Brockman Mining Limited - Annual Report 2020

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ANNUAL REPORT 2020 年報

目錄 Contents

目錄 Contents
公司資料
Corporate Information	2
主席報告書
Chairman’s Statement	4
財務摘要
Financial Highlights	13
五年財務概要
Five-Year Financial Summary	15
董事會報告書
Directors’ Report	16
環境、社會及管治報告書
Environmental, Social and Governance Report	44
企業管治報告書
Corporate Governance Report	66
獨立核數師報告
Independent Auditor’s Report	87
綜合收益表
Consolidated Income Statement	95
綜合全面收入表
Consolidated Statement of Comprehensive Income	96
綜合財務狀況表
Consolidated Statement of Financial Position	97
綜合權益變動表
Consolidated Statement of Changes in Equity	99
綜合現金流量表
Consolidated Cash Flow Statement	101
綜合財務報表附註
Notes to the Consolidated Financial Statements	102
主要物業列表
Schedule of Principal Properties	224

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）王賢敏女士陳子華博士溫民強先生熊永順先生

獨立非執行董事

李家祥博士，GBS，OBE，太平紳士楊孫西博士，GBM，太平紳士葉天養先生，太平紳士張志超先生

審核委員會

李家祥博士，GBS，OBE，太平紳士（主席）楊孫西博士，GBM，太平紳士葉天養先生，太平紳士

風險管理委員會

王賢敏女士（主席）陳子華博士熊永順先生

薪酬委員會

楊孫西博士，GBM，太平紳士（主席）葉天養先生，太平紳士陳子華博士

行政委員會

王忠秣先生（主席）王賢敏女士陳子華博士溫民強先生

公司秘書

何婉芬女士，FCG，FCS

BOARD OF DIRECTORS

Executive Directors

Mr. Wong Chung Mat, Ben (Chairman and Chief Executive Officer) Ms. Wong Yin Man, Ada Dr. Chan Tsze Wah, Gabriel Mr. Wan Man Keung Mr. Hung Wing Shun, Edmund

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric, GBS, OBE, JP Dr. Yu Sun Say, GBM, JP Mr. Alfred Donald Yap, JP Mr. Cheung Chi Chiu, David

AUDIT COMMITTEE

Dr. Li Ka Cheung, Eric, GBS, OBE, JP (Chairman) Dr. Yu Sun Say, GBM, JP Mr. Alfred Donald Yap, JP

RISK MANAGEMENT COMMITTEE

Ms. Wong Yin Man, Ada (Chairperson) Dr. Chan Tsze Wah, Gabriel Mr. Hung Wing Shun, Edmund

REMUNERATION COMMITTEE

Dr. Yu Sun Say, GBM, JP (Chairman) Mr. Alfred Donald Yap, JP Dr. Chan Tsze Wah, Gabriel

ADMINISTRATIVE COMMITTEE

Mr. Wong Chung Mat, Ben (Chairman) Ms. Wong Yin Man, Ada Dr. Chan Tsze Wah, Gabriel Mr. Wan Man Keung

COMPANY SECRETARY

Ms. Ho Yuen Fan, FCG, FCS

2 王氏國際集團有限公司 2020 年報

公司資料 Corporate Information

核數師

羅兵咸永道會計師事務所執業會計師及註冊公眾利益實體核數師

律師

莊驥律師事務所 Farrand Cooper, P.C.

來往銀行

香港上海滙豐銀行有限公司中國銀行（香港）有限公司渣打銀行（香港）有限公司

註冊辦事處

Clarendon House 2 Church Street Hamilton HM 11 Bermuda

總辦事處

香港九龍官塘偉業街108號絲寶國際大廈17樓

主要股份過戶登記處

MUFG Fund Services (Bermuda) Limited 4th Floor North Cedar House 41 Cedar Avenue Hamilton HM 12 Bermuda

香港股份過戶登記分處

卓佳標準有限公司香港皇后大道東183號合和中心54樓

網址

www.wih.com.hk

AUDITOR

PricewaterhouseCoopers Certified Public Accountants and Registered Public Interest Entity Auditor

SOLICITORS

J.S. Gale & Co. Farrand Cooper, P.C.

BANKERS

The Hongkong and Shanghai Banking Corporation Limited Bank of China (Hong Kong) Limited Standard Chartered Bank (Hong Kong) Limited

REGISTERED OFFICE

Clarendon House 2 Church Street Hamilton HM 11 Bermuda

PRINCIPAL OFFICE

17/F, C-Bons International Center No. 108 Wai Yip Street Kwun Tong Kowloon Hong Kong

PRINCIPAL SHARE REGISTRAR

MUFG Fund Services (Bermuda) Limited 4th Floor North Cedar House 41 Cedar Avenue Hamilton HM 12 Bermuda

HONG KONG BRANCH SHARE REGISTRAR

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

WEBSITE

www.wih.com.hk

Wong’s International Holdings Limited Annual Report 2020

主席報告書 Chairman’s Statement

財務業績

截至二零二零年十二月三十一日止年度，王氏國際集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）擁有人應佔虧損為港幣761,700,000元，而上一個財政年度之本公司擁有人應佔利潤則為港幣 266,300,000元。

此乃主要由於本集團物業之價值下降，加上因本集團合營企業（「合營企業」）持有之物業價值下降以致錄得應佔合營企業虧損。本集團及合營企業持有之物業價值下降港幣866,000,000元，而上一個財政年度則錄得價值上升港幣98,000,000元。價值下降反映商業物業市況受2019冠狀病毒疫情帶來的不利因素所影響。物業價值之下降為未變現，亦對本集團之現金流量並無產生任何影響。本集團及合營企業所持有之物業主要用作租賃用途，於本年度內，租金收入並無任何重大變動。

除物業價值下降外，人民幣於二零二零年下半年升值導致產生重大匯兌虧損。匯兌虧損為港幣51,000,000元，而上一個財政年度則為匯兌收益港幣9,200,000元。然而，其他全面收入中之貨幣換算差額收益港幣 131,400,000元抵銷了綜合收益表內之匯兌虧損。

FINAL FINANCIAL RESULTS

The loss attributable to owners of Wong’s International Holdings Limited (the “Company”, together with its subsidiaries, the “Group”) for the year ended 31 December 2020 amounted to HK$761.7 million, as compared to the profit attributable to owners of the Company of HK$266.3 million for the last financial year.

This was mainly attributable to the decrease in the value of the Group’s properties and share of losses in the Group’s joint ventures (the “Joint Ventures”) which was due to a decrease in the value of properties held by the Joint Ventures. The decrease in value of properties held by the Group and the Joint Ventures was HK$866.0 million as compared to an increase in value of HK$98.0 million for the last financial year. The decrease reflects the commercial property market conditions which were adversely affected by the outbreak of COVID-19. The decrease in the value of the properties is unrealised and did not have any impact on the Group’s cash flow. The properties held by the Group and the Joint Ventures are mainly for leasing purposes and the rental income had no significant change during the year.

Besides the decrease in the value of the properties, the appreciation of Renminbi in the second half of 2020 resulted in a significant exchange loss. The exchange loss was HK$51.0 million as compared to an exchange gains of HK$9.2 million for the last financial year. However, the exchange loss in the consolidated income statement was offset by the gains on currency translation difference of HK$131.4 million in other comprehensive income.

4 王氏國際集團有限公司 2020 年報

主席報告書 Chairman’s Statement

財務業績（續）

本年度之每股虧損為港幣1.59元，而上一個財政年度則為每股盈利港幣0.56元。截至二零二零年十二月三十一日止年度，本集團之收益為港幣3,224,600,000元，而上一個財政年度則為港幣3,781,200,000元。截至二零二零年十二月三十一日止年度之營運虧損為港幣375,100,000元，而上一個財政年度之營運利潤則為港幣245,200,000元。錄得營運虧損乃因本集團及合營企業持有之物業價值下降所致。

股息

本公司已支付二零二零年度中期股息每股港幣0.02元（二零一九年：港幣0.035元）。董事現建議於二零二一年七月六日（星期二）或之前派付末期股息每股港幣 0.02 元（二零一九年：港幣0.03元）予二零二一年六月二十一日（星期一）名列本公司股東名冊之股東。派付有關建議末期股息須待股東於本公司應屆股東週年大會上批准，方可作實。

暫停辦理股東登記手續

為確定出席本公司將於二零二一年六月一日（星期二）舉行之應屆股東週年大會並於會上投票之權利，本公司將於二零二一年五月二十六日（星期三）至二零二一年六月一日（星期二）（包括首尾兩日）暫停辦理本公司股東登記手續，於該期間內不會辦理股份轉讓。如欲符合資格出席大會並於會上投票，務須於二零二一年五月二十五日（星期二）下午四時三十分前，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，地址為香港皇后大道東183號合和中心54樓，以辦理登記手續。

FINAL FINANCIAL RESULTS (continued)

Loss per share for the year was HK$1.59 as compared to earnings per share of HK$0.56 for the last financial year. The Group’s revenue for the year ended 31 December 2020 was HK$3,224.6 million, as compared to HK$3,781.2 million for the last financial year. Operating loss for the year ended 31 December 2020 was HK$375.1 million, as compared to operating profit of HK$245.2 million for the last financial year. The operating loss was driven by decrease in the value of properties held by the Group and the Joint Ventures.

DIVIDENDS

The Company paid an interim dividend of HK$0.02 (2019: HK$0.035) per share for 2020. The Directors now recommend the payment of a final dividend of HK$0.02 (2019: HK$0.03) per share on or before Tuesday, 6 July 2021 to the shareholders whose names appear on the Register of Members of the Company on Monday, 21 June 2021. Payment of such proposed final dividend is subject to approval of the shareholders at the forthcoming annual general meeting of the Company.

CLOSURE OF REGISTER OF MEMBERS

For determining the entitlement to attend and vote at the forthcoming annual general meeting of the Company to be held on Tuesday, 1 June 2021, the Register of Members of the Company will be closed from Wednesday, 26 May 2021 to Tuesday, 1 June 2021, both days inclusive. During this period, no transfer of shares will be effected. To be eligible to attend and vote at the meeting, all transfers accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong branch share registrar, Tricor Standard Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Tuesday, 25 May 2021.

Wong’s International Holdings Limited Annual Report 2020 5

主席報告書 Chairman’s Statement

暫停辦理股東登記手續（續）

為確定收取建議末期股息之權利，本公司將於二零二一年六月二十一日（星期一）暫停辦理本公司股東登記手續，該日將不會辦理股份轉讓。如欲符合資格，在股東批准之情況下獲派建議末期股息，務須於二零二一年六月十八日（星期五）下午四時三十分前，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，地址為香港皇后大道東183號合和中心54樓，以辦理登記手續。

股息政策

為維持合理的投資回報及回饋股東之持續支持，本公司已採納股息政策，按本集團的利潤表現向股東派發股息。股息派付比率將會根據股東應佔利潤（不包括已計入綜合收益表的應佔合營企業╱聯營公司利潤及虧損以及投資物業公允價值變動），並經考慮多個於宣派股息當時之因素後釐定，包括但不限於財務表現及預期的盈利能力、流動資金狀況及資本效率、遵守財務契約、來自附屬公司的股息收入、未來發展及承諾、潛在投資機遇，以及本公司之公司細則、百慕達法律及其他適用規則和規例內的相關條文。本公司亦或會在普通股息以外不時派發特別股息。

視乎不時的情況而定，股息建議及派付將由本公司董事會全權決定，及在適用情況下需經股東批准。概無保證將會就任何指定期間建議或派付任何特定金額的股息。

CLOSURE OF REGISTER OF MEMBERS (continued)

For determining the entitlement to the proposed final dividend, the Register of Members of the Company will be closed on Monday, 21 June 2021 and no transfer of shares will be effected on that date. To qualify for the proposed final dividend which is subject to approval of the shareholders, all transfers accompanied by the relevant share certificates must be lodged with the Company’s Hong Kong branch share registrar, Tricor Standard Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration not later than 4:30 p.m. on Friday, 18 June 2021.

DIVIDEND POLICY

For the purpose of maintaining a reasonable return on investment and rewarding shareholders for their continued support, the Board has adopted a Dividend Policy for distribution of dividend to the shareholders in accordance with the Group’s profit performance. The dividend payout ratio will be based on the profit attributable to the shareholders excluding share of profit and loss of joint ventures/associated companies and change in fair value of investment properties which have been recorded in the consolidated income statement after considering various prevailing factors at the time of declaration of dividend, including but not limited to financial performance and projected profitability, liquidity position and capital efficiency, compliance with financial covenants, dividends received from subsidiaries, future growth and commitments, potential investment opportunities, relevant provisions under the Company’s bye-laws, laws of Bermuda and other applicable rules and regulations. The Company may also distribute special dividend from time to time in addition to the ordinary dividend.

Depending on the situation from time to time, dividend recommendation and payment shall be determined at the sole discretion of the Board and subject to the approval of shareholders, where appropriate. There is no assurance that dividends will be recommended or paid in any particular amount for any given period.

6 王氏國際集團有限公司 2020 年報

主席報告書 Chairman’s Statement

業務回顧

電子製造服務（「EMS」）部門

REVIEW OF BUSINESS ACTIVITIES

Electronic Manufacturing Service Division

(“EMS Division”)

截至二零二零年十二月三十一日止年度， EMS部門之收益為港幣3,157,200,000元，而上一個財政年度則為港幣3,560,000,000 元。 E M S 部門應佔分部利潤為港幣 132,800,000元，較上一個財政年度港幣 159,200,000元減少16.6%。分部純利減少歸因於現時中美貿易關係緊張而導致需求減少及本集團製造業務於二零二零年一月至三月期間受到2019冠狀病毒疫情之影響。

物業持有部門

物業持有部門錄得收益港幣67,500,000元，而上一個財政年度則為港幣221,200,000 元。收益減少主要由於上一個財政年度確認出售One Harbour Square六樓之收益港幣149,700,000元。於截至二零二零年十二月三十一日止年度內，分部虧損為港幣780,100,000元，而上一個財政年度之分部利潤則為港幣197,900,000元。錄得分部虧損乃因本集團及合營企業持有之物業價值下降所致。

Revenue for the EMS Division for the year ended 31 December 2020 was HK$3,157.2 million, as compared to HK$3,560.0 million for the last financial year. The segment profit attributable to the EMS Division was HK$132.8 million, a 16.6% decrease as compared to HK$159.2 million for the last financial year. The decrease in the segment net profit was attributable to reduction in demand as a result of the current trade tension between Mainland China and the US and the Group’s manufacturing operations from January to March 2020 were impacted by the outbreak of COVID-19.

Property Holding Division

The Property Holding Division reported revenue of HK$67.5 million, as compared to HK$221.2 million for the last financial year. The decrease in revenue was mainly due to revenue of HK$149.7 million recognised from the sale of 6/F of One Harbour Square in last financial year. The segment loss for the year ended 31 December 2020 was HK$780.1 million as compared to segment profit of HK$197.9 million for last financial year. The segment loss was driven by decrease in the value of properties held by the Group and the Joint Ventures.

Wong’s International Holdings Limited Annual Report 2020 7

主席報告書 Chairman’s Statement

流動資金及財務資源

於二零二零年十二月三十一日，本集團之銀行信貸總額為港幣3,221,700,000元（二零一九年：港幣3,311,600,000元）。銀行貸款總額為港幣2,038,700,000元（二零一九年：港幣1,936,200,000元）。於二零二零年十二月三十一日，現金及現金等價物以及短期銀行存款為港幣1,419,100,000元（二零一九年：港幣1,185,200,000元）。

於二零二零年十二月三十一日，本集團之銀行貸款淨額為港幣619,600,000元，而於二零一九年十二月三十一日則為港幣 751,000,000元。本集團維持充足銀行信貸及銀行結存，以應對本集團製造業務及物業持有部門之現金需要。

本集團於二零二零年十二月三十一日之淨資產負債比率為0.15（二零一九年：0.16）。淨資產負債比率的計算方法為負債淨額除以總權益。負債淨額則由總銀行貸款及租賃負債減現金及現金等價物以及短期銀行存款得出。

外匯及風險管理

本集團大部分銷售均以美元進行，成本及開支則主要以美元、港幣、日圓、人民幣及越南盾計算。本集團並無使用任何外匯對沖產品，與財務風險管理之審慎政策一致。本集團知悉人民幣匯價升值的貨幣風險，並將密切監察及積極管理所涉及的風險。

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 December 2020, the Group had a total of HK$3,221.7 million (2019: HK$3,311.6 million) of banking facilities. Total bank borrowings were HK$2,038.7 million (2019: HK$1,936.2 million). Cash and cash equivalents and short-term bank deposits were HK$1,419.1 million at 31 December 2020 (2019: HK$1,185.2 million).

As at 31 December 2020, the Group had a net bank borrowing of HK$619.6 million, as compared to HK$751.0 million at 31 December 2019. Sufficient banking facilities and bank balances are available to meet the cash needs of the Group for its manufacturing operations as well as Property Holding Division.

Net gearing ratio for the Group as at 31 December 2020 was 0.15 (2019: 0.16). The net gearing ratio was calculated as net debt divided by total equity. Net debt is calculated as total bank borrowings and lease liabilities less cash and cash equivalents and short-term bank deposits.

FOREIGN EXCHANGE AND RISK MANAGEMENT

Most of the Group’s sales are conducted in United States dollars and costs and expenses are mainly in United States dollars, Hong Kong dollars, Japanese Yen, Chinese Renminbi and Vietnam Dong. Consistent with its prudent policy on financial risk management, the Group does not use any foreign exchange hedging products. The Group recognises the currency risk in the appreciation of Chinese Renminbi and will closely monitor and actively manage the risk involved.

8 王氏國際集團有限公司 2020 年報

主席報告書 Chairman’s Statement

資本結構

本集團之資本結構包括銀行貸款、現金及現金等價物、短期銀行存款，以及母公司擁有人應佔權益，當中包括已發行股本及儲備。

本集團資產之抵押

本集團資產之抵押詳情載於綜合財務報表附註32。

僱員

於二零二零年十二月三十一日，本集團聘用約3,700名僱員。本集團所採納之薪酬政策為按僱員之工作性質、資歷及經驗釐定薪酬。除提供年終花紅及僱員相關保險福利外，本集團亦會基於僱員之個人表現發放酌情花紅。本集團之薪酬福利及政策會定期作出檢討。本集團亦向其僱員提供內部及外間培訓課程。

CAPITAL STRUCTURE

The Group’s capital structure consists of bank borrowings, cash and cash equivalents, short-term bank deposits and equity attributable to owners of the parent, comprising issued share capital and reserves.

PLEDGES ON THE GROUP’S ASSETS

Details of the pledges on the Group’s assets are set out in note 32 to the consolidated financial statements.

EMPLOYEES

As at 31 December 2020, the Group employed approximately 3,700 employees. The Group adopts a remuneration policy which is commensurate with job nature, qualification and experience of employees. In addition to the provision of annual bonuses and employee related insurance benefits, discretionary bonuses are also rewarded 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 2020 9

主席報告書 Chairman’s Statement

前景

隨著2019冠狀病毒疫苗接種計劃推出，全球需求出現復甦跡象。最近，EMS業務之客戶訂單亦有所增加。然而，經營環境仍然困難。疫情下廣泛封城持續阻礙供應鏈、客戶到訪以及本集團不同設施之間的員工流動，而最近需求激增已經導致部分材料出現短缺。董事預期，二零二一年將仍然充滿挑戰。

為應對美國關稅增加，EMS業務已在越南海陽省設立生產設施，旨在滿足多個國際客戶的需要。此項新設施可望帶來新的銷售機遇。儘管設施之進度因疫情封鎖而有所延遲，然而，潛在客戶對於在越南生產反應十分良好。EMS業務最近已經簽署合約，在本集團目前之設施附近租賃約17,000平方米之新土地地盤以興建30,000平方米之樓面面積以進行擴充。

由於人民幣於二零二零年下半年大幅升值，因此，本集團因將中國附屬公司所持有之美元存款換算為中國附屬公司之賬目貨幣人民幣而產生匯兌虧損港幣51,000,000元。於綜合賬目時，將中國附屬公司之賬目由人民幣換算為港幣時，產生互相抵銷之換算收益，其在綜合全面收入表中入賬列為收益。

PROSPECTS

Following the roll-out of COVID-19 vaccination programs, there are signs of recovery of world demand. Recently, the EMS business has also experienced increase in customer orders. However, the operating environment is still beset with difficulties. Widespread pandemic lockdowns continue to hamper supply chains, customer visits and movement of our staffs among different facilities of our Group while the recent surge of demand has resulted in shortage of some materials. The Directors expect that the year of 2021 will still be full of challenges.

To cope with increased US tariffs, the EMS business has established a manufacturing facility in Hai Duong Province of Vietnam to cater for the needs of many global customers. This new facility is expected to bring in new sales opportunities. Even though the progress of the facility has been somewhat delayed due to pandemic lockdowns, feedbacks from prospective customers regarding manufacturing in Vietnam are very favorable. The EMS business has recently contracted to lease a new site of about 17,000 square meters of land for a construction of a 30,000 square meters of floor area near our present facility for expansion.

Due to the sharp appreciation of Renminbi in the second half of 2020, the Group incurred an exchange loss of HK$51.0 million from the translation of the US dollar deposits held by a subsidiary in China to Renminbi, the book currency of the Chinese subsidiary. In consolidation, upon translating the Chinese subsidiary’s accounts from Renminbi to Hong Kong dollars, there was an offsetting translation gain generated, which was booked as a gain in the consolidated statement of comprehensive income.

10 王氏國際集團有限公司 2020 年報

主席報告書 Chairman’s Statement

前景（續）

為增強其競爭優勢，EMS業務將繼續主力擴大客戶群、控制成本、提高營運效率及為客戶提供包括產品設計和技術服務在內之增值服務。董事將會密切監察目前之經營狀況，將僱員的健康及業務夥伴的利益放在首位。

於二零二零年，受冠狀病毒疫情所影響，香港商業物業市場狀況大為惡化，導致本集團所持有商業物業之估值出現大幅下跌。根據公認會計原則，儘管有關估值虧損屬未變現性質，對本集團現金流量並無任何影響，然而，本集團仍然須將有關價值下跌入賬列為虧損。儘管該等物業估值下跌，惟本集團自持有之商業物業所產生之租金收入維持穩定。隨著冠狀病毒疫情逐漸受到控制，董事預期，香港商業物業之市場狀況將會趨於穩定。

PROSPECTS (continued)

To enhance its competitive edge, the EMS business will continue to focus on customer base expansion, cost control, operating efficiency and value-added services to customers, including product design and technology services. The Directors will monitor current operating conditions vigilantly putting the health of our employees and benefits of our business partners in the first priority.

In 2020, due to the impact of the coronavirus pandemic, the market conditions for commercial properties in Hong Kong had deteriorated considerably, resulting in a huge decline in the valuation of commercial properties held by the Group. Pursuant to generally accepted accounting principles, the Group needed to book such decline in value as loss even though such valuation losses are unrealised and do not have any impact on the Group’s cash flow. The rental income derived by the Group from commercial properties held has remained stable notwithstanding the drop in the valuation of those properties. As the coronavirus pandemic is gradually under control, the Directors expect the market conditions for commercial properties in Hong Kong to become stabilised.

Wong’s International Holdings Limited Annual Report 2020 11

主席報告書 Chairman’s Statement

獎項及認可

本公司及其全資附屬公司王氏電子有限公司連續第九年獲香港社會服務聯會頒發「商界展關懷」標誌。這些嘉許為對本集團積極參與社區活動及作為良好企業市民的認可。

致謝

本人謹此代表董事會同仁衷心感謝客戶、供應商及業務夥伴一直對本集團的信任及支持。本人亦謹此特別感謝本集團所有員工之忠誠、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，二零二一年三月三十日

AWARD & RECOGNITION

The Company and its wholly-owned subsidiary, Wong’s Electronics Company Limited, were awarded the Caring Company Logo by The Hong Kong Council of Social Service for the ninth consecutive year. These serve as recognition of the Group’s active participation in community activities and good corporate citizenship.

APPRECIATION

On behalf of the Board of Directors, I would like to extend my sincere gratitude to 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

Chairman and Chief Executive Officer

Hong Kong, 30 March 2021

12 王氏國際集團有限公司 2020 年報

財務摘要 Financial Highlights

收益 Revenue 港幣百萬元 HK$ million

==> picture [237 x 176] intentionally omitted <==

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

5,000
4,000 3,818 4,014 3,781
3,529
3,225
3,000
2,000
1,000
0
2016 2017 2018 2019 2020
----- End of picture text -----

總資產及總負債 Total Assets and Total Liabilities 港幣百萬元 HK$ million

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

9,000
8,000 8,268 8,183
7,586
7,000
6,720
6,000 6,308
5,000
4,000
3,252
3,000 3,322 3,203 3,447 3,177
2,000
1,000
0
2016 2017 2018 2019 2020
總資產 Total Assets
總負債 Total Liabilities
----- End of picture text -----

除所得稅後（虧損）╱利潤 (Loss)/Profit after Income Tax 港幣百萬元 HK$ million

==> picture [235 x 495] intentionally omitted <==

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

1500 1422
1200
900
600 468 480
266
300
0
-300
-600
-762
-900
2016 2017 2018 2019 2020
二零二零年業績包括應佔合營企業虧損港幣324,000,000元
（二零一九年：應佔合營企業利潤港幣105,000,000元）
Share of losses of joint ventures of HK$324 million included in 2020 results
(2019: Share of profits of joint ventures of HK$105 million)
各業務地區之收益
Revenue by Geographical Area
北美洲
North America
19%
亞洲（香港除外）
Asia (other than
香港
Hong Kong)
Hong Kong
53%
14%
歐洲
Europe
14%
2020
----- End of picture text -----

Wong’s International Holdings Limited Annual Report 2020 13

財務摘要 Financial Highlights

			二零二零年	二零一九年	變動
			2020	2019	Changes
		附註	百分率	百分率	百分點
		Notes	%	%	% point
營運業績	Operating results
僱員福利開支對	Employee benefit expenses
收益百分比	to revenue %		13.8	12.1	1.7
其他營運開支對	Other operating expenses
收益百分比	to revenue %		5.2	4.8	0.4
營運（虧損）╱利潤率	Operating (loss)/profit %		(11.6)	6.5	-18.1
淨（虧損）╱利潤率	Net (loss)/profit %		(23.6)	7.0	-30.6
權益回報率	Return on equity (%)	1	(17.6)	5.3	-22.9
財務健康狀況	Financial health
淨借貸對總權益
百分比貸款對總權益	Net debts to total equity %	2	15.1	16.0	-0.9
百分比	Borrowings to total equity %	3	47.0	38.7	8.3
			二零二零年	二零一九年	變動
			2020	2019	Changes
財務比率	Financial ratio				不適用
流動比率（倍）	Current ratio (Times)	4	1.5	1.5	N/A
每股數據	Per share data		（港幣1.59元）	港幣0.56元	不適用
每股（虧損）╱盈利	(Loss)/earnings per share		(HK$1.59)	HK$0.56	N/A

附註：	Notes:

權益回報率 = 淨（虧損）或利潤╱總權益
Return on equity % = net (loss) or profit/total equity
淨借貸對總權益百分比 = （總貸款－租賃負債 2. Net debts to total equity % = (total borrowings – total lease 總額－現金及現金等價物總額－短期銀行存款） liabilities – total cash and cash equivalent – short-term bank ╱總權益 deposits)/total equity
貸款對總權益百分比 = 總貸款╱總權益
Borrowings to total equity % = total borrowings/total equity
流動比率 = 流動資產╱流動負債
Current ratio = current assets/current liabilities

14 王氏國際集團有限公司 2020 年報

五年財務概要 Five-Year Financial Summary

	二零二零年	二零一九年	二零一八年	二零一七年	二零一六年
	2020	2019	2018	2017	2016
	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
業績	RESULTS
收益	Revenue 3,224,636	3,781,156	4,013,546	3,817,543	3,529,374
營運（虧損）╱利潤	Operating (loss)/profit (375,056)	245,157	524,818	315,612	366,711
除所得稅前（虧損）╱	(Loss)/profit before
利潤	income tax (735,630)	304,569	1,473,119	513,190	518,482
所得稅	Income tax (26,048)	(38,242)	(51,370)	(33,283)	(50,257)
年度（虧損）╱利潤	(Loss)/profit for theyear (761,678)	266,327	1,421,749	479,907	468,225
擁有人應佔（虧損）╱	(Loss)/profit attributable
利潤	to owners (761,674)	266,327	1,421,749	479,907	468,225
非控股權益	Non-controllinginterests (4)	–	–	–	–
資產及負債	ASSETS AND
總資產	LIABILITIES Total assets 7,585,931	8,183,236	8,267,682	6,719,963	6,307,567
總負債	Total liabilities 3,252,157	3,177,012	3,447,493	3,203,471	3,322,272
歸屬於擁有人之權益	Equity attributable to owners 4,333,774	5,006,220	4,820,185	3,516,488	2,985,291
非控股權益	Non-controllinginterests –	4	4	4	4
總權益及負債	Total equity and liabilities 7,585,931	8,183,236	8,267,682	6,719,963	6,307,567

Wong’s International Holdings Limited Annual Report 2020 15

董事會報告書 Directors’ Report

董事會同寅謹此提呈截至二零二零年十二月三十一日止年度之董事會報告書及已審核之綜合財務報表，該綜合財務報表於董事會報告書日期召開之董事會會議上獲董事會批准。

The Directors hereby present their report together with the audited consolidated financial statements for the year ended 31 December 2020 which were approved by them at the board meeting held on the date of this Directors’ Report.

主要業務

PRINCIPAL ACTIVITIES

本公司為控股公司。其附屬公司之主要業務是開發、製造、推廣及分銷電子產品，以及物業持有。

The Company is a holding company. The principal activities of its subsidiaries are the development, manufacture, marketing and distribution of electronic products as well as property holding.

財務報表

FINANCIAL STATEMENTS

本集團本年度之業績與現金流量，以及本集團於二零二零年十二月三十一日結算時之財務狀況刊載於本年報第95至223頁內。

The results and cash flows of the Group for the year and the state of affairs of the Group as at 31 December 2020 are set out on pages 95 to 223 of this Annual Report.

分部資料

SEGMENT INFORMATION

按營運分部詳細分析之本集團收益及業績刊載於綜合財務報表附註5。

A detailed analysis of the Group’s turnover and results by operating segments are set out in note 5 to the consolidated financial statements.

股息

DIVIDENDS

董事會已宣派中期股息，現擬派發截至二零二零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 final dividend in respect of the year ended 31 December 2020 as follows:

		港幣千元
		HK$’000
已付中期股息，為每股港幣0.02元	Interim dividend of HK$0.02 per share paid	9,570
擬派末期股息，為每股
已發行股份港幣0.02元	Proposed final dividend of HK$0.02 per share in issue	9,570
		19,140

16 王氏國際集團有限公司 2020 年報

董事會報告書 Directors’ Report

業務審視

本集團年內之業務審視，及有關本集團未來發展及所面對的主要風險及不明朗因素之討論，載於本年報第4至12頁之主席報告書。有關本集團之財務風險及風險管理，載於綜合財務報表附註3。

運用關鍵財務表現指標對本集團年內表現進行之分析，載於本年報第4至12頁之主席報告書及第13及14頁之財務摘要。

環境政策及表現

本集團致力履行環保責任，盡量減少對社會、環境及天然資源造成之影響，同時保障公眾之健康及安全。本集團積極控制及致力減少排放、浪費及欠缺效益地使用資源及能源。健康、安全及環境在我們設計產品、程序及服務時屬優先考慮之因素。本集團持續應用國際環保系統管理及監察製造設施。

與僱員之關係

本集團視僱員為本集團之寶貴資產，並致力與僱員建立融洽並有良好互動之關係。僱員之薪酬組合與彼等之工作性質、資歷、經驗及表現相稱，亦為僱員提供培訓，使彼等能提升工作表現，在本集團內部晉升。本集團更致力營造一個和諧之工作環境，藉此提高僱員表現及增進公司與僱員之關係。此外，本集團亦力求提供一個安全健康的工作環境。

BUSINESS REVIEW

A business review of the Group for the year and a discussion on the Group’s future development and principal risks and uncertainties facing the Group are provided in the Chairman’s Statement on pages 4 to 12 of this Annual Report. A discussion of the financial risks and the management of the risks of the Group are provided in note 3 to the consolidated financial statements.

An analysis of the Group’s performance during the year using financial key performance indicators is provided in the Chairman’s Statement on pages 4 to 12 and the Financial Highlights on pages 13 and 14 of this Annual Report.

Environmental policies and performance

The Group is committed to environmental responsibility through minimizing the impacts to the community, environment and natural resources while safeguarding the health and safety of the public. The Group actively controls and endeavors to reduce emissions, waste and inefficient use of resources and energy. Health, safety and the environment are the top priorities in the design of our products, processes and services. Our manufacturing facilities are constantly managed and monitored using international environmental systems.

Relationships with employees

The Group considers that employees are valuable assets of the Group and is committed to building an amicable and rewarding relationship with its employees. Employees are remunerated with salary packages commensurate with their job nature, qualification, experience and performance. Training is provided to employees to enhance job performance and progression within the Group. The Group also works its best to cultivate a harmonious workplace which enhances employee performance and company-employee relationship. In addition, the Group strives to provide a safe and healthy work environment.

Wong’s International Holdings Limited Annual Report 2020 17

董事會報告書 Directors’ Report

業務審視（續）

社會參與

本集團為致力承擔企業責任，主力參與社區及義工活動，對此深感自豪。藉投身參與該等活動，本集團及僱員有機會為改善本地社區出力。有關活動包括捐款、探訪老人院及參與賣旗活動等。本集團旗下若干公司獲香港社會服務聯會頒發「商界展關懷」標誌，作為對他們積極參與社區活動及作為良好企業市民的認可。

與客戶及供應商之關係

本集團通過提供切合甚或超越客戶對品質、耐用性及價值要求之產品及服務，竭力成為客戶之全球策略業務夥伴。為達致此目標，本集團努力與供應商建立長期互惠互利關係，對提供優質產品予客戶及確保準時送貨發揮重要作用。

遵守相關法律及規例

就董事會所深知，年內本集團於重大方面已遵守對本集團之業務及營運有重大影響之相關法律及規例。

其後事項

自本財政年度終結以來，本集團並無發生任何對本集團有影響之重大事件。

BUSINESS REVIEW (continued)

Community engagement

The Group takes pride in participating in community events and volunteer activities as a key component of our commitment to corporate responsibility. The engagements provide opportunities for the Group and our employees to contribute in improving local communities. Such activities include making donations, paying visits to elderly homes and participating in flag-selling activities etc. Certain companies in the Group have been awarded the Caring Company Logo by The Hong Kong Council of Social Service in recognition of their active participation in community activities and good corporate citizenship.

Relationships with customers and suppliers

The Group strives to be global strategic business partners of our customers by providing products and services that meet or exceed our customers’ requirements for quality, reliability and value. In accomplishing this goal, the Group endeavours to build long-term and mutually beneficial relationships with our suppliers, which play a crucial role in providing high quality products and ensuring reliable delivery to our customers.

Compliance with relevant laws and regulations

To the best knowledge of the Board of Directors, the Group has complied in material respects with the relevant laws and regulations that have a significant impact on the business and operation of the Group during the year.

Subsequent events

The Group did not have any material events affecting the Group that have occurred since the end of the financial year.

18 王氏國際集團有限公司 2020 年報

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 percentages 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	10
－五大供應商合併計算	– five largest suppliers combined	34
銷售額	Sales
－最大客戶	– the largest customer	40
－五大客戶合併計算	– five largest customers combined	72

各董事、其聯繫人或股東（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15頁。

The results, assets and liabilities of the Group for the last five years are summarised on page 15.

附屬公司詳情

PARTICULARS OF SUBSIDIARIES

主要附屬公司詳情刊載於綜合財務報表附註20。

Particulars of the principal subsidiaries are set out in note 20 to the consolidated financial statements.

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33。

Movements in share capital during the year are set out in note 33 to the consolidated financial statements.

Wong’s International Holdings Limited Annual Report 2020 19

董事會報告書 Directors’ Report

可分派儲備

於二零二零年十二月三十一日，本公司根據本公司之公司細則及百慕達法律計算之可分派儲備金額為港幣591,467,000元（二零一九年：港幣587,405,000元）。

優先權

本公司之公司細則或百慕達法律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

截至二零二零年十二月三十一日止年度，本公司或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、廠房及設備之面值變動情況刊載於綜合財務報表附註15。

捐款

本集團於本年度之慈善及其他性質捐款總額為港幣264,000元。

DISTRIBUTABLE RESERVES

Distributable reserves of the Company at 31 December 2020 calculated under the Company’s Bye-laws and the Bermuda laws, amounted to HK$591,467,000 (2019: HK$587,405,000).

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 laws.

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

During the year ended 31 December 2020, 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 15 to the consolidated financial statements.

DONATIONS

Donations made by the Group for charitable and other purposes during the year amounted to HK$264,000.

20 王氏國際集團有限公司 2020 年報

董事會報告書 Directors’ Report

董事

本年度及截至本報告書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）王賢敏女士陳子華博士溫民強先生熊永順先生

獨立非執行董事

李家祥博士，GBS，OBE，太平紳士楊孫西博士，GBM，太平紳士葉天養先生，太平紳士張志超先生

根據本公司之公司細則第112條，王賢敏女士、溫民強先生及張志超先生將於本公司應屆股東週年大會上退任。王賢敏女士及張志超先生符合資格並願意重選連任。溫民強先生擬於本公司應屆股東週年大會上退任而不重選連任。

本公司現任獨立非執行董事概無指定任期，惟須根據本公司之公司細則條文於本公司股東週年大會上輪值告退並接受重新選舉。

董事會已收到各獨立非執行董事根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第3.13條就其獨立性發出之年度確認書。董事會視所有獨立非執行董事為獨立。

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 Officer)

Ms. Wong Yin Man, Ada Dr. Chan Tsze Wah, Gabriel Mr. Wan Man Keung Mr. Hung Wing Shun, Edmund

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric, GBS, OBE, JP Dr. Yu Sun Say, GBM, JP Mr. Alfred Donald Yap, JP Mr. Cheung Chi Chiu, David

In accordance with Bye-law 112 of the Company’s Bye-laws, Ms. Wong Yin Man, Ada, Mr. Wan Man Keung and Mr. Cheung Chi Chiu, David shall retire from office at the forthcoming annual general meeting of the Company. Ms. Wong Yin Man, Ada and Mr. Cheung Chi Chiu, David, being eligible, offer themselves for re-election. Mr. Wan Man Keung wishes to retire at the forthcoming annual general meeting of the Company and not to offer himself for re-election.

The existing Independent Non-executive Directors of the Company are not appointed for a specific term but is subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the provisions of the Bye-laws of the Company.

The Board has received from each of the Independent Non-executive Directors the annual confirmation of independence pursuant to Rule 3.13 of the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and considers them as independent.

Wong’s International Holdings Limited Annual Report 2020 21

董事會報告書 Directors’ Report

董事及高級管理層個人資料

執行董事

王忠秣先生 ，現年69歲，於一九七五年加入本集團。彼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。王先生為本公司行政委員會主席及本集團其他多間公司之董事。彼亦為 Salop Hong Kong Limited之董事，其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，並獲香港城市大學頒授榮譽院士銜。彼於電子業累積逾46年經驗。王先生為王賢敏女士之父；以及王忠椏先生、王忠梴先生、王忠椒女士及王忠恩女士之弟，及胡倩明女士之小叔（彼等皆為本公司之主要股東）。

王賢敏女士 ，現年43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。彼為本公司風險管理委員會主席及行政委員會成員。彼亦為本集團其他若干公司之董事。彼負責本集團之中央採購及供應管理、財務及其他部門。彼現為香港應用科技研究院有限公司之董事及創新及科技基金旗下企業支援計劃評審委員會之委員。彼取得南加州大學工業工程學士學位及工程管理碩士學位。王女士為王忠秣先生之女兒；以及王忠椏先生、王忠梴先生、王忠椒女士、王忠恩女士及胡倩明女士之姪女（彼等皆為本公司之主要股東）。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

Executive Directors

Mr. Wong Chung Mat, Ben (former name: Wong Chung Mat, Benedict), aged 69, joined the Group in 1975. He has been a Director of the Company since June 1990. In February 2003, he was appointed Chairman and Chief Executive Officer of the Company. Mr. Wong is the Chairman of the Administrative Committee of the Company and a director of various other companies of the Group. He is also a director of Salop Hong Kong Limited which is a substantial shareholder of the Company. He obtained a Master of Science degree in Operations Research from Ohio State University and was conferred an Honorary Fellowship by the City University of Hong Kong. He has over 46 years’ experience in the electronics industry. Mr. Wong is the father of Ms. Wong Yin Man, Ada; and brother of Mr. Wong Chung Ah, Johnny, Mr. Wong Chung Yin, Michael, Mrs. Everitt, Chung Chui and Ms. Wong Chung Yan, Claudia, and brother-in-law of Ms. Woo Sin Ming, who are substantial shareholders of the Company.

Ms. Wong Yin Man, Ada , aged 43, joined the Group in 2002 and was appointed Director of the Company in October 2005. She is the Chairperson of the Risk Management Committee and a member of the Administrative Committee of the Company. She is also a director of certain other companies of the Group. She is responsible for Central Sourcing and Supply Management, Finance and other departments of the Group. She is currently a director of Hong Kong Applied Science and Technology Research Institute Company Limited and a member of the Enterprise Support Scheme Assessment Panel under the Innovation and Technology Fund. 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, Mr. Wong Chung Yin, Michael, Mrs. Everitt, Chung Chui, Ms. Wong Chung Yan, Claudia and Ms. Woo Sin Ming, who are substantial shareholders of the Company.

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董事及高級管理層個人資料（續）

執行董事（續）

陳子華博士 ，現年72歲，於一九八五年加入本集團。自一九九零年六月出任本公司董事。彼亦為本公司行政委員會、薪酬委員會及風險管理委員會成員。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。彼亦為本集團其他若干公司之董事。彼為英國特許公認會計師公會之資深會員，並取得香港大學之社會科學學士學位、中國發展研究碩士學位及哲學博士學位。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。

溫民強先生 ，現年69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。彼亦為本公司行政委員會成員及本集團其他若干公司之董事。在留任此等職位之同時，溫先生自二零二一年一月起改為出任顧問一職，為本集團之營運及業務發展提供諮詢服務。溫先生持有香港大學之機械工程學士學位，於電子製造業累積逾45年經驗。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Executive Directors (continued)

Dr. Chan Tsze Wah, Gabriel , aged 72, joined the Group in 1985. He has been a Director of the Company since June 1990. He is also a member of the Administrative Committee, the Remuneration Committee and the Risk Management Committee of the Company. He was formerly the Group’s Financial Controller. In July 2007, he ceased to be the Group’s Financial Controller and became a financial adviser of the Group. He is also a director of certain other companies of the Group. He is a fellow member of the Association of Chartered Certified Accountants and obtained a Bachelor degree in Social Sciences, a Master of Arts degree in China Development Studies and a Doctor of Philosophy degree from the University of Hong Kong. Before joining the Group, he had approximately 10 years’ experience with a major international firm of accountants.

Mr. Wan Man Keung , aged 69, first 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 as a Director of the Company. He is also a member of the Administrative Committee of the Company and a director of certain other companies of the Group. Whilst maintaining these posts, Mr. Wan made a transition to becoming a consultant for providing advisory services for operations and business development of the Group effective from January 2021. Mr. Wan obtained a Bachelor degree in Mechanical Engineering from the University of Hong Kong and has over 45 years of experience in the electronics manufacturing industry.

Wong’s International Holdings Limited Annual Report 2020

董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

執行董事（續）

熊永順先生 ，現年66歲，於一九九二年四月加入本集團，其後於二零一二年一月晉升為高級業務拓展及銷售副總裁。彼於二零一五年十一月獲委任為本公司董事。熊先生亦為本公司風險管理委員會成員及本集團其他若干公司之董事。彼於電子製造業累積逾43年工作經驗，目前全面負責本公司全資附屬公司王氏電子有限公司提供之客戶服務。於加入本集團之前，彼曾於多間跨國及上市公司之生產及規劃以及銷售及市場推廣部門擔任管理職務。熊先生取得香港浸會大學工業工程文憑及澳門城市大學工商管理碩士學位。

獨立非執行董事

李家祥博士 ， GBS ， OBE ，太平紳士， FCPA (Practising)，FCA，FCPA (Aust)，FCIS，LLD， DSocSc，HonDSocSc (EdUHK)，BA，FAIA (Hon)， CGA (Hon)，HonHKAT，RFP (Hon)，現年67歲，於一九九九年四月加入本公司為獨立非執行董事。彼亦為本公司審核委員會主席。李博士為信永中和（香港）會計師事務所有限公司名譽主席，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、華潤啤酒（控股）有限公司及新鴻基地產發展有限公司之獨立非執行董事。李博士現擔任中國人民政治協商會議第十三屆全國委員會委員。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、香港會計師公會前會長，亦為中華人民共和國財政部國際會計準則委員會前任諮詢專家。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Executive Directors (continued)

Mr. Hung Wing Shun, Edmund , aged 66, joined the Group in April 1992 and subsequently promoted to Senior Vice President – Sales and Marketing in January 2012. He was appointed Director of the Company in November 2015. Mr. Hung is also a member of the Risk Management Committee of the Company and a director of certain other companies of the Group. He has over 43 years of working experience in electronics manufacturing industry and now has the overall responsibility of serving a portfolio of customers at Wong’s Electronics Company Limited, a wholly-owned subsidiary of the Company. Prior to joining the Group, he held various managerial positions in manufacturing, planning, sales & marketing departments in multinational and listed companies. Mr. Hung obtained a Diploma in Industrial Engineering from the Hong Kong Baptist University and a Master degree in Business Administration from the City University of Macau.

Independent Non-executive Directors

Dr. Li Ka Cheung, Eric , GBS, OBE, JP, FCPA (Practising), FCA, FCPA (Aust), FCIS, LLD, DSocSc, HonDSocSc (EdUHK), BA, FAIA (Hon), CGA (Hon), HonHKAT, RFP (Hon), aged 67, joined the Company as an Independent Non-executive Director in April 1999. He is also the Chairman of the Audit Committee of the Company. Dr. Li is the honorary chairman of SHINEWING (HK) CPA Limited and an independent non-executive director of SmarTone Telecommunications Holdings Limited, Transport International Holdings Limited, Hang Seng Bank Limited, China Resources Beer (Holdings) Company Limited and Sun Hung Kai Properties Limited. Dr. Li is presently a member of The 13th National Committee of the Chinese People’s Political Consultative Conference. He was a former member of the Legislative Council of Hong Kong, former chairman of its Public Accounts Committee, past president of the Hong Kong Institute of Certified Public Accountants and former adviser to the Ministry of Finance on international accounting standards of the People’s Republic of China.

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董事及高級管理層個人資料（續）

獨立非執行董事（續）

楊孫西博士 ，GBM，太平紳士，現年82歲，於一九九九年十月加入本公司為獨立非執行董事。彼亦為本公司薪酬委員會主席及審核委員會成員。楊博士為香江國際集團主席，亦為多間製造及投資公司之董事。彼為北京控股有限公司、通達集團控股有限公司及富石金融控股有限公司之獨立非執行董事。楊博士曾任全國政協常委及香港特別行政區籌備委員會委員作為其香港事務顧問。彼現任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82歲，於二零零四年九月加入本公司為獨立非執行董事。彼亦為本公司薪酬委員會及審核委員會成員。彼目前為何君柱律師樓及葉欣穎、林健雄律師行的共用顧問。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及曾於多間公共及社區機構任職。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 (continued)

Dr. Yu Sun Say , GBM, JP, aged 82, joined the Company as an Independent Non-executive Director in October 1999. He is also the Chairman of the Remuneration Committee and a member of the Audit Committee of the Company. Dr. Yu is the chairman of the HKI Group of Companies and a director of a number of manufacturing and investment companies. He is an independent non-executive director of Beijing Enterprises Holdings Limited, Tongda Group Holdings Limited and Fu Shek Financial Holdings Limited. Dr. Yu had served as a member of the Standing Committee of the Chinese People’s Political Consultative Conference and the Preparatory Committee for the Hong Kong Special Administrative Region acting as its Hong Kong affairs adviser. He is currently 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 , JP, aged 82, joined the Company as an Independent Non-executive Director in September 2004. He is also a member of the Remuneration Committee and the Audit Committee of the Company. He is presently a common consultant for both K.C. Ho & Fong and Yap & Lam, Solicitors and Notaries. Mr. Yap is a former president of The Law Society of Hong Kong and The Law Association for Asia and the Pacific (LAWASIA). He is also a former Hong Kong Affairs Adviser and has served on various public and community organizations. He is currently an independent non-executive director of eSun Holdings Limited and Hung Hing Printing Group Limited.

Wong’s International Holdings Limited Annual Report 2020

董事會報告書 Directors’ Report

董事及高級管理層個人資料（續）

獨立非執行董事（續）

張志超先生 ，現年70歲，於二零一五年十一月加入本公司為獨立非執行董事。彼為特許工程師及英國工程及技術公會成員。彼於科技轉移、研究和發展之科技管理，以及高科技公司的策略性業務發展擁有44年豐富經驗。張先生為香港應用科技研究院（應科院）的信息及通訊技術發展及研究中心科技討論小組前任成員。彼目前為寰科創新有限公司之非執行董事及香港城市大學電機工程學系諮詢委員會之委員。張先生取得加拿大麥馬斯特大學之工程碩士學位、香港大學之工程碩士學位，以及澳門東亞大學之工商管理碩士學位。

高級管理層

陳天倫先生 ，現年53歲，於一九九七年一月加入本集團。彼目前為副總裁，負責本集團在美國之技術市場推廣。陳先生亦為本集團旗下若干公司之董事，包括Wong’s International USA Corporation，該公司在北美市場從事發展本公司之原設計及製造業務。彼在電子製造業具有超過31年之經驗。於加入本集團前，陳先生曾於美國多間大型國際製造公司任職。陳先生持有科羅拉多大學波爾得分校頒發之機械工程理學士學位。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Independent Non-executive Directors (continued)

Mr. Cheung Chi Chiu, David , aged 70, joined the Company as an Independent Non-executive Director in November 2015. He is a chartered engineer and a member of The Institution of Engineering and Technology, United Kingdom. He possesses 44 years of extensive experience in technology transfer, technical management in research and development as well as strategic business development for high-tech companies. Mr. Cheung was a former member of the ICT R&D Centre Technology Review Panel of the Hong Kong Applied Science and Technology Research Institute (ASTRI). He is currently a non-executive director of Ecoinno (H.K.) Limited and a member of the Electrical Engineering Departmental Advisory Committee of the City University of Hong Kong. Mr. Cheung obtained a Master of Engineering from McMaster University, Canada, a Master of Science in Engineering from the University of Hong Kong and a Master of Business Administration from the University of East Asia, Macau.

Senior Management

Mr. Chan Tin Lun, Byron , aged 53, joined the Group in January 1997. He is currently Vice President and responsible for the Group’s Technical Marketing in USA. Mr. Chan is also a director of certain companies of the Group, including Wong’s International USA Corporation which is engaged in the development of the Company’s original design and manufacturing business in the North America market. He has more than 31 years of experience in the field of electronics manufacturing. Prior to joining the Group, Mr. Chan has worked in various leading international manufacturing companies in USA. Mr. Chan holds a Bachelor of Science degree in Mechanical Engineering from the University of Colorado, Boulder.

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高級管理層（續）

陳偉明先生 ，現年62歲，於二零一六年六月加入本集團為企業財務副總裁。彼負責本公司及其附屬公司有關會計、財務及稅務所有事宜。彼亦為本集團旗下若干公司之董事。陳先生持有香港中文大學工商管理學士學位。彼為香港會計師公會及英國特許公認會計師公會之會員。在加入本集團之前，彼分別於知名跨國上市公司及一所國際審計事務所之財務管理、業務控制及審計方面擁有超過30年經驗。

王結儀女士 ，現年47歲，於二零零七年八月加入本集團，現時為主席之行政助理及本集團之助理副總裁。彼負責監察香港總辦事處的行政事宜、制定與執行本集團有關物業租賃及管理之發展策略及業務規劃。王女士亦為本集團旗下若干公司之董事。王女士於辦公室管理之多方面職能累積豐富經驗。彼獲香港公開大學頒發工商管理學士學位。

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT (continued)

Senior Management (continued)

Mr. Chan Wai Ming, Hermes , aged 62, joined the Group in June 2016 as Vice President of Corporate Finance. He is responsible for all aspects relating to accounting, finance and taxation of the Company and its subsidiaries. He is also a director of certain companies of the Group. Mr. Chan holds a Bachelor degree of Business Administration from The Chinese University of Hong Kong. He is a member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. Before joining the Group, he has more than 30 years of experience in financial management, business control and auditing with renowned multinational and listed companies as well as an international audit firm respectively.

Ms. Wong Kit Yee, Kitty , aged 47, joined the Group in August 2007 and is currently Executive Assistant to the Chairman and Assistant Vice President of the Group. She is responsible for overseeing Administration in Corporate Office in Hong Kong, formulating and implementing strategies and business plans for the development of the Group’s property leasing and management. Ms. Wong is also a director of certain companies of the Group. Ms. Wong accumulated extensive experience in various functions of office management. She obtained a Bachelor degree of Business Administration from the Open University of Hong Kong.

Wong’s International Holdings Limited Annual Report 2020

董事會報告書 Directors’ Report

根據上市規則第13.51B(1)條之董事資料更新

由二零二一年一月一日起，本公司執行董事溫民強先生改為出任顧問一職，為本集團之營運及業務發展提供諮詢服務，其基本年薪調整為港幣840,000元。

董事及主要行政人員之權益

於二零二零年十二月三十一日，本公司董事及主要行政人員於本公司或其任何相聯法團（定義見證券及期貨條例（「證券及期貨條例」）第XV部）之股份、相關股份及債券中擁有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，或須根據上市發行人董事進行證券交易的標準守則（「標準守則」）知會本公司及聯交所之權益或淡倉如下：

UPDATE ON DIRECTOR’S INFORMATION UNDER RULE 13.51B(1) OF THE LISTING RULES

Effective from 1 January 2021, Mr. Wan Man Keung, Executive Director of the Company, made a transition to becoming a consultant for providing advisory services for operations and business development of the Group and his annual basic salary has been adjusted to HK$840,000.

INTERESTS OF DIRECTORS AND CHIEF EXECUTIVES

As at 31 December 2020, 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 notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”), were as follows:

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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

			約佔已發行股份
			百分比
			Approximate
		普通股數目	percentage
董事姓名	身份	Number of	of the issued
Name of Directors	Capacity	ordinary shares	shares
王忠秣	實益擁有人及受控制法團之權益（附註）
Wong Chung Mat, Ben	Beneficial owner and interest of controlled	136,828,569	28.60%
	corporation (Note)
王賢敏	實益擁有人
Wong Yin Man, Ada	Beneficial owner	1,000,000	0.21%
陳子華	實益擁有人
Chan Tsze Wah, Gabriel	Beneficial owner	1,837,500	0.38%
溫民強	實益擁有人
Wan Man Keung	Beneficial owner	1,000,000	0.21%
楊孫西	實益擁有人
Yu Sun Say	Beneficial owner	500,000	0.10%

附註：

Note:

王忠秣先生被視為（根據證券及期貨條例）於本公司 136,828,569股股份中持有權益。該等股份透過以下身份持有：

(a) 1,000,000股股份由王忠秣先生個人持有。
(b) 135,828,569股股份由Salop Hong Kong Limited 持有，而該公司則由王忠秣先生全資擁有及控制。

Mr. Wong Chung Mat, Ben was deemed (by virtue of the SFO) to be interested in 136,828,569 shares in the Company. These shares were held in the following capacity:

(a) 1,000,000 shares were held by Mr. Wong Chung Mat, Ben personally.
(b) 135,828,569 shares were held by Salop Hong Kong Limited, which was wholly-owned and controlled by Mr. Wong Chung Mat, Ben.

除本文所披露者外，於二零二零年十二月三十一日，本公司董事或主要行政人員或彼等各自之聯繫人概無於本公司或其任何相聯法團（定義見證券及期貨條例第XV部）之股份、相關股份或債券中擁有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 31 December 2020, 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 notified to the Company and the Stock Exchange pursuant to the Model Code.

Wong’s International Holdings Limited Annual Report 2020 29

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主要股東之權益

INTERESTS OF SUBSTANTIAL SHAREHOLDERS

據本公司董事或主要行政人員所知，於二零二零年十二月三十一日，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 the Directors or chief executives of the Company, as at 31 December 2020, persons (other than the Directors or chief executives 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

			約佔已發行股份
			百分比
主要股東名稱╱姓名			Approximate
Name of		普通股數目	percentage
substantial	身份	Number of	of the issued
shareholders	Capacity	ordinary shares	shares
	實益擁有人（附註1）
Salop Hong Kong Limited	Beneficial owner (Note 1)	135,828,569	28.39%
	信託人（附註2）
HSBC International Trustee	Trustee (Note 2)	119,307,699	24.93%
Limited
王忠椏	實益擁有人、配偶權益及全權信託之
	創辦人（附註3）
Wong Chung Ah, Johnny	Beneficial owner, interest of spouse	90,163,532	18.84%
	and founder of a discretionary trust
	(Note 3)
	實益擁有人（附註3(c)）
Kong King International Limited	Beneficial owner (Note 3(c))	87,928,532	18.38%
	信託人（附註3(c)）
Mountainview International	Trustee (Note 3(c))	87,928,532	18.38%
Limited
王忠梴	實益擁有人及共同持有之權益（附註4）
Wong Chung Yin, Michael	Beneficial owner and joint interest	78,526,001	16.41%
	(Note 4)
胡倩明	共同持有之權益及配偶權益（附註4）
Woo Sin Ming	Joint interest and interest of spouse	78,526,001	16.41%
	(Note 4)
王忠恩	實益擁有人及受控制法團之權益（附註5）
Wong Chung Yan, Claudia	Beneficial owner and interest of	38,224,881	7.99%
	controlled corporation (Note 5)
	實益擁有人（附註5(b)）
Floral Inc.	Beneficial owner (Note 5(b))	35,073,052	7.33%
王忠椒	全權信託之創辦人（附註6）
Everitt, Chung Chui	Founder of a discretionary trust	31,379,167	6.56%
	(Note 6)
	實益擁有人（附註6）
Sycamore Assets Limited	Beneficial owner (Note 6)	31,379,167	6.56%

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主要股東之權益（續）

於本公司股份之好倉（續）

附註：

Salop Hong Kong Limited為一間由王忠秣先生全資擁有及控制之公司。請參閱「董事及主要行政人員之權益」一節附註。
HSBC International Trustee Limited被視為（根據證券及期貨條例）於本公司 119,307,699 股股份中持有權益。該等股份透過以下身份持有：
(a) 8 7 , 9 2 8 , 5 3 2 股股份由 K o n g K i n g International Limited根據一項全權信託持有，而HSBC International Trustee Limited 為該信託之信託人。請參閱下文附註3(c)。
(b) 31,379,167股股份由 Sycamore Assets Limited根據一項全權信託持有，而HSBC International Trustee Limited 為該信託之信託人。請參閱下文附註6。
王忠椏先生被視為（根據證券及期貨條例）於本公司 90,163,532股股份中持有權益。該等股份透過以下身份持有：
(a) 1 , 0 0 0 , 0 0 0 股股份由王忠椏先生個人持有。
(b) 1,235,000股股份由王忠椏先生之妻子陸潔貞女士持有。
(c) 8 7 , 9 2 8 , 5 3 2 股股份由 K o n g K i n g International Limited根據一項全權信託持有，而王忠椏先生被視為（根據證券及期貨條例）該信託之創辦人，HSBC International Trustee Limited則為信託人。Kong King International Limited 由 Mountainview International Limited全資擁有，而該公司則由HSBC International Trustee Limited全資擁有。王忠椏先生、Kong King International Limited 、 Mountainview International Limited及HSBC International Trustee Limited各自被視為持有同一批87,928,532股股份之權益。請參閱上文附註2(a)。

INTERESTS OF SUBSTANTIAL SHAREHOLDERS (continued)

Long positions in shares of the Company (continued)

Notes:

Salop Hong Kong Limited was a company wholly-owned and controlled by Mr. Wong Chung Mat, Ben. Please refer to the Note under the section headed “Interests of Directors and chief executives”.
HSBC International Trustee Limited was deemed (by virtue of the SFO) to be interested in 119,307,699 shares in the Company. These shares were held in the following capacity:
(a) 87,928,532 shares were held by Kong King International Limited under a discretionary trust, of which HSBC International Trustee Limited was the trustee. Please refer to Note 3(c) below.
(b) 31,379,167 shares were held by Sycamore Assets Limited under a discretionary trust, of which HSBC International Trustee Limited was the trustee. Please refer to Note 6 below.
Mr. Wong Chung Ah, Johnny was deemed (by virtue of the SFO) to be interested in 90,163,532 shares in the Company. These shares were held in the following capacity:
(a) 1,000,000 shares were held by Mr. Wong Chung Ah, Johnny personally.
(b) 1,235,000 shares were held by Ms. Luk Kit Ching, wife of Mr. Wong Chung Ah, Johnny.
(c) 87,928,532 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) and HSBC International Trustee Limited was the trustee. Kong King International Limited was wholly-owned by Mountainview International Limited, which was wholly-owned by HSBC International Trustee Limited. Each of Mr. Wong Chung Ah, Johnny, Kong King International Limited, Mountainview International Limited and HSBC International Trustee Limited was deemed to be interested in the same block of 87,928,532 shares. Please refer to Note 2(a) above.

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主要股東之權益（續）

於本公司股份之好倉（續）

王忠梴先生及其妻子胡倩明女士被視為（根據證券及期貨條例）於本公司同一批78,526,001股股份中持有權益。該等股份透過以下身份持有：
(a) 5 0 , 4 5 8 , 0 4 1 股股份由王忠梴先生個人持有。
(b) 2 8 , 0 6 7 , 9 6 0 股股份由王忠梴先生及胡倩明女士共同持有。
王忠恩女士被視為（根據證券及期貨條例）於本公司38,224,881股股份中持有權益。該等股份透過以下身份持有：
(a) 3 , 1 5 1 , 8 2 9 股股份由王忠恩女士個人持有。
(b) 35,073,052 股股份由 Floral Inc. 持有，而該公司則由王忠恩女士全資擁有及控制。王忠恩女士及 Floral Inc. 各自被視為持有同一批 3 5 , 0 7 3 , 0 5 2 股股份之權益。
王忠椒女士被視為（根據證券及期貨條例）於本公司31,379,167股股份中持有權益，該等股份由 Sycamore Assets Limited根據一項全權信託持有，而王忠椒女士被視為（根據證券及期貨條例）該信託之創辦人，HSBC International Trustee Limited則為信託人。Sycamore Assets Limited由 HSBC International Trustee Limited全資擁有。王忠椒女士、Sycamore Assets Limited及HSBC International Trustee Limited各自被視為持有同一批31,379,167股股份之權益。請參閱上文附註2(b)。

除本文所披露者外，於二零二零年十二月三十一日，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)

Mr. Wong Chung Yin, Michael and his wife, Ms. Woo Sin Ming, were deemed (by virtue of the SFO) to be interested in the same block of 78,526,001 shares in the Company. These shares were held in the following capacity:
(a) 50,458,041 shares were held by Mr. Wong Chung Yin, Michael personally.
(b) 28,067,960 shares were held by Mr. Wong Chung Yin, Michael and Ms. Woo Sin Ming jointly.
Ms. Wong Chung Yan, Claudia was deemed (by virtue of the SFO) to be interested in 38,224,881 shares in the Company. These shares were held in the following capacity:
(a) 3,151,829 shares were held by Ms. Wong Chung Yan, Claudia personally.
(b) 35,073,052 shares were held by Floral Inc., which was wholly-owned and controlled by Ms. Wong Chung Yan, Claudia. Each of Ms. Wong Chung Yan, Claudia and Floral Inc. was deemed to be interested in the same block of 35,073,052 shares.
Mrs. Everitt, Chung Chui was deemed (by virtue of the SFO) to be interested in 31,379,167 shares in the Company which were held by Sycamore Assets Limited under a discretionary trust, of which Mrs. Everitt, Chung Chui was regarded as the founder (by virtue of the SFO) and HSBC International Trustee Limited was the trustee. Sycamore Assets Limited was wholly-owned by HSBC International Trustee Limited. Each of Mrs. Everitt, Chung Chui, Sycamore Assets Limited and HSBC International Trustee Limited was deemed to be interested in the same block of 31,379,167 shares. Please refer to Note 2(b) above.

Save as disclosed herein, the Directors are not aware of any other persons who, as at 31 December 2020, 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.

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購股權

本公司於二零一零年六月二日生效之購股權計劃（「舊計劃」）已於二零二零年六月二日屆滿。本公司於二零二零年六月二十六日採納新購股權計劃（「新計劃」）。

舊計劃項下並無未行使之已授出購股權。自新計劃採納日期起直至二零二零年十二月三十一日，並無購股權根據新計劃授出。

購股權計劃概要

舊計劃

根據上市規則，舊計劃概要披露如下：

1. 目的

舊計劃旨在嘉許及答謝對本集團有貢獻或將有貢獻之參與者。

2. 參與者

參與者為本公司董事（包括執行、非執行及獨立非執行董事），以及本公司任何成員公司及其附屬公司之全職或兼職僱員。

SHARE OPTIONS

The Company’s share option scheme came into effect on 2 June 2010 (the “Old Scheme”) was expired on 2 June 2020 and a new share option scheme was adopted on 26 June 2020 (the “New Scheme”).

There was no outstanding options granted under the Old Scheme. No option has been granted under the New Scheme since its adoption date and up to 31 December 2020.

SUMMARY OF THE SHARE OPTION SCHEMES

Old Scheme

A summary of the Old Scheme disclosed in accordance with the Listing Rules is as follows:

1. Purpose

The purpose of the Old Scheme is to recognise and acknowledge participants who have contributed or will contribute to the Group.

2. Participants

The participants are Directors of the Company ( i n c l u d i n g E x e c u t i v e , N o n - e x e c u t i v e a n d Independent Non-executive Directors) and full time or part time employees of any member of the Company and its subsidiaries.

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購股權計劃概要（續）

舊計劃（續）

3. 可予發行之股份總數

根據舊計劃及本公司任何其他計劃行使所有尚未行使及尚待行使之已授出購股權而可能獲發行之股份總數不得超過本公司不時之已發行股份之20%。

4. 各參與者之權益上限

根據舊計劃及本公司任何其他計劃，除非獲得股東批准，否則於任何12個月期間內向任何參與者授出之購股權（包括已行使及尚未行使購股權）獲行使而發行及將予發行之股份總數，不得超過本公司已發行股份之1%。

5. 可根據購股權認購股份之期限

購股權可根據舊計劃條款，於董事會釐定並於提出要約時知會各承授人的期間任何時間內行使，惟於任何情況下，有關期間不得於授出日期起計10年後屆滿。

6. 購股權獲行使前須持有的最短期限

除董事會另行全權酌情決定者外，由購股權授出日期至購股權獲行使前，持有購股權最短期限必須為1年。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

Old Scheme (continued)

3. Total number of shares available for issue

The total number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Old Scheme and any other schemes of the Company must not exceed 20% of the issued shares of the Company from time to time.

4. Maximum entitlement of each participant

The total number of shares issued and to be issued upon exercise of the options granted to any participant (including both exercised and outstanding options) under the Old Scheme and any other schemes of the Company in any 12-month period must not exceed 1% of the issued shares of the Company, unless approved by shareholders.

5. Period within which the shares must be taken up under an option

An option may be exercised in accordance with the terms of the Old Scheme at any time during a period to be determined and notified by the Board to each grantee at the time of making an offer, and in any event such period of time shall not expire later than 10 years from the date of grant.

6. Minimum period for which an option must be held before it can be exercised

Unless otherwise determined by the Board at its sole discretion, there is a minimum period of 1 year for which an option must be held after its date of grant before such an option can be exercised.

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購股權計劃概要（續）

舊計劃（續）

7. 接納購股權須支付之金額及付款期限

為接納購股權，承授人須於接獲要約函件日期起計21日內支付港幣10元予本公司，作為接納購股權之代價。

8. 釐定行使價之基準

行使價須由董事會全權酌情釐定，惟於任何情況下不得低於下列之最高者：

(a) 股份於授出日期（必須為營業日）於聯交所每日報價表所報之收市價；
(b) 股份於緊接授出日期前5個營業日於聯交所每日報價表所報之平均收市價；及
(c) 股份面值。

9. 舊計劃之有效期

舊計劃已於二零二零年六月二日屆滿。於舊計劃屆滿後，不得再要約授予購股權，惟於所有其他方面，舊計劃之條文將繼續有效。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

Old Scheme (continued)

7. Amount payable on acceptance of the option and the payment period

To accept the grant of an option, HK$10 as consideration for the grant of an option must be paid by the grantee to the Company within 21 days from the date on which an offer letter is delivered to the grantee.

8. Basis of determining the exercise price

The exercise price shall be such price determined by the Board in its absolute discretion but in any event shall not be less than the higher of:

(a) the closing price of the shares as stated in the daily quotations sheet issued by the Stock Exchange on the date of grant, which must be a business day;
(b) the average closing price of the shares as stated in the daily quotations sheets issued by the Stock Exchange for the 5 business days immediately preceding the date of the grant; and
(c) the nominal value of the shares.

9. Life of the Old Scheme

The Old Scheme was expired on 2 June 2020. Upon expiration of the Old Scheme, no further options shall be offered but in all other aspects, the provisions of the Old Scheme shall remain in force.

Wong’s International Holdings Limited Annual Report 2020

董事會報告書 Directors’ Report

購股權計劃概要（續）

新計劃

根據上市規則，新計劃概要披露如下：

1. 目的

新計劃旨在獎勵對本集團有貢獻或將有貢獻之合資格參與者（於下文第2段詳述），並鼓勵彼等為本公司及其股東之整體利益，努力提高本公司及其股份之價值。

2. 參與者

合資格參與者包括董事會全權認為曾對或將對本集團有所貢獻之本集團任何成員公司之董事（包括執行董事、非執行董事及獨立非執行董事）及僱員（不論是全職或兼職僱員）。

3. 可予發行之股份總數

因行使根據新計劃及本公司任何其他購股權計劃授出而尚未行使之所有未行使購股權而可能發行之股份數目整體上限，不得超過本公司不時已發行股份之30%。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

New Scheme

A summary of the New Scheme disclosed in accordance with the Listing Rules is as follows:

1. Purpose

The purpose of the New Scheme is to reward the eligible participants (as described in paragraph 2 below) who have contributed or will contribute to the Group and to encourage them to work towards enhancing the value of the Company and its shares for the benefit of the Company and its shareholders as a whole.

2. Participants

Eligible participants include Directors (including Executive Directors, Non-executive Directors and Independent Non-executive Directors) and employees (whether full time or part time employees) of any member of the Group who the Board considers, in its sole discretion, have contributed or will contribute to the Group.

3. Total number of shares available for issue

The overall limit on the number of shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the New Scheme and any other share option schemes of the Company must not exceed 30% of the shares of the Company in issue from time to time.

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購股權計劃概要（續）

新計劃（續）

4. 各參與者之權益上限

除非獲得股東批准，否則於任何12個月期間因行使根據新計劃及本公司任何其他計劃授予各名承授人之購股權（包括已行使及尚未行使購股權）已發行及將予發行之股份總數，不得超過本公司已發行股份之1%。

5. 可根據購股權認購股份之期限

特定購股權之購股權期間指可行使購股權之期間，董事會於提出要約時須釐定該期間並知會各承授人，而在任何情況下，該期間不得於授出日期起計10年後屆滿。

6. 購股權獲行使前須持有的最短期限

除董事會另行全權酌情決定者外，由購股權授出日期至購股權根據新計劃的條款可行使前，持有購股權最短期限必須為1年。

7. 接納購股權須支付之金額及付款期限

為接納購股權，承授人須於接獲要約函件日期起計21日內支付港幣10元予本公司，作為接納購股權之代價。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

New Scheme (continued)

4. Maximum entitlement of each participant

The total number of shares issued and to be issued upon exercise of the options granted to any grantee (including both exercised and outstanding options) under the New Scheme and any other schemes of the Company in any 12-month period must not exceed 1% of shares of the Company in issue, unless approved by shareholders.

5. Period within which the shares must be taken up under an option

The option period of a particular option is the period during which the option can be exercised, such period to be determined and notified by the Board to each grantee at the time of making the offer, and in any event such period of time shall not expire later than 10 years from the date of grant.

6. Minimum period for which an option must be held before it can be exercised

Unless otherwise determined by the Board at its sole discretion, there is a minimum period of 1 year for which an option must be held after its date of grant before such an option can be exercised under the terms of the New Scheme.

7. Amount payable on acceptance of the option and the payment period

Wong’s International Holdings Limited Annual Report 2020 37

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購股權計劃概要（續）

新計劃（續）

8. 釐定行使價之基準

行使價須由董事會全權酌情釐定，惟於任何情況下不得低於下列之最高者：

(a) 股份於授出日期（必須為營業日）於聯交所每日報價表所報之收市價；
(b) 股份於緊接授出日期前5個營業日於聯交所每日報價表所報之平均收市價；及
(c) 股份面值。

9. 新計劃之有效期

新計劃將於二零二零年六月二十六日起直至二零三零年六月二十五日（包括該日）止10年期間維持有效。

認購股份或債券之安排

除購股權計劃外，本公司、其附屬公司、其相聯法團或其指明企業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可透過購入本公司或其相聯法團或任何其他法人團體之股份、相關股份或債券而獲取利益。

SUMMARY OF THE SHARE OPTION SCHEMES (continued)

New Scheme (continued)

8. Basis of determining the exercise price

The exercise price shall be such price determined by the Board in its absolute discretion but in any event shall not be less than the higher of:

(a) the closing price of the shares as stated in the daily quotations sheet issued by the Stock Exchange on the date of grant, which must be a business day;
(b) the average closing price of the shares as stated in the daily quotations sheets issued by the Stock Exchange for the 5 business days immediately preceding the date of the grant; and
(c) the nominal value of the shares.

9. Life of the New Scheme

The New Scheme shall remain in force for 10 years commencing on 26 June 2020 up to and including 25 June 2030.

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

Apart from the share option schemes, at no time during the year was the Company, its subsidiaries, its associated corporations, or its specified undertaking a party to any arrangement to enable the Directors or chief executives of the Company or their respective associates to acquire benefits by means of acquisition of shares or underlying shares in, or debentures of, the Company, its associated corporations or any other body corporate.

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股票掛鈎協議

年內本公司概無訂立股票掛鈎協議，於年度終結時仍然存續之購股權計劃除外。

退休福利計劃

有關本集團退休福利計劃之詳情載於綜合財務報表附註7。

關連人士交易

倘綜合財務報表附註38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）。

董事於交易、安排及合約中之重大權益

於年度終結時或年內任何時間，本公司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要交易、安排及合約中取得任何直接或間接之重大權益。

董事服務合約

擬於本公司應屆股東週年大會上重選連任之董事，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1年內終止之服務合約。

EQUITY-LINKED AGREEMENTS

No equity-linked agreement was entered into by the Company during the year, save for the share option scheme which subsisted at the year end.

RETIREMENT BENEFIT SCHEMES

Details of the Group’s retirement benefit schemes are set out in note 7 to the consolidated financial statements.

RELATED PARTY TRANSACTIONS

Where any transaction mentioned in note 38 to the consolidated financial statements constitutes a connected transaction, the disclosure and approval requirements, if any, under the Listing Rules have been complied with.

DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS, ARRANGEMENTS AND CONTRACTS

No transactions, arrangements and contracts of significance in relation to the Group’s business to which the Company or any of its subsidiaries was a party and in which a Director of the Company 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 1 year without payment of compensation (other than statutory compensation), with any Director proposed for re-election at the forthcoming annual general meeting of the Company.

Wong’s International Holdings Limited Annual Report 2020

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獲准許的董事彌償及保險

PERMITTED DIRECTORS’ INDEMNITIES AND INSURANCE

本公司之公司細則規定本公司每位董事或本公司其他高級管理人員及清盤人或信託人（如有），在法律容許的範圍內，就其執行職務或與此有關所蒙受或招致之一切損失或責任，均可從本公司資產中獲得彌償。

The Bye-laws of the Company provide that every Director or other officer of the Company and the liquidator or trustees (if any) for the time being shall be entitled to be indemnified out of the assets of the Company against all losses or liabilities which he may sustain or incur in or about the execution of the duties of his office, to the extent permitted by the laws.

本公司於年內亦已購買及維持董事及高級管理人員責任保險，為其董事及高級管理人員面對某些可能出現之法律行動時提供適當的保障。

The Company has also taken out and maintained Directors’ and officers’ liability insurance throughout the year, which provides appropriate cover for certain legal actions that may be brought against its Directors and officers.

重大投資

SIGNIFICANT INVESTMENTS

於二零二零年十二月三十一日，重大投資之詳情載列如下：

As at 31 December 2020, the details of the significant investments are set out below:

			擁有權權益比例
公司名稱	註冊成立地點	持有股份數目	Proportion of	主要業務
Name of	Place of	Number of	ownership	Principal
company	incorporation	shares held	interest	activities
	英屬維爾京群島			投資控股
Talent Chain	BVI	357	35.7%	Investment holding
Investments Limited
冠奧投資有限公司（附註）香港		不適用		物業持有
Crown Opal Investment	Hong Kong	N/A	35.7%	Property holding
Limited (Note)

附註：冠奧投資有限公司為Talent Chain Investments

Limited之附屬公司。

Note: Crown Opal Investment Limited is a subsidiary of Talent Chain Investments Limited.

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重大投資（續）

於二零二零年十二月三十一日，於Talent Chain Investments Limited及冠奧投資有限公司之投資淨額為港幣2,142,200,000元，該金額超過本集團總資產5%，而公允價值為港幣2,179,400,000元，即本集團總資產 28.7%。

於截至二零二零年十二月三十一日止年度期間，應佔Talent Chain Investments Limited及冠奧投資有限公司之虧損為港幣 324,100,000元，該金額包括在應佔合營企業虧損內。

Talent Chain Investments Limited及冠奧投資有限公司之投資為持有位於觀塘的Two Harbour Square商業樓宇。經考慮本集團之融資需求後，本集團擬盡可能持有應佔該物業項目之權益，以作出租用途。

對聯屬公司的財務支援

根據上市規則第十三章項下之披露責任，於二零二零年十二月三十一日，墊付予本集團的合營企業Open Vantage Limited及 Talent Chain Investments Limited之貸款港幣1,134,700,000元，超逾本集團於二零二零年十二月三十一日總資產之8%。該等墊款為無抵押及免息。該等墊款乃於二零零八年至二零二零年，年結日為十二月三十一日之財政年度內提供。

有關該等合營企業的財務資料概要載於綜合財務報表附註19。

SIGNIFICANT INVESTMENTS (continued)

As at 31 December 2020, net investment in Talent Chain Investments Limited and Crown Opal Investment Limited was HK$2,142.2 million, which amount exceeds 5% of the total assets of the Group, and the fair value was HK$ 2,179.4 million, which represents 28.7% of the total assets of the Group.

During the year ended 31 December 2020, the share of losses of Talent Chain Investments Limited and Crown Opal Investment Limited, which included in the share of losses of joint ventures, was HK$324.1 million.

The investment in Talent Chain Investments Limited and Crown Opal Investment Limited is holding a commercial building in Kwun Tong, Two Harbour Square. It is the Group’s preference to hold its interest in its attributable share of the property project as much as possible for leasing purposes after taking into account the Group’s financial requirements.

FINANCIAL ASSISTANCE TO AFFILIATED COMPANIES

Based on the disclosure obligations under Chapter 13 of the Listing Rules, as at 31 December 2020, the loans advanced to Open Vantage Limited and Talent Chain Investments Limited, the joint venture companies of the Group, amounted to HK$1,134.7 million, which amount exceeds 8% of the total assets of the Group as at 31 December 2020. The advances are unsecured and interest-free. The advances were made during the financial years ended 31 December from 2008 to 2020.

The summarised financial information of the joint venture companies are set out in note 19 to the consolidated financial statements.

Wong’s International Holdings Limited Annual Report 2020 41

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對聯屬公司的財務支援（續）

本公司分別於二零一五年十一月二十四日及二零一五年十二月十五日發佈公佈及通函，內容有關向Talent Chain Investments Limited提供額外財務資助，根據上市規則，其構成本公司一項主要交易。進一步詳情載於該公佈及通函內。

集團貸款及利息資本化

須於1年內償還或於要求時償還之銀行貸款及透支刊載於綜合財務報表附註32內，而可於超過1年之期間償還之銀行貸款及其他貸款亦刊載於綜合財務報表附註32內。於年內，本集團並無將利息撥作為資本。

環境及社會事宜

本集團於環境及社會事宜方面之績效載於本年報之環境、社會及管治報告書內。

企業管治

本公司主要之企業管治常規載於本年報之企業管治報告書內。

FINANCIAL ASSISTANCE TO AFFILIATED COMPANIES (continued)

On 24 November 2015 and 15 December 2015, the Company issued an announcement and a circular respectively in relation to the provision of additional financial assistance to Talent Chain Investments Limited which constituted a major transaction for the Company under the Listing Rules. Further details were set out in the announcement and circular.

GROUP BORROWINGS AND INTEREST CAPITALISED

Bank loans and overdrafts repayable within 1 year or on demand are set out in note 32 to the consolidated financial statements. Bank loans and other borrowings repayable within a period of more than 1 year are set out in note 32 to the consolidated financial statements. No interest was capitalised by the Group during the year.

ENVIRONMENTAL AND SOCIAL MATTERS

The Group’s performance on environmental and social matters is set out in the Environmental, Social and Governance Report of this Annual Report.

CORPORATE GOVERNANCE

The principal corporate governance practices of the Company are set out in the Corporate Governance Report of this Annual Report.

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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，於本董事會報告書日期，本公司相信，公眾所持有之本公司股份數目高於有關方面規定之最低百分比。

核數師

本年度之財務報表由羅兵咸永道會計師事務所審核，其任滿告退，備聘再任。

代表董事會

王忠秣

主席兼行政總裁

香港，二零二一年三月三十日

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 Directors’ Report, the Company believes that the number of shares of the Company which are in the hands of the public is above the relevant prescribed minimum percentage.

AUDITOR

The financial statements for the year have been audited by PricewaterhouseCoopers who retire and, being eligible, offer themselves for re-appointment.

On behalf of the Board

WONG CHUNG MAT, BEN Chairman and Chief Executive Officer Hong Kong, 30 March 2021

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

本公司欣然提呈截至二零二零年十二月三十一日止年度之環境、社會及管治（「環境、社會及管治」）報告書，以提供本集團管理重要環境、社會及管治事宜的概覽。本報告書乃參照香港聯合交易所有限公司證券上市規則附錄二十七環境、社會及管治報告指引（「聯交所環境、社會及管治指引」）而編製，其適用於二零二零財政年度。本公司董事認為，於回顧年度內，本公司一直遵守聯交所環境、社會及管治指引所載之「不遵守就解釋」條文。

The Company is pleased to present the Environmental, Social and Governance (“ESG”) Report for the year ended 31 December 2020 to provide an overview of the Group’s management of significant environmental, social and governance issues. The report has been prepared with reference to the ESG Reporting Guide in Appendix 27 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Stock Exchange ESG Guide”) which is applicable for the financial year of 2020. In the opinion of the Directors of the Company, for the year under review, the Company has complied with the “comply or explain” provisions set out in the Stock Exchange ESG Guide.

本集團致力生產及供應優質產品的同時，亦時刻關心社區、環境及天然資源，以及保障公眾健康及安全。本集團訂有商業標準及操守規範，以助我們履行對持份者，包括僱員、客戶、供應商、股東及社區之承擔。我們深明與持份者之溝通以及彼等之回應及關注事項，對本集團持續改進與發展甚為重要。持份者之參與，對內涉及向不同部門之主要職員取得資訊，對外則以其他外界持份者之持續溝通為參考。管理層會衡量該等資訊，從而作出重要性評估。本報告書所載之環境、社會及管治範疇均是被視為對本集團而言屬重要且有重大影響的範疇。加強對此等範疇之意識後，即可藉此提升我們的營運以達致改進。

It is the commitment of the Group to manufacture and supply good quality products, while caring about the community, environment and natural resources and safeguarding the health and safety of the public. The Group has set up business standards and ethical practices which enable us to fulfill our commitments to our stakeholders, including employees, customers, suppliers, shareholders and the communities. We realise that dialogues with stakeholders as well as their feedback and concerns are crucial for the continuous enhancement and growth of the Group. Our stakeholder engagement involved obtaining input from our key staff members of various divisions and making reference to the ongoing communication with other external stakeholders. Materiality assessment was conducted through evaluation of such input by the management. The ESG areas and aspects stated in this Report are considered as material and have significant impact on the Group. With the awareness of such ESG areas and aspects, there is opportunity for improvement through enhancement of our operations.

44 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

本報告書涵蓋本集團之核心活動，此涉及三間全資附屬公司，即華高王氏科技（深圳）有限公司、Welco Technology Vietnam Company Limited與華高科技（蘇州）有限公司分別設於深圳、越南及蘇州的三間生產廠房的營運。此外，在社會範疇方面亦涉及本公司設於香港的總辦事處。有關本集團企業管治的其他資料載於本年報之企業管治報告書內。

This Report covers the core activities of the Group which involve operations of the three manufacturing factories located in Shenzhen, Vietnam and Suzhou under our wholly-owned subsidiaries, namely Welco Wong’s Technology (Shenzhen) Limited, Welco Technology Vietnam Company Limited and Welco Technology (Suzhou) Limited, respectively. Furthermore, in respect of the social aspect, the Company’s principal office in Hong Kong is also involved. Additional information in relation to the Group’s corporate governance is set out in the Corporate Governance Report of this Annual Report.

我們關注的環境、社會及管治範疇 Our ESG areas of concern

==> picture [433 x 307] intentionally omitted <==

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

社會
Social
工作場所質素及僱員關係
環保
• Workplace Quality and
Environmental Protection
Employee Relationship
排放及節約能源僱傭
• Emissions and Energy • Employment
Conservation 勞工準則
用水 • Labour Standards
• Water Consumption 發展及培訓
廢棄物管理 • Development and Training
• Waste Management 健康與安全
使用其他資源 • Health and Safety
• Other Use of Resources 營運慣例
• Operating Practices
供應鏈管理
• Supply Chain Management
管治
產品責任
Governance • Product Responsibility
亦於本年報之企業管治報告書內載述反貪污
Also covered in the Corporate • Anti-corruption
Governance Report of this 社區投資
Annual Report • Community Investment
----- End of picture text -----

Wong’s International Holdings Limited Annual Report 2020 45

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環保

ENVIRONMENTAL PROTECTION

我們致力盡量減低對環境及天然資源造成的影響及持續改善業務的環境可持續發展。我們一方面努力為全球客戶帶來優質產品，同時亦積極監控並銳意減少排放物、廢棄物及低效能使用資源及能源。我們已成立環境、健康及安全委員會（「環境、健康及安全委員會」），負責監督環境、健康及安全事宜。我們旗下的生產設施乃按國際環境質素系統（ISO 14001及OHSAS 18001）持續管理及監控。

We are committed to minimise the impacts to the environment and natural resources and continuously improve the environmental sustainability of the business. Our vision is to bring good quality products to the customers around the world while actively control and endeavor to reduce emissions, wastes and inefficient use of resources and energy. An Environmental, Health and Safety Committee (“EHSC”) has been established to oversee environmental, health and safety matters. Our manufacturing facilities are constantly managed and monitored under international environmental quality systems (ISO 14001 and OHSAS 18001).

我們的環境政策包括：

Our Environmental Policy includes:

－教育及鼓勵全體僱員肩負環保的責任。
Educate and motivate all our employees to be accountable and responsible for environment protection.
－透過評估生產過程及物料以消除或盡 – 量減低有害物質或廢棄物造成的環境影響，從而防止污染。

P r e v e n t p o l l u t i o n t h r o u g h e v a l u a t i o n o f manufacturing processes and materials to eliminate or minimise environmental impact due to hazardous substances or wastes.

－識別所有活動中的危險，並採取適當 – 措施控制風險及避免嚴重受傷。

Identify hazards in all activities, and take appropriate actions to control risks and avoid serious injuries.

－藉善用而節約資源。
Conserve all resources through efficient usage.
－遵守所有相關環境法例及政府規定。
Comply with all relevant environmental laws and government requirements.
－藉著定期審核以檢討環境管理系統之 – 成效，從而達致持續改進。
Review the effectiveness of the environmental management system through regular audits for continuous improvements.
－符合國際有害物質規例及個別客戶對 – 環保的要求。
Meet international hazardous substance regulations and green requirements from specific customers.
－向所有相關人士傳達及處理有關合規 – 方面的關注。
Share and address compliance concerns with all interested parties.

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環保（續）

ENVIRONMENTAL PROTECTION (continued)

排放及節約能源

Emissions and Energy Conservation

我們致力加強及提升環保設施，並改良處理及減少生產過程中與有害元素相關廢棄物及排放物的能力。

We have taken rigorous efforts to enhance and upgrade the environmental facilities and improve the capabilities in processing and reducing wastes and emissions related to hazardous elements in the manufacturing process.

我們的廢氣排放主要來自公司汽車。於二零二零年，我們產生的氮氧化物、硫氧化物及顆粒物分別為1,555.01公斤、1.25公斤及108.25公斤。與二零一九年比較，減少主要是由於製造業務於二零二零年年初受2019 冠狀病毒爆發所影響，導致汽車使用量有所減少。相關部門已經採取措施，將汽車維持於良好狀態，以儘量減少廢氣排放。

Our air emissions were generated mainly by company vehicles. In 2020, our NOx, SOx and PM were 1,555.01 kgs, 1.25 kgs and 108.25 kgs respectively. Comparing with the result in 2019, the decrease was mainly due to lesser usage of vehicles as the manufacturing operations were impacted by the outbreak of COVID-19 in early 2020. Relevant departments have been taking measures to maintain vehicles in good conditions in order to minimise air emission.

我們的溫室氣體排放主要來自用電、公司汽車及生產機械的碳排放。於二零二零年，我們產生的溫室氣體排放為17,104噸，耗電量為31,421,206千瓦時。與二零一九年比較，溫室氣體排放有所減少，原因為製造業務於二零二零年年初受2019冠狀病毒爆發所影響。本集團認為能源效益對減少排放溫室氣體尤其重要。

Our greenhouse gas emissions were contributed mainly by electricity consumptions, company vehicles and carbon emissions from the production machines. In 2020, our greenhouse gas emission was 17,104 tons and electricity consumptions was 31,421,206 kwh. Comparing with the result in 2019, there was decrease on the greenhouse gas emission as manufacturing operations were impacted by the outbreak of COVID-19 in early 2020. The Company considered great importance on energy efficiency to minimise the greenhouse gas emission.

我們定期由政府認證實驗室進行國際標準及政府法規相關的環境測試。

We conducted regular environmental testing through government certified laboratories with respect to international standards and government laws and regulations.

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

環保（續）

ENVIRONMENTAL PROTECTION (continued)

排放及節約能源（續）

Emissions and Energy Conservation (continued)

我們在減低廢氣排放、二氧化碳排放及能源消耗，以及提高能源效益方面採取的行動包括：

Actions we have taken to reduce air emissions, emission of CO2, energy consumption; and improve energy efficiency include:

－更換設施設備和機械，包括電梯和冷水機，以提高效能。
Replaced facility equipment and machinery including elevators and chillers for efficiency improvement.
－在公共走廊和辦公室安裝計時器、開 – 關和光傳感器以控制空調和照明，從而節省能源。

Installed timers, switches and light sensors to control the air conditioning and lighting in common corridors and offices for energy saving.

－在空調系統的循環水泵中安裝變頻設 – 備，以提高效能。
Installed variable frequency device to circulating water pumps in air conditioning system for efficiency improvement.
－將各種普通燈具更換為LED燈具。 –
Replaced various general lights to LED lights.
－調整和優化中央空調冷卻器的運行參 – 數，以提高效能。
Adjusted and optimised the operating parameters of the central air-conditioning chiller for higher efficiency.
－清潔空調設備的熱交換器，以提高熱交換效率。
Cleaned the heat exchanger of the air-conditioning equipment for higher heat exchange efficiency.
－在週末期間關掉生產線上設備的電源。
Power off equipment in the production line during the weekend.
－在窗戶上貼上隔熱膜，以減少空調所耗用的能源。
A p p l i e d w i n d o w f i l m s t o r e d u c e e n e r g y consumption for air conditioning.

48 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

環保（續）

ENVIRONMENTAL PROTECTION (continued)

用水

Water Consumption

我們致力在營運中有效節約用水及已採取以下節約用水方案：

We endeavor to conserve water effectively in the operations and implemented water conservation programs as follow:

－將現有的普通水龍頭更換為自動感應水龍頭。
Replaced the current normal faucet with the automatic sensor faucet.
－在工廠及飯堂安裝有感應器的水龍頭以供洗手。
Installed the water tap with sensor for hands washing in factories and canteen.
－
提倡及鼓勵僱員支持節約用水方案。
Promoted and motivated employees to support the water-saving program.

二零二零年的耗水量為290,295噸，較二零一九年增加4.65%，原因為2019冠狀病毒病期間洗手較頻密以及越南新工廠投入生產。

In 2020, water consumption was 290,295 tons which was increased 4.65% by comparing with the result in 2019 due to increase in washing hand frequency during COVID-19 and new factory started production in Vietnam.

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

環保（續）

ENVIRONMENTAL PROTECTION (continued)

廢棄物管理

Waste Management

於二零二零年，產生的有害廢棄物及無害廢棄物分別為1,030噸及1,011噸。與二零一九年比較，有害廢棄物上升，主要因為根據客戶生產程序要求，以超聲波水洗清洗印刷電路板的數量增加所致。為創造一個可持續發展的社會，我們對有害廢棄物及無害廢棄物進行嚴格分類，有害廢棄物會儲存於特定地區，並由訓練有素的員工按照工作指引處理，棄置則交由認可代理商負責。

In 2020, hazardous wastes and non-hazardous wastes were 1,030 tons and 1,011 tons respectively. Comparing with the result in 2019, hazardous wastes increased mainly due to the volume increase for the ultrasonic aqueous cleaning to clean the PCBAs in accordance with the customers’ production process requirements. With the aim to create a sustainable society, we conduct strict classification of hazardous wastes and non-hazardous wastes, and hazardous wastes are stored in special areas, handled by well-trained employees in accordance with working instructions and disposed through accredited vendors.

各廠房均有提倡及推行減廢及循環再用。我們會安排回收波峰焊接機的錫渣以減少有害廢棄物。部份化工容器及包裝物料會交回供應商循環再用及回收。我們亦使用循環再用箱以減少耗用包裝物料。

Waste reduction and recycling have been promoted and implemented in the factories. We recycled solder dross from the wave soldering machines to reduce the amount of hazardous wastes. We returned some of the chemical containers and packaging to the suppliers to reuse and recycle. We used recycles boxes to reduce the use of packing materials.

使用其他資源

Other Use of Resources

我們使用包裝物料保護產品，以減少運輸中損壞的風險。於二零二零年，我們使用 1,329噸包裝物料，使用量低於二零一九年。

Package materials are used to protect our products in order to minimise the risk of damage during transportation. In 2020, package materials used was 1,329 tons which was lower than the usage in 2019.

我們的電子製造業務耗用大量能源及資源，而我們已致力盡量減低對環境所造成的影響。我們銳意在廠房內藉著精簡生產、自動化及優化物流，以提升我們的資源及能源效益和生產力，以及減少原材料消耗。我們已向僱員傳遞環境目標及計劃以保持一個對環境謹慎的工作間。

We aim to minimise the impacts to the environment while our electronic manufacturing business consume significant amount of energy and resources. By implementing lean manufacturing, automation and optimizing logistics within the factories, we strive to improve our resources and energy efficiencies, productivity and to reduce the use of raw materials. Environmental targets and plans are conveyed to the employees to maintain an environmental cautious workplace.

50 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

環保（續）	ENVIRONMENTAL PROTECTION	ENVIRONMENTAL PROTECTION	(continued)
關鍵績效指標	Key Performance Indicators
數量披露	Quantitative disclosure
	關鍵績效指標	二零二零年	二零一九年
	Key
	Performance
	Indicators	2020	2019
廢氣排放物（公斤）
Air emissions (kgs)
氮氧化物
– NOx	A1.1	1,555.01	1,731.80
硫氧化物
– SOx	A1.1	1.25	1.62
顆粒物
– PM	A1.1	108.25	120.55
溫室氣體排放（噸）
Greenhouse gas emission (tons)	A1.2	17,104	18,803
每收益單位的溫室氣體排放
（按每港幣百萬元收益的排放噸數）
Greenhouse gas emission per revenue
(tons per revenue HK$’million)	A1.2	5.47	5.34
有害廢棄物（噸）
Hazardous waste (tons)	A1.3	1,030	699
每收益單位的有害廢棄物
（按每港幣百萬元收益的產生噸數）
Hazardous waste per revenue
(tons per revenue HK$’million)	A1.3	0.33	0.20
無害廢棄物（噸）
Non-hazardous waste (tons)	A1.4	1,011	1,038
每收益單位的無害廢棄物
（按每港幣百萬元收益的產生噸數）
Non-hazardous waste per revenue
(tons per revenue HK$’million)	A1.4	0.32	0.29
能源消耗－耗電量（千瓦時）
Energy consumption – Electricity (kwh)	A2.1	31,421,206	32,093,800

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

環保（續）

ENVIRONMENTAL PROTECTION (continued)

關鍵績效指標（續）

Key Performance Indicators (continued)

數量披露（續）

Quantitative disclosure (continued)

	關鍵績效指標	二零二零年	二零一九年
	Key
	Performance
	Indicators	2020	2019
每收益單位的能源消耗
－耗電量（按每港幣百萬元收益的耗電量千瓦時）
Energy consumption per revenue	A2.1	10,044	9,113
– Electricity (kwh per revenue HK$’million)
耗水量（噸）
Water consumption (tons)	A2.2	290,295	277,383
每收益單位的耗水量
（按每港幣百萬元收益的耗水量噸數）
Water consumption per revenue
(tons per revenue HK$’million)	A2.2	92.79	78.76
包裝材料使用量（噸）
Packing material use (tons)	A2.5	1,329	1,660
每收益單位的包裝材料使用量
（按每港幣百萬元收益的使用噸數）
Packing material use per revenue
(tons per revenue HK$’million)	A2.5	0.42	0.47

52 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

環保（續）

ENVIRONMENTAL PROTECTION (continued)

關鍵績效指標（續）一般披露

Key Performance Indicators (continued)

General disclosure

	關鍵績效指標	章節
	Key Performance
	Indicators	Section
描述減低排放量的措施及所得結果		排放及節約能源
Description of measures to mitigate emissions and	A1.5	Emissions and Energy
results achieved		Conservation
描述處理有害及無害廢棄物的方法、		廢棄物管理
減低產生量的措施及所得成果
Description of how hazardous and non-hazardous wastes	A1.6	Waste Management
are handled, reduction initiatives and results achieved
描述能源使用效益計劃及所得成果		排放及節約能源
Description of energy use efficiency initiatives and	A2.3	Emissions and Energy
results achieved		Conservation
描述提升用水效益計劃及所得成果		用水
Description of water efficiency initiatives and	A2.4	Waste Consumption
result achieved
描述業務活動對環境及天然資源的重大影響及已採取		環保最後一段
管理有關影響的行動
Description of the significant impacts of activities on the	A3.1	In the last paragraph for
environment and natural resources and the actions taken		Environmental Protection
to manage them

附註：上述績效乃使用電子製造服務部門的收益進行 Note: Revenue of Electronic Manufacturing Service division is used to 評估。 evaluate the above performance.

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

社會

SOCIAL

工作場所質素及僱員關係

Workplace Quality and Employee Relationship

僱傭

Employment

員工是我們的寶貴資產，我們致力與各僱員建立一個友好且互惠互利的關係。

We consider that employees are our valuable assets and are committed to building an amicable and rewarding relationship with the employees.

在招聘及晉升、薪酬及解僱、工作時數、多元化，以及其他待遇及福利方面，我們均奉行平等及公平對待的政策。我們所採納之薪酬政策為按僱員之工作性質、資歷及經驗釐定薪酬。除提供年終花紅及僱員相關保險福利外，我們亦會基於僱員之個人表現發放酌情花紅。我們之薪酬福利及政策會定期作出檢討，以確保薪酬福利合符具競爭力的市場水平。我們亦與國內若干醫院作出安排，確保外籍職員出國工作時可即時得到醫療服務。本集團已實施一套舉報政策，以致力維持良好的企業管治，以及達致最高水平的誠信、廉潔與問責。各階層的僱員均應秉公辦事、正直不阿，我們的持份者方能對本集團予以信任，相信本集團能照顧彼等的需要及履行我們的社會責任。

Our policy upholds a fair and equal treatment in areas of recruitment and promotion, compensation and dismissal, working hours, diversity and other benefits and welfare. We adopt a remuneration policy which is commensurate with job nature, qualification and experience of employees. In addition to the provision of annual bonuses and employee related insurance benefits, discretionary bonuses are also rewarded to employees based on individual performance. Remuneration packages and policies are reviewed periodically to ensure that compensation and benefits are in line with the market-competitive pay level. We arrange with some hospitals in China to ensure our expatriates can receive immediate medical services when working outside their home countries. The Group is committed to maintaining good corporate governance, achieving a highest standard of integrity, probity and accountability by enforcing whistle-blowing policy. Employees at all levels are expected to conduct themselves with integrity, impartiality and honesty which enable our stakeholders to have trust and faith in the Group to take care of their needs and to fulfill its social responsibility.

我們在招聘及晉升、薪酬及解僱方面嚴格遵守有關法規。超時工作乃屬自願性質，並會依據當地法律給予補償。

In the areas of recruitment and promotion, compensation and dismissal, statutory laws and regulations are strictly complied with. Overtime is on voluntary basis and is compensated according to the local laws.

54 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

社會（續）

SOCIAL (continued)

工作場所質素及僱員關係（續）

Workplace Quality and Employee Relationship (continued)

僱傭（續）

Employment (continued)

我們重視在工作場所中奉行多元化、平等機會及反歧視，不會因性別、種族、年齡、婚姻狀況及國籍而待遇有別。為在日常工作中向僱員提倡性別敏感度概念，本公司自二零一六年起加入香港特別行政區政府勞工及福利局與婦女事務委員會專為上市公司而設的性別課題聯絡人網絡（「性別課題聯絡人網絡」）。我們指派代表在性別課題聯絡人網絡擔當起聯絡與諮詢人的角色，負責本公司與政府之間在性別相關事宜方面的溝通和合作，務求提高我們的性別意識和對性別主流化的了解。

W e v a l u e d i v e r s i t y , e q u a l o p p o r t u n i t y a n d anti-discrimination in our workforce regardless of gender, race, age, marital status and nationality. To promote the gender sensitivity concept in the daily work of our staff, the Company has joined the gender focal point network (“GFP Network”) for listed companies set up by the Labour and Welfare Bureau and the Women’s Commission of the Hong Kong Special Administrative Region Government since 2016. Under the GFP Network, our designated representatives will serve as the contact and resource persons for communication and collaboration on gender-related matters between the Company and the Government with a target to enhance our gender awareness and understanding of gender mainstreaming.

勞工準則

Labour Standards

我們根據國際勞工組織公約、國家法例或任何其他適用法例或準則嚴禁聘用童工。我們在任何情況下亦禁止任何形式的被迫或強制勞工，包括抵債、被迫及╱或強制服刑勞工。我們亦跟隨社會保險要求為僱員供款的最高標準。

We prohibit the employment of child labour in pursuance of the International Labor Organization Conventions, national laws or any other applicable law or standard. We also prohibit all kinds of forced or compulsory labour under any conditions, including bonded, forced and/ or compulsory prison labour to work. We also follow the highest standard regarding the social insurance requirements for the employees’ contributions.

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

社會（續）

SOCIAL (continued)

工作場所質素及僱員關係（續）

Workplace Quality and Employee Relationship (continued)

發展及培訓

Development and Training

我們投放大量資源於員工培訓及發展，務求維持一隊能力勝任、專業且品行端正的團隊，為集團的成功作出貢獻。

We allocate ample resources to staff training and development with the aim of sustaining a competent, professional and ethical staff force that will contribute to the success of the Group.

我們對員工發展的承諾與獲授權機構的期望一致，即其應委聘及調配具備充足技能、知識及經驗的人員履行其職責。我們有溫故知新的培訓課程以確保員工獲得最新的資訊與技能，以達致最佳表現，例如領袖培訓、團隊建設及主管技能、安全、產品銷售及技術培訓等。此外，參加與職責相關的外界培訓課程的員工，亦會獲得資助及休假。我們設有內部認證培訓導師以培訓相關員工取得所需技術認證。僱員亦可參加有關所需認證的外間培訓課程。我們亦每年招聘一些畢業生從事初級工作，並培養他們至較高水平，例如：技術人員、採購人員、策劃人員等。

Our commitment to staff development is also aligned with the expectation that authorised institutions should engage and deploy personnel with sufficient skills, knowledge and experience for the discharge of their duties. There are reinforcement and refresher training programs to ensure that employees are in possession of the latest information and skills for carrying out their duties with the highest standards, for examples, leadership training, team building and supervisory skills, safety and sales product and technical training, etc. In addition, we also sponsor and provide time-off for employees who take external training programs relevant to their duties and responsibilities. We have internal certified trainers to train relevant employees for required technical certifications. Employees may also join external training programs on certifications required. We also recruit some graduates each year to take up first level jobs and develop them to the upper levels, e.g. technicians, buyer, planner, etc.

56 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

社會（續）

SOCIAL (continued)

工作場所質素及僱員關係（續）

Workplace Quality and Employee Relationship (continued)

健康與安全

Health and Safety

我們承諾為僱員提供及確保一個健康且安全的工作條件及環境，免於危險及有害狀況。我們訂有原則，僱員職業安全及健康應為工作中的首要考慮。我們依據OHSAS 18001 標準實施安全管理系統。涉及僱員的健康及安全事宜會提交環境、健康及安全委員會作決策及採取行動。此外，我們聘有護士及安全主任等若干特定崗位，以確保工作場所安全以及備有足夠的安全設備及保障以避免任何工傷發生。工作場所會每年由政府認可第三方進行檢查以確定有否受到微粒污染，而我們亦會定期安排相關工人接受身體檢查。此外，我們亦會定期為僱員提供加強培訓課程，以提高彼等之安全意識。

We are committed to providing and ensuring healthy and safe working conditions and environment free from danger and hazards to our employees. It is our principle that occupational safety and health of employees should be given the first and foremost consideration at work. We implement our safety management system in accordance with the OHSAS 18001 standard. Health and safety issues concerning our employees are escalated to the EHSC for decisions and actions. In addition, certain specific positions, such as nurse and safety officers, are employed to ensure that the workplace is safe and that safety device and protections are adequate to avoid any possible injuries arising from our work. An examination of whether the workplace is contaminated by particles is conducted by a government-recognised third party on an annual basis. We also arrange relevant workers to take body check periodically. Furthermore, we provide our employees with regular intensive training programs to alert their safety awareness.

為紓緩工作壓力，我們不時舉辦各類消閒活動，例如週年晚宴、聖誕聯歡、生日聚會、興趣班及戶外活動等，並鼓勵員工踴躍參加。然而，於2019冠狀病毒疫情期間，為保障僱員的健康與安全，若干活動於二零二零年已經暫停。

To provide relief on job pressure, we organise and encourage employees to participate the recreational activities organised by the Group such as annual dinner, Christmas party, birthday gathering, interest class and outing from time to time. However, to safeguard the health and safety of the employees during COVID-19, certain activities were suspended in 2020.

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

社會（續）

SOCIAL (continued)

營運慣例

Operating Practices

供應鏈管理

Supply Chain Management

我們的供應商來自全球各國地區。我們設有供應商管理系統以甄選供應商及確定其資格，藉以確保所採購之物料質素符合相關法規。基於充分的資格，供應商須接受我們的品質部門對產品質素的評核及實地審核，並須接受能力測試及質量貫徹測試。本集團只會向名列核准供應商名單的供應商取貨。於核准前，供應商須確認商業道德、健康及安全環境，以及公眾責任。

We have suppliers from different regions globally. A supplier management system is established for selecting and qualifying suppliers to ensure the quality of the purchased materials complies with the relevant laws and regulations. Based on adequate qualification, suppliers are subject to assessment and on-site audits on product quality as well as capabilities and quality consistency tests made by our quality department. The Group only makes purchases from suppliers listed in Approved Vendor List. Special requirements on business ethics, health and safety environment and public responsibilities are confirmed by suppliers before approval.

產品責任

Product Responsibility

我們的一大目標是向全球客戶提供優質而安全的產品。有關政策包括：

Bringing high quality and safe products to our customers around the world is our main objective. Our Policy includes:

－銳意提高質素，務求使客戶稱心滿意。
Achieve total customer satisfaction through total commitment to quality.
－系統營運方針是以滿足客戶需求、符合國際法規以及遵從管理層指導方向為宗旨。
Operate our system to fulfill customers’ requirements, international laws and regulations as well as management’s direction.
－
遵守環境與職業健康及安全方面的所有相關法例規定。
Comply with all relevant legislative requirements on environmental occupational health and safety.

我們藉著準確的生產過程及過程監控以確保產品質素與安全。我們亦安排內部與外聘專業人士定期進行產品檢查，此為整體安全方案的重要一環。產品亦會進行可靠性測試以評估產品風險。我們的品質系統符合ISO 9001、TS 16949及ISO 13485等國際標準。

Product quality and safety are ensured by defining correct manufacturing process and process controls. Regular product inspections by both internal and external professional parties also constitute an important part of the overall safety program. Reliability tests are conducted to evaluate product risks. Our quality systems are in compliance with international standards like ISO 9001, TS 16949 and ISO 13485 standards.

58 王氏國際集團有限公司 2020 年報

環境、社會及管治報告書 Environmental, Social and Governance Report

社會（續）

SOCIAL (continued)

營運慣例（續）

Operating Practices (continued)

反貪污

Anti-corruption

我們訂有操守守則，為全體僱員提供指引，務求在日常營運中不論對內或對外均維持高度誠信，以防止及偵測本地法例及內部規例所禁止任何形式的賄賂及貪污行為。守則亦有助確保本集團與客戶、業務夥伴、股東、僱員及業界往來時能維持高度的商業操守及道德。僱員於受僱時均須簽署承諾書，保證不會涉及任何貪污行為。本集團會向各業務夥伴傳達供應商一般行為守則，以確保彼等與本集團交易時維持誠信。我們定期向僱員提供有關此等政策之培訓，並每年向採購及工程僱員提供培訓讓彼等溫故知新。我們亦會每年舉辦有關誠信的座談會。我們不會容忍任何違反本集團反貪污政策的行為。

Our Code of Conduct provides guidelines to all of our staff to meet the high standards of integrity and honesty in their daily operation internally and externally in order to prevent and detect any kinds of bribery and corruption prohibited by local laws and internal regulations. This is also to ensure that the Group operates to the high standards of business behaviour and ethics in our engagement with customers, business partners, shareholders, employees and the business community. Employees are required to sign an undertaking not to engage in any acts of corruption when being employed. Business partners are notified of the Group’s Supplier General Rules of Conduct to ensure their integrity in the dealings with the Group. We conduct periodical training in respect of these policies to employees and refreshing training to employees involved in purchasing and engineering every year. We also conduct regular seminars on integrity every year. We have zero tolerance towards noncompliance of the Group’s anti-corruption policy.

此外，為達致最高水平的透明度、廉潔與問責，我們已採取一套舉報措施，鼓勵以保密方式直接向合規主任舉報任何失職或不當行為。所有舉報個案均由本集團審慎處理，並以公平公正的方式進行調查。

In addition, in order to achieve the highest standards of openness, probity and accountability, we have adopted a whistle-blowing program to encourage disclosure of any misconduct or irregularities to the Compliance Officer directly in a confidential way. All reported cases are handled with care by the Group and are investigated in a fair and proper manner.

Wong’s International Holdings Limited Annual Report 2020

環境、社會及管治報告書 Environmental, Social and Governance Report

社會（續）

SOCIAL (continued)

社區投資

Community Investment

本集團亦參與由志願團體舉辦的不同活動以支持及加強家庭職能，並且致力為香港建立一個關愛和諧的社會出一份力。我們支持為不幸人士提供緊急援助的籌款活動，同時亦支持於社區提倡環保。

The Group also participated in various events organised by voluntary organizations to support and enhance family functioning, and endeavor to contribute to the building of a humane and caring society in Hong Kong. We support fund raising for providing immediate assistance to those suffered from misfortunes and to promote environmental protection in community.

過去多年，我們一直積極參與不同的義務工作、慈善活動及教育捐獻，務求創造共享價值及對有需要人士施以援手。除讓僱員參加這些社區及慈善活動外，我們更鼓勵他們帶同家人一同參與。

Over the years, we have been taking an active role in various volunteering works, charity events and education donation with an aim to create shared value and support the people in need. Besides engaging our employees to participate in those community and charity events, we encourage them to bring along their family members.

於二零二零年，我們的社區服務方向集中於為公眾人士提供防疫物資支援，以儘量減低感染冠狀病毒的風險。

In 2020, the direction of our community services was focused on supporting the public with epidemic prevention materials in order to minimise the risk of exposure to coronavirus.

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社會（續）

SOCIAL (continued)

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於二零二零年，本公司向本地醫院捐贈平板電腦，幫助病人（特別是沒有智能手機者）在2019冠狀病毒疫情中與家人溝通。

During 2020, the Company donated tablets to the local hospital for helping the patients, especially for those who without smart phone, to communicate with their families amid the COVID-19 pandemic.

於二零二零年爆發冠狀病毒期間，本公司透過Give2Asia Foundation Limited派發醫療級口罩予社會福利機構、老人中心及學校。

The Company gave away medical grade masks among the social welfare institutions, elderly centre and school via Give2Asia Foundation Limited amid the outbreak of coronavirus in 2020.

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我們向仁濟醫院捐贈口罩，以預防新型冠狀病毒傳播。有關口罩由仁濟醫院分發予其服務對象，例如長者、殘疾人士及低收入家庭等。

We donated face masks to Yan Chai Hospital for preventing the spread of the novel coronavirus. Such face masks were distributed by Yan Chai Hospital to their recipients such as elderly, person with disabilities and low-income families etc.

Wong’s International Holdings Limited Annual Report 2020 61

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社會（續）

SOCIAL (continued)

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捐贈口罩予赤腳仁心有限公司 Face masks donated to Barefoot Doctors Limited

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捐贈口罩予中學 Face masks donated to secondary school

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捐贈口罩予安老院 Face masks donated to elderly home

62 王氏國際集團有限公司 2020 年報

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社會（續）

SOCIAL (continued)

為響應中國地方政府就遏制疫情所實施的措施，我們的深圳工廠曾於二零二零年參與多項社區及慈善活動。 In response to the measures of local government in China in containing the epidemic, our Shenzhen factory participated in various community and charity activities during 2020.

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愛心「疫」剪暖職工活動 Hair cut caring service for workers

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汽車免費消毒活動 Free motor vehicle disinfection

Wong’s International Holdings Limited Annual Report 2020 63

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社會（續）

SOCIAL (continued)

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工會口罩派發活動 Distribution of face masks by labour union

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關愛職工健康免費體檢活動 Free health check caring service for workers

64 王氏國際集團有限公司 2020 年報

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社會（續）

SOCIAL (continued)

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工會贈月餅及中秋慈善活動

Mooncake sharing by labour union and Mid-Autumn Festival charity activities

香港，二零二一年三月三十日

Hong Kong, 30 March 2021

Wong’s International Holdings Limited Annual Report 2020

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及程序，所遵行的企業管治原則著重高質素之董事會、有效之風險管理及內部監控，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 emphasise a quality Board, effective risk management and internal control, transparency and accountability to all shareholders.

董事認為，截至二零二零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（「聯交所」）證券上市規則（「上市規則」）附錄十四所載企業管治守則（「企業管治守則」）之守則條文，惟以下除外：(a)主席及行政總裁之職位由同一人兼任，這與守則條文A.2.1條有差異；(b)現任獨立非執行董事概無指定任期，然而，各董事現時須根據本公司之公司細則第112條於本公司股東週年大會上輪值告退並接受重新選舉，這與守則條文A.4.1條有差異；(c)鑑於董事會本身將履行所有預期應由提名委員會處理之職務，故本公司目前無意成立提名委員會，這與守則條文A.5.1條至A.5.4條有差異。

In the opinion of the Directors, during the year ended 31 December 2020, the Company has complied with the code provisions under the Corporate Governance Code (the “CG Code”) as set out in Appendix 14 to the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), except that (a) the positions of Chairman and Chief Executive Officer are occupied by the same person, which deviates from code provision A.2.1; (b) none of the existing Independent Non-executive Directors is appointed for a specific term but every Director is now subject to retirement by rotation and re-election at the annual general meeting of the Company under Bye-law 112 of the Bye-laws of the Company, which deviates from code provision A.4.1; (c) the Company does not have the present intention to establish a Nomination Committee in view that the Board itself shall discharge all duties expected to be dealt with by a Nomination Committee, which deviates from code provisions A.5.1 to A.5.4.

二零二零年期間，為確保持續遵守企業管治守則，董事會已檢討本公司企業管治常規及在有需要時作出所須修改。詳情於本企業管治報告書內披露。

During the year of 2020, the Board had reviewed and, if required, made necessary changes to the corporate governance practices of the Company in order to ensure continued compliance with the CG Code. Details are disclosed in this Corporate Governance Report.

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董事之證券交易

本公司已採納上市規則附錄十所載上市發行人董事進行證券交易的標準守則（「標準守則」）。經向全體董事作具體查詢後，所有董事已確認於截至二零二零年十二月三十一日止年度內已遵守標準守則所載之規定。

董事會及行政委員會

董事會已擬備一份保留予董事會批准之事務清單。根據清單，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、出售事項及資本承擔；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；成立董事會轄下之委員會；審閱企業管治及維持適當的風險管理及內部監控系統。

本公司已成立行政委員會，委員會獲董事會授予一般權力，以處理本公司之行政及日常營運，惟載於上述保留予董事會批准之事務清單內之事項除外。行政委員會現由四名執行董事組成，分別為王忠秣先生（行政委員會主席）、王賢敏女士、陳子華博士及溫民強先生。

DIRECTORS’ SECURITIES TRANSACTION

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 specific enquiry to all Directors, all Directors confirmed that they had complied with the required standard set out in the Model Code during the year ended 31 December 2020.

BOARD OF DIRECTORS & ADMINISTRATIVE COMMITTEE

The Board has a schedule of matters reserved for its approval. Pursuant to the schedule, the Board is mainly responsible for formulating corporate strategies, approving business plans and supervising the Company’s financial 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 financial 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 appropriate risk management and internal control systems.

The Company has established an Administrative Committee which has all the general powers delegated by the Board to deal with administration and daily operation of the Company save as those matters set out in the schedule of matters reserved to the Board mentioned above. The Administrative Committee currently comprises four Executive Directors, namely Mr. Wong Chung Mat, Ben (Chairman of the Administrative Committee), Ms. Wong Yin Man, Ada, Dr. Chan Tsze Wah, Gabriel and Mr. Wan Man Keung.

Wong’s International Holdings Limited Annual Report 2020 67

企業管治報告書 Corporate Governance Report

董事會及行政委員會（續）

行政委員會亦向管理層指派多項特定工作，當中包括編製賬目；執行董事會所批准之策略及政策；日常監控預算；執行特定業務及工作項目；執行企業管治、風險管理及內部監控程序以及其他合規事宜。管理層在有需要時向行政委員會（及其他獲授權之董事會轄下委員會）提呈報告以供其審閱及作出指引。

為確保根據證券及期貨條例第XIVA部及上市規則之規定，以平等、適時、有效、準確且恰當之方式發佈內幕消息，本公司已委派具備相關知識及專長之高級職員與行政人員，協助董事會評估潛在內幕消息之性質及重要性，及判定是否須經董事會批准後向公眾披露。相關程序及文件須由本公司之內控合規部審閱。有可能管有內幕消息之高級職員及相關僱員會持續接受有關處理及匯報潛在內幕消息之培訓。此外，為減低擅自披露或不一致披露之風險，只有經授權人士方可與投資者、分析員、傳媒及其他公眾人士討論本公司之企業事宜。

董事會現時由五名執行董事及四名獨立非執行董事組成。董事之個人資料（包括董事會成員間之關係）刊載於本年報第22至26頁內。

BOARD OF DIRECTORS & ADMINISTRATIVE COMMITTEE (continued)

The Administrative Committee also delegates specific tasks to the management, which includes the preparation of accounts; 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, risk management and internal control procedures and other compliance matters. Management presents reports to the Administrative Committee (and other delegated Board Committee) for its review and guidance whenever necessary.

In order to ensure equal, timely, effective, accurate and proper disclosure of inside information under the requirements of Part XIVA of the Securities and Futures Ordinance and the Listing Rules, the Company has identified a team of officers and executives with knowledge and expertise to assist the Board for assessing the nature and materiality of potential inside information and determining whether public disclosure is required subject to Board approval. The procedures and documentation in this relation are under review of the Company’s Internal Compliance Control Department. Continuous training shall be provided to officers and relevant employees (who are likely to be in possession of inside information) for handling and reporting potential inside information. Also, to minimise the risk of unauthorised or inconsistent disclosure, only designated persons are authorised to discuss the Company’s corporate matters with investors, analysts, the media and other members of the public.

The Board currently comprises five Executive Directors and four Independent Non-executive Directors. The biographical details of the Directors (including relationships among the members of the Board) are set out on pages 22 to 26 of this Annual Report.

68 王氏國際集團有限公司 2020 年報

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董事會及行政委員會（續）

BOARD OF DIRECTORS & ADMINISTRATIVE COMMITTEE (continued)

董事會已於二零二零年舉行四次定期會議（會議大約每季舉行一次），以討論本公司之整體策略、經營、財務表現、股息政策、風險管理及內部監控系統、企業管治常規以及董事薪酬事宜。

The Board held four regular Board meetings in 2020 at approximately quarterly intervals to discuss the overall strategy, operation, financial performance, dividend policy, risk management and internal control systems, corporate governance practices and Directors’ remuneration.

該四次董事會定期會議及本公司二零二零年股東週年大會之董事出席率如下：

The attendance of the Directors at the four regular Board meetings and the 2020 annual general meeting of the Company was as follows:

		董事會會議出席率	股東大會出席率
		Attendance at	Attendance at
		Board meetings	general meeting
執行董事	Executive Directors
王忠秣先生	Mr. Wong Chung Mat, Ben
（主席兼行政總裁）	(Chairman and Chief Executive Officer)	3/4	1/1
王賢敏女士	Ms. Wong Yin Man, Ada	4/4	1/1
陳子華博士	Dr. Chan Tsze Wah, Gabriel	4/4	1/1
溫民強先生	Mr. Wan Man Keung	4/4	1/1
熊永順先生	Mr. Hung Wing Shun, Edmund	4/4	1/1
獨立非執行董事	Independent Non-executive Directors
李家祥博士	Dr. Li Ka Cheung, Eric	4/4	1/1
楊孫西博士	Dr. Yu Sun Say	4/4	0/1
葉天養先生	Mr. Alfred Donald Yap	4/4	1/1
張志超先生	Mr. Cheung Chi Chiu, David	4/4	1/1

除上文所述者外，於年內，在沒有其他董事出席之下，主席與獨立非執行董事另外舉行過一次會議。

Save as mentioned above, the Chairman held a separate meeting with the Independent Non-executive Directors without the presence of other Directors during the year.

Wong’s International Holdings Limited Annual Report 2020 69

企業管治報告書 Corporate Governance Report

董事會及行政委員會（續）

有鑑於2019冠狀病毒病下之風險，楊孫西博士（為獨立非執行董事及薪酬委員會主席）未有出席本公司之二零二零年股東週年大會。根據守則條文E.1.2條，其已經委任薪酬委員會任何成員作為其代表，代表薪酬委員會出席大會及於會上回答有關提問。

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。所有董事會會議按正式議程進行。於董事會會議處理之所有事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。

BOARD OF DIRECTORS & ADMINISTRATIVE COMMITTEE (continued)

In view of the risk under COVID-19, Dr. Yu Sun Say (being an Independent Non-executive Director and the Chairman of the Remuneration Committee) did not attend the 2020 annual general meeting of the Company. Pursuant to the code provision E.1.2, he had appointed any member of the Remuneration Committee as his delegate to attend and answer relevant questions at the meeting on behalf of the Remuneration Committee.

Before 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. 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.

70 王氏國際集團有限公司 2020 年報

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董事培訓

DIRECTORS’ TRAINING

本公司鼓勵所有董事參與持續專業發展，以發展並更新彼等作為上市公司董事之知識及技能。本公司不時向董事介紹及推薦相關培訓課程及閱讀材料。

All Directors are encouraged to participate in continuous professional development to develop and refresh their knowledge and skills as Directors of a listed company. The Company introduces and recommends relevant training courses and reading materials to the Directors from time to time.

每位董事均已向本公司提供其於二零二零年內接受培訓之紀錄，有關培訓之方式如下：

Each of the Directors has provided to the Company a record of training received during the year of 2020. The means of such training are as follows:

	培訓方式		Means of Training
執行董事		Executive Directors
王忠秣先生	網上培訓╱閱讀材料	Mr. Wong Chung Mat, Ben	e-training/
（主席兼行政總裁）		(Chairman and Chief Executive Officer)	reading material
王賢敏女士	網上培訓╱閱讀材料	Ms. Wong Yin Man, Ada	e-training/
			reading material
陳子華博士	網上培訓╱閱讀材料	Dr. Chan Tsze Wah, Gabriel	e-training/
			reading material
溫民強先生	網上培訓╱閱讀材料	Mr. Wan Man Keung	e-training/
			reading material
熊永順先生	網上培訓╱閱讀材料	Mr. Hung Wing Shun, Edmund	e-training/
			reading material
獨立非執行董事		Independent Non-executive Directors
李家祥博士	簡報會╱交流會╱網上培訓╱	Dr. Li Ka Cheung, Eric	briefing/conference/
	座談會╱閱讀材料╱		e-training/forum/
	培訓課程╱網絡研討會╱		reading material/
	工作坊		training course/
			webinar/workshop
楊孫西博士	培訓課程	Dr. Yu Sun Say	training course
葉天養先生	網上培訓╱座談會╱	Mr. Alfred Donald Yap	e-training/forum/
	閱讀材料╱網絡研討會		reading material/
			webinar
張志超先生	網上培訓╱座談會╱	Mr. Cheung Chi Chiu, David	e-training/forum/
	閱讀材料╱網絡研討會		reading material/
			webinar

Wong’s International Holdings Limited Annual Report 2020 71

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主席兼行政總裁

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：

(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。
(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。

獨立非執行董事

本公司認為獨立非執行董事由工業、科技、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。本公司視所有獨立非執行董事為獨立。

本公司現任獨立非執行董事概無指定任期。然而，本公司各董事現時須根據本公司之公司細則第112條於本公司股東週年大會上輪值告退並接受重新選舉。因此，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企業管治守則所載者。

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

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) 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 unqualified person, the Group’s performance could be gravely compromised.
(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.

INDEPENDENT NON-EXECUTIVE DIRECTORS

The Company is satisfied that its Independent Non-executive Directors comprise a good mix of industrial, technology, financial 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 confirmation of independence to the Company. The Company considers all of the Independent Non-executive Directors as independent.

None of the existing Independent 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 and re-election at the annual general meeting of the Company under Bye-law 112 of the Bye-laws of the Company. As such, the Company considers that sufficient measures have been taken to ensure that the Company’s corporate governance practices are no less exacting than those in the CG Code.

72 王氏國際集團有限公司 2020 年報

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薪酬委員會

REMUNERATION COMMITTEE

本公司已成立薪酬委員會，由兩名獨立非執行董事，包括楊孫西博士（薪酬委員會主席）及葉天養先生，以及一名執行董事，即陳子華博士所組成。

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

根據企業管治守則，薪酬委員會已採納一種顧問模式，據此，薪酬委員會將擔當向董事會提供建議之角色，而批准執行董事及高級管理層薪酬之最終權力，則保留予董事會。薪酬委員會之主要責任包括就本公司全體董事及高級管理層之薪酬政策及架構提供建議、因應董事會所訂企業方針及目標而檢討及批准管理層之薪酬建議，並就個別執行董事及高級管理層之薪酬待遇提供建議。

Pursuant to the CG Code, an advisory model has been adopted by the Remuneration Committee under which the Remuneration Committee shall perform an advisory role to the Board, with the Board retaining the final authority to approve Executive Directors’ and senior management’s remuneration. The principal responsibilities of the Remuneration Committee include making recommendations on the Company’s policy and structure for all Directors’ and senior management’s r e m u n e r a t i o n , r e v i e w i n g a n d a p p r o v i n g t h e management’s remuneration proposals with reference to the Board’s corporate goals and objectives, and making recommendations on the remuneration packages of individual Executive Directors and senior management.

於截至二零二零年十二月三十一日止年度內，薪酬委員會曾舉行一次會議，以審閱及考慮董事及高級管理層之薪酬待遇並向董事會作出建議。

During the year ended 31 December 2020, the Remuneration Committee held one meeting to review and consider the remuneration packages of the Directors and senior management for recommendation to the Board.

該次會議之薪酬委員會委員出席率如下：

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 Director
陳子華博士	Dr. Chan Tsze Wah, Gabriel	1/1

Wong’s International Holdings Limited Annual Report 2020

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薪酬委員會（續）

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。

提名董事

鑑於董事會本身將履行所有預期應由提名委員會處理之職務，故本公司目前無意成立提名委員會。

此外，提名董事之政策和程序已以書面形式列載並由董事會採納作為指引，確保在委任具備合適經驗及能力之新董事時有正式、合宜及透明的程序可循，以維持及改善本公司之競爭力。按照提名董事之政策和程序，董事會倘有需要委任新董事，須根據來自現任董事會成員、管理團隊、認識候選人的其他人士及（如適合）專業獵頭公司的推薦意見，編製一份候選董事名單。董事會須按候選董事之品格、誠信、承諾、知識及能力、於其事業領域、專業之成就或個人聲譽、與董事會現行需要相關之特定經驗或專業知識進行初步評估，而倘為新候選獨立董事，則須評估其是否被視為獨立。亦應根據董事會成員多元化政策充分考慮多樣的觀點。董事會其後須篩選及推薦一名或以上候選人進行面試。最後，須推薦最合適的人選予全體董事會以作考慮。

REMUNERATION COMMITTEE (continued)

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.

NOMINATION OF DIRECTORS

The Company does not have the present intention to establish a Nomination Committee in view that the Board itself shall discharge all duties expected to be dealt with by a Nomination Committee.

In addition, the Policy and Procedure for Nomination of Directors have been set out in writing and adopted by the Board to serve as a guideline in order to ensure that there is a formal, considered and transparent procedure for the appointment of new Directors with suitable experience and capabilities to maintain and improve the competitiveness of the Company. According to the Policy, where a need is identified and arises for the appointment of a new Director to the Board, a list of potential candidates should be complied based on recommendations from existing Board members, management team, other individuals who know the candidates and, if it deems appropriate, a professional search firm. The Board shall conduct an initial evaluation of the potential candidates based on the character, integrity, commitment, knowledge and ability, accomplishment in his own field, professional or personal reputation, particular experience or expertise relevant to the current needs of the Board, and in case of a new Independent Director candidate, whether he would be considered as independent. Adequate consideration should also be given to the diversity perspectives under the Board Diversity Policy. The Board shall then select and recommend one or more candidates for interview. Lastly, the best available candidate shall be recommended for consideration by the Board as a whole.

74 王氏國際集團有限公司 2020 年報

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提名董事（續）

NOMINATION OF DIRECTORS (continued)

於截至二零二零年十二月三十一日止年度內，董事會檢討了企業管治政策及常規；並考慮將於股東週年大會上根據本公司之公司細則重選之該等退任董事之資格。於本年度舉行之四次董事會會議中，兩次為有關提名董事之事宜。

During the year ended 31 December 2020, the Board has reviewed the policies and practices on corporate governance; and considered the eligibility of those retiring Directors to be re-elected at the annual general meeting pursuant to the Bye-laws of the Company. Amongst the four Board meetings held during the year, two were related to matters concerning nomination of Directors.

該兩次董事會會議之出席率如下：

The attendance of the Directors at these two Board meetings was as follows:

		出席率
		Attendance
執行董事	Executive Directors
王忠秣先生	Mr. Wong Chung Mat, Ben
（主席兼行政總裁）	(Chairman and Chief Executive Officer)	2/2
王賢敏女士	Ms. Wong Yin Man, Ada	2/2
陳子華博士	Dr. Chan Tsze Wah, Gabriel	2/2
溫民強先生	Mr. Wan Man Keung	2/2
熊永順先生	Mr. Hung Wing Shun, Edmund	2/2
獨立非執行董事	Independent Non-executive Directors
李家祥博士	Dr. Li Ka Cheung, Eric	2/2
楊孫西博士	Dr. Yu Sun Say	2/2
葉天養先生	Mr. Alfred Donald Yap	2/2
張志超先生	Mr. Cheung Chi Chiu, David	2/2

Wong’s International Holdings Limited Annual Report 2020

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董事會成員多元化

本公司深明董事會成員多元化之裨益，並相信均衡的董事會成員組成將提升董事會之表現及推動本公司之成功。有見於此，董事會已採納董事會成員多元化政策。該政策應與上文所述提名董事之政策和程序一併閱讀。

董事會成員多元化政策規定，設計董事會成員組成時，應從多方面考慮董事會成員多元化，以支持本公司實現策略性目標及維持可持續發展。甄選人選時將以一系列多樣的觀點為基準，包括（但不限於）性別、年齡、種族、文化及教育背景、專業經驗、技能及知識。董事會亦將考慮本身的業務模式及具體需要。最終將取決於所挑人選的長處及可為董事會提供的貢獻。

董事會認為本公司現有董事會就其豐富的經驗、知識及個人背景而言，已大致達到成員多元化。本公司將繼續保持其董事會成員多元化，並當有需要填補空缺時，在不損害董事會質素的前題下，提升性別及年齡多元化為特定目標。

BOARD DIVERSITY

The Company recognises the benefits of having a diverse Board and believes that a balanced Board composition will contribute towards the performance of the Board and success of the Company. In view of this, a Board Diversity Policy has been adopted by the Board. Such Policy should be read in conjunction with the Policy and Procedure for Nomination of Directors mentioned above.

The Board Diversity Policy provides that, in designing the Board’s composition, Board diversity shall be considered from a number of aspects in supporting the attainment of the strategic objectives and sustainable development of the Company. Selection of candidates will be based on a range of diversity perspectives, including but not limited to gender, age, ethnicity, cultural and educational background, professional experience, skills and knowledge. The Board will also take into account factors based on its own business model and specific needs. The ultimate decision will be based on merit and contribution that the prospective candidate will bring to the Board.

The Board considers that considerable diversity exists in the existing Board of the Company in terms of its broad experience, knowledge and personal background. The Company shall continue to maintain its Board diversity and, when there is any vacancy to fill, to promote the specific objective of gender and age diversity without compromising the quality of the Board.

76 王氏國際集團有限公司 2020 年報

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企業管治職能

本公司致力達到良好企業管治，以保障股東利益，提升企業價值及問責性。

本公司已採納職權範圍，以列出董事會在企業管治方面之職責，包括（但不限於）完善本公司之企業管治政策及常規，並提出修改和更新之建議；檢討董事和高級管理層之培訓及持續專業發展；並監察本公司在遵守法律及監管規定方面之政策及常規。

於截至二零二零年十二月三十一日止年度內，董事會已對本公司企業管治之政策及常規進行年度審閱。

CORPORATE GOVERNANCE FUNCTIONS

The Company is committed to achieving high standards of corporate governance to safeguard the interests of shareholders and to enhance corporate value and accountability.

A Terms of Reference has been adopted for the purpose of setting out the corporate governance duties to be performed by the Board, including (but not limited to) development of the Company’s policies and practices on corporate governance and making recommendations on changes and updating, review of the training and continuous professional development of Directors and senior management, and monitor the Company’s policies and practices on compliance with legal and regulatory requirements.

During the year ended 31 December 2020, the Board has conducted an annual review of the policies and practices on corporate governance of the Company.

Wong’s International Holdings Limited Annual Report 2020

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風險管理及內部監控

董事會對維持本集團適當而有效之風險管理及內部監控系統負有整體責任，並分別透過風險管理委員會及審核委員會檢討該等系統之有效性。

董事會以持續識別、分析、評估及管理風險為基礎，建立一套全面的風險管理系統。集團內各部門須自行負責及管理其本身之風險，另外亦已成立多個向風險管理委員會匯報之管理委員會，負責監察本集團不同的風險管理範疇。該等工作有助獨立查核個別部門之風險管理系統之成效。本公司之獨立內控合規部（「內控合規部」）獲指派專責內部審核職能，定期對本集團風險管理及內部監控系統進行內部檢討及測試，涵蓋財務、營運、合規、風險評估及風險應對措施的監控。由本集團行政人員組成之各個管理團隊及委員會定期開會，檢討內控合規部進行內部審核工作之發現及意見，並提出相關建議。管理團隊及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。內控合規部定期向風險管理委員會及審核委員會匯報其主要發現並提出意見，以助該等委員會分別評核本集團風險管理及內部監控系統是否有效。風險管理委員會及審核委員會再向董事會作出匯報，以供董事會每年從中作出本身之見解。

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has overall responsibility for maintaining appropriate and effective risk management and internal control systems of the Group and reviewing their effectiveness through the Risk Management Committee and the Audit Committee, respectively.

The Board has established a comprehensive risk management system based on identification, analysis, evaluation and management of risks on an ongoing basis. Each department under the Group is required to own and manage its own risks. A number of management committees reporting to the Risk Management Committee have been established to monitor different aspects of risk management for the Group. Such work serves to provide an independent checking of the effectiveness of the risk management system of individual departments. The independent Internal Compliance Control Department (“ICC”) of the Company is delegated with the internal audit function to conduct regular internal reviews and testings of the Group’s risk management and internal control systems covering financial, operational, compliance, risk assessment and risk response implementation controls. The respective management teams and committees which comprise relevant executives of the Group meet regularly to review the findings and opinions of internal audits conducted by the ICC and make relevant recommendations. The executives from the management teams and committees also ensure the control weaknesses are effectively communicated to the relevant departments and monitor the follow-up actions in response to their recommendations. The ICC regularly reports its major findings and advice to the Risk Management Committee and the Audit Committee and assists them to evaluate the effectiveness of the Group’s risk management and internal control systems, respectively. The Risk Management Committee and the Audit Committee report back to the Board for forming its own view on an annual basis.

78 王氏國際集團有限公司 2020 年報

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風險管理及內部監控（續）

審核委員會每年檢討本集團在會計、財務匯報及內部審核職能方面的資源是否充足，相關員工的資歷、經驗及培訓又是否足夠，從而確保監控程序得以持續實施且行之有效。

本集團風險管理及內部監控系統旨在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。於二零二零年度，董事會已分別透過風險管理委員會及審核委員會檢討本集團之風險管理及內部監控系統，並認為該等系統為有效且足夠。

風險管理委員會

風險管理委員會由三名執行董事組成，包括王賢敏女士（風險管理委員會主席）、陳子華博士及熊永順先生。

風險管理委員會之主要職責包括監察本集團的整體風險管理框架；審批風險政策及風險容忍度以及審視其違規情況；檢討及評估風險管理系統的成效；及就風險相關事宜向董事會提供意見。

於截至二零二零年十二月三十一日止年度，風險管理委員會曾舉行七次會議，以監督風險管理框架；評估風險嚴重程度；監察及更新本集團之風險政策；討論主要風險之風險報告；及檢討風險管理系統是否有效及足夠。

RISK MANAGEMENT AND INTERNAL CONTROL (continued)

The Audit Committee annually reviews the adequacy of resources and qualifications, experience and training of the staff responsible for accounting, financial reporting and internal audit functions to ensure that ongoing control process are in place and functioning effectively.

The purpose of the Group’s risk management and internal control systems 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 in order to achieve the Group’s objectives. For the year of 2020 under review, the Board, through the Risk Management Committee and the Audit Committee, has reviewed the Group’s risk management and internal control systems, respectively and considered them effective and adequate.

RISK MANAGEMENT COMMITTEE

The Risk Management Committee comprises three Executive Directors, namely Ms. Wong Yin Man, Ada (Chairperson of the Risk Management Committee), Dr. Chan Tsze Wah, Gabriel and Mr. Hung Wing Shun, Edmund.

The principal duties of the Risk Management Committee include the oversight of the Group’s overall risk management framework; approval of risk policies and tolerances and reviewing the breaches thereof; review and assessment of the effectiveness of the risk management systems; and advising the Board on risk-related issues.

During the year ended 31 December 2020, the Risk Management Committee held seven meetings to oversee the risk management framework; assess materiality of risks; monitor and update the Group’s risk policies; discuss risk reports on key risks; and review the effectiveness and adequacy of the risk management system.

Wong’s International Holdings Limited Annual Report 2020 79

企業管治報告書 Corporate Governance Report

風險管理委員會（續）

RISK MANAGEMENT COMMITTEE (continued)

該七次會議之風險管理委員會委員出席率如下：

The attendance of the Risk Management Committee members at the seven meetings was as follows:

		出席率
		Attendance
執行董事	Executive Directors
王賢敏女士（主席）	Ms. Wong Yin Man, Ada_(Chairperson)_	7/7
陳子華博士	Dr. Chan Tsze Wah, Gabriel	7/7
熊永順先生	Mr. Hung Wing Shun, Edmund	6/7

附註：本集團相關行政人員亦有出席上述之風險管理委員會會議。

Note:

Relevant executives of the Group also attended the Risk Management Committee meetings above.

審核委員會

AUDIT COMMITTEE

審核委員會由三名獨立非執行董事組成，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。

The Audit Committee comprises three Independent Non-executive Directors, namely Dr. Li Ka Cheung, Eric (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及內部監控系統；審閱本集團之財務資料；及檢討本公司與外聘核數師之關係。

The principal duties of the Audit Committee include the oversight of the Group’s financial reporting and internal control systems; review of the Group’s financial information; and review of the relationship with the external auditor of the Company.

於截至二零二零年十二月三十一日止年度內，審核委員會已單獨與外聘核數師會面兩次，並曾進行兩次委員會會議，以檢討本集團採納之會計政策及常規；討論核數、內部監控及財務報告事宜，當中包括審閱本集團二零一九年末期業績及二零二零年中期業績；審閱外聘核數師之聘用函件；就續聘外聘核數師作出建議；及檢討會計、財務報告及內部審核功能及相關職員。

During the year ended 31 December 2020, the Audit Committee met separately with the external auditors twice and held two meetings to review the accounting principles and practices adopted by the Group; discuss the auditing, internal control and financial reporting matters including review of the 2019 final results and 2020 interim results of the Group; review the external auditor’s engagement letter; recommend the re-appointment of the external auditor; and review the accounting, financial reporting and internal audit functions and their staffs.

80 王氏國際集團有限公司 2020 年報

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審核委員會（續）

AUDIT COMMITTEE (continued)

該兩次會議之審核委員會委員出席率如下：

The attendance of the Audit Committee members at the two meetings was 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)_	2/2
楊孫西博士	Dr. Yu Sun Say	2/2
葉天養先生	Mr. Alfred Donald Yap	2/2

核數師酬金

AUDITOR’S REMUNERATION

截至二零二零年十二月三十一日止年度，已付或應付外聘核數師羅兵咸永道會計師事務所之酬金載列如下：

F o r t h e y e a r e n d e d 31 D e c e m b e r 2020, t h e remuneration paid or payable to the external auditor, PricewaterhouseCoopers, is set out as follows:

		總額（港幣元）
		Amount (HK$)
核數服務	Audit services	2,750,000
非核數服務	Non-audit services
－稅務及相關服務	– tax and related services	653,500
		3,403,500

董事及核數師對財務報表之責任

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES FOR FINANCIAL STATEMENTS

有關董事及核數師編製本集團綜合財務報表之責任刊載於本年報第87至94頁之「獨立核數師報告」內。

The responsibilities of the Directors and the auditor for preparing the consolidated financial statements of the Group are set out in the “Independent Auditor’s Report” on pages 87 to 94 of this Annual Report.

Wong’s International Holdings Limited Annual Report 2020

企業管治報告書 Corporate Governance Report

股東權益

為保障股東權益及權利，在股東大會上，每項實際獨立的事宜，均以個別決議案提呈。

此外，股東受以下程序保護，該等程序受制於本公司之公司細則、一九八一年百慕達公司法及適用法律和規例。

股東召開股東特別大會（「股東特別大會」）的程序

於遞交要求當日持有不少於附帶權利可於本公司股東大會上投票之本公司繳足股本十分之一（1/10）之股東，於任何時間均有權向本公司註冊辦事處

（地址為Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda）及其總辦事處（地址為香港九龍官塘偉業街108號絲寶國際大廈17樓）送交書面要求，並註明收件人為本公司之公司秘書，要求董事會召開股東特別大會，以處理該要求所指明之任何事務，而有關大會須於遞交該要求後兩(2)個月內舉行。

書面要求須列明股東大會之目的、經有關股東簽署，並可由多份相同格式之文件組成，而每份文件須由一名或多名該等股東簽署。

SHAREHOLDERS’ RIGHTS

To safeguard the shareholders’ interest and rights, separate resolutions are proposed at shareholders’ meetings on each substantial issue.

In addition, shareholders are protected by the following procedures as governed by the Company’s Bye-laws, the Bermuda Companies Act 1981 and applicable legislation and regulation.

Procedures for shareholder(s) to convene a special general meeting (“SGM”)

Shareholder(s) holding at the date of deposit of the requisition not less than one-tenth (1/10) of the paid-up capital of the Company carrying the right of voting at general meetings of the Company shall at all times have the right, by written requisition sent to the Company’s registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and its principal office at 17/F, C-Bons International Center, No. 108 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong, for the attention of the Company Secretary of the Company, to require a SGM to be called by the Board of Directors for the transaction of any business specified in such requisition; and such meeting shall be held within two (2) months after the deposit of such requisition.

The written requisition must state the purposes of the general meeting, signed by the shareholder(s) concerned and may consist of several documents in like form, each signed by one or more of those shareholders.

82 王氏國際集團有限公司 2020 年報

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股東權益（續）

股東召開股東特別大會（「股東特別大會」）的程序（續）

倘要求適當，公司秘書將要求董事會根據法例規定向全體登記股東送達充分通知後召開股東特別大會。相反，倘要求無效，則向有關股東告知此結果，亦將不會應要求召開股東特別大會。
向全體登記股東發出通知以供考慮由有關股東於股東特別大會上提出建議之期限，因建議性質而異，詳情如下：
(i) 倘建議構成本公司之特別決議案（除用作更正明顯錯誤之純粹文書修訂外，不得予以修訂），則須最少發出二十一(21)個整日及不少於十(10)個完整營業日之書面通知；及
(ii) 倘建議構成本公司之普通決議案，則須最少發出十四(14)個整日及不少於十(10)個完整營業日之書面通知。

SHAREHOLDERS’ RIGHTS (continued)

Procedures for shareholder(s) to convene a special general meeting (“SGM”) (continued)

If the requisition is in order, the Company Secretary will ask the Board of Directors to convene a SGM by serving sufficient notice in accordance with the statutory requirements to all the registered shareholders. On the contrary, if the requisition is invalid, the shareholder(s) concerned will be advised of this outcome and accordingly, a SGM will not be convened as requested.
The notice period to be given to all the registered shareholders for consideration of the proposal raised by the shareholder(s) concerned at a SGM varies according to the nature of the proposal, as follows:
(i) at least twenty-one (21) clear days’ and not less than ten (10) clear business days’ notice in writing if the proposal constitutes a special resolution of the Company, which cannot be amended other than to a mere clerical amendment to correct a patent error; and
(ii) at least fourteen (14) clear days’ and not less than ten (10) clear business days’ notice in writing if the proposal constitutes an ordinary resolution of the Company.

Wong’s International Holdings Limited Annual Report 2020

企業管治報告書 Corporate Governance Report

股東權益（續）

股東於股東大會提出建議（提名他人參選董事除外）的程序

本公司每年舉行一次股東週年大會（「股東週年大會」），並可於必要時舉行稱為股東特別大會之股東大會。
持有(i)有權於股東大會上投票之全體股東總投票權不少於二十分之一（1/20）之股東，或(ii)不少於100名股東，可提交擬於股東週年大會上所動議決議案之書面要求；或就於特定股東大會上任何所動議決議案所述事項或將處理之事務提交不超過1,000字之陳述。
書面要求╱陳述須由有關股東簽署，並於股東週年大會舉行前不少於六(6) 星期（倘要求提供決議案通知）或於股東大會舉行前一(1)星期（倘為任何其他要求）送交至本公司註冊辦事處

（地址為Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda）及其總辦事處（地址為香港九龍官塘偉業街108號絲寶國際大廈17樓），並註明收件人為本公司之公司秘書。

SHAREHOLDERS’ RIGHTS (continued)

Procedures for shareholders to make proposals at general meeting other than a proposal of a person for election as director

The Company holds an annual general meeting (“AGM”) every year, and may hold a general meeting known as a special general meeting whenever necessary.
Shareholder(s) of the Company holding (i) not less than one-twentieth (1/20) of the total voting rights of all shareholders having the right to vote at the general meeting; or (ii) not less than 100 shareholders, can submit a written request stating the resolution intended to be moved at the AGM; or a statement of not more than 1,000 words with respect to the matter referred to in any proposed resolution or the business to be dealt with at a particular general meeting.
The written request/statements must be signed by the shareholder(s) concern and deposited at the Company’s registered office at Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and its principal office at 17/F, C-Bons International Center, No. 108 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong, for the attention of the Company Secretary of the Company, not less than six (6) weeks before the AGM in the case of a requisition requiring notice of a resolution and not less than one (1) week before the general meeting in the case of any other requisition.

84 王氏國際集團有限公司 2020 年報

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股東權益（續）

股東於股東大會提出建議（提名他人參選董事除外）的程序（續）

倘書面要求適當，公司秘書將要求本公司董事會(i)將決議案列入股東週年大會議程；或(ii)就股東大會傳閱陳述，惟有關股東須已支付經董事會釐定之合理金額之費用，足以支付本公司根據法例規定向全體登記股東送達決議案通知及╱或傳閱有關股東提交之陳述。相反，倘要求無效，或有關股東並無支付足夠金額以支付本公司就上述目的所需費用，則所提呈決議案將不會列入股東週年大會議程，亦將不會就股東大會傳閱陳述。

另一份載有關於股東提名董事候選人的程序之文件，亦已刊登於本公司網址。

SHAREHOLDERS’ RIGHTS (continued)

Procedures for shareholders to make proposals at general meeting other than a proposal of a person for election as director (continued)

If the written request is in order, the Company Secretary will ask the Board of Directors of the Company (i) to include the resolution in the agenda for the AGM; or (ii) to circulate the statement for the general meeting, provided that the shareholder(s) concerned have deposited a sum of money reasonably determined by the Board of Directors sufficient to meet the Company’s expenses in serving the notice of the resolution and/or circulating the statement submitted by the shareholder(s) concerned in accordance with the statutory requirements to all the registered shareholders. On the contrary, if the requisition is invalid or the shareholder(s) concerned have failed to deposit sufficient money to meet the Company’s expenses for the said purposes, the shareholder(s) concerned will be advised of this outcome and accordingly, the proposed resolution will not be included in the agenda for the AGM; or the statement will not be circulated for the general meeting.

A separate document containing the procedures for a shareholder to propose a person for election as a director is also published on the website of the Company.

Wong’s International Holdings Limited Annual Report 2020

企業管治報告書 Corporate Governance Report

股東權益（續）

股東向董事會提出查詢的程序

一九八一年百慕達公司法或本公司之公司細則概無條文規定股東向本公司董事會提出查詢之程序。股東理應可於任何時間按下列地址或透過下列傳真號碼或電郵地址以書面方式送交其查詢：

地址：香港九龍官塘偉業街108號絲寶國際大廈17樓（註明收件人為公司秘書或董事會主席）

傳真： (852) 2797 8076 電郵： [email protected]

組織章程文件

於二零二零年，本公司之組織章程文件概無變動。本公司現行之公司細則可於本公司及聯交所網站取得。

香港，二零二一年三月三十日

SHAREHOLDERS’ RIGHTS (continued)

Procedures by which enquiries may be put to the Board of Directors by shareholders

There are no provisions in the Bermuda Companies Act 1981 or in the Bye-laws of the Company that provide for a procedure by which shareholder(s) may put forward an enquiry to the Board of Directors of the Company. A shareholder may, of course, at any time send their enquiries in writing to the Board of Directors of the Company at the following address or via the following facsimile number or email address:

17/F, C-Bons International Center, No. 108 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong (For the attention of the Company Secretary or Chairman of the Board)

Address:

Fax: (852) 2797 8076 Email: [email protected]

CONSTITUTIONAL DOCUMENTS

There was no change in the constitutional documents of the Company in the year of 2020. The current Bye-laws of the Company is available on the websites of the Company and the Stock Exchange.

Hong Kong, 30 March 2021

86 王氏國際集團有限公司 2020 年報

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致王氏國際集團有限公司股東

（於百慕達註冊成立的有限公司）

TO THE SHAREHOLDERS OF WONG’S INTERNATIONAL HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

意見

OPINION

我們已審計的內容

What we have audited

王氏國際集團有限公司（以下簡稱「貴公司」）及其附屬公司（以下統稱「貴集團」）列載於第95至223頁的綜合財務報表，包括：

The consolidated financial statements of Wong’s International Holdings Limited (the “Company”) and its subsidiaries (the “Group”) set out on pages 95 to 223, which comprise:

於二零二零年十二月三十一日的綜合財務狀況表；
the consolidated statement of financial position as at 31 December 2020;
截至該日止年度的綜合收益表；
the consolidated income statement for the year then ended;
截至該日止年度的綜合全面收入表；
the consolidated statement of comprehensive income for the year then ended;
截至該日止年度的綜合權益變動表；
the consolidated statement of changes in equity for the year then ended;
截至該日止年度的綜合現金流量表；及
the consolidated cash flow statement for the year then ended; and
綜合財務報表附註，包括主要會計政策概要。
the notes to the consolidated financial statements, which include a summary of significant accounting policies.

羅兵咸永道會計師事務所香港中環太子大廈廿二樓電話: +852 2289 8888 傳真: +852 2810 9888 www.pwchk.com

PricewaterhouseCoopers

22/F Prince’s Building, Central, Hong Kong Tel: +852 2289 8888 Fax: +852 2810 9888 www.pwchk.com

Wong’s International Holdings Limited Annual Report 2020

獨立核數師報告 Independent Auditor’s Report

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我們的意見

我們認為，該等綜合財務報表已根據香港會計師公會頒佈的《香港財務報告準則》真實而中肯地反映了貴集團於二零二零年十二月三十一日的綜合財務狀況及其截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》的披露規定妥為擬備。

意見的基礎

我們已根據香港會計師公會頒佈的《香港審計準則》進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審計綜合財務報表承擔的責任」部分中作進一步闡述。

我們相信，我們所獲得的審計憑證能充足及適當地為我們的審計意見提供基礎。

獨立性

根據香港會計師公會頒佈的《專業會計師道德守則》（以下簡稱「守則」），我們獨立於貴集團，並已履行守則中的其他專業道德責任。

Our opinion

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2020, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.

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

Independence

We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code.

88 王氏國際集團有限公司 2020 年報

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關鍵審計事項

KEY AUDIT MATTERS

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在我們審計整體綜合財務報表及出具意見時進行處理的。我們不會對這些事項提供單獨的意見。

我們在審計中識別的關鍵審計事項概述如下：

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

• 存貨撥備估計

Estimated provision for inventory

關鍵審計事項 Key Audit Matter

我們的審計如何處理關鍵審計事項 How our audit addressed the Key Audit Matter

存貨撥備估計

我們了解了管理層有關存貨撥備估計流程的內部控制和評估流程，並通過考慮估計不確定性的程度和其他固有風險因素（例如主觀性、複雜性、變動以及管理層的偏向或舞弊所導致的錯報的敏感性）的水平，評估了重大錯報的固有風險。

Estimated provision for inventory

茲提述綜合財務報表附註23及附註4(a)。

Refer to Note 23 and Note 4(a) to the consolidated financial statements.

We obtained an understanding of the management’s internal control and assessment process of inventory provision estimation process and assessed the inherent risk of material misstatement by considering the degree of estimation uncertainty and level of other inherent risk factors such as subjectivity and complexity and changes and susceptibility to management bias or fraud.

貴集團於二零二零年十二月三十一日持有的存貨為港幣 314,000,000元。貴集團依據產品週期及存貨賬齡對滯銷存貨貫徹應用一套特定的撥備方法。

The Group held inventory of HK$314 million as at 31 December 2020. It consistently applies a specific provisioning methodology for slow moving inventory based on products life cycle and inventory ageing.

我們已審查存貨撥備方法的基礎，並評估（其中包括）管理層過往年度的估計結果，以及管理層就滯銷及陳舊存貨作出的分析及評估，以評估管理層估計流程的效用。我們亦已評估管理層參考產品週期以釐定陳舊原材料的可能使用情況時應用的假設及估計，並無發現相反證據。

我們聚焦於審計此範疇是因為撥備估計具有高度的估計不確定性。由於識別有陳舊及滯銷風險的存貨以及參考產品週期對陳舊原材料的可能使用情況作出評估涉及重大判斷，因此，存貨撥備具有重大的固有風險。

We examined the basis of the methodology with respect to inventory provisions and evaluated, amongst others, the outcome of management’s estimations in prior years, analysis and assessment made by management with respect to slow moving and obsolete inventory to assess the effectiveness of management’s estimation process. We also evaluated the assumptions and estimates applied by management to determine the possible utilisation of aged raw materials by making reference to the products life cycle without contradictory evidence noted.

We focused on auditing this area because the estimation of provision is subject to high degree of estimation uncertainty. The inherent risk in relation to the inventory provision is considered significant due to significant judgements involved in identifying the inventories associated with risk of obsolescence and slow moving and evaluating the possible utilisation of the aged raw materials by making reference to products life cycle.

我們已評估及測試計算所用的存貨賬齡的準確性，亦曾採用二零二零年十二月三十一日的存貨賬齡及管理層釐定的產品週期重新計算存貨撥備。

We evaluated and tested the accuracy of the ageing profile of the inventory used in the calculation. We performed a recalculation of the inventory provision using the ageing profile of the inventory as at 31 December 2020 and the products life cycle determined by management.

Wong’s International Holdings Limited Annual Report 2020 89

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其他信息

貴公司董事須對其他信息負責。其他信息包括年報內的所有信息，但不包括綜合財務報表及我們的核數師報告。

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

結合我們對綜合財務報表的審計，我們的責任是閱讀其他信息，在此過程中，考慮其他信息是否與綜合財務報表或我們在審計過程中所了解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。

基於我們已執行的工作，如果我們認為其他信息存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。

董事及審核委員會就綜合財務報表須承擔的責任

貴公司董事須負責根據香港會計師公會頒佈的《香港財務報告準則》及香港《公司條例》的披露規定擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯誤陳述所需的內部控制負責。

OTHER INFORMATION

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

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

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

R E S P O N S I B I L I T I E S O F D I R E C T O R S A N D A U D I T C O M M I T T E E F O R T H E CONSOLIDATED FINANCIAL STATEMENTS

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

90 王氏國際集團有限公司 2020 年報

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董事及審核委員會就綜合財務報表須承擔的責任（續）

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

審核委員會須負責監督貴集團的財務報告過程。

核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具包括我們意見的核數師報告。我們僅按照百慕達一九八一年《公司法》第90條向閣下（作為整體）報告我們的意見，除此之外本報告別無其他目的。我們不會就本報告的內容向任何其他人士負上或承擔任何責任。合理保證是高水平的保證，但不能保證按照《香港審計準則》進行的審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或滙總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯誤陳述可被視作重大。

R E S P O N S I B I L I T I E S O F D I R E C T O R S A N D A U D I T C O M M I T T E E F O R T H E CONSOLIDATED FINANCIAL STATEMENTS (continued)

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

The audit committee is responsible for overseeing the Group’s financial reporting process.

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

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. We report our opinion solely to you, as a body, in accordance with Section 90 of the Companies Act 1981 of Bermuda and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

Wong’s International Holdings Limited Annual Report 2020 91

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核數師就審計綜合財務報表承擔的責任（續）

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

識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險，設計及執行審計程序以應對這些風險，以及獲取充足和適當的審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部控制之上，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。
了解與審計相關的內部控制，以設計適當的審計程序，但目的並非對貴集團內部控制的有效性發表意見。
評價董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

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

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

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

92 王氏國際集團有限公司 2020 年報

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核數師就審計綜合財務報表承擔的責任（續）

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

對董事採用持續經營會計基礎的恰當性作出結論。根據所獲取的審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團的持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露。假若有關的披露不足，則我們應當發表非無保留意見。我們的結論是基於核數師報告日止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
評價綜合財務報表的整體列報方式、 • 結構和內容，包括披露，以及綜合財務報表是否中肯反映交易和事項。
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
就貴集團內實體或業務活動的財務信 • 息獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。我們負責貴集團審計的方向、監督和執行。我們為審計意見承擔全部責任。
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

除其他事項外，我們與審核委員會溝通了計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部控制的任何重大缺陷。

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

Wong’s International Holdings Limited Annual Report 2020 93

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核數師就審計綜合財務報表承擔的責任（續）

我們還向審核委員會提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通有可能合理地被認為會影響我們獨立性的所有關係和其他事項，以及在適用的情況下，用以消除對獨立性產生威脅的行動或採取的防範措施。

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

出具本獨立核數師報告的審計項目合夥人是鍾潔儀。

羅兵咸永道會計師事務所

執業會計師

香港，二零二一年三月三十日

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

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

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

The engagement partner on the audit resulting in this independent auditor’s report is Chung Kit Yi, Kitty.

PricewaterhouseCoopers Certified Public Accountants

Hong Kong, 30 March 2021

94 王氏國際集團有限公司 2020 年報

綜合收益表 Consolidated Income Statement

截至二零二零年十二月三十一日止年度 For the year ended 31 December 2020

			二零二零年	二零一九年
			2020	2019
		附註	港幣千元	港幣千元
		Note	HK$’ 000	HK$’000
收益其他收入製成品及在製品存貨之變動	Revenue Other income Changes in inventories of finished goods and work in progress	5 6	3,224,636 21,326 (35,593)	3,781,156 9,826 (830)
所使用之原料及消耗品已完成物業存貨成本	Raw materials and consumables used Cost of stock of completed properties		(2,345,590) –	(2,741,393) (132,015)
僱員福利開支	Employee benefit expenses	7	(443,807)	(456,772)
折舊	Depreciation	8	(70,921)	(69,204)
其他經營支出	Other operating expenses	8	(169,094)	(182,790)
投資物業公允價值變動	Change in fair value of
	investment properties	16	(483,025)	28,375
其他（虧損）╱收益－淨額	Other (losses)/gains – net	9	(50,638)	9,502
已完成物業存貨之減值虧損	Impairment losses of stock of
	completed properties	24	(22,940)	–
應收貿易賬款之減值虧損	Reversal/(provision) of impairment
撥回╱（撥備）	losses on trade receivables	8, 25	590	(698)
營運（虧損）╱利潤	Operating (loss)/profit		(375,056)	245,157
融資收入 Finance income 融資成本 Finance costs 應佔聯營公司利潤╱（虧損）Share of profit/(loss) of an associate		11 11 18	18,358 (55,650) 949	20,588 (65,461) (636)
應佔合營企業（虧損）╱利潤	Share of (losses)/profits
	ofjoint ventures	19	(324,231)	104,921
除所得稅前（虧損）╱利潤	(Loss)/profit before income tax		(735,630)	304,569
所得稅開支	Income tax expense	12	(26,048)	(38,242)
除所得稅後（虧損）╱利潤	(Loss)/profit after income tax		(761,678)	266,327
本公司擁有人應佔	(Loss)/profit attributable to owners
（虧損）╱利潤	of the Company		(761,674)	266,327
非控股權益	Non-controlling interests		(4)	–
			(761,678)	266,327
本公司擁有人應佔年度每股	(Loss)/earnings per share
（虧損）╱盈利	attributable to owners of the
	Company during the year
基本	Basic	14	(HK$1.59)	HK$0.56
攤薄	Diluted	14	(HK$1.59)	HK$0.56

第102至223頁之附註為該綜合財務報表之組成部分。

The notes on pages 102 to 223 are an integral part of these consolidated financial statements.

Wong’s International Holdings Limited Annual Report 2020 95

綜合全面收入表

Consolidated Statement of Comprehensive Income

截至二零二零年十二月三十一日止年度 For the year ended 31 December 2020

		附註 Note	二零二零年 2020 港幣千元 HK$’ 000	二零一九年 2019 港幣千元 HK$’000
年度（虧損）╱利潤	(Loss)/profit for theyear		(761,678)	266,327
其他全面收入：可能重新分類至綜合收益表之項目：現金流量對沖－年度公允價值虧損現金流量對沖－已確認遞延所得稅貨幣換算差額：－本集團－聯營公司其後不會重新分類至綜合收益表之項目：按公允價值計入其他全面收入的金融資產公允價值變動	Other comprehensive income: Items that may be reclassified to consolidated income statement: Cash flow hedge – fair value losses for the year Cash flow hedge – deferred income tax recognised Currency translation differences: – Group – Associates Item that will not be reclassified subsequently to consolidated income statement: Changes in fair value of financial assets at fair value through other comprehensive income	21		(2,360) 389 (35,098) (37) 113

			(22,450)
			3,704

			131,184
			208

			507
年度其他全面收入╱（虧損），已扣稅 Other comprehensive income/(loss) for theyear, net of tax			113,153	(36,993)
年度全面（虧損）╱收入總額	Total comprehensive (loss)/income for the year		(648,525)	229,334

應佔：本公司擁有人非控股權益	Attributable to: Owners of the Company Non-controllinginterests			229,334 –
			(648,521)
			(4)
年度全面（虧損）╱收入總額	Total comprehensive (loss)/income for the year		(648,525)	229,334

第102至223頁之附註為該綜合財務報表之組成部分。

The notes on pages 102 to 223 are an integral part of these consolidated financial statements.

96 王氏國際集團有限公司 2020 年報

綜合財務狀況表 Consolidated Statement of Financial Position

於二零二零年十二月三十一日 As at 31 December 2020

			二零二零年	二零一九年
			2020	2019
		附註	港幣千元	港幣千元
		Note	HK$’ 000	HK$’000
資產	ASSETS
非流動資產	Non-current assets
物業、廠房及設備	Property, plant and equipment	15	249,956	220,157
投資物業	Investment properties	16	2,052,585	2,534,016
使用權資產	Right-of-use assets	17	110,176	125,796
聯營公司的投資合營企業的權益	Investments in associates Interests in joint ventures	18 19	25,719 2,148,651	26,062 2,505,012
按公允價值計入其他全面收	Financial assets at fair value through
入的金融資產	other comprehensive income	21	7,454	4,349
遞延所得稅資產訂金及其他應收賬款	Deferred income tax assets Deposits and other receivables	22 26	27,301 12,107	27,642 20,537
衍生金融工具	Derivative financial instruments	29	–	76
受限制現金	Restricted cash	28	2,981	14,369
			4,636,930	5,478,016
流動資產	Current assets
存貨已完成物業存貨	Inventories Stock of completed properties	23 24	313,566 213,410	319,234 236,350
應收貿易賬款預付款項、訂金及其他應收	Trade receivables Prepayments, deposits and other	25	912,141	876,131
賬款按公允價值計入其他全面收	receivables Financial assets at fair value through	26	89,366	74,858
入的金融資產	other comprehensive income	21	28	126
應收聯營公司款項	Amounts due from associates	27	–	14
當期可收回所得稅受限制現金短期銀行存款	Current income tax recoverable Restricted cash Short-term bank deposits	28 28	1,372 – 738,916	1,727 11,580 641,886
現金及現金等價物	Cash and cash equivalents	28	680,202	543,314
			2,949,001	2,705,220
總資產	Total assets		7,585,931	8,183,236

Wong’s International Holdings Limited Annual Report 2020 97

綜合財務狀況表 Consolidated Statement of Financial Position

於二零二零年十二月三十一日 As at 31 December 2020

二零二零年 2020 附註港幣千元 Note HK$’ 000	二零一九年 2019 港幣千元 HK$’000
權益 EQUITY 歸屬於本公司擁有人之權益 Equity attributable to owners of the Company 股本 Share capital 33 47,848 其他儲備 Other reserves 34 598,884 保留盈利 Retained earnings 34 －擬派股息 – Proposed dividend 9,570 －其他 – Others 3,677,472	47,848 481,572 14,355 4,462,445
4,333,774 非控股權益 Non-controlling interests 34 –	5,006,220 4
總權益 Total equity 4,333,774	5,006,224
負債 LIABILITIES 非流動負債 Non-current liabilities 衍生金融工具 Derivative financial instruments 29 26,592 應計費用及其他應付賬款 Accruals and other payables 31 11,290 租賃負債 Lease liabilities 17 27,946 遞延所得稅負債 Deferred income tax liabilities 22 70,136 貸款 Borrowings 32 1,184,662	4,217 15,844 30,583 72,293 1,226,565
1,320,626	1,349,502
流動負債 Current liabilities 應付貿易賬款 Trade payables 30 668,278 應計費用及其他應付賬款 Accruals and other payables 31 192,077 合約負債 Contract liabilities 5 164,190 租賃負債 Lease liabilities 17 5,147 當期所得稅負債 Current income tax liabilities 47,831 貸款 Borrowings 32 854,008	673,649 187,838 147,465 19,756 89,181 709,621
1,931,531	1,827,510
總負債 Total liabilities 3,252,157	3,177,012
總權益及負債 Total equity and liabilities 7,585,931	8,183,236

綜合財務報表已於二零二一年三月三十日獲董事會批准及授權刊發，並由下列董事代表簽署：

The consolidated financial statements were approved and authorised for issue by the Board of Directors on 30 March 2021 and are signed on its behalf by:

王忠秣王賢敏 主席兼行政總裁董事

WONG CHUNG MAT, BEN WONG YIN MAN, ADA Chairman and Chief Executive Officer Director

第102至223頁之附註為該綜合財務報表之組成部分。

The notes on pages 102 to 223 are an integral part of these consolidated financial statements.

98 王氏國際集團有限公司 2020 年報

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

截至二零二零年十二月三十一日止年度 For the year ended 31 December 2020

本公司擁有人應佔

	本公司擁有人應佔
	Attributable to owners of the Company 股本股份溢價其他儲備非控股權益總計 Share capital Share premium Other reserves Non- controlling interests Total （附註33）（附註34）（附註34）（附註34） (Note 33) (Note 34) (Note 34) (Note 34) 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
於二零一九年一月一日 As at 1 January 2019 採納香港財務報告準則第16號之影響 Effect on adoption of HKFRS 16	47,848 153,025 4,619,312 4 4,820,189 – – (235) – (235)
經重列於二零一九年一月一日 Restated as at 1 January 2019 全面收入 Comprehensive income 年度利潤 Profit for the year	47,848 153,025 4,619,077 4 4,819,954 – – 266,327 – 266,327
其他全面收入 Other comprehensive income 按公允價值計入其他全面收入的金融資產公允價值變動 Changes in fair value of financial assets at fair value through other comprehensive income 貨幣換算差額 Currency translation differences 現金流量對沖－年度公允價值虧損 Cash flow hedge – fair value losses for the year 現金流量對沖－已確認遞延所得稅 Cash flow hedge – deferred income tax recognised	– – 113 – 113 – – (35,135) – (35,135) – – (2,360) – (2,360) – – 389 – 389
現現現現現現現現現現現現現現現其他全面虧損總額 Total other comprehensive loss	– – (36,993) – (36,993)
全面收入總額 Total comprehensive income	– – 229,334 – 229,334
與擁有人之交易 Transactions with owners 已付本公司擁有人之股息 Dividend paid to owners of the Company	– – (43,064) – (43,064)
與擁有人之交易總額 Total transactions with owners	– – (43,064) – (43,064)
於二零一九年十二月三十一日 As at 31 December 2019	47,848 153,025 4,805,347 4 5,006,224

Wong’s International Holdings Limited Annual Report 2020 99

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

截至二零二零年十二月三十一日止年度 For the year ended 31 December 2020

	本公司擁有人應佔 Attributable to owners of the Company 股本股份溢價其他儲備非控股權益總計 Share capital Share premium Other reserves Non- controlling interests Total （附註33）（附註34）（附註34）（附註34） (Note 33) (Note 34) (Note 34) (Note 34) 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
於二零二零年一月一日 As at 1 January 2020 全面收入 Comprehensive income 年度虧損 Loss for the year	47,848 153,025 4,805,347 4 5,006,224

	– – (761,674) (4) (761,678)
其他全面收入 Other comprehensive income 按公允價值計入其他全面收入的金融資產公允價值變動 Changes in fair value of financial assets at fair value through other comprehensive income 貨幣換算差額 Currency translation differences 現金流量對沖－年度公允價值虧損 Cash flow hedge – fair value losses for the year 現金流量對沖－已確認遞延所得稅 Cash flow hedge – deferred income tax recognised
	– – 507 – 507
	– – 131,392 – 131,392
	– – (22,450) – (22,450)
	– – 3,704 – 3,704
現金流量對沖－已確認遞延所得稅其他全面收入總額 Total other comprehensive income	– – 113,153 – 113,153
全面虧損總額 Total comprehensive loss	– – (648,521) (4) (648,525)
與擁有人之交易 Transactions with owners 已付本公司擁有人之股息 Dividend paid to owners of the Company
	– – (23,925) – (23,925)
與擁有人之交易總額 Total transactions with owners	– – (23,925) – (23,925)
於二零二零年十二月三十一日 As at 31 December 2020	47,848 153,025 4,132,901 – 4,333,774

第102至223頁之附註為該綜合財務報表之組成部分。

The notes on pages 102 to 223 are an integral part of these consolidated financial statements.

100 王氏國際集團有限公司 2020 年報

綜合現金流量表 Consolidated Cash Flow Statement

截至二零二零年十二月三十一日止年度 For the year ended 31 December 2020

			二零二零年	二零一九年
			2020	2019
		附註	港幣千元	港幣千元
		Note	HK$’ 000	HK$’000
營運活動所得現金流量	Cash flows from operating activities
營運產生的現金淨額	Net cash generated from operations	35(a)	211,520	562,608
已付香港利得稅	Hong Kong profits tax paid		(50,385)	(14)
已付境外稅款	Overseas tax paid		(24,224)	(39,389)
香港利得稅退款	Hong Kong profits tax refund		7,564	–
境外稅款退款已付利息	Overseas tax refund Interestpaid		406 (55,650)	1,968 (65,461)
營運活動產生的現金淨額	Net cash generated from operating activities		89,231	459,712
投資活動所得現金流量	Cash flows from investing activities
購入物業、廠房及設備	Purchase of property, plant and equipment		(73,884)	(30,886)
出售物業、廠房及設備	Proceeds from disposal of property,
所得款項	plant and equipment	35(b)	787	2,056
自聯營公司所收取股息按公允價值計入其他全面	Dividend received from an associate Additional investment in financial		1,500	1,500
收入的金融資產額外投資	assets at fair value through other
	comprehensive income		(2,500)	–
應收聯營公司款項減少╱	Decrease/(increase) in amounts
（增加）短期銀行存款增加	due from associates Increase in short-term bank deposits		14 (89,039)	(3) (146,180)
受限制現金減少╱	Decrease/(increase) in restricted
（增加）出售分類為持作出售之	cash Proceeds from disposal of		22,968	(11,297)
非流動資產之所得款項	non-current assets classified as
合營企業還款	held for sale Repayment from joint ventures		– 32,130	88,383 10,710
已收利息	Interest received		18,358	20,588
投資活動所用的現金淨額	Net cash used in investing activities		(89,666)	(65,129)
融資活動所得現金流量	Cash flows from financing activities
信託收據銀行貸款增加╱	Increase/(decrease) in trust receipt
（減少）－淨額新造銀行貸款償還銀行貸款	bank loans – net New bank loans Repayment of bank loans		87,170 1,675,693 (1,660,379)	(69,644) 1,701,500 (1,856,853)
支付租賃付款	Payment of lease payments		(18,134)	(14,222)
已付股息	Dividendspaid		(23,925)	(43,064)
融資活動產生╱（所用）的	Net cash generated from/(used in)
現金淨額	financing activities		60,425	(282,283)
現金及現金等價物之	Net increase in cash and cash
增加淨額	equivalents		59,990	112,300
年初之現金及現金等價物	Cash and cash equivalents at beginning of the year		543,314	447,737
貨幣換算差額	Currencytranslation differences		76,898	(16,723)
年終之現金及現金等價物	Cash and cash equivalents
	at end of the year	28	680,202	543,314

第102至223頁之附註為該綜合財務報表之組成部分。

The notes on pages 102 to 223 are an integral part of these consolidated financial statements.

Wong’s International Holdings Limited Annual Report 2020 101

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

1 一般資料

1 GENERAL INFORMATION

王氏國際集團有限公司（「本公司」）及其附屬公司（統稱「本集團」）主要從事開發、製造、推廣及分銷電子產品，以及物業持有。

Wong’s International Holdings Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in the development, manufacture, marketing and distribution of electronics products as well as property holding.

本公司乃於百慕達註冊成立之獲豁免有限責任公司。註冊辦事處及主要營業地點分別位於 Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda及香港九龍官塘偉業街108號絲寶國際大廈 17 樓。

The Company is an exempted limited liability company incorporated in Bermuda. The address of its registered office and principal place of business are Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda and 17/F., C-Bons International Center, No.108 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong, respectively.

本公司之股份主要於香港聯合交易所有限公司主板上市。

The Company has its primary listing on the Main Board of The Stock Exchange of Hong Kong Limited.

除另有指明外，綜合財務報表以港幣單位呈列。綜合財務報表已於二零二一年三月三十日獲董事會批准刊發。

These consolidated financial statements are presented in Hong Kong dollars, unless otherwise stated. These consolidated financial statements have been approved for issue by the Board of Directors on 30 March 2021.

2 主要會計政策概要

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

呈列該等綜合財務報表所採用之主要會計政策載於下文。除另有指明外，該等政策已於所有呈列年度貫徹應用。

The principal accounting policies applied in the presentation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

102 王氏國際集團有限公司 2020 年報

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

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準

2.1 Basis of preparation

(a) 遵守香港財務報告準則及香港公司條例

(a) Compliance with Hong Kong Financial Reporting Standards and Hong Kong Companies Ordinance

本集團之該等綜合財務報表已按照所有適用香港財務報告準則（「香港財務報告準則」）及香港公司條例（「香港公司條例」）（第 622 章）之披露規定而編製。

These consolidated financial statements of the Group have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”) and disclosure requirements of the Hong Kong Companies Ordinance (“HKCO”) Cap. 622.

編製符合香港財務報告準則之財務報表要求使用若干關鍵會計估計，亦要求管理層於應用本集團會計政策之過程中行使判斷。涉及高度判斷或複雜的範疇，或對綜合財務報表有重大影響的假設及估計已於附註 4 披露。

The preparation of financial statements in conformity with HKFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 4.

(b) 歷史成本慣例

(b) Historical cost convention

該等綜合財務報表已根據歷史成本慣例（透過重估按公允價值計入其他全面收入的金融資產、按公允價值計入損益之金融資產及金融負債（包括衍生金融工具）及投資物業（均按公允價值列賬）進行修正）編製。

These consolidated financial statements have been prepared on a historical cost basis, as modified by revaluation of financial assets at fair value through other comprehensive income, financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or loss and investment properties, which are carried at fair value.

Wong’s International Holdings Limited Annual Report 2020 103

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

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準（續）

2.1 Basis of preparation (continued)

(c) 本集團已採用的新及經修訂的準則及概念框架
(c) New and amended standards and conceptual framework adopted by the Group

自二零二零年一月一日開始之財政年度生效之現有準則之修訂版及概念框架

Amendments to existing standards and conceptual framework effective in financial year beginning 1 January 2020

準則修訂主題 香港財務報告業務之定義準則第3號之修訂版（經修訂）香港會計準則重要之定義第1號及香港會計準則第8 號之修訂版二零一八年度財經修訂之財務報告之務報告之概念概念框架框架香港會計準則第利率基準改革 39號、香港財第1階段務報告準則第 7號及香港財務報告準則第 9號之修訂版香港財務報告準與2019冠狀病毒有則第16號之修關之租金優惠訂版

Standards	Subject of amendment
Amendments to	Definition of a Business
HKFRS 3
(Revised)
Amendments to	Definition of Material
HKAS 1 and
HKAS 8
Conceptual	Revised Conceptual
Framework for	Framework for Financial
Financial	Reporting
Reporting 2018
Amendments to	Interest Rate Benchmark
HKAS 39, HKFRS 7	Reform – Phase 1
and HKFRS 9
Amendments to	COVID-19-related Rent
HKFRS 16	Concessions

概無於本期間首次生效之準則之修訂版及概念框架預期將對本集團造成重大影響。

There are no amendments to standards and conceptual framework that are effective for the first time for this period that could be expected to have a material impact on the Group.

104 王氏國際集團有限公司 2020 年報

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

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準（續）

2.1 Basis of preparation (continued)

(d) 本集團尚未採用的新及經修訂的準則及詮釋
(d) New and amended standards and interpretation not yet adopted by the Group

新訂準則、現有準則之修訂版以及詮釋已頒佈，惟於二零二零年一月一日開始之財政年度尚未生效且未獲提早採納

New standards, amendments to existing standards and interpretation that have been issued but are not effective for the financial year beginning 1 January 2020 and have not been early adopted

		自以下日期或
		之後起計之
		年度期間生效
		Effective for
		annual periods
準則	修訂主題	beginning on or
Standards	Subject of amendment	after
香港財務報告準則第9號、	利率基準改革第2階段	二零二一年
香港會計準則第39號、		一月一日
香港財務報告準則第4號、
香港財務報告準則第7號及
香港財務報告準則第16號之
修訂版
Amendments to HKFRS 9,	Interest Rate Benchmark Reform – Phase 2	1 January 2021
HKAS 39, HKFRS 4, HKFRS 7
and HKFRS 16
年度改進項目之修訂版	二零一八年至二零二零年週期之年度改進	二零二二年
		一月一日
Amendments to Annual	Annual Improvements 2018-2020 Cycle	1 January 2022
Improvements Project
香港會計準則第16號之修訂版	物業、廠房及設備	二零二二年
		一月一日
Amendments to HKAS 16	Property, Plant and Equipment	1 January 2022
香港會計準則第37號之修訂版	繁重合約	二零二二年
		一月一日
Amendments to HKAS 37	Onerous Contracts	1 January 2022
香港財務報告準則第3號之修訂版	參考概念框架	二零二二年
		一月一日
Amendments to HKFRS 3	Reference to the Conceptual Framework	1 January 2022
會計指引第5號（經修訂）	共同控制合併的合併會計法	二零二二年
		一月一日
Revised Accounting Guideline 5	Merger Accounting for Common Control Combination	1 January 2022
香港財務報告準則第17號	保險合約	二零二三年
		一月一日
HKFRS 17	Insurance Contracts	1 January 2023

105

Wong’s International Holdings Limited Annual Report 2020

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

2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 編製基準（續）

2.1 Basis of preparation (continued)

(d) 本集團尚未採用的新及經修訂的準則及詮釋（續）
(d) New and amended standards and interpretation not yet adopted by the Group (continued)

新訂準則、現有準則之修訂版以及詮釋已頒佈，惟於二零二零年一月一日開始之財政年度尚未生效且未獲提早採納（續）

New standards, amendments to existing standards and interpretation that have been issued but are not effective for the financial year beginning 1 January 2020 and have not been early adopted (continued)

		自以下日期或
		之後起計之
		年度期間生效
		Effective for
		annual periods
準則	修訂主題	beginning on or
Standards	Subject of amendment	after
香港會計準則第1號之修訂版	財務報表呈列負債分類	二零二三年
		一月一日
Amendments to HKAS 1	Presentation of Financial Statements on Classification	1 January 2023
	of Liabilities
香港詮釋第5號（二零二零年）	財務報表的列報：借款人對含有按要求隨時付還條文的有期	二零二三年
	貸款的分類	一月一日
Hong Kong Interpretation 5	Presentation of Financial Statements – Classification	1 January 2023
(2020)	by the Borrower of a Term Loan that Contains a
	Repayment on Demand Clause
香港財務報告準則第10號及	投資者與其聯營公司或合營企業之間之資產出售或注資	待定
香港會計準則第28號之修訂版
Amendments to HKFRS 10 and	Sale or Contribution of Assets between an Investor	To be determined
HKAS 28	and its Associate or Joint Venture

本公司董事正評估採納上述新訂準則、準則修訂版以及詮釋之財務影響。本公司董事將於有關準則及修訂生效時採納新訂準則、準則之修訂版以及詮釋。

The Directors of the Company are in the process of assessing the financial impact of the adoption of the above new standards, amendments to standards a n d i n t e r p r e t a t i o n . T h e D i r e c t o r s of the Company will adopt the new standards, amendments to standards and interpretation when they become effective.

106 王氏國際集團有限公司 2020 年報

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

2 主要會計政策概要（續）

2.2 綜合

綜合財務報表包括本公司及其所有附屬公司截至二零二零年十二月三十一日止之財務報表。

(a) 附屬公司

附屬公司指所有本集團對其具有控制權的實體（包括結構性實體）。當本集團因為參與該實體而承擔可變回報的風險或享有可變回報的權益，並有能力透過指示該實體活動的權力影響此等回報時，本集團即控制該實體。附屬公司在控制權轉移至本集團之日起全數綜合入賬。附屬公司在控制權終止之日起停止綜合入賬。

本集團業務合併採用收購會計法入賬。

公司間之交易、結餘及集團公司間交易之未變現收益相互對銷。未變現虧損亦會對銷，除非該交易提供證據顯示所轉讓資產已減值。附屬公司之會計政策已於有需要時作出調整，確保與本集團採用之會計政策一致。

附屬公司的業績及權益中的非控股權益分別於綜合全面收入表、權益變動表及財務狀況表獨立呈列。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 Consolidation

The consolidated financial statements include the financial statements of the Company and all of its subsidiaries made up to 31 December 2020.

(a) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting i s u s e d t o a c c o u n t f o r b u s i n e s s combinations by the Group.

Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive income, statement of changes in equity and statement of financial position respectively.

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2.2 綜合（續）

2.2 Consolidation (continued)

(b) 聯營公司

(b) Associates

聯營公司指所有本集團對其有重大影響力但無控制權或共同控制權之公司，通常本集團持有其 20% 至 50% 投票權。聯營公司的投資以權益會計法入賬（見下文 (d)），初步按成本確認。

Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see (d) below), after initially being recognised at cost.

(c) 合營安排

(c) Joint arrangements

根據香港財務報告準則第 11 號合營安排，於合營安排之投資會歸類為共同經營或合營企業。歸類乃取消於每名投資者之合約權利及責任，而不是合營安排之法定結構。本集團已評估其合營安排之性質，並釐定其為合營企業。合營企業權益乃使用權益法入賬，初步按成本於綜合財務狀況表確認。

Under HKFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Interests in joint ventures are accounted for using the equity method, after initially being recognised at cost in the consolidated statement of financial position.

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(d) 權益會計法

根據權益會計法，投資乃按成本初步確認，其後經調整以於綜合收益表確認本集團應佔收購後的被投資方損益，及於其他全面收入確認本集團應佔被投資方的其他全面損益變動。已收或應收聯營公司及合營企業股息按扣減投資賬面值確認。

當本集團應佔合按權益入賬投資的虧損相等於或超出其於該實體的權益（包括任何其他無抵押長期應收款項），則本集團不會確認進一步虧損，除非其已產生責任或代表其他實體作出付款。

本集團與其聯營公司及合營企業交易之未變現收益按本集團於該等實體的權益對銷。除非交易提供已轉讓資產減值之證據，否則未變現虧損亦會對銷。已於有需要時修訂按權益入賬之被投資方之會計政策，確保與本集團所採納者一致。

按權益入賬投資之賬面值乃根據附註 2.7 所述之政策進行減值測試。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.2 Consolidation (continued)

(d) Equity accounting

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in consolidated income statement, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.

When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in Note 2.7.

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2.2 綜合（續）

2.2 Consolidation (continued)

(e) 擁有權權益變動

(e) Changes in ownership interests

本集團將與非控股權益的交易（並不導致喪失控制權）視作與本集團權益擁有人的交易。所有權權益變動導致控股權益與非控股權益賬面值之間的調整以反映彼等於附屬公司的相對權益。非控股權益調整數額與任何已付或已收代價之間的任何差額於本公司擁有人應佔權益中的獨立儲備內確認。

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying a m o u n t s o f t h e c o n t r o l l i n g a n d non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Company.

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2.2 綜合（續）

2.2 Consolidation (continued)

(e) 擁有權權益變動（續）

(e) Changes in ownership interests (continued)

當本集團因喪失控制權、共同控制權或重大影響力而停止綜合入賬或按權益入賬一項投資時，於實體的任何保留權益重新按公允價值計量，而賬面值變動於綜合收益表確認。就其後入賬列作聯營公司、合營企業或金融資產的保留權益而言，該公允價值為初始賬面值。此外，先前於其他全面收入就該實體確認的任何金額按猶如本集團已直接出售有關資產或負債的方式入賬。這意味著先前於其他全面收入確認的金額重新分類至綜合收益表或轉撥至適用香港財務報告準則所指明╱許可的另一權益類別內。

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in consolidated income statement. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to consolidated income statement or transferred to another category of equity as specified/permitted by applicable HKFRSs.

倘於一間合營企業或聯營公司的擁有權權益減少但保留共同控制權或重大影響力，則先前於其他全面收入確認的金額僅有一定比例份額重新分類至綜合收益表（如適用）。

If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to consolidated income statement where appropriate.

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2.3 分部報告

2.3 Segment reporting

經營分部按向主要經營決策者（「主要經營決策者」）提供內部報告之一致方式呈報。本集團高級行政管理層負責分配經營分部資源及評估其表現，視為作出主要策略決定的主要經營決策者。

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (“CODM”). The Group’s senior executive management, who is responsible for allocating resources and assessing performance of the operating segments, is considered as the CODM that makes strategic decisions.

2.4 外幣換算

2.4 Foreign currency translation

(a) 功能及呈報貨幣

(a) Functional and presentation currency

本集團各實體財務報表所列項目均以有關實體經營業務所在主要經濟環境所用貨幣（「功能貨幣」）計算。綜合財務報表以本公司之功能及本集團之呈報貨幣港幣列值。

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The consolidated financial statements are presented in Hong Kong dollars, which is the Company’s functional and the Group’s presentation currency.

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2.4 外幣換算（續）

2.4 Foreign currency translation (continued)

(b) 交易及結餘

(b) Transactions and balances

外幣交易按交易日期之匯率或當項目經重新計量之估值換算為功能貨幣。結算該等交易及按年結時匯率換算以外幣計值貨幣資產及負債所產生匯兌盈虧，均於綜合收益表確認，惟於權益遞延處理之合資格現金流量對沖項目或合資格淨投資對沖項目除外。

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement, except when deferred in equity as qualifying cash flow hedges or qualifying net investment hedges.

所有匯兌盈虧，包括該等與借貸和現金及現金等價物有關的，均在綜合收益表內的「其他（虧損）╱收益－淨額」中呈列。

All foreign exchange gains and losses including those relate to borrowings and cash and cash equivalents are presented in the consolidated income statement within ‘other (losses)/gains - net’.

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2.4 外幣換算（續）

2.4 Foreign currency translation (continued)

(b) 交易及結餘（續）

(b) Transactions and balances (continued)

分類為按公允價值計入損益之金融資產及金融負債（包括衍生金融工具）、按公允價值計入其他全面收入的金融資產之以外幣計值貨幣證券之公允價值變動，就證券攤銷成本變動與證券賬面值其他變動兩者所產生換算差額進行分析。攤銷成本變動相關換算差額於綜合收益表確認，而賬面值其他變動則於其他全面收入確認。

Changes in the fair value of monetary securities denominated in foreign currency classified as financial assets and financial liabilities (including derivative financial instruments) at fair value through profit or loss and financial assets at fair value through other comprehensive income are analysed between translation differences resulting from changes in the amortised cost of the security, and other changes in the carrying amount of the security. Translation differences related to changes in the amortised cost are recognised in consolidated income statement, and other changes in the carrying amount are recognised in other comprehensive income.

非貨幣金融資產及負債（例如按公允價值計入損益之金融資產及金融負債（包括衍生金融工具）及以按公允價值計入損益之方式持有之股本）之換算差額於綜合收益表確認，作為公允價值盈虧之部份。非貨幣金融資產（例如分類為按公允價值計入其他全面收入的金融資產之股本）之換算差額，計入其他全面收入。

Translation difference on non-monetary financial assets and liabilities such a s f i n a n c i a l a s s e t s a n d f i n a n c i a l liabilities (including derivative financial instruments) at fair value through profit or loss and equities held at fair value through profit or loss are recognised in consolidated income statement as part of the fair value gain or loss. Translation differences on non-monetary financial assets such as equities classified as financial assets at fair value through other comprehensive income are included in other comprehensive income.

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2.4 外幣換算（續）

2.4 Foreign currency translation (continued)

(c) 集團旗下公司

(c) Group companies

集團旗下所有功能貨幣與呈報貨幣不同實體（該等實體概無擁有極度通脹經濟體系之貨幣）之業績及財務狀況，按以下方式換算為呈報貨幣：

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) 各財務狀況表所呈列資產及負債，按報告日期之收市匯率換算；
(i) assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that report;
(ii) 各收益表之收入及支出按平均匯率換算，惟此平均值並非該等交易日期通行匯率累積效果之合理約數除外。在此情況下，收入及支出於交易日期換算；及
(ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and
(iii) 所產生全部匯兌差額將確認為其他全面收入。
(iii) all resulting exchange differences are recognised in other comprehensive income.

綜合賬目時，換算外國業務淨投資所產生匯兌差額以及指定用作對沖該等投資之貸款及其他貨幣工具之匯兌差額，列入股東權益。出售部分外國業務時，該等已計入權益之匯兌差額於綜合收益表確認為出售收益或虧損之一部分。

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders’ equity. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognised in the consolidated income statement as part of the gain or loss on sale.

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2.5 物業、廠房及設備

2.5 Property, plant and equipment

樓宇主要包括廠房及辦公室。所有物業、廠房及設備均按歷史成本減折舊列賬。歷史成本包括收購項目直接應佔的開支。成本可包括從權益中轉撥的有關該物業、廠房及設備利用外幣購買的合資格現金流量對沖產生的任何收益╱虧損。

Buildings comprise mainly factories and offices. All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Cost may also include transfers from equity of any gains/losses on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment.

僅在與該項目相關的未來經濟利益有可能流入本集團且能可靠計量該項目成本之情況下，其後成本方計入資產賬面值或確認為獨立資產（如適用）。重置部分之賬面值則終止確認。所有其他維修及保養成本於產生之財政期間於綜合收益表內扣除。

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 benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged in the consolidated income statement during the financial period in which they are incurred.

物業、廠房及設備之折舊按以下估計可使用年期，以直線法將成本分攤至剩餘價值計算：

Depreciation of property, plant and equipment is calculated using the straight-line method to allocate their costs to their residual values over their estimated useful lives, as follows:

樓宇	15	至40年
廠房、機器及設備		5至7年
傢俬及裝置		5至7年
汽車		4年

Buildings	15 to 40 years
Plant, machinery and equipment	5 to 7 years
Furniture and fixtures	5 to 7 years
Motor vehicles	4 years

資產剩餘價值及可使用年期會於各報告期末作出檢討及調整（如適用）。

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

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2.5 物業、廠房及設備（續）

2.5 P r o p e r t y , p l a n t a n d e q u i p m e n t (continued)

在建工程為建設中或待安裝的物業、廠房及設備，按成本減去減值虧損（如有）列賬。在建工程項下資產不計提折舊撥備，直至相關資產完成並可作擬定用途。於完成時，相關資產按公允價值或成本減去累計減值虧損轉移至物業、廠房及設備。

Construction in progress represents property, plant and equipment under construction or pending installation and is stated at cost less impairment losses, if any. No provision for depreciation is made on assets under construction in progress until such time as the relevant assets are completed and available for their intended use. On completion, the relevant assets are transferred to property, plant and equipment at fair value or cost less accumulated impairment losses.

倘資產賬面值大於其估計可收回金額，則資產賬面值即時撇減至其可收回金額（附註 2.7）。

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (Note 2.7).

出售盈虧經比較所得款項與賬面值而釐定，並於綜合收益表內確認。

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated income statement.

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2.6 投資物業

2.6 Investment properties

投資物業主要包括租賃土地及樓宇，為獲得長期租金收益或資本升值或同時獲得兩者而持有，但並非由本集團公司佔用。

Investment properties, principally comprising leasehold land and buildings, are held for long-term rental yields or for capital appreciation or both, and that are not occupied by the companies in the Group.

投資物業包括根據經營租賃及融資租賃而持有之土地及樓宇。倘根據經營租賃持有之土地符合投資物業其他定義，則入賬為投資物業。在該種情況下，有關經營租賃視為融資租賃入賬。

Investment properties comprise land held under operating leases and buildings held under finance leases. Land held under operating leases are accounted for as investment properties when the rest of the definition of an investment property is met. In such cases, the operating leases concerned are accounted for as if they were finance leases.

投資物業初步按成本（包括相關交易成本）入賬。初步確認後，投資物業按公允價值列賬，該公允價值為外聘估值師至少每年於報告期末評審一次之公開市值。公允價值乃基於活躍市場價格，若有需要，將根據個別資產的性質、地區分佈或狀況作出調整。倘未能獲取有關資料，外聘估值師會採用其他估值法，如不活躍市場的近期價格或折現現金流量預測。公允價值之變動於綜合收益表確認。

Investment properties are measured initially at its cost, including related transaction costs. After initial recognition, investment properties are carried at fair value, representing open market value determined at each reporting date by external valuers at least annually. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset. If this information is not available, the external valuers use alternative valuation methods such as recent prices on less active markets or discounted cash flow projections. Changes in fair values are recognised in the consolidated income statement.

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2 主要會計政策概要（續）

2.6 投資物業（續）

僅在與該項目相關的未來經濟利益將流入本集團且能可靠計量項目成本之情況下，其後開支方會於資產賬面值扣除。所有其他維修及保養成本於其產生期間於綜合收益表支銷。

倘投資物業由集團旗下公司佔用，則重新分類為物業、廠房及設備，為進行會計處理，其於重新分類當日之公允價值即為成本。

倘物業、廠房及設備項目因用途變更而成為投資物業，則此項目於轉讓日期之賬面值與公允價值之任何差額根據香港會計準則第 16 號於權益中列作物業、廠房及設備之重估。

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.6 Investment properties (continued)

Subsequent expenditure is charged to the asset’s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed in the consolidated income statement during the period in which they are incurred.

I f a n i n v e s t m e n t p r o p e r t y b e c o m e s owner-occupied, it is reclassified as property, plant and equipment, and its fair value at the date of reclassification becomes its cost for accounting purposes.

If an item of property, plant and equipment becomes an investment property because its use has changed, any difference between the carrying amount and the fair value of this item at the date of transfer is recognised in equity as a revaluation of property, plant and equipment under HKAS 16.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.7 附屬公司、聯營公司、合營企業及非金融資產的投資減值

2.7 I m p a i r m e n t o f i n v e s t m e n t s i n subsidiaries, associates, joint ventures and non-financial assets

沒有確定使用年期（例如商譽）之資產無需攤銷，但每年須就減值進行測試。各項資產當有事件出現或情況改變顯示賬面值可能無法收回時就減值進行檢討。減值虧損按資產之賬面值超出其可收回金額之差額確認。可收回金額以資產之公允價值扣除銷售成本或使用價值兩者之間較高者為準。於評估減值時，資產按可分開識辨現金流量（現金產生單位）之最低層次分組。除商譽外，已蒙受減值之非金融資產於每個報告日均就減值是否可以撥回進行檢討。

Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying a m o u n t m a y n o t b e r e c o v e r a b l e . A n impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.8 投資及其他金融資產

2.8 Investments and other financial assets

(i) 分類
(i) Classification

本集團按以下計量類別對金融資產進行分類：

The Group classifies its financial assets in the following measurement categories:

其後以公允價值計量
（且其變動計入其他全面收入或綜合收益表）；及
those to be measured subsequently at fair value (either through other comprehensive income, or through consolidated income statement), and
按攤銷成本計量。
those to be measured at amortised cost.

該分類取決於本實體管理金融資產之業務模式以及現金流量的合約條款。

The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.

對於以公允價值計量之資產，其盈虧將計入綜合收益表或其他全面收入。對於並非持作交易之權益工具投資而言，其將取決於本集團在初始確認時是否作出不可撤銷之選擇而將權益投資指定為按公允價值計入其他全面收入。

For assets measured at fair value, gains and losses will either be recorded in consolidated income statement or other comprehensive income. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income.

(ii) 確認及終止確認

(ii) Recognition and derecognition

金融資產之常規買賣在交易日確認－交易日指本集團承諾購入或出售該資產之日。當自金融資產獲取現金流量之權利已到期或轉讓，且本集團已將擁有權之絕大部分風險和回報轉讓時，則金融資產會終止確認。

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

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2.8 投資及其他金融資產（續）

2.8 Investments and other financial assets (continued)

(iii) 計量

(iii) Measurement

於初始確認時，本集團計量金融資產（倘金融資產並非按公允價值計入損益）以公允價值加上可直接歸屬於收購該項金融資產之交易費用。與按公允價值計入損益之金融資產相關之交易費用於綜合收益表支銷。

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in consolidated income statement.

債務工具

Debt instruments

債務工具之後續計量取決於本集團管理該資產之業務模式以及該資產之現金流量特徵。對於持有以收取合約現金流量而該現金流量僅代表對本金和利息之支付之資產而言，該資產則以攤銷成本計量。該等金融資產之利息收入以實際利率法計算，計入融資收入。終止確認時產生之任何盈虧直接計入綜合收益表，並與匯兌盈虧一同呈列在其他（虧損）╱收益－淨額中。

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in consolidated income statement and presented in other (losses)/gains - net, together with foreign exchange gains and losses.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.8 投資及其他金融資產（續）

2.8 Investments and other financial assets (continued)

(iii) 計量（續）

(iii) Measurement (continued)

權益工具

Equity instruments

本集團以公允價值對所有權益投資進行後續計量。倘本集團管理層選擇將權益投資之公允價值盈虧計入其他全面收入，則當終止確認該等投資後，不會將公允價值盈虧重新分類至綜合收益表。有關投資之股息繼續於本集團確立收取股息之權利時於綜合收益表確認為其他收入。

The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to consolidated income statement following the derecognition of the investment. Dividends from such investments continue to be recognised in consolidated income statement as other income when the Group’s right to receive payments is established.

對於按公允價值計入損益之金融資產，其公允價值變動於綜合收益表之其他（虧損）╱收益－淨額呈列。對於按公允價值計入其他全面收入之權益投資而言，其減值虧損（以及減值虧損撥回）不會於其他公允價值變動而獨立呈列。

Changes in the fair value of financial assets at fair value through profit or loss are recognised in other (losses)/gains - net in the consolidated income statement as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at fair value through other comprehensive income are not reported separately from other changes in fair value.

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2.8 投資及其他金融資產（續）

2.8 Investments and other financial assets (continued)

(iv) 減值

(iv) Impairment

對於以攤銷成本之債務工具而言，本集團就其預期信貸虧損作出前瞻性評估。減值方法取決於其信貸風險是否顯著增加。減值虧損將於綜合收益表呈列。對於應收貿易賬款而言，本集團採用香港財務報告準則第9號允許之簡化方法，該準則規定於初始確認應收賬款時。

The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Impairment losses are presented in consolidated income statement. For trade receivables, the Group applies the simplified approach permitted by HKFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

2.9 抵銷金融工具

2.9 Offsetting financial instruments

當有依法可執行的權利可抵銷已確認金額，並有意圖按淨額基準結算或同時變現資產和結算負債時，金融資產與負債可互相抵銷，並在財務狀況表報告其淨額。法定可執行權利必須不得依賴未來事件而定，而在一般業務過程中以及倘公司或對手方一旦出現違約、無償債能力或破產時，這也必須具有約束力。

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty.

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2.10 衍生工具及對沖活動

2.10 Derivatives and hedging activities

衍生工具於訂立衍生工具合約當日按公允價值初始確認，其後按各報告期末之公允價值重新計量。公允價值其後變動之會計處理乃取決於衍生工具是否指定為對沖工具，如是，則取決於被對沖項目的性質。本集團將若干衍生工具指定為：

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives:

對已確認資產或負債之現金流量或可能性甚高的預測交易相關的特定風險所作的對沖（現金流量對沖）。
hedges of a particular risk associated with the cash flows of recognised assets and liabilities and highly probable forecast transactions (cash flow hedges).

本集團在對沖工具及被對沖項目的關係開始時以文件記錄，以及進行各項對沖交易的風險管理的目的與策略。本集團亦在對沖開始時及持續就用於對沖交易的衍生工具是否能高度有效地抵銷被對沖項目的公允價值或現金流量變動進行評估，並以文件記錄。

The Group documents at the inception of the relationship between hedging instruments and hedge items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions have been and will continue to be highly effective in offsetting changes in fair values or cash flows of hedged items.

用作對沖之各類衍生金融工具之公允價值於附註 29 披露。股東權益內之對沖儲備變動載於附註 34。當被對沖項目之餘下年期超過十二個月，則對沖衍生工具之全部公允價值乃分類為非流動資產或負債；當被對沖項目之餘下年期少於十二個月，則分類為流動資產或負債。貿易衍生工具乃分類為流動資產或負債。

The fair values of various derivative financial instruments used for hedging purposes are disclosed in Note 29. Movements in the hedging reserve in shareholders’ equity are shown in Note 34. The full fair value of a hedging derivative is classified as a non-current asset or liability when the remaining maturity of the hedged item is more than twelve months; it is classified as a current asset or liability when the remaining maturity of the hedged item is less than twelve months. Trading derivatives are classified as a current asset or liability.

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2.10 衍生工具及對沖活動（續）

2.10 Derivatives and hedging activities (continued)

(i) 符合資格採用對沖會計法之現金流量對沖
(i) Cash flow hedge that qualify for hedge accounting

被指定及符合作為現金流量對沖工具的衍生工具，其公允價值變動的實際部分於其他全面收入中確認並累計入權益儲備。與非實際部分相關的收益或虧損則即時於綜合收益表中的「其他（虧損）╱收益－淨額」確認。

The effective portion of changes in the fair value of derivatives that are designated and qualified as cash flow hedges is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in consolidated income statement within ‘other (losses)/gains - net’.

在權益累益的數額會在被對沖項目對綜合收益表造成影響的期間重新分類至綜合收益表。與利率掉期對沖浮動利率借款實際部分相關的收益或虧損，於綜合收益表中的「融資成本」確認。

Amounts accumulated in equity are reclassified to consolidated income statement in the periods when the hedged item affects consolidated income statement. The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in consolidated income statement within ‘finance costs’.

如對沖工具期滿或售出或終止，或如對沖工具不再符合對沖會計處理的準則，則當時在權益存在的任何累計收益或虧損仍然在權益中保留，並會在預測交易最終在綜合收益表中確認時確認。如預測交易預計不能進行，則已在權益呈報的累計收益或虧損會即時重新分類至綜合收益表。

When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in consolidated income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to consolidated income statement.

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2.10 衍生工具及對沖活動（續）

2.10 Derivatives and hedging activities (continued)
(ii) 並不符合資格採用對沖會計法之衍生工具
(ii) The derivative instruments do not qualify for hedge accounting

該等衍生工具公允價值之變動即時於綜合收益表之「其他（虧損）╱收益－淨額」確認。

Changes in the fair value of these derivative instruments are recognised immediately in the consolidated income statement within ‘other (losses)/gains - net’.

2.11 存貨及已完成物業存貨

2.11 Inventories and stock of completed properties

存貨乃按成本值或可變現淨值兩者較低者列賬。成本值以加權平均法計算，而製成品及在製品之成本值則包括原料、直接工資、其他直接成本及適當比例之間接生產費用（根據一般運作能力釐定），但不包括貸款成本。可變現淨值根據於日常業務過程中之估計售價扣除適當之浮動銷售開支。

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

已完成物業存貨乃按成本值或可變現淨值兩者較低者列賬。成本值以已完成物業之土地及發展總成本之分配計算。

Stocks of completed properties are stated at lower of cost and net realisable value. Cost is determined by apportionment of the total land and development costs attributable to the completed properties.

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2.12 應收貿易及其他應收賬款

2.12 Trade and other receivables

應收貿易賬款為在一般業務過程中就商品銷售或服務而應收客戶款項。如應收貿易及其他應收賬款的收回預期在一年或以內（如仍在一般經營周期中，則可較長時間），其被分類為流動資產；否則分類為非流動資產。

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade and other receivables is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non-current assets.

除非含有重大融資成分，應收貿易賬款初步以無條件之代價金額以公允價值確認。本集團持有應收貿易賬款，目的是收取合約現金流量並因此其後以實際利率法以攤銷成本計量。有關本集團應收貿易賬款入賬之進一步資料，參閱附註 25，有關本集團減值政。策之說明，參閱附註 3.1(b)(2)

Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method. See Note 25 for further information about the Group’s accounting for trade receivables and Note 3.1(b)(2) for a description of the Group’s impairment policies.

2.13 現金及現金等價物

2.13 Cash and cash equivalents

現金及現金等價物包括手頭現金、銀行通知存款、原到期日為三個月或以下的其他短期高度流動性投資及銀行透支。

Cash and cash equivalents includes cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less, and bank overdrafts.

2.14 股本

2.14 Share capital

普通股被列為權益。直接歸屬於發行新股份或購股權之新增成本在權益中列為所得款項之減少。

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.

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2.15 應付貿易及其他應付賬款

2.15 Trade and other payables

應付貿易賬款為在一般業務過程中從供應商購買商品或服務而應支付的承擔。如應付貿易及其他應付賬款的支付日期在一年或以內（如仍在一般經營周期中，則可較長時間），其被分類為流動負債；否則分類為非流動負債。

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

應付貿易及其他應付賬款初步以公允價值確認，其後利用實際利率法按攤銷成本計量。

Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.16 貸款

2.16 Borrowings

貸款初步按公允價值並扣除產生的交易成本確認。貸款其後按攤銷成本列賬。所得款項（扣除交易成本）與贖回價值的任何差額利用實際利率法於貸款期間內在綜合收益表確認。

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the consolidated income statement over the period of the borrowings using the effective interest method.

為建立貸款融資所支付的費用，當部分或所有融資很可能使用時確認為貸款的交易成本。在該情況下，該費用在實際提取前將作為遞延支出。倘沒有任何證據表明部分或所有融資會被提取時，該費用將作為流動性服務之預付款項資本化，並在融資相關的期間內攤銷。

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

除非本集團有無條件權力於報告期末後遞延償還負債最少十二個月，否則貸款均分類為流動負債。

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least twelve months after the end of the reporting period.

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2.17 借貸成本

2.17 Borrowing cost

與收購、建築或生產合資格資產（即需要大量時間準備作擬定用途或出售的資產）直接相關的一般及特定借貸成本會計入該等資產的成本，直至資產大致上可供作其預定用途或出售為止。

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

合資格資產未獲撥付開支的特定借貸暫時投資賺取的投資收入自合資格撥充資本的借貸成本扣除。

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

所有其他借貸成本於產生期間在綜合收益表中確認。

All other borrowing costs are recognised in consolidated income statement in the period in which they are incurred.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.18 財務擔保合約

2.18 Financial guarantee contracts

於發出擔保時確認為金融負債。負債初步以公允價值計量並其後根據香港財務報告準則第 9 號「金融工具」項下預期信貸虧損模型釐定金額與初步確認之金額減去（倘適當）根據香港財務報告準則第 15 號「客戶合約收益」原則確認之收益累計金額兩者中之較高者。

Financial guarantee contracts are recognised as a financial liability at the time the guarantee is issued. The liability is initially measured at fair value and subsequently at the higher of the amount determined in accordance with the expected credit loss model under HKFRS 9 “Financial Instruments” and the amount initially recognised less, where appropriate, the cumulative amount of income recognised in accordance with the principles of HKFRS 15 “Revenue from Contracts with Customers”.

財務擔保之公允價值釐定為債務工具之合約付款與在並無擔保下將須作出之付款之間的淨現金流量之差額之現值，或就承擔責任而可能須付予第三方之估計金額。

The fair value of financial guarantees is determined as the present value of the difference in cash flows between the contractual payments under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.

若按無償代價就附屬公司或聯營公司之貸款或其他應付賬款而作出擔保，有關公允價值則作為注資，並在本公司的財務報表內確認為投資成本的一部分。

Where guarantees in relation to loans or other payables of subsidiaries or associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment in the financial statements of the Company.

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2.19 當期及遞延所得稅

2.19 Current and deferred income tax

當期所得稅開支或抵免為是根據各司法管轄區的適用所得稅率按當期應課稅收入之應繳稅項，並就臨時差異及未動用稅項虧損引起之遞延所得稅資產及負債之變化而調整。

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

當期所得稅

Current income tax

當期所得稅支出根據本公司及其附屬公司和聯營公司營運及產生應課稅收入之國家於報告期末已頒佈或實質頒佈的稅務法例計算。管理層就適用稅務法例詮釋所規限的情況定期評估報稅表的狀況，並在適用情況下根據預期須向稅務機關支付的稅款設定撥備。

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

遞延所得稅

Deferred income tax

遞延所得稅利用負債法就資產和負債的稅基與資產和負債在綜合財務報表的賬面值的差額而產生的臨時差異悉數計提撥備。然而，若遞延所得稅負債來自對商譽的初步確認，則不予確認。若遞延所得稅來自在交易（不包括業務合併）中對資產或負債的初步確認，而在交易時不影響會計損益或應課稅利潤或虧損，則不予列賬。遞延所得稅採用在報告期末前已頒佈或實質上已頒佈，並在有關的遞延所得稅資產實現或遞延所得稅負債結算時預期將會適用的稅率（及法例）而釐定。

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.19 當期及遞延所得稅（續）

2.19 Current and deferred income tax (continued)

遞延所得稅（續）

Deferred income tax (continued)

遞延稅項資產僅會就很可能有未來應課稅金額以動用有關臨時差異及虧損時確認。

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

若本集團能控制撥回臨時差異之時間而有關差異於可預見將來很有可能不會撥回，則不會就外國業務投資之賬面值與稅基之間的臨時差異確認遞延稅項負債及資產。

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

倘有法定可強制執行權利抵銷當期稅項資產及負債，以及遞延稅項結餘與同一稅務機關有關，則遞延稅項資產及負債互相抵銷。倘實體擁有法定可強制執行權利抵銷及擬按淨額基準償付或變現資產及同時償付負債，則抵銷當期稅項資產及稅項負債。

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

除與於其他全面收入或直接於權益確認的項目相關外，當期及遞延稅項於綜合收益表確認。於此情況，稅項亦分別於其他全面收入或直接於權益確認。

Current and deferred tax is recognised in consolidated income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

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2.20 僱員福利

2.20 Employee benefits

(a) 退休金責任

(a) Pension obligations

集團公司設有多項界定供款退休金計劃。界定供款計劃為本集團據此向一獨立實體作出供款之退休金計劃。倘該基金並無足夠資產支付所有僱員於本期間及過往期間有關僱員服務所得之福利，本集團亦無進一步供款的法定或推定責任。

Group companies participate in general defined contribution pension schemes. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

本集團按強制、合約或自願基準向公營或私人管理退休金保險計劃作出供款。一旦支付供款後，本集團即無進一步付款責任。供款於到期時確認為僱員福利開支。預付供款在可取得退回現金或日後付款減少的情況下確認為資產。

The Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

(b) 僱員應享假期

(b) Employee leave entitlements

僱員的應享年假乃於應計予僱員時確認。僱員因提供服務而產生的應享年假乃按截至報告日之年假估計負債計算撥備。僱員應享病假及分娩假期僅於支取時才確認。

Employee entitlements to annual leave are recognised when they accrued to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the reporting date. Employee entitlements to sick leave and maternity leave are not recognised until the time of leave.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.20 僱員福利（續）

2.20 Employee benefits (continued)

(c) 終止服務福利

(c) Termination benefits

終止服務福利在本集團於正常退休日期前終止僱用或當僱員接受自願遣散以此換取此等福利時支付。本集團在可證明承諾如下時確認終止服務福利：根據詳細的正式計劃（無撤回的可能）終止現有僱員的僱傭；或因提出一項要約以鼓勵自願遣散而提供的終止服務福利。於報告期末後超過十二個月到期的福利折現至現值計算。

T e r m i n a t i o n b e n e f i t s a r e p a y a b l e when employment is terminated by the Group before the normal retirement d a t e , o r w h e n e v e r a n e m p l o y e e a c c e p t s v o l u n t a r y r e d u n d a n c y i n exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than twelve months after the end of the reporting period are discounted to present value.

(d) 利潤共享及花紅計劃

(d) Profit-sharing and bonus plans

報告期末後十二個月內悉數到期之利潤共享及花紅計劃之撥備乃當本集團因僱員提供服務而產生現有法定或推定責任，且能可靠估計有關責任時予以確認。

Provisions for profit sharing and bonus plans due wholly within twelve months after the end of the reporting period are recognised when the Group has a present legal or constructive obligation as a result of services rendered by employees and a reliable estimate of the obligation can be made.

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2.21 撥備

2.21 Provisions

撥備於本集團因過往事件而有法定或推定責任；可能需要流出資源以結算責任及已可靠估計金額時確認。

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

2.22 收益確認

2.22 Revenue recognition

(a) 貨品銷售

(a) Sales of goods

收益於產品的控制權在某個時間點轉移至客戶時確認，即產品已交付予客戶，客戶可全權酌情決定銷售產品的渠道及售價以及並無可能會影響客戶接納產品的未履行責任時確認。當產品已運送到指定地點，產品陳舊及遺失的風險已轉移至客戶。

Revenue is recognised when the control of the products is transferred to the customers at a point in time, being products are delivered to the customers, the customers have full discretion over the channel and price to sell the products, and there is no unfulfilled obligation that could affect the customers’ acceptance of the products. Delivery occurs when the products have been shipped to the specified location, the risks of obsolescence and loss have been transferred to the customers.

應收款項於貨品交付時確認，因付款到期前僅須待時間過去，於該時間點代價並非條件。

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.

(b) 利息收入

(b) Interest income

利息收入使用實際利率法按時間比例確認。

Interest income is recognised on a time-proportion basis using the effective interest method.

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2.22 收益確認（續）

2.22 Revenue recognition (continued)

(c) 租金收入

(c) Rental income

租金收入於租賃期間以直線法確認。

Rental income is recognised on a straight-line basis over the lease periods.

(d) 股息收入

(d) Dividend income

股息收入於收取款項的權利確定時確認。

Dividend income is recognised when the right to receive payment is established.

2.23 政府補助

2.23 Government grants

倘能夠合理確定本集團將收到政府補助及本集團符合所有附帶條件，即按其公允價值確認政府補助。

Grants from the government are recognised at their fair values where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.

與成本有關的政府補助遞延至補助與擬補償成本需予配對的期間內，在綜合收益表確認。

Government grants relating to costs are deferred and recognised in the consolidated income statement over the period necessary to match them with the costs that they are intended to compensate.

與購入物業、廠房及設備有關的政府補助初步作為遞延政府補助計入負債，並於建設或購入該物業、廠房及設備時將已收政府補助按系統基準於有關資產之預期可使用年期於綜合收益表內確認。

Government grants relating to the purchase of property, plant and equipment are initially included in liabilities as deferred government grants and when such property, plant and equipment are built or purchased, the received government grants are recognised in consolidated income statement on a systematic basis over the expected useful lives of the related assets.

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2.24 租賃

2.24 Leases

租賃於租賃資產可供本集團使用當日確認為使用權資產及相應負債。

Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.

合約可能包含租賃及非租賃組成部分。本集團按照租賃及非租賃組成部分相應的獨立價格，將合約代價分配至租賃及非租賃組成部分。然而，就本集團為承租人的房地產租賃而言，其選擇將租賃及非租賃組成部分入賬為單一租賃組成部分，並無將兩者區分。

Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.

租賃產生的資產及負債初步以現值基準計量。租賃負債包括下列租賃付款的淨現值：

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

固定付款（包括實質上的固定付款），減去任何應收租賃優惠；
fixed payments (including in-substance fixed payments), less any lease incentives receivable;
基於指數或利率的可變租賃付款，採用於開始日期的指數或利率初步計量；
variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
本集團於剩餘價值擔保下預計應付的金額；
amounts expected to be payable by the Group under residual value guarantees;
倘本集團合理確定行使購買選擇權，則為該選擇權的行使價；及
the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
倘租賃期反映承租人行使該選擇權，則支付終止租賃的罰款。
payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

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2.24 租賃（續）

2.24 Leases (continued)

根據合理確定延續選擇權支付的租賃付款亦計入負債計量之內。

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

租賃付款使用租賃中隱含的利率進行貼現。倘無法輕易確定該利率（為本集團租賃的一般情況），則使用承租人的增量貸款利率，即個別承租人在類似經濟環境中按類似條款、抵押及條件借入獲得與使用權資產具有類似價值的資產所需資金而必須支付的利率。

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.

為釐定增量貸款利率，本集團：

To determine the incremental borrowing rate, the Group:

在可能情況下，使用個別承租人最近獲得的第三方融資為出發點作出調整，以反映自獲得第三方融資以來融資條件的變動；
where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third party financing was received;
使用累加法，首先就本集團所持有租賃的信貸風險（最近並無第三方融資）調整無風險利率；及
uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group, which does not have recent third party financing; and
進行特定於租約的調整，例如期限、國家、貨幣及抵押。
makes adjustments specific to the lease, eg term, country, currency and security.

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2.24 租賃（續）

2.24 Leases (continued)

租賃付款於本金及融資成本之間作出分配。融資成本在租賃期間於綜合收益表扣除，藉以令各期間的負債餘額的期間利率一致。

Lease payments are allocated between principal and finance cost. The finance cost is charged to consolidated income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

使用權資產按成本計量，包括以下各項：

Right-of-use assets are measured at cost comprising the following:

租賃負債的初始計量金額；
the amount of the initial measurement of lease liability;
在開始日期或之前支付的任何租賃付款減去已收任何租賃優惠；
any lease payments made at or before the commencement date less any lease incentives received;
任何初始直接成本；及
any initial direct costs; and
修復費用。
restoration costs.

使用權資產一般於資產可使用年期或租賃期（以較短者為準）按直線法計算折舊。倘本集團合理確定行使購買選擇權，則使用權資產於相關資產的可使用年期內予以折舊。

Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life.

與設備之短期租賃及所有低價值資產租賃相關的付款以直線法於綜合收益表確認為開支。短期租賃為租賃期十二個月或以下的租賃。

Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in consolidated income statement. Short-term leases are leases with a lease term of twelve months or less.

140 王氏國際集團有限公司 2020 年報

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2 主要會計政策概要（續）

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

2.24 租賃（續）

2.24 Leases (continued)

本集團作為出租人的經營租賃的租賃收入按直線法於租賃期內在綜合收益表確認。獲取經營租賃產生的初始直接成本計入相關資產的賬面值，並於租賃期內以確認租賃收入的相同基準確認為開支。個別租賃資產按其性質計入綜合財務狀況表。

Lease income from operating leases where the Group is a lessor is recognised in consolidated income statement on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over the lease term on the same basis as lease income. The respective leased assets are included in the consolidated statement of financial position based on their nature.

2.25 股息分派

2.25 Dividend distribution

向本公司股東分派的股息在股息獲本公司股東或董事（視何者適用而定）批准的期間內於本集團及本公司的財務報表確認為負債。

Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s and the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders or directors, where appropriate.

Wong’s International Holdings Limited Annual Report 2020 141

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3 財務風險管理

3 FINANCIAL RISK MANAGEMENT

3.1 財務風險因素

3.1 Financial risk factors

本集團的業務承受著多類財務風險：市場風險（包括外匯風險及現金流量利率風險）、信貸風險及流動資金風險。本集團的整體風險管理計劃專注於金融市場的不可預測性，並尋求盡量減低對本集團財務表現可能產生之不利影響。本集團利用衍生金融工具對沖若干風險。

The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and cash flow interest rate risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. The Group uses derivative financial instruments to hedge certain risk exposures.

(a) 市場風險

(a) Market risk

(i) 外匯風險

(i) Foreign exchange risk

本集團經營國際業務，故面對不同貨幣所產生之外匯風險。本集團之外幣資產、負債及交易主要以中國人民幣（「人民幣」）、美元（「美元」）及日圓（「日圓」）計值。該等貨幣並非與該等結餘有關的集團公司之功能貨幣。外匯風險主要源自未來商業交易、已確認資產及負債以及以人民幣、美元及日圓計值之淨投資。

The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. The Group’s foreign currency assets, liabilities and t r a n s a c t i o n s a r e p r i n c i p a l l y denominated in Chinese renminbi (“RMB”), United States dollars (“US$”) and Japanese yen (“JPY”). T h e s e c u r r e n c i e s a r e n o t t h e functional currencies of the Group entities to which these balances related. Foreign exchange risk mainly arises from future commercial transactions, recognised assets and liabilities and net investments denominated in RMB, US$ and JPY.

本集團透過設置港幣、美元、日圓及人民幣銀行賬戶緩減此項風險，本集團使用該等賬戶支付以該等貨幣計值之交易。

The Group mitigates this risk by maintaining HK$, US$, JPY and RMB bank accounts which are used by the Group to pay for the transactions denominated in these currencies.

142 王氏國際集團有限公司 2020 年報

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(a) 市場風險（續）

(a) Market risk (continued)

(i) 外匯風險（續）
(i) Foreign exchange risk (continued)

本集團在中國內地設有若干投資，其資產淨值以人民幣計值。人民幣與外幣之兌換，須遵照中國內地政府頒佈之外匯管制規則和法規。

The Group has certain investments in Mainland China, whose net assets are denominated in RMB. The conversion of RMB into foreign currencies is subject to the rules and regulations on the foreign exchange control promulgated by the Mainland China government.

於二零二零年十二月三十一日，倘人民幣兌美元貶值╱升值 5% （二零一九年：5%）而所有其他可變因素保持不變，本年度除稅後虧損將減少╱增加港幣34,937,000元（二零

一九年：除稅後利潤將增加╱減少港幣 46,231,000 元），主要來自換算以美元計值的應收及應付貿易賬款以及現金及現金等價物的外匯收益╱虧損。

At 31 December 2020, if RMB had weakened/strengthened by 5% (2019: 5%) against US$ with all other variables held constant, post-tax loss for the year would have been HK$34,937,000 (2019 post-tax profit: HK$46,231,000) lower/higher (2019: higher/lower), mainly as a result of foreign exchange gains/losses on translation of US$-denominated trade receivables and payables and cash and cash equivalents.

Wong’s International Holdings Limited Annual Report 2020 143

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3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(a) 市場風險（續）

(a) Market risk (continued)

(i) 外匯風險（續）
(i) Foreign exchange risk (continued)

於二零二零年十二月三十一日，倘港幣兌人民幣貶值╱升值 5% （二零一九年：5%）而所有其他可變因素保持不變，本年度除稅後虧損將減少╱增加港幣 7,000 元（二零一九年：除稅後利潤將減少╱增加港幣 81,000元），主要來自換算以人民幣計值的應收及應付貿易賬款以及現金及現金等價物的外匯虧損╱收益。

At 31 December 2020, if HK$ had weakened/strengthened by 5% (2019: 5%) against RMB with all other variables held constant, post-tax loss for the year would have been HK$7,000 (2019 post-tax profit: HK$81,000) lower/higher, mainly as a result of foreign exchange losses/gains on translation of RMB-denominated trade receivables and payables and cash and cash equivalents.

於二零二零年十二月三十一日，倘港幣兌日圓貶值╱升值 10% （二零一九年：10%）而所有其他可變因素保持不變，本年度除稅後虧損將增加╱減少港幣 421,000 元（二零一九年：除稅後利潤將減少╱增加港幣 301,000 元），主要來自換算以日圓計值的應付貿易賬款以及現金及現金等價物的外匯虧損╱收益。

At 31 December 2020, if HK$ had weakened/strengthened by 10% (2019: 10%) against JPY with all other variables held constant, post-tax loss for the year would h a v e b e e n H K $421,000 (2019 post-tax profit: HK$301,000) higher/ lower (2019: lower/higher), mainly as a result of foreign exchange losses/gains on translation of JPY-denominated trade payables and cash and cash equivalents.

144 王氏國際集團有限公司 2020 年報

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(a) 市場風險（續）

(a) Market risk (continued)

(ii) 現金流量利率風險

(ii) Cash flow interest rate risk

本集團因計息資產及負債利率變動而面對利率風險。現金流量利率風險指市場利率變動而將影響可變利率金融工具產生之現金流量之風險。本集團之計息資產主要包括銀行存款。本集團之浮動利率借款將受當前市場利率波動影響，並將使本集團面對現金流量利率風險。

The Group is exposed to interest rate risk through the impact of rate changes on interest bearing assets and liabilities. Cash flow interest rate risk is the risk that changes in market interest rates will impact cash flows arising from variable rate financial instruments. The Group’s interest bearing assets mainly include deposits at bank. The Group’s floating rate borrowings will be affected by fluctuation of prevailing market interest rates and will expose the Group to cash flow interest rate risk.

本集團使用利率掉期管理其現金流量利率風險。一般而言，本集團以浮動利率籌措長期借款，並掉為假使本集團直接按固定利率借款可取得較低之固定利率。

The Group manages its cash flow interest rate risk by using interest rate swaps. Generally, the Group raises long-term borrowings at floating rates and swaps them into fixed rates that are lower than those available if the Group borrowed at fixed rates directly.

Wong’s International Holdings Limited Annual Report 2020 145

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(a) 市場風險（續）

(a) Market risk (continued)

(ii) 現金流量利率風險
(ii) Cash flow interest rate risk

於二零二零年十二月三十一日，倘銀行貸款利率增加╱減少 1% 而所有其他可變因素保持不變，本年度除稅後虧損將增加╱減少港幣 17,023,000 元（二零一九年：除稅後利潤將減少╱增加港幣 16,167,000 元），主要由於浮息銀行貸款之利息開支增加╱減少。

As at 31 December 2020, if interest rate on bank borrowings had been 1% higher/lower with all variables held constant, post-tax loss (2019: post-tax profit) for the year would have been HK$17,023,000 (2019: HK$16,167,000) higher/lower (2019: lower/higher), mainly as a result of higher/lower interest expense on floating rate bank borrowings.

(b) 信貸風險

(b) Credit risk

本集團之信貸風險主要來自現金及銀行存款以及客戶之信貸承擔，例如應收貿易賬款、按公允價值計入其他全面收入的金融資產、向合營企業貸款、訂金及其他應收賬款。現金及銀行存款之信貸風險有限，原因是本集團主要將存款存放於高信貸評級之銀行，管理層預料不會因該等銀行違約而導致任何虧損。

Credit risk of the Group mainly arises from cash and bank deposits as well as credit exposures to customers such as trade receivables, financial assets at fair value through other comprehensive income, loans to joint ventures, deposits and other receivables. The credit risk on cash and bank deposits is limited because the Group mainly places the deposits in banks with high credit rating and management does not expect any losses from non-performance by these banks.

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3 財務風險管理（續）

3.1 財務風險因素（續）

(b) 信貸風險（續）

(1) 風險管理

為管理信貸風險，本集團已考慮相關擔保及與對手方之長期業務關係。本集團已制訂政策，確保按信貸條款獲銷售產品之客戶均具有良好信貸紀錄，而本集團亦會定期評估客戶的信貸狀況。本集團通常不要求貿易債務人提供抵押品。於二零二零年十二月三十一日，首五名（二零一九年：五名）客戶佔本集團年末應收貿易賬款總結餘 80% （二零一九年：70%），故本集團面對信貸風險集中的情況。管理層經考慮該等客戶的財務狀況及過往經驗，認為有關該等客戶的信貸風險十分輕微。

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 Financial risk factors (continued)

(b) Credit risk (continued)

(1) Risk management

To manage credit risk, the Group has considered the underlying security and the long-established business relationship with the counterparty. The Group has policies in place to ensure that sales of products on credit terms are made to customers with an appropriate credit history and the Group performs periodic credit evaluations of its customers. Normally the Group does not require collaterals from trade debtors. As at 31 December 2020, the Group has a concentration of credit risk given that the top five (2019: five) customers account for 80% (2019: 70%) of the Group’s total year end trade receivable balance. Management considers that the credit risk in respect of these customers is minimal after considering the financial position and past experience with these customers.

Wong’s International Holdings Limited Annual Report 2020 147

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險（續）

(b) Credit risk (continued)

(1) 風險管理（續）
(1) Risk management (continued)

本集團其他金融資產（包括受限制現金、短期銀行存款、現金及現金等價物、按公允價值計入其他全面收入的金融資產、貸款予合營企業、訂金及其他應收賬款）之信貸風險來自對手方違約，而面臨的最大信貸風險相等於該等工具之賬面值。

The credit risk of the Group’s other financial assets, which comprise, restricted cash, short-term bank deposits, cash and cash equivalents, financial assets at fair value through other comprehensive income, loans to joint ventures, deposits and other receivables, arises from default of the counterparty, with a maximum exposure equal to the carrying amounts of these instruments.

(2) 金融資產減值
(2) Impairment of financial assets

應收貿易賬款、訂金及其他應收賬款以及應收聯營公司款項應用信貸虧損模型。

Trade receivables, deposits and other receivables, amount due from associates are subject the expected credit loss model.

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險（續）

(b) Credit risk (continued)

(2) 金融資產減值（續）
(2) Impairment of financial assets (continued)
(i) 應收貿易賬款
(i) Trade receivables

本集團應用香港財務報告準則第9號計量預期信貸虧損之簡化方法，就所有應收貿易賬款使用年期預期虧損撥備。

The Group applies the HKFRS 9 s i m p l i f i e d a p p r o a c h t o measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.

為計量預期信貸虧損，應收貿易賬款會作個別評估以計提減值撥備。貿易應收賬款乃根據客戶的信貸評級、不同客戶的還款及違約記錄以及與相關客戶的持續業務關係進行評估。虧損率會進行進一步調整，以反映當前和前曕性的宏觀經濟因素的資料以影響客戶結清應收賬款能力。本集團已經將客戶所在國家的本地生產總值指數及消費物價指數識別為最相關的因素，並根據該等因素的預期變化相應調整歷史虧損率。

To measure the expected credit losses, trade receivables are assessed individually for provision for impairment allowance. Trade receivables have been assessed based on credit rating of the customers, the repayment and default histories of different customers and on-going business relationship with the relevant customers. The loss rates are further adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified the Gross Domestic Product index of the countries where the customers located, Consumer Price Index to be the most relevant factors, and accordingly adjust the historical loss rate based on expected changes in these factors.

149

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險（續）

(b) Credit risk (continued)

(2) 金融資產減值（續）
(2) Impairment of financial assets (continued)

(i) 應收貿易賬款（續）

(i) Trade receivables (continued)

於二零二零年十二月三十一日，根據平均預期虧損率約0.2%（二零一九年： 0 . 3 % ），有關應收貿易賬款的虧損撥備約為港幣1,974,000元（二零一九年：港幣 2,564,000元）。

Loss allowance in respect of the trade receivables amounted to approximately HK$1,974,000 (2019: HK$2,564,000) based on an average expected loss rate of approximately 0.2% (2019: 0.3%) as at 31 December 2020.

當無法合理預期可收回貿易應收款項時，則將其進行撇銷。無法合理預期可收回的指標包括（其中包括）債務人無法與本集團達成還款計劃。

T r a d e r e c e i v a b l e s a r e written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery includes, amongst other, the failure of a debtor to engage in a repayment plan within the Group.

應收貿易賬款之減值虧損呈列為營運（虧損）╱利潤內減值虧損淨額。其後收回之先前已撇銷金額於同一個項目計入。

Impairment losses on trade receivables are presented a s n e t i m p a i r m e n t l o s s e s within operating (loss)/profit. S u b s e q u e n t r e c o v e r i e s o f amounts previously written off are credited against the same line item.

150 王氏國際集團有限公司 2020 年報

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3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險（續）

(b) Credit risk (continued)

(2) 金融資產減值（續）
(2) Impairment of financial assets (continued)

(i) 應收貿易賬款（續）

(i) Trade receivables (continued)

於二零二零年十二月三十一日及二零一九年十二月三十一日，應收貿易賬款的虧損撥備變動如下：

The movement of loss allowance for trade receivables as at 31 December 2020 and 31 December 2019 is as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
於一月一日的期初	Opening loss allowance at 1 January
虧損撥備		(2,564)	(1,866)
虧損撥備撥回╱（增加）Reversal of /(increase in)loss allowance		590	(698)
於十二月三十一日的	Closing loss allowance at 31 December
期末虧損撥備		(1,974)	(2,564)

應收貿易賬款減值虧損撥回約港幣 5 9 0 , 0 0 0 元（二零一九年：應收貿易賬款減值虧損撥備約港幣 698,000 元）包括在綜合收益表內。

Reversal of impairment losses on trade receivables amounted to approximately HK$590,000, (2019: provision of impairment losses on trade receivables amounted to approximately HK$698,000) is included in the consolidated income statement.

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3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(b) 信貸風險（續）

(b) Credit risk (continued)

(2) 金融資產減值（續）
(2) Impairment of financial assets (continued)
(ii) 以攤銷成本列賬之其他金融資產
(ii) O t h e r f i n a n c i a l a s s e t s a t amortised cost

以攤銷成本列賬之其他金融資產包括訂金及其他應收賬款以及應收聯營公司款項。經參考交易對手方的歷史違約率以及當前財務狀況後，管理層認為，該等結餘的信貸風險自初始確認後並未顯著增加。減值撥備乃根據十二個月預期信貸虧損釐定，金額不大。

Other financial assets at amortised cost include deposits and other receivables and amount due from associates. Management considers that the credit risk of these balances has not increased significantly since initial recognition with reference to the counterparty historical default rate and current financial position. The impairment provision is determined based on the twelve month expected credit losses which was immaterial.

儘管現金及現金等價物、短期銀行存款及受限制現金亦須遵守香港財務報告準則第9號的減值規定，但已識別的減值虧損並不重大。

While cash and cash equivalents, short-term bank deposits and restricted cash are also subject to the impairment requirements of HKFRS 9, the identified impairment loss was immaterial.

152 王氏國際集團有限公司 2020 年報

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

3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(c) 流動資金風險

(c) Liquidity risk

審慎的流動資金風險管理包括保持充裕現金和透過可得信用額度獲取充足資金的能力。董事之目標是通過信貸額度以保持資金的靈活性。

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of available credit facilities. The Directors aim to maintain flexibility in funding by keeping credit lines available.

本集團之政策為定期監察其流動資金需要、有否履行借貸責任及與往來銀行的關係，以確保具有足夠現金儲備、可隨時套現的有價證券及來自主要金融機構的資金來源，以應付短期及長期流動資金需要。

The Group’s policy is to regularly monitor its liquidity requirements, its compliance with lending covenants and its relationship with its bankers to ensure that it maintains sufficient reserves of cash and readily realisable marketable securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term.

下表展示本集團非衍生金融負債於報告期末之餘下合約年期，其根據未折現現金流（包括按合約利率或（如屬浮息）按結算日利率計算之利息付款）及本集團最早須還款日期。由於在十二個月內到期結餘之折現影響並不重大，故該等到期結餘等於其賬面值。

The following tables show the remaining contractual maturities at the end of the reporting period of the Group’s non-derivative financial liabilities, based on undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the balance sheet date) and the earliest date the Group can be required to pay. Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.

Wong’s International Holdings Limited Annual Report 2020 153

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3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.1 財務風險因素（續）

3.1 Financial risk factors (continued)

(c) 流動資金風險（續）

(c) Liquidity risk (continued)

有關分析列示實體須還款的最早期間（即貸款人行使其無條件權力要求即時還款）的現金外流。其他銀行貸款的到期日分析乃根據預定還款期呈列。

The analysis shows the cash outflow based on the earliest period in which the entity can be required to pay, that is if the lenders were to invoke their unconditional rights to call the loans with immediate effect. The maturity analysis for other bank borrowings is prepared based on the scheduled repayment dates.

				到期日分析
				Maturity Analysis
		1年內	1至2年	2至5年	5年以上	總額
			Between	Between
		Less than	1 and 2	2 and 5	Over
		1 year	years	years	5 years	Total
		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
於二零一九年十二月三十一日	At 31 December 2019
應付貿易賬款	Trade payables	673,649	–	–	–	673,649
應計費用及其他	Accruals and other payables
應付賬款		187,838	5,282	10,562	–	203,682
租賃負債	Lease liabilities	21,610	5,744	9,884	28,299	65,537
信託收據銀行貸款	Trust receipt bank loan	239,535	–	–	–	239,535
其他銀行貸款	Other bank borrowings	525,922	740,500	553,309	–	1,819,731
		1,648,554	751,526	573,755	28,299	3,002,134
於二零二零年十二月三十一日	At 31 December 2020
應付貿易賬款	Trade payables	668,278	–	–	–	668,278
應計費用及其他	Accruals and other payables
應付賬款租賃負債信託收據銀行貸款	Lease liabilities Trust receipt bank loan	192,077 6,952 325,780	11,290 5,035 –	– 9,436 –	– 25,046 –	203,367 46,469 325,780
其他銀行貸款	Other bank borrowings	550,271	450,072	762,580	–	1,762,923
		1,743,358	466,397	772,016	25,046	3,006,817

154 王氏國際集團有限公司 2020 年報

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

3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.2 資本風險管理

3.2 Capital risk management

本集團的資金管理目標是確保本集團能持續營運，繼續為股東提供回報並為其他持份者帶來利益，同時維持最佳的資本結構以減低資金成本。

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

為維持或調整資本結構，本集團可能會調整支付予股東的股息金額、向股東退回資本、發行新股份或出售資產以降低債務。

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

與其他同業一致，本集團以淨資產負債比率作為監控資本的基準。該比率按淨負債除以總權益計算。淨負債按總貸款及租賃負債減短期銀行存款及現金及現金等價物計算。

Consistent with others in the industry, the Group monitors capital on the basis of net gearing ratio. The ratio is calculated as net debt divided by total equity. Net debt is calculated as total borrowings and lease liabilities less short-term bank deposits and cash and cash equivalents.

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
總貸款租賃負債	Total borrowings 2,038,670 Lease liabilities 33,093	1,936,186 50,339
	2,071,763	1,986,525
短期銀行存款現金及現金等價物	Short-term bank deposits 738,916 Cash and cash equivalents 680,202	641,886 543,314
	1,419,118	1,185,200
淨借貸總權益淨借貸對總權益比率	Net debt 652,645 Total equity 4,333,774 Net debt to total equity ratio 15%	801,325 5,006,224 16%

本集團於二零二零年十二月三十一日之淨資產負債比率為 15%（二零一九年：16%）。淨資產負債比率減少乃由於短期銀行存款及現金及現金等價物增加所致。

The Group’s net gearing ratio was 15% (2019: 16%) as at 31 December 2020. The decrease in net gearing ratio was due to increase in short-term bank deposits and cash and cash equivalents.

Wong’s International Holdings Limited Annual Report 2020 155

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3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.3 公允價值估計

3.3 Fair value estimation

下列金融資產及負債之公允價值與其賬面值相若：

The fair value of the following financial assets and liabilities approximate their carrying amounts:

應收貿易及其他應收賬款
Trade and other receivables
受限制現金
Restricted cash
短期銀行存款
Short-term bank deposits
現金及現金等價物
Cash and cash equivalents
應付貿易及其他應付賬款
Trade and other payables
租賃負債
Lease liabilities
銀行貸款
Bank borrowings

下表載列以估值法計量按公允價值列賬之金融工具分析。不同等級之定義如下：

The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows:

可識別資產或負債在活躍市場報價（未經調整）（第1級）。
Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).
除第1級計及的報價外，就資產或負債直接（即價格）或間接（即自價格所得）觀察所得參數（第2級）。
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).
並非基於可觀察市場數據（無法觀察參數）之資產或負債之參數（第3級）。
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

156 王氏國際集團有限公司 2020 年報

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

3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.3 公允價值估計（續）

3.3 Fair value estimation (continued)

下表呈列本集團於二零一九年十二月三十一日按公允價值計量之資產及負債。

The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2019.

		第1級	第2級	第3級	第3級	總額
		Level 1	Level 2	Level	3	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
資產	Assets
按公允價值	Financial assets at
計入其他	fair value through
全面收入的 other comprehensive
金融資產	income	156	–	4,319		4,475
衍生金融	Derivative financial
工具	instruments	–	76		–	76
負債	Liabilities
衍生金融	Derivative financial
工具	instruments	–	4,217		–	4,217
下表呈列本集團於二零二零年		The following table		presents the Group’s
十二月三十一日按公允價值計量		assets and liabilities that are			measured at fair
之資產及負債。		value at 31 December 2020.

			第1級	第2級	第3級	總額
			Level 1	Level 2	Level 3	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
資產	Assets
按公允價值	Financial assets at
計入其他		fair value through
全面收入的		other comprehensive
金融資產		income	42	–	7,440	7,482
負債	Liabilities
衍生金融	Derivative financial
工具		instruments	–	26,592	–	26,592

年內，第1級、第2級及第3級之間並無轉移。

There were no transfers between Levels 1, 2 and 3 during the year.

年內，估值技巧並無其他變動。

There were no other changes in valuation techniques during the year.

Wong’s International Holdings Limited Annual Report 2020 157

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3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.3 公允價值估計（續）

3.3 Fair value estimation (continued)

(a) 第1級金融工具

(a) Financial instruments in Level 1

在活躍市場買賣的金融工具之公允價值根據報告日的市場報價列賬。倘該報價可方便及定期自交易所、經銷商、經紀、行業集團、股價服務或監管機構獲得，而該等報價反映實際及定期按公平原則進行之市場交易，則該市場視為活躍市場。本集團持有的金融資產的市場報價為當時買盤價。該等工具計入第1級。

The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

(b) 第2級金融工具

(b) Financial instruments in Level 2

並非在活躍市場買賣的金融工具（例如場外衍生工具）的公允價值乃使用估值技巧釐定。該等估值技巧盡量使用可取得之可觀察市場數據，並盡可能減少依賴實體特定估計。倘工具公允價值之全部所需重要參數均可觀察，則該工具計入第2級。

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

第2級衍生金融工具包括利率掉期，其公允價值乃使用估值技巧釐定。該等估值技巧盡量使用可取得之可觀察市場數據，並盡可能減少依賴實體特定估計。

Level 2 derivative financial instruments comprise interest rate swaps. The fair value of interest rate swaps is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates.

158 王氏國際集團有限公司 2020 年報

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

3 財務風險管理（續）

3 F I N A N C I A L R I S K M A N A G E M E N T (continued)

3.3 公允價值估計（續）

3.3 Fair value estimation (continued)

(c) 第3級金融工具

(c) Financial instruments in Level 3

倘一項或多項重大參數並非基於可觀察市場數據，則工具計入第3級。

If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

下表呈列截至二零二零年十二月三十一日止年度第3級工具之變動。

The following table presents the changes in Level 3 instruments for the year ended 31 December 2020.

下表呈列第3級工具之變動：

The following table presents the changes in Level 3 instruments:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
年初結餘	Opening balance	4,319	4,162
增加按公允價值計入其他全面	Addition Changes in fair value of financial	2,500	–
收入的金融資產	assets at fair value through other
公允價值變動	comprehensive income	621	157
年終結餘	Closing balance	7,440	4,319

Wong’s International Holdings Limited Annual Report 2020 159

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

4 重大會計估計及判斷

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

估計及判斷須持續評估，並基於過往經驗及其他因素，包括依據當時情況相信屬未來事件的合理預期。

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

本集團就未來作出估計及假設。產生的會計估計顧名思義多數與有關實際結果不同。對下一財政年度有重大風險，造成資產與負債賬面值須作出重大調整的估計及假設載於下文。

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(a) 存貨之估計撥備

(a) Estimated provision for inventories

本集團根據對存貨可變現程度的評估，將存貨撇減至可變現淨值。倘有事件或情況變化顯示結餘可能無法變現，則會將存貨撇減值入賬。識別撇減值時須運用判斷及估計。倘預期金額與原有估計有別，該差額將影響存貨賬面值及估計變更期間的存貨撇減值。

Inventories are written down to net realisable value based on an assessment of the realisability of inventories. Write-downs on inventories are recorded where events or changes in circumstances indicate that the balances may not be realised. The identification of write-downs requires the use of judgement and estimates. Where the expectation is different from the original estimate, such difference will impact the carrying value of inventories and write-downs of inventories in the periods in which such estimate has been changed.

160 王氏國際集團有限公司 2020 年報

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4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)

(b) 應收賬款之估計減值

(b) Estimated impairment of receivables

金融資產之虧損撥備乃根據違約風險及預期損失率之假設釐定。本集團於作出該等假設及選擇減值計算輸入數據時，根據客戶本集團過往歷史、現行市況及於各報告期末之未來估計作出判斷。有關主要假設及所用之輸入數據之詳情載於附註3。

The loss allowance for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in Note 3.

(c) 非金融資產之減值

(c) Impairment of non-financial assets

倘有任何事件或情況變化顯示非金融資產之賬面值可能無法收回，則須作出減值檢討。可收回金額乃依據使用價值計算或市場估值而釐定。該等計算方法須運用判斷及估計。

Non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The recoverable amounts have been determined based on value-in-use calculations or market valuations. These calculations require the use of judgements and estimates.

管理層須判斷資產是否減值，尤其是評估：(i)是否已發生可能顯示有關資產價值可能無法收回之事件；(ii)可收回款項（即按業務中持續使用資產而估計公允價值減銷售成本或未來現金流量淨現值（以較高者為準））是否達致該項資產之賬面值；及(iii)於編製現金流量預測時使用適當的主要假設，包括是否採用適當利率折現該等現金流量預測。

Management judgement is required in the area of asset impairment particularly in assessing: (i) whether an event has occurred that may indicate that the related asset values may not be recoverable; (ii) whether the carrying value of an asset can be supported by the recoverable amount, being the higher of fair value less costs to sell or net present value of future cash flows which are estimated based upon the continued use of the asset in the business; and (iii) the appropriate key assumptions to be applied in preparing cash flow projections including whether these cash flow projections are discounted using an appropriate rate.

Wong’s International Holdings Limited Annual Report 2020 161

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4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)

(c) 非金融資產之減值（續）

(c) Impairment of non-financial assets (continued)

倘管理層評估減值之假設有變（包括現金流量預測所採用之折現率或增長率假設），或會影響減值測試所使用的淨現值，因而影響本集團財務狀況及營運業績。

Changing the assumptions selected by management in assessing impairment, including the discount rates or the growth rate assumptions in the cash flow projections, could affect the net present value used in the impairment test and as a result affect the Group’s financial position and results of operations.

(d) 投資物業之公允價值

(d) Fair value of investment properties

投資物業之估值乃根據香港測量師學會頒佈的「物業估值準則」進行。有關估值每半年由合資格估值師檢討，彼會考慮於相關市場可得之可資比較銷售交易。

The valuation of investment properties is performed in accordance with the “Valuation Standards on Valuation of Properties” published by the Hong Kong Institute of Surveyors. The valuation is reviewed semi-annually by qualified valuers by considering comparable sales transactions as available in the relevant market.

計算估值時採用的假設如有變動，則可能會出現導致財務狀況表的賬面值須作出重大調整的重大風險。

Changes to the assumptions used in deriving the valuation could have a significant risk of causing material adjustment to the carrying amounts in the statement of financial position.

162 王氏國際集團有限公司 2020 年報

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4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)

(e) 物業、廠房及設備之使用年限

(e) Useful lives of property, plant and equipment

本集團管理層釐定其物業、廠房及設備的估計使用年限與相關折舊開支。該估計乃根據同類性質及功能之物業、廠房及設備實際使用年限的過往經驗作出。倘使用年限早於先前估計之年限，管理層會增加折舊支出，或註銷或撇減已棄用或出售之技術過時或非戰略性資產。實際經濟年期或會與估計使用期限不同。定期檢討可能使可折舊年期出現變動，因而導致未來期間之折舊開支有所變動。

The Group’s management determines the estimated useful lives, and related depreciation charges for its property, plant and equipment. This estimate is based on the historical experience of the actual useful lives of property, plant and equipment of similar nature and functions. Management will increase the depreciation charges where useful lives are less than previously estimated lives. It will write-off or write-down technically obsolete or non-strategic assets that have been abandoned or sold. Actual economic lives may differ from estimated useful lives. Periodic review could result in a change in depreciable lives and therefore depreciation expense in future periods.

(f) 所得稅及遞延所得稅

(f) Income taxes and deferred income tax

本集團於多個司法權區須繳納所得稅。於釐定各地所得稅撥備時須作出重大判斷。日常業務過程中有多宗交易且計算釐定該等交易最終稅項尚不明確。本集團根據估計是否須繳納額外稅項而確認預計稅務審核事宜之負債。倘有關事宜之最終稅務結果與初步入賬款額有別，該差額將影響釐定有關數額期間之所得稅及遞延稅項撥備。

The Group is subject to income taxes in various jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be required. Where the final 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 period in which such determination is made.

163

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4 重大會計估計及判斷（續）

4 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (continued)

(f) 所得稅及遞延所得稅（續）

(f) Income taxes and deferred income tax (continued)

倘管理層認為相當可能出現未來應課稅利潤將可使用臨時差異或稅項虧損與之抵銷，則確認涉及若干臨時差異之遞延稅項資產及稅項虧損。遞延所得稅採用在報告日前已頒佈或實質頒佈，並在有關之遞延所得稅資產實現或遞延所得稅負債結算時預期將會採用之稅率（及法例）釐定。倘有關預測與原有估計有別，該差額將影響估計變動期間之遞延稅項資產及所得稅支出之確認。

Deferred tax assets relating to certain temporary differences and tax losses are recognised when management considers it is likely that future taxable profits will be available against which the temporary differences or tax losses can be utilised. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the reporting date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. When the expectations are different from the original estimates, such differences will impact the recognition of deferred tax assets and income tax charges in the period in which such estimates have been changed.

164 王氏國際集團有限公司 2020 年報

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

5 分部資料

本集團之高級行政管理層被視為主要營運決策者（「主要營運決策者」）。本集團目前分為兩個經營部門：

電子製造服務（「EMS」）－為EMS顧客製造及分銷電子產品。

物業持有－物業發展、銷售及租賃。

主要營運決策者定期審閱本集團表現及其內部報告，以評估表現及分配資源。主要營運決策者根據分部業績之計量評估營運分部表現。該計量基準包括未扣除其他收入、其他（虧損）╱收益－淨額、融資成本－淨額及應佔聯營公司利潤╱（虧損）之營運分部盈虧，惟不包括企業及未分配開支。向主要營運決策者提供之其他資料按與綜合財務報表所載方式一致者計量。

5 SEGMENT INFORMATION

The Group’s senior executive management is considered as the Chief Operating Decision Maker (“CODM”). The Group is currently organised into two operating divisions:

Electronic Manufacturing Service (“EMS”) - manufacture and distribution of electronic products for EMS customers.

Property Holding – development, sale and lease of properties.

The CODM reviews the performance of the Group on a regular basis and reviews the Group’s internal reporting in order to assess performance and allocate resources. The CODM assesses the performance of the operating segments based on a measure of segment results. This measurement basis includes profit or loss of the operating segments before other income, other (losses)/ gains - net, finance costs – net and share of profit/ (loss) of an associate but excludes corporate and unallocated expenses. Other information provided to the CODM is measured in a manner consistent with that in the consolidated financial statements.

Wong’s International Holdings Limited Annual Report 2020 165

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5 分部資料（續） 5 SEGMENT INFORMATION (continued)

			物業持有
		EMS部門	部門	總額
			Property
		EMS	Holding
		division	division	Total
		港幣千元	港幣千元	港幣千元
		HK$’ 000	HK$’ 000	HK$’ 000
截至二零二零年十二月	For the year ended
三十一日止年度	31 December 2020
對外收益	External revenue
客戶合約收益	Revenue from contracts with
	customers
收益確認時間	Timing of revenue recognition
－在某一時點	– At a point of time	3,157,160	–	3,157,160
其他收益來源	Revenue from other sources
－租金收入	– Rental income	–	67,476	67,476
		3,157,160	67,476	3,224,636
分部業績	Segment results	132,811	(780,147)	(647,336)
折舊	Depreciation	68,511	41	68,552
應佔合營企業虧損	Share of losses of joint ventures	–	(324,231)	(324,231)
投資物業公允價值變動	Change in fair value of
	investment properties	–	(483,025)	(483,025)
資本開支	Capital expenditure	73,884	–	73,884
			物業持有
		EMS部門	部門	總額
			Property
		EMS	Holding
		division	division	Total
		港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000
截至二零一九年十二月	For the year ended
三十一日止年度	31 December 2019
對外收益	External revenue
客戶合約收益	Revenue from contracts with
	customers
收益確認時間	Timing of revenue recognition
－在某一時點	– At a point of time	3,559,922	149,699	3,709,621
其他收益來源	Revenue from other sources
－租金收入	– Rental income	–	71,535	71,535
		3,559,922	221,234	3,781,156
分部業績	Segment results	159,197	197,918	357,115
折舊	Depreciation	66,767	42	66,809
應佔合營企業利潤	Share of profits of joint ventures	–	104,921	104,921
投資物業公允價值變動	Change in fair value of
	investment properties	–	28,375	28,375
資本開支	Capital expenditure	30,886	–	30,886

166 王氏國際集團有限公司 2020 年報

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5 分部資料（續）

5 SEGMENT INFORMATION (continued)

			物業持有
		EMS部門	部門	總額
			Property
		EMS	Holding
		division	division	Total
		港幣千元	港幣千元	港幣千元
		HK$’ 000	HK$’ 000	HK$’ 000
於二零二零年十二月	As at 31 December 2020
三十一日
分部資產	Segment assets	3,005,529	2,280,684	5,286,213
合營企業的權益	Interests injoint ventures	–	2,148,651	2,148,651
可呈報分部資產總額	Total reportable segment
	assets	3,005,529	4,429,335	7,434,864
			物業持有
		EMS部門	部門	總額
			Property
		EMS	Holding
		division	division	Total
		港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000
於二零一九年十二月	As at 31 December 2019
三十一日
分部資產	Segment assets	2,708,691	2,787,668	5,496,359
合營企業的權益	Interests injoint ventures	–	2,505,012	2,505,012
可呈報分部資產總額	Total reportable segment assets	2,708,691	5,292,680	8,001,371

分部資產主要包括物業、廠房及設備、投資物業、使用權資產、合營企業的權益、受限制現金、存貨、已完成物業存貨、應收貿易賬款、預付款項、訂金及其他應收賬款、短期銀行存款及現金及現金等價物，但不包括聯營公司的投資、衍生金融工具、按公允價值計入其他全面收入的金融資產、遞延所得稅資產、應收聯營公司款項、當期可收回所得稅及企業及未分配資產。

Segment assets consist primarily of property, plant and equipment, investment properties, right-of-use assets, interests in joint ventures, restricted cash, inventories, stock of completed properties, trade receivables, prepayments, deposits and other receivables, short-term bank deposits and cash and cash equivalents, but exclude investments in associates, derivative financial instruments, financial assets at fair value through other comprehensive income, deferred income tax assets, amounts due from associates, current income tax recoverable and corporate and unallocated assets.

Wong’s International Holdings Limited Annual Report 2020 167

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5 分部資料（續）

5 SEGMENT INFORMATION (continued)

可呈報分部業績與除所得稅前（虧損） ╱利潤之對賬如下：

A reconciliation of reportable segment results to (loss)/profit before income tax is provided as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
可呈報分部業績	Reportable segment results (647,336)	357,115
其他收入	Other income 21,326	9,826
其他（虧損）╱收益－淨額	Other (losses)/gains - net (50,638)	9,502
融資成本－淨額	Finance costs - net (37,292)	(44,873)
應佔聯營公司利潤╱（虧損）Share of profit/(loss) of an associate 949		(636)
企業及未分配開支	Corporate and unallocated expenses (22,639)	(26,365)
除所得稅前（虧損）╱利潤	(Loss)/profit before income tax (735,630)	304,569

可呈報分部資產與總資產之對賬如下：

Reportable segment assets are reconciled to total assets as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
可呈報分部資產	Reportable segment assets 7,434,864	8,001,371
聯營公司的投資按公允價值計入其他全面	Investments in associates 25,719 Financial assets at fair value through other	26,062
收入的金融資產	comprehensive income 7,482	4,475
衍生金融工具	Derivative financial instruments –	76
遞延所得稅資產	Deferred income tax assets 27,301	27,642
應收聯營公司款項	Amounts due from associates –	14
當期可收回所得稅	Current income tax recoverable 1,372	1,727
企業及未分配資產	Corporate and unallocated assets 89,193	121,869
綜合財務狀況表內的總資產Total assets per consolidated statement of financial position 7,585,931		8,183,236

168 王氏國際集團有限公司 2020 年報

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5 分部資料（續）

5 SEGMENT INFORMATION (continued)

其他重大項目之對賬如下：

Reconciliations of other material items are as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
折舊－可呈報分部總額－公司總部	Depreciation – Reportable segment total 68,552 – Corporate headquarters 2,369	66,809 2,395
	70,921	69,204
資本開支－可呈報分部總額－公司總部	Capital expenditure – Reportable segment total 73,884 – Corporate headquarters –	30,886 –
	73,884	30,886

本公司於百慕達註冊。以下為本集團按地區市場劃分之收益分析（按出具發票之地點決定）：

The Company is domiciled in Bermuda. Analysis of the Group’s revenue by geographical market, which is determined by the destination of the invoices billed, is as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
北美洲	North America 603,380	885,028
亞洲（不包括香港）	Asia (excluding Hong Kong) 1,707,703	1,491,294
歐洲	Europe 451,696	627,781
香港	HongKong 461,857	777,053
	3,224,636	3,781,156

截至二零二零年十二月三十一日止年度，約港幣1,278,805,000元及港幣 344,633,000元之收益分別來自兩大外部客戶。截至二零一九年十二月三十一日止年度，約港幣1,356,499,000元、港幣420,082,000元及港幣378,548,000 元之收益分別來自三大外部客戶。該等客戶各佔本集團收益之10%或以上。該等收益為EMS部門應佔收益。

For the year ended 31 December 2020, revenues o f a p p r o x i m a t e l y H K $ 1 , 2 7 8 , 8 0 5 , 0 0 0 a n d HK344,633,000 were derived from the top two external customers respectively. For the year ended 31 December 2019, revenues of approximately H K $ 1 , 3 5 6 , 4 9 9 , 0 0 0 , H K $ 4 2 0 , 0 8 2 , 0 0 0 a n d HK$378,548,000 were derived from the top three external customers respectively. These customers individually account for 10% or more of the Group’s revenue. These revenues are attributable to the EMS division.

Wong’s International Holdings Limited Annual Report 2020 169

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5 分部資料（續）

5 SEGMENT INFORMATION (continued)

以下為本集團按地區市場劃分之非流動資產分析：

Analysis of the Group’s non-current assets by geographical market is as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
北美洲	North America 14	6
亞洲（不包括香港）	Asia (excluding Hong Kong) 311,930	314,735
歐洲香港	Europe 20 HongKong 4,297,665	30 5,135,603
	4,609,629	5,450,374

非流動資產包括物業、廠房及設備、投資物業、使用權資產、聯營公司的投資、合營企業的權益、按公允價值計入其他全面收入的金融資產、衍生金融工具、訂金及其他應收賬款以及受限制現金，惟不包括遞延所得稅資產。

Non-current assets comprise property, plant and equipment, investment properties, right-of-use assets, investments in associates, interests in joint ventures, financial assets at fair value through other comprehensive income, derivative financial instruments, deposits and other receivables and restricted cash. They exclude deferred income tax assets.

本集團已確認下列與客戶合約有關的負債：

The Group has recognised the following liabilities related to contracts with customers:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
合約負債－EMS部門	Contract liabilities – EMS division	164,190	147,465
合約負債－物業持有部門	Contract liabilities – PropertyHoldingdivision	–	–
		164,190	147,465

170 王氏國際集團有限公司 2020 年報

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5 分部資料（續）

5 SEGMENT INFORMATION (continued)

下表列示與已於上一年度償付的承前合約負債有關的已確認收益金額︰

The following table shows how much of the revenue recognised relates to carried-forward contract liabilities that were satisfied in a prior year:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
EMS部門	EMS division	147,465	118,089
物業持有部門	PropertyHoldingdivision	–	11,904
		147,465	129,993

6 其他收入 6 OTHER INCOME

其他收入	6 OTHER INCOME
		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
政府補助	Government grant	19,226	7,688
出售廢料及零部件	Sales of scrap and spare parts	1,399	2,126
其他	Others	701	12
		21,326	9,826

7 僱員福利開支（包括董事酬金） 7 EMPLOYEE BENEFIT EXPENSES (INCLUDING DIRECTORS’ EMOLUMENTS)

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
工資、薪金、津貼及	Wages, salaries, allowances and
其他離職福利退休金成本	other termination benefits Pension costs	416,999	415,156
－界定供款計劃	– defined contribution schemes	26,808	41,616
		443,807	456,772

Wong’s International Holdings Limited Annual Report 2020 171

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7 僱員福利開支（包括董事酬金）（續）
7 E M P L O Y E E B E N E F I T E X P E N S E S (INCLUDING DIRECTORS’ EMOLUMENTS) (continued)

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資產分開持有，以基金方式由受託人管理。根據公積金計劃，本集團及其僱員每月分別向計劃作出供款，金額為僱員相關收入（定義見香港強制性公積金計劃條例）之5%。本集團及僱員之供款上限均為每月港幣 1,500元（二零一九年：每月港幣1,500 元）。供款全部即時歸屬予僱員。

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. Under the Fund Scheme, each of the Group and its employees make monthly contributions to the Scheme at 5% of the employees’ relevant income as defined in the Hong Kong Mandatory Provident Fund Scheme Ordinance. Both the Group’s and the employees’ contributions are subject to a cap of HK$1,500 per month (2019: HK$1,500 per month). The contributions are fully and immediately vested for the employees.

中華人民共和國（「中國」）及越南附屬公司之僱員為中國及越南政府設立之退休福利計劃成員。

The employees of the subsidiaries in the People’s Republic of China (the “PRC”) and Vietnam are members of retirement benefits schemes operated by the PRC and Vietnam governments.

有關附屬公司須在中國及越南向國家退休計劃供款。附屬公司須按薪酬的一定百分比向計劃供款。中國及越南政府負責退休僱員之退休金。該等計劃下被沒收的供款不得用作減少現有供款水平。

The relevant subsidiaries are required to make contributions to the state retirement schemes in the PRC and Vietnam. The subsidiaries are required to contribute a certain percentage of payroll to the schemes. The PRC and Vietnam governments are responsible for the pension liability to the retired staff. No forfeited contributions under these schemes can be used to reduce the existing level of contributions.

列入綜合收益表處理之總成本約港幣26,808,000元（二零一九年：港幣 41,616,000元）指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$26,808,000 (2019: HK$41,616,000) represents contributions payable to the schemes by the Group in respect of the current financial year.

172 王氏國際集團有限公司 2020 年報

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8 除所得稅前（虧損）╱利潤

8 (LOSS)/PROFIT BEFORE INCOME TAX

除所得稅前（虧損）╱利潤分析如下：

(Loss)/profit before income tax is analysed as follows:

二零二零年 2020 港幣千元 HK$’ 000	二零一九年 2019 港幣千元 HK$’000
物業、廠房及設備之折舊 Depreciation of property, plant and equipment 50,191 使用權資產之折舊 Depreciation of right-of-use assets 20,730	52,191 17,013
折舊 Depreciation 70,921	69,204
核數師酬金 Auditor’s remuneration 3,156 銀行手續費 Bank charges 2,246 樓宇管理費 Building management fees 13,959 化學品及消耗品 Chemicals and consumables 27,101 佣金 Commission fees 18 清潔費 Cleaning expenses 3,397 交際費 Entertainment expenses 640 政府地租及差餉 Government rent and rates 3,113 政府附加費 Government surcharges 8,443 保險費 Insurance charges 2,427 法律及專業費用 Legal and professional fees 5,317 汽車開支 Motor vehicle expenses 4,646 辦公室及廠房開支 Office and factories expenses 4,669 短期租賃之經營租賃租金 Operating lease rental in respect of short-term leases 1,386 招聘、培訓及其他員工福利開支 Recruitment, training and other staff welfares expenses 12,647 維修及保養 Repairs and maintenances 13,580 保安費 Security expenses 3,120 差旅費 Travelling expenses 1,625 運輸費 Transportation 29,231 公用開支 Utility expenses 20,322 其他 Others 8,051	3,281 2,490 13,846 26,678 4,762 3,854 1,170 3,224 11,370 2,095 9,175 4,835 4,062 217 5,779 17,442 3,332 3,873 30,922 22,465 7,918
其他經營支出 Other operatingexpenses 169,094	182,790
應收貿易賬款之減值虧損（撥回）╱撥備 (Reversal)/provision of impairment losses on trade receivables (590)	698
總額 Total 239,425	252,692

Wong’s International Holdings Limited Annual Report 2020 173

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

9 其他（虧損）╱收益－淨額 9 OTHER (LOSSES)/GAINS – NET

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
金融工具（虧損）╱收益	(Losses)/gains on financial instruments
－淨額	– net
－未變現	– Unrealised –	20
－已變現	– Realised (1)	(18)
出售物業、廠房及設備之	Gains on disposals of property, plant and 198	288
收益匯兌（虧損）╱收益－淨額	equipment Exchange (losses)/gains - net (50,993)	9,212
租賃修改的收益	Gains on lease modification 167	–
其他	Others (9)	–
	(50,638)	9,502

174 王氏國際集團有限公司 2020 年報

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

10 董事及高級管理層之酬金

10 DIRECTORS’ AND SENIOR MANAGEMENT’S EMOLUMENTS

(a) 董事酬金

(a) Directors’ emoluments

於截至二零二零年十二月三十一日止年度之董事酬金載列如下：

The emoluments of Directors for the year ended 31 December 2020 is set out below:

									就管理本公司
									或其附屬公司
							退休福利	就接受董事	企業的事務
						其他福利之	計劃之	職任之已付或	提供其他董事服務之
		袍金	薪金	酌情花紅	房屋津貼	估計現金值	僱主供款	應收酬金	已付或應收酬金	總酬金
									Emoluments paid
									or receivable in
									respect of Director’s
								Remuneration	other services in
								paid or	connection with the
							Employer’s	receivable in	management of the
						Estimated	contribution to	respect of	affairs of the Company
				Discretionary	Housing	money value of	a retirement	accepting office	or its subsidiary	Total
		Fees	Salaries	bonus	allowance	other benefits	benefit scheme	as Director	undertaking	emoluments
		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
王忠秣（附註）	Wong Chung Mat, Ben (Note)	70	4,355	1,755	–	–	–	–	–	6,180
王賢敏	Wong Yin Man, Ada	70	2,292	1,555	–	–	18	–	–	3,935
陳子華	Chan Tsze Wah, Gabriel	70	776	180	–	–	–	–	–	1,026
溫民強	Wan Man Keung	70	2,465	1,555	–	–	–	–	–	4,090
熊永順	Hung Wing Shun, Edmund	70	1,757	400	–	–	–	–	–	2,227
李家祥	Li Ka Cheung, Eric	160	–	–	–	–	–	–	–	160
楊孫西	Yu Sun Say	160	–	–	–	–	–	–	–	160
葉天養	Alfred Donald Yap	160	–	–	–	–	–	–	–	160
張志超	Cheung Chi Chiu, David	160	–	–	–	–	–	–	–	160
總額	Total	990	11,645	5,445	–	–	18	–	–	18,098

於截至二零一九年十二月三十一日止年度之董事酬金載列如下：

The emoluments of Directors for the year ended 31 December 2019 is set out below:

									就管理本公司
									或其附屬公司
							退休福利	就接受董事	企業的事務
						其他福利之	計劃之	職任之已付或	提供其他董事服務之
		袍金	薪金	酌情花紅	房屋津貼	估計現金值	僱主供款	應收酬金	已付或應收酬金	總酬金
									Emoluments paid
									or receivable in
									respect of Director’s
									other services in
								Remuneration	connection with the
								paid or	management of the
							Employer’s	receivable in	affairs of the
						Estimated	contribution to	respect of	Company or
				Discretionary	Housing	money value of	a retirement	accepting office	its subsidiary	Total
		Fees	Salaries	bonus	allowance	other benefits	benefit scheme	as Director	undertaking	emoluments
		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
王忠秣（附註）	Wong Chung Mat, Ben (Note)	70	4,338	4,163	–	–	–	–	–	8,571
王賢敏	Wong Yin Man, Ada	70	2,283	2,463	–	–	18	–	–	4,834
陳子華	Chan Tsze Wah, Gabriel	70	776	400	–	–	–	–	–	1,246
溫民強	Wan Man Keung	70	2,293	1,963	–	–	–	–	–	4,326
熊永順	Hung Wing Shun, Edmund	70	1,751	500	–	–	6	–	–	2,327
李家祥	Li Ka Cheung, Eric	160	–	–	–	–	–	–	–	160
楊孫西	Yu Sun Say	160	–	–	–	–	–	–	–	160
葉天養	Alfred Donald Yap	160	–	–	–	–	–	–	–	160
張志超	Cheung Chi Chiu, David	160	–	–	–	–	–	–	–	160
總額	Total	990	11,441	9,489	–	–	24	–	–	21,944

附註：

Note:

王忠秣先生為本公司行政總裁，並無就行政總裁薪酬另外作出披露。

Mr. Wong Chung Mat, Ben is the Chief Executive Officer of the Company, no separate disclosure in respect of the remuneration of the CEO has been made.

Wong’s International Holdings Limited Annual Report 2020 175

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

10 董事及高級管理層之酬金（續）

10 DIRECTORS’ AND SENIOR MANAGEMENT’S EMOLUMENTS (continued)

(a) 董事酬金（續）

(a) Directors’ emoluments (continued)

截至二零二零年及二零一九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 31 December 2020 and 2019.

(b) 董事退休福利

(b) Directors’ retirement benefits

並無任何董事退休福利於截至二零二零年及二零一九年十二月三十一日止年度內支付。

No Directors’ retirement benefits were paid during the years ended 31 December 2020 and 2019.

(c) 董事終止服務福利

(c) Directors’ termination benefits

並無任何董事終止服務福利於截至二零二零年及二零一九年十二月三十一日止年度內支付。

No Directors’ termination benefits were paid during the years ended 31 December 2020 and 2019.

(d) 就提供董事服務向第三方作出的代價

(d) Consideration provided to third parties for making available Directors’ services

於截至二零二零年及二零一九年十二月三十一日止年度內，本公司並無就提供董事服務向第三方支付任何代價。

The Company did not pay consideration to any third parties for making available Directors’ services during the years ended 31 December 2020 and 2019.

(e) 向董事、受該等董事控制的法人團體及該等董事的關連主體提供的貸款、準貸款和其他交易的資料
(e) Information about loans, quasi-loans and other dealings in favour of Directors, controlled bodies corporate by and connected entities with such Directors

於截至二零二零年及二零一九年十二月三十一日止年度年結時或年內任何時間，並無向董事、受該等董事控制的法人團體及該等董事的關連主體提供任何貸款、準貸款和作出其他交易。

No loans, quasi-loans and other dealings were made available in favour of Directors, body corporates controlled by and connected entities with such Directors subsisted at the end of the year or at any time during the years ended 31 December 2020 and 2019.

176 王氏國際集團有限公司 2020 年報

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

10 董事及高級管理層之酬金（續）

10 DIRECTORS’ AND SENIOR MANAGEMENT’S EMOLUMENTS (continued)

(f) 董事於交易、安排或合約中的重大權益
(f) D i r e c t o r s ’ m a t e r i a l i n t e r e s t s i n transactions, arrangements or contracts

於截至二零二零年及二零一九年十二月三十一日止年度年結時或年內任何時間，本公司並無訂立關乎本集團業務而本公司董事直接或間接在其中取得重大權益的重要交易、安排或合約。

No significant transactions, arrangements and contracts in relation to the Group’s business to which the Company was a party and in which a Director of the Company had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the years ended 31 December 2020 and 2019.

(g) 五名獲最高酬金人士

(g) Five highest paid individuals

年內，本集團五名獲最高酬金人士，包括四名（二零一九年：四名）董事，彼等之酬金已載於上文呈列之分析。餘下一名（二零一九年：一名）人士之應付薪酬列載如下：

The five individuals whose emoluments were the highest in the Group for the year include four (2019: four) Directors whose emoluments are reflected in the analysis presented above. The emoluments payable to the remaining one (2019: one) individual are as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
薪金及其他福利	Salaries and	other benefits 1,323	1,291
花紅	Bonus	102	53
退休金成本－界定供款計劃Pension costs – defined contribution
	schemes	18	–
		1,443	1,344
		人數
		Number of	individual
		二零二零年	二零一九年
		2020	2019
酬金範圍		Emolument band
港幣1,000,001元－港幣1,500,000元		HK$1,000,001 – HK$1,500,000 1	1

年內，本集團概無支付酬金予董事，作為吸引彼等加入本集團或加入本集團後之獎勵或作為離職補償。

No emolument was paid by the Group to the Directors as an inducement to join or upon joining the Group, or as compensation for loss of office during the year.

Wong’s International Holdings Limited Annual Report 2020 177

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

10 董事及高級管理層之酬金（續）

10 DIRECTORS’ AND SENIOR MANAGEMENT’S EMOLUMENTS (continued)

(h) 高級管理層（不包括董事）酬金範圍
(h) Senior management’s (excluding Directors) emoluments by band

高級管理層（不包括董事）之酬金介乎以下範圍：

The emoluments of senior management (excluding Directors) fell within the following bands:

人數 Number of individuals 二零二零年二零一九年 2020 2019	人數 Number of individuals 二零二零年二零一九年 2020 2019
酬金範圍 Emolument bands 港幣1,000,001元－港幣1,500,000元 HK$1,000,001 – HK$1,500,000 3 11 FINANCE COSTS – NET 二零二零年 2020 港幣千元 HK$’ 000 融資成本－淨額	3 二零一九年 2019 港幣千元 HK$’000
融資收入 Finance income －銀行存款之利息收入 – Interest income on bank deposits 18,358	20,588
融資成本 Finance costs －租賃負債之利息開支 – Interest expenses on lease liabilities (2,335) －銀行貸款之利息開支 – Interest expenses on bank borrowings (53,315)	(1,181) (64,280)
合計融資成本 Total finance costs (55,650)	(65,461)
融資成本－淨額 Finance costs – net (37,292)	(44,873)

11 融資成本－淨額

178 王氏國際集團有限公司 2020 年報

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

12 所得稅開支

12 INCOME TAX EXPENSE

香港利得稅已就產生自或源於香港之估計應課稅利潤按稅率16.5%（二零一九年： 16.5%）計提撥備。

Hong Kong profits tax has been provided at the rate of 16.5% (2019: 16.5%) on the estimated assessable profit arising in or derived from Hong Kong.

本集團中國內地附屬公司須繳納中國企業所得稅（「企業所得稅」），稅率為估計利潤之 2 5 % （二零一九年： 2 5 % ），惟本公司之全資附屬公司華高科技（蘇州）有限公司（「華高蘇州」）除外。華高蘇州符合高新科技企業下之 1 5 %（二零一九年： 1 5 % ）優惠企業所得稅率，直至二零二一年十二月三十一日。

The Group’s subsidiaries in Mainland China are subject to the China Corporate Income Tax (“CIT”) at a rate of 25% (2019: 25%) on the estimated profits, except for Welco Technology (Suzhou) Limited (“WTSZ”), a wholly-owned subsidiary of the Company. WTSZ is entitled to the preferential CIT rate of 15% (2019: 15%) under the New and High Technology Enterprises status till 31 December 2021.

計入綜合收益表的所得稅金額指：

The amount of income tax charged to the consolidated income statement represents:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
當期所得稅	Current income tax
－香港利得稅	– Hong Kong profits tax 6,882	36,761
－海外稅項	– Overseas taxation 25,406	37,677
－過往年度超額撥備	– Over-provision in prior years (9,638)	(3,225)
遞延所得稅（附註22）	Deferred income tax(Note 22) 3,398	(32,971)
	26,048	38,242

Wong’s International Holdings Limited Annual Report 2020 179

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

12 所得稅開支（續）

12 INCOME TAX EXPENSE (continued)

有關本集團除稅前（虧損）╱利潤之稅項有別於採用合併實體利潤適用的加權平均稅率所得出的理論金額如下：

The tax on the Group’s (loss)/profit before income tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
除所得稅前（虧損）╱利潤	(Loss)/profit before income tax (735,630)	304,569
按適用於各地利潤之國內	Tax calculated at the domestic
稅率計算之稅項	tax rates applicable to profits
已呈報聯營公司及合營企業	in the respective places (120,985) Tax effects of associate and joint ventures’	49,055
除稅後業績之稅務影響	results reported, net of tax 53,342	(17,207)
不可扣稅開支	Expenses not deductible for tax purposes 88,434	17,170
毋須課稅收入並無確認遞延所得稅資產的	Income not subject to tax (3,062) Tax losses of which no deferred	(8,126)
稅項虧損過往年度超額撥備	income tax asset was recognised 17,957 Over-provision inprioryears (9,638)	575 (3,225)
所得稅開支	Income tax expense 26,048	38,242

適用加權平均稅率為16%（二零一九年：16%）。

The weighted average applicable tax rate was 16% (2019: 16%).

180 王氏國際集團有限公司 2020 年報

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

13 股息

13 DIVIDENDS

二零二零年及二零一九年已付的股息分別為約港幣23,925,000元（每股港幣 0.05元）及港幣43,064,000元（每股港幣 0.09元）。將於本公司應屆股東週年大會上建議宣派之截至二零二零年十二月三十一日止年度末期股息為每股港幣0.02元，合共約港幣9,570,000 元。此等財務報表並無反映是次應付之末期股息。

The dividends paid in 2020 and 2019 were approximately HK$23,925,000 (HK$0.05 per share) and HK$43,064,000 (HK$0.09 per share) respectively. A final dividend in respect of the year ended 31 December 2020 of HK$0.02 per share, amounting to a total dividend of approximately HK$9,570,000, will be proposed at the upcoming annual general meeting of the Company. These financial statements do not reflect this final dividend payable.

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
已付中期股息－每股港幣0.02元	Interim dividend paid – HK$0.02	9,570	16,747
（二零一九年：港幣0.035元）	(2019: HK$0.035) per share
擬派末期股息－每股港幣0.02元	Proposed final dividend – HK$0.02	9,570	14,355
（二零一九年：港幣0.03元）	(2019: HK$0.03) per share
		19,140	31,102

Wong’s International Holdings Limited Annual Report 2020 181

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

14 每股（虧損）╱盈利

14 (LOSS)/EARNINGS PER SHARE

(a) 基本

(a) Basic

每股基本（虧損）╱盈利乃按本公司擁有人應佔（虧損）╱利潤除以年內已發行普通股之加權平均數計算。

Basic (loss)/earnings per share is calculated by dividing the (loss)/profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.

		二零二零年	二零一九年
		2020	2019
本公司擁有人應佔（虧損）╱	(Loss)/profit attributable to owners
利潤（港幣千元）	of the Company (HK$’000)	(761,674)	266,327
已發行普通股之加權平均數	Weighted average number of
（千股）	ordinary shares in issue (in thousands)	478,484	478,484
每股基本（虧損）╱盈利	Basic (loss)/earnings per share (HK$)
（港幣元）		(1.59)	0.56

(b) 攤薄

(b) Diluted

概無就兩個年度呈報每股攤薄盈利，因為兩個年度內概無潛在之攤薄普通股。

No diluted earnings per share is presented for both years because there is no dilutive potential ordinary shares outstanding throughout both years.

182 王氏國際集團有限公司 2020 年報

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

15 物業、廠房及設備

15 PROPERTY, PLANT AND EQUIPMENT

				廠房、機器
		土地及樓宇	在建工程	及設備	傢俬及裝置	汽車	合計
				Plant,
				machinery	Furniture
		Land and	Construction	and	and	Motor
		buildings 港幣千元	in progress 港幣千元	equipment 港幣千元	fixtures 港幣千元	vehicles 港幣千元	Total 港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零一九年一月一日成本值	At 1 January 2019 Cost	192,972	–	837,975	145,399	13,427	1,189,773
累計折舊及減值	Accumulated depreciation
	and impairment	(59,777)	–	(686,585)	(124,725)	(10,069)	(881,156)
賬面淨值	Net book amount	133,195	–	151,390	20,674	3,358	308,617
於二零一九年一月一日	At 1 January 2019
期初賬面淨值	Opening net book amount	133,195	–	151,390	20,674	3,358	308,617
添置	Additions	119	10,212	20,521	34	–	30,886
出售重新分類至使用權資產	Disposals Reclassification to	–	–	(1,768)	–	–	(1,768)
折舊貨幣換算差額	right-of-use assets Depreciation Currency translation	(61,814) (4,743)	– –	– (42,051)	– (4,352)	– (1,045)	(61,814) (52,191)
	differences	(751)	(29)	(2,778)	(8)	(7)	(3,573)
期末賬面淨值	Closing net book amount	66,006	10,183	125,314	16,348	2,306	220,157
於二零一九年十二月	At 31 December 2019
三十一日
成本值	Cost	115,686	10,183	827,620	145,380	13,391	1,112,260
累計折舊及減值	Accumulated depreciation
	and impairment	(49,680)	–	(702,306)	(129,032)	(11,085)	(892,103)
賬面淨值	Net book amount	66,006	10,183	125,314	16,348	2,306	220,157
				廠房、機器
		土地及樓宇	在建工程	及設備	傢俬及裝置	汽車	合計
				Plant,
				machinery
			Construction	and	Furniture	Motor
		Buildings 港幣千元	in progress 港幣千元	equipment 港幣千元	and fixtures 港幣千元	vehicles 港幣千元	Total 港幣千元
		HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
於二零二零年一月一日期初賬面淨值	At 1 January 2020 Opening net book amount	66,006	10,183	125,314	16,348	2,306	220,157
添置出售（轉出）╱轉入折舊貨幣換算差額	Additions Disposals Transfer (from)/to Depreciation Currency translation differences	– – 30,389 (5,490) (635)	20,206 – (30,389) – –	52,679 (589) – (39,799) 7,305	999 – – (4,404) 25	– – – (498) –	73,884 (589) – (50,191) 6,695
期末賬面淨值	Closing net book amount	90,270	–	144,910	12,968	1,808	249,956
於二零二零年十二月三十一日At 31 December 2020
成本值累計折舊及減值	Cost Accumulated depreciation	148,604	–	891,223	146,454	13,511	1,199,792
	and impairment	(58,334)	–	(746,313)	(133,486)	(11,703)	(949,836)
賬面淨值	Net book amount	90,270	–	144,910	12,968	1,808	249,956

於二零二零年十二月三十一日，若干銀行貸款由賬面值為約港幣20,911,000 元（二零一九年：港幣21,499,000元）之樓宇作抵押（附註32）。

As at 31 December 2020, certain bank borrowings are secured on buildings with a carrying amount of approximately HK$20,911,000 (2019: HK$21,499,000) (Note 32).

Wong’s International Holdings Limited Annual Report 2020 183

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

16 投資物業

16 INVESTMENT PROPERTIES

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
於一月一日	At 1 January	2,534,016	2,506,097
公允價值（虧損）╱收益	Fair value (losses)/gains	(483,025)	28,375
貨幣換算差額	Currencytranslation differences	1,594	(456)
於十二月三十一日	At 31 December	2,052,585	2,534,016

本集團按賬面淨值入賬之投資物業權益按10至50年之中期租約持有。

The Group’s interest in investment properties at their net book values are on medium-term leases of 10 to 50 years.

於二零二零年十二月三十一日，若干銀行貸款由賬面總值為約港幣 1,579,000,000元（二零一九年：港幣 2,501,100,000元）之投資物業作抵押（附註32）。

As at 31 December 2020, certain bank borrowings are secured on investment properties with an aggregate carrying amount of approximately HK$1,579,000,000 (2019: HK$2,501,100,000) (Note 32).

上文所示投資物業價值包括：

Value of investment properties shown above comprises:

			二零二零年	二零一九年
			2020	2019
			港幣千元	港幣千元
			HK$’ 000	HK$’000
香港物業	Properties	in Hong Kong	2,027,900	2,510,700
香港境外物業	Properties	outside HongKong	24,685	23,316
			2,052,585	2,534,016

184 王氏國際集團有限公司 2020 年報

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

16 投資物業（續）

16 INVESTMENT PROPERTIES (continued)

本集團之估值過程

Valuation processes of the Group

投資物業每半年按直接比較法估值。投資物業於二零二零年十二月三十一日及二零一九年十二月三十一日之估值由獨立測量師行羅馬國際評估有限公司進行，其為香港測量師學會資深會員。根據香港財務報告準則第13號，該等投資物業之公允價值計量資料現列載如下。

The investment properties are valued semi-annually on the direct comparison approach. The valuations of the investment properties at 31 December 2020 and 31 December 2019 were carried out by an independent firm of surveyors, Roma Appraisals Limited, who is a fellow member of the Hong Kong Institute of Surveyors. The fair value measurement information for these investment properties in accordance with HKFRS 13 is given below.

本集團之財務團隊就財務報告規定進行投資物業估值，其向管理層直接匯報。根據本集團之報告日，管理層與該團隊需就估值過程及結果每半年至少討論一次。

The Group’s finance team performs the valuations of investment properties required for financial reporting purposes. This team reports directly to the management. Discussions of valuation processes and results are held between the management and the team at least once bi-annually, in line with the Group’s reporting dates.

管理層與該團隊於各報告日估值討論中，分析第3級公允價值之變動。作為討論之一部份，該團隊提呈報告，以解釋公允價值變動之理由。

Changes in Level 3 fair values are analysed at each reporting date valuation discussions between the management and the team. As part of this discussion, the team presents a report that explains the reasons for the fair value movements.

Wong’s International Holdings Limited Annual Report 2020 185

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

16 投資物業（續）

16 INVESTMENT PROPERTIES (continued)

本集團之估值過程（續）

V a l u a t i o n p r o c e s s e s o f t h e G r o u p (continued)

			公允價值計量
		Fair value measurements
		對等資產
		於活躍市場	重大其他		重大無法
		之報價	觀察所得參數		觀察參數
		（第1級）	（第2級）		（第3級）
		Quoted prices
		in active	Significant
		markets for	other	Significant
		identical	observable	unobservable
		assets	inputs		inputs
		(Level 1)	(Level 2)		(Level 3)
		港幣千元	港幣千元		港幣千元
		HK$’ 000	HK$’ 000		HK$’ 000
常規公允價值計量	Recurring fair value
	measurements
於二零二零年十二月	As at 31 December 2020
三十一日		–	–		2,052,585
於二零一九年十二月	As at 31 December 2019
三十一日		–	–		2,534,016

年內，第1級、第2級及第3級之間並無轉移。

There were no transfers among Level 1, Level 2 and Level 3 during the year.

186 王氏國際集團有限公司 2020 年報

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

16 投資物業（續）

16 INVESTMENT PROPERTIES (continued)

使用重大無法觀察參數計量公允價值（第3級）

Fair value measurements using significant unobservable inputs (Level 3)

			投資物業
		Investment properties
		香港	香港境外	總計
		Hong	Outside
		Kong	Hong Kong	Total
		港幣千元	港幣千元	港幣千元
		HK$’ 000	HK$’ 000	HK$’ 000
於二零二零年一月一日	At 1 January 2020	2,510,700	23,316	2,534,016
公允價值虧損貨幣換算差額	Fair value losses Currency translation	(482,800)	(225)	(483,025)
	differences	–	1,594	1,594
於二零二零年	At 31 December 2020
十二月三十一日		2,027,900	24,685	2,052,585
年內未變現虧損總額	Total unrealised losses
（就年終所持資產	for the year included in
計入綜合收益表內	the consolidated income
「投資物業公允	statement for assets held at
價值變動」項下）	the end of the year, under
	‘Change in fair value of
	investment properties’	(482,800)	(225)	(483,025)
於二零一九年一月一日	At 1 January 2019	2,483,800	22,297	2,506,097
公允價值收益	Fair value gains	26,900	1,475	28,375
貨幣換算差額	Currencytranslation differences	–	(456)	(456)
於二零一九年	At 31 December 2019
十二月三十一日		2,510,700	23,316	2,534,016
年內未變現收益總額	Total unrealised gains for
（就年終所持資產	the year included in the
計入綜合收益表內	consolidated income statement
「投資物業公允	for assets held at the end of
價值變動」項下）	the year, under ‘Change in fair
	value of investment properties’	26,900	1,475	28,375

投資物業之公允價值已使用直接比較法估值，當中假設可以交吉形式按現狀出售物業，並參考相關市場上可取得之可比較出售交易資料。

Fair values of investment properties have been valued by the direct comparison approach assuming sale of the properties in their existing states with the benefit of vacant possession and by making reference to comparable sales transactions as available in the relevant market.

Wong’s International Holdings Limited Annual Report 2020 187

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

16 投資物業（續）

16 INVESTMENT PROPERTIES (continued)

使用重大無法觀察參數計量公允價值（第3級）（續）

Fair value measurements using significant unobservable inputs (Level 3) (continued)

估值時乃假設擁有人於公開市場出售物業，而並無憑藉遞延條款合約、售後租回、合營企業、管理協議或任何類似安排，以提升有關物業之價值。此外，估值時並無計及任何有關或影響出售該等物業之選擇權或優先購買權，亦並無就一次過出售或售予單一買家之該等物業提供折扣。

The valuation has been made on the assumption that the owners sell the properties in the open market without the benefit of deferred term contracts, leasebacks, joint ventures, management agreements or any similar arrangements which would serve to increase the values of such properties. In addition, no account has been taken of any option or right of pre-emption concerning or affecting the sale of the properties and no allowance has been made for the properties to be sold in one lot or to a single purchaser.

年內，估值技巧並無變動。

There were no changes in valuation techniques during the year.

本集團根據經營租賃租出投資物業，初步為期2至3年，附有選擇權可按重新商定之條款續期。有關租賃概無包含或然租金。截至二零二零年十二月三十一日止年度，投資物業之租金收入總額約為港幣67,476,000元（二零一九年：港幣 71,535,000元），而相關直接開支約為港幣15,201,000元（二零一九年：港幣 15,373,000元）。

The Group leases out the investment properties under operating leases, for an initial period of 2 to 3 years, with an option to renew on renegotiated terms. None of the leases includes contingent rentals. During the year ended 31 December 2020, the gross rental income from investment properties amounted to approximately HK$67,476,000 (2019: HK$71,535,000) and related direct outgoings amounted to approximately HK$15,201,000 (2019: HK$15,373,000).

188 王氏國際集團有限公司 2020 年報

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

17 租賃

17 LEASES

本附註提供有關本集團為承租人的租賃的資料。

This note provides information for leases where the Group is a lessee.

(i) 綜合財務狀況表中的已確認金額
(i) Amounts recognised in the consolidated statement of financial position

綜合財務狀況表列示以下與租賃有關的金額：

The consolidated statement of financial position shows the following amounts relating to leases:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
使用權資產租賃土地及土地使用權工廠及樓宇	Right-of-use assets Leasehold land and land use rights 74,948 Factoryand buildings 35,228	76,105 49,691
	110,176	125,796
租賃負債	Lease liabilities
流動非流動	Current 5,147 Non-current 27,946	19,756 30,583
	33,093	50,339

附註：

二零二零財政年度內增加港幣4,023,000元（二零一九年：港幣41,558,000元）的使用權資產。

Notes:

Additions to the right-of-use assets during the 2020 financial year were HK$4,023,000 (2019: 41,558,000).

於本年度內，經與業主相互協議後，本集團修改租賃，有關使用權資產約為港幣51,000元（二零一九年：無）及有關租賃負債則約為港幣218,000元（二零一九年：無）。

During the year, the Group modified leases with right-of-use assets amounted to approximately HK$51,000 (2019: Nil) and lease liabilities amounted to approximately HK$218,000 (2019: Nil) under the mutual agreement with landlord.

於二零二零年十二月三十一日，若干銀行貸款由賬面值為約港幣 58,518,000元（二零一九年：港幣 60,166,000元）之使用權資產作抵押（附註32）。

As at 31 December 2020, certain bank borrowings are secured on right-of-use assets with a carrying amount of approximately HK$58,518,000 (2019: HK$60,166,000) (Note 32).

Wong’s International Holdings Limited Annual Report 2020 189

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

17 租賃（續）

17 LEASES (continued)

(ii) 綜合收益表中的已確認金額
(ii) Amounts recognised in the consolidated income statement

綜合收益表列示以下與租賃有關的金額：

The consolidated income statement shows the following amounts relating to leases:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
使用權資產的折舊支出租賃土地及土地使用權	Depreciation charge of right-of-use assets Leasehold land and land use rights 2,220	2,226
工廠及樓宇	Factoryand buildings 18,510	14,787
	20,730	17,013
利息開支（計入融資成本）有關短期租賃的開支	Interest expense (included in finance costs) 2,335 Expenses relating to short-term leases	1,181
（計入其他營運開支）	(included in other operatingexpenses) 1,386	217
	3,721	1,398

二零二零年租賃負債的現金流出總額為港幣18,134,000元（二零一九年：港幣14,222,000元）。

The total cash outflow for lease liabilities in 2020 was HK$18,134,000 (2019: HK$14,222,000).

190 王氏國際集團有限公司 2020 年報

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

18 聯營公司的投資

18 INVESTMENTS IN ASSOCIATES

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
聯營公司的投資	Investments in associates
－應佔資產淨值	– Share of net assets	25,719	26,062

應佔資產淨值變動如下：

Movements in share of net assets is as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
於一月一日	At 1 January 26,062	28,235
股息	Dividend (1,500)	(1,500)
應佔聯營公司利潤╱（虧損）Share of profit/(loss) of an associate 949		(636)
應佔聯營公司之貨幣換算	Share of currency translation
差額	differences of an associate 208	(37)
於十二月三十一日	At 31 December 25,719	26,062

於二零二零年及二零一九年十二月三十一日，本集團於以下非上市主要聯營公司擁有權益：

As at 31 December 2020 and 2019, the Group had interests in the following principal associate, which is unlisted:

公司名稱	註冊成立地點		擁有權權益比例	擁有權權益比例	主要業務	計量方法
			Proportion			Measurement
Name of company	Place of incorporation	of ownership interest %			Principal activity	method
		二零二零年		二零一九年
			2020	2019
德盈國際控股有限公司	開曼群島				提供牌照服務及	權益
（「德盈國際控股」）					諮詢服務
Semk International Holdings	Cayman Islands		10	10	Provision of licensing	Equity
Limited (“SIHL”)					services and
					consultancy
					services

本集團有權委任一名德盈國際控股董事會董事，因此被視為對德盈國際控股擁有重大影響力。於二零二零年十二月三十一日後，德盈國際控股進行若干集團重組，於重組後，本集團權益攤薄至 9.37%。

The Group has the right to appoint one director to the Board of SIHL and therefore regarded as having significant influence in SIHL. Subsequent to 31 December 2020, SIHL went through several group restructurings and the Group’s interest is diluted to 9.37% after the restructurings.

Wong’s International Holdings Limited Annual Report 2020 191

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

18 聯營公司的投資（續）

18 INVESTMENTS IN ASSOCIATES (continued)

本集團應佔其聯營公司之收益、業績及應佔資產和負債如下：

The Group’s share of revenue and results of its associate and its assets and liabilities, are as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
總資產	Total assets 296,299	288,923
總負債	Total liabilities (39,108)	(28,302)
資產淨值	Net assets 257,191	260,621
收益	Revenue 99,759	87,215
年度利潤╱（虧損）	Profit/(loss) for the year 9,494	(6,356)

財務資料概要對賬

Reconciliation of summarised financial information

所呈報財務資料與聯營公司的投資之賬面值之對賬。

Reconciliation of the financial information presented to the carrying amount of its interests in the associate.

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
於十二月三十一日之資產淨值Net assets at 31 December		257,191	260,621
應佔資產淨值@10%	Share of net assets @ 10%	25,719	26,062
應佔聯營公司利潤╱	Share of profit/(loss) of an
（虧損）@10%	associate @ 10%	949	(636)

192 王氏國際集團有限公司 2020 年報

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

19 合營企業的權益

19 INTERESTS IN JOINT VENTURES

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
應佔資產淨值	Share of net assets	1,013,979	1,338,210
貸款予合營企業	Loans tojoint ventures	1,134,672	1,166,802
		2,148,651	2,505,012

應佔資產淨值之變動分析如下：

Movements in share of net assets is analysed as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
於一月一日	At 1 January	1,338,210	1,233,289
應佔合營企業（虧損）╱利潤Share of(losses)/profits ofjoint ventures		(324,231)	104,921
於十二月三十一日	At 31 December	1,013,979	1,338,210

於二零二零年十二月三十一日，本集團於以下非上市主要合營企業擁有權益：

As at 31 December 2020, the Group had interests in the following principal joint ventures, which are unlisted:

公司名稱	註冊成立地點	擁有權權益比例	擁有權權益比例		主要業務	關係性質	計量方法
	Place of	Proportion of ownership				Nature of the	Measurement
Name of company	incorporation	interest %			Principal activities	relationship	method
		二零二零年	二零一九年
		2020		2019
Talent Chain Investments	英屬維爾京群島				投資控股	附註	權益
Limited (Note)（附註）	BVI	35.7		35.7	Investment holding	Note	Equity
冠奧投資有限公司（附註）	香港				物業持有	附註	權益
Crown Opal Investment	Hong Kong	35.7		35.7	Property holding	Note	Equity
Limited (Note)	英屬維爾京群島				物業投資	不適用	權益
Open Vantage Limited	BVI	35.7		35.7	Property investment	N/A	Equity

附註： Talent Chain Investments Limited之附屬公司冠奧投資有限公司從事物業持有業務。物業項目指持有位於官塘的商業樓宇，其包括20層辦公室樓層。於二零二零年十二月三十一日，辦公室部分的 98%（二零一九年：90%）已出租及分類為投資物業。

Note: Crown Opal Investment Limited, a subsidiary of Talent Chain Investments Limited, is engaged in the business of property holding. The property project represents the holding of a commercial building in Kwun Tong, which comprises 20-storey of office floors. As at 31 December 2020, 98% (2019: 90%) of the office portion were leased and classified as investment properties.

Wong’s International Holdings Limited Annual Report 2020 193

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

19 合營企業的權益（續）

19 I N T E R E S T S I N J O I N T V E N T U R E S (continued)

Talent Chain Investments Limited、冠奧投資有限公司及Open Vantage Limited為私人公司，其股份並無可取得市場報價。

Talent Chain Investments Limited, Crown Opal Investment Limited and Open Vantage Limited are private companies and there is no quoted market price available for their shares.

以下列載對本集團而言屬重大之合營企業之財務資料概要。

Set out below is the summarised financial information for joint ventures that are material to the Group.

	Talent Chain Investments Limited Open Vantage Limited 總額 Total 二零二零年二零一九年二零二零年二零一九年二零二零年二零一九年 2020 2019 2020 2019 2020 2019 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
資產非流動投資物業	ASSETS Non-current Investment properties 6,825,594 7,726,684 18,700 19,000 6,844,294 7,745,684
非流動資產總額	Total non-current assets 6,825,594 7,726,684 18,700 19,000 6,844,294 7,745,684
流動流動資產總額	Current Total current assets 284,585 618,679 49 49 284,634 618,728
負債流動應付貿易賬款及其他流動負債（不包括金融負債）	LIABILITIES Current Trade payable and other current liabilities (excluding financial liabilities) (187,840) (226,002) (555) (433) (188,395) (226,435)
流動負債總額	Total current liabilities (187,840) (226,002) (555) (433) (188,395) (226,435)
非流動金融負債其他非流動負債	Non-current Financial liabilities (3,586,228) (3,676,228) (4,015) (4,015) (3,590,243) (3,680,243) Other non-current liabilities (510,012) (709,248) – – (510,012) (709,248)
非流動負債總額	Total non-current liabilities (4,096,240) (4,385,476) (4,015) (4,015) (4,100,255) (4,389,491)
資產淨值	Net assets 2,826,099 3,733,885 14,179 14,601 2,840,278 3,748,486

附註：投資物業之公允價值已由獨立估值師以直接比較法及收入資本化法估值。有關投資物業於公允價值等級列為第3級。

Note: Fair values of investment properties have been valued by independent valuer with the direct comparison approach and income capitalisation approach. The investment properties are classified as Level 3 in fair value hierarchy.

194 王氏國際集團有限公司 2020 年報

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

19 合營企業的權益（續）

19 I N T E R E S T S I N J O I N T V E N T U R E S (continued)

		Talent	Chain			總額
		Investments Limited		Open Vantage Limited		Total
		二零二零年	二零一九年	二零二零年	二零一九年	二零二零年	二零一九年
		2020	2019	2020	2019	2020	2019
		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	172,581	179,162	–	–	172,581	179,162
經營開支	Operating expenses	(52,168)	(60,129)	(109)	(127)	(52,277)	(60,256)
行政開支	Administrative expenses	(86)	(1,096)	(13)	(11)	(99)	(1,107)
投資物業公允	Change in fair value of
價值變動	investment properties	(1,207,496)	234,079	(300)	100	(1,207,796)	234,179
持續經營業務之	(Loss)/profit from continuing
（虧損）╱利潤	operation	(1,087,169)	352,016	(422)	(38)	(1,087,591)	351,978
所得稅抵免╱（開支）Income tax credit/(expense)		179,383	(58,083)	–	–	179,383	(58,083)
除所得稅後持續經營	(Loss)/profit after income tax
業務（虧損）╱利潤	from continuing operation	(907,786)	293,933	(422)	(38)	(908,208)	293,895
其他全面收入	Other comprehensive income	–	–	–	–	–	–
全面（虧損）╱收入	Total comprehensive (loss)/
總額	income	(907,786)	293,933	(422)	(38)	(908,208)	293,895

Wong’s International Holdings Limited Annual Report 2020 195

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

19 合營企業的權益（續）

19 I N T E R E S T S I N J O I N T V E N T U R E S (continued)

財務資料概要對賬

Reconciliation of summarised financial information

所呈報財務資料與合營企業權益之賬面值之對賬。

Reconciliation of the financial information presented to the carrying amount of its interests in the joint ventures.

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
於一月一日之資產淨值	Net assets at 1 January 3,748,486	3,454,591
年度（虧損）╱利潤	(Loss)/profit for theyear (908,208)	293,895
於十二月三十一日之	Net assets at 31 December
資產淨值	2,840,278	3,748,486
合營企業之權益及	Interests in joint ventures and
應佔資產淨值@35.7%	share of net assets @ 35.7% 1,013,979	1,388,210
應佔合營企業（虧損）╱	Share of (losses)/profits
利潤@35.7%	of joint ventures @ 35.7% (324,231)	104,921

貸款予合營企業為無抵押、免息及毋須於未來十二個月償還。其指本集團的長期權益，大體上構成本集團於合營企業投資淨額之一部份。董事認為，向合營企業提供之貸款的賬面值與其公允價值相若。該等金額以港幣計值。

The loans to joint ventures are unsecured, interest-free and will not be repaid in the coming twelve months. They represent the Group’s long-term interests that in substance form part of the Group’s net investments in the joint ventures. The Directors consider that the carrying amounts of the loans to the joint ventures approximate their fair values. The amounts are denominated in Hong Kong dollars.

於二零二零年十二月三十一日，本集團並無有關發展項目之資本承擔或或然負債。

As at 31 December 2020, the Group has no capital commitments nor contingent liabilities related to the development project.

196 王氏國際集團有限公司 2020 年報

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

20 附屬公司

20 SUBSIDIARIES

於二零二零年十二月三十一日，主要附屬公司之詳情如下：

Details of the principal subsidiaries as at 31 December 2020 are as follows:

公司名稱	註冊成立地點	已發行及繳足股本	本集團應佔股本權益百分比	本集團應佔股本權益百分比	本集團應佔股本權益百分比	主要業務
			Percentage of
	Place of	Issued and fully	equity interest attributable
Name of company	incorporation	paid share capital	to the	Group		Principal activities
			二零二零年	二零一九年
			2020		2019
	英屬維爾京群島	357美元				投資控股
Bollardbay Limited	BVI	US$357	100%		100%	Investment holding
	英屬維爾京群島	港幣110元				投資控股
Catel (B.V.I.) Limited	BVI	HK$110	100%		100%	Investment holding
易偉有限公司	香港	港幣1元				物業持有
Easywise Limited	Hong Kong	HK$1	100%		100%	Property holding
兆偉實業有限公司	香港	港幣2元				投資控股及作為其直接
						控股公司的代理
Siu Wai Industrial Limited	Hong Kong	HK$2	100%		100%	Investment holding and
						acting as an agent for
						its immediate holding
						company
	英屬維爾京群島	1美元				投資控股
Ubiquitous International Limited	BVI	US$1	100%		100%	Investment holding
	越南	2,500,000美元				製造電子產品
Welco Technology Vietnam	Vietnam	US$2,500,000	100%		100%	Electronic products
Company Limited						manufacturing
華高科技（蘇州）有限公司#	中國	24,000,000美元				製造電子產品
Welco Technology (Suzhou)	PRC	US$24,000,000	100%		100%	Electronic products
Limited#						manufacturing
華高王氏科技（深圳）有限公司#	中國	30,000,000美元				製造電子產品
Welco Wong’s Technology	PRC	US$30,000,000	100%		100%	Electronic products
(Shenzhen) Limited#						manufacturing

Wong’s International Holdings Limited Annual Report 2020 197

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

公司名稱
註冊成立地點
已發行及繳足股本
本集團應佔股本權益百分比
主要業務
Name of company
Place of
incorporation
Issued and fully
paid share capital
Percentage of
equity interest attributable
to the Group
Principal activities
二零二零年
二零一九年
2020
2019
20 SUBSIDIARIES (continued)
附屬公司（續）

華納科技（深圳）有限公司#
中國
7,500,000美元
製造電子產品
Wellop Technology (Shenzhen)
Limited#
PRC
US$7,500,000
100%
100%
Electronic products
manufacturing
新加坡
102,799,653
新加坡元
投資控股
Wong’s Circuits (Holdings)
Pte Ltd
Singapore
S$102,799,653
100%
100%
Investment holding
王氏電子有限公司
香港
港幣1,000,000元
電子產品貿易
Wong’s Electronics Company
Limited
Hong Kong
HK$1,000,000
100%
100%
Electronic products
trading
王氏工業（集團）有限公司
香港
港幣500元
投資控股
Wong’s Industrial (Holdings)
Limited
Hong Kong
HK$500
100%
100%
Investment holding
日本
20,000,000日圓
銷售及市場拓展
Wong’s International Japan Inc.
Japan
JPY20,000,000
100%
100%
Sales and marketing
美國
10,000美元
市場拓展
Wong’s International USA
Corporation
United States of
America
US$10,000
100%
100%
Marketing
王氏策略有限公司
香港
港幣100元
電子產品貿易
Wong’s Strategic Limited
Hong Kong
HK$100
100%
100%
Electronic products
trading

根據中國法律，此公司為外商獨資企業。 # The company is a wholly-owned foreign enterprise under PRC law.

198 王氏國際集團有限公司 2020 年報

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

20 附屬公司（續）

上表列出對本集團業績有重大影響或佔本集團主要部分資產淨值之主要附屬公司。本公司董事及本集團管理層認為，載列其他附屬公司之全部詳情將過分冗長。

概無披露擁有非控股權益之附屬公司之財務資料概要，因為董事認為該等附屬公司並不重要。

截至二零二零年十二月三十一日止年度內任何時間，附屬公司概無任何已發行貸款資本。

21 按公允價值計入其他全面收入的金融資產
(i) 按公允價值計入其他全面收入的金融資產之分類

按公允價值計入其他全面收入的金融資產包括並非持作買賣的股本證券，且本集團已於初步確認時不可撤回地選擇將其於此類別內確認。該等證券為策略投資，且本集團認為此分類更有相關性。

20 SUBSIDIARIES (continued)

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

No summarised financial information for subsidiary that has non-controlling interests is disclosed as the Directors consider they are not material.

None of the subsidiaries had any loan capital in issue at any time during the year ended 31 December 2020.

21 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

(i) Classification of financial assets at fair value through other comprehensive income

Financial assets at fair value through other comprehensive income comprise equity securities which are not held for trading, and which the Group has irrevocably elected at initial recognition to recognise in this category. These are strategic investments and the Group considers this classification to be more relevant.

Wong’s International Holdings Limited Annual Report 2020 199

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

21 按公允價值計入其他全面收入的金融資產（續）

21 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (continued)

(ii) 按公允價值計入其他全面收入的股權投資

(ii) Equity investments at fair value through other comprehensive income

按公允價值計入其他全面收入的股權投資包括以下個別投資：

Equity investments at fair value through other comprehensive income comprise the following individual investments:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
上市股本證券－於香港上市－於香港境外上市非上市股本證券	Listed equity securities －Listed in Hong Kong 28 －Listed outside Hong Kong 14 Unlisted equitysecurities 7,440	126 30 4,319
	7,482	4,475
上市證券市值	Market value of listed securities 42	156
	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
非流動流動	Non-current 7,454 Current 28	4,349 126
總計	Total 7,482	4,475

截至二零二零年十二月三十一日止年度確認按公允價值計入其他全面收入的金融資產之公允價值變動為港幣507,000元（二零一九年：港幣113,000元）。

The changes in fair value of financial assets at fair value through other comprehensive income of HK$507,000 (2019: HK$113,000) was recognised for the year ended 31 December 2020.

200 王氏國際集團有限公司 2020 年報

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

22 遞延所得稅資產╱（負債）

22 DEFERRED INCOME TAX ASSETS/ (LIABILITIES)

以下為遞延所得稅資產及遞延所得稅負債分析：

The analysis of deferred income tax assets and deferred income tax liabilities is as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
遞延所得稅資產	Deferred income tax assets	27,301	27,642
遞延所得稅負債	Deferred income tax liabilities	(70,136)	(72,293)
遞延稅項負債淨值	Net deferred tax liabilities	(42,835)	(44,651)

遞延所得稅賬目變動總額如下：

The movements on the deferred income tax account is as follows:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
於一月一日於綜合收益表確認	At 1 January (44,651) Recognised in the consolidated income	(77,492)
（附註12）	statement (Note 12) (3,398)	32,971
於其他全面收入確認貨幣換算差額	Recognised in other comprehensive income 3,704 Currencytranslation differences 1,510	389 (519)
於十二月三十一日	At 31 December (42,835)	(44,651)

Wong’s International Holdings Limited Annual Report 2020 201

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

22 遞延所得稅資產╱（負債）（續）

22 DEFERRED INCOME TAX ASSETS/ (LIABILITIES) (continued)

未計入抵銷同一稅務機關之結餘前，遞延所得稅資產及負債於年內之變動如下：

The movements in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:

遞延所得稅資產：

Deferred income tax assets:

						衍生工具
		減速稅項折舊	撥備	政府補助	稅項虧損	公允價值	總額
		Decelerated
		tax		Government		Fair value
		depreciation	Provision	grant	Tax loss	of derivative	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
於二零一九年一月	At 1 January 2019
一日		4,547	12,781	3,557	–	294	21,179
於綜合收益表計入	Credited to the consolidated
	income statement	4,854	3,483	1,658	564	–	10,559
於其他全面收入計入	Credited to the other
	comprehensive income	–	–	–	–	389	389
貨幣換算差額	Currency translation differences	(182)	(298)	(97)	–	–	(577)
於二零一九年	At 31 December 2019
十二月三十一日於綜合收益表扣除	Charged to the consolidated	9,219	15,966	5,118	564	683	31,550
於其他全面收入計入	income statement Credited to the other	(1,338)	(5,919)	(1,290)	–	–	(8,547)
	comprehensive income	–	–	–	–	3,704	3,704
貨幣換算差額	Currency translation
	differences	409	714	276	–	–	1,399
於二零二零年十二月	At 31 December 2020
三十一日		8,290	10,761	4,104	564	4,387	28,106

遞延所得稅負債：

Deferred income tax liabilities:

			物業公允
		加速稅項折舊	價值調整	總額
		Accelerated	Fair value
		tax	adjustment
		depreciation	on properties	Total
		港幣千元	港幣千元	港幣千元
		HK$’000	HK$’000	HK$’000
於二零一九年一月一日	At 1 January 2019	(5,471)	(93,200)	(98,671)
於綜合收益表（扣除）╱計入	(Charged)/credited to the
	consolidated income statement	(5,042)	27,454	22,412
貨幣換算差額	Currency translation differences	58	–	58
於二零一九年十二月三十一日於綜合收益表計入	At 31 December 2019 Credited to the consolidated	(10,455)	(65,746)	(76,201)
貨幣換算差額	income statement Currency translation differences	1,363 111	3,786 –	5,149 111
於二零二零年十二月三十一日	At 31 December 2020	(8,981)	(61,960)	(70,941)

202

王氏國際集團有限公司 2020 年報

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

22 遞延所得稅資產╱（負債）（續）

22 DEFERRED INCOME TAX ASSETS/ (LIABILITIES) (continued)

遞延所得稅資產乃因應相關稅務利益可能透過未來應課稅利潤變現而就所結轉之稅項虧損進行確認。於二零二零年十二月三十一日，本集團可用以抵銷未來利潤之估計未動用稅項虧損約為港幣258,788,000元（二零一九年：港幣 169,668,000元）。由於透過該等結轉之稅項虧損之未來應課稅利潤變現有關稅項利益的機會不高，故未就稅項虧損確認遞延稅項資產。香港附屬公司的稅項虧損約港幣215,493,000元可無限期結轉，而中國附屬公司的稅項虧損約港幣43,295,000元則可結轉至二零二五年。

Deferred income tax assets are recognised for tax loss carry-forwards to the extent that the realisation of the related tax benefit through future taxable profits is probable. As at 31 December 2020, the Group has estimated unused tax losses of approximately HK$258,788,000 (2019: HK$169,668,000) available for offsetting against future profits. No deferred tax asset has been recognised in respect of the tax losses as the realisation of the related tax benefit through future taxable profit from these tax loss carry-forwards is not probable. The tax losses amounted to approximately HK$215,493,000 from Hong Kong subsidiaries can be carried forward indefinitely, the tax losses amounted to approximately HK$43,295,000 from PRC subsidiaries can be carried forward until 2025.

未就若干於中國註冊成立的附屬公司的未分派保留利潤的預扣稅確認遞延稅項負債，此乃由於分派該等未分派保留盈利的機會不高。於二零二零年十二月三十一日，本集團於中國註冊成立的附屬公司合共擁有約港幣1,306,202,000 元（二零一九年：港幣1,155,151,000 元）之未分派保留利潤。就中國註冊成立之附屬公司所分派股息之適用預扣稅率介乎5%至10%。

No deferred tax liability has been recognised in respect of the withholding tax on the undistributed retained profits of certain PRC incorporated subsidiaries as the distribution of these undistributed retained earnings is not probable. As at 31 December 2020, the Group’s PRC incorporated subsidiaries have approximately HK$1,306,202,000 (2019: HK$1,155,151,000) undistributed retained profits in aggregate. The applicable withholding tax rate on dividend distributed by PRC incorporated subsidiaries is ranged from 5% to 10%.

23 存貨

23 INVENTORIES

存貨	23 INVENTORIES
		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
原材料	Raw materials	150,521	120,596
在製品	Work in progress	57,986	51,832
製成品	Finishedgoods	105,059	146,806
		313,566	319,234

Wong’s International Holdings Limited Annual Report 2020 203

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

23 存貨（續）

23 INVENTORIES (continued)

截至二零二零年十二月三十一日止年度，存貨撥備撥回港幣30,592,000 元（二零一九年：存貨撥備港幣 27,850,000元）在綜合收益表內的「所使用之原料及消耗品」確認。

During the year ended 31 December 2020, the reversal of provision for inventories of HK$30,592,000 (2019: the provision for inventories of HK$27,850,000) was recognised in ‘raw materials and consumables used’ in the consolidated income statement.

24 已完成物業存貨

24 STOCK OF COMPLETED PROPERTIES

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
於一月一日	At 1 January	236,350	368,365
已完成物業存貨之減值	Impairment losses of stock of
虧損	completed properties	(22,940)	–
出售已完成物業存貨	Sales of stock of completedproperties	–	(132,015)
於十二月三十一日	At 31 December	213,410	236,350

已完成物業存貨包括：

Stock of completed properties comprised:

二零二零年 2020 港幣千元 HK$’ 000	二零一九年 2019 港幣千元 HK$’000
商業辦公室單位 Commercial office units 193,060 車位 Carparkingspace 20,350	216,000 20,350
213,410	236,350

於二零二零年十二月三十一日，已完成物業存貨全部均位於香港，並按可變現淨值港幣213,410,000元（二零一九年：港幣236,350,000元）列值，其已在綜合收益表內確認減值虧損淨額港幣 22,940,000元（二零一九年：無）。已完成物業存貨已抵押作為本集團貸款之抵押品（附註32）。

As at 31 December 2020, stock of completed properties are all located in Hong Kong and carried at net realisable value amounted to HK$213,410,000 (2019: HK$236,350,000) with net impairment loss of HK$22,940,000 (2019: Nil) was recognised in the consolidated income statement. The stock of completed properties were pledged as collateral for the Group’s borrowings (Note 32).

204 王氏國際集團有限公司 2020 年報

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

25 應收貿易賬款

25 TRADE RECEIVABLES

			二零二零年	二零一九年
			2020	2019
			港幣千元	港幣千元
			HK$’ 000	HK$’000
應收貿易賬款減：應收貿易賬款之減值	Trade Less:	receivables allowance for impairment	914,115	878,695
撥備		of trade receivables	(1,974)	(2,564)
			912,141	876,131

本集團給予貿易客戶之賒賬期主要介乎30日至120日不等，且並無收取任何利息。

The credit period allowed by the Group to its trade customers mainly ranges from 30 days to 120 days and no interest is charged.

本集團設有既定信貸政策。一般信貸期為一至三個月。每位客戶均有最高信貸額。本集團設法維持嚴格控制其被拖欠之應收款項，以減低信貸風險。本集團並無就應收貿易賬款結餘持有任何抵押品或採用其他信貸提升措施。高級管理人員定期檢討逾期結餘。應收貿易賬款乃不計息。

A defined credit policy is maintained within the Group. The general credit terms range from one to three months. Each customer has a maximum credit limit. The Group seeks to maintain strict control over its outstanding receivables to minimise its credit risk. The Group does not hold any collateral or other credit enhancements over its trade receivable balances. Overdue balances are regularly reviewed by senior management. Trade receivables are non-interest-bearing.

本集團應收貿易賬款按發票日期之賬齡分析如下：

Ageing analysis of the Group’s trade receivables by invoice date is as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
0至60日	0 - 60 days	572,521	550,971
61至90日	61 - 90 days	186,848	154,132
超過90日	Over 90 days	154,746	173,592
		914,115	878,695

本集團應用香港財務報告準則第9號計量預期信貸虧損之簡化方法，就所有應收貿易賬款使用年期預期虧損撥備。附註3.1(b)提供有關計算該撥備之詳情。

The Group applies the HKFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Note 3.1(b) provides for details about the calculation of the allowance.

應收貿易賬款之賬面值與公允價值相若。

The carrying amount of trade receivables approximate their fair values.

Wong’s International Holdings Limited Annual Report 2020 205

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

25 應收貿易賬款（續）

25 TRADE RECEIVABLES (continued)

本集團應收貿易賬款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s trade receivables are denominated in the following currencies:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
美元	United States dollar	371,249	499,638
人民幣	Chinese renminbi	489,534	306,516
港幣	HongKongdollar	53,332	72,541
		914,115	878,695

26 預付款項、訂金及其他應收賬款 26 PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

	RECEIVABLES
	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
固定資產之按金預付存貨應收增值稅應收實際租金管理費及公共事業按金應收銀行利息收入其他應收賬款及預付款項	Deposits for fixed assets 6,568 Prepayments for inventories 17,377 Value added tax receivables 8,127 Effective rent receivable 1,223 Management and utility deposit 5,539 Bank interest income receivables 5,180 Other receivables andprepayments 57,459	15,225 5,487 4,207 2,539 5,539 8,690 53,708
減：非流動部份	101,473 Less: non-currentportion (12,107)	95,395 (20,537)
流動部份	Current portion 89,366	74,858

預付款項、訂金及其他應收賬款之賬面值以下列貨幣計值：

The carrying amounts of prepayments, deposits and other receivables are denominated in the following currencies:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
人民幣	Chinese renminbi 31,376	37,398
美元	United States dollar 880	4,339
港幣	Hong Kong dollar 64,634	48,858
日圓	Japanese yen 1,679	4,737
越南盾其他	Vietnam dong 2,128 Others 776	– 63
	101,473	95,395

206 王氏國際集團有限公司 2020 年報

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

27 應收聯營公司款項

27 AMOUNTS DUE FROM ASSOCIATES

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
應收聯營公司款項	Amounts due from associates	–	14

應收聯營公司款項為無抵押、免息及無預定還款期。賬面值與彼等之公允價值相若。

The amounts due from associates were unsecured, interest-free and without pre-determined repayment terms. The carrying amounts approximated their fair values.

28 現金及現金等價物、短期銀行存款及受限制現金

28 CASH AND CAS H EQUIV ALENT S, SHORT-TERM BANK DEPOSITS AND RESTRICTED CASH

	RESTRICTED CASH
	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
手頭現金	Cash on hand 346	332
銀行存款	Cash at bank 679,856	542,982
現金及現金等價物原到期日為超過三個月之	Cash and cash equivalents 680,202 Short-term bank deposits with original	543,314
短期銀行存款	maturity over three months 738,916	641,886
受限制現金	Restricted cash 2,981	25,949
現金及現金等價物及	Cash and cash equivalents and
短期銀行存款	short-term bank deposits 1,422,099	1,211,149

Wong’s International Holdings Limited Annual Report 2020 207

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

28 現金及現金等價物、短期銀行存款及受限制現金（續）

28 CASH AND CAS H EQUIV ALENT S, SHORT-TERM BANK DEPOSITS AND RESTRICTED CASH (continued)

現金及現金等價物、短期銀行存款及受限制現金以下列貨幣計值：

Cash and cash equivalents, short-term bank deposits and restricted cash were denominated in the following currencies:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
港幣	Hong Kong dollar 65,785	97,042
人民幣	Chinese renminbi 481,266	254,051
美元	United States dollar 863,276	853,450
其他	Others 11,772	6,606
	1,422,099	1,211,149

銀行存款之加權平均實際年利率為 2.66%（二零一九年：3.60%）。

The weighted average effective interest rate on bank deposits was 2.66% (2019: 3.60%) per annum.

銀行存款按基於每日銀行存款利率之浮動利率賺取利息。

Cash at bank earns interest at floating rates based on daily bank deposit rates.

現金及短期存款港幣1,218,098,000元（二零一九年：港幣966,646,000元）乃於中國持有，須遵守當地外匯管控規定。該等當地外匯管控規定載列對從國家出口資金的限制，不包括透過一般股息。

Cash and short-term deposits of HK$1,218,098,000 (2019: HK$966,646,000) are held in China and are subject to local exchange control regulations. These local exchange control regulations provide for restrictions on exporting capital from the country, other than through normal dividends.

於二零二零年十二月三十一日，港幣 2,981,000元為於銀行持有作為電力按金儲備的受限制存款，其以人民幣計值，並將會於二零二二年十一月到期。於二零一九年十二月三十一日，港幣 25,949,000元（當中港幣11,580,000元分類為流動資產）為於銀行持有作為電力按金及海關保證金儲備的受限制存款，其以人民幣計值，並將會於二零二零年十二月至二零二一年六月到期。

As at 31 December 2020, HK$2,981,000 were restricted deposits held at bank as reserve for electricity deposits and are denominated in Chinese renminbi which will mature in November 2022. As at 31 December 2019, HK$25,949,000 which will mature from December 2020 to June 2021, of which HK$11,580,000 was classified under current assets, were restricted deposits held at bank as reserve for electricity deposits and custom deposits and are denominated in Chinese renminbi.

208 王氏國際集團有限公司 2020 年報

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

29 衍生金融工具

29 DERIVATIVE FINANCIAL INSTRUMENTS

衍生工具僅用作經濟對沖用途而非投機。然而，倘衍生工具不符合對沖標準，則會就下列入賬目的而分類為「持作買賣」。本集團有以下衍生金融工具：

Derivatives are only used for economic hedging purposes and not as speculative investments. However, where derivatives do not meet the hedging criteria, they are classified as ‘held for trading’ for accounting purposes below. The Group has the following derivative financial instruments:

二零二零年 2020 資產負債 Assets Liabilities 港幣千元港幣千元 HK$’ 000 HK$’ 000	二零二零年 2020 資產負債 Assets Liabilities 港幣千元港幣千元 HK$’ 000 HK$’ 000	二零一九年 2019 資產負債 Assets Liabilities 港幣千元港幣千元 HK$’000 HK$’000
利率掉期－持作買賣 Interest rate swaps – held-for-trading – 利率掉期－現金流量對沖 Interest rate swaps – cash flow hedge –	–	1 – 75 4,217
	26,592
–	26,592	76 4,217

未完利率掉期合約於二零二零年十二月三十一日之名義本金額為港幣 1,000,000,000元（二零一九年：港幣 1,003,450,000元）。

The notional principal amount of the outstanding interest rate swap contract at 31 December 2020 was HK$1,000,000,000 (2019: HK$1,003,450,000).

衍生工具分類為按公允價值計入損益的金融資產及負債並以按公允價值計入損益之方式入賬，除非指定為對沖工具則作別論。倘衍生工具預期於報告期末後十二個月內結算，即會呈列為流動資產或負債。有關未完利率掉期並將會於二零二二年（二零一九年：二零二二年）到期。

Derivatives are classified as financial assets and liabilities at fair value through profit or loss and accounted for at fair value through profit or loss unless they are designated as hedges. They are presented as current assets or liabilities if they are expected to be settled within twelve months after the end of the reporting period. The outstanding interest rate swaps will mature in 2022 (2019: 2022).

本集團有關現金流量對沖之會計政策載於附註2.10。有關釐定衍生工具公允價值所用之方法及假設請參閱附註3.3。

The Group’s accounting policy for its cash flow hedges is set out in Note 2.10. For information about the methods and assumptions used in determining the fair value of derivatives please refer to Note 3.3.

Wong’s International Holdings Limited Annual Report 2020 209

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

30 應付貿易賬款

30 TRADE PAYABLES

本集團應付貿易賬款按發票日期之賬齡分析如下：

Ageing analysis of the Group’s trade payables by invoice date is as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
0至60日	0 - 60 days	586,833	520,152
61至90日	61 - 90 days	40,407	100,299
超過90日	Over 90 days	41,038	53,198
		668,278	673,649

本集團應付貿易賬款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s trade payables are denominated in the following currencies:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
港幣	Hong Kong dollar 147,599	165,675
人民幣	Chinese renminbi 107,204	210,545
美元	United States dollar 378,968	267,181
日圓	Japanese yen 13,184	8,350
歐元	Euro 20,535	21,654
越南盾其他	Vietnam dong 556 Others 232	– 244
	668,278	673,649

210 王氏國際集團有限公司 2020 年報

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

31 應計費用及其他應付賬款

31 ACCRUALS AND OTHER PAYABLES

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
應計僱員福利成本 Accrued employee benefit costs 113,608 其他應付稅項 Other tax payables 6,492 應計航運、交付及儲存費用Accrued freight, delivery and storage		97,831 2,814
應計公共事業費用應計應付建築費政府補助相關的遞延收入	charges 13,721 Accrued utilities charges 1,362 Accrued construction payables 21,123 Deferred income in relation to	13,510 1,350 19,158
其他	government grant 16,936 Others 30,125	21,125 47,894
減：非流動部分	203,367 Less: non-currentportion (11,290)	203,682 (15,844)
流動部分	Current portion 192,077	187,838

本集團應計費用及其他應付賬款之賬面值以下列貨幣計值：

The carrying amounts of the Group’s accruals and other payables are denominated in the following currencies:

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
人民幣	Chinese renminbi 115,724	117,743
港幣	Hong Kong dollar 63,528	78,601
美元	United States dollar 19,341	5,524
越南盾	Vietnam dong 3,160	1,264
日圓其他	Japanese yen 1,324 Others 290	246 304
	203,367	203,682

Wong’s International Holdings Limited Annual Report 2020 211

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

32 BORROWINGS
二零二零年
二零一九年
2020
2019
港幣千元
港幣千元
HK$’ 000
HK$’000
信託收據銀行貸款，無抵押Trust receipt bank loans, unsecured
324,943
237,773
短期銀行貸款，無抵押
Short-term bank loans, unsecured
410,000
320,000
部分長期銀行貸款，
於一年內償還，有抵押
Portion of long-term bank loans due for
repayment within one year, secured
119,065
151,848
部分長期銀行貸款，
於一年後償還，有抵押
Portion of long-term bank loans due for
repayment after oneyear, secured
1,184,662
1,226,565
總貸款
Total borrowings
2,038,670
1,936,186
二零二零年
二零一九年
2020
2019
港幣千元
港幣千元
HK$’ 000
HK$’000
非流動
Non-current
1,184,662
1,226,565
流動
Current
854,008
709,621
總貸款
Total borrowings
2,038,670
1,936,186
At 31 December 2020, the Group’s borrowings
were repayable as follows:
二零二零年
二零一九年
2020
2019
港幣千元
港幣千元
HK$’ 000
HK$’000
1年內
Within 1 year
854,008
709,621
1至2年
Between 1 and 2 years
435,008
700,247
2至5年
Between 2 and 5years
749,654
526,318
總貸款
Total borrowings
2,038,670
1,936,186
貸款
於二零二零年十二月三十一日，本集團
貸款之償還情況如下：

212 王氏國際集團有限公司 2020 年報

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

32 貸款（續）

32 BORROWINGS (continued)

於二零二零年十二月三十一日，港幣 1,303,727,000元（二零一九年：港幣 1,378,413,000元）之長期銀行貸款以下列各項為保證：

As at 31 December 2020, the long-term bank loans of HK$1,303,727,000 (2019: HK$1,378,413,000) were secured by the following:

於二零二零年十二月三十一日，賬面值約港幣20,911,000元（二零一九年：港幣21,499,000元）之物業、廠房及設備、賬面值約港幣 58,518,000元（二零一九年：港幣 60,166,000元）之使用權資產、賬面值約港幣1,579,000,000元（二零一九年：港幣2,501,100,000元）之投資物業及賬面值約港幣 213,410,000元（二零一九年：港幣236,350,000元）之已完成物業存貨之押記；
As at 31 December 2020, charges over property, plant and equipment with carrying amount of approximately HK$20,911,000 (2019: HK$21,499,000), right-of-use assets with carrying amount of approximately HK$58,518,000 (2019: HK$60,166,000), i n v e s t m e n t p r o p e r t i e s w i t h c a r r y i n g amount of approximately 1,579,000,000 (2019: HK$2,501,100,000) and stock of completed properties with carrying amount of approximately HK$213,410,000 (2019: HK$236,350,000);
本集團於合營企業Talent Chain Investments Limited之25.7%（二零一九年：25.7%）份額之股份押記；
A share charge over the Group’s 25.7% (2019: 25.7%) share of Talent Chain Investments Limited, a joint venture of the Group;
本公司一家間接全資附屬公司所提供上限為港幣760,000,000元之擔保。
A guarantee limited to HK$760,000,000 from an indirect wholly-owned subsidiary of the Company.
於二零二零年十二月三十一日，本集團之貸款由本公司提供之企業擔保作保證。

As at 31 December 2020, the Group’s borrowings were secured by the corporate guarantee given by the Company.

除上述各項外，本集團已同意遵守某些銀行施加之若干財務限制契約。

In addition to the above, the Group has agreed to comply with certain restrictive financial covenants imposed by certain banks.

因流動貸款之到期日較短，故其賬面值與公允價值相若。

The carrying amounts of the current borrowings approximate their fair values due to their short maturities.

Wong’s International Holdings Limited Annual Report 2020 213

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

32 貸款（續）

32 BORROWINGS (continued)

非流動貸款之賬面值與其公允價值相若。公允價值乃根據按貸款利率2.62% （二零一九年：3.32%）折現之現金流，並屬於公允價值等級第2級。

The carrying amount of the non-current borrowing approximates its fair value. The fair value is based on the cash flow discounted using a rate based on the borrowing rate of 2.62% (2019: 3.32%) and is within Level 2 of the fair value hierarchy.

本集團貸款之賬面值以港幣計值。

The carrying amounts of the Group’s borrowings are denominated in Hong Kong dollar.

貸款於報告期末之實際年利率如下：

The effective annual interest rates of borrowings at the end of the reporting periods are as follows:

		二零二零年	二零一九年
		2020	2019
長期銀行貸款	Long-term bank loan	1.30% -1.78%	3.80% -4.36%
信託收據銀行貸款	Trust receipt bank loans	0.77% -1.29%	2.54% -3.39%
短期銀行貸款	Short-term bank loans	1.10% -1.45%	3.68% -3.75%

33 股本

33 SHARE CAPITAL

股本	33 SHARE CAPITAL
	股份數目	面值
	Number of	Nominal
	shares	value
		港幣千元
		HK$’000
每股面值港幣0.10元之普通股法定股本：	Ordinary shares of HK$0.10 each Authorised:
於二零一九年一月一日、	At 1 January 2019,
二零一九年十二月三十一日及	31 December 2019 and
二零二零年十二月三十一日	31 December 2020 700,000,000	70,000
已發行及繳足股本：於二零一九年一月一日、	Issued and fully paid: At 1 January 2019,
二零一九年十二月三十一日及	31 December 2019 and
二零二零年十二月三十一日	31 December 2020 478,483,794	47,848

年內，本公司或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。

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

214 王氏國際集團有限公司 2020 年報

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

4,772,341 (235)	4,772,106 266,327 113 (2,360) 389 (35,135) (43,064) –	4,958,376	4,958,376 (761,678) 507 (22,450) 3,704 131,392 (23,925) –	4,285,926
4 –	4 – – – – – – –	4	4 (4) – – – – – –	–
4,772,337 (235)	4,772,102 266,327 113 (2,360) 389 (35,135) (43,064) –	4,958,372	4,958,372 (761,674) 507 (22,450) 3,704 131,392 (23,925) –	4,285,926
4,267,389 (235)	4,267,154 266,327 – – – – (43,064) (13,617)	4,476,800	4,476,800 (761,674) – – – – (23,925) (4,159)	3,687,042
(1,488) –	(1,488) – – (2,360) 389 – – –	(3,459)	(3,459) – – (22,450) 3,704 – – –	(22,205)
(105,769) –	(105,769) – – – – (35,135) – –	(140,904)	(140,904) – – – – 131,392 – –	(9,512)
126,201 –	126,201 – – – – – – 13,617	139,818	139,818 – – – – – – 4,159	143,977
1,075 –	1,075 – 113 – – – – –	1,188	1,188 – 507 – – – – –	1,695
331,559 –	331,559 – – – – – – –	331,559	331,559 – – – – – – –	331,559
345 –	345 – – – – – – –	345	345 – – – – – – –	345
153,025 –	153,025 – – – – – – –	153,025	153,025 – – – – – – –	153,025
於二零一九年一月一日 At 1 January 2019 採納香港財務報告準則第16號之影響 Effect on adoption of HKFRS 16	經重列於二零一九年一月一日 Restated as at 1 January 2019 年度利潤 Profit for the year 按公允價值計入其他全面收入的金融資產公允價值變動 Changes in fair value of financial assets at fair value through other comprehensive income 現金流量對沖－年度公允價值虧損 Cash flow hedge – fair value losses for the year 現金流量對沖－已確認遞延所得稅 Cash flow hedge – deferred income tax recognised 貨幣換算差額 Currency translation differences 已付股息 Dividends paid 轉撥至法定儲備 Transfer to statutory reserve	於二零一九年十二月三十一日 At 31 December 2019	於二零二零年一月一日 At 1 January 2020 年度虧損 Loss for the year 按公允價值計入其他全面收入的金融資產公允價值變動 Changes in fair value of financial assets at fair value through other comprehensive income 現金流量對沖－年度公允價值虧損 Cash flow hedge – fair value losses for the year 現金流量對沖－已確認遞延所得稅 Cash flow hedge – deferred income tax recognised 貨幣換算差額 Currency translation differences 已付股息 Dividends paid 轉撥至法定儲備 Transfer to statutory reserve	於二零二零年十二月三十一日 At 31 December 2020

Wong’s International Holdings Limited Annual Report 2020 215

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

34 儲備（續）

34 RESERVES (continued)

附註a：本集團之實繳盈餘指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。

Note a: 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.

附註b：中國內地法規訂明，本公司於中國內地成立及經營之附屬公司須分配一部份除稅後利潤（抵銷過往年度虧損後）至一般儲備及企業擴展基金。
Note b: As stipulated by regulations in Mainland China, the Company’s subsidiaries established and operated in Mainland China are required to appropriate a portion of their after - tax profit (after offsetting prior years’ losses) to the general reserve and the enterprise expansion fund.

就一般儲備而言，根據中國會計法例及法規之釐定，中國實體須將其純利至少10%轉撥至法定一般儲備。有關數額須於向權益股東作出股息分派前轉撥至該儲備。當儲備結餘達到各實體註冊資本之50%，則可選擇作出任何進一步之分配。一般儲備可用於抵銷過往年度虧損或用於發行紅股股份。

For the general reserve, the PRC entities are required to transfer at least 10% of its net profit, as determined under the PRC accounting rules and regulations, to the statutory general reserve. The transfer to this reserve must be made before distribution of dividends to equity owners. When the balance of reserve reaches 50% of each entity’s registered capital, any further appropriation is optional. The general reserve can be utilised to offset prior year losses or be utilised for the issuance of bonus shares.

就企業擴展基金而言，分配之百分比乃由董事每年釐定。企業擴展基金可用於業務經營發展。

For the enterprise expansion fund, the percentage of appropriation is determined annually by the directors. The enterprise expansion fund can be utilised for the development of business operations.

截至二零二零年十二月三十一日止年度，港幣4,159,000元（二零一九年：港幣13,617,000元）獲分配至一般儲備及企業擴展基金。

D u r i n g t h e y e a r e n d e d 3 1 D e c e m b e r 2 0 2 0 , HK$4,159,000 (2019: HK$13,617,000) was appropriated to the general reserve and the enterprise expansion fund.

216 王氏國際集團有限公司 2020 年報

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

35 綜合現金流量表

35 C O N S O L I D A T E D C A S H F L O W STATEMENTS
(a) 除所得稅前（虧損）╱利潤與營運產生的現金淨額之對賬如下：
(a) Reconciliation of (loss)/profit before income tax to net cash generated from operations is as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
營運活動	Operating activities
除所得稅前（虧損）╱	(Loss)/profit before income tax
利潤就下列各項調整：	Adjustments for:	(735,630)	304,569
融資成本－淨額應佔合營企業	Finance costs – net Share of losses/(profits) of joint ventures	37,292	44,873
虧損╱（利潤）		324,231	(104,921)
應佔一家聯營公司	Share of (profit)/loss of an associate
（利潤）╱虧損		(949)	636
折舊	Depreciation	70,921	69,204
金融工具之未變現收益	Unrealised gains on financial instrument	–	(20)
出售物業、廠房及	Gains on disposals of property,
設備之收益	plant and equipment	(198)	(288)
應收貿易賬款之減值	(Reversal)/provision of impairment
虧損（撥回）╱撥備	losses on trade receivables	(590)	698
租賃修改的收益已完成物業存貨之	Gains on lease modification Impairment losses of stock of	(167)	–
減值虧損	completed properties	22,940	–
投資物業的公允價值	Change in fair value of investment
變動	properties	483,025	(28,375)
營運資金變動前之	Operating cash flows before changes in
經營現金流量	working capital	200,875	286,376
存貨已完成物業存貨	Inventories Stock of completed properties	25,734 –	175,279 132,015
應收貿易賬款預付款項、訂金	Trade receivables Prepayments, deposits and other	5,492	54,236
及其他應收賬款應付貿易賬款	receivables Trade payables	(3,592) (24,630)	12,354 (82,504)
應計費用及其他	Accruals and other payables
應付賬款合約負債	Contract liabilities	(9,084) 16,725	(32,620) 17,472
營運產生的現金	Cash generated from operations	211,520	562,608

Wong’s International Holdings Limited Annual Report 2020 217

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

35 綜合現金流量表（續）

35 C O N S O L I D A T E D C A S H F L O W STATEMENTS (continued)
(b) 在現金流量表內，出售物業、廠房及設備所得款項包括：
(b) In the cash flow statement, proceeds from disposals of property, plant and equipment comprise:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
賬面淨值出售物業、廠房及	Net book amount Gains on disposals of property,	589	1,768
設備之收益	plant and equipment	198	288
出售物業、廠房及	Proceeds from disposals of property,
設備所得款項	plant and equipment	787	2,056

(c) 債務淨額對賬

(c) Net debt reconciliation

本節載列於各呈列期間債務淨額分析及債務淨額變動。

This section sets out an analysis of net debt and the movements in net debt for each of the period presented.

	二零二零年	二零一九年
	2020	2019
	港幣千元	港幣千元
	HK$’ 000	HK$’000
短期銀行存款	Short-term bank deposits 738,916	641,886
現金及現金等價物	Cash and cash equivalents 680,202	543,314
租賃負債－流動部份	Lease liabilities – current portion (5,147)	(19,756)
租賃負債－非流動部份	Lease liabilities – non-current portion (27,946)	(30,583)
貸款－須於一年內償還	Borrowings – repayable within one year (854,008)	(709,621)
貸款－須於一年後償還	Borrowings – repayable after oneyear (1,184,662)	(1,226,565)
債務淨額	Net debt (652,645)	(801,325)

218 王氏國際集團有限公司 2020 年報

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

35 綜合現金流量表（續）
35 C O N S O L I D A T E D C A S H F L O W STATEMENTS (continued)
(c) 債務淨額對賬（續）

(c) Net debt reconciliation (continued)

		其他資產	其他資產		融資活動之負債
		Other	assets	Liabilities from financing activities
					貸款		貸款
		現金及	短期		－須於		－須於
		現金等價物	銀行存款	租賃負債	一年內償還	一年後償還		總額
		Cash and			Borrowings	Borrowings
		cash	Short-term	Lease	– repayable	– repayable
		equivalents	bank deposits	liabilities	within one year	after	one year	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
於二零一九年一月一日	Net debt as at
之債務淨額	1 January 2019	447,737	500,395	(23,641)	(738,751)	(1,422,432)		(1,236,692)
現金流量	Cash flows	112,300	146,180	14,222	233,497		(8,500)	497,699
外匯調整	Foreign exchange adjustments	(16,723)	(4,689)	638	–		–	(20,774)
收購租賃	Acquisition of leases	–	–	(41,558)	–		–	(41,558)
其他非現金變動	Other non-cash movements	–	–	–	(204,367)		204,367	–
於二零一九年十二月三十一日	Net debt as at
之債務淨額	31 December 2019	543,314	641,886	(50,339)	(709,621)	(1,226,565)		(801,325)
現金流量外匯調整	Cash flows Foreign exchange adjustments	59,990 76,898	89,039 7,991	18,134 2,917	(102,484) –		– –	64,679 87,806
收購租賃	Acquisition of leases	–	–	(4,023)	–		–	(4,023)
其他非現金變動	Other non-cash movements	–	–	218	(41,903)		41,903	218
於二零二零年十二月三十一日	Net debt as at
之債務淨額	31 December 2020	680,202	738,916	(33,093)	(854,008)	(1,184,662)		(652,645)

Wong’s International Holdings Limited Annual Report 2020 219

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

36 公司層面之財務狀況表及儲備變動

36 COMPANY-LEVEL STATEMENT OF FINANCIAL POSITION AND RESERVE MOVEMENT

MOVEMENT
二零二零年 2020 港幣千元 HK$’ 000	二零一九年 2019 港幣千元 HK$’000
資產 ASSETS 非流動資產 Non-current asset 附屬公司的投資 Investments in subsidiaries 563,366	563,366
流動資產 Current assets 預付款項、訂金及其他應收賬款 Prepayments, deposits and other receivables 315 應收附屬公司款項 Amounts due from subsidiaries 448,774 現金及現金等價物 Cash and cash equivalents 1,575	307 392,631 1,726
450,664	394,664
總資產 Total assets 1,014,030	958,030
權益 EQUITY 歸屬於本公司擁有人之權益 Equity attributable to owners of the Company 股本 Share capital 47,848 其他儲備 Other reserves 附註Note 675,934 保留盈利 Retained earnings 附註Note 68,903	47,848 675,934 64,841
總權益 Total equity 792,685	788,623
負債 LIABILITIES 流動負債 Current liabilities 應計費用及其他應付賬款 Accruals and other payables 3,057 應付附屬公司款項 Amounts due to subsidiaries 218,288	3,333 166,074
總負債 Total liabilities 221,345	169,407
總權益及負債 Total equity and liabilities 1,014,030	958,030
流動資產淨值 Net current assets 229,319	225,257
總資產減流動負債 Total assets less current liabilities 792,685	788,623

財務報表已於二零二一年三月三十日獲董事會批准及授權刊發，並由下列董事代表簽署：

The financial statements were approved and authorised for issue by the Board of Directors on 30 March 2021 and are signed on its behalf by:

王忠秣 主席兼行政總裁

王賢敏 董事

WONG CHUNG MAT, BEN

Chairman and Chief Executive Officer

WONG YIN MAN, ADA

Director

220 王氏國際集團有限公司 2020 年報

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

36 公司層面之財務狀況表及儲備變動（續）

36 COMPANY-LEVEL STATEMENT OF FINANCIAL POSITION AND RESERVE MOVEMENT (continued)

附註：本公司儲備變動

Note: Reserves movement of the Company

		股份溢價	資本贖回儲備	實繳盈餘	保留盈利	總額
			Capital
		Share	redemption	Contributed	Retained
		premium	reserve	surplus	earnings	Total
		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
於二零一九年一月一日	At 1 January 2019	153,025	345	522,564	65,174	741,108
年度利潤	Profit for the year	–	–	–	42,731	42,731
二零一九年已付股息	Dividends paid relating to 2019	–	–	–	(43,064)	(43,064)
於二零一九年十二月三十一日年度利潤	At 31 December 2019 Profit for the year	153,025 –	345 –	522,564 –	64,841 27,987	740,775 27,987
二零二零年已付股息	Dividends paid relating to 2020	–	–	–	(23,925)	(23,925)
於二零二零年十二月三十一日	At 31 December 2020	153,025	345	522,564	68,903	744,837

本公司之實繳盈餘指本集團於一九九零年重組時本公司所收購附屬公司相關資產淨值之賬面值與本公司就收購而發行股份之面值兩者之差額。根據公司法及本公司之公司細則，本公司之實繳盈餘可供分派予股東。

The contributed surplus of the Company represents the difference between the book values of the underlying net assets of the subsidiaries acquired by the Company, and the nominal value of the Company’s shares issued for the acquisition at the time of the Group’s reorganisation in 1990. Under the Companies Act and the Bye-laws of the Company, contributed surplus of the Company is available for distribution to the shareholders.

Wong’s International Holdings Limited Annual Report 2020 221

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

37 承擔

37 COMMITMENTS

(a) 物業、廠房及設備之資本承擔如下：
(a) Capital commitments in respect of property, plant and equipment are as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
已訂約但未撥備	Contracted but not provided for	9,457	14,095
已授權但未訂約	Authorised but not contracted for	–	–
		9,457	14,095

(b) 於二零二零年十二月三十一日，本集團根據多份不可撤銷之租賃樓宇經營租賃日後應收之租金收入分析如下：
(b) As at 31 December 2020, the Group’s future rental income receivables under various non-cancellable operating leases in respect of rented premises are analysed as follows:

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
一年內	Within one year	26,024	56,136
第二至第五年（包括首尾兩年）In the second to fifthyear inclusive		5,605	23,434
		31,629	79,570

經營租賃收款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2.3年磋商及釐定
（二零一九年：2.3年）。

Operating lease receipts represent rentals receivable by the Group for leasing its investment properties. Leases and rentals are negotiated and fixed for an average of 2.3 years (2019: 2.3 years).

222 王氏國際集團有限公司 2020 年報

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

38 關連人士交易

38 RELATED PARTY TRANSACTIONS

於二零二零年十二月三十一日，本公司之最大股東為王忠秣先生（個人及透過 Salop Hong Kong Limited，其乃由彼全資擁有及控制之公司）。

As at 31 December 2020, the largest shareholder of the Company was Mr. Wong Chung Mat, Ben (personally and via Salop Hong Kong Limited, a company wholly-owned and controlled by him).

(a) 與關連人士之結餘

(a) Balances with related parties

應收聯營公司及合營企業款項載於綜合財務狀況表。有關條款分別載於附註27及19。

The amounts due from associates and joint ventures are set out in the consolidated statement of financial position. The terms are set out in Notes 27 and 19 respectively.

(b) 擔保

(b) Guarantee

於二零二零年十二月三十一日，本公司就其附屬公司獲授約港幣 3,010,368,000元（二零一九年：港幣3,104,004,000元）之銀行融資，向銀行提供企業擔保。

As at 31 December 2020, the Company has provided corporate guarantee given to the banks in respect of banking facilities of approximately HK$3,010,368,000 (2019: HK$3,104,004,000) granted to its subsidiaries.

於二零二零年十二月三十一日，附屬公司所動用的融資約為港幣 2,038,670,000元（二零一九年：港幣1,936,186,000元）。

The facilities utilised by the subsidiaries as at 31 December 2020 amounted to approximately HK$2,038,670,000 (2019: HK$1,936,186,000).

(c) 主要管理人員報酬

(c) Key management compensation

		二零二零年	二零一九年
		2020	2019
		港幣千元	港幣千元
		HK$’ 000	HK$’000
薪金及津貼	Salaries and allowances	15,926	15,689
花紅退休金成本	Bonus Pension costs	5,687	9,788
－界定供款計劃	– defined contribution schemes	54	42
		21,667	25,519

Wong’s International Holdings Limited Annual Report 2020 223

主要物業列表 Schedule of Principal Properties

於二零二零年十二月三十一日 As at 31 December 2020

		概約總樓面面積
物業名稱及位置	類別	（平方米）	地段編號	用途	租賃期限	完成階段	本集團權益
		Approximate Gross				Stage of	Group
Name of property and location	Type	Floor Areas (sq.m.)	Lot Number	Purpose	Lease Expiry	Completion	Interest
位於香港之投資物業
Investment properties in Hong Kong
香港九龍官塘海濱道181號
One Harbour Square 9樓、10樓、12樓、					二零四七年
15樓、16樓、17樓、18樓、19樓及20樓	辦公室		官塘內地段173號	辦公室	六月三十日	已完成
9th, 10th, 12th, 15th, 16th, 17th, 18th, 19th and	Office	12,089	Kwun Tong	Office	30 June 2047	Completed	100%
20th floors, One Harbour Square,			Inland Lot No. 173
181 Hoi Bun Road, Kwun Tong, Kowloon,
Hong Kong
香港九龍官塘海濱道181號					二零四七年
One Harbour Square 43個停車位	停車位		官塘內地段173號	泊車	六月三十日	已完成
43 car parking spaces, One Harbour Square,	Car parking	538	Kwun Tong	Parking	30 June 2047	Completed	100%
181 Hoi Bun Road, Kwun Tong, Kowloon,	spaces		Inland Lot No. 173
Hong Kong
位於香港之已完成物業存貨
Stock of completed properties
in Hong Kong
香港九龍官塘海濱道181號					二零四七年
One Harbour Square 7樓	辦公室		官塘內地段173號	辦公室	六月三十日	已完成
7th floors, One Harbour Square,	Office	1,354	Kwun Tong	Office	30 June 2047	Completed	100%
181 Hoi Bun Road, Kwun Tong,			Inland Lot No. 173
Kowloon, Hong Kong
香港九龍官塘海濱道181號					二零四七年
One Harbour Square 14個停車位	停車位		官塘內地段173號	泊車	六月三十日	已完成
14 car parking spaces, One Harbour	Car parking	175	Kwun Tong	Parking	30 June 2047	Completed	100%
Square, 181 Hoi Bun Road, Kwun Tong,	spaces		Inland Lot No. 173
Kowloon, Hong Kong

224 王氏國際集團有限公司 2020 年報

==> picture [346 x 32] intentionally omitted <==

17/F, C-Bons International Center, No.108 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong 香港九龍官塘偉業街108號絲寶國際大廈17樓

AI assistant

Brockman Mining Limited — Annual Report 2020

48994_rns_2021-04-27_837604a8-142b-4447-bca6-1773066cc08f.pdf

目錄 Contents

公司資料 Corporate Information

董事會

執行董事

獨立非執行董事

審核委員會

風險管理委員會

薪酬委員會

行政委員會

公司秘書

BOARD OF DIRECTORS

Executive Directors

Independent Non-executive Directors

AUDIT COMMITTEE

RISK MANAGEMENT COMMITTEE

REMUNERATION COMMITTEE

ADMINISTRATIVE COMMITTEE

COMPANY SECRETARY

核數師

律師

來往銀行

註冊辦事處

總辦事處

主要股份過戶登記處

香港股份過戶登記分處

網址

AUDITOR

SOLICITORS

BANKERS

REGISTERED OFFICE

PRINCIPAL OFFICE

PRINCIPAL SHARE REGISTRAR

HONG KONG BRANCH SHARE REGISTRAR

WEBSITE

主席報告書 Chairman’s Statement

財務業績

FINAL FINANCIAL RESULTS

主席報告書 Chairman’s Statement

財務業績（續）

股息

暫停辦理股東登記手續

FINAL FINANCIAL RESULTS (continued)

DIVIDENDS

CLOSURE OF REGISTER OF MEMBERS

主席報告書 Chairman’s Statement

暫停辦理股東登記手續（續）

股息政策

CLOSURE OF REGISTER OF MEMBERS (continued)

DIVIDEND POLICY

主席報告書 Chairman’s Statement

業務回顧

電子製造服務（「EMS」）部門

REVIEW OF BUSINESS ACTIVITIES

Electronic Manufacturing Service Division

(“EMS Division”)

物業持有部門

Property Holding Division

主席報告書 Chairman’s Statement

流動資金及財務資源

外匯及風險管理

LIQUIDITY AND FINANCIAL RESOURCES

FOREIGN EXCHANGE AND RISK MANAGEMENT

資本結構

本集團資產之抵押

僱員

CAPITAL STRUCTURE

PLEDGES ON THE GROUP’S ASSETS

EMPLOYEES

主席報告書 Chairman’s Statement

前景

PROSPECTS

主席報告書 Chairman’s Statement

前景（續）

PROSPECTS (continued)

主席報告書 Chairman’s Statement

獎項及認可

致謝

Brockman Mining Limited Annual Report 2020