNATIONAL (HOLDINGS) LIMITED (Incorporated in Bermuda with limited liability)

We have audited the consolidated financial statements of Wong’s International (Holdings) Limited (the “Company”) and its subsidiaries (collectively referred as the “Group”) set out on pages 45 to 124, which comprise the consolidated balance sheet as at 31st December, 2007, the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash fl ow statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory notes.

DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation and the true and fair presentation of these consolidated fi nancial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certifi ed Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of the consolidated fi nancial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

JOINT AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on these consolidated fi nancial statements based on our audit and to report our opinion solely to you, as a body in accordance with section 90 of the Bermuda Companies Act 1981, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certifi ed Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the

43

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007

獨立聯席核數師報告書 Independent Joint Auditors’ Report

聯席核數師之責任（續）

JOINT AUDITORS’ RESPONSIBILITY (Continued)

審核涉及執行程序以取得與綜合財務報表所 載數額及披露事項有關之審核憑證。所選 用之程序由聯席核數師作判斷，包括評估由 於欺詐或錯誤而導致綜合財務報表存有重大 錯誤陳述的風險。當聯席核數師作出該等風 險評估時，會考慮與 貴集團編製及真實與 公正地列報綜合財務報表相關之內部監控， 以設計適合當時情況之審核程序，但並非 就 貴集團整體之內部控制之成效發表意 見。審核亦包括評價董事所採用之會計政策 是否合適，及所作出之會計判斷是否合理， 以及評價綜合財務報表之整體呈列方式。

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated fi nancial statements. The procedures selected depend on the joint auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error. In making those risk assessments, the joint auditors consider internal control relevant to the Group’s preparation and true and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated fi nancial statements.

本聯席核數師相信所得到之審核憑證足夠及 適當，為核數意見建立合理之基礎。

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

意見

OPINION

本聯席核數師認為綜合財務報表已根據香港 財務報告準則，真實而公正地顯示 貴集 團於二零零七年十二月三十一日結算時之事 務，及截至該日止年度之溢利及現金流量， 並根據香港公司條例之披露規定而妥善編製。

In our opinion, the consolidated fi nancial statements give a true and fair view of the state of affairs of the Group as at 31st December, 2007 and of the Group’s profi t and cash fl ows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

信永中和（香港）會計師 均富會計師行 事務所有限公司 執業會計師 執業會計師 陳永傑 執業證書號碼：P03224

香港 香港 金鐘道 95 號 中環皇后大道中 15 號 統一中心 16 樓 置地廣場 告羅士打大廈 13 樓

香港，二零零八年四月十五日

SHINEWING (HK) CPA Limited Grant Thornton Certifi ed Public Accountants Certifi ed Public Accountants Chan Wing Kit Practising certifi cate number: P03224 16/F., United Centre 13th Floor, Gloucester Tower 95 Queensway The Landmark Hong Kong 15 Queen’s Road Central Hong Kong Hong Kong, 15th April, 2008

44 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合收益表 Consolidated Income Statement

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

附註 Notes	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
收益 Revenue 7 利息收入 Interest income 其他收入 Other income 製成品及在製品存貨之變動 Changes in inventories of f nished goods and work in progress 所使用之原料及消耗品 Raw materials and consumables used 員工成本 Staff costs 折舊 Depreciation 開發成本資本化之攤銷 Amortisation on development costs capitalised 21 預付租賃款項之攤銷 Amortisation on prepaid lease payments 投資物業公平價值之增加 Increase in fair value of investment properties 15 金融工具公平價值之變動 Fair value changes on f nancial instruments 其他經營支出 Other operating expenses 融資成本 Finance costs 9 一間聯營公司之商譽之 Impairment loss recognised in 已確認減值虧損 respect of goodwill of an associate 18 其他投資之已確認減值虧損 Impairment loss recognised in respect of other investments 20 列為可供出售之資產之 Impairment loss recognised 已確認減值虧損 in respect of asset classif ed as held for sale 25 應佔聯營公司業績 Share of results of associates 開發成本資本化之 Impairment loss recognised 已確認減值虧損 in respect of development costs capitalised 21 除稅前溢利 Prof t before taxation 10 稅項 Taxation 12 本年度溢利 Prof t for the year 以下項目應佔： Attributable to: 公司股份持有人 Equity holders of the Company 少數股東權益 Minority interests 股息 Dividends 13 每股盈利 Earnings per share 14 基本 Basic 攤薄 Diluted	3,363,777 3,713,784 5,009 3,951 20,581 16,310 1,906 (4,978) (2,727,070) (3,056,421) (290,763) (257,448) (67,739) (61,065) (8,702) (10,936) (2,166) (2,154) 31,500 3,440 1,422 (707) (218,465) (231,624) (22,850) (26,867) (1,990) – (3,104) – – (8,795) 2,299 2,526 (1,696) (753)
	81,949 78,263 (11,081) (16,320)
	70,868 61,943
	70,868 61,943 – –
	70,868 61,943
	14,008 23,347
	港幣HK$0.15元 港幣HK$0.13元
	不適用N/A 不適用N/A

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 45

綜合資產負債表 Consolidated Balance Sheet

於二零零七年十二月三十一日 At 31st December, 2007

附註 Notes	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
非流動資產 Non-current assets 投資物業 Investment properties 15 物業、廠房及設備 Property, plant and equipment 16 預付租賃款項 Prepaid lease payments 17 於聯營公司之權益 Interests in associates 18 可供出售投資 Available-for-sale investments 19 其他投資 Other investments 20 開發成本資本化 Development costs capitalised 21 遞延稅項資產 Deferred tax asset 29 流動資產 Current assets 預付租賃款項 Prepaid lease payments 17 存貨 Inventories 22 貿易及其他應收賬款 Trade and other receivables 23 儲稅券 Tax reserve certif cate 訂金及預付款項 Deposits and prepayments 銀行結餘及現金 Bank balances and cash 列為可供出售之資產 Asset classif ed as held for sale 25 流動負債 Current liabilities 貿易及其他應付賬款 Trade and other payables 26 應付票據 Bills payable 應付稅項 Tax payable 應付一間聯營公司款項 Amount due to an associate 27 衍生金融工具 Derivative f nancial instruments 24 一年內到期之銀行貸款 Bank borrowings due within one year 28 流動資產淨值 Net current assets 總資產減流動負債 Total assets less current liabilities 非流動負債 Non-current liabilities 一年後到期之銀行貸款 Bank borrowings due after one year 28 遞延稅項負債 Deferred tax liability 29 資本及儲備 Capital and reserves 股本 Share capital 30 儲備 Reserves 公司股份持有人應佔權益 Equity attributable to equity holders of the Company 少數股東權益 Minority interests	58,710 27,210 251,197 260,154 84,998 86,724 75,096 111,477 168 162 4,688 7,792 14,566 16,436 2,642 1,884
	492,065 511,839
	2,166 2,154 317,581 360,364 621,376 755,624 5,943 4,557 38,514 23,480 195,846 246,527
	1,181,426 1,392,706 6,001 6,001
	1,187,427 1,398,707
	700,601 738,658 – 3,386 14,950 14,991 3,183 7,008 – 1,422 92,148 272,987
	810,882 1,038,452
	376,545 360,255
	868,610 872,094
	124,340 193,367 5,994 3,278
	130,334 196,645
	738,276 675,449
	46,692 46,692 691,584 628,412
	738,276 675,104 – 345
	738,276 675,449

載於第 45 至 124 頁之綜合財務報表已於二零 零八年四月十五日獲董事會批准及授權刊 發，並由下列董事代表簽署：

The consolidated fi nancial statements on pages 45 to 124 were approved and authorised for issue by the Board of Directors on 15th April, 2008 and are signed on its behalf by:

王忠秣 王忠椏 主席兼行政總裁 董事

WONG CHUNG MAT, BEN WONG CHUNG AH, JOHNNY Director

46 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合股本變動表

Consolidated Statement of Changes in Equity

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

	公司股份持有人應佔 Attributable to equity holders of the Company 資本 投資 贖回儲備 重估儲備 少數 股本 股份溢價 Capital 實繳盈餘 Investment 股息儲備 匯兌儲備 累計溢利 股東權益 Share Share redemption Contributed revaluation Dividend Translation Accumulated 總額 Minority 總額 capital premium reserve surplus reserve reserve reserve prof ts Total interests Total 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
於二零零六年一月一日 At 1st January, 2006 直接於股本內確認 Exchange difference 之匯兌差額 directly recognised in equity 可供出售投資公平 Fair value change on 價值變動 available-for-sale investments 直接於股本內確認 Net income recognised 之收入淨額 directly in equity 年內溢利 Prof t for the year 年內已確認收入 Total recognised income （開支）總額 (expenses) for the year 二零零六年建議 Proposed f nal dividend 末期息 for 2006 已付股息 Dividends paid －二零零五年末期股息 – for 2005 f nal dividend －二零零六年中期股息 – for 2006 interim dividend 於二零零六年 At 31st December, 十二月三十一日及 2006 and 二零零七年一月一日 1st January, 2007 直接於股本內確認 Exchange difference directly 之匯兌差額 recognised in equity 可供出售投資公平 Fair value change on 價值變動 available-for-sale investments 直接於股本內確認 Net income recognised 之收入淨額 directly in equity 年內溢利 Prof t for the year 撇銷一間附屬公司 Deregistration of a subsidiary 年內已確認收入 Total recognised income （開支）總額 (expenses) for the year 二零零七年建議末期息 Proposed f nal dividend for 2007 已付股息 Dividends paid －二零零六年末期股息 – for 2006 f nal dividend －二零零七年中期股息 – for 2007 interim dividend 於二零零七年 At 31st December, 十二月三十一日 2007	46,692 148,864 345 331,559 63 9,339 (61,118) 153,721 629,465 345 629,810
	– – – – – – 2,437 – 2,437 – 2,437 – – – – (63) – – – (63) – (63)
	– – – – (63) – 2,437 – 2,374 – 2,374 – – – – – – – 61,943 61,943 – 61,943
	– – – – (63) – 2,437 61,943 64,317 – 64,317 – – – – – 14,008 – (14,008) – – – – – – – – (9,339) – – (9,339) – (9,339) – – – – – – – (9,339) (9,339) – (9,339)
	46,692 148,864 345 331,559 – 14,008 (58,681) 192,317 675,104 345 675,449
	– – – – – – 10,978 – 10,978 – 10,978 – – – – 3 – – – 3 – 3
	– – – – 3 – 10,978 – 10,981 – 10,981 – – – – – – – 70,868 70,868 – 70,868 – – – – – – – – – (345) (345)
	– – – – 3 – 10,978 70,868 81,849 (345) 81,504 – – – – – 9,339 – (9,339) – – – – – – – – (14,008) – – (14,008) – (14,008) – – – – – – – (4,669) (4,669) – (4,669)
	46,692 148,864 345 331,559 3 9,339 (47,703) 249,177 738,276 – 738,276

附註：

Note:

本集團之實繳盈餘為本集團於一九九零年重組時 所收購附屬公司股份之面值與本公司就收購而發 行股份之面值兩者之差額。

The contributed surplus of the Group represents the difference between the nominal value of the shares of the acquired subsidiaries, and the nominal value of the Company’s shares issued for the acquisition at the time of the Group’s reorganisation in 1990.

47

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007

綜合現金流量表 Consolidated Cash Flow Statement

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

營業活動 Operating activities 除稅前溢利 Prof t before taxation 就下列各項調整： Adjustments for: 融資成本 Finance costs 應佔聯營公司業績 Share of results of associates 折舊 Depreciation 開發成本資本化之攤銷 Amortisation on development costs capitalised 預付租賃款項之攤銷 Amortisation on prepaid lease payments 金融工具公平價值之變動 Fair value changes on f nancial instruments 一間聯營公司之商譽之 Impairment loss recognised in respect of 已確認減值虧損 goodwill of an associate 其他投資之已確認減值虧損 Impairment loss recognised in respect of other investments 開發成本資本化之已確認 Impairment loss recognised in respect of 減值虧損 development costs capitalised 呆賬撥備 Allowance for doubtful debts －貿易及其他應收賬款 – trade and other receivables －應收聯營公司款項 – amounts due from associates 貿易及其他應付賬款之撇銷 Write off of trade and other payables 利息收入 Interest income 投資物業公平價值之增加 Increase in fair value of investment properties 出售物業、廠房及設備之虧損（淨額） Loss on disposal of property, plant and equipment, net 撇銷一間已撤銷附屬公司之收益 Gain on write off of a deregistered subsidiary 列為可供出售之資產之已 Impairment loss recognised in respect 確認減值虧損 of asset classif ed as held for sale 營運資金變動前之營業 Operating cash f ows before movements in 現金流量 working capital 存貨減少 Decrease in inventories 貿易及其他應收賬款減少（增加） Decrease (increase) in trade and other receivables 訂金及預付款項增加 Increase in deposits and prepayments 貿易及其他應付賬款（減少）增加 (Decrease) increase in trade and other payables 應付票據（減少）增加 (Decrease) increase in bills payable 營業所得現金 Cash generated from operations 已付香港利得稅 Hong Kong Prof ts Tax paid 已退回香港利得稅 Hong Kong Prof ts Tax refunded （已付）已退回其他司法管轄區稅款 Tax (paid) refunded in other jurisdictions 營業活動所得現金淨額 Net cash from operating activities	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
	81,949 78,263 22,850 26,867 (2,299) (2,526) 67,739 61,065 8,702 10,936 2,166 2,154 (1,422) 707 1,990 - 3,104 - 1,696 753 322 638 936 - (5,598) (10,606) (5,009) (3,951) (31,500) (3,440) 733 494 (345) – – 8,795
	146,014 170,149 42,783 20,795 133,926 (209,820) (15,034) (10,541) (32,459) 230,458 (3,386) 1,926
	271,844 202,967 (9,710) (15,923) – 284 (957) 122
	261,177 187,450

48 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合現金流量表 Consolidated Cash Flow Statement

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
投資活動 Investing activities 購入物業、廠房及設備 Purchase of property, plant and equipment 購買其他投資 Purchase of other investments 開發成本資本化增加 Increase in development costs capitalised 購買聯營公司之 Purchase of additional interests in 額外權益 associates 已收取利息 Interest received 出售持有至到期日投資所得款項 Proceeds from disposal of held-to-maturity investments 出售物業、廠房及設備所得款項 Proceeds from disposal of property, plant and equipment 聯營公司還款淨額 Net repayment from associates 已收一間聯營公司股息 Dividends received from an associate 投資活動所耗現金淨額 Net cash used in investing activities 融資活動 Financing activities 已付股息 Dividends paid 籌集新造銀行貸款 New bank loans raised 償還銀行貸款 Repayment of bank loans 已付利息 Interest paid 融資活動所耗現金淨額 Net cash used in f nancing activities 現金及現金等值項目之 Net (decrease) increase in cash and （減少）增加淨額 cash equivalents 於一月一日之現金及 Cash and cash equivalents 現金等值項目 at 1st January 匯率變動之影響 Effect of foreign exchange rate changes 於十二月三十一日之現金 Cash and cash equivalents 及現金等值項目 at 31st December 現金及現金等值項目之 Analysis of the balances of cash and 結餘分析 cash equivalents 銀行結餘及現金 Bank balances and cash 銀行透支（附註28） Bank overdrafts (note 28)	(49,511) (51,794) – (7,792) (8,185) (8,109) (3,097) – 5,009 3,951 – 7,958 302 17 22,851 8,965 12,175 5,199
	(20,456) (41,605)
	(18,677) (18,678) 210,646 133,046 (447,882) (184,291) (22,850) (26,867)
	(278,763) (96,790)
	(38,042) 49,055 233,897 187,932 (9) (3,090)
	195,846 233,897
	195,846 246,527 – (12,630)
	195,846 233,897

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 49

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

1. 概覽

1. GENERAL

王氏國際（集團）有限公司（「本公司」） 於百慕達註冊成立為獲豁免有限責任公 司，其股份於香港聯合交易所有限公司 （「聯交所」）上市。本公司之註冊辦事處 及主要營業地點於年報之公司資料中作 出披露。

Wong’s International (Holdings) Limited (the “Company”) is incorporated in Bermuda as an exempted company with limited liability and its shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The addresses of the registered offi ce and principal place of business of the Company are disclosed in the corporate information to the annual report.

本公司及其附屬公司（「本集團」）之主要 業務為開發、製造、推廣及分銷電子產 品，包括微型電腦、傳訊設備、寬頻通 訊產品、互聯網應用器材、無線通訊或 網絡設備及其他電子產品。

The principal activities of the Company and its subsidiaries (the “Group”) are the development, manufacture, marketing and distribution of electronic products, including micro-computers, telecommunication equipment, broadband communication products, internet appliances, wireless communication or networking equipment and other electronic products.

綜合財務報表乃以港元（本公司之功能 貸幣）呈列。

The consolidated fi nancial statements are presented in Hong Kong dollars, which is also the functional currency of the Company.

2. 採用新訂及經修訂香港財務報告 準則（「香港財務報告準則」）

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

於本年內，本集團首次採納香港會計師 公會（「香港會計師公會」）頒佈下述與本 集團有關之新準則、經修訂及詮釋（「新 香港財務報告準則」），此等準則於本集 團二零零七年一月一日或之後開始之會 計期間生效。

In the current year, the Group has applied, for the fi rst time, the following new standards, amendment and interpretations (“new HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) that are relevant to the Group and effective for accounting periods beginning on or after 1st January, 2007.

香港會計準則（「香港會計準則」） 資本披露 第 1 號（經修訂）

香港財務報告準則第 7 號 金融工具：披露 香港（國際財務報告詮釋委員會） 香港財務報告準則 詮釋第 8 號 第 2 號之範疇 香港（國際財務報告詮釋委員會） 重估嵌入式 詮釋第 9 號 衍生工具

Hong Kong Accounting	Capital Disclosures
Standard (“HKAS”) 1
(Amendment)
HKFRS 7	Financial Instruments: Disclosures
HK(IFRIC)-Interpretation	Scope of HKFRS 2
(“Int”) 8
HK(IFRIC)-Int 9	Reassessment of Embedded
	Derivatives

採納該等新訂及經修訂之香港財務報告 準則並無導致本集團會計政策有重大變 化，但產生的附加披露如下：

The adoption of these new and amended HKFRSs did not result in signifi cant changes to the Group’s accounting policies but gave rise to additional disclosures as follows:

50 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

2. 採用新訂及經修訂香港財務報告 準則（「香港財務報告準則」）（續）

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

• 2.1 香港會計準則第 1 號（經修訂）－資 本披露

2.1 HKAS 1 (Amendment) – Capital Disclosures

根據香港會計準則第 1 號（經修訂） 「資本披露」，本集團現呈報其於各 年度財務報告之資本管理目標、政 策及進程。因該等變化有必要作出 之新披露載於綜合財務報表附註5。

In accordance with HKAS 1 (Amendment) “Capital Disclosures”, the Group now reports on its capital management objectives, policies and procedures in each annual financial report. The new disclosures that become necessary due to this change are

2.2 香港財務報告準則第 7 號－金融工 具：披露

2.2 HKFRS 7 – Financial Instruments: Disclosures

由二零零七年一月一日起，財務報 表必須符合香港財務報告準則第 7 號「金融工具：披露」之披露規定。 此新訂準則取代及修改過往根據香 港會計準則第 32 號－「金融工具： 列報和披露」之披露規定。本集團 於截至二零零七年十二月三十一日 止年度的綜合財務報表採納此新修 訂準則。本綜合財務報表已更新了 所有有關金融工具之披露，包括去 年之全部比較數字，以符合新規 定。

HKFRS 7 “Financial Instruments: Disclosures” is mandatory for reporting periods beginning on 1st January, 2007 or later. The new standard replaces and amends the disclosure requirements previously set out in HKAS 32 “Financial Instruments: Presentation and Disclosures” and has been adopted by the Group in its consolidated financial statements for the year ended 31st December, 2007. All disclosures relating to fi nancial instruments including the comparative information have been updated to refl ect the new requirements.

首次採納香港會計準則第 1 號及香港財 務報告準則第 7 號，並未導致須對以往 年度之現金流量表、淨收益或資產負債 表項目作出調整。因此，毋須作出以往 年度之調整。

The fi rst-time application of HKAS 1 and HKFRS 7, however, has not resulted in any prior-year adjustments on cash fl ows, net income or balance sheet items. Accordingly, no adjustments on prior years are required.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 51

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

2. 採用新訂及經修訂香港財務報告 準則（「香港財務報告準則」）（續）

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

• 2.3 本集團並無提早採納以下已頒佈但 於二零零七年十二月三十一日尚未 生效之準則或詮釋。

• 2.3 The Group has not early adopted the following standards or interpretations that have been issued but are not yet effective as at 31st December, 2007.

香港會計準則	財務報表列報1	HKAS 1 (Revised)	Presentation of Financial
第1號（經修訂）			Statements1
香港會計準則第23號	借款成本1	HKAS 23 (Revised)	Borrowing Costs1
（經修訂）
香港會計準則第27號	綜合及獨立	HKAS 27 (Revised)	Consolidated and Separate
（經修訂）	財務報表5		Financial Statements5
香港財務報告準則	以股份為基礎之	HKFRS 2 (Amendment)	Share-based Payment –
第2號（經修訂）	付款－可行權		Vesting Conditions
	條件及撤銷1		and Cancellations1
香港財務報告準則第3號	企業合併5	HKFRS 3 (Revised)	Business Combinations5
（經修訂）
香港財務報告準則第8號	經營分類1	HKFRS 8	Operating Segments1
香港（國際財務報告詮釋	香港財務報告準則	HK(IFRIC)-Int 11	HKFRS 2: Group and Treasury
委員會）詮釋第11號	第2號：集團及		Share Transactions2
	庫存股份交易2
香港（國際財務報告詮釋	服務經營權安排3	HK(IFRIC)-Int 12	Service Concession
委員會）詮釋第12號			Arrangements3
香港（國際財務報告詮釋	客戶忠誠度計劃4	HK(IFRIC)-Int 13	Customer Loyalty
委員會）詮釋第13號			Programmes4
香港（國際財務報告詮釋	香港會計準則	HK(IFRIC)-Int 14	HKAS 19 – The Limit on a
委員會）詮釋第14號	第19號－定額		Def ned Benef t Asset,
	福利資產之限制、		Minimum Funding
	最低資金要求及		Requirements and their
	最低兩者之		Interaction3
	互動關係3

52 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

2. 採用新訂及經修訂香港財務報告 準則（「香港財務報告準則」）（續）

2. APPLICATION OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (Continued)

2.3 （續）

2.3 (Continued)

• 1 於 2009 年 1 月 1 日或之後開始之 年度期間生效。

• 2 於 2007 年 3 月 1 日或之後開始之 年度期間生效。

• 3 於 2008 年 1 月 1 日或之後開始之 年度期間生效。

• 4 於 2008 年 7 月 1 日或之後開始之 年度期間生效。

• 5 於 2009 年 7 月 1 日或之後開始之 年度期間生效。

• 1 Effective for annual periods beginning on or after 1st January, 2009.

• 2 Effective for annual periods beginning on or after 1st March, 2007.

• 3 Effective for annual periods beginning on or after 1st January, 2008.

• 4 Effective for annual periods beginning on or after 1st July, 2008.

• 5 Effective for annual periods beginning on or after 1st July, 2009.

於該等新準則及詮釋中，香港會計準則 第 1 號（經修訂）預期與本集團之綜合財 務報表有關。

Among these new standards and interpretations, HKAS 1 (revised) is expected to be relevant to the Group’s consolidated financial statements.

香港會計準則第 1 號（經修訂）－財務報 表之呈列

Amendment to HKAS 1 – Presentation of Financial Statements

該修訂影響股權持有人變動的呈列及引 進綜合收益表。編製者可選擇以單一綜 合收益表方式（連同小計項目）或以兩份 獨立報表（先會編製獨立收益表，然後 編製其他綜合收益表）呈列收入及開支 項目及其他綜合收入的組成部分。該修 訂不會對本公司的財務狀況或業績有影 響，但將導致須作出額外披露。管理層 現正評估該修訂對本集團之綜合財務報 表的影響。

This amendment affects the presentation of owner changes in equity and introduces a statement of comprehensive income. Preparers will have the option of presenting items of income and expense and components of other comprehensive income either in a single statement of comprehensive income with subtotals, or in two separate statements (a separate income statement followed by a statement of other comprehensive income). This amendment does not affect the fi nancial position or results of the Group but will give rise to additional disclosures. Management is currently assessing the detailed impact of this amendment on the Group’s consolidated

本公司董事目前正評估其他新訂準則及 詮釋之影響，但未能對該等新訂準則及 詮釋是否對綜合財務報表產生重大影響 作出結論。

The directors of the Company are currently assessing the impact of the other new standards and interpretations but are not yet in position to state whether they would have material impact on the

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 53

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策

3. SIGNIFICANT ACCOUNTING POLICIES

編製基準

Basis of preparation

本綜合財務表已按歷史成本慣例法編 製，惟投資物業及若干金融工具按公平 價值計量則除外，有關詳情在下文之會 計政策內說明。

The consolidated fi nancial statements have been prepared on the historical cost basis, except for investment properties and certain fi nancial instruments, which are measured at fair value as explained in the accounting policies set out below.

第 45 頁至 124 頁之綜合財務報表乃根據 香港會計師公會發出之香港財務報告準 則編製。此外，綜合財務報表包括聯交 所證券上巿規則及香港公司條例所規定 的適用披露。

The consolidated financial statements on pages 45 to 124 have been prepared in accordance with HKFRSs issued by the HKICPA. In addition, the consolidated fi nancial statements included applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange and the Hong Kong Companies Ordinance.

務請留意，編製綜合財務報表時曾運用 會計估計及假設。雖然該等估計乃以管 理層對現時事件及行動之知識及判斷為 基準，惟最終之實際結果或會與該等估 計不同。

It should be noted that accounting estimates and assumptions are used in preparation of the consolidated financial statements. Although these estimates are based on management’s best knowledge and judgment of current events and actions, actual results may ultimately differ from those estimates.

綜合基準

Basis of consolidation

本綜合財務報表合併本公司及其附屬公 司截至每年十二月三十一日之財務報 表。倘本公司有權管限一實體之財務及 營運政策籍以從其業務中獲益，則視為 取得控制權論。

The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to 31st December each year. Control is achieved where the Company has the power to govern the fi nancial and operating policies of an entity so as

少數股東權益指並非由本集團擁有之股本 權益應佔一間附屬公司之部分溢利或虧損 及資產淨值，亦非本集團之金融負債。

Minority interests represent the portion of the profi t or loss and net assets of a subsidiary attributable to equity interests that are not owned by the Group and are not the Group's fi nancial liabilities.

於綜合資產負債表內少數股東權益與本 公司股份持有人應佔權益分開呈列。於 綜合收益表內少數股東權益應佔之溢利 或虧損分開呈列，作為本集團業績之分 配。倘適用於少數股東之虧損超過於附 屬公司股本之少數股東權益，所超逾之 金額及適用於少數股東之進一步虧損計 入少數股東之權益內，直至少數股東受 具約束力之責任所規限並且有能力作出 額外投資彌補虧損的程度。否則，虧損 乃於本集團之權益內支銷。倘該附屬公 司其後錄得溢利，該溢利僅會於先前由 本集團吸納之少數股東應佔虧損已予彌 補後方計入少數股東權益。

Minority interests are presented in the consolidated balance sheet separately from the equity attributable to the equity holders of the Company. Profit or loss attributable to the minority interests are presented separately in the consolidated income statement as an allocation of the Group’s results. Where losses applicable to the minority exceeds the minority interests in the subsidiary’s equity, the excess and further losses applicable to the minority are allocated against minority interests to the extent that the minority has a binding obligation and is able to make an additional investment to cover the losses. Otherwise, the losses are charged against the Group’s interests. If the subsidiary subsequently reports profi ts, such profi ts are allocated to minority interests only after the minority’s share of losses previously absorbed by the Group has been recovered.

54 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

附屬公司

Subsidiaries

附屬公司乃指本集團有權監控其財務及 營運政策藉以從其業務中獲益之所有公 司（包括特別功能公司）。於評估本集 團是否控制另一公司時，會考慮現時可 行使或可換轉之潛在投票權之存在及影 響。附屬公司之賬目自控制權轉讓予本 集團之日起全面綜合計算，並自該控制 權終止之日起停止綜合計算。

Subsidiaries are entities (including special purpose entities) over which the Group has the power to control the financial and operating policies so as to obtain benefi ts from their activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are excluded from consolidation from the date that control ceases.

本年度購入或出售附屬公司之業績，視 乎情況按其收購生效日期起或迄至其出 售生效日期止，而計入綜合收益表內。

The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

如有需要，會對附屬公司之財務報表作 出調整，以使其會計政策與本集團其他 成員公司採用之會計政策一致。

Where necessary, adjustments are made to the fi nancial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.

所有集團內部交易、結餘及集團公司之 交易中未變現收益已於編製綜合財務報 表時撇除。未變現虧損亦予以沖銷，除 非交易提供有關所轉讓資產減值之證 據。

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated in preparing the consolidated financial statements. Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred.

商譽

Goodwill

因收購附屬公司或業務產生之商譽（收 購之協議日期為二零零五年一月一日之 前），乃指在收購日期收購成本超出本 集團於有關附屬公司可識別資產及負債 中之權益公平價值之差額。

Goodwill arising on an acquisition of a subsidiary or business for which the agreement date is before 1st January, 2005 represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifi able assets and liabilities of the relevant subsidiary at the date of acquisition.

對於原先已資本化之商譽，本集團自二 零零五年一月一日起不再繼續攤銷，而 有關商譽每年及凡商譽有關之產生現金 單位有可能出現減值之跡象時進行減值 測試（見下述會計政策）。

For previously capitalised goodwill, the Group has discontinued amortisation from 1st January, 2005 onwards, and such goodwill is tested for impairment annually, and whenever there is an indication that the cash-generating unit to which the goodwill related may be impaired (see the accounting policy below).

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 55

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

商譽（續）

Goodwill (Continued)

因收購附屬公司或業務產生之商譽（收 購之協議日期為二零零五年一月一日或 之後），乃指在收購日期收購成本超出 本集團於有關附屬公司或業務之可識別 資產、負債及或然負債公平價值之差 額。有關商譽乃按成本減累計減值虧損 列賬。

Goodwill arising on an acquisition of a subsidiary or business for which the agreement date is on or after 1st January, 2005 represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifi able assets, liabilities and contingent liabilities of the relevant subsidiary or business at the date of acquisition. Such goodwill is carried at cost less any accumulated impairment loss.

就減值測試而言，因收購產生之商譽會 分配至預期自收購所產生協同效益之有 關現金產生單位或多個現金產生單位。 商譽所獲分配之現金產生單位會每年， 及當有跡象顯示該單位可能出現減值時 進行減值測試。就因收購產生商譽之財 政年度而言，商譽所獲分配之現金產生 單位會於該財政年度結束前進行減值測 試。倘現金產生單位之可收回數額少於 其賬面值，則減值虧損會先用作減低任 何分配至該單位之商譽之賬面值，其後 則按該單位內各項資產賬面值之比例分 配至該單位之其他資產。商譽減值虧損 乃直接於綜合收益表內確認，商譽減值 虧損不會於往後年度撥回。

For the purposes of impairment testing, goodwill arising from an acquisition is allocated to each of the relevant cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the acquisition. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, and whenever there is an indication that the unit may be impaired. For goodwill arising on an acquisition in a fi nancial year, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that fi nancial year. When the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated to reduce the carrying amount of any goodwill allocated to the unit fi rst, and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the consolidated income statement. Impairment loss for goodwill is not reversed in subsequent years.

於往後出售之附屬公司或業務，其資本 化商譽應佔金額會用作釐定出售溢利或 虧損數額。

On subsequent disposal of a subsidiary or business, the attributable amount of goodwill capitalised is included in the determination of the amount of profi t or loss on disposal.

收入確認

Revenue recognition

收入按已收或應收代價之公平價值計 量，指正常業務過程中之應收款，扣除 退貨及折扣。

Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods sold in the normal course of business, net of returns and discounts.

貨品銷售乃於貨品付運及擁有權轉移時 確認為收入。

Sales of goods are recognised when goods are delivered and title has passed.

服務收入於提供服務時確認。

Service income is recognised when the services are rendered.

56 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

收入確認（續）

Revenue recognition (Continued)

金融資產產生之利息收入乃按時間比例 基準，並參照尚未償還本金金額及按所 適用之利率入賬，而該利率為透過金融 資產之預期可用年期將估計日後現金收 入實際折現至該資產之賬面淨值之比 率。

Interest income from a fi nancial asset is accrued on a time-proportion basis by reference to the principal outstanding and at the interest rate applicable, which is the rate that exactly discounts the estimated future cash receipts through the expected life of the fi nancial asset to that asset’s net carrying amount.

經營租約之租金收入乃以直線法按有關 租約之年期於綜合收益表中確認。

Rental income from operating leases is recognised in the consolidated income statement on a straight-line basis over the terms of the relevant leases.

投資之股息收入乃於股東收取款項之權 利確立時確認。

Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.

物業、廠房及設備

Property, plant and equipment

建於租賃土地上之持作自用樓宇，其公 平價值可於租賃開始時與租賃土地之公 平價值分開計量，其他廠房及設備項目 按成本值減累積折舊及減值虧損列賬。

Buildings held for own use which are situated on leasehold land, where the fair value of the buildings could be measured separately from the fair value of the leasehold land at the inception of the lease, and other items of plant and equipment are stated at cost less accumulated depreciation and impairment losses.

由資本租賃安排持有之樓宇按其估計可 使用年期或租賃年期（以較短為準）將其 折舊。

Buildings held under capital leasing agreements are depreciated over their expected useful lives or over the term of lease, if shorter.

其他資產乃按下列年率，於估計可使用 年期內以直線法計提折舊，以撇減其成 本：

Depreciation on other assets is provided to write off the cost over their estimated useful lives, using the straight-line method at the following rates per annum:

樓宇	2.5%
廠房、機器及設備	15%-20%
傢俬及裝置	15%-20%
汽車	25%

Buildings	2.5%
Plant, machinery and equipment	15%-20%
Furniture and f xtures	15%-20%
Motor vehicles	25%

資產可使用年期須於各結算日重新審核 和調整（如需要）。

The asset’s useful lives are reviewed and adjusted if appropriate, at each balance sheet date.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 57

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

物業、廠房及設備（續）

Property, plant and equipment (Continued)

物業、廠房及設備項目於出售時或當繼 續使用該資產預期不會產生任何日後經 濟利益時取消確認。資產取消確認產生 之任何收益或虧損（按該項目出售所得 款項淨額及賬面值之間的差額計算）於 該項目取消確認之年度計入綜合收益 表。

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefi ts are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated income statement in the year in which the item is derecognised.

期後成本如可增加本集團預期經濟利益 時及該成本值能可靠地計量，有關成本 將會加入列作該項資產之賬面值或確認 為一項獨立資產（如需要）。所有其他成 本如維修及保養費於發生時的財務年度 於綜合收益表支銷。

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefi ts associated with the item will fl ow to the Group and the cost of the item can be measured reliably. All other costs, such as repairs and maintenance are charged to the consolidated income statement during the fi nancial year in which they are incurred.

投資物業

Investment properties

投資物業指為獲取租金收入及╱或資本 增值而擁有或按照租賃權益持有的土地 及╱或樓宇，其中包括現時未決定未來 用途之所持有土地。

Investment properties are land and/or buildings which are owned or held under a leasehold interest to earn rental income and/or for capital appreciation. These include land held for a currently undetermined future use.

若本集團按照營業租賃持有物業權益以 獲取租金收入及╱或資本增值，有關權 益按個別物業基準分類為投資物業。任 何該類物業權益被分類為投資物業時， 會按照猶如以融資租賃持有的方式入 賬。

When the Group holds a property interest under an operating lease to earn rental income and/or for capital appreciation, the interest is classifi ed and accounted for as an investment property on a propertyby-property basis. Any such property interest which has been classifi ed as an investment property is accounted for as if it were held

於初次確認時，投資物業按成本（包括 任何直接應佔費用）計量。於初次確認 後，投資物業採用公平價值模式計量。 因投資物業之公平價值變動或出售投資 物業而產生之盈虧於變動產生年度計入 溢利或虧損。

On initial recognition, investment properties are measured at cost, including any directly attributable expenditure. Subsequent to initial recognition, investment properties are measured using the fair value model. Gains or losses arising from changes in the fair value of investment properties or the sale of investment properties are included in profi t or loss for the year in which they arise.

於聯營公司之投資

Investments in associates

聯營公司是指本集團對其有重大影響， 通常持有其20%至50%投票權而既非附 屬公司亦非合資企業之實體。

Associates are those entities over which the Group is able to exert significant influence, generally accompanying a shareholding of between 20% and 50% of voting rights but which are neither subsidiaries nor investment in a joint venture.

58 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

於聯營公司之投資（續）

Investments in associates (Continued)

聯營公司之業績、資產與負債以權益會 計法計入此等綜合財務報表內，惟被分 類為持作出售之投資除外，於此情況 下，按香港財務報告準則第 5 號「持作出 售之非流動資產及已終止業務」入賬。 根據權益法，於聯營公司之投資乃按成 本，並就本集團於收購後分佔溢利或虧 損之變動及聯營公司權益之變動作出調 整，再減任何已識別減值虧損計入綜合 資產負債表。綜合收益表計入本年度本 集團應佔聯營公司收購後稅後業績，包 括任何本年度確認，於有關聯營公司投 資之商譽之減值虧損。當本集團所佔聯 營公司虧損等於或超出於該聯營公司權 益（包括任何實質上構成本集團於該聯 營公司之投資淨額之長期權益）時，本 集團終止確認其所佔之進一步虧損。惟 倘本集團須向該聯營公司承擔法律或推 定義務，或須代其支付款項，則需就額 外虧損撥備或確認負債。

The results, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting except when the investment is classifi ed as held for sale (in which case it is accounted for under HKFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”). Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Group’s share of the profi t or loss and of changes in equity of the associate, less any identifi ed impairment loss. The consolidated income statement includes the Group's share of the post-acquisition, post-tax results of the associate for the year, including any impairment loss on goodwill relating to the investments in associates recognised for the year. When the Group’s share of losses of an associate equals or exceeds its interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognising its share of further losses. An additional share of losses is provided for and a liability is recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of that associate.

收購成本超逾本集團於收購當日應佔有 關聯營公司之可識別資產、負債及或然 負債公平淨值的差額均確認為商譽。商 譽乃列入投資之賬面值，並就減值進行 評估。應用權益會計法後，本集團會釐 定是否有必要就本集團於聯營公司之投 資確認額外減值虧損。於各結算日，本 集團會釐定是否有跡象顯示於聯營公司 投資出現減值。如察覺有此跡象，本集 團會計算減值額，即聯營公司可收回額 （見下文減值之會計政策）與其面值之差 額。

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifi able assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition is recognised as goodwill. Such goodwill is included within the carrying amount of the investment and is assessed for impairment as part of the investment. After the application of equity method, the Group determines whether it is necessary to recognise an additional impairment loss on the Group's investments in its associates. At each balance sheet date, the Group determines whether there is any objective evidence that the investment in an associate is impaired. If such indications are identifi ed, the Group calculates the amount of impairment as being the difference between the recoverable amount (see accounting policy of impairment below) of the associate and its carrying amount.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 59

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

於聯營公司之投資（續）

Investments in associates (Continued)

重新評估後，任何本集團應佔可識別資 產、負債及或然負債公平淨值超逾收購 成本的差額乃隨即於溢利或虧損內確 認。

Any excess of the Group’s share of the net fair value of the identifi able assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognised immediately in profi t or loss.

當集團實體與本集團聯營公司進行交易 時，溢利及虧損會以本集團於相關聯營 公司之權益為限予以撇銷。

Where a group entity transacts with an associate of the Group, profi ts and losses are eliminated to the extent of the Group’s interest in the relevant associate.

未變現虧損亦予沖銷，除非交易提供有 關所轉讓資產減值之證據。倘聯營公司 採用有別於本集團就類似情況下就同類 交易及事件採用之會計政策，則必要時 須作調整，使本集團應用權益會計法而 使用聯營公司之財務報表時聯營公司之 會計政策與本集團一致。

Unrealised losses are also eliminated unless the transaction provides evidence of impairment of the asset transferred. Where the associate uses accounting policies other than those of the Group for like transactions and events in similar circumstances, adjustments are made, where necessary, to conform the associate's accounting policies to those of the Group when the associate's financial statements are used by the Group in applying the equity method.

存貨

Inventories

存貨乃按成本值或可變現淨值兩者較低 者列賬。成本以加權平均法計算，而在 製品及製成品之成本值則包括直接物 料、直接工資及適當比例之間接費用。 可變現淨值根據於日常業務過程中之估 計售價扣除估計完成及出售所需之費 用。

Inventories are stated at the lower of cost and net realisable value. Cost is calculated using the weighted average method, and in the case of work in progress and fi nished goods, comprise direct materials, direct labour and an appropriate proportion of overheads. Net realisable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses.

－ 減值（並非商譽及金融資產 見上文與 商譽有關之會計政策）

Impairment (other than goodwill and fi nancial assets – see the accounting policies in respect of goodwill above)

本集團於每個結算日覆核其資產之賬面 值，以釐定該等資產是否有減值虧損之 任何顯示。倘估計資產之可收回款項低 於其賬面值，該資產之賬面值將削減至 其可收回金額。就評估減值而言，倘資 產之現金流入基本上不能獨立於其他資 產之現金流入時，則須就可獨立地產生 現金流入之最小資產組合（即一個現金 產生單位）確定可收回金額。結果是， 部分資產個別作減值測試，部分則於現 金產生單位層面作測試。

At each balance sheet date, the Group reviews the carrying amounts of its assets to determine whether there is any indication that those assets have suffered 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. For the purposes of assessing impairment, where an asset does not generate cash infl ows largely independent from those from other assets, the recoverable amount is determined for the smallest group of assets that generate cash infl ows independently (i.e. a cash-generating unit). As a result, some assets are tested individually for impairment and some are tested at cash-generating unit level.

60 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

－ 減值（並非商譽及金融資產 見上文與 商譽有關之會計政策）（續）

Impairment (other than goodwill and fi nancial assets – see the accounting policies in respect of goodwill above) (Continued)

確認之減值虧損會按比例減少該單位中 其他資產之賬面金額，但減值不會使個 別資產的賬面金額減至低於其公平價值 減銷售成本，或（若能確定）其使用價 值。

Impairment loss recognised is charged pro rata to the other assets in the cash-generating unit, except that the carrying value of an asset will not be reduced below its individual fair value less cost to sell, or value in use, if determinable.

減值虧損即時會確認為開支，除非相關 資產根據另一準則以重估值列賬，則其 減值虧損可當作以該準則重估減值入 賬。可收回金額乃反映巿況減銷售成本 所得之公平價值與使用價值兩者之較高 者。評估使用價值時，估計日後現金流 量乃根據除稅前折現率折減至現值，而 該折現率須反映巿場現行對款項之時間 價值及該資產風險之評估。

Impairment loss is recognised as expense immediately, unless the relevant asset is carried at a revalued amount under another standard, in which case the impairment loss is treated as a revaluation decrease under that standard. The recoverable amount is the higher of fair value, reflecting market conditions less costs to sell, and value in use. In assessing value in use, the estimated future cash fl ows are discounted to their present values using a pre-tax discount rate that refl ects current market assessment of time value of money and the risk specifi c to the asset.

倘用作釐定資產可收回金額之估計出現 有利變動，而減值虧損亦於其後撥回， 該資產之賬面值乃增加至其可收回金額 之經修訂估計，使已增加之賬面值不超 過往年尚未確認減值虧損時所釐定之賬 面值（扣除折舊及攤銷）。減值虧損之撥 回即時確認為收入，除非有關資產根據 另一準則以重估值列賬，則其回撥額可 當作以該準則之重估增值入賬。

Where there is a favourable change in the estimates used to determine the asset’s recoverable amount and impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortisation had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount under another standard, in which case the reversal of the impairment loss is treated as a revaluation increase under that other standard.

租賃

Leasing

當租賃條款將所涉及擁有權之絕大部份 風險及回報轉讓予承租人時，租賃乃分 類為融資租賃。所有其他租賃均分類為 經營租賃。

Leases are classifi ed as fi nance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classifi ed as operating leases.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 61

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

租賃（續）

Leasing (Continued)

本集團作為出租人

The Group as lessor

經營租賃之租金收入乃按相關租賃年期 以直線法於綜合收益表確認。根據經營 租賃租出之資產乃根據資產性質計量及 呈列。於協商及安排時引致之初步直接 成本乃加至租賃資產之賬面值，並按租 賃年期以直線法確認作一項費用，除非 另有較使用租賃資產所得利益之模式更 具代表性之基準。

Rental income from operating leases is recognised in the consolidated income statement on a straight-line basis over the terms of the relevant leases. Assets leased out under operating leases are measured and presented according to the nature of the assets. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense on a straight-line basis over the lease terms except where an alternative basis is more representative of the pattern of

本集團作為承租人

The Group as lessee

根據經營租賃之應付租金乃按相關租賃 年期以直線法於溢利或虧損扣除，除非 另有較使用租賃資產所得利益之模式更 具代表性之基準。因訂立一項經營租賃 作為獎勵之已收及應收福利乃以直線法 按租賃年期確認以減少租金支出。

Rentals payable under operating leases are charged to profi t or loss on a straight-line basis over the term of the relevant lease except where an alternative basis is more representative of the pattern of benefi ts to be derived from the use of the leased assets. Benefi ts received and receivable as an incentive to enter into an operating lease are recognised as a reduction of rental expense over the lease term on a straight-line basis.

外幣

Foreign currencies

於編製集團各實體之財務報表時，以該 實體之功能貨幣以外貨幣（外幣）進行之 交易乃按交易日期之適用匯率折算為其 功能貨幣（即該實體進行經營之主要經 濟環境所使用之貨幣）記錄。於各結算 日，以外幣列值之貨幣項目按該結算日 之適用匯率重新換算。按公平價值入賬 及以外幣結算之非貨幣項目按公平價值 獲釐定當日之適用匯率換算及報告為部 分公平價值損益。以外幣按歷史成本計 算之非貨幣項目不進行重新換算。

In preparing the fi nancial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in its functional currency (i.e. the currency of the primary economic environment in which the entity operates) at the rates of exchanges prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

62 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

外幣（續）

Foreign currencies (Continued)

因結算貨幣項目及換算貨幣項目而產生 之匯兌差額，於該等差額產生年度之溢 利或虧損內確認，惟因構成本集團於海 外業務投資淨額一部分之貨幣項目所產 生之匯兌差額除外，於此情況下，該等 匯兌差額於綜合財務報表內之權益下確 認。因重新換算按公平價值入賬之非貨 幣項目而產生之匯兌差額計入當年溢利 或虧損，惟重新換算非貨幣項目（其溢 利及虧損直接於權益內確認）而產生之 差額除外，於此情況下，匯兌差額亦直 接於權益中確認。

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profi t or loss in the year in which they arise, except for exchange differences arising on a monetary item that forms part of the Group’s net investment in a foreign operation, in which case, such exchange differences are recognised in equity in the consolidated financial statements. Exchange differences arising on the retranslation of nonmonetary items carried at fair value are included in profi t or loss for the year except for differences arising on the retranslation of nonmonetary items in respect of which gains and losses are recognised directly in equity, in which cases, the exchange differences are also recognised directly in equity.

就綜合財務報表呈列而言，本集團之海 外業務之資產及負債乃按於結算日之適 用匯率換算為本公司之呈列貨幣（即港 幣），以及其收入及開支按該年度之平 均匯率換算，除非於該年度之匯率大幅 波動則除外，於此情況下，則按各項交 易之日所使用之適用匯率換算。產生之 匯兌差額（如有）乃按權益中之獨立成分 （匯兌儲備）予以確認。該等匯兌差額乃 於海外業務獲出售年度之溢利及虧損內 確認。

For the purposes of presenting the consolidated fi nancial statements, the assets and liabilities of the Group’s foreign operations are translated into the presentation currency of the Company (i.e. Hong Kong dollars) at the rate of exchange prevailing at the balance sheet date, and their income and expenses are translated at the average exchange rates for the year, unless exchange rates fl uctuate significantly during the year, in which case, the exchange rates prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised as a separate component of equity (the translation reserve). Such exchange differences are recognised in profi t or loss in the year in which the foreign operation is disposed of.

於二零零五年一月一日或之後收購海外 業務產生之商譽及可識別資產之公平價 值調整，乃作為該海外業務之資產及負 債處理，並按結算日當時適用之匯率換 算為港幣。因此而產生之匯兌差額於匯 兌儲備內確認。

Goodwill and fair value adjustments on identifi able assets acquired arising on an acquisition of a foreign operation on or after 1st January, 2005 are treated as assets and liabilities of that foreign operation and translated into Hong Kong dollars at the rate of exchange prevailing at the balance sheet date. Exchange differences arising are recognised in the translation reserve.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 63

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

研究及開發支出

Research and development expenditure

研究活動之支出於產生之年度確認為開 支。

Expenditure on research activities is recognised as expense in the year in which it is incurred.

開發支出產生之內部產生無形資產僅於 符合以下確認要求時確認：

An internally-generated intangible asset arising from development expenditure is recognised only if they meet the following recognition requirements:

• 證明研發中產品自用或出售之技術 可行性；

• demonstration of technical feasibility of the prospective product for internal use or sale;

• 無形資產將通過自用或出售產生可 能經濟利益；

• the intangible asset will generate probable economic benefi ts through internal use or sale;

• 具備完工所需足夠之技術、財政及 其他資源；及

• suffi cient technical, fi nancial and other resources are available for completion; and

• 無形資產能可靠地計量。

• the intangible asset can be reliably measured.

因而產生之資產按其可使用年期以直線 法攤銷，並按成本值減隨後之累計攤銷 及減值虧損列賬。

The resultant asset is amortised on a straight-line basis over its useful life, and carried at cost less subsequent accumulated amortisation and impairment losses.

倘並無內部產生之無形資產可確認時， 開發支出於產生之年度確認為開支。

Where no internally-generated intangible asset can be recognised, development expenditure is recognised as expense in the year in which it is incurred.

倘有跡象顯示資產可能出現減值時，具 有限可使用年期之無形資產會作減值測 試（見上文有關商譽以外之減值虧損會 計政策）。

Intangible assets with fi nite useful lives are tested for impairment when there is an indication that an asset may be impaired (see the above accounting policy in respect of impairment losses other than goodwill).

取消確認一項無形資產所產生之盈虧， 乃按出售所得款項淨額與資產之賬面值 之差額計算，並於取消確認該項資產時 在綜合收益表內確認。

Gains or losses arising from derecognition of an intangible asset are measured at the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the consolidated income statement when the asset is derecognised.

64 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具

Financial instruments

倘集團實體成為工具合約條文之訂約 方，則於資產負債表中確認金融資產及 金融負債。金融資產及金融負債初步按 公平價值計算。因收購或發行金融資產 及金融負債（不包括透過溢利或虧損按 公平價值計算之金融資產及金融負債） 而直接產生之交易成本，於初次確認時 加入金融資產及金融負債（如適用）之公 平價值或自金融資產及金融負債（如適 用）之公平價值扣除。因收購按公平價 值計入溢利或虧損之金融資產或金融負 債而直接產生之交易成本即時於溢利或 虧損內確認。於各結算日，金融資產乃 經檢討以評估是否有客觀減值證據。如 有此跡象，則釐定減值虧損並基於金融 資產分類予以確認。

Financial assets and fi nancial liabilities are recognised on the balance sheet when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and fi nancial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of fi nancial assets and fi nancial liabilities (other than fi nancial assets and fi nancial liabilities at fair value through profi t or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profi t or loss are recognised immediately in profi t or loss. At each balance sheet date, fi nancial assets are reviewed to assess whether there is objective evidence of impairment. If any such evidence exists, impairment loss is determined and recognised based

金融資產

Financial assets

本集團之金融資產分為四種類其中之 一，包括透過溢利或虧損按公平價值計 算之金融資產、貸款及應收賬款、持有 至到期日投資及可供出售金融資產。所 有一般性購買或銷售金融資產按交易日 期基準確認或取消確認。一般性購買或 銷售為按於巿場規定或慣例確立之時間 期限內交付資產之金融資產之購買或銷 售。每類金融資產採納之會計政策載列 如下。

The Group’s fi nancial assets are classifi ed into one of four categories, including fi nancial assets at fair value through profi t or loss, loans and receivables, held-to-maturity investments and available-for-sale fi nancial assets. All regular way purchases or sales of fi nancial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. The accounting policies adopted in respect of each category of fi nancial assets are set out below.

實際利息法

Effective interest method

實際利息法為計算金融資產的攤銷成本 以及分配於有關年度的利息收入的方 法。實際利率是可準確透過金融資產的 預計可用年期或（倘適用）在較短期間內 對估計未來現金收入（包括所支付或收 取能構成整體實際利率的所有費用及利 率差價、交易成本及其他溢價或折價） 進行折現的利率。

The effective interest method is a method of calculating the amortised cost of a fi nancial asset and of allocating interest income over the relevant year. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the fi nancial asset, or, where appropriate a shorter period.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 65

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

金融資產（續）

Financial assets (Continued)

透過溢利或虧損按公平價值計算之金融 資產

Financial assets at fair value through profi t or loss

透過溢利或虧損按公平價值計算之金融 資產再細分為兩類，包括持作交易金融 資產及於初次確認時被指定為透過溢利 或虧損按公平價值計算之金融資產。於 首次確認後之各結算日，透過溢利或虧 損按公平價值計算之金融資產按公平價 值計量。公平價值之變動於變動產生年 度直接在溢利或虧損內確認。於損益確 認之盈利或虧損淨額不包括金融資產賺 取之任何股息或利息。

Financial assets at fair value through profit or loss has two subcategories, including fi nancial assets held for trading and those designated at fair value through profi t or loss on initial recognition. At each balance sheet date subsequent to initial recognition, fi nancial assets at fair value through profi t or loss are measured at fair value, with changes in fair value recognised directly in profi t or loss in the year in which they arise. The net gain or loss recognised in profi t or loss excludes any dividend or interest earned on the fi nancial assets.

貸款及應收賬款

Loans and receivables

貸款及應收賬款為附帶固定或可釐定付 款之非衍生性質金融資產，且並無在活 躍巿場計算報價。於初次確認後各結算 日，貸款及應收賬款（包括貿易及其他 應收賬款以及按金）採用實際利息法計 算其攤銷成本，減任何已識別減值虧損 列賬。攤銷成本乃考慮到收購時之任何 折讓或溢價，並包括作為實際利率及交 易成本不可或缺部分之費用（見下述金 融資產減值虧損之會計政策）。

Loans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market. At each balance sheet date subsequent to initial recognition, loans and receivables (including trade and other receivables, and deposits) are carried at amortised cost using the effective interest method, less any identifi ed impairment loss. Amortised cost is calculated taking into account any discount or premium on acquisition and includes fees that are an integral part of the effective interest rate and transaction cost (see accounting policy on impairment loss on financial asset below).

持有至到期日投資

Held-to-maturity investments

持有至到期日投資屬非衍生金融資產， 具固定或可釐定支付款額及固定到期 日，而本集團管理層有明確意圖及能力 持有至到期日。於初步確認後各結算 日，持有至到期日投資計算，乃採用實 際利息法攤銷其成本，再減去可識別的 減值虧損。計算攤銷成本時乃計入收購 時任何折讓或溢價，並包括作為實際利 率及交易成本一部分之費用（見下述金 融資產減值虧損之會計政策）。

Held-to-maturity investments are non-derivative financial assets with fi xed or determinable payments and fi xed maturities that the Group’s management has the positive intention and ability to hold to maturity. At each balance sheet date subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method, less any identified impairment loss. Amortised cost is calculated taking into account any discount or premium on acquisition and includes fees that are an integral part of the effective interest rate and transaction cost (see accounting policy on impairment loss on fi nancial asset below).

66 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

金融資產（續）

Financial assets (Continued)

可供出售金融資產及其他投資

可供出售金融資產及其他投資為非衍生 項目，被指定為此類別或不被劃分為其 他類別（載於上文）。

Available-for-sale financial assets and other investments are nonderivatives that are either designated to this category or not classifi ed as any of the other categories (set out above).

於初步確認後各結算日，可供出售金融 資產按公平價值計算。公平價值之變動 於權益確認，直至該金融資產被出售或 決定被減值，屆時過往於權益確認之累 計盈虧會自權益剔除，並於溢利或虧損 確認（見下述金融資產減值虧損之會計 政策）。

At each balance sheet date subsequent to initial recognition, available-for-sale fi nancial assets are measured at fair value. Changes in fair value are recognised in equity, until the financial asset is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously recognised in equity is removed from equity and recognised in profi t or loss (see accounting policy on impairment loss on fi nancial asset below).

就其他投資而言，倘並無活躍市場之市 場報價，而其公平價值未能可靠計算， 及與該等非上市股本工具有關並須以交 付該等工具之方式結算之衍生工具，則 於首次確認後之各個結算日按成本值減 任何已識別減值虧損計算（見下述金融 資產減值虧損之會計政策）。

For other investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity instruments, are measured at cost less any identifi ed impairment loss at each balance sheet date subsequent to initial recognition (see accounting policy on impairment loss on fi nancial asset below).

金融資產減值

Impairment of fi nancial assets

金融資產，透過盈虧按公平價值計算之 金融資產除外，會於每個結算日評定是 否有減值跡象。當有客觀證據顯示金融 資產之估計未來現金流量因於初步確認 該金融資產後發生之一項或多項事件而 受到影響時，即對該金融資產確認減 值。

Financial assets, other than those at financial assets at fair value through profit or loss, are assessed for indictors of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash fl ows of the fi nancial assets have been impacted.

就可供出售之股本投資而言，該投資之 公平價值大幅或長期低於其成本可被視 為減值之客觀證據。

For an available-for sale equity investment, a signifi cant or prolonged decline in the fair value of that investment below its cost is considered to be objective evidence of impairment.

就所有其他金融資產而言，減值之客觀 證據包括：發行人或交易對手出現重大 財政困難；或未能繳付或延遲償還利息 或本金；或借款人有可能面臨破產或財 務重組。

For all other fi nancial assets, objective evidence of impairment could include signifi cant fi nancial diffi culty of the issuer or counterparty; or default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or fi nancial re-organisation.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 67

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

金融資產減值（續）

Impairment of fi nancial assets (Continued)

就特定種類金融資產而言，例如其他投 資、貸款及應收賬款，持有至到期日投 資以及可供出售投資，評估資產因此為 非個體而為整體減值。組合應收賬款減 值之客觀證據包括集團收取款項之過往 經歷，組合內過往 90 天平均信用期內 延遲付款之款項增加，與拖欠應收賬款 相關之國家及當地經濟條件之可觀察變 化。

For certain categories of fi nancial asset, such as other investments, loans and receivables, held-to-maturity investments and availablefor-sale investments, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis. Objectives evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 90 days, observable changes in national or local economic conditions that correlate with default on receivables.

就按攤銷成本列賬之金融資產而言，倘 有客觀證據證明資產減值，則於損益賬 確認減值虧損，並按資產之賬面值及估 計未來現金流量按原實際利率折現之現 值之差額計量。

For financial assets carried at amortised cost, impairment loss is recognised in profi t or loss when there is objective evidence that the asset is impaired, and is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash fl ows discounted at the original effective interest rate.

就按成本列賬之金融資產而言，減值虧 損之金額按該項資產之賬面值與估計未 來現金流量按類似金融資產現時市場回 報率折讓之現值之差額計量。該減值虧 損不會於隨後各年撥回。

For fi nancial assets carried at cost, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash fl ows discounted at the current market rate of return for a similar fi nancial asset. Such impairment loss will not be reversed in subsequent years.

除應收貿易賬款外，所有金融資產之減 值虧損直接於金融資產之賬面值扣除， 而貿易應收賬款之減值虧損則使用撥備 賬作出扣減。撥備賬賬面值之變動於盈 虧確認。當貿易應收賬款被視為不能收 回時，其於撥備賬撇銷。倘於往後期間 減值虧損數額下降而該減額客觀上可與 於確認減值後發生的事件有關，則先前 確認的減值虧損予以撥回，惟以其不會 導致該金融資產賬面值超過倘於撥回減 值之日有關減值並無確認之攤銷成本為 限。撥回數額於撥回產生之期間之綜合 收益表確認。

The carrying amount of the financial asset is reduced by the impairment loss directly for all fi nancial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. Changes in carrying amount of the allowance account are recognised in profit or loss. When a trade receivable is considered uncollectible, it is written off against the allowance account. If, in subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that it does not result in a carrying amount of the fi nancial asset exceeding what the amortised cost would have been had the impairment not been recognised at the date the impairment is reversed. The amount of the reversal is recognised in consolidated income statement of the period in which the reversal occurs.

68 王氏國際（集團）有限公司 ■ 二零零七年年報

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

金融資產減值（續）

Impairment of fi nancial assets (Continued)

就按攤銷成本計量之金融資產而言，倘 減值虧損額於後續年度有所減少，而有 關減少在客觀上與確認減值後發生之事 件有關，則先前已確認之減值虧損將透 過損益予以撥回，惟該資產於減值被撥 回當日之賬面值不得超過未確認減值時 之已攤銷成本。

For fi nancial assets measured at amortised cost, if, in a subsequent year, the amount of impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment loss was recognised, the previously recognised impairment loss is reversed through profi t or loss to the extent that the carrying amount of the asset at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

就可供出售金融資產而言，當資產公平 價值之減少已於權益內直接確認及有客 觀證據證明資產出現減值時，該數額則 自權益移除，並於綜合收益表中確認為 減值虧損。該數額按該資產之收購成本 （扣除任何本金償還及攤銷）與其公平價 值之差額，減該資產先前已於綜合收益 表中確認之任何減值虧損計量。

For available-for-sale financial assets, when a decline in the fair value of the asset has been recognised directly in equity and there is objective evidence that the asset is impaired, an amount is removed from equity and recognised in the consolidated income statement as impairment loss. That amount is measured as the difference between the asset's acquisition cost (net of any principal repayment and amortisation) and its fair value, less any impairment loss on that asset previously recognised in the consolidated income statement.

就股本工具投資作出之撥回乃分類為可 供出售且不會於綜合收益表確認。公平 價值其後的增幅直接於權益確認。倘公 平價值其後增加，而此增幅客觀上與確 認減值虧損後發生之事項相關，則債務 證券之減值虧損會予以撥回。在該等情 況下所撥回之減值虧損會於綜合收益表 確認。

Reversals for investment in equity instruments classifi ed as availablefor-sale are not recognised in the consolidated income statement. The subsequent increase in fair value is recognised directly in equity. Impairment losses in respect of debt securities are reversed if the subsequent increase in fair value can be objectively related to an event occurring after the impairment loss was recognised. Reversal of impairment losses in such circumstances are recognised in the consolidated income statement.

金融負債及股本權益

Financial liabilities and equity

由集團實體發行之金融負債及股本工具 按所訂立之合約安排性質，以及金融負 債及股本工具之定義而分類。

Financial liabilities and equity instruments issued by a group entity are classifi ed according to the substance of the contractual arrangements entered into and the defi nitions of a fi nancial liability and an equity instrument.

股本工具為證明集團資產剩餘權益（經 扣除其所有負債）之任何合約。本集團 之金融負債一般分類為透過溢利或虧損 按公平價值計算之金融負債以及其他金 融負債。就金融負債及股本工具而採納 之會計政策載列如下。

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The Group’s financial liabilities are generally classified into financial liabilities at fair value through profit or loss and other financial liabilities. The accounting policies adopted in respect of financial liabilities and equity instruments are set out below.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 69

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

金融負債及股本權益（續）

Financial liabilities and equity (Continued)

實際利息法

Effective interest method

實際利息法為計算金融負債的攤銷成本 以及分配於有關期間的利息支出的方 法。實際利率是可準確透過金融負債的 預計可用年期或（倘適用）在較短期間內 對估計未來現金償付進行折算的利率。

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the fi nancial liability, or where appropriate, a shorter period.

利息支出按實際利率基準確認，但指定 透過溢利或虧損按公平價值列賬的金融 負債，則是將利息支出計入盈利或虧損 淨額中。

Interest expense is recognised on an effective interest basis for other than those fi nancial liability designated as at fair value through profi t or loss, of which the interest expense is included in net gains or losses.

透過溢利或虧損按公平價值計算之金融 負債

Financial liabilities at fair value through profi t or loss

透過溢利或虧損按公平價值計算之金融 負債再細分為兩類，包括持作交易金融 負債及於初次確認時被指定為透過溢利 或虧損按公平價值計算之金融負債。於 首次確認後之各結算日，透過溢利或虧 損按公平價值計算之金融資產按公平價 值計量。公平價值之變動於變動產生年 度內直接在溢利或虧損內確認。於損益 確認之盈利或虧損淨額不包括金融負債 支付之任何利息。

Financial liabilities at fair value through profit or loss has two subcategories, including fi nancial liabilities held for trading and those designated at fair value through profi t or loss on initial recognition. At each balance sheet date subsequent to initial recognition, fi nancial liabilities at fair value through profi t or loss are measured at fair value, with changes in fair value recognised directly in profi t or loss in the year in which they arise. The net gain or loss recognised in profi t or loss excludes any interest paid on the fi nancial liabilities.

其他金融負債

其他金融負債（包括銀行貸款、應付一 間聯營公司款項、貿易及其他應付賬款 和應付票據）隨後按攤銷成本採用實際 利息法計量。

Other financial liabilities including bank borrowings, amount due to an associate, trade and other payables and bills payable are subsequently measured at amortised cost, using the effective interest method.

股本工具

Equity instruments

由本公司發行之股本工具按收取之款 項，扣除直接發行成本列賬。

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.

70 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

衍生金融工具

本集團使用衍生金融工具（主要包括遠 期外幣合約）對沖其匯率波動風險。該 等衍生工具乃按公平價值計算，而不會 考慮彼等是否被列作有效對沖工具。

The Group uses derivative financial instruments primarily forward currency contracts, to hedge its exposure against foreign exchange rate fl uctuation. Such derivatives are measured at fair value regardless of whether they are designated as effective hedging instruments.

香港會計準則第 39 號將對沖關係分為 三類，包括公平價值對沖、現金流量對 沖及海外業務投資淨額對沖。用作對沖 已確認資產及負債之公平價值變動風險 或未確認公司承擔或該資產、負債或公 司承擔中可辦認與待定風險有關並可影 響溢利或虧損之部分之風險，則列作公 平價值對沖。相反地，用作對沖與已確 認資產或負債或預計交易有關之特定風 險，或公司承擔中可影響溢利或虧損之 外匯風險所引起之現金流量變化風險， 則列作現金流量對沖。本集團僅有不符 合對沖會計處理法之衍生工具，該等衍 生工具被視為持作買賣之金融資產或持 作買賣之金融負債。有關衍生工具公平 價值之變動乃直接於溢利或虧損中確 認。

There are three types of hedge relationships under HKAS 39, including fair value hedges, cash fl ow hedges and hedge of a net investment in a foreign operation. Hedges are classifi ed as fair value hedges when hedges are made to hedge against exposure to changes in fair value of a recognised asset and liability or an unrecognised fi rm commitment or an identifi able portion of such an asset, liability or fi rm commitment, that is attributable to a particular risk and could affect profi t or loss. Alternatively, hedges are classifi ed as cash fl ow hedges when hedges are made to hedge against exposure to variability in cash fl ows that are attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction, or a foreign currency risk of a fi rm commitment and could affect profi t or loss. The Group only has derivatives that do not qualify for hedge accounting and they are deemed as fi nancial assets held for trading or fi nancial liabilities held for trading. Changes in fair values of such derivatives are recognised directly in profi t or loss.

財務擔保合約

Financial guarantee contracts

財務擔保合約為當特定債務人未能根據 債務工具內原有或經修改之條款於到期 日償還債務，以致發行人須給予特定款 項以償還另一方之損失之合約。倘本集 團發出財務擔保，該擔保的公平價值最 初確認為貿易及其他應付賬款內的遞延 收入。倘在發行該擔保時收取或可收取 代價，該代價則根據適用於該類資產的 本集團政策而予確認。如無收取或可收 取代價，則於最初確認任何遞延收入 時，即時開支於溢利或虧損內確認。

A fi nancial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specifi ed debtor fails to make payment when due in accordance with the original or modifi ed terms of a debt instrument. Where the Group issues a fi nancial guarantee, the fair value of the guarantee is initially recognised as deferred income within trade and other payables. Where consideration is received or receivable for the issuance of the guarantee, the consideration is recognised in accordance with the Group's policies applicable to that category of asset. Where no such consideration is received or receivable, an immediate expense is recognised in profi t or loss on initial recognition of any deferred income.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 71

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

金融工具（續）

Financial instruments (Continued)

財務擔保合約（續）

Financial guarantee contracts (Continued)

最初確認為遞延收入之擔保款額按擔保 年期於溢利或虧損內攤銷為所發出的財 務擔保收入。此外，倘擔保持有人有可 能根據擔保傳召本集團，而本集團的申 索款額預期超過現時列於該擔保的應付 賬款及其他應付款（即最初確認的金額 減累計攤銷），則確認撥備。

The amount of the guarantee initially recognised as deferred income is amortised in profit or loss over the term of the guarantee as income from fi nancial guarantees issued. In addition, provisions are recognised if and when it becomes probable that the holder of the guarantee will call upon the Group under the guarantee and the amount of that claim on the Group is expected to exceed the current carrying amount i.e. the amount initially recognised less accumulated amortisation, where appropriate.

取消確認

Derecognition

若從資產收取現金流量之權利已屆滿， 或金融資產已轉讓及本集團已將其於金 融資產擁有權之絕大部分風險及回報轉 移，則金融資產將被取消確認。於取消 確認金融資產時，資產賬面值與已收及 應收代價及已直接於權益確認之累計盈 虧之總和之差額，將於溢利或虧損中確 認。倘本集團保留已轉讓資產所有權之 絕大部分風險及回報，本集團繼續確認 金融資產及同時亦就已收取之所得款項 確認有抵押借貸。

Financial assets are derecognised when the rights to receive cash fl ows from the assets expire or, the fi nancial assets are transferred and the Group has transferred substantially all the risks and rewards of ownership of the fi nancial assets. On derecognition of a fi nancial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised directly in equity is recognised in profi t or loss. If the Group retains substantially all the risks and rewards of ownership of a transferred asset, the Group continues to recognise the fi nancial asset and recognise a collateralised borrowing for proceeds received.

倘有關合約所訂明責任獲解除、註銷或 屆滿時，金融負債會被取消確認。倘一 項現有金融負債被相同借款人按基本上 不同之條款提供之其他債項取代，或現 有負債條款被重大修改，該取代或修改 會被視作取消確認原有負債及確認一項 新負債。被取消確認之金融負債之賬面 值與已付或應付代價間差額於溢利或虧 損中確認。

Financial liabilities are derecognised when the obligation specifi ed in the relevant contract is discharged, cancelled or expired. Where an existing fi nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modifi ed, such an exchange or modifi cation is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the carrying amount of the fi nancial liability derecognised and the consideration paid or payable is recognised in profi t or loss.

72 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

撥備

Provisions

倘本集團因過往事件而承擔現有責任 時，而本集團可能須履行該項責任時及 一個可靠估計可作出時則會確認撥備。 撥備指董事於結算日對履行有關責任所 需開支之最佳估計，並於有重大影響時 折算至現值。

Provisions are recognised when the Group has a present obligation as a result of a past event, and it is probable that the Group will be required to settle that obligation and a reliable estimate can be made. Provisions are measured at the directors’ best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.

退休福利費用及短期僱員福利

Retirement benefi ts costs and short-term employee benefi ts

退休福利費用

強制性公積金計劃及中央公積金計劃供 款於到期應付時列為開支處理，詳情見 附註 36。

短期僱員福利

僱員可享有之年假於僱員應享有時確 認。非累計計薪休假（如病假及分娩假 期）於提取假期時方予確認。

Payments to the Mandatory Provident Fund Scheme and statemanaged retirement benefi t schemes are charged as expenses as they fall due as detailed in note 36. Short-term employee benefi ts Employee entitlements to annual leave are recognised when they accrue to employees. Non-accumulating compensated absences such as sick leave and maternity leave are not recognised until the time of leave.

稅項

Taxation

所得稅開支指現時應付稅項及遞延稅項 總額。

Income tax expense represents the sum of the tax currently payable and deferred tax.

現時所得稅資產及╱或負債包括稅收部 門要求繳納的、涉及現時或以往報告年 度但於結算日尚未支付的納稅責任，乃 基於該年度應課稅溢利，根據有關財務 年度適用之稅率及稅法計算。現時稅項 資產或負債之所有變動均於綜合收益表 內，確認為稅項開支或信用之一部分。

Current income tax assets and/or liabilities comprise those obligations to, or claims from, fi scal authorities relating to the current or prior reporting year, that are unpaid at the balance sheet date. They are calculated according to the tax rates and tax laws applicable to the fi scal years to which they relate, based on the taxable profi t for the year. All changes to current tax assets or liabilities are recognised as a component of tax expense or credit in the consolidated income statement.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 73

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

稅項（續）

Taxation (Continued)

應課稅溢利不包括已撥往其他年度的應 課稅或可扣減之收入及開支項目，亦不 包括從未課稅或可扣稅之綜合收益表項 目，故與綜合收益表所列溢利不同。本 集團對於本期稅項之負債乃根據於結算 日已制定或實際上已制定之現行稅率計 算。

Taxable profit differs from profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes consolidated income statement items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

遞延稅項指預期從綜合財務報表內資產 及負債賬面值與計算應課稅溢利所採用 相應稅基之差額所應付或可收回之稅 項，以資產負債表負債法處理。遞延稅 項負債一般就所有應課稅暫時差額確 認，遞延稅項資產則於可能出現可利用 暫時差額、可予結轉之稅項虧損，以及 其他沒動用稅項抵扣作對銷應課稅溢利 時予以確認。如暫時差額由商譽或由初 次確認一項不影響稅項溢利或會計溢利 之交易之其他資產及負債（業務合併除 外）所產生，有關資產及負債則不會確 認。

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profi t, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profi ts will be available against which deductible temporary differences, tax losses available to be carried forward as well as other unused tax credits, can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profi t nor the accounting profi t.

遞延稅項負債就於聯營公司之投資所產 生應課稅暫時差額予以確認，除非本集 團有能力控制暫時差額還原，而暫時差 額很可能不會於可見將來還原。

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

遞延稅項資產之賬面值乃於各個結算日 進行檢討，並予以相應扣減，直至並無 足夠應課稅溢利可供全部或部分遞延稅 項資產可予應用為止。

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that suffi cient taxable profi ts will be available to allow all or part of the asset to be recovered.

遞延稅項按預期適用於負債清償或資產 變現年度之稅率不予折現而計算。遞延 稅項從綜合收益表扣除或計入綜合收益 表，除非遞延稅項關乎直接從股本扣除 或直接計入股本之項目，在該情況下遞 延稅項亦於股本中處理。

Deferred tax is calculated, without discounting, at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax is charged or credited to the consolidated income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

74 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

3. 主要會計政策（續）

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

現金及現金等值項目

Cash and cash equivalents

現金及現金等值項目包括現金及銀行結 存，減須應要求償還及構成本集團現金 管理中不可或缺部分之銀行透支。

Cash and cash equivalents include bank balances and cash, less bank overdrafts which are repayable on demand and form an integral part of the Group's cash management.

持作出售之非流動資產

Non-current assets held for sale

非流動資產及出售組別之賬面倘若乃透 過出售交易而非透過持續使用而收回， 則會分類為持作銷售類別。此條件只會 於很可能達成出售及資產（或出售組別） 可於現況下供即時出售時方告符合。

Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition.

分類為持作出售之非流動資產（及出售 組別）乃以資產（出售組別）先前之賬面 值及公平價值減出售成本（以較低者為 準）計量。

Non-current assets (and disposal groups) classifi ed as held for sale are measured at the lower of the assets’(disposal groups’) previous carrying amount and fair value less costs to sell.

4. 關鍵會計判斷及估計不確定性之 主要來源

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

於應用上文附註 3 所述之本集團之會計 政策時，本公司董事須就並未在其他來 源顯示之資產及負債之賬面值作出判 斷、估計及假設。該等估計及相關假設 乃根據過往經驗及董事認為相關之其他 因素為基準而作出，實際結果或會有別 於估計數字。

In the process of applying the Group’s accounting policies which are described in note 3 above, the directors of the Company are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

估計及相關假設按持續進行基準審核。 會計估計之修訂乃於修訂估計之年度內 確認（倘修訂僅影響該年度），或於修訂 年度及日後之年度確認（倘修訂影響目 前及日後之年度）。

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 75

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

4. 關鍵會計判斷及估計不確定性之 主要來源（續）

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

實體會計政策所應用之關鍵判斷

Critical judgments in applying the entity’s accounting periods

除該等涉及估計者外（見下文），以下關 鍵判斷為董事於應用實體會計政策之過 程中所作出，並對綜合財務報表內已確 認金額構成最重大影響。

The followings are the critical judgments, apart from those involving estimations (see below), that the directors have made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the consolidated

折舊及攤銷

Depreciation and amortisation

本集團於二零零七年十二月三十一日之 物業、廠房及設備之賬面淨值約為港 幣 251,197,000 元。本集團以直線法對 其物業、廠房及設備於其估計可使用年 期四至四十年內經考慮到其估計剩餘價 值，採用直線法以年率 2.5% 至 25%， 由物業、廠房及設備可供使用之日開始 計算進行折舊處理。估計可使用年期為 本集團將物業、廠房及設備達致生產使 用之年期，反映董事對本集團擬使用物 業、廠房及設備以獲取未來經濟利益所 估計之年度。

The Group’s net carrying values of property, plant and equipment as at 31st December, 2007 were approximately HK$251,197,000. The Group depreciates its property, plant and equipment on a straightline basis over the estimated useful lives of four to forty years, and after taking into account of their estimated residual values, using the straight-line method, at the rate of 2.5% – 25% per annum, commencing from the date the property, plant and equipment are available for use. The estimated useful lives that the Group places the property, plant and equipment into productive use refl ects the directors’ estimate of the years that the Group intends to derive future economic benefi ts from the use of the Group’s property, plant and equipment.

壞賬及呆賬撥備

Allowance for bad and doubtful debts

本集團壞賬及呆賬撥備政策是根據對可 收回度的評估、賬齡分析及管理層的判 斷。評估應收賬款最終兌現金額時需要 作出大量判斷，包括：每名客戶的現有 信譽及過往收款記錄。如本集團客戶的 財務情況轉差，導致還款能力下降，將 需要作出額外撥備。

The policy for allowance of bad and doubtful debts of the Group is based on the evaluation of collectability and ageing analysis of accounts and on management’s judgment. A considerable amount of judgment is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. If the financial conditions of customers of the Group were to deteriorate, resulting in impairment of their ability to make payments, additional allowance may be required.

76 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

4. 關鍵會計判斷及估計不確定性之 主要來源（續）

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

實體會計政策所應用之關鍵判斷（續）

Critical judgments in applying the entity’s accounting periods (Continued)

研發活動

Research and development activities

本集團之管理層於決定開發成本是否已 達到確認條件時作出審慎判斷。由於任 何產品開發之經濟成功與否尚屬未知 數，或會受確認時之未來技術問題所影 響，故此舉乃屬必需。判斷乃以各結算 日時所得之最齊備資料為基準。另外， 一切與研究及開發新產品有關之內部活 動乃由本集團管理層持續監察。

Careful judgment by the Group’s management is applied when deciding whether the recognition requirements for development costs have been met. This is necessary as the economic success of any product development is uncertain and may be subject to future technical problems at the time of recognition. Judgments are based on the best information available at each balance sheet date. In addition, all internal activities related to the research and development of new products is continuously monitored by the Group’s management.

估計不確定性之主要來源

Key source of estimation uncertainty

以下為有關未來之主要假設以及於結算 日估計不確定因素之其他主要來源，該 等假設及估計均存有重大風險可能導致 下一個財政年度之資產及負債賬面值須 作出重大調整。

The followings are the key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a signifi cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fi nancial year.

投資物業之估計公平價值

Estimate of fair value of investment properties

如附註 15 所述，投資物業於結算日按獨 立專業估值師在現行用途下之公開市價 估值進行重估。該等估值乃基於若干假 設，該等假設乃受不明朗因素所影響及 實際結果可能存在重大偏差。在作出判 斷時，本集團考慮以相似物業在活躍市 場之現行價格之資料，並使用主要基於 各結算日之市場狀況作出之假設。

As described in note 15, the investment properties were revalued at the balance sheet date on an open market value existing use basis by independent professional valuers. Such valuations were based on certain assumptions, which are subject to uncertainty and might materially differ from the actual results. In making the judgment, the Group considers information from current prices in an active market for similar properties and uses assumptions that are mainly based on market conditions existing at each balance sheet date.

存貨撥備

Allowance for inventories

本集團管理層於各結算日審核存貨項目 之銷售前景並對確認為不再適合銷售之 過時及滯銷庫存品進行撥備。管理層估 計此等製成品之可變現淨值主要根據最 近期之發票價格及目前市況而釐定。本 集團於各結算日對每種產品進行盤點， 並對過時及滯銷品種作出撥備。

The management of the Group reviews an ageing analysis at each balance sheet date, and makes allowance for obsolete and slowmoving inventory items identifi ed that are no longer suitable for sales. The management estimates the net realisable value for such fi nished goods based primarily on the latest invoice prices and current market conditions. The Group carries out an inventory review on a productby-product basis at each balance sheet date and makes allowance for obsolete and slow-moving inventory items.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 77

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

4. 關鍵會計判斷及估計不確定性之 主要來源（續）

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (Continued)

估計不確定性之主要來源（續）

Key source of estimation uncertainty (Continued)

所得稅

Income taxes

本集團須繳交不同司法管轄區之所得 稅。釐定所得稅撥備時須作重大判斷， 因交易量大而其最終稅務釐定於日常業 務過程中並不確定。於二零零七年十二 月三十一日，有兩家附屬公司被稅務局 稅檢。董事有信心，除於二零零七年 十二月三十一日作出之稅項撥備外，本 集團無須因是次稅檢而須交更多的稅。 然而，倘稅檢之最後結果與起初記錄之 款額有出入，則差額將影響釐定稅項之 年度之所得稅及遞延稅項撥備。

The Group is subject to income taxes in different jurisdictions. Significant judgment is required in determining the provision for income tax. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. As at 31st December, 2007, two subsidiaries were subject to tax review by the Inland Revenue Department. The directors are of the view that the Group will not be subject to any further tax arising from this review other than the tax provision made as at 31st December, 2007. However, where the fi nal tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the year in which such determination is made.

於二零零七年十二月三十一日，本集團 之綜合資產負債表就未動用估計稅項虧 損確認遞延稅項資產約港幣 14,335,000 元。遞延稅項資產之可變現程度主要視 乎是否有足夠未來溢利或日後是否有應 課稅暫時差額而定。倘實際產生之未來 溢利少於預期，則可能產生重大遞延稅 項資產沖回，此等沖回將於產生之年度 在綜合收益表內確認。

As at 31st December, 2007, a deferred tax asset of approximately HK$14,335,000 in relation to unused estimated tax losses has been recognised in the Group’s consolidated balance sheet. The realisability of the deferred tax asset mainly depends on whether suffi cient future profi ts or taxable temporary differences will be available in the future. In cases where the actual future profits generated are less than expected, a material reversal of deferred tax assets may arise, which would be recognised in the consolidated income statement for the year in which such a reversal takes place.

5. 資本風險管理

5. CAPITAL RISK MANAGEMENT

本集團管理其資本以確保本集團旗下之 實體將能持續經營，同時透過最佳平衡 銀行貸款及股本而對利益相關人士提供 最大回報。

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the bank borrowings and equity balances.

本集團之資本結構包括銀行貸款（已披 露於附註 28）、現金及現金等值項目以 及本公司股本持有人應佔之權益（已包 括已發行股本及儲備）。

The capital structure of the Group consists of bank borrowings as disclosed in the note 28, cash and cash equivalents and equity attributable to equity holders of the Group, comprising issued share capital and reserves.

78 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

5. 資本風險管理（續）

5. CAPITAL RISK MANAGEMENT (Continued)

本集團管理層定期審閱資本結構。作為 是次審閱之一部分，本集團管理層將考 慮資本成本，其對銀行之契諾責任及已 發行股本有關之風險，並將透過提取銀 行貸款或償還現有銀行貸款方式或調整 已付股東之股息，以平衡其整體的資本 結構。

The management of the Group reviews the capital structure periodically. As a part of this review, the management of the Group considers costs of capital, its bank covenant obligations and the risks associated with issued share capital and will balance its overall capital structure through the drawn down of bank borrowings, the repayment of existing bank borrowings or the adjustment of dividends paid to shareholders.

本集團管理層以資本負債比率作為基準 監控其資本結構。該比率之計算方法為 借貸淨額除權益。借貸淨額按銀行貸款 總額減銀行結存及現金計算。權益包括 本集團之所有資本及儲備。

The management of the Group monitors its capital structure on the basis of the gearing ratio. This ratio is calculated as net borrowings divided by equity. Net borrowings is calculated as total bank borrowings less bank balances and cash. Equity includes all capital and reserves of the Group.

經若干銀行循環信貸下之資本負債比率 契諾須不超過 85%。於二零零七年十二 月三十一日，本集團符合此一契諾。於 二零零七年十二月三十一日及二零零六 年十二月三十一日之資本負債比率如 下：

The Group is subject to a gearing ratio convenant of not more than 85%, as defi ned, under certain bank revolving credit facilities. The Group was in compliance with this covenant as of 31st December, 2007. The gearing ratios as at 31st December, 2007 and 31st December, 2006 were as follows:

2007. The gearing ratios as at 31s December, 2006 were as follows: 二零零七年十二月三十一日及二零零六 年十二月三十一日之資本負債比率如 下：	t December, 2007 and 31st
	31/12/2007 31/12/2006 港幣千元 港幣千元 HK$'000 HK$'000
股東權益 Shareholders' equity 銀行貸款 Bank borrowings 銀行結餘及現金 Bank balances and cash 貸款淨額 Net borrowings 資本負債比率 Gearing ratio 銀行貸款 Bank borrowings 短期 Short-term 長期 Long-term	738,276 675,449 216,488 466,354 195,846 246,527 20,642 219,827 2.80% 32.55% 92,148 272,987 124,340 193,367
	216,488 466,354

本集團已兌現其契諾責任，包括維持資 本負債比率。資本負債比率之降低乃由 於年內為維持一個較低的資本負債比率 和減少財務成本，使用正現金流量或銀 行存款償還若干銀行貸款所致。

The Group has honoured its covenant obligations, including maintaining gearing ratios. The decrease of the gearing ratio is due to repayment of certain bank borrowings using the positive cash fl ow or bank deposits during the year in order to maintain a lower gearing

79

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

6. 財務風險管理目標及政策

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

本集團之主要金融工具包括可供出售投 資、其他投資、貿易及其他應收賬款、 銀行結存及銀行貸款、貿易及其他應付 賬款、應付票據、衍生金融工具及應 收╱應付聯營公司款項。該等金融工具 詳情於各附註披露。下文載列與該等金 融工具有關之風險（包括市場風險（貨幣 風險、利率風險及價格風險）、信貸風 險和流動資金風險）及如何降低該等風 險之政策。本集團並未以書面形式訂立 風險管理政策及指引，但是，董事會定 期召開會議以分析和規範管理本集團承 受因使用金融工具產生之不同風險之措 施。一般而言，本集團就其風險管理採 取保守型策略。管理層管理及監控該等 風險，以確保及時和有效地採取適當之 措施。

The Group’s major financial instruments include available-for-sale investments, other investments, trade and other receivables, bank balances and bank borrowings, trade and other payables, bills payable, derivative financial instruments and amounts due from/ to associates. Details of these fi nancial instruments are disclosed in respective notes. The risks associated with these fi nancial instruments, include market risk (currency risk, interest rate risk and price risk), credit risk and liquidity risk, and the policies on how to mitigate these risks are set out below. The Group does not have written risk management policies and guidelines. However, the board of directors meets periodically to analyse and formulate measures to manage the Group's exposure to different risks arising from the use of fi nancial instruments. Generally, the Group employs conservative strategies regarding its risk management. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

市場風險

Market risk

貨幣風險

Currency risk

本集團之外幣資產、負債及交易主要以 人民幣、美元及日圓列值。該等貨幣並 非為與上述結餘相關之本集團實體之功 能貨幣。本集團承擔該等貨幣兌換為該 等集團實體之功能貨幣之匯率變動引致 之風險。本集團通過密切監控外幣匯率 之變動管理其外幣風險，並於認為必要 時訂立外匯遠期合約或其他工具以對沖 重大外幣風險。

The Group’s foreign currency assets, liabilities and transactions are principally denominated in Renminbi (“RMB”), United State Dollars (“US$”) and Japanese Yen (“JPY”). These currencies are not the functional currencies of the group entities to which these balances relate. The Group is exposed to foreign currency risk arising from the movements in the exchange rates of these different currencies against the functional currencies of the group entities. The Group manages its foreign currency risks by closely monitoring the movement of the foreign currency rates and will consider entering into foreign currency forward contracts or other instruments to hedge signifi cant foreign currency exposure when necessary.

80 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

市場風險（續）

Market risk (Continued)

貨幣風險（續）

Currency risk (Continued)

於結算日，以外幣列值之金融資產及負 債按匯率換算成港幣，載列如下：

At the balance sheet date, foreign currency denominated fi nancial assets and liabilities, translated into HK$ at the rates, are as follows:

	2007 2006 金融資產 金融負債 淨風險額 金融資產 金融負債 淨風險額 Financial Financial Net Financial Financial Net assets liabilities exposure assets liabilities exposure 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000 HK$'000
人民幣 RMB 日圓 JPY	8,870 (30,195) (21,325) 6,370 (27,668) (21,298) 8,700 (26,385) (17,685) 17,007 (22,182) (5,175)

本集團主要承擔人民幣及日圓帶來之風 險。下表載列本集團之敏感度分析。該 等分析假設人民幣及日圓兌港元分別增 值及減值 3%，而所有其他變數保持不 變。3% 為向主要管理人員內部報告外 匯風險所使用之敏感度比率，並代表管 理層對直至下一個結算日為止對滙率可 能合理變動之評估。敏感度分析僅包括 現有以外匯列值的貨幣項目，並於年底 按 3% 的外匯變動調整彼等的換算率。 敏感度分析包括對外貸款，而貸款之幣 值為借方或貸方之貨幣以外者。下述 正數表示港元兌人民幣及日圓出現港元 增值 3% 所導致稅後溢利及累計溢利增 加。倘港元兌人民幣及日圓出現港元減 值 3%，將會對稅後溢利及累計溢利造 成相等及相反之影響，而下述結餘將會 為負數。

The Group is mainly exposed to RMB and JPY. The following table details the Group’s sensitivity analysis. The analysis assumes a 3% increase and decrease in RMB and JPY against the HK$, with all other variables held constant. 3% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates until the next balance sheet date. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the year end for a 3% change in foreign currency rates. The sensitivity analysis includes external loans where the denomination of the loan is in a currency other than the currency of the lender or the borrower. A positive number below indicates an increase in profi t after taxation and accumulated profi ts where HK$ strengthens 3% against the RMB and JPY. For a 3% weakening of HK$ against RMB and JPY, there would be an equal and opposite impact on the profi t after taxation and accumulated profi ts, and the balances below would be negative.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 81

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

市場風險（續）

Market risk (Continued)

貨幣風險（續）

Currency risk (Continued)

		人民幣之影響	人民幣之影響		日圓之影響	日圓之影響		總計之影響	總計之影響
		RMB	Impact		JPY	impact		Total	impact
		2007	2006		2007	2006		2007	2006
		港幣千元	港幣千元		港幣千元	港幣千元		港幣千元	港幣千元
		HK$’000	HK$’000		HK$’000	HK$’000		HK$’000	HK$’000
稅後盈利	Prof t after taxation	640	640	(i)	531	155	(ii)	1,171	795

• (i) 這主要來自於年末時本集團人民幣 應收賬款及應付賬款之風險。

• (i) This is mainly attributable to the exposure outstanding on RMB receivables and payables at year end in the Group.

• (ii) 這主要來自於年末時本集團日圓應 付賬款之風險。

• (ii) This is mainly attributable to the exposure outstanding on JPY payables at year end in the Group.

利率風險

Interest rate risk

本集團之利率風險主要與銀行存款及可 變動利率之銀行貸款有關（該等借貸之 詳情見附註 28）。本集團之政策為將其 貸款利率保持浮動，以盡量降低利率風 險。

The Group’s exposure to interest rate risk relates primarily to bank deposits and variable-rate bank borrowings (see note 28 for details of these borrowings). It is the Group’s policy to keep its borrowings at fl oating rate of interest so as to minimise the fair value interest rate risk.

本集團就金融資產及金融負債而面對之 利率風險在本附註之流動資金風險管理 一節詳述。本集團之利率風險主要集中 在本集團的借貸所產生之香港銀行同業 拆息之波動風險。

The Group’s exposures to interest rates on financial liabilities are detailed in the liquidity risk management section of this note. The Group’s interest rate risk is mainly concentrated on the fl uctuation of HIBOR arising from the Group’s borrowings.

以下敏感度分析乃根據於結算日之衍生 工具及非衍生工具之利率風險而釐定。 就浮息銀行貸款而言，該分析乃假設於 結算日仍未償還之負債金額於整個年度 仍不會償還，並假設匯率變化存在於整 個年度。當向內部主要管理人員匯報利 率風險時，乃使用香港銀行同業拆息增 加或減少 100 個基點，並代表管理層對 截至下一個年度結算日止期間之利率可 能合理變動之評估。該分析乃按照截至 二零零六年十二月三十一日止年度之相 同基準進行。

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and nonderivative instruments at the balance sheet date. For variable-rate bank borrowings, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year and the assumed change in interest rate exists throughout the year. A 100 basis point increase or decrease to the HIBOR is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates over the period until the next annual balance sheet date. The analysis is performed on the same basis for the year ended 31st December, 2006.

82 王氏國際（集團）有限公司 ■ 二零零七年年報

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

市場風險（續）

Market risk (Continued)

利率風險（續）

Interest rate risk (Continued)

倘利率增加╱減少100個基點，而所有其 他變數維持不變，則本集團截至二零零七 年十二月三十一日止年度之稅後溢利及於 二零零七年十二月三十一日之累計溢利將 增加或減少約港幣2,165,000元（二零零六 年：增加或減少約港幣4,537,000元）。

If interest rates had been 100 basis points higher/lower and all other variables were held constant, the Group’s profi t after taxation for the year ended 31st December, 2007 and accumulated profi ts as at 31st December, 2007 would increase or decrease by approximately HK$2,165,000 (2006: increase or decrease by approximately HK$4,537,000).

價格風險

Price risk

本集團若干之持作出售投資為上市公司 證券投資，乃於各結算日按公平價值計 量。因此，本集團承受股本價格風險。 管理層維持具備不同風險之投資組合， 以管理此項風險。

Certain of the Group’s available-for-sale investments are investments in listed equity securities and measured at fair value at each balance sheet date. Therefore, the Group is exposed to equity price risk. The management manages this exposure by maintaining a portfolio of investments with different risks.

以下敏感度分析乃根據於呈報日期所面 對之股本價格風險而釐定。

The sensitivity analyses below have been determined based on the exposure to equity price risks at the reporting date.

倘各股本工具之價格上漲╱下跌 10%， 則於截至二零零七年十二月三十一日之 投資重估儲備應會增加或減少約港幣 13,000 元（二零零六年：無），此乃由於 可供出售投資之公平價值變動所致。

If the price of the respective equity instruments had been 10% higher/ lower, the investment revaluation reserve as at 31st December, 2007 will increase or decrease by approximately HK$13,000 (2006: Nil) as a result of the changes in fair value of available-for-sale investments.

信貸風險

Credit risk

於二零零七年十二月三十一日，因交易 對方或債務人未能履行責任而為本集團 帶來財務虧損乃本集團最大信貸風險， 以下載列來自各個已確認金融資產之賬 面值：

As at 31st December, 2007, the Group’s maximum exposure to credit risk which will cause a fi nancial loss to the Group due to failure to discharge an obligation by the counterparties or debtors is arising from the carrying amount of the respective recognised fi nancial assets as stated below:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
貿易及其他應收賬款 Trade and other receivables 銀行結餘及現金 Bank balances and cash	621,376 755,624 195,846 246,527
	817,222 1,002,151

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 83

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

信貸風險（續）

Credit risk (Continued)

於接納任何新客戶前，如可以合理成本 獲得，本集團會採用外部信貸評分系統 評估潛在客戶的信貸及釐定客戶的信貸 上限。給予客戶之信貸限額會定期審 閱。

Before accepting any new customer, where available at reasonable cost, the Group uses an external credit scoring system to assess the potential customer’s credit and defines credit limits by customer. Credit limits attributed to customers are reviewed periodically.

為盡量減低信貸風險，本集團管理層已 委任一組人員，專責釐定信貸保險、信 貸限額、信貸批核及進行其他監管程 序，以確保能跟進有關逾期債務之追討 事宜。此外，本集團會於各結算日檢討 各項個別貿易債務之可收回金額，以確 保就不可收回款項作出足夠減值虧損撥 備。就此，本公司董事認為，本集團之 信貸風險已大幅減少。

In order to minimise the credit risk, the management of the Group has delegated a team responsible for determination of credit insurance, credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts. In addition, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the directors of the Company consider that the Group’s credit risk is signifi cantly reduced.

由於應收貿易賬款總額之 31%（二零零 六年：20%）及 68%（二零零六年：44%） 分別為應收 EMS 業務分部內本集團之最 大客戶及五名最大客戶，因此本集團存 在信貸集中之風險。然而，該等客戶均 為業界之領導者或跨國公司，財力雄厚 且信譽昭著，故管理層認為不存在重大 信貸風險。

The Group has concentration of credit risk as 31% (2006: 20%) and 68% (2006: 44%) of the total trade receivables was due from the Group’s largest customer and the fi ve largest customers respectively within the EMS business segment. However, these customers are industry leaders or multinational customers with solid financial background and with good creditability, the management considers there is no signifi cant credit risk.

流動資金之信貸風險有限，乃因交易對 方為國際評級機構評為良好信貸級別之 銀行。

The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.

本集團之金融資產並無使用任何抵押品 或其他提升信用之保障作為擔保，惟若 干有信貸保險保障之應收貿易賬款除 外。

None of the Group’s fi nancial assets are secured by collateral or other credit enhancements except for certain trade receivables which were covered by credit insurance.

84 王氏國際（集團）有限公司 ■ 二零零七年年報

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

流動資金風險

Liquidity risk

為管理流動資金風險，本集團對現金及 現金等值項目進行監察，並將其維持於 管理層視作足夠之水平，以就本集團經 營業務提供資金及減輕現金流量波動之 影響。管理層監察銀行貸款之動用情況 以確保符合貸款契約。

In the management of the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by the management to finance the Group’s operations and mitigate the effects of fl uctuations in cash fl ows. The management monitors the utilisation of bank borrowings and ensures compliance with loan covenants.

本集團依賴銀行貸款作為流動資金之主 要來源。於二零零七年十二月三十一 日，本集團有尚未動用之透支及銀行貸 款總額約港幣 1,089,487,000 元（二零零 六年：港幣 971,268,000 元）。

The Group relies on bank borrowings as a significant source of liquidity. As at 31st December, 2007, the Group have an aggregate available unutilised overdrafts and bank loan facilities of approximately HK$1,089,487,000 (2006: HK$971,268,000).

於二零零七年十二月三十一日，本集團 之財務負債之合約到期情況概要如下：

As at 31st December, 2007, the Group's financial liabilities have contractual maturities which are summarised below:

二零零七年十二月三十一日

31st December, 2007

二零零七年十二月三十一日 31st December, 2007
	即期 非即期 Current Non-current 一年後 兩年後 但兩年內 但五年內 一年內 After one After two Within but within but within one year two years f ve years 港幣千元 港幣千元 港幣千元 HK$'000 HK$'000 HK$'000
貿易及其他應付賬款 Trade and other payables 應付票據 Bills payable 應付一間聯營公司款項 Amount due to an associate 衍生金融工具 Derivative f nancial instruments 銀行貸款 Bank borrowings	700,601 – – – – – 3,183 – – – – – 99,093 80,546 49,857
	802,877 80,546 49,857

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 85

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

流動資金風險（續）

Liquidity risk (Continued)

與上一呈報期間本集團之金融負債之到 期情況比較如下：

This compares to the maturity of the Group's fi nancial liabilities in the previous reporting period as follows:

二零零六年十二月三十一日

31st December, 2006

二零零六年十二月三十一日 31st December, 2006
	即期 非即期 Current Non-current 一年後 兩年後 但兩年內 但五年內 一年內 After one After two Within but within but within one year two years f ve years 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000
貿易及其他應付賬款 Trade and other payables 應付票據 Bills payable 應付一間聯營公司款項 Amount due to an associate 衍生金融工具 Derivative f nancial instruments 銀行貸款 Bank borrowings	738,658 – – 3,386 – – 7,008 – – 1,422 – – 284,966 76,275 130,968
	1,035,440 76,275 130,968

上述合約到期日反映未貼現之現金流量 總額，可能與於結算日之負債之賬面值 存在差異。

The above contractual maturities refl ect the undiscounted cash fl ows, which may differ to the carrying values of the liabilities at the balance sheet date.

按類別劃分之金融資產及負債之概要

Summary of fi nancial assets and liabilities by category

於二零零七年十二月三十一日及於二零 零六年十二月三十一日確認之本集團之 金融資產及負債之賬面值可按下列方式 分類。參見附註 3 以瞭解金融工具如何 影響其後之計量。

The carrying amounts of the Group’s fi nancial assets and liabilities as recognised at 31st December, 2007 and 2006 may be categorised as follows. See note 3 for explanations about how the category of fi nancial instruments affects their subsequent measurement.

86 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

6. 財務風險管理目標及政策（續）

6. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Continued)

按類別劃分之金融資產及負債之概要 （續）

Summary of fi nancial assets and liabilities by category (Continued)

	2007 2006 港幣千元 港幣千元 HK$'000 HK$'000
非流動資產 Non-current assets 貸款及應收賬款： Loan and receivables: 應收聯營公司款項 Amounts due from associates 可供出售金融資產： Available-for-sale f nancial assets: 可供出售投資 Available-for-sale investments 其他投資 Other investments 流動資產 Current assets 貸款及應收賬款： Loans and receivables: 貿易及其他應收賬款 Trade and other receivables 銀行結存及現金 Bank balances and cash 流動負債 Current liabilities 按攤銷成本計量之金融負債： Financial liabilities measured at amortised cost: 貿易及其他應付賬款 Trade and other payables 應付票據 Bills payable 應付一間聯營公司款項 Amount due to an associate 銀行貸款 Bank borrowings 透過溢利或虧損按公平價值計算之 Financial liabilities at fair value 金融負債： through prof t or loss: 衍生金融工具 Derivative f nancial instruments 非流動負債 Non-current liabilities 按攤銷成本計量之金融負債： Financial liabilities measured at amortised cost: 銀行貸款 Bank borrowings	63,145 90,757 168 162 4,688 7,792
	68,001 98,711
	621,376 755,624 195,846 246,527
	817,222 1,002,151
	700,601 738,658 – 3,386 3,183 7,008 92,148 272,987 – 1,422
	795,932 1,023,461
	124,340 193,367

87

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

7. 收益

7. REVENUE

收益（即本集團之營業額）指本集團就售 予外界客戶之貨品已收及應收之款額減 退貨及折扣。

Revenue, which is also the Group’s turnover, represents the amounts received and receivable for goods sold by the Group to outside customers, less returns and discounts.

8. 業務及地區分類

8. BUSINESS AND GEOGRAPHICAL SEGMENTS

業務分類

Business segments

就管理分類申報而言，本集團分為兩個 經營部門－EMS 電子產品及 ODM* 電 子產品。此等部門為本集團申報其基本 分類資料之基礎。

For management segment reporting purposes, the Group was organised into two operating divisions – EMS electronic products and ODM* electronic products. These divisions are the basis on which the Group reports its primary segment information.

主要活動如下：

Principal activities are as follows:

EMS 電子產品－為 EMS 顧客製造及分銷 電子產品。

EMS electronic products – manufacture and distribution of electronic products for EMS customers.

ODM 電子產品－為 ODM 顧客提供原產 品開發及市場推廣。

ODM electronic products – original product development and marketing for ODM customers.

• EMS 指電子製造服務

• EMS denotes electronic manufacturing service

• ** ODM 指原產品開發及推廣

• ** ODM denotes original product development and marketing

88 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

8. 業務及地區分類（續）

8. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued)

業務分類（續）

Business segments (Continued)

此等業務之分類資料呈列如下。

Segment information about these businesses is presented below.

二零零七年

2007

	EMS ODM 部門 部門 其他部門# EMS ODM Other 未分配 撇銷 division division divisions# Unallocated Eliminations 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000	綜合 Consolidated 港幣千元 HK$’000
收益 Revenue 外部銷售 External sales 分類之間銷售 Inter-segment sales 總額 Total 業績 Result 分類業績 Segment result 未分配企業開支 Unallocated corporate expenses 利息收入 Interest income 未分配其他收入 Unallocated other income 及公平淨值 and net fair value gains 收益 融資成本 Finance costs 應佔聯營公司業績Share of results of associates 除稅前溢利 Prof t before taxation 稅項 Taxation 本年度溢利 Prof t for the year	3,358,686 5,091 – – – – – – – –	3,363,777 –
	3,358,686 5,091 – – –	3,363,777
	102,006 (26,069) (1,056) – (1,170) – 3,469	74,881 (29,521) 5,009 52,131 (22,850) 2,299
		81,949 (11,081)
		70,868

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 89

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

8. 業務及地區分類（續）

8. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued)

業務分類（續）

Business segments (Continued)

二零零七年

2007

資產負債表

Balance sheet

EMS ODM 部門 部門 其他部門# EMS ODM Other 未分配 division division divisions# Unallocated 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000	綜合 Consolidated 港幣千元 HK$’000
資產 Assets 分類資產 Segment assets 1,173,128 2,546 12 – 於聯營公司之權益Interests in associates 200 1,688 73,208 – 企業資產 Corporate assets 綜合資產總額 Consolidated total assets 負債 Liabilities 分類負債 Segment liabilities 561,427 510 – – 企業負債 Corporate liabilities 綜合負債總額 Consolidated total liabilities 其他資料 Other information 資產增添 Capital additions 49,277 8,643 75 44 折舊及攤銷開支 Depreciation and amortisation expenses 59,152 10,469 21 8,965 其他投資之已確認Impairment loss recognised in 減值虧損 respect of other investments – 3,104 – – 開發成本資本化之Impairment loss recognised 已確認減值虧損in respect of development costs capitalised – 1,696 – – 一間聯營公司之 Impairment loss recognised in 商譽之已確認 respect of goodwill of 減值虧損 an associate – 1,990 – – 呆賬撥備 Allowance for doubtful debts －貿易及其他 – trade and other receivables 應收賬款 306 – 10 6 －應收聯營公司– amounts due from 款項 associates – 48 – 888 出售物業、廠房及Loss (gain) on disposal of 設備之虧損 property, plant and （收益） equipment (81) 819 – (5)	1,175,686 75,096 428,710
	1,679,492
	561,937 379,279
	941,216
	58,039 78,607 3,104 1,696 1,990 322 936 733

90 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

8. 業務及地區分類（續）

8. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued)

業務分類（續）

Business segments (Continued)

二零零六年

2006

	EMS ODM 部門 部門 其他部門# EMS ODM Other 未分配 撇銷 綜合 division division divisions# Unallocated Eliminations Consolidated 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000	EMS ODM 部門 部門 其他部門# EMS ODM Other 未分配 撇銷 綜合 division division divisions# Unallocated Eliminations Consolidated 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
收益 Revenue 外部銷售 External sales 分類之間銷售 Inter-segment sales 總額 Total 業績 Result 分類業績 Segment result 未分配企業開支 Unallocated corporate expenses 利息收入 Interest income 未分配其他收入 Unallocated other income 融資成本 Finance costs 列為可供出售之 Impairment loss 資產之已確認 recognised in respect 之減值虧損 of asset classif ed as held for sale 應佔聯營公司業績Share of results of associates 除稅前溢利 Prof t before taxation 稅項 Taxation 本年度溢利 Prof t for the year	3,708,348 3,405 2,031 – – 3,713,784 – 2 – – (2) –
	3,708,348 3,407 2,031 – (2) 3,713,784
	150,299 (17,753) 3,418 – – 3,473 (947)	135,964 (45,406) 3,951 16,890 (26,867) (8,795) 2,526
		78,263 (16,320)
		61,943

各業務類別間之交易按本公司董事釐定 之估計市價進行。

The transactions with inter-segments were carried out at the estimated market prices determined by the Company’s directors.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 91

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

8. 業務及地區分類（續）

8. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued)

業務分類（續）

Business segments (Continued)

二零零六年

2006

資產負債表

Balance sheet

EMS ODM 部門 部門 其他部門# EMS ODM Other 未分配 division division divisions# Unallocated 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000	綜合 Consolidated 港幣千元 HK$’000
資產 Assets 分類資產 Segment assets 1,569,145 8,656 32,433 – 於聯營公司之權益Interests in associates 200 4,897 106,380 – 企業資產 Corporate assets 綜合資產總額 Consolidated total assets 負債 Liabilities 分類負債 Segment liabilities 639,291 220 1 – 企業負債 Corporate liabilities 綜合負債總額 Consolidated total liabilities 其他資料 Other information 資產增添 Capital additions 51,661 8,597 32 23 折舊及攤銷開支 Depreciation and amortisation expenses 52,009 13,093 12 9,041 開發成本資本化 Impairment loss recognised in 之已確認減值 respect of development 虧損 costs capitalised – 753 – – 呆賬撥備 Allowance for doubtful debts 632 6 – – 出售物業、廠房及Loss on disposal of property, 設備之虧損 plant and equipment 424 56 – 14	1,610,234 111,477 188,835
	1,910,546
	639,512 595,585
	1,235,097
	60,313 74,155 753 638 494

• 其他部門包括貨品銷售（並不包括 EMS # Other divisions included sales of goods other than EMS and ODM 及 ODM 產品）。 products.

92 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

8. 業務及地區分類（續）

8. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued)

地區分類

Geographical Segments

下表提供本集團按地區市場劃分之銷售 分析（不考慮貨品或服務之來源地）：

The following table provides an analysis of the Group’s sales by geographical market, irrespective of the origin of the goods or services:

	按地區市場劃分之銷售收益 Sales revenue by geographical market 2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
北美洲（包括美國、墨西哥及加拿大） North America including USA, Mexico and Canada 亞洲（包括中華人民共和國 Asia including the People’s （「中國」）及日本，香港除外） Republic of China (“PRC”) and Japan other than Hong Kong 歐洲（包括法國、英國、芬蘭及德國） Europe including France, UK, Finland and Germany 香港 Hong Kong	425,580 704,544 1,895,771 1,751,163 323,025 561,693 719,401 696,384
	3,363,777 3,713,784

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 93

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

8. 業務及地區分類（續）

8. BUSINESS AND GEOGRAPHICAL SEGMENTS (Continued)

地區分類（續）

Geographical Segments (Continued)

以下為按資產所在地區分析之分類資產 賬面金額，以及增添物業、廠房及設備 及開發成本資本化之分析：

The following is an analysis of the carrying amount of segment assets and additions to property, plant and equipment and development costs capitalised, analysed by the geographical areas in which the assets are located:

	增添物業、廠房及設備及 開發成本資本化 分類資產之 Additions to property, 賬面金額 plant and equipment Carrying amount of and development segment assets costs capitalised 2007 2006 2007 2006 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000
北美洲（包括美國、 North America including USA, 墨西哥及加拿大） Mexico and Canada 亞洲（包括中國及 Asia including PRC and Japan 日本、香港除外） other than Hong Kong 歐洲（包括法國、 Europe including France, UK, 英國、芬蘭及德國）Finland and Germany 香港 Hong Kong	11,765 36,090 8,536 6,642 437,403 534,472 20,021 16,608 5 270 – – 871,515 1,149,152 29,482 37,063
	1,320,688 1,719,984 58,039 60,313

9. 融資成本

9. FINANCE COSTS

9. FINANCE COSTS 融資成本
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
須於五年內悉數償還之 Interest on bank loans and 銀行貸款及透支之利息 overdrafts wholly repayable 及攤銷成本列賬 within f ve years and carried at amortised cost	22,850 26,867

94 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

10. 除稅前溢利

10. PROFIT BEFORE TAXATION

除稅前溢利乃經扣除（計入）：

Profi t before taxation has been arrived at after charging (crediting):

2007 2006 港幣千元 港幣千元 HK$’000 HK$’000

核數師酬金 Auditors’ remuneration 本年度 Current year 往年撥備（過剩）不足 (Over) under provision in prior years 董事酬金（附註11(a)及(b)） Directors’ emoluments (notes 11(a) and (b)) 袍金 Fees 管理層酬金 Management remuneration 基本薪金、 Basic salaries, allowances 津貼及實物福利 and benef ts in kind 酌情花紅 Discretionary bonus 退休福利計劃供款 Retirement benef ts schemes contributions 員工成本 Staff costs (including directors’ （包括上文披露之董事酬金） emoluments disclosed above) 遺散費 Severance payment 減：已資本化至開發成本之款額 Less: amount capitalised to development costs 計入綜合收益表之數額 Amount charged to the consolidated income statement 折舊 Depreciation 減：已資本化至開發成本之款額 Less: amount capitalised to development costs 計入綜合收益表之數額 Amount charged to the consolidated income statement 租賃物業之經營租賃租金 Operating lease charges on rented premises 研發支出（附註） Research and development expenditure (note) 減：已資本化至開發成本之款額 Less: amount capitalised to development costs 計入綜合收益表之數額 Amount charged to the consolidated income statement 呆賬撥備 Allowance for doubtful debts in respect of －貿易及其他應收賬款 – trade and other receivables －應收聯營公司款項 – amounts due from associates 出售物業、廠房及設備之虧損（淨額） Loss on disposal of property, plant and equipment, net 撇銷一間已撤銷附屬公司之收益 Gain on write off of a deregistered subsidiary 貿易及其他應付賬款之撇銷 Write off of trade and other payables 匯兌收益 Exchange gain 租賃收入毛額 Gross rental income 減：支銷 Less: Outgoings 租賃收入淨額 Net rental income

2,214 2,184 (143) 425 600 570 9,352 8,988 2,400 2,400 42 48 12,394 12,006 294,109 263,843 3,207 449 (6,553) (6,844) 290,763 257,448 68,082 61,475 (343) (410) 67,739 61,065 10,676 10,485 10,414 8,522 (8,185) (8,109) 2,229 413 322 638 936 – 733 494 (345) – (5,598) (10,606) (2,068) (7,820) (1,610) (1,694) 369 74 (1,241) (1,620)

附註： 有關員工成本的款項約港幣 6,553,000元（二零零六年：港幣 6,844,000元）已包括在研發支出內。

Note: Included in research and development expenditure was an amount of approximately HK$6,553,000 (2006: HK$6,844,000) relating to staff costs.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 95

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

11. 董事及僱員酬金

11. DIRECTORS’ AND EMPLOYEES’ EMOLUMENTS

(a) 董事酬金

(a) Directors’ emoluments

已付或應付予九名（二零零六年： 九名）董事之酬金如下：

The emoluments paid or payable to each of the nine (2006: nine) directors were as follows:

二零零七年

2007

2007 二零零七年
	其他酬金 Other emoluments 基本薪金、 津貼及 退休福利 實物福利 計劃供款 Basic salaries, Retirement 董事袍金 allowances 酌情花紅 benef ts 總酬金 Directors’ and benef ts Discretionary schemes Total fees in kind bonus contributions emoluments 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
王忠秣 Wong Chung Mat, Ben 王忠椏 Wong Chung Ah, Johnny 陳子華 Chan Tsze Wah, Gabriel 譚靜安 Tan Chang On, Lawrence 溫民強 Wan Man Keung 王賢敏 Wong Yin Man, Ada 李家祥 Li Ka Cheung, Eric 楊孫西 Yu Sun Say 葉天養 Alfred Donald Yap 二零零七年總計 Total for 2007	50 2,744 400 12 3,206 50 722 400 – 1,172 50 1,936 400 6 2,392 50 1,321 400 – 1,771 50 1,719 400 12 2,181 50 910 400 12 1,372 100 – – – 100 100 – – – 100 100 – – – 100
	600 9,352 2,400 42 12,394

96 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

11. 董事及僱員酬金（續）

11. DIRECTORS’ AND EMPLOYEES’ EMOLUMENTS (Continued)

• (a) 董事酬金（續）

(a) Directors’ emoluments (Continued)

二零零六年 2006

2006 二零零六年
	其他酬金 Other emoluments 基本薪金、 津貼及 退休福利 實物福利 計劃供款 Basic salaries, Retirement 董事袍金 allowances 酌情花紅 benef ts 總酬金 Directors’ and benef ts Discretionary schemes Total fees in kind bonus contributions emoluments 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
王忠秣 Wong Chung Mat, Ben 王忠椏 Wong Chung Ah, Johnny 陳子華 Chan Tsze Wah, Gabriel 譚靜安 Tan Chang On, Lawrence 溫民強 Wan Man Keung 王賢敏 Wong Yin Man, Ada 李家祥 Li Ka Cheung, Eric 楊孫西 Yu Sun Say 葉天養 Alfred Donald Yap 二零零六年總計 Total for 2006	50 2,789 400 12 3,251 50 723 400 – 1,173 50 2,016 400 12 2,478 50 1,286 400 – 1,736 50 1,719 400 12 2,181 50 455 400 12 917 90 – – – 90 90 – – – 90 90 – – – 90
	570 8,988 2,400 48 12,006

截至二零零七年及二零零六年十二 月三十一日止年度，概無董事放棄 或同意放棄任何酬金。

No directors waived or agreed to waive any emoluments in any of the years ended 31st December, 2007 and 2006.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 97

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

11. 董事及僱員酬金（續）

11. DIRECTORS’ AND EMPLOYEES’ EMOLUMENTS (Continued)

(b) 僱員酬金

(b) Employees’ emoluments

年內，本集團五名最高薪人士包 括本公司四名執行董事（二零零六 年：四名），彼等之酬金詳情載於 上文。其餘一名（二零零六年：一 名）最高薪人士之酬金如下：

During the year, five highest paid individuals in the Group, four (2006: four) were executive directors of the Company whose emoluments are set out above. The emoluments of the remaining one (2006: one) highest paid individuals were as follows:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
薪金及其他福利 Salaries and other benef ts 退休計劃供款 Contributions to pension schemes His emolument was within the fo 彼之酬金分佈如下：	1,945 1,396
	12 12
	llowing range:

His emolument was within the following range:

分佈 Range 港幣 港幣 HK$ HK$	僱員人數 No. of employee 2007 2006
1,000,001 – 1,500,000 1,500,001 – 2,000,000	– 1 1 –

本集團概無支付酬金予董事或任何 最高薪酬五位人士，以作為吸引彼 等加入本集團之獎勵或作為彼等離 職之補償。

No emoluments was paid by the Group to the directors or any of the fi ve highest paid individual as an inducement to join or upon joining the Group, or as compensation for loss of offi ce.

98 王氏國際（集團）有限公司 ■ 二零零七年年報

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

12. 稅項

12. TAXATION

12. TAXATION 稅項
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
利得稅： Prof ts tax: 香港 Hong Kong －本年度 – current year －以往年度撥備不足 – under-provision in prior years 其他司法管轄區 Other jurisdictions －本年度 – current year －以往年度撥備過剩 – over-provision in prior years 遞延稅項（附註29）： Deferred tax (note 29): －本年度 – current year	8,704 11,184 413 6,605
	9,117 17,789
	372 675 (366) (8)
	6 667
	1,958 (2,136)
	11,081 16,320

香港利得稅就兩個年度之估計應課稅溢利 按稅率17.5%計算。其他司法管轄區之稅 項乃按有關司法管轄區之現行稅率計算。

Hong Kong Profits Tax is calculated at 17.5% on the estimated assessable profi ts for both years. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.

於二零零七年三月十六日，中華人民共 和國以中華人民共和國主席令第六十三 號頒佈中華人民共和國企業所得稅法 （「新稅法」）。於二零零七年十二月六 日，中國國務院公佈新稅法實施細則。 自二零零八年一月一日起，新稅法及實 施細則會將若干附屬公司之稅率由 33% 變為 25%，或由 15% 變為 18%。

On 16th March, 2007, the PRC promulgated the Law of the People’s Republic of China on Enterprise Income Tax (the “New Law”) by Order No. 63 of the President of the PRC. On 6th December, 2007, the State Council of the PRC issued Implementation Regulations of the New Law. The New Law and Implementation Regulations will change the tax rate either from 33% to 25%, or from 15% to 18% for certain subsidiaries from 1st January, 2008.

若干附屬公司獲豁免 50% 之香港利得 稅。根據中國有關稅法，位於中國之若 干附屬公司在經抵銷所有以前年度虧損 後之首個獲利年度起兩年內獲享全數豁 免繳付企業所得稅，並在其後三個年度 獲減稅 50%。

Certain subsidiaries are eligible for 50% exemption from Hong Kong Profits Tax. Pursuant to the relevant tax laws in the PRC, certain subsidiaries in the PRC are entitled to full exemption from Enterprise Income Tax for two years starting from their first profit-making year, after offsetting all losses brought forward, followed by a 50% reduction for the next three years thereafter.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 99

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

12. 稅項（續）

12. TAXATION (Continued)

本年度稅項支出可與綜合收益表之除稅 前溢利調節如下：

The taxation for the years can be reconciled to the profit before taxation per the consolidated income statement as follows:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
除稅前溢利 Prof t before taxation 稅項（以本地所得稅率17.5%計算） Tax at the domestic income tax rate of 17.5% 於其他司法管轄區經營之 Effect of different tax rates of 附屬公司之稅率差異影響 subsidiaries operating in other jurisdictions 不可扣減支出之稅務影響 Tax effect of expenses not deductible for tax purpose 毋須課稅收入之稅務影響 Tax effect of income not taxable for tax purpose 以往年度撥備不足 Under-provision in prior years 未確認稅務虧損之遞延稅項資產 Deferred tax asset in respect of tax losses not recognised 按寬減稅率計算之所得稅之調整 Adjustment for income tax on concessionary rate 其他 Others 本年度之稅項 Taxation for the year	81,949 78,263
	14,341 13,696 51 (3,854) 14,010 10,686 (4,977) (3,396) 47 6,597 3,522 2,115 (15,153) (9,529) (760) 5
	11,081 16,320

13. 股息

13. DIVIDENDS

13. DIVIDENDS 股息
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
已付中期股息每股港幣0.01元 Interim dividend paid – HK$0.01 （二零零六年：港幣0.02元） (2006: HK$0.02) per share 擬派末期股息每股港幣0.02元 Proposed f nal dividend – HK$0.02 （二零零六年：港幣0.03元） (2006: HK$0.03) per share	4,669 9,339 9,339 14,008
	14,008 23,347

末期股息每股港幣 0.02 元（二零零六年： The final dividend of HK$0.02 (2006: HK$0.03) per share has 港幣 0.03 元）由董事建議派付，惟須待 been proposed by the directors and is subject to approval by the 股東於股東週年大會上批准。 shareholders at annual general meeting.

100 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

13. 股息（續）

13. DIVIDENDS (Continued)

上一財政年度之末期息為每股港幣 0.03 元（二零零六年：港幣 0.02 元），合計 港幣 14,008,000 元（二零零六年：港幣 9,339,000 元），已於本年度內批准及派 付。

The fi nal dividend in respect of previous fi nancial year of HK$0.03 (2006: HK$0.02) per share, amounting to HK$14,008,000 (2006: HK$9,339,000), was approved and paid during the year.

14. 每股盈利

14. EARNINGS PER SHARE

每股基本盈利乃根據本集團之公司 股份持有人本年度應佔溢利約港幣 70,868,000 元（二零零六年：港幣 61,943,000 元）及以年內已發行普 通股 466,921,794 股（二零零六年： 466,921,794 股）之數目計數。

The calculation of the basic earnings per share is based on the Group’s profit for the year attributable to equity holders of the Company of approximately HK$70,868,000 (2006: HK$61,943,000) and the number of ordinary shares of 466,921,794 (2006: 466,921,794) in issue during the year.

由於兩個年度均無發行潛在普通股，故 並無呈列每股攤薄盈利。

No diluted earnings per share have been presented as there were no potential ordinary shares in issue in both years.

15. 投資物業

15. INVESTMENT PROPERTIES

本集團所有根據經營租賃持有以賺取租 金或作資本增值用途之物業權益或持作 兩者之用乃按公平價值模式計量，並分 類為及列作投資物業。

All of the Group’s property interests held under operating leases to earn rentals or for capital appreciation purposes or for both are classifi ed and accounted for as investment properties and are measured using the fair value model.

	港幣千元 HK$’000
公平價值 FAIR VALUE 於二零零六年一月一日 At 1st January, 2006 於綜合收益表確認之公平價值 Net increase in fair value recognised 淨增加 in the consolidated income statement 於二零零六年十二月三十一日及 At 31st December, 2006 and 二零零七年一月一日 1st January, 2007 於綜合收益表確認之公平價值 Net increase in fair value recognised 淨增加 in the consolidated income statement 於二零零七年十二月三十一日 At 31st December, 2007	23,770 3,440
	27,210 31,500
	58,710

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 101

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

15. 投資物業（續）

15. INVESTMENT PROPERTIES (Continued)

本集團之投資物業於二零零七年十二月 三十一日之公平價值乃按與本集團並 無關連之獨立合資格專業估值師 Asset Appraisal Limited 於該日進行之估值而 釐定。Asset Appraisal Limited 為估值師 學會之成員，具備對有關地點的類似物 業之估值有適當資格及近期經驗。估值 符合國際估值準則，乃參考市場上類似 物業之交易價格後作出。

The fair value of the Group’s investment properties at 31st December, 2007 has been arrived at on the basis of valuations carried out on that date by, Asset Appraisal Limited, independent qualifi ed professional valuers not connected with the Group. Asset Appraisal Limited is a member of the Institute of Valuers, and has appropriate qualifi cations and recent experiences in the valuation of similar properties in the relevant locations. The valuations, which conform to International Valuation Standards, were arrived at by reference to market evidence of transaction prices for similar properties.

本集團於投資物業之權益（以其賬面值 計算）分析如下：

The Group's interests in investment properties at their carrying amounts are analysed as follows:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
於香港持作租賃，為期多於50年 In Hong Kong, held on leases of over 50 years 於中國（不包括香港）持作租賃， In PRC (excluding Hong Kong), 為期少於50年 held on leases of less than 50 years	54,740 23,810 3,970 3,400
	58,710 27,210

102 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註

Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

16. 物業、廠房及設備

16. PROPERTY, PLANT AND EQUIPMENT

	於中國 （不包括香港） 以中期租賃 於香港以 持有之樓宇 中期租賃 Buildings 持有之樓宇 in PRC 廠房、 Buildings in (excluding 機器及設備 Hong Kong Hong Kong) Plant, 傢私及裝置 under under machinery Furniture 汽車 medium-term medium-term and and Motor 合計 leases leases equipment f xtures vehicles Total 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
成本值 COST 於二零零六年一月一日 At 1st January, 2006 增添 Additions 出售╱撇銷 Disposals / written off 外匯調整 Exchange adjustment 於二零零六年 At 31st December, 2006 十二月三十一日及 and 1st January, 2007 二零零七年一月一日 增添 Additions 出售╱撇銷 Disposals / written off 外匯調整 Exchange adjustment 於二零零七年 At 31st December, 十二月三十一日 2007	62,452 25,441 555,725 134,852 9,706 788,176 – – 49,000 1,998 796 51,794 – – (1,683) (48) – (1,731) – 1,603 5,737 65 4 7,409
	62,452 27,044 608,779 136,867 10,506 845,648 – 12,644 18,019 17,985 863 49,511 – – (9,951) (2,417) (893) (13,261) – 1,912 15,364 169 9 17,454
	62,452 41,600 632,211 152,604 10,485 899,352

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 103

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

16. 物業、廠房及設備（續）

16. PROPERTY, PLANT AND EQUIPMENT (Continued)

	於中國 （不包括香港） 以中期租賃 於香港以 持有之樓宇 中期租賃 Buildings 持有之樓宇 in PRC 廠房、 Buildings in (excluding 機器及設備 Hong Kong Hong Kong) Plant, 傢私及裝置 under under machinery Furniture 汽車 medium-term medium-term and and Motor 合計 leases leases equipment f xtures vehicles Total 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
累計折舊、攤銷及 ACCUMULATED 減值虧損 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES 於二零零六年一月一日 At 1st January, 2006 28,805 2,852 389,313 94,576 7,602 523,148 於本年度扣除 Charge for the year 1,826 1,330 52,521 4,759 1,039 61,475 出售╱撇銷之對銷 Eliminated on disposals / written off – – (1,190) (30) – (1,220) 外匯調整 Exchange adjustment – 100 1,961 27 3 2,091 於二零零六年 At 31st December, 2006 十二月三十一日及 and 1st January, 2007 二零零七年一月一日 30,631 4,282 442,605 99,332 8,644 585,494 於本年度扣除 Charge for the year 1,866 1,405 58,387 5,324 1,100 68,082 出售╱撇銷之對銷 Eliminated on disposals / written off – – (9,090) (2,243) (893) (12,226) 外匯調整 Exchange adjustment – 309 6,410 78 8 6,805 於二零零七年 十二月三十一日 At 31st December, 2007 32,497 5,996 498,312 102,491 8,859 648,155 賬面淨值 NET CARRYING VALUES 於二零零七年 At 31st December, 2007 十二月三十一日 29,955 35,604 133,899 50,113 1,626 251,197 於二零零六年 At 31st December, 2006 十二月三十一日 31,821 22,762 166,174 37,535 1,862 260,154	28,805 2,852 389,313 94,576 7,602 523,148 1,826 1,330 52,521 4,759 1,039 61,475 – – (1,190) (30) – (1,220) – 100 1,961 27 3 2,091
	30,631 4,282 442,605 99,332 8,644 585,494 1,866 1,405 58,387 5,324 1,100 68,082 – – (9,090) (2,243) (893) (12,226) – 309 6,410 78 8 6,805
	31,821 22,762 166,174 37,535 1,862 260,154

104 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

17. 預付租賃款項

17. PREPAID LEASE PAYMENTS

17. PREPAID LEASE PAYMENTS 預付租賃款項
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
本集團之預付租賃款項包括： The Group’s prepaid lease payments comprise: 在香港以中期租賃持有之土地 Medium term leasehold land in Hong Kong 在中國（不包括香港）以中期租賃 Medium term leasehold land 持有之土地 in PRC (excluding Hong Kong) 為申報而分析： Analysed for reporting purposes as: 流動資產 Current asset 非流動資產 Non-current asset	77,495 79,433 9,669 9,445
	87,164 88,878
	2,166 2,154 84,998 86,724
	87,164 88,878

18. 於聯營公司之權益 18. INTERESTS IN ASSOCIATES

18. INTERESTS IN ASSOCIATES 於聯營公司之權益
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
非上市聯營公司之投資成本 Cost of investment in unlisted associates 應佔收購後溢利及儲備，扣除已收股息 Share of post-acquisition prof ts and 港幣12,175,000元 reserves, net of dividend received （二零零六年：港幣5,199,000元） of HK$12,175,000 (2006: HK$5,199,000) 應佔資產淨值 Share of net assets 減除撥備後應收 Amounts due from associates, 聯營公司款項 less allowance	19,744 18,637 (7,793) 2,083
	11,951 20,720 63,145 90,757
	75,096 111,477

應收聯營公司款項為無抵押、免息及無 固定還款期。董事認為，應收聯營公司 之款項中並無任何部分須於結算日起計 一年內償還，因此將欠款歸類為非流動 資產。董事認為，應收聯營公司之款項 之賬面值與其公平價值相若。

The amounts due from associates are unsecured, interest-free and have no fi xed terms of repayment. In the opinion of the directors, no part of the amounts due from associates will be repayable within one year from the balance sheet date and accordingly, the amounts are grouped as non-current assets. The directors consider that the carrying amounts of the amounts due from associates approximate their fair values.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 105

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

18. 於聯營公司之權益（續）

18. INTERESTS IN ASSOCIATES (Continued)

於二零零四年因收購 Dinastech Holdings Limited 而產生之商譽為港幣 1,990,000 元，先前已計入投資成本內。於二零零 七年，已於綜合收益表之聯營公司之賬 面金額內確認全數減值金額。

Goodwill of HK$1,990,000 arose from acquisition of Dinastech Holdings Limited in 2004 and was included in cost of investment previously. In 2007, full impairment was recognised in the consolidated income statement with reference to the carrying amount of the associate.

下文載列為本集團聯營公司之財務資料 概要：

The summarised financial information in respect of the Group’s associates is set out below:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
總資產 Total assets 總負債 Total liabilities 資產（負債）淨額 Net assets (liabilities) 收益 Revenue 本年度溢利 Prof t for the year	198,299 295,183 (188,812) (296,422)
	9,487 (1,239)
	241,887 98,430
	37,181 5,561

本集團於若干聯營公司應佔之虧損超出 於該等聯營公司之投資淨額，故本集團 終止確認應佔此等聯營公司之業績。摘 錄自相關聯營公司之有關經審核財務報 表之未確認應佔聯營公司（溢利）虧損之 金額（年內及累計）如下：

The Group has discontinued the recognition of its share of result of certain associates as the Group’s share of losses in these associates exceeds its net investments in these associates. The amounts of unrecognised share of (profi t) loss of these associates, extracted from the relevant audited fi nancial statements of associates, both for the year and cumulatively, are as follows:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
年內未確認應佔 Unrecognised share of (prof t) loss 聯營公司（溢利）虧損 of associates for the year 累計未確認應佔 Accumulated unrecognised 聯營公司虧損 share of losses of associates	(9,318) 319
	17,019 27,651

106 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

18. 於聯營公司之權益（續）

18. INTERESTS IN ASSOCIATES (Continued)

於二零零七年十二月三十一日，本集團 於以下主要聯營公司擁有權益：

As at 31st December, 2007, the Group had interests in the following principal associates:

				擁有權
		註冊成立╱		權益比例
	業務架構形式	營業地點	所持	Proportion of
	Form of	Place of	股份類別	ownership
公司名稱	business	incorporation/	Class of	interest	主要業務
Name of company	structure	operation	shares held	%	Principal activities
		英屬處女群島╱	每股0.01美元		發展技術，以支持
	註冊成立	香港	普通股		寬頻網絡之映像服務
Dinastech Holdings Limited	Incorporated	British Virgin Islands	Ordinary	26.51	Developing technologies
		(“BVI”) / Hong Kong	shares of		to support video services
			US$0.01 each		on broadband networks
			每股港幣1元
	註冊成立	香港	普通股		物業投資
Ming Dragon Limited	Incorporated	Hong Kong	Ordinary	42.50	Property investment
			shares of
			HK$1 each
旭電－王氏（惠州）			註冊資本		生產已插針背板及
工業有限公司#	註冊成立	中國	4,300,000美元		組裝背板
Solectron-Wong’s (Huizhou)	Incorporated	PRC	Registered	46.25	Manufacture of back
Industries Co., Ltd. #			capital of		panel pinning assembly
			US$4,300,000

中外合資企業

Sino-foreign equity enterprise

董事認為，完整載列有關聯營公司之詳 情將過份冗長，因此上表僅載列主要對 本集團業績或資產淨值有重要影響之聯 營公司詳情。

In the opinion of the directors, a complete list of the particulars of associates will be of excessive length and therefore the above list contains only the particulars of those associates which principally affect the results or net assets of the Group.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 107

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

19. 可供出售投資

19. AVAILABLE-FOR-SALE INVESTMENTS

可供出售投資包括：

Available-for-sale investments comprise:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
上市投資： Listed investment: －於香港以外上市之 – equity securities listed 股本證券 outside Hong Kong 非上市證券： Unlisted securities: －股本證券 – equity securities 總額 Total 為申報而分析： Analysed for reporting purposes as: 非流動資產 Non-current asset	126 – 42 162
	168 162
	168 162

於結算日，除該等公平價值無法可靠計 量之非上市股本投資外，所有可供出售 投資均按公平價值列賬。該等上市投資 之公平價值乃經參考於活躍市場上所報 之買價而釐定。

As at the balance sheet date, all available-for-sale investments are stated at fair value, except for those unlisted equity investments of which their fair values cannot be measured reliably. Fair values of listed investments have been determined by reference to bid prices quoted in an active market.

上述非上市投資指於日本註冊成立之私 人實體所發行之非上市股本證券之投 資。其於各結算日按成本減減值計量， 此乃由於合理的公平價值估計差距屬重 大，故本公司之董事認為無法可靠計量 其公平價值。

The above unlisted investments represent investments in unlisted equity securities issued by private entities incorporated in Japan. They are measured at cost less impairment at each balance sheet date because the range of reasonable fair value estimates is so signifi cant that the directors of the Company are of the opinion that their fair values cannot be measured reliably.

108 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

20. 其他投資

20. OTHER INVESTMENTS

Other investments comprise: 其他投資包括：	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
非上市證券： Unlisted securities: －股本證券 – equity securities 減：於綜合收益表確認之減值 Less: Impairment recognised in the consolidated income statement	7,792 7,792 (3,104) –
	4,688 7,792

上述非上市投資指於開曼群島註冊成立 之一間私人實體發行之非上市股本證 券。該投資乃為策略性目的而持有。該 受投資公司及其附屬公司從事無線通訊 系統之開發。該等投資乃以原值減結算 日之減值計量，原因是合理公平價值估 計之範圍太大，致使本公司董事認為其 公平價值不能可靠地計量。

The above unlisted investments represent investments in unlisted equity securities issued by a private entity incorporated in the Cayman Islands. The investments are held for strategic purpose. The investee and its subsidiaries are engaged in the development of wireless communication systems. The investments are measured at cost less impairment at the balance sheet date because the range of reasonable fair value estimates is so signifi cant that the directors of the Company are of the opinion that their fair values cannot be measured reliably.

於二零零七年，約港幣 3,104,000 元之 減值虧損已於綜合收益表之其他投資之 賬面金額內予以確認。

In 2007, impairment loss of approximately HK$3,104,000 was being recognised in the consolidated income statement with reference to the carrying amount of the other investments.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 109

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

21. 開發成本資本化

21. DEVELOPMENT COSTS CAPITALISED

	港幣千元 HK$’000
成本值 COST 於二零零六年一月一日 At 1st January, 2006 增添 Additions 於二零零六年十二月三十一日及 At 31st December, 2006 and 二零零七年一月一日 1st January, 2007 增添 Additions 於二零零七年十二月三十一日 At 31st December, 2007 攤銷及減值 AMORTISATION AND IMPAIRMENT 於二零零六年一月一日 At 1st January, 2006 於本年度扣除 Charge for the year 於綜合收益表內確認之 Impairment loss recognised in the 減值虧損 consolidated income statement 於二零零六年十二月三十一日及 At 31st December, 2006 and 二零零七年一月一日 1st January, 2007 於本年度扣除 Charge for the year 於綜合收益表內確認之 Impairment loss recognised in 減值虧損 the consolidated income statement 於二零零七年十二月三十一日 At 31st December, 2007 賬面值 CARRYING VALUES 於二零零七年十二月三十一日 At 31st December, 2007 於二零零六年十二月三十一日 At 31st December, 2006	57,795 8,519
	66,314 8,528
	74,842
	38,189 10,936 753
	49,878 8,702 1,696
	60,276
	14,566
	16,436

開發成本乃內部產生及在兩年之期間內 按直線法攤銷。

The development costs are internally generated and are amortised on a straight-line basis over a period of 2 years.

年內，董事辨認若干已資本化之開發成 本並無未來經濟利益，因此認為有關之 開發成本已完全減值，並於綜合收益表 內確認約港幣 1,696,000 元（二零零六 年：港幣 753,000 元）之扣項。

During the year, the directors identifi ed certain development costs capitalised have no future economic benefits. Accordingly, the relevant development costs were considered to be fully impaired and approximately HK$1,696,000 (2006: HK$753,000) was recognised as a charge in the consolidated income statement.

110 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

22. 存貨

22. INVENTORIES

22. INVENTORIES 存貨
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
原料 Raw materials 在製品 Work in progress 製成品 Finished goods	246,911 287,788 48,518 34,136 22,152 38,440
	317,581 360,364

23. 貿易及其他應收賬款

23. TRADE AND OTHER RECEIVABLES

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
應收貿易賬款 Trade receivables 減：呆賬撥備 Less: allowance for doubtful debts 其他應收賬款 Other receivables 貿易及其他應收賬款總額 Total trade and other receivables	612,495 743,312 (6,459) (6,461)
	606,036 736,851 15,340 18,773
	621,376 755,624

本集團給予其貿易顧客之賒賬期多介 乎 30 日至 90 日不等，且並無收取任何 利息。貿易及其他應收賬款之賬面金額 乃根據該等金融資產之合理近似公平價 值，按已攤銷成本計算，預期於短期內 償還，因此金錢之時間值之影響並不重 大。

The credit period allowed by the Group to its trade customers mainly ranges from 30 days to 90 days and no interest is charged. The carrying amounts of the trade and other receivables are considered a reasonable approximation of fair value as these fi nancial assets, which are measured at amortised cost, is expected to be paid within a short timescale, such that the time value of money impact is not signifi cant.

本集團之應收貿易賬款於每個結算日均 個別釐定是否減值。個別已減值之應收 賬款（如有）乃根據財務困難或拖欠付 款等客戶之信貸往績及當時市況予以確 認。因此，特定之減值準備已予以確 認。本集團並無就該等結餘持有任何抵 押品，惟若干有信貸保險保障之應收貿 易賬款除外。

At each balance sheet date, the Group's trade receivables are individually determined to be impaired. The individually impaired receivables, if any, are recognised based on the credit history of its customers, such as fi nancial diffi culties or default in payments, and current market conditions. Consequently, specifi c impairment provision is recognised. The Group does not hold any collateral over these balances except for certain trade receivables which were covered by credit insurance.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 111

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

23. 貿易及其他應收賬款（續）

23. TRADE AND OTHER RECEIVABLES (Continued)

以下為本集團之應收貿易賬款（扣除呆 賬撥備）於申報日期之賬齡分析：

The following is an aged analysis of the Group’s trade receivables (net of allowance for doubtful debts) at the reporting date:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
應收貿易賬款 Trade receivables 0至60日 0-60 days 61至90日 61-90 days 超過90日 Over 90 days 其他應收賬款 Other receivables	519,381 591,273 72,948 26,574 13,707 119,004
	606,036 736,851 15,340 18,773
	621,376 755,624

概無逾期或減值之應收貿易賬款與多名 近期並無拖欠記錄之客戶有關。

Trade receivables that were neither past due nor impaired relate to a wide range of customers from whom there was no recent history of default.

於申報日期已逾期而本集團並無作 出減值虧損撥備之賬面總金額約港 幣 77,848,000 元（二零零六年：港幣 273,508,000 元）之債務人已包括在本集 團之應收貿易賬款結餘內。

Included in the Group’s trade receivables balance are debtors with aggregate carrying amount of approximately HK$77,848,000 (2006: HK$273,508,000) which are past due but not impaired at the reporting date for which the Group has not provided for impairment loss.

已逾期但並未減值之應收貿易賬款之賬 齡如下：

Ageing of trade receivables which are past due but not impaired were as follows:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
應收貿易賬款 Trade receivables 31至60日 31-60 days 61至90日 61-90 days 超過90日 Over 90 days	74,542 127,684 2,255 28,117 1,051 117,707
	77,848 273,508

112 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

23. 貿易及其他應收賬款（續）

23. TRADE AND OTHER RECEIVABLES (Continued)

本集團已對釐定不能收回之所有應收賬 款全數作出撥備。根據過往經驗，由於 信貸質素並無重大變動及應可全數收回 結餘，管理層相信並無必要對餘下結餘 作出減值撥備。

The Group has provided fully for all receivables that are determined not recoverable. Based on past experience, the management believed that no impairment allowance is necessary in respect of the remaining balances as there had not been a signifi cant change in credit quality and the balances were considered fully recoverable.

呆賬撥備之變動

Movement in the allowance for doubtful debts

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
年初之結餘 Balance at beginning of the year 就應收賬款確認之減值虧損 Impairment losses recognised on receivables 撇銷為不可收回之款項 Amounts written off as uncollectible 年內已收回款項 Amounts recovered during the year 年終之結餘 Balance at the end of the year	6,461 6,887 48 51 (35) (477) (15) –
	6,459 6,461

呆賬撥備包括已被列入面臨嚴重財務困 難之結餘總額約港幣 48,000 元（二零零 六年：港幣 51,000 元）之應收個別已減 值貿易賬款。本集團並無就該等結餘持 有任何抵押品。

Included in the allowance for doubtful debts are individually impaired trade receivables with an aggregate balance of approximately HK$48,000 (2006: HK$51,000) which have been or in severe fi nancial difficulties. The Group does not hold any collateral over these balances.

24. 衍生金融工具

24. DERIVATIVE FINANCIAL INSTRUMENTS

本集團之衍生金融工具之公平價值淨額 如下：

The Group’s net fair values of derivative fi nancial instruments were as follows:

	2007 2006 資產 負債 資產 負債 Asset Liability Asset Liability 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000
流動 Current 外匯遠期合約 Foreign currency forward contracts	– – – (1,422)

上述衍生工具乃於各結算日按公平價值 列賬。該等工具之公平價值按於結算日 同類工具之報出市價釐定。

The above derivatives are measured at fair value at each balance sheet date. Their fair values are determined based on the quoted market prices for equivalent instruments at the balance sheet date.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 113

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

25. 列為可供出售之資產

25. ASSET CLASSIFIED AS HELD FOR SALE

25. ASSET CLASSIFIED AS HELD F 列為可供出售之資產	OR SALE
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
一間列為可供出售資產之 Carrying amount of an associate 聯營公司之賬面值 classif ed as held for sale 減：於綜合收益表確認之減值虧損 Less: Impairment loss recognised in the consolidated income statement	14,796 14,796 (8,795) (8,795)
	6,001 6,001

可供出售資產之詳情如下：

Details of the asset held for sale are as follows:

	業務	註冊成立╱		擁有權
	架構形式	營業地點	所持	權益比例
	Form of	Place of	股份類別	Proportion of主要業務
公司名稱	business	incorporation/	Class of	ownership	Principal
Name of company	structure	operation	shares held	interest	activities
南京普天王芝通信			註冊資本		開發、製造及
有限公司（「南京普天」）#	註冊成立	中國	10,090,000美元		分銷CDMA手機
Nanjing Postel	Incorporated	PRC	Registered	33%	Development,
Wong Zhi			capital of		manufacture
Telecommunications			US$10,090,000		and distribution
Co. Ltd. (“Nanjing Postel”) #					of CDMA
					handphones

＃ 中外合資企業

Sino-foreign equity enterprise

二零零六年八月，本集團與一獨立第三 方就出售本集團於聯營公司－南京普天 全部權益訂立買賣協議，因此，該權益 被列為可供出售資產。於二零零六年 十二月三十一日，經參考協議之銷售代 價及預期完成交易之成本，已就該資 產之賬面值作出減值約港幣 8,795,000 元。該交易之完成須待地方中國政府機 關批准股份轉讓後，方可作實。截至報 告日期，本集團已取得兩地方中國政府 機關之批准，正等待中國另一地方政府 機關之批准，以完成該交易。

In August 2006, the Group had signed a sale and purchase agreement with an independent third party regarding the disposal of the Group’s entire interest in an associate – Nanjing Postel, and accordingly, this interest has been classifi ed as an asset held for sale. As at 31st December, 2006, impairment of approximately HK$8,795,000 was made against the carrying amount of the asset with reference to the sale consideration per the agreement and the expected costs to complete the transaction. The completion of the transaction is subject to the approval of the share transfer by the local PRC government authorities. Up to the report date, the Group has obtained approvals from two local PRC government authorities and is now waiting for an additional approval from another local PRC government authority to complete the transaction.

114 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

26. 貿易及其他應付賬款

26. TRADE AND OTHER PAYABLES

以下為本集團之應付貿易賬款於申報日 期之賬齡分析：

The following is an aged analysis of the Group’s trade payables at the reporting date:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
應付貿易賬款 Trade payables 0至60日 0-60 days 61至90日 61-90 days 超過90日 Over 90 days 其他應付賬款 Other payables	419,079 474,061 75,607 37,601 67,251 124,683
	561,937 636,345 138,664 102,313
	700,601 738,658

貿易及其他應付賬款並無計息。有關採 購貨物之信貸期介乎 30 日至 60 日。

Trade and other payables are non-interest bearing. The credit period on purchases of goods ranges from 30 days to 60 days.

因到期日屬短期，本集團於二零零七年 十二月三十一日之貿易及其他應付賬款 之公平價值與相對之賬面值相若。

The fair values of the Group’s trade and other payables at 31st December, 2007 approximate to their corresponding carrying amounts due to their short-term maturities.

27. 應付一間聯營公司款項

27. AMOUNT DUE TO AN ASSOCIATE

該筆款項為無抵押、免息及須按要求還 款。

The amount is unsecured, interest-free and repayable on demand.

因到期日屬短期，董事認為，應付一間 聯營公司之款項之賬面值與其公平價值 相若。

The directors consider that the carrying amount of amount due to an associate approximates its fair value due to short-term maturity.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 115

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

28. 銀行貸款

28. BANK BORROWINGS

		2007	2006
		港幣千元	港幣千元
		HK$’000	HK$’000
銀行透支	Bank overdrafts	–	12,630
銀行貸款	Bank loans	216,488	453,724
		216,488	466,354
有抵押	Secured	216,488	354,204
無抵押	Unsecured	–	112,150
		216,488	466,354
本集團若干資產已予抵押以取得銀行貸	Certain of the Group’s assets have been pledged to secure the bank
款（見附註31）。	borrowings (see note 31).
		2007	2006
		港幣千元	港幣千元
		HK$’000	HK$’000
銀行貸款償還期：	Bank borrowings are
	repayable as follows:
－一年	– within one year	92,148	272,987
－介乎一年至兩年	– after one but within two years	76,340	69,027
－介乎兩年至五年	– after two but within f ve years	48,000	124,340
		216,488	466,354
減：列於流動負債下須	Less: Amounts due within one year
於一年內到期償還之金額	shown under current liabilities	(92,148)	(272,987)
於一年後到期償還之金額	Amounts due after one year	124,340	193,367
本集團以有關集團實體之功能貨幣以外	The Group’s borrowings that are denominated in currencies other
之貨幣結算之借貸如下：	than the functional currency of the relevant group entities are set out
	below:
		日圓	美元
		JPY	US$
於二零零七年十二月三十一日	As at 31st December, 2007	44,785,000	1,500,000
於二零零六年十二月三十一日	As at 31st December, 2006	–	3,700,000

所有上述銀行貸款為實際利率每年約介 乎於 1.53% 至 6.55% 之浮動利率貸款。 利率通常每一至六個月重新釐定。

All the above bank borrowings are variable-rate borrowings with effective interest rates ranging from approximately 1.53% to 6.55% per annum. Interest is normally refi xed at every one to six months.

116 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

28. 銀行貸款（續）

28. BANK BORROWINGS (Continued)

於結算日之實際年利率之範圍如下：

The range of effective interest rates per annum at the balance sheet date were as follows:

	銀行貸款 Bank loans 2007 2006 港元 日圓 美元 港元 日圓 美元 HK$ JPY US$ HK$ JPY US$
	3.64%-6.55% 1.53%-2.05% 1.53%-2.05% 4.55%-5.88% – 4.71%-6.35%

年內，本集團取得約港幣 210,646,000 元之新貸款，償還銀行貸款約港幣 447,882,000 元。

During the year, the Group obtained new loans in the amount of approximately HK$210,646,000 and repaid bank loans in the amount of approximately HK$447,882,000.

董事認為，該等銀行貸款之賬面值與其 公平價值相若。

The directors consider that the carrying amount of bank borrowings approximates their fair values.

29. 遞延稅項

29. DEFERRED TAXATION

以下為本集團確認之主要遞延稅項（負 債）資產以及年內之有關變動：

The followings are the major deferred tax (liability) asset recognised by the Group and movements thereon during the year:

	加速 稅項折舊 估計 Accelerated 公平價值收益 稅項虧損 tax Fair value Estimated 總額 depreciation gain tax losses Total 港幣千元 港幣千元 港幣千元 港幣千元 HK$’000 HK$’000 HK$’000 HK$’000
於二零零六年一月一日 At 1st January, 2006 於本年度綜合收益表計入（扣除） Credited (charged) to the （附註12） consolidated income statement for the year_(note 12) 於二零零六年十二月三十一日及 At 31st December, 2006 and 二零零七年一月一日 1st January, 2007 於本年度綜合收益表（扣除）計入 (Charged) credited to the （附註12） consolidated income statement for the year (note 12)_ 於二零零七年十二月三十一日 At 31st December, 2007	(2,509) (3,565) 2,544 (3,530) 2,819 (602) (81) 2,136
	310 (4,167) 2,463 (1,394) (8,417) (5,413) 11,872 (1,958)
	(8,107) (9,580) 14,335 (3,352)

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 117

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

29. 遞延稅項（續）

29. DEFERRED TAXATION (Continued)

以下為遞延稅項餘額用作財務報告用途 之分析：

The following is the analysis of the deferred tax balances for fi nancial reporting purposes:

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
遞延稅項資產 Deferred tax asset 遞延稅項負債 Deferred tax liability	2,642 1,884 (5,994) (3,278)
	(3,352) (1,394)

於二零零七年十二月三十一日，本集團 可用以抵銷未來溢利之估計未動用稅 務虧損約港幣 477,000,000 元（二零零 六年：港幣 504,000,000 元）。遞延稅 項資產約港幣 82,000,000 元（二零零六 年：港幣 14,000,000 元）已就該等虧損 確認。由於無法預測未來溢利來源，故 未就餘下之約港幣 395,000,000 元（二 零零六年：港幣 490,000,000 元）確認 遞延稅項資產。未動用之稅務虧損包括 將於二零一二年於中國屆滿之虧損約 港幣 80,000,000 元（二零零六年：港幣 75,000,000 元）。其他稅務虧損或會無 限期結轉。

At 31st December, 2007, the Group has estimated unused tax losses of approximately HK$477 million (2006: HK$504 million) available for offsetting against future profi ts. A deferred tax asset has been recognised in respect of approximately HK$82 million (2006: HK$14 million) of such losses. No deferred tax asset has been recognised in respect of the remaining approximately HK$395 million (2006: HK$490 million) due to the uncertainty of future profit streams. Included in unused tax losses are losses in the PRC of approximately HK$80 million (2006: HK$75 million) that will expire in 2012. Other tax losses may be carried forward indefi nitely.

30. 股本

30. SHARE CAPITAL

	股份數目 Number of 港幣千元 shares HK$’000
每股面值港幣0.10元之普通股 Ordinary shares of HK$0.10 each 法定股本： Authorised: 於二零零六年一月一日， At 1st January, 2006 and 二零零六年及二零零七年 31st December, 2006 十二月三十一日 and 2007 700,000,000 70,000 已發行及繳足股本： Issued and fully paid: 於二零零六年一月一日， At 1st January, 2006 and 二零零六年及二零零七年 31st December, 2006 十二月三十一日 and 2007 466,921,794 46,692 Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year. 年內，本公司及其他任何附屬公司概無 購入、出售或贖回本公司任何任上市證 券。	700,000,000 70,000
	466,921,794 46,692

118

王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

31. 資產抵押

31. PLEDGE OF ASSETS

於結算日，本集團於香港之若干物業、 廠房及設備、投資物業及預付租賃款 項賬面值分別約港幣 27,000,000 元、 港幣 23,000,000 元及港幣 77,000,000 元（二零零六年：港幣 29,000,000 元、 港幣 7,000,000 元及港幣 79,000,000 元），已作為授予本集團約港幣 813,000,000 元（二零零六年：港幣 813,000,000 元）之銀行融資之抵押品。

At the balance sheet date, certain of the Group’s property, plant and equipment, investment properties, and prepaid lease payments in Hong Kong, with carrying amounts of approximately HK$27 million, HK$23 million and HK$77 million (2006: HK$29 million, HK$7 million and HK$79 million) respectively were pledged to secure banking facilities granted to the Group to the extent of approximately HK$813 million (2006: HK$813 million).

32. 承擔

32. COMMITMENTS

於結算日，本集團沒有在綜合財務報表 內撥備之承擔如下：

At the balance sheet date, the Group had the following commitments, so far as not provided for in the consolidated fi nancial statements, in respect of:

so far as not provided for in the consol respect of: 內撥備之承擔如下：	idated f nancial statements, in
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
(a) 購買物業、廠房及設備之 (a) Capital commitments 資本承擔 contracted for in respect of acquisition of property, plant and equipment －已訂約但未於 – contracted for but not 綜合財務報表撥備 provided in the consolidated f nancial statements －已授權 – authorised but not 但未訂約 contracted for (b) 根據不可撤銷之租賃樓宇 (b) Operating lease commitments 經營租賃所須履行之 for future minimum 日後最低租金款項承擔 lease payments 於下列年期屆滿： under non-cancellable operating leases in respect of rented premises which fall due as follows: 一年內 Within one year 第二至第五年 In the second to （包括首尾兩年） f fth year inclusive	27,934 422 – –
	27,934 422
	5,548 9,749 3,085 6,830
	8,633 16,579

經營租賃款項指本集團就其若干寫字樓 物業須付之租金。租約及租金按平均年 期兩年磋商及釐定。

Operating lease payments represent rentals payable by the Group for certain of its offi ce premises. Leases and rentals are negotiated and fi xed for an average of two years.

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 119

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

32. 承擔（續）

32. COMMITMENTS (Continued)

32. COMMITMENTS (Continued) 承擔（續）
	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
(c) 與租客訂約之日後 (c) Future minimum lease payments 最低租金款項： contracted with tenants: 一年內 Within one year 第二至第五年 In the second to f fth （包括首尾兩年） year inclusive	656 673 – –
	656 673

經營租賃款項指本集團就出租其投資物 業應收之租金。租約及租金按平均年期 一年磋商及釐定。

Operating lease payments represent rentals receivable by the Group for leasing its investment properties. Leases and rentals are negotiated and fi xed for an average of one year.

33. 或然負債

33. CONTINGENT LIABILITIES

於結算日，本集團並無任何重大或然負 債。

At the balance sheet date, the Group did not have any signifi cant contingent liabilities.

34. 關連人士交易

34. RELATED PARTY TRANSACTIONS

除綜合財務報表其他地方披露之關連人 士交易外，於本年內，本集團與其聯營 公司進行以下交易。此等交易按本公司 董事釐定之估計市值進行。

In addition to those related party transactions disclosed elsewhere in the consolidated fi nancial statements, during the year, the Group entered into the following transactions with its associates. The transactions were carried out at estimated market prices determined by the Company’s directors.

	2007 2006 港幣千元 港幣千元 HK$’000 HK$’000
已收租金收入 Rental income received	217 544

應收╱應付聯營公司之款項載於第 46 頁 之綜合資產負債表。該等條款分別載於 附註 18 及 27。

The amounts due from/to associates are set out in the consolidated balance sheet on page 46. The terms are set out in notes 18 and 27.

120 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

35. 僱員購股權計劃

35. EMPLOYEE SHARE OPTION SCHEME

本公司之僱員購股權計劃（「該計劃」）乃 於二零零零年七月三十日生效，主要作 為給予合資格僱員（包括本公司或任何 附屬公司之任何執行董事，以及為向本 公司或附屬公司提供全職或大部分全職 服務而僱用之本公司或任何附屬公司之 任何高級行政人員、主任或僱員）之獎 勵，該計劃將於二零一零年七月三十日 營業時間結束時到期。

The Company’s Employee Share Option Scheme (the “Scheme”) came into effect on 30th July, 2000 for the primary purpose of providing incentives to eligible employees, including any executive director of the Company or any subsidiary, and any senior executive, offi cer or employee of the Company or any subsidiary employed to render full-time or substantially full-time service to the Company or any subsidiary. The Scheme will expire at the close of business on 30th July, 2010.

購股權可於董事就該購股權授出條款所 指定之期間行使，惟不得早於授出日期 起計 1 年或遲於授出日期起計 10 年。購 股權不可於授出日期後 1 年內行使。

An option may be exercised as specifi ed by the directors in relation to such option in its terms of grant which shall not be earlier than 1 year after its date of grant, nor be more than 10 years from its date of grant. No option shall be exercisable earlier than 1 year after its date of grant.

根據該計劃，可供發行之股份總數為本 公司已發行股本之 10%。行使價至少必 須為聯交所於授出日期（必須為營業日） 之每日報價表所載之股份收市價，及緊 隨授出日期前五個營業日聯交所每日報 價表之平均收市價（以最高者為準）。根 據該計劃行使價不得低於股份之面值。 每份授出之購股權須支付之代價為港幣 10 元。

Total number of shares available for issue under the Scheme is 10% of the issued share capital of the Company. The exercise price must be at least the higher of the closing price of the shares as stated in the Stock Exchange’s daily quotations sheet on the date of grant, which must be a business day, and the average closing price of the shares as stated in Stock Exchange’s daily quotations sheets for the fi ve business days immediately preceding the date of the grant. Under the Scheme, the exercise price must not be below the nominal amount of the shares. Consideration to be paid on each grant of option is HK$10.

自採納計劃以來並無購股權授出或尚未 行使。

No share options were granted or outstanding since the adoption of the Scheme.

36. 退休福利計劃

36. RETIREMENT BENEFITS PLANS

本集團為香港所有合資格僱員設立強制 性公積金計劃（「公積金計劃」）。公積金 計劃之資產與本集團之資產分開持有， 以基金方式由受託人管理。本集團按每 月港幣1,000元或有關薪酬成本5%之較 低者向公積金計劃供款。

The Group operates a Mandatory Provident Fund Scheme (the “Fund Scheme”) for all qualifying employees in Hong Kong. The assets of the Fund Scheme are held separately from those of the Group, in funds under the control of trustees. The Group contributes the lower of HK$1,000 per month or 5% of relevant payroll costs to the Fund Scheme.

中國附屬公司之僱員為中國政府設立之 退休福利計劃之成員。

The employees of the subsidiaries in the PRC are members of retirement benefi ts schemes operated by the PRC government.

121

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

36. 退休福利計劃（續）

36. RETIREMENT BENEFITS PLANS (Continued)

有關中國附屬公司須按現有僱員月薪之 7% 至 12% 向中國之國家退休計劃供 款，以為該項福利提供資金。根據有關 政府法規，僱員可享有按退休時之基本 薪金及服務年期計算之退休金。中國政 府負責退休員工之退休金。

The relevant PRC subsidiaries are required to make contributions to the state retirement schemes in the PRC based on 7% to 12% of the monthly salaries of their current employees to fund the benefi ts. The employees are entitled to retirement pension calculated with reference to their basic salaries on retirement and their length of service in accordance with the relevant government regulations. The PRC government is responsible for the pension liability to the retired staff.

列入綜合收益表處理之總成本約港 幣 8,124,000 元（二零零六年：港幣 8,002,000 元），為本集團就本財政年度 向該等計劃應付之供款。

The total cost charged to the consolidated income statement of approximately HK$8,124,000 (2006: HK$8,002,000) represents contributions payable to the schemes by the Group in respect of the current fi nancial year.

37. 主要附屬公司

37. PRINCIPAL SUBSIDIARIES

於二零零七年十二月三十一日主要附屬 公司詳情如下：

Details of the principal subsidiaries as at 31st December, 2007 are as follows:

		擁有權	擁有權
	已發行普通股	權益比例		所持
	股本面值	Proportion of		投票權比例	註冊成立╱
	Nominal value	ownership interest		Proportion	營業地點
	of issued	直接	間接	of voting	Place of
公司名稱	ordinary	Directly	Indirectly	power held	incorporation/	主要業務
Name of company	share capital	%	%	%	operation	Principal activities
	港幣110元				英屬處女群島	投資控股
Catel (B.V.I.) Limited	HK$110	100	–	100	BVI	Investment holding
	20,000,000日圓				日本	銷售及市場拓展
Wong’s International	JPY20,000,000	100	–	100	Japan	Sales and marketing
Japan, Inc.
邦緯有限公司	港幣2元				香港	投資控股
Bondwide Limited	HK$2	–	100	100	Hong Kong	Investment holding
	港幣2元				香港	物業控股
Luckyweal Company	HK$2	–	100	100	Hong Kong	Property investment
Limited

122 王氏國際（集團）有限公司 ■ 二零零七年年報

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

37. 主要附屬公司（續）

37. PRINCIPAL SUBSIDIARIES (Continued)

於二零零七年十二月三十一日主要附屬 公司詳情如下：（續）

Details of the principal subsidiaries as at 31st December, 2007 are as follows: (Continued)

		擁有權	擁有權
	已發行普通股	權益比例		所持
	股本面值	Proportion of		投票權比例	註冊成立╱
	Nominal value	ownership interest		Proportion	營業地點
	of issued	直接	間接	of voting	Place of
公司名稱	ordinary	Directly	Indirectly	power held	incorporation/	主要業務
Name of company	share capital	%	%	%	operation	Principal activities
兆偉實業有限公司	港幣2元				香港╱中國	製造電子產品
Siu Wai Industrial	HK$2	–	100	100	Hong Kong /	Electronic products
Limited					PRC	manufacture
	港幣2元				香港	投資控股
Wapdon Company	HK$2	–	100	100	Hong Kong	Investment holding
Limited
華高科技（蘇州）
有限公司*	20,606,529美元				中國	製造電子產品
Welco Technology	US$20,606,529	–	100	100	PRC	Electronic products
(Suzhou) Limited*						manufacture
	102,799,653新加坡元				新加坡	投資控股
Wong’s Circuits	S$102,799,653	–	100	100	Singapore	Investment holding
(Holdings) Pte Ltd.
王氏電子有限公司	港幣1,000,000元				香港	製造電子產品
Wong’s Electronics	HK$1,000,000	–	100	100	Hong Kong	Electronic products
Co., Limited						manufacture
王氏工業（集團）
有限公司	港幣500元				香港	投資控股
Wong’s Industrial	HK$500	–	100	100	Hong Kong	Investment holding
(Holdings) Limited

WONG’S INTERNATIONAL (HOLDINGS) LIMITED ■ Annual Report 2007 123

綜合財務報表附註 Notes to the Consolidated Financial Statements

截至二零零七年十二月三十一日止年度 For the year ended 31st December, 2007

37. 主要附屬公司（續）

37. PRINCIPAL SUBSIDIARIES (Continued)

於二零零七年十二月三十一日主要附屬 公司詳情如下：（續）

Details of the principal subsidiaries as at 31st December, 2007 are as follows: (Continued)

		擁有權	擁有權
	已發行普通股	權益比例		所持
	股本面值	Proportion of		投票權比例	註冊成立╱
	Nominal value	ownership interest		Proportion	營業地點
	of issued	直接	間接	of voting	Place of
公司名稱	ordinary	Directly	Indirectly	power held	incorporation/	主要業務
Name of company	share capital	%	%	%	operation	Principal activities
						設計及推廣寬頻及
						互聯網應用器材
	港幣1,000,000元				香港	產品
BroadMax Technology	HK$1,000,000	–	100	100	Hong Kong	Design and marketing
Limited						of broadband and
						internet appliances
						products
						開發、推廣及分銷
	港幣1,000,000元				香港	無線通訊產品
Emerging Technologies	HK$1,000,000	–	100	100	Hong Kong	Development,
Limited						marketing and
						distribution of
						wireless
						communication
						products
	10,000美元				美國	市場拓展
Wong’s International	US$10,000	–	100	100	United States	Marketing
(USA) Corporation					of America

• 此公司為全資外國企業。

• The company is a wholly-owned foreign enterprise.

董事認為，完整載列所有附屬公司詳情 會使篇幅過於冗長，因此上表只列出對 本集團業績或資產淨值有重大影響之附 屬公司。

In the opinion of the directors, a complete list of the particulars of subsidiaries will be of excessive length and therefore the above list contains only the particulars of those subsidiaries which principally affect the results or net assets of the Group.

於年終時或年內任何時間概無附屬公司 發行任何存續之債務證券。

None of the subsidiaries had issued any debt securities subsisting at the end of the year or at any time during the year.

124 王氏國際（集團）有限公司 ■ 二零零七年年報

WONG’S INTERNATIONAL (HOLDINGS) LIMITED

王氏國際（集團）有限公司[*]

(Incorporated in Bermuda with limited liability)

(於百慕達註冊成立之有限公司）

Wong’s Industrial Centre, 180A Wai Yip Street, Kwun Tong, Kowloon, Hong Kong 香港九龍官塘偉業街180A號王氏工業中心 Tel 電話 ： (852) 2345-0111 Fax 傳真 ： (852) 2797-8076 www.wongswih.com

* For identification purpose only 僅供識別**