瀋陽公用發展股份有限公司 Stock code 股份代號： 747

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2016
ANNUAL REPORT
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年度報告
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Contents 目錄

2 Corporate Information 公司資料 4 Chairman’s Statement 主席報告 6 Management Discussion and Analysis 管理層討論與分析 19 Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹 25 Report of the Supervisory Committee 監事會報告 27 Report of the Directors 董事會報告 36 Corporate Governance Report 企業管治報告 44 Independent Auditor’s Report 獨立核數師報告 55 Consolidated Statement of Profit or Loss 綜合損益表 56 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 57 Consolidated Statement of Financial Position 綜合財務狀況表 59 Consolidated Statement of Changes in Equity 綜合權益變動表 61 Consolidated Statement of Cash Flows 綜合現金流量表 63 Notes to the Consolidated Financial Statements 綜合財務報表附註 171 Financial Summary 財務摘要 173 Glossary 專用詞彙

Corporate Information 公司資料

As of the date of this report 截至本報告日期

DIRECTORS

Executive Directors

Mr. Zhang Jing Ming, Chairman Mr. Deng Xiao Gang, Chief Executive Officer Mr. Huang Zhen Kun

Non-executive Directors

Ms. Li Yu Xiang Mr. Yin Zong Chen

Independent Non-executive Directors

Mr. Chan Ming Sun Jonathan Mr. He Qing Jia Mr. Yu Guan Jian

AUDIT COMMITTEE

Mr. Chan Ming Sun Jonathan (Chairman) Mr. Yu Guan Jian Mr. Yin Zong Chen

REMUNERATION COMMITTEE

Mr. He Qing Jia (Chairman) Mr. Chan Ming Sun Jonathan Ms. Li Yu Xiang

NOMINATION COMMITTEE

Mr. Zhang Jing Ming (Chairman) Mr. He Qing Jia Mr. Yu Guan Jian

SUPERVISORS

Mr. Wang Xing Ye (Chairman) Mr. Chen Jun Feng Mr. Zhang Yun Feng Ms. Huang Yong Jing Mr. Fang Wei Ran

REGISTERED OFFICE

No. 1–4, 20A, Central Street, Shenyang Economic and Technological Development Zone, People’s Republic of China

董事

執行董事張敬明先生，主席鄧曉綱先生，行政總裁黃鎮坤先生

非執行董事李玉香女士尹宗臣先生

獨立非執行董事陳銘燊先生何慶佳先生余關健先生

審核委員會陳銘燊先生（主席）余關健先生尹宗臣先生

薪酬委員會何慶佳先生（主席）陳銘燊先生李玉香女士

提名委員會張敬明先生（主席）何慶佳先生余關健先生

監事

王興業先生（主席）陳俊峰先生張運峰先生黃永菁女士方偉然先生

註冊辦事處中華人民共和國瀋陽經濟技術開發區中央大街20甲1－4號

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Corporate Information 公司資料

As of the date of this report 截至本報告日期

JOINT COMPANY SECRETARIES

Mr. Wu Tai Cheung Ms. Qian Fang Fang

AUTHORISED REPRESENTATIVES

Mr. Zhang Jing Ming Mr. Wu Tai Cheung

AUDITOR

Asian Alliance (HK) CPA Limited

H SHARE REGISTRAR AND TRANSFER OFFICE

Hong Kong Registrars Limited Rooms 1712–16, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong

PRINCIPAL BANKERS

China Minsheng Bank CITIC Bank Industrial and Commercial Bank of China China Construction Bank

STOCK CODE

747

WEBSITE

www.747kingma.com

聯席公司秘書

胡大祥先生錢芳芳女士

授權代表張敬明先生胡大祥先生

核數師華融（香港）會計師事務所有限公司

H 股份過戶登記處香港證券登記有限公司香港灣仔皇后大道東183號合和中心 17樓1712–16室

主要往來銀行民生銀行中信銀行工商銀行建設銀行

股份代號

747

網址

www.747kingma.com

2016年報 瀋陽公用發展股份有限公司

Chairman’s Statement 主席報告

Dear Shareholders,

On behalf of the board of directors of Shenyang Public Utility Holdings Company Limited, I am pleased to present the audited consolidated results of the Company and its subsidiaries for the year ended 31 December 2016.

BUSINESS REVIEW

Despite the downward pressure of the China’s macro economy, the Group achieved a turnaround result for the 2016 Financial Year. The Group recorded a profit after taxation of RMB6,151,000 for the 2016 Financial Year comparing with the loss of RMB2,773,000 for the 2015 Corresponding Period. The profit attributable to the owners of the Company for the 2016 Financial Year was RMB2,349,000 comparing with the loss of RMB2,773,000 for the 2015 Corresponding Period.

During 2016 Financial Year, we have completed the acceptance and transfer of construction land of 300 mu for Zhongfang Chaozhou Jing Nan Industrial Park, generating revenue of RMB69,903,000. Upon capital contribution, revenue from the credit business in Hong Kong substantially grew to RMB38,467,000.

Faced with the volatilities in the economic landscape, the Group has timely adjusted the business and investment strategies. During the year, we substantially disposed of the listed equity investments and convertible bonds and adjusted the percentage of acquisition of equity interests in Guangzhou Hai Yue to 20%. At the same time, we completed the acquisition of 30% equity interests in Shishi Shen Guo Tou and pre-acquired a commercial premise comprising the ancillary facilities of Beijing International Zone Convention Center with the construction area of 2,800 square metres with the right to use 5,000 square metres of car parks at the basement level two of the centre. We subscribed 19,800,000 shares of Chaozhou Rural Credit Cooperative and the Company held 28,300,000 shares in Chaozhou Rural Credit Cooperative in aggregate.

The Company also strengthened the financial strength through expansion of share capital. During the year, the Company successfully placed 100,896,000 H-Shares and issued 144,000,000 Domestic Shares to increase the share capital of the Company to RMB1,469,376,000.

尊敬的各位股東：

本人謹代表瀋陽公用發展股份有限公司董事會，欣然向全體股東報告本公司及其附屬公司截至2016年12月31日止年度的經審核綜合業績。

業務回顧

儘管中國宏觀經濟面臨下調壓力，本集團於 2016年財政年度的業績扭虧為盈。於2016 年財政年度，本集團錄得除稅後溢利人民幣 6,151,000元，而2015年同期為虧損人民幣 2,773,000元。於2016年財政年度，本公司擁有人應佔溢利為人民幣2,349,000元，而2015 年同期為虧損人民幣2,773,000元。

2016年財政年度，中房潮州徑南工業園完成了300畝建設用地的驗收交付手續，實現收入人民幣69,903,000元；香港信貸業務於注資後收入大幅增長至人民幣38,467,000元。

面對不穩定的經濟形勢，集團及時調整業務投資戰略。於本年度，我們出售了絕大部分上市投資股票及可轉換債券，調整廣州海粵股權收購比例至20%；同時完成了石獅深國投30%股權的收購，預購北京會展國際港展館配套設施建築面積為2800平米並附帶地下負二層5000平米停車場的商用物業。新增認購潮州農信社19,800,000股股份，公司合計持有農信社股份已達28,300,000股。

本公司亦通過擴大股本來增強財務實力，於本年度公司成功配售了100,896,000股H股及發行144,000,000股內資股，使公司股本增至人民幣1,469,376,000元。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Chairman’s Statement 主席報告

During the year, the Group engaged PRO-WIS Risk Advisory Services Limited to review the procedures, systems and internal control, by rotation, of the respective operations of the Group. The Group will take appropriate actions pursuant to the Internal Control and Risk Management Review Report to rectify the areas of weakness regarding internal control and risk management.

OUTLOOK

In 2017, adhering to the existing growth strategies, the Group will broaden its business horizon and optimise resource allocation. On the one hand, the Group will continue to push ahead the acceptance and transfer procedures for the construction of infrastructure in Zhongfang Chaozhou Jing Nan Industrial Park. On the other hand, given the tightening credit policies in Hong Kong, the Group will reduce the scale of credit business in Hong Kong. At the same time, it will also step up the expansion of and investment in the financial business in Mainland China. In addition, we shall explore other business opportunities so as to diversify and create value for our shareholders.

We shall review the capital requirement of our subsidiaries and our group structure periodically. We will rationalize the capital structure of respective business segments in accordance with the growth of the business from time to time and re-organize the corporate structure so as to streamline the management and reporting.

On behalf of the Board, I would like to express our appreciation to all the shareholders, business partners for their support and employees for their commitment and hard work. With their continued support, we shall build a strong foundation for the growth and expansions in the coming years.

Zhang Jing Ming

Chairman

27 March 2017

於本年度，集團聘請了溥華風險顧問有限公司按輪換基準對集團各項業務的程序、系統及監控進行審閱。集團將根據《內部監控及風險管理審閱報告》採取合適行動對內控及風險管理薄弱環節進行改進。

前景

2017年，本集團將在堅持既有發展戰略的前提下，擴寬業務思維，優化資源配置。一方面集團將繼續致力於潮州工業園基礎設施建設業務的收尾及驗收工作；另一方面鑒於香港信貸政策的縮緊，集團將會縮減香港信貸業務規模，但同時會加大內地金融業務的開拓及投資力度。此外，我們將發掘其他業務商機為股東創造和提升價值。

我們將定期審閱附屬公司及集團架構的資本需要，並將根據業務增長不時整頓相關業務分部的資本架構，同時重組公司架構，以精簡管理及彙報功能。

本人謹代表董事會，向全體股東、業務夥伴及員工給予的支持和努力表示衷心感謝。有賴各方持續的支持，我們應能夠為未來數年的增長及擴充建立穩健的基礎。

張敬明

董事長

2017年3月27日

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

FINANCIAL REVIEW

The revenue of the Group for the 2016 Financial Year amounted to RMB108,370,000 (2015 Corresponding Period: RMB311,400,000), representing a very significant decrease of approximately 65.2% as compared with the 2015 Corresponding Period. The substantial decrease in revenue is primarily due to the decrease in revenue generated from the construction of infrastructure and development of properties in the PRC despite the increase in the revenue from credit business segment.

During the 2016 Financial Year, the Group has completed the acceptance and transfer of 300 mu (2015 Corresponding Period: 1,400 mu) construction land of the Zhongfang Chaozhou Jing Nan Industrial Park Project and recorded the revenue for 2016 Financial Year of RMB69,903,000 (2015 Corresponding Period: RMB294,700,000). The acceptance and transfer of the remaining construction land of the Zhongfang Chaozhou Jing Nan Industrial Park Project will be completed in the coming years.

Credit business contributed the revenue for the 2016 Financial Year amounted to RMB38,467,000 (2015 Corresponding Period: RMB16,026,000). The revenue for credit business increased by 140.0% as compared with that for the 2015 Corresponding Period following the increase in capital in Chung Hwa Finance.

Profit before tax for the 2016 Financial Year amounted to RMB12,032,000 (2015 Corresponding Period: RMB3,724,000) representing an increase in profit before tax of approximately 223.1% over 2015 Corresponding Period.

The Group has disposed of almost all the securities investments, including convertible bond, in the 2016 Financial Year resulting a loss of RMB2,215,000 as compared with the loss (including the fair value changes) for the 2015 Corresponding Period of RMB16,067,000.

In addition, the result for the 2016 Financial Year is primarily attributable to (a) an exchange gain of approximately RMB16,898,000 (2015 Corresponding Period: RMB11,578,000); (b) the impairment of goodwill of RMB20,000,000 (2015 Corresponding Period: nil) in relation to the Zhongfang Chaozhou Jing Nan Industrial Park Project; and (c) impairment loss recognised in respect of other investment amounting to RMB3,561,000 (2015 Corresponding Period: nil).

財務回顧

本集團於 2016 年財政年度的收入為人民幣 108,370,000 元（ 2015 年同期：人民幣 311,400,000元），較2015年同期非常大幅減少約65.2%。儘管信貸業務分部有所增長，收入大幅下降主要是由於中國基礎設施建設及物業發展的收入減少。

於2016年財政年度，本集團完成中房潮州徑南工業園項目300畝（2015年同期：1,400畝）建設用地的驗收交付手續，並於2016年財政年度錄得收入人民幣69,903,000元（2015年同期：人民幣294,700,000元）。中房潮州徑南工業園項目餘下建設用地的驗收交付手續將於未來數年完成。

於 2016 年財政年度，信貸業務收入為人民幣 38,467,000 元（ 2015 年同期：人民幣 16,026,000元）。繼向中華信貸增資後，信貸業務收入較2015年同期增加140.0%。

本集團於 2016 年財政年度的除稅前溢利為人民幣12,032,000元（2015年同期：人民幣 3,724,000元），較2015年同期除稅前溢利增加約223.1%。

本集團已於2016年財政年度出售絕大多數證券投資（包括可換股債券），導致虧損人民幣 2,215,000元，而2015年同期為虧損人民幣 16,067,000元（包括公允價值變動）。

此外，2016 年財政年度的業績主要是由於 (a) 匯兌收益約人民幣 16,898,000 元（ 2015 年同期：人民幣11,578,000元）；(b)就中房潮州徑南工業園項目錄得商譽減值人民幣 20,000,000元（2015年同期：無）；及(c)就於其他投資確認減值虧損為人民幣3,561,000元（2015年同期：無）所致。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

Income Tax Expenses

Income tax expenses of the Group for the 2016 Financial Year amounted to RMB5,881,000, representing a decrease of approximately 9.5% as compared with RMB6,497,000 for the 2015 Corresponding Period. The decrease in income tax expenses was mainly attributable to the combined tax effect on (i) expenses not deductible for tax purpose; (ii) loss not recognized for tax purpose and (iii) income not taxable for tax purpose totaling RMB4,594,000 (2015 Corresponding Period: RMB5,879,000).

Donations

The Group has not made any donations for the 2016 Financial Year (2015 Corresponding Period: RMB2,000,000).

Earnings/loss per share

Earnings per share was approximately RMB0.16 cents comparing with the loss per share for the 2015 Corresponding Period of RMB0.24 cents.

BUSINESS REVIEW

Infrastructure Construction and Property Development Business

During the 2016 Financial Year, Chaozhou Jinshan Investment and Development Company Limited* confirmed the acceptance of completion and transfer of the 300-mu (2015 Corresponding Period: 1,400-mu) construction land and recorded revenue of RMB69,903,000 (2015 Corresponding Period: RMB294,700,000). Zhongfang Chaozhou has completed the procedures for acceptance of completion and transfer of accumulated total 3,700-mu. The completion of the procedure of acceptance for the remaining land is still in progress.

The Group will endeavour the best effort to liaise with the relevant authorities to complete the procedures for acceptance of completion and transfer of the remaining completed construction land. In view of the phase 1 of Chaozhou Jing Nan Industrial Park Project has been basically completed, the completion of the procedures of acceptance and transfer of the construction land are in the final stage, the uncertainty on future development of the project as original planned, an impairment of goodwill in relation to the Chaozhou Jing Nan Industrial Park Project of RMB20,000,000 has been recognised in the 2016 Financial Year in accordance with the valuation performed by an independent valuer.

所得稅開支

本集團於 2016 年財政年度的所得稅開支為人民幣5,881,000元，較2015年同期人民幣 6,497,000元減少約9.5%。所得稅開支減少主要是由於(i)不可扣稅開支；(ii)並無就稅項目的確認的虧損；及(iii)毋須課稅收入合共人民幣 4,594,000元（2015年同期：人民幣5,879,000 元）的合併影響所致。

捐款

於2016年財政年度，本集團並無作出任何捐款（2015年同期：人民幣2,000,000元）。

每股盈利╱虧損

每股盈利約為人民幣0.16分，而2015年同期為每股虧損人民幣0.24分。

業務回顧

基礎設施建設及物業發展業務

於2016年財政年度，潮州市金山投資開發有限公司確認完成300畝（2015年同期：1,400 畝）建設用地的驗收交付手續，並錄得收入人民幣69,903,000元（2015年同期：人民幣 294,700,000元）。中房潮州已累計完成3,700 畝建設用地的驗收交付工作。餘下建設用地的驗收工作仍在進行中。

本集團將致力與有關當局聯絡以完成餘下已竣工建設用地的驗收交付手續。鑒於潮州徑南工業園建設項目的一期用地已基本完成，驗收工作也接近尾聲，而按原計劃發展的後續項目存在不確定性，已根據獨立估值師的估值就潮州徑南工業園項目於2016年財政年度確認商譽減值人民幣20,000,000元。

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Credit Business

Following the completion of capital contribution of Chung Hwa Finance during the 2016 Financial Year, Chung Hwa Finance, a licensed money lender in Hong Kong, has recorded revenue of RMB38,467,000 (2015 Corresponding Period: RMB16,026,000) for the 2016 Financial Year, an increase of 140.0% as the operation of credit business is in full strength during the 2016 Financial Year.

During the 2016 Financial Year, Chung Hwa Finance has completed the increase of capital from HK$10,000 to HK$200,000,000 and the equity interest of the Group in Chung Hwa Finance had been diluted from 100% to 55%. Details of the capital contributions to Chung Hwa Finance are set out in the announcement dated 23 December 2015.

The Group will periodically review the capital requirement of each business units. Please refer to the paragraph headed “Events after the Reporting Period” in relation to the capital reductions of Chung Hwa Finance.

Securities Investments Business

In view of the uncertainty of the stock market, the Group has disposed of almost all the listed investments, including the convertible bond issued by the listed company. As a result, a loss on disposal of held-for-trading investments and convertible bonds of RMB993,000 and RMB1,141,000 respectively were incurred for the 2016 Financial Year.

Following the disposals, the held-for-trading investments at 31 December 2016 was RMB85,000 (2015: RMB14,637,000).

BUSINESS PROSPECTS

The Group is seeking investments other than the existing infrastructure construction business in the PRC and the credit business in Hong Kong. The Group has identified certain projects with investment potential so as to diversify the business horizon in order to create value for shareholders.

The Group has entered into certain agreements and letter of interest, details of which are set out in the paragraphs headed “Major Acquisition and Disposal of Subsidiaries and Associated Companies” and “Events after the Reporting Period”.

信貸業務

繼2016年財政年度完成向中華信貸增資後，中華信貸（香港持牌放債人）於2016年財政年度錄得收入人民幣38,467,000元（2015年同期：人民幣16,026,000元），增長140.0%。 2016年財政年度是信貸業務營運的完整年度。

於2016年財政年度，中華信貸已完成增資，由10,000港元增至200,000,000港元，本集團於中華信貸的股權由100%攤薄至55%。有關向中華信貸增資的詳情載於日期為2015年12 月23日的公告。

本集團將定期審閱各業務單位的資本需要。有關削減中華信貸資本的詳情，請參閱「報告期後事件」一段。

證券投資業務

鑒於股市存在不確定性，本集團已出售絕大多數上市投資（包括上市公司發行的可換股債券）。因此，於2016年財政年度錄得出售持作買賣投資及可換股債券的虧損分別人民幣 993,000元及人民幣1,141,000元。

於出售後，於2016年12月31日的持作買賣投資為人民幣 85,000 元（ 2015 年：人民幣 14,637,000元）。

業務展望

本集團正尋求中國既有基礎設施基礎建設業務以及香港信貸業務以外的其他投資。本集團已物色若干具有投資潛力的項目以擴闊業務視野，藉以為股東創造價值。

本集團已訂立若干協議及意向書，有關詳情載於「重大收購及出售附屬及聯營公司」及「報告期後事件」等段。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

LIQUIDITY AND FINANCIAL RESOURCES

The Group adopts a prudent financial management policy to manage the working capital. As of 31 December 2016, the Group’s total assets amounted to RMB1,272,402,000 (2015: RMB923,346,000), representing an increase of 37.8%. Noncurrent assets and currents assets as at 31 December 2016 were RMB516,734,000 (2015: RMB334,997,000) and RMB755,668,000 (2015: RMB588,349,000) respectively. The increase in noncurrent assets by RMB181,737,000, being 54.3%, is attributable to the deposit paid for the acquisition of investments and properties, details of which are set out in the paragraph headed “Major Acquisition and Disposal of Subsidiaries and Associate Companies”. The assets were financed by current liabilities of RMB151,734,000 (2015: RMB134,624,000) and shareholders’ equity of RMB1,035,401,000 (2015: RMB788,722,000).

As of 31 December 2016, the Group has no bank borrowings. The Group’s current ratio (current assets/current liabilities) was 4.98 (2015: 4.37) and gearing ratio (total liabilities/total assets) was 0.12 times (2015: 0.15 times).

During the 2016 Financial Year, the Company have completed the issuance of 144,000,000 Domestic Shares of RMB1 each and the placing of 100,896,000 H-Shares at RMB1 each and accordingly increased the share capital from RMB1,224,480,000 to RMB1,469,376,000 as at 31 December 2016. The Group is actively pursuing to expand the capital base of the Company. Details of the enlarging of the share capital are set out in the paragraph headed ‘Enlarging Share Capital’.

流動資金與財務資源

本集團採納審慎的財務管理政策以管理營運資金。截至2016年12月31日，本集團的資產總值為人民幣1,272,402,000元（2015年：人民幣 923,346,000 元），增加 37.8% 。於 2016年12月31日，非流動資產及流動資產分別為人民幣 516,734,000 元（ 2015 年：人民幣 334,997,000 元）及人民幣 755,668,000 元（ 2015 年：人民幣 588,349,000 元）。非流動資產增加人民幣181,737,000元，增幅 54.3%，是由於就收購投資及物業的已付訂金所致，有關詳情載於「重大收購及出售附屬及聯營公司」一段。資產以流動負債人民幣 151,734,000元（2015年：人民幣134,624,000 元）及股東資金人民幣1,035,401,000元（2015 年：人民幣788,722,000元）撥付。

截至2016年12月31日，本集團並無銀行貸款。本集團的流動比率（流動資產╱流動負債）及資產負債比率（總負債╱總資產）分別為 4.98（2015年：4.37）及0.12倍（2015年：0.15 倍）。

於 2016 年財政年度，本公司完成發行 144,000,000股每股人民幣1元的內資股及按每股人民幣1元配售100,896,000股H股，令股本由人民幣1,224,480,000元增至於2016年12 月31日的人民幣1,469,376,000元。本集團積極擴大本公司的資本基礎。有關計劃擴大股本的詳情載於「擴大股本」一段內。

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATE COMPANIES

Acquisition of 20% equity interest of Guangzhou Hai Yue Real Estate Development Company Limited

Pursuant to the acquisition agreement dated 27 July 2015 (the “Acquisition Agreement”), Shenzhen Cheng He Chuang Jian Investment and Development Company Limited (“Cheng He Chuang Jian”) 深圳市城合創建投資發展有限公司, a whollyowned subsidiary of the Company (the “Original Purchaser”), has conditionally agreed to acquire and Shenzhen Hou Feng Trading Company Limited 深圳市厚豐貿易有限公司 (the “Vendor”) has conditionally agreed to sell 30% equity interest of Guangzhou Hai Yue Real Estate Development Company Limited at a consideration of RMB195,000,000. It is agreed that the acquisition shall complete within 3 months upon the signing of the acquisition agreement. On 30 December 2015, the Original Purchaser and the Vendor has entered into the first supplemental agreement, pursuant to which both parties have agreed to extend the completion date of the acquisition to 30 June 2016.

On 3 March 2016, the Original Purchaser, the Vendor and Shenzhen Tai He Chuang Jian Investment Development Company Limited* 深圳市泰合創建投資發展有限責任公司, another whollyowned subsidiary of the Company (the “New Purchaser”) entered into a right and obligation transfer agreement (the “Transfer Agreement”), pursuant to which the Original Purchaser has agreed to transfer its rights and obligations under the Acquisition Agreement to the New Purchaser. The New Purchaser has paid a total of RMB175,000,000, being the payment made by the Original Purchaser under the Acquisition Agreement, to the Original Purchaser pursuant to the Transfer Agreement.

On 19 July 2016, The New Purchaser and the Vendor entered into the second supplemental agreement (the “2nd Supplemental Agreement”) to amend certain terms and conditions under the Acquisition Agreement. The amendments include among other, the change in percentage of equity interests in the Target Company acquired by the New Purchaser from the Vendor from 30% to 20%; and the amendment of the consideration to RMB130,000,000 (the “New Consideration”). Due to the change in consideration, the additional consideration previous paid by the New Purchasers of RMB45,000,000 shall be refunded by the Vendor. As at the end of the reporting period, the Vendor has refunded RMB22,000,000 to the New Purchaser while the balance of RMB23,000,000 is still outstanding. In order to ensure the settlement of the outstanding balance, the Vendor agreed to pledge 5% equity interest of the Target Company as security.

重大收購及出售附屬及聯營公司

收購廣州海粵房地產發展有限公司 20% 股權

根據日期為2015年7月27日的收購協議（「收購協議」），深圳市城合創建投資發展有限公司（「城合創建」）（本公司全資附屬公司）（「原有買方」）有條件同意收購而深圳市厚豐貿易有限公司（「賣方」）有條件同意出售廣州海粵房地產發展有限公司30%股權，代價為人民幣195,000,000元。據協議，收購事項須於簽署收購協議後3個月內完成。於2015年12 月30日，原有買方與賣方訂立第一份補充協議，據此，雙方同意將收購事項的完成日期押後至2016年6月30日。

於2016年3月3日，原有買方、賣方及深圳市泰合創建投資發展有限責任公司（本公司另一間全資附屬公司）（「新買方」）訂立權利及義務轉讓協議（「轉讓協議」），據此，原有買方已同意將其於收購協議項下的權利及義務轉讓予新買方。新買方已根據轉讓協議向原有買方支付合共人民幣175,000,000元（即原有買方根據收購協議作出的付款）。

於2016年7月19日，新買方與賣方訂立第二份補充協議（「第二份補充協議」）以修訂收購協議項下的若干條款及條件。該等修訂包括（其中包括）新買方向賣方收購目標公司的股權百分比由 30% 變更為 20%；及代價修訂為人民幣130,000,000元（「新代價」）。由於代價有變，新買方先前支付額外代價人民幣 45,000,000元須由賣方退還。於報告期末，賣方已向新買方退還人民幣22,000,000元，而餘額人民幣23,000,000元仍未退還。為確保未償還結餘獲償付，賣方已同意抵押目標公司5%股權作為抵押品。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

On 3 March 2017, all of the conditions precedent under the Acquisition Agreement have been fulfilled and the completion took place in accordance with the terms and conditions of the Acquisition Agreement. Following the completion of the Acquisition, the Company now considered the Target Company will be treated as the available-for-sale investment of the Company. (In the announcement dated 3 March 2017, it was proposed to treat the Target Company as an associate company of the Group.) Details of which are set out in the announcements of the Company dated 27 July 2015, 19 July 2016, 26 October 2016, 20 December 2016 and 3 March 2017.

Acquisition of 30% equity interest of Shishi Shen Guo Tou Commercial Property Company Limited

On 11 January 2016, after trading hours, Shenzhen Zhonghe Chuangjian Investment and Development Company Limited* 深圳市眾合創建投資發展有限公司, a wholly-owned subsidiary of the Company entered into the acquisition agreement with the Mr. Hu Zhen and Mr. Tian Jia Hua (the “Vendors”), pursuant to which the Vendors conditionally agreed to sell and Zhonghe Chuangjian conditionally agreed to acquire 30% equity interest of Shishi Shen Guo Tou Commercial Property Company Limited at a total consideration of RMB150,000,000. Since all the conditions to the acquisition agreement have been fulfilled and the acquisition has been completed on 19 May 2016, the Target Company has become an associate of the Group and it will be accounted for as an associate in the financial statements of the Group. Details of which are set out in the announcements of the Company dated 12 January 2016 and 19 May 2016.

Disposal of the shares and convertible bond of Asia Resources Holdings Limited

On 21 January 2016, Sichuang Overseas Investment Development Corporation Limited (“Sichuang Overseas”) entered into transfer agreement with the Dong Gui Jin and Lu Shang Min (the “Transferees”) pursuant to which Sichuang Overseas agreed to transfer the convertible bonds issued by Asia Resources Holdings Limited with a principle amount of HK$56,160,000 to Transferees at a consideration of HK$56,160,000. Furthermore, during the period between 10 August 2015 and 14 January 2016, Sichuang Overseas has disposed for an aggregate of 106,490,000 Shares of Asia Resources Holdings Limited on the market in a series of transactions conducted at the purchase price ranged between HK$0.39 and HK$0.58 per share with the aggregate consideration of approximately HK$52,709,000. Details of which is set out in the announcement of the Company dated 21 January 2016.

於2017年3月3日，根據收購協議的所有先決條件已獲達成，且完成已根據收購協議的條款及條件進行。於完成收購事項後，本公司現將目標公司視為本公司的可供出售投資。（於2017年3月3日的公告所述，原本建議將目標公司作為本集團的聯營公司。）有關詳情，請參閱本公司日期分別為2015年7月27日、 2016年7月19日、2016年10月26日、2016年 12月20日及2017年3月3日的公告。

收購石獅深國投商用置業有限公司 30% 股權

於2016年1月11日（交易時段後），深圳市眾合創建投資發展有限公司（本公司全資附屬公司）與胡振先生及田佳華先生（「該等賣方」）訂立收購協議，據此，該等賣方已有條件同意出售及眾合創建有條件同意收購石獅深國投商用置業有限公司30%股權，總代價為人民幣150,000,000元。由於根據收購協議的所有條件已獲達成，且收購事項已於2016年5 月19日完成，目標公司成為本集團的聯營公司，將以聯營公司入賬本集團的財務報表。有關詳情，請參閱本公司日期為2016年1月 12日及2016年5月19日的公告。

出售亞洲資源控股有限公司股份及可換股債券

於2016年1月21日，思創海外投資發展有限公司（「思創海外」）與董桂金及呂尚民（「該等承讓人」）訂立轉讓協議，據此，思創海外同意以代價56,160,000港元向該等承讓人轉讓本金額為56,160,000港元由亞洲資源控股有限公司發行的可換股債券。此外，於 2015 年8月10日至2016年1月14日期間，思創海外在市場上進行一連串交易，以出售合共 106,490,000股亞洲資源控股有限公司股份，購買價介乎每股0.39港元至0.58港元，總代價約52,709,000港元。有關詳情，請參閱本公司日期為2016年1月21日的公告。

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Formation of Joint Venture in the PRC

On 4 February 2016, Shenzhen Tonghe Chuangjian Investment Development Company Limited 深圳市同合創建投資發展有限責任公司, a wholly-owned subsidiary of the Company, and Shenzhen Galaxy Real Estate Development Company Limited 深圳市星河房地產開發有限公司 has jointly established a joint venture namely Shenzhen Xingma Hongyun Real Estate Development Co., Ltd* 深圳市星馬鴻運房地產開發有限公司 in the PRC (the “PRC Joint Venture”) with the registered capital of RMB10,000,000. The business scope of the PRC Joint Venture include real estate development and operation in the area with legally land use rights. During the 2016 Financial Year, the PRC Joint Venture has not commenced any business or investment yet. Details is set out in the announcement of the Company dated 18 February 2016.

Disposal of the entire issued share capital of Shenzhen Cheng He Chuang Jian Investment Development Company Limited

On 15 March 2016, Shenzhen Shen He Chuang Jian Investment Development Company Limited (“Shenzhen Shen He”), a wholly owned subsidiary of the Company, entered into the disposal agreement with an independent third party (the “Buyer”), whereby the Buyer has conditionally agreed to purchase and Shenzhen Shen He has conditionally agreed to sell the entire issued share capital of Cheng He Chuang Jian at the consideration of RMB44,000,000 (the “Disposal”). The principal activity of Cheng He Chuang Jian is investment holding. On 26 December 2016, both parties has agreed to extend the completion date to 30 June 2017. As at the date of this report, the Disposal has not completed and the amount of RMB24,000,000 represented the refundable deposit has been received from the Buyer. As the percentage ratios for the Disposal are less than 5%, the transaction is not subject to announcement requirement under the Listing Rules.

成立於中國的合營企業

於2016年2月4日，深圳市同合創建投資發展有限責任公司（本公司全資附屬公司）與深圳市星河房地產開發有限公司於中國共同成立合營企業深圳市星馬鴻運房地產開發有限公司（「中國合營企業」），註冊資本為人民幣 10,000,000元。中國合營企業的業務範圍為在合法取得使用權的土地上從事房地產開發經營。於2016年財政年度，中國合營企業尚未展開任何業務或投資。有關詳情，請參閱本公司日期為2016年2月18日的公告。

出售深圳市城合創建投資發展有限公司全部已發行股本

於2016年3月15日，深圳市沈和創建投資發展有限公司（「深圳沈和」，本公司全資附屬公司）與獨立第三方（「買方」）訂立出售協議，據此，買方有條件同意購買而深圳沈和有條件同意出售城合創建全部已發行股本，代價為人民幣44,000,000元（「出售事項」）。城合創建的主要業務為投資控股。於2016年12月26 日，雙方同意將完成日後押後至2017年6月 30日。於本報告日期，出售事項尚未完成，為數人民幣 24,000,000 元指自買方收到的可退還訂金。由於出售事項的百分比率低於 5%，交易毋須遵守上市規則的公告規定。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

Pre-acquisition of property in Beijing PRC

On 15 November 2016, Beijing Shen Shang Investment & Consulting Company Limited 北京瀋商投資諮詢有限公司, a wholly owned subsidiary of the Company, being the subscriber entered into the Pre-Acquisition Agreement with Beijing Zhong Tou Chuang Zhan Property Limited 北京中投創展置業有限公司, pursuant to which Beijing Zhong Tou Chuang Zhan Property Limited agreed to sell and Beijing Shen Shang Investment & Consulting Company Limited agreed to acquire a property at a total consideration of RMB152,800,000. A property is a commercial premise with the construction area of 2,800 square meters (with the right to use 5,000 square meters of car parks at the basement level two of the Convention Center), being part of Phase 3 of the ancillary facility project of Beijing International Zone Convention Center (北京會展國際港展館) to be constructed to be constructed in Beijing Shunyi District Tianzhu Airport Commercial Zone (北京市順義區天竺空港商務區). Details of which is set out in the announcement of the Company dated 15 November 2016.

The Share Subscription

On 27 December 2016 (after trading hours), Zhongfang Chaozhou Investment Development Company Limited, being an indirect wholly-owned subsidiary of the Company has submitted the share subscription application letter to Chaozhou Rural Credit Cooperative, pursuant to which Zhongfang Chaozhou has agreed to apply for 19,800,000 shares of Chaozhou Rural Credit Cooperative (the “Subscription Shares”) at the consideration of RMB35,640,000. The Subscription Shares represent approximately 11.55% of the issued share capital of the Issuer as at the date of the share subscription application letter. Details of which is set out in the announcement of the Company dated 29 December 2016.

As at 31 December 2016, Zhongfang Chaozhou had 10.9% of the issued share capital of Chaozhou Rural Credit Cooperative.

預購於中國北京的物業

於2016年11月15日，北京瀋商投資諮詢有限公司（本公司全資附屬公司，即認購方）與北京中投創展置業有限公司訂立預購協議，據此，北京中投創展置業有限公司同意出售及北京瀋商投資諮詢有限公司同意收購物業，總代價為人民幣152,800,000元。物業為建築面積2,800平方米並有權使用地下負二層 5,000平方米停車場之商用物業，即位於北京市順義區天竺空港商務區將興建的北京會展國際港展館配套設施項目3期的一部分。有關詳情，請參閱本公司日期為2016年11月15日的公告。

股份認購

於2016年12月27日（交易時段後），中房潮州投資開發有限公司（本公司間接全資附屬公司）已向潮州市區農村信用合作聯社提呈股份認購申請書，據此，中房潮州同意申領 19,800,000股潮州市區農村信用合作聯社股份（「認購股份」），代價為人民幣35,640,000 元。認購股份佔發行人於股份認購申請書日期已發行股本約11.55%。有關詳情，請參閱本公司日期為2016年12月29日的公告。

於2016年12月31日，中房潮州持有潮州市區農村信用合作聯社已發行股本10.9%。

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Capital Contribution to Chung Hwa Finance

On 23 December 2015, Kingma Overseas, a wholly-owned subsidiary of the Company, entered into the capital contribution agreement with Chung Hwa Finance Holdings Limited, an Independent Third Party, pursuant to which each of Kingma Overseas and Chung Hwa Finance Holdings Limited agreed to make capital contribution (the “Capital Contribution”) of HK$109,990,000 and HK$90,000,000 respectively to Chung Hwa Finance. Upon completion of the Capital Contribution, the share capital of Chung Hwa Finance will be increased to HK$200,000,000 and Chung Hwa Finance will be owned as to 55% and 45% by Kingma Overseas and Chung Hwa Finance Holdings Limited respectively. The Capital Contribution has been completed in the 2016 Financial Year. Chung Hwa Finance continue to be a subsidiary of the Company and included as a subsidiary in the Group’s consolidated financial statements. Please refer to the announcement of the Company dated 23 December 2015 for the details of the Capital Contribution.

During the 2016 Financial Year, save as disclosed above, there was no material acquisition or disposal of subsidiaries and associate companies of the Company.

NUMBER OF EMPLOYEES, EMOLUMENTS, TRAINING SCHEMES AND SHARE OPTION SCHEMES

As at 31 December 2016, the Group employed a total of 47 (2015: 47) employees (including Directors of the Company). The Group has entered into employment contracts with all employees, and offered employment package according with their positions, qualifications, experience and ability. During the 2016 Financial Year, the aggregate salaries and emoluments amounted to RMB3,627,000 (2015: RMB3,672,000). The Group also provide benefits to employees, such as contributions to endowment insurance, basic medical insurance and housing reserve in accordance with the relevant laws of the PRC.

The Group has not adopted any share option scheme for any of its senior management or employees.

ASSETS SECURED/PLEDGED

As at 31 December 2016, the Group had not pledged any assets (2015: totally RMB63,520,000).

向中華信貸注資

於2015年12月23日，金馬海外（本公司全資附屬公司）與中華信貸集團有限公司（獨立第三方）訂立注資協議，據此，金馬海外及中華信貸集團有限公司各自同意向中華信貸分別注資 109,990,000 港元及 90,000,000 港元（「注資」）。於完成注資後，中華信貸已發行股本將增至200,000,000港元，而中華信貸將分別由金馬海外及中華信貸集團有限公司擁有55%及45%。注資已於2016年財政年度完成。中華信貸繼續為本公司附屬公司，並以附屬公司計入本集團的綜合財務報表。有關注資的詳情，請參閱本公司日期為2015年12 月23日的公告。

除上文所披露者外，於2016年財政年度，本公司沒有重大收購或出售附屬公司及聯營公司。

僱員人數及薪酬、培訓計劃及購股權計劃

於2016年12月31日，本集團共聘用47名僱員（包括本公司董事在內）（2015年：47名）。本集團與全體僱員均已簽署聘用合同，根據僱員所在不同崗位、資歷、經驗及能力提供不同之薪酬待遇。於2016年財政年度，薪金及酬金總額為人民幣3,627,000元（2015年：人民幣3,672,000元）。同時，根據中國有關法律規定，本集團為僱員提供福利如交納養老保險金、基本醫療報銷金和住房公積金。

本集團尚無制定任何高級管理人員或員工購股權計劃。

資產抵押╱質押

於2016年12月31日，本集團並無質押任何資產（2015年：人民幣63,520,000元）。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

CURRENCY RISKS

Other than those subsidiaries established in Hong Kong, the revenue and expenses of the Group are mainly denominated in Renminbi. The Group is exposed to foreign currency risk on transactions denominated in currencies other than the functional and reporting currency of the Group which is Renminbi. The change in the exchange rate of Hong Kong Dollar against Renminbi will affect the result of the Group. In view of the appreciation of Hong Kong Dollar against Renminbi, the reporting currency, an exchange gain of RMB16,898,000 (2015: corresponding Period: RMB11,578,000) has been recorded in the results for the 2016 Financial Year. The Group currently does not have hedging policy against foreign exchange risk. The management will consider hedging significant currency exposure in future should the need arise.

CONTINGENT LIABILITIES

As at 31 December 2016, the Group had no significant contingent liabilities (2015: nil).

CAPITAL COMMITMENTS

As of 31 December 2016, the total capital commitments of the Group amounted to RMB96,800,000 (2015: RMB114,525,000), details of which were set out in note 37 to the consolidated financial statements.

EVENTS AFTER THE REPORTING PERIOD

CSRC Approval on issuance of H-Shares under general mandate

On 20 January 2017, the Company has received a formal approval dated 11 January 2017 from China Securities Regulatory Commission (中國證券監督管理委員會) (the “CSRC”) that the Company is approved to place no more than 121,075,200 new H-Shares (the “New H-Shares”), under the General Mandate 2016 (the “Placing”). The formal approval will expire after twelve months upon the date of approval. The Board will proceed the Placing according to the requirements of formal approval from the CSRC and the Listing Rules subject to the market conditions. Details of which is set out in the announcement dated 20 January 2017.

外匯風險

除於香港成立的該等附屬公司外，本集團之收入及開支主要以人民幣計值。本集團承受以本集團功能及申報貨幣（人民幣）以外計值的交易的外匯風險。港元兌人民幣的匯率變動將影響本集團的業績。鑒於港元兌人民幣（申報貨幣）升值，於2016年財政年度的業績中確認匯兌收益人民幣16,898,000元（2015年同期：人民幣11,578,000元）。本集團目前並無外匯風險的對沖政策。管理層將考慮日後於有需要時對沖重大貨幣風險。

或然負債

於2016年12月31日，本集團並無重大或然負債（2015年：無）。

資本承擔

於2016年12月31日，本集團的總資本承擔為人民幣 96,800,000 元（ 2015 年：人民幣 114,525,000元），有關詳情載於綜合財務報表附註37。

報告期後事件

中國證監會批准根據一般授權發行 H 股

於2017年1月20日，本公司收到中國證券監督管理委員會（「中國證監會」）日期為2017年1 月11日的正式批文，本公司獲准根據2016一般授權配售不超過121,075,200股新H股（「新 H股」）（「配售」）。正式批文將於批文日期起計十二個月內屆滿。董事會將視乎市況根據中國證監會正式批文及上市規則的規定落實配售。有關詳情，請參閱本公司日期為2017年1 月20日的公告。

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

Proposed Capital Reduction of Chung Hwa Finance

On 21 February 2017, Chung Hwa Finance, an indirectly nonwholly owned subsidiary of the Company, has effectively reduced its share capital from HK$200,000,000 to HK$50,000,000 (the “Capital Reduction”). The reduced share capital will be returned to the existing shareholders. No share is cancelled upon completion of the Capital Reduction.

Chung Hwa Finance is remained owned as to 55% by Kingma Overseas Investment Development Corporation Limited and 45% by Chung Hwa Finance Holdings Limited respectively. Details of which are set out in the announcement of the Company dated 23 January 2017.

Signing of the gold investment agreements

On 10 March 2017, Shenzhen Ju Sheng Chuang Jian Investment and Development Limited 深圳市聚晟創建投資發展有限公司 (“Ju Sheng Chuang Jian”), the wholly-owned subsidiary of the Company entered into the gold investment agreements with Shenzhen Fu Yu Man Trading Company Limited 深圳市褔裕滿貿易有限公司 and Shenzhen Hua Xin Chen Trading Company Limited* 深圳市華鑫宸貿易有限公司 respectively. Pursuant to the gold investment agreements, Ju Sheng Chuang Jian agreed to invest in standard gold in Au99.99 fineness with the total investment amount of RMB54,620,000. The investment period is nine months and it is agreed that the return for such investment shall not be less than 3% of the total investment amount. As the respective percentage ratios for each transaction are less than 5%, the transaction is not subject to announcement requirement under the Listing Rules.

Possible Investment in BGA China Technology Company Limited

On 14 March 2017 (after trading hours), Modern Key International Limited (“Modern Key”), the wholly-owned subsidiary of the Company and BGA China Technology Company Limited 神農中華科技有限公司 (“BGA China”) entered into a non-legally binding letter of intent (the “Letter of Intent”). Pursuant tot he Letter of Intent, it is proposed that Modern Key will conditionally acquire not less than 20% equity interest of BGA China (the “Possible Investment”) subject to certain conditions. BGA China is a limited company incorporated in the British Virgin Islands, engaging in the business development of organic fertilizers. The Possible Investment is subject to the execution and completion of the formal agreement, As at the date of this report, no formal agreement has been executed. Detail of which are set out in the announcement of the Company dated 14 March 2017.

建議削減中華信貸股本

於 2017 年 2 月 21 日，中華信貸（本公司間接非全資附屬公司）已將其實際股本由 200,000,000港元削減至50,000,000港元（「減股」）。所削減股本將退還予現有股東。概無股份將於減股完成後被註銷。

中華信貸將仍分別由金馬海外投資發展有限公司及中華信貸集團有限公司擁有 55% 及 45%的權益。有關詳情，請參閱本公司日期為2017年1月23日的公告。

簽訂黃金投資協議

於2017年3月10日，深圳市聚晟創建投資發展有限公司（「聚晟創建」，本公司全資附屬公司）分別與深圳市褔裕滿貿易有限公司及深圳市華鑫宸貿易有限公司訂立黃金投資協議。根據黃金投資協議，聚晟創建同意以總投資額人民幣54,620,000元投資純度為99.99的標準黃金。投資期為九個月，據協議，該投資回報應不少於總投資額3%。由於各項交易的相關百分比率低於5%，交易毋須遵守上市規則的公告規定。

潛在投資於神農中華科技有限公司

於2017年3月14日（交易時段結束後），現基國際有限公司（「現基」，本公司全資附屬公司）與神農中華科技有限公司（「神農中華」）訂立不具法律約束力的意向書（「意向書」）。根據意向書，現議定現基將有條件地收購神農中華不少於20%股權（「潛在投資事項」），惟須遵守若干條件。神農中華為於英屬處女群島註冊成立的有限公司，從事有機肥料的推廣業務。潛在投資事項須待正式協議簽立及完成後方可作實。於本報告日期，並無簽立任何正式協議。有關詳情，請參閱本公司日期為2017年3月14日的公告。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Management Discussion and Analysis 管理層討論與分析

Increase in registered capital of Zhongfang Chaozhou

On 17 March 2017, the Board has passed a resolution to increase the registered capital of Zhongfang Chaozhou Investment Development Company Limited from RMB150,000,000 to RMB400,000,000. The purpose for the capital increase is to enhance the capital base of Zhongfang Chaozhou as well as strengthen its infrastructure and construction business in the PRC. As at the date of this report, the capital increase is still in progress.

Completion of the acquisition of 20% equity interest of Hai Yue Real Estate

In March 2017, the conditions precedent of the acquisition agreements in relation to the acquisition of 20% equity interest in Hai Yue Real Estate have been fulfilled and the completion took place on 3 March 2017. Details of the completion of the acquisition are set out in the announcement of the Company date 3 March 2017.

Termination of the acquisition of 28% equity interest of Shenzhen Hui Ye Micro Lending

In March 2016, the Company entered into an acquisition agreement with an independent third party to acquire 28% equity interest in Shenzhen Hui Ye Micro Lending for a consideration of RMB42,000,000. As at 31 December 2016, part of the consideration of RMB32,000,000 has been paid. On 10 March 2017, Company entered into the termination agreement to terminate the acquisition with immediate effect and the consideration paid of RMB32,000,000 has been refunded to Shenzhen Shen He, a wholly owned subsidiary of the Company.

SIGNIFICANT INVESTMENT HELD

Saved as disclosed herein this section, the Group had no significant investment held for the 2016 Financial Year.

增加中房潮州註冊資本

於2017年3月17日，董事會通過決議案將中房潮州投資開發有限公司的註冊資本由人民幣 150,000,000 元增至人民幣 400,000,000 元。增資旨在擴大中房潮州的資本基礎及鞏固其於中國的基礎設施建設業務。於本報告日期，增資仍在進行中。

完成收購海粵房地產 20% 股權

於2017年3月，有關收購海粵房地產20%股權的收購協議的先決條件已獲達成，而收購事項已於2017年3月3日完成。有關詳情，請參閱本公司日期為2017年3月3日的公告。

終止收購深圳匯業小額貸款 28% 股權

於2016年3月，本公司與獨立第三方訂立收購協議以收購深圳匯業小額貸款28%股權，代價為人民幣42,000,000元。於2016年12月31 日，已付部分代價人民幣32,000,000元。於 2017年3月10日，本公司訂立終止協議以即時終止收購，已付訂金人民幣32,000,000元已退還予深圳沈和（本公司全資附屬公司）。

所持重大投資

除本節所披露者外，本集團於2016年財政年度並無持有任何重大投資。

2016年報 瀋陽公用發展股份有限公司

Management Discussion and Analysis 管理層討論與分析

ENLARGING SHARE CAPITAL

The Company is active pursing to enlarge its share capital so as to enhance the financial foundation and capital base of the Group. The Company has raised the share capital through the issue of Domestic Shares and H-Shares as follow:

On 11 February 2016, the Company completed the placing of 100,896,000 H-Shares at the price of HK$1.19 (approximately RMB1.00) per share under the General Mandate 2015 and raised net proceeds of approximately HK$117,640,000. The net proceeds were used for credit business in Hong Kong and working capital of the Group. Details of the placing of 100,896,000 H-Shares are set out in the announcements of the Company dated 19 January and 11 February 2016.

On 23 February 2016, the Company completed the issuance of 144,000,000 Domestic Shares at the price of RMB1.00 (approximately HK$1.196) per share under the General Mandate 2015 and raised the net proceed of approximately RMB143,200,000. The net proceeds were used for as to approximately RMB130,000,000 for the acquisition of 30% equity interest of Shishi Shen Guo Tou; as to approximately RMB13,000,000 for the working capital for construction and infrastructure business of Zhongfang Chaozhou and approximately RMB200,000 for the working capital of the Group. Details of the issuance of 144,000,000 Domestic Shares are set out in the announcements of the Company dated 18 December 2015 and 25 February 2016.

Following the completion of the placing of H-Shares and issuance of Domestic Shares as set out in above, the share capital of the Company increased to RMB1,469,376,000 at the 31 December 2016 comprising of 864,000,000 Domestic Shares of RMB1 each and 605,376,000 H-Shares of RMB1 each.

In January 2017, the Company has received a formal approval dated 11 January 2017 (the “Formal Approval”) from the CSRC that the Company has been approved to place no more than 121,075,200 new H-Shares under the General Mandate 2016 (the “Placing”). The Formal Approval will expire after twelve months upon the date of approval. The Board will proceed the Placing according to the requirements of formal approval from the CSRC and the Listing Rules subject to the market conditions.

擴大股本

本公司積極擴大其股本以擴大本集團的財務基礎及資本基礎。本公司已透過發行內資股及H股擴大股本如下：

於2016年2月11日，本公司完成根據2015一般授權按每股1.19港元（約人民幣1.00元）的價格配售100,896,000股H股，集資所得款項淨額約117,640,000港元。所得款項淨額用作香港信貸業務及本集團營運資金。有關配售 100,896,000股H股的詳情，請參閱本公司日期分別為2016年1月19日及2016年2月11日的公告。

於2016年2月23日，本公司完成根據2015一般授權按每股人民幣1.00元（約1.196港元）的價格發行144,000,000股內資股，集資所得款項淨額約人民幣143,200,000元。所得款項淨額約人民幣130,000,000元支付收購石獅深國 30%股權的代價；約人民幣13,000,000元用作中房潮州基礎設施建設的運營資金；約人民幣200,000元用作本集團營運資金。有關發行144,000,000股內資股的詳情，請參閱本公司日期分別為2015年12月18日及2016年2月 25日的公告。

於完成上文所載配售H股及發行內資股後，本公司於2016年12月31日的股本增至人民幣 1,469,376,000 元，包括 864,000,000 股每股人民幣1元的內資股及605,376,000股每股人民幣1元的H股。

於2017年1月，本公司收到中國證監會日期為 2017年1月11日的正式批文（「正式批文」），本公司獲准根據 2016 一般授權配售不超過 121,075,200股新H股（「配售」）。正式批文將於批文日期起計十二個月內屆滿。董事會將視乎市況根據中國證監會正式批文及上市規則的規定落實配售。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

EXECUTIVE DIRECTORS:

Mr. Zhang Jing Ming , aged 60, graduated from Shantou Business School. Since 1986, Mr. Zhang has successively worked as the deputy manager of Guangdong Haining Paper Packing Company Limited (廣東海寧紙品包裝有限公司), the vice president of Hong Kong Hai Yuan Industry Group Limited and chairman of Beijing Zhongjin Chuangzhan Real Estate Development Company Limited (北京中金創展房地產開發有限公司). Mr. Zhang has extensive experience in business management, corporate culture and project and operational planning.

Mr. Huang Zhen Kun , aged 58, is an executive director of the Company. Mr. Huang was re-designated from non-executive director to executive director of the Company with effect from 3 March 2014. He joined the Group since June 2013. Mr. Huang graduated from Shenzhen University (深圳大學) majoring in accounting. He is currently the general manager of Zhongfang Chaozhou Investment Development Company Limited (中房潮州投資開發有限公司), a wholly-owned subsidiary of the Company. Mr. Huang has extensive experience in corporate governance and management of real estate projects.

Mr. Deng Xiao Gang , aged 57, is an executive director of the Company. He joined the Group since June 2013. Mr. Deng graduated from the Urban Construction and Engineering Department of Chongqing Institute of Architectural and Engineering (重慶建築工程學院) in 1983 with a bachelor degree in engineering, majoring in water supply and drainage. Mr. Deng has extensive experience in corporate governance and management of real estate projects.

執行董事：

張敬明先生，60歲，畢業於汕頭商業學校。自1986年，張先生先後擔任廣東海寧紙品包裝有限公司副總經理、香港海源實業集團有限公司副總裁以及北京中金創展房地產開發有限公司董事長。張先生在業務管理、企業文化及項目及營運規劃方面擁有豐富經驗。

黃鎮坤先生，58歲，本公司執行董事。黃先生由本公司非執行董事調任為執行董事，自 2014 年 3 月 3 日起生效。彼自 2013 年 6 月加入本集團。黃先生畢業於深圳大學會計學專業。彼現任本公司全資附屬公司中房潮州投資開發有限公司總經理。黃先生於公司管治及地產專案開發方面擁有豐富經驗。

鄧曉綱先生，57 歲，本公司執行董事，自 2013年6月加入本集團。鄧先生於1983年畢業於重慶建築工程學院城市建設工程系給排水專業，獲頒工程學士學位。鄧先生於公司管治和地產項目開發方面擁有豐富經驗。

2016年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

NON-EXECUTIVE DIRECTORS:

非執行董事：

Mr. Yin Zong Chen , aged 53, is a non-executive director of the Company. Mr. Yin graduated from Harbin Institute of Technology (哈爾濱工業大學) with a master degree in Architecture and Civil Engineering Professional. He is a member of the Shenzhen Luohu District Committee of the CPPCC for the fifth session. He successively served as the general manager, party branch deputy secretary and senior engineer of Shenzhen Shenan Enterprise Co., Ltd. from 1997 to 2003, and the director, general manager and senior engineer of Shenzhen Pan-China Engineering Group Co., Ltd. (“Pan-China Engineering Group”) from 2003 to 2007. During his term in PanChina Engineering Group, he obtained the qualifications of national first class registered constructor, registered supervision engineer and registered cost engineer. Mr. Yin served as the general manager of the contracting division and group vice president in Shenzhen Construction (Group) Company Limited (深圳市建設（集團）有限公司) from 2009 to 2012. He has over 30 years’ experience in architecture design, civil engineering and infrastructure construction.

尹宗臣先生，53歲，本公司非執行董事，尹先生畢業於哈爾濱工業大學，獲頒授建築與土木工程專業碩士學位，深圳市羅湖區第五屆政協委員。於1997年至2003年，先後擔任深圳市深安企業有限公司之總經理、黨總支副書記及高級工程師。於2003年至2007年，先後擔任深圳市泛華工程集團有限公司（泛華工程集團）之董事、總經理及高級工程師。於泛華工程集團期內，獲取國家註冊一級建造師及註冊監理工程師、註冊造價工程師資格。於2009年至2012年，尹先生先後擔任深圳市建設（集團）有限公司總承包事業部總經理、集團總裁。尹先生於建築工程設計、土木及工程及基建建造方面擁有逾三十年經驗。

Ms. Li Yu Xiang , aged 58, graduated from Henan Radio & Television University (河南廣播電視大學法律專業) with a bachelor’s degree in laws in 1988. Since 1981, Ms. Li has served as the section officer of Bureau of Justice in Kaifeng City, Henan Province, and the chief lawyer of Henan Rnn He law firm (河南潤合律師事務所). Ms. Li is currently the partner of Guangdong Shen Hua law firm* (廣東深樺律師事務所). Ms. Li has extensive experience in finance and capital markets, debts and liabilities, intellectual property rights.

李玉香女士，58歲，於1988年畢業於河南廣播電視大學法律專業。自1981年起，李女士先後擔任河南省開封市司法局科員及河南潤合律師事務所之主任律師。李女士現任廣東深樺律師事務所合夥人。李女士在金融及資本市場、債權及債務、知識產權方面擁有豐富經驗。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

INDEPENDENT NON-EXECUTIVE DIRECTORS:

Mr. Chan Ming Sun Jonathan , aged 45. Mr. Chan graduated from the University of New South Wales, Australia with a Bachelor of Commerce degree in Accounting and Computer Information Systems. He is a fellow of the Hong Kong Institute of Certified Public Accountants and a member of Certified Public Accountants, Australia and a fellow of the Hong Kong Institute of Directors. Mr. Chan has over 15 years of experience in auditing, accounting, investment and financial management. Between September 2001 and December 2015, Mr Chan was an associate director of Go-To-Asia Investment Limited. Between July 2000 and August 2001, Mr. Chan was an investment manager with Softbank China Venture Investments Limited. Between April 1995 and June 2000, he worked at Ernst & Young in Hong Kong and his last position was a senior associate with the audit and corporate finance department.

Mr. Chan is currently (i) an investment manager of Sprint Asset Management Limited; (ii) an independent non-executive director of China Dredging Environment Protection Holdings Limited (formerly known as Xiangyu Dredging Holdings Limited) (Stock code: 871); Far East Holdings International Limited (Stock code: 36) and Hao Tian Development Group Limited (Stock code: 474), whose respective securities are listed on the main board of the Stock Exchange, and (iii) an independent non-executive director of Changhong Jiahua Holdings Limited (Stock code: 8016), whose securities are listed on the growth enterprise market of the Stock Exchange.

Mr. Chan was the independent non-executive director of the Company since 12 February 2009 and has resigned on 21 June 2013. Furthermore, Mr. Chan was (i) an independent nonexecutive director of Beautiful China Holdings Company Limited (Stock code: 706) between March 2013 and February 2014 whose respective securities are listed on the main board of the Stock Exchange, and (ii) an independent non-executive director of Focus Media Network Limited (Stock code: 8112) between April to November 2015 and L&A International Holdings Limited (Stock code: 8195) between 25 September 2014 to 3 March 2017, whose respective securities are listed on the growth enterprise market of the Stock Exchange.

獨立非執行董事：

陳銘燊先生，45歲。陳先生畢業於澳洲新南威爾斯大學，持有會計及電腦資訊系統學系商學士學位。陳先生為香港會計師公會之資深會員及澳洲會計師公會之會員及香港董事學會之資深會員。陳先生於審計、會計、投資及財務管理方面擁有逾15年經驗。於2001 年9月至2015年12月期間，陳先生為啟程東方投資管理有限公司的聯席董事。於2000年 7月至2001年8月期間曾任軟庫中華基金管理有限公司的投資經理。於1995年4月至2000 年6月期間，彼曾任職於香港安永會計師事務所，其最後任職於審核及企業融資部高級顧問。

陳先生現時為(i)新銳資產管理有限公司之投資經理；(ii)中國疏浚環保控股有限公司（前稱翔宇疏浚控股有限公司）（股份代號：871）；遠東控股國際有限公司（股份代號：36）；及昊天發展集團有限公司（股份代號：474）之獨立非執行董事，該等公司各自之證券於聯交所主板上市，及(iii)長虹佳華控股有限公司（股份代號：8016）之獨立非執行董事，該公司證券於聯交所創業板上市。

陳先生自2009年2月12日起擔任本公司之獨立非執行董事，並於2013年6月21日辭任。陳先生(i)於2013年3月至2014年2月期間擔任美麗中國控股有限公司（其證券於聯交所主板上市）（股份代號：706）獨立非執行董事；及 (ii)於2015年4月至11月期間擔任Focus Media Network Limited（股份代號：8112）之獨立非執行董事及於2014年9月25日至2017年3月 3日期間擔任樂亞國際控股有限公司（股份代號：8195）之獨立非執行董事，兩間公司的證券均於聯交所創業板上市。

2016年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

Mr. Yu Guanjian , aged 62, has been an independent nonexecutive Director of the Company since 2013. Mr. Yu graduated from Southwestern University of Finance and Economics (西南財經大學) with a master degree in economics in 1988. Mr. Yu worked at Shenzhen Branch of Bank of China and Guangzhou office of China Orient Asset Management Corporation (中國東方資產管理公司深圳和廣州辦事處). Mr. Yu has extensive experience in corporate risk management and asset management.

Mr. He Qing Jia , aged 34. Mr. He was graduated from the University of Electronic Science and Technology with a master degree in Measurement Technology and Instruments. Since 2011, Mr. He has worked as the business development manager of Huawei Technologies Company Limited (華為技術有限公司) and the assistant to the general manager of Shenzhen Tong Heng Micro Technology Company Limited (深圳市同亨微科技有限公司). Mr. He has extensive experience in corporate management and managing external relations.

SUPERVISORS:

Mr. Wang Xing Ye , aged 41, holds a master postgraduate degree. Mr. Wang is currently the managing director of Beijing Jade Bird Hengsheng Investment Management Co., Ltd., director of Hebei Beida Jade Bird Universal Fire Alarm Device Co., Ltd., director of Enraytek Optoelectronics Technology (Shanghai) Co., Ltd., director of Ningbo Jade Bird Zhengyuan Equity Interest Investment Management Co., Ltd. (寧波青鳥正元股權投資管理有限公司), director of Ningbo Jade Bird Venture Capital Investment Co., Ltd., executive director/general manager of Ningbo Liyuantai Venture Capital Investment Management Co., Ltd., secretary to the board of director/chairman of union of Beijing Beida Jade Bird Universal Sci-Tech Company Limited and the chairman of the Board of Supervisors of the Company. He has profound experience in investment and financing, asset and business reorganization.

Mr. Chen Jun Feng , aged 34, graduated from Southwest University of Political Science & Law (西南政法大學) with Bachelor of Laws. Mr. Chen served as the assistant to the president of Guangdong Xu Mastery Auction Company Limited (廣東旭通達拍賣有限公司) from November 2008 to January 2010, assistant to the president and legal manager of Guangzhou Sheng Tong property Company Limited (廣州市盛塘置業有限公司) from February 2010 to February 2012, the director and deputy general manager of Guangdong Gung Ho Equity Fund Limited (廣東工合股權基金有限公司) from March 2013 to October 2015, and the director of Zhuhai Xinguang Group Co., Ltd. (珠海鑫光集團股份有限公司). He is currently the supervisor of Shenyang Public Utility Holdings Company Limited since 2016. Mr. Chen has extensive experience in investment and financing, asset and business reorganization.

余關健先生，62歲，自2013年起出任本公司獨立非執行董事。余關健先生於1988年畢業於西南財經大學經濟學專業，獲頒經濟學碩士學位。曾在中國銀行深圳市分行和中國東方資產管理公司深圳辦事處工作，於企業風險管理及資產管理方面擁有豐富經驗。

何慶佳先生，34歲，畢業於電子科技大學，獲頒授測試計量技術及儀器碩士學位。自 2011年至今，何先生歷任華為技術有限公司業務發展經理及深圳市同亨微科技有限公司總經理助理。何先生於公司管理及對外事務的連洽方面具有十分豐富的經驗。

監事：

王興業先生，41 歲，碩士研究生。王先生現擔任北京青鳥恒盛投資管理有限公司董事總經理、北大青鳥環宇消防設備股份有限公司董事、映瑞光電科技（上海）有限公司董事、寧波青鳥正元股權投資管理有限公司董事、寧波青鳥創業投資有限公司董事、寧波利元泰創業投資管理有限公司執行董事╱總經理、北京北大青鳥環宇科技股份有限公司董事會秘書╱工會主席，及本公司監事會主席。彼在投融資、資產及業務重組方面有豐富經驗。

陳俊峰先生，34歲，2008年畢業於西南政法大學，獲頒授法律學士學位。2008年11月到 2010年1月，在廣東旭通達拍賣有限公司擔任總裁助理，2010年2月到2012年2月，在廣州市盛塘置業有限公司擔任總經理助理兼法務經理，2013年3月到2015年10月，在廣東工合股權基金有限公司擔任董事，副總經理，在珠海鑫光集團股份有限公司擔任董事， 2016年至今在瀋陽公用發展股份有限公司擔任監事，陳先生在投融資、資產及業務重組方面有豐富的經驗。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

Ms. Huang Yong Jing , aged 39. Ms. Huang was graduated from Zhangzhou University with a bachelor degree in food engineering. Since 2002, Ms. Huang has successively worked as the food inspector in Xiamen Entry-Exit Inspection and Quarantine Bureau (廈門市出入境檢驗檢疫局), executive manager and deputy general assistant of Shenzhen Pico Investment and Development Company Limited (深圳市筆克投資發展有限公司) and the executive assistant of Shenzhen Anye Property Holdings Limited (深圳市安業地產控股有限公司). Ms. Huang is currently worked in the integrated management department of the Company. Ms. Huang is experienced in business administration and managing external relations and affairs.

Mr. Zhang Yun Feng , aged 54. Mr. Zhang was graduated from Anhui University of Finance and Economics (安徽財經大學) majoring in commodity science. Mr. Zhang has worked as deputy general manager of the marketing department in the headquarters of the Kunlun Securities Company Limited (昆侖證券有限公司), marketing director of Shenzhen sale branch of the Hong Yuan Securities Company Limited (宏源證券股份有限公司) and the general manager of Anhui Xin Tai Yuan Technology Company Limited (安徽鑫泰元科技有限公司). He is currently the president of Shenzhen Qian Yuan Kun Li Investment Technology Co., Ltd.(深圳市乾元坤利投資科技有限公司). Mr. Zhang has extensive experience in capital management.

Mr. Fang Wei Ran , aged 32, graduated from Guangdong Ocean University with Bachelor of Science in Financial Management. He previously worked in Huizhou LCY Rubber Company. Mr. Fang is currently the internal accountant of Zhongfang Chaozhou Investment Development Company Limited, a wholly-owned subsidiary of the Company. Mr. Fang has extensive experience in accounting practices and cost management.

黃永菁女士，39歲，畢業於漳州大學，獲頒授食品工程學學士學位。自2002年至今，黃女士歷任廈門市出入境檢驗檢疫局食化科檢驗員、深圳市筆克投資發展有限公司行政經理及副總助理以及深圳市安業地產控股有限公司行政助理。黃女士現任職於本公司綜合管理部門。黃女士於行政管理、公司對外關係及事務的連洽及管理方面具有十分豐富的經驗。

張運峰先生，54歲，畢業於安徽財經大學商品學專業。張先生歷任昆侖證券有限公司總部市場部副總經理、宏源證券股份有限公司深圳營業部市場總監及安徽鑫泰元科技有限公司總經理。現任深圳市乾元坤利投資科技有限公司總裁。張先生於資本運作方面有豐富經驗。

方偉然先生，32 歲，畢業於廣東海洋大學財務管理專業，獲頒管理學學士學位。曾任職於惠州李長榮橡膠有限公司。現任本公司全資附屬公司中房潮州投資開發有限公司會計。方先生於會計實務、成本管理方面具有一定的經驗。

2016年報 瀋陽公用發展股份有限公司

Profiles of Directors, Supervisors and Senior Management 董事、監事及高級管理層介紹

JOINT COMPANY SECRETARIES:

公司聯席秘書：

Mr. Wu Tai Cheung, aged 60, is the Joint Company Secretary of the Company. Mr. Wu is a director of a professional firm processing corporate secretarial and advisory services. Mr. Wu is a member of the Hong Kong Institute of Certified Public Accountants and the Hong Kong Institute of Chartered Secretaries. Mr. Wu was appointed as the Company Secretary in May 2013.

胡大祥先生，60 歲，本公司的聯席公司秘書。胡先生為從事公司秘書及顧問服務的專業機構董事。胡先生為香港會計師公會及香港特許秘書公會會員。胡先生於2013年5月獲委任為公司秘書。

Ms. Qian Fang Fang, aged 33, is a medium-level accountant and the Joint Company Secretary of the Company. Ms. Qian graduated from the Northwest University of professional accounting with a bachelor’s degree in management in 2006, and was conferred a master’s degree in management in 2008. Ms. Qian was appointed as the supervisor of the Company for the period from 12 February 2012 to 3 March 2014. Ms. Qian was appointed as Joint Company Secretary on 6 March 2014.

錢芳芳女士，33歲，中級會計師，本公司的聯席公司秘書。錢女士於2006年畢業於西北大學會計學專業，獲頒管理學學士學位，並於 2008 年獲授管理學碩士學位。錢女士於 2012年2月12日至2014年3月3日期間獲委任為本公司監事。錢女士於2014年3月6日獲委任為聯席公司秘書。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Report of the Supervisory Committee 監事會報告

To the Shareholders,

During the year ended 31 December 2016, the supervisory committee of Shenyang Public Utility Holdings Company Limited (the “Supervisory Committee”), exercised conscientiously its authority, safeguarded the interests of the Shareholders and the Company, followed the principle of trustworthiness, honestly carried out the duties of supervisors and worked cautiously and diligently, in accordance with the Company Law of the PRC, requirements of the relevant laws and regulations of Hong Kong and the Articles of Association of the Company for their accountability to the Shareholders.

During the year, the major work performed by the Supervisory Committee included the attendance of the Board meetings; reviewing the report of the Directors and reserve appropriation proposed by the Board, if any, for the shareholders’ approval at the forthcoming annual general meeting; strictly and effectively monitoring whether the policies and decisions made by the management of the Company had conformed with the state laws and regulations and the Articles of Association of the Company or safeguarded the interests of the Shareholders. The Supervisory Committee has also reviewed the performance of the Directors, general manager and senior management in the daily operation by various means, and seriously examined the Company’s financial affairs and its connected transactions. After the examination, the Supervisory Committee concluded that:

the report of the Directors and the reserve appropriation proposed by the Board for the shareholders’ approval at the forthcoming annual general meeting are in accordance with the relevant laws and regulations and the Articles of Association of the Company;
the Directors, general manager and other senior management of the Company have strictly followed the principles of trustworthiness, worked diligently and responsibly, and discharged their duties for the best interest of the Company. The Supervisory Committee has not discovered that any Directors, general manager and other senior management of the Company had abused their powers, damaged the interest of the Company or the benefits of the shareholders and employees or contravened any laws and regulations or the Articles of Association of the Company;

各位股東：

截至2016年12月31日止年度，瀋陽公用發展股份有限公司監事會（「監事會」）遵照中華人民共和國公司法、香港有關法律法規及本公司的公司章程的規定，本着對全體股東負責的精神，認真履行職責，維護股東權益，維護本公司利益，遵守誠信原則，忠實履行監督之職責和義務，勤勉主動地開展工作。

在本年度內監事會主要工作包括列席董事會會議；審閱董事會於應屆股東週年大會上提呈股東批准的董事會報告及利潤分配方案（如有）；對本公司管理層決策及決定是否符合國家法律法規以及本公司的公司章程，是否維護股東利益等，進行了嚴格有效的監督，並通過各種方式，了解本公司董事、總經理及高級管理人員在經營管理、日常事務中的行為；認真審查本公司的財務狀況和關連交易情況。經審查，監事會認為：

董事會於應屆股東週年大會上提呈股東批准的董事會報告及利潤分配方案，符合有關法律法規和本公司的公司章程的規定；
本公司董事、總經理及其他高級管理人員，嚴格遵守誠信原則，工作克勤盡職、真誠地以本公司最大利益為出發點行使職權。未發現董事、總經理及高級管理人員濫用職權，損害本公司利益及侵犯本公司股東和本公司員工權益之行為，亦未違反法律法規或本公司的公司章程；

2016年報 瀋陽公用發展股份有限公司

Report of the Supervisory Committee 監事會報告

the consolidated financial statements of the Company for the year ended 31 December 2016, which were audited by Asian Alliance (HK) CPA Company Limited, have truly and fairly reflected the operating results and financial position of the Group. The related parties transactions were fair and reasonable and had not infringed upon the interests of the Company and the Shareholders.

The Supervisory Committee takes this opportunity to thank the Shareholders, Directors and all the employees of the Company for their supports in the past year.

By order of the Supervisory Committee

Mr. Wang Xing Ye

Chairman of the Supervisory Committee

Shenyang, 27 March 2017

經華融（香港）會計師事務所有限公司審核的本公司截至2016年12月31日止年度的綜合財務報表，真實和公允地反映了本集團的經營業績及財務情況。與關連方交易為公平合理，沒有損害本公司及股東利益的行為。

在過去的一年中，監事會的工作得到了本公司各位股東、董事及全體員工的大力支持，謹此表示衷心地感謝﹗

承監事會命

王興業先生監事會主席

瀋陽，2017年3月27日

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

The Directors present their report together with the audited financial statements for the year ended 31 December 2016.

PRINCIPAL ACTIVITIES

The Company is an investment holding company and the principal activities of its subsidiaries are set out in note 39 to the consolidated financial statements.

SEGMENT INFORMATION

Details of segment information are set out in note 8 to the consolidated financial statements.

FINANCIAL STATEMENTS AND DIVIDENDS

The results of the Group for the year ended 31 December 2016 are set out in the consolidated statement of profit or loss and other comprehensive income on pages 55 and 56.

The state of the Group’s affairs as at 31 December 2016 is set out in the consolidated statement of financial position on pages 57 and 58.

The Board does not recommend the payment of any dividend for the year ended 31 December 2016.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in property, plant and equipment of the Group are set out in note 16 to the consolidated financial statements.

SHARE CAPITAL

Details of movements in the share capital of the Company are set out in note 32 to the consolidated financial statements.

RESERVES

Movements in the reserves of the Company and the Group during the year are set out in note 40 to the consolidated financial statements and consolidated statement of changes in equity on pages 59 and 60, respectively.

董事會謹向各位股東欣然提呈截至2016年12 月31日止年度的報告及經審核財務報表。

主要業務

本公司為投資控股公司，其附屬公司主要業務載於綜合財務報表附註39。

分部資料

分部資料的詳情載於綜合財務報表附註8。

財務報表及股息

本集團截至2016年12月31日止年度的業績載於第55頁至第56頁的綜合損益及其他全面收益表。

本集團於2016年12月31日的財務狀況載於第 57頁至第58頁的綜合財務狀況表。

董事會不建議派發截至2016年12月31日止年度任何股息。

物業、廠房及設備

本集團的物業、廠房及設備變動詳情載於綜合財務報表附註16內。

股本

本公司的股本變動詳情載於綜合財務報表附註32。

儲備

本公司及本集團本年度內的儲備變動分別載於綜合財務報表附註40及第59頁至第60頁的綜合權益變動表。

2016年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

DISTRIBUTABLE RESERVES

There is no distributable reserves of the Company as at 31 December 2016, calculated under the Company Law of the PRC, being the jurisdiction in which the Company was established, (2015: RMB Nil).

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Articles of Association of the Company and under the laws of the PRC, which would oblige the Company to offer new shares on a prorata basis to existing shareholders.

SUMMARY OF FINANCIAL INFORMATION

The summary of the financial information of the Group for the last five financial years is set out on pages 171 and 172.

SHARE OPTIONS

As at the date of this report, no option has been granted or agreed to be granted by the Company to any of its Directors, Supervisors or employees.

DIRECTORS

The Directors who held office during the year and up to the date of this report are:

Executive Directors

Mr. Zhang Jing Ming Mr. Deng Xiao Gang Mr. Huang Zhen Kun

Non-executive Directors

Mr. Yin Zong Chen Ms. Li Yu Xiang

可供分配儲備

本公司於2016年12月31日按照中國（本公司成立的司法權區）公司法計算的可供分配儲備為人民幣零元（2015年：無）。

優先購買權

本公司的公司章程和中國公司法中並無優先購買權的規定，規定本公司須按比例向現有股東提呈發售新股份。

財務資料概要

本集團過去五個財政年度的財務資料概要載於第171頁至第172頁。

購股權

於本報告日期，本公司概無向其任何董事、監事或僱員授予或同意授予任何購股權。

董事

於本年度及截至本報告日期任職的董事如下：

執行董事

張敬明先生鄧曉綱先生黃鎮坤先生

非執行董事

尹宗臣先生李玉香女士

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

Independent Non-executive Directors

Mr. Yu Guan Jian Mr. Chan Ming Sun Jonathan Mr. He Qing Jia

The Company has received from each of the independent nonexecutive Directors the annual confirmation of independence pursuant to the Listing Rules and considers that all independent non-executive Directors are independent to the Group in accordance with the terms of the guidelines as set out in the Listing Rules.

In accordance with Article 100 of the Company’s Articles of Association, all the Directors shall be appointed at the general meeting for a term of three years. A director may serve consecutive terms if re-elected upon the expiration of the terms.

BIOGRAPHICAL DETAILS OF DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT

Brief biographical details of Directors, Supervisors and senior management are set out on pages from 19 to 24.

DIRECTORS’ AND SUPERVISORS’ SERVICE CONTRACTS

Each of the Directors and Supervisors has entered into a service contract with the Company for a term of three years from his/ her date of appointment as a Director or Supervisor (or until the expiration of the term of the current session of the Board or Supervisory Committee) and thereafter subject to termination by either party giving not less than one month’s written notice to the other party.

DIRECTORS’ INTERESTS IN CONTRACTS

Apart from the Directors’ service contracts disclosed above, no contracts of significance in relation to the Group’s business to which the Group 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 year.

獨立非執行董事

余關健先生陳銘燊先生何慶佳先生

本公司已收到每名獨立非執行董事根據上市規則發出的年度獨立性確認書，並認為按照上市規則所載的條款及指引，獨立非執行董事對本集團來說均具獨立性。

根據本公司的公司章程第100條，所有於股東大會上獲委任的董事任期應為三年。倘任期屆滿後獲重選，則董事可出任多個任期。

董事、監事及高級管理層的履歷詳情

有關董事、監事及高級管理層的履歷詳情介紹載於第19頁至第24頁。

董事及監事的服務合約

各董事及監事已與本公司訂立服務合約，自其獲委任為董事或監事之日起為期三年（或直至本屆董事會或監事會屆滿為止），其後可由任何一方向另一方發出不少於一個月書面通知予以終止。

董事於合約的權益

除上文所披露的董事服務合約外，於年末或本年度內任何時候，概無訂立與本集團業務有關而本集團為其中一方及本公司董事於當中擁有重大權益（不論直接或間接）的任何重大合約。

2016年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

DIRECTORS’, CHIEF EXECUTIVES’ AND SUPERVISORS’ INTERESTS AND SHORT POSITIONS IN THE SHARES OF THE COMPANY

董事、最高行政人員及監事於本公司股份的權益及淡倉

As at 31 December 2016, none of the directors, chief executives and supervisors of the Company had interests or short positions in any securities of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) which are required (a) to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they are taken or deemed to have under such provisions of the SFO); or (b) pursuant to section 352 of the SFO, to be entered in the register referred to therein; or (c) pursuant to the required standard of dealings by Directors and Supervisors as referred to in Appendix 10 to the Listing Rules to be notified to the Company and the Stock Exchange.

於2016年12月31日，概無本公司董事、最高行政人員及監事於本公司或其任何相關法團（定義見證券及期貨條例第XV部）的任何證券中，擁有(a)須根據證券及期貨條例第XV部第7 及第8分部須知會本公司及聯交所的權益或淡倉（包括根據證券及期貨條例的該等條文，彼等被當作或視為擁有的權益或淡倉）；或(b)須根據證券及期貨條例第352條須記入該條例所述的登記冊的權益或淡倉；或(c)根據上市規則附錄10所載董事及監事進行交易的規定準則，須知會本公司及聯交所的權益或淡倉。

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES

主要股東於股份及相關股份的權益及其他人士於當中的權益及淡倉

As of 31 December 2016, save as the Company’s Directors, supervisors and chief executives, the following corporations and individuals had interests and/or short positions in the Company’s shares, underlying shares, securities, equity derivatives and/or debentures, which are required to be recorded in the register of members maintained by the Company pursuant to section 336 of the SFO:

截至2016年12月31日，除本公司董事、監事及最高行政人員以外，以下公司及人士擁有本公司的股份、相關股份、證券、股本衍生工具及╱或債券中的權益及╱或淡倉，且該等權益及╱或淡倉須根據證券及期貨條例第 336條須於本公司備存的登記冊所記錄：

			Percentage of total
	Interest owners	Shares	issued share capital
			佔已發行股本總數
	權益持有人	股份	百分比
1	Shenzhen Jinma Asset Management Company	600,000,000 Domestic Shares	40.83%
	Limited (“Jinma Asset”)	600,000,000股內資股
	深圳市金馬資產管理有限公司（「金馬資產」）
2	Ma Zhong Hong_(note 1)_	600,000,000 Domestic Shares	40.83%
	馬鐘鴻（附註1）	600,000,000股內資股
3	Lin Wei Cheng_(note 2)_	600,000,000 Domestic Shares	40.83%
	林偉成（附註2）	600,000,000股內資股
4	HKSCC Nominees Limited_(note 3)_	605,376,000 H-Shares (listed shares)	41.10%
	香港中央結算（代理人）有限公司（附註3）	605,376,000股H股（上市股份）

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

Notes:

Ma Zhong Hong is a PRC natural person who holds 90% equity interests in Jinma Asset. Pursuant to Section 316 of the SFO, Ma Zhong Hong is also deemed to be interested in the underlying shares of the Company held by Jinma Asset.
Lin Wei Cheng is a PRC natural person who holds 10% equity interests in Jinma Asset. Pursuant to Section 316 of the SFO, Lin Wei Cheng is also deemed to be interested in the underlying shares of the Company held by Jinma Asset.
As notified by HKSCC Nominees Limited, as of 31 December 2016, the following participants of CCASS had interests amounting to 5.00% or more of the total issued H-Shares of the Company as shown in the securities accounts in CCASS:
(1) The Hongkong and Shanghai Banking Corporation Limited as nominee holds 94,747,740 H-Shares, representing 15.65% of the issued H-Shares of the Company.
(2) Ever-long Securities Company Limited as nominee holds 73,192,000 H-Shares, representing 12.09% of the issued H-Shares of the Company.
(3) Bank of China (Hong Kong) Limited as nominee holds 60,878,000 H-Shares, representing 10.05% of the issued H-Shares of the Company.

Save as disclosed above, as at 31 December 2016, the Company has not been notified of any interests and/or short positions in shares, underlying shares, securities, equity derivatives and/or debentures of the Company which are required to be recorded in the register maintained in accordance with section 336 of the SFO.

MAJOR CUSTOMERS AND SUPPLIERS

The percentage of sales and purchases for the 2016 Financial Year attributable to the Group’s major customers and suppliers are as follows:

Sales

– the largest customer	65%
– five largest customers combined	78%
Purchases
– the largest supplier	80%
– five largest suppliers combined	100%

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

附註︰

馬鐘鴻是中國自然人，於金馬資產持有90% 權益。根據證券及期貨條例第316條，馬鐘鴻亦被當作在金馬資產持有的本公司相關股份中擁有權益。
林偉成是中國自然人，於金馬資產持有10% 權益。根據證券及期貨條例第316條，林偉成亦被當作在金馬資產持有的本公司相關股份中擁有權益。
根據香港中央結算（代理人）有限公司的通知，截至2016年12月31日，下列中央結算系統參與者在中央結算系統股票戶口內持有本公司已發行H股股份總數的5.00%或以上：
(1) 香港上海滙豐銀行有限公司代理持有 94,747,740股H股，佔本公司已發行 H股15.65%。
(2) 長雄證券有限公司代理持有 73,192,000股H股，佔本公司已發行 H股12.09%。
(3) 中國銀行（香港）有限公司代理持有 60,878,000股H股，佔本公司已發行 H股10.05%。

除上述披露外，本公司於2016年12月31日並未接獲有任何須按證券及期貨條例第336條須於備存的登記冊所記錄的本公司股份、相關股份、證券、股本衍生工具及╱或債券中的權益及╱或淡倉。

主要客戶及供應商

於2016年財政年度本集團主要客戶及供應商應佔銷售及採購百分比如下：

銷售

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採購

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概無董事，彼等的聯繫人或任何股東（據董事所知擁有本公司5%或以上已發行股本的股東）於上文所披露五大客戶及供應商中擁有任何權益。

2016年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

COMPLIANCE WITH MODEL CODE FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules. Following a specific enquiry, all the Directors confirmed that they have complied with the Model Code throughout the year ended 31 December 2016.

DIRECTORS’ AND SUPERVISORS’ RIGHT TO ACQUIRE SHARES OR DEBENTURES

None of the Directors and Supervisors or their respective associates was granted by the Company or its subsidiaries any right to acquire shares or debentures of the Company or any other body corporate, or had exercised any such right during the year ended 31 December 2016.

PURCHASE, SALES OR REDEMPTION OF LISTED SECURITIES

The Company has not redeemed any of its shares during the year. Neither the Company nor any of its subsidiaries had purchased or sold any of the Company’s listed shares during the year.

CONNECTED TRANSACTIONS

Details of the significant related party transactions entered into by the Group under the applicable accounting standards during the 2016 Financial Year are set out in note 38 to the consolidated financial statements.

None of the related party transactions disclosed in the note 38 to the consolidated financial statements constituted connected transactions or continuing connected transactions as defined in the Listing Rules which are subject to the reporting, announcement or independent shareholders’ approval requirements under the Listing Rules.

BUSINESS REVIEW

A review of the business of the Group for the 2016 Financial Year and a discussion of the Group’s future prospects are set in the “Management Discussion and Analysis” section on pages 6 to 18 and the Chairman’s Statement on pages 4 and 5 of this annual report respectively.

進行證券交易之標準守則

本公司已採納載於上市規則附錄10之標準守則。經作出具體查詢後，全體董事確認，彼等於截至2016年12月31日止年度已遵守標準守則。

董事及監事收購股份或債權證的權利

截至2016年12月31日止年度，概無董事及監事或彼等各自的聯繫人獲本公司或其附屬公司授予任何權益以收購本公司或任何其他法團的股份或債權證，且亦無行使有關權利。

購買、銷售或贖回上市證券

於本年度內，本公司概無贖回其任何股份。於本年度內，本公司或其任何附屬公司概無購買或銷售本公司任何上市股份。

關連交易

有關本集團於2016年財政年度根據適用會計準則訂立重大關連方交易的詳情，載於綜合財務報表附註38。

概無綜合財務報表附註38所披露的關連方交易構成上市規則所界定的關連交易或持續關連交易而須遵守上市規則的申報、公告或獨立股東批准規定。

業務審視

對本集團於2016年財政年度業務的審視及本集團未來前景的討論分別載於本年報第6至第 18頁的「管理層討論與分析」及第4頁至第5頁的「主席報告」內。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

Risks and uncertainties

The principal risks and uncertainties facing the Group has been addressed in the Chairman’s Statement on pages 4 and 5 and the “Management Discussion and Analysis” section on pages 6 to 18 of this annual report respectively.

In addition, various financial risks have been disclosed in the notes to the consolidated financial statements of this annual report.

Likely development in the Group’s business

The likely development of the Group is shown in the business prospect section in the “Management Discussion and Analysis” and Chairman’s Statement in this annual report.

An analysis using financial key performance indicators

The relevant financial key performance indicators relating to the business of the Group are set out in the “Financial Review” section in the “Management Discussion and Analysis” and the consolidated financial statements in this annual report.

Environmental policies and performance

Environment protection is critical to the long term development of the Group. The Group places importance in the management practice so as to minimize waste, maximize efficiencies and reduce negative impact to the environment.

Relationships with employees, customers, suppliers and others

The Group ensures all staff are reasonable remunerated and regularly reviews the employment polices on remuneration and other benefits.

The Group maintains a good relationship with its customers and suppliers. The Group maintains close contacts with the customers and has regular review of requirements of customers and complaints. The Group will conduct appraisal of the performance of suppliers on regular basis.

風險及不確定性

本集團所面臨的主要風險及不確定性已分別於本年報第4至第5頁的主席報告及本年報第6 至第18頁的「管理層討論與分析」中提述。

此外，各種財務風險已於本年報綜合財務報表附註中披露。

本集團業務的潛在發展

本集團業務的潛在發展載於本年報「管理層討論與分析」一節的業務展望及「主席報告」內。

利用財務主要表現指標的分析

與本集團業務有關的相關財務主要表現指標載於本年報「管理層討論與分析」一節的「財務回顧」及綜合財務報表內。

環保政策及表現

環保對本集團長遠發展至關重要。本集團十分重視管理層對減廢增效及降低對環境造成負面影響的措施。

與僱員、客戶、供應商及其他各方的關係

本集團確保各員工獲發合理薪酬，並定期檢討有關薪酬及其他福利的僱傭政策。

本集團與其客戶及供應商維持良好關係。本集團與客戶緊密聯繫，並定期檢討客戶需要及投訴。本集團將定期對供應商的表現進行評估。

2016年報 瀋陽公用發展股份有限公司

Report of the Directors 董事會報告

Compliance with Laws and Regulations

The Group recognizes the importance of compliance with regulatory requirements and risks of non-compliance with such requirements. The Group has on-going review the new enacted laws and regulations affecting the operations of the Group. The Group is not aware of any material non-compliance with the laws and regulations that have significant impact on the business of the Group.

AMENDMENTS TO THE ARTICLES

On 11 February 2016, the placing of 100,896,000 new H-shares of the Company has been completed and an aggregate of 100,896,000 new H-Shares has been successfully placed to not less than six placees.

On 18 December 2015, the Company entered into the subscription agreements with two subscribers respectively pursuant to which the Company has conditionally agreed to allot and issue an aggregate of 144,000,000 Domestic Shares to the subscribers. On 23 February 2016, the subscription has been completed and an aggregate of 144,000,000 Domestic Shares had been successfully issued to the subscribers.

As at the date of this report, the Articles have been updated in relation to the issue of H-Shares and Domestic Shares as mentioned above.

COMPETING INTERESTS

None of the Directors or any of their respective associates, has engaged in any business that competes or may compete with the business of the Group, nor has any other conflict of interest with the Group.

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the knowledge of the directors, the Company has maintained the prescribed public float under the Listing Rules as at the latest practicable date prior to the issue of this report.

EVENTS AFTER THE REPORTING PERIOD

Details of significant events after the reporting period and up to the date of this report are set out in note 41 to the consolidated financial statement.

遵從法律法規

本集團重視遵從監管規定及因違反有關規定帶來的風險。本集團持續檢討影響本集團業務的新頒佈法律法規。本集團不知悉有任何重大的法律法規違規情況而對本集團業務造成重大影響。

建議修訂公司章程

於 2016 年 2 月 11 日，配售本公司合共 100,896,000 股新 H 股已完成，合共 100,896,000股新H股已成功配售予不少於六名承配人。

於2015年12月18日，本公司分別與兩名認購人訂立認購協議，據此本公司同意有條件配發及發行合共144,000,000股內資股予認購人。於2016年2月23日，認購事項已完成，合共144,000,000股內資股已成功發行予認購人。

於本報告日期，有關發行H股及內資股的公司章程已按上文更新。

競爭權益

董事或彼等各自的任何聯繫人概無從事任何與本集團業務競爭或可能競爭的業務，亦無與本集團有任何其他利益衝突。

足夠的公眾持股量

根據本公司公開可得的資料及據董事所知，本公司於本報告刊發前的最後實際可行日期已根據上市規則維持指定的公眾持股量。

報告期後事件

有關報告期後及截至本報告日期發生的重大事件詳情載於綜合財務報表附註41。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Report of the Directors 董事會報告

AUDITOR OF THE COMPANY

Asian Alliance (HK) CPA Company Limited (formerly known as ZHONGLEI (HK) CPA Company Limited) retire and, being eligible, offer themselves for re-appointment.

On behalf of the Board

Zhang Jing Ming Chairman

Shenyang, The PRC, 27 March 2017

本公司核數師

華融（香港）會計師事務所有限公司（前稱中磊（香港）會計師事務所有限公司）任滿告退，惟符合資格並願意膺選連任。

承董事會命

張敬明

董事長

中國 • 瀋陽，2017年3月27日

2016年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

The Board is committed to maintain high standard of corporate governance practices and business ethics which are essential for maintaining and promoting investors’ confidence and maximising shareholders’ returns. The Board reviews its corporate governance practices from time to time to comply with the regulatory requirements, and to improve the in corporate governance practice.

CODE OF CORPORATE GOVERNANCE

The Company has complied with the applicable code of provisions of the Corporate Governance Code set out in Appendix 14 of the Listing Rules throughout for the 2016 Financial Year, except the following:

Code provision A.1.8 of the CG Code requires that the Company should arrange appropriate insurance cover in respect of legal action against its directors. The Company did not arrange such insurance cover during the 2016 Financial Year as Directors considered that the risk of material legal claims against Directors is minimal. Nevertheless, the Board will review this arrangement from time to time in light of the prevailing circumstances and arrange for appropriate insurance coverage when necessary.

BOARD OF DIRECTORS AND BOARD MEETING

The Board of Directors, which currently comprises 8 Directors, is responsible for the formulation of corporate strategy, and risk management to protect shareholders interest. Daily operation and administration delegated by the Board of Directors to the Executive Directors and the management.

The brief biographical details of each Director are set out in the section headed “Profiles of Directors and Senior Management” of this report. All Directors have given sufficient time and attention to the affairs of the Group. The composition of the Board is well balanced as all directors have experience in their field of expertise with a balance of skills, knowledge and experience relevant to the operation of the Group.

The Board has three independent non-executive Directors who have appropriate and sufficient experience and qualifications. In addition, two non-executive Director are appointed to provide guidance to the Board.

The Company has received an annual written confirmation from each of the independent non-executive Directors of their independence pursuant to the Listing Rules and considers them to be independence of the management.

The terms of appointment for all the executive Directors, non-executive Directors and independent non-executive Directors are 3 years. All Directors shall be elected and removed by the shareholders in general meeting according to the Articles of the Company.

董事會致力於維持高水準的企業管治常規及商業道德，是維持及提升投資者信心以及為股東帶來最高回報的根本。董事會不時檢討其企業管治常規，以遵守監管要求，以及改善企業管治實務。

企業管治守則

於2016年財政年度，本公司一直遵守載於上市規則附錄14之企業管治守則之適用守則條文，惟以下除外：

企管守則之守則條文A.1.8規定，本公司應就對其董事之法律行動投購合適之保險覆蓋。由於董事認為對董事提出重大法律索償之風險不大，故2016年財政年度本公司並無投購有關保險覆蓋。然而，董事會將視乎當前狀況不時檢討此安排，並於有需要時投購合適之保險覆蓋。

董事會及董事會會議

董事會現由8名董事組成，負責制定公司策略及風險管理以保障股東權益。董事會指派執行董事及管理層負責日常營運及行政。

每名董事簡歷載於本報告「董事及高級管理層介紹」一節。全體董事已就本集團事務付出充足時間及心力。董事會之組成保持適當平衡，各董事在本身之專業範圍均為資深人士，擁有與本集團業務相關的適當技能、知識及經驗。

董事會擁有三名擁有豐富相關經驗及資格的獨立非執行董事。此外，兩名非執行董事已獲委任，以向董事會提供指引。

本公司已接獲每名獨立非執行董事根據上市規則有關其獨立性的年度確認書，並認為彼等獨立於管理層。

所有執行董事、非執行董事和獨立非執行董事的任期都是三年。按照本公司的公司章程，所有董事都必須在股東大會上由股東選舉和罷免。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

The policy relating to the Board diversity of the Group sets up the approach to achieve diversity on the Board in order to ensure the Board has the required skills, experience, knowledge, expertise and other qualities of the members of the Board. The composition of the Board and its committee is regularly reviewed by considering the benefits of all aspects of diversity. The Board Diversity Policy shall be reviewed by the Nomination Committee, as appropriate, to ensure its effectiveness.

與本集團董事會多元化相關的政策載列如何達成董事會多元化的方法，確保董事會成員具備所需技能、經驗、知識、專長及其他元素。董事會及其委員會的組成會定期進行檢討，以評估多元化各範疇的好處。董事會多元化政策應由提名委員會（如適用）審閱以確保其成效。

TRAININGS OF DIRECTORS

董事培訓

All newly appointed directors be provided with necessary induction and information to ensure that they have a proper understanding of the Group’s businesses and their statutory supervision responsibilities as directors of listed companies. The Company will update directors on the latest development regarding the Group’s businesses as well as the Listing Rules and other applicable regulatory requirements, where appropriate. In addition, all directors are encouraged to participate in training programmes held by qualified professional people in relation to the revised code and amendments to the relevant listing rules, so as to develop and update their knowledge and skills.

各新委任的董事將獲得入職培訓，以確保他們對本集團業務及上市公司董事的法定監管責任有適當的理解。另外，本公司除了向董事提供有關本集團業務及上市規則和其他適用監管規定（如適用）之最新發展概況外，亦鼓勵董事參加由合資格專業人士所舉辦，有關經修訂守則及相關上市規則之修訂之培訓課程，以發展及更新董事的知識和技能。

During the 2016 Financial Year, all the directors have participated in proper continuous professional development trainings to update their knowledge and skills by attending briefings, conferences, programmes, workshops and seminars as well as by way of further education and self-study, so as to understand their roles, functions and responsibilities.

於 2016 年財政年度內，所有董事均以出席簡報會、會議、課程、工作坊和研討會、教學、自讀等方式完成適當的持續專業發展培訓，以更新自己的知識和技能，確保充分瞭解其角色、職能及責任。

Attendance of individual Director at Board meetings for 2016 Financial Year are as follows:

2016年財政年度每位董事出席董事會的考勤紀錄如下：

Financial Year are as follows:	紀錄如下：
Number of meeting	會議次數	15
Executive Directors:	執行董事：
Mr. Zhang Jing Ming	張敬明先生	15
Mr. Deng Xiao Gang	鄧曉綱先生	14
Mr. Huang Zhen Kun	黃鎮坤先生	15
Non-executive Directors:	非執行董事：
Mr. Yin Zong Chen	尹宗臣先生	15
Ms. Li Yu Xiang	李玉香女士	15
Independent Non-executive Directors:	獨立非執行董事：
Mr. Yu Guan Jian	余關健先生	15
Mr. Chan Ming Sun Jonathan	陳銘燊先生	14
Mr. He Qing Jia	何慶佳先生	15

2016年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

All Directors have access to the advice and assistance of the Joint Company Secretaries in relation to the Board procedures and corporate governance matters.

全體董事可就董事會程序及企業管治事宜尋求聯席公司秘書的意見及協助。

The minutes of the Board meetings recorded all the matters discussed by the Board and the matters resolved. Minutes of Board meetings are kept by the Joint Company Secretaries and are available for inspection by any Director or Committee Members.

董事會會議記錄載列董事會討論之所有事務及議決事宜，乃由聯席公司秘書備存，以供任何董事或委員會成員查閱。

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

主席及行政總裁

The role of the Chairman and the Chief Executive Officer of the Company are segregated and not exercised by the same individual. The Chairman is Mr. Zhang Jing Ming and the Chief Executive Office is Mr. Deng Xiao Gang.

本公司主席及行政總裁之職務分開，並非由同一人擔任。主席為張敬明先生，行政總裁為鄧曉綱先生。

With the support of the Joint Company Secretaries, the Chairman ensures all the Directors are provided adequate information on matters discussed in the Board Meeting in a timely manner.

在聯席公司秘書的協助下，主席確保全體董事可及時獲得董事會會議所討論事宜之足夠資料。

REMUNERATION OF COMMITTEE

薪酬委員會

The remuneration committee was established on 12 February 2012 with written terms of reference in compliance with the CG Code. The majority of committee members are independent nonexecutive Directors and the committee chairman is Mr. He Qing Jia. Other committee members are Mr. Chan Ming Sun Jonathan and Ms. Li Yu Xiang.

本公司於2012年2月12日成立薪酬委員會，並按照企業管治守則制定書面職權範圍。大部份委員會成員為獨立非執行董事，主席為何慶佳先生，其他委員會員是陳銘燊先生及李玉香女士。

The roles of the remuneration committee include the determination of the specific remuneration packages of all executive Directors, including benefits in kind, pension benefits and compensation payments (including any compensation payable for loss of office or engagement), and make recommendations to the Board about the remuneration of the non-executive Directors.

薪酬委員會的職務包括釐定全體執行董事的特定薪酬組合，包括實物利益、退休福利及補償金，包括離職或入職補償，以及就非執行董事的薪酬向董事會提供建議。

Details of the attendance of the remuneration committee meetings are as follows:

薪酬委員會會議的考勤紀錄如下：

Number of meetings	會議次數	1
Mr. He Qing Jia	何慶佳先生	1
Mr. Chan Ming Sun Jonathan	陳銘燊先生	0
Ms. Li Yu Xiang	李玉香女士	1

The remuneration committee of the Company has considered and reviewed the existing terms of employment contracts of the executive Directors and the non-executive Directors.

本公司的薪酬委員會已經考慮和檢討了執行董事和非執行董事目前的僱用合約條款。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

The remuneration of the senior management by band for the year ended 31 December 2016 are set out in note 13 to the consolidated financial statements.

截至2016年12月31日止年度高級管理層的薪酬範圍載於綜合財務報表附註13。

NOMINATION COMMITTEE

提名委員會

The Company established the nomination committee on 12 February 2012 with written terms of reference in compliance with the CG Code. The majority of committee members are independent non-executive Directors and the committee chairman is Mr. Zhang Jing Ming, the other members include Mr. He Qing Jia and Mr. Yu Guan Jian.

本公司於2012年2月12日成立提名委員會，並按照企業管治守則制定書面職權範圍。大部份委員會成員為獨立非執行董事，主席為張敬明先生，其他委員會成員是何慶佳先生及余關健先生。

The primary duties of the nomination committee are to review the structure, size and composition of the Board on a regular basis and make recommendations on any proposed change to the Board to complement the Company’s corporate strategies. Furthermore, the committee will make recommendations to the Board on matters relating to the appointment or re-appointment of directors and succession planning for directors, subject to the final approval in the general meeting.

提名委員會的職務主要是定期檢討董事會架構、人數及組成，並就任何為配合本公司的企業策略而擬對董事會作出的變動提出建議。另就董事委任或重新委任以及董事繼任計劃向董事會提出建議，並最終由股東大會批准。

Details of the attendance of the nomination committee meetings are as follow:

提名委員會會議的考勤記錄如下：

Number of meetings	會議次數	1
Mr. He Qing Jia	何慶佳先生	1
Mr. Yu Guan Jian	余關健先生	1
Mr. Zhang Jing Ming	張敬明先生	1

AUDIT COMMITTEE

審核委員會

The Company established an audit committee with written terms of reference in compliance with the CG Code. The primary duties of the audit committee are to review and supervise the financial reporting process and internal controls system of the Group. The audit committee comprises two independent non-executive Directors and one non-executive Director. The chairman of the audit committee is Mr. Chan Ming Sun Jonathan. The audit committee held four meetings during the 2016 Financial Year.

本公司成立審核委員會，並按照企業管治守則制定書面職權範圍。審核委員會的主要職責為審查及監控本集團的財務報告程序及內部監控制度。審核委員會由兩名獨立非執行董事及一名非執行董事組成，主席是陳銘燊先生。本公司在2016年財政年度內共召開四次審核委員會會議。

2016年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

Details of the attendance of the audit committee meetings are as follow:

審核委員會會議的考勤紀錄如下：

Number of meetings	會議次數	4
Mr. Yin Zong Chen	尹宗臣先生	3
Mr. Yu Guan Jian	余關健先生	4
Mr. Chan Ming San Jonathan	陳銘燊先生	3

The Group’s unaudited interim results for the six months ended 30 June 2016 and audited annual results for the year ended 31 December 2016 have been reviewed by the audit committee, in relation to the compliance with the applicable accounting standards and requirements and that adequate disclosures have been made.

本集團於截至2016年6月30日止六個月的未經審核中期業績以及經審核全年業績已由審核委員會按照適用會計準則及規定審閱，並已作出充分披露。

The Audit Committee has met the external auditors without the presence of executive Directors.

審核委員會已在沒有執行董事的情況下會見外聘核數師。

AUDITOR’S REMUNERATION

核數師酬金

The audit committee of the Company is responsible for considering the appointment of the external auditor and reviewing any non-audit functions performed by the external auditor. During the 2016 Financial Year, the Company paid an aggregate of approximately RMB973,000 to the external auditor of which auditing services of RMB870,000 and non-audit services of RMB103,000 respectively.

本公司的審核委員會負責考慮外聘核數師的委任及審查外聘核數師進行的任何非核數工作。於2016年財政年度，本公司已向外聘核數師支付合共約人民幣973,000元，作為其所提供核數服務（人民幣870,000元）及非核數服務（人民幣103,000元）的酬金。

MODEL CODE FOR SECURITIES TRANSACTIONS

證券交易標準守則

本公司已採納上市規則附錄 10 所載的標準守則。經具體查詢後，全體董事確認彼等於 2016年財政年度均遵守標準守則。

DIRECTORS’ AND AUDITOR’S RESPONSIBILITIES FOR ACCOUNTS

董事及核數師對賬目之責任

The Board acknowledges its responsibility for preparing the Company’s financial statement showing a true and fair view of the financial position of the Group and in accordance with the statutory requirements and applicable accounting standards. The statement of auditor of the Company regarding their reporting responsibility to the shareholders on the consolidated financial statement of the Group is set out in the Independent Auditor’s Report.

董事會確認其有責任根據法定規定及適用會計準則來編製本公司的財務報表，以真實及公平地反映本集團的財務狀況。本公司核數師就本集團綜合財務報表對股東作出的申報責任聲明，載於獨立核數師報告。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

FINANCIAL REPORTING AND INTERNAL CONTROL

FINANCIAL REPORTING

The Board is responsible for preparing the financial statements of the Company and the Group with the supports of finance department of the Group. In preparing the financial statements, the Board has applied the Hong Kong Financial Reporting Standards and consistently followed the appropriate accounting policies and provisions of laws.

RISK MANAGEMENT AND INTERNAL CONTROL

The Board has overall responsibilities for maintaining a sound and effective risk management and internal control system within the Group. The Group’s system of internal control and risk management includes a defined management structure with limits of authority, and is designed to help the Group achieve its business objectives, safeguard its assets against unauthorised use or disposition, ensure the maintenance of proper accounting records for the provision of reliable financial information for internal use or for publication, and ensure compliance with relevant laws and regulations. The system is designed to provide reasonable, but not absolute, assurance against material misstatement or loss, and to manage rather than eliminate risks of failure in the Group’s operational systems and in the achievement of the Group’s business objectives.

The Board is also responsible for reviewing from time to time the effectiveness of the Group’s risk management and internal control system, including the adequacy of resources, staff qualifications and experience of the Group’s accounting, internal audit and financial reporting functions.

The Group has engaged PRO-WIS Risk Advisory Services Limited to provide internal audit functions to review internal control and risk management system of the Group during the 2016 Financial Year and reported its findings to the Audit Committee.

The Board has reviewed the Group’s risk management and internal control system during the 2016 Financial Year, including the report of PRO-WIS Risk Advisory Services Limited and the explanations by the management. Issue raised for improvement had been identified and appropriate actions were recommended.

An inside information handling policy is in place to enable the Group to handle inside information. The Board as whole is responsible for identifying and considering the disclosure requirements and guidelines regarding inside information.

財務報告及內部監控

財務報告

董事會負責在本集團財務部的協助下編製本公司及本集團的財務報表。於編製財務報表過程中，已採納香港財務報告準則並貫徹遵守適當會計政策及法律規定。

風險管理及內部控制

董事會全權負責維持本集團健全和有效之風險管理及內部控制系統，本集團風險管理及內部控制系統，包括界定管理架構及其相關之權限，以協助本集團達致其業務目標、保管資產以防未經授權之使用或處理、確定適當之會計紀錄得以保存並可提供可靠之財務資料供內部使用或對外發放，並確保符合相關法例與規則。該系統旨在提供合理（而非絕對）保證不會出現嚴重誤報或損失的情況，並管理（而非消除）本集團經營系統失誤及未能達到業務目標的風險。

董事會亦負責不時審閱本集團風險管理及內部監控系統的有效性，包括資源、員工資歷及本集團會計、內部審計及財務報告職能的經驗是否足夠。

本集團已於2016年財政年度委聘溥華風險顧問有限公司提供內部審計工作，以審閱本集團的內部監控及風險管理系統，並向審核委員會匯報其審閱結果。

董事會已於2016年財政年度審閱本集團之風險管理及內部監控系統，包括溥華風險顧問有限公司之報告及管理層之解釋。已識別一些需要改進之事宜並建議適當之行動。

本公司亦已制定內幕消息處理政策，使本集團能夠處理內幕消息。董事會上下負責識別及審閱有關內幕消息的披露規定及指引。

2016年報 瀋陽公用發展股份有限公司

Corporate Governance Report 企業管治報告

MANAGEMENT FUNCTIONS

The Board is responsible for overall corporate strategy and monitoring and control of the performance of the Group whereas the management is responsible for the daily hands on operation.

When the Board delegates its management and administrative functions to the management, it has given clear directions as to the powers of the management and the circumstances where, the management on behalf of the Company shall obtain prior approval from the Board before making decisions or entering into any commitments.

JOINT COMPANY SECRETARIES

Mr. Wu Tai Cheung, engaged from external service provider, was appointed as the Company Secretary of the Company in May 2013. Following the appointment of Ms. Qian Fang Fang as the Joint Company Secretaries in March 2014, Mr. Wu and Ms Qian are the Joint Company Secretaries of the Company. Mr. Zhang Jing Ming, the Chairman, is the primary contact for external company secretary. Each of Mr. Wu and Ms. Qian undertook not less than 15 hours of relevant professional training during the 2016 Financial Year.

COMMUNICATION WITH SHAREHOLDERS

The Company considers that effective communication with shareholders is essential for enhancing investor relations and for investors to understand the Group’s business performance and strategies. The Company also recognises the importance of transparency and timely disclosure of corporate information, which will enable shareholders and investors to make the best investment decisions.

The Company maintains a website at www.747kingma.com, to provide up-to-date information on the Company’s business operations and developments, financial information, and corporate governance practices.

The Company endeavours to maintain an on-going dialogue with its shareholders, in particular, through AGMs or other general meetings to communicate with the shareholders and encourage their participation. The Chairman of the Board as well as the Chairmen of the Audit Committee, Nomination Committee and Remuneration Committee will make themselves available at the AGM to meet with the shareholders.

The Chairman of the Board, the chairman or the representatives of each committee together with the external auditor have attended the annual general meeting to answer any questions raised by the shareholders.

管理功能

董事會負責制訂整體企業策略、監察及控制本集團的表現，而日常管理集團業務營運則是管理層的責任。

當董事會將其管理及行政功能方面的權力轉授予管理層時，已同時就管理層的權力給予清晰的指引，特別是管理層在代表本公司作出任何決定或訂立任何承諾前應取得董事會批准等事宜方面。

聯席公司秘書

胡大祥先生於2013年5月透過外聘服務供應商獲委任為本公司的公司秘書。繼錢芳芳女士於2014年3月獲委任為聯席公司秘書後，胡先生及錢女士為本公司的聯席公司秘書。主席張敬明先生為外聘公司秘書的主要聯絡人。於2016年財政年度，胡先生及錢女士各自已接受不少於15小時的相關專業培訓。

與股東的溝通

本公司認為，與股東之有效溝通對加強投資者關係及投資者對本集團業務表現及策略之理解非常重要。本公司亦確認透明度及適時披露公司資料之重要性，其使股東及投資者可作出最佳投資決定。

本公司之網站為www.747kingma.com，以提供本公司業務經營及發展、財務資料及企業管治常規之最新資料。

本公司努力維持與其股東的持續交流，特別是透過股東週年大會或其他股東會議與股東進行溝通並鼓勵其參加。董事會主席、審核委員會主席、提名委員會主席及薪酬委員會主席將出席股東週年大會與股東會面。

董事會主席、各委員會主席或代表連同外聘核數師已出席股東週年大會，以回應股東提出的任何提問。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Corporate Governance Report 企業管治報告

The forthcoming AGM of the Company will be held in June 2017. The notice of AGM will be sent to shareholders in due course.

The Company will continue to maintain an open and effective investor communication policy and to update investors on relevant information on the Group’s business in a timely manner, subject to relevant regulatory requirement.

SHAREHOLDERS’ RIGHTS

To safeguard shareholders’ interests and rights, a separate resolution is proposed for each substantially separate issue at general meetings, including the election of individual director.

All resolutions put forward at general meetings will be voted on by poll pursuant to the Listing Rules and poll results will be posted on the websites of the Company and of the Stock Exchange after each general meeting.

Two or more shareholders holding in aggregate 10 per cent or more of the shares carrying the right to vote at the meeting may, in accordance with the requirements set out in the Articles of Association of the Company, make a requisition to the Board to convene an extraordinary general meeting of the Company stating the objective of the meeting. The Board shall as soon as possible proceed to convene the extraordinary general meeting of shareholders or a class meeting after receiving the requisition.

SHAREHOLDERS ENQUIRIES

Any enquiries regarding the shareholding of H-Shares, including the transfer of shares, change of address, loss of certificate etc, should be sent to the Company’s H-Share Registrar and Transfer Office, Hong Kong Registrar Limited at Rooms 1712–16, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong.

Any enquires relating to the Company should be sent to the Company’s registered office for the attention of the Chairman of the Board.

CONSTITUTION DOCUMENTS

Details of the amendments to the Articles are set out in the section headed ‘Amendments to the Articles’ of the Report of Directors.

Updated version of the Memorandum and Articles of Association of the Company is published on the website of the Company and the Stock Exchange.

本公司即將於2017年6月召開股東週年大會。股東週年大會通告將於稍後寄發予股東。

本公司將繼續維持開放、有效的投資者溝通政策，並及時向投資者提供有關本集團業務的最新資料，惟須遵守相關監管規定。

股東權利

為保障股東的利益及權利，本公司會於股東大會上就每項獨立事項，包括選舉個別董事，提出獨立決議案。

於股東大會上提呈之所有決議案將根據上市規則按股數投票表決，投票結果將於每個股東大會結束後於本公司及聯交所網頁刊登。

根據本公司的公司章程規定，兩名或以上持有附有權利於會上投票的股份合共10%或以上的股東，可向董事會提出請求召開本公司股東特別大會，並列明會議目的。董事會於收到請求後應在可行情況下儘快落實召開股東特別大會或類別大會。

股東查詢

有關H股股權的任何查詢（包括股份過戶、更改地址、遺失股票等）應提交本公司的H股份過戶登記處香港證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓 1712–16室。

有關本公司的任何查詢應提交本公司註冊辦事處致董事會主席。

憲法文件

有關公司章程作出修訂的詳情載於董事會報告「修訂公司章程」一節內。

本公司最新的組織章程大綱及公司章程刊登於本公司及聯交所的網站內。

2016年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

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TO THE MEMBERS OF

致瀋陽公用發展股份有限公司股東

SHENYANG PUBLIC UTILITY HOLDINGS COMPANY LIMITED 瀋陽公用發展股份有限公司

(incorporated in People’s Republic of China with limited liability)

OPINION

We have audited the consolidated financial statements of Shenyang Public Utility Holdings Company Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 55 to 170, which comprise the consolidated statement of financial position as at 31 December 2016, and the consolidated statement of profit or loss, the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2016, 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 are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (“the Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional judgment, 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.

（於中華人民共和國註冊成立的有限公司）

意見

本核數師（以下簡稱「我們」）已審計瀋陽公用發展股份有限公司（「貴公司」）及其附屬公司（統稱「貴集團」）刊於第55頁至170頁的綜合財務報表，包括於2016年12月31日的綜合財務狀況表以及截至該日止年度的綜合損益表、綜合損益及其他全面收益表、綜合權益變動表及綜合現金流量表以及綜合財務報表附註（包括主要會計政策概要）。

我們認為，該等綜合財務報表已根據香港會計師公會（「香港會計師公會」）頒佈的香港財務報告準則（「香港財務報告準則」）而真實及公允地反映了貴集團於2016年12月31日的綜合財務狀況及截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港公司條例的披露規定妥為編製。

意見的基礎

我們按照香港會計師公會頒佈的香港核數準則（「香港核數準則」）進行審計。我們根據該等準則的責任詳載於我們的報告內核數師就審計綜合財務報表承擔的責任一節。根據香港會計師公會頒佈的專業會計師操守守則（「守則」），我們獨立於貴集團，且我們已履行根據守則的其他操守責任。我們相信，我們所獲取的審計憑證能充足及適當地為我們的意見提供基礎。

關鍵審計事宜

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。這些事項是在對綜合財務報表整體進行審計並形成意見的背景下進行處理的，我們不對這些事項提供單獨的意見。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事宜（續）

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關鍵審計事項該事項在審計中是如何應對的
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Recoverability of a deposit paid for acquisition of properties

就收購物業所支付訂金的可收回性

As disclosed in Note 22 to the consolidated financial statements, on 15 November 2016, a wholly owned subsidiary of the Company entered into an agreement with Beijing Zhong Tou Chuang Zhan Property Limited (“Beijing Zhong Tou”), as an independent third party as confirmed by the dircetors the Company, pursuant to which Beijing Zhong Tou agreed to sell and the subsidiary agreed to acquire certain properties to be constructed (“Properties”) for a cash consideration of RMB152,800,000.

At 31 December 2016, a deposit of RMB110,000,000 was paid to Beijing Zhong Tou, with the remaining consideration will be payable in 2017 upon certain conditions to be met (see Note 22 to the consolidated financial statements.

Beijing Zhong Tou has pledged certain properties to secure the deposit paid. The Group has appointed an independent valuer to perform a valuation on the pledged properties as at 31 December 2016.

We obtained the agreements to understand the terms of the transaction.
We performed an independent check on the ownership of the land owned by Beijing Zhong Tou in which properties to be constructed.
We have performed site visit to the location of the land and the pledged properties.
We have obtained the valuation report related to the pledged properties and assessed the reasonableness of the methodologies and assumption used.
We have assessed the market value of the pledged properties performed by an independent valuer.
We have evaluated the independent external valuers’ competence, capabilities and objectivity.

Given the amount of the deposit paid was significant, we have identified the recoverability of the deposit paid as a key audit matter.

– We have discussed the status of the construction process with Beijing Zhong Tou and the management of the Company and confirmed the year end balance of deposit paid to Beijing Zhong Tou by the Group as at 31 December 2016.

誠如綜合財務報表附註22所披露，據貴公司董事確認，於2016年11月15日，貴公司全資附屬公司與獨立第三方北京中投創展置業有限公司（「北京中投」）訂立協議，據此，北京中投同意出售及附屬公司同意收購若干將建設的物業（「物業」），現金代價為人民幣 152,800,000元。

我們已獲得協議以了解交易的條款。

－

我們已對北京中投所擁有將建設物業的土地擁有權進行獨立調查。

－

－我們已實地視察土地及已抵押物業的地點。

於2016年12月31日，訂金人民幣110,000,000元已付予北京中投，其餘代價將於2017年若干條件獲達成後支付（見綜合財務報表附註22）。

北京中投已抵押若干物業以獲得所支付訂金。貴集團已委任獨立估值師對已抵押物業於2016年12月31日進行估值。

鑒於所支付的訂金金額龐大，我們將所支付訂金的可收回性視為關鍵審計事項。

－我們已獲得與已抵押物業相關的估值報告，並評估所用方法及假設是否合理。
－我們已評估獨立估值師對已抵押物業所進行的市值。
－我們已評估獨立外聘估值師的勝任能力及客觀性。
－我們已與北京中投及貴公司管理層討論工程進度，並確認於2016年12月31日貴公司向北京中投所支付訂金的年末結餘。

2016年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事宜（續）

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關鍵審計事項該事項在審計中是如何應對的
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Recoverability of a deposit paid for acquisition of investment/an associate

就收購投資╱一間聯營公司所支付訂金的可收回性

As at 31 December 2016, including in deposit paid of RMB153,000,000, there was RMB130,000,000 being a refundable deposit paid in relation to the acquisition of 20% of the issued share capital of Guangzhou Hai Yue Real Estate Development Company Limited (“Hai Yue Real Estate”) from Shenzhen Hou Feng Trading Company Limited (the “Vendor”), as an independent third party as confirmed by the directors of the Company, as disclosed in Note 23 to the consolidated financial statements.

Including in deposit paid of RMB153,000,000, RMB23,000,000 will be refunded to the Group after the Group decided to reduce the percentage of equity interests acquired to 20% as disclosed in Note 23 to the consolidated financial statements.

As at 31 December 2016, the acquisition had not been completed due to the fact that the related registration procedure has not been completed and the deposit of RMB23,000,000 has not been refunded to the Group.

We obtained and read the related sales and purchase agreement and the supplementary agreement in relation to the acquisition of the 20% of the issued share capital of Hai Yue Real Estate.
We performed background search of the Vendor and the Hai Yue Real Estate to see whether there was evidence to suggest that the Vendor was related to the Company, any of the directors of the Company and any of the substantial shareholders of the Company.
We discussed with the management of the Company the facts and circumstances that led to the postponement of the completion of the acquisition. Further, we discussed with the management of the Company regarding whether there were any obstacles to the completion of the acquisition and if so the possibility and procedures as to how the Group plans to deal with the obstacles.

The Vendor has pledged 5% of the equity interest of Hai Yue Real Estate to the Group as collateral to secure the outstanding refundable deposit.

據貴公司董事確認，於2016年12月31日，連同所支付訂金人民幣153,000,000元，向獨立第三方深圳市厚豐貿易有限公司（「賣方」）收購廣州海粵房地產發展有限公司（「海粵房地產」）20%已發行股本所支付的可退還訂金為人民幣130,000,000元，詳見綜合財務報表附註 23。

－我們已獲得並閱覽與收購海粵房地產已發行股本 20%的相關買賣協議及補充協議。
－我們已對賣方及海粵房地產進行背景搜查以尋求是否有證據顯示賣方與貴公司、貴公司任何董事及貴公司任何主要股東有關連。

連同所支付訂金人民幣 153,000,000 元，人民幣 23,000,000元將於貴集團決定將所收購股權百分比降低至20%後方退還予貴集團，詳見綜合財務報表附註 23。

－

我們已與貴公司管理層討論導致收購事項押後完成的事實及情況。此外，我們已與貴公司管理層討論是否有影響收購事項完成的任何障礙，如有任何障礙，貴集團計劃應付有關障礙的可能性及程序。

於2016年12月31日，由於尚未完成相關登記手續，收購事項尚未完成，而訂金人民幣23,000,000元仍未退還予貴集團。

賣方已將海粵房地產5%股權抵押予貴集團作為獲得未償還可退還訂金的擔保。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report
獨立核數師報告
KEY AUDIT MATTERS(Continued)	關鍵審計事宜（續）
Key audit matter 關鍵審計事項	How our audit addressed the key audit matter 該事項在審計中是如何應對的

Recoverability of a deposit paid for acquisition of an investment/an associate (Continued)

就收購投資╱一間聯營公司所支付訂金的可收回性（續）

Given the deposit paid was significant and the fact and circumstances disclosed above, we have identified the recoverability of the deposit paid as a key audit matter.

We reviewed the latest financial position of Hai Yue Real Estate.
– The Company had engaged an independent valuer to estimate fair value of the equity interest of Hai Yue Real Estate as at 31 December 2016. We discussed with the valuer (which we had assessed the competence, capabilities and objectivity) the reasonableness on the methodologies and assumptions used in determining the market value of the properties.
– We sent confirmation to the Vendor to confirm the receipt of the deposit as at 31 December 2016.

鑒於已付訂金金額龐大以及上文所披露的情況，我們將已付訂金的可收回性視為關鍵審計事項。

－我們已審閱海粵房地產最新期的財務狀況。

－貴公司已委聘獨立估值師對海粵房地產於2016 年12月31日股權的公允價值進行估計。我們已與估值師討論（據此我們已評估其勝任能力及客觀性）於釐定物業市值時所用方法及假設是否合理。
－我們已向賣方寄發確認書以確認於2016年12月 31日收到訂金。

2016年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事宜（續）

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關鍵審計事項該事項在審計中是如何應對的
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Recoverability of loan and interests receivables

應收貸款及利息的可收回性

As disclosed in Note 25 to the consolidated financial statements, the Group had loan and interest receivables of RMB294,470,000 and RMB10,166,000 respectively as at 31 December 2016.

Management of the Company concluded that no impairment was necessary to be made on the loan and interest receivables of which the impairment assessment required significant judgment to be made by the management of the Company and accordingly was considered as one of the key audit matters.

We obtained a list of loan and interest receivables that were outstanding as at 31 December 2016 from the management of the Company. We had obtained all the related loan agreements shown on the list provided by the management of the Company to identify the key terms of the loans.
We sent confirmations to the borrowers to confirm the balances as at 31 December 2016.
We discussed with the management of the Company credit policy and impairment policy (i.e. when and how impairment was determined). Specifically, with regards to loan and interest receivable that had past due, we discussed with the management of the Company why they believed no impairment was considered necessary and assessed the recoverable amount based on the specific facts and circumstances.

誠如綜合財務報表附註25所披露，於2016年12月31 日，貴集團有應收貸款及利息分別人民幣294,470,000 元及人民幣10,166,000元。

貴公司管理層確定，毋須就應收貸款及利息作出減值，當中的減值評估需要貴公司管理層行使重大判斷，故被視為關鍵審計事項之一。

－我們已從貴公司管理層獲得於2016年12月31日尚未償還的應收貸款及利息清單。我們已獲取貴公司管理層所提供清單所示的所有相關貸款協議以識別貸款的主要條款。
我們已向借款人寄發確認書以確認於2016年12 月31日的結餘。
－
－我們已與貴公司管理層討論信貸政策及減值政策
（即何時及如何釐定減值）。特別是，對於已逾期的應收貸款及利息而言，我們已與貴公司管理層討論為何彼等認為毋須作出減值，並根據具體事實及情況評估可收回金額。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事宜（續）

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Impairment of an available-for-sale investment

可供出售投資減值

As disclosed in Note 19 to the consolidated financial statements, the Group had an available-for-sale investment with the carrying amount of RMB48,390,000 as at 31 December 2016 that represented 10.9% of the issued share capital of Chaozhou Rural Credit Cooperative* incorporated under the laws of the PRC which engaged in banking business.

As disclosed in Note 19 to the consolidated financial statements, the investment was carried at cost less accumulated impairment at the end of each reporting period. The assessment as to whether there was any impairment indicator and if so the impairment loss (if any) was complex and involved a significant degree of management judgment and hence was considered as one of the key audit matters.

English name for identification only
We had checked the Group’s ownership of the 10.9% of the issued shares capital of the investee.
We performed background search of the vendor and the investee to see whether there was evidence to suggest that the vendor and the investee were related to the Company, any of the directors of the Company and any of the substantial shareholders of the Company.
We obtained the latest audited financial statements of the investee. We performed certain analytical procedures on the financial position of the investee to assess the reasonableness of the view of the management of the Company that there was no impairment indicator on the investment.

誠如綜合財務報表附註 19 所披露，於 2016 年 12 月 31 日，貴集團的可供出售投資賬面值為人民幣 48,390,000 元，相當於根據中國法例註冊成立從事銀行業務的潮州市區農村信用合作聯社已發行股本 10.9%。

誠如綜合財務報表附註19所披露，投資按成本減去於各報告期末的累計減值列賬。評估是否有任何減值跡象及（如有減值跡象）減值虧損（如有）複雜，並涉及管理層重大判斷，故被視為關鍵審計事項之一。

－我們已檢查貴集團於被投資方已發行股本10.9% 的擁有權。
－我們已對賣方及被投資方進行背景搜查以尋求是否有證據顯示賣方及被投資方與貴公司、貴公司任何董事及貴公司任何主要股東有關連。
- 我們已獲得被投資方最近期的經審核財務報表。我們已對被投資方的財務狀況進行若干分析性程序以評估貴公司管理層認為投資沒有減值跡象的意見是否合理。
－
英文名稱僅供識別

2016年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (Continued)

關鍵審計事宜（續）

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Goodwill impairment assessment

商譽減值評估

As disclosed in Note 17 to the consolidated financial statements, as at 31 December 2016, the Group had goodwill of RMB24,459,000 relating to the acquisition of entire equity interest of Zhongfang Chaozhou Investment Development Company Limited (“Zhongfang Chaozhou”) in 2012. The principal activity of Zhongfang Chaozhou is the land development project in Chaozhou.

As disclosed in Note 17 to the consolidated financial statements, the assessment as to whether there was any impairment indicator and the amount of impairment loss recognised was complex and involved a significant degree of management judgment and hence goodwill of Zhongfang Chaozhou was considered as one of the key audit areas.

We discussed with the management of the Company to understand the business plan and development in relation to Zhongfang Chaozhou, including the progress of the construction in progress of the land project. We obtained the profit and cash flow forecast of Zhongfang Chaozhou approved by the management of the Company. We discussed with the management of the Company the key assumptions used in the preparation of the forecasts.
The Company had engaged an independent valuer to determine the value-in-use of Zhongfang Chaozhou. We had discussed with the valuer (which we had assessed the competence, capabilities and objectivity) regarding the reasonableness on the methodologies and inputs used in the valuation report. We had performed substantive testing to the sourced data.
Finally, we had compared the value set out in the valuation report.

誠如綜合財務報表附註17所披露，於2016年12月31 日，貴集團就於2012年收購中房潮州投資開發有限公司（「中房潮州」）全部股權錄得商譽人民幣24,459,000 元。中房潮州的主要業務為於潮州的土地發展項目。

誠如綜合財務報表附註17所披露，評估是否有任何減值跡象及已確認減值虧損金額複雜，並涉及管理層重大判斷，故中房潮州的商譽被視為關鍵審計事項之一。

－我們已與貴公司管理層討論以了解有關中房潮州的業務計劃及發展（包括土地項目的工程進度）。我們已獲得經貴公司管理層批准的中房潮州溢利及現金流預測。我們已與貴公司管理層討論於編製預測時所用的主要假設。
－貴公司已委聘獨立估值師以釐定中房潮州的使用價值。我們已與估值師討論（據此我們已評估其勝任能力及客觀性）估值報告所用方法及輸入數據是否合理。我們已對所得數據進行大量檢查。
－最後，我們已對估值報告所載的價值進行比較。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include 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 materiality 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 the fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of 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.

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.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

其他資料

貴公司董事需對其他資料負責。其他資料包括刊載於年報內的資料，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資料，我們亦不對該等其他資料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資料，在此過程中，考慮其他資料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報的情況。基於我們已執行的工作，如果我們認為其他資料存在重大錯報，我們需要報告該事實。在這方面，我們沒有任何報告。

董事及負責管治的人士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公允的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致的重大錯報所需的內部控制負責。

在編製綜合財務報表時，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。

負責管治的人士負責監督貴集團的財務報告過程。

2016年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

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 solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. 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.

As part of an audit in accordance with HKSAs, we exercise professional judgment and maintain professional skepticism 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.

核數師就審計綜合財務報表承擔的責任

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯報取得合理保證，並出具包括我們意見的核數師報告。根據我們的協定委聘條款，我們僅對全體股東作出報告，除此以外，本報告並無其他用途。合理保證是高水平的保證，但不能保證按照香港核數準則進行的審計，在某一重大錯報存在時總能發現。錯報可以由欺詐或錯誤引起，如果合理預期它們單獨或匯總起來可能影響綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關的錯報可被視作重大。

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

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

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Independent Auditor’s Report 獨立核數師報告

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

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.
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.
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.

We communicate with those charged with governance 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.

We also provide those charged with governance 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, related safeguards.

核數師就審計綜合財務報表承擔的責任（續）

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。
評價綜合財務報表的整體呈報方式、結構和內容，包括披露，以及綜合財務報表是否公允反映相關交易和事項。
就貴集團內實體或業務活動的財務資料獲取充足、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。

除其他事項外，我們與負責管治的人士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。

我們亦向負責管治的人士提交聲明，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，相關的防範措施。

2016年報 瀋陽公用發展股份有限公司

Independent Auditor’s Report 獨立核數師報告

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

From the matters communicated with those charged with governance, 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.

Asian Alliance (HK) CPA Limited

Certified Public Accountants (Practising)

Chan Mei Mei

Practising Certificate Number: P05256

Suites 313-316, 3/F., Shui On Centre 6-8 Harbour Road Wanchai Hong Kong 27 March 2017

核數師就審計綜合財務報表承擔的責任（續）

從與負責管治的人士溝通的事項中，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。

華融（香港）會計師事務所有限公司執業會計師陳美美執業證書編號：P05256

香港灣仔港灣道6–8號瑞安中心3樓 313–316室

2017年3月27日

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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Consolidated Statement of Profit or Loss
綜合損益表
For the year ended 31 December 2016
截至2016年12月31日止年度
2016 2015
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
Revenue 收入 7 108,370 311,400
Sales taxes on turnover 營業額銷售稅 (468) (765)
Cost of sales 營業成本 (78,707) (293,945)
Gross Profit 毛利 29,195 16,690
Other income 其他收入 9 538 2,077
Impairment loss recognised 就商譽確認
–
in respect of goodwill 減值虧損 (20,000)
Impairment loss recognised 就於一間聯營公司的
in respect of interest in an associate 權益確認減值虧損 18 (3,561) –
Fair value change on convertible 指定為按公允價值計入
instruments designated as 損益的財務資產
financial asset at fair value 的可換股工具
–
through profit or loss 的公允價值變動 1,084
Fair value change on 持作買賣投資公允價值
held-for-trading investments 變動 (30) (7,917)
Loss on disposal of 出售持作買賣投資
held-for-trading investments 虧損 (993) (9,377)
Loss on disposal of convertible 出售指定為按公允價值
instruments designated as financial 計入損益的財務資產的
–
asset at fair value through profit or loss 可換股工具的虧損 (1,141)
Exchange gain, net 匯兌收益淨額 16,898 11,578
Depreciation 折舊 (145) (172)
Staff costs 員工成本 (3,627) (3,672)
Other operating expenses 其他經營開支 (5,092) (6,036)
Share of profit of an associate 分佔一間聯營公司溢利 41 –
Finance cost 財務成本 10 (51) (531)
Profit before tax 除稅前溢利 12,032 3,724
Income tax expense 所得稅開支 11 (5,881) (6,497)
Profit (loss) for the year 年內溢利（虧損） 12 6,151 (2,773)
Profit (loss) attributable to 溢利（虧損）歸屬於：
– owners of the Company －本公司擁有人 2,349 (2,773)
–
– non-controlling interests －非控股權益 3,802
6,151 (2,773)
Earnings (loss) per share 每股盈利（虧損）
– Basic (RMB cents) －基本（人民幣分） 14 0.16 (0.24)
– Diluted (RMB cents) －攤薄（人民幣分） N/A 不適用 N/A不適用
Dividends 股息 15 – –
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2016年報 瀋陽公用發展股份有限公司

Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表

For the year ended 31 December 2016 截至2016年12月31日止年度

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Profit (loss) for the year 年內溢利（虧損） 6,151 (2,773)
Other comprehensive income,
net of income tax 其他全面收入，扣除所得稅
Items that may be reclassified 其後可能重新分類至
subsequently to profit or loss: 損益之項目：
Exchange differences arising on
translation of financial statements 換算海外業務財務報表
of foreign operations 產生之匯兌差額 1,859 316
Total comprehensive income
(expense) for the year 年內全面收入（開支）總額 8,010 (2,457)
Total comprehensive income 年內全面收入（開支）總額
(expense) attributable to: 歸屬於：
– owners of the Company －本公司擁有人 3,733 (2,457)
–
– non-controlling interests －非控股權益 4,277
8,010 (2,457)
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of	Financial Position
綜合財務狀況表
At 31 December 2016
於2016年12月31日
		Notes 附註	2016 2015 RMB’000 RMB’000 人民幣千元人民幣千元

NON-CURRENT ASSETS	非流動資產
Property, plant and equipment	物業、廠房及設備	16	1,085 1,231
Goodwill	商譽	17	25,779 45,779
Interest in an associate	於一間聯營公司的權益	18	146,480 –
Available-for-sale investments	可供出售投資	19	48,390 62,750
Convertible instruments designated	指定為按公允價值計入
as financial assets at fair value	損益的財務資產
through profit or loss	的可換股工具	20	– 48,883
Deposit paid for acquisition of properties	收購物業所支付的訂金	22	110,000 –
Deposit paid for acquisition	收購投資╱一間聯營
of investment / an associate	公司所支付的訂金	23	185,000 175,000
Deferred tax asset	遞延稅項資產	34	– 1,354
			516,734 334,997
CURRENT ASSETS	流動資產
Properties under development	發展中物業	24	174,150 199,398
Loan and interest receivables	應收貸款及利息	25	304,636 174,557
Held-for-trading investments	持作買賣投資	26	85 14,637
Trade receivables	應收賬款	27	145,701 186,701
Deposits and other receivables	按金及其他應收款		241 900
Amount due from an associate	應收一間聯營公司款項	38	375 –
Amount due from	應收一名非控股
a non-controlling interest	股東款項	38	49,295 –
Bank balances and cash	銀行結餘及現金	28	30,307 12,156
Assets classified as held for sale	分類為持作銷售的資產	29	704,790 588,349 50,878 –
			755,668 588,349

2016年報 瀋陽公用發展股份有限公司

Consolidated Statement of	Financial Position
綜合財務狀況表
At 31 December 2016
於2016年12月31日
		Notes 附註	2016 2015 RMB’000 RMB’000 人民幣千元人民幣千元

CURRENT LIABILITIES	流動負債
Trade payables	應付賬款	30	107,118 107,768
Other payables and accruals	其他應付款及應計費用		9,627 4,710
Other borrowings	其他借貸	31	– 15,333
Deposit received	已收訂金	29	24,000 –
Tax liabilities	稅項負債		4,119 6,813
Liabilities associated with assets classified	與分類為持作銷售		144,864 134,624
as held for sale	的資產相關的負債	29	6,870 –
			151,734 134,624
NET CURRENT ASSETS	流動資產淨值		603,934 453,725
TOTAL ASSETS LESS CURRENT
LIABILITIES	總資產減流動負債		1,120,668 788,722
CAPITAL AND RESERVES	資本及儲備
Share capital	股本	32	1,469,376 1,224,480
Reserves	儲備		(433,975) (435,758)
Equity attributable to owners	本公司擁有人
of the Company	應佔權益		1,035,401 788,722
Non-controlling interests	非控股權益	33	85,267 –
TOTAL EQUITY	總權益		1,120,668 788,722

The consolidated financial statements on pages 55 to 170 were approved and authorised for issue by the board of directors on 27 March 2017 and are signed on its behalf by:

第55頁至170頁所列的綜合財務報表，經董事會於2017年3月27日核准及授權發出，並由下列董事代表簽署：

Zhang Jing Ming 張敬明 Director 董事

Deng Xiao Gang 鄧曉綱 Director 董事

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

Consolidated Statement of 綜合權益變動表 For the year ended 31 December 2016 截至2016年12月31日止年度	Consolidated Statement of 綜合權益變動表 For the year ended 31 December 2016 截至2016年12月31日止年度	Changes in Equity	Changes in Equity	Changes in Equity
		Share capital	Share premium	Statutory surplus reserve	Exchange reserve	Accumulated losses	Total	Non- controlling interest
		股本	股份溢價	法定盈餘公積金	匯兌儲備	累計虧損	總計	非控股權益
		RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000	RMB’000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
		(Note 32)	(Note a)	(Note b)
		（附註32）	（附註a）	（附註b）

At 1 January 2015 Loss for the year Other comprehensive income, net of income tax Items that may be reclassified subsequently to profit or loss: Exchange difference arising on translation of financial statements of foreign operations Total comprehensive income (expense) for the year Domestic shares issued H-shares issued Transaction costs attributable to issuance of H-shares At 31 December 2015 Profit for the year Other comprehensive income, net of income tax Items that may be reclassified subsequently to profit or loss: Exchange difference arising on translation of financial statements of foreign operations Total comprehensive income for the year Domestic shares issued H-shares issued Transaction costs attributable to issuance of shares Capital contribution from non-controlling interest_(Note 33)_ Transfer At 31 December 2016	於2015年1月1日年內虧損其他全面收入，扣除所得稅其後可能重新分類至損益之項目：因換算海外業務財務報表產生之匯兌差額年內全面收入（開支）總額已發行內資股已發行H股發行H股相關交易成本於2015年12月31日年內溢利其他全面收入，扣除所得稅其後可能重新分類至損益之項目：因換算海外業務財務報表產生之匯兌差額年內全面收入總額已發行內資股已發行H股發行股份相關交易成本非控股股東注資（附註33）轉撥於2016年12月31日	1,020,400	323,258	104,840	128	(860,695)	587,931	–
		– –	– –	– –	– 316	(2,773) –	(2,773) 316	– –
		–	–	–	316	(2,773)	(2,457)	–
		120,000 84,080 –	– – (832)	– – –	– – –	– –	120,000 84,080 (832)	– – –
		1,224,480	322,426	104,840	444	(863,468)	788,722	–
		– –	– –	– –	– 1,384	2,349 –	2,349 1,384	3,802 475
		–	–	–	1,384	2,349	3,733	4,277
		144,000 100,896 – – –	– – (1,950) – –	– – – – 188	– – – – –	– – – – (188)	144,000 100,896 (1,950) – –	– – – 80,990 –
		1,469,376	320,476	105,028	1,828	(861,307)	1,035,401	85,267

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

Notes:

(a) Share premium

Share premium comprises surplus between the value of net assets acquired and the nominal value of state shares issued as a result of the incorporation of the Company as a joint stock limited company and the share premium from the issuance of H-shares.

(b) Statutory surplus reserve

The Group is required to set aside 10% of its profit after taxation prepared in accordance with the PRC accounting regulations to the statutory surplus reserve until the balance reaches 50% of their respective paid up capital or registered capital, where further appropriation will at the directors’ recommendation. Such reserve can be used to reduce any losses incurred or increased the capital.

(c) Distributable reserve

Pursuant to the relevant PRC regulations, distributable reserve shall be the lower of the accumulated distributable profits determined in accordance with PRC accounting standards and regulations as stated in the PRC statutory audited financial statements and the accumulated distributable profits determined in accordance with accounting principles generally accepted in Hong Kong. Excluded Zhongfang Chaozhou Investment Development Limited (“Zhongfang Chaozhou”), a wholly-owned subsidiary of the Company, the Group did not have any reserve available for distribution as at 31 December 2016 and 2015.

附註：

(a) 股本溢價

股本溢價包括收購的淨資產價值和本公司作為股份制有限公司成立而發行的國有股面值之間的盈餘，以及發行H股所產生的股本溢價。

(b) 法定盈餘公積金

根據中國會計法規，本集團需要從稅後溢利中撥出10%作為法定盈餘公積金，直到該公積金達到彼等各自已繳足股本或註冊資本的 50%，進一步的撥備將由董事建議。該公積金可以用作減少已發生的任何虧損或增加股本。

(c) 可供分配之儲備

根據中國有關之規例，可供分配之儲備為根據中國會計準則及規例釐定之載列於中國法定經審核財務報表之累計可供分派溢利與根據香港公認會計原則釐定之累計可供分派溢利兩者之較低者。除本公司全資附屬公司中房潮州投資開發有限公司（「中房潮州」）外，本集團於 2016年及2015年12月31日並無可供分配之儲備。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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Consolidated Statement of Cash Flows
綜合現金流量表
For the year ended 31 December 2016
截至2016年12月31日止年度
2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
OPERATING ACTIVITIES 經營業務
Profit before tax 除稅前溢利 12,032 3,724
Adjustments for: 調整：
Finance cost 財務成本 51 531
Bank interest income 銀行利息收入 (116) (75)
Depreciation of property, plant and equipment 物業、廠房及設備折舊 145 172
–
Share of profit of an associate 分佔一間聯營公司溢利 (41)
Impairment loss recognised in respect of
loan and interest receivables 就應收貸款及利息確認減值虧損 – 9
Impairment loss recognised in respect of
–
goodwill 就商譽確認減值虧損 20,000
Impairment loss recognised in respect of 就於一間聯營公司的權益
interest in an associate 確認減值虧損 3,561 –
Compensation income arising from termination 因終止建議收購事項
of Proposed Acquisition (as defined in Note 21) （定義見附註21）產生的賠償收入 – (2,000)
Fair value change on convertible instruments 指定為按公允價值計入損益
designed as financial asset at fair value 的財務資產的可換股工具
–
through profit or loss 的公允價值變動 (1,084)
Fair value change on held-for-trading investments 持作買賣投資公允價值變動 30 7,917
Loss on disposal of held-for-trading investments 出售持作買賣投資虧損 993 9,377
Loss on disposal of convertible instruments
designed as financial asset at fair value 出售指定為按公允價值計入損益
–
through profit or loss 的財務資產的可換股工具的虧損 1,141
Operating cash flows before 營運資金變動前的經營
movements in working capital 現金流量 37,796 18,571
Decrease in properties under development 發展中物業減少 25,254 261,758
Increase in loan and interest receivables 應收貸款及利息增加 (130,067) (133,894)
Decrease (increase) in trade receivables 應收賬款減少（增加） 41,000 (158,501)
Decrease in prepayments, deposits 預付款項、按金及
and other receivables 其他應收款減少 659 32,430
Decrease in trade payables 應付賬款減少 (650) (23,394)
Increase (decrease) in other payables and accruals 其他應付款與應計費用增加（減少） 4,917 (748)
Decrease (increase) in held-for-trading
investments 持作買賣投資減少（增加） 13,682 (31,253)
Increase in assets associated with held for sale 與持作銷售相關的資產增加 (878) –
Increase in liabilities associated with assets 與分類為持作銷售
classified as held for sale 的資產相關的負債增加 6,870 –
Decrease in advanced proceeds received from
a customer 已收一名客戶預付款項減少 – (37,200)
Cash used in operations 支付經營業務的現金 (1,417) (72,231)
Income tax paid 繳付所得稅款 (7,433) (4,657)
NET CASH USED IN OPERATING ACTIVITIES 支付經營業務的現金淨額 (8,850) (76,888)
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2016年報 瀋陽公用發展股份有限公司

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Consolidated Statement of Cash Flows
綜合現金流量表
For the year ended 31 December 2016
截至2016年12月31日止年度
2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
INVESTING ACTIVITIES 投資活動
Bank interest received 已收銀行利息 116 75
–
Deposit paid for acquisition of a subsidiary 收購一間附屬公司所支付的訂金 (20,000)
Refund of deposit paid for Proposed Acquisition 退還建議收購事項（定義見附註21）
–
(as defined in Note 21) 所支付的訂金 100,000
Compensation income arising from termination of 因終止建議收購事項（定義見附註21）
–
Proposed Acquisition (as defined in Note 21) 而產生的賠償收入 2,000
Deposit paid for acquisition of investment 收購投資所支付的訂金 (32,000) (175,000)
–
Deposit paid for acquisition of properties 收購物業所支付的訂金 (110,000)
Refund for deposit paid for acquisition of
investment 退還收購投資所支付的訂金 22,000 –
–
Deposit received for disposal of a subsidiary 已收取出售一間附屬公司的訂金 24,000
–
Acquisition of investment in an associate 收購於一間聯營公司的投資 (150,000)
Purchase of property, plant and equipment 購買物業、廠房及設備 (2) (51)
Purchase of available-for-sale investments 購買持作買賣投資 (35,640) (62,750)
Disposal (purchase) of convertible instruments
designated as financial assets at fair value 出售（購買）指定為按公允價值計入損益的
through profit or loss 財務資產的可換股工具 48,241 (45,707)
Increase in amount due from an associate 應收一間聯營公司款項增加 (375) –
–
Increase in amount due from a minority interest 應收一名少數股東款項增加 (49,295)
Net cash inflow from disposal of assets and 出售分類為持作銷售的資產及
liabilities classified as held for sales 負債現金流入淨額 – 69,000
NET CASH USED IN INVESTING ACTIVITIES 來自投資活動的現金淨額 (282,955) (132,433)
FINANCING ACTIVITIES 融資活動
Interest expense 利息開支 (51) (531)
(Decrease) increase in other borrowings 其他借貸（減少）增加 (15,333) 15,333
Proceeds from capital contribution of
–
non-controlling interest 非控股股東注資所得款項 80,990
Proceeds from issue of domestic shares 發行內資股所得款項 144,000 120,000
Proceeds from issue of H-shares 發行H股所得款項 100,896 84,080
Transaction costs attributable to issuance of shares 發行股份相關交易成本 (1,950) (832)
Decrease in amount due to ultimate holding
–
company 應付最終控股公司款項減少 (2,000)
NET CASH FROM FINANCING ACTIVITIES 來自融資活動的現金淨額 308,552 216,050
NET INCREASE IN CASH AND CASH
EQUIVALENTS 現金及現金等值項目增加淨額 16,747 6,729
CASH AND CASH EQUIVALENTS AT 1 JANUARY 於 1 月 1 日的現金及現金等值項目 12,156 7,881
Effect of foreign exchange rate changes, net 匯率變動影響，淨額 1,404 (2,454)
CASH AND CASH EQUIVALENTS 於 12 月 31 日的現金及
AT 31 DECEMBER, REPRESENTED BY BANK 現金等值項目，以銀行結餘
BALANCES AND CASH 及現金代表 30,307 12,156
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

1. GENERAL INFORMATION

1. 一般資料

Shenyang Public Utility Holdings Company Limited (the “Company”) is a joint stock limited company incorporated in the People’s Republic of China (the “PRC”). The Company’s ultimate holding company is Shenzhen Jinma Asset Management Company Limited (“Jinma Asset”), a private limited liability company incorporated in the PRC. It’s ultimate controlling party is Mr. Ma Zhong Hong.

瀋陽公用發展股份有限公司（「本公司」）是一家在中華人民共和國（「中國」）註冊成立的股份有限公司。本公司的最終控股公司為深圳市金馬資產管理有限公司（「金馬資產」），該公司為於中國註冊成立的私人有限責任公司。其最終控制方為馬鐘鴻先生。

The addresses of the principal place of business and registered office of the Company in PRC are 14/F., Jinmao International Apartment, No. 1 Xiao Dong Road, Da Dong District, Shenyang, the PRC and No. 1-4, 20A, Central Street, Shenyang Economic and Technological Development Zone, the PRC, respectively.

本公司主要營業地點及註冊辦事處之地址分別為中國瀋陽市大東區小東路1 號金茂國際公寓14樓及中國瀋陽經濟技術開發區中央大街20甲1–4號。

The address of the principal place of business in Hong Kong is Unit C, 21/F, Eton Building, 288 Des Voeux Road Central, Sheung Wan, Hong Kong.

本公司於香港主要營業地點位於香港上環德輔道中288易通商業大廈21樓C 室。

The Company is an investment holding company and the principal activities of its subsidiaries are set out in Note 39.

本公司為投資控股公司，其附屬公司主要業務載於附註39。

The consolidated financial statements are presented in Renminbi (“RMB”). Other than those subsidiaries established in Hong Kong whose functional currencies are Hong Kong Dollars (“HK$”), the functional currency of the Company and its subsidiaries (collectively known as the “Group”) are RMB.

綜合財務報表以人民幣（「人民幣」）列示。除於香港成立的該等附屬公司以港元（「港元」）為功能貨幣外，人民幣是本公司及其附屬公司（統稱「本集團」）的功能貨幣。

The Company’s H-shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

本公司的H股在香港聯合交易所有限公司（「聯交所」）上市。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）

2.1 Amendments to HKFRSs that are mandatorily effective for the current year

2.1 於本年度強制生效的香港財務報告準則修訂

In the current year, the Group has applied a number of amendments to HKFRSs issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) that are mandatorily effective for an accounting period that begins on or after 1 January 2016. These amendments have been applied by the Group for the first time in the current year unless otherwise specified. The impacts of these amendments are described below.

於本年度，本集團已採用由香港會計師公會（「香港會計師公會」）頒佈於2016年1月1日或之後開始的會計期間強制生效的多項修訂。除另有指明外，該等修訂已由本集團於本年度首次採用。該等修訂的影響載述如下：

Amendments to HKFRS 11	Accounting for Acquisitions of
	Interest in Joint Operations
Amendments to Hong Kong	Disclosure Initiative
Accounting Standard (“HKAS”)1
Amendments to HKAS 16 and	Clarification of Acceptable
HKAS 38	Methods of Depreciation
	and Amortisation
Amendments to HKAS 16 and	Agriculture: Bearer Plants
HKAS 41
Amendments to HKFRS 10,	Investment Entities: Applying
HKFRS 12 and HKAS 28	the Consolidation Exception
Amendments to HKFRSs	Annual Improvements to
	HKFRSs 2012–2014 Cycle

香港財務報告準則	收購合作經營權益
第11號（修訂本）	的會計處理
香港會計準則	披露計劃
（「香港會計準則」）
第1號（修訂本）
香港會計準則第16號	澄清可接納的折舊
及香港會計準則	及攤銷方法
第38號（修訂本）
香港會計準則第16號	農業：生產性植物
及香港會計準則
第41號（修訂本）
香港財務報告準則	投資實體：應用綜
第10號、香港財務	合例外情況
報告準則第12號及
香港會計準則
第28號（修訂本）
香港財務報告準則	2012年至2014年週
（修訂本）	期香港財務報告
	準則之年度改進

The application of the amendments to HKFRSs in the current year has had no material impact on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements.

於本年度應用對香港財務報告準則之修訂對本集團於本年度及過往年度的財務表現及狀況及╱或綜合財務報表的披露並無任何重大影響。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective

2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則

The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet effective:

本集團並無提早應用下列已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則：

HKFRS 9	HKFRS 9	Financial Instruments1	香港財務報告	香港財務報告	金融工具 1
				準則第9號
HKFRS 15		Revenue from Contracts with	香港財務報告		客戶合約收益及相關
		Customers and the related		準則第15號	修訂 1
		Amendments1
HKFRS 16		Leases2	香港財務報告		租賃 2
				準則第16號
Amendments to		Classification and	香港財務報告		以股份為付款基礎之
	HKFRS 2	Measurement of Share-		準則第2號	交易的分類及計量 1
		based Payment Transactions1		（修訂本）
Amendments to		Applying HKFRS 9 Financial	香港財務報告		採用香港財務報告準
	HKFRS 4	Instruments with HKFRS 4		準則第4號	則第4號保險合約同
		Insurance Contracts1		（修訂本）	時一併應用香港財
					務報告準則第9號金
					融工具 1
Amendments to		Sale or Contribution of Assets	香港財務報告		投資者與其聯營公司
	HKFRS 10 and	between an Investor and its		準則第10號及	或合營企業之間的
	HKAS 28	Associate or Joint Venture3		香港會計準則	資產出售或注資 3
				第28號（修訂本）
Amendments to		Disclosure Initiative4	香港會計準則		披露計劃 4
	HKAS 7			第7號（修訂本）
Amendments to		Recognition of Deferred Tax	香港會計準則		就未變現虧損確認遞
	HKAS 12	Assets for Unrealised Losses4		第12號	延稅項資產 4
1	Effective for annual periods beginning on or after 1		1	於2018年1月1日或之後開始
	January 2018.			的年度期間生效。
2	Effective for annual periods beginning on or after 1		2	於2019年1月1日或之後開始
	January 2019.			的年度期間生效。
3	Effective for annual periods beginning on or after a		3	於有待釐定日期或之後開始
	date to be determined.			的年度期間生效。
4	Effective for annual periods beginning on or after 1		4	於2017年1月1日或之後開始
	January 2017.			的年度期間生效。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

HKFRS 9 Financial Instruments

香港財務報告準則第 9 號金融工具

HKFRS 9 has introduced new requirements for a) classification and measurement of financial assets; b) impairment of financial assets; and c) general hedge accounting.

香港財務報告準則第9號引入a) 財務資產分類及計量；b)財務資產減值；及c)一般對沖會計的新規定。

Specifically, with regard to the classification and measurement of financial assets, HKFRS 9 requires all recognised financial assets that are within the scope of HKFRS 9 to be subsequently measured at amortised cost or fair value. Debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of each of the subsequent accounting periods. Debt investments that are held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets, and that have contractual terms that are solely payments of principal and interest on the principal amount outstanding, are generally measured at fair value through other comprehensive income (FVTOCI). All other debt investments and equity investments are measured at their fair value at the end of subsequent accounting periods. Further, under HKFRS 9, entities may make an irrevocable election to present subsequent changes in the fair value of an equity investment (that is not held for trading nor contingent consideration recognised by an acquirer in a business combination to which HKFRS 3 applies) in other comprehensive income, with only dividend income generally recognised in profit or loss and that cumulative fair value changes will not be reclassified to profit or loss upon derecognition of the investment.

尤其是，就財務資產分類及計量而言，香港財務報告準則第 9號要求香港財務報告準則第9 號範圍內的所有已確認財務資產隨後按攤銷成本或公允價值計量。目標為收取合約現金流量的業務模式中所持有及合約現金流量均純粹為支付本金及尚未償還本金的利息的債務投資，一般於後續會計期末按攤銷成本計量。目標為同時收取合約現金流及出售財務資產的業務模式中持有及合約條款純粹為支付本金及尚未償還本金利息的債務投資，一般均按透過其他全面收入按公允價值列賬的方式計量。所有其他債務投資及股本投資於其後會計期末按公允價值計量。此外，根據香港財務報告準則第9號，實體可作出不可撤回選擇於其他全面收入呈列股本投資（並非持作買賣或應用香港財務報告準則第3號收購方或業務合併所確認的或然代價）的其後公允價值變動，而一般僅於損益內確認股息收入；當取消確認投資後，累計公允價值變動將不會重新分類至損益。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

HKFRS 9 Financial Instruments (Continued)

香港財務報告準則第 9 號金融工具（續）

With regard to the measurement of financial liabilities designated as at fair value through profit or loss, HKFRS 9 requires that the amount of change in the fair value of a financial liability that is attributable to changes in the credit risk of that liability is presented in other comprehensive income, unless the recognition of such changes in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability’s credit risk are not subsequently reclassified to profit or loss. Under HKAS 39, the entire amount of the change in the fair value of the financial liability designated as fair value through profit or loss is presented in profit or loss.

就計量指定為按公允價值計入損益的財務負債而言，香港財務報告準則第9號規定由於財務負債自身的信貸風險變動而產生的公允價值變動金額於其他全面收入內呈列，除非於其他全面收入中確認相關變動將造成或加大損益內的會計錯配則作別論。財務負債信貸風險所產生的公允價值變動其後不會重新分類至損益。根據香港會計準則第39號，指定為按公允價值計入損益的財務負債的整筆公允價值變動金額於損益內呈列。

With regard to impairment of financial assets, HKFRS 9 has adopted an expected credit loss model, as opposed to an incurred credit loss model required under HKAS 39. In general, the expected credit loss model requires an entity to assess the change in credit risk of the financial asset since initial recognition at each reporting date and to recognise the expected credit loss depending on the degree of the change in credit risk.

就財務資產的減值而言，與香港會計準則第 39 號項下按已產生信貸虧損模式計算相反，香港財務報告準則第9號規定按預期信貸虧損模式計算。通常，預期信貸虧損模式規定實體於各報告日期評估財務資產自初始確認以來的信貸風險變動，並根據信貸風險變動程度確認預期信貸虧損。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

HKFRS 9 Financial Instruments (Continued)

香港財務報告準則第 9 號金融工具（續）

With regard to the general hedge accounting requirements, HKFRS 9 retains the three types of hedge accounting mechanisms currently available in HKAS 39. Under HKFRS 9, greater flexibility has been introduced to the types of transactions eligible for hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting. In addition, the effectiveness test has been overhauled and replaced with the principle of an “economic relationship”. Retrospective assessment of hedge effectiveness is also no longer required. Enhanced disclosure requirements about an entity’s risk management activities have also been introduced.

就一般對沖會計規定而言，香港財務報告準則第9號保留目前根據香港會計準則第39號可用的三種對沖會計機制。根據香港財務報告準則第9號，符合對沖會計資格交易的類型已引入更大彈性，尤其是擴闊符合對沖工具資格的工具類型及符合對沖會計資格的非金融項目的風險成分類型。此外，成效測試已作重整，並以「經濟關係」原則取代。對沖成效亦毋須進行追溯評估，並引入增加有關實體風險管理活動披露的規定。

The Group is still in the process of assessing the impact of HKFRS 9. The directors of the Company (the “Directors”) believe that it is impractical to disclose the impact in these consolidated financial statements until the Group has completed the assessment.

本集團仍在評估香港財務報告準則第9號的影響。本公司董事（「董事」）認為，於本集團完成評估前，提供對該等綜合財務報表的影響披露並不切實際。

HKFRS 15 Revenue from Contracts with Customers and the clarification to HKFRS 15

香港財務報告準則第 15 號客戶合約收益及對香港財務報告準則第 15 號的澄清

HKFRS 15 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. HKFRS 15 will supersede the current revenue recognition guidance including HKAS 18 Revenue , HKAS 11 Construction Contracts and the related Interpretations when it becomes effective.

香港財務報告準則第15號制定一項單一全面模式供實體用作將自客戶合約所產生的收益入賬。於香港財務報告準則第15 號生效後，其將取代現時的收入確認指引，其中包括香港會計準則第18號收入、香港會計準則第11號建築合約及相關詮釋。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

HKFRS 15 Revenue from Contracts with Customers and the clarification to HKFRS 15 (Continued)

香港財務報告準則第 15 號客戶合約收益及對香港財務報告準則第 15 號的澄清（續）

The core principle of HKFRS 15 is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Specifically, HKFRS 15 introduces a 5-step approach to revenue recognition:

香港財務報告準則第15號的核心原則為實體所確認描述向客戶轉讓承諾貨品或服務的收益金額，應為能反映該實體預期就交換該等貨品或服務有權獲得的代價。具體而言，香港財務報告準則第15號引入確認收入的五個步驟：

Step 1: Identify the contract(s) with a customer
第一步：識別與客戶訂立的合約
Step 2: Identify the performance obligations in the contract
第二步：識別合約中的履約責任
Step 3: Determine the transaction price
第三步：釐定交易價
Step 4: Allocate the transaction price to the performance obligations in the contract
第四步：將交易價分配至合約中的履約責任
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
第五步：於實體完成履約責任時（或就此）確認收入

Under HKFRS 15, an entity recognises revenue when a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer. Far more prescriptive guidance has been added in HKFRS 15 to deal with specific scenarios. Furthermore, extensive disclosures are required by HKFRS 15.

根據香港財務報告準則第 15 號，實體於完成履約責任時，即於特定履約責任相關的商品或服務的「控制權」轉讓予客戶時確認收入。香港財務報告準則第 15 號已就特別情況的處理方法加入更明確的指引。此外，香港財務報告準則第15號要求更詳盡的披露。

The Group is still in the process of assessing the impact of HKFRS 15. The Directors believe that it is impractical to disclose the impact in these consolidated financial statements until the Group has completed the assessment.

本集團仍在評估香港財務報告準則第 15 號的影響。董事認為，於本集團完成評估前，提供對該等綜合財務報表的影響披露並不切實際。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

HKFRS 16 Leases

香港財務報告準則第 16 號租賃

HKFRS 16 will supersede the current lease guidance including HKAS 17 Leases and the related interpretations when it becomes effective.

香港財務報告準則第 16 號將於其生效時取代當前的租賃指引，包括香港會計準則第17號租賃及相關注釋。

With regard to lessee accounting, the distinction of operating leases and finance leases, as required by HKAS 17, has been replaced by a model which requires a right-of-use asset and a corresponding liability to be recognised for all leases by lessees except for short-term leases and leases of low value assets. Specifically, the right-of-use asset is initially measured at cost and subsequently measured at cost (subject to certain exceptions) less accumulated depreciation and impairment losses, adjusted for any re-measurement of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at that date. Subsequently, the lease liability is adjusted for interest and lease payments. Furthermore, the classification of cash flows will also be affected as operating lease payments under HKAS 17 are presented as operating cash flows; whereas, under the HKFRS 16 model, the lease payments will be split into a principal and an interest portion which will be presented as financing and operating cash flows respectively.

就承租人會計處理而言，根據香港會計準則第17號，經營租賃及融資租賃的劃分已由某一模式取代，其規定承租人須就所有租賃確認使用權資產及相應負債，惟短期租賃及租賃低價值資產除外。具體而言，使用權資產初步按成本計量，其後按成本（受若干例外情況所限）減累計折舊及減值虧損（就租賃負債重新計量作出調整）計量。租賃負債初步按於該日尚未支付的租賃付款現值計量。其後，租賃負債就利息及租賃付款作出調整。此外，現金流量的分類亦將受到影響，原因為香港會計準則第17號下的經營租賃付款呈列為經營現金流量，而根據香港財務報告準則第16號模式，租賃付款將拆分為本金及利息部分，分別呈列為融資現金流量及經營現金流量。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

HKFRS 16 Leases (Continued)

香港財務報告準則第 16 號租賃（續）

With regard to lessor accounting, HKFRS 16 substantially carries forward the lessor accounting requirements in HKAS 17, and continues to require a lessor to classify a lease either as an operating lease or a finance lease.

就出租人會計處理而言，香港財務報告準則第16號大致保留香港會計準則第17號內出租人的會計要求並繼續要求出租人將其租賃分類為經營租賃或融資租賃。

Furthermore, HKFRS 16 requires extensive disclosures in the financial statements.

此外，香港財務報告準則第16 號要求於財務報表內進行更全面的披露。

The Group is in the process of assessing the impact of HKFRS 16. The Directors believe that it is impractical to disclose the impact in these consolidated financial statements until the Group has completed the assessment.

本集團仍在評估香港財務報告準則第 16 號的影響。董事認為，於本集團完成評估前，提供對該等綜合財務報表的影響披露並不切實際。

Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions

香港財務報告準則第 2 號（修訂本）以股份為付款基礎之交易的分類及計量

The amendments clarify the following:

該等修訂闡述如下：

In estimating the fair value of a cash-settled share-based payment, the accounting for the effects of vesting and non-vesting conditions should follow the same approach as for equity-settled share-based payments.
於估計以現金結算以股份為付款基礎的公允價值時，影響股權結算以股份為付款基礎的歸屬及非歸屬條件的會計處理應遵循同一方法。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions (Continued)

香港財務報告準則第 2 號（修訂本）以股份為付款基礎之交易的分類及計量（續）

Where tax law or regulation requires an entity to withhold a specified number of equity instruments equal to the monetary value of the employee’s tax obligation to meet the employee’s tax liability which is then remitted to the tax authority, i.e. the share-based payment arrangement has a “net settlement feature”, such an arrangement should be classified as equitysettled in its entirety, provided that the share-based payment would have been classified as equity-settled had it not included the net settlement feature.
倘稅法或法規規定實體須預扣相當於僱員稅務責任貨幣價值的特定數目股權工具，以履行僱員稅務責任，其後將匯款予稅務機構，如以股份為付款基礎安排具備
「淨額結算特徵」，該安排將整體分類為以股權結算，倘其並非載入淨額結算特徵，則以股份為付款基礎將分類為股權結算。
A modification of a share-based payment that changes the transaction from cashsettled to equity-settled should be accounted for as follows: the original liability is derecognised. The equity-settled share-based payment is recognised at the modification date fair value of the equity instrument granted to the extent that services have been rendered up to the modification date. Any difference between the carrying amount of the liability at the modification date and the amount recognised in equity should be recognised in profit or loss immediately.
由現金結算變為股權結算的交易的以股份為付款基礎的修訂應按以下方式入賬：取消確認初始負債。倘於修訂日期提供該等服務，股權結算以股份為付款基礎將按修訂日期已授出股權工具的公允價值確認。修訂日期負債的賬面值與於權益中確認的金額之間的差額將立即於損益確認。

The Group does not have any cash-settled sharebased payment arrangements or any withholding tax arrangements with tax authorities in relation to share-based payments and hence the Directors do not anticipate that the application of the amendments in the future will have a significant impact on the Group’s consolidated financial statements.

本集團並無就以股份為付款基礎與稅務機構訂有任何現金結算以股份為付款基礎安排或任何預扣稅安排，因此。董事預測，於日後應用該等修訂本將不會對本集團的綜合財務報表造成重大影響。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

香港財務報告準則第 10 號及香港會計準則第 28 號（修訂本）投資者與其聯營公司或合營企業之間的資產出售或注資

The amendments to HKFRS 10 and HKAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the re-measurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture.

香港財務報告準則第10號及香港會計準則第28號（修訂本）處理投資者與其聯營公司或合營企業之間出現資產出售或注資的情況。具體而言，該等修訂說明因在與聯營公司或合營企業（以權益法入賬）的交易中失去對並無包含業務之附屬公司的控制權所得盈虧，應於母公司損益賬確認且僅以非相關投資者於該聯營公司或合營企業的權益為限。類似地，按於成為聯營公司或合營企業（以權益法列賬）的任何前附屬公司所保留的投資公允價值重新計量所得盈虧，於前母公司損益賬確認且僅以非相關投資者於新聯營公司或合營企業的權益為限。

The Group did not enter into these transactions in the current year. The Directors anticipate that the application of these amendments may have an impact on the Group’s consolidated financial statements in future periods should such transactions arise.

本集團於本年度並未訂立任何該等交易。董事預期，倘發生有關交易，應用該等修訂可能會對本集團未來期間的綜合財務報表產生影響。

Amendments to HKAS 7 Disclosure Initiative

香港會計準則第 7 號（修訂本）披露計劃

The amendments require an entity to make disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. The Directors do not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements.

該等修訂規定實體作出可令財務報表使用者對融資活動所產生的負債變動評估的披露。董事預期應用該等修訂不會對本集團綜合財務報表造成重大影響。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

2. 採用新頒佈及經修訂的香港財務報告準則（「香港財報告準則」）（續）

2.2 New and amendments to HKFRSs in issue but not yet effective (Continued)
2.2 已頒佈但尚未生效的新頒佈及經修訂的香港財務報告準則
（續）

Amendments to HKAS 12 Recognition of Deferred Tax Assets for Unrealised Losses

香港會計準則第 12 號（修訂本）就未變現虧損確認遞延稅項資產

The amendments provide a number of guidance to help entities assess and estimate whether sufficient taxable profits will be available against which it can utilise a deductible temporary difference. The Directors do not anticipate that the application of these amendments will have a material impact on the Group’s consolidated financial statements.

該等修訂提供一系列指引，幫助實體評估及估計是否有足夠應課稅溢利可用作抵扣可扣減暫時差額。董事預期應用該等修訂不會對本集團綜合財務報表造成重大影響。

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策

The consolidated financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) and by the Hong Kong Companies Ordinance.

綜合財務報表是按香港會計師公會頒佈的香港財務報告準則編製。此外，綜合財務報表載有香港聯合交易所有限公司證券上市規則（「上市規則」）；及香港公司條例規定的適用披露事項。

The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair values at the end of each reporting period, as explained in the accounting policies set out below.

除若干金融工具（有關資料載於下文的會計政策）於各報告期末以公允價值計量外，綜合財務報表是根據歷史成本基準編製。

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

歷史成本一般根據交易貨品及服務時所付出代價的公允價值計算。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of HKFRS 2 Share-based Payment , leasing transactions that are within the scope of HKAS 17 Leases , and measurements that have some similarities to fair value but are not fair value, such as net realisable value in HKAS 2 Inventories or value in use in HKAS 36 Impairment of Assets .

公允價值是於計量日期市場參與者間於有秩序交易中出售資產所收取或轉讓負債須支付之價格，而不論該價格為可直接觀察取得或可使用其他估值方法估計。於估計資產或負債之公允價值時，本集團會考慮該等市場參與者於計量日期對資產或負債定價時所考慮之資產或負債之特點。於該等綜合財務報表中作計量及╱或披露用途之公允價值乃按此基準釐定，惟以下各項除外：屬於香港財務報告準則第 2號以股份為基礎的付款範圍內以股份為付款基礎之交易、屬於香港財務報告準則第17號租賃範圍內之租賃交易，以及其計量與公允價值之計量存在某些相似之處但並非公允價值，例如香港會計準則第2號存貨之可變現淨值或香港會計準則第36號資產減值之使用價值。

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

非財務資產公允價值的計量參考市場參與者可從使用該資產得到的最高及最佳效用，或將該資產售予另一可從使用該資產得到最高及最佳效用的市場參與者所產生的經濟效益。

In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirely, which are described as follows:

此外，就財務報告而言，公允價值計量分為第一級、第二級或第三級，有關等級之劃分乃根據其數據之可觀察程度及該數據對公允價值計量之整體重要性，概述如下：

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
第一級數據指該實體於計量日期由活躍市場上相同資產或負債獲得之報價（未經調整）；
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
第二級數據指除第一級所包含之報價以外，可直接或間接從觀察資產或負債之資料而得出之數據；及
Level 3 inputs are unobservable inputs for the asset or liability.
第三級數據指該數據不可從觀察資產或負債之資料而獲得。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

The principal accounting policies are set out below.

主要會計政策載列如下：

Basis of consolidation

綜合基準

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company:

綜合財務報表包括本公司及本公司所控制實體及其附屬公司的財務報表。當本公司符合以下情況時，即取得控制權：

has power over the investee;
有權控制被投資方；
is exposed, or has rights, to variable returns from its involvement with the investee; and
因其參與被投資方業務而獲得或有權獲得可變回報；及
has the ability to use its power to affect its returns.
有能力以其權力影響其回報。

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

倘有事實及情況顯示上列三項控制權條件之其中一項或多項有變，則本集團會重新評估其是否對被投資方擁有控制權。

Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary.

本集團於獲得附屬公司控制權時將附屬公司綜合入賬，並於失去附屬公司控制權時終止入賬。具體而言，於本年度內購入或出售之附屬公司之收入及開支，按自本集團獲得控制權當日起至本集團失去附屬公司控制權當日止，計入綜合損益表內。

Profit or loss and each item of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

損益及其他全面收入各組成部份乃歸於本公司擁有人及非控股權益。附屬公司的全面收入總額乃歸屬於本公司擁有人及非控股權益，即使將導致非控股權益呈現虧損。

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies.

當有必要時，會對附屬公司之財務報表作出調整，使其會計政策與本集團之會計政策一致。

All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

所有集團內資產及負債、權益、收支及與本集團成員公司間交易相關之現金流量均於綜合賬目時對銷。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Basis of consolidation (Continued)

綜合基準（續）

Changes in the Group’s ownership interests in existing subsidiaries

本集團於現有附屬公司的擁有權權益的變動

Changes in the Group’s ownership interests in existing subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s relevant components of equity including reserves and the noncontrolling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted after re-attribution of the relevant equity component, and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.

並無導致本集團失去附屬公司控制權的本集團於現有附屬公司的擁有權權益變動，乃按權益交易入賬。本集團包括儲備的相關權益部分及非控股權益的賬面值，乃予以調整以反映彼等於附屬公司相關權益的變動。非控股權益數額經重新歸屬相關權益部分後的調整額與已付或已收代價公允價值之間的差額，乃於權益直接確認，並歸於本公司擁有人。

When the Group loss control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the carrying amount of the assets (including goodwill), and liabilities of the subsidiary attributable to the owners of the Company. All amounts previously recognised in other comprehensive income in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as specified/ permitted by applicable HKFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under HKAS 39, when applicable, the cost on initial recognition of an investment in an associate or a joint venture.

當本集團失去一間附屬公司之控制權時，盈虧於損益內確認，並按：(i)已收代價公允價值及任何保留權益公允價值總額與(ii)本公司擁有人應佔附屬公司之資產（包括商譽）及負債之賬面值之差額計算。所有先前於其他全面收入確認之有關該附屬公司之款項，將按猶如本集團已直接出售該附屬公司之相關資產或負債入賬（即按適用香港財務報告準則之規定╱許可條文重新分類至損益或轉撥至另一類權益）。於失去控制權當日於前附屬公司保留之任何投資之公允價值將根據香港會計準則第39號，於其後入賬時被列作初步確認之公允價值，或（如適用）於初步確認時於聯營公司或合營企業之投資成本。

Business combinations

業務合併

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.

收購業務採用收購法入賬。業務合併的所轉讓代價按公允價值計量，而計算方法為由本集團轉讓的資產、本集團產生的對被收購者前擁有人的負債及本集團為換取被收購者的控制權而發行的股權於收購日期的公允價值的總額。有關收購的成本一般於產生時於損益中確認。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Business combinations (Continued)

業務合併（續）

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that:

於收購日期，所收購的可識別資產及所承擔的負債乃按公允價值確認，惟以下情況除外：

deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with HKAS 12 Income Taxes and HKAS 19 Employee Benefits respectively;
－遞延稅項資產或負債及與僱員福利安排相關的資產或負債分別按香港會計準則第12號所得稅及香港會計準則第19號僱員福利確認及計量；
liabilities or equity instruments related to sharebased payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with HKFRS 2 Share-based Payment at the acquisition date (see accounting policy below); and
－與被收購者以股份支付的安排有關或以本集團訂立之股份支付的安排取代被收購者以股份支付的安排有關的負債或股本工具，乃於收購日期按香港財務報告準則第2號以股份為基礎的付款計量（見以下會計政策）；及
assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that standard.
－根據香港財務報告準則第5號供銷售非流動資產及已終止經營業務分類為供銷售資產（或出售組別）根據該準則計量。

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as at acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.

商譽是以所轉讓的代價、任何非控股權益於被收購者中所佔金額及收購者先前持有的被收購者的股權的公允價值（如有）的總和，超出於收購日期所收購可識別資產及所承擔負債的淨額的差額計值。倘經過重新評估後，所收購的可識別資產與所承擔負債的淨額高於轉讓的代價、任何非控股權益於被收購者中所佔金額及收購者先前持有的被收購者的權益的公允價值（如有）的總和，則差額即時於損益內確認為議價收購收益。

Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the relevant subsidiary’s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of noncontrolling interests are measured at their fair value.

屬現時擁有權權益且於清盤時讓持有人有權按比例分佔相關附屬公司資產淨值的非控股權益，可初步以公允價值或非控股權益應佔被收購者可識別資產淨值的已確認金額比例計量。計量基準的選擇乃按每次交易為基礎。其他類型的非控股權益乃按公允價值計量。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Business combinations (Continued)

業務合併（續）

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisitiondate fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with the corresponding adjustments made against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the “measurement period” (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

如本集團於業務合併的轉讓代價中含有因為或然代價安排所產生的資產或負債，此或然代價須按收購日期的公允價值來計量並計入業務合併轉讓代價的一部分。凡合資格計入測量期調整的或然代價公允價值變動均對商譽作追溯調整。測量期調整乃指在「測量期」（於收購日起不能超過一年）取得有關於收購日期已存在的事實及情況的補充資料導致作出的調整。

The subsequent accounting for the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured to fair value at subsequent reporting dates, with the corresponding gain or loss being recognised in profit or loss.

不合資格作為測量期調整的或然代價公允價值變動其後會計處理將取決於或然代價是如何分類。被歸類為權益的或然代價是不會在其後呈報日期重新計算以及其隨後的結算將計入權益內。被歸類為資產或負債的或然代價須在其後呈報日期重新計算至公允價值，並在損益中確認相應的盈虧。

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Group obtains control), and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.

當業務合併是分階段實現，本集團先前持有的被收購者股權須按於收購日期（即本集團獲得控制權之日）的公允價值來重新計算，而由此產生的盈虧（如有）須於損益中確認。於收購日期前所產生的被收購者權益並在先前已計入其他全面收入的金額須如以往出售權益的處理方法般重新分類至損益。

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date.

如於呈報期間結束前已發生業務合併但初步會計處理還未完成，本集團須按暫定金額來呈報未完成的會計處理項目。此暫定金額可於測量期內調整（見上文）或確認額外的資產或負債，來反映於收購日期已存在的事實及情況的補充資料對當日已確認金額所帶來的影響。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Goodwill

商譽

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see the accounting policy above) less accumulated impairment loss, if any.

收購一項業務所產生的商譽以業務收購日期設立之成本減任何累計減值虧損（如有）計量（見上文會計政策）。

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination, which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment.

就減值測試而言，商譽將被分配到預期從合併的協同效應中受益的本集團各有關現金產生單位或現金產生單位的組別，而該單位或單位組別指就內部管理目的監控商譽的最低水平且不超過經營分部。

A cash-generating unit (or group of cash-generating units) to which goodwill has been allocated is tested for impairment annually, or more frequently when there is indication that the unit may be impaired. For goodwill arising on an acquisition in a reporting period, the cashgenerating unit (or group of cash-generating units) to which goodwill has been allocated is tested for impairment before the end of that reporting period. If the recoverable amount is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets on a pro-rata based on the carrying amount of each asset in the unit (or group of cash-generating units).

已獲分配商譽的現金產生單位（或現金產生單位的組別）每年或當其有可能出現減值的跡象時更頻密地進行減值測試。因報告期內進行產生之商譽，已獲分配商譽的現金產生單位（或現金產生單位的組別）於該報告期末前進行減值測試。倘可收回金額少於其賬面值，減值虧損首先將被分配以削減分配到商譽賬面值，其後按該單位（或現金產生單位的組別）內各資產的賬面值按比例分配至其他資產。

On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal.

商譽應佔金額於出售相關現金產生單位時計入釐定出售損益的金額。

The Group’s policy for goodwill arising on the acquisition of an associate and a joint venture is described below.

本集團因收購聯營公司及合營企業產生的商譽的政策載列下文。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Investments in associates and joint ventures

於聯營公司及合營企業的投資

An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.

聯營公司是本集團擁有重大影響力的實體。重大影響力是參與被投資方的財務及營運政策決定的權力，而非對該等政策行使控制權或共同控制權。

A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.

合營企業指一項合營安排，對安排擁有共同控制權的訂約方據此對合營安排的資產淨值擁有權利。共同控制權指按照合約協定對一項安排所共有的控制權，僅在相關活動必須獲得共同享有控制權的各方一致同意方能決定時存在。

The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. The financial statements of associates and joint ventures used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for like transactions and events in similar circumstances. Appropriate adjustments have been made to conform the associate’s and the joint venture’s accounting policies to those of the Group. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group’s share of losses of an associate or joint venture exceeds the Group’s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture.

聯營公司及合營企業的業績以及資產及負債以權益會計法於綜合財務報表入賬。作會計權益法用途的聯營公司及合營企業的財務報表乃按與本集團就同類交易及同類情況下事項的統一會計政策編製。適當調整已予作出，使聯營公司及合營企業的會計政策與本集團者相符。根據權益法，於聯營公司或合營企業的投資初步按成本於綜合財務狀況表內確認，並於其後就確認本集團分佔聯營公司或合營企業的損益及其他全面收入予以調整。當本集團應佔聯營公司或合營企業的虧損超出本集團於聯營公司或合營企業的權益（包括實質上成為本集團於聯營公司或合營企業投資淨額一部分的任何長期權益）時，本集團終止確認其應佔的進一步虧損。僅於本集團已產生法定或推定責任，或已代表聯營公司或合營企業支付款項的情況下，方會確認額外虧損。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Investments in associates and joint ventures (Continued)

於聯營公司及合營企業的投資（續）

An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or a joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.

於聯營公司或合營企業的投資乃自被投資方成為聯營公司或合營企業當日起按權益法入賬。收購於聯營公司或合營企業的投資時，投資成本超出本集團應佔被投資方的可識別資產及負債的公允價值淨額的任何差額確認為商譽，並計入投資的賬面值。本集團分佔可識別資產及負債的公允價值淨額超出投資成本的部分，在重新評估後，即時於投資收購期間於損益內確認。

The requirements of HKAS 39 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in an associate or a joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with HKAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with HKAS 36 to the extent that the recoverable amount of the investment subsequently increases.

本集團於聯營公司或合營企業的投資乃按香港會計準則第39號的規定來決定是否需要確認任何減值虧損。倘有需要，投資的全部賬面值（包括商譽）將視作單一資產並按香港會計準則第 36號資產減值透過將其可收回金額（即使用價值和公允價值減出售成本之較高者）與賬面值作比較以進行減值測試。任何已確認的減值虧損會成為投資賬面值的一部分。倘投資的可收回金額其後回升，減值虧損的任何撥回會按照香港會計準則第36號確認。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Investments in associates and joint ventures (Continued)

於聯營公司及合營企業的投資（續）

When the Group ceases to have significant influence over an associate or joint control over a joint venture, it is accounted for as a disposal of the entire interest in the investee with a resulting gain or loss being recognised in profit or loss. When the Group retains an interest in the former associate or joint venture and the retained interest is a financial asset within the scope of HKAS 39, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition. The difference between the carrying amount of the associate or joint venture and the fair value of any retained interest and any proceeds from disposing the relevant interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.

當本集團不再對聯營公司擁有重大影響力或不再對合營企業擁有共同控制權時，將以出售於被投資方的全部權益入賬，所得收益或虧損於損益確認。倘本集團保留於前聯營公司或合營企業的權益且該保留權益為香港會計準則第39號界定的財務資產，則本集團會於該日按公允價值計量保留權益，而該公允價值被視為於初步確認時的公允價值。聯營公司或合營企業的賬面值與任何保留權益及出售聯營公司或合營企業相關權益的任何所得款項公允價值之間的差額，會於釐定出售聯營公司或合營企業的收益或虧損時入賬。此外，本集團會將先前在其他全面收入就聯營公司或合營企業確認的所有金額入賬，基準與聯營公司或合營企業直接出售相關資產或負債所需基準相同。因此，倘聯營公司或合營企業先前已於其他全面收入確認的收益或虧損，會於出售相關資產或負債時重新分類至損益，本集團會於終止採用權益法時將收益或虧損由權益重新分類至損益（作為重新分類調整）。

The Group continues to use the equity method when an investment in an associate becomes an investment in a joint venture or an investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests.

當於聯營公司的投資成為於合營企業的投資或當於合營企業的投資成為於聯營公司的投資時，本集團將繼續使用權益法。於此類所有者權益變動發生時，公允價值不會重新計量。

When the Group reduces its ownership interest in an associate or a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.

倘本集團削減其於聯營公司或合營企業的所有權權益而本集團繼續採用權益法，若有關收益或虧損會於出售相關資產或負債時重新分類至損益，則本集團會將先前已於其他全面收入確認與削減所有權權益有關的收益或虧損部分重新分類至損益。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Investments in associates and joint ventures (Continued)

於聯營公司及合營企業的投資（續）

When a group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group’s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group.

倘集團實體與本集團的聯營公司或合營企業進行交易，僅在聯營公司或合營企業的權益與本集團無關的情況下，與聯營公司或合營企業進行交易所產生的溢利及虧損，方會於本集團的綜合財務報表中確認。

Investments in subsidiaries

於附屬公司的投資

Investments in subsidiaries are included in the Company’s statement of financial position at cost less any identified impairment loss.

於附屬公司的投資按成本減任何可識別減值虧損計入本公司的財務狀況表。

Non-current assets held for sale

持作出售之非流動資產

Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the asset (or disposal group) is available for immediate sale in its present condition subject only to terms that are useful and customary for sales of such asset (or disposal group) and its sale is highly probable. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

倘非流動資產及出售組別之賬面值將主要透過出售交易（而非透過持續使用）收回，則有關非流動資產及出售組別會分類為持作出售。此條件僅於資產（或出售組別）可以其現況供即時出售，出售條款僅屬出售該資產（或出售組別）之一般及慣常條款，且極有可能出售時，方告達成。管理層須致力促成出售，且預期由分類日期起計一年內符合資格確認為已完成之出售。

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

當本集團致力進行涉及失去附屬公司控制權之出售計劃時，假如符合上述條件，不論出售後本集團是否於其前附屬公司保留非控股權益，該附屬公司之全部資產及負債均會分類為持作出售。

When the Group is committed to a sale plan involving disposal of an investment, or a portion of an investment, in an associate or joint venture, the investment or the portion of the investment that will be disposed of is classified as held for sale when the criteria described above are met, and the Group discontinues the use of the equity method in relation to the portion that is classified as held for sale from the time when the investment (or a portion of the investment) is classified as held for sale.

當本集團承諾進行涉及出售於聯營公司或合營企業之投資或部分投資之出售計劃，倘符合上述條件，將予出售之該項投資或部分投資分類為持作出售，而本集團將由投資（或其部分）分類為持作出售之時起，不再就該分類為持作出售之部分使用權益法。

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

分類為持作出售之非流動資產（及出售組別）按其前賬面值與公允價值減出售成本（以較低者為準）計量。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Revenue recognition

收入確認

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

收入以已收或應收代價的公允價值計量。收入按估計客戶退貨、回佣及其他類似津貼而減少。

Revenue is recognised when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the Group and when specific criteria have been met for each of the Group’s activities, as described below.

收入於收入金額能可靠計量；未來經濟利益將很可能流入本集團及具體條件已符合本集團各業務（見下文所述）時確認。

Revenue from the sale of goods is recognised when the goods are delivered and titles have passed.

銷售貨品的收入於貨品付運及所有權已轉移時確認。

Revenue from construction of infrastructure development of properties is recognised when the project pass through the verification and authorisation procedure by the relevant designated authoriser which assigned by the country government and the collectability of related receivables is reasonably assured. Deposits and installments received from purchasers prior to meeting the above criteria for revenue recognition are included in the consolidated statement of financial position under current liabilities.

當項目通過國家政府委派的相關指定授權方的核實及授權程序，以及可合理確定相關應收款項的可收回性時，方確認物業基建發展工程的收入。於符合上述收入確認標準前自買方收取的按金及分期付款乃計入綜合財務狀況表項下的流動負債。

Realised fair value gains or losses on securities trading are recognised on a trade date basis. The Group’s held-fortrading investments are measured at fair value at the end of each reporting period with changes on fair value being recognised in profit or loss.

證券買賣的已變現公允價值收益或虧損於交易日確認。本集團的持作買賣投資於各報告期末按公允價值計量，而公允價值變動於損益確認。

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

來自投資的股息收入於股東收取付款的權益確定時確認。

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

利息收入按照未償還的本金及適用的實際利率，按時間比例的基礎計提。實際利率是指用以對整個財務資產的預期壽命內預計的未來現金流入折算至該資產於初始確認時的賬面淨值的比率。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Leasing

租約

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

當租約條款將所涉及擁有權的絕大部分風險及回報轉讓予承租人時，租約乃分類為融資租約。所有其他租約均分類為經營租約。

The Group as lessee

本集團作為承租人

Operating lease payments, including the cost of acquiring land held under operating leases, are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

經營租賃付款（包括收購根據經營租賃的土地成本）於租期內按直線法確認為開支，惟倘有另一系統基準更能代表從租賃資產獲得經濟利益之時間模式則另當別論。經營租賃所產生之或然租金於其產生期間確認為開支。

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straightline basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

倘就訂立經營租賃獲得租賃優惠，則有關優惠確認為負債。優惠利益總額乃按直線法確認為租金開支之扣減，惟倘有另一系統基準更能代表從租賃資產獲得經濟利益之時間模式則另當別論。

Property, plant and equipment

物業、廠房及設備

Property, plant and equipment including buildings held for use in the production or supply of goods or services, or for administrative purposes are stated in the consolidated statement of financial position at cost less subsequent accumulated depreciation and subsequent accumulated impairment loss, if any.

持有用於生產貨物或提供服務或作行政用途的物業、廠房及設備（包括樓宇），按成本減其後之累計折舊及任何累計減值虧損（如有）於綜合財務狀況表列賬。

Properties in the course of construction for production, supply or administrative purposes are carried at cost, less any recognised impairment loss. Costs include professional fees and, for qualifying assets, borrowing costs capitalised in accordance with the Group’s accounting policy. Such properties are classified to the appropriate categories of property, plant and equipment when completed and ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use.

正在興建用於生產、供貨或行政用途的物業以成本減已確認的減值虧損列賬。成本包括專業費用及（就合資格資產而言）根據本集團會計政策資本化的借貸成本。有關物業於完工並可作擬定用途時劃分至適當類別之物業、廠房及設備。該等資產的折舊與其他物業資產一樣，於該等資產可作擬定用途時開始折舊。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Property, plant and equipment (Continued)

物業、廠房及設備（續）

Depreciation is recognised so as to write-off the cost of assets less their residual values over their estimated useful lives, using the straight-line method. The estimated useful lives, residual values and deprecation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

資產乃按可使用年期經扣減其剩餘價值後，使用直線法撇銷其成本以確認折舊。於各報告期末，估計可使用年期、剩餘價值及折舊方法將經審閱，有關估計變動的影響將於日後反映。

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.

物業、廠房及設備項目於出售時或預期繼續使用有關資產亦不會帶來任何未來經濟利益時將不再確認。出售或棄用物業、廠房及設備項目所產生的任何收益或虧損乃按有關資產的出售所得款項與其賬面值的差額計算，並在損益內確認。

Properties under development are stated at the lower of cost and net realisable value. Net realisable value takes into account the price ultimately expected to be realised, less applicable variable selling expenses and the anticipated costs to completion.

發展中物業以成本及可變現淨值的較低者列賬。可變現淨值於考慮最終預計可變現價格，減去適用可變動銷售開支及預期竣工成本後釐定。

Development cost of properties comprises cost of land use rights, construction costs, borrowing costs and professional fees incurred during the development period. On completion, the properties are transferred to completed properties held for sale.

物業的發展成本包括土地使用權成本、建築成本、借貸成本及在建期間產生的專業費用。竣工後，物業轉為持作出售用途的已竣工物業。

Properties under development are classified as current assets unless the construction period of the relevant property development project is expected to complete beyond normal operating cycle.

發展中物業分類為流動資產，惟相關物業發展項目的建築工期預計超出正常經營周期者除外。

Foreign currencies

外幣

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recognised at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Nonmonetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate prevailing on the date when the fair value was determined. Nonmonetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

於編製各個別集團實體的財務報表時，以該實體功能貨幣以外的貨幣（外幣）進行的交易均按交易日期的適用匯率換算為功能貨幣入賬。於各報告期末，以外幣列值的貨幣項目均按該日的適用匯率重新換算。以外幣列值按公允價值列賬的非貨幣項目按釐定公允價值之日的現行利率重新換算。以外幣列值按過往成本計量的非貨幣項目毋須重新換算。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Foreign currencies (Continued)

外幣（續）

Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise, except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised initially in other comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the Group’s interests.

因結算貨幣項目產生及因重新換算貨幣項目產生之匯兌差額於產生期間於損益確認，惟結算並非計劃以內或不大可能產生之應收或應付海外業務貨幣項目（即構成於海外業務淨投資之一部份）之匯兌差額除外，有關匯兌差額初步於其他全面收入確認，並於出售或部分出售本集團權益時從權益重新分類至損益。

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s operations are translated into the presentation currency of the Group (i.e. RMB) using exchange rates prevailing at the end of each reporting period. Income and expenses items are translated at the average exchange rates for the period, unless exchange rates fluctuate significantly during the period, in which case, the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of exchange reserve (attributed to non-controlling interests as appropriate).

就呈列綜合財務報表而言，本集團海外業務的資產及負債乃按於各報告期末結束時的適用匯率換算為本集團的列賬貨幣（即人民幣），而其收入及支出項目乃按該期間的平均匯率進行換算。除非期內匯率出現重大波幅，於此情況下，將採用交易日期之匯率。所產生的匯兌差額（如有）（分攤至非控股權益，如適用）於其他全面收入確認且於權益之匯兌儲備項下累計。

On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, or a partial disposal of an interest in a joint arrangement or an associate that includes a foreign operation of which the retained interest becomes a financial asset), all of the exchange differences accumulated in equity in respect of that operation attributable to the owners of the Company are reclassified to profit or loss.

出售海外業務時（即出售本集團於海外業務之全部權益、出售涉及失去包括海外業務之附屬公司之控制權、或出售包括海外業務之共同安排或聯營公司之部分權益（其保留權益成為一項財務資產）），本公司擁有人就該業務應佔之所有於權益累計之匯兌差額乃重新分類至損益。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Foreign currencies (Continued)

外幣（續）

In addition, in relation to a partial disposal of a subsidiary that does not result in the Group losing control over the subsidiary, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. partial disposals of associates or joint arrangements that do not result in the Group losing significant influence or joint control), the proportionate share of the accumulated exchange differences is reclassified to profit or loss.

此外，就出售部分附屬公司但並無引致本集團失去對該附屬公司之控制權，則按比例將累計匯兌差額重新分配予非控股權益，且不在損益內確認。對於所有其他部分出售（即出售部分聯營公司或合營安排但並無引致本集團失去重大影響力或共同控制權），則按比例將累計匯兌差額重新分配予損益。

Goodwill and fair value adjustments on identifiable assets acquired arising on an acquisition of a foreign operation are treated as assets and liabilities of that foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in other comprehensive income.

透過收購海外業務所收購可識別資產之商譽及公允價值調整乃作為海外業務之資產及負債處理，並按於各報告期末之適用匯率進行換算。產生之匯兌差額乃於其他全面收入確認。

Borrowing costs

借貸成本

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.

收購、興建或生產合資格資產（必須以一段長時間準備以作擬定用途或銷售）的直接應佔借貸成本計入該等資產之成本，直至大部分資產可作擬定用途或出售時為止。

All other borrowings costs are recognised in profit or loss in the period in which they are incurred.

所有其他借貸成本均於產生期間在損益內確認。

Retirement benefit costs and termination benefits

退休福利費用及終止福利

Payments to state-managed retirement benefit schemes and the Mandatory Provident Fund Scheme are recognised as an expense when employees have rendered service entitling them to the contributions.

向國家管理的退休福利計劃及強制性公積金計劃作出的付款於僱員提供服務而可享有該等供款時作為開支扣除。

A liability for a termination benefit is recognised at the earlier of when the group entity can no longer withdraw the offer of the termination benefit and when it recognises any related restructuring costs.

終止福利之負債於集團實體不能取消提供終止福利時及實體確認任何有關重組成本當日（以較早者為準）確認。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Short-term employee benefits

短期僱員福利

Short-term employee benefits are recognised at the undiscounted amount of the benefits expected to be paid as and when employees rendered the services. All shortterm employee benefits are recognised as an expense unless another HKFRS requires or permits the inclusion of the benefit in the cost of an asset.

短期僱員福利於僱員提供服務時就預計將支付福利的未貼現金額確認。所有短期僱員福利確認為開支，除非另一項香港財務報告準則要求或允許將有關福利納入資產成本，則作別論。

A liability is recognised for benefits accruing to employees (such as wages and salaries, annual leave and sick leave) after deducting any amount already paid.

在扣除已經支付的任何金額後，對僱員應得的福利（例如工資及薪金、年假及病假）確認負債。

Taxation

稅項

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

所得稅開支指現時應付稅項及遞延稅項的總和。

The tax currently payable is based on taxable profit for the year. Taxable profit differs from “profit before tax” as reported in the consolidated statement of profit or loss because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

現時應付稅項按本年度應課稅溢利計算。應課稅溢利與綜合損益表所報「除稅前溢利」不同，此乃由於在其他年度應課稅或可扣減的收入或支出，以及從不課稅或扣減的項目所致。本集團的即期稅項負債是按報告期末已實行或實質上已實行稅率計算。

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax base used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary difference to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.

遞延稅項按在綜合財務報表內資產及負債的賬面值與採用應課稅溢利計算的相應稅基的暫時差額確認。遞延稅項負債一般就所有應課稅暫時差額確認。遞延稅項資產一般則會在應課稅溢利可供用作抵銷可予扣減暫時差額時確認為所有可扣減暫時差額。倘暫時差額是因一項不會影響應課稅溢利或會計溢利之交易涉及的資產及負債進行初步確認時（業務合併除外）產生，則有關遞延稅項資產及負債不予確認。此外，倘暫時差額因商譽進行初步確認時產生，則遞延稅項負債不予確認。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Taxation (Continued)

稅項（續）

Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

遞延稅項負債將會就於附屬公司及聯營公司的投資及於合營企業的權益產生的應課稅暫時差額確認入賬，惟倘本集團可控制暫時差額的撥回，並該暫時差額將不會在可見將來撥回者除外。可扣減暫時差額產生之遞延稅項資產（與該等投資及權益有關）可確認，惟僅以可能將有足夠應課稅溢利可動用暫時差額之利益，且彼等預期於可預見將來撥回為限。

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

遞延稅項資產賬面值於各報告期末檢討，並於其將不再可能有足夠應課稅溢利可收回所有或部份資產時扣減。

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

遞延稅項資產及負債按預期於負債可結算或資產可變現期間內可應用之稅率以於報告期末已施行或實質上施行之稅率（及稅法）為基準計量。

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

遞延稅項負債及資產之計量反映稅務影響，可由本集團於報告期末預期之方式以收回或結算其資產及負債之賬面值。

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

即期稅項及遞延稅項於損益確認，惟倘其與其他全面收入或直接於權益確認之項目有關，於此情況下，即期稅項及遞延稅項亦分別於其他全面收入或直接於權益確認。當即期稅項或遞延稅項於業務合併之初始計入階段產生，稅務影響包括在計入之業務合併之中。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments

金融工具

Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instruments.

財務資產及財務負債乃當某集團實體成為工具合同條文的訂約方時確認。

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

財務資產及財務負債按公允價值初步計量。收購或發行財務資產及財務負債（不包括通過損益反映公允價值的財務資產）直接應佔的交易成本乃於初步確認時加入財務資產或財務負債的公允價值或自財務資產或財務負債的公允價值內扣除（如適用）。可直接撥歸購買通過損益反映公允價值的財務資產或財務負債的交易成本，將於損益中即時確認。

Financial assets

財務資產

Financial assets are classified into the following specified categories: financial assets at fair value through profit or loss (“FVTPL”), available-for-sale (“AFS”) financial assets and loans and receivables. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

財務資產分類為以下指定類別：按公允價值計入損益（「按公允價值計入損益」）之財務資產、可供出售（「可供出售」）財務資產以及貸款及應收款項。分類乃由財務資產之性質及目的所釐定並於初始確認時予以釐定。所有定期購買或出售財務資產乃按交易日基準確認及取消確認。定期購買或出售乃購買或銷售要求於市場上按規則或慣例設定的時限內交付資產的財務資產。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Effective interest method

實際利率法

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

實際利率法為計算於有關期間債務工具的攤銷成本以及分配利息收入的方法。實際利率是可準確透過債務工具之估計年期或在較短期間內（如適用）對估計未來現金收入（包括所支付或收取能構成實際利率的所有費用及利率差價、交易成本及其他溢價或折讓）進行貼現至於初步確認時的賬面淨值的利率。

Interest income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL, of which interest income is included in net gains or losses.

債務工具的利息收入按實際利率法確認，惟分類為按公允價值計入損益的該等財務資產除外，該等財務資產的利息收入包括在淨收益或虧損內。

Financial assets at FVTPL

按公允價值計入損益之財務資產

Financial assets are classified as at FVTPL when the financial asset is (i) held-for-trading, (ii) it is designated as at FTVPL, or (iii) contingent consideration that may be received by an acquirer as part of a business combination to which HKFRS 3 applies.

對於(i)持作買賣；(ii)指定為按公允價值計入損益；或(iii)收購者可能收取或然代價作為香港財務報告準則第3號適用之業務合併之一部分之財務資產，則分類為按公允價值計入損益之財務資產。

A financial asset is classified as held-for-trading if:

倘若出現下列情況，則財務資產分類為持作買賣：

it has been acquired principally for the purpose of selling it in the near future; or
購入主要目的為於不久將來出售；或
on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or
於初步確認時，其為本集團聯合管理之已識別財務工具組合之一部分，而近期實際具備短期獲利之模式；或
it is a derivative that is not designated and effective as a hedging instrument.
其為不指定及實際作為對沖工具之衍生工具。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Financial assets at FVTPL (Continued)

按公允價值計入損益之財務資產（續）

A financial asset other than a financial asset held for trading or contingent consideration that may be received by an acquirer as part of a business combination may be designated as at FVTPL upon initial recognition if:

倘屬以下事項，持作買賣財務資產以外的財務資產或收購者可能收取之或然代價（作為業務合併的一部分）可於首次確認時指定為按公允價值計入損益：

such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
該指定消除或大幅減低將會產生的計量或確認不一致性；或
the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or
該財務資產構成一組財務資產或財務負債或兩者的一部分，其管理及表現評估均根據本集團存檔的風險管理或投資策略按公允價值基準進行，而有關編組的資料亦按該基準由內部提供；或
it forms part of a contract containing one or more embedded derivatives, and HKAS 39 permits the entire combined contract (asset or liability) to be designated as at FVTPL.
其構成含有一項或多項嵌入式衍生工具的合約的一部分，而香港會計準則第39號允許整份合併合約（資產或負債）指定為按公允價值計入損益。

Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit or loss excludes any dividend or interest earned on the financial assets and is excluded in the “fair value change on held-for-trading investments” and “fair value change on convertible instruments designated as financial asset at fair value through profit or loss” line item. Fair value is determined in the manner described in Note 6(c).

按公允價值計入損益之財務資產按公允價值計量，而重新計量所產生之任何收益或虧損則於損益確認。於損益確認之收益或虧損淨額不包括財務資產賺取之任何股息或利息，並計入「持作買賣投資公允價值變動」及「指定為按公允價值計入損益的財務資產的可換股工具的公允價值變動」項下。公允價值乃附註6(c)所述的方式釐定。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

AFS financial assets

可供出售財務資產

AFS financial assets are non-derivatives that are either designated as available-for-sale or are not classified as (a) loans and receivables, (b) held-to-maturity investments or (c) financial assets at FVTPL. The Group designated unlisted equity investments as AFS financial assets on initial recognition of those items.

可供出售財務資產為指定為可供出售或並無歸類為(a)貸款及應收款項、(b) 持至到期投資或(c)按公允價值計入損益之財務資產之非衍生工具。本集團於初步確認該等項目時指定非上市股本投資為可供出售財務資產。

Equity and debt securities held by the Group that are classified as AFS financial assets and are traded in an active market are measured at fair value at the end of each reporting period. Changes in the carrying amount of AFS monetary financial assets relating to interest income calculated using the effective interest method, and changes in foreign exchange rates, if applicable, are recognised in profit or loss. Dividends on AFS equity investments are recognised in profit or loss when the Group’s right to receive the dividends is established. Other changes in the carrying amount of AFS financial assets are recognised in other comprehensive income and accumulated under the heading of investments revaluation reserve. When the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss (see the accounting policy in respect of impairment loss on financial assets below).

本集團所持有之被分類為可供出售財務資產及於活躍市場上交易之權益及債務證券於各報告期末按公允價值計量。與採用實際利率法計算之利息收入有關之可供出售貨幣財務資產之賬面值之變動及匯率變動（如適用）均於損益中確認。當本集團確立收取股息的權利時，則於損益確認可供出售權益投資之股息。可供出售財務資產賬面值之其他變動乃於其他全面收入中確認，並累計於投資重估儲備項下。當投資被出售或被釐定出現減值時，先前累計於投資重估儲備中之累計收益或虧損乃重新分類至損益（見下文有關財務資產減值虧損之會計政策）。

AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity investments are measured at cost less any identified impairment losses at the end of each reporting period (see the accounting policy in respect of impairment loss on financial assets below).

可供出售權益投資於活躍市場缺乏市場報價而且難以可靠計算公允價值，及掛鈎之衍生工具並須通過交付無市場報價的權益投資作結算，其計量於各報告期末以成本扣除任何已識別減值虧損列賬（見下文有關財務資產減值虧損之會計政策）。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Loans and receivables

貸款及應收款項

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, loans and receivables (including loan and interest receivables, trade receivables, deposits and other receivables, amount due from an association / a non-controlling interest and bank balances and cash) are measured at amortised cost using the effective interest method, less any impairment (see accounting policy of impairment loss on financial assets below).

貸款及應收款項為附帶固定或可釐定付款的非衍生財務資產，且並無在活躍市場計算報價。於初步確認後，貸款及應收款項（包括應收貸款及利息、應收賬款、按金及其他應收款、應收一間聯營公司╱一名非控股股東款項以及銀行結餘及現金）均按採用實際利率法計量的已攤銷成本減任何減值列賬（見下文有關財務資產減值虧損之會計政策）。

Interest income is recognised by applying the effective interest rate, except for short-term receivables where the recognition of interest would be immaterial.

利息收入按實際利率法確認，惟倘確認利息影響不大之短期應收款項除外。

Impairment of financial assets

財務資產減值

Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected.

財務資產（除按公允價值計入損益之財務資產）於各報告期末評估是否出現減值跡象。財務資產於初步確認後，如出現一個或多個事件而有客觀證據顯示財務資產的估計未來現金流量受影響，即代表該等財務資產出現減值。

For AFS equity interests, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

對於可供出售股本權益，倘證券之公允價值大幅或持續下降至低於其成本，則被視為減值之客觀證據。

For all other financial assets, objective evidence of impairment could include:

對所有其他財務資產而言，減值的客觀證據包括：

significant financial difficulty of the issuer or counterparty; or
－發行人或對手出現重大財政困難；或
breach of contract, such as default or delinquency in interest or principal payments; or
－違反合約，例如逾期支付或拖欠利息或本金；或
it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
－借款人有可能會破產或進行財政重組；或
disappearance of an active market for that financial asset because of financial difficulties.
－因為財務困難而導致該財務資產失去活躍市場。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial assets (Continued)

財務資產（續）

Impairment of financial assets (Continued)

財務資產減值（續）

For certain categories of financial assets, such as loan and interest receivables and trade receivables, assets that assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the agreed contractual terms, observable changes in national or local economic conditions that correlate with default on receivables.

對某些類別的財務資產（如應收貸款及利息以及應收賬款），被評估為不會個別減值的資產將進而以整體方式評估其有否減值。應收款項減值的客觀證據包括本集團於過往收款經驗，超過協定合約年期的逾期付款的次數增加，以及關係到拖欠應收款項的全國性或地區性經濟形勢顯著變動。

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial asset’s original effective interest rate.

對按攤銷成本入賬的財務資產而言，已確認減值虧損金額按資產賬面值與財務資產的初始實際利率貼現的估計未來現金流量現值的差額計算。

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods (see the accounting policy below).

對以成本列賬的財務資產而言，減值虧損金額按該資產賬面值與同類財務資產當前市場回報率貼現的估計未來現金流量現值之間的差額計算。該等減值虧損不會於其後期間撥回（見下文會計政策）。

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of loan and interest receivables and trade receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. When a loan and interest receivables or trade receivables is considered uncollectable, it is written off against the allowance account. Subsequent recoveries of amounts previously written-off are credited to profit or loss.

減值虧損直接減少所有財務資產的賬面值，惟應收貸款及利息以及應收賬款除外，該等賬面值則通過動用撥備賬減少。撥備賬的賬面值變動於損益確認。當應收貸款及利息或應收賬款被視為不能收回時，直接於撥備賬內撇銷。過往撇銷的金額於其後收回時計入損益。

When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognised in other comprehensive income are reclassified to profit or loss in the period.

當可供出售財務資產被視為減值時，先前於其他全面收入的累計盈虧重新分類為期內損益。

2016年報 瀋陽公用發展股份有限公司

3. 主要會計政策（續）

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Impairment of financial assets (Continued)

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

In respect of AFS equity investments, impairment losses previously recognised in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised in other comprehensive income and accumulated under the heading of investment revaluation reserve.

Financial liabilities and equity instruments

Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issued costs.

Other financial liabilities

Other financial liabilities (including trade payables, other payables and accruals and other borrowings) are subsequently measured at amortised cost, using the effective interest method.

金融工具（續）

財務資產（續）

財務資產減值（續）

對於按攤銷成本計算的財務資產而言，如在隨後期間，減值虧損金額減少，而有關減少在客觀上與確認減值後發生的事件有關，則先前已確認的減值虧損透過損益予以撥回，惟該投資於減值被撥回當日的賬面值不得超過未確認減值時的攤銷成本。

對於可供出售權益投資而言，先前已於損益中確認的減值虧損不得透過損益予以撥回。於減值虧損後的任何公允價值增加於其他全面收入內確認，並累計於投資重估儲備項下。

財務負債及股本工具

集團實體發行的債務及股本工具乃根據合同安排的性質與財務負債及股本工具的定義分類為財務負債或股本。

股本工具

股本工具乃證明實體於扣減所有負債後的資產中擁有剩餘權益的任何合同。由集團實體發行之股本工具以扣減直接發行成本後所收之款項確認。

其他財務負債

其他財務負債（包括應付賬款、其他應付款及應計費用以及其他借款）其後利用實際利率法按攤銷成本計量。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Financial liabilities and equity instruments (Continued)

財務負債及股本工具（續）

Effective interest method

實際利率法

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums of discounts) through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Interest expense is recognised on an effective interest basis.

實際利率法為計算財務負債的攤銷成本以及分配於有關期間的利息開支的方法。實際利率是可準確透過財務負債的估計可用年期或在較短期間內（倘適用）對估計未來現金付款（包括所支付或收取能構成實際利率的所有費用及利率差價、交易成本及其他溢價或折讓）進行折算的利率。利息開支按實際利率基準確認。

Derecognition

取消確認

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

本集團取消確認財務資產，只有當從資產收取現金流之合約權利屆滿，或當其轉讓財務資產及大致上已轉讓財務資產擁有權之所有風險及回報權予另一實體。倘本集團轉讓或保留近乎所有風險及回報權並繼續控制轉讓的資產，則本集團按其持續參與程度繼續確認該資產及確認相關負債。倘本集團保留獲轉讓財務資產擁有權的絕大部份的風險及回報，本集團會繼續確認財務資產，亦會就已收款項確認有附加保證的借貸。

On derecognition of a financial asset, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.

於取消確認財務資產時，資產賬面值與已收及應收代價及已於其他全面收入確認並於權益累計的累計損益的總和的差額，將於損益中確認。

2016年報 瀋陽公用發展股份有限公司

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Financial instruments (Continued)

金融工具（續）

Derecognition (Continued)

取消確認（續）

On derecognition of a financial asset other than in its entirety, the Group allocates the previous carrying amount of the financial asset between the part it continues to recognise, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.

當財務資產非全面取消確認時，本集團會將財務資產之過往賬面值根據於其確認為繼續參與之部份及不再確認之部份於轉讓日期之相對公允價值在兩者間作出分配，而不再確認部份已分配之賬面值與不再確認部份已收代價、及任何已於全面收入確認並獲分配之累計收益或虧損，乃於損益內確認。已於其他全面收入確認之累計收益或虧損，將按繼續確認之部份及不再確。確認之部份的相對公允價值間作出分配。

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

僅當本集團取消確認財務負債時，本集團的責任已被解除、註消或屆滿。取消確認財務負債賬面值與已付或應付代價之差額，於損益確認。

Impairment of tangible assets other than goodwill (see the accounting policy in respect of goodwill above)

商譽以外的有形資產減值（見上文有關商譽的會計政策）

At the end of the reporting period, the Group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

本集團於各報告期末審閱其有形資產的賬面值，衡量是否有跡象顯示該等資產已出現減值虧損。倘出現任何該等跡象，則會估計資產的可收回金額，以釐定減值虧損（如有）之程度。倘不能估計個別資產之可收回金額時，本集團則估計該資產所屬之現金產生單位之可收回金額。倘能識別合理一致的分配基準，公司資產亦會分配至個別現金產生單位，或以其他方式分配至能識別合理一致分配基準的現金產生單位最小組合。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

100

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Impairment of tangible assets other than goodwill (see the accounting policy in respect of goodwill above) (Continued)

商譽以外的有形資產減值（見上文有關商譽的會計政策）（續）

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

可收回金額為公允價值減銷售成本及使用價值之較高者。於評估使用價值時，估計日後現金流量乃採用稅前貼現率貼現至其現值，以反映貨幣時間值之現行市場評估及尚未就日後現金流量之估計作出調整之資產之特有風險。

If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit. The carrying amount of an asset is not reduced below the highest of its fair value less costs of disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount under another standard, in which case the impairment loss is treated as a revaluation decrease under that standard.

倘資產（或現金產生單位）之可收回金額估計低於其賬面值，則該資產（或現金產生單位）之賬面值應扣減至其可收回金額。於分配減值虧損時，首先分配減值虧損以減少任何商譽的賬面值（如適用），然後按比例根據該單位各資產的賬面值分配至其他資產。資產賬面值不得減少至低於其公允價值減出售成本（如可計量）、其使用價值（如可計量）及零之中的最高值。已另行分配至資產之減值虧損數額按比例分配至該單位其他資產。減值虧損隨即於損益確認，惟有關資產根據另一準則按經重估金額列賬外，在該情況下，減值虧損根據該準則視為重估減值。

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or a cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount under another standard, in which case the reversal of the impairment loss is treated as a revaluation increase under that standard.

倘減值虧損其後撥回，該項資產（或現金產生單位）之賬面值將增加至其經修訂之估計可收回金額，惟增加後之賬面值不得超過倘若該資產（或現金產生單位）於過往年度並無確認減值虧損所釐定之賬面值。減值虧損之撥回隨即於損益確認，惟有關資產根據另一準則按經重估金額列賬外，在該情況下，減值虧損根據該準則視為重估增值。

2016年報 瀋陽公用發展股份有限公司

101

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

For the year ended 31 December 2016 截至2016年12月31日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

3. 主要會計政策（續）

Provisions

撥備

Provisions are recognised when the Group has a present obligation (legal and constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

倘本集團現時須就過往事件承擔責任（法定及推定），而本集團可能須清償該責任，且責任金額可被可靠估計，則會確認撥備。

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

已確認撥備之金額乃經考慮責任所附帶的風險及不確定因素後，根據報告期末為抵償該當前責任而須承擔代價的最佳估計而計量。倘撥備乃使用抵償該當前責任的估計現金流量計量，其賬面值為該等現金流量的現值（倘資金時間值的影響重大）。

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

倘用以償還撥備之部份或全部經濟利益預期將由第三方收回，則當實質上肯定將收到償款且應收金額能可靠計量時，應收款項才確認為資產。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

102

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

For the year ended 31 December 2016 截至2016年12月31日止年度

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

4. 重大會計判斷及估計不確定性的主要來源

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

於應用本集團之會計政策（如附註3所述）時，董事須就未於其他來源明確顯示之資產及負債賬面值作出判斷、估計及假設。有關估計及相關假設乃根據過往經驗及其他視為相關之因素作出。實際情況可能有別於該等估計。

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors have not come across any significant areas where critical judgments are involved in applying the Group’s accounting policies.

有關估計及相關假設將按持續基準審閱。倘就會計估計作出修訂僅影響修訂估計期間，則會計估計修訂於該期間確認，或倘有關修訂將影響即期及未來期間，則於修訂期間及未來期間確認。董事於應用本集團會計政策時並無遇上須行使重大判斷的任何重大情況。

Key sources of estimation uncertainty

估計不確定性的主要來源

The followings are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

以下為就日後作出之主要假設以及於報告期末預計不明朗因素之其他主要來源，有關假設及不明朗因素或構成下一財政年度資產及負債賬面值須作出重大調整之主要風險。

Estimated impairment of AFS financial assets

可供出售財務資產估計減值

The Group classified the unlisted equity securities issued by private entities incorporated in the PRC as AFS financial assets and recognises at cost less impairment. The management makes judgment to determine if such investments impaired, by evaluating the financial health of and near-term business outlook for the investee including the operating and financing cash flow. During the year ended 31 December 2016, no impairment was considered necessary in relation to the AFS financial assets.

本集團將於中國註冊成立的私人實體發行的非上市股本證券分類為可供出售財務資產，並按成本減去減值後確認。管理層需要評估被投資方的財務狀況及近期業務前景（包括經營活動及融資活動的現金流量），行使判斷以釐定有關投資是否出現減值。截至2016 年12月31日止年度，毋須就可供出售財務資產作出減值。

2016年報 瀋陽公用發展股份有限公司

103

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

4. 重大會計判斷及估計不確定性的主要來源（續）

Key sources of estimation uncertainty (Continued)

估計不確定性的主要來源（續）

Estimated impairment of goodwill

商譽的估計減值

Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating unit to which goodwill has been allocated. The value-inuse calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate the present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. As at 31 December 2016, the carrying amount of goodwill amounted to approximately RMB25,779,000 (2015: RMB45,779,000) and an impairment loss of approximately RMB20,000,000 (2015: Nil) has been recognised in profit or loss. Details of the recoverable amount calculation are disclosed in Note 17.

釐定商譽是否減值須要估計獲分配商譽的現金產生單位的使用價值。使用價值計算需要本集團估計預期來自現金產生單位的未來現金流量及合適的貼現率以計算現值。倘實際未來現金流量少於預期，或會出現重大減值虧損。於2016年12月31日，商譽的賬面值約為人民幣25,779,000元（2015 年：人民幣45,779,000元），而減值虧損約人民幣20,000,000元（2015年：無）已於損益確認。有關可收回金額的詳情於附註17中披露。

Estimated impairment for trade receivables and loan and interest receivables

應收款項以及應收貸款及利息的估計減值

The policy for the provision for impairment of receivables of the Group is based on the evaluation of collectability and on management’s judgment. A considerable amount of judgment is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the collateral security. If the financial conditions of the debtors/borrowers of the Group deteriorate, resulting in impairment of their ability to make repayments, additional provision may be required. If the financial conditions of the debtors/borrowers of the Group, on whose account provision for impairment has been made, are improved and no impairment of their ability to make payments were noted, reversal of provision for impairment may be required. As at 31 December 2016, the carrying amount of trade receivables and loan and interest receivables is approximately RMB145,701,000 (2015: RMB186,701,000) and RMB304,636,000 (net of allowance for doubtful debts of RMB215,000) (2015: RMB174,557,000 (net of allowance for doubtful debts of RMB203,000)).

本集團應收款項減值撥備之政策乃基於可收回程度之評估及管理層之判斷。於評估該等應收款項最終能否實現（包括現時之信用度及抵押擔保品），須作出一定程度之判斷。倘本集團債務人╱借款人之財務狀況惡化，導致削減還款能力，則可能須作出其他撥備。倘本集團已作出減值撥備，而本集團債務人╱借款人之財務狀況改善，且發現還款能力並無削減，則可能需作出額外撥備。於2016年12月 31日，應收賬款以及應收貸款及利息的賬面值約為人民幣 145,701,000 元（2015年：人民幣186,701,000元）及人民幣304,636,000元（扣除呆賬撥備人民幣215,000元）（2015年：人民幣 174,557,000元，扣除呆賬撥備人民幣 203,000元）。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

104

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

4. 重大會計判斷及估計不確定性的主要來源（續）

Key sources of estimation uncertainty (Continued)

估計不確定性的主要來源（續）

Estimates for net realisable value of properties under development

發展中物業可變現淨值之估計

At 31 December 2016, the carrying amounts of properties under development are approximately RMB174,150,000 (2015: RMB199,398,000).

於2016年12月31日，發展中物業之賬面值約為人民幣174,150,000元（2015 年：人民幣199,398,000元）。

The Group assesses the carrying amounts of properties under development according to their net realisable value based on the realisability of these properties. Net realisable value for properties under development is determined by reference to management’s estimates of the selling price based on the property repurchase agreement, less the anticipated costs to completion. Based on management’s best estimates, there is no material impairment for properties under development at 31 December 2016 and 31 December 2015.

本集團視乎該等物業之可變現程度得出之可變現淨值評估發展中物業之賬面值。發展中物業之可變現淨值乃參考管理層根據物業回購協議之估計售價，減去估計完工成本後釐定。根據管理層之最佳估計，於2016年12月31 日及2015年12月31日發展中物業並無重大減值。

Useful lives of property, plant and equipment

物業、廠房及設備的可使用年期

In applying the accounting policy on property, plant and equipment with respect to depreciation, management estimates the useful lives of various categories of property, plant and equipment according to the industrial experiences over the usage of property, plant and equipment and also by reference to the relevant industrial norm. When the actual useful lives of property, plant and equipment due to the change of commercial environment are different from their estimated useful lives, such difference will impact the depreciation charges and the amounts of assets written-down for future periods.

於採用有關物業、廠房及設備折舊的會計政策時，管理層乃根據物業、廠房及設備用途的行業經驗並參考有關行業規範來估計各種物業、廠房及設備的可使用年期。倘物業、廠房及設備的實際可使用年期，由於商業環境改變以致有別於原本估計的可使用年期，有關差額將影響折舊開支及將來撇減的資產數額。

Income taxes

所得稅

The Group is subject to income taxes in the PRC and Hong Kong. However, the implementation of the tax various amongst different tax jurisdictions in various cities of the PRC. There are many transactions and calculation for which the ultimate tax determination is uncertain during the ordinary course of business. 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 year in which such determination is made.

本集團在中國及香港須繳付所得稅。然而，有關稅項的執行於中國不同城市的不同稅務司法權區各不相同。日常業務過程中有多項交易和計算未能確定最終稅項。倘該等事宜之最終稅務結果與起初入賬的金額不同，有關差額將會影響釐定稅項期間的所得稅及遞延稅項撥備。

2016年報 瀋陽公用發展股份有限公司

105

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

For the year ended 31 December 2016 截至2016年12月31日止年度

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

4. 重大會計判斷及估計不確定性的主要來源（續）

Key sources of estimation uncertainty (Continued)

估計不確定性的主要來源（續）

Income taxes (Continued)

所得稅（續）

At 31 December 2016, the Group had unused tax losses of approximately RMB12,232,000 (2015: RMB11,216,000) a n d a p p r o x i m a t e l y o f H K $ 1 3 , 7 9 2 , 0 0 0 ( 2 0 1 5 : HK$10,335,000) available for offset against future profits in the PRC and Hong Kong respectively. No deferred tax asset in relation to unused tax losses has been recognised in the Group’s consolidated statement of financial position due to the unpredictability of future profits streams. In case where there are future profits generated to utilise the tax losses, a material deferred tax asset may arise, which would be recognised in the consolidated statement of profit or loss for the year in which such profits are recorded.

於2016年12月31日，本集團可供抵銷位於中國及香港的未來溢利的未動用稅項虧損分別約為人民幣12,232,000 元（ 2015 年：人民幣 11,216,000 元）及約 13,792,000 港元（ 2015 年： 10,335,000港元）。由於未來溢利來源難以預測，本集團並未於綜合財務狀況表內確認與未動用稅項虧損有關的遞延稅項資產。倘日後產生的溢利可動用該稅項虧損，則可能產生重大遞延稅項資產，並將於錄得有關溢利的年度於綜合損益表確認。

Fair value measurements and valuation processes

公允價值計量及估值程序

Some of the Group’s assets are measured at fair value for financial reporting purposes.

本集團部分資產就財務申報目的以公允價值計量。

In estimating the fair value of an asset, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Group engages third party qualified valuers to perform the valuation.

於估計資產的公允價值時，本集團利用可得的市場可觀察數據。若沒有第一級輸入值，本集團會委聘第三方合資格估值師來進行估值。

The Group uses valuation techniques that include input that are not based on observable market data to estimate the fair value of certain types of financial instruments. Notes 6(c) and 20 provide detailed information about the valuation techniques, inputs and key assumptions used in the determination of the fair value of various assets.

本集團使用的估值技巧包括並非基於可觀察市場數據的輸入值以估計若干類別金融工具的公允價值。附註6(c)及 20提供有關釐定各類資產公允價值時採用的估值技巧、輸入值及主要假設的詳細資料。

5. CAPITAL RISK MANAGEMENT

5. 資本風險管理

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchanged from prior year.

本集團管理旗下資本以確保本集團之實體能夠持續經營，並透過優化債務及權益結餘為股東帶來最大回報。本集團整體策略與去年相同。

The capital structure of the Group consists of borrowings net of bank balances and cash and equity attributable to owners of the Company, comprising issued share capital and reserves.

本集團之資本結構包括扣除銀行結餘及現金後的借貸以及本公司擁有人應佔權益，當中包括已發行股本及儲備。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

106

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

For the year ended 31 December 2016 截至2016年12月31日止年度

5. CAPITAL RISK MANAGEMENT (Continued)

5. 資本風險管理（續）

The Directors review the capital structure on a regular basis. As part of this review, the Directors consider the cost of capital and the risks associated with each class of capital. Based on the recommendations of the Directors, the Group will balance its overall capital structure through the payment of dividends, new share issues and share buybacks as well as the issue of new debt or the redemption of existing debt.

董事定期審閱資本結構。作為審閱的一部份，董事考慮資本成本及與各類資本相關的風險。根據董事之建議，本集團將透過派付股息、新股發行及股份購回以及發行新債或贖回現有債項來平衡其整體資本結構。

6. FINANCIAL INSTRUMENTS

6. 金融工具

a. Categories of financial instruments

a. 金融工具的類別：

==> picture [404 x 441] intentionally omitted <==

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Financial assets 財務資產
Financial assets at FVTPL: 按公允價值計入損益之
財務資產：
Held-for-trading investments 持作買賣投資 85 14,637
Convertible instruments designated 指定為按公允價值
as financial assets at fair value 計入損益的財務
–
through profit or loss 資產的可換股工具 48,883
85 63,520
AFS investments 可供出售投資 48,390 62,750
Loans and receivables: 貸款及應收款項：
Loan and interest receivables 應收貸款及利息 304,636 174,557
Trade receivables 應收賬款 145,701 186,701
Deposits and other receivables 按金及其他應收款 241 900
Amount due from an associate 應收一間聯營公司款項 375 –
Amount due from a 應收一名非控股
–
non-controlling interest 股東款項 49,295
Bank balances and cash 銀行結餘及現金 30,307 12,156
530,555 374,314
579,030 500,584
Financial liabilities 財務負債
Liabilities measured at amortised cost: 按攤銷成本計量之負債：
Trade payables 應付賬款 107,118 107,768
Other payables and accruals 其他應付款及應計費用 9,627 4,710
–
Other borrowings 其他借貸 15,333
116,745 127,811
----- End of picture text -----

2016年報 瀋陽公用發展股份有限公司

107

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies

b. 財務風險管理目標及政策

The Group’s major financial instruments include held-for-trading investments, convertible instruments designated as financial assets at fair value through profit or loss, AFS investments, loan and interest receivables, trade receivables, deposits and other receivables, amount due from an associate/a non-controlling interest, bank balances and cash, trade payables, other payables and accruals and other borrowings. Details of the financial instruments are disclosed in respective notes. The risks associated with these financial instruments include market risk (currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner.

本集團的主要金融工具包括持作買賣投資、指定為按公允價值計入損益的財務資產的可換股工具、可供出售投資、應收貸款及利息、應收賬款、按金及其他應收款、應收一間聯營公司╱一名非控股股東款項、銀行結餘及現金、應付賬款、其他應付款及應計費用以及其他借款。金融工具詳情於各附註披露。與該等金融工具有關的風險包括市場風險（貨幣風險、利率風險及其他價格風險）、信貸風險及流動資金風險。下文載列如何降低該等風險的政策。管理層管理及監控該等風險，以確保及時和有效地採取適當的措施。

Market risk

市場風險

The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates, interest rate and equity price. Market risk exposures are further measured by sensitivity analysis. There has been no significant change to the Group’s exposure to market risks or the manner in which these risks are managed and measured. Details of each type of market risks are described as follows:

本集團業務風險主要涉及外匯匯率變動、利率及股價變動之財務風險。市場風險進一步以敏感度分析計算。本集團的市場風險或其管理及計算風險的方式並無重大變動。各種市場風險詳情如下：

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

108

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk (Continued)

市場風險（續）

(i) Currency risk

(i) 貨幣風險

Other than those subsidiaries established in Hong Kong whose functional currencies are HK$, the functional currency of the Group are RMB in which most of their transactions are denominated. During the year ended 31 December 2016, approximately 35% (2015: 5%) of the Group’s turnover is denominated in HK$. In addition, the Group has certain financial assets and liabilities denominated in HK$.

除於香港成立的該等附屬公司（其功能貨幣為港元）外，本集團之功能貨幣為人民幣，而大部份交易以人民幣計值。截至 2016 年 12 月 31日止年度，本集團營業額約35%（2015年： 5% ）以港元計值。此外，本集團擁有若干以港元計值之財務資產及負債。

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows:

本集團於報告期末外幣計值之貨幣資產及貨幣負債之賬面值如下：

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

Assets Liabilities
資產負債
2016 2015 2016 2015
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
HK$ 港元 307,820 241,411 (7,426) (17,920)
----- End of picture text -----

The Group currently does not have any foreign currency hedging policy, the management will continuously monitor the foreign exchange exposure and will consider hedging its foreign currency exposure should the need arise.

本集團目前並無任何外匯對沖政策，而管理層將持續監察外匯風險，並將考慮於有需要時對沖其外匯風險。

2016年報 瀋陽公用發展股份有限公司

109

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk

市場風險（續）

(i) Currency risk (Continued)
(i) 貨幣風險（續）

Sensitivity analysis

敏感度分析

The Company is mainly exposed to the currency risk of HK$.

本公司主要承受港元的貨幣風險。

The following table details the Group’s 下表詳列本集團就人民 sensitivity to a 5% (2015: 5%) increase 幣兌港元可能升值及貶 and decrease in RMB against HK$. 5% 值 5%（ 2015 年： 5% ） (2015: 5%) is the sensitivity rate used when 之敏感度分析。所用敏 reporting foreign currency risk internally to 感度比率5%（2015年： key management personnel and represents 5% ）為向主要管理人 management’s assessment of the reasonably 員內部匯報外匯風險之 possible change in foreign exchange 比率，並代表管理層對 rates. The sensitivity analysis includes only 匯率合理可能變動之評 outstanding foreign currency denominated 估。本集團現無任何外 monetary items and adjust their translation 幣對沖政策。管理層將 at the end of the reporting period for a 5% 持續監察外匯風險，並 (2015: 5%) change in the foreign currency 考慮於有需要時對沖其 rates. The sensitivity analysis also includes 外匯風險。敏感度分析 inter-company balances and loans to foreign 只包括未平倉外幣計值 operations within the Group where the 貨幣項目，並就匯率之 denomination of the loan is in a currency 5%（ 2015 年： 5% ）變 other than the functional currency of the 動調整於報告期末之換 lender or the borrower. A positive number 算。敏感度分析亦包括 below indicates an increase in post-tax profit 公司間結餘及向本集團 (loss) for the year and a negative number 海外業務的貸款，有關 indicates a decrease in post-tax profit for 貸款以貸款人或借款人 the year if RMB appreciate 5% against the 功能貨幣以外的貨幣計 foreign currency. There would be an equal 值。倘人民幣兌外幣升 and opposite impact on post-tax profit (loss) 值 5% ，以下正數顯示 for the year if RMB depreciates 5% against 年內除稅後溢利（虧損） the relevant foreign currencies. 增加，而負數顯示年內除稅後溢利減少。倘人民幣兌有關外幣貶值 5% ，則對年內除稅後溢利（虧損）有相同及相反之影響。

==> picture [376 x 61] intentionally omitted <==

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
HK$ 港元 (12,541) (9,331)
----- End of picture text -----

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

110

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk (Continued)

市場風險（續）

(ii) Interest rate risk

(ii) 利率風險

The Group is exposed to cash flow interest rate risk in relation to variable-rate bank balances as detailed in Note 28.

本集團承擔之現金流量利率風險與附註28詳述的浮動利率銀行結餘有關。

The Group currently does not have any interest rate hedging policy. However, the management monitors interest exposure and will consider other necessary actions when significant interest rate exposure is anticipated.

本集團目前並無任何利率對沖政策。然而，管理層監管利息風險並將於預期重大利率風險出現時考慮其他必要行動。

The Group’s exposures to interest rates on financial liabilities are detailed in the liquidity risk management section of this note.

本集團對財務負債的利率風險詳載於本附註流動資金風險管理內。

Bank balances are excluded from sensitive analysis as the Directors consider that the exposure of cash flow interest rate risk arising from variable-rate bank balances is insignificant.

由於董事認為因浮動銀行結餘產生的現金流量利率風險不大，故沒有包括銀行結餘於敏感度分析中。

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111

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Market risk (Continued)

市場風險（續）

(iii) Other price risk

(iii) 其他價格風險

The Group is exposed to equity price risk through its investments in listed equity securities and convertible instruments designated as financial assets at fair value through profit or loss. The Group’s equity price risk is mainly concentrated on equity instruments quoted in the Stock Exchange. In addition, the Group has appointed a special team to monitor the price risk and will consider hedging the risk exposure should the need arise.

本集團就其上市股本證券及指定為按公允價值計入損益的財務資產的可換股工具投資面對股價風險。本集團之股價風險主要集中於聯交所報價之股本工具。此外，本集團委任特別團隊監控價格風險，並將於有需要時考慮對沖該風險。

Sensitivity analysis

敏感度分析

The sensitivity analysis below has been determined based on the exposure to equity price risks at the end of the reporting period.

以下敏感度分析乃根據報告期末之股價風險釐定。

If the prices of the respective equity instruments included in held-for-trading investments had been 10% (2015: 10%) higher/lower, the post-tax profit (loss) for the year ended 31 December 2016 would increase/decrease by approximately RMB7,000 (2015: RMB1,222,000) as a result of the changes in financial assets at fair value through profit or loss.

倘計作持作買賣投資之相關股本工具之價格上升╱下降10%（2015 年：10%），截至2016 年 12 月 31 日止年度之除稅後溢利（虧損）將因按公允價值計入損益之財務資產變動而增加╱ 減少約人民幣 7,000 元（ 2015 年：人民幣 1,222,000元）。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

112

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Operational risk

營運風險

During the year ended 31 December 2016, the Group’s exposure to operational risk is primarily attributable to heavy reliance on a major customer located in the PRC for the segment of construction of infrastructure and development of properties. This major customer accounted for approximately RMB69,903,000 (2015: RMB294,700,000) or 65% (2015: 95%) of the Group’s total turnover for the year ended 31 December 2016. The Directors will continue closely monitoring the performance and financial position of this major customer to avoid any adverse impact on the Group’s financial position.

截至2016年12月31日止年度，本集團的營運風險主要涉及嚴重依賴基礎設施建設及物業發展分部位於中國的一名主要客戶。此主要客戶佔本集團截至 2016 年 12 月 31 日止年度總營業額約人民幣 69,903,000 元（2015年：人民幣294,700,000 元）或65%（2015年：95%）。董事將繼續密切監察此主要客戶的表現及財務狀況，以免對本集團的財務狀況有任何不利影響。

Credit risk

信貸風險

As at 31 December 2016, the Group’s maximum exposure to credit risk which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties is arising from the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position.

於2016年12月31日，因交易方未能履行責任而令本集團承受財務損失的最大信貸風險乃因綜合財務狀況表所載列相關已確認財務資產的賬面值而產生。

As at 31 December 2016, the Group has concentration of credit risk on trade receivables as 100% (2015: 100%) were due from the Group’s sole customer in the construction of infrastructure and development of properties segment.

於2016年12月31日，本集團應收賬款的信貸風險集中，原因是100%（2015年：100%）乃來自本集團基礎設施建設及物業發展分部之唯一客戶。

2016年報 瀋陽公用發展股份有限公司

113

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)

b. 財務風險管理目標及政策（續）

Credit risk (Continued)

信貸風險（續）

In order to minimise the credit risk, the management of the Group has reviewed the recoverable amount of each individual trade receivables, loan and interest receivables and other receivables at the end of the reporting period to ensure that adequate impairment losses are made for irrecoverable amounts. In this regard, the Directors consider that the Group’s credit risk is significantly reduced.

為盡量降低信貸風險，本集團管理層已於報告期末檢討每項個別應收賬款、應收貸款及利息以及其他應收款的可收回金額，以確保就不可收回金額已作出足夠減值虧損。就此而言，董事認為，本集團的信貸風險已大幅降低。

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

由於交易對手方為獲國際信貸評級機構給予高信貸評級之銀行，故流動資金之信貸風險有限。

Liquidity risk

流動資金風險

In the management of the liquidity risk, the Group monitors and maintains a level of bank balance and cash deemed adequate by the management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows.

在管理流動資金風險，本集團監察並維持銀行結餘及現金於一個水平，該水平被管理層視為足夠應付本集團之運作，並減輕現金流波動所帶來的影響。

The following table details the Group’s remaining contractual maturity for its non-derivatives financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. To the extent that interest flows at floating rate, the undiscounted amount is derived from interest rate curve as at the end of the reporting period.

下表詳列本集團非衍生財務負債餘下合約年期。該表乃按本集團於被要求償還財務負債的最早日期的財務負債的合計未貼現現金流量編製。下表已包括現金流利息及本金。倘利息流為浮動利率，則未貼現金額乃來自報告期末的利率曲線。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

114

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

b. Financial risk management objectives and policies (Continued)
b. 財務風險管理目標及政策（續）

Liquidity risk (Continued)

流動資金風險（續）

Liquidity tables

流動資金表

		Weighted average interest rate	Repayable on demand or within one year	Total undiscounted cash flows	Carrying amounts
		加權平均利率	按要求償還或少於1年	未貼現現金流量總額	賬面值
		%	RMB’000	RMB’000	RMB’000
		%	人民幣千元	人民幣千元	人民幣千元

2016 Non-derivative financial liabilities Trade payables Other payables and accruals 2015 Non-derivative financial liabilities Trade payables Other payables and accruals Other borrowings	2016年非衍生財務負債應付賬款其他應付款及應計費用 2015年非衍生財務負債應付賬款其他應付款及應計費用其他借貸


		N/A不適用	107,118	107,118	107,118
		N/A不適用	9,627	9,627	9,627

			116,745	116,745	116,745
		N/A不適用 N/A不適用 9%	107,768 4,710 16,713	107,768 4,710 16,713	107,768 4,710 15,333 127,811
			129,191	129,191

2016年報 瀋陽公用發展股份有限公司

115

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

c. Fair value measurements of financial instruments

c. 金融工具之公允價值計量

This note provides information about how the Group determine fair values of various financial assets and financial liabilities.

此附註提供本集團如何釐定各類財務資產及財務負債的公允價值的資料。

Some of the Group’s financial instruments are measured at fair value for financial reporting purposes. The Board is responsible for determining fair value and the process of determining fair value.

本集團部分金融工具就財務申報目的按公允價值計量。董事會對釐定公允價值及釐定公允價值的過程負責。

In estimating the fair value, the Group uses marketobservable data to the extent it is available. Where Level 1 inputs are not available, the Group engages third party qualified valuers to perform the valuation. The Board works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model.

於估計公允價值時，本集團利用可得的市場可觀察數據。若沒有第一級輸入值，本集團會委聘第三方合資格估值師來進行估值。董事會與合資格外聘估值師緊密合作以建立合適的估值技巧及模型輸入值。

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116

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

c. Fair value measurements of financial instruments (Continued)
c. 金融工具之公允價值計量（續）

(i) Fair value of the Group’s financial assets that are measured at fair value on a recurring basis

(i) 本集團財務資產之公允價值乃按經常基準以公允價值計量

Some of the Group’s financial assets are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets are determined (in particular, the valuation technique(s) and inputs used).

於各報告期末，本集團部分財務資產乃按公允價值計量。下表說明該等財務資產之公允價值如何釐定（尤其是所用之估值技巧及輸入數據）。

Fair value hierarchy:

公允價值等級：

		Fair value hierarchy as at 31 December 2016	Fair value hierarchy as at 31 December 2016	Fair value hierarchy as at 31 December 2016	Fair value hierarchy as at 31 December 2016
			於2016年12月31日的公允價值等級
		Level 1	Level 2	Level 3	Total
		第一級	第二級	第三級	總計
		RMB’000	RMB’000	RMB’000	RMB’000
		千港元	千港元	千港元	千港元

Financial assets at FVTPL – listed equity securities held-for-trading	按公允價值計入損益的財務資產－持作買賣上市股本證券

		85	–	–	85

			Fair value hierarchy a	s at 31 December 2015
			於2015年12月31日的公允價值等級
		Level 1	Level 2 Level 3 Total
		第一級	第二級第三級總計
		RMB’000	RMB’000 RMB’000 RMB’000
		千港元	千港元千港元千港元

Financial assets at FVTPL – listed equity securities held-for-trading – convertible instruments designated as financial assets at FVTPL	按公允價值計入損益的財務資產－持作買賣上市股本證券－指定為按公允價值計入損益的財務資產的可換股工具	14,637 –	– – 14,637 – 48,883 48,883 – 48,883 63,520
		14,637

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117

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

6. 金融工具（續）

c. Fair value measurements of financial instruments (Continued)
c. 金融工具之公允價值計量（續）
(i) Fair value of the Group’s financial assets that are measured at fair value on a recurring basis (Continued)
(i) 本集團財務資產之公允價值乃按經常基準以公允價值計量（續）

Financial assets 財務資產	Financial assets 財務資產	Fair value 公允價值 As at 31 December 2016 31 於2016年 12月31日	As at December 2015 於2015年 12月31日	Fair value hierarchy 公允價值等級	Valuation technique(s) and key input(s) 估值技巧及主要輸入數據	Significant unobservable input(s) 重大不可觀察輸入數據

Listed equity securities classified as		Asset-	Asset-	Level 1	Quoted bid prices in	N/A
held-for-trading investment on the		approximately approximately		第一級	an active market	不適用
consolidated statement of financial		RMB85,000 RMB14,637,000			於活躍市場上所報買
position		資產－	資產－		入價
於綜合財務狀況表中分類為持作買賣		約人民幣	約人民幣
投資之上市股本證券		85,000元 14,637,000元
Convertible instruments designated as		Nil	Asset-	Level 3	Discount rate	Expected volatility
financial	assets at FVTPL	無 approximately		第三級	determined using	of 74.97%
指定為按公允價值計入損益的財務		RMB48,883,000			a Binominal Option	預計波幅74.97%
資產的可換股工具			資產－		Pricing Model
			約人民幣		利用二項式期權	Discount rate of
		48,883,000元			定價模式釐定的	12.15%(Note 1)
					貼現率	貼現率12.15%
						（附註1）
Note 1:	A slight increase in the discount rate used				附註1：	單獨情況所用的貼
	in isolation would result in a decrease in the					現率稍為上升將導
	fair value measurement of the convertible					致指定為按公允價
	instruments designated as financial assets at					值計入損益的財務
	FVTPL, and vice versa.	A 1.22% increase in				資產的可換股工具
	the discount rate holding all other variables					的公允價值計量減
	constant would decrease the carrying					少，反之亦然。貼
	amount of the convertible instruments					現率上升1.22%，
	designated as financial assets at FVTPL by					而所有其他變數維
	RMB42,000.					持不變，指定為按
						公允價值計入損益
						的財務資產的可換
						股工具的賬面值將
						減少人民幣42,000
						元。

There were no transfers between Levels 1, 2 and 3 in current and prior year.

本年度及上年度，第一、二及三級之間並無轉撥。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

118

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

For the year ended 31 December 2016 截至2016年12月31日止年度

6. FINANCIAL INSTRUMENTS (Continued)

c. Fair value measurements of financial instruments (Continued)

6. 金融工具（續）

c. 金融工具之公允價值計量（續）

(ii) Reconciliation of Level 3 fair value measurements

31 December 2016

(ii) 第三級公允價值計量的對賬

2016 年 12 月 31 日

		Convertible instruments designated as FVTPL
		指定為按公允價值計入損益的可換股工具
		RMB’000
		人民幣千元

Opening balance Total loss in profit or loss Disposals Exchange realignment Closing balance 31 December 2015	期初結餘 48,883 於損益的總虧損 (1,141) 出售 (48,241) 匯兌重整 499 期末結餘 – 2015年12月31日
		48,883
		(1,141)
		(48,241)
		499

		–
		Convertible instruments designated as financial assets at FVTPL
		指定為按公允價值計入損益的可換股工具
		RMB’000
		人民幣千元

Opening balance 期初結餘 – Purchases 購買 45,707 Total gain in profit or loss 於損益的總收益 1,084 Exchange realignment 匯兌重整 2,092 Closing balance 期末結餘 48,883 Of the total gains or losses for the year included in profit or loss, RMB1,141,000 relates to loss on disposal of convertible instruments designated as financial asset at FVTPL at the end of the current report period (2015: Nil). 於計入損益的年內收益或虧損總額當中，人民幣1,141,000 元（2015 年：無）與於本報告期末出售指定為按公允價值計入損益的財務資產的可換股工具的虧損有關。

The Directors consider that the carrying amounts of other financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair value.

董事認為，於綜合財務報表確認之其他財務資產及財務負債之賬面值與公允價值相若。

2016年報 瀋陽公用發展股份有限公司

119

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

For the year ended 31 December 2016 截至2016年12月31日止年度

7. REVENUE

7. 收益

Revenue represents the amounts received and receivable for i) construction of infrastructure and development of properties in the PRC; ii) interest income from the provision of loan financing in Hong Kong; and iii) interest income from securities investments during the year. Analysis of the Group’s revenue for the year is as follows:

收益為年內i)中國基礎設施建設及物業發展；ii)香港提供貸款融資之利息收入；iii)來自證券投資之利息收入之已收及應收款項。年內本集團之收益如下：

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Construction of infrastructure and
development of properties 基礎設施建設及物業發展 69,903 294,700
Interest income from the provision of
loan financing 提供貸款融資的利息收入 38,467 16,026
Interest income from securities investments 證券投資的利息收入 – 674
108,370 311,400
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8. SEGMENT INFORMATION

8. 分部資料

Information reported to the Board, being the chief operating decision maker (CODM), for the purposes of resource allocation and assessment of segment performance focuses on types of goods or services delivered or provided. No operating segments identified by the CODM have been aggregated in arriving at the reportable segments of the Group.

就資源分配及分部表現評估而向董事會（即主要經營決策者）匯報之資料專注於所交付或提供之商品或服務類別。概無經營分部獲主要經營決策者識別，以達致本集團之可報告分部。

Specifically, the Group’s reportable segments under HKFRS 8 are as follows:

特別是，本集團根據香港財務報告準則第8號的可報告分部如下：

Construction of infrastructure and development of properties
－
基礎設施建設及物業發展
Credit business
－信貸業務
Securities investments
－
證券投資

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

120

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

For the year ended 31 December 2016 截至2016年12月31日止年度

8. SEGMENT INFORMATION (Continued)

8. 分部資料（續）

Segment revenues and results

分部收益及業績

The following is an analysis of the Group’s revenue and results by reportable and operating segments:

以下為本集團按可報告及經營分部劃分的收益及業績分析：

For the year ended 31 December

截至 12 月 31 日止年度

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Segment revenue Segment results
分部收益分部業績
2016 2015 2016 2015
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Construction of infrastructure and
development of properties 基礎設施建設及物業發展 69,903 294,700 (14,344) (10)
Credit business 信貸業務 38,467 16,026 20,892 27,606
Securities investments 證券投資 – 674 (2,215) (16,067)
Total 總計 108,370 311,400 4,333 11,529
Donation 捐款 – (2,000)
Share of profit of an associate 分佔一間聯營公司溢利 41 –
Impairment loss recognised in respect of 就於一間聯營公司的權益確認
interest in an associate 減值虧損 (3,561) –
Other income 其他收入 538 2,077
Unallocated exchange gain (loss) 未分配匯兌收益╱（虧損） 19,562 (2)
Central administration costs 中央行政成本 (8,881) (7,880)
Profit before tax 除稅前溢利 12,032 3,724
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Segment revenue reported above represents revenue generated from external customers. There were no intersegment sales in the current year (2015: Nil).

以上報告的分部收益指來自外部客戶的收益。本年度並無分部間銷售（2015年：無）。

The accounting policies of the operating segments are the same as the Group’s accounting policies. Segment results represents the profit earned by (loss from) each segment without allocation of central administration costs including directors’ emoluments, donation, share of profit of an associate, other income, certain depreciation and unallocated exchange gain (loss). This is the measure reported to the CODM for the purposes of resource allocation and performance assessment.

經營分部的會計政策與本集團的會計政策相同。分部業績指各分部賺取的溢利（虧損），並無計及中央行政成本分配，包括董事酬金、捐款、分佔一間聯營公司溢利、其他收入、若干折舊及未分配匯兌收益（虧損）。此乃就資源分配及表現評估而向主要經營決策者匯報的方法。

2016年報 瀋陽公用發展股份有限公司

121

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

For the year ended 31 December 2016 截至2016年12月31日止年度

8. SEGMENT INFORMATION (Continued)

8. 分部資料（續）

Segment assets and liabilities

分部資產及負債

The following is an analysis of the Group’s assets and liabilities by reportable and operating segments:

以下為本集團按可報告及經營分部劃分的資產及負債分析：

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Segment assets 分部資產
Construction of infrastructure and
development of properties 基礎設施建設及物業發展 344,310 430,558
Credit business 信貸業務 305,956 175,877
Securities investments 證券投資 48,475 126,969
Total segment assets 分部資產總額 698,741 733,404
Unallocated 未分配 573,661 189,942
Consolidated assets 綜合資產 1,272,402 923,346
Segment liabilities 分部負債
Construction of infrastructure and
development of properties 基礎設施建設及物業發展 107,118 107,768
Credit business 信貸業務 7,412 –
Securities investments 證券投資 – 15,333
Total segment liabilities 分部負債總額 114,530 123,101
Unallocated 未分配 37,204 11,523
Consolidated liabilities 綜合負債 151,734 134,624
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For the purposes of monitoring segment performance and allocating resources between segments:

就分部間監察分部表現及分配資源而言：

all assets are allocated to operating segments other than certain property, plant and equipment, deposit paid for acquisition of properties/investment/an associate, interest in an associate, certain deposits and other receivables, bank balances and cash, deferred tax asset, amounts due from an associate/ a non-controlling interest and assets classified as held for sale.
分配予若干物業、廠房及設備、收購物業╱投資╱一間聯營公司所支付的訂金、於一間聯營公司的權益、若干按金及其他應收款、銀行結餘及現金、遞延稅項資產、應收一間聯營公司╱非控股權益款項及分類為持作銷售的資產以外經營分部的所有資產。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

122

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

For the year ended 31 December 2016 截至2016年12月31日止年度

8. SEGMENT INFORMATION (Continued)

8. 分部資料（續）

Segment assets and liabilities (Continued)

分部資產及負債（續）

all liabilities are allocated to operating segments other than certain other payables and accruals, tax liabilities, deposit received and liabilities associated with assets classified as held for sale.
分配予若干其他應付款及應計費用、稅項負債、已收訂金及與分類為持作銷售的資產相關的負債以外經營分部的所有負債。

Other segment information

其他分類資料

Amounts included in the measure of segment profit or loss or segment assets:

計入分部溢利或虧損或分部資產計算的金額：

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

Construction of
infrastructure and
development of
properties Credit business Securities investments Unallocated Total
基礎設施建設及物業發展信貸業務證券投資未分配總計
2016 2015 2016 2015 2016 2015 2016 2015 2016 2015
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Impairment loss recognised in
respect of loan and interest 就應收貸款及利息確
receivables 認的減值虧損 – – – 9 – – – – – 9
Impairment loss recognised in 就商譽確認的減值
respect of goodwill 虧損 20,000 – – – – – – – 20,000 –
Fair value change on convertible 指定為按公允價值計
instruments designated as 入損益的財務資產
financial asset at FVTPL 的可換股工具的公
– – – – – – – –
允價值變動 (1,084) (1,084)
Exchange loss (gain) 匯兌虧損（收益） – – 2,664 (11,580) – – (19,562) 2 (16,898) (11,578)
Loss on disposal of convertible 出售指定為按公允價
instruments designated as 值計入損益的財務
financial asset at FVTPL 資產的可換股工具
的虧損 – – – – 1,141 – – – 1,141 –
Fair value changes on held-for- 持作買賣投資的公允
trading investments 價值變動 – – – – 30 7,917 – – 30 7,917
Loss on disposal of held-for- 出售持作買賣投資的
trading investments 虧損 – – – – 993 9,377 – – 993 9,377
----- End of picture text -----

2016年報 瀋陽公用發展股份有限公司

123

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

For the year ended 31 December 2016 截至2016年12月31日止年度

8. SEGMENT INFORMATION (Continued)

8. 分部資料（續）

Other segment information (Continued)

其他分類資料（續）

Amounts regularly provided to the CODM but not included in the measure of segment profit or loss or segment assets:

定期提供予主要經營決策者但並無包括在分類溢利或虧損或分部資產計算內的金額：

==> picture [432 x 181] intentionally omitted <==

Note: Additions to non-current assets excluded financial instruments and deposit paid for acquisition of investment/an associate and properties.

附註：非流動資產添置不包括金融工具與收購投資╱一間聯營公司及物業所支付的訂金。

Geographical information

地區資料

For the years ended 31 December 2016 and 2015, the Group operated in two principal geographical areas – the PRC (excluding Hong Kong) and Hong Kong.

截至2016年及2015年12月31日止年度，本集團在兩個主要地區經營業務－中國（不包括香港）及香港。

Information about the Group’s revenue from external customers is presented based on the location of operations. Information about the Group’s non-current assets is presented based on the geographical location of the assets.

本集團來自外部客戶收益的資料按業務所在地區呈列。本集團非流動資產的資料按資產所在地區呈列。

==> picture [432 x 136] intentionally omitted <==

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

Revenue from
external customers Non-current assets
外部客戶的收益非流動資產
2016 2015 2016 2015
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
PRC 中國 69,903 294,700 171,990 45,649
Hong Kong 香港 38,467 16,700 1,354 1,361
108,370 311,400 173,344 47,010
----- End of picture text -----

Non-current assets excludes financial instruments, deferred * 非流動資產添置不包括金融工具、遞 tax assets and deposits paid for acquisition of properties/ 延稅項資產及收購物業╱投資╱一間 investment/an associate. 聯營公司所支付的訂金。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

124

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

For the year ended 31 December 2016 截至2016年12月31日止年度

8. SEGMENT INFORMATION (Continued)

8. 分部資料（續）

Information about major customers

主要客戶資料

Revenue from customers of the corresponding years contributing over 10% of the total turnover of the Group are as follows:

相應年度來自客戶的收入佔本集團總營業額逾10%的詳情如下：

==> picture [432 x 410] intentionally omitted <==

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Customer A – Construction of infrastructure 客戶A－基礎設施建設及
and development of properties 物業發展 69,903 294,700
OTHER INCOME 9. 其他收入
2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Bank interest income 銀行利息收入 116 75
Dividend income 股息收入 393 –
Sundry income 雜項收入 29 2
Compensation income arising from
termination of acquisition of 70% 因終止收購深圳眾德70%股
–
equity interest of Shenzhen Zhong De 權產生的賠償收入 2,000
538 2,077
FINANCE COST 10. 財務成本
An analysis of the Group’s finance cost is as follows: 本集團財務成本的分析如下：
2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Interest expense on margin securities
accounts 孖展證券賬戶利息開支 51 531
----- End of picture text -----

9. OTHER INCOME

10. FINANCE COST

2016年報 瀋陽公用發展股份有限公司

125

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

For the year ended 31 December 2016 截至2016年12月31日止年度

11. INCOME TAX EXPENSE

11. 所得稅開支

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Current tax: 即期稅項：
– PRC Enterprise Income Tax －中國企業所得稅 1,997 3,335
– Hong Kong profits tax －香港利得稅 2,530 2,404
Deferred tax (Note 34) 遞延稅項（附註34） 1,354 758
Total income tax recognised in profit or loss 於損益確認的所得稅總額 5,881 6,497
----- End of picture text -----

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both years.

香港利得稅按該兩年度估計應課稅溢利的16.5%計算。

Under the Law of the People’s Republic of China on Enterprise Income Tax (the “EIT Law”) and Implementation Regulation of the EIT Law, the tax rate of the Company and the PRC subsidiaries are 25% for both years.

根據中華人民共和國企業所得稅法（「企業所得稅法」）及企業所得稅法實施條例，本公司及中國附屬公司於該兩個年度之稅率為25%。

The tax charges for the years can be reconciled to the profit before tax per the consolidated statement of profit or loss as follows:

於綜合損益表中，年內所得稅開支與除稅前溢利之對賬如下：

==> picture [432 x 246] intentionally omitted <==

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Profit before tax 除稅前溢利 12,032 3,724
Income tax at applicable tax rates 按照適用稅率計算的所得稅 518 (103)
Tax effect of expenses not deductible 計稅時不可抵扣的開支稅務
for tax purpose 影響 7,088 4,108
Tax effect of income not taxable for tax
purpose 毋須課稅收入的稅務影響 (3,238) (2,280)
Tax effect of deductible temporary 未確認可抵扣暫時差額的稅
differences not recognised 務影響 1,354 758
Tax effect of tax losses not recognised 未確認稅務虧損的稅務影響 744 4,051
Utilisation of tax losses previously not
recognised 動用此前未確認稅務虧損 (551) (5)
Tax effect on tax reduction 減稅的稅務影響 (34) (32)
Income tax expense 所得稅開支 5,881 6,497
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

126

Notes to the Consolidated Financial Statements 綜合財務報表附註 For the year ended 31 December 2016 截至2016年12月31日止年度 12. PROFIT (LOSS) FOR THE YEAR 2016 RMB’000 人民幣千元 Profit (loss) for the year has been arrived at after charging: 年內溢利（虧損）已扣除： Directors’, supervisors’ and chief executives’ remuneration 董事、監事及主要行政人員的酬金 1,536 Other staff cost 其他員工成本 – Salaries, wages and other benefits －薪金、工資和其他福利 1,847 – Contributions to retirement benefits schemes －退休福利計劃供款 244 Total staff costs 員工成本總額 3,627 Depreciation of property, plant and equipment (including RMB6,000 (2015: RMB20,000) capitalised in properties under development) 物業、廠房及設備折舊（包括資本化發展中物業人民幣6,000元（2015年：人民幣20,000元）） 151 Auditor’s remuneration (including the fee for the PRC subsidiaries) 核數師酬金（包括中國附屬公司的核數費用） – Audit service －核數服務 870 – Non-audit service －非核數服務 103 Donation 捐款 – Impairment loss recognised in respect of loan and interest receivables 就應收貸款及利息確認的減值虧損 – Minimum lease payments under operating leases 根據經營租賃的最低租賃付款 207 12. 年內溢利（虧損）	Notes to the Consolidated Financial Statements 綜合財務報表附註 For the year ended 31 December 2016 截至2016年12月31日止年度 12. PROFIT (LOSS) FOR THE YEAR 2016 RMB’000 人民幣千元 Profit (loss) for the year has been arrived at after charging: 年內溢利（虧損）已扣除： Directors’, supervisors’ and chief executives’ remuneration 董事、監事及主要行政人員的酬金 1,536 Other staff cost 其他員工成本 – Salaries, wages and other benefits －薪金、工資和其他福利 1,847 – Contributions to retirement benefits schemes －退休福利計劃供款 244 Total staff costs 員工成本總額 3,627 Depreciation of property, plant and equipment (including RMB6,000 (2015: RMB20,000) capitalised in properties under development) 物業、廠房及設備折舊（包括資本化發展中物業人民幣6,000元（2015年：人民幣20,000元）） 151 Auditor’s remuneration (including the fee for the PRC subsidiaries) 核數師酬金（包括中國附屬公司的核數費用） – Audit service －核數服務 870 – Non-audit service －非核數服務 103 Donation 捐款 – Impairment loss recognised in respect of loan and interest receivables 就應收貸款及利息確認的減值虧損 – Minimum lease payments under operating leases 根據經營租賃的最低租賃付款 207 12. 年內溢利（虧損）	Notes to the Consolidated Financial Statements 綜合財務報表附註 For the year ended 31 December 2016 截至2016年12月31日止年度 12. PROFIT (LOSS) FOR THE YEAR 2016 RMB’000 人民幣千元 Profit (loss) for the year has been arrived at after charging: 年內溢利（虧損）已扣除： Directors’, supervisors’ and chief executives’ remuneration 董事、監事及主要行政人員的酬金 1,536 Other staff cost 其他員工成本 – Salaries, wages and other benefits －薪金、工資和其他福利 1,847 – Contributions to retirement benefits schemes －退休福利計劃供款 244 Total staff costs 員工成本總額 3,627 Depreciation of property, plant and equipment (including RMB6,000 (2015: RMB20,000) capitalised in properties under development) 物業、廠房及設備折舊（包括資本化發展中物業人民幣6,000元（2015年：人民幣20,000元）） 151 Auditor’s remuneration (including the fee for the PRC subsidiaries) 核數師酬金（包括中國附屬公司的核數費用） – Audit service －核數服務 870 – Non-audit service －非核數服務 103 Donation 捐款 – Impairment loss recognised in respect of loan and interest receivables 就應收貸款及利息確認的減值虧損 – Minimum lease payments under operating leases 根據經營租賃的最低租賃付款 207 12. 年內溢利（虧損）
		2016
		RMB’000
		人民幣千元

Profit (loss) for the year has been arrived at after charging: Directors’, supervisors’ and chief executives’ remuneration Other staff cost – Salaries, wages and other benefits – Contributions to retirement benefits schemes Total staff costs Depreciation of property, plant and equipment (including RMB6,000 (2015: RMB20,000) capitalised in properties under development) Auditor’s remuneration (including the fee for the PRC subsidiaries) – Audit service – Non-audit service Donation Impairment loss recognised in respect of loan and interest receivables Minimum lease payments under operating leases	年內溢利（虧損）已扣除：董事、監事及主要行政人員的酬金其他員工成本－薪金、工資和其他福利－退休福利計劃供款員工成本總額物業、廠房及設備折舊（包括資本化發展中物業人民幣6,000元（2015年：人民幣20,000元））核數師酬金（包括中國附屬公司的核數費用）－核數服務－非核數服務捐款就應收貸款及利息確認的減值虧損根據經營租賃的最低租賃付款


		1,536

		1,847
		244

		3,627

		151

		870
		103
		–
		–
		207

2016年報 瀋陽公用發展股份有限公司

127

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

For the year ended 31 December 2016 截至2016年12月31日止年度

13. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES

13. 董事、監事、主要行政人員及最高薪僱員

(a) Directors’, supervisors’ and chief executive’ emoluments
(a) 董事、監事及主要行人員的酬金

Directors’, supervisors’ and chief executive’s remuneration for the year, disclosed pursuant to the applicable Listing Rules and Companies Ordinance, is as follows:

年內根據適用上市規則及公司條例披露的董事、監事及主要行人員的薪酬如下：

==> picture [404 x 266] intentionally omitted <==

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

Contributions
Salaries and to retirement
Fees allowances benefits schemes Total
退休福利
袍金薪金及津貼計劃供款總額
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
For the year ended 31 December 2016 截至 2016 年 12 月 31 日
止年度
Executive directors (Note x) 執行董事（附註x）
Zhang Jing Ming (Chairman) (Note ii) 張敬明（主席）（附註ii） 100 234 19 353
Deng Xiao Gang 鄧曉綱 100 207 18 325
Huang Zhen Kun 黃鎮坤 30 222 30 282
230 663 67 960
Non-executive directors 非執行董事
Li Yu Xiang (Note ii) 李玉香（附註ii） 30 – – 30
Yin Zong Chen 尹宗臣 30 – – 30
60 – – 60
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

128

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

For the year ended 31 December 2016 截至2016年12月31日止年度

13. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

13. 董事、監事、主要行政人員及最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’ emoluments (Continued)
(a) 董事、監事及主要行人員的酬金（續）

==> picture [404 x 363] intentionally omitted <==

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

Contributions
Salaries and to retirement
Fees allowances benefits schemes Total
退休福利
袍金薪金及津貼計劃供款總額
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Independent non-executive directors 獨立非執行董事
Chan Ming Sun Jonathan (Note iii) 陳銘燊（附註iii） 120 – – 120
He Qing Jia (Note iii) 何慶佳（附註iii） 30 – – 30
Yu Guan Jian 余關健 120 – – 120
270 – – 270
Sub-total 小計 560 663 67 1,290
Supervisors 監事
Fang Wei Ran (Note vi) 方偉然（附註vi） 10 66 10 86
He Song Xi (Notes iii and ix) 何松溪（附註iii及ix） 5 – – 5
Huang Yong Jing (Note iii) 黃永菁（附註iii） 10 82 15 107
Wang Xing Ye 王興業 15 – – 15
Zhang Yun Feng 張運峰 10 – – 10
Chen Jung Feng (Note viii) 陳俊峰（附註viii） 5 – – 5
Sub-total 小計 55 148 25 228
Deputy chief executive officer 副行政總裁
Wang Hong Yi (Note vii) 王虹逸（附註vii） – 15 3 18
Total 總額 615 826 95 1,536
----- End of picture text -----

2016年報 瀋陽公用發展股份有限公司

129

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

For the year ended 31 December 2016 截至2016年12月31日止年度

13. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

13. 董事、監事、主要行政人員及最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’s emoluments (Continued)
(a) 董事、監事及主要行人員的酬金（續）

==> picture [404 x 86] intentionally omitted <==

For the year ended 31 December 2015
截至2015年12月31日
止年度
Executive directors (Note x)
執行董事（附註x）
Ma Zhong Hong_(Note i)
馬鐘鴻（附註i）
Zhang Jing Ming(Chairman) (Note ii)
張敬明（主席）
（附註ii）
Deng Xiao Gang
鄧曉綱
Huang Zhen Kun
黃鎮坤
Non-executive directors
非執行董事
Li Yu Xiang(Note ii)
李玉香（附註ii）
Yin Zong Chen
尹宗臣
Zhang Lei Lei(Note i)_
張蕾蕾（附註i）

51
111
17
179
52
118
8
178
100
207
19
326
30
232
12
274
233
668
56
957
16
–
–
16
30
–
–
30
16
–
–
16
62
–
–
62

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

130

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

For the year ended 31 December 2016 截至2016年12月31日止年度

13. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’S AND FIVE HIGHEST PAID EMPLOYEES (Continued)

13. 董事、監事、主要行政人員及最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’s emoluments (Continued)
(a) 董事、監事及主要行人員的酬金（續）

==> picture [404 x 85] intentionally omitted <==

Independent non-executive directors
獨立非執行董事
Chan Ming Sun Jonathan_(Note iii)
陳銘燊（附註iii）
He Qing Jia(Note iii)
何慶佳（附註iii）
Wong Kai Tat(Note iv)
王啟達（附註iv）
Wei Jie Sheng(Note iv)
魏潔生（附註iv）
Yu Guan Jian
余關健
Sub-total
小計
Supervisors
監事
Fang Wei Ran(Note vi)
方偉然（附註vi）
He Song Xi(Notes iii and ix)
何松溪（附註iii及ix）
Huang Yong Jing(Note iii)
黃永菁（附註iii）
Wang Xing Ye
王興業
Yi Shi Min(Note v)
易詩敏（附註v）
Zhang Yun Feng(Note iii)
張運峰（附註iii）
Sub-total
小計
Deputy chief executive officer
副行政總裁
Wang Hong Yi(Note vii)_
王虹逸（附註vii）
Total
總額

105
–
–
105
26
–
–
26
20
–
–
20
5
–
–
5
120
–
–
120
276
–
–
276
571
668
56
1,295
6
77
3
86
10
–
–
10
10
83
15
108
15
–
–
15
4
51
5
60
9
–
–
9
54
211
23
288
–
177
34
211
625
1,056
113
1,794

2016年報 瀋陽公用發展股份有限公司

131

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

For the year ended 31 December 2016 截至2016年12月31日止年度

13. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’ AND FIVE HIGHEST PAID EMPLOYEES (Continued)

13. 董事、監事、主要行政人員及最高薪僱員（續）

(a) Directors’, supervisors’ and chief executive’ emoluments (Continued)

(a) 董事、監事及主要行人員的酬金（續）

There was no arrangement under which a director or the chief executive waived or agreed to waive any remuneration during the year ended 31 December 2016 and 2015. No emoluments have been paid to the directors and chief executives as an inducement to join or upon joining the Group or as compensation for loss of office during the years ended 31 December 2016 and 2015.

截至2016年及2015年12月31日止年度，並無董事或主要行政人員放棄或同意放棄任何酬金的安排。截至2016 年及2015年12月31日止年度，概無向董事及主要行政人員支付任何酬金，作為加入本集團的獎勵或失去職位的補償。

Notes:

附註：

i	Resigned on 24 June 2015
ii	Appointed on 24 June 2015
iii	Appointed on 12 February 2015
iv	Retired on 12 February 2015
v	Appointed on 12 February 2015 and resigned on 10
	June 2015
vi	Appointed on 10 June 2015
vii	Resigned on 4 February 2016
viii	Appointed on 15 June 2016
ix	Resigned on 15 June 2016
x	Salaries paid to executive directors of the Company
	are in connect with the management of the affairs of
	the Company or its subsidiary undertakings.

i	於2015年6月24日辭任
ii	於2015年6月24日獲委任
iii	於2015年2月12日獲委任
iv	於2015年2月12日退任
v	於2015年2月12日獲委任及於2015年
	6月10日辭任
vi	於2015年6月10日獲委任
vii	於2016年2月4日辭任
viii	於2016年6月15日獲委任
ix	於2016年6月15日辭任
x	已付本公司執行董事的薪金乃關於本
	公司或其附屬公司業務的事務管理。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

132

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

For the year ended 31 December 2016 截至2016年12月31日止年度

13. DIRECTORS’, SUPERVISORS’, CHIEF EXECUTIVE’ AND FIVE HIGHEST PAID EMPLOYEES (Continued)

13. 董事、監事、主要行政人員及最高薪僱員（續）

(b) Five highest paid employees

(b) 最高薪僱員

The five highest paid employees of the Group during the year include three directors (2015: four directors), details of whose emoluments are set out in Note 13(a) above. Details of the remuneration for the year of the remaining two (2015: one) highest paid employees who are neither a director, supervisors nor chief executive of the Company are as follows:

年內本集團五名最高薪僱員包括三名董事（2015年：四名董事），有關酬金載於上文附註 13(a)。年內，餘下兩名（2015 年：一名）非本公司董事、監事或最高行政人員的最高薪僱員的薪酬詳情如下：

==> picture [404 x 223] intentionally omitted <==

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Salaries, allowances and bonus 薪金、津貼及花紅 527 447
Contributions to retirement benefits
schemes 退休福利計劃供款 22 9
549 456
Their emoluments were within the following bands: 酬金乃介乎下列範圍：
Number of individuals
人數
2016 2015
Nil to RMB1,000,000 零至人民幣1,000,000元 2 1
----- End of picture text -----

During the two years ended 31 December 2016 and 2015, no emoluments were paid by the Group to the Company’s Directors, supervisors, chief executives or any of the five highest paid employees as an inducement to join, or upon joining the Group, or as compensation for loss of office. None of the Directors, supervisors, chief executives and the five highest paid employees has waived or agreed to waive any emoluments during each of the two years ended 31 December 2016 and 2015. Apart from the Directors, deputy chief executive officer and supervisors, the Group has not classified any other person as chief executives during the year ended 31 December 2016 and 2015.

截至2016年及2015年12月31 日止兩個年度，本集團概無向本公司董事、監事、主要行政人員或任何五位最高薪酬僱員支付酬金作為邀請加入或加入本集團之獎勵或離職賠償。截至2016年及2015年12月31日止兩個年度，概無董事、監事及主要行政人員及五位最高薪酬僱員放棄或同意放棄任何酬金。截至 2016 年及 2015 年 12 月31日止兩個年度，除董事、副行政總裁及監事外，本集團並無將任何其他人士分類為主要行政人員。

2016年報 瀋陽公用發展股份有限公司

133

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

For the year ended 31 December 2016 截至2016年12月31日止年度

14. EARNINGS (LOSS) PER SHARE

14. 每股盈利（虧損）

The calculation of the basic and diluted earnings (loss) per share attributable to the owners of the Company is based on the following data:

本公司擁有人應佔每股基本及攤薄盈利（虧損）乃按以下數據計算：

==> picture [432 x 193] intentionally omitted <==

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Profit (loss) for the year attributable to 本公司擁有人應佔
owners of the Company 年度溢利（虧損） 2,349 (2,773)
2016 2015
’000 ’000
千份千份
Number of shares 股份數目
Weighted average number of ordinary
shares for the purpose of basic earnings 就每股基本盈利（虧損）
(loss) per share 而言的普通股加權平均數 1,436,828 1,143,642
----- End of picture text -----

No diluted earnings (loss) per share have been presented as there was no dilutive potential ordinary shares for the years ended 31 December 2016 and 2015.

由於截至2016年及2015年12月31日止年度並無具潛在攤薄影響的普通股，故並無呈列每股攤薄盈利（虧損）。

15. DIVIDENDS

15. 股息

No dividend was paid or proposed for ordinary shareholders of the Company during 2016, nor has any dividend been proposed since the end of the reporting period (2015: Nil).

於2016年，董事會不派發或不建議派發任何股息，而自報告期末以來亦無建議派發任何股息（2015年：無）。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

134

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

For the year ended 31 December 2016 截至2016年12月31日止年度

16. PROPERTY, PLANT AND EQUIPMENT

16. 物業、廠房及設備

==> picture [432 x 109] intentionally omitted <==

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

Furniture,
fixtures
Leasehold and office Motor
improvement equipment vehicles Total
傢俬、裝置及
租賃裝修辦公室設備汽車總計
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
----- End of picture text -----

COST
成本
At 1 January 2015
於2015年1月1日
Additions
添置
At 31 December 2015
於2015年12月31日
Additions
添置
Exchange realignment
匯兌重整
At 31 December 2016
於2016年12月31日
ACCUMULATED DEPRECIATION
AND ACCUMULATED
IMPAIRMENT
累計折舊及
累計減值
At 1 January 2015
於2015年1月1日
Provided for the year_(Note)
年內撥備（附註）
At 31 December 2015
於2015年12月31日
Provided for the year(Note)_
年內撥備（附註）
At 31 December 2016
於2016年12月31日
CARRYING VALUES
賬面值
At 31 December 2016
於2016年12月31日
At 31 December 2015
於2015年12月31日

–
193
1,459
1,652
24
27
–
51
24
220
1,459
1,703
–
2
–
2
1
2
–
3
25
224
1,459
1,708
–
133
147
280
5
42
145
192
5
175
292
472
5
15
131
151
10
190
423
623
15
34
1,036
1,085
19
45
1,167
1,231

Note: Included in depreciation provided for the year of approximately RMB6,000 (2015: RMB20,000) is capitalised in properties under development in the consolidated statement of financial position as at 31 December 2016, as these furniture, fixtures and office equipment and motor vehicles are used at the construction site.

附註：年內折舊撥備中約人民幣 6,000 元（ 2015 年：人民幣 20,000 元）在於 2016年12月31日的綜合財務狀況表中發展中物業項下資本化，原因是傢俬、裝置及設備以及汽車乃於施工現場使用。

2016年報 瀋陽公用發展股份有限公司

135

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

For the year ended 31 December 2016 截至2016年12月31日止年度

16. PROPERTY, PLANT AND EQUIPMENT (Continued)

16. 物業、廠房及設備（續）

PROPERTY, PLANT AND EQUIPMENT(Continued) 16. 物業、廠房及設備（續）	PROPERTY, PLANT AND EQUIPMENT(Continued) 16. 物業、廠房及設備（續）	PROPERTY, PLANT AND EQUIPMENT(Continued) 16. 物業、廠房及設備（續）
The above property, plant and equipment are depreciated on a straight-line basis at the following rates per annum: Leasehold improvement Over the shorter of the lease term or 20% Furniture, fixtures and office equipment 8–20% Motor vehicles 8–20% GOODWILL 以上物業、廠房及設備項目乃以直線法及下列年利率計提折舊：租賃裝修按租期或20%（以較短者為準）傢俬、裝置及辦公室設備 8–20% 汽車 8–20% 17. 商譽
		RMB’000
		人民幣千元

COST At 1 January 2015, 31 December 2015 and 31 December 2016 ACCUMULATED IMPAIRMENT At 1 January 2015, 31 December 2015 and 1 December 2016 Impairment loss recognised in the year At 31 December 2016 CARRYING VALUES At 31 December 2016 At 31 December 2015	成本於2015年1月1日、2015年12月31日及 2016年12月31日累計減值於2015年1月1日、2015年12月31日及 2016年12月1日年內確認的減值虧損於2016年12月31日賬面值於2016年12月31日於2015年12月31日	45,779 – 20,000 20,000 25,779 45,779

17. GOODWILL

Impairment test on goodwill

商譽減值測試

For the purposes of impairment testing, goodwill have been allocated to two individual cash-generating units (CGUs), comprising one subsidiary engaged in the construction of infrastructure and development properties segment and one subsidiary engaged in the credit business segment. The carrying amounts of goodwill are allocated to the following units at the end of the reporting period:

就減值測試而言，商譽已分配至兩個個別的現金產生單位（「現金產生單位」），包括於基礎設施建設及物業發展分部的一間附屬公司及於信貸業務分部的一間附屬公司。於報告期末，商譽賬面值已分配至以下單位：

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

136

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

For the year ended 31 December 2016 截至2016年12月31日止年度

17. GOODWILL (Continued)

17. 商譽（續）

商譽減值測試（續）（續）

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Impairment test on goodwill (Continued) 商譽減值測試（續）（續）
2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Construction of infrastructure and 基礎設施建設及
development of properties 物業發展
Zhongfang Chaozhou (“Unit A”) 中房潮州（「A單位」） 24,459 44,459
Credit business 信貸業務
Chung Hwa Finance Limited (“Unit B”) 中華信貸有限公司
（「B單位」） 1,320 1,320
25,779 45,779
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During the year ended 31 December 2016, the Group recognised an impairment loss of RMB20,000,000 (2015: Nil) in relation to goodwill arising on acquisition of the Unit A. The principal activity of the Unit A is the construction of infrastructure and development of properties in Chaozhou (the “Project”). The Project cover land area with approximately 12,000 acres.

截至2016年12月31日止年度，本集團就因收購A單位產生的商譽確認減值虧損人民幣20,000,000元（2015年：無）。A單位的主要業務為於潮州基礎設施建設及物業發展（「項目」）。項目覆蓋的土地約12,000英畝。

The basis of the recoverable amounts of the above CGUs and their major underlying assumptions are summarised below:

上述現金產生單位可收回金額的基準及其主要相關假設概述如下：

Unit A

A 單位

The recoverable amount of this unit has been determined based on a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering the expected construction years and adopting the pre-tax discount rate of 26.62% (2015: 23.70%). Cash flow projections during the budget period for Unit A is also based on the budgeted sales and expected gross margins during the budget period and the raw materials price inflation during the budget period. Expected cash inflows/outflows, which include budgeted sales, gross margin and raw material price inflation have been determined based on past performance and management’s expectations for the market development.

此單位的可收回金額乃按使用價值計算方法釐定。該計算採用管理層批准預計建設年期的財務預算估計的現金流量，以及稅前折現率26.62%（2015 年：23.70%）。A單位於預算期的現金流量預測亦根據預算期的預算銷售及預期毛利率以及預算期的原材料價格通脹得出。預期現金流入╱流出（包括預算銷售、毛利率及原材料價格通脹）乃根據過往表現及管理層對市場發展的預期得出。

2016年報 瀋陽公用發展股份有限公司

137

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

For the year ended 31 December 2016 截至2016年12月31日止年度

17. GOODWILL (Continued)

17. 商譽（續）

Impairment test on goodwill (Continued)

商譽減值測試（續）

Unit A (Continued)

A 單位（續）

During the year ended 31 December 2016, the construction of land area of 4,500 acres of the Project has substantially completed. Due to the fact that the application of construction of phase II is still in progress and there are no formal plan of further construction of phase III, the Group was uncertain on the future development of the Project as originally planned. In view of the above conditions, the Directors are of the view that impairment loss of approximately RMB20,000,000 has been recognised in respect of the Unit A to the extent that the carrying amount exceeded its recoverable amount based on the best estimate by the Directors with reference to the valuation report issued by BMI Appraisals Limited (“BMI Appraisals”), an independent qualified professional valuer not connected with the Group and thus, the amount was recognised to the consolidated statement of profit or loss and other comprehensive income during the year ended 31 December 2016.

截至2016年12月31日止年度，項目 4,500英畝建設用地已大致上完成。由於二期建設申請仍在進行中，且並無三期進一步建設的正式計劃，本集團無法確定項目按原定計劃的日後發展。鑒於上述情況，董事認為，已根據董事參考與本集團概無關連的獨立合資格專業估值師中和邦盟評估有限公司（「中和邦盟」）發出的估值報告而作出的最佳估計就A單位確認減值虧損約人民幣20,000,000元，以賬面值超過其可收回金額為限，故有關金額已於截至2016年12月31日止年度之綜合損益及其他全面收益表確認。

Unit B

B 單位

The recoverable amount of this unit has been determined based on a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering a 5 year period, and adopting the pre-tax discount rate of 10.82% (2015: 10.57%). Unit B’s cash flows beyond the 5-year period are extrapolated using a steady 3% (2015: 3%) growth rate. This growth rate is based on the relevant industry growth forecasts and does not exceed the average long-term growth rate for the relevant industry. Other key assumptions for the value-in-use calculations relate to the estimation of cash inflows/outflows which include budgeted sales and gross margin, such estimation is based on the unit’s past performance and management’s expectations for the market development. Based on the best estimate by the Directors with reference to the valuation report issued by BMI Appraisals, management believes that any reasonably possible change in any of these assumptions would not cause the aggregate carrying amount of Unit B to exceed the aggregate recoverable amount of Unit B.

此單位之可收回金額乃根據使用價值計算。該計算採用管理層批准五年期的財務預算估計的現金流量，以及稅前折現率 10.82%（ 2015 年： 10.57%）。B單位於五年期後的現金流量預測利用穩定的增長率3%（2015 年：3%）推斷。此增長率根據相關行業增長預測得出，並無超出相關行業的平均長期增長率。使用價值計算的其他主要假設與現金流入╱流出的估計（包括預算銷售及毛利率）有關，該等估計乃根據單位的過往表現及管理層對市場發展的預期得出。根據董事經參考中和邦盟發出估值報告後的最佳估計，管理層相信，以上任何假設的任何合理可能變動不會導致B單位的賬面總值超出B單位的可收回總額。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

138

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

For the year ended 31 December 2016 截至2016年12月31日止年度

18. INTEREST IN AN ASSOCIATE

18. 於一間聯營公司的權益

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Cost of investment in an associate 於一間聯營公司的投資成本 150,000 –
Share of post-acquisition profits and 分佔收購後溢利及
other comprehensive income 其他全面收入 41 –
Impairment loss recognised in respect of 就於一間聯營公司的權益
interest in an associate 確認減值虧損 (3,561) –
–
146,480
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During the year ended 31 December 2016, Shenzhen Zhonghe Chuangjian Investment Development Company Limited (“Shenzhen Zhonghe”), a direct wholly owned subsidiary of the Company, acquired 30% paid-up registered capital in Shishi Shen Guo Tou Commercial Property Company Limited (“Shishi Shen Guo Tou”) at the consideration of RMB150,000,000. The acquisition has been completed on 19 May 2016.

截至2016年12月31日止年度，深圳市眾合創建投資發展有限公司（「深圳眾合」，本公司直接全資附屬公司）按代價人民幣150,000,000元收購石獅深國投商用置業有限公司（「石獅深國投」） 30% 繳足註冊資本。收購事項已於 2016年5月19日完成。

Details of the Group’s associate at the end of the reporting period are as follow:

本集團於報告期末的聯營公司的詳情如下：

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Proportion of Proportion of voting
Country of Principal ownership interest rights held by the
Name of entity registration place of business held by the Group Group Principal activity
本集團持有擁有權本集團持有投票
實體名稱登記國家主要營業地點權益比例權比例主要業務
2016 2015 2016 2015
Shishi Shen Guo Tou PRC PRC 30% – 30% – Operation of commercial
石獅深國投中國中國 complex
綜合大廈
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Summarised financial information of material associate

重大聯營公司的財務資料概要

Summarised financial information in respect of the Group’s associate is set out below. The summarised financial information below represents amounts shown in the associate’s financial statements prepared in accordance with HKFRSs.

本集團聯營公司的財務資料概要載列下文。以下財務資料概要指聯營公司根據香港財務報告準則編製的財務報表所示的金額。

2016年報 瀋陽公用發展股份有限公司

139

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

For the year ended 31 December 2016 截至2016年12月31日止年度

18. INTEREST IN AN ASSOCIATE (Continued)

18. 於一間聯營公司的權益（續）

Summarised financial information of material associate (Continued)

重大聯營公司的財務資料概要（續）

The associate is accounted for using the equity method in these consolidated financial statements.

聯營公司以權益法於綜合財務報表入賬。

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Shishi Shen Guo Tou 2016
石獅深國投 RMB’000
人民幣千元
Current assets 流動資產 630
Non-current assets 非流動資產 704,121
Current liabilities 流動負債 (38,884)
Non-current liabilities 非流動負債 (177,600)
1 June 2016 to
31 December
2016
於 2016 年
6 月 1 日至
2016 年 12 月 31 日
RMB’000
人民幣千元
Revenue 收入 6,341
Profit for the period 期內溢利 136
–
Other comprehensive income for the period 期內其他全面收入
Total comprehensive income for the period 期內全面收入總額 136
–
Dividends received from associate during the period 期內自聯營公司收取的股息
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Reconciliation of the above summarised financial 上述財務資料概要與於財務報表確認 information to the carrying amount of the interests in 聯營公司權益的賬面值對賬： associate recognised in the financial statements:

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2016
RMB’000
人民幣千元
Net assets of Shishi Shen Guo Tou 石獅深國投淨資產 488,267
Proportion of the Group’s ownership interest in 本集團於石獅深國投的擁有權權益
Shishi Shen Guo Tou 比例 30%
Carrying amount of the Group’s interest in Shishi
Shen Guo Tou 本集團於石獅深國投的權益的賬面值 146,480
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

140

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

For the year ended 31 December 2016 截至2016年12月31日止年度

19. AVAILABLE-FOR-SALE INVESTMENTS

19. 可供出售投資

Available-for-sale investments comprise:

可供出售投資包括：

	2016	2015
	RMB’000	RMB’000
	人民幣千元	人民幣千元

(a) Unlisted investments classified as non- current assets: 分類為非流動資產的非上市投資： – equity securities －股本證券 (a) As at 31 December 2015, the unlisted equity investment represents (i) 4.96% equity interest in a PRC private limited company engaged in banking business (the “AFS I”); and (ii) 4.35% equity interest in a PRC private limited company engaged in tower crane rental, concrete logistics, concrete pumping and technical engineering training and services (the “AFS II”). As disclosed in Note 29, together with the proposed disposal of the entire share capital of Shenzhen Shi Cheng He Chuang Jian Investment and Development Company Limited (“Cheng He Chuang Jian”), the AFS II has been classified as “assets held for sales” in the consolidated statement of financial position as at

	48,390

(a) As at 31 December 2015, the unlisted equity investment represents (i) 4.96% equity interest in a PRC private limited company engaged in banking business (the “AFS I”); and (ii) 4.35% equity interest in a PRC private limited company engaged in tower crane rental, concrete logistics, concrete pumping and technical engineering training and services (the “AFS II”). As disclosed in Note 29, together with the proposed disposal of the entire share capital of Shenzhen Shi Cheng He Chuang Jian Investment and Development Company Limited (“Cheng He Chuang Jian”), the AFS II has been classified as “assets held for sales” in the consolidated statement of financial position as at 31 December 2016.
(b) As at 31 December 2016, the unlisted equity investment represents 10.9% (2015: 4.96%) equity interest in AFS I.
(b) 於 2016 年 12 月 31 日，非上市股本投資指可供出售 I 10.9%
（2015年：4.96%）股權。
(c) The above unlisted investments are measured at cost less accumulated impairment at the end of the reporting period because the range of reasonable fair value estimates is so significant that the Directors are of the opinion that their fair values cannot be measured reliably.
(c) 上述非上市投資按成本減去於報告期末的累計減值計量，原因是合理公允價值估計的範圍非常重大，董事認為，公允價值無法可靠估計。

2016年報 瀋陽公用發展股份有限公司

141

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

For the year ended 31 December 2016 截至2016年12月31日止年度

20. CONVERTIBLE INSTRUMENTS DESIGNATED AS 20. 指定為按公允價值計入損益的財務 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT 資產的可換股工具 OR LOSS

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Financial assets designated at FVTPL: 指定為按公允價值計入損益
的財務資產：
– Convertible bonds mature over one year －一年後到期的
–
可換股債券 48,883
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On 20 August 2015, Sichuang Overseas Investment Development Corporation Limited (“Sichuang Overseas”), a wholly-owned subsidiary of the Company as a subscriber, agreed to subscribe for 4%-coupon rate convertible bonds which were issued by Asia Resources Holdings Limited (“ARHL”), a company incorporated in Bermuda with limited liability and its shares are listed on the main board of the Stock Exchange (stock code: 899), in the principal amount of HK$56,160,000 (“ARHL Convertible Bonds”). Assuming the conversion rights attaching to the ARHL Convertible Bonds are exercised in full at the initial conversion price of HK$0.72 per conversion share, a total of 78,000,000 conversion shares of ARHL will be allotted and issued. As at 31 December 2015, the fair value of the ARHL Convertible Bonds was approximately RMB48,883,000 (equivalent to HK$57,488,000). The gain arising from fair value changes of ARHL Convertible Bonds of RMB1,084,000 was recognised in profit or loss for the year ended 31 December 2015.

於2015年8月20日，思創海外投資發展有限公司（「思創海外」，本公司全資附屬公司）（作為認購人）同意認購由亞洲資源控股有限公司（「亞洲資源」，於百慕達註冊成立的有限公司，其已發行股份於聯交所主板上市（股份代號：899））發行本金額為56,160,000 港元的4厘可換股債券（「亞洲資源可換股債券」）。假設亞洲資源可換股債券附帶的換股權按初步轉換價每股換股股份0.72港元獲悉數行使，將配發及發行合共78,000,000股亞洲資源換股股份。於2015年12月31日，亞洲資源可換股債券的公允價值約為人民幣 48,883,000 元（相當於 57,488,000 港元）。因亞洲資源可換股債券的公允價值變動而產生的收益約人民幣 1,084,000元於截至2015年12月31日止年度的損益確認。

Detail of the acquisition of ARHL Convertible Bonds has been disclosed in the Company’s announcement dated 8 September 2015.

有關收購亞洲資源可換股債券的詳情載於本公司日期為2015年9月8日的公告。

There was no redemption of ARHL Convertible Bonds during the year ended 31 December 2015.

截至2015年12月31日止年度，並無贖回亞洲資源可換股債券。

As at 31 December 2015, the ARHL Convertible Bonds has been pledged as security under the margin securities account.

於2015年12月31日，亞洲資源可換股債券已予抵押，作為孖展證券的抵押品。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

142

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

For the year ended 31 December 2016 截至2016年12月31日止年度

20. CONVERTIBLE INSTRUMENTS DESIGNATED AS FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Continued)

The fair values of the ARHL Convertible Bonds were valued by BMI Appraisals, independent qualified professional valuer not connected with the Group, using the Binominal Option Pricing Model. The inputs into the model of ARHL Convertible Bonds as at 31 December 2015 were as follows:

Stock price	HK$0.43
Adjusted conversion price	HK$0.72
Volatility	74.97%
Dividend yield	N/A
Option life (years)	2.64 years
Risk free rate	0.66%

Details of the fair value measurement for the convertible instruments designated as financial assets at FVTPL are disclosed in Note 6(c).

During the year ended 31 December 2016, the Group has disposed of all ARHL Convertible Bonds with the consideration of HK$56,160,000. A loss on disposal of RMB1,141,000 has been recognised in profit or loss for the year ended 31 December 2016. Details of the disposal has been disclosed in the Company’s announcement dated 21 January 2016.

20. 指定為按公允價值計入損益的財務資產的可換股工具（續）

亞洲資源可換股債券的公允價值由與本集團並無關連的獨立合資格專業估值師中和邦盟利用二項式期權定價模式進行估值。於2015年12月31日，亞洲資源可換股債券模式的輸入數據載列如下：

股價	0.43港元
經調整轉換價	0.72港元
波幅	74.97%
股息率	不適用
期權年期（年）	2.64年
無風險利率	0.66%

有關指定為按公允價值計入損益的財務資產的可換股工具的公允價值計量的詳情於附註6(c)中披露。

截至2016年12月31日止年度，本集團出售全部亞洲資源可換股債券，代價為56,160,000港元。出售虧損人民幣 1,141,000元已於截至2016年12月31 日止年度的損益中確認。有關出售的詳情，請參閱本公司日期為2016年1 月21日的公告。

2016年報 瀋陽公用發展股份有限公司

143

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

For the year ended 31 December 2016 截至2016年12月31日止年度

21. DEPOSIT PAID FOR ACQUISITION OF A SUBSIDIARY

21. 收購一間附屬公司所支付的訂金

Pursuant to the announcement of the Company dated 12 December 2014, Shenzhen Shen He Chuang Jian Investment Development Company Limited (“Shenzhen Shen He”) entered into the acquisition agreement dated 12 December 2014 (the “Acquisition Agreement”) with Shenzhen Newpont Investment Company Limited (“Shenzhen Newpont”), pursuant to which Shenzhen Newpont has conditionally agreed to sell, and Shenzhen Shen He has conditionally agreed to acquire the sale shares, representing 70% paid up capital of Shenzhen Zhong De Logistics Company Limited (“Shenzhen Zhong De”) and the shareholder’s loan at a total consideration of RMB150,000,000 (the “Proposed Acquisition”). At 31 December 2014, the balance of RMB80,000,000 represented a refundable deposit paid as part of the consideration.

根據本公司日期為2014年12月12日的公告，深圳市沈和創建投資發展有限公司（「深圳沈和」）於2014年12月 12日與深圳市新邦投資集團有限公司（「深圳新邦」）訂立收購協議（「收購協議」），據此，深圳新邦有條件同意出售，而深圳沈和有條件同意收購銷售股份，相當於深圳市眾德物流有限公司（「深圳眾德」）已繳股本70%及股東貸款，總代價人民幣 150,000,000 元（「建議收購事項」）。於2014年12月31 日，結餘人民幣80,000,000元指作為代價一部分的已付可退還訂金。

Pursuant to the announcement of the Company dated 3 August 2015, Shenzhen Shen He and Shenzhen Newpont entered into the termination agreement (the “Termination Agreement”) on 3 August 2015 to terminate the Proposed Acquisition with immediate effect.

根據本公司日期為2015年8月3日的公告，深圳沈和及深圳新邦於2015年8 月3日訂立終止協議（「終止協議」），即時終止建議收購事項。

Shenzhen Newpont has refunded the considerations received of RMB100,000,000 together with the liquidated compensation at RMB2,000,000 to Shenzhen Shen He during the year ended 31 December 2015, pursuant to the Termination Agreement.

根據終止協議，深圳新邦已於截至 2015年12月31日止年度向深圳沈和退還已收代價人民幣100,000,000元連同清算賠償人民幣2,000,000元。

22. DEPOSIT PAID FOR ACQUISITION OF PROPERTIES

22. 收購物業所支付的訂金

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Deposit paid for acquisition of 收購物業（定義見下文）
–
Properties (define as below) 所支付的訂金 110,000
----- End of picture text -----

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

144

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

For the year ended 31 December 2016 截至2016年12月31日止年度

22. DEPOSIT PAID FOR ACQUISITION OF PROPERTIES (Continued)

22. 收購物業所支付的訂金（續）

Pursuant to the announcement of the Company dated 15 November 2016, Beijing Shen Shang Investment & Consulting Company Limited (“Beijing Shen Shang”), a wholly-owned subsidiary of the Company, entered into the acquisition agreement dated 15 November 2016 (the “Acquisition Agreement”) with Beijing Zhong Tou Chuang Zhan Property Limited (“Beijing Zhong Tou”), pursuant to which Beijing Zhong Tou agreed to sell, and Beijing Shen Shang agreed to acquire a commercial premise with the construction area of 2,800 square meters (with the right to use 5,000 square meters of car parks at the basement level two, being part of Phase 3 of the ancillary facility project of Beijing International Zone Convention Center to be constructed in Beijing Shunyi District Tianzhu Airport Commercial Zone (the “Properties”) at a total consideration of RMB152,800,000.

根據本公司日期為2016年11月15日的公告，北京瀋商投資諮詢有限公司（「北京瀋商」，本公司全資附屬公司）與北京中投創展置業有限公司（「北京中投」）訂立日期為2016年11月15日的收購協議（「收購協議」），據此，北京中投同意出售及北京瀋商同意收購商用物業。物業為建築面積2,800平方米並有權使用地下負二層5,000平方米停車場之商用物業，即位於北京市順義區天竺空港商務區將興建的北京會展國際港展館配套設施項目3期的一部分（「物業」），總代價為人民幣 152,800,000元。

Details of the acquisition of the Properties has been disclosed in the Company’s announcement date 15 November 2016.

有關收購物業的詳情於本公司日期為 2016年11月15日的公告中披露。

At 31 December 2016, the balance of RMB110,000,000 represented a refundable deposit paid as part of the consideration. Beijing Zhong Tou has pledged certain properties with market value of approximately RMB118,800,000 to secure the deposit paid. The acquisition is expected to be completed by 31 December 2018.

於 2016 年 12 月 31 日，結餘人民幣 110,000,000元指已付可退還訂金，作為部分代價。北京中投已將市值約人民幣118,800,000元的若干物業抵押，作為已付訂金的擔保。預期收購事項於2018年12月31日前完成。

English name for identification only
英文名稱僅供識別

2016年報 瀋陽公用發展股份有限公司

145

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

For the year ended 31 December 2016 截至2016年12月31日止年度

23. 收購投資╱一間聯營公司所支付的訂金

23. DEPOSIT PAID FOR ACQUISITION OF INVESTMENT/AN ASSOCIATE

	2016	2015
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Deposit paid for acquisition of 20% equity interest of Hai Yue Real Estate (as defined in Note a) 收購海粵房地產（定義見附註a）20%股權所支付的訂金 153,000 175,000 Deposit paid for acquisition of 28% equity interest of Shenzhen Hui Ye Micro Lending (as defined in Note b) 收購深圳匯業小額貸款（定義見附註b）28% 股權所支付的訂金 32,000 – 185,000 175,000 Notes: (a) On 27 July 2015, Shenzhen Cheng He Chuag Jian Investment and Development Company Limited (“Cheng He Chuag Jian”), a wholly-owned subsidiary of the Company, entered into the acquisition agreement with Shenzhen Hou Feng Trading Company Limited (“Hou Feng”), pursuant to which Hou Feng conditionally agreed to sell and Cheng He Chuag Jian conditionally agreed to acquire 30% equity interest of Guangzhou Hai Yue Real Estate Development Company Limited (“Hai Yue Real Estate”) at a total consideration of RMB195,000,000 (the “Hai Yue Proposed Acquisition”). Hai Yue Real Estate is a company with limited liability established under the laws of the PRC and is principally engaged in developing, constructing, selling, renting and managing of commercial building, namely Dongshan Plaza (the “GZ Property”) located in Guangzhou, the PRC. Details of the Hai Yue Proposed Acquisition has been disclosed in the Company’s announcement dated 27 July 2015. At 31 December 2015, the acquisition has not been completed and the balance of RMB175,000,000 represented the refundable deposit paid to Hou Feng. On 3 March 2016, Cheng He Chuang Jian and Hou Feng together with Shenzhen Tai He Chuang Jian Investment Development Company Limited (“Tai He Chuang Jian”), a wholly-owned subsidiary of the Company, agreed the transfer of the Hai Yue Proposed Acquisition from Cheng He Chuang 附註： (a) 於2015年7月27日，深圳市城合創建投資發展有限公司（「城合創建」，本公司全資附屬公司）與深圳市厚豐貿易有限公司（「厚豐」）訂立收購協議，據此，厚豐有條件同意出售，而城合創建有條件同意收購廣州海粵房地產發展有限公司（「海粵房地產」）30% 股權，總代價人民幣195,000,000元（「海粵建議收購事項」）。海粵房地產為一家根據中國法例註冊成立的有限責任公司，其主要從事商業大廈（即位於中國廣州的東山廣場（「廣州物業」））的發展、建設、銷售、租賃及管理業務。海粵建議收購事項的詳情已於本公司日期為2015年7月27日的公告中披露。於2015年12月31日，收購事項尚未完成，結餘人民幣175,000,000 元指已付厚豐的可退還訂金。於2016年3月3日，城合創建及厚豐連同深圳泰合創建投資發展有限責任公司（「泰合創建」，本公司全資附屬公司）同意，城合創建向泰合創建轉讓海粵建議收購事項。
	153,000
	32,000

	185,000

On 3 March 2016, Cheng He Chuang Jian and Hou Feng together with Shenzhen Tai He Chuang Jian Investment Development Company Limited* (“Tai He Chuang Jian”), a wholly-owned subsidiary of the Company, agreed the transfer of the Hai Yue Proposed Acquisition from Cheng He Chuang Jian to Tai He Chuang Jian.

英文名稱僅供識別
English name for identification only

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

146

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

For the year ended 31 December 2016 截至2016年12月31日止年度

23. DEPOSIT PAID FOR ACQUISITION OF INVESTMENT/AN ASSOCIATE (Continued)

23. 收購投資╱一間聯營公司所支付的訂金（續）

Notes: (Continued)

附註：（續）

(a) (Continued)
a) （續）

On 19 July 2016, Tai He Chuang Jian and Hou Feng entered into a supplemental agreement to amend the following terms and conditions of the Hai Yue acquisition agreement:

1) the percentage of equity interest in Hai Yue Real Estate to be acquired shall be changed from 30% to 20%;
於2016年7月19日，泰合創建及厚豐訂立補充協議以修訂海粵收購協議
（其中包括）的條款及條件如下：
將收購的海粵房地產股權百分比由30%改為20%；
2) t h e c o n s i d e r a t i o n s h a l l b e d e c r e a s e d b y RMB65,000,000 to RMB130,000,000 (the “New Consideration”) and the balance of RMB45,000,000 will be refunded to Tai He Chuang Jian by Hou Feng within 10 days upon the completion of the change in industry and commercial registration. In the event that Hou Feng is unable to refund the balance of RMB45,000,000 within 10 days upon the completion of the change in industry and commercial registration, Hou Feng shall pay Tai He Chuang Jian an interest on the late payment in accordance with the bank borrowing interest rate.

Details of the supplemental agreement has been disclosed in the Company’s announcement dated 19 July 2016. Hou Feng has refunded RMB22,000,000 to Tai He Chuang Jian during the year ended 31 December 2016.

代價應減少人民幣 65,000,000 元至人民幣 130,000,000 元（「新代價」），而結餘人民幣 45,000,000元將於完成工商登記變更手續後10日內由厚豐退還予泰合創建。倘厚豐無法於完成工商登記變更手續後10日內退還結餘人民幣 45,000,000元，厚豐應根據銀行貸款利率向泰合創建支付滯納金利息。

有關補充協議的詳情已於本公司日期為2016年7月19日的公告中披露。截至2016年12月31日止年度，厚豐已向泰合創建退還人民幣 22,000,000 元。

As at 31 December 2016, the acquisition has not been completed and the balance of RMB153,000,000 represented the refundable deposit paid to Hou Feng. Hou Feng has pledged 5% of the equity interest of Hai Yue Real Estate to Tai He Chuang Jian as collateral to secure the outstanding refundable deposit. The acquisition has been completed subsequent to the reporting period as details disclosed in Note 41(b).

於2016年12月31日，收購事項尚未完成，結餘人民幣153,000,000元指向厚豐支付的可退還訂金。厚豐已將海粵房地產5%股權抵押泰合創建，作為獲得尚未償還可退還訂金的抵押品。收購事項已於報告期間後完成，詳情於附註41(b)中披露。

(b) On 10 March 2016, the Company entered into the acquisition agreement with the independent third party (the “Vendor”) to acquire 28% equity interest in Shenzhen Hui Ye Micro Lending Company Limited* (“Shenzhen Hui Ye Micro Lending”) for a consideration of RMB42,000,000.

As at 31 December 2016, the acquisition has not been completed and the balance of RMB32,000,000 represented the deposit paid to the Vendor. The acquisition was terminated subsequently to the reporting period as details disclosed in Note 41(c).

(b) 於2016年3月10日，本公司與獨立第三方（「賣方」）訂立收購協議以收購深圳市匯業小額貸款有限公司（「深圳匯業小額貸款」）28%股權，代價為人民幣42,000,000元。

於2016年12月31日，收購事項尚未完成，結餘人民幣32,000,000元指已支付賣方的訂金。收購事項已於報告期間後終止，詳情於附註41(c)中披露。

English name for identification only
英文名稱僅供識別

2016年報 瀋陽公用發展股份有限公司

147

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

For the year ended 31 December 2016 截至2016年12月31日止年度

24. PROPERTIES UNDER DEVELOPMENT

24. 發展中物業

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Properties under development which
are expected to be completed and 預期將於 12 個月內落成並
available for sale within 12 months 可供銷售之發展中物業
comprise of the following: 包括以下各項：
Construction costs and
expenditure capitalised 建築成本及資本化開支 174,150 199,398
----- End of picture text -----

The properties under development are all located in the PRC.

發展中物業全部位於中國。

25. LOAN AND INTEREST RECEIVABLES

25. 應收貸款及利息

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Fixed-rate loan and interest receivables 定息應收貸款及利息 304,851 174,760
Less: Accumulated impairment allowance 減：累計減值撥備 (215) (203)
304,636 174,557
----- End of picture text -----

At 31 December 2016, the loan receivables arising from 於2016年12月31日，因信貸業務產生 credit business are unsecured (2015: RMB21,299,000 的應收貸款為無抵押（2015年：人民 which was secured by unlisted shares of a private limited 幣21,299,000元以私人有限公司的非 company) bear fixed interest ranging from 10%–15% 上市股份作抵押），按固定年利率介乎 (2015: 12%–15%) per annum. 10%–15%（ 2015 年： 12%–15% ）計息。

The maturity profile of these loan receivables from 於報告期末，該等應收客戶貸款（包括 customers (including interest receivables), net of 應收利息）扣除已確認減值虧損按合約 impairment losses recognised, at the end of reporting 到期日餘下期間的賬齡分析如下： period, analysed by the remaining periods to their contracted maturity, is as follows:

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Repayable: 於下列期間內償還：
Within 3 months 三個月內 304,636 117,582
–
Over 3 months but less than 1 year 超過三個月但少於一年 56,975
– –
Over 1 year but less than 3 years 超過一年但少於三年
304,636 174,557
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

148

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

For the year ended 31 December 2016 截至2016年12月31日止年度

25. LOAN AND INTEREST RECEIVABLES (Continued)

25. 應收貸款及利息（續）

The movements of allowance for impairment during the year were as follows:

年內減值撥備變動如下：

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
At 1 January 於1月1日 203 199
Impairment loss recognised during the year 年內確認的減值虧損 – 9
–
Written off during the year 年內撇減 (8)
Exchange realignment 匯兌重整 12 3
At 31 December 於12月31日 215 203
----- End of picture text -----

The loan receivables from customers have been reviewed by the management of the Company to assess impairment allowances which are based on the evaluation of collectability, aging analysis of accounts and on management’s judgment, including the current creditworthiness and the past collection statistics of individually significant accounts or a portfolio of accounts on a collective basis.

本公司管理層已審閱應收客戶貸款，以評估減值撥備，乃基於可收回程度之評估、賬目的賬齡分析以及管理層之判斷（包括現時信用度及個別重大賬戶或按集體基準賬戶組合的過往收款記錄）。

At 31 December 2016, none of the loan and interest receivables was past due but not impaired (2015: Nil).

於2016年12月31日，概無貸款及應收款項已逾期但未減值（2015年：無）。

The fair value of the Group’s loan and interest receivables, determined based on the present value of the estimated future cash flows discounted using the applicable interest rate at the end of reporting period, approximates to the carrying amount of the loan and interest receivables.

本集團的應收貸款及利息的公允價值乃採用報告期末的適用利率將估計未來現金流量折現至現值而釐定，與應收貸款及利息的賬面值相若。

The loan receivables outstanding as at 31 December 2016 and 2015 are denominated in Hong Kong dollars.

於2016年及2015年12月31日尚未償還的應收貸款以港元計值。

2016年報 瀋陽公用發展股份有限公司

149

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

For the year ended 31 December 2016 截至2016年12月31日止年度

26. HELD-FOR-TRADING INVESTMENTS

26. 持作買賣投資

2016 2015 RMB’000 RMB’000 人民幣千元人民幣千元 Listed investment 上市投資： – Equity securities listed in Hong Kong －於香港上市之股本證券 85 14,637 The fair values of the above listed securities are determined 上述上市證券之公允價值乃按報告期 based on quoted market bid prices available at the Stock 末聯交所所報市場買入價釐定。有關 Exchange at the end of the reporting period. Further 公允價值計量的其他資料於附註6(c)中 information of the fair values measurement is disclosed in 披露。 Note 6(c). In the current year, the Group disposed of certain listed 於本年度，本集團出售賬面值約為人 equity securities with carrying amount of approximately 民幣14,675,000元（相當於17,085,100 RMB14,675,000 (equivalent to HK$17,085,100), with the 港元）的若干上市股本證券，代價約人 consideration of approximately RMB13,682,000 (equivalent 民幣13,682,000元（相當於15,929,150 to HK$15,929,150). A loss on disposal of approximately 港元）。出售虧損約人民幣993,000元 RMB993,000 (equivalent to HK$1,155,950) has been （相當於1,155,950港元）已於本年度的 recognised in profit or loss for the current year. 損益確認。 As at 31 December 2015, the held-for-trading investments 於2015年12月31日，持作買賣投資已 has been pledged as security under the margin securities 予抵押，作為孖展證券賬戶的抵押品。

As at 31 December 2015, the held-for-trading investments has been pledged as security under the margin securities account.

27. TRADE RECEIVABLES

27. 應收賬款

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Trade receivables 應收賬款 145,701 186,701
Less: Allowance for doubtful debts 減：呆賬撥備 – –
145,701 186,701
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

150

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

For the year ended 31 December 2016 截至2016年12月31日止年度

27. TRADE RECEIVABLES (Continued)

27. 應收賬款（續）

The Group has not specified the credit period to its trade customer. The following is an aged analysis of trade receivables net of allowance for doubtful debts presented based on the repurchase agreement at the end of the reporting period, which approximated the respective revenue recognition date:

本集團並無為其貿易客戶指定信貸期。於報告期末時根據回購協議日期（約為各自之收入確認日期）的應收賬款（扣除呆賬撥備）的賬齡分析情況如下：

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

2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
0–30 days 0至30天 72,000 126,300
31–60 days 31至60天 – –
61–90 days 61至90天 – –
Over 90 days 90天以上 73,701 60,401
145,701 186,701
----- End of picture text -----

All of the trade receivables were related to a customer of construction of infrastructure and development of properties segment. This customer was a stated-owned enterprise located in the PRC and has long-term business relationship with the Group. The Group has not specified the credit period to this stated-owned enterprise customer and given that the Group has received amounting to approximately RMB113,000,000 from this customer by way of direct bank payment during the year ended 31 December 2016, the Directors considered that none of the balance due from this stated-owned enterprise customer has been past due as at 31 December 2016 and 2015 and no impairment is required. The Group does not hold any collateral over these balances as at 31 December 2016 and 2015.

所有應收賬款與基礎設施建設及物業發展分部一名客戶有關。此客戶為中國的國有企業，與本集團建有長久業務關係。本集團並無為此國有企業客戶指定信貸期，而鑒於本集團於截至2016年12月31日止年度透過直接銀行付款從此客戶收取約人民幣 113,000,000 元，董事認為，於 2016 年及2015年12月31日概無應收此國有企業客戶的結餘已逾期，毋須作出減值撥備。於2016年及2015年12月31 日，本集團並無就該等結餘持有任何抵押品。

2016年報 瀋陽公用發展股份有限公司

151

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

For the year ended 31 December 2016 截至2016年12月31日止年度

28. BANK BALANCES AND CASH

28. 銀行結餘及現金

The bank balances and cash are mainly denominated in RMB and deposited with banks in the PRC. The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.

銀行結餘及現金主要以人民幣計值，並存放在位於中國的銀行。人民幣不能自由兌換成其他貨幣。然而，根據中國內地《外匯管理條例》及《結匯、售匯及付匯管理規定》，本集團可透過獲授權經營外匯業務的銀行將人民幣兌換成其他貨幣。

Bank balances carry interest at market rates ranged from 0.01% to 0.35% (2015: 0.01% to 0.35%) per annum. The bank balances are deposited in creditworthy banks with no recent history of default.

銀行結餘按年平均市場利率介乎 0.01% 至 0.35%（ 2015 年： 0.01% 至 0.35%）計算利息。銀行結餘存於近期無違約紀錄且信譽良好的銀行。

29. ASSETS/LIABILITIES ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE

29. 與分類為持作銷售的資產相關的資產╱負債

On 15 March 2016, Shenzhen Shen He, a wholly owned subsidiary of the Company, entered into the disposal agreement with an independent third party (the “Buyer”), whereby the Buyer has conditionally agreed to purchase and Shenzhen Shen He has conditionally agreed to sell the entire issued share capital of Cheng He Chuang Jian at the consideration of RMB44,000,000 (the “Disposal”). The principal activity of Cheng He Chuang Jian is investment holding.

於2016年3月15日，深圳沈和本公司全資附屬公司）與獨立第三方（「買方」）訂立出售協議，據此，買方有條件同意購買而深圳沈和有條件同意出售城合創建全部已發行股本，代價為人民幣44,000,000元（「出售事項」）。城合創建的主要業務為投資控股。

As at 31 December 2016, the disposal has not completed and the amount of RMB24,000,000 represented the refundable deposit received from the Buyer.

於2016年12月31日，出售尚未完成，而為數人民幣24,000,000元指自買方收取的可退還訂金。

The assets and liabilities attributable to Cheng He Chuang Jian, which is expected to be sold within twelve months after the reporting date, have been classified as a disposal group held for sale and are presented separately in the consolidated statement of financial position (see below). The net proceeds of disposal are expected to equal to the net carrying amount of the relevant assets and liabilities and accordingly, no impairment loss has been recognised.

城合創建應佔資產及負債（預計於報告日期後12個月內出售）已分類為持作銷售的出售組合，並於綜合財務狀況表中獨立呈列（見下文）。預計出售事項所得款項淨額相當於相關資產及負債的賬面淨值，故並無確認減值虧損。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

152

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

For the year ended 31 December 2016 截至2016年12月31日止年度

29. ASSETS/LIABILITIES ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE (Continued)

29. 與分類為持作銷售的資產相關的資產╱負債（續）

The major classes of assets and liabilities of Cheng He Chuang Jian classified as held for sale are as follows:

分類為持作銷售的城合創建主要類別資產及負債如下：

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2016
RMB’000
人民幣千元
Bank balance and cash 銀行結餘及現金 878
Available-for-sale investment 可供出售投資 50,000
Total assets classified as held for sale 分類為持作銷售的總資產 50,878
Other payables and accruals and 其他應付款及應計費用及分類為
total liabilities classified as held for sale 持作銷售的總負債 6,870
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30. TRADE PAYABLES

Trade payables represented construction payables on construction comprises construction costs and other project-related expenses which are payable based on project progress measured by the Group. The suppliers have not specified the credit period granted to the Group.

30. 應付賬款

應付賬款為應計建築開支包括建築費用及其他項目相關開支，乃根據本集團計量的項目進度支付。供應商並無授予本集團指定信貸期。

The following is an aged analysis of trade payables at the end of the reporting period:

以下為於報告期末的應付賬款的賬齡分析：

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Within 90 days 90天內 36,349 22,407
Over 90 days 90天以上 70,769 85,361
107,118 107,768
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2016年報 瀋陽公用發展股份有限公司

153

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

For the year ended 31 December 2016 截至2016年12月31日止年度

31. OTHER BORROWINGS

31. 其他借貸

2016 2015 RMB’000 RMB’000 人民幣千元人民幣千元 Secured: 已抵押： – Margin securities accounts 孖展證券賬戶 15,333 – Carrying amount repayable within one year 須於一年內償還的賬面值 15,333 As at 31 December 2015, approximately RMB15,333,000 於 2015 年 12 月 31 日，約人民幣 represented the margin value in broker’s account. 15,333,000元指經紀賬戶的孖展額。 The margin value will be charged at 9% per annum. 孖展額將按年利率9%計息。借款以於 The borrowings was secured by the held-for-trading 2015年12月31日賬面值分別為人民幣 investments and ARHL Convertible Bonds with carrying 14,637,000元及人民幣48,883,000元 values of RMB14,637,000 and RMB48,883,000 as at 31 的持作買賣投資及可換股債券作抵押。 December 2015, respectively.

32. SHARE CAPITAL

32. 股本

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2016 2015
Number of Number of
shares Amount shares Amount
股份數目金額股份數目金額
RMB’000 RMB’000
人民幣千元人民幣千元
Authorised, issued and 法定、已發行及
fully paid: 已繳足：
– Domestic shares of －每股面值人民幣
RMB1 each 1元的內資股
At 1 January 於1月1日 720,000,000 720,000 600,000,000 600,000
Issue of Domestic 發行內資股
Shares (Note a) （附註a） 144,000,000 144,000 120,000,000 120,000
At 31 December 於12月31日 864,000,000 864,000 720,000,000 720,000
– H shares of －每股面值人民幣
RMB1 each 1元的H股
At 1 January 於1月1日 504,480,000 504,480 420,400,000 420,400
Issue of H Shares 發行H股
(Note b) （附註b） 100,896,000 100,896 84,080,000 84,080
At 31 December 於12月31日 605,376,000 605,376 504,480,000 504,480
Total 總計 1,469,376,000 1,469,376 1,224,480,000 1,224,480
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

154

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

For the year ended 31 December 2016 截至2016年12月31日止年度

32. SHARE CAPITAL (Continued)

32. 股本（續）

Notes:

附註：

(a) On 23 February 2016, the Company completed the issuance of 144,000,000 Domestic Shares at the price of RMB1 per share under the general mandate. Details of the issuance has been disclosed in the Company’s announcement date 18 December 2015 and 25 February 2016, respectively. The new Domestic Shares rank pari passu in all respects among themselves and with the existing Domestic Shares and H-Shares.
(a) 於2016年2月23日，本公司完成根據一般授權發行144,000,000股每股人民幣1元的內資股。有關發行的詳情載於本公司日期分別為2015年12月 18日及2016年2月25日的公告。該等新內資股各自及與現有內資股及H股在各方面享有同等權利。
(b) On 11 February 2016, the Company and the placing agent, completed the placing of the total of 100,896,000 H-Shares at the price of RMB1 per share (equivalent to HK$1.19) under the general mandate. Details of the placing has been disclosed in the Company’s announcement dated 19 January 2016 and 11 February 2016, respectively. The new H-Shares rank pari passu in all respects among themselves and with the existing Domestic Shares and H-Shares.
(b) 於 2016 年 2 月 11 日，本公司與配售代理完成根據一般授權發行 100,896,000股每股人民幣1元（相當於1.19港元）的H股。有關配售事項的詳情載於本公司日期分別為2016年1 月19日及2016年2月11日的公告。該等新H股各自及與現有內資股及H股在各方面享有同等權利。

33. NON-CONTROLLING INTERESTS

33. 非控股權益

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Share of
net assets of
of subsidiary
分佔附屬公司
淨資產
RMB’000
人民幣千元
At 1 January 2015 於2015年1月1日 –
–
Share of profit for the year 分佔年內溢利
At 31 December 2015 於2015年12月31日 –
Issuance of share capital upon capital contribution 於注資時發行股本 80,990
Share of other comprehensive income 分佔其他全面收入 475
Share of profit for the year 分佔年內溢利 3,802
At 31 December 2016 於2016年12月31日 85,267
----- End of picture text -----

On 23 December 2015, Kingma Overseas Investment Development Corporation Limited (“Kingma Overseas”) entered into the capital contribution agreement with Chung Hwa Finance Holdings Limited, pursuant to which each of the parties agreed to make capital contribution of HK$109,990,000 and HK$90,000,000 (equivalent to approximately RMB80,990,000) respectively to Chung Hwa Finance Limited (“Chung Hwa Finance”) (“Capital Contribution”). Details of the Capital Contribution has been disclosed in the Company’s announcement dated 23 December 2015.

於2015年12月23日，金馬海外投資發展有限公司（「金馬海外」）與中華信貸集團有限公司訂立注資協議，雙方各自同意向中華信貸有限公司（「中華信貸」）分別注資109,990,000港元及 90,000,000 港元（相當於約人民幣 80,990,000元）（「注資事項」）。有關注資事項的詳情於本公司日期為2015年 12月23日的公告中披露。

2016年報 瀋陽公用發展股份有限公司

155

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

For the year ended 31 December 2016 截至2016年12月31日止年度

33. NON-CONTROLLING INTERESTS (Continued)

33. 非控股權益（續）

The Capital Contribution was completed on 18 March 2016. Upon completion of the Capital Contribution, the issued share capital of Chung Hwa Finance will be increased to HK$200,000,000 and Chung Hwa Finance will be owned as to 55% and 45% by Kingma Overseas and Chung Hwa Finance Holding Limited respectively. Chung Hwa Finance will continue to be a subsidiary of the Company.

注資事項已於2016年3月18日完成。於完成注資事項後，中華信貸已發行股本將增至200,000,000港元，中華信貸將分別由金馬海外及中華信貸集團有限公司擁有55%及45%。中華信貸將繼續作為本公司附屬公司。

According to the capital contribution agreement, Chung Hwa Finance will declare and distribute cash dividend for the financial year ended 31 December 2015 (the “Special Dividend”) to the existing shareholder prior to the completion of Capital Contribution. Chung Hwa Finance Holdings Limited acknowledges that the Company is going to propose such declaration and distribution of the Special Dividend and Chung Hwa Finance Holdings Limited will not be entitled to the Special Dividend in any event.

根據注資協議，中華信貸將向完成注資事項前的現有股東宣派及派付截至 2015年12月31日止財政年度的現金股息（「特別股息」）。中華信貸集團有限公司確認，本公司正打算建議宣派及派付有關特別股息，而中華信貸集團有限公司在任何情況下將無權享有特別股息。

34. DEFERRED TAX ASSET

34. 遞延稅項資產

The following is the major deferred tax asset recognised and the movements thereon during the current and prior years:

以下為已確認的主要遞延稅項資產及其於本年度及過往年度的變動情況：

		Temporary difference
		暫時差額
		RMB’000
		人民幣千元

At 1 January 2015 Charge to profit or loss_(Note 11) At 31 December 2015 Charge to profit or loss(Note 11)_ At 31 December 2016	於2015年1月1日－扣除自損益（附註11）於2015年12月31日扣除自損益（附註11）於2016年12月31日	2,112 (758) 1,354 (1,354) –

In accordance with the PRC laws and regulations, tax losses could be carried forward for five years to offset against its future taxable profits. Deferred tax assets relating to unutilised tax losses are recognised to the extent that it is probable that sufficient taxable profit will be available to allow such deferred tax assets to be utilised.

根據中國法律及法規，稅務虧損可結轉5年以抵銷其日後的應課稅利潤。有關尚未動用稅項虧損的遞延稅項資產，只會在將有足夠應課稅溢利以使該等遞延稅項資產獲得動用時方會確認。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

156

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

For the year ended 31 December 2016 截至2016年12月31日止年度

34. DEFERRED TAX ASSET (Continued)

34. 遞延稅項資產（續）

At the end of the reporting period, the Group had estimated unused tax losses of approximately R M B 1 2 , 2 3 2 , 0 0 0 ( 2 0 1 5 : R M B 1 1 , 2 1 6 , 0 0 0 ) a n d approximately of HK$13,792,000 (2015: HK$10,335,000) available for offset against future profits in the PRC and Hong Kong respectively. No deferred tax asset has been recognised in respect of the unused tax losses due to the unpredictability of future profits stream. The tax losses arising from the PRC operations expire five years after the relevant accounting year end. The tax losses arising from other operations do not expire under current tax legislation in the relevant tax jurisdiction.

於報告期末，本集團可供抵銷中國及香港的未來溢利的估計未動用稅務虧損分別約人民幣 12,232,000 元（2015年：人民幣11,216,000元）及約 13,792,000港元（2015年：10,335,000 港元）。由於未能預測未來溢利流，故未就未動用稅務虧損確認遞延稅項資產。中國業務產生的稅務虧損於有關會計年結後五年屆滿。因其他業務產生的稅務虧損在有關稅項司法權區的現行稅法不會屆滿。

35. RETIREMENT BENEFITS PLANS

35. 退休福利計劃

The Group maintains various retirement schemes for its employees. The retirement scheme for employees of the PRC office is a mandatory central pension scheme organised by the PRC government, the assets of which are held separately from those of the Group. Contributions made are based on a percentage of the eligible employees’ salaries and charged as expenses when the employees have rendered services entitling them to the contribution. The employer contributions vest fully once they are made. The Group operates Mandatory Provident Fund Scheme for all qualifying employees in Hong Kong. The assets of the schemes are held separately from those of the Group, in fund under the control of trustees. The Company contributes 5% (2015: 5%) of relevant payroll costs, capped at HK$1,500 (2015: HK$1,500) per month, to the Mandatory Provident Fund Scheme, in which contribution is matched by employees.

本集團為其僱員設立不同的退休福利計劃。本集團於中國之辦事處為其僱員參與一項由中國政府組織之強制性中央退休計劃，該計劃之資產與本集團之資產分開存放。供款乃按合資格僱員薪酬之百分比釐定，並於僱員提供令其可享受該等供款之服務時列作開支扣除。僱主供款一旦作出，便全歸僱員所有。本集團為香港全部合資格僱員設立強積金計劃。計劃的資產存置於一個由受託人控制的基金，與本集團資產分開持有。本公司與僱員均須每月對強積金計劃按相關薪金成本5%（2015年：5%）作出供款，上限為1,500港元（2015年：1,500港元）。

2016年報 瀋陽公用發展股份有限公司

157

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

For the year ended 31 December 2016 截至2016年12月31日止年度

36. OPERATING LEASE

36. 經營租賃

The Group as lessee

本集團作為承租人

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Minimum lease payments paid under 年內根據經營租賃支付的
operating leases during the year 最低租賃付款 207 427
----- End of picture text -----

Operating lease payments represent rentals payable by the Group for certain of its office premises. Leases are negotiated and rentals are fixed for terms at one year (2015: one to two years). None of the leases included contingent rentals and terms of renewal were established in the leases.

經營租賃款即本集團就其若干寫字樓應付的租金。租約及固定租金經協商為期一年（2015年：一至兩年）。概無租約包括或然租金及續訂條款於租約中釐定。

At the end of the reporting period, the Group had commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

於報告期末，本集團根據不可撤銷經營租約於下列到期日之未來最低應付租金承擔如下：

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Within one year 一年內 149 160
In the second to fifth years inclusive 第二至第五年
（包括首尾兩年） – 139
149 299
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

158

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

For the year ended 31 December 2016 截至2016年12月31日止年度

37. CAPITAL COMMITMENT

37. 資本承擔

At the end of the reporting period, the Group had the following capital commitment:

於報告期末，本集團有以下資本承擔：

	2016	2015
	RMB’000	RMB’000
	人民幣千元	人民幣千元

Capital expenditure contracted for but not provided in the consolidated financial statements in respect of: (i) Capital contribution to Chung Hwa Finance 有關下列事項的已訂約但尚未於綜合財務報表內撥備的資本開支： (i) 向中華信貸注資 – 93,525 (ii) Capital contribution to Shenzhen Zhonghe (ii)向深圳眾合注資 – 1,000 (iii) Capital contribution to Guangzhou Xiaoma Chuang Fu Hu Lian Wang Xinxi Fuwu Company Limited (iii)向廣州小馬創富互聯網信息服務有限公司注資 50,000 – (iv) Acquisition of 30% equity interest of Hai Yue Real Estate_(Note 23)_ (iv)收購海粵房地產30% 股權（附註23） – 20,000 (v) Acquisition of properties_(Note 22)_ (v)收購物業（附註22） 42,800 – (vi) Establish a joint venture in PRC_(Note a)_ (vi)於中國成立合營企業（附註a） 4,000 – 96,800 114,525 Note a: On 4 February 2016, Shenzhen Tonghe Chuangjian Investment Development Company Limited, a wholly-owned subsidiary of the Company, and Shenzhen Galaxy Real Estate Development Company Limited has jointly established a joint venture namely Shenzhen Xingma Hongyun Real Estate Development Co., Ltd in the PRC (the “PRC Joint Venture”) with the registered capital of RMB10,000,000. During the year ended 31 December 2016, the PRC Joint Venture has not commenced any business or investment yet. Details of the PRC Joint Venture is set out in the announcement of the Company dated 18 February 2016. English name for identification only. 附註a：於2016年2月4日，深圳市同合創建投資發展有限責任公司（本公司全資附屬公司）與深圳市星河房地產開發有限公司於中國共同成立合營企業深圳市星馬鴻運房地產開發有限公司（「中國合營企業」），註冊資本為人民幣10,000,000元。截至2016年12月 31日止年度，中國合營企業尚未展開任何業務或投資。有關中國合營企業的詳情，請參閱本公司日期為2016年 2月18日的公告。英文名稱僅供識別。
	–
	–
	50,000
	–
	42,800
	4,000

	96,800

38. RELATED PARTY TRANSACTIONS

38. 關連方交易

(a) During the years ended 31 December 2016 and 2015, the identified related party which has transaction with the Group was as follows:

(a) 截至2016年及2015年12月31 日止年度，與本集團進行交易的已識別關連方如下：

Name of the Company 企業名稱

Relationships with the Company 與本公司的聯繫

Chung Hwa Finance Holdings Limited 中華信貸集團有限公司

A non-controlling interest of the Company 本公司非控股股東

Shishi Shen Guo Tou 石獅深國投

An associate of the Company 本公司聯營公司

2016年報 瀋陽公用發展股份有限公司

159

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

For the year ended 31 December 2016 截至2016年12月31日止年度

38. RELATED PARTY TRANSACTIONS (Continued)

38. 關連方交易（續）

(a) （續）

(a) (Continued) (a) During the year, the Group entered into the 年內，本集團與關連方進行以 following transaction with related party: 下交易：

Name of related party

關連方名稱

	Nature of transaction
	交易性質	2016	2015
		RMB’000	RMB’000
		人民幣千元	人民幣千元

Chung Hwa Finance Holdings Limited 中華信貸集團有限公司 Management fee and referral fee expenses 管理費及介紹費開支 The Directors are of the opinion that the above transactions were negotiated on a normal commercial terms and conditions that would be available to third party. At the end of the reporting period, the balances of related parties are as follows:
		7,921

Name of related party

關連方名稱

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Amount due from an associate 應收聯營公司款項
– Shishi Shen Guo Tou －石獅深國投 375 –
Amount due from a non-controlling
interest 應收非控股股東款項
– C hung Hwa Finance Holdings －中華信貸集團
Limited 有限公司 49,295 –
Note: The balances are unsecured, non-interest bearing 附註：結餘為無抵押、免息並須於
and repayable on demand. 要求償還。
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

160

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

For the year ended 31 December 2016 截至2016年12月31日止年度

38. RELATED PARTY TRANSACTIONS (Continued)

38. 關連方交易（續）

(b) C o m p e n s a t i o n o f D i r e c t o r s a n d k e y management personnel

(b) 董事及主要管理人員的薪酬

The remuneration of Directors and other members of key management during the years were as follows:

年內，董事及其他主要管理人員的薪酬如下：

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2016 2015
RMB’000 RMB’000
人民幣千元人民幣千元
Short-term benefits 短期福利 1,441 1,681
Contributions to
retirement benefits schemes 退休福利計劃供款 95 113
1,536 1,794
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The remuneration of Directors and key executives are determined by the Remuneration Committee having regard to the performance of individuals and market trends.

董事及主要行政人員的薪酬乃經考慮個人表現及市況後由薪酬委員會釐定。

2016年報 瀋陽公用發展股份有限公司

161

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

For the year ended 31 December 2016 截至2016年12月31日止年度

39. PARTICULARS OF SUBSIDIARIES

39. 附屬公司詳情

General information of subsidiaries

有關附屬公司的一般資料

Particulars of the subsidiaries held by the Company at 31 December 2016 and 2015 are as follows:

於2016年及2015年12月31日本公司持有的附屬公司的詳細情況如下：

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Place of Proportion of
incorporation/ Paid-up/issued Proportion voting
registration/ Class of registered ownership interest power held by Principal
Name of subsidiary operation shares held capital held by the Company the Company activities
註冊成立╱
登記╱ 已繳足╱發行的本公司持有
附屬公司名稱營業地點所持股份類別註冊資本本公司持有擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2016 2015 2016 2015 2016 2015
Zhongfang Chaozhou PRC N/A RMB150,000,000 100% 100% – – 100% 100% Property
中房潮州中國不適用人民幣 development
150,000,000元物業發展
Chaozhou Construction and PRC N/A RMB1,000,000 – – 100% 100% 100% 100% Inactive
Development Company Limited 中國不適用人民幣暫無營業
潮州市中創建設開發有限公司 1,000,000元
Beijing Shen Shang PRC N/A RMB1,000,000 100% 100% – – 100% 100% Inactive
北京瀋商中國不適用人民幣暫無營業
1,000,000元
Shenzhen Shen Wu Investment & PRC N/A RMB1,000,000 100% 100% – – 100% 100% Inactive
Development Company Limited 中國不適用人民幣暫無營業
深圳市沈物投資發展有限公司 1,000,000元
Shenzhen Shen He PRC N/A RMB1,000,000 100% 100% – – 100% 100% Inactive
深圳沈和中國不適用人民幣暫無營業
1,000,000元
Shenzhen Shen Shang Chuang PRC N/A RMB1,000,000 – – 100% 100% 100% 100% Inactive
Jian Investment Development 中國不適用人民幣暫無營業
Company Limited 1,000,000元
深圳市沈商創建投資發展有限公司
Shenzhen National Asia Fund PRC N/A RMB10,000,000 – – 100% 100% 100% 100% Inactive
Management Limited 中國不適用人民幣暫無營業
深圳市國民亞洲基金管理有限公司 10,000,000元
Cheng He Chuang Jian PRC N/A RMB1,000,000 – – 100% 100% 100% 100% Investment
城合創建中國不適用人民幣 holding
1,000,000元投資控股
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

162

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

For the year ended 31 December 2016 截至2016年12月31日止年度

39. PARTICULARS OF SUBSIDIARIES (Continued)

39. 附屬公司詳情（續）

General information of subsidiaries (Continued)

有關附屬公司的一般資料（續）

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Place of Proportion of
incorporation/ Paid-up/issued Proportion voting
registration/ Class of registered ownership interest power held by Principal
Name of subsidiary operation shares held capital held by the Company the Company activities
註冊成立╱
登記╱ 已繳足╱發行的本公司持有
附屬公司名稱營業地點所持股份類別註冊資本本公司持有擁有權權益比例投票權比例主要業務
Directly Indirectly
直接間接
2016 2015 2016 2015 2016 2015
Shenzhen Zhonghe PRC N/A RMB1,000,000 – – 100% 100% 100% 100% Inactive
深圳眾合中國不適用人民幣暫無營業
1,000,000元
Shenzhen ShenJian Investment PRC N/A RMB1,000,000 100% – – – 100% – Investment
Development Company Limited 中國不適用人民幣 management
(Note i) 1,000,000元 and consulting
深圳市沈建投資發展有限公司投資管理諮詢
（附註i）
Shenzhen Tong He Chuangjian PRC N/A RMB1,000,000 – – 100% – 100% – Investment
Investment Development 中國不適用人民幣 holding
Company Limited (Note i) 1,000,000元投資控股
深圳市同合創建投資發展
有限責任公司（附註i）
Tai He Chuang Jian (Note i) PRC N/A RMB1,000,000 – – 100% – 100% – Investment
泰合創建（附註i）中國不適用人民幣 holding
1,000,000元投資控股
Guangzhou Xiaoma Chuang Fu Hu PRC N/A RMB50,000,000 – – 100% – 100% – Online technology
Lian Wang Xinxi Fuwu Company 中國不適用人民幣 development
Limited (Note i and Note ii) 50,000,000元互聯網技術開發
廣州小馬創富互聯網信息服務
有限公司（附註i及附註ii）
Shenzhen Ju Sheng Chuang Jian PRC N/A RMB1,000,000 – – 100% – 100% – Investment
Investment and Development 中國不適用人民幣 holding
Limited (“Ju Sheng Chuang 1,000,000元投資控股
Jian”) (Note i)
深圳市聚晟創建投資發展有限公司
（「聚晟創建」）（附註i）
Kingma Overseas HK Ordinary US$20,000 – – 100% 100% 100% 100% Securities
金馬海外香港普通股 20,000美元 Investment
證券投資
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2016年報 瀋陽公用發展股份有限公司

163

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

For the year ended 31 December 2016 截至2016年12月31日止年度

39. PARTICULARS OF SUBSIDIARIES (Continued)

39. 附屬公司詳情（續）

General information of subsidiaries (Continued)

有關附屬公司的一般資料（續）

==> picture [432 x 337] intentionally omitted <==

English name for identification only
英文公司名稱僅供識別

All of the above subsidiaries are limited company which the places of operations are the same as their places of incorporation.

所有上述附屬公司之營業地點與註冊成立地點相同。

None of the subsidiaries had issued any debt securities outstanding at the end of the reporting period or at any time during the year.

概無附屬公司發行任何於報告期末或於年內任何時間未償還的債務證券。

Notes:

附註：

(i) It was newly incorporated during the year ended 31 December 2016.
(i) 於截至2016年12月31日止年度新註冊成立。
(ii) The registered capital of RMB50,000,000 has not been paid up to 31 December 2016.
(ii) 於2016年12月31日，註冊資本人民幣50,000,000元尚未繳足。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

164

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

For the year ended 31 December 2016 截至2016年12月31日止年度

39. PARTICULARS OF SUBSIDIARIES (Continued)

39. 附屬公司詳情（續）

Details of non-wholly owned subsidiaries that have material non-controlling interests

擁有重大非控股權益的非全資附屬公司的詳情

The table below shows details of non-wholly owned subsidiary of the Group that have material non-controlling interests:

下表載列本集團擁有重大非控股權益的非全資附屬公司的詳情：

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Place of
incorporation
and principal Proportion of ownership
place of interest and voting rights held Profit allocated to Accumulated
Name of subsidiary business by non-controlling interests non-controlling interests non-controlling interests
註冊成立地點及非控股權益持有擁有權
附屬公司名稱主要營業地點權益及投票權比例分配至非控股權益的溢利累計非控股權益
2016 2015 2016 2015 2016 2015
RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元
Chung Hwa Finance HK 45% – 3,802 – 85,267 –
中華信貸香港
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Summarised financial information in respect of the Group’s subsidiary that has material non-controlling interests is set out below. The summarised financial information below represents amounts before intragroup eliminations.

有關本集團擁有重大非控股權益的附屬公司的財務資料概要載列下文。以下財務資料概要指集團內公司間對賬前的金額。

Chung Hwa Finance

中華信貸

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2016
RMB’000
人民幣千元
Current assets 流動資產 455,294
Non-current assets 非流動資產 34
Current liabilities 流動負債 (254,648)
Non-current liabilities 非流動負債 –
Equity attributable to owners of the Company 本公司擁有人應佔權益 115,413
Non-controlling interests of
Chung Hwa Finance (Note) 中華信貸的非控股權益（附註） 85,267
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Note: As per the capital contribution agreement, non-controlling interest will not share the pre-acquisition reserve of approximately RMB11,198,000. No gain or loss on a deemed disposal have been recognised in equity (Note 33) .

附註：根據注資協議，非控股權益將不會分佔收購前儲備約人民幣 11,198,000 元。概無視為出售的損益已在權益中確認（附註33）。

2016年報 瀋陽公用發展股份有限公司

165

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

For the year ended 31 December 2016 截至2016年12月31日止年度

39. 附屬公司詳情（續）

39. PARTICULARS OF SUBSIDIARIES (Continued)

中華信貸（續）（續）

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Chung Hwa Finance (Continued) 中華信貸（續）（續）
Year ended
31 December
2016
截至 2016 年
12 月 31 日
止年度
RMB’000
人民幣千元
Revenue 收入 38,467
Expenses 開支 (30,019)
Profit for the year 年內溢利 8,448
Profit attributable to owners of the Company 本公司擁有人應佔溢利 4,646
Profit attributable to the non-controlling
interests of Chung Hwa Finance 中華信貸非控股權益應佔溢利 3,802
Profit for the year 年內溢利 8,448
Other comprehensive income attributable to
owners of the Company 本公司擁有人應佔其他全面收入 580
Other comprehensive income attributable to
the non-controlling interests of 中華信貸非控股權益應
Chung Hwa Finance 佔其他全面收入 475
Other comprehensive income for the year 年內其他全面收入 1,055
Total comprehensive income
attributable to owners of the Company 本公司擁有人應佔全面收入總額 5,226
Total comprehensive income attributable to
the non-controlling interests of 中華信貸非控股權益應
Chung Hwa Finance 佔全面收入總額 4,277
Total comprehensive income for the year 年內全面收入總額 9,503
Year ended
31 December
2016
截至 2016 年
12 月 31 日
止年度
RMB’000
人民幣千元
Net cash outflow from operating activities 經營活動現金流出淨額 98,430
Net cash outflow from investing activities 投資活動現金流出淨額 40,526
Net cash inflow from financing activities 融資活動現金流入淨額 139,760
Net cash inflow 現金流入淨額 804
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

166

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

For the year ended 31 December 2016 截至2016年12月31日止年度

40. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY

40. 本公司財務狀況表及儲備

==> picture [432 x 455] intentionally omitted <==

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2016 2015
Notes RMB’000 RMB’000
附註人民幣千元人民幣千元
NON-CURRENT ASSETS 非流動資產
Investments in subsidiaries 於附屬公司的投資 (a) 194,688 193,688
Deposit paid for acquisition of 收購投資所支付的
investment 訂金 32,000 –
226,688 193,688
CURRENT ASSETS 流動資產
Amounts due from subsidiaries 應收附屬公司款項 (b) 822,022 614,167
Other receivables 其他應收款 – 8
Bank balances and cash 銀行結餘及現金 833 2,833
822,855 617,008
CURRENT LIABILITIES 流動負債
Other payables and accruals 其他應付款及應計費用 2,167 1,830
Amount due to a subsidiary 應付一間附屬公司款項 (c) 54,079 60,877
Tax liabilities 稅項負債 4,959 4,799
61,205 67,506
NET CURRENT ASSETS 流動資產淨值 761,650 549,502
NET ASSETS 資產淨值 988,338 743,190
CAPITAL AND RESERVES 資本及儲備
Share capital 股本 1,469,376 1,224,480
Reserves 儲備 (d) (481,038) (481,290)
TOTAL EQUITY 總權益 988,338 743,190
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The Company’s statement of financial position was approved and authorised for issue by the board of directors on 27 March 2017 and are signed on its behalf by:

本公司的財務狀況表，經董事會於 2017年3月27日核准及授權發出，並由下列董事代表簽署：

Zhang Jing Ming 張敬明 Director 董事

Deng Xiao Gang 鄧曉綱 Director 董事

2016年報 瀋陽公用發展股份有限公司

167

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

For the year ended 31 December 2016 截至2016年12月31日止年度

40. STATEMENT OF FINANCIAL POSITION AND RESERVES 40. 本公司財務狀況表及儲備（續） OF THE COMPANY (Continued)

附註：

Notes:

(a) 於附屬公司的投資

Investments in subsidiaries	(a)	於附屬公司的投	於附屬公司的投	資	資
		2016		2015
		RMB’000		RMB’000
		人民幣千元		人民幣千元

Unlisted shares, at cost 非上市股份，按成本 Less: Accumulated impairment allowance 減：累計減值準備 Apart from the amount due from Zhongfang Chaozhou, the amounts due from subsidiaries are unsecured, non-interest bearing and have no fixed terms of repayment for both years. At 31 December 2016 and 2015, the amount due from Zhongfang Chaozhou is unsecured, non-interest bearing and is repayable within one year. The amount due to a subsidiary is unsecured, non-interest bearing and has no fixed terms of repayment. Reserves (b) (c) (d)
		194,698
		(10)

		194,688
	Share premium	Statutory surplus reserve Accumulated losses			Total
	股本溢價	法定盈餘公積金累計虧損			總計
	RMB’000	RMB’000 RMB’000			RMB’000
	人民幣千元	人民幣千元人民幣千元			人民幣千元
	(Note i)	(Note ii)
	（附註i）	（附註ii）

At 1 January 2015 於2015年1月1日 Loss for the year, representing total comprehensive expense for the year 年內虧損，代表年內全面開支總額 Transaction costs attributable to issuance of H-shares 發行H股相關交易成本 At 31 December 2015 and 1 January 2016 於2015年12月31日及 2016年1月1日 Profit for the year, representing total comprehensive expense for the year 年內溢利，代表年內全面開支總額 Transaction costs attributable to issuance of shares 發行股份相關交易成本 At 31 December 2016 於2016年12月31日 Notes: (i) Share premium Share premium comprises surplus between the value of net assets acquired and the nominal value of state shares issued as a result of the incorporation of the Company as a joint stock limited company and the share premium from the issuance of H-shares. (ii) Statutory surplus reserve The Company is required to set aside 10% of its profit after taxation prepared in accordance with the PRC accounting regulations to the statutory surplus reserve until the balance reaches 50% of their respective paid up capital or registered capital, where further appropriation will be at the Directors’ recommendation. Such reserve can be used to reduce any losses incurred or to increase the capital.	323,258 – (832)	103,215 – –	(900,841) (6,090) –
	322,426 – (1,950)	103,215 – –	(906,931) 2,202 –
	320,476	103,215	(904,729)

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

168

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

For the year ended 31 December 2016 截至2016年12月31日止年度

41. EVENTS AFTER THE END OF THE REPORTING PERIOD

41. 報告期末後事件

(a) On 16 January 2017, Chung Hwa Finance, a subsidiary of the Company, has pass the special resolution to approve the proposed reduction of its share capital from HK$200,000,000 to HK$50,000,000 (the “Capital Reduction”). Upon completion of the Capital Reduction on 21 February 2016, the issued share capital of Chung Hwa Finance will be decreased to HK$50,000,000 while the number of issued shares will remain unchanged. Chung Hwa Finance will be remained owned as to 55% by Kingma Overseas and 45% by Chung Hwa Finance Holdings Limited respectively. Details of the Capital Reduction has been disclosed in the Company’s announcement dated 23 January 2017.
(a) 於 2017 年 1 月 16 日，中華信貸（本公司附屬公司）通過特別決議案，批准建議將其股本由 200,000,000 港元削減至 50,000,000港元（「減股」）。於 2016年2月21日完成減股後，中華信貸已發行股本將減至 50,000,000港元，而已發行股份數目維持不變。中華信貸將仍分別由金馬海外及中華信貸集團有限公司擁有55%及45% 的權益。有關減股的詳情，請參閱本公司日期為2017年1月 23日的公告。
(b) On 3 March 2017, the conditions precedent of the acquisition agreement of Hai Yue Proposed Acquisition have been fulfilled and the completion took place on 3 March 2017. Details of the completion of acquisition has been disclosed in the Company’s announcement date 3 March 2017.
(b) 於2017年3月3日，有關海粵建議收購事項的收購協議的先決條件已獲達成，而收購事項已於2017年3月3日完成。有關完成收購事項的詳情，請參閱本公司日期為2017年3月3日的公告。
(c) On 10 March 2017, the Vendor and the Company entered into the termination agreement to terminate the acquisition of 28% equity interest in Shenzhen Hui Ye Micro Lending with immediate effect. The Vendor has refunded the consideration received of RMB32,000,000 to Shenzhen Shen He, a wholly-owned subsidiary of the Company on 10 March 2017.
(c) 於2017年3月10日，賣方與本公司訂立終止協議以即時終止收購深圳匯業小額貸款 28% 股權。賣方已於2017年3月10 日向深圳沈和（本公司全資附屬公司）退還已收訂金人民幣 32,000,000元。
(d) On 10 March 2017, Ju Sheng Chuang Jian, a wholly-owned subsidiary of the Company entered into the gold investment agreements with Shenzhen Fu Yu Man Trading Company Limited and Shenzhen Hua Xin Chen Trading Company Limited respectively. Pursuant to the gold investment agreements, Ju Sheng Chuang Jian agreed to invest in standard gold in AU99.99 fineness with the total investment amount of RMB54,620,000.
(d) 於2017年3月10日，聚晟創建（本公司全資附屬公司）分別與深圳市褔裕滿貿易有限公司及深圳市華鑫宸貿易有限公司訂立黃金投資協議。根據黃金投資協議，聚晟創建同意以總投資額人民幣54,620,000元投資純度為99.99的標準黃金。

2016年報 瀋陽公用發展股份有限公司

169

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

For the year ended 31 December 2016 截至2016年12月31日止年度

41. EVENTS AFTER THE END OF THE REPORTING PERIOD (Continued)

41. 報告期末後事件（續）

(e) On 14 March 2017, Modern Key, a wholly-owned subsidiary of the Company, has entered into a non-legally binding letter of intent (the “Letter of Intent”) with BGA China Technology Company Limited (“BGA China”). Pursuant to the Letter of Intent, it is proposed that Modern Key will conditionally acquire not less than 20% equity interest of BGA China. Details of the potential acquisition has been disclosed in the Company’s announcement dated 14 March 2017.
(e) 於2017年3月14日，現基（本公司全資附屬公司）與神農中華科技有限公司（「神農中華」）訂立不具法律約束力的意向書（「意向書」）。根據意向書，現議定現基將有條件地收購神農中華不少於20%股權。有關潛在收購事項的詳情，請參閱本公司日期為2017年3月14日的公告。
(f) On 17 March 2017, the Board has passed a resolution to increase the registered capital of Zhongfang Chaozhou from RMB150,000,000 to RMB400,000,000, The purpose for the capital increase is to enhance the capital base of Zhongfang Chaozhou as well as strengthen its infrastructure and construction business in the PRC. As at the date of this report, the capital increase is still in progress.
(f) 於2017年3月17日，董事會通過決議案將中房潮州的註冊資本由人民幣 150,000,000 元增至人民幣 400,000,000 元。增資旨在擴大中房潮州的資本基礎及鞏固其於中國的基礎設施建設業務。於本報告日期，增資仍在進行中。
(g) On 20 January 2017, the Company has received a formal approval dated 11 January 2017 from China Securities Regulatory Commission (the “CSRC”) that the Company is approved to place no more than 121,075,200 new H-Shares (the “New H-Shares”), under the General Mandate 2016 (the “Placing”). The formal approval will expire after twelve months upon the date of approval. Details of the Placing has been disclosed in the Company’s announcement dated 20 January 2017.
(g) 於2017年1月20日，本公司收到中國證券監督管理委員會
（「中國證監會」）日期為2017年 1月11日的正式批文，本公司獲准根據2016一般授權配售不超過121,075,200股新H股（「新 H股」）（「配售」）。正式批文將於批文日期起計十二個月內屆滿。有關詳情，請參閱本公司日期為2017年1月20日的公告。

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

170

Financial Summary 財務摘要

CONSOLIDATED STATEMENT OF PROFIT OR LOSS 綜合損益表

==> picture [461 x 577] intentionally omitted <==

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2016 2015 2014 2013 2012
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Revenue 收入 108,370 311,400 86,248 336,800 10,160
Sales taxes on turnover 營業額銷售稅 (468) (765) (431) (1,679) (554)
Cost of sales 營業成本 (78,707) (293,945) (80,932) (303,863) (792)
Other income 其他收入 538 2,077 2,042 545 121
Gain on disposal of assets and 出售分類為持作
liabilities classified 銷售之資產及
as held for sale 負債之收益 – – 45,677 – –
Impairment loss recognised in
– – – –
respect of goodwill 就商譽確認之減值虧損 (20,000)
Impairment loss recognised in 就一間聯營公司權益確認之
– – – –
respect of interest in an associate 減值虧損 (3,561)
Finance cost 財務成本 (51) (531) – – –
– – –
Exchange gain 匯兌收益 16,898 11,578
Loss on disposal of convertible
installments designed as financial 指定為按公允價值計入損益
asset as fair value through profit 的財務資產的可換股工具
or loss 的虧損 (1,141) – – – –
Fair value change on
convertible instruments designed 指定為按公允價值計入損益
as financial asset at fair value 的財務資產的可換股工具
– – – –
through profit or loss 的公允價值變動 1,084
Fair value change on
– – – –
contingent consideration 或然代價公允價值變動 30,500
Gain (loss) on disposal of 出售附屬公司收益
subsidiaries, net （虧損）淨額 – – 3 – (1,547)
Fair value change on 持作買賣投資之
– –
held-for-trading investments 公允價值變動 (30) (7,917) (66)
Fair value loss on step 逐步收購一間附屬公司
– – – –
acquisition of a subsidiary 之公允價值虧損 (48)
Fair value change of 投資物業公允價值變動
investment properties, net 淨額 – – – – 800
(Loss) gain on disposal of held-for- 出售持作買賣投資的
–
trading investments （虧損）收益 (993) (9,377) (561) (161)
Administrative and other operating
expenses 行政及其他經營開支 (8,864) (9,880) (6,830) (14,088) (5,637)
Share of profit of an associate 應佔一間聯營公司溢利 41 – – – –
Profit before tax 除稅前溢利 12,032 3,724 45,216 17,488 33,003
Income tax expenses 所得稅開支 (5,881) (6,497) (1,155) (5,849) (5,877)
Profit (loss) for the year 年內溢利（虧損） 6,151 (2,773) 44,061 11,639 27,126
– – – –
Non-controlling interests 非控股權益 3,802
Profit (loss) attributable to 本公司擁有人應佔
owners of the Company 溢利（虧損） 2,349 (2,773) 44,061 11,639 27,126
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Financial Summary 財務摘要

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表

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2016 2015 2014 2013 2012
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元
Non-current assets 非流動資產 516,734 334,997 127,209 107,133 76,486
Current assets 流動資產 755,668 588,349 642,273 1,226,012 1,133,161
Current liabilities 流動負債 (151,734) (134,624) (181,551) (789,455) (674,744)
Net current assets 流動資產淨額 603,934 453,725 460,722 436,557 458,417
Total assets less current
liabilities 總資產減流動負債 1,120,668 788,722 587,931 543,690 534,903
Capital and reserves: 資本及儲備：
Share capital 股本 1,469,376 1,224,480 1,020,400 1,020,400 1,020,400
Reserves 儲備 (433,975) (435,758) (432,469) (476,710) (488,297)
Equity attributable
to owners of the 本公司擁有人
Company 應佔權益 1,035,401 788,722 587,931 543,690 532,103
– – – –
Non-controlling interests 非控股權益 85,267
Non-current liabilities 非流動負債 – – – – 2,800
Total equity 總權益 1,120,668 788,722 587,931 543,690 534,903
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Annual Report 2016 Shenyang Public Utility Holdings Company Limited

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Glossary 專用詞彙

In this report (other than the Financial Statements), unless the context otherwise requires, the following expressions shall have the following respective meanings.

於本報告（財務報表除外），除文義另有所指，以下詞彙具有以下涵義。

“2015 Corresponding Period” for the year ended 31 December 2015 「2015年同期」截至2015年12月31日止年度 “2016 Financial Year” for the year ended 31 December 2016 「2016年財政年度」截至2016年12月31日止年度 “Articles” The Articles of the Company 「公司章程」本公司的公司章程 “Board” the board of Directors 「董事會」董事會 “Company” Shenyang Public Utility Holdings Company Limited* 「本公司」瀋陽公用發展股份有限公司 “Cheng He Chuang Jian” Shenzhen Cheng He Chuang Jian Investment and Development Company Limited 「城合創建」深圳市城合創建投資發展有限公司 “Chung Hwa Finance” Chung Hwa Finance Limited (formerly known as Newpont Finance Limited), a licensed money lender in Hong Kong under the Money Lenders Ordinance 「中華信貸」中華信貸有限公司（前稱新邦信貸有限公司），根據《放債人條例》的香港持牌放債人 “CSRC” China Securities Regulatory Commission 「中國證監會」中國證券監督管理委員會 “Director(s)” the directors of the Company 「董事」本公司董事

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Glossary 專用詞彙

“Domestic Shares” domestic shares with a nominal value of RMB1 each in the share capital of the Company which are subscribed for in RMB
「內資股」本公司股本中每股面值人民幣1元的內資股，以人民幣認購 “General Mandate 2015” the general mandate granted to the Directors by the Shareholders at the annual general meeting of the Company held on 27 June 2014, pursuant to which the Directors are authorised to allot, issue and deal with each of the H-Shares and Domestic Shares with an aggregate nominal amount of up to but not exceeding 20% of the then aggregate nominal amount of H-Shares and Domestic Shares, respectively
「2015一般授權」於本公司2014年6月27日舉行的股東週年大會上獲股東授予董事的一般授權，據此，董事獲授權配發、發行及處理總面值最高但不超過H股及內資股當時總面值20%的H股及內資股
“General Mandate 2016” the general mandate granted to the Directors by the Shareholders at the annual general meeting of the Company held on 24 June 2015, pursuant to which the Directors are authorised to allot, issue and deal with each of the H-Shares and Domestic Shares with an aggregate nominal amount of up to but not exceeding 20% of the then aggregate nominal amount of H-Shares and Domestic Shares, respectively
「2016一般授權」於本公司2015年6月24日舉行的股東週年大會上獲股東授予董事的一般授權，據此，董事獲授權配發、發行及處理總面值最高但不超過H股及內資股當時總面值20%的H股及內資股

“Group” the Company and its subsidiaries 「本集團」本公司及其附屬公司 “Hai Yue Real Estate” Guangzhou Hai Yue Real Estate Development Company Limited* 「海粵房地產」廣州海粵房地產發展有限公司 “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China 「香港」中華人民共和國香港特別行政區 “H-Shares” overseas listed foreign ordinary share(s) of the Company with a nominal value of RMB1 each, all of which are listed on the main board of the Stock Exchange and subscribed for and traded in Hong Kong dollars

「H股」本公司股本中每股面值人民幣1元之境外上市外資普通股，全部均在聯交所主板上市及以港元認購及買賣

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Glossary 專用詞彙

“Independent Third Party(ies)” the independent third party(ies) who is/are, to the best of the Directors’ knowledge, information and belief having made all reasonable enquiry, independent of the Company and its connected persons (as defined under the Listing Rules) 「獨立第三方」於作出一切合理查詢後，就董事深知、得悉及確信，獨立於本公司及其關連人士（定義見上市規則）的獨立第三方 “Jinma Asset” Shenzhen Jinma Asset Management Company Limited 「金馬資產」深圳市金馬資產管理有限公司 “Kingma Overseas” Kingma Overseas Investment Development Corporate Limited 「金馬海外」金馬海外投資發展有限公司 “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange 「上市規則」聯交所證券上市規則 “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers 「標準守則」上市發行人董事進行證券交易的標準守則 “PRC” the People’s Republic of China 「中國」中華人民共和國 “RMB” Renminbi, the lawful currency of the PRC 「人民幣」中國法定貨幣人民幣 “SFO” Securities and Futures Ordinance (Chapter 571 of the law of Hong Kong) 「證券及期貨條例」證券及期貨條例（香港法例571章） “Share” H-Share(s) and Domestic Share(s) 「股份」 H股及內資股 “Shareholders” holders of the H-Shares and Domestic Shares 「股東」 H股及內資股持有人 “Shenzhen Shen He” Shenzhen Shen He Chuang Jian Investment Development Company Limited* 「深圳沈和」深圳市沈和創建投資發展有限公司

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Glossary 專用詞彙

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“Shishi Shen Guo Tou” Shishi Shen Guo Tou Commercial Property Company Limited 「石獅深國投」石獅深國投商用置業有限公司 “Stock Exchange” The Stock Exchange of Hong Kong Limited 「聯交所」香港聯合交易所有限公司 “Zhongfang Chaozhou” Zhongfang Chaozhou Investment Development Company Limited 「中房潮州」中房潮州投資開發有限公司

“Zhongfang Chaozhou Jing Nan a infrastructure construction project in Jing Nan Industrial Park, in Chaozhou Industrial Park Project” 「中房潮州徑南工業園項目」位於潮州徑南工業園的基礎設施建設項目

For identification purpose only
僅供識別

Annual Report 2016 Shenyang Public Utility Holdings Company Limited

176

瀋陽公用發展股份有限公司 Stock code 股份代號： 747

AI assistant

CMON Limited — Annual Report 2016

50172_rns_2017-04-28_415dce29-0fe2-48ed-8102-3e48f16c32e8.pdf

瀋陽公用發展股份有限公司 Stock code 股份代號： 747

Contents 目錄

Corporate Information 公司資料

DIRECTORS

Executive Directors

Non-executive Directors

Independent Non-executive Directors

AUDIT COMMITTEE

REMUNERATION COMMITTEE

NOMINATION COMMITTEE

SUPERVISORS

REGISTERED OFFICE

董事

監事

Corporate Information 公司資料

JOINT COMPANY SECRETARIES

AUTHORISED REPRESENTATIVES

AUDITOR

H SHARE REGISTRAR AND TRANSFER OFFICE

PRINCIPAL BANKERS

STOCK CODE

WEBSITE

聯席公司秘書

股份代號

網址

Dear Shareholders,

BUSINESS REVIEW

尊敬的各位股東：

業務回顧

OUTLOOK

Zhang Jing Ming

前景

張敬明

FINANCIAL REVIEW

財務回顧

Income Tax Expenses

Donations

Earnings/loss per share

BUSINESS REVIEW

Infrastructure Construction and Property Development Business

所得稅開支

捐款

每股盈利╱虧損

業務回顧

基礎設施建設及物業發展業務

Credit Business

Securities Investments Business

BUSINESS PROSPECTS

信貸業務

證券投資業務

業務展望

LIQUIDITY AND FINANCIAL RESOURCES

流動資金與財務資源

MATERIAL ACQUISITION AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATE COMPANIES

Acquisition of 20% equity interest of Guangzhou Hai Yue Real Estate Development Company Limited

重大收購及出售附屬及聯營公司

收購廣州海粵房地產發展有限公司 20% 股權

Acquisition of 30% equity interest of Shishi Shen Guo Tou Commercial Property Company Limited

Disposal of the shares and convertible bond of Asia Resources Holdings Limited

收購石獅深國投商用置業有限公司 30% 股權

出售亞洲資源控股有限公司股份及可換股債 券

Formation of Joint Venture in the PRC

Disposal of the entire issued share capital of Shenzhen Cheng He Chuang Jian Investment Development Company Limited

成立於中國的合營企業

出售深圳市城合創建投資發展有限公司全部 已發行股本

Pre-acquisition of property in Beijing PRC

The Share Subscription

預購於中國北京的物業

股份認購

Capital Contribution to Chung Hwa Finance

NUMBER OF EMPLOYEES, EMOLUMENTS, TRAINING SCHEMES AND SHARE OPTION SCHEMES

ASSETS SECURED/PLEDGED

向中華信貸注資

僱員人數及薪酬、培訓計劃及購股權計 劃

資產抵押╱質押

CURRENCY RISKS

CONTINGENT LIABILITIES

CMON Limited Annual Report 2016

出售亞洲資源控股有限公司股份及可換股債券

出售深圳市城合創建投資發展有限公司全部已發行股本

僱員人數及薪酬、培訓計劃及購股權計劃