eprint Group Limited - Interim / Quarterly Report 2020

==> picture [154 x 112] intentionally omitted <==

INTERIM REPORT 2019 中期報告

CONTENTS 目錄

Corporate Information

Financial Highlights

Condensed Interim Consolidated Statement of Comprehensive Income

Condensed Interim Consolidated Statement of Financial Position

Condensed Interim Consolidated Statement of Changes in Equity

Condensed Interim Consolidated Statement of Cash Flows

Notes to the Condensed Interim Consolidated Financial Information

Management Discussion and Analysis Other Information

公司資料財務摘要簡明中期合併綜合收益表簡明中期合併財務狀況表簡明中期合併權益變動表簡明中期合併現金流量表簡明中期合併財務資料附註管理層討論及分析其他資料

2 4 5 7 9 11 13 53 64

Interim Report 2019 二零一九年中期報告

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive directors

Mr. She Siu Kee William (Chairman and Chief Executive Officer) Mr. Chong Cheuk Ki

Non-executive directors

Mr. Leung Wai Ming Mr. Cai Qiang

Independent non-executive directors

Mr. Poon Chun Wai Mr. Fu Chung Mr. Ma Siu Kit

AUDIT COMMITTEE

Mr. Ma Siu Kit (Chairman) Mr. Poon Chun Wai Mr. Fu Chung

REMUNERATION COMMITTEE

Mr. Poon Chun Wai (Chairman) Mr. She Siu Kee William Mr. Fu Chung

NOMINATION COMMITTEE

Mr. Fu Chung (Chairman) Mr. She Siu Kee William Mr. Poon Chun Wai

AUTHORISED REPRESENTATIVES

Mr. She Siu Kee William Mr. Mok Chun Wa

COMPANY SECRETARY

Mr. Mok Chun Wa

REGISTERED OFFICE

4th Floor, Harbour Place 103 South Church Street George Town, P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands

董事會

執行董事 佘紹基先生（主席暨行政總裁）莊卓琪先生

非執行董事 梁衞明先生蔡强先生

獨立非執行董事 潘振威先生傅忠先生馬兆杰先生

審核委員會

馬兆杰先生（主席）潘振威先生傅忠先生

薪酬委員會

潘振威先生（主席）佘紹基先生傅忠先生

提名委員會

傅忠先生（主席）佘紹基先生潘振威先生

授權代表

佘紹基先生莫俊華先生

公司秘書

莫俊華先生

註冊辦事處

4th Floor, Harbour Place 103 South Church Street George Town, P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands

eprint Group Limited eprint 集團有限公司

CORPORATE INFORMATION 公司資料

HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Flat A3, 1st Floor, Phase 3 Kwun Tong Industrial Centre 448-458 Kwun Tong Road Kwun Tong, Kowloon Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited Dah Sing Bank, Limited

AUDITOR

PricewaterhouseCoopers Certified Public Accountants

LEGAL ADVISOR TO THE COMPANY (HONG

KONG LAW) Michael Li & Co.

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

Estera Trust (Cayman) Limited Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

香港總公司及主要營業地點

香港九龍觀塘觀塘道448-458號官塘工業中心第3期1樓 A3室

主要往來銀行

中國銀行（香港）有限公司大新銀行有限公司

核數師

羅兵咸永道會計師事務所執業會計師

本公司法律顧問（香港法律）

李智聰律師事務所

主要股份登記及過戶處

Estera Trust (Cayman) Limited Clifton House 75 Fort Street P.O. Box 1350 Grand Cayman KY1-1108 Cayman Islands

香港股份登記及過戶分處

AND TRANSFER OFFICE

Tricor Investor Services Limited Level 54 Hopewell Centre 183 Queen’s Road East Hong Kong

COMPANY WEBSITE

http://www.eprintgroup.com.hk

STOCK CODE

1884

卓佳證券登記有限公司香港皇后大道東183號合和中心 54樓

公司網址

http://www.eprintgroup.com.hk

股份代號

1884

Interim Report 2019 二零一九年中期報告

FINANCIAL HIGHLIGHTS 財務摘要

==> picture [354 x 240] intentionally omitted <==

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

For the six months ended
30 September
截至九月三十日止六個月
2019 2018 Change
二零一九年二零一八年變動
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Operating Results 營運業績
Revenue 收益 205,158 204,789 0.2%
– e-print segment – e-print分部 159,068 158,168 0.6%
– e-banner segment – e-banner分部 46,090 46,621 (1.1%)
Segment results 分部業績 7,102 12,889 (44.9%)
– e-print segment – e-print分部 6,661 11,915 (44.1%)
– e-banner segment – e-banner分部 441 974 (54.7%)
Profit for the period attributable to 本公司權益持有人應佔
equity holders of company 期內溢利 5,962 11,456 (48.0%)
Net profit margin % (Attributable to 純利率%（本公司權益
equity holders of company) 持有人應佔） 2.9% 5.6%
Gross profit margin % 毛利率% 35.2% 35.6%
Basic earnings per share (HK Cents) 每股基本盈利（港仙） 1.08 2.08 (48.1%)
----- End of picture text -----

==> picture [354 x 151] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019 Change
於二零一九年於二零一九年
九月三十日三月三十一日變動
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Financial Position 財務狀況
Total assets 資產總額 339,514 310,673 9.3%
Total equity 權益總額 230,594 234,518 (1.7%)
Cash and cash equivalents 現金及現金等值項目 108,922 123,664 (11.9%)
----- End of picture text -----

4 eprint Group Limited eprint 集團有限公司

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 簡明中期合併綜合收益表

For the six months ended 30 September 2019 截至二零一九年九月三十日止六個月

==> picture [354 x 432] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
Note HK$’000 HK$’000
附註千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Revenue 收益 205,158 204,789
Cost of sales 銷售成本 (133,020) (131,836)
Gross profit 毛利 72,138 72,953
Other income 其他收入 1,297 1,629
Other (losses)/gains – net 其他（虧損）╱收益－淨額 (5,741) 1,791
Selling and distribution expenses 銷售及分銷開支 (19,987) (23,624)
Administrative expenses 行政開支 (40,605) (39,860)
Operating profit 營運溢利 7 7,102 12,889
Finance income 融資收入 1,249 446
Finance costs 融資成本 (1,064) (393)
Finance income – net 融資收入－淨額 8 185 53
Share of profit of a joint venture 應佔合營企業溢利 897 1,047
Share of losses of associates 應佔聯營公司虧損 (136) (578)
Profit before income tax 除所得稅前溢利 8,048 13,411
Income tax expense 所得稅開支 9 (2,136) (1,898)
Profit for the period 期內溢利 5,912 11,513
Other comprehensive income: 其他綜合收益：
Item that may be subsequently 可能隨後重新分類至
reclassified to profit or loss 損益的項目
Currency translation differences 匯兌差額 (1,036) (1,491)
Total comprehensive income 期內綜合收益總額
for the period 4,876 10,022
----- End of picture text -----

Interim Report 2019 二零一九年中期報告 5

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 簡明中期合併綜合收益表

For the six months ended 30 September 2019 截至二零一九年九月三十日止六個月

==> picture [354 x 275] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
Note HK$’000 HK$’000
附註千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Profit for the period 以下各項應佔期內
attributable to: 溢利：
Equity holders of the Company 本公司權益持有人 5,962 11,456
Non-controlling interest 非控股權益 (50) 57
5,912 11,513
Earnings per share 每股盈利
－
– basic and diluted (expressed in HK 基本及攤薄（按每股
cents per share) 港仙計） 10 1.08 2.08
Total comprehensive income 以下各項應佔綜合收益
attributable to: 總額：
Equity holders of the Company 本公司權益持有人 4,946 10,042
Non-controlling interest 非控股權益 (70) (20)
4,876 10,022
----- End of picture text -----

The notes on pages 13 to 52 form an integral part of this condensed interim consolidated financial information.

第13至52頁的附註構成本簡明中期合併財務資料不可分割的一部分。

6 eprint Group Limited eprint 集團有限公司

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明中期合併財務狀況表

As at 30 September 2019 於二零一九年九月三十日

==> picture [354 x 468] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
Note HK$’000 HK$’000
附註千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Assets 資產
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 12 112,960 121,213
Right-of-use assets 使用權資產 43,682 –
Intangible assets 無形資產 725 725
Other financial assets 按攤銷成本列賬之
at amortised cost 其他金融資產 13 633 1,100
Investments in associates 於聯營公司的投資 16 1,957 1,158
Investment in a joint venture 於合營企業的投資 15 10,492 10,084
Deferred income tax assets 遞延所得稅資產 2,231 2,313
Deposits and prepayments 按金及預付款項 8,231 6,093
180,911 142,686
Current assets 流動資產
Inventories 存貨 6,073 6,032
Trade receivables 貿易應收款項 17 6,014 6,480
Deposits, prepayments and 按金、預付款項及
other receivables 其他應收款項 10,165 10,639
Other financial assets at 按攤銷成本列賬之
amortised cost 其他金融資產 13 14,472 8,919
Financial assets at fair value 透過損益按公允價值
through profit or loss 列賬之金融資產 14 12,714 9,545
Amounts due from related 應收關連公司款項
companies 23(b) 243 2,708
Cash and cash equivalents 現金及現金等值項目 108,922 123,664
158,603 167,987
Total assets 資產總額 339,514 310,673
Equity 權益
Capital and reserves attributable 本公司權益持有人
to the equity holders of 應佔資本及儲備
the Company
Share capital 股本 18 5,500 5,500
Share premium 股份溢價 132,921 132,921
Other reserves 其他儲備 86,152 90,006
224,573 228,427
Non-controlling interests 非控股權益 6,021 6,091
Total equity 權益總額 230,594 234,518
----- End of picture text -----

Interim Report 2019 二零一九年中期報告

CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION 簡明中期合併財務狀況表

As at 30 September 2019 於二零一九年九月三十日

==> picture [354 x 329] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
Note HK$’000 HK$’000
附註千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Liabilities 負債
Non-current liabilities 非流動負債
Obligations under finance leases 融資租賃項下責任 21 – 268
Lease liabilities 租賃負債 21 23,653 –
Deferred income tax liabilities 遞延所得稅負債 6,551 6,901
Other payables 其他應付款項 915 1,063
31,119 8,232
Current liabilities 流動負債
Trade payables 貿易應付款項 19 7,699 9,323
Accruals and other payables 應計款項及其他應付款項 27,155 30,250
Borrowings 借貸 20 22,145 25,943
Obligations under finance leases 融資租賃項下責任 21 – 1,868
Lease liabilities 租賃負債 21 18,957 –
Amount due to related companies 應付關連公司款項 23(b) 201 34
Amounts due to directors 應付董事款項 23(b) 238 200
Current income tax payable 應付當期所得稅 1,406 305
77,801 67,923
Total liabilities 負債總額 108,920 76,155
Total equity and liabilities 權益及負債總額 339,514 310,673
----- End of picture text -----

The notes on pages 13 to 52 form an integral part of this condensed interim consolidated financial information.

第13至52頁的附註構成本簡明中期合併財務資料不可分割的一部分。

8 eprint Group Limited eprint 集團有限公司

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明中期合併權益變動表

For the six months ended 30 September 2019 截至二零一九年九月三十日止六個月

==> picture [353 x 65] intentionally omitted <==

Balance at 31 March 2018 (Audited) and 1 April 2018	於二零一八年三月三十一日（經審核）及二零一八年四月一日結餘	5,500	132,921	6,593	(21) (862) 81,158	(21) (862) 81,158	(21) (862) 81,158	225,289	6,377	231,666
Comprehensive income Profit for the period	綜合收益期內溢利	–	–	–	–	–	11,456	11,456	57	11,513
Other comprehensive income Current translation differences – Group – Associates and a joint venture	其他綜合收益匯兌差額－本集團－聯營公司及合營企業	– –	– –	– –	– –	(587) – (827) –		(587) (77) (664) (827) – (827)
Total comprehensive income	綜合收益總額	–	–	–	–	(1,414) 11,456		10,042	(20) 10,022
Total transactions with owners, recognised directly in equity: Final dividends relating to the year ended 31 March 2018 paid in September 2018 (Note 11)	直接於權益確認的與擁有人的總交易：於二零一八年九月已付有關截至二零一八年三月三十一日止年度的末期股息（附註11）	– –	–	–	–	–	(13,200) (13,200) –			(13,200)
Balance at 30 September 2018 (Unaudited)	於二零一八年九月三十日結餘（未經審核）	5,500	132,921	6,593	(21) (2,276) 79,414 222,131 6,357					228,488

Interim Report 2019 二零一九年中期報告

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明中期合併權益變動表

For the six months ended 30 September 2019 截至二零一九年九月三十日止六個月

==> picture [354 x 256] intentionally omitted <==

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

Attributable to equity holders of the Company
本公司權益持有人應佔
Non-
Share Share Capital Other Exchange Retained controlling Total
capital premium reserve reserve reserve earnings Sub-total interests equity
股本股份溢價資本儲備其他儲備外匯儲備保留盈利小計非控股權益權益總額
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元千港元千港元千港元千港元千港元
Balance at 31 March 2019 (Audited) 於二零一九年三月三十一日
and 1 April 2019 （經審核）及二零一九年
四月一日結餘 5,500 132,921 6,593 (21) (1,877) 85,311 228,427 6,091 234,518
Comprehensive income 綜合收益
Profit for the period 期內溢利 – – – – – 5,962 5,962 (50) 5,912
Other comprehensive income 其他綜合收益
Current translation differences 匯兌差額
– Group －本集團 – – – – (460) – (460) (20) (480)
– Associates and a joint venture －聯營公司及合營企業 – – – – (556) – (556) – (556)
Total comprehensive income 綜合收益總額 – – – – (1,016) 5,962 4,946 (70) 4,876
Total transactions with owners, 直接於權益確認的與擁有人的
recognised directly in equity: 總交易：
Final dividends relating to the year ended 於二零一九年九月已付有關
31 March 2019 paid in September 2019 截至二零一九年三月三十一日
(Note 11) 止年度的末期股息（附註11） – – – – – (8,800) (8,800) – (8,800)
Balance at 30 September 2019 於二零一九年九月三十日結餘
(Unaudited) （未經審核） 5,500 132,921 6,593 (21) (2,893) 82,473 224,573 6,021 230,594
----- End of picture text -----

The notes on pages 13 to 52 form an integral part of this condensed interim consolidated financial information.

第13至52頁的附註構成本簡明中期合併財務資料不可分割的一部分。

eprint Group Limited eprint 集團有限公司

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 簡明中期合併現金流量表

For the six months ended 30 September 2019 截至二零一九年九月三十日止六個月

==> picture [353 x 400] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
Note HK$’000 HK$’000
附註千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Cash flows from 經營活動產生的
operating activities 現金流量
Cash generated from operations 營運產生的現金 27,793 15,747
Interest paid 已付利息 (314) (393)
Income tax paid 已付所得稅 (1,303) (2,008)
Net cash generated from operating 經營活動產生的
activities 現金淨額 26,176 13,346
Cash flows from investing 投資活動產生的現金流量
activities
Proceeds from disposal of property, 出售物業、廠房及設備的
plant and equipment 所得款項 266 118
Proceeds from redemption and 贖回及出售持至到期
disposal of held-to-maturity 投資之所得款項
investments 500 –
Investments in other financial asset 於按攤銷成本列賬之
at amortised cost 其他金融資產的投資 (5,600) (10,000)
Investment in financial assets 於透過損益按公允價值列賬
at fair value through profit or loss 之金融資產的投資 (8,392) –
Purchase of property, plant and 購買物業、廠房及設備
equipment (1,181) (2,165)
Prepayment for purchase of property, 購買物業、廠房及設備的
plant and equipment 預付款項 (5,181) (131)
Investment in an associate 於聯營公司的投資 (800) –
Interest received 已收利息 872 309
Interest Income from unlisted 非上市債券證券的利息收入
bond security 575 –
Interest income form loan receivables 應收貸款利息收入 530 –
Net cash used in investing activities 投資活動所用現金淨額 (18,411) (11,869)
----- End of picture text -----

Interim Report 2019 二零一九年中期報告 11

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 簡明中期合併現金流量表

For the six months ended 30 September 2019 截至二零一九年九月三十日止六個月

==> picture [354 x 329] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
Note HK$’000 HK$’000
附註千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Cash flows from 融資活動產生的現金流量
financing activities
Proceeds from borrowings 借貸所得款項 20 3,951 3,012
Repayments of borrowings 償還借貸 20 (7,749) (4,092)
Repayments of obligations under 償還於融資租賃項下
finance leases 責任的款項 (996) (2,781)
Principal element of lease payment 租賃付款本金部分 (7,742) –
Interest element of lease payment 租賃付款利息部分 (750) –
Dividends paid 已付股息 (8,800) (13,200)
Net cash used in 融資活動所用現金淨額
financing activities (22,086) (17,061)
Net decrease in cash 現金及現金等值項目
and cash equivalents 減少淨額 (14,321) (15,584)
Cash and cash equivalents 期初現金及現金等值項目
at beginning of period 123,664 89,524
Effect of change in exchange rate 匯率變動的影響 (421) (438)
Cash and cash equivalents 期末現金及現金等值項目
at end of period 108,922 73,502
----- End of picture text -----

The notes on pages 13 to 52 form an integral part 第13至52頁的附註構成本簡明中期合 of this condensed interim consolidated financial 併財務資料不可分割的一部分。 information.

12 eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

1 GENERAL

eprint Group Limited (the “Company”) was incorporated in the Cayman Islands on 10 January 2013 as an exempted company with limited liability under the Companies Law (Revised) of the Cayman Islands. The Company’s registered office is situated at 4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands.

The Company is an investment holding company. The Company and its subsidiaries (the “Group”) are principally engaged in the provision of printing services and solutions on advertisement, bound book and stationery, to a diversified customer base in Hong Kong.

The Company has its listing on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).

This condensed interim consolidated financial information is presented in Hong Kong dollars, unless otherwise stated.

2 BASIS OF PREPARATION

This condensed interim consolidated financial information for the six months ended 30 September 2019 has been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim financial reporting” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and the requirements of the Rules Governing the Listing of Securities (the “Listing Rules”) on the Stock Exchange.

This condensed interim consolidated financial information should be read in conjunction with the Group’s consolidated financial statements for the year ended 31 March 2019, which are prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”).

1 一般資料

eprint集團有限公司（「本公司」）於二零一三年一月十日根據開曼群島公司法（經修訂）於開曼群島註冊成立為獲豁免有限公司。本公司註冊辦事處地址為 4th Floor, Harbour Place, 103 South Church Street, George Town, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands。

本公司為一間投資控股公司。本公司及其附屬公司（「本集團」）主要於香港從事為多元化客戶群提供印刷服務及就廣告、精裝圖書及文具提供解決方案。

本公司在香港聯合交易所有限公司（「聯交所」）主板上市。

本簡明中期合併財務資料按港元呈列，除非另行列明。

2 編製基準

此份截至二零一九年九月三十日止六個月之簡明中期合併財務資料，乃根據香港會計師公會（「香港會計師公會」）頒佈的香港會計準則（「香港會計準則」）第34號「中期財務報告」及聯交所證券上市規則（「上市規則」）之規定編製。

本簡明中期合併財務資料須與截至二零一九年三月三十一日止年度之本集團合併財務報表（根據香港財務報告準則（「香港財務報告準則」）編製）一併閱讀。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES

The accounting policies applied are consistent with those used in preparing the Group’s financial statements for the year ended 31 March 2019, except as stated below.

(a) The following amendment to standard is mandatory for the Group’s accounting period beginning on 1 April 2019:

HKFRS 16 Leases

The impact of the adoption of the standard and the new accounting policy are disclosed in Note 3.1 below.

Annual Improvements	Annual improvements
Project	2015-2017 cycle
(Amendments)
HKAS 19	Plan amendment,
(Amendments)	curtailment or
	settlement
HKAS 28	Long-term interests in
(Amendments)	associates and joint
	ventures
HKFRS 9	Prepayment Features
(Amendments)	with Negative
	Compensation
HK(IFRIC) 23	Uncertainty over Income
	Tax Treatments

The Group has adopted these amendments and the adoption of these amendments did not have significant impacts on the Group’s results and financial position.

There are no other new standards or amendments to standards that are effective for the first time for this interim period that could be expected to have a material impact on the Group.

3 主要會計政策

應用的會計政策與編製本集團截至二零一九年三月三十一日止年度的財務報表所應用會計政策一致，惟下文所述者除外。

(a) 下列經修訂準則於二零一九年四月一日開始的本集團會計期間強制生效：

香港財務報告租賃準則第16號

採納該準則及新訂會計政策的影響於下文附註3.1披露。

年度改進項目二零一五年至（修訂本）二零一七年週期之年度改進香港會計準則計劃修訂、第19號（修訂本）縮減或結算香港會計準則於聯營公司及第28號（修訂本）合營企業的長期權益香港財務報告準則具負補償之第9號（修訂本）預付款項特點香港（國際財務所得稅處理的報告詮釋委員不確定性會）第23號

本集團已採納該等修訂本，而採納該等修訂本不會對本集團業績及財務狀況產生重大影響。

概無於本中期期間首次生效之其他新訂或經修訂準則預期對本集團產生重大影響。

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策 （續）

(Continued)

(b) The following new standards and amendments have been issued, but are not effective for the Group’s accounting period beginning on 1 April 2019 and have not been early adopted:
(b) 以下為已頒佈的新訂準則及修訂本，而於二零一九年四月一日開始的本集團會計期間尚未生效，亦未提前採用：

Effective for accounting periods beginning on or after 於以下日期或之後開始的會計期間生效 HKFRS 3 (Revised) (Amendments) Definition of a Business 1 January 2020 香港財務報告準則第3號（經修訂）（修訂本）業務之定義二零二零年一月一日 Conceptual Framework for Revised conceptual framework 1 January 2020 Financial Reporting 2018 for financial reporting 二零一八年財務報告概念框架財務報告之經修訂概念框架二零二零年一月一日 Amendments to HKAS 1 and HKAS 8 Definition of Material 1 January 2020 香港會計準則第1號及香港會計準則第8號（修訂本）重大之定義二零二零年一月一日 HKFRS 17 Insurance contracts 1 January 2021 香港財務報告準則第17號保險合約二零二一年一月一日 HKAS 10 and HKFRS 28 (Amendments) Sale or Contribution of Note Assets between an Investor and its Associates or Joint Venture 香港會計準則第10號及香港投資者與其聯營公司或合營附註財務報告準則第28號（修訂本）企業之間的資產出售或注資

Note: To be announced by HKICPA

附註：將由香港會計師公會公佈

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策（續）

(Continued)

The Directors are in the process of assessing the financial impact of the adoption of the above new standards and amendments to standards. The Directors will adopt the new standards and amendments when they become effective.

(c) Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

3.1 Changes in accounting policy

The following explains the impact of the adoption of HKFRS 16 “Leases” on the Group’s financial information and also discloses the new accounting policy that has been applied from 1 April 2019, where it is different to those applied in prior periods.

(a) Impact on financial information

As a lessee

The Group elected to adopt HKFRS 16 without restating comparative information. The reclassifications and the adjustments are therefore not reflected in the consolidated statement of financial position as at 31 March 2019, but are recognised in the opening of the condensed interim consolidated statement of financial position on 1 April 2019.

On adoption of HKFRS 16, the Group recognized lease liabilities in relation to lease which had previously been classified as ‘operating leases’ under the principles of HKAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of 1 April 2019.

The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on 1 April 2019 was 4.2%.

董事正評估採納上述新訂準則及修訂準則之財務影響。董事將於新訂準則及修訂準則生效後採納。

3.1 會計政策變動

下文闡釋採納香港財務報告準則第 16 號「租賃」對本集團財務資料的影響，並披露自二零一九年四月一日起應用的新會計政策（倘其與過往期間所應用者不同）。

(a) 對財務資料的影響

作為承租人

本集團選擇採納香港財務報告準則第16號，但並無重列比較資料。因此，重新分類及調整並無於二零一九年三月三十一日的合併財務狀況表中反映，惟於二零一九年四月一日的期初簡明中期合併財務狀況表中確認。

於採納香港財務報告準則第16 號時，本集團已就先前根據香港會計準則第17號租賃的原則分類為「經營租賃」的租賃確認租賃負債。該等負債按餘下租賃付款的現值計量，並使用承租人截至二零一九年四月一日的增量借貸利率貼現。

於二零一九年四月一日就租賃負債採用的承租人加權平均增量借貸利率為4.2%。

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策（續）

(Continued)

3.1 Changes in accounting policy (Continued)
3.1 會計政策變動 （續）
(a) Impact on financial information (Continued)
(a) 對財務資料的影響 （續）

As a lessee (Continued)

For leases previously classified as finance leases, the entity recognized the carrying amount of the lease asset and lease liability immediately before transition as the carrying amount of the right-of-use asset and the lease liability at the date of initial application. The measurement principles of HKFRS 16 are only applied after that date.

作為承租人（續）

就過往分類為融資租賃的租賃而言，實體於首次應用日期將緊接過渡前的租賃資產及租賃負債的賬面值確認為使用權資產及租賃負債的賬面值。香港財務報告準則第16號的計量原則僅於該日期後應用。

The impacts arising from the adoption of HKFRS 16 as at 1 April 2019 are as follows:

於二零一九年四月一日採納香港財務報告準則第16號產生的影響如下：

==> picture [332 x 80] intentionally omitted <==

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

As at
1 April 2019
於二零一九年
四月一日
HK$’000
千港元
(Unaudited)
（未經審核）
----- End of picture text -----

Operating lease commitments disclosed as	於二零一九年三月三十一日	於二零一九年三月三十一日
at 31 March 2019		披露之經營租賃承擔	48,640
Lease liabilities discounted	按有關增量借款利率貼現之
at relevant incremental borrowing rates		租賃負債	45,556
Add: Reclassification from obligations under	加：自於二零一九年三月三十一日
finance lease recognised as at		確認之融資租賃責任重新分類
31 March 2019			2,136
Less: Recognition exemption – short term leases	減：確認豁免-短期租賃		(1,410)
Less: Recognition exemption – low-value leases	減：確認豁免-低價值租賃		(20)
Lease liabilities as at 1 April 2019	於二零一九年四月一日之租賃負債		46,262
Analysed as	分析為：
Current		流動	17,013
Non-current		非流動	29,249
			46,262

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策 （續）

(Continued)

3.1 Changes in accounting policy (Continued)

3.1 會計政策變動 （續）

(a) Impact on financial information (Continued)

(a) 對財務資料的影響 （續）

As a lessee (Continued)

The carrying amount of right-of-use assets as at 1 April 2019 comprises the following:

作為承租人（續）

於二零一九年四月一日的使用權資產賬面值包括如下：

			As at 1 April 2019 於二零一九年四月一日 HK$’000 千港元 (Unaudited) （未經審核）
Right-of-use assets relating to operating	於應用香港財務報告準則
leases recognised upon application of		第16號後有關已確認
HKFRS 16		經營租賃的使用權資產	44,126
Reclassify from property, plant and	自物業、廠房及設備重新分類
equipment			4,448
Adjustments on rental deposits	於二零一九年四月一日調整
at 1 April 2019 (Note)		租賃按金（附註）	608
			49,182
By class:	按類別：
Plant and buildings		廠房及建築	41,841
Machinery		機器	7,341
			49,182

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3.1 Changes in accounting policy (Continued)

(a) Impact on financial information (Continued)

As a lessee (Continued)

Notes:

Before the application of HKFRS 16, the Group considered refundable rental deposits paid as rights and obligations under leases to which HKAS 17 applied. Based on the definition of lease payments under HKFRS 16, such deposits are not payments relating to the right to use of the underlying assets and were adjusted to reflect the discounting effect at transition. Accordingly, approximately HK$608,000 was adjusted to refundable deposits paid and right-of-use assets.

(b) Practical expedients applied

In applying HKFRS 16 for the first time, the Group has used the following recognition exemptions and practical expedients permitted by the standard:

the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
reliance on previous assessment on whether leases are onerous;
the accounting for operating leases with a remaining lease term of less than 12 months as at 1 April 2019 as short-term leases;
exempting operating leases for which the underlying assets are of low value;

3 主要會計政策（續）

3.1 會計政策變動（續）

(a) 對財務資料的影響 （續）

作為承租人（續）

附註：

應用香港財務報告準則第16號前，本集團視可退回已付租賃按金為香港會計準則第17號所應用租賃項下的權利及責任。根據香港財務報告準則第16號租賃款項之定義，該等按金並非有關使用權資產之款項，且予以調整以反映過渡時的貼現影響。因此，約608,000港元予以調整至可退回已付租賃按金及使用權資產。

(b) 所採用之實際權宜措施

於初次應用香港財務報告準則第16號時，本集團已應用以下準則所允許之確認豁免及實際權宜措施：

對特徵合理地相似之租賃組合使用單一折現率；
對於租賃是否繁重依賴過往評估；
將於二零一九年四月一日餘下租賃期少於 12 個月之營運租賃入賬列作短期租賃；
豁免有關低價值資產之營運租賃；

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3.1 Changes in accounting policy (Continued)

(b) Practical expedients applied (Continued)

excluding initial direct costs for the measurement of the right-of-use assets at the date of initial application; and
the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying HKAS 17 and HK(IFRIC)–4 “Determining whether an Arrangement contains a Lease”.

(c) The Group’s leasing activities and how these are accounted for

The Group leases various machineries, office equipments and billboards. Rental contracts are typically made for fixed periods of 1 to 5 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.

Until the 2018 financial year, leases were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.

3 主要會計政策 （續）
3.1 會計政策變動 （續）

(b) 所採用之實際權宜措施（續）

於初次應用日期計量使用權資產時撇除初始直接成本；及
倘合約釐定含有延長或終止租賃的選擇權，在確認租賃期限時採用事後確認法。

本集團已選擇不會於初次應用日期重新評估合約是否租賃或是否包含租賃。相反，對於過渡日期前訂立之合約，本集團依賴應用香港會計準則第17號及香港（國際財務報告詮釋委員會）－詮釋第4號「釐定安排是否包含租賃」作出之評估。

(c) 本集團之租賃活動及其入賬方式

本集團租賃各類機器、辦公設備及廣告牌。租賃合約一般為1 至5年的固定期限，惟可選擇延期。租賃條款是按個別基準協商，包含廣泛的不同條款及條件。租賃協議並無施加任何契諾，惟租賃資產不可用作為借貸的抵押。

直至二零一八年財政年度，租賃乃分類為財務租賃或經營租賃。根據經營租賃作出之付款（扣除自出租人收取的任何獎勵）以直線法於租期內自損益扣除。

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3.1 Changes in accounting policy (Continued)
(c) The Group’s leasing activities and how these are accounted for (Continued)
From 1 April 2019, leases are recognised as a right-of-use assets and a corresponding liability at the date at which the leased assets is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use assets is depreciated over the shorter of the asset’s useful life and the lease term on a straightline basis.

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

fixed payments (including in-substance fixed payments), less any lease incentives receivable (if any);
variable lease payment that are based on an index or a rate;
amounts expected to be payable by the lessee under residual value guarantees;
the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.

3 主要會計政策（續）

3.1 會計政策變動 （續）
(c) 本集團之租賃活動及其入賬方式 （續）
自二零一九年四月一日起，租賃確認為使用權資產，並在租賃資產可供本集團使用之日確認相應負債。每筆租賃付款乃分配至負債及融資成本。融資成本於租期內自損益扣除，以計算出各期間負債結餘的固定週期利率。使用權資產乃按資產可使用年期或租期（以較短者為準）以直線法折舊。
租賃產生的資產及負債初步按現值計量。租賃負債包括以下租賃付款的淨現值：
固定付款（包括實質固定付款）減任何應收租賃優惠（如有）；
基於指數或利率計量的可變租賃付款；
剩餘價值擔保下的承租人預期應付款項；
購買權的行使價格（倘承租人合理地確定行使該選擇權）；及
支付終止租賃的罰款（倘租期反映承租人行使權利終止租約）。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3.1 Changes in accounting policy (Continued)

(c) The Group’s leasing activities and how these are accounted for (Continued)

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.

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

the amount of the initial measurement of lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs; and
restoration costs.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise the machinery.

3 主要會計政策 （續）
3.1 會計政策變動 （續）
(c) 本集團之租賃活動及其入賬方式 （續）
租賃付款採用租賃所隱含的利率予以折現。倘無法釐定該利率，則使用承租人的增量借款利率，即承租人在類似經濟環境中按類似條款和條件借入獲得類似價值資產所需資金所必須支付的利率。

使用權資產按成本計量，包括以下各項：

租賃負債的初步計量金額；
於開始日期或之前所作的任何租賃付款，減去所得的任何租賃優惠；
任何初始直接成本；及
修復成本。

與短期租賃及低價值資產租賃相關的付款以直線法於損益中確認為開支。短期租賃指租賃期為12個月或以下的租賃。低價值資產包括機器。

22 eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

4 ESTIMATES

The preparation of condensed interim consolidated financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this condensed interim consolidated financial information, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were similar to those that were applied to the consolidated financial statements for the year ended 31 March 2019.

5 FINANCIAL RISK MANAGEMENT

(a) Financial risk factors

The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk.

The condensed interim consolidated financial information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s consolidated financial statements for the year ended 31 March 2019.

(b) Liquidity risk

As at 31 March 2019 and 30 September 2019, there was no material change in the contractual undiscounted cash outflows for financial liabilities.

4 估計

於編製簡明中期合併財務資料時，管理層需要作出判斷、估計及假設，而此舉影響會計政策之應用及所呈報資產及負債、收入及開支之金額。實際結果可能有別於該等估計。於編製本簡明中期合併財務資料時，管理層就應用本集團會計政策所作重大判斷及估計不明朗因素主要來源與截至二零一九年三月三十一日止年度合併財務報表適用者相若。

5 財務風險管理

(a) 財務風險因素

本集團經營活動面對各種財務風險：市場風險（包括外匯風險及利率風險）、信貸風險及流動資金風險。

簡明中期合併財務資料並不包括年度財務報表所要求的所有財務風險管理資料及披露；閱讀簡明中期合併財務資料時，應一併細閱本集團截至二零一九年三月三十一日止年度的合併財務報表。

(b) 流動資金風險

於二零一九年三月三十一日及二零一九年九月三十日，財務負債的合約未折現現金流出並無重大變動。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

5 FINANCIAL RISK MANAGEMENT

5 財務風險管理（續）

(Continued)

(c) Fair value estimation

The carrying amounts of the Group’s current financial assets, including cash and cash equivalents, trade receivables, other receivables and amounts due from related companies, current financial liabilities, including trade payables, other payables, amounts due to related companies and directors, obligations under finance leases, lease liabilities and borrowings approximate their fair values due to their short maturities, and non-current liabilities, including obligations under finance leases, lease liabilities and borrowings as their interest rates approximate market interest rates.

The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.

The table below analyses the Group’s financial instrument carried at fair value as at 30 September 2019 and 31 March 2019 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorised into three levels within a fair value hierarchy as follows:

Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

(c) 公允價值估計

本集團之流動金融資產（包括現金及現金等值項目、貿易應收款項、其他應收款項及應收關連公司款項）、流動金融負債（包括貿易應付款項、其他應付款項及應付關連公司及董事款項）、融資租賃項下責任，租賃負債及借貸之賬面值與彼等之公允價值相若，原因是其期限較短，而非流動負債（包括融資租賃項下責任，租賃負債及借貸）方面，則由於其利率與市場利率相若。

就披露目的而言，金融負債之公允價值乃按未來合約現金流量以本集團就類似金融工具可得的現有市場利率折現估算。

下表按計量公允價值之估值技術所用輸入數據的層級，分析本集團於二零一九年九月三十日及二零一九年三月三十一日按公允價值列賬之金融工具。有關輸入數據乃按下文所述而分類歸入公允價值層級內的三個層級：
相同資產或負債於活躍市場的報價（未經調整）
（第一級）。
除第一級所包括的報價外，該資產或負債可直接
（即價格）或間接（自價格衍生）觀察的輸入數據
（第二級）。

24 eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

5 FINANCIAL RISK MANAGEMENT

5 財務風險管理（續）

(Continued)

(c) Fair value estimation (Continued)

(c) 公允價值估計（續）

Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
資產或負債並非依據可觀察市場數據的輸入數據
（即不可觀察輸入數據）（第三級）。

==> picture [332 x 141] intentionally omitted <==

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

As at 30 September 2019
於二零一九年九月三十日
Level 1 Level 2 Level 3 Total
第一級第二級第三級總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）（未經審核）
Assets 資產
Financial assets 透過損益按公允
at fair value through 價值列賬之
profit or loss 金融資產 12,714 – – 12,714
----- End of picture text -----

As at 31 March 2019

	As at 31 March 2019
	於二零一九年三月三十一日
	Level 1 Level 2 Level 3 Total
	第一級第二級第三級總計
	HK$’000 HK$’000 HK$’000 HK$’000
	千港元千港元千港元千港元
	(Audited) (Audited) (Audited) (Audited)
	（經審核）（經審核）（經審核）（經審核）
Assets 資產 Financial assets at fair value through profit or loss 透過損益按公允價值列賬之金融資產	9,545 – – 9,545

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

5 FINANCIAL RISK MANAGEMENT

5 財務風險管理 （續）

(Continued)

(c) Fair value estimation (Continued)

(c) 公允價值估計 （續）

Financial instrument in level 3

第三層金融工具

The following table presents the changes in 下表呈列截至二零一九年九月 level 3 instruments for the six months ended 30 三十日止六個月第三級工具之 September 2019. 變動。

==> picture [332 x 225] intentionally omitted <==

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

2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
As at 1 April 於四月一日 – 12,746
Redemption 贖回 – (12,837)
Gains recognised in profit or loss 於損益中確認的收益 – 91
As at 30 September 於九月三十日 – –
Total gains for the period included 就期末持有之資產計入
in profit or loss for assets held 損益之期內收益總額，
at the end of the period, under 列作「其他（虧損）╱
“Other (losses)/gains – net” 收益－淨額」 – –
Changes in unrealised gains 於期末計入損益之
for the year included in profit or 年內未變現收益變動
– –
loss at the end of the period
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

6 SEGMENT INFORMATION

The chief operating decision-maker has been identified as the Executive Directors of the Company. The chief operating decision-maker has determined the operating segments based on the reports approved by the Board, that are used to make strategic decisions and assess performance.

The chief operating decision-maker has determined the operating segments based on these reports. The Group is organised into two business segments:

(a) paper printing segment (mainly derived from the brand “e-print”); and
(b) banner printing segment (mainly derived from the brand “e-banner”).

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-marker.

Management assesses the performance of the operating segments based on a measure of gross profit less selling and distribution expenses and administrative expenses that are allocated to each segment. Other information provided is measured in a manner consistent with that in the financial statements.

Sales between segments are carried out at arm’s length basis.

The subsidiary incorporated in the People’s Republic of China (the “PRC”) provides information technology (“I.T.”) support services within the Group. The subsidiaries incorporated in Malaysia and Australia generated immaterial external revenue during the period. Since the Group mainly operates in Hong Kong and the Group’s assets are mainly located in Hong Kong, no geographical segment information is presented.

6 分部資料

本公司之執行董事被視為主要經營決策者。主要經營決策者已根據董事會批准並用於作策略決定及評估表現之報告釐定經營分部。

主要經營決策者已根據該等報告釐定經營分部。本集團排列出兩類業務分部：

(a) 紙品印刷分部（主要源於「e-print 」品牌）；及
(b) 噴畫印刷分部（主要源於「e-banner 」品牌）。

經營分部以向主要經營決策者提供內部呈報一致的形式呈報。

管理層根據毛利減分配至各分部之銷售開支及分銷開支及行政支出評估經營分部表現。所提供的其他資料之計量方式與財務報表一致。

分部間之銷售乃按公平基準進行。

於中華人民共和國（「中國」）註冊成立的附屬公司在本集團內部提供資訊科技（「資訊科技」）支援服務。於馬來西亞及澳洲註冊成立的附屬公司於期內產生少量外部收入。由於本集團主要於香港營運且本集團的資產主要位於香港，概無地理分部資料呈列。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

6 SEGMENT INFORMATION (Continued)

6 分部資料（續）

During the six months ended 30 September 於截至二零一九年及二零一八 2019 and 2018, no external customers 年九月三十日止六個月，概無 contributed over 10% of the Group’s revenue. 外部客戶貢獻超過本集團收益的10%。

==> picture [332 x 391] intentionally omitted <==

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

For the six months ended 30 September 2019
截至二零一九年九月三十日止六個月
Paper Banner
printing printing Eliminations Total
紙品印刷噴畫印刷抵銷總額
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）（未經審核）
Segment revenue 分部收益
Revenue from external 來自外部客戶
customers 收益 159,068 46,090 – 205,158
Inter-segment revenue 分部間收益 239 30 (269) –
Total 總額 159,307 46,120 (269) 205,158
Segment results 分部業績 6,661 441 7,102
Finance income 融資收入 1,249
Finance costs 融資成本 (1,064)
Share of profit of 應佔合營企業
a joint venture 溢利 897
Share of losses of 應佔聯營公司
associates 虧損 (136)
Profit before income tax 除所得稅前溢利 8,048
Income tax expense 所得稅開支 (2,136)
Profit for the period 期內溢利 5,912
Depreciation of property, 物業、廠房及
plant and equipment 設備折舊 3,701 3,887 – 7,588
Depreciation of right-of-use 使用權資產折舊
assets 7,510 1,709 – 9,219
Capital expenditure 資本開支 2,517 957 – 3,474
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

6 SEGMENT INFORMATION (Continued)

6 分部資料（續）

==> picture [332 x 98] intentionally omitted <==

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

For the six months ended 30 September 2018
截至二零一八年九月三十日止六個月
Paper Banner
printing printing Eliminations Total
紙品印刷噴畫印刷抵銷總額
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）（未經審核）
----- End of picture text -----

Segment revenue 分部收益 Revenue from external customers 來自外部客戶收益 158,168 46,621 – Inter-segment revenue 分部間收益 140 28 (168)	204,789 –
Total 總額 158,308 46,649 (168)	204,789
Segment results 分部業績 11,915 974 Finance income 融資收入 Finance costs 融資成本 Share of profit of a joint venture 應佔合營企業溢利 Share of losses of associates 應佔聯營公司虧損 Profit before income tax 除所得稅前溢利 Income tax expense 所得稅開支 Profit for the period 期內溢利 Depreciation of property, plant and equipment 物業、廠房及設備折舊 5,617 3,429 – Capital expenditure 資本開支 2,542 1,381 –	12,889 446 (393) 1,047 (578)
	13,411 (1,898)
	11,513
	9,046 3,923

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

6 SEGMENT INFORMATION (Continued)

6 分部資料 （續）

The following tables present segment assets as at 30 September 2019 and 31 March 2019 respectively.

下表載列分別於二零一九年九月三十日及二零一九年三月三十一日之分部資產。

==> picture [330 x 220] intentionally omitted <==

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

As at 30 September 2019
於二零一九年九月三十日
Paper printing Banner printing Total
紙品印刷噴畫印刷總計
HK$’000 HK$’000 HK$’000
千港元千港元千港元
(Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）
Segment assets 分部資產 173,663 44,480 218,143
As at 31 March 2019
於二零一九年三月三十一日
Paper printing Banner printing Total
紙品印刷噴畫印刷總計
HK$’000 HK$’000 HK$’000
千港元千港元千港元
(Audited) (Audited) (Audited)
（經審核）（經審核）（經審核）
Segment assets 分部資產 134,958 40,809 175,767
----- End of picture text -----

Segment assets for banner printing segment mainly represented property, plant and equipment, right-of-use assets and goodwill amounting to HK$23,577,000 (31 March 2019: HK$28,450,000), HK$8,824,000 (31 March 2019: HK$ nil) and HK$725,000 (31 March 2019: HK$725,000).

噴畫印刷分部的分部資產主要指金額為 23,577,000 港元

（二零一九年三月三十一日： 28,450,000港元）、8,824,000 港元（二零一九年三月三十一日：零港元）及 7 2 5 , 0 0 0 港元（二零一九年三月三十一日： 725,000港元）的物業、廠房及設備、使用權資產以及商譽。

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

6 SEGMENT INFORMATION (Continued) 6 分部資料（續） A reconciliation of segment assets to total assets is provided as follows:

分部資產與資產總額對賬如下：

==> picture [353 x 171] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
Segment assets 分部資產 218,143 175,767
Investments in associates 於聯營公司的投資 1,957 1,158
Investment in a joint venture 於合營企業的投資 10,492 10,084
Cash and cash equivalents 現金及現金等值項目 108,922 123,664
Total assets 資產總額 339,514 310,673
7 OPERATING PROFIT 7 營運溢利
----- End of picture text -----

Operating profit is stated after charging/ (crediting) the following:

營運溢利於扣除╱（計入）以下各項後呈列：

==> picture [332 x 219] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Depreciation of property, 物業、廠房及設備折舊
plant and equipment 7,588 9,046
Depreciation of right-of-use assets 使用權資產折舊 9,219 –
Recovery of trade receivables 收回先前撇銷的貿易
previously written off 應收款項 (12) (12)
Loss/(gain) on disposal of 出售物業、廠房及
property, plant and equipment 設備虧損╱（收益） 773 (40)
Net exchange gain 匯兌收益淨額 (255) (752)
Cost of materials 材料成本 28,354 24,983
Subcontracting fee 外判費用 68,685 75,107
Operating lease rental of premises 物業及設備的經營
and equipment 租賃租金 2,700 10,590
----- End of picture text -----

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

8 FINANCE INCOME – NET 8 融資收入－淨額

==> picture [332 x 259] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Finance income 融資收入
Interest income from bank deposits 銀行存款利息收入 733 435
Interest income from loan receivables 應收貸款利息收入 516 11
1,249 446
Finance costs 融資成本
Finance charge on obligations 有關融資租賃項下
under finance lease 責任的融資費用 – (111)
Interest expenses on lease liabilities 租賃負債利息開支 (780) –
Interest expenses on borrowings 借貸利息開支 (284) (282)
(1,064) (393)
Finance income – net 融資收入－淨額 185 53
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

9 INCOME TAX EXPENSE

9 所得稅開支

==> picture [332 x 181] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Current income tax 當期所得稅
– Hong Kong profits tax －香港利得稅 2,360 2,085
– PRC corporate income tax －中國企業所得稅 34 10
Under/(over) provision in prior years 過往年度撥備不足╱
（超額撥備） 10 (203)
Deferred income tax 遞延所得稅 (268) 6
Income tax expense 所得稅開支 2,136 1,898
----- End of picture text -----

Taxation on profits has been calculated on the estimated assessable profits for the six months ended 30 September 2019 at the rates of taxation prevailing in the countries/places in which the Group operates. Income tax expense is recognised based on management’s estimate of the weighted average annual income tax rate expected for the full financial year.

溢利稅項已就截至二零一九年九月三十日止六個月的估計應課稅溢利按本集團經營業務所在國家╱地區的現行稅率計算。所得稅開支乃基於管理層對完整財政年度的預期加權平均年度所得稅率的估計確認。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

10 EARNINGS PER SHARE 10 每股盈利

(a) Basic

(a) 基本

Basic earnings per share is calculated by dividing 每股基本盈利乃根據本公司權 the profit attributable to equity holders of the 益持有人應佔溢利除以截至二 Company by the weighted average number of 零一九年及二零一八年九月 ordinary shares in issue for the six months ended 三十日止六個月已發行普通股 30 September 2019 and 2018. 加權平均數計算。

==> picture [332 x 154] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Profit attributable to the equity holders 本公司權益持有人
of the Company (HK$’000) 應佔溢利（千港元） 5,962 11,456
Weighted average number of 已發行普通股加權
ordinary shares in issue (thousands) 平均數（千股） 550,000 550,000
Basic earnings per share (HK cents) 每股基本盈利（港仙） 1.08 2.08
----- End of picture text -----

(b) Diluted

(b) 攤薄

For the six months ended 30 September 2019 and 2018, diluted earnings per share is the same as the basic earnings per share as there was no dilutive potential ordinary shares.

截至二零一九年及二零一八年九月三十日止六個月，由於並無潛在攤薄普通股，每股攤薄盈利與每股基本盈利相同。

11 DIVIDENDS

11 股息

A dividend of HK$8,800,000 that relates to the year ended 31 March 2019 was paid in September 2019 (2018: HK$13,200,000).

於二零一九年九月已支付截至二零一九年三月三十一日止年度之股息8,800,000港元（二零一八年：13,200,000港元）。

The Board resolved not to declare an interim dividend for the six months ended 30 September 2019 (2018: Nil).

董事會決議不宣派截至二零一九年九月三十日止六個月之中期股息（二零一八年：無）。

34 eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

12 PROPERTY, PLANT AND EQUIPMENT

12 物業、廠房及設備

During the six months ended 30 September 2019, the Group acquired assets with a cost of HK$3,474,000 (six months ended 30 September 2018: HK$3,923,000).

截至二零一九年九月三十日止六個月，本集團購入的資產，按成本計為3,474,000港元（截至二零一八年九月三十日止六個月：3,923,000港元）。

13 OTHER FINANCIAL ASSETS AT 13 按攤銷成本列賬之其他金 AMORTISED COST 融資產

==> picture [332 x 214] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Unlisted bond security 非上市債券證券 500 1,000
Loan receivables 應收貸款 16,200 10,614
16,700 11,614
Less: loss allowance 減：虧損撥備 (1,595) (1,595)
15,105 10,019
Less: current portion 減：流動部分 (14,472) (8,919)
Non-current portion 非流動部分 633 1,100
----- End of picture text -----

Interim Report 2019 二零一九年中期報告 35

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

13 OTHER FINANCIAL ASSETS AT 13 按攤銷成本列賬之其他金 AMORTISED COST (Continued) 融資產 （續）

The movement in other financial assets at amortised cost is summarised as follows:

按攤銷成本列賬之其他金融資產之變動概述如下：

==> picture [332 x 167] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
At beginning of the period 期初 10,019 –
Reclassify from held-to-maturity 分類自持至到期投資
investments – 15,000
Addition 添置 5,600 10,011
Redemption 贖回 (514) –
At end of the period 期末 15,105 25,011
----- End of picture text -----

Management considered that the loans receivables are low risk, and therefore the impairment provision is determined at 12 months expected credit losses. Applying the expected credit risk model resulted in the recognition of a loss allowance of HK$1,595,000 as at 30 September 2019 and 31 March 2019 for the loan receivables.

管理層認為應收貸款屬低風險，因此減值撥備乃按12個月預期信貸虧損釐定。於二零一九年九月三十日及二零一九年三月三十一日，採用預期信貸虧損模式使確認應收貸款虧損撥備 1,595,000港元。

The fair values of unlisted securities are based on cash flows discounted using a rate based on the market interest rate and the risk premium specific to the unlisted securities at 10% for the six months ended 30 September 2019 (for the year ended 31 March 2019: 8%).

Both the unlisted bond security and loan receivables are dominated in Hong Kong dollar as at 30 September 2019 and 31 March 2019.

The maximum exposure to credit risk at the reporting date is the carrying value of the unlisted bond security and loan receivables. None of these financial assets is either past due or impaired.

截至二零一九年九月三十日止六個月，非上市證券的公允價值乃根據採用基於市場利率及非上市證券的特定風險溢價的比率10%（截至二零一九年三月三十一日止年度：8% ）貼現的現金流量計算。

於二零一九年九月三十日及二零一九年三月三十一日，非上市債券證券及應收貸款均以港元計值。

於報告日期最大信貸風險為非上市債券證券及應收貸款的賬面值。該等金融資產並無逾期或減值。

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

14 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

14 透過損益按公允價值列賬之金融資產

==> picture [332 x 151] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Fair value of mutual fund investments 互惠基金投資的公允價值 12,656 4,145
Listed equity investment 上市股本投資 58 5,400
12,714 9,545
----- End of picture text -----

The listed equity investments represent shares listed on the Stock Exchange.

上市股本投資指於聯交所上市的公司所發行之股份。

Financial assets at fair value through profit or loss are presented within investing activities in the condensed interim consolidated statement of cash flows.

透過損益按公允價值列賬之金融資產呈列於簡明中期合併現金流量表之投資活動內。

Changes in fair value of financial assets at fair value through profit or loss are recorded in ‘Other (losses)/gains – net’ in the condensed interim consolidated statement of comprehensive income.

透過損益按公允價值列賬之金融資產的公允價值變動載於簡明中期合併綜合收益表「其他（虧損）╱收益－淨額」內。

The fair value of the listed equity investments is based on quoted prices (unadjusted) in active markets and is classified within level 1 of the fair value hierarchy.

上市股本投資的公允價值乃根據於活躍市場的所報價格（未經調整）計算且歸類於公允價值層級的第一級內。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

15 INVESTMENT IN A JOINT VENTURE

15 於合營企業的投資

==> picture [332 x 161] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
At beginning of the period/year 期╱年初 10,084 8,021
Share of profit of a joint venture 應佔合營企業溢利 897 2,494
Exchange differences 匯兌差額 (489) (431)
At end of the period/year 期╱年末 10,492 10,084
----- End of picture text -----

Detail of the Group’s investment in a joint venture is as follows:

本集團於合營企業的投資詳情如下：

==> picture [330 x 117] intentionally omitted <==

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

Percentage of ownership interest
所有權權益百分比
Place of business/ 30 September 31 March
Name of company country of incorporation 2019 2019 Principal activities Measurement method
營業地點╱ 二零一九年二零一九年
公司名稱註冊成立國家九月三十日三月三十一日主要業務活動計量方法
e-print Solutions Malaysia 30% 30% Provision of printing Equity
Sdn. Bhd. services
e-print Solutions 馬來西亞 30% 30% 提供印刷服務權益法
Sdn. Bhd.
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

16 INVESTMENTS IN ASSOCIATES

16 於聯營公司的投資

==> picture [332 x 171] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
At beginning of the period/year 期╱年初 1,158 2,977
Addition 添置 1,000 600
Share of losses of associates 應佔聯營公司虧損 (136) (2,268)
Exchange difference 匯兌差額 (65) (151)
At end of the period/year 期╱年末 1,957 1,158
----- End of picture text -----

Details of the Group’s investments in associates are as follows:

本集團於聯營公司的投資詳情如下：

==> picture [330 x 224] intentionally omitted <==

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

Effective interest held as at
持有的實際權益
Place of business/
country of 30 September 31 March
Name of company incorporation 2019 2019 Principal activities Measurement method
營業地點╱ 二零一九年二零一九年
公司名稱註冊成立國家九月三十日三月三十一日主要業務活動計量方法
Shenzhen Yiyun Internet The PRC 30% 30% Provision of cloud Equity
Technology Company printing services
Limited
深圳憶雲互網通中國 30% 30% 提供雲印刷服務權益法
科技有限公司
Sakura Japan Property Hong Kong 20% 20% Provision of real estate Equity
(Hong Kong) Limited agency services
櫻之不動產（香港）香港 20% 20% 提供房地產權益法
有限公司代理服務
E-Post Limited Hong Kong 40% – Investment holding Equity
E-Post Limited 香港 40% – 投資控股權益法
----- End of picture text -----

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

17 TRADE RECEIVABLES

17 貿易應收款項

The Group’s credit terms granted to customers of printing services are mainly cash on delivery and on credit. Our average credit period offered to customers ranges from 30 days to 60 days.

本集團授予印刷服務客戶的信貸條款，主要是現金交收及信貸方式。授予客戶的平均信貸期為30日至60日。

The ageing analysis of the trade receivables based on the invoice date is as follows:

貿易應收款項按發票日期計算的賬齡分析如下：

==> picture [332 x 149] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Up to 30 days 不超過30日 3,768 3,906
31-60 days 31至60日 1,331 1,155
Over 60 days 超過60日 915 1,419
6,014 6,480
----- End of picture text -----

18 SHARE CAPITAL 18 股本

==> picture [332 x 195] intentionally omitted <==

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

Equivalent nominal
Number of value of ordinary
ordinary shares shares
普通股數目普通股對應面值
HK$’000
千港元
Authorised: 法定：
Ordinary shares of HK$0.01 each 於二零一九年九月三十日及
as at 30 September 2019 and 二零一九年三月三十一日
31 March 2019 每股面值0.01港元之普通股 10,000,000 100,000
Issued: 已發行：
As at 30 September 2019 (Unaudited) 於二零一九年九月三十日
and 31 March 2019 (Audited) （未經審核）及二零一九年
三月三十一日（經審核） 550,000 5,500
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

19 貿易應付款項

19 TRADE PAYABLES 19 貿易應付款項 The ageing analysis of trade payables based on 貿易應付款項按發票日期計算 the invoice date is as follows: 的賬齡分析如下：

==> picture [332 x 171] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Up to 30 days 不超過30日 7,278 5,495
31-60 days 31至60日 2 2,330
61-90 days 61至90日 270 763
Over 90 days 超過90日 149 735
7,699 9,323
----- End of picture text -----

20 BORROWINGS 20 借貸

==> picture [332 x 171] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Current 流動
Trust receipt loans 信託收據貸款 1,704 2,022
Bank loans 銀行貸款 – 2,998
Mortgage loans 抵押貸款 20,441 20,923
22,145 25,943
----- End of picture text -----

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

20 BORROWINGS (Continued)

20 借貸 （續）

Movements in borrowings are analysed as follows:

借貸變動的分析如下：

==> picture [332 x 151] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
At beginning of the period 期初 25,943 24,592
Increase in borrowings 借貸增加 3,951 3,012
Repayments of borrowings 償還借貸 (7,749) (4,092)
At end of the period 期末 22,145 23,512
----- End of picture text -----

The weighted average effective interest rates (per annum) were as follows:

加權平均實際利率（年率）如下：

==> picture [332 x 119] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
(Unaudited) (Audited)
（未經審核）（經審核）
Trust receipt loans 信託收據貸款 3.77% 4.07%
Bank loans 銀行貸款 – 4.00%
Mortgage loans 抵押貸款 2.25% 2.25%
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

21 LEASE LIABILITIES/OBLIGATIONS UNDER FINANCE LEASES

21 租賃負債╱融資租賃項下責任

==> picture [332 x 139] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Current portion 流動部分 18,957 1,868
Non-current portion 非流動部分 23,653 268
42,610 2,136
----- End of picture text -----

(a) Amounts recognised in the condensed (a) 於簡明中期合併收益表中確認 interim consolidated income statement 的款項

==> picture [332 x 130] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
Depreciation of right-of-use assets 使用權資產折舊 9,219 –
Unwinding of interests on 解除租賃負債之利息
lease liabilities 780 –
Operating lease rental for short-term 短期及低價值租賃之
and low-value leases 經營租賃租金 2,700 –
----- End of picture text -----

The total cash outflow of leases for the six months ended 30 September 2019 was approximately HK$9,488,000.

截至二零一九年九月三十日止六個月的租賃現金流出總額約為9,488,000港元。

Interim Report 2019 二零一九年中期報告 43

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

21 LEASE LIABILITIES/OBLIGATIONS UNDER FINANCE LEASES (Continued)

21 租賃負債╱融資租賃項下責任 （續）

(b) The Group’s leasing activities

(b) 本集團之租賃活動

The Group leases various machineries and office equipments. Rental contracts are typically made for fixed periods of 1 to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease arrangements do not impose any covenants, but certain lease liabilities are effectively as the right to the leased assets revert to the lessors in the event of default. As at 30 September 2019, the net book amount of the secured right-of-use assets was approximately HK$43,682,000 (31 March 2019: HK$Nil).

本集團租賃各類機器及辦公設備。租賃合約一般為 1 至 5 年的固定期限。租賃條款乃按個別基準磋商，包含各種不同條款及條件。租賃安排不施加任何契諾，惟若干租賃負債為有效，此乃因為倘有違約，租賃資產之權利則歸出租人所有。於二零一九年九月三十日，有抵押使用權資產的賬面淨值約為 43,682,000港元（二零一九年三月三十一日：零港元）。

22 COMMITMENTS

22 承擔

(a) Capital commitments

(a) 資本承擔

Capital expenditure contracted for at the end of each reporting date but not provided for is as follows:

每個報告日期結束時訂有但尚未撥備的資本開支如下：

==> picture [332 x 107] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Investment in an associate 於一間聯營公司的投資 4,117 4,385
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

22 COMMITMENTS (Continued)

22 承擔（續）

(b) Operating lease commitments – Group as lessee

(b) 營運租賃承擔－本集團作為承租人

The Group leases various stores and premises under non-cancellable operating lease agreements. The lease terms are between 1 to 5 years. The future aggregate minimum lease payments are as follows:

本集團根據不可撤銷營運租賃協議租用多間店舖及處所。租賃期限由一至五年不等。未來最低租賃款項總額如下：

==> picture [332 x 149] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Not later than 1 year 一年以內 461 17,978
Later than 1 year and not later than 一年以上，五年以下
5 years – 27,471
461 45,449
----- End of picture text -----

The Group leases machinery, office equipment and billboard under non-cancellable operating lease agreements. The lease terms are between 1 to 5 years. The future aggregate minimum lease payments are as follows:

本集團根據不可撤銷經營租賃協議承租機器、辦公設備及廣告牌。租期介乎一至五年。未來最低租賃款項總額如下：

==> picture [332 x 149] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Not later than 1 year 一年以內 26 35
Later than 1 year and not later than 一年以上，五年以下
5 years 4 13
30 48
----- End of picture text -----

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

22 COMMITMENTS (Continued)

22 承擔 （續）

(c) Operating lease commitments – Group as lessor

(c) 營運租賃承擔－本集團作為出租人

The Group leases out a property under non-cancellable operating lease agreement. The lease term is within 2 years. The future minimum lease receipt is as follows:

本集團根據不可撤銷營運租賃協議出租一項物業。租賃期限為兩年內。未來應收之最低租賃款項如下：

==> picture [332 x 149] intentionally omitted <==

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

As at As at
30 September 31 March
2019 2019
於二零一九年於二零一九年
九月三十日三月三十一日
HK$’000 HK$’000
千港元千港元
(Unaudited) (Audited)
（未經審核）（經審核）
Not later than 1 year 一年以內 – 216
Later than 1 year and not later than 一年以上，五年以下
5 years – 216
– 432
----- End of picture text -----

23 RELATED PARTY DISCLOSURES

23 關連方披露

Parties are considered to be related to the Group if the party has the ability, directly or indirectly, to exercise control of significant influence over the Group in making financial and operating decisions, or vice versa. Related parties may be individuals (being members of key management personnel, significant shareholders and/or their close family members) or other entities and include entities which are under the significant influence of related parties of the Group where those parties are individuals. Parties are also considered to be related if they are subject to common control.

倘有關方能夠直接或間接對本集團的財務及經營決策的重大影響力行使控制權，則有關方被視為與本集團相關連，反之亦然。關連方可為個人（即主要管理成員、主要股東及╱或彼等的近親家屬成員）或其他實體，包括受本集團關連方（為個人）重大影響的實體。倘有關方受共同控制，則亦視為相關連。

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

23 RELATED PARTY DISCLOSURES

23 關連方披露（續）

(Continued)

The Directors are of the view that the following individuals and companies were related parties that had transactions or balances with the Group during the period:

董事認為，下列人士及公司為於期內曾與本集團進行交易或存在結餘的關連方：

Name of related party Relationship with the Group 關連方名稱與本集團的關係 Mr. Chan Kong Hung Chris Non-controlling interests of a subsidiary of the Group 陳剛雄先生本集團附屬公司的非控股權益 Mr. Foo Pei Pan Non-controlling interests of a subsidiary of the Group 傅備斌先生本集團附屬公司的非控股權益 Mr. Yau Kin Hung Non-controlling interests of a subsidiary of the Group 邱健雄先生本集團附屬公司的非控股權益 Mr. Cheng Sze Tok Non-controlling interests of a subsidiary of the Group 鄭思鐸先生本集團附屬公司的非控股權益 Ms. Wong Man Yee Non-controlling interests of a subsidiary of the Group 王敏儀女士本集團附屬公司的非控股權益 CTP Limited Controlled by the directors of the Company CTP Limited 由本公司董事控制 e-print Solutions Sdn. Bhd. Joint venture of the Group e-print Solutions Sdn. Bhd. 本集團的合營企業 eprint Limited Ultimate holding company (Note i) eprint Limited 最終控股公司（附註i ） Fitness World (Group) Limited Controlled by an associate of the Group (Note ii) 健美天地（集團）有限公司由本集團聯營公司控制（附註ii ） Giant State Limited Associate of the Group (Note ii) 巨邦有限公司本集團的聯營公司（附註ii ）

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

23 RELATED PARTY DISCLOSURES 23 關連方披露（續）

(Continued)

==> picture [330 x 28] intentionally omitted <==

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

Name of related party Relationship with the Group
關連方名稱與本集團的關係
----- End of picture text -----

Montana Capital Sdn Bhd	Controlled by a joint venture of the Group
Montana Capital Sdn Bhd	由本集團合營企業控制
King Profit International Limited	Controlled by the directors of the Company
至利國際有限公司	由本公司董事控制
Protoss IT Sdn Bhd	Controlled by a joint venture of the Group
Protoss IT Sdn Bhd	由本集團合營企業控制
Profit More Rich Limited	Controlled by the directors of the Company
盈富多有限公司	由本公司董事控制
Promise Properties Limited	Controlled by the directors of the Company
保諾時物業有限公司	由本公司董事控制
Shenzhen Yi Yun Hu Wang Tong	Associate of the Group
Technology Company Limited
深圳憶雲互網通科技有限公司	本集團的聯營公司
Sakura Japan Property (Hong Kong)	Associate of the Group
Limited
櫻之不動產（香港）有限公司	本集團的聯營公司
Sakura Global Property Limited	Controlled by an associate of the Group
櫻之環球置業有限公司	由本集團聯營公司控制
TBC Group Limited	Non-controlling interests of a subsidiary of the Group
TBC Group Limited	本集團附屬公司的非控股權益
VVV Limited	Controlled by the directors of the Company
VVV Limited	由本公司董事控制

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

簡明中期合併財務資料附註

23 RELATED PARTY DISCLOSURES

23 關連方披露（續）

(Continued)

Notes:

i. The Company is controlled by eprint Limited, which owns 56.9% of the Company’s shares as at 31 March 2019 and 2018, and is beneficially owned by Mr. She Siu Kee William, Mr. Chong Cheuk Ki, Mr. Lam Shing Kai, Mr. Leung Wai Ming, and Mr. Leung Yat Pang. The directors consider eprint Limited, a company incorporated in the BVI, being the immediate and the ultimate holding company.
ii. On 28 August 2018, e-print Trading Limited (“e-print Trading”), a wholly-owned subsidiary of the Group, entered into a sales and purchase agreement with a third party relating to the shares of Giant State Limited. All shares held by e-print Trading Limited were sold to this third party investor at a consideration of US$1 accordingly. Since then, Giant State Limited, together with its subsidiary, Fitness World (Group) Limited are no longer the related parties.

附註：

i. 本公司由 eprint Limited控制。於二零一九年及二零一八年三月三十一日，eprint Limited擁有本公司56.9% 的股份，並由佘紹基先生、莊卓琪先生、林承佳先生、梁衞明先生及梁一鵬先生實益擁有。董事認為 eprint Limited（於英屬處女群島註冊成立之公司）為直接及最終控股公司。
ii. 於二零一八年八月二十八日，本集團全資附屬公司 e-print Trading Limited
（「e-print Trading 」）與第三方就巨邦有限公司的股份簽訂一項買賣協議。e-print Trading Limited據此將其持有的全部股份按每股代價 1美元出售予該第三方投資者。其後，巨邦有限公司及其附屬公司健美天地（集團）有限公司不再為關連方。

Interim Report 2019 二零一九年中期報告

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

23 RELATED PARTY DISCLOSURES 23 關連方披露 （續）

(Continued)

(a) Related party transactions

(a) 關連方交易

Save as disclosed elsewhere in this condensed interim consolidated financial information, the Group has the following related party transactions during the period:

除於本簡明中期合併財務資料其他地方所披露者外，本集團期內有以下關連方交易：

==> picture [332 x 345] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Rental expense of plants 應付或已付於香港的廠房
and carpark in Hong Kong 及停車場租金開支
payable or paid
– CTP Limited －CTP Limited 2,632 2,620
– Profit More Rich Limited －盈富多有限公司 360 360
– Promise Properties Limited －保諾時物業有限公司 845 1,004
– VVV Limited －VVV Limited 983 1,001
– King Profit International Limited －至利國際有限公司 243 243
5,063 5,228
Emoluments payable or paid 應付或已付薪酬
– Mr. Chan Kong Hung Chris －陳剛雄先生 431 415
– Mr. Foo Pei Pan －傅備斌先生 431 415
– Mr. Cheng Sze Tok －鄭思鐸先生 431 415
1,293 1,245
Subcontracting fee payable or paid 應付或已付外判費用
– e-print Solutions Sdn. Bhd. －e-print Solutions Sdn. Bhd. – 4
– Protoss IT Sdn. Bhd. －Protoss IT Sdn. Bhd. 10 –
10 4
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

23 關連方披露 （續）

23 RELATED PARTY DISCLOSURES 23 關連方披露 (Continued) (a) Related party transactions (Continued) (a) 關連方交易（續）

==> picture [332 x 348] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
I.T. license fee income （已退回）╱應收或已收資訊
(refunded)/receivable or received 科技許可費收入
– e-print Solutions Sdn. Bhd. －e-print Solutions Sdn. Bhd. 57 (10)
Revenue from sales of goods and 應收或已收銷售貨品及
services receivable or received 服務收益
– e-print Solutions Sdn. Bhd. －e-print Solutions Sdn. Bhd. 577 155
– Protoss IT Sdn. Bhd. －Protoss IT Sdn. Bhd. 333 –
－
– Sakura Japan Property 櫻之不動產（香港）
(Hong Kong) Limited 有限公司 9 83
– Sakura Global Property Limited －櫻之環球置業有限公司 33 –
952 238
Rental income of store in Hong Kong 應收或已收於香港的店舖
receivable or received 租金收益
－
– Sakura Japan Property 櫻之不動產（香港）
(Hong Kong) Limited 有限公司 36 99
Management fee income 應收或已收管理費收入
receivable or received
－
– Sakura Japan Property 櫻之不動產（香港）
(Hong Kong) Limited 有限公司 – 75
----- End of picture text -----

These transactions are carried out on terms 該等交易乃按與交易對方於日 agreed with the counter-parties in the ordinary 常業務過程中議定的條款進行。 course of business.

Interim Report 2019 二零一九年中期報告 51

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 簡明中期合併財務資料附註

23 RELATED PARTY DISCLOSURES

23 關連方披露（續）

(Continued)

(b) Related parties balances

(b) 關連方結餘

The amounts due from related companies, the 應收關連公司款項、應付關連 amount due to related companies and amounts 公司款項及應付董事款項為無 due to directors are unsecured, interest-free and 抵押、免息及按要求償還。該等 repayable on demand. The fair values of these 結餘的公允價值與其賬面值相 balances approximate their carrying values. 若。

(c) Compensation of key management personnel

(c) 主要管理人員薪酬

The remuneration of directors during the period is as follows:

董事於期內的薪酬如下：

==> picture [332 x 171] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Fees 袍金 1,148 1,200
Salaries and allowances 薪金及津貼 1,941 1,635
Performance bonuses 表現花紅 1,388 1,763
Pension costs – contributions to 退休金成本－向界定供款
defined contribution plans 計劃供款 18 18
4,495 4,616
----- End of picture text -----

eprint Group Limited eprint 集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

BUSINESS REVIEW

The Board presents to the Company’s shareholders the results of the Group for the six months ended 30 September 2019. The Group’s revenue amounted to HK$205.2 million, representing an increase of 0.2% as compared with that of the period ended 30 September 2018. Gross profit margin slightly decreased to 35.2% (2018: 35.6%). The Group’s unaudited profit attributable to equity holders for the six months ended 30 September 2019 was HK$6.0 million, representing a decrease of 48% as compared with that of the period ended 30 September 2018. The decrease in net profit was mainly attributed to the fair value loss of HK$5.2 million on the equity investment held by the Group.

For the Group’s paper printing segment, the revenue slightly increased by HK$0.9 million or 0.6% from HK$158.2 million to HK$159.1 million. The advertising printing was still the major contributor to the segment’s revenue and recorded an amount of HK$63.9 million for the six months ended 30 September 2019. The segment’s gross profit margin slightly decreased from 35.4% to 34.6%, and the major reason was that the delivery charges, which was classified as selling and distribution expenses in the previous period, had been reclassified to cost of sales in the current period according to the accounting standard. If the impact of the reclassification was ignored, the segment’s gross profit margin would be 36.9%, which represented a 1.5 percent point increase when compared with the same period of last year. The increase was contributed by the effective cost control. The segment’s operating profits decreased by HK$5.3 million in the current period and it was mainly caused by the fair value loss of HK$5.2 million incurred on the listed equity investment held.

業務回顧

董事會向本公司股東提呈本集團截至二零一九年九月三十日止六個月的業績。本集團收益為205,200,000港元，較截至二零一八年九月三十日止期間增加0.2%。毛利率輕微下降至 35.2%（二零一八年：35.6% ）。截至二零一九年九月三十日止六個月，本集團的權益持有人應佔未經審核溢利為6,000,000港元，較截至二零一八年九月三十日止期間減少48%。純利減少乃主要由於本集團所持股本投資產生公允價值虧損5,200,000港元所致。

就本集團之紙品印刷分部而言，收益由158,200,000港元略增900,000港元或0.6%至159,100,000港元。廣告印刷仍然是該分部收益的主要貢獻者，並於截至二零一九年九月三十日止六個月錄得63,900,000港元。該分部的毛利率由35.4%略降至34.6%，主要原因是運輸支出（於上期間分類為銷售及分銷開支）已於本期間根據會計準則重新分類至銷售成本。倘撇除重新分類之影響，該分部之毛利率將為36.9%，與去年同期相比增加1.5個百分點。該增加歸因於有效的成本控制。該分部的營運溢利於本期間減少 5,300,000港元，主要乃由於所持上市股本投資產生公允價值虧損5,200,000 港元所致。

Interim Report 2019 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

For the Group’s banner printing segment, the revenue dropped by 1.1% when compared with the same period of last year. The segment’s gross profit margin slightly increased by 0.4 percent point when compared with the same period of last year. If the impact of the above mentioned reclassification was ignored, the segment’s gross profit margin would be increased to 38.3%, which is 1.9 percent point higher. Effective cost control was the major reason of the increase in segment’s gross profit margin. Even though the segment recorded an increase in its gross profit, the segment’s operating profits dropped by HK$0.5 million as a result of the increased daily operating costs.

OUTLOOK

With the combined effects of the increasing popularity of digital marketing and Hong Kong’s economic instability, the managements expects the business environment will be more challenging in the coming year. In order to overcome these obstacles and increase the market share, the Group will put maximum efforts to make use of its solid financial resources and reputation to improve the quality of its principal printing business, invest in suitable financial products and diversify the business.

Under the leadership of the Board, the management of the Group has formed a broad consensus in response to the Group’s key development areas. The Group will continue to strengthen its leading market position and increase its market share by adopting the following approaches:

Strengthening the cost control to achieve competitive pricing strategy.
Improving the customers experience by expanding the product mix and offering the customization of the products and services.
Continuously enhancing the value added services, including but not limited to the e-print mobile application, online self-service platform, phone ordering system and logistics system.

就本集團之噴畫印刷分部而言，收益與去年同期相比下降1.1%。該分部之毛利率與去年同期相比輕微上升 0.4個百分點。倘撇除上述重新分類之影響，該分部之毛利率將上升至 38.3%，同比增加1.9個百分點。有效之成本控制乃該分部毛利率上升的主要原因。儘管該分部之毛利有所增加，但由於日常營運成本增加，該分部之營運溢利下降500,000港元。

展望

由於數碼營銷日益普及以及香港經濟不穩定的綜合影響，管理層預計營商環境在未來一年將更具挑戰性。為克服該等障礙及增加市場份額，本集團將竭力利用其雄厚的財務資源及聲譽提高印刷主營業務的質素，投資合適的金融產品並使業務多元化。

在董事會的領導下，本集團的管理層就應對本集團的重要發展領域達成廣泛共識。本集團將繼續透過採用以下方法鞏固其領先市場地位及增加其市場份額：

加強成本控制以實現具競爭力的定價策略。
通過擴充產品組合及提供定製化的產品和服務提升客戶體驗。
不斷提升增值服務，包括但不限於 e-print移動應用程式、在線自助平台、電話訂購系統及物流系統。

eprint Group Limited eprint 集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

FINANCIAL REVIEW

財務回顧

Revenue

收益

Income from the provision of printing services in Hong Kong increased by HK$0.4 million or 0.2% from HK$204.8 million for the six months ended 30 September 2018 to HK$205.2 million for the six months ended 30 September 2019. The growth was primarily due to the increasing demands on the bound book printing services. The following table sets forth a breakdown of the revenue by service category and their respective percentage of the total revenue for the periods indicated.

於香港提供印刷服務所得的收入由截至二零一八年九月三十日止六個月的 204,800,000港元增加400,000港元或 0.2%至截至二零一九年九月三十日止六個月的205,200,000港元。有關收入上升主要由於對精裝圖書印刷服務的需求不斷增加所致。下表載列按服務類別劃分的收益明細及其各自佔於所示期間的總收益百分比。

==> picture [354 x 150] intentionally omitted <==

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

2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Advertising printing 廣告印刷 63,921 31.1% 64,612 31.6%
Bound book printing 精裝圖書印刷 50,643 24.7% 46,827 22.9%
Stationery printing 文具印刷 38,320 18.7% 40,242 19.6%
Banner printing 噴畫印刷 40,317 19.7% 40,800 19.9%
Other services 其他服務 11,957 5.8% 12,308 6.0%
Total 總計 205,158 100% 204,789 100%
----- End of picture text -----

The advertising printing was still the major contributor of the revenue, which accounted for 31.1% of the total revenue for the six months ended 30 September 2019.

廣告印刷仍然為主要收益來源，截至二零一九年九月三十日止六個月佔總收益的31.1%。

Interim Report 2019 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

==> picture [354 x 150] intentionally omitted <==

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

Six months ended 30 September
截至九月三十日止六個月
2019 2018
二零一九年二零一八年
HK$’000 HK$’000
千港元千港元
Sales Channels (Unaudited) (Unaudited)
銷售渠道（未經審核）（未經審核）
Stores 商店 34,151 16.6% 54,105 26.4%
Websites 網站 105,875 51.6% 86,570 42.3%
Others (Note) 其他（附註） 65,132 31.8% 64,114 31.3%
Total 總計 205,158 100.0% 204,789 100.0%
----- End of picture text -----

Note: “Others” refers to revenue derived from orders received over the telephone, through e-mail, e-print mobile application and “Photobook” program.

附註：「其他」指通過電話、電郵、e-print 移動應用程式及「Photobook 」程式接獲的訂單所得的收益。

Websites remained the major sales channel and it contributed 51.6% of total revenue for the six months ended 30 September 2019. And the sales contributed by stores decreased from 26.4% for the six months ended 30 September 2018, to 16.6% for the six months ended 30 September 2019. The changes were the result of the increasing reliance on the online platform because of its sound reputation.

截至二零一九年九月三十日止六個月，網站仍為主要銷售渠道，貢獻總收益的51.6%。而商店貢獻的銷售由截至二零一八年九月三十日止六個月的26.4%降至截至二零一九年九月三十日止六個月的16.6%。這些變化是由於線上平台信譽良好而對其依賴增加所致。

Other income

其他收入

Other income primarily comprises the sales of scrap materials. The amount decreased by HK$0.3 million and it was mainly caused by the decrease of the interest income received from the unlisted bond securities by HK$0.6 million when compared with the same period of last year.

其他收入主要包括廢料銷售。金額減少300,000港元，乃主要由於自非上市債券證券所得利息收入與去年同期相比減少600,000港元所致。

eprint Group Limited eprint 集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Detail of the unlisted bond security as at 30 September 2019 and 31 March 2019 is as follows:

於二零一九年九月三十日及二零一九年三月三十一日非上市債券證券之詳情如下：

==> picture [352 x 26] intentionally omitted <==

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

Investment date Detail of the unlisted bond security Amount
投資日期非上市債券證券詳情金額
----- End of picture text -----

20 October 2016	Subscribed for bonds issued by National Arts	HK$5,000,000
	Entertainment and Culture Group Limited
	(stock code: 8228)
二零一六年十月二十日	認購國藝娛樂文化集團有限公司（股份代號：8228）	5,000,000港元
	發行的債券

In view of the sufficiency of the Group’s liquidity, the Group had diversified to invest in bonds issued by the listed companies on the Stock Exchange for the purpose of capital preservation and a relative high interest return accruing when compared with the bank interest income. As at 30 September 2019, there was an unsettled principal amount of HK$0.5 million. On 8 November 2019, National Arts Entertainment and Culture Group Limited announced that the financial restructuring scheme was approved. Under the scheme, the Group will be allotted the convertible bonds in the amount of 60% of the outstanding principal amount which equivalents to HK$300,000 and the remaining 40% of the outstanding principal amount will be allotted and issued new shares in which the value equivalents to HK$200,000.

鑑於本集團的流動資金充足，本集團分散投資於聯交所上市公司所發行的債券，以實現資本保值及獲取較銀行利息收入相對更高的利息回報。於二零一九年九月三十日，本集團有 500,000港元本金額未結清。於二零一九年十一月八日，國藝娛樂文化集團有限公司宣佈批准財務重組計劃。根據該計劃，本集團將獲配發可轉換債券，金額為未償還本金額的60%（相當於300,000港元），而餘下未償還本金額的40%將獲配發及發行新股份，其價值相當於200,000港元。

Other (losses)/gains – net

其他（虧損）╱收益－淨額

Other (losses)/gains – net mainly comprises the fair value changes on the financial assets and the losses on disposal of property, plant and equipment. The Group generated a gain of HK$1.8 million for the six months ended 30 September 2018 while it incurred the net loss of HK$5.7 million for the current period. The major reason for the losses was due to the listed equity investment held by the Group, which was classified as financial assets at fair value through profit or loss, recorded a significant drop in share price in the current period, and hence incurred the fair value loss of HK$5.2 million.

其他（虧損）╱收益－淨額主要包括金融資產的公允價值變動及出售物業、廠房及設備產生的虧損。截至二零一八年九月三十日止六個月，本集團錄得收益1,800,000港元，而本期間則產生虧損淨額5,700,000港元。虧損的主要原因是由於本期間股價大幅下跌，因此本集團持有的上市股本投資（分類為透過損益按公允價值列賬之金融資產）產生公允價值虧損 5,200,000港元。

Interim Report 2019 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Selling and distribution expenses

Selling and distribution expenses mainly consisted of staff costs, distribution costs, handling charges for electronic payments, and store rentals. Selling and distribution expenses represent 9.7% and 11.5% of the revenue for the six months ended 30 September 2019 and 2018 respectively. The decrease of HK$3.6 million was mainly due to the reclassification of delivery charges of HK$4.3 million to cost of sales according to the accounting standard. If we ignore the effect of the reclassification, the expenses would slightly increased by HK$0.7 million, which was mainly attributed to the increased staff cost.

Administrative expenses

Administrative expenses primarily comprised directors’ remunerations, staff costs and outsourced customer support expenses. Administrative expenses represent 19.8% and 19.5% of the total revenue for the six months ended 30 September 2019 and 2018 respectively. The amount increased by HK$0.7 million from HK$39.9 million for the six months ended 30 September 2018 to HK$40.6 million for the six months ended 30 September 2019. The increase in expenses was the result of the increased outsourced customer support expenses.

Finance income

Finance income primarily represented the interest income generated from the bank deposits and the loan receivables.

銷售及分銷開支

銷售及分銷開支主要包括員工成本、分銷成本、電子付款的手續費及商店租金。截至二零一九年及二零一八年九月三十日止六個月，銷售及分銷開支分別佔收益的 9.7% 及 11.5% 。減少3,600,000港元主要是由於根據會計準則將運輸支出4,300,000港元重新分類至銷售成本。倘我們撇除重新分類的影響，有關開支將輕微增加 700,000港元，此乃主要由於員工成本增加所致。

行政開支

行政開支主要包括董事酬金、員工成本及外判客戶支援開支。截至二零一九年及二零一八年九月三十日止六個月，行政開支分別佔總收益的 19.8% 及 19.5% 。金額由截至二零一八年九月三十日止六個月的 39,900,000港元增加700,000港元至截至二零一九年九月三十日止六個月的40,600,000港元。開支增加乃由於外判客戶支援開支增加所致。

融資收入

融資收入主要指自銀行存款及應收貸款產生的利息收入。

eprint Group Limited eprint 集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Finance costs

Finance costs primarily consist of interest expenses on bank borrowings and interest expenses on lease liabilities.

Share of profit of a joint venture

Share of profit of a joint venture represented the share of result of the Group’s joint venture. During the six months ended 30 September 2019, the Company had one joint venture in Malaysia.

Share of losses of associates

Share of losses of associates represented the share of results of the Group’s associates. During the six months ended 30 September 2019, the Company had three associates operating in the PRC and Hong Kong respectively.

Profit for the period attributable to equity holders of the Company

Profit for the period attributable to equity holders of the Company decreased by HK$5.5 million or 48.0%, from HK$11.5 million for the six months ended 30 September 2018 to HK$6.0 million for the six months ended 30 September 2019. Net profit margin dropped from 5.6% for the six months ended 30 September 2018 to 2.9% for the six months ended 30 September 2019. The decrease in the profit for the period attributable to equity holders of the Company was mainly due to the fair value loss of HK$5.2 million on the equity investment held by the Group.

融資成本

融資成本主要包括銀行借貸的利息開支及租賃負債的利息開支。

應佔合營企業溢利

應佔合營企業溢利指應佔本集團合營企業業績。於截至二零一九年九月三十日止六個月內，本公司於馬來西亞擁有一間合營企業。

應佔聯營公司虧損

應佔聯營公司虧損指應佔本集團聯營公司業績。於截至二零一九年九月三十日止六個月內，本公司分別於中國及香港經營三間聯營公司。

本公司權益持有人應佔期內溢利

本公司權益持有人應佔期內溢利由截至二零一八年九月三十日止六個月的 11,500,000港元減少5,500,000港元或48.0%至截至二零一九年九月三十日止六個月的6,000,000港元。純利率由截至二零一八年九月三十日止六個月的5.6%降至截至二零一九年九月三十日止六個月的2.9%。本公司權益持有人應佔期內溢利減少主要由於本集團所持股本投資產生公允價值虧損 5,200,000港元所致。

Interim Report 2019 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Liquidity and Financial Information

流動資金及財務狀況

As at 30 September 2019, the Group’s cash and cash equivalents was approximately HK$108.9 million, represented a decrease of HK$14.7 million when compared with that as at 31 March 2019. The decrease was mainly caused by the additional investment in the mutual fund investment and dividend payment during the period. As at 30 September 2019 and 30 September 2018, the financial ratios of the Group were as follows:

於二零一九年九月三十日，本集團的現金及現金等值項目約108,900,000 港元，較於二零一九年三月三十一日減少14,700,000港元。該減少主要由於期內增加互惠基金投資及支付股息所致。於二零一九年九月三十日及二零一八年九月三十日，本集團財務比率如下：

==> picture [354 x 85] intentionally omitted <==

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

As at As at
30 September 30 September
2019 2018
於二零一九年於二零一八年
九月三十日九月三十日
Current ratio [(1)] 流動比率 [(1)] 2.0 2.5
Gearing ratio [(2)] 資產負債比率 [(2)] 28.1% 12.3%
----- End of picture text -----

Notes:

附註：

(1) Current ratio is calculated based on total current assets divided by total current liabilities.
(1) 流動比率乃按總流動資產除以總流動負債計算。
(2) Gearing ratio is calculated based on total bank overdraft, borrowings and leases liabilities divided by total equity and multiplied by 100%.
(2) 資產負債比率乃按總銀行透支、借貸及租賃負債除以權益總額乘以 100%計算。

Borrowings

借貸

The Group had bank borrowings of HK$22.1 million and HK$25.9 million as at 30 September 2019 and 31 March 2019 respectively. All bank borrowings were made from banks in Hong Kong and were repayable within 1 year, except a mortgage loan with the carrying amount of HK$20.4 million was repayable within twenty years. The bank borrowings with repayable on demand clause was classified as current liabilities. No financial instruments were used for hedging purposes, nor were there any foreign currency net investments hedged by current borrowings and/or other hedging instruments. The weighted average interest rates (per annum) were 2.1% and 2.4% for the six months ended 30 September 2019 and 30 September 2018 respectively.

本集團於二零一九年九月三十日及二零一九年三月三十一日的銀行借貸分別為22,100,000港元及25,900,000港元。所有銀行借貸均由香港的銀行提供，並須於一年內償還，惟須於二十年內償還的賬面值為20,400,000港元之抵押貸款除外。訂有按需償還條款的銀行借貸分類為流動負債。概無金融工具用作對沖，亦無任何外匯投資淨額由目前的借貸及╱或其他對沖工具對沖。截至二零一九年九月三十日及二零一八年九月三十日止六個月，加權平均年利率分別為2.1%及2.4%。

eprint Group Limited eprint 集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Treasury policies

The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the period. The Board closely monitors the Group’s liquidity position to ensure that the liquidity structure of the Group’s assets, liabilities and other commitments can meet its funding requirements from time to time.

Capital structure

The capital of the Company comprises ordinary shares and other reserves. The shares of the Company were listed on the Main Board of the Stock Exchange since 3 December 2013. As at 30 September 2019, the total number of issued ordinary shares of the Company was 550,000,000 shares.

Capital commitments

As at 30 September 2019 and 31 March 2019, the Group has capital commitments of HK$4.1 million and HK$4.4 million for investment in an associate and purchase of computer equipment, respectively.

Significant investments held

Except for the investments in subsidiaries, joint venture and associates, the Group did not hold any significant investment in equity interest in any other company during the period under review.

Future plans for material investments and capital assets

Except for the aforesaid capital commitment to the investment in an associate, the Group did not have other plans for material investments and capital assets.

庫務政策

本集團已對其庫務政策採取審慎的財務管理方針，故於整個期間內維持穩健的流動資金狀況。董事會密切監察本集團的流動資金狀況，以確保本集團資產、負債及其他承擔的流動資金架構可滿足其不時之資金要求。

股本架構

本公司股本由普通股及其他儲備組成。本公司股份自二零一三年十二月三日起已於聯交所主板上市。於二零一九年九月三十日，本公司已發行普通股的總數為550,000,000股。

資本承擔

於二零一九年九月三十日及二零一九年三月三十一日，本集團就投資一間聯營公司及購買電腦設備分別擁有資本承擔4,100,000港元及4,400,000港元。

所持重大投資

除於附屬公司、合營企業及聯營公司的投資外，本集團並無於回顧期間在任何其他公司股權中持有任何重大投資。

重大投資及資本資產的未來計劃

除上述投資一間聯營公司的資本承擔外，本集團並無其他重大投資及資本資產的計劃。

Interim Report 2019 二零一九年中期報告

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

Material acquisitions or disposals

The Group did not have any material acquisition or disposal of associates, subsidiaries or joint ventures during the six months ended 30 September 2019.

Exposure to foreign exchange risk

The Group operates principally in Hong Kong and its business is supported by an information technology support services centre located in the PRC. The Group is exposed to foreign exchange risk arising from the exposure of Renminbi against Hong Kong dollars. The Group does not hedge its foreign exchange risk as its exposure to foreign exchange risk is low as the Group’s cash flows mainly denominated in Hong Kong dollars.

Charge of assets

As at 30 September 2019 and 31 March 2019, the Group pledged the plant and machinery with a carrying value of HK$2.3 million and HK$4.4 million respectively, as collaterals to secure the Group’s lease liabilities. As at 30 September 2019 and 31 March 2019, the Group pledged two properties with a carrying value of HK$61.4 million and HK$62.5 million respectively, as collaterals to secure the Group’s mortgage loan.

Capital expenditure

During the period under review, the Group invested HK$3.5 million in property, plant and equipment, represented an increase of HK$0.2 million when compared with the same period of last year.

重大收購或出售

本集團於截至二零一九年九月三十日止六個月並無任何聯營公司、附屬公司或合營企業的重大收購或出售。

承受外匯風險

本集團主要在香港營業，其業務由位於中國的資訊科技支援服務中心支援。本集團承受人民幣兌港元所產生的外匯風險。由於本集團的現金流量主要以港元列值，所承受的外匯風險很低，故本集團並無對沖外匯風險。

資產抵押

於二零一九年九月三十日及二零一九年三月三十一日，本集團分別以賬面值2,300,000港元及4,400,000港元的廠房及機器質押作為抵押品，以擔保本集團租賃負債。於二零一九年九月三十日及二零一九年三月三十一日，本集團分別以賬面值61,400,000港元及62,500,000港元的兩處物業質押作為抵押品，以擔保本集團的抵押貸款。

資本開支

本集團於回顧期間投資3,500,000港元於物業、廠房及設備，較去年同期增加200,000港元。

eprint Group Limited eprint 集團有限公司

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

EMPLOYEES AND EMOLUMENT POLICIES

As at 30 September 2019, the Group had 326 full time employees. There is no significant change in the Group’s emolument policies. On top of basic salaries, bonuses may be paid by reference to the Group’s performance as well as individual’s performance. Other staff benefits include housing allowances, contributions to Mandatory Provident Fund retirement benefits scheme in Hong Kong, the provision of pension funds, medical insurance, unemployment insurance and other relevant insurance for employees who are employed by the Group pursuant to the PRC rules and regulations and the prevailing regulatory requirements of the PRC, and the Employees Provident Fund and contributions to Social Security Organization for employees who are employed by the Group pursuant to the Malaysian rules and regulations and the prevailing regulatory requirements of Malaysia.

INTERIM DIVIDEND

The Board has resolved not to declare an interim dividend for the six months ended 30 September 2019 (2018: Nil).

僱員及薪酬政策

於二零一九年九月三十日，本集團共有326名全職僱員。本集團的薪酬政策並無重大變動。除基本薪金外，獎金亦會參考本集團業績及個人表現而發放。其他員工福利包括住房津貼、香港強積金退休福利計劃供款，根據中國規則及規例和中國的現行監管規定，向本集團所聘用僱員提供養老金、醫療保險、失業保險及其他相關保險及根據馬來西亞規則及規例和馬來西亞的現行監管規定，向本集團所聘用僱員提供僱員公積金及僱員社會保障組織供款。

中期股息

董事會決議不宣派截至二零一九年九月三十日止六個月的中期股息（二零一八年：無）。

Interim Report 2019 二零一九年中期報告

OTHER INFORMATION 其他資料

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SHARES

董事及主要行政人員之股份權益

As at 30 September 2019, the interests or short positions of the Directors and chief executives of the Company in the shares (the “Shares”), underlying Shares and debentures of the Company or any associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) (“SFO”)), which were 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 which were required, pursuant to section 352 of the SFO, to be entered in the register referred to therein, or which were required, pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (“Model Code”) as set out in Appendix 10 to the Listing Rules, are set out below:

Interests and short positions in Shares, underlying Shares and debentures of the Company or its associated corporation

(i) The Company

於二零一九年九月三十日，本公司董事及主要行政人員於本公司或任何相聯法團（定義見香港法例第571章證券及期貨條例（「證券及期貨條例」）第 XV部）股份（「股份」）、相關股份及債券中擁有須根據證券及期貨條例第 XV部第7及8分部通知本公司及聯交所的權益或淡倉（包括根據證券及期貨條例相關條文彼等被當作或視為擁有的權益或淡倉），或根據證券及期貨條例第352條須登記在該條所述的登記冊，或根據上市規則附錄十所列出《上市發行人董事進行證券交易的標準守則》（「標準守則」）須通知本公司及聯交所的權益或淡倉如下：

本公司或其相聯法團股份、相關股份及債券的權益及淡倉

(i) 本公司

==> picture [330 x 63] intentionally omitted <==

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

Approximate
Number of percentage of
Long position/ ordinary Shares shareholding in
Name of Director Capacity short position held the Company
於本公司
董事姓名身份好倉╱淡倉持有普通股數目持股概約百分比
----- End of picture text -----

Mr. She Siu Kee William	Beneficial owner	Long position	1,584,000	0.29%
佘紹基先生	實益擁有人	好倉
	Interest of controlled	Long position	313,125,000	56.93%
	corporation (Note 1)	好倉
	受控制法團權益
	（附註1）
Mr. Chong Cheuk Ki	Interest of controlled	Long position	313,125,000	56.93%
莊卓琪先生	corporation (Note 1)	好倉
	受控制法團權益（附註1）
	Interest of spouse (Note 2)	Long position	712,000	0.13%
	配偶權益（附註2）	好倉
Mr. Leung Wai Ming	Interest of controlled	Long position	313,125,000	56.93%
梁衞明先生	corporation (Note 1)	好倉
	受控制法團權益（附註1）

eprint Group Limited eprint 集團有限公司

OTHER INFORMATION 其他資料

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SHARES (Continued)

Interests and short positions in Shares, underlying Shares and debentures of the Company or its associated corporation (Continued)

(i) The Company (Continued)

Notes:

313,125,000 Shares are held by eprint Limited. eprint Limited is held as to 21.62%, 21.62%, 21.62%, 21.62% and 13.52% by Mr. She Siu Kee William (“Mr. She”), Mr. Chong Cheuk Ki (“Mr. Chong”), Mr. Lam Shing Kai (“Mr. Lam”), Mr. Leung Wai Ming (“Mr. WM Leung”) and Mr. Leung Yat Pang (“Mr. YP Leung”) (collectively, the “Concerted Shareholders”) respectively. Pursuant to a deed of confirmation dated 2 July 2013 entered into by them confirming the existence of their acting in concert arrangement, each of Mr. She, Mr. Chong, Mr. Lam, Mr. WM Leung and Mr. YP Leung has agreed to jointly control their respective interests in the Company. Accordingly, eprint Limited shall be accustomed to act in accordance with joint instructions of the Concerted Shareholders. Hence, each of the Concerted Shareholders is deemed to be interested in all the Shares held by eprint Limited by virtue of the SFO.
Mr. Chong is deemed to be interested in 712,000 Shares held by his spouse, Ms. Yip Fei.

董事及主要行政人員之股份權益 （續）

本公司或其相聯法團股份、相關股份及債券的權益及淡倉 （續）

(i) 本公司（續）

附註：

e p r i n t L i m i t e d 持有 313,125,000股股份。eprint Limited分別由佘紹基先生

（「佘先生」）、莊卓琪先生（「莊先生」）、林承佳先生（「林先生」）、梁衞明先生（「梁衞明先生」）及梁一鵬先生（「梁一鵬先生」）（統稱為「一致行動股東」）擁有 21.62%、21.62%、21.62%、 21.62%及13.52%。根據由彼等簽立日期為二零一三年七月二日之確認契據確認存在之一致行動安排，佘先生、莊先生、林先生、梁衞明先生及梁一鵬先生已各自同意共同控制彼等各自於本公司的權益。因此，eprint Limited 慣常根據一致行動股東共同指示行事。因此，根據證券及期貨條例，各一致行動股東被視為於eprint Limited所持有所有股份中擁有權益。

莊先生被視為於其配偶葉飛女士持有的712,000股股份中擁有權益。

Interim Report 2019 二零一九年中期報告

OTHER INFORMATION 其他資料

DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS IN SHARES (Continued)

董事及主要行政人員之股份權益

（續）

Interests and short positions in Shares, underlying Shares and debentures of the Company or its associated corporation (Continued)

本公司或其相聯法團股份、相關股份及債券的權益及淡倉 （續）

==> picture [180 x 9] intentionally omitted <==

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

(ii) Associated corporation – eprint Limited
----- End of picture text -----

(ii) 相聯法團－eprint Limited

Name of Director 董事姓名	Nature of interest 權益性質	Number of ordinary Shares held in the Associated Corporation 持有相聯法團普通股數目	Approximate percentage of shareholding in the Associated Corporation 於相聯法團持股概約百分比
Mr. She	Beneficial owner	2,162	21.62%
佘先生	實益擁有人
Mr. Chong	Beneficial owner	2,162	21.62%
莊先生	實益擁有人
Mr. WM Leung	Beneficial owner	2,162	21.62%
梁衞明先生	實益擁有人

Note: The disclosed interest represents the interests in eprint Limited, the controlling shareholder of the Company, which is owned by Mr. She, Mr. Chong, Mr. Lam, Mr. WM Leung and Mr. YP Leung in the respective proportions of 21.62%, 21.62%, 21.62%, 21.62% and 13.52%.

附註：披露權益指佘先生、莊先生、林先生、梁衞明先生及梁一鵬先生於本公司控股股東 eprint Limited之權益，各自所佔比例分別為21.62%、 21.62%、21.62%、21.62%及 13.52%。

Save as disclosed above, none of the Directors, chief executives of the Company and/or their associates had any interests or short positions in any Shares, underlying Shares and debentures of the Company or any of its associated corporations as defined in Part XV of the SFO as recorded in the register to be kept under section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code as at 30 September 2019.

除上文披露者外，董事、本公司主要行政人員及╱或其聯繫人士於二零一九年九月三十日，並無在本公司或其任何相聯法團（定義見證券及期貨條例第 XV部）的任何股份、相關股份及債券中擁有須在證券及期貨條例第 352 條規定備存的登記冊內記錄或根據標準守則須通知本公司及聯交所的任何權益或淡倉。

eprint Group Limited eprint 集團有限公司

OTHER INFORMATION 其他資料

INTERESTS IN SHARE OPTIONS

Share Option Scheme

The Company adopted a share option scheme (the “Scheme”) on 13 November 2013 pursuant to the written resolutions of the then shareholders passed on 13 November 2013. The Scheme is a share incentive scheme and is established to recognise and acknowledge the contributions of the Eligible Participants (as defined in the prospectus of the Company dated 20 November 2013) have had or may have made to the Group. Pursuant to the Scheme, the Board may, at its discretion, offer to grant an option to subscribe of new shares of the Company in aggregate not exceeding 30% of the Shares in issue from time to time.

No share option was granted under the Scheme since its adoption and up to the date of this report.

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS IN SHARES

As at 30 September 2019, so far as is known to the Directors, the following persons (other than the Directors and the chief executives of the Company) had interests or short positions in the Shares and underlying Shares of the Company which were required to be notified to the Company under Divisions 2 and 3 of Part XV of the SFO or which were recorded in the register required to be kept under section 336 of the SFO.

購股權權益

購股權計劃

根據於二零一三年十一月十三日通過的當時股東書面決議案，本公司於二零一三年十一月十三日採納一項購股權計劃（「該計劃」）。該計劃為一項股份獎勵計劃，旨在肯定及認可合資格參與者（定義見本公司日期為二零一三年十一月二十日的招股章程）對本集團已作出或可能已作出的貢獻。根據該計劃，董事會可酌情授出購股權，藉以認購本公司新股，總數不超過不時已發行股份的30%。

自採納以來直至本報告日期，概無根據該計劃授出任何購股權。

主要股東及其他人士之股份權益

於二零一九年九月三十日，據董事所知，以下人士（不包括董事及本公司主要行政人員）在本公司股份及相關股份中擁有須根據證券及期貨條例第 XV部第2及3分部通知本公司或須根據證券及期貨條例第336條規定備存的登記冊內記錄的權益或淡倉。

Interim Report 2019 二零一九年中期報告

OTHER INFORMATION 其他資料

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS IN SHARES

主要股東及其他人士之股份權益

（續）

(Continued)

Interests or short positions in Shares and underlying Shares of the Company

本公司股份及相關股份的權益或淡倉

==> picture [352 x 67] intentionally omitted <==

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

Approximate
Number of percentage of
ordinary shareholding in
Name Capacity Position Shares held the Company
於本公司持股
姓名╱名稱身份倉位持有普通股數目概約百分比
----- End of picture text -----

eprint Limited (Note 1)	Beneficial owner	Long position	313,125,000	56.93%
eprint Limited（附註1）	實益擁有人	好倉
Mr. Lam (Note 2)	Beneficial owner	Long position	313,125,000	56.93%
林先生（附註2）	實益擁有人	好倉
Ms. Lo Suet Yee (Note 3)	Interest of spouse	Long position	314,709,000	57.22%
盧雪兒女士（附註3）	配偶權益	好倉
Ms. Yip Fei (Note 4)	Beneficial owner	Long position	712,000	0.13%
葉飛女士（附註4）	實益擁有人	好倉
	Interest of spouse	Long position	313,125,000	56.93%
	配偶權益	好倉
Ms. Yu Siu Ping (Note 5)	Interest of spouse	Long position	313,125,000	56.93%
俞少萍女士（附註5）	配偶權益	好倉
Ms. Chau Fung Kiu (Note 6)	Interest of spouse	Long position	313,125,000	56.93%
周鳳翹女士（附註6）	配偶權益	好倉
Mr. Huang Xiaopeng (Note 7)	Interest of controlled	Long position	61,875,000	11.25%
黃曉鵬先生（附註7）	corporation	好倉
	受控制法團權益

eprint Group Limited eprint 集團有限公司

OTHER INFORMATION 其他資料

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS IN SHARES

主要股東及其他人士之股份權益

（續）

(Continued)

Interests or short positions in Shares and underlying Shares of the Company (Continued)

本公司股份及相關股份的權益或淡倉 （續）

==> picture [352 x 67] intentionally omitted <==

Mr. Huang Xiaojia (Note 7)	Interest of controlled	Long position	61,875,000	11.25%
黃曉佳先生（附註7）	corporation	好倉
	受控制法團權益
Mr. Huang Bingwen (Note 7)	Interest of controlled	Long position	61,875,000	11.25%
黃炳文先生（附註7）	corporation	好倉
	受控制法團權益
Hong Kong Tung Fung Investment	Interest of controlled	Long position	61,875,000	11.25%
Company Limited (“Hong Kong	corporation	好倉
Tung Fung”) (Note 7)	受控制法團權益
香港東風投資有限公司
（「香港東風」）（附註7）
Shantou Dongfeng Printing Co. Ltd.	Interest of controlled	Long position	61,875,000	11.25%
(“Shantou Dongfeng”) (Note 7)	corporation	好倉
汕頭東風印刷股份有限公司	受控制法團權益
（「汕頭東風」）（附註7）
Hong Kong Luck Investment	Beneficial owner	Long position	61,875,000	11.25%
Company Limited (“Hong Kong	實益擁有人	好倉
Luck Investment”) (Note 7)
香港福瑞投資有限公司
（「香港福瑞投資」）（附註7）
Mr. YP Leung (Note 8)	Interest of controlled	Long position	313,125,000	56.93%
梁一鵬先生（附註8）	corporation	好倉
	受控制法團權益

Interim Report 2019 二零一九年中期報告

OTHER INFORMATION 其他資料

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS IN SHARES

主要股東及其他人士之股份權益

（續）

(Continued)

Interests or short positions in Shares and underlying Shares of the Company (Continued)

Notes:

eprint Limited is directly interested in approximately 56.93% in the Company.
These 313,125,000 Shares are held through eprint Limited, a company is beneficially owned as to 21.62% by Mr. Lam, a former executive director of the Company who resigned on 16 August 2019.
Ms. Lo Suet Yee is the spouse of Mr. She. Under the SFO, Ms. Lo Suet Yee is taken to be interested in the same number of Shares in which Mr. She is interested.
Ms. Yip Fei is the spouse of Mr. Chong. Under the SFO, Ms. Yip Fei is taken to be interested in the same number of Shares in which Mr. Chong is interested.
Ms. Yu Siu Ping is the spouse of Mr. Lam. Under the SFO, Ms. Yu Siu Ping is taken to be interested in the same number of Shares in which Mr. Lam is interested.
Ms. Chau Fung Kiu is the spouse of Mr. WM Leung. Under the SFO, Ms. Chau Fung Kiu is taken to be interested in the same number of Shares in which Mr. WM Leung is interested.
These 61,875,000 Shares are held by Hong Kong Luck Investment, which is a wholly-owned subsidiary of Shantou Dongfeng, an A share company listed on the main board of the Shanghai Stock Exchange. Shantou Dongfeng is 54.40% held by Hong Kong Tung Fung and 1.11% held by Mr. Huang Xiaojia. Hong Kong Tung Fung is owned as to 34% by Mr. Huang Xiaopeng, 33% by Mr. Huang Xiaojia and 33% by Mr. Huang Bingwen. Under the SFO, each of Shantou Dongfeng, Hong Kong Tung Fung, Mr. Huang Xiaopeng, Mr. Huang Xiaojia and Mr. Huang Bingwen is taken to be interested in the same number of Shares in which Hong Kong Luck Investment is interested.
These 313,125,000 Shares are held through eprint Limited, a company is beneficially owned as to 13.52% by Mr. YP Leung.

本公司股份及相關股份的權益或淡倉 （續）

附註：

eprint Limited直接擁有本公司約 56.93%權益。
該等313,125,000股股份乃透過 eprint Limited持有，eprint Limited為一間由林先生實益擁有21.62%權益的公司，林先生為本公司前任執行董事，於二零一九年八月十六日辭任。
盧雪兒女士為佘先生的配偶。根據證券及期貨條例，盧雪兒女士被視為於佘先生所擁有權益之相同數目股份中擁有權益。
葉飛女士為莊先生的配偶。根據證券及期貨條例，葉飛女士被視為於莊先生所擁有權益之相同數目股份中擁有權益。
俞少萍女士為林先生的配偶。根據證券及期貨條例，俞少萍女士被視為於林先生所擁有權益之相同數目股份中擁有權益。
周鳳翹女士為梁衞明先生的配偶。根據證券及期貨條例，周鳳翹女士被視為於梁衞明先生所擁有權益之相同數目股份中擁有權益。
該等61,875,000股股份由香港福瑞投資持有，該公司為汕頭東風（一間於上海證券交易所主板上市之A 股公司）之全資附屬公司。汕頭東風由香港東風持有54.40%權益，及由黃曉佳先生持有1.11%。香港東風由黃曉鵬先生、黃曉佳先生及黃炳文先生分別擁有34%、33%及 33%權益。根據證券及期貨條例，汕頭東風、香港東風、黃曉鵬先生、黃曉佳先生及黃炳文先生各自被視為於香港福瑞投資所擁有權益之相同數目股份中擁有權益。
該等313,125,000股股份乃透過 eprint Limited持有，eprint Limited 為一間由梁一鵬先生實益擁有 13.52%權益的公司。

eprint Group Limited eprint 集團有限公司

OTHER INFORMATION 其他資料

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS IN SHARES

主要股東及其他人士之股份權益

（續）

(Continued)

Interests or short positions in Shares and underlying Shares of the Company (Continued)

Save as disclosed above, the Directors are not aware of any other persons who have interests or short positions in the Shares, underlying Shares or debentures of the Company or any associated corporations (within the meaning of the SFO) as recorded in the register of the Company required to be kept under section 336 of the SFO as at 30 September 2019.

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the six months ended 30 September 2019.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as the code of conduct regarding securities transactions by the Directors. Having made specific enquiry of all Directors, the Company confirmed that all Directors had complied with the required standards as set out in the Model Code for the six months ended 30 September 2019.

CORPORATE GOVERNANCE PRACTICES

The Company has adopted the code provisions set out in the Corporate Governance Code (“CG Code”) as set out in Appendix 14 to the Listing Rules as its own code of corporate governance.

For the six months ended 30 September 2019, the Company was in compliance with the relevant code provisions set out in the CG Code except for the deviation as explained below.

本公司股份及相關股份的權益或淡倉 （續）

除上文所披露者外，於二零一九年九月三十日，董事並不知悉有任何其他人士在本公司或任何相關法團（定義見證券及期貨條例）的股份、相關股份或債券中擁有須根據證券及期貨條例第336條規定備存的本公司登記冊內記錄的權益或淡倉。

購入、出售或贖回本公司上市證券

於截至二零一九年九月三十日止六個月內，本公司或其任何附屬公司並無購入、出售或贖回本公司的任何上市證券。

董事進行證券交易的標準守則

本公司已採納上市規則附錄十列載的標準守則，作為有關董事進行證券交易的行為守則。在向全體董事作出具體查詢後，本公司確認，截至二零一九年九月三十日止六個月，全體董事已遵守標準守則所列載的規定標準。

企業管治常規

本公司已採納上市規則附錄十四列載的企業管治守則（「企業管治守則」）所列載的守則條文作為其本身的企業管治守則。

截至二零一九年九月三十日止六個月，本公司已遵從企業管治守則的相關守則條文，下文所述偏離者則除外。

Interim Report 2019 二零一九年中期報告

OTHER INFORMATION 其他資料

CORPORATE GOVERNANCE PRACTICES

企業管治常規（續）

(Continued)

Code provision A.2.1 of the CG Code provides that the roles of the chairman and chief executive officer should be separated and should not be performed by the same individual. The Company does not at present separate the roles of the chairman and chief executive officer. Mr. She Siu Kee William is the chairman and chief executive officer of the Company. The Board believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board further believes that the balance of power and authority for the present arrangement will not be impaired and is adequately ensured by the current Board which comprises experienced and high calibre individuals with sufficient number thereof being non-executive Directors and independent non-executive Directors.

AUDIT COMMITTEE

The Company established the audit committee of the Company (the “Audit Committee”) on 13 November 2013 with written terms of reference, which was revised on 25 February 2019 in compliance with the CG Code. The primary duties of the Audit Committee are to review and supervise the financial reporting system and to review the risk management and internal control systems of the Group. The Audit Committee comprises three independent non-executive Directors, namely, Mr. Ma Siu Kit (Chairman), Mr. Poon Chun Wai and Mr. Fu Chung. The Audit Committee has reviewed the unaudited condensed interim consolidated financial information for the six months ended 30 September 2019.

By order of the Board eprint Group Limited She Siu Kee William Chairman

Hong Kong, 22 November 2019

企業管治守則之守則條文第 A.2.1條規定，主席和行政總裁角色須分開，不得由同一人擔任。本公司現未將主席與行政總裁角色分開。佘紹基先生為本公司主席兼行政總裁。董事會相信將主席與行政總裁角色集於同一人，有確保本集團內一致領導的好處，並可讓本集團實踐更具效率和效益的整體策略規劃。董事會更相信，目前安排的權力及職權平衡不會受到損害，而目前由擁有經驗豐富和能幹成員（其中有足夠數目的非執行董事及獨立非執行董事）組成的董事會亦能確保有足夠的權力制衡。

審核委員會

本公司於二零一三年十一月十三日根據企業管治守則成立本公司審核委員會（「審核委員會」），並制定書面職權範圍（於二零一九年二月二十五日修訂）。審核委員會的主要職責為審閱及監察本集團的財務申報系統及審閱風險管理及內部監控系統。審核委員會由三名獨立非執行董事馬兆杰先生（主席）、潘振威先生及傅忠先生組成。審核委員會已審閱截至二零一九年九月三十日止六個月之未經審核簡明中期合併財務資料。

承董事會命 eprint集團有限公司佘紹基 主席香港，二零一九年十一月二十二日

72 eprint Group Limited eprint 集團有限公司

==> picture [124 x 66] intentionally omitted <==

AI assistant

eprint Group Limited — Interim / Quarterly Report 2020

50240_rns_2019-12-12_1b7f29d5-4cd3-4d9f-bb1c-f20ba2f4104b.pdf

CONTENTS 目錄

BOARD OF DIRECTORS

Executive directors

Non-executive directors

Independent non-executive directors

AUDIT COMMITTEE

REMUNERATION COMMITTEE

NOMINATION COMMITTEE

AUTHORISED REPRESENTATIVES

COMPANY SECRETARY

REGISTERED OFFICE

董事會

審核委員會

薪酬委員會

提名委員會

授權代表

公司秘書

註冊辦事處

HEADQUARTER AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

PRINCIPAL BANKERS

AUDITOR

LEGAL ADVISOR TO THE COMPANY (HONG

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

HONG KONG BRANCH SHARE REGISTRAR

香港總公司及主要營業地點

主要往來銀行

核數師

本公司法律顧問（香港法律）

主要股份登記及過戶處

香港股份登記及過戶分處

AND TRANSFER OFFICE

COMPANY WEBSITE

STOCK CODE

公司網址

股份代號

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明中期合併權益變動表

1 GENERAL

2 BASIS OF PREPARATION

1 一般資料

2 編製基準

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策

3 PRINCIPAL ACCOUNTING POLICIES

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策 （續）

3.1 Changes in accounting policy

(a) Impact on financial information

As a lessee

3.1 會計政策變動

(a) 對財務資料的影響

作為承租人

3 PRINCIPAL ACCOUNTING POLICIES

3 主要會計政策 （續）

作為承租人（續）

3 PRINCIPAL ACCOUNTING POLICIES

(a) Impact on financial information (Continued)

As a lessee (Continued)

作為承租人（續）

簡明中期合併財務資料附註

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3.1 Changes in accounting policy (Continued)

(b) Practical expedients applied

3 主要會計政策 （續）

3.1 會計政策變動 （續）

作為承租人（續）

(b) 所採用之實際權宜措施

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3.1 Changes in accounting policy (Continued)

(b) Practical expedients applied (Continued)

(c) The Group’s leasing activities and how these are accounted for

(b) 所採用之實際權宜措施 （續）

(c) 本集團之租賃活動及其入賬方式

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

3 主要會計政策 （續）

3 PRINCIPAL ACCOUNTING POLICIES (Continued)

(c) The Group’s leasing activities and how these are accounted for (Continued)

簡明中期合併財務資料附註

eprint Group Limited Interim / Quarterly Report 2020

3 主要會計政策（續）

3 主要會計政策（續）

3 主要會計政策（續）

3.1 會計政策變動（續）

(b) 所採用之實際權宜措施（續）

3 主要會計政策（續）

5 財務風險管理（續）

5 財務風險管理（續）

(c) 公允價值估計（續）

6 分部資料（續）

6 分部資料（續）

6 SEGMENT INFORMATION (Continued) 6 分部資料（續） A reconciliation of segment assets to total assets is provided as follows:

14 透過損益按公允價值列賬之金融資產

21 租賃負債╱融資租賃項下責任

22 承擔（續）