2016 INTERIM REPORT 2016 016 2 TER T M INTERIM INT M T R P R O REPOR OR E RT RT 2016 INTERIM REPORT (Incorporated in the Cayman Islands with limited liability) Stock Code :1470 Holdings Company Limited Tic Tac International Chairman’s Statement 主席报告 Corporate Information 公司资料 Management Discussion and Analysis 管理层讨论及分析 Other Information 其他资料 Condensed Consolidated Statement of Comprehensive Income 简明综合全面收益表 Condensed Consolidated Statement of Financial Position 简明综合财务状况表 Condensed Consolidated Statement of Changes in Equity 简明综合权益变动表 Condensed Consolidated Statement of Cash Flows 简明综合现金流量表 Notes to the Condensed Consolidated Interim Financial Statements 简明综合中期财务报表附注 CONTENTS 目录 02 04 06 12 17 18 20 21 22 CHAIRMAN’S STATEMENT 主席报告 Tic Tac International Holdings Company Limited Interim Report 2016 02 On behalf of the board (the “Board”) of directors (the “Directors”) of Tic Tac International Holdings Company Limited (the “Company”), I hereby present the unaudited interim report of the Company and its subsidiaries (collectively the “Group”) for the six months ended 31 October 2016 (the “Review Period”) with comparative figures for the corresponding period in 2015. RESULTS Given to the weak consumption sentiment and decrease in tourists visiting Hong Kong, the turnover for the Review Period declined significantly by approximately 13.2% to approximately HK$149.7 million (six months ended 31 October 2015: approximately HK$172.4 million). Gross profit for the Review Period was approximately HK$50.5 million (six months ended 31 October 2015: approximately HK$62.1 million) and a decrease of approximately 2.3% in gross profit margin compared with the corresponding period in 2015. The profit attributable to owners of the Company decreased by approximately HK$9.4 million or 241.0% from the profit attributable to owners of the Company of approximately HK$3.9 million for the six months ended 31 October 2015 to the loss attributable to owners of the Company of approximately HK$5.5 million for the six months ended 31 October 2016. OUTLOOK AND FUTURE PROSPECTS Looking ahead, business conditions are expected to remain challenging in Hong Kong. Under the impact of the slowdown in economic growth in Mainland China, the changes of tourist destinations as a result of currency devaluation, Mainland tourists tended to stay shorter period of time in addition to the decrease in consuming power. Local consumption sentiment remained weak throughout the Review Period, and we are expecting a continuation of the tougher, highly promotional retailing environment. Local retailers had taken the inevitable measures in terms of widespread discounting and promotion activities to maintain market shares, which resulted in deteriorating gross margin. To gather the support of local customers and brand owners, our Group have been proactively participated in various promotional and brand building events that were being held by brand owners. With those events, we hope that sales of those watch brands could be revined at fast pace. High rental and operation costs are still our concerns. During the past 12 months, the rental costs in most of the key shopping locations were still high. Nevertheless, the basic operation costs for maintaining an effective and efficient business teams have been strictly controlled despite the fact that costs were still unavoidably expensive due to high standard of livings in Hong Kong. 本人谨代表滴达国际控股有限公司（「本公 司」）董事（「董事」）会（「董事会」）提呈本公司及 其附属公司（统称「本集团」）截至二零一六年 十月三十一日止六个月（「回顾期间」）之未经 审核中期报告，连同二零一五年同期之比较 数据。 业绩 由於消费气氛薄弱及访港旅客减少，回顾期 间之营业额大幅下降约13.2%至约149.7百万 港元（截至二零一五年十月三十一日止六个 月�U约172.4百万港元）。回顾期间之毛利约 50.5百万港元（截至二零一五年十月三十一日 止六个月�U约62.1百万港元），而毛利率则较 二零一五年同期下降约2.3%。本公司拥有人 应占利润由截至二零一五年十月三十一日止 六个月的本公司拥有人应占利润约3.9百万港 元减少约9.4百万港元或241.0%至截至二零一 六年十月三十一日止六个月的本公司拥有人 应占亏损约5.5百万港元。 展望及未来前景 展望将来，预期香港的业务状况仍将充满挑 战。受到中国内地经济增长放缓、旅客因货 币贬值而改变旅游目的地及消费力下跌所影 响，内地旅客倾向逗留较短时间。本地消费气 氛於整个回顾期间仍然疲弱，而我们正预期 零售环境日益严竣，且涉及更多宣传。 本地零售商采取广泛折扣及推广活动的必要 措施以维持市场占有率，导致毛利率转差。为 争取本地客户及品牌拥有人支持，本集团一 直积极参与品牌拥有人所举办的多项推广及 品牌建立活动。透过该等活动，我们希望该等 腕表品牌的销售可快速复苏。 我们仍然关注租金及营运成本高企的问题。 於过往12个月，大部分主要购物地点的租金 成本仍然高企。然而，维持具效益及效率的业 务团队的基本营运成本已受到严格�局疲�惟 成本仍因香港生活水平偏高而无可避免地属 於昂贵。 滴达国际控股有限公司二零一六年中期报告 03 Chairman’s Statement (Continued) 主席报告（续） 本集团的策略维持不变，而我们仍在日常营 运中关注成本，并将存货减少。我们将进一步 於网上店铺及在购物热点的销售点内推动整 合传统腕表品牌及时尚品牌。同时，通过在社 交媒体平台推行多项市场推广活动，从而吸 引大批互联网及手机产品潜在用户，我们已 成功争取网民的注意力，而我们相信，本集团 在保持腕表零售业务的竞争力方面已踏上正 轨。 尽管挑战重重，我们仍在寻求商业机遇。无论 市况如何艰钜，我们都会在竞争更为剧烈的 市场中积极探索业务机会。我们的业务模式 将逐步转为更加互动，以就客户不断改变的 购物行为作出最佳配合。我们现正开发的网 上购物平台及客户关系管理「CRM」系统定能 就此协助我们。最後，为了在其他市场参与者 中脱颖而出，我们会提供一系列培训计划，藉 以加强团队成员。所有该等措施将有助我们 於不久未来再闯高峰而做好准备。 致谢 本人藉此机会感谢董事会出色的领导、本公 司股东强而有力的支持，以及社会各界的热 心协助及员工的无私贡献。 主席 林文华 香港，二零一六年十二月三十日 The Group’s strategy remains unchanged and we are still cost conscious in maintaining our day-to-day operation and managed to reduce our inventory. We will further drive the integration of traditional watch brands with fashionable brands within our online shops and point-of-sales located in prime shopping locations. Meanwhile, we have successfully gathered the attention of certain amount of websurfers by launching various marketing activities to capture massive potentials of internet and mobile product users through social media platform, and we believe our Group is on the right track in keeping our competitiveness in the watch retailing business. Notwithstanding the challenges, we are still looking for business opportunities. No matter how tough the market situation would be, we are actively exploring business chances in the ever keen competitive market. Our business model would be gradually adapted into more interactive modes in order to best match with the changing shopping behaviors of the clienteles. The online shopping platform as well as the Customers Relationship Management “CRM” System that we are exploring would definitely be helping us on the matter. Finally, we are strengthening our team members in terms of providing a series of training programs in order to out-perform other players in the market. All these measures would help us to be well-prepared for the next break-through in the coming future. APPRECIATION I would like to take this opportunity to express my gratitude to the Board for its brilliant leadership, to the shareholders of the Company for their strong support, and to the community for their enthusiastic help, and last but not least, to our staff for their dedicated efforts. Lam Man Wah Chairman Hong Kong, 30 December 2016 CORPORATE INFORMATION 公司资料 Tic Tac International Holdings Company Limited Interim Report 2016 04 DIRECTORS Executive Directors Mr. Lam Man Wah (Chairman and chief executive officer) Ms. Chan Ka Yee, Elsa Mr. Tsang Hok Man Independent non-executive Directors Mr. Chong Man Leung (appointed on 7 October 2016) Mr. Cheng Kin Chung (resigned on 7 October 2016) Mr. Fung Tat Man Mr. Lo Wai Kei, Wilkie COMPANY SECRETARY Mr. Cheung Siu Wah ACS, ACIS COMPLIANCE ADVISER Lego Corporate Finance Limited AUTHORISED REPRESENTATIVES Mr. Lam Man Wah Mr. Cheung Siu Wah AUDIT COMMITTEE Mr. Fung Tat Man (Chairman) Mr. Chong Man Leung Mr. Lo Wai Kei, Wilkie REMUNERATION COMMITTEE Mr. Chong Man Leung (Chairman) Mr. Fung Tat Man Mr. Lo Wai Kei, Wilkie NOMINATION COMMITTEE Mr. Lo Wai Kei, Wilkie (Chairman) Mr. Chong Man Leung Mr. Fung Tat Man PRINCIPAL BANKER DBS Bank (Hong Kong) Limited Hang Seng Bank Limited The Hongkong and Shanghai Banking Corporation Limited 董事 执行董事 林文华先生（主席兼行政总裁） 陈嘉仪女士 曾学文先生 独立非执行董事 庄文亮先生（於二零一六年十月七日获委任） 郑建中先生（於二零一六年十月七日辞任） 冯达文先生 卢�セ�先生 公司秘书 张少华先生，ACS, ACIS 合规顾问 力高企业融资有限公司 授权代表 林文华先生 张少华先生 审核委员会 冯达文先生（主席） 庄文亮先生 卢�セ�先生 薪酬委员会 庄文亮先生（主席） 冯达文先生 卢�セ�先生 提名委员会 卢�セ�先生（主席） 庄文亮先生 冯达文先生 主要往来银行 星展银行（香港）有限公司 恒生银行有限公司 香港上海汇丰银行有限公司 滴达国际控股有限公司二零一六年中期报告 05 Corporate Information (Continued) 公司资料（续） 核数师 罗兵咸永道会计师事务所 注册办事处 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 总部及香港主要营业地点 香港 九龙广东道 中国客运码头 中港城 第一座11楼9号室 开曼群岛主要股份过户登记处 Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 香港股份过户登记分处 宝德隆证券登记有限公司 香港 北角 电气道148号31楼 公司网站 www.tictactime.com.hk 股份代号 1470 AUDITOR PricewaterhouseCoopers REGISTERED OFFICE Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Suite No. 9, 11/F, Tower 1 China Hong Kong City China Ferry Terminal Canton Road, Kowloon Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDS Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG Boardroom Share Registrars (HK) Limited 31/F, 148 Electric Road North Point Hong Kong COMPANY’S WEBSITE www.tictactime.com.hk STOCK CODE 1470 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析 Tic Tac International Holdings Company Limited Interim Report 2016 06 BUSINESS REVIEW Our Group is principally engaged in the retail of mid-end watches in Hong Kong. We offer a wide range of branded mid-end watches with diverse design, style and functionality for business and casual uses mainly targeting mid-income consumers and tourists. Our Group controls, operates and manages its retail outlet network comprising a total of 21 retail outlets as at 31 October 2016 in top class shopping malls located at prime locations such as Times Square in Causeway Bay, Harbour City and iSquare in Tsim Sha Tsui, Langham Place in Mongkok and New Town Plaza in Shatin which are widely perceived as shopping landmarks in Hong Kong. Our Group’s retail network covered 12 multi-brand outlets and 9 single-brand boutique outlets as of 31 October 2016. The Group’s net loss for the six months ended 31 October 2016 amounted to approximately HK$5.5 million, representing a decrease of approximately HK$9.4 million as compared to a net profit of approximately HK$3.9 million for the six months ended 31 October 2015. INTERIM DIVIDEND The Board does not recommend the payment of any interim dividend for the six months ended 31 October 2016. FINANCIAL REVIEW Revenue Our revenue decreased by approximately HK$22.7 million or 13.2% from approximately HK$172.4 million for the six months ended 31 October 2015 to approximately HK$149.7 million for the six months ended 31 October 2016. The decrease in revenue was mainly the impact of the slowdown in economic growth of the People’s Republic of China and local consumption sentiment remains weak throughout the Review Period. Cost of sales Our cost of sales primarily consists of cost of inventories sold and provision for slow-moving inventories. Our cost of sales decreased by approximately HK$11.1 million or 10.1% from approximately HK$110.3 million for the six months ended 31 October 2015 to approximately HK$99.2 million for the six months ended 31 October 2016. During the Review Period, the Group recorded a provision for slow-moving inventories of approximately HK$1.1 million (six months ended 31 October 2015: approximately HK$0.8 million) to profit or loss. The provision for slow-moving inventories as at 31 October 2016 amounting to approximately HK$16.9 million (As at 30 April 2016: approximately HK$15.8 million). 业务回顾 本集团主要在香港从事中档腕表零售。我们 提供大量设计、风格各异且功能广泛的商务 及休闲型名牌中档腕表，以中等收入消费者 及游客为主要的目标客户。於二零一六年十 月三十一日，本集团控制、经营及管理其零售 店网络，合共21间零售店分布於黄金地段的 顶级购物商场，如公认为香港购物地标的铜 锣湾时代广场、尖沙咀海港城及国际广场、旺 角朗豪坊及沙田新城市广场。於二零一六年 十月三十一日，本集团的零售网络涵盖12间 多品牌商店及9间单一品牌精品店。 截至二零一六年十月三十一日止六个月，本 集团之净亏损约为5.5百万港元，较截至二零 一五年十月三十一日止六个月的约3.9百万港 元之纯利减少约9.4百万港元。 中期股息 董事会不建议就截至二零一六年十月三十一 日止六个月派付任何中期股息。 财务回顾 收益 我们的收益由截至二零一五年十月三十一日 止六个月的约172.4百万港元减少约22.7百万 港元或13.2%至截至二零一六年十月三十一日 止六个月的约149.7百万港元。收益减少乃主 要由於整段回顾期间内中华人民共和国经济 增长放缓及本地消费气氛仍然疲弱。 销售成本 我们的销售成本主要包括已售存货成本及滞 销存货拨备。销售成本由截至二零一五年十 月三十一日止六个月的约110.3百万港元下降 约11.1百万港元或10.1%至截至二零一六年十 月三十一日止六个月的约99.2百万港元。回顾 期间内，本集团录得计入损益之滞销存货拨 备约1.1百万港元（截至二零一五年十月三十一 日止六个月：约0.8百万港元）。於二零一六年 十月三十一日，滞销存货拨备约为16.9百万港 元（於二零一六年四月三十日：约15.8百万港 元 ）。 滴达国际控股有限公司二零一六年中期报告 07 Management Discussion and Analysis (Continued) 管理层讨论及分析（续） 撇除滞销存货拨备之影响，除滞销存货拨备 前销售成本由截至二零一五年十月三十一日 止六个月的约109.5百万港元减少约11.4百万 港元或10.4%至回顾期间的约98.1百万港元。 销售成本减少主要反映回顾期间的收益下降。 毛利及毛利率 我们的毛利由截至二零一五年十月三十一日 止六个月的约62.1百万港元减少约11.6百万港 元或18.7%至截至二零一六年十月三十一日 止六个月的约50.5百万港元，与其收益减少一 致。整体毛利率由截至二零一五年十月三十 一日止六个月的约36.0%下降至截至二零一六 年十月三十一日止六个月的约33.7%。毛利下 降乃主要由於回顾期间内滞销存货拨备增加 所致。 撇除滞销存货拨备之影响，毛利率由截至二 零一五年十月三十一日止六个月的约36.5%下 降至截至二零一六年十月三十一日止六个月 的约34.4%。 销售及分销开支 我们的销售及分销开支由截至二零一五年十 月三十一日止六个月的约47.5百万港元减少 约0.3百万港元或0.6%至截至二零一六年十月 三十一日止六个月的约47.2百万港元。销售及 分销开支减少乃主要归因於回顾期间内广告 及推广开支以及营业额租金开支减少。 行政开支 我们的行政开支由截至二零一五年十月三十 一日止六个月的约9.0百万港元减少约1.1百万 港元或12.2%至截至二零一六年十月三十一日 止六个月的约7.9百万港元。行政开支减少乃 主要归因於回顾期间内专业开支减少。 融资成本 我们的融资成本由截至二零一五年十月三十 一日止六个月的约0.4百万港元减少约0.2百万 港元或50.0%至截至二零一六年十月三十一日 止六个月的约0.2百万港元。融资成本减少乃 主要归因於回顾期间之银行借款减少。 Eliminating the effect of provision for slow-moving inventories, cost of sales before provision of slow-moving inventory decreased by approximately HK$11.4 million or 10.4% from approximately HK$109.5 million for the six months ended 31 October 2015 to approximately HK$98.1 million for the Review Period. The decrease primarily reflected the decrease in revenue for the Review Period. Gross profit and gross profit margin Our gross profit decreased by approximately HK$11.6 million or 18.7% from approximately HK$62.1 million for the six months ended 31 October 2015 to approximately HK$50.5 million for the six months ended 31 October 2016 which was in line with the decrease in its revenue. Our overall gross profit margin decreased from approximately 36.0% for the six months ended 31 October 2015 to approximately 33.7% for the six months ended 31 October 2016. The decrease was mainly attributable to the increase in provision for slow-moving inventories during the Review Period. Eliminating the effect of provision for slow-moving inventories, the gross profit margin decreased from approximately 36.5% for the six months ended 31 October 2015 to approximately 34.4% for the six months ended 31 October 2016. Selling and distribution expenses Our selling and distribution expenses decreased by approximately HK$0.3 million or 0.6% from approximately HK$47.5 million for the six months ended 31 October 2015 to approximately HK$47.2 million for the six months ended 31 October 2016. The decrease was primarily attributable to decrease of advertising and promotion expenses and turnover rent expense during the Review Period. Administrative expenses Our administrative expenses decreased by approximately HK$1.1 million or 12.2% from approximately HK$9.0 million for the six months ended 31 October 2015 to approximately HK$7.9 million for the six months ended 31 October 2016. The decrease was primarily attributable to the decrease in professional expenses during the Review Period. Finance costs Our finance costs decreased by approximately HK$0.2 million or 50.0% from approximately HK$0.4 million for the six months ended 31 October 2015 to approximately HK$0.2 million for the six months ended 31 October 2016. The decrease was primarily attributable to the decrease in bank borrowings during the Review Period. Tic Tac International Holdings Company Limited Interim Report 2016 08 Management Discussion and Analysis (Continued) 管理层讨论及分析（续） 除所得税前（亏损）�u利润及本公司 拥有人应占（亏损）�u利润 由於上述原因，我们的除所得税前利润由截 至二零一五年十月三十一日止六个月的除所 得税前利润约5.2百万港元减少约10.0百万港 元或192.3%至截至二零一六年十月三十一日 止六个月的除所得税前亏损约4.8百万港元。 本公司拥有人应占利润由截至二零一五年 十月三十一日止六个月的本公司拥有人应 占利润约3.9百万港元减少约9.4百万港元或 241.0%至截至二零一六年十月三十一日止六 个月的本公司拥有人应占亏损约5.5百万港元。 财务状况 本集团主要透过来自经营业务及银行借款之 现金流入拨支其流动资金及资本需求。 於二零一六年十月三十一日，本集团的现金 及银行结余总额约45.5百万港元（二零一六年 四月三十日：约41.8百万港元），其中大部分 均以港元列值。本集团的流动比率（流动资产 除以流动负债计）於二零一六年十月三十一日 及二零一六年四月三十日维持於约4.3倍。於 二零一六年十月三十一日，本集团的资本负 债比率（负债净额除以权益总额）维持於约0.1 倍，与於二零一六年四月三十日相同。於二零 一六年四月三十日，本集团未能遵守有关本 集团达10,000,000港元的银行融资的一项契诺 规定。於二零一六年六月，银行就截至二零一 六年四月三十日止年度授出遵守相关违反契 诺规定的一次性豁免。 (Loss)/profit before income tax and (loss)/profit attributable to owners of the Company As a result of the foregoing, our profit before income tax decreased by approximately HK$10.0 million or 192.3% from the profit before income tax of approximately HK$5.2 million for the six months ended 31 October 2015 to the loss before income tax of approximately HK$4.8 million for the six months ended 31 October 2016. The profit attributable to owners of the Company decreased by approximately HK$9.4 million or 241.0% from the profit attributable to owners of the Company of approximately HK$3.9 million for the six months ended 31 October 2015 to the loss attributable to owners of the Company of approximately HK$5.5 million for the six months ended 31 October 2016. FINANCIAL POSITION The Group funded its liquidity and capital requirements primarily through cash inflows from operating activities and bank borrowings. As at 31 October 2016, the Group’s total cash and bank balances were approximately HK$45.5 million (30 April 2016: approximately HK$41.8 million), most of which are denominated in HK$. The current ratio (calculated by current assets divided by current liabilities) of the Group maintains at approximately 4.3 times as at 31 October 2016 and as at 30 April 2016. As at 31 October 2016, the gearing ratio (calculated by net debt divided by total equity) of the Group maintains at approximately 0.1 times, which is the same as at 30 April 2016. As at 30 April 2016, the Group failed to comply with one of the covenant requirements related to the Group’s banking facilities which amounted to HK$10,000,000. In June 2016, the bank granted an one-off waiver from compliance with the relevant breached covenant requirement for the year ended 30 April 2016. 滴达国际控股有限公司二零一六年中期报告 09 Management Discussion and Analysis (Continued) 管理层讨论及分析（续） 未动用所得款项净额存放於本集团的银行账 户。 USE OF NET PROCEEDS FROM THE LISTING The net proceeds from the listing of the Company (after deducting the underwriting fees and related expenses) amounted to approximately HK$107.5 million, which are intended to be applied in the manner as disclosed in the prospectus of the Company dated 28 April 2015. During the period from 12 May 2015, being the date of listing of the Company, to 31 October 2016, the Group has applied the net proceeds as follows: Amount utilised Amount unutilised 已动用金额 未动用金额 HK$’000 HK$’000 千港元 千港元 Expand our retail and sales network 扩展我们的零售及销售网络 19,312 18,301 Improve our same-store sales growth and profit margin 改善我们的同店销售增长及利润率 10,708 2,187 Improve our supplier network and enhance the knowledge of our sales staff 改善我们的供应商网络及提高 销售员工的知识 ― 4,298 Increase our marketing effort 加强市场营销力度 4,748 2,775 Repay a short-term bank loan with interest 偿还短期银行贷款连利息 37,613 ― Working capital and other general corporate purposes 营运资金及其他一般企业用途 3,100 4,423 Total 总计 75,481 31,984 The unutilised net proceeds are placed in the bank accounts of the Group. 上市所得款项净额的用途 本公司上市所得款项净额（於扣除包销费用及 相关开支後）约为107.5百万港元，其拟按本公 司日期为二零一五年四月二十八日之招股章 程所披露之方式应用。 於二零一五年五月十二日（即本公司上市日 期）至二零一六年十月三十一日止期间，本集 团已将所得款项净额用作以下用途： Tic Tac International Holdings Company Limited Interim Report 2016 10 Management Discussion and Analysis (Continued) 管理层讨论及分析（续） 债项及资产押记 於二零一六年十月三十一日，本集团拥有借 款总额约13.5百万港元，而於二零一六年四月 三十日则约17.5百万港元。 本集团借款之账面值以港元列值及无抵押， 并与其公平值相若。 於二零一六年四月三十日，从本集团违反其 中一项契诺规定之银行融资已提取银行贷款 约8.9百万港元。於二零一六年六月，银行就 截至二零一六年四月三十日止年度授出遵守 相关违反契诺规定的一次性豁免。 於二零一六年十月三十一日，本集团并无任 何外汇合约、利率或货币掉期或其他金融衍 生工具。 於二零一六年十月三十一日，本集团就透支 及贷款拥有银行融资合共约80.6百万港元（於 二零一六年四月三十日：约85.0百万港元）。 於同日之未动用融资约67.7百万港元（於二零 一六年四月三十日：约68.2百万港元）。银行 融资已授予本公司的附属公司，并须进行年 度审阅及由本公司及本集团若干附属公司提 供的无限担保所担保。 重大收购及出售附属公司及联营 公司 於回顾期间，本集团并无任何收购或出售附 属公司及联营公司。 重大投资及资本资产之未来计划 本集团并无其他重大投资及资本资产之计划。 所持有之重大投资 除投资於附属公司外，本集团於二零一六年 十月三十一日概无持有任何其他公司的任何 重大股权投资。 DEBTS AND CHARGE ON ASSETS The Group had total borrowings of approximately HK13.5 million as at 31 October 2016, while that as at 30 April 2016 was approximately HK17.5 million. The carrying amounts of the Group’s borrowings are denominated in HK$ and unsecured and approximate to their fair value. The bank loans of approximately HK$8.9 million as at 30 April 2016 were drawn from one of the Group’s banking facilities for which one of the covenants requirements was in breach. In June 2016, the bank granted an one-off waiver from compliance with the relevant breached covenant requirement for the year ended 30 April 2016. As at 31 October 2016, the Group did not have any foreign exchange contracts, interest or currency swaps or other financial derivatives. As at 31 October 2016, the Group had aggregate banking facility of approximately HK$80.6 million (As at 30 April 2016: approximately HK$85.0 million) for overdrafts and loans. Unused facilities as at the same date amounted to approximately HK$67.7 million (As at 30 April 2016: approximately HK$68.2 million). The banking facilities were granted to the subsidiaries of the Company and were subject to annual review and guaranteed by unlimited guarantees from the Company and certain subsidiaries of the Group. MATERIAL ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES AND ASSOCIATED COMPANIES During the Review Period, there was no acquisition or disposal of subsidiaries and associated companies by the Group. FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS The Group did not have other plans for material investments and capital assets. SIGNIFICANT INVESTMENT HELD Except for investments in subsidiaries, the Group did not hold any significant investment in equity interest in any other company as at 31 October 2016. 滴达国际控股有限公司二零一六年中期报告 11 Management Discussion and Analysis (Continued) 管理层讨论及分析（续） 外汇风险 由於本集团的现金及现金等价物、贸易及其 他应收款项、贸易及其他应付款项及借款主 要以港元列值，故本集团并无面对重大外币 波动风险。 或然负债 本集团於二零一六年十月三十一日概无任何 重大或然负债。 资本承担 本集团於二零一六年十月三十一日并无资本 承担（於二零一六年四月三十日：无）。 雇员及薪酬政策 於二零一六年十月三十一日，本集团聘有合 共106名雇员（二零一五年：112名雇员）。截至 二零一六年十月三十一日止六个月，本集团 产生的薪酬成本总额约16.9百万港元（二零一 五年：约14.7百万港元）。我们每年审查雇员 的表现，并利用有关审查结果进行年度薪金 检讨及晋升评核，以吸引及留住宝贵的雇员。 FOREIGN EXCHANGE EXPOSURES As the Group’s cash and cash equivalents, trade and other receivables, trade and other payables and borrowings, were mainly denominated in Hong Kong dollars, the Group had not experienced significant exposure to foreign currency fluctuation. CONTINGENT LIABILITIES The Group did not have any significant contingent liabilities as at 31 October 2016. CAPITAL COMMITMENTS The Group had no capital commitments as at 31 October 2016 (As at 30 April 2016: Nil). EMPLOYEES AND REMUNERATION POLICIES As at 31 October 2016, the Group had a total of 106 (2015: 112) employees. The total remuneration costs incurred by the Group for the six months ended 31 October 2016 were approximately HK$16.9 million (2015: approximately HK$14.7 million). We review the performance of our employees annually and use the results of such review in our annual salary review and promotion appraisal, in order to attract and retain valuable employees. OTHER INFORMATION 其他资料 Tic Tac International Holdings Company Limited Interim Report 2016 12 CORPORATE GOVERNANCE CODE During the Review Period, the Company has complied with all the code provisions of the Corporate Governance Code (the “Code”) as set out in Appendix 14 to the “Rules Governing the Listing of Securities (the “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”)”, except with the details disclosed below: CODE A.2.1 Code A.2.1 stipulates that the role of the chairman and chief executive officer should be separated and should not be performed by the same individual. During the Review Period, the Company has not separated the roles of chairman and chief executive officer of the Company. Mr. Lam Man Wah was the chairman of the Board and the chief executive officer of the Company. The Board believes that Mr. Lam Man Wah can provide the Group with strong and consistent leadership and allow for more effective and efficient business planning and decisions as well as execution of long term business strategies. AUDIT COMMITTEE The Company established an audit committee (the “Audit Committee”) in accordance with Rule 3.21 of the Listing Rules. The Audit Committee comprises three members as at the date of this report, namely: Mr. Fung Tat Man(Chairman) Mr. Chong Man Leung Mr. Lo Wai Kei, Wilkie All the members are independent non-executive Directors (including one independent non-executive Director who possesses the appropriate professional qualifications or accounting or related financial management expertise). None of the members of the Audit Committee is a former partner of the Company’s existing external auditor. 企业管治守则 於回顾期间，本公司已遵守《香港联合交易所 有限公司（「联交所」）证券上市规则》（「上市规 则 」） 附 录14所载企业管治守则（「守则」）之所 有守则条文，惟以下披露之详情除外�U 守则第A.2.1条 守则第A.2.1条订明主席及行政总裁的角色应 予区分，不应由同一人兼任。於回顾期间， 本公司并无区分本公司主席与行政总裁的角 色。林文华先生为本公司董事会主席兼行政 总裁。董事会相信林文华先生能为本集团提 供强而有力及贯彻始终的领导，以达成具效 益及效率之业务规划及决策，并可实行长远 业务策略。 审核委员会 本公司已遵照上市规则第3.21条成立审核委 员会（「审核委员会」）。 於本报告日期，审核委员会包括三名成员， 即： 冯达文先生（主席） 庄文亮先生 卢�セ�先生 所有成员均为独立非执行董事（其中一名独立 非执行董事具备适当专业资格或会计或相关 财务管理专业知识）。审核委员会概无成员为 本公司现任外聘核数师之前合夥人。 滴达国际控股有限公司二零一六年中期报告 13 Other Information (Continued) 其他资料（续） 董事及主要行政人员於本公司股 份、相关股份及债权证之权益及 淡仓 於二零一六年十月三十一日，董事於本公司 或其任何相联法团（定义见证券及期货条例 （「证券及期货条例」）第XV部）的股份、相关股 份及债权证中拥有记入根据证券及期货条例 第352条须存置之登记册的权益或淡仓如下： DIRECTORS’ AND CHIEF EXECUTIVE’S INTEREST AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY As at 31 October 2016, the interests or short positions of the Directors in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) as recorded in the register required to be kept under Section 352 of the SFO, were as follows: Name Capacity Number of shares Percentage of Shareholding 姓名 身份 股份数目 股权百分比 Lam Man Wah Interest in a controlled corporation (Note 1) 565,000,000 70.63% 林文华 於受控法团的权益（附注1） Chan Ka Yee, Elsa Interest of spouse (Note 1) 565,000,000 70.63% 陈嘉仪 配偶权益（附注1） Note 1: Mr. Lam Man Wah and Ms. Chan Ka Yee, Elsa are the beneficial owners of Tic Tac Investment Holdings Limited, being the holding company of the Company, and was therefore deemed to have an interest in 565,000,000 Shares which Tic Tac Investment Holdings Limited were interested. Ms. Chan Ka Yee, Elsa is the spouse of Mr. Lam Man Wah. Note 2: All interests stated above represent long positions. During the six months ended 31 October 2016, there were no debt securities issued by the Group at any time. Save as disclosed herein, as at 31 October 2016, none of the Directors or chief executive of the Company or their associates had any interests and short positions in any shares, underlying shares or debentures of the Company or any associated corporations (within the meaning of Part XV of the SFO) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which each of them has taken or deemed to have taken under the provisions of the SFO); or which were required, pursuant to section 352 of the SFO, to be entered into the register referred to therein; or which were required, pursuant to Appendix 10 to the Listing Rules, to be notified to the Company and the Stock Exchange. 附注1： 林文华先生及陈嘉仪女士乃本公司控股公 司滴达投资控股有限公司之实益拥有人，并 因而被视为於滴达投资控股有限公司拥有 权益之565,000,000股股份中拥有权益。陈嘉 仪女士乃林文华先生之配偶。 附注2： 上述所有权益均为好仓。 於截至二零一六年十月三十一日止六个月， 本集团於任何时间均无发行任何债务证券。 除本文所披露者外，於二零一六年十月三十 一日，概无董事或本公司主要行政人员或其 联系人於本公司或任何相联法团（定义见证券 及期货条例第XV部）的任何股份、相关股份或 债权证中拥有根据证券及期货条例第XV部第7 及第8分部须知会本公司及联交所的任何权益 及淡仓（包括根据证券及期货条例的条文彼等 各自拥有或被视作拥有的权益或淡仓）；或根 据证券及期货条例第352条须记入该条所述的 登记册的任何权益及淡仓；或根据上市规则 附录10须知会本公司及联交所的任何权益及 淡仓。 Tic Tac International Holdings Company Limited Interim Report 2016 14 Other Information (Continued) 其他资料（续） 附注1： 林文华先生及陈嘉仪女士（彼等均为董事）乃 本公司控股公司滴达投资控股有限公司之 实益拥有人，因此被视为於滴达投资控股有 限公司拥有权益之565,000,000股股份中拥 有权益。陈嘉仪女士乃林文华先生之配偶。 附注2： 上述所有权益均属好仓。 董事於竞争业务之权益 於回顾期间及直至本报告日期，董事概不知 悉董事、本公司管理层及彼等各自的联系人 （定义见上市规则）之任何业务或权益与本集 团之业务构成或可能构成竞争，亦不知悉任 何该等人士已经或可能与本集团存在任何其 他利益冲突。 自本公司於二零一五年五月十二日上市及直 至本报告日期，独立非执行董事已对本公司 与控股股东（即林文华先生、陈嘉仪女士及滴 达投资控股有限公司（统称「契诺人」））及彼等 之联系人（定义见上市规则）所订立的不竞争 契据的执行情况及遵守情况进行审阅。独立 非执行董事确认，不竞争契据之条款已获遵 守。 主要股东及其他人士於本公司股 份、相关股份及债权证之权益及 淡仓 就董事所知，於二零一六年十月三十一日，以 下股东（并非本公司董事或主要行政人员）於 本公司的股份或相关股份中拥有记录於根据 证券及期货条例第336条须存置之登记册内的 权益或淡仓： 於本公司股份之好仓 SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY To the best of the Directors’ knowledge, as at 31 October 2016, the following shareholders (not being a director or chief executive of the Company) had interests or short positions in the shares or underlying shares of the Company as recorded in the register required to be kept under Section 336 of the SFO: Long positions in shares of the Company Name Capacity Number of shares Percentage of shareholding 名称 身份 股份数目 股权百分比 Tic Tac Investment Holdings Limited Beneficial owner (Note 1) 565,000,000 70.63% 滴达投资控股有限公司 实益拥有人（附注1） Note 1: Mr. Lam Man Wah and Ms. Chan Ka Yee, Elsa, both Directors, are the beneficial owners of Tic Tac Investment Holdings Limited, being the holding company of the Company, and was therefore deemed to have an interest in 565,000,000 Shares which Tic Tac Investment Holdings Limited were interested. Ms. Chan Ka Yee, Elsa is the spouse of Mr. Lam Man Wah. Note 2: All interests stated above represent long positions. DIRECTORS’ INTEREST IN COMPETING BUSINESS For the Review Period and up to the date of this report, the Directors are not aware of any business or interest of the Directors, the management of the Company and their respective associates (as defined under the Listing Rules) that compete or may compete with the business of the Group and any other conflict of interest which any such person has or may have with the Group. Since the Company was listed on 12 May 2015 and up to the date of this report, The independent non-executive Directors have carried out a review on the implementation and compliance with the non-competition deed entered into between the Company and the controlling shareholders, namely Mr. Lam Man Wah, Ms. Chan Ka Yee, Elsa and Tic Tac Investment Holdings Limited (collectively, the “Covenantors”) and their associates (as defined under the Listing Rules). The independent non-executive Directors confirmed that the terms of the non-competition deed had been complied. 滴达国际控股有限公司二零一六年中期报告 15 Other Information (Continued) 其他资料（续） 董事进行证券交易的标准守则 本公司已采纳上市规则附录10所载之董事进 行证券交易的标准守则（「标准守则」）作为有 关董事进行证券交易的操守守则。本公司向 全体董事会成员作出具体查询後确认，所有 董事已於截至二零一六年十月三十一日止六 个月内一直完全遵守标准守则订明之相关准 则。 购买、出售或赎回本公司上市证 券 截至二零一六年十月三十一日止六个月，本 公司或其任何附属公司并无购买、出售或赎 回本公司任何上市证券。 购股权计划 本公司设有一项根据股东於二零一五年四月 二十一日通过的决议案而采纳之购股权计划 （「该计划」）。该计划旨在供本集团吸引、挽 留及激励具才干的参与者，致力於本集团的 未来发展及扩展。该计划将作为鼓励参与者 为达成本集团的目标而作出其最佳表现之奖 励，并让参与者分享本公司因其努力及贡献 而取得的成果。 该计划於二零一五年四月二十一日生效，除 非另行取消或修订，否则该计划将由采纳日 期起计10年内有效，而其主要条款概述於本 公司日期为二零一五年四月二十八日之招股 章程附录四「购股权计划」分节内。 自采纳该计划以来，概无据此授出任何购股 权。 审阅中期报告 本中期报告所载之简明综合中期财务报表并 未经本公司之核数师罗兵咸永道会计师事务 所审阅或审核，惟本报告已由本公司审核委 员会审阅。本公司审核委员会由本报告所载 三名独立非执行董事组成。 MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the model code for securities transactions by Directors (the “Model Code”) as set out in Appendix 10 to the Listing Rules as the code of conduct for carrying out securities transactions by the Directors. After specific enquiry with all members of the Board, the Company confirmed that all Directors have fully complied with the relevant standards stipulated in the Model Code during the six months ended 31 October 2016. PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES For the six months ended 31 October 2016, neither the Company nor any of its subsidiaries had purchased, sold or redeemed any of the Company’s listed securities. SHARE OPTION SCHEME The Company has a share option scheme (the “Scheme”) which was adopted pursuant to a resolution of the shareholders passed on 21 April 2015. The purpose of the Scheme is for our Group to attract, retain and motivate talented participants to strive for future developments and expansion of our Group. The Scheme shall be an incentive to encourage the participants to perform their best in achieving the goals of our Group and allow the participants to enjoy the results of our Company attained through their efforts and contributions. The Scheme became effective on 21 April 2015 and, unless otherwise cancelled or amended, will remain in force for 10 years from the adoption of the Scheme, the principal terms of which were summarized in the sub-section headed “Share Option Scheme” in Appendix IV to the Company’s prospectus dated 28 April 2015. No options have been granted under the Scheme since its adoption. REVIEW OF INTERIM REPORT The condensed consolidated interim financial statements as set out in this interim report have not been reviewed nor audited by the Company’s auditor, PricewaterhouseCoopers, but this report has been reviewed by the Audit Committee of the Company, which comprises the three independent nonexecutive Directors as set out in this report. Tic Tac International Holdings Company Limited Interim Report 2016 16 Other Information (Continued) 其他资料（续） CHANGE OF DIRECTORS AND POSITIONS HELD WITH BOARD COMMITTEES OF THE COMPANY Appointment Date Cessation Date Name/Positions 姓名�u职位 委任日期 终止日期 Mr. Cheng Kin Chung 郑建中先生 ― Independent non-executive Director ― 独立非执行董事 ― 7 October 2016 二零一六年十月七日 ― Member of Nomination Committee ― 提名委员会成员 ― 7 October 2016 二零一六年十月七日 ― Chairman of Audit Committee ― 审核委员会主席 ― 7 October 2016 二零一六年十月七日 ― Member of Remuneration Committee ― 薪酬委员会成员 ― 7 October 2016 二零一六年十月七日 Mr. Chong Man Leung 庄文亮先生 ― Independent non-executive Director ― 独立非执行董事 7 October 2016 ― 二零一六年十月七日 ― Member of Nomination Committee ― 提名委员会成员 7 October 2016 ― 二零一六年十月七日 ― Member of Audit Committee ― 审核委员会成员 7 October 2016 ― 二零一六年十月七日 ― Chairman of Remuneration Committee ― 薪酬委员会主席 7 October 2016 ― 二零一六年十月七日 Mr. Fung Tat Man 冯达文先生 ― Chairman of Audit Committee ― 审核委员会主席 appointed as member of Audit Committee on 21 April 2015 and re-designated as chairman of Audit Committee on 7 October 2016 ― 於二零一五年四月二十一日获委 任为审核委员会成员及於二零一 六年十月七日调任为审核委员会 主席 ― Member of Remuneration Committee ― 薪酬委员会成员 appointed as chairman of Remuneration Committee on 21 April 2015 and re-designated as member of Remuneration Committee on 7 October 2016 ― 於二零一五年四月二十一日获委 任为薪酬委员会主席及於二零一 六年十月七日调任为薪酬委员会 成员 Further details are set out in the Company’s announcement dated 7 October 2016. 董事及於本公司董事委员会之职 位的变动 进一步详情载於本公司日期为二零一六年十 月七日之公告。 For the six months ended 31 October 2016 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 简明综合全面收益表 滴达国际控股有限公司二零一六年中期报告 17 Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 Notes (Unaudited) (Unaudited) 附注 （未经审核） （未经审核） Revenue 收益 3 149,716 172,385 Cost of sales 销售成本 4 (99,217) (110,292) Gross profit 毛利 50,499 62,093 Selling and distribution costs 销售及分销成本 4 (47,165) (47,485) Administrative expenses 行政开支 4 (7,899) (9,017) Operating (loss)/profit 经营（亏损）�u利润 (4,565) 5,591 Finance costs 融资成本 6 (218) (389) (Loss)/profit before income tax 除所得税前（亏损）�u利润 (4,783) 5,202 Income tax expense 所得税开支 7 (758) (1,352) (Loss)/profit for the period 期间（亏损）�u利润 (5,541) 3,850 Other comprehensive income 其他全面收益 ― ― Total comprehensive (expense)/income for the period 期间全面（开支）�u收益总额 (5,541) 3,850 Total (loss)/profit and comprehensive (expense)/income attributable to: 以下人士应占（亏损）�u利润 及全面（开支）�u收益总额： Owners of the Company 本公司拥有人 (5,541) 3,850 Non-controlling interests 非控股权益 ― ― (5,541) 3,850 Basic and diluted (loss)/earnings per share (HK cents per share) 每股基本及摊薄（亏损）�u 盈利（每股港仙） 9 (0.69) 0.49 Dividends 股息 8 ― ― As at 31 October 2016 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 简明综合财务状况表 Tic Tac International Holdings Company Limited Interim Report 2016 18 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 Note (Unaudited) (Audited) 附注 （未经审核） （经审核） ASSETS 资产 Non-current assets 非流动资产 Property, plant and equipment 物业、厂房及设备 10 11,905 14,239 Deposits and prepayments 按金及预付款项 11 11,103 11,619 Deferred income tax assets 递延所得税资产 2,294 2,545 25,302 28,403 Current assets 流动资产 Inventories 存货 12 111,306 118,005 Trade receivables, other receivables and prepayments 应收贸易款项、其他应收 款项及预付款项 11 7,574 7,939 Tax recoverable 可收回税项 7,136 6,904 Cash and cash equivalents 现金及现金等价物 45,545 41,774 171,561 174,622 Total assets 总资产 196,863 203,025 EQUITY 权益 Equity attributable to the owners of the Company 本公司拥有人应占权益 Share capital 股本 13 8,000 8,000 Reserves 储备 145,062 150,603 Total equity 权益总额 153,062 158,603 As at 31 October 2016 滴达国际控股有限公司二零一六年中期报告 19 Condensed Consolidated Statement of Financial Position (Continued) 简明综合财务状况表（续） 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 Note (Unaudited) (Audited) 附注 （未经审核） （经审核） LIABILITIES 负债 Non-current liabilities 非流动负债 Provision for other liabilities and charges 其他负债及费用拨备 14 2,900 3,020 Deferred income tax liabilities 递延所得税负债 330 538 Borrowings 借款 15 321 438 3,551 3,996 Current liabilities 流动负债 Trade and other payables 贸易及其他应付款项 14 27,040 22,679 Borrowings 借款 15 13,210 17,029 Current income tax liabilities 即期所得税负债 ― 718 40,250 40,426 Total liabilities 负债总额 43,801 44,422 Total equity and liabilities 总权益及负债 196,863 203,025 For the period ended 31 October 2016 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 简明综合权益变动表 Tic Tac International Holdings Company Limited Interim Report 2016 20 Attributable to owners of the Company 本公司拥有人应占 Share capital Share premium Combined capital Capital reserve Retained earnings Total Noncontrolling interests Total equity 股本 股份 溢价 汇总 资本 资本 储备 保留 盈利 总计 非控股 权益 权益 总额 HK$’000 HK$’000 HK$’000HK$’000 HK$’000HK$’000 HK$’000HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Balance at 1 May 2015 (Audited) 於二零一五年 五月一日的结余 （经审核） 1 ― ― 24,094 20,790 44,885 ― 44,885 Total comprehensive income 全面收益总额 Profit for the period 期间利润 ― ― ― ― 3,850 3,850 ― 3,850 Total contributions by and distributions to owners of the Company, recognised directly in equity 本公司拥有人 注资及所获分派 总额，直接於 权益确认 Capitalisation issue of shares (Note 13(b)) 根据资本化发行 发行股份 （附注13(b)） 5,999 (5,999) ― ― ― ― ― ― Shares issued pursuant to the Public Offer (Note 13(a)) 根据公开发售发行 股份（附注13(a)） 2,000 134,000 ― ― ―136,000 ―136,000 Transaction costs attributable to the Public Offer (Note 13(a)) 公开发售应占交易 成本（附注13(a)） ― (9,633) ― ― ― (9,633) ― (9,633) Balance at 31 October 2015 (Unaudited) 於二零一五年 十月三十一日的 结余（未经审核） 8,000 118,368 ― 24,094 24,640 175,102 ―175,102 Balance at 1 May 2016 (Audited) 於二零一六年 五月一日的结余 （经审核） 8,000 118,368 ― 24,094 8,141 158,603 ―158,603 Total comprehensive loss 全面亏损总额 Loss for the period 期间亏损 ― ― ― ― (5,541) (5,541) ― (5,541) Total contributions by and distributions to owners of the Company, recognised directly in equity 本公司拥有人 注资及所获分派 总额，直接於 权益确认 ― ― ― ― ― ― ― ― Balance at 31 October 2016 (Unaudited) 於二零一六年 十月三十一日的 结余（未经审核） 8,000 118,368 ― 24,094 2,600 153,062 ―153,062 For the six months ended 31 October 2016 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 简明综合现金流量表 滴达国际控股有限公司二零一六年中期报告 21 Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Cash flows from operating activities 经营活动所得的现金流量 Net cash generated from/(used in) operations 经营所得�u（所用）现金净额 12,271 (12,502) Income tax paid 已付所得税 (1,665) ― Net cash generated from/(used in) operating activities 经营活动所得�u（所用）的现金净额 10,606 (12,502) Cash flows from investing activities 投资活动所得的现金流量 Purchases of property, plant and equipment 购置物业、厂房及设备 (2,681) (3,776) Net cash used in investing activities 投资活动所用的现金净额 (2,681) (3,776) Cash flows from financing activities 融资活动所得的现金流量 Proceeds from new borrowings 新造借款所得款项 19,962 8,000 Repayment of borrowings 借款还款 (23,785) (76,167) Net change in balances with shareholders of the Company 与本公司股东的结余之变动净额 ― (15,042) Repayment of principal elements of a finance lease 偿还融资租赁的本金部分 (113) ― Interest paid 已付利息 (218) (389) Proceeds from issuance of ordinary shares 发行普通股所得款项 ― 136,000 Transaction costs attributable to issues of shares 发行股份应占之交易成本 ― (4,216) Net cash (used in)/generated from financing activities 融资活动（所用）�u所得的现金净额 (4,154) 48,186 Net increase in cash and cash equivalents 现金及现金等价物的增加净额 3,771 31,908 Cash and cash equivalents at beginning of the period期初的现金及现金等价物 41,774 22,010 Cash and cash equivalents at end of the period 期末的现金及现金等价物 45,545 53,918 For the six months ended 31 October 2016 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 简明综合中期财务报表附注 Tic Tac International Holdings Company Limited Interim Report 2016 22 1. GENERAL INFORMATION Tic Tac International Holdings Company Limited (the “Company”) was incorporated in the Cayman Islands on 23 June 2014 as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The Company’s registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. The Company is an investment holding company and its subsidiaries, (together the “Group”), are principally engaged in the retail and wholesale of watches in Hong Kong. The Company has listed its shares on the Main Board of The Stock Exchange of Hong Kong Limited since 12 May 2015. These condensed consolidated interim financial statements are presented in Hong Kong dollars (“HK$”) unless otherwise stated. The condensed consolidated interim financial statements were approved for issue on 30 December 2016. The condensed consolidated interim financial statements have not been audited. 2. BASIS OF PREPARATION The principal accounting policies applied in the preparation of the unaudited condensed consolidated interim financial statements for the six months ended 31 October 2016 (the “Interim Financial Statements”) are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. These Interim Financial Statements have been prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) and Hong Kong Accounting Standard (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) and the applicable disclosures required by the Main Board Listing Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and the Hong Kong Companies Ordinance (Cap. 622). These Interim Financial Statements should be read in conjunction with the annual financial statements. The accounting policies and methods of computation used in the preparation of these Interim Financial Statements are consistent with those used in the annual financial statements for the year ended 30 April 2016. 1. 一般资料 滴达国际控股有限公司（「本公司」）於二 零一四年六月二十三日根据开曼群岛 公司法第22章（一九六一年法例三，经 综合及修订）於开曼群岛注册成立为获 豁免有限公司。本公司的注册办事处位 於Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands。 本公司为一间投资控股公司及其附属公 司（统称「本集团」），主要於香港从事腕 表零售及批发。 本公司股份自二零一五年五月十二日起 在香港联合交易所有限公司主板上市。 除另有所指外，该等简明综合中期财务 报表以港元（「港元」）呈列。 简明综合中期财务报表已於二零一六年 十二月三十日获批准刊发。 简明综合中期财务报表并未经审核。 2. 编制基准 编制截至二零一六年十月三十一日止六 个月之未经审核简明综合中期财务报表 （「中期财务报表」）时所用的主要会计政 策载列如下。除另有所指外，该等政策 於所有呈列年度经已贯彻应用。 该等中期财务报表乃遵照香港会计师公 会（「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」）及香港 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 司主板证券上市规则的适用披露规定及 香港公司条例（第622章）而编制。 该等中期财务报表应与年度财务报表一 并阅读。编制该等中期财务报表所采用 之会计政策及计算方法与编制截至二零 一六年四月三十日止年度之年度财务报 表所使用者一致。 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 23 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 2. BASIS OF PREPARATION (Continued) In the current interim period, the Group has applied, for the first time, the following new amendments and interpretation to HKASs and Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the HKICPA: Annual Improvements Project Annual improvements 2012�C2014 cycle HKFRS 14 Regulatory deferral accounts HKFRS 10, HKFRS 12 and HKAS 28 (Amendments) Investment entities: Applying the consolidation exception HKFRS 11 (Amendment) Accounting for acquisitions of interests in joint operations HKAS 1 (Amendment) Disclosure initiative HKAS 16 and HKAS 38 (Amendments) Clarification of acceptable methods of depreciation and amortisation HKAS 16 and HKAS 41 (Amendments) Agriculture: Bearer plants HKAS 27 (Amendment) Equity method in separate financial statements The application of the above new amendments to HKASs and HKFRSs in the current interim period has no material effect on the amounts reported and/or disclosures set out in the Interim Financial Statements. 2. 编制基准（续） 本集团於本中期期间首次应用下列由香 港会计师公会颁布之香港会计准则及香 港财务报告准则（「香港财务报告准则」） 新修订及诠释�U 年度改进项目 於二零一二年至 二零一四年周期的 年度改进 香港财务报告 准则第14号 监管递延账目 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 之例外情况 香港财务报告 准则第11号 （修订本） 收购共同经营权益的 会计法 香港会计准则 第1号 （修订本） 披露计划 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：生产性植物 香港会计准则 第27号 （修订本） 独立财务报表之 权益法 於本中期期间应用以上香港会计准则及 香港财务报告准则之新修订对本中期财 务报表所载呈报金额及�u或披露资料并 无重大影响。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 24 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 2. BASIS OF PREPARATION (Continued) The following new standards and amendments to standards have been issued but not effective for the financial period beginning 1 May 2016, and have not been early adopted in preparing these Interim Financial Statements: Effective for accounting periods beginning on or after 於下列日期或 之後开始之 会计期间生效 HKFRS 10 and HKAS 28 (Amendments) Sale or contribution of assets between an investor and its associate or joint venture To be determined 香港财务报告准则第10号及 香港会计准则第28号（修订本） 投资者与其联营公司或合营企业之间的资产 出售或出资 待定 HKFRS 9 Financial instruments 1 January 2018 香港财务报告准则第9号 金融工具 二零一八年一月一日 HKFRS 15 Revenue from contracts with customers 1 January 2018 香港财务报告准则第15号 来自客户合同的收益 二零一八年一月一日 HKFRS 16 Leases 1 January 2019 香港财务报告准则第16号 租赁 二零一九年一月一日 Management is in the process of making an assessment on the impact of these standards, amendments and interpretations to existing standards upon initial application and is not yet in a position to state whether they will have a significant impact on the Group’s interim results of operations and financial position. 2. 编制基准（续） 下列新准则及准则修订本经已发布，惟 於二零一六年五月一日开始之财政期间 仍未生效，该等准则亦未在编制该等中 期财务报表时获提前采纳： 管理层正评估该等准则、修订及诠释於 初始应用後对现有准则的影响，惟尚未 能确定该等准则、修订及诠释会否对本 集团的中期经营业绩及财务状况造成重 大影响。 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 25 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 3. SEGMENT INFORMATION The Executive Directors have been identified as the chief operating decision-makers of the Group who review the Group’s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on the information received by them. The Group is principally engaged in the wholesale and retail of watches in Hong Kong. The Executive Directors separately consider the performance and resources allocation of each retail outlet and each wholesale company. Each retail outlet and each wholesale company is considered as a separable operating segment. The results of all the retail outlets have been aggregated in arriving at the retail business reporting segment of the Group. The retail segment derives its revenue primarily from retail of multi brands of watches in Hong Kong. All the retail outlets sell similar class of watches with similar pricing strategy and targeted customers. The results of the wholesale companies have been aggregated in arriving at the wholesale business reporting segment of the Group. The wholesale segment derives its revenue primarily from wholesale of multi brands of watches in Hong Kong. All the wholesale companies sell similar class of watches with similar pricing strategy and targeted customers. The Executive Directors assess the performance of the operating segments based on a measure of operating profit excluding fair value measurements of financial assets at fair value through profit or loss, finance cost, group expenses and listing expenses. 3. 分部资料 执行董事已被识别为本集团的主要经营 决策者，负责审阅本集团之内部报告， 以评估表现及分配资源。管理层已按照 彼等所获得的资料厘定经营分部。 本集团主要於香港从事腕表批发及零 售。执行董事独立考虑各零售店及各批 发公司的表现及资源分配。各零售店及 各批发公司分别被视为独立经营分部。 所有零售店的业绩於达致本集团的零售 业务报告分部时已汇总计算。零售分部 主要於香港自零售多个品牌的腕表产生 收益。所有零售店均销售类似的腕表类 别，定价政策及目标客户亦相若。 批发公司的业绩於达致本集团的批发业 务报告分部时已汇总计算。批发分部主 要自於香港批发多个品牌的腕表产生收 益。所有批发公司均销售类似的腕表类 别，定价策略及目标客户亦相若。 执行董事按经营利润（不包括按公平值 透过损益列账的金融资产、融资成本、 集团开支及上市开支之公平值计量）的 计量方法评估经营分部的表现。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 26 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 3. 分部资料（续） 截至二零一六年十月三十一日 止六个月 3. SEGMENT INFORMATION (Continued) For the six months ended 31 October 2016 Retail Wholesale Elimination Total 零售 批发 对销 总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） （未经审核） Turnover 营业额 External sales 外部销售 148,287 807 ― 149,094 External service income 外部服务收入 622 ― ― 622 Inter-segment sales 分部间销售 487 1,171 (1,658) ― 149,396 1,978 (1,658) 149,716 Segment (loss)/profit 分部（亏损）�u利润 (2,956) 107 ― (2,849) Finance costs 融资成本 (218) Unallocated group expenses 未分配集团开支 (1,716) Loss before income tax 除所得税前亏损 (4,783) For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 27 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 3. SEGMENT INFORMATION (Continued) For the six months ended 31 October 2015 Retail Wholesale Elimination Total 零售 批发 对销 总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 (Unaudited) (Unaudited) (Unaudited) (Unaudited) （未经审核） （未经审核） （未经审核） （未经审核） Turnover 营业额 External sales 外部销售 171,016 1,114 ― 172,130 External service income 外部服务收入 254 1 ― 255 Inter-segment sales 分部间销售 ― 1,854 (1,854) ― 171,270 2,969 (1,854) 172,385 Segment profit 分部利润 7,131 413 ― 7,544 Finance costs 融资成本 (389) Unallocated group expenses 未分配集团开支 (1,660) Unallocated listing expenses 未分配上市开支 (293) Profit before income tax 除所得税前利润 5,202 Sales between segments are carried out at terms mutually-agreed between the parties involved in transactions. The revenue from external parties reported to the Executive Directors is measured in a manner consistent with that in the condensed consolidated statement of comprehensive income. The Group’s revenue is mainly derived from customers in Hong Kong. The principal assets of the Group were also located in Hong Kong. Accordingly, no analysis by geographical segment is provided. For the period ended 31 October 2016, there are no (2015: Nil) single external customers who contributed more than 10% revenue of the Group. 3. 分部资料（续） 截至二零一五年十月三十一日 止六个月 分部间销售乃按涉及交易的各方共同协 定的条款进行。向执行董事汇报的外部 订约方收益按与简明综合全面收益表一 致的方式计量。 本集团的收益主要源自香港的客户。本 集团的主要资产亦位於香港。因此，并 无提供任何按地域分部划分的分析。截 至二零一六年十月三十一日止期间，概 无（二零一五年：无）单一外部客户为本 集团贡献超过10%之收益。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 28 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 3. 分部资料（续） 其他利润及亏损披露 3. SEGMENT INFORMATION (Continued) Other profit and loss disclosure Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 Retail Wholesale Total Retail Wholesale Total 零售 批发 总计 零售 批发 总计 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） Depreciation of property, plant and equipment 物业、厂房及 设备折旧 2,518 ― 2,518 2,161 1 2,162 Provision for slow-moving inventories 滞销存货拨备 752 317 1,069 626 204 830 Impairment of property, plant and equipment 物业、厂房及 设备减值 1,125 ― 1,125 ― ― ― Provision for onerous operating leases 繁重经营租赁 拨备 1,347 ― 1,347 ― ― ― For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 29 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 4. EXPENSES BY NATURE Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Cost of inventories sold 已售存货成本 98,148 109,462 Provision for slow-moving inventories 滞销存货拨备 1,069 830 Employee benefit expense 雇员福利开支 16,853 14,682 Depreciation of property, plant and equipment 物业、厂房及设备折旧 2,518 2,162 Impairment of property, plant and equipment 物业、厂房及设备减值 1,125 ― Operating lease expenses 经营租赁开支 ― Office premises ― 办公室物业 547 547 ― Repair centres ― 维修中心 33 64 ― Retail outlets ― 零售店 23,367 27,145 Provision for onerous operating leases 繁重经营租赁拨备 1,347 ― Advertising and promotion expenses 广告及推广开支 1,222 1,432 Auditors’ remuneration 核数师薪酬 502 598 Bank and credit card charges 银行及信用卡开支 1,911 2,252 Listing expenses 上市开支 ― 293 Other expenses 其他开支 5,639 7,327 Total cost of sales, selling and distribution costs and administrative expenses 销售成本、销售及分销成本及 行政开支总额 154,281 166,794 4. 按性质划分的开支 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 30 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 5. 雇员福利开支（包括董事酬 金） 5. EMPLOYEE BENEFIT EXPENSE (INCLUDING DIRECTORS’ EMOLUMENTS) Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Salaries and allowances 薪金及津贴 16,275 13,784 Directors’ quarters rental 董事宿舍租金 ― 334 Retirement benefit costs 退休福利成本 ― Mandatory Provident Fund Scheme ― 强制性公积金计划 578 564 16,853 14,682 6. FINANCE COSTS Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Interest expense on bank borrowings 银行借款的利息开支 209 389 Interest element of finance leases 融资租赁的利息部分 9 ― 218 389 For the six months ended 31 October 2016, the interest on bank borrowings which contain a repayment on demand clause amounted to approximately HK$209,000 (For the six months ended 31 October 2015: approximately HK$389,000). 6. 融资成本 截至二零一六年十月三十一日止六个 月，包含须按要求还款条文之银行借款 之利息约209,000港元（截至二零一五年 十月三十一日止六个月：约389,000港 元 ）。 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 31 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 7. 所得税开支 自简明综合全面收益表扣除的所得税金 额指： 7. INCOME TAX EXPENSE The amount of income tax charged to the condensed consolidated statements of comprehensive income represents: Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） Hong Kong profits tax 香港利得税 Current income tax 即期所得税 715 982 Deferred income tax 递延所得税 43 370 758 1,352 Hong Kong profits tax has been provided at the rate of 16.5% (2015: 16.5%) on the estimated assessable profit for the period. The tax on the Group’s (loss)/profit before income tax differs from the theoretical amount that would arise using the tax rate of Hong Kong as follows: Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） (Loss)/profit before income tax 除所得税前（亏损）�u利润 (4,783) 5,202 Calculated at tax rate of 16.5% 按16.5%的税率计算的税项 (789) 858 Tax effects of: 以下各项的税务影响： Expenses not deductible for tax purposes 不可扣税开支 155 494 Tax losses for which no deferred income tax asset was recognised 并无确认递延所得税项资产的 税项亏损 1,392 ― Income tax expense 所得税开支 758 1,352 本期间已就估计应课税利润按16.5%（二 零一五年：16.5%）的税率计提香港利得 税拨备。 涉及本集团之除所得税前（亏损）�u利润 的税项与采用香港税率计算得出的理论 税额的差异如下： For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 32 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 8. 股息 本公司董事会不建议派付截至二零一六 年十月三十一止六个月的中期股息（截 至二零一五年十月三十一日止六个月： 无 ）。 9. 每股（亏损）�u盈利 (a) 基本 每股基本（亏损）�u盈利乃按本公司 拥有人应占（亏损）�u利润除以期内 已发行普通股的加权平均数计算。 8. DIVIDENDS The board of directors of the Company does not recommend the payment of interim dividend for the six months ended 31 October 2016 (For the six months ended 31 October 2015: Nil). 9. (LOSS)/EARNINGS PER SHARE (a) Basic Basic (loss)/earnings per share is calculated by dividing the (loss)/ profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the period. Six months ended 31 October 截至十月三十一日止六个月 2016 2015 二零一六年 二零一五年 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Unaudited) （未经审核） （未经审核） (Loss)/profit attributable to owners of the Company 本公司拥有人应占（亏损）�u 利润 (5,541) 3,850 Weighted average number of ordinary shares in issue (thousands) (Note) 已发行普通股加权平均数 （千股）（附注） 800,000 787,978 Basic (loss)/earnings per share (HK cents per share) 每股基本（亏损）�u盈利 （每股港仙） (0.69) 0.49 Note: The weighted average number of shares in issue for the six months ended 31 October 2015 and 2016 for the purpose of (loss)/earnings per share computation has retrospectively adjusted for the effect of the 99,999 shares issued on 9 April 2015 under the group reorganisation in preparation for listing and the 599,900,000 shares issued under the capitalisation issue on 12 May 2015 (Note 13). (b) Diluted For the six months ended 31 October 2016 and 2015, diluted (loss)/ earnings per share equals basic (loss)/earnings per share as there was no dilutive potential share. 附注： 就计算每股（亏损）�u盈利而言， 截至二零一五年及二零一六年十 月三十一日止六个月的已发行股 份加权平均数已就根据为筹备上 市而进行的集团重组於二零一五 年四月九日发行99,999股股份以 及根据资本化发行而於二零一五 年五月十二日发行599,900,000股 股份的影响追溯调整（附注13）。 (b) 摊薄 截至二零一六年及二零一五年十 月三十一日止六个月，由於概无潜 在摊薄股份，故每股摊薄（亏损）�u 盈利相等於每股基本（亏损）�u盈 利。 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 33 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 10. 物业、厂房及设备 截至二零一六年十月三十一日止六个 月，本集团添置约1,200,000港元的物 业、厂房及设备（截至二零一五年十 月三十一日止六个月（未经审核）：约 10,866,000港元），而资产根据融资租赁 添置为零（截至二零一五年十月三十一 日止六个月（未经审核）：约1,272,000港 元 ）。 截至二零一六年十月三十一日及二零一 五年十月三十一日止六个月，并无撇销 资产。 截至二零一六年十月三十一日止六个月 （未经审核），本集团已售出的资产账面 值为零（截至二零一五年十月三十一日 止六个月（未经审核）：零）。 截至二零一六年十月三十一日止六个 月，折旧约2,363,000港元（截至二零一五 年十月三十一日止六个月（未经审核）： 约2,045,000港元）已计入「销售及分销成 本」，而约155,000港元（截至二零一五年 十月三十一日止六个月（未经审核）：约 117,000港元）已计入「行政开支」。 10. PROPERTY, PLANT AND EQUIPMENT During the six months ended 31 October 2016, the Group acquired property, plant and equipment of approximately HK$1,200,000 (six months ended 31 October 2015 (unaudited): approximately HK$10,866,000) and assets were acquired under finance leases of Nil (six months ended 31 October 2015 (unaudited): approximately HK$1,272,000). No assets were written off during the six months ended 31 October 2016 and 31 October 2015. During the six months ended 31 October 2016 (unaudited), the Group disposed of assets with a carrying amount of Nil (six months ended 31 October 2015 (unaudited): Nil) Depreciation of approximately HK$2,363,000 (six months ended 31 October 2015 (unaudited): approximately HK$2,045,000) have been charged to “selling and distribution costs” and approximately HK$155,000 (six months ended 31 October 2015 (unaudited): approximately HK$117,000) have been charged to “administrative expenses” for the six months ended 31 October 2016. For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 34 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 11. TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Trade receivables (Note a) 应收贸易款项（附注a） ― third parties ― 第三方 1,857 1,716 ― a related company ― 一间关联公司 ― 14 1,857 1,730 Rental and utilities deposits 租金及公用事业按金 15,855 16,679 Prepayments 预付款项 965 635 Other receivables 其他应收款项 ― 514 18,677 19,558 Less: non-current portion 减：非即期部分 ― rental deposits ― 租赁按金 (11,103) (11,619) (11,103) (11,619) Current portion 即期部分 7,574 7,939 11. 应收贸易款项、其他应收款 项及预付款项 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 35 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 11. 应收贸易款项、其他应收款 项及预付款项（续） 附注： (a) 应收贸易款项及应收一间关联公司的 款项 应收贸易款项及应收一间关联公司的 款项主要包括来自信用卡公司的零售 应收款项及来自批发客户的应收款项。 概无向该等信用卡公司授出任何特定 信贷期。应收信用卡公司的款项一般於 7日内结清。本集团授予批发客户（包括 一名关联方客户）之信贷期一般介乎由 发票日期起计30至90日。於二零一六 年十月三十一日及二零一六年四月三 十日，按发票日期作出之应收贸易款项 账龄分析如下： 11. TRADE RECEIVABLES, OTHER RECEIVABLES AND PREPAYMENTS (Continued) Note: (a) Trade receivables and an amount due from a related company The trade receivables and amount due from a related company mainly comprise receivables from credit card companies for retail sales and wholesale customers. There was no specific credit terms granted to those credit card companies. The receivables due from credit card companies were usually settled within 7 days. The Group’s credit terms granted to wholesale customers, including a related party customer, generally ranged from 30 to 90 days from the invoice date. As at 31 October 2016 and 30 April 2016, the ageing analysis of the trade receivables based on the invoice date is as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Within 30 days 30日内 1,783 1,686 31 to 60 days 31至60日 74 44 over 60 days 超过60日 ― ― 1,857 1,730 As at 31 October 2016, none of the trade receivables was past due but not impaired (30 April 2016: Nil). 於二零一六年十月三十一日，概无应收 贸易款项已逾期但未减值（二零一六年 四月三十日：无）。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 36 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 12. 存货 12. INVENTORIES 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Finished goods 制成品 128,180 133,810 Less: provision for slow-moving inventories 减：滞销存货拨备 (16,874) (15,805) 111,306 118,005 Movements in provision for slow-moving inventories are as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） At the beginning of the period/year 於期�u年初 (15,805) (13,174) Charged to profit or loss 自损益扣除 (1,069) (2,631) At the end of the period/year 於期�u年末 (16,874) (15,805) The cost of inventories recognized as expenses and included in cost of sales amounted to approximately HK$99,217,000 (six months ended 31 October 2015 (unaudited): approximately HK$110,292,000), which included provision for slow-moving inventories of approximately HK$1,069,000 (six months ended 31 October 2015 (unaudited): approximately HK$830,000) for the six months ended 31 October 2016. 截至二零一六年十月三十一日止六个 月，确认为开支并计入销售成本之存货 成本为约99,217,000港元（截至二零一五 年十月三十一日止六个月（未经审核）： 约110,292,000港元），当中包括滞销存 货拨备约1,069,000港元（截至二零一五 年十月三十一日止六个月（未经审核）： 约830,000港 元 ）。 滞销存货拨备之变动如下： For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 37 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 13. SHARE CAPITAL Number of shares Nominal value 股份数目 面值 HK$’000 千港元 Authorized ― ordinary shares of HK$0.01 each 法定―每股面值0.01港元之 普通股 At 31 October 2015 (unaudited), at 30 April 2016 (Audited) and at 31 October 2016 (Unaudited) 於二零一五年十月三十一日 （未经审核）、於二零一六年 四月三十日（经审核）及於 二零一六年十月三十一日 （未经审核） 10,000,000,000 100,000 Issued and fully paid ― ordinary shares of HK$0.01 each 已发行及缴足―每股面值 0.01港元之普通股 At 30 April 2015 (Audited) 於二零一五年四月三十日 （经审核） 100,000 1 Shares issued pursuant to the Public Offer (Note (a)) 根据公开发售发行之股份 （附注(a)） 200,000,000 2,000 Capitalisation issue of shares (Note (b)) 资本化发行股份（附注(b)） 599,900,000 5,999 At 31 October 2015 (Unaudited), at 30 April 2016 (Audited) and at 31 October 2016 (Unaudited) 於二零一五年十月三十一日 （未经审核）、於二零一六年 四月三十日（经审核）及於 二零一六年十月三十一日 （未经审核） 800,000,000 8,000 Notes: (a) On 12 May 2015, the Company listed its shares on the Main Board of the Stock Exchange of Hong Kong Limited with public offer shares of 200,000,000 at an issue price of HK$0.68 per share. The transaction costs attributable to issue of shares amounted to HK$9,633,000. (b) On 12 May 2015, the Company capitalised an amount of HK$5,999,000 from the amount standing to the credit of share capital account of the Company and the said sum was applied in paying up in full the 599,900,000 shares issued to the shareholders immediately prior to the listing according to their respective shareholding. 13. 股本 附注： (a) 於二零一五年五月十二日，本公司股份 於香港联合交易所有限公司主板上市， 当中公开发售股份为200,000,000股，发 行价为每股0.68港元。因发行股份产生 的交易成本达9,633,000港元。 (b) 於二零一五年五月十二日，本公司将本 公司股本账的进账额5,999,000港元拨 充资本，上述金额已用作缴足於紧接上 市前根据股东各自的股权向彼等发行 之599,900,000股股份。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 38 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 14. 其他负债及费用、贸易及其 他应付款项拨备 14. PROVISION FOR OTHER LIABILITIES AND CHARGES, TRADE AND OTHER PAYABLES 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Trade payables (Note a) 应付贸易款项（附注a） ― third parties ― 第三方 15,627 9,490 ― related parties ― 关联方 163 12 15,790 9,502 Rent payable 应付租金 2,310 2,688 Accrued employee benefit expense 应计雇员福利开支 5,182 3,010 Provision for reinstatement costs (Note b) 修复成本拨备（附注b） 1,776 1,776 Provision for onerous operating leases (Note c) 繁重经营租赁拨备（附注c） 4,220 6,323 Other accruals and payables 其他应计费用及应付款项 662 2,400 29,940 25,699 Less: non-current portion 减：非即期部分 (2,900) (3,020) Current portion 即期部分 27,040 22,679 As at 31 October 2016 and 30 April 2016, the carrying amounts of trade payables, provisions and other payables approximate to their fair value and were mainly denominated in Hong Kong Dollars. 於二零一六年十月三十一日及二零一 六年四月三十日，应付贸易款项、拨备 及其他应付款项之账面值与其公平值相 若，并主要以港元列值。 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 39 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 14. PROVISION FOR OTHER LIABILITIES AND CHARGES, TRADE AND OTHER PAYABLES (Continued) Notes: (a) Trade payables and amount due to related companies As at 31 October 2016 and 30 April 2016, the aging analysis of the trade payables based on due date is as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Within 30 days 30日内 14,594 9,053 31 to 60 days 31至60日 826 349 Over 61 days 超过61日 370 100 15,790 9,502 (b) Provision for reinstatement costs Movements in the Group’s provisionfor reinstatement costs are as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） At beginning of the period/year 於期�u年初 1,776 1,681 Additional provision during the period/year 期�u年内额外拨备 ― 442 Settlements 偿付 ― (347) At end of the period/year 於期�u年末 1,776 1,776 14. 其他负债及费用、贸易及其 他应付款项拨备（续） 附注： (a) 应付贸易款项及应付关联公司的款项 於二零一六年十月三十一日及二零一 六年四月三十日，应付贸易款项按到期 日划分的账龄分析如下： (b) 修复成本拨备 本集团之修复成本拨备变动如下： For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 40 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 14. 其他负债及费用、贸易及其 他应付款项拨备（续） 附注：（续） (c) 繁重经营租赁拨备 本集团的繁重经营租赁拨备变动如下： 14. PROVISION FOR OTHER LIABILITIES AND CHARGES, TRADE AND OTHER PAYABLES (Continued) Notes: (Continued) (c) Provision for onerous operating leases Movements in the Group’s provision for onerous operating leases are as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） At beginning of the period/year 於期�u年初 6,323 1,110 Provision during the period/year 期�u年内拨备 1,347 6,218 Release of provision upon payment of rental charges 支付租金费用後解除拨备 (3,450) (1,005) At end of the period/year 於期�u年末 4,220 6,323 The provision for onerous operating leases represented the anticipated unavoidable costs for fulfilling the onerous non-cancellable lease agreements. The lease agreements will all expire by end of year ending 30 April 2019. The provision amount would be reduced upon the payment of the remaining rental charges. 繁重经营租赁拨备指预期就履行繁重 不可注销租赁协议产生的不可避免成 本。所有租赁协议将於截至二零一九年 四月三十日止年度结束前届满。拨备金 额将於支付剩余租金费用後减少。 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 41 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 15. BORROWINGS 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Non-current 非即期 Finance lease liabilities (Note b) 融资租赁负债（附注b） 321 438 Current 即期 Short-term bank loans (Note a) 短期银行贷款（附注a） 12,977 16,800 Finance lease liabilities (Note b) 融资租赁负债（附注b） 233 229 13,210 17,029 Total borrowings 总借款 13,531 17,467 (a) Bank borrowings The bank loans of approximately HK$8.9 million as at 30 April 2016 were drawn from one of the Group’s banking facilities for which one of the covenants requirements was in breach. In June 2016, the bank granted an one-off waiver from compliance with the relevant breached covenant requirement for the year ended 30 April 2016. The weighted average interest rates were 2.6% (30 April 2016: 2.6%) per annum. The carrying amounts of the Group’s bank loans were denominated in HK$ and unsecured and approximated to their fair values. 15. 借款 (a) 银行借款 於二零一六年四月三十日的银行 贷款约8.9百万港元乃自已违反其 中一项契诺规定的本集团其中一 项银行融资提取。於二零一六年六 月，银行就截至二零一六年四月三 十日止年度授出遵守相关违反契 诺规定的一次性豁免。 加权平均年利率为2.6%（二零一六 年四月三十日：2.6%）。 本集团银行贷款的账面值以港元 计值及无抵押，并与其公平值相 若。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 42 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 15. 借款（续） (a) 银行借款（续） 於二零一六年十月三十一日，本集 团有关透支及贷款的银行融资总 额约80.6百万港元（二零一六年四 月三十日�U约85.0百万港元）。同日 之未动用融资约67.7百万港元（二 零一六年四月三十日�U约68.2百万 港元）。银行融资乃授予本集团附 属公司，并须进行年度审阅及由本 公司及本集团若干附属公司提供 的无限担保所担保。 (b) 融资租赁负债 倘本集团违反租赁责任，则租赁资 产的权利收归出租人。 15. BORROWINGS (Continued) (a) Bank borrowings (Continued) As at 31 October 2016, the Group had aggregate banking facilities of approximately HK$80.6 million (30 April 2016: approximately HK$85.0 million), for overdrafts and loans. Unused facilities as at the same date were approximately HK$67.7 million (30 April 2016: approximately HK$68.2 million). The banking facilities were granted to the subsidiaries of the Group and were subject to annual review and guaranteed by unlimited guarantees from the Company and certain subsidiaries of the Group. (b) Finance lease liabilities The rights to the leased assets are reverted to the lessor in the event of default of the lease liabilities by the Group. 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Gross finance lease liabilities ― minimum lease payments 融资租赁负债总额 ― 最低 租赁付款 Within 1 year 一年内 246 246 In the second year 第二年 245 245 In the third year 第三年 82 204 573 695 Future finance charges on finance lease liabilities 融资租赁负债的未来融资 费用 (19) (28) Present value of finance lease liabilities 融资租赁负债的现值 554 667 For the six months ended 31 October 2016 滴达国际控股有限公司二零一六年中期报告 43 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 15. BORROWINGS (Continued) (b) Finance lease liabilities (Continued) The present value of finance lease liabilities was as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） Within 1 year 一年内 233 229 In the second year 第二年 240 236 In the third year 第三年 81 202 554 667 16. COMMITMENTS (a) Capital commitments As at 31 October 2016 (Unaudited) and 30 April 2016 (Audited), the Group did not have any material capital commitments. (b) Operating commitments The Group leases various retail outlets, offices and warehouses. The majority of lease agreements are non-cancellable with lease terms between 1 and 3 years. Some lease agreements are cancellable with a notice period of 3 to 6 months. 15. 借款（续） (b) 融资租赁负债（续） 融资租赁负债的现值如下： 16. 承担 (a) 资本承担 於二零一六年十月三十一日（未经 审核）及二零一六年四月三十日 （经审核），本集团并无任何重大资 本承担。 (b) 经营承担 本集团租赁多间零售店、办公室及 仓库。大部分租赁协议均属不可撤 销，租期介乎1至3年不等。部分租 赁协议可透过3至6个月通知期予 以撤销。 For the six months ended 31 October 2016 Tic Tac International Holdings Company Limited Interim Report 2016 44 Notes to the Condensed Consolidated Interim Financial Statements (Continued) 简明综合中期财务报表附注（续） 16. COMMITMENTS (Continued) (b) Operating commitments (Continued) The future aggregate minimum lease rental expenses in respect of the retail outlets, office and repair centres under noncancellable operating leases are as follows: 31 October 2016 30 April 2016 二零一六年 十月三十一日 二零一六年 四月三十日 HK$’000 HK$’000 千港元 千港元 (Unaudited) (Audited) （未经审核） （经审核） No later than 1 year 不迟於1年 51,913 44,326 Later than 1 year and no later than 5 years 迟於1年但不迟於5年 38,461 47,830 90,374 92,156 The above lease commitments do not include commitments for additional rentals payable, if any, when turnover of individual retail outlet exceeds a pre-determined level as it is not possible to determine in advance the amount of such additional rentals. 16. 承担（续） (b) 经营承担（续） 根据不可撤销经营租赁就租用零 售店、办公室及维修中心的未来最 低租金开支总额如下： 上述租赁承担并不包括有关因个 别零售店的营业额超出预定水平 时产生的额外应付租金（如有）的 承担，原因是无法预先确定有关额 外租金金额。 Holdings Company Limited Tic Tac International