1 截至2016年9月30日止 六个月之 中期业绩公布 高山企业有限公司（「 本公司」）董事会（「 董事 会」）欣然公布本公司及其附属公司（统称「 本 集团」）截至2016年9月30日止六个月（「 本期 间」）之业绩。本中期业绩已由本公司之审核 委员会审阅。 中期业绩 於本期间，本公司股东应占本集团之未经审 核综合亏损为35,198,000港元，相比2015年同 期（「 2015期 间」）之 亏 损 为1,640,000港 元。 亏损增加主要由於投资物业之公平值变动亏 损为22,793,000港元及金融资产减值亏损为 12,500,000港元。 於本期间之每股基本亏损为3.08港仙，2015期 间每股基本亏损为0.41（经重列）港仙。 INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016 The board of directors (the “Board”) of Eminence Enterprise Limited (the “Company”) is pleased to announce the results of the Company and its subsidiaries (collectively the “Group”) for the six months ended 30 September 2016 (the “Period”). These interim results have been reviewed by the Company’s audit committee. INTERIM RESULTS The Group’s unaudited consolidated loss attributable to shareholders of the Company for the Period was HK$35,198,000 as compared to a loss of HK$1,640,000 for the corresponding period in 2015 (“2015 Period”). The increase in the loss was mainly attributable to the loss on changes in fair value of investment properties of HK$22,793,000 and impairment losses on financial assets of HK$12,500,000. Basic loss per share for the Period amounted to HK cents 3.08 as compared with basic loss per share HK cents 0.41 (as restated) for 2015 Period. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. EMINENCE ENTERPRISE LIMITED 高山企业有限公司 (Incorporated in Bermuda with limited liability) (於百慕达注册成立之有限公司) (Stock Code 股份代号 : 616) 香港交易及结算所有限公司及香港联合交易所有限 公司对本公布的内容概不负责，对其准确性或完整 性亦不发表任何声明，并明确表示，概不对因本公 布全部或任何部份内容而产生或因倚赖该等内容而 引致之任何损失承担任何责任。 * for identification purposes only * 仅供识别 2 中期股息 董事会不建议就本期间派发中期股息（ 2015期 间：无）。 管理层讨论及分析 业务回顾 於本期间，本集团主要从事物业投资（包括拥 有及租赁投资物业）、物业发展、证券投资及 贷款融资业务。 营业额地区性分析 於本期间，投资物业所得之租金收入来自位於 香港、新加坡及中华人民共和国（「 中国」）之 物业。 (i) 物业投资 於本期间，物业投资分部之营业额较 2015期间之10,154,000港元增加44.8%至 14,708,000港 元， 其 中 香 港 物 业、 中 国 及新加坡物业分别产生7,404,000港元、 5,707,000港元及1,597,000港元。营业额 增加主要由於增置投资物业、续租、根 据现有租赁协议条款而作的周期性租金 调整以及新租户的影响所致。 本集团於中国湖州拥有9座厂房及4座员 工宿舍，总建筑面积约为95,379平方米。 INTERIM DIVIDEND The Board does not recommend the payment of an interim dividend for the Period (2015 Period: nil). MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW During the Period, the Group was principally engaged in the property investment, comprising the ownership and rental of investment properties, property development, investment in securities and loan financing business. Geographical Analysis of Turnover During the Period, rental income from the investment properties was derived from the properties located in Hong Kong, Singapore and the People’s Republic of China (“PRC”). (i) Property Investment Revenue from the property investment segment increased by 44.8% to HK$14,708,000 for the Period as compared with the 2015 Period of HK$10,154,000; of which HK$7,404,000, HK$5,707,000 and HK$1,597,000 were generated from the properties in Hong Kong, PRC and Singapore respectively. The increase in revenue primarily is attributed to the addition of the investment properties, the effect of tenancy renewal, periodic rental adjustments under the clauses of the existing tenancy agreements and new tenants. The Group has 9 blocks of factory premises and 4 blocks of dormitories with a total gross floor areas of approximately 95,379 sq.m. in Huzhou, PRC. 3 (ii) Property Development Project Matheson The Company had filed an application to the Lands Tribunal in December 2015 for an order to sell all the undivided shares in a building located at Nos. 11 and 13 Matheson Street, Causeway Bay, Hong Kong aimed at to acquire the last unit (“Remaining Unit”) of the building for redevelopment purpose. No settlement was reached in the mediation between the Company and the owner of the Remaining Unit held on 25 October 2016 and shall proceed to Lands Tribunal for action and the sale order may be granted in early 2017 but it depends on, amongst other things, the response time by the owner of Remaining Unit. Project Inverness T h e P r o j e c t I nv e r n e s s i s a p r o p e r t y development project located at No. 14, 16, 18 and 20 Inverness Road, Kowloon Tong, Kowloon, Hong Kong. The foundation work was completed in September 2016 now is in the process in constructing the superstructure; the launch of the sale is expected in year 2018. (ii) 物业发展 勿地臣街项目 就位於香港铜锣湾勿地臣街11号及13号 所有不可分割份数单位（「 余下单位」）， 本公司已於2015年12月向土地审裁处提 交申请收购勿地臣街余下单位作为重建 之目的。现时本公司与勿地臣街余下单 位的业主於2016年10月25日调解中没有 达成和解及将向土地审裁处采取行动， 该售卖令大概於2017年年初授出但需视 乎情况而定（其中包括）余下单位业主之 回应时间。 延文礼士道项目 延文礼士道项目乃一项物业发展项目， 座落於香港九龙九龙塘延文礼士道14、 16、18及20号。地基工程已於2016年9月 完成，现在正兴建上层建筑工程；预期 於2018年在市场销售。 4 (iii) Investment in Securities The Group is to maintain a securities portfolio with a strategy of diversification to reduce effects of price fluctuation of any single securities. As at 30 September 2016, the Group held trading securities in the amount of HK$4,410,000 as compared to HK$5,944,000 as at 31 March 2016, representing a 25.8% decrease. It was derived from the net decrease in market value in the amount of HK$1,534,000 of the trading securities. The Group recognized loss on fair value changes of trading securities for the Period of HK$1,534,000 (2015 Period: gain of HK$1,200,000). This segment recorded a loss of HK$9,641,000 in the Period (2015 Period: profit of HK$614,000). (iv) Loan Financing For the Period, this segment recorded a revenue of HK$1,676,000 (2015 Period: HK$2,497,000) representing 32.9% decrease comparing with the 2015 Period. (iii) 证券投资 本集团的策略是维持证券组合多样化， 以减少任何单一证券的价格波动之影响。 於2016年9月30日，本集团持有买卖证券 合共4,410,000港元，比较於2016年3月31 日之5,944,000港元，减少25.8%。此乃由 於买卖证券之市价净值减少1,534,000港 元。本集团确认於本期间内买卖证券公 平值变动之亏损为1,534,000港元（ 2015 期间：收益为1,200,000港元）。此分部於 本期间内录得亏损9,641,000港元（ 2015 期间：溢利614,000港元）。 (iv) 贷款融资 於本期间，本分部录得营业额1,676,000港 元（ 2015期间：2,497,000港元）较2015期间 减少32.9%。 5 金融工具之公平值计量於2016年9月30日 分析如下： 财务回顾 流动资金及财务资源 於2016年9月30日， 本 集 团 之 资 产 总 额 为2,811,668,000港 元（ 2016年3月31日： 2,574,086,000港 元）。 财 政 资 源 方 面， 於 2016年9月30日， 本 集 团 之 银 行 结 存 及 现 金（包括银行存款三个月以上的原到期）总 额 为400,873,000港 元（ 2016年3月31日： 465,279,000港元），其中约人民币48,273,000 元（相等於约55,589,000港元）乃用作中国投资 资本。 本公司分别於2016年7月27日及2016年9月22日 完成根据配售（约39,600,000港元）及发行可换 股票据（「 2016年可换股票据」，约50,000,000 港元），集资约89,600,000港元，使本集团的资 本基础已加强。 An analysis of the fair value measurements of the financial instruments as at 30 September 2016 is a follows: As at 30 September As at 31 March 2016 2016 於2016年 9月30日 於2016年 3月31日 (Unaudited) (Audited) （未经审核） （经审核） HK$’000 HK$’000 千港元 千港元 Available-for-sale investments 可供出售投资 147,681 133,034 Investments held for trading 持作买卖投资 4,410 5,944 FINANCIAL REVIEW Liquidity and Financial Resources As at 30 September 2016, total assets of the Group amounted to HK$2,811,668,000 (31 March 2016: HK$2,574,086,000). In terms of financial resources as at 30 September 2016, the Group’s bank balances and cash (including bank deposits with original maturity of more than three months) was HK$400,873,000 (31 March 2016: HK$465,279,000) of which approximately RMB48,273,000 (equivalent to approximately HK$55,589,000) was tied up in the PRC as investment capital. Our capital base has been strengthened as the Company raised proceeds net of expenses of approximately HK$89.6 million pursuant to the placing (as to approximately HK$39.6 million) and issuance of a convertible note (as to approximately HK$50 million, “2016 Convertible Note”) which was completed on 27 July 2016 and 22 September 2016 respectively. 6 於2016年9月30日， 本 集 团 之 银 行 借 贷 总 额 为267,621,000港 元（ 2016年3月31日： 100,087,000港 元）。 本 集 团 之 资 本 负 债 比 率 （即银行借贷总额占股东资产之百分比）约为 0.11（ 2016年3月31日：0.04）。 於2016年9月 30日，本集团之流动比率为9.4（ 2016年3月31 日：9.1）。 本集团之营运主要由其营运产生的循环现金 流、在资本市场募集的资金及银行融资提供资 金。 集资 (i) 於2016年9月8日，本公司与配售代理订 立配售协议，据此，本公司已同意根据 一般授权配发及发行，配售代理已同意 向 独 立 投 资 者 配 售223,000,000股 配 售 股份，配售价为每股0.18港元。配售於 2016年9月22日 完 成， 全 部223,000,000 股配售股份已成功配售。所得款项总净 额 约39,600,000港 元， 拟 用 於 本 集 团 之 适 当 收 购、 投 资 机 会、 其 考 虑 因 素 及 本集团之一般营运资金。於本公告日 期，所得款项净额已全部用作(i)贷款融 资 业 务1,000,000港 元；(ii)支 付 营 运 开 支1,500,000港 元； 及(iii)收 购 附 属 公 司 7,000,000港元；及余额30,100,000港元尚 未动用。 As at 30 September 2016, the Group has total bank borrowings of HK$267,621,000 (31 March 2016: HK$100,087,000). The Group’s gearing ratio, which is calculated as a ratio of total bank borrowings to shareholders’ equity was approximately 0.11 (31 March 2016: 0.04). As at 30 September 2016, the Group’s current ratio was 9.4 (31 March 2016: 9.1). The Group financed its operation primarily with recurring cash flow generated from its operation, proceeds raised from the capital market and bank financing. Fund Raising (i) On 8 September 2016, the Company entered into a placing agreement with a placing agent, pursuant to which the Company has agreed to allot and issue under the general mandate, and the placing agent has agreed to place 223,000,000 placing shares to independent investors at a placing price of HK$0.18 per share. The placing was completed on 22 September 2016 and the entire 223,000,000 placing shares have been successfully placed. The aggregate net proceeds amounted to approximately HK$39.6 million and intended to be applied towards appropriate acquisition and investment opportunities of the Group and the considerations thereof and general working capital of the Group. As at the date of this announcement, all the net proceeds have been applied for (i) HK$1.0 million for loan financing business; (ii) HK$1.5 million for payment of operating expenses; and (iii) HK$7.0 million for acquisition of subsidiary; and the balance of HK$30.1 million is not yet utilised. 7 (ii) 於2016年7月13日， 本 公 司 与Able Merchant Limited（认购方）订立认购协 议，认购本公司发行可换股票据本金 额 为50,000,000港 元（「 2016年 可 换 股 票 据」）之独立第三方。2016年可换股票据 年利率为2%，票面利率为3年，转换价 为0.225港 元。 发 行 於2016年7月27日 完 成。所得款项净额约为50,000,000港元， 拟用於本集团之适当收购、投资机会、 其考虑因素及本集团之一般营运资金。 於本公告日期，所得款项净额已全数用 作(i)支付营运开支3,400,000港元；(ii)贷 款融资业务10,000,000港元；及(iii)收购 物业36,600,000港元。 於2016年9月30日， 本 公 司 已 发 行 普 通 股 股 份 总 数 为1,409,609,837股（ 2016年3月31日： 1,116,609,837股）。 可换股票据详情 2014年可换股票据 2014年可换股票据详情概述如下： (ii) On 13 July 2016, the Company entered into a subscription agreement with Able Merchant Limited as subscriber, an independent third party, to subscribe the 2016 Convertible Note issued by the Company for a principal amount of HK$50 million. The 2016 Convertible Note is a 2% per annum coupon interest for 3 years with the conversion price of HK$0.225. The issuance was completed on 27 July 2016. The net proceeds is approximately HK$50 million intended to be applied towards appropriate acquisition and investment opportunities of the Group and the considerations thereof and general working capital of the Group. As at the date of this announcement, the net proceeds have been fully applied for (i) HK$3.4 million for payment of operating expenses; (ii) HK$10.0 million for loan financing business; and (iii) HK$36.6 million for acquisition of properties. As at 30 September 2016, the total number of issued ordinary shares of the Company was 1,409,609,837 shares (31 March 2016: 1,116,609,837 shares). Details of Convertible Notes 2014 Convertible Note Particulars of the 2014 Convertible Note are summarized as follows: Holder of the 2014 Convertible Note ： Goodco Development Limited 2014年可换股票据持有人 佳豪发展有限公司 Outstanding principal amount as at the date of this announcement ： HK$20,000,000 於本公布日期之未偿还本金金额 ： 20,000,000港元 Issue date ： 27 March 2014 发行日期 2014年3月27日 Maturity date ： 27 March 2019 到期日 2019年3月27日 Conversion price as at the date of this announcement ： HK$22.72 (subject to adjustment) 於本公布日期之兑换价 22.72港元（可予调整） 8 Goodco Development Limited was interested in 363,781,194 shares of the Company, representing approximately 23.3% of the issued share capital of the Company as at the date of this announcement. 880,281 shares shall be issued by the Company to Goodco Development Limited upon conversion of the 2014 Convertible Note in the aggregate principal amount of HK$20,000,000 in full at the prevailing conversion price of HK$22.72 per share. 2015 Convertible Note Particulars of the 2015 Convertible Note are summarized as follows: Holder of the 2015 Convertible Note ： Madian Star Limited 2015年可换股票据持有人 Outstanding principal amount as at the date of this announcement ： HK$86,000,000 於本公布日期之未偿还本金金额 ： 86,000,000港元 Issue date ： 12 June 2015 发行日期 2015年6月12日 Maturity date ： 12 June 2017 到期日 2017年6月12日 Conversion price as at the date of this announcement ： HK$0.33 (subject to adjustment) 於本公布日期之兑换价 0.33港元（可予调整） 佳豪发展有限公司於本公司363,781,194股股份 中拥有权益，相当於本公司於本公布日期已发 行股本约23.3%。当本金总额20,000,000港元 之2014年可换股票据获悉数兑换後，本公司将 按现行兑换价每股股份22.72港元发行880,281 股股份予佳豪发展有限公司。 2015年可换股票据 2015年可换股票据详情概述如下： 9 2016年可换股票据 2016年可换股票据详情概述如下： 於2016年11月7日，2016年可换股票据已悉数 兑换。 资产抵押 於2016年9月30日， 本 集 团 之 银 行 借 贷 为 267,621,000港 元（ 2016年3月31日：100,087,000港 元）乃以本集团账面总净值为787,901,000港元 （ 2016年3月31日：208,196,000港元）之若干投资 物业作为抵押。 2016 Convertible Note Particulars of the 2016 Convertible Note are summarized as follows: Holder of the 2016 Convertible Note ： Able Merchant Limited 2016年可换股票据持有人 Outstanding principal amount as at the date of this announcement ： HK$50,000,000 於本公布日期之未偿还本金金额 ： 50,000,000港元 Issue date ： 27 July 2016 发行日期 2016年7月27日 Maturity date ： 27 July 2019 到期日 2019年7月27日 Conversion price as at the date of this announcement ： HK$0.225 (subject to adjustment) 於本公布日期之兑换价 0.225港元（可予调整） All the conversion rights attached to 2016 Convertible Note have been fully exercised by 7 November 2016. Charge on Assets As at 30 September 2016, the Group has bank loans amounting to HK$267,621,000 (31 March 2016: HK$100,087,000) which were secured by certain investment properties of the Group with aggregate net book value of HK$787,901,000 (31 March 2016: HK$208,196,000). 10 Material Acquisitions and Disposals (i) 1st Acquisition of FW Building On 13 June 2016, Skill Master Investments Limited (“Skill Master”), a direct whollyowned subsidiary of the Company, as the purchaser, entered into an agreement for sale and purchase with a seller who is an independent third party, to acquire the sale share and sale loan of Treasure Arts International Group Limited (“TAI”) at a total consideration of HK$51,981,900. The sale share and sale loan represents 100% equity interest in TAI whilst the sale loan represents the entire amount of shareholder’s loan owing by TAI to the seller as at the completion date. The sole asset of TAI is 20 units of a nonresidential building known as Fung Wah Factorial Building located at Nos. 646, 648 & 648A Castle Peak Road, Kowloon, Hong Kong (“FW Building”) with a total saleable area of approximately 31,978 sq.ft. This acquisition was a major transaction to the Company and was approved by the shareholders on 1 August 2016 and completion was taken place on 3 August 2016. 重大收购及出售 (i) 第一次收购丰华大厦 於2016年6月13日，作为买方之本公司直 接全资附属公司Skill Master Investments Limited（「 Skill Master」） 与 作 为 独 立第三方之卖方订立买卖协议，收购 Treasure Arts International Group Limited （「 TAI」）之出售股份及出售贷款，总代 价为51,981,900港元。出售股份和出售贷 款代表TAI的100%股权，而出售贷款是 指TAI在完成日期向卖方欠下的全部股东 贷款。TAI的唯一资产是位於香港九龙青 山道646，648及648A号的一座名为丰华 大厦之非住宅楼宇的20个单位（「 丰华大 厦」），总可售面积约31,978平方尺。本次 收购是本公司之主要交易，并於2016年 8月1日获股东批准及於2016年8月3日完 成。 11 (ii) 2nd Acquisition of FW Building On 3 August 2016, Skill Master as the purchaser, entered into an agreement for sale and purchase with a seller who is an independent third party, to acquire the sale share and the sale loan of Daily Leader Limited (“DLL”) at a total consideration of HK$64,525,000. The sale share represents 100% equity interest in DLL whilst the sale loan represents the entire amount of shareholder’s loan owing by DLL to the seller as at the completion date. The sole asset of DLL is 5 units of the FW Building. To aggregate the consideration of the 1st acquisition and 2nd acquisition of the FW Building, it was a very substantial acquisition and was approved by the shareholders on 7 October 2016 and the completion was taken place on 14 October 2016. The FW Building is a 7-storey industrial building completed in 1960 with a total of 32 units. The Group is the owner of one unit of FW Building since November 2015. Upon completion for the purchase of 25 units of the FW Building and aggregate with it, the Group shall own 26 units which represents 80% of the undivided shares of the FW Building (as contemplated by section 3(1) of the Land (Compulsory Sale for Redevelopment Ordinance (“Ordinance”)) and since FW Building exceeds 50 years of age which the Company is entitled to file an application to the Lands Tribunal under the Ordinance for an order to sell all the undivided shares in FW Building for the purposes of redevelopment. (ii) 第二次收购丰华大厦 於2016年8月3日，Skill Master作 为 买方与作为独立第三方之卖方订立买 卖 协 议， 以 收 购Daily Leader Limited （「 DLL」）的出售股份及出售贷款，代价 为64,525,000港元。销售股份代表DLL的 100%股权，销售贷款是指在完成日期由 DLL向卖家欠下的全部股东贷款。DLL 的唯一资产是丰华大厦之5个单位。合计 丰华大厦之第一次收购及第二次收购之 代价，为一项非常重大收购事项，并於 2016年10月7日获股东批准及於2016年10 月14日完成。 丰华大厦是一座7层楼的工业大厦，於1960年 完工，合共32个单位。本集团於2015年11月成 为丰华大厦一个单位之业主。於完成购入25个 丰华大厦的单位後，本集团累计将拥有26个单 位，占丰华大厦不可分割份数的80%（根据土 地（重新发展而强制售卖条例（「 条例」）第3(1) 条），而由於丰华大厦超过50年楼龄，本公司 有权根据本条例向土地审裁处提交申请，命令 出售所有未分割的丰华大厦份数以进行重建。 12 除上文所述外，於本期间本集团并无有关附属 公司或联营公司之重大收购或出售。 外汇波动之风险 本集团之收入与支出以美元、港元、新加坡元 及人民币为主。於本期间，本集团并无因兑换 率波动而承受重大风险，因此并无运用任何金 融工具作对冲用途。董事认为承受兑换率波动 之风险极微。 或然负债 於2016年9月30日，本集团并无任何重大或然 负债（ 2016年3月31日：无）。 资本开支及资本承担 於本期间，本集团无动用任何资金於购买物 业、厂房及设备（ 2015期间：86,000港元），并 动用约8,525,000港元（ 2015期间：211,146,000 港元）於增置投资物业。 於2016年9月30日，本集团已订约但未拨备之 资本性开支的资本承担约为16,170,000港元 （ 2016年3月31日：5,241,000港元）。 投资物业之公平值变动 於本期间，投资物业之公平值变动产生之亏损 为22,793,000港 元（ 2015期 间： 收 益4,856,000 港元）。 融资成本 融 资 成 本 为8,053,000港 元， 相 比2015期 间 7,277,000港 元， 本 期 间 增 加776,000港 元 或 10.7%。 Save as disclosed above, the Group had no material acquisitions or disposals of subsidiaries or associated companies during the Period. Exposure on Foreign Exchange Fluctuations Most of the Group’s revenues and payments are in US dollars, Hong Kong dollars, Singapore dollars and Renminbi. During the Period, the Group had no significant exposure to fluctuations in exchange rates and thus, no financial instrument for hedging purposes was employed. The directors consider the risk of exposure to currency fluctuation to be minimal. Contingent Liabilities The Group did not have any significant contingent liabilities as at 30 September 2016 (31 March 2016: nil). C a p i t a l E x p e n d i t u r e s a n d C a p i t a l Commitments During the Period, the Group did not spend any funds on the acquisition of property, plant and equipment (2015 Period: HK$86,000) and spent approximately HK$8,525,000 (2015 Period: HK$211,146,000) on addition of investment properties. As at 30 September 2016, the Group had capital commitments in respect of capital expenditure contracted for but not provided of approximately HK$16,170,000 (31 March 2016: HK$5,241,000). Changes in Fair Value of Investment Properties D u r i n g t h e P e r i o d , t h e r e w a s a l o s s o f HK$22,793,000 on changes in fair value of investment properties (2015 Period: gain of HK$4,856,000). Finances Costs Finance costs was HK$8,053,000, increased by HK$776,000 or 10.7% for the Period from HK$7,277,000 in the 2015 Period. 13 PROSPECTS From the macroeconomic perspective, the expected rise of interest rates in US dollar, the Brexit and geopolitical conditions had exerted impacts on various aspects of the global economy. In Hong Kong, the recovery in the residential property market appears to be underway, with overall transaction volume having picked up significantly since April 2016, and transacted prices gradually rising from their lows at the beginning of 2016, and likely having bottomed. The rebound in the transaction volume has been particularly evident in the primary residential market mainly attributable to the improving market sentiment due to slower than expected interest hikes, and the introduction of aggressive incentives by property developers to boost their property sales. Looking ahead, the Group’s core income for the second half of 2016 will be mainly generated from its property investment and the Group expects its property investment portfolios in Hong Kong, PRC and Singapore will continue to generate stable income in the second half of 2016. 展望 从宏观经济形势看，最近美元加息预期、英国 脱欧以及地缘政治都对世界经济带来多方面的 影响。 於香港，住宅物业市场正呈现复苏，整体成交 量自2016年4月起明显改善，而成交价格就短 线而言已见底，楼价由2016年年初之低位缓慢 回升，惟升幅温和。成交量反弹於一手住宅市 场尤为明显，主要由於加息步伐较预期为慢， 加上物业发展商为刺激物业销情而推出激励措 施，因而令市场气氛转好。 展望未来，本集团2016年下半年的核心收入将 主要来自其物业投资及本集团预期在香港、中 国及新加坡之物业投资项目将继续在2016年下 半年中造就稳定的收入。 14 PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the Period. CORPORATE GOVERNANCE The Company has applied the principles and complied with all the code provisions of the Corporate Governance Code as set out in Appendix 14 of the Rules Governing the Listing of Securities during the Period, with the exception of the following deviation. Code Provision A.2.1 Chairman and chief executive officer should not be performed by the same individual The Company does not have separate appointments for chairman and chief executive officer. Mr. Kwong Jimmy Cheung Tim holds both positions. The Board believes that vesting the roles of both chairman and chief executive officer in the same person enables the Group to have a stable and consistent leadership. It also facilitates the planning and execution of the Company’s strategy and is hence, for the interests of the Company and its shareholders. REVIEW OF INTERIM RESULTS The interim results of the Group for the Period have not been audited, but have been reviewed by the audit committee of the Company. By Order of the Board Eminence Enterprise Limited Kwong Jimmy Cheung Tim Chairman and Chief Executive Officer Hong Kong, 22 November 2016 As at the date hereof, the Board comprises Mr. Kwong Jimmy Cheung Tim, Ms. Lui Yuk Chu and Ms. Koon Ho Yan Candy as executive directors; Mr. Tse Wing Chiu Ricky and Mr. Lai Law Kau as nonexecutive directors; and Mr. Kan Ka Hon, Mr. Lau Sin Ming and Mr. Foo Tak Ching as independent non-executive directors. 购买、出售及赎回本公司之上市证券 於本期间，本公司或其任何附属公司概无购 买、出售或赎回本公司任何上市证券。 企业管治 於本期间，本公司一直遵守证券上市规则附 录14之《企业管治守则》之原则及所有守则条 文，惟下文所述的守则条文除外。 守则条文第A.2.1条 主席与行政总裁不应由一人同时兼任 本公司并未分别委任主席与行政总裁。邝长添 先生现兼任本公司的主席与首席行政总裁。董 事会认为邝先生兼任主席及首席行政总裁可以 为本集团提供稳健及一贯的领导，并且利於本 公司有效策划及推行战略，符合本公司及其股 东利益。 审阅中期业绩 本集团於本期间之中期业绩未经审核，但已由 本公司之审核委员会审阅。 承董事会命 高山企业有限公司 主席兼首席行政总裁 邝长添 香港，2016年11月22日 於本公布日期，董事会成员包括执行董事邝长 添先生、雷玉珠女士及官可欣女士；非执行董 事谢永超先生及赖罗球先生；以及独立非执行 董事简嘉翰先生、刘善明先生及傅德桢先生。 15 CONDENSED CONSOLIDATED STATEMENT O F P R O F I T O R L O S S A N D O T H E R COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016 Six months ended 30 September 截至9月30日止六个月 2016 2015 NOTES HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Revenue 营业额 3 16,579 70,873 Cost of goods sold and services rendered 销售及提供服务成本 (171) (51,800) Gross profit 毛利 16,408 19,073 Other income 其他收入 7,267 3,700 Other gains and losses 其他收益及亏损 (178) (178) Other expenses 其他开支 (44) (720) Distribution and selling expenses 经销成本 (13) (1,213) Administrative expenses 行政开支 (15,199) (15,775) (Loss) gain on changes in fair value of investment properties 投资物业之公平值变动 （亏损）收益 (22,793) 4,856 (Loss) gain on fair value changes of investments held for trading 持作买卖投资之公平 值变动（亏损）收益 (1,534) 1,200 Loss on fair value change of financial assets designated as at fair value through profit or loss 按公平值计入损益 之金融资产之 公平值变动亏损 – (1,121) Impairment loss on available-for-sale investments 可供出售投资减值亏损 (12,500) – Finance costs 融资成本 (8,053) (7,277) (Loss) profit before taxation 除税前（亏损）溢利 4 (36,639) 2,545 Taxation 税项 5 1,441 (4,185) Loss for the period attributable to owners of the Company 本公司股东应占本期 间亏损 (35,198) (1,640) 简明综合损益及其他全面收益表 截至2016年9月30日止六个月 16 Six months ended 30 September 截至9月30日止六个月 2016 2015 NOTE HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Other comprehensive income (expense): 其他全面收入（开支）： Items that may be subsequently reclassified to profit or loss: 随後可能重新分类至 损益之项目： Change in fair value of available-for-sale investments 可供出售投资之 公平值变动 10,728 (11,518) Reclassification adjustment upon impairment of available-for-sale investments 可供出售投资减值 时之重新分类调整 12,500 – Exchange differences arising on translation of financial statements of foreign operations 换算海外营运於 财务报表之 汇兑差异 (10,817) (7,367) Other comprehensive income (expense) for the period 本期间其他全面收入 （开支） 12,411 (18,885) Total comprehensive expense for the period attributable to owners of the Company 本公司股东应占 本期间全面 开支总额 (22,787) (20,525) (Restated) （经重列） Basic loss per share 每股基本亏损 6 HK cents (3.08) HK cents (0.41) 17 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2016 30 September 31 March 9月30日 3月31日 2016 2016 NOTES HK$’000 HK$’000 附注 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Non-current assets 非流动资产 Property, plant and equipment 物业、厂房及设备 436 531 Investment properties 投资物业 1,309,026 1,333,316 Loans receivable 应收贷款 7 57,400 57,500 Available-for-sale investments 可供出售投资 147,681 133,034 1,514,543 1,524,381 Current assets 流动资产 Properties held for development for sale 持作出售发展物业 781,631 524,000 Trade and other receivables 贸易及其他应收款项 8 94,211 35,982 Loans receivable 应收贷款 16,000 18,500 Investments held for trading 持作买卖投资 4,410 5,944 Bank deposits with original maturity of more than three months 超过三个月到期之 银行存款 191,538 – Bank balances and cash 银行结余及现金 209,335 465,279 1,297,125 1,049,705 Current liabilities 流动负债 Trade and other payables 贸易及其他应付款项 9 27,738 27,108 Tax payable 应付税项 8,980 9,131 Convertible notes 可换股票据 96,328 74,705 Secured bank borrowings 有抵押银行借贷 5,041 4,993 138,087 115,937 Net current assets 流动资产净额 1,159,038 933,768 Total assets less current liabilities 资产总额减流动负债 2,673,581 2,458,149 简明综合财务状况表 於2016年9月30日 18 30 September 31 March 9月30日 3月31日 2016 2016 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Non-current liabilities 非流动负债 Convertible notes 可换股票据 13,073 12,379 Deferred tax liabilities 递延税项负债 26,830 26,232 Secured bank borrowings 有抵押银行借贷 262,580 95,094 302,483 133,705 Net assets 资产净额 2,371,098 2,324,444 Capital and reserves 资本及储备 Share capital 股本 14,096 11,166 Reserves 储备 2,357,002 2,313,278 Total equity 权益总额 2,371,098 2,324,444 19 N O T E S T O T H E C O N D E N S E D CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2016 1. GENERAL INFORMATION AND BASIS OF PREPARATION The condensed consolidated financial statements of Eminence Enterprise Limited (the “Company”) have been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim financial reporting” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) as well as with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). The Company is incorporated in Bermuda as an exempted company with limited liability and its shares are listed on the Stock Exchange. As at 1 April 2015, Easyknit International Holdings Limited (“Easyknit International”) had 40.96% of the issued share capital of the Company. In addition, Easyknit International held convertible note issued by the Company which can be converted into shares of the Company at any time from its issuance date on 27 March 2014 to its maturity date which enables Easyknit International to increase its shareholding of the Company to 45.03% upon exercise of the conversion option based on the capital structure of the Company. Taking into account the relevant facts and circumstances, particularly the size of Easyknit International’s holding of voting rights, including potential voting rights arising from conversion of the convertible note, relative to the size and dispersion of holdings of other vote holders, the directors were of the opinion that the Company was a subsidiary of Easyknit International. 简明综合财务报表附注 截至2016年9月30日止六个月 1. 一般资料及编制基准 高山企业有限公司（「 本公司」）之简明综合 财务报表乃根据香港会计师公会（「 香港会计 师公会」）所颁布之香港会计准则（「 香港会 计准则」）第34号「中期财务报告」及香港联 合交易所有限公司（「 联交所」）证券上市规 则附录16适用之披露规定而编制。 本公司於百慕达注册成立之获豁免有限公 司，其股份於联交所上市。 於2015年4月1日， 永 义 国 际 集 团 有 限 公 司 （「 永义国际」）持有本公司之已发行股本之 40.96%。此外，根据本公司之股本结构， 永义国际持有由本公司发行之可换股票据， 可由发行日2014年3月27日至到期日之任何 时间兑换成为本公司股份，致使永义国际於 行使兑换权时增加其於本公司之持股量至 45.03%。经考虑相关事实与情况，特别是永 义国际持有之投票权规模，包括兑换可换股 票据所产生之潜在投票权，相对其他投票持 有人之规模及持有之分散情况，本公司董事 认为，本公司为永义国际之一间附属公司。 20 On 12 June 2015, the Company issued a convertible note with an aggregate principal amount of HK$86,000,000 to an independent third party. Upon the full exercise of the conversion rights attached to the convertible note, there will be effect of diluting Easyknit International’s percentage shareholdings in the Company. Easyknit International’s percentage share of the issued share capital of the Company will be diluted from 40.96% to 34.41%. The directors of the Company are of the opinion that the Company is no longer a subsidiary of Easyknit International, under the definition of control and the related guidance set out in Hong Kong Financial Reporting Standard (“HKFRS”) 10 “Consolidated financial statements” issued by HKICPA. As such, the Company has since become an associate of Easyknit International. 2. PRINCIPAL ACCOUNTING POLICIES The condensed consolidated financial statements have been prepared on the historical cost basis except for investment properties and certain financial instruments, which are measured at fair values, as appropriate. T h e a c c o u n t i n g p o l i c i e s a n d m e t h o d s o f computation used in the condensed consolidated financial statements for the six months ended 30 September 2016 are the same as those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 March 2016. 於2015年6月12日，本公司发行予独立第三 方 本 金 总 额 为86,000,000港 元 的 可 换 股 票 据。於悉数行使可换股票据附带之兑换权 後，将对永义国际於本公司之持股百分比构 成摊薄影响。永义国际分占本公司已发行股 本百分比将由40.96%摊薄至34.41%。根据 由香港会计师公会颁布之香港财务报告准则 （「 香港财务报告准则」）第10号「综合财务报 表」就控制之定义及其相关指引，本公司董 事认为本公司不再为永义国际之一间附属公 司。因此，本公司自此成为永义国际之一间 联营公司。 2. 主要会计政策 简明综合财务报表除投资物业及若干金融工 具以公平值计量外（如适用），乃根据历史成 本法编制。 截至2016年9月30日止六个月之简明综合财 务报表所采纳之会计政策及计算方法与本集 团编制截至2016年3月31日止年度之全年综 合财务报表所采用者相同。 21 In the current interim period, the Group has applied, for the first time, the following amendments to HKAS(s) and HKFRS(s) issued by the HKICPA that are relevant for the preparation of the Group’s condensed consolidated financial statements: Amendments to HKFRS 11 Accounting for acquisitions of interests in joint operations Amendments to HKAS 1 Disclosure initiative Amendments to HKAS 16 and HKAS 38 Clarification of acceptable methods of depreciation and amortisation Amendments to HKAS 16 and HKAS 41 Agriculture: Bearer plants Amendments to HKFRS 10, HKFRS 12 and HKAS 28 Investment entities: Applying the consolidation exception Amendments to HKFRSs Annual improvements to HKFRSs 2012 – 2014 cycle The application of the amendments to HKASs and HKFRSs in the current interim period has had no material effect on the amounts reported and/or disclosures set out in these condensed consolidated financial statements. 3. SEGMENT INFORMATION Information reported to the Group’s chief executive officer, being the chief operating decision maker (the “CODM”), for the purposes of resources allocation and assessment of segment performance focuses on types of products sold or services provided. This is also the basis of organisation, whereby the management has chosen to organise the Group around differences in products and services. 於本中期，本集团首次应用香港会计师公会 所颁布之以下与编制本集团之简明综合财务 报表有关之香港会计准则及香港财务报告准 则之修订本： 香港财务报告准则 第11号（修订本） 收购联合经营权益之会计 香港会计准则第1号 （修订本） 披露主动性 香港会计准则第16号及 香港会计准则第38号 （修订本） 澄清折旧及摊销之 可接受方法 香港会计准则第16号及 香港会计准则第41号 （修订本） 农业：产花果植物 香港财务报告准则 第10号、香港财务 报告准则第12号及 香港会计准则第28号 （修订本） 投资实体：应用综合账目之 例外情况 香港财务报告准则 （修订本） 2012年 – 2014年周期香港 财务报告准则之 年度改进 於本中期应用香港会计准则及香港财务报告 准则之修订本对於本简明综合财务报表所呈 报之金额及╱或披露并无重大影响。 3. 分类资料 就资源分配及分部表现评估而言，呈报给本 集团之主要经营决策者（「 主要经营决策者」） 首席行政总裁之资料，乃集中於货品出售或 服务提供之种类。此亦为组织之基准，管理 层选择以此来组织本集团产品及服务之差 异。 22 The Group’s operating and reportable segments under HKFRS 8 “Operating segments” are: (a) garment sourcing and exporting, (b) property investment, (c) property development, (d) investment in securities and (e) loan financing. The following is an analysis of the Group’s revenue and results by operating and reportable segment for the period under review: For the six months ended 30 September 2016 Garment sourcing and Property Property Investment Loan exporting investment development in securities financing Consolidated 采购及 出口成衣 物业投资 物业发展 证券投资 贷款融资 综合 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） Segment revenue 营业额 External 外来 195 14,708 – – 1,676 16,579 Segment profit (loss) 分类溢利（亏损） 23 (19,012) (337) (9,641) 1,619 (27,348) Other gains and losses 其他收益及亏损 (178) Other expenses 其他开支 (44) Finance costs 融资成本 (8,053) Unallocated corporate income 无分配之公司收入 3,250 Unallocated corporate expenses 无分配之公司开支 (4,266) Loss before taxation 除税前亏损 (36,639) 根据香港财务报告准则第8号「经营分部」， 本集团之经营及呈报分部为：(a)采购及出口 成衣、(b)物业投资、(c)物业发展、(d)证券 投资及(e)贷款融资。 回顾本期间按经营及呈报分部划分本集团之 经营额及业绩之分析如下： 截至2016年9月30日止六个月 23 For the six months ended 30 September 2015 Garment sourcing and Property Property Investment Loan exporting investment development in securities financing Consolidated 采购及 出口成衣 物业投资 物业发展 证券投资 贷款融资 综合 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） （未经审核） Segment revenue 营业额 External 外来 58,222 10,154 – – 2,497 70,873 Segment (loss) profit 分类（亏损）溢利 (3,364) 11,696 1,001 614 2,433 12,380 Other gains and losses 其他收益及亏损 (178) Other expenses 其他开支 (720) Finance costs 融资成本 (7,277) Unallocated corporate income 无分配之公司收入 2,121 Unallocated corporate expenses 无分配之公司开支 (3,781) Profit before taxation 除税前溢利 2,545 Segment profit (loss) represents the result of each segment without allocation of other gains and losses, other expenses, finance costs, and unallocated corporate income and expenses. This is the measure reported to the Group’s CODM for the purposes of resource allocation and performance assessment. 截至2015年9月30日止六个月 分类溢利（亏损）乃指各分部之业绩，当中没 有分配其他收益及亏损、其他开支、融资成 本及无分配之公司收入及开支。用以向本集 团之主要经营决策者，作为资源分配及表现 评估之参考。 24 Segment assets and liabilities The following is an analysis of the Group’s assets and liabilities by operating and reportable segment: 30 September 31 March 9月30日 3月31日 2016 2016 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Segment assets 分部资产 Garment sourcing and exporting 采购及出口成衣 753 1,993 Property investment 物业投资 1,410,263 1,438,830 Property development 物业发展 840,798 524,257 Investment in securities 证券投资 153,488 140,021 Loan financing 贷款融资 73,731 76,513 Total segment assets 分部资产总额 2,479,033 2,181,614 Bank deposits with original maturity more than three months 超过三个月到期之银行存款 191,538 – Unallocated bank balances and cash 无分配之银行结余及现金 140,967 392,290 Others 其他 130 182 Consolidated assets 综合资产 2,811,668 2,574,086 Segment liabilities 分部负债 Garment sourcing and exporting 采购及出口成衣 1,217 620 Property investment 物业投资 16,247 15,414 Property development 物业发展 4,354 6,128 Investment in securities 证券投资 75 50 Loan financing 贷款融资 110 85 Total segment liabilities 分部负债总额 22,003 22,297 Secured bank borrowings 有抵押银行借贷 267,621 100,087 Convertible notes 可换股票据 109,401 87,084 Unallocated 无分配 41,545 40,174 Consolidated liabilities 综合负债 440,570 249,642 分部资产及负债 按经营及呈报分部分析本集团之资产及负债 如下： 25 Fo r t h e p u r p o s e s o f m o n i t o r i n g s eg m e n t performances and allocating resources between segments: – all assets are allocated to operating and reportable segments other than bank deposit with original maturity of more than three months, unallocated bank balances and cash and assets used jointly by operating and reportable segments. – all liabilities are allocated to operating and reportable segments other than secured bank borrowings, liability portion of convertible notes and liabilities for which operating and reportable segments are jointly liable. 4. (LOSS) PROFIT BEFORE TAXATION Six months ended 30 September 截至9月30日 止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） (Loss) profit before taxation has been arrived at after charging: 除税前（亏损）溢利已扣除： Depreciation of property, plant and equipment 物业、厂房及设备之折旧 86 89 Dividend income from listed investments 来自上市投资之股息收入 4,016 1,580 Net exchange loss (included in other gains and losses) 汇兑亏损净额（包括在其他收益 及亏损内） 178 178 Total staff costs (including directors’ emoluments) 职工成本总额（包含董事酬金） 7,169 8,687 就分部表现监控及分部间之资源分配而言： － 除超过三个月到期之银行存款、无分 配之银行结余及现金及经营及呈报分 部共同使用之资产外，所有资产已分 配至经营及呈报分部。 － 除有抵押银行借贷、可换股票据负债 成分及经营及呈报分部共同承担之负 债外，所有负债已分配至经营及呈报 分部。 4. 除税前（亏损）溢利 26 5. TAXATION Six months ended 30 September 截至9月30日 止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） The credit (charge) comprises: 计入（开支）包含： Hong Kong Profits Tax 香港利得税 Current period 本期间 (102) (2,877) Overprovision in prior periods 过往期间超额拨备 114 – Deferred tax 递延税项 1,429 (1,308) 1,441 (4,185) Hong Kong Profits Tax is calculated at 16.5% of the estimated assessable profit for both periods. Under the Law of the People’s Republic of China on Enterprise Income Tax (the “EIT Law”) and Implementation Regulation of the EIT Law, the tax rate of the subsidiaries in the People’s Republic of China (the “PRC”) is 25%. No tax is payable on the profit for both periods arising in the PRC since the assessable profit is wholly absorbed by tax losses brought forward. 5. 税项 香港利得税乃根据两个期间之估计应课税溢 利之16.5%计算。 根据中华人民共和国企业所得税法（「企业所 得税法」）及企业所得税法之实施条例，自 2008年1月1日起於中华人民共和国（「中国」） 之附属公司之税率为25%。 因应课税溢利已被承前税项亏损全数抵销， 故就来自中国之两个期间溢利并无应付税 项。 27 6. BASIC LOSS PER SHARE The calculation of the basic loss per share attributable to owners of the Company is based on the following data: Six months ended 30 September 截至9月30日 止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Loss for the purpose of basic loss per share 就每股基本亏损而言之亏损 (35,198) (1,640) Number of shares 股份数目 (Restated) （经重列） Weighted average number of ordinary shares for the purpose of basic loss per share 就每股基本亏损而言之加权 平均普通股股份数目 1,144,134,428 396,265,429 Diluted loss per share for both periods has not been presented as conversion of the Company’s outstanding convertible notes would result in a decrease in loss per share. The weighted average number of ordinary shares for the purpose of basic loss earnings per share for the last interim period has been adjusted for the consolidation of shares on 8 October 2015 and rights issue of shares on 3 November 2015. 6. 每股基本亏损 本公司股东应占之每股基本亏损乃根据以下 资料计算： 由於兑换本公司之尚未兑换可换股票据将导 致每股亏损减少，故不呈列两个期间之每股 摊薄亏损。 去年中期每股基本亏损而言之加权平均普通 股股份数目已就2015年10月8日之股份合并 及2015年11月3日之股份供股作出调整。 28 7. LOANS RECEIVABLE 30 September 31 March 9月30日 3月31日 2016 2016 2016年 2016年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Unsecured 无抵押 – guaranteed by outside parties and bearing interest at a fixed rate ranging from 4% to 5% (31 March 2016: a fixed rate from 4% to 5%) per annum － 由外方担保及按固定息率 4%至5%（ 2016年3月31 日：固定息率4%至5%） 之年利率计算 42,400 54,000 – bearing interest at a fixed rate ranging from 4.5% to 6.5% (31 March 2016: a fixed rate from 4.5% to 5%) per annum － 按固定息率4.5%至6.5% （ 2016年3月31日： 固定息率4.5%至5%）之 年利率计算 22,000 22,000 Amount secured by properties and bearing interest at a fixed rate of 5% per annum 以物业作抵押之金额及按固定 息率5%之年利率产计算 9,000 – 73,400 76,000 Less: Amount due from borrowers repayable within one year shown under current assets 减：显示於流动资产之一年内到 期偿还之应收借款人金额 (16,000) (18,500) Amount due from borrowers repayable after one year shown under non-current assets 显示於非流动资产之一年後到期 偿还之应收借款人金额 57,400 57,500 The management closely monitors the credit quality of loans receivable and considers loans receivable amounting to HK$73,400,000 (31 March 2016: HK$76,000,000) that are neither past due nor impaired to be of good credit quality with reference to financial background and creditability of individual borrowers, subsequent settlement and payment history of the borrowers. As at 30 September 2016 and 31 March 2016, no loans receivable are past due at the end of the reporting period for which the Group has not provided for impairment loss. 7. 应收贷款 管理层紧密监察应收贷款金额为73,400,000 港元（ 2016年3月31日：76,000,000港元）之信 贷质素及经参考个别借款人之财务背景及信 誉、结算日期後之还款及借款人之过往偿还 记录，认为没有过期及减值之应收贷款为有 良好信贷质素。於2016年9月30日及2016年3 月31日报告期末并无已过期应收贷款因此本 集团并没有拨备减值亏损。 29 8. TRADE AND OTHER RECEIVABLES The Group allows an average credit period of up to 20 days to its lessees and up to 90 days to its customers under garment sourcing and exporting. The aged analysis of trade receivables, based on the invoice date which approximate revenue recognition date, at the end of the reporting period is as follows: 30 September 31 March 9月30日 3月31日 2016 2016 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Trade receivables: 贸易应收款项： 0 – 60 days 0－ 60日 2,470 2,930 61 – 90 days 61－ 90日 6 170 Over 90 days 超过90日 486 79 2,962 3,179 Prepayments 预付款 1,473 1,262 Deposits for acquisition of subsidiary 收购附属公司之按金 57,493 – Interest receivable 应收利息 1,788 1,544 Refundable stamp duty (note) 可退回印花税（附注） 28,463 28,463 Other receivables 其他应收款项 2,032 1,534 94,211 35,982 Note: In accordance with the provisions of the Hong Kong Stamp Duty Ordinance, the Group will apply for refund of the stamp duty paid when the property redevelopment p r o j e c t c o m m e n c e s . T h e a m o u n t i s included in the Group’s current assets in the condensed consolidated statement of financial position as it is expected that the refund of stamp duty will be received within the Group’s normal operating cycle. 8. 贸易及其他应收款项 本集团容许平均信贷期予承租人达20日及予 采购及出口成衣客户平均信贷期达90日。於 报告期末，根据接近收益确认日期之发票日 期，贸易应收款项之账龄分析如下： 附注：根据香港印花税法例之条款，当物业 重建项目展开时，本集团将申请退回 已支付印花税。此金额包括在本集团 简明综合财务状况表内之流动资产内 因预期印花税退款将於本集团之正常 营运周期收回。 30 9. TRADE AND OTHER PAYABLES The aged analysis of trade payables, based on the invoice date, at the end of the reporting period is as follows: 30 September 31 March 9月30日 3月31日 2016 2016 2016年 2016年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Trade payables: 贸易应付款项： 0 – 60 days 0 – 60日 – 3,766 61 – 90 days 61 – 90日 300 206 Over 90 days 超过90日 1,641 130 1,941 4,102 Construction costs payable 应付建筑成本 988 12 Rental deposits received and rental received in advance 已收租金按金及预收租金 9,061 10,681 Accruals 预提费用 6,798 5,832 Convertible note interest payable 可换股票据应付利息 2,391 1,385 Other taxes payable 其他应付税项 5,535 4,639 Other payables 其他应付款项 1,024 457 27,738 27,108 9. 贸易及其他应付款项 於报告期末，根据发票日期，贸易应付款项 之账龄分析如下：