IGG Inc — Annual Report 2015

Jul 10, 2015

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CONTENTS 目錄

CORPORATE INFORMATION	公司資料	2
CHAIRMAN’S STATEMENT AND MANAGEMENT	主席報告及管理層討論及分析	3-8
DISCUSSION AND ANALYSIS
DIRECTORS AND SENIOR MANAGEMENT	董事及高級管理層	9-11
CORPORATE GOVERNANCE REPORT	企業管治報告	12-31
DIRECTORS’ REPORT	董事會報告	32-44
INDEPENDENT AUDITOR’S REPORT	獨立核數師報告	45-47
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND	綜合損益及其他全面收益表	48-49
OTHER COMPREHENSIVE INCOME
CONSOLIDATED STATEMENT OF FINANCIAL POSITION	綜合財務狀況表	50-51
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	綜合權益變動表	52-53
CONSOLIDATED STATEMENT OF CASH FLOWS	綜合現金流量表	54-55
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	綜合財務報表附註	56-143
FINANCIAL SUMMARY	財務摘要	144

二零一五年年報 Annual Report 2015

1

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS	Dr. Yeung Ming Biu_(Chairman)_	董事會	楊明標博士（主席）
	Mr. Yeung Him Kit, Dennis		楊衍傑先生
	(Deputy Chairman and		（副主席兼董事總經理）
	Managing Director)
	Mr. Fung Kwong Yiu		馮廣耀先生
	(Executive Director)		（執行董事）
	Madam Yeung Man Yee, Shirley		楊敏儀女士
	(Executive Director)		（執行董事）
	Mr. Lam Hing Lun, Alain		林慶麟先生
	(Finance Director)		（財務董事）
	Mr. Choi Kwok Yum		蔡國欽先生
	(Executive Director)		（執行董事）
	Dr. Sun Ping Hsu, Samson		孫秉樞博士
	(Independent Non-executive		（獨立非執行董事）
	Director)
	Dr. Li Sau Hung, Eddy		李秀恒博士
	(Independent Non-executive		（獨立非執行董事）
	Director)
	Mr. Choi Man Chau, Michael		蔡文洲先生
	(Independent Non-executive		（獨立非執行董事）
	Director)
COMPANY SECRETARY	Mr. Lam Hing Lun, Alain	公司秘書	林慶麟先生
PRINCIPAL BANKERS	Hang Seng Bank Limited	主要往來銀行	恒生銀行有限公司
	Bank of China (Hong Kong)		中國銀行（香港）有限公司
	Limited
	Standard Chartered Bank		渣打銀行（香港）有限公司
	(Hong Kong) Limited
AUDITOR	Deloitte Touche Tohmatsu	核數師	德勤‧ 關黃陳方會計師行
	Certified Public Accountants		執業會計師
HONG KONG BRANCH	Tricor Secretaries Limited	股份過戶	卓佳秘書商務有限公司
SHARE REGISTRARS	Level 22	登記處	香港
	Hopewell centre	香港分處	皇后大道東183號
	183 Queen’s Road East		合和中心
	Hong Kong		22樓
HONG KONG LEGAL	Jennifer Cheung & Co	香港法律顧問	張美霞律師行
ADVISER
BERMUDA LEGAL	Conyers, Dill & Pearman	百慕達法律	Conyers, Dill & Pearman
ADVISER		顧問
REGISTERED OFFICE	Clarendon House	註冊辦事處	Clarendon House
	Church Street		Church Street
	Hamilton HM 11		Hamilton HM 11
	Bermuda		Bermuda
PRINCIPAL PLACE OF	Room 312-8	主要營業地點	香港
BUSINESS	China Insurance Group Building		中環
	141 Des Voeux Road Central		德輔道中141號
	Central		中保集團大廈
	Hong Kong		312-8室

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東方表行集團有限公司 Oriental Watch Holdings Limited

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告及管理層討論及分析

MANAGEMENT DISCUSSION AND ANALYSIS

Group Results

On behalf of the Board of Directors (the “Board”) of Oriental Watch Holdings Limited (the “Company”) and its subsidiaries (collectively, the “Group”), I hereby present the audited consolidated results of the Group for the year ended 31st March, 2015 (the “Year”).

Given the slowing growth of the Chinese economy and the overall slackening landscapes in luxury sector, turnover for the year ended 31st March, 2015 declined significantly by 11% to HK$3,109 million (2014: HK$3,477 million). Gross profit dropped by 15% to HK$519 million (2014: HK$612 million) whilst gross profit margin dropped to 16.7% from 17.6% last year. Net profit attributable to owners of the Company was HK$5 million, representing a decrease of 78% from the previous corresponding year (2014: HK$21 million). The significant decline in both the Group’s revenue and net profit was mainly attributable to: (1) the discerning and changing preferences and attitudes for luxury goods and (2) the rising fierce competition amongst luxury retailers.

The Board has resolved to recommend a final dividend of 0.25 HK cents per share for the year ended 31st March, 2015 (2014: 0.25 HK cents). The final dividend together with the special dividend of 0.5 HK cents per share (2014: 0.75 HK cents), represented a dividend payout of approximately 95% for the year ended 31st March, 2015 (2014: 28%).

管理層討論及分析

集團業績

本人謹代表東方表行集團有限公司（「本公 司」）及其附屬公司（統稱「本集團」）之董事 會（「董事會」）提呈本集團截至二零一五年 三月三十一日止年度（「本年度」）之經審核 綜合業績。

由於中國經濟增長放慢及奢侈品行業整 體發展遲緩，故截至二零一五年三月 三十一日止年度之營業額大幅下跌 11% 至 3,109,000,000 港元（二零一四年： 3,477,000,000 港元）。毛利下跌 15% 至 519,000,000 港元（二零一四年： 612,000,000 港元），而毛利率由去年 之 17.6% 下跌至 16.7%。本公司擁有人 應佔純利為 5,000,000 港元（二零一四 年：21,000,000 港元），較去年同期減少 78%。本集團收益及純利均大幅倒退，乃 主要由於：(1) 對奢侈品之喜好及態度有所 轉變，偏向審慎；及 (2) 奢侈品零售商間之 競爭愈趨激烈所致。

董事會已議決建議派發截至二零一五年三 月三十一日止年度末期股息每股 0.25 港仙 （二零一四年：0.25 港仙）。末期股息連同 特別股息每股 0.5 港仙（二零一四年：0.75 港仙），將相當於截至二零一五年三月 三十一日止年度派息率約 95%（二零一四 年：28%）。

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二零一五年年報 Annual Report 2015

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告及管理層討論及分析

Business Review

業務回顧

As at 31st March, 2015, the Group operates 87 retail and wholesale points (including associate retail stores) in the Greater China region. Breakdown by geographic region is as follows:

於二零一五年三月三十一日，本集團於大 中華地區經營 87 個零售及批發點（包括聯 營零售店），按地區分析如下：

Hong Kong 香港 Macau 澳門 China 中國 Taiwan 台灣 Total 總計	As at 31st March, 2015
	於二零一五年 三月三十一日
	13
	3
	68
	3
	87

China’s economic growth softened in 2014 amid the structural transformation of the economy. The country’s real gross domestic product (“GDP”) growth slipped below 7.5% in 2014, missing the GDP growth target for the first time since 1998 and downshifting to the slowest rate of growth since 1990. In spite of such, according to Bain & Company, China has experienced the first downturn in luxury retail market after the strong growth rates occurring in previous years. Apart from the overall flagging economic growth, the chilling effects on the luxury market were mainly due in part to the consumer’s changing preferences against luxury items and the growing tendency of online purchasing and shopping aboard. Meanwhile, the controlling policy for the booming influx of Chinese tourists from Hong Kong Government and the rising social tensions and conflicts between Hong Kong and mainland China have also further dragged Hong Kong’s sluggish luxury sector. According to Hong Kong’s Census and Statistics Department, the value of sales of jewelry, watches and clocks, and valuable gifts in Hong Kong recorded a year-on-year 13.7% decrease in 2014, and a 15.9% decrease in the first two months of 2015 compared with the same period last year. Oriental Watch, as one of the major luxury watch distributors in Greater China, was inevitably affected by the sluggish market sentiment. Yet, acknowledging the on-going economic instability and the above unfavourable factors, Oriental Watch has been committed to strengthen its cost control management, reinforce its internal assessment and improve its stores efficiency during the year, in order to maintain a stable workforce and financial position during times of uncertainty.

在經濟結構轉型下，二零一四年中國經濟 增長疲軟。實質國內生產總值（「國內生 產總值」）之增長於二零一四年下滑至低於 7.5%，乃自一九九八年起首次無法達成 國內生產總值增長目標，且增長率更下降 至一九九零年以來之新低。儘管如此，根 據貝恩策略顧問公司，此乃中國奢侈品零 售市場在過往年度錄得強勁增長率後，首 次出現衰退。除整體經濟增長放緩外，消 費者對奢侈品之喜好轉變，以及網上購物 及海外購物愈趨盛行，均對奢侈品市場構 成消極影響。與此同時，香港政府收緊政 策避免大量中國旅客湧港消費，加上香港 與中國內地之間之社會矛盾及衝突頻生， 亦進一步拖累香港奢侈品行業。根據香港 政府統計處，香港珠寶、鐘錶及名貴禮物 之銷售價值於二零一四年錄得按年下跌 13.7%，而於二零一五年首兩個月則較去 年同期下跌 15.9%。作為大中華地區主要 名貴鐘錶分銷商，東方表行無可避免受市 場疲弱氣氛所影響。然而，東方表行確認 經濟持續不穩定因素及上述不利因素後， 於年內一直致力加強其成本控制管理、鞏 固其內部評估及改善店舖效益，以在經濟 動盪之時期維持穩定之人力資源及財務狀 況。

東方表行集團有限公司 Oriental Watch Holdings Limited

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CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告及管理層討論及分析

Notwithstanding the descending customer traffic and the diminishing consumption in the overall retail market, the dip in retail sales growth has yet to forced property owners to slim down the shop rental during the year, and thus the high rental cost has further posed major challenges to retailers. The Group’s aggregate rental costs (excluding related property management fees) for the year ended 31st March, 2015 slightly decreased by approximately 0.4% to 224 million, accounting 39% of the Group’s overall operating expenses. To minimize the cost burden and optimize the operating efficiency, the Group has been concentrating on stores’ performance assessments to create best practices in managing rental expenditure. By closing down nonperforming retail stores on their lease expiry, resources could be better allocated in fine-tuning our existing retail network. Furthermore, considering the fragile economic outlook, the pace of rent increase in Hong Kong has slowed down in the last three months. This positive sign suggests a perfect juncture for the Group to negotiate for a reasonable rental rate. We believe that with such quick reaction toward the stringent cost control measures, the Group can effectively lower its margin squeeze pressure, as well as improve its store profitability and productivity.

A stringent inventory management always plays a momentous and decisive role in the Group’s cash flow level. During the year, the Group underwent proactive adjustment and optimization to the inventory mix. Following with the effective inventory management policy from last year, such as purchasing stocks only when the existing inventory depleted to a pre-agreed level, cautiously monitoring the replenishment rate of high-ticket items, and encouraging front-line staffs in pushing sales through selective and strategic discounting policies. As at 31st March, 2015, the Group’s overall inventory level slightly decreased. In the coming year, the Group will continue remain disciplined in controlling inventory levels to further maintain the Group’s cash position for sustainable business development in the future.

儘管客戶流量下降及整體零售市場消費削 弱，惟年內零售銷售增長下跌並未致使業 主調低店舖租金，因此，租金成本高昂更 令零售商面臨重大挑戰。本集團截至二零 一五年三月三十一日止年度之租金成本總 額（不包括物業管理費用）輕微減少約 0.4% 至 224,000,000 港元，佔本集團整體營運 開支之 39%。為緩和成本壓力及優化營運 效益，本集團著重於店舖表現評估，以在 管理租金開支方面達致最佳標準。透過於 租賃屆滿時關閉表現欠佳之零售店舖，本 集團可更有效分配資源以改善現有零售網 絡。此外，經濟前景疲弱，導致過往三個 月香港租金增幅放緩。此跡象可能屬本集 團商討爭取合理租金水平之良機。本集團 相信，憑藉迅速落實有關審慎控制成本措 施，本集團可有效降低其利潤減少帶來之 壓力，同時改善其店舖之盈利能力及生產 力。

嚴格存貨監控一直於維持本集團之現金流 量水平方面擔當重要及決定性角色。於本 年度，本集團積極對存貨組合進行調整及 優化。本集團沿用去年實施之有效存貨管 理政策，包括僅於現有存貨消耗至預訂水 平時購置存貨、審慎監察高價產品之補給 率，並鼓勵前線員工致力透過選擇性及戰 略性折扣政策進行促銷。於二零一五年三 月三十一日，本集團之整體存貨水平輕微 下跌。於來年，本集團將繼續嚴格監控存 貨水平，以為未來可持續業務發展進一步 穩定本集團之現金狀況。

二零一五年年報 Annual Report 2015

5

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告及管理層討論及分析

In addition, the Group’s balance sheet was further strengthened by the disposal of asset during the Year, with the gain on disposal on an office premises amounting to HK$17 million. To reveal the potential value of the Group’s assets, Oriental Watch is vigilantly assessing the market and may consider divesting its shops assets at favourable prices.

According to the latest statistics from the Federation of the Swiss Watch Industry, Hong Kong and China’s overall Swiss watch exports value registered a year-on-year 13.8% decline and 2.4% decline in March 2015 respectively, which implied a difficult period ahead. Looking into the future, the Group expects that the trend of luxury retail market, especially in the watch industry, is likely to continue to deteriorate on back of the changing consumption preference towards experiential luxury items, the more “conservative” consumption pattern on luxury goods for local customers, and the growing tendency in online purchase and shopping aboard. Against the backdrop of a relatively weak macroeconomic conditions and erratic retail environment, together with our extensive experiences and knowledge of the watch industry, we will make our best endeavours to maintain the stability of our business development and strengthen our core competitiveness. We will strive to adopt continuous prudential measure with our stringent inventory management and resources optimisation strategies, as well as to elevate the productivity of existing stores and improve our financial strength. We promise Oriental Watch will persistently seize every opportunity to ensure the best interests of shareholders.

On behalf of the Group, we thank our customers, suppliers, staff and shareholders for their contribution, loyalty and continued support.

此外，由於本年度出售資產，連同出售辦 公室物業之收益 17,000,000 港元，故本集 團之資產負債表得以進一步加強。為反映 本集團資產之潛在價值，東方表行現正謹 慎審視市場，並可能考慮以有利價格出售 其店舖資產。

根據瑞士鐘錶工業聯合會之數據，香港及 中國整體瑞士手錶出口價值分別按年下降 13.8% 及於二零一五年三月下降 2.4%， 意味著未來將會是一段困難時期。展望未 來，本集團預期，奢侈品零售市場趨勢， 尤其是鐘錶業，在消費喜好轉向體驗式奢 侈品、本地消費者對奢侈品較為「保守」之 消費模式，以及網上購物及海外購物愈趨 盛行之環境下，可能會持續倒退。在宏觀 市況相對疲弱、零售環境不穩之時期，憑 藉我們對鐘錶業之豐富經驗及知識，我們 將盡力維持業務發展穩定，並增強核心競 爭力。我們將致力採取持續審慎措施、嚴 格存貨監控及資源優化策略，並提高現有 店舖之生產力及改善我們之財務優勢。我 們承諾，東方表行將持續不斷地把握每個 機會，以確保股東之最佳利益。

我們謹代表本集團感謝我們之客戶、供應 商、員工及股東多年來的貢獻、忠誠和支 持。

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東方表行集團有限公司 Oriental Watch Holdings Limited

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告及管理層討論及分析

FINANCIAL REVIEW

Liquidity and financial resources

At 31st March, 2015, the Group’s total equity reached HK$2,212 million, compared with HK$2,218 million as at 31st March, 2014. The Group had net current assets of HK$1,892 million, including bank and cash balances of HK$344 million as at 31st March, 2015 compared with balances of HK$1,908 million and HK$425 million respectively as at 31st March, 2014. At 31st March, 2015, bank loans of HK$338 million (31st March, 2014: HK$491 million). At 31st March, 2015, the gearing ratio (defined as total bank borrowing on total equity) was 0.15 (31st March, 2014: 0.22).

Management considers that financial position of the Group is healthy with adequate funds and unused banking facilities. The Group’s sales and purchase transactions are primarily denominated in Hong Kong dollars and Renminbi. The Group did not face significant risk from exposure to foreign exchange fluctuations.

Foreign exchange exposure

The Group’s sales and purchase transactions are primarily denominated in Hong Kong dollars and Renminbi. The Group did not face significant risk from exposure to foreign exchange fluctuations.

財務回顧

流動資金及財務資源

於二零一五年三月三十一日，本集團之權 益總額達 2,212,000,000 港元，而於二零 一四年三月三十一日則為 2,218,000,000 港元。於二零一五年三月三十一日，本 集團之流動資產淨值為 1,892,000,000 港 元，包括 344,000,000 港元之銀行及現 金結餘，而於二零一四年三月三十一日 之結餘則分別為 1,908,000,000 港元及 425,000,000 港元。於二零一五年三月 三十一日，銀行貸款為 338,000,000 港元 （二零一四年三月三十一日：491,000,000 港元）。於二零一五年三月三十一日，負 債資產比率（定義為銀行借貸總額除以權 益總額）為 0.15 倍（二零一四年三月三十一 日：0.22 倍）。

管理層認為本集團的財務狀況良好，並具 備充裕資金及未動用銀行信貸。本集團之 買賣交易主要以港元及人民幣為單位。本 集團並無面對重大外匯波動風險。

外匯風險

本集團之買賣交易主要以港元及人民幣為 單位。本集團並無面對重大外匯波動風 險。

二零一五年年報 Annual Report 2015

7

CHAIRMAN’S STATEMENT AND MANAGEMENT DISCUSSION AND ANALYSIS 主席報告及管理層討論及分析

HUMAN RESOURCES

As at 31st March, 2015, our Group employed approximately 730 employees all over Hong Kong, Macau, China and Taiwan, of which approximately 60% were located in Mainland China. The total manpower is lower than previous year.

The Group’s compensation package, includes basic salary, commission, annual bonus, medical insurance, and other common benefits. It is structured by reference to the marketplace and individual merits, and is reviewed on an annual basis based on the Group’s policy’s performance system and objective specification performance appraisal.

We believe every customer does have high expectations on the services they obtained while shopping for luxury goods. Thus, we must always try to provide services beyond their expectations. As such, significant resources have been allocated to the Staff Training and Development. Since January 2009, we have commissioned an independent consulting firm to conduct a continuous “Mystery Shoppers Programme (MSP)”. This programme has helped the management to gauge and monitor the overall service performance of our sales team. By analyzing the results of MSP, we are able to identify areas for improvements. The management team has used these results to tailor-made training programme to specific shop and individual level. All these efforts align with the company’s philosophy of providing “Service Excellence” to customer. Hopefully these measures will help propel the company’s business forward.

人力資源

截至二零一五年三月三十一日，本集團於 香港、澳門、中國及台灣共僱用約 730 名 僱員，其中約 60% 位於中國內地，總僱用 人數較去年輕微減少。

本集團參考市場指標及考慮員工的個人表 現決定所提供的薪酬待遇，包括底薪、佣 金、年終獎金、醫療保險及其他福利，並 於每年績效評估報告中重新調整。

我們深信每位顧客選購奢侈品均對其獲得 之服務寄予厚望，因此，我們必須時刻提 供超乎顧客期望的服務。有鑒於此，本集 團已投放大量資源於員工培訓及發展。由 二零零九年一月開始，本集團正式委任 獨立顧問公司進行連續性的「神秘顧客計 劃」，以協助管理層評估及監察本集團銷 售團隊之整體服務水平。透過分析神秘顧 客計劃的結果，我們能辨別公司有待改善 之處。管理團隊已運用有關結果制訂針對 個別店舖及員工的培訓課程。這一切均配 合公司為顧客提供「優質服務」的理念，我 們期望這些措施將有助推動本集團的業務 發展向前邁進。

8

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層

EXECUTIVE DIRECTORS:

Dr. YEUNG Ming Biu , aged 79, the Chairman of the Company, is a Co-founder of the Group. He has over 60 years’ experience in the watch business and is a Permanent Honorary Director of The Federation of Hong Kong Watch Trades and Industries Limited. He holds Honorary Fellow awarded by The Chinese University of Hong Kong and Honorary Doctor degree awarded by Lansbridge University of New Brunswick of Canada.

Mr. YEUNG Him Kit, Dennis , aged 46, joined the Group in 1993. He became Managing Director of the Company in March 2003. He holds a Bachelor Degree in Commerce from the University of Toronto, Canada. Mr. Yeung is the son of Dr. Yeung Ming Biu.

Mr. FUNG Kwong Yiu , aged 71, joined the Group in 1974 and has over 49 years’ experience in the watch business. He is a Permanent Honorary Director of The Federation of Hong Kong Watch Trades and Industries Limited.

Madam YEUNG Man Yee, Shirley , aged 53, joined the Group in 1991. She received a Higher Diploma in Business Studies and Diploma in Watch and Jewellery Management from North Herts College in the United Kingdom and CFH Institute in Switzerland respectively. Madam Yeung is the daughter of Dr. Yeung Ming Biu.

Mr. LAM Hing Lun, Alain , aged 56, joined the Group in 1992. He is the Finance Director and Company Secretary of the Company and became Director of the Company in April 2003. He is responsible for the Group’s accounting, financial control and secretarial matters. He has over 29 years’ experience in accounting and auditing. Mr. Lam holds a Master Degree of Business Administration from the University of Hull. He is a Fellow Member of the Association of Chartered Certified Accountants and an Associate Member of the Hong Kong Institute of Certified Public Accountants.

Mr. CHOI Kwok Yum , aged 60, joined the Group in 1969. He became Director of the Company in April 2003 and has over 46 years’ experience in the watch business.

執行董事：

楊明標博士 ，79 歲，本公司主席，亦為本 集團創辦人之一。彼具有逾 60 年鐘表業經 驗，並為香港鐘表業總會永遠名譽會董。 楊先生持有香港中文大學頒授之榮譽院士 及持有加拿大賓士域藍仕橋大學頒授之榮 譽博士。

楊衍傑先生 ，46 歲，於一九九三年加入本 集團。彼於二零零三年三月出任本公司董 事總經理。彼持有加拿大多倫多大學商業 學士學位。楊先生為楊明標博士之兒子。

馮廣耀先生 ，71 歲，於一九七四年加入本 集團，並具有逾 49 年鐘表業經驗。彼為香 港鐘表業總會永遠名譽會董。

楊敏儀女士 ，53 歲，於一九九一年加入 本集團。彼分別持有英國 North Herts College 商業課程高級文憑及瑞士 CFH Institute 鐘表珠寶管理文憑。楊女士為楊 明標博士之女兒。

林慶麟先生 ，56 歲，於一九九二年加入本 集團。彼為本公司財務董事兼公司秘書， 並於二零零三年四月出任本公司董事。彼 負責本集團會計、財務控制及秘書事宜。 彼具有逾 29 年會計及核數經驗。林先生持 有 University of Hull 工商管理碩士學位。 彼為特許公認會計師公會資深會員及香港 會計師公會會員。

蔡國欽先生 ，60 歲，於一九六九年加入本 集團。彼於二零零三年四月出任本公司董 事，具有逾 46 年鐘表業經驗。

9

二零一五年年報 Annual Report 2015

DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層

INDEPENDENT NON-EXECUTIVE DIRECTORS:

Dr. SUN Ping Hsu, Samson (“Dr. Sun”), M.B.E., J.P. , aged 90, has been an Independent Non-executive Director of the Company since September 1993. He is the Chairman of Sun International Group of companies. He was Deputy Chairman and a Director of Gilman & Co., Ltd. and Inchcape Hong Kong respectively from 1967 to 1985. Dr. Sun is the Honorary Permanent President of The Federation of Hong Kong Watch Trades and Industries Limited. He has over 60 years’ experience in the manufacturing, marketing and distribution of watches, and 29 years’ experience in the marketing and distribution of consumer and electronic products. He has involved in the PRC trade since 1979, and continues to be active in both trading and property development in the PRC. Dr. Sun has chaired many voluntary community services and charitable organisations. He was a Member of Basic Law of HKSAR Consultative Committee in 1980’s. He is an Independent Non-executive Director of National Electronics Holdings Limited (stock code: 0213), and Cheuk Nang (Holdings) Limited (stock code: 0131).

Dr. LI Sau Hung, Eddy , B.B.S., J.P., aged 60, has over 39 years’ experience in the manufacturing business. He is a Member of the National Committee of Chinese People’s Political Consultative Conference, the President of Hong Kong Economic & Trade Association and the President of The Chinese Manufacturers’ Association of Hong Kong. Dr. Li holds a Master Degree of Business Administration and a PhD Degree in Economics. He was the 1991 awardee of The Ten Outstanding Young Persons and the 1993 awardee of Young Industrialists of Hong Kong. He has been an Independent Non-executive Director of the Company since September 1993. He is currently an Independent Nonexecutive Director of Man Yue Technology Holdings Limited (stock code: 0894), Midas International Holdings Limited (stock code: 1172). He has resigned as Independent Nonexecutive Director of Get Nice Holdings Limited (stock code: 0064) in April 2012. All companies listed on The Stock Exchange of Hong Kong Limited.

獨立非執行董事：

， 孫秉樞博士（「孫博士」），M.B.E., J.P. 90 歲，自一九九三年九月起出任本公司獨 立非執行董事。彼為新達集團主席。彼自 一九六七年至一九八五年間分別出任香港 太平洋行有限公司之副主席及英之傑香港 之董事。孫博士為香港鐘表業總會永遠名 譽會長。彼具有逾 60 年製造、經銷及分 銷手表經驗及 29 年經銷及分銷消費品及 電子產品經驗。彼自一九七九年起涉足中 國貿易業務，並一直活躍於中國貿易及物 業發展業務。孫博士為多個志願社團服務 及慈善機構之主席。彼於一九八零年代曾 任香港特區基本法諮詢委員會委員。彼為 National Electronics Holdings Limited（股 份代號：0213）及卓能（集團）有限公司（股 份代號：0131）之獨立非執行董事。

李秀恒博士，B.B.S., J.P. ，60 歲，具有 逾 39 年製造業經驗。彼為中國人民政治協 商會議全國委員會委員，香港經貿商會會 長及香港中華廠商聯合會會長。李博士持 有工商管理碩士學位及經濟學博士學位。 彼為一九九一年度「香港十大傑出青年」之 一，並於一九九三年獲「香港青年工業家」 獎項。彼自一九九三年九月起出任本公司 獨立非執行董事。彼現為萬裕科技集團有 限公司（股份代號：0894）、勤達集團國際 有限公司（股份代號：1172）之獨立非執行 董事。彼於二零一二年四月辭任結好控股 有限公司（股份代號：0064）之獨立非執行 董事。所有公司均為香港聯合交易所有限 公司上市公司。

10

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層

Mr. CHOI Man Chau, Michael (“Mr. Choi”) , aged 59, is a Fellow Member of the Institute of Chartered Accountants in England and Wales and the Hong Kong Institute of Certified Public Accountants (practising). Mr. Choi has been practising public accountancy in Hong Kong for over 22 years. Mr. Choi was formerly an Independent Non-executive Director of Hunan Nonferrous Metals Corporation Limited (stock code: 2626) which was listed on the Main Board of the Stock Exchange until its voluntary withdrawal of listing in March 2015, and Simsen International Corporation Limited (stock code: 0993), a company listed on the Main Board of the Stock Exchange.

SENIOR MANAGEMENT

Mr. SZE Yuk Woo , aged 64, is the General Manager overseeing the Group’s general operation in the PRC. He joined the Group in 1997 and has over 45 years’ experience in the watch business.

Mr. YEUNG Chi On , aged 55, is the General Manager overseeing the retail operation in Hong Kong. He joined the Group in 1980 and has over 33 years’ experience in the watch business.

Mr. LAM Tung Hing , aged 57, is the General Manager and overseeing the retail operation in Hong Kong. He joined the Group in 2003 and has over 35 years’ experience in the watch business.

蔡文洲先生（「蔡先生」） ，59 歲，為英格蘭 及威爾斯特許會計師公會及香港會計師公 會資深會員（執業會計師）。蔡先生擁有超 逾 22 年在香港出任執業會計師之經驗。蔡 先生曾為湖南有色金屬股份有限公司（股 份代號：2626）（其曾於聯交所主版上市， 直至其於二零一五年三月自願撤銷上市地 位）及天行國際（控股）有限公司（股份代 號：0993）（於聯交所主版上市之公司）之 獨立非執行董事。

高級管理層

史育和先生 ，64 歲，為總經理，監督本集 團於中國的一般業務運作。彼於一九九七 年加入本集團，具有逾 45 年鐘表業經驗。

楊志安先生 ，55 歲，為總經理，監督香港 零售運作。彼於一九八零年加入本集團， 具有逾 33 年鐘表業經驗。

林東興先生 ，57 歲，為總經理，監督香港 零售運作。彼於二零零三年加入本集團， 具有逾 35 年鐘表業經驗。

二零一五年年報 Annual Report 2015

11

CORPORATE GOVERANCE REPORT 企業管治報告

CORPORATE GOVERNANCE PRACTICES

The Company strives to attain and maintain the high standard of corporate governance as it believes that effective corporate governance practices are fundamental to enhancing shareholder value and safe guarding shareholder interests. The Company has accordingly adopted good corporate governance principles that emphasize a quality board of Directors (“the Board”), effective internal control, stringent disclosure practices and transparency and accountability to all stakeholders. It is, in addition, committed to continuously improving these practices and inculcating an ethical corporate culture.

The principles of corporate governance adopted by the Group emphasize a quality board, sound internal control, and transparency and accountability to all stakeholders.

Throughout the year ended 31 March, 2015, the Company has complied with the code provisions prescribed in the CG Code set out in the Appendix 14 of the Listing Rules except for the deviation from the Code Provision A.4.1 which is explained in the following relevant paragraph.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Mode set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors (“the Code”). Having made specific enquiry of all Directors, the Company confirmed that all Directors have complied with the required standard set out in the Code for the year under review.

企業管治常規

本公司相信有效的企業管治常規是提升股 東價值與保障股東權益的基本要素，因此 致力達致與維持最高的企業管治水平。為 此，本公司已採納良好的企業管治原則， 強調要有一個優秀的董事會（「董事會」）、 有效的內部監控、嚴格的披露常規，以及 對所有利益相關者的透明度和問責性。此 外，本公司不斷改良該等常規， 培養高度 操守的企業文化。

本集團採納的企業管治原則著重要有一個 優秀的董事會、健全的內部監控，以及對 所有利益相關者的透明度和問責性。

於截至二零一五年三月三十一日止年度 內，本公司一直遵守上市規則附錄 14 所載 企業管治守則列載之守則條文，惟於下文 相關段落中說明偏離守則條文 A.4.1 除外。

董事之證券交易

本公司採納了上市規則附錄 10 所載之標準 守則，作為其董事進行證券交易之操守守 則（「守則」）。經向全體董事作出特定查詢 後，本公司確認全體董事於本回顧年度內 一直遵守守則所載之規定標準。

12

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

THE BOARD

Corporate Strategy

The primary objective of the Company is to enhance longterm total return for our shareholders. To achieve this objective, the Group’s strategy is to place equal emphasis on achieving sustainable recurring earning growth and maintaining the Group’s strong financial profile. Management Discussion and Analysis contain discussion and analyses of the Group’s performance and the basis on which the Group generates or preserves value over the longer term and the basis on which the Group will execute its strategy for delivering the Group’s objective.

Role of the Board

The Board, which is accountable to shareholders for longterm performance of the Company, is responsible for directing the strategic objectives of the Company and overseeing the management of the business. Directors are charged with the task of promoting the success of the Company and making decision in the best interest of the Company.

The Board, led by the Chairman, Dr. Yeung Ming Biu, approves and monitors Group wide strategies and policies, annual budgets and business plans, evaluates the performance of the Company, and supervises the management of the Company (“Management”). Management is responsible for the day-to-day operations of the Group under the leadership of the Group Managing Director.

董事會

企業策略

本公司之首要目標為提升股東之長遠回報 總額。為達致此目標，本集團之策略為同 等着重取得可持續經常性盈利增長及維持 本集團之穩健財務狀況。管理層討論及分 析載有本集團表現之討論及分析、本集團 締造或保存較長遠價值之基礎，以及本集 團為達成其目標而執行策略之基礎。

董事會之角色

須就本公司之長遠表現向股東負責之董事 會負責制訂本公司的策略目標，並監察業 務的管理工作。董事負責促進本公司的業 務成績，及作出符合本公司最佳利益的決 策。

董事會在主席楊明標博士領導下，批准及 監察本集團的整體策略和政策、年度預算 和業務計劃、評估本公司表現以及監督本 公司管理層（「管理層」）的工作。在集團董 事總經理帶領下， 管理層負責本集團的日 常運作。

13

二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

Board Composition

At 31 March, 2015, the Board comprised nine Directors, including the Chairman, Group Managing Director, Group Finance Director, three Executive Directors and three Independent Non-executive Directors. Biographical details of the Directors are set out in the Directors and Senior Management Section on pages 9 to 11. The composition of the Board is well balanced with each Director having sound knowledge, experience and/or expertise relevant to the business of the Group.

For a Director to be considered independent, the Board must determine that the Director does not have any direct or indirect material relationship with the Group. In determining the independence of Directors, the Board follows the requirements set out in the Listing Rules.

Chairman and Chief Executive

The Role of the Chairman is separate from that of Group Managing Director. Such division of responsibilities helps to reinforce their independence and accountability.

The Chairman is responsible for providing leadership to, and overseeing the functions of, the Board to ensure that the Board acts in the best interest of the Group and the Board meetings are planned and conducted effectively. The Chairman is responsible for approving the agenda of each Board meeting, taking into account, where appropriate, matters proposed by Directors for inclusion in the agenda. With the support of Executive Directors and the Company Secretary, the Chairman seeks to ensure that all Directors are properly informed on issues arising at Board meetings and provided with adequate and accurate information in a timely manner. The Chairman also actively encourages Directors to be fully engaged in the Board’s affairs and make contribution to the Board’s functions. The Board, under the leadership of the Chairman, has adopted good corporate governance practices and procedures and taken appropriate steps to provide effective communication with shareholders.

董事會結構

於二零一五年三月三十一日，董事會由九 名董事組成，包括主席、集團董事總經 理、集團財務董事、三名執行董事和三名 獨立非執行董事。各董事的履歷載於第 9 頁至第 11 頁的「董事及高級管理層」一節 內。董事會結構均衡，每名董事均具備與 本集團業務有關之豐富知識、經驗及╱或 專長。

董事須經董事會確定與本集團並無任何直 接或間接的重大關係，方會被視為具獨立 性。董事會按照上市規則所載的規定， 確 定董事的獨立性。

主席及行政總裁

主席肩負有別於集團董事總經理的職責， 以加強彼等的獨立性和問責性。

主席負責領導與監管董事會的運作，確保 董事會以符合本集團最佳利益的方式行 事，以及有效地規劃和進行董事會會議。 主席負責批准每次董事會會議的議程，當 中適當考慮董事建議列入議程的事項。在 執行董事和公司秘書協助下，主席將確保 所有董事獲簡報在董事會會議上提出的問 題，並適時獲提供足夠與準確的資訊。主 席也積極鼓勵董事全面參與董事會的事務 以及對董事會的職能作出貢獻。在主席的 領導下，董事會已採納良好的企業管治常 規和程序，並採取適當步驟與股東保持有 效溝通。

東方表行集團有限公司 Oriental Watch Holdings Limited

14

CORPORATE GOVERANCE REPORT 企業管治報告

The Group Managing Director, Mr. Yeung Him Kit, Dennis, is responsible for managing business of the Group, attending to the formulation and successful implementation of the Group policies and assuming full accountability to the Board for all Group operations. Acting as the principal manager of the Group’s business, the Group Managing Director attends to developing strategic operating plans that reflect the longterm objectives and priorities established by the Board and is directly responsible for maintaining the operational performance of the Group. Working with the other Executive Directors and the executive management team of each core business divisions, he ensures that the Board is fully apprised of the funding requirements of the business of the Group and presents annual budgets to the Board for consideration and approval. With the assistance of the Group Finance Director, the Group Managing Director sees to it that the funding requirements of the business are met and he closely monitors the operating and financial results of the business against plans and budgets, taking remedial action when necessary. He maintains an ongoing dialogue with the Chairman and all Directors to keep them fully informed of all major business development and issues. He is also responsible for building and maintaining an effective team to support him in his role.

Independent Non-executive Directors

In compliance with Rule 3.10(1) of the Listing Rules, there are three Independent Non-executive Directors representing one-third of the Board of Directors. Among the three Independent Non-executive Directors, one of them have appropriate professional qualifications in accounting or related financial management expertise as required by Rule 3.10(2) of the Listing Rules.

The Company has received from each of the independent non-executive directors the written confirmation of his independence pursuant to Rule 3.13 of the Listing Rules. The Company based on such confirmation, considers Dr. Sun Ping Hsu, Samson, Dr. Li Sau Hung, Eddy and Mr. Choi Man Chau, Michael to be independent.

集團董事總經理楊衍傑先生負責管理本集 團的業務，以及制訂與實施本集團政策， 並就本集團整體營運向董事會負上全責。 作為本集團業務的主要管理人，集團董事 總經理負責制訂反映董事會所訂長遠目標 與優先事項的策略性營運計劃，同時直接 負責維持本集團的營運表現。集團董事總 經理與其他執行董事和各核心業務部門的 行政管理隊伍通力合作，確保董事會全面 了解本集團業務的資金需求，並提呈年度 預算供董事會審批。在集團財務董事協助 下，集團董事總經理確保業務的資金需求 得到充足供應，同時根據計劃與預算密切 監察業務的營運與財務業績，必要時採取 補救措施。集團董事總經理與主席和全體 董事保持溝通，確保彼等充分了解所有重 大的業務發展與事項，亦負責建立與維持 高效率的行政隊伍以協助其履行職責。

獨立非執行董事

為符合上市規則第 3.10(1) 條，本集團有三 名獨立非執行董事，佔董事會成員之三分 之一。該三名獨立非執行董事中，其中一 名具備上市規則第 3.10(2) 條所規定之會計 或相關財務管理專業之適當專業資格。

本公司已接獲各獨立非執行董事根據上市 規則第 3.13 條有關其獨立性之書面確認 書。根據該確認書，本公司認為孫秉樞博 士、李秀恒博士及蔡文洲先生為獨立人 士。

二零一五年年報 Annual Report 2015 15

CORPORATE GOVERANCE REPORT 企業管治報告

Directors’ Appointment, Re-election and Removal

Under the Code Provision A.4.1, non-executive directors should be appointed for a specific term, subject to reelection. However, the independent non-executive directors were not appointed for a specific term but are subject to retirement by rotation in annual general meeting of the Company in accordance with the Bye-laws of the Company. The management of the Company considered that there is no imminent need to revise the letter of appointment of independent non-executive directors by adding a specific term in the letter of appointment.

Board Meetings and Practices

The Board meets regularly, and at least four times a year, and the Board will also meet on other occasions when a board-level decision on a particular matter is required. Between scheduled meetings, senior management of the Group provides information to Directors on a regular basis on the activities and development in the business of the Group. Throughout the year, Directors participate in the consideration and approval of routine and operational matters of the Company by way of circular resolutions with supporting explanatory materials, supplemented by additional verbal/written information or notification from the Company Secretary and other executives as when required. Details of material or notable transactions of subsidiary companies are provided to the Directors as appropriate. Whenever, warranted, additional Board meetings are held.

The Directors will receive details of agenda items for decision and minutes of committee meeting in advance of each Board meeting. With respect to regular meeting of the Board, Directors receive written notice of the meeting at least 14 days in advance and agenda with supporting Board papers no less than 3 days prior to the meetings. With respect to the other meetings, Directors are given as much as notice as is reasonable and practicable in the circumstances.

董事之委任、重選及罷免

根據守則條文 A.4.1，非執行董事應按指定 年期委任，並須接受重選。然而，獨立非 執行董事並無按指定年期委任，但須根據 本公司之公司細則在本公司之股東週年大 會上輪值退任。本公司管理層認為並無迫 切需要透過在委任書加入指定年期修訂獨 立非執行董事之委任書。

董事會會議及常規

董事會須每年定期舉行最少四次會議，董 事會亦將於其他須董事會就特定事宜作出 決策之情況下舉行會議。在編定會期的會 議之間，本集團高級管理層會定時向董事 提供有關本集團活動和業務發展的資料。 年內各董事透過傳閱附有理據說明材料的 決議案，及在需要時由公司秘書與其他行 政人員提供額外口頭╱書面補充資料或通 報，參與審批本公司的日常及營運事宜。 有關附屬公司的重大或顯要交易的詳細資 料，亦會適時提供予各董事。在需要時， 並會舉行額外的董事會會議。

董事將於各董事會會議舉行前接獲將須作 決定之議程事項詳情及委員會會議之會議 紀錄。有關董事會的定期會議，各董事至 少在十四天前接獲書面的會議通告，並至 少於會議舉行三天前獲發送議程與相關董 事會文件。有關其他會議，亦視乎情況給 予董事合理及切實可行之通知期。

16

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

Any Director wishing to do so in the furtherance of his or her duty may take independent professional advice at the Company’s expense. Directors are encouraged to update their skills, knowledge and familiarity with the Group through their initial induction, ongoing participation at Board and Committee meetings, and through meeting with key members of the Management.

任何董事如擬尋求獨立專業意見以充分履 行其職責，均可尋求有關意見，費用概由 本公司承擔。透過入職簡介、持續參與董 事會及委員會會議及與管理層主要成員舉 行會議，本公司鼓勵董事提升其技能與知 識，並加深對本集團之了解。

During the year ended 31 March, 2015, meetings and Directors attendance records for the meetings held are set out below:

於截至二零一五年三月三十一日止年度 內，會議及各董事於所舉行會議之出席記 錄載列如下：

				2014 Annual
				General
			Board	Meeting
				二零一四年
			董事會	股東週年大會
Executive Directors	執行董事
Dr. Yeung Ming Biu_(1)_– Chairman	楊明標博士(1)─ 主席		5/5	
Mr. Yeung Him Kit, Dennis_(1)_	楊衍傑先生(1)
– Group Managing Director	─ 集團董事總經理		5/5	
Mr. Fung Kwong Yiu	馮廣耀先生		5/5	
Madam Yeung Man Yee, Shirley_(1)_	楊敏儀女士(1)		5/5	
Mr. Lam Hing Lun, Alain	林慶麟先生
– Group Finance Director	─ 集團財務董事		5/5	
Mr. Choi Kwok Yum	蔡國欽先生		5/5	
Independent Non-Executive Directors	獨立非執行董事
Dr. Sun Ping Hsu, Samson	孫秉樞博士		5/5	
Dr. Li Sau Hung, Eddy	李秀恒博士		5/5	
Mr. Choi Man Chau, Michael	蔡文洲先生		5/5	
Note:		附註：

(1) Dr. Yeung Ming Biu is the father of Mr. Yeung Him Kit, Dennis and (1) 楊明標博士為楊衍傑先生及楊敏儀女士之父。 Madam Yeung Man Yee, Shirley.

二零一五年年報 Annual Report 2015

17

CORPORATE GOVERANCE REPORT 企業管治報告

Training and Commitment

The Company provides Continuous Professional Development (“CPD”) training and relevant reading materials to Directors to help ensure that they are apprised of the latest changes in the commercial, legal and regulatory environment in which the Group conducts its business and to refresh their knowledge and skills on the roles, functions and as director of the Company. In addition, Dr. Sun Ping Hsu, Samson, Dr. Li Sau Hung, Eddy and Lam Hing Lun, Alain attend external forums or brief sessions (including delivery speeches by Mr. Lam Hing Lun, Alain) on the relevant topics. Mr. Choi Man Chau, Michael has also participated in CPD programs required by The Hong Kong Institute of Certified Public Accountants.

The directors have provided to the Company with details of the CPD training undertaken by them from time to time.

COMPANY SECRETARY

The Company Secretary, Mr. Lam Hing Lun, Alain is responsible to the Board for ensuring that the Board procedures are followed and Board activities are efficiently and effectively conducted. These objectives are achieved through the adherence to proper Board processes and the timely preparation and dissemination to Directors and Board Committees comprehensive Board agendas and papers. Minutes of all Board meetings and Board Committees are prepared by and maintained by the Company Secretary to record in sufficient details the matters considered and decisions reached by the Board or Committee, including any concerns raised or dissenting views voiced by any Director. All the minutes are sent to Directors and are available for inspection by any Director upon request.

培訓及承擔

本公司為董事提供持續專業發展（「持續專 業發展」）培訓與相關讀物，確保彼等獲悉 本集團經營業務所在商務、法律及規管環 境之最新變化，並重溫彼等對本公司董事 之角色及職能之知識與技能。此外，孫秉 樞博士、李秀恒博士及林慶麟先生已出席 相關課題之外界論壇或簡報環節（包括由 林慶麟先生發表演辭）。蔡文洲先生亦已 按照香港會計師公會之規定參與持續專業 發展課程。

董事已不時向本公司提供彼等所接受之持 續專業發展培訓詳情。

公司秘書

公司秘書林慶麟先生向董事會負責，以確 保董事會程序獲得遵守及董事會活動有效 率及有效地進行。該等目標乃透過嚴謹遵 守適當董事會程序及適時編製及發送董事 會會議議程及文件予董事及董事會各委員 而得以達成。所有董事會會議及董事委員 會會議紀錄均由公司秘書編製及存置，以 足夠詳盡地記錄董事會或委員會考慮之事 項及達成之決定，包括任何董事提出之任 何關注或表達之反對意見。所有會議記錄 均發送予董事，並可應要求供任何董事查 閱。

18

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

The Company Secretary is responsible for ensuring that the Board is fully apprised of all legislative, regulatory and corporate governance developments relating to the Group and that it takes these into consideration when making decisions for the Group. The Company Secretary is also directly responsible for the Group’s compliance with all obligations of the Listing Rules including publications and dissemination of annual reports and interim reports within the periods laid down in the Listing Rules, timely dissemination to shareholders and the market of announcement and information relating to the Group and assisting in the notification of Directors’ dealings in securities of the Group.

The Company Secretary advises the Directors on their obligations for disclosure of interests in securities, connected transactions and price-sensitive information and ensures that the standards and disclosures required by the Listing Rules are observed and, where required, reflected in the annual report of the Company.

In relation to connected transactions, regular seminars are conducted for executives from business units within the Group to ensure that such transactions are handled in compliance with the Listing Rules. Details analyses are performed on all potential connected transactions to ensure full compliance and for Directors’ considerations.

Furthermore, the Company Secretary advises the Directors on their obligations for disclosure of interests and dealings in the Group’s securities, connected transactions and price-sensitive information and ensures that the standard and disclosure required by the Listing Rules are observed and where required, reflected in the annual report of the Company.

The appointment and removal of the Company Secretary is subject to Board approval in accordance with the Articles of Association of the Company. Whist the Company Secretary reports to the Board through the Chairman and the Group Managing Director, all members of the Board have access to the advice and service of the Company Secretary. Mr. Lam Hing Lun, Alain has appointed as the Company Secretary of the Company since 1992 and has day-to-day knowledge of the Group affairs.

公司秘書負責確保董事會獲得全面報告一 切與本集團有關之立法、規管和企業管治 的發展，並於作出有關本集團的決策時加 以考慮。公司秘書亦直接負責確保本集團 遵照上市規則的所有責任，包括於上市規 則規定的期限內出版和發送年報與中期報 告，及時向股東與市場傳達有關本集團的 公佈與資料，並協助董事買賣本集團證券 時發出通知。

公司秘書就董事披露於證券之權益、關連 交易及股價敏感資料方面之責任向董事提 供意見，並確保上市規則規定之標準及披 露獲得遵守，以及在有需要時於本公司年 報內反映。

本集團定期向本集團內各業務單位行政人 員舉行關於關連交易之研討講座，以確保 該等交易遵照上市規則規定處理。所有潛 在關連交易均會進行詳細分析，確保完全 符合規例，並提呈董事考慮。

另外，公司秘書就董事披露本集團證券權 益及交易、關連交易和股價敏感資料方面 的責任向彼等提供意見，並確保上市規則 規定的標準與披露事項得以遵守，以及於 有需要時於本公司年報中反映。

公司秘書之委任及免任須根據本公司之組 織章程細則經董事會批准。儘管公司秘書 透過主席及集團董事總經理向董事會匯 報，惟董事會全體成員均可取得公司秘書 之意見及服務。林慶麟先生自一九九二年 起已獲委任為本公司之公司秘書，對本集 團事務相當熟悉。

19

二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

ACCOUNTABILITY AND AUDIT

Directors’ Responsibility for the Financial Statements and the Financial Reporting

The annual and interim results of the Company are published in a timely manner of the year end and the half year.

The following statement, which set out the responsibilities of the Directors in relation to the financial statements, should be read in conjunction with, but distinguished from, the Auditor’s report on pages 45 to 47 which acknowledge the reporting responsibilities of the Group’s Auditor.

Annual Report and Accounts

The Directors acknowledge their responsibility for preparation of the Annual Report and financial statements of the Company to ensure that the financial statements give a true and fair presentation in accordance with Hong Kong Companies Ordinance and the applicable accounting standards.

Accounting Policies

The Directors consider that in preparing the financial statements, the Group applies appropriate accounting policies that are consistently applied and makes judgements and estimates that are reasonable and prudent in accordance with the applicable accounting standards.

Accounting Records

The Directors are responsible for ensuring that the Group keeps accounting records which disclose the financial position of the Group upon which financial statements of the Group could be prepared in accordance with the Group’s accounting policies.

問責性及核數

董事就財務報表及財務申報所承擔的責任

本公司之年度及中期業績於年底及年中適 時刊發。

下文列出董事就財務報表所承擔的責任， 與第 45 頁至第 47 頁之核數師報告內本集 團核數師確認其報告責任有所不同， 但兩 者應一併閱讀。

年報及賬目

董事確認其編製本公司年報及財務報表的 責任，以確保財務報表根據香港公司條例 與適用之會計準則真實與公平地反映情 況。

會計政策

董事認為，本集團在編製財務報表時應用 一貫應用的適當會計政策，並根據適用的 會計準則作出合理及審慎的判斷與估計。

會計紀錄

董事負責確保本集團保存披露本集團財政 狀況的賬目紀錄，讓本集團得以按照本集 團的會計政策編製財務報表。

20

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

Safeguarding Assets

保護資產

The Directors are responsible for taking all reasonable and necessary steps to safeguard the assets of the Group and to prevent and detect fraud and other irregularities within the Group.

董事負責採取一切合理而必要的措施保護 本集團資產，並防範與查察本集團內的詐 騙行為與其他違規事項。

Going Concern

持續營運

The Directors, having made appropriate enquires, consider that the Group has adequate resources to continue in operational existence for the foreseeable future and that, for this reason, it is appropriate to adopt the going concern basis in preparation the financial statements.

經作出適當查詢後，董事認為本集團擁有 足夠資源在可見未來繼續營運，因此適宜 採納持續營運的基準來編製財務報表。

Auditor’s Remuneration

核數師酬金

The Board is satisfied with Deloitte Touche Tohmatsu in respect of the audit fees they charged, the process and its effectives of the audit and has resolved to recommend their reappointment as the Company’s external auditors at the forthcoming Annual General Meeting.

董事會信納德勤 • 關黃陳方會計師行有關 其所收取之核數費用、審計過程及其有效 性，並議決建議於應屆股東週年大會上續 聘其出任本公司之外聘核數師。

During the financial year, the services provided by, and the associated remuneration paid to Deloitte Touche Tohmatsu were as follows:

於本財政年度內，德勤 • 關黃陳方會計師 行提供之服務及向其支付之相關酬金如 下：

Audit 審計 Taxation and non-audit services 稅務及非審計服務	HK$’000 千港元 2,780 313
	3,093

21

二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

BOARD COMMITTEES

董事委員會

Audit Committee

審核委員會

The Audit Committee comprises all Independent Nonexecutive Directors who possess the appropriate business and financial management experience and skills to understand financial statements and internal controls. It is chaired by Dr. Sun Ping Hsu, Samson with Dr. Li Sau Hung, Eddy, and Mr. Choi Man Chau as members.

審核委員會包括全體獨立非執行董事，彼 等均具備了解財務報表及內部監控所需的 適當商業與財務管理經驗與技巧。委員會 由孫秉樞博士擔任主席，成員為李秀恒博 士及蔡文洲先生。

Under the term of reference of the Audit Committee, it is required to oversee the relationship between the Company and its external auditors, review the Group’s preliminary results, interim results and annual financial statements, monitor compliance with statutory and Listing Rules requirements, review the scope, extent and effectiveness of the activities of the Group’s internal audit functions, engage independent legal or other advisers as it determines is necessary and perform investigations.

根據審核委員會的職權範圍，委員會的職 責包括監察本公司與其外聘核數師的關 係、審閱本集團的初步業績、中期業績與 年度財務報表、監察對法定與上市規則規 定的遵守情況、審訂本集團內部審核職能 的工作範疇、規限與效益、在認為有需要 時委聘獨立的法律或其他顧問， 以及進行 調查。

The terms of reference of the Audit Committee adopted by the Board are published on the Group’s website.

董事會所採納的審核委員會職權範圍登載 於本集團網站。

During the year ended 31 March, 2015, 4 meetings were held. The attendance records for the audit committee meetings are set out below:

於截至二零一五年三月三十一日止年度內 舉行了四次會議。審核委員會會議之出席 紀錄載列如下：

Directors’ Attendance 董事出席率

Members of the Audit Committee	審核委員會成員
Dr. Sun Ping Hsu, Samson	孫秉樞博士	4/4
Dr. Li Sau Hung, Eddy	李秀恒博士	4/4
Mr. Choi Man Chau, Michael	蔡文洲先生	4/4

During the year, the Audit Committee performed the duties and responsibilities under its terms of reference and other duties of the Existing Code.

年內，審核委員會根據其職權範圍及現有 守則之其他職責履行職責及責任。

22

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

Financial Statements

The Audit committee meets with the Group Finance Director and other senior management of the Group from time to time to review the interim and final results and the Interim Report and Annual Report of the Group and other financial, internal control and risk management matters of the Group. It considers and discusses the reports and presentations of Management, the Group internal and external auditors, with a view of ensuring that the Group’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in Hong Kong. It also meets the Group’s external auditors, Deloitte, to consider their reports on the scope and outcome of their independent review of the interim financial report and on their annual audit of the consolidated financial statements.

External Auditors

The Audit Committee reviews and monitors the external auditors’ independence and objectively and the effectiveness of the audit process. It has received representing from Deloitte of their independence and objectively and holds meetings with Deloitte to consider the scope of their audit, approve the fees thereon, and the scope and appropriateness of non-audit services, if required, to be provided by them. The Audit Committee also makes recommendations to the Board on the appointment and retention of the external auditors.

The Group’s policy regarding the engagement of Deloitte for various services listed below is as follows:

• Audit services – includes audit services provided in connection with the audit of the consolidated financial statements. All such services are to be provided by external auditors.

財務報表

審核委員會就審閱本集團的中期業績、末 期業績、中期報告及年報以及本集團的其 他財務、內部監控及風險管理事宜，不時 與集團財務董事及本集團其他高級管理層 舉行會議。委員會考慮與討論管理層、集 團內部及外聘核數師之報告與所提交的資 料，以確保本集團的綜合財務報表按照香 港普遍採納的會計原則編製。委員會並與 本集團的外聘核數師德勤舉行會議，以考 慮德勤就獨立審閱中期財務報告的範疇和 結果而提交的報告以及其對綜合財務報表 的年度審核報告。

外聘核數師

審核委員會審閱及監察外聘核數師之獨立 性和客觀性，以及審核過程的有效性。委 員會已收到德勤就其獨立性與客觀性作出 的聲明，並與德勤舉行會議，以考慮其審 核範疇、批准其收費，並審批其將提供的 任何非審計服務（如有）的範疇及其適當 性。審核委員會並就外聘核數師的委任與 續聘事宜向董事會提交建議。

本集團按下列政策委聘德勤提供下文所列 各類服務：

• ‧ 審計服務 — 包括與審核綜合財務報 表有關的審計服務。所有此等服務將 由外聘核數師提供。

23

二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

• Audited related services – included services that would normally be provided by an external auditors but not generally included in audit fees, for example, audit of the Group’s pension plans, due diligence and accounting advice related to mergers and acquisitions, internal control reviews of systems and/or process, issuance of special audit reports for tax purposes (if any). The external auditors are to be invited to undertake these services that they must or are best placed to undertake in their capacity as auditors.

• Taxation related services – includes all tax compliance and tax planning services except for those services which are provided in connection with the audit. The Group uses the services of the external auditors where they are best suited. All other significant taxation related work may be undertaken by other parties as appropriate.

• Others services – includes, for example audit or reviews of third parties to assess compliance with contracts, risk management diagnostics and assessments, and non-financial system consultations (if any). The external auditors are also permitted to assist management and the Group’s internal auditors with internal investigations and fact-finding into alleged improprieties. These services are subject to specific approval by the Audit Committee.

• General consulting services – the external auditors are not eligible to provide services involving general consulting work including accountancy services.

• ‧ 與審計有關的服務 — 包括一般由外 聘核數師提供， 但一般不包括在核數 費用內的服務，例如審核本集團的退 休計劃、與併購活動有關的盡職審查 與會計意見、對制度及╱或程序進行 內部監控檢討，以及就稅務目的（如 有）發表特別審核報告。本集團將邀 請外聘核數師提供其作為核數師必須 提供或最能勝任的服務。

• ‧ 與稅務有關的服務 — 包括所有稅務 循規與稅務規劃服務，但不包括與審 計有關的服務。本集團委聘外聘核數 師提供其最能勝任的服務。所有其他 重要的稅務相關工作可能由其他適當 人士執行。

• ‧ 其他服務 — 包括例如審計或檢討第 三方的資料以評估合約遵守情況、風 險管理分析與評估，以及不涉及財務 制度的顧問服務（如有）等。外聘核數 師亦可協助管理層與本集團內部核數 師進行內部調查與查察懷疑的違規事 項。此等服務須由審核委員會特別批 准。

• ‧ 一般顧問服務 — 外聘核數師不符合 資格提供一般的顧問服務，包括會計 服務。

24

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

Review of Risk Management and Internal Control

The Audit Committee assists the Board in meeting its responsibilities for maintaining an effective system of internal control. It reviews the process by which the Group evaluates its control environment and risk assessment process, and the way in which business and control risks are managed. In addition, it review with the Group’s internal auditors the work plan for their audit together with their resources requirements and consider the report to the Audit Committee on the effectiveness of internal controls in the Group business operations.

These reviews and reports are taken into consideration by the Audit Committee when it makes its recommendations to the Board for approval of the consolidated financial statements for the year.

Remuneration Committee

The Remuneration Committee comprises three members, including two Independent Non-executive Directors, namely Dr. Sun Ping Hsu, Samson and Dr. Li Sau Hung, Eddy and a Managing Director, Mr. Yeung Him Kit, Dennis. Dr. Sun Ping Hsu, Samson is the chairman of the Committee. The Committee meets for the determination of the remuneration package of Directors and senior management of the Group. In addition, the Committee also meets as and when required to consider remuneration related matters.

The responsibilities of the Remuneration Committee are to assist the Board in achieving its objectives of attracting, retaining and motivating people of the highest calibre and experience needed to shape and execute strategy across the Group’s substantial business operations. It assists the Group in the administration of a fair and transparent procedure for setting remuneration policies including assessing the performance of Directors and senior executive of the Group and determining their remuneration packages. The terms of reference of the Remuneration Committee adopted by the Board are published on the Group’s Website.

風險管理及內部監控的檢討

審核委員會協助董事會達到維持有效的內 部監控制度之責任。委員會檢討本集團對 其監控環境與風險管理的評估程序，以及 對業務與監控風險的管理方式。此外，委 員會與本集團內部核數師審閱其審核工作 計劃和所需的資源，並審議本集團內部核 數師就本集團業務營運的內部監控成效向 審核委員會所提交的報告。

審核委員會根據此等檢討結果與報告， 就 批核年度綜合財務報表向董事會提出建 議。

薪酬委員會

薪酬委員會由三名成員組成，包括兩名獨 立非執行董事孫秉樞博士、李秀恒博士及 董事總經理楊衍傑先生。孫秉樞博士為委 員會主席。委員會舉行會議以釐定本集團 董事與高級管理層的薪酬待遇。此外，委 員會將按需要舉行會議，以審議與薪酬相 關事宜。

薪酬委員會的責任是協助董事會達成其目 標，以吸引、挽留與激勵最有才能和經驗 的人才，為本集團旗下規模龐大業務制訂 與執行策略。委員會將協助管理本集團一 個公平及具透明度的程序，用以制訂薪酬 政策（包括評估本集團董事與高級行政人 員的表現並釐定其薪酬待遇）。薪酬委員 會的職權範圍已獲董事會採納， 並已登載 於本集團網站。

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二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

The remuneration of Directors and senior executives is determined with reference to the performance and profitability of the Group as well as remuneration benchmarks from other local and/or international companies prevailing market conditions. Directors and employees also participate in bonus arrangement determined in accordance with the performance of the Group and the individual’s performance.

During the financial year ended 31 March, 2015, one remuneration committee meeting has been held. Throughout the financial year, all members of the Remuneration Committee have reviewed background information on market data, the Group’s business activities and human resources issues, and headcounts and staff costs. The Remuneration Committee has also reviewed and approved the proposed director fees for year ended 31 March 2016, year-end bonus and remuneration packages of Executive Directors and senior management of the Company for the year ended 31 March, 2015 and made recommendations to the Board on the directors’ fees for independent nonexecutive directors, however, do not participate in the determination of their own remunerations.

NOMINATION OF DIRECTORS

The Company has not established a nomination committee. However, Executive Directors identify potential new directors and recommend to the Board for decision. The Board considers potential directorship based on the candidate’s qualifications, business experience and suitability to the Company. During the financial year ended 31 March, 2015, no nomination meeting has held.

董事與高級行政人員的薪酬根據本集團本 身的表現和盈利能力，並參考其他本港及 ╱或國際公司的薪酬指標與現行市況釐 定。董事與僱員亦參與按本集團與個人表 現釐定的花紅安排。

截至二零一五年三月三十一日止財政年度 內，薪酬委員會已舉行一次會議。於財政 年度內，薪酬委員會所有委員已審閱市場 數據的背景資料、本集團業務活動與人力 資源事宜，以及僱員人數與員工成本。薪 酬委員會亦已審議與批核截至二零一六年 三月三十一日止年度的建議董事袍金、年 終花紅，以及本公司執行董事與高級管理 層截至二零一五年三月三十一日止年度薪 酬待遇的建議，並向董事會建議獨立非執 行董事的董事袍金，惟並無參與釐定其本 身的薪酬。

董事提名

本公司並無成立提名委員會。然而，執行 董事物色潛在之新董事，並向董事會提出 建議以便作出決定。董事會按人選資歷、 業務經驗及對本公司之適合性考慮出任董 事之潛力。於截至二零一五年三月三十一 日止財政年度內，並無舉行提名會議。

26

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

INTERNAL CONTROL, CORPORATE GOVERNANCE AND GROUP RISK MANAGEMENT

Introduction

The Board has overall responsibility for the Group’s system of internal control and assessment and management of risks.

In meeting its responsibilities, the Board seeks to increase risk awareness across the Group’s business operations and has put in place policies and procedures, including parameters of delegated authority, which provide a framework for the identification and management of risks. It also reviews and monitors the effectiveness of the systems of internal control to ensure that the policies and procedures in place are adequate. Reporting and reviewing activities include review by the Executive Directors and the Board and approval of detailed operational and financial reports, budgets and plans provided by the management of the business operations, review by the Board of actual results against budgets, review by the Audit Committee of the ongoing work of internal audit function and risk management function, as well as regular business review by Executive Directors and the executive management team of each core business division.

On behalf of the Board, the Audit Committee reviews regularly the corporate governance structure and practices within the Group and monitors compliance fulfillment on an ongoing basis.

Whilst these procedures are designed to identify and manage risks that could adversely impact the achievement of the Group’s business objectives, they do not provide absolute assurance against material mis-statement errors, losses or fraud.

內部監控、企業管治及集團風險管 理

簡介

董事會全權負責本集團的內部監控制度， 以及評估與管理風險。

董事會履行其職責，尋求提升對本集團旗 下各業務營運的風險意識，並透過制訂政 策和程序，包括界定授權的標準，藉以建 立一個有助確定與管理風險的架構。董事 會並檢討與監察內部監控制度的成效，以 確保現有政策與程序足以應付需要。匯報 與審閱工作包括由執行董事與董事會審批 業務營運管理人員提交的詳盡營運與財務 報告、預算和計劃；由董事會對照實際業 績及預算；由審核委員會審閱內部審計職 能與風險管理職能的持續工作；以及由執 行董事與每個核心業務部門的行政管理隊 伍定期進行業務檢討。

審核委員會代表董事會定期檢討本集團內 部之企業管治架構及常規，並持續監控合 規履行情況。

儘管上述程序旨在確定與管理可能對本集 團實現業務目標有不利影響的風險，但並 未對重大失實陳述、錯失、損失或詐騙提 供絕對保證。

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二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

Internal Control Environment and Systems

The Board is overall responsible for monitoring the operations of the business within the Group. Executive Directors are appointed to the Board of all material operating subsidiaries for monitoring of the operations of those companies, including attendance at Board meetings, review and approval of business strategies, budgets and plans, and setting of key business performance targets. The executive management team of each core business division is accountable for the conduct and performance of each business in the division within the agreed strategies and similarity the management of each business is accountable for its conduct and performance.

The Group’s internal control procedures include a system for reporting information to the executive management teams of each core business and the Executive Directors.

Business plans and budgets are prepared annually by the management of individual businesses and subject to review and approval by Executive Directors. Executive Directors review the differences to the budget and for approval. When setting budgets, management identifies, evaluates and reports on the likelihood and potential financial impact of significant business risks.

The Executive Directors review monthly management reports on the financial results and key operating statistics of each business and hold regular meetings with the executive management team and senior management of business operations to review these reports, business performance against budgets, forecasts, significant risk sensitivities and strategies. In addition, Group Finance Director and members of his finance team review monthly performance against budget and forecast, and to address accounting and finance related matters.

內部監控環境及系統

董事會全權負責監察本集團旗下業務的運 作。執行董事獲委任加入所有經營重大業 務的附屬公司的董事會，以監察此等公司 的運作，包括出席其董事會會議、審批業 務策略、預算和計劃，以及制訂主要的業 務表現目標。每個核心業務部門的行政管 理隊伍對其部門內每項業務在協定策略範 圍內的營運與表現承擔問責。同樣地， 每 項業務的管理層亦須為其業務運作與表現 承擔問責。

本集團的內部監控程序包括一個報告制 度，以向每個核心業務部門的行政管理隊 伍與執行董事匯報資料。

業務計劃與預算由個別業務的管理層按年 編製，並須由執行董事審批。執行董事檢 討與預算的差異並作出審批。在編製預算 時，管理層確定、評估與匯報業務蒙受重 大風險的可能性與其潛在的財務影響。

執行董事審閱涵蓋每項業務的財務業績與 主要營運統計數字的每月管理報告，並定 期與行政管理隊伍與業務營運之高級管理 層舉行會議，以檢討此等報告、業務表現 與預算的比較、業務預測與重大業務風險 因素與策略。此外，集團財務董事與其財 務小組成員對照預算和預測以檢討每月表 現，以及處理會計與財務相關事宜。

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東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

The Group Finance Director has established guidelines and procedures for approval and control of expenditures. Operating expenditures are subject to overall budget control and are controlled within each business with approval level for such expenditures being set by reference to the level of responsibility of each executive officer. Capital expenditures are subject to overall control within the annual budget review and approval process, and more specific control and approval prior to commitment by the Group Finance Director or Executive Directors are required for unbudgeted expenditures and material expenditures within the approval budget. Reports of actual versus budgeted and approved expenditures are also regularly reviewed.

Internal audit department reporting to the Group Managing Director on regular basis and also directly to the Audit Committee if necessary, provides independent assurance as to the existence and the effectiveness of the risk management activities and controls in the Group’s business operations. Using risk assessment methodology and taking into account the dynamics of the Group activities, internal audit derives its yearly audit plan which is reviewed by the Audit Committee, and reassessed during the year as needed to ensure that adequate resources are deployed and the plan’s objectives are met. Internal audit is responsible for assessing the Group’s internal control system, formulating an impartial opinion on the system, and reporting its findings to the Group Finance Director, Group Managing Director and the Audit Committee as well as following up on all reports to ensure that all issues have been satisfactorily resolved. In addition, a regular dialogue is maintained with the Group’s external auditors so that both are aware of the significant factors which may affect their respective scopes of work.

Depending on the nature of business and risk exposure of individual business units, the scope of the work performed by the internal audit function includes financial and operations review, recurring and surprise audits, fraud investigation and productivity effectively reviews.

Reports from the external auditors on internal controls and relevant financial reporting matters, if any, are presented to the Group Finance Director and the relevant management team. These reports are reviewed and the appropriate actions taken.

集團財務董事已為開支的批准與控制訂立 指引與程序。營業支出均須根據整體預算 作出監管，並由各個業務按與每名行政人 員的職責輕重相稱的開支批核水平進行監 控。資本開支須按照年度預算審訂與批核 程序進行全面監控，在經批核預算之內未 列入預算案的開支以及重大支出，則須於 投入之前由集團財務董事或執行董事作出 更具體的監管與批核。比較實際開支與預 算及經批核的開支的報告亦會定期審閱。

內部審核部門須定期向集團董事總經理匯 報其職務，並須直接向審核委員會匯報 （如必要），就本集團業務營運的風險管 理活動與監控提供運作與效益方面的獨立 保證。內部審核運用風險評估方法與考慮 本集團業務運作機制，制訂其週年審核計 劃。該計劃由審核委員會審議，並在需要 時於年內重新評估，確保有足夠資源可供 運用與計劃目標得以實現。內部審核負責 評估本集團內部監控制度，就制度提供公 正無私的意見，並將其評估結果向集團財 務董事、集團董事總經理及審核委員會匯 報，同時負責跟進所有報告，確保所有問 題已獲得圓滿解決。此外，內部審核部門 還會與本集團的外聘核數師定期溝通，讓 雙方了解可能影響其相關工作範圍的重大 因素。

視乎個別業務單位的業務性質與承受的風 險，內部審計職能的工作範圍包括財務與 營運審訂、經常性與突擊審核、詐騙調 查，以及生產力效益檢討等。

外聘核數師向集團財務董事與相關管理隊 伍提交有關內部監控與相關財務報告事宜 的報告（如有）。該等報告會被審閱及採取 適當行動。

29

二零一五年年報 Annual Report 2015

CORPORATE GOVERANCE REPORT 企業管治報告

Corporate Governance

The Board is entrusted with the overall responsibility of developing and maintaining sound and effective corporate governance within the Group and is committed to ensuring that the effective governance structure is put in place to continuously review and improve the corporate governance practices within the Group in light of evolving environment and regulatory requirements.

Under the term of reference, the Audit Committee has been delegated the corporate function of the Board to monitor, procure and manage corporate governance compliance within the Group. To assist the Audit Committee in fulfilling its responsibilities, Company Secretary with representatives from key departments of the Company are continuously examine the corporate governance structure of the Group, provide updates, identify emerging matters of compliance, structure appropriate compliance mechanisms and monitor compliance fulfillment on an ongoing basis.

The Audit Committee has reviewed the compliance status and is satisfied that the Company has complied throughout the year with all the code provisions of the CG Code applicable during the year except for the deviation from the Code Provision A.4.1 that is explained in the previous relevant paragraph.

Group Risk Management

The Group Managing Director and the Group Finance Director have the responsibility of developing and implementing risk mitigation strategies including the deploying of insurance to transfer the financial impact of risks. The Group Finance Director is responsible for arranging appropriate insurance coverage.

Review of Internal Control Systems

The Board, through the Audit Committee, has conducted a review of the effectiveness of the Group’ internal control system for the year ended 31 March, 2015 covering all material financial, operational and compliance controls and risk management functions, and is satisfied that such system are effective and adequate. In the view of the Board, the system of internal control of the Group is sufficient to safeguard the interest of the Group.

企業管治

董事會全權負責制定及維持本集團內穩健 有效之企業管治，並致力確保實行有效之 管治結構，以因應瞬息萬變之環境及監管 要求，持續檢討及改善本集團內之企業管 治常規。

根據職權範圍，審核委員會已獲轉授董事 會之企業職能，以監察、促使及管理本集 團之企業管治遵守情況。為協助審核委員 會履行其責任，公司秘書連同本公司主要 部門之代表持續檢查本集團之企業管治架 構、提供最新情況、識別新出現之合規事 項、建立適當之合規機制以及持續監控合 規事項之進展。

審核委員會已檢討合規情況，並信納本公 司已於整個年度內遵守年內適用之企業管 治守則之全部守則條文，惟於上文相關段 落中說明偏離守則條文 A.4.1 除外。

集團風險管理

集團董事總經理與集團財務董事有責任制 訂與執行紓緩風險的策略，包括運用保險 轉移風險的財務影響。集團財務董事負責 作出適當的保險安排。

檢討內部監控制度

董事會已透過審核委員會檢討截至二零 一五年三月三十一日止年度的本集團內部 監控制度成效，包括所有重大財務、營運 與循規監控及風險管理職能，並滿意此等 制度為有效與足夠。董事會認為，本集團 之內部監控制度足以保障本集團之利益。

30

東方表行集團有限公司 Oriental Watch Holdings Limited

CORPORATE GOVERANCE REPORT 企業管治報告

COMMUNICATION WITH INVESTORS AND SHAREHOLDERS

The Board recognizes the importance of maintaining clear, timely and effective communication with the shareholders of the Company and investors. Therefore, the Board and the Group’s senior Management maintain close communications with investors, analysts, fund managers and the media by various channels including interviews and meetings. The Group specially assigns Mr. Lam Hing Lun, Alain, Group Finance Director, being the contact person of investor relations to respond the requests of information and queries from the investors.

The Board also welcomes the view of shareholders on matters affecting the Group and encourages them to attend shareholders’ meeting to communicate with the Board or Management directly.

SHAREHOLDER’S RIGHT

The Board is committed to providing clear and full performance information of the Group to the shareholders through publication of notices, announcements, circulars, interim and annual reports. In addition to dispatching circulars, notices, financial reports to shareholders, additional information are also available to the shareholders on the Group’s website.

Shareholders are encouraged to attend all general meeting of the Company, such as the annual general meeting and at which the Chairman and Directors are available to answer questions on the Group’s business. All shareholders have statutory right to call for extraordinary general meeting and put forward agenda items for consideration by shareholders by sending to the Company Secretary at the registered office a written request for such general meeting together with the proposed agenda items. All substantial resolutions at the general meeting are decided on a poll. The poll is conducted by the Group’s Share Registrars and the results of the poll are published on the websites at The Stock Exchange of Hong Kong Limited and the Group. Financial and other information is made available on the Group’s website, which is regularly updated.

投資者及股東通訊

董事會深明與本公司股東及投資者維持清 晰、適時及有效通訊之重要性。因此，董 事會及本集團之高級管理層透過訪問及會 議等多種不同渠道與投資者、分析員、基 金經理及傳媒維持緊密通訊。本集團特別 委派集團財務董事林慶麟先生作為投資者 關係之聯絡人，以回應投資者有關索取資 訊之要求與查詢。

董事會亦歡迎股東就對本集團構成影響之 事宜表達意見，並鼓勵彼等出席股東大 會，直接與董事會或管理層溝通。

股東權利

董事會透過刊印通告、公佈、通函、中期 與年度報告，致力為股東提供清晰及全面 的本集團業績資料。股東除獲寄發通函、 通告與財務報告外， 亦可登入本集團網站 取得更多資料。

本集團鼓勵股東出席本公司所有股東大 會，例如股東週年大會，主席與董事均出 席股東大會，以解答有關本集團業務的提 問。全體股東均有法定權力可提出要求召 開股東特別大會並提出議程事項以供股東 考慮，股東只須致函本公司註冊辦事處， 向公司秘書提出召開有關股東大會之要求 及說明所建議討論的議程即可。股東大會 上所有重要決議案均以投票方式表決。投 票表決由本集團股份過戶登記處進行，而 投票表決結果會登載於香港聯合交易所有 限公司及本集團網站。本集團網站亦登載 定期更新的財務與其他資料。

31

二零一五年年報 Annual Report 2015

DIRECTORS’ REPORT 董事會報告

The directors present their annual report and the audited consolidated financial statements for the year ended 31st March, 2015.

PRINCIPAL ACTIVITIES

The Company acts as an investment holding company as well as engaged in watch trading. The principal activities of its principal subsidiaries are set out in note 32 to the consolidated financial statements.

RESULTS AND DIVIDENDS

The results of the Group for the year are set out in the consolidated statement of profit or loss and other comprehensive income on pages 48 to 49.

A special dividend of 0.5 Hong Kong cents per share was declared and paid to the shareholders during the year. A final dividend of 0.25 Hong Kong cents per share being proposed by the directors is subject to approval by the shareholders in the forthcoming annual general meeting.

RESERVES

As at 31st March, 2015, the Company’s reserves available for distribution consisted of contributed surplus of HK$122,183,000 and retained profits of HK$68,624,000.

Under the Companies Act 1981 of Bermuda (as amended), the contributed surplus account of the Company is available for distribution. However, the Company cannot declare or pay a dividend, or make a distribution out of contributed surplus if:

• (a) to do so would render the Company unable to pay its liabilities as they become due; or

• (b) the realisable value of its assets would thereby be less than its liabilities.

董事會謹此提呈截至二零一五年三月 三十一日止年度之年報及經審核綜合財務 報表。

主要業務

本公司為投資控股公司並從事鐘表貿易業 務。其主要附屬公司之主要業務載於綜合 財務報表附註 32。

業績及股息

本集團於本年度之業績載於第 48 頁至第 49 頁之綜合損益及其他全面收益表。

年內本公司已向股東宣派及派付特別股息 每股 0.5 港仙。董事亦建議派付末期股息 每股 0.25 港仙，但須待股東於應屆股東週 年大會上批准方可作實。

儲備

於二零一五年三月三十一日，本公司可供 分派之儲備包括繳入盈餘 122,183,000 港 元及保留溢利 68,624,000 港元。

根據百慕達一九八一年公司法（經修訂）， 本公司繳入盈餘賬可用作分派。然而，倘 出現下列情況，本公司不可由繳入盈餘中 宣派或支付股息，或作出分派：

• (a) 此舉將導致本公司無法償還其到期負 債；或

• (b) 其資產之可變現價值會低於其負債。

32

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS’ REPORT 董事會報告

PROPERTY, PLANT AND EQUIPMENT

During the year, the Group incurred approximately HK$11.6 million on the purchase of property, plant and equipment. Details of these and other movements in property, plant and equipment of the Group during the year are set out in note 13 to the consolidated financial statements.

DIRECTORS AND DIRECTORS’ SERVICE CONTRACTS

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

Executive directors:

Dr. Yeung Ming Biu (Chairman)

Mr. Yeung Him Kit, Dennis (Deputy Chairman and

物業、機器及設備

年內，本集團動用約 11,600,000 港元購置 物業、機器及設備。有關詳情以及本集團 之物業、機器及設備於年內之其他變動詳 情載於綜合財務報表附註 13。

董事及董事服務合約

本公司於年內及截至本報告日期之董事如 下：

執行董事：

楊明標博士（主席） 楊衍傑先生（副主席及董事總經理）

Managing Director)

Mr. Fung Kwong Yiu Madam Yeung Man Yee, Shirley Mr. Lam Hing Lun, Alain Mr. Choi Kwok Yum

Independent non-executive directors:

Dr. Sun Ping Hsu, Samson Dr. Li Sau Hung, Eddy Mr. Choi Man Chau, Michael

In accordance with Bye-law 87 of the Company’s Byelaws, Dr. Yeung Ming Biu, Mr. Yeung Him Kit, Dennis and Mr. Choi Man Chau, Michael retire and, being eligible, offer themselves for re-election.

None of the directors has a service contract with the Company or any of its subsidiaries which is not determinable by the Group within one year without payment of compensation, other than statutory compensation.

Details of the remuneration paid by the Group to the directors of the Company and the senior management of the Group for the year ended 31st March, 2015 are set out in note 9 to the consolidated financial statements.

馮廣耀先生 楊敏儀女士 林慶麟先生 蔡國欽先生

獨立非執行董事：

孫秉樞博士 李秀恒博士 蔡文洲先生

根據本公司之公司細則第 87 條，楊明標先 生、楊衍傑先生及蔡文洲先生均須告退， 惟符合資格並願膺選連任。

董事概無與本公司或其任何附屬公司訂立 本集團不作賠償（法定賠償除外）則不得於 一年內終止之服務合約。

截至二零一五年三月三十一日止年度本集 團支付予本公司董事及本集團高級管理層 之薪酬詳情載於綜合財務報表附註 9。

33

二零一五年年報 Annual Report 2015

DIRECTORS’ REPORT 董事會報告

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SECURITIES

董事擁有之證券權益及淡倉

As at 31st March, 2015, the interests of the directors of the Company in the shares and underlying shares of the Company, as recorded in the register required to be kept under Section 352 of the Hong Kong Securities and Futures Ordinance (the “SFO”), or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the Model Code for Securities Transactions by Directors of Listed Companies were as follows:

根據香港證券及期貨條例（「證券及期貨條 例」）第 352 條規定保管之登記冊所記錄， 於二零一五年三月三十一日，本公司之董 事於本公司之股份及相關股份中擁有之權 益，或根據上市公司董事進行證券交易的 標準守則須知會本公司及香港聯合交易所 有限公司（「聯交所」）之權益如下：

Number of shares held 所持股份數目

			所持股份數目
						Percentage of
					Total	issued share
		Personal	Family	Corporate	number	capital of
		interest	interest	interest	of shares	the Company
						佔本公司已發
Name of director	董事姓名	個人權益	家族權益	公司權益	股份總數	行股本百分比
Dr. Yeung Ming Biu	楊明標博士	19,669,583	7,920,000	128,164,561	155,754,144	27.30%
				(note (a))
				（附註(a)）
Mr. Yeung Him Kit, Dennis	楊衍傑先生	5,524,000	—	(note (b))	5,524,000	0.97%
				（附註(b)）
Mr. Fung Kwong Yiu	馮廣耀先生	6,508,160	—	(note (c))	6,508,160	1.14%
				（附註(c)）
Madam Yeung Man Yee, Shirley	楊敏儀女士	2,640,000	221,161	(note (d))	2,861,161	0.50%
				（附註(d)）
Mr. Lam Hing Lun, Alain	林慶麟先生	3,600,000	—	—	3,600,000	0.63%
Mr. Choi Kwok Yum	蔡國欽先生	3,600,000	—	—	3,600,000	0.63%
Dr. Sun Ping Hsu, Samson	孫秉樞博士	—	—	3,200,000	3,200,000	0.56%
				(note (e))
				（附註(e)）

34

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS’ REPORT 董事會報告

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SECURITIES (Continued)

Notes:

• (a) Dr. Yeung Ming Biu and his wife, Madam Au Po Kee, are the beneficial owners of 45% and 22.5% respectively of the issued share capital of Realtower Holdings Limited. Realtower Holdings Limited and Dr. Yeung Ming Biu are the respective beneficial owners of 55% and 10% of the issued share capital of Furama Investments Limited, which is the beneficial owner of 80% of the issued share capital of Datsun Holdings Limited. Datsun Holdings Limited is the beneficial owner of 127,776,000 shares in the Company.

Dr. Yeung Ming Biu is the beneficial owner of 47.5% of the issued share capital of Y.H. Chan Limited, which is the beneficial owner of 25% of the issued share capital of Furama Investments Limited. Y.H. Chan Limited also directly holds 388,561 shares in the Company.

• (b) Mr. Yeung Him Kit, Dennis is the beneficial owner of 10% and 7% of the issued share capital of Realtower Holdings Limited and Real Champ Limited respectively. Real Champ Limited is the beneficial owner of 20% of the issued share capital of Datsun Holdings Limited.

• (c) Mr. Fung Kwong Yiu is the beneficial owner of 6% of the issued share capital of Real Champ Limited.

• (d) Madam Yeung Man Yee, Shirley is the beneficial owner of 7.5% of the issued share capital of Realtower Holdings Limited.

• (e) Dr. Sun Ping Hsu, Samson and his family members are the beneficial owners of the entire issued share capital of Sun International Limited, which is the beneficial owner of 3,200,000 shares in the Company.

Save as disclosed above, and other than certain nominee shares in subsidiaries held by a director in trust for the Company, none of the directors of the Company had any interest or short positions in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies.

董事擁有之證券權益及淡倉[（續）]

附註：

• (a) 楊明標博士及其妻子區寶琪女士分別實益擁有 Realtower Holdings Limited 已發行股本 45% 及 22.5%。Realtower Holdings Limited 及楊 明標博士各自實益擁有 Furama Investments Limited 已發行股本 55% 及 10%。Furama Investments Limited 實 益 擁 有 Datsun Holdings Limited 已發行股本 80%。Datsun Holdings Limited 實益擁有 127,776,000 股本 公司股份。

楊明標博士實益擁有陳耀洪有限公司已發行股 本 47.5%。陳耀洪有限公司實益擁有 Furama Investments Limited 已發行股本 25%。陳耀洪 有限公司亦直接持有 388,561 股本公司股份。

• (b) 楊衍傑先生分別實益擁有 Realtower Holdings Limited 及 Real Champ Limited 已發行股本 10% 及 7%。Real Champ Limited 實益擁有 Datsun Holdings Limited 已發行股本 20%。

• (c) 馮廣耀先生實益擁有 Real Champ Limited 已發 行股本 6%。

• (d) 楊敏儀女士實益擁有 Realtower Holdings Limited 已發行股本 7.5%。

• (e) 孫秉樞博士及其家族成員實益擁有 Sun International Limited 全部已發行股本。Sun International Limited 實益擁有 3,200,000 股本 公司股份。

除上文所披露者及一名董事以信託形式代 本公司持有附屬公司之若干代理人股份 外，根據證券及期貨條例第 352 條規定保 管之登記冊所記錄，本公司之董事概無於 本公司或其任何相聯法團（定義見證券及 期貨條例第 XV 部）之任何股份、相關股份 或債券中擁有任何權益或淡倉，或根據上 市公司董事進行證券交易的標準守則須知 會本公司及聯交所之權益或淡倉。

35

二零一五年年報 Annual Report 2015

DIRECTORS’ REPORT 董事會報告

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

(a) 2003 Share Option Scheme

Pursuant to an ordinary resolution passed at the Company’s special general meeting held on 3rd November, 2003, the Company adopted a share option scheme (the “2003 Share Option Scheme”). The 2003 Share Option Scheme was valid for a period of ten years commencing on the adoption date on 3rd November, 2003.

Under the 2003 Share Option Scheme, options may be granted to any director, employee, consultant, customer, supplier or advisor of the Group or a company in which the Company holds an interest or a subsidiary of such company, the trustee of the eligible persons or a company beneficially owned by the eligible persons. The purpose of the 2003 Share Option Scheme is to attract and retain quality personnel and other persons to provide incentive to them to contribute to the business and operation of the Group. No eligible persons shall be granted an option in any 12-month period for such number of shares (issued and to be issued) which in aggregate would exceed 1% of the share capital of the Company in issue on the last day of such 12-month period unless approval of the shareholders of the Company has been obtained in accordance with the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). The exercisable period is determined by the directors of the Company, which shall not be more than 10 years from the date of grant, and may include a minimum period for which the options must be held before it can be exercised. The exercise price per share payable on the exercise of an option equals to the highest of:

• (a) the nominal value of one share;

• (b) the closing price per share as stated in the Stock Exchange’s daily quotations sheet on the date of grant; and

• (c) the average closing price per share as quoted in the Stock Exchange’s daily quotations sheet for the five business days immediately preceding the date of grant.

The 2003 Share Option Scheme expired on 2nd November, 2013. The options could be exercised by the participants at any time during the option period and notwithstanding that the 2003 Share Option Scheme had expired.

購股權計劃及董事購買股份或債券 之權利

(a) 二零零三年購股權計劃

根據本公司於二零零三年十一月三日 舉行之股東特別大會上通過之普通決 議案，本公司已採納購股權計劃（「二 零零三年購股權計劃」）。二零零三 年購股權計劃由採納日期二零零三年 十一月三日起計有效十年。

根據二零零三年購股權計劃，購股權 可授予本集團之任何董事、僱員、顧 問、客戶、供應商或諮詢人或本公司 持有該公司之權益之公司或該公司之 附屬公司、合資格人士之信託人或合 資格人士實益擁有之公司。二零零三 年購股權計劃旨在向優秀人才及其他 人士給予獎勵，以吸引彼等留任及對 本集團之業務及經營作出貢獻。根據 聯交所證券上市規則（「上市規則」）， 除非取得本公司股東批准，否則於任 何十二個月期間內，合資格人士不得 獲授予涉及股份數目（已發行及將予 發行）合共超過本公司於該十二個月 期間之最後一日之已發行股本 1% 之 購股權。行使期乃由本公司董事釐 定，惟不得超過自授出日期起計十年 及包括購股權行使前必須持有之最短 期限。在行使購股權時應付之每股行 使價將為以下三者中之最高者：

• (a) 一股股份面值；

• (b) 股份於授出當日在聯交所每日報 價表所報之每股收市價；及

• (c) 股份於緊接授出當日前五個營業 日在聯交所每日報價表所報之每 股平均收市價。

二零零三年購股權計劃於二零一三年 十一月二日屆滿。購股權可由參與者 於購股權期間任何時間予以行使，而 不論二零零三年購股權計劃已屆滿。

36

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS’ REPORT 董事會報告

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES (Continued)

購股權計劃及董事購買股份或債券

之權利[（續）]

(a) 2003 Share Option Scheme (Continued)

(a) 二零零三年購股權計劃 （續）

The following table discloses movements of the options granted under the 2003 Share Options Scheme to directors, certain employees and consultants during the year:

下表披露董事、若干僱員及顧問於年 內根據二零零三年購股權計劃獲授購 股權之變動：

	Number of
	shares under		Original	Adjusted
	options at	Date of	exercise	exercise
Name of	1.4.2014 and	grant of	price per	price per
category of participant	31.3.2015	options	share	share	Exercisable period
	於二零一四年
	四月一日及
	二零一五年
	三月三十一日
	購股權涉及	購股權	原有每股	經調整
參與者姓名或類別	之股份數目	授出日期	行使價	每股行使價	可行使期間
			HK$	HK$
			港元	港元
				(note)
				（附註）
Directors董事
Dr. Yeung Ming Biu	1,440,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
楊明標博士
Mr. Yeung Him Kit, Dennis	1,440,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
楊衍傑先生
Mr. Fung Kwong Yiu	3,000,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
馮廣耀先生
Madam Yeung Man Yee,
Shirley	1,440,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
楊敏儀女士
Mr. Lam Hing Lun, Alain 林慶麟先生	3,600,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
Mr. Choi Kwok Yum	3,600,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
蔡國欽先生
	14,520,000
Other employees其他僱員
Type A	14,400,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
A類
Type B	18,000,000	29.08.2011	4.80	N/A	29.08.2011 — 28.08.2021
B類				不適用
Consultants顧問
Type A	2,640,000	06.04.2011	4.13	3.44	06.04.2011 — 05.04.2021
A類
Type B	5,000,000	29.08.2011	4.80	N/A	29.08.2011 — 28.08.2021
B類				不適用
Total總計	54,560,000

37

二零一五年年報 Annual Report 2015

DIRECTORS’ REPORT 董事會報告

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES (Continued)

(a) 2003 Share Option Scheme (Continued)

Note: An ordinary resolution was passed by the shareholders at the annual general meeting of the Company held on 28th July, 2011 approving a bonus issue of shares to shareholders of the Company on the basis of one new ordinary share for every five ordinary shares held. The number of shares under the outstanding options and the exercise price per share of the outstanding options were adjusted accordingly pursuant to the terms of the 2003 Share Option Scheme.

(b) 2013 Share Option Scheme

Pursuant to an ordinary resolution passed at the annual general meeting of the Company held on 13th August, 2013, a new share option scheme was adopted with effect on 3rd November, 2013 (the “2013 Share Option Scheme”) after the expiry of the 2003 Share Option Scheme.

購股權計劃及董事購買股份或債券 之權利[（續）]

(a) 二零零三年購股權計劃 （續）

附註：股東在本公司於二零一一年七月二十八 日舉行之股東週年大會上通過普通決議 案，批准派送紅股予本公司股東，基準 為每持有五股普通股可獲派一股新普通 股。未行使購股權之股份數目及未行使 購股權之每股行使價已根據二零零三年 購股權計劃之條款作出相應調整。

(b) 二零一三年購股權計劃

根據本公司於二零一三年八月十三日 舉行之股東週年大會上通過之普通決 議案，於二零零三年購股權計劃屆滿 後，一項於二零一三年十一月三日生 效之新購股權計劃（「二零一三年購股 權計劃」）獲採納。

38

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS’ REPORT 董事會報告

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES (Continued)

(b) 2013 Share Option Scheme (Continued)

Under the 2013 Share Option Scheme, options may be granted to (i) any director, employee or consultant of the Group or a company in which the Company holds an equity interest or a subsidiary of such company (“Affiliate”); or (ii) any discretionary trust whose discretionary objects include any director, employee or consultant of the Group or an Affiliate; or (iii) a company beneficially owned by any director, employee or consultant of the Group or an Affiliate; or (iv) any customer, supplier or adviser whose service to the Group or business with the Group contributes or is expected to contribute to the business or operation of the Group. The purpose of the 2013 Share Option Scheme is to attract and retain quality personnel and other persons to provide incentive to them to contribute to the business and operation of the Group. The total number of shares available for issue under the 2013 Share Option Scheme as at the date of this report is 57,061,022 shares. No eligible persons shall be granted an option in any 12-month period for such number of shares (issued and to be issued) which in aggregate would exceed 1% of the share capital of the Company in issue on the last day of such 12-month period unless approval of the shareholders of the Company has been obtained in accordance with the Listing Rules. The exercisable period is determined by the directors of the Company, which shall not be more than 10 years from the date of grant, and may include a minimum period for which the options must be held before it can be exercised. The exercise price per share payable on the exercise of an option equals to the highest of:

(a) the nominal value of one share;

購股權計劃及董事購買股份或債券 之權利[（續）]

(b) 二零一三年購股權計劃 （續）

根據二零一三年購股權計劃，購股權 可授予 (i) 本集團或本公司於其中持有 股本權益之公司或該公司之附屬公司 （「聯屬公司」）之任何董事、僱員或顧 問；或 (ii) 受益人包括本集團或聯屬公 司之任何董事、僱員或顧問之任何全 權信託；或 (iii) 由本集團或聯屬公司 之任何董事、僱員或顧問實益擁有之 公司；或 (iv) 為本集團或本集團之業 務服務而對或預期對本集團之業務或 經營作出貢獻之任何客戶、供應商或 顧問。二零一三年購股權計劃旨在向 優秀人才及其他人士給予獎勵，以吸 引彼等留任及對本集團之業務及經營 作出貢獻。於本報告日期，二零一三 年購股權計劃項下可供發行之股份數 目合共為 57,061,022 股。根據上市 規則，除非取得本公司股東批准，否 則於任何十二個月期間內，合資格 人士不得獲授予涉及股份數目（已發 行及將予發行）合共超過本公司於該 十二個月期間之最後一日之已發行股 本 1% 之購股權。行使期乃由本公司 董事釐定，惟不得超過自授出日期起 計十年及包括購股權行使前必須持有 之最短期限。在行使購股權時應付之 每股行使價將為以下三者中之最高 者：

(a) 一股股份面值；

39

二零一五年年報 Annual Report 2015

DIRECTORS’ REPORT 董事會報告

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES (Continued)

購股權計劃及董事購買股份或債券 之權利[（續）]

• (b) 2013 Share Option Scheme (Continued)

(b) 二零一三年購股權計劃 （續）

• (b) the closing price per share as stated in the Stock Exchange’s daily quotations sheet on the date of grant; and

• (b) 股份於授出當日在聯交所每日報 價表所報之每股收市價；及

• (c) the average closing price per share as quoted in the Stock Exchange’s daily quotations sheet for the five business days immediately preceding the date of grant.

• (c) 股份於緊接授出當日前五個營業 日在聯交所每日報價表所報之每 股平均收市價。

The 2013 Share Option Scheme will remain in force until 2nd November, 2023.

二零一三年購股權計劃將一直有效， 直至二零二三年十一月二日。

No option was granted, exercised or lapsed under the 2013 Share Option Scheme during the year since its effective date on 3rd November, 2013 and there was no outstanding share option as at 31st March, 2015.

自其生效日期二零一三年十一月三日 起之年度內，概無購股權根據二零 一三年購股權計劃已授出、行使或失 效，而於二零一五年三月三十一日亦 無未行使購股權。

SUBSTANTIAL SHAREHOLDERS

主要股東

As at 31st March, 2015, according to the register maintained by the Company pursuant to Section 336 of the SFO, the following persons (not being a director or chief executive of the Company) had interests in the share capital of the Company.

本公司根據證券及期貨條例第 336 條規定 存置之登記冊所示，於二零一五年三月 三十一日，以下人士（並非為本公司之董 事或行政總裁）於本公司股本中擁有權益。

Percentage of issued share capital of the Number of Company Name of shareholder shares held 佔本公司已 股東名稱 所持股份數目 發行股本百分比 Datsun Holdings Limited 127,776,000 22.39% Furama Investments Limited 127,776,000 22.39% Realtower Holdings Limited 127,776,000 22.39%

40

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS’ REPORT 董事會報告

SUBSTANTIAL SHAREHOLDERS (Continued)

Realtower Holdings Limited holds 55% of the issued share capital of Furama Investments Limited which holds 80% of the issued share capital of Datsun Holdings Limited. Accordingly, both Realtower Holdings Limited and Furama Investments Limited are deemed under the SFO to be interested in the 127,776,000 shares in the Company held by Datsun Holdings Limited.

Save as disclosed above, at 31st March, 2015, there was no person who had any interests or short position in the shares or underlying shares of the Company according to the register maintained by the Company pursuant to Section 336 of the SFO.

INDEPENDENT NON-EXECUTIVE 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 that all of the independent nonexecutive directors are independent.

INTERESTS IN CONTRACTS

There were no contracts of significance to which the Company or any of its subsidiaries was a party and in which a director of the Company had a material interest, whether directly or indirectly, subsisting at the end of the year or at any time during the year.

There is no contract of significance between the Group and a controlling shareholder of the Company (as defined in the Listing Rules) or any of its subsidiaries, including for the provision of services to the Group.

主要股東[（續）]

Realtower Holdings Limited 持有 Furama Investments Limited 已發行股本 55%， Furama Investments Limited 則持有 Datsun Holdings Limited 已發行股本 80% 。因此， 根據證券及期貨條例，Realtower Holdings Limited 及 Furama Investments Limited 均 視為擁有 Datsun Holdings Limited 所持之 127,776,000 股本公司股份權益。

按本公司根據證券及期貨條例第 336 條規 定存置之登記冊所示，除上文所披露者 外，於二零一五年三月三十一日，概無任 何人士於本公司之股份或相關股份中擁有 任何權益或淡倉。

獨立非執行董事

根據上市規則第 3.13 條，本公司已收到各 獨立非執行董事之年度獨立性確認書。本 公司認為所有獨立非執行董事均屬獨立。

合約權益

本公司或其任何附屬公司概無訂立任何於 年終或年內任何時間有效而本公司董事直 接或間接擁有重大利益之重大合約。

本集團與本公司控股股東（定義見上市規 則）或其任何附屬公司概無訂立任何重大 合約，包括向本集團提供服務之重要合 約。

二零一五年年報 Annual Report 2015

41

DIRECTORS’ REPORT 董事會報告

MAJOR CUSTOMERS AND SUPPLIERS

During the year, the aggregate sales attributable to the Group’s five largest customers were less than 30% of the Group’s total sales.

The aggregate purchases during the year attributable to the Group’s five largest suppliers comprised approximately 84% of the Group’s total purchases while the purchases attributable to the Group’s largest supplier was approximately 69% of the Group’s total purchases.

None of the directors, their associates or any shareholder, which to the knowledge of the directors owned more than 5% of the Company’s issued share capital, had any interest in the share capital of any of the five largest customers or suppliers of the Group.

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.

DONATIONS

During the year, the Group made donations totalling HK$205,000.

CORPORATE GOVERNANCE

Principal corporate governance practices as adopted by the Group are set out in the Corporate Governance Report on pages 12 to 31.

EMOLUMENT POLICY

As at 31st March, 2015, the Group had a total of about 730 employees.

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

主要客戶及供應商

年內，本集團五大客戶應佔之總銷售額少 於本集團總銷售額之 30%。

年內，本集團五大供應商應佔之總採購額 佔本集團總採購額約 84%，而本集團最大 供應商應佔之採購額佔本集團總採購額約 69%。

各董事、彼等之聯繫人士或任何股東（就 董事所知擁有本公司已發行股本 5% 以上 者）概無於本集團任何五大客戶及供應商 之股本中擁有任何權益。

買賣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、出售或贖回本公司之任何上市證券。

捐贈

年內，本集團作出之捐贈合共 205,000 港 元。

企業管治

本集團所採納之主要企業管治常規載於第 12 頁至第 31 頁之企業管治報告。

酬金政策

於二零一五年三月三十一日，本集團合共 約有 730 名僱員。

本集團僱員之酬金政策由薪酬委員會按彼 等之功績、資歷及能力制定。

42

東方表行集團有限公司 Oriental Watch Holdings Limited

DIRECTORS’ REPORT 董事會報告

EMOLUMENT POLICY (Continued)

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

The Company has adopted share option schemes as an incentive to directors and employees of the Group, details of the schemes are set out in the paragraph headed “Share option schemes and directors’ rights to acquire shares or debentures” above and in note 25 to the consolidated financial statements.

AUDIT COMMITTEE AND REMUNERATION COMMITTEE

Details of the Group’s Audit Committee and Remuneration Committee are set out in the Corporate Governance Report on pages 22 to 26.

SHARE CAPITAL

Details of movements during the year in the share capital of the Company are set out in note 23 to the consolidated financial statements.

PRE-EMPTIVE RIGHTS

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

SUFFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within the knowledge of its directors as at the latest practicable date prior to the issue of this annual report, the percentage of the Company’s shares in the hands of the public exceeds 25% of the Company’s total number of issued shares.

酬金政策[（續）]

本公司董事之酬金由薪酬委員會考慮本集 團之經營業績、個人表現及可資比較市場 統計數字後決定。

本公司已採納購股權計劃作為董事及本集 團僱員之獎勵，計劃詳情載於上文「購股 權計劃及董事購買股份或債券之權利」一 段及綜合財務報表附註 25。

審核委員會及薪酬委員會

本集團審核委員會及薪酬委員會之詳情載 於第 22 頁至第 26 頁之企業管治報告。

股本

本公司股本於年內之變動詳情載於綜合財 務報表附註 23。

優先購買權

根據本公司之公司細則或百慕達法例，並 無任何規定本公司按比例向現有股東發售 新股份之優先購買權條文。

足夠公眾持股量

根據本公司可取得之公開資料並就其董事 所知，於本年報刊發前之最後可行日期， 由公眾人士持有之本公司股份百分比超過 本公司之已發行股份總數 25%。

43

二零一五年年報 Annual Report 2015

DIRECTORS’ REPORT 董事會報告

AUDITOR

A resolution will be submitted to the annual general meeting of the Company to re-appoint Messrs. Deloitte Touche Tohmatsu as auditor of the Company.

On behalf of the Board

Yeung Ming Biu CHAIRMAN

Hong Kong, 17th June, 2015

核數師

本公司將於股東週年大會提呈決議案續聘 德勤‧ 關黃陳方會計師行為本公司之核數 師。

代表董事會

主席

楊明標

香港，二零一五年六月十七日

東方表行集團有限公司 Oriental Watch Holdings Limited

44

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

==> picture [90 x 68] intentionally omitted <==

TO THE SHAREHOLDERS OF ORIENTAL WATCH HOLDINGS LIMITED (incorporated in Bermuda with limited liability)

We have audited the consolidated financial statements of Oriental Watch Holdings Limited (the “Company”) and its subsidiaries (collectively referred to as the “Group”) set out on pages 48 to 143, which comprise the consolidated statement of financial position as at 31st March, 2015, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

DIRECTORS’ RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants 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.

致：東方表行集團有限公司各股東

（於百慕達註冊成立之有限公司）

本核數師行已完成審核載於第 48 頁至第 143 頁東方表行集團有限公司（「貴公司」） 及其附屬公司（統稱為「貴集團」）的綜合 財務報表，其中包括於二零一五年三月 三十一日的綜合財務狀況表，以及截至該 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及主要 會計政策概要和其他說明資料。

董事編製綜合財務報表之責任

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之 披露規定，編製綜合財務報表，以令綜合 財務報表作出真實而公平的反映，及落實 其認為編製綜合財務報表所必要的內部控 制，以使綜合財務報表並無重大錯誤陳述 （不論其由欺詐或錯誤引起）。

二零一五年年報 Annual Report 2015

45

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these consolidated financial statements based on our audit and to report our opinion solely to you, as a body, in accordance with Section 90 of the Bermuda Companies Act, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. We conducted our audit in accordance with Hong Kong Standards on Auditing issued by the Hong Kong Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of consolidated financial statements that give a true and fair view 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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated financial statements.

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

核數師之責任

我們的責任是根據我們的審核對該等綜合 財務報表發表意見，並按照百慕達公司法 第 90 條僅向全體股東呈報我們的意見。除 此之外，本報告不作其他用途。我們概不 會就本報告內容向任何其他人士負責或承 擔責任。我們已根據香港會計師公會頒佈 的香港核數準則進行審核。該等準則要求 我們遵守道德規範，並規劃及執行審核， 以合理確定此等綜合財務報表是否存有任 何重大錯誤陳述。

審核涉及執行程序以獲取有關綜合財務報 表所載金額及披露資料的審核憑證。所選 定的程序取決於核數師的判斷，包括評估 由於欺詐或錯誤而導致綜合財務報表存有 重大錯誤陳述的風險。在評估該等風險 時，核數師考慮與該實體編製綜合財務報 表以作出真實而公平之反映相關的內部控 制，以按情況設計適當的審核程序，但並 非旨在就該實體的內部控制是否有效發表 意見。審核亦包括評價董事所採用會計政 策的適當性及所作出會計估計的合理性， 以及評價綜合財務報表的整體列報方式。

我們相信，我們已獲得充足和適當的審核 憑證為我們的審核意見提供基礎。

46

東方表行集團有限公司 Oriental Watch Holdings Limited

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

OPINION

In our opinion, the consolidated financial statements give a true and fair view of the financial position of the Group as at 31st March, 2015, and of the Group’s financial performance and cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

Deloitte Touche Tohmatsu

Certified Public Accountants Hong Kong 17th June, 2015

意見

我們認為，綜合財務報表已根據香港財務 報告準則真實公平地反映 貴集團於二零 一五年三月三十一日的財務狀況及 貴 集團截至該日止年度的財務表現及現金流 量，並已按照香港公司條例的披露規定妥 善編製。

德勤 • 關黃陳方會計師行 執業會計師 香港 二零一五年六月十七日

二零一五年年報 Annual Report 2015

47

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 31st March, 2015 截至二零一五年三月三十一日止年度

Notes 附註 Turnover 營業額 5 Cost of goods sold 銷貨成本 Gross profit 毛利 Other income, gains and losses 其他收入、收益及虧損 6 Distribution and selling expenses 分銷及銷售開支 Administrative expenses 行政開支 Finance costs 融資成本 7 Share of results of associates 應佔聯營公司之業績 Share of results of joint ventures 應佔合營公司之業績 Profit before taxation 除稅前溢利 8 Income tax expense 所得稅開支 10 Profit for the year 年內溢利 Other comprehensive (expense) income 其他全面（開支）收益 Items that may be reclassified subsequently to profit or loss: 其後可能重新分類至 損益之項目： Exchange difference arising on translation of foreign operations 換算海外業務所產生 之匯兌差額 Change in fair value of available-for-sale financial assets 可供出售金融資產 之公平值變動 Other comprehensive expense for the year 年內其他全面開支 Total comprehensive (expense) income for the year 年內全面（開支） 收益總額	2015	2014 二零一四年 HK$’000 千港元 3,476,513 (2,864,093)
	二零一五年
	HK$’000
	千港元
	3,109,031
	(2,590,037)
		612,420 29,330 (233,920) (360,659) (22,407) (257) 5,457
	518,994
	48,055
	(214,382)
	(337,958)
	(15,214)
	631
	9,524
		29,964 (9,516)
	9,650
	(5,317)
		20,448
	4,333
		(951) 764
	(2,180)
	(4,098)
		(187)
	(6,278)
		20,261
	(1,945)

48

東方表行集團有限公司 Oriental Watch Holdings Limited

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 31st March, 2015 截至二零一五年三月三十一日止年度

Notes 附註 Profit (loss) for the year attributable to: 以下人士應佔年內溢利 （虧損）： Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益 Total comprehensive (expense) income attributable to: 以下人士應佔全面 （開支）收益總額： Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益 Earnings per share 每股盈利 Basic 基本 12 Diluted 攤薄 12	2015	2014 二零一四年 HK$’000 千港元 20,605 (157)
	二零一五年
	HK$’000
	千港元
	4,508
	(175)
		20,448
	4,333
		20,483 (222)
	(1,731)
	(214)
		20,261
	(1,945)
		3.61 HK cents港仙
	0.79 HK cents港仙
		3.61 HK cents港仙
	0.79 HK cents港仙

49

二零一五年年報 Annual Report 2015

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表

At 31st March, 2015 於二零一五年三月三十一日

Notes 附註 Non-current assets 非流動資產 Property, plant and equipment 物業、機器及設備 13 Deposits for acquisition of property, plant and equipment 收購物業、機器及 設備之按金 Interests in associates 聯營公司之權益 15 Interests in joint ventures 合營公司之權益 16 Available-for-sale financial assets 可供出售金融資產 17 Deferred tax assets 遞延稅項資產 22 Property rental deposits 物業租金按金 Current assets 流動資產 Inventories 存貨 Trade and other receivables 貿易及其他應收賬款 18 Taxation recoverable 可退回稅項 Bank balances and cash 銀行結餘及現金 19 Current liabilities 流動負債 Trade and other payables 貿易及其他應付賬款 20 Taxation payable 應付稅項 Bank loans 銀行貸款 21 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 liabilities 非流動負債 Bank loans 銀行貸款 21 Deferred tax liabilities 遞延稅項負債 22 Net assets 資產淨值	2015	2014 二零一四年 HK$’000 千港元 280,179 530 35,969 145,541 14,779 807 36,925
	二零一五年
	HK$’000
	千港元
	247,067
	3,333
	35,696
	119,936
	5,652
	306
	18,445
		514,730
	430,435
		1,787,924 123,470 7,884 425,099
	1,783,767
	141,947
	5,887
	344,037
		2,344,377
	2,275,638
		145,171 2,640 288,924
	152,703
	2,310
	228,377
		436,735
	383,390
		1,907,642
	1,892,248
		2,422,372
	2,322,683
		202,500 1,857
	109,137
	1,755
		204,357
	110,892
		2,218,015
	2,211,791

50

東方表行集團有限公司 Oriental Watch Holdings Limited

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表 At 31st March, 2015 於二零一五年三月三十一日

Note 附註 Capital and reserves 資本及儲備 Share capital 股本 23 Reserves 儲備 Equity attributable to owners of the Company 本公司擁有人應佔權益 Non-controlling interests 非控股權益 Total equity 權益總額	2015	2014 二零一四年 HK$’000 千港元 57,061 2,159,401
	二零一五年
	HK$’000
	千港元
	57,061
	2,153,391
		2,216,462 1,553
	2,210,452
	1,339
		2,218,015
	2,211,791

The consolidated financial statements on pages 48 to 143 were approved and authorised for issue by the Board of Directors on 17th June, 2015 and are signed on its behalf by:

載於第 48 頁至第 143 頁之綜合財務報表經 董事會於二零一五年六月十七日批准及授 權刊發，並由下列董事代為簽署：

Yeung Ming Biu 楊明標 CHAIRMAN 主席

Yeung Him Kit, Dennis

楊衍傑 DEPUTY CHAIRMAN AND MANAGING DIRECTOR 副主席兼董事總經理

二零一五年年報 Annual Report 2015

51

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

At 1st April, 2013 於二零一三年四月一日 Exchange difference arising on translation of foreign operations 換算海外業務所產生之 匯兌差額 Exchange difference released upon deemed disposal of an associate 於視作出售一間聯營公司時 解除匯兌差額 Change in fair value of available-for-sale financial assets 可供出售金融資產之 公平值變動 Profit (loss) for the year 年內溢利（虧損） Total comprehensive income (expense) for the year 年內全面收益（開支）總額 Acquisition of a subsidiary 收購一間附屬公司 Deemed acquisition of additional interests in a subsidiary_(note b)_ 視作收購一間附屬公司之 額外權益（附註b） 2013 final dividend paid 已派發二零一三年末期股息 2014 interim dividend paid 已派發二零一四年中期股息 2014 final dividend proposed 擬派二零一四年末期股息 At 31st March, 2014 於二零一四年三月三十一日 Exchange difference arising on translation of foreign operations 換算海外業務所產生之 匯兌差額 Change in fair value of available-for-sale financial assets 可供出售金融資產之 公平值變動 Profit (loss) for the year 年內溢利（虧損） Total comprehensive income (expense) for the year 年內全面收益（開支）總額 2014 final dividend paid 已派發二零一四年末期股息 2015 special dividend paid 已派發二零一五年特別股息 2015 final dividend proposed 擬派二零一五年末期股息 At 31st March, 2015 於二零一五年三月三十一日	Attributable to owners of the Company 本公司擁有人應佔 Share Capital Asset Non- Share Share option redemption Capital revaluation Special Translation Retained Dividend controlling capital premium reserve reserve reserve reserve reserve reserve profits reserve Sub-total interests Total 股本 股份溢價 購股權儲備資本贖回儲備 資本儲備資產重估儲備 特別儲備 換算儲備 保留溢利 股息儲備 小計 非控股權益 合計 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 (note a) （附註a） 57,061 549,396 83,554 425 — 9,334 5,180 81,657 1,412,812 28,531 2,227,950 — 2,227,950
	— — — — — — — (886) — — (886) (65) (951) — — — — — — — 25 (25) — — — — — — — — — 764 — — — — 764 — 764 — — — — — — — — 20,605 — 20,605 (157) 20,448
	— — — — — 764 — (861) 20,580 — 20,483 (222) 20,261 — — — — — — — — — — — 2,615 2,615 — — — — 840 — — — — — 840 (840) — — — — — — — — — — (28,531) (28,531) — (28,531) — — — — — — — — (4,280) — (4,280) — (4,280) — — — — — — — — (1,426) 1,426 — — —
	57,061 549,396 83,554 425 840 10,098 5,180 80,796 1,427,686 1,426 2,216,462 1,553 2,218,015
	— — — — — — — (2,141) — — (2,141) (39) (2,180) — — — — — (4,098) — — — — (4,098) — (4,098) — — — — — — — — 4,508 — 4,508 (175) 4,333
	— — — — — (4,098) — (2,141) 4,508 — (1,731) (214) (1,945) — — — — — — — — — (1,426) (1,426) — (1,426) — — — — — — — — (2,853) — (2,853) — (2,853) — — — — — — — — (1,426) 1,426 — — —
	57,061 549,396 83,554 425 840 6,000 5,180 78,655 1,427,915 1,426 2,210,452 1,339 2,211,791

52

東方表行集團有限公司 Oriental Watch Holdings Limited

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 綜合權益變動表 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

Notes:

附註：

• (a) The special reserve of the Group comprises the difference between the nominal amount of the share capital issued by the Company and the nominal amount of the issued share capital and special reserves of those companies which were acquired by the Group pursuant to a group reorganisation in 1993. The special reserves of these acquired subsidiaries represent the credit arising on reduction of their paid up share capital under the group reorganisation.

• (a) 本集團之特別儲備包括本公司已發行股本面值 與本公司根據一九九三年進行集團重組而收購 之公司已發行股本面值之差額及所收購公司之 特別儲備。該等所收購附屬公司之特別儲備指 根據集團重組，削減該等公司已繳足股本而產 生之進賬。

• (b) Subsequent to Li Loong (as defined in note 24 to the consolidated financial statements) becoming a subsidiary of the Company in May 2013, the Group further subscribed 6,000,000 shares of Li Loong in September 2013, for a cash consideration of NT$60,000,000 (equivalent to HK$15,698,000). The Group’s equity interest in Li Loong increased from 90% to 96%. This is accounted for as a deemed acquisition of additional interests in a subsidiary.

• (b) 於力龍（定義見綜合財務報表附註 24）在二零 一三年五月成為本公司之附屬公司後，於二零 一三年九月，本集團進一步認購 6,000,000 股 力龍股份，現金代價為新台幣 60,000,000 元

• （相等於 15,698,000 港元）。本集團於力龍之 股權由 90% 增加至 96%。此收購之入賬列作 視作收購一間附屬公司之額外權益。

53

二零一五年年報 Annual Report 2015

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

Operating activities 經營業務 Profit before taxation 除稅前溢利 Adjustments for: 調整以下項目： Depreciation of property, plant and equipment 物業、機器及 設備之折舊 Gain on disposal of available-for-sale financial assets 出售可供出售金融 資產之收益 Impairment loss recognised in respect of goodwill 就商譽確認減值虧損 Interest expense 利息開支 Interest income 利息收入 (Gain) loss on disposal of property, plant and equipment 出售物業、機器及 設備之（收益）虧損 Share of results of associates 應佔聯營公司之 業績 Share of results of joint ventures 應佔合營公司之 業績 Operating cash flows before movements in working capital 營運資金變動前之 經營現金流量 (Increase) decrease in property rental deposits 物業租金按金（增加） 減少 Decrease in inventories 存貨減少 Decrease in trade and other receivables 貿易及其他應收賬款 減少 Increase (decrease) in trade and other payables 貿易及其他應付賬款 增加（減少） Cash from operations 經營業務所產生之現金 Income taxes paid in 於以下地區支付 之所得稅 Hong Kong 香港 Other jurisdictions 其他司法權區 Net cash from operating activities 經營業務所產生之 現金淨額	2015	2014 二零一四年 HK$’000 千港元 29,964 46,378 (197) 1,623 22,407 (1,640) 1,480 257 (5,457)
	二零一五年
	HK$’000
	千港元
	9,650
	37,027
	—
	—
	15,214
	(2,544)
	(17,255)
	(631)
	(9,524)
		94,815 8,675 273,175 31,916 (7,646)
	31,937
	(3,664)
	3,225
	3,549
	7,920
		400,935 (5,703) (6,384)
	42,967
	(1,637)
	(1,615)
		388,848
	39,715

東方表行集團有限公司 Oriental Watch Holdings Limited

54

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

Note 附註 Investing activities 投資活動 Interest received 已收利息 Proceeds from disposal of property, plant and equipment 出售物業、機器及 設備之所得款項 Proceeds from disposal of available-for-sale financial assets 出售可供出售金融資 產之所得款項 Acquisition of a subsidiary 收購一間附屬公司 24 Repayment from (advance to) a joint venture 向合營公司償還款項 （墊款） Purchase of property, plant and equipment 購買物業、機器及 設備 Deposits paid for acquisition of property, plant and equipment 收購物業、機器及 設備之已付按金 Net cash from (used in) investing activities 融資活動所產生（所耗） 之現金淨額 Financing activities 融資活動 New bank loans raised 新造銀行貸款 Repayment of bank loans 償還銀行貸款 Dividends paid 已付股息 Interest paid 已付利息 Net cash used in financing activities 融資活動所耗之 現金淨額 Net (decrease) increase in cash and cash equivalents 現金及等同現金項目之 （減少）增加淨額 Cash and cash equivalents at the beginning of the year 年初之現金及 等同現金項目 Effect of foreign exchange rate changes 匯率變動之 影響 Cash and cash equivalents at the end of the year, represented by bank balances and cash 年終之現金及等同現金 項目，由銀行結餘及 現金代表	2015	2014 二零一四年 HK$’000 千港元 1,640 239 197 13 (45,000) (40,502) (530)
	二零一五年
	HK$’000
	千港元
	2,544
	24,713
	5,029
	—
	35,100
	(11,062)
	(3,333)
		(83,943)
	52,991
		487,450 (683,564) (32,811) (24,241)
	239,922
	(392,998)
	(4,279)
	(15,546)
		(253,166)
	(172,901)
		51,739 373,221 139
	(80,195)
	425,099
	(867)
		425,099
	344,037

二零一五年年報 Annual Report 2015

55

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

1. GENERAL

The Company is incorporated in Bermuda as an exempted company with limited liability and acts as an investment holding company as well as engaged in watch trading. The shares of the Company are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The address of the registered office and principal place of business of the Company are detailed in the corporate information section of the annual report.

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

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

In the current year, the Group has applied, for the first time, the following new interpretation and amendments to HKFRSs (hereinafter collectively referred to as the “new and revised HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).

Amendments to HKFRS 10, Investment entities HKFRS 12 and Hong Kong Accounting Standard (“HKAS”) 27 Amendments to HKAS 32 Offsetting financial assets and financial liabilities Amendments to HKAS 36 Recoverable amount disclosures for non-financial assets Amendments to HKAS 39 Novation of derivatives and continuation of hedge accounting HK(IFRIC) — INT 21 Levies

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

1. 一般資料

本公司為於百慕達註冊成立之獲豁免 有限公司，乃投資控股公司，並從事 鐘表貿易。本公司股份於香港聯合交 易所有限公司（「聯交所」）上市。本公 司註冊辦事處及主要營業地點之地址 詳情載於年報之公司資料一節。

綜合財務報表乃以港元呈列，港元亦 為本公司之功能貨幣。

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」）

本年度，本集團已首次應用以下香港 會計師公會（「香港會計師公會」）頒佈 之香港財務報告準則之新訂詮釋及修 訂（以下統稱「新訂及經修訂香港財務 報告準則」）。

香港財務報告準則第 10 號、 投資實體 香港財務報告準則第 12 號及 香港會計準則（「香港會計準 則」）第 27 號（修訂本） 香港會計準則第 32 號（修訂本） 抵銷金融資產及金融負 債 香港會計準則第 36 號（修訂本） 非金融資產之可收回金 額披露 香港會計準則第 39 號（修訂本） 衍生工具之更替及對沖 會計法之延續 ─ 香港 (IFRIC) 詮釋第 21 號 徵費

於本年度應用新訂及經修訂香港財務 報告準則並無對本集團於本年度及過 往年度之財務表現及狀況及╱或該等 綜合財務報表所載之披露事項造成重 大影響。

56

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

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

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」） （續）

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

本集團並無提早應用以下已頒佈但尚 未生效之新訂及經修訂香港財務報告 準則：

HKFRS 9	Financial instruments 1						香港財務報告準則第9號	金融工具 1
HKFRS 14	Regulatory deferral accounts		2				香港財務報告準則第14號	監管遞延賬戶 2
HKFRS 15	Revenue from contracts with customers					3	香港財務報告準則第15號	客戶合約收益 3
Amendments to HKFRS 11	Accounting for acquisitions of interests in						香港財務報告準則第11號	收購共同經營權益之
	joint operations 5						（修訂本）	會計處理 5
Amendments to HKAS 1	Disclosure initiative 5						香港會計準則第1號（修訂本）	披露計劃 5
Amendments to HKAS 16	Clarification of acceptable	methods of					香港會計準則第16號及	折舊及攤銷可接受方法
and HKAS 38	depreciation and amortisation				5		香港會計準則第38號	之澄清 5
							（修訂本）
Amendments to HKAS 16	Agriculture: Bearer plants 5						香港會計準則第16號及	農業：生產性植物		5
and HKAS 41							香港會計準則第41號
							（修訂本）
Amendments to HKAS 19	Defined benefit plans: Employee						香港會計準則第19號（修訂本）	定額福利計劃：
	contributions 4							僱員供款 4
Amendments to HKAS 27	Equity method in separate financial						香港會計準則第27號（修訂本）	獨立財務報表
	statements 5							之權益法 5
Amendments to HKFRS 10	Sale and contribution of assets			between			香港財務報告準則第10號及	投資者與其聯營公司或
and HKAS 28	an investor and its associate			or joint			香港會計準則第28號	合營公司之間之資
	venture 5						（修訂本）	產出售及投入	5
Amendments to HKFRS 10,	Investment entities: Applying		the				香港財務報告準則第10號、	投資實體：應用綜合之
HKFRS 12 and HKAS 28	consolidation exception	5					香港財務報告準則第12號	例外情況 5
							及香港會計準則第28號
							（修訂本）
Amendments to HKFRSs	Annual improvements to						香港財務報告準則（修訂本）	香港財務報告準則
	HKFRSs 2010 — 2012	cycle		6				二零一零年至
								二零一二年期間
								之年度改善 6
Amendments to HKFRSs	Annual improvements to						香港財務報告準則（修訂本）	香港財務報告準則
	HKFRSs 2011 — 2013	cycle		4				二零一一年至
								二零一三年期間
								之年度改善 4
Amendments to HKFRSs	Annual improvements to						香港財務報告準則（修訂本）	香港財務報告準則
	HKFRSs 2012 — 2014	cycle		5				二零一二年至
								二零一四年期間
								之年度改善 5

二零一五年年報 Annual Report 2015

57

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

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

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」）

（續）

• 1 Effective for annual periods beginning on or after 1st January, 2018, with earlier application permitted.

• 2 Effective for first annual HKFRS financial statements beginning on or after 1st January, 2016, with earlier application permitted.

• 3 Effective for annual periods beginning on or after 1st January, 2017, with earlier application permitted.

• 4 Effective for annual periods beginning on or after 1st July, 2014, with earlier application permitted.

• 5 Effective for annual periods beginning on or after 1st January, 2016, with earlier application permitted.

• 6 Effective for annual periods beginning on or after 1st July, 2014, with limited exceptions. Earlier application is permitted.

• 1 於二零一八年一月一日或之後開始之年 度期間生效，可提早應用。

• 2 於二零一六年一月一日或之後開始之首 份年度香港財務報告準則財務報表生 效，可提早應用。

• 3 於二零一七年一月一日或之後開始之年 度期間生效，可提早應用。

• 4 於二零一四年七月一日或之後開始之年 度期間生效，可提早應用。

• 5 於二零一六年一月一日或之後開始之年 度期間生效，可提早應用。

• 6 於二零一四年七月一日或之後開始之年 度期間生效，附有限例外情況，可提早 應用。

HKFRS 9 “Financial instruments”

香港財務報告準則第 9 號「金融工具」

HKFRS 9 issued in 2009 introduced new requirements for the classification and measurement of financial assets. HKFRS 9 was subsequently amended in 2010 to include requirements for the classification and measurement of financial liabilities and for derecognition, and further amended in 2013 to include the new requirements for general hedge accounting. Another revised version of HKFRS 9 was issued in 2014 mainly to include a) impairment requirements for financial assets and b) limited amendments to the classification and measurement requirements by introducing a “fair value through other comprehensive income” (FVTOCI) measurement category for certain simple debt instruments.

香港財務報告準則第 9 號（於二零零 九年頒佈）引進有關金融資產分類及 計量之新規定。香港財務報告準則第 9 號其後於二零一零年修訂，以加入 有關金融負債分類及計量以及不再確 認之規定，並於二零一三年進一步修 訂以加入一般對沖會計法之新規定。 香港財務報告準則第 9 號之另一個經 修訂版本（於二零一四年頒佈）主要加 入 a) 金融資產減值規定；及 b) 藉為若 干簡單債務工具引入「按公平值計入 其他全面收益」（按公平值計入其他全 收益）計量類別，對分類及計量規定 作出有限修訂。

58

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

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

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」）

（續）

HKFRS 9 “Financial instruments” (Continued)

香港財務報告準則第 9 號「金融工具」 （續）

Key requirements of HKFRS 9 are described below:

香港財務報告準則第 9 號之主要規定 載述如下：

• All recognised financial assets that are within the scope of HKAS 39 “Financial instruments: Recognition and measurement” are subsequently measured at amortised cost or fair value. Specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of subsequent accounting periods. Debt instruments that are held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets, and that have contractual terms 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, are measured at FVTOCI. All other debt investments and equity investments are measured at their fair value at the end of subsequent accounting periods. In addition, under HKFRS 9, entities may make an irrevocable election to present subsequent changes in the fair value of an equity investment (that is not held for trading) in other comprehensive income, with only dividend income generally recognised in profit or loss.

• 所有符合香港會計準則第 39 號

• 「金融工具：確認及計量」範疇之 已確認金融資產其後均按攤銷成 本或公平值計量。特別是，在以 收取合約現金流量為目的之業務 模式內持有之債務投資，及僅為 支付本金及未償還本金之利息而 產生合約現金流量之債務投資， 一般均於其後會計期末按攤銷成 本計量。於目的為同時收取合約 現金流量及出售金融資產之業務 模式中持有之債務工具，以及金 融資產合約條款令於特定日期產 生之現金流量僅為支付本金及未 償還本金之利息之債務工具，按 公平值計入其他全面收益之方式 計量。所有其他債務投資及股本 投資均於其後會計期末按公平值 計量。此外，根據香港財務報告 準則第 9 號，實體可作出不可撤 回之選擇，於其他全面收益列報 股本投資（並非持作買賣者）其後 之公平值變動，僅股息收入一般 於損益確認。

59

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

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

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」）

（續）

HKFRS 9 “Financial instruments” (Continued)

香港財務報告準則第 9 號「金融工具」 （續）

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

• 就指定以公平值計入損益之金融 負債之計量而言，香港財務報告 準則第 9 號規定，因金融負債信 貸風險有變而引致該負債公平值 變動之金額乃於其他全面收益列 報，除非於其他全面收益確認該 負債信貸風險變動之影響會產生 或增加損益之會計錯配，則作別 論。因金融負債之信貸風險變動 而產生之金融負債公平值變動其 後不會重新分類至損益。根據香 港會計準則第 39 號，指定為以 公平值計入損益之金融負債之公 平值變動全數於損益中列報。

• In relation to the impairment of financial assets, HKFRS 9 requires an expected credit loss model, as opposed to an incurred credit loss model under HKAS 39. The expected credit loss model requires an entity to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition. In other words, it is no longer necessary for a credit event to have occurred before credit losses are recognised.

• 就金融資產減值而言，與香港會 計準則第 39 號按已產生信貸虧 損模式計算相反，香港財務報告 準則第 9 號規定按預期信貸虧損 模式計算。預期信貸虧損模式需 要實體於各報告日期將預期信貸 虧損及該等預期信貸虧損之變動 入賬，以反映信貸風險自初始確 認以來之變動。換言之，毋須再 待發生信貸事件即可確認信貸虧 損。

• The new general hedge accounting requirements retain the three types of hedge accounting. However, greater flexibility has been introduced to the types of transactions eligible for hedge accounting, specifically broadening the types of instruments that qualify for hedging instruments and the types of risk components of non-financial items that are eligible for hedge accounting. In addition, the effectiveness test has been overhauled and replaced with the principle of an ‘economic relationship’. Retrospective assessment of hedge effectiveness is also no longer required. Enhanced disclosure requirements about an entity’s risk management activities have also been introduced.

• 新訂一般對沖會計規定保留三種 對沖會計類型。然而，符合對沖 會計資格交易之類型已引入更大 彈性，尤其是擴闊符合對沖工具 資格之工具類型及符合對沖會計 資格之非金融項目之風險成份類 型。此外，成效測試已經仔細檢 討並以「經濟關係」原則取代， 亦毋須再進行對沖成效之追溯評 估。新規定同時引入增加披露有 關實體風險管理活動之規定。

60

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

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

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」）

（續）

HKFRS 15 “Revenue from contracts with customers”

香港財務報告準則第 15 號「客戶合約 收益」

In July 2014, HKFRS 15 was issued which establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. HKFRS 15 will supersede the current revenue recognition guidance including HKAS 18 Revenue, HKAS 11 Construction Contracts and the related Interpretations when it becomes effective.

於二零一四年七月，香港財務報告準 則第 15 號已經頒佈，其制定一項單 一全面模式供實體用作將自客戶合約 所產生之收益入賬。於香港財務報告 準則第 15 號生效後，其將取代現時 之收益確認指引，包括香港會計準則 第 18 號收益、香港會計準則第 11 號 建築合約及相關詮釋。

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

香港財務報告準則第 15 號之核心原 則為實體所確認向客戶轉讓承諾貨品 或服務描述之收益金額，應為能反映 該實體預期就交換該等貨品或服務有 權獲得之代價。具體而言，該準則引 入五個確認收益之步驟：

Step	1:	Identify the contract(s) with a customer
Step	2:	Identify the performance obligations in
		the contract
Step	3:	Determine the transaction price
Step	4:	Allocate the transaction price to the
		performance obligations in the contract
Step	5:	Recognise revenue when (or as) the entity
		satisfies a performance obligation

第一步：	識別與客戶之合約
第二步：	識別合約中之履約責任
第三步：	釐定交易價格
第四步：	將交易價格分攤至合約
	中之履約責任
第五步：	於實體完成履約責任時
	（或就此）確認收益

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

根據香港財務報告準則第 15 號，實 體於完成履約責任時（或就此）確認收 益，即於特定履約責任相關之貨品或 服務之「控制權」轉讓予客戶時。香港 財務報告準則第 15 號已就特別情況 之處理方法加入更明確指引。此外， 香港財務報告準則第 15 號規定作出 更廣泛披露。

61

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

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

HKFRS 15 “Revenue from contracts with customers” (Continued)

The directors of the Company anticipate that the HKFRS 9 and HKFRS 15 will be adopted in the Group’s consolidated financial statements for the annual period beginning 1st April, 2018 and 1st April, 2017 respectively. The application of these two standards may have significant impact on amounts reported in the consolidated financial statements. However, the directors have not yet performed a detailed analysis of the impact of the application of these standards and hence have not yet qualified the extent of the impact.

The directors of the Company do not anticipate that the application of the other new and revised HKFRSs will have a material impact on the Group’s consolidated financial statements.

3. SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements have been prepared in accordance with HKFRSs issued by the HKICPA. In addition, the consolidated financial statements include applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange and by the Hong Kong Companies Ordinance (Cap. 622) (the “Hong Kong Companies Ordinance”).

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

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

2. 應用新訂及經修訂香港財務報 告準則（「香港財務報告準則」） （續）

香港財務報告準則第 15 號「客戶合約 收益」 （續）

本公司董事預期，香港財務報告準則 第 9 號及香港財務報告準則第 15 號將 分別於本集團在二零一八年四月一日 及二零一七年四月一日開始之年度期 間之綜合財務報表中採納。應用該兩 項準則可能對於綜合財務報表內列報 之金額造成重大影響。然而，董事尚 未就應用該等準則之影響進行詳盡分 析，因此無法估計影響範圍。

本公司董事預計應用其他新訂及經修 訂香港財務報告準則將不會對本集團 之綜合財務報表造成重大影響。

3. 主要會計政策

綜合財務報表乃按香港會計師公會頒 佈之香港財務報告準則編撰。此外， 綜合財務報表載有聯交所證券上市規 則及香港公司條例（第 622 章）（「香港 公司條例」）規定之適當披露事項。

除若干金融工具如下文所載之會計政 策所述於呈報期末以公平值計量外， 綜合財務報表乃按歷史成本基準編 撰。

歷史成本一般根據貨物及服務交換所 付代價之公平值而釐定。

62

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

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

公平值為於計量日期市場參與者間於 有秩序交易中出售資產所收取或轉讓 負債須支付之價格，而不論該價格為 可直接觀察取得或可使用其他估值方 法估計。於估計資產或負債之公平值 時，本集團會考慮該等市場參與者於 計量日期對資產或負債定價時所考慮 之資產或負債之特點。於該等綜合財 務報表中作計量及╱或披露用途之公 平值乃按此基準釐定，惟屬於香港財 務報告準則第 2 號範疇之以股份為基 礎之付款交易、香港會計準則第 17 號範疇之租賃交易及其計量與公平值 之計量存在一些相似之處但並非公平 值，例如香港會計準則第 2 號「存貨」 之可變現淨值或香港會計準則第 36 號「資產減值」之使用價值除外。

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

此外，就財務呈報而言，公平值計量 根據公平值計量之輸入數據可觀察程 度及輸入數據對公平值計量之整體 重要性分類為第 1 級、第 2 級或第 3 級，載述如下：

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

• 第 1 級輸入數據為實體於計量日 期可取得之相同資產或負債於活 躍市場之報價（未經調整）；

• Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

• 第 2 級輸入數據為就資產或負債 直接或間接地可觀察之輸入數據

• （包括在第 1 級之報價除外）；及

• Level 3 inputs are unobservable inputs for the asset or liability.

• 第 3 級輸入數據為資產或負債之 不可觀察輸入數據。

The principal accounting policies are set out below.

主要會計政策載列如下。

63

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Basis of consolidation

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

• has power over the investee;

• is exposed, or has rights, to variable returns from its involvement with the investee; and

• has the ability to use its power to affect its returns.

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

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

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

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

綜合基準

綜合財務報表包括本公司之財務報表 及本公司及其附屬公司所控制之實 體。當本公司在下列情況下即達致控 制權：

• 被投資方擁有權力；

• 對參與被投資方所得浮動回報承 擔風險或享有權利；及

• 能夠運用其對被投資方之權力影 響其回報。

倘根據事實及實際情況，上文所列控 制權之三個因素中之一個或以上發生 變化，則本集團須重新評估是否擁有 被投資方之控制權。

綜合附屬公司於本集團取得附屬公司 之控制權時開始，並於本集團失去附 屬公司之控制權時終止。尤其是，於 年內收購或出售附屬公司之收入及開 支，會由本集團取得控制權當日直至 本集團失去附屬公司之控制權當日計 入綜合損益及其他全面收益表。

損益及其他全面收益之各個部分會分 配予本公司擁有人及非控股權益。附 屬公司之全面收益總額會分配予本公 司擁有人及非控股權益，即使此舉會 導致非控股權益出現虧絀結餘。

如有需要，須對附屬公司之財務報表 作出調整，使其會計政策與本集團之 會計政策一致。

64

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Basis of consolidation (Continued)

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

Changes in the Group’s ownership interests in existing subsidiaries

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

Business combinations

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

綜合基準 （續）

所有與本集團成員公司間之交易有關 之集團內公司間之資產及負債、股 本、收入、開支及現金流均已於綜合 賬目時全數抵銷。

本集團對現有附屬公司之所有權權益 變動

本集團將不會導致喪失對附屬公司控 制權之於現有附屬公司之所有權權益 變動以權益交易入賬。本集團之權益 及非控股權益之賬面值應予以調整， 以反映其於附屬公司相關權益之變 動。非控股權益調整金額與所支付或 收取代價之公平值兩者之間之差額直 接計入股權確認，並歸屬於本公司之 擁有人。

業務合併

業務收購採用收購法入賬。業務合併 中轉讓之代價按公平值計量，而公平 值乃按本集團所轉讓資產、本集團向 被收購方前擁有人承擔之負債及本集 團為交換被收購方控制權所發行之股 權於收購日之公平值總和計量。收購 相關成本一般在產生時於損益確認。

65

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Business combinations (Continued)

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

• deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with HKAS 12 “Income taxes” and HKAS 19 “Employee benefits” respectively;

• liabilities or equity instruments related to sharebased payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with HKFRS 2 “Share-based payment” at the acquisition date (see the accounting policy below); and

• assets (or disposal groups) that are classified as held for sale in accordance with HKFRS 5 “Noncurrent assets held for sale and discontinued operations” are measured in accordance with that standard.

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

3. 主要會計政策 （續）

業務合併 （續）

於收購日，所收購可識別資產及所承 擔負債按其公平值確認，惟下列各項 除外：

• 遞延稅項資產或負債以及與僱員 福利安排有關之資產或負債分別 根據香港會計準則第 12 號「所得 稅」及香港會計準則第 19 號「僱 員福利」確認及計量；

• 於收購日，被收購方以股份為基 礎的付款安排或本集團以股份為 基礎的付款安排替代被收購方以 股份為基礎的付款安排之負債或 股權工具，應根據香港財務報告 準則第 2 號「以股份為基礎之付 款」計量（見下文會計政策）；及

• 根據香港財務報告準則第 5 號

• 「持作出售之非流動資產及已終 止經營業務」分類為持作出售之 資產（或出售組合）根據該準則計 量。

商譽以所轉讓之代價、被收購方任何 非控股權益之金額及收購方過往持有 之被收購方股權（如有）之公平值總和 超出所收購之可識別資產及所承擔之 負債於收購日之淨值之差額計量。倘 （經重新評估後）所收購之可識別資產 及所承擔之負債於收購日之淨額超出 所轉讓之代價、被收購方任何非控股 權益之金額及收購方過往持有被收購 方權益（如有）之公平值總和，超出 部分即時於損益中確認為議價收購收 益。

66

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Business combinations (Continued)

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

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

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with HKAS 39, or HKAS 37 “Provisions, contingent liabilities and contingent assets”, as appropriate, with the corresponding gain or loss being recognised in profit or loss.

業務合併 （續）

屬現時所有權權益且於清盤時賦予其 持有人按比例分佔實體資產淨值之非 控股權益可初步按公平值或按非控股 權益應佔被收購方之可識別資產淨值 之已確認金額比例計量。計量基準之 選擇乃按每次交易為基礎。其他類型 之非控股權益乃按其公平值或（倘適 用）按另一項香港財務報告準則指定 之基準計量。

倘本集團於業務合併中轉讓之代價包 括或然代價安排產生之資產或負債， 則或然代價按其於收購日期之公平 值計量，並計入於業務合併轉讓之代 價之一部分。符合資格為計量期間調 整之或然代價公平值變動將予追溯調 整，相應調整於商譽調整。計量期間 調整為於「計量期間」（不可超過自收 購日期起計一年）取得有關於收購日 期已存在之事實及情況之額外資料產 生之調整。

不合資格為計量期間調整之或然代價 公平值變動後續會計處理取決於如何 將或然代價分類。分類為權益之或然 代價不會於往後呈報日期重新計量， 其隨後結算亦於權益內入賬。分類為 資產或負債之或然代價將根據香港會 計準則第 39 號或香港會計準則第 37 號「撥備、或然負債及或然資產」（如 適用）於往後呈報日期重新計量，相 應之盈虧於損益內確認。

67

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Business combinations (Continued)

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

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

Goodwill

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

For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units) that is expected to benefit from the synergies of the combination.

業務合併 （續）

當業務合併分階段實現，本集團過往 持有之被收購方股權須按於收購日 （即本集團取得控制權當日）之公平值 重新計量，而由此產生之收益或虧損 （如有）須於損益中確認。於收購日前 自被收購方權益產生且過往已於其他 全面收益中確認之金額，均重新分類 至損益（該處理方法在出售該權益時 亦適用）。

倘業務合併之初始入賬於合併發生之 呈報期末尚未完成，則本集團將報告 未完成列賬項目之臨時金額。該等臨 時金額乃於計量期間（見上文）內作出 調整，而新增資產或負債則獲確認以 反映關於在收購日期已存在之事實及 情況（倘已知）將對於該日期確認之金 額造成之影響之新資訊。

商譽

收購業務產生之商譽按於收購該業務 當日確立之成本（見上文會計政策）減 任何累計減值虧損（如有）列賬。

就減值測試而言，將商譽分配至本集 團預期可從合併協同效應中獲益之 各現金產出單位（或現金產生單位組 別）。

68

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Goodwill (Continued)

A cash-generating unit to which goodwill has been allocated is tested for impairment annually or more frequently when there is indication that the unit may be impaired. If the recoverable amount of the cashgenerating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro-rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in profit or loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.

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

The Group’s policy for goodwill arising on the acquisition of associates and joint ventures is described below.

Investments in associates and joint ventures

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

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

商譽 （續）

對分配商譽之現金產生單位每年進行 減值測試，或倘該單位有可能減值之 跡象則進行更頻繁之測試。倘現金產 生單位之可回收金額低於其賬面值， 則減值虧損應首先分配到削減該單位 之任何商譽之賬面值，再根據該單位 之各資產賬面值按比例削減該單位之 其他資產。任何商譽減值虧損直接在 損益中確認。就商譽確認之減值虧損 不會於往後期間撥回。

就出售相關現金產生單位而言，歸屬 於商譽之金額於確定出售之損益金額 時計算在內。

本集團就收購聯營公司及合營公司產 生之商譽之政策於下文載述。

於聯營公司及合營公司之投資

聯營公司乃本集團對其有重大影響之 實體。重大影響乃參與被投資方之財 務及經營決策之權力，惟並非對該等 政策之控制或共同控制。

合營公司乃共同控制安排之各方據以 對共同安排之資產淨值擁有權利之一 種共同安排。共同控制乃合約協定分 佔安排之控制權，僅於與相關業務有 關之決策須分佔控制權之各方一致同 意時存在。

69

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Investments in associates and joint ventures (Continued)

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

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

於聯營公司及合營公司之投資 （續）

聯營公司及合營公司之業績及資產與 負債以權益會計法計入綜合財務報 表。以權益會計法處理之聯營公司及 合營公司之財務報表乃按與本集團就 於類似情況下之交易及事件所採用者 相同之會計政策編製。根據權益法， 聯營公司或合營公司之投資按成本於 綜合財務狀況表初步確認，並其後作 出調整以確認本集團應佔該聯營公司 或合營公司之損益及其他全面收益。 當本集團應佔某聯營公司或合營公司 之虧損超出其於該聯營公司或合營公 司之權益（其包括任何長期權益，而 該長期權益實質上構成本集團於該聯 營公司或合營公司之投資淨額之一部 分），則本集團不再繼續確認其應佔 之進一步虧損。本集團僅會在其須於 代表該聯營公司或合營公司承擔法律 或推定責任，或代其支付款項之情況 下，方會確認額外虧損。

於聯營公司或合營企業之投資採用權 益法自被投資方成為聯營公司或合營 公司當日起入賬。於收購於聯營公司 或合營公司之投資時，投資成本超出 本集團分佔被投資方之可識別資產及 負債之公平值淨額之任何差額均確認 為商譽，並計入投資之賬面值。本集 團分佔可識別資產及負債之公平值淨 額超過投資成本之任何差額在重新評 估後於投資所收購期間內即時確認為 損益。

70

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Investments in associates and joint ventures (Continued)

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

The Group discontinues the use of the equity method from the date when the investment ceases to be an associate or a joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former associate or joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with HKAS 39. The difference between the carrying amount of the associate or joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the associate or joint venture is included in the determination of the gain or loss on disposal of the associate or joint venture. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate or joint venture on the same basis as would be required if that associate or joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate or joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.

於聯營公司及合營公司之投資 （續）

按香港會計準則第 39 號規定以釐定 是否需要就本集團於聯營公司或合營 公司之投資確認任何減值虧損。如有 必要，投資（包括商譽）之全部賬面 值乃根據香港會計準則第 36 號「資產 減值」作為單獨資產，通過比較可收 回金額（即使用價值及公平值減出售 成本之較高者）與賬面值進行減值測 試。任何確認之減值虧損屬投資賬面 值之一部分。該減值虧損之任何撥回 乃按香港會計準則第 36 號確認，惟 僅限於投資之可收回金額隨後增加。

本集團自投資不再為聯營公司或合營 公司當日起或投資被分類為持作出售 時終止採用權益法。倘本集團保留於 前聯營公司或合營公司之權益且保留 權益為金融資產，則本集團會於該日 按公平值計量保留權益，而該公平值 被視為根據香港會計準則第 39 號於 初步確認時之公平值。聯營公司或合 營公司於終止採用權益法當日之賬面 值與任何保留權益及出售於聯營公司 或合營公司之部分權益之任何所得款 項公平值間之差額，會於釐定出售該 聯營公司或合營公司之收益或虧損時 入賬。此外，本集團會將先前在其他 全面收益就該聯營公司或合營公司確 認之所有金額入賬，基準與該聯營公 司或合營公司直接出售相關資產或負 債所須基準相同。因此，倘該聯營公 司或合營公司先前已於其他全面收益 確認之收益或虧損，會於出售相關資 產或負債時重新分類至損益。本集團 會於終止採用權益法時將收益或虧損 由權益重新分類至損益（作為重新分 類調整）。

二零一五年年報 Annual Report 2015

71

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Investments in associates and joint ventures

於聯營公司及合營公司之投資 （續）

(Continued)

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

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

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

於聯營公司之投資成為於合營公司之 投資或於合營公司之投資成為於聯營 公司之投資時，本集團繼續採用權益 法。於所有權權益有變時，概不會重 新計量公平值。

當本集團削減其於合營公司之所有權 權益而本集團繼續採用權益法，倘有 關收益或虧損會於出售相關資產或負 債時重新分類至損益，則本集團會將 先前已於其他全面收益確認與削減所 有權權益有關之收益或虧損部分重新 分類至損益。

倘某集團實體與本集團之聯營公司或 合營公司進行交易（如出售或注入資 產），則與聯營公司或合營公司之交 易而產生之損益於本集團之綜合財務 報表確認，惟數額以與本集團無關之 聯營公司或合營公司權益為限。

72

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Revenue recognition

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

Sale of goods

Revenue from sales of goods are recognised when goods are delivered and title has passed, at which time all the following conditions are satisfied:

• the Group has transferred to the buyer the significant risks and rewards of ownership of the goods;

• the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

• the amount of revenue can be measured reliably;

• it is probable that the economic benefits associated with the transaction will flow to the Group; and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Watch repair service income is recognised when services are provided.

Show window rental income is recognised in profit or loss on a straight-line basis over the term of the relevant rental agreement.

收益之確認

收益乃按已收或應收代價之公平值計 量，為於日常業務過程中就已售貨品 及已提供服務應收之金額，並扣除折 扣及銷售相關稅項。

出售貨品

出售貨品之收益於貨品付運及所有權 轉讓時確認。而以下全部條件獲達成 時方可作實：

• 本集團已將貨物擁有權之重大風 險及回報轉讓予買方；

• 本集團並無保留一般視為與擁有 權相關之管理權或已售貨品之有 效控制權；

• 收益金額能可靠計量；

• 與交易有關之經濟利益可能將流 入本集團；及

• 交易已經或將予產生之成本能可 靠計量。

鐘表維修服務收入於提供服務時確 認。

櫥窗租金收入於有關租約年期內以直 線法於損益確認。

73

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Revenue recognition (Continued)

Sale of goods (Continued)

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

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

Property, plant and equipment

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

The land and building elements of a lease of land and building are considered separately for the purpose of lease classification. To the extent the allocation of the lease payments can be made reliably, interest in leasehold land that is accounted for as an operating lease is presented as ‘prepaid lease payments’ in the consolidated statement of financial position and is amortised over the lease term on a straight-line basis. When the lease payments cannot be allocated reliably between the land and building elements, the entire lease is classified as a finance lease and accounted for as property, plant and equipment.

收益之確認 （續）

出售貨品 （續）

金融資產之利息收入根據未償還本金 及適用之實際利率按時間基準累計， 有關利率為於金融資產之預計年期內 將估計未來現金收入實際貼現至資產 於首次確認時賬面淨值之利率。

投資之股息收入在確定本集團獲派款 項之權利時確認。

物業、機器及設備

物業、機器及設備（包括持有作於生 產或供應貨品或服務時使用或作行政 用途之租賃土地及樓宇）按成本減其 後累計折舊及其後累計減值虧損（如 有）於綜合財務狀況表入賬。

就租約分類而言，土地及樓宇租約之 土地及樓宇部份乃分開考慮。倘若能 可靠地分配租賃付款，則入賬列作經 營租賃之租賃土地權益乃於綜合財務 狀況表呈列為「預付租賃款項」，並 按直線法於租賃期內攤銷。倘租金不 能於土地及樓宇部份之間進行可靠分 配，則整項租約分類為融資租賃並入 賬列作物業、機器及設備。

東方表行集團有限公司 Oriental Watch Holdings Limited

74

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Property, plant and equipment (Continued)

The cost of leasehold land and buildings is depreciated using the straight-line method over the shorter of the period of the lease or over their estimated useful lives of 20 years for those located in Mainland China (the “PRC”) or 50 years for those located in Hong Kong.

Depreciation is recognised so as to write off the cost of other items of property, plant and equipment less their residual values over their estimated useful lives, using the reducing balance method, at the rate of 20% per annum. The estimated useful lives, residual values and depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

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

Impairment losses on tangible assets

At the end of the reporting period, the Group reviews the carrying amounts of its tangible assets with finite useful lives to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. 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 immediately in profit or loss.

物業、機器及設備 （續）

租賃土地及樓宇之成本乃採用直線 法按租期或其 20 年（就位於中國內地 （「中國」）之租賃土地及樓宇而言）或 50 年（就位於香港之租賃土地及樓宇 而言）之估計可使用年期（以時間較短 者為準）予以折舊。

折舊乃採用餘額遞減法，以年率 20% 將其他物業、機器及設備項目之成本 撇銷減其估計剩餘價值除以其估計可 使用年期而確認。估計可使用年期、 剩餘價值及折舊方法會於各呈報期末 檢討，並按未來適用基準就任何估計 變動之影響入賬。

物業、機器及設備項目於出售或預期 繼續使用資產並不會產生未來經濟收 益時不再確認。出售或報廢物業、機 器及設備項目產生之任何盈虧乃按出 售所得款項與該資產賬面值間之差額 釐定，並於損益確認。

有形資產減值虧損

於呈報期末，本集團檢討其具有限可 使用年期之有形資產之賬面值，以釐 定該等資產是否出現任何蒙受減值虧 損之跡象。倘有任何該等跡象，則會 估計資產之可收回金額，以釐定減值 虧損（如有）之程度。倘資產之可收回 金額估計低於其賬面值，則將資產之 賬面值減至其可收回金額。減值虧損 即時於損益確認。

二零一五年年報 Annual Report 2015

75

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Impairment losses on tangible assets (Continued)

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Leasing

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

The Group as lessor

Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised as an expense on a straight-line basis over the lease term.

The Group as lessee

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. Benefits received and receivable as an incentive to enter into an operating lease are recognised as a reduction of rental expense over the lease term on a straight-line basis. Contingent rentals are recognised as expenses in the periods in which they are incurred.

有形資產減值虧損 （續）

當減值虧損其後撥回時，資產之賬面 值將增至重新修訂估計之可收回金 額，惟增加之賬面值不得超過假設該 資產於以往年度並無確認減值虧損而 應釐定之賬面值。減值虧損之撥回即 時於損益確認。

租賃

凡租賃條款將擁有權之絕大部份風險 及回報轉移至承租人之租賃，均分類 為融資租賃。所有其他租賃均分類為 經營租賃。

本集團作為出租人

來自經營租賃之租金收入乃於有關租 期內以直線法於損益確認。於協商及 安排經營租賃時產生之初步直接成本 乃加至租賃資產之賬面值，並於租期 內以直線法確認為開支。

本集團作為承租人

經營租賃租金乃於租期內以直線法確 認為開支。就訂立經營租賃作為獎勵 之已收及應收利益乃於租期內以直線 法確認為租金開支扣減。或然租金乃 於其產生期間確認為開支。

76

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Foreign currencies

In preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recorded in its functional currency, i.e. the currency of the primary economic environment in which the entity operates, at the rates of exchange prevailing on the dates of the transactions. At the end of the reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

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.

For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s foreign operations are translated into the presentation currency of the Company (i.e. Hong Kong dollars) using exchange rate prevailing at the end of the reporting period. Income and expenses items are translated at the average exchange rate for the period, unless exchange rate fluctuate significantly during the period, in which case, the exchange rates prevailing at the dates of transactions are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of translation reserve.

外幣

於編製各個別集團實體之財務報表 時，以該實體功能貨幣以外之貨幣 （外幣）進行之交易均按交易日期之適 用匯率換算為功能貨幣（即該實體經 營所在主要經濟地區之貨幣）記賬。 於呈報期末，以外幣結算之貨幣項目 按該日之適用匯率重新換算。以外幣 歷史成本計量之非貨幣項目不予重新 換算。

於結算貨幣項目及換算貨幣項目時產 生之匯兌差額均於產生期間內於損益 內確認。

就呈列綜合財務報表而言，本集團海 外業務之資產及負債乃採用呈報期末 之適用匯率換算為本公司之呈報貨幣 （即港元）。收入及開支項目乃按該期 間之平均匯率進行換算，除非匯率於 該期間內出現大幅波動則作別論，於 此情況下，則採用於交易當日之適用 匯率。所產生之匯兌差額（如有）乃於 其他全面收益確認，並於權益內換算 儲備下累計。

二零一五年年報 Annual Report 2015

77

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Borrowing costs

Borrowing costs not attributable to the acquisition, construction or production of qualifying assets, are recognised in profit or loss in the period in which they are incurred.

Taxation

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

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

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

借貸成本

並非由收購、建設或生產合資格資產 之借貸成本於產生期間內於損益內確 認。

稅項

所得稅開支指本期應付稅項及遞延稅 項之總和。

本期應付之稅項乃按本年度應課稅溢 利計算。由於於其他年度應課稅或可 扣稅之收入或開支項目及毋須課稅或 不可扣稅之項目，故此應課稅溢利與 綜合損益及其他全面收益表所呈報之 「除稅前溢利」並不相同。本集團就本 期稅項承擔之負債乃按已於呈報期末 實施或大致實施之稅率計算。

遞延稅項乃就綜合財務報表之資產及 負債賬面值及計算應課稅溢利所使用 相應稅基兩者之暫時差額而確認。遞 延稅項負債通常會就所有應課稅暫時 差額確認。遞延稅項資產在可能出現 可動用可扣稅暫時差額扣減之應課稅 溢利時就所有可扣稅暫時差額確認。 倘商譽或交易中因首次確認（業務合 併除外）其他資產及負債而引致之暫 時差額並不影響應課稅溢利及會計溢 利時，則不會確認該等資產及負債。

78

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Taxation (Continued)

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

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

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

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

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

稅項 （續）

遞延稅項負債乃就與於附屬公司及聯 營公司之投資，以及共同安排之權益 有關之應課稅暫時差額確認，惟倘 本集團能夠控制暫時差額之撥回及暫 時差額於可見將來可能不會撥回則除 外。與該等投資及權益有關之可扣稅 暫時差額產生之遞延稅項資產僅於可 能有足夠應課稅溢利可動用暫時差額 之利益及預期暫時差額於可見將來撥 回時確認。

遞延稅項資產之賬面值於呈報期末作 檢討，並於不再有足夠應課稅溢利收 回全部或部份資產時作出調減。

遞延稅項乃根據於呈報期末已實施或 大致實施之稅率（及稅法）按預期於負 債清償或資產變現期間應用之稅率計 算。

遞延稅項負債及資產之計量反映本集 團預期於呈報期末收回或清償其資產 及負債之賬面值之方式所產生之稅務 後果。

本期及遞延稅項於損益內確認，惟倘 遞延稅項關乎於其他全面收益中確認 或直接於權益中確認之項目，則在此 情況下，本期及遞延稅項亦分別於其 他全面收益中確認或直接於權益中確 認。倘本期或遞延稅項乃因對業務合 併進行初步會計處理而產生，則稅務 影響計入業務合併之會計處理內。

79

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Inventories

Inventories, which are finished goods held for sale, are stated at the lower of cost and net realisable value. Cost is calculated on a specific identification basis. Net realisable value represents the estimated selling price for inventories less costs necessary to make the sale.

Financial instruments

Financial assets and financial liabilities are recognised 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 or financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.

Financial assets

The Group’s financial assets are classified into one of two categories, including loans and receivables and available-for-sale financial assets. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

存貨

存貨指持作出售之製成品，乃按成本 及可變現淨值兩者之較低者入賬。成 本採用特定識別基準計算。可變現淨 值指存貨估計售價減作出銷售之必要 成本。

金融工具

金融資產及金融負債乃當某集團實體 成為工具合同條文之訂約方時確認。

金融資產及金融負債按公平值初步計 量。收購或發行金融資產及金融負債 （以公平值計入損益之金融資產或金 融負債除外）直接應佔之交易成本乃 於首次確認時加入金融資產或金融負 債之公平值或自金融資產或金融負債 之公平值內扣除（如適用）。

金融資產

本集團之金融資產分為兩個類別，包 括貸款及應收賬款及可供出售金融資 產。分類視乎金融資產之性質及目的 而定，且於初步確認時釐定。所有定 期購買或出售金融資產乃按交易日基 準確認及不再確認。定期購買或出售 乃購買或出售金融資產，並要求於市 場上按規則或慣例設定之時間框架內 付運資產。

80

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Financial instruments (Continued)

Financial assets (Continued)

Effective interest method

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

Interest income is recognised on an effective interest basis for debt instruments.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, loans and receivables (including amount due from a joint venture, trade and other receivables and bank balances and cash) are carried at amortised cost using the effective interest method, less any identified impairment losses.

金融工具 （續）

金融資產 （續）

實際利率法

實際利率法為計算相關期間內金融資 產之已攤銷成本以及分配利息收入之 方法。實際利率為在金融資產之預期 年期或（如適用）較短期間內能夠精確 貼現估計未來現金收入（包括組成實 際利率之部份之所有已支付或收取費 用及利率、交易成本及其他溢價或折 讓）至於首次確認時之賬面淨值之利 率。

債務工具之利息收入乃按實際利率基 準確認。

貸款及應收賬款

貸款及應收賬款乃並無於活躍市場上 報價之固定或可釐定付款之非衍生金 融資產。於首次確認後，貸款及應 收賬款（包括應收合營公司款項、貿 易及其他應收賬款，及銀行結餘及現 金）均採用實際利率法按已攤銷成本 減任何已辨識之減值虧損入賬。

81

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial assets (Continued)

Available-for-sale financial assets

Available-for-sale financial assets are non-derivatives that are either designated or not classified as financial assets at fair value through profit or loss, loans and receivables or held-to-maturity investments.

Available-for-sale financial assets are measured at fair value at the end of the reporting period. Changes in fair value are recognised in other comprehensive income and accumulated in asset revaluation reserve, until the financial asset is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously accumulated in the asset revaluation reserve is reclassified to profit or loss (see accounting policy on impairment loss on financial assets below).

Dividends on available-for-sale equity instruments are recognised in profit or loss when the Group’s right to receive the dividends is established.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at the end of the reporting period. Financial assets are considered to be impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected.

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

3. 主要會計政策 （續）

金融工具 （續）

金融資產 （續）

可供出售金融資產

可供出售金融資產乃指定或不能分類 為以公平值計入損益之金融資產、貸 款及應收賬款或持有至到期投資之非 衍生工具。

於呈報期末，可供出售金融資產以公 平值計量。公平值變動於其他全面收 益內確認並於資產重估儲備累計， 直至金融資產被出售或釐定為出現減 值，屆時，早前於資產重估儲備累計 之累積盈虧重新分類至損益（見下文 有關金融資產減值虧損之會計政策）。

可供出售股本工具之股息於本集團收 取股息之權利確立時於損益確認。

金融資產減值

金融資產會於呈報期末評估是否有減 值跡象。金融資產於有客觀證據顯示 其估計未來現金流量因於首次確認該 金融資產後發生之一項或多項事件而 受到影響時被視為減值。

就可供出售股本投資而言，該項投資 之公平值大幅或持續下跌至低於其成 本，則視作減值之客觀證據。

82

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Financial instruments (Continued)

Impairment of financial assets (Continued)

For all other financial assets, objective evidence of impairment could include:

• significant financial difficulty of the issuer or counterparty; or

• default or delinquency in interest or principal payments; or

• it is becoming probable that the borrower will enter bankruptcy or financial re-organisation.

For certain categories of financial asset, such as trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Group’s past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the credit period granted, observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate.

金融工具 （續）

金融資產減值 （續）

就所有其他金融資產而言，減值之客 觀證據可包括：

• 發行人或交易方出現重大財政困 難；或

• 未能繳付或延遲償還利息或本 金；或

• 借款人有可能面臨破產或財務重 組。

此外，被評估為不予個別減值之若干 類別金融資產（如貿易應收賬款）按綜 合基準評估減值。應收賬款組合減值 之客觀證據可包括本集團之過往收款 經驗、組合內延期至超逾所授信貸期 之還款次數增加，以及與未能繳付應 收賬款有關之國家或地方經濟狀況明 顯改變。

就按已攤銷成本列賬之金融資產而 言，已確認減值虧損金額乃資產賬面 值與按原實際利率貼現之估計未來現 金流量現值之差額。

83

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Financial instruments (Continued)

Impairment of financial assets (Continued)

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade and other receivables, where the carrying amount is reduced through the use of an allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss. When a trade or other receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

When an available-for-sale financial asset is considered to be impaired, cumulative gains or losses previously recognised in other comprehensive income are reclassified to profit or loss in the period.

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

Impairment losses on available-for-sale equity investments previously recognised in profit or loss are not be reversed through profit or loss. Any increase in fair value subsequent to impairment loss is recognised directly in other comprehensive income and accumulated in asset revaluation reserve.

3. 主要會計政策 （續）

金融工具 （續）

金融資產減值 （續）

金融資產賬面值會就所有金融資產直 接按減值虧損扣減，惟貿易及其他應 收賬款除外，其賬面值會透過使用 撥備賬作出扣減。撥備賬內之賬面值 變動於損益確認。當貿易或其他應收 賬款被視為不可收回時，其將於撥備 賬內撇銷。其後收回先前已撇銷之款 項，均計入撥備賬內。撥備賬內之賬 面值變動於損益確認。

倘可供出售金融資產被視為已減值， 先前於其他全面收益確認之累計盈虧 於期內重新分類至損益。

就按已攤銷成本計量之金融資產而 言，如在往後期間，減值虧損金額減 少，而有關減少在客觀上與確認減值 虧損後發生之事件有關，則先前已確 認之減值虧損將透過損益予以撥回， 惟該資產於減值被撥回當日之賬面 值，不得超過未確認減值時之已攤銷 成本。

先前於損益確認之可供出售股本投資 之減值虧損不會透過損益撥回。減值 虧損後之任何公平值增加直接於其他 全面收益確認，並於資產重估儲備累 計。

84

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Financial instruments (Continued)

Financial liabilities and equity

Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Effective interest method

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

Interest expense is recognised on an effective interest basis.

Financial liabilities

Financial liabilities including trade and other payables and bank loans are subsequently measured at amortised cost, using the effective interest method.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs.

金融工具 （續）

金融負債及權益

集團實體發行之債務及股本工具乃根 據合約安排之性質與金融負債及股本 工具之定義分類為金融負債或權益。

實際利率法

實際利率法為計算相關期間內金融負 債之已攤銷成本以及分配利息開支之 方法。實際利率為在金融負債之預期 年期或（如適用）較短期間內能夠精 確貼現估計未來現金付款（包括組成 實際利率之部份之所有已支付或收取 費用及利率、交易成本及其他溢價或 折讓）至於首次確認時之賬面淨值之 利率。

利息開支乃按實際利率基準確認。

金融負債

金融負債（包括貿易及其他應付賬款 及銀行貸款）隨後採用實際利率法按 已攤銷成本計量。

股本工具

股本工具乃證明本集團於扣減其所有 負債後於資產中擁有剩餘權益之任何 合約。本集團發行之股本工具按已 收取之所得款項扣除直接發行成本確 認。

85

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial liabilities and equity (Continued)

Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument.

A financial guarantee contract issued by the Group and not designated as at fair value through profit or loss is recognised initially at its fair value less transaction costs that are directly attributable to the issue of the financial guarantee contract. Subsequent to initial recognition, the Group measures the financial guarantee contract at the higher of: (i) the amount of obligation under the contract, as determined in accordance with HKAS 37 “Provisions, contingent liabilities and contingent assets”; and (ii) the amount initially recognised less, when appropriate, cumulative amortisation recognised in accordance with the revenue recognition policy.

Derecognition

The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.

The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

3. 主要會計政策 （續）

金融工具 （續）

金融負債及權益 （續）

財務擔保合約

財務擔保合約為因指定債務人未能按 債務工具之原有或經修改條款如期付 款時，發行人須支付指定金額予持有 人以補償其所遭受損失之合約。

本集團發行及並非指定為按公平值計 入損益之財務擔保合約，初步按其公 平值扣除發行財務擔保合約直接應佔 之交易成本確認。於初步確認後，本 集團按以下兩者之較高者計量財務擔 保合約：(i) 根據香港會計準則第 37 號 「撥備、或然負債及或然資產」釐定之 合約責任金額；及 (ii) 初步確認之金額 扣除（如適用）根據收益確認政策確認 之累計攤銷。

不再確認

本集團僅於從資產收取現金流量之合 約權利已到期，或其轉讓金融資產及 資產擁有權之絕大部份風險及回報 予另一實體時，方會不再確認金融資 產。

於不再確認整項金融資產時，資產賬 面值與已收及應收代價及已於其他全 面收益確認並於權益累積之累計盈虧 之總和之差額，於損益內確認。

本集團於及僅於其責任獲解除、取消 或到期時，方會不再確認金融負債。 不再確認之金融負債賬面值與已付及 應付代價之差額，於損益內確認。

86

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

3. SIGNIFICANT ACCOUNTING POLICIES

3. 主要會計政策 （續）

(Continued)

Retirement benefit costs

Payments to defined contribution retirement benefit schemes, including Mandatory Provident Fund Scheme and the employee’s pension scheme of the respective municipal governments in various places in the PRC where the Group operates, are charged as an expense when employees have rendered service entitling them to the contributions.

Share-based payment transactions

Equity-settled share-based payment transactions

Share options granted to employees

The fair value of services received determined by reference to the fair value of share options granted at the grant date is recognised as an expense in full at the grant date when the share options granted vest immediately with a corresponding increase in equity (share option reserve).

At the time when the share options are exercised, the amount previously recognised in the share option reserve will be transferred to share premium. When the share options are forfeited after the vesting date or are still not exercised at the expiry date, the amount previously recognised in share option reserve will be transferred to retained profits.

Share options granted to consultants

Share options issued in exchange for goods or services are measured at the fair values of the goods or services received, unless that fair value cannot be reliably measured, in which case the goods or services received are measured by reference to the fair value of the share options granted. The fair values of the goods or services received are recognised as expenses, with a corresponding increase in equity (share option reserve), when the Group obtains the goods or when the counterparties render services, unless the goods or services qualify for recognition as assets.

退休福利成本

定額供款退休福利計劃（包括強制性 公積金計劃及本集團經營所在中國多 個地區有關市人民政府設立之僱員退 休金計劃）付款，於僱員已提供服務 使彼等可享有供款時以開支扣除。

以股份為基礎之付款交易

股權結算以股份為基礎之付款交易

授予僱員之購股權

參考已授出購股權於授出日期之公平 值釐定之所得服務公平值，乃於已授 出購股權即時歸屬時於授出日期全數 確認為開支，並於權益（購股權儲備） 作出相應增加。

於購股權獲行使時，先前於購股權儲 備確認之金額將轉撥至股份溢價。倘 購股權於歸屬日期後被沒收或於屆滿 日期仍未行使，則先前於購股權儲備 確認之金額將轉撥至保留溢利。

授予顧問之購股權

為換取貨品或服務而發行之購股權乃 按已收貨品或服務之公平值計量，除 非該公平值無法可靠地計量，則在該 情況下，已收貨品或服務乃參考已授 出購股權之公平值計量。當本集團取 得貨品或當交易對手方提供服務時， 已收貨品或服務之公平值確認為開 支，並相應增加權益（購股權儲備）， 除非貨品或服務符合資格確認為資 產。

87

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

4. KEY SOURCE OF ESTIMATION UNCERTAINTY

4. 估計不確定性之主要來源

The following is the key assumption 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.

於報告期末，很大可能導致下一個財 政年度內之資產及負債賬面值須作重 大調整而有關未來之主要假設，以及 估計不確定性之其他主要來源如下。

Impairment of goodwill

商譽減值

Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating unit to which goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cashgenerating units and a suitable discount rate in order to calculate the present value. Where the actual cash flows are less than expected, a material impairment loss may arise. As at 31st March, 2015 and 2014, impairment loss of HK$1,623,000 was recognised. Details of the recoverable amount calculation are disclosed in note 14.

於釐定商譽是否出現減值時，須估計 商譽已分配至之現金產生單位之使用 價值。使用價值之計算須本集團估計 現金產生單位預期將產生之未來現金 流量，並採用合適之折現率以計算現 值。倘實際現金流量少於預期，則可 能產生重大減值虧損。於二零一五年 及二零一四年三月三十一日，已確認 減值虧損 1,623,000 港元。可收回金 額計算之詳情於附註 14 披露。

5. SEGMENT INFORMATION

5. 分部資料

The Group’s operation is principally sales of watches. The Group’s turnover represents consideration received or receivable from sales of watches.

本集團主要從事銷售鐘表業務。本集 團之營業額指銷售鐘表之已收或應收 代價。

The Group has two operating segments, which are analysed based on geographical markets of the goods sold, being (a) Hong Kong, and (b) Taiwan, Macau and the PRC, which is also the basis of organisation of the Group for managing the business operations. The Group determines its operating segments based on the internal reports reviewed by the chief operating decision maker, being the Managing Director of the Group, that are used to allocate resources and assess performance. No operating segments identified by the chief operating decision maker have been aggregated in arriving at the reportable segments of the Group.

本集團有兩個按出售貨品地理市場分 析之營運分部，分別為 (a) 香港，及 (b) 台灣、澳門及中國，亦為組織本集 團管理業務營運之基準。本集團按已 由首席營運決策者（即本集團董事總 經理）審閱並賴以作出資源分配及評 估表現之內部報告釐定其營運分部。 概無首席營運決策者所識別之營運分 部已於達致本集團之可呈報分部時彙 集計算。

88

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

5. SEGMENT INFORMATION (Continued)

5. 分部資料 （續）

The following is an analysis of the Group’s segment revenue and results by operating segments.

以下為本集團按營運分部劃分之分部 收益及業績分析。

Hong Kong 香港 Taiwan, Macau and the PRC 台灣、澳門 及中國 Unallocated other income 未分配其他收入 Unallocated corporate expenses 未分配公司開支 Finance costs 融資成本 Share of results of associates 應佔聯營公司之 業績 Share of results of joint ventures 應佔合營公司之 業績 Profit before taxation 除稅前溢利	Segment revenue 分部收益 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 2,185,609 2,365,929 923,422 1,110,584	Segment revenue 分部收益 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 2,185,609 2,365,929 923,422 1,110,584	Segment profit 分部收益 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 28,287 80,885 (13,657) (11,732)	Segment profit 分部收益 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 28,287 80,885 (13,657) (11,732)
	2015		2015
	二零一五年		二零一五年
	HK$’000		HK$’000
	千港元		千港元
	2,185,609		28,287
	923,422		(13,657)
		3,476,513		69,153 1,300 (23,282) (22,407) (257) 5,457
	3,109,031		14,630
			20,897
			(20,818)
			(15,214)
			631
			9,524
				29,964
			9,650

89

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

5. SEGMENT INFORMATION (Continued)

The accounting policies used to determine segment revenue and results are the same as the accounting policies adopted in the Group’s consolidated financial statements described in note 3. Segment profit represents the profit earned by each segment without allocation of finance costs, share of results of associates and joint ventures and unallocated other income and expenses. Unallocated expenses include auditor’s remuneration, directors’ emoluments, exchange loss, impairment loss recognised in respect of goodwill and operating expenses of inactive companies. This is the measure reported to the Managing Director of the Group for the purposes of resources allocation and performance assessment.

The Group has no customer who contributed over 10% of the total revenue of the Group for any of the two years ended 31st March, 2015.

All segment revenue is generated from external customers for both years.

5. 分部資料 （續）

釐定分部收益及業績所用之會計政策 與本集團之綜合財務報表採納之會計 政策相同。分部溢利指在未分配融資 成本、應佔聯營公司及合營公司之業 績及未分配其他收支之情況下各分部 賺取之溢利。未分配開支包括核數師 酬金、董事酬金、匯兌虧損、就商譽 確認之減值虧損及暫無營業公司之營 運開支。此乃向本集團董事總經理就 資源分配及表現評估作出報告之計量 方式。

本集團並無客戶為本集團截至二零 一五年三月三十一日止任何兩個年度 之收益總額帶來 10% 以上之貢獻。

兩個年度之所有分部收益均來自外部 客戶。

90

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

5. SEGMENT INFORMATION (Continued)

5. 分部資料 （續）

The following is an analysis of the Group’s assets and liabilities by operating segments.

以下為本集團按營運分部劃分之資產 與負債分析。

Hong Kong 香港 Taiwan, Macau and the PRC 台灣、澳門 及中國 Segment total 分部總計 Unallocated 未分配 Group’s total 本集團總計	Segment assets Segment liabilities 分部資產 分部負債 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 1,331,557 1,267,683 91,474 90,078 862,317 960,491 61,185 54,580	Segment assets Segment liabilities 分部資產 分部負債 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 1,331,557 1,267,683 91,474 90,078 862,317 960,491 61,185 54,580	Segment assets Segment liabilities 分部資產 分部負債 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 1,331,557 1,267,683 91,474 90,078 862,317 960,491 61,185 54,580
	2015
	二零一五年
	HK$’000
	千港元
	1,331,557
	862,317
		2,228,174 152,659 630,933 341,623	144,658 496,434
	2,193,874
	512,199
		2,859,107 494,282	641,092
	2,706,073

The segment assets by location of assets are the same as by location of markets of the goods sold.

• 按資產所在地劃分之分部資產與按出 售貨品市場之位置劃分者相同。

For the purposes of monitoring segment performance and allocating resources between segments:

• 就監察分部表現及於分部間分配資源 而言：

• all assets are allocated to operating segments other than interests in associates and joint ventures, available-for-sale financial assets, deferred tax assets, amount due from a joint venture, taxation recoverable as well as assets of the headquarters and bank balances and cash; and

• ─ 除聯營公司及合營公司之權益、 可供出售金融資產、遞延稅項資 產、應收合營公司款項、可退回 稅項，以及總部之資產及銀行結 餘及現金外，所有資產均分配至 各營運分部；及

• all liabilities are allocated to operating segments other than taxation payable, deferred tax liabilities and bank loans as well as other payables of the headquarters. Bank loans are classified as unallocated corporate liabilities because they are managed centrally by the treasury function of the Group.

• ─

• 除應付稅項、遞延稅項負債及銀 行貸款，以及總部之其他應付賬 款外，所有負債均分配至各營運 分部。由於銀行貸款由本集團之 庫務部門集中管理，故分類為未 分配公司負債。

91

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

5. SEGMENT INFORMATION (Continued)

5. 分部資料 （續）

Other segment information

其他分部資料

Amounts included in the measure of segment results or segment assets:

計量分部業績或分部資產所包括之金 額：

按資產所在地劃分之本集團非流動資 產（不包括可供出售金融資產、遞延 稅項資產、物業租金按金、應收合營 公司款項以及於聯營公司及合營公司 之權益）之資料詳述如下： Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Hong Kong 香港 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 Taiwan, Macau and the PRC 台灣、澳門及 中國 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958) Segment total 分部總計 11,592 35,573 36,856 46,164 (17,255) 1,480 — — (18,480) 6,416 Unallocated 未分配 — — 171 214 — — — 1,623 — — Group’s total 本集團總計 11,592 35,573 37,027 46,378 (17,255) 1,480 — 1,623 (18,480) 6,416 Information about the Group’s non-current assets (excluding available-for-sale financial assets, deferred tax assets, property rental deposits, amount due from a joint venture and interests in associates and joint ventures) by geographical location of the assets is detailed below: Carrying amount of non-current assets 非流動資產之賬面值 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 Hong Kong 香港 199,845 215,879 Taiwan, Macau and the PRC 台灣、澳門及中國 50,555 64,830 250,400 280,709	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)	Additions of property, plant and equipment Depreciation (Gain) loss on disposal of property, plant and equipment Impairment loss recognised in respect of goodwill (Decrease) increase in non-current property rental deposits 添置物業、機器及設備 折舊 出售物業、機器及 設備之（收益）虧損 就商譽確認之 減值虧損 非流動物業租金 按金（減少）增加 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 二零一五年 二零一四年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 3,551 13,063 16,546 16,833 (17,255) 783 — — (21,225) 7,374 8,041 22,510 20,310 29,331 — 697 — — 2,745 (958)
	2015
	二零一五年
	HK$’000
	千港元
	3,551
	8,041
		35,573 36,856 — 171	46,164 (17,255) 214 —		1,480 — — —	— (18,480) 1,623 —		6,416 —
	11,592
	—
		35,573 37,027	46,378 (17,255)		1,480 —	1,623 (18,480)		6,416
	11,592
					按資產所在地劃分之本集團非流動資 產（不包括可供出售金融資產、遞延 稅項資產、物業租金按金、應收合營 公司款項以及於聯營公司及合營公司 之權益）之資料詳述如下： Carrying amount of non-current assets 非流動資產之賬面值 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 199,845 215,879 50,555 64,830
					2015
					二零一五年
					HK$’000
					千港元
					199,845
					50,555
							280,709
					250,400

92

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

6. 7. 6. OTHER INCOME, GAINS AND LOSSES Show window rental income 櫥窗租金收入 Repairing service income 維修服務收入 Gain (loss) on disposal of property, plant and equipment 出售物業、機器及設備之 收益（虧損） Interest income 利息收入 Exchange gain (loss) 匯兌收益（虧損） Gain on disposal of available-for- sale financial assets 出售可供出售金融資產之 收益 Impairment loss recognised in respect of goodwill 就商譽確認之減值虧損 Others 其他 7. FINANCE COSTS Interest on bank borrowings: 銀行借貸之利息： Wholly repayable within five years 須於五年內全數償還 Not wholly repayable within five years 毋須於五年內全數償還	其他收入、收益及虧損 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 21,525 21,027 1,716 2,084 17,255 (1,480) 2,544 1,640 163 (339) — 197 — (1,623) 4,852 7,824	其他收入、收益及虧損 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 21,525 21,027 1,716 2,084 17,255 (1,480) 2,544 1,640 163 (339) — 197 — (1,623) 4,852 7,824
	2015
	二零一五年
	HK$’000
	千港元
	21,525
	1,716
	17,255
	2,544
	163
	—
	—
	4,852
		29,330
	48,055
	融資成本	2014 二零一四年 HK$’000 千港元 21,786 621
	2015
	二零一五年
	HK$’000
	千港元
	12,695
	2,519
		22,407
	15,214

93

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

8. PROFIT BEFORE TAXATION

8. 除稅前溢利

Profit before taxation has been arrived at after charging: 除稅前溢利已扣除： Directors’ remuneration_(note 9)_ 董事酬金（附註9） Other staff’s retirement benefits scheme contributions 其他職員之退休福利計劃 供款 Other staff costs 其他職員成本 Total staff costs 職員成本總額 Auditor’s remuneration 核數師酬金 Depreciation of property, plant and equipment 物業、機器及設備之折舊 Operating lease rentals in respect of rented premises 有關租賃物業之經營租賃 租金	2015	2014 二零一四年 HK$’000 千港元 20,209 7,039 131,704
	二零一五年
	HK$’000
	千港元
	18,049
	7,562
	85,282
		158,952
	110,893
		2,780 46,378 225,164
	2,780
	37,027
	224,329

94

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

9. DIRECTORS’ AND EMPLOYEES’ EMOLUMENTS

9. 董事及僱員之酬金

The emoluments paid or payable to each of the nine (2014: nine) directors were as follows:

已付或應付九名（二零一四年：九名） 董事各人之酬金如下：

Executive directors 執行董事 Dr. Yeung Ming Biu 楊明標博士 Mr. Yeung Him Kit, Dennis 楊衍傑先生 Mr. Fung Kwong Yiu 馮廣耀先生 Madam Yeung Man Yee, Shirley 楊敏儀女士 Mr. Lam Hing Lun, Alain 林慶麟先生 Mr. Choi Kwok Yum 蔡國欽先生 Independent non-executive directors 獨立非執行董事 Dr. Sun Ping Hsu, Samson 孫秉樞博士 Dr. Li Sau Hung, Eddy 李秀恒博士 Mr. Choi Man Chau, Michael 蔡文洲先生			2015			2014 二零一四年 Fees Salaries and other benefits Retirement benefits scheme contributions Performance- related incentive bonus Total 袍金 薪金及 其他福利 退休福利 計劃供款 表現相關 獎勵花紅 總計 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 (note) （附註） — 3,424 459 333 4,216 — 3,724 423 333 4,480 — 3,431 335 333 4,099 — 797 108 333 1,238 — 2,348 239 334 2,921 — 2,111 270 334 2,715 180 — — — 180 180 — — — 180 180 — — — 180
			二零一五年
	Fees	Salaries and other benefits	Retirement benefits scheme contributions	Performance- related incentive bonus	Total
	袍金	薪金及 其他福利	退休福利 計劃供款	表現相關 獎勵花紅	總計
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
				(note)
				（附註）
	—	3,435	459	42	3,936
	—	3,724	423	42	4,189
	—	3,017	335	42	3,394
	—	797	108	42	947
	—	2,347	239	42	2,628
	—	2,103	270	42	2,415
	180	—	—	—	180
	180	—	—	—	180
	180	—	—	—	180
						540 15,835 1,834 2,000 20,209
	540	15,423	1,834	252	18,049

Note: The performance-related incentive bonus is determined as a percentage of the profit for the year before bonus charge.

• 附註：表現相關獎勵花紅乃按扣除花紅前年內 溢利之某一百分比而釐定。

All the five highest paid employees of the Group were executive directors of the Company. Details of their emoluments are disclosed above.

本集團五位最高薪酬僱員均為本公司 執行董事。彼等之酬金詳情於上文披 露。

Mr. Yeung Him Kit, Dennis, is also the Chief Executive of the Company and his emoluments disclosed above include those for services rendered by him as the Chief Executive.

楊衍傑先生亦為本公司之行政總裁， 上文所披露彼之酬金包括其作為行政 總裁提供服務之酬金。

During the year, no emoluments were paid by the Group to the five highest paid individuals (including directors and employees) as an inducement to join or upon joining the Group or as compensation for loss of office. None of the directors has waived any emoluments during the year.

年內，本集團並無向五位最高薪酬人 士（包括董事及僱員）支付任何酬金， 作為加入本集團或加入本集團後之報 酬或離職補償。年內概無董事放棄任 何酬金。

95

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

10. INCOME TAX EXPENSE

10. 所得稅開支

The charge comprises: 支出包括： Hong Kong Profits Tax 香港利得稅 Overprovision in prior years 過往年度超額撥備 Taxation in other jurisdictions 其他司法權區之稅項 (Over)underprovision in prior years 過往年度（超額撥備）撥備 不足 Deferred taxation_(note 22)_ 遞延稅項（附註22）	2015	2014 二零一四年 HK$’000 千港元 9,459 (2,746)
	二零一五年
	HK$’000
	千港元
	4,067
	(444)
		6,713
	3,623
		1,966 365
	2,381
	(1,085)
		2,331
	1,296
		472
	398
		9,516
	5,317

Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profits for both years.

香港利得稅乃根據兩個年度之估計應 課稅溢利按 16.5% 計算。

Taxation in other jurisdictions is calculated at the rates prevailing pursuant to the relevant laws and regulations.

其他司法權區之稅項乃根據有關法例 及法規按現行稅率計算。

Under the Law of the PRC on Enterprise Income Tax (the “EIT Law”) and Implementation Regulation of the EIT Law, the tax rate of the PRC subsidiaries is 25%.

根據《中國企業所得稅法》（「企業所得 稅法」）及《企業所得稅法實施條例》， 中國附屬公司之稅率為 25%。

96

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

10. INCOME TAX EXPENSE (Continued)

10. 所得稅開支 （續）

The tax charge for the year can be reconciled to the profit per the consolidated statement of profit or loss and other comprehensive income as follows:

本年度稅項支出可與根據綜合損益及 其他全面收益表之溢利對賬如下：

Profit before taxation 除稅前溢利 Tax at the applicable income tax rate of 16.5% (2014: 16.5%) 根據適用所得稅率16.5% （二零一四年：16.5%） 計算之稅項 Tax effect of share of results of associates 應佔聯營公司之業績之稅 務影響 Tax effect of share of results of joint ventures 應佔合營公司之業績之稅 務影響 Tax effect of expenses not deductible for tax purposes 不可扣稅開支之稅務影響 Tax effect of income not taxable for tax purposes 毋須課稅收入之稅務影響 Tax effect of tax losses not recognised 未確認稅務虧損之稅務影 響 Tax effect of utilisation of tax losses not previously recognised 動用過往未確認稅務虧損 之稅務影響 Effect of different tax rates of subsidiaries operating in other jurisdictions 於其他司法權區經營之附 屬公司所使用不同稅率 之影響 Overprovision in prior years 過往年度超額撥備 Others 其他 Tax charge for the year 本年度稅項支出	2015	2014 二零一四年 HK$’000 千港元 29,964
	二零一五年
	HK$’000
	千港元
	9,650
		4,944 42 (900) 3,765 (713) 5,044 (210) (521) (2,381) 446
	1,592
	(104)
	(1,571)
	2,280
	(3,141)
	7,582
	—
	(317)
	(1,529)
	525
		9,516
	5,317

97

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

11. DIVIDENDS

11. 股息

Dividend recognised as distribution during the year: 年內已確認為分派之 股息： Special dividend for financial year ended 31st March, 2015 of 0.5 HK cents (interim dividend for financial year ended 31st March, 2014: 0.75 HK cents) per share on 570,610,224 (2014: 570,610,224) shares 按570,610,224股（二零 一四年：570,610,224 股）計算之截至二零 一五年三月三十一日 止財政年度特別股息 每股0.5港仙（截至二 零一四年三月三十一 日止財政年度中期股 息：0.75港仙） Final dividend for financial year ended 31st March, 2014 of 0.25 HK cents (financial year ended 31st March, 2013: 5.0 HK cents) per share on 570,610,224 (2013: 570,610,224) shares 按570,610,224股（二零 一三年：570,610,224 股）計算之截至二零 一四年三月三十一日 止財政年度末期股息 每股0.25港仙（截至二 零一三年三月三十一 日止財政年度：5.0港 仙） Dividend proposed after year end: 年結後擬派之股息： Proposed final dividend for financial year ended 31st March, 2015 of 0.25 HK cents (financial year ended 31st March, 2014: 0.25 HK cents) per share on 570,610,224 (2014: 570,610,224) shares 按570,610,224股（二零 一四年：570,610,224 股）計算之截至二零 一五年三月三十一日 止財政年度擬派末期 股息每股0.25港仙 （截至二零一四年三月 三十一日止財政年度： 0.25港仙） A final dividend of 0.25 HK cents (2014: 0.25 HK cents) per share has been proposed by the directors and is subject to approval by the shareholders in the forthcoming annual general meeting.	2015	2014 二零一四年 HK$’000 千港元 4,280 28,531
	二零一五年
	HK$’000
	千港元
	2,853
	1,426
		32,811
	4,279
		1,426
	1,426
	董事已建議派發末期股息每股0.25港 仙（二零一四年：0.25港仙），須待股 東於應屆股東週年大會上批准後，方 可作實。

98

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

12. EARNINGS PER SHARE

12. 每股盈利

The calculation of the basic and diluted earnings per share attributable to owners of the Company is based on the following data:

本公司擁有人應佔每股基本及攤薄盈 利乃根據以下數據計算：

Earnings 盈利 Earnings for the purposes of basic and diluted earnings per share (profit for the year attributable to owners of the Company) 計算每股基本及攤薄盈利 之盈利（本公司擁有人 應佔年內溢利） Number of shares 股份數目 Number of ordinary shares for the purpose of basic earnings per share 計算每股基本盈利之 普通股數目 Effect of dilutive potential ordinary shares 潛在攤薄普通股之 影響 — share options —購股權 Number of ordinary shares for the purpose of diluted earnings per share 計算每股攤薄盈利之 普通股數目	2015	2014 二零一四年 HK$’000 千港元 20,605
	二零一五年
	HK$’000
	千港元
	4,508
		2014 二零一四年 ’000 千股 570,610 —
	2015
	二零一五年
	’000
	千股
	570,610
	—
		570,610
	570,610

The diluted earnings per share for both years has not included the effect from the Company’s share options because the exercise prices of the share options are higher than the average market price of the shares of the Company.

兩個年度之每股攤薄盈利並無包括本 公司購股權之影響，此乃由於購股權 之行使價高於本公司股份之平均市 價。

99

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

13. PROPERTY, PLANT AND EQUIPMENT

13. 物業、機器及設備

COST 成本 At 1st April, 2013 於二零一三年四月一日 Exchange adjustment 匯兌調整 Additions 添置 Disposals 出售 At 31st March, 2014 於二零一四年三月三十一日 Exchange adjustment 匯兌調整 Additions 添置 Disposals 出售 At 31st March, 2015 於二零一五年三月三十一日 DEPRECIATION 折舊 At 1st April, 2013 於二零一三年四月一日 Exchange adjustment 匯兌調整 Provided for the year 本年度撥備 Eliminated on disposals 出售時撇銷 At 31st March, 2014 於二零一四年三月三十一日 Exchange adjustment 匯兌調整 Provided for the year 本年度撥備 Eliminated on disposals 出售時撇銷 At 31st March, 2015 於二零一五年三月三十一日 CARRYING VALUES 賬面值 At 31st March, 2015 於二零一五年三月三十一日 At 31st March, 2014 於二零一四年三月三十一日	Leasehold land and buildings Furniture, fixtures and equipment Motor vehicles Total 租賃 土地及樓宇 傢俬、裝置 及設備 汽車 合計 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 195,578 249,186 4,190 448,954 27 106 — 133 — 34,693 880 35,573 — (25,624) (1,711) (27,335)
	195,605 258,361 3,359 457,325 (29) (322) — (351) — 11,386 206 11,592 (8,186) (7,974) — (16,160)
	187,390 261,451 3,565 452,406
	21,668 132,580 2,462 156,710 (10) (316) — (326) 4,203 41,831 344 46,378 — (24,268) (1,348) (25,616)
	25,861 149,827 1,458 177,146 (11) (121) — (132) 4,132 32,525 370 37,027 (1,293) (7,409) — (8,702)
	28,689 174,822 1,828 205,339
	158,701 86,629 1,737 247,067
	169,744 108,534 1,901 280,179

100

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

13. PROPERTY, PLANT AND EQUIPMENT

13. 物業、機器及設備 （續）

(Continued)

Owner-occupied leasehold land is included in property, plant and equipment because the allocation between the land portion and building portion cannot be made reliably.

由於業主自用租賃土地之土地部份及 樓宇部份不能可靠地劃分，故業主自 用租賃土地乃計入物業、機器及設 備。

The carrying value of property interests comprises: 物業權益之賬面值包括： Properties held under: 按下列租約持有之物業： Long leases in Hong Kong 於香港之長期租約 Medium-term leases in the PRC 於中國之中期租約	2015	2014 二零一四年 HK$’000 千港元 152,955 16,789
	二零一五年
	HK$’000
	千港元
	143,196
	15,505
		169,744
	158,701

14. GOODWILL

14. 商譽

COST 成本 At 1st April, 2013 於二零一三年四月一日 Exchange adjustment 匯兌調整 Arising on acquisition of a subsidiary_(note 24)_ 來自收購一間附屬公司（附註24） At 31st March, 2014 and 2015 於二零一四年及二零一五年 三月三十一日 IMPAIRMENT 減值 At 1st April, 2013 於二零一三年四月一日 Impairment loss recognised in profit or loss 於損益確認之減值虧損 At 31st March, 2014 and 2015 於二零一四年及二零一五年 三月三十一日 CARRYING VALUES 賬面值 At 31st March, 2015 於二零一五年三月三十一日 At 31st March, 2014 於二零一四年三月三十一日	HK$’000 千港元 — (59) 1,682
	1,623
	— 1,623
	1,623
	—
	—

101

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

14. GOODWILL (Continued)

For the purpose of impairment testing, goodwill has been allocated to a cash generating unit (“CGU”) comprising one subsidiary in watch trading.

The recoverable amount of the relevant CGU has been determined on the basis of value in use calculation. The key assumptions for the value in use calculation are those regarding the discount rates, growth rates and expected changes to revenue and direct costs during the budget period. The management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGU. Changes in revenue and direct costs are based on past practices and expectations of future changes in the market.

During the year ended 31st March, 2014, the Group performed impairment review for goodwill based on cash flow forecasts of the CGU derived from the most recent financial budget for the next five years approved by the management and cash flows beyond the fiveyear period were extrapolated using 2% growth rate. The rate used to discount the forecast cash flows was 10.54%. The Group recognised impairment loss in profit or loss of HK$1,623,000 due to the operating loss and the uncertainty of future prospects of the subsidiary.

14. 商譽 （續）

就減值測試而言，商譽獲分配至現金 產生單位（「現金產生單位」），包括一 間手錶經銷之附屬公司。

相關現金產生單位之可收回金額乃按 使用價值計算基準釐定。使用價值計 算之關鍵因素為貼現率、增長率及 預期收益變動及預算期內直接成本變 動。管理層使用稅前比率估計貼現 率，而該稅前比率反映金錢時間價值 之目前市場評估及該現金產生單位之 獨有風險。收益及直接成本變動乃以 過往慣例以及對市場未來轉變之預期 為基準。

於截至二零一四年三月三十一日止年 度，本集團根據經管理層批准之摘自 最近期未來五年財務預算之現金流量 預測，對商譽進行減值審閱，而五年 期間後之現金流量則以增長率 2% 進 行推算。用以折算預測現金流量之比 率為 10.54%。由於經營虧損及該附 屬公司未來前景之不確定性，故本集 團於損益確認減值虧損 1,623,000 港 元。

102

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

15. INTERESTS IN ASSOCIATES

15. 聯營公司之權益

Cost of investments in unlisted associates 於非上市聯營公司之投資 成本 Exchange adjustment 匯兌調整 Share of post-acquisition profits 應佔收購後之溢利	2015	2014 二零一四年 HK$’000 千港元 30,201 (1,063) 6,831
	二零一五年
	HK$’000
	千港元
	30,201
	(1,967)
	7,462
		35,969
	35,696

Included in the cost of unlisted investments is goodwill of HK$14,738,000 (2014: HK$15,113,000) arising on acquisition of associates.

計入非上市投資成本之商譽 14,738,000 港元（二零一四年：15,113,000 港元）來 自收購聯營公司。

Details of the Group’s associates at 31st March, 2015 and 2014 are as follows:

本集團聯營公司於二零一五年及二零 一四年三月三十一日之詳情如下：

	Place of
	incorporation	Proportion of	Proportion of		Principal
Name of associate	and operation	ownership interest	voting power held		activity
	註冊成立及
聯營公司名稱	營運地點	所有權權益比例	持有之投票權比例		主要業務
		2015 2014	2015	2014
		二零一五年 二零一四年	二零一五年	二零一四年
力新鐘錶股份有限公司	Taiwan	40% 40%	40%	40%	Watch trading
	台灣				手錶經銷
永新鐘錶股份有限公司	Taiwan	40% 40%	40%	40%	Watch trading
	台灣				手錶經銷
益新鐘錶股份有限公司	Taiwan	40% 40%	40%	40%	Watch trading
	台灣				手錶經銷

103

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

15. INTERESTS IN ASSOCIATES (Continued)

15. 聯營公司之權益 （續）

Aggregate information of associates that are not 並非個別重大之聯營公司之合計資料 individually material

The Group’s share of profit (loss) and total comprehensive income (expense) 本集團應佔溢利（虧損）及 全面收益（開支）總額 Aggregate carrying amount of the Group’s interests in these associates 本集團於該等聯營公司之 合計賬面值	2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 631 (257)
	35,696 35,969

16. INTERESTS IN JOINT VENTURES 16. 合營公司之權益

Cost of investments in unlisted joint ventures 於非上市合營公司之 投資成本 Exchange adjustment 匯兌調整 Share of post-acquisition profits 應佔收購後之溢利 Amount due from a joint venture (Note a) 應收一間合營公司之款項 （附註a）	2015	2014 二零一四年 HK$’000 千港元 21,807 837 10,158
	二零一五年
	HK$’000
	千港元
	21,807
	808
	19,682
		32,802 112,739
	42,297
	77,639
		145,541
	119,936

104

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

16. INTERESTS IN JOINT VENTURES (Continued)

16. 合營公司之權益 （續）

Details of the Group’s joint ventures at 31st March, 2015 and 2014 are as follows:

本集團合營公司於二零一五年及二零 一四年三月三十一日之詳情如下：

Place of Proportion Proportion of incorporation of ownership voting power Principal Name of joint venture and operation interest held activity 註冊成立及 所有權 持有之投票 合營公司名稱 營運地點 權益比例 權比例 主要業務 寧波匯美鐘錶有限公司 The PRC 40% 40% Watch trading (“Huimei”)（「匯美」） 中國 (Note b) （附註b） 手錶經銷 喜東鐘錶有限公司 Macau 45% 45% Watch trading (“Hei Tung”)（「喜東」） 澳門 (Note c) （附註c） 手錶經銷

Notes:

附註：

• (a) The amount, which is due from Hei Tung, is unsecured, interest free and has no fixed repayment term. The Group expects that the amount will be settled after twelve months from the end of the reporting period and therefore classifies the amount as a non-current asset.

• (a) 應收喜東之款項為無抵押、免息，且並 無固定還款期。本集團預期該款項將於 呈報期末起計十二個月後清償，因此， 該款項乃分類為非流動資產。於二零 一三年三月三十一日，該款項於綜合財 務狀況表以獨立項目呈列。

• (b) The Group holds 40% of the paid-in capital of Huimei. Huimei is jointly controlled by the Group and the other significant equity owner by virtue of contractual arrangements among equity owners. Therefore, Huimei is classified as a joint venture of the Group.

• (b) 本集團持有匯美實繳股本之 40% 。匯美 因各股權擁有人之間訂立之合約安排而 受本集團與另一股權擁有人共同控制。 因此，匯美分類為本集團之合營公司。

• (c) The Group holds 45% of the paid-in capital of equity owners Hei Tung. Hei Tung is jointly controlled by the Group and the other significant equity owner by virtue of contractual arrangements between the two equity owners. Therefore, Hei Tung is classified as a joint venture of the Group.

• (c) 本集團持有喜東股權擁有人實繳股本之 45%。喜東因兩名股權擁有人之間訂立 之合約安排而受本集團與另一重大股權 擁有人共同控制。因此，喜東分類為本 集團之合營公司。

Included in the cost of unlisted investments is goodwill of HK$4,147,000 (2014: HK$4,294,000) arising on acquisition of Huimei during the year ended 31st March, 2012.

計入非上市投資成本之商譽 4,147,000 港元（二零一四年：4,294,000 港元）來 自於截至二零一二年三月三十一日止 年度內收購匯美。

105

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

16. INTERESTS IN JOINT VENTURES (Continued)

16. 合營公司之權益 （續）

Aggregate information of joint ventures that are not individually material

並非個別重大之合營公司之合計資料

The Group’s share of profit and total comprehensive income 本集團應佔溢利及全面收 益總額 Aggregate carrying amount of the Group’s interests in these joint ventures 本集團於該等合營公司之 合計賬面值	2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 9,524 5,457
	42,297 32,802

17. AVAILABLE-FOR-SALE FINANCIAL 17. 可供出售金融資產 ASSETS

Listed investments 上市投資 Equity securities listed in Hong Kong (Note a) 香港上市之股本證券 （附註a） Unlisted investments 非上市投資 Managed fund portfolio (Note b) 管理基金投資組合 （附註b）	2015	2014 二零一四年 HK$’000 千港元 129 14,650
	二零一五年
	HK$’000
	千港元
	99
	5,553
		14,779
	5,652

106

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

17. AVAILABLE-FOR-SALE FINANCIAL ASSETS (Continued)

17. 可供出售金融資產 （續）

Notes:

附註:

• (a) At the end of the reporting period, all the equity securities listed in Hong Kong are stated at fair values, which have been determined with reference to quoted bid prices in an active market.

• (a) 於呈報期末，所有香港上市股本證券均 按公平值入賬，而公平值乃參照活躍市 場所報之買入價而釐定。

• (b) The managed fund portfolio as at 31st March, 2015 comprises of unlisted investments. The fund is stated at fair value with reference to the quoted market prices provided by brokers which are financial institutions.

• (b) 於二零一五年三月三十一日之管理基金 投資組合包括非上市投資。基金乃經參 考作為經紀的金融機構所提供之市場報 價按公平值列賬。

The managed fund portfolio as at 31st March, 2014 was managed by professional investment manager and that portfolio mainly comprised real estate fund in the Asian markets. The fund was stated at fair value provided by the brokers with reference to the net assets value of the investment portfolio as at 31st March, 2014.

於二零一四年三月三十一日之管理基金 投資組合乃由專業投資經理進行管理， 而該投資組合主要包括亞洲市場房地產 基金。基金乃按經紀經參考投資組合於 二零一四年三月三十一日之資產淨值所 提供之公平值入賬。

18. TRADE AND OTHER RECEIVABLES

18. 貿易及其他應收賬款

Trade receivables 貿易應收賬款 Receivable from a joint venture (Note) 應收一間合營公司之賬款 （附註） Property rental and utilities deposits 物業租金及公用設施按金 Advances to other suppliers 向其他供應商墊款 VAT recoverable 可收回之增值稅 Other receivables 其他應收賬款	2015	2014 二零一四年 HK$’000 千港元 88,637 1,981 21,534 2,701 2,868 5,749
	二零一五年
	HK$’000
	千港元
	86,120
	2,637
	43,678
	1,117
	2,849
	5,546
		123,470
	141,947

Note: The amount represents reimbursements receivable from a joint venture under a procurement arrangement (see note 33 (a)).

附註：該款項指根據一項採購安排應收一間合 營公司之退款（見附註 33(a)）。

107

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

18. TRADE AND OTHER RECEIVABLES

18. 貿易及其他應收賬款 （續）

(Continued)

The Group maintains a general credit policy of not more than 30 days for its wholesales customers. Sales made to retail customers are made on a cash basis. The following is an aged analysis of trade receivables based on the invoice date at the end of the reporting period:

本集團對其批發客戶實行不超過 30 日 之一般信貸政策。零售客戶銷售乃以 現金進行。以下為貿易應收賬款於呈 報期末按發票日期之賬齡分析：

Age 賬齡 0 to 30 days 0至30日 31 to 60 days 31至60日 61 to 90 days 61至90日 Over 90 days 90日以上	2015	2014 二零一四年 HK$’000 千港元 82,647 2,988 764 2,238
	二零一五年
	HK$’000
	千港元
	81,673
	3,652
	5
	790
		88,637
	86,120

About 95% (2014: 93%) of the trade receivables that are neither past due nor impaired are recovered within one month after the end of the reporting period. No provision has been made for trade receivables for both years.

未逾期及未減值之貿易應收賬款中大 約 95%（二零一四年：93%）於呈報期 末後一個月內收回。兩個年度均無就 貿易應收賬款作出撥備。

Included in the Group’s trade receivable balances are debtors with an aggregate carrying amount of HK$4,447,000 (2014: HK$5,990,000) which are past due at the reporting date for which the Group has not provided for impairment loss. The Group does not hold any collateral over these balances. The average age of these receivables is 40 days (2014: 56 days).

本集團之貿易應收賬款結餘包括賬面 總值 4,447,000 港元（二零一四年： 5,990,000 港元）之應收賬款，該等應 收賬款於呈報日已逾期但本集團仍未 作出減值虧損撥備。本集團並無就該 等結餘持有任何抵押品。該等應收賬 款之平均賬齡為 40 日（二零一四年： 56 日）。

108

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

18. TRADE AND OTHER RECEIVABLES

18. 貿易及其他應收賬款 （續）

(Continued)

Ageing of trade receivables which are past due but not impaired

已逾期但未減值之貿易應收賬款之賬 齡

31 to 60 days 31至60日 61 to 90 days 61至90日 Over 90 days 90日以上	2015	2014 二零一四年 HK$’000 千港元 2,988 764 2,238
	二零一五年
	HK$’000
	千港元
	3,652
	5
	790
		5,990
	4,447

The Group will provide fully for any receivables over 365 days because historical experience is such that receivables that are past due beyond 365 days are generally not recoverable.

本集團將就任何逾期超過 365 日之應 收賬款作出全數撥備，因為過往經驗 顯示逾期超過 365 日之應收賬款一般 不可收回。

The Group has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

本集團並無重大信貸風險集中情況， 信貸風險分散於多名交易對手及客 戶。

19. BANK BALANCES AND CASH

19. 銀行結餘及現金

Bank balances and cash comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less at variable interest rates ranging from 0.01% to 1.20% (2014: 0.01% to 1.10%) per annum.

銀行結餘及現金包括本集團所持現金 及原到期日為三個月或以下並按浮 動年利率介乎 0.01% 至 1.20%（二零 一四年：0.01% 至 1.10%）計息之短 期銀行存款。

109

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

20. TRADE AND OTHER PAYABLES

20. 貿易及其他應付賬款

Trade payables 貿易應付賬款 Payroll and welfare payables 應付工資及福利 Commission payables 應付佣金 Advances from customers 客戶預付款 Renovation work payables 應付翻新工程賬款 VAT and other taxes payables 應付增值稅及其他稅項 Advertising fee payables 應付廣告費 Interest payables 應付利息 Property rental fee payables 應付物業租金費用 Other payables 其他應付賬款	2015	2014 二零一四年 HK$’000 千港元 88,398 7,866 8,492 13,597 2,625 9,921 2,259 1,027 2,057 8,929
	二零一五年
	HK$’000
	千港元
	97,075
	7,395
	2,647
	20,293
	2,199
	12,045
	2,568
	695
	493
	7,293
		145,171
	152,703

The following is an aged analysis of trade payables presented based on the invoice date at the end of the reporting period:

以下為貿易應付賬款於呈報期末按發 票日期呈列之賬齡分析：

Age 賬齡 0 to 60 days 0至60日 61 to 90 days 61至90日 Over 90 days 90日以上	2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 87,890 79,691 645 972 8,540 7,735
	97,075 88,398

110

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

21. BANK LOANS

21. 銀行貸款

The bank loans are repayable as follows (based on the scheduled repayment dates set out in the loan agreements): 銀行貸款須於以下期間 償還（根據貸款協議 所載之預定還款日）： Within one year 一年內 More than one year but not exceeding two years 一年後但兩年內 More than two years but not exceeding five years 兩年後但五年內 More than five years 五年後 Comprising: 包括： Amount due within one year shown under current liabilities 於一年內到期之款項 （列為流動負債） Amount that are not repayable within one year from the end of the reporting period but containing a repayment on demand clause (shown under current liabilities) 毋須於呈報期末起計 一年內償還但包含按 要求償還條款之款項 （列為流動負債） Total amount shown under current liabilities 列為流動負債之 款項總額 Amount shown under non-current liabilities 列為非流動負債之 款項 Analysed as: 分析為︰ Secured 有抵押 Unsecured 無抵押	2015	2014 二零一四年 HK$’000 千港元 263,257 119,000 99,500 9,667
	二零一五年
	HK$’000
	千港元
	206,710
	95,754
	29,383
	5,667
		491,424
	337,514
		263,257 25,667
	206,710
	21,667
		288,924 202,500
	228,377
	109,137
		491,424
	337,514
		29,667 461,757
	95,111
	242,403
		491,424
	337,514

At 31st March, 2015, the Group pledged certain leasehold land and buildings with an aggregate carrying value of HK$95,968,000 (2014: HK$98,282,000) to banks to secure bank loan facilities granted to the Group.

於二零一五年三月三十一日，本集團 已向銀行抵押總賬面值為 95,968,000 港元（二零一四年：98,282,000 港元） 之若干租賃土地及樓宇，以作為本集 團獲授銀行貸款融資之抵押。

二零一五年年報 Annual Report 2015

111

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

21. BANK LOANS (Continued)

21. 銀行貸款 （續）

All bank loans carrying interest at variable rates, comprising:

所有銀行貸款均按浮動利率計息，包 括︰

Loans carrying interest at: 貸款按以下利率計息： — Hong Kong Interbank Offered Rate (“HIBOR”) plus 1.80% per annum － 香港銀行同業拆息 （「香港銀行同業拆 息」）加年利率1.80% — HIBOR plus 1.25% per annum － 香港銀行同業拆息加 年利率1.25% — the People’s Bank of China benchmark interest rate per annum － 中國人民銀行基準年 利率 — HIBOR plus 2.5% per annum － 香港銀行同業拆息加 年利率2.5% — Bank’s cost of funding plus 1.75% per annum － 銀行融資成本加 年利率1.75% At the end of the reporting period, the Group has the following undrawn short-term borrowing facilities: Variable rates 浮息 Expiring within one year 於一年內到期	於呈報期末，本集團有以下未提取短 期借貸融資︰ Effective interest rate per annum 實際年利率 2015 2014 二零一五年 二零一四年 2.19% 2.17% 2.29% 2.06% 5.60% 5.60% 2.74% 2.72% 2.54% — 2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 909,637 943,107
	2015
	二零一五年
	HK$’000
	千港元
	909,637

112

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

22. DEFERRED TAXATION

22. 遞延稅項

The following is the analysis of the deferred tax balances for financial reporting purposes:

以下為用作財務呈報之遞延稅項結餘 分析︰

Deferred tax assets 遞延稅項資產 Deferred tax liabilities 遞延稅項負債	2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 306 807 (1,755) (1,857)

The following are the major deferred tax liabilities and assets recognised and movements thereon during the current and prior years:

以下為本年度及以往年度內已確認之 主要遞延稅項負債及資產以及其變 動：

At 1st April, 2013 於二零一三年四月一日 Exchange adjustment 匯兌調整 (Credit) charge to profit or loss 於損益（計入）扣除 At 31st March, 2014 於二零一四年三月三十一日 Exchange adjustment 匯兌調整 (Credit) charge to profit or loss 於損益（計入）扣除 At 31st March, 2015 於二零一五年三月三十一日	Undistributable profits of associates and joint ventures Others Total 聯營公司及 合營公司之 未分派溢利 其他 總計 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 1,976 (1,387) 589 — (11) (11) (119) 591 472
	1,857 (807) 1,050 — 1 1 (102) 500 398
	1,755 (306) 1,449

Note: Others mainly represent deferred tax assets for accrued rental 附註：其他主要指應計租金開支之遞延稅項資 expenses. 產。

113

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

22. DEFERRED TAXATION (Continued)

At 31st March, 2015, the Group had unutilised tax losses of HK$136,596,000 (2014: HK$90,643,000) available to set off against future assessable profits. No deferred tax asset has been recognised in respect of these unutilised tax losses due to the unpredictability of future profit stream. Included in unutilised tax losses at 31st March, 2015 are losses of HK$85,654,000 (2014: HK$70,792,000) that will expire in the period from 2016 to 2020 (2014: 2015 to 2019). Other losses of the Group at 31st March, 2014 and 2015 may be carried forward indefinitely.

Under the law of the PRC, withholding tax is imposed on dividends declared in respect of profits earned by the PRC subsidiaries from 1st January, 2008 onwards. Deferred tax has not been provided for in the consolidated financial statements in respect of temporary differences attributable to accumulated profits of the PRC subsidiaries amounting to HK$79,264,000 (2014: HK$109,720,000) as the Group is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future.

22. 遞延稅項 （續）

於二零一五年三月三十一日，本集團 擁有未動用稅務虧損 136,596,000 港 元（二零一四年：90,643,000 港元） 可供抵銷未來應課稅溢利。由於未 能預測未來溢利來源，故並無就該 等未動用稅務虧損確認遞延稅項資 產。於二零一五年三月三十一日之 未動用稅務虧損包括將於二零一六 年至二零二零年（二零一四年：二零 一五年至二零一九年）期間屆滿之虧 損約 85,654,000 港元（二零一四年： 70,792,000 港元）。本集團於二零 一四年及二零一五年三月三十一日之 其他虧損可無限期結轉。

根據中國稅法，自二零零八年一月一 日起，中國附屬公司所宣派有關所賺 取溢利之股息須繳付預繳稅。由於本 集團可控制撥回中國附屬公司累計溢 利應佔暫時差額 79,264,000 港元（二 零一四年：109,720,000 港元）之時 間，以及暫時差額可能不會於可見將 來撥回，故並無於綜合財務報表就暫 時差額作出遞延稅項之撥備。

東方表行集團有限公司 Oriental Watch Holdings Limited

114

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

23. SHARE CAPITAL

23. 股本

Number of shares Amount 股份數目 金額 HK$’000 千港元

Ordinary shares of HK$0.10 each 每股面值 0.10 港元之 普通股

Authorised: 法定： At 1st April, 2013, 於二零一三年四月一 31st March, 2014 and 日、二零一四年三月 31st March, 2015 三十一日及 二零一五年三月 三十一日 1,000,000,000 100,000 Issued and fully paid: 已發行及繳足： At 1st April, 2013, 於二零一三年四月一 31st March, 2014 and 日、二零一四年三月 31st March, 2015 三十一日 及二零一五年三月 三十一日 570,610,224 57,061

24. ACQUISITION OF A SUBSIDIARY

24. 收購一間附屬公司

力龍國際貿易股份有限公司 (“Li Loong”) were an associate of the Group. In May 2013, the Group acquired 200,000 issued shares of Li Loong from an independent third party not connected with the Group for a cash consideration of NT$2,000,000 (equivalent to HK$527,000) and subscribed 3,000,000 new shares of Li Loong for a cash consideration of NT$90,000,000 (equivalent to HK$23,715,000). The Group’s equity interest in Li Loong was increased from 40% to 90% and accordingly Li Loong became a subsidiary of the Company. Li Loong is principally engaged in watch trading. Li Loong was acquired to continue the expansion of the Group’s watch trading business.

力龍國際貿易股份有限公司（「力龍」） 為本集團聯營公司。於二零一三年五 月，本集團向與本集團並無關連之獨 立第三方收購 200,000 股力龍已發行 股份，現金代價為新台幣 2,000,000 元（相等於 527,000 港元），並認購 3,000,000 股力龍新股份，現金代 價為新台幣 90,000,000 元（相等於 23,715,000 港元）。本集團於力龍之 股權由 40% 增加至 90%，而因此力 龍成為本集團之附屬公司。力龍主要 從事鐘表貿易。收購力龍可繼續擴展 本集團之鐘表貿易業務。

二零一五年年報 Annual Report 2015 115

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

24. ACQUISITION OF A SUBSIDIARY (Continued)

24. 收購一間附屬公司 （續）

Net identifiable assets of the subsidiary acquired: 所收購附屬公司之可識別資產 淨值： Other receivables 其他應收賬款 Bank balances and cash 銀行結餘及現金 Amount acquired before subscription of new shares by the Group 本集團認購新股份前所收購之 金額 Subscription of new shares by the Group 本集團認購新股份 Amount acquired after subscription of new shares by the Group 本集團認購新股份後所收購 之金額 Total consideration 總代價 Acquisition-date fair value of previously held interest 先前持有權益於收購日之 公平值 _Add:_Non-controlling interests 加：非控股權益 _Less:_Net assets acquired 減：所收購資產淨值 Goodwill arising on acquisition 收購產生之商譽 Net cash inflow on acquisition of subsidiary: 收購附屬公司之現金流入淨額： Total consideration 總代價 Consideration unpaid and included in other payables 未支付代價及已計入其他應 付賬款 Cash and cash equivalents acquired 所收購現金及等同現金項目	Amount recognised at the date of acquisition 於收購日 確認之金額 HK$’000 千港元 2,420 13
	2,433 23,715
	26,148
	HK$’000 千港元 24,242 973 2,615 (26,148)
	1,682
	(24,242) 527 23,728
	13

116

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

24. ACQUISITION OF A SUBSIDIARY (Continued)

Goodwill arose in the acquisition of Li Loong because the cost of the combination included a control premium. In addition, the consideration paid for the combination effectively included amounts in relation to the benefit of expected synergies, revenue growth and future market development. These benefits are not recognised separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.

The other receivables acquired amounting to HK$2,420,000 represented the gross contractual amount and approximate to the fair value. The best estimate at the date of acquisition was that all receivables will be collected.

The carrying amounts of assets of Li Loong at the acquisition date approximate to their fair values. No gain or loss is recognised as a result of the remeasurement of previously held interest.

Included in the profit for the year ended 31st March, 2014 was loss of HK$2,199,000 attributable to Li Loong. Revenue for the year included HK$26,981,000 which was attributable to Li Loong.

Had the acquisition of Li Loong been completed on 1st April, 2013, total group revenue for the year ended 31st March, 2014 would have been HK$3,476,513,000, and profit for that year would have been HK$20,427,000. The pro forma information was for illustrative purposes only and was not necessarily an indication of revenue and results of operations of the Group that actually would have been achieved had the acquisition been completed on 1st April, 2013, nor was it intended to be a projection of future results.

24. 收購一間附屬公司 （續）

由於合併成本包括控制權溢價，故收 購力龍產生商譽。此外，就合併所支 付之代價實際上包括涉及預期協同 效益、收入增長及未來市場發展之利 益。此等利益並無與商譽分開確認， 因為該等利益並不符合可識別無形資 產之確認準則。

所收購其他應收賬款為 2,420,000 港 元，即總合約金額，並與公平值相 若。於收購日之最佳估計為所有應收 賬款將予收取。

於收購日，力龍資產之賬面值與其公 平值相若。並無因先前持有權益之重 新計量而確認盈虧。

截至二零一四年三月三十一日止年度 之溢利包括力龍應佔虧損 2,199,000 港元。本年度之收入包括力龍產生之 26,981,000 港元。

倘收購力龍於二零一三年四月一日 完成，本集團截至二零一四年三月 三十一日止年度之收入總額將為 3,476,513,000 港元，而本年度之溢 利將為 20,427,000 港元。備考資料 僅供說明用途，並不一定為倘收購於 二零一三年四月一日完成，本集團實 際應能實現之收益及經營業績之指 標，亦無意作為未來業績之預測。

二零一五年年報 Annual Report 2015

117

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

25. SHARE-BASED PAYMENT TRANSACTION

(A) 2003 Share Option Scheme

Pursuant to an ordinary resolution passed at the Company’s special general meeting held on 3rd November, 2003, the Company adopted a share option scheme (the “2003 Share Option Scheme”). The 2003 Share Option Scheme was valid for a period of ten years commencing on the adoption date on 3rd November, 2003.

Under the 2003 Share Option Scheme, options may be granted to any director, employee, consultant, customer, supplier or advisor of the Group or a company in which the Company holds an interest or a subsidiary of such company, the trustee of the eligible persons or a company beneficially owned by the eligible persons. The purpose of the 2003 Share Option Scheme is to attract and retain quality personnel and other persons to provide incentive to them to contribute to the business and operation of the Group. No eligible persons shall be granted an option in any 12-month period for such number of shares (issued and to be issued) which in aggregate would exceed 1% of the share capital of the Company in issue on the last day of such 12-month period unless approval of the shareholders of the Company has been obtained in accordance with the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). The exercisable period is determined by the directors of the Company, which shall not be more than 10 years from the date of grant, and may include a minimum period for which the options must be held before it can be exercised. The exercise price per share payable on the exercise of an option equals to the highest of:

• (a) the nominal value of one share;

• (b) the closing price per share as stated in the Stock Exchange’s daily quotations sheet on the date of grant; and

25. 以股份為基礎之付款交易

(A) 二零零三年購股權計劃

根據本公司於二零零三年十一月 三日舉行之股東特別大會上通過 之普通決議案，本公司採納購股 權計劃（「二零零三年購股權計 劃」）。二零零三年購股權計劃由 採納日期二零零三年十一月三日 起計有效十年。

• 根據二零零三年購股權計劃，購 股權可授予本集團或本公司持有 權益之公司或該公司之附屬公司 之任何董事、僱員、顧問、客 戶、供應商或諮詢人、合資格人 士之信託人或合資格人士實益擁 有之公司。二零零三年購股權計 劃旨在吸引及挽留優秀人才及其 他人士，以獎勵彼等對本集團之 業務及經營作出貢獻。根據聯交 所證券上市規則（「上市規則」）， 除非已取得本公司股東批准，否 則於任何十二個月期間內，合資 格人士不得獲授予涉及股份數目

• （已發行及將予發行）合共超過本 公司於該十二個月期間之最後一 日之已發行股本 1% 之購股權。 行使期由本公司董事釐定，惟不 得超過自授出日期起計十年，且 可包括購股權行使前必須持有之 最短期限。在行使購股權時應付 之每股行使價相等於以下三者中 之最高者：

• (a) 一股股份面值；

• (b) 股份於授出當日在聯交所 每日報價表所報之每股收 市價；及

118

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

25. SHARE-BASED PAYMENT TRANSACTION

25. 以股份為基礎之付款交易 （續）

(Continued)

(A) 2003 Share Option Scheme (Continued)

(A) 二零零三年購股權計劃 （續）

• (c) the average closing price per share as quoted in the Stock Exchange’s daily quotations sheet for the five business days immediately preceding the date of grant.

• (c) 股份於緊接授出當日前五 個營業日在聯交所每日報 價表所報之每股平均收市 價。

On 6th April, 2011, 32,300,000 share options were granted and on 29th August, 2011, 23,000,000 share options were granted under the 2003 Share Option Scheme. The options may be exercised by the grantees at any time during the option period up to the termination of employment. All share options vested immediately at the date of grant. The estimated fair values of the options granted on these dates are HK$44,855,000 and HK$48,698,000, respectively. The closing prices immediately before the date of grant were HK$3.95 and HK$4.38, respectively.

於二零一一年四月六日， 32,300,000 份購股權獲授出， 而於二零一一年八月二十九日， 23,000,000 份購股權根據二零 零三年購股權計劃獲授出。承授 人可於購股權期間隨時行使購股 權，直至終止僱用為止。所有購 股權於授出當日即時歸屬。於該 等日期授出之購股權之估計公 平值分別為 44,855,000 港元及 48,698,000 港元。緊接授出當 日前之收市價分別為 3.95 港元 及 4.38 港元。

Details of specific categories of options are as follows:

特定購股權類別之詳情如下：

	Number of		Original	Adjusted
	share		exercise	exercise
	options		price per	price per
Date of grant	granted	Exercisable period	share	share
	已授出購股權		原有每股	經調整每股
授出日期	數目	可行使期間	行使價	行使價
6th April, 2011	32,300,000	6th April, 2011 to	HK$4.13	HK$3.44
二零一一年四月六日	(note a)	5th April, 2021	4.13港元	3.44港元
	（附註a）	二零一一年四月六日至		(note i)
		二零二一年四月五日		（附註i）
29th August, 2011	23,000,000	29th August, 2011 to	HK$4.80	N/A
二零一一年八月二十九日		28th August, 2021	4.80港元	不適用
		二零一一年八月二十九日至
		二零二一年八月二十八日

119

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

25. SHARE-BASED PAYMENT TRANSACTION

25. 以股份為基礎之付款交易 （續）

(Continued)

(A) 2003 Share Option Scheme (Continued)

(A) 二零零三年購股權計劃 （續）

The following tables disclose movements of the 下表披露於截至二零一四年及二 Company’s share options granted under the 零一五年三月三十一日止年度內 2003 Share Option Scheme held by directors, 董事、僱員及顧問持有之根據二 employees and consultants during the years 零零三年購股權計劃獲授出之本 ended 31st March, 2014 and 2015: 公司購股權變動：

Share options granted on 6th April, 2011

於二零一一年四月六日授出之購 股權

Categories of participants 參與者類別 Directors of the Company 本公司董事 Other employees 其他僱員 Consultants_(Note i)_ 顧問（附註i） Total 總計	Number of shares under option outstanding at 1st April, 2013, 31st March, 2014 and 31st March, 2015 於二零一三年 四月一日、 二零一四年 三月三十一日 及二零一五年 三月三十一日 未行使 購股權涉及之 股份數目 14,520,000 14,400,000 2,640,000
	31,560,000

120

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

25. SHARE-BASED PAYMENT TRANSACTION (Continued)

25. 以股份為基礎之付款交易 （續）

(A) 2003 Share Option Scheme (Continued)

(A) 二零零三年購股權計劃 （續）

Share options granted on 29th August, 2011

於二零一一年八月二十九日授出 之購股權

Number of shares under option outstanding at 1st April, 2013, 31st March, 2014 and 31st March, 2015 於二零一三年 四月一日、 二零一四年 三月三十一日 及二零一五年 三月三十一日 未行使之 購股權所涉及 Categories of participants 參與者類別 之股份數目 Other employees 其他僱員 18,000,000 Consultants (Note ii) 顧問（附註ii） 5,000,000 23,000,000

Notes:

附註：

• (i) The number of shares under the outstanding options and the exercise price have been adjusted upon the bonus issue of shares in July 2011 on the basis of one new ordinary share for every five ordinary shares held.

• (i) 未行使購股權涉及之股份數目及 行使價已於二零一一年七月按每 持有五股普通股獲派一股新普通 股之基準派送紅股後作出調整。

• (ii) The share options were granted to consultants for services rendered in exploring investment opportunities for the Group.

• (ii) 購股權乃授予顧問，作為其為本 集團發掘投資機會所提供服務之 回報。

The 2003 Share Option Scheme expired on 2nd November, 2013. The options could be exercised by the participants at any time during the option period and notwithstanding that the 2003 Share Option Scheme had expired.

二零零三年購股權計劃於二零 一三年十一月二日屆滿。購股權 可由參與者於購股權期間任何時 間予以行使，而不論二零零三年 購股權計劃已屆滿。

121

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

25. SHARE-BASED PAYMENT TRANSACTION

25. 以股份為基礎之付款交易 （續）

(Continued)

(B) 2013 Share Option Scheme

Pursuant to an ordinary resolution passed at the annual general meeting of the Company held on 13th August, 2013, a new share option scheme was adopted with effect on 3rd November, 2013 (the “2013 Share Option Scheme”) after the expiry of the 2003 Share Option Scheme.

Under the 2013 Share Option Scheme, options may be granted to (i) any director, employee or consultant of the Group or a company in which the Company holds an equity interest or a subsidiary of such company (“Affiliate”); or (ii) any discretionary trust whose discretionary objects include any director, employee or consultant of the Group or an Affiliate; or (iii) a company beneficially owned by any director, employee or consultant of the Group or an Affiliate; or (iv) any customer, supplier or adviser whose service to the Group or business with the Group contributes or is expected to contribute to the business or operation of the Group. The purpose of the 2013 Share Option Scheme is to attract and retain quality personnel and other persons to provide incentive to them to contribute to the business and operation of the Group. The total number of shares available for issue under the 2013 Share Option Scheme as at the date of this report is 57,061,022 shares. No eligible persons shall be granted an option in any 12-month period for such number of shares (issued and to be issued) which in aggregate would exceed 1% of the share capital of the Company in issue on the last day of such 12-month period unless approval of the shareholders of the Company has been obtained in accordance with the Listing Rules. The exercisable period is determined by the directors

(B) 二零一三年購股權計劃

根據本公司於二零一三年八月 十三日舉行之股東週年大會上通 過之普通決議案，於二零零三年 購股權計劃屆滿後，一項於二零 一三年十一月三日生效之新購股 權計劃（「二零一三年購股權計 劃」）獲採納。

根據二零一三年購股權計劃， 購股權可授予 (i) 本集團或本公司 持有股本權益之公司或該公司之 附屬公司（「聯屬公司」）之任何 董事、僱員或顧問；或 (ii) 受益 人包括本集團或聯屬公司之任何 董事、僱員或顧問之任何全權信 託；或 (iii) 由本集團或聯屬公司 之任何董事、僱員或顧問實益擁 有之公司；或 (iv) 為本集團或本 集團之業務服務而對或預期對本 集團之業務或經營作出貢獻之 任何客戶、供應商或顧問。二零 一三年購股權計劃旨在吸引及挽 留優秀人才及其他人士，以獎勵 彼等對本集團之業務及經營作出 貢獻。於本報告日期，二零一三 年購股權計劃項下可供發行之股 份總數為 57,061,022 股。根據 上市規則，除非已取得本公司股 東批准，否則於任何十二個月期 間內，合資格人士不得獲授予涉 及股份數目（已發行及將予發行） 合共超過本公司於該十二個月期 間之最後一日之已發行股本 1% 之購股權。行使期乃由本公司董

122

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

25. SHARE-BASED PAYMENT TRANSACTION (Continued)

25. 以股份為基礎之付款交易 （續）

(B) 2013 Share Option Scheme (Continued)

of the Company, which shall not be more than 10 years from the date of grant, and may include a minimum period for which the options must be held before it can be exercised. The exercise price per share payable on the exercise of an option equals to the highest of:

(B) 二零一三年購股權計劃 （續）

事釐定，惟不得超過自授出日期 起計十年，且可包括購股權行使 前必須持有之最短期限。在行使 購股權時應付之每股行使價相等 於以下三者中之最高者：

• (a) the nominal value of one share;

• (a) 一股股份面值；

• (b) the closing price per share as stated in the Stock Exchange’s daily quotations sheet on the date of grant; and

• (b) 股份於授出當日在聯交所 每日報價表所報之每股收 市價；及

• (c) the average closing price per share as quoted in the Stock Exchange’s daily quotations sheet for the five business days immediately preceding the date of grant.

• (c) 股份於緊接授出當日前五 個營業日在聯交所每日報 價表所報之每股平均收市 價。

The 2013 Share Option Scheme will remain in force until 2nd November, 2023.

二零一三年購股權計劃將一直有 效，直至二零二三年十一月二 日。

No option was granted, exercised or lapsed under the 2013 Share Option Scheme since its effective date on 3rd November, 2013 and there was no outstanding share option as at 31st March, 2015.

自其生效日期二零一三年十一月 三日起，概無購股權根據二零 一三年購股權計劃已授出、行使 或失效，而於二零一五年三月 三十一日亦無未行使購股權。

No share-based payment expense was recognised for the years ended 31st March, 2014 and 2015 in relation to share options granted by the Company.

截至二零一四年及二零一五年三月 三十一日止年度，概無就本公司授出 之購股權確認以股份為基礎之付款開 支。

123

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

26. CONTINGENT LIABILITIES

26. 或然負債

As at 31st March, 2015, the Group issued financial guarantees to banks in respect of banking facilities granted to associates. The aggregate amount that could be required to be paid if the guarantees were called upon in entirety amounted to NT$200,000,000 (equivalent to HK$49,599,000; 2014: NT$200,000,000 and equivalent to HK$50,860,000), which was fully utilised by these associates at 31st March, 2015. The fair value of the financial guarantee contracts at the grant date and at 31st March, 2014 and 2015 is not significant and in the opinion of the directors, the default risk of associates is considered as low.

於二零一五年三月三十一日，本集 團就聯營公司獲授之銀行融資向 銀行發出財務擔保。於二零一五 年三月三十一日，於被要求全數 代還擔保時可能須予支付之總額 新台幣 200,000,000 元（相等於 49,599,000 港元；二零一四年： 新台幣 200,000,000 元，並相等於 50,860,000 港元）已獲該等聯營公司 全數動用。財務擔保合約於授出當 日及二零一四年及二零一五年三月 三十一日之公平值並不重大。董事認 為，聯營公司之拖欠風險甚微。

27. OPERATING LEASE ARRANGEMENTS

27. 經營租賃安排

At the end of the reporting period, the Group had commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

於報告期末，本集團已承諾日後根據 不可撤銷之經營租賃支付最低租賃款 項，到期日如下：

Within one year 一年內 In the second to fifth years inclusive 第二至第五年 （包括首尾兩年） Over five years 超過五年	2015	2014 二零一四年 HK$’000 千港元 208,357 155,797 90,818
	二零一五年
	HK$’000
	千港元
	158,912
	208,466
	69,507
		454,972
	436,885

Operating lease payments represent rentals payable by the Group for certain its shops and office premises. Leases are negotiated for an average term of 1 to 9 years (2014: 1 to 10 years). Some group entities are required to pay lease charges based on a fixed percentage of net sales.

經營租賃款項指本集團就其若干分店 及辦公室物業應付之租金。議定租賃 之平均年期為 1 至 9 年（二零一四年： 1 至 10 年）。若干集團實體須按銷售 淨額之固定百分比支付租賃費用。

124

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

28. CAPITAL COMMITMENTS

28. 資本承擔

Capital expenditure in respect of the acquisition of property, plant and equipment contracted for but not provided in the consolidated financial statements 就綜合財務報表內 已訂約但未撥備 收購物業、機器及 設備之資本開支	2015	2014 二零一四年 HK$’000 千港元 132
	二零一五年
	HK$’000
	千港元
	2,000

29. RETIREMENT BENEFITS SCHEMES

29. 退休福利計劃

The Group principally operates defined contribution retirement schemes for all qualifying employees, including directors. The assets of the schemes are held separately from those of the Group in funds under the control of independent trustees.

本集團主要為所有合資格僱員（包括 董事）設立定額供款退休計劃。該等 計劃之資產與本集團之資產分開持 有，由獨立受託人控制。

The retirement scheme cost represents contributions payable to the funds by the Group at rates specified in the rules of the schemes. Where there are employees who leave the schemes prior to vesting fully in the contributions, the contributions payable by the Group are reduced by the amount of forfeited contributions.

退休計劃成本指本集團應按計劃規則 指定之比率應付之基金供款。倘僱員 於可全數取得供款前退出該等計劃， 則沒收供款可用作扣減本集團應付之 供款。

In Hong Kong, the Group participates in a defined contribution schemes, of which one scheme is registered under the Occupational Retirement Schemes Ordinance (the “ORSO” Scheme) and the other is a Mandatory Provident Fund Scheme (the “MPF” Scheme) established under the Mandatory Provident Fund Schemes Ordinance in December 2000. The assets of the schemes are held separately from those of the Group, in funds under the control of independent trustees.

於香港，本集團參與界定供款計劃， 其中一項計劃於職業退休計劃條例 （「ORSO」計劃）註冊，而另一項強制 性公積金計劃（「強積金」計劃）於二零 零零年十二月根據強制性公積金計劃 條例設立。該等計劃之資產於受獨立 受託人控制之基金持有，與本集團之 資產分開。

125

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

29. RETIREMENT BENEFITS SCHEMES

29. 退休福利計劃 （續）

(Continued)

The ORSO Scheme is funded by monthly contributions from both employees and the Group at rates ranging from 5% to 15% of the employee’s basic salary, depending on the length of service with the Group.

For members of the MPF Scheme, the Group contributes 5% of relevant payroll costs to the MPF Scheme subject to a maximum monthly contribution amount of HK$1,500 (HK$1,250 before 1st June, 2014) to an individual, which contribution is matched by the employee.

The employees of the Company’s PRC subsidiaries are members of the state-managed retirement benefits scheme operated by the PRC government. The Company’s PRC subsidiaries are required to contribute a certain percentage of their payroll to the retirement benefits scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefits scheme is to make the required contributions under the scheme.

The total cost charged to profit or loss of HK$9,396,000 (2014: HK$8,873,000) represents contributions payable to these schemes by the Group in respect of the current accounting period.

ORSO 計劃以僱員及本集團作出之每 月供款提供資金，供款比率為僱員底 薪之 5% 至 15%，視乎於本集團之服 務年期而定。

至於強積金計劃之成員，本集團向強 積金計劃作出按相關薪資成本 5% 計 算之供款，向個別僱員作出之每月供 款最多 1,500 港元（二零一四年六月 一日前 1,250 港元），而僱員亦作出 等額供款。

本公司中國附屬公司之僱員均參與由 中國政府管理之國家退休福利計劃。 本公司之中國附屬公司須按僱員薪金 之若干百分比向退休福利計劃供款， 以為該等福利提供資金。本集團只須 根據計劃作出規定供款，即已履行退 休福利計劃之責任。

自損益扣除之總成本 9,396,000 港元 （二零一四年：8,873,000 港元）指本 集團就本會計期間向該等計劃應付之 供款。

126

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

30. CAPITAL RISK MANAGEMENT

30. 資本風險管理

The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to shareholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchange from prior year.

本集團管理其資本，以確保本集團屬 下實體將能夠持續經營，同時透過改 善債務與權益平衡提高股東之回報。 本集團之整體策略與上年度維持不 變。

The capital structure of the Group consists of net debt, which includes bank loans disclosed in note 21 net of cash and cash equivalents and equity attributable to owners of the Company, comprising issued share capital and reserves including retained profits. The directors of the Company review the capital structure on an annual basis. As part of this review, the directors consider the cost of capital and the risks associated with each class of capital. Based on recommendations of the directors, the Group will balance its overall capital structure through payment of dividends, new share issues as well as issue of new debts or redemption of existing debts.

本集團之資本架構包括債務淨額（其 中包括附註 21 所披露扣除現金及等 同現金項目之銀行貸款）以及本公司 擁有人應佔權益（其中包括已發行股 本及儲備（包括保留溢利））。本公司 董事每年檢討資本架構。作為此檢討 工作一部份，董事考慮資本成本及與 各類資本相關之風險。基於董事作出 之建議，本集團將透過派發股息、發 行新股份以及發行新債務或贖回現有 債務平衡其整體資本架構。

31. FINANCIAL INSTRUMENTS

31. 金融工具

Categories of financial instruments

金融工具類別

Financial assets 金融資產 Loans and receivables (including cash and cash equivalents) 貸款及應收賬款 （包括現金及等同現金 項目） Available-for-sale financial assets 可供出售金融資產 Financial liabilities 金融負債 Amortised cost 已攤銷成本	2015 2014 二零一五年 二零一四年 HK$’000 HK$’000 千港元 千港元 515,979 634,205 5,652 14,779 450,586 604,148

127

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

The Group’s major financial instruments include available-for-sale financial assets, amount due from a joint venture, trade and other receivables, bank balances and cash, trade and other payables and bank loans. Details of these financial instruments are disclosed in respective notes. The risks associated with these financial instruments include market risk (currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure that appropriate measures are implemented on a timely and effective manner.

Market risk

Currency risk

The Group has limited currency exposure as the majority of the sales were denominated in functional currency of the relevant group entities. The management conducts periodical review of exposure and requirements of various currencies, and will consider hedging significant foreign currency exposures should the need arise. The management considers that the Group’s exposure to foreign currency risk is not significant.

Interest rate risk

The Group is exposed to cash flow interest rate risk in relation to variable-rate bank loans and bank balances. The Group currently does not have an interest rate hedging policy. However, the management monitors interest rate exposure and will consider hedging significant interest rate exposure should the need arise. The fair value interest rate risk on bank deposits is insignificant as the fixed deposits are short-term.

The Group’s cash flow interest rate risk is mainly concentrated on the fluctuation of HIBOR and the People’s Bank of China benchmark interest rate arising from the Group’s bank loans.

31. 金融工具 （續）

財務風險管理目標及政策

本集團之主要金融工具包括可供出售 金融資產、應收合營公司款項、貿易 及其他應收賬款、銀行結餘及現金、 貿易及其他應付賬款以及銀行貸款。 該等金融工具詳情於各有關附註披 露。與該等金融工具相關之風險包括 市場風險（貨幣風險、利率風險及其 他價格風險）、信貸風險及流動資金 風險。下文載列如何降低該等風險之 政策。管理層管理及監察該等風險， 以確保及時和有效地採取適當之措 施。

市場風險

貨幣風險

由於大部份銷售均以有關集團實體之 功能貨幣結算，故本集團之貨幣風險 有限。管理層會定期檢討各種貨幣之 風險及需求，並將在有需要時考慮對 沖重大外幣風險。管理層認為本集團 之外幣風險不大。

利率風險

本集團承受有關浮息銀行貸款及銀行 結餘之現金流量利率風險。本集團現 時並無利率對沖政策。然而，管理層 監察利率風險，並將在有需要時考慮 對沖重大利率風險。由於定期存款屬 短期存款，故銀行存款之公平值利率 風險不大。

本集團之現金流量利率風險主要集中 於香港銀行同業拆息及中國人民銀行 基準利率波動，乃由本集團之銀行貸 款產生。

128

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Market risk (Continued)

Currency risk (Continued)

Sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for bank loans at the end of the reporting period. The analyses are prepared assuming that the bank loans outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis points (2014: 50 basis points) increase or decrease is used for bank loans when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

For bank loans, if interest rates had been 50 basis points (2014: 50 basis points) higher/lower and all other variables were held constant, the Group’s post tax profit for the year ended 31st March, 2015 would decrease/increase by HK$1,688,000 (2014: post tax profit would decrease/increase by HK$2,052,000).

For bank deposits, no sensitive analysis is performed as the exposure to interest rates for bank deposits is considered as insignificant.

Other price risk

The Group’s available-for-sale financial assets at the end of the reporting period exposed the Group to equity price risk. The management manages this exposure by maintaining a portfolio of investments with different risk profiles. In view of the amount of available-for-sale financial assets at the end of the reporting period, the management considers that the Group’s exposure to equity price risk is not significant.

31. 金融工具 （續）

財務風險管理目標及政策 （續）

市場風險 （續）

利率風險（續）

敏感度分析

以下敏感度分析乃按銀行貸款於呈報 期末之利率風險釐定。分析乃假設呈 報期末之銀行貸款於全年未償還而編 製。向主要管理人員作出內部利率風 險報告時，就銀行貸款採用 50 個基 點（二零一四年：50 個基點）增減， 此乃管理層對合理可能利率變動之評 估。

就銀行貸款而言，倘利率上升╱下跌 50 個基點（二零一四年：50 個基點） 而所有其他變數不變，則本集團截至 二零一五年三月三十一日止年度之除 稅後溢利將減少╱增加 1,688,000 港 元（二零一四年：除稅後溢利將減少 ╱增加 2,052,000 港元）。

就銀行存款而言，由於銀行存款之利 率風險被視為不大，故並無進行敏感 度分析。

其他價格風險

本集團於呈報期末之可供出售金融資 產令本集團須承受股本價格風險。管 理層透過維持風險級別不同之投資組 合管理此風險。鑑於呈報期末之可供 出售金融資產金額，管理層認為本集 團之股本價格風險不大。

129

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

31. 金融工具 （續）

財務風險管理目標及政策 （續）

(Continued)

Credit risk

The Group’s maximum exposure to credit risk which will cause financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided by the Group is arising from:

• the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position; and

• the amount of contingent liabilities in relation to financial guarantee issued by the Group as disclosed in note 26.

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

The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit standings and banks with good reputation.

Other than concentration of credit risk on liquid funds which are deposited with several banks with high credit ratings, the Group does not have any other significant concentration of credit risk. Trade receivables consist of a large number of counterparties and customers.

信貸風險

因交易對手方未能履行責任及本集團 提供之財務擔保而對本集團造成財務 損失之本集團最高信貸風險乃來自︰

• 綜合財務狀況表所列各已確認金 融資產之賬面值；及

• 有關附註 26 所披露本集團發行 之財務擔保之或然負債金額。

為使信貸風險減至最小，本集團管理 層已委派一小組，專責釐定信貸額 度、信貸審批及其他監控程序，以確 保採取跟進行動收回逾期債項。此 外，本集團於呈報期末對每項個別貿 易債項之可收回金額進行檢討，以確 保對不可收回金額計提足夠減值虧 損。就此而言，本公司董事認為本集 團之信貸風險已大幅降低。

由於交易對手為由國際信貸評級機構 評定為具高信貸評級之銀行及具良好 信譽之銀行，故流動資金信貸風險有 限。

除與存放於若干高信貸評級銀行之流 動資金有關之信貸風險集中情況外， 本集團並無任何其他重大信貸風險集 中之情況。貿易應收賬款涉及多名交 易對手及客戶。

130

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Liquidity risk

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

The Group relies on bank borrowings as a significant source of liquidity. As at 31st March, 2015, the Group has available unutilised short-term bank loan facilities of HK$909,637,000 (2014: HK$943,107,000).

The following table details the Group’s remaining contractual maturity for its non-derivative financial liabilities based on the agreed repayment terms. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. Specifically, bank loans with a repayment on demand clause are included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates. The table includes both interest and principal cash flows. The amounts included below for variable interest rate bank loans are subject to change if changes in variable interest rates differ from those estimates of interest rates determined at the end of the reporting period.

31. 金融工具 （續）

財務風險管理目標及政策 （續）

流動資金風險

管理流動資金風險方面，本集團監察 及維持管理層認為足夠之現金及等同 現金項目水平，以為本集團營運提供 資金及減低現金流量波動之影響。管 理層監察動用銀行借貸情況，並確保 遵守貸款契諾。

本集團倚賴銀行借貸作為重要流動資 金來源。於二零一五年三月三十一 日，本集團有可供動用之未動用短期 銀行貸款融資 909,637,000 港元（二 零一四年：943,107,000 港元）。

下表詳述本集團非衍生金融負債根據 協定還款期之餘下合約到期期限。下 表乃根據本集團可能須付款之最早 日期之未貼現金融負債現金流量而制 訂。特別是，不論銀行選擇行使其權 利之可能性高低，包含按要求償還條 款之銀行貸款均計入最早時段。其他 非衍生金融負債之到期日乃按協定還 款日釐定。下表包括利息及本金現金 流量。倘浮動利率變化與於呈報期末 釐定之利率估計有別，則以下所包含 款項之浮動利率銀行貸款亦會變動。

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二零一五年年報 Annual Report 2015

For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

31. FINANCIAL INSTRUMENTS (Continued)

31. 金融工具 （續）

Financial risk management objectives and policies

財務風險管理目標及政策 （續）

(Continued)

Liquidity risk (Continued)

流動資金風險 （續）

Liquidity and interest risk tables

流動資金及利率風險列表

2015 二零一五年 Non-derivative financial liabilities 非衍生金融負債 Trade and other payables 貿易及其他應付賬款 Bank loans 銀行貸款 Financial guarantee contracts 財務擔保合約 2014 二零一四年 Non-derivative financial liabilities 非衍生金融負債 Trade and other payables 貿易及其他應付賬款 Bank loans 銀行貸款 Financial guarantee contracts 財務擔保合約	Weighted average On demand 3 months Total effective or less than 1 to 3 to 1 to 5 undiscounted Carrying interest rate 1 month months 1 year years cash flows amount 加權平均 實際利率 按要求或 少於1個月 1至3個月 3個月至1年 1至5年 未貼現現金 流量總額 賬面值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 N/A不適用 100,054 4,477 8,541 — 113,072 113,072 2.06% — 7.2% (note)（附註） 27,580 76,699 136,360 110,017 350,656 337,514
	127,634 81,176 144,901 110,017 463,728 450,586
	N/A不適用 49,599 — — — 49,599 —
	N/A不適用 92,716 16,106 3,902 — 112,724 112,724 2.06% — 6.16% (note)（附註） 31,962 117,870 153,923 208,995 512,750 491,424
	124,678 133,976 157,825 208,995 625,474 604,148
	N/A不適用 50,860 — — — 50,860 —

Note: The management made the best estimation of variable-rate borrowings with reference to HIBOR and the People’s Bank of China benchmark rate as at 31st March, 2014 and 2015.

附註：管理層參考於二零一四年及二零一五年 三月三十一日之香港銀行同業拆息及中 國人民銀行基準利率作出浮息借貸之最 佳估計。

132

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables (Continued)

The amounts included above for financial guarantee contracts are the maximum amounts the Group could be required to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Group considers that it is more likely than not that no amount will be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses.

Bank loans with a repayment on demand clause are included in the “on demand or less than 1 month” time band in the above maturity analyses. As at 31st March, 2015, the aggregate undiscounted principal amount of the bank loan with a repayment on demand clause amounted to HK$21,667,000 (2014: HK$25,667,000). Taking into account the Group’s financial position, the directors do not believe that it is probable that the banks will exercise their discretionary rights to demand immediate repayment. The directors believe that the bank loans will be repaid in seven years (2014: eight years) after the reporting date in accordance with the scheduled repayment dates set out in the loan agreement. At that time, the aggregate principal and interest cash outflows will amount to HK$27,579,000 (2014: HK$31,962,000).

31. 金融工具 （續）

財務風險管理目標及政策 （續）

流動資金風險 （續）

流動資金及利率風險列表（續）

以上就財務擔保合約計入之金額乃於 交易對方申索擔保金額時本集團根據 安排須償付全數擔保金額之最高金 額。根據呈報期末之預期，本集團認 為很大可能毋須支付安排項下之任何 金額。然而，此估計取決於持有已擔 保財務應收賬款之交易對方遭受信貸 損失而按擔保條款追討之可能性而可 能改變。

包含按要求償還條款之銀行貸款於 上述到期期限分析中計入「按要求 或少於 1 個月」時段內。於二零一五 年三月三十一日，附帶按要求償還 條文之銀行貸款之未貼現本金總額 為 21,667,000 港元（二零一四年： 25,667,000 港元）。經考慮本集團之 財務狀況後，董事並不相信銀行有可 能會行使其酌情權要求即時還款。董 事相信該銀行貸款將根據貸款協議所 載之預定還款日於呈報日後七年（二 零一四年：八年）償還。屆時，本金 總額及利息現金流出將為 27,579,000 港元（二零一四年：31,962,000 港 元）。

133

二零一五年年報 Annual Report 2015

截至二零一五年三月三十一日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

31. FINANCIAL INSTRUMENTS (Continued)

31. 金融工具 （續）

Financial risk management objectives and policies (Continued)

財務風險管理目標及政策 （續）

Liquidity risk (Continued)

流動資金風險 （續）

Liquidity and interest risk tables (Continued)

流動資金及利率風險列表（續）

Weighted average effective interest rate 加權平均 實際利率 2015 二零一五年 Bank loans 銀行貸款 2.29% Weighted average effective interest rate 加權平均 實際利率 2014 二零一四年 Bank loans 銀行貸款 2.06%	3 months Total 1 to 3 to 1 to 5 More than undiscounted Carrying months 1 year years 5 years cash flows amount 1至3個月 3個月至1年 1至5年 5年以上 未貼現現金 流量總額 賬面值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 1,145 3,401 17,269 5,765 27,580 21,667
	3 months Total 1 to 3 to 1 to 5 More than undiscounted Carrying months 1 year years 5 years cash flows amount 1至3個月 3個月至1年 1至5年 5年以上 未貼現現金 流量總額 賬面值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 1,151 3,423 17,472 9,916 31,962 25,667

134

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

31. 金融工具 （續）

Fair value of the Group’s financial assets that are measured at fair value on a recurring basis

按經常性基準以公平值計量之本集團 金融資產之公平值

Some of the Group’s financial assets are measured at fair value at the end of the reporting period. The following table gives information about how the fair values of these financial assets are determined.

於呈報期末，本集團部分金融資產乃 以公平值計量。下表提供有關如何釐 定此等金融資產之公平值。

						Relationship of
			Fair value	Valuation techniques	Significant	unobservable inputs
Financial assets	Fair value		hierarchy	and key inputs	unobservable inputs	to fair value
				估值技巧及	重大不可觀察	不可觀察輸入數據
金融資產	公平值		公平值架構	主要輸入數據	輸入數據	與公平值之關係
	2015	2014
	二零一五年	二零一四年
	HK$’000	HK$’000
	千港元	千港元
(a) Available-for-sale financial	99	129	Level 1	Quoted bid prices in	N/A	N/A
assets — listed				an active market
investments, equity
securities listed in
Hong Kong
(a)可供出售金融資產—			第1級	活躍市場所報之買入價	不適用	不適用
上市投資、於香港上市
之股本證券
(b) Available-for-sale	5,553	—	Level 2	Quoted market prices	N/A	N/A
financial assets —				provided by brokers
unlisted investments,				which are financial
managed fund				institutions_(Note i)_
portfolio
(b)可供出售金融資產—			第2級	作為經紀的金融機構提供	不適用	不適用
非上市投資、管理基金				之市場報價（附註i）
投資組合

135

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015

截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

31. 金融工具 （續）

Fair value of the Group’s financial assets that are measured at fair value on a recurring basis (Continued)

按經常性基準以公平值計量之本集團 金融資產之公平值 （續）

						Relationship of
			Fair value	Valuation techniques	Significant	unobservable inputs
Financial assets	Fair value		hierarchy	and key inputs	unobservable inputs	to fair value
				估值技巧及	重大不可觀察	不可觀察輸入數據
金融資產	公平值		公平值架構	主要輸入數據	輸入數據	與公平值之關係
	2015	2014
	二零一五年	二零一四年
	HK$’000	HK$’000
	千港元	千港元
(c) Available-for-sale financial	—	14,650	Level 3	Based on the fair	Price per square metre	The higher the price
assets — unlisted				value of the	of comparable	per square metre,
investments, managed				underlying assets	properties taking	the higher the fair
fund portfolio (mainly				of the real estate	into account of	value
comprising real estate				fund which are	location and other
fund)				mainly investment	individual factors
				properties whose	such as road
				fair values are	frontage, size of
				derived using direct	properties, etc.
				comparison method
				(key input is price
				per square metre
				with adjustments)
				(Note ii)
(c)可供出售金融資產—			第3級	根據房地產基金相關資產	經考慮地點及臨路部分、	每平方米價格越高，
非上市投資、管理基金				（主要為投資物業，其	物業面積等其他個別	公平值越高
投資組合（主要包括房地				公平值乃採用直接比	因素，可資比較物業
產基金）				較法（主要輸入數據為	之每平方米價格
				每平方米價格（可予調
				整））計算所得）之公平
				值（附註ii）

136

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

31. 金融工具 （續）

Fair value of the Group’s financial assets that are measured at fair value on a recurring basis (Continued)

按經常性基準以公平值計量之本集團 金融資產之公平值 （續）

Notes:

附註：

• (i) Quoted market prices provided by brokers which are financial institutions represent the net asset values of the respective funds, based on the quoted prices of the underlying investments.

• (i) 作為經紀的金融機構提供之市場報價指 根據相關投資報價釐定之各基金資產淨 值。

• (ii) If the price per square metre to the valuation model were 10% higher/lower while all other variables were held constant, the carrying amount of the managed fund portfolio would increase/ decrease by approximately HK$453,000 for the year ended 31st March, 2014.

• (ii) 倘估值模型之每平方米價格高╱低 10%，而所有其他可變因素保持不變， 則截至二零一四年三月三十一日止年度 管理基金投資組合之賬面值將增加╱減 少 453,000 港元。

Fair value hierarchy at the end of the reporting period:

於呈報期末之公平值架構：

Available-for-sale financial assets 可供出售金融資產 Listed equity securities 上市股本證券 Managed fund portfolio 管理基金投資組合 Available-for-sale financial assets 可供出售金融資產 Listed equity securities 上市股本證券 Managed fund portfolio 管理基金投資組合		2015	2015
		二零一五年
	Level 1	Level 2	Level 3	Total
	第1 級	第2 級	第3 級	總計
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元
	99	—	—	99
	—	5,553	—	5,553
	99	5,553	—	5,652
	Level 1 第1級 HK$’000 千港元 129 —	2014 二零一四年 Level 2 Level 3 第2級 第3級 HK$’000 HK$’000 千港元 千港元 — — — 14,650		Total 總計 HK$’000 千港元 129 14,650
	129	— 14,650		14,779

137

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

31. FINANCIAL INSTRUMENTS (Continued)

31. 金融工具 （續）

Reconciliation of Level 3 fair value measurements of available-for-sale financial assets

可供出售金融資產第 3 級公平值計量 之對賬

At 1st April, 2013 於二零一三年四月一日 Total gain recognised in asset revaluation reserve 於資產重估儲備確認之 收益總額 At 31st March, 2014 於二零一四年三月三十一日 Disposal of during the year 於本年度售出 Transfer out to Level 2_(Note i) 轉撥至第2級（附註i） Total loss recognised in asset revaluation reserve(Note ii)_ 於資產重估儲備確認之 收益總額（附註ii） At 31st March, 2015 於二零一五年三月三十一日	Managed fund portfolio 管理基金 投資組合 HK$’000 千港元 13,947 703
	14,650 (5,028) (5,553) (4,069)
	—

Notes:

附註：

• i. During the year, part of the managed fund portfolio related to the real estate fund was dissolved which was mainly investment properties whose fair values were derived using direct comparison method. The remaining available-for-sale financial assets are mainly comprising the unlisted equity investments which the quoted market prices are provided by brokers which are financial institutions. The financial assets have been transferred from Level 3 to Level 2 during the year.

• i. 於本年度內，部份與房地產基金相關之 管理基金投資組合（主要為投資物業） 已解散，其公平值乃採用直接比較法所 得。餘下可供出售金融資產主要包括未 上市股本投資，其市場報價由作為經紀 的金融機構提供。金融資產已於年內由 第 3 級轉撥至第 2 級。

• ii. Included in other comprehensive income is an amount of HK$4,069,000, being loss related to managed fund portfolio classified as available-for-sale financial assets held at the end of the reporting period and is reported as part of the changes of the “asset revaluation reserve”.

• ii. 其他全面收益包括金額 4,069,000 港 元，即與分類為於報告期末持有之可供 出售金融資產之管理基金投資組合有關 之虧損，並呈報為「資產重估儲備」變動 之一部分。

The directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the consolidated financial statements approximate to their fair values.

董事認為於綜合財務報表中按攤銷成 本記賬之金融資產及金融負債之賬面 值與其公平值相若。

138

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註

For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

32. PRINCIPAL SUBSIDIARIES

32. 主要附屬公司

Details of the Company’s principal subsidiaries, all of which are limited liability companies, at 31st March, 2015 and 2014 are as follows:

於二零一五年及二零一四年三月 三十一日，本公司之主要附屬公司 （全部均為有限公司）詳情如下：

	Place of
	incorporation/
	registration/	Issued and fully paid			Proportion of
	operations	share capital/registered			nominal value of issued capital/			Principal
Name of subsidiary	註冊成立╱	and paid-up capital			registered capital held by the Company			activities
附屬公司名稱	登記╱經營地點	已發行及繳足股本╱註冊及已繳資本 2015 2014		本公司所持有之已發行股本面值╱註冊資本之比例 Directly Indirectly				主要業務
		二零一五年	二零一四年	2015	直接 2014	間接 2015	2014
				二零一五年	二零一四年	二零一五年	二零一四年
				%	%	%	%
La Suisse Watch Company,	Hong Kong	Ordinary shares	Ordinary shares	100	100	—	—	Watch trading
Limited 瑞士表行有限公司	香港	HK$1,000 普通股1,000港元	HK$1,000 普通股1,000港元					手表經銷
Oriental Watch (China)	Hong Kong	Ordinary shares	Ordinary shares	—	—	100	100	Watch trading and
Company Limited		HK$1,000	HK$1,000					investment
								holding
東方表行（中國）有限公司	香港	普通股1,000港元	普通股1,000港元					手表經銷及投資控股
Oriental Watch Company	Hong Kong	Ordinary shares	Ordinary shares	100	100	—	—	Watch trading
Limited 東方表行有限公司	香港	HK$1,000 普通股1,000港元	HK$1,000 普通股1,000港元					手表經銷
Oriental Watch (Macau)	Macau	Ordinary shares	Ordinary shares	50	50	50	50	Watch trading
Company Limited		MOP$25,000	MOP$25,000					手表經銷
東方表行（澳門）有限公司	澳門	普通股	普通股
		25,000澳門元	25,000澳門元
Sharp Beauty Limited	Hong Kong	Ordinary share	Ordinary share	—	—	100	100	Investment holding
		HK$1	HK$1					投資控股
麗亮有限公司	香港	普通股1港元	普通股1港元
Unex Development Limited	Hong Kong	Ordinary shares	Ordinary shares	—	—	100	100	Property holding
		HK$2	HK$2					持有物業
宇立發展有限公司	香港	普通股2港元	普通股2港元
上海東舫表行國際貿易有限	The PRC_(Note)_	Registered and	Registered and	—	—	100	100	Watch trading for a
公司(Shanghai Oriental	中國（附註）	paid-up capital	paid-up capital					term of 50 years
Watch International		US$200,000	US$200,000					commencing 3rd
Trading Co., Ltd.)		註冊及已繳資本	註冊及已繳資本					January, 2001
		200,000美元	200,000美元					手表經銷，由二零零
								一年一月三日起
								計50年

139

二零一五年年報 Annual Report 2015

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

32. PRINCIPAL SUBSIDIARIES (Continued)

32. 主要附屬公司 （續）

==> picture [465 x 293] intentionally omitted <==

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

Place of
incorporation/
registration/ Issued and fully paid Proportion of
operations share capital/registered nominal value of issued capital/ Principal
Name of subsidiary 註冊成立╱ and paid-up capital registered capital held by the Company activities
附屬公司名稱 登記╱經營地點 已發行及繳足股本╱註冊及已繳資本 本公司所持有之已發行股本面值╱註冊資本之比例 主要業務
2015 2014 Directly Indirectly
二零一五年 二零一四年 直接 間接
2015 2014 2015 2014
二零一五年 二零一四年 二零一五年 二零一四年
% % % %
東方表行 ( 中國 ) 貿易有限公司 The PRC (Note) Registered and Registered and — — 100 100 Watch trading for a
(Oriental Watch (China) 中國（附註） paid-up capital paid-up capital term of 30 years
Trading Co., Ltd.) US$54,000,000 US$54,000,000 commencing
註冊及已繳資本 註冊及已繳資本 14th June, 2005
54,000,000 美元 54,000,000 美元 手表經銷，由二零零
五年六月十四日
起計 30 年
創豐 ( 上海 ) 貿易有限公司 The PRC (Note) Registered and Registered and — — 100 100 Watch trading and
中國（附註） paid-up capital paid-up capital apparel business
US$9,180,000 US$9,180,000 手表經銷及服裝業務
註冊及已繳資本 註冊及已繳資本
9,180,000 美元 9,180,000 美元
----- End of picture text -----

Note: These companies were established in the PRC in the form of wholly foreign-owned enterprise.

• 附註：該等公司於中國以全外資企業之形式 成立。

The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results or assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.

上表只載列董事認為主要影響本集團 業績或資產之本公司附屬公司。董事 認為，如載列其他附屬公司之詳情， 則會導致資料過份冗長。

None of the subsidiaries had any debt securities outstanding at the end of the year, or at any time during the year.

各附屬公司於年終或年內任何時間概 無任何未償還債務證券。

140

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

32. PRINCIPAL SUBSIDIARIES (Continued)

32. 主要附屬公司 （續）

At the end of the reporting period, the Company has other subsidiaries that are not material to the Group. A majority of these subsidiaries operate in Hong Kong, the PRC and Taiwan. The principal activities of these subsidiaries are summarised as follows:

於呈報期末，本公司有對本集團而言 並非重大之其他附屬公司。大部分該 等附屬公司於香港、中國及台灣經 營。該等附屬公司之主要業務概述如 下：

Principal activities Principal place of business 主要業務 主要業務地點 Watch trading Hong Kong 手表經銷 香港 Taiwan 台灣 Investment holding Hong Kong 投資控股 香港 The PRC 中國 Inactive Hong Kong 暫無營業 香港 The PRC 中國	Number of subsidiaries 附屬公司數目 2015 2014 二零一五年 二零一四年 2 2 1 1	Number of subsidiaries 附屬公司數目 2015 2014 二零一五年 二零一四年 2 2 1 1
	2015
	二零一五年
	2
	1
		3
	3
		9 1
	9
	1
		10
	10
		14 1
	14
	1
		15
	15
		28
	28

二零一五年年報 Annual Report 2015

141

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

33. RELATED PARTY TRANSACTIONS

33. 有關連人士交易

• (a) In April 2012, the Group entered into a procurement agreement with Hei Tung, pursuant to which the Group provides procurement services to Hei Tung relating to the supply of watches and spare parts for no consideration. The procurement agreement is effective from 1st April, 2012. At 31st March, 2015, reimbursements receivable from Hei Tung amounted to HK$2,637,000 (2014: HK$1,981,000).

• (a) 於二零一二年四月，本集團與喜 東訂立採購協議，據此，本集團 無償向喜東提供有關鐘錶及零部 件供應之採購服務。採購協議自 二零一二年四月一日起生效。 於二零一五年三月三十一日， 應收喜東之退款為 2,637,000 港 元（二零一四年：1,981,000 港 元）。

(b) Compensation of key management personnel

• (b) 主要管理層人員之報酬

The key management personnel are the directors of the Company. The remuneration of directors during the year was as follows:

主要管理層人員為本公司董事。 年內之董事酬金如下：

Short-term benefits 短期福利 Post-employment benefits 離職後福利	2015	2014 二零一四年 HK$’000 千港元 18,375 1,834
	二零一五年
	HK$’000
	千港元
	16,215
	1,834
		20,209
	18,049

The remuneration of directors is determined by the remuneration committee having regard to the performance of individuals and market trends.

董事酬金由薪酬委員會經考慮個 人表現及市場趨勢後釐定。

142

東方表行集團有限公司 Oriental Watch Holdings Limited

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 綜合財務報表附註 For the year ended 31st March, 2015 截至二零一五年三月三十一日止年度

34. STATEMENT OF FINANCIAL POSITION OF THE COMPANY

34. 本公司財務狀況表

Assets 資產 Property, plant and equipment 物業、機器及設備 Investments in subsidiaries 於附屬公司之投資 Available-for-sale financial assets 可供出售金融資產 Amounts due from subsidiaries 應收附屬公司款項 Taxation recoverable 可退回稅項 Bank balances and cash 銀行結餘及現金 Liabilities 負債 Other payables 其他應付賬款 Amounts due to subsidiaries 應付附屬公司款項 Net assets 資產淨值 Capital and reserves 資本及儲備 Share capital 股本 Reserves_(Note)_ 儲備（附註） Total equity 權益總額	2015	2014 二零一四年 HK$’000 千港元 1,355 122,626 2,885 825,403 1,799 2,193
	二零一五年
	HK$’000
	千港元
	1,084
	122,626
	3,295
	844,611
	—
	568
		956,261
	972,184
		3,239 83,943
	1,491
	86,676
		87,182
	88,167
		869,079
	884,017
		57,061 812,018
	57,061
	826,956
		869,079
	884,017

Note:

附註：

Movements of the Company’s reserves during the current and the prior years are as follows:

本公司儲備於本年度及過往年度之變動如下：

At 1st April, 2013 於二零一三年四月一日 Change in fair value of available-for-sale financial assets 可供出售金融資產之公平值變動 Profit for the year 年內溢利 Dividend paid 已付股息 At 31st March, 2014 於二零一四年三月三十一日 Change in fair value of available-for-sale financial assets 可供出售金融資產之公平值變動 Profit for the year 年內溢利 Dividend paid 已付股息 At 31st March, 2015 於二零一五年三月三十一日	HK$’000 千港元 817,332 825 26,672 (32,811)
	812,018 410 18,807 (4,279)
	826,956

143

二零一五年年報 Annual Report 2015

FINANCIAL SUMMARY 財務摘要

RESULTS 業績 Turnover 營業額 Profit before taxation 除稅前溢利 Income tax expense 所得稅開支 Profit for the year 年內溢利 Attributable to: 以下人士應佔： Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益 Profit for the year 年內溢利	Year ended 31st March, 截至三月三十一日止年度
	2011 2012 2013 2014 2015 二零一一年 二零一二年 二零一三年 二零一四年 二零一五年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 3,917,764 3,935,963 3,732,925 3,476,513 3,109,031
	272,189 216,937 185,963 29,964 9,650 (52,760) (52,829) (23,366) (9,516) (5,317)
	219,429 164,108 162,597 20,448 4,333
	219,429 164,108 162,597 20,605 4,508 — — — (157) (175)
	219,429 164,108 162,597 20,448 4,333

ASSETS AND LIABILITIES 資產及負債 Total assets 資產總值 Total liabilities 負債總額 Equity attributable to owners of the Company 本公司擁有人 應佔權益 Non-controlling interests 非控股權益	At 31st March, 於三月三十一日
	2011 2012 2013 2014 2015 二零一一年 二零一二年 二零一三年 二零一四年 二零一五年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 2,370,974 2,803,939 3,082,092 2,859,107 2,706,073 (506,299) (711,711) (854,142) (641,092) (494,282)
	1,864,675 2,092,228 2,227,950 2,218,015 2,211,791
	1,864,675 2,092,228 2,227,950 2,216,462 2,210,452 — — — 1,553 1,339
	1,864,675 2,092,228 2,227,950 2,218,015 2,211,791

東方表行集團有限公司 Oriental Watch Holdings Limited

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