Condensed Consolidated Income Statement 2-3 简明综合收益表 Condensed Consolidated Statement of Comprehensive Income 4 简明综合合并收益表 Condensed Consolidated Balance Sheet 5-7 简明综合资产负债表 Condensed Consolidated Statement of Changes in Equity 8-9 简明综合权益变动表 Condensed Consolidated Statement of Cash Flows 10-11 简明综合现金流量表 Notes to the Condensed Consolidated Interim Financial Information 12-42 简明综合中期财务资料附注 Interim Dividend 43 中期股息 Closure of Register of Members 43 暂停办理股份过户登记手续 Management Discussion and Analysis 43-46 管理层讨论及分析 Liquidity and Financial Resources 47 流动资金及财务资源 Foreign Exchange Risk 47 外汇风险 Employee Information 47 雇员资料 Purchase, Sale and Redemption of the Company’s Listed Securities 48 购买、出售及赎回本公司之上市证券 Share Options 48 购股权 Directors’ and Chief Executives’ Interests and Short Positions 49-52 in the Shares, Underlying Shares and Debentures of the Company or any Associated Corporation 董事及最高行政人员於本公司或其任何相联法团股份、 相关股份及债券之权益及淡仓 Substantial Shareholders’ Interests and Short Positions in the Shares and 52 Underlying Shares of the Company 主要股东於本公司股份及相关股份之权益及淡仓 Compliance with the Model Code for Securities Transactions by Directors 52 遵守董事进行证券交易之标准守则 Corporate Governance Practice 53 企业管治常规 Nomination Committee 54 提名委员会 Audit Committee 54 审核委员会 Remuneration Committee 55 薪酬委员会 Corporate Governance Committee 55-56 企业管治委员会 CONTENTS 目录 2 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 The Board of Directors (the “Board”) of Ngai Hing Hong Company Limited (the “Company”) presents the unaudited condensed consolidated interim financial information of the Company and its subsidiaries (the “Group”) for the six months ended 31st December 2016 as follows: CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 Note HK$’000 HK$’000 附注 千港元 千港元 Revenue 营业额 6 770,443 846,060 Cost of sales 销售成本 (661,219) (747,321) Gross profit 毛利 109,224 98,739 Rental income 租金收入 3,304 2,752 Other gains/(losses), net 其他收益�u （ 亏损）－净值 7 9,796 (17,371) Distribution costs 分销成本 (38,960) (42,301) Administrative expenses 行政支出 (51,093) (54,882) Operating profit/(loss) 经营溢利�u （ 亏损） 8 32,271 (13,063) Finance income 财务收益 9 111 118 Finance costs 财务费用 9 (3,896) (4,573) Finance costs, net 财务费用－净值 (3,785) (4,455) Profit/(loss) before income tax 除税前溢利�u （ 亏损） 28,486 (17,518) Income tax expense 税项支出 10 (6,968) (6,070) Profit/(loss) for the period 本期溢利�u （ 亏损） 21,518 (23,588) 毅兴行有限公司 （ 「 本公司」）之董事会 （ 「 董事 会」）宣布，本公司及其附属公司 （ 「 本集团」）截 至二零一六年十二月三十一日止六个月之未经 审核简明综合中期财务资料如下： 简明综合收益表 截至二零一六年十二月三十一日止六个月 Interim Report 16 / 17 中期报告 3 Ngai Hing Hong Company Limited 毅兴行有限公司 CONDENSED CONSOLIDATED INCOME STATEMENT (Continued) FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 Note HK$’000 HK$’000 附注 千港元 千港元 Attributable to: 以下人士应占： Equity holders of the Company 公司股东 19,870 (24,605) Non-controlling interests 非控制权益 1,648 1,017 21,518 (23,588) Earnings/(loss) per share for profit/(loss) attributable to the equity holders of the Company during the period (expressed in HK cent per share) 本期公司股东应占溢利�u （ 亏损） 之每股盈利�u （ 亏损） （ 以每股港仙计） �C Basic －基本 12 5.38 (6.66) �C Diluted －摊薄 12 5.38 (6.66) The notes on pages 12 to 42 form an integral part of this condensed consolidated interim financial information. 简明综合收益表 （ 续） 截至二零一六年十二月三十一日止六个月 第 12至 42页的附注为简明综合中期财务资料 的整体部份。 4 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Profit/(loss) for the period 本期溢利�u （ 亏损） 21,518 (23,588) Other comprehensive loss: 其他综合亏损： Item that may be reclassified subsequently to income statement: 期後可被重新分类至 收益表之项目： Currency translation differences 汇兑差额 (14,958) (14,515) Other comprehensive loss for the period 本期其他综合亏损 (14,958) (14,515) Total comprehensive income/(loss) for the period 本期综合收益�u （ 亏损）总额 6,560 (38,103) Total comprehensive income/(loss) attributable to: 综合收益�u （ 亏损）总额归属於： Equity holders of the Company 公司股东 5,042 (38,845) Non-controlling interests 非控制权益 1,518 742 6,560 (38,103) The notes on pages 12 to 42 form an integral part of this condensed consolidated interim financial information. 简明综合合并收益表 截至二零一六年十二月三十一日止六个月 第 12至 42页的附注为简明综合中期财务资料 的整体部份。 Interim Report 16 / 17 中期报告 5 Ngai Hing Hong Company Limited 毅兴行有限公司 CONDENSED CONSOLIDATED BALANCE SHEET AS AT 31ST DECEMBER 2016 Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 Note HK$’000 HK$’000 附注 千港元 千港元 ASSETS 资产 Non-current assets 非流动资产 Property, plant and equipment 物业、厂房及设备 13 113,375 118,172 Leasehold land and land use rights 租赁土地及土地使用权 13 18,426 22,397 Investment properties 投资物业 13 120,801 106,050 Available-for-sale financial asset 可供出售财务资产 2,000 2,000 Deferred income tax assets 递延税项资产 5,860 6,052 Prepayment for property, plant and equipment and renovation costs 物业、厂房及设备与 装修预付款 5,278 1,339 265,740 256,010 Current assets 流动资产 Inventories 存货 228,103 228,571 Trade and bills receivables 贸易应收款及应收票据 14 259,494 248,086 Other receivables, prepayments and deposits 其他应收款、预付款及按金 23,766 17,347 Income tax recoverable 可收回税项 463 248 Restricted bank deposits 受限制的银行存款 22,346 23,256 Cash and bank balances 现金及银行结余 92,134 73,821 626,306 591,329 Total assets 资产总额 892,046 847,339 简明综合资产负债表 於二零一六年十二月三十一日 6 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 CONDENSED CONSOLIDATED BALANCE SHEET (Continued) AS AT 31ST DECEMBER 2016 Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 Note HK$’000 HK$’000 附注 千港元 千港元 EQUITY 权益 Capital and reserves attributable to the Company’s equity holders 公司股东 应占股本及储备 Share capital 股本 17 36,920 36,920 Share premium 股本溢价 62,466 62,466 Other reserves 其他储备 35,075 49,903 Retained earnings 保留溢利 305,918 286,048 440,379 435,337 Non-controlling interests 非控制权益 20,149 20,384 Total equity 权益总额 460,528 455,721 简明综合资产负债表 （ 续） 於二零一六年十二月三十一日 Interim Report 16 / 17 中期报告 7 Ngai Hing Hong Company Limited 毅兴行有限公司 CONDENSED CONSOLIDATED BALANCE SHEET (Continued) AS AT 31ST DECEMBER 2016 Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 Note HK$’000 HK$’000 附注 千港元 千港元 LIABILITIES 负债 Non-current liabilities 非流动负债 Deferred income tax liabilities 递延税项负债 6,238 6,151 Current liabilities 流动负债 Trade payables 贸易应付款 15 65,962 72,875 Other payables, deposits received and accruals 其他应付款、已收订金 及预提费用 30,124 24,079 Borrowings 借贷 16 321,635 280,843 Derivative financial instruments 衍生金融工具 18 ― 584 Income tax payable 应付税项 7,559 7,086 425,280 385,467 Total liabilities 负债总额 431,518 391,618 Total equity and liabilities 权益及负债总额 892,046 847,339 Net current assets 净流动资产 201,026 205,862 Total assets less current liabilities 资产总额减流动负债 466,766 461,872 The notes on pages 12 to 42 form an integral part of this condensed consolidated interim financial information. 简明综合资产负债表 （ 续） 於二零一六年十二月三十一日 第12至42页的附注为简明综合中期财务资料 的整体部份。 8 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 简明综合权益变动表 截至二零一六年十二月三十一日止六个月 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Attributable to equity holders of the Company 公司股东应占部分 Other reserves 其他储备 Share capital Share premium Capital reserve 购股权 Revaluation reserve Availablefo r-sale financial asset reserve 可供 出售财务 Exchange fluctuation reserve 汇兑 Retained earnings Noncontrolling interests 非控制 Total 股本 股本溢价 储备 资本储备 资产储备 波动储备 保留溢利 权益 总额 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 At 1st July 2016 於二零一六年七月一日 36,920 62,466 615 7,590 1,310 40,388 286,048 20,384 455,721 Comprehensive income 综合收益 Profit for the period 本期溢利 ― ― ― ― ― ― 19,870 1,648 21,518 Other comprehensive loss 其他综合亏损 Currency translation differences 汇兑差额 ― ― ― ― ― (14,828) ― (130) (14,958) Total comprehensive (loss)/income 综合 （ 亏损）�u收益总额 ― ― ― ― ― (14,828) 19,870 1,518 6,560 Transactions with owners 与所有者之交易 Dividends paid to non-controlling interests 向非控制权益支付股息 ― ― ― ― ― ― ― (1,753) (1,753) Total transactions with owners 与所有者之交易总额 ― ― ― ― ― ― ― (1,753) (1,753) At 31st December 2016 於二零一六年十二月三十一日 36,920 62,466 615 7,590 1,310 25,560 305,918 20,149 460,528 Interim Report 16 / 17 中期报告 9 Ngai Hing Hong Company Limited 毅兴行有限公司 简明综合权益变动表 （ 续） 截至二零一六年十二月三十一日止六个月 第 12至 42页的附注为简明综合中期财务资料 的整体部份。 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued) FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Attributable to equity holders of the Company 公司股东应占部分 Other reserves 其他储备 Share capital Share premium Capital reserve 购股权 Revaluation reserve Availablefo rsale financial asset reserve 可供 出售财务 Exchange fluctuation reserve 汇兑 Retained earnings Noncontrolling interests 非控制 Total 股本 股本溢价 储备 资本储备 重估储备 资产储备 保留溢利 权益 总额 HK$’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 At 1st July 2015 於二零一五年七月一日 36,920 62,466 408 7,590 1,310 72,169 316,232 21,336 518,431 Comprehensive (loss)/income 综合（ 亏损） �u收益 (Loss)/profit for the period 本期（ 亏损） �u溢利 ― ― ― ― ― ― (24,605) 1,017 (23,588) Other comprehensive loss 其他综合亏损 Currency translation differences 汇兑差额 ― ― ― (34) ― (14,206) ― (275) (14,515) Total comprehensive (loss)/income 综合（ 亏损） �u收益总额 ― ― ― (34) ― (14,206) (24,605) 742 (38,103) Transactions with owners 与所有者之交易 Dividends paid to non-controlling interests 向非控制权益支付股息 ― ― ― ― ― ― ― (1,599) (1,599) Dividends paid 支付股息 ― ― ― ― ― ― (3,692) ― (3,692) Disposal of subsidiaries 出售附属公司 ― ― ― ― ― ― ― 86 86 Total transactions with owners 与所有者之交易总额 ― ― ― ― ― ― (3,692) (1,513) (5,205) At 31st December 2015 於二零一五年十二月三十一日 36,920 62,466 408 7,556 1,310 57,963 287,935 20,565 475,123 The notes on pages 12 to 42 form an integral part of this condensed consolidated interim financial information. 10 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 简明综合现金流量表 截至二零一六年十二月三十一日止六个月 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Cash flows from operating activities 经营业务之现金流 Cash generated from operations 经营业务所产生之现金 3,600 15,032 Hong Kong profits tax (paid)/refunded （ 已缴）�u退还香港利得税 (1,033) 563 The People’s Republic of China (the “PRC”) income tax paid 已缴中华人民共和国 （ 「 中国」）所得税 (5,204) (3,379) Interest received 已收利息 111 118 Net cash (used in)/generated from operating activities 经营业务所 （ 使用）�u产生之净现金 (2,526) 12,334 Cash flows from investing activities 投资业务之现金流 Purchase of property, plant and equipment 购买物业、厂房及设备 (3,826) (2,831) Proceeds from disposal of property, plant and equipment 出售物业、厂房及设备所得款 137 133 Prepayments for property, plant and equipment and renovation costs 物业、厂房及设备与 装修预付款 (5,278) (2,054) Purchase of investment properties 购买投资物业 (3,902) ― Net cash used in investing activities 投资业务所使用之净现金 (12,869) (4,752) Cash flows from financing activities 融资业务之现金流 Proceeds from bank loans 新增银行贷款 81,063 96,043 Repayment of bank loans 偿还银行贷款 (73,858) (77,958) Increase in trust receipt loans 信托收据贷款增加 35,001 7,748 Dividends paid to non-controlling interests 支付予非控制权益之股息 (1,753) (1,599) Dividends paid 支付股息 ― (3,692) Sale of interests in subsidiaries 出售附属公司权益 ― 496 Interest paid on bank borrowings 已付银行借贷利息 (4,983) (5,963) Net cash generated from financing activities 融资业务所产生之净现金 35,470 15,075 Interim Report 16 / 17 中期报告 11 Ngai Hing Hong Company Limited 毅兴行有限公司 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) FOR THE SIX MONTHS ENDED 31ST DECEMBER 2016 Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Net increase in cash and cash equivalents 现金及现金等额之增加 20,075 22,657 Cash and cash equivalents at 1st July 於七月一日之现金及现金等额 63,666 78,569 Effect of foreign exchange rate changes 外币�舐时涠�影响 (2,578) (2,091) Cash and cash equivalents at 31st December 於十二月三十一日之现金及 现金等额 81,163 99,135 Analysis of balances of cash and cash equivalents: 现金及现金等额结余分析： Cash and bank balances 现金及银行结余 92,134 108,712 Bank overdrafts 银行透支 (10,971) (9,577) 81,163 99,135 The notes on pages 12 to 42 form an integral part of this condensed consolidated interim financial information. 第 12至 42页的附注为简明综合中期财务资料 的整体部份。 简明综合现金流量表 （ 续） 截至二零一六年十二月三十一日止六个月 12 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 简明综合中期财务资料附注 1 一般资料 毅兴行有限公司 （ 「 本公司」）及其子公司 （ 统称 「 本集团」）主要从事塑胶原料、色 粉、着色剂、混料及工程塑料之制造及 买卖。 本公司是於百慕达注册之一间有限责 任 公 司。 公 司 注 册 地 址 为 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda。 本公司之股票於香港联合交易所有限公 司之主版上市。 除非已另外列明，本简明综合中期财务 资料乃以港币列示。本简明综合中期财 务资料已於二零一七年二月二十七日被 董事局批准。 2 编制基准 截至二零一六年十二月三十一日止六个 月的简明综合中期财务资料已根据香港 会计准则第 34号 「 中期财务报告」编制。 本简明综合中期财务资料应与截至二零 一六年六月三十日止年度的年度财务报 表一并阅读，该财务报表已根据香港财 务报告准则编制。 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION 1 GENERAL INFORMATION Ngai Hing Hong Company Limited (the “Company”) and its subsidiaries (together the “Group”) are principally engaged in the manufacturing and trading of plastic materials, pigments, colorants, compounded plastic resins and engineering plastic products. The Company is a limited liability company incorporated in Bermuda. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The Company’s shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited. This condensed consolidated interim financial information is presented in Hong Kong dollars, unless otherwise stated, and has been approved for issue by the Board of Directors on 27th February 2017. 2 BASIS OF PREPARATION This condensed consolidated interim financial information for the six months ended 31st December 2016 has been prepared in accordance with Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting”. This condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended 30th June 2016, which have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). Interim Report 16 / 17 中期报告 13 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 3 ACCOUNTING POLICIES Except as described below, the accounting policies applied are consistent with those of the annual financial statements for the year ended 30th June 2016, as described in those annual financial statements. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. There are no other amended standards or interpretations that are effective for the first time for this interim period that could be expected to have a material impact on the Group. The following new standards and amendments to standards have been issued but are not effective for the financial year beginning 1st July 2016 and have not been early adopted by the Group: Amendments to HKAS 12 Income Taxes 1 对香港会计准则第 12号的修订 所得税 1 Amendments to HKAS 7 Statement of Cash Flows 1 对香港会计准则第 7号的修订 现金流量表 1 HKFRS 15 Revenue from Contracts with Customers 2 香港财务报告准则第 15号 客户合同收益 2 HKFRS 9 Financial Instruments 2 香港财务报告准则第 9号 金融工具 2 Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions2 对香港财务报告准则第 2号的修订 以股份为基础的支付交易的分类及计量 2 HKFRS 16 Leases 3 香港财务报告准则第 16号 租赁 3 HKFRS 10 and HKAS 28 (Amendment) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 4 对香港财务报告准则第10号及 香港会计准则第28号的修订 投资者与其联营或合营企业之间的资产出售或注资4 (1) Effective for annual periods beginning on or after 1st January 2017 (2) Effective for annual periods beginning on or after 1st January 2018 (3) Effective for annual periods beginning on or after 1st January 2019 (4) Effective for annual periods beginning on or after a date to be determined 简明综合中期财务资料附注 （ 续） 3 会计政策 编制本简明综合中期财务资料所采用之 会计政策及计算方法与截至二零一六年 六月三十日止年度之年度账目所采用的 会计政策一致，惟以下所述者除外。 本中期期间的所得税按照预期年度总盈 利适用的税率累计。 没有其他在本中期期间首次生效的修改 准则或解释预期会对本集团造成重大影 响。 以下为已公布但并非於自二零一六年七 月一起的财政年度生效的新准则和对准 则的修订，本集团并无提早采纳： (1) 自二零一七年一月一日起的年报期间生效 (2) 自二零一八年一月一日起的年报期间生效 (3) 自二零一九年一月一日起的年报期间生效 (4) 生效之年报期间仍未确立 14 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 3 ACCOUNTING POLICIES (Continued) The Directors anticipate that the adoption of above new standards and amendments to standards will not result in a significant impact on the results and financial position of the Group. 4 ESTIMATES The preparation of interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing this condensed consolidated interim financial information, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the annual financial statements for the year ended 30th June 2016. 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS 5.1 Financial risk factors The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow and fair value interest rate risk and price risk), credit risk and liquidity risk. The interim condensed consolidated financial information do not include all financial risk management information and disclosures required in the annual fi nancial statements, and should be read in conjunction with the Group’s annual financial statements as at 30th June 2016. There have been no changes in the risk management department since year end or in any risk management policies since the year end. 简明综合中期财务资料附注 （ 续） 3 会计政策 （ 续） 董事认为采纳以上新准则和对准则的修 订并不会对本集团之业绩及财务状况构 成重大影响。 4 估计 编制中期财务资料要求管理层对影响会 计政策的应用和所报告资产和负债以及 收支的数额作出判断、估计和假设。实 际结果或会与此等估计不同。 在编制此等简明综合中期财务资料时， 管理层应用本集团会计政策时作出的重 大判断和估计不确定性的关键来源，与 截至二零一六年六月三十日止年度财务 报表所应用的相同。 5 财务风险管理及金融工具 5.1 财务风险因素 本集团的活动承受着多种的财务风 险：市场风险 （ 包括汇率风险、公 平值利率风险、现金流量利率风险 及价格风险）、信用风险及流动性 风险。 中期简明合并财务资料并未包括年 度财务报表规定的所有财务风险管 理资讯和披露，此中期财务资料应 与本集团截至二零一六年六月三十 日止年度的年度财务报表一并阅 读。 自年底以来风险管理部或风险管理 政策并无任何变动。 Interim Report 16 / 17 中期报告 15 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued) 5.2 Liquidity risk Compared to year end, there have been no material changes to the policies and practices for the Group’s liquidity and funding risk management as described in the annual financial statements for the year ended 30th June 2016. 5.3 Fair value estimation According to HKFRS 7 “Financial Instruments: Disclosures”, financial instruments measured in the balance sheet at fair value are required to disclose the fair value measurements by level of the following fair value measurement hierarchy: Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2) Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3) There were no transfers of financial assets between categories during the period. There were no other charges in valuation technique during the period. 简明综合中期财务资料附注 （ 续） 5 财务风险管理及金融工具 （ 续） 5.2 流动性风险 本集团的流动性及资金风险管理与 截至二零一六年六月三十日之年度 财务报表所披露之政策及实施并无 重大变动。 5.3 公平值估计 根据香港财务报告准则第 7号 「 金 融工具：披露」，有关金融工具在 资产负债表的公平值计量需按下列 公平值计量架构披露： 相同资产或负债在活跃市场 的报价 （ 未经调整） （ 第 1层） 除 了 第 1层 所 包 括 的 报 价 外，该资产和负债的可观察 的其他输入，可为直接 （ 即 例如价格）或间接 （ 即源自价 格） （ 第 2层） 资产和负债并非依据可观察 市场数据的输入 （ 即非可观 察输入） （ 第 3层） 本期间内分类之间并无财务资产的 重大转拨。本期间内并无任何估值 技术的变动。 16 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 5 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS (Continued) 5.3 Fair value estimation (Continued) As at 31st December 2016, the Group’s financial assets and liabilities that are measured at fair value are categorised as level 3 financial instruments. The fo llowing table presents the changes in level 3 instruments for the period ended 31st December 2016. Available-forsale financial asset Derivative financial instruments 可供出售 财务资产 衍生 金融工具 Total 总额 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 At 1st July 2016 於二零一六年七月一日 2,000 (584) 1,416 Gain recognised in income statement 於损益表确认收益 ― 584 584 At 31st December 2016 於二零一六年十二月三十一日 2,000 ― 2,000 The fair value of derivative financial instruments which are not traded in an active market (for example, over-the-counter derivatives) was determined by using valuation techniques. The Group used its judgement to select an appropriate valuation method and made assumptions that were mainly based on market conditions existing at the balance sheet date. The valuation models require the input of subjective assumptions, including forward foreign exchange rates, risk free rates and market volatility. Changes in subjective input assumptions can materially affect the fair value estimate. There is no change in valuation technique during the period. 简明综合中期财务资料附注 （ 续） 5 财务风险管理及金融工具 （ 续） 5.3 公平值估计 （ 续） 於二零一六年十二月三十一日，本 集团以公平值计量的财务资产已分 类作第 3层金融工具。以下为於截 至二零一六年十二月三十一日止期 间内第 3层金融工具的变动表。 没有在活跃市场买卖的衍生金融工 具 （ 如场外交易的衍生金融工具） 的公平值利用估值技术厘定。本集 团利用判断选取一种合适的估值方 法，并主要根据於资产负债日的市 场情况作出假设。此等估值方法要 求输入包括远期外币汇率、无风险 利率及市场波动率等主观假设。此 等主观假设的变动将重大影响公平 值估算。本期间内并无任何估值技 术的变动。 Interim Report 16 / 17 中期报告 17 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Turnover 营业额 Sales of goods 销售货品 769,329 844,267 Provision of logistics services 提供物流服务 1,114 1,793 770,443 846,060 The Group is principally engaged in the manufacturing and trading of plastic materials, pigments, colorants, compounded plastic resins and engineering plastic products. The chief operating decision-maker (“CODM”) has been identified as the Executive Directors of the Company. Management has determined the operating segments based on the reports reviewed by the CODM that are used to assess performance and allocate resources. The CODM considers the business from the operations nature and the type of products perspective, including the trading of plastic materials (“Trading”), manufacturing and sale of colorants, pigments and compounded plastic resins (“Colorants”), manufacturing and sale of engineering plastic products (“Engineering plastic”) and other corporate and business activities including the provision of logistic services (“Others”). 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 本集团之主要业务为塑胶原料、色粉、 着色剂、混料和工程塑料之制造及买卖。 首席经营决策者被认定为本公司之执行 董事。首席经营决策者审视本集团的内 部报告以评估表现和分配资源。管理层 已决定根据此等报告厘定经营分部。首 席经营决策者从经营性质及产品角度考 虑业务，当中包括塑胶原料之买卖 （ 「 贸 易」）；着色剂、色粉及混料之制造及买 卖 （ 「 着色剂」）、工程塑料之制造及买卖 （ 「 工程塑料」）及其他企业及业务活动 （ 包 括：提供物流服务） （ 「 其他」）。 18 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) Each of the Group’s operating segments represents a strategic business unit that is managed by different business unit leaders. Inter-segment transactions are entered into under the normal commercial terms and conditions that would also be available to unrelated third parties. Information provided to the CODM is measured in a manner consistent with that in the condensed consolidated interim financial information. The CODM assesses the performance of the operating segments based on a measure of revenue and operating profit, which is in a manner consistent with that of the condensed consolidated financial statements. 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 本集团每一经营分部代表一策略性业务 单位，并由不同之业务单位主管管理。 分部间销售按照公平交易原则的相对等 条款进行。向首席经营决策者报告的计 量方法与简明综合中期财务资料内方法 一致。 首席经营决策者据对营业额及经营溢利 的计量评估营运分部的表现，方式与简 明综合财务报表相符。 Interim Report 16 / 17 中期报告 19 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) The segment information provided to the CODM for the reportable segments for the six months ended 31st December 2016 is as follows: Unaudited 未经审核 Trading Colorants Engineering plastic Others Group 贸易 着色剂 工程塑料 其他 本集团 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 Turnover 营业额 �C Gross revenue －分部总销售 544,612 166,007 97,687 1,124 809,430 �C Inter-segment revenue －分部间销售 (37,189) (1,627) (171) ― (38,987) Revenue from external customers 外部客户收益 507,423 164,380 97,516 1,124 770,443 Segment results 分部业绩 (3,875) 29,244 9,139 (2,237) 32,271 Finance income 财务收益 40 69 2 ― 111 Finance costs 财务费用 (2,671) (618) (421) (186) (3,896) (Loss)/profit before income tax 除税前 （ 亏损）�u溢利 (6,506) 28,695 8,720 (2,423) 28,486 Income tax expense 税项支出 (6,968) Profit for the period 本期溢利 21,518 Non-controlling interests 非控制权益 (1,648) Profit attributable to equity holders of the Company 公司股东 应占溢利 19,870 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 截至二零一六年十二月三十一日止六个 月提供给首席经营决策者之可呈列报告 分部资料如下： 20 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) The segment information provided to the CODM for the reportable segments for the six months ended 31st December 2016 is as follows: (Continued) Unaudited 未经审核 Trading Colorants Engineering plastic Others Group 贸易 着色剂 工程塑料 其他 本集团 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Other information: 其他资料： Additions to non-current assets (other than financial instruments and deferred tax assets) 非流动资产增加 （ 除金融工具及递延 税项资产外） 407 8,352 4,171 76 13,006 Depreciation of property, plant and equipment 物业、厂房 及设备折旧 340 2,588 3,957 265 7,150 Amortisation of leasehold land and land use rights 租赁土地及土地 使用权之摊销 179 130 16 39 364 Provision for impairment of inventories 存货减值准备 809 347 375 6 1,537 (Reversal of)/provision for impairment of trade receivables 应收款减值 （ 拨回） �u准备 (5) 26 ― ― 21 Fair value gains on derivative financial instruments 衍生金融工具 公平值收益 (1,122) ― ― ― (1,122) Reversal of impairment of deposit fo r acquisition of properties 收购物业之按金 减值拨回 ― (8,148) ― ― (8,148) Impairment of property, plant and equipment 物业、厂房及 设备减值 ― ― ― 201 201 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 截至二零一六年十二月三十一日止六个 月提供给首席经营决策者之可呈列报告 分部资料如下： （ 续） Interim Report 16 / 17 中期报告 21 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) The segment information provided to the CODM for the reportable segments as at 31st December 2016 is as follows: Unaudited 未经审核 Trading Colorants Engineering plastic Others Group 贸易 着色剂 工程塑料 其他 本集团 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Segment assets 分部资产 346,546 281,136 144,508 119,856 892,046 Total assets 资产总额 892,046 Segment liabilities 分部负债 (60,730) (29,132) (15,315) (4,706) (109,883) Borrowings 借贷 (256,971) (22,346) (33,582) (8,736) (321,635) Total liabilities 负债总额 (431,518) 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 於二零一六年十二月三十一日提供给首 席经营决策者之可呈列报告分部资料如 下： 22 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) The segment information provided to the CODM for the reportable segments for the six months ended 31st December 2015 is as follows: Unaudited 未经审核 Trading Colorants Engineering plastic Others Group 贸易 着色剂 工程塑料 其他 本集团 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Turnover 营业额 �C Gross revenue －分部总销售 591,665 189,896 101,466 1,832 884,859 �C Inter-segment revenue －分部间销售 (36,724) (1,903) (133) (39) (38,799) Revenue from external customers 外部客户收益 554,941 187,993 101,333 1,793 846,060 Segment results 分部业绩 (37,975) 22,416 6,170 (3,674) (13,063) Finance income 财务收益 43 72 3 ― 118 Finance costs 财务费用 (3,238) (609) (558) (168) (4,573) (Loss)/profit before income tax 除税前 （ 亏损）�u溢利 (41,170) 21,879 5,615 (3,842) (17,518) Income tax expense 税项支出 (6,070) Loss for the period 本期亏损 (23,588) Non-controlling interests 非控制权益 (1,017) Loss attributable to equity holders of the Company 公司股东 应占亏损 (24,605) 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 截至二零一五年十二月三十一日止六个 月提供给首席经营决策者之可呈列报告 分部资料如下： Interim Report 16 / 17 中期报告 23 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) The segment information provided to the CODM for the reportable segments for the six months ended 31st December 2015 is as follows (Continued): Unaudited 未经审核 Trading Colorants Engineering plastic Others Group 贸易 着色剂 工程塑料 其他 本集团 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Other information: 其他资料： Additions to non-current assets (other than financial instruments and deferred tax assets) 非流动资产增加 （ 除金融工具及递延 税项资产外） 48 2,258 2,525 46 4,877 Depreciation of property, plant and equipment 物业、厂房及 设备折旧 392 3,029 5,291 412 9,124 Amortisation of leasehold land and land use rights 租赁土地及土地 使用权之摊销 192 139 16 39 386 Provision for/(reversal of) impairment of inventories 存货减值 准备�u （ 拨回） 1,882 (675) 460 (11) 1,656 Fair value losses from forward fo re ign exchange contracts held for trading 持作买卖用途之外汇 远期合约公允价值 亏损 15,880 ― ― ― 15,880 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 截至二零一五年十二月三十一日止六个 月提供给首席经营决策者之可呈列报告 分部资料如下 （ 续）： 24 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 6 REVENUE AND SEGMENT INFORMATION (Continued) The segment information provided to the CODM for the reportable segments as at 30th June 2016 is as follows: Audited 经审核 Trading Colorants Engineering plastic Others Group 贸易 着色剂 工程塑料 其他 本集团 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 Segment assets 分部资产 315,548 276,975 135,495 119,321 847,339 Total assets 资产总额 847,339 Segment liabilities 分部负债 (67,776) (29,119) (10,835) (3,045) (110,775) Borrowings 借贷 (220,568) (24,306) (28,140) (7,829) (280,843) Total liabilities 负债总额 (391,618) The entity is domiciled in Hong Kong. The revenue from external customers from Hong Kong for the six months ended 31st December 2016 is approximately HK$319,654,000 (2015: HK$363,030,000) and the total of its revenue from external customers from other locations (mainly the PRC) is approximately HK$450,789,000 (2015: HK$483,030,000). At 31st December 2016, the total of non-current assets other than financial instruments and deferred income tax assets located in Hong Kong is approximately HK$154,500,000 (30th June 2016: HK$153,244,000) and the total of these noncurrent assets located in other locations (mainly the PRC) is approximately HK$103,380,000 (30th June 2016: HK$94,714,000). 简明综合中期财务资料附注 （ 续） 6 收益及分部资料 （ 续） 於二零一六年六月三十日提供给首席经 营决策者之可呈列报告分部资料如下： 本实体以香港为基地。截至二零一六年 十二月三十一日止六个月来自香港之 外部客户收益约为 319,654,000港元 （ 二 零 一 五 年：363,030,000港 元 ），而 来 自 其他地区 （ 主要为中国）之外部客户收 益 约 为 450,789,000港 元 （ 二 零 一 五 年： 483,030,000港元）。 於二零一六年十二月三十一日，除金融 工具及递延税项资产外位於香港之非流 动资产约为 154,500,000港元 （ 於二零一六 年六月三十日：153,244,000港元），而位 於其他地区 （ 主要为中国）之此等非流动 资产约为 103,380,000港元 （ 於二零一六年 六月三十日：94,714,000港元）。 Interim Report 16 / 17 中期报告 25 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 7 OTHER GAINS/(LOSSES), NET Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Net exchange losses 外汇亏损净额 (636) (3,075) Gain on disposal of property, plant and equipment 出售物业、厂房及 设备收益 123 133 Gain on disposal of subsidiaries 出售附属公司收益 ― 308 Fair value gains/(losses) from forward foreign exchange contracts held for trading 持作买卖用途之外汇远期 合约公允价值收益�u （ 亏损） 1,122 (15,880) Fair value gains on investment properties 投资物业的公允价值收益 331 ― Reversal of impairment of deposit for acquisition of properties (Note) 收购物业之按金减值拨回 （ 附注） 8,148 ― Others 其他 708 1,143 9,796 (17,371) Note: During the year ended 30th June 2007, the Group paid a deposit of RMB7,150,000 (approximately HK$7,989,000) for the acquisition of certain properties in the PRC, in which the deposit paid represents the value of the building portion of the properties. However, the transaction has not been completed for years as defects in certain title documents are yet to be rectified despite continuous efforts had been made to obtain those documents. During the year ended 30th June 2013, the management concluded that there were significant uncertainties over the recoverability of the deposit as a result, a full provision was made on the deposit. During the six months ended 31st December 2016, the Group has obtained the property right certificate of the foresaid properties. Accordingly, the impairment of the deposit of RMB7,150,000 (approximately HK$8,148,000) was reversed to condensed consolidated income statement. 简明综合中期财务资料附注 （ 续） 7 其他收益�u （ 亏损） －净值 附注： 於截至二零零七年六月三十日，本集团就收购 若干位於中国内地的物业支付人民币7,150,000 元（ 等值约7,989,000港元） 之按金，其按金代 表该物业之建筑物部分。尽管已不断作出努 力，但因若干业权文件之缺憾仍需厘清，故此 交易仍未完成。管理层对可收回此按金存在重 大不确定性，因此於截至二零一三年六月三十 日止年度已就此订金作出全额拨备。 於截至二零一六年十二月三十一日六个月，本 集团已取得上述物业之房地产权证。因此，人 民币7,150,000元（ 等值约8,148,000港元） 按金 之减值已於本期间之简明综合收益表内拨回。 26 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 8 OPERATING PROFIT/(LOSS) Operating profit/(loss) is stated after charging/(crediting) the following: Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Cost of inventories recognised as expenses included in cost of sales 确认作开支并包括於销售成本之 出售存货成本 618,579 702,901 Depreciation of property, plant and equipment 物业、厂房及设备之折旧 7,150 9,124 Amortisation of leasehold land and land use rights 租赁土地及土地使用权之摊销 364 386 Operating lease rentals in respect of land and buildings 土地及楼宇之经营租赁租金 3,803 4,761 Employee benefit expenses, including Directors’ emoluments 雇员福利支出 （ 包括董事酬金） 59,126 61,521 Provision for/(reversal of) impairment of trade receivables 贸易应收款减值准备�u （ 拨回） 21 (345) Provision for impairment of inventories 存货减值准备 1,537 1,656 Gain on disposal of property, plant and equipment 出售物业、厂房及 设备收益 (123) (133) Fair value (gains)/losses from forward foreign exchange contracts held for trading 持作买卖用途之外汇远期 合约公允价值 （ 收益）�u亏损 (1,122) 15,880 Fair value gains on investment properties 投资物业的公允价值收益 (331) ― Impairment of property, plant and equipment 物业、厂房及设备减值 201 ― 简明综合中期财务资料附注 （ 续） 8 经营溢利�u （ 亏损） 经营溢利�u （ 亏损）乃经扣除�u （ 计入）下 列各项後列账： Interim Report 16 / 17 中期报告 27 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 9 FINANCE INCOME AND COSTS Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Finance income: 财务收益： �C Interest income from bank deposits －银行存款利息收入 111 118 Finance costs: 财务费用： �C Interest on bank borrowings wholly repayable within five years －需於五年内全数偿还之 银行借贷之利息 (4,983) (5,963) �C Net exchange gains on financing activities －融资业务之外汇收益净额 1,087 1,390 (3,896) (4,573) Finance costs, net 财务费用－净值 (3,785) (4,455) 简明综合中期财务资料附注 （ 续） 9 财务收益及费用 28 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 10 INCOME TAX EXPENSE Hong Kong profits tax has been provided for at the rate of 16.5% (2015: 16.5%) on the estimated assessable profit for the period. Income tax on the Group’s subsidiaries established and operate in the PRC has been calculated on the estimated assessable profit for the period at the rates of taxation as applicable to the relevant subsidiaries. The amount of income tax charged to the interim consolidated income statement re presents: Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Current income tax 本期税项 �C Hong Kong profits tax －香港利得税 933 972 �C PRC corporate income tax －中国所得税 5,772 4,296 6,705 5,268 Deferred income tax 递延税项 263 802 6,968 6,070 简明综合中期财务资料附注 （ 续） 10 税项支出 香港利得税乃根据本集团於本期间内之 估计应课税溢利按税率百分之十六点五 （ 二零一五年：百分之十六点五）计算。 中国所得税乃根据於中国经营之附属公 司於本期间内之估计应课税溢利按该等 附属公司所在地之适用税率计算拨备。 中期综合收益表之税项支出为： Interim Report 16 / 17 中期报告 29 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 10 INCOME TAX EXPENSE (Continued) Deferred income tax assets are recognised for tax losses carry forward to the extent that the realisation of the related tax benefit through the future taxable profits is probable. At 31st December 2016, the Group had unrecognised tax losses to be carried forward against future taxable income amounted to HK$253,883,000 (30th June 2016: HK$242,401,000). Aside from tax losses generated from certain subsidiaries incorporated in the PRC amounted to HK$11,880,000 (30th June 2016: HK$10,970,000) with expiry dates from 2017 to 2021, the remaining tax losses have no expiry date. The potential deferred income tax assets in respect of these tax losses which have not been recognised amounted to approximately HK$42,900,000 (30th June 2016: HK$40,929,000). 11 DIVIDENDS On 27th February 2017, the Directors declared an interim dividend of HK1.0 cent per share, totaling HK$3,692,000 for the six months ended 31st December 2016. On 27th September 2016, the Directors resolved not to declare any final dividend fo r the year ended 30th June 2016. On 19th November 2015, the Directors declared a final dividend of HK1.0 cent per share, totaling HK$3,692,000 for the year ended 30th June 2015, which was paid during the six months ended 31st December 2015. 简明综合中期财务资料附注 （ 续） 10 税项支出 （ 续） 就结转的税务亏损而确认的递延所得税 资产仅限於有关之税务利益有可能透过 未来应课税盈利实现的部分。於二零 一六年十二月三十一日，本集团并无就 可结转以抵销未来应课税收益的税务亏 损约 253,883,000港元 （ 於二零一六年六 月三十日：242,401,000港元）确认递延所 得税资产约 42,900,000港元 （ 於二零一六 年 六 月 三 十 日：40,929,000港 元 ）。 於 中国成立的附属公司所产生由二零一七 年至二零二一年到期的税务亏损约为 11,880,000港元 （ 於二零一六年六月三十 日：10,970,000港元），其余税务亏损并 无到期日。 11 股息 於二零一七年二月二十七日，董事宣布 就截至二零一六年十二月三十一日止 六个月派发中期股息每股 1.0港仙，共 3,692,000港元。 於二零一六年九月二十七日，董事议决 不就截至二零一六年六月三十日止六个 月宣派任何末期股息。 於二零一五年十一月十九日，董事宣布 就截止二零一五年六月三十日止年度派 发末期股息每股 1.0港仙，共 3,692,000港 元。此项股息已於截至二零一五年十二 月三十一日止期间内支付。 30 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 12 EARNINGS/(LOSS) PER SHARE The calculation of basic earnings/(loss) per share is based on the profit attributable to equity holders of the Company for the period of HK$19,870,000 (2015: loss attributable to equity holders of HK$24,605,000) and 369,200,000 (2015: 369,200,000) ordinary shares in issue during the period. Dilutive earnings/(loss) per share for the period ended 31st December 2016 and 2015 equal basic earnings/(loss) per share as there was no dilutive potential ordinary share as at the period ended 31st December 2016 and 2015. 简明综合中期财务资料附注 （ 续） 12 每股盈利�u （ 亏损） 每股基本盈利�u （ 亏损）乃根据本期公司 股东应占溢利 19,870,000港元 （ 二零一五 年：股本应占亏损 24,605,000港元）及期 内已发行普通股 369,200,000股 （ 二零一五 年：369,200,000股）计算。 於二零一六年十二月三十一日及二零 一五年十二月三十一日，本公司并无具 摊薄潜力之普通股，因此，於截至二零 一六年十二月三十一日及二零一五年 十二月三十一日止两个期间，每股摊薄 盈利�u （ 亏损）相等於每股基本盈利�u （ 亏 损）。 Interim Report 16 / 17 中期报告 31 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 13 PROPERTY, PLANT AND EQUIPMENT, LEASEHOLD LAND AND LAND USE RIGHTS AND INVESTMENT PROPERTIES Unaudited 未经审核 Property, plant and equipment Leasehold land and land use rights Investment properties 投资物业 物业、厂房及 设备 租赁土地及 土地使用权 HK$’ 000 HK$’ 000 HK$’ 000 千港元 千港元 千港元 Net book value as at 1st July 2016 於二零一六年七月一日之 账面净值 118,172 22,397 106,050 Exchange difference 汇兑差额 (2,597) (738) (499) Additions 增加 5,165 ― 3,902 Reversal of impairment of deposit fo r acquisition of properties (Note 7) 收购物业之按金减值拨回 （ 附注 7） ― ― 8,148 Transfer to investment properties 转至投资物业 ― (2,869) 2,869 Disposals 出售 (14) ― ― Impairment 减值 (201) ― ― Fair value gains (Note 7) 公平值收益 （ 附注 7） ― ― 331 Depreciation/amortisation (Note 8) 折旧�u摊销 （ 附注 8） (7,150) (364) ― Net book value as at 31st December 2016 於二零一六年 十二月三十一日 之账面净值 113,375 18,426 120,801 Net book value as at 1st July 2015 於二零一五年七月一日之 账面净值 132,642 21,510 105,075 Exchange difference 汇兑差额 (2,689) (660) (347) Additions 增加 5,108 ― ― Transfer from deposits for acquisition of land use rights 转自收购土地使用权之按金 ― 3,248 ― Depreciation/amortisation (Note 8) 折旧�u摊销 （ 附注 8） (9,124) (386) ― Net book value as at 31st December 2015 於二零一五年十二月三十一日 之账面净值 125,937 23,712 104,728 简明综合中期财务资料附注 （ 续） 13 物业、厂房及设备、租赁土地及土 地使用权和投资物业 32 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 14 TRADE AND BILLS RECEIVABLES Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Trade receivables 贸易应收款 233,840 222,098 Less: provision for impairment of receivables 减：应收款减值准备 (4,614) (4,738) 229,226 217,360 Bills receivables 应收票据 30,268 30,726 259,494 248,086 At 31st December 2016, the aging analysis of trade receivables, based on invoice date, is as follows: Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Below 90 days 90日内 214,102 201,736 91-180 days 91-180日 11,290 11,478 Over 180 days 超过 180日 8,448 8,884 233,840 222,098 简明综合中期财务资料附注 （ 续） 14 贸易应收款及应收票据 於二零一六年十二月三十一日贸易应收 款根据发票日期之账龄分析如下： Interim Report 16 / 17 中期报告 33 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 14 TRADE AND BILLS RECEIVABLES (Continued) The majority of the Group’s sales are with credit terms of 30 to 90 days. The re maining amounts are on letter of credit or documents against payment. Bill receivables are mainly with maturity period of within 180 days. At 31st December 2016, there are bills of exchange HK$11,897,000 (30th June 2016: HK$20,594,000) transferred to banks with recourse in exchange for cash. The transactions had been accounted for as collateralised bank advances. 15 TRADE PAYABLES At 31st December 2016, the aging analysis of trade payables, based on invoice date, is as follows: Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Below 90 days 90日内 64,821 71,615 91-180 days 91-180日 111 172 Over 180 days 超过 180日 1,030 1,088 65,962 72,875 简明综合中期财务资料附注 （ 续） 14 贸易应收款及应收票据 （ 续） 本集团大部份销售的信贷期为三十至 九十日，其余以信用状或付款交单方式 进行。 应收票据之到期日主要为一百八十日内。 於二零一六年十二月三十一日，并无任 何附追索权之贴现票据转让予若干银行 以换取现金 11,897,000港元 （ 於二零一六 年六月三十日：20,594,000港元）。有关 交易已列为抵押化的银行垫款。 15 贸易应付款 於二零一六年十二月三十一日贸易应付 款根据发票日期之账龄分析如下： 34 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 16 BORROWINGS Unaudited Audited 未经审核 经审核 31st December 2016 30th June 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Current borrowings 流动借贷 Bank loans due for repayment within one year - secured 需於一年内偿还之 银行贷款－有抵押 121,664 107,367 Bank loans due for repayment after one year which contain a repayment on demand clause - secured 需於一年後偿还但包含按要求 还款条文之银行贷款－有抵押 ― 625 Trust receipt loans due for repayment within one year - secured 需於一年内偿还之信托收据贷款 －有抵押 177,103 142,102 Bank advances for discounted bills (Note 14) 银行贴现票据垫款 （ 附注 14） 11,897 20,594 Bank overdrafts - secured 银行透支－有抵押 10,971 10,155 Total borrowings 总借贷 321,635 280,843 简明综合中期财务资料附注 （ 续） 16 借贷 Interim Report 16 / 17 中期报告 35 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 16 BORROWINGS (Continued) Movements in borrowings are analysed as follows: HK$’000 千港元 Period ended 31st December 2016 截至二零一六年十二月三十一日止期间 Opening amount as at 1st July 2016 於二零一六年七月一日之期初金额 280,843 Currency translation differences 汇兑差额 (2,230) Repayments of borrowings 偿还借贷 (73,858) Drawdown of new borrowings 新借贷款 81,879 Increase in trust receipt loans 信托收据贷款增加 35,001 Closing amount as at 31st December 2016 於二零一六年十二月三十一日之期末金额 321,635 HK$’000 千港元 Period ended 31st December 2015 截至二零一五年十二月三十一日止期间 Opening amount as at 1st July 2015 於二零一五年七月一日之期初金额 317,469 Currency translation differences 汇兑差额 (2,619) Repayments of borrowings 偿还借贷 (77,958) Drawdown of new borrowings 新借贷款 96,139 Increase in trust receipt loans 信托收据贷款增加 7,748 Closing amount as at 31st December 2015 於二零一五年十二月三十一日之期末金额 340,779 简明综合中期财务资料附注 （ 续） 16 借贷 （ 续） 借贷变动分析如下： 36 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 16 BORROWINGS (Continued) The Group has the following undrawn borrowing facilities: Unaudited Audited 未经审核 经审核 31st December 2016 30th June 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Floating rate �C expiring beyond one year 浮动利率－一年以上到期 154,220 268,523 Note: Bank borrowings of the Group are secured by certain property, plant and equipment, leasehold land and land use rights and investment properties with carrying amount of HK$41,974,000 (30th June 2016: HK$43,322,000), HK$3,193,000 (30th June 2016: HK$3,340,000) and HK$29,977,000 (30th June 2016: HK$29,977,000) respectively. 简明综合中期财务资料附注 （ 续） 16 借贷 （ 续） 本集团有以下未使用之借贷额度： 附注： 本集团之银行贷款以部分物业、厂房及设备、 租赁土地及土地使用权和投资物业为抵押， 其账面值分别为41,974,000港元（ 於二零一六 年六月三十日：43,322,000港元） 、3,193,000 港元（ 於二零一六年六月三十日：3,340,000 港元） 及29,977,000港元（ 於二零一六年六月 三十日：29,977,000港元） 。 Interim Report 16 / 17 中期报告 37 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 17 SHARE CAPITAL Unaudited Audited 未经审核 经审核 31st December 2016 30th June 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Authorised: 法定股本： 800,000,000 (30th June 2016: 800,000,000) ordinary shares of HK$0.10 each 800,000,000 （ 於二零一六年 六月三十日：800,000,000） 每股面值 0.10港元之普通股 80,000 80,000 Issued and fully paid: 已发行及缴足股本： 369,200,000 (30th June 2016: 369,200,000) ordinary shares of HK$0.10 each 369,200,000 （ 於二零一六年 六月三十日：369,200,000） 每股面值 0.10港元之普通股 36,920 36,920 简明综合中期财务资料附注 （ 续） 17 股本 38 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 18 DERIVATIVE FINANCIAL INSTRUMENTS Unaudited Audited 未经审核 经审核 31st December 30th June 2016 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 Liabilities Liabilities 负债 负债 HK$’ 000 HK$’ 000 千港元 千港元 Held for trading 持作出售 �C Forward foreign exchange contracts (Note) －外汇远期合约 （ 附注） ― 584 Note: Forward foreign exchange contracts As at 31st December 2016, the Group has no outstanding forward foreign exchange contract. As at 30th June 2016, the Group had outstanding forward foreign exchange contracts mainly to purchase US dollars. The maximum notional principal amounts of these outstanding forward foreign exchange contracts at 30th June 2016 were as follows: Audited 经审核 30th June 2016 於二零一六年 六月三十日 HK$’000 千港元 Sell HK dollars for US dollars 沽售港元以买入美元 561,600 简明综合中期财务资料附注 （ 续） 18 衍生金融工具 附注： 外汇远期合约 於二零一六年十二月三十一日，本集团没有未 交收外汇远期合约。 於二零一六年六月三十日，本集团有未交收外 汇远期合约主要以买美元。於二零一六年六月 三十日此等未交收外汇远期合约之最高设定本 金额如下： Interim Report 16 / 17 中期报告 39 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 19 COMMITMENTS (a) Capital commitments Unaudited Audited 未经审核 经审核 31st December 2016 30th June 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Property, plant and equipment and leasehold land and land use rights: 物业、厂房及设备与租赁土地 及土地使用权： Contracted but not provided for 已授权但未签约 1,319 4,111 简明综合中期财务资料附注 （ 续） 19 承担 (a) 资本承担 40 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 19 COMMITMENTS (Continued) (b) Commitments under operating leases As at 31st December 2016, the Group had future aggregate minimum lease payments and receivables under non-cancellable operating leases as follows: Unaudited Audited 未经审核 经审核 31st December 2016 30th June 2016 於二零一六年 於二零一六年 十二月三十一日 六月三十日 HK$’000 HK$’000 千港元 千港元 Minimum lease payments 最低应付租赁款项 Land and buildings: 土地及楼宇： Not later than one year 一年内 4,053 4,326 Later than one year and not later than five years 一年後但不迟於五年 3,855 5,529 Later than five years 五年後 ― ― 7,908 9,855 Minimum lease receivables 最低应收租赁款项 Investment properties: 投资物业： Not later than one year 一年内 3,733 2,846 Later than one year and not later than five years 一年後但不迟於五年 2,647 831 Later than five years 五年後 ― ― 6,380 3,677 简明综合中期财务资料附注 （ 续） 19 承担 （ 续） (b) 经营租赁承担 於二零一六年十二月三十一日，本 集团承诺根据不可撤销之经营租赁 於未来之最低应付及应收租赁款项 如下： Interim Report 16 / 17 中期报告 41 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 20 CONTINGENT LIABILITIES During the year ended 30th June 2016, the Group received a claim from a customer in respect of the sales of alleged defective goods with claim amount approximately RMB5,000,000 (equivalent to HK$5,587,000). As at 31st December 2016, the legal adviser of the Group on this claim is of the opinion that the Group has a good case to defend. On this basis, the Directors consider that the claim will unlikely result in any material financial impact on the Group as at 31st December 2016. 21 RELATED PARTY TRANSACTIONS The Group is controlled by Good Benefit Limited, a company incorporated in the British Virgin Islands, which owns 53.3% of the Company’s shares. The remaining 46.7% of the shares were widely held. Substantially all of the shares of Good Benefit Limited are beneficially owned by certain Directors of the Company. Details of compensation paid to key management of the Group (all being Directors of the Company) are as follows: Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Basic salaries, allowances and other benefits in kind 基本薪酬、津贴及其他实物利益 6,936 7,565 Pensions - defined contribution plans 退休金－界定供款计划 54 718 6,990 8,283 简明综合中期财务资料附注 （ 续） 20 或有负债 於截至二零一六年六月三十日止年 度，本集团收到一客户就所谓的不合 格产品提出人民币 5,000,000元 （ 等值 5,587,000港元）的申索。於二零一六 年十二月三十一日，本集团的法律顾 问就此申索之意见认为本集团可提出 抗辩。因此，董事认为於二零一六年 十二月三十一日此申索不会对本集团 带来重大财务影响。 21 关连人士交易 本集团由 Good Benefit Limited （ 在英属处 女群岛注册成立之公司）控制，其拥有本 公司百分之五十三点三股权，其余之百 分之四十六点七股权为广泛持有。Good Benefit Limited实质上大部分股权由本公 司之部分董事实益持有。 支付予本集团主要管理人员 （ 均为本公司 之执行董事）之酬金详情如下： 42 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (Continued) 21 RELATED PARTY TRANSACTIONS (Continued) In addition to key management compensation disclosed above, the following transactions were carried out with related parties: Unaudited 未经审核 Six months ended 31st December 截至十二月三十一日止六个月 2016 2015 HK$’000 HK$’000 千港元 千港元 Operating lease rentals paid to related parties: 交付予有关连人士租赁租金 �C Build Fair Limited (Note i) －景聪有限公司（ 附注(i)） 474 ― �C Shine Systems Plastic Materials Company Limited (Note ii) －百亮塑胶原料有限公司 （ 附注(ii)） 156 ― 630 ― Notes: (i) Build Fair Limited is a company wholly owned by Mr HUI Sai Chung, a Director of the Company. (ii) Shine Systems Plastic Materials Company Limited is a company wholly owned by Mr HUI Kw ok Kwong, a Director of the Company. Operating lease rentals paid to related parties are on normal commercial terms and conditions. 简明综合中期财务资料附注 （ 续） 21 关连人士交易 （ 续） 除主要管理人员之酬金外，与关连人士 进行的交易如下： 附注： (i) 景聪有限公司由本公司董事许世聪先生 全资拥有。 (ii) 百亮塑胶原料有限公司由本公司董事许 国光先生全资拥有。 支付予有关连人士的租赁租金根据一般 商业条款及条件订立。 Interim Report 16 / 17 中期报告 43 Ngai Hing Hong Company Limited 毅兴行有限公司 INTERIM DIVIDEND The Directors are pleased to declare an interim dividend of Hong Kong 1.0 cent per share fo r the six months ended 31st December 2016 to members whose names appear on the Register of Members on 24th March 2017. The dividend will be paid on or before 6th April 2017. CLOSURE OF REGISTER OF MEMBERS The Register of Members of the Company will be closed from Wednesday, 22nd March 2017 to Friday, 24th March 2017 (both dates inclusive) during which period no transfer of shares will be registered. In order to qualify for the interim dividend, all properly completed transfer forms accompanied by the relevant share certificates must be lodged with the Company’s Branch Share Registrar in Hong Kong, Union Registrars Limited, Suites 3301-04, 33/F., Two Chinachem Exchange Square, 338 King’s Road, North Point, Hong Kong not later than 4:00 p.m. on Tuesday, 21st March 2017. MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW In 2016, the Chinese economy grew slower and the Renminbi depreciation continued, then there were the Brexit and Donald Trump becoming President of the United States. These trends and happenings weighed on global market confidence and brought uncertainties to the Group’s development. For the six months ended 31st December 2016, the Group’s total turnover was HK$770,443,000, declined by 8.9% year-on-year. 中期股息 董事会欣然宣布派发截至二零一六年十二月 三十一日止六个月之中期股息每股 1.0港仙予 於二零一七年三月二十四日名列股东名册之股 东。该项股息将於二零一七年四月六日或之前 支付。 暂停办理股份过户登记手续 本公司将由二零一七年三月二十二日 （ 星期三） 至二零一七年三月二十四日 （ 星期五），首尾两 天包括在内，暂停办理股票过户登记手续。为 确保享有中期股息，所有填妥之股份过户文件 连同有关股票，须於二零一七年三月二十一日 （ 星期二）下午四时正前送达本公司之香港股份 过户登记分处，联合证券登记有限公司，地址 为香港北角英皇道 338号华懋交易广场 2期 33 楼 3301-04室，办理登记。 管理层讨论及分析 业务回顾 於二零一六年，中国经济增速减慢、人民币持 续贬值、英国脱欧及特朗普当选美国总统等消 息打击全球市场信心，为本集团发展带来不明 朗因素。截至二零一六年十二月三十一日止六 个月，本集团之整体营业额为 770,443,000港 元，较去年同期下降百分之八点九。 44 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) BUSINESS REVIEW (Continued) Nevertheless, with its operating strategy of developing and selling higher margin products and carefully selecting customers continuing to bear fruit, the Group reported an improved business performance. Gross profit grew by 10.6% to HK$109,224,000, while gross profit margin increased from 11.7% to 14.2% year-on-year. And the Group managed to turn around its core businesses in the first half year by implementing strict cost control measures to lower administrative and distribution expenses as well as borrowing costs. Adding the reversal of impairment of deposit for the completion of acquisition of properties, profit attributable to equity holders of the Company was HK$19,870,000 (2015: loss attributable to equity holders of the Company: HK$24,605,000) and basic earnings per share was HK5.38 cents (2015: loss per share: HK6.66 cents). To reward shareholders for their unwavering support, the Board of Directors（ the 「 Board」 ） recommended the payment of an interim dividend of HK1.0 cent per share (2015: no interim dividend paid). Among the Group’s three major businesses, the engineering plastics business afforded the most satisfactory performance. Although the segmental turnover was down by 3.8% to HK$97,516,000 against the same period last year, the strategic move made by the Group to transform its sales model started to bring the harvest. The Group was able to win more new customers including major overseas high-end toy and household goods brands during the period, hence secured new profit streams. The segment’s gross profit margin increased by 4.6 percentage points year-on-year and profit before taxation also rose by 55.3% yearon-year. These products are required to comply with more stringent international safety standards thus have a higher entry barrier. Hence, the Group has an advantage over its peers. The Group has top-notch technological edges in production that allow it to meet customers’ product specifications and provide better quality, high-tech and high valueadded products, all conducive to fortifying its position in the industry. With the market placing more and more importance on safety of toys and household goods, related new regulations and safety requirements are expected to become more demanding. The Group’s ability to deliver high quality products will give it the competitive advantage to continue to expand its customer base and find new revenue streams. 管理层讨论及分析 （ 续） 业务回顾 （ 续） 然而，本集团积极开拓及销售毛利较高之产 品，以及严谨挑选客户的经营策略得宜，使本 集团的业务表现有所改善，毛利增长百分之十 点六至 109,224,000港元，与上年同期比较毛 利率更由百分之十一点七上升至百分之十四点 二。本集团继续实行严格的控制成本措施，降 低行政、分销费用，以及借贷成本，成功使本 集团於上半年的核心业务转亏为盈，加上计及 已实现完成收购物业的按金减值回拨，公司股 东应占溢利录得 19,870,000港元 （ 二零一五年： 公司股东应占亏损 24,605,000港元），每股基本 盈利为 5.38港仙 （ 二零一五年：每股亏损为 6.66 港仙）。 为回馈股东之不懈支持，董事会建议派发中期 股息每股 1.0港仙 （ 二零一五年：无宣派中期股 息）。 在本集团三大业务中，工程塑料业务表现较为 理想。虽然营业额较去年同期下跌百分之三点 八至 97,516,000港元，但本集团销售模式转型 的策略开始进入收成期，期内成功开发更多新 客户，包括外国主要的高级幼儿玩具及家具用 品品牌，为本集团带来新的盈利贡献。毛利率 较去年同期上升四点六个百分点，除税前溢利 较去年同期更录得百分之五十五点三之升幅。 这些产品需符合更高的国际安全标准，入行壁 垒较高，正因如此，本集团顶尖的产品技术竞 争优势能配合客户的生产规格，提供高品质、 高技术及高增值产品，有助本集团稳固其行业 地位。随着市场越来越重视玩具及家具用品安 全的重要性，预期新法规及安全措施的要求将 会愈来愈高，相信本集团高产品质量的竞争优 势，将可继续拓展客户群，为本集团开辟更多 的盈利渠道。 Interim Report 16 / 17 中期报告 45 Ngai Hing Hong Company Limited 毅兴行有限公司 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) BUSINESS REVIEW (Continued) Selling mainly to domestic customers, the colorants, pigments and compounded plastic re sin business segment had steady performance during the review period, with turnover down by 12.6% year-on-year to HK$164,380,000. However, with the Group focused on developing high-margin products, gross profit margin of the segment rose by 2.6 percentage points when compared with the last corresponding period and profit before taxation was HK$28,695,000. During the review period, the Group continued to invest in the market and product development for medical application-related packaging and automobile-related products and services, an initiative yet to bring a significant return. On the other hand, effort to tap the potential of such contemporary products as smartphones, smart electronic healthcare products and drones of growing popularity has enabled the Group to expand related clienteles. The Group believes the surfacing of user experience oriented new products enabled by Augmented Reality (AR), Virtual Reality (VR) and Internet of Things (IoT) technologies has given technologies in those realms very promising development prospects. These technologies developing at rocket speed are pushing up the market expectation of the technologies themselves and the quality of the new products and associated devices. The Group hopes to further cooperate with midrange to high-end smartphone clients in China, with the aim of gaining a bigger market share. Impacted by the weak Chinese economy, the turnover of the plastics trading business declined by 8.6% to HK$507,423,000. During the review period, the Group found more high potential customers including internationally renowned fast food restaurants via liaising with them directly regarding supplying raw materials to their designated premiums manufacturers. The move has not only enabled the Group to secure large scale, longterm and stable orders complementary to its strict credit management policy, but has also poised it for exploring business with other premiums manufacturers and broadening its customer base. In addition, the change to selling higher margin specialised raw materials as demanded by customers resulted in a 2.4 percentage points growth in gross profit margin and loss before taxation of the segment markedly narrowed to HK$6,506,000. With Renminbi exchange rate stabilising and prices of plastic raw material climbing steadily in the past few months, the Group expects customers to change from being conservative to more aggressive in placing purchase orders. The Group will capitalise on its competitive advantages and development strategy of focusing on high-margin products so that it may seize development opportunities in both domestic and overseas markets. 管理层讨论及分析 （ 续） 业务回顾 （ 续） 以内销为主的着色剂、色粉及混料业务於回顾 期内的表现稳定。营业额较去年同期下降百分 之十二点六至 164,380,000港元，但本集团集 中拓展高毛利的产品，使毛利率较去年同期上 升二点六个百分点，除税前溢利为 28,695,000 港元。於回顾期内，虽然针於医疗应用包装及 与汽车相关的产品及服务的市场拓展及产品研 发仍处於投资期，暂未能为本集团带来明显裨 益，不过新兴产品如智能手机、智能电子健康 产品及航拍愈来愈普及，本集团亦已扩展业务 至相关客户。相信围绕新兴产品的扩增实境、 虚拟实境及物联网等能加强用户体验的科技应 用发展潜力庞大，这些技术发展一日千里，促 使市场对该等新兴产品及周边装置的技术及品 质要求不断提高，本集团期望能进一步与国内 中、高档智能手机客户合作，开拓更高的市场 份额。 受国内经济疲弱影响，塑胶原料贸易业务的营 业额下降百分之八点六至 507,423,000港元。 本集团於期内发掘更多具潜力的客户，包括直 接与国际知名连锁快餐店接洽，为其精品向指 定制造商提供原材料。此举不但为本集团成功 争取大规模及长期稳定的订单、配合本集团严 谨信贷管理的政策，更有助开发其他的潜在精 品生产商，扩展客户基础。此外，本集团配合 客户需求转移销售较高毛利的特别原材料，推 动毛利率增长二点四个百分点，除税前亏损大 幅收窄至 6,506,000港元。过去数月，人民币汇 价回稳以及塑胶原材料价格稳步上扬，预期客 户的采购订单将由保守转趋积极，本集团将善 用其竞争优势，结合集中高毛利产品的发展策 略，全力抓住国内外市场的发展契机。 46 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) PROSPECTS Looking at 2017, countries in the Organisation of the Petroleum Exporting Countries (“OPEC”) and non-OPEC countries have agreed to decrease production. The management believes oil price will remain stable and that will push up demand for and prices of industrial raw materials. The management is cautiously optimistic about the Group’s future development. It will continue to adhere to the development direction of focusing on high-tech and high-margin products, embracing such acts as technological exchange with overseas high-tech suppliers and customers. The Group believes its top quality products will allow the Group to stand out among its peers and maintain stronger bargaining power on product price. It will also explore markets with room for growth by keeping in close partnership with the International Colour Alliance and widening customer sources using various channels. The two-pronged approach will help enhance the Group’s overall profitability. As for cost control, the Group will keep studying different ways and means to keep the cost down and strictly implement cost control measures already in place. It will also bring in more automated production equipment and expand production lines to lower labour costs and boost production capacity, so as to achieve greater economies of scale for supporting the Group’s long-term development. Facing a global economy still fraught with challenges, the Group will keep a close watch on market conditions. The Group is confident of standing out in the market at the brace of its unique business development strategy and first mover advantage in the industry. It will continue to adopt a professional and pragmatic yet proactive approach in striving for a long-term sustainable growth and to present lucrative rewards to shareholders. 管理层讨论及分析 （ 续） 展望 展 望 二 零 一 七 年， 石 油 输 出 国 家 组 织 （ 「 OPEC」）及其他非 OPEC产油国已达成减产协 议，管理层认为油价将保持平稳，有利推动工 业原材料需求及价格提升。管理层对未来发展 保持审慎乐观态度，一方面继续以高技术、高 毛利产品为发展方向，包括与拥有高技术的海 外供应商及客户进行技术交流，相信卓越的产 品品质将有助本集团从同行中脱颖而出，并维 持较高的产品议价能力。另一方面，本集团会 发掘更多具增长空间的市场，包括与国际颜色 专业联盟维持紧密夥伴关系，透过更多不同渠 道开拓客户来源，双管齐下提高整体的盈利能 力。 成本控制方面，本集团将持续审阅的不同方 案，严谨执行控制成本措施。同时，本集团将 投入更多自动化生产设备及扩充生产线，降低 人力成本及提高产能，务求实现更具规模的经 济效益，支持本集团的长远发展。 未来环球经济仍然充满挑战，本集团会密切 注视市况，但凭藉本集团独有的业务发展策 略以及行业先行者优势，相信可在市场中突围 而出。本集团将继续凭藉专业及务实进取的态 度，竭力实现长期可持续增长，为股东带来可 观的回报。 Interim Report 16 / 17 中期报告 47 Ngai Hing Hong Company Limited 毅兴行有限公司 LIQUIDITY AND FINANCIAL RESOURCES The Group generally finances its operations with internally generated cashflow and banking facilities provided by its principal bankers. As at 31st December 2016, the Group has available aggregate bank loan facilities of approximately HK$475,855,000 of which HK$321,635,000 have been utilised and were secured by corporate guarantee issued by the Group and legal charges on certain leasehold land and buildings, investment properties and machinery and equipment in the PRC and Hong Kong owned by the Group. The Group’s cash and bank balances as at 31st December 2016 amounted to approximately HK$92,134,000. The Group’s gearing ratio as at 31st December 2016 was approximately 73%, based on the total bank borrowings of approximately HK$321,635,000 and the shareholders’ funds of approximately HK$440,379,000. Details of the Group’s capital commitments and contingent liabilities are disclosed in Notes 19(a) and 20 to the condensed consolidated interim financial information respectively. FOREIGN EXCHANGE RISK The Group’s bank borrowings and cash and cash equivalents are primarily denominated in Hong Kong dollars, Renminbi and US dollars. The Group’s purchases were principally denominated in US dollars. The Group closely monitors currency fluctuations and manages its exchange risk by entering into forward exchange contracts from time to time. As at 31st December 2016, the Group did not have any outstanding forward foreign exchange contracts mainly to purchase US dollars and Renminbi. EMPLOYEE INFORMATION As at 31st December 2016, the Group employed a total of approximately 700 fulltime employees. The Group’s emolument policies are formulated on the performance of individual employees and are reviewed annually. The Group has an incentive scheme which is geared to the profit of the Group and the performance of its employees, as an incentive to motivate its employees to increase their contribution to the Group. The Group also provides social and medical insurance coverage, and provident fund scheme (as the case may be) to its employees depending on the location of such employees. 流动资金及财务资源 本 集 团 一 般 以 内 部 流 动 现 金 及 主 要 银 行 提 供 银 行 贷 款 作 为 营 运 资 金。 於 二 零 一 六 年 十 二 月 三 十 一 日， 本 集 团 可 动 用 银 行 贷 款 约 475,855,000港 元， 经 已 动 用 合 共 约 321,635,000港元，该等贷款乃由本集团发出 的担保及本集团拥有之若干中国及香港租赁土 地及楼宇、投资物业及机器及设备之法定抵押 作担保。本集团於二零一六年十二月三十一日 之现金及银行结余约为 92,134,000港元。根据 银行贷款总额约 321,635,000港元及股东资金 约 440,379,000港元计算，本集团於二零一六 年十二月三十一日之资产负债比率约为百分之 七十三。 有关本集团之资本承担及或有负债已分别刊载 於简明综合中期财务资料附注 19(a)及 20。 外汇风险 本集团之银行借贷及现金及现金等额主要为港 元、人民币及美元。本集团的采购主要以美元 计算。本集团不时密切监察汇率波动情况及透 过对冲远期外汇合约管理汇率波动风险。 於二零一六年十二月三十一日，本集团并未持 有任何未交收外汇远期合约主要以买美元及人 民币。 雇员资料 於二零一六年十二月三十一日，本集团有合共 约 700名全职雇员。本集团之酬金政策乃按个 别雇员之表现而制订，并每年定期检讨。本集 团亦为其雇员提供一个奖励计划，以鼓励员工 增加对公司之贡献，惟须视本集团之溢利及雇 员之表现而定。本集团不同地区之雇员亦获提 供社会及医疗保险保障以及公积金计划。 48 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 PURCHASE, SALE AND REDEMPTION OF THE COMPANY’S LISTED SECURITIES The Company has not redeemed any of its shares during the period. Neither the Company nor any of its subsidiaries has purchased or sold any of the Company’s listed securities during the period. SHARE OPTIONS On 22nd November 2012, the Company has adopted a share option scheme (the “Scheme”) and terminated the share option scheme adopted by the Company on 5th December 2002. Under the terms of the Scheme, the Directors may, at their discretion, invite eligible participants to take up Share Options to subscribe for the shares of the Company subject to the terms and conditions stipulated therein. No Share Options under the Scheme were granted, exercised or cancelled during the period. 购买、出售及赎回本公司之上市证券 本公司於期内并无赎回其股票。本公司或其任 何附属公司於期内亦无购买或出售本公司之上 市证券。 购股权 本公司之股东於二零一二年十一月二十二日采 纳了购股权计划 （ 「 购股权计划」），并同日取 消了本公司之股东於二零零二年十二月五日接 纳之购股权计划。根据购股权计划之条款及条 件，董事会可酌情邀请合资格参与者接纳可认 购本公司股份之购股权。 於期内概无根据购股权计划授出、行使或取消 任何购股权。 Interim Report 16 / 17 中期报告 49 Ngai Hing Hong Company Limited 毅兴行有限公司 DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION At 31st December 2016, the interests and short positions of each Director and chief executive in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)), as recorded in the register maintained by the Company under Section 352 of the SFO or as otherwise notified to the Company and The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) contained in the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) were as follows: Ordinary shares of HK$0.10 each in the Company Number of shares of the Company beneficially held 实益持有之本公司股份数目 Personal Corporate Family Other interests interests interests interests Name of Directors 董事姓名 个人权益 法团权益 家属权益 其他权益 Mr HUI Sai Chung 许世聪先生 Long Positions 好仓 15,787,600 202,721,500(a) ― ― Mr HUI Kwok Kwong 许国光先生 Long Positions 好仓 19,850,400 198,803,500(b) ― ― Mr HUI Yan Kuen 许人权先生 Long Positions 好仓 ― 202,721,500(c) ― ― Madam LIU Sau Lai 廖秀丽女士 Long Positions 好仓 1,423,000 ― ― (d) 董事及最高行政人员於本公司或其任何 相联法团股份、相关股份及债券之权益 及淡仓 於二零一六年十二月三十一日，本公司各董事 及最高行政人员於本公司或其任何相关法团 （ 定 义见证券及期货条例 （ 「 证券期货条例」）第 XV 部）须向本公司申报之权益或已登记於根据证 券期货条例第 352条存置之名册之股份，相关 股份及债券之权益及淡仓，或根据香港联合交 易所有限公司 （ 「 联交所」）证券上市规则 （ 「 上市 规则」）之上市公司董事进行证券交易的标准守 则 （ 「 标准守则」）已向本公司及联交所申报者如 下： 本公司每股面值 0.10港元之普通股 50 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION (Continued) Notes: (a) 196,721,500 of these shares are held by Good Benefit Limited (“Good Benefit”), a company in which Ever Win Limited (“Ever Win”) holds a 45.1% interest (note (d)). In addition, 6,000,000 shares are held by Ever Win directly. 50,001 ordinary shares of one Canadian dollar each in Ever Win are held by Mr HUI Sai Chung. Mr HUI Sai Chung and his spouse further own 33,957 and 5 class A non-convertible redeemable preferred shares of no par value in Ever Win respectively. (b) 196,721,500 of these shares are held by Good Benefit, a company in which Evergrow Company Limited (“Evergrow”) holds a 45.1% interest (note (d)). In addition, 2,082,000 shares are held by Evergrow directly. 50,000 ordinary shares of one Canadian dollar each in Evergrow are held by Mr HUI Kwok Kwong. Mr HUI Kwok Kwong further owns 30,823 class A non-convertible redeemable preferred shares of no par value in Evergrow. (c) 196,721,500 of these shares are held by Good Benefit Limited (“Good Benefit”), a company in which Ever Win Limited (“Ever Win”) holds a 45.1% interest (note (d)). In addition, 6,000,000 shares are held by Ever Win directly. 333 ordinary shares of one Canadian dollar each in Ever Win are held by Mr HUI Yan Kuen. (d) The beneficial interests of the Directors in the share capital of Good Benefit, which held 196,721,500 shares of the Company as at 31st December 2016, are as follows: Number Percentage of shares of holding Name of Directors 董事姓名 股份数目 持股百分比 Mr HUI Sai Chung 许世聪先生 4,510 45.1% Mr HUI Kwok Kwong 许国光先生 4,510 45.1% Madam LIU Sau Lai 廖秀丽女士 80 0.8% Others 其他 900 9.0% 10,000 100.0% 董事及最高行政人员於本公司或其任何 相联法团股份、相关股份及债券之权益 及淡仓 （ 续） 附注： (a) 该等股份中之196,721,500股乃由Good Benefit Limited（ 「 Good Benefit」 ） 持有。Ever Win Limited（ 「 Ever Win」 ） 持有Good Benefit百 分之四十五点一权益（ 附注(d)） 。此外， 6,000,000股股份由Ever Win直接持有。 Ever Win每股面值1加元之普通股份50,001股由 许世聪先生持有。许世聪先生及其配偶另分别 拥有Ever Win A级无面值不可兑换可赎回优先股 份33,957股及5股。 (b) 该 等 股 份 中 之 1 9 6 , 7 2 1 , 5 0 0 股 乃 由 G o o d Benefit持有。Evergrow Company Limited （ 「 Evergrow」 ） 持有Good Benefit百分之 四十五点一权益（ 附注(d)） 。此外，2,082,000 股股份由Evergrow直接持有。 Evergrow每股面值1加元之普通股份50,000股由 许国光先生持有。许国光先生另拥有Evergrow A 级无面值不可兑换可赎回优先股份30,823股。 (c ) 该等股份中之196,721,500股乃由Good Benefit Limited（ 「 Good Benefit」 ） 持有。Ever Win Limited（ 「 Ever Win」 ） 持有Good Benefit百分 之四十五点一权益（ 附注(d))。此外，6,000,000 股股份由Ever Win直接持有。Ever Win每股面值 1加元之普通股份333股由许人权先生持有。 (d) 董事在Good Benefit（ 於二零一六年十二月 三十一日持有本公司196,721,500股股份） 股本 之实益权益如下： Interim Report 16 / 17 中期报告 51 Ngai Hing Hong Company Limited 毅兴行有限公司 DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION (Continued) Notes: (Continued) (d) (Continued) At 31st December 2016, the following Directors owned interests in non-voting deferred shares in Ngai Hing Hong Plastic Materials Limited, which are subject to an option granted to Ngai Hing (International) Company Limited to acquire the said non-voting deferred shares. Number of non-voting deferred shares held 持有无投票权递延股份数目 Personal Other interests interests Name of Directors 董事姓名 个人权益 其他权益 Mr HUI Sai Chung 许世聪先生 200,000 50,000 (i) Mr HUI Kwok Kwong 许国光先生 200,000 50,000 (ii) Notes: (i) These shares are held by Ever Win. (ii) These shares are held by Evergrow. Save as disclosed above and other than certain nominee shares in the subsidiaries of the Company held by certain Directors of the Company in trust for the Group as at 31st December 2016, none of the Directors and chief executives have any beneficial or nonbeneficial interests in the share capital of the Company and associated corporations (within the meaning of Part XV of the SFO) as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code. 董事及最高行政人员於本公司或其任何 相联法团股份、相关股份及债券之权益 及淡仓 （ 续） 附注： （ 续） (d) （ 续） 於二零一六年十二月三十一日，下列董事拥有 毅兴塑胶原料有限公司无投票权递延股份权 益，而该公司并已授予Ngai Hing (International) Company Limited可购买上述无投票权递延股份 之购股权。 附注： (i) 该等股份由Ever Win持有。 (ii) 该等股份由Evergrow持有。 除上文所披露及本公司若干董事以信托方式代 本集团持有本公司若干附属公司代理人股份 外，於二零一六年十二月三十一日，根据证券 期货条例第 352条规定存置之名册所记录或根 据标准守则而向本公司及联交所作出的知会， 各董事及最高行政人员於本公司及相关法团 （ 具 有证券期货条例第 XV部的涵义）之股本中概无 拥有任何根据证券期货条例须予披露之实益或 非实益权益。 52 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN THE SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY ASSOCIATED CORPORATION (Continued) Save as disclosed under the section headed by “Share Options” above, (a) at no time during the period was the Company, its holding company or any of its subsidiaries a party to any arrangements to enable the Directors or chief executives of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate; and (b) none of the Directors, chief executives, their spouses or children under the age of 18 had been granted any right to subscribe for shares in or debentures of the Company, or exercised any such right. SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN THE SHARES AND UNDERLYING SHARES OF THE COMPANY As at 31st December 2016, the register of substantial shareholders maintained under Section 336 of the SFO shows that the Company had not been notified of any substantial shareholders’ interests and short positions, being 5% or more of the Company’s issued share capital, other than those of the Directors and chief executives as disclosed above. COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as its own code of conduct regarding directors’ securities transaction. The Company has made specific enquiry to all Directors and all Directors confirmed that they had complied with the required standard of dealings set out therein during the period. 董事及最高行政人员於本公司或其任何 相联法团股份、相关股份及债券之权益 及淡仓 （ 续） 除上述 「 购股权」一段所列外： (a) 於本期间任何时间内，本公司、其控股 公司或其任何附属公司并无参与订立任 何安排，致使本公司董事或最高行政人 员可藉购买本公司或任何其他法人团体 之股份或债券而获益；及 (b) 各董事、最高行政人员、其配偶或十八 岁以下之子女概无获授予可认购本公司 股份或债券之权利，或已行使此等权利。 主要股东於本公司股份及相关股份之权 益及淡仓 除上文所披露有关董事之权益外，根据本公司 按证券期货条例第 336条而存置之主要股东名 册所显示，本公司概无接获任何人士於二零 一六年十二月三十一日拥有本公司已发行股本 百分之五或以上权益及淡仓之通知。 遵守董事进行证券交易之标准守则 本公司已采纳上市规则附录 10所载之标准守则 作为董事进行证券交易之标准守则。本公司已 向所有董事作出特定查询，而全体董事已确认 彼等於期内均有遵守当中所要求之买卖标准。 Interim Report 16 / 17 中期报告 53 Ngai Hing Hong Company Limited 毅兴行有限公司 CORPORATE GOVERNANCE PRACTICE The Company is committed to the establishment of good corporate governance practices and procedures which serve as an important element of risk management throughout the growth and expansion of the Company. The Company emphasises on maintaining and carrying out sound, solid and effective corporate governance principles and structures. The Company has complied with all the applicable code provisions as set out in Corporate Governance Code and Corporate Governance Report to the Appendix 14 of the Listing Rules (the “CG Code”) throughout the six months ended 31st December 2016, except for the deviation as mentioned below. According to the code provision A.2.1 of the CG Code, the roles of chairman and chief executive should be separate and should not be performed by the same individual. Up to the date of this interim report, the Board has not appointed any individual to be the chief executive. The roles of the chief executive have been performed collectively by all the executive directors, including the chairman, of the Company. The Board considers that this arrangement allows contributions from all executive directors with different expertise and is beneficial to the continuity of the Company’s policies and strategies. Going forward, the Board will periodically review the effectiveness of this arrangement and considers appointing an individual to chief executive when it thinks appropriate. For the purpose of further enhancing the risk management and internal control systems, the Company has engaged an external consultant to carry out an on-going project to conform the compliance with the revised CG Code. The Board of Directors has reviewed the effectiveness of the system of internal control of the Company and its subsidiaries with no material issues noted. 企业管治常规 本公司致力建立良好企业管治常规及程序，在 扩大本公司的业务中，该常规及程序为风险管 理之重要元素。本公司着重维持及执行优良、 稳健及有效的良好企业管治常规及架构。 除下文所述的偏离外，截至二零一六年十二月 三十一日止六个月，本公司一直遵守上市规则 附录 14 《 企业管治守则》及 《 企业管治报告》 （ 「 守 则」）所载列之所有适用守则条文。 根据守则条文第 A.2.1条，主席及行政总裁之职 能应分开，不应由一人同时兼任。直至本中期 报告日期，董事会尚未委任任何人士担任行政 总裁。行政总裁之职责乃由本公司所有执行董 事 （ 包括主席）共同担任。董事会认为，该安排 让各位拥有不同专业的执行董事共同决策，亦 可贯撤执行本公司之政策及策略，故符合本集 团利益。展望未来，董事会将定期检讨该安排 之成效，及考虑於适当时候委任行政总裁。 就加强风险管理及内部监控系统，本公司已委 聘外界顾问负责持续检讨以符合新修订守则的 要求。董事会已检讨本公司及其附属公司内部 监控系统的成效，并无发现任何重大问题。 54 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 提名委员会 本公司根据联交所之规定拟定本公司的提名委 员会 （ 「 提名委员会」）的职权范围。提名委员会 由全体独立非执行董事 （ 何伟志先生、陈秩龙 先生及程如龙先生）及一名执行董事 （ 许世聪先 生）组成。 提名委员会负责定期检讨董事会的架构、规模 及组合 （ 包括技术、知识及经验），并就任何 建议变更向董事会提出意见；识别具合适资格 成为董事会成员的个人及就获提名成为董事的 个人作出筛选或向董事会作出选择建议；评定 独立非执行董事的独立性；及就有关董事的委 任或再委任及董事的接任计划之相关事项向董 事会提供建议。提名委员会不时检讨董事会之 组成，从多个方面考虑董事会成员多元化，包 括但不限於性别、年龄、文化及教育背景、种 族、专业经验、技能、知识以及服务年期。提 名委员会每年最少就董事会的架构、规模及组 合举行一次会议。 审核委员会 本公司根据联交所之规定拟定本公司的审核委 员会 （ 「 审核委员会」）之职权范围。审核委员会 由全体独立非执行董事 （ 何伟志先生、陈秩龙先 生及程如龙先生）组成。 审核委员会主要职责为确保财务报告及内部监 控程序之客观性及可信度，以及与本公司外聘 的核数师保持良好关系。审核委员会的职权范 围与香港会计师公会颁布的 《 审核委员会有效运 作指引》及上市规则内载的建议相符。 审核委员会已经与管理层审阅本集团所采纳之 会计原则及方法，并与董事讨论有关内部监控 及财务汇报事宜，包括审阅截至二零一六年 十二月三十一日止六个月之未经审核简明综合 中期财务资料。 NOMINATION COMMITTEE The Company has formulated written terms of reference for the nomination committee of the Company (the “Nomination Committee”) in accordance with the requirements of the Stock Exchange. The Nomination Committee consists of all independent nonexecutive Directors, namely Mr HO Wai Chi, Paul, Mr CHAN Dit Lung and Mr CHING Yu Lung and an executive Director, Mr HUI Sai Chung. The Nomination Committee is responsible for reviewing the structure, size and composition of the Board (including the skills, knowledge and experience) on a regular basis and make recommendations to the Board regarding any proposed changes; identifying individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of, individuals nominated for directorships; assessing the independence of independent non-executive Directors; and making recommendations to the Board on relevant matters relating to the appointment or re-appointment of Directors and succession planning for Directors. The Nomination Committee would review the Board’s composition from time to time where Board diversity would be 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 services. The Nomination Committee meets at least once a year to assess the structure, size and composition of the Board. AUDIT COMMITTEE The Company has formulated written terms of reference for the audit committee of the Company (the “Audit Committee”) in accordance with the requirements of the Stock Exchange. The Audit Committee consists of all independent non-executive Directors, namely Mr HO Wai Chi, Paul, Mr CHAN Dit Lung and Mr CHING Yu Lung. The principal duties of the Audit Committee are to ensure the objectivity and credibility of financial reporting and internal control procedures as well as to maintain an appropriate relationship with the external auditor of the Company. The terms of reference of the Audit Committee are aligned with the recommendations set out in “A Guide for Effective Audit Committees” issued by the Hong Kong Institute of Certified Public Accountants and Listing Rules. The Audit Committee has reviewed with management the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters including a review of the unaudited condensed consolidated interim financial information for the six months ended 31st December 2016 with the Directors. Interim Report 16 / 17 中期报告 55 Ngai Hing Hong Company Limited 毅兴行有限公司 REMUNERATION COMMITTEE The Company has formulated written terms of reference for the remuneration committee of the Company (the “Remuneration Committee”) in accordance with the requirements of the Stock Exchange. The Remuneration Committee consists of three independent nonexecutive Directors, namely Mr HO Wai Chi, Paul, Mr CHAN Dit Lung and Mr CHING Yu Lung and an executive Director, Mr HUI Sai Chung. The Remuneration Committee is responsible for ensuring formal and transparent procedures for developing remuneration policies and making recommendations to the Board on the remuneration packages of the individual executive Director and senior management. This includes benefits in kind, pension rights and compensation payments, including any compensation payable for loss or termination of their office or appointment. It takes into consideration on factors such as salaries paid by comparable companies, time commitment and responsibilities of Directors and senior management. The Remuneration Committee meets at least once a year to assess the performance and review the annual salaries and bonus of the senior executives. CORPORATE GOVERNANCE COMMITTEE The Company has formulated written terms of reference for the corporate governance committee of the Company (the “Corporate Governance Committee”) in accordance with the CG Code. The Corporate Governance Committee consists of all independent non-executive Directors, namely Mr HO Wai Chi, Paul, Mr CHAN Dit Lung and Mr CHING Yu Lung. 薪酬委员会 本公司根据联交所之规定拟定本公司的薪酬委 员会 （ 「 薪酬委员会」）之职权范围。薪酬委员会 由三位独立非执行董事 （ 何伟志先生、陈秩龙 先生及程如龙先生）及一位执行董事 （ 许世聪先 生）组成。 薪酬委员会负责确保正式及具透明度之薪酬政 策制订程序，及向董事会就个别执行董事及高 级管理层之薪酬组合提出建议，这包括实物利 益、退休金权利及补偿 （ 当中包括因失去或中止 其职务或委任引致之任何应付补偿）。薪酬委员 会考虑之因素包括可比较公司之薪金水平、各 董事及高级管理人员所投入之时间及职责等。 薪酬委员会每年最少举行一次会议以评估表现 及审阅高级管理人员每年之薪酬及奖金。 企业管治委员会 本公司根据守则之规定拟定本公司的企业管治 委员会 （ 「 企业管治委员会」）的职权范围。企业 管治委员会由全体独立非执行董事 （ 何伟志先 生、陈秩龙先生及程如龙先生）组成。 56 Interim Report 16 / 17 中期报告 Ngai Hing Hong Company Limited 毅兴行有限公司 CORPORATE GOVERNANCE COMMITTEE (Continued) The Corporate Governance Committee is responsible for developing and reviewing the policies and practices on corporate governance of the Group and making recommendations to the Board; reviewing and monitoring the training and continuous professional development of Directors and senior management; reviewing and monitoring the Group’s policies and practices on compliance with legal and regulatory requirements; developing, reviewing and monitoring the code of conduct and compliance manual (if any) applicable to employees and Directors; and reviewing the Group’s compliance with the CG Code and disclosure in the Corporate Governance Report of the Company. The Corporate Governance Committee meets at least once a year to review the corporate governance functions. On behalf of the Board HUI Sai Chung Chairman Hong Kong, 27th February 2017 企业管治委员会 （ 续） 企业管治委员会负责发展及检讨本集团企业管 治的政策及实施并向董事会提出意见；检讨及 监察董事及高级管理人员的培训及持续专业进 修；检讨及监察本集团就法律及规则的合规性 要求的政策及实施；发展、检讨及监察适用於 员工及董事的行为准则及合规手册 （ 如有）；及 检讨本集团就守则的合规性及本公司於企业管 治报告的披露。企业管治委员会每年最少就企 业管治功能举行一次会议。 代表董事会 主席 许世聪 香港， 二零一七年二月二十七日