Wang On Properties Limited - Annual Report 2021

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A PASSION FOR TOMORROW 見愛建明天 THE CORNERSTONE TO BUILD THE FUTURE 以愛為基石為未來建設

2021 ANNUAL REPORT 年報

宏安地產有限公司 二零二一年年報

CONTENTS 目錄

2 Corporate Information 公司資料
6 Financial Highlights 財務概要
8 Chief Executive Officer’s Statement 行政總裁報告
15 Management Discussion and Analysis 管理層討論及分析
27 Board of Directors and Senior Management 董事會及高級管理層
32 Corporate Governance Report 企業管治報告
60 Report of the Directors 董事會報告
76 Independent Auditor’s Report 獨立核數師報告
84 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表
86 Consolidated Statement of Financial Position 綜合財務狀況表
88 Consolidated Statement of Changes in Equity 綜合權益變動表
89 Consolidated Statement of Cash Flows 綜合現金流量表
91 Notes to Financial Statements 財務報表附註
219 Particulars of Key Properties 主要物業詳情
220 Five Year Financial Summary 五年財務概要

2 Wang On Properties Limited Annual Report 2021

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive Directors

Mr. Tang Ho Hong, Chief Executive Officer (Appointed as Chief Executive Officer on 8 February 2021) Ms. Ching Tak Won Teresa Ms. Wong Chin Han

Independent Non-executive Directors

Mr. Li Wing Sum, Steven Mr. Sung Tze Wah Sr Dr. Leung Tony Ka Tung

AUDIT COMMITTEE

Mr. Li Wing Sum Steven, Chairman Mr. Sung Tze Wah Sr Dr. Leung Tony Ka Tung

REMUNERATION COMMITTEE

Sr Dr. Leung Tony Ka Tung, Chairman Mr. Li Wing Sum Steven Mr. Sung Tze Wah Mr. Tang Ho Hong

NOMINATION COMMITTEE

Mr. Sung Tze Wah, Chairman (Appointed as Chairman on 8 February 2021) Mr. Li Wing Sum Steven Sr Dr. Leung Tony Ka Tung Mr. Tang Ho Hong

董事會

執行董事

鄧灝康先生，行政總裁（於二零二一年二月八日獲委任為行政總裁）程德韻女士黃靜嫻女士

獨立非執行董事

李永森先生宋梓華先生梁家棟博士測量師

審核委員會

李永森先生，主席宋梓華先生梁家棟博士測量師

薪酬委員會

梁家棟博士測量師，主席李永森先生宋梓華先生鄧灝康先生

提名委員會

宋梓華先生，主席（於二零二一年二月八日獲委任為主席）李永森先生梁家棟博士測量師鄧灝康先生

本年報之英文版與中文版本如有任何歧義或差異，概以英文版本為準。

In case of any inconsistency between the English text and Chinese translation of the annual report, the English text shall prevail.

宏安地產有限公司 二零二一年年報 3

CORPORATE INFORMATION (CONTINUED) 公司資料（續）

EXECUTIVE COMMITTEE

常務委員會

Mr. Tang Ho Hong, Chairman Ms. Ching Tak Won Teresa Ms. Wong Chin Han

鄧灝康先生，主席程德韻女士黃靜嫻女士

COMPANY SECRETARY

公司秘書

Ms. Wong Chin Han

黃靜嫻女士

AUTHORISED REPRESENTATIVES

授權代表

Mr. Tang Ho Hong (Appointed on 8 February 2021) Ms. Wong Chin Han

鄧灝康先生（於二零二一年二月八日獲委任）黃靜嫻女士

AUDITOR

核數師

Ernst & Young Certified Public Accountants Registered Public Interest Entity Auditor

安永會計師事務所執業會計師註冊公眾利益實體核數師

LEGAL ADVISERS

法律顧問

Reed Smith Richards Butler Mayer Brown Gallant

禮德齊伯禮律師行孖士打律師行何耀棣律師事務所

PRINCIPAL BANKERS

主要往來銀行

The Bank of East Asia, Limited Bank of Communications (Hong Kong) Limited China Construction Bank (Asia) Corporation Limited China Everbright Bank Co., Ltd Hang Seng Bank Limited The Hongkong and Shanghai Banking Corporation Limited

東亞銀行有限公司交通銀行（香港）有限公司中國建設銀行（亞洲）股份有限公司中國光大銀行股份有限公司恒生銀行有限公司香港上海滙豐銀行有限公司

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4 Wang On Properties Limited Annual Report 2021

CORPORATE INFORMATION (CONTINUED) 公司資料（續）

REGISTERED OFFICE

註冊辦事處

Clarendon House 2 Church Street Hamilton HM 11 Bermuda

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

香港總辦事處及主要營業地點

Suite 3201, 32/F., Skyline Tower 39 Wang Kwong Road Kowloon Bay Kowloon Hong Kong

香港九龍九龍灣宏光道39號宏天廣場32樓3201室

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN BERMUDA

百慕達股份過戶及轉讓登記總處

Conyers Corporate Services (Bermuda) Limited Clarendon House 2 Church Street Hamilton HM 11 Bermuda

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

香港股份過戶及轉讓登記分處

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

卓佳證券登記有限公司香港皇后大道東183號合和中心54樓

BOARD LOT

每手股數

4,000 shares

4,000股股份

宏安地產有限公司 二零二一年年報

CORPORATE INFORMATION (CONTINUED) 公司資料（續）

INVESTOR RELATIONS

投資者關係

Email : [email protected]

電郵：[email protected]

HOMEPAGE

網頁

www.woproperties.com

STOCK CODE

股份代號

1243

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1243

6 Wang On Properties Limited Annual Report 2021

FINANCIAL HIGHLIGHTS 財務概要

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Year Ended 31 March
截至三月三十一日止年度
2021 2020
二零二一年二零二零年
Revenue 收入 HK$314.8 million HK$2,372.1 million
314.8百萬港元 2,372.1百萬港元
Profit attributable to owners of the parent 母公司擁有人應佔溢利 HK$466.7 million HK$457.3 million
466.7百萬港元 457.3百萬港元
Basic earnings per share 每股基本盈利 HK3.07 cents HK3.01 cents
3.07港仙 3.01港仙
Year Ended 31 March
截至三月三十一日止年度
2021 2020
二零二一年二零二零年
Total assets 總資產 HK$10,203.1 million HK$8,738.4 million
10,203.1百萬港元 8,738.4百萬港元
Net assets 資產淨值 HK$5,034.3 million HK$4,715.9 million
5,034.3百萬港元 4,715.9百萬港元
Net asset value per share 每股資產淨值 HK$0.33 HK$0.31
0.33港元 0.31港元
Gearing ratio 負債比率 77.1% 53.9%
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REVENUE 收入

HK$ million 百萬港元

PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT 母公司擁有人應佔溢利 HK$ million 百萬港元

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3,000 2,831.8
2,500 2,372.1
2,000
1,500 1,351.8
1,000
500
314.8
152.4
0
2017 2018 2019 2020 2021
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2,000
1,808.5
1,500
1,000
500.3
500 457.3 466.7
38.8
0
2017 2018 2019 2020 2021
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宏安地產有限公司 二零二一年年報

FINANCIAL HIGHLIGHTS (CONTINUED) 財務概要（續）

ASSETS EMPLOYED 所用資產 As at 31 March 2021 於二零二一年三月三十一日

CAPITAL AND LIABILITIES 資本及負債

As at 31 March 2021 於二零二一年三月三十一日

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Property
77.4% Development
Property 物業發展
Investment 9.1%
物業投資
Cash and
Corporate Assets
現金及
公司資產
13.5%
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Other Liabilities and
Non-controlling Interests 2.8% 49.2% Capital
其他負債及非控制權益 and Reserve
資本及儲備
Bank and
Other Borrowings 48.0%
銀行及其他借貸
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EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

母公司擁有人應佔權益 HK$ million 百萬港元

GEARING RATIO 負債比率 Percentage 百分比

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6,000
5,000 4,673.3 5,023.3
4,461.4
4,059.7
4,000
3,000
2,403.4
2,000
1,000
0
2017 2018 2019 2020 2021
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80 77.1
60.7
60
53.9
44.2
41.0
40
20
0
2017 2018 2019 2020 2021
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Wang On Properties Limited Annual Report 2021

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) CHIEF EXECUTIVE OFFICER'S 行政總裁報告（續） STATEMENT 行政總裁報告

宏安地產有限公司 二零二一年年報 9

CHIEF EXECUTIVE OFFICER’S STATEMENT 行政總裁報告

DEAR SHAREHOLDERS,

致各位股東：

On behalf of the board of directors of Wang On Properties Limited (the “ Company ”, together with its subsidiaries, the “ Group ”), I am pleased to present the annual results of the Group for the year ended 31 March 2021 (the “ Financial Year ”).

本人謹代表Wang On Properties Limited宏安地產有限公司（「 本公司 」，連同其附屬公司，統稱「 本集團 」）董事會，欣然提呈本集團截至二零二一年三月三十一日止（「 本財政年度 」）之全年業績。

PERFORMANCE REVIEW

業績回顧

Under the challenges of COVID-19 pandemic, the global and local economies have been adversely affected in varying degrees. The Group continues to monitor and balance its real estate development and investment strategies for achieving stable business performance. For the Financial Year, the Group’s revenue and profit attributable to shareholders amounted to approximately HK$314.8 million and HK$466.7 million, respectively. The profit amongst was mainly attributable to the completion and delivery of jointly developed property projects, “maya” in Yau Tong and “Altissimo” in Ma On Shan. The Group actively replenished its land bank with approximately 228,000 square feet of the aggregate gross floor area.

新冠疫情肆虐，全球經濟及本港經濟均受到不同程度影響。本集團持續監察及平衡其地產發展及投資策略，以達致業務表現平穩。於本財政年度，本集團之收入及股東應佔溢利分別約為 314,800,000港元及466,700,000港元，當中溢利主要來自共同發展物業項目油塘的「maya曦臺」及馬鞍山「泓碧」之竣工及交付。於本財政年度，本集團積極補充土地儲備，增加土地儲備總建築面積約228,000平方呎。

In terms of the Group’s commercial property, it includes our wholly-owned “LADDER Dundas” at No. 575-575A Nathan Road in Mongkok, retail podiums of “Lake Silver” in Wu Kai Sha and “The Parkside” in Tseung Kwan O which partnered with an investment fund.

本集團旗下商業物業方面，包括旗下全資擁有的旺角彌敦道575-575A號「LADDER Dundas」、以及與投資基金合營的烏溪沙「銀湖•天峰」商場以及將軍澳「The Parkside」商場等項目。

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Year ended 31 March
截至三月三十一日止年度
2021 2020 2019
二零二一年二零二零年二零一九年
Gross revenue for the year 年度總收入 HK$314.8 million HK$2,372.1 million HK$2,831.8 million
314.8百萬港元 2,372.1百萬港元 2,831.8百萬港元
Profit attributable to the owners 母公司擁有人應佔溢利 HK$466.7 million HK$457.3 million HK$500.3 million
of the parent 466.7百萬港元 457.3百萬港元 500.3百萬港元
Gross contract sales 合約銷售金額 HK$2,572.9 million HK$3,735.6 million HK$3,553.9 million
2,572.9百萬港元 3,735.6百萬港元 3,553.9百萬港元
Average price per square feet 平均呎價 HK$24,517 HK$19,454 HK$18,107
24,517 港元 19,454港元 18,107港元
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10 Wang On Properties Limited Annual Report 2021

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

Residential Property Development

住宅物業發展

The Group has placed emphasis on branding and quality for residential development, endeavoring to offer homebuyers quality dream home with high practicality. In 2010, the Group successfully launched “The Met.”, a boutique residential brand series, which have been much sought after by single people, branch families and young homebuyers. To celebrate the 10[th] anniversary of the brand in 2021, the Group upgrades the brand and will launch “ The Met. Azure ”, a boutique residential project at No. 8 Liu To Road, Tsing Yi, it is expected to be well-received by homebuyers. The Group has incorporated trendy designs and provided clubhouse facilities such as glamping area, gamelab, etc. in “The Met. Azure” project. The project offers 320 residential units, most of which are studio apartments with a saleable area of approximately 200 square feet. and 3.5 meters floor head-room, meeting the needs of the branch families in the neighborhood and the young homebuyers.

本集團住宅發展項目著重品牌及質量，致力為置業者打造優質及高實用性之理想居所。本集團於二零一零年成功打造「The Met.」精品住宅品牌系列，品牌自推出以來一直深受單身人士、分支家庭及年輕置業者歡迎。踏入二零二一年，適逢品牌系列推出的十周年，本集團於將推出品牌之提升版「 The Met. Azure薈藍 」（青衣寮肚路8號）精品住宅項目，預期將再獲置業者追捧。本集團於「The Met. Azure薈藍」項目，採用了時尚的設計及提供如豪華露營區和遊戲實驗室等會所設施，項目提供320伙分層住宅單位，主打實用面積約 200 平方呎、設有 3.5 米特高樓底的開放式精品戶，迎合區內分支家庭及年輕置業者需要。

To suit varying needs of different homebuyers, the Group has launched a luxury residential brand series “ NOUVELLE ” in recent years, developing mid-size quality apartments. The Group together with CIFI Holdings (Group) Co. Ltd. (“ CIFI ”) has developed “maya” at No. 8 Shung Shan Street and No. 15 Sze Shan Street, Yau Tong, which was officially delivered in the last quarter of 2020. An aggregate of 294 units of “maya” were sold with contracted sales of approximately HK$3.6 billion as at the date of the annual report. The Group owns 50% interest in the development project.

為迎合不同置業者需要，本集團近年打造了豪宅品牌「 NOUVELLE 」系列，以發展中型的優質住宅單位。當中本集團與旭輝控股（集團）有限公司（「旭輝」）共同發展的油塘「maya曦臺」（油塘崇山街8號及四山街15號），住宅單位於二零二零年第四季已正式交付，物業年內的銷情持續，直至本年報日期，「maya曦臺」已售出單位294伙，已訂約銷售金額約3,600,000,000港元。本集團擁有該發展項目的50%權益。

Besides, the “Altissimo” in Pak Shek at No. 11 Yiu Sha Road, Ma On Shan, which the Group co-developed with Country Garden Holdings Company Limited and China State Construction International Holdings Limited. The property project was delivered in the Financial Year, an aggregate of 505 units were sold with contracted sales of approximately HK$5.3 billion as at the date of the annual report. The Group owns 40% interest in the property development project.

另外，本集團與碧桂園控股有限公司及中國建築國際集團有限公司共同發展、位於白石的「Altissimo泓碧」（位於馬鞍山耀沙路11號），物業已於本財政年度進行交付，直至本年報日期，項目共售出505個單位，已訂約銷售金額約港幣 5,300,000,000港元。本集團擁有該物業發展項目的40%權益。

宏安地產有限公司 二零二一年年報

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

Land Bank

土地儲備

For long-term development of its business, the Group is always committed to building up its land bank by way of bidding for government land and project acquisitions, favouring sites with convenient transportation and comprehensive community facilities.

為長遠業務發展，本集團一直積極參與投標政府出售之土地及透過項目收購，以增加土地儲備，並以交通方便和區內配套完善的地皮作為首選。

In the Financial Year, the Group and CIFI have repeatedly cooperated to acquire the entire equity interest of No. 101 and No. 111, King’s Road in Fortress Hill, Hong Kong at a total consideration of HK$1.88 billion. The Group owns 40% interest in the development project.

於本財政年度，本集團與旭輝再度合作，以總代價港幣1,880,000,000港元成功收購位於香港炮台山英皇道101號及111號之全部權益，本集團擁有該發展項目的40%權益。

In addition, through old building acquisition, the Group has successfully acquired the sites located at 50-62 Larch Street and 6-8 Lime Street, Tai Kok Tsui and Nos. 120-126, Main Street, Ap Lei Chau. The Group keeps exploring potential redevelopment projects to restock land banks and is currently in possession of three projects with over 80% ownership secured.

此外，本集團通過收購舊樓，成功收購大角咀洋松街 50-62 號、菩提街 6-8 號及鴨脷洲大街 120126號地盤。本集團不斷探索潛在的重建項目以補充土地儲備，目前擁有三個擁有超過80%權益的項目。

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12 Wang On Properties Limited Annual Report 2021

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

Project name	項目名稱	項目名稱	Interest attributable to the Group 本集團應佔權益	Approximate gross floor area 概約建總建築面積 (square feet) （平方呎）

The Met. Azure	薈藍		100%	90,000
Nos.120-126, Main Street, Ap Lei Chau	鴨脷洲大街120-126號		100%	37,100
No. 101 and No. 111, King’s Road,	炮台山英皇道101及111號		40%	129,400
Fortress Hill
Nos. 86A-86D Pokfulam Road	薄扶林道86A-86D		70%	28,500
50-62 Larch Street and 6-8 Lime Street,	大角咀洋松街50-62號及		100%	61,500
Tai Kok Tsui		菩提街6-8號
Redevelopment projects with over 80%	持超過80%擁有權的		100%	175,000
ownerships		重建項目
Total	總共			521,500

Asset Management

資產管理

With the theme of multi-storey Ginza type commercial complexes, the Group established the “LADDER” brand. LADDER Dundas, a trendy commercial building located at Nos. 575-575A Nathan Road, has become an iconic building in Mong Kok. The Group also invested in shops and office building to secure the recurring income.

本集團以銀座式多層商廈為主題建立「LADDER」品牌。位於旺角彌敦道575-575A號之潮流商廈項目「LADDER Dundas」，成功打造成為旺角區地標。本集團亦有投資商舖及寫字樓以獲取經常性收入。

Through the asset-light strategy, the Group has also cooperated with business partners to bring the Group’s brand advantages and commercial asset management expertise into full play, so as to vigorously develop commercial properties and speed up capital circulation. Partnered with Kohlberg Kravis Roberts & Co. L.P. (“ KKR ”), one of the largest investment companies in the United States, the Group invested and operated two retail podiums, ”Lake Silver” and “The Parkside”. Each of the Group and KKR owns 50% equity interests in these two projects. As at the date of this annual report, the occupancy rates of these two projects are 100% and over 85% respectively.

本集團亦透過輕資產策略，與合作夥伴合作，發揮本集團的品牌優勢和商業資產管理專長，積極發展民生商用物業，加快資金循環。本集團與美國最大的投資公司之一Kohlberg Kravis Roberts & Co. L.P.（「 KKR 」）合作，投資及經營「銀湖 • 天峰」及「The Parkside」兩個零售商場項目。本集團與KKR各持兩個項目之50%權益，於本年報日期，兩個項目已分別出租了100%及逾85%之出租樓面。

宏安地產有限公司 二零二一年年報

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

The Group continues to seek suitable property investment opportunities in community, so as to increase rental income by diversifying business segment. During the year, the Group acquired a property project with huge potential and much attention drawn in the market, namely the Parkville which is located at Ground Floor and 1[st] Floor, No. 88, Tuen Mun Heung Sze Wui Road, Tuen Mun. The Parkville project is our third local commercial podium which will be refurbished and upgraded for the needs of the local neighborhood. Such project is at the city center of Tuen Mun with excellent transport links. The Group currently owns 50% equity interests in this project.

本集團繼續在民生區尋找合適物業投資機會，拓展不同發展模版以增加租金收入。年內，本集團收購極具發展潛力及備受市場關注的天生樓（位於屯門鄉事會路88號地下及一樓），作為發展民生商用物業的第三個項目，天生樓將會翻新升級以切合區內民生需要。項目位於屯門市中心，交通便捷，本集團現時擁有該項目的50%權益。

The Group has also started building up treasury investment portfolio by investing in bonds and funds. The investment strategy and portfolio is cautiously monitored by the Group.

本集團亦已開始投資債券及基金，逐步建立其庫務投資組合。本集團審慎監察有關投資策略及組合。

OUTLOOK

展望

In view of the general performance of the global economy, market uncertainties remain as COVID-19 pandemic is still very fluid. Under the epidemic, buyers pay more attention to life and health. The residential projects developed by the Group keep pace with the times, and will continue to use ingenuity in design. With the current trend of increasingly mature technology, the Group will also focus on the design and infusion of smart home facilities when building residential projects to enhance the quality of life of buyers. We expect that after the epidemic, the economic environment of Hong Kong will stabilize. The Group will pay close attention to changes in the overall environment, keep optimistic outlook but be ready for adversity and capture market opportunities. In response to changes in the market, the Group will strive for shareholders’ solid returns.

總觀環球經濟表現，以及新冠疫情仍然反覆，令市場存在不確定性。疫情下買家對生活及健康更為注重，本集團發展的住宅項目與時並進，於設計上會繼續巧花心思。在現今科技日漸成熟趨勢下，本集團打造住宅項目時也會著重設計及注入智能家居的設施，以提升買家生活質素。我們預期疫情過後，本港經濟環境將會回穩。本集團會密切留意大環境變化，持盈保泰，捕捉市場機遇，並會因應市場變化，為股東爭取堅實回報。

GIVING BACK TO COMMUNITY

回饋社會

The Group is active in giving back to our communities and fulfilling our corporate social responsibility amid the severe pandemic, while protecting its shareholders’ values. For years, the Group has been supporting social welfare organizations to address the needs of underprivileged groups. In respect of elderly-care, the Group partnered with Wai Yuen Tong Medicine Holdings Limited in 2020 to offer over 1,200 mooncakes from Chi Lin Nunnery to residential care homes for the elderly under Tung Wah Group of Hospitals, sharing love and care to them. Also, the Group paid visits to lowincome families and seniors, offering those in need blessing of rice and anti-pandemic supplies, caring for the socially disadvantaged groups.

在嚴峻的疫情中，本集團在維護股東價值同時，亦積極回饋社會，履行企業社會責任。本集團多年來支援各界社福機構，扶助弱勢社群的需要，關懷社區。在關懷長者方面，去年本集團與位元堂藥業控股有限公司愛心攜手，向東華三院安老院舍長者送贈超過1,200個志蓮淨苑中秋福餅，略盡棉力為一眾長者們發放正能量。此外，本集團於年內探訪深水埗低收入家庭及長者戶，為有需要人士發揚關愛精神，派發福米及防疫物資，讓弱勢社群感受溫暖。

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14 Wang On Properties Limited Annual Report 2021

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

For supporting education, the Group has established Academic Excellence Scholarship for Students of the Hang Seng University of Hong Kong to recognize and honor academically outstanding students and encourage them to keep on learning hard, wishing benefited students to give back to community with gratitude. During the year, the Group joined “Project WeCan”, so as to empower those secondary school students who participate the plan with opportunities, as well as nurture their confidence and inspire them in their life planning through programmes that will engage them through appropriate programmes, so as to better equip them for further studies and career in the future.

提倡教育方面，本集團向香港恒生大學成績優異的學生設立獎學金，以表揚表現傑出的學生及鼓勵他們努力學習，期盼受惠學生將來懷著一顆感恩的心回饋社會。本年度本集團透過參加「Project WeCan學校起動」計劃，為參與計劃的中學生提供各種機會，並透過適切的項目，培育他們建立自信心，啟發他們規劃人生，為日後升學及就業作好準備。

At merely 8 degrees Celsius on new year’s eve in 2020, the Group offered 250 fleece blankets in total to subdivided unit households and elderly homes to act on our corporate vision of “The Cornerstone To Build the Future; A Passion for Tomorrow”, sharing a passion with Hong Kong citizens for tomorrow. This year, in order to welcome the Lunar New Year, the Group has mobilized its staff members to participate in Po Leung Kuk CNY Charity Walk along Shing Mun River in Shatin for Po Leung Kuk’s fund raising.

二零二零年大除夕當日市區只有8度，本集團向劏房戶長者家庭派發合共250張毛氈，以行動實現「以愛為基石，為未來建設」的企業願景，與香港市民一起見愛•建明天。今年為迎接農曆新年的到來，本集團動員參加由保良局主辦「新春行大運」慈善步行籌款活動，並贊助保良局推介「悠遊漫步城門河」路線，完成城門河段的步行籌款。

APPRECIATION

鳴謝

The Group has been focusing on its core real estate business, and will adopt a more prudent approach towards business development and financial policies in such challenging circumstances amid uncertainty during the COVID-19 pandemic. Last but not least, I would like to extend my appreciation to all staff members for their dedicated efforts and devoted service, I do hope we could ride out difficult times together and strive to grow for a better future.

本集團專注於地產核心業務，在當前充滿挑戰及疫情發展的不確定因素下，我們會採取更審慎的發展方針及財務政策。最後，本人謹藉此機會，感謝員工年內之努力不懈與竭誠服務，盼望我們攜手並肩，共渡時艱，把握今天，展望未來。

Mr. Tang Ho Hong

Executive Director and Chief Executive Officer Hong Kong, 28 June 2021

執行董事及行政總裁 鄧灝康先生 香港，二零二一年六月二十八日

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

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16 Wang On Properties Limited Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

FINANCIAL RESULTS

財務業績

For the financial year ended 31 March 2021, the Group’s revenue and profit attributable to owners of the parent amounted to approximately HK$314.8 million (2020: approximately HK$2,372.1 million) and approximately HK$466.7 million (2020: approximately HK$457.3 million), respectively. The profit for the year was mainly attributable to the completion and delivery of jointly developed property projects and share of profits recognized from joint ventures. In the last financial year, the revenue and profit was mainly contributed by a wholly owned property development project, The Met. Acappella .

截至二零二一年三月三十一日止財政年度，本集團之收入及母公司擁有人應佔溢利分別約為 314,800,000 港元（二零二零年：約 2,372,100,000港元）及約為466,700,000港元（二零二零年：約457,300,000港元）。本年度溢利主要來自共同發展物業項目之竣工及交付以及應佔合營企業之溢利。於上個財政年度，收入及溢利主要來自一個全資擁有的物業發展項目薈蕎。

DIVIDEND

股息

The Board has recommended the payment of a final dividend of HK0.74 cent (2020: a final dividend of HK0.72 cent) per ordinary share for the year ended 31 March 2021 to shareholders whose names appear on the register of members of the Company as of Friday, 3 September 2021. The final dividend will be paid on or around Tuesday, 14 September 2021, subject to shareholders’ approval at the forthcoming annual general meeting of the Company to be held on Wednesday, 25 August 2021.

董事會建議向截至二零二一年九月三日（星期五）名列本公司股東名冊之股東派付截至二零二一年三月三十一日止年度之末期股息每股普通股0.74 港仙（二零二零年：末期股息0.72港仙）。末期股息將於二零二一年九月十四日（星期二）或前後派付，惟須待股東於本公司擬定於二零二一年八月二十五日（星期三）舉行之應屆股東週年大會上批准後方可作實。

BUSINESS REVIEW

業務回顧

Property Development

物業發展

Revenue recognized in this business segment during the year amounted to approximately HK$301.3 million (2020: approximately HK$2,369.6 million) which was mainly attributable to the delivery of the remaining stocks of The Met. Acappella .

年內，此業務分類已確認收入約為301,300,000 港元（二零二零年：約2,369,600,000港元），主要歸因於薈蕎餘下庫存之交付。

In the second half of financial year 2021, two joint venture projects, namely maya and Altissimo were completed and handed over to buyers, and net profit of approximately HK$569.1 million was recognized.

於二零二一年財政年度下半年，兩項合資項目（即 maya曦臺 及 Altissimo泓碧 ）已竣工及交付予買方，並確認淨溢利約569,100,000港元。

“ maya ”, which is located on No. 8 Shung Shan Street and No. 15 Sze Shan Street in Yau Tong was developed by the Group together with CIFI Holdings (Group) Co. Ltd (“ CIFI ”). As at the date of this report, 294 out of 326 units have been sold and 269 units were handed over to buyers, and the aggregate contracted sales of the units sold and delivered amounted to approximately HK$3.6 billion and approximately HK$3.2 billion, respectively. The Group owns 50% equity interest in this development project and is responsible for project management.

位於油塘崇山街8號及四山街15號之「 maya曦臺 」乃為本集團與旭輝控股（集團）有限公司（「旭輝」）合作發展。於本報告日期，326個單位中，294 個單位已售出，而269個單位已交付予買家，已售及已交付單位的累計已訂約銷售金額分別為約 3,600,000,000港元及約3,200,000,000港元。本集團於該發展項目擁有50%權益，並負責項目管理。

宏安地產有限公司 二零二一年年報 17

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

The Group’s Whitehead project (No.11 Yiu Sha Road, Ma On Shan), “ Altissimo ”, is co-developed with Country Garden Holdings Company Limited and China State Construction International Holdings Limited, and has been delivered to buyers in the fourth quarter of 2020. As at the date of this report, 505 of the 547 units have been sold and 474 units were handed over to buyers, and the aggregate contracted sales of the units sold and delivered amounted to approximately HK$5.3 billion and approximately HK$4.4 billion, respectively. The Group owns 40% equity interest in this development project.

本集團與碧桂園控股有限公司及中國建築國際集團有限公司共同發展的白石項目（馬鞍山耀沙路 11號）「 Altissimo泓碧 」，已於二零二零年第四季度交付予買方。於本報告日期，547個單位中， 505個單位已售出，而474個單位已交付予買家，已售出單位及已交付單位的累計已訂約銷售金額分別為約5,300,000,000港元及約4,400,000,000 港元。本集團於該發展項目擁有40%權益。

The new “ The Met. ” project located at the junction of Liu To Road and Hang Mei Street, Tsing Yi (Tsing Yi Town Lot No. 192) was formally named as The Met. Azure in May 2021. The project has a site area of approximately 14,400 square feet with an expected total permitted residential floor area of approximately 80,000 square feet. It is situated in an easy-accessed location, within only a several-minutes ride from the Tsing Yi MTR Station, and is also connected with major highways, including the Tsing Ma Bridge, the Tai Lam Tunnel, and the Ting Kau Bridge of Tuen Mun Road. The Met. Azure has a low-density design with a total of 320 units. Approximately 80% of the units are studio flats and the others are one-bedroom and special units. The Group believes The Met. Azure can meet different demands of single people, young families, and investors. It is expected that the pre-sale will be taken place in the third quarter this year.

「 The Met. 」系列的新項目（位於青衣寮肚路與亨美街交界（青衣市地段第192號））於二零二一年五月正式命名為薈藍。該項目佔地約14,400平方呎，預計可建總住宅樓面面積約80,000平方呎。其地點交通便利，距離青衣鐵路站僅數分鐘車程，亦連接主要高速公路，包括青馬大橋、連接大欖隧道及屯門公路的汀九橋。薈藍採用低密度設計，共有320個單位。約80%的單位為開放式設計，其他屬一房及特色單位。本集團相信薈藍可以滿足單身人士、年輕家庭及投資者的不同需求。預期將於本年度第三季度進行預售。

In January 2021, the Group has successfully completed the acquisition of the site located at 50-62 Larch Street and 6-8 Lime Street Tai Kok Tsui through compulsory sales. The gross floor area is approximately 61,500 square feet and the site is currently under demolition work.

於二零二一年一月，本集團已成功透過強制售賣完成收購位於大角咀洋松街50-62號及菩提街6-8 號的地盤。總樓面面積約為61,500平方呎，該地盤現正進行拆卸工程。

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18 Wang On Properties Limited Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

In October 2020, the Group and CIFI formed a new joint venture group (the “ JV Group ”), in which CIFI and the Group own 60% and 40% equity interest, respectively. The JV Group has acquired 101 and 111 King’s Road, Fortress Hill for a total sum of HK$1.88 billion. The total site area is approximately 12,400 square feet. Situated between North Point commercial area and Victoria Park in Causeway Bay, the sites of King’s Road are positioned at a convenient location within only a few minutes’ walk to Fortress Hill MTR Station. The sites are planned to be redeveloped into a residential project with commercial space. Demolition work is expected to be commenced in year end.

於二零二零年十月，本集團與旭輝成立新合營集團（「 合營集團 」），旭輝及本集團分別擁有60%及 40%的權益。合營集團以總額1,880,000,000港元收購炮台山英皇道101及111號。總地盤面積約 12,400平方呎。英皇道地盤位於北角商業區及銅鑼灣維多利亞公園之間，位置便利，距離港鐵炮台山站僅須步行數分鐘。地盤計劃重新發展為具有商業空間的住宅項目。拆卸工程預期將於年末開展。

In July 2020, the Group successfully acquired a new redevelopment site in Ap Lei Chau (Nos.120–126, Main Street, Ap Lei Chau). The site is adjacent to MTR Lei Tung Station with convenient and fast access to the South Island Line which travels to and from central business districts in Hong Kong and Kowloon. The total attributable gross floor area upon redevelopment is approximately 37,100 square feet. Foundation work is currently undergoing at the site.

於二零二零年七月，本集團成功收購位於鴨脷洲（鴨脷洲大街120–126號）的新重建地盤。該地盤毗鄰港鐵利東站，鄰近往返港九中央商業區的南港島線。重建後的應佔總樓面面積約37,100平方呎。該地盤現正進行地基工程。

In April 2018, an indirect non wholly-owned subsidiary of the Group, has completed the acquisition of all the 16 properties located at Nos.86A–86D Pokfulam Road, Hong Kong. The site is located at a traditional luxury residential area with easy access to Central. It will be redeveloped into luxurious properties and is undergoing the foundation works. The Group owns 70% equity interest in this property development project.

於二零一八年四月，本集團之一間間接非全資附屬公司完成位於香港薄扶林道86A–86D號全部16 項物業之收購。該地盤位於一個傳統的豪宅區，可輕鬆往返中環。該地盤將重新發展為豪華洋房，現正進行地基工程。本集團於該物業發展項目擁有70%權益。

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宏安地產有限公司 二零二一年年報 19

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

As at 28 June 2021 (i.e. the date of this report), the Group’s development land portfolio is as follows:

於二零二一年六月二十八日（即本報告日期），本集團之發展用地組合如下：

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

Approximate Anticipated Interest
Approximate gross floor year of attributable
Location site area area Intended usage completion to the Group
概約地盤概約預期竣工本集團
地點面積總建築面積擬定用途年度應佔權益
(Square feet) (Square feet)
（平方呎）（平方呎）
----- End of picture text -----

86A – 86D Pokfulam Road	28,500	28,500	Residential	2023	70%
薄扶林道86A–86D號			住宅
Junction of Liu To Road and	14,400	90,000	Residential and Commercial	2022	100%
Hang Mei Street			住宅及商業
(Tsing Yi Town Lot No. 192)
寮肚路與亨美街交界
（青衣市地段第192號）
Nos. 120-126 Main Street,	3,600	37,100	Residential and Commercial	2023	100%
Ap Lei Chau			住宅及商業
鴨脷洲大街120–126號
50-62 Larch Street and	6,800	61,500	Residential and Commercial	2024	100%
6-8 Lime Street, Tai Kok Tsui			住宅及商業
大角咀洋松街50-62號及
菩提街6-8號
101 and 111, King’s Road	12,400	129,400	Residential and Commercial	2025	40%
英皇道101及111號			住宅及商業

The Group is currently in possession of three urban redevelopment projects with over 80% ownerships secured. Applications to the court are being made in respect of all these projects for compulsory sale orders under the Land (Compulsory Sale for Redevelopment) Ordinance (Chapter 545 of the Laws of Hong Kong). In the event that no court order is granted, the Group may not be able to complete the consolidation of the ownership for redevelopment. Redevelopment can only be implemented upon acquisition of the full ownership of the relevant projects. The total attributable gross floor area upon redevelopment is approximately 175,000 square feet.

本集團目前擁有三個市區重建項目，已取得超過 80%的業權。所有有關項目均正根據香港法例第 545章《土地（為重新發展而強制售賣）條例》向法院提出申請強制出售令。倘並無授出法院頒令，本集團或無法完成鞏固業權以供重新發展。重新發展只能在取得相關項目的全部業權後進行。重新發展後的應佔總樓面面積約175,000平方呎。

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20 Wang On Properties Limited Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

Property Investment

物業投資

As at 31 March 2021, the Group’s portfolio of investment properties comprised of commercial and industrial units located in Hong Kong with a total carrying value of approximately HK$571.2 million (31 March 2020: approximately HK$654.1 million).

於二零二一年三月三十一日，本集團之投資物業組合包括位於香港之商用及工業用單位，賬面總值約為571,200,000港元（二零二零年三月三十一日：約654,100,000港元）。

During the reporting year, the Group received gross rental income of approximately HK$13.5 million (2020: approximately HK$3.7 million), representing an increase of approximately HK$9.8 million over last year. The increase in gross rental income was primarily attributable to new leases entered into with tenants and completion of rent-free period during the reporting year.

於本報告年度，本集團收取之總租金收入約為 13,500,000 港元（二零二零年：約 3,700,000 港元），較去年增加約9,800,000港元。總租金收入增加主要由於與租戶訂立新租約及免租期於本報告年度結束所致。

The Group has partnered with KKR to own two commercial accommodations, known as “ Lake Silver ” located at No. 599 Sai Sha Road, Ma On Shan, Sha Tin, New Territories, Hong Kong and “ The Parkside ” located at No.18 Tong Chun Street, Tseung Kwan O, New Territories, Hong Kong. The Group has 50% equity interest in each project. The Group has refurbished the property, improved the tenant mix and enhanced the rental yield. As at the date of this report, Lake Silver is fully let and The Parkside gets an occupancy rate over 85%.

本集團與KKR合作，擁有兩項商業處所，即位於香港新界沙田馬鞍山西沙路599號的「 銀湖 • 天峰 」及位於香港新界將軍澳唐俊街18號的「 The Parkside 」。本集團於各項目擁有50%權益。本集團已翻新該物業、改善租戶組合及提高租金回報。於本報告日期，「 銀湖 • 天峰 」已全部租出，「 The Parkside 」的出租率超過85%。

On 30 March 2021, the Group and an independent third party (the “ Parkville Partner ”) formed a new joint venture group (the “ Parkville JV ”), in which the Group owns 50%. The Parkville JV has entered into a preliminary agreement for sale and purchase on the same date (the “ Acquisition ”) with an independent third party in respect of 11 shop units and certain lift, lift lobby(ies) and staircase(s) on the ground floor and first floor of THE PARKVILLE , No.88 Tuen Mun Heung Sze Wui Road, Tuen Mun, New Territories for a consideration of HK$300.0 million. On 21 June 2021, the Group and the Parkville Partner entered into a supplemental binding term sheet with two independent third parties (the “ New Investors ”). Subject to the completion of the Acquisition and bank consent, the shareholdings of the Group, the Parkville Partner and the New Investors will become 64%, 30% and 6%, respectively. The Acquisition was completed on 25 June 2021. Details of the transaction were set out in the joint announcement published by the Company and Wang On Group Limited (“ WOG ”) dated 30 March 2021 and 21 June 2021.

於二零二一年三月三十日，本集團與一名獨立第三方（「 天生樓夥伴 」）成立新合營集團（「 天生樓合營企業 」），當中本集團擁有50%權益。天生樓合營企業與一名獨立第三方於同日就新界屯門屯門鄉事會路88號天生樓地下及一樓之11個舖位及若干升降機、升降機大堂及樓梯訂立初步買賣協議（「 收購事項 」），代價為300,000,000港元。於二零二一年六月二十一日，本集團及天生樓夥伴與兩名獨立第三方（「 新投資者 」）簽訂具約束力的補充條款說明書。待收購事項完成及銀行同意後，本集團、天生樓夥伴及新投資者的股權將分別為 64%、30%及6%。收購事項於二零二一年六月二十五日完成。交易之詳情載於本公司及宏安集團有限公司（「宏安」）刊發日期為二零二一年三月三十日及二零二一年六月二十一日的聯合公佈。

宏安地產有限公司 二零二一年年報 21

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

The Group will keep looking for opportunities to expand its investment properties portfolio through both self-acquisition and strategic partnership. By utilizing the Group’s expertise in asset management, it would seek to secure its existing the recurring rental and asset management income and explore strategic expansion opportunities for additional recurring income and capital appreciation.

本集團將透過自我收購及策略性合作，繼續尋找機會擴大投資物業組合。本集團利用其於資產管理的專業知識，藉此穩定現有經常性租金及資產管理收入，並策略性尋找擴大額外經常性收入及資本增值的機會。

Reference is also made to the prospectus of the Company dated 30 March 2016, in which it was stated that as at 21 March 2016, WOG and its subsidiaries (excluding the Group) owned a total of 48 residential investment properties (“ Excluded Properties which were not injected into the Group as part of the spin-off listing of the Company in April 2016. The Company has been informed by WOG that 39 out of these 48 Excluded Properties had been sold as of 31 May 2021.

茲亦提述本公司日期為二零一六年三月三十日之招股章程，當中載述於二零一六年三月二十一日，宏安及其附屬公司（不包括本集團）共擁有48 項住宅投資物業（「 除外物業 」），其並未注入本集團於二零一六年四月分拆上市之一部分。本公司已獲宏安告知，截至二零二一年五月三十一日，該48項除外物業中有39項已售出。

LIQUIDITY AND FINANCIAL RESOURCES

流動資金及財務資源

As at 31 March 2021, the Group’s total assets less current liabilities were approximately HK$7,994.6 million (2020: approximately HK$7,198.9 million) and the current ratio was approximately 2.4 times (2020: approximately 2.5 times). As at 31 March 2021, the Group had cash and cash equivalents of approximately HK$826.5 million (2020: approximately HK853.6 million).

於二零二一年三月三十一日，本集團之總資產減流動負債約為7,994,600,000港元（二零二零年：約7,198,900,000港元），而流動比率則約為2.4 倍（二零二零年：約2.5倍）。於二零二一年三月三十一日，本集團之現金及現金等同項目約為 826,500,000港元（二零二零年：約853,600,000 港元）。

Aggregate bank borrowings as at 31 March 2021 amounted to approximately HK$4,696.9 million (2020: approximately HK$3,370.2 million). The gearing ratio was approximately 77.1% (2020: approximately 53.9%), calculated by reference to the Group’s total bank borrowings net of cash and cash equivalents and the equity attributable to owners of the parent. As at 31 March 2021, the Group’s property, plant and equipment, investment properties, properties under development and properties held for sales, with carrying value of approximately HK$84.6 million, HK$571.2 million, HK$4,892.5 million and HK$580.0 million (2020: approximately HK$87.9 million, HK$633.1 million, HK$3,448.4 million and HK$660.0 million) were pledged to secure the Group’s general banking facilities.

於二零二一年三月三十一日之總銀行借貸約為 4,696,900,000 港元（二零二零年：約 3,370,200,000 港元）。負債比率約為 77.1%（二零二零年：約53.9%），此乃經參考扣除現金及現金等同項目後之本集團銀行借貸總額以及母公司擁有人應佔權益計算。於二零二一年三月三十一日，本集團賬面值分別約 84,600,000 港元、 571,200,000 港元、 4,892,500,000 港元及 580,000,000 港元（二零二零年：約 87,900,000 港元、633,100,000港元、3,448,400,000港元及 660,000,000港元）之物業、廠房及設備、投資物業、發展中物業以及持作出售物業已作抵押，作為本集團一般銀行融資之擔保。

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22 Wang On Properties Limited Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

The Group’s capital commitment as at 31 March 2021 amounted to approximately HK$516.0 million (2020: approximately HK$486.7 million). In addition, the Group’s share of joint ventures’ own capital commitments amounted to approximately HK$145.0 million (2020: approximately HK$251.4 million). The Group has not given guarantee to banks in connection with facilities granted to its joint ventures as at 31 March 2021 (2020: three joint ventures up to approximately HK$1,617.6 million and were utilized to the extent of approximately HK$1,090.5 million). Save as disclosed herein, the Group had no significant contingent liabilities as at the end of the reporting period.

於二零二一年三月三十一日，本集團之資本承擔約 516,000,000 港元（二零二零年：約 486,700,000港元）。此外，本集團分佔合營企業的自有資本承擔約 145,000,000 港元（二零二零年：約 251,400,000 港元）。於二零二一年三月三十一日，本集團並未就有關授予其合營企業融資向銀行作出擔保（二零二零年：已就有關授予三間合營企業融資最多1,617,600,000港元及有關融資已動用1,090,500,000港元）。除本公佈所披露外，本集團於報告期末並無重大或然負債。

The Group strengthens and improves its risk control on a continual basis and adopted a prudent approach in its financial management. Financial resources are under close monitoring to ensure the Group’s smooth operation, as well as flexibility to respond to market opportunities and uncertainties. Management of the Group is of the opinion that the Group’s existing financial structure and resources are healthy and sufficient for the Group’s needs in the foreseeable future.

本集團持續加強及改善風險控制，並實行審慎之財務管理辦法，密切監察財務資源，確保本集團營運順輰，及具充分靈活性應對市場機會及不確定性。本集團管理層認為，本集團現有財務架構及資源穩健，足以應付本集團於可見未來之需求。

DEBT PROFILE AND FINANCIAL PLANNING

債務狀況及財務規劃

As at 31 March 2021, interest-bearing debt profile of the Group was analysed as follows:

於二零二一年三月三十一日，本集團之計息債務狀況分析如下：

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

31 March 2021 31 March 2020
二零二一年二零二零年
三月三十一日三月三十一日
HK$’000 HK$’000
千港元千港元
Bank loans repayable: 須於以下時間償還之銀行貸款：
Within one year or on demand 一年內或按要求償還 1,953,857 1,093,677
In the second year 第二年 1,036,292 1,039,056
In the third to fifth year, inclusive 第三年至第五年（包括首尾兩年） 1,706,787 1,237,479
4,696,936 3,370,212
Other loans repayable 須於以下時間償還之其他貸款：
–
In the second year 第二年 202,270
–
In the third to fifth year, inclusive 第三年至第五年（包括首尾兩年） 198,970
4,899,206 3,569,182
----- End of picture text -----

The effective interest rate of bank loans was approximately 1.8% per annum (2020: approximately 3.7%) and other loans carried at a fixed interest at 6.0% (2020: 6.0%) per annum.

銀行貸款之實際年利率約為1.8厘（二零二零年：約3.7厘），而其他貸款則按固定年利率6.0厘（二零二零年：6.0厘）計息。

宏安地產有限公司 二零二一年年報 23

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

TREASURY POLICY

財務政策

The Group’s treasury policy includes diversifying the funding sources. Internally generated cash flow and interest-bearing bank borrowings during the year which are the general source of funds to finance the operation of the Group. The Group regularly reviews its major funding positions to ensure that it has adequate financial resources in meeting its financial obligations.

本集團之財務政策包括分散融資來源。於年內，內部產生之現金流量及計息銀行借貸均為本集團業務營運提供資金之一般資金來源。本集團定期審閱其主要資金狀況，以確保擁有充足財務資源以履行其財務責任。

The Group has entered into interest rate swap contracts for the purpose of converting part of the Group’s borrowings from floating rates into fixed interest rate in order to mitigate the interest rate risk.

本集團已訂立利率掉期合約，將本集團部分借貸由浮動利率轉為固定利率，以減輕利率風險。

FOREIGN EXCHANGE

外匯

Management of the Group is of the opinion that the Group has no material foreign exchange exposure. All bank borrowings are denominated in Hong Kong dollars. The revenue of the Group, being mostly denominated in Hong Kong dollars, matches the currency requirements of the Group’s operating expenses. The Group therefore has not engaged in any hedging activities during the year.

本集團管理層認為，本集團並無重大外匯風險。所有銀行借貸均以港元計值。本集團絕大多數收入以港元計值，符合本集團營運開支之貨幣需要。因此本集團於年內並無進行任何對沖活動。

SIGNIFICANT INVESTMENTS HELD, MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETS

所持重大投資、重大收購及出售附屬公司，以及重大投資或資本資產的未來計劃

Save as disclosed above, during the year, the Group did not have any other significant investments held, material acquisitions and disposals of subsidiaries and future plans for material investments or capital assets.

除上文所披露者外，於年內，本集團並無任何其他所持重大投資、重大收購及出售附屬公司，以及重大投資或資本資產的未來計劃。

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24 Wang On Properties Limited Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

EMPLOYEES AND REMUNERATION POLICIES

僱員及薪酬政策

As at 31 March 2021, the Group had 136 (2020: 126) employees in Hong Kong. The Group remunerates its employees mainly based on industry practices and individual performance and experience. In addition to salaries, we provide discretionary bonuses based on individual performance and our business performance, medical insurance coverage and a wide range of leave entitlements. The Group also provides a defined contribution to the Mandatory Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) for our eligible employees in Hong Kong.

於二零二一年三月三十一日，本集團於香港共有 136名（二零二零年：126名）僱員。本集團主要根據業內慣例及按僱員個人表現及經驗釐定僱員薪酬。除薪金外，本集團提供根據個人表現及其業務表現而發放之酌情花紅、醫療保險保障及多種休假權利。本集團亦根據香港法例第485章《強制性公積金計劃條例》規定就本集團的香港合資格僱員對強制性公積金作出定額供款。

SUSTAINABLE DEVELOPMENT

可持續發展

Facing the continuous challenges brought by the COVID-19 pandemic, more stringent test and quarantine guidelines have been implemented at our properties, office, and construction sites to safeguard the health of customers, tenants, employees and working partners. The Group has also provided rental relief and other forms of support to its tenants whose businesses have been affected.

在新型冠狀病毒疫情帶來持續的挑戰下，我們於物業、辦公室及建築地盤實施更嚴格的檢測及隔離指引，以保障顧客、租戶、僱員及工作夥伴的健康。本集團亦向其業務受影響的租戶提供租金減免及其他形式的援助。

The Group has taken measures to promote environmentalfriendliness of the workplace by encouraging paper-recycling culture and energy-saving culture within our Group. The Group also participated in the BEAM Plus assessment scheme, a comprehensive environmental assessment scheme for buildings recognized by the Hong Kong Green Building Council, for the development of some of our properties by engaging a third-party consultancy company for the provision of services in respect of BEAM Plus Certification and other environmental assessments. The Group also includes green elements into project planning and design and oversees the environmental performances of contractors during the construction phase.

我們已採取措施，於工作場所推廣環保，鼓勵本集團建立紙張循環再用及節能文化。本集團的部分物業發展，亦參與了綠建環評計劃（香港綠色建築議會認可的樓宇全面環保評估計劃），並委聘第三方顧問公司，提供有關綠建環評計劃認證及其他環保評估的服務。本集團亦於項目計劃及設計加入綠色元素，並於興建期間監察承建商於環保方面的表現。

For all development projects, the design and specifications of the Mechanical, Electrical and Plumbing (MEP) systems conform to latest Building Energy Codes. The Group also outsourced all of the construction-related work for our property development projects to independent construction companies. Our contractors in relation to our property development business are subject to various environmental laws and regulations, including those relating to waste disposal, water pollution control, air pollution control, drainage control and noise control. They are also required to submit for approval and to subsequently implement Waste Management Plan for all construction sites of the development projects to ensure the compliance.

所有開發項目的機械、電氣及管道（MEP）系統之設計及規格均符合最新建築物能源效益守則。本集團亦將物業發展項目的所有建築相關工程，判予獨立建築公司。與本集團物業發展業務有關的承建商，受多項環境法律及法規約束，包括廢料處置、水污染監控、空氣污染監控、污水排控及噪音管控有關的法律及法規。彼等亦須提交廢棄物管理計劃以獲批准，並須於其後就發展項目之所有建築工地實施有關計劃，以確保合規。

宏安地產有限公司 二零二一年年報 25

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

RISK FACTORS

風險因素

The Group’s businesses, financial condition, results of operations and growth prospects may be affected by risks and uncertainties directly or indirectly pertaining to the Group’s businesses, including the following highlighted risks:

本集團之業務、財務狀況、經營業績及增長前景或會直接或間接受到與本集團業務有關的風險及不明朗因素影響，包括下列強調之風險：

our business is dependent on the economic conditions in Hong Kong, particularly the performance of the property market in Hong Kong;
我們之業務依重香港的經濟環境，尤其是香港物業市場之表現；
we may not be able to identify and acquire land bank which is suitable and desirable for our future development;
我們未必能物色及收購適合未來發展之理想土地儲備；
we generate revenue principally from the sale of properties, which depends on a number of factors including the schedule of our property development and the timing of property sales. Our profitability may fluctuate significantly between different periods, as our financial performance for a particular period depends on the mix of properties available for sale;
我們之收入主要來自物業銷售，而物業銷售取決於我們物業發展時間表及物業銷售時機等多項因素。我們之盈利於不同期間可能出現大幅波動，因為我們某一期間之財務表現取決於可供銷售物業組合；
we may be unable to obtain, or may suffer material delays in obtaining, the relevant government approvals or be unable to take possession of the land parcels for our property development projects;
我們可能無法就物業發展項目取得相關政府批文，或於取得相關批文時出現重大延誤，或無法取得地塊之管有權；
we rely on external construction companies for the construction-related works of our property development projects and these construction companies may fail to provide satisfactory services which adhere to our quality and safety standards and in a timely manner, or at all;
我們依賴外部建築公司進行物業發展項目之建築相關工程，而該等建築公司可能無法依時提供理想服務（即恪守我們之品質及安全標準），甚至無法提供服務；
our results of operations may be adversely affected by labour shortages and/or the increase in the costs of labour; and
我們之經營業績可能因勞工短缺及╱或勞動成本增加而受到不利影響；及
we are subject to certain restrictive covenants and risks normally associated with borrowings which may limit or otherwise materially and adversely affect our business, results of operations and financial condition.
我們受限於若干限制性契約及受一般與借款有關之風險影響，可能會對我們之業務、經營業績及財務狀況造成限制或其他重大不利影響。

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26 Wang On Properties Limited Annual Report 2021

MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 管理層討論及分析（續）

PROSPECTS

前景

Hong Kong real GDP resumed appreciable year-on-year growth of 7.9% in the first quarter of 2021, led by very strong growth of exports of goods. However, the overall economic activity remained below the pre-recession level, as the COVID-19 pandemic continues to hit individual segments of the economy. The SinoUS trade relationship and quantitative easing policy also introduce uncertainty to the recovery of the local economy.

於二零二一年首季度，由於貨物出口增長強勁，香港的實質本地生產總值按年上升7.9%。然而，由於新型冠狀病毒疫情持續衝擊各經濟分部，導致香港的整體經濟活動仍低於衰退前的水平。中美貿易關係及量化寛鬆政策亦為本地經濟復甦帶來不確定性。

The rolling out of a free vaccination programme launched by the Hong Kong government and the increased awareness of people are expected to ease the local pandemic situation. With the support of low-interest rate environment and concrete demands on residential units, the property sector is expected to remain resilient over the long term.

隨著香港政府推行免費疫苗接種計劃及市民的防疫意識增加，預期本地疫情將漸趨緩和。在低息環境及對建築單位的穩定需求的支持下，長遠來看，預期房地產行業長遠將保持樂觀。

The Group has achieved approximately HK$1.3 billion contracted sales amount of residential properties as at the date of this report. It secures and stabilizes the profit and development of the Group. With the expected commencement of the pre-sales of The Met. Azure , the growth momentum and branding of the Group are expected to be further improved. The Group will continue to seek to replenishes its land bank by participating in public tender, old building acquisition and land use conversion.

於本報告日期，本集團已獲得住宅物業的已訂約銷售金額約1,300,000,000港元。其確保並穩定本集團的溢利及發展。加上薈藍預售在即，本集團的增長勢頭及品牌預期將進一步提升。本集團將繼續透過參與公開投標、收購舊樓及更改土地用途來補充土地儲備。

In the asset management and property investment sector, the Group will keep seeking new opportunities to broaden our portfolio for a stable recurring income base.

於資產管理及物業投資部分，本集團將把握新機遇以拓寬我們的組合以穩固經常性收益基礎。

The Group is cautiously optimistic on the property market and will continue to monitor market changes closely whilst keep looking for and evaluating available opportunities in property acquisition and collaboration with strategic partners to strengthen the real estate business.

本集團對地產市場持審慎樂觀態度，並密切監察市場動向，同時不斷尋找及評估物業收購及與策略夥伴合作的機會，以加強房地產業務。

宏安地產有限公司 二零二一年年報 27

BOARD OF DIRECTORS AND SENIOR MANAGEMENT 董事會及高級管理層

BOARD OF DIRECTORS

董事會

Executive Directors

執行董事

Mr. Tang Ho Hong , aged 34, has been appointed as an executive Director since 3 December 2015 and was appointed as the chief executive officer and authorised representative of the Company on 8 February 2021. He was also appointed as the chairman of the executive committee and a member of the remuneration committee and the nomination committee of the Company. Mr. Tang is primarily responsible for the overall management and supervision of operations of the Group, including overseeing property sales and leasing, asset management and investment, and strategic planning on long and short term development. Mr. Tang has over ten years of experience in property and land matters. Prior to joining the Company, Mr. Tang worked with WOG in January 2011 as assistant general manager where he focused on property acquisition in Hong Kong and acquired his experience in the property development, management and investment businesses. Mr. Tang graduated from The University of Washington with a degree of Bachelor of Arts in Business Administration. Mr. Tang is a member of the Henan Provincial Committee of The Chinese People’s Political Consultative Conference. He is also a director of certain subsidiaries of the Group and a son of Mr. Tang Ching Ho, the controlling shareholder of the Company.

鄧灝康先生 ，34 歲，自二零一五年十二月三日獲委任為執行董事，並於二零二一年二月八日獲委任為本公司行政總裁兼授權代表。彼亦獲委任為本公司常務委員會主席及薪酬委員會及提名委員會成員。鄧先生主要負責本集團業務之整體管理及監管業務營運，包括監督物業銷售及租賃、資產管理及投資，以及短期至長期發展之策略規劃。鄧先生於物業及土地事務擁有逾十年經驗。加入本公司前，鄧先生於二零一一年一月擔任宏安助理總經理，集中收購香港物業，累積物業發展、管理及投資業務方面之經驗。鄧先生畢業於華盛頓大學，持有工商管理文學士學位。鄧先生為中國人民政治協商會議河南省委員會委員。彼亦為本集團若干附屬公司之董事，及為鄧清河先生（本公司之控股股東）之兒子。

Ms. Ching Tak Won Teresa , aged 39, has been appointed as an executive Director since 25 June 2019. She was also appointed as a member of the executive committee of the Company. Ms. Ching is currently the general manager of the Group’s property development division and is responsible for the sales and marketing of the Group. She obtained a degree of Bachelor of Business Administration in Marketing and Management of Organisations from The Hong Kong University of Science and Technology and a degree of Master of Science in Real Estate from The University of Hong Kong. She has more than 16 years of experience in the property industry in Hong Kong. Prior to joining the Group in 2016, Ms. Ching joined WOG in 2008 and acted as the assistant general manager (sales and marketing) of WOG. Ms. Ching is also a director of certain subsidiaries of the Group.

程德韻女士 ，39歲，自二零一九年六月二十五日起獲委任為執行董事。彼亦獲委任為本公司常務委員會成員。程女士目前為本集團物業發展部總經理及負責本集團之銷售及市場推廣。彼於香港科技大學取得工商管理（企業營銷及管理）學士學位並於香港大學取得理科碩士（房地產）。彼於香港房地產業擁有逾十六年經驗。於二零一六年加入本集團前，程女士已早於二零零八年加入宏安並擔任宏安之助理總經理（銷售及市場推廣）。程女士亦為本集團若干附屬公司之董事。

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28 Wang On Properties Limited Annual Report 2021

BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED) 董事會及高級管理層（續）

Ms. Wong Chin Han , aged 48, has been appointed as an executive Director since 1 October 2019. She is also appointed as an authorised representative and a member of the executive committee of the Company. Ms. Wong is currently the financial controller and the company secretary of the Company. Ms. Wong has over 24 years of experience in corporate finance, professional accounting, internal control and/or company secretarial matters in Hong Kong. She graduated from The Hong Kong University of Science and Technology with a degree of Bachelor of Business Administration. She is a member of the American Institute of Certified Public Accountants. Prior to joining WOG in 2008, Ms. Wong worked for another listed company and an international accountancy firm. Ms. Wong is also a director of certain subsidiaries of the Group.

黃靜嫻女士 ，48歲，自二零一九年十月一日起獲委任為執行董事。彼亦獲委任為本公司授權代表及常務委員會成員。黃女士目前為本公司之財務總監及公司秘書。黃女士於香港企業財務、專業會計、內部監控及╱或公司秘書事務累積超逾24 年經驗。彼畢業於香港科技大學，取得工商管理學士學位。彼為美國註冊會計師協會會員。黃女士於二零零八年加入宏安前，曾於另一上市公司及國際會計師事務所任職。黃女士亦為本集團若干附屬公司之董事。

Independent Non-executive Directors

獨立非執行董事

Mr. Li Wing Sum Steven , aged 64, has been appointed as an independent non-executive Director since 17 March 2016. He is also appointed as the chairman of the audit committee and a member of the remuneration and nomination committees of the Company. Mr. Li was admitted as an associate of The Association of Chartered Certified Accountants in April 1986 and subsequently a fellow member in April 1991. He was also admitted as an associate of the Hong Kong Institute of Certified Public Accountants in May 1986 and subsequently a fellow member in December 1993. Mr. Li has over 34 years of experience in auditing, accounting, taxation, financial management and corporate secretarial. Mr. Li worked for an international accounting firm and held senior posts as group financial controller in various companies. He was an independent non-executive director of Xinjiang Xinxin Mining Industry Co., Ltd., the shares of which are listed on the Main Board of the Stock Exchange, and is currently an independent non-executive director of Allied Sustainability and Environmental Consultants Group Limited, the shares of which are listed on the GEM of the Stock Exchange, and is the company secretary of Shanghai Fudan Microelectronics Group Company Limited, the shares of which are listed on the Main Board of the Stock Exchange.

李永森先生 ，64 歲，自二零一六年三月十七日起獲委任為獨立非執行董事。彼亦獲委任為本公司審核委員會主席以及薪酬委員會及提名委員會成員。李先生於一九八六年四月獲認許為英國特許公認會計師公會之會員，其後於一九九一年四月成為資深會員。彼亦於一九八六年五月獲認許為香港會計師公會會員，其後於一九九三年十二月獲認許為資深會員。李先生在審計、會計、稅務、財務管理及公司秘書方面積逾三十四年經驗。李先生曾任職於國際會計師事務所，及於多間公司擔任集團財務總監之高級職位。彼曾為新疆新鑫礦業股份有限公司（其股份於聯交所主板上市）之獨立非執行董事，且目前為沛然環保顧問有限公司（其股份於聯交所GEM上市）之獨立非執行董事，並擔任上海復旦微電子集團股份有限公司（其股份於聯交所主板上市）之公司秘書。

宏安地產有限公司 二零二一年年報

BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED) 董事會及高級管理層（續）

Mr. Sung Tze Wah , aged 75, has been appointed as an independent non-executive Director since 17 March 2016. He is a member of the audit committee and the remuneration committee of the Company. Mr. Sung was appointed as the chairman of the nomination committee of the Company on 8 February 2021. He has extensive experience in the surveying sector for over 34 years. Mr. Sung was elected as a professional associate of the Royal Institution of Chartered Surveyors in November 1972, a fellow of The Hong Kong Institute of Surveyors in March 1997, a member of The Singapore Institute of Surveyors and Valuers in April 1989, and was admitted as an associate of The Chartered Institute of Arbitrators in April 1984. Mr. Sung was appointed as the executive estates officer by the Housing & Development Board of the Singapore government from October 1984 to July 1990. He was then promoted to senior estates officer during the period of August 1990 and March 1992. Mr. Sung established LDS International Group Limited and Lawson David & Sung Surveyors Limited in Hong Kong in 1992 and 1996 respectively and is currently a director of Lawson David & Sung Surveyors Limited.

宋梓華先生 ，75 歲，自二零一六年三月十七日起獲委任為獨立非執行董事。彼為本公司審核委員會及薪酬委員會成員。宋先生於二零二一年二月八日獲委任為本公司提名委員會主席。彼於測量業擁有逾三十四年之豐富經驗。宋先生於一九七二年十一月獲選為英國皇家特許測量師學會之專業會員、於一九九七年三月成為香港測量師學會資深會員、於一九八九年四月成為新加坡測量師及估價師學會會員、並於一九八四年四月獲認可為英國特許仲裁師學會會員。宋先生於一九八四年十月至一九九零年七月期間獲委任為新加坡政府房屋發展局之行政產業主任，彼其後於一九九零年八月至一九九二年三月期間擢升至高級產業主任。宋先生其後分別於一九九二年及一九九六年在香港成立羅迅國際集團有限公司及羅迅測計師行有限公司及目前為羅迅測計師行有限公司之董事。

Sr Dr. Leung Tony Ka Tung , aged 72, has been appointed as an independent non-executive Director since 17 March 2016. He is the chairman of the remuneration committee and a member of the audit and nomination committees of the Company. He has over 44 years of experience in the property and hotel industry through his prior employments with the Lands Department of the Hong Kong government from January 1977 to June 1978, and from the 1980’s onwards, with various prominent property developers as well as a leading surveyor company in Hong Kong. In 1994, Dr. Leung founded TL Property Consultants International Limited and he is currently the chairman of the TL Property Group companies. Dr. Leung has been appointed as an independent non-executive director of Chi Kan Holdings limited, a company listed on the Main Board of the Stock Exchange, since July 2020.

梁家棟博士測量師 ，72 歲，自二零一六年三月十七日起獲委任為獨立非執行董事。彼為本公司薪酬委員會主席以及審核委員會及提名委員會成員。彼曾於一九七七年一月至一九七八年六月任職香港政府地政署，自八十年代起，彼任職於多間知名物業發展商及一間香港頂尖測量公司，梁博士透過過往之就業資歷於房地產及酒店行業擁有逾四十四年經驗。於一九九四年，梁博士創辦置梁行房地產顧問國際有限公司，而彼目前為置梁行集團公司之主席。梁博士自二零二零年七月起獲委任為聯交所主板上市公司智勤控股有限公司的獨立非執行董事。

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30 Wang On Properties Limited Annual Report 2021

BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED) 董事會及高級管理層（續）

Dr. Leung acted as an independent non-executive director of South China Holdings Company Limited, a company listed on the Main Board of the Stock Exchange, and South China Assets Holdings Limited (formerly known as South China Land Limited), a company listed on the GEM of the Stock Exchange, for the period from December 2012 to June 2017. Dr. Leung obtained a degree of Doctor of Philosophy in Business Administration from Empresarial University in November 2002 through distance learning, a degree of Master of Science in International Real Estate (with Distinction) from The Hong Kong Polytechnic University in November 2004, and a degree of Bachelor of Social Science (Hons) in Economics and Business Administration from Chung Chi College of The Chinese University of Hong Kong in December 1976. Dr. Leung was registered as a professional surveyor (GP/ PD/PFM) in Hong Kong respectively in January 2006 (GP) and April 2014 (PD and PFM). He was also admitted as a fellow member of The Hong Kong Institute of Surveyors in February 2012, a fellow member of The Royal Institution of Chartered Surveyors in June 2008 and a fellow member of Hong Kong Institute of Real Estate Administrators in November 1985. He is currently the immediate past president of the Hong Kong Institute of Surveyors, a member of Audit Committee of the Hong Kong Housing Society, a member of Appeal Tribunal Panel of HKSAR, a member of the Panel of Advisors on Building Management Disputes of Home Affairs Department and a member of the Planning Sub-committee of the Land and Development Advisory Committee of the Planning Department.

於二零一二年十二月至二零一七年六月期間，梁博士亦曾任南華集團控股有限公司（於聯交所主板上市）及南華資產控股有限公司（前稱南華置地有限公司）（於聯交所GEM上市）之獨立非執行董事。梁博士透過遙距學習於二零零二年十一月取得 Empresarial University（安培純澳大學 * ）工商管理哲學博士學位、於二零零四年十一月取得香港理工大學國際房地產理學碩士學位（成績優異）及於一九七六年十二月取得香港中文大學崇基書院社會科學經濟及工商管理（榮譽）學士學位。梁博士為香港註冊專業測量師（產業╱規劃及發展╱物業設施管理），註冊日期分別為二零零六年一月（產業）及二零一四年四月（規劃及發展及物業設施管理）。彼亦於二零一二年二月獲認許為香港測量師學會資深會員及於二零零八年六月獲認許為英國皇家特許測量師學會資深會員及於一九八五年十一月獲認許為香港地產行政師學會資深會員。彼現為香港測量師學會上任會長、香港房屋協會審核委員會委員、香港特別行政區上訴審裁團成員、民政事務總署大廈管理糾紛顧問小組成員及規劃署土地及建設諮詢委員會規劃小組委員會委員。

Senior Management

高級管理層

Mr. Yeung Yiu Man , is the director of the quantity surveying division of the Group. Mr. Yeung is responsible for managing various property developments of the Group, and has overall responsibility for all aspects of cost and quality control of construction works. Mr. Yeung obtained a degree of Master of Science in Management from the Hong Kong Polytechnic University. He was admitted as a member of the Chartered Institute of Building in May 1992 and elected as a member of the Royal Institution of Chartered Surveyors in November 2008. Mr. Yeung possesses a wide spectrum of experience in the property industry and has been active in property developments for more than 35 years, in which 11 years was gained from a major Hong Kong listed property developer prior to joining the Group.

楊耀民先生 ，為本集團工料測量總監。楊先生負責管理本集團各項物業之發展，並整體負責對成本控制以及建造工程質量監控之各方面的工作。楊先生於香港理工大學取得管理理學碩士學位。彼於一九九二年五月獲認許為英國特許建造學會會員，並於二零零八年十一月獲選為英國皇家特許測量師學會成員。楊先生於房地產行業擁有豐富經驗，並活躍於物業發展行業超過三十五年，其中十一年之經驗由於加入本集團前服務一家在香港上市之主要物業發展商獲得。

宏安地產有限公司 二零二一年年報

BOARD OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED) 董事會及高級管理層（續）

Mr. Ip Shu Pui, is the legal counsel of the Group. Mr. Ip obtained a Bachelor of Laws with Honours Degree from The City University of Hong Kong. He has been qualified as a solicitor in Hong Kong since December 1996. Mr. Ip worked in WOG since 2005 prior to joining the Group in 2016.

葉樹培先生 ，為本集團法律顧問。葉先生於香港城市大學取得法律學榮譽學士學位。彼自一九九六年十二月起成為香港執業律師。於二零一六年加入本集團前，葉先生自二零零五年起於宏安任職。

Mr. Chan Cheong Shing, Bryan , is the director of the project planning division of the Company. Mr. Chan is responsible for managing the planning, design and works of property developments projects of the Group. Mr. Chan obtained a Degree of Bachelor of Arts (Architectural Studies) in 1993 and a Degree of Master of Architecture in 1996 respectively from the University of Hong Kong. He is a registered architect of Hong Kong, a member of the Hong Kong Institute of Architects, as well as an authorized person in Building Department’s Register under the list of architects. He has also obtained the qualification of People’s Republic of China Class I Registered Architect. Mr. Chan has more than 24 years of experience in property development projects and he was the director of an architect’s firm prior to joining the Group in 2016.

陳昌成先生 ，為本公司項目規劃部總監。陳先生負責管理本集團物業發展項目之規劃、設計及工程。陳先生於一九九三年取得香港大學文學士（建築學）學位，並於一九九六年取得香港大學建築學碩士學位。彼為香港註冊建築師、香港建築師學會會員，及屋宇署認可人士名冊上之認可人士（建築師名單）。彼亦取得中華人民共和國一級註冊建築師資格。陳先生在物業發展項目方面擁有逾二十四年之經驗。於二零一六年加入本集團之前，彼為一家建築師事務所之董事。

Mr. Wut Koon Wah, Edmund , joined the Group in August 2019 as the head of asset management. Mr. Wut is currently oversees the leasing and management of Hong Kong commercial properties of the Group. He obtained a Degree of Bachelor of Business Administration, a Master of Science Degree in Real Estate and a Degree of Master of Business Administration. Mr. Wut is a professional member of Royal Institution of Chartered Surveyors. He has over 21 years of experience in property leasing.

屈冠華先生 ，於二零一九年八月加入本集團成為資產管理總監。屈先生目前監督本集團於香港的商用物業之租賃及管理。彼取得工商管理學士學位、房地產理學碩士學位及工商管理碩士學位。屈先生為皇家特許測量師學會專業會員。彼於物業租賃擁有逾21年經驗。

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32 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT 企業管治報告

CORPORATE GOVERNANCE PRACTICES

企業管治常規

The Company recognises the importance of corporate governance and is committed to achieving a high standard of corporate governance within a sensible framework with a strong emphasis on transparency, accountability, integrity and independence. The Board believes that good corporate governance practices are fundamental and essential to the success of the Company and the enhancement of its effectiveness and corporate image.

本公司瞭解企業管治之重要性，並致力於合理框架內維持高水平之企業管治，十分重視透明度、問責性、誠信及獨立性。董事會相信，良好之企業管治常規乃本公司之基礎，對本公司之成功及提升其效率和企業形象至為重要。

The Company adopted the principles and complied with the code provisions of the “Corporate Governance Code” (the “ CG Code ”) set out in Appendix 14 to the Listing Rules. The Board had reviewed periodically the compliance of the CG Code and is of the view that throughout the year ended 31 March 2021, the Company had complied with the applicable code provisions set out in the CG Code.

本公司採納上市規則附錄十四所載之《企業管治守則》（「 企業管治守則 」）之原則並已遵守有關守則條文。董事會已定期審閱企業管治守則之合規情況，並認為截至二零二一年三月三十一日止整個年度，本公司已遵守企業管治守則所載之適用守則條文。

The Board continues to review periodically the compliance of the CG Code so as to safeguard and maximise the benefit of the stakeholders of the Company.

董事會繼續定期審閱企業管治守則之合規情況，以維護並盡力增加本公司持份者之利益。

CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS AND RELEVANT EMPLOYEES

董事及有關僱員進行證券交易之守則

The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as amended from time to time, (the “ Model Code ”) set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. All Directors have confirmed, following a specific enquiry by the Company, that they have complied with the required standards set out in the Model Code throughout the year under review.

本公司已採納上市規則附錄十所載之《上市發行人董事進行證券交易的標準守則》（經不時修訂）（「 標準守則 」）作為其本身有關董事進行證券交易之操守守則。經本公司作出具體查詢後，全體董事確認於整個回顧年度一直遵守標準守則所載之規定標準。

The Company also adopted a code of conduct regarding securities transactions on no less exacting terms than the Model Code by the relevant employees of the Group who are considered likely to be in possession of unpublished price sensitive information in relation to the Company or its securities pursuant to code provision A.6.4 of the CG Code. To the best knowledge and belief of the Directors, all relevant employees have complied with the required standards of such code.

根據企業管治守則之守則條文第A.6.4條，本公司亦採納一套證券交易操守守則，其條款之嚴謹程度不遜於標準守則，以供被視為可能擁有本公司或其證券未經發佈價格敏感資料之本集團有關僱員遵循。據董事所深知及確信，所有有關僱員均已遵守該守則之規定標準。

宏安地產有限公司 二零二一年年報 33

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

BUSINESS MODEL AND CORPORATE STRATEGY

業務模式及企業策略

The Group is principally engaged in the businesses of developing residential and commercial properties for sale and investing in commercial and industrial properties for investment return and capital appreciation. The Group’s strategy for generating and preserving the shareholders’ value in the long run is to invest prudently in projects and opportunities which maximise return to the shareholders. With respect to property development, the Group actively explores opportunities and increases its land portfolio which forms the basis for generating gain in the property development. To cope with the dynamic and uncertain property market conditions, the Group mainly focuses on projects with shorter development cycle in order to provide greater turnover cycle, flexibility and reduction of business risk. On the other hand, the Group continues to maintain a balanced portfolio of property investments, regularly review its tenant mix, with an aim to maximise rental yield and secure a stable stream of income to support the recurring operations of the Group. Overall, the Group adopts a proactive and prudent approach in developing its business.

本集團主要從事發展待售住宅及商用物業，以及投資工商物業以獲取投資回報及資本增值之業務。為長期創造及維持股東之價值，本集團採取之策略是審慎投資項目及機會，務求為股東帶來最大回報。就物業發展而言，本集團積極物色機會及增加土地組合，為物業發展打好基礎，以期錄得收益。為應對千變萬化及不明朗之物業市況，本集團注重發展周期較快之項目，以提供較快之週轉期、較大之靈活性及大幅減低業務風險。另一方面，本集團繼續維持均衡之物業投資組合，定期檢討租戶組合，旨在創造最大租金回報及獲得穩定收入來源，支持本集團之經常性業務。整體而言，本集團採取主動及審慎態度發展旗下業務。

In short-term, the Group continuously reviews and updates its strategies to provide better clarity on direction and business models. The Group takes active and prompt measures to meet market changes through adjustment of business strategy and control over costs. Further, the Group strives to maintain a healthy financing structure and devotes effort to securing banking facilities which is regarded as an important element for supporting continuous business development of the Group.

短期而言，本集團繼續檢討及更新其策略，進一步釐清方針及業務模式。本集團主動及適時採取措施以滿足市場變化，包括調整業務策略及控制成本。此外，本集團致力維持穩健財務架構及爭取銀行融資，對本集團持續業務發展而言不可或缺。

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34 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

THE BOARD

董事會

Roles and Responsibilities of the Board and the Senior Management

董事會及高級管理層之角色及責任

The Board is responsible for formulating of corporate strategies and internal control, reviewing and guiding the business and affairs, monitoring financial and operating performance and is individually and collectively accountable to the shareholders of the Company for the success and sustainable development of the Group. The independent non-executive Directors (the “ INEDs ”) only account for various industry expertise and overseeing the Group’s business, whilst the general management and day-today management are delegated to the executive Directors and the senior management of the Company, they will meet regularly to review the performance of the Group and to co-ordinate overall resources among the development of the Group.

董事會負責制定企業策略及內部監控、檢閱及領導業務及事務、監察財務及經營表現，且個別及共同就本集團之成功及可持續發展為對本公司之股東應有的責任。獨立非執行董事（「 獨立非執行董事 」）僅負責各項行業專業知識及監督本集團業務，而整體管理及日常管理則由執行董事及本公司高級管理層負責，彼等將定期會面以檢討本集團表現及統籌本集團發展之整體資源。

Apart from these, the Board will consider and make decision for any major acquisitions and disposals, review of interim and annual financial results, appointments/removals of Directors and auditor, evaluation on the performance and compensation of senior management of the Company, any material capital transactions and other significant operational and financial affairs. With a review to maintaining an appropriate balance of authority and responsibility, such functions are either carried out directly by the Board or indirectly through various committees established by the Board, with respective functions set out in their terms of reference. Currently, there are four board committees, namely executive committee (the “ Executive Committee ”), audit committee (the “ Audit Committee ”), remuneration committee (the “ Remuneration Committee ”) and nomination committee (the “ Nomination Committee ”).

除上述者外，董事會將審議並對任何重大收購及出售事項作出決定、審閱中期及全年財務業績，委任╱罷免董事及核數師、評估本公司高級管理層之表現及薪酬、任何重大資本交易以及其他重大營運及財務事宜。為維持權力與責任間達致適當平衡，此等職能由董事會直接執行或透過董事會成立之各個委員會間接執行，而各委員會之職能載於各自之職權範圍內。目前，董事會共有四個董事委員會，分別為常務委員會（「 常務委員會 」）、審核委員會（「 審核委員會 」）、薪酬委員會（「 薪酬委員會 」）及提名委員會（「 提名委員會 」）。

All Directors will ensure that they can give sufficient attention to discharge their responsibilities to the affairs of the Company and the Directors have disclosed to the Company the identity and nature of offices held in any public organisation and other significant commitments on an annual basis.

全體董事保證可充分應付履行對本公司事務之職責，董事均按年向本公司披露於任何公共機構所擔任職位之身份及性質以及其他重大承擔。

宏安地產有限公司 二零二一年年報

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

During the year, regular Board meeting were held four times to review, consider and approve, among others, the annual and interim results, the business operations and the effectiveness of internal control systems of the Group. Apart from these regular Board meetings, Board meetings are also held, as and when necessary, to consider major issues. Notice of at least 14 days for each regular Board meeting is given to all Directors. All such minutes are kept by the company secretary of the Company and are open for inspection at any reasonable time on reasonable notice by any Director. Apart from the regular Board meetings, the then chairman of the Company also met with the INEDs without the presence of executive Directors during the year.

年內，已舉行四次定期董事會會議，以審核、考慮及批准（其中包括）全年及中期業績以及本集團之業務營運及內部監控系統之成效。除該等定期董事會會議外，董事會會議亦會在有需要時舉行以考慮重大事宜。各定期董事會會議須向全體董事發出最少14日之通知。所有該等會議記錄均由本公司之公司秘書備存，並可供任何董事在提出合理通知下於任何合理時間查閱。除舉行定期董事會會議外，當時本公司主席亦已於年內在執行董事避席之情況下與獨立非執行董事舉行會議。

Composition

成員組成

The Board currently has six Directors comprising three executive Directors and three INEDs. The Directors during the year and up to the date of this annual report were:

董事會目前有六名董事，包括三名執行董事及三名獨立非執行董事。於年內及截至本年報日期，在任董事如下：

Executive Directors

Mr. Tang Ho Hong, Chief Executive Officer (Appointed as Chief Executive Officer on 8 February 2021)

Ms. Ching Tak Won Teresa Ms. Wong Chin Han

執行董事

鄧灝康先生，行政總裁（於二零二一年二月八日獲委任為行政總裁）程德韻女士黃靜嫻女士

Non-executive Director

Mr. Chan Chun Hong, Chairman (Resigned on 8 February 2021)

非執行董事

陳振康先生，主席（於二零二一年二月八日辭任）

Independent Non-executive Directors

Mr. Li Wing Sum Steven Mr. Sung Tze Wah Sr Dr. Leung Tony Ka Tung

獨立非執行董事

李永森先生宋梓華先生梁家棟博士測量師

There are no financial, business, family or other material relationships among the Directors. The biographical details of all Directors are set out on pages 27 to 30 of this annual report.

董事相互之間概無財務、業務、家庭或其他重大關係。全體董事之履歷詳情載於本年報第27至30 頁。

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36 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

The Board possesses a mix and balance of skills and experience which are benefit for the requirements of the business of the Company. The opinion raised by the INEDs in Board meetings may facilitate the maintenance of good corporate governance practices. The Board has three INEDs, representing more than one-third of the Board, and at least one of the INEDs has the appropriate professional qualification and/or accounting and audit experience and expertise as required by Rules 3.10(1) and (2) and 3.10A of the Listing Rules. A balanced composition of executive and non-executive Directors also generates a strong independent element on the Board, which allows for an independent and objective decision making process for the best interests of the Company and its shareholders. All Directors are aware of the required levels of fiduciary duties, care, skill and diligence under Rule 3.08 of the Listing Rules.

董事會成員具備有利經營本公司業務所需之各種技能及經驗。獨立非執行董事於董事會會議上提出之意見有助維持良好之企業管治常規。董事會有三名獨立非執行董事（佔董事會成員三分之一以上），且最少一名獨立非執行董事具備上市規則第3.10(1)及(2)條以及第3.10A條所要求之適當專業資格及╱或會計及核數經驗及專長。執行董事及非執行董事之人數比例均衡分配，亦確保董事會極具獨立性，可就本公司及其股東之最佳利益作出獨立而客觀之決策。全體董事均知悉上市規則第3.08條規定之誠信責任、謹慎、技能及勤勉水平。

In compliance with code provision A.3.2 of the CG Code, an updated list of the Directors identifying their role and function are available on the websites of the Company ( w w w . w o p r o p e r t i e s . c o m ) a n d t h e S t o c k E x c h a n g e (www.hkexnews.hk). The Company will review the composition of the Board from time to time to ensure that the Board possesses the appropriate and necessary expertise, skills and experience to meet the needs of the Group’s business and to enhance the shareholders’ value.

為遵守企業管治守則之守則條文第 A.3.2 條，列明董事角色及職能之最新董事名單可在本公司網頁 (www.woproperties.com) 及聯交所網頁 (www.hkexnews.hk)查閱。本公司將不時檢討董事會之成員組成，確保董事會擁有適當及所需之專長、技能及經驗，以滿足本集團之業務需要，並提升股東價值。

Details of the Directors’ remuneration for the year ended 31 March 2021 as set out in note 8 to the financial statements of this annual report is set out below:

本年報之財務報表附註8所載截至二零二一年三月三十一日止年度之董事薪酬詳情載列如下：

Remuneration to the Directors	董事薪酬	Number of individual 人數
Below HK$500,000	500,000港元以下	3
HK$500,000 to HK$1,000,000	500,000港元至1,000,000港元	–
HK$1,000,001 to HK$1,500,000	1,000,001港元至1,500,000港元	–
Over HK$1,500,000	1,500,000港元以上	3

宏安地產有限公司 二零二一年年報 37

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

Chairman and Chief Executive Officer

主席與行政總裁

As at the date of this report, the Board is still identifying an appropriate person to fill the vacancy as chairman of the Board since the resignation of Mr. Chan Chun Hong on 8 February 2021 and the chief executive officer of the Company is Mr. Tang Ho Hong.

於本報告日期，自陳振康先生於二零二一年二月八日辭任以來，董事會仍在物色合適的人選填補董事會主席的空缺，而本公司行政總裁為鄧灝康先生。

The roles of the chairman and the chief executive officer of the Company are separate to reinforce their respective independence and accountability. The respective responsibilities of these two roles are clearly segregated. The chairman of the Board, is primarily responsible for formulation of overall strategic planning and leadership of the Board and the chief executive officer, is responsible for the day-to-day business operations and implementation of the business strategies adopted by the Board.

本公司主席及行政總裁之角色有所區分，以加強彼此之獨立性及問責性。彼等各自之職責已清楚區分。董事會主席主要負責制定整體策略規劃及領導董事會，而行政總裁則負責日常業務營運及執行董事會採納之業務策略。

Appointment and Re-election of the Directors

委任及重選董事

All INEDs are appointed for a term of not more than three years with specific term set out under respective letters of appointment which may be terminated by giving one-month notice. The executive Directors are appointed for a term of not more than three years with specific term set out under respective service agreements which may be terminated by giving six-month notice. One-third of the Directors, including those appointed for a specific term, are subject to retirement by rotation and, being eligible, offer themselves for re-election at the annual general meetings in accordance with the Bye-law 84(1) of the bye-laws of the Company (the “ Bye-laws ”). In addition, Directors who are appointed by the Board to fill casual vacancies or as an addition to the existing Board are subject to re-election at the next following general meeting of the Company after his/her appointment.

全體獨立非執行董事之任期均不超過三年，特定條款載於各自之委任函，可透過發出一個月之通知終止。執行董事之任期均不超過三年，特定條款載於各自之服務協議，可透過發出六個月之通知終止。三分之一董事（包括獲委任特定年期之董事）須根據本公司之公司細則（「 公司細則 」）第 84(1)條輪席退任，並符合資格及願意於股東週年大會上重選連任。此外，由董事會任命以填補臨時空缺或出任現行董事會新增職位之董事，均須於其獲委任後之本公司下屆股東大會上重選連任。

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38 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

Independence of INEDs

獨立非執行董事之獨立性

The INEDs are required to confirm their independence upon their appointment and on an annual basis. The Company has received from each INED an annual confirmation of his independence pursuant to Rule 3.13 of the Listing Rules for the year ended 31 March 2021. The INEDs would not participate in the Group’s daily operation and they would abstain from voting on any resolution(s) in which he had any interest and, therefore, the Company continues to consider all the INEDs to be independent for the year under review and up to the date of this annual report.

獨立非執行董事須在彼等獲委任時及每年確認其獨立性。截至二零二一年三月三十一日止年度，本公司已接獲各獨立非執行董事根據上市規則第 3.13條就其獨立身份而發出之年度確認書。獨立非執行董事不會參與本集團日常營運且彼等將就其於其中擁有任何利益的任何決議案放棄投票，因此，本公司繼續認為全體獨立非執行董事於回顧年度及直至本年報日期止均屬獨立人士。

Corporate Governance

企業管治

The Board has undertaken the responsibility for performing the corporate governance duties pursuant to code provision D.3.1 of the CG Code and is committed to ensuring that an effective governance structure is in place to continuously review, monitor and improve the corporate governance practices within the Group with regard to the prevailing legal and regulatory requirements.

董事會承諾根據企業管治守則之守則條文第D.3.1 條履行企業管治職責，並致力確保實行有效之管治架構，以因應現行法律及監管要求，持續檢討、監察及改善本集團內部企業管治常規。

The corporate governance duties performed by the Board are to review the policies and measures on the Group’s corporate governance, to review a code of conduct applicable to the Directors and employees of the Company, to monitor the Company’s legal and regulatory compliance, training and continuing professional development of Directors and to review the Company’s compliance with the CG Code and the disclosure in this annual report.

董事會履行的企業管治職能為檢討本集團企業管治之各種政策及措施、審查適用於董事及本公司僱員之操守守則、監察本公司之法律和監管合規情況、董事之培訓和持續專業發展情況，以及審閱本公司遵守企業管治守則之情況及本年報之披露情況。

This corporate governance report has been reviewed by the Board in discharge of its corporate governance function.

本企業管治報告已獲董事會審閱，以履行其企業管治職責。

宏安地產有限公司 二零二一年年報 39

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

Continuous Professional Development

持續專業發展

Pursuant to code provision A.6.5 of the CG Code, all Directors should participate in continuous professional development to develop and refresh their knowledge and skills. This is to ensure that their contribution to the Board remains informed and relevant. The company secretary of the Company regularly circulates training materials or briefings to all Directors in respect of the updates on, among other things, the Listing Rules, the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the “ SFO ”) or guidelines, the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and financial or accounting standards which may be of the interest to the Directors.

根據企業管治守則之守則條文第A.6.5條，全體董事應參與持續專業發展，以提升及更新彼等之知識及技能。這是為了確保彼等對董事會作出知情及相關之貢獻。本公司之公司秘書定期向全體董事傳閱可能對董事而言屬重要之培訓材料或簡報，內容有關（其中包括）上市規則、香港法例第 571章《證券及期貨條例》（「 證券及期貨條例 」）或指引、香港法例第622章《公司條例》及財務或會計準則之最新資料。

In addition, the company secretary of the Company also provides and circulates to the Directors with monthly and regular updates relating to the Group’s business, financial position and business environment, in which the Group operates. During the year, all Directors have complied with the code provisions in relation to continuous professional development, including but not limited to reading materials relevant to the Company’s business, director’s duties and responsibilities.

此外，本公司之公司秘書亦向董事提供及傳閱每月及定期更新資料，內容包括本集團業務、財務狀況及本集團經營所處業務環境。年內，全體董事已遵守有關持續專業發展之守則條文，包括但不限於閱讀有關本公司業務、董事職能與責任之資料。

The company secretary of the Company continuously updates Directors constantly on the latest developments regarding the Group’s business and other applicable regulatory requirements, to ensure compliance and enhance their awareness of good corporate governance practices.

本公司之公司秘書持續向董事提供有關本集團業務及其他適用監管要求之最新發展資料，以確保遵守企業管治常規並提高董事對良好企業管治常規之意識。

During the year, all Directors have provided their training records to the Company on a regular basis, and such records have been maintained by the company secretary of the Company for accurate and comprehensive record keeping.

年內，全體董事已定期向本公司提供培訓記錄，而有關記錄已由本公司之公司秘書保存，藉以備存準確及完備之記錄。

Liability Insurance for the Directors

董事之責任保險

The Company has arranged for appropriate directors and officers liability insurance to indemnify its Directors against liabilities arising out of legal action on corporate activities. Such insurance coverage is reviewed and renewed with consultant advice on an annual basis.

本公司已投購合適的董事及高級職員責任保險，以彌償其董事因企業活動之法律訴訟所承擔之責任。該等保險受保範圍根據顧問意見按年檢討及重續。

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40 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

BOARD COMMITTEES

董事委員會

The Board has established various committees, including the Executive Committee, Audit Committee, Remuneration Committee and Nomination Committee, each of which has the specific written terms of reference that will be reviewed and updated, where necessary. Minutes of all meetings and resolutions of the committees are kept by the company secretary of the Company and open for inspection at any reasonable time on reasonable notice by any Director. Each committee is required to report to the Board on its decision and recommendations, where appropriate.

董事會已成立各個委員會，包括常務委員會、審核委員會、薪酬委員會及提名委員會，並分別訂立具體書面職權範圍，在有需要情況下進行檢討及更新。委員會所有會議記錄及決議案文本均由本公司之公司秘書備存，並可供任何董事在提出合理通知下於任何合理時間查閱。各委員會須向董事會匯報其決定及建議（倘適合）。

Executive Committee

常務委員會

The Executive Committee has been established since March 2016 with specific written terms of reference with authority delegated by the Board, which are available on the websites of the Company and the Stock Exchange. The Executive Committee is responsible for general management, supervising the day-today management, performance and operations in accordance with the business strategy and keeping under review strategy and business development initiatives of the Group and monitoring their implementation. Currently, the Executive Committee comprises three members, namely Mr. Tang Ho Hong, Ms. Ching Tak Won Teresa and Ms. Wong Chin Han. Mr. Tang Ho Hong is the chairman of the Executive Committee.

常務委員會自二零一六年三月起成立，並已訂立具體書面職權範圍，載列董事會之授權，可於本公司網頁及聯交所網頁閱覽。常務委員會負責整體管理、根據業務策略監督日常管理、業績表現及業務營運，以及持續審閱本集團之策略及業務發展計劃及監察其執行情況。目前，常務委員會由三名成員組成，分別為鄧灝康先生、程德韻女士及黃靜嫻女士，而鄧灝康先生為常務委員會主席。

Audit Committee

審核委員會

The Audit Committee has been established since March 2016 with specific written terms of reference, stipulating its authorities and duties in compliance with Rule 3.21 of the Listing Rules, which are available on the websites of the Company and the Stock Exchange. Currently, the Audit Committee comprises three INEDs, namely, Mr. Li Wing Sum Steven, Mr. Sung Tze Wah and Sr Dr. Leung Tony Ka Tung and Mr. Li Wing Sum Steven is the chairman of the Audit Committee.

審核委員會遵守上市規則第 3.21 條自二零一六年三月起成立，並已訂立具體書面職權範圍，規定其職權及職責，可於本公司網頁及聯交所網頁閱覽。審核委員會目前由三名獨立非執行董事組成，分別為李永森先生、宋梓華先生及梁家棟博士測量師，而李永森先生為審核委員會主席。

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The functions of the Audit Committee is, among others, to assist the Board to review the financial reporting, including interim and final results, to supervise over the Group’s internal controls, risk management and to monitor the internal and external audit functions, the appointment, the re-appointment and removal of external auditor and to make relevant recommendations to the Board to ensure effective and efficient operation and reliable reporting. The functions of the Audit Committee will be reviewed regularly by the Board and amended from time to time, as and when appropriate, in order to be in compliance with the code provision of the CG Code (as amended from time to time).

審核委員會之職能旨在（其中包括）協助董事會檢討財務匯報（包括中期及全年業績）、監督本集團之內部監控及風險管理、監察內部及外部審計職能、委聘、續聘及罷免外聘核數師，以及向董事會作出相關推薦建議，藉以確保切實高效之業務營運及可靠之匯報。審核委員會之職能將由董事會定期檢討並不時於適當時候作出修訂，以遵守企業管治守則之守則條文（經不時修訂）。

The Audit Committee is provided with sufficient resources to discharge its duties and may access to independent professional advice according to the Company’s policy, if considered necessary.

審核委員會獲提供充分資源以履行其職責，並可根據本公司之政策在認為有需要之情況下尋求獨立專業意見。

During the year under review, the Audit Committee members met twice with the Group senior management and the external auditor of the Company. During the year and up to the date of this report, the Audit Committee met to discuss and review the following matters:

於回顧年度，審核委員會成員與本集團高級管理層以及本公司外聘核數師舉行兩次會議。於本年度及直至本報告日期，審核委員會曾舉行會議以討論及審閱以下事宜：

(a) the annual results for the year ended 31 March 2020 and 2021, as well as the interim results for the six-month ended 30 September 2020 to ensure for full, complete and accurate disclosure in the aforesaid financial statements pursuant to the accounting standards and other legal requirement for presenting the same to the Board for approval;
(a) 截至二零二零及二零二一年三月三十一日止年度之全年業績及截至二零二零年九月三十日止六個月之中期業績，以確保上述根據會計準則及其他法律規定編製並呈交董事會批准之財務報表作出全面、完整及準確披露；
(b) the term and remuneration for the appointment of Ernst & Young as external auditor to perform the agreed-upon procedures on the final results for the year ended 31 March 2020 and the interim results for the six-month ended 30 September 2020;
(b) 委聘安永會計師事務所為外聘核數師以對截至二零二零年三月三十一日止年度之全年業績及截至二零二零年九月三十日止六個月之中期業績進行協定程序之條款及薪酬；
(c) the independence of the external auditor especially for those non-audit services;
(c) 外聘核數師（尤其是其非核數服務）之獨立性；

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(d) the continuing connected transaction(s) of the Group;
(d) 本集團之持續關連交易；
(e) the overall effectiveness of internal controls and risk management systems; and
(e) 內部監控及風險管理系統之整體成效；及
(f) the adequacy of resources, qualifications and experience of staff, the accounting and financial reporting matters and their training programmes and budget.
(f) 員工資源、資格及經驗是否足夠、會計及財務匯報事宜以及彼等之培訓計劃及預算。

The Audit Committee is satisfied with, inter alia, the audit fees, effectiveness of the audit process, independence and objectivity of Ernst & Young and has recommended to the Board the reappointment of Ernst & Young as the Company’s external auditor for the ensuing year at the forthcoming annual general meeting of the Company.

審核委員會對（其中包括）安永會計師事務所之審核費用、審核程序成效、獨立性及客觀性感到滿意，故向董事會建議於本公司應屆股東週年大會上續聘安永會計師事務所為本公司來年之外聘核數師。

Remuneration Committee

薪酬委員會

The Remuneration Committee has been established on 17 March 2016 with specific written terms of reference, as revised from time to time, stipulating its authorities and duties in compliance with code provision of B.1.2 of the CG Code, which are available on the websites of the Company and the Stock Exchange. Currently, the Remuneration Committee comprises three INEDs, namely, Mr. Li Wing Sum Steven, Mr. Sung Tze Wah and Sr Dr. Leung Tony Ka Tung, and one executive Director, namely Mr. Tang Ho Hong. Sr Dr. Leung Tony Ka Tung is the chairman of the Remuneration Committee. Majority of the Remuneration Committee are INEDs.

薪酬委員會遵守企業管治守則之守則條文第B.1.2 條於二零一六年三月十七日成立，並已訂立具體書面職權範圍（經不時修訂），規定其職權及職責，可於本公司網頁及聯交所網頁閱覽。薪酬委員會目前由三名獨立非執行董事（即李永森先生、宋梓華先生及梁家棟博士測量師）及一名執行董事（即鄧灝康先生）組成。梁家棟博士測量師為薪酬委員會主席。薪酬委員會之大部分成員為獨立非執行董事。

By reference to the corporate goals and objectives of the Company, the primary roles and functions of the Remuneration Committee are as follows:

參照本公司之公司目標及宗旨，薪酬委員會之主要角色及職能如下：

(a) to make recommendations to the Board on the Company’s policy and structure for all Directors’ and senior management’s remuneration and on the establishment of a formal and transparent procedure for developing a remuneration policy on the basis of basic salary and allowances, discretionary bonus and share options;
(a) 根據基本薪金及津貼、酌情花紅及購股權，就本公司全體董事與高級管理層之薪酬政策及架構以及就制定薪酬政策設立正式及具透明度之程序，向董事會提供推薦建議；

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(b) to review and approve the senior management’s remuneration proposals with reference to the Board’s corporate goals and objectives;
(b) 參考董事會之公司目標及宗旨，審閱及批准高級管理層之薪酬建議；
(c) to make recommendations to the Board on the remuneration packages of individual executive Directors and senior management of the Company, including, but not limited to, benefits in kind, pension rights and compensation payments for loss or termination of their office or appointment;
(c) 就個別本公司執行董事及高級管理層之薪酬待遇向董事會提供推薦建議，包括但不限於實物利益、退休金權利及離職或終止職務或委任賠償付款；
(d) to make recommendations to the Board on the directors’ fee of the non-executive Director and INEDs with reference to the range of remuneration of other non-executive directors in the similar industry and allow any out-of-pocket expenses incurred in connection with the performance of their duties;
(d) 經參考類似行業其他非執行董事之薪酬範圍，就非執行董事及獨立非執行董事之董事袍金向董事會提出推薦建議，並給予其在履行職責時所產生之任何自付費用；
(e) to consider salaries paid by comparable companies, time commitment and responsibilities and employment conditions elsewhere in the Group;
(e) 考慮可比較公司支付之薪金、須付出之時間及職責，以及本集團內其他職位聘用條件；
(f) to review and approve compensation payable to executive Directors and senior management of the Company for any loss or termination of office or appointment to ensure that it is consistent with contractual terms and is otherwise fair and not excessive; and
(f) 檢討及批准向本公司執行董事及高級管理層就其離職或終止職務或委任而須支付之賠償，以確保該等賠償與合約條款一致；若未能與合約條款一致，賠償亦須公平及不致過多；及
(g) to review and approve compensation arrangements relating to dismissal or removal of Directors for misconduct to ensure that they consistent with contractual terms and are otherwise reasonable and appropriate.
(g) 審閱及批准因行為失當而解僱或罷免董事所涉及之補償安排，以確保補償與合約條款一致；若未能與合約條款一致，賠償亦屬合理及適宜。

The Remuneration Committee is provided with sufficient resources to discharge its duties and may access to independent professional advice according to the Company’s policy, if considered necessary.

薪酬委員會獲提供充分資源以履行其職責，並可根據本公司之政策在認為有需要之情況下尋求獨立專業意見。

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During the year under review, the Remuneration Committee held one meeting, in which it reviewed the existing remuneration policy by reference with the market research, communicated with the chief executive officer of the Company and recommended amendments to the existing remuneration policy and performance-based bonus and approved the remuneration package and performance-based bonus paid to other Directors and senior management of the Company. No Director took part in any discussion or determination about his own remuneration.

於回顧年度內，薪酬委員會舉行一次會議，於會上參照市場研究審閱現有薪酬政策、與本公司行政總裁交流、就現有薪酬政策及以績效為本的花紅提出修改建議，並批准向本公司其他董事及高級管理層支付之薪酬待遇及以績效為本的花紅。概無董事參與有關其本身薪酬之任何討論或釐定。

The Remuneration Committee has discharged or will continue to discharge its major roles to, among other things, approve the terms of the service agreements of the Directors and the senior management of the Company, make recommendations with respect to the remuneration and policies of the Directors and senior management of the Company and to review the remuneration package and recommend salaries, bonuses, including the incentive awards for Directors and senior management of the Company.

薪酬委員會已履行或將繼續履行其主要職務，以（其中包括）批准本公司董事及高級管理層之服務協議條款、就本公司董事及高級管理層之薪酬及政策作出推薦建議，並就本公司董事及高級管理層之薪酬待遇及建議薪金、花紅（包括獎勵）進行檢討。

Pursuant to the code provision B.1.5, the annual remuneration of other members of the senior management by bands for the year ended 31 March 2021 is set out below:

根據守則條文第B.1.5條，於截至二零二一年三月三十一日止年度，高級管理層其他成員按等級劃分之年度薪酬載列如下：

Remuneration to the senior management by bands	按等級劃分之高級管理層薪酬	Number of individual 人數
Below HK$500,000	500,000港元以下	–
HK$500,000 to HK$1,000,000	500,000港元至1,000,000港元	–
HK$1,000,001 to HK$1,500,000	1,000,001港元至1,500,000港元	1
Over HK$1,500,000	1,500,000港元以上	3

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Nomination Committee

提名委員會

The Nomination Committee was established on 17 March 2016 with specific written terms of reference, as revised from time to time, stipulating its authorities and duties in compliance with code provision A.5.1 of the CG Code, which are available on the websites of the Company and the Stock Exchange. Currently, the Nomination Committee comprises three INEDs, namely, Mr. Sung Tze Wah, Mr. Li Wing Sum Steven and Sr Dr. Leung Tony Ka Tung, and one executive Director, namely Mr. Tang Ho Hong. Mr. Sung Tze Wah is the chairman of the Nomination Committee.

提名委員會遵守企業管治守則之守則條文第A.5.1 條於二零一六年三月十七日成立，並已訂立具體書面職權範圍（經不時修訂），規定其職權及職責，可於本公司網頁及聯交所網頁閱覽。提名委員會目前由三名獨立非執行董事（即宋梓華先生、李永森先生及梁家棟博士測量師）及一名執行董事（即鄧灝康先生）組成。宋梓華先生為提名委員會主席。

By reference to the corporate goals and objectives of the Company, the primary roles and functions of the Nomination Committee are as follows:

參照本公司之公司目標及宗旨，提名委員會之主要角色及職能如下：

(a) to review and evaluate the structure, size and composition (including diversity, skills, knowledge and experience) of the Board at least annually and make recommendations to the Board on any proposed changes to the Board to complement the Company’s corporate strategy;
(a) 至少每年檢討並評估董事會之架構、規模及成員組成（包括多元化、技能、知識及經驗），並就董事會為配合本公司企業策略之任何建議變更向董事會提供推薦建議；
(b) to identify individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of, individuals nominated for directorships;
(b) 物色合適之合資格人選成為董事會成員，並甄選獲提名人士出任董事職務或就此向董事會提供推薦建議；
(c) to assess the independence of INEDs;
(c) 評定獨立非執行董事之獨立性；
(d) to monitor the continuous professional development of the Directors;
(d) 監察董事之持續專業發展；
(e) to make recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors, in particular the chairman and the chief executive officer of the Company;
(e) 就委任或重新委任董事以及董事（尤其是本公司主席及行政總裁）繼任安排向董事會提供推薦建議；
(f) where the Board proposes a resolution to elect an individual as an INED at the general meeting, the Nomination Committee should set out in the circular to shareholders and/or explanatory statement accompanying the notice of the relevant general meeting:
(f) 倘董事會於股東大會上提呈決議案以選舉個別人士為獨立非執行董事，提名委員會應於寄發予股東之通函及╱或相關股東大會通告隨附之說明函件中，闡述：

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the process used for identifying the individual why the board believes the individual should be elected and the reasons why it considers the individual to be independent;
列明用以物色該名人士的流程；董事會認為應選任該名人士的理由以及他們認為該名人士屬獨立人士的原因；
if the proposed independent non-executive Director will be holding their seventh (or more) listed company directorship, why the board believes the individual would still be able to devote sufficient time to the Board;
如果候任獨立非執行董事將出任第七家（或以上）上市公司的董事，董事會認為該名人士仍可投入足够時間履行董事責任的原因；
the perspectives, skills and experience that the individual can bring to the Board; and
該名人士可為董事會帶來的觀點與角度、技能及經驗；及
how the individual contributes to diversity of the Board.
該名人士如何促進董事會成員多元化。
(g) the chairman or another member of the Nomination Committee shall attend the Company’s annual general meetings and be prepared to respond to questions raised by shareholders on the Nomination Committee’s activities and responsibilities.
(g) 提名委員會主席或另一成員須出席本公司之股東週年大會，並作萬全準備以回應股東就提名委員會活動及職責提出之問題。

The Company has adopted a nomination policy (the “ Nomination Policy ”) which sets out the selection criteria and process and the Board succession planning considerations in relation to nomination and appointment of Directors and aims to ensure that the Board has a balance of skills, experience and diversity of perspectives appropriate to the Company and the continuity of the Board and appropriate leadership at Board level. The Nomination Policy also sets out the procedures for the selection and appointment of new Directors and re-election of Directors at general meetings. The selection criteria and nomination procedures set out in the Nomination Policy as follows:

本公司已採納提名政策（「 提名政策 」），當中載有有關董事提名及委任之甄選標準及程序以及董事會繼任計劃之考慮因素，旨在確保董事會擁有適合本公司均衡的技能、經驗及多元角度，並確保董事會可持續運作且董事會具備適當的領導力。提名政策載列於股東大會上遴選及委任新董事及重選董事的程序。載列於提名政策的甄選標準及提名程序如下：

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1. Selection Criteria

1. 甄選標準

in assessing the suitability of a proposed candidate, the Nomination Committee will consider the factors (as reference), including reputation, integrity, accomplishment and relevant experience in relation to the principal businesses of the Company from time to time, commitment in respect of available time and relevant interest, diversity in all its aspects, including but not limited to gender, age (18 years old or above), cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. These factors are for reference only, and not meant to be exhaustive and decisive. The Nomination Committee has the discretion to nominate any person, as it considers appropriate;
於評估擬議候選人是否適當時，提名委員會將考慮的因素（作為參考）包括聲譽、誠信、成就及與本公司不時之主要業務有關的經驗、可利用時間及相關利益之承諾、各方面的多樣性，包括但不限於性別、年齡（18歲或以上）、文化和教育背景、種族、專業經驗、技能、知識和服務任期。該等因素僅供參考，並非詳盡無遺及具有決定性。提名委員會於認為適當時有權酌情提名任何人士；
retiring Directors are eligible for nomination by the Board to stand for re-election at a general meeting. For those who have served as INEDs for a period of nine consecutive years standing for re-election, the Nomination Committee will consider the independence of such Director for nomination by the Board to stand for election at a general meeting and state the reason in the circular to the shareholders of the Company for the re-election;
退任董事有資格獲董事會提名於股東大會上重選連任。就已連續九年擔任獨立非執行董事的重選連任董事而言，提名委員會將考慮該董事的獨立性，以供董事會提名於股東大會選舉，並於致本公司股東之通函中就重選陳述理由；
candidate(s) will be asked to submit the necessary personal information in a prescribed form, together with their written consent to be appointed as Director(s) and to the public disclosure of their personal data on any documents or the relevant websites for the purpose of or in relation to their standing for election as Director(s); and
候選人須以特定格式提交必要的個人資料，連同同意獲委任為董事以及就或有關其選舉為董事的個人資料於任何文件或相關網站公開披露的書面同意書；及
the Nomination Committee may request candidate(s) to provide additional information and documents, if considered necessary.
倘屬必要，提名委員會可要求候選人提供額外資料及文件。

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2. Nomination Procedures

2. 提名程序

the secretary of the Nomination Committee shall call a meeting of the Nomination Committee, and invite nominations of candidate(s) from Board members if any, for consideration by the Nomination Committee prior to its meeting. The Nomination Committee may also put forward candidate(s) who are not nominated by Board members;
提名委員會秘書須召開提名委員會會議，並邀請董事會成員提名候選人（如有）以供提名委員會於其會議前審議。提名委員會亦可提呈非由董事會成員提名的候選人；
for filling a casual vacancy, the Nomination Committee shall make recommendations for the Board’s consideration and approval. For proposing candidate(s) to stand for election at a general meeting, the Nomination Committee shall make nominations to the Board for its consideration and recommendation;
為填補臨時空缺，提名委員會須作出推薦建議供董事會考慮及批准。就建議候選人於股東大會上參選而言，提名委員會須向董事會提名供其考慮及作出推薦建議；
until the issue of the circular to be sent to the shareholders of the Company, the nominated persons shall not assume that they have been proposed by the Board to stand for election at the general meeting;
於提供予本公司股東的通函發出前，獲提名之人士不得假設彼等已獲董事會建議於股東大會上參選；
in order to provide information of the candidate(s) nominated by the Board to stand for election at a general meeting, and to invite nominations from the shareholders of the Company, a circular will be sent to the shareholders of the Company. The circular will set out the lodgment period for the shareholders of the Company to make the nominations. The names, brief biographies (including qualifications and relevant experience), independence, proposed remuneration and any other information, as required pursuant to the applicable laws, rules and regulations, of the proposed candidate(s) will be included in the circular to the shareholders of the Company;
為提供獲董事會提名於股東大會上參選之候選人資料，以及邀請本公司股東提名，本公司將向本公司股東寄發通函。該通函將載列本公司股東提名的遞交期限。根據適用法律、規則及法規規定提供之建議候選人的姓名、簡歷（包括資格及相關經驗）、獨立性、建議薪酬及任何其他資料將載入提供予本公司股東的通函；

宏安地產有限公司 二零二一年年報 49

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

the shareholder of the Company can serve a notice to the company secretary of the Company within the lodgment period of its intention to propose a resolution to elect a certain person as Director, without the Board’s recommendation or the Nomination Committee’s nomination, other than those candidate(s) set out in the circular to be sent to the shareholders of the Company. The particulars of the candidate(s) so proposed will be sent to all shareholders of the Company for information by a supplementary circular;
本公司股東可於遞交期限內向本公司公司秘書寄送通知，表達其有意在非由董事會建議或提名委員會提名的情況下提呈決議案，以推選除提供予本公司股東的通函已載列之該等候選人外的一名特定人士為董事。以此方式獲提名之候選人的詳情將透過向本公司全體股東寄發補充通函之方式供其參考；
a candidate is allowed to withdraw his candidature at any time before the general meeting by serving a notice in writing to the company secretary of the Company;
候選人可於股東大會前任何時間透過向本公司公司秘書寄送書面通知的方式放棄其候選資格；
the Board shall have the final decision on all matters relating to its recommendation of candidate(s) to stand for election at any general meeting; and
董事會應就其推薦建議之候選人於任何股東大會上參選的所有事宜擁有最終決定權；及
as there may be more candidate(s) than the vacancies available, and the “gross-vote” method will be used to determine who shall be elected as Director, the resolutions proposed for the candidate(s) by the shareholders of the Company shall therefore take the same form as the resolutions proposed for the candidate(s) recommended by the Board.
由於候選人數目可能超過空缺位置，則將會使用「總額投票」方法以決定獲選為董事的候選人，因此，本公司股東提呈有關候選人的決議案應採用與董事會就推薦人選所提呈決議案的相同形式。

The Nomination Committee is provided with sufficient resources to discharge its duties and may access to independent professional advice according to the Company’s policy, if considered necessary.

提名委員會獲提供充分資源以履行其職責，並可根據本公司之政策在認為有需要之情況下尋求獨立專業意見。

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50 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

During the year under review, the Nomination Committee held two meeting to discuss and review the following matters:

於回顧年度內，提名委員會舉行兩次會議，討論及檢討下列事宜：

(a) the Nomination Policy;
(a) 提名政策；
(b) existing structure, size and composition (including the skills, knowledge and experience) of the Board appropriate for the requirements of the business of the Group and to make recommendations on any proposal changes, if any, to complement the Company’s corporate strategy;
(b) 董事會之現行架構、規模及成員組成（包括技能、知識及經驗）是否符合本集團業務需要，並就配合本公司企業策略之任何建議變更（如有）提供推薦建議；
(c) the Board diversity policy (the “ Diversity Policy ”);
(c) 董事會成員多元化政策（「 多元化政策 」）；
(d) recommended to the Board on the appointment of chief executive officer, and change in chairman of the Nomination Committee; and
(d) 就委任行政總裁以及提名委員會主席變動向董事會作出推薦建議；及
(e) recommend the retirement by rotation and the reappointment of Mr. Tang Ho Hong as an executive Director and Mr. Sung Tze Wah as an INED, at the forthcoming annual general meeting of the Company.
(e) 建議鄧灝康先生及宋梓華先生於本公司應屆股東週年大會上輪值退任及分別重選連任執行董事及獨立非執行董事。

Board Diversity

董事會成員多元化

The Company recognises increasing diversity at the Board level as an essential element in supporting the attainment of its strategic objectives, sustainable and balanced development. In March 2016, the Company adopted the Diversity Policy stipulating the composition of the Board which sets out the approach to diversify the Board.

本公司視董事會層面日益多元化為支持其達致策略目標及可持續均衡發展之關鍵元素。於二零一六年三月，本公司採納多元化政策以組建董事會，其中載列達致董事會成員多元化之措施。

In designing the Board’s composition, the Board diversity has been considered from a number of aspects, including but not limited to gender, age, cultural and education background, ethnicity, professional experience, skills, knowledge and length of service. The Nomination Committee will also consider factors based on the Company’s business model, specific needs and meritocracy from time to time in determining the optimum composition of the Board.

本公司在設定董事會之成員組成時，已從多個方面考慮董事會成員多元化，包括但不限於性別、年齡、文化及教育背景、種族、專業經驗、技能、知識及服務任期。在釐定董事會之最佳成員組成時，提名委員會亦會根據本公司之業務模式、具體需求及任人唯賢為原則不時考慮各項因素。

宏安地產有限公司 二零二一年年報

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

As at the date of this annual report, the Board comprised six Directors, including three executive Directors and three INEDs, thereby promoting critical review and control of the management process. The Board is also characterised by significant diversity, whether considered in terms of professional experience, skills and knowledge.

於本年報日期，董事會由六名董事組成，包括三名執行董事及三名獨立非執行董事，因此有助嚴格審閱及監控管理程序。董事會在專業經驗、技術及知識方面亦十分多元化。

Having reviewed the Diversity Policy and the Board’s composition, the Nomination Committee is satisfied that the requirements set out in the Diversity Policy had been met.

經審閱多元化政策及董事會之成員組成後，提名委員會信納本公司已經符合多元化政策所載之規定。

ATTENDANCE OF DIRECTORS AT VARIOUS MEETINGS

董事於各會議之出席情況

Details of the attendance of individual Directors at regular Board meetings, committee meetings and shareholders’ meetings held during the year ended 31 March 2021 were as follows:

截至二零二一年三月三十一日止年度，個別董事於定期董事會會議、委員會會議及股東大會之出席詳情載於下表：

Name of Directors	董事姓名	董事姓名	Board 董事會	Audit Committee 審核委員會	Remuneration Committee 薪酬委員會	Nomination Committee 提名委員會	Annual General Meeting 股東週年大會
Tang Ho Hong	鄧灝康		4/4	N/A不適用	1/1	2/2	1/1
Ching Tak Won Teresa	程德韻		4/4	N/A不適用	N/A不適用	N/A不適用	1/1
Wong Chin Han	黃靜嫻		4/4	N/A不適用	N/A不適用	N/A不適用	1/1
Chan Chun Hong	陳振康		3/3	N/A不適用	N/A不適用	N/A不適用	1/1
(Resigned on		（於二零二一年
8 February 2021)		二月八日辭任）
Li Wing Sum Steven	李永森		4/4	2/2	1/1	2/2	1/1
Sung Tze Wah	宋梓華		4/4	2/2	1/1	2/2	1/1
Leung Tony Ka Tung	梁家棟		4/4	2/2	1/1	2/2	1/1

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52 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

EXTERNAL AUDITOR’S REMUNERATION

外聘核數師之酬金

The remuneration paid/payable to the Company’s external auditor, 截至二零二一年三月三十一日止年度，本公司已 Ernst & Young, for the year ended 31 March 2021 are set out as 付╱應付外聘核數師安永會計師事務所之酬金載 follows: 列如下：

Services rendered for the Group	向本集團提供之服務	向本集團提供之服務	Fees paid/ payable to Ernst & Young 已付╱應付安永會計師事務所之費用 HK$’000 千港元
Audit services	核數服務
– annual financial statements		—年度財務報表	3,020
– other service		－其他服務	20
Non-audit services:	非核數服務：
– agreed-upon procedures		—協定程序	435
– taxation and professional services		—稅務及專業服務	493
Total:	總計：		3,968

ACCOUNTABILITY AND AUDIT

問責及審核

The Directors acknowledge their responsibility for preparation and publication of the timely financial statements which gives a true and fair view of the financial position of the Group and ensure that they are prepared in accordance with the statutory requirements and applicable accounting standards. In preparing the accounts for the year ended 31 March 2021, the Directors have adopted suitable accounting policies which are pertinent to the Group’s operations and relevant to the financial statements and have presented an understandable assessment of the Group’s position and prospects.

董事明白彼等負責編製並刊發真實及公平地反映本集團財務狀況之適時財務報表，且須確保財務報表乃根據法定要求及適用會計準則編製。編製截至二零二一年三月三十一日止年度之賬目時，董事已採納與本集團業務有關及與財務報表相關之適用會計政策，並呈列對本集團之狀況及前景作出易於理解之評估。

宏安地產有限公司 二零二一年年報 53

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

The Directors confirm that, to the best of their knowledge, information and belief, having made all reasonable enquiries, the accounts is prepared on a going concern basis and they are not aware of any material uncertainties relating to the events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. The Directors continue to explore any opportunities with potential investors to enhance its financial position and business development of the Group by way of refinancing, extension of borrowings and/or fund raising.

董事確認，就彼等經作出一切合理查詢後所深知、全悉及確信，賬目乃按持續經營基準編製，且彼等概不知悉有任何重大不明朗事件或狀況可能令本公司之持續經營能力出現重大疑問。董事持續物色任何與潛在投資者進行之商機，以透過再融資、延長借貸及╱或集資等方式，改善本集團之財務狀況及業務發展狀況。

A statement by the independent auditor about their reporting responsibilities is set out on pages 76 to 83 of this annual report.

獨立核數師就彼等之申報責任發出之聲明載於本年報第76至83頁。

DIVIDEND POLICY

股息政策

The dividend policy adopted by the Company in November 2018 is intended to be prudent and sustainable, and will be evaluated from time to time and there is no assurance that dividends will be paid in any particular amount for any particular period. Subject to compliance with applicable rules and regulations, the Board may, at its discretion, determine the declaration of payment of dividend(s) to its shareholders in any amount, frequency in any financial year depending on, among other things, the Company’s operation and financial performance, liquidity condition, capital requirements, future funding needs, contractual restrictions, availability of reserves and prevailing economic climate.

本公司於二零一八年十一月採納的股息政策擬為審慎及可持續的政策，且將不時予以評估，概不保證會就任何特定期間支付任何特定金額的股息。在遵守適用規則及法規的前提下，董事會可酌情釐定按任何金額、頻率在任何財政年度向其股東宣派股息付款，其視乎（其中包括）本公司的營運及財務表現、流動資金狀況、資本要求、未來集資需求、合約限制、可動用儲備及當下的經濟環境。

RISK MANAGEMENT AND INTERNAL CONTROLS

風險管理及內部監控

The Board has undertaken the overall responsibility for evaluating and determining the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives and ensuring that the Group established and maintained appropriate and effective risk management and internal control systems during the year under review, whilst the Audit Committee was overseeing and monitoring the effectiveness of these systems. Management of the Group was responsible for implementing and maintaining sound and effective risk management and internal control system that safeguard the Group’s assets and stakeholders’ interest in aspects including operation, financial and compliance.

董事會全權負責評估及釐定其為達致本集團之戰略目標而願意承擔之風險性質及程度，並確保本集團在回顧年度內建立及維持適當而有效之風險管理及內部監控系統，同時由審核委員會監督及監察該等系統之成效。本集團管理層負責執行及維持健全而有效之風險管理及內部監控系統，在營運、財務及合規方面保障本集團之資產及持份者之利益。

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54 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

The Group has established risk management procedures to address and handle the all significant risks associate with the business of the Group. The Board would perform annual review on any significant change of the business environment and establish procedures to response the risks result from significant change of business environment.

本集團已設立風險管理程序，以應對及處理與本集團業務相關之所有重大風險。董事會對業務環境之任何重大變化進行年度審閱，並設立程序以應對因業務環境重大變化引致之風險。

Management of the Company would identify the risks associate with the business of the Group by considering both internal and external factors and events which include political, economic, technology, environmental, social and staff. Each of the risks has been assessed and prioritised based on their relevant impact and occurrence opportunity.

本公司管理層透過考慮內部及外部因素及事件（包括政治、經濟、科技、環境、社會及員工方面）識別與本集團業務相關之風險。本公司已根據各類風險之相關影響及發生機率進行評估及進行排序。

The internal control systems are designed and implemented to reduce the risks associated with the business accepted by the Group and minimise the adverse impact results from the risks. The risk management and internal control system are designed to mitigate rather than eliminate the risk of failure to achieve business objectives, and can only provide reasonable and not absolute assurance against material misstatement or loss.

內部監控系統之設計及實施乃為降低本集團所接受與業務有關之風險，並盡量減少該等風險導致之不利影響。風險管理及內部監控系統乃旨在降低而非完全消除未能達成業務目標之風險，並僅可對消除重大錯誤陳述或損失提供合理而非絕對保證。

During the year under review, the Company appointed external advisers to undertake the internal audit function and perform the ongoing monitoring of the systems of internal control of the Group and has reported their findings and recommendations to the Audit Committee and followed up the status of implementation of the recommendations to ensure all significant control activities are properly in place within the Group. The Group has adopted a risk-based approach in developing the annual internal audit plan to cover business activities with material risks across the Group. The rotation basis would be applied to operations with similar risk associated so as to enhance the efficiency and effectiveness of the internal audit. All findings and recommendations on internal control deficiencies for the year have been communicated to management, who are required to establish remedial plans to correct those internal control deficiencies within a reasonable time period. Post-audit review is performed to monitor those agreed recommendations having been implemented as intended and on a timely basis. Based on the audit and post-audit review, the advisers reported that there was no significant deficiency on the internal control system of the Group for the year had been noted.

於回顧年度內，本公司委任外部顧問承擔內部審核職能及對本集團內部監控系統進行持續監察，將其審核結果及推薦建議向審核委員會報告，並跟進執行推薦建議之狀況，確保所有重大監控活動已於本集團內妥善推行。本集團已採納以風險為基礎之方法，制定年度內部審核計劃，涵蓋本集團具有重大風險之業務活動。具有類似風險之業務將應用輪替基準，以提升內部審核之效能及效率。年內就內部監控不足之所有發現及推薦建議已通知管理層，彼等須設立補救計劃，在合理時間內糾正內部監控不足之處。本集團亦進行審核事後檢討，以監察已同意之推薦建議按計劃及適時執行。根據審核及審核事後檢討，顧問匯報，於年內概無發現本集團內部監控系統有任何重大缺陷。

宏安地產有限公司 二零二一年年報 55

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

Review on Risk Management and Internal Control System

檢討風險管理及內部監控系統

The Company has conducted annual review on the effectiveness and efficiency of the Group’s risk management and internal control systems for the year ended 31 March 2021 and senior management confirmed that there is no significant deficiency and weakness on the internal control system has been identified by the external advisory firm for the year ended 31 March 2021. The Board has reviewed with the Audit Committee and satisfied and confirmed that the Group’s risk management and internal control systems in respect of financial, operational, compliance, risk management and adequacy of resources were effective and adequate.

本公司已對本集團截至二零二一年三月三十一日止年度之風險管理及內部監控系統之效能及效率作出年度審核，而高級管理層確認，截至二零二一年三月三十一日止年度外聘顧問公司並無發現內部監控系統存在重大缺陷及弱點。董事會已與審核委員會檢討，並信納及確認本集團關於財務、營運、合規、風險管理及資源充足程度方面之風險管理及內部監控系統均屬有效及充分。

The Company has conducted annual review on the effectiveness and efficiency of the Group’s risk management and internal control systems for the year ended 31 March 2021 and management of the Company confirmed that there is no significant deficiency and weakness on the internal control system which has been identified by the external advisory firm for the year ended 31 March 2021. The Board has reviewed with the Audit Committee and satisfied and confirmed that the Group’s risk management and internal control systems in respect of financial, operational, compliance, risk management and adequacy of resources were effective and adequate.

INVESTOR RELATIONS AND COMMUNICATIONS WITH SHAREHOLDERS

本公司已對本集團截至二零二一年三月三十一日止年度之風險管理及內部監系統之效能及效率作出年度檢討，而本公司管理層確認，截至二零二一年三月三十一日止年度外聘顧問公司並無發現內部監控系統存在重大缺陷及弱點。董事會已與審核委員會檢討，並信納及確認本集團關於財務、營運、合規、風險管理及資源充足程度方面之風險管理及內部監控系統均屬有效及充分。

投資者關係及與股東溝通

The Company aims at promoting and maintaining effective communications with its shareholders and investors (both individuals and institutions) to ensure that the Group’s information is disseminated to the stakeholders and investors in a timely manner and enable them to have a clear assessment of the enterprise performance. A shareholders communication policy has been adopted by the Company and the same is available on the website of the Company. Other major means of communications includes:

本公司致力促進及維繫與其股東及個人和機構投資者之有效溝通，確保本集團可及時向持份者及投資者發佈資訊，令彼等明確評估公司表現。本公司已採納一套股東通訊政策，並載於本公司網頁上。其他主要通訊方式包括：

Disclosures in Corporate Website

於公司網頁披露資料

Extensive information on the Group’s activities and financial position will be disclosed in its annual reports, interim reports, announcements, circulars and other corporate communications which will be sent to the shareholders of the Company and/or published on the websites of the Stock Exchange (www.hkexnews.hk) and the Company (www.woproperties.com). Other inside information is released by way of formal public announcements as required by the Listing Rules and Inside Information Provisions under Part XIVA of the SFO.

有關本集團業務及財務狀況之詳盡資訊，將於其年報、中期報告、公佈、通函及其他企業通訊資料內披露，而上述資料將寄發予本公司股東及╱或刊載於聯交所網頁(www.hkexnews.hk)及本公司網頁 (www.woproperties.com) 。其他內幕消息亦會按照上市規則以及證券及期貨條例第 XIVA部內幕消息條文之規定，以正式公佈方式發表。

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56 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

General Meeting with Shareholders

舉行股東大會

The Company also acknowledges that annual general meetings and various general meetings are valuable forums for the Board to communicate directly with the shareholders of the Company and members of the Board and the members of various committees are encouraged to attend and answer questions at such general meetings.

本公司亦瞭解股東週年大會及各種股東大會乃董事會直接與本公司股東溝通之寶貴討論場所，故鼓勵董事會成員及各委員會成員出席該等股東大會及於會上回應提問。

In order to let shareholders of the Company to make an informed decision at the general meetings, sufficient notices with not less than ten (10) clear business days for every general meeting and twenty (20) clear business days for every annual general meeting were given to the shareholders of the Company pursuant to code provision E.1.3 of the CG Code, the Bye-laws and any other applicable laws. The chairman of general meetings will explain the detailed procedures for conducting a poll vote during the proceedings of meetings and answer all questions raised by shareholders of the Company. All resolutions put to vote at general meetings are taken by poll and the poll results are posted on the websites of the Company and the Stock Exchange immediately following the holding of the general meetings.

為了使本公司股東於股東大會上能夠作出知情決定，本公司已根據企業管治守則之守則條文第 E.1.3條、公司細則及任何其他適用法例，向本公司股東寄發具備不少於十(10)個完整營業日（就股東大會而言）及二十(20)個完整營業日（就股東週年大會而言）之足夠通知期之通知。股東大會主席將闡述於大會程序時進行投票表決之詳細程序，並解答本公司股東提出之所有提問。所有於股東大會上投票表決之決議案均以書面點票方式進行，而書面點票結果於緊隨舉行股東大會後刊載於本公司網頁及聯交所網頁。

Investor Relations

投資者關係

The Group also has a proactive investor relations programme that keeps investors and shareholders of the Company abreast the Group’s latest development and discloses relevant information to the public in a timely manner. During the year, we held various meetings with investors and participated in investor and press conferences.

本集團亦主動推行投資者關係計劃，讓本公司投資者及股東得悉本集團之最新發展並及時披露相關資料予公眾。於年內，本集團與投資者進行多次會議，並參加投資者會議及新聞發佈會。

Shareholders’ Rights of Convening a Special General Meeting

股東召開股東特別大會之權利

Pursuant to Bye-law 58 of the Bye-laws, shareholders of the Company holding at the date of deposit of the requisition not less than one-tenth of the paid up capital of the Company carrying the right of voting at general meetings of the Company shall at all times have the right, by written requisition to the Board or the company secretary of the Company, to require a special general meeting (the “ SGM ”) to be called by the Board for the transaction of any business specified in such requisition; and the SGM shall be held within two (2) months after the deposit of such requisition. If within twenty-one (21) days of such deposit the Board fails to proceed to convene the SGM, the requisitionists themselves may do so in accordance with the provisions of Section 74(3) of the Companies Act 1981 of Bermuda (as amended), but any meeting so convened shall not be held after the expiration of three (3) months from the said date.

根據公司細則第58 條，於呈遞要求當日持有不少於本公司繳足股本（附有可於本公司股東大會上投票之權利）十分之一之本公司股東，於任何時候均有權透過向董事會或本公司之公司秘書發出書面要求，要求董事會召開股東特別大會（「 股東特別大會 」），以處理有關要求中列明之任何事項；董事會須於該要求送達後兩(2)個月內舉行股東特別大會。倘董事會於送達要求後二十一(21) 日內未能召開股東特別大會，要求者可根據百慕達一九八一年公司法（經修訂）第74(3)條之條文自行召開會議，惟所召開之任何會議不得於上述日期起計三(3)個月屆滿後舉行。

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CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

The requisition (i) must state the purpose of the SGM; and (ii) must be signed by the requisitionists and deposited at the principal place of business of the Company at Suite 3201, 32/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong (the “ Principal Place of Business ”) for the attention of the company secretary of the Company. The requisition will then be verified with the Company’s branch share registrar and transfer office in Hong Kong (the “ Share Registrar ”) and upon its confirmation that the requisition is proper and in order, the company secretary of the Company will forward the requisition to the Board and inform the Board to convene a SGM by serving sufficient notice to all shareholders of the Company.

有關要求(i)必須說明股東特別大會之目的；及(ii) 必須由要求者簽署，並送往本公司之主要營業地點，地址為香港九龍九龍灣宏光道39號宏天廣場 32樓3201室（「 主要營業地點 」），註明本公司之公司秘書收。本公司隨後將會向本公司之香港股份過戶及轉讓登記分處（「 股份過戶處 」）核實該項要求，於獲其確認該項要求為恰當及適當後，本公司之公司秘書會將該要求轉交董事會，告知董事會召開股東特別大會並向本公司全體股東發出具備足夠通知期之通知。

Putting Forward Proposals at Shareholders’ Meetings

於股東大會上提案

To put forward proposals at an annual general meeting of the Company or a SGM, the shareholders of the Company shall submit a written notice of those proposals with the detail contact information to the company secretary of the Company at the Principal Place of Business. The request will be verified with the Share Registrar and upon its confirmation that the request is proper and in order, the company secretary of the Company will ask the Board to include the resolution in the agenda for the general meeting of the Company. Moreover, the notice period to be given to all the shareholders of the Company for consideration of the proposals submitted by the shareholders of the Company concerned varies as follows pursuant to Bye-law 59(1) of the Byelaws:

本公司之股東如欲於本公司之股東週年大會或股東特別大會上提案，須將該等提案之書面通知連同詳細聯絡資料送往主要營業地點，交予本公司之公司秘書。本公司將會向股份過戶處核實該項要求，於獲其確認該項要求為恰當及適當後，本公司之公司秘書將會要求董事會在本公司股東大會之議程內加入有關決議案。此外，根據公司細則第59(1)條，就考慮本公司有關股東提案而向本公司全體股東發出通告之通知期按下文所列而有所不同：

(a) for an annual general meeting of the Company and any SGM at which the passing of a special resolution is to be considered, it shall be called by not less than twenty-one (21) clear days’ notice (the notice period must include twenty (20) clear business days under the Listing Rules’ requirement); and
(a) 倘為本公司之股東週年大會及考慮通過特別決議案之任何股東特別大會，須予以不少於二十一(21)個完整日之通告召開（按照上市規則之規定，通知期必須涵蓋二十(20)個完整營業日）；及
(b) for all other general meetings of the Company (including a SGM), they may be called by not less than fourteen (14) clear days’ notice (the notice period must include ten (10) clear business days under the Listing Rules’ requirement).
(b) 倘為本公司之所有其他股東大會（包括股東特別大會），須予以不少於十四(14)個完整日之通告召開（按照上市規則之規定，通知期必須涵蓋十(10)個完整營業日）。

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58 Wang On Properties Limited Annual Report 2021

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

Proposing a Person for Election as a Director

提名人士參選董事

The procedures for proposing candidate(s) for election as director(s) at a general meeting of the Company are set out in the “Corporate Governance” under section headed under “About Wang On Properties” on the website of the Group at www.woproperties.com.

於本公司股東大會上提名人士參選董事之程序，載於本集團網頁www.woproperties.com中「關於本集團」一節「企業管治」內。

Enquiries to the Board

向董事會提出查詢

Shareholders and stakeholders of the Company may send their enquiries and concerns, in written form, to the Board or the company secretary of the Company by email to [email protected] or by addressing their enquiries to the Board or the company secretary of the Company in the following manners:

本公司股東及持份者可以將查詢及關注事宜，以，書面形式經電郵發送至[email protected] 或按以下方式，向董事會或本公司之公司秘書提交查詢：

In respect of the corporate affairs:

Company Secretary/Senior Manager of Corporate Affairs & Investor Relations

Wang On Properties Limited Suite 3201, 32/F., Skyline Tower 39 Wang Kwong Road Kowloon Bay Kowloon Hong Kong

關於企業事務：

公司秘書╱企業事務及投資者關係高級經理

宏安地產有限公司香港九龍九龍灣宏光道39號宏天廣場32樓3201室

In respect of the other shareholding/entitlement affairs:

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

關於其他股權╱權益事務：

卓佳證券登記有限公司香港皇后大道東183號合和中心54樓

WHISTLEBLOWING POLICY

舉報政策

The Company has adopted a whistleblowing policy to facilitate the achieving of high possible standards of openness, probity and accountability. Procedures are formulated to enable individual employees to disclose internally and at a high level, information which the individual believes that it shows malpractice or impropriety within the Group. During the year under review, no incident of fraud or misconduct was reported from employees that have material effect on the Group’s financial statements and overall operations.

本公司已採納一項舉報政策，協助在可行情況下達成高水平之開放、誠信及問責性。本公司已制定程序，令個別僱員可在內部及在最高層級披露其認為反映本集團內出現不良或不當行為之資料。於回顧年度內，概無僱員報告對本集團財務報表及整體業務營運造成重大影響之任何欺詐或失當行為。

宏安地產有限公司 二零二一年年報 59

CORPORATE GOVERNANCE REPORT (CONTINUED) 企業管治報告（續）

COMPANY SECRETARY

公司秘書

Ms. Wong Chin Han, is an employee of the Group who was appointed as a full-time employee company secretary of the Group, reports directly to the Board and is responsible for, inter alia, providing updated and timely information to all Directors from time to time.

黃靜嫻女士為本集團僱員，並獲委任為本集團之全職公司秘書，直接向董事會報告，負責（其中包括）不時提供最新及適時資訊予全體董事。

During the year ended 31 March 2021, Ms. Wong has complied with Rule 3.29 of the Listing Rules.

截至二零二一年三月三十一日止年度，黃女士已遵守上市規則第3.29條。

CORPORATE SOCIAL RESPONSIBILITY

企業社會責任

The Group acknowledges its corporate social responsibility to share some burden in building the society where its business has been established and thrived. During the year, the Group has participated different charity activities, e.g. visiting low income family and sending blankets and health care products to elderly, etc.. The Group will keep the passion on the contribution of resources and caring to the society.

本集團之創業發跡繫於社會，故深明「取之社會用於社會」之企業社會責任。年內，本集團參與各項慈善活動，包括探訪低收入家庭以及為長者送上毛氈及醫療保健產品等。本集團將不斷熱心公益，投放資源，惠澤社群。

The Group is conscious of its role as a socially responsible group of companies. It has made donations for community wellbeing from time to time, supports the communities and encourages its employees to participate in any charitable events and caring services.

本集團重視身為對社會負責之集團公司所肩負之責任。本集團不時向社區捐款、扶持社區及鼓勵其僱員參與任何慈善活動及關愛服務。

CONSTITUTIONAL DOCUMENT

憲章文件

During the year ended 31 March 2021 and up to the date of this annual report, there was no change in the constitutional document. The Memorandum of Association and Bye-laws of the Company are available on the websites of the Stock Exchange and the Company at ( www.hkexnews.hk ) and (www.woproperties.com), respectively.

截至二零二一年三月三十一日止年度及直至本年報日期，憲章文件概無變動。本公司之組織章程大綱及公司細則已分別刊登於聯交所網頁 (www.hkexnews.hk) 及本公司網頁 (www.woproperties.com)。

CONCLUSION

總結

Going forward, the Group will continue to review its corporate governance practices regularly to maintain high level of transparency, to enhance the Company’s competitiveness and operating efficiency and to ensure its sustainable development and to generate greater returns for its stakeholders.

展望將來，本集團將繼續定期檢討其企業管治常規，以維持高透明度水平，加強本公司之競爭力及營運效率，並確保持續發展，為其持份者帶來更大回報。

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60 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS 董事會報告

The Directors present their report and the audited financial statements of the Group for the year ended 31 March 2021.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding. The principal activities of the principal subsidiaries of the Company comprise property development and property investment in Hong Kong, details of which are set out in notes 14, 16 and 17 to the financial statements of this annual report. There were no significant changes in the nature of the Group’s principal activities during the year.

RESULTS AND DIVIDEND

The results of the Group for the year ended 31 March 2021 and the Group’s financial position at that date are set out in the consolidated financial statements on pages 84 to 218 of this annual report.

The Group’s revenue and profit attributable to owners of the parent for the year ended 31 March 2021 amounted to approximately HK$314.8 million (2020: approximately HK$2,372.1 million) and approximately HK$466.7 million (2020: approximately HK$457.3 million), respectively.

The Board has recommended the payment of a final dividend of HK0.74 cent (2020: a final dividend of HK0.72 cent) per ordinary share for the year ended 31 March 2021 to its shareholders whose names appear on the register of members of the Company as of Friday, 3 September 2021. The final dividend will be paid on or around Tuesday, 14 September 2021, subject to shareholders’ approval at the forthcoming annual general meeting of the Company to be held on Wednesday, 25 August 2021.

FIVE YEAR FINANCIAL SUMMARY

A summary of the published results and assets, liabilities and noncontrolling interests of the Group for the last five financial years, as extracted from the audited financial statements, is set out on page 220 of this annual report. This summary does not form part of the audited financial statements.

董事謹此提呈董事會報告及截至二零二一年三月三十一日止年度之本集團經審核財務報表。

主要業務

本公司之主要業務為投資控股。本公司主要附屬公司之主要業務包括於香港之物業發展及物業投資，詳情載於本年報之財務報表附註14、16及 17。年內，本集團之主要業務性質並無重大改變。

業績及股息

本集團於截至二零二一年三月三十一日止年度之業績及本集團於該日之財務狀況載於本年報第84 至218頁之綜合財務報表。

本集團於截至二零二一年三月三十一日止年度之收入及母公司擁有人應佔溢利分別約 314,800,000 港元（二零二零年：約 2,372,100,000港元）及約466,700,000港元（二零二零年：約457,300,000港元）。

董事會建議向截至二零二一年九月三日（星期五）名列本公司股東名冊之股東宣派截至二零二一年三月三十一日止年度之末期股息每股普通股0.74 港仙（二零二零年：末期股息每股普通股0.72港仙）。末期股息將於二零二一年九月十四日（星期二）或前後派付，惟須待股東於本公司於二零二一年八月二十五日（星期三）舉行之應屆股東週年大會上批准後方可作實。

五年財務概要

本集團過去五個財政年度之已刊發業績與資產、負債及非控股權益之概要載於本年報第220頁。此概要摘錄自經審核財務報表，但不屬於經審核財務報表之一部分。

宏安地產有限公司 二零二一年年報 61

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

BUSINESS REVIEW AND ANALYSIS OF KEY FINANCIAL PERFORMANCE INDICATORS

業務回顧及主要財務表現指標分析

The business review and the key financial performance indicators to the businesses of the Group, including, among other things, the information set out below, are disclosed in “Management Discussion and Analysis” on pages 15 to 26 of this annual report.

本集團之業務回顧及業務之主要財務表現指標包括（但不限於）以下所載資料，於本年報第15至26 頁之「管理層討論及分析」中披露：

(a) a fair review of the Group’s business;
(a) 本集團業務之公平回顧；
(b) principal risk factors;
(b) 主要風險因素；
(c) an analysis using key financial performance indicators;
(c) 採用主要財務表現指標進行之分析；
(d) key relationships with its employees, suppliers, contractors and customers; and
(d) 與其僱員、供應商、承建商及客戶之主要關係；及
(e) future development in the Group’s business.
(e) 本集團業務之未來發展。

The corporate social responsibility, environmental policies and performance of the Group were disclosed in the Management Discussion and Analysis section and the Corporate Governance Report of this annual report. More details will be disclosed in the Group’s first standalone Environmental, Social and Governance Report (the “ ESG Report ”) which is to be published in September 2021 on the websites of the Stock Exchange and the Company.

本集團的企業社會責任、環境政策及表現已於本年報管理層討論及分析部分及企業管治報告披露。更多詳情將於二零二一年九月於聯交所網頁及本公司網頁發佈的本集團首份獨立環境、社會及管治報告（「 環境、社會及管治報告 」）內披露。

As far as the Board is concerned, the Group has complied in material aspects with the relevant laws and regulations that have a significant impact on the business and operation of the Group during the year ended 31 March 2021.

就董事會而言，於截至二零二一年三月三十一日止年度，本集團已於重大方面遵守對本集團之業務及營運造成重大影響之相關法律及法規。

SHARE CAPITAL AND SHARE OPTIONS

股本及購股權

Details of movements in the Company’s share capital and share options during the year, together with the reasons therefore, are set out in notes 31 and 32 to the financial statements of this annual report, respectively.

本公司之股本及購股權於年內之變動詳情及相關原因分別載於本年報財務報表附註31及32。

62 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

PRE-EMPTIVE RIGHTS

優先購買權

There are no provisions for pre-emptive rights under the Byelaws or the laws of Bermuda, being the jurisdiction in which the Company was incorporated, which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders.

公司細則或百慕達（即本公司註冊成立之司法權區）法例均無有關優先購買權之條文，規定本公司須按比例向現有股東提呈發售新股份。

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY

購買、出售或贖回本公司之上市證券

Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year ended 31 March 2021.

截至二零二一年三月三十一日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券。

PERMITTED INDEMNITY PROVISION

獲准彌償條文

Pursuant to the Bye-laws, every Director and other officers shall be entitled to be indemnified and secured harmless out of the assets and profits of the Company from and against all actions, losses or liabilities which they may incur or sustain by or by reason of any act done about the execution of the duties of their respective office or otherwise in relation thereto. The Company has arranged appropriate directors’ and officers’ liability insurance coverage for the Directors and other officers of the Group for the year.

根據公司細則，各董事及其他高級人員有權就或因彼等在各自職位上執行職務或與此有關之其他事宜所作任何行為而可能招致或引致之所有行動、損失或法律責任，從本公司資產及溢利中獲得彌償，並確保就此免受任何損害。於年內，本公司已為本集團董事及其他高級人員安排適當之董事及高級職員責任保險保障。

DISTRIBUTABLE RESERVES

可供分派之儲備

At 31 March 2021, the Company’s reserves available for distribution to equity holders of the parent, calculated in accordance with the Companies Act 1981 of Bermuda (as amended), amounted to approximately HK$2,875.0 million (2020: approximately HK$2,968.0 million), of which approximately HK$112.5 million has been proposed as a final dividend for the year ended 31 March 2021.

於二零二一年三月三十一日，根據百慕達一九八一年公司法（經修訂）之規定計算，本公司可向母公司權益持有人分派之儲備約達 2,875,000,000 港元（二零二零年：約 2,968,000,000港元），其中約112,500,000港元擬作為截至二零二一年三月三十一日止年度之末期股息。

宏安地產有限公司 二零二一年年報 63

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

MAJOR CUSTOMERS AND SUPPLIERS

主要客戶及供應商

For the year ended 31 March 2021, sales to the Group’s five largest customers accounted for approximately 33.7% (2020: 5.4%) of the total revenue and the sales to the single largest customer accounted to approximately 9.2% (2020: approximately 1.4%). Acquisition cost of land/properties and cost of services certified by authorised person of the Group’s five largest suppliers accounted for approximately 39.6% (2020: approximately 62.4%) of the total acquisition cost of land/properties and cost of services certified by authorised person of and the single supplier included therein amounted to approximately 21.8% (2020: approximately 22.4%) of the total purchases for the year.

於截至二零二一年三月三十一日止年度，本集團五大客戶之銷售額佔總收入約33.7%（二零二零年：約5.4%），其中單一最大客戶之銷售額約佔 9.2%（二零二零年：約1.4%）。本集團五大供應商應佔土地╱物業收購成本及經認可人士認證之服務成本，分別佔土地╱物業收購成本及經認可人士認證之服務成本總額約39.6%（二零二零年：約62.4%），其中單一供應商佔年內採購總額約 21.8%（二零二零年：約22.4%）。

None of the Directors or any of their associates or any shareholders (which, to the best knowledge of the Directors, own more than 5% of the Company’s total number of issued shares) had any beneficial interest in the Group’s five largest customers or five largest suppliers.

各董事、彼等之任何聯繫人或就董事所深知擁有已發行股份總數5%以上之本公司任何股東，概無於本集團五大客戶或五大供應商中擁有任何實益權益。

DIRECTORS

董事

The Directors of the Company during the year were:

於年內，本公司董事為：

Executive Directors

Mr. Tang Ho Hong, Chief Executive Officer (Appointed as Chief Executive Officer on 8 February 2021)

Ms. Ching Tak Won Teresa

Ms. Wong Chin Han

執行董事

鄧灝康先生，行政總裁（於二零二一年二月八日獲委任為行政總裁）程德韻女士黃靜嫻女士

Non-executive Director

Mr. Chan Chun Hong, Chairman (Resigned on 8 February 2021)

非執行董事

陳振康先生，主席（於二零二一年二月八日辭任）

Independent Non-executive Directors

Mr. Li Wing Sum Steven Mr. Sung Tze Wah Sr Dr. Leung Tony Ka Tung

獨立非執行董事

李永森先生宋梓華先生梁家棟博士測量師

64 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

In accordance with Bye-law 84(1) of the Bye-laws, Mr. Tang Ho Hong and Mr. Sung Tze Wah will retire and, being eligible, will offer themselves for re-election as an executive Director and an INED, respectively, at the forthcoming annual general meeting of the Company.

根據公司細則第84(1)條，鄧灝康先生及宋梓華先生將於本公司應屆股東週年大會上輪席退任，並符合資格及願意分別重選連任執行董事及獨立非執行董事。

The Company has received written annual confirmations of independence from Mr. Li Wing Sum Steven, Mr. Sung Tze Wah and Sr Dr. Leung Tony Ka Tung, being all INEDs, pursuant to Rule 3.13 of the Listing Rules.

本公司已接獲全體獨立非執行董事（即李永森先生、宋梓華先生及梁家棟博士測量師）根據上市規則第3.13條就其獨立性發出之年度書面確認。

DIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIES

董事及高級管理層履歷簡介

Biographical details of the Directors and the senior management of the Group are set out on pages 27 to 31 of this annual report.

董事及本集團高級管理層之履歷詳情載於本年報第27至31頁。

UPDATE ON DIRECTORS’ INFORMATION

董事資料更新

(1) Mr. Tang Ho Hong was appointed as the chief executive officer of the Company and an authorized representative of the Company for the purpose of Rule 3.05 of the Listing Rules, both with effective on 8 February 2021.
(1) 鄧灝康先生獲委任為本公司行政總裁及本公司根據上市規則第3.05條之授權代表，均於二零二一年二月八日生效。
(2) Mr. Sung Tze Wah was appointed as the chairman of the Nomination Committee with effective on 8 February 2021.
(2) 宋梓華先生獲委任為提名委員會主席，於二零二一年二月八日生效。
(3) Changes in Directors’ remuneration, where appropriate, were disclosed in note 8 to the financial statements.
(3) 董事薪酬變動（如適用）已於財務報表附註8 披露。

During the financial year ended, save as disclosed above, there is no other change in information of the Directors since the publication of the 2020 interim report which is required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules.

於截至財政年度內，除上文所披露者外，自刊發二零二零年中期報告以來，概無有關董事資料之其他變動須根據上市規則第13.51B(1) 條予以披露。

DIRECTORS’ SERVICE CONTRACTS

董事之服務合約

None of the Directors being proposed for re-election at the forthcoming annual general meeting of the Company has a service contract with the Company or any of its subsidiaries which is not determinable by the Company within one year without payment of compensation (other than statutory compensation).

擬於本公司應屆股東週年大會上重選之董事概無與本公司或其任何附屬公司訂立本公司不可於一年內免付賠償（法例規定之賠償除外）而終止之服務合約。

宏安地產有限公司 二零二一年年報

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARRANGEMENTS OR CONTRACTS

董事於交易、安排或合約中之權益

Save as disclosed in notes 8 and 39 to the financial statements in this annual report, no Directors nor a connected entity of a Director had a material interest, either directly or indirectly, in any transactions, arrangements or contract of significance to the business of the Group to which the Company, the holding company of the Company or any of its subsidiaries or fellow subsidiaries was a party during the year.

除本年報之財務報表附註8及39所披露者外，年內，概無董事或董事之關連實體直接或間接於對本集團業務屬重大且本公司、本公司或其任何附屬公司或同系附屬公司之控股公司為訂約方之任何交易、安排或合約中擁有重大權益。

DIRECTORS’ INTERESTS IN COMPETING BUSINESS

董事於競爭業務之權益

None of the Directors nor their respective associates had an interest in a business, apart from the businesses of the Group, which competes or is likely to compete, either directly or indirectly, with the businesses of the Group pursuant to Rule 8.10 of the Listing Rules during the year.

根據上市規則第 8.10 條，於年內，除本集團業務外，概無董事或彼等各自之聯繫人於已經或可能直接或間接與本集團業務競爭之業務中擁有權益。

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES OR DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATIONS

董事及主要行政人員於本公司及其相聯法團之股份、相關股份或債券之權益及淡倉

As at 31 March 2021, none of the Directors and chief executive of the Company and/or any of their respective associates had any interests and short positions in the 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 by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to Part XV of the SFO or the Model Code under the Listing Rules.

於二零二一年三月三十一日，董事及本公司主要行政人員及╱或彼等各自之任何聯繫人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）之股份、相關股份或債券中擁有記錄於本公司根據證券及期貨條例第352條須存置之登記冊之任何權益及淡倉，或根據證券及期貨條例第XV部或上市規則項下標準守則須知會本公司及聯交所之任何權益及淡倉。

66 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

董事購買股份或債券之權利

At no time during the year were rights to acquire benefits by means of the acquisition of shares or underlying shares in, or debentures of the Company granted to any Director or their respective spouse or minor children, or were any such rights exercised by them, or was the Company or any of its subsidiaries a party to any arrangement to enable the Directors to acquire such rights in any other body corporate.

於年內任何時間，概無向任何董事或彼等各自之配偶或未成年子女授出權利，可藉購買本公司股份、相關股份或債券而獲益，彼等亦無行使任何該等權利，本公司或其任何附屬公司亦概無參與任何安排可使董事於任何其他法人團體中取得該等權利。

SHARE OPTION SCHEME

購股權計劃

The Company adopted a share option scheme (the “ Share Option Scheme ”) with the approval of the shareholders of the Company at the annual general meeting held on 9 August 2016 for the primary purpose of providing incentives or rewards for the eligible persons for their contribution or potential contribution to the development and the growth of the Group. The Share Option Scheme became effective on 9 August 2016 and, unless otherwise terminated earlier by the shareholders in a general meeting, will remain in full force for a period of 10 years from that date.

本公司採納本公司股東在二零一六年八月九日舉行之股東週年大會上批准之購股權計劃（「 購股權計劃 」），主要旨在獎勵或回報合資格人士對本集團發展及增長作出之貢獻或潛在貢獻。購股權計劃於二零一六年八月九日生效，除非股東於股東大會上提早終止，否則將自該日期起計十年期間內維持十足效力。

Under the Share Option Scheme, share options may be granted to any Director or proposed Director (whether executive or nonexecutive, including INEDs), employee or proposed employee (whether full-time or part-time), secondee, any holder of securities issued by any member of the Group or holding company or any substantial shareholder or any company controlled by a substantial shareholder, any person or entity that provides research, development or other technological support or any advisory, consultancy, professional or other services to any member of the Group or any substantial shareholder or company controlled by a substantial shareholder, or any company controlled by one or more persons belonging to any of the above classes of participants.

根據購股權計劃，購股權可授予任何董事或擬委任董事（不論執行或非執行，包括獨立非執行董事）、僱員或擬聘請僱員（不論全職或兼職）、借調員工、本集團任何成員公司或控股公司或任何主要股東或由主要股東控制之任何公司所發行證券之任何持有人、向本集團任何成員公司或任何主要股東或由主要股東控制之公司提供研究、開發或其他技術支援或任何顧問、諮詢顧問、專業或其他服務之任何人士或實體，或任何由一名或以上屬於上述任何類別參與人士控制之公司。

The Board may grant share options to eligible participants to subscribe for shares of the Company for a consideration of HK$1.00 for each lot of share options granted which must be accepted within 30 days from the offer date. Share options do not confer rights on the holders to dividends or to vote at shareholders’ meetings of the Company.

董事會可向合資格參與者授出購股權，以就每次獲授予之購股權按代價1.00港元認購本公司之股份，須於要約日期起30日內接納該購股權。購股權並無賦予持有人權利獲派股息或於本公司股東大會上投票。

宏安地產有限公司 二零二一年年報 67

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

The maximum number of share options that may be granted under the Share Option Scheme is the number, upon their exercise, not in aggregate exceeding 30% of the issued share capital of the Company from time to time, excluding any shares issued on the exercise of share options. The total number of shares which may be issued upon exercise of all options to be granted under the Share Option Scheme and any other schemes shall not in aggregate exceed 10% of the number of shares in issue, as at the date of approval of the Share Option Scheme.

購股權計劃項下可能授出之最高購股權數目，於獲行使時所涉及股份數目合共不得超過本公司不時已發行股本30%，惟不包括購股權獲行使時發行之任何股份。購股權計劃及任何其他計劃項下將予授出之所有購股權於獲行使時可予發行之股份總數，合共不得超過購股權計劃獲批准日期已發行股份數目之10%。

The maximum number of shares issuable under share options to each eligible participant (except for a substantial shareholder or an INED or any of their respective associates) under the Share Option Scheme within any 12-month period is limited to 1% of the number of shares of the Company in issue at any time. Any further grant of share options in excess of such limit must be separately approved by shareholders with such eligible participant and his/her associates abstaining from voting. Share options granted to a Director, chief executive or substantial shareholder of the Company (or any of their respective associates) must be approved by the INEDs (excluding any INED who is the grantee of the options). Where any grant of share options to a substantial shareholder or an INED (or any of their respective associates) will result in the total number of shares issued and to be issued upon exercise of the Share Options already granted and to be granted to such person under the Share Option Scheme and any other share option schemes of the Company (including options exercised, cancelled and outstanding) in any 12-month period up to and including the date of grant representing in aggregate over 0.1% of the shares in issue, and having an aggregate value, based on the closing price of the Company’s shares at each date of grant, in excess of HK$5 million, such further grant of share options is required to be approved by shareholders in a general meeting of the Company in accordance with the Listing Rules. Any change in the terms of a share option granted to a substantial shareholder or an INED (or any of their respective associates) is also required to be approved by the shareholders of the Company.

購股權計劃之每名合資格參與者（主要股東或獨立非執行董事或彼等各自之任何聯繫人除外）於任何十二個月期間內行使購股權時可予發行之最高股份數目，僅限於本公司於任何時間已發行股份數目之1%。倘進一步授出超過該限額之購股權，則須取得股東另行批准，而該名合資格參與者及其聯繫人須放棄投票。向董事、本公司主要行政人員或主要股東（或彼等各自之任何聯繫人）授出之購股權，須取得獨立非執行董事（本身為購股權承授人之任何獨立非執行董事除外）批准。倘若向主要股東或獨立非執行董事（或彼等各自之任何聯繫人）授出購股權，導致截至授出日期（包括該日）之任何十二個月期間，因行使根據購股權計劃及本公司任何其他購股權計劃已授予或將授予該人士之購股權（包括已行使、已註銷及尚未行使之購股權）而已發行及將予發行之股份總數合共超逾本公司已發行股份之0.1%及總值超逾 5,000,000 港元（基於各授出日期本公司股份收市價計算），則該等進一步授出購股權必須根據上市規則於本公司股東大會上獲得股東批准。授予主要股東或獨立非執行董事（或彼等各自之任何聯繫人）之購股權之條款如有任何變動，亦須經本公司股東批准。

The exercise price must be at least the higher of (i) the official closing price of the shares of the Company as stated in the daily quotation sheets of the Stock Exchange on the offer date which must be a business day; (ii) the average closing prices of the shares as stated in the Stock Exchange’s daily quotation sheets for the five business days immediately preceding the date of grant; and (iii) the nominal value of a share of the Company.

行使價須至少為以下之較高者：(i)本公司股份於要約當日（須為營業日）在聯交所日報表所列之正式收市價；(ii)股份於緊接授出當日前五個營業日在聯交所日報表所列之平均收市價；及(iii)本公司股份面值。

68 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

As at the date of this annual report, the total number of shares available for issue under the Share Option Scheme is 1,520,000,000 shares, representing 10.0% of the share capital of the Company in issue at the date of this annual report.

於本年報日期，根據購股權計劃可供發行之股份總數為1,520,000,000股股份，佔本公司於本年報日期已發行股本之10.0%。

During the year, no share options was granted, exercised, lapsed, cancelled or outstanding under the Share Option Scheme.

於年內，概無任何購股權根據購股權計劃授出、行使、失效、註銷或尚未行使。

Further details of the Share Option Scheme are set out in note 32 to the financial statements of this annual report.

購股權計劃之進一步詳情載於本年報之財務報表附註32。

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

主要股東及其他人士於股份及相關股份之權益及淡倉

As at 31 March 2021, to the best knowledge of the Directors, the register of substantial shareholders maintained by the Company pursuant to Section 336 of Part XV of the SFO showed that the following shareholders, had notified the Company and the Stock Exchange of relevant interests and short positions in the shares and underlying shares of the Company:

於二零二一年三月三十一日，就董事所深知，本公司根據證券及期貨條例第XV部第336條規定存置之主要股東登記冊顯示，下列股東已知會本公司及聯交所其於本公司股份及相關股份中擁有之相關權益及淡倉：

Long positions in the ordinary shares of the Company:

於本公司普通股之好倉：

Name of shareholder 股東名稱╱姓名	Notes 附註	Capacity 身份	Number of shares 股份數目	Percentage of the Company’s total issued share capital 佔本公司全部已發行股本之百分比 (Note 3) （附註3） %
WOG	(1)	Interest of controlled corporation	11,400,000,000	75.0
宏安		受控制公司權益
Mr. Tang Ching Ho	(2)	Other interest	11,400,000,000	75.0
鄧清河先生		其他權益
Ms. Yau Yuk Yin	(2)	Other interest	11,400,000,000	75.0
游育燕女士		其他權益

宏安地產有限公司 二零二一年年報 69

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

Notes:

附註：

(1) WOG held the entire issued share capital of Wang On Enterprises (BVI) Limited (“ WOE ”) which in turn held the entire issued share capital of Earnest Spot Limited (“ Earnest Spot ”). Earnest Spot directly held 11,400,000,000 shares of the Company. Under the SFO, each of WOE and WOG was deemed to be interested in all the aforesaid shares held by Earnest Spot for the sole purpose of Part XV of the SFO.
(1) 宏安持有Wang On Enterprises (BVI) Limited（「 WOE 」）全部已發行股本，而WOE則持有Earnest Spot Limited
（「 Earnest Spot 」）全部已發行股本。Earnest Spot直接持有11,400,000,000股本公司股份。根據證券及期貨條例，WOE及宏安各自被視為於Earnest Spot持有之上述所有股份中擁有權益（僅就證券及期貨條例第XV部而言）。
(2) Under the SFO, Mr. Tang Ching Ho was deemed to be interested in approximately 46.71 % of the total issued share capital of WOG through (i) his personal interest; (ii) his spouse’s interest in WOG; (iii) his corporate interest via Caister Limited, a corporation controlled by him; and (iv) his interest being an appointer of a discretionary trust, namely Tang’s Family Trust. Ms. Yau Yuk Yin, spouse of Mr. Tang Ching Ho, was also deemed to be interested in approximately 46.71 % of the total issued share capital of WOG through (i) her personal interest; (ii) Mr. Tang Ching Ho’s interest in WOG; and (iii) being a beneficiary of the Tang’s Family Trust. Therefore, each of Mr. Tang Ching Ho and Ms. Yau Yuk Yin were deemed to be interested in all 11,400,000,000 shares of the Company held by WOG for the sole purpose of Part XV of the SFO.
(2) 根據證券及期貨條例，鄧清河先生被視為透過(i)其個人權益；(ii)其配偶於宏安之權益；(iii)其透過Caister Limited
（由其控制之公司）擁有之公司權益；及(iv)作為全權信託（即鄧氏家族信託）之委任人所持之權益而於宏安全部已發行股本約46.71%中擁有權益。游育燕女士（鄧清河先生之配偶）亦被視為透過(i)其個人權益；(ii)鄧清河先生於宏安之權益；及(iii)作為鄧氏家族信託之受益人而於宏安全部已發行股本約46.71%中擁有權益。因此，鄧清河先生及游育燕女士各自被視為於宏安所持全部 11,400,000,000股本公司股份中擁有權益（僅就證券及期貨條例第XV部而言）。
(3) The relevant percentages were disclosed pursuant to the percentages as disclosed in the relevant disclosure form filed under the SFO.
(3) 相關百分比乃根據證券及期貨條例提交的相關披露表格所披露的百分比予以披露。

Save as disclosed above, as at 31 March 2021, there were no persons, other than Directors or chief executive of the Company who had an interest or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.

除上文所披露者外，於二零二一年三月三十一日，除董事或本公司主要行政人員外，概無人士於本公司股份或相關股份中擁有根據證券及期貨條例第XV部第2及3分部之條文須向本公司披露之權益或淡倉，或記錄於本公司根據證券及期貨條例第336條規定須存置之登記冊之權益或淡倉。

70 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

CONTINUING CONNECTED TRANSACTIONS

持續關連交易

During the year under review and up to the date of this annual report, the Group entered into the following transactions as described below with persons who is/are regarded as “connected persons” pursuant to Chapter 14A of the Listing Rules:

於回顧年度內及截至本年報日期，本集團與根據上市規則第14A章被視為「關連人士」的人士進行如下所述的交易：

(a) On 1 April 2019, the Company, through its indirect wholly owned subsidiary, namely Wise Ocean International Limited (as the landlord), entered into a tenancy agreement with Mr. Tang Ho Hong, an executive Director (as the tenant) in respect of the lease of a premise located at Greenland Villas, 8/12 Ma Yeung Path, Shatin, New Territories, Hong Kong for a term of three years commencing from 1 April 2019 and expiring on 31 March 2022 (both dates inclusive) at a monthly rental of HK$80,000, which constituted continuing connected transactions for the Company during the year ended 31 March 2021 which is exempt from disclosure, annual review and shareholders’ approval requirements pursuant to Rule 14A.76 of the Listing Rules.
(a) 於二零一九年四月一日，本公司透過其間接全資附屬公司智洋國際有限公司（作為業主）與執行董事鄧灝康先生（作為租戶）就租賃位於香港新界沙田馬鞅徑8/12號綠怡小築的物業訂立租賃協議，自二零一九年四月一日起至二零二二年三月三十一日屆滿（包括首尾兩日），為期三年，每月租金為80,000港元，其於截至二零二一年三月三十一日止年度構成本公司之持續關連交易，惟根據上市規則第14A.76條獲豁免遵守披露、年度審閱及股東批准規定。
(b) On 2 May 2019, Vincent Investments Limited (as the landlord), an indirect wholly-owned subsidiary of the Company, entered into a tenancy agreement with Wai Yuen Tong (Retail) Limited (“ WYT Retail ”) (as the tenant), an indirect subsidiary of Wai Yuen Tong Medicine Holdings Limited (“ WYT ”), in respect of the lease of a retail shop located at Ground Floor of Ladder Dundas, Nos. 575 and 575A Nathan Road, Kowloon, Hong Kong for a term of three years commencing from 1 May 2019 and expiring on 30 April 2022 (both dates inclusive) at a monthly rental of HK$380,000 (exclusive of rates and management charge to be paid in advance without any deduction or set-off whatsoever on the first day of each calendar month). For details of this transaction are set out in the announcement jointly issued by the Company and WYT dated 2 May 2019.
(b) 於二零一九年五月二日，本公司之間接全資附屬公司永宜投資有限公司（作為業主）與位元堂藥業控股有限公司（「 位元堂 」）之間接附屬公司位元堂（零售）有限公司（「 位元堂零售 」）（作為租戶）就租賃位於香港九龍彌敦道575及575A號Ladder Dundas地下的零售店舖訂立租賃協議，自二零一九年五月一日起至二零二二年四月三十日屆滿（包括首尾兩日），為期三年，每月租金為380,000 港元（不包括每曆月首日預付且概無任何扣減或撇銷之差餉及管理費）。該交易之詳情載於本公司與位元堂聯合刊發日期為二零一九年五月二日之公佈內。

宏安地產有限公司 二零二一年年報 71

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

(c) As disclosed in 2019 annual report of the Company, Daywin Limited (“ Daywin ”) (an indirect wholly-owned subsidiary of WYT), as the licensor, entered into the office sublicensing agreement with Wang On Properties Services Limited (“ WOPS ”), as the licensee (an indirect whollyowned subsidiary of the Company) on 19 September 2016 in respect of the sub-licensing of office premises at units 01 and 07 to 12, 32/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong the (“ Office Premises ”) to the Group for a term commencing from 18 September 2016 and expiring 17 July 2019 (both dates inclusive) at a monthly license fee of HK$414,672, exclusive other charges, including management fee and air-conditioning charges, rates, Government rent and others (subject to increment of not exceeding 5% each year). Reference is made to the announcement of the Company, on 17 July 2019, Daywin entered into the sub-licensing agreements with WOPS, to continue the Office Premises for a term of further three years commericing from 18 July 2019 and expiring on 17 July 2022 (both date inclusive).
(c) 如本公司之二零一九年年報所披露，於二零一六年九月十九日，明豪有限公司（「 明豪 」）（位元堂之間接全資附屬公司）（作為授權人）與宏安地產服務有限公司（「 宏安地產服務 」）（作為承授人）（為本公司之間接全資附屬公司）就向本集團分租位於香港九龍九龍灣宏光道39號宏天廣場32樓01室及07至 12室之辦公室物業（「 辦公室物業 」）訂立辦公室分租協議，年期由二零一六年九月十八日起至二零一九年七月十七日屆滿（包括首尾兩日），每月租金為414,672港元，不包括管理費及空調費用、差餉、政府地租的其他開支（可隨後每年予以遞增不超過5%）。茲提述本公司日期為二零一九年七月十七日的公佈，明豪與宏安地產服務訂立分租協議，以繼續分租該辦公室物業，年期進一步自二零一九年七月十八日起至二零二二年七月十七日止（包括首尾兩天）為期三年。

72 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

The INEDs have reviewed the continuing connected transactions set out above, where appropriate, and have confirmed that these continuing connected transactions were entered into:

獨立非執行董事已審閱上文所載（倘適用）之持續關連交易，並確認該等持續關連交易乃：

(i) in the ordinary and usual course of business of the Group;
(i) 於本集團一般及日常業務過程中訂立；
(ii) in accordance with the terms of the respective agreements governing them on terms that were fair and reasonable and in the interests of the Company and its shareholders as a whole;
(ii) 按規管該等交易之相應協議條款訂立，且條款屬公平合理並符合本公司及其股東整體利益；
(iii) on normal commercial terms or on terms no less favourable to the Group than terms available to or from independent third parties; and
(iii) 按一般商業條款或就本集團而言不遜於獨立第三方可獲得或提供之條款進行；及
(iv) has not exceeded the specified caps.
(iv) 並無超過特定上限。

Ernst & Young, the Company’s external auditor, was engaged to report on the Group’s continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information and with reference to Practice Note 740 Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules issued by the Hong Kong Institute of Certified Public Accountants. Ernst & Young have issued an unqualified letter containing their findings and conclusions in respect of the above continuing connected transactions disclosed above by the Group in accordance with Rule 14A.56 of the Listing Rules. A copy of the auditor’s letter has been provided by the Company to the Stock Exchange.

本公司之外聘核數師安永會計師事務所已獲委聘根據香港會計師公會頒佈之《香港核證工作準則》第3000號（經修訂）審核或審閱歷史財務資料以外之核證工作及參照《實務說明》第740號關於香港上市規則所述持續關連交易之核數師函件報告本集團之持續關連交易。安永會計師事務所已根據上市規則第14A.56條發出無保留意見函件，當中載有核數師對有關本集團於上文披露之上述持續關連交易之發現及結論。本公司已將核數師函件副本送呈聯交所。

宏安地產有限公司 二零二一年年報 73

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

CONNECTED TRANSACTION

關連交易

Save as disclosed above, details of related party transactions undertaken by the Group in the ordinary course of business during the year, which fell under Rule 14A.73 of the Listing Rules, are set out in note 39 to the financial statements of this annual report.

除上述披露者外，本集團於年內一般業務過程中進行之關連人士交易（屬上市規則第14A.73條範圍內）之詳情載於本年報之財務報表附註39。

The Company has complied with the requirements in accordance with Chapter 14A of the Listing Rules and save as disclosed above, there were no other transactions which need to be disclosed as continuing connected transactions in accordance with the requirements of the Listing Rules.

本公司已遵守上市規則第14A章之規定，且除上文所披露者外，概無其他須根據上市規則規定披露為持續關連交易之交易。

DONATIONS

捐款

During the year, the Group made charitable and other donations totaling approximately HK$2.2 million (2020: approximately HK$1.4 million).

年內，本集團作出慈善及其他捐款合共約 2,200,000港元（二零二零年：約1,400,000港元）。

EMOLUMENT POLICY

薪酬政策

The Group’s emolument policy for its employees is set up and approved by the Remuneration Committee and the Board on the basis of their merit, qualifications and competence.

本集團之僱員薪酬政策由薪酬委員會及董事會基於其功績、資格及能力制定及批准。

The emoluments of the Directors are decided by the Remuneration Committee and the Board, as authorised by the shareholders at the annual general meeting of the Company, having regarded to the Group’s operating results, individual performance and comparable market statistics.

董事薪酬由薪酬委員會及董事會經計及本集團經營業績、個人表現及可資比較市場統計數據後決定，並由股東於本公司股東週年大會上授權。

The Company has adopted a Share Option Scheme as an incentive to Directors and eligible employees, details of the Share Option Scheme are set out in note 32 to the financial statements of this annual report.

本公司已採納一項購股權計劃作為對董事及合資格僱員之獎勵，購股權計劃詳情載於本年報之財務報表附註32。

74 Wang On Properties Limited Annual Report 2021

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

CORPORATE GOVERNANCE

企業管治

The Company is committed to maintaining a high standard of corporate governance practices. Details of the corporate governance practices adopted by the Company are set out in the Corporate Governance Report on pages 32 to 59 of this annual report.

本公司致力維持高水平之企業管治常規。有關本公司所採納企業管治常規之詳情載於本年報第32 至59頁之企業管治報告。

SUFFICIENCY OF PUBLIC FLOAT

充足之公眾持股量

Based on information that is publicly available to the Company and within the knowledge of the Directors, the Company has maintained a sufficient prescribed amount of public float as required under the Listing Rules up to the date of this annual report.

按照本公司公開可得之資料及就董事所知，直至本年報日期，本公司已充份維持上市規則所規定之公眾持股量。

AUDIT COMMITTEE

審核委員會

The Company established the Audit Committee with specific written terms of reference in compliance with Rule 3.21 of the Listing Rules on 17 March 2016. During the year, the Audit Committee met twice with senior management and the external auditor of the Company to review and consider, among other things, the accounting principles and practices adopted by the Group, the financial report matters (including the agreed-upon procedures on the audited consolidated financial statement for the year ended 31 March 2020 and the review of consolidated interim results for the period of six-month ended 30 September 2020), the statutory compliance, internal controls, continuing connected transaction(s) and the adequacy of resources, qualifications and experience of staff of the Company’s accounting and financial reporting function as well as their training programmes and budget.

本公司已遵照上市規則第 3.21 條之規定於二零一六年三月十七日成立審核委員會，已訂立具體書面職權範圍。年內，審核委員會與本公司高級管理層及外聘核數師舉行兩次會議，以審閱及考慮（其中包括）以下事宜：本集團採納之會計原則及慣例；財務匯報事宜（包括就截至二零二零年三月三十一日止年度之經審核綜合財務報表所進行協定程序及審閱截至二零二零年九月三十日止六個月期間之綜合中期業績）；法規合規；內部監控；持續關連交易；及本公司會計及財務匯報職能之資源、員工資歷及經驗是否充足，以及彼等之培訓計劃及預算。

The Audit Committee, comprising three INEDs, namely Mr. Li Wing Sum Steven, Mr. Sung Tze Wah and Sr Dr. Leung Tony Ka Tung, has reviewed the consolidated financial statements for the year ended 31 March 2021 with management and the external auditor. Mr. Li Wing Sum Steven was elected as the chairman of the Audit Committee.

審核委員會由三名獨立非執行董事組成，分別為李永森先生、宋梓華先生及梁家棟博士測量師，其與管理層及外聘核數師已審閱截至二零二一年三月三十一日止年度之綜合財務報表。李永森先生已獲選為審核委員會之主席。

宏安地產有限公司 二零二一年年報 75

REPORT OF THE DIRECTORS (CONTINUED) 董事會報告（續）

EVENTS AFTER THE REPORTING PERIOD

報告期後事項

Except for disclosed in elsewhere, there is no significant event of the Group after the reporting period.

除其他部份披露者外，本集團於報告期後並無發生重大事項。

AUDITOR

核數師

The consolidated financial statements for the year ended 31 March 2021 have been audited by Ernst & Young, who will retire and, being eligible, offer themselves for re-appointment at the forthcoming annual general meeting of the Company. A resolution for their re-appointment of Ernst & Young as auditor of the Company will be proposed at the forthcoming annual general meeting of the Company.

截至二零二一年三月三十一日止年度之綜合財務報表經安永會計師事務所審核，安永會計師事務所將於本公司之應屆股東週年大會上任滿退任，並符合資格及願意接受續聘。有關續聘安永會計師事務所擔任本公司核數師之決議案將於本公司之應屆股東週年大會上提呈。

On behalf of the Board

代表董事會

Tang Ho Hong

Executive Director and Chief Executive Officer

執行董事兼行政總裁 鄧灝康

Hong Kong, 28 June 2021

香港，二零二一年六月二十八日

76 Wang On Properties Limited Annual Report 2021

INDEPENDENT AUDITOR’S REPORT 獨立核數師報告

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To the shareholders of Wang On Properties Limited

(Incorporated in Bermuda with limited liability)

致宏安地產有限公司股東

（於百慕達註冊成立之有限公司）

OPINION

意見

We have audited the consolidated financial statements of Wang On Properties Limited (the “ Company ”) and its subsidiaries (the “ Group ”) set out on pages 84 to 218, which comprise the consolidated statement of financial position as at 31 March 2021, and the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies.

我們已審計列載於第84至218頁之宏安地產有限公司（「 貴公司 」）及其附屬公司（以下統稱「 貴集團 」）之綜合財務報表，此綜合財務報表包括於二零二一年三月三十一日之綜合財務狀況表與截至該日止年度之綜合損益及其他全面收益表、綜合權益變動表和綜合現金流量表，以及綜合財務報表附註，包括主要會計政策概要。

In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 March 2021, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with Hong Kong Financial Reporting Standards (“ HKFRSs ”) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.

我們認為，該等綜合財務報表已根據香港會計師公會頒佈的《香港財務報告準則》真實而中肯地反映了貴集團於二零二一年三月三十一日的綜合財務狀況及截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》的披露規定妥為擬備。

宏安地產有限公司 二零二一年年報 77

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

BASIS FOR OPINION

意見之基礎

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

我們已根據香港會計師公會頒布的《香港審計準則》進行審計。我們在該等準則下承擔的責任已在本報告「核數師就審計綜合財務報表承擔之責任」部分中作進一步闡述。根據香港會計師公會頒佈之專業會計師道德守則（以下簡稱「守則」），我們獨立於貴集團，並已履行守則中的其他專業道德責任。我們相信，我們所獲得的審計憑證能充足及適當地為我們的意見提供基礎。

KEY AUDIT MATTERS

關鍵審計事項

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

關鍵審計事項是根據我們的專業判斷，認為對本期綜合財務報表的審計最為重要的事項。該等事項是在對綜合財務報表整體進行審計並就形成意見的背景下處理，我們不對該等事項提供單獨的意見。我們對下述事項在審計中是如何應對之描述也以此為背景。

We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

我們已經履行了本報告「核數師就審計綜合財務報表承擔的責任」部分闡述的責任，包括與該等事項相關的責任。相應地，我們的審計工作包括執行為應對評估綜合財務報表重大錯誤陳述風險而設計的審計程序。我們執行審計程序的結果，包括應對下述事項所執行的程序，為綜合財務報表整體發表審計意見提供了基礎。

78 Wang On Properties Limited Annual Report 2021

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

KEY AUDIT MATTERS (CONTINUED)

關鍵審計事項（續）

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Key audit matter How our audit addressed the key audit matter
關鍵審計事項我們之審計如何處理關鍵審計事項
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Net realisable value of properties under development and properties held for sale 發展中物業及持作出售物業之可變現淨值

The Group’s properties under development and properties held for sale are stated at the lower of cost and net realisable value. As at 31 March 2021, the carrying amounts of these properties under development and properties held for sale were HK$4,921,137,000 and HK$605,436,000, respectively, which in aggregate represented approximately 54% of the total assets of the Group. 貴集團發展中物業及持作出售物業按成本與可變現淨值兩者中較低者列賬。於二零二一年三月三十一日，此等物業之總賬面值分別為 4,921,137,000 港元及 605,436,000港元，佔貴集團總資產約54%。

During the year, write-down of HK$80,000,000 was recognised in profit or loss against a commercial property held for sale.

年內，一項持作出售的商業物業已於損益確認撇減 80,000,000港元。

Significant estimation is required to determine the net realisable value of these properties, which reflects market conditions at the end of the reporting period. The Group engaged an external valuer to perform the valuation of the properties as at 31 March 2021. 釐定該等物業反映報告期末市況之可變現淨值須作出重大估計。貴集團委聘一名外部估值師，於二零二一年三月三十一日對該等物業進行估值

Our audit procedures to assess the net realisable value of properties under development and properties held for sale included the following:

我們評估發展中物業及持作出售物業之可變現淨值的審計程序包括以下程序：

obtaining and reviewing the valuation report prepared by the external valuer engaged by the Group;
取得及審閱貴集團所委聘外部估值師編製的估值報告；
assessing the external valuer’s qualification, experience and expertise and considering its competence, objectivity and independence; and
評估外部估值師之資歷、經驗及專業知識，並考慮外部估值師的能力、客觀性與獨立性；及
involving our internal valuation specialists to assist us in the assessment of the valuation methodologies applied and the key assumptions and estimates adopted in the valuation.
由內部估值專員協助我們評估估值所應用的估值方法以及所採用的主要假設與估計。

The accounting policies and disclosures in relation to the properties under development and properties held for sale are included in notes 2.4, 3, 16 and 17 to the consolidated financial statements.

有關發展中物業及持作出售物業的會計政策及披露載於綜合財務報表附註2.4、3、16及17。

宏安地產有限公司 二零二一年年報

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

KEY AUDIT MATTERS (CONTINUED)

關鍵審計事項（續）

Key audit matter How our audit addressed the key audit matter 關鍵審計事項我們之審計如何處理關鍵審計事項

Valuation of investment properties 投資物業估值

The Group holds various investment properties in Hong Kong for rental-earning purposes. Such investment properties are measured at fair value at the end of each reporting period and the aggregate carrying amount of these investment properties was HK$571,200,000 as at 31 March 2021, which represented approximately 6% of the total assets of the Group.

貴集團於香港持有多項投資物業賺取租金。該等投資物業於各報告期末按公平值計量，於二零二一年三月三十一日，該等投資物業賬面總值為571,200,000港元，佔貴集團總資產約6%。

Significant estimation is required to determine the fair values of the investment properties, which reflect market conditions at the end of the reporting period. The Group engaged an external valuer to perform the valuation of these investment properties as at 31 March 2021 and where applicable, in the absence of current prices in an active market for similar properties, the external valuer considered information from a variety of sources such as current prices of properties with similar locations and conditions. 釐定投資物業反映報告期末市況之公平值須作出重大估計。貴集團委聘一名外部估值師，於二零二一年三月三十一日對該等投資物業進行估值；倘缺乏相若物業於活躍市場的現時價格，外部估值師可於適用情況下考慮出自不同來源的資料，例如位置及條件相若之物業的現時價格。

Our audit procedures to assess the valuation of investment properties included the following:

我們評估投資物業估值的審計程序包括以下程序：

obtaining and reviewing the valuation reports prepared by the external valuer engaged by the Group;
取得及審閱貴集團所委聘外部估值師編製的估值報告；
assessing the external valuer’s qualification, experience and expertise and considering the external valuer’s competence, objectivity and independence; and
評估外部估值師的資歷、經驗及專業知識，並考慮外部估值師的能力、客觀性與獨立性；及
involving our internal valuation specialists to assist us to assess the valuation methodologies applied and the key assumptions and estimates adopted in the valuation.
由內部估值專員協助我們評估估值所應用的估值方法以及所採用的主要假設與估計。

The accounting policies and disclosures in relation to the valuation of investment properties are included in notes 2.4, 3 and 14 to the consolidated financial statements.

有關投資物業估值的會計政策及披露載於綜合財務報表附註2.4、3及14。

80 Wang On Properties Limited Annual Report 2021

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

OTHER INFORMATION INCLUDED IN THE ANNUAL REPORT

刊載於年報內其他信息

The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report, other than the consolidated financial statements and our auditor’s report thereon.

貴公司董事需對其他信息負責。其他信息包括刊載於年度報告內的信息，但不包括綜合財務報表及我們的核數師報告。

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

我們對綜合財務報表的意見並不涵蓋其他信息，我們亦不對該等其他信息發表任何形式的鑒證結論。

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

結合我們對綜合財務報表之審計，我們的責任是閱讀其他信息，在此過程中，考慮其他信息是否與綜合財務報表或我們在審計過程中所瞭解的情況存在重大抵觸或者似乎存在重大錯誤陳述的情況。基於我們已執行的工作，如果我們認為其他信息存在重大錯誤陳述，我們需要報告該事實。在這方面，我們沒有任何報告。

RESPONSIBILITIES OF THE DIRECTORS FOR THE CONSOLIDATED FINANCIAL STATEMENTS

董事就綜合財務報表須承擔的責任

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

貴公司董事須負責根據香港會計師公會頒佈之《香港財務報告準則》及香港《公司條例》的披露規定擬備真實而中肯的綜合財務報表，並對其認為為使綜合財務報表的擬備不存在由於欺詐或錯誤而導致之重大錯誤陳述所需的內部監控負責。

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

在擬備綜合財務報表時，貴公司董事負責評估貴集團持續經營的能力，並在適用情況下披露與持續經營有關的事項，以及使用持續經營會計基礎，除非貴公司董事有意將貴集團清盤或停止經營，或別無其他實際替代方案。

The directors of the Company are assisted by the Audit Committee in discharging their responsibilities for overseeing the Group’s financial reporting process.

審核委員會協助貴公司董事履行職責，監督貴集團的財務報告過程。

宏安地產有限公司 二零二一年年報 81

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

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

核數師就審計綜合財務報表承擔之責任

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Our report is made solely to you, as a body, in accordance with section 90 of the Bermuda Companies Act 1981, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

我們的目標，是對綜合財務報表整體是否不存在由於欺詐或錯誤而導致的重大錯誤陳述取得合理保證，並出具載有我們意見的核數師報告。我們遵照百慕達一九八一年公司法第90條僅對全體股東作出報告，除此以外，本報告並無其他用途。我們不會就本報告的內容向任何其他人士負上或承擔責任。

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

合理保證是高水平之保證，但不能保證按照《香港審計準則》進行之審計，在某一重大錯誤陳述存在時總能發現。錯誤陳述可以由欺詐或錯誤引起，如果合理預期它們單獨或匯總起來可能影響該等綜合財務報表使用者依賴綜合財務報表所作出的經濟決定，則有關錯誤陳述可被視作重大。

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

作為根據《香港審計準則》進行審計的過程中，我們運用了專業判斷，保持了專業懷疑態度。我們亦：

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
識別和評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險、設計及執行審計程序以應對這些風險，以及獲取充足和適當之審計憑證，作為我們意見的基礎。由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述，或凌駕於內部監控之上，因此未能發現因欺詐而導致重大錯誤陳述的風險高於未能發現因錯誤而導致重大錯誤陳述的風險。
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
瞭解與審計相關的內部監控，以設計適當的審計程序，但目的並非對貴集團內部監控的有效性發表意見。
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
評價董事所採用會計政策的恰當性及作出會計估計和相關披露的合理性。

82 Wang On Properties Limited Annual Report 2021

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

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

核數師就審計綜合財務報表承擔之責任（續）

Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
對董事採用持續經營會計基礎的恰當性作出結論，根據所獲取之審計憑證，確定是否存在與事項或情況有關的重大不確定性，從而可能導致對貴集團之持續經營能力產生重大疑慮。如果我們認為存在重大不確定性，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露，假若有關的披露不足，則我們應當發表非無保留意見。我們的結論是基於截至核數師報告日期止所取得的審計憑證。然而，未來事項或情況可能導致貴集團不能持續經營。
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
評價綜合財務報表的整體列報方式、結構和內容，包括披露，以及綜合財務報表是否中肯反映相關交易和事項。
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
就貴集團內實體或業務活動的財務信息獲取充足、適當的審計憑證，以便對綜合財務報表發表意見。我們負責貴集團審計的方向、監督和執行。我們為審計意見承擔全部責任。

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

除其他事項外，我們與審核委員會溝通了計劃的審計範圍、時間安排、重大審計發現等，包括我們在審計中識別出內部監控之任何重大缺陷。

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

我們還向審核委員會提交聲明，說明我們已符合有關獨立性的相關專業道德要求，並與他們溝通可能合理地被認為會影響我們獨立性之所有關係和其他事項，以及為消除對獨立性有所威脅的行動或防範措施（如適用）。

宏安地產有限公司 二零二一年年報 83

INDEPENDENT AUDITOR’S REPORT (CONTINUED) 獨立核數師報告（續）

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

核數師就審計綜合財務報表承擔之責任（續）

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

從與審核委員會溝通的事項中，我們確定哪些事項對本期綜合財務報表的審計最為重要，因而構成關鍵審計事項。我們在核數師報告中描述這些事項，除非法律法規不允許公開披露這些事項，或在極端罕見的情況下，如果合理預期在我們報告中溝通某事項造成的負面後果超過產生的公眾利益，我們決定不應在報告中溝通該事項。

The engagement partner on the audit resulting in this independent auditor’s report is Mr. CHUNG, Ho Ling.

出具本獨立核數師報告之審計項目合夥人是鍾浩齡先生。

Ernst & Young

Certified Public Accountants

27/F, One Taikoo Place 979 King’s Road Quarry Bay, Hong Kong

安永會計師事務所

執業會計師香港鰂魚涌英皇道979號太古坊一座27樓

28 June 2021

二零二一年六月二十八日

84 Wang On Properties Limited Annual Report 2021

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 綜合損益及其他全面收益表

Year ended 31 March 2021

截至二零二一年三月三十一日止年度

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2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
REVENUE 收入 5 314,806 2,372,090
Cost of sales 銷售成本 (147,873) (1,293,082)
Gross profit 毛利 166,933 1,079,008
Other income and gains, net 其他收入及收益淨額 5 129,042 78,959
Selling and distribution expenses 銷售及分銷開支 (64,228) (215,524)
Administrative expenses 行政開支 (106,924) (136,082)
Reversal of impairment losses/ 金融資產之減值虧損
(impairment losses) on financial 撥回╱（減值虧損）
assets 6,171 (8,396)
Finance costs 融資成本 7 (77,473) (94,521)
Fair value losses on investment 投資物業公平值虧損淨額 14
properties, net (64,441) (89,199)
Fair value gains on financial assets at 按公平值計入損益之金融資產 6
fair value through profit or loss, net 之公平值收益淨額 2,490 2,017
Fair value losses on derivative financial 衍生金融工具之公平值虧損 6
instruments (20,392) (4,401)
Write-down of properties under 發展中物業之撇減 16
–
development (3,842)
Write-down of properties held for sale 持作出售物業之撇減 17 (80,000) (9,663)
Share of profits and losses of joint 應佔合營企業之溢利及虧損
ventures 585,783 18,830
PROFIT BEFORE TAX 除稅前溢利 6 476,961 617,186
Income tax expenses 所得稅開支 10 (8,784) (145,308)
PROFIT FOR THE YEAR 本年度溢利 468,177 471,878
OTHER COMPREHENSIVE INCOME 其他全面收益
Other comprehensive income that may 於其後期間可能重新分類
be reclassified to profit or loss in 至損益之其他全面
subsequent periods: 收益：
Debt investments at fair value 按公平值計入其他全面收益
through other comprehensive 之債務投資：
income:
Changes in fair value 公平值變動 3,007 (3,623)
Reclassification adjustments for 計入損益之收益╱虧損之
gains/losses included in profit or 重新分類調整
loss
–
– gain on disposal －出售收益 (4,509)
– (reversal of impairment －（減值虧損撥 19
losses)/impairment losses 回）╱減值虧損 (6,051) 8,241
Net other comprehensive income that 於其後期間可能重新分類至損
may be reclassified to profit or loss in 益之其他全面收益淨額
subsequent periods (7,553) 4,618
OTHER COMPREHENSIVE INCOME 本年度其他全面收益，除稅後
FOR THE YEAR, NET OF TAX (7,553) 4,618
TOTAL COMPREHENSIVE INCOME 本年度全面收益總額
FOR THE YEAR 460,624 476,496
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宏安地產有限公司 二零二一年年報 85

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) 綜合損益及其他全面收益表（續）

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

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2021 2020
二零二一年二零二零年
Note HK$’000 HK$’000
附註千港元千港元
Profit attributable to: 應佔溢利：
Owners of the parent 母公司擁有人 466,745 457,320
Non-controlling interests 非控股權益 1,432 14,558
468,177 471,878
Total comprehensive income 應佔全面收益
attributable to: 總額：
Owners of the parent 母公司擁有人 459,192 461,938
Non-controlling interests 非控股權益 1,432 14,558
460,624 476,496
EARNINGS PER SHARE 母公司普通股權益持有人
ATTRIBUTABLE TO ORDINARY 應佔每股盈利
EQUITY HOLDERS OF
THE PARENT
Basic and diluted 基本及攤薄 12 HK3.07cents港仙 HK3.01cents港仙
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86 Wang On Properties Limited Annual Report 2021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 綜合財務狀況表

31 March 2021

二零二一年三月三十一日

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2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 13 102,484 121,958
Investment properties 投資物業 14 571,200 654,100
Properties under development 發展中物業 16 1,594,960 1,475,902
Investments in joint ventures 投資合營企業 18 2,207,545 1,873,040
Debt investments at fair value through 按公平值計入其他全面收益之 19
other comprehensive income 債務投資 108,898 315,210
Financial assets at fair value through 按公平值計入損益之金融資產 20
profit or loss 42,565 13,871
Loan and interest receivables 應收貸款及利息 21 24,531 –
Prepayments, other receivables and 預付款項、其他應收款項及 22
other assets 其他資產 285,367 440,038
Total non-current assets 總非流動資產 4,937,550 4,894,119
CURRENT ASSETS 流動資產
Properties under development 發展中物業 16 3,326,177 2,001,086
Properties held for sale 持作出售物業 17 605,436 842,357
Loan and interest receivables 應收貸款及利息 21 31,940 52,371
Prepayments, other receivables and 預付款項、其他應收款項及 22
other assets 其他資產 250,108 80,170
Cost of obtaining contracts 獲得合約之成本 23 1,241 1,360
Tax recoverable 可收回稅項 4,400 13,327
Cash and cash equivalents 現金及現金等同項目 24 826,503 853,619
Debt investments at fair value through 按公平值計入其他全面 19
–
other comprehensive income 收益之債務投資 207,070
Financial assets at fair value through 按公平值計入損益 20
profit or loss 之金融資產 12,648 –
Total current assets 總流動資產 5,265,523 3,844,290
CURRENT LIABILITIES 流動負債
Trade payables 應付賬款 25 29,278 33,433
Other payables and accruals 其他應付款項及應計費用 26 91,998 87,328
Derivative financial instruments 衍生金融工具 27 5,356 4,401
Contract liabilities 合約負債 28 1,510 20,955
Interest-bearing bank and other 計息銀行及其他貸款 29
borrowings 1,953,857 1,093,677
Tax payable 應付稅項 126,509 299,763
Total current liabilities 總流動負債 2,208,508 1,539,557
NET CURRENT ASSETS 流動資產淨值 3,057,015 2,304,733
TOTAL ASSETS LESS CURRENT 總資產減流動負債
LIABILITIES 7,994,565 7,198,852
----- End of picture text -----

宏安地產有限公司 二零二一年年報 87

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) 綜合財務狀況表（續）

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31 March 2021
二零二一年三月三十一日
2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
TOTAL ASSETS LESS CURRENT 總資產減流動負債
LIABILITIES 7,994,565 7,198,852
NON-CURRENT LIABILITIES 非流動負債
Other payables 其他應付款項 26 1,480 6,441
Derivative financial instruments 衍生金融工具 27 12,874 –
Interest-bearing bank and other 計息銀行及其他貸款 29
borrowings 2,945,349 2,475,505
Deferred tax liabilities 遞延稅項負債 30 566 994
Total non-current liabilities 總非流動負債 2,960,269 2,482,940
Net assets 資產淨值 5,034,296 4,715,912
EQUITY 權益
Equity attributable to owners of 母公司擁有人應佔權益
the parent
Issued capital 已發行股本 31 15,200 15,200
Reserves 儲備 33 5,007,817 4,658,065
5,023,017 4,673,265
Non-controlling interests 非控股權益 11,279 42,647
Total equity 權益總額 5,034,296 4,715,912
----- End of picture text -----

Tang Ho Hong 鄧灝康 Director 董事

Wong Chin Han 黃靜嫻 Director 董事

88 Wang On Properties Limited Annual Report 2021

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

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

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

Attributable to owners of the parent
母公司擁有人應佔
Share Fair value Non–
Issued premium Contributed Capital Merger reserve Retained controlling Total
capital account surplus reserve reserve (recycling) profits Total interests equity
公平值儲備
已發行股本股份溢價賬實繳盈餘資本儲備合併儲備（可劃轉）保留溢利合計非控股權益權益總額
Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
附註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 33(i)) (note 33(ii)) (note 33(iii))
（附註33(i)）（附註33(ii)）（附註33(iii)）
----- End of picture text -----

At 1 April 2019	於二零一九年四月一日		15,200	316,889	1,553,914	(310)	(71)	–	2,575,745	4,461,367	28,089	4,489,456
Profit for the year	本年度溢利		–	–	–	–	–	–	457,320	457,320	14,558	471,878
Other comprehensive income/(loss)	本年度其他全面收益╱（虧損）：
for the year:
Debt investments at fair value	按公平值計入其他全面收益之
through other comprehensive	債務投資：
income:
Changes in fair value	公平值變動		–	–	–	–	–	(3,623)	–	(3,623)	–	(3,623)
Reclassification adjustments for	計入損益之減值虧損之重新
impairment losses included in	分類調整
profit or loss			–	–	–	–	–	8,241	–	8,241	–	8,241
Total comprehensive income for	本年度全面收益總額
the year			–	–	–	–	–	4,618	457,320	461,938	14,558	476,496
2019 final dividend declared and	已宣派及派付二零一九年
paid	末期股息		–	–	–	–	–	–	(106,400)	(106,400)	–	(106,400)
2019 special dividend declared and	已宣派及派付二零一九年
paid	特別股息		–	–	–	–	–	–	(143,640)	(143,640)	–	(143,640)
At 31 March 2020 and 1 April 2020	於二零二零年三月三十一日
	及二零二零年四月一日		15,200	316,889*	1,553,914*	(310)*	(71)*	4,618*	2,783,025*	4,673,265	42,647	4,715,912
Profit for the year	本年度溢利		–	–	–	–	–	–	466,745	466,745	1,432	468,177
Other comprehensive income/(loss)	本年度其他全面收益/（虧損）：
for the year:
Debt investments at fair value	按公平值計入其他全面收益之債
through other comprehensive	務投資：
income:
Changes in fair value	公平值變動		–	–	–	–	–	3,007	–	3,007	–	3,007
Reclassification for debt investments	已出售債務投資的重新分類
disposed of			–	–	–	–	–	(4,509)	–	(4,509)	–	(4,509)
Reclassification adjustments for	計入損益之減值虧損之重新分類
impairment losses included in	調整
profit or loss			–	–	–	–	–	(6,051)	–	(6,051)	–	(6,051)
Total comprehensive income for	本年度全面收益總額
the year			–	–	–	–	–	(7,553)	466,745	459,192	1,432	460,624
2020 final dividend declared and	已宣派及派付二零二零年
paid	末期股息	11	–	–	–	–	–	–	(109,440)	(109,440)	–	(109,440)
Dividend paid to a non-controlling	已付非控股股東股息
shareholder		34	–	–	–	–	–	–	–	–	(32,800)	(32,800)
At 31 March 2021	於二零二一年三月三十一日		15,200	316,889*	1,553,914*	(310)*	(71)*	(2,935)*	3,140,330*	5,023,017	11,279	5,034,296

These reserve accounts comprise the consolidated reserves of * 該等儲備賬包括綜合財務狀況表內之綜合儲備 HK$5,007,817,000 (2020: HK$4,658,065,000) in the consolidated statement 5,007,817,000港元（二零二零年：4,658,065,000港元）。 of financial position.

宏安地產有限公司 二零二一年年報 89

CONSOLIDATED STATEMENT OF CASH FLOWS 綜合現金流量表

Year ended 31 March 2021 截至二零二一年三月三十一日止年度

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

2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
CASH FLOWS FROM OPERATING 來自經營業務之現金流量
ACTIVITIES
Profit before tax 除稅前溢利 476,961 617,186
Adjustments for: 已調整以下各項：
Finance costs 融資成本 7 77,473 94,521
Interest income from bank deposits 銀行存款之利息收入 5 (2,478) (17,901)
Interest income from loan 應收貸款之利息收入 5
receivables (4,595) (18,561)
Interest income from debt 按公平值計入其他全面 5
investments at fair value through 收益之債務投資之
other comprehensive income 利息收入 (34,747) (13,153)
Loss/(gain) on disposals of 出售附屬公司之虧損╱ 5,6
subsidiaries, net （收益）淨額 (30,688) 1,389
Gain on disposal of debts 出售按公平值計入其他全面 5
investments at fair value through 收益的債務投資之收益
–
other comprehensive income (5,088)
Share of profits and losses of joint 應佔合營企業之溢利及
ventures 虧損 (585,783) (18,830)
Fair value losses/(gains), net 公平值虧損╱（收益）淨額
Investment properties 投資物業 14 64,441 89,199
Derivatives financial instruments 衍生金融工具 27 20,392 4,401
Financial assets at fair value 按公平值計入損益之 20
through profit or loss 金融資產 (2,490) (2,017)
Depreciation of owned assets 自有資產折舊 6 9,758 6,424
Depreciation of right-of-use assets 使用權資產折舊 6 7,958 6,547
Accrued rent-free rental income 累計免租租金收入 14 (1,530) –
Write-down of properties under 發展中物業之撇減 16
–
development 3,842
Write-down of properties held for 持作出售物業之撇減 17
sale 80,000 9,663
Loss on disposal of an investment 出售投資物業之虧損 6
–
property 2,700
(Reversal of impairment losses)/ 應收貸款及利息之 6
impairment losses on loan and （減值虧損撥回）╱
interest receivables 減值虧損 (120) 155
(Reversal of impairment losses)/ 按公平值計入其他全面收益 6
impairment losses on debt 之債務投資之（減值虧損
investments at fair value through 撥回）╱減值虧損
other comprehensive income (6,051) 8,241
63,413 773,806
Decrease in properties held for sale 持作出售物業減少 156,921 1,325,593
Increase in properties under 發展中物業增加
development (1,399,531) (219,778)
(Increase)/decrease in prepayments, 預付款項、其他應收款項及
other receivables and other assets 其他資產（增加）╱減少 (30,181) 18,596
Decrease/(increase) in cost of 取得合約之成本減少╱（增加）
obtaining contracts 119 114,419
Increase in loan and interest receivable 應收貸款及利息增加 (14,268) –
Decrease in trade payables 應付賬款減少 (4,155) (84,609)
Decrease in contract liabilities 合約負債減少 (19,445) (1,935,943)
Increase/(decrease) in other payables 其他應付款項及應計費用
and accruals 增加╱（減少） 20,240 (148,949)
Increase in deposits received and 已收按金及預收款項增加
receipts in advance 1,099 7,456
Cash used in operations 經營業務所用現金 (1,225,788) (149,409)
Profits tax paid 已付利得稅 (173,197) (89,867)
Interest paid related to lease liabilities 與租賃負債相關之已付利息 (322) (329)
Net cash flows used in operating 經營業務所用現金流量淨額
activities (1,399,307) (239,605)
----- End of picture text -----

90 Wang On Properties Limited Annual Report 2021

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) 綜合現金流量表（續）

Year ended 31 March 2021

截至二零二一年三月三十一日止年度

==> picture [485 x 609] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
Net cash flows used in operating 經營業務所用現金流量淨額
activities (1,399,307) (239,605)
CASH FLOWS FROM INVESTING 來自投資活動之現金流量
ACTIVITIES
Interest received 已收利息 31,830 43,704
Additions to investment properties 添置投資物業 14 (42,011) (68,799)
Proceeds from disposal of an 出售一項投資物業之所得款項
–
investment property 132,300
Purchases of items of property, plant 購入物業、廠房及設備項目 13
and equipment (389) (23,502)
Purchase of debt investments at fair 購入按公平值計入其他全面
value through other comprehensive 收益之債務投資
income (112,689) (318,163)
Proceeds from disposals of debt 出售按公平值計入其他全面
investments at fair value through 收益之債務投資所得款項
–
other comprehensive income 126,609
Purchase of financial assets at fair 購入按公平值計入損益之
value through profit or loss 金融資產 (38,852) (11,855)
Proceeds from disposals of 出售附屬公司之所得款項 35
subsidiaries 91,683 132,129
Investments in joint venture 投資合營企業 (112,604) (207,163)
–
Return of capital from joint ventures 合營企業返還股本 870,190
–
Repayments of loans from joint ventures 合營企業償還貸款 41,565
Cash advanced to joint ventures 預付予合營企業之現金 (547,873) (139,453)
–
Loans to joint ventures partners 向合營企業夥伴提供貸款 (104,315)
Repayments of loans from joint 合營企業夥伴償還貸款
ventures partners 24,100 651,944
Net cash flows from investing activities 投資活動所得現金流量淨額 331,559 86,827
CASH FLOWS FROM FINANCING 來自融資活動之現金流量
ACTIVITIES
Interest paid 已付利息 (171,750) (144,263)
Principal portion of lease payments 租賃付款之本金部分 (4,787) (3,290)
Repayment of bank borrowings 償還銀行借款 (262,631) (556,322)
New bank borrowings 新增銀行借款 1,618,740 70,007
New other borrowings 新增其他借款 3,300 11,400
Dividend paid 已付股息 (109,440) (250,040)
Dividend paid to non-controlling 已付非控股股東股息
shareholders (32,800) –
Net cash flows from/(used in) financing 融資活動所得╱（所用）現金
activities 流量淨額 1,040,632 (872,508)
NET DECREASE IN CASH AND CASH 現金及現金等同項目之
EQUIVALENTS 減少淨額 (27,116) (1,025,286)
Cash and cash equivalents at 年初現金及現金等同項目
beginning of year 853,619 1,878,905
CASH AND CASH EQUIVALENTS AT 年終現金及現金等同項目
END OF YEAR 826,503 853,619
ANALYSIS OF BALANCES OF CASH 現金及現金等同項目之
AND CASH EQUIVALENTS 結餘分析
Cash and cash equivalents as stated 列入綜合財務狀況表之 24
in the consolidated statement of 現金及現金等同項目
financial position 826,503 853,619
----- End of picture text -----

宏安地產有限公司 二零二一年年報 91

NOTES TO FINANCIAL STATEMENTS 財務報表附註

31 March 2021 二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION

1. 公司及集團資料

Wang On Properties Limited is a limited liability company incorporated in Bermuda. The registered office of the Company is located at Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The principal place of business of the Company is located at Suite 3201, 32/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.

宏安地產有限公司為在百慕達註冊成立之有限公司。本公司之註冊辦事處位於 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda。本公司之主要營業地點位於香港九龍九龍灣宏光道39號宏天廣場32樓 3201室。

During the year, the Company and its subsidiaries (collectively referred to as the “ Group ”) were principally engaged in the property development and property investment businesses.

年內，本公司及其附屬公司（統稱「 本集團 」）主要從事物業發展及物業投資業務。

In the opinion of the Company’s directors, Earnest Spot Limited (“ Earnest Spot ”), a company incorporated in the British Virgin Islands (“ BVI ”), is the immediate holding company of the Company, and Wang On Group Limited (“ WOG ”), a company incorporated in Bermuda and listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “ Stock Exchange ”), is the ultimate holding company of the Company.

本公司董事認為， Earnest Spot Limited （「 Earnest Spot 」）（一間於英屬維爾京群島（「 英屬維爾京群島 」）註冊成立之公司）為本公司之直接控股公司，而Wang On Group Limited（宏安集團有限公司）（「宏安」）（一間於百慕達註冊成立並於香港聯合交易所有限公司（「 聯交所 」）主板上市之公司）為本公司之最終控股公司。

Information about subsidiaries

有關附屬公司之資料

Particulars of the Company’s principal subsidiaries are as follows:

本公司主要附屬公司之詳情如下：

Name 名稱	Place of incorporation and business 註冊成立及營業地點	Issued ordinary share capital 已發行普通股本	Percentage of equity attributable to the Company 本公司應佔權益百分比 Direct Indirect 直接間接	Principal activities 主要業務
City Concord Limited*	Hong Kong	Ordinary HK$1	– 100	Property
				investment
世港有限公司*	香港	普通股1港元		物業投資

92 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

1. 公司及集團資料（續）

Information about subsidiaries (Continued)

有關附屬公司之資料（續）

==> picture [463 x 77] intentionally omitted <==

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

Place of Percentage of
incorporation and Issued ordinary equity attributable Principal
Name business share capital to the Company activities
名稱註冊成立及營業地點已發行普通股本本公司應佔權益百分比主要業務
Direct Indirect
直接間接
----- End of picture text -----

East Run Investments	BVI	Ordinary US$1	–	100	Investment
Limited					holding
	英屬維爾京群島	普通股1美元			投資控股
Ever World Limited	Hong Kong	Ordinary HK$1	–	100	Property
					development
永聖有限公司	香港	普通股1港元			物業發展
Grandwall Investment	Hong Kong	Ordinary HK$100	–	60	Property
Limited (“Grandwall”)					development
高和投資有限公司	香港	普通股100港元			物業發展
（「高和」）
Hopway Limited*	Hong Kong	Ordinary HK$1	–	100	Property
					development
厚威有限公司*	香港	普通股1港元			物業發展
Joint Hope Limited*	Hong Kong	Ordinary HK$1	–	100	Property
					development
浚亨有限公司*	香港	普通股1港元			物業發展
Miracle Cheer Limited	BVI	Ordinary US$1	100	–	Investment
					holding
	英屬維爾京群島	普通股1美元			投資控股
More Action Investments	BVI	Ordinary US$1	–	100	Investment
Limited					holding
	英屬維爾京群島	普通股1美元			投資控股
New Rich Investments	Hong Kong	Ordinary HK$100	–	60	Property
Limited (“New Rich”)					development
龍勝投資有限公司	香港	普通股100港元			物業發展
（「龍勝」）
Newex Limited*	Hong Kong	Ordinary HK$1	–	100	Property
					development
力惠有限公司*	香港	普通股1港元			物業發展

宏安地產有限公司 二零二一年年報 93

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

1. 公司及集團資料（續）

Information about subsidiaries (Continued)

有關附屬公司之資料（續）

==> picture [463 x 78] intentionally omitted <==

Rich United Limited*	Hong Kong	Ordinary HK$1	–	70	Property
(“Rich United”)(note 36)					development
榮特有限公司*	香港	普通股1港元			物業發展
（「榮特」）（附註36）
Sky Earth Limited	Hong Kong	Ordinary HK$1	–	100	Provision of
					financial
					Services
超雅有限公司	香港	普通股1港元			提供金融服務
Sole Champion Limited*	BVI	Ordinary US$1	–	100	Investment
					holding
	英屬維爾京群島	普通股1美元			投資控股
Sparkle Hope Limited	BVI	Ordinary US$1	–	100	Investment
					holding
	英屬維爾京群島	普通股1美元			投資控股
Stadium Holdings Limited	Hong Kong	Ordinary HK$2	–	100	Property
					investment
達亞控股有限公司	香港	普通股2港元			物業投資
Star Bonus Limited	Hong Kong	Ordinary HK$1	–	100	Property
					development
星崙有限公司	香港	普通股1港元			物業發展
Swift Prosper Limited	BVI	Ordinary US$1	–	100	Investment
					holding
迅盛有限公司	英屬維爾京群島	普通股1美元			投資控股
Top Harmony Limited*	Hong Kong	Ordinary HK$1	–	100	Property
					development
泰鏗有限公司*	香港	普通股1港元			物業發展
Top Prince Limited*	Hong Kong	Ordinary HK$1	–	100	Property
					development
頂邦有限公司*	香港	普通股1港元			物業發展
Top Strong Investment	Hong Kong	Ordinary HK$1	–	100	Securities
Limited					investment
世強投資有限公司	香港	普通股1港元			證券投資

94 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021

二零二一年三月三十一日

1. CORPORATE AND GROUP INFORMATION (CONTINUED)

1. 公司及集團資料（續）

Information about subsidiaries (Continued)

有關附屬公司之資料（續）

==> picture [463 x 78] intentionally omitted <==

Top Supreme Limited	Hong Kong	Ordinary HK$1	–	100	Property
					development
泰新有限公司	香港	普通股1港元			物業發展
Twist Pioneer Limited	BVI	Ordinary US$1	–	100	Securities
					investment
	英屬維爾京群島	普通股1美元			證券投資
Vincent Investments	Hong Kong	Ordinary HK$2	–	100	Property
Limited*					development
永宜投資有限公司*	香港	普通股2港元			物業發展
Wang On Properties	Hong Kong	Ordinary HK$1	–	100	Provision of
Services Limited					management
					services
宏安地產服務有限公司	香港	普通股1港元			提供管理服務
Wang On Services	Hong Kong	Ordinary HK$1	–	100	Provision of
Limited					management
					services
宏安服務有限公司	香港	普通股1港元			提供管理服務
Well Value Limited*	Hong Kong	Ordinary HK$1	–	100	Property
					development
威泓有限公司	香港	普通股1港元			物業發展
Wise Ocean International	Hong Kong	Ordinary HK$2	–	100	Property holding
Limited
智洋國際有限公司	香港	普通股2港元			持有物業

Certain bank loans of the Group are secured by share charges in respect of the equity interests in these subsidiaries (note 29).
本集團若干銀行貸款由該等附屬公司股權之股份押記作抵押（附註29）。

Details of the subsidiaries disposed of during the year are summarised in note 35 to the financial statements.

年內已出售之附屬公司詳情於財務報表附註 35概述。

The above table lists the subsidiaries of the Company which, in the opinion of the Company’s directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the Company’s directors, result in particulars of excessive length.

本公司董事認為上表所列之本公司附屬公司為本年度業績帶來重大影響或為本集團資產淨值之主要部分。本公司董事認為詳列其他附屬公司之資料將令篇幅過於冗長。

宏安地產有限公司 二零二一年年報 95

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.1 BASIS OF PREPARATION

2.1 編製基準

These financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“ HKFRSs ”) (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“ HKASs ”) and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants (“ HKICPA ”), accounting principles generally accepted in Hong Kong and the disclosure requirements of the Hong Kong Companies Ordinance. They have been prepared under the historical cost convention, except for investment properties, derivative financial instruments, debt investments at fair value through other comprehensive income and financial assets at fair value through profit or loss, which have been measured at fair value. These financial statements are presented in Hong Kong dollars (“ HK$ ”) and all values are rounded to the nearest thousand except when otherwise indicated.

該等財務報表乃根據香港會計師公會（「 香港會計師公會 」）頒佈之香港財務報告準則（「 香港財務報告準則 」）（包括所有香港財務報告準則、香港會計準則（「 香港會計準則 」）及詮釋）、香港公認會計原則及香港公司條例之披露規定編製。除按公平值計量之投資物業、衍生金融工具、按公平值計入其他全面收益之債務投資及按公平值計入損益之金融資產外，該等財務報表乃按歷史成本法編製。除另有註明者外，該等財務報表以港元（「港元」）呈列，而所有數值均湊整至最接近千位數。

Basis of consolidation

綜合基準

The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 March 2021. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

綜合財務報表包括本公司及其附屬公司截至二零二一年三月三十一日止年度之財務報表。附屬公司為本公司直接或間接控制之實體（包括結構性實體）。當本集團享有或有權收取參與投資對象業務所得之可變回報，且能透過對投資對象之權力（即賦予本集團現有能力主導投資對象相關活動之既存權利）影響該等回報時，即取得控制權。

When the Company has, directly or indirectly, less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

倘本公司直接或間接擁有投資對象之投票或類似權利少於大多數，則本集團於評估其是否對投資對象擁有權力時，會考慮一切相關事實及情況，包括：

(a) the contractual arrangement with the other vote holders of the investee;
(a) 與投資對象其他投票持有人之合約安排；
(b) rights arising from other contractual arrangements; and
(b) 其他合約安排所產生之權利；及
(c) the Group’s voting rights and potential voting rights.
(c) 本集團之投票權及潛在投票權。

96 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

2.1 BASIS OF PREPARATION (CONTINUED)

2.1 編製基準（續）

Basis of consolidation (Continued)

綜合基準（續）

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

附屬公司按與本公司相同之報告期間使用貫徹一致之會計政策編製財務報表。附屬公司之業績自本集團取得控制權之日開始綜合入賬，並繼續綜合入賬直至有關控制權終止之日為止。

Profit or loss and each component of other comprehensive income are attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

損益及其他全面收益各組成部分乃歸屬於本集團母公司擁有人及非控股權益，即使此舉引致非控股權益出現虧絀結餘。有關本集團成員公司間交易之所有集團內公司間資產及負債、權益、收入、開支及現金流量均於綜合賬目時全數抵銷。

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 described above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

倘有事實及情況顯示上文所述三個控制權元素中有一個或多個元素出現變動，則本集團將重新評估是否仍控制投資對象。附屬公司之擁有權權益變動（並無喪失控制權）被視為股本交易入賬。

If the Group loses control over a subsidiary, it derecognises (i) the assets (including goodwill) and liabilities of the subsidiary, (ii) the carrying amount of any non-controlling interest and (iii) the cumulative translation differences recorded in equity; and recognises (i) the fair value of the consideration received, (ii) the fair value of any investment retained and (iii) any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities.

倘本集團失去對附屬公司之控制權，則終止確認(i)該附屬公司之資產（包括商譽）及負債；(ii)任何非控股權益之賬面值；及(iii)於權益內記錄之累計換算差額；並確認(i)已收代價之公平值；(ii)所保留任何投資之公平值；及(iii)損益表中任何因此產生之盈餘或虧絀。先前於其他全面收益內確認之本集團應佔部分重新分類至損益或保留溢利（如適當），所依據之基準與本集團直接出售相關資產或負債所需依據者相同。

宏安地產有限公司 二零二一年年報 97

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

2.2 會計政策及披露之變動

The Group has adopted the Conceptual Framework for Financial Reporting 2018 and the following revised HKFRSs for the first time for the current year’s financial statements.

本集團已於本年度財務報表首次採納二零一八年財務報告概念框架以及下列經修訂香港財務報告準則。

Amendments to HKFRS 3

香港財務報告準則第3號之修訂本 Amendments to HKFRS 9,

Definition of a Business 業務的定義

Interest Rate Benchmark Reform

HKAS 39 and HKFRS 7

香港財務報告準則第9號、香港會計準則第39號及香港財務報告準則第7號之修訂本

Amendments to HKAS 1 and HKAS 8

香港會計準則第1號及香港會計準則第8號之修訂本

利率基準改革

Definition of Material

重大的定義

The nature and the impact of the Conceptual Framework for Financial Reporting 2018 and the revised HKFRSs are described below:

二零一八年財務報告概念框架及經修訂香港財務報告準則的性質及影響列示如下：

(a) Conceptual Framework for Financial Reporting 2018 (the “ Conceptual Framework ”) sets out a comprehensive set of concepts for financial reporting and standard setting, and provides guidance for preparers of financial statements in developing consistent accounting policies and assistance to all parties to understand and interpret the standards. The Conceptual Framework includes new chapters on measurement and reporting financial performance, new guidance on the derecognition of assets and liabilities, and updated definitions and recognition criteria for assets and liabilities. It also clarifies the roles of stewardship, prudence and measurement uncertainty in financial reporting. The Conceptual Framework is not a standard, and none of the concepts contained therein override the concepts or requirements in any standard. The Conceptual Framework did not have any significant impact on the financial position and performance of the Group.
(a) 二零一八年財務報告概念框架（「 概念框架 」）載列有關財務報告及標準制定的整套概念，並為財務報告編製者提供指引，以制定一致的會計政策，及協助各方理解及詮釋準則。概念框架包括有關計量及報告財務表現的新章節，有關終止確認資產及負債的新指引以及資產及負債的更新定義及確認標準。其亦澄清監管、審慎及計量不確定性於財務報告之角色。概念框架並非為一項準則，且當中包含的概念概無凌駕任何準則的概念或規定。概念框架並無對本集團的財務狀況及表現產生任何重大影響。

98 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021

二零二一年三月三十一日

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (CONTINUED)

2.2 會計政策及披露之變動（續）

(b) Amendments to HKFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated set of activities and assets to be considered a business, it must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. A business can exist without including all of the inputs and processes needed to create outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce outputs. Instead, the focus is on whether acquired inputs and acquired substantive processes together significantly contribute to the ability to create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment income or other income from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The Group has applied the amendments prospectively to transactions or other events that occurred on or after 1 April 2020. The amendments did not have any impact on the financial position and performance of the Group.
(b) 香港財務報告準則第3號之修訂本澄清業務的定義，並提供額外指引。該修訂本澄清可視為業務的一組整合活動和資產，必須至少包括一項投入及一項重要過程，而兩者必須對形成產出的能力有重大貢獻。業務毋須包括形成產出所需的所有投入及過程。該修訂本取消評估市場參與者是否有能力收購業務並能持續產出。相反，重點關注所取得的投入和重要過程共同對形成產出的能力有否重大貢獻。該修訂本亦已收窄產出的定義範圍，重點關注為向客戶提供的商品或服務、投資收入或日常活動產生的其他收入。此外，該等修訂本提供有關評估所收購的過程是否重大的指引，並新增公平值集中度測試選項，允許對所收購的一組活動和資產是否不屬於業務進行簡化評估。本集團已預先將該等修訂本應用至於二零二零年四月一日或之後發生的交易或其他事件。該等修訂本概無對本集團財務狀況及表現產生任何影響。

宏安地產有限公司 二零二一年年報 99

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (CONTINUED)

2.2 會計政策及披露之變動（續）
(c) Amendments to HKFRS 9, HKAS 39 and HKFRS 7 address issues affecting financial reporting in the period before the replacement of an existing interest rate benchmark with an alternative risk-free rate (“ RFR ”). The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the introduction of the alternative RFR. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties. The amendments did not have any impact on the financial position and performance of the Group as the Group does not have any interest rate hedging relationships.
(c) 香港財務報告準則第9號、香港會計準則第39號及香港財務報告準則第7號之修訂本旨在處理以替代無風險利率
（「 無風險利率 」）取代現有利率基準前的期間對財務申報之影響事項。該等修訂本提供可在引入替代無風險利率前之不確定期限內繼續進行對沖會計處理之暫時性補救措施。此外，該等修訂本規定公司須向投資者提供有關直接受該等不確定因素影響之對沖關係之額外資料。該等修訂本概無對本集團財務狀況及表現產生任何影響，原因為本集團並無任何利率對沖關係。
(d) Amendments to HKAS 1 and HKAS 8 provide a new definition of material. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information, or both. The amendments did not have any significant impact on the financial position and performance of the Group.
(d) 香港會計準則第1號及香港會計準則第 8號之修訂本提供重大的新定義。新定義列明，倘資料遭忽略、錯誤陳述或隱瞞時可合理預期會影響一般用途財務報表主要使用者根據該等財務報表作出的決定，則資料屬重大。該等修訂本澄清重大與否視乎資料的性質或幅度（或兩者皆是）。該等修訂本概無對本集團財務狀況及表現產生任何重大影響。

100 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.3 ISSUED BUT NOT YET EFFECTIVE HKFRSs

2.3 已頒佈但尚未生效之香港財務報告準則

The Group has not applied the following new and revised HKFRSs, that have been issued but are not yet effective, in these financial statements.

本集團並未於該等財務報表內應用下列已頒佈但尚未生效之新訂及經修訂香港財務報告準則。

Amendments to HKFRS 3 香港財務報告準則第3號之修訂本 Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16

香港財務報告準則第9號、香港會計準則第39號、香港財務報告準則第7號、香港財務報告準則第4號及香港財務報告準則第16號之修訂本 Amendments to HKFRS 10 and

HKAS 28 (2011)

香港財務報告準則第10號及香港會計準則第28號（二零一一年）之修訂本 Amendment to HKFRS 16 香港財務報告準則第16號之修訂本 HKFRS 17 香港財務報告準則第17號 Amendments to HKFRS 17 香港財務報告準則第17號之修訂本 Amendments to HKAS 1 香港會計準則第1號之修訂本 Amendments to HKAS 16 香港會計準則第16號之修訂本 Amendments to HKAS 37 香港會計準則第37號之修訂本 Annual Improvements to HKFRSs 2018-2020

香港財務報告準則二零一八年至二零二零年之年度改進 Amendments to HKAS 1 香港會計準則第1號之修訂本 Amendments to HKAS 8 香港會計準則第8號之修訂本 Amendments to HKAS 12

香港會計準則第12號之修訂本

Reference to the Conceptual Framework[3] 概念框架之提述[3] Interest Rate Benchmark Reform – Phase 2[1]

利率基準改革[—] 第2階段[1]

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture[5] 投資者與其聯營公司或合營企業之間的資產銷售或注入[5]

COVID-19-Related Rent Concessions beyond 30 June 2021[2] 二零二一年六月三十日後COVID-19相關租金寬減[2] Insurance Contracts[4] 保險合約[4] Insurance Contracts[4,7] 保險合約[4,7] Classification of Liabilities as Current or Non-current[4, 6] 負債分類為流動或非流動 [4, 6] Property, Plant and Equipment: Proceeds before Intended Use[3] 物業、廠房及設備：擬定用途前所得款項[3] Onerous Contracts – Cost of Fulfilling a Contract[3] 虧損合約－履行合約之成本[3]

Amendments to HKFRS 1, HKFRS 9, Illustrative Examples accompanying HKFRS 16, and HKAS 41[3] 香港財務報告準則第1號、香港財務報告準則第9號、隨附香港財務報告準則第16號之示例及香港會計準則第41號之修訂本[3] Disclosure of Accounting Policies[4] 會計政策披露[4] Definition of Accounting Estimates[4] 會計估計的定義[4]

Deferred Tax related to Assets and Liabilities arising from a Single Transaction[4] 單一交易所產生與資產及負債相關之遞延稅項[4]

1 Effective for annual periods beginning on or after 1 January 2021 2 Effective for annual periods beginning on or after 1 April 2021 3 Effective for annual periods beginning on or after 1 January 2022 4 Effective for annual periods beginning on or after 1 January 2023 5 No mandatory effective date yet determined but available for adoption 6 As a consequence of the amendments to HKAS 1, Hong Kong Interpretation 5 Presentation of Financial Statements - Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause was revised in October 2020 to align the corresponding wording with no change in conclusion
7 As a consequence of the amendments to HKFRS 17 issued in October 2020, HKFRS 4 was amended to extend the temporary exemption that permits insurers to apply HKAS 39 rather than HKFRS 9 for annual periods beginning before 1 January 2023

1 二零二一年一月一日或之後開始的年度期間生效

2 二零二一年四月一日或之後開始的年度期間生效

3 二零二二年一月一日或之後開始的年度期間生效

4 二零二三年一月一日或之後開始的年度期間生效

5 尚未釐定強制生效日期，惟可供採納

6 由於香港會計準則第1號之修訂本，香港詮釋第5 號財務報告的呈列[—] 借款人對包含按要求償還條文的定期貸款之分類於二零二零年十月獲修訂，以使相應措詞保持一致而結論不變

7 由於二零二零年十月獲發佈的香港財務報告準則第17號之修訂本，香港財務報告準則第4號經已修訂，以擴大臨時豁免範圍，允許保險公司於二零二三年一月一日前開始的年度期間採用香港會計準則第39號而非香港財務報告準則第9號有關

Further information about those HKFRSs that are expected to be applicable to the Group is described below.

預期適用於本集團之該等香港財務報告準則之進一步資料載述如下。

宏安地產有限公司 二零二一年年報 101

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.3 ISSUED BUT NOT YET EFFECTIVE HKFRSs (CONTINUED)

2.3 已頒佈但尚未生效之香港財務報告準則（續）

Amendments to HKFRS 3 are intended to replace a reference to the previous Framework for the Preparation and Presentation of Financial Statements with a reference to the Conceptual Framework for Financial Reporting issued in June 2018 without significantly changing its requirements. The amendments also add to HKFRS 3 an exception to its recognition principle for an entity to refer to the Conceptual Framework to determine what constitutes an asset or a liability. The exception specifies that, for liabilities and contingent liabilities that would be within the scope of HKAS 37 or HK(IFRIC)-Int 21 if they were incurred separately rather than assumed in a business combination, an entity applying HKFRS 3 should refer to HKAS 37 or HK(IFRIC)Int 21 respectively instead of the Conceptual Framework. Furthermore, the amendments clarify that contingent assets do not qualify for recognition at the acquisition date. The Group expects to adopt the amendments prospectively from 1 April 2022. Since the amendments apply prospectively to business combinations for which the acquisition date is on or after the date of first application, the Group will not be affected by these amendments on the date of transition.

香港財務報告準則第3號之修訂本旨在以於二零一八年六月頒佈的財務報告概念框架的提述代替先前財務報表編制和列報框架的提述，而不予大幅改變其規定。該等修訂本亦為香港財務報告準則第3號就確認原則增加一項例外情況，以供實體參照概念框架確定資產或負債的組成元素。該例外情況指明，就屬於香港會計準則第37號或香港（國際財務報告詮釋委員會）[—] 詮釋第21號範圍內的負債及或然負債而言，倘為個別產生而非在業務合併中承擔，則採用香港財務報告準則第3號的實體應分別參考香港會計準則第 37號或香港（國際財務報告詮釋委員會）[—] 詮釋第21號，而非概念框架。此外，該等修訂本闡明或然資產不合資格在收購日期確認。本集團預期自二零二二年四月一日起前瞻採納該等修訂本。由於該等修訂本前瞻應用於收購日期為首次應用日期或之後的業務合併，故本集團於過渡日期將不會受該等修訂本影響。

102 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

2.3 ISSUED BUT NOT YET EFFECTIVE HKFRSs (CONTINUED)

2.3 已頒佈但尚未生效之香港財務報告準則（續）

Amendments to HKFRS 9, HKAS 39, HKFRS 7, HKFRS 4 and HKFRS 16 address issues not dealt with in the previous amendments which affect financial reporting when an existing interest rate benchmark is replaced with an alternative RFR. The Phase 2 amendments provide a practical expedient to allow the effective interest rate to be updated without adjusting the carrying amount when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities, if the change is a direct consequence of the interest rate benchmark reform and the new basis for determining the contractual cash flows is economically equivalent to the previous basis immediately preceding the change. In addition, the amendments permit changes required by the interest rate benchmark reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued. Any gains or losses that could arise on transition are dealt with through the normal requirements of HKFRS 9 to measure and recognise hedge ineffectiveness. The amendments also provide a temporary relief to entities from having to meet the separately identifiable requirement when an RFR is designated as a risk component. The relief allows an entity, upon designation of the hedge, to assume that the separately identifiable requirement is met, provided the entity reasonably expects the RFR risk component to become separately identifiable within the next 24 months. Furthermore, the amendments require an entity to disclose additional information to enable users of financial statements to understand the effect of interest rate benchmark reform on an entity’s financial instruments and risk management strategy. The amendments are effective for annual periods beginning on or after 1 April 2021 and shall be applied retrospectively, but entities are not required to restate the comparative information.

香港財務報告準則第9號、香港會計準則第 39號、香港財務報告準則第7號、香港財務報告準則第4號及香港財務報告準則第16號之修訂本處理先前修訂本以替代無風險利率取代現有利率基準時尚未處理而影響財務報告的問題。第2階段修訂本提供可行權宜方法，允許按釐定財務資產及負債之合約現金流量之基準將變動入賬時更新實際利率，而毋須調整賬面值，前提為有關變動為利率基準改革的直接後果，且釐定合約現金流量的新基準於經濟上等同於緊接變動前的先前基準。此外，該等修訂本允許就對沖指定項目及對沖文件作出利率基準改革所規定的變動，而毋須終止對沖關係。過渡期間可能產生的任何收益或虧損均透過香港財務報告準則第9號的一般規定處理，以計量及確認對沖無效性。該等修訂本亦為實體提供暫時寬免，於無風險利率被指定為風險成份時毋須滿足可單獨識別之規定。該寬免允許實體於指定對沖後假設已滿足可單獨識別之規定，惟實體須合理預期無風險利率風險成份於未來24個月內將成為可單獨識別。此外，該等修訂本規定實體須披露額外資料，令財務報表的使用者得以瞭解利率基準改革對實體的財務工具及風險管理策略的影響。該等修訂本於二零二一年四月一日或之後開始的年度期間生效，並須追溯應用，惟實體毋須重列比較資料。

宏安地產有限公司 二零二一年年報 103

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.3 ISSUED BUT NOT YET EFFECTIVE HKFRSs (CONTINUED)

2.3 已頒佈但尚未生效之香港財務報告準則（續）

The Group had certain interest-bearing bank borrowings denominated in Hong Kong dollars and foreign currencies based on the Hong Kong Interbank Offered Rate as at 31 March 2021. If the interest rates of these borrowings are replaced by RFRs in a future period, the Group will apply this practical expedient upon the modification of these borrowings when the “economically equivalent” criterion is met and expects that no significant modification gain or loss will arise as a result of applying the amendments to these changes.

Amendments to HKFRS 10 and HKAS 28 (2011) address an inconsistency between the requirements in HKFRS 10 and in HKAS 28 (2011) in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss when the sale or contribution of assets between an investor and its associate or joint venture constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The previous mandatory effective date of amendments to HKFRS 10 and HKAS 28 (2011) was removed by the HKICPA in January 2016 and a new mandatory effective date will be determined after the completion of a broader review of accounting for associates and joint ventures. However, the amendments are available for adoption now.

本集團於二零二一年三月三十一日有若干以港元及外幣計值的計息銀行借款，乃以香港銀行同業拆息為基準。倘此等借款的利率在未來期間被無風險利率替代，本集團將在符合「經濟上等同」標準時，在修訂此等借款時採用有關可行權宜方法，並預期對該等變動應用有關修訂本不會導致重大修訂收益或虧損。

香港財務報告準則第10號及香港會計準則第28號（二零一一年）之修訂本解決香港財務報告準則第10號及香港會計準則第28號（二零一一年）之間對於處理投資者及其聯營公司或合營企業之間的資產出售或注資的規定的不一致性。該等修訂本規定於投資者及其聯營公司或合營企業之間的資產出售或注資構成一項業務時，悉數確認收益或虧損。就不構成業務的資產交易而言，交易所產生的收益或虧損僅以無關連的投資者於該聯營公司或合營企業的權益為限，於投資者的損益中確認。該等修訂本將獲前瞻性應用。於二零一六年一月，香港會計師公會剔除香港財務報告準則第10號及香港會計準則第28 號（二零一一年）之修訂本的先前強制生效日期，而新強制生效日期將於就聯營公司及合營企業的會計處理完成更廣泛的審閱後釐定。然而，該等修訂本現時可供採納。

Amendment to HKFRS 16 issued in May 2020 (the “ 2020 Amendment ”) provides a practical expedient for lessees to elect not to apply lease modification accounting for rent concessions arising as a direct consequence of the covid-19 pandemic. The Amendment to HKFRS 16 issued in 2021 (the “ 2021 Amendment ”) changes the date to apply to lease payments up to 30 June 2022. Therefore, the practical expedient will continue to apply only to rent concessions occurring as a direct consequence of the covid-19 pandemic and only if (i) the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; (ii) any reduction in lease payments affects only payments originally due on or before 30 June 2022; and (iii) there is no substantive change to other terms and conditions of the lease. The 2021 Amendment is effective for annual periods beginning on or after 1 April 2021 with earlier application permitted and shall be applied retrospectively. The 2021 Amendment is not expected to have significant impact on the Group’s financial statements.

於二零二零年五月頒佈香港財務報告準則第16號修訂（「 二零二零年修訂本 」）本為承租人提供一個實際可行權宜方法以選擇不就COVID-19疫情之直接後果所產生之租金寬減應用租賃修訂會計處理。於二零二一年頒布的香港財務報告準則第16號修訂本（「 二零二一年修訂本 」）更改了適用於二零二二年六月三十日之前的租賃付款的日期。因此，實際可行權宜方法將繼續僅適用於 COVID-19疫情之直接後果產生之租金寬減且僅當(i)租賃款項之變動使租賃代價有所修訂，而經修訂之代價與緊接變動前租賃代價大致相同，或少於緊接變動前之租賃代價； (ii)租賃款項之任何減幅僅影響原到期日為二零二二年六月三十日或之前的付款；及(iii) 租賃之其他條款及條件並無實質變動。該二零二一年修訂本於二零二一年四月一日或之後開始之年度期間追溯有效，並允許提早採用。預計二零二一年修訂本不會對本集團的財務報表產生重大影響。

104 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.3 ISSUED BUT NOT YET EFFECTIVE HKFRSs (CONTINUED)

2.3 已頒佈但尚未生效之香港財務報告準則（續）

Amendments to HKAS 1 clarify the requirements for classifying liabilities as current or non-current. The amendments specify that if an entity’s right to defer settlement of a liability is subject to the entity complying with specified conditions, the entity has a right to defer settlement of the liability at the end of the reporting period if it complies with those conditions at that date. Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement of the liability. The amendments also clarify the situations that are considered a settlement of a liability. The amendments are effective for annual periods beginning on or after 1 January 2023 and shall be applied retrospectively. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.

香港會計準則第1號之修訂本澄清將負債分類為流動或非流動的規定。該等修訂本指明，倘實體延遲償還負債的權利受限於該實體須符合特定條件，則如該實體於當日符合有關條件，則有權於報告期末延遲償還負債。負債的分類不受該實體行使延遲償還負債權利之可能性所影響。該等修訂本亦澄清被視為償還負債的情況。該等修訂本於二零二三年一月一日或之後開始的年度期間生效，須追溯應用，並允許提早應用。該等修訂本預期不會對本集團的財務報表產生任何重大影響。

Amendments to HKAS 16 prohibit an entity from deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling any such items, and the cost of those items, in profit or loss. The amendments are effective for annual periods beginning on or after 1 January 2022 and shall be applied retrospectively only to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements.

香港會計準則第16號禁止實體自物業、廠房及設備項目的成本扣除將資產達致管理層擬定營運狀態所需位置及狀況的過程中所產生項目出售的任何所得款項。相反，實體須於損益確認出售任何有關項目之所得款項及該等項目之成本。該等修訂本於二零二二年一月一日或之後開始的年度期間生效，並僅追溯應用於實體首次應用該等修訂本的財務報表所呈列的最早期間開始時或之後可供使用的物業、廠房及設備項目，並允許提早應用。該等修訂本預期不會對本集團的財務報表產生任何重大影響。

Amendments to HKAS 37 clarify that for the purpose of assessing whether a contract is onerous under HKAS 37, the cost of fulfilling the contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract include both the incremental costs of fulfilling that contract (e.g., direct labour and materials) and an allocation of other costs that relate directly to fulfilling that contract (e.g., an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract as well as contract management and supervision costs). General and administrative costs do not relate directly to a contract and are excluded unless they are explicitly chargeable to the counterparty under the contract. The amendments are effective for annual periods beginning on or after 1 January 2022 and shall be applied to contracts for which an entity has not yet fulfilled all its obligations at the beginning of the annual reporting period in which it first applies the amendments. Earlier application is permitted. Any cumulative effect of initially applying the amendments shall be recognised as an adjustment to the opening equity at the date of initial application without restating the comparative information. The amendments are not expected to have any significant impact on the Group’s financial statements.

香港會計準則第37號之修訂本澄清，就根據香港會計準則第37號評估合約是否屬虧損性而言，履行合約的成本包括與合約直接相關的成本。與合約直接相關的成本包括履行該合約的增量成本（例如直接勞工及材料）及與履行合約直接相關的其他成本分配（例如就履行合約所用物業、廠房及設備項目折舊費用以及合約管理及監管成本的分配）。一般及行政成本與合約並無直接關係，且不包括在內，惟倘有關成本乃合約明文規定須向對手方收取則作別論。該等修訂本於二零二二年一月一日或之後開始的年度期間生效，並須應用於實體首次應用該等修訂本的年度報告期間開始尚未履行所有責任的合約，並允許提早應用。初始應用該等修訂本的任何累計影響須確認為對首次應用日期之期初權益的調整，而毋須重列比較資料。該等修訂本預期不會對本集團的財務報表產生任何重大影響。

宏安地產有限公司 二零二一年年報 105

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

2.3 ISSUED BUT NOT YET EFFECTIVE HKFRSs (CONTINUED)
2.3 已頒佈但尚未生效之香港財務報告準則（續）

Annual Improvements to HKFRSs 2018-2020 sets out amendments to HKFRS 1, HKFRS 9, Illustrative Examples accompanying HKFRS 16, and HKAS 41. Details of the amendments that are expected to be applicable to the Group are as follows:

香港財務報告準則二零一八年至二零二零年之年度改進載列香港財務報告準則第1號、香港財務報告準則第9號、隨附香港財務報告準則第16號之示例及香港會計準則第41 號之修訂本。預期將適用於本集團之修訂本詳情如下：

HKFRS 9 Financial Instruments : clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. An entity applies the amendment to financial liabilities that are modified or exchanged on or after the beginning of the annual reporting period in which the entity first applies the amendment. The amendment is effective for annual periods beginning on or after 1 January 2022. Earlier application is permitted. The amendment is not expected to have a significant impact on the Group’s financial statements.
香港財務報告準則第9號金融工具：就實體於評估一項新訂或經修訂金融負債之條款是否與原金融負債之條款有重大差異時所計入的費用作出澄清。該等費用僅包括借款人與貸款人之間已付或已收的費用，包括借款人或貸款人代表另一方支付或收取的費用。實體對其首次應用修訂本的年度報告期間開始時或之後修訂或交換的金融負債應用該修訂本。該修訂本於二零二二年一月一日或之後開始的年度期間生效，並允許提早應用。該修訂本預期不會對本集團的財務報表產生重大影響。
HKFRS 16 Leases : removes the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 accompanying HKFRS 16. This removes potential confusion regarding the treatment of lease incentives when applying HKFRS 16.
香港財務報告準則第16號租賃：隨附香港財務報告準則第16號所示第13項說明示例中移除出租人就租賃物業裝修作出付款的說明。此舉消除應用香港財務報告準則第16號時對租賃優惠進行處理的潛在混淆。

106 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.4 重大會計政策概要

Investments in joint ventures

於合營企業之投資

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

合營企業指一種合營安排，對安排擁有共同控制權之訂約方據此對合營企業之資產淨值擁有權利。共同控制指按照合約協定對一項安排所共有之控制，共同控制僅在有關活動要求享有共同控制權之訂約方作出一致同意之決定時存在。

The Group’s investments in joint ventures are stated in the consolidated statement of financial position at the Group’s share of net assets under the equity method of accounting, less any impairment losses. Adjustments are made to bring into line any dissimilar accounting policies that may exist.

本集團於合營企業之投資乃按本集團根據權益會計法應佔資產淨值減任何減值虧損於綜合財務狀況表列賬。倘出現任何不相符之會計政策，即會作出調整加以修正。

The Group’s share of the post-acquisition results and other comprehensive income of joint ventures is included in the consolidated statement of profit or loss and other comprehensive income, respectively. In addition, when there has been a change recognised directly in the equity of the joint venture, the Group recognises its share of any changes, when applicable, in the consolidated statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and joint ventures are eliminated to the extent of the Group’s investments in the joint ventures, except where unrealised losses provide evidence of an impairment of the assets transferred. Goodwill arising from the acquisition of joint ventures is included as part of the Group’s investments in joint ventures.

本集團應佔合營企業收購後業績及其他全面收益分別計入綜合損益及其他全面收益表。此外，倘於合營企業之權益直接確認出現變動，則本集團會於綜合權益變動表確認其應佔任何變動（倘適用）。本集團與其合營企業間交易之未變現收益及虧損將以本集團於合營企業之投資為限對銷，惟倘未變現虧損為所轉讓資產減值之憑證則除外。收購合營企業所產生之商譽計入作本集團於合營企業投資之一部分。

Upon loss of joint control over the joint venture, the Group measures and recognises any retained investment at its fair value. Any difference between the carrying amount of joint venture upon loss of joint control and the fair value of the retained investment and proceeds from disposal is recognised in profit or loss.

失去對合營企業之共同控制權後，本集團按公平值計量及確認任何保留投資。失去共同控制權後合營企業之賬面值與保留投資及出售所得款項之公平值之間任何差額於損益確認。

When an investment in a joint venture is classified as held for sale, it is accounted for in accordance with HKFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations .

當投資合營企業分類為持作出售時，則按香港財務報告準則第5號持作出售之非流動資產及終止經營業務入賬。

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2.4 重大會計政策概要（續）

Fair value measurement

公平值計量

The Group measures its investment properties, derivative financial instruments, debt investments at fair value through other comprehensive income and financial assets at fair value through profit or loss at the end of each reporting period. 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. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

本集團於各報告期末計量其投資物業、衍生金融工具、按公平值計入其他全面收益之債務投資及按公平值計入損益的金融資產。公平值為市場參與者於計量日期在有序交易中出售資產所收取或轉讓負債所支付之價格。公平值計量乃假設出售資產或轉讓負債之交易於資產或負債主要市場或（在無主要市場情況下）資產或負債最具優勢市場進行。主要或最具優勢市場須為本集團可進入之市場。資產或負債之公平值乃基於市場參與者為資產或負債定價時所用之假設計量（假設市場參與者依照彼等之最佳經濟利益行事）。

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

非金融資產之公平值計量計及市場參與者通過使用該資產之最高及最佳用途或將該資產出售予將使用其最高及最佳用途之另一市場參與者而產生經濟效益之能力。

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

本集團採納適用於不同情況且具備充分數據以供計量公平值之估值方法，以盡量使用相關可觀察輸入數據及盡量減少使用不可觀察輸入數據。

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2.4 重大會計政策概要（續）

Fair value measurement (Continued)

公平值計量（續）

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

公平值於財務報表計量或披露之所有資產及負債乃基於對公平值計量整體而言屬重大之最低層輸入數據按下述公平值等級分類：

Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities
第一層基於相同資產或負債於活躍市場之報價（未經調整）
Level 2 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly
第二層基於對公平值計量而言屬重大之可觀察（直接或間接）最低層輸入數據之估值方法
Level 3 – based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
第三層基於對公平值計量而言屬重大之不可觀察最低層輸入數據之估值方法

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

就按經常性基準於財務報表確認之資產及負債而言，本集團透過於各報告期末重新評估分類（基於對公平值計量整體而言屬重大之最低層輸入數據），釐定不同等級之間是否發生轉移。

Impairment of non-financial assets

非金融資產之減值

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than deferred tax assets, properties under development, properties held for sale, financial assets and investment properties), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

倘有跡象顯示出現減值，或當需要對資產（遞延稅項資產、發展中物業、持作出售物業、金融資產及投資物業除外）作年度減值測試，則估計資產之可收回金額。資產之可收回金額為資產或現金產生單位之使用價值與其公平值減銷售成本之較高者，並就個別資產釐定，除非資產並無產生大致獨立於其他資產或資產組別所得現金流入之現金流入，則在此情況下，將釐定資產所屬現金產生單位之可收回金額。

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Impairment of non-financial assets (Continued)

非金融資產之減值（續）

An impairment loss is recognised only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

減值虧損僅於資產之賬面值超過其可收回金額時確認。在評估使用價值時，估計未來現金流量以稅前貼現率貼現至其現值，有關利率反映目前資金時間值之市場評估及資產之特定風險。減值虧損乃在其產生期間自損益中與減值資產功能相符之該等開支類別扣除。

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognised impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognised impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortisation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

於各報告期末，將評估是否有任何跡象顯示先前確認之減值虧損可能已不再存在或已減少。倘出現有關跡象，則估計可收回金額。先前確認之資產（除商譽外）減值虧損，僅會於用以釐定資產可收回金額之估計有變動時撥回，惟撥回之金額不可超過假使該項資產在過往年度未獲確認減值虧損時原應釐定之賬面值（扣除任何折舊╱攤銷）。撥回減值虧損於撥回期間計入損益。

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2.4 重大會計政策概要（續）

Related parties

關連人士

A party is considered to be related to the Group if:

倘一方為以下人士，則會被視為與本集團有關連：

(a) the party is a person or a close member of that person’s family and that person:
(a) 該方為個人或該人士之直屬家庭成員，而該人士：
(i) has control or joint control over the Group;
(i) 控制本集團或共同控制本集團；
(ii) has significant influence over the Group; or
(ii) 對本集團發揮重大影響力；或
(iii) is a member of the key management personnel of the Group or of a parent of the Group;
(iii) 為本集團或其母公司之主要管理人員其中一名成員；

或

(b) the party is an entity where any of the following conditions applies:
(b) 該方為任何以下條件適用之實體：
(i) the entity and the Group are members of the same group;
(i) 該實體與本集團屬同一集團之成員公司；
(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);
(ii) 一實體為另一實體（或另一實體之母公司、附屬公司或同系附屬公司）之聯營公司或合營企業；
(iii) the entity and the Group are joint ventures of the same third party;
(iii) 該實體與本集團為同一第三方之合營企業；
(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;
(iv) 一實體為一第三方之合營企業，而另一實體為該名第三方之聯營公司；
(v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;
(v) 該實體為本集團或與本集團有關連的實體就僱員福利設立之離職後福利計劃；

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2.4 重大會計政策概要（續）

Related parties (Continued)

關連人士（續）

(b) (Continued)
(b) （續）
(vi) the entity is controlled or jointly controlled by a person identified in (a);
(vi) 該實體由(a)所識別人士控制或共同控制；
(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and
(vii) 於(a)(i)所識別人士對該實體有重大影響或屬該實體（或該實體母公司）主要管理人員其中一名成員；及
(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.
(viii) 該實體或其所屬集團內任何成員公司為本集團或其母公司提供主要管理人員服務。

Property, plant and equipment and depreciation

物業、廠房及設備以及折舊

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

物業、廠房及設備乃按成本減累計折舊及任何減值虧損列賬。物業、廠房及設備項目之成本包括其購買價格及任何令資產達至其運作狀況及工作地點作其擬定用途之直接應佔成本。

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalised in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly.

物業、廠房及設備項目投入使用後所產生之開支（例如維修及保養費用）一般於產生期間自損益扣除。如屬達成確認條件之情況，主要檢查之開支於資產賬面值中撥充資本為一項重置。如物業、廠房及設備之重要部分須每隔一段時間重置，則本集團會按特定可使用年期確認該等部分為個別資產，並相應進行折舊。

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2.4 重大會計政策概要（續）

Property, plant and equipment and depreciation (Continued)

物業、廠房及設備以及折舊（續）

Depreciation is calculated on the straight-line basis to write off the cost of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

折舊乃按各物業、廠房及設備項目於其估計可使用年期以直綫法計算，以撇銷其成本值至餘值。就此所採用之主要年率如下：

Owned assets: 自有資產： Buildings 3% 樓宇 3% Leasehold improvement 15% to 33% over the lease terms 租賃物業裝修於租期內15%至33% Furniture, fixtures and office equipment 15% to 50% 傢俬、裝置及辦公設備 15%至50% Motor vehicles 20% 汽車 20% Computer equipment 15% to 33% 電腦設備 15%至33% Right-of-use assets: 使用權資產： Leasehold land 3% 租賃土地 3% Buildings Over the lease terms of 3 years 樓宇於3年的租期內

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

倘物業、廠房及設備項目之各部分有不同可使用年期，該項目成本將按合理基礎於各部分間分配，而每部分將作個別折舊。餘值、可使用年期及折舊法至少於各財政年結日予以檢討並作調整（如適當）。

An item of property, plant and equipment including significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognised in profit or loss in the year the asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset.

包括初步確認重大部分之物業、廠房及設備項目於出售或當預期不會從其使用或出售獲取未來經濟利益時終止確認。於終止確認資產年度之損益確認之出售或報廢所得任何盈虧為銷售所得款項淨額與相關資產賬面值之差額。

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2.4 重大會計政策概要（續）

Investment properties

投資物業

Investment properties are interests in land and buildings (including the leasehold property held as a right-of-use asset which would otherwise meet the definition of an investment property) held to earn rental income and/or for capital appreciation, rather than for use in the production or supply of goods or services or for administrative purposes; or for sale in the ordinary course of business. Such properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the end of the reporting period.

投資物業為持作賺取租金收入及╱或資本升值，而非用作生產或供應貨物或服務或用作行政用途；或供日常業務過程中出售的所持土地及樓宇（包括符合投資物業定義持作使用權資產的租賃物業）的權益。該等物業最初按成本（包括交易成本）計量。於首次確認後，投資物業乃按公平值列賬，並反映於報告期末的市況。

Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the year in which they arise.

投資物業之公平值變動所產生之盈虧計入產生年度之損益。

Any gains or losses on the retirement or disposal of an investment property are recognised in profit or loss in the year of the retirement or disposal.

報廢或出售投資物業之任何盈虧在報廢或出售年度在損益確認。

When a right-of-use asset meets the definition of investment property, it is included in investment properties. The corresponding right-of-use asset is initially measured at cost, and subsequently measured at fair value in accordance with the Group’s policy for investment properties.

當使用權資產符合投資物業的定義時，則計入投資物業中。相應的使用權資產初始按成本計量，其後根據本集團的投資物業政策按公平值計量。

Properties under development

發展中物業

Properties under development are stated at the lower of cost and net realisable value and comprise construction costs, borrowing costs, professional fees, payments for land use rights and other costs directly attributable to such properties incurred during the development period. Net realisable value is estimated based on the prevailing market prices and estimated construction cost on an individual property basis.

發展中物業以成本值及可變現淨值兩者中之較低者列賬，包括建築工程成本、借貸成本、專業費用、土地使用權付款及在發展期內產生由該等物業直接應佔之其他成本。可變現淨值根據個別物業的現行市場價格及估計建築工程成本估計。

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2.4 重大會計政策概要（續）

Properties under development (Continued)

發展中物業（續）

Properties under development are classified as current assets unless the construction of the relevant property development project is expected to complete beyond the normal operating cycle. On completion, the properties are transferred to completed properties held for sale.

發展中物業分類為流動資產，除非有關物業發展項目之建築工程預期需要超過正常營運週期方可完成，則作別論。竣工後，物業轉撥至持作出售之竣工物業。

Sales deposits/instalments received and receivable from purchasers in respect of the pre-sale of properties under development prior to completion of the development are included in contract liabilities.

發展中項目竣工前，就預售發展中物業已收及應收買家之銷售按金╱分期付款均計入合約負債。

When the right-of-use assets relate to interests in leasehold land held as properties under development, they are subsequently measured at the lower of cost and net realisable value in accordance with the Group’s policy for properties under development.

倘使用權資產與持作發展中物業之租賃土地權益相關，隨後根據本集團發展中物業政策按成本與可變現淨值中的較低者計算。

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2.4 重大會計政策概要（續）

Properties held for sale

持作出售物業

Properties held for sale are stated at the lower of cost and net realisable value. Cost is determined by an apportionment of the total land and building costs attributable to unsold properties. Net realisable value is estimated by the Company’s directors based on the prevailing market prices on an individual property basis.

持作出售物業乃按成本值及可變現淨值兩者中之較低者列賬。成本值按未出售物業應佔總土地及樓宇成本比例釐定。可變現淨值由本公司董事根據當時市場價格按個別物業進行估計。

When the right-of-use assets relate to interests in leasehold land and held as completed properties held for sale, they are subsequently measured at the lower of cost and net realisable value in accordance with the Group’s policy for completed properties held for sale.

當使用權資產與持作出售之竣工物業之租賃土地權益相關時，本集團根據持作出售之竣工物業政策其後按成本與可變現淨值中較低者計量。

Leases

租賃

The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

本集團於合約開始時評估合約是否屬於或包含租賃。倘合約授予權利在一段時期內控制已識別資產的使用以換取代價，則該合約屬租賃或包含租賃。

Group as a lessee

The Group applies a single recognition and measurement approach for all leases, except for short-term leases. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets.

本集團作為承租人

本集團就所有租賃應用單一確認及計量方法，惟短期租賃除外。本集團確認作出租賃付款的租賃負債及使用權資產，即使用相關資產的權利。

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2.4 重大會計政策概要（續）

Leases (Continued)

租賃（續）

Group as a lessee (Continued)

(a) Right-of-use assets
R i g h t - o f - u s e a s s e t s a r e r e c o g n i s e d a t t h e commencement date of the lease (that is the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-ofuse assets are depreciated on a straight-line basis as detailed in the “Property, plant and equipment and depreciation” above.

本集團作為承租人（續）

(a) 使用權資產
本集團於租賃開始日期（即相關資產可供使用日期）確認使用權資產。使用權資產按成本減任何累計折舊及減值虧損計量，並就任何重新計量租賃負債作出調整。使用權資產的成本包括已確認的租賃負債金額、已發生的初始直接成本以及於開始日期或之前作出的租賃付款減已收取的任何租賃優惠。使用權資產按直線法進行折舊（其於上文「物業、廠房及設備以及折舊」詳述）。

If ownership of the leased asset is transferred to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.

倘租賃資產所有權在租期結束前轉移至本集團或成本反映購買選擇權的行使，則使用資產的估計可使用年期計算折舊。

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Leases (Continued)

租賃（續）

Group as a lessee (Continued)

(b) Lease liabilities

Lease liabilities are recognised at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the period in which the event or condition that triggers the payment occurs.

本集團作為承租人（續）

(b) 租賃負債
租賃負債在租賃開始日期以租賃年期內將予作出的租賃付款的現值確認。租賃付款包括固定付款（包括實質固定付款）減任何應收租賃優惠、基於指數或利率的可變租賃付款及根據剩餘價值擔保預期支付款項。租賃付款亦包括合理確定將由本集團行使的購買選擇權的行使價及為終止租賃而支付的罰款（倘租賃期反映本集團正行使終止權）。並非基於指數或利率的可變租賃付款將在導致付款的事件或條件所發生期間確認為開支。

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset.

在計算租賃付款的現值時，本集團使用租賃開始日期的增量借貸利率，乃由於租賃中隱含的利率不易釐定。在開始日期後，租賃負債的金額予以增加以反映利息的累增，並就已作出的租賃付款予以減少。此外，如有修改、租賃年期發生變化、租賃付款出現變化（例如：租賃付款日後因指數或利率變動出現變動）或相關資產的購買選擇權評估出現變化，則重新計量租賃負債的賬面值。

The Group’s lease liabilities are included in other payables and accruals in the statement of financial position.

本集團之租賃負債計入財務狀況表之其他應付款項及應計費用。

118 Wang On Properties Limited Annual Report 2021

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Leases (Continued)

租賃（續）

Group as a lessee (Continued)

(c) Short-term leases

The Group applies the short-term lease recognition exemption to its short-term leases (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as an expense on a straight-line basis over the lease term.

本集團作為承租人（續）

(c) 短期租賃

本集團將短期租賃確認豁免應用於短期租賃（即租賃年期為自開始日期起計 12個月或以下，並且不包含購買選擇權的該等租賃）。短期租賃的租賃款項在租賃年期內按直線法確認為開支。

Group as a lessor

When the Group acts as a lessor, it classifies at lease inception (or when there is a lease modification) each of its leases as either an operating lease or a finance lease.

本集團作為出租人

當本集團作為出租人時，在租賃開始時（或當有租賃修訂時）將其各租賃分類為經營租賃或融資租賃。

Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. When a contract contains lease and non-lease components, the Group allocates the consideration in the contract to each component on a relative stand-alone selling price basis. Rental income is accounted for on a straight-line basis over the lease terms and is included in revenue in “profit or loss” due to its operating nature. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

本集團並未轉讓資產所有權所附帶的絕大部分風險及回報的租賃分類為經營租賃。當合約包含租賃及非租賃組成部分時，本集團以相對獨立售價為基準將合約中的代價分配予各組成部分。租金收入於租賃年期內按直線法列賬並因其經營性質計入「損益」內的收入。於磋商及安排經營租賃時產生的初始直接成本乃計入租賃資產的賬面值，並於租賃年期內按相同基準確認為租金收入。或然租金乃於所賺取的期間內確認為收入。

Leases that transfer substantially all the risks and rewards incidental to ownership of an underlying assets to the lessee are accounted for as finance leases.

凡將相關資產擁有權附帶之絕大部分回報及風險轉移至承租人之租賃均列為融資租賃。

宏安地產有限公司 二零二一年年報 119

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Investments and other financial assets

投資及其他金融資產

Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income, and fair value through profit or loss.

初始確認及計量

金融資產在初始確認時乃分類為其後按攤銷成本、按公平值計入其他全面收益及按公平值計入損益計量。

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under HKFRS 15 Revenue from Contracts with Customers in accordance with the policies set out for “Revenue recognition” below.

於初始確認時，金融資產分類取決於金融資產的合約現金流量特點及本集團管理該等金融資產的業務模式。除並無重大融資成分或本集團已應用不調整重大融資成分影響的可行權宜方法的應收貿易賬款外，本集團初步按公平值加上（倘金融資產並非按公平值計入損益）交易成本計量金融資產。並無重大融資成分或本集團已應用可行權宜方法的應收貿易賬款按下文所載有關「收入確認」之政策根據香港財務報告準則第15號來自客戶合約之收入釐定的交易價格計量。

In order for a financial asset to be classified and measured at amortised cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“ SPPI ”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

為使金融資產按攤銷成本或按公平值計入其他全面收益分類及計量，其需產生純粹為支付本金及未償還本金利息（「 SPPI 」）的現金流量。現金流量並非SPPI之金融資產，無論業務模式如何皆分類為按公平值計入損益並按此計量。

120 Wang On Properties Limited Annual Report 2021

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Investments and other financial assets (Continued)

投資及其他金融資產（續）

Initial recognition and measurement (Continued)

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss.

初始確認及計量（續）

本集團管理金融資產的業務模式指其如何管理其金融資產以產生現金流量。業務模式確定現金流量是否來自收集合約現金流量、出售金融資產，或兩者兼有。按攤銷成本分類及計量之金融資產乃於旨在持有金融資產以收取合約現金流量之業務模式中持有，而分類及計量為按公平值計入其他全面收益之金融資產乃於旨在持有金融資產以收取合約現金流量以及變賣之業務模式中持有。並非於上述業務模式中持有之金融資產乃分類及計量為按公平值計入損益。

All regular way purchases and sales of financial assets are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

所有常規買賣的金融資產概於交易日（即本集團承諾購買或出售該資產之日）確認。常規買賣乃指按市場規定或慣例普遍確立的期間內交收資產的金融資產買賣。

宏安地產有限公司 二零二一年年報 121

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Investments and other financial assets (Continued)

投資及其他金融資產（續）

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

其後計量

金融資產按其分類的其後計量如下：

(a) Financial assets at fair value through other comprehensive income (debt investments)

For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognised in profit or loss and computed in the same manner as for financial assets measured at amortised cost. The remaining fair value changes are recognised in other comprehensive income. Upon derecognition, the cumulative fair value change recognised in other comprehensive income is recycled to profit or loss.

(a) 按公平值計入其他全面收益之金融資產（債務投資）
- 就按公平值計入其他全面收益之債務投資而言，利息收入、外匯重估及減值虧損或撥回於損益中確認，並與按攤銷成本計量的金融資產相同的方式計算。其餘公平值變動於其他全面收益中確認。終止確認後，於其他全面收益確認的累計公平值變動將重新計入損益。
(b) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in profit or loss. This category includes derivative instruments.
(b) 按公平值計入損益之金融資產 按公平值計入損益之金融資產按公平值於財務狀況表列賬，而公平值變動淨額於損益中確認。該類別包括衍生工具。

122 Wang On Properties Limited Annual Report 2021

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Derecognition of financial assets

終止確認金融資產

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when:

金融資產（或倘適用，作為金融資產或類似金融資產組別一部分）主要在下列情況會終止確認（即從本集團綜合財務狀況表中刪除）：

the rights to receive cash flows from the asset have expired; or
從資產收取現金流量之權利已屆滿；或
the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
本集團轉讓從資產收取現金流量之權利，或已承擔根據「過手」安排而在並無重大延誤下悉數將已獲取現金流量支付有關第三者之責任；及(a)本集團已將資產之絕大部分風險及回報轉讓，或(b)本集團並無轉讓或保留資產之絕大部分風險及回報，但已轉讓資產之控制權。

When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

倘本集團已轉讓從資產收取現金流量之權利或已訂立過手安排，本集團會評估是否及在多大程度上保留擁有資產的風險及回報。倘本集團並無轉讓或保留資產之絕大部分風險及回報，亦無轉讓資產之控制權，本集團於該資產之持續參與繼續確認已轉讓資產。在該情況下，本集團亦確認相關負債。已轉讓資產及相關負債按反映本集團保留權利及責任之基準下計量。

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

持續參與指就已轉讓資產作出的一項擔保，按該項資產的原賬面值與本集團或須償還的最高代價的較低者計量。

宏安地產有限公司 二零二一年年報 123

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Impairment of financial assets

金融資產減值

The Group recognises an allowance for expected credit losses (“ ECLs ”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

本集團確認對並非持作按公平值計入損益的所有債務工具預期信貸虧損（「 預期信貸虧損 」）的撥備。預期信貸虧損乃基於根據合約到期的合約現金流量與本集團預期收取的所有現金流量之間的差額而釐定，並以原實際利率的近似值貼現。預期現金流量將包括出售所持抵押的現金流量或組成合約條款的其他信貸提升措施。

General approach

ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

一般方法

預期信貸虧損分兩個階段確認。就初始確認以來信貸風險並無大幅增加的信貸敞口而言，會為未來12個月（12個月預期信貸虧損）可能發生的違約事件所產生的信貸虧損計提預期信貸虧損撥備。就初始確認以來信貸風險大幅增加的信貸敞口而言，須就預期於敞口的餘下年期產生的信貸虧損計提減值撥備，不論違約的時間（全期預期信貸虧損）。

At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

於各報告日期，本集團評估自初始確認起金融工具的信貸風險是否顯著增加。於進行評估時，本集團將金融工具於報告日期發生的違約風險與金融工具於初始確認日期發生的違約風險進行比較，並考慮無需過多成本或努力即可得之合理且可證明的資料，包括歷史及前瞻性資料。

124 Wang On Properties Limited Annual Report 2021

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二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Impairment of financial assets (Continued)

金融資產減值（續）

General approach (Continued)

For debt investments at fair value through other comprehensive income, the Group applies the low credit risk simplification. At each reporting date, the Group evaluates whether the debt investments are considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the external credit ratings of the debt investments. In addition, the Group considers that there has been a significant increase in credit risk when contractual payments are more than 30 days past due.

一般方法（續）

就按公平值計入其他全面收益的債務投資而言，本集團採用低信貸風險簡化法。於各報告日期，本集團使用所有合理及有理據而毋須付出不必要成本或努力獲得之資料評估債務投資是否被認為具有較低的信貸風險。於作出該項評估時，本集團重新評估債務投資的外部信貸評級。此外，本集團認為，倘合約付款逾期超過30天，則信貸風險已大幅上升。

The Group considers other financial assets in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

倘合約款項已逾90日未還款，則本集團認為其他金融資產違約。然而，在若干情況下，倘內部或外部資料反映，在計及本集團持有的任何信貸提升措施前，本集團不大可能悉數收取未償還合約款項，則本集團亦可認為金融資產違約。倘無法合理預期收回合約現金流量，則撇銷金融資產。

宏安地產有限公司 二零二一年年報 125

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Impairment of financial assets (Continued)

金融資產減值（續）

General approach (Continued)

Debt investments at fair value through other comprehensive income and financial assets at amortised cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables and contract assets which apply the simplified approach as detailed below.

一般方法（續）

按公平值計入其他全面收益之債務投資及以攤銷成本計量的金融資產根據一般方式須予減值，並按以下為計量預期信貸虧損的階段分類，惟應用簡化法的應收賬款及合約資產除外。

Stage 1 – Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs
第1階段 — 金融工具的信貸風險自初步確認後並未顯著增加，且虧損撥備按相等於 12 個月預期信貸虧損金額計量
Stage 2 – Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs
第2階段 — 金融工具的信貸風險自初步確認後顯著增加，惟其並非已發生信貸減值的金融資產，且虧損撥備按相等於全期預期信貸虧損金額計量
Stage 3 Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs
第3階段 — 金融資產於報告日期為信貸減值（惟其並非購買或原已發生信用減值的），且虧損撥備按相等於全期預期信貸虧損金額計量

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Financial liabilities

金融負債

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as loans and borrowings and payables, as appropriate.

初始確認及計量

金融負債初始確認時劃分為貸款及借貸以及應付款項（倘適合）。

All financial liabilities are recognised initially at fair value and, in case of loans and borrowings and payables, net of directly attributable transaction costs.

所有金融負債初步按公平值確認，而倘屬貸款及借貸以及應付款項，則扣除直接應佔之交易成本。

The Group’s financial liabilities include trade, other payables and accruals, derivative financial instruments and interestbearing bank and other borrowings.

本集團之金融負債包括應付賬款、其他應付款項及應計費用、衍生金融工具以及計息銀行及其他借款。

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

其後計量

金融負債之其後計量視乎其分類如下：

(a) Financial liabilities at amortised cost

After initial recognition, financial liabilities are subsequently measured at amortised cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process.

(a) 按攤銷成本計量之金融負債 於初步確認後，金融負債隨後以實際利率法按攤銷成本計量，除非貼現影響為微不足道，在該情況下則按成本列賬。當負債終止確認或按實際利率法進行攤銷程序時，其盈虧在損益內確認。

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortisation is included in finance costs in profit or loss.

攤銷成本之計算應考慮收購時之任何折讓或溢價，並計入屬實際利率組成部分之費用或成本。實際利率攤銷於損益內作為融資成本列賬。

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Financial liabilities (Continued)

金融負債（續）

Subsequent measurement (Continued)

(b) Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with the terms of a debt instrument. A financial guarantee contract is recognised initially as a liability at its fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequent to initial recognition, the Group measures the financial guarantee contracts at the higher of: (i) the ECLs allowance determined in accordance with the policy as set out in “Impairment of financial assets”; and (ii) the amount initially recognised less, when appropriate, the cumulative amount of income recognised.

其後計量（續）

(b) 財務擔保合約
本集團發行的財務擔保合約乃為由於特定債務人未能根據債務工具條款於債務到期時償付，而須本集團作出付款以就產生的損失賠償持有人的合約。財務擔保合同初步按其公平值確認為負債，並就發行擔保直接產生的交易成本作出調整。初步確認後，本集團以下列兩者較高者計量財務擔保合約：(i)根據「金融資產減值」所載政策釐定的預期信貸虧損撥備；及(ii)初步確認金額減（如適用）已確認收入的累計金額。

Derecognition of financial liabilities

終止確認金融負債

A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires.

倘負債下之責任獲履行或註銷或屆滿，金融負債會終止確認。

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in profit or loss.

當現有金融負債被同一貸款人以明顯不同之條款提供之另一金融負債取代，或現有負債之條款大幅修訂，此類交換或修訂，則被視為終止確認原負債而確認新負債，而相關賬面值之間之差額則在損益表中確認。

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Offsetting of financial instruments

金融工具之抵銷

Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously.

金融資產及金融負債互相抵銷，淨額在財務狀況表內列示，前提是目前有可執行法定權利抵銷已確認金額並有意按淨額基準結算，或同時變賣資產及償還負債。

Derivative financial instruments

衍生金融工具

Initial recognition and subsequent measurement

The Group uses derivative financial instruments, such as interest rate swaps, to hedge its interest rate risk. These derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Any gains or losses arising from changes in fair value of derivatives are taken directly to profit or loss.

初始確認及其後計量

本集團採用衍生金融工具（如利率掉期）對沖其利率風險。該等衍生金融工具初次按衍生工具合約訂立當日之公平值確認，其後則按公平值重新計量。衍生工具於公平值為正數時列賬為資產，於公平值為負數時則列賬為負債。因衍生工具公平值變動所產生之任何損益直接計入損益。

Cash and cash equivalents

現金及現金等同項目

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management.

就綜合現金流量表而言，現金及等同現金項目指手頭現金及活期存款，以及短期流動性強，可隨時兌換成已知數額現金，而其價值變動不大，且一般於購入後三個月內到期之短期投資，減去須在要求時償還之銀行透支，並為本集團現金管理不可分割之部分。

For the purpose of the consolidated statement of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.

就綜合財務狀況表而言，現金及現金等同項目包括並無限制用途之手頭現金及銀行現金，包括定期存款及類同現金性質之資產。

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Provisions

撥備

A provision is recognised when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

當過去事項導致目前須承擔之責任（法律或推定），而且日後有可能需要撥付資源償付有關責任所涉及之款項，則會確認撥備，惟該項責任之數額須能夠可靠地予以估計。

When the effect of discounting is material, the amount recognised for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.

當貼現之影響屬於重大，撥備確認之數額為預期日後以償付有關責任所需開支於報告期末之現值。已貼現現值隨時間而有所增加，有關增幅會計入損益之融資成本。

Income tax

所得稅

Income tax comprises current and deferred tax. Income tax relating to items recognised outside profit or loss is recognised outside profit or loss, either in other comprehensive income or directly in equity.

所得稅包括即期及遞延稅項。於損益外確認之所得稅相關項目於損益外（不論在其他全面收益或直接於權益）確認。

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

即期稅務資產及負債按預期從稅務機關收回或向稅務機關支付之款項計算，所依據稅率（及稅法）於報告期末已制定或實質上已頒佈，且已考慮本集團經營所在國家之現行詮釋及慣例。

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

遞延稅項乃採用負債法，對於報告期末資產及負債之稅基與其用作財務申報之賬面值兩者之一切暫時性差異作出撥備。

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Income tax (Continued)

所得稅（續）

Deferred tax liabilities are recognised for all taxable temporary differences, except:

遞延稅項負債就一切應課稅暫時性差異予以確認，惟：

when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
遞延稅項負債因初步確認商譽或一項非業務合併交易中的資產或負債而產生，並在交易時不影響會計溢利或應課稅溢利或虧損；及
in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
就與於附屬公司之投資有關之應課稅暫時性差異而言，撥回暫時性差異之時間可以控制及暫時性差異可能不會在可預見將來撥回。

Deferred tax assets are recognised for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carryforward of unused tax credits and unused tax losses can be utilised, except:

所有可予扣減暫時性差異、未動用稅項抵免及任何未動用稅項虧損結轉，在可能獲得應課稅溢利用作抵銷該等可予扣減暫時性差異、未動用稅項抵免及未動用稅項虧損結轉之情況下，均確認為遞延稅項資產，惟：

when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
有關可予扣減暫時性差異之遞延稅項資產因在一項非業務合併交易中初步確認資產或負債而產生，並在交易時不影響會計溢利或應課稅溢利或虧損；及
in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognised to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
就與於附屬公司之投資有關之可予扣減暫時性差異而言，僅在暫時性差異可能會在可預見將來撥回及將有應課稅溢利用作抵銷暫時性差異之情況下，才確認遞延稅項資產。

宏安地產有限公司 二零二一年年報 131

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Income tax (Continued)

所得稅（續）

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

遞延稅項資產之賬面值會於各報告期末進行審閱，並當不可能有足夠應課稅溢利以動用全部或部分遞延稅項資產時予以相應扣減。未確認之遞延稅項資產於各報告期末重新評估，乃於可能獲得足夠應課稅溢利以動用全部或部分遞延稅項資產之情況下予以確認。

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

遞延稅項資產及負債乃根據在報告期末制定或實質上已頒佈之預期適用於變現資產或清償負債之期間之稅率（及稅務法例）計算。

Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

當且僅當本集團有合法強制執行權利抵銷即期稅項資產與即期稅項負債，且遞延稅項資產及遞延稅項負債與同一稅務機關對同一應課稅實體或不同應課稅實體（擬於預期有大額遞延稅項負債或資產將償付或收回之各日後期間按淨額基準償付即期稅項負債及資產或同時變現資產及償付負債）徵收之所得稅相關，則遞延稅項資產與遞延稅項負債可予抵銷。

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Government grants

政府補助

Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed.

倘有合理保證可獲取政府補助，而所有附帶條件均可予以遵從，則按公平值確認政府補助。倘補助與支出項目有關，則以有系統基準於該項補助擬補貼成本列支之期間確認為收入。

Revenue recognition

收入確認

Revenue from contracts with customers

Revenue from contracts with customers is recognised when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

來自客戶合約之收入

當貨品或服務控制權按反映本集團預期有權獲得以交換該等貨品或服務的代價金額轉移至客戶時確認來自客戶合約之收入。

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

倘合約代價包括可變金額時，則代價金額估計為本集團就交換向客戶轉讓貨品或服務而有權收取的代價金額。可變代價於合約開始時估計並加以限制，直至已確認累計收入金額的重大收入撥回不太可能發生（倘可變代價的相關不確定因素其後得以解決）為止。

宏安地產有限公司 二零二一年年報 133

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Revenue recognition (Continued)

收入確認（續）

Revenue from contracts with customers (Continued)

When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group with a significant financial benefit for more than one year, revenue recognised under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in HKFRS 15.

來自客戶合約之收入（續）

倘合約包括向客戶提供一年以上有關向客戶轉讓貨品或服務之重大融資利益的融資成分，則收入按應收金額的現行價值計量，並於合約開始時運用將於本集團與客戶之間的獨立融資交易中反映的貼現率折讓。倘合約包括提供本集團一年以上重大財務利益的融資成分，則根據該合約確認的收入包括根據實際利率法合約責任附有的利息開支。對於客戶付款與承諾貨品或服務轉移期間為一年或以下的合約，乃不就重大融資成分的影響運用香港財務報告準則第15號的實際權宜方法對交易價格進行調整。

(a) Sales of properties

Revenue from the sale of properties is recognised at the point in time when the purchasers obtained the physical possession or the legal title of the completed property and the Group has a present right to payment and the collection of the consideration is probable.

(a) 銷售物業 銷售物業的收入於購買者獲得實物所有權或已竣工物業的法定所有權且本集團已獲得現時的付款請求權並可能收回代價時確認。
(b) Revenue from the provision of management service is recognised over the scheduled period on a straight-line basis because the customer simultaneously receives and consumes the benefits provided by the Group.
(b) 提供管理服務的收入在預定期間內以直線法確認，乃由於客戶同時收到及消耗本集團提供的利益。

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Revenue recognition (Continued)

收入確認（續）

Revenue from other sources

Rental income is recognised on a time proportion basis over the lease terms. Variable lease payments that do not depend on an index or a rate are recognised as income in the accounting period in which they are incurred.

來自其他來源之收入

租金收入乃於租期內按時間比例確認。不按指數或比率而定的可變租賃付款在產生的會計期間確認為收入。

Interest income is recognised on an accrual basis using the effective interest method by applying the rate that exactly discounts the estimated future cash receipts over the expected life of the financial instrument to the net carrying amount of the financial asset.

利息收入乃透過採用精確貼現於金融工具預期年期的估計收取的未來現金至金融資產賬面淨值的利率，以實際利率法按累計基準確認。

Contract assets

合約資產

A contract asset is the right to consideration in exchange for goods or services transferred to the customers. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. Contract assets are subject to impairment assessment, details of which are included in the accounting policies for impairment of financial assets.

合約資產乃就換取已向客戶轉讓的貨品或服務而收取代價的權利。倘本集團於客戶支付代價或付款到期前將貨品或服務轉讓予客戶，則就附帶條件的已賺取代價確認合約資產。合約資產可能受減值評估影響，有關詳情載於金融資產減值會計政策。

Contract liabilities

合約負債

A contract liability is recognised when a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

合約負債乃於本集團轉移貨品或服務之前收取相關款項或應收客戶之相關款項到期（以較早發生者為準）時確認。合約負債於本集團履約（即相關貨品或服務之控制權轉移至客戶）時確認為收入。

宏安地產有限公司 二零二一年年報 135

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Contract costs

合約成本

Cost to fulfil a contract

Other than the costs which are capitalised as properties under development and property and equipment, costs incurred to fulfil a contract with a customer are capitalised as an asset if all of the following criteria are met:

履行合約之成本

除作為發展中物業、物業及設備資本化的成本外，履行與客戶的合約所產生的成本，倘符合以下所有條件，則資本化為資產：

(a) The costs relate directly to a contract or to an anticipated contract that the entity can specifically identify.
(a) 該成本直接與合約或實體可以明確識別的預期合約相關。
(b) The costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future.
(b) 該成本產生或增強將用於滿足（或繼續滿足）未來履約義務的實體資源。
(c) The costs are expected to be recovered.
(c) 預計將可收回該成本。

The capitalised contract costs are amortised and charged to profit or loss on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. Other contract costs are expensed as incurred.

資本化合約成本按與向客戶轉讓貨品或服務相關資產模式一致的系統基礎攤銷及計入損益。其他合同成本於產生時列為開支。

Incremental costs of obtaining a contract

Incremental costs of obtaining a contract were those costs that the Group incurs to obtain a contract with a customer it would not have incurred if the contract had not been obtained, e.g., sales commission to sales agents. Incremental costs of obtaining a contract are capitalised when incurred if the costs relate to revenue which will be recognised in a future reporting period and the costs are expected to be recovered. Other costs of obtaining a contract are expensed when incurred.

取得合約的增量成本

取得合約的增量成本為本集團就取得客戶合約而產生，倘未能取得合約則不會產生成本（例如銷售代理銷售佣金）。倘有關收益的成本將在未來報告期內確認，而成本預期可收回，取得合約的增量成本於產生時會撥充資本。取得合約的其他成本在產生時列為開支。

136 Wang On Properties Limited Annual Report 2021

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Share-based payments

以股份為基礎之付款

The Company operates a share option scheme for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group’s operations. Employees (including directors) of the Group receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (“ equity-settled transactions ”).

本公司設有購股權計劃，目的為向對本集團業務之成功作出貢獻之合資格參與者給予獎勵及報酬。本集團僱員（包括董事）以股份支付之方式收取酬金，據此，僱員提供服務作為股本工具之代價（「 股本結算交易 」）。

The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted.

與僱員之股本結算交易成本乃參照授出當日之公平值計量。

The cost of equity-settled transactions is recognised in employee benefit expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period.

股本結算交易之成本會在績效及╱或服務條件達成期間連同相應增加之股本一併確認為僱員福利開支。於每個報告期末直至歸屬日期就股本結算交易確認之累計開支反映出歸屬期間屆滿之程度及本集團對最終將會歸屬之股本工具數目之最佳估計。某一期間在損益中扣除或計入之款項代表該期間開始及結束時確認之累計開支變動。

宏安地產有限公司 二零二一年年報 137

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Share-based payments (Continued)

以股份為基礎之付款（續）

Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions.

釐定獎勵獲授當日之公平值時，並不計及服務及非市場績效條件，惟符合條件之可能性評估為本集團對最終將歸屬股本工具數目最佳估計之一部分。市場績效條件反映於獎勵獲授當日之公平值。獎勵之任何其他附帶條件（但不帶有相關服務要求）視作非歸屬條件。非歸屬條件反映於獎勵之公平值，除非同時具服務及╱或績效條件，否則獎勵即時支銷。

For awards that do not ultimately vest because non-market performance and/or services conditions have not been met, no expense is recognised. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied.

因非市場績效及╱或服務條件未能達成而最終無歸屬之獎勵並不確認為開支。凡獎勵包含市場或非歸屬條件，無論市場或非歸屬條件獲履行與否，在所有其他績效及╱或服務條件均獲達成之情況下，交易仍被視為一項歸屬。

Where the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognised for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification.

倘股本結算獎勵之條款已修改，但符合獎勵之原有條款，則最少須確認一項開支，猶如有關條款並無修改。此外，本集團會就任何使以股份為基礎之付款之公平值總額增加或按修訂日期計量而對僱員有所裨益之修改確認開支。

Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. This includes any award where non-vesting conditions within the control of either the Group or the employee are not met. However, if a new award is substituted for the cancelled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph.

倘股本結算獎勵被註銷，則被視為其已於註銷日期歸屬，而任何尚未為獎勵確認之開支隨即確認。此情況包括任何受本集團或僱員控制之非歸屬條件未獲履行之獎勵。然而，倘有新獎勵取代被註銷獎勵，並於獲授當日被指定為取代獎勵，則如前段所述，已註銷及新獎勵被視為原有獎勵之修改。

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.

未行使購股權之攤薄影響於計算每股盈利時反映為額外股份攤薄。

138 Wang On Properties Limited Annual Report 2021

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2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Other employee benefits

其他僱員福利

Pension scheme

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “ MPF Scheme ”) under the Mandatory Provident Fund Schemes Ordinance for those employees who are eligible to participate in the MPF Scheme. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

退休金計劃

本集團根據強制性公積金計劃條例為符合資格參與強制性公積金退休福利計劃（「 強積金計劃 」）之僱員設立既定供款強積金計劃。供款乃根據僱員之基本薪金按某個百分比計算，並按強積金計劃規則於應付供款時自損益扣除。強積金計劃之資產與本集團之資產分開持有，由獨立行政基金管理。本集團之僱主供款在向強積金計劃供款後全數歸僱員所有。

Borrowing costs

借貸成本

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, i.e., assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised as part of the cost of those assets. The capitalisation of such borrowing costs ceases when the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs capitalised. All other borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

因收購、建設或生產合資格資產（即須在一段長時間方能達致其預定用途或出售之資產）而直接產生之借貸成本撥充該等資產之部分成本。倘絕大部分資產已可作預定用途或出售，則該等借貸成本將會停止撥充資本。從特定借貸待支付合資格資產開支前所作短暫投資賺取之投資收入乃從撥充資本之借貸成本中扣除。所有其他借貸成本於產生期間列作開支。借貸成本包括實體就借入資金產生之利息及其他成本。

宏安地產有限公司 二零二一年年報 139

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.4 重大會計政策概要（續）

Dividends

股息

Final and special dividends are recognised as a liability when they are approved by the shareholders in a general meeting. Proposed final dividends are disclosed in the note 11 to the financial statements.

末期及特別股息於獲得股東於股東大會上批准後確認為負債。建議末期股息於財務報表附註11披露。

Interim dividends are simultaneously proposed and declared, because the Company’s memorandum and articles of association grant the directors of the Company the authority to declare interim dividends. Consequently, interim dividends are recognised immediately as a liability when they are proposed and declared.

中期股息於建議時同時宣派，原因為本公司之組織章程大綱及細則授權本公司董事宣派中期股息。因此，中期股息於建議及宣派時隨即確認為負債。

3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES

3. 重大會計判斷及估計

The preparation of the Group’s financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

在編製本集團之財務報表時，管理層須作出會影響所呈報收入、開支、資產及負債金額及其隨附披露資料以及或然負債披露資料之判斷、估計及假設。有關假設及估計之不確定因素可導致須就未來受影響之資產或負債賬面值作出重大調整。

Estimation uncertainty

估計不明朗因素

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.

有關於報告期末估計不明朗因素之未來及其他主要來源之主要假設（對下一財政年度之資產及負債賬面值造成重大調整之重大風險）闡述如下。

140 Wang On Properties Limited Annual Report 2021

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3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (CONTINUED)

3. 重大會計判斷及估計（續）

Estimation uncertainty (Continued)

估計不明朗因素（續）

Valuation of investment properties

Investment properties including industrial and commercial units in Hong Kong are revalued at the end of the reporting period on a market value, existing use basis by an independent professionally qualified valuer. Such valuations were based on certain assumptions, which are subject to uncertainty and might materially differ from the actual results. In making the estimation, information from current prices in an active market for similar properties is considered and assumptions that are mainly based on market conditions existing at the end of the reporting period are used. Further details of the valuation are included in note 14 to the financial statements.

投資物業估值

投資物業包括香港之工業及商業單位，由獨立專業合資格估值師於報告期末根據現時用途按市值重新估值。有關估值乃根據若干假設進行，該等假設受不明朗因素影響，故可能與實際結果有重大差異。於作出估計時，本集團會考慮活躍市場中類似物業之現時市價，並運用主要根據報告期末之現時市況作出之假設。有關估值的進一步詳情載於財務報表附註14。

Estimation of net realisable value of properties under development and properties held for sale

Properties under development and properties held for sale are stated at the lower of cost and net realisable value. The cost of each unit is determined using the weighted average method. The estimated net realisable value is assessed at the end of the reporting period on a market value, existing use basis by independent professionally qualified valuer. Such valuations were based on certain assumptions, which are subject to uncertainty and might materially differ from the actual results. In making the estimation, information from current prices in an active market for similar properties is considered and assumptions that are mainly based on market conditions existing at the end of the reporting period are used.

估計發展中物業及持作出售物業的可變現淨值

發展中物業及持作出售物業按成本與可變現淨值兩者中較低者列賬。各單位之成本按加權平均方法釐定。估計可變現淨值於報告期末由獨立專業合資格估值師按市值、現有用途基準評估。有關估值乃根據若干假設計算，而有關假設受不確定因素影響，且可能與實際結果存在重大差異。作出估計時，會考慮類似物業於活躍市場之現價資料，並使用主要以報告期末之市況為基準的假設。

宏安地產有限公司 二零二一年年報 141

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31 March 2021 二零二一年三月三十一日

4. OPERATING SEGMENT INFORMATION

4. 經營分類資料

For management purposes, the Group is organised into business units based on their products and services and has two reportable operating segments as follows:

就管理而言，本集團按產品及服務劃分多個業務單位，兩個可報告經營分類如下：

(a) the property development segment engages in the development of properties; and
(a) 物業發展分類指物業之發展；及
(b) the property investment segment engages in investment in commercial and industrial premises for rental or for sale.
(b) 物業投資分類指投資商業及工業物業以供出租或出售。

Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on reportable segment profit/loss, which is a measure of adjusted profit/ loss before tax. The adjusted profit before tax is measured consistently with the Group’s profit before tax except that interest income, finance costs, head office and corporate expenses are excluded from such measurement.

管理層分別監察本集團之經營分類業績，以決定資源分配及評估表現。分類表現根據可報告分類溢利╱虧損評價，而可報告分類溢利╱虧損之計算方式為經調整之除稅前溢利╱虧損。經調整除稅前溢利之計算方法與本集團之除稅前溢利一致，惟利息收入、融資成本及總辦事處及企業開支則不撥入該項計算中。

The Group’s revenue from external customers was derived solely from its operations in Hong Kong during the years ended 31 March 2021 and 2020, and the non-current assets of the Group were located in Hong Kong as at 31 March 2021 and 2020.

截至二零二一年及二零二零年三月三十一日止年度，本集團來自外部客戶之收入全部源於其於香港之營運，而於二零二一年及二零二零年三月三十一日，本集團之非流動資產位於香港。

142 Wang On Properties Limited Annual Report 2021

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4. OPERATING SEGMENT INFORMATION (CONTINUED)

4. 經營分類資料（續）

Year ended 31 March

截至三月三十一日止年度

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Property Property
development investment Total
物業發展物業投資總計
2021 2020 2021 2020 2021 2020
二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年
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
Segment revenue (note 5) 分類收入（附註5）
Sales to external customers 銷售予外部客戶 301,260 2,369,633 13,546 2,457 314,806 2,372,090
Other income 其他收入 43,710 23,871 38,424 5,473 82,134 29,344
Total 總計 344,970 2,393,504 51,970 7,930 396,940 2,401,434
Segment results 分類業績 563,845 801,481 (8,731) (64,413) 555,114 737,068
Reconciliation 對賬
Interest income from bank 銀行存款之
deposits 利息收入 2,478 17,901
Interest income from loan 應收貸款之
receivables 利息收入 4,595 18,561
Interest income from 按公平值計入其他
debt investments at 全面收益的債務
fair value through other 投資之利息收入
comprehensive income 34,747 13,153
Gain on disposal of debt 出售按公平值計入
investments at fair 其他全面收益的
value through other 債務投資之收益
–
comprehensive income 5,088
Fair value losses on derivative 衍生金融工具之
financial instruments 公平值虧損 (20,392) (4,401)
Fair value gains on financial 按公平值計入損益之
asset at fair value through 金融資產之
profit or loss 公平值收益 2,490 2,017
Reversal of impairment losses/ 應收貸款及利息減值
(impairment losses) on loan 虧損撥回╱（減值
and interest receivables 虧損） 120 (155)
Reversal of impairment 按公平值計入其他
losses/(impairment losses) 全面收益之債務
on debt investments at 投資之減值虧損
fair value through other 撥回╱（減值虧損）
comprehensive income 6,051 (8,241)
Finance costs 融資成本 (77,473) (94,521)
Corporate and unallocated 企業及未分配開支
expenses (35,857) (64,196)
Profit before tax 除稅前溢利 476,961 617,186
Income tax expense 所得稅開支 (8,784) (145,308)
Profit for the year 本年度溢利 468,177 471,878
----- End of picture text -----

宏安地產有限公司 二零二一年年報 143

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

4. OPERATING SEGMENT INFORMATION (CONTINUED)

4. 經營分類資料（續）

Year ended 31 March (Continued)

截至三月三十一日止年度（續）

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

Property Property
development investment Unallocated Total
物業發展物業投資未分配總計
2021 2020 2021 2020 2021 2020 2021 2020
二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年二零二一年二零二零年
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
Other segment information: 其他分類資料：
Depreciation of owned 自有資產折舊
assets 8 30 – – 9,750 6,394 9,758 6,424
Depreciation of right-of-use 使用權資產折舊
assets – – – – 7,958 6,547 7,958 6,547
Write-down of properties 發展中物業之撇減
– – – – – –
under development 3,842 3,842
Write-down of properties 持作出售物業之
held for sale 撇減 80,000 9,663 – – – – 80,000 9,663
Capital expenditure 資本開支 – – 42,011 68,799 389 23,502 42,400 92,301
Fair value losses on 投資物業公平值
investment properties, 虧損淨額
net – – 64,441 89,199 – – 64,441 89,199
(Gains)/losses on disposals 出售附屬公司之
of subsidiaries, net （收益）╱虧損
淨額 – – (30,688) (21) – 1,410 (30,688) 1,389
Share of (profits) and losses 應佔合營企業之
– –
of joint ventures （溢利）及虧損 (571,306) 11,475 (14,477) (30,305) (585,783) (18,830)
Investments in joint 投資合營企業
ventures 1,811,347 1,459,754 396,198 413,286 – – 2,207,545 1,873,040
----- End of picture text -----

Capital expenditure consists of additions to property, plant and equipment (excluding the addition to right of use assets) and investment properties.
資本開支由添置物業、廠房及設備（不包括添置使用權資產）及投資物業組成。

Information about major customers

有關主要客戶之資料

During the year ended 31 March 2021 and 2020, no revenue from transactions with a single external customer accounted for 10% or more of the Group’s total revenue (2020:Nil).

截至二零二一年及二零二零年三月三十一日止年度，概無與單一外部客戶之交易收入佔本集團總收入之10%或以上（二零二零年：無）。

144 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET

5. 收入以及其他收入及收益淨額

An analysis of the Group’s revenue is as follows:

本集團之收入分析如下：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Revenue from contracts with customers 來自客戶合約之收入
Sale of properties 出售物業 301,260 2,368,405
Revenue from other source 來自其他來源之收入
Rental income 租金收入 13,546 3,685
314,806 2,372,090
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Revenue from contracts with customers

客戶合約之收入

(i) Disaggregated revenue information All revenue from contracts with customers is recognised at the point in time when the control of the assets is transferred to the customers.

(i) 分拆收入資料 所有客戶合約的收入於資產控制權轉移至客戶時的時間點確認。

The following table shows the amounts of revenue recognised in the current reporting period that were included in the contract liabilities at the beginning of the reporting period:

下表顯示本報告期間計入報告期初之合約負債的已確認收入金額：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Revenue recognised that was included in 報告期初計入合約負債之
contract liabilities at the beginning of 已確認收入：
the reporting period:
Sale of properties 出售物業 16,905 1,949,877
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宏安地產有限公司 二零二一年年報 145

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET (CONTINUED)

5. 收入以及其他收入及收益淨額（續）

Revenue from contracts with customers (Continued)

客戶合約之收入（續）

(ii) Performance obligations

Information about the Group’s performance obligations is summarised below:

(ii) 履約責任本集團履約責任的有關資料概述如下：

Sale of properties

The performance obligation is satisfied when the physical possession or the legal title of the completed property is obtained by the purchaser.

出售物業

履約責任乃於買方取得竣工物業的實際支配或合法業權時達致。

The contracted sales amounts allocated to the remaining performance obligations as at the end of the year:

於年末分配至餘下履約責任之訂約銷售金額如下：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Amounts expected to be recognised as 預期確認為收益之金額：
revenue:
Within one year 一年內 13,082 249,451
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The contracted sales amounts allocated to the remaining performance obligations which are expected to be recognised as revenue after one year relate to the sale of properties, of which the performance obligations are to be satisfied within two years. All the other contracted sales amounts allocated to the remaining performance obligations are expected to be recognised as revenue within one year. The amounts disclosed above do not include variable consideration which is constrained.

分配至餘下履約責任並預期於一年後確認為收益之訂約銷售金額與銷售物業有關，其中履約責任將於兩年內達成。分配至餘下履約責任之所有其他訂約銷售金額預期於一年內確認為收益。上述披露的金額不包括受到限制的可變代價。

146 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

5. REVENUE AND OTHER INCOME AND GAINS, NET (CONTINUED)

5. 收入以及其他收入及收益淨額（續）

Revenue from contracts with customers (Continued)

客戶合約之收入（續）

(ii) Performance obligations (Continued) Sales of properties (Continued)

An analysis of the Group’s other income and gains, net, is as follows:

(ii) 履約責任（續）

出售物業（續）

本集團之其他收入及收益淨額分析如下：

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

2021 2020
二零二一年二零二零年
Note HK$’000 HK$’000
附註千港元千港元
Other income and gains, net 其他收入及收益淨額
Interest income from 銀行存款之利息收入
bank deposits 2,478 17,901
Interest income from 應收貸款之利息收入
loan receivables 4,595 18,561
Interest income from debt 按公平值計入其他
investments at fair value 全面收益的債務
through other comprehensive 投資之利息收入
income 34,747 13,153
Forfeiture of deposits 沒收客戶之按金
from customers 4,050 2,254
Management fee income 管理費收入 29,159 15,186
Gain on disposals of subsidiaries 出售附屬公司之收益 35 30,688 –
Gain on disposal of debt 出售按公平值計入
investments at fair value 其他全面收入的
through other comprehensive 債務投資之收益
income 5,088 –
Others 其他 18,237 11,904
129,042 78,959
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宏安地產有限公司 二零二一年年報 147

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

6. PROFIT BEFORE TAX

6. 除稅前溢利

The Group’s profit before tax is arrived at after charging/ (crediting):

本集團之除稅前溢利已扣除╱（計入）以下各項所達致：

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

2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
Cost of properties sold 出售物業成本 146,048 1,291,139
Direct operating expenses 賺取租金之投資物業
(including repairs and 所產生之直接經營開支
maintenance) arising from rental- （包括維修及保養）
earning investment properties 1,825 1,943
Depreciation of owned assets 自有資產折舊 13 9,758 6,424
Depreciation of right-of-use assets 使用權資產折舊 13 7,958 6,547
Loss on disposal of an investment 出售一項投資物業之虧損
–
property 2,700
Loss on disposal of subsidiaries, net 出售附屬公司之虧損淨額 35 – 1,389
Reversal of impairment losses/ 金融資產減值虧損
(impairment losses) on 撥回╱（減值虧損）：
financial assets:
Debt investments at fair value 按公平值計入 19
through other comprehensive 其他全面收入的
income 債務投資 (6,051) 8,241
Loan and interest receivables 應收貸款及利息 21 (120) 155
Fair value losses/(gains), net: 公平值虧損╱（收益），
淨額：
Derivative financial instruments 衍生金融資產 27 20,392 4,401
Financial assets at fair value 按公平值計入損益之 20
through profit or loss 金融資產 (2,490) (2,017)
Lease payments not included 不包括於計量租賃負債之 15(c)
in the measurement of 租賃付款
lease liabilities – 1,451
Auditor’s remuneration 核數師酬金 3,020 3,000
Employee benefit expense (including 僱員福利開支（包括董事
directors’ remuneration (note 8)): 酬金（附註8））：
Wages and salaries 工資及薪金 64,345 89,110
Pension scheme contributions 退休金供款計劃 1,374 1,327
Less: Amount capitalised 減：資本化金額 (6,839) (7,493)
58,880 82,944
----- End of picture text -----

Wage subsidies of HK$5,274,000 granted from the Employment Support Scheme under Anti-Epidemic Fund for the use of paying wages of employees from June to November 2020 had been received during the year ended 31 March 2021. Approximately HK$5,274,000 was recognised in “Administrative expenses” and had been offset with the employee benefit expenses. The purpose of the funding is to provide financial support to enterprises to retain their employees who would otherwise be made redundant. Under the terms of the grant, the Group is required not to make redundancies during the subsidy period and to spend all the funding on paying wages to the employees. There are no unfulfilled conditions or contingencies relating to this grant.
於截至二零二一年三月三十一日止年度，防疫本集團已從防疫抗疫基金下保就業計劃共獲發工資補助5,247,000港元，以支付僱員二零二零年六月至十一月的工資。約5,274,000港元已於「行政開支」中確認，並與僱員成本相抵銷。該資金旨在向企業提供財政支援，以保留可能會被遣散的僱員。根據補助條款，本集團不得在補助期間遣散僱員，且須將所有資金用於支付僱員工資。此等補助沒有未達成的條件及或然事項。

148 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

7. FINANCE COSTS

7. 融資成本

融資成本分析如下：

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

An analysis of finance costs is as follows: 融資成本分析如下：
2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Interest on bank and other borrowings 銀行及其他借款利息 121,769 160,804
Interest expenses arising from 合約收入產生的利息開支
revenue contracts – 972
Interest on lease liabilities 租賃負債之利息 322 329
122,091 162,105
Less: Interest capitalised 減：資本化利息 (44,618) (67,584)
77,473 94,521
----- End of picture text -----

宏安地產有限公司 二零二一年年報 149

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

8. DIRECTORS’ REMUNERATION

8. 董事酬金

Directors’ remuneration for the year, disclosed pursuant to the Rules Governing the Listing of Securities on the Stock Exchange (the “ Listing Rules ”), section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:

本年度董事酬金根據聯交所證券上市規則、（「 上市規則 」）、香港公司條例第383(1)(a) (b)、(c)及(f)條及公司（披露董事利益資料）規例第2部披露如下：

==> picture [463 x 217] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Fees 袍金 633 660
Other emoluments: 其他酬金：
Salaries, allowances and benefits in kind 薪金、津貼及實物利益 6,322 6,959
Performance-related bonuses 表現花紅 9,933 16,030
Pension scheme contributions 退休金計劃供款 54 51
16,309 23,040
16,942 23,700
----- End of picture text -----

Certain executive directors of the Company are entitled to bonus payments which are determined with reference to the Group’s operating results, individual performance of the directors and comparable market practices during the year.
本公司若干執行董事有權享有花紅，而花紅年內乃參考年內本集團經營業績、董事之個人表現及可供比較之市場慣例後釐定。

150 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

8. DIRECTORS’ REMUNERATION (CONTINUED)

8. 董事酬金（續）

(a) Independent non-executive directors

(a) 獨立非執行董事

The fees paid to independent non-executive directors during the year were as follows:

年內支付予獨立非執行董事之袍金如下：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Mr. Li Wing Sum, Steven 李永森先生 140 140
Mr. Sung Tze Wah 宋梓華先生 140 140
Sr Dr. Leung Tony Ka Tung 梁家棟博士測量師 140 140
420 420
----- End of picture text -----

There were no other emoluments payable to the independent non-executive directors during the year (2020: Nil).

年內概無向獨立非執行董事支付其他酬金（二零二零年：無）。

宏安地產有限公司 二零二一年年報 151

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

8. DIRECTORS’ REMUNERATION (CONTINUED)

8. 董事酬金（續）

(b) The executive directors and a nonexecutive director
(b) 行政總裁及一名非執行董事

			Notes 附註	Fees 袍金 HK$’000 千港元	Salaries, allowances and benefits in kind 薪金、津貼及實物利益 HK$’000 千港元	Performance- related bonuses 表現相關花紅 HK$’000 千港元	Pension scheme contributions 退休金計劃供款 HK$’000 千港元	Total remuneration 酬金總額 HK$’000 千港元

2021	二零二一年
Executive directors:	執行董事：
Mr. Tang Ho Hong		鄧灝康先生	(i)
(Chief Executive Officer)		（行政總裁）		–	3,082	4,857	18	7,957
Ms. Ching Tak Won, Teresa		程德韻女士		–	1,680	2,632	18	4,330
Ms. Wong Chin Han		黃靜嫻女士		–	1,560	2,444	18	4,022
				–	6,322	9,933	54	16,309
Non-executive director:	非執行董事：
Mr. Chan Chun Hong		陳振康先生	(v)	213	–	–	–	213
				213	6,322	9,933	54	16,522
2020	二零二零年
Executive directors:	執行董事：
Mr. Tang Ho Hong		鄧灝康先生	(i)
(Chief Executive Officer)		（行政總裁）		–	3,022	4,277	18	7,317
Ms. Ching Tak Won, Teresa		程德韻女士	(ii)	–	1,288	3,691	15	4,994
Ms. Wong Chin Han		黃靜嫻女士	(iii)	–	780	2,470	9	3,259
Mr. Wong Yiu Hung, Gary		黃耀雄先生	(iv)	–	1,869	5,592	9	7,470
				–	6,959	16,030	51	23,040
Non-executive director:	非執行董事：
Mr. Chan Chun Hong		陳振康先生		240	–	–	–	240
				240	6,959	16,030	51	23,280

152 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

8. DIRECTORS’ REMUNERATION (CONTINUED)

8. 董事酬金（續）

(b) The executive directors and a nonexecutive director (Continued)
(b) 行政總裁及一名非執行董事（續）

Notes:

附註：

(i) Appointed as the acting chief executive officer on 1 October 2019 and re-designated as the chief executive officer on 8 February 2021.
(i) 於二零一九年十月一日獲委任為代理行政總裁，並於二零二一年二月八日調任為行政總裁。
(ii) Appointed on 25 June 2019.
(ii) 於二零一九年六月二十五日獲委任。
(iii) Appointed on 1 October 2019.
(iii) 於二零一九年十月一日獲委任。
(iv) Resigned as an executive director and the chief executive officer on 1 October 2019.
(iv) 於二零一九年十月一日辭任執行董事及行政總裁。
(v) Resigned as a non-executive director and the chairman on 8 February 2021.
(v) 於二零二一年二月八日辭任非執行董事及主席。

There was no arrangement under which a director waived or agreed to waive any remuneration during the year (2020: Nil).

年內並無董事放棄或同意放棄任何酬金之安排（二零二零年：無）。

9. FIVE HIGHEST PAID EMPLOYEES

9. 五名最高薪僱員

The five highest paid employees during the year included three (2020: four) directors, details of whose remuneration are disclosed in note 8 above. Details of the remuneration for the year of the remaining two (2020: one) non-director, highest paid employees are as follows:

年內，五名最高薪僱員中三名（二零二零年：四名）為董事，其酬金詳情已於上文附註8披露。餘下兩名（二零二零年：一名）非董事最高薪僱員之年內酬金詳情如下：

==> picture [463 x 149] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Salaries, allowances and benefits in kind 薪金、津貼及實物利益 3,800 2,240
Performance-related bonuses 表現花紅 1,309 459
Pension scheme contributions 退休金計劃供款 36 18
5,145 2,717
----- End of picture text -----

宏安地產有限公司 二零二一年年報 153

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

9. FIVE HIGHEST PAID EMPLOYEES (CONTINUED)

9. 五名最高薪僱員（續）

The numbers of non-director, highest paid employees whose remuneration fell within the following bands are as follows:

酬金屬於下列範圍之非董事最高薪僱員人數如下：

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

Number of employees
僱員人數
2021 2020
二零二一年二零二零年
HK$2,000,001 to HK$2,500,000 2,000,001港元至2,500,000港元 1 –
HK$2,500,001 to HK$3,000,000 2,500,001港元至3,000,000港元 1 1
----- End of picture text -----

10. INCOME TAX

10. 所得稅

Hong Kong profits tax has been provided at the rate of 香港利得稅乃根據年內在香港賺取之估計 16.5% (2020: 16.5%) on the estimated assessable profits 應課稅溢利按稅率 16.5%（二零二零年： arising in Hong Kong during the year. 16.5%）作出撥備。

==> picture [463 x 193] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Current – Hong Kong 即期 [—] 香港
Charge for the year 本年度開支 14,416 123,603
Overprovision in prior years 過往年度超額撥備 (5,492) (870)
8,924 122,733
Deferred (note 30) 遞延（附註30） (140) 22,575
Total tax charge for the year 本年度之稅項支出總額 8,784 145,308
----- End of picture text -----

154 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021

二零二一年三月三十一日

10. INCOME TAX (CONTINUED)

10. 所得稅（續）

A reconciliation of the tax expense applicable to profit before tax at the statutory rates for the jurisdiction in which the Company and its subsidiaries are domiciled to the tax expense at the effective tax rate is as follows:

按本公司及其附屬公司經營所在司法權區之法定稅率計算之除稅前溢利之適用稅項開支與按實際稅率計算之稅項開支之對賬如下：

==> picture [463 x 310] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Profit before tax 除稅前溢利 476,961 617,186
Tax at the statutory tax rates 按法定稅率計算稅項 78,699 101,836
Adjustments in respect of current tax 就過往期間即期稅項作出調整
of previous periods (5,492) (870)
Adjustments in respect of deferred tax 就過往期間遞延稅項作出調整
–
of previous periods (274)
Profits and losses attributable to 合營企業應佔溢利及虧損
joint ventures (96,654) (3,107)
Income not subject to tax 毋須繳稅收入 (15,654) (3,282)
Expenses not deductible for tax 不可扣稅開支 40,785 43,566
Tax losses utilised from previous periods 過往期間動用之稅項虧損 (966) (84)
Tax losses not recognised 未確認稅項虧損 8,110 7,958
Others 其他 (44) (435)
Tax expense at the Group’s effective rate 按本集團之實際稅率計算之
稅項開支 8,784 145,308
----- End of picture text -----

The share of tax attributable to joint ventures amounting to HK$163,665,000 (2020: Nil), is included in “Share of profits/ (losses) of joint ventures” in profit or loss.

損益中的「應佔合營企業溢利╱（虧損）」中合營企業應佔稅項163,665,000港元（二零二零年：無）。

宏安地產有限公司 二零二一年年報 155

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

11. DIVIDENDS

11. 股息

==> picture [463 x 114] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Proposed final dividend – HK0.74 cent 建議末期股息 [—] 每股普通股
(2020: HK0.72 cent) per ordinary share 股份0.74港仙（二零二零年：
0.72港仙） 112,480 109,440
----- End of picture text -----

The final dividend proposed subsequent to the reporting period is subject to the approval of the Company’s shareholders at the forthcoming annual general meeting of the Company and has not been recognised as a liability at the end of the reporting period.

於報告期後建議之末期股息須待本公司股東於本公司應屆股東週年大會批准後，方可作實，且於報告期末並未確認為負債。

12. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

12. 母公司普通權益持有人應佔每股盈利

The calculation of basic earnings per share for the year ended 31 March 2021 is based on the profit for the year attributable to owners of the parent of HK$466,745,000 (2020: HK$457,320,000) and the weighted average number of ordinary shares in issue during the year of 15,200,000,000 (2020: 15,200,000,000).

截至二零二一年三月三十一日止年度之每股基本盈利乃根據母公司擁有人應佔本年度溢利 466,745,000 港元（二零二零年： 457,320,000港元）及年內已發行普通股加權平均數 15,200,000,000（二零二零年： 15,200,000,000）股計算。

No adjustment has been made to the basic earnings per share amounts presented for the years ended 31 March 2021 and 2020 as the Group had no potentially dilutive ordinary shares in issue during those periods.

本集團於截至二零二一年及二零二零年三月三十一日止年度並無已發行潛在攤薄普通股，故並無就該等期間呈列之每股基本盈利作出調整。

156 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

13. PROPERTY, PLANT AND EQUIPMENT

13. 物業、廠房及設備

==> picture [463 x 521] intentionally omitted <==

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

Owned assets Right-of-use assets
自有資產使用權資產
Furniture,
fixtures
Leasehold and office Motor Computer Leasehold
Buildings improvements equipment vehicles equipment Sub-total land Buildings Sub-total Total
傢俬、
租賃裝置及
樓宇物業裝修辦公設備汽車電腦設備小計租賃土地樓宇小計總計
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
31 March 2021 二零二一年
三月三十一日
1 April 2020: 於二零二零年
四月一日：
Cost 按成本 3,887 20,008 3,668 956 6,305 34,824 87,389 14,517 101,906 136,730
Accumulated 累計折舊
depreciation (283) (4,002) (1,083) (579) (2,278) (8,225) (3,120) (3,427) (6,547) (14,772)
Net carrying amount 賬面淨值 3,604 16,006 2,585 377 4,027 26,599 84,269 11,090 95,359 121,958
At 31 March 2020 於二零二零年
三月三十一日 3,604 16,006 2,585 377 4,027 26,599 84,269 11,090 95,359 121,958
Additions, net 添置，淨額 – (2,147) – – 389 (1,758) – – – (1,758)
Depreciation provided 年內折舊撥備
during the year (132) (7,351) (862) (191) (1,222) (9,758) (3,120) (4,838) (7,958) (17,716)
At 31 March 2021, 於二零二一年
net of accumulated 三月三十一日
depreciation 扣除累計折舊 3,472 6,508 1,723 186 3,194 15,083 81,149 6,252 87,401 102,484
At 31 March 2021: 於二零二一年
三月三十一日：
Cost 按成本 3,887 17,861 3,668 956 6,694 33,066 87,389 14,517 101,906 134,972
Accumulated 累計折舊
depreciation (415) (11,353) (1,945) (770) (3,500) (17,983) (6,240) (8,265) (14,505) (32,488)
Net carrying amount 賬面淨值 3,472 6,508 1,723 186 3,194 15,083 81,149 6,252 87,401 102,484
----- End of picture text -----

宏安地產有限公司 二零二一年年報 157

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

13. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

13. 物業、廠房及設備（續）

==> picture [463 x 148] intentionally omitted <==

31 March 2020	二零二零年三月
	三十一日
At 1 April 2019:	於二零一九年
	四月一日：
Cost	按成本	3,887	–	220	956	6,259	11,322	87,389	–	87,389	98,711
Accumulated	累計折舊
depreciation		(151)	–	(199)	(388)	(1,063)	(1,801)	–	–	–	(1,801)
Net carrying amount	賬面淨值	3,736	–	21	568	5,196	9,521	87,389	–	87,389	96,910
At 1 April 2019, net	於二零一九年
of accumulated	四月一日，
depreciation	扣除累計折舊	3,736	–	21	568	5,196	9,521	87,389	–	87,389	96,910
Additions	添置	–	20,008	3,448	–	46	23,502	–	14,517	14,517	38,019
Depreciation provided	年內折舊撥備
during the year		(132)	(4,002)	(884)	(191)	(1,215)	(6,424)	(3,120)	(3,427)	(6,547)	(12,971)
At 31 March 2020,	於二零二零年三月
net of accumulated	三十一日，
depreciation	扣除累計折舊	3,604	16,006	2,585	377	4,027	26,599	84,269	11,090	95,359	121,958
At 31 March 2020:	於二零二零年
	三月三十一日：
Cost	按成本	3,887	20,008	3,668	956	6,305	34,824	87,389	14,517	101,906	136,730
Accumulated	累計折舊
depreciation		(283)	(4,002)	(1,083)	(579)	(2,278)	(8,225)	(3,120)	(3,427)	(6,547)	(14,772)
Net carrying amount	賬面淨值	3,604	16,006	2,585	377	4,027	26,599	84,269	11,090	95,359	121,958

158 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

13. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

13. 物業、廠房及設備（續）

At 31 March 2021, the Group’s owned buildings with a net carrying amount of HK$3,472,000 (2020: HK$3,604,000) and leasehold land, which is included in right-of-use assets, with a net carrying amount of HK$81,149,000 (2020: HK$84,269,000) were pledged to secure general banking facilities granted to the Group (note 29).

於二零二一年三月三十一日，本集團賬面淨值為 3,472,000 港元（二零二零年： 3,604,000港元）之自有樓宇及賬面淨值為 81,149,000港元之租賃土地（包括使用權資產）（二零二零年：84,269,000港元）已抵押作為本集團獲取一般銀行融資之擔保（附註 29）。

14. INVESTMENT PROPERTIES

14. 投資物業

==> picture [463 x 188] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Carrying amount at beginning of year 年初賬面值 654,100 809,500
Additions 添置 42,011 68,799
Disposal 出售 – (135,000)
–
Disposal of subsidiaries 出售附屬公司 (62,000)
Accrued rent-free rental income 累計免租租金收入 1,530 –
Net loss from fair value adjustments 公平值調整虧損淨額 (64,441) (89,199)
Carrying amount at end of year 年末賬面值 571,200 654,100
----- End of picture text -----

The Group’s investment properties as at 31 March 2021 consist of commercial units (2020: industrial and commercial units) in Hong Kong.

於二零二一年三月三十一日，本集團之投資物業包括位於香港商業單位（二零二零年：商用及工業單位）。

All the Group’s leasehold property interests (i.e. right-ofuse assets) to earn rentals are measured using the fair value model and are classified and accounted for as investment properties.

本集團所有以賺取租金之租賃物業利息（如使用權資產）均以公平值模型計量，並分類及視為投資物業。

宏安地產有限公司 二零二一年年報 159

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

14. INVESTMENT PROPERTIES (CONTINUED)

14. 投資物業（續）

The investment properties were revalued by Asset Appraisal Limited (2020: Asset Appraisal Limited), an independent professionally qualified valuer, at 31 March 2021. The finance department has a team that reviews the valuation performed by the independent valuer for financial reporting purposes and reports directly to the senior management of the Company. Discussions of valuation processes and results are held between management and the valuer twice a year when the valuation is performed for interim and annual financial reporting. At the end of each reporting period, the finance department holds discussion with the independent valuer to verify major inputs to the independent valuation reports. The finance department also assesses property valuation movements when compared to the prior year valuation reports.

投資物業由獨立專業合資格估值師中誠達資產評值顧問有限公司（二零二零年：中誠達資產評值顧問有限公司）於二零二一年三月三十一日進行重估。財務部設有一個小組，專責就財務報告而言對獨立估值師的估值進行審閱，並直接向本公司高級管理層匯報。就中期及年度財務報告進行評估時，管理層與估值師會就評估程序及結果每年展開兩次討論。於各報告期末，財務部會與獨立估值師展開討論，以核實獨立估值報告的重大輸入數據。財務部亦會就物業估值較上一年度估值報告的變動進行評估。

At 31 March 2021 and 2020, the investment properties are leased to third parties under operating leases, further summary details of which are included in note 15 to the financial statements.

於二零二一年及二零二零年三月三十一日，投資物業按經營租約租予第三方，進一步概要詳情載於財務報表附註15。

At 31 March 2021, the Group’s investment properties with an aggregate carrying value of HK$571,200,000 (2020: HK$633,100,000) and certain rental income generated therefrom were pledged to secure the Group’s general banking facilities granted to the Group (note 29).

於二零二一年三月三十一日，本集團賬面總值為 571,200,000 港元（二零二零年： 633,100,000港元）之投資物業，及其所產生之若干租金收入已抵押作為本集團獲授一般銀行融資之擔保（附註29）。

Further particulars of the Group’s investment properties are included on page 219.

本集團投資物業之其他詳情載於第219頁。

160 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

14. INVESTMENT PROPERTIES (CONTINUED)

14. 投資物業（續）

Fair value hierarchy

公平值層級

The following table illustrates the fair value measurement hierarchy of the Group’s investment properties:

下表闡述本集團投資物業之公平值計量層級：

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

Fair value measurement
using significant
unobservable inputs (Level 3)
採用重大不可觀察輸入數據之
公平值計量（第三層）
2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Recurring fair value measurement for: 經常性公平值計量：
Commercial properties 商用物業 571,200 633,100
–
Industrial property 工業物業 21,000
571,200 654,100
----- End of picture text -----

During the year, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 (2020: Nil).

年內，公平值計量概無於第一層及第二層之間轉讓，亦無自第三層轉入或轉出（二零二零年：無）。

宏安地產有限公司 二零二一年年報 161

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

14. INVESTMENT PROPERTIES (CONTINUED)

14. 投資物業（續）

Reconciliation of fair value measurements categorised within 分類為公平值層級第三層之公平值計量之對 Level 3 of the fair value hierarchy: 賬如下：

==> picture [463 x 71] intentionally omitted <==

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

Commercial Industrial
properties property Total
商用物業工業物業總計
HK$’000 HK$’000 HK$’000
千港元千港元千港元
----- End of picture text -----

Carrying amount at 1 April 2019	於二零一九年四月一日
	之賬面值	787,500	22,000	809,500
Additions	添置	68,799	–	68,799
Disposals	出售	(135,000)	–	(135,000)
Net loss from fair value	公平值調整虧損淨額
adjustments		(88,199)	(1,000)	(89,199)
Carrying amount at 31 March 2020	於二零二零年三月三十一日
and 1 April 2020	及二零二零年四月一日
	之賬面值	633,100	21,000	654,100
Additions	添置	42,011	–	42,011
Disposals of subsidiaries	出售附屬公司	(41,000)	(21,000)	(62,000)
Accrued rent-free rental income	累計免租租金收入	1,530	–	1,530
Net loss from fair value	公平值調整虧損淨額
adjustments		(64,441)	–	(64,441)
Carrying amount at 31 March 2021	於二零二一年三月三十一日
	之賬面值	571,200	–	571,200
Below is a summary of the valuation	techniques used and the	下文概述投資物業估值所採用之估值方法及
key inputs to the valuation of investment properties:		主要輸入數據：

	Valuation techniques 估值方法	Significant unobservable inputs 重大不可觀察輸入數據	Range or weighted average 範圍或加權平均數 2021 2020 二零二一年二零二零年	Range or weighted average 範圍或加權平均數 2021 2020 二零二一年二零二零年

Commercial properties	Direct comparison method	Price per square feet	HK$15,000 to	HK$27,000 to
			HK$27,000	HK$80,000
商用物業	直接比較法	每平方呎價格	15,000港元至	27,000港元至
			27,000港元	80,000港元
Industrial property	Direct comparison method	Price per square feet	N/A	HK$7,000
工業物業	直接比較法	每平方呎價格	不適用	7,000港元

162 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

14. INVESTMENT PROPERTIES (CONTINUED)

14. 投資物業（續）

As at 31 March 2021, the valuations of investment properties were based on direct comparison method by reference to comparable market transactions.

於二零二一年三月三十一日，投資物業乃根據直接比較法（即參考可資比較市場交易）進行估值。

A significant increase/(decrease) in the price per square feet in isolation would result in a significantly higher/(lower) fair value of the investment properties.

每平方呎價格單獨大幅增加╱（減少）會令投資物業之公平值大幅上升╱（下降）。

15. LEASES

15. 租賃

The Group as a lessee

本集團作為承租人

The Group has a lease contract for office properties used in its operation. Lease of the office property has a lease term of three years. Generally, the Group is restricted from assigning and subleasing the leased asset outside the Group.

本集團擁有經營中使用的辦公物業的租賃合同。辦公物業的租賃期限為三年。一般而言，本集團不可向本集團以外人士轉讓及分租租賃資產。

(a) Right-of-use assets

The carrying amount of the Group’s right-of-use assets and the movements during the year are disclosed in note 13 to the financial statements.

(a) 使用權資產 本集團年內使用權資產之賬面值及變動於財務報表附註13披露。

宏安地產有限公司 二零二一年年報 163

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

財務報表附註（續）

31 March 2021 二零二一年三月三十一日

15. LEASES (CONTINUED)

15. 租賃（續）

The Group as a lessee (Continued)

本集團作為承租人（續）

(b) Lease liabilities

(b) 租賃負債

The carrying amount of the Group’s lease liabilities (included in other payables and accruals) and the movements during the year are as follows:

本集團年內租賃負債之賬面值（包括其他應付款項及應計費用）及變動如下：

==> picture [441 x 233] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
–
Carrying amount at beginning of year 年初之賬面值 11,227
New lease 新租賃 – 14,517
Accretion of interest recognised 年內已確認利息增幅
during the year 322 329
Payments 付款 (5,109) (3,619)
Carrying amount at end of year 年末之賬面值 6,440 11,227
Analysed into: 分析為：
Current portion 流動部分 4,960 4,787
Non-current portion 非流動部分 1,480 6,440
----- End of picture text -----

The maturity analysis of lease liabilities is set out in note 42 to the financial statements.

租賃負債之到期日分析載於財務報表附註42。

164 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

15. LEASES (CONTINUED)

15. 租賃（續）

The Group as a lessee (Continued)

本集團作為承租人（續）

==> picture [440 x 240] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Interest on lease liabilities 租賃負債之利息 322 329
Depreciation charge of right-of-use 使用權資產之折舊開支（計入
assets (included in administrative 行政開支）
expenses) 7,958 6,547
Expense relating to short-term leases 與短期租賃及餘下租期於二零
and other leases with remaining 二零年三月三十一日或之前
lease terms ended on or before 結束的其他租賃有關之開支
31 March 2020 (included in （計入行政開支）
–
administrative expenses) 1,451
Total amount recognised in profit or 於損益確認之總金額
loss 8,280 8,327
----- End of picture text -----

(d) The total cash outflow for the leases is disclosed in (d) 租賃之現金流出總值於財務報表附註 note 36(c) to the financial statements. 36(c)披露。

宏安地產有限公司 二零二一年年報 165

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

15. LEASES (CONTINUED)

15. 租賃（續）

The Group as a lessor

本集團作為出租人

The Group leases its investment properties and properties held for sale in Hong Kong under operating lease arrangements. The terms of the leases generally require the tenants to pay security deposits and provide for periodic rental adjustments according to the then prevailing market conditions.

本集團根據經營租賃安排出租其投資物業及位於香港之持作出售物業。租賃條款一般要求租戶支付擔保按金及規定定期根據現行市況作出租金調整。

Rental income recognised by the Group during the year was HK$13,546,000 (2020: HK$3,685,000), details of which are included in note 5 to the financial statements.

本集團於年內確認的租金收入為13,546,000 港元（二零二零年：3,685,000港元），其進一步概要詳情載於財務報表附註5。

At 31 March 2021, the Group had total undiscounted minimum lease payments receivables by the Group in future periods under non-cancellable operating leases with its tenants are as follows:

於二零二一年三月三十一日，本集團於未來期間根據與其租戶之不可撒銷經營租賃的應收未貼現最低租賃款項總額如下：

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Within one year 一年內 30,582 24,812
After one year but within two years 一年後但兩年內 24,096 23,653
After two years but within three years 兩年後但三年內 6,599 18,052
After three years but within four years 三年後但四年內 1,887 1,848
63,164 68,365
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166 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

16. PROPERTIES UNDER DEVELOPMENT

16. 發展中物業

Properties under development expected to be completed:

預計於下列期間落成之發展中物業：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Within the normal operating cycle included 於正常營運週期內，計入
under current assets 流動資產 3,326,177 2,001,086
Beyond the normal operating cycle included 超過正常營運週期，計入
under non-current assets 非流動資產 1,594,960 1,475,902
4,921,137 3,476,988
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Properties under development expected to be completed within the normal operating cycle and recovered:

預計於正常營運週期內落成及收回之發展中物業：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
After one year 一年後 3,326,177 2,001,086
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Notes:

附註：

(i) During the year ended 31 March 2020, a write-down of properties under development HK$3,842,000 was charged to profit or loss, which was related to properties under development with carrying amount of HK$20,000,000 as at 31 March 2020.
(i) 截至二零二零年三月三十一日止年度，發展中物業之撇銷 3,842,000 港元於損益中扣除，有關款項與二零二零年三月三十一日賬面值為 20,000,000港元之發展中物業有關。
(ii) At 31 March 2021, the Group’s properties under development with an aggregate carrying value of HK$4,892,517,000 (2020: HK$3,448,368,000) were pledged to secure the Group’s general banking facilities (note 29).
(ii) 於二零二一年三月三十一日，本集團賬面總值為 4,892,517,000 港元（二零二零年： 3,448,368,000港元）之發展中物業已抵押作為本集團獲取一般銀行融資之擔保（附註29）。
(iii) As at 31 March 2021, the leasehold land included in properties under development in Hong Kong amounting to HK$4,229,568,000 (2020: HK$3,145,310,000) had a remaining lease terms within 50 years.
(iii) 於二零二一年三月三十一日，計入發展中物業之租賃土地為 4,229,568,000 港元（二零二零年： 3,145,310,000 港元），其剩餘租期為五十年之內。
(iv) Further particulars of the Group’s properties under development are included on page 219.
(iv) 有關本集團發展中物業之進一步詳情載於第219 頁。

宏安地產有限公司 二零二一年年報 167

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

17. PROPERTIES HELD FOR SALE

17. 持作出售物業

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Carrying amount at 31 March 605,436 842,357
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Notes:

附註：

(i) During the year ended 31 March 2021, a write-down of properties held for sale of HK$80,000,000 (2020: HK$9,663,000) was charged to profit or loss, which was related to a commercial property held for sale with carrying amount of HK$580,000,000 as at 31 March 2021 (2020:HK$660,000,000).
(i) 截至二零二一年三月三十一日止年度，持作出售物業之撇減 80,000,000 港元（二零二零年： 9,663,000 港元）已於損益中扣除，有關款項與賬面值為 580,000,000 港元（二零二零年： 660,000,000港元）之持作出售商業物業有關。
(ii) At 31 March 2021, the Group’s commercial property held for sale with a carrying amount of HK$580,000,000 (2020: HK$660,000,000) was pledged to secure the Group’s general banking facilities (note 29).
(ii) 於二零二一年三月三十一日，本集團賬面值為 580,000,000港元（二零二零年：660,000,000港元）之持作出售商業物業已抵押作為本集團獲取一般銀行融資擔保（附註29）。
(iii) Further particulars of the Group’s properties held for sale are included on page 219.
(iii) 有關本集團持作出售物業之進一步詳情載於第 219頁。

168 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

18. INVESTMENTS IN JOINT VENTURES

18. 投資合營企業

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Share of net assets 應佔資產淨值 1,284,156 1,455,959
Loans to joint ventures 貸款予合營企業 923,389 417,081
2,207,545 1,873,040
----- End of picture text -----

The amounts to joint ventures are unsecured, interest-free and repayable on demand. In accordance with the terms of the relevant loan agreements, the loans to Wonder Sign Limited (“ Wonder Sign ”) and its subsidiaries (collectively “ WS Group ”), Ease Mind Investments Limited (“ Ease Mind ”) and its subsidiary (collectively “ EM Group ”) and CIFI Property 202006 Limited (“ CIFI Property ”) bear interest at rates ranging from 6% to 9.5% per annum and the loans to Inspiring Star Limited (“ Inspiring Star ”) are interest-free and these joint ventures have the sole discretion to determine the repayment date of such loans, and therefore in the opinion of the Company’s directors, these loans form an integral part of the Group’s equity investments in the joint ventures.

合營企業的金額為無抵押、免息且需按要求償還。根據相關貸款協議條款，Wonder Sign Limited（「 Wonder Sign 」）及其附屬公司（統稱「 WS 集團 」）、 Ease Mind Investments Limited（「 Ease Mind 」）及其附屬公司（統稱「 EM集團 」）及旭輝地產202006 有限公司（「 旭輝地產 」）的貸款按年利率 6% 至 9.5% 計息及 Inspiring Star Limited （「 Inspiring Star 」）的貸款免息，而該等合營企業可全權酌情決定該款貸款的還款日期，故本公司董事認為，該等貸款構成本集團於合營企業的股權投資組成部分。

宏安地產有限公司 二零二一年年報 169

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

18. INVESTMENTS IN JOINT VENTURES (CONTINUED)

18. 投資合營企業（續）

Particulars of the Group’s material joint ventures are as follows:

重要要合營企業詳情如下：

Name 名稱	Particulars of issued shares held 所持已發行股份詳情	Place of incorporation/ registration and business 註冊成立╱ 登記及營業地點	Percentage of beneficial interests attributable to the Group 本集團應佔實益權益	Principal activities 主要業務
Wonder Sign	Ordinary shares US$1 each	BVI	50	Investment
				holding
	普通股每股1美元	英屬維爾京群島		投資控股
Ease Mind	Ordinary shares of US$1 each	BVI	40	Investment
				holding
	普通股每股1美元	英屬維爾京群島		投資控股
CIFI Property	Ordinary shares of US$1 each	BVI	40	Investment
				holding
旭輝地產	普通股每股1美元	英屬維爾京群島		投資控股

All these joint ventures are unlisted and indirectly held by the Company and they are considered as material joint ventures of the Group. These joint ventures, together with their subsidiaries, are principally engaged in the property development and property investment in Hong Kong and are accounted for using the equity method.

所有該等合營企業為非上市及由本公司間接持有，彼等被視為本集團之重要合營企業。此等合營企業，連同其附屬公司主要於香港從事物業發展及物業投資，並按權益法入賬。

170 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

18. INVESTMENTS IN JOINT VENTURES (CONTINUED)

18. 投資合營企業（續）

(a) The following tables illustrate the summarised financial information in respect of WS Group, EM Group, and CIFI Property and its subsidiaries (collectively “ the CIFI Property Group ”) and reconciled to the carrying amount in the consolidated financial statements:
(a) 下表載列WS集團、EM集團及旭輝地產及其附屬公司（「 旭輝地產集團 」）之財務資料概要與綜合財務報表之賬面值對賬：

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2021
二零二一年
WS Group EM Group CIFI Group
WS集團 EM集團旭輝地產集團
HK$’000 HK$’000 HK$’000
千港元千港元千港元
Current assets 流動資產 1,663,496 2,203,543 2,047,492
Current liabilities 流動負債 486,064 1,405,603 2,042,095
Net assets 資產淨值 1,177,432 797,940 5,397
Reconciliation to the Group’s 與本集團於合營企業之
interest in the joint venture: 權益對賬
Proportion of the Group’s 本集團擁有權所佔比例
ownership 50% 40% 40%
Group’s share of net assets of the 本集團應佔合營企業之
joint venture 資產淨值 588,716 319,176 2,159
Loans to the WS Group/EM 貸款予WS集團╱
Group/CIFI Group EM集團╱旭輝地產集團 55,724 334,613 510,959
Carrying amount of the investment 投資之賬面值 644,440 653,789 513,118
Revenue 收益 3,168,502 4,398,914 –
Depreciation 折舊 – (8,832) –
Interest income 利息收入 1,077 896 –
–
Interest expenses 利息開支 (4,894) (40,556)
Profit and total comprehensive 本年度溢利及
income for the year 全面收益總額 333,886 1,005,540 5,396
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宏安地產有限公司 二零二一年年報 171

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

18. INVESTMENTS IN JOINT VENTURES (CONTINUED)

18. 投資合營企業（續）

(b) The following tables illustrate the summarised financial information in respect of the WS Group, the EM Group, Oriental Sunlight Limited and its subsidiaries (collectively the “ OS Group ”), Milesville Limited and its subsidiaries (collectively the “ Milesville Group ”) and Inspiring Star and its subsidiary (collectively “ the IS Group ”) reconciled to the carrying amounts in the consolidated financial statements:
(b) 下表載述WS集團、EM集團、Oriental Sunlight Limited 及其附屬公司（統稱
「 OS 集團 」）、Milesville Limited 及其附屬公司（統稱「 Milesville集團 」）及 Inspiring Star其附屬公司（統稱「 IS集團 」）之財務資料概要與綜合財務報表之賬面值對賬：

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2020
二零二零年
WS EM OS Milesville IS
Group Group Group Group Group
WS集團 EM集團 OS集團 Milesville集團 IS集團
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
----- End of picture text -----

Non-current asset	非流動資產	12,493	21,266	740,000	862,577	249,600
Current assets	流動資產	4,487,996	5,082,625	17,629	11,393	19,494
Current liabilities	流動負債	2,160,404	4,090,380	6,242	3,845	231,009
Non-current liabilities	非流動負債	958,233	–	425,835	506,890	–
Net assets	資產淨值	1,381,852	1,013,511	325,552	363,235	38,085
Reconciliation to the Group’s	與本集團於合營企業之
interest in the joint venture:	權益對賬：
Proportion of the Group’s	本集團擁有權所佔比例
ownership		50%	40%	50%	50%	40%
Group’s share of net assets of	本集團應佔合營企業之
the joint venture	資產淨值	690,926	405,405	162,776	181,618	15,234
Loan to the WS Group	貸款予WS集團	148,854	–	–	–	–
Loan to the EM Group	貸款予EM集團	–	214,569	–	–	–
Loan to the IS Group	貸款予IS集團	–	–	–	–	53,658
Carrying amount of the	投資之賬面值
investment		839,780	619,974	162,776	181,618	68,892
Depreciation	折舊	(5,574)	(9,665)	–	–	–
Interest income	利息收入	2,502	6,420	3	–	–
Interest expenses	利息開支	(105)	(721)	(14,950)	(15,383)	(1,784)
(Loss)/profit and total	本年度（虧損）╱溢利
comprehensive income for	及全面收益總額
the year		(8,906)	(17,576)	4,468	25,674	38,105

172 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

18. INVESTMENTS IN JOINT VENTURES (CONTINUED)

18. 投資合營企業（續）

(b) (Continued)

(b) （續）

In the opinion of the directors, OS Group, Milesville Group and IS Group are no longer considered as material joint ventures of the Group for the year ended 31 March 2021, and therefore, summarised financial information for OS Group, Milesville Group and IS Group for the year ended 31 March 2021 is not presented in the financial statements.

董事認為，截至二零二一年三月三十一日止年度，OS集團、Milesville 集團及IS集團不再被視為本公司重要合營企業，因此，OS集團、Milesville 集團及IS集團的截至二零二一年三月三十一日止年度之財務資料概要並無於財務報表呈列。

(c) The following table illustrates the aggregate financial information of the Group’s joint ventures that are not individually material:
(c) 下表載述本集團並非個別重要的合營企業合計的財務資料：

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2021
二零二一年
HK$’000
千港元
Share of joint ventures’ profit and total 分佔合營企業的年內溢利及全面收
comprehensive income for the year, net 益總額淨額 14,466
Aggregate carrying amount of the Group’s 本集團於合營公司的投資賬面總額
investments in the joint ventures 396,198
----- End of picture text -----

宏安地產有限公司 二零二一年年報 173

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

19. DEBT INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME

19. 按公平值計入其他全面收益的債務投資

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Listed debt investments, at fair value 上市債務投資，按公平值 315,968 315,210
Less: Listed debt investments included in 減：計入非流動資產之
non-current assets 上市債務投資 (108,898) (315,210)
–
Current portion 即期部份 207,070
----- End of picture text -----

Notes:

附註：

(i) During the year ended 31 March 2021, the Group acquired and disposed of certain listed debt investments at fair value through other comprehensive income of HK$112,689,000 (2020: HK$318,163,000) and HK$126,609,000, respectively. As at 31 March 2021, the effective interest rates of the debt investments ranged from 10.4% to 18.9% (2020: 11.9% to 18.9%) and these investments will mature in years from 2021 to 2023 (2020: from 2021 to 2022).
(i) 截至二零二一年三月三十一日止年度，本集團收購及出售按公平值計入其他全面收益之若干上市債務投資分別為 112,689,000 港元（二零二零年：318,163,000港元）及126,609,000港元。於二零二一年三月三十一日，債務投資的實際利率在 10.4% 至 18.9%（二零二零年：11.9% 至 18.9%），該等投資將在二零二一年至二零二三年間（二零二零年：二零二一年至二零二二年）到期。

(ii) Impairment assessment of debt investments at fair value through other comprehensive income

(ii) 按公平值計入其他全面收益的債務投資之減值評估

As at 31 March 2021 and 2020, none of the listed debt investments were overdue and all of them were categorised within Stage 1 for the assessment ECLs.

於二零二一年及二零二零年三月三十一日，所有上市債務投資均未逾期，所有債務投資均歸入第一階段以評估預期信貸虧損。

An impairment analysis is performed at 31 March 2021 and 2020 by considering the ECLs, which are estimated by applying the probability of default approach with reference to risk of default and losses given default of the issuers or comparable companies. As at 31 March 2021, the probability of default applied ranged from 0.3% to 1.9% (2020: 0.2% to 6.0%) and the loss given default was estimated to be approximately 56.2% to 62.1% (2020: 51.2% to 57.3%).

於二零二一年及二零二零年三月三十一日，透過考慮預期信貸虧損進行減值分析，而預期信貸虧損乃透過應用違約風險概率並參考違約風險及發行人或可比公司違約時的虧損進行估算。於二零二一年三月三十一日，違約概率介乎0.3至1.9% （二零二零：0.2%至6.0%），估計違約虧損約為 56.2%至62.1%（二零二零年：51.2%至57.3%）。

174 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

19. DEBT INVESTMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (CONTINUED)

19. 按公平值計入其他全面收益的債務投資（續）

附註：（續）

Notes: (Continued)

(iii) 按公平值計入其他全面收益的債務投資之減值虧損撥備變動如下：

(iii)	The movements in the loss allowance for the impairment of debt investments at fair value through other comprehensive income are as follows: (iii) 按公平值計入其他全面收益的債務投資之減值虧損撥備變動如下：
	2021 2020
	二零二一年二零二零年
	HK$’000 HK$’000
	千港元千港元

	At beginning of year 於年初 8,241 – (Reversal of impairment losses)/ impairment losses （減值虧損撥回）╱減值虧損 (6,051) 8,241
	At end of year 於年末 2,190 8,241

20. 按公平值計入損益的金融資產

20. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Unlisted fund investments, at fair value 非上市基金投資，按公平值 55,213 13,871
Less: Unlisted fund investments, at fair value 減：分類為非流動資產非上市
classified as non-current asset 基金投資，按公平值 (42,565) (13,871)
–
Current portion 流動部份 12,648
----- End of picture text -----

The above unlisted fund investments were mandatorily classified as financial assets at fair value through profit or loss as the contractual cash flows are not solely payments of principal and interest. Details of the fair value hierarchy of the financial assets at fair value through profit or loss are set out in note 41 to the financial statements. Net gains on fair value change in unlisted fund investments amounting to HK$2,490,000 (2020: HK$2,017,000) were credited to profit or loss during the year.

上述非上市基金投資因其合約現金流量不僅為本金及利息的支付而被強制分類為以公平值計量且其變動計入當期損益的金融資產。按公平值計入損益的金融資產的公平值層級詳情載於財務報表附註41。非上市基金投資公平值變動之淨收益為2,490,000港元（二零二零年：2,017,000港元），已於年內計入損益。

At 31 March 2021, the financial assets at fair value through profit or loss that were denominated in US$ and Japanese Yen (“ JPY ”) (2020: JPY), other than the functional currencies of the respective group entities, amounted to HK$42,565,000 and HK$12,648,000, respectively (2020: Nil and HK$13,871,000).

於二零二一年三月三十一日，以美元及日圓（「日圓」）（二零二零年：日圓）計值的按公平值計入損益的金融資產（各個集團實體的功能貨幣除外）分別為 42,565,000 港元及 12,648,000 港元（二零二零年：無及 13,871,000港元）。

宏安地產有限公司 二零二一年年報 175

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

21. LOAN AND INTEREST RECEIVABLES 21. 應收貸款及利息

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2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
Loan and interest receivables 應收貸款及利息 (a) 20,154 30,440
Mortgage loan receivables 應收按揭貸款 (b) 36,352 22,086
56,506 52,526
Impairment allowance 減值準備 (35) (155)
56,471 52,371
Less: Mortgage loan receivables 減：分類為非流動資產之
classified as non-current assets 應收貸款及利息 (24,531) –
Portion classified as current assets 列作流動資產之部分 31,940 52,371
----- End of picture text -----

Notes:

附註：

(a) The loan receivable is stated at amortised cost with an effective interest rate of 2% per month (2020: 2%) and loan and interest receivables of HK$15,019,000 (2020: HK$30,285,000) were secured by certain equity interest of a company.
(a) 應收貸款以攤銷成本列賬，每月實際利率為 2% （二零二零年： 2 % ），而貸款及應收利息 15,019,000港元（二零二零年：30,285,000港元）由一間公司若干權益作抵押。
(b) Mortgage loan receivables are advances to purchasers of development projects of the Group in Hong Kong and are secured by second mortgages on the related properties. The mortgage loan receivables are repayable with tenors not more than 3 years (2020: 4 years) at the date of the statement of financial position and interest-free.
(b) 應收按揭貸款為本集團向位於香港的發展項目之買家提供之墊款，並以相關物業之第二按揭作抵押。應收按揭貸款須於財務狀況按日期起計3年
（二零二零年：4年）內分期償還，並為免息。

An impairment analysis is performed at each reporting date by considering the ECLs, which are estimated by applying the probability of default approach with reference to the risks of default of the borrower. As at 31 March 2021 and 2020, certain loan and interest receivables were secured by certain equity interest of a company and related properties, which have been taken into account as the mitigating effect in the ECL analysis.

於各報告日期，透過考慮預期信貸虧損進行減值分析，而預期信貸虧損乃透過應用違約風險概率並參考借款人違約風險進行估算。於二零二一年及二零二零年三月三十一日，違約若干貸款及應收利息由一間公司若干權益及相關物業作抵押，並已考慮到預期信貸虧損分析中的緩解影響。

176 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

21. LOAN AND INTEREST RECEIVABLES (CONTINUED)

21. 應收貸款及利息（續）

The movements in the loss allowance for the impairment of loan and interest receivables:

貸款及應收利息減值的虧損撥備變動：

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
At beginning of year 於年初 155 –
(Reversal of impairment losses)/impairment （減值撥回）╱減值虧損
losses (120) 155
At end of year 於年末 35 155
----- End of picture text -----

As at 31 March 2021 and 2020, all the balances were within 於二零二一年及二零二零年三月三十一日， their credit periods and were categorised within Stage 1 for 所有結餘均於其信貸期內，並就預期信貸虧 the measurement of ECLs. 損計量被分類至第1階段內。

22. PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS

22. 預付款項、其他應收款項及其他資產

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Prepayments 預付款項 15,556 62,675
Deposits (Note) 按金（附註） 63,627 124,604
Other receivables (Note) 其他應收款項（附註） 456,292 332,929
535,475 520,208
Less: Prepayments, other receivables and 減：列作非流動資產之預付款
other assets classified as 項、其他應收款項及
non-current assets 其他資產 (285,367) (440,038)
Portion classified as current assets 列作流動資產之部分 250,108 80,170
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宏安地產有限公司 二零二一年年報 177

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

22. PREPAYMENTS, OTHER RECEIVABLES AND OTHER ASSETS (CONTINUED)

22. 預付款項、其他應收款項及其他資產（續）

Note:

附註：

Deposits and other receivables mainly represent deposits with vendors and receivables from counterparties which have no history of default. The financial assets included in the above balances were not overdue and categorised in Stage 1 for the measurement of expected credit losses. Where applicable, an impairment analysis is performed at each reporting date by considering the probability of default and the timing and amount of future cash flows. Given the Group has not experienced any significant credit losses in the past for material receivable balances, the directors of the Company considered that the allowance for ECLs for these deposits and receivables is not significant.

23. COST OF OBTAINING CONTRACTS

按金及其他應收款項主要指賣方之按金及來自並無違約記錄之交易對手之應收款項。計入上述結餘之金融資產並未逾期，並分類為計量預期信貸虧損之第一階段。於每個報告日期藉考慮違約概率及未來現金流量之時間及金額進行減值分析（倘適用）。鑒於本集團過去未有經歷重大信貸虧損並為重大應收款項結餘持有充足抵押品，本公司董事認為就該等按金及應收款項作出之預期信貸虧損撥備並不重大。

23. 獲得合約之成本

Cost of obtaining contracts represented the prepaid sales commission paid in connection with the sales of properties. The Group has capitalised the amounts paid and will charge them to profit or loss as the selling and distribution expenses when the revenue from the related property sale is recognised. During the year ended 31 March 2021, HK$39,818,000 (2020: HK$115,421,000) was charged to profit or loss.

獲得合約之成本指就銷售物業所支付的預付銷售佣金。本集團已資本化所支付金額並於相關物業銷售所得收入確認並計入銷售及分銷開支時將有關金額於損益扣除。截至二零二一年三月三十一日止年度， 39,818,000港元（二零二零年：115,421,000港元）已於損益扣除。

24. CASH AND CASH EQUIVALENTS

24. 現金及現金等同項目

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Cash and bank balances 現金及銀行結餘 546,021 504,076
Time deposits 定期存款 280,482 349,543
Cash and cash equivalents 現金及現金等同項目 826,503 853,619
----- End of picture text -----

At the end of the reporting period, the cash and bank balances of the Group are denominated in Hong Kong dollars. Cash at banks earns interest at floating rates based on daily bank deposit rates. Short term time deposits are made for varying periods of between one day and three months depending on the immediate cash requirements of the Group, and earn interest at the respective short term time deposit rates. The bank balances and time deposits are deposited with creditworthy banks with no recent history of default.

於報告期末，本集團之現金及銀行結餘以港元計值。存於銀行之現金按每日銀行存款利率之浮動利率計算賺取利息。短期定期存款按本集團之即時現金所需，定存一日至三個月不等，並按各自之短期存款利率賺取利息。銀行結餘及定期存款存放於最近並無違約紀錄之良好信譽銀行。

178 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

25. TRADE PAYABLES

25. 應付賬款

An ageing analysis of the trade payables as at the end of the reporting period, based on the invoice date, is as follows:

按發票日期計算，於報告期末之應付賬款賬齡分析如下：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Within 30 days 30日內 29,278 33,433
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The trade payables are non-interest-bearing and have an 應付賬款乃不計息，而平均信貸期為30日。 average term of 30 days.

26. OTHER PAYABLES AND ACCRUALS

26. 其他應付款項及應計費用

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Other payables 其他應付款項 46,214 31,029
Accruals 應計費用 28,384 39,509
Lease liabilities (note 15(b)) 租賃負債（附註15 (b)） 6,440 11,227
Deposits received and receipts in advance 已收訂金及預收款項 12,440 12,004
93,478 93,769
Less: Other payables classified as 減：列作非流動負債之
non-current liabilities 其他應付款項 (1,480) (6,441)
Current portion 即期部分 91,998 87,328
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Other payables are non-interest-bearing and are normally 其他應付款項乃不計息，而一般於一年內結 settled within one year. 付。

宏安地產有限公司 二零二一年年報 179

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

27. DERIVATIVE FINANCIAL INSTRUMENTS 27. 衍生金融工具

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Liabilities
負債
2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Interest rate swaps 利率調期 18,230 4,401
Less: Portion classified as non-current 減：分類為非流動負債部分
liabilities (12,874) –
Current portion 流動部分 5,356 4,401
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The Group has entered into various interest rate swap contracts to manage its interest rate exposures. These interest rate swaps are not designated for hedge purposes and are measured at fair value through profit or loss. A net loss on fair value changes in interest rate swaps amounting to HK$20,392,000 (2020: HK$4,401,000) were charged to profit or loss during the year.

本集團已訂立多份利率掉期合約以管理利率風險。該等利率掉期並非指定作對沖用途，並按公平值計入損益計算。利率掉期之公平值變動虧損淨額20,392,000港元（二零二零年：4,401,000港元）於年內在損益扣除。

Derivative financial instruments of the Group were conducted with creditworthy banks.

本集團的衍生金融工具乃由通過信譽良好的銀行進行。

28. CONTRACT LIABILITIES

28. 合約負債

Contract liabilities represent advances received from buyers in connection with the Group’s pre-sale of properties as established in the property sales contracts. The decrease in contract liabilities was mainly due to the delivery of properties in the current year.

合約負債指就物業銷售合約所載本集團預售物業向買方預先收取的款項。合約負債減幅乃主要由於本年內物業交付所抵銷。

180 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

29. INTEREST-BEARING BANK AND OTHER BORROWINGS

29. 計息銀行及其他貸款

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

2021 2020
二零二一年二零二零年
Contractual Contractual
interest interest
rate (%) Maturity HK$’000 rate (%) Maturity HK$’000
合約利率（%）到期期限千港元合約利率（%）到期期限千港元
Current: 即期：
Bank loans – secured 銀行貸款 [—] 有抵押 HIBOR+(1.2-1.79) 2021-2022 or 773,346 HIBOR+(1.2-1.79) 2020-2021 or 68,563
on demand on demand
香港銀行同業拆息二零二一年香港銀行同業拆息二零二零年
+(1.2–1.79) 至二零二二年 +(1.2–1.79) 至二零二一年
或按要求或按要求
Bank loans – unsecured 銀行貸款－無抵押 HIBOR+(1.95-2.05) 2021-2022 or 1,061,327 HIBOR+(1.95-2.05) 2020-2021 or 228,532
on demand on demand
香港銀行同業拆息二零二一年香港銀行同業拆息二零二零年
+(1.95–2.05) 至二零二二年 +(1.95–2.05) 至二零二一年
或按要求或按要求
Long term bank loans 按要求償還之長期 HIBOR+(1.4-1.5) On demand 119,184 HIBOR+(1.25-1.55) On demand 796,582
repayable on demand – 銀行貸款
secured －有抵押
香港銀行同業拆息按要求香港銀行同業拆息按要求
+(1.4-1.5) +(1.25-1.55)
1,953,857 1,093,677
Non-current: 非即期：
Bank loans – secured 銀行貸款－有抵押 HIBOR+(1.2-1.79) 2022-2024 1,145,781 HIBOR+(1.2-1.79) 2022-2024 1,261,002
香港銀行同業拆息二零二二年至香港銀行同業拆息二零二二年至
+(1.2-1.79) 二零二四年 +(1.2-1.79) 二零二四年
Bank loans – unsecured 銀行貸款－無抵押 HIBOR+2.05 2022-2024 1,597,298 HIBOR+2.05 2021-2022 1,015,533
香港銀行同業拆息二零二二年香港銀行同業拆息二零二一年
+2.05 至二零二四年 +2.05 至二零二二年
Other loans – unsecured 其他貸款－無抵押 6 2022-2023 202,270 6 2022-2023 198,970
6 二零二二年 6 二零二二年
至二零二三年至二零二三年
2,945,349 2,475,505
Total 總計 4,899,206 3,569,182
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宏安地產有限公司 二零二一年年報 181

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

29. INTEREST-BEARING BANK AND OTHER 29. 計息銀行及其他貸款（續） BORROWINGS (CONTINUED)

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Analysed into: 分析為：
Bank loans repayable: 須於以下時間償還之
銀行貸款：
Within one year or on demand (note) 一年內或按要求（附註） 1,953,857 1,093,677
In the second year 第二年 1,036,292 1,039,056
In the third to fifth years, inclusive 第三至第五年
（包括首尾兩年） 1,706,787 1,237,479
4,696,936 3,370,212
Other loans repayable: 須於以下時間償還之
其他貸款：
–
In the second year 第二年 202,270
In the third to fifth years, inclusive 第三至第五年
–
（包括首尾兩年） 198,970
4,899,206 3,569,182
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Note: As further explained in note 42 to the financial statements, the Group’s term loans with an aggregate amount of HK$748,125,000 (2020: HK$796,582,000) containing a repayment on-demand clause have been classified as current liabilities. For the purpose of the above analysis, the loans are included within current interest-bearing bank loans and analysed into bank loans repayable within one year or on demand.

附註：誠如財務報表附註42進一步闡釋，本集團合共 748,125,000港元（二零二零年：796,582,000港元）之定期貸款（載有按要求償還條款）已列作流動負債。就上述分析而言，該等貸款計入即期計息銀行貸款及列作一年內或按要求償還之銀行貸款。

182 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

29. INTEREST-BEARING BANK AND OTHER BORROWINGS (CONTINUED)

29. 計息銀行及其他貸款（續）

At the end of the reporting period, the maturity profile of interest-bearing loans based on the scheduled repayment dates set out in the loan agreements is as follows:

於報告期末，按貸款協議指定還款日期，計息貸款之到期情況如下：

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Bank loans repayable: 須於以下時間償還之
銀行貸款：
Within one year 一年內 1,871,660 297,095
In the second year 第二年 1,072,422 1,764,121
In the third to fifth years, inclusive 第三至第五年
（包括首尾兩年） 1,752,854 1,308,996
4,696,936 3,370,212
Other loans repayable: 須於以下時間償還之其他
貸款：
–
In the second year 第二年 202,270
In the third to fifth years, inclusive 第三至第五年
–
（包括首尾兩年） 198,970
4,899,206 3,569,182
----- End of picture text -----

Notes:

附註：

(a) Certain bank loans of the Group are secured by the Group’s leasehold land and owned buildings (note 13), certain investment properties and certain rental income generated therefrom (note 14), certain properties under development (note 16), certain properties held for sale (note 17) and share charges in respect of the equity interests in certain subsidiaries of the Company (note 1).
(a) 本集團若干銀行貸款以本集團之租賃土地及自有樓宇（附註13）、若干投資物業及由該等投資物業產生之若干租金收入（附註14）、若干發展中物業
（附註16）、若干持作出售物業（附註17）及就本公司若干附屬公司之股權之股份質押（附註1）作抵押。
(b) All bank loans of the Group bear interest at floating interest rates and are denominated in Hong Kong Dollars.
(b) 本集團之所有銀行貸款均按浮動利率計息及均以港元計算。
(c) All other loans of the Group represent the loans advanced from the non-controlling shareholders of certain subsidiaries of the Group.
(c) 本集團所有其他貸款指本集團若干附屬公司之非控股股東墊付之貸款。

宏安地產有限公司 二零二一年年報 183

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

30. DEFERRED TAX

30. 遞延稅項

The components of deferred tax liabilities and assets during the year are as follows:

年內遞延稅項負債及資產之組成如下：

Deferred tax liabilities

遞延稅項負債

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Depreciation
allowance in
excess of
related
depreciation
超出
有關折舊之
折舊撥備
Notes HK$’000
附註千港元
At 1 April 2019 於二零一九年四月一日 1,460
Deferred tax credited to profit or 年內計入損益之遞延稅項 10
loss during the year (466)
At 31 March 2020 and 1 April 2020 於二零二零年三月三十一日及
二零二零年四月一日 994
Deferred tax credited to profit or 年內計入損益之遞延稅項 10
loss during the year (140)
Disposals of subsidiaries 出售附屬公司 (288)
At 31 March 2021 於二零二一年三月三十一日 566
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184 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

30. DEFERRED TAX (CONTINUED)

30. 遞延稅項（續）

Deferred tax assets

遞延稅項資產

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

Losses
available for
offsetting
against future
taxable profits
可抵銷未來
應課稅
溢利之虧損
Notes HK$’000
附註千港元
At 1 April 2019 於二零一九年四月一日 23,041
Deferred tax charged to profit or 年內扣除自損益之遞延稅項 10
loss during the year (23,041)
At 31 March 2020 and 1 April 2020 於二零二零年三月三十一日及
–
二零二零年四月一日
Deferred tax charged to profit or 年內扣除自損益之遞延稅項 10
–
loss during the year
At 31 March 2021 於二零二一年三月三十一日 –
----- End of picture text -----

The Group has tax losses arising in Hong Kong of HK$209,908,000 (2020: HK$166,610,000), subject to the agreement of the Inland Revenue Department, that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they have arisen in subsidiaries that have been loss-making for some time and it is not considered probable that taxable profits will be available against which the tax losses can be utilised.

本集團在香港產生稅項虧損209,908,000港元（二零二零年：166,610,000港元）（視乎稅務局是否同意），可無限期作抵銷錄得虧損之公司之未來應課稅溢利。本集團並無就該等虧損確認遞延稅項資產，乃由於該等虧損乃從一段時間錄得虧損之附屬公司產生，且被認為不可能有應課稅溢利可用作抵銷稅項虧損。

宏安地產有限公司 二零二一年年報 185

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

31. SHARE CAPITAL

31. 股本

==> picture [463 x 175] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Authorised: 法定：
50,000,000,000 ordinary shares of 50,000,000,000股每股面值
HK$0.001 each 0.001港元之普通股 50,000 50,000
Issued and fully paid: 已發行及繳足：
15,200,000,000 ordinary shares of 15,200,000,000股每股面值
HK$0.001 each 0.001港元之普通股 15,200 15,200
----- End of picture text -----

32. SHARE OPTION SCHEME

32. 購股權計劃

The Company operates a share option scheme (the “ Share Option Scheme ”) for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group. Share options may be granted to any director or proposed director (whether executive or nonexecutive, including independent non-executive director), employee or proposed employee (whether full-time or parttime), secondee, any holder of securities issued by any member of the Group, any person or entity that provides research, development or other technology support or advisory, consultancy, professional or other services to any member of the Group or any substantial shareholder or company controlled by a substantial shareholder, or any company controlled by one or more persons belonging to any of the above classes of participants. The Share Option Scheme became effective on 9 August 2016 and, unless otherwise terminated earlier by shareholders in a general meeting, will remain in force for a period of 10 years from that date.

本公司設有購股權計劃（「 購股權計劃 」），目的為向對本集團之成功作出貢獻之合資格參與者給予獎勵及報酬。購股權可授予任何董事或候任董事（不論執行或非執行，包括獨立非執行董事）、僱員或擬聘請僱員（不論全職或兼職）、調任員工、本集團任何成員公司所發行證券之任何持有人、向本集團任何成員公司提供研究、開發或其他技術支援或顧問、諮詢顧問、專業或其他服務之任何人士或實體或任何主要股東或由主要股東控制之公司，或任何由一名或以上屬於上述任何類別參與人士控制之公司。購股權計劃於二零一六年八月九日生效，除非股東於股東大會上提早終止，否則將自該日期起計十年期間內維持有效。

Purpose

目的

The purpose of the Share Option Scheme is to provide incentives and rewards to eligible participants who contribute to the success of the Group’s operations.

購股權計劃目的為向對本集團業務之成功作出貢獻之合資格參與者給予獎勵及報酬。

186 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

32. SHARE OPTION SCHEME (CONTINUED)

32. 購股權計劃（續）

Maximum number of shares available for subscription

可供認購之股份數目上限

Pursuant to the Share Option Scheme, the maximum number of share options that may be granted under the Share Option Scheme and any other share option schemes of the Company is an amount, upon their exercise, not in aggregate exceeding 30% of the issued share capital of the Company from time to time, excluding any shares issued on the exercise of share options. The total number of shares which may be issued upon exercise of all options to be granted under the Share Option Scheme and any other schemes shall not in aggregate exceed 10% of the number of shares in issue, as at the date of approval of the Share Option Scheme limit or as refreshed from time to time.

根據購股權計劃，藉購股權計劃及本公司任何其他購股權計劃可授出之購股權數目上限，須為該等購股權獲行使後合共不超過本公司不時已發行股本之30%，其中不計及於購股權獲行使時所發行之任何股份。根據購股權計劃及任何其他計劃授出之所有購股權獲行使後，可能發行之股份總數合共不得超過於批准購股權計劃限額（或不時經更新限額）日期已發行股份數目之10%。

Maximum entitlement of each participant

各參與者之最大配額

The maximum number of shares issuable under share options to each eligible participant (except for a substantial shareholder or an independent non-executive director or any of their respective associates) under the Share Option Scheme within any 12-month period is limited to 1% of the shares of the Company in issue at any time. Any further grant of share options in excess of such limit must be separately approved by shareholders with such eligible participant and his associates abstaining from voting.

根據購股權計劃，在任何十二個月期間，可藉購股權發行予各合資格參與者（除主要股東或獨立非執行董事或彼等各自之任何聯繫人外）之股份數目上限以本公司於任何時間已發行股份之1%為限。倘超過該限額，則進一步授出任何購股權時，必須經股東獨立批准，而有關合資格參與者及彼等之聯繫人須放棄投票。

Share options granted to a director, chief executive or substantial shareholder of the Company (or any of their respective associates) must be approved by the independent non-executive directors of the Company (excluding any independent non-executive director who is the grantee of the option). Where any grant of share options to a substantial shareholder or an independent non-executive director (or any of their respective associates) will result in the total number of shares issued and to be issued upon exercise of share options already granted and to be granted to such person under the Share Option Scheme and any other share option schemes of the Company (including options exercised, cancelled and outstanding) in any 12-month period up to and including the date of grant representing in aggregate over 0.1% of the shares in issue, and having an aggregate value, based on the closing price of the Company’s shares at each date of grant, in excess of HK$5 million, such further grant of share options is required to be approved by shareholders in a general meeting in accordance with the Listing Rules. Any change in the terms of a share option granted to a substantial shareholder or an independent non-executive director (or any of their respective associate) is also required to be approved by shareholders.

授予本公司董事、主要行政人員或主要股東（或彼等各自之任何聯繫人）之購股權必須經本公司獨立非執行董事批准（不包括任何身為購股權承授人之獨立非執行董事）。倘授出任何購股權予主要股東或獨立非執行董事（或彼等各自之任何聯繫人）將導致於截至及包括授出日期之任何十二個月期間，根據購股權計劃及本公司任何其他購股權計劃向該名人士已授出及將授出之購股權（包括已行使、已註銷及未行使購股權）獲行使時已發行及將發行之股份總數合共超過已發行股份之0.1%，以及根據本公司於各授出日期之股份收市價計算，總值超過5,000,000港元，則根據上市規則，進一步授出購股權須經股東於股東大會批准。授予主要股東或獨立非執行董事（或彼等各自之任何聯繫人）之購股權之條款倘有任何變動，亦須獲得股東批准。

宏安地產有限公司 二零二一年年報 187

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

32. SHARE OPTION SCHEME (CONTINUED)

32. 購股權計劃（續）

Basis of determining the exercise price

釐定行使價之基準

The option price per share payable on the exercise of an option is determined by the directors, provided that it shall be at least the highest of:

行使購股權時須予支付之每股股份之購股權價格由董事決定，惟須至少為下列中之最高者：

(i) the closing price of the shares as stated in the daily quotation sheet issued by the Hong Kong Stock Exchange at the date of offer of grant (which is deemed to be the date of grant if the offer for the grant of a share option is accepted by the eligible person), which must be a business day;
(i) 要約授出日期（若合資格人士接納授出購股權之要約，則被視作授出日期，且必須為營業日）載於香港聯交所刊發之日報表之股份收市價；
(ii) the average closing price of the shares as stated in the daily quotation sheets issued by the Hong Kong Stock Exchange for the five business days immediately preceding the date of offer of grant, provided that the option price per share shall in no event be less than the nominal amount of one share; and
(ii) 緊接要約授出日期前五個營業日載於香港聯交所刊發之日報表之股份平均收市價，惟每股股份之購股權價格在任何情況下不得低於一股股份之面值；及
(iii) the nominal value of a share of the Company.
(ii) 本公司股份之面值

An offer for the grant of share options must be accepted within 30 days from the date on which such offer was made. The amount payable by the grantee of a share option to the Company on acceptance of the offer of the grant is HK$1.00.

授出購股權之要約必須於作出要約日期起 30日內獲接納。購股權承授人於接納授出要約時，須向本公司繳付1.00港元。

Share options do not confer rights on the holders to dividends or to vote at shareholders’ meetings.

購股權並不賦予持有人收取股息或在股東大會上投票之權利。

No share option has been granted since the adoption of the Share Option Scheme.

自採納購股權計劃以來概無授出任何購股權。

188 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

33. RESERVES

33. 儲備

The amounts of the Group’s reserves and the movements therein for the current and prior years are presented in the consolidated statement of changes in equity on page 88 of the financial statements.

有關本集團於本年度及過往年度之儲備金額及其變動已呈列於本年報第88頁之綜合權益變動表內。

(i) Contributed surplus

(i) 實繳盈餘

The Group’s contributed surplus comprises the deemed capital contribution arising from (i) the difference between the consideration amounted to HK$496,443,000 and the aggregate shareholder’s loans amounting to HK$2,047,989,000 assigned by Earnest Spot to the Company pursuant to the reorganisation of the Company in connection with the listing of the shares of the Company on the Stock Exchange (the “ Reorganisation ”); and (ii) the differences between the considerations and the net asset value of the subsidiaries disposed of to WOG and its subsidiaries (but excluding the Group) pursuant to the Reorganisation.

本集團之實繳盈餘包括視作源自下列各項之注資：(i)代價金額496,443,000 港元與Earnest Spot根據與本公司股份於聯交所上市有關之本公司重組（「重組」）轉讓予本公司之股東貸款總額2,047,989,000港元之間之差額；及 (ii)代價與根據重組向宏安及其附屬公司（不包括本集團）出售附屬公司之資產淨值之間之差額。

(ii) Capital reserve

(ii) 資本儲備

The Group’s capital reserve represents the difference between the consideration and the carrying amount of non-controlling interests acquired or disposed of.

本集團之資本儲備指代價與已收購或出售之非控股權益賬面值之間之差額。

(iii) Merger reserve

(iii) 合併儲備

The merger reserve of the Group represents the difference between the total consideration transferred for the acquisitions of subsidiaries through business combinations under common control and the carrying amount of the assets acquired, liabilities accrued and pre-acquisition reserves combined by the Group.

本集團之合併儲備指根據共同控制透過業務合併收購附屬公司轉讓之總代價與所收購資產、累計負債及本集團合併之收購前儲備之賬面值之間之差額。

宏安地產有限公司 二零二一年年報 189

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

34. PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS

34. 擁有重大非控股權益之部分擁有附屬公司

Details of the Group’s subsidiaries that have material noncontrolling interests are set out below:

擁有重大非控股權益之本集團附屬公司詳情載列如下：

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2021 2020
二零二一年二零二零年
Percentage of equity interest held by 非控股權益持有之股權
non-controlling interests: 百分比：
New Rich 龍勝 40% 40%
Grandwall 高和不適用 40%
Golden Noble Investments Limited Golden Noble
(“ Golden Noble ”) Investments Limited
（「 Golden Noble 」）不適用 30%
2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Profit/(loss) for the year allocated to non- 非控股權益獲分配之
controlling interests: 年內溢利╱（虧損）：
New Rich 龍勝 4 6,598
Grandwall 高和不適用 8,303
Golden Noble Golden Noble 不適用 (340)
Accumulated balances of non-controlling 非控股權益於報告日期之
interests at the reporting date: 累計結餘：
New Rich 龍勝 9,722 9,718
Grandwall 高和不適用 33,992
Golden Noble Golden Noble 不適用 (1,049)
----- End of picture text -----

190 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

34. PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-CONTROLLING INTERESTS (CONTINUED)

34. 擁有重大非控股權益之部分擁有附屬公司（續）

The following tables illustrate the summarised financial information of the above subsidiaries. The amounts disclosed are before any inter-company eliminations:

下表載列上述附屬公司之財務資料概要。所披露金額未扣除任何集團內公司間撇銷：

==> picture [463 x 252] intentionally omitted <==

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

New Rich
龍勝
2021 二零二一年 HK$’000
千港元
Revenue 收入 –
Total expenses 開支總額 (10)
Loss and total comprehensive loss for the year 虧損及全面虧損總額 (10)
Current assets 流動資產 24,390
Current liabilities 流動負債 (85)
Non-current liabilities 非流動負債 –
Net cash flows from operating activities 經營業務所得現金流量淨額 3,125
Net cash flows used in financing activities 融資活動所用現金流量淨額 (47,124)
Net decrease in cash and cash equivalents 現金及現金等同項目減少淨額 (43,999)
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宏安地產有限公司 二零二一年年報 191

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

34. PARTLY-OWNED SUBSIDIARIES 34. 擁有重大非控股權益之部分擁有 WITH MATERIAL NON-CONTROLLING 附屬公司（續） INTERESTS (CONTINUED)

==> picture [463 x 63] intentionally omitted <==

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

Golden Noble New Rich Grandwall
Golden Noble 龍勝高和
2020 二零二零年 HK$’000 HK$’000 HK$’000
千港元千港元千港元
----- End of picture text -----

Revenue	收入	–	20,028	25,983
Total expenses	開支總額	(1,132)	(3,534)	(5,226)
Profit/(loss) and total	年內溢利╱（虧損）及
comprehensive income/(loss)	全面收益╱（虧損）總額
for the year		(1,132)	16,494	20,757
Current assets	流動資產	1,127,361	75,481	190,409
Current liabilities	流動負債	(559,175)	(51,186)	(105,430)
Non-current liabilities	非流動負債	(571,680)	–	–
Net cash flows from/(used in)	經營業務所得╱（所用）
operating activities	現金流量淨額	220,432	(98,934)	(34,862)
Net cash flows from/(used in)	融資活動所得╱（所用）
investing activities	現金流量淨額	(220,114)	876	1,287
Net increase/(decrease) in cash	現金及現金等同項目
and cash equivalents	增加淨額	318	(98,058)	(33,575)

In the opinion of the directors, as a result of Grandwall’s dividends paid to non-controlling interests amounting to HK$32,800,000 for the year ended 31 March 2021, with the consideration of the accumulated balances of non-controlling interests at 31 March 2021, Grandwall and Golden Noble are no longer considered as a non-wholly owned subsidiary with material non-controlling interests of the Group. Therefore, the summarised financial information of Grandwall and Golden Noble for the year ended 31 March 2021 are not presented in the financial statements.
董事認為，由於高和向非控股權益派付截至二零二一年三月三十一日止年度的股息32,800,000港元，連同非控股權益於二零二一年三月三十一日的累計結餘的代價，故高和及Golden Noble不再被視為本集團帶有重大非控股權益的非全資擁有附屬公司。故此，高和及Golden Noble的截至二零二一年三月三十一日止年度的財務資料概要並無呈列於財務報表。

192 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

35. DISPOSALS OF SUBSIDIARIES

35. 出售附屬公司

For the year ended 31 March 2021

截至二零二一年三月三十一日止年度

Details of the net assets of the subsidiaries disposed of to independent third parties during the year and their financial impacts are summarised below:

本年度出售的附屬公司資產淨值及其財務影響詳情概述如下：

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

City Global
Limited Longable
(“City Limited
Global”) (“Longable”) Total
友邦有限公司朗寶有限公司
（「友邦」）（「朗寶」）總額
HK$’000 HK$’000 HK$’000
千港元千港元千港元
(note (a)) (note (b))
（附註(a)）（附註(b)）
Net assets disposed of: 已出售資產淨值：
Investment properties 投資物業 21,000 41,000 62,000
Deferred tax liabilities 遞延稅項資產 (218) (70) (288)
Deposits received and 已收按金及其他負債
other liabilities (140) (523) (663)
–
Tax payable 應付稅項 (54) (54)
20,642 40,353 60,995
Professional fees and expenses 專業費用及開支 500 900 1,400
Gain on disposals of subsidiaries 出售附屬公司之收益 5,718 24,970 30,688
26,860 66,223 93,083
Satisfied by: 支付方法：
Cash 現金 26,860 66,223 93,083
----- End of picture text -----

宏安地產有限公司 二零二一年年報 193

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

35. DISPOSALS OF SUBSIDIARIES (CONTINUED)

35. 出售附屬公司（續）

For the year ended 31 March 2021 (Continued)

截至二零二一年三月三十一日止年度（續）

An analysis of the net inflow of cash and cash equivalents for the period in respect of the disposals of subsidiaries are as follows:

有關出售附屬公司的現金及現金等同項目流入淨額分析如下：

==> picture [463 x 188] intentionally omitted <==

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

City Global Longable Total
友邦朗寶總額
HK$’000 HK$’000 HK$’000
千港元千港元千港元
(note (a)) (note (b))
（附註(a)）（附註(b)）
Cash consideration 現金代價 26,860 66,223 93,083
Professional fees and expenses 專業費用及開支 (500) (900) (1,400)
Net inflow of cash and 出售附屬公司之現金及
cash equivalents in respect of 現金等同項目流入淨額
the disposals of subsidiaries 26,360 65,323 91,683
----- End of picture text -----

Notes:

附註：

(a) On 2 July 2020, the Group entered into a provisional agreement for sale and purchase with an independent third party to dispose of entire equity interest in City Global for a total consideration of HK$27,000,000. City Global Limited was principally engaged in property investment in Hong Kong. The transaction was completed on 31 August 2020.
(a) 於二零二零年七月二日，本集團與一名獨立第三方訂立臨時買賣協議，以出售友邦全部權益，代價總額為27,000,000港元。友邦有限公司主要從事香港物業投資。有關交易已於二零二零年八月三十一日完成。
(b) On 15 May 2020, the Group entered into a provisional agreement for sale and purchase with an independent third party to dispose of entire issued share capital of Longable for a total consideration of HK$66,800,000. Longable Limited was principally engaged in property investment in Hong Kong. The transaction was completed on 15 September 2020.
(b) 於二零二零年五月十五日，本集團與一名獨立第三方訂立臨時買賣協議，以出售朗寶全部已發行股本，代價總額為66,800,000港元。朗寶有限公司主要從事香港物業投資。有關交易已於二零二零年九月十五日完成。

194 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021

二零二一年三月三十一日

35. DISPOSALS OF SUBSIDIARIES (CONTINUED)

35. 出售附屬公司（續）

For the year ended 31 March 2020

截至二零二零年三月三十一日止年度

Details of the net assets of the subsidiaries disposed of to independent third parties during the prior year and their financial impacts are summarised below:

年內出售的附屬公司資產淨值及財務影響詳情概述如下：

==> picture [463 x 115] intentionally omitted <==

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

Milesville
OS Group Group IS Group Total
Milesville
OS集團集團 IS集團總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
(note (a)) (note (b)) (note (c))
（附註(a)）（附註(b)）（附註(c)）
----- End of picture text -----

Net assets disposed of:	已出售資產淨值：
Deposits and	已收按金及
other receivables	預收款項	65,300	78,000	30,680	173,980
Prepayments	預付款項	55,534	4	26,152	81,690
		120,834	78,004	56,832	255,670
Professional fees and	專業費用及開支
expenses		920	490	–	1,410
Gain/(loss) on disposal of	出售附屬公司之
subsidiaries	收益╱（虧損）	(920)	(490)	21	(1,389)
		120,834	78,004	56,853	255,691
Satisfied by:	支付方法：
Cash	現金	60,417	39,002	34,120	133,539
Fair value of the following	以下股權的公平值
equity interests as	為於合營企業的
interests in joint ventures	權益
– 50% equity interest in	－於OS集團的50%
the OS Group	股權	60,417	–	–	60,417
– 50% equity interest in	－於Milesville集團
the Milesville Group	的50%股權	–	39,002	–	39,002
– 40% equity interest in	－於IS集團的40%
the IS Group	股權	–	–	22,733	22,733
		120,834	78,004	56,853	255,691

宏安地產有限公司 二零二一年年報 195

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

35. DISPOSALS OF SUBSIDIARIES (CONTINUED)

35. 出售附屬公司（續）

For the year ended 31 March 2020 (Continued)

截至二零二零年三月三十一日止年度（續）

An analysis of the net inflow of cash and cash equivalents in respect of the disposals of subsidiaries are as follows:

有關現金及現金等同項目流入淨額分析如下：

			OS Group OS集團 HK$’000 千港元 (note (a)) （附註(a)）	Milesville Group Milesville 集團 HK$’000 千港元 (note (b)) （附註(b)）	IS Group IS集團 HK$’000 千港元 (note (c)) （附註(c)）	Total 總計 HK$’000 千港元
Cash consideration	現金代價		60,417	39,002	34,120	133,539
Professional fees and	專業費用及開支
expenses			(920)	(490)	–	(1,410)
Net inflow of cash and cash	出售附屬公司之
equivalents in respect of		現金及現金等同
the disposal subsidiaries		項目流入淨額	59,497	38,512	34,120	132,129

Notes:

附註：

(a) On 29 April 2019, the Group entered into a sale and purchase agreement with an independent third party to dispose of 50% equity interest in Oriental Sunlight for a total consideration of HK$60,417,000. The OS Group was principally engaged in property investment in Hong Kong. The transaction was completed on 6 May 2019. Upon completion of the disposal, Oriental Sunlight ceased to be a subsidiary of the Group and was owned as to 50% by the Group and 50% by the purchaser and Oriental Sunlight was then accounted for as a joint venture of the Group.
(a) 於二零一九年四月二十九日，本集團與一名獨立第三方訂立買賣協議，以出售Oriental Sunlight 50% 股權，代價總額為 60,417,000 港元。 OS 集團主要從事香港物業投資。有關交易已於二零一九年五月六日完成。出售事項完成後， Oriental Sunlight 不再為本集團附屬公司，並由本集團及買家分別擁有 50% 及 50% 權益，而 Oriental Sunlight其後被視為本集團合營企業入賬。

196 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

35. DISPOSALS OF SUBSIDIARIES (CONTINUED)

35. 出售附屬公司（續）

For the year ended 31 March 2020 (Continued)

截至二零二零年三月三十一日止年度（續）

Notes: (Continued)

附註：（續）

(b) On 21 June 2019, the Group entered into a sale and purchase agreement with an independent third party to dispose of 50% equity interest in Milesville for a total consideration of HK$39,002,000. The Milesville Group was principally engaged in property investment in Hong Kong. The transaction was completed on 21 June 2019. Upon completion of the disposal, Milesville ceased to be a subsidiary of the Group and was owned as to 50% by the Group and 50% by the purchaser and Milesville was then accounted for as a joint venture of the Group.
(b) 於二零一九年六月二十一日，本集團與一名獨立第三方訂立買賣協議，以出售Milesville 50%股權，代價總額為 39,002,000 港元。Milesville 集團主要從事香港物業投資。有關交易已於二零一九年六月二十一日完成。出售事項完成後， Milesville不再為本集團附屬公司，並由本集團及買家分別擁有50%及50%權益，而Milesville其後被視為本集團合營企業入賬。
(c) On 26 July 2019, the Group entered into a shareholders’ agreement with two independent third parties to dispose of 60% equity interest in Inspiring Star by way of capital injection of an aggregate amount of HK$34,120,000 by the partners. The IS Group was principally engaged in property investment in Hong Kong. The transaction was completed on 26 July 2019. Upon completion of the disposal, Inspiring Star ceased to be a subsidiary of the Group and was owned as to 40% by the Group and 60% by the purchasers and Inspiring Star was then accounted for as a joint venture of the Group.
(c) 於二零一九年七月二十六日，本集團與兩名獨立第三方訂立股東協議，以合夥人注資的方式出售 Inspiring Star 60%股權，合共金額為34,120,000 港元。IS集團主要從事香港物業投資。有關交易已於二零一九年六月二十六日完成。出售事項完成後，Inspiring Star不再為本集團附屬公司，並由本集團及買家分別擁有 40% 及 60% 權益，而 Inspiring Star其後被視為本集團合營企業入賬。

36. NOTE TO THE CONSOLIDATED STATEMENT OF CASH FLOWS

36. 綜合現金流量表附註

(a) Major non-cash transactions

(a) 主要非現金交易

During the year ended 31 March 2020, the Group had non-cash additions to right-of-use assets included in property, plant and equipment and lease liabilities of HK$14,517,000 and HK$14,517,000, respectively, in respect of the lease arrangement for the office property.

截至二零二零年三月三十一日止年度，本集團就辦公室物業租賃安排的使用權資產及租賃負債的非現金增加分別為14,517,000港元及14,517,000 港元。

宏安地產有限公司 二零二一年年報 197

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

36. NOTE TO THE CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

36. 綜合現金流量表附註（續）

(b) Changes in liabilities arising from financing activities

(b) 融資活動產生之負債變動

==> picture [441 x 362] intentionally omitted <==

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

Interest-
bearing
bank and Lease
other loans liabilities
計息銀行及
其他貸款租賃負債
HK$’000 HK$’000
千港元千港元
–
At 1 April 2019 於二零一九年四月一日 4,038,009
Changes from financing cash flows 融資現金流量變動 (474,915) (3,290)
New lease 新租賃 – 14,517
Interest expense 利息開支 – 329
Interest paid classified as operating 分類為經營現金流量之
cash flows 已付利息 – (329)
–
Amortisation of loan procurement fee 貸款促成費攤銷 6,088
At 31 March 2020 and 1 April 2020 於二零二零年三月三十一日
及二零二零年四月一日 3,569,182 11,227
Changes from financing cash flows 融資現金流量變動 1,314,728 (4,787)
Interest expense 利息開支 – 322
Interest paid classified as operating 分類為經營現金流量之
cash flows 已付利息 – (322)
–
Amortisation of loan procurement fee 貸款促成費攤銷 15,296
At 31 March 2021 於二零二一年三月三十一日 4,899,206 6,440
----- End of picture text -----

(c) Total cash outflow for leases

(c) 租賃現金流出總額

==> picture [441 x 136] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Within operating activities 經營活動內 322 1,780
Within financing activities 融資活動內 4,787 3,290
5,109 5,070
----- End of picture text -----

198 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

37. COMMITMENTS

37. 承擔

The Group had the following capital commitments at the end of the reporting period:

於報告期末，本集團之資本承擔如下：

==> picture [463 x 162] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Contracted, but not provided for: 已訂約但未撥備：
Properties under development 發展中物業 388,001 416,441
–
Acquisition of investment properties 收購一間投資物業 34,200
Investments in joint ventures 投資合營企業 93,800 70,302
516,001 486,743
----- End of picture text -----

In addition, the Group’s share of the joint ventures’ own capital commitments, which are not included in the above, is as follows:

此外，本集團於合營企業自身資本承擔中之份額（不包括於上述內容中）如下：

==> picture [463 x 94] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Contracted, but not provided for 已訂約但未撥備 145,000 251,383
----- End of picture text -----

宏安地產有限公司 二零二一年年報 199

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

38. FINANCIAL GUARANTEES

38. 財務擔保

At the end of the reporting period, the Group has not given guarantees to a bank in connection with facilities granted to the WS Group, the EM Group and the IS Group as at 31 March 2021 (2020: up to HK$1,617,593,000 and were utilised to the extent of HK$1,090,492,000).

於報告期末，本集團並無就於二零二一年三月三十一日向 WS 集團、 EM 集團及 IS 集團授予的融資（二零二零年：最多 1,617,593,000港元，而有關融資已動用至 1,090,492,000港元）向銀行作出擔保。

The Group does not hold any collateral or other credit enhancements over the guarantees. The financial guarantee contracts are measured at the higher of the ECLs allowance and the amount initially recognised less the cumulative amount of income recognised. The ECLs allowance is measured by estimating the cash shortfalls, which are based on the expected payments to reimburse the holders for a credit loss that it incurs less any amounts that the Group expects to receive from the debtor. The amount initially recognised represents the fair value at initial recognition of the financial guarantees.

本集團並無就擔保持有任何抵押品或其他信貸保證。財務擔保合同按預期信貸虧損撥備及初步確認金額減已確認收入累計金額的較高者計量。預期信貸虧損撥備乃透過估計現金短缺計量，現金短缺是基於償還持有人所產生信貸虧損的預期款項減本集團預期自債務人收取的任何金額。初步確認金額指財務擔保初步確認的公平值。

At the end of both reporting periods, the Group did not recognise any liabilities in respect of such corporate financial guarantees as the directors of the Company consider that the possibility of default of the parties involved is remote; accordingly, no value has been recognised at the inception of these guarantee contracts and at the end of the each reporting period.

於兩個報告期末，本集團並無就該等公司財務擔保確認任何負債，因為本公司董事認為所參與人士違約的可能性微細，因此於等擔保合約開始及於各報告期末並無確認價值。

200 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

39. RELATED PARTY TRANSACTIONS

39. 關連人士交易

In addition to the transactions detailed elsewhere in these financial statements, the Group had the following material transactions with related parties during the year:

除該等財務報表其他章節詳述之交易外，本集團於期內曾與關連人士進行下列重大交易：

(a) Transactions with related parties

(a) 與關連人士之交易

==> picture [440 x 444] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
Notes HK$’000 HK$’000
附註千港元千港元
Rental and management charge 來自位元堂藥業控股有 (i)
income from a subsidiary 限公司（「位元堂」）
of Wai Yuen Tong Medicine 一間附屬公司的租金
Holdings Limited (“ WYT ”) 及管理費用收入 2,430 2,227
License income from a subsidiary 來自位元堂一間附屬 (i)
of WYT 公司的專利收入 75 –
Rental income from a subsidiary 來自宏安一間附屬 (i)
of WOG 公司的租金收入 454 111
Rental expense paid to a 向位元堂一間附屬公司 (i)
subsidiary of WYT 支付的租金開支 – 1,991
Rental expense paid to a 向位元堂一間附屬公司 (i)
subsidiary of WYT 支付的租金開支 – 4,837
Purchases of products from a 向位元堂一間附屬公司 (iii)
subsidiary of WYT 購買的產品 455 308
Acquisition of right-of-use 收購使用權資產
assets – 14,517
Management fee income from the 來自WS集團的管理費 (ii)
WS Group 收入 7,000 12,000
Management fee income from the 來自OS集團的管理費 (ii)
OS Group 收入 3,211 2,815
Management fee income from the 來自Milesville集團的 (ii)
Milesville Group 管理費收入 3,375 2,515
Agency fee income from the OS 來自OS集團的代理費 (ii)
Group 收入 467 322
Agency fee income from the 來自Milesville集團的 (ii)
Milesville Group 代理費收入 590 –
Rental income from a director 來自一名董事的租金 (iv)
收入 960 960
----- End of picture text -----

These related party transactions constituted continuing connected transactions as defined in Chapter 14A of the Listing Rules.
該等關連人士交易亦構成上市規則第14A 章所界定之持續關連交易。

** These related party transactions constituted connected transactions as defined in Chapter 14A of the Listing Rules.

** 該等關連人士交易亦構成上市規則第14A 章所界定之關連交易。

宏安地產有限公司 二零二一年年報 201

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

39. RELATED PARTY TRANSACTIONS (CONTINUED)

39. 關連人士交易（續）

(a) Transactions with related parties (Continued)

(a) 與關連人士之交易（續）

Notes:

附註：

(i) The transactions were based on terms mutually agreed between the Group and the related party.
(i) 該等交易乃按照本集團與關連人士互相協定之條款進行。
(ii) The transactions were based on terms mutually agreed between the Group and the joint ventures.
(ii) 該等交易乃按照本集團與合營企業互相協定之條款進行。
(iii) The purchases from a subsidiary of WYT were made according to the published prices and conditions offered by a subsidiary of WYT to its customers.
(iii) 向位元堂一間附屬公司購買產品乃根據已發佈之價格及位元堂之一間附屬公司向其客戶提供之條件作出。
(iv) A property of the Group was leased to a director at monthly rental of HK$80,000 (2020: HK$80,000). The rental was determined with reference to the prevailing market rates.
(iv) 本集團向一名董事出租一項物業，月租 80,000港元（二零二零年：80,000港元）。租金參照現行市場費率釐定。
(b) Compensation of key management personnel of the Group
(b) 本集團主要管理人員之補償

==> picture [441 x 149] intentionally omitted <==

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

2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Short term employment benefits 短期僱員福利 8,098 7,008
Post-employment benefits 退休福利 72 66
Total compensation paid to key 支付予主要管理人員之
management personnel 補償總額 8,170 7,074
----- End of picture text -----

The above compensation of key management personnel excludes the directors’ remuneration, details of which are set out in note 8 to the financial statements.

上述主要管理人員之補償不包括董事酬金，詳情載於財務報表附註8。

202 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021

二零二一年三月三十一日

39. RELATED PARTY TRANSACTIONS (CONTINUED)

39. 關連人士交易（續）

(c) The Group has given guarantees to a bank in connection with facilities granted to the WS Group, the EM Group and the IS Group, further details of the guarantee by the Group are disclosed in note 38 to the financial statements. The Group did not recognise any liabilities in respect of such financial guarantees as the directors of the Company consider that the fair values of these financial guarantee contracts at their initial recognition and at the end of the reporting period are insignificant.
(c) 本集團已就授予WS集團、EM集團及 IS集團的融資向銀行提供擔保，有關擔保的進一步詳情於財務報表附註38 披露。本公司董事認為該等融資擔保合約於初步確認時及於報告期末的公平值並不重大，故本集團並無就該等融資擔保確認任何負債。

40. FINANCIAL INSTRUMENTS BY CATEGORY

40. 按類別劃分之金融工具

Except for debt investments at fair value through other comprehensive income, financial assets at fair value through profit or loss and derivative financial instruments, as disclosed in notes 19, 20 and 27, respectively, to the financial statements, all other financial assets and liabilities of the Group as at 31 March 2021 and 2020 were financial assets at amortised cost and financial liabilities at amortised cost, respectively.

除分別在財務報表附註19、20及27中披露按公平值計入其他全面收益之債務投資，按公平值計入損益之金融資產及衍生金融工具外，本集團於二零二一年及二零二零年三月三十一日所有其他金融資產及負債按攤餘成本分別分類為金融資產及負債。

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

41. 金融工具公平值及公平值等級

Management has assessed that the fair values of cash and bank balances, financial assets included in prepayments, other receivables and other assets, loan and interest receivables, trade payables, financial liabilities included in other payables and accruals and the current portion of interest-bearing bank borrowings approximate to their carrying amounts largely due to the short term maturities of these instruments.

管理層已評估現金及銀行結餘、計入預付款項的金融資產、其他應收款項及其他資產、應收貸款及利息、貿易應付款項、計入其他應付款項及應計費用的金融負債以及計息銀行貸款之即期部分之公平值與其各自之賬面值相若，主要由於該等工具於短期內到期。

宏安地產有限公司 二零二一年年報 203

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (CONTINUED)

41. 金融工具公平值及公平值等級（續）

The Group’s finance department headed by the directors is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance department reports directly to the directors and the audit committee. At each reporting date, the finance department analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the directors. The valuation process and results are discussed with the audit committee twice a year for interim and annual financial reporting.

本集團以董事為首之財務部負責釐定金融工具公平值計量之政策及程序。財務部直接向董事及審核委員會報告。於各報告日期，財務部分析金融工具之價值變動並釐定估值中適用之主要輸入數據。估值由董事審核及批准。估值過程及結果由審核委員會每年討論兩次，以便呈列中期及年度財務報告。

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

金融資產及負債之公平值按金融工具可由自願各方在現有交易中可交換之金額入賬，惟強制或清算銷售除外。估計公平值時所用之方法及假設載述如下：

(a) The fair values of listed debt instruments at fair value are based on quoted market prices.
(a) 債務工具的公平值乃基於市場報價。
(b) The Group enters into derivative financial instruments with various counterparties, principally financial institutions of creditworthy banks. Derivative financial instruments including interest rate swaps are measured using valuation techniques similar to forward pricing and swap models, using present value calculations. The models incorporate various market observable inputs including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves.
(b) 本集團與多個交易對手（主要是信譽良好的銀行的金融機構）訂立衍生金融工具。包括利率掉期在內的衍生金融工具使用類似於遠期定價和掉期模型的估值技術，使用現值計算進行計量。該模型結合各種市場可觀察的輸入數據，包括交易對手的信用質量、外匯即期及遠期利率以及利率曲線。

The carrying amounts of interest rate swaps are the same as their fair values.

利率掉期的賬面金額與其公平值相同。

(c) The Group invests in unlisted fund investment. The Group has estimated the fair value of this unlisted fund investment by using a discounted cash flow valuation model based on the market interest rates of instruments with similar terms and risks.
(c) 本集團投資於非上市基金投資。本集團已根據條款及風險相若的工具的市場利率，採用貼現現金流量估值模型估計該非上市基金投資的公平值。

204 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (CONTINUED)

41. 金融工具公平值及公平值等級（續）

(d) The fair values of the non-current portion of interestbearing bank and other borrowings have been calculated by discounting the expected future cash flows using rates currently available for instruments with similar terms, credit risk and remaining maturities. The Group’s own non-performance risk for interestbearing bank and other borrowings as at 31 March 2021 was assessed to be insignificant.
(d) 計息銀行及其他貸款的非流動部分的公平值乃通過使用具有類似條款、信用風險及剩餘期限的工具的當前可用利率貼現預期的未來現金流量來計算。於二零二一年三月三十一日，本集團自身對計息銀行及其他貸款的非履約風險評估為並不重大。

Below is a summary of significant unobservable inputs to the valuation of financial instruments together with a quantitative sensitivity analysis as at 31 March 2021 and 2020:

下文為於二零二一年及二零二零年三月三十一日金融工具估值中重大不可觀察輸入數據及定量敏感性分析的摘要：

==> picture [464 x 76] intentionally omitted <==

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

Significant Range/
Valuation unobservable weighted Sensitivity of
technique input average fair value to the input
重大不可觀察範圍
估值技術輸入數據 ╱加權平均公平值對輸入數據的敏感性
----- End of picture text -----

As at 31 March 2021
於二零二一年三月三十一日
Unlisted fund investment classified as	Discounted cash	Credit spread	2.6% to	1% increase/(decrease) in discount rate
financial assets at fair value through	flow method		8.0%	would result in (decrease)/increase
profit or loss				in fair value by (HK$514,000)/
				HK$517,000
分類為按公平值計入損益的金融資產之	現金流量貼現法	信用利差	2.6%至8.0%	貼現率增加╱（減少）1%將導致公平
非上市基金投資				值（減少）╱增加（514,000港元）╱
				517,000港元
As at 31 March 2020
於二零二零年三月三十一日
An unlisted fund investment classified	Discounted cash	Credit spread	9.0%	1% increase/(decrease) in discount rate
as financial assets at fair value	flow method			would result in (decrease)/increase
through profit or loss				in fair value by (HK$236,000)/
				HK$236,000
分類為按公平值計入損益的金融資產之	現金流量貼現法	信用利差	9.0%	貼現率增加╱（減少）1%會導致
非上市基金投資				公平值（減少）╱增加
				（236,000港元）╱236,000港元

宏安地產有限公司 二零二一年年報 205

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (CONTINUED)

41. 金融工具公平值及公平值等級（續）

Fair value hierarchy

公平值等級

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments:

下表列示本集團金融工具的公平值計量等級：

Assets measured at fair value

As at 31 March 2021

按公平值計量的資產於二零二一年三月三十一日

==> picture [463 x 323] intentionally omitted <==

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

Fair value measurement using
公平值計量使用
Quoted
prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
活躍市場中重大可觀察重大不可觀察
的報價的輸入數據的輸入數據
（第一層）（第二層）（第三層）總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
Debt investments at fair value 按公平值計入其他全面
through other comprehensive 收益之債務投資：
income:
Listed debt investments 上市債務投資 315,968 – – 315,968
Financial assets at fair value through 按公平值計入損益之
profit or loss: 金融資產：
Unlisted fund investments 非上市基金投資 – – 55,213 55,213
–
315,968 55,213 371,181
----- End of picture text -----

206 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (CONTINUED)

41. 金融工具公平值及公平值等級（續）

Fair value hierarchy (Continued)

公平值等級（續）

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: (Continued)

下表列示本集團金融工具的公平值計量等級：（續）

Assets measured at fair value (Continued) As at 31 March 2020

按公平值計量之資產（續）於二零二零年三月三十一日

	Fair value measurement using
	公平值計量使用

	Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total
	活躍市場中的報價（第一層）重大可觀察的輸入數據（第二層）重大不可觀察的輸入數據（第三層）總計
	HK$’000 HK$’000 HK$’000 HK$’000
	千港元千港元千港元千港元

Debt investments at fair value through other comprehensive income: 按公平值計入其他全面收益之債務投資： Listed debt investments 上市債務投資 Financial assets at fair value through profit or loss: 按公平值計入損益之金融資產： Unlisted fund investment 非上市基金投資	315,210 – – 315,210 – – 13,871 13,871
	315,210 – 13,871 329,081

宏安地產有限公司 二零二一年年報 207

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (CONTINUED)

41. 金融工具公平值及公平值等級（續）

Fair value hierarchy (Continued)

公平值等級（續）

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: (Continued)

下表列示本集團金融工具的公平值計量等級：（續）

Liabilities measured at fair value As at 31 March 2021

按公平值計量之負債於二零二一年三月三十一日

==> picture [463 x 227] intentionally omitted <==

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

Fair value measurement using
公平值計量使用
Quoted
prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3) Total
活躍市場中重大可觀察重大不可觀察
的報價的輸入數據的輸入數據
（第一層）（第二層）（第三層）總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
Financial assets at fair value through 按公平值計入損益之
profit or loss: 金融資產：
Derivative financial instruments 衍生金融工具 – 18,230 – 18,230
----- End of picture text -----

208 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

41. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS (CONTINUED)

41. 金融工具公平值及公平值等級（續）

Fair value hierarchy (Continued)

公平值等級（續）

The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: (Continued)

下表列示本集團金融工具的公平值計量等級：（續）

Liabilities measured at fair value (Continued) As at 31 March 2020

按公平值計量之負債（續）於二零二零年三月三十一日

	Fair value measurement using
	公平值計量使用

	Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total
	活躍市場中的報價（第一層）重大可觀察的輸入數據（第二層）重大不可觀察的輸入數據（第三層）總計
	HK$’000 HK$’000 HK$’000 HK$’000
	千港元千港元千港元千港元

Financial assets at fair value through profit or loss: 按公平值計入損益之金融資產： Derivative financial instruments 衍生金融工具	– 4,401 – 4,401

During the year, there were no transfers of fair value measurements between Level 1 and Level 2 (2020: Nil) and no transfer into or out of Level 3 for both financial assets and financial liabilities (2020: Nil).

年內，金融資產及金融負債之公平值計量並無於第一層及第二層之間轉移（二零二零年：無），亦無任何資產轉入或轉出第三層（二零二零年：無）。

宏安地產有限公司 二零二一年年報 209

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

42. 財務風險管理目標及政策

The Group’s principal financial instruments, other than derivatives, comprise other receivables, loan and interest receivables, deposits, financial assets at fair value through profit or loss, debt investments at fair value through other comprehensive income, other payables and accruals, cash and bank balances and bank and other borrowings. The purpose of these financial instruments is to raise finance for the Group’s operations. The Group has various other financial liabilities such as trade payables, which arise directly from its operations.

除衍生工具外，本集團之主要金融工具包括其他應收款項、應收貸款及利息、按公平值計入損益之金融資產、按公平值計入其他全面收益之債務工具、按金、應付賬款、其他應付款項及應計費用、現金及銀行結餘以及銀行及其他借貸。該等金融工具的目的乃為本集團的運營籌集資金。本集團有各種其他金融負債，例如直接來自其業務的貿易應付款項。

The Group also enters into derivative transactions, including interest rate swaps. The purpose is to manage the interest rate risks arising from the Group’s sources of finance.

本集團亦進行衍生工具交易，包括利率掉期。目的是管理由本集團的資金來源引起的利率風險。

The main risks arising from the Group’s financial instruments are interest rate risk, credit risk and liquidity risk. The board of directors reviews and agrees policies for managing each of these risks and they are summarised below.

本集團金融工具所產生之主要風險為利率風險、信貸風險及流動資金風險。董事會審核並協定管理每項該等風險之政策。該等政策於下文概述。

Interest rate risk

利率風險

The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s bank loans with floating interest rates. The Group’s policy is to manage its interest cost using a mix of fixed and variable rate debts. To manage this mix in a cost-effective manner, the Group enters into interest rate swaps, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. At 31 March 2021, after taking into account the effect of the interest rate swaps, approximately 34.7% (2020: 33.6%) of the Group’s borrowings were at fixed interest rates.

本集團面臨的市場利率變動風險主要來自本集團按浮動利率計息之銀行貸款。本集團的政策是使用固定利率及浮動利率債務來管理其利息成本。為了以具有成本效益的方式管理此混合資產，本集團進行了利率掉期，在該利率掉期中，本集團同意在指定的時間間隔內交換參考商定的名義本金計算出的固定利率和浮動利率之間的差額。於二零二一年三月三十一日，經計量及利率掉期的影響，本集團約34.7%（二零二零年：33.6%）的借款為固定利率。

210 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

The following table demonstrates the sensitivity to a reasonably possible change in interest rate, with all other variables held constant, of the Group’s profit before tax. There is no material impact on other components of the Group’s equity.

下表列示在所有其他可變因素保持不變之情況下，本集團除稅前溢利對利率出現合理可能變動時之敏感度。有關變動不會對本集團權益之其他組成部分造成重大影響。

		Increase/ (decrease) in basis points 基點增加╱（減少）	Increase/ (decrease) in profit before tax 除稅前溢利增加╱（減少） HK$’000 千港元
2021	二零二一年
HK$ HK$	港元港元	100 (100)	(31,969) 31,969

2020	二零二零年
HK$	港元	100	(33,702)
HK$	港元	(100)	33,702

Credit risk

信貸風險

The Group’s credit risk is primarily attributable to cash and cash equivalents, debt investments at fair value through other comprehensive income, financial assets at fair value through profit or loss, loan and interest receivables, other receivables and certain derivative instruments, arises from default of the counterparty, with a maximum exposure equal to the carrying amounts of these instruments. Management has a credit policy in place and the exposures to these credit risks are monitored on an ongoing basis.

本集團的信貸風險主要來自現金及現金等同項目，按公平值計入其他全面收益之債務投資、按公平值計入損益之金融資產，應收貸款及利息、其他應收款項及若干衍生工具，其因交易對手違約而產生，最高風險等於該等工具之賬面值。管理層已制訂信貸政策，並持續監控該等信貸風險的風險。

In respect of loan and interest receivables, credit evaluations are performed on all customers requiring credit over a certain amount.

就應收貸款及利息而言，本集團會對所有要求賒欠一定數額之客戶作出信貸評估。

宏安地產有限公司 二零二一年年報 211

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

Credit risk (Continued)

利率風險（續）

Maximum exposure and year-end staging

The table below shows the credit quality and the maximum exposure to credit risk based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and year-end staging classification as at 31 March.

最大風險及年結階段

下表載列基於本集團信貸政策的信貸質素及最高信貸風險，主要基於逾期資料（除非其他資料可在無需付出不必要成本或努力的情況下獲得）及於三月三十一日的年結階段分類。

As at 31 March 2021

於二零二一年三月三十一日

==> picture [463 x 349] intentionally omitted <==

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

12-month
ECLs Lifetime ECLs
12個月預期
信貸虧損全期預期信貸虧損
Simplified
Stage 1 Stage 2 Stage 3 approach Total
第一階段第二階段第三階段簡化方式總計
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
Debt investments at 按公平值計入
fair value through 其他全面收益
other comprehensive 之債務投資
income
– B – B級 315,968 – – – 315,968
Loan and interest 應收貸款及利息
receivables 56,506 – – – 56,506
Financial assets included 計入預付款項、
in prepayments, other 其他應收款項及
receivables and other 其他資產的金融
assets – Normal 資產 [—] 正常 519,919 – – – 519,919
Cash and cash 現金及現金等同
equivalents 項目 826,503 – – – 826,503
– – –
1,718,896 1,718,896
----- End of picture text -----

212 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續） 31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

Credit risk (Continued)

利率風險（續）

Maximum exposure and year-end staging (Continued)

最大風險及年結階段（續）

As at 31 March 2020

於二零二零年三月三十一日

	12-month ECLs	Lifetime ECLs
	12個月預期信貸虧損	全期預期信貸虧損

	Stage 1	Stage 2 Stage 3 Simplified approach Total
	第一階段	第二階段第三階段簡化方式總計
	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

Debt investments at fair value through other comprehensive income 按公平值計入其他全面收益之債務投資 – BBB to B – BBB級至B級 Loan and interest receivables 應收貸款及利息 Financial assets included in prepayments, other receivables and other assets – Normal 計入預付款項、其他應收款項及其他資產的金融資產—正常 Cash and cash equivalents 現金及現金等同項目	315,210 52,526 457,533 853,619	– – – 315,210 – – – 52,526 – – – 457,533 – – – 853,619
	1,678,888	– – – 1,678,888

The credit quality of the financial assets included in prepayments, other receivables and other assets is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.
倘若未逾期及並無資料顯示金融資產自初步確認以來信貸風險大幅增加，則計入預付款項、其他應收款項及其他資產的金融資產的信貸質素被視為「正常」。否則，金融資產的信貸質素被視為「存疑」。

宏安地產有限公司 二零二一年年報 213

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

Liquidity risk

流動資金風險

The Group monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial instruments and financial assets and projected cash flows from operations.

本集團採用經常性流動資金計劃工具以監控資金短缺之風險。此項工具計算金融工具及金融資產之到期情況及經營活動之預計現金流量。

The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans.

本集團之目標為致力透過利用銀行貸款，確保資金持續性與靈活性兼備。

The maturity profile of the Group’s financial liabilities as at the end of the reporting period, based on the contractual undiscounted payments, was as follows:

於報告期末，根據合約未貼現付款，本集團金融負債之到期情況如下：

==> picture [463 x 362] intentionally omitted <==

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

2021
二零二一年
On demand
or within 1 to 3 to
1 year 2 years 5 years Total
按要求
或一年內一至兩年三至五年總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
Bank borrowings (note) 銀行貸款（附註） 2,019,540 1,076,230 1,730,158 4.825,928
Lease liabilities 租賃負債 5,109 1,675 – 6,784
–
Other borrowings 其他借款 12,135 214,406 226,541
Trade payables 應付賬款 29,278 – – 29,278
Other payables and accruals 其他應付款項及
excluding lease liabilities 應計費用，
– –
不包括租賃負債 74,481 74,481
2,140,543 1,292,311 1,730,158 5,163,012
Financial guarantees given to 與授予合營企業的
banks in connection with 設施有關的銀行
facilities granted to joint 財務擔保：
ventures:
Facilities not yet drawn by 合營企業尚未提取的
joint ventures (note 38) 融資（附註 38） 128,000 – – 128,000
----- End of picture text -----

214 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

Liquidity risk (Continued)

流動資金風險（續）

			On demand or within 1 year 按要求或一年內 HK$’000 千港元	2020 二零二零年 1 to 2 years 3 to 5 years 一至兩年三至五年 HK$’000 HK$’000 千港元千港元	2020 二零二零年 1 to 2 years 3 to 5 years 一至兩年三至五年 HK$’000 HK$’000 千港元千港元	Total 總計 HK$’000 千港元
Bank borrowings (note)	銀行貸款（附註）		1,189,923	1,125,138	1,280,802	3,595,863
Lease liabilities	租賃負債		5,109	5,109	1,675	11,893
Other borrowings	其他借款		11,938	11,938	210,908	234,784
Trade payables	應付賬款		33,433	–	–	33,433
Other payables and accruals	其他應付款項及
excluding lease liabilities		應計費用，
		不包括租賃負債	70,538	–	–	70,538
			1,310,941	1,142,185	1,493,385	3,946,511
Financial guarantees given to	與授予合營企業的
banks in connection with		設施有關的銀行
facilities granted to joint		財務擔保：
ventures:
Facilities not yet drawn by		合營企業尚未提取的
joint ventures (note 38)		融資（附註38）	527,101	–	–	527,101
Facilities drawn by joint		合營企業已提取的
ventures (note 38)		融資（附註38）	1,090,492	–	–	1,090,492

宏安地產有限公司 二零二一年年報 215

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

Liquidity risk (Continued)

流動資金風險（續）

Note:

附註：

Included in interest-bearing bank borrowings of the Group are term loans with aggregate principal amounts of HK$748,125,000 and HK$796,582,000 as at 31 March 2021 and 31 March 2020, respectively, of which the respective loan agreements contain a repayment on-demand clause giving the bank the unconditional right to call in the loans at any time and therefore, for the purpose of the above maturity profile, the total amount are classified as “on demand”.

本集團之計息銀行貸款包括於二零二一年三月三十一日及二零二零年三月三十一日本金總額分別為 748,125,000港元及796,582,000港元之定期貸款，其中相關貸款協議包含按要求償還條款，賦予銀行無條件權利可隨時要求償還貸款，因此就上述到期情況而言，總額分類作「按要求」。

Notwithstanding the above clause, the directors do not believe that these loans will be called in their entirety within 12 months, and they consider that the loans will be repaid in accordance with the maturity dates as set out in the respective loan agreements. This evaluation was made considering: the financial position of the Group at the date of approval of the financial statements; the Group’s compliance with the loan covenants; the lack of events of default, and the fact that the Group has made all previously scheduled repayments on time. In accordance with the terms of the loans, the contractual undiscounted payments are as follows:

儘管附帶上述條款，董事認為本公司不會被要求於十二個月內全部償還該等貸款，且彼等認為有關貸款將根據相關貸款協議所載之到期日償還。作出本評估時已考慮：本集團於財務報表獲批准日期之財務狀況；本集團遵守貸款契據之情況；未曾發生違約事件；以及本集團以往皆按時還款。根據貸款條款，合約未貼現付款如下：

				Within 1 year 一年內 HK$’000 千港元	1 to 2 years 一至兩年 HK$’000 千港元	3 to 5 years 三至五年 HK$’000 千港元	Total 總計 HK$’000 千港元

31	March	2021	二零二一年三月三十一日	677,504	37,224	46,716	761,444
31	March	2020	二零二零年三月三十一日	83,741	752,965	73,944	910,650

216 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

42. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

42. 財務風險管理目標及政策（續）

Capital management

資本管理

The Group monitors capital using a debt-to adjusted capital ratio, which is net debt divided by total equity. Net debt includes interest-bearing bank and other borrowings, less cash and bank balances. Adjusted capital comprises all components of equity (i.e., share capital, reserves and noncontrolling interests). The Group’s policy is to maintain a stable debt-to-adjusted capital ratio. The debt-to-adjusted capital ratios as at the end of the reporting periods were as follows:

本集團使用負債對經調整資本比率監察資本。該比率是按淨負債除經調整資本計算。淨負債包括計息銀行及其他貸款減現金及銀行結餘。經調整資本包括權益之所有組成部分（即股本、儲備及非控股權益）。本集團之政策為維持穩定負債對經調整資本比率。於報告期末之負債對經調整資本比率如下：

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
Interest-bearing bank and other 計息銀行及其他貸款
borrowings 4,899,206 3,569,182
Less: Cash and bank balances 減：現金及銀行結餘 (826,503) (853,619)
Net debt 淨負債 4,072,703 2,715,563
Total equity 權益總額 5,034,296 4,715,912
Debt-to-adjusted capital 負債對經調整資本比率 80.90% 57.58%
----- End of picture text -----

宏安地產有限公司 二零二一年年報 217

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

43. STATEMENT OF FINANCIAL POSITION 43. 本公司之財務狀況表 OF THE COMPANY

Information about the statement of financial position of the Company at the end of the reporting period is as follows:

有關於報告期末本公司財務狀況表之資料如下：

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2021 2020
二零二一年二零二零年
HK$’000 HK$’000
千港元千港元
NON-CURRENT ASSETS 非流動資產
– –
Interest in a subsidiary 於一間附屬公司之權益
Investments in joint ventures 投資合營企業 384,395 876,379
Total non-current assets 非流動資產總額 384,395 876,379
CURRENT ASSETS 流動資產
Loan and interest receivables 應收貸款 14,982 30,285
Prepayments, other receivables and 預付款項、其他應收款項及
other assets 其他資產 22,077 6,173
Due from a subsidiary 應收一間附屬公司款項 5,962,390 4,604,318
Cash and cash equivalents 現金及現金等同項目 414,775 450,730
Total current assets 總流動資產 6,414,224 5,091,506
CURRENT LIABILITIES 流動負債
Other payables and accruals 其他應付款項及應計費用 11,532 11,851
Derivative financial instruments 衍生金融工具 5,356 4,401
Interest-bearing bank borrowings 計息銀行貸款 138,755 144,218
Due to subsidiaries 應付附屬公司款項 3,413,337 2,490,285
Tax payable 應付稅項 9,217 16,992
Total current liabilities 總流動負債 3,578,197 2,667,747
NET CURRENT ASSETS 流動資產淨值 2,836,027 2,423,759
TOTAL ASSETS LESS CURRENT 總資產減流動負債
LIABILITIES 3,220,422 3,300,138
NON-CURRENT LIABILITIES 非流動負債
Derivative financial instruments 衍生金融工具 12,874 –
Net assets 資產淨值 3,207,548 3,300,138
EQUITY 權益
Issued capital 已發行股本 15,200 15,200
Reserves (note) 儲備（附註） 3,192,348 3,284,938
Total equity 權益總額 3,207,548 3,300,138
----- End of picture text -----

Wong Chin Han 黃靜嫻 Director 董事

Tang Ho Hong 鄧灝康 Director 董事

218 Wang On Properties Limited Annual Report 2021

NOTES TO FINANCIAL STATEMENTS (CONTINUED) 財務報表附註（續）

31 March 2021 二零二一年三月三十一日

43. STATEMENT OF FINANCIAL POSITION OF THE COMPANY (CONTINUED)

43. 本公司之財務狀況表（續）

Note:

附註：

A summary of the Company’s reserves is as follows:

本公司之儲備概要如下：

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

Share Contributed Retained
premium surplus profits Total
股份溢價實繳盈餘保留溢利總額
HK$’000 HK$’000 HK$’000 HK$’000
千港元千港元千港元千港元
At 1 April 2019 於二零一九年四月一日 316,889 2,047,989 1,120,885 3,485,763
Profit and total comprehensive 本年度溢利及全面收益總額
income for the year – – 49,215 49,215
2019 final dividend proposed and 已建議及派付之
paid 二零一九年末期股息 – – (106,400) (106,400)
2019 special dividend proposed and 已建議及派付之
paid 二零一九年特別股息 – – (143,640) (143,640)
At 31 March 2020 and 1 April 2020 於二零二零年三月三十一日及
二零二零年四月一日 316,889 2,047,989 920,060 3,284,938
Profit and total comprehensive income 本年度溢利及全面收益總額
for the year – – 16,850 16,850
2020 final dividend proposed and 已建議及派付之
paid 二零二零年末期股息 – – (109,440) (109,440)
At 31 March 2021 於二零二一年三月三十一日 316,889 2,047,989 827,470 3,192,348
----- End of picture text -----

44. COMPARATIVE AMOUNTS

44. 比較金額

Certain comparative amounts have been re-presented to conform with the current year’s presentation.

苦干比較金額已被重列以符合本年度的呈列。

45. APPROVAL OF THE FINANCIAL STATEMENTS

45. 財務報表之批准

The financial statements were approved and authorised for issue by the board of directors on 28 June 2021.

財務報表已於二零二一年六月二十八日經由董事會批准及授權刊發。

宏安地產有限公司 二零二一年年報 219

PARTICULARS OF KEY PROPERTIES 主要物業詳情

INVESTMENT PROPERTIES

投資物業

Location 地點	Use 用途	Use 用途	Tenure 租期	Attributable interest of the Group 本集團應佔權益

Office on 30th Floor,	Commercial premises		Long term lease	100%
United Centre, No.95 Queensway,		for rental
Hong Kong
香港金鐘道95號統一中心30樓辦公室	商業出租		長期租約

PROPERTIES HELD FOR SALE

持有待售物業

Location 地點	Approximate saleable floor area 概約實用面積 (square feet) （平方呎）	Use 用途	Attributable interest of the Group 本集團應佔權益
Nos. 575–575A, Nathan Road,	15,000	Commercial	100%
Mong Kok, Kowloon
九龍旺角彌敦道575–575A號		商業

PROPERTIES UNDER DEVELOPMENT

發展中物業

Location 地點	Approximate site area 概約地盤面積 (square feet) （平方呎）	Approximate gross floor area 概約總建築面積 (square feet) （平方呎）	Use 用途	Use 用途	Anticipated year of completion 預期竣工年度	Stage of completion 完成階段	Interest attributable to the Group 本集團應佔權益

50-62 Larch Street and 6-8 Lime Street,	6,800	61,500	Residential and		2024	Demolition in progress	100%
Tai Kok Tsui				Commercial
大角咀洋松街50-62號及菩提街6-8號			住宅及商業		二零二四年	正在拆卸
101 and 111, King’s Road	12,400	129,400	Residential and		2025	Planning in progress	40%
				Commercial
英皇道101及111號			住宅及商業		二零二五年	正在規劃
Nos. 86A-86D Pokfulam Road	28,500	28,500	Residential		2023	Construction in progress	70%
薄扶林道86A至86D號			住宅		二零二三年	在建
Junction of Liu To Road and Hang Mei Street	14,400	90,000	Residential and		2022	Construction in progress	100%
(Tsing Yi Town Lot No. 192)				Commercial
寮肚路及亨美街交界（青衣市地段第192號）			住宅及商業		二零二二年	在建

220 Wang On Properties Limited Annual Report 2021

FIVE YEAR FINANCIAL SUMMARY 五年財務概要

A summary of the results and of the assets, liabilities and noncontrolling interests of the Group for the last five financial years, as extracted from the published audited financial statements and prospectus as restated as appropriate, is set out below.

下表載列本集團於過往五個財政年度之業績及資產、負債及非控股權益概要，內容摘錄自已刊發之經審核財務報表及招股章程，並已在適當情況下重列。

RESULTS

業績

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Year ended 31 March
截至三月三十一日止年度
2021 2020 2019 2018 2017
二零二一年二零二零年二零一九年二零一八年二零一七年
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
REVENUE 收入 314,806 2,372,090 2,831,757 1,351,843 152,417
PROFIT BEFORE TAX 除稅前溢利 476,961 617,186 1,000,793 2,004,953 24,210
Income tax credit/(expense) 所得稅抵免╱（開支） (8,784) (145,308) (170,550) (60,582) 4,175
PROFIT FOR THE YEAR 本年度溢利 468,177 471,878 830,243 1,944,371 28,385
Attributable to: 應佔：
Owners of the parent 母公司擁有人 466,745 457,320 500,302 1,808,456 38,816
Non-controlling interests 非控股權益 1,432 14,558 329,941 135,915 (10,431)
468,177 471,878 830,243 1,944,371 28,385
----- End of picture text -----

ASSETS, LIABILITIES AND NON-CONTROLLING 資產、負債及非控股權益 INTERESTS

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At 31 March
於三月三十一日
2021 2020 2019 2018 2017
二零二一年二零二零年二零一九年二零一八年二零一七年
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
TOTAL ASSETS 總資產 10,203,073 8,738,409 11,070,337 10,147,702 8,028,055
TOTAL LIABILITIES 總負債 (5,168,777) (4,022,497) (6,580,881) (5,963,788) (5,636,441)
NON-CONTROLLING 非控股權益
INTERESTS (11,279) (42,647) (28,089) (124,170) 11,745
5,023,017 4,673,265 4,461,367 4,059,744 2,403,359
----- End of picture text -----

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AI assistant

Wang On Properties Limited — Annual Report 2021

49795_rns_2021-07-27_76919782-0a42-485b-b149-3398edfe6b17.pdf

CONTENTS 目錄

CORPORATE INFORMATION 公司資料

BOARD OF DIRECTORS

Executive Directors

Independent Non-executive Directors

AUDIT COMMITTEE

REMUNERATION COMMITTEE

NOMINATION COMMITTEE

董事會

執行董事

獨立非執行董事

審核委員會

薪酬委員會

提名委員會

CORPORATE INFORMATION (CONTINUED) 公司資料（續）

EXECUTIVE COMMITTEE

常務委員會

COMPANY SECRETARY

公司秘書

AUTHORISED REPRESENTATIVES

授權代表

AUDITOR

核數師

LEGAL ADVISERS

法律顧問

PRINCIPAL BANKERS

主要往來銀行

CORPORATE INFORMATION (CONTINUED) 公司資料（續）

REGISTERED OFFICE

註冊辦事處

HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG

香港總辦事處及主要營業地點

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN BERMUDA

百慕達股份過戶及轉讓登記總處

BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG

香港股份過戶及轉讓登記分處

BOARD LOT

每手股數

CORPORATE INFORMATION (CONTINUED) 公司資料（續）

INVESTOR RELATIONS

投資者關係

HOMEPAGE

網頁

STOCK CODE

股份代號

FINANCIAL HIGHLIGHTS 財務概要

REVENUE 收入

PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT 母公司擁有人應佔溢利 HK$ million 百萬港元

FINANCIAL HIGHLIGHTS (CONTINUED) 財務概要（續）

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

CHIEF EXECUTIVE OFFICER’S STATEMENT 行政總裁報告

DEAR SHAREHOLDERS,

致各位股東：

PERFORMANCE REVIEW

業績回顧

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

Residential Property Development

住宅物業發展

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

Land Bank

土地儲備

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

資產管理

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

OUTLOOK

展望

GIVING BACK TO COMMUNITY

回饋社會

CHIEF EXECUTIVE OFFICER’S STATEMENT (CONTINUED) 行政總裁報告（續）

APPRECIATION

鳴謝

Mr. Tang Ho Hong

MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析

FINANCIAL RESULTS

財務業績

DIVIDEND

股息

Wang On Properties Limited Annual Report 2021