ICO Group Limited — Annual Report 2019

Apr 23, 2020

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AMCO UNITED HOLDING LIMITED

(Incorporated in Bermuda with limited liability)（於百慕達註冊成立之有限公司）

(Stock Code 股份代號 : 630)

Annual Report 年報 2019

*Fo ridentification purposes only 僅供識別

Contents 目錄

FINANCIAL HIGHLIGHTS CORPORATE INFORMATION CHAIRMAN’S STATEMENT MANAGEMENT DISCUSSION AND ANALYSIS PROFILE OF DIRECTORS AND SENIOR MANAGEMENT CORPORATE GOVERNANCE REPORT ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT DIRECTORS’ REPORT INDEPENDENT AUDITOR’S REPORT

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL SUMMARY

財務摘要	2
公司資料	4
主席報告	6
管理層討論及分析	9
董事及高級管理人員簡介	19
企業管治報告	22
環境、社會及管治報告	44
董事會報告	66
獨立核數師報告	80
綜合損益及其他全面收益表	89
綜合財務狀況表	90
綜合權益變動表	92
綜合現金流量表	93
綜合財務報表附註	95
財務概要	200

雋泰控股有限公司 2019 年報

1

Financial Highlights 財務摘要

REVENUE BY GEOGRAPHICAL MARKET FOR THE YEAR

年內按市場地區劃分之收入

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2019
二零一九年
Hong Kong 香港 71.96%
Other regions in Asia Pacific 亞太其他地區 0.06%
Europe 歐洲 0.43%
North and South America 北美洲及南美洲 27.55%
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2018
二零一八年
Hong Kong 香港 56.41%
Other regions in Asia Pacific 亞太其他地區 0.01%
Europe 歐洲 0.49%
North and South America 北美洲及南美洲 43.09%
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REVENUE BY PRINCIPAL ACTIVITIES FOR THE YEAR

年內按主要業務劃分之收入

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2019
二零一九年
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2018
二零一八年
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Manufacture and sale of medical devices products
製造及銷售醫療設備產品 26.01%
Manufacture and sale of plastic moulding products
製造及銷售塑膠模具產品 2.03%
Provision of construction services in building
construction, building maintenance and
improvement works, project management,
renovation and decoration works
提供樓宇建造、樓宇維修及改善工程、項目管理、
裝修及裝飾工程方面之建造服務 55.08%
Provision of money lending
提供放貸 16.88%
Investment in securities
證券投資 0%
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Manufacture and sale of medical devices products
製造及銷售醫療設備產品 42.11%
Manufacture and sale of plastic moulding products
製造及銷售塑膠模具產品 1.48%
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Provision of construction services in building
construction, building maintenance and
improvement works, project management,
renovation and decoration works
提供樓宇建造、樓宇維修及改善工程、項目管理、
裝修及裝飾工程方面之建造服務 48.62%
Provision of money lending
提供放貸 7.79%
Investment in securities
證券投資 0%
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AMCO UNITED HOLDING LIMITED Annual Report 2019

2

Financial Highlights 財務摘要

FINANCIAL AND OPERATING RESULTS HIGHLIGHTS

財務及經營業績摘要

The following table sets forth certain financial information of AMCO United Holding Limited (the “Company”) and its subsidiaries (collectively, the “Group”) as of the date for the years indicated:

下表載列雋泰控股有限公司（「本公司」）及其 附屬公司（統稱「本集團」）於列示年度日期之 若干財務資料：

OPERATING RESULTS (HK$’000) 經營業績（千港元）	2019 2018 二零一九年 二零一八年	2019 2018 二零一九年 二零一八年
Revenue 收入	67,707	112,279
Loss for the year 年度虧損	(34,546)	(26,752)
FINANCIAL POSITION (HK$’000) 財務狀況（千港元）	2019 2018 二零一九年 二零一八年
Equityattributable to owners of the Company 本公司擁有人應佔權益	106,287	135,835
Total assets 總資產	192,817	234,093
Net assets 資產淨值	106,287	135,835
Net assets value per share (HK cents) 每股資產淨值（港仙）	5.7	7.3
FINANCIAL STATISTICS 財務統計	2019 2018 二零一九年 二零一八年
Current ratio1 流動比率1	3.4	3.3
Total debt to total assets ratio2 總債務與總資產比率2	0.4	0.4
Return on total assets (%)3 總資產回報率(%)3	(17.9)	(11.4)
Return on sales (%)4 銷售回報率(%)4	(51.0)	(23.8)
Loss per share (HK cents) 每股虧損（港仙） Basic and diluted 基本及攤薄		(1.4)
	(1.9)

Notes:

附註：

1. Current ratio is calculated by dividing current assets by current liabilities.

2. 流動比率乃以流動資產除以流動負債計算。

3. Total debt to total assets ratio is calculated by dividing the total indebtedness by total assets.

4. 總債務與總資產比率乃以總債項除以總資產 計算。

5. Return on total assets is calculated by dividing the loss for the year by total assets.

6. 總資產回報率乃以年度虧損除以總資產計算。

7. Return on sales is calculated by dividing the loss for the year by revenue.

8. 銷售回報率乃以年度虧損除以收入計算。

雋泰控股有限公司 2019 年報

3

Corporate Information 公司資料

DIRECTORS

Executive Directors

ZHANG Hengxin (Chairman and Managing Director) JIA Minghui

Independent Non-executive Directors

CHAN Tsz Keung AU YEUNG Ming Yin Gordon GUO Zhenhui

COMPANY SECRETARY

HUNG Tsz Ching

AUTHORISED REPRESENTATIVES

ZHANG Hengxin HUNG Tsz Ching

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 1104, Crawford House 70 Queen’s Road Central, Central Hong Kong

REGISTERED OFFICE

Clarendon House 2 Church Street Hamilton HM11 Bermuda

董事

執行董事

張亨鑫（主席兼董事總經理） 賈明暉

獨立非執行董事

陳自強 歐陽銘賢 郭鎮輝

公司秘書

洪芷晴

法定代表

張亨鑫 洪芷晴

香港主要營業地點

香港 中環皇后大道中70號 卡佛大廈1104室

註冊辦事處

Clarendon House 2 Church Street Hamilton HM11 Bermuda

AMCO UNITED HOLDING LIMITED Annual Report 2019

4

Corporate Information 公司資料

PRINCIPAL BANKERS

Standard Chartered Bank (Hong Kong) Limited Fubon Bank (Hong Kong) Limited Bank of China (Hong Kong) Limited

AUDITOR

Elite Partners CPA Limited 10/F., 8 Observatory Road Tsim Sha Tsui, Kowloon Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE

MUFG Fund Services (Bermuda) Limited 4th floor North Cedar House 41 Cedar Avenue Hamilton HM12 Bermuda

HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE

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

WEBSITE

www.amco-united.com

主要往來銀行

渣打銀行（香港）有限公司 富邦銀行（香港）有限公司 中國銀行（香港）有限公司

核數師

開元信德會計師事務所有限公司 香港 九龍尖沙咀 天文臺道8號10樓

主要股份過戶登記處

MUFG Fund Services (Bermuda) Limited 4th floor North Cedar House 41 Cedar Avenue Hamilton HM12 Bermuda

香港股份過戶登記分處

卓佳標準有限公司 香港 皇后大道東183號 合和中心54樓

網址

www.amco-united.com

雋泰控股有限公司 2019 年報 5

Chairman’s Statement 主席報告

The Year 2019 has marked a year of great challenge facing high level of uncertainty of the economy as well as the continued political and social unrest and the volatile financial market in Hong Kong and globally. Despite our efforts to initiate and boost our momentum of growth by facilitating business development of the respective business segments during the year, we have experienced decline in turnover of the Group under the relatively sluggish and uncertain economic and trade environment in the current year. Notwithstanding this, we managed to generate relatively stable gross margin from our sales and services during the year.

Suffered from significant decline in sales order from a major customer in 2019, revenue generated for the Group’s business segment in the manufacture and sale of medical devices products (“Medical Devices Business”) has decreased over the previous year. Despite a higher margin in price yielded by the medical devices product in the current year, segment result of the Medical Devices Business has turned from profit to loss this year caused by the significant decline in sales order. To cope with the challenge of fluctuating sales order, the Group is persisting to deploy business strategies of streamlining and outsourcing of business processes, implementing strict cost control and ensuring effective utilisation of resources with an aim to maintain its long-term sustainable competitive advantages in the business segment. In the meantime, the Group is actively exploring and identifying potential business opportunities to expand its customer base of the business segment in order to broaden the income streams of the Medical Devices Business. The Group’s business segment in the manufacture and sale of plastic moulding products (“Plastic Moulding Business”) has been downsized in recent years and revenue generated by this business continued to decline in the current year due to end of product life cycles of most of its products. With effective product mix fine tuning and cost containment programs implemented, segment loss of the Plastic Moulding Business has decreased in the current year, and the Group is of the view that it will continue the operation of the Plastic Moulding Business as long as it still contributes sufficiently to share appropriate portion of the administration and operation cost of the Group.

面對香港乃至全球經濟的高度不確定性，持續的 政治及社會動盪以及金融市場波動，二零一九年 是充滿挑戰的一年。儘管我們於年內努力透過促 進各業務分部的業務發展以啟動及提升增長動 力，惟於本年度相對疲弱且不確定的經濟及貿易 環境下，本集團的營業額遭受下降。儘管如此， 年內我們的銷售及服務仍產生相對穩定的毛利 率。

於二零一九年，受來自一名主要客戶之銷售訂單 大幅下降的影響，本集團製造及銷售醫療設備產 品（「醫療設備業務」）之業務分部產生的收入較 去年下降。儘管本年度醫療設備產品的價格利潤 率上升，惟由於銷售訂單大幅下降，年內醫療設 備業務的分部業績從盈利變為虧損。為應對銷售 訂單波動的挑戰，本集團堅持施行精簡及外判業 務流程以及落實嚴格的成本控制及確保資源有 效利用之業務策略，以維持其於該業務分部之長 期可持續競爭優勢。同時，本集團正積極開拓及 識別潛在業務商機，以擴展該業務分部的客戶群， 從而擴寛醫療設備業務的收入流。本集團製造及 銷售塑膠模具產品（「塑膠模具業務」）之業務分 部於近年縮減規模，而該業務所產生收入於本年 度持續下降，原因為大多數產品之產品生命週期 結束。由於實施有效的產品組合優化及成本控制 方案，塑膠模具業務的分部虧損在本年度有所減 少，本集團認為只要其仍足以承擔本集團適當比 例之行政及經營成本，本集團將會繼續經營塑膠 模具業務。

AMCO UNITED HOLDING LIMITED 6 Annual Report 2019

Chairman’s Statement 主席報告

The Group’s business in the provision of construction services in building construction, building maintenance and improvement works, project management, renovation and decoration works (“Building Contract Works Business”) has been confronting challenges under slower growth of the construction industry and intensified market competition. Revenue generated for the Building Contract Works Business has decreased over the previous year caused by decrease in awards of contracts in both public and private sectors during the current year. Profit margin of this business has also been curtailed as a result of decrease in awards of contracts in the private sector which yielded higher margins in price as well as continuous rise in subcontracting costs resulting from increased labour costs which resulted in increased operating loss recorded for this business in the current year. Despite the underperformed result and stringent market environment of the construction industry, the Group will continue to deploy efforts in tendering for contracts in both public and private sectors, particularly contracts which yield higher margins in price, and make concerted efforts in controlling and managing contract and operating costs, in order to foster improvement in results of this business.

The Group’s business in the provision of money lending (“Money Lending Business”) has generated stable income to the Group in 2019. Segment revenue and segment profit of the Money Lending Business has both increased in the current year. The Group has recorded a segment loss for its business of investment in securities (“Securities Investment”) in the current year, which remained relatively the same as previous year. The Group will closely monitor and appraise the performance of this business and cautiously assess the investment portfolio from time to time.

本集團於提供樓宇建造、樓宇維修及改善工程、 項目管理、裝修及裝飾工程方面之建造服務業 務（「樓宇承包工程業務」）正面臨建築行業發展 速度放緩及市場競爭加劇的挑戰。由於本年度獲 判的公共及私營部門的合約均減少，使樓宇承包 工程業務產生的收入較去年減少。而由於獲判的 價格利潤率較高的私營部門合約減少，以及因勞 工成本增加而導致分包成本持續上升，該業務的 利潤率面臨收縮導致該業務於本年度錄得經營 虧損增加。儘管業務表現欠佳，且建築業的市場 環境嚴峻，本集團將繼續努力競標公共及私營部 門之合約，尤其是價格利潤率較高的合約，並協 力控制及管理合約及營運成本，從而促進該業務 業績的改善。

本集團之提供放貸業務（「放貸業務」）於二零 一九年為本集團帶來穩健收益。本年度放貸業務 之分部收入及分部溢利均有所增加。本年度本集 團於其證券投資業務（「證券投資」）錄得分部虧 損，之與去年保持相對不變。本集團將密切監察 及評核該業務之表現及不時審慎評估投資組合。

雋泰控股有限公司 2019 年報 7

Chairman’s Statement 主席報告

PROSPECTS

Facing elevated challenges as we step into the year 2020 with the outbreak of COVID-19 and slow down of the economy as well as the highly volatile financial market in Hong Kong and globally, the Group will persist to build on its diversified business portfolio and focus its steps to formulate, evaluate and modify business strategies of our existing businesses in order to facilitate and motivate their business development and stabilise any downturn impact. To cope with the business development of the business segments, the Group will strive to deploy effective and sufficient capital and resources allocation in respect of the different business segments, and actively reallocate its assets, funding and labour force in response to the changing market and industry conditions and business results. The Group will conduct constant and dynamic performance appraisals and assessment to evaluate the ongoing business development. The Group will also concentrate on maintaining liquidity by effectively managing working capital and controlling costs, and leveraging operation efficiency by adhering to its lean organisation structure, in light of any difficulties which may be encountered under the uncertainties in the economy and financial market.

Alongside with the continuing evolution and modification of business strategies to develop our existing businesses, the Group will continue to seek optimisation of its business portfolio by adjusting it to adapt to the changing business climate, trend and environment, and at the same time proactively exploring and exploiting every potentially profitable business and investment opportunity as well as new growth potentials, with the ultimate goal of developing its business to generate and maximise shareholders’ value and return and maintain sustainable growth and prosperity.

Zhang Hengxin

Chairman and Managing Director

Hong Kong, 30 March 2020

前景

二零二零年伊始，面對新型冠狀病毒爆發、香港 乃至全球的經濟放緩以及金融市場高度波動的 嚴峻挑戰，本集團將繼續憑藉多元化的業務組合 並專注於制定、評估及修訂我們現有業務的業務 策略，以促進及推動各業務發展並穩定任何下滑 影響。為配合各業務分部的業務發展，本集團將 致力就不同業務分部部署有效及充足的資本及 資源分配，並因應不斷變化的市場及行業狀況以 及業務表現積極重新分配其資產、資金及勞力。 本集團將進行持續及動態的表現評核及評估以 衡量業務的持續發展。鑒於在經濟及金融市場的 不確定性下可能遇到的任何困難，本集團亦將專 注於透過有效管理營運資金及控制成本以維持 流動資金，並透過堅持其精益組織結構以提高 營運效率。

在持續發展及改進發展現有業務之業務策略的 同時，本集團將尋求優化其業務組合，對其進 行調整以適應不斷變化的營商氣候、趨勢及環 境，同時積極物色及利用每個潛在有利可圖之業 務及投資機遇以及新的增長潛力，以實現發展 其業務以產生並最大化股東價值與回報並維持 可持續增長與繁榮的最終目標。

主席兼董事總經理

張亨鑫

香港，二零二零年三月三十日

AMCO UNITED HOLDING LIMITED 8 Annual Report 2019

Management Discussion and Analysis 管理層討論及分析

RESULTS

業績

The total revenue of the Group decreased HK$44.6 million or 39.7%, from HK$112.3 million last year to HK$67.7 million for the year ended 31 December 2019. Such a decrease was mainly attributable to the decrease in revenue from the Medical Devices Business and Building Contract Works Business.

本集團之總收入由去年之112,300,000港元減少 44,600,000港元或39.7%至截至二零一九年十二 月三十一日止年度之67,700,000港元。該減少乃 主要由於醫療設備業務及樓宇合約工程業務之 收入減少所致。

Gross profit of the Group was HK$18.8 million, representing a decrease of HK$4.8 million or 20.3% as compared to HK$23.6 million in 2018. Gross profit margin increased by 6.8 percentage points to 27.8% (2018: 21.0%), primarily as a result of gross profit margin contributed from the Medical Devices Business and Money Lending Business.

本集團毛利為18,800,000港元，較二零一八年之 23,600,000港元減少4,800,000港元或20.3%。 毛利率增加6.8個百分點至27.8%（二零一八年： 21.0% ），乃主要由於醫療設備業務及放貸業務 產生之毛利率所致。

Other losses, net of other income and other gains, during the year under review recorded HK$10.5 million, an increase of HK$0.8 million or 8.2% as compared to HK$9.7 million in the corresponding year of 2018, which was mainly attributable to the unrealised fair value loss of held-for-trading investments arising from the Securities Investment.

其他虧損（扣除其他收入及其他收益）於回顧年 度錄得10,500,000港元，較二零一八年同期之 9,700,000港元增加800,000港元或8.2%，乃主要 由於證券投資產生之持作買賣投資未變現公允 價值虧損所致。

The distribution costs declined by HK$0.1 million to HK$0.1 million during the year under review (2018: HK$0.2 million), representing a reduction of 50.0% over the corresponding year of 2018, alongside with the decrease in revenue of Medical Devices Business and Plastic Moulding Business. The administrative expenses amounted to HK$39.9 million, which remained relatively stable as compared to that of HK$39.7 million for the corresponding year of 2018, primarily as a result of the combined effect of the impairment losses recognised on goodwill and intangible asset and the share-based payment expenses incurred in current year, and decrease in staff costs and other general administrative costs under stringent cost control during the year.

於回顧年度分銷成本下降100,000港元至100,000 港元（二零一八年：200,000港元），較二零一八 年同期降低50.0%，連同醫療設備業務以及塑膠 模具業務之收入減少。行政開支為39,900,000港 元，與二零一八年同期的39,700,000港元維持相 對穩定，乃主要由於於本年度就商譽以及無形資 產及產生以股份為基準之付款開支確認減值虧 損、及年內嚴格成本控制項下員工成本及其他一 般行政成本減少的合併影響所致。

雋泰控股有限公司 2019 年報

9

Management Discussion and Analysis 管理層討論及分析

Finance costs amounted to HK$3.1 million (2018: HK$0.7 million) for the year under review, which represented interest on bond payables and lease liabilities.

As a result, the overall loss attributable to owners of the Company was HK$34.5 million, which increased by HK$7.8 million or 29.2% as compared to HK$26.7 million loss for the corresponding year of 2018.

BUSINESS REVIEW

Medical Devices Business

For the year ended 31 December 2019, the Medical Devices Business recorded revenue of HK$17.6 million, which decreased by 62.8% or HK$29.7 million as compared to that of HK$47.3 million in the previous year. This amount represented 26.0% of the Group’s total revenue for the year under review. In 2019, the economy of the United States of America (“America”) has gone increasingly uncertain coupled with uncertain global trade environment under the continued trade war between China and America, the Medical Devices Business has suffered from a significant decline in sales order from our key customer in America, causing revenue of the Medical Devices Business to decrease during the current year.

Segment loss of the Medical Devices Business amounted to HK$0.9 million for the year ended 31 December 2019, as compared to segment profit of HK$5.3 million in the corresponding year of 2018, which was caused by the significant decline in sales order despite the higher margin in price yielded by the medical devices product in the current year. To cope with the challenge of fluctuating sales order, the Group is persisting to deploy business strategies of streamlining and outsourcing of business processes, implementing strict cost control and ensuring effective utilisation of resources with an aim to maintain its long-term sustainable competitive advantages in the business segment. In the meantime, the Group is actively exploring and identifying potential business opportunities to expand its customer base of the business segment in order to broaden the income streams of the Medical Devices Business.

於回顧年度財務成本為3,100,000港元（二零 一八年：700,000港元），乃應付債券及租賃負債 之利息。

因此，本公司擁有人應佔整體虧損為34,500,000 港元，較二零一八年同期之虧損26,700,000港元 增加7,800,000港元或29.2%。

業務回顧

醫療設備業務

截至二零一九年十二月三十一日止年度，醫療 設備業務錄得收入17,600,000港元，較去年之 47,300,000港元減少62.8%或29,700,000港元。 此金額相當於本集團於回顧年度之總收入之 26.0%。於二零一九年，美利堅合眾國（「美國」） 經濟日益不明朗，加上中美貿易戰持續不斷的情 況下全球貿易環境呈現不明朗，導致醫療設備業 務受來自美國主要客戶之銷售訂單大幅減少而 遭受重創，使醫療設備業務收入於本年度減少。

截至二零一九年十二月三十一日止年度，醫療設 備業務分部虧損為900,000港元，而二零一八年 同期之分部溢利為5,300,000港元，乃因本年度 銷售訂單大幅減少所致，儘管醫療設備產品在價 格上有更高的利潤率。為應對銷售訂單波動的挑 戰，本集團堅持施行精簡及外判業務流程、落實 嚴緊成本控制及確保資源有效利用之業務策略， 以維持其於該業務分部方面之長期可持續競爭 優勢。同時，本集團正積極開拓及識別潛在業務 商機以擴展其業務分部之客戶群，以擴寬醫療設 備業務之收入流。

AMCO UNITED HOLDING LIMITED 10 Annual Report 2019

Management Discussion and Analysis 管理層討論及分析

Plastic Moulding Business

The revenue from the Plastic Moulding Business decreased by 17.6% or HK$0.3 million to HK$1.4 million, as compared to HK$1.7 million in the previous year, which accounted for 2.1% of the Group’s total revenue for the year under review. A majority of plastic moulding products have suffered from declined sales orders as relevant customers’ end products have reached the end of their product life cycle, causing continuous decline in revenue of the Plastic Moulding Business during the year under review. In view of this, the Group has ceased the production of the majority of those products which contributed a relatively low gross profit margin, and has only been accepting small number of production orders of mould fabrication and some products, which have a relatively higher gross profit margin.

塑膠模具業務

塑膠模具業務之收入較去年之1,700,000港元減 少17.6%或300,000港元至1,400,000港元，佔本 集團於回顧年度之總收入之2.1%。大部分塑膠 模具產品因有關客戶之終端產品已達產品壽命 週期末端而遭受銷售訂單日益下降，導致塑膠模 具業務於回顧年度之收入持續下降。有鑒於此， 本集團已停止生產該等大部分毛利率相對較低 之產品，且僅一直承接少量毛利率相對較高之模 具製造及若干產品之生產訂單。

With persistent efforts in the improvement in profit margins of sales orders and cost control in the reduction of distribution costs and administrative expenses, segment loss of the Plastic Mouldng Business decreased by 86.1% or HK$0.31 million to HK$0.05 million for the year under review, as compared to that of HK$0.36 million for the corresponding year of 2018. Owing to the continuous losses suffered in recent years, the Group has shifted assets and resources of this segment to other more profitable business units, but will continue the operation of the Plastic Moulding Business as long as it still contributes sufficiently to share appropriate portion of the administration and operation cost of the Group.

在堅定不移地改善銷售訂單之利潤率及通過降 低分銷成本及行政開支實行成本控制的情況下， 於回顧年度塑膠模具業務分部虧損較二零一八 年同期的分部虧損360,000港元減少86.1%或 310,000港元至50,000港元。由於近幾年遭受持 續虧損，本集團已將該分部之資產及資源轉移至 其他更有利可圖之業務單位，但只要塑膠模具業 務仍足以承擔本集團適當比例之行政及經營成 本，本集團將會繼續經營該分部。

雋泰控股有限公司 2019 年報

11

Management Discussion and Analysis 管理層討論及分析

Building Contract Works Business

For the year ended 31 December 2019, revenue from the Building Contract Works Business generated by ACE Engineering Limited (“ACE Engineering”), a wholly-owned subsidiary of the Company, amounted to HK$37.3 million, representing a decrease of HK$17.3 million or 31.7% as compared to HK$54.6 million for the corresponding year of 2018, which contributed 55.1% of the Group’s total revenue for the year under review. The decrease in revenue was primarily due to (i) substantial completion of several significant public and private contracts during the previous year; and (ii) decrease in awards of projects in both public and private sectors, under the more stringent and competitive market environment of the building construction and maintenance industry caused by slower growth of the industry as well as negative effect of social demonstration during the year. This business recorded a gross profit of HK$3.0 million (2018: HK$4.6 million) and gross profit margin of 8.0% (2018: 8.4%). The decrease in gross profit margin was primarily attributable to (i) decrease in awards of projects in the private sector which yielded higher margins in price; and (ii) rise in subcontracting costs resulting from increased labour costs. Segment loss of this business increased to HK$11.3 million for the year ended 31 December 2019, as compared to that of HK$5.0 million for the corresponding year of 2018, primarily as a result of (i) decrease in gross profit margin; and (ii) an impairment loss on goodwill and intangible asset of HK$7.9 million (2018: HK$3.8 million) recognised in the current year mainly due to the performance of this business had not matched the anticipation of the management owing to the decrease in awards of projects and continuous curtailment of profit margin resulting in increased operating loss for the year.

樓宇承包工程業務

截至二零一九年十二月三十一日止年度，安迪 工程有限公司（「安迪工程」，本公司之全資 附屬公司）所產生來自樓宇承包工程業務之 收入為37,300,000港元，較二零一八年同期之 54,600,000港元減少17,300,000港元或31.7%， 佔本集團於回顧年度之總收入之55.1%。收入減 少乃主要由於(i)去年多項重大公共及私營合約大 致完成；及(ii)由於行業發展速度放緩及社會示威 的負面影響導致年內樓宇建造及維修行業的市 場環境愈趨嚴峻及競爭愈趨激烈，獲授的公共及 私營部門的項目減少。該業務錄得毛利3,000,000 港元（二零一八年：4,600,000港元）及毛利率 8.0%（二零一八年：8.4%)。毛利率減少乃主要 由於(i)價格利潤率較高的私營部門獲判的項目減 少；及(ii)勞工成本上升導致分包成本增加。該業 務之分部虧損由二零一八年同期之5,000,000港 元增加至截至二零一九年十二月三十一日止年 度之11,300,000港元，乃主要由於(i)毛利率減少； 及(ii)因獲授項目減少及利潤率持續收縮導致年 內經營虧損增加，該業務表現未達管理層預期， 故於年內確認商譽及無形資產減值虧損7,900,000 港元（二零一八年：3,800,000港元）。

AMCO UNITED HOLDING LIMITED Annual Report 2019

12

Management Discussion and Analysis 管理層討論及分析

As at 31 December 2019, ACE Engineering had undertaken (i) one building maintenance and/or renovation project from private sector with the contract sum of approximately HK$8.1 million; and (ii) ten building maintenance and/or renovation projects from the Hong Kong Housing Society and the Hong Kong Housing Authority with the contract sums ranging from approximately HK$0.5 million to HK$15.0 million and the aggregate contract sum of approximately HK$48.5 million. Hence, the aggregate contract sums from both private and public sectors amounted to approximately HK$56.6 million and the aggregate estimated paid and payable subcontracting fee of those eleven existing construction projects undertaken by ACE Engineering was approximately HK$52.1 million. As at 31 December 2019, approximately HK$21.0 million of the aggregate contract sums was still outstanding and those eleven construction projects were pending to be completed within next two years.

於二零一九年十二月三十一日，安迪工程已承 接(i)一項來自私營部門之樓宇維修及╱或裝修工 程，合約金額約為8,100,000港元；及(ii)十項來自 香港房屋協會及香港房屋委員會之樓宇維修及╱ 或裝修工程，合約金額介乎約500,000港元至 15,000,000港元，而總合約金額約為48,500,000 港元。因此，來自公共及私營部門之總合約金額 約為56,600,000港元，而安迪工程承接之該等 十一項現有建築工程之估計已付及應付分包費 總額約為52,100,000港元。於二零一九年十二月 三十一日，總合約金額之約21,000,000港元仍未 支付，及該等十一項建築工程於下兩個年度內方 能完工。

Despite increase in segment loss of the business during the year under review and the stringent market environment of the building construction and maintenance industry, the Group will continue to deploy efforts in tendering for projects in both public and private sectors, particularly projects which yield higher margins in price, and make concerted efforts in controlling and managing contract and operating costs, in order to facilitate improvement in results of this business.

儘管該業務於回顧年度之分部虧損增加及樓宇 建造及維修行業市場環境嚴峻，本集團將繼續努 力投入競標公共及私營部門之項目，尤其價格利 潤率較高的項目，並協力控制及管理合約和營運 成本，以促進該業務業績改善。

雋泰控股有限公司 2019 年報

13

Management Discussion and Analysis 管理層討論及分析

Money Lending Business

For the year ended 31 December 2019, the Group recorded loan interest income of HK$11.4 million from its Money Lending Business, representing an increase of HK$2.7 million or 31.0% as compared to HK$8.7 million for the previous year, which accounted for 16.8% of the Group’s total revenue for the year under review. Segment profit of the Money Lending Business amounted to HK$10.5 million (2018: HK$7.4 million). The outstanding principal and interest amount of loan receivables as at 31 December 2019 was HK$136.6 million (31 December 2018: HK$139.7 million). Loss allowance for expected credit loss of HK$3.9 million has been made for loan receivables as at 31 December 2019 under the expected loss model (31 December 2018: HK$3.3 million). The Group will continue to develop this business by employing prudent credit control procedures and strategies to hold a balance between the business growth and the risk management.

Securities Investment

During the year under review, the Group recorded no realised gain or loss (2018: nil) and unrealised loss of HK$10.9 million (2018: HK$10.0 million) arising on change in fair value of held-for-trading investments of listed equity securities in Hong Kong for the year ended 31 December 2019. No dividend income was received from the held-for-trading investments during the year under review (2018: nil). Segment loss of the Securities Investment amounted to HK$10.9 million (2018: HK$10.0 million).

放貸業務

截至二零一九年十二月三十一日止年度，本集 團錄得放貸業務貸款利息收入11,400,000港元， 較去年之8,700,000港元增加2,700,000港元或 31.0%，佔回顧年度本集團總收入之16.8%。 放貸業務之分部溢利為10,500,000港元（二零 一八年：7,400,000港元）。於二零一九年十二 月三十一日，應收貸款之未償還本金額及利息 為136,600,000港元（二零一八年十二月三十一 日：139,700,000港元）。於二零一九年十二月 三十一日，根據預期虧損模式已就應收貸款作出 3,900,000港元預期信貸虧損的虧損撥備（二零 一八年十二月三十一日：3,300,000港元）。本集 團將透過採用審慎信貸控制程序及策略以維持 業務增長與風險管理相平衡，繼續發展該業務。

證券投資

於回顧年度，本集團並無錄得已變現收益或虧損 （二零一八年：無）及因截至二零一九年十二月 三十一日止年度香港上市股本證券持作買賣投 資之公允價值變動而錄得未變現虧損10,900,000 港元（二零一八年：10,000,000港元）。於回顧年 度，並無自持作買賣投資收到任何股息收入（二 零一八年：無）。證券投資分部虧損為10,900,000 港元（二零一八年：10,000,000港元）。

AMCO UNITED HOLDING LIMITED Annual Report 2019

14

Management Discussion and Analysis 管理層討論及分析

As at 31 December 2019, the Group held 8 listed equity securities in Hong Kong with the fair value of HK$14.3 million. In light of the recent volatile financial market in Hong Kong, the Group intends to diversify its investment portfolio in order to reduce the relevant concentration and investment risks and will closely monitor the performance of this business. The Group will keep adopting a prudent investment attitude and develop its investment strategy with the aim to improve the capital usage efficiency and generate additional investment returns on the idle funds of the Group.

於二零一九年十二月三十一日，本集團持有之八 隻香港上市股本證券之公允價值為14,300,000港 元。鑒於近期香港金融市場動盪，本集團擬多元化 其投資組合以減低有關集中及投資風險，並將密 切監察該業務之表現。本集團將採取審慎投資態 度及發展其投資策略，旨在提高資本利用率及利 用本集團閒置資金帶來額外投資回報。

Details of the Group’s top two held-for-trading investments, in terms of fair value as at 31 December 2019, are as follows:

就於二零一九年十二月三十一日之公允價值而 言，本集團之兩大持作買賣投資之詳情如下：

% of shareholding as at 31 December 2019 Company Name/Stock Code 公司名稱╱股份代號 佔於 二零一九年 十二月三十一日 之股權百分比	Fair value loss for the year ended 31 December 2019 Fair value as at 31 December 2019 % of total assets of the Group as at 31 December 2019 截至 二零一九年 十二月三十一日 止年度之 公允價值虧損 於二零一九年 十二月三十一日 之公允價值 佔本集團於 二零一九年 十二月三十一日 之資產總值 百分比 HK$’000 HK$’000 千港元 千港元
Securities listed in Hong Kong 香港上市證券 China e-Wallet Payment Group Limited (“China e-Wallet”) (802) (Note (a)) 中國錢包支付集團有限公司 （「中國錢包」）(802)（附註(a)） 1.859% WLS Holdings Limited (“WLS”) (8021) (Note (b)) 滙隆控股有限公司 （「滙隆」）(8021)（附註(b)） 1.359% Others (Note (c)) 其他（附註(c)）	(4,080) 5,763 3.0% (5,076) 4,296 2.2% (1,785) 4,218 2.2%
	(10,941) 14,277 7.4%

雋泰控股有限公司 2019 年報 15

Management Discussion and Analysis 管理層討論及分析

Notes:

• (a) China e-Wallet is principally engaged in the provision of internet and mobile application and distribution of computer-related and mobile-related electronic products and accessories. As disclosed in the interim report of China e-Wallet for the six months ended 30 June 2019, it recorded unaudited net loss attributable to its owners of HK$25.3 million for the six months ended 30 June 2019. With regards to the future prospects of China e-Wallet, the directors of the Company (the “Directors”) noted that China e-Wallet would expect that the worst case scenario caused by the trade war have been taken into account by most of its customers. However, the newly restructuring of the global supply chain, especially the new supply chain eco-system in China, will take time to see its contributions towards the market. Hence, China e-Wallet expects the demand for its services to remain inertial.

• (b) WLS is principally engaged in the provision of scaffolding and fitting out services and other services for construction and buildings work, provision of gondolas, parapet railings and access equipment installation and maintenance services, money lending business, securities investment business and assets management business. As disclosed in the third quarterly report of WLS for the nine months ended 31 January 2020, it recorded unaudited net loss from continuing operations attributable to its owners of HK$14.6 million for the nine months ended 31 January 2020. With regards to the future prospects of WLS, the Directors noted that WLS remains cautiously optimistic about overall prospects for its scaffolding sector. WLS will continue to promote the use of the “Pik Lik” brand scaffolding system to help improve overall efficiency while boosting the revenue and market share of its scaffolding services division. WLS will also continue to focus on those business segments that generate higher profit margins and show ample growth potential such as money lending operations. In the meantime, WLS will strictly adhere to its cost control policy, and swiftly adjust business strategies to its scaffolding business in response to ever-changing market dynamics in order to generate better financial returns for its shareholders.

• (c) None of these investments represented more than 5% of the total assets of the Group as at 31 December 2019.

附註：

• (a) 中國錢包主要從事提供互聯網及移動應用 程式以及分銷電腦相關及移動相關電子產 品及配件。誠如中國錢包截至二零一九年六 月三十日止六個月之中期報告所披露，其於 截至二零一九年六月三十日止六個月錄得其 擁有人應佔未經審核虧損淨額25,300,000港 元。就中國錢包之未來前景而言，本公司董 事（「董事」）注意到，中國錢包預計大多數客 戶都會考慮到貿易戰引起的最壞情況。然而， 全球供應鏈的新重組，尤其是中國的新供應 鏈生態系統，對市場作出貢獻將需要時間。 因此，中國錢包預期其服務需求將保持活躍。

• (b) 滙隆主要從事提供建築及建造工程棚架搭建 及精裝修服務及其他建造及樓宇工程服務、 吊船工作台、防撞欄及登爬維修器材之安裝 及維修服務、借貸業務、證券投資業務及資 產管理業務。誠如滙隆截至二零二零年一月 三十一日止九個月的第三季度報告所披露， 其於截至二零二零年一月三十一日止九個月 錄得其擁有人應佔持續經營未經審核虧損淨 額14,600,000港元。就滙隆之未來前景而言， 董事注意到，滙隆對其棚架搭建分部的整體 前景仍保持謹慎樂觀態度。滙隆將繼續推廣 使用「霹靂」品牌棚架搭建系統，以幫助提升 整體效率，同時增大棚架搭建服務部的收入 及市場份額。滙隆亦將繼續專注於利潤率較 高及發展潛力巨大的業務分部，如借貸業務。 同時，滙隆將嚴格遵守成本控制政策，迅速 調整棚架搭建業務的業務策略，以應對變幻 莫測的市場動態，從而為股東產生更多財務 回報。

• (c) 於二零一九年十二月三十一日，該等投資概 無佔本集團資產總值5%以上。

AMCO UNITED HOLDING LIMITED 16 Annual Report 2019

Management Discussion and Analysis 管理層討論及分析

Looking ahead, the Directors believe that the future performance of the above investments held by the Group will be volatile and substantially affected by overall economic environment, equity market conditions, investor sentiment and the business performance and development of the investee companies. Accordingly, the Group will continue to maintain a diversified portfolio of investment of various industries to minimise the possible financial risks. Also, the Directors will cautiously assess the performance progress of the investment portfolio from time to time.

展望未來，董事認為本集團所持之上述投資未來 表現將會波動並受整體經濟環境、股市狀況、投資 者情緒以及被投資公司之業務表現及發展顯著影 響。因此，本集團將繼續維持一個涉及多個行業投 資之多元化組合，以將可能的金融風險減至最低。 此外，董事將不時審慎評估投資組合之表現進度。

FINANCIAL REVIEW

Capital structure

As at 31 December 2019, the Group’s consolidated net assets was HK$106.3 million, representing a decrease of HK$29.5 million as compared to that of HK$135.8 million as at 31 December 2018.

財務回顧

股本架構

於二零一九年十二月三十一日，本集團之綜合資 產淨值為106,300,000港元，較於二零一八年十二 月三十一日之135,800,000港元減少29,500,000港 元。

As at 31 December 2019, the Company has 1,862,679,481 ordinary shares of HK$0.01 each in issue.

於二零一九年十二月三十一日，本公司有 1,862,679,481股每股面值0.01港元之已發行普通 股。

Debt structure

債務架構

As at 31 December 2019 and 2018, the Group’s total borrowings from financial institutions were zero. The Group’s total cash and bank balances amounted to HK$12.3 million as at 31 December 2019, which decreased HK$6.0 million as compared to that of HK$18.3 million as at 31 December 2018.

於二零一九年及二零一八年十二月三十一日，本 集團來自金融機構之總借貸為零。於二零一九年 十二月三十一日，本集團之現金及銀行結餘總額 為12,300,000港元，較於二零一八年十二月三十一 日之18,300,000港元減少6,000,000港元。

As at 31 December 2019, the Company had bond payables of HK$30.7 million which represented unlisted bonds issued to an independent third party with an aggregate principal amount of HK$30 million in October 2018. The bonds are unsecured and issued at the fixed interest rate of 10% per annum and will mature on the date falling on the 36 months after the date of issue of the bonds (i.e. 12 October 2021).

於二零一九年十二月三十一日，本公司的應付債 券為30,700,000港元，即於二零一八年十月向一 名獨立第三方發行的本金總額為30,000,000港元 之非上市債券。該等債券為無抵押且按固定年利 率10%計息，並將於債券發行日期後36個月當日 （即二零二一年十月十二日）到期。

雋泰控股有限公司 2019 年報

17

Management Discussion and Analysis 管理層討論及分析

The Group’s gearing ratio was 19.2% as at 31 December 2019 (31 December 2018: 9.1%). The ratio was determined by net debt, which was defined as total interest-bearing liabilities comprising bond payables and lease liabilities less cash and cash equivalents, over shareholders’ equity.

Working capital and liquidity

As at 31 December 2019, both of the Group’s current ratio and quick ratio were 3.4 (31 December 2018: 3.3). Inventory turnover on sales was 0 day (31 December 2018: 0 day). Receivable turnover was 61 days (31 December 2018: 44 days).

Contingent liabilities and charges

As at 31 December 2019 and 2018, the Group had not pledged any assets to secure bank facilities and other borrowings. The Group had no material contingent liabilities as at 31 December 2019 and 2018.

Foreign currency exposure

The Group’s monetary assets, liabilities and transactions are mainly denominated in United States dollars, Renminbi and Hong Kong dollars. Since Hong Kong dollars are pegged to United States dollars and the exchange rate of Renminbi to Hong Kong dollars was relatively stable during the year, the Group’s exposure to the potential foreign currency risk was relatively limited.

EMPLOYEES AND REMUNERATION POLICIES

As at 31 December 2019, the Group’s employees number was 44 (31 December 2018: 42). The Group’s employees are remunerated largely based on their performance and experience, alongside with the current industry practices. Remuneration packages of employees include salaries, insurance, mandatory provident fund and share option scheme. Other employee benefits include medical cover, housing allowance and discretionary bonuses.

本集團於二零一九年十二月三十一日之資產負 債比率為19.2%（二零一八年十二月三十一日： 9.1% ）。該比率乃由淨債務除以股東權益釐定，淨 債務定義為包括應付債券及租賃負債之計息總負 債減現金及現金等價物。

營運資金及流動資金

於二零一九年十二月三十一日，本集團之流動比 率及速動比率均為3.4（二零一八年十二月三十一 日：3.3）。存貨銷售周轉期為0天（二零一八年 十二月三十一日：0天）。應收款項周轉期為61天 （二零一八年十二月三十一日：44天）。

或然負債及抵押

於二零一九年及二零一八年十二月三十一日， 本集團並無抵押任何資產，作為銀行信貸及其他 借貸之擔保。於二零一九年及二零一八年十二月 三十一日，本集團並無重大或然負債。

外幣風險

本集團之貨幣資產、負債及交易主要以美元、人民 幣及港元計值。由於港元與美元掛鈎，而人民幣兌 港元之匯率於年內相對穩定，本集團之潛在外幣 風險相對有限。

僱員及薪酬政策

於二零一九年十二月三十一日，本集團有44名（二 零一八年十二月三十一日：42名）僱員。本集團給 予僱員之薪酬大致上按彼等之表現及經驗而定， 並參考行業內目前慣例。僱員薪酬待遇包括薪金、 保險、強制性公積金及購股權計劃。其他僱員福利 包括醫療保障、房屋津貼及酌情花紅。

AMCO UNITED HOLDING LIMITED 18 Annual Report 2019

Profile of Directors and Senior Management 董事及高級管理人員簡介

DIRECTORS

Executive Directors

董事

執行董事

Mr. ZHANG Hengxin , aged 36, joined the Company as an Executive Director on 6 September 2016. He was appointed as the Chairman and Managing Director of the Company and the chairman of the nomination committee of the Company (“Nomination Committee”) on 31 January 2017 and a member of the remuneration committee of the Company (“Remuneration Committee”) on 1 January 2017. Mr. Zhang is also a director of certain subsidiaries of the Company. He obtained a Bachelor Degree in Human Resources Management from Huazhong Agricultural University in 2006 and Master Degree of Arts in Industrial Relations and Personnel Management from The University of Warwick, United Kingdom in 2007. Mr. Zhang has over 10 years of experience in human resources management in different industries.

張亨鑫先生 ，三十六歲，於二零一六年九月六日 加入本公司擔任執行董事。彼於二零一七年一月 三十一日獲委任為本公司主席兼董事總經理及 本公司提名委員會（「提名委員會」）主席，及於 二零一七年一月一日獲委任為本公司薪酬委員 會（「薪酬委員會」）成員。張先生亦為本公司若 干附屬公司之董事。彼於二零零六年自華中農業 大學取得人力資源管理學士學位，並於二零零七 年自英國華威大學取得勞資關係與人事管理文 學碩士學位。張先生於不同行業的人力資源管理 方面擁有逾十年經驗。

Mr. JIA Minghui , aged 29, joined the Company as an Executive Director on 30 September 2016. He obtained a Master Degree of Development Economics from the School of Oriental and African Studies, University of London, United Kingdom in 2013. Mr. Jia has extensive experience in the international finance and project management. He had been working in the financial conglomerate in the People’s Republic of China and responsible for client’s project management, projects merger and acquisition activities.

賈明暉先生 ，二十九歲，於二零一六年九月三十 日加入本公司擔任執行董事。彼於二零一三年自 英國倫敦大學亞非研究院取得發展經濟學碩士 學位。賈先生於國際金融及項目管理方面擁有 豐富經驗。彼曾於中華人民共和國之金融集團 任職並負責客戶項目管理、項目併購活動。

雋泰控股有限公司 2019 年報 19

Profile of Directors and Senior Management 董事及高級管理人員簡介

DIRECTORS (continued)

Independent Non-executive Directors

Mr. CHAN Tsz Keung , aged 30, joined the Company as an Independent Non-executive Director on 11 October 2017. He was appointed as the chairman of the Remuneration Committee and a member of each of the audit committee of the Company (“Audit Committee”) and Nomination Committee on 11 October 2017. He obtained his Bachelor of Arts in Economics from The University of Southern California in the United States in 2011. Mr. Chan had worked as an analyst in the loan administration department of corporate banking division of a French investment bank. He had also worked in a United States listed company and was a sales manager for the Asia Pacific region to handle clients’ listing projects. Mr. Chan has extensive experience in business development, sales and marketing and operation management.

Mr. AU YEUNG Ming Yin Gordon , aged 44, joined the Company as an Independent Non-executive Director on 15 March 2018. He was appointed as the chairman of the Audit Committee and a member of the Remuneration Committee on 15 March 2018. Mr. Au Yeung is the company secretary of China Finance Investment Holdings Limited (stock code: 875) since May 2019, the company secretary of Values Cultural Investment Limited (stock code: 1740) since June 2019 and the company secretary of L & A International Holdings Limited (stock code: 8195) since November 2019. He is also the company secretary of Cocoon Holdings Limited (stock code: 428) since February 2019, and was the chief financial officer and company secretary of Huge China Holdings Limited (now known as Cocoon Holdings Limited) since May 2015 until August 2017. He was also the company secretary of On Real International Holdings Limited (stock code: 8245) since August 2017 until February 2019, and the company secretary of Success Dragon International Holdings Limited (stock code: 1182) since October 2017 until September 2019. Since May 2000, Mr. Au Yeung held management positions in an accounting team in ASR Logistics Holdings Limited (now known as Beijing Sports and Entertainment Industry Group Limited) (stock code: 1803) until January 2015. He has over 20 years of experience in the areas of accounting, taxation, finance and auditing.

Mr. Au Yeung is a member of the Hong Kong Institute of Certified Public Accountants. He obtained a degree in Bachelor of Business (Business Administration) from the RMIT University in Australia and a post-graduate diploma in Professional Accounting from the Hong Kong Baptist University.

董事 （續）

獨立非執行董事

陳自強先生 ，三十歲，於二零一七年十月十一日 加入本公司擔任獨立非執行董事。彼於二零一七 年十月十一日獲委任為薪酬委員會主席及本公 司審核委員會（「審核委員會」）及提名委員會之 成員。彼於二零一一年自美國南加州大學取得 經濟學學士學位。陳先生曾於法資投資銀行企業 銀行部貸款管理部門擔任一名分析家。彼亦曾於 一間美國上市公司擔任亞太地區營業經理，處理 客戶上市項目。陳先生於業務發展、銷售及市場 推廣及營運管理方面擁有豐富經驗。

歐陽銘賢先生 ，四十四歲，於二零一八年三月 十五日加入本公司擔任獨立非執行董事。彼於 二零一八年三月十五日獲委任為審核委員會主 席及薪酬委員會成員。歐陽先生自二零一九年 五月、二零一九年六月及二零一九年十一月起 分別擔任中國金控投資集團有限公司（股份代 號：875）、新石文化投資有限公司（股份代號： 1740）及樂亞國際控股有限公司（股份代號： 8195）之公司秘書。彼亦自二零一九年二月起擔 任中國天弓控股有限公司（股份代號：428）之 公司秘書並自二零一五年五月擔任匯嘉中國控 股有限公司（現稱中國天弓控股有限公司）之財 務總監兼公司秘書直至二零一七年八月。彼亦 自二零一七年八月擔任安悅國際控股有限公司 （股份代號：8245）之公司秘書直至二零一九年 二月並自二零一七年十月起擔任勝龍國際控股 有限公司（股份代號：1182）之公司秘書直至二 零一九年九月。自二零零零年五月，歐陽先生於 瀚洋物流控股有限公司（現稱北京體育文化產業 集團有限公司（股份代號：1803））之會計團隊 擔任管理職位直至二零一五年一月。彼於會計、 稅務、財務及審核方面擁有逾二十年經驗。

歐陽先生為香港會計師公會會員。彼取得澳洲 RMIT University的商業學士（工商管理）學位，以 及香港浸會大學的專業會計深造文憑。

AMCO UNITED HOLDING LIMITED 20 Annual Report 2019

Profile of Directors and Senior Management 董事及高級管理人員簡介

DIRECTORS (continued)

Independent Non-executive Directors (continued)

董事 （續）

獨立非執行董事 （續）

Mr. GUO Zhenhui , aged 56, joined the Company as an Independent Non-executive Director on 15 March 2018. He was appointed as a member of each of the Audit Committee and Nomination Committee on 15 March 2018. Mr. Guo held managerial positions of companies incorporated in the People’s Republic of China which engage in manufacturing electronic parts. He has over 35 years of experience in manufacturing and management.

郭鎮輝先生 ，五十六歲，於二零一八年三月十五 日加入本公司擔任獨立非執行董事。彼於二零 一八年三月十五日獲委任為審核委員會及提名 委員會各自之成員。郭先生於在中華人民共和國 註冊成立之不同公司擔任管理職位，該等公司 從事製造電子部件。彼於製造及管理方面擁有 逾三十五年經驗。

SENIOR MANAGEMENT

高級管理人員

Mr. MAN Kong Ming is the Financial Controller of the Group. Mr. Man is responsible for overseeing the financial reporting, financial management and internal control of the Group. Mr. Man holds a Bachelor of Business Administration in Accounting and Finance from The University of Hong Kong. He is a Certified Public Accountant of the Hong Kong Institute of Certified Public Accountants. Mr. Man has over 10 years of experience in auditing, accounting and financial management and previously worked in international audit firms. He joined the Group in June 2015.

文剛明先生 為本集團之財務總監。文先生負責 監督本集團之財務報告、財務管理及內部監控。 文先生持有香港大學之會計及金融學工商管理 學士學位。彼為香港會計師公會會計師。文先生 於審計、會計及財務管理方面擁有逾十年經驗， 且曾任職於國際性會計師事務所。彼於二零 一五年六月加入本集團。

雋泰控股有限公司 2019 年報 21

Corporate Governance Report 企業管治報告

CORPORATE GOVERNANCE PRACTICES

The board of Directors (the “Board”) has always recognised the importance of shareholders’ accountability and transparency and is committed to maintaining high standards of corporate governance. The Company has complied with all code provisions of the Corporate Governance Code (“CG Code”) throughout the year ended 31 December 2019 as set out in Appendix 14 to the Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”), except for certain deviations disclosed herein.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (“Model Code”) set out in Appendix 10 to the Listing Rules as the code of conduct regarding securities transactions by its Directors. Having made specific enquiry, all Directors have confirmed that they have fully complied with the required standard set out in the Model Code during the year ended 31 December 2019.

BOARD OF DIRECTORS

The Board is responsible for the leadership and control of the Group and oversees the Group’s businesses, strategic decisions and performance. The Board has delegated the day-to-day responsibility to the Executive Directors and senior management who perform their duties under the leadership of the Managing Director.

The Board currently consists of two Executive Directors, namely, Mr. Zhang Hengxin (Chairman and Managing Director of the Company) and Mr. Jia Minghui; and three Independent Non-executive Directors, namely, Mr. Chan Tsz Keung, Mr. Au Yeung Ming Yin Gordon and Mr. Guo Zhenhui.

企業管治常規

董事會（「董事會」）肯定對股東之問責性及透 明度之重要性，並致力於維持高水準之企業管 治。截至二零一九年十二月三十一日止整個年 度，本公司一直遵守香港聯合交易所有限公司 （「聯交所」）證券上市規則（「上市規則」）附錄 十四所載之企業管治守則（「企業管治守則」） 之所有守則條文，惟下列所披露之若干偏離則 除外。

董事之證券交易

本公司已採納上市規則附錄十所載之上市發行 人董事進行證券交易的標準守則（「標準守則」） 作為其董事進行證券交易之行為守則。經作出特 定查詢後，全體董事已確認彼等於截至二零一九 年十二月三十一日止年度全面遵守標準守則所 載規定之標準。

董事會

董事會負責領導及管控本集團，並監督本集團 之業務、戰略決策及表現。董事會已將日常責 任授權執行董事及高級管理人員處理，而彼等 於董事總經理領導下履行彼等之職責。

董事會現由兩名執行董事張亨鑫先生（本公 司主席兼董事總經理）及賈明暉先生；及三名 獨立非執行董事陳自強先生、歐陽銘賢先生及 郭鎮輝先生組成。

AMCO UNITED HOLDING LIMITED 22 Annual Report 2019

Corporate Governance Report 企業管治報告

BOARD OF DIRECTORS (continued)

The Board schedules at least four regular meetings a year and also meets as and when required. During the year, the Board held five meetings. The company secretary of the Company (“Company Secretary”) assisted the Chairman and the Executive Directors in establishing the meeting agenda, and each Director was able to request inclusion of items in the agenda. All such meetings were convened in accordance with the bye-laws of the Company (“Bye-laws”). Under code provision A.1.3 of the CG Code, notice of at least 14 days should be given of a regular board meeting to give all directors an opportunity to attend. During the year, certain Board meetings were convened with less than 14 days’ notice to enable the Board members to react timely and make expeditious decisions in respect of urgent corporate transaction and general business update which was significant in nature. As a result, the Board meeting was held with a shorter notice period than required with the consent of the Directors. The Board will do its best endeavour to meet the requirement of code provision A.1.3 of the CG Code in the future. Adequate and appropriate information are circulated to the Directors normally three days in advance of Board meetings or such period accepted by them. In addition to regular Board meetings, the Chairman of the Board held a meeting with the Independent Non-executive Directors without the presence of other Director during the year.

Minutes of all Board and committees meetings are kept by the Company Secretary and are open for inspection by the Directors. Draft minutes of all Board and committees meetings are circulated to all Directors and committees members for comments within the period accepted by them after each meeting.

董事會 （續）

董事會計劃每年舉行至少四次定期會議並於 有需要時開會。年內，董事會舉行五次會議。 本公司公司秘書（「公司秘書」）協助主席及執 行董事編製會議議程，各董事可要求於議程中 加入項目。所有該等會議均根據本公司之公司 細則（「公司細則」）召開。根據企業管治守則之 守則條文第A.1.3條，召開董事會定期會議應發 出至少十四天通知，以讓所有董事皆有機會騰 空出席。年內，本公司召開若干董事會會議， 通知期少於十四天，以便董事會成員就性質重 大之緊急公司交易及一般業務最新發展及時作 出回應及迅速決策。因此，董事會會議於董事 同意下以較規定期間為短之通知期舉行。日後 董事會將盡力符合企業管治守則之守則條文 第A.1.3條規定。一般在董事會會議舉行前三天 或董事接受之期間向彼等傳閱充足及適用資料。 除定期董事會會議外，年內，董事會主席曾在 其他董事避席之情況下與獨立非執行董事舉行 一次會議。

所有董事會及委員會會議之會議記錄均由公司 秘書保存且可供董事查閱。所有董事會及委員會 會議之會議記錄草擬本均會於每次會議結束後 全體董事及委員會成員接納之期間內寄發予彼 等作評論。

雋泰控股有限公司 2019 年報 23

Corporate Governance Report 企業管治報告

BOARD OF DIRECTORS (continued)

During the year, the Board at all times met the requirements under Rule 3.10 of the Listing Rules relating to the appointment of at least three independent non-executive directors with at least one of them possessing appropriate professional qualifications or accounting or related financial management expertise.

All Independent Non-executive Directors are appointed for specific term.

The Company has received annual confirmations of independence from each of the Independent Non-executive Directors pursuant to Rule 3.13 of the Listing Rules and considers them to be independent.

Given the nature and business objective of the Company, the Board has a balance of skill and experience appropriate for the requirements of the business of the Company. The list of current Directors and their respective biographies are set out on pages 19 to 21 of this annual report.

Pursuant to Bye-law 87 of the Bye-laws, one-third of the Directors shall retire by rotation at each annual general meeting of the Company (“AGM”) provided that every Director shall be subject to retirement at the AGM at least once every three years. All retiring Directors shall be eligible for re-election.

The Board members have no financial, business, family or other material/ relevant relationships with each other. Such balanced Board composition is formed to ensure strong independence exists across the Board and has more than one-third in number of its members comprising Independent Non-executive Directors.

All Directors have given sufficient time and attention to the affairs of the Group. Each Executive Director is suitably qualified for his position, and has sufficient experience to hold the position so as to carry out his duties effectively and efficiently.

董事會 （續）

年內，董事會一直遵守上市規則第3.10條有關委 任最少三名獨立非執行董事之規定，當中最少一 名須具備適合專業資格或會計或相關財務管理 專門技能。

所有獨立非執行董事均有指定任期。

本公司已收到各獨立非執行董事根據上市規則 第3.13條發出之年度獨立性確認函，亦認同彼等 具有獨立地位。

董事會已根據本公司性質及業務目標，維持適 合本公司業務需要之均衡技能及經驗。現任董 事名單及彼等各自之簡歷載於本年報第19頁至 第21頁。

根據公司細則第87條，三分之一之董事須於本公 司每屆股東週年大會（「股東週年大會」）上輪值 退任，惟每名董事須至少每三年於股東週年大會 上退任一次。所有退任董事均合資格膺選連任。

董事會成員之間並無財務、業務、家族或其他重 大╱相關關係。董事會之均衡組成可確保整個董 事會具有高度獨立性，其超過三分之一成員由 獨立非執行董事組成。

所有董事均為本集團事務投入充足時間及精力。 各執行董事均具備合適資格及豐富經驗，能勝任 其職位並可有效及高效地履行其職責。

AMCO UNITED HOLDING LIMITED Annual Report 2019

24

Corporate Governance Report 企業管治報告

BOARD OF DIRECTORS (continued)

董事會 （續）

The attendance of each individual Director at the Board meetings, and the AGM held on 17 June 2019 are as follow:

各個別董事出席董事會會議及於二零一九年六 月十七日舉行之股東週年大會之情況如下：

		Attended/Eligible	to attend
		出席╱合資格出席
		Board meetings	AGM
Executive Directors	執行董事	董事會會議	股東週年大會
Mr. Zhang Hengxin (Chairman and	張亨鑫先生（主席兼董事總經理）	5/5	1/1
Managing Director)
Mr. Jia Minghui	賈明暉先生	5/5	1/1
Independent Non-executive Directors	獨立非執行董事
Mr. Chan Tsz Keung	陳自強先生	5/5	1/1
Mr. Au Yeung Ming Yin Gordon	歐陽銘賢先生	5/5	1/1
Mr. Guo Zhenhui	郭鎮輝先生	5/5	1/1

Directors’ Training and Continuous Professional Development

The Company provides regular updates on the business performance of the Group to the Directors. The Directors are continually updated on the latest development regarding the Listing Rules and other applicable statutory requirements to ensure compliance and upkeeping of good corporate governance practices.

董事培訓及持續專業發展

本公司定期向董事更新本集團之業務表現資料。 董事持續獲得有關上市規則及其他適用法定規 定之最新發展資料，以確保符合及維持良好企業 管治常規。

The Directors are encouraged to participate in continuing professional development to develop and refresh knowledge and skills. The Company has maintained a training record in order to assist the Directors to record the training that they have undertaken and they are asked to submit a training record to the Company on annual basis.

本公司鼓勵董事參與持續專業發展，以發展並更 新其知識及技能。本公司保存培訓記錄用以協助 董事記錄彼等所參與之培訓，並已要求董事按年 向本公司提交培訓記錄。

雋泰控股有限公司 2019 年報 25

Corporate Governance Report 企業管治報告

BOARD OF DIRECTORS (continued)

Directors’ Training and Continuous Professional Development (continued)

During the year, each of the individual Directors has attended training courses or seminars or read materials relevant to his professional and/or duties as Director.

董事會 （續）

董事培訓及持續專業發展 （續）

年內，各個別董事已參加與其專業及╱或身為董 事之職責相關之培訓課程或研討會或閱讀相關 資料。

The individual training record of each Director received for the year ended 31 December 2019 is summarised below:

已收到各董事截至二零一九年十二月三十一日 止年度之個別培訓記錄概述如下：

		Course/Seminar
		provided/
		accredited by	Reading
		professional body	materials
		專業機構提供╱
Executive Directors	執行董事	認可之課程╱研討會	閱讀資料
Mr. Zhang Hengxin	張亨鑫先生	–	
Mr. Jia Minghui	賈明暉先生	–	
Independent Non-executive Directors	獨立非執行董事
Mr. Chan Tsz Keung	陳自強先生		
Mr. Au Yeung Ming Yin Gordon	歐陽銘賢先生		–
Mr. Guo Zhenhui	郭鎮輝先生		

All Directors also understand the importance of continuous professional development and they are committed to participating any suitable training to develop and refresh their knowledge and skills.

全體董事亦知悉持續專業發展之重要性，並致力 於參與任何合適培訓以發展並更新彼等之知識 及技能。

AMCO UNITED HOLDING LIMITED Annual Report 2019

26

Corporate Governance Report 企業管治報告

BOARD OF DIRECTORS (continued)

Corporate Governance Functions

The Board is also responsible for performing the corporate governance duties as set out below:

• (a) To develop and review the Company’s policies and practices on corporate governance;

• (b) To review and monitor the training and continuous professional development of Directors and senior management;

• (c) To review and monitor the Company’s policies and practices on compliance with legal and regulatory requirements;

• (d) To develop, review and monitor the code of conduct and compliance manual (if any) applicable to Directors and employees; and

• (e) To review the Company’s compliance with the CG Code and disclosure in the Corporate Governance Report.

Directors’ and Officers’ Liability Insurance and Indemnity

To indemnify Directors and officers of the Company against all costs, charges, losses, expenses and liabilities incurred by them in the execution of and discharge of their duties or in relation thereto, the Company has arranged insurance cover for this purpose.

董事會 （續）

企業管治職能

董事會亦負責履行以下所載之企業管治職責：

• (a) 制定及檢討本公司之企業管治政策及常規；

• (b) 檢討及監察董事及高級管理人員之培訓及 持續專業發展；

• (c) 檢討及監察本公司在遵守法律及監管規定 方面之政策及常規；

• (d) 制定、檢討及監察適用於董事及僱員之行 為準則及合規手冊（如有）；及

• (e) 檢討本公司遵守企業管治守則之情況及於 企業管治報告所作之披露。

董事及高級職員之責任保險及彌償

為彌償董事及本公司高級職員因執行及履行彼 等之職責所產生或與之有關之所有費用、收費、 損失、開支及負債，本公司已就此安排投保。

雋泰控股有限公司 2019 年報 27

Corporate Governance Report 企業管治報告

CHAIRMAN AND CHIEF EXECUTIVE

Under code provision A.2.1 of the CG Code, the roles of chairman and chief executive should be separate and should not be performed by the same individual.

Mr. Zhang Hengxin was the Chairman and the Managing Director of the Company (the Company regards the role of its managing director to be the same as that of chief executive under the CG Code) during the year ended 31 December 2019. During the year under review, the Group has been streamlining its operations, including business development, operation efficiency and financial management. The Board considers that it would be in the best interest of the shareholders of the Company (“Shareholders”) that the roles of the Chairman and the Managing Director of the Company be combined to enable a strong and dedicated leadership to reposition the Company and implement effective measures to improve Shareholders’ value. In this light, the Company has maintained Mr. Zhang Hengxin as the Chairman and the Managing Director of the Company. The Company will review the current structure when and as it becomes appropriate.

REMUNERATION COMMITTEE

The Remuneration Committee was established with a specific written terms of reference. The terms of reference of the Remuneration Committee are available on the websites of the Stock Exchange and the Company.

T h e R e m u n e r a t i o n C o m m i t t e e i s re s p o n s i b l e f o r m a k i n g recommendations to the Board on, among other things, the Company’s policy and structure for the remuneration of all Directors and senior management of the Company. No individual director is involved in decisions relating to his own remuneration. The Remuneration Committee has adopted the model under code provision B.1.2(c)(ii) of the CG Code to make recommendations to the Board on the remuneration packages of individual Executive Directors and senior management.

主席及行政總裁

根據企業管治守則之守則條文第A.2.1條，主席 及行政總裁之職責須分開，並不應由同一人士擔 任。

截至二零一九年十二月三十一日止年度， 張亨鑫先生為本公司主席兼董事總經理（本公司 視其董事總經理一職相當於企業管治守則所指 之行政總裁）。於回顧年度內，本集團一直精簡 業務，包括業務發展、營運效率及財務管理。 董事會認為本公司主席與董事總經理之職務合 併符合本公司股東（「股東」）之最佳利益，此舉 有助於通過強大及貫徹的領導將本公司重新定 位並實施有效措施以提升股東價值。有鑒於此， 本公司已由張亨鑫先生繼續擔任本公司主席兼 董事總經理。本公司將於適當時候檢討目前架構。

薪酬委員會

本公司已設立薪酬委員會，並已訂立特定書面 職權範圍。薪酬委員會之職權範圍可於聯交所 及本公司網站查閱。

薪酬委員會負責向董事會提出有關（其中包 括）本公司所有董事及高級管理人員薪酬之 本公司政策及架構之建議。概無個別董事參與 釐定其本身之薪酬。薪酬委員會已採納企業管 治守則之守則條文第B.1.2(c)(ii)條所述之模式， 就個別執行董事及高級管理人員之薪酬待遇向 董事會提出建議。

AMCO UNITED HOLDING LIMITED 28 Annual Report 2019

Corporate Governance Report 企業管治報告

REMUNERATION COMMITTEE (continued)

薪酬委員會 （續）

The Remuneration Committee comprises three Directors, a majority of whom are Independent Non-executive Directors. During the year, the Remuneration Committee held one meeting.

薪酬委員會由三名董事組成，當中大多數為獨立 非執行董事。年內，薪酬委員會舉行一次會議。

The members of the Remuneration Committee and the attendance of each member during the year are as follows:

年內，薪酬委員會成員及各成員之出席情況如下：

		Attended/
		Eligible to attend
Independent Non-executive Directors	獨立非執行董事	出席╱合資格出席
Mr. Chan Tsz Keung (Chairman)	陳自強先生（主席）	1/1
Mr. Au Yeung Ming Yin Gordon	歐陽銘賢先生	1/1
Executive Director	執行董事
Mr. Zhang Hengxin	張亨鑫先生	1/1

During the year, the Remuneration Committee performed the following duties:

年內，薪酬委員會履行以下職責：

• reviewed and recommended the remuneration packages of the Executive Directors and senior management for the year ended 31 December 2019.

• 檢討及建議執行董事及高級管理人員截至 二零一九年十二月三十一日止年度之薪酬 待遇。

NOMINATION COMMITTEE

提名委員會

The Nomination Committee was established with a specific written terms of reference in compliance with the CG Code. The terms of reference of the Nomination Committee are available on the websites of the Stock Exchange and the Company.

本公司已設立提名委員會，並已遵照企業管治 守則訂立特定書面職權範圍。提名委員會之 職權範圍可於聯交所及本公司網站查閱。

The Nomination Committee is responsible for reviewing the structure, size and diversity of the Board at least annually and making recommendations on any proposed changes to the Board to complement the Company’s corporate strategy, identifying individuals suitably qualified to become Board members and assessing the independence of Independent Non-executive Directors.

提名委員會負責至少每年檢討董事會之架構、 人數及多元化，並就任何擬作出的變動向董事 會提出建議以執行本公司的公司策略；物色具 備合適資格可擔任董事會成員之人士及評估 獨立非執行董事之獨立性。

雋泰控股有限公司 2019 年報 29

Corporate Governance Report 企業管治報告

NOMINATION COMMITTEE (continued)

The Board has adopted a board diversity policy (“Board Diversity Policy”) which set outs the approach to achieve diversity on the Board. The Company recognises and embraces the benefits of having a diverse Board to enhance the quality of its performance. In designing the Board’s composition, Board diversity is considered from a number of aspects with reference to the Company’s business model and specific needs, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. All Board appointments will be based on meritocracy, and candidates will be considered against objective criteria, having due regard for the benefits of diversity on the Board.

The Board has also adopted a Directors’ nomination policy (“Nomination Policy”) which sets out the criteria and nomination procedures on the appointment of Directors. According to the Nomination Policy, the ultimate responsibility for selection and appointment of Directors rests with the entire Board or Shareholders in general meeting, as the case may be. The Board has delegated the relevant screening and evaluation process to the Nomination Committee, which identifies suitably qualified candidates and recommends them to the Board. In assessing the suitability of the proposed candidate, the Nomination Committee takes into consideration the candidate’s character and integrity, qualifications including professional qualifications, skills, knowledge and experience relevant to the Company’s business and corporate strategy, willingness and ability to devote sufficient time and attention to the Board, fulfilment of the independence requirements as set out in the Listing Rules (for Independent Non-executive Directors) and diversity on the Board under the Board Diversity Policy. After reaching its decision, the Nomination Committee nominates relevant Director candidates to the Board for approval or for consideration and recommendation in respect of re-appointment of retiring Directors, for the proposed candidates to stand for re-election at a general meeting. The Board will have the final decision relating to its appointment of candidates as Directors or recommendation of candidates to stand for re-election as Directors at general meeting.

提名委員會 （續）

董事會已採納一項董事會成員多元化政策 （「董事會成員多元化政策」），其載列實現董事 會成員多元化之方法。本公司明白並深信董事會 成員多元化對提升董事會的表現素質裨益良多。 於構建董事會組成時，本公司會參考本公司業務 模式及特定需求從多個方面考慮，包括但不限於 性別、年齡、文化及教育背景、種族、專業經驗、 技能、知識及服務年資，以達致董事會成員多元 化。一切董事會成員之任命將以用人唯才為依據， 並會按客觀準則，妥為考慮董事會成員多元化之 裨益。

董事會亦已採納一項董事提名政策（「提名 政策」），其載列委任董事之準則及提名程序。 根據提名政策，董事甄選及委任的最終責任由整 個董事會或股東大會的股東（視乎情況而定）承 擔。董事會將相關篩選及評估的過程委派予提名 委員會，負責物色合資格的合適候選人及推薦予 董事會。根據董事會成員多元化政策，於評估建 議候選人是否合適時，提名委員會將考慮該候選 人的性格及誠信、資格（包括專業資格）、技能、 知識、與本公司業務及企業策略相關的經驗、願 意並能夠就董事會投入足夠時間及精力、是否符 合上市規則所載的獨立性要求（就獨立非執行董 事而言）以及董事會成員多元化等因素。於達致 其決定後，提名委員會將提名相關董事候選人予 董事會批准或考慮及建議重新委任退任董事，以 使提名候選人於股東大會競選連任。董事會將於 股東大會上就委任候選人為董事或推薦候選人 連任董事擁有最終決定權。

AMCO UNITED HOLDING LIMITED 30 Annual Report 2019

Corporate Governance Report 企業管治報告

NOMINATION COMMITTEE (continued)

提名委員會 （續）

The Nomination Committee comprises three Directors, a majority of whom are Independent Non-executive Directors. During the year, the Nomination Committee held one meeting.

提名委員會由三名董事組成，當中大多數為獨立 非執行董事。年內，提名委員會舉行一次會議。

The members of the Nomination Committee and the attendance of each member during the year are as follows:

年內，提名委員會成員及各成員之出席情況如下：

		Attended/
		Eligible to attend
Executive Director	執行董事	出席╱合資格出席
Mr. Zhang Hengxin (Chairman)	張亨鑫先生（主席）	1/1
Independent Non-executive Directors	獨立非執行董事
Mr. Chan Tsz Keung	陳自強先生	1/1
Mr. Guo Zhenhui	郭鎮輝先生	1/1

During the year, the Nomination Committee performed the following duties:

年內，提名委員會履行以下職責：

• (a) reviewed the structure, size and diversity (including without limitation, gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service) of the Board;

• (a) 檢討董事會之架構、人數及多元化（包括但 不限於性別、年齡、文化及教育背景、種族、 專業經驗、技能、知識及服務年資）；

• (b) assessed the independence of the Independent Non-executive Directors;

• (b) 評估獨立非執行董事之獨立性；

• (c) reviewed the Nomination Policy and the Board Diversity Policy and monitored their implementation; and

• (c) 檢討提名政策及董事會成員多元化政策並 監控該等政策的實施；及

• (d) made recommendations to the Board on the retiring Directors for re-election at the AGM for 2019.

• (d) 就在二零一九年股東週年大會上參與重選 之退任董事向董事會提供建議。

雋泰控股有限公司 2019 年報 31

Corporate Governance Report 企業管治報告

AUDIT COMMITTEE

審核委員會

The Audit Committee was established with a specific written terms of reference. The terms of reference of the Audit Committee are available on the websites of the Stock Exchange and the Company.

本公司已設立審核委員會，並已訂立特定書面職 權範圍。審核委員會之職權範圍可於聯交所及 本公司網站查閱。

The Audit Committee is responsible for reviewing and supervising the financial reporting process and risk management and internal control systems of the Group and providing advice and comments to the Board.

審核委員會負責檢討及監察本集團之財務報告 程序及風險管理以及內部監控制度，並向董事會 提供意見及評議。

The Audit Committee comprises three Independent Non-executive Directors, namely Mr. Au Yeung Ming Yin Gordon (Chairman), Mr. Chan Tsz Keung and Mr. Guo Zhenhui. During the year, the Audit Committee held two meetings.

審核委員會由三名獨立非執行董事歐陽 銘賢先生（主席）、陳自強先生及郭鎮輝先生 組成。年內，審核委員會舉行兩次會議。

The members of the Audit Committee and the attendance of each member during the year are as follows:

年內，審核委員會成員及各成員之出席情況如下：

		Attended/
		Eligible to attend
Independent Non-executive Directors	獨立非執行董事	出席╱合資格出席
Mr. Au Yeung Ming Yin Gordon (Chairman)	歐陽銘賢先生（主席）	2/2
Mr. Chan Tsz Keung	陳自強先生	2/2
Mr. Guo Zhenhui	郭鎮輝先生	2/2

During the year, the Audit Committee performed the following duties:

年內，審核委員會已履行以下職責：

• (a) reviewed with the auditor the audited financial statements for the year ended 31 December 2018 and reviewed the unaudited interim financial statements for the six months ended 30 June 2019, with recommendations to the Board for approval;

• (a) 與核數師共同審閱截至二零一八年十二月 三十一日止年度之經審核財務報表及截至 二零一九年六月三十日止六個月之未經審 核中期財務報表，並提出建議供董事會批 准；

• (b) reviewed report on risk management and internal control systems covering financial, operational and compliance controls;

• (b) 審閱有關財務、營運、程序合規之風險管理 及內部監控系統報告；

• (c) reviewed the compliance issues with the regulatory and statutory requirements;

• (c) 審閱有關監管及法定要求之合規事宜；

AMCO UNITED HOLDING LIMITED 32 Annual Report 2019

Corporate Governance Report 企業管治報告

AUDIT COMMITTEE (continued)

• (d) reviewed with the management of the Company the accounting principles and practices adopted by the Group;

• (e) considered the independent auditor’s independence and fees in relation to the audited financial statements for the year ended 31 December 2018; and

• (f) reviewed and recommended to the Board the auditor’s re-appointment and remuneration.

Mr. Au Yeung Ming Yin Gordon, chairman of the Audit Committee, possesses appropriate professional qualifications or accounting or related financial management expertise as required under Rule 3.21 of the Listing Rules.

INVESTMENT AND MANAGEMENT COMMITTEE

The investment and management committee of the Company (“Investment and Management Committee”) was established by the Board with written terms of reference. The terms of reference are available on the website of the Company.

The Investment and Management Committee is responsible for managing and supervising daily operation of the Company, reviewing and evaluating any proposed investment activities of the Company and making recommendation to the Board on the transactions which the percentage ratio equal to or higher than 5% according to the testing result of the Listing Rules. It also monitors the investments of the Group. The Investment and Management Committee comprises two Executive Directors, namely Mr. Zhang Hengxin (Chairman) and Mr. Jia Minghui.

During the year, the Investment and Management Committee performed the following duties:

• managed and supervised daily operation of the Company and monitored investments of the Group.

審核委員會 （續）

• (d) 與本公司管理層共同審閱本集團所採納之 會計原則及慣例；

• (e) 審核獨立核數師之獨立性及有關截至二零 一八年十二月三十一日止年度之經審核財 務報表之費用；及

• (f) 審閱核數師之續聘及薪酬及就此向董事會 提供建議。

審核委員會主席歐陽銘賢先生具備適合專業 資格或會計或相關財務管理專門技能，符合 上市規則第3.21條之規定。

投資與管理委員會

董事會已設立本公司之投資與管理委員會 （「投資與管理委員會」），並已訂立書面職權 範圍。投資與管理委員會之職權範圍可於本公司 網站查閱。

投資與管理委員會負責管理及監督本公司之日 常營運，檢討及評估本公司任何建議投資活動 及就根據上市規則的測試結果計算，百分比率 等於或高於5%的交易向董事會提出建議。投 資與管理委員會亦監控本集團之投資。投資與 管理委員會由兩名執行董事張亨鑫先生（主席） 及賈明暉先生組成。

年內，投資與管理委員會履行以下職責：

• 管理及監督本公司的日常營運及監控 本集團的投資。

雋泰控股有限公司 2019 年報

33

Corporate Governance Report 企業管治報告

AUDITOR’S REMUNERATION

核數師酬金

The Group incurred fees and charges by the auditor, Elite Partners CPA Limited, in respect of audit services during the year as follows:

年內，本集團就核數服務向核數師開元信德 會計師事務所有限公司支付之費用及開支如下：

		Fees paid/payable
		已付╱應付費用
		HK$’000
Services rendered	提供的服務	千港元
Audit services	核數服務	500

ACCOUNTABILITY AND AUDIT

問責性及審核

The Directors are responsible for the preparation of the financial statements of the Group for the relevant accounting periods under applicable statutory and regulatory requirements which give a true and fair view of the state of affairs, the results of operations and the cash flows of the Group. In preparing the financial statements for the six months ended 30 June 2019 and for the year ended 31 December 2019, the Directors have adopted suitable accounting policies and applied them in conformity with all applicable accounting standards and requirements. The Directors have prepared the accounts for the reporting year on a going concern basis.

董事負責根據適用法定及監管規定編製相關會 計期間之本集團財務報表，以真實而公平地反映 本集團之財務狀況、經營業績及現金流量。董事 於編製截至二零一九年六月三十日止六個月及 截至二零一九年十二月三十一日止年度之財務 報表時，已採納適當會計政策並遵照所有適用會 計準則及規定採用該等政策。董事已根據持續經 營基準編製報告年度之賬目。

The responsibility of the Company’s external auditor, Elite Partners CPA Limited, with respect to these financial statements are set out in the “Independent Auditor’s Report” on pages 80 to 88 of this annual report.

本公司之外聘核數師開元信德會計師事務所 有限公司對該等財務報表應負之責任載於本年報 第80頁至第88頁之「獨立核數師報告」內。

AMCO UNITED HOLDING LIMITED Annual Report 2019

34

Corporate Governance Report 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

The Board acknowledges its overall responsibility for the risk management and internal control systems of the Group and reviewing their effectiveness. Management is responsible for the design, implementation and monitoring of such systems, while the Board which delegated such duties and responsibilities to the Audit Committee, oversees management in performing its duties on an ongoing basis. The risk management and internal control systems are designed to assist in the achievement of business objectives of the Group, safeguard assets against unauthorised use or disposition, ensure proper maintenance of accounting records for the provision of reliable financial information for internal use or publication and ensure compliance with relevant legislation and regulation. The risk management and internal control systems are designed to manage rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable, but not absolute, assurance against material misstatement or loss.

Main Features of Risk Management and Internal Control Systems

Risk Management System

The Group adopts a risk management system which manages the risk associated with its business and operations. The system comprises risk identification, risk evaluation and risk management.

The management is entrusted with duties to identify and communicate risks associated with any activity, function or process within its scope of responsibility and authority. Risks are evaluated by the Board and management based on (i) the severity of the impact of the risks on the Company’s financial results; (ii) the probability that the risks will occur; and (iii) the velocity or speed at which risks could occur.

風險管理及內部監控

董事會負責監管本集團整體風險管理及內部監 控系統，並檢討其有效性。管理層負責該等系統 之設計、實施及監控，而董事會則將有關職責及 責任委派予審核委員會，以監督管理層持續執行 其職責。風險管理及內部監控系統旨在協助達成 本集團業務目標、保護資產以防未經授權之使用 或處理、確保會計記錄得以妥善保存，以便提供 可靠的財務資料供內部使用或對外發放，並確保 遵守相關法例與規則。風險管理及內部監控系統 旨在管理而非消除未能達成業務目標的風險，並 且僅能提供合理而非絕對保證可防範重大錯誤 陳述或損失。

風險管理及內部監控系統之主要特點

風險管理系統

本集團採納一套風險管理系統管理其業務與營 運涉及的風險。該系統包括風險辨認、風險評估 及風險管理。

管理層獲委派於其責任及權力範圍內識別及傳 達與任何活動、職務或程序有關的風險。董事會 及管理層根據(i)風險對於本公司財務業績影響的 嚴重程度；(ii)發生風險的可能性；及(iii)風險發生 的速度進行風險評估。

雋泰控股有限公司 2019 年報 35

Corporate Governance Report 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

風險管理及內部監控 （續）

(continued)

Main Features of Risk Management and Internal Control Systems (continued)

Risk Management System (continued)

Based on the risk evaluation, the Group will manage the risk as follows:

• Risk elimination – management may identify and implement certain changes or controls that in effect eliminate the risk entirely.

• Risk mitigation – management may implement risk mitigation plan designed to reduce the likelihood, velocity or severity of the risk to an acceptable level.

• Risk monitoring – accidents and other situations involving material loss or near-loss will be investigated and properly documented as part of the effort to manage risks.

• Risk retention – management may decide that the risk rating is low enough that the risk is at acceptable level and no action is required. The risk will continue to be monitored as part of the risk management program to ensure the level of risk does not increase to an unacceptable level.

風險管理及內部監控系統之主要特點

（續）

風險管理系統 （續）

根據風險評估，本集團將按以下方式管理風險：

• 風險消除－管理層可識別及實施若干變動 或監控，完全排除風險。

• 減低風險水平－管理層可實施風險緩解計 劃，旨在使風險之可能性、速度或嚴重性降 低至可接受水平。

• 風險監控－為管理風險之一部分，將對涉 及重大損失或接近損失事故及其他情況進 行調查並妥為存檔。

• 維持風險水平－管理層可確定基於風險評 級屬於低而風險屬可接受水平，毋須採取 任何措施。作為風險管理計劃之一部分，將 繼續監察風險以確保風險不會上升至不可 接受水平。

AMCO UNITED HOLDING LIMITED 36 Annual Report 2019

Corporate Governance Report 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

風險管理及內部監控 （續）

(continued)

Main Features of Risk Management and Internal Control Systems (continued)

Internal Control System

The Company has in place an internal control system which enables the Group to achieve objectives regarding effectiveness and efficiency of operations, reliability of financial reporting and compliance with applicable laws and regulations. The key components of the internal control system are shown as follow:

• Control environment – A set of standards, processes and structures are established to provide the basis for carrying out internal control across the Group.

• Risk assessment – A dynamic and iterative process is conducted for identifying and analysing risks to achieve the Group’s objectives, forming a basis for determining how risks should be managed.

• Control activities – Actions established by policies and procedures to help ensure management mitigates risks in the achievement of objectives of the Group are carried out.

• Information and communication – Internal and external communication are made to provide the Group with the information needed to carry out day-to-day controls.

• Monitoring – Ongoing and separate evaluations are conducted to ascertain whether each component of internal control is present and functioning.

風險管理及內部監控系統之主要特點

（續）

內部監控系統

本公司已實施內部監控制度，該制度使本集團能 實現有效及高效營運、可靠財務報告及符合適用 法律法規的目標。內部監控系統之主要構成如下：

• 監控環境－一套為進行本集團內部監控提 供基礎的準則、程序及架構。

• 風險評估－一個動態交互流程，以識別及 分析達成本集團目標的風險，形成釐定如 何管理風險的依據。

• 監控活動－根據政策及程序確立行動，以 確保執行管理層為降低達成本集團目標之 風險所作出的指示。

• 資訊及溝通－內部及外部溝通以向本集團 提供進行日常監控所需資料。

• 監察－持續及個別評估以查明內部監控的 各元素是否存在並運作正常。

雋泰控股有限公司 2019 年報 37

Corporate Governance Report 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

風險管理及內部監控 （續）

(continued)

Main Features of Risk Management and Internal Control Systems (continued)

Internal Control System (continued)

In addition, the Company regulates the handling and dissemination of inside information to ensure inside information remains confidential until the disclosure of such information is appropriately approved, and the dissemination of such information is efficiently and consistently made. The Company has taken various procedures and measures to prevent a breach of disclosure requirement, including arousing the awareness to the Directors and employees to preserve confidentiality of inside information and disseminating information to specified persons on a need-to-know basis.

Internal Audit

The Company has not established an internal audit department and the Directors are of the view that given the size, nature and complexity of the business of the Group, it would be more cost effective to appoint an independent internal control review advisor (“Internal Control Advisor”), which is independent of the Group’s daily operation and consists of professional staff with relevant expertise, to perform the review on risk management and internal control systems of the Group in order to meet its needs.

風險管理及內部監控系統之主要特點

（續）

內部監控系統 （續）

此外，本公司對內幕消息的處理及發佈進行規範， 以確保內幕消息在獲適當批准披露前一直保密， 並確保有效及一致地發佈有關消息。本公司已採 取多項程序及措施防止違反披露規定，包括提高 董事及僱員對內幕信息的保密意識及在需要知 情的基礎上向指定人員發佈信息。

內部審計

本公司尚未成立內部審核部門，董事認為，基於 本集團業務之規模、性質及複雜程度，委任獨立 內部監控審閱顧問（「內部監控顧問」，其獨立於 本集團之日常營運及包括具有相關專業知識之 專業員工）檢討本集團之風險管理及內部監控系 統可更具成本效益地滿足其需求。

AMCO UNITED HOLDING LIMITED 38 Annual Report 2019

Corporate Governance Report 企業管治報告

RISK MANAGEMENT AND INTERNAL CONTROL

風險管理及內部監控 （續）

(continued)

Risk Management and Internal Control Review

The Board itself and through the Audit Committee and the Internal Control Advisor has conducted an annual review on the effectiveness of risk management and internal control systems of the Group, which cover all material controls including financial, operational and compliance controls.

The Internal Control Advisor has conducted interviews with relevant staff members, reviewed relevant documentation of risk management and internal control systems of the Group, evaluated findings of any deficiencies in the systems and provided recommendations for improvement. The scope and findings of review on the systems have been reported to and reviewed by the Audit Committee, who has further reported to the Board for its review at Board meeting.

In addition to the work of the Internal Control Advisor and review by the Audit Committee, several areas have been considered during the Board’s review, which include but not limited to (i) adequacy of resources, staff qualifications and experience, training programmes and budget of the Company’s accounting and financial reporting functions; (ii) the changes in the nature and extent of significant risks since the last annual review, and the Group’s ability to respond to changes in its business and the external environment; and (iii) the scope and quality of management’s ongoing monitoring of risks and of the internal control systems.

As a result of the above review, the Board considers that the Group’s risk management and internal control systems are effective and adequate for the year ended 31 December 2019.

風險管理及內部監控審閱

董事會已親自及透過審核委員會及內部監控顧 問對本集團的風險管理及內部監控系統的有效 性進行年度審閱，其涵蓋包括財務、營運及合規 監控在內的所有重要監控方面。

內部監控顧問已與相關員工進行面談，並審閱本 集團風險管理及內部監控制度相關文件、評估於 該等制度中發現的任何不足並提供改善意見。對 該等制度審閱的範圍及發現已呈報審核委員會 並經其審核，而審核委員會已於董事會會議上就 其審核結果向董事會呈報。

除內部監控顧問進行之工作及審核委員會進行 之審核外，董事會於檢討時已考慮若干範疇，包 括但不限於(i)本公司於會計及財務匯報職能方面 的資源、員工資歷及經驗，以及員工所接受的培 訓課程及有關預算是否足夠；(ii)自上一個年度審 閱後重大風險的性質及程度的變動，以及本集團 應付其業務及外在環境轉變的能力；及(iii)管理 層持續監察風險及內部監控系統的工作範疇及 質素。

根據上述檢討的結果，董事會認為於截至二零 一九年十二月三十一日止年度，本集團的風險管 理及內部監控制度有效且足夠。

雋泰控股有限公司 2019 年報 39

Corporate Governance Report 企業管治報告

COMMUNICATION WITH SHAREHOLDERS

The Board recognises the importance of good communication with all Shareholders. The AGM is a valuable avenue for the Board to enter into direct dialogue with Shareholders. The Chairman of the Board and the chairman of Board committees will attend the AGM to answer any question. In addition, the Company will convene special general meeting (“SGM”) to approve transaction and/or matter in accordance with the Listing Rules and the corporate governance procedures of the Company. These will provide further opportunities for Shareholders to comment and vote on specific transaction and/or matter.

The interim and annual reports of the Company are despatched to Shareholders in a timely manner before the time limits laid by statutory and Listing Rules requirements to ensure effective communication with Shareholders.

All the Shareholders are given at least 20 clear business days’ notice before the date of AGM and at least 10 clear business days’ notice for all other general meetings.

All the annual and interim reports, circulars, announcements and notices of Shareholders’ meetings as required under the Listing Rules will be available on the websites of the Company and the Stock Exchange.

The Company has also complied with the requirements concerning voting by poll under the Listing Rules. Details of the poll voting procedures and the rights of Shareholders to demand a poll are included in circulars to Shareholders despatched by the Company and explained by the chairman of general meeting at the meeting. All resolutions proposed at general meeting are voted separately.

與股東之溝通

董事會肯定與所有股東保持良好溝通之重要性。 股東週年大會乃董事會與股東直接對話之重要 途徑。董事會主席及董事委員會主席將出席股東 週年大會並於會上回答任何提問。此外，本公司 召開股東特別大會（「股東特別大會」）以根據 上市規則及本公司之企業管治程序批准交易及╱ 或事項。股東特別大會將為股東提供更多機會對 特定交易及╱或事項提出意見及投票。

本公司中期報告及年報均於法定及上市規則規 定之時限前及時寄發予股東，以確保與股東保持 有效之溝通。

召開股東週年大會之通告須於大會舉行前至少 二十個完整營業日向全體股東發出，至於召開所 有其他股東大會之通告，則須於大會舉行前至少 十個完整營業日向全體股東發出。

誠如上市規則所規定，所有年報、中期報告、通 函、公告及股東大會通告將可於本公司及聯交所 網站查閱。

本公司亦已遵守上市規則有關以投票方式表決 之規定。有關投票表決程序以及股東要求投票表 決之權利之詳情載於本公司寄發予股東之通函 中，並由股東大會主席於大會上解釋。所有於股 東大會上提呈之決議案均分開投票。

AMCO UNITED HOLDING LIMITED Annual Report 2019

40

Corporate Governance Report 企業管治報告

COMMUNICATION WITH SHAREHOLDERS

與股東之溝通 （續）

(continued)

Procedures for Convening a SGM

Shareholders shall have the right to request the Board to convene a SGM. Shareholders holding in aggregate of not less than one-tenth of the paid up capital of the Company may send a written request to the Board to request for a SGM.

The written requisition, duly signed by the Shareholders concerned, must state the purposes of the meeting and must be deposited at the Company’s principal place of business in Hong Kong at Unit 1104, Crawford House, 70 Queen’s Road Central, Central, Hong Kong or at the Company’s branch share registrar and transfer office in Hong Kong, Tricor Standard Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong.

The Company would take appropriate actions and make necessary arrangements, and the Shareholders concerned would be responsible for the expenses incurred in giving effect thereto in accordance with the requirements under Section 74 of the Companies Act 1981 of Bermuda (“Companies Act”) once a valid requisition is received.

Procedures for Shareholders to Put Forward Proposals at General Meetings

The following Shareholders are entitled to put forward a proposal (which may properly be put to the meeting) for consideration at a general meeting of the Company:

• (a) any number of members representing not less than one-twentieth of the total voting rights of the Company on the date of the requisition; or

• (b) not less than 100 members holding shares in the Company.

召開股東特別大會之程序

股東有權要求董事會召開本公司之股東特別大 會。合共持有本公司不少於十分之一繳足股本之 股東可向本公司董事會發出請求書，要求召開 股東特別大會。

經有關股東正式簽署之請求書須列明會議目的 並送交本公司之香港主要營業地點（地址為香港 中環皇后大道中70號卡佛大廈1104室）或本公司 之香港股份過戶登記分處卓佳標準有限公司 （地址為香港皇后大道東183號合和中心54樓）。

本公司將於收到有效請求後採取適當行動及作 出必要安排，而有關股東須根據百慕達一九八一 年公司法（「公司法」）第74條之規定負責支付作 出該等行動及安排所產生之開支。

股東於股東大會上提呈建議之程序

以下股東有權於本公司股東大會上提呈建議（可 於大會上正式提呈之建議）以供考慮：

• (a) 於請求日期佔本公司總投票權不少於二十 分之一之任何股東數目；或

• (b) 不少於100位持有本公司股份之股東。

雋泰控股有限公司 2019 年報 41

Corporate Governance Report 企業管治報告

COMMUNICATION WITH SHAREHOLDERS

與股東之溝通 （續）

(continued)

Procedures for Shareholders to Put Forward Proposals at General Meetings (continued)

The requisition specifying the proposal, duly signed by the Shareholders concerned, together with a statement of not more than 1,000 words with respect to the matter referred to in the proposal must be deposited at the Company’s principal place of business in Hong Kong at Unit 1104, Crawford House, 70 Queen’s Road Central, Central, Hong Kong or at the Company’s branch share registrar and transfer office in Hong Kong, Tricor Standard Limited, at Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. The Company would take appropriate actions and make necessary arrangements, and the Shareholders concerned would be responsible for the expenses incurred in giving effect thereto in accordance with the requirements under Sections 79 and 80 of the Companies Act once valid documents are received.

If a Shareholder wishes to propose a person other than a retiring Director for election as a Director at a general meeting, the Shareholder should follow the “Procedures for Shareholders to Propose a Person for Election as a Director”, which can be found on the website of the Company.

Procedures for Directing Shareholders’ Enquiries to the Board

Shareholders may at any time send their enquires and concerns to the Board in writing via the following channel:

The Board of Directors/Company Secretary AMCO United Holding Limited Unit 1104, Crawford House 70 Queen’s Road Central, Central Hong Kong E-mail: info@amco-united.com Telephone: (852) 2961 4871 Facsimile: (852) 2125 7001

Shareholders may also make enquiries with the Board at the general meetings of the Company.

股東於股東大會上提呈建議之程序

（續）

經有關股東正式簽署並載列建議之請求書連同 不多於1,000字有關建議內所述事宜之聲明，須 送交本公司之香港主要營業地點（地址為香港中 環皇后大道中70號卡佛大廈1104室）或本公司之 香港股份過戶登記分處卓佳標準有限公司（地址 為香港皇后大道東183號合和中心54樓）。本公 司將於收到有效文件後採取適當行動及作出必 要安排，而有關股東須根據公司法第79及80條之 規定負責支付作出該等行動及安排所產生之開 支。

如股東擬於股東大會上提名退任董事以外之人 士參選董事，有關股東須遵照本公司網站所載 「股東提名他人參選董事的程序」行事。

向董事會轉達股東查詢之程序

股東可隨時以書面方式透過以下渠道向董事會 提出查詢及提問：

雋泰控股有限公司 董事會╱公司秘書 香港 中環皇后大道中70號 卡佛大廈1104室 電郵：info@amco-united.com 電話：(852) 2961 4871 傳真：(852) 2125 7001

股東亦可於本公司股東大會上向董事會作出查 詢。

AMCO UNITED HOLDING LIMITED Annual Report 2019

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Corporate Governance Report 企業管治報告

COMMUNICATION WITH SHAREHOLDERS

與股東之溝通 （續）

(continued)

Dividend Policy

The Company has adopted a dividend policy (“Dividend Policy”) which sets out the principles and guidelines that the Company intends to apply in relation to the recommendation, declaration or payment of dividends to the Shareholders. Under the Dividend Policy, when considering the recommendation, declaration or payment of dividends, the Board shall take into account, among others, the Group’s financial results, retained earnings and distributable reserves, liquidity and cash flow positions, business conditions and strategies, future operations and earnings, capital expenditure requirements and plans, general economic conditions, Shareholders’ interests, any restrictions on payment of dividends and other factors that the Board deems appropriate. The Company does not have any pre-determined dividend payout ratio. The dividend to be proposed, declared or paid shall be determined at the sole discretion of the Board, subject to compliance with the Bye-laws, the Companies Act and all applicable laws and regulations.

COMPANY SECRETARY

According to Rule 3.29 of the Listing Rules, Ms. Hung Tsz Ching, the Company Secretary of the Company, has taken no less than 15 hours of relevant professional training during the year ended 31 December 2019.

INVESTOR RELATIONS

There was no significant change in the Company’s constitutional documents during the year ended 31 December 2019.

股息政策

本公司已採納一項股息政策（「股息政策」），其 載列本公司擬就向股東建議派付、宣派或派付 股息應用之原則及指引。根據股息政策，於考慮 建議派付、宣派或派付股息時，董事會應考慮 （其中包括）本集團的財務業績、保留盈利及可 供分派儲備、流動資金及現金流量狀況、業務狀 況及策略、未來業務及盈利、資本支出需求及計 劃、總體經濟環境、股東權益、派付股息之任何 限制及董事會認為適當之其他因素。本公司並 無任何預定的派息比率。擬派付、宣派或派付的 股息須由董事會全權決定，惟須受公司細則、 公司法及所有適用法律法規的規限。

公司秘書

根據上市規則第3.29條，本公司之公司秘書 洪芷晴女士於截至二零一九年十二月三十一日 止年度已接受不少於15小時之相關專業培訓。

投資者關係

於截至二零一九年十二月三十一日止年度， 本公司之憲章文件並無重大變動。

雋泰控股有限公司 2019 年報 43

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

INTRODUCTION

Corporate Profile

AMCO United Holding Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) are principally engaged in Medical Devices Business, Plastic Moulding Business, Building Contract Works Business, Money Lending Business and Securities Investment. The Group takes into account environmental, social and economic considerations and has been striving to incorporate various sustainability initiatives, such as environmental management system, green office scheme, etc., into its daily operations, aiming to measure and manage the impacts effectively and efficiently.

緒言

公司概況

雋泰控股有限公司（「本公司」）及其附屬公司 （統稱為「本集團」）主要從事醫療設備業務、塑 膠模具業務、樓宇承包工程業務、放貸業務及 證券投資。本集團重視環境、社會及經濟的共 同發展，並致力於其日常業務過程中納入環境 管理系統、綠色辦公室計劃等多項可持續發展 舉措，旨在有效並高效地管理影響。

About this Report

The Group reaffirms its commitment towards sustainability with the publication of this Environmental, Social and Governance (“ESG”) report. This report is prepared in compliance with the ESG Reporting Guide issued by the Stock Exchange set out in Appendix 27 to the Listing Rules.

關於本報告

本集團藉刊發本環境、社會及管治（「環境、社會 及管治」）報告，重申其對可持續發展的承諾。本 報告乃遵照上市規則附錄27所載由聯交所發佈 之環境、社會及管治報告指引而編製。

The Board acknowledges its responsibility for ensuring the integrity of the ESG report and confirms that it has reviewed and approved the report. To the best of its knowledge, this report addresses all relevant material topics and fairly presents the environmental and social performance of the Group and its impacts.

董事會明白其為確保本環境、社會及管治報告完 整所負有的責任，並確認其已審閱並批准本報告。 據董事會所知，本報告已就所有相關的重要議題 作出闡述，並公平呈報本集團的環境及社會表現 及其影響。

AMCO UNITED HOLDING LIMITED Annual Report 2019

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

INTRODUCTION (continued)

Reporting Period and Scope

This report covers all operations of the Group and describes its initiatives and progress in respect of environmental and social aspects for the year from 1 January 2019 to 31 December 2019. Additional information pertaining to our sustainability performance, including comprehensive financial information and data, can be found in this annual report.

緒言 （續）

報告期間及範圍

本報告涵蓋本集團之所有業務營運及詳述本集 團自二零一九年一月一日起至二零一九年十二 月三十一日止年度有關環境及社會方面之計劃 及進展。本年報載列有關我們可持續發展表現之 其他資料，包括全面財務資料及數據。

Feedback

反饋

While the report aims to be plain, clear and easy-to-read, we appreciate any comments that can help improve the content provided in this report. Any queries or suggestions regarding the content of this report can be directed to:

本報告以簡明易讀為擬定原則，我們亦歡迎就本 報告內容之改進提供意見。有關本報告內容之任 何查詢或建議可透過以下方式傳達至：

AMCO United Holding Limited

Address: Unit 1104, Crawford House, 70 Queen’s Road Central, Central, Hong Kong Telephone: (852) 2961 4871 Fax: (852) 2125 7001 Email: info@amco-united.com

雋泰控股有限公司

地址：香港中環皇后大道中70號卡佛大廈1104室

電話：(852) 2961 4871 傳真：(852) 2125 7001 電郵：info@amco-united.com

雋泰控股有限公司 2019 年報 45

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

ESG MANAGEMENT APPROACH

The Group is determined to establish a business model that increases considerations on sustainability. Ongoing improvement on measuring, managing and disclosing our ESG performance is, therefore, key to our ESG management approach.

The major impact of our operations lies on the supply chain as most of our operations are outsourced. We, therefore, have put our focus on supply chain management, ensuring that our suppliers and contractors are environmentally and socially responsible. While we encourage business partners to share our ESG values, we closely monitor their ESG performance and status of compliance with all applicable laws and regulations.

Striving for excellent product and service quality, the Group’s Building Contract Works Business has established an Integrated Management System (IMS) which abides by ISO 9001, ISO 14001 and ISO 45001 (replaced the previous OHSAS 18001). The IMS has established several policies and objectives, identified the roles and responsibilities of employees, aiming to provide customers with high quality, environment-friendly and secure services. During the year, the Building Contract Works Business renewed its ISO 9001, ISO 14001 and ISO 45001 certification.

The Group attaches great importance to human resources management. We are devoted to protecting employees’ rights, providing employees with training for continuous development and creating a safe and healthy working environment. Externally, we actively allocate resources and contribute to the society.

The Group appreciates the support from all of its stakeholders including investors, employees, customers, suppliers, etc., received during the year. The Group is committed to mitigating the impacts of its business operations on the environment and contributing to the community.

環境、社會及管治管理方法

本集團堅持在其商業模式中融入更多有關可持 續發展的考慮。因此，持續改進我們環境、社會 及管治表現的計量、管理及披露為我們環境、社 會及管治管理方針的關鍵。

由於我們大部分業務均以外包形式進行，我們業 務的主要影響在於供應鏈。因此，我們注重供應 鏈管理，並確保我們的供應商及承建商對環境及 社會負責。我們鼓勵業務夥伴與我們秉持相同的 環境、社會及管治價值理念，同時亦密切監督彼 等之環境、社會及管治表現以及遵守所有適用法 律法規的情況。

本集團以追求卓越產品及服務為目標，且其樓宇 承包工程業務已建立符合ISO 9001、ISO14001及 ISO 45001（替代先前的OHSAS 18001）標準的綜 合管理系統。該綜合管理系統訂有多項政策及目 標，明確僱員角色及責任，以為客戶提供優質、 環保及安全的服務為宗旨。年內，樓宇承包工程 業務已更新其ISO 9001、ISO 14001及ISO 45001 認證。

本集團高度重視人力資源管理。我們努力保障僱 員權利，為僱員提供持續發展培訓及創造安全健 康的工作環境。對外，我們積極分配資源，回饋 社會。

本集團感謝投資者、僱員、客戶、供應商等所有 持份者於年內的鼎力支持。本集團將持續致力減 輕其業務營運對環境的影響並積極回饋社群。

AMCO UNITED HOLDING LIMITED Annual Report 2019

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

ESG MANAGEMENT APPROACH (continued) Stakeholder Engagement

The Group maintains regular engagement with its stakeholders through channels and platforms such as corporate reporting, regular meetings and surveys, etc. Below are the key communication channels and topics that stakeholders are concerned about.

環境、社會及管治管理方法 （續） 持份者參與

本集團透過多種渠道及多個平台（如公司報告、 定期會議及調查等）與其持份者保持定期溝通。 下表為主要溝通渠道及持份者關注議題。

==> picture [143 x 39] intentionally omitted <==

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

Stakeholders
持份者
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----- Start of picture text -----

Key Topics
主要議題
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----- Start of picture text -----

Engagement Channels
參與渠道
----- End of picture text -----

Shareholders/Investors	• Financial performance	• Annual general meetings
股東╱投資者	財務表現	股東週年大會
	• Corporate governance	• Corporate reports and announcements
	企業管治	公司報告及公告
	• Risk management
	風險管理
	• Operations and strategy
	經營及策略
Employees	• Welfare and benefts	• Grievance handling sessions
僱員	福利	申訴處理會議
	• Training and development	• Conferences
	培訓及發展	會議
	• Occupational health and safety
	職業健康及安全
Customers	• Product responsibility	• Customer satisfaction surveys
客戶	產品責任	客戶滿意度調查
	• Data privacy
	數據私隱
Suppliers/Contractors	• Product and service quality	• Regular meetings
供應商╱承建商	產品及服務質量	定期會議
	• Business ethics
	商業道德
Government/Regulators	• Taxation compliance	• Compliance with laws and regulations
政府╱監管機構	稅務合規	遵守法律法規
	• Regulatory compliance	• Responses to government policies
	監管合規	響應政府政策
	• Business ethics
	商業道德
Community	• Community investment	• Volunteering and donation
社區	社區投資	志願服務及捐贈

OPERATING PRACTICES

營運常規

The Group insists on integrity of its operations and tries to strengthen corporate discipline. Meanwhile, we strive to provide customers with high quality products and services through maintaining a reliable supply chain and optimising operating practices.

本集團堅守其業務誠信並努力強化公司紀律。同 時，我們致力透過維持可靠的供應鏈及完善營運 常規，為客戶提供優質的產品及服務。

雋泰控股有限公司 2019 年報 47

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

OPERATING PRACTICES (continued)

Supply Chain Management

As most of our operations are outsourced, maintaining a stable and productive supply chain is key to the Group’s success. We strive to establish mutually beneficial working relationships with suppliers and contractors to jointly enhance product and service quality.

營運常規 （續）

供應鏈管理

由於我們大部分業務均以外包形式進行，維持穩 定高效的供應鏈對本集團的成功至關重要。我們 致力與供應商及承建商建立協作共贏的業務關 係，共同提高產品及服務品質。

We require our suppliers and contractors to adhere to sustainable business practices. The Group evaluates and monitors their environmental and social performance in terms of ethical issues, human rights, product responsibility and environmental impact, making sure that all suppliers and contractors adhere to our code of conduct and procurement policies. In return, we provide transparency and fairness in our procurement process and contractual arrangements.

我們要求我們的供應商及承建商踐行可持續的 業務慣例。本集團從道德議題、人權、產品責任 及環境影響等多個角度評價及監控彼等的環境 及社會表現，確保所有供應商及承建商均遵守我 們的行為守則及採購政策。另一方面，我們亦提 供透明、公平的採購流程及合約安排。

The Group’s Building Contract Works Business engages subcontractors for projects works including building construction, building maintenance and improvement works, revocation and decoration works. Subcontractors with comprehensive quality management systems and safety management systems such as ISO certification are given priority. They are selected according to the following criteria:

本集團的樓宇承包工程業務委聘分包商開展樓 宇建造、樓宇維修及改善工程、裝修及裝飾等項 目工程。我們優先選用具備ISO認證等完善質量 管理體系及安全管理體系的分包商。分包商乃依 據以下標準進行甄選：

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

Reputation
聲譽
Compliance Price
合規 價格
Subcontractor
Selection Criteria
分包商
甄選標準
Quality Qualification
質量 資質
----- End of picture text -----

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

OPERATING PRACTICES (continued)

Supply Chain Management (continued)

The Group adopts multiple procedures to monitor the service provided by subcontractors. Technical directors and engineers are responsible for monitoring and supervising the works carried out by subcontractors. After consultation with the technical directors, the engineers review and analyse whether the service levels and capabilities of the subcontractors meet our requirements.

營運常規 （續）

供應鏈管理 （續）

本集團採納多項程序監督分包商提供之服務。技 術總監及工程師負責監督及監管分包商開展之 工程。工程師徵詢技術總監意見後，會審核並分 析分包商的服務水平及能力是否符合我們的要 求。

If any supplier or contractor is found to have a low score, we examine whether its performance will affect the quality of our products or services and take remedial actions where appropriate. The Medical Devices Business and Plastic Moulding Business maintain stable and long-term relationships with major suppliers to ensure reliable supply of certified products.

倘供應商或承建商評分較低，我們會核驗其表現 是否影響我們產品或服務的質量，並適時採取補 救措施。醫療設備業務及塑膠模具業務與主要供 應商維持穩定長期的業務關係，以確保認證產品 的可靠供應。

The Group strives to meet customers’ demands and expectations through maintaining high quality of services and products. We keep optimising our quality management system, focusing on products and services standards, data privacy and customer satisfaction.

產品責任

本集團致力透過維持高質量的服務及產品以滿 足客戶的要求及期望。我們持續優化質量管理體 系、專注產品及服務標準、數據私隱及客戶滿意 度。

The Medical Devices Business manufacturing facility is ISO 13485[1] -certified and U.S. FDA[2] -registered. In order to meet the stringent qualification requirements and approval from regulatory authorities, we undergo strict quality control testing and get our products certified by third parties before sending them to the market. During the year, the Medical Devices Business completed the renewal of ISO 13485 certification and FDA registration.

醫療設備業務生產設施已取得ISO 13485[1] 認證及 通過美國FDA[2] 註冊。為符合監管機構的嚴格資質 要求及取得批准，我們已在產品推向市場前進行 嚴格的質控檢測並申請第三方認證。年內，醫療 設備業務已成功更新ISO 13485認證及FDA註冊。

1 Quality management system of molding and assembly of medical device components for diabetics care.

1

• 有關糖尿病患護理的醫療設備元件製模及組裝的質 量管理體系。

2 The Food and Drug Administration of the United States of America. The Medical Devices Business holds FDA certification for Class I Medical Devices.

2

• 美國食品藥物管理局。醫療設備業務持有FDA一類 醫療器械認證。

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

OPERATING PRACTICES (continued)

Product Responsibility (continued)

As a registered general building contractor and a registered minor works contractor under the Buildings Ordinance as well as an authorised building contractor of the Hong Kong Housing Authority, the Group’s Building Contract Works Business has a well-developed operational procedure that standardises project management and supervision of works conducted by subcontractors to ensure conformity to contractual specifications. The following diagram illustrates its operational flow:

營運常規 （續）

產品責任 （續）

作為《建築物條例》下的註冊總建築承建商及註 冊小型工程承建商以及香港房屋委員會的經認 可建築承建商，本集團的樓宇承包工程業務擁有 完善的營運程序，以對分包商進行的工程開展標 準化的項目管理及監督，確保符合合約規定。下 圖示列其營運流程：

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Initial Phase
初始階段
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----- Start of picture text -----

Tendering Phase
投標階段
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----- Start of picture text -----

Implementation Phase
執行階段
----- End of picture text -----

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

Review and Completion Phase
驗收及完工階段
----- End of picture text -----

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==> picture [387 x 112] intentionally omitted <==

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

• Project identification • Tender analysis • Formation of a • Inspection
項目確認 and assessment project management 驗收
投標分析及評估 team
• Invitation for tender 成立項目管理團隊 • Completion
投標邀請 完工
• Procurement of
materials and • Certification
equipment 認證
採購材料及設備
• Defects liability/
• Delegation of maintenance period
works to subcontractors 缺陷責任╱維護期
向分包商分派工程
----- End of picture text -----

The Building Contract Works Business follows the work guidelines stipulated in IMS, which is in line with ISO 9001 Quality Management System, so as to minimise potential risks during the construction process. Quality management objectives are set up under the IMS:

樓宇承包工程業務乃根據符合ISO 9001質量管理 體系的綜合管理系統所載的工作指引進行，以將 施工過程中的潛在風險降至最低。我們根據綜合 管理系統設立以下質量管理目標：

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

Quality Management Objectives
質量管理目標
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==> picture [423 x 117] intentionally omitted <==

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

• To minimise the number of • To ensure that the customer • To monitor and review work • All work defects raised by
formal written complaints satisfaction level achieves a procedures to ensure no customers must be
received from customers for specified score delays followed up promptly upon
the same project during the 確保客戶滿意度達至 監督及評審工作程序以確 receipt
same year 特定評分 保無延誤情況發生 必須於接獲客戶提出的所
最大限度減少於同一年度 有工程缺陷時立即跟進
就同一項目接獲的客戶正 解決
式書面投訴之數量
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Environmental, Social and Governance Report 環境、社會及管治報告

OPERATING PRACTICES (continued)

Product Responsibility (continued)

The Group complies with all applicable laws, regulations and international standards while conducting quality inspection in the designated construction phase and prior to product delivery. IMS managers are assigned to investigate, follow up and report any non-conforming products or services. We make corrections where appropriate to avoid recurrence of similar incidents.

營運常規 （續）

產品責任 （續）

本集團在指定建設階段及產品交付前進行質檢， 並遵循所有適用法律法規以及國際準則。本集團 安排綜合管理系統經理調查、跟進及報告任何 不合格產品或服務。我們作出適當整改以避免同 類事件再次發生。

Data Privacy and Customer Satisfaction

數據私隱及客戶滿意度

The Group respects the privacy of its customers and maintains the highest security and confidentiality on customer data. We strictly comply with the Personal Data (Privacy) Ordinance and have established a set of rules to guide employees in protecting customer information. Employees are responsible to protect customer information against improper disclosure, misuse or unauthorised use, loss, damage or corruption. They exercise caution and obtain prior permission before disclosing any confidential information to any party outside the organisation.

本集團尊重其客戶的私隱並確保客戶數據 維持最高級別的安全與保密。我們嚴格遵守 《個人資料（私隱）條例》，並已制定一套規則以 指引僱員保護客戶信息。僱員須負責保護客戶信 息免受不當披露、濫用或擅自使用、損壞、破壞 或腐敗。僱員向任何組織外部人士披露任何保密 信息前須謹慎行事並取得事先批准。

To continuously improve the quality of our services, we regularly collect and analyse customer feedback in aspects of quoted price, service attitudes, product quality, site conditions, delivery, communication, etc. Corrections are made to ensure customer satisfaction.

為持續改善我們的服務質素，我們定期向客戶收 集有關報價、服務態度、產品質量、工地環境、交 付、溝通等方面的反饋並進行分析，並作出相應 整改以確保客戶滿意。

During the year, the Group was not aware of any violations of relevant laws and regulations that have a significant impact on the Group, relating to health and safety, advertising, labelling and privacy matters relating to the products and services provided.

年內，本集團並無知悉任何違反有關提供產品及 服務之健康與安全、廣告、標籤及私隱事宜且對 本集團構成重大影響的相關法律法規事宜。

雋泰控股有限公司 2019 年報 51

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

OPERATING PRACTICES (continued)

Anti-corruption

The Group believes that honesty, integrity and fair play constitute important practices. We have established a robust internal control framework to prevent behaviours such as bribery, extortion, fraud and money laundering. A code of conduct has been stipulated in the staff handbook which lists proper business practices and prohibited acts, including soliciting advantages and accepting gifts. The Group’s operations comply with all anti-corruption related laws and regulations, including the Prevention of Bribery Ordinance. During the year, the Group was not aware of any violations of relevant laws and regulations that have a significant impact on the Group, relating to bribery, extortion, fraud and money laundering.

Conflict of Interest

Our employees are regularly reminded that they must declare to the Directors any conflict of interest that may arise or has risen between their personal interests and those of the Group, and to avoid engaging in business, investments or activities that might result in conflict with interests of the Group. Directors should disclose potential conflicts of interest to the Board.

Whistle-blowing Policy

We encourage the reporting of suspected internal business irregularities and provide clear channels specifically for this purpose. Any employee who becomes aware of any existing or potential breach of the code of conduct is encouraged to report promptly to the human resources department. The Group takes appropriate actions, including disciplinary action, termination of employment or preventive action.

Cases of suspected corruption or other criminal offences are reported to the Independent Commission Against Corruption (ICAC) or other appropriate authorities. During the year, there were no concluded legal cases regarding corrupt practices brought against the Group or its employees.

營運常規 （續）

反貪污

本集團深信誠實、廉潔及公平為重要的行為規 範。我們已建立穩固的內部監控框架，以避免 賄賂、勒索、欺詐及洗黑錢等行為。員工手冊已 訂明行為守則，當中列明正當商業慣例及禁止 行為，包括索取利益及收受禮物。本集團之業 務經營遵守所有反貪污之相關法律法規，包括 《防止賄賂條例》。年內，本集團並無知悉任何 違反有關防止賄賂、勒索、欺詐及洗黑錢且對 本集團構成重大影響的相關法律法規事宜。

利益衝突

我們不斷提醒僱員，彼等必須向董事申報任何其 個人利益與本集團利益可能產生或已經產生的 利益衝突，並避免從事可能與本集團利益產生衝 突的業務、投資或活動。董事應向董事會披露潛 在利益衝突。

舉報政策

我們鼓勵舉報內部疑似業務不規範行為，並為此 專門提供透明渠道。任何得悉任何現有或可能違 反行為守則事件的僱員均應即時向人力資源部 匯報。本集團會就此採取適當行動，包括紀律處 分、解僱或預防措施。

疑似貪污或其他刑事犯罪案件會向香港廉政公 署或其他相關部門匯報。年內，概無對本集團或 其僱員提出並已審結的貪污訴訟案件。

AMCO UNITED HOLDING LIMITED 52 Annual Report 2019

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

ENVIRONMENTAL MANAGEMENT

環境管理

The Group is committed to improve its environmental performance on an ongoing basis. The most significant environmental impact of our office-based operations is carbon emissions from energy consumption of office premises and vehicles. In this regard, the Group conducts activities in an environmentally responsible manner and has implemented an environmental policy. The Group’s environmental management approach is described as below.

本集團致力於持續改善其環保表現。我們的辦公 室營運對環境產生的最大影響為辦公室物業及 汽車能耗所產生的碳排放。為此，本集團以符合 環保原則的方式開展業務活動，並已實施環保政 策。本集團的環境管理方針如下圖所示。

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Compliance
合規
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Compliance with all applicable environmental legislation, standards and regulations

遵守所有適用環境法律、準則及法規

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Environmental Management
環境管理
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在所有業務實踐中貫徹落實有效的環境管理

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Implementation of Measures
執行措施
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The implementation of measures to prevent pollution, minimise energy and materials consumption and reduce waste at source by Reduce, Reuse and Recycle (3R) initiatives

執行措施防止污染、減少能源及物料消耗並透過減少使用、重複利用及循環再造(3R)原則從源頭減廢

Gr ~~een Procurement~~

The incorporation of environmental considerations into the procurement process, and improved environmental performance throughout the supply chain

將環境考慮因素併入採購過程，並提升供應鏈的整體環保表現

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Education and Training
教育培訓
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通過教育培訓提升員工的環保意識

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Policy Review
政策檢討
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Review the policy regularly and ensure the continual improvement of environmental performance

定期檢討政策並確保不斷改善環境表現

雋泰控股有限公司 2019 年報 53

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

ENVIRONMENTAL MANAGEMENT (continued)

環境管理 （續）

The Building Contract Works Business manages its environmental impact through the IMS which follows the ISO 14001 Environmental Management System. Environmental management objectives are set up under the IMS:

於樓宇承包工程業務方面，我們透過符合 ISO 14001環境管理體系之綜合管理系統管理其 環境影響。我們根據綜合管理系統設立以下環境 管理目標：

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Environmental Management Objectives
環境管理目標
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• To ensure proper disposal of • To ensure legal compliance • To reduce pollution caused • To reduce paper
chemical waste and avoid of engineering activity by air conditioning system consumption and
release of toxic gases 確保遵守工程活動方面的 in offic premises electricity consumption
確保妥善處理化學廢品， 法律 減少辦公室冷氣系統產生 減少紙張使用及電力消耗
避免排放有毒氣體 的污染
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The Group’s operations strictly comply with all environmental laws and regulations, including Air Pollution Control Ordinance, Ozone Layer Protection Ordinance, Water Pollution Control Ordinance and Waste Disposal Ordinance. During the year, the Group was not aware of any violations of relevant laws and regulations that have a significant impact on the Group, relating to air and greenhouse gas emissions, discharges into water and land, and generation of hazardous and non-hazardous waste.

本集團之業務經營嚴格遵守所有環境法律法 規，包括《空氣污染管制條例》、《保護臭氧層條 例》、《水污染管制條例》及《廢物處置條例》。 年內，本集團並無知悉任何違反有關廢氣及溫室 氣體排放、向水及土地的排污、有害及無害廢棄 物的產生且對本集團構成重大影響的相關法律 法規事宜。

AMCO UNITED HOLDING LIMITED 54 Annual Report 2019

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

ENVIRONMENTAL MANAGEMENT (continued) Resources Consumption

環境管理 （續）

資源消耗

The major types of resources consumed by the Group’s daily operations are electricity, gasoline and water. In 2019, the gasoline used by private vehicles was 5,786 litres (2018: 4,971 litres) and electricity consumed by office premises was 29,651 kWh (2018: 38,191 kWh). The total energy consumption by electricity and gasoline was 291,139 MJ (2018: 295,924 MJ) and the energy consumption intensity was 4,300 MJ per million HKD revenue (2018: 2,636 MJ per million HKD revenue).

本集團日常營運中消耗的主要資源類型為電力、 汽油及水資源。二零一九年，私家車用油為5,786 升（二零一八年：4,971升），而辦公室物業用電 為29,651千瓦時（二零一八年：38,191千瓦時）。 電力及汽油的能源消耗總量為291,139兆焦耳（二 零一八年：295,924兆焦耳），而能源消耗密度為 每百萬港元收入4,300兆焦耳（二零一八年：每百 萬港元收入2,636兆焦耳）。

Total Energy Consumption (MJ) 能源消耗總量（兆焦耳）

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350,000
300,000
250,000
158,436
200,000 184,395
150,000
100,000
137,488
106,744
50,000
0
2018 2019
二零一八年 二零一九年
Electricity Gasoline
電力 汽油
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雋泰控股有限公司 2019 年報

55

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

ENVIRONMENTAL MANAGEMENT (continued)

Resources Consumption (continued)

Our total water consumption in 2019 was 4 tonnes (2018: 6 tonnes) and the water consumption intensity was 0.059 tonne per million HKD revenue (2018: 0.053 tonne per million HKD revenue). There was no issue in sourcing water that is fit for purpose.

環境管理 （續）

資源消耗 （續）

二零一九年，我們的用水總量為4噸（二零一八 年：6噸），而水資源消耗密度為每百萬港元 收入0.059噸（二零一八年：每百萬港元收入 0.053噸）。我們在求取適用水源方面並無任何問 題。

Total Water Consumption (tonnes) 用水總量（噸）

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7
6
6
5
4
4
3
2
1
0
2018 2019
二零一八年 二零一九年
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The Group’s operations do not involve any material use of packaging 本集團的營運並無涉及重大使用包裝材料。 material.

AMCO UNITED HOLDING LIMITED Annual Report 2019

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

ENVIRONMENTAL MANAGEMENT (continued)

Emissions

環境管理 （續）

排放

The Group’s greenhouse gases (GHG) emissions include direct emissions (Scope 1) from gasoline used and indirect emissions (Scope 2) from electricity consumption. In 2019, our total GHG emissions amounted to 31.40 tonnes of carbon dioxide equivalent (tCO2e) (2018: 34.01 tCO2e) and the GHG emission intensity was 0.46 tCO2e per million HKD revenue (2018: 0.30 tCO2e per million HKD revenue).

本集團的溫室氣體排放包括使用汽油產生的 直接排放（範圍1）以及用電產生的間接排放 （範圍2）。二零一九年，我們的溫室氣體排放 總量為31.40噸二氧化碳當量（二零一八年： 34.01噸二氧化碳當量），而溫室氣體排放密度 為每百萬港元收入0.46噸二氧化碳當量（二零 一八年：每百萬港元收入0.30噸二氧化碳當量）。

Total Amount of GHG Emission (tCO2e)

溫室氣體排放總量（噸二氧化碳當量）

50

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40
30
20.79 16.01
20
10
15.39
13.22
0
2018 2019
二零一八年 二零一九年
Scope 1 Scope 2
範圍一 範圍二
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雋泰控股有限公司 2019 年報

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

ENVIRONMENTAL MANAGEMENT (continued)

Emissions (continued)

環境管理 （續）

排放 （續）

In 2019, gasoline consumption of the Group generated air emissions comprising sulphur oxides (SOx), nitrogen oxides (NOx) and particulate matters (PM) amounting to 0.085 kg (2018: 0.073 kg), 3.879 kg (2018: 2.985 kg) and 0.286 kg (2018: 0.220 kg), respectively. Due to our office-based operations, the volume of hazardous waste and non-hazardous waste produced is considered to be immaterial.

二零一九年，本集團汽油消耗產生的大氣污染 物包括硫氧化物、氮氧化物及顆粒物，分別為 0.085千克（二零一八年：0.073千克）、3.879 千克（二零一八年：2.985千克）及0.286千克 （二零一八年：0.220千克）。鑒於我們以辦公室 營運為主，故所產生的有害廢物及無害廢物量被 視為並不重大。

Total Amount of Air Pollutants Emission (kg) 空氣污染物排放總量（千克）

6

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5
0.286
4
0.220
3
3.879
2
2.985
1
0.073 0.085
0
2018 2019
二零一八年 二零一九年
SOx NOx PM
硫氧化物 氮氧化物 顆粒物
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AMCO UNITED HOLDING LIMITED Annual Report 2019

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

ENVIRONMENTAL MANAGEMENT (continued) Green Office: Let’s GO

環境管理 （續）

綠色辦公：綠識空間

This is the third year of the Group’s participation in the green office initiative designed by a third-party consultancy firm, “Let’s GO”. The scheme enables us to incorporate concepts of sustainable development into our daily operations and reduce our environmental footprint through professional assessment and advice. The following green office practices are widely adopted in the Group’s office premises:

此為本集團第三年參與由第三方顧問公司策劃 的綠色辦公計劃「綠識空間」。該計劃使我們將 可持續發展的理念融入至我們的日常營運中， 並通過專業評估及建議減少我們對環境的影響。 本集團的辦公室物業已廣泛採納以下綠色辦公 措施：

Resources Conservation 節約資源

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Paper
紙張
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Plastic
塑料
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WEEE [3]
廢電器電子產品 [3]
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Water
水資源
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Miscellaneous
其他
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• Collect reusable • Purchase • Ensure no leaky taps • Make surplus plastic packaging multi-function materials/equipment material devices, such as 確保辦公室沒有漏水 available to other 收集可重複利用的塑 printing, scanning, 的水龍頭 departments before 料包裝材料 photocopy and fax disposal

• Use double-sided printing/ photocopying 採用雙面打印╱影印

• Minimise spare provisions when printing

• Adopt water taps with automatic sensors 於棄置前將剩餘材料╱設備提供予其他部門使用

• 購置多功能設備，如

• 打印時盡量減少備用文件 • Encourage suppliers to recollect the 可打印、掃描、影印及傳真

• • Use electronic supporting packaging material medium, such as tablet and 鼓勵供應商回收包裝 • Donate or dispose of projector使用電子支持媒體，如平板電腦及投影儀 • Provide sufficient 材料reusable tableware 透過適當方案捐贈或WEEE through proper schemes棄置廢電器電子產品

• • Collect waste copy paper 提供充足的可重複使 收集廢紙 用餐具 • Assign designated areas for WEEE

• • Use internet fax • Promote collection 使用網絡傳真 “bottle-water free” culture 指定特定區域以供收集廢電器電子產品

• • Reuse used envelopes for 推廣「無瓶裝水」文 internal mailing 化 重複使用信封進行內部郵寄

採用自動感應水龍頭

• Centrally monitor

• • Install toilet with dual common consumable flush cistern systems items to avoid 廁所裝設雙沖式沖廁 duplication in purchase 水箱系統 集中監管日常消耗品， 以避免重複購置

• Food and beverages are well-planned for size of events/meetings

為大型活動╱會議 精心規劃食物及飲品

• Use web-conferencing to avoid travel 使用網絡會議以避免 出行

• Prioritise electronic media over printed media 優先使用電子媒體，而非印 刷媒體

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3 Waste Electrical and Electronic Equipment

3 廢電器電子產品

雋泰控股有限公司 2019 年報

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

ENVIRONMENTAL MANAGEMENT (continued) Green Office: Let’s GO (continued)

環境管理 （續） 綠色辦公：綠識空間 （續）

Energy Conservation 節約能源

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Air Conditioning
冷氣
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Lighting
電燈
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辦公設備
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• Switch off air • Switch off light when • Switch off equipment conditioning system not in use when not in use when not in use 不使用時關閉電燈 不使用時關閉設備 不使用時關閉冷氣系統 • Retrofit fluorescent • Maintain equipment

• • Maintain the indoor lamps with LED lamps properly to reduce temperature at 25.5˚C 用LED燈替換熒光燈 energy consumption 維持室內溫度為25.5ºC • Maximise the use of 妥善保養設備以減少能源消耗

• • Install solar films on natural light windows 盡量使用自然光 • Purchase office 窗戶安裝隔熱膜 equipment with high • Clean lighting energy efficiency labels tubes/bulbs periodically 購置具有高能效標識的 定期清洗照明燈管╱燈 辦公設備 泡

To raise the environmental awareness of our employees and drive behavioural change, employees are asked to make a pledge online about creating a greener workplace. Green office stickers and posters are used to remind them to develop greener office habits.

為提升僱員的環保意識及促進行為改變，我們要 求僱員在網上作出創造更環保工作環境的承諾。 我們使用綠色辦公貼紙及海報，時刻提醒其養成 環保辦公習慣。

AMCO UNITED HOLDING LIMITED Annual Report 2019

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

ENVIRONMENTAL MANAGEMENT (continued)

Subcontractors Management

We are committed to minimising the environmental footprint of our outsourced operations. For waste management, the Group’s Building Contract Works Business strictly complies with the Waste Disposal (Charges for Disposal of Construction Waste) Regulation. It applies for billing account[4] for disposal of construction waste to adhere to the polluter-pays principle.

環境管理 （續）

分包商管理

我們致力減少外包業務的環境影響。廢物管理方 面，本集團的樓宇承包工程業務嚴格遵守《廢物 處置（建築廢物處置收費）規例》，就處置建築 廢物申請繳費帳戶[4] ，以遵守污染者自付原則。

The Building Contract Works Business also properly collects wastewater and then discharges it into sewage system; collects waste oil cans for centralised disposal; and examines the Material Safety Data Sheet (MSDS) of solvents used. The Plastic Moulding Business recycles scrap plastic materials and resells to upstream suppliers.

樓宇承包工程業務亦妥善收集廢水，並排入污水 系統；收集廢油罐進行集中處理；以及檢查所用 溶劑的物料安全資料表。塑膠模具業務回收利用 塑膠廢料並向上游供應商轉售。

OUR PEOPLE AND COMMUNITY

我們的員工及社區

The Group has developed a working environment in which management and employees work together in a cooperative and responsible manner, striving to adopt the best social practices and maintain good employee relations.

本集團已創建一個管理層及僱員以合作及負責 任的方式共同工作的工作環境，致力採取最佳的 社會實踐及維持良好的僱員關係。

Talent Management

The Group has formulated comprehensive human resources policies to ensure its operations comply with domestic labour laws and regulations, including Employment Ordinance and Minimum Wage Ordinance. The policies include employment terms and conditions, working hours, rest periods, promotion, compensation and dismissal, benefits and welfare, staff training and development, employee code of conduct and corporate practices.

人才管理

本集團已制定全面的人力資源政策以確保其營 運符合國家勞動法律法規，包括《僱傭條例》及 《最低工資條例》。該等政策包括僱傭條款及 細則、工作時數、休息時間、晉升、補償及解僱、 福利及待遇、員工培訓及發展、僱員行為守則及 企業管治。

4 The Construction Waste Disposal Charging Scheme has come into operation on 1 December 2005. According to the scheme, main contractor who undertakes construction work under a contract with value of $1 million or above is required to open a billing account solely for the contract.

4

• 建築廢物處置收費計劃已於二零零五年十二月一 日實施。根據該計劃規定，承辦價值100萬元或以上 建造工程合約的主要承辦商，必須為有關合約開立 專用的繳費帳戶。

雋泰控股有限公司 2019 年報

61

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

OUR PEOPLE AND COMMUNITY (continued) Talent Management (continued)

We offer competitive remuneration packages to attract and retain talented staff, in which discretionary bonus and other benefits including mandatory provident fund and medical care are provided. Our employees are entitled to annual leave, sick leave, maternity leave, jury service leave, compensation leave, marriage leave, compassionate leave, paternity leave and public holidays under the Employment Ordinance. In addition, we carry out regular salary reviews for our employees, on the basis of the employee’s performance, financial condition of the Group and external factors such as the condition of the Hong Kong economy.

Equal Opportunities, Diversity and Anti-discrimination

The Group is committed to providing a non-discriminating workplace which is free of intimidation and harassment. The Group offers equal opportunities of employment irrespective of sex, age, marital status, ethnicity, religion, disability or employment status.

Labour Standards

While the Group does not operate in locations where child labour risk is relatively high, we work closely with our suppliers and subcontractors to ensure they do not use forced or child labour in their production facilities or construction sites. During the year, the Group did not receive any reports relating to the use of child or forced labour.

Occupational Health and Safety

The Group is committed to providing safe and healthy working conditions, equipment and systems for all employees, and to provide such information, training and supervision as they need for the purpose.

We strictly comply with all occupational safety related laws and regulations, including the Occupational Safety and Health Ordinance, Employees’ Compensation Ordinance and Fire Services Ordinance. During the year, the Group was not aware of any violations of relevant laws and regulations that have a significant impact on the Group, relating to providing a safe working environment and protecting employees from occupational hazards.

我們的員工及社區 （續）

人才管理 （續）

我們提供具競爭力的薪酬待遇以吸引及挽留優 秀員工，其中提供酌情花紅及其他福利，包括強 制性公積金及醫療保健。我們的員工均有權享有 《僱傭條例》規定的年假、病假、產假、陪審團 假、補休、婚假、恩恤假、侍產假及帶薪假期。此 外，我們會根據僱員的表現、本集團的財務狀況 及香港經濟狀況等外部因素，定期對我們僱員的 薪金進行檢討。

平等機遇、多元化及反歧視

本集團致力提供不存在威脅及騷擾之零歧視工 作環境。本集團不論性別、年齡、婚姻狀況、 種族、宗教、傷健或就業情況提供平等的就業機 會。

勞工準則

儘管本集團並無於童工風險相對較高的地區營 運，我們與供應商及分包商緊密合作，確保彼等 於其生產設施或建築地盤概無使用強制勞工或 童工。年內，本集團並無接獲任何關於使用童工 或強制勞工之報告。

職業健康與安全

本集團致力為全體員工提供安全健康的工作條 件、設備及系統，並提供員工所需的相關資訊、 培訓和指導。

我們嚴格遵守所有職業安全相關法律法規，包括 《職業安全及健康條例》、《僱員補償條例》及 《消防條例》。年內，本集團並不知悉任何違反 有關提供安全工作環境及保障僱員避免職業性 危害且對本集團構成重大影響的法律法規事宜。

AMCO UNITED HOLDING LIMITED Annual Report 2019

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

OUR PEOPLE AND COMMUNITY (continued)

Occupational Health and Safety (continued)

Our office-based operations do not involve any high-risk areas related to occupational health and safety (OHS) of its staffs. Nevertheless, the Group has implemented a health and safety policy and ascertained every employee is fully aware of his/her role and responsibilities for promoting and maintaining a safe and healthy working environment. A number of precautionary measures have been taken to ensure office security, such as avoiding placing obstructions in passageways and exits. In addition, our employees are insured under the employees’ compensation insurance in accordance with the requirement of the Employees’ Compensation Ordinance.

我們的員工及社區 （續）

職業健康與安全 （續）

我們的辦公室營運不涉及任何與其員工職業健 康與安全有關的高風險區域。然而，本集團已實 行健康與安全政策並確保每名僱員能充分知悉 彼等於推動及維持安全與健康的工作環境方面 的角色及職責。為確保辦公室的安全，我們已採 取多項預防措施，如避免在通道及出口擺放障礙 物。此外，根據《僱員補償條例》的規定，我們的 僱員已就僱員補償保險進行投保。

The Group is aware of the OHS risk in its supply chain. The Building Contract Works Business manages the subcontractors’ OHS performance through the IMS which abides by the ISO 45001 Occupational Health and Safety Management System. It monitors health and safety measures implemented by the subcontractors to ascertain effective controls are in place to mitigate health and safety risk at construction sites. OHS objectives are established under the IMS:

本集團知悉其供應鏈的職業健康與安全風險。樓 宇承包工程業務已通過符合ISO 45001職業健康 及安全管理體系認證的綜合管理系統，管理分包 商的職業健康與安全表現。其監管分包商實施的 健康與安全措施，以確保分包商可有效監控以降 低建築地盤的健康與安全風險。我們根據綜合管 理系統設立以下職業健康與安全目標：

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OHS Objectives
職業健康與安全目標
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• To strengthen OHS awareness • To guarantee occupational
of employees, and achieve safety of employees and
zero violation of OHS laws and strictly monitor the accident
regulations rate per half year to be zero
加強僱員的職業健康與安全 確保僱員的職業安全及嚴格
意識及實現零違反職業健康 監控每半年的事故率為零
與安全法律法規
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雋泰控股有限公司 2019 年報 63

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

OUR PEOPLE AND COMMUNITY (continued) Occupational Health and Safety (continued)

The Building Contract Works Business’s OHS management system consists of six major components: work hazard analysis, personal protective equipment (PPE), employee safety manual, risk assessment, health protection plan, and fire safety. Project managers carry out regular site visits to monitor OHS performance of its subcontractors and ensure that safety managers are performing their duties properly. The safety managers are assigned to carry out work hazard analysis and risk assessment and ensure that workers are equipped with appropriate and sufficient PPE.

我們的員工及社區 （續）

職業健康與安全 （續）

樓宇承包工程業務的職業健康與安全管理體系 包括六個主要部分：工作危害分析、個人防護設 備、僱員安全手冊、風險評估、健康保障計劃及 防火安全。項目經理定期實地考察分包商的職業 健康與安全表現並確保安全經理正確地履行彼 等的職責。安全經理負責進行工作危害分析及風 險評估，確保工人配備適當及充足的個人防護設 備。

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PPE
個人防護設備
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Work Hazard
Analysis
工作危害分析
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Employee
Safety Manual
僱員安全手冊
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OHS
Management
職業健康與
安全管理
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Health
Protection Plan
健康保障計劃
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Risk Assessment
風險評估
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Fire Safety
防火安全
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AMCO UNITED HOLDING LIMITED Annual Report 2019

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

OUR PEOPLE AND COMMUNITY (continued) Training and Development

The Group invests in training and development to sustain a competent and professional workforce that is able to contribute to its success. We provide continuous training and development opportunities for employees, at both professional and personal levels, to motivate and up-skill existing staffs to align with our business needs and the ever-changing environment.

我們的員工及社區 （續）

培訓及發展

本集團投資培訓及發展以維持一支能幹及專業 且能為本集團的成功作出貢獻的員工隊伍。我們 為員工提供專業及個人層面之持續培訓及發展 機會，激勵現有員工提升其技能，以令其緊貼我 們的業務需求及適應不斷變化的環境。

All new employees receive induction training. On-job training including professional skills, customer service skills and environmental knowledge is provided to help employees get familiar with the job duties. To support employees for fulfilling their career aspirations, the Group has a tuition reimbursement scheme for staffs taking courses related to their job duties taken at reputable institutions.

所有新員工均會接受入職培訓。在職培訓包括 專業技能、客服技巧及環境知識，該培訓協助 員工熟悉工作職責。為支持僱員實現其職業抱 負，本集團設有學費資助計劃，供員工於信譽 良好的機構參加與彼等工作職責相關的課程。

To cultivate a team of professionals that will contribute to our success, competent employees are promoted to senior positions based on merit. Salary increases, improved benefits and changes in job titles are usually associated with promotions.

為培養專業團隊，為我們的成功作出貢獻，有能 力的僱員將根據業績獲晉升至高級職位。薪金增 加、福利改善及職位頭銜變動一般均與晉升有關。

Community Care

Striving to be a responsible corporate citizen, we are committed to making our community a better place to live. We respect local culture and value, encourage our employees to participate and contribute in community activities on a voluntary basis.

關懷社區

為成為一名負責任的企業公民，我們致力改善社 區生活。我們尊重當地文化及價值，鼓勵我們的 僱員自願參與社區活動並作出貢獻。

In 2019, the Group participated in various charitable activities, including the “Community Chest Dress Casual Day” and “Community Chest Skip Lunch Day”. We also made sponsorship in the “Goodman Interlink Magic Mile Charity Ramp Run”, which supports a three-year eye healthcare project undertaken by The Fred Hollows Foundation in Huanxian County, Gansu Province. We hope that these activities can help create a harmonious society, bearing our fair share of social responsibility.

二零一九年，本集團參與多個慈善活動，包括 「公益金便服日」及「公益行善「折」食日」。我們 亦贊助「嘉民領達慈善跑」，支持護瞳行動於 甘肅省環縣開展的一項為期三年的眼科保健項 目。我們希望該等活動有助創建和諧社會，以 肩負我們的社會責任。

雋泰控股有限公司 2019 年報 65

Directors’ Report 董事會報告

The Directors submit herewith their report together with the audited consolidated financial statements for the year ended 31 December 2019.

PRINCIPAL ACTIVITIES

The Company acts as an investment holding company. The principal activities of its principal subsidiaries are set out in Note 31 to the consolidated financial statements.

BUSINESS REVIEW

The business review of the Group for the year ended 31 December 2019 is set out in the “Chairman’s Statement” and “Management Discussion and Analysis” on pages 6 to 8 and pages 9 to 18 respectively of this annual report.

RESULTS AND APPROPRIATIONS

The results of the Group for the year ended 31 December 2019 are set out in the consolidated statement of profit or loss and other comprehensive income on page 89 of this annual report.

The Directors do not recommend the payment of a dividend.

FINANCIAL SUMMARY

A summary of the results and of the assets and liabilities of the Group for the past five financial years is set out on page 200 of this annual report.

PROPERTY, PLANT AND EQUIPMENT

Details of movements during the year in the property, plant and equipment of the Group are set out in Note 15 to the consolidated financial statements.

SHARE CAPITAL

Details of movements during the year in the share capital are set out in Note 26 to the consolidated financial statements.

董事謹此提呈截至二零一九年十二月三十一日 止年度之報告及經審核綜合財務報表。

主要業務

本公司為一間投資控股公司，其主要附屬公司之 主要業務載於綜合財務報表附註31。

業務回顧

本集團截至二零一九年十二月三十一日止年度 之業務回顧分別載列於本年報第6頁至第8頁以 及第9頁至第18頁之「主席報告」及「管理層討論 及分析」。

業績及分配

本集團截至二零一九年十二月三十一日止年度 之業績載於本年報第89頁之綜合損益及其他全 面收益表內。

董事不建議派付股息。

財務概要

本集團過去五個財政年度之業績以及資產及負 債概要載於本年報第200頁。

物業、廠房及設備

本集團物業、廠房及設備於年內之變動詳情載於 綜合財務報表附註15內。

股本

股本於年內之變動詳情載於綜合財務報表 附註26內。

AMCO UNITED HOLDING LIMITED Annual Report 2019

66

Directors’ Report 董事會報告

DISTRIBUTABLE RESERVES OF THE COMPANY

In the opinion of the Directors, there is no reserve of the Company which is available for distribution to Shareholders at 31 December 2019 and 31 December 2018.

DIRECTORS

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

Executive Directors

Mr. Zhang Hengxin (Chairman and Managing Director) Mr. Jia Minghui

Independent Non-executive Directors

Mr. Chan Tsz Keung

Mr. Au Yeung Ming Yin Gordon

Mr. Guo Zhenhui

In accordance with Bye-law 87 of the Bye-laws, Mr. Zhang Hengxin and Mr. Guo Zhenhui shall retire by rotation from office at the forthcoming AGM, and being eligible, will offer themselves for re-election.

The directors who have served on the boards of the subsidiaries of the Company during the year and up to the date of this report were:

Mr. Zhang Hengxin

Mr. Jia Minghui

Mr. Yip Wai Lun, Alvin

Mr. Wong Wai Keung Alfred

Mr. Chan Kwong Lai Henry

Mr. Mak Shu Sang

Mr. Fong Kwok Wai Mr. Lee King Yi Ms. Chung Wai Fong Mr. Wang Tong Mr. Yu Chengbin

本公司可供分派儲備

董事認為，於二零一九年十二月三十一日及二零 一八年十二月三十一日，本公司並無可供分派予 股東之儲備。

董事

於年內及直至本報告日期，董事如下：

執行董事

張亨鑫先生（主席兼董事總經理） 賈明暉先生

獨立非執行董事

陳自強先生 歐陽銘賢先生 郭鎮輝先生

根據公司細則第87條，張亨鑫先生及郭鎮輝先生 須於應屆股東週年大會上輪值告退，彼等均合資 格並願意膺選連任。

於年內及直至本報告日期已在本公司附屬公司 董事會擔任職務之董事如下：

張亨鑫先生 賈明暉先生 葉偉倫先生 王偉強先生 陳廣禮先生 麥樹生先生 方國偉先生 李敬怡先生 鍾惠芳女士 王童先生 于成彬先生

雋泰控股有限公司 2019 年報

67

Directors’ Report 董事會報告

DIRECTORS’ SERVICE CONTRACTS

Mr. Chan Tsz Keung, an Independent Non-executive Director, has entered into a letter of appointment with the Company for a term of three years commencing from 11 October 2017, which may be terminated by one month’s notice in writing served by the Company on Mr. Chan or by instant notice in writing served by Mr. Chan on the Company.

Mr. Au Yeung Ming Yin Gordon, an Independent Non-executive Director, has entered into a letter of appointment with the Company for a term of three years commencing from 15 March 2018, which may be terminated by one month’s notice in writing served by the Company on Mr. Au Yeung or by instant notice in writing served by Mr. Au Yeung on the Company.

Mr. Guo Zhenhui, an Independent Non-executive Director, has entered into a letter of appointment with the Company for a term of three years commencing from 15 March 2018, which may be terminated by one month’s notice in writing served by the Company on Mr. Guo or by instant notice in writing served by Mr. Guo on the Company.

Apart from the foregoing, no Director proposed for re-election at the forthcoming AGM has a service contract which is not determinable by the Group within one year without payment of compensation (other than statutory compensation).

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ASSOCIATED CORPORATIONS

As at 31 December 2019, none of the Directors and the chief executive of the Company had interests or short positions in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) as recorded in the register required to be kept by the Company under Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

董事之服務合約

獨立非執行董事陳自強先生已與本公司訂立委 任函，任期自二零一七年十月十一日起計為期三 年，可由本公司向陳先生發出一個月之書面通知 或由陳先生向本公司發出即時書面通知予以終 止。

獨立非執行董事歐陽銘賢先生已與本公司訂立 委任函，任期自二零一八年三月十五日起計為期 三年，可由本公司向歐陽先生發出一個月之書面 通知或由歐陽先生向本公司發出即時書面通知 予以終止。

獨立非執行董事郭鎮輝先生已與本公司訂立委 任函，任期自二零一八年三月十五日起計為期三 年，可由本公司向郭先生發出一個月之書面通知 或由郭先生向本公司發出即時書面通知予以終 止。

除上文所述者外，擬於應屆股東週年大會上重選 連任之董事並無任何本集團不可於一年內無償 （法定補償除外）終止之服務合約。

董事及最高行政人員於本公司及 相聯法團股份、相關股份及債券 之權益及淡倉

於二零一九年十二月三十一日，本公司董事及最 高行政人員概無於本公司或其任何相聯法團 （定義見證券及期貨條例（「證券及期貨條例」） 第XV部）之股份、相關股份及債券中，擁有根據 證券及期貨條例第352條列入本公司須存置之 登記冊內之權益或淡倉，或根據標準守則須知會 本公司及聯交所之權益或淡倉。

AMCO UNITED HOLDING LIMITED 68 Annual Report 2019

Directors’ Report 董事會報告

SHARE OPTIONS

Share Option Scheme

On 30 June 2015, the Company adopted a share option scheme (“Share Option Scheme”), which was approved by the Shareholders at the AGM held on the same date.

The purpose of the Share Option Scheme is to enable the Group to grant share options to the eligible participants as incentives or rewards for their contributions to the Group.

According to the Share Option Scheme, the Board may grant share options to the eligible participants as defined in the Share Option Scheme to subscribe for such number of shares as the Board may determine. Share options granted should be accepted within 28 days from the date of the letter of grant. Upon acceptance of the share options, the grantee shall pay HK$1.00 to the Company by way of consideration for the grant. Subject to the terms of the Share Option Scheme and all applicable laws, the Board has the power to determine the period within which payments or calls must or may be made.

The exercise price of share options shall be determined by the Board, which shall be at least the highest of (i) the closing price of the shares as stated in the daily quotations sheet of the Stock Exchange on the date of the grant, which must be a business day; (ii) the average closing price of the shares as stated in the daily quotations sheets of the Stock Exchange for the five business days immediately preceding the date of the grant; and (iii) the nominal value of a share.

購股權

購股權計劃

於二零一五年六月三十日，本公司採納一項購股 權計劃（「購股權計劃」），並由股東於在同日舉 行之股東週年大會上批准。

購股權計劃旨在使本集團可向合資格參與者授 出購股權，作為彼等對本集團作出貢獻之獎勵或 回報。

根據購股權計劃，董事會可向購股權計劃所界定 之合資格參與者授出購股權，以認購董事會可能 釐定數目之股份。授出之購股權須於由授出函件 日期起計28日內接納。於接納購股權時，承授人 應就授出之購股權向本公司支付1.00港元作為 代價。在購股權計劃條款及所有適用法律之規限 下，董事會有權釐定必須或可以繳付或催繳款項 之期限。

購股權之行使價由董事會決定，惟不得少於以下 之最高者：(i)於授出日期（必須為營業日）聯交 所每日報價表所報之股份收市價；(ii)於緊接授出 日期前五個營業日聯交所每日報價表所報之股 份平均收市價；及(iii)股份面值。

雋泰控股有限公司 2019 年報 69

Directors’ Report 董事會報告

SHARE OPTIONS (continued)

Share Option Scheme (continued)

The maximum number of shares which may be issued upon the exercise of all share options to be granted under the Share Option Scheme and any other share option scheme(s) of the Company must not exceed 10% of the issued share capital of the Company on the date of approval and adoption of the Share Option Scheme provided that the Company may at any time seek approval from the Shareholders to refresh the limit to 10% of the shares in issue as at the date of approval by the Shareholders in general meeting where such limit is refreshed. Share options previously granted under any share option schemes of the Company (including those outstanding, cancelled, lapsed in accordance with such schemes or exercised options) will not be counted for the purpose of calculating the limit as refreshed.

The total number of shares issued and may fall to be issued upon exercise of the share options granted under the Share Option Scheme and any other share option scheme(s) of the Company (including exercised, cancelled and outstanding options) to each eligible participant in any 12-month period up to and including the date of grant shall not exceed 1% of the shares in issue as at the date of grant unless such grant has been duly approved by ordinary resolution of the Shareholders in general meeting at which the relevant eligible participant and his associates abstained from voting. Share options granted to substantial Shareholders or Independent Non-executive Directors or any of their respective associates in any 12-month period in excess of 0.1% of the Company’s issued share capital on the date of grant and with a value in excess of HK$5 million must be approved in advance by the Shareholders.

The period during which a share option may be exercised will be determined by the Board at its absolute discretion, save that no share option can be exercised more than 10 years after it has been granted. There is no general requirement that a share option must be held for any minimum period before it can be exercised. The Share Option Scheme is valid and effective for a period of ten years and will expire at the close of business on 29 June 2025.

購股權 （續）

購股權計劃 （續）

因行使根據購股權計劃及本公司任何其他購股 權計劃將予授出之所有購股權而可予發行之股 份數目上限，合共不得超過於批准及採納購股權 計劃當日本公司已發行股本之10%，惟本公司可 隨時徵求股東批准將上限更新至股東於股東大 會上批准更新上限當日已發行股份之10%。就 計算經更新上限而言，先前根據本公司任何購股 權計劃授出之購股權（包括根據有關計劃尚未行 使、已註銷、已失效或已行使之購股權）均不予 計算。

截至授出日期（包括該日）止任何12個月期間， 因行使根據購股權計劃及本公司任何其他購股 權計劃授出之購股權（包括已行使、已註銷及尚 未行使之購股權）而已發行及可能須發行予各合 資格參與者之股份總數，不得超過授出當日已發 行股份之1%，惟該授出已於股東大會上獲股東 以普通決議案方式正式批准則屬例外，而相關合 資格參與者及其聯繫人須於會上放棄投票。倘 於任何12個月期間向主要股東或獨立非執行董 事或彼等各自之任何聯繫人授出之購股權多於 授出日期本公司已發行股本0.1%，且總值高於 5,000,000港元，則必須事先經股東批准。

購股權之行使期將由董事會全權酌情決定，惟不 得於授出起計10年後行使。並無行使購股權前必 須持有購股權之任何最短期限之一般規定。購股 權計劃於10年內有效及生效，並將於二零二五年 六月二十九日營業時間結束時屆滿。

AMCO UNITED HOLDING LIMITED Annual Report 2019

70

Directors’ Report 董事會報告

SHARE OPTIONS (continued)

Share Option Scheme (continued)

At the AGM held on 17 June 2019, the Company was authorised to refresh the scheme mandate limit to issue a maximum of 186,267,948 share options under the Share Option Scheme. Notwithstanding the forgoing, the shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the Share Option Scheme and any other share option schemes of the Company at any time shall not exceed 30% of the shares in issue from time to time.

購股權 （續）

購股權計劃 （續）

於二零一九年六月十七日舉行之股東週年大會 上，本公司獲授權更新計劃授權上限以根據購股 權計劃發行最多186,267,948份購股權。儘管上 述者，因行使所有根據購股權計劃及本公司任何 其他購股權計劃已授出但有待行使之購股權而 可能發行之股份於任何時候不得超過不時已發 行股份之30%。

The following table discloses movements in the Company’s share options under the Share Option Scheme during the year ended 31 December 2019:

下表披露截至二零一九年十二月三十一日止年 度本公司購股權計劃項下之購股權變動：

Participants Date of grant (Note) 參與者 授出日期（附註）

Outstanding at beginning of the year Granted during the year Exercised during the year Cancelled/ lapsed during the year Outstanding at end of the year Exercise price Exercise period 於年初 尚未行使 於年內 已授出 於年內 已行使 於年內已 註銷╱失效 於年末 尚未行使 行使價 行使期 HK$ 港元

Eligible employees 26.7.2017 合資格僱員 二零一七年七月 二十六日 26.4.2019 二零一九年四月 二十六日 Other eligible participants 1.6.2017 其他合資格參與者 二零一七年六月 一日 26.4.2019 二零一九年四月 二十六日 Total under Share Option Scheme 購股權計劃項下之總數

186,200,000 – – – 186,200,000 0.123 26.7.2017–25.7.2022 二零一七年七月二十六日至 二零二二年七月二十五日 – 93,100,000 – – 93,100,000 0.096 26.4.2019–25.4.2024 二零一九年四月二十六日至 二零二四年四月二十五日 186,200,000 – – (186,200,000) – 0.654 1.6.2017–31.5.2022 二零一七年六月一日至 二零二二年五月三十一日 – 93,100,000 – – 93,100,000 0.096 26.4.2019–25.4.2024 二零一九年四月二十六日至 二零二四年四月二十五日 Approximate percentage to total number of Company’s shares in issue at end of the year 佔年末本公司 已發行股份總數之 概約百分比 372,400,000 186,200,000 – (186,200,000) 372,400,000 19.99%

Note: The closing prices of the Company’s shares immediately before 1 June 2017, 26 July 2017 and 26 April 2019, the dates of grant of the share options, were HK$0.590, HK$0.118 and HK$0.095 respectively.

附註： 於緊接二零一七年六月一日、二零一七年 七月二十六日及二零一九年四月二十六日 （購股權授出日期）前，本公司股份之收市 價分別為0.590港元、0.118港元及0.095港 元。

雋泰控股有限公司 2019 年報 71

Directors’ Report 董事會報告

SHARE OPTIONS (continued)

Share Option Scheme (continued)

As at the date of this report, the total number of shares available for issue under the Share Option Scheme is 558,667,948, which represents approximately 29.99% of the total number of shares in issue of the Company as at 30 March 2020 (i.e. 1,862,679,481 shares).

ARRANGEMENTS TO PURCHASE SHARES OR DEBENTURES

Other than the share option holdings disclosed above, at no time during the year was the Company or any of its subsidiaries, a party to any arrangements to enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.

DIRECTORS’ INTERESTS IN CONTRACTS OF SIGNIFICANCE

Apart from the transactions disclosed under the heading “RELATED PARTY TRANSACTIONS” as set out in Note 32 to the consolidated financial statements, there were no other contracts of significance in relation to the Group’s business, to which the Company, its holding company, any of its subsidiaries or fellow subsidiaries was a party and in which a Director had a material interest, whether directly or indirectly, subsisting at the end of the year or at anytime during the year.

MANAGEMENT CONTRACTS

Save for service contracts, no contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or subsisting during the year ended 31 December 2019.

RELATED PARTY TRANSACTIONS

The significant related party transactions entered into by the Group during the year are set out in Note 32 to the consolidated financial statements. None of these related party transactions during the year constitutes a connected transaction under Chapter 14A of the Listing Rules.

購股權 （續）

購股權計劃 （續）

於本報告日期，根據購股權計劃可予發行之 股份總數為558,667,948股，相當於本公司於 二零二零年三月三十日已發行股份總數（即 1,862,679,481股）之約29.99%。

購買股份或債券之安排

除上文所披露之購股權持有情況外，本公司或其 任何附屬公司於年內概無訂立任何安排，致使董 事可藉購入本公司或任何其他法團之股份或債 券而獲益。

董事於重要合約之權益

除綜合財務報表附註32所載「關連人士交易」項 下所披露之交易外，概無有關本集團業務而本公 司、其控股公司、其任何附屬公司或同系附屬公 司為訂約方及於年末或於年內任何時間仍然存 續，且董事於當中直接或間接擁有重大權益之其 他重大合約。

管理合約

除服務合約外，於截至二零一九年十二月三十一 日止年度，概無訂立或存續有關本公司整體或任 何重大部分業務之管理及行政之合約。

關連人士交易

本集團於年內訂立的重大關連人士交易載於綜 合財務報表附註32。該等關連人士交易於年內 概無構成上市規則第14A章項下之關連交易。

AMCO UNITED HOLDING LIMITED Annual Report 2019

72

Directors’ Report 董事會報告

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

As at 31 December 2019, so far as is known to the Directors and the chief executive of the Company, the interests and short positions of the persons or corporations other than a Director or chief executive of the Company, in the shares or underlying shares of the Company as recorded in the register required to be kept by the Company under Section 336 of the SFO were as follows:

主要股東及其他人士於本公司股 份及相關股份之權益及淡倉

於二零一九年十二月三十一日，就本公司董事及 最高行政人員所知，下列人士或公司（本公司董 事或最高行政人員除外）於本公司股份或相關 股份中擁有已記入本公司根據證券及期貨條例 第336條須予存置之登記冊內之權益及淡倉如下：

Long positions

Shares and underlying shares of the Company

好倉

本公司股份及相關股份

			Approximate
			percentage of
			the issued
		Number of	share capital
		issued ordinary	of the Company
Name	Capacity/Nature of interest	shares	(Note 1)
			佔本公司已發行
			股本之概約百分比
名稱	身份╱權益性質	已發行普通股數目	（附註1）
iReach Capital Fund	Investment manager	99,970,000	5.37%
		(Note 2)
	投資經理	（附註2）

Notes:

附註：

1. The calculation of percentage figure is based on the relevant number of shares as a percentage of the number of shares of the Company in issue as at 31 December 2019.

2. 百分比數字乃按相關股份數目佔本公司於二 零一九年十二月三十一日已發行股份數目之 百分比計算。

3. According to the disclosure of interests notice filed by iReach Capital Fund on 23 July 2019.

4. 根據iReach Capital Fund於二零一九年七月 二十三日遞交之權益披露通知。

Save as disclosed above, as at 31 December 2019, so far as is known to the Directors and the chief executive of the Company, no persons or corporations (other than Directors or chief executive of the Company) had, or deemed or taken to have, interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept by the Company pursuant to Section 336 of the SFO, or who were directly or indirectly, interested in 5% or more of the number of any class of shares in issue of the Company, carrying the rights to vote in all circumstances at general meetings of the Company.

除上文所披露者外，於二零一九年十二月三十一 日，據本公司董事及最高行政人員所知，概無人 士或公司（本公司董事或最高行政人員除外）已 或被當作或視為於本公司股份或相關股份中，擁 有已記入本公司根據證券及期貨條例第336條須 置存之登記冊內之權益或淡倉，或直接或間接擁 有附帶權利可於任何情況下在本公司股東大會 上投票之本公司任何類別已發行股份數目5%或 以上權益。

雋泰控股有限公司 2019 年報 73

Directors’ Report 董事會報告

MAJOR CUSTOMERS AND SUPPLIERS

For the year ended 31 December 2019, sales attributable to the Group’s largest customer accounted for approximately 26% of the Group’s consolidated revenue and aggregate revenue attributable to the five largest customers of the Group accounted for approximately 77% of the Group’s consolidated revenue.

For the year ended 31 December 2019, purchases attributable to the Group’s largest supplier accounted for approximately 30% of the Group’s total purchases and aggregate purchases attributable to the five largest suppliers of the Group accounted for approximately 93% of the Group’s total purchases.

To the knowledge of the Directors, none of the Directors, or their respective associates, or Shareholders owning more than 5% of the Company’s number of shares in issue had any beneficial interests in any of the five largest customers or suppliers.

CONFIRMATION OF INDEPENDENT NONEXECUTIVE DIRECTORS

The Company has received, from each of the Independent Non-executive Directors, an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company considers all of the Independent Non-executive Directors are independent.

EMOLUMENT POLICY

The emolument policy of the employees of the Group is set up by the Remuneration Committee on the basis of their merit, qualifications and competence.

The emoluments of the Directors are reviewed and recommended by the Remuneration Committee, having regard to the Company’s operating results, individual performance and comparable market statistics.

The Company has adopted a share option scheme as an incentive to Directors and eligible employees, details of the scheme is set out in Note 28 to the consolidated financial statements.

主要客戶及供應商

於截至二零一九年十二月三十一日止年度，本 集團最大客戶應佔銷售額約佔本集團綜合收入 26%，而本集團五大客戶應佔收入合共約佔 本集團綜合收入之77%。

於截至二零一九年十二月三十一日止年度，本集 團最大供應商應佔採購額約佔本集團採購總額 之30%，而本集團五大供應商應佔採購額合共約 佔本集團採購總額之93%。

就董事所知，各董事或彼等各自之聯繫人或擁有 本公司已發行股份數目5%以上之股東並無於上 述五大客戶或供應商中擁有任何實益權益。

獨立非執行董事之確認

本公司已接獲各獨立非執行董事根據上市規則 第3.13條就其獨立性而發出之年度確認書。 本公司認為所有獨立非執行董事均具有獨立性。

酬金政策

本集團僱員之酬金政策乃由薪酬委員會按彼等 之長處、資格及能力制定。

董事之酬金經由薪酬委員會參考本公司之經營 業績、個別董事之表現及可比較之市場資料後審 閱並提供建議。

本公司已採納購股權計劃作為對董事及合資 格僱員之獎勵，該計劃詳情載於綜合財務報表 附註28內。

AMCO UNITED HOLDING LIMITED Annual Report 2019

74

Directors’ Report 董事會報告

CORPORATE GOVERNANCE PRACTICES

Details of the Company’s corporate governance practices are set out in the “Corporate Governance Report” on pages 22 to 43 of this annual report.

ENVIRONMENTAL POLICIES

The Group is committed to reducing its carbon footprint and consumption of natural resources in all possible aspects of business operations. Our environmental strategy is to achieve a balance between the quality and efficiency of our services and the minimisation of greenhouse gas emissions and environmental degradation. Accordingly, the Group has taken a proactive approach to effect internal and external communications by means of telephone, emails and conferences or such other communication means which are efficient yet environmentally friendly. Also, the Group are able to minimise physical travelling and printing.

Details of the Company’s environmental policies and practices are set out in the “Environmental, Social and Governance Report” on pages 44 to 65 of this annual report.

RELATIONSHIP WITH EMPLOYEES

The employees of the Group are one of the most important assets and stakeholders of the Group and their contribution and support are values at all times. The Group regularly reviews compensation and benefit policies accordingly to industry benchmark as well as the individual performance of employees. Other fringe benefits, mandatory provident fund and share options are provided to retain loyal employees with the aim to form a professional staff and management team that can bring the Group to different levels of success.

企業管治常規

本公司之企業管治常規詳情載於本年報第22頁 至第43頁之「企業管治報告」內。

環境政策

本集團致力於所有潛在業務營運方面減少其碳 排放量及自然資源消耗。本集團之環境策略為於 服務質量及效率與減少溫室氣體排放及環境惡 化之間達致平衡。因此，本集團已採取積極措施， 透過電話、電郵及會議或其他高效且環保之通訊 方式進行內部及外部交流。此外，本集團可減少 實體旅行及印刷。

本公司之環境政策及慣例詳情載於本年報 第44頁至第65頁之「環境、社會及管治報告」內。

僱員關係

本集團之僱員為本集團最重要資產及利益相關 者之一以及彼等之貢獻及支持一直屬至關重要。 本集團根據行業標準及僱員之個人表現定期檢 討報酬及福利政策。本集團亦提供其他附加福利、 強制性公積金及購股權以挽留忠誠僱員，旨在形 成可令本集團取得不同層面成功之專業僱員及 管理團隊。

雋泰控股有限公司 2019 年報 75

Directors’ Report 董事會報告

RELATIONSHIP WITH CUSTOMERS AND SUPPLIERS

The Directors believe that maintaining good relationships with customers has been one of the critical reasons for the Group’s success. Our business model is to maintain and build on our strong relationships within our client base. Our mission is to provide the finest service to our customers and the Group is constantly looking ways to improve customer relations through enhanced services. Regarding Money Lending Business and Securities Investment, the Group has no major suppliers. Whereas regarding the other principal businesses, the Group has maintained good relationship with the suppliers to ensure their continued support to the Group in the foreseeable future.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Group include strategic, operational and financial risks.

Strategic Risks

The Directors maintain a strategic plan based on the knowledge to the external environments. The Group will invest in projects and investments based on the strategic plan in order to cope with the market demand and expectation. Given the rapid change of unforeseeable external environments in the financial and equity markets, the Group is facing significant strategic risks on its investments when changing the strategic plans to adopt the unexpected changes of external environments.

Operational Risks

Management regularly reviews the Group’s operations to ensure that the Group’s risk of losses, whether financial or otherwise, resulting from fraud, errors, omissions and other operational and compliance matters, are adequately managed.

Financial Risks

The principal financial risks are set out in Note 37 to the consolidated financial statements headed “FINANCIAL RISK MANAGEMENT”.

客戶及供應商關係

董事認為，本集團與客戶維持良好關係為其取得 成功之重要原因之一。本集團之業務模式為維持 及建立其與客戶基礎之強大關係。本集團之使命 為向客戶提供最出色之服務及本集團一直尋求 各種方式透過加強服務改善客戶關係。就放貸業 務及證券投資而言，本集團並無主要供應商。然 而，就其他主要業務而言，本集團已與供應商維 持良好關係，藉以確保其於可預見未來對本集團 之持續支持。

主要風險及不確定性

本集團面臨之主要風險及不確定性包括策略、 營運及財務風險。

策略風險

董事根據其對外部環境之了解維持一項策略計 劃。本集團將根據策略計劃投資項目及投資，以 應付市場需求及預期。鑒於金融及股票市場之不 可預見外部環境迅速變化，倘本集團改變策略計 劃以適應外部環境之意外變化，則其投資將面臨 重大策略風險。

營運風險

管理層定期檢討本集團之營運，以確保本集團可 充分管理因欺詐、失誤、遺漏以及其他營運及合 規事宜引致之損失風險（不論財務或其他類型）。

財務風險

主要財務風險載於綜合財務報表附註37「財務 風險管理」。

AMCO UNITED HOLDING LIMITED 76 Annual Report 2019

Directors’ Report 董事會報告

EQUITY-LINKED AGREEMENTS

Save for disclosed in the section headed “SHARE OPTIONS” on pages 69 to 72 of this annual report, the Company has not entered into any equity-linked agreements during the year.

PERMITTED INDEMNITY PROVISION

Pursuant to the Bye-laws, the Directors, secretary and other officers and every auditor for the time being of the Company shall be entitled to be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, shall or may incur or sustain by or by reasons of any act done, concurred in or omitted in or about the execution of their duties in their respective offices or otherwise in relation thereto.

The Company has taken out insurance against all losses and liabilities associated with defending any proceedings which may be brought against Directors and other officers of the Company.

COMPLIANCE WITH LAWS AND REGULATIONS

During the year, the Company was not aware of any non-compliance with any relevant laws and regulations that had a significant impact on it.

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as the code of conduct regarding securities transactions by the Directors. Having made specific enquiry, all Directors have confirmed that they have fully complied with the required standard set out in the Model Code during the year ended 31 December 2019.

股票掛鈎協議

除本年報第69頁至第72頁之「購股權」一節所披 露者外，本公司於年內並無訂立任何股票掛鈎協 議。

許可彌償規定

根據公司細則，就於彼等各自之辦公室或其他相 關地點履行職務時因所完成、發生或忽略或相關 之任何行為而將或可能產生或遭受之任何訴訟、 成本、費用、損失、損害及開支，董事、秘書及其 他高級職員以及本公司目前之各核數師均有權 從本公司之資產及溢利中獲得彌償及補償。

本公司已就本公司董事及其他高級職員可能招 致之任何訴訟辯護引致之所有相關損失及責任 投保。

遵守法律及法規

年內，本公司概不知悉任何未有遵守任何相關 法律及法規而對本公司產生重大影響之情況。

董事進行證券交易的標準守則

本公司已採納標準守則作為董事進行證券交易 之行為守則。經作出特定查詢後，全體董事已 確認彼等於截至二零一九年十二月三十一日止 年度已全面遵守標準守則規定之標準。

雋泰控股有限公司 2019 年報 77

Directors’ Report 董事會報告

AUDIT COMMITTEE

The Audit Committee comprises three Independent Non-executive Directors, namely Mr. Au Yeung Ming Yin Gordon (Chairman), Mr. Chan Tsz Keung and Mr. Guo Zhenhui. The Audit Committee has reviewed with the management the accounting principles and practices adopted by the Group, and discussed the risk management and internal control systems and financial reporting matters including the review of the audited results for the year ended 31 December 2019.

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

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

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Bye-laws, or the laws of Bermuda, which would oblige the Company to offer new shares on a pro-rata basis to existing Shareholders of the Company.

SUFFICIENCY OF PUBLIC FLOAT

The Company has maintained a sufficient public float throughout the year ended 31 December 2019.

EVENTS AFTER THE REPORTING PERIOD

Details of the significant events after 31 December 2019 of the Group are set out in Note 39 to the consolidated financial statements.

審核委員會

審核委員會由三名獨立非執行董事歐陽 銘賢先生（主席）、陳自強先生及郭鎮輝先生 組成。審核委員會已連同管理層審閱本集團所 採納之會計原則及慣例，並就風險管理及內部 監控制度及財務報告事宜（包括審閱截至二零 一九年十二月三十一日止年度之經審核業績） 進行討論。

購買、出售或贖回本公司上市證 券

年內，本公司或其任何附屬公司概無購買、出售 或贖回本公司任何上市證券。

優先購買權

公司細則或百慕達法例均無任何有關優先購買 權之條文，規定本公司須按比例向本公司現有 股東發售新股份。

足夠公眾持股量

於截至二零一九年十二月三十一日止年度全年， 本公司一直維持足夠之公眾持股量。

報告期後事項

本集團於二零一九年十二月三十一日後之重大 事項詳情載於綜合財務報表附註39內。

AMCO UNITED HOLDING LIMITED 78 Annual Report 2019

Directors’ Report 董事會報告

AUDITOR

The financial statements for the year ended 31 December 2019 were audited by Elite Partners CPA Limited.

A resolution will be submitted to the forthcoming AGM to re-appoint Elite Partners CPA Limited as the auditor of the Company.

On behalf of the Board

Zhang Hengxin

Chairman and Managing Director

Hong Kong, 30 March 2020

核數師

截至二零一九年十二月三十一日止年度之財務 報表已由開元信德會計師事務所有限公司審核。

本公司將於應屆股東週年大會上提呈決議案，以 續聘開元信德會計師事務所有限公司為本公司 核數師。

代表董事會

主席兼董事總經理

張亨鑫

香港，二零二零年三月三十日

雋泰控股有限公司 2019 年報 79

Independent Auditor’s Report 獨立核數師報告

==> picture [37 x 45] intentionally omitted <==

TO THE SHAREHOLDERS OF AMCO UNITED HOLDING LIMITED

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of AMCO United Holding Limited (the “Company”) and its subsidiaries (collectively referred to as “the Group”) set out on pages 89 to 199, which comprise the consolidated statement of financial position as at 31 December 2019, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2019, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

致雋泰控股有限公司股東

（於百慕達註冊成立之有限公司）

意見

吾等已審核刊載於第89頁至第199頁雋泰控股 有限公司（「貴公司」）及其附屬公司（統稱為 「貴集團」）的綜合財務報表，當中包括於二零 一九年十二月三十一日的綜合財務狀況表與截 至該日止年度的綜合損益及其他全面收益表、 綜合權益變動表和綜合現金流量表，以及綜合 財務報表附註，包括主要會計政策概要。

吾等認為，該等綜合財務報表已根據香港會計 師公會（「香港會計師公會」）頒佈的香港財務報 告準則（「香港財務報告準則」）真實而公平地反 映 貴集團於二零一九年十二月三十一日的綜 合財務狀況及 貴集團截至該日止年度的綜合 財務表現及其綜合現金流量，並已按照香港公司 條例披露規定妥為編製。

意見的基礎

吾等根據香港會計師公會頒佈的香港審計準則 （「香港審計準則」）進行審核。在該等準則下，吾 等的責任在吾等的報告內核數師就審核綜合財 務報表須承擔的責任一節進一步闡述。根據香港 會計師公會之職業會計師道德守則（「守則」）， 吾等獨立於 貴集團，並已遵循守則履行其他道 德責任。吾等相信，吾等所獲得的審核憑證能充 足及適當地為吾等的審核意見提供基礎。

AMCO UNITED HOLDING LIMITED 80 Annual Report 2019

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS

關鍵審核事項

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

根據吾等的專業判斷，關鍵審核事項為吾等審核 本期間的綜合財務報表中最重要的事項。吾等在 審核整體綜合財務報表及就此達致意見時處理 此等事項，而不會就此等事項單獨發表意見。

Key audit matter 關鍵審核事項

How the matter was addressed in our audit 吾等在審核中如何處理審核事項

Impairment assessment of goodwill and intangible assets 商譽及無形資產的減值評估

As at 31 December 2019, the Group had fully impaired goodwill which relates to the acquisition of ACE Engineering Limited in 2016 (see Note 16 to the consolidated financial statements). Also, the Group had intangible assets of approximately HK$3.5 million which relate to the “Contractor registrations” as disclosed in Note 17 to the consolidated financial statements. The goodwill and the intangible assets were allocated to the cash generating unit for building contract works business (“CGU”). During the year ended 31 December 2019, the Group had recognised approximately HK$6.4 million impairment loss on goodwill and approximately HK$1.5 million impairment loss on intangible assets.

於二零一九年十二月三十一日， 貴集團之全數減值商譽涉及於 二零一六年收購安迪工程有限公司（見綜合財務報表附註16）。 此外，誠如綜合財務報表附註17所披露， 貴集團有關「承建商 註冊」之無形資產約為3,500,000港元。商譽及無形資產乃分配至 樓宇承包工程業務之現金產生單位（「現金產生單位」）。於截至 二零一九年十二月三十一日止年度， 貴集團確認商譽減值虧損 約6,400,000港元及無形資產減值虧損約1,500,000港元。

Our major audit procedures in relation to the impairment assessment of goodwill and intangible assets included the following:

吾等就商譽及無形資產減值評估進行的主要審核程序 包括以下各項：

• We discussed with management as to whether there was any indicator of impairment. 吾等與管理層討論是否存在任何減值跡象。

• We obtained cash flow forecasts relating to the CGU prepared by management and approved by the directors of the Company. 吾等取得由 貴公司管理層編製及董事批准有關 現金產生單位之現金流量預測。

雋泰控股有限公司 2019 年報 81

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (continued)

Key audit matter 關鍵審核事項

關鍵審核事項 （續）

How the matter was addressed in our audit 吾等在審核中如何處理審核事項

Impairment assessment of goodwill and intangible assets (continued) 商譽及無形資產的減值評估（續）

For the purpose of the impairment assessment of goodwill and intangible assets, the Group appointed an independent external valuer to assess the recoverable amount of the CGU at the end of the reporting period.

就商譽及無形資產的減值評估而言， 貴集團委任獨立外部估值 師評估現金產生單位於報告期末的可收回金額。

We had identified impairment assessment of goodwill and intangible assets as a key audit matter because significant management judgement was required to determine the key assumptions including estimated future income, operating margins and discount rate, etc. and the amounts involved were significant.

吾等已將商譽及無形資產的減值評估列為關鍵審核事項，原因為 釐定關鍵假設（包括估計未來收入、營運利潤率及貼現率等）須 管理層作出大量判斷及所涉及金額重大。

• We discussed with management and independent external valuer engaged by the Company in relation to the methodology, basis and assumptions used in arriving at the forecasts (e.g. estimated sales growth rate and discount rate, etc.) to see whether the methodology and assumptions used were reasonable. 吾等與管理層及 貴公司委聘的獨立外部估值師 討論有關達致預測所用的方法、基準及假設（例： 估計銷售增長率及貼現率等）以了解所用的方法 及假設是否合理。

• We checked, on a sample basis, the accuracy and reliance of the input data used. 吾等以抽樣方式檢查所用輸入數據的準確性及可 靠性。

• We evaluated the competency of the independent external valuer taking into account its experience and qualifications. 吾等於計及獨立外部估值師的經驗及資格後，評 估其勝任能力。

AMCO UNITED HOLDING LIMITED Annual Report 2019

82

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (continued)

Key audit matter 關鍵審核事項

關鍵審核事項 （續）

How the matter was addressed in our audit 吾等在審核中如何處理審核事項

Impairment of loan receivables 應收貸款的減值

As at 31 December 2019, the Group’s loan receivables with carrying amount of approximately HK$132.7 million, and a provision for impairment of loan receivables of approximately HK$3.9 million was recognised in the Group’s consolidated statement of financial position. The impairment losses on loan receivables recognised in the Group’s consolidated statement of profit or loss and other comprehensive income for the year ended 31 December 2019 amounted to approximately HK$0.6 million. 於二零一九年十二月三十一日， 貴集團的應收貸款賬面值 約為132,700,000港元，該應收貸款減值撥備約3,900,000港元 已於 貴集團的綜合財務狀況表確認。截至二零一九年十二月 三十一日止年度， 貴集團綜合損益及其他全面收益表內之已確 認應收貸款的減值虧損約為600,000港元。

The balance of provision for impairment of loan receivables represents the management’s best estimate at the year end date of expected credit losses under Hong Kong Financial Reporting Standard 9: Financial Instruments expected credit losses model. 應收貸款減值撥備結餘為管理層於年結日根據香港財務報告準 則第9號：財務工具預期信貸虧損模型對預期信貸虧損的最佳估計。

Our major audit procedures relating to the impairment assessment of loan receivables included the following: 吾等就應收貸款減值評估進行的主要審核程序包括以 下各項：

• We tested the design and implementation of the relevant key controls over the assessment and monitoring of credit risks, and determination of allowance for expected credit losses. 吾等測試評估及監控信貸風險相關關鍵控制的設 計及實施，並釐定預期信貸虧損撥備。

• We understood and evaluated the modelling methodologies for expected credit losses measurement, assessed the reasonableness of the model selection and key measurement parameters determination.

吾等了解並評估預期信貸虧損計量的建模方法， 評估模型選擇的合理性及關鍵計量參數的確定。

• For the historical information, we discussed with management to understand the management’s identification of significant increase in credit risk, defaults and credit-impaired loans, corroborated management’s explanation with supporting evidence.

對於過往資料，吾等與管理層討論以了解管理層 對信貸風險、違約及信貸減值貸款顯著增加的識 別，以支持證據證實管理層的解釋。

雋泰控股有限公司 2019 年報 83

Independent Auditor’s Report 獨立核數師報告

KEY AUDIT MATTERS (continued)

Key audit matter 關鍵審核事項

關鍵審核事項 （續）

How the matter was addressed in our audit 吾等在審核中如何處理審核事項

Impairment of loan receivables (continued) 應收貸款的減值（續）

Management assesses whether the credit risk of loan receivables has increased significantly since their initial recognition, and considers (i) probability of default, loss given default and exposure at default; (ii) significant increase in credit risk or a default; and (iii) economic indicator for forward-looking information, to calculate their expected credit losses.

管理層評估應收貸款的信貸風險是否自初步確認以來已顯著增加， 並考慮(i)違約或然率、違約損失率及違約風險；(ii)信貸風險或違 約的顯著增加；及(iii)前瞻性資料的經濟指標，以計算其預期信貸 虧損。

We had identified impairment assessment of loan receivables as a key audit matter because the assessment of the recoverability of loan receivables and recognition of loss allowance are inherently subjective and requires significant management judgement, which increases the risk of error or potential management bias. 吾等已將應收貸款的減值評估列為關鍵審核事項，原因為評估應 收貸款的可收回性及確認虧損撥備本身具有主觀性，且需管理層 作出重大判斷，增加出錯或潛在管理偏差的風險。

• For forward-looking information, we assessed the reasonableness of economic indicator selection and assessed the reasonableness of the estimation.

• 對於前瞻性資料，吾等評估經濟指標選擇的合理 性及評估估計的合理性。

• We checked major data inputs used in the expected credit losses model on sample basis to the Group’s records. 吾等以抽樣方式檢查 貴集團記錄預期信貸虧損 模型中所用的主要數據輸入。

• We assessed the adequacy of the Group’s disclosures in relation to loan receivables included in the consolidated financial statements. 吾等評估 貴集團就綜合財務報表所載應收貸款 的披露是否充足。

AMCO UNITED HOLDING LIMITED Annual Report 2019

84

Independent Auditor’s Report 獨立核數師報告

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon.

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

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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

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

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

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

其他資料

貴公司董事須對其他資料承擔責任。其他資料包 括載於年報的資料，惟不包括綜合財務報表及吾 等就此的核數師報告。

吾等對綜合財務報表作出的意見並無涵蓋其他 資料，而吾等不會對其他資料發表任何形式的核 證結論。

就吾等審核綜合財務報表而言，吾等的責任為閱 讀其他資料，從而考慮其他資料是否與綜合財務 報表或吾等在審核過程中獲悉的資料存在重大 不符，或似乎存在重大錯誤陳述。倘若吾等基於 已進行的工作認為其他資料出現重大錯誤陳述， 吾等須報告有關事實。就此，吾等並無任何報告。

董事及管治層就綜合財務報表須 承擔的責任

貴公司董事須負責根據香港會計師公會頒佈的 香港財務報告準則及香港公司條例的披露要求， 編製真實而公平地反映情況的綜合財務報表，及 董事釐定對編製綜合財務報表屬必要的有關內 部監控，以使該等綜合財務報表不會存在由於欺 詐或錯誤而導致的重大錯誤陳述。

在編製綜合財務報表時，董事須負責評估 貴集 團持續經營的能力，並披露與持續經營有關的事 項（如適用）。除非董事擬將 貴集團清盤或停 止營運，或除此之外並無其他實際可行的辦法， 否則須採用以持續經營為基礎的會計法。

管治層負責監督 貴集團的財務報告流程。

雋泰控股有限公司 2019 年報

85

Independent Auditor’s Report 獨立核數師報告

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

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

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

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

核數師就審核綜合財務報表須承 擔的責任

吾等的目標為合理確定此等綜合財務報表整體 而言不會存在由於欺詐或錯誤而導致的重大錯 誤陳述，並發出載有吾等意見的核數師報告。根 據百慕達一九八一年公司法第90條之規定，吾等 僅向全體股東作出報告，除此之外，本報告不作 其他用途。吾等不會就本報告的內容向任何其他 人士負上或承擔責任。合理確定屬高層次的核證， 惟根據香港審計準則進行的審核工作不能保證 總能察覺所存在的重大錯誤陳述。錯誤陳述可因 欺詐或錯誤產生，倘個別或整體在合理預期情況 下可影響使用者根據綜合財務報表作出的經濟 決定時，則被視為重大錯誤陳述。

在根據香港審計準則進行審計的過程中，吾等運 用專業判斷，保持專業懷疑態度。吾等亦：

• 識別及評估由於欺詐或錯誤而導致綜合財 務報表存在重大錯誤陳述的風險、設計及 執行審計程序以應對該等風險，以及獲取 充足和適當的審計憑證，作為吾等意見的 基礎。由於欺詐可能涉及串謀、偽造、蓄意 遺漏、虛假陳述或凌駕內部監控的情況，因 此未能發現因欺詐而導致的重大錯誤陳述 的風險高於未能發現因錯誤而導致的重大 錯誤陳述的風險。

• 了解與審計相關的內部監控，以設計適當 的審計程序，惟並非旨在對 貴集團內部 監控的有效性發表意見。

AMCO UNITED HOLDING LIMITED 86 Annual Report 2019

Independent Auditor’s Report 獨立核數師報告

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

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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

核數師就審核綜合財務報表須承 擔的責任 （續）

• 評估董事所採用會計政策的恰當性及作出 會計估計和相關披露的合理性。

• 對董事採用持續經營會計基礎的恰當性作 出結論，並根據所獲取的審計憑證，確定 是否存在與事項或情況有關的重大不確定 性，從而可能導致對 貴集團的持續經營 能力產生重大疑慮。倘吾等認為存在重大 不確定性，則有必要在核數師報告中提請 使用者注意綜合財務報表中的相關披露。 倘有關披露不足，則修訂吾等意見。吾等 結論乃基於截至核數師報告日期止所取得 的審計憑證。然而，未來事項或情況可能 導致 貴集團無法持續經營。

• 評估綜合財務報表的整體呈報方式、結構 及內容，包括披露資料，以及綜合財務報表 是否中肯反映相關交易和事項。

• 就 貴集團內實體或業務活動的財務資料 獲取充足及適當的審計憑證，以便對綜合 財務報表發表意見。吾等負責集團審計的 方向、監督和執行。吾等為審核意見承擔全 部責任。

吾等與管治層就（其中包括）審計的計劃範圍、 時間安排及重大審計發現溝通，該等發現包括吾 等在審計過程中識別的內部監控的任何重大缺 失。

雋泰控股有限公司 2019 年報

87

Independent Auditor’s Report 獨立核數師報告

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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

The engagement partner on the audit resulting in the independent auditor’s report is Siu Jimmy with Practising Certificate Number P05898.

Elite Partners CPA Limited

Certified Public Accountants

Hong Kong, 30 March 2020

10/F., 8 Observatory Road Tsim Sha Tsui Kowloon, Hong Kong

核數師就審核綜合財務報表須承 擔的責任 （續）

吾等亦向管治層作出聲明，指出吾等已符合有關 獨立性的相關道德要求，並與彼等溝通可能被合 理認為會影響吾等獨立性的所有關係及其他事 宜，以及相關防範措施（如適用）。

從與管治層溝通的事項中，吾等釐定對本期間的 綜合財務報表的審計至關重要的事項，因而構成 關鍵審核事項。吾等在核數師報告中描述該等事 項，除非法律或法規不允許公開披露該等事項， 或在極端罕見的情況下，倘合理預期在吾等報告 中溝通某事項造成的負面後果超出產生的公眾 利益，則吾等決定不應在報告中傳達該事項。

出具本獨立核數師報告的審計項目委聘夥伴為 蕭俊武（執業證書編號：P05898）。

開元信德會計師事務所有限公司

執業會計師

香港，二零二零年三月三十日

香港九龍 尖沙咀 天文臺道8號10樓

AMCO UNITED HOLDING LIMITED Annual Report 2019

88

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

Notes 附註	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Revenue 收入 6, 7 Cost of sales and services 銷售及服務成本 Gross profit 毛利 Other income and other gains or losses 其他收益及其他收入或虧損 8 Distribution costs 分銷成本 Administrative expenses 行政開支 Finance costs 財務費用 9 Loss before income tax 除所得稅前虧損 10 Income tax credit 所得稅抵免 11 Loss and total comprehensive income for the year attributable to owners of the Company 本公司擁有人應佔年度虧損及 全面收入總額 Loss per share 每股虧損 Basic and diluted 基本及攤薄 12	67,707	112,279 (88,712)
	(48,914)
		23,567 (9,708) (235) (39,731) (666)
	18,793
	(10,454)
	(130)
	(39,933)
	(3,077)
		(26,773) 21
	(34,801)
	255
		(26,752)
	(34,546)
		HK(1.44) cents港仙
	HK(1.85) cents港仙

雋泰控股有限公司 2019 年報 89

Consolidated Statement of Financial Position 綜合財務狀況表

As at 31 December 2019 於二零一九年十二月三十一日

Notes 附註	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
ASSETS AND LIABILITIES 資產及負債 Non-current assets 非流動資產 Property, plant and equipment 物業、廠房及設備 15 Goodwill 商譽 16 Intangible assets 無形資產 17 Current assets 流動資產 Inventories 存貨 18 Held-for-trading investments 持作買賣投資 19 Trade and other receivables 貿易及其他應收款項 20 Cash and cash equivalents 現金及現金等價物 21 Current liabilities 流動負債 Trade and other payables 貿易及其他應付款項 22 Lease liabilities 租賃負債 25 Net current assets 流動資產淨值 Total assets less current liabilities 資產總值減流動負債		919 6,379 5,016
	2,194
	–
	3,470
		12,314
	5,664
		145 25,218 178,116 18,300
	34
	14,277
	160,554
	12,288
		221,779
	187,153
		66,765 –
	53,214
	1,354
		66,765
	54,568
		155,014
	132,585
		167,328
	138,249

AMCO UNITED HOLDING LIMITED Annual Report 2019

90

Consolidated Statement of Financial Position 綜合財務狀況表

As at 31 December 2019 於二零一九年十二月三十一日

Notes 附註	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Non-current liabilities 非流動負債 Bond payables 應付債券 23 Deferred tax liability 遞延稅項負債 24 Lease liabilities 租賃負債 25 Net assets 資產淨值 EQUITY 權益 Share capital 股本 26 Reserves 儲備 Total equity 權益總額		30,666 827 –
	30,666
	572
	724
		31,493
	31,962
		135,835
	106,287
		18,627 117,208
	18,627
	87,660
		135,835
	106,287

Approved and authorised for issue by the Board of Directors on 經董事會於二零二零年三月三十日批准及授權 30 March 2020. 刊發。

On behalf of the Board

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代表董事會
Zhang Hengxin Jia Minghui
張亨鑫 賈明暉
Director Director
董事 董事
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雋泰控股有限公司 2019 年報

91

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

	Share capital Share premium Capital reserve Translation reserve Accumulated losses Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 (Notes a & c) (Notes b & c) (Note c) (Note c) 股本 股份溢價 資本儲備 匯兌儲備 累計虧損 總計 千港元 千港元 千港元 千港元 千港元 千港元 （附註a及c) （附註b及c) （附註c) （附註c)
As at 31 December 2017 於二零一七年一月一日 Adjustment on initial application of HKFRS 9 首次應用香港財務報告 準則第9號之調整 Adjustment on initial application of HKFRS 15 首次應用香港財務報告 準則第15號之調整 Adjusted balance as at 1 January 2018 於二零一八年一月一日 之經調整結餘 Loss and total comprehensive income for the year 年度虧損及全面收入 總額 As at 31 December 2018 於二零一八年十二月 三十一日 Adjustment on initial application of HKFRS 16 (Note 3(d)) 首次應用香港財務報告 準則第16號之調整 （附註3(d)） Adjusted balance as at 1 January 2019 於二零一九年一月一日 之經調整結餘 Loss and total comprehensive income for the year 年度虧損及全面收入 總額 Lapse of share options 購股權失效 Recognition of equity-settled share-based payment expenses (Note 28) 以股份為基礎權益結算 之付款開支之確認 （附註28） As at 31 December 2019 於二零一九年十二月 三十一日	18,627 402,912 10,771 1,591 (268,218) 165,683 – – – – (2,684) (2,684) – – – – (412) (412)
	18,627 402,912 10,771 1,591 (271,314) 162,587
	– – – – (26,752) (26,752)
	18,627 402,912 10,771 1,591 (298,066) 135,835
	– – – – (11) (11)
	18,627 402,912 10,771 1,591 (298,077) 135,824
	– – – – (34,546) (34,546)
	– – (7,020) – 7,020 –
	– – 5,009 – – 5,009
	18,627 402,912 8,760 1,591 (325,603) 106,287

Notes:

附註：

• a) The application of share premium account is governed by Section 40 of the Bermuda Companies Act 1981.

• a) 股份溢價賬之應用受百慕達一九八一年公司 法第40條規管。

• b) As at 31 December 2019 and 2018, the capital reserve comprised the fair value of unexercised share options granted to eligible employees and other eligible participants of the Group under the share option scheme of the Company recognised in accordance with the accounting policy adopted for share-based payments as further detailed in Note 4.15 to the consolidated financial statements.

• b) 於二零一九年及二零一八年十二月三十一日， 資本儲備包括根據就以股份為基礎付款採納 之會計政策確認之本公司購股權計劃項下授 予本集團合資格僱員及其他合資格參與人士 之未行使購股權之公允價值，進一步詳情載 於綜合財務報表附註4.15。

• c) The total of these balances represents “Reserves” in the consolidated statement of financial position.

• c) 該等餘額之總和為綜合財務狀況表內之「儲 備」。

AMCO UNITED HOLDING LIMITED 92 Annual Report 2019

Consolidated Statement of Cash Flows 綜合現金流量表

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

Notes 附註	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Cash flows from operating activities 來自經營活動之現金流量 Loss before income tax 除所得稅前虧損 Adjustments for: 就下列項目作出之調整： Depreciation of property, plant and equipment 物業、廠房及設備折舊 15 Amortisation of intangible asset 無形資產攤銷 17 Impairment loss of property, plant and equipment 物業、廠房及設備減值虧損 15 Impairment loss of goodwill 商譽減值虧損 16 Impairment loss of intangible asset 無形資產減值虧損 17 Net impairment loss on trade and other receivables 貿易及其他應收款項之 減值虧損淨額 20 Loss on disposal of property, plant and equipment 出售物業、廠房及設備之 虧損 8 Loss on change in fair value of held-for-trading investments 持作買賣投資之公允價值 變動之虧損 8 Share-based payment expenses 以股份為基礎之付款開支 28 Interest income 利息收入 8 Interest expenses 利息開支 9 Operating loss before working capital changes 營運資金變動前之經營虧損 Decrease/(increase) in inventories 存貨減少╱（增加） Decrease/(increase) in trade and other receivables 貿易及其他應收款項 減少╱（增加） (Decrease)/increase in trade and other payables 貿易及其他應付款項 （減少）╱增加 Cash used in operations 經營活動動用之現金 Hong Kong tax paid 已付香港稅項 Hong Kong tax refund 香港退稅 Net cash used in operating activities 經營活動動用之現金淨額		(26,773) 639 40 – 3,817 – 1,141 528 10,005 – (5) 666
	(34,801)
	1,349
	–
	338
	6,379
	1,546
	976
	133
	10,941
	5,009
	(5)
	3,077
		(9,942) (34) (33,169) 5,090
	(5,058)
	111
	16,586
	(13,551)
		(38,055) (5) 78
	(1,912)
	–
	–
		(37,982)
	(1,912)

雋泰控股有限公司 2019 年報 93

Consolidated Statement of Cash Flows 綜合現金流量表

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

Notes 附註	2019 HK$’000 二零一九年 千港元	2018 HK$’000 二零一八年 千港元
Cash flows from investing activities 來自投資活動之現金流量 Payment for purchase of property, plant and equipment 支付購買物業、廠房及 設備之款項 Proceeds from disposal of property, plant and equipment 出售物業、廠房及設備之 所得款項 Interest received 已收利息 Net cash (used in)/generated from investing activities 投資活動（動用）╱產生之 現金淨額 Cash flows from financing activities 來自融資活動之現金流量 Interest paid 已付利息 Repayment of lease liabilities 償還租賃負債 Proceeds from issue of bonds 發行債券之所得款項 23 Net cash (used in)/generated from financing activities 融資活動（動用）╱產生之 現金淨額 Net decrease in cash and cash equivalents 現金及現金等價物減少淨額 Cash and cash equivalents at 1 January 於一月一日之現金及 現金等價物 Cash and cash equivalents at 31 December 於十二月三十一日之現金及 現金等價物 Represented by: 為： Cash and bank balances 現金及銀行結餘 21		(2) 3 5
	(350)
	150
	5
		6
	(195)
		– – 30,000
	(3,077)
	(828)
	–
		30,000
	(3,905)
		(7,976) 26,276
	(6,012)
	18,300
		18,300
	12,288
		18,300
	12,288

AMCO UNITED HOLDING LIMITED 94 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. GENERAL INFORMATION

1. 一般資料

AMCO United Holding Limited (the “Company”) was incorporated in Bermuda with limited liability on 19 August 1994 as an exempted company under the Companies Act 1981 of Bermuda with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) since 28 November 1996. The addresses of the registered office and principal place of business of the Company are disclosed in the “Corporate Information” section to the annual report.

雋泰控股有限公司（「本公司」）於一九九四 年八月十九日根據百慕達一九八一年公司 法在百慕達註冊成立為一間獲豁免有限公 司，其股份自一九九六年十一月二十八日 起於香港聯合交易所有限公司（「聯交所」） 主板上市。本公司之註冊辦事處及主要營 業地點之地址於年報「公司資料」一節披露。

The Company and its subsidiaries (collectively referred to as the “Group”) are principally engaged in (i) manufacture and sale of medical devices products; (ii) manufacture and sale of plastic moulding products; (iii) provision of construction services in building construction, building maintenance and improvement works, project management, renovation and decoration works; (iv) provision of money lending; and (v) investment in securities.

本公司及其附屬公司（統稱為「本集團」）主 要從事(i)製造及銷售醫療設備產品；(ii)製造 及銷售塑膠模具產品；(iii)提供樓宇建造、 樓宇維修及改善工程、項目管理、裝修及裝 飾工程方面之建造服務；(iv)提供放貸；及(v) 證券投資。

雋泰控股有限公司 2019 年報

95

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”)

2. (a) Adoption of new and revised HKFRSs – effective 1 January 2019

In the current year, the Group has applied for the first time the following new standard, amendments and interpretation to HKFRSs (hereinafter collectively referred to as “new and revised HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), which are effective for the Group’s consolidated financial statements for the annual period beginning on 1 January 2019:

HKFRS 16 Leases Amendments to HKFRS 9 Prepayment Features with Negative Compensation Amendments to HKAS 19 Plan Amendment, Curtailment or Settlement Amendments to HKAS 28 Long-term Interests in Associates and Joint Ventures Amendments to HKFRSs Annual Improvements to HKFRSs 2015-2017 Cycle HK(IFRIC)–Int 23 Uncertainty over Income Tax Treatments

Except as described in Note 3(d), the application of the new and revised HKFRSs in the current year has no material effect on the Group’s financial performance and position for the current year or the disclosures set out in the consolidated financial statements.

2. 應用香港財務報告準則（「香 港財務報告準則」）

• (a) 採納新訂及經修訂香港財務 報告準則－於二零一九年一 月一日生效

於本年度，本集團首次應用以下經香 港會計師公會（「香港會計師公會」） 頒佈，於本集團二零一九年一月一日 開始之年度期間的綜合財務報表生效 的香港財務報告準則新準則、修訂及 詮釋（以下統稱為「新訂及經修訂香 港財務報告準則」）：

香港財務報告準則 租賃 第16號 香港財務報告準則 具負補償的提前還款 第9號（修訂本） 特性 香港會計準則 計劃修訂、縮減或結清 第19號（修訂本） 香港會計準則 於聯營公司及合營公司 第28號（修訂本） 的長期權益 香港財務報告準則 香港財務報告準則二零 （修訂本） 一五年至二零一七 年週期之年度改進 香港（國際財務報告 所得稅處理法之 詮釋委員會） 不確定性 －詮釋第23號

除附註3(d)所述者外，於本年度應用新 訂及經修訂香港財務報告準則對本集 團本年度財務表現及狀況或綜合財務 報表所載披露事項並無造成重大影響。

AMCO UNITED HOLDING LIMITED Annual Report 2019

96

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

2. (b) Application of new and revised HKFRSs that have been issued but are not yet effective

The following new and revised HKFRSs have been issued, but are not yet effective and have not been early adopted by the Group.

1. 應用香港財務報告準則（「香 港財務報告準則」） （續）

2. (b) 應用已頒佈但尚未生效之新 訂及經修訂香港財務報告準 則

   • 以下新訂及經修訂香港財務報告準則 經已頒佈，惟尚未生效，且本集團並 未提早採納。

HKFRS 17 Insurance Contracts[4] Amendments to Definition of a Business[3] HKFRS 3 Amendments to Interest Rate Benchmark Reform[2] HKFRS 9, HKAS 39 and HKFRS 7 Amendments to Sale or Contribution of Assets HKFRS 10 and between an Investor and its HKAS 28 Associate or Joint Venture[1] Amendments to Definition of Material[2] HKAS 1 and HKAS 8 Revised Conceptual Amendments to References to Framework for the Conceptual Framework in Financial Reporting HKFRS Standards[2]

香港財務報告準則 保險合約[4] 第17號 香港財務報告準則 業務的定義[3] 第3號（修訂本） 香港財務報告準則 利率基準改革[2] 第9號、香港會計準則 第39號及香港財務 報告準則第7號 （修訂本） 香港財務報告準則 投資者與其聯營公司 第10號及香港會計 或合營公司之間的 準則第28號（修訂本） 資產出售或注資[1] 香港會計準則第1號及 重大的定義[2] 香港會計準則第8號 （修訂本） 經修訂財務報告之 香港財務報告準則之 概念框架 概念框架指引之修 訂[2]

• 1 Effective for annual periods beginning on or after a date to be determined

• 2 Effective for annual periods beginning on or after 1 January 2020, with earlier application permitted

• 3 Effective for business combinations and asset acquisitions for which the acquisition date is on or after the beginning of the first annual period beginning on or after 1 January 2020

• 4 Effective for annual periods beginning on or after 1 January 2021, with earlier application permitted

• 1 於待定日期或之後開始之年度期 間生效

• 2 於二零二零年一月一日或之後開 始之年度期間生效，允許提前應用

• 3 適用於收購日期為二零二零年一 月一日或之後開始的首個年度期 間開始當日或之後進行的業務合 併及資產收購

• 4 於二零二一年一月一日或之後開 始之年度期間生效，允許提前應用

雋泰控股有限公司 2019 年報

97

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. ADOPTION OF HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRSs”) (continued)

2. (b) Application of new and revised HKFRSs that have been issued but are not yet effective

(continued)

The directors of the Company (“Directors”) anticipate that the application of these new and revised HKFRSs will have no material impact on the results and the financial position of the Group.

1. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES

(a) Statement of compliance

The consolidated financial statements have been prepared in accordance with all applicable HKFRSs issued by the HKICPA, which is a collective term for all individual HKFRSs, Hong Kong Accounting Standards (“HKASs”) and Interpretations, and the disclosure requirements of the Hong Kong Companies Ordinance. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange.

(b) Basis of measurement

The consolidated financial statements have been prepared under the historical cost basis except for certain financial instruments which are measured at their fair value. The measurement basis are fully explained in the accounting policies set out below.

1. 應用香港財務報告準則（「香 港財務報告準則」） （續）

2. (b) 應用已頒佈但尚未生效之新 訂及經修訂香港財務報告準 則 （續）

本公司董事（「董事」）預期應用該等 新訂及經修訂香港財務報告準則將對 本集團業績及財務狀況並無重大影響。

3. 編製基準及會計政策變動

(a) 遵例聲明

綜合財務報表已根據由香港會計師公 會頒佈之所有適用香港財務報告準則 （所有個別香港財務報告準則、香港會 計準則（「香港會計準則」）及詮釋之 統稱）及香港公司條例披露規定編製。 此外，綜合財務報表包括聯交所證券 上市規則所規定之適用披露資料。

(b) 計量基準

綜合財務報表乃按歷史成本基準編製 （若干按其公允價值計量之財務工具 除外）。計量基準於下文所載之會計 政策作出全面解釋。

AMCO UNITED HOLDING LIMITED Annual Report 2019

98

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

3. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(c) Functional and presentation currency

Other than subsidiaries established in the People’s Republic of China (“PRC”) of which the functional currency is Renminbi (“RMB”), the functional currency of the Company and its subsidiaries is Hong Kong dollars (“HK$”). The consolidated financial statements are presented in HK$, which is the same as the functional currency of the Company.

3. 編製基準及會計政策變動 （續）

(c) 功能及呈列貨幣

除於中華人民共和國（「中國」）成立 之附屬公司之功能貨幣為人民幣（「人 民幣」）外，本公司及其附屬公司之功 能貨幣為港元（「港元」）。綜合財務報 表以港元呈列，而港元亦為本公司之 功能貨幣。

(d) Changes in accounting policies

The Group has initially adopted HKFRS 16 “Leases” from 1 January 2019 and the Group has changed its accounting policies as a result of adopting the standard. The impact of the adoption of the standard and the nature and effect of the change in accounting policies are further described below.

(d) 會計政策變動

本集團於二零一九年一月一日起首 次採納香港財務報告準則第16號「租 賃」，並且由於採納此等準則，本集團 的會計政策已有所變動。採納該等準 則的影響及會計政策變動的性質和影 響進一步於下文闡述。

HKFRS 16 – Leases

香港財務報告準則第 16 號－租 賃

HKFRS 16 supersedes HKAS 17 “Leases” and related Interpretations, which sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for most leases under a single on-balance sheet model.

香港財務報告準則第16號取代香港會 計準則第17號「租賃」及相關詮釋，當 中載列確認、計量、呈列及披露租賃 的原則，並要求承租人以單一資產負 債表模式入賬大部分租賃。

In accordance with the transitional provisions in HKFRS 16, the Group has elected to apply the modified retrospective approach under which the cumulative effect of initial application is recognised in opening accumulated losses as at 1 January 2019 and prior period comparatives are not restated. Accordingly, the information presented for 2018 has been presented, as previously reported, under HKAS 17 and related Interpretations.

根據香港財務報告準則第16號的過 渡條文，本集團已選擇應用經修訂追 溯法，據此，首次應用的累計影響於 二零一九年一月一日的期初累計虧損 中確認，而過往期間之比較數字不予 重列。因此，二零一八年之呈列資料 乃如過往所呈報者，根據香港會計 準則第17號及相關詮釋呈列。

雋泰控股有限公司 2019 年報 99

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

3. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(d) Changes in accounting policies (continued)

HKFRS 16 – Leases (continued)

3. 編製基準及會計政策變動 （續）

(d) 會計政策變動 （續）

香港財務報告準則第 16 號－租 賃 （續）

The amount by which each financial statement line item is affected by the adoption of HKFRS 16 on the date of initial application is shown as follows.

於首次應用日期，各財務報表之各項 金額於採納香港財務報告準則第16號 的影響列示如下。

Carrying	Effect of	Carrying
amount as at	adoption of	amount as at
31 December	HKFRS 16	1 January
2018	(note (ii))	2019
HK$’000	HK$’000	HK$’000
於二零一八年	採納香港財務
十二月	報告準則	於二零一九年
三十一日之	第16號的影響	一月一日之
賬面值	（附註(ii)）	賬面值
千港元	千港元	千港元

Consolidated statement of

綜合財務狀況表（摘錄）

financial position (extract)

financial position (extract)
Right-of-use asset presented in	於物業、廠房及設備呈列之
property, plant and equipment	使用權資產	–	646	646
Lease liability	租賃負債	–	(657)	(657)
Accumulated losses (reserves)	累計虧損（儲備）	298,066	11	298,077

HKFRS 16 introduces new or amended requirements with respect to lease accounting. It introduces significant changes to the lessee accounting by removing the distinction between operating and finance lease requires and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except for short-term leases and leases of low-value assets. In contrast to lessee accounting, the requirements for lessor accounting have remained largely unchanged.

香港財務報告準則第16號引入有關租 賃會計處理的新訂或經修訂規定。有 關規定透過刪除經營及融資租賃之間 的差別及規定於開始時就所有租賃確 認使用權資產及租賃負債引入承租人 會計處理方法的重大變動，惟短期租 賃及低價值資產租賃除外。與承租人 會計處理方法相反，出租人會計處理 方法之規定大致維持不變。

AMCO UNITED HOLDING LIMITED Annual Report 2019

100

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

3. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(d) Changes in accounting policies (continued)

HKFRS 16 – Leases (continued)

3. 編製基準及會計政策變動 （續）

(d) 會計政策變動 （續）

香港財務報告準則第 16 號－租 賃 （續）

(i) Definition of a lease

(i) 租賃的定義

The Group has elected to apply the practical expedient on transition to HKFRS 16 not to reassess whether a contract is or contains a lease at the date of initial application. Accordingly, the Group has applied HKFRS 16 to contracts previously identified as leases under HKAS 17 and HK(IFRIC)–Int 4 “Determining whether an Arrangement contains a Lease” entered into before 1 January 2019.

在過渡至香港財務報告準則第 16號時，本集團已選擇採用實際 權宜方法，並無於首次應用日期 對合約是否屬於或包含租賃予以 重新評估。因此，本集團已應用 香港財務報告準則第16號至於二 零一九年一月一日之前訂立先前 根據香港會計準則第17號及香港 （國際財務報告詮釋委員會）－ 詮釋第4號「釐定安排是否包括 租賃」識別為租賃的合約。

The change in definition of a lease mainly relates to the concept of control. Under HKFRS 16, a contract is, or contains a lease if the contract conveys a right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies the definition of a lease under HKFRS 16 to contracts entered into on or after 1 January 2019.

租賃定義之變動主要與控制權之 概念有關。根據香港財務報告準 則第16號，倘合約為換取代價而 給予在若干時段內控制使用已識 別資產之權利，則該合約為租賃 或包含租賃。就於二零一九年一 月一日或之後訂立的合約而言， 本集團應用香港財務報告準則 第16號項下的租賃的定義。

(ii) Lessee accounting

(ii) 承租人會計處理

As a lessee, the Group previously classified leases as operating or finance leases. Lease 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, i.e. these leases were off-balance sheet.

作為承租人，本集團先前將租賃 分類為經營或融資租賃。根據經 營租賃支付的租賃款項（扣除自 出租人收取之任何優惠）按有關 租賃年期以直線法自損益扣除， 即該等租賃乃於資產負債表外。

雋泰控股有限公司 2019 年報

101

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

3. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(d) Changes in accounting policies (continued)

HKFRS 16 – Leases (continued)

(ii) Lessee accounting (continued)

From 1 January 2019, leases (except short-term leases and leases of low-value assets) are recognised as a right-of-use asset and lease liability under HKFRS 16, i.e. the leases are on-balance sheet. Each lease payment is allocated between principal repayment of the lease 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 lease liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are initially measured at the present value of future lease payments which include fixed payments less any lease incentives. The lease payments are discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group’s incremental borrowing rate.

Right-of-use assets are initially measured at cost comprising the initial measurement of lease liabilities and any initial direct costs, and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. The Group presents right-of-use assets in property, plant and equipment.

3. 編製基準及會計政策變動 （續）

(d) 會計政策變動 （續）

香港財務報告準則第 16 號－租 賃 （續）

(ii) 承租人會計處理（續）

自二零一九年一月一日起，根據 香港財務報告準則第16號，租賃 （短期租賃和低價值資產租賃除 外）確認為使用權資產及租賃負 債，即該等租賃乃於資產負債表 入賬。每租賃付款於租賃負債本 金還款及財務成本間分配。財務 成本在租期內自損益扣除，以計 算出各期間租賃負債剩餘結餘的 固定週期利率。使用權資產按照 直線法在資產可使用年期與租賃 期兩者中較短的一個期間內計提 折舊。

租賃產生的資產及負債初步按現 值基準計量。租賃負債初步按未 來租賃付款（包括固定付款減任 何租賃獎勵）之現值計量。租賃 付款採用租賃所隱含的利率進行 貼現，或倘該利率不可輕易釐定， 則採用本集團的增量借款利率予 以貼現。

使用權資產初步按成本計量（包 括租賃負債的初始計量及任何初 始直接成本），並隨後按成本減 累計折舊及任何累計減值虧損計 量。本集團於物業、廠房及設備 呈列使用權資產。

AMCO UNITED HOLDING LIMITED Annual Report 2019

102

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

3. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(d) Changes in accounting policies (continued)

HKFRS 16 – Leases (continued)

3. 編製基準及會計政策變動 （續）

(d) 會計政策變動 （續）

香港財務報告準則第 16 號－租 賃 （續）

(ii) Lessee accounting (continued)

(ii) 承租人會計處理（續）

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

與短期租賃及低價值資產租賃相 關的租賃付款按直線法於其租期 內於損益中確認為開支。短期租 賃指租賃期為12個月或少於12個 月的租賃。

The Group leases several premises for terms ranging from one to three years, and has classified the leases as operating leases under HKAS 17. On 1 January 2019 (the date of initial application of HKFRS 16), the Group recognised lease liability and right-of-use asset in relation to leases which had previously been classified as operating leases under HKAS 17. The lease liability was measured at the present value of the remaining lease payments, discounted using the Group’s incremental borrowing rate at the date of initial application of approximately 4.3%.

本集團租賃若干租期介乎一至三 年的物業，並根據香港會計準則 第17號將租賃分類為經營租賃。 於二零一九年一月一日（首次應 用香港財務報告準則第16號的日 期），本集團確認先前已根據香 港會計準則第17號分類為經營租 賃之租賃有關的租賃負債及使用 權資產。租賃負債乃按餘下租賃 付款之現值計量，並使用本集團 於首次應用日期的增量借款利率 約4.3%進行貼現。

	HK$’000 千港元
Operating lease commitments disclosed as at 31 December 2018 於二零一八年十二月三十一日披露之 經營租賃承擔 Short-term leases not recognised as a liability 未確認為負債之短期租賃 Lease of low-value asset not recognised as a liability 未確認為負債之低價值資產的租賃 Discounting using the incremental borrowing rate at the date of initial application 於首次應用日期使用增量借款利率 進行貼現 Lease liability recognised as at 1 January 2019 於二零一九年一月一日確認之租賃負債	2,178 (1,460) (28) (33)
	657

雋泰控股有限公司 2019 年報 103

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

3. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(d) Changes in accounting policies (continued)

HKFRS 16 – Leases (continued)

3. 編製基準及會計政策變動 （續）

(d) 會計政策變動 （續）

香港財務報告準則第 16 號－租 賃 （續）

(ii) Lessee accounting (continued)

(ii) 承租人會計處理（續）

The associated right-of-use asset was measured on a retrospective basis as if the standard had been applied since the commencement date, discounted using the Group’s incremental borrowing rate at the date of initial application. The right-of-use asset of leased premises recognised at the date of initial application was as follows:

相關使用權資產按追溯基準計 量，猶如該準則自開始日期起一 直適用，並使用本集團於首次應 用日期的增量借款利率貼現。租 賃物業的使用權資產於首次應用 日期確認如下：

		HK$’000
		千港元
Right-of-use asset recognised as at	於二零一九年一月一日確認之
1 January 2019	使用權資產	646

As a result, on transition to HKFRS 16, the Group recognised additional right-of-use asset and lease liability and recognised the difference in accumulated losses, resulting in an increase in right-of-use asset presented in property, plant and equipment of approximately HK$646,000, increase in lease liability of approximately HK$657,000 and increase in accumulated losses of approximately HK$11,000 as at 1 January 2019.

因此，於過渡至香港財務報告準 則16號時，本集團確認額外使 用權資產及租賃負債，及確認 累計虧損的差額，導致於二零 一九年一月一日，於物業、廠房 及設備呈列的使用權資產增加約 646,000港元，租賃負債增加約 657,000港元及累計虧損增加約 11,000港元。

AMCO UNITED HOLDING LIMITED 104 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES (continued)

(d) Changes in accounting policies (continued)

HKFRS 16 – Leases (continued)

1. 編製基準及會計政策變動 （續）

(d) 會計政策變動 （續）

香港財務報告準則第 16 號－租 賃 （續）

• (ii) Lessee accounting (continued)

• (ii) 承租人會計處理（續）

The Group used the following practical expedients when applying HKFRS 16 for the first time:

• 本集團首次應用香港財務報告準 則第16號時，採用以下實際權宜 方法：

• the accounting for operating leases with a remaining lease term of less than 12 months as at 1 January 2019 as short-term leases; and

• － 對於二零一九年一月一日 剩餘租期少於12個月的經 營租賃處理為短期租賃；及

• the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application.

• － 在首次應用日期計量使用 權資產時不計入初始直接 成本。

As a result of initially applying HKFRS 16, in relation to the leases that were previously classified as operating leases, the Group recognised right-of-use assets of approximately HK$1,852,000 and lease liabilities of approximately HK$2,078,000 as at 31 December 2019. During the year ended 31 December 2019, the Group recognised depreciation of right-of-use assets of approximately HK$854,000 and interest expense on lease liabilities of approximately HK$77,000 from these leases.

由於首次應用香港財務報告準則 第16號，就先前分類為經營租賃 的租賃而言，於二零一九年十二 月三十一日，本集團確認使用權 資產約1,852,000港元及租賃負 債約2,078,000港元。截至二零 一九年十二月三十一日止年度， 本集團自該等租賃確認使用權資 產折舊約854,000港元及租賃負 債利息開支約77,000港元。

雋泰控股有限公司 2019 年報

105

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4.1 Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Inter-company transactions and balances between group companies together with unrealised profits are eliminated in full in preparing the consolidated financial statements. Unrealised losses are also eliminated unless the transaction provides evidence of impairment on the asset transferred, in which case the loss is recognised in profit or loss.

The results of subsidiaries acquired or disposed of during a financial year are included in the consolidated statement of profit or loss and other comprehensive income from the dates of acquisition or up to the dates of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by other members of the Group.

Acquisition of businesses is accounted for using the acquisition method. The cost of an acquisition is measured at the aggregate of the acquisition-date fair value of assets transferred, liabilities incurred and equity interests issued by the Group, as the acquirer. The identifiable assets acquired and liabilities assumed are principally measured at acquisition-date fair value. Acquisition-related costs are expensed as incurred.

4. 主要會計政策概要

4.1 綜合基準

綜合財務報表包括本公司及其附屬公 司之財務報表。集團內公司間之交易 及結餘，以及未變現溢利於編製綜合 財務報表時全數對銷。未變現虧損亦 會對銷，除非交易有證據顯示所轉讓 之資產經已減值，於該情況下，將於 損益中確認虧損。

於財政年度內購入或出售之附屬公司 之業績乃由收購日期起或直至出售日 期止（視適用情況而定）列入綜合損益 及其他全面收益表內。如有必要，附 屬公司之財務報表會進行調整，以使 其會計政策與本集團其他成員公司所 使用者一致。

收購業務採用收購法入賬。收購成本 乃按所轉讓資產、所產生負債及本集 團（作為收購方）發行之股權於收購當 日之公允價值總額計量。所收購之可 識別資產及所承擔負債則主要按收購 當日之公允價值計量。收購相關成本 於產生時支銷。

AMCO UNITED HOLDING LIMITED Annual Report 2019

106

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.1 Basis of consolidation (continued)

4. 主要會計政策概要 （續）

4.1 綜合基準 （續）

When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interest. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for in the same manner as would be required if the relevant assets or liabilities were disposed of.

當本集團對一間附屬公司失去控制權 時，出售所產生之溢利或虧損按以下 兩者之差額計算：(i)已收代價之公允 價值與任何保留權益之公允價值之總 額及(ii)該附屬公司之資產（包括商譽） 及負債與任何非控制性權益之過往賬 面值。與附屬公司有關以往於其他全 面收入確認之金額，入賬方式與於相 關資產或負債已經出售之情況下規定 之入賬方式相同。

4.2 Subsidiaries

4.2 附屬公司

A subsidiary is an investee over which the Company is able to exercise control. The Company controls an investee if all three of the following elements are present: power over the investee, exposure or rights to variable returns from the investee, and the ability to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

附屬公司為本公司可對其行使控制權 之被投資方。倘具備以下全部三個元 素，則本公司控制被投資方︰可對被 投資方行使權力；承擔或享受被投資 方可變回報風險或權利；及可運用其 權力影響該等可變回報。如有事實及 情況顯示任何該等控制權元素可能出 現變動，則會重新評估控制權。

In the Company’s statement of financial position, investments in subsidiaries are stated at cost less accumulated impairment losses, if any. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable.

於本公司之財務狀況表內，於附屬公 司之投資乃以成本扣除累計減值虧損 （如有）列賬。本公司按已收及應收股 息基準將附屬公司之業績入賬。

雋泰控股有限公司 2019 年報

107

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.3 Goodwill

Goodwill arising on an acquisition of a business is initially recognised at cost being the excess of the aggregate consideration transferred over the fair value of identifiable assets acquired and liabilities assumed.

Goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (“CGUs”), or groups of CGUs, that is expected to benefit from the synergies of the acquisition.

A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. A CGU to which goodwill has been allocated is tested for impairment annually, by comparing its carrying amount with its recoverable amount (see Note 4.16) and whenever there is an indication that the unit may be impaired.

For goodwill arising on an acquisition in a financial year, the CGU to which goodwill has been allocated is tested for impairment before the end of that financial year. When the recoverable amount of the CGU is less than the carrying amount of the unit, the impairment loss is allocated to reduce the carrying amount of any goodwill allocated to the unit first, and then to the other assets of the unit pro-rata on the basis of the carrying amount to each asset in the unit. However, the loss allocated to each asset will not reduce the individual asset’s carrying amount to below its fair value less costs of disposal (if measurable) or its value in use (if determinable), whichever is the higher. Any impairment loss for goodwill is recognised in profit or loss and is not reversed in subsequent periods.

4.3 商譽

收購一項業務所產生之商譽初步按成 本（即所轉讓代價總額超過所收購之 可識別資產及所承擔之負債之公允價 值之部分）確認。

商譽按成本扣除累計減值虧損計量。 就減值測試而言，商譽乃被分配到本 集團各個預期會從收購之協同效應中 受益之現金產生單位（「現金產生單 位」）或現金產生單位組別。

現金產生單位為一組最小可識別資 產組別，其產生之現金流入很大程度 上不同於其他資產或資產組別所產 生之現金流入。已分配商譽之現金產 生單位每年進行減值測試，將其賬面 值與其可回收金額進行比較（見附註 4.16），並於有跡象顯示該單位可能減 值時進行減值測試。

就於財政年度內進行收購所產生之商 譽而言，獲分配商譽之現金產生單位 會於該財政年度結束前進行減值測試。 當現金產生單位之可收回金額少於該 單位之賬面值時，減值虧損會首先分 配至減少該單位獲分配之任何商譽賬 面值，繼而以該單位內各資產之賬面 值為基準按比例分配至該單位內其他 資產。然而，分配至各資產之虧損將 不會減少個別資產之賬面值至其公允 價值減出售成本以下（倘可計量）或其 使用價值（倘可識別）之較高者。任何 商譽減值虧損於損益中確認及於其後 期間不可撥回。

AMCO UNITED HOLDING LIMITED 108 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.4 Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

4.4 物業、廠房及設備

物業、廠房及設備乃按成本減累計折 舊及累計減值虧損列賬。

The cost of property, plant and equipment includes its purchase price and the costs directly attributable to the acquisition of the items.

物業、廠房及設備之成本包括其購買 價及收購該等項目直接應佔之成本。

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other costs, such as repairs and maintenance, are recognised as an expense in profit or loss during the financial period in which they are incurred.

倘與資產項目有關之未來經濟利益可 能流入本集團，而該項目之成本能可 靠計量，方會將其後成本計入資產之 賬面值或確認為一項獨立資產（如適 用）。重置部分之賬面值會終止確認。 所有其他成本（如維修及保養）於產生 之財政期間內在損益確認為開支。

Property, plant and equipment are depreciated so as to write off their cost net of expected residual value over their estimated useful lives on a straight-line basis. The useful lives, residual value and depreciation method are reviewed, and adjusted if appropriate, at the end of each reporting period. The useful lives are as follows:

物業、廠房及設備於估計可使用年期 按直線法計提折舊以撇銷其成本（扣 除預期剩餘價值）。可使用年期、剩餘 價值及折舊方法均會於各報告期末檢 討，並在適當時作出調整。可使用年 期如下：

Plant and machinery	5 – 10 years
Furniture, fixtures and equipment	5 years
Motor vehicles	3 – 5 years

廠房及機器	5至10年
傢俬、裝置及設備	5年
汽車	3至5年

Right-of-use assets are depreciated over the shorter period of the lease term and the useful life of the underlying asset.

使用權資產於租期及相關資產可使用 年期（以較短者為準）期間內折舊。

雋泰控股有限公司 2019 年報

109

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.4 Property, plant and equipment (continued)

In the comparative period, assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets, or where shorter, the term of the relevant lease.

The gain or loss on disposal of an item of property, plant and equipment is the difference between the net sale proceeds and its carrying amount, and is recognised in profit or loss on disposal.

4.5 Leasing

The Group as lessee

The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability for all leases (except short-term leases and leases of low-value assets) at the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities are initially measured at the present value of future lease payments which include fixed payments less any lease incentives. The lease payments are discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group’s incremental borrowing rate. Each lease payment is allocated between principal repayment of the lease 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 lease liability for each period.

4.4 物業、廠房及設備 （續）

於比較期間，根據融資租賃持有的資 產於估計可使用年期或有關租期（以 較短者為準）按與自用資產相同的基 準計算折舊。

出售物業、廠房及設備項目之收益或 虧損為出售所得款項淨額與其賬面值 間之差額，並於出售時在損益中確認。

4.5 租賃

本集團為承租人

本集團在合約開始時即評估合約是否 屬於或包含租賃。於租賃資產可供本 集團使用日期，本集團就其所有租賃 確認使用權資產和相應租賃負債，惟 短期租賃及低價值資產租賃者除外。

租賃產生的資產及負債初步按現值基 準計量。租賃負債初步按未來租賃付 款（包括固定付款減任何租賃獎勵）之 現值計量。租賃付款採用租賃所隱含 的利率進行貼現，或倘該利率不可輕 易釐定，則採用本集團的增量借款利 率予以貼現。各租賃付款於租賃負債 本金還款及財務成本間分配。財務成 本在租期內自損益扣除，以計算出各 期間租賃負債剩餘結餘的固定週期利 率。

AMCO UNITED HOLDING LIMITED 110 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.5 Leasing (continued)

The Group as lessee (continued)

4.5 租賃 （續）

本集團為承租人 （續）

Right-of-use assets are initially measured at cost comprising the initial measurement of lease liabilities and any initial direct costs, and subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. The Group determines whether the right-of-use asset is impaired and accounts for any impairment loss identified on the same basis as property, plant and equipment (see Note 4.16). The Group presents right-of-use assets in property, plant and equipment.

使用權資產初步按成本計量（包括租 賃負債的初始計量及任何初始直接成 本），並隨後按成本減累計折舊及任何 累計減值虧損計量。使用權資產按照 直線法在資產使用年期與租期（以較 短者為準）期間內計提折舊。本集團釐 定使用權資產是否出現減值並入賬識 別基準與物業、廠房及設備相同的任 何減值虧損（見附註4.16）。本集團於 物業、廠房及設備呈列使用權資產。

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

與短期租賃及低價值資產租賃相關的 租賃付款按直線法於其租期內於損益 中確認為開支。短期租賃是指租賃期 為12個月或少於12個月的租賃。

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

於比較期間，凡租賃之條款將擁有權 之絕大部分風險及回報轉移至承租人 之租賃分類為融資租賃。所有其他租 賃均分類為經營租賃。

Assets held under finance leases are initially recognised as assets at their fair value or, if lower, the present value of the minimum lease payments. The corresponding lease commitment is shown as a liability. Lease payments are analysed between capital and interest. The interest element is charged to profit or loss over the period of the lease and is calculated so that it represents a constant proportion of the lease liability. The capital element reduces the balance owed to the lessor.

根據融資租賃持有的資產初步按公允 價值或最低租金付款的現值（如金額 較低）確認為資產。相應的租賃承擔以 負債列示。租金付款按資本及利息進 行分析。利息部分於租期內於損益內 扣除，並以於租賃負債中佔固定比例 方式計算。資本部分減去結欠出租人 的餘額。

雋泰控股有限公司 2019 年報 111

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.5 Leasing (continued)

The Group as lessee (continued)

The total rentals payable under the operating leases are recognised in profit or loss on a straight-line basis over the lease term. Lease incentives received are recognised as an integrated part of the total rental expense, over the term of the lease.

4.6 Intangible assets

(a) Acquired intangible assets

Intangible assets acquired separately are initially recognised at cost. The cost of intangible assets acquired in a business combination is fair value at the date of acquisition. The useful lives of intangible assets are assessed to be finite or indefinite. Subsequently, intangible assets with finite useful lives are carried at cost less accumulated amortisation and any accumulated impairment losses. Intangible assets with indefinite useful lives are carried at cost less accumulated impairment losses.

Amortisation for intangible assets with finite useful lives is provided on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of the reporting period, with the effect of any changes in estimate being accounted for on a prospective basis.

4.5 租賃 （續）

本集團為承租人 （續）

經營租賃產生之應付租金總額按租期 以直線法於損益內確認。已收租金回 贈按租期確認為租金開支總額之一部 份。

4.6 無形資產

(a) 收購之無形資產

所收購之各項無形資產按成本初 步確認。於業務合併中所收購無 形資產之成本為收購日期之公允 價值。無形資產之可使用年期被 評估為有限的或無定限的。其後， 具有限可使用年期之無形資產按 成本減累計攤銷及任何累計減值 虧損列賬。具無定限可使用年期 之無形資產按成本減累計減值虧 損列賬。

具有限可使用年期之無形資產以 直線法於其估計可使用年期內攤 銷。估計可使用年期及攤銷方法 於報告期末檢討，而任何估計變 動的影響均按未來基準入賬。

AMCO UNITED HOLDING LIMITED 112 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.6 Intangible assets (continued)

(a) Acquired intangible assets (continued)

4. 主要會計政策概要 （續）

4.6 無形資產 （續）

(a) 收購之無形資產 （續）

Intangible asset with indefinite useful lives is not amortised. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

具無定限可使用年期之無形資產 尚未予以攤銷。具無定限年期之 無形資產之可使用年期於每年檢 討，以釐定無定限年期評估是否 繼續可行。倘不可行，則可使用 年期評估將按預先應用基準由無 定限入賬為有限。

(b) Impairment

(b) 減值

Intangible assets with finite lives are tested for impairment when there is an indication that an asset may be impaired (see Note 4.16). Intangible assets with indefinite lives are tested for impairment annually and whenever there is an indication that the asset may be impaired by comparing their carrying amounts with their recoverable amounts (see Note 4.16). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.

具有限可使用年期之無形資產於 有跡象顯示資產可能減值時進行 減值測試（見附註4.16）。具無定 限可使用年期之無形資產乃透過 比較其賬面值與可收回金額每年 進行減值測試及在有跡象顯示資 產可能減值時進行減值測試（見 附註4.16）。倘無法估計個別資 產之可收回金額，本集團會估計 該資產所屬現金產生單位之可收 回金額。倘估計資產之可收回金 額低於其賬面值，則該資產賬面 值須減低至其可收回金額。減值 虧損會即時確認為開支。

When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount; however, the carrying amount should not be increased above the lower of its recoverable amount and the carrying amount that would have been resulted had no impairment loss been recognised for the asset in prior years.

倘減值虧損其後撥回，則資產賬 面值須增加至其經修訂之估計可 收回金額，惟賬面值不得增加至 超過其可回收金額及在過往年度 並無就資產確認任何減值虧損下 之原本賬面值兩者較低者。

雋泰控股有限公司 2019 年報 113

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.7 Financial instruments

Financial assets and financial liabilities are recognised in the consolidated statement of financial position when a group entity becomes a party to the contractual provisions of the instrument.

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

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. A regular way purchase or sale is a purchase or sale of a financial asset that requires delivery of the asset within the time frame established generally by regulation or convention in the marketplace.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

4.7 財務工具

財務資產及財務負債乃當集團實體成 為工具合同條文之訂約方時於綜合財 務狀況表中確認。

財務資產及財務負債按公允價值初步 計量。收購或發行財務資產及財務負 債（透過損益按公允價值列賬（「透過 損益按公允價值列賬」）之財務資產及 財務負債除外）直接應佔之交易成本， 於初步確認時加入財務資產或財務負 債之公允價值或自財務資產或財務負 債之公允價值內扣除（如適用）。因收 購透過損益按公允價值列賬之財務資 產或財務負債而直接產生之交易成本 即時於損益中確認。

財務資產

所有以常規方式購買或出售之財務資 產，均按交易日基準進行確認或終止 確認。以常規方式購買或出售是指要 求在相關市場中的規則或慣例通常約 定的時間內交付資產的財務資產買賣。

所有已確認財務資產其後視乎財務資 產之分類全部按攤銷成本或公允價值 計量。

AMCO UNITED HOLDING LIMITED Annual Report 2019

114

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

4. 主要會計政策概要 （續）

4.7 財務工具 （續）

財務資產 （續）

Debt instruments that meet the following conditions are subsequently measured at amortised cost:

符合以下條件之債務工具其後按攤銷 成本計量：

• the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and

• － 以目的為持有財務資產以收取合 約現金流量之業務模式持有之財 務資產；及

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

• － 財務資產的合約條款會於指定日 期產生現金流量，其性質純粹為 支付本金及未償還本金的利息。

Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”):

符合以下條件之債務工具其後透過其 他全面收益按公允價值列賬（「透過其 他全面收益按公允價值列賬」）計量：

• the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and

• － 財務資產以收取合約現金流量及 銷售財務資產為目的之業務模式 內持有；及

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

• － 財務資產的合約條款會於指定日 期產生現金流量，其性質純粹為 支付本金及未償還本金的利息。

By default, all other financial assets are subsequently measured at FVTPL.

倘未指明，所有其他財務資產其後透 過損益按公允價值列賬計量。

雋泰控股有限公司 2019 年報

115

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

Despite the foregoing, the Group may make the following irrevocable election/designation at initial recognition of a financial asset:

• the Group may irrevocably elect to present subsequent changes in fair value of an equity instrument that is not held for trading in other comprehensive income; and

• the Group may irrevocably designate a debt instrument that meets the amortised cost or FVTOCI criteria as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.

Financial assets at amortised cost

The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.

4.7 財務工具 （續）

財務資產 （續）

儘管有上述規定，本集團可在初步確 認財務資產時作出以下不可撤銷選定╱ 指定：

• － 本集團可不可撤銷地選定於其他 全面收益呈列並非持作買賣股本 工具的公允價值其後變動；及

• － 本集團可不可撤銷地將符合按攤 銷成本或透過其他全面收益按公 允價值列賬標準的債務工具指定 為透過損益按公允價值列賬計 量，前提是此舉可消除或大幅減 少會計錯配。

按攤銷成本列賬之財務資產

財務資產的攤銷成本指財務資產於初 始確認時計量的金額減去本金還款， 加上初始金額與到期金額間的任何差 額使用實際利率法計算的累計攤銷（就 任何虧損撥備作出調整）。另一方面， 財務資產的總賬面值指財務資產就任 何虧損撥備作出調整前的攤銷成本。

AMCO UNITED HOLDING LIMITED 116 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

4.7 財務工具 （續）

財務資產 （續）

Financial assets at amortised cost (continued)

按攤銷成本列賬之財務資產（續）

Interest income is recognised using the effective interest method for debt instruments measured subsequently at amortised cost and at FVTOCI. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired (see “Impairment” below). For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset. If, in subsequent reporting periods, the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset.

其後按攤銷成本及透過其他全面收益 按公允價值列賬計量的債務工具使用 實際利率法確認利息收入。利息收入 透過對財務資產的總賬面值應用實際 利率計算，惟其後出現信貸減值的財 務資產除外（見下文「減值」）。就其後 出現信貸減值的財務資產而言，利息 收入透過對財務資產的攤銷成本應用 實際利率確認。倘於其後報告期間， 信貸減值財務工具的信貸風險得以改 善，使財務資產不再信貸減值，利息 收入透過對財務資產的總賬面值應用 實際利率確認。

Financial assets at FVTPL

透過損益按公允價值列賬之財務資 產

Financial assets that do not meet the criteria for being measured at amortised cost or FVTOCI are measured at FVTPL. Specifically:

不符合按攤銷成本或透過其他全面收 益按公允價值列賬計量準則的財務資 產會透過損益按公允價值列賬計量。 尤其是：

• Investments in equity instruments are classified as at FVTPL, unless the Group designates an equity investment that is not held for trading as at FVTOCI on initial recognition.

• － 股本工具投資分類為透過損益按 公允價值列賬，惟本集團於初始 確認時指定並非持作買賣之股本 工具為透過其他全面收益按公允 價值列賬。

雋泰控股有限公司 2019 年報 117

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

Financial assets at FVTPL (continued)

– Debt instruments that do not meet the amortised cost criteria or the FVTOCI criteria are classified as at FVTPL. In addition, debt instruments that meet either the amortised cost criteria or the FVTOCI criteria may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities or recognising the gains and losses on them on different bases. The Group has not designated any debt instruments as at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset and is included in the consolidated statement of profit or loss and other comprehensive income under “Other income and other gains or losses”. Fair value is determined in the manner described in Note 36.

Impairment

The Group recognises a loss allowance for expected credit losses (“ECL”) on investments in debt instruments that are measured at amortised cost or at FVTOCI, and contract assets under HKFRS 15 “Revenue from Contracts with Customers”. No impairment loss is recognised for investments in equity instruments. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.

4.7 財務工具 （續）

財務資產 （續）

透過損益按公允價值列賬之財務資 產（續）

• － 不符合攤銷成本標準或透過其他 全面收益按公允價值列賬標準之 債務工具分類為透過損益按公允 價值列賬。此外，倘有關指定可 消除或大幅減少按不同基準計量 資產或負債或確認彼等之收益及 虧損時的計量或確認差異，則符 合按攤銷成本標準或透過其他全 面收益按公允價值列賬標準之債 務工具於初步確認時可指定為透 過損益按公允價值列賬。本集團 並無指定任何債務工具為透過損 益按公允價值列賬。

透過損益按公允價值列賬之財務資產 於各報告期末按公允價值計量，產生 之任何公允價值收益或虧損於損益確 認。於損益確認之收益或虧損淨額包 括該財務資產賺取之任何股息或利息， 並計入綜合損益及其他全面收益表之 「其他收益及其他收入或虧損」項下。 公允價值乃按附註36所述之方式釐定。

減值

本集團就按攤銷成本或透過其他全面 收益按公允價值列賬計量之債務工具 投資及香港財務報告準則第15號「來 自客戶合約之收入」項下之合約資產 之預期信貸虧損（「預期信貸虧損」） 確認虧損撥備。並無就股本工具投資 確認減值虧損。預期信貸虧損之金額 於各報告日期更新以反映各財務工具 自初始確認以來之信貸風險變化。

AMCO UNITED HOLDING LIMITED 118 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

4.7 財務工具 （續）

財務資產 （續）

Impairment (continued)

減值（續）

The Group always recognises lifetime ECL for trade receivables and contract assets. The expected credit losses on these financial assets are estimated using a provision matrix based on the Group’s historical default experience, adjusted for factors that are specific to the debtors and an assessment of both the current as well as the forecast direction of conditions at the reporting date.

本集團一直就應收貿易賬款及合約資 產確認全期預期信貸虧損。該等財務 資產之預期信貸乃基於本集團過往違 約經驗使用撥備矩陣計量並按與債務 人相關的因素及於報告日期之當前及 預測條件的評估作出調整。

For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.

就所有其他財務工具而言，本集團於 其信貸風險自初始確認以來大幅增加 時確認全期預期信貸虧損。倘，另一 方面，財務工具之信貸風險自初始確 認以來並無大幅增加，本集團按相等 於十二個月預期信貸虧損之金額就財 務工具計量虧損撥備。

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

全期預期信貸虧損指財務工具於預計 存續期內所有可能違約事件產生的預 期信貸虧損。而十二個月預期信貸虧 損指預計於報告日期後12個月內財務 工具可能發生的違約事件產生的部分 全期預期信貸虧損。

雋泰控股有限公司 2019 年報 119

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

Impairment (continued)

• (i) Significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the industries in which the Group’s debtors operate as well as consideration of actual and forecast economic information that relate to the Group’s core operations.

In particular, the following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:

• an actual or expected significant deterioration in the financial instrument’s external or internal credit rating (if available);

• significant deterioration in external market indicators of credit risk for a financial instrument, e.g. credit spread or the length of time or the extent to which the fair value of a financial asset has been less than its amortised cost;

4.7 財務工具 （續）

財務資產 （續）

減值（續）

(i) 信貸風險大幅增加

• 於評估自初始確認後財務工具的 信貸風險是否大幅增加時，本集 團會比較於報告日期財務工具發 生違約的風險與初始確認日期財 務工具發生違約的風險。在進行 此評估時，本集團同時考慮合理 且有理據支撐的定量及定性資 料，包括過往經驗及無需耗費過 多成本或精力即可獲得的前瞻性 資料。所考慮的前瞻性資料包括 本集團債務人所在行業的未來前 景以及對與本集團核心業務相關 的實際及預測經濟資料的考量。

尤其是，評估信貸風險自初始確 認以來有否大幅增加時會考慮下 列資料：

• － 財務工具外界或內部信貸 評級（如有）之實際或預期 重大惡化；

• － 財務工具的信貸風險之外 界市場指標之重大惡化，例 如信貸息差或財務資產的 公允價值低於其攤銷成本 的時間或幅度；

AMCO UNITED HOLDING LIMITED 120 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

4. 主要會計政策概要 （續）

4.7 財務工具 （續）

財務資產 （續）

Impairment (continued)

減值（續）

• (i) Significant increase in credit risk (continued)

• (i) 信貸風險大幅增加（續）

• existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor‘s ability to meet its debt obligations;

• － 業務、財務或經濟狀況之現 有或預測不利變動，預期將 導致債務人履行其債務責 任之能力大幅下降；

• an actual or expected significant deterioration in the operating results of the debtor;

• － 債務人經營業績之實際或 預期重大惡化；

• significant increases in credit risk on other financial instruments of the same debtor;

• － 同一債務人之其他財務工 具之信貸風險大幅增加；

• an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtor’s ability to meet its debt obligations.

• － 債務人監管、經濟或技術環 境之實際或預期重大不利 變動，導致債務人履行其債 務責任之能力大幅下降。

Irrespective of the outcome of the above assessment, the Group presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 90 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise.

不論上述評估結果如何，本集團 假定，倘合約付款逾期超過 90日，則財務資產之信貸風險自 初始確認以來已大幅增加，惟本 集團擁有合理可靠資料表明情況 並非如此，則作別論。

雋泰控股有限公司 2019 年報 121

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

Impairment (continued)

• (i) Significant increase in credit risk (continued)

Despite the foregoing, the Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if the financial instrument has a low risk of default, the debtor has a strong capacity to meet its contractual cash flow obligations in the near term, and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the debtor to fulfil its contractual cash flow obligations.

(ii) Definition of default

The Group considers a financial asset to be in default when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay the Group in full, without taking into account any collaterals or other credit enhancements held by the Group.

Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 180 days past due, unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is appropriate.

4.7 財務工具 （續）

財務資產 （續）

減值（續）

(i) 信貸風險大幅增加（續）

儘管有上述規定，若於報告日期 財務工具被判定為具有較低信貸 風險，本集團會假設財務工具之 信貸風險自初始確認以來並未大 幅上升。在以下情況下，財務工 具會被判定為具有較低信貸風 險：財務工具具有較低違約風險； 債務人有很強之能力履行近期之 合約現金流量責任；及經濟及商 業環境之長期不利變動有可能但 未必會降低債務人履行合約現金 流量責任之能力。

• (ii) 違約之定義

倘內部產生或獲取自外部來源之 資料表明，債務人不太可能向本 集團悉數還款（不考慮本集團持 有之任何抵押品或其他信貸加強 項目），則本集團認為一項財務 資產違約。

不論上述分析如何，本集團認為， 當財務資產逾期超過180日，則 違約已經發生，除非本集團擁有 合理可靠資料表明一項更滯後之 違約標準屬合適。

AMCO UNITED HOLDING LIMITED Annual Report 2019

122

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

4.7 財務工具 （續）

財務資產 （續）

Impairment (continued)

減值（續）

• (iii) Credit-impaired financial assets

• (iii) 發生信貸減值的財務資產

A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:

• 當發生對財務資產之估計未來現 金流量產生不利影響之一項或多 項事件之時，該財務資產即出現 信貸減值。財務資產信貸減值之 證據包括以下事件之可觀察數 據：

• significant financial difficulty of the issuer or the borrower;

• － 發行人或借款人遭遇重大 財政困難；

• a breach of contract, such as a default or past due event;

• － 違反合約，例如違約或逾期 事件；

• the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider;

• － 借款人之貸款人出於與借 款人財困相關之經濟或合 約原因，而向借款人授予貸 款人原本不會考慮之減免；

• it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or

• － 借款人可能破產或進行其 他財務重組；或

• the disappearance of an active market for that financial asset because of financial difficulties.

• － 該財務資產因財務困難而 失去活躍市場。

雋泰控股有限公司 2019 年報 123

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

Impairment (continued)

• (iv) Write-off policy

The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings. Financial assets written off may still be subject to the Group’s recovery procedures. Any recoveries made are recognised in profit or loss.

• (v) Measurement and recognition of expected credit losses

The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, this is represented by the assets’ gross carrying amount at the reporting date.

The expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate.

4.7 財務工具 （續）

財務資產 （續）

減值（續）

• (iv) 撇銷政策

當有資料顯示交易對手陷入嚴重 財困，且並無實際收回之可能之 時（例如交易對手已進行清算或 進入破產程序），本集團會撇銷 財務資產。已撇銷之財務資產仍 可能被本集團執行收回程序。任 何收回款項會於損益中確認。

• (v) 預期信貸虧損的計量及確認

預期信貸虧損之計量為違約概 率、違約虧損率（即違約時之虧 損程度）及違約風險暴露之函數。 評估違約概率及違約虧損率之依 據是過往數據，並按上述前瞻性 資料調整，而違約風險暴露乃於 報告日期按資產總賬面值呈列。

預期信貸虧損按根據合約應付本 集團之所有合約現金流量與本集 團預計收取之所有現金流量（按 原定實際利率折現）之間之差額 估算。

AMCO UNITED HOLDING LIMITED Annual Report 2019

124

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial assets (continued)

4.7 財務工具 （續）

財務資產 （續）

Impairment (continued)

減值（續）

• (v) Measurement and recognition of expected credit losses (continued)

• (v) 預期信貸虧損的計量及確認 （續）

If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month ECL at the current reporting date.

若本集團於前一報告期間按全期 預期信貸虧損之相同金額計量財 務工具之虧損撥備，但於本報告 日期判定不再滿足全期預期信貸 虧損之條件，則本集團於本報告 日期按十二個月預期信貸虧損之 相同金額計量虧損撥備。

The Group recognises an impairment gain or loss in profit or loss for all financial instruments with a corresponding adjustment to their carrying amount through a loss allowance account, except for investments in debt instruments that are measured at FVTOCI, for which the loss allowance is recognised in other comprehensive income and accumulated in the investment revaluation reserve, and does not reduce the carrying amount of the financial asset in the statement of financial position.

本集團於損益中確認所有財務 工具之減值收益或虧損，並透過 虧損撥備賬相應調整其賬面值， 惟透過其他全面收益按公允價值 列賬之債務工具投資除外，其虧 損撥備於其他全面收益中確認並 於投資重估儲備中累計而不會減 少財務狀況表中財務資產之賬面 值。

雋泰控股有限公司 2019 年報 125

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.7 Financial instruments (continued)

Financial liabilities

The Group classifies its financial liabilities, depending on the purpose for which the liabilities were incurred. Financial liabilities at FVTPL are initially measured at fair value and financial liabilities at amortised costs are initially measured at fair value, net of directly attributable costs incurred.

Where the Group issues its own equity instruments to a creditor to settle a financial liability in whole or in part as a result of renegotiating the terms of that liability, the equity instruments issued are the consideration paid and are recognised initially and measured at their fair value on the date the financial liability or part thereof is extinguished. If the fair value of the equity instruments issued cannot be reliably measured, the equity instruments are measured to reflect the fair value of the financial liability extinguished. The difference between the carrying amount of the financial liability or part thereof extinguished and the consideration paid is recognised in profit or loss for the year.

Financial liabilities at amortised cost

Financial liabilities at amortised cost including trade and other payables and bond payables, are subsequently measured at amortised cost, using the effective interest method. The related interest expense is recognised in profit or loss.

Gains or losses are recognised in profit or loss when the liabilities are derecognised as well as through the amortisation process.

4.7 財務工具 （續）

財務負債

本集團根據產生負債之目的將其財務 負債分類。透過損益按公允價值列賬 之財務負債初步按公允價值計量，而 按攤銷成本列賬之財務負債初步按公 允價值扣除所產生之直接應佔成本計 量。

倘本集團於重新磋商財務負債之條款 後向債權人發行其本身之股本工具以 償付全部或部分該項財務負債，則所 發行之股本工具為已付代價，並按於 抵銷財務負債或其部分之日期以公允 價值初步確認及計量。倘所發行股本 工具之公允價值不能可靠計量，則計 量股本工具以反映所抵銷財務負債之 公允價值。所抵銷財務負債或其部分 之賬面值與已付代價之差額乃於年度 損益確認。

按攤銷成本列賬之財務負債

按攤銷成本列賬之財務負債（包括貿 易及其他應付款項以及應付債券）其 後採用實際利率法按攤銷成本計量。 相關利息開支於損益確認。

負債於攤銷過程及終止確認時，其收 益或虧損於損益內確認。

AMCO UNITED HOLDING LIMITED 126 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.7 Financial instruments (continued)

Effective interest method

4.7 財務工具 （續）

實際利率法

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

實際利率法乃計算財務資產或財務負 債之攤銷成本，以及於相關期間攤分 利息收入或利息支出之方法。實際利 率乃指可於財務資產或負債之預計年 期或較短期間（如適用）將估計未來現 金收支準確貼現至財務資產之總賬面 值或財務負債攤銷成本之利率。

Equity instruments

股本工具

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

本公司所發行之股本工具按所收取之 所得款項扣除直接發行成本列賬。

Derecognition

終止確認

The Group derecognises a financial asset when the contractual rights to the future cash flows in relation to the financial asset expire or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party.

當有關財務資產的未來現金流量之合 約權利屆滿時，或當財務資產已轉讓 及資產擁有權之大部分風險及回報轉 讓予另一方時，本集團會終止確認該 項財務資產。

Financial liabilities are derecognised when the obligation specified in the relevant contract is discharged, cancelled or expires.

當有關合約列明之責任獲解除、撤銷 或屆滿時，即終止確認有關財務負債。

雋泰控股有限公司 2019 年報

127

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.8 Inventories

Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their designated location. Cost is calculated using the weighted average method. Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

4.9 Cash and cash equivalents

Cash and cash equivalents include cash on hand, demand deposits with banks, short-term deposits with bank with original maturities of three months or less, and short-term, highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash on hand and at bank and short-term investments as defined above, net of outstanding bank overdrafts.

4.10 Revenue recognition

Revenue is income arising from the sales of goods and the provision of services in the ordinary course of the Group’s business.

Revenue is recognised when or as the control of the good or service is transferred to the customer, at the amount of promised consideration to which the Group expects to be entitled in exchange for transferring the promised good or service to the customer.

4.8 存貨

存貨初步按成本確認，其後按成本及 可變現淨值兩者中之較低者入賬。成 本包括所有採購成本、轉換成本及將 存貨運至指定地點所產生之其他成本。 成本按加權平均法計算。可變現淨值 為日常業務過程中之估計售價減因進 行出售而必需之估計成本。

4.9 現金及現金等價物

現金及現金等價物包括手頭現金、銀 行活期存款及原到期日為三個月或以 下並可輕易兌換為已知數額現金且承 受之價值變動風險不大之短期高流通 量投資。就綜合現金流量表而言，現 金及現金等價物包括如上述界定之手 頭及銀行現金以及短期投資（扣除尚 未償還之銀行透支）。

4.10 收入確認

收入為於本集團日常業務過程中銷售 貨品及提供服務時產生的收入。

收入當或因貨品或服務控制權轉讓予 客戶時，按本集團預期就交換轉讓所 承諾商品或服務予客戶而有權收取的 承諾代價金額確認。

AMCO UNITED HOLDING LIMITED 128 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.10 Revenue recognition (continued)

Revenue from the sales of goods is recognised at a point in time when control of the products has transferred, being when the products are delivered to the customers and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. A receivable is recognised by the Group when the products are delivered to the customer which represents the point in time at which the right to consideration becomes unconditional for which only the passage of time is required before payment is due. Payments received in advance that are related to sales of goods not yet delivered to customers are deferred and recognised as contract liabilities. Revenue is recognised when the goods are delivered to the customers.

4. 主要會計政策概要 （續）

4.10 收入確認 （續）

銷售貨品之收入乃於產品控制權轉移 之時間點確認，即產品已交付予客戶 且並無未履約責任可影響客戶接受產 品時。本集團於產品交付客戶時確認 應收款項，此時收取代價的權利成為 無條件，而款項到期前僅須隨時間流 逝。與尚未交付予客戶的銷售貨品有 關的預付款將遞延並確認為合約負債。 收入於貨品交付客戶時確認。

The Group’s policy for recognition of revenue from construction contracts is described in the accounting policy for construction contracts below.

本集團有關確認建築合約收入之政策 載於下文有關建築合約之會計政策。

The Group does not expect to have any contracts with a significant financing component where the period between the transfer of the promised good or service to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the effects of the time value of money.

本集團預期不會有任何附帶重大融資 部分的合約是向客戶轉移所承諾貨品 或服務與客戶付款之間的間距超過一 年。因此，本集團並無因金錢時間值 的影響調整任何交易價格。

Interest income is accrued on a time basis on the principal outstanding at the applicable interest rate.

利息收入乃依據未償還本金額按適用 利率以時間基準累計。

雋泰控股有限公司 2019 年報 129

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.11 Construction contracts

Revenue from construction contracts is recognised over time when the Group’s contract work creates or enhances an asset that the customers control as the Group performs under the contract.

When the outcome of a construction contract can be estimated reliably, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of the performance obligation under the contract using the output method of direct measurement of the value transferred by the Group to the customer relative to the remaining work promised under the contract based on progress certificate issued. Contract costs qualify as costs to fulfil a contract will be recognised as an asset to be amortised on a systematic basis with the transfer to the customer of the contract work to which the asset relates, while contract costs that related to satisfy the performance obligation under the contract are expensed as incurred. Variations in contract work, claims and incentive payments are only recognised to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that estimated total contract costs will exceed estimated total contract revenue, the expected loss is recognised as an expense immediately.

4.11 建築合約

建築合約之收入於本集團的合約工程 創建或增強一項資產，而該資產於本 集團根據合約履約時由客戶控制而隨 時間確認。

倘建築合約之結果能被可靠地估計， 則收入於合約期間確認，當中參考完 成合約項下之履約責任的進度，並採 用本集團轉移予客戶的價值之直接計 量與基於發出的進度證書於合約項下 承諾的餘下工程對比的輸出法計量。 合資格作為履行一份合約的合約成本 將有系統地與向客戶轉移資產所涉及 的合約工程同步確認為將予攤銷的資 產，而與履行合約項下之履約責任有 關的合約成本則於產生時支銷。合約 工程變更、申索及獎勵付款僅於已確 認累計收入金額不大可能出現重大撥 回的情況下方會予以確認。

倘建築合約之結果未能被可靠地估計， 合約收入按可能將收回之合約成本而 確認。合約成本於產生期內確認為支 出。倘估計總合約成本有可能超過估 計總合約收入，預期虧損將即時確認 為支出。

AMCO UNITED HOLDING LIMITED 130 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.11 Construction contracts (continued)

4. 主要會計政策概要 （續）

4.11 建築合約 （續）

A receivable is recognised by the Group when the Group becomes entitled to invoice based on the progress certificate issued by the customer which represents the point in time at which the right to consideration becomes unconditional for which only the passage of time is required before payment is due. A contract asset is recognised when the Group recognises revenue before being unconditionally entitled to the consideration under the payment terms set out in the contract, e.g. retention receivables. Contract assets are reclassified to receivables when the right to the consideration has become unconditional. A contract liability is recognised when the customer pays consideration before the Group recognises the related revenue.

當本集團有權根據客戶發出的進度證 書開具發票時，即收取代價的權利成 為無條件而款項到期前僅須隨時間流 逝時，本集團確認應收款項。當本集 團根據合約所載支付條款無條件有權 收取代價（即應收保留金）之前確認收 入時，即確認合約資產。合約資產於 收取代價的權利已成為無條件時分類 為應收款項。合約負債於本集團確認 相關收入之前客戶支付代價時確認。

4.12 Income taxes

4.12 所得稅

Income tax on the profit or loss for the year comprises current and deferred tax.

本年度損益內之所得稅包括即期稅項 及遞延稅項。

Current tax is based on the profit or loss from ordinary activities adjusted for items that are non-assessable or disallowable for income tax purposes and is calculated using tax rates that have been enacted or substantively enacted at the end of the reporting period.

即期稅項乃根據日常業務中之損益計 算，並根據就所得稅而言屬非課稅或 不獲減免項目而作出調整，以及使用 於報告期末已頒佈或實質已頒佈之稅 率計算。

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

即期稅項為就年度應課稅收益預期應 付之稅項（按報告期末已頒佈或實質 頒佈之稅率計算）以及就過往年度應 付稅項所作之任何調整。

雋泰控股有限公司 2019 年報 131

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.12 Income taxes (continued)

Deferred tax is recognised in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statements. Except for goodwill and recognised assets and liabilities that affect neither accounting nor taxable profits, deferred tax liabilities are recognised for all temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax is measured at the tax rates expected to apply in the period when the liability is settled or the asset is realised based on tax rates that have been enacted or substantively enacted at the end of the reporting period.

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

Income taxes are recognised in profit or loss except when they relate to items recognised in other comprehensive income in which case the taxes are also recognised in other comprehensive income.

4. 主要會計政策概要 （續）

4.12 所得稅 （續）

遞延稅項乃就資產及負債的稅基與資 產及負債在財務報表的賬面值之差額 而產生的暫時性差異進行確認。除商 譽及對會計及應課稅溢利均不會造成 影響之已確認資產及負債外，則應就 所有暫時差異確認遞延稅項負債。遞 延稅項資產在可能有應課稅溢利以供 扣除暫時性差異之情況下予以確認。 遞延稅項乃根據於報告期末已頒佈或 實質已頒佈之稅率，預計於負債清償 或資產變現期內按預期適用之稅率計 量。

除本集團可控制暫時性差異之撥回及 暫時性差異有可能在可預見未來不予 撥回之情況外，應就因於附屬公司之 投資而引致之應課稅暫時性差異確認 為遞延稅項負債。

所得稅乃於損益確認，惟所得稅與於 其他全面收入確認之項目有關則除外， 在此情況下，該等稅項亦於其他全面 收入確認。

AMCO UNITED HOLDING LIMITED Annual Report 2019

132

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.13 Foreign currency

Transactions entered into by group entities in currencies other than the currency of the primary economic environment in which they operate (“functional currency”) are recorded at the rates ruling when the transactions occur. Foreign currency monetary assets and liabilities are translated at the rates ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

4. 主要會計政策概要 （續）

4.13 外幣

集團實體以其經營所在主要經濟環境 貨幣（「功能貨幣」）以外之貨幣進行之 交易，按進行交易時之適用匯率入賬。 外幣貨幣資產及負債以報告期末之適 用匯率換算。以外幣歷史成本計量之 非貨幣項目不予重新換算。

Exchange differences arising on the settlement of monetary items, and on the translation of monetary items, are recognised in profit or loss in the period in which they arise.

因結算貨幣項目及換算貨幣項目而產 生之匯兌差額於產生期間在損益確認。

On consolidation, income and expense items of foreign operations are translated into the presentation currency of the Group (i.e. HK$) at the average exchange rates for the year, unless exchange rates fluctuate significantly during the period, in which case, the rates on the dates of transactions are used. All assets and liabilities of foreign operations are translated at the rate ruling at the end of the reporting period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity as translation reserve. Exchange differences recognised in profit or loss of group entities’ separate financial statements on the translation of long-term monetary items forming part of the Group’s net investment in the foreign operation concerned are reclassified to other comprehensive income and accumulated in equity as translation reserve.

綜合賬目時，海外業務之收支項目以 年內平均匯率換算為本集團之呈列貨 幣（即港元），除非期內匯率大幅波 動，則按交易日期之匯率換算。所有海 外業務之資產及負債均以報告期末之 適用匯率換算。所產生之匯兌差額（如 有）於其他全面收入確認，並於權益內 累計入賬為匯兌儲備。於換算構成本 集團於所涉及海外業務之部分投資淨 額的長期貨幣項目時，在集團實體獨 立財務報表的損益內確認之匯兌差額 會重新分類至其他全面收入，並於權 益內累計入賬為匯兌儲備。

雋泰控股有限公司 2019 年報

133

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.13 Foreign currency (continued)

On disposal of a foreign operation, the cumulative exchange differences recognised in the translation reserve relating to that operation up to the date of disposal are reclassified to profit or loss as part of the profit or loss on disposal.

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

4.14 Employee benefits

Short-term employee benefits

Short-term employee benefits are employee benefits (other than termination benefits) that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related service. Short-term employee benefits are recognised in the year when the employees render the related service.

Defined contribution retirement plan

Contributions to defined contribution retirement plans are recognised as an expense in profit or loss when the services are rendered by the employees.

4.13 外幣 （續）

出售海外業務時，匯兌儲備內確認該 業務直至出售日期止之累計匯兌差額 會重新分類至損益，作為出售損益之 一部分。

商譽及於收購海外業務時所收購可識 別資產之公允價值調整乃作為該海外 業務之資產及負債處理，並按報告期 末之適用匯率換算。所產生之匯兌差 額乃於匯兌儲備確認。

4.14 僱員福利

短期僱員福利

短期僱員福利為預期於僱員提供相關 服務之年度報告期末後十二個月之 前悉數結清之僱員福利（離職福利除 外）。短期僱員福利於僱員提供相關 服務之年度內確認。

界定供款退休計劃

向界定供款退休計劃作出之供款乃於 僱員提供服務時在損益確認為開支。

AMCO UNITED HOLDING LIMITED Annual Report 2019

134

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.15 Share-based payments

Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 28. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.

4. 主要會計政策概要 （續）

4.15 以股份為基礎之付款

支付予僱員的以股權結算以股份支付 款項按股本工具授出日期的公允價 值計量。有關釐定以股權結算以股份 支付交易之公允價值之詳情載於 附註28。倘僱員須符合歸屬條件方能 無條件取得購股權，經考慮購股權歸 屬之可能性後，購股權之估計公允價 值總額將於歸屬期間攤分。

During the vesting period, the number of share options that is expected to vest is reviewed. Any resulting adjustment to cumulative fair value recognised in prior years is charged/ credited to the profit or loss for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to equity. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to equity) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognised in the capital reserve until either the option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained profits/accumulated losses).

於歸屬期內，本集團已審閱預期將予 歸屬之購股權數目。對過往年度確認 之累計公允價值所作出之任何調整， 會於進行審閱之年度之損益內扣除╱ 計入，並於權益中作相應調整，惟原 有僱員開支合資格確認為一項資產則 除外。於歸屬日期，已確認為開支之 金額已作出調整（並對權益作出相應 調整），藉以反映實際歸屬之購股權數 目，惟倘沒收乃僅因未達致與本公司 股份市價相關之歸屬條件所引致者除 外。權益金額於資本儲備確認，直至 購股權獲行使（屆時轉撥至股份溢價 賬）或購股權屆滿（屆時直接撥至保留 溢利╱累計虧損中）為止。

雋泰控股有限公司 2019 年報

135

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.15 Share-based payments (continued)

Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted. The fair value of the goods or services received are recognised as expenses, with a corresponding increase in equity (capital reserve), when the Group obtains the goods or when the counterparties render services, unless the goods or services qualify for recognition as assets.

4.16 Impairment of other assets

At the end of each reporting period, the Group reviews the carrying amounts of the following assets to determine whether there is any indication that those assets have suffered an impairment loss or an impairment loss previously recognised no longer exists or may have decreased:

• property, plant and equipment; and

• intangible assets.

If any such indication exists, the recoverable amount (i.e. the greater of the fair value less costs of disposal and value in use) of the asset is estimated to determine the extent of the impairment loss, if any. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.

4.15 以股份為基礎之付款 （續）

與僱員以外人士進行之以股權結算以 股份支付交易乃按所收商品或所接受 服務之公允價值計量，惟倘公允價值 未能可靠地計量，則彼等按所授出股 本工具公允價值計量。於本集團取得 貨品或交易方提供服務時，所收商品 或所接受服務之公允價值確認為開支， 並對權益（資本儲備）作出相應增加， 除非貨品或服務符合資格確認為資產 則作別論。

4.16 其他資產減值

於各報告期末時，本集團檢討以下資 產之賬面值，以釐定是否有任何跡象 顯示該等資產蒙受減值虧損或者先前 確認之減值虧損已不存在或者可能已 減少：

• － 物業、廠房及設備；及

• － 無形資產。

倘存在任何有關跡象，則會估計相關 資產之可收回金額（即公允價值減出 售成本及使用價值兩者中的較高者） 以釐定減值虧損之程度（如有）。當資 產並無產生獨立於其他資產之現金流 量時，本集團估計該資產所屬現金產 生單位之可收回金額。

AMCO UNITED HOLDING LIMITED Annual Report 2019

136

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

POLICIES (continued)

4.16 Impairment of other assets (continued)

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately.

4.16 其他資產減值 （續）

倘估計資產之可收回金額低於其賬面 值，則該資產賬面值須減低至其可收 回金額。減值虧損會即時確認為開支。

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

倘其後撥回減值虧損，則資產之賬面 值將增至經修訂估計之可收回金額， 惟增加後之賬面值不會超過假設該資 產於過往年度並無確認減值虧損時釐 定之賬面值。減值虧損撥回會即時確 認為收入。

4.17 Borrowing costs

Borrowing costs attributable directly to the acquisition, construction or production of qualifying assets which require a substantial period of time to be ready for their intended use or sale, are capitalised as part of the cost of those assets. Income earned on temporary investments of specific borrowings pending their expenditure on those assets is deducted from borrowing costs capitalised. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

4.17 借貸成本

收購、建造或生產合資格資產（須耗 用相當長時間方可作擬定用途或銷售 之資產）直接產生之借貸成本均會資 本化並作為該等資產成本之一部分。 將有待用於該等資產之特定借貸作短 期投資所賺取之收入，會於資本化借 貸成本中扣除。所有其他借貸成本乃 於產生期間在損益確認。

雋泰控股有限公司 2019 年報 137

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.18 Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or amount when the Group has a legal or constructive obligation arising as a result of a past event, which it is probable will result in an outflow of economic benefits that can be reasonably estimated.

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

4.19 Related parties

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

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

(ii) has significant influence over the Group; or

(iii) is a member of key management personnel of the Group or the Company’s parent.

4.18 撥備及或然負債

當本集團因過往事件所產生之法律或 推定責任而可能導致經濟利益流出， 且該經濟利益能夠合理估計時，會就 未能確定時間或金額之負債確認撥備。

倘需要經濟利益流出之可能性不大或 金額不能可靠估計，有關責任會作為 或然負債披露，除非經濟利益流出之 可能性極低。可能之責任（其存在與 否將只可由一項或多項未來事件出現 或不出現確認）亦作為或然負債披露， 除非經濟利益流出之可能性極低。

4.19 關連人士

• (a) 倘有關人士屬下列情況，則該名 人士或該名人士之近親家屬成員 便與本集團有關連：

• (i) 對本集團有控制權或共同 控制權；

• (ii) 對本集團有重大影響力；或

• (iii) 為本集團或本公司母公司 之主要管理人員。

AMCO UNITED HOLDING LIMITED 138 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

4.19 Related parties (continued)

• (b) An entity is related to the Group if any of the following conditions apply:

4. 主要會計政策概要 （續）

4.19 關連人士 （續）

• (b) 倘屬任何下列情況，有關實體便 與本集團有關連：

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

• (i) 該實體及本集團屬同一集 團之成員（即各母公司、 附屬公司及同系附屬公司 互有關連）。

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

• (ii) 一個實體為另一實體之聯 營公司或合營企業（或另一 實體為成員公司之集團旗 下成員公司之聯營公司或 合營企業）。

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

• (iii) 兩個實體皆為相同第三方 之合營企業。

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

• (iv) 一個實體為一名第三方之 合營企業及另一實體為該 第三方之聯營公司。

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

• (v) 該實體乃為本集團或與本 集團有關連之實體的僱員 福利而設之離職後福利計 劃。

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

• (vi) 該實體受(a)項所識別之人 士控制或共同控制。

• (vii) A person identified in (a)(i) has significant influence over the entity or is a member of key management personnel of the entity (or of a parent of the entity).

• (vii) 於(a)(i)項所識別人士對實 體有重大影響力，或是實體

• （或實體之母公司）之主要 管理人員。

• (viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the Company’s parent.

• (viii) 實體或實體為其一部分之 集團之任何成員公司向本 集團或本公司母公司提供 主要管理人員服務。

雋泰控股有限公司 2019 年報 139

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

4. SUMMARY OF SIGNIFICANT ACCOUNTING

4. 主要會計政策概要 （續）

• POLICIES (continued)

4.19 Related parties (continued)

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

• (i) that person’s children and spouse or domestic partner;

• (ii) children of that person’s spouse or domestic partner; and

• (iii) dependents of that person or that person’s spouse or domestic partner.

4.20 Segment reporting

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

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

4.19 關連人士 （續）

某一人士之近親家屬成員指預期可影 響該人士與實體進行買賣或於買賣時 受該人士影響之家屬成員，並包括：

• (i) 該人士之子女及配偶或同居 伴侶；

• (ii) 該人士之配偶或同居伴侶之 子女；及

• (iii) 該人士或其配偶或同居伴侶之 受養人。

4.20 分部報告

經營分部及財務報表所呈報各分部項 目之金額，乃從向本集團各項業務及 地理位置分配資源及評估其表現而定 期向主要經營決策者（即最高級行政 管理層）提供之財務資料中識別。

個別重大經營分部不會合計以供財務 報告之用，惟倘該等分部之經濟特性 以及產品及服務性質、生產工序性質、 客戶種類或類別、分銷產品或提供服 務之方法以及監管環境之性質等均屬 類似，則作別論。個別不重大經營分 部倘符合以上大部分條件，則可予以 合計。

AMCO UNITED HOLDING LIMITED 140 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

5. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

5. 主要會計判斷及估計不確定 因素之主要來源

In the application of the Group’s accounting policies which are described in Note 4, the Directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

於採用本集團之會計政策（如附註4所述） 時，董事須就尚無法從其他來源得知之資 產及負債賬面值作出估計及假設。該等估 計與相關假設乃基於過往經驗和其他被認 為相關之各種因素作出。實際結果或與該 等估計不盡相同。

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

估計及相關假設按持續基準進行檢討。會 計估計之修訂乃於修訂估計期間內確認（倘 修訂僅影響該期間），或於修訂期間及日後 期間確認（倘修訂影響現時及日後期間）。

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

以下為有關未來之主要假設及於報告期末 估計不確定因素之其他主要來源，該等假 設及估計均存有重大風險可能導致下一個 財政年度之資產及負債賬面值須作出重大 調整。

雋泰控股有限公司 2019 年報 141

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued)

Assessment of impairment of property, plant and equipment and intangible assets

The Group assesses impairment at each reporting date by evaluating conditions specific to the Group that may lead to impairment of assets. When an impairment trigger exists, the recoverable amount of the asset is determined. Value in use calculations performed in assessing recoverable amounts incorporate a number of key estimates and assumptions about future events, which are subject to uncertainty and might materially differ from the actual results. In making these key estimates and judgements, the Directors take into consideration assumptions that are mainly based on the market conditions existing at the reporting dates and appropriate market and discount rates.

These estimates are regularly compared to actual market data and actual transactions entered into by the Group.

Estimated useful lives of property, plant and equipment

The management of the Group determines the estimated useful lives and consequently the related depreciation charges for its property, plant and equipment. These estimates are based on the historical experience of the actual useful lives of property, plant and equipment. Management will increase the depreciation charges when useful lives are less than previously estimated lives, it will write off or write down technically obsolete or non-strategic assets that have been abandoned. Actual economic lives may differ from estimated useful lives. Periodic review may result in a change in useful lives and therefore the depreciation expenses in future years.

1. 主要會計判斷及估計不確定 因素之主要來源 （續）

物業、廠房及設備以及無形資產 之減值評估

本集團於各報告日期透過評估本集團可能 導致資產減值之特定情況評估減值。倘存 在觸發減值之情況，則會釐定資產之可收 回金額。於評估可收回金額時採用之使用 價值計算方法納入多項有關未來事件之主 要估計及假設，該等估計及假設涉及不確 定因素，並可能與實際結果極為不同。作出 此等主要估計及判斷時，董事會考慮主要 基於報告日期之現行市況及適當市場及貼 現率之假設。

本集團會定期比較此等估計與實際市場數 據及本集團訂立之實際交易。

物業、廠房及設備之估計可使用 年期

本集團管理層釐定物業、廠房及設備之估 計可使用年期以及隨後相關折舊開支。該 等估計乃根據物業、廠房及設備之實際可 使用年期之過往經驗而作出。倘可使用年 期較先前所估計為短，則管理層將會提高 折舊開支，並會撇銷或撇減已廢棄的在技 術上過時或非策略性資產。實際經濟年期 可能與所估計可使用年期不同。定期檢討 可導致可使用年期出現變動，繼而引致未 來年度折舊開支出現變動。

AMCO UNITED HOLDING LIMITED 142 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued)

Impairment of trade and other receivables

The loss allowances for ECL of trade and other receivables are based on assumptions about risk of default and expected loss rates in determining whether there has been a significant increase in credit risk since initial recognition and in calculating the amount of ECL. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing market conditions as well as forward looking information at the end of each reporting period. At each reporting date, the historical observed default rates are updated and changes in current conditions and forward looking information are analysed. The estimate of ECL is sensitive to the changes in circumstances and of forecast conditions. Changes in these assumptions can result in different levels of allowances. The Group’s historical default experience and forecast conditions may also not be representative of customer’s actual default in the future. The information about ECL on the Group’s trade and other receivables is disclosed in Note 20.

1. 主要會計判斷及估計不確定 因素之主要來源 （續）

貿易及其他應收款項之減值

貿易及其他應收款項之預期信貸虧損之虧 損撥備乃基於有關違約風險及預期虧損率 之假設，以釐定初始確認後信貸風險及計 算預期信貸虧損之金額是否是大幅上升。 基於本集團之過往歷史、當前市況以及於 各報告期末之前瞻性資料，本集團於作出 該等假設及挑選計算減值之輸入數據時作 出判斷。於各報告日期，歷史可觀察違約率 已經更新以及當前市況及前瞻性資料已經 分析。預期信貸虧損之估計對環境及預測 狀況之變動十分敏感。該等假設之變動會 導致撥備產生不同變動。本集團歷史違約 經驗之預測狀況未必可預測客戶之未來實 際違約情況。有關本集團貿易及其他應收 款項之預期信貸虧損資料於附註20披露。

Impairment of goodwill

The Group tests annually whether goodwill has suffered any impairment in accordance with the accounting policy stated in Note 4.3. The recoverable amounts of CGUs have been determined based on value in use calculations. These calculations require the use of estimates about future cash flows, growth rates and discount rates. In the process of estimating expected future cash flows, management makes assumptions about future revenues and profits. These assumptions relate to future events and circumstances, the actual results may vary and may cause a material adjustment to the carrying amount of goodwill within the next financial year. Determining the appropriate discount rate involves estimating the appropriate adjustment for market risk and for asset specific risk factors.

商譽之減值

本集團根據附註4.3所載之會計政策每年測 試商譽是否遭受任何減值。現金產生單位 之可收回金額已根據使用價值計算方式釐 定。該等計算須使用有關未來現金流量、增 長率及貼現率之估計。於估計預期未來現 金流量之過程中，管理層作出有關未來收 入及溢利之假設。該等假設與未來事件及 情況有關，實際結果可能會有所不同並可 能會導致於下個財政年度內對商譽之賬面 值作出重大調整。釐定適當貼現率涉及估 計市場風險及資產特定風險因素之適當調 整。

雋泰控股有限公司 2019 年報 143

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

1. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued)

Construction contracts

As explained in accounting policy in Note 4.11, revenue recognition on a project is dependent on management’s estimation of the total outcome of the construction contracts, with reference to the progress certificate issued. Significant judgement is required in estimating the total outcome of the contract including the contract revenue, contract costs and variation work which are based on the Group’s past experience and the nature of the contract work undertaken. The Group reviews and revises the estimates of contract revenue, contract costs and variation orders, prepared for each construction contract as the contract progresses.

Valuation of share options

As mentioned in Note 28, the Group has granted share options to eligible employees and other eligible participants of the Group under the share option scheme of the Company. The Directors have used an option pricing model – Binomial Option Pricing Model to determine the fair value of the options granted. The Binomial Option Pricing Model requires the input of subjective assumptions, such as risk-free rate, dividend yield, expected volatility and expected term, to be made by the Directors based on their best estimate of the values in applying the model. Changes in these variables and assumptions may result in changes in the fair value of the options.

1. 主要會計判斷及估計不確定 因素之主要來源 （續）

建築合約

誠如附註4.11中的會計政策所述，項目收益 確認取決於管理層參考客戶發出的工程進 度證書而對建築合約總結果作出的估計。 估計合約總成果（包括合約收益、合約成本 及變動工程）須根據本集團的過往經驗及 所承擔之合約工程性質作出重大判斷。隨 著合約工程進度，本集團審查及修訂每一 份建築合約之合約收益、合約成本及後加 工程之估計。

購股權估值

如附註28所述，本集團已根據本公司的購 股權計劃向本集團的合資格僱員及其他合 資格參與者授出購股權。董事已使用二項 式期權定價模型釐定所授出之購股權之公 允價值。二項式期權定價模型需要董事根 據其應用該模型時對價值的最佳估計而就 無風險利率、股息率、預期波幅及預期期限 等作出的主觀假設的輸入數據。該等變量 及假設的變動可能導致購股權公允價值出 現變動。

AMCO UNITED HOLDING LIMITED Annual Report 2019

144

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

6. SEGMENT REPORTING

6. 分部報告

The Group determines its operating segments based on the reports reviewed by the chief operating decision maker that are used to make strategic decisions.

本集團按主要經營決策者所審閱並賴以作 出戰略決策之報告釐定其經營分部。

The Group has five (2018: five) reportable segments. The segments are managed separately as each business offers different products and services and requires different business strategies. The following summary describes the operations in each of the Group’s reportable segments:

本集團有五個（二零一八年：五個）可報告 分部。由於各業務提供不同產品及服務及 所需之業務策略亦不盡相同，因此各分部 之管理工作乃獨立進行。以下為本集團各 可報告分部業務之概要：

• (1) Manufacture and sale of medical devices products (“Medical Devices Business”);

• (1) 製造及銷售醫療設備產品（「醫療設備 業務」）；

• (2) Manufacture and sale of plastic moulding products (“Plastic Moulding Business”);

• (2) 製造及銷售塑膠模具產品（「塑膠模具 業務」）；

• (3) Provision of construction services in building construction, building maintenance and improvement works, project management, renovation and decoration works (“Building Contract Works Business”);

• (3) 提供樓宇建造、樓宇維修及改善工程、 項目管理、裝修及裝飾工程方面之建 造服務（「樓宇承包工程業務」）；

• (4) Provision of money lending (“Money Lending Business”); and

• (4) 提供放貸（「放貸業務」）；及

• (5) Investment in securities (“Securities Investment”).

• (5) 證券投資（「證券投資」）。

Inter-segment transactions, if any, are priced with reference to prices charged to external parties for similar products. Corporate revenue and expenses are not allocated to the operating segments as they are not included in the measure of the segments’ profit/loss that is used by the chief operating decision maker for assessment of segment performance.

分部間交易（如有）之價格乃參考就類似產 品向外部人士收取之價格釐定。由於全體 收入及開支並未計入主要經營決策者評估 分部表現時使用之分部溢利╱虧損計量內， 故並無分配至經營分部。

雋泰控股有限公司 2019 年報 145

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

6. SEGMENT REPORTING (continued)

6. 分部報告 （續）

The following is an analysis of the Group’s revenue and results by reportable segment:

以下為本集團按可報告分部劃分之收入及 業績分析：

(a) Business segments

For the year ended 31 December 2019

(a) 業務分部

截至二零一九年十二月三十一日止年 度

	Medical Devices Business Plastic Moulding Business Building Contract Works Business Money Lending Business Securities Investment Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 醫療設備 業務 塑膠模具 業務 樓宇承包 工程業務 放貸業務 證券投資 總額 千港元 千港元 千港元 千港元 千港元 千港元
Revenue from external customers 來自外部客戶收入 Reportable segment revenue 可報告分部收入 Timing of revenue recognition 確認收入的時間 At a point in time 某一時間點 Over time 一段時間內 Reportable segment (loss)/profit 可報告分部（虧損）╱ 溢利 Reportable segment assets 可報告分部資產 Reportable segment liabilities 可報告分部負債 Amounts included in the measure of segment profit/loss or segment assets 計量分部溢利╱虧損 或分部資產計入之 金額 Interest income 利息收入 Depreciation 折舊 Loss on disposal of property, plant and equipment 出售物業、廠房及 設備之虧損 Impairment loss on property, plant and equipment 物業、廠房及設備 減值虧損 Impairment loss on goodwill 商譽減值虧損 Impairment loss on intangible asset 無形資產減值虧損 Net impairment loss on trade and other receivables 貿易及其他應收款項 之減值虧損淨額 Additions to non-current assets 添置非流動資產	17,612 1,374 37,294 11,427 – 67,707
	17,612 1,374 37,294 11,427 – 67,707
	17,612 1,374 – – – 18,986
	– – 37,294 11,427 – 48,721
	17,612 1,374 37,294 11,427 – 67,707
	(905) (45) (11,298) 10,540 (10,942) (12,650)
	3,931 143 22,003 132,760 21,056 179,893
	(4,649) (1,283) (9,149) (28,798) – (43,879)
	– 1 – 3 – 4
	(486) (261) (583) – – (1,330)
	– – (283) – – (283)
	– – (338) – – (338)
	– – (6,379) – – (6,379)
	– – (1,546) – – (1,546)
	– – (351) (625) – (976)
	1,267 – 1,332 – – 2,599

AMCO UNITED HOLDING LIMITED Annual Report 2019

146

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

6. SEGMENT REPORTING (continued)

(a) Business segments (continued)

For the year ended 31 December 2018

6. 分部報告 （續）

(a) 業務分部 （續）

截至二零一八年十二月三十一日止年 度

	Medical Devices Business Plastic Moulding Business Building Contract Works Business Money Lending Business Securities Investment Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 醫療設備 業務 塑膠模具 業務 樓宇承包 工程業務 放貸業務 證券投資 總額 千港元 千港元 千港元 千港元 千港元 千港元
Revenue from external customers 來自外部客戶收入 Reportable segment revenue 可報告分部收入 Timing of revenue recognition 確認收入的時間 At a point in time 某一時間點 Over time 一段時間內 Reportable segment profit/(loss) 可報告分部溢利╱ （虧損） Reportable segment assets 可報告分部資產 Reportable segment liabilities 可報告分部負債 Amounts included in the measure of segment profit/loss or segment assets 計量分部溢利╱虧損 或分部資產計入之 金額 Interest income 利息收入 Depreciation and amortisation 折舊及攤銷 Impairment loss on goodwill 商譽減值虧損 Net impairment loss on trade and other receivables 貿易及其他應收款項 之減值虧損淨額	47,284 1,660 54,592 8,743 – 112,279
	47,284 1,660 54,592 8,743 – 112,279
	47,284 1,660 – – – 48,944 – – 54,592 8,743 – 63,335
	47,284 1,660 54,592 8,743 – 112,279
	5,329 (361) (4,984) 7,414 (10,007) (2,609)
	3,389 614 40,029 136,487 31,997 212,516 (10,081) (790) (17,103) (28,799) – (56,773)
	– 2 – 3 – 5 – (397) (244) – – (641) – – (3,817) – – (3,817) – – (103) (1,038) – (1,141)

雋泰控股有限公司 2019 年報 147

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

6. SEGMENT REPORTING (continued)

• (b) Reconciliation of reportable segment

• revenue, profit or loss, assets and liabilities

6. 分部報告 （續）

• (b) 可報告分部收入、損益、資產 及負債之對賬

revenue, profit or loss, assets and liabilities	及負債之對賬	及負債之對賬
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Revenue 收入 Reportable segment revenue 可報告分部收入 Consolidated revenue 綜合收入 Loss before income tax 除所得稅前虧損 Reportable segment loss 可報告分部虧損 Finance costs 財務費用 Unallocated corporate income 未分配全體收入 Unallocated corporate expenses 未分配全體開支 Consolidated loss before income tax 除所得稅前綜合虧損 Assets 資產 Segment assets 分部資產 Cash and cash equivalents 現金及現金等價物 Unallocated corporate assets 未分配全體資產 Consolidated total assets 綜合總資產 Liabilities 負債 Segment liabilities 分部負債 Bond payables 應付債券 Unallocated corporate liabilities 未分配全體負債 Consolidated total liabilities 綜合總負債		112,279
	67,707
		112,279
	67,707
		(2,609) (666) 7 (23,505)
	(12,650)
	(3,077)
	157
	(19,231)
		(26,773)
	(34,801)
		212,516 18,300 3,277
	179,893
	12,288
	636
		234,093
	192,817
		56,773 30,666 10,819
	43,879
	30,666
	11,985
		98,258
	86,530

AMCO UNITED HOLDING LIMITED Annual Report 2019

148

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

6. SEGMENT REPORTING (continued)

(b) Reconciliation of reportable segment revenue, profit or loss, assets and liabilities

6. 分部報告 （續）

(b) 可報告分部收入、損益、資產 及負債之對賬 （續）

(continued)

Reportable segment profit/loss represents the profit/loss attributable to each segment without allocation of corporate administrative expenses, corporate directors’ emoluments, corporate income, finance costs and income tax credit. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and performance assessment.

可報告分部溢利╱虧損指各分部應佔 之溢利╱虧損，當中並無就全體行政 開支、全體董事酬金、全體收入、財務 成本及所得稅抵免作出分配。此乃向 主要經營決策者報告以進行資源分配 及表現評估之方法。

All assets are allocated to reportable segments other than cash and cash equivalents and corporate assets.

所有資產均分配至可報告分部，惟並 不包括現金及現金等價物以及全體資 產。

All liabilities are allocated to reportable segments other than bond payables and corporate liabilities.

所有負債均分配至可報告分部，惟並 不包括應付債券及全體負債。

(c) Geographical information

The geographical location of customers is based on the location at which the goods delivered or services provided. The geographical location of the non-current assets is based on the physical and operating location of the assets.

(c) 地區資料

客戶之地理位置乃根據交付貨品或提 供服務位置劃分。非流動資產之地理 位置乃根據資產之實際及經營位置劃 分。

The Group’s operations and workforce are mainly located in Hong Kong.

本集團之業務及勞動力主要位於香港。

雋泰控股有限公司 2019 年報 149

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

6. SEGMENT REPORTING (continued)

(c) Geographical information (continued)

The following table provides an analysis of the Group’s

revenue from external customers.

6. 分部報告 （續）

(c) 地區資料 （續）

下表載列本集團來自外部客戶收入之 分析。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Asia Pacific 亞太地區 – Hong Kong －香港 – other regions －其他地區 Europe 歐洲 North and South America 南北美洲		63,335 11 548 48,385
	48,721
	42
	289
	18,655
		112,279
	67,707

The following table provides an analysis of the Group’s non-current assets.

下表載列本集團非流動資產之分析。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Asia Pacific 亞太地區 – Hong Kong －香港		12,314
	5,664

(d) Information about major customers

Revenue from customers contributing over 10% of the total

revenue of the Group are set out below:

(d) 主要客戶資料

來自貢獻本集團總收入超過10%之客 戶之收入載於下文：

	2019 二零一九年 HK$’000 % of total revenue 千港元 佔總收入之 百分比	2019 二零一九年 HK$’000 % of total revenue 千港元 佔總收入之 百分比	2018 二零一八年 HK$’000 % of total revenue 千港元 佔總收入之 百分比
Customer A – Medical Devices Business 客戶A－醫療設備業務 Customer B – Building Contract Works Business 客戶B－樓宇承包工程 業務 Customer C – Building Contract Works Business 客戶C－樓宇承包工程 業務	17,612	26%	47,284 42% 13,256 12% 27,392 24%
	15,475	23%
	12,492	18%

AMCO UNITED HOLDING LIMITED 150 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

7. REVENUE

7. 收入

The Group derives its revenue from the transfer of goods and services over time and at a point in time to customers. The Group also derives its revenue from loan interest income.

本集團於一段時間內及某一時間點轉讓貨 品及服務予客戶時獲得收入。本集團亦從 貸款利息收入獲得收入。

The following is the disaggregation of revenue by major products or service lines. This is consistent with the revenue information that is disclosed for each reportable segment under HKFRS 8 “Operating Segments” in Note 6(a).

下表為按主要產品或服務項目劃分的收入。 有關收入與附註6(a)所載香港財務報告準則 第8號「經營分部」項下的各可報告分部披 露的收入資料一致。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Revenue from contracts with customers 來自客戶合約之收入 Sales of medical devices products 銷售醫療設備產品 Sales of plastic moulding products 銷售塑膠模具產品 Revenue from construction contracts 建築合約收入 Revenue from other sources 來自其他來源之收入 Loan interest income 貸款利息收入		47,284 1,660 54,592
	17,612
	1,374
	37,294
		103,536 8,743
	56,280
	11,427
		112,279
	67,707

The disaggregation of revenue by the timing of revenue recognition and by geographical markets is disclosed in Notes 6(a) and 6(c) respectively.

按收入確認的時間及按地區市場劃分的收 入分別披露於附註6(a)及6(c)。

As at 31 December 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations under the Group’s existing construction contracts is approximately HK$21,046,000 (2018: HK$46,280,000). The Group will recognise the expected revenue in the future as the work is completed, which is expected to occur over the next 2 to 19 months (2018: next 5 to 26 months).

於二零一九年十二月三十一日，分配予本 集團現有建築合約項下剩餘履行責任的交 易價格總額約為21,046,000港元（二零一八 年：46,280,000港元）。本集團將於日後工 程完成時確認該預期收入，工程預計於未 來2至19個月內（二零一八年：未來5至26個 月）完成。

雋泰控股有限公司 2019 年報 151

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

8. OTHER INCOME AND OTHER GAINS OR LOSSES

8. 其他收益及其他收入或虧損

Analysis of the Group’s other income and other gains or losses recognised during the year is as follows:

於本年度內已確認本集團之其他收益及其 他收入或虧損分析如下：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Exchange gain, net 匯兌收益，淨額 Loss on disposal of property, plant and equipment 出售物業、廠房及設備之虧損 Loss on change in fair value of held-for-trading investments (Note 19) 持作買賣投資之公允價值變動 虧損（附註19） Interest income 利息收入 Others 其他	59	177 (528) (10,005) 5 643
	(133)
	(10,941)
	5
	556
		(9,708)
	(10,454)

9. FINANCE COSTS

9. 財務費用

9.財務 FINANCE COSTS	費用	費用
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Interest on bond payables 應付債券利息 Interest expense on lease liabilities 租賃負債利息支出	3,000	666 –
	77
		666
	3,077

AMCO UNITED HOLDING LIMITED Annual Report 2019

152

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

10. LOSS BEFORE INCOME TAX

10. 除所得稅前虧損

The Group’s loss before income tax is arrived at after charging:

本集團之除所得稅前虧損已扣除下列各項：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Employee costs (including Directors’ emoluments) 僱員成本（包括董事酬金） – Salaries, wages and other benefits －薪金、工資及其他福利 – Contributions to defined contribution retirement plan (Note 27) － 界定供款退休計劃供款 （附註27） – Share-based payment expenses (Note 28) － 以股份為基礎之付款開支 （附註28） Depreciation of property, plant and equipment 物業、廠房及設備折舊 Amortisation of intangible asset (Note 17) 無形資產攤銷（附註17） Auditor’s remuneration 核數師酬金 Expenses relating to short-term leases 有關短期租賃之開支 Expenses relating to lease of low-value asset 有關低價值資產租賃之開支 Operating lease charges in respect of properties 有關物業之經營租賃費用 Impairment loss on property, plant and equipment (Note 15) 物業、廠房及設備減值虧損 （附註15） Impairment loss on goodwill (Note 16) 商譽減值虧損（附註16） Impairment loss on intangible asset (Note 17) 無形資產減值虧損（附註17） Net impairment loss on trade and other receivables (Note 20) 貿易及其他應收款項減值虧損 淨額（附註20） Share-based payment expenses (other than employee costs) (Note 28) 以股份為基礎之付款開支 （不包括僱員成本） （附註28） Cost of inventories recognised as expenses 確認為開支之存貨成本 Cost of services 服務成本		13,814 302 –
	13,573
	288
	2,505
		14,116
	16,366
		639 40 520 – – 863 – 3,817 – 1,141 – 38,316 50,027
	1,349
	–
	500
	650
	10
	–
	338
	6,379
	1,546
	976
	2,504
	14,501
	34,312

雋泰控股有限公司 2019 年報 153

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

11. INCOME TAX CREDIT

11. 所得稅抵免

11.所得 INCOME TAX CREDIT	稅抵免	稅抵免
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Hong Kong Profits Tax 香港利得稅 – Over-provision in prior year －過往年度超額撥備 Deferred tax credit – current year (Note 24) 遞延稅項抵免－本年度（附註24） Income tax credit 所得稅抵免		14 7
	–
	255
		21
	255

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits for both years. No Hong Kong Profits Tax was provided for both years as members of the Group did not derive any estimated assessable profits or had sufficient tax losses brought forward to offset against the estimated assessable profits for the years ended 31 December 2019 and 2018.

香港利得稅乃按兩個年度之估計應課稅溢 利之16.5%計算。由於本集團之成員公司 於截至二零一九年及二零一八年十二月 三十一日止年度並無取得任何估計應課稅 溢利或並不具備充足的結轉稅項虧損以抵 銷估計應課稅溢利，故於兩個年度並無作 出香港利得稅撥備。

The income tax credit for the year can be reconciled to the loss before income tax per the consolidated statement of profit or loss and other comprehensive income as follows:

本年度所得稅抵免與綜合損益及其他全面 收益表之除所得稅前虧損對賬如下：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Loss before income tax 除所得稅前虧損 Tax calculated at the rates applicable to the jurisdiction concerned 按有關司法權區之適用稅率 計算之稅項 Tax effect of expenses not deductible for tax purpose 不可扣稅開支之稅務影響 Tax effect of income not taxable for tax purpose 毋須課稅收入之稅務影響 Tax effect of tax losses not recognised 未確認稅項虧損之稅務影響 Tax effect of utilisation of tax losses previously not recognised 動用先前未確認稅項虧損之 稅務影響 Over-provision in prior year 過往年度超額撥備 Tax effect of temporary differences not recognised 未確認暫時性差異之稅務影響 Income tax credit 所得稅抵免	(34,801)	(26,773)
		(4,347) 2,554 (5) 2,666 (905) (14) 30
	(5,684)
	3,079
	(2)
	2,778
	(491)
	–
	65
		(21)
	(255)

AMCO UNITED HOLDING LIMITED 154 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

12. LOSS PER SHARE

(a) Basic loss per share

The calculation of the basic loss per share attributable to owners of the Company is based on the following data:

12. 每股虧損

(a) 每股基本虧損

本公司擁有人應佔每股基本虧損乃基 於以下數據計算：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Loss 虧損 Loss for the year for the purpose of computation of basic loss per share 就計算每股基本虧損而言之 年內虧損		(26,752)
	(34,546)
	‘000 ‘000 千股 千股
Number of shares 股份數目 Weighted average number of ordinary shares in issue 已發行普通股之加權平均數		1,862,679
	1,862,679

(b) Diluted loss per share

(b) 每股攤薄虧損

Diluted loss per share was the same as basic loss per share because there was no potential dilutive ordinary share in issue for the years ended 31 December 2019 and 2018.

因截至二零一九年及二零一八年十二 月三十一日止年度並無已發行具潛在 攤薄影響之普通股，故每股攤薄虧損 與每股基本虧損相同。

The Company’s outstanding share options as at 31 December 2019 and 2018 were not taken into account as they had an antidilutive effect for the years ended 31 December 2019 and 2018 which would result in a reduction in the loss per share.

並無計及本公司於二零一九年及二零 一八年十二月三十一日之尚未行使之 購股權，原因為其於截至二零一九年 及二零一八年十二月三十一日止年度 具有反攤薄影響，從而導致每股虧損 減少。

雋泰控股有限公司 2019 年報

155

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

13. DIRECTORS’ EMOLUMENTS

13. 董事酬金

The emoluments paid or payable to each of the five (2018: six) Directors during the years were as follows:

本年度已付或應付五名（二零一八年：六名） 董事各自之酬金如下：

For the year ended 31 December 2019

截至二零一九年十二月三十一日止年度

	Directors’ fees Salaries, allowances and benefits in kind Retirement scheme contributions Total HK$’000 HK$’000 HK$’000 HK$’000 董事袍金 薪金、津貼及 實物利益 退休計劃供款 總計 千港元 千港元 千港元 千港元
Executive Directors 執行董事 Zhang Hengxin 張亨鑫 Jia Minghui 賈明暉 Independent Non-executive Directors 獨立非執行董事 Chan Tsz Keung 陳自強 Au Yeung Ming Yin Gordon 歐陽銘賢 Guo Zhenhui 郭鎮輝 Total 總計
	– 240 – 240
	– 240 12 252
	120 – – 120
	216 – – 216
	96 – – 96
	432 480 12 924

AMCO UNITED HOLDING LIMITED Annual Report 2019

156

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

13. DIRECTORS’ EMOLUMENTS (continued)

13. 董事酬金 （續）

For the year ended 31 December 2018

截至二零一八年十二月三十一日止年度

	Directors’ fees Salaries, allowances and benefits in kind Retirement scheme contributions Total HK$’000 HK$’000 HK$’000 HK$’000 董事袍金 薪金、津貼及 實物利益 退休計劃供款 總計 千港元 千港元 千港元 千港元
Executive Directors 執行董事 Zhang Hengxin 張亨鑫 Jia Minghui 賈明暉 Independent Non-executive Directors 獨立非執行董事 Chan Tsz Keung 陳自強 Au Yeung Ming Yin Gordon (appointed on 15 March 2018) 歐陽銘賢（於二零一八年 三月十五日獲委任） Guo Zhenhui (appointed on 15 March 2018) 郭鎮輝（於二零一八年 三月十五日獲委任） Wong Siu Ki (passed away on 7 March 2018) 黃兆麒（於二零一八年 三月七日辭世） Total 總計	– 240 – 240 – 240 12 252 120 – – 120 172 – – 172 76 – – 76 22 – – 22
	390 480 12 882

Salaries, allowance and benefits in kind paid to or for the Executive Directors are generally emoluments paid or payable in respect of those persons’ other services in connection with the management of the affairs of the Company and its subsidiaries.

已付執行董事薪金、津貼及實物利益通常 乃就該等人士於管理本公司及其附屬公司 事務方面提供的其他服務而已付或應付之 酬金。

During both years ended 31 December 2019 and 2018, no emoluments were paid by the Group to the Directors, as an inducement to join or upon joining the Group or as compensation for loss of office.

於截至二零一九年及二零一八年十二月 三十一日止兩個年度內，本集團並無向董 事支付任何酬金，作為促使加入本集團或 於加入本集團時之獎勵或作為離職補償。

No Directors waived any emoluments in the year ended 31 December 2019 (2018: nil).

於截至二零一九年十二月三十一日止年度， 概無董事放棄任何酬金（二零一八年：無）。

雋泰控股有限公司 2019 年報

157

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

14. EMPLOYEES’ EMOLUMENTS

14. 僱員酬金

Of the five individuals with the highest emoluments in the Group, nil (2018: nil) were Directors whose emoluments are included in the disclosure in Note 13 above. The emoluments of the remaining five (2018: five) individuals were as follows:

本集團五名最高薪酬之人士中，包括零名 （二零一八年：零名）董事，該等董事之酬 金於上文附註13披露。餘下五名人士（二零 一八年：五名）之酬金如下：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Salaries and other emoluments 薪金及其他酬金 Retirement scheme contributions 退休計劃供款	7,035	7,110 90
	90
		7,200
	7,125

Their emoluments were within the following bands:

彼等之酬金介乎下列範圍：

	2019 Number of individuals 二零一九年 人數	2018 Number of individuals 二零一八年 人數
Nil to HK$1,000,000 零至1,000,000港元 HK$1,000,001 to HK$2,000,000 1,000,001港元至2,000,000港元 HK$2,000,001 to HK$3,000,000 2,000,001港元至3,000,000港元 HK$3,000,001 to HK$4,000,000 3,000,001港元至4,000,000港元	4	3 1 – 1
	–
	–
	1

During both years ended 31 December 2019 and 2018, no emoluments were paid by the Group to the five highest paid individuals, as an inducement to join or upon joining the Group or as compensation for loss of office.

於截至二零一九年及二零一八年十二月 三十一日止兩個年度內，本集團並無支付 任何酬金予五名最高薪酬之人士，作為促 使加入本集團或於加入本集團時之獎勵或 作為離職補償。

The remuneration of nil (2018: nil) senior management personnel has been disclosed in the above table of the five highest paid individuals.

零名（二零一八年：零名）高級管理人員之 薪酬已於上述五名最高薪酬人士之列表內 披露。

AMCO UNITED HOLDING LIMITED 158 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT

15. 物業、廠房及設備

	Plant and machinery Furniture, fixtures and office equipment Motor vehicles Right-of-use assets Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 廠房及機器 傢俬、裝置及 辦公設備 汽車 使用權資產 總計 千港元 千港元 千港元 千港元 千港元
Cost 成本 At 1 January 2018 於二零一八年一月一日 Additions 添置 Disposals 出售 Written off 撇銷 At 31 December 2018 於二零一八年十二月三十一日 Recognition upon initial application of HKFRS 16 (Note 3(d)) 首次應用香港財務報告準則 第16號之確認（附註3(d)） Adjusted balance at 1 January 2019 於二零一九年一月一日之 經調整結餘 Additions 添置 Disposals 出售 Written off 撇銷 At 31 December 2019 於二零一九年十二月三十一日 Accumulated depreciation and impairment 累計折舊及減值 At 1 January 2018 於二零一八年一月一日 Depreciation 折舊 Disposals 出售 Written off 撇銷 At 31 December 2018 於二零一八年十二月三十一日 Recognition upon initial application of HKFRS 16 (Note 3(d)) 首次應用香港財務報告準則 第16號之確認（附註3(d)） Adjusted balance at 1 January 2019 於二零一九年一月一日之 經調整結餘 Depreciation 折舊 Impairment loss 減值虧損 Disposals 出售 Written off 撇銷 At 31 December 2019 於二零一九年十二月三十一日 Carrying amount 賬面值 At 31 December 2019 於二零一九年十二月三十一日 At 31 December 2018 於二零一八年十二月三十一日	7,731 2,793 2,839 – 13,363 – 2 – – 2 – (10) – – (10) – (1,005) – – (1,005)
	7,731 1,780 2,839 – 12,350
	– – – 664 664
	7,731 1,780 2,839 664 13,014
	– – 350 2,249 2,599
	– – (2,060) – (2,060)
	– (87) – – (87)
	7,731 1,693 1,129 2,913 13,466
	7,731 1,817 1,728 – 11,276 – 158 481 – 639 – (10) – – (10) – (474) – – (474)
	7,731 1,491 2,209 – 11,431
	– – – 18 18
	7,731 1,491 2,209 18 11,449
	– 131 364 854 1,349
	– 46 103 189 338
	– – (1,777) – (1,777)
	– (87) – – (87)
	7,731 1,581 899 1,061 11,272
	– 112 230 1,852 2,194
	– 289 630 – 919

雋泰控股有限公司 2019 年報

159

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

15. PROPERTY, PLANT AND EQUIPMENT (continued)

The right-of-use assets represent the Group’s rights to use underlying leased premises under lease arrangements over the lease terms.

15. 物業、廠房及設備 （續）

使用權資產指本集團於租賃期內使用租賃 安排項下相關租賃物業的權利。

For the year ended 31 December 2019, an impairment loss of approximately HK$338,000 (2018: HK$nil) (Note 10) on property, plant and equipment that relates to the segment of Building Contract Works Business, which constitutes a CGU, has been recognised as a result of an impairment assessment made by the management as detailed in Note 16(i).

截至二零一九年十二月三十一日止年度， 管理層對樓宇承包工程業務（構成一個現 金產生單位）進行減值評估（詳情見附註 16(i) ），據此，與其相關之物業、廠房及設 備確認減值虧損約338,000港元（二零一八 年：零港元）（附註10）。

16. GOODWILL

16. 商譽

Goodwill acquired in a business combination is allocated, at acquisition, to the CGU that is expected to benefit from that business combination. The carrying amount of goodwill as at 31 December 2019 and 2018 relates to business units acquired in prior years, as further explained below.

業務合併中收購之商譽於收購時分配至 預期在業務合併中受益之現金產生單位。 商譽於二零一九年及二零一八年十二月 三十一日之賬面值與於過往年度收購之業 務單位有關，如下文所進一步闡述。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Cost 成本 At 1 January and 31 December (Notes (i) & (ii)) 於一月一日及十二月三十一日 （附註(i)及(ii)） Accumulated impairment losses 累計減值虧損 At 1 January (Notes (i) & (ii)) 於一月一日（附註(i)及(ii)） Impairment loss recognised in the year (Note (i)) 年度內確認之減值虧損（附註(i)） At 31 December 於十二月三十一日 Carrying amount at 31 December 於十二月三十一日之賬面值		77,558
	77,558
		(67,362) (3,817)
	(71,179)
	(6,379)
		(71,179)
	(77,558)
		6,379
	–

AMCO UNITED HOLDING LIMITED Annual Report 2019

160

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

16. GOODWILL (continued)

16. 商譽 （續）

Notes:

附註：

(i) Building Contract Works Business

(i) 樓宇承包工程業務

At 31 December 2019 and 2018, goodwill of approximately HK$10,196,000 relates to the Building Contract Works Business unit, a CGU, acquired as part of the acquisition of ACE Engineering Limited (“ACE Engineering”) in 2016. At 31 December 2019, impairment of goodwill of approximately HK$10,196,000 (2018: HK$3,817,000) was made.

於二零一九年及二零一八年十二月 三十一日，約10,196,000港元之商譽 乃與於二零一六年作為收購安迪工程 有限公司（「安迪工程」）之一部分 所收購之樓宇承包工程業務（為一 個現金產生單位）有關。於二零一九 年十二月三十一日，已作出商譽減 值約10,196,000港元（二零一八年： 3,817,000港元）。

The recoverable amount of the CGU, has been determined using cash flow projections to calculate value in use based on estimates and financial budgets approved by the Directors. These projections cover a five-year period, and have been discounted using a pre-tax discount rate of 11.60% (2018: 13.34%). The cash flows beyond that five-year period have been extrapolated using a growth rate of 3% (2018: 3%).

現金產生單位之可收回金額已根據董 事所批准之估計及財政預算利用現金 流量預測計算使用價值釐定。該等預測 涵蓋五年期間，已使用11.60%（二零 一八年：13.34% ）之稅前貼現率貼現。 超出五年期間之現金流量已使用3% （二零一八年：3% ）增長率推算。

All of the assumptions and estimations involved in the preparation of the cash flow projection including budgeted gross margin, discount rate and growth rate are determined by the management of the Group based on past performance, experience and their expectation for future market development.

編製現金流量預測涉及之所有假設及 估計（包括預算毛利率、貼現率及增長 率）乃由本集團管理層根據過往表現、 經驗及彼等對未來市場發展之預期而 釐定。

雋泰控股有限公司 2019 年報 161

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

16. GOODWILL (continued)

Notes: (continued)

(i) Building Contract Works Business (continued)

Based on the assessment, the recoverable amount of the CGU is determined to be approximately HK$16,994,000 (2018: HK$28,326,000). The carrying amount of the CGU has been reduced to the recoverable amount and accordingly, an impairment loss of approximately HK$6,379,000 (2018: HK$3,817,000) (Note 10), HK$338,000 (2018: HK$nil) (Note 15) and HK$1,546,000 (2018: HK$nil) (Note 17) has been recognised on goodwill, property, plant and equipment and intangible asset respectively in the current year. This impairment is primarily due to the performance of this business segment not matching up to management’s expectations in 2019 and the business unit’s expected performance in 2020 and beyond based on the latest information available. Much of the problem arose due to decrease in awards of projects in both public and private sectors, under the more stringent and competitive market environment of the building construction and maintenance industry during the year. The continuous curtailment of gross profit margin as a result of decrease in awards of projects in the private sector which yielded higher margins in price as well as continuous rise in subcontracting costs resulting from increased labour costs also contributed to the underperformed result of the business segment for the year. The budget/forecast has been revised downward accordingly.

The impairment loss has been included in profit or loss in the administrative expenses.

(ii) Medical Devices Business

At 31 December 2019 and 2018, goodwill of approximately HK$67,362,000 relates to the Medical Devices Business unit acquired as part of the acquisition of the Titron Group in 2011, as defined and detailed in the Company’s circular dated 12 August 2011. Owing to the significant and continuous losses incurred by this business unit in prior years, all of the goodwill of approximately HK$67,362,000 had been impaired as at 31 December 2014.

16. 商譽 （續）

附註：（續）

(i) 樓宇承包工程業務（續）

根據評估，現金產生單位之可收回金 額釐定為約16,994,000港元（二零一八 年：28,326,000港元）。現金產生單位之 賬面值已削減至可收回金額，因此已於 本年度就商譽、物業、廠房及設備以及 無形資產分別確認減值虧損約6,379,000 港元（二零一八年：3,817,000港元） （附註10）、338,000港元（二零一八年： 零港元）（附註15）及1,546,000港元 （二零一八年：零港元）（附註17）。根 據最新可得資料，出現減值乃主要由於 此業務分部的表現與管理層對於二零 一九年的預期不符，及此業務單位於二 零二零年及之後的預期表現所致。問題 主要源於年內樓宇建造及維修行業的 市場環境愈趨嚴峻及競爭愈趨激烈，致 使公共及私營部門獲判的項目減少。而 由於價格利潤率較高的私營部門獲判 項目減少，同時分包費用因勞工成本上 漲而持續上升，從而導致毛利率持續縮 減，亦共同致使業務分部年內的業績未 如理想。故此，預算╱預測已相應作出 下調。

減值虧損已於損益內計入行政開支。

• (ii) 醫療設備業務

於二零一九年及二零一八年十二月 三十一日，商譽約67,362,000港元乃 有關作為於二零一一年收購德隆集團 之一部份所收購之醫療設備業務單位 （定義及詳情見本公司日期為二零一一 年八月十二日之通函）。鑒於過往年度 該業務單位持續錄得巨額虧損，遂於 二零一四年十二月三十一日全部商譽 約67,362,000港元已出現減值。

AMCO UNITED HOLDING LIMITED Annual Report 2019

162

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

17. INTANGIBLE ASSETS

17. 無形資產

INTANGIBLE ASSETS	17.無形資產	17.無形資產
	2019 2018 二零一九年 二零一八年 Contracts backlog Contractor registrations Total Contracts backlog Contractor registrations Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 未完成合約 承建商註冊 總計 未完成合約 承建商註冊 總計 千港元 千港元 千港元 千港元 千港元 千港元
Cost 成本 At 1 January 於一月一日 Written off 撇銷 At 31 December 於十二月三十一日 Accumulated amortisation and impairment 累計攤銷及減值 At 1 January 於一月一日 Amortisation 攤銷 Impairment loss 減值虧損 Written off 撇銷 At 31 December 於十二月三十一日 Carrying amount at 31 December 於十二月三十一日之 賬面值		2,786 5,016 7,802 – – –
	2,786 5,016 7,802
	(2,786) – (2,786)
		2,786 5,016 7,802
	– 5,016 5,016
		2,746 – 2,746 40 – 40 – – – – – –
	2,786 – 2,786
	– – –
	– 1,546 1,546
	(2,786) – (2,786)
		2,786 – 2,786
	– 1,546 1,546
		– 5,016 5,016
	– 3,470 3,470

Intangible assets with carrying amount of approximately HK$3,470,000 (2018: HK$5,016,000) as at 31 December 2019 represent contractor registrations arising from the acquisition of ACE Engineering in 2016.

於二零一九年十二月三十一日賬面值約為 3,470,000港元（二零一八年：5,016,000港 元）之無形資產指於二零一六年收購安迪 工程產生之承建商註冊。

雋泰控股有限公司 2019 年報

163

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

17. INTANGIBLE ASSETS (continued)

ACE Engineering is a registered contractor in several government/ public organisations and only registered contractors are eligible to obtain contracts from these government bodies. These contractor registrations include the registration as an authorised building contractor under the sub-category of Maintenance Works in the category of Building Work in Group M1 approved by the Hong Kong Housing Authority. In general, these registrations require certain criteria to be met which effectively limit the number of new entries in the list of authorised contractors. The contractor registrations are recognised as intangible assets with indefinite useful life and measured initially at cost and subsequently measured at cost less accumulated impairment losses.

The contracts backlog represents the contracts on hand of ACE Engineering on the date of acquisition and is recognised as intangible assets with finite useful life. The contracts backlog is measured initially at cost and subsequently measured at cost less accumulated amortisation and accumulated impairment losses. The contracts backlog was amortised over the period up to the completion of each of the contracts. During the year ended 31 December 2018, the amortisation of intangible asset was approximately HK$40,000 (Note 10). The contracts backlog with carrying amount of HK$nil were written off during the year ended 31 December 2019.

The contractor registrations relate to the segment of Building Contract Works Business which constitutes a CGU, and have been assessed for impairment as detailed in Note 16(i). Based on the impairment assessment performed by management, an impairment loss of approximately HK$1,546,000 (2018: HK$nil) (Note 10) has been recognised on the intangible asset for the year ended 31 December 2019.

17. 無形資產 （續）

安迪工程為若干政府╱公共機構之註冊承 建商，而僅註冊承建商方合乎資格自該等 政府機構獲得合約。該等承建商註冊包括 註冊為香港房屋委員會批准之樓宇工程類 別保養工程分類M1組項下認可建築承建 商。一般而言，該等註冊一般須符合若干標 準，而有關標準有效限制認可承建商名冊 中新成員之數目。承建商註冊乃確認為具 無限使用年期之無形資產，初步按成本計 量，隨後按成本減累計減值虧損計量。

未完成合約乃為於收購日期安迪工程之手 頭上合約及確認為具有限使用年期之無形 資產。未完成合約初步按成本計量，隨後按 成本減累計攤銷及累計減值虧損計量。未 完成合約於截至各合約完成止期間內攤銷。 於截至二零一八年十二月三十一日止年度， 無形資產攤銷約為40,000港元（附註10）。 於截至二零一九年十二月三十一日止年度， 賬面值為零港元之未完成合約已獲撇銷。

承建商註冊與樓宇承包工程業務分部（該 分部構成一個現金產生單位）有關，並已進 行減值評估（於附註16(i)詳述）。根據管理 層進行之減值評估，截至二零一九年十二 月三十一日止年度已確認無形資產減值虧 損約1,546,000港元（二零一八年：零港元） （附註10）。

AMCO UNITED HOLDING LIMITED 164 Annual Report 2019

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

For the year ended 31 December 2019 截至二零一九年十二月三十一日止年度

18. INVENTORIES

18. 存貨

18.存貨 INVENTORIES
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Raw materials 原材料 Finished goods 製成品	23	127 18
	11
		145
	34

During the year ended 31 December 2019, no write-off of inventories (2018: nil) was recognised in profit or loss.

於截至二零一九年十二月三十一日止年度， 並無於損益確認撇銷存貨（二零一八年： 無）。

19. HELD-FOR-TRADING INVESTMENTS

19. 持作買賣投資

19.持作 HELD-FOR-TRADING INVESTMENTS	買賣投資	買賣投資
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Equity securities listed in Hong Kong, at market value 於香港上市之股本證券， 按市場價值	14,277	25,218

The fair values of these investments are determined with reference to the quoted market bid prices on the Stock Exchange.

該等投資之公允價值乃參照聯交所所報市 場競價釐定。

During the year ended 31 December 2019, net unrealised loss on change in fair value of held-for-trading investments of approximately HK$10,941,000 (2018: HK$10,005,000) (Note 8) was recognised in profit or loss.

於截至二零一九年十二月三十一日止年 度，持作買賣投資之公允價值變動之未變 現淨虧損約10,941,000港元（二零一八年： 10,005,000港元）（附註8）於損益內確認。

雋泰控股有限公司 2019 年報 165

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

20. TRADE AND OTHER RECEIVABLES

20. 貿易及其他應收款項

20.貿易 TRADE AND OTHER RECEIVABLES	及其他應收款項	及其他應收款項
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Trade receivables (Note (i)) 貿易應收款項（附註(i)） Loss allowance (Notes (i) & (iii)) 虧損撥備（附註(i)及(iii)） Retention receivables (Note (ii)) 應收保固金（附註(ii)） Loss allowance (Note (iii)) 虧損撥備（附註(iii)） Loan receivables (Note (iv)) 應收貸款（附註(iv)） Loss allowance (Note (iv)) 虧損撥備（附註(iv)） Other deposits, prepayments and other receivables (Note (v)) 其他按金、預付款項及其他應收 款項（附註(v)） Total trade and other receivables 貿易及其他應收款項總額	8,234	15,440 (489)
	(699)
		14,951 6,454 (29)
	7,535
	5,239
	(27)
		6,425 139,684 (3,253)
	5,212
	136,582
	(3,878)
		136,431 20,309
	132,704
	15,103
		178,116
	160,554
附註： Notes:

(i) The Group allows an average credit period of 30 to 90 days (2018: 30 to 90 days) to its trade customers. The ageing analysis of trade receivables (net of accumulated impairment losses) by invoice date is as follows:

(i) 本集團給予其貿易客戶之平均信貸 期為30至90天（二零一八年：30至90 天）。貿易應收款項（扣除累計減值虧 損）按發票日期劃分之賬齡分析如下：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Current 即期 1 to 90 days 1至90天 91 to 180 days 91至180天 Over 180 days 180天以上 Trade receivables 貿易應收款項	870	5,815 6,520 187 2,429
	2,218
	298
	4,149
		14,951
	7,535

AMCO UNITED HOLDING LIMITED 166 Annual Report 2019

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

20. TRADE AND OTHER RECEIVABLES (continued)

Notes: (continued)

20. 貿易及其他應收款項 （續）

附註：（續）

• (i) (continued)

• (i) （續）

In respect of trade receivables, individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customers’ past history of making payments when due and current liability to pay, and take into account information specific to the customer as well as pertaining to the economic environment in which the customers operate. The Group does not hold any collateral over these balances.

• 就貿易應收款項而言，要求超出授信限 額信貸之所有客戶均須進行個別信貸 評估。此等評估注重客戶之過去到期付 款記錄及現時支付責任，並會考慮客戶 之特定資料以及客戶經營所處經濟環 境。本集團並未就該等結餘持有任何抵 押品。

• (ii) Retention receivables are derived from the Building Contract Works Business and are interest-free and recoverable at the end of the retention period of individual construction contracts ranging from 3 months to 1 year.

• (ii) 應收保固金乃來自樓宇承包工程業務 並為免息及於各建築合約保固期（介乎 三個月至一年）末可予收回。

Retention receivables have decreased due to completion of retention period of several construction contracts during the current year.

應收保固金減少乃由於本年度若干工 程合約保固期已告屆滿。

• (iii) As at 31 December 2019 and 2018, the Group measures loss allowance for trade and retention receivables at an amount equal to lifetime ECL, which is calculated using a provision matrix.

• (iii) 於二零一九年及二零一八年十二月 三十一日，本集團按相當於存續期預 期信貸虧損（使用撥備矩陣計算）之金 額計量貿易應收款項及應收保固金之 虧損撥備。

The Group categorises its trade and retention receivables based on shared credit risk characteristics and the ageing. Future cash flows for each group of receivables are estimated on the basis of historical default experience over the past two years, adjusted for factors that are specific to the customers and the effects of current conditions as well as forward looking information. For receivables relating to accounts which are long overdue with significant amounts or known insolvencies, they are assessed individually for impairment provision.

本集團根據共有的信貸風險特徵及賬 齡分類貿易應收款項及應收保固金。各 組應收款項之未來現金流乃按過去兩 年過往違約經驗估計，以為於客戶而言 屬特殊之因素及當前條件之影響及前 瞻性信息作出調整。就與長期逾期且有 大量或已知破產賬戶有關應收款項而 言，其就減值撥備作個別評估。

雋泰控股有限公司 2019 年報

167

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

20. TRADE AND OTHER RECEIVABLES (continued)

Notes: (continued)

20. 貿易及其他應收款項 （續）

附註：（續）

(iii) (continued)

(iii) （續）

The following table provides information about the Group’s exposure to credit risk and ECL for trade and retention receivables as at 31 December 2019 and 2018.

下表提供於二零一九年及二零一八年 十二月三十一日關於本集團信貸風險 以及貿易應收款項及應收保固金之預 期信貸虧損之資料。

Expected loss rate 預期虧損率	2019 二零一九年 Gross carrying amount – Trade receivables Gross carrying amount – Retention receivables Loss allowance 貿易應收款項 總賬面值 應收保固金 總賬面值 虧損撥備 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元
Not past due 未逾期 0.5% Less than 3 months past due 逾期少於三個月 0.8% 3 to 6 months past due 逾期三至六個月 7.5% Over 6 months past due 逾期六個月以上 23.4% Total 總計	3,101 5,239 43
	119 – 1
	3,081 – 230
	1,933 – 452
	5,133 – 683
	8,234 5,239 726
Expected loss rate 預期虧損率	2018 二零一八年 Gross carrying amount – Trade receivables Gross carrying amount – Retention receivables Loss allowance 貿易應收款項 總賬面值 應收保固金 總賬面值 虧損撥備 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元
Not past due 未逾期 0.4% Less than 3 months past due 逾期少於三個月 0.7% 3 to 6 months past due 逾期三至六個月 4.6% Over 6 months past due 逾期六個月以上 16.3% Total 總計	12,299 6,454 83
	279 – 2 283 – 13 2,579 – 420
	3,141 – 435
	15,440 6,454 518

AMCO UNITED HOLDING LIMITED Annual Report 2019

168

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

20. TRADE AND OTHER RECEIVABLES (continued)

Notes: (continued) (iii) (continued) The movement in loss allowance recognised for trade and retention receivables during the year is as follows:

20. 貿易及其他應收款項 （續）

附註：（續） (iii) （續） 年內就貿易應收款項及應收保固金確 認之虧損撥備變動乃如下：

	Trade receivables Retention receivables Total 貿易應收款項 應收保固金 總計 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元
Balance as at 1 January 2018 於二零一八年一月一日之 結餘 Impairment loss recognised 已確認減值虧損 Written off 撇銷 Impairment loss reversed 已撥回減值虧損 Balance as at 31 December 2018 and 1 January 2019 於二零一八年十二月 三十一日及二零一九年 一月一日之結餘 Impairment loss recognised 已確認減值虧損 Written off 撇銷 Impairment loss reversed 已撥回減值虧損 Balance as at 31 December 2019 於二零一九年十二月 三十一日之結餘	434 35 469 109 – 109 (54) – (54) – (6) (6)
	489 29 518
	353 – 353
	(143) – (143)
	– (2) (2)
	699 27 726

The significant changes in the gross carrying amount of trade receivables contributed to the increase in the loss allowance during the year include (i) settlement in full by customers that were over 3 months past due which resulted in a decrease in loss allowance of approximately HK$145,000 (2018: HK$188,000); and (ii) origination of new trade receivables net of those settled as well as increase in days past due over 3 months which resulted in an increase in loss allowance of approximately HK$370,000 (2018: HK$268,000).

貿易應收款項總賬面值的重大變動導 致年內虧損撥備增加，包括(i)客戶悉數 結清逾期超過三個月款項導致虧損撥 備減少約145,000港元（二零一八年： 188,000港元）；及 (ii)新貿易應收款項 扣除已結算的應收賬款以及逾期超過 三個月天數繼續增加之款項導致虧損 撥備增加約370,000港元（二零一八年： 268,000港元）。

雋泰控股有限公司 2019 年報

169

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

20. TRADE AND OTHER RECEIVABLES (continued)

Notes: (continued)

20. 貿易及其他應收款項 （續）

附註：（續）

• (iv) Loan receivables represent outstanding principals and interest receivables arising from the Money Lending Business of the Group. All of the loan receivables are entered with contractual maturity within 12 months. The Group seeks to maintain strict control over its loan receivables in order to minimise credit risk by reviewing the borrowers’ financial positions.

• (iv) 應收貸款指本集團放貸業務產生之未 償還本金及應收利息。所有應收貸款之 合約到期日均為12個月內。本集團致力 透過審閱借款人之財務狀況，維持對其 應收貸款之嚴格控制，務求將信貸風險 減至最低。

The loan receivables are interest-bearing at rates mutually agreed between the contracting parties, ranging from 6% to 12% per annum (2018: 6% to 12% per annum). All of the loan receivables were unsecured as at 31 December 2019 and 2018.

• 應收貸款乃按合約方互相協定之利 率計息，年利率介乎6%至12%（二零 一八年：年利率介乎6%至12% ）。於二 零一九年及二零一八年十二月三十一 日，所有應收貸款均為無抵押。

As at 31 December 2019 and 2018, none of the loan receivables had become past due. Loss allowance for expected credit loss has been made on an individual basis under 12-month ECL assessment. The movement in loss allowance recognised for loan receivables during the year is as follows:

於二零一九年及二零一八年十二月 三十一日，概無應收貸款逾期。預期信 貸虧損之虧損撥備已按十二個月預期 信貸虧損評估之個別基準作出。於年內 就應收貸款確認之虧損撥備變動乃列 示如下：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Balance as at 1 January 於一月一日之結餘 Impairment loss recognised 已確認減值虧損 Balance as at 31 December 於十二月三十一日之結餘	3,253	2,215 1,038
	625
		3,253
	3,878

The significant change in the gross carrying amount of loan receivables contributed to the increase in the loss allowance during the year includes origination of new loan receivables net of those settled which resulted in an increase in loss allowance of approximately HK$670,000 (2018: HK$755,000).

應收貸款總賬面值的重大變動導致年 內虧損撥備增加，包括新應收貸款扣除 已結算的應收貸款導致虧損撥備增加 約670,000港元（二零一八年：755,000 港元）。

AMCO UNITED HOLDING LIMITED Annual Report 2019

170

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

20. TRADE AND OTHER RECEIVABLES (continued)

Notes: (continued)

20. 貿易及其他應收款項 （續）

附註：（續）

(v) The Group’s other deposits, prepayments and other receivables represented the following amounts as at the end of the reporting period.

• (v) 本集團之其他按金、預付款項及其他應 收款項指於報告期末之下列款項。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Prepayments 預付款項 Deposits 按金 Other receivables 其他應收款項	1,067	3,603 7,435 9,271
	7,367
	6,669
		20,309
	15,103

As at 31 December 2019, included in the Group’s deposits is as an amount of approximately HK$6,779,000 (2018: HK$6,779,000) which represented deposit placed with securities broker for the trading of investment securities.

於二零一九年十二月三十一日，本集 團之按金包括約6,779,000港元（二零 一八年：6,779,000港元）之款項，該款 項指就投資證券交易存於證券經紀之 按金。

As at 31 December 2019 and 2018, the Group’s other receivables mainly represented payment of expenses on behalf of subcontractors.

於二零一九年及二零一八年十二月 三十一日，本集團之其他應收款項主要 指代分包商支付之費用。

雋泰控股有限公司 2019 年報 171

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

21. CASH AND CASH EQUIVALENTS

21. 現金及現金等價物

21.現金 CASH AND CASH EQUIVALENTS	及現金等價物	及現金等價物
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Cash at bank and on hand 銀行及手頭現金	12,288	18,300

Cash and cash equivalents comprise bank balances and cash held by the Group. The bank balances carry interest at market rates which range from 0.001% to 0.5% (2018: 0.001% to 0.3%) per annum.

現金及現金等價物包括本集團持有之銀行 結餘及現金。銀行結餘按市場年利率介乎 0.001厘至0.5厘（二零一八年：0.001厘至 0.3厘）計息。

There were no short-term bank deposits as at 31 December 2019 and 2018.

於二零一九年及二零一八年十二月三十一 日，並無任何短期銀行存款。

22. TRADE AND OTHER PAYABLES

22. 貿易及其他應付款項

22.貿易 TRADE AND OTHER PAYABLES	及其他應付款項	及其他應付款項
	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Trade payables 貿易應付款項 Retention payables 應付保固金 Contract liabilities 合約負債 Accruals and other payables 應計款項及其他應付款項	6,892	19,001 3,418 715 43,631
	2,557
	50
	43,715
		66,765
	53,214

AMCO UNITED HOLDING LIMITED Annual Report 2019

172

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

22. TRADE AND OTHER PAYABLES (continued)

22. 貿易及其他應付款項 （續）

The following is an ageing analysis of trade payables presented based on the invoice date at the end of the reporting period.

於報告期末，貿易應付款項按發票日期呈 列之賬齡分析如下。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Within 3 months 三個月內 Over 3 months but within 6 months 超過三個月但於六個月內 Over 6 months 超過六個月	4,607	16,923 239 1,839
	200
	2,085
		19,001
	6,892

The average credit period on trade purchases is 30 to 90 days (2018: 30 to 90 days).

貿易採購之平均信貸期為30至90天（二零 一八年：30至90天）。

As at 31 December 2019, contract liabilities of approximately HK$50,000 (2018: HK$715,000) represented payments received in advance that were related to sales of goods not yet delivered to customers arising from the Medical Devices Business and Plastic Moulding Business. The Group recognises this amount as revenue when the goods are delivered to the customers. Revenue recognised in the current year that was included in the contract liability balance at the beginning of the year was approximately HK$715,000.

於二零一九年十二月三十一日，合約負債 約50,000港元（二零一八年：715,000港元） 指與醫療設備業務及塑膠模具業務之尚未 交付予客戶之貨品銷售有關之預收款項。 待貨品交付予客戶後，本集團確認該金額 為收入。本年度確認之收入計入年初合約 負債結餘，約為715,000港元。

As at 31 December 2019 and 2018, included in the Group’s accruals and other payables are an amount due to Titron Group Holdings Limited (“TGHL”) of approximately HK$1,700,000 and the cash consideration of HK$7,500,000 payable to the Vendors of Titron Group (as defined and detailed in the Company’s circular dated 12 August 2011) arising from the acquisition of Titron Group in 2011. TGHL was one of the Vendors of Titron Group. Titron Group is principally engaged in the Medical Devices Business and the Plastic Moulding Business. One of the shareholders of TGHL, Mr. Yip Wai Lun, Alvin, was a former shareholder and the former Chairman and Managing Director of the Company. The amounts were unsecured, interest-free and repayable on demand as at 31 December 2019 and 2018.

於二零一九年及二零一八年十二月三十一 日，本集團之應計款項及其他應付款項包 括一筆應付Titron Group Holdings Limited （「TGHL 」）之款項約1,700,000港元及於二 零一一年收購德隆集團（定義及詳情見本 公司日期為二零一一年八月十二日之通 函）產生之應付德隆集團賣方之現金代價 7,500,000港元。TGHL為德隆集團之其中 一位賣方。德隆集團主要從事醫療設備 業務及塑膠模具業務。TGHL之一名股東 葉偉倫先生為本公司前股東及前主席兼 董事總經理。於二零一九年及二零一八年 十二月三十一日，該款項為無抵押、免息 及須按要求償還。

雋泰控股有限公司 2019 年報

173

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

22. TRADE AND OTHER PAYABLES (continued)

22. 貿易及其他應付款項 （續）

As at 31 December 2019 and 2018, included in the Group’s accruals and other payables are surety bonds payable in the amount of HK$28,798,000 which represented several bonded sums received by the Group from a contractor payable to employers of the contractor as security for good performance on the part of the contractor for certain building contract works of the employers. The amounts were unsecured, interest-free and repayable on demand as at 31 December 2019 and 2018.

於二零一九年及二零一八年十二月三十一 日，本集團之應計款項及其他應付款項包 括應付履約保證28,798,000港元，該款項指 本集團自承建商收取而應付承建商僱主之 若干保證金，作為承建商承建若干僱主樓 宇合約工程部分良好表現的抵押。於二零 一九年及二零一八年十二月三十一日，該 款項為無抵押、免息及須按要求償還。

23. BOND PAYABLES

Bond payables – unsecured

23. 應付債券

23.應付	債券
	2019	2018
	HK$’000	HK$’000
	二零一九年	二零一八年
	千港元	千港元
應付債券－無抵押	30,666	30,666

On 12 October 2018, the Company issued unlisted bonds to an independent third party with an aggregate principal amount of HK$30,000,000. The bonds are issued at the interest rate of 10% per annum and will mature on the date falling on the 36 months after the date of issue of the bonds (i.e. 12 October 2021). Interest payables of the bonds were included with the bond payables in the consolidated statement of financial position. The proceeds from the issue of the bonds were used for the principal activities and general working capital of the Group.

於二零一八年十月十二日，本公司向一名 獨立第三方發行本金總額為30,000,000港 元之非上市債券。該債券按年利率10%計 息，並將於債券發行日期起計36個月後當 日（即二零二一年十月十二日）到期。債券 應付利息計入綜合財務狀況表內之應付債 券。發行債券之所得款項乃用作本集團主 要業務及一般營運資金。

AMCO UNITED HOLDING LIMITED Annual Report 2019

174

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

24. DEFERRED TAX

24. 遞延稅項

於二零一九年及二零一八年十二月三十一 日，本集團並無任何遞延稅項資產。遞延稅 項負債之詳情及變動如下：

於二零一九年及二零一八年十二月三十一 日，本集團並無任何遞延稅項資產。遞延稅 項負債之詳情及變動如下： As at 31 December 2019 and 2018, the Group did not have any deferred tax asset. The details and movement of deferred tax liability are as follows: Fair value adjustment on intangible assets HK$’000 無形資產之 公允價值調整 千港元
At 1 January 2018 於二零一八年一月一日 Credited to profit or loss for the year (Note 11) 計入年度損益（附註11） At 31 December 2018 and 1 January 2019 於二零一八年十二月三十一日及 二零一九年一月一日 Credited to profit or loss for the year (Note 11) 計入年度損益（附註11） At 31 December 2019 於二零一九年十二月三十一日	834 (7)
	827
	(255)
	572

At the end of the reporting period, the Group has unused tax losses of approximately HK$419,392,000 (2018: HK$406,296,000). No deferred tax asset in respect of tax losses have been recognised as at 31 December 2019 and 2018, as management considers it is unlikely that future taxable profits against which the losses can be utilised will be available in the foreseeable future with certainty in the relevant tax jurisdiction and entity. All of the tax losses as at 31 December 2019 and 2018 will not expire under current tax legislation.

於報告期末，本集團之未動用稅項虧損 約為 419,392,000 港元（二零一八年： 406,296,000港元）。由於管理層認為在可 見未來有關稅務司法權區及實體不大可能 肯定有未來應課稅溢利可供動用虧損，故 於二零一九年及二零一八年十二月三十一 日並無就稅項虧損確認遞延稅項資產。根 據現行稅法，於二零一九年及二零一八年 十二月三十一日之所有稅項虧損將不會到 期。

雋泰控股有限公司 2019 年報

175

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

25. LEASE LIABILITIES

25. 租賃負債

下表列示本集團於二零一九年十二月 三十一日之租賃負債的剩餘合約到期情況。

下表列示本集團於二零一九年十二月 三十一日之租賃負債的剩餘合約到期情況。 The following table shows the remaining contractual maturities of the Group’s lease liabilities as at 31 December 2019. 2019 HK$’000 二零一九年 千港元
Maturity analysis – contractual undiscounted cash flows 到期分析－合約未貼現現金流量 Within 1 year 一年內 More than 1 year but less than 2 years 一年後但兩年內 Total contractual undiscounted cash flows 合約未貼現現金流量總額 Less: Total future interest expenses 減：未來利息支出總額 Present value of future lease payments 未來租賃付款現值 Analysed as: 分析為： – Current －流動部分 – Non-current －非流動部分
	1,419
	735
	2,154
	(76)
	2,078
	1,354
	724
	2,078

AMCO UNITED HOLDING LIMITED Annual Report 2019

176

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

26. SHARE CAPITAL

26. 股本

26.股本 SHARE CAPITAL
	Number of shares Amount HK$’000 股份數目 金額 千港元
Authorised: 法定： Balance as at 31 December 2018 and 31 December 2019 於二零一八年十二月三十一日及 二零一九年十二月三十一日之結餘 Issued and fully paid: 已發行及繳足： Balance as at 31 December 2018 and 31 December 2019 於二零一八年十二月三十一日及 二零一九年十二月三十一日之結餘	40,000,000,000 400,000
	1,862,679,481 18,627

27. EMPLOYEE RETIREMENT BENEFITS

27. 僱員退休福利

The Group operates a Mandatory Provident Fund Scheme (“MPF Scheme”) under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance. The MPF Scheme is a defined contribution retirement plan administered by independent trustees. Under the MPF Scheme, the employer and its employees are each required to make contributions to the plan at 5% of the employees’ relevant income, subject to a cap of monthly relevant income of HK$30,000. Contributions to the plan vest immediately.

本集團根據香港強制性公積金計劃條例， 為在香港僱傭條例司法權區內受僱之僱員 營辦一項強制性公積金計劃（「強積金計 劃」）。強積金計劃乃由獨立信託人管理之 定額供款退休計劃。根據強積金計劃，僱主 及其僱員各自須按僱員之有關收入之5%向 計劃作出供款，惟以每月有關收入30,000港 元為上限。向計劃作出之供款即時歸屬。

During the year, the Group made retirement benefits scheme contributions totalling approximately HK$288,000 (2018: HK$302,000) (Note 10). At the end of the reporting period, there are no forfeited contributions.

於年內，本集團已作出退休福利計劃供款 合共約288,000港元（二零一八年：302,000 港元）（附註10）。於報告期末，概無任何被 沒收供款。

雋泰控股有限公司 2019 年報

177

For the year ended 31 December 2019 於二零一九年十二月三十一日

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

28. SHARE OPTION SCHEME

On 30 June 2015, the Company adopted a share option scheme (“Share Option Scheme”), which was approved by the shareholders of the Company (“Shareholders”) at the annual general meeting of the Company held on the same date.

The purpose of the Share Option Scheme is to enable the Group to grant share options to the eligible participants as incentives or rewards for their contributions to the Group.

According to the Share Option Scheme, the board of Directors (“Board”) may grant share options to the eligible participants as defined in the Share Option Scheme to subscribe for such number of shares as the Board may determine. Share options granted should be accepted within 28 days from the date of the letter of grant. Upon acceptance of the share options, the grantee shall pay HK$1.00 to the Company by way of consideration for the grant. Subject to the terms of the Share Option Scheme and all applicable laws, the Board has the power to determine the period within which payments or calls must or may be made.

The exercise price of share options shall be determined by the Board, which shall be at least the highest of (i) the closing price of the shares as stated in the daily quotations sheet of the Stock Exchange on the date of the grant, which must be a business day; (ii) the average closing price of the shares as stated in the daily quotations sheets of the Stock Exchange for the five business days immediately preceding the date of the grant; and (iii) the nominal value of a share.

28. 購股權計劃

於二零一五年六月三十日，本公司採納一 項購股權計劃（「購股權計劃」），並獲 本公司股東（「股東」）於當日舉行之本公司 股東週年大會上批准。

購股權計劃旨在使本集團可向合資格參與 者授出購股權，作為彼等對本集團作出貢 獻之獎勵或回報。

根據購股權計劃，董事會（「董事會」）可向 購股權計劃所界定之合資格參與者授出購 股權，以認購董事會可能釐定數目之股份。 授出之購股權須於由授出函件日期起計28 日內接納。於接納購股權時，承授人應就授 出之購股權向本公司支付1.00港元作為代 價。在購股權計劃條款及所有適用法律之 規限下，董事會有權決定必須或可以繳付 或催繳款項之期限。

購股權之行使價由董事會決定，惟不得少 於以下之最高者：(i)於授出日期（必須為營 業日）聯交所每日報價表所報之股份收市 價；(ii)於緊接授出日期前五個營業日聯交 所每日報價表所報之股份平均收市價；及 (iii)股份面值。

AMCO UNITED HOLDING LIMITED 178 Annual Report 2019

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

28. SHARE OPTION SCHEME (continued)

28. 購股權計劃 （續）

The maximum number of shares which may be issued upon the exercise of all share options to be granted under the Share Option Scheme and any other share option scheme(s) of the Company must not exceed 10% of the issued share capital of the Company on the date of approval and adoption of the Share Option Scheme provided that the Company may at any time seek approval from the Shareholders to refresh the limit to 10% of the shares in issue as at the date of approval by the Shareholders in general meeting where such limit is refreshed. Share options previously granted under any share option schemes of the Company (including those outstanding, cancelled, lapsed in accordance with such schemes or exercised options) will not be counted for the purpose of calculating the limit as refreshed.

因行使根據購股權計劃及本公司任何其他 購股權計劃將予授出之所有購股權而可予 發行之股份數目上限，合共不得超過於批 准及採納購股權計劃當日本公司已發行股 本之10%，惟本公司可隨時徵求股東批准 將上限更新至股東於股東大會上批准更新 上限當日已發行股份之10%。就計算經更 新上限而言，先前根據本公司任何購股權 計劃授出之購股權（包括根據有關計劃尚 未行使、已註銷、已失效或已行使之購股權） 均不予計算。

The total number of shares issued and may fall to be issued upon exercise of the share options granted under the Share Option Scheme and any other share option scheme(s) of the Company (including exercised, cancelled and outstanding options) to each eligible participant in any 12-month period up to and including the date of grant shall not exceed 1% of the shares in issue as at the date of grant unless such grant has been duly approved by ordinary resolution of the Shareholders in general meeting at which the relevant eligible participant and his associates abstained from voting. Share options granted to substantial Shareholders or Independent Non-executive Directors or any of their respective associates in any 12-month period in excess of 0.1% of the Company’s issued share capital on the date of grant and with a value in excess of HK$5 million must be approved in advance by the Shareholders.

截至授出日期（包括該日）止任何12個月期 間，因行使根據購股權計劃及本公司任何 其他購股權計劃授出之購股權（包括已行 使、已註銷及尚未行使之購股權）而已發行 及可能須發行予各合資格參與者之股份總 數，不得超過授出當日已發行股份之1%， 惟授出有關購股權已於股東大會上獲股 東以普通決議案方式正式批准則屬例外， 而於有關股東大會上，相關合資格參與者 及其聯繫人須放棄投票。倘於任何12個月 期間向主要股東或獨立非執行董事或彼等 各自之任何聯繫人授出之購股權多於授出 日期本公司已發行股本0.1%，且總值高於 5,000,000港元，則必須事先經股東批准。

雋泰控股有限公司 2019 年報

179

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

28. SHARE OPTION SCHEME (continued)

28. 購股權計劃 （續）

The period during which a share option may be exercised will be determined by the Board at its absolute discretion, save that no share option can be exercised more than 10 years after it has been granted. There is no general requirement that a share option must be held for any minimum period before it can be exercised. The Share Option Scheme is valid and effective for a period of ten years and will expire at the close of business on 29 June 2025.

購股權之行使期將由董事會全權酌情決定， 惟不得於授出起計10年後行使。並無行使 購股權前必須持有購股權之任何最短期限 之一般規定。購股權計劃於10年內有效及 生效，並將於二零二五年六月二十九日營 業時間結束時屆滿。

Details of share options granted under the Share Option Scheme are as follows:

根據購股權計劃而授出之購股權之詳情如 下：

Date of grant	Vesting period	Exercise period	Exercise price
授出日期	歸屬期	行使期	行使價
1 June 2017	–	1 June 2017 – 31 May 2022	HK$0.654港元
二零一七年六月一日		二零一七年六月一日至
		二零二二年五月三十一日
26 July 2017	–	26 July 2017 – 25 July 2022	HK$0.123港元
二零一七年七月二十六日		二零一七年七月二十六日至
		二零二二年七月二十五日
26 April 2019	–	26 April 2019 – 25 April 2024	HK$0.096港元
二零一九年四月二十六日		二零一九年四月二十六日至
		二零二四年四月二十五日

The following table discloses movements of the Company’s share options held by eligible employees and other eligible participants of the Group during the year.

下表披露本集團合資格僱員及其他合資格 參與者於年內所持本公司購股權之變動。

Date of grant 授出日期	Outstanding at 1 January 2019 Granted during the year Exercised during the year Cancelled/ lapsed during the year 於二零一九年 一月一日 尚未行使 年內授出 年內行使 年內 註銷╱失效	Outstanding at 31 December 2019 於二零一九年 十二月三十一日 尚未行使
1 June 2017 二零一七年六月一日 26 July 2017 二零一七年七月二十六日 26 April 2019 二零一九年四月二十六日 Exercisable at the end of the reporting period 於報告期末可行使 Weighted average exercise price 加權平均行使價	186,200,000 – – (186,200,000)	–
	186,200,000 – – –	186,200,000
	– 186,200,000 – –	186,200,000
	372,400,000 186,200,000 – (186,200,000)	372,400,000
		372,400,000
	HK$0.389港元 HK$0.096港元 – HK$0.654港元	HK$0.110港元

AMCO UNITED HOLDING LIMITED Annual Report 2019

180

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

28. SHARE OPTION SCHEME (continued)

28. 購股權計劃 （續）

Date of grant 授出日期	Outstanding at 1 January 2018 Granted during the year Exercised during the year Cancelled/ lapsed during the year 於二零一八年 一月一日 尚未行使 年內授出 年內行使 年內 註銷╱失效	Outstanding at 31 December 2018 於二零一八年 十二月三十一日 尚未行使
1 June 2017 二零一七年六月一日 26 July 2017 二零一七年七月二十六日 Exercisable at the end of the reporting period 於報告期末可行使 Weighted average exercise price 加權平均行使價	186,200,000 – – – 186,200,000 – – –	186,200,000 186,200,000
	372,400,000 – – –	372,400,000
	HK$0.389港元 – – –	372,400,000
		HK$0.389港元

No share options were exercised during the years ended 31 December 2019 and 2018. During the year ended 31 December 2019, a total of 186,200,000 share options (2018: nil) were lapsed.

截至二零一九年及二零一八年十二月 三十一日止年度，概無購股權獲行使。截至 二零一九年十二月三十一日止年度，合共 186,200,000份購股權（二零一八年：無）失 效。

The share options outstanding at 31 December 2019 had a weighted average exercise price of approximately HK$0.110 (2018: HK$0.389) and a weighted average remaining contractual life of approximately 3.44 years (2018: 3.49 years).

於二零一九年十二月三十一日尚未行使之 購股權加權平均行使價約為0.110港元（二 零一八年：0.389港元）），餘下之加權平均 合約年期約為3.44年（二零一八年：3.49 年）。

The weighted average fair value of the share options granted during the year ended 31 December 2019 determined at the date of grant using the Binomial Option Pricing Model was approximately HK$0.027.

於截至二零一九年十二月三十一日止年度 授出之購股權之加權平均公允價值約為 0.027港元，乃於授出日期按二項式期權定 價模式釐定。

雋泰控股有限公司 2019 年報 181

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

28. SHARE OPTION SCHEME (continued)

28. 購股權計劃 （續）

The following assumptions were used to calculate the fair value of the share options granted during the current year.

下列假設乃用於計算於本年度授出之購股 權之公允價值。

		2019
		二零一九年
Grant date share price	授出日期股價	HK$0.093港元
Exercise price	行使價	HK$0.096港元
Option life	購股權年期	5 years年
Expected volatility	預期波幅	65.95%
Dividend yield	股息率	0%
Risk-free interest rate	無風險利率	1.61%

Expected volatility was determined based on historical volatility of the share prices of the Company over the previous five years. The variables and assumptions used in computing the fair value of the share options are based on the Directors’ best estimate. Changes in variables and assumptions may result in changes in the fair value of the options.

預期波幅乃按本公司於過往五年之股價波 幅釐定。計算購股權之公允價值之變數及 假設乃基於董事之最佳估計。變數及假設 之變動或會導致購股權公允價值之變動。

The Group recognised total expense of approximately HK$5,009,000 (2018: nil) (Note 10) for the year ended 31 December 2019 in relation to the share options granted by the Company.

截至二零一九年十二月三十一日止年度， 本集團就本公司授出之購股權確認開支 總額約5,009,000港元（二零一八年：無） （附註10）。

AMCO UNITED HOLDING LIMITED 182 Annual Report 2019

For the year ended 31 December 2019 於二零一九年十二月三十一日

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

29. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

29. 本公司之財務狀況表

29.本公司 STATEMENT OF FINANCIAL POSITION OF THE COMPANY	之財務狀況	表
Notes 附註	2019 HK$’000 二零一九年 千港元	2018 HK$’000 二零一八年 千港元
ASSETS AND LIABILITIES 資產及負債 Non-current asset 非流動資產 Interests in subsidiaries 於附屬公司之權益 Current assets 流動資產 Other receivables 其他應收款項 Amounts due from subsidiaries 應收附屬公司款項 Cash and cash equivalents 現金及現金等價物 Current liabilities 流動負債 Other payables 其他應付款項 Net current assets 流動資產淨值 Total assets less current liabilities 資產總值減流動負債 Non-current liability 非流動負債 Bond payables 應付債券 23 Net assets 資產淨值 EQUITY 權益 Share capital 股本 26 Reserves 儲備 30 Total equity 權益總額		1
	1
		3,210 136,242 1,826
	605
	119,577
	1,853
		141,278
	122,035
		1,418
	2,267
		139,860
	119,768
		139,861
	119,769
		30,666
	30,666
		109,195
	89,103
		18,627 90,568
	18,627
	70,476
		109,195
	89,103

Approved and authorised for issue by the Board of Directors on 30 March 2020.

經董事會於二零二零年三月三十日批准及 授權刊發。

On behalf of the Board

代表董事會

Zhang Hengxin Jia Minghui 張亨鑫 賈明暉 Director Director 董事 董事

雋泰控股有限公司 2019 年報

183

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

30. RESERVES – COMPANY

30. 儲備－本公司

RESERVES – COMPANY	30.儲備－本公司
	Share premium Capital reserve Accumulated losses Total HK$’000 HK$’000 HK$’000 HK$’000 (Note a) (Note b) 股份溢價 資本儲備 累計虧損 總計 千港元 千港元 千港元 千港元 （附註a） （附註b）
As at 1 January 2018 於二零一八年一月一日 Loss and total comprehensive income for the year 本年度虧損及全面 收入總額 As at 31 December 2018 and 1 January 2019 於二零一八年十二月三十一日 及二零一九年一月一日 Loss and total comprehensive income for the year 本年度虧損及全面 收入總額 Lapse of share options 購股權失效 Recognition of equity-settled share-based payment expenses (Note 28) 以股份為基礎權益結算之 付款開支之確認 （附註28） As at 31 December 2019 於二零一九年十二月三十一日	402,912 10,771 (302,914) 110,769 – – (20,201) (20,201)
	402,912 10,771 (323,115) 90,568
	– – (25,101) (25,101)
	– (7,020) 7,020 –
	– 5,009 – 5,009
	402,912 8,760 (341,196) 70,476

Notes:

附註：

• a) The application of share premium account is governed by Section 40 of the Bermuda Companies Act 1981.

• a) 股份溢價賬之應用受百慕達一九八一 年公司法第40條規管。

• b) As at 31 December 2019 and 2018, the capital reserve comprised the fair value of unexercised share options granted to eligible employees and other eligible participants of the Group under the share option scheme of the Company recognised in accordance with the accounting policy adopted for share-based payments as further detailed in Note 4.15 to the consolidated financial statements.

• b) 於二零一九年及二零一八年十二月 三十一日，資本儲備包括根據本公司購 股權計劃（獲就以股份為基礎之付款（進 一步詳情載於綜合財務報表附註4.15） 所採納的會計政策所認可）授予本集團 合資格僱員及其他合資格參與者之 未行使購股權之公允價值。

AMCO UNITED HOLDING LIMITED 184 Annual Report 2019

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

31. INTERESTS IN SUBSIDIARIES

31. 於附屬公司之權益

		Issued and paid-up	Percentage of equity interest	Percentage of equity interest
Name of subsidiaries	Place of incorporation	share capital	attributable to the Company		Principal activities
附屬公司名稱	註冊成立地點	已發行及繳足股本	本公司應佔股權百分比		主要業務
			Directly	Indirectly
			直接	間接
ACE Engineering Limited	Hong Kong	5,000,000 ordinary	–	100%	Engaged in building
		shares totalling			construction, building
		HK$15,255,000			maintenance and
					improvement works,
					project management,
					renovation and
					decoration works in
					Hong Kong
安迪工程有限公司	香港	合共15,255,000港元之			於香港從事樓宇建造、樓宇
		普通股5,000,000股			維修及改善工程、項目管
					理、裝修及裝飾工程
AMCO United Management	Hong Kong	1 ordinary share totalling	–	100%	Provision of management
Services Limited		HK$1			services to the Group
雋泰管理服務有限公司	香港	合共1港元之普通股1股			向本集團提供管理服務
Best Reward Global Limited	British Virgin Islands	1 ordinary share of US$1	100%	–	Investment holding
	(“BVI”)	each
佳賞環球有限公司	英屬處女群島（「英屬	每股面值1美元之普通股			投資控股
	處女群島」）	1股
Constant Gross Limited	BVI	1 ordinary share of US$1	100%	–	Investment holding
		each
康益有限公司	英屬處女群島	每股面值1美元之普通股			投資控股
		1股
Consun Wealth Management	Hong Kong	100,000 ordinary shares	–	100%	Provision of management
Limited		totally HK$100,000			services to the Group
康信財富管理有限公司	香港	合共100,000港元之普通股			向本集團提供管理服務
		100,000股
Dynamic Time Global Limited	BVI	1 ordinary share of US$1	100%	–	Investment holding
		each
興時環球有限公司	英屬處女群島	每股面值1美元之普通股			投資控股
		1股
Energy Best Investments Limited	BVI	1 ordinary share of US$1	100%	–	Investment holding
		each
Energy Best Investments Limited	英屬處女群島	每股面值1美元之普通股			投資控股
		1股

雋泰控股有限公司 2019 年報

185

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

31. INTERESTS IN SUBSIDIARIES (continued)

31. 於附屬公司之權益 （續）

		Issued and paid-up	Percentage of equity interest	Percentage of equity interest
Name of subsidiaries	Place of incorporation	share capital	attributable to the Company		Principal activities
附屬公司名稱	註冊成立地點	已發行及繳足股本	本公司應佔股權百分比		主要業務
			Directly	Indirectly
			直接	間接
Grace Champ Investment Limited	Hong Kong	1 ordinary share totalling	–	100%	Engaged in the business of
		HK$1			securities investment
采勝投資有限公司	香港	合共1港元之普通股1股			從事證券投資業務
JS Finance Limited	Hong Kong	1 ordinary share totalling	–	100%	Provision of money lending
		HK$1
建信財務有限公司	香港	合共1港元之普通股1股			提供放貸服務
Max Abundant Limited	BVI	1 ordinary share of US$1	100%	–	Investment holding
		each
溢裕有限公司	英屬處女群島	每股面值1美元之普通股			投資控股
		1股
Titron Industries Limited	Hong Kong	1,000 ordinary shares	–	100%	Sale of plastic moulding
		totalling HK$1,000			products
德隆製造有限公司	香港	合共1,000港元之普通股			銷售塑膠模具產品
		1,000股
Titron International Limited	Hong Kong	1,000 ordinary shares	–	100%	Sale of medical devices
		totalling HK$1,000			products
德隆環球有限公司	香港	合共1,000港元之普通股			銷售醫療設備產品
		1,000股
Titron Manufacturing Limited	Hong Kong	1,000 ordinary shares	–	100%	Sale of plastic moulding
		totalling HK$1,000			products
德隆國際企業有限公司	香港	合共1,000港元之普通股			銷售塑膠模具產品
		1,000股
Titron Precision Limited	Hong Kong	1,000 ordinary shares	–	100%	Investment holding
		totalling HK$1,000
德隆精密有限公司	香港	合共1,000港元之普通股			投資控股
		1,000股

AMCO UNITED HOLDING LIMITED Annual Report 2019

186

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

31. INTERESTS IN SUBSIDIARIES (continued)

31. 於附屬公司之權益 （續）

The above table lists out the subsidiaries of the Company as at 31 December 2019 which, in the opinion of the Directors, principally affected the Group’s results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the Directors, result in particulars of excessive length.

上表列載於二零一九年十二月三十一日董 事認為主要影響本集團本年度業績或構成 本集團資產淨值重大部分之本公司附屬公 司。董事認為，若列出其他附屬公司之詳情 將導致篇幅過於冗長。

None of the subsidiaries had issued any debt securities at the end of the year.

年末，概無附屬公司發行任何債務證券。

32. RELATED PARTY TRANSACTIONS

Compensation of key management personnel

The remuneration of Directors and other members of key management during the year was as follows:

32. 關連人士交易

主要管理人員之報酬

董事及其他主要管理層成員於年內之薪酬 如下：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Salaries and short-term employee benefits 薪金及短期僱員福利 Post-employment benefits 離職後福利	8,522	8,527 120
	120
		8,647
	8,642

雋泰控股有限公司 2019 年報

187

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

33. CASH FLOW INFORMATION

(a) Reconciliation of liabilities arising from financing activities

The table below details changes in the Group’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated statement of cash flows from financing activities.

33. 現金流量資料

(a) 融資活動產生之負債之對賬

下表詳列本集團融資活動產生之負債 變動，包括現金及非現金變動。融資 活動產生之負債指現金流量已經或未 來現金流量將於綜合現金流量表中分 類為融資活動現金流量的負債。

	Bond payables Lease liabilities Total HK$’000 HK$’000 HK$’000 應付債券 租賃負債 總計 千港元 千港元 千港元
Balance as at 1 January 2018 於二零一八年一月一日之結餘 Financing cash flows 融資現金流量 – Proceeds from issue of bonds －發行債券之所得款項 Other non-cash changes (Note) 其他非現金變動（附註） Balance as at 31 December 2018 於二零一八年十二月三十一日之結餘 Recognition upon initial application of HKFRS 16 (Note 3(d)) 首次應用香港財務報告準則第16號 時之確認（附註3(d)） Adjusted balance as at 1 January 2019 於二零一九年一月一日之經調整 結餘 Financing cash flows 融資現金流量 – Interest paid －已付利息 – Repayment of lease liabilities －償還租賃負債 New leases 新租賃 Other non-cash changes (Note) 其他非現金變動（附註） Balance as at 31 December 2019 於二零一九年十二月三十一日之結餘	– – – 30,000 – 30,000 666 – 666
	30,666 – 30,666
	– 657 657
	30,666 657 31,323
	(3,000) (77) (3,077)
	– (828) (828)
	– 2,249 2,249
	3,000 77 3,077
	30,666 2,078 32,744

Note: Other non-cash changes represented interest accruals.

附註：其他非現金變動指應計利息。

AMCO UNITED HOLDING LIMITED Annual Report 2019

188

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

33. CASH FLOW INFORMATION (continued)

(b) Total cash outflow for leases

33. 現金流量資料 （續）

(b) 租賃之現金流出總額

The total cash outflow for leases, including leases of right-of-use assets, short-term leases and lease of low-value asset, for the year ended 31 December 2019 was approximately HK$1,565,000.

截至二零一九年十二月三十一日止年 度，包括使用權資產租賃、短期租賃 及低價值資產租賃的租賃之現金流出 總額約為1,565,000港元。

34. COMMITMENTS

(a) Capital commitments

34. 承擔

(a) 資本承擔

The Group did not have any outstanding capital commitments as at 31 December 2019 and 2018.

於二零一九年及二零一八年十二月 三十一日，本集團並無任何尚未償還 資本承擔。

(b) Operating leases – lessee

The Group had the following total future minimum lease payments under non-cancellable operating leases as at 31 December 2018:

(b) 經營租賃－承租人

於二零一八年十二月三十一日，本集 團不可撤銷經營租賃項下之未來最低 租賃付款總額如下：

	HK$’000 千港元
Not later than one year 一年內 Later than one year but not later than five years 一年後但五年內	1,710 468
	2,178

Operating lease payments represent rentals payable by the Group for certain of its rented premises. The leases are negotiated for terms ranging from one to three years. None of the leases include contingent rentals.

經營租賃付款指本集團就其若干租賃 物業應付之租金。經磋商租賃之租期 為一至三年。該等租賃並不包括或然 租金。

35. CONTINGENT LIABILITIES

35. 或然負債

The Group had no material contingent liabilities as at 31 December 2019 and 2018.

於二零一九年及二零一八年十二月三十一 日，本集團概無重大或然負債。

雋泰控股有限公司 2019 年報 189

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

36. SUMMARY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY

36. 按類別劃分之財務資產及財 務負債概要

The following table shows the carrying amount and fair value of the Group’s financial assets and financial liabilities:

下表列示本集團財務資產及財務負債之 賬面值及公允價值：

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Financial assets: 財務資產： Financial assets at FVTPL 透過損益按公允價值列賬之財務資產 – Held-for-trading investments －持作買賣投資 Financial assets at amortised cost 按攤銷成本列賬之財務資產 – Trade and other receivables －貿易及其他應收款項 – Cash and cash equivalents －現金及現金等價物 Financial liabilities: 財務負債： Financial liabilities at amortised cost 按攤銷成本列賬之財務負債 – Trade and other payables －貿易及其他應付款項 – Bond payables －應付債券 Lease liabilities 租賃負債		25,218 174,513 18,300
	14,277
	159,487
	12,288
		218,031
	186,052
		66,050 30,666 –
	53,164
	30,666
	2,078
		96,716
	85,908

Fair value measurement

公允價值計量

Financial instruments not measured at fair value

並非按公允價值計量之財務工具

Except for held-for-trading investments, all of the Group’s financial instruments are not measured at their fair values. The Directors consider that the carrying amounts of the Group’s financial instruments measured at amortised costs approximate to their fair values.

除持作買賣投資外，本集團所有財務工具 均非按公允價值計量。董事認為本集團按 攤銷成本計量之財務工具之賬面值與其公 允價值相若。

AMCO UNITED HOLDING LIMITED Annual Report 2019

190

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

36. SUMMARY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY

36. 按類別劃分之財務資產及財 務負債概要 （續）

(continued)

Fair value measurement (continued)

Financial instruments that are measured at fair value on a recurring basis

公允價值計量 （續）

按經常性基準以公允價值計量之財 務工具

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, categorised into the three-level fair value hierarchy. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows:

下表提供初步確認後以公允價值計量之財 務工具分析，歸類至三層公允價值層級。公 允價值計量歸類之層級經參考估值技術中 使用之輸入值之可觀察性及重要性釐定如 下：

• Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that can access at the measurement date;

• 第一層輸入數據為於計量日期可取得 之相同資產或負債於活躍市場之未調 整報價；

• Level 2 inputs are inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly or indirectly; and

• 第二層輸入數據為資產或負債直接或 間接地可觀察之輸入數據（第一層內 包括之報價除外）；及

• Level 3 inputs are unobservable inputs for the asset or liability.

• 第三層輸入數據為資產或負債之不可 觀察輸入數據。

The financial asset measured at fair value in the consolidated statement of financial position as at 31 December are grouped into the fair value hierarchy as follows:

於十二月三十一日之綜合財務狀況表內按 公允價值計量之財務資產之公允價值層級 分類情況如下：

	Level 1 第一層 2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	Level 1 第一層 2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Held-for-trading investments 持作買賣投資	14,277	25,218

雋泰控股有限公司 2019 年報 191

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

36. SUMMARY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES BY CATEGORY

36. 按類別劃分之財務資產及財 務負債概要 （續）

(continued)

Fair value measurement (continued)

Financial instruments that are measured at fair value on a recurring basis (continued)

Held-for-trading investments were investments in equity securities listed in Hong Kong, for which the fair values were determined with reference to quoted bid prices in an active market.

All of the Group’s fair value measurements were revalued at the end of the reporting period.

There were no transfers of financial instruments between levels in the hierarchy for the years ended 31 December 2019 and 2018.

37. FINANCIAL RISK MANAGEMENT

Exposure to credit, liquidity, interest rate and currency risks arises in the normal course of the Group’s business. The Group is also exposed to equity price risk arising from movements in its own equity share price and its investment in equity securities.

The main risks arising from the Group’s financial instruments in the normal course of the Group’s business are credit risk, liquidity risk, interest rate risk, currency risk and price risk.

Financial risk management is coordinated at the Group’s headquarter, in close co-operation with the Board. The overall objectives in managing financial risks focus on securing the Group’s short to medium term cash flows by minimising its exposure to financial markets.

公允價值計量 （續）

按經常性基準以公允價值計量之財 務工具 （續）

持作買賣投資乃於香港上市之股本證券之 投資，其公允價值乃參照於活躍市場之報 價釐定。

本集團所有公允價值計量均於報告期末重 估。

截至二零一九年及二零一八年十二月 三十一日止年度，各層級財務工具間並無 轉撥。

37. 財務風險管理

本集團承受之信貸、流動資金、利率及貨幣 風險乃於正常業務過程之中產生。本集團 亦承受因其本身之股價變動及其於股本證 券之投資而產生之股價風險。

於本集團之正常業務過程中因本集團財務 工具而產生之主要風險為信貸風險、流動 資金風險、利率風險、貨幣風險及價格風險。

本集團總部與董事會密切合作，協調財務 風險管理工作。管理財務風險之整體目標 集中於透過盡量減低其於金融市場之風險 承擔，保障本集團之中短期現金流量。

AMCO UNITED HOLDING LIMITED 192 Annual Report 2019

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

37. FINANCIAL RISK MANAGEMENT (continued)

37. 財務風險管理 （續）

These risks are limited by the Group’s financial management policies and practices described below.

該等風險乃受下文所載本集團之財務管理 政策及慣例限制。

(i) Credit risk

(i) 信貸風險

The Group’s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements is the gross carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position. The Group’s credit risk is primarily attributable to its trade and other receivables. Management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis.

本集團不計及任何所持抵押或其他信 貸增強之最高信貸風險乃綜合財務狀 況表內各已確認財務資產之總賬面值。 本集團之信貸風險主要歸因於其貿易 及其他應收款項。管理層設有既定之 信貸政策，並持續監察所承受之信貸 風險。

In respect of trade and other receivables, individual credit evaluations are performed on all customers requiring credit over a certain amount. These evaluations focus on the customer’s past history of making payments when due and current ability to pay, and take into account information specific to the customers as well as pertaining to the economic environment in which the customers operate. Trade receivables are due within 30 days from the date of billing. Debtors with balances that are more than 6 months past due are requested to settle all outstanding balances before any further credit is granted. Normally, the Group does not obtain collateral from customers, except for new customers, where payment in advance is normally required.

就貿易及其他應收款項而言，所有要 求超出信貸限額之客戶均須進行個別 信貸評估。該等評估集中於客戶過往 於到期時還款之記錄，以及現時還款 之能力，並會考慮客戶特定之賬戶資 料及參考客戶經營所處之經濟環境。 貿易應收款項自發票日期起計30日內 到期。結餘逾期六個月以上之債務人 於獲授任何進一步信貸前須清償所有 尚未償還結餘。一般而言，本集團不 會向客戶收取抵押品，惟新客戶一般 需要預付款項。

雋泰控股有限公司 2019 年報

193

For the year ended 31 December 2019 於二零一九年十二月三十一日

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

37. FINANCIAL RISK MANAGEMENT (continued)

(i) Credit risk (continued)

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The default risk of the industry and country in which customers operate also has an influence on credit risk but to a lesser extent. At the end of the reporting period, the Group has a certain concentration of credit risk as 31% (2018: 52%) and 89% (2018: 89%) of the total gross trade receivables was due from the Group’s largest customer and the five largest customers respectively.

Further quantitative disclosures in respect of the Group’s exposure to credit risk arising from trade and other receivables are set out in Note 20.

(ii) Liquidity risk

The Group’s policy is to regularly monitor its liquidity requirements and its compliance with lending covenants, to ensure that it maintains sufficient reserves of cash and readily realisable marketable securities and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term.

37. 財務風險管理 （續）

(i) 信貸風險 （續）

本集團所面臨之信貸風險主要受各客 戶個別特性所影響。客戶所經營行業 及經營所在國家之拖欠風險亦對信貸 風險有所影響，惟影響較小。於報告 期末，本集團有若干集中信貸風險， 應收本集團最大客戶及五大客戶之款 項分別佔貿易應收款項總額之31%（二 零一八年：52% ）及89%（二零一八 年：89% ）。

有關本集團承受因貿易及其他應收款 項而產生之信貸風險之進一步定量披 露資料載於附註20。

(ii) 流動資金風險

本集團之政策乃定期監察其流動資金 需求及其遵守放貸契約之情況，以確 保其維持充足之現金儲備及可隨時變 現之可銷售證券，以及自主要財務機 構獲得充足資金承諾，以應付其短期 及較長期流動資金需求。

AMCO UNITED HOLDING LIMITED Annual Report 2019

194

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

37. FINANCIAL RISK MANAGEMENT (continued)

(ii) Liquidity risk (continued)

The following tables show the remaining contractual maturities at the end of the reporting period of the Group’s financial liabilities, based on undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on current rates at the reporting date) and the earliest date the Group can be required to pay.

37. 財務風險管理 （續）

(ii) 流動資金風險 （續）

下表顯示於報告期末本集團之財務負 債之餘下合約到期日，乃根據未貼現 現金流量（包括採用合約利率計算之 利息付款，或倘為浮動利率，則根據 於報告日期之當前利率計算）及要求 本集團還款之最早日期而得出。

As at 31 December 2019

於二零一九年十二月三十一日

	Carrying amount Total contractual undiscounted cash flows Within 1 year or on demand More than 1 year but less than 2 years More than 2 years but less than 5 years HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 賬面值 合約未貼現 現金流量總額 一年內或 按要求 一年後 但兩年內 兩年後 但五年內 千港元 千港元 千港元 千港元 千港元
Non-derivative financial liabilities 非衍生財務負債 Trade and other payables 貿易及其他應付款項 Bond payables 應付債券 Lease liabilities 租賃負債
	53,164 53,164 53,164 – –
	30,666 36,000 3,000 33,000 –
	2,078 2,154 1,419 735 –
	85,908 91,318 57,583 33,735 –

As at 31 December 2018

於二零一八年十二月三十一日

	Carrying amount Total contractual undiscounted cash flows Within 1 year or on demand More than 1 year but less than 2 years More than 2 years but less than 5 years HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 賬面值 合約未貼現 現金流量總額 一年內或 按要求 一年後 但兩年內 兩年後 但五年內 千港元 千港元 千港元 千港元 千港元
Non-derivative financial liabilities 非衍生財務負債 Trade and other payables 貿易及其他應付款項 Bond payables 應付債券	66,050 66,050 66,050 – – 30,666 39,000 3,000 3,000 33,000
	96,716 105,050 69,050 3,000 33,000

雋泰控股有限公司 2019 年報

195

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

37. FINANCIAL RISK MANAGEMENT (continued)

(iii) Cash flow and fair value interest rate risk

37. 財務風險管理 （續）

(iii) 現金流量及公允價值利率風 險

Interest rate risk related to the risk that the fair value or cash flows of a financial instrument will fluctuate because of changes in market interest rate.

利率風險為財務工具之公允價值或現 金流量因市場利率變動而波動之風險。

The Group’s exposure to interest rate risk mainly arises from bank deposits which earn interests at floating rates. At 31 December 2019 and 2018, the Group did not have any interest-bearing liabilities at floating rates. The Group has not used any derivative contracts to hedge its exposure to interest rate risk. The Group has not formulated a policy to manage the interest rate risk. The Directors considered that the Group’s exposure to interest rate risk is not significant.

本集團承受之利率風險主要來自於 按浮息賺取利息之銀行存款。於二零 一九年及二零一八年十二月三十一日， 本集團並無任何浮動利率計息負債。 本集團並無使用任何衍生工具合約對 沖利率風險。本集團並無制定管理利 率風險之政策。董事認為本集團承受 之利率風險並不重大。

(iv) Currency risk

The Group mainly operates in Hong Kong. The functional currency of the Company and most of its subsidiaries is HK$. The Group is exposed to currency risk primarily through sales that are denominated primarily in United States Dollars (“US$”) for the years ended 31 December 2019 and 2018. Both US$ and RMB are currencies other than the functional currencies of the operations to which they related.

(iv) 貨幣風險

本集團主要於香港經營。本公司及其 大多數附屬公司之功能貨幣為港元。 於截至二零一九年及二零一八年十二 月三十一日止年度，本集團之貨幣風 險主要來源於主要以美元（「美元」） 計值之銷售。美元及人民幣均為相關 業務之功能貨幣以外之貨幣。

	US$ RMB 美元 人民幣 2019 2018 2019 2018 HK$’000 HK$’000 HK$’000 HK$’000 二零一九年 二零一八年 二零一九年 二零一八年 千港元 千港元 千港元 千港元	US$ RMB 美元 人民幣 2019 2018 2019 2018 HK$’000 HK$’000 HK$’000 HK$’000 二零一九年 二零一八年 二零一九年 二零一八年 千港元 千港元 千港元 千港元	US$ RMB 美元 人民幣 2019 2018 2019 2018 HK$’000 HK$’000 HK$’000 HK$’000 二零一九年 二零一八年 二零一九年 二零一八年 千港元 千港元 千港元 千港元	US$ RMB 美元 人民幣 2019 2018 2019 2018 HK$’000 HK$’000 HK$’000 HK$’000 二零一九年 二零一八年 二零一九年 二零一八年 千港元 千港元 千港元 千港元
Trade and other receivables 貿易及其他應收款項 Cash and cash equivalents 現金及現金等價物 Trade and other payables 貿易及其他應付款項 Overall net exposure 整體承擔風險淨額	419	626	–	– 375 (144)
	155	8,566	40
	(71)	(800)	(353)
				231
	503	8,392	(313)

AMCO UNITED HOLDING LIMITED Annual Report 2019

196

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

37. FINANCIAL RISK MANAGEMENT (continued)

(iv) Currency risk (continued)

As HK$ is pegged to the US$, the Group does not have material exchange rate risk on such currency. As at 31 December 2019 and 2018, the net exposure of assets and liabilities to RMB is considered as minimal due to the insignificance in amount. Accordingly, the Directors consider that no sensitivity analysis is required.

37. 財務風險管理 （續）

(iv) 貨幣風險 （續）

由於港元與美元掛鈎，因此本集團並 無承擔該貨幣之重大匯率風險。於二 零一九年及二零一八年十二月三十一 日，與人民幣相關之資產及負債風險 淨額由於人民幣數額不大而被視為 微小。因此，董事認為敏感度分析屬 不必要。

(v) Price risk

(v) 價格風險

The Group’s held-for-trading investments are measured at fair value at the end of each reporting period. Therefore, the Group is exposed to equity security price risk. The Directors manage this exposure by maintaining a portfolio of investments with different risk profiles.

本集團之持作買賣投資按各報告期末 之公允價值計量。因此，本集團面臨 股本證券價格風險。董事透過維持不 同風險水平的投資組合管理該風險。

The Group’s loss after tax for the year would decrease/ increase as a result of gains/losses on change in fair value of held-for-trading investments recognised in profit or loss.

本集團年內除稅後虧損將因損益內確 認的持作買賣投資公允價值變動收益╱ 虧損而減少╱增加。

At 31 December 2019, if the share prices of the investments increase/decrease by 5%, the Group’s loss after tax for the year would have been approximately HK$714,000 (2018: HK$1,261,000) lower/higher, arising as a result of the fair value gain/loss of the investments.

於二零一九年十二月三十一日，倘投 資股價上升╱下跌5%，本集團年內 除稅後虧損將因投資之公允價值收 益╱虧損而減少╱增加約714,000港元 （二零一八年：1,261,000港元）。

雋泰控股有限公司 2019 年報 197

For the year ended 31 December 2019 於二零一九年十二月三十一日

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

38. CAPITAL RISK MANAGEMENT

38. 資本風險管理

The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for Shareholders and benefits for other stakeholders.

本集團管理資本旨在保障本集團之持續經 營能力，從而能夠繼續為股東提供回報並 為其他利益相關者帶來利益。

The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher Shareholders’ returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions.

本集團積極及定期檢討及管理其資本架構， 藉以在較高借貸水平可能帶來之較高股東 回報與取得充裕資金狀況所帶來之裨益及 保障之間維持平衡，並就經濟狀況之轉變 對資本架構進行調整。

The Group monitors its capital structure on the basis of a net debtto-adjusted capital ratio. For this purpose the Group defines net debts as total interest-bearing liabilities comprising bond payables and lease liabilities as disclosed in Notes 23 and 25 respectively, less cash and cash equivalents. Adjusted capital comprises all components of share capital and reserves as disclosed in Note 26 and the consolidated statement of changes in equity respectively.

本集團基於淨債務對調整後資本比率監察 其資本結構。就此而言本集團界定淨債務 為包括附註23及25披露之應付債券及租賃 負債之總計息負債減現金及現金等價物。 經調整資本包括附註26以及綜合權益變動 表所披露之股本及儲備之所有部分。

	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元	2019 2018 HK$’000 HK$’000 二零一九年 二零一八年 千港元 千港元
Bond payables 應付債券 Lease liabilities 租賃負債 Less: Cash and cash equivalents 減：現金及現金等價物 Net debt 淨債務 Adjusted capital 經調整資本 Net debt-to-adjusted capital ratio 淨債務對調整後資本比率	30,666	30,666 – (18,300)
	2,078
	(12,288)
		12,366
	20,456
		135,835
	106,287
		9%
	19%

AMCO UNITED HOLDING LIMITED Annual Report 2019

198

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

For the year ended 31 December 2019 於二零一九年十二月三十一日

39. EVENTS AFTER THE REPORTING PERIOD

39. 報告期後事項

There is no significant event after the end of the reporting period of the Group.

本集團於報告期末後並無重大事項。

40. APPROVAL OF FINANCIAL STATEMENTS

40. 批准財務報表

The financial statements were approved and authorised for issue by the Board of Directors on 30 March 2020.

本財務報表已於二零二零年三月三十日獲 董事會批准及授權刊發。

雋泰控股有限公司 2019 年報

199

Financial Summary 財務概要

1. RESULTS

1. 業績

For the year ended 31 December 截至十二月三十一日止年度

	For the year ended 31 December 截至十二月三十一日止年度	For the year ended 31 December 截至十二月三十一日止年度
	2019 2018 2017 2016 2015 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 二零一九年 二零一八年 二零一七年 二零一六年 二零一五年 千港元 千港元 千港元 千港元 千港元
Revenue from continuing operations 來自持續經營業務之 收入 Loss before income tax from continuing operations 來自持續經營業務 之除所得稅前虧損 Income tax credit/(expenses) from continuing operations 來自持續經營業務之 所得稅抵免╱（開支） Loss for the year from discontinued operations 來自已終止經營業務之 年度虧損 Loss for the year attributable to owners of the Company 本公司擁有人應佔 年度虧損	67,707	112,279 87,932 98,400 71,845
		(26,773) (147,906) (18,370) (16,867) 21 47 426 (235) – (71) (465) (1,504)
	(34,801)
	255
	–
		(26,752) (147,930) (18,409) (18,606)
	(34,546)

2. ASSETS AND LIABILITIES

2. 資產及負債

2. ASSETS AND LIABILITIES	2.資產及負債	2.資產及負債
	At 31 December 於十二月三十一日
	2019 2018 2017 2016 2015 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 二零一九年 二零一八年 二零一七年 二零一六年 二零一五年 千港元 千港元 千港元 千港元 千港元
Assets 資產 Property, plant and equipment 物業、廠房及設備 Goodwill 商譽 Intangible assets 無形資產 Available-for-sale financial asset 可供出售財務資產 Other assets 其他資產 Total assets 總資產 Liabilities 負債 Current liabilities 流動負債 Non-current liabilities 非流動負債 Total liabilities 總負債 Equity attributable to owners of the Company 本公司擁有人應佔權益		919 2,087 2,652 65,703 6,379 10,196 10,196 957 5,016 5,056 5,297 2,584 – – 15,300 – 221,779 210,872 300,559 205,322
	2,194
	–
	3,470
	–
	187,153
		234,093 228,211 334,004 274,566
	192,817
		66,765 61,694 30,288 30,442 31,493 834 874 354
	54,568
	31,962
		98,258 62,528 31,162 30,796
	86,530
		135,835 165,683 302,842 243,770
	106,287

AMCO UNITED HOLDING LIMITED 200 Annual Report 2019

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