IGG Inc — Interim / Quarterly Report 2018

Dec 14, 2017

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CORPORATE INFORMATION

公司資料

董事會

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)
	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
	The Hong Kong & Shanghai		香港上海滙豐銀行
	Banking Corporation Limited		有限公司
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

1

二零一七年中期業績報告 東方表行集團有限公司

The Board of Directors of Oriental Watch Holdings Limited (the “Company”) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (the “Group”) for the six months ended 30 September 2017 together with the comparative figures for the corresponding period in 2016. The unaudited condensed consolidated interim financial statements have been reviewed by the audit committee (the “Audit committee”) of the Company:

東方表行集團有限公司（「本公司」）董事 會欣然宣佈，本公司及其附屬公司（「本集 團」）截至二零一七年九月三十日止六個月 之未審核綜合業績連同二零一六年同期之 比較數字。未審核簡明綜合中期財務報表 已由本公司審核委員會（「審核委員會」）審 閱。

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 September 2017

簡明綜合損益及其他全面收益表

截至二零一七年九月三十日止六個月

Notes 附註 Revenue 收益 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 Distribution and selling expenses 分銷及銷售開支 Administrative expenses 行政開支 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 4 Income tax expense 所得稅開支 5 Profit for the period 期內溢利 Other comprehensive income (expense) 其他全面收益（開支） 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	(Unaudited) Six months ended （未審核） 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 九月三十日 二零一六年 九月三十日 HK$’000 HK$’000 千港元 千港元 1,507,794 1,545,049 (1,253,687) (1,308,407)	(Unaudited) Six months ended （未審核） 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 九月三十日 二零一六年 九月三十日 HK$’000 HK$’000 千港元 千港元 1,507,794 1,545,049 (1,253,687) (1,308,407)
	30 September
	2017
	二零一七年 九月三十日
	HK$’000
	千港元
	1,507,794
	(1,253,687)
		236,642 20,652 (93,792) (152,155) (3,120) 1,240 (865)
	254,107
	23,161
	(95,724)
	(125,084)
	(2,150)
	281
	(9)
		8,602 (4,481)
	54,582
	(8,649)
		4,121
	45,933
		(9,525) 163
	29,323
	376

2

Oriental Watch Holdings Limited Interim Report 2017

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (Continued)

For the six months ended 30 September 2017

簡明綜合損益及其他全面收益表

（續）

截至二零一七年九月三十日止六個月

Notes 附註 Other comprehensive income (expense) for the period 期內其他全面收益 （開支） Total comprehensive income (expense) for the period 期內全面收益（開支） 總額 Profit (loss) for the period attributable to: 應佔期內溢利（虧損）： Owners of the Company 本公司擁有人 Non-controlling interests 非控股權益 Total comprehensive income (expense) for the period attributable to: 應佔期內全面收益 （開支）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 7 — Basic —基本 — Diluted —攤薄	(Unaudited) Six months ended （未審核） 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 九月三十日 二零一六年 九月三十日 HK$’000 HK$’000 千港元 千港元 29,699 (9,362)	(Unaudited) Six months ended （未審核） 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 九月三十日 二零一六年 九月三十日 HK$’000 HK$’000 千港元 千港元 29,699 (9,362)
	30 September
	2017
	二零一七年 九月三十日
	HK$’000
	千港元
	29,699
		(5,241)
	75,632
		4,345 (224)
	46,034
	(101)
		4,121
	45,933
		(5,083) (158)
	75,707
	(75)
		(5,241)
	75,632
		0.76 HK cents港仙
	8.07 HK cents港仙
		0.76 HK cents港仙
	8.07 HK cents港仙

3

二零一七年中期業績報告 東方表行集團有限公司

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2017

簡明綜合財務狀況表

於二零一七年九月三十日

Notes 附註 Non-current assets 非流動資產 Property, plant and equipment 物業、機器及設備 8 Deposits for acquisition of property, plant and equipment 收購物業、機器及 設備之按金 Interests in associates 佔聯營公司之權益 Interest in a joint venture 佔一間合營公司之 權益 9 Available-for-sale financial assets 可供出售金融資產 Deferred tax assets 遞延稅項資產 Property rental deposits 物業租金按金 Current assets 流動資產 Inventories 存貨 10 Trade and other receivables 貿易及其他應收賬款 11 Taxation recoverable 可退回稅項 Bank balances and cash 銀行結餘及現金 Current liabilities 流動負債 Trade and other payables 貿易及其他應付賬款 12 Taxation payable 應付稅項 Bank loans 銀行貸款 13 Net current assets 流動資產淨值 Total assets less current liabilities 資產總值減流動負債	(Unaudited)	(Audited) （經審核） 31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 208,863 133 36,499 24,873 6,106 73 46,550
	（未審核）
	30 September
	2017
	二零一七年 九月三十日
	HK$’000
	千港元
	204,464
	—
	36,795
	25,912
	6,482
	62
	33,828
		323,097
	307,543
		1,275,897 110,508 48 645,188
	1,151,410
	117,917
	52
	863,787
		2,031,641
	2,133,166
		87,835 7,460 81,573
	141,044
	9,694
	64,254
		176,868
	214,992
		1,854,773
	1,918,174
		2,177,870
	2,225,717

4 Oriental Watch Holdings Limited Interim Report 2017

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

At 30 September 2017

簡明綜合財務狀況表 （續）

於二零一七年九月三十日

Notes 附註 Non-current liabilities 非流動負債 Bank loans 銀行貸款 13 Deferred tax liabilities 遞延稅項負債 Net assets 資產淨值 Capital and reserves 資本及儲備 Share capital 股本 14 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	(Unaudited)	(Audited) （經審核） 31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 29,167 1,689
	（未審核）
	30 September
	2017
	二零一七年 九月三十日
	HK$’000
	千港元
	20,833
	1,638
		30,856
	22,471
		2,147,014
	2,203,246
		57,061 2,088,945
	57,061
	2,145,252
		2,146,006 1,008
	2,202,313
	933
		2,147,014
	2,203,246

二零一七年中期業績報告 東方表行集團有限公司 5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 September 2017

簡明綜合權益變動表

截至二零一七年九月三十日止六個月

At 1 April 2017 (audited) 於二零一七年四月一日 （經審核） 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 for the period 期內溢利 Total comprehensive income (expense) for the period 期內全面收益（開支）總額 2017 final dividend paid 已派發二零一七年末期股息 2017 special dividend paid 已派發二零一七年特別股息 2018 interim dividend proposed 擬派發二零一八年中期股息 At 30 September 2017 (unaudited) 於二零一七年九月三十日 （未審核） At 1 April 2016 (audited) 於二零一六年四月一日 （經審核） 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 period 期內溢利（虧損） Total comprehensive income (expense) for the period 期內全面收益（開支）總額 2016 final dividend paid 已派發二零一六年末期股息 2017 interim dividend proposed 擬派發二零一七年中期股息 At 30 September 2016 (unaudited) 於二零一六年九月三十日 （未審核）	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 b) (note a) （附註b） （附註a） 57,061 549,396 83,554 425 840 6,454 5,180 17,463 1,406,233 19,400 2,146,006 1,008 2,147,014
	— — — — — — — 29,297 — — 29,297 26 29,323 — — — — — 376 — — — — 376 — 376 — — — — — — — — 46,034 — 46,034 (101) 45,933
	— — — — — 376 — 29,297 46,034 — 75,707 (75) 75,632 — — — — — — — — — (2,282) (2,282) — (2,282) — — — — — — — — — (17,118) (17,118) — (17,118) — — — — — — — — (11,412) 11,412 — — —
	57,061 549,396 83,554 425 840 6,830 5,180 46,760 1,440,855 11,412 2,202,313 933 2,203,246
	57,061 549,396 83,554 425 840 5,873 5,180 42,372 1,410,391 1,426 2,156,518 1,054 2,157,572
	— — — — — — — (9,591) — — (9,591) 66 (9,525) — — — — — 163 — — — — 163 — 163 — — — — — — — — 4,345 — 4,345 (224) 4,121
	— — — — — 163 — (9,591) 4,345 — (5,083) (158) (5,241) — — — — — — — — — (1,426) (1,426) — (1,426) — — — — — — — — (1,141) 1,141 — — —
	57,061 549,396 83,554 425 840 6,036 5,180 32,781 1,413,595 1,141 2,150,009 896 2,150,905

Notes:

• (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 Company 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.

• (b) Subsequent to 力龍國際貿易股份有限公司 (“Li Loong”) 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 and has been recognised as capital reserve.

附註：

• (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) 於力龍國際貿易股份有限公司（「力龍」）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%。此收購入賬列作視 作收購一間附屬公司之額外權益，並已確認為 資本儲備。

6

Oriental Watch Holdings Limited Interim Report 2017

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 September 2017

簡明綜合現金流量表

截至二零一七年九月三十日止六個月

Net cash from operating activities 經營業務所產生之現金淨額 Investing activities 投資活動 Purchase of property, plant and equipment 購買物業、機器及設備 Interest received 已收利息 Dividends received from associates 已收聯營公司股息 Cash inflow from assignment of amount due from a joint venture 應收一間合營公司之 分配金額之現金流入 Deposit received for disposal of an interest in a joint venture 出售一間合營公司權益之 已收按金 Repayment of amount due from a joint venture 應收一間合營公司償還之 款項 Net cash (used in) from investing activities 融資活動（所耗）所產生之 現金淨額 Financing activities 融資活動 Repayment of bank loans 償還銀行貸款 Dividends paid 已付股息 Interest paid 已付利息 New bank loans raised 新造銀行貸款 Net cash used in financing activities 融資活動所耗之現金淨額 Net increase in cash and cash equivalents 現金及等同現金項目之增加淨額 Cash and cash equivalents at beginning of the period 期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 period, represented by bank balances and cash 期終之現金及等同現金項目， 由銀行結餘及現金代表	(Unaudited) Six months ended （未審核） 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 九月三十日 二零一六年 九月三十日 HK$’000 HK$’000 千港元 千港元 259,869 119,920	(Unaudited) Six months ended （未審核） 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 九月三十日 二零一六年 九月三十日 HK$’000 HK$’000 千港元 千港元 259,869 119,920
	30 September
	2017
	二零一七年 九月三十日
	HK$’000
	千港元
	259,869
		(1,309) 849 — 66,839 11,480 4,500
	(5,422)
	2,191
	705
	—
	—
	—
		82,359
	(2,526)
		(94,479) (1,426) (3,328) 30,360
	(58,363)
	(19,400)
	(2,150)
	31,920
		(68,873)
	(47,993)
		133,406 403,804 (1,777)
	209,350
	645,188
	9,249
		535,433
	863,787

7

二零一七年中期業績報告 東方表行集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 September 2017

1. Basis of preparation

The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

2. Principal accounting policies

The condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values.

Except as described below, the accounting policies and methods of computation used in the condensed consolidated financial statements for the six months ended 30 September 2017 are the same as those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 March 2017.

In the current interim period, the Group has applied, for the first time, the following amendments to HKAS(s) and Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the HKICPA that are mandatorily effective for the current interim period.

Amendments to HKAS 7 Disclosure initiative Amendments to HKAS 12 Recognition of deferred tax assets for unrealised losses Amendments to HKFRSs Annual improvements to HKFRSs 2014 — 2016 cycle

Amendments to HKAS 7 “Disclosure initiative”

The amendments require an entity to provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities including both changes arising from cash flows and non-cash changes. Specifically, the amendments require the following changes in liabilities arising from financing activities to be disclosed: (i) changes from financing cash flows; (ii) changes arising from obtaining or losing control of subsidiaries or other businesses; (iii) the effect of changes in foreign exchange rates; (iv) changes in fair values; and (v) other changes.

The application of the amendments will result in additional disclosures on the Group’s financing activities, specifically reconciliation between the opening and closing balances in the consolidated statement of financial position for liabilities arising from financing activities will be provided on application.

簡明綜合財務報表附註

截至二零一七年九月三十日止六個月

1. 編撰基準

簡明綜合財務報表乃按香港會計師公會（「香港 會計師公會」）所頒佈之香港會計準則（「香港會 計準則」）第 34 號「中期財務報告」及香港聯合 交易所有限公司證券上市規則附錄 16 之適用 披露規定而編撰。

2. 主要會計政策

除若干金融工具以公平值計量外，簡明綜合財 務報表乃按歷史成本基準編撰。

除下述者外，截至二零一七年九月三十日止六 個月之簡明綜合財務報表採用之會計政策及 計算方法與編撰本集團截至二零一七年三月 三十一日止年度之年度綜合財務報表所依循者 相同。

於本中期期間，本集團已首次應用下列由香港 會計師公會頒佈並於本中期期間強制生效之香 港會計準則及香港財務報告準則（「香港財務報 告準則」）之修訂本。

香港會計準則 披露計劃 第 7 號（修訂本） 香港會計準則 就未變現虧損確認遞延 第 12 號（修訂本） 稅項資產 香港財務報告準則 香港財務報告準則二零 （修訂本） 一四年至二零一六年 期間之年度改善

香港會計準則第7 號（修訂本）「披露計劃」

該等修訂本規定實體提供披露事項，使財務報 表使用者可評估因融資活動而產生之負債變 動，包括現金流量產生之變動及非現金變動。 具體而言，該等修訂本規定披露以下因融資活 動而產生之負債變動：(i) 融資現金流量產生之 變動；(ii) 取得或失去附屬公司或其他業務控制 權產生之變動；(iii) 外幣匯率變動之影響；(iv) 公平值變動；及 (v) 其他變動。

應用該等修訂本將導致本集團融資活動之額外 披露，尤其是於應用時提供因融資活動而產生 之綜合財務狀況表期初與期末負債結餘對賬。

8 Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

2. Principal accounting policies (Continued)

2. 主要會計政策 （續）

Amendments to HKAS 7 “Disclosure initiative” (Continued)

香港會計準則第7 號（修訂本）「披露計劃」 （續）

The adoption will result in relevant disclosures in the Group’s annual consolidated financial statements for the year ending 31 March 2018.

採納將導致於本集團截至二零一八年三月 三十一日止年度之年度綜合財務報表中作出有 關披露。

The application of the other amendments to HKFRSs in the current interim period has had no material impact on the amounts and/or disclosures reported in these condensed consolidated financial statements.

於本中期期間應用其他香港財務報告準則之修 訂本對該等簡明綜合財務報表所呈報之金額 及╱或披露並無構成重大影響。

3. Segment information

3. 分部資料

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

本集團主要從事銷售鐘表業務。本集團之收益 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 People’s Republic of China (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 marker, 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 華人民共和國（「中國」），亦為組織本集團以 管理業務營運之基準。本集團按已由主要營運 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經營分部已 於達致本集團之可呈報分部時彙集計算。

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 未分配企業開支 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	Revenue Six months ended 30 September 收益 截至九月三十日 止六個月 2017 2016 二零一七年 二零一六年 HK$’000 HK$’000 千港元 千港元 1,057,133 1,131,333 450,661 413,716	Revenue Six months ended 30 September 收益 截至九月三十日 止六個月 2017 2016 二零一七年 二零一六年 HK$’000 HK$’000 千港元 千港元 1,057,133 1,131,333 450,661 413,716	Results Six months ended 30 September 業績 截至九月三十日 止六個月 2017 2016 二零一七年 二零一六年 HK$’000 HK$’000 千港元 千港元 55,423 28,176 14,871 (4,601)	Results Six months ended 30 September 業績 截至九月三十日 止六個月 2017 2016 二零一七年 二零一六年 HK$’000 HK$’000 千港元 千港元 55,423 28,176 14,871 (4,601)
	2017		2017
	二零一七年		二零一七年
	HK$’000		HK$’000
	千港元		千港元
	1,057,133		55,423
	450,661		14,871
		1,545,049		23,575 849 (13,077) (3,120) 1,240 (865)
	1,507,794		70,294
			2,191
			(16,025)
			(2,150)
			281
			(9)
				8,602
			54,582

9

二零一七年中期業績報告 東方表行集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

3. Segment information (Continued)

3. 分部資料 （續）

Segment profit represents the profit before taxation earned by each segment without allocation of finance costs, share of results of associates and joint ventures and unallocated other income and corporate expenses. Unallocated corporate expenses include auditor’s remuneration, directors’ emoluments, exchange loss and operating expenses of inactive companies. This is the measure reported to the Managing Director of the Company for the purposes of resources allocation and performance assessment.

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入及企業開 支之情況下各分部賺取之除稅前溢利。未分配 企業開支包括核數師酬金、董事酬金、匯兌虧 損及暫無營業公司之營運開支。此乃向本公司 董事總經理就資源分配及表現評估作出報告之 計量方式。

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

兩個期間之所有分部收益均來自外部客戶。

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及負債分 析：

Hong Kong 香港 Taiwan, Macau and the PRC 台灣、澳門及中國 Segment total 分部總額 Unallocated 未分配 Total assets 資產總值	Segment assets Segment liabilities 分部資產 分部負債 30 September 31 March 30 September 31 March 2017 2017 2017 2017 二零一七年 二零一七年 二零一七年 二零一七年 九月三十日 三月三十一日 九月三十日 三月三十一日 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 957,301 1,054,530 89,687 46,881 550,257 587,005 51,358 39,640	Segment assets Segment liabilities 分部資產 分部負債 30 September 31 March 30 September 31 March 2017 2017 2017 2017 二零一七年 二零一七年 二零一七年 二零一七年 九月三十日 三月三十一日 九月三十日 三月三十一日 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 957,301 1,054,530 89,687 46,881 550,257 587,005 51,358 39,640	Segment assets Segment liabilities 分部資產 分部負債 30 September 31 March 30 September 31 March 2017 2017 2017 2017 二零一七年 二零一七年 二零一七年 二零一七年 九月三十日 三月三十一日 九月三十日 三月三十一日 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 957,301 1,054,530 89,687 46,881 550,257 587,005 51,358 39,640
	30 September
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	957,301
	550,257
		1,641,535 141,045 713,203 96,418	86,521 121,203
	1,507,558
	933,151
		2,354,738 237,463	207,724
	2,440,709

10 Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

4. Profit before taxation

4. 除稅前溢利

Profit before taxation has been arrived at after charging: 除稅前溢利已扣除： Depreciation of property, plant and equipment 物業、機器及設備之折舊 Directors’ remuneration 董事酬金 Loss on disposal of property, plant and equipment 出售物業、廠房及設備之虧損 Minimum operating lease rentals in respect of rented premises 有關租賃物業之最低經營租賃租金 Net exchange losses 匯兌虧損淨額 and after crediting: 並已計入： Interest income 利息收入 Net exchange gain 匯兌收益淨額	Six months ended 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 二零一六年 九月三十日 九月三十日 HK$’000 HK$’000 千港元 千港元 10,714 11,725 10,216 7,228 135 6,178 83,897 113,292 380 — 2,191 849 — 35
	30 September
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	10,714
	10,216
	135
	83,897
	380
	2,191
	—

5. Income tax expense

5. 所得稅開支

The charge (credit) comprises: 支出（計入）包括： Hong Kong Profits Tax 香港利得稅 — Current period —當期 — Underprovision in prior years —過往年度撥備不足 Taxation in other jurisdictions 其他司法權區之稅項 Deferred taxation 遞延稅項	Six months ended 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 二零一六年 九月三十日 九月三十日 HK$’000 HK$’000 千港元 千港元 8,609 1,494 — 2,731	Six months ended 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 二零一六年 九月三十日 九月三十日 HK$’000 HK$’000 千港元 千港元 8,609 1,494 — 2,731
	30 September
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	8,609
	—
		4,225 (16)
	8,609
	—
		4,209 272
	8,609
	40
		4,481
	8,649

二零一七年中期業績報告 東方表行集團有限公司 11

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

5. Income tax expense (Continued)

Hong Kong Profits Tax is calculated at 16.5% on the estimated assessable profit for both periods.

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

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%.

6. Dividend

During the current interim period, a final dividend of 0.40 HK cent per share, totalling HK$2,282,000, in respect of the year ended 31 March 2017 (2016: 0.25 HK cent per share, totalling HK$1,426,000) and a special dividend of 3.0 HK cents per share, totalling HK$17,118,000, in respect of the year ended 31 March 2017 (2016: nil) were approved at the annual general meeting held on 17 August 2017.

On 22 November 2017, the directors resolved to declare an interim dividend of 2.0 HK cents per share in respect of the six months ended 30 September 2017, totalling HK$11,412,000 (2016: 0.20 HK cent per share, totalling HK$1,141,000), to be paid in cash to those shareholders whose names appear on the Company’s register of members on 14 December 2017.

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

5. 所得稅開支 （續）

香港利得稅乃根據兩個期間之估計應課稅溢利 按 16.5% 計算。

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。

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%。

6. 股息

於本中期期間，已於二零一七年八月十七日舉 行之股東週年大會上批准派發截至二零一七 年三月三十一日止年度之末期股息每股 0.40 港仙，合共 2,282,000 港元（二零一六年：每 股 0.25 港仙，合共 1,426,000 港元）及截至二 零一七年三月三十一日止年度之特別股息每 股 3.0 港仙，合共 17,118,000 港元（二零一六 年：無）。

於二零一七年十一月二十二日，董事決議宣派 截至二零一七年九月三十日止六個月之中期股 息每股 2.0 港仙，合共 11,412,000 港元（二零 一六年：每股 0.20 港仙，合共 1,141,000 港 元）。中期股息將以現金派付予於二零一七年 十二月十四日名列本公司股東名冊之股東。

12 Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

7. Earnings per share

7. 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 period attributable to owners of the Company) 計算每股基本及攤薄盈利之盈利 （本公司擁有人應佔期內溢利）	Six months ended 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 二零一六年 九月三十日 九月三十日 HK$’000 HK$’000 千港元 千港元 46,034 4,345
	30 September
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	46,034

Number of shares 股份數目 Number of ordinary shares for the purpose of basic and diluted earnings per share 計算每股基本及攤薄盈利之 普通股數目	Number of shares 股份數目 Six months ended 截至九月三十日止六個月 30 September 30 September 2017 2016 二零一七年 二零一六年 九月三十日 九月三十日 570,610,224 570,610,224

The diluted earnings per share for both periods 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.

兩個期間內每股攤薄盈利並無包括本公司購股 權之影響，原因是購股權之行使價高於本公司 股份之平均市價。

二零一七年中期業績報告 東方表行集團有限公司 13

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

8. Property, plant and equipment

8. 物業、機器及設備

During the six months ended 30 September 2017, the Group incurred expenditure of approximately HK$5,555,000 (six months ended 30 September 2016: HK$5,960,000) to acquire property, plant and equipment for its operation. During the period, the Group disposed of certain property, plant and equipment with carrying amount of approximately HK$135,000 (six months ended 30 September 2016: HK$6,178,000) resulting a loss on disposal of approximately HK$135,000 (six months ended 30 September 2016: HK$6,178,000).

截至二零一七年九月三十日止六個月，本集團 產生支出約 5,555,000 港元（截至二零一六年 九月三十日止六個月：5,960,000 港元）以收 購物業、機器及設備作其營運用途。於期內， 本集團出售賬面值約為 135,000 港元之若干物 業、機器及設備（截至二零一六年九月三十日 止六個月：6,178,000 港元），產生出售虧損約 135,000 港元（截至二零一六年九月三十日止六 個月：6,178,000 港元）。

The Group has pledged certain land and buildings with an aggregate carrying value of approximately HK$90,183,969 (31 March 2017: HK$91,340,770) to a bank to secure the bank loan facilities granted to the Group.

本集團已向銀行抵押總賬面值約為 90,183,969 港元（二零一七年三月三十一日：91,340,770 港元）之若干土地及樓宇，以作為本集團獲授 銀行貸款融資之抵押。

9. Interest in a joint venture

9. 佔一間合營公司之權益

Cost of investment in an unlisted joint venture 於一間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	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 21,794 (1,839) 4,918
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	21,794
	(791)
	4,909
		24,873
	25,912

14 Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

10. Inventories

10. 存貨

Watches 手錶 Accessories and parts 配件及部件	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 1,256,715 19,182
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	1,128,847
	22,563
		1,275,897
	1,151,410

11. Trade and other receivables

11. 貿易及其他應收賬款

Trade receivables 貿易應收賬款 Property rental deposits 物業租金按金 Value-added tax recoverable 可收回增值稅 Advances to other suppliers 向其他供應商墊款 Other receivables 其他應收賬款	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 91,351 11,465 2,744 767 4,181
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	96,927
	15,683
	2,933
	95
	2,279
		110,508
	117,917

The Group maintains a general credit policy of not more than 30 days for its wholesale customers. Sales made to retail customers are made on a cash basis. The following is an aged analysis of trade receivables presented 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。零售銷售主要以現金進行。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	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 85,304 2,705 334 3,008
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	90,374
	1,975
	3,009
	1,569
		91,351
	96,927

二零一七年中期業績報告 東方表行集團有限公司 15

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

12. Trade and other payables

12. 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 Valve-added tax and other taxes payables 應付增值稅及其他稅項 Advertising fee payables 應付廣告費 Property rental fee payables 應付物業租金 Other payables 其他應付賬款	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 52,427 7,665 2,267 3,838 1,164 10,520 1,569 566 7,819
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	94,090
	11,726
	2,397
	3,479
	3,458
	12,379
	1,334
	4,973
	7,208
		87,835
	141,044

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	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 42,977 1,604 7,846
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	82,703
	1,426
	9,961
		52,427
	94,090

13. Bank loans

13. 銀行貸款

During the six months ended 30 September 2017, the Group obtained a bank loan amounting to approximately HK$31,920,000 (six months ended 30 September 2016: HK$30,360,000). The loan carried interest at Taipei Interbank Offered Rate plus 1.5% divided by 0.946 and was repayable over one year up to 2018.

於截至二零一七年九月三十日止六個月期 間，本集團取得銀行貸款約達 31,920,000 港 元（截至二零一六年九月三十日止六個月： 30,360,000 港元）。該貸款已按台北金融業拆 款定盤利率加 1.5% 再除 0.946 計息，並須於 截至二零一八年止一年內償還。

16 Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

14. Share capital

14. 股本

Number of shares Amount 股份數目 價值 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 1 April 2016, 31 March 2017 and 於二零一六年四月一日、 30 September 2017 二零一七年三月三十一日及 二零一七年九月三十日 1,000,000,000 100,000 Issued and fully paid: 已發行及繳足： At 1 April 2016, 31 March 2017 and 於二零一六年四月一日、 30 September 2017 二零一七年三月三十一日 及二零一七年九月三十日 570,610,224 57,061

15. Share-based payment transaction

15. 以股份為基礎之付款交易

The Company has share options scheme for eligible directors, employees, consultants, customers, suppliers or advisors of the Company or a company in which the Company holds an interest or a subsidiary of such company.

本公司為本公司之合資格董事、僱員、顧問、 客戶、供應商或諮詢人或本公司持有權益之公 司或該公司之附屬公司設有購股權計劃。

(i) 2003 Share Option Scheme

(i) 二零零三年購股權計劃

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 options		exercise price	exercise price
Date of grant	granted	Exercisable period	per share	per share
授出日期	已授出購股權數目	可行使期間	原有每股行使價	經調整每股行使價
6 April 2011	32,300,000	6 April 2011	HK$4.13港元	HK$3.44港元
二零一一年四月六日	(note a)	to 5 April 2021		(note a)
	（附註a）二零一一年四月六日至			（附註a）
		二零二一年四月五日
29 August 2011	23,000,000	29 August 2011	HK$4.80港元	N/A不適用
二零一一年八月二十九日		to 28 August 2021
		二零一一年八月二十九日至
		二零二一年八月二十八日

Note a: 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.

附註a： 未行使購股權項下之股份數 目及行使價已於按於二零 一一年七月每持有五股普通 股獲派一股新普通股之基準 派送紅股後作出調整。

17

二零一七年中期業績報告 東方表行集團有限公司

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

15. Share-based payment transaction (Continued)

15. 以股份為基礎之付款交易 （續）

• (i) 2003 Share Option Scheme (Continued)

(i) 二零零三年購股權計劃 （續）

The following tables disclose movements of the Company’s share options held by directors, employees and consultants during the six months ended 30 September 2017 and 30 September 2016:

下表披露於截至二零一七年九月三十日 及二零一六年九月三十日止六個月內董 事、僱員及顧問持有之本公司購股權之 變動：

Share options granted on 6 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 b)_ 顧問（附註b） Total 總計 Share options granted on 29 August 2011	Number of share options outstanding at 1 April 2016 於二零一六年 四月一日 未行使之 購股權數目 Reclass 重新分類 Number of share options outstanding at 31 March 2017 and 30 September 2017 於二零一七年 三月三十一日及 二零一七年 九月三十日 未行使之購股權數目 14,520,000 (3,000,000) 11,520,000 14,400,000 — 14,400,000 2,640,000 3,000,000 5,640,000
	31,560,000 — 31,560,000
	於二零一一年八月二十九日授出之購股

於二零一一年八月二十九日授出之購股 權

Number of share options outstanding at 1 April 2016, 31 March 2017 and 30 September 2017 於二零一六年四月一日、 二零一七年三月三十一日及 二零一七年九月三十日 Categories of participants 參與者類別 未行使之購股權數目 Other employees 其他僱員 18,000,000 Consultants (note b) 顧問（附註b） 5,000,000 23,000,000 Note b: The share options were granted to consultants 附註b：b：： 購股權乃授予顧問，作為其 for services rendered in exploring investment 為本集團發掘投資機會所提 opportunities for the Group. 供服務之回報。

附註b：b：： 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。

18 Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

15. Share-based payment transaction (Continued)

(i) 2003 Share Option Scheme (Continued)

Share options granted on 29 August 2011 (Continued)

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

No option was exercised or lapsed under the 2003 Share Option Scheme during the six months ended 30 September 2017 and 30 September 2016.

(ii) 2013 Share Option Scheme

Pursuant to an ordinary resolution passed at the annual general meeting of the Company held on 13 August 2013, a new share option scheme was adopted with effect on 3 November 2013 (the “2013 Share Option Scheme”) after the expiry of the 2003 Share Option Scheme. The 2013 Share Option Scheme will remain in force until 2 November 2023.

No option was granted, exercised or lapsed under the 2013 Share Option Scheme during each of the six months ended 30 September 2017 and 30 September 2016 since its effective date on 3 November 2013 and there was no outstanding share option as at 30 September 2017.

During the six months ended 30 September 2017 and 30 September 2016, no share-based payment expense was recognised in relation to share options granted by the Company.

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

15. 以股份為基礎之付款交易 （續）

(i) 二零零三年購股權計劃 （續）

於二零一一年八月二十九日授出之購股 權 （續）

二零零三年購股權計劃於二零一三年 十一月二日屆滿。儘管二零零三年購股 權計劃已經屆滿，參與者仍可於購股權 行使期間隨時行使購股權。

截至二零一七年九月三十日及二零一六 年九月三十日止六個月內，概無購股權 根據二零零三年購股權計劃獲行使或失 效。

(ii) 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， 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」）已獲 採納。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為止。

自其生效日期二零一三年十一月三日 起，分別截至二零一七年九月三十日及 二零一六年九月三十日止六個月內，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，而於二零一七年九 月三十日亦無未行使購股權。

截至二零一七年九月三十日及二零一六年九月 三十日止六個月內，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。

二零一七年中期業績報告 東方表行集團有限公司 19

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

16. Fair value measurement of financial instruments

16. 金融工具之公平值計量

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 (in particular, the valuation technique(s) and inputs used), as well as the level of the fair value hierarchy into which the fair value measurements are categorised (Levels 1 to 3) based on the degree to which the inputs to the fair value measurements are observable.

本集團若干金融資產於呈報期末按公平值計 量。下表載列有關如何釐定該等金融資產之公 平值（尤其是所使用之估值技術及輸入數據）， 以及公平值計量按照公平值計量之輸入數據之 可觀察程度進行分類之公平值架構層級（1 至 3 級）之資料。

• Level 1 inputs are quoted prices (unadjusted) in active market 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就 相同資產或負債取得之活躍市場報價（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。

	Fair value as	at			Valuation
	30 September	31 March		Fair value	technique(s)
Financial assets	2017		2017	hierarchy	and key input(s)
金融資產	公平值			公平值架構	估值技巧及主要輸入數據
	二零一七年	二零一七年
	九月三十日	三月三十一日
	HK$’000	HK$’000
	千港元		千港元
(a) Available-for-sale financial assets — listed	71		91	Level 1	Quoted bid prices in an
investments, equity securities listed in					market
Hong Kong

Level 1 Quoted bid prices in an active market

第 1 級 活躍市場所報之買入價

• (a) 可供出售金融資產－ 上市投資、於香港上 市之股本證券

• (b) Available-for-sale financial assets — 6,411 unlisted investments, managed fund portfolio

• (b) 可供出售金融資產－ 非上市投資、管理基 金投資組合

6,015

Level 2 Quoted market prices provided by brokers which are financial institutions (note) 第 2 級 作為經紀之金融機構提供之市場報 價（附註）

• Note: Quoted market prices provided by brokers which are financial institutions represent the net asset values of the respective funds, based on the observable quoted prices of the underlying investments in active market.

• 附註：作為經紀之金融機構提供之市場報價指 基於相關投資於活躍市場之可觀察報價 釐定之各基金資產淨值。

The directors consider that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the condensed consolidated financial statements approximate to their fair values.

董事認為，簡明綜合財務報表中以攤銷成本入 賬之金融資產及金融負債賬面值與其公平值相 若。

20

Oriental Watch Holdings Limited Interim Report 2017

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For the six months ended 30 September 2017

簡明綜合財務報表附註 （續）

截至二零一七年九月三十日止六個月

17. Related party transactions

17. 有關連人士交易

The compensation of key management personnel which represents the directors of the Company is disclosed in note 4.

18. Contingent liabilities

As at 30 September 2017, the Group issued financial guarantees to banks in respect of banking facilities granted to associates. The aggregate amount that may be required to be paid if the guarantees are called upon in entirety amounting to New Taiwan Dollar (“NT$”) 200,000,000 (equivalent to HK$53,200,000; 31 March 2017: NT$200,000,000 and equivalent to HK$51,800,000), which was fully utilised by these associates at 30 September 2017. The fair value of the financial guarantee contracts at the grant date is not significant and in the opinion of the directors, the default risk of associates at 31 March 2017 and 30 September 2017 is considered as low.

主要管理人員待遇之明細在附註 4 披露。

18. 或然負債

於二零一七年九月三十日，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 零一七年九月三十日，於被要求全數代還擔 保時可能須予支付之總額新台幣（「新台幣」） 200,000,000 元（相等於 53,200,000 港元；二 零一七年三月三十一日：新台幣 200,000,000 元，並相等於 51,800,000 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之公 平值並不重大，且董事認為，聯營公司於二零 一七年三月三十一日及二零一七年九月三十日 之拖欠風險甚微。

19. Operating lease arrangements

The Group had commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

19. 經營租賃安排

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	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 145,379 138,048 36,715
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	161,647
	182,687
	—
		320,142
	344,334

Operating lease payments represent rentals payable by the Group for certain its shops and office premises. Leases are negotiated for a term ranged from 1 to 6 years (31 March 2017: 1 to 8 years). Some group entities are required to pay lease charges based on a fixed percentage of net sales.

20. Capital commitments

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。租賃議定之年期介乎 1 至 6 年（二零一七年三月三十一日：1 至 8 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。

20. 資本承擔

Capital expenditure in respect of the acquisition of property, plant and equipment contracted for but not provided in the condensed consolidated financial statements 就簡明綜合財務報表內已訂約但 未撥備之收購物業、 機器及設備相關資本開支	30 September	31 March 2017 二零一七年 三月三十一日 HK$’000 千港元 132
	2017
	二零一七年
	九月三十日
	HK$’000
	千港元
	—

21

二零一七年中期業績報告 東方表行集團有限公司

DIRECTORS’ INTERESTS AND SHORT POSITIONS IN SECURITIES

董事擁有之證券權益及淡倉

As at 30 September 2017, 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， 於二零一七年九月三十日，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
						佔本公司已發行
Name of director	董事姓名	個人權益	家族權益	公司權益	股份總數	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)）
Madam Yeung Man Yee, Shirley	楊敏儀女士	2,640,000	221,161	(note (c))	2,861,161	0.50%
				（附註(c)）
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 (d))
				（附註(d)）

22 Oriental Watch Holdings Limited Interim Report 2017

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

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

• (d) 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。

二零一七年中期業績報告 東方表行集團有限公司 23

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

(a) 2003 Share Option Scheme

Pursuant to an ordinary resolution passed at the Company’s special general meeting held on 3 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 2 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。

24 Oriental Watch Holdings Limited Interim Report 2017

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURE (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 period:

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

Name of category of participant Date of grant of options Original exercise price per share Adjusted exercise price per share Exercisable period 參與者類別名稱 購股權 授出日期 原有每股 行使價 經調整 每股行使價 可行使期間 HK$ HK$ HK$ 港元 港元 港元 (note) (note) （附註） （附註） Directors董事 Dr. Yeung Ming Biu 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 楊明標博士 Mr. Yeung Him Kit, Dennis 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 楊衍傑先生 Mr. Fung Kwong Yiu (resigned on 31 December 2016) 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 馮廣耀先生（於二零一六年 十二月三十一日辭任） Madam Yeung Man Yee, Shirley 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 楊敏儀女士 Mr. Lam Hing Lun, Alain 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 林慶麟先生 Mr. Choi Kwok Yum 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 蔡國欽先生 Other employees其他僱員 Type A 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 A類 Type B 29.08.2011 4.80 N/A 29.08.2011 — 28.08.2021 B類 不適用 Consultants顧問 Type A 06.04.2011 4.13 3.44 06.04.2011 — 05.04.2021 A類 Type B 29.08.2011 4.80 N/A 29.08.2011 — 28.08.2021 B類 不適用 Total總計	Number of shares under options at 1.4.2016 Reclassified during the year Number of shares under options at 31.3.2017 and 30.9.2017 於二零一六年 四月一日 購股權涉及之 股份數目 年內重新分類 於二零一七年 三月三十一日 及二零一七年 九月三十日 購股權涉及之 股份數目 1,440,000 — 1,440,000 1,440,000 — 1,440,000 3,000,000 (3,000,000) — 1,440,000 — 1,440,000 3,600,000 — 3,600,000 3,600,000 — 3,600,000
	14,520,000 (3,000,000) 11,520,000 14,400,000 — 1,440,000 18,000,000 — 18,000,000 2,640,000 3,000,000 5,640,000 5,000,000 — 5,000,000
	54,560,000 — 54,560,000

25

二零一七年中期業績報告 東方表行集團有限公司

SHARE OPTION SCHEMES AND DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURE (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 28 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 13 August 2013, a new share option scheme was adopted with effect on 3 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 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:

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。

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 計十年及可能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：

26 Oriental Watch Holdings Limited Interim Report 2017

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

• (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 2 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 period since its effective date on 3rd November 2013 and there was no outstanding share option as at 31 March 2017 and 30 September 2017.

自其生效日期二零一三年十一月三日 起至本期間內，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，而於二零一七年三月三十一日及 二零一七年九月三十日亦無未行使購 股權。

SUBSTANTIAL SHAREHOLDERS

主要股東

As at 30 September 2017, 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，於二零一七年九月 三十日，以下人士（並非為本公司之董事 或最高行政人員）於本公司股本中擁有權 益。

		Percentage of
		issued share
	Number of	capital of
Name of shareholder	shares held	the Company
		佔本公司已發行
股東名稱	所持股份數目	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%

二零一七年中期業績報告 東方表行集團有限公司 27

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 30 September 2017, 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.

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 unaudited consolidated results of the Group for the six months ended 30 September, 2017 (the “Period”).

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 均被視為擁有 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，於二零一七年九月三十日，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。

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」）提呈本集團截至二零一七年 九月三十日止六個月（「本期間」）之未經審 核綜合業績。

28

Oriental Watch Holdings Limited Interim Report 2017

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論及分析 （續）

(Continued)

Group Results (Continued)

Hong Kong’s retail market has experienced an exponential growth during the first half of 2017, underpinned by robust local consumption due to stronger wealth effects and a further rebound in tourist numbers. Besides, the pressure on retail rents was easing down over the past few months; rental levels for prime street retail stores have mostly undergone adjustments. Overall, the business environment in Hong Kong has started to show signs of economic recovery, and the sales value of luxury goods has been increasing moderately. As a result, the Group’s turnover for the Period decreased by 2% to HK$1,508 million (2016: HK$1,545 million). Gross profit increased by 7% to HK$254 million (2016: HK$237 million) while gross profit margin increased to 17%. Moreover, the Group recorded a net profit attributable to owners of the Company of HK$46 million during the Period (2016: net profit of HK$4 million), achieving an excellent results in this financial period, it is mainly due to (1) the improvement in the Mainland China and Hong Kong watch retail markets and (2) the decrease in rental payment of some shops in Hong Kong during the Period.

To show our appreciation for shareholders’ continuous support, the Board has resolved to recommend an interim dividend of 2.0 HK cents per share (2016: 0.2 HK cents) for the six months ended 30 September 2017.

集團業績 （續）

於二零一七年上半年，由於強勁財富效應 及遊客人數進一步回升致令本地消費穩 健，帶動香港零售業錄得急速增長。此 外，於過去數月零售租金壓力回落，黃 金地段零售店租金水平大部份已作出調 整。整體而言，香港營商環境開始呈現 經濟復甦之勢，而奢侈品之銷售價正平 穩增長。因此，本集團於本期間之營業 額減少 2% 至 1,508,000,000 港元（二零 一六年：1,545,000,000 港元）。毛利增 加 7% 至 254,000,000 港元（二零一六年： 237,000,000 港元），而毛利率則增加至 17%。此外，本集團錄得本公司擁有人 應佔本期間純利為 46,000,000 港元（二零 一六年：純利 4,000,000 港元）。於本財政 期間錄得優秀業績主要由於在本期間內 (1) 由於中國大陸及香港鐘表零售市場有所改 善；及 (2) 香港若干店舖之租金款項減少。

為表達本集團對股東持續支持之謝意，董 事會已議決建議派發截至二零一七年九月 三十日止六個月之中期股息每股 2.0 港仙 （二零一六年：0.2 港仙）。

二零一七年中期業績報告 東方表行集團有限公司 29

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論及分析 （續）

(Continued)

Business Review

業務回顧

As at 30 September 2017, the Group operates 63 retail and wholesale points (including associate retail stores) in the Greater China region. Breakdown by geographic region is as follows:

於二零一七年九月三十日，本集團於大中 華地區經營 63 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 30 September 2017 於 二零一七年 九月三十日 12 1 47 3
	63

30 Oriental Watch Holdings Limited Interim Report 2017

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論及分析 （續）

(Continued)

Business Review (Continued)

According to the National Bureau of Statistics of China, the gross domestic product (“GDP”) climbs 1.7 percent quarter-on-quarter in the three months to September of 2017, which in line with market expectations and indicates that the general retail market in Greater China is on an upturn. The consumption sentiment of Chinese customers, who remain the Group’s major customer group, has been lifted by a positive wealth effect caused by rising property prices, narrower gaps between domestic and international prices as well as a curb on overseas purchases. Consumer confidence is picking up due to a greater sense of optimism regarding China’s economy, as well as the growing middle class, rising incomes and rapid urbanisation in China. As a leading watch retailer, the Group is poised to capitalise on opportunities arising from the recovery. As a result, the Group’s same-store-sales growth in China has also achieved a 14% increase during the Period. On the other hand, the retail market in Hong Kong has begun to turn up after having bottomed out and these have provided good preconditions for the Group’s development in Hong Kong. According to the monthly report on visitor arrival statistics by the Hong Kong Tourism Board, the number of Mainland tourists visiting Hong Kong has increased 7.2% in September when compared to the same period last year. Moreover, the consumer confidence has increased to 102 in the second quarter of 2017 from 93 in the fourth quarter of 2016. Most importantly, the stabilizing sales performance along with rent adjustment has also become one of the key drivers for the Group this year, which provided greater improvement in profitability with less rent burden suffered compared to the past few years. Oriental Watch, as a traditional luxury watches company in Hong Kong and Greater China, will therefore, closely monitor the market trends and seize any market opportunity in order to further solidify our leading position in the region.

業務回顧 （續）

根據中國國家統計局，國內生產總值（「國 內生產總值」）於二零一七年九月三個月按 季攀升 1.7 個百分比，符合市場預期並顯 示大中華地區之一般零售市場已見好轉。 本集團之主要客戶組別仍為中國客戶，因 樓價上漲、國內外價格差距收窄及海外採 購受到限制產生之正面財富影響，帶動其 消費意欲上升。由於對中國經濟前景持樂 觀看法、中產階層增長、收入增加及中國 加快城市化，消費者信心不斷提升。作為 領先的鐘錶零售商，本集團已作好準備把 握市埸復甦帶來的機遇。因此，於本期 間，本集團於中國之同店銷售亦錄得 14% 增長。另一方面，香港零售市場於谷底開 始反彈，並為本集團於香港發展提供良好 先決條件。根據香港旅遊發展局之訪港遊 客統計數字每月報告，與去年同期相比， 內地訪港遊客人次於九月上升 7.2%。再 者，消費者信心指數由二零一六年第四 季度之 93 上升至二零一七年第二季度之 102。最重要的是，穩定銷售表現及租金 調整亦為本集團於本年度主要動力之一， 與過去數年相比，較低租金負擔使本集團 可大幅增加盈利能力。東方表行作為在香 港及大中華地區之傳統名貴鐘錶公司，將 密切留意市場趨勢及把握任何市場機遇， 進一步鞏固其於區內之領先地位。

二零一七年中期業績報告 東方表行集團有限公司 31

MANAGEMENT DISCUSSION AND ANALYSIS

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管理層討論及分析 （續）
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(Continued)

Business Review (Continued)

For the implementation of stringent cost control, lowering high rental cost has been the Group’s priorities since 2014. Fortunately, the pressure on retail rent was easing down over the past year; the Group believed that positive outcomes have been reflecting. During the Period, the Group’s aggregate rental cost (excluding related property management fees) decreased significantly by 26% to HK$84 million, accounting for 36% of the Group’s overall operating expenses (2016: 45%). The Group has been successfully negotiate better rental rate and more flexible leasing terms for the lease renewal and hence lowered certain amount of rental cost. The favourable financial impact has been fully reflected in the fiscal year. In addition, regular internal assessment on the performance of all retail stores and closedown of high-rent yet non-performing stores are also the Group’s strategy for better resources allocation. The Group will continue to closely monitor the store performance and its efficiency and hope the above measures together with the rent adjustments can improve profitability of each store in the forthcoming years.

During the Period, the Group has employed policies on inventory management to ensure stable cashflow and healthy financial position. Policies included monitoring inventory level of high-ticket products and purchasing stocks only when existing inventory depletes to a preagreed level. With the hard work and determination from all staff, the Group’s inventory level has successfully been maintained at a reasonable level. As at 30 September 2017, the Group’s overall inventory level amounted to HK$1,151 million, decreasing by 10% from HK$1,276 million as at 30 March 2017. In the coming financial year, the Group will continue to maintain a lower inventory level for a steady cash position.

業務回顧 （續）

為實施嚴格的成本控制，降低高昂租金成 本自二零一四年來一直為本集團之首要工 作。幸而，零售租金壓力於去年回落，而 本集團相信正面成效已經逐步體現。於本 期間，本集團之總租金成本（不包括相關 物業管理費）大幅減少 26% 至 84,000,000 港元，佔本集團整體營運開支 36%（二零 一六年：45%）。本集團已為續租成功磋 商以取得更優惠租金及更靈活租賃條款， 並因此已減低租金成本之一定金額。利好 之財務影響將於本財政年度充份反映。此 外，定期對所有零售店業績進行內部評 估，並結束高租金卻無盈利之店舖，亦為 本集團更有效調配資源之措施。本集團將 繼續密切監察店舖業績及效率，並期望上 述措施連同租金調整於未來年度有助於提 升各店舖之盈利能力。

於本期間內，本集團已採取存貨管理政 策，以確保穩定現金流量及穩健財務狀 況。政策包括監察高價產品之存貨水平， 並僅在現有庫存消耗到預先商定之水平 時才進行庫存採購。經過全體員工的努 力及決心，本集團之庫存水平已經成功 地維持於合理水平。於二零一七年九月 三十日，本集團之總體庫存水平達到 1,151,000,000 港元，較二零一七年三月 三十日之 1,276,000,000 港元減少 10%。 本集團於未來財政年度將繼續維持較低之 庫存水平，以達致穩定現金狀況。

32 Oriental Watch Holdings Limited Interim Report 2017

MANAGEMENT DISCUSSION AND ANALYSIS

管理層討論及分析 （續）

(Continued)

Business Review (Continued)

Lastly, in terms of the overall Swiss watch exports value market from January to September in 2017, export value of Hong Kong and China increased by 4.1% and 17.2% respectively as compared with the same period in 2016, indicating that demand for luxury watches goes up. Looking ahead, the Group remains cautiously optimistic on the business outlook of the luxury goods market and expects retail sales in Hong Kong will hold stable amidst the sustained recovery in visitor arrivals and the resilience of local consumption demand. Leveraging on our prestigious brand image and long establishment history, the Group is ready to face the upcoming adversity, at the same time, to embrace different opportunities ahead and strive to maximize returns for our shareholders.

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

FINANCIAL REVIEW

Liquidity and financial resources

At 30 September 2017, the Group’s total equity reached HK$2,203 million, compared with HK$2,147 million as at 31 March 2017. The Group had net current assets of HK$1,918 million, including bank and cash balances of HK$864 million as at 30 September 2017 compared with balances of HK$1,855 million and HK$645 million respectively as at 31 March 2017. At 30 September 2017 bank loans of HK$85 million (31 March 2017: HK$111 million). At 30 September 2017, the gearing ratio (defined as total bank borrowing on total equity) was 0.04 (31 March, 2017: 0.05).

Management considers that financial position of the Group is healthy with adequate funds and unused banking facilities.

業務回顧 （續）

最後，在瑞士鐘錶於二零一七年一月至九 月之整體出口貨值市場上，與二零一六年 同期相比，香港及中國之出口貨值分別增 加 4.1% 及 17.2%，顯示名貴鐘錶需求上 升。展望未來，本集團對奢侈品市場之業 務前景持審慎樂觀態度，並預期在訪港遊 客持續回升及本地消費需求反彈下香港零 售銷售將維持穩定。憑藉享負盛名之品牌 形象及悠久歷史，本集團已準備就緒迎難 而上，同時亦把握各類機會，致力為股東 爭取最大回報。

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、忠誠及支 持。

財務回顧

流動資金及財務資源

於二零一七年九月三十日，本集團之權益總 額達2,203,000,000港元，而於二零一七年三 月三十一日則為2,147,000,000港元。於二零 一七年九月三十日，本集團之流動資產淨值 為1,918,000,000港元，包括864,000,000港 元之銀行及現金結餘，而於二零一七年三月 三十一日之結餘則分別為1,855,000,000港 元及645,000,000港元。於二零一七年九月 三十日，銀行貸款為85,000,000港元（二零 一七年三月三十一日：111,000,000港元）。 於二零一七年九月三十日，負債資產比率（定 義為銀行借貸總額除以權益總額）為0.04倍 （二零一七年三月三十一日：0.05倍）。

管理層認為本集團之財務狀況穩健，並具 備充裕資金及未動用銀行信貸。

二零一七年中期業績報告 東方表行集團有限公司 33

FINANCIAL REVIEW (Continued)

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.

STAFF AND EMPLOYMENT

As at 30 September 2017, the Group employed a total work force of about 590 staff. The staff turnover rate is low. The Group’s policy is to review its employee’s pay levels and incentive bonus.

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

During the six months ended 30 September 2017, neither the Company nor any of its subsidiaries had purchased, redeemed or sold any of the Company’s listed securities on the Stock Exchange of Hong Kong Limited.

CORPORATE GOVERNANCE

The Company is committed to the establishment of good governance practices and procedures. The Company has met the code provisions set out in the Corporate Governance Code (“CG Code”) in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”), throughout the six months ended 30 September 2017, except the deviation from the code provision A.4.1 of the CG Code.

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.

財務回顧 （續）

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。

僱員及聘用

於二零一七年九月三十日，本集團共招 聘約 590 名僱員。本集團之僱員流失率極 低。本集團之政策向來是檢討其僱員之薪 酬水平及獎勵花紅。

買賣或贖回本公司上市證券

截至二零一七年九月三十日止六個月內， 本公司或其任何附屬公司概無購買、贖回 或出售本公司於香港聯合交易所有限公司 上市之任何證券。

企業管治

本公司致力制定良好之企業管治常規及程 序。截至二零一七年九月三十日止六個月 內，本公司一直符合香港聯合交易所有限 公司證券上市規則（「上市規則」）附錄 14 所 載企業管治守則（「企業管治守則」）列載之 守則條文，惟偏離企業管治守則之守則條 文 A.4.1 者除外。

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。

34 Oriental Watch Holdings Limited Interim Report 2017

MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code set out in Appendix 10 of the Listing Rules as its own code of conduct regarding Directors’ securities transactions. Enquiry has been made with all Directors and all Directors have confirmed that they have complied with the required standard set out in the Model Code during the six months ended 30 September 2017.

AUDIT COMMITTEE

The Audit Committee comprises three independent nonexecutive directors of the Company. Terms of reference of the Audit Committee have been updated in compliance with the CG Code.

The Audit Committee, together with the management of the Company, have reviewed the accounting principles and practices adopted by the Group and discussed internal control and financial reporting matters including the review of unaudited consolidated financial statements for the six months ended 30 September 2017.

PUBLICATION OF INTERIM RESULTS AND DESPATCH OF INTERIM REPORT

The interim results announcement is published on the websites of The Stock Exchange of Hong Kong Limited at (www.hkex.com.hk) and the Company at (www. orientalwatch.com). The 2017 interim report containing all information required by the Listing Rules will be despatched to the Company’s shareholders and available on the above websites in the due course.

董事進行證券交易的標準守則

本公司已採納上市規則附錄 10 所載之標 準守則，作為其董事進行證券交易之操守 守則。本公司已向各董事作出查詢，並獲 各董事確認，彼等於截至二零一七年九月 三十日止六個月內一直遵守標準守則所載 之規定標準。

審核委員會

審核委員會由本公司三名獨立非執行董事 組成。審核委員會之職權範圍已按照企業 管治守則更新。

審核委員會（連同本公司管理層）已審閱本 集團所採用之會計原則及慣例，並已討論 有關內部監控及財務報告事宜，包括審閱 截至二零一七年九月三十日止六個月之未 審核綜合財務報表。

登載中期業績及寄發中期報告

中期業績公佈登載於香港聯合交易所有限 公司網站 (www.hkex.com.hk) 及本公司網 站 (www.orientalwatch.com)。載有上市規 則規定之一切資料之二零一七年中期報告 將於適當時候寄發予本公司股東並登載於 上述網站。

二零一七年中期業績報告 東方表行集團有限公司 35

MEMBERS OF THE BOARD OF DIRECTORS

As at the date of this report, the Board comprises Dr. Yeung Ming Biu, Mr. Yeung Him Kit, Dennis, Madam Yeung Man Yee, Shirley, Mr. Lam Hing Lun, Alain and Mr. Choi Kwok Yum as executive directors and Dr. Sun Ping Hsu, Samson, Dr. Li Sau Hung, Eddy and Mr. Choi Man Chau, Michael as independent non-executive directors.

By order of the Board Yeung Ming Biu Chairman

Hong Kong, 22 November 2017

董事會成員

於本報告日期，董事會成員包括執行董事 楊明標博士、楊衍傑先生、楊敏儀女士、 林慶麟先生及蔡國欽先生，以及獨立非執 行董事孫秉樞博士、李秀恒博士及蔡文洲 先生。

承董事會命 主席 楊明標

香港，二零一七年十一月二十二日

36

Oriental Watch Holdings Limited Interim Report 2017