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|Independent Auditors’ Report獨立核數師報告To the members of China South City Holdings Limited 致華南城控股有限公司各股東(Incorporated in Hong Kong with limited liability) （於香港註冊成立之有限公司）We have audited the consolidated financial statements of China South 我們已審核列載於第115至232頁的華南城控股有限公City Holdings Limited (the “Company”) and its subsidiaries (together, 司（「貴公司」）及其附屬公司（統稱「貴集團」）的財務報the “Group”) set out on pages 115 to 232, which comprise the 表，其中包括於2015年3月31日的綜合財務狀況表，consolidated statement of financial position as at 31 March 2015, and the 及截至該日止年度的綜合損益表、綜合全面收益表、consolidated statement of profit or loss, the consolidated statement of 綜合權益變動表和綜合現金流量表以及主要會計政策comprehensive income, the consolidated statement of changes in equity 概要及其他說明資料。and the consolidated statement of cash flows for the year then ended,and a summary of significant accounting policies and other explanatoryinformation.Directors’ responsibility for the consolidated financial 董事就綜合財務報表須承擔的責任statementsThe directors of the Company are responsible for the preparation 貴公司董事須負責根據香港會計師公會刊發的香港財of consolidated financial statements that give a true and fair view in 務報告準則及香港公司條例規定編制綜合財務報表，accordance with Hong Kong Financial Reporting Standards issued by 以令綜合財務報表作出真實而公平的反映，及落實其the Hong Kong Institute of Certified Public Accountants and the Hong 認為編製綜合財務報表所必要的內部控制，以使綜合Kong Companies Ordinance, and for such internal control as the directors 財務報表不存在由於欺詐或錯誤而導致的重大錯誤陳determine is necessary to enable the preparation of consolidated financial 述。statements that are free from material misstatement, whether due tofraud or error.Auditors’ responsibility 核數師的責任Our responsibility is to express an opinion on these consolidated financial 我們的責任是根據我們的審核對該等綜合財務報表發statements based on our audit. Our report is made solely to you, as a 表意見。本報告根據香港公司條例第405條僅向閣下body, in accordance with section 405 of the Hong Kong Companies （作為團體）報告，除此之外，別無其他目的。本核數Ordinance, and for no other purpose. We do not assume responsibility 師不會就本報告內容向任何其他人士負上或承擔任何towards or accept liability to any other person for the contents of this 責任。report.We conducted our audit in accordance with Hong Kong Standards 我們已根據香港會計師公會刊發的香港審計準則進行on Auditing issued by the Hong Kong Institute of Certified Public 審核。這些準則要求我們遵守道德規範，並規劃及執Accountants. Those standards require that we comply with ethical 行審核，以合理確定此等綜合財務報表是否不存有任requirements and plan and perform the audit to obtain reasonable 何重大錯誤陳述。assurance about whether the consolidated financial statements are freefrom material misstatement.113Annual Report 2014/15 年報|

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|Independent Auditors’ Report (C獨立核數師報告（續）||
||Independent Auditors’ Report (C獨立核數師報告（續）|

Auditors’ responsibility
(Continued)
核數師的責任（續）
An audit involves performing procedures to obtain audit evidence about審核涉及執行程序以獲取有關綜合財務報表所載金額 the amounts and disclosures in the consolidated financial statements.和披露資料的審核證據。所選定的程序取決於核數師 The procedures selected depend on theauditors’ judgement, including的判斷，包括評估由於欺詐或錯誤而導致綜合財務報 the assessment of the risks of material misstatement of the consolidated表存在重大錯誤陳述的風險。在評估該等風險時，核 financial statements, whether due to fraud or error. In making those數師考慮與該公司編製綜合財務報表以作出真實且反 risk assessments, the auditors consider internal control relevant to the映相關的內部監控，以設計適當的審核程序，但並非entity’s preparation of consolidated financial statements that give a true對公司的內部監控的有效性發表意見。審核亦包括評 and fair view in order to design audit procedures that are appropriate in估董事所採用的會計政策的恰當性及作出的會計估計 the circumstances, but not for the purpose of expressing an opinion on的合理性，以及評估綜合財務報表的整體列報方式。
the effectiveness of theentity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the directors, as well
as evaluating the overall presentation of the consolidated financial
statements.
We believe that the audit evidence we have obtained is sufficient and我們相信，我們所獲得的審核證據充足且適當地為我 appropriate to provide a basis for our audit opinion. 們的審核意見提供基礎。
Opinion 意見
In our opinion, the consolidated financial statements give a true and fair我們認為，該等綜合財務報表已根據香港財務報告準 view of the financial position of the Company and its subsidiaries as at則真實而公平地反映貴公司及其附屬公司於2015年 31 March 2015, and of their financial performance and cash flows for3月31日的財務狀況及截至該日止年度貴集團的財務 the year then ended in accordance with Hong Kong Financial Reporting表現和現金流量，並已按照香港公司條例妥為編製。
Standards and have been properly prepared in compliance with the Hong
Kong Companies Ordinance.
Ernst& Young 安永會計師事務所
Certified Public Accountants 執業會計師
22/F, CITIC Tower 香港
1 Tim Mei Avenue 中環
Central 添美道1號
Hong Kong 中信大廈22樓
29 June 2015 2015年6月29日
114
China South City Holdings Limited華南城控股有限公司
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||T OR LOSS|
|CONSOLIDATED STATEMENT OF PROFIT OR LOSS綜合損益表Year ended 31 March 2015 截至2015年3月31日止年度For the year ended 31 March截至3月31日止年度2015 2014Notes HK$’000 HK$’000附註 千港元 千港元REVENUE 收入 5 9,757,767 13,468,322Cost of sales 銷售成本 (4,582,237) (6,921,158)Gross profit 毛利 5,175,530 6,547,164Other income and gains 其他收入及收益 5 324,715 187,823Fair value gains on investment properties 投資物業公平值收益 5 2,398,531 1,266,287Selling and distribution expenses 銷售及分銷開支 (721,991) (581,229)Administrative expenses 行政開支 (1,074,206) (862,968)Other expenses 其他開支 (70,285) (234,779)Finance costs 融資成本 7 (165,595) (152,852)Share of profits and losses of: 應佔下列各方的利潤及虧損：A joint venture 一家合營企業 18 – 244Associates 聯營公司 (7,210) (862)PROFIT BEFORE TAX 稅前利潤 6 5,859,489 6,168,828Income tax expenses 所得稅開支 10 (2,144,709) (2,472,478)PROFIT FOR THE YEAR 本年度利潤 3,714,780 3,696,350Attributable to: 下列各方應佔：Owners of the parent 母公司擁有人 3,727,872 3,494,481Non-controlling interests 非控股權益 (13,092) 201,8693,714,780 3,696,350EARNINGS PER SHARE 歸屬於母公司普通股ATTRIBUTABLE TO ORDINARY 權益持有人之EQUITY HOLDERS OF THE PARENT 每股盈利 12Basic 基本– for profit for the year －本年度利潤 HK48.73 cents港仙 HK55.71 cents港仙Diluted 攤薄– for profit for the year －本年度利潤 HK45.27 cents港仙 HK47.93 cents港仙115Annual Report 2014/15 年報|T OR LOSS|

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|CONSOLIDATED S綜合全面收益表Year ended 31 March 2015 截至2015年3||
||CONSOLIDATED S綜合全面收益表Year ended 31 March 2015 截至2015年3|

For the year ended 31 March截至3月31日止年度 2015 2014HK$’000 HK$’000千港元 千港元
||
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|3,714,780|
|58,537|
|58,537|
|3,773,317|
|3,788,396|
|(15,079)|
|3,773,317|

116
China South City Holdings Limited華南城控股有限公司
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||CIAL POSITION|
|CONSOLIDATED STATEMENT OF FINANCIAL POSITION綜合財務狀況表31 March 2015 2015年3月31日31 March 2015 31 March 20142015年3月31日 2014年3月31日Notes HK$’000 HK$’000附註 千港元 千港元NON-CURRENT ASSETS 非流動資產Property, plant and equipment 物業、廠房及設備 13 1,328,231 658,923Investment properties 投資物業 14 30,217,792 24,033,905Properties under development 發展中物業 15 3,697,166 2,933,492Prepaid land lease payments 預付土地出租金 16 787,819 142,895Goodwill 商譽 17 34,128 34,128Investment in a joint venture 於一家合營企業的投資 18 5,079 8,919Investments in associates 於聯營公司的投資 19 34,884 4,141Available-for-sale investment 可供出售金融投資 20 175,500 –Finance lease receivables 融資租賃應收款項 21 8,860 17,975Deposits paid for purchase of land use rights 購買土地使用權支付的按金 22 1,225,250 1,051,593Deferred tax assets 遞延稅項資產 32 1,475,323 1,032,803Total non-current assets 非流動資產總值 38,990,032 29,918,774CURRENT ASSETS 流動資產Properties held for finance lease 持作融資租賃物業 297,940 245,928Properties held for sale 持作銷售物業 23 22,969,976 13,454,700Trade receivables 應收貿易賬款 24 1,636,626 2,805,839Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 25 653,785 729,473Held for trading investments 透過損益以公平值列賬之at fair value through profit or loss 持作買賣投資 26 32,890 29,120Cash and cash equivalents and restricted cash 現金及現金等價物及受限制現金 27 8,672,722 12,777,108Total current assets 流動資產總值 34,263,939 30,042,168CURRENT LIABILITIES 流動負債Trade and other payables 貿易及其他應付款項 28 13,534,665 13,809,916Interest-bearing bank and other borrowings 計息銀行及其他借貸 29 6,824,949 5,841,720Short-term notes 短期融資券 35 2,750,880 –Tax payables 應付稅項 5,235,130 4,410,502Derivative financial instrument 衍生金融工具 30 – 181,291Total current liabilities 流動負債總額 28,345,624 24,243,429NET CURRENT ASSETS 流動資產淨值 5,918,315 5,798,739TOTAL ASSETS LESS CURRENT LIABILITIES 資產總值減流動負債 44,908,347 35,717,513117Annual Report 2014/15 年報|CIAL POSITION|

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|CONSOLIDATED STATEMENT OF綜合財務狀況表（續）31 March 2015 2015年3月31日||
||CONSOLIDATED STATEMENT OF綜合財務狀況表（續）31 March 2015 2015年3月31日|

31 March 2015 31 March 20142015年3月31日2014年3月31日 Notes HK$’000 HK$’000附註 千港元 千港元 (Restated)（經重列）
||
|-|
|8,640,398|
|4,082,811|
|–|
|2,704,226|
|4,459,096|
|19,886,531|
|25,021,816|
|7,034,761|
|17,832,208|
|24,866,969|
|154,847|
|25,021,816|

 CHENG CHUNG HING鄭松興 LEUNG MOON LAM梁滿林
Director董事 Director董事
118
China South City Holdings Limited華南城控股有限公司
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||GES IN EQUITY|
|CONSOLIDATED STATEMENT OF CHANGES IN EQUITY綜合權益變動表Year ended 31 March 2015 截至2015年3月31日止年度Attributable to owners of the parent母公司擁有人應佔EquitycomponentCapital Statutory Share Share Exchange of Non-Share redemption surplus premium option fluctuation Capital Revaluation Retained convertible controlling Totalcapital reserve reserve account reserve reserve reserve reserve profits notes Total interests equity可換股資本 法定 股份 購股權 匯兌 重估 票據 非控股股本 贖回儲備 盈餘儲備 溢價賬 儲備 波動儲備 資本儲備 儲備 保留利潤 權益部份 總計 權益 權益總額Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000附註 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元Note (i)附註(i)At 1 April 2013 於2013年4月1日 60,536 204 402,895 3,144,121 66,283 1,465,490 – 286,456 10,427,268 – 15,853,253 189,508 16,042,761Profit for the year 本年度利潤 – – – – – – – – 3,494,481 – 3,494,481 201,869 3,696,350Other comprehensive income for the year: 本年度其他全面收入：Exchange differences on translation of 換算海外業務的匯兌foreign operations 差額 – – – – – (67,9 89) – – – – (67,9 89) (3,9 14) (71,9 03)Total comprehensive income for the year 本年度總全面收入 – – – – – (67,989) – – 3,494,481 – 3,426,492 197,955 3,624,447Non-controlling interest arising 業務收購的on business acquisition 非控股權益 – – – – – – – – – – – 164,555 164,555Acquisition of non-controlling 收購子公司的interests of subsidiaries 非控股權益 – – – – – – (232,690) – – – (232,690) (95,530) (328,220)Capital contribution from 非控股股東的non-controlling shareholders 資本出資 – – – – – – – – – – – 5,054 5,054Issuance of new shares 發行新股份 36 6,803 – – 1,205,218 – – – – – – 1,212,021 – 1,212,021Exercise of share options 行使購股權 37 1,732 – – 265,862 (42,022) – – – – – 225,572 – 225,572Lapse of share options 購股權失效 37 – – – – (2,461) – – – 2,461 – – – –Equity-settled share option 以權益結算的購股權arrangement 安排 37 – – – – 63,357 – – – – – 63,357 – 63,357Issue of convertible notes 發行可換股票據 33 – – – – – – – – – 37,360 37,360 – 37,360Transition to no-par value regime 於二零一四年三月三日on 3 March 2014 過渡至無股票票面值機制 36 4,615,405 (204) – (4,615,201) – – – – – – – – –Dividend paid by a subsidiary 附屬公司已派股息 – – – – – – – – – – – (286,902) (286,902)Final 2013 dividend paid 已付2013年末期股息 – – – – – – – – (615,860) – (615,860) – (615,860)Transfer from retained profits 轉撥自保留利潤 – – 281,8 16 – – – – – (281,8 16) – – – –At 31 March 2014 於2014年3月31日 4,684,476 – 684,711* – 85,157* 1,397,501* (232,690)* 286,456* 13,026,534*# 37,360* 19,969,505 174,640 20,144,145# Retained profits have been adjusted for the proposed final 2014 dividend in # 保留利潤已根據財務報表附註2.4所述本年度之呈列就accordance with the current year’s presentation, which is described in note 2.4 擬派末期2014年股息作相對應調整。to the financial statements.119Annual Report 2014/15 年報|GES IN EQUITY|

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|CONSOLIDATED STATEMENT OF綜合權益變動表（續）Year ended 31 March 2015 截至2015年3||
||CONSOLIDATED STATEMENT OF綜合權益變動表（續）Year ended 31 March 2015 截至2015年3|

Attributable to owners of the parent
母公司擁有人應佔
Equity
component
Statutory Share Exchange of Non- Share surplus option fluctuation Capital Revaluation Retained convertible controlling Total capital reserve reserve reserve reserve reserve profits notes Total interests equity可換股
法定 購股權 匯兌 重估 票據 非控股股本盈餘儲備 儲備波動儲備資本儲備 儲備保留利潤權益部份 總計 權益權益總額 Notes HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000附註 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 Note (i)
附註 (i)
At 1 April 2014 於2014年4月1日 4,684,476 684,711 85,157 1,397,501 (232,690) 286,456 13,026,534 37,360 19,969,505 174,640 20,144,145 Profit for the year 本年度利潤 – – – – – – 3,727,872 – 3,727,872 (13,092) 3,714,780 Other comprehensive income for the year:本年度其他全面收入：
Exchange differences on translation of 換算海外業務的
foreign operations 匯兌差額 – – – 60,52 4 – – – – 60,52 4 (1,98 7) 58,53 7 Total comprehensive income for the year 本年度總全面收入 – – – 60,524 – – 3,727,872 – 3,788,396 (15,079) 3,773,317 Capital contribution from non-controlling 非控股股東的資本
shareholders 出資 – – – – 5,211 – – – 5,211 8,921 14,132 Acquisition of non-controlling interests of 收購子公司的非控股
subsidiaries 權益 – – – – – – – – – (13,635) (13,635) Exercise of Tencent call options 行使騰訊購股權 30 851,904 – – – – – – – 851,904 – 851,904 Conversion of convertible notes 可換股票據轉換 33 1,045,292 – – – – – – (37,360) 1,007,932 – 1,007,932 Exercise of share options 行使購股權 37 453,089 – (62,917) – – – – – 390,172 – 390,172 Lapse of share options 購股權失效 37 – – (215) – – – 215 – – – – Equity-settled share option arrangement 以權益結算的購股權安排 37 – – 90,742 – – – – – 90,742 – 90,742 Shares repurchase 股份回購 – – – – – – (150,619) – (150,619) – (150,619) Final 2014 dividend paid 已付2014年末期股息 – – – – – – (1,086,274) – (1,086,274) – (1,086,274) Transfer from retained profits 轉撥自保留利潤 – 396,36 9 – – – – (396,36 9) – – – – At 31 March 2015 於2015年3月31日 7,034,7611,081,080*112,767*1,458,025*(227,479)*286,456*15,121,359* – 24,866,969 154,847 25,021,816* These reserve accounts comprise the consolidated other reserves of* 該等儲備賬包括綜合財務狀況表所載的綜合其HK$17,832,208,000 (31 March 2014:HK$15,285,029,000) in the 他儲備17,832,208,000港元（2014年3月31日： consolidated statement of financial position. 15,285,029,000港元）。
Note: 附註：
(i) In accordance with the PRC Company Law, theCompany’s subsidiaries (i)根據中國公司法，本公司於中國註冊的附屬公司須將 registered in the PRC are required to appropriate10% of the annual statutory 年度法定稅後利潤（經抵銷任何過往年度虧損後）的 profit after tax (after offsetting any prioryears’ losses) to the statutory surplus 10%撥入法定盈餘儲備。當儲備資金結餘達至實體註 reserve. When the balance of this reserve fund reaches50% of theentity’s 冊資本的50%時，可以選擇是否再次撥入資金。法 registered capital, any further appropriation is optional. The statutory surplus 定盈餘儲備可用於抵銷過往年度虧損或增加資本。然 reserve can be utilised to offset prioryears’ losses or to increase capital. 而，法定盈餘儲備於作出該等用途後的結餘必須最少 However, the balance of the statutory surplus reserve must be maintained at 維持於註冊資本的25%。
a minimum of25% of registered capital after such usages.
120
China South City Holdings Limited華南城控股有限公司
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|-|-|
||FLOWS|
|CONSOLIDATED STATEMENT OF CASH FLOWS綜合現金流量表Year ended 31 March 2015 截至2015年3月31日止年度For the year ended 31 March截至3月31日止年度2015 2014Notes HK$’000 HK$’000附註 千港元 千港元CASH FLOWS FROM OPERATING ACTIVITIES 經營活動現金流量Profit before tax 稅前利潤 5,859,489 6,168,828Adjustments for: 調整：Finance costs 融資成本 7 165,595 152,852Share of profits and losses of a 應佔一家合營企業及聯營公司joint venture and associates 利潤及虧損 7,210 618Bank interest income 銀行利息收入 5 (68,996) (42,935)Loss on disposal of items of property, 出售物業、廠房及設備項目plant and equipment 虧損 6 114 973Depreciation 折舊 6 93,265 68,490Amortisation of prepaid land lease payments 預付土地出租金攤銷 6 14,823 1,198Changes in fair value of investment properties 投資物業公平值變動 5 (2,398,531) (1,266,287)(Reversal of)/provision for impairment of 應收貿易賬款減值（沖回）╱trade receivables 撥備 6 (16,400) 58,697Loss on redemption of senior notes 贖回優先票據之虧損 6 – 176,082Fair value (gains)/losses, net: 公平值（收益）╱虧損，淨額：Derivative financial instrument 衍生金融工具 5 (151,915) (103,348)Held for trading investments at fair value 透過損益以公平值列賬之through profit or loss, net 持作買賣投資 5 (3,770) 2,625Dividend income from held for trading 透過損益以公平值列賬之investments at fair value through 持作買賣投資的profit or loss 股息收入 (195) (949)Gains on disposals of held for trading 出售透過損益以公平值列賬之investments at fair value through profit 持作買賣投資收益，淨額or loss, net 5 – (4,115)Equity-settled share option expense 以權益結算的購股權開支 6 90,742 63,3573,591,431 5,276,086Increase in properties held for sale 持作銷售物業增加 (2,841,920) (3,729,992)(Increase)/decrease in properties held for 持作融資租賃物業（增加）╱減少finance lease (51,421) 135,535Decrease in finance lease receivables 融資租賃應收款項減少 9,158 11,526Decrease/(increase) in trade receivables 應收貿易賬款減少╱（增加） 1,192,361 (1,927,754)Increase in prepayments, 預付款項、按金及其他deposits and other receivables 應收款項增加 (61,818) (303,733)Decrease/(increase) in restricted cash 受限制現金減少╱（增加） 58,356 (961,962)Increase in trade and other payables 貿易及其他應付款項增加 708,071 5,040,795Cash generated from operations 經營所得的現金 2,604,218 3,540,501Overseas taxes paid 已付海外稅項 (1,217,408) (837,601)Net cash flows from operating activities 經營活動現金流入淨額 1,386,810 2,702,900121Annual Report 2014/15 年報|FLOWS|

|||
|-|-|
|CONSOLIDATED STATEMENT OF綜合現金流量表（續）Year ended 31 March 2015 截至2015年3||
||CONSOLIDATED STATEMENT OF綜合現金流量表（續）Year ended 31 March 2015 截至2015年3|

For the year ended 31 March截至3月31日止年度 2015 2014 Notes HK$’000 HK$’000附註 千港元 千港元
||
|-|
|1,386,810|
|(84,127)|
|195|
|3,124|
|–|
|(175,500)|
|(30,733)|
|(239,342)|
|–|
|139,261|
|(3,349)|
|(12,022,895)|
|68,996|
|(12,344,370)|
|–|
|2,483,550|
|–|
|2,750,880|
|–|
|8,921|
|(150,619)|
|–|
|(389,024)|
|(31,688)|
|9,346,170|
|(6,370,970)|
|390,171|
|822,528|
|(1,086,274)|
|–|
|(960,997)|
|6,812,648|
|(4,144,912)|
|11,303,044|
|95,337|
|7,253,469|
|7,253,469|

122
China South City Holdings Limited華南城控股有限公司
||
|-|
|NOTES TO FINANCIAL STATEMENTS財務報表附註31 March 2015 2015年3月31日1. Corporate and Group Information 1. 公司及本集團資料China South City Holdings Limited (the “Company”) is a limited 華南城控股有限公司（「本公司」）在香港註冊成立liability company incorporated in Hong Kong. The registered office 為有限公司。本公司註冊辦事處位於香港九龍of the Company is located at Room 2205, 22/F, Sun Life Tower, The 尖沙咀廣東道15號港威大廈永明金融大樓22樓Gateway, 15 Canton Road, Tsimshatsui, Kowloon, Hong Kong. 2205室。During the year, the Company and its subsidiaries (collectively 年內，本公司及其附屬公司（統稱「本集團」）主要referred to as the “Group”) was principally engaged in the 從事發展及經營大型綜合商貿物流及商貿中心、development and operation of large-scale integrated logistics and 開發商住配套設施、物業管理，電子商貿及物流trade centers, development of supporting residential and commercial 倉儲服務。facilities, property management, provision of E-commerce andlogistics and warehousing services.Information about subsidiaries 附屬公司資料Particulars of the Company’s principal subsidiaries are as follows: 本公司的主要附屬公司詳情如下：Nominal value ofPlace of issued ordinary/incorporation/ registered share Date of Percentage ofregistration and capital as at incorporation/ equity attributableName business 31 March 2015 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2015年3月31日 註冊成立╱ 本公司應佔 主要業務經營地點 已發行普通╱註冊 註冊日期 權益百分比股本面值Direct Indirect直接 間接% %China South International Industrial Materials City The People’s Republic HK$2,200,000,000 18 December 2002 100 – Development and management of(Shenzhen) Co., Ltd. (ii)(iv) of China (“PRC”)/ 2,200,000,000港元 18–12–2002 integrated logistics trade centers華南國際工業原料城(深圳)有限公司(ii)(iv) Mainland China 綜合商貿物流及商品交易中心中國╱中國大陸 開發及營運Nanchang China South City Company PRC/Mainland China Renminbi (“RMB”) 16 November 2007 – 100 Development and management ofLimited (i)(v) 中國╱中國大陸 1,100,000,000 16–11–2007 integrated logistics trade centers南昌華南城有限公司(i)(v) 人民幣1,100,000,000元 綜合商貿物流及商品交易中心開發及營運Nanning China South City Company Limited (iii)(v) PRC/Mainland China RMB1,000,000,000 28 August 2009 – 100 Development and management of南寧華南城有限公司(iii)(v) 中國╱中國大陸 人民幣1,000,000,000元 28–08–2009 integrated logistics trade centers綜合商貿物流及商品交易中心開發及營運Xi’an China South City Company Limited (iii) PRC/Mainland China RMB1,000,000,000 12 November 2009 – 100 Development and management of西安華南城有限公司(iii) 中國╱中國大陸 人民幣1,000,000,000元 12–11–2009 integrated logistics trade centers綜合商貿物流及商品交易中心開發及營運123Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

1. Corporate and Group Information
(Continued) 1.公司及本集團資料（續）
Information about subsidiaries
(Continued)
附屬公司資料（續）
Nominal value of
Place of issued ordinary/
incorporation/ registered share Date of Percentage of
registration and capital as at incorporation/ equity attributable
Name business 31 March 2015 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2015年3月31日註冊成立╱ 本公司應佔主要業務
經營地點 已發行普通╱註冊註冊日期 權益百分比
股本面值
Direct Indirect
直接 間接
% %
Harbin China South City Company Limited (iii) PRC/Mainland China RMB500,000,000 9 January 2012 – 100 Development and management of哈爾濱華南城有限公司(iii) 中國╱中國大陸 人民幣500,000,000元09–01–2012 integrated logistics trade centers綜合商貿物流及商品交易中心開發及營運
Harbin Baolitong Market Development PRC/Mainland China RMB500,000,000 22 December 2011 – 100 Development and management of Management Company Limited (iii) 中國╱中國大陸 人民幣500,000,000元22–12–2011 integrated logistics trade centers哈爾濱寶力通市場開發管理有限公司(iii) 綜合商貿物流及商品交易中心開發及營運
Zhengzhou China South City Company Limited (iii) PRC/Mainland China RMB1,000,000,000 17 May 2012 – 100 Development and management of鄭州華南城有限公司(iii) 中國╱中國大陸 人民幣1,000,000,000元17–05–2012 integrated logistics trade centers綜合商貿物流及商品交易中心開發及營運
Hefei China South City Company Limited (ii)(vi) PRC/Mainland China RMB600,000,000 25 December 2012 – 100 Development and management of合肥華南城有限公司(ii)(vi) 中國╱中國大陸 人民幣600,000,000元25–12–2012 integrated logistics trade centers綜合商貿物流及商品交易中心開發及營運
Chongqing China South City Company Limited (ii) PRC/Mainland China RMB800,304,000╱ 27 December 2013 – 100 Development and management of重慶華南城有限公司(ii) 中國╱中國大陸 RMB1,000,000,00027–12–2013 integrated logistics trade centers人民幣800,304,000元╱ 綜合商貿物流及商品交易中心人民幣1,000,000,000元 開發及營運
Shenzhen Huasheng Commercial Development PRC/Mainland China RMB50,000,000 19 November 2010 – 100 Management of outlet operations Company Limited (iii) 中國╱中國大陸 人民幣50,000,000元19–11–2010 奧特萊斯商場經營管理深圳華盛商業發展有限公司(iii)
124
China South City Holdings Limited華南城控股有限公司
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|-|
|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日1. Corporate and Group Information (Continued) 1. 公司及本集團資料（續）Information about subsidiaries (Continued) 附屬公司資料（續）Nominal value ofPlace of issued ordinary/incorporation/ registered share Date of Percentage ofregistration and capital as at incorporation/ equity attributableName business 31 March 2015 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2015年3月31日 註冊成立╱ 本公司應佔 主要業務經營地點 已發行普通╱註冊 註冊日期 權益百分比股本面值Direct Indirect直接 間接% %Shenzhen China South City E-Commerce PRC/Mainland China RMB100,000,000 19 April 2012 – 100 Development, operations andTechnology Company Limited (ii) 中國╱中國大陸 人民幣100,000,000元 19–04–2012 maintenance of E-commerce深圳華南城網科技有限公司(ii) platform電子商貿平台開發、經營及管理Shenzhen First Asia Pacific Property Management PRC/Mainland China RMB50,000,000 31 December 2003 2.5 97.5 Provision of property managementCo., Ltd. (i) 中國╱中國大陸 人民幣50,000,000元 31–12–2003 services深圳第一亞太物業管理有限公司(i) 提供物業管理服務Qianlong Logistics Group Limited (iii) PRC/Mainland China RMB200,000,000 2 July 2004 – 100 Provision of logistics services乾龍物流集團有限公司(iii) 中國╱中國大陸 人民幣200,000,000元 02–07–2004 提供物流服務Shenzhen HOBA Home Furnishing Chain Store PRC/Mainland China RMB192,000,000/ 12 October 2001 – 37.5 Furnishing market operationCompany Limited (iii)(vii) 中國╱中國大陸 RMB480,000,000 12–10–2001 家居廣場運營深圳市好百年家居連鎖股份有限公司(iii)(vii) 人民幣192,000,000元╱人民幣480,000,000元Shenzhen China South City Advertising PRC/Mainland China RMB1,500,000 20 July 2004 – 100 Provision of advertising servicesCo., Ltd. (iii) 中國╱中國大陸 人民幣1,500,000元 20–07–2004 提供廣告服務深圳市華南城廣告有限公司(iii)Shenzhen China South International Convention PRC/Mainland China RMB2,000,000 10 February 2006 – 100 Provision of exhibition servicesand Exhibition Center Co., Ltd. (iii) 中國╱中國大陸 人民幣2,000,000元 10–02–2006 提供展覽服務深圳市華南城國際會展中心有限公司(iii)ASEAN City (BVI) Limited British Virgin Islands US$1 23 October 2007 100 – Investment holding東盟城(BVI)有限公司 英屬處女群島 1美元 23–10–2007 投資控股125Annual Report 2014/15 年報|

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|-|-|
|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

1. Corporate and Group Information
(Continued) 1.公司及本集團資料（續）
Information about subsidiaries
(Continued)
附屬公司資料（續）
Nominal value of
Place of issued ordinary/
incorporation/ registered share Date of Percentage of
registration and capital as at incorporation/ equity attributable
Name business 31 March 2015 registration to the Company Principal activities名稱 註冊成立╱註冊及 於2015年3月31日註冊成立╱ 本公司應佔主要業務
經營地點 已發行普通╱註冊註冊日期 權益百分比
股本面值
Direct Indirect
直接 間接
% %
China South City Management Company Hong Kong HK$1 9 November 2007 – 100 Provision of management services Limited 香港 1港元09–11–2007 提供管理服務
華南城管理有限公司
China South City Group Limited (iii) PRC/Mainland China RMB300,000,000 20 July 2004 – 100 Investment holding
華南城集團有限公司(iii) 中國╱中國大陸 人民幣300,000,000元20–07–2004 投資控股
Notes: 附註：
(i) Sino-foreign equity joint ventures under PRC law (i)中國法律下的中外合資經營公司。
(ii) A wholly-foreign-owned enterprise under PRC law (ii)中國法律下的外商獨資企業。
(iii) Limited companies under PRC law (iii)中國法律下的有限公司。
(iv) Pursuant to certain land purchase agreements entered into by China (iv)根據華南國際工業原料城（深圳）有限公司訂立的 South International Industrial Materials City (Shenzhen) Co., Ltd.,the 數份土地購買合同，建在該等地塊上的物業的可 saleable gross floor area of properties built on these parcels of land is 銷售建築面積限於總建築面積的30%。部分受到 limited to30% of the total builderable gross floor area. The portion 銷售限制的建築面積，本集團用於出租和自用。
of the gross floor area with restriction to sale is used by the Group for
leasing and self-use.
(v) Pursuant to certain land purchase agreements entered into by (v)根據南昌華南城有限公司和南寧華南城有限公司 Nanchang China South City Company Limited and Nanning China 於2010年各自訂立的若干土地購買合同，建在 South City Company Limited in 2010, respectively, the saleable gross 該項目若干地塊上的交易中心商舖和倉儲物業的 floor area of trade centers and storage facilities built on these parcels 可銷售建築面積限於該等物業總可建築面積的 of land are limited to60% of the total buildable gross floor area. 60%。此限制不適用於住宅、商務及其他用途的 This restriction does not apply to the properties built for residential, 物業，亦不適用於兩間公司於2010年以後獲得 commercial and other uses, and also does not apply to the land 的土地。部分受到銷售限制的建築面積，本集團 obtained by the two companies subsequent to 2010. The portion of the 用於出租和自用。
gross floor area with restriction to sale is used by the Group for leasing
and self-use.
126
China South City Holdings Limited華南城控股有限公司
||
|-|
|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日1. Corporate and Group Information (Continued) 1. 公司及本集團資料（續）Information about subsidiaries (Continued) 附屬公司資料（續）Notes: (Continued) 附註：（續）(vi) Pursuant to certain land purchase agreements entered into by Hefei (vi) 根據合肥華南城有限公司在2013年5月和6月及China South City Company Limited in May 2013, June 2013 and 2014年4月訂立的土地購買合同，建在該等地塊April 2014, the saleable gross floor areas of trade centers built on 上的交易中心商舖的可銷售建築面積限於該物業these parcels of land are limited to 50% of the total buildable gross 總可建築面積的50%。此限制不適用於住宅、商floor areas. This restriction does not apply to the properties built for 務及其他用途的物業。部分受到銷售限制的建築residential, commercial and other uses. The portion of the gross floor 面積，本集團用於出租和自用。area with restriction to sale is used by the Group for leasing and self-use.(vii) Pursuant to an agreement entered into with Shenzhen HOBA Home (vii) 根據和深圳市好百年家居連鎖股份有限公司（「好Furnishing Chain Store Company Limited (“HOBA Furnshing”) in July 百年家居」）在2013年7月簽訂的協議，本集團承2013, the Group has agreed to subscribe for 360,000,000 shares of 諾以總作價人民幣522,210,000元認購好百年家HOBA Furnishing at a total consideration of RMB522,210,000, out of 居360,000,000股股份，於報告期末，其中的人which the Group has paid an amount of RMB104,442,000 (equivalent 民幣104,442,000元（相當於132,861,000港元）本to HK$132,861,000) at the end of the reporting period. The amount 集團已付款。該金額代表37.5%好百年家居已發represents a 37.5% of the issued share capital of HOBA Furnshing. 行股份。由於本集團已擁有好百年家居多於50%HOBA Furnshing is accounted for as a subsidiary of the Group because 的投票權，好百年家居會以集團附屬公司入賬。the Group already has more than 50% of the voting rights of HOBAFurnishing.2.1 Basis of Preparation 2.1 編製基準These financial statements have been prepared in accordance 該等財務報表乃根據香港會計師公會（「香港會計with Hong Kong Financial Reporting Standards (“HKFRSs”) (which 師公會」）頒佈之香港財務報告準則（「香港財務報include all Hong Kong Financial Reporting Standards, Hong Kong 告準則」）（當中包括所有香港財務報告準則、香Accounting Standards (“HKASs”) and Interpretations) issued by the 港會計準則（「香港會計準則」）及詮釋）、香港公Hong Kong Institute of Certified Public Accountants (“HKICPA”), 認會計原則及香港公司條例之規定而編製，並按accounting principles generally accepted in Hong Kong and the 歷史成本法編製，惟投資物業、衍生金融工具Hong Kong Companies Ordinance. They have been prepared under 及透過損益以公平值列帳之持作買賣投資按公平the historical cost convention, except for investment properties, a 值計量則除外。除另有說明外，此等財務報表以derivative financial instrument and held for trading investments at 港元呈列，所有數值均已四捨五入至最接近千位fair value through profit or loss, which have been measured at fair 數。value. These financial statements are presented in Hong Kong dollarsand all values are rounded to the nearest thousand except whenotherwise indicated.Basis of consolidation 綜合基準The consolidated financial statements include the financial 合併財務報表包括本公司及其附屬公司截至statements of the Company and its subsidiaries for the year ended 2015年3月31日止年度的財務報表。附屬公司31 March 2015. A subsidiary is an entity (including a structured 為本公司直接或間接控制的實體（包括結構性實entity), directly or indirectly, controlled by the Company. Control 體）。當本集團承受或享有參與投資對象業務所is achieved when the Group is exposed, or has rights, to variable 得的可變回報，且能透過對投資對象的權力（即returns from its involvement with the investee and has the ability to 賦予本集團現有能力主導投資對象相關活動的既affect those returns through its power over the investee (i.e., existing 存權利）影響該等回報時，即取得控制權。rights that give the Group the current liability to direct the relevantactivities of the investee).127Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

2.1 Basis of Preparation
(Continued) 2.1編製基準（續）
Basis of consolidation
(Continued)
綜合基準（續）
When the Company has, directly or indirectly, less than a majority 倘本公司直接或間接擁有少於投資對象大多數的 of the voting or similar rights of an investee, the Group considers all 投票或類似權利，則本集團於評估其是否擁有對 relevant facts and circumstances in assessing whether it has power 投資對象的權力時，會考慮一切相關事實及情 over an investee, including: 況，包括：
(a) the contractual arrangement with the other vote holders of the (a)與投資對象其他投票持有人的合約安排；
investee;
(b) rights arising from other contractual arrangement; and (b)其他合約安排所產生的權利；及
(c) theGroup’s voting rights and potential voting rights. (c)本集團的投票權及潛在投票權。
The financial statements of the subsidiaries are prepared for the 附屬公司的財務報表乃就與本公司相同的報告期 same reporting period as the Company, using consistent accounting 間採納一致的會計政策編製。附屬公司的業績由 policies. The results of subsidiaries are consolidated from the date on 本集團取得控制權當日起綜合計算，並會繼續綜 which the Group obtains control, and continue to be consolidated 合，直至該等控制權終止。
until the date that such control ceases.
Profit or loss and each component of other comprehensive income 即使會導致非控股權益出現虧蝕結餘，損益及其 are attributed to the owners of the parent of the Group and 他全面收入的各個組成部分仍會歸屬於本集團母 to the non-controlling interests even if this results in the non- 公司擁有人及非控股權益。所有集團內公司間資 controlling interests having a deficit balance. All intra-group assets 產、負債、權益、收入及開支以及與本集團成員 and liabilities, equity, income, expenses and cash flows relating to 公司間交易有關的現金流，將於綜合時悉數對 transactions between members of the Group are eliminated in full 銷。
on consolidation.
The Group reassesses whether or not it controls an investee if facts 倘事實或情況顯示三項關於控制權的元素中有一 and circumstances indicate that there are changes to one or more 項或以上元素發生變動，則本集團將重新評估其 of the three elements of control described in the accounting policy 是否仍控制該投資對象。於附屬公司擁有權權益 for subsidiaries below. A change in the ownership interest of a 的變動（並無喪失控制權）於入賬時列作權益交 subsidiary, without a loss of control, is accounted for as an equity 易。
transaction.
If the Group loses control over a subsidiary, it derecognises (i) 倘本集團失去附屬公司的控制權，則會終止確認 the assets (including goodwill) and liabilities of the subsidiary, (ii) (i)該附屬公司的資產（包括商譽）及負債；(ii)任何 the carrying amount of any non-controlling interest and (iii) the 非控股權益的賬面值；及(iii)計入權益的累計匯 cumulative translation differences recorded in equity; and recognises 兌差額；並確認(i)已收代價的公允值；(ii)任何獲 (i) the fair value of the consideration received, (ii) the fair value of 保留投資的公允值；及(iii)其因而產生計入損益 any investment retained and (iii) any resulting surplus or deficit 的盈餘或虧蝕。先前已於其他全面收入確認的本 in profit or loss. TheGroup’s share of components previously 集團應佔部分，乃按照本集團直接出售相關資產 recognised in other comprehensive income is reclassified to profit or 及負債時所規定的相同基準，在適當的情況下重 loss or retained profits, as appropriate, on the same basis as would 新分類至損益或保留利潤。
be required if the Group had directly disposed of the related assets
or liabilities.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.2 Changes in Accounting Policies and Disclosures 2.2 會計政策的變更及披露The Group has adopted the following new and revised HKFRSs for 本集團於本年度財務報表內首次採納以下新訂及the first time for the current year’s financial statements. 經修訂香港財務報告準則。Amendments to HKFRS 10, Investment Entities 香港財務報告準則第 投資實體HKFRS 12 and HKAS 27 10號、香港財務報(2011) 告準則第12號及香港會計準則第27號（2011年）之修訂Amendments to HKAS 32 Offsetting Financial Assets and Financial 香港會計準則第32號 抵銷金融資產及金融負Liabilities 之修訂 債Amendments to HKAS 36 Recoverable Amount Disclosures for 香港會計準則第36號 非金融資產的可收回金Non-Financial Assets 之修訂 額披露Amendments to HKAS 39 Novation of Derivatives and 香港會計準則第39號 衍生工具的更替及對沖Continuation of Hedge Accounting 之修訂 會計的延續HK(IFRIC)-Int 21 Levies 香港（國際財務報告詮 徵費釋委員會）－詮釋第21號Amendment to HKFRS Definition of Vesting Condition1 2010年至2012年週期 歸屬條件之定義12 included in Annual 之年度改進項下香Improvements 2010-2012 港財務報告準則第2Cycle 號之修訂Amendment to HKFRS Accounting for Contingent 2010年至2012年週期 業務合併之或然代價之3 included in Annual Consideration in a Business 之年度改進項下香 會計處理1Improvements 2010-2012 Combination1 港財務報告準則第3Cycle 號之修訂Amendment to HKFRS Short-term Receivables and Payables 2010年至2012年週期 短期應收款項及應付款13 included in Annual 之年度改進項下香 項Improvements 2010-2012 港財務報告準則第Cycle 13號之修訂Amendment to HKFRS Meaning of Effective HKFRSs 2011年至2013年週期 有效香港財務報告準則1 included in Annual 之年度改進項下香 之定義Improvements 2011-2013 港財務報告準則第1Cycle 號之修訂1 Effective from 1 July 2014 1 自2014年7月1日起生效Other than as further explained below regarding the impact 除下文進一步所闡述之有關香港財務報告準則第of Amendments to HKFRS 10, HKFRS 12 and HKAS 27 (2011), 10號、香港財務報告準則第12號及香港會計準Amendments to HKAS 32, Amendments to HKAS 39, HK(IFRIC)-Int 則第27號（2011年）之修訂、香港會計準則第3221, Amendment to HKFRS 2, Amendment to HKFRS 3, Amendment 號之修訂、香港會計準則第39號之修訂、香港to HKFRS 13, and certain amendments, the adoption of the new （國際財務報告詮釋委員會）－詮釋第21號、香and revised HKFRSs has had no significant financial effect on these 港財務報告準則第2號之修訂、香港財務報告準financial statements. 則第3號之修訂、香港財務報告準則第13號之修訂及其他若干修訂之影響以外，採納新訂及經修訂香港財務報告準則對該等財務報表並無重大財務影響。129Annual Report 2014/15 年報|

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2.2 Changes in Accounting Policies and Disclosures 2.2會計政策的變更及披露（續）
(Continued)
The principal effects of adopting these new and revised HKFRSs are as 採納該等新訂及經修訂香港財務報告準則之主要 follows: 影響如下：
(a) Amendments to HKFRS 10 include a definition of an (a)香港財務報告準則第10號之修訂包括投資 investment entity and provide an exception to the consolidation 實體的定義，並為符合一間投資實體定義 requirement for entities that meet the definition of an 的實體豁免綜合入賬。投資實體須按公允 investment entity. Investment entities are required to account 值計入損益將附屬公司入賬，而非予以綜 for subsidiaries at fair value through profit or loss rather than 合入賬。香港財務報告準則第12號及香港 consolidate them. Consequential amendments were made to 會計準則第27號（2011年）已作出後續修 HKFRS 12 and HKAS 27 (2011). The amendments to HKFRS 12 訂。香港財務報告準則第12號之修訂亦載 also set out the disclosure requirements for investment entities. 列投資實體的披露規定。由於本公司並非 The amendments have had no impact on the Group as the 香港財務報告準則第10號所界定的投資實 Company does not qualify as an investment entity as defined in 體，故本集團預期該等修訂將不會對本集 HKFRS 10. 團構成任何影響。
(b) The HKAS 32 Amendments clarify the meaning of “currently (b)香港會計準則第32號之修訂為抵銷金融資 has a legally enforceable right to set off” for offsetting financial 產及金融負債釐清「目前具有合法可執行抵 assets and financial liabilities. The amendments also clarify the 銷權利」的釋義。該等修訂亦釐清香港會計 application of the offsetting criteria in HKAS 32 to settlement 準則第32號的抵銷標準於結算系統的應用 systems (such as central clearing house systems) which apply （例如中央結算所系統），而該系統乃採用 gross settlement mechanisms that are not simultaneous. The 非同步的總額結算機制。由於本集團並無 amendments have had no impact on the Group as the Group 任何抵銷安排，故該等修訂對本集團概無 does not have any offsetting arrangement. 影響。
(c) The HKAS 39 Amendments provide an exception to the (c)香港會計準則第39號之修訂列明因法例或 requirement of discontinuing hedge accounting in situations 法規，或引入法例或法規，導致於對沖關 where over-the-counter derivatives designated in hedging 係中所指定之場外衍生工具直接或間接被 relationships are directly or indirectly, novated to a central 更替為主要交易對手時，終止對沖會計規 counterparty as a consequence of laws or regulations, or the 定之例外情況。就於有關例外情況下持續 introduction of laws or regulations. For continuance of hedge 使用對沖會計法而言，必須符合以下所有 accounting under this exception, all of the following criteria 準則：(i)更替必須為法例或法規，或引入 must be met: (i) the novations must arise as a consequence of 法例或法規所導致；(ii)對沖工具的訂約方 law or regulations, or the introductions of laws or regulations; 協定一名或多名結算交易對手取代其原有 (ii) the parties to the hedging instrument agree that one or 交易對手，成為各訂約方的新交易對手；
more clearing counterparties replace their original counterparty 及(iii)更替不會導致原有衍生工具之條款出 to become the new counterparty to each of the parties; and 現變動，惟就進行結算而變動交易對手所 (iii) the novations do not result in changes to the terms of the 直接引致的變動除外。由於本集團於本年 original derivative other than changes directly attributable 度及過往年度並無更替任何衍生工具，故 to the change in counterparty to achieve clearing. The 該等修訂對本集團概無影響。
amendments have had no impact on the Group as the Group
has not novated any derivatives during the current and prior
years.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.2 Changes in Accounting Policies and Disclosures 2.2 會計政策的變更及披露（續）(Continued)(d) HK(IFRIC)-Int 21 clarifies that an entity recognises a liability for (d) 香港（國際財務報告詮釋委員會）－詮釋第a levy when the activity that triggers payment, as identified 21號釐清於引發付款之活動發生時（由相by the relevant legislation, occurs. The interpretation also 關法例所識別），實體須確認徵費責任。clarifies that a levy liability is accrued progressively only if 詮釋亦釐清徵費責任僅於引發付款之活動the activity that triggers payment occurs over a period of 持續發生一段時間時，方根據相關法例逐time, in accordance with the relevant legislation. For a levy 步累計。就達到最低限額時所引致的徵費that is triggered upon reaching a minimum threshold, the 而言，該項詮釋釐清於達到指定最低限額interpretation clarifies that no liability should be recognised 前，概不會確認任何責任。由於本集團於before the specified minimum threshold is reached. The 過往年度採用香港會計準則第37號撥備、interpretation has had no impact on the Group as the Group 或然負債及或然資產項下之確認原則，而applied, in prior years, the recognition principles under HKAS 就本集團所引致之徵費而言，該項詮釋與37 Provisions, Contingent Liabilities and Contingent Assets 香港（國際財務報告詮釋委員會）－詮釋第which for the levies incurred by the Group are consistent with 21號之規定相符，故該項詮釋對本集團概the requirements of HK(IFRIC)-Int 21. 無影響。(e) The HKFRS 2 Amendment clarifies various issues relating to (e) 香港財務報告準則第2號之修訂釐清多項與the definitions of performance and service conditions which 屬歸屬條件之績效及服務條件之定義相關are vesting conditions, including (i) a performance condition 事宜，包括(i)績效條件須包含服務條件；(ii)must contain a service condition; (ii) a performance target 當交易對手提供服務時，必須達成績效目must be met while the counterparty is rendering service; (iii) a 標；(iii)績效目標可能與實體的經營或活動performance target may relate to the operations or activities 有關，或與同一集團內其他實體的經營或of an entity, or to those of another entity in the same group; 活動有關；(iv)績效條件可為市場或非市場(iv) a performance condition may be a market or non-market 條件；及(v)倘交易對手於歸屬期內不論因condition; and (v) if the counterparty, regardless of the reason, 任何原因不再提供服務，則服務條件未獲ceases to provide service during the vesting period, the service 達成。該項修訂對本集團概無影響。condition is not satisfied. The amendment has had no impacton the Group.(f) The HKFRS 3 Amendment clarifies that contingent consideration (f) 香港財務報告準則第3號之修訂釐清自業務arrangements arising from a business combination that are not 合併產生的或然代價未被分類為權益的安classified as equity should be subsequently measured at fair 排。無論該等安排是否納入香港財務報告value through profit or loss whether or not they fall within the 準則第9號或香港會計準則第39號的範疇之scope of HKFRS 9 or HKAS 39. The amendment has had no 內，其後應按公允值計入損益。該修訂對impact on the Group. 本集團並無影響。(g) The HKFRS 13 Amendment clarifies that short-term receivables (g) 香港財務報告準則第13號之修訂釐清當折and payables with no stated interest rates can be measured at 現的影響不重大時，無明確利率的短期應invoice amounts when the effect of discounting is immaterial. 收款項及應付款項可按發票金額計量。該The amendment has had no impact on the Group. 項修訂對本集團概無影響。In addition, the requirements of Part 9 “Accounts and Audit” of 此外，香港公司條例（第622章）第9部「帳目及審the Hong Kong Companies Ordinance (Cap.622) came into effect 計」之規定於本財政年度首次開始實施。主要影for the first time, during the current financial year. The main impact 響乃若干資料於財務報表的呈列及披露。to the financial statements is on the presentation and disclosure ofcertain information in the financial statements.131Annual Report 2014/15 年報|

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2.3 Issued but not yet effective Hong Kong Financial 2.3已頒佈但尚未生效的香港財務報告 Reporting Standards 準則
The Group has not applied the following new and revised HKFRSs, 本集團並未於此等綜合財務報表中採納以下已頒 that have been issued but are not yet effective, in these financial 佈但尚未生效之新訂及經修訂香港財務報告準 statements. 則。
HKFRS 9 Financial Instruments4 香港財務報告準則第9號金融工具4
Amendments to HKFRS 10 and Sale or Contribution of Assets between an Investor 香港財務報告準則第10號投資者與其聯營公司或合營公 HKAS 28 (2011) and its Associate or Joint Venture2 及香港會計準則第28號 司之間的資產出售或注資2（2011年）之修訂
Amendments to HKFRS 10, Investment Entities: Applying the Consolidation 香港財務報告準則第10 投資實體：應用綜合豁免2 HKFRS 12 and HKAS 28 Exception2 號、香港財務報告準則
(2011) 第12號及香港會計準則
第28號（2011年）之修訂
Amendments to HKFRS 11 Accounting for Acquisitions of Interests in Joint 香港財務報告準則第11號收購合營業務權益的會計方法2 Operations2 之修訂
HKFRS 14 Regulatory Deferral Accounts5 香港財務報告準則第14號監管遞延賬目5
HKFRS 15 Revenue from Contracts with Customers3 香港財務報告準則第15號客戶合約收益3
Amendments to HKAS 1 Disclosure Initiative2 香港會計準則第1號之修訂披露計劃2
Amendments to HKAS 16 and Clarification of Acceptable Methods of Depreciation 香港會計準則第16號及香澄清折舊及攤銷的可接受方法2 HKAS 38 and Amortisation2 港會計準則第38號之修
訂
Amendments to HKAS 16 and Agriculture: Bearer Plants2 香港會計準則第16號及香農業：生產性植物2 HKAS 41 港會計準則第41號之修
訂
Amendments to HKAS 19 Defined Benefit Plans: Employee Contribution1 香港會計準則第19號之修界定福利計劃：僱員供款1訂
Amendments to HKAS 27 Equity Method in Separate Financial Statements2 香港會計準則第27號之修獨立財務報表之權益法2 (2011) 訂（2011年）
Annual Improvements 2010- Amendments to a number of HKFRSs1 2010年至2012年週期之年多項香港財務報告準則之修訂1 2012 Cycle 度改進
Annual Improvements 2011- Amendments to a number of HKFRSs1 2011年至2013年週期之年多項香港財務報告準則之修訂1 2013 Cycle 度改進
Annual Improvements 2012- Amendments to a number of HKFRSs2 2012年至2014年週期之年多項香港財務報告準則之修訂2 2014 Cycle 度改進
1 Effective for annual periods beginning on or after 1 July 2014 1 於2014年7月1日或之後開始之年度期間生效 2 Effective for annual periods beginning on or after 1 January 2016 2 於2016年1月1日或之後開始之年度期間生效 3 Effective for annual periods beginning on or after 1 January 2017 3 於2017年1月1日或之後開始之年度期間生效 4 Effective for annual periods beginning on or after 1 January 2018 4 於2018年1月1日或之後開始之年度期間生效 5 Effective for an entity that first adopts HKFRSs for its annual financial 5 首次採納香港財務報告準則的實體，適用於 statements beginning on or after 1 January 2016 and therefore is not 2016年1月1日或之後開始的年度財務報表，因 applicable to the Group 此不適用於本集團
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.3 Issued but not yet effective Hong Kong Financial 2.3 已頒佈但尚未生效的香港財務報告Reporting Standards (Continued) 準則（續）Further information about those HKFRSs that are expected to be 預期將適用於本集團的香港財務報告準則的進一applicable to the Group is as follows: 步資料如下：In September 2014, the HKICPA issued the final version of HKFRS 9, 於2014年9月，香港會計師公會頒佈香港財務報bringing together all phases of the financial instruments project to 告準則第9號的最終版本，將金融工具項目的所replace HKAS 39 and all previous versions of HKFRS 9. The standard 有階段集於一起以代替香港會計準則第39號及introduces new requirements for classification and measurement, 香港財務報告準則第9號的全部先前版本。該準impairment and hedge accounting. The Group expects to adopt 則引入分類及計量、減值及對沖會計處理的新規HKFRS 9 from 1 April 2018. The Group expects that the adoption of 定。本集團預期自2018年4月1日起採納香港財HKFRS 9 will have an impact on the classification and measurement 務報告準則第9號。本集團預期採納香港財務報of the Group’s financial assets. Further information about the impact 告準則第9號將對本集團金融資產的分類及計量will be available nearer the implementation date of the standard. 產生影響。有關影響的進一步資料將於接近該準則的實施日期獲得。The amendments to HKFRS 10 and HKAS 28 (2011) address an 香港財務報告準則第10號及香港會計準則第28inconsistency between the requirements in HKFRS 10 and in HKAS 號（2011年）之修訂針對香港財務報告準則第1028 (2011) in dealing with the sale or contribution of assets between 號及香港會計準則第28號（2011年）之間有關投an investor and its associate or joint venture. The amendments 資者與其聯營公司或合營公司之間的資產出售或require a full recognition of a gain or loss when the sale or 注資兩者規定的不一致性。該等修訂規定，當投contribution of assets between an investor and its associate or joint 資者與其聯營公司或合營公司之間的資產出售或venture constitutes a business. For a transaction involving assets 注資構成一項業務時，須確認全數收益或虧損。that do not constitute a business, a gain or loss resulting from the 當交易涉及不構成一項業務的資產時，由該交transaction is recognised in the investor’s profit or loss only to the 易產生的收益或虧損於該投資者的損益內確認，extent of the unrelated investor’s interest in that associate or joint 惟僅以不相關投資者於該聯營公司或合營公司的venture. The amendments are to be applied prospectively. The 權益為限。該等修訂即將應用。本集團預期自Group expects to adopt the amendments from 1 April 2016. 2016年4月1日起採納該等修訂。The amendments to HKFRS 11 require that an acquirer of an interest 香港財務報告準則第11號之修訂規定共同經營in a joint operation in which the activity of the joint operation （其中共同經營的活動構成一項業務）權益的收購constitutes a business must apply the relevant principles for business 方必須應用香港財務報告準則第3號內業務合併combinations in HKFRS 3. The amendments also clarify that a 的相關原則。該等修訂亦釐清於共同經營中先前previously held interest in a joint operation is not remeasured on the 所持有的權益於收購相同共同經營中的額外權益acquisition of an additional interest in the same joint operation while 而共同控制權獲保留時不得重新計量。此外，香joint control is retained. In addition, a scope exclusion has been 港財務報告準則第11號已增加一項範圍豁免，added to HKFRS 11 to specify that the amendments do not apply 訂明當共享共同控制權的各方（包括呈報實體）處when the parties sharing joint control, including the reporting entity, 於同一最終控制方的共同控制之下時，該等修訂are under common control of the same ultimate controlling party. 不適用。該等修訂適用於收購共同經營的初始權The amendments apply to both the acquisition of the initial interest 益以及收購相同共同經營中的任何額外權益。該in a joint operation and the acquisition of any additional interests in 等修訂預期於2016年4月1日採納後，將不會對the same joint operation. The amendments are not expected to have 本集團的財務狀況或表現產生任何影響。any impact on the financial position or performance of the Groupupon adoption on 1 April 2016.133Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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2.3 Issued but not yet effective Hong Kong Financial 2.3已頒佈但尚未生效的香港財務報告 Reporting Standards
(Continued)
準則（續）
HKFRS 15 establishes a new five-step model that will apply to 香港財務報告準則第15號建立一個新的五步模 revenue arising from contracts with customers. Under HKFRS 15, 式，將應用於客戶合約收益。根據香港財務報告 revenue is recognised at an amount that reflects the consideration 準則第15號，收益按能反映實體預期就交換向 to which an entity expects to be entitled in exchange for transferring 客戶轉讓貨物或服務而有權獲得的代價金額確 goods or services to a customer. The principles in HKFRS 15 provide 認。香港財務報告準則第15號的原則為計量及 a more structured approach for measuring and recognising revenue. 確認收益提供更加結構化的方法。該準則亦引入 The standard also introduces extensive qualitative and quantitative 廣泛的定性及定量披露規定，包括分拆收益總 disclosure requirements, including disaggregation of total revenue, 額，關於履行責任、不同期間之間合約資產及負 information about performance obligations, changes in contract asset 債賬目結餘的變動以及主要判斷及估計的資料。
and liability account balances between periods and key judgements 該準則將取代香港財務報告準則項下所有現時收 and estimates. The standard will supersede all current revenue 益確認的規定。本集團預期於2017年4月1日採 recognition requirements under HKFRSs. The Group expects to adopt 納香港財務報告準則第15號，目前正評估採納 HKFRS 15 on 1 April 2017 and is currently assessing the impact of 香港財務報告準則第15號的影響。
HKFRS 15 upon adoption.
Amendments to HKAS 1 include narrow-focus improvements in 香港會計準則第1號之修訂包括有關五個財務報 respect of the presentation and disclosure in financial statements 表呈列及披露範疇的收窄集中改善，包括重要性 in five areas, including materiality, disaggregation and subtotals, 水平、細分與分類匯總、附註結構、會計政策披 notes structure, disclosure of accounting policies and presentation of 露以及於權益入賬投資所產生之其他全面收入項 items of other comprehensive income arising from equity accounted 目的呈現。該等修訂進一步鼓勵實體應用專業判 investments. The amendments further encourage entities to apply 斷以釐定將予披露的資料及如何在財務報表中編 professional judgement in determining what information to disclose 排披露。本集團預期自2016年4月1日起採納該 and how to structure the disclosure in the financial statements. The 等修訂。
Group expects to adopt the amendments from 1 April 2016.
Amendments to HKAS 16 and HKAS 38 clarify the principle in HKAS 香港會計準則第16號及香港會計準則第38號之 16 and HKAS 38 that revenue reflects a pattern of economic benefits 修訂澄清香港會計準則第16號及香港會計準則 that are generated from operating business (of which the asset is 第38號中的原則，即收益反映自經營業務（該資 part) rather than the economic benefits that are consumed through 產為其一部分）產生的經濟利益而非通過使用資 the use of the asset. As a result, a revenue-based method cannot 產消耗的經濟利益的模式。因此，收益法不得 be used to depreciate property, plant and equipment and may only 用於折舊物業、廠房及設備，並且僅在非常有限 be used in very limited circumstances to amortise intangible assets. 的情況下可用於攤銷無形資產。該等修訂即將應 The amendments are to be applied prospectively. The amendments 用。預期該等修訂於2016年4月1日採納後將不 are not expected to have any impact on the financial position or 會對本集團的財務狀況或表現產生任何影響，原 performance of the Group upon adoption on 1 April 2016 as the 因是本集團並未使用收益法計算其非流動資產的 Group has not used a revenue-based method for the calculation of 折舊。
depreciation of its non-current assets.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.3 Issued but not yet effective Hong Kong Financial 2.3 已頒佈但尚未生效的香港財務報告Reporting Standards (Continued) 準則（續）The Annual Improvements to HKFRSs 2010-2012 Cycle issued in 於2014年1月頒佈的2010年至2012年週期之年January 2014 sets out amendments to a number of HKFRSs. Except 度改進載列多項香港財務報告準則之修訂。除附for those described in note 2.2, the Group expects to adopt the 註2.2所述者外，本集團預期自2015年4月1日起amendments from 1 April 2015. None of the amendments are 採納該等修訂。預期該等修訂概無對本集團構成expected to have a significant financial impact on the Group. Details 重大財務影響。最適用於本集團的修訂詳情如of the amendment most applicable to the Group are as follows: 下：HKFRS 8 Operating Segments: Clarifies that an entity must 香港財務報告準則第8號經營分部：釐清實體於disclose the judgements made by management in applying the 應用香港財務報告準則第8號內的綜合標準時必aggregation criteria in HKFRS 8, including a brief description of 須披露管理層作出的判斷，包括所綜合經營分部operating segments that have been aggregated and the economic 的概況以及用於評估分部是否類似時的經濟特characteristics used to assess whether the segments are similar. The 徵。該等修訂亦釐清分部資產與總資產的對賬僅amendments also clarify that a reconciliation of segment assets to 在該對賬報告予最高營運決策者之情況下方須披total assets is only required to be disclosed if the reconciliation is 露。reported to the chief operating decision maker.2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要Investments in associates and joint ventures 於聯營公司及合營企業的投資An associate is an entity in which the Group has a long term interest 聯營公司為本集團一般擁有不少於20%股本投of generally not less than 20% of the equity voting rights and over 票權的長期權益，並能對其發揮重大影響力的實which it is in a position to exercise significant influence. Significant 體。重大影響力為參與投資對象財政及經營政策influence is the power to participate in the financial and operating 決策的權力，但並非控制或共同控制該等政策。policy decisions of the investee, but is not control or joint controlover those policies.A joint venture is a type of joint arrangement whereby the parties 合營企業為一項合營安排，據此，擁有安排之共that have joint control of the arrangement have rights to the net 同控制權的人士均有權享有合營企業的資產淨assets of the joint venture. Joint control is the contractually agreed 值。共同控制乃以合約協定分佔一項安排之控制sharing of control of an arrangement, which exists only when 權，其僅在相關活動決策必須獲分佔控制權的人decisions about the relevant activities require the unanimous consent 士一致同意時方存在。of the parties sharing control.135Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Investments in associates and joint ventures 於聯營公司及合營企業的投資（續） (Continued)
TheGroup’s investments in associates and joint ventures are stated 本集團於聯營公司及合營企業的投資乃按以權益 in the consolidated statement of financial position at theGroup’s 會計法計算之本集團應佔資產淨值減任何減值虧 share of net assets under the equity method of accounting, less any 損於綜合財務狀況表內列賬。
impairment losses.
Adjustments are made to bring into line any dissimilar accounting 倘出現任何不相符的會計政策，即會作出調整加 policies that may exist. 以修正。
TheGroup’s share of the post-acquisition results and other 本集團應佔聯營公司及合營企業收購後業績和其 comprehensive income of associates and joint ventures are included 他全面收入分別計入合併損益表及合併其他全面 in the consolidated statement of profit or loss and consolidated 收入內。此外，倘直接於聯營公司或合營企業的 other comprehensive income, respectively. In addition, when there 權益確認變動，則本集團會於綜合權益變動表確 has been a change recognised directly in the equity of the associate 認其應佔的任何變動（如適用）。本集團與其聯營 or joint venture, the Group recognises its share of any changes, 公司或合營企業進行交易而出現的未實現利益及 when applicable, in the consolidated statement of changes in equity. 虧損會互相抵銷，金額以本集團於聯營公司或合 Unrealised gains and losses resulting from transactions between 營企業的投資為限，但如果未實現虧損證明所轉 the Group and its associates or joint ventures are eliminated to the 讓資產發生減值則除外。收購聯營公司或合營企 extent of theGroup’s investments in the associates or joint ventures, 業產生的商譽計入本集團於聯營公司或合營企業 except where unrealised losses provide evidence of an impairment 的投資的一部分。
of the assets transferred. Goodwill arising from the acquisition
of associates or joint ventures is included as part of theGroup’s
investments in associates or joint ventures.
If an investment in an associate becomes an investment in a joint 倘於聯營公司的投資變為於合營企業的投資或出 venture or vice versa, the retained interest is not remeasured. 現相反情況，則不會重新計量保留權益。反之， Instead, the investment continues to be accounted for under the 該投資繼續根據權益法入賬。在所有其他情況 equity method. In all other cases, upon loss of significant influence 下，對聯營公司失去重大影響力或對合營企業失 over the associate or joint control over the joint venture, the Group 去共同控制後，本集團按其公允值計量及確認任 measures and recognises any retained investment at its fair value. 何保留投資。於失去重大影響力或共同控制後聯 Any difference between the carrying amount of the associate or 營公司或合營企業的賬面值與保留投資及來自出 joint venture upon loss of significant influence or joint control and 售所得款項之公允值之間的差額於損益內確認。
the fair value of the retained investment and proceeds from disposal is
recognised in profit or loss.
When an investment in an associate or a joint venture is classified as 當聯營公司或合營企業的投資被視為持作銷售， held for sale, it is accounted for in accordance with HKFRS 5. 將會以香港財務報告準則第5號計量。
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Business combinations and goodwill 業務併購及商譽Business combinations are accounted for using the acquisition 業務併購乃使用收購法入賬。所轉讓之代價乃以method. The consideration transferred is measured at the acquisition 收購日期之公平值計量，該公平值為本集團所轉date fair value which is the sum of the acquisition date fair values 讓之資產於收購日期之公平值、本集團自被收購of assets transferred by the Group, liabilities assumed by the Group 方之前度擁有人承擔之負債，及本集團發行以換to the former owners of the acquiree and the equity interests issued 取被收購方控制權之股權之總和。就各業務合併by the Group in exchange for control of the acquiree. For each 而言，本集團選擇以公平值或被收購方可識別資business combination, the Group elects whether to measure the 產淨值之應佔比例，計算於被收購方中現時屬擁non-controlling interests in the acquiree that are present ownership 有權權益並賦予其持有人權利可於清盤時按比例interests and entitle their holders to a proportionate share of 分佔資產淨值之非控股權益。非控股權益之所有net assets in the event of liquidation either at fair value or at the 其他部分按公平值計量。有關收購成本於產生時proportionate share of the acquiree’s identifiable net assets. All 支銷。other components of non-controlling interests are measured at fairvalue. Acquisition-related costs are expensed as incurred.When the Group acquires a business, it assesses the financial assets 當本集團收購一項業務時，會根據合約條款、於and liabilities assumed for appropriate classification and designation 收購日期之經濟環境及相關條件，評估將承接之in accordance with the contractual terms, economic circumstances 金融資產及負債，以作出適合之分類及指定用and pertinent conditions as at the acquisition date. This includes 途。此包括將被收購方主合約中之嵌入式衍生工the separation of embedded derivatives in host contracts of the 具分開計算。acquiree.If the business combination is achieved in stages, the previously held 倘業務併購分階段進行，先前持有股權應按收購equity interest is remeasured at its acquisition date fair value and any 日期公平值計入收益表重新計量及任何產生之收resulting gain or loss is recognised in profit or loss. 益或虧損確認於損益。Any contingent consideration to be transferred by the acquirer 由收購方將予轉讓的任何或然代價將於收購日期is recognised at fair value at the acquisition date. Contingent 按公平值確認。或然代價（被視為一項資產或負consideration classified as an asset or liability that is a financial 債，即金融工具）根據香港會計準則第39號按公instrument and within the scope of HKAS 39 is measured at fair 平值及公平變動於收益表確認或確認為其他全面value with changes in fair value either recognised in profit or loss 收入的變動。倘或然代價不屬於香港會計準則第or as a change to other comprehensive income. If the contingent 39號之範圍的情況下，則按適用之香港財務報consideration is not within the scope of HKAS 39, it is measured in 告準則計量。分類為權益之或然代價則其毋須重accordance with the appropriate HKFRS. Contingent consideration 新計量，其後結算於權益內入賬。that is classified as equity is not remeasured and subsequentsettlement is accounted for within equity.Goodwill is initially measured at cost, being the excess of the 商譽起初按成本計量，即已轉讓代價、已確認非aggregate of the consideration transferred, the amount recognised 控股權益及本集團先前持有的被收購方股權之公for non-controlling interests and any fair value of the Group’s 平值之總和，超逾與所收購可識別資產淨值及所previously held equity interests in the acquiree over the identifiable 承擔負債的差額。倘此代價及其他項目的總和低net assets acquired and liabilities assumed. If the sum of this 於所收購資產淨值的公平值，於評估後其差額將consideration and other items is lower than the fair value of the net 於收益表內確認為議價購買收益。assets acquired, the difference is, after reassessment, recognised inprofit or loss as a gain on bargain purchase.137Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Business combinations and goodwill
(Continued)
業務併購及商譽（續）
After initial recognition, goodwill is measured at cost less any 於初始確認後，商譽按成本減任何累計減值虧損 accumulated impairment losses. Goodwill is tested for impairment 計量。商譽須每年作減值測試，倘有事件發生或 annually or more frequently if events or changes in circumstances 情況改變顯示賬面值有可能減值，則會更頻密地 indicate that the carrying value may be impaired. The Group 進行檢討。本集團於3月31日進行商譽的年度減 performs its annual impairment test of goodwill as at 31 March. For 值測試。為進行減值測試，因業務合併而購入的 the purpose of impairment testing, goodwill acquired in a business 商譽自購入之日被分配至預期可從合併產生的協 combination is, from the acquisition date, allocated to each of the 同效益中獲益的本集團各個現金產單位或現金產Group’s cash-generating units, or groups of cash-generating units, 出單位組別，而無論本集團其他資產或負債是否 that are expected to benefit from the synergies of the combination, 已分配予該等單位或單位組別。
irrespective of whether other assets or liabilities of the Group are
assigned to those units or groups of units.
Impairment is determined by assessing the recoverable amount of 減值乃通過評估與商譽相關之現金產生單位（或 the cash-generating unit (group of cash-generating units) to which 現金產生單位組別）之可收回金額釐定。倘現金 the goodwill relates. Where the recoverable amount of the cash- 產生單位（或現金產生單位組別）之可收回金額低 generating unit (group of cash-generating units) is less than the 於賬面值時，減值虧損則予以確認。已就商譽確 carrying amount, an impairment loss is recognised. An impairment 認之減值虧損不得於其後期間撥回。
loss recognised for goodwill is not reversed in a subsequent period.
Where goodwill has been allocated to a cash-generating unit (or 倘商譽被分配為現金產生單位（或現金產生單位 group of cash-generating units) and part of the operation within 組別）之一部分，而該單位內部分業務被出售， that unit is disposed of, the goodwill associated with the operation 則出售業務相關商譽於釐定出售業務收益或虧損 disposed of is included in the carrying amount of the operation 時列入業務之賬面值。在這些情況下出售之商譽 when determining the gain or loss on the disposal. Goodwill 根據已出售業務及所保留現金產生單位部分之相 disposed of in these circumstances is measured based on the relative 對價值計算。
value of the disposed operation disposed of and the portion of the
cash-generating unit retained.
Fair value measurement 公允值計量
The Group measures its investment properties, derivative financial 本集團於各報告期末按公允值計量投資物業、衍 instrument and equity investments at fair value at the end of each 生金融工具及股權投資。公允值為市場參與者於 reporting period. Fair value is the price that would be received to 計量日期在有序交易中出售資產所收取的價格或 sell an asset or paid to transfer a liability in an orderly transaction 轉讓負債所支付的價格。公允值計量乃假設出售 between market participants at the measurement date. The fair 資產或轉讓負債的交易於資產或負債主要市場或 value measurement is based on the presumption that the transaction （在無主要市場情況下）最具優勢市場進行而作 to sell the asset or transfer the liability takes place either in the 出。主要或最具優勢市場須為本集團可進入之市 principal market for the asset or liability, or in the absence of a 場。資產或負債的公允值乃基於市場參與者於資 principal market, in the most advantageous market for the asset or 產或負債定價所用的假設計量（即假設市場參與 liability. The principal or the most advantageous market must be 者會以最佳經濟利益行事）。
accessible by the Group. The fair value of an asset or a liability is
measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants
act in their economic best interest.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Fair value measurement (Continued) 公允值計量（續）A fair value measurement of a non-financial asset takes into account 非金融資產的公允值計量須計及市場參與者透過a market participant’s ability to generate economic benefits by using 最大限度使用該資產達致最佳用途，或將該資產the asset in its highest and best use or by selling it to another market 出售予將最大限度使用該資產達致最佳用途的其participant that would use the asset in its highest and best use. 他市場參與者以產生經濟利益的能力。The Group uses valuation techniques that are appropriate in the 本集團採納適用於不同情況且具備充分數據以供circumstances and for which sufficient data are available to measure 計量公允值的估值方法，以盡量使用相關可觀察fair value, maximising the use of relevant observable inputs and 輸入數據及盡量減少使用不可觀察輸入數據。minimising the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed 所有於財務報表計量或披露公允值的資產及負債in the financial statements are categorised within the fair value 乃基於對公允值計量整體而言屬重大的最低層輸hierarchy, described as follows, based on the lowest level input that is 入數據按以下公允值層級分類：significant to the fair value measurement as a whole:Level 1 – based on quoted prices (unadjusted) in active markets 第一級 – 基於相同資產或負債於活躍市場的for identical assets or liabilities 報價（未經調整）Level 2 – based on valuation techniques for which the 第二級 – 按估值技術計量，而對公允值計量lowest level input that is significant to the fair value 而言屬重大的最低層輸入數據可直measurement is observable, either directly or indirectly 接或間接觀察得出Level 3 – based on valuation techniques for which the 第三級 – 按估值技術計量，而對公允值計量lowest level input that is significant to the fair value 而言屬重大的最低層輸入數據不可measurement is unobservable 觀察得出For assets and liabilities that are recognised in the financial 就按經常性基準於財務報表確認的資產及負債而statements on a recurring basis, the Group determines whether 言，本集團透過於各報告期末重新評估分類（基transfers have occurred between levels in the hierarchy by 於對公允值計量整體而言屬重大的最低層輸入數reassessing categorisation (based on the lowest level input that is 據）確定是否發生不同層級轉移。significant to the fair value measurement as a whole) at the end ofeach reporting period.139Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Impairment of non-financial assets 非金融資產減值
Where an indication of impairment exists, or when annual 倘有跡象顯示減值存在，或當必須為資產（存 impairment testing for an asset is required (other than inventories, 貨、金融資產、投資物業及商譽除外）作出年度 financial assets, investment properties and goodwill), theasset’s 減值測試時，則會估計資產的可收回金額。資產 recoverable amount is estimated. Anasset’s recoverable amount 的可收回金額為資產或現金產生單位的使用價值 is the higher of theasset’s or cash-generatingunit’s value in use 與其公平值兩者的較高者減出售成本，並就個別 and its fair value less costs of disposal, and is determined for an 資產而釐定，惟不可產生大體上獨立於其他資產 individual asset, unless the asset does not generate cash inflows 或資產組別的現金流入的資產則除外，在此情況 that are largely independent of those from other assets or groups of 下，可收回金額就資產所屬的現金產生單位而釐 assets, in which case the recoverable amount is determined for the 定。
cash-generating unit to which the asset belongs.
An impairment loss is recognised only if the carrying amount of an 僅於資產的賬面值超逾其可收回金額時，減值虧 asset exceeds its recoverable amount. In assessing value in use, the 損方予確認。評估使用價值時，估計日後現金流 estimated future cash flows are discounted to their present value 量乃使用可反映金額時間值的現行市場評估及該 using a pre-tax discount rate that reflects current market assessments 資產特有的風險的稅前折現率折現至現值。減值 of the time value of money and the risks specific to the asset. An 虧損於其產生期間自收益表與該減值資產功能一 impairment loss is charged to the statement of profit or loss in the 致的該等費用類別內扣除。
period in which it arises in those expense categories consistent with
the function of the impaired asset.
An assessment is made at the end of each reporting period as 於各申報日期結束時均評估是否有任何跡象顯示 to whether there is an indication that previously recognised 於過往確認的減值虧損可能不再存在或可能已經 impairment losses may no longer exist or may have decreased. If 減少。如該等跡象存在，則會估計可收回金額。
such an indication exists, the recoverable amount is estimated. 僅於用作釐定資產的可收回金額的估計出現變動 A previously recognised impairment loss of an asset other than 時，資產（商譽除外）過往確認的減值虧損方可撥 goodwill is reversed only if there has been a change in the estimates 回；惟撥回金額不得高於（倘該資產於過往年度 used to determine the recoverable amount of that asset, but not 未有確認減值虧損）將可釐定的賬面值（扣除任何 to an amount higher than the carrying amount that would have 折舊/攤銷）。有關減值虧損的撥回於產生期間計 been determined (net of any depreciation/amortisation) had no 入損益表，但如該資產按重估金額列賬，則減 impairment loss been recognised for the asset in prior years. A 值損失撥回會根據該重估資產的有關會計政策 reversal of such an impairment loss is credited to the statement 列賬。
of profit or loss in the period in which it arises, unless the asset
is carried at a revalued amount, in which case the reversal of the
impairment loss is accounted for in accordance with the relevant
accounting policy for that revalued asset.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Related parties 關連人士A party is considered to be related to the Group if: 有關人士在下列情況下被視為與本集團有關連：(a) the party is a person or a close member of that person’s family (a) 該人士為一名人士或該人士之近親，而該and that person 人士：(i) has control or joint control over the Group; (i) 控制或共同控制本集團；(ii) has significant influence over the Group; or (ii) 對本集團有重大影響力；或(iii) is a member of the key management personnel of the (iii) 為本集團或本集團母公司的其中一名Group or of a parent of the Group; 主要管理層成員；or 或(b) the party is an entity where any of the following conditions (b) 該人士為符合下列任何一項條件之實體：applies:(i) the entity and the Group are members of the same (i) 該實體與本集團屬同一集團之成員公group; 司；(ii) one entity is an associate or joint venture of the other (ii) 該實體為另一家實體之聯營公司或合entity (or of a parent, subsidiary or fellow subsidiary of 營企業（或另一家實體之母公司、附the other entity); 屬公司或同系附屬公司）；(iii) the entity and the Group are joint ventures of the same (iii) 該實體與本集團均為同一第三方之合third party; 營企業；(iv) one entity is a joint venture of a third entity and the other (iv) 該實體為第三方實體之合營企業，而entity is an associate of the third entity; 另一家實體則為該第三方實體的聯營公司；(v) the entity is a post-employment benefit plan for the (v) 該實體為就本集團或與本集團有關連benefit of employees of either the Group or an entity 之實體之僱員之利益而設之離職後福related to the Group; 利計劃；(vi) the entity is controlled or jointly controlled by a person (vi) 該實體受(a)項所識別之人士控制或共identified in (a); and 同控制；及(vii) a person identified in (a)(i) has significant influence (vii) 於(a)(i)項所識別之人士對該實體有重over the entity or is a member of the key management 大影響力或屬該實體（或該實體之母personnel of the entity (or of a parent of the entity). 公司）之主要管理層成員之一。141Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Property, plant and equipment and depreciation 物業、廠房和設備及折舊
Property, plant and equipment, other than construction in progress, 物業、廠房及設備（除在建工程外）乃按成本減累 are stated at cost less accumulated depreciation and any impairment 計折舊及任何減值虧損列賬。物業、廠房及設備 losses. The cost of an item of property, plant and equipment 項目的成本包括其購買價及使其投入現時運作狀 comprises its purchase price and any directly attributable costs 況及將其運往擬定用途地點的任何直接應佔成 of bringing the asset to its working condition and location for its 本。
intended use.
Expenditure incurred after items of property, plant and equipment 物業、廠房及設備項目投入使用後所產生的開 have been put into operation, such as repairs and maintenance, is 支，如維修保養費用，通常於產生期間在收益表 normally charged to the statement of profit or loss in the period in 扣除。在符合確認條件的情況下，大的檢修開支 which it is incurred. In situations where the recognition criteria are 於資產賬面值資本化，作為置換。倘大部分物 satisfied, the expenditure for a major inspection is capitalised in the 業、廠房及設備須定期置換，本集團確認該等部 carrying amount of the asset as a replacement. Where significant 分為具備特定可使用年期及據此折舊之個別資 parts of property, plant and equipment are required to be replaced 產。
at intervals, the Group recognises such parts as individual assets with
specific useful lives and depreciates them accordingly.
Depreciation is calculated on the straight-line basis to write off the 折舊乃以直線法於估計可使用年期撇銷各物業、 cost of each item of property, plant and equipment to its residual 廠房及設備項目的成本至其剩餘價值計算。就此 value over its estimated useful life. The principal annual rates used 而言使用的主要年率如下：
for this purpose are as follows:
Buildings 3% to9% 樓宇 3%至9% Furniture, fixtures and equipment 9% to18% 傢俬、裝置及設備 9%至18% Motor vehicles 9% to18% 汽車 9%至18% Where parts of an item of property, plant and equipment have 倘物業、廠房及設備項目的部分有不同的可使用 different useful lives, the cost of that item is allocated on a 年期，則該項目的成本以合理基準在該等部分之 reasonable basis among the parts and each part is depreciated 間分配，而各部分將會分開折舊。至少於各財政 separately. Residual values, useful lives and the depreciation method 年結日檢討剩餘價值、可使用年期及折舊方法， are reviewed, and adjusted if appropriate, at least at each financial 並在適當情況下調整。
year end.
An item of property, plant and equipment including any significant 物業、廠房及設備項目包括初步確認之任何重大 part initially recognised is derecognised upon disposal or when no 部分於出售或預期不會從使用或出售有關項目而 future economic benefits are expected from its use or disposal. Any 取得未來經濟利益時終止確認。於終止確認資產 gain or loss on disposal or retirement recognised in the statement of 的年度內在收益表確認的任何出售或報廢該等項 profit or loss in the year the asset is derecognised is the difference 目的盈虧乃指銷售所得款項淨額與有關資產賬面 between the net sales proceeds and the carrying amount of the 值的差額。
relevant asset.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Property, plant and equipment and depreciation 物業、廠房和設備及折舊（續）(Continued)Construction in progress represents buildings under construction, 在建工程指在建中的大廈，以成本減去任何減值which is stated at cost less any impairment losses, and is not 虧損列賬，且不予折舊。成本包括直接建築成本depreciated. Cost comprises the direct costs of construction and 及建築期間相關借貸的資本化借貸成本。在建工capitalised borrowing costs on related borrowed funds during the 程於落成及可予使用時，會重新分類至適當的類period of construction. Construction in progress is reclassified to 別，如物業、廠房及設備。the appropriate category of property, plant and equipment whencompleted and ready for use.Investment properties 投資物業Investment properties are interests in land and buildings (including 投資物業指為賺取租金收入及/或資本增值目的the leasehold interest under an operating lease for a property which 而持有的土地及樓宇權益（包括符合投資物業定would otherwise meet the definition of an investment property) 義的物業的經營租賃下的租賃權益），但不包括held to earn rental income and/or for capital appreciation, rather 用作生產或供應貨品或提供服務或行政管理用than for use in the production or supply of goods or services or 途；或用作於日常業務過程中出售的土地及樓宇for administrative purposes; or for sale in the ordinary course of 權益。該等物業初步按成本（包括交易成本）計business. Such properties are measured initially at cost, including 量。初步確認後，投資物業按反映於報告期末市transaction costs. Subsequent to initial recognition, investment 場狀況的公平值列賬。properties are stated at fair value, which reflects market conditionsat the end of the reporting period.Gains or losses arising from changes in the fair values of investment 投資物業公平值變動產生的盈虧，會於產生年度properties are included in the statement of profit or loss in the year 計入損益表。in which they arise.Any gains or losses on the retirement or disposal of an investment 報廢或出售投資物業產生的任何盈虧，會於報廢property are recognised in the statement of profit or loss in the year 或出售的年度在損益表確認。of the retirement or disposal.If a property occupied by the Group as an owner-occupied property 若本集團擁有的自用物業轉變為投資物業，本集becomes an investment property, the Group accounts for such 團將根據「物業、廠房和設備及折舊」的政策把該property in accordance with the policy stated under “Property, 等物業入賬，直至改變用途當日，並計算物業plant and equipment and depreciation” up to the date of change in 在該日的賬面值與公平值之間的差額根據上述use, and any difference at that date between the carrying amount 「物業、廠房和設備及折舊」所載政策確認的重估and the fair value of the property is accounted for as a revaluation 賬。就將發展中物業轉為投資物業而言，物業在in accordance with the policy stated under “Property, plant and 該日的公平值與其先前賬面值之間的差額於損益equipment and depreciation” above. For a transfer from properties 表確認。under development to investment properties, any differencebetween the fair value of the property at that date and its previouscarrying amount is recognised in the statement of profit or loss.143Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Properties under development 發展中物業
Properties under development are stated at the lower of cost and 發展中物業按成本值及可變現淨值兩者的較低者 net realisable value. Cost comprises the land costs, construction 列賬。成本包括土地成本、發展開支、借貸成本 costs, capitalised borrowing costs and other cost directly attributed 及其他於建築期間該等物業應佔的直接成本。
to such properties during the period of construction.
Properties under development are initially classified as non-current 起始時發展中物業分類為非流動資產，並於有關 assets and transferred to current assets under the category of 物業的建設開始及有關發展項目之預計施工期於 properties held for sale when the construction of the relevant 正常營運週期內結轉至流動資產中的持作銷售物 properties commences and the construction period of the relevant 業。
property development project is expected to complete within normal
operating cycle.
Leases 租賃
Leases that transfer substantially all the rewards and risks of 凡資產所有權（除法定業權外）的絕大部分回報及 ownership of assets to the Group, other than legal title, are 風險轉移予本集團，均列為融資租賃。於融資租 accounted for as finance leases. At the inception of a finance lease, 賃生效時，租賃資產之成本按最低應付租金之現 the cost of the leased asset is capitalised at the present value of the 值資本化，並連同承擔（不包括利息部份）入賬， minimum lease payments and recorded together with the obligation, 以反映購入及融資情況。根據資本化融資租約持 excluding the interest element, to reflect the purchase and financing. 有之資產（包括融資租約項下之預付土地租賃款 Assets held under capitalised finance leases, including prepaid land 項）均計入物業、廠房及設備，並於租期與資產 lease payments under finance leases, are included in property, plant 之估計可使用年期（以較短者為準）內折舊。有關 and equipment, and depreciated over the shorter of the lease terms 租賃之融資成本於收益表扣除，以便於租期內按 and the estimated useful lives of the assets. The finance costs of 固定比率扣除。
such leases are charged to the statement of profit or loss so as to
provide a constant periodic rate of charge over the lease terms.
Leases where substantially all the rewards and risks of ownership of 凡資產所有權的絕大部分回報及風險仍歸出租人 assets remain with the lessor are accounted for as operating leases. 所有，則有關租賃列為經營租賃。倘本集團為出 Where the Group is the lessor, assets leased by the Group under 租人，則本集團根據經營租賃出租的資產計入非 operating leases are included in non-current assets, and rentals 流動資產，而經營租賃下的應收租金則以直線法 receivable under the operating leases are credited to the statement 於租賃期內計入收益表。倘本集團為承租人，則 of profit or loss on the straight-line basis over the lease terms. Where 經營租賃下的應付租金以直線法於租賃期內在收 the Group is the lessee, rentals payable under operating leases net of 益表扣除。
any incentives received from the lessor are charged to the statement
of profit or loss on the straight-line basis over the lease terms.
Prepaid land lease payments under operating leases are initially 經營租賃下的預付土地出租金初步按成本列賬， stated at cost and subsequently recognised on the straight-line basis 其後則以直線法於租賃期內確認。
over the lease terms.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Investments and other financial assets 投資及其他金融資產Initial recognition and measurement 初次確認及計量Financial assets are classified, at initial recognition, as financial assets 金融資產於初始確認時分類為以公允值列值計入at fair value through profit or loss, loans and receivables. When 損益表的金融資產、貸款及應收賬款。金融資產financial assets are recognised initially, they are measured at fair 於初次確認時以公允值及收購金融資產應佔交易value plus transaction costs that are attributable to the acquisition of 成本計量，惟以公允值列值計入損益表的金融資the financial assets, except in the case of financial assets recorded at 產除外。fair value through profit or loss.All regular way purchases and sales of financial assets are recognised 所有金融資產常規買賣均於交易日確認，即本集on the trade date, that is, the date that the Group commits to 團承諾購買或出售該項資產的日期。常規買賣乃purchase or sell the asset. Regular way purchases or sales are 指需按法規規定或市場慣例在一定期間內轉移資purchases or sales of financial assets that require delivery of assets 產的金融資產買賣交易。within the period generally established by regulation or conventionin the marketplace.Subsequent measurement 其後計量The subsequent measurement of financial assets depends on their 其後計量的金融資產視其以下分類而定：classification as follows:Financial assets at fair value through profit or loss 透過損益以公平值列賬的金融資產Financial assets at fair value through profit or loss include financial 透過損益以公平值列賬之金融資產，包括持作買assets held for trading. Financial assets are classified as held for 賣的金融資產。倘金融資產的收購目的為於短期trading if they are acquired for the purpose of sale in the near term. 內出售，則分類為持作買賣。Financial assets at fair value through profit or loss are carried in the 透過損益以公平值列賬之金融資產於財務狀況表statement of financial position at fair value with net changes in fair 按公平值列賬，而公平值之正變動淨額列為其他value presented as other income and gains. These net fair value 收入及收益。該等公平淨值變動並未包括根據下changes do not include any dividends or interest earned on these 文「收入確認」所載政策確認的該等金融資立的任financial assets, which are recognised in accordance with the policy 何股息或所賺取的利息。set out for “Revenue recognition” below.僅當符合香港會計準則第39號的條件時，在初Financial assets designated upon initial recognition as at fair value步確認時指定為按公平值計入損益的金融資產方through profit or loss are designated at the date of initial recognition於初步確認日期指定。and only if the criteria in HKAS 39 are satisfied.145Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Investments and other financial assets
(Continued)
投資及其他金融資產（續）
Loans and receivables 貸款及應收款項
Loans and receivables are non-derivative financial assets with fixed 貸款及應收款項指具有固定或可確定收回金額但 or determinable payments that are not quoted in an active market. 無活躍市場報價的非衍生性金融資產。初步計量 After initial measurement, such assets are subsequently measured 後，該等資產其後以實際利率法計算的攤餘成本 at amortised cost using the effective interest rate method less any 減去任何減值撥備計量。計量攤餘成本時已考慮 allowance for impairment. Amortised cost is calculated by taking 到收取時產生的任何折價或溢價，包括構成實際 into account any discount or premium on acquisition and includes 利率一部分的費用或成本。實際利率攤銷計入收 fees or costs that are an integral part of the effective interest rate. 益表中的其他收入及收益內。減值產生之虧損在 The effective interest rate amortisation is included in other income 損益表中確認為貸款的融資成本及應收款項的其 and gains in the statement of profit or loss. The loss arising from 他開支。
impairment is recognised in the statement of profit or loss in finance
costs for loans and in other expenses for receivables.
Available-for-sale financial investments 可供出售金融投資
Available-for-sale financial investments are non-derivative financial 可供出售金融投資指上市及非上市的權益投資及 assets in listed and unlisted equity investments and debt securities. 債權證券的非衍生金融資產。分類為可供出售的 Equity investments classified as available for sale are those which 權益投資即未被分類為持作買賣亦非被指定為公 are neither classified as held for trading nor designated as at fair 允值計入損益的金融資產。該分類中的債權證券 value through profit or loss. Debt securities in this category are those 乃以並無具體到期日持有為意圖且根據流動性需 which are intended to be held for an indefinite period of time and 要和市場行情變化而出售。
which may be sold in response to needs for liquidity or in response
to changes in market conditions.
After initial recognition, available-for-sale financial investments are 於首次確認後，可供出售金融投資按公允值計 subsequently measured at fair value, with unrealised gains or losses 量，而有關盈虧確認為其他全面收益中的可供出 recognised as other comprehensive income in the available-for-sale 售投資重估儲備，直至投資終止確認為止，屆時 investment revaluation reserve until the investment is derecognised, 過往在權益入賬的累計盈虧均計入損益表的其他 at which time the cumulative gain or loss is recognised in the 收入，或者直至該投資被確定減值為止，屆時該 statement of profit or loss in other income, or until the investment 等投資的累計盈虧將由可供出售投資重估儲備轉 is determined to be impaired, when the cumulative gain or loss is 撥至損益表的其他收入或虧損。所賺取的利息及 reclassified from the available-for-sale investment revaluation reserve 股息分別列報為利息收入及股息收入，並根據下 to the statement of profit or loss in other gains or losses. Interest 文「收入確認」一段所載的政策於綜合收益表中確 and dividends earned whilst holding the available-for-sale financial 認為其他收入。
investments are reported as interest income and dividend income,
respectively and are recognised in the statement of profit or loss as
other income in accordance with the policies set out for “Revenue
recognition” below.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Investments and other financial assets (Continued) 投資及其他金融資產（續）Available-for-sale financial investments (Continued) 可供出售金融投資（續）When the fair value of unlisted equity investments cannot be reliably 倘基於(a)該項投資的合理公允值估計範圍廣闊measured because (a) the variability in the range of reasonable 或(b)於估計公允值時無法合理評估並使用該範fair value estimates is significant for that investment or (b) the 圍內不同估計的可能性而未能可靠衡量非上市權probabilities of the various estimates within the range cannot 益投資的公允值，則該等投資均按成本減任何減be reasonably assessed and used in estimating fair value, such 值虧損入賬。investments are stated at cost less any impairment losses.The Group evaluates whether the ability and intention to sell 本集團評估可供出售的金融資產以判斷其於短期its available-for-sale financial assets in the near term are still 內出售的能力和意圖是否恰當。當本集團由於市appropriate. When, in rare circumstances, the Group is unable to 場喪失活躍性而無法交易該金融資產本集團將重trade these financial assets due to inactive markets, the Group may 分類這些金融資產（極少情況），僅當實體有能力elect to reclassify these financial assets if management has the ability 和意圖在可見將來或到期日持有該金融資產。and intention to hold the assets for the foreseeable future or untilmaturity.For a financial asset reclassified from the available-for-sale category, 當金融資產被分類出可供出售金融資產類別，該the fair value carrying amount at the date of reclassification becomes 等資產任何原計入權益的盈虧須在該投資的剩餘its new amortised cost and any previous gain or loss on that asset 年限內按實際利率法攤銷入損益。任何新攤銷成that has been recognised in equity is amortised to profit or loss over 本與原預期現金流的差異亦須在資產的剩餘年限the remaining life of the investment using the effective interest rate. 內按實際利率法予以攤銷。若該資產於其後被確Any difference between the new amortised cost and the maturity 定減值，原計入權益的金額被分類至損益表。amount is also amortised over the remaining life of the asset usingthe effective interest rate. If the asset is subsequently determined tobe impaired, then the amount recorded in equity is reclassified tothe statement of profit or loss.147Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Derecognition of financial assets 終止確認金融資產
A financial asset (or, where applicable, a part of a financial asset or 金融資產（或（如適用）金融資產的一部分或同類 part of a group of similar financial assets) is primarily derecognised 金融資產組別的一部分）在下列情況下終止確認 (i.e., removed from theGroup’s consolidated statement of financial （從本集團綜合財務狀況表移除）：
position) when:
• the rights to receive cash flows from the asset have expired; or •從資產收取現金流量的權利屆滿時；或• the Group has transferred its rights to receive cash flows from •本集團已轉讓其收取該項資產所得現金流 the asset or has assumed an obligation to pay the received 量的權利，或須根據一項「轉付」安排，有 cash flows in full without material delay to a third party under 責任在無重大延誤情況下將所收取現金流 a “pass-through” arrangement; and either (a) the Group 量悉數付予第三方；及(a)本集團已轉讓該 has transferred substantially all the risks and rewards of the 項資產的絕大部分風險及回報，或(b)本集 asset, or (b) the Group has neither transferred nor retained 團並無轉讓或保留該項資產的絕大部分風 substantially all the risks and rewards of the asset, but has 險及回報，但已轉讓該項資產的控制權。
transferred control of the asset.
When the Group has transferred its rights to receive cash flows 當本集團已轉讓其收取該項資產所得現金流量的 from an asset or has entered into a pass-through arrangement, it 權利或已訂立一項轉付安排，會評估其是否保留 evaluates if and to what extent it has retained the risk and rewards 該項資產所有權的風險及回報以及其程度。倘並 of ownership of the asset. When it has neither transferred nor 無轉讓或保留該項資產的絕大部分風險及回報， retained substantially all the risks and rewards of the asset nor 且並無轉讓該項資產的控制權，該項資產將按本 transferred control of the asset, the Group continues to recognise 集團於資產的持續參與而確認入賬。在此情況 the transferred asset to the extent of theGroup’s continuing 下，本集團亦確認相關負債。已轉讓的資產及相 involvement. In that case, the Group also recognises an associated 關負債按反映本集團已保留的權利及責任的基準 liability. The transferred asset and the associated liability are 計量。
measured on a basis that reflects the rights and obligations that the
Group has retained.
Continuing involvement that takes the form of a guarantee over the 持續涉及指本集團就已轉讓資產作出之保證，已 transferred asset is measured at the lower of the original carrying 轉讓資產乃以該項資產之原賬面值及本集團或須 amount of the asset and the maximum amount of consideration that 償還之代價數額上限（以較低者為準）計算。
the Group could be required to repay.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Impairment of financial assets 金融資產減值The Group assesses at the end of each reporting period whether 本集團於各報告期末時對資產進行評估，以判斷there is objective evidence that a financial asset or a group of 是否存在客觀證據表明某項金融資產或某組金融financial assets is impaired. An impairment exists if one or more 資產可能已減值。倘於初步確認資產後發生一個events that occurred after the initial recognition of the asset have an 或多個事件，而該事件對該項或該組金融資產的impact on the estimated future cash flows of the financial asset or 估計未來現金流量所造成的影響乃能夠可靠地估the group of financial assets that can be reliably estimated. Evidence 計，即存在減值。減值證據可能包括債務人或一of impairment may include indications that a debtor or a group 組債務人出現重大財政困難、違約或拖欠利息或of debtors is experiencing significant financial difficulty, default or 本金付款，有面臨破產或進行其他財務重組之可delinquency in interest or principal payments, the probability that 能以及有公開資料表明其預計未來現金流量已出they will enter bankruptcy or other financial reorganisation and 現可計量之減幅，如債務人支付能力或所處經濟observable data indicating that there is a measurable decrease in the 環境惡化。estimated future cash flows, such as changes in arrears or economicconditions that correlate with defaults.Financial assets carried at amortised cost 按攤銷成本入賬的金融資產For financial assets carried at amortised cost, the Group first assesses 對於按攤銷成本列賬的金融資產，本集團首先對whether impairment exists individually for financial assets that are 個別金額屬重大的金融資產單獨評估是否有客觀individually significant, or collectively for financial assets that are not 減值證據，或對個別金額屬不重大的金融資產共individually significant. If the Group determines that no objective 同進行評估。倘本集團認定單獨評估的金融資產evidence of impairment exists for an individually assessed financial 並不存在客觀減值證據，無論其金額是否重大，asset, whether significant or not, it includes the asset in a group of 亦應當包括具有類似信貸風險特性的金融資產組financial assets with similar credit risk characteristics and collectively 合內的資產進行集體減值評估。已個別進行減值assesses them for impairment. Assets that are individually assessed 測試及已確認減值虧損或繼續確認減值虧損的資for impairment and for which an impairment loss is, or continues 產不應進行集體減值評估。to be, recognised are not included in a collective assessment ofimpairment.The amount of any impairment loss identified is measured as the 倘有客觀跡象顯示已發生減值虧損，虧損金額按difference between the asset’s carrying amount and the present 該資產的賬面值與所估計未來現金流量（不包括value of estimated future cash flows (excluding future credit losses 尚未發生的未來信貸虧損）的現值兩者的差額計that have not been incurred). The present value of the estimated 算。估計未來現金流量的現值按該金融資產的原future cash flows is discounted at the financial asset’s original 實際利率（即初始確認時使用的實際利率）折現。effective interest rate (i.e., the effective interest rate computed atinitial recognition).The carrying amount of the asset is reduced through the use of 該資產的賬面值乃透過使用撥備賬扣減，而虧損an allowance account and the loss is recognised in the statement 金額則於收益表確認。利息收入應繼續按照計量of profit or loss. Interest income continues to be accrued on the 減值虧損時對未來現金流量進行折現採用的折現reduced carrying amount and is accrued using the rate of interest 率為基準按扣減後的賬面值計算。當未來收回並used to discount the future cash flows for the purpose of measuring 無實質展望時，則撇銷貸款及應收款項及任何有the impairment loss. Loans and receivables together with any 關撥備，且所有抵押品已變現或轉讓予本集團。associated allowance are written off when there is no realisticprospect of future recovery and all collateral has been realised or hasbeen transferred to the Group.149Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Impairment of financial assets
(Continued)
金融資產減值（續）
Financial assets carried at amortised cost (Continued) 按攤銷成本入賬的金融資產（續）
If, in a subsequent period, the amount of the estimated impairment 倘在後續期間，確認減值後發生致使估計減值虧 loss increases or decreases because of an event occurring after the 損金額增加或減少的事件，則調整撥備賬以增加 impairment was recognised, the previously recognised impairment 或減少先前確認的減值虧損。倘撇銷款項其後收 loss is increased or reduced by adjusting the allowance account. If a 回，則收回金額於損益表以其他開支入賬。
write-off is later recovered, the recovery is credited to other expenses
in the statement of profit or loss.
Available-for-sale financial investments 可供出售金融投資
For available-for-sale financial investments, the Group assesses at 對於可供出售金融投資，本集團於各報告期末進 the end of each reporting period whether there is objective evidence 行評估，確定是否存在單項投資或一組投資減值 that an investment or a group of investments is impaired. 的客觀證據。
If an available-for-sale asset is impaired, an amount comprising 如果可供出售的資產發生減值，則將按其成本 the difference between its cost (net of any principal payment and （減去已償還的本金和攤銷額）與當前公允價值之 amortisation) and its current fair value, less any impairment loss 間的差額，減去任何以前在損益中確認的減值損 previously recognised in the statement of profit or loss, is removed 失，從其他全面收入轉出及轉入損益表中確認。
from other comprehensive income and recognised in the statement
of profit or loss.
In the case of equity investments classified as available for sale, 對於分類為可供出售的權益投資，若一項投資的 objective evidence would include a significant or prolonged decline 公允價值大幅或長期下跌至低於其成本價，即屬 in the fair value of an investment below its cost. “Significant” 客觀減值證據。「大幅」乃相對於投資的成本原值 is evaluated against the original cost of the investment and 而評估，「長期」相對於公允價值低於成本原值的 “prolonged” against the period in which the fair value has been 期間。如出現減值證據，累計損失（購入成本與 below its original cost. Where there is evidence of impairment, the 目前公允價值的差額，減該項投資先前在損益表 cumulative loss– measured as the difference between the acquisition 中確認的任何減值損失）將從其他全面收入轉出 cost and the current fair value, less any impairment loss on that 及轉入損益表中確認。分類為可供出售的權益工 investment previously recognised in the statement of profit or loss– 具的減值損失，不會在損益表中撥回，減值後公 is removed from other comprehensive income and recognised in the 允價值如有增加，則直接在其他全面收入確認。
statement of profit or loss. Impairment losses on equity instruments
classified as available for sale are not reversed through the statement
of profit or loss. Increases in their fair value after impairment are
recognised directly in other comprehensive income.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Impairment of financial assets (Continued) 金融資產減值（續）Available-for-sale financial investments (Continued) 可供出售金融投資（續）The determination of what is “significant” or “prolonged” requires 何謂「大幅」或「長期」則需運用判斷決定。在作出judgement. In making this judgement, the Group evaluates, among 此項判斷時，本集團評估（其中包括）某項投資的other factors, the duration or extent to which the fair value of an 公允價值低於其成本的持續時間或數額。investment is less than its cost.Financial liabilities 金融負債Initial recognition and measurement 初始確認及計量Financial liabilities are classified, at initial recognition, as financial 金融負債於初始確認時分類為以公允值列值計入liabilities at fair value through profit or loss, loans and borrowings. 損益表的金融負債、貸款及借貸。All financial liabilities are recognised initially at fair value and, in the 所有金融負債乃按公平值初步確認，而倘為貸款case of loans and borrowings, net of directly attributable transaction 及借貸，則扣除直接計入應佔交易成本。costs.The Group’s financial liabilities include trade and other payables, 本集團的金融負債包括貿易及其他應付款項、優senior notes, short-term notes, medium-term notes, convertible 先票據、短期融資券、中期票據、可換股票據、notes, a derivative financial instrument and interest-bearing bank 衍生金融工具及計息銀行及其他借貸。and other borrowings.Subsequent measurement 其後計量The subsequent measurement of financial liabilities depends on their 金融負債的計量取決於其分類如下：classification as follows:Loans and borrowings 貸款及借貸After initial recognition, interest-bearing banks and other 於初步確認後，計息銀行及其他貸款、優先票borrowings, senior notes, short-term notes and medium-term notes 據、短期融資券及中期票據其後用實際利率法按are subsequently measured at amortised cost, using the effective 攤銷成本計量，惟倘貼現影響並不重大，則於該interest rate method unless the effect of discounting would be 情況下，金融負債按成本列賬。損益乃於負債終immaterial, in which case they are stated at cost. Gains and losses 止確認及於實際利率法攤銷過程中於損益表中確are recognised in the statement of profit or loss when the liabilities 認。are derecognised as well as through the effective interest rateamortisation process.Amortised cost is calculated by taking into account any discount or 攤銷成本乃計算自收購的任何折扣或溢價及屬於premium on acquisition and fees or costs that are an integral part of 實際利率構成部分的費用或成本。實際利率攤銷the effective interest rate. The effective interest rate amortisation is 乃計入損益表中的融資成本內。included in finance costs in the statement of profit or loss.151Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Financial liabilities
(Continued)
金融負債（續）
Financial guarantee contracts 財務擔保合同
Financial guarantee contracts issued by the Group are those 本集團發行的財務擔保合同乃規定於特定債務人 contracts that require a payment to be made to reimburse the 未能按照債務票據條款於到期時支付款項時須支 holder for a loss it incurs because the specified debtor fails to 付款項以補償持有人所蒙受損失。財務擔保合同 make a payment when due in accordance with the terms of a debt 初步以公平值確認為負債，並按與發出財務擔保 instrument. A financial guarantee contract is recognised initially 合同有直接關係的交易成本予以調整。在初步確 as a liability at its fair value, adjusted for transaction costs that are 認後，本集團對財務擔保合同的計量以(i)於報告 directly attributable to the issuance of the guarantee. Subsequent 期末時履行有關責任的最佳估計開支金額；及(ii) to initial recognition, the Group measures the financial guarantee 按初步確認金額減（如適用）累計攤銷，兩者之較 contract at the higher of: (i) the amount of the best estimate of the 高者計算。
expenditure required to settle the present obligation at the end of
the reporting period; and (ii) the amount initially recognised less,
when appropriate, cumulative amortisation.
Convertible notes 可換股票據
The component of convertible notes that exhibits characteristics 展示負債特點的可換股票據部分於扣除交易成本 of a liability is recognised as a liability in the statement of financial 後在財務狀況表確認為負債。發行可換股票據 position, net of transaction costs. On issuance of convertible notes, 時，負債部分的公平值按相同價值的非可換股票 the fair value of the liability component is determined using a 據的市場比率釐定；而此金額按攤銷成本基準列 market rate for an equivalent non-convertible note; and this amount 賬為長期負債，直至於兌換或贖回時償清債務為 is carried as a long term liability on the amortised cost basis until 止。餘下所得款項分配至兌換期權，並於扣除交 extinguished on conversion or redemption. The remainder of the 易成本後在股東權益確認及計入股東權益。兌換 proceeds is allocated to the conversion option that is recognised 期權的賬面值不會於往後年度重新計量。交易成 and included inshareholders’ equity, net of transaction costs. The 本按照該可換股票據初始發行時其負債部分價值 carrying amount of the conversion option is not remeasured in 和權益部分價值按照比例分攤。
subsequent years. Transaction costs are apportioned between the
liability and equity components of the convertible notes based on
the allocation of proceeds to the liability and equity components
when the instruments are first recognised.
Derivative financial instruments 衍生金融工具
Derivative financial instruments of the Group represent call options 本集團衍生工具代表授予交易對手的購股權。衍 granted to the counterparty. Derivatives are initially recognised at 生金融工具在衍生合約訂立時以公允價值作初始 fair value on the date a derivative contract is entered into and are 確認，並以公允價值作為其後計量。任何由衍生 subsequently re-mearsured at their fair value. Any gains or losses 金融工具的公允價值改變引致的收益或虧損，會 arising from changes in fair value of derivatives are taken directly to 直接在綜合損益表確認。
the consolidated statement of profit or loss.
Derecognition of financial liabilities 終止確認金融負債
A financial liability is derecognised when the obligation under the 當負債項下的責任已解除、取消或期滿，則終止
liability is discharged or cancelled, or expires. 確認金融負債。
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Derecognition of financial liabilities (Continued) 終止確認金融負債（續）When an existing financial liability is replaced by another from the 如現有金融負債被同一貸款人按條款大部分不同same lender on substantially different terms, or the terms of an 的另一項金融負債取代，或現有負債的條款被大existing liability are substantially modified, such an exchange or 幅修改，有關置換或修改會被視作終止確認原有modification is treated as a derecognition of the original liability 負債並確認新負債，而其各自賬面值間的差額於and a recognition of a new liability, and the difference between the 損益表確認。respective carrying amounts is recognised in the statement of profitor loss.Offsetting of financial instruments 金融工具的抵銷Financial assets and financial liabilities are offset and the net amount 當目前有可執行法定權利以抵銷已確認金額並擬is reported in the statement of financial position if there is a currently 按淨額基準結算，和將資產變現及償還負債時，enforceable legal right to offset the recognised amounts and there 金融資產及金融負債會互相抵銷，並在財務狀況is an intention to settle on a net basis, or to realise the assets and 表內以淨額列示。settle the liabilities simultaneously.Properties held for sale and held for finance 持作銷售及持作融資租賃物業leaseProperties held for sale and held for finance lease includes completed 持作銷售及持作融資租賃物業包括持作銷售及持properties held for sale and held for finance lease and properties 作融資租賃已落成物業及建築期間預計在正常經under development expected to be completed within normal 營週期內的發展中物業。持作銷售及持作融資租operating cycle. Properties held for sale and held for finance lease 賃物業按成本值及可變現淨值兩者的較低者列are stated at the lower of cost and net realisable value. Cost includes 賬。成本包括土地成本、所有發展開支、適用的land cost, all development expenditure, applicable borrowing costs 借貸成本及該等物業應佔的其他直接成本。可變and other direct costs attributable to such properties. Net realisable 現淨值乃參考當前市價按個別物業基準釐定。value is determined by reference to the prevailing market prices, onan individual property basis.Cash and cash equivalents 現金及現金等價物For the purpose of the consolidated statement of cash flows, cash 就綜合現金流量表而言，現金及現金等價物包括and cash equivalents comprise cash on hand and demand deposits, 手頭現金及活期存款，以及可隨時轉換為已知金and short term highly liquid investments that are readily convertible 額現金的短期高流動性投資，該筆現金承受價值into known amounts of cash, are subject to an insignificant risk of 轉變的較低風險，一般於收購起計三個月內到changes in value, and have a short maturity of generally within three 期，並已減去須應要求償還的銀行透支，而成為months when acquired, less bank overdrafts which are repayable on 本集團現金管理的一部分。demand and form an integral part of the Group’s cash management.For the purpose of the consolidated statement of financial position, 就綜合財務狀況表而言，現金及現金等價物包括cash and cash equivalents comprise cash on hand and at banks, 手頭現金及銀行存款，當中包括定期存款及性質including term deposits, and assets similar in nature to cash, which 與現金相類的資產，該等存款用途不受限制。are not restricted as to use.153Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Provisions 撥備
A provision is recognised when a present obligation (legal or 撥備乃於本集團因以往的事件導致現行的責任 constructive) has arisen as a result of a past event and it is probable （不論法定或推定）產生，並將有可能需要於日後 that a future outflow of resources will be required to settle the 作出資源流出以履行責任時確認，惟須可靠地估 obligation, provided that a reliable estimate can be made of the 計有關責任的金額。
amount of the obligation.
When the effect of discounting is material, the amount recognised 倘折現的影響重大，確認為撥備的金額則為預期 for a provision is the present value at the end of the reporting period 須用作履行責任的日後開支於報告期末的現值。
of the future expenditures expected to be required to settle the 折現的現值因時間流逝而產生的升幅，乃於損益 obligation. The increase in the discounted present value amount 表中列作融資成本。
arising from the passage of time is included in finance costs in the
statement of profit or loss.
Income tax 所得稅
Income tax comprises current and deferred tax. Income tax relating 所得稅包括即期及遞延稅項。於損益以外確認項 to items recognised outside profit or loss is recognised outside profit 目相關的所得稅於損益以外之其他全面收入或直 or loss, either in other comprehensive income or directly in equity. 接於權益確認。
Current tax assets and liabilities are measured at the amount 即期稅項資產和負債按預期可自稅務機關收回或 expected to be recovered from or paid to the taxation authorities, 須支付予稅務機關的金額，基於報告期末時已頒 based on tax rates (and tax laws) that have been enacted or 佈或實際已頒佈的稅率（和稅法），計及本集團營 substantively enacted by the end of the reporting period, taking into 運所在國家現行詮釋及慣例計量。
consideration interpretations and practices prevailing in the countries
in which the Group operates.
Deferred tax is provided, using the liability method, on all temporary 在報告期末時，資產與負債的稅基與作為財務報 differences at the end of the reporting period between the tax 告用途的資產與負債賬面值之間的全部暫時性差 bases of assets and liabilities and their carrying amounts for financial 異，須按負債法計提遞延稅項撥備。
reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary 所有應課稅暫時性差異均確認為遞延稅項負債， differences, except: 惟下列各項除外：
• when the deferred tax liability arises from the initial recognition •倘若遞延稅項負債的起因，是由於商譽而 of goodwill or an asset or liability in a transaction that is not 產生，或在一宗非屬業務合併的交易中初 a business combination and, at the time of the transaction, 步確認資產或負債，而於進行交易時，對 affects neither the accounting profit nor taxable profit or loss; 會計利潤或應課稅利潤或虧損均無影響；
and 及
• in respect of taxable temporary differences associated with •對於與於附屬公司及聯營公司的投資及於
investments in subsidiaries, associates and joint ventures, when 合營企業的權益有關的應課稅暫時性差異
the timing of the reversal of the temporary differences can be 而言，倘若撥回暫時性差異的時間可以控
controlled and it is probable that the temporary differences will 制，而暫時性差異不甚可能在可見將來撥
not reverse in the foreseeable future. 回。
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Income tax (Continued) 所得稅（續）Deferred tax assets are recognised for all deductible temporary 對於所有可扣減暫時性差異、結轉未動用稅項抵differences, the carry forward of unused tax credits and any unused 免及任何未動用稅項虧損，若日後有可能出現應tax losses. Deferred tax assets are recognised to the extent that it 課稅利潤，可用以抵銷該等可扣減暫時性差異、is probable that taxable profit will be available against which the 結轉未動用稅項抵免及未動用稅項虧損，則遞延deductible temporary differences, the carry forward of unused tax 稅項資產確認入賬，惟下列各項除外：credits and unused tax losses can be utilised, except:• when the deferred tax asset relating to the deductible • 倘若有關可扣減暫時性差異的遞延稅項資temporary differences arises from the initial recognition of 產的起因，是由於在一宗非屬業務合併的an asset or liability in a transaction that is not a business 交易中初步確認資產或負債，而於進行交combination and, at the time of the transaction, affects neither 易時，對會計利潤或應課稅利潤或虧損均the accounting profit nor taxable profit or loss; and 無影響；及• in respect of deductible temporary differences associated • 對於與於附屬公司及聯營公司的投資及於with investments in subsidiaries, associates and joint ventures, 合營企業的權益有關的可扣減暫時性差異deferred tax assets are only recognised to the extent that it 而言，只有在暫時性差異有可能在可見將is probable that the temporary differences will reverse in the 來撥回，而且日後有可能出現應課稅利foreseeable future and taxable profit will be available against 潤，可用以抵銷該等暫時性差異時，方會which the temporary differences can be utilised. 確認遞延稅項資產。The carrying amount of deferred tax assets is reviewed at the end of 遞延稅項資產的賬面值，在各報告期末時予以審each reporting period and reduced to the extent that it is no longer 閱，若不再可能有足夠應課稅利潤可用以抵扣全probable that sufficient taxable profit will be available to allow all or 部或部分遞延稅項資產，則扣減遞延稅項資產賬part of the deferred tax asset to be utilised. Unrecognised deferred 面值。過往未予確認的遞延稅項資產於各報告期tax assets are reassessed at the end of each reporting period and are 末時重新評估，而在可能有足夠應課稅利潤可用recognised to the extent that it has become probable that sufficient 以抵扣全部或部分遞延稅項資產，則確認過往未taxable profit will be available to allow all or part of the deferred tax 予確認的遞延稅項資產。asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that 變現資產或清償負債的期間預期適用的稅率，會are expected to apply to the period when the asset is realised or the 用作計量遞延稅項資產及負債，並以報告期末時liability is settled, based on tax rates (and tax laws) that have been 已經生效或大致上已經生效的稅率（及稅法）為基enacted or substantively enacted by the end of the reporting period. 準。Deferred tax assets and deferred tax liabilities are offset if a legally 倘存在可依法執行的權利將即期稅項資產與即期enforceable right exists to set off current tax assets against current 稅項負債抵銷，而遞延稅項與相同應課稅實體及tax liabilities and the deferred taxes relate to the same taxable entity 相同稅務機關有關，則遞延稅項資產及遞延稅項and the same taxation authority. 負債互相扺銷。155Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Government grant 政府補助
Government grants are recognised at their fair value where there 政府補助於合理地確保本集團將取得該補助並將 is reasonable assurance that the grant will be received and all 可符合所有隨附條件時按公平值確認。與開支項 attaching conditions will be complied with. When the grant relates 目有關的補助，則有系統地於擬作成本開銷期間 to an expense item, it is recognised as income on a systematic basis 確認為收入。
over the periods that the costs, which it is intended to compensate,
are expensed.
Where the grant relates to an asset, the fair value is credited to a 當該補助與資產有關時，則以其公平值記錄於遞 deferred income account and is released to the statement of profit 延收入中，再於有關資產之預計可使用年期內， or loss over the expected useful life of the relevant asset by equal 分期每年分攤計入損益表，或在資產之賬面值扣 annual instalments or deducted from the carrying amount of the asset 除，並以扣減折舊費用方式或本集團從該資產得 and released to the statement of profit or loss by way of a reduced 到的得益之攤分方式計入損益表。
depreciation charge or over the benefits received by the Group
related to such assets.
Revenue recognition 收入確認
Revenue is recognised when it is probable that the economic 收入乃於經濟利益有可能流入本集團，並能夠可 benefits will flow to the Group and when the revenue can be 靠地計量收入之時，按下列基準確認： measured reliably, on the following bases:
(a) from the sale of properties, when the significant risks and (a)來自銷售物業的收入，於所有權的重大風 rewards of ownership have been transferred to the buyer, 險及回報已轉移予買家，而本集團並不保 provided that the Group maintains neither managerial 留通常與所有權有關的管理權或對已售物 involvement to the degree usually associated with ownership, 業的有效控制；
nor effective control over the properties sold;
(b) rental income, on a time proportion basis over the lease terms; (b)租金收入，在租賃期內按時間比例基準；
(c) finance lease income, when the significant risks and rewards (c)融資租賃收入，當物業擁有權相關的主要 incidental to ownership of the properties have been transferred 風險及回報已轉移予承租人；
to the lessee;
(d) property management service and other fee income, when the (d)物業管理服務及其他費用收入，於提供服 services have been rendered; 務時；
(e) interest income, on an accrual basis using the effective (e)利息收入，以累計基準計算，於金融工具 interest method by applying the rate that exactly discounts the 的預期年期或較短期間（如適用）內採用實 estimated future cash receipts over the expected life of the 際利息法按估計未來現金收入準確折現至 financial instrument or a shorter period, when appropriate, to 金融資產賬面淨額的折現率；及
the net carrying amount of the financial asset; and
(f) income from E-commerce and the provision of logistics and (f)電子商貿及提供物流倉儲服務收入，於提
warehousing services, when the services have been rendered. 供服務時。
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Share-based payments 以股份形式付款The Company operates share option schemes for the purpose 本公司營運購股權計劃，向為本集團業務成就作of providing incentives and rewards to eligible participants who 出貢獻的合資格參與者提供獎勵及報酬。本集團contribute to the success of the Group’s operations. Employees 僱員（包括董事）按以股份形式付款方式收取薪(including directors) of the Group receive remuneration in the form 酬，僱員以提供服務作為權益工具的代價（「以權of share-based payments, whereby employees render services as 益結算的交易」）。consideration for equity instruments (“equity-settled transactions”).The cost of equity-settled transactions with employees for grants 與僱員之間於2002年11月7日後的以權益結算的after 7 November 2002 is measured by reference to the fair value at 交易成本乃參考授出日期的公平值計量。公平值the date at which they are granted. The fair value is determined by 乃由外聘估值師採用適當定價模式釐定，進一步an external valuer using an appropriate pricing model, further details 詳情載於財務報表附註37。of which are given in note 37 to the financial statements.The cost of equity-settled transactions is recognised, together with 以權益結算的交易成本連同相應的權益增值於達a corresponding increase in equity, over the period in which the 致表現及╱或服務條件期間確認。於各申報期間performance and/or service conditions are fulfilled in employee 結束時就直至歸屬日期以權益結算的交易確認的benefit expense. The cumulative expense recognised for equity- 累計開支反映歸屬期的屆滿情況及本集團對最終settled transactions at the end of each reporting period until the 將歸屬的權益工具數目的最佳估計。就某期間在vesting date reflects the extent to which the vesting period has 收益表內扣除或計入的金額，為該期間期初及期expired and the Group’s best estimate of the number of equity 末確認的累計開支變動。instruments that will ultimately vest. The charge or credit to thestatement of profit or loss for a period represents the movement inthe cumulative expense recognised as at the beginning and end ofthat period.No expense is recognised for awards that do not ultimately vest, 不會就最終未有歸屬的獎勵確認任何開支，惟歸except for equity-settled transactions where vesting is conditional 屬乃視乎市況或非歸屬條件而定者除外，有關獎upon a market or non-vesting condition, which are treated as 勵不論市況如何或非歸屬條件是否達成，均視作vesting irrespective of whether or not the market or non-vesting 已歸屬，前題是所有其他表現及/或服務條件均condition is satisfied, provided that all other performance and/or 已達成。service conditions are satisfied.Where the terms of an equity-settled award are modified, as a 當以權益結算的獎勵的條款經修改，倘符合獎勵minimum an expense is recognised as if the terms had not been 的原有條款，則會確認最低額度的開支，猶如條modified, if the original terms of the award are met. In addition, an 款未經修改。此外，就引致以股份形式付款的總expense is recognised for any modification that increases the total 公平值上升或以其他方式對僱員有利的任何改動fair value of the share-based payments, or is otherwise beneficial to （以改動當日的計量為準）確認開支。the employee as measured at the date of modification.157Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Share-based payments
(Continued)
以股份形式付款（續）
Where an equity-settled award is cancelled, it is treated as if it 當一項以權益結算的獎勵註銷，會被視作猶如於 had vested on the date of cancellation, and any expense not yet 註銷當日歸屬，及並未就獎勵確認的任何開支將 recognised for the award is recognised immediately. This includes 即時確認。此乃包括受本集團或僱員控制的非歸 any award where non-vesting conditions within the control of 屬條件未能達成的任何獎勵。然而，如一項新獎 either the Group or the employee are not met. However, if a new 勵取代一項註銷獎勵，並於授出當日界定為取替 award is substituted for the cancelled award, and is designated as a 的獎勵，如上段所述，註銷及新獎勵兩者會被視 replacement award on the date that it is granted, the cancelled and 為原有獎勵的改動。
new awards are treated as if they were a modification of the original
award, as described in the previous paragraph.
The dilutive effect of outstanding options is reflected as additional 尚未行使購股權的攤薄影響用於計算每股盈利時 share dilution in the computation of earnings per share. 反映為額外股份攤薄。
Other employee benefits 其他僱員福利
Pension schemes 退休金計劃
The Group operates a defined contribution Mandatory Provident 本集團根據強制性公積金計劃條例為其所有香港 Fund retirement benefit scheme (the “MPF Scheme”) under 僱員參與強制性公積金計劃（「強積金計劃」）營運 the Mandatory Provident Fund Schemes Ordinance for all of its 一項定額供款強積金計劃。供款按僱員基本薪金 employees in Hong Kong. Contributions are made based on a 的若干百分比作出，並於根據強積金計劃規則的 percentage of theemployees’ basic salaries and are charged to the 規定於應付時自收益表扣除。強積金計劃的資產 statement of profit or loss as they become payable in accordance 乃與本集團資產分開以獨立管理基金持有。本集 with the rules of the MPF Scheme. The assets of the MPF Scheme 團對強積金計劃作出的僱主供款，在供款作出時 are held separately from those of the Group in an independently 全數歸屬僱員。
administered fund. TheGroup’s employer contributions vest fully
with the employees when contributed into the MPF Scheme.
The employees of theGroup’s subsidiaries which operate in 本集團旗下在中國大陸營運的附屬公司的僱員， Mainland China are required to participate in a central pension 須參與由地方市政府營運的中央公積金計劃。該 scheme operated by the local municipal government. These 等附屬公司須按彼等各自的支薪成本的若干百分 subsidiaries are required to contribute certain percentage of 比向中央公積金計劃作出供款。供款須按照中央 their respective payroll costs to the central pension scheme. The 公積金計劃規則的規定於應付時在損益表內扣 contributions are charged to the statement of profit or loss as they 除。
become payable in accordance with the rules of the central pension
scheme.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日2.4 Summary of Significant Accounting Policies 2.4 重大會計政策概要（續）(Continued)Borrowing costs 借貸成本Borrowing costs directly attributable to the acquisition, construction 因收購、建設或生產合資格資產（即須頗長期間or production of qualifying assets, i.e., assets that necessarily take a 準備方可用作其擬定用途或銷售的資產）直接產substantial period of time to get ready for their intended use or sale, 生的借貸成本，乃作為該等資產的部分成本予以are capitalised as part of the cost of those assets. The capitalisation 資本化。當資產大致達到擬定用途或銷售時，該of such borrowing costs ceases when the assets are substantially 等借貸成本則不再予以資本化。待作出合資格資ready for their intended use or sale. Investment income earned 產開支的特定借貸臨時投資所賺取的投資收入於on the temporary investment of specific borrowings pending their 借貸成本資本化時扣除。所有其他借貸成本會於expenditure on qualifying assets is deducted from the borrowing 發生當期支銷。借貸成本包括利息及其他由公司costs capitalised. All other borrowing costs are expensed in the 借貸資金而產生之費用。period in which they are incurred. Borrowing costs consist ofinterest and other costs that an entity incurs in connection with theborrowing of funds.Dividends 股息Final dividends are recognised as a liability when they are approved 當末期股息於股東大會上獲股東批准，該等股息by the shareholders in a general meeting. In prior years, final 則被確認為負債。於以前年度，董事建議的末期dividends proposed by the directors were classified as a separate 股息將於財務狀況表中權益項目下的保留利潤分allocation of retained profits within the equity section of the 類為獨立分配，直至該等股息於股東大會上獲股statement of financial position, until they have been approved by the 東批准為止。隨著香港公司條例（第622章）的實shareholders in a general meeting. Following the implementation 施，建議的末期股息將於財務報表附註中披露。of the Hong Kong Companies Ordinance (Cap. 622), proposed finaldividends are disclosed in the notes to the financial statements.Foreign currencies 外幣These financial statements are presented in Hong Kong dollars, 此等財務報表按港元呈列，而港元為本公司的功which is the Company’s functional currency. Each entity in the 能貨幣。本集團內各實體決定其本身的功能貨Group determines its own functional currency and items included 幣，而各實體的財務報表內各項目均使用該功能in the financial statements of each entity are measured using that 貨幣計量。本集團實體所入賬的外幣交易初步普functional currency. Foreign currency transactions recorded by the 遍按交易日期其各自的功能貨幣匯率入賬。以外entities in the Group are initially recorded using their respective 幣為單位的貨幣資產及負債，乃按報告期末的功functional currency rates prevailing at the dates of the transactions. 能貨幣匯率換算。因結算或換算貨幣項目產生的Monetary assets and liabilities denominated in foreign currencies 一切差額乃於損益表入賬。are translated at the functional currency rates of exchange ruling atthe end of the reporting period. Differences arising on settlementor translation of monetary items are recognised in the statement ofprofit or loss.Non-monetary items that are measured in terms of historical cost 按外幣的歷史成本計量的非貨幣項目按最初交易in a foreign currency are translated using the exchange rates at the 當日的匯率換算。按外幣公平值計量的非貨幣項dates of the initial transactions. Non-monetary items measured at 目按釐定公平值當日的匯率換算。換算非貨幣項fair value in a foreign currency are translated using the exchange 目產生的收益或虧損乃按與確認該項目的公平值rates at the date when the fair value was measured. The gain or loss 變動產生按公平值的收益或虧損一致的方法處理arising on translation of a non-monetary item measures at fair value is （即公平值收益或虧損於其他全面收入或損益確treated in line with the recognition of the gain or loss on change in 認的項目的換算差額，亦分別於其他全面收入或fair value of the item (i.e., translation difference on the item whose 損益確認）。fair value gain or loss is recognised in other comprehensive incomeor profit or loss is also recognised in other comprehensive income orprofit or loss, respectively).159Annual Report 2014/15 年報|

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2.4 Summary of Significant Accounting Policies 2.4重大會計政策概要（續）
(Continued)
Foreign currencies
(Continued)
外幣（續）
The functional currencies of certain overseas subsidiaries, joint 若干海外附屬公司、合營企業及聯營公司的功能 ventures and associates are currencies other than the Hong Kong 貨幣為港元以外的貨幣。於報告期末時，該等實 dollar. As at the end of the reporting period, the assets and liabilities 體的資產及負債按報告期末時的匯率換算為港 of these entities are translated into Hong Kong dollars at the 元，而該等公司的損益表按該年度普遍的平均匯 exchange rates prevailing at the end of the reporting period and 率換算為港元。
their statements of profit or loss are translated into Hong Kong
dollars at the weighted average exchange rates for the year.
The resulting exchange differences are recognised in other 所產生的匯兌差額確認為其他全面收入，並計入 comprehensive income and accumulated in the exchange fluctuation 匯兌波動儲備。出售海外實體時，在權益確認有 reserve. On disposal of a foreign operation, the component of other 關該特定海外業務的遞延累計金額在損益表確 comprehensive income relating to that particular foreign operation is 認。
recognised in the statement of profit or loss.
For the purpose of the consolidated statement of cash flows, the 就綜合現金流量表而言，海外附屬公司的現金流 cash flows of overseas subsidiaries are translated into Hong Kong 量按現金流量日期的匯率換算為港元。海外附屬 dollars at the exchange rates ruling at the dates of the cash flows. 公司於年內經常產生的現金流量則按該年度的加 Frequently recurring cash flows of overseas subsidiaries which arise 權平均匯率換算為港元。
throughout the year are translated into Hong Kong dollars at the
weighted average exchange rates for the year.
3. Significant Accounting Judgements and 3.重大會計判斷及估計
Estimates
The preparation of theGroup’s financial statements requires 編製本集團財務報表時需管理層作出影響於報告 management to make judgements, estimates and assumptions 期末的收入、費用、資產及負債及其隨附披露事 that affect the reported amounts of revenues, expenses, assets and 項以及或然負債之呈報金額的判斷、預計及假 liabilities, and their accompanying disclosures and the disclosure 設。然而，此等假設及預計的不明朗因素將引致 of contingent liabilities. Uncertainty about these assumptions and 受影響之資產或負債賬面值於將來或作出重大調 estimates could result in outcomes that could require a material 整。
adjustment to the carrying amounts of the assets or liabilities
affected in the future.
Judgements 判斷
In the process of applying theGroup’s accounting policies, 在應用本集團的會計政策的過程中，除該等涉及 management has made the following judgements, apart from those 估計者外，管理層已作出下列對財務報表確認的 involving estimations, which have the most significant effect on the 金額有最重大影響的判斷：
amounts recognised in the financial statements:
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日3. Significant Accounting Judgements and 3. 重大會計判斷及估計（續）Estimates (Continued)Judgements (Continued) 判斷（續）Operating lease commitments – Group as lessor 經營租賃承擔－本集團作為出租人The Group has entered into commercial property leases on its 本集團已就其投資物業組合訂立商業物業租賃。investment property portfolio. The Group has determined, based on 根據對該等安排的條款及條件作出的評估，本集an evaluation of the terms and conditions of the arrangements, that 團已釐定，按照經營租賃出租的該等物業所有權it retains all the significant risks and rewards of ownership of these 的所有重大風險及回報仍歸本集團所有。properties which are leased out on operating leases.Classification between investment properties and owner- 投資物業與業主自用物業之間的分類occupied propertiesThe Group determines whether a property qualifies as an investment 本集團釐定物業是否符合投資物業的條件，並已property, and has developed criteria in making that judgement. 制定出一套判斷準則。投資物業是持作賺取租金Investment property is a property held to earn rentals or for capital 或資本增值或兩者俱備的物業。因此，本集團考appreciation or both. Therefore, the Group considers whether a 慮物業產生現金流量時是否大體獨立於本集團持property generates cash flows largely independent of the other assets 有的其他資產。某些物業的部分是為賺取租金或held by the Group. Some properties comprise a portion that is held 資本增值而持有，而另一部分是為用於生產或供to earn rentals or for capital appreciation and another portion that 應貨品或服務或作行政用途而持有。倘若此等部is held for use in the production or supply of goods or services or for 分可以分開出售或根據融資租賃分開出租，本集administrative purposes. If these portions could be sold separately or 團將把有關部分分開入賬。倘若該等部分無法分leased out separately under a finance lease, the Group accounts for 開出售，則僅在非主要部分持作生產或供應貨品the portions separately. If the portions could not be sold separately, 或服務或作行政用途時，有關物業方會列作投資the property is an investment property only if an insignificant 物業。本集團按個別基準對物業作出判斷，以決portion is held for use in the production or supply of goods or 定配套服務是否重要，以致物業不符合投資物業services or for administrative purposes. Judgement is made on an 資格。individual property basis to determine whether ancillary servicesare so significant that a property does not qualify as an investmentproperty.Transfer from properties under development to investment 發展中物業結轉至投資物業propertiesProperties under development are transferred to investment 當有充足證明用途轉變時，發展中物業結轉至投properties when there is a change in use with sufficient evidence. 資物業。本集團乃基於所有相關事實及情況的評The Group determines whether a change in use has occurred based 估釐定用途有否轉變，其中包括但不限於：(a)on an assessment of all relevant facts and circumstances, which 反映此物業將來產生租金收入的商業計劃；(b)include but are not limited to: (a) a business plan that reflects the 持有及經營投資物業所需的資源；(c)容許改變有future rental income generated by the property; (b) the resources 關用途的法律許可；(d)如物業改變用途需其他to hold and manage an investment property; (c) legal permissibility 開發，有關開發需開始進行。於結轉日期該等物for the change in use; (d) the commencement of development if 業的公平值超出原賬面值的任何金額確認為本年the property requires further development for the change in use. 度損益。Any excess of fair value over the original carrying amount of suchproperties at the date of transfer was recognised as current yearprofit or loss.161Annual Report 2014/15 年報|

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3. Significant Accounting Judgements and 3.重大會計判斷及估計（續）
Estimates
(Continued)
Estimation uncertainty 估計的不確定因素
The key assumptions concerning the future and other key sources of 有關未來的主要假設以及於報告期末時存在重大 estimation uncertainty at the end of the reporting period, that have 風險導致於下一個財政年度對資產及負債的賬面 a significant risk of causing a material adjustment to the carrying 值作出重大調整的其他主要估計不確定因素來源 amounts of assets and liabilities within the next financial year, are 在下文論述。
described below.
Impairment of goodwill 商譽減值
The Group determines whether goodwill is impaired at least on an 本集團至少每年釐定商譽是否減值。這需要對獲 annual basis. This requires an estimation of the value in use of the 分配商譽的現金產生單位使用價值作出估計。估 cash-generating units to which the goodwill is allocated. Estimating 計使用價值時，本集團須對現金產生單位的預期 the value in use requires the Group to make an estimate of the 未來現金流量作出估計，亦須選擇適當的折現 expected future cash flows from the cash-generating units and also 率以計算該等現金流量的現值。於2015年3月31 to choose a suitable discount rate in order to calculate the present 日，商譽的賬面值為34,128,000港元（2014年： value of those cash flows. The carrying amount of goodwill at 31 34,128,000港元）。詳情載於附註17。
March 2015 wasHK$34,128,000 (2014:HK$34,128,000). Further
details are given in note 17.
Estimation of fair value of investment properties 投資物業公平值估計
The Group engaged Savills Valuation and Professional Services 本集團委聘獨立專業合資格估值師第一太平戴 Limited (“Savills”), independent professionally qualified valuers, to 維斯估值及專業顧問有限公司（「第一太平戴維 perform the valuation of theGroup’s investment properties at the 斯」）進行本集團投資物業於報告期末時的估 end of the reporting period. The carrying amount of investment 值。於2015年3月31日，投資物業的賬面值為 properties at 31 March 2015 wasHK$30,217,792,000 (2014: 30,217,792,000港元（2014年：24,033,905,000HK$24,033,905,000). Further details are given in note 14. 港元）。詳情載於附註14。
Impairment allowances for trade receivables and other 應收貿易賬款及其他應收款項的減值撥備 receivables
The Group estimates the impairment allowances for trade receivables 本集團估計應收貿易賬款及其他應收款項的減值 and other receivables by assessing the recoverability based on 撥備，方法是透過基於信貸記錄及現行市況來評 credit history and prevailing market conditions. This requires the 估可收回性。此舉需要使用估計及判斷。倘事 use of estimates and judgements. Allowances are applied to trade 件或情況變動顯示結餘不可收回，則須就應收 receivables and other receivables where events or changes in 貿易賬款及其他應收款項作出撥備。倘預計數額 circumstances indicate that the balances may not be collectible. 與原先估計有所不同，則此差額將影響有關估計 Where the expectation is different from the original estimate, the 變動期間的應收貿易賬款及其他應收款項的賬面 difference will affect the carrying amounts of trade receivables and 值以及減值虧損。本集團於各報告期末時重新評 other receivables and thus the impairment loss in the period in 估減值撥備。於2015年3月31日，應收貿易賬款 which the estimate is changed. The Group reassesses the impairment 及其他應收款項的賬面值為2,082,857,000港元 allowances at the end of each reporting period. At 31 March 2015, （2014年：3,313,022,000港元）。
the carrying amounts of trade receivables and other receivables were
HK$2,082,857,000 (2014:HK$3,313,022,000).
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日3. Significant Accounting Judgements and 3. 重大會計判斷及估計（續）Estimates (Continued)Estimation uncertainty (Continued) 估計的不確定因素（續）Deferred tax assets 遞延稅項資產Deferred tax assets are recognised for unused tax losses to the 僅在可能取得應課稅利潤作扣減虧損的情況下，extent that it is probable that taxable profit will be available against 方確認由所有未動用稅項虧損產生的遞延稅項資which the losses can be utilised. Significant management judgement 產。在釐定可予確認的遞延稅項資產款項時，is required to determine the amount of deferred tax assets that 須根據可能的時間、未來應課稅利潤的水平連can be recognised, based upon the likely timing and level of future 同未來稅項計劃策略，作出重要的管理層判斷。taxable profits together with future tax planning strategies. The 於2015年3月31日，有關因稅項虧損而確認的遞carrying value of deferred tax assets relating to recognised tax losses 延稅項資產的賬面值為152,803,000港元（2014at 31 March 2015 was HK$152,803,000 (2014: HK$52,603,000). 年：52,603,000港元）。於2015年3月31日，未The amount of unrecognised tax losses at 31 March 2015 was 確認的稅項虧損為452,875,000港元（2014年：HK$452,875,000 (2014: HK$467,972,000). Further details are 467,972,000港元）。詳情載於財務報表附註32。contained in note 32 to the financial statements.4. Operating Segment Information 4. 經營分部資料For management purposes, the Group is organised into business 就管理而言，本集團按其產品及服務劃分為不同units based on their products and services and has five reportable 的業務單位，並具備以下五個可申報營運分部：operating segments as follows:(a) the property development segment engages in the (a) 物業發展分部從事發展綜合商貿物流中心development of integrated logistics and trade centers and 及住宅及商業配套設施；supporting residential and commercial facilities;(b) the property investment segment invests in integrated logistics (b) 物業投資分部投資綜合商貿物流中心及住and trade centers and supporting residential and commercial 宅及商業配套設施；facilities;(c) the property management segment engages in the (c) 物業管理分部從事管理本集團的已建成物management of the Group’s developed properties; 業；(d) the E-commerce segment engages in the development, (d) 電子商貿分部從事發展、經營及維持電子operations and maintenance of an E-commerce platform; and 商貿平台；及(e) the “others” segment comprises, principally, the provision of (e) 「其他」分部基本上包括提供廣告、展覽、advertising, exhibition, logistics and warehousing, outlet center 物流倉儲、奧特萊斯中心經營及其他服務。operation and other services.163Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

4. Operating Segment Information
(Continued) 4.經營分部資料（續）
Management monitors the results of theGroup’s operating 管理層會獨立監察營運分部之業績而作出資源分 segments separately for the purpose of making decisions about 配決定及評定其表現。分部表現乃根據可呈報分 resources allocation and performance assessment. Segment 部利潤╱（虧損）（即經調整稅前利潤╱（虧損））評 performance is evaluated based on reportable segment profit/(loss), 估。經調整稅前利潤╱（虧損）與本集團稅前利潤 which is a measure of adjusted profit/(loss) before tax. The adjusted 計量方式一致，惟利息收入、融資成本、本集團 profit/(loss) before tax is measured consistently with theGroup’s 金融工具公平值收益以及總辦事處及公司開支均 profit before tax except that interest income, finance costs, fair value 無計算在內。
gains from theGroup’s financial instruments as well as head office
and corporate expenses are excluded from this measurement.
Segment assets exclude cash and cash equivalents, equity 分部資產不包括現金及現金等價物、透過損益以 investments at fair value through profit or loss and other unallocated 公平值列賬之股本投資及其他未分配總辦事處及 head office and corporate assets as these assets are managed on a 公司資產，原因為該等資產按集團整體管理。
group basis.
Segment liabilities exclude interest-bearing bank and other 分部負債不包括計息銀行及其他借貸、優先票 borrowings, senior notes, short-term notes, medium-term notes, 據、短期融資券、中期票據、可換股票據、衍生 convertible notes, a derivative financial instrument, tax payables 金融工具、應付稅項及其他未分配總辦事處及公 and other unallocated head office and corporate liabilities as these 司負債，原因為該等負債按集團整體管理。
liabilities are managed on a group basis.
Intersegment sales and transfers are transacted with reference to 分部間銷售及轉讓乃參考當時向第三方按市價作 the selling prices used for sales made to third parties at the then 出銷售的售價進行。
prevailing market prices.
No geographical segment analysis is presented as the majority of 由於本集團的大部分資產及經營均位於中國（被 the assets and operation of the Group are located in PRC, which is 視為處於具類似風險及回報的經濟環境的一個地 considered as one geographical location in an economic environment 理位置），本集團並無呈列地理分部分析。
with similar risks and returns.
There was no single customer to the revenue derived from which 截至2015年3月31日止年度，並無單一客戶為本 amounted to10% or more of theGroup’s revenue during the year 集團收入貢獻10%或以上（2014年：無）。
ended 31 March 2015 (2014: Nil).
164
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日4. Operating Segment Information (Continued) 4. 經營分部資料（續）Year ended 31 March 2015 Property Property Property截至2015年3月31日止年度 development investment management E-commerce Others Total物業發展 物業投資 物業管理 電子商貿 其他 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元Segment revenue: 分部收入：Sales to external customers 對外部客戶銷售 8,654,171 573,895 133,321 201,806 194,574 9,757,767Intersegment sales 分部間銷售 – 45,907 41,965 43,127 21,086 152,0858,654,171 619,802 175,286 244,933 215,660 9,909,852Elimination of intersegment sales 分部間銷售對銷 (152,085)Revenue 收入 9,757,767Segment results before increase in 投資物業公平值增加前分部業績fair value of investment properties 4,875,425 379,064 (88,574) 201,806 112,948 5,480,669Increase in fair value of investment properties 投資物業公平值增加 – 2,398,531 – – – 2,398,531Segment results after increase in 投資物業公平值增加後分部業績fair value of investment properties 4,875,425 2,777,595 (88,574) 201,806 112,948 7,879,200Unallocated cost of sales 未分配銷售成本 (305,139)Interest income 利息收入 68,996Gains on held for trading investments 透過損益以公平值列賬之持作買賣at fair value through profit or loss, net 投資收益，淨額 3,770Unallocated income and gains 未分配收入及收益 251,949Unallocated expenses 未分配開支 (1,866,482)Finance costs 融資成本 (165,595)Share of losses of associates 應佔聯營公司虧損 (7,210)Profit before tax 稅前利潤 5,859,489Segment assets 分部資產 32,990,415 29,648,772 9,810 329,344 573,974 63,552,315Reconciliation: 對賬：Investment in a joint venture 於一家合營企業的投資 5,079Investments in associates 於聯營公司的投資 34,884Unallocated assets 未分配資產 9,661,693Total assets 資產總值 73,253,971Segment liabilities 分部負債 5,371,768 4,408,104 623,801 323,393 173,222 10,900,288Reconciliation: 對賬：Unallocated liabilities 未分配負債 37,331,867Total liabilities 負債總額 48,232,155Other segment information: 其他分部資料：Depreciation 折舊 36,077 1,758 1,056 4,442 7,811 51,144Corporate and other unallocated amounts 公司及其他未分配金額 42,12193,265Increase in fair value of investment properties 投資物業公平值增加 – 2,398,531 – – – 2,398,531Capital expenditure* 資本開支* 18,152,683 43,597 1,042 4,323 294,218 18,495,863165Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

4. Operating Segment Information
(Continued) 4.經營分部資料（續）
Year ended 31 March 2014 Property Property Property
截至2014年3月31日止年度 development investment management E-commerce Others Total物業發展 物業投資 物業管理 電子商貿 其他 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 千港元 Segment revenue: 分部收入：
Sales to external customers 對外部客戶銷售 12,812,583 304,866 67,074 189,128 94,671 13,468,322 Intersegment sales 分部間銷售 – 18,353 41,542 48,180 – 108,075 12,812,583 323,219 108,616 237,308 94,671 13,576,397 Elimination of intersegment sales 分部間銷售對銷 (108,075) Revenue 收入 13,468,322 Segment results before increase in fair 投資物業公平值增加前分部業績
value of investment properties 6,293,333 246,389 (45,897) 188,912 71,724 6,754,461 Increase in fair value of investment properties 投資物業公平值增加 – 1,266,287 – – – 1,266,287 Segment results after increase in fair 投資物業公平值增加後分部業績
value of investment properties 6,293,333 1,512,676 (45,897) 188,912 71,724 8,020,748 Unallocated cost of sales 未分配銷售成本 (207,297) Interest income 利息收入 48,635 Unallocated income and gains 未分配收入及收益 139,188 Unallocated expenses 未分配開支 (1,678,976) Finance costs 融資成本 (152,852) Share of profit of a joint venture 應佔一家合營企業利潤 244 Share of losses of associates 應佔聯營公司虧損 (862) Profit before tax 稅前利潤 6,168,828 Segment assets 分部資產 20,518,873 24,968,944 4,584 7,510 119,415 45,619,326 Reconciliation: 對賬：
Investment in a joint venture 於一家合營企業的投資 8,919 Investments in associates 於聯營公司的投資 4,141 Unallocated assets 未分配資產 14,328,556 Total assets 資產總值 59,960,942 Segment liabilities 分部負債 9,954,756 4,946,443 52,611 611 78,042 15,032,463 Reconciliation: 對賬：
Unallocated liabilities 未分配負債 24,784,334 Total liabilities 負債總額 39,816,797 Other segment information: 其他分部資料：
Depreciation 折舊 – – 969 1,333 4,881 7,183 Corporate and other unallocated amounts 公司及其他未分配金額 61,307 68,490 Increase in fair value of investment properties 投資物業公平值增加 – 1,266,287 – – – 1,266,287 Capitalexpenditure* 資本開支* 15,286,126 879,270 4,085 1,417 28,107 16,199,005
* Capital expenditure consists of additions to property, plant and * 資本開支包括物業、廠房及設備、發展中物業及
equipment, properties under development and investment properties. 投資物業添置。
166
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日5. Revenue, Other Income and Gains 5. 收入、其他收入及收益Revenue represents the net sales of completed properties, finance 收入指扣除營業稅後竣工物業銷售淨額、融資租lease income, rental income, income from the provision of property 賃收入、租金收入、提供物業管理服務收入、電management services, E-commerce income and other fee income, 子商貿收入及其他費用收入（扣除營業稅及其他net of business tax and other sales related tax. 銷售相關稅項）。An analysis of revenue, other income and gains is as follows: 收入、其他收入及收益分析如下：For the year ended 31 March截至3月31日止年度2015 2014Notes HK$’000 HK$’000附 註 千港元 千港元Revenue 收入Sales of properties 物業銷售 8,190,793 12,534,980Finance lease income 融資租賃收入 463,378 277,603Rental income 租金收入 573,895 304,866Property management service income 物業管理服務收入 133,321 67,074E-commerce income 電子商貿收入 201,806 189,128Other fee income* 其他費用收入* 194,574 94,6719,757,767 13,468,322Other income 其他收入Interest income from: 來自下列各項的利息收入：Banks 銀行 68,996 42,935Finance lease receivables 融資租賃應收款項 – 5,700Government subsidies 政府補貼 56,454 10,270Others 其他 43,580 24,080169,030 82,985Gains 收益Fair value gains/(losses) on held for 透過損益以公平值列賬之持作trading investments at fair value through 買賣投資收益╱（虧損），profit or loss, net 淨額 3,770 (2,625)Gains on disposal of held for trading 出售透過損益以公平值列賬之investments at fair value through 持作買賣投資收益，淨額profit or loss, net – 4,115Fair value gain on derivative financial 衍生金融工具公平值收益 30instrument 151,915 103,348155,685 104,838324,715 187,823Fair value gains on investment 投資物業公平值 14properties 收益 2,398,531 1,266,287* Other fee income includes an amount of HK$92,476,000 (2014: * 其他費用收入已包括奧特萊斯運營收入HK$68,742,000) related to income from retail outlet operations and 92,476,000港元（2014年：68,742,000港元）及HK$95,845,000 (2014: HK$24,813,000) related to income from 物流及倉儲服務收入95,845,000港元（2014年：logistics and warehousing services. 24,813,000港元）。167Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

6. Profit Before Tax 6.稅前利潤
TheGroup’s profit before tax is arrived at after charging/(crediting): 本集團的稅前利潤已扣除╱（計入）下列各項： For the year ended 31 March截至3月31日止年度 2015 2014 Notes HK$’000 HK$’000附註 千港元 千港元
||
|-|
|3,563,495|
|215,251|
|94,523|
|(1,258)|
|93,265|
|14,823|
|13,957|
|4,000|
|707,329|
|90,742|
|86,974|
|885,045|
|(9,381)|
|(16,400)|
|–|
|114|

* Included amounts ofHK$127,665,100 andHK$95,658,000 for the * 包括截至2015年及2014年3月31日止年度的金額 years ended 31 March 2015 and 2014, respectively, which were 分別127,665,100港元及95,658,000港元，已予 capitalised under properties under development. 以資本化計入發展中物業。
** Included in “Other expenses” in the consolidated statement of profit or **計入綜合損益表「其他開支」項內。
loss.
168
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日7. Finance Costs 7. 融資成本An analysis of finance costs is as follows: 融資成本之分析如下：For the year ended 31 March截至3月31日止年度2015 2014HK$’000 HK$’000千港元 千港元Interest on bank and other borrowings 銀行及其他借貸利息(including convertible notes, senior notes, （包括可換股票據、優先票據、medium-term notes and short-term notes) 中期票據及短期融資券） 1,617,376 1,207,689Less: Interest capitalised 減：資本化利息 (1,451,781) (1,054,837)Total 總計 165,595 152,8528. Directors’ Emoluments 8. 董事薪金Directors’ remuneration for the year, disclosed pursuant to the 根據香港聯交所證券上市規則（「上市規則」）及香Rules governing the Listing of Securities on the Hong Kong Stock 港公司條例第383(1)(a), (b), (c)及(f)條，於本年度Exchange (the “Listing Rules”) and section 383(1)(a), (b), (c) and (f) 的董事薪酬披露如下：of the Hong Kong Companies Ordinance, is as follows:For the year ended 31 March截至3月31日止年度2015 2014HK$’000 HK$’000千港元 千港元Fees 袍金 4,640 4,640Other emoluments: 其他酬金：Salaries, allowances, and benefits in kind 薪金、津貼及實物福利 16,131 14,136Performance-related bonuses* 與表現掛鈎的花紅* 52,898 55,080Equity-settled share option expense 以權益結算的購股權開支 89,552 23,414Pension scheme contributions 退休金計劃供款 48 30163,269 97,300* Certain executive directors of the Company are entitled to bonus * 本公司若干執行董事有權收取按本集團除稅及非payments which are determined as a percentage of the Group’s 控股權益後但計及本財政年度非營運性項目前綜consolidated net profit after taxation and non-controlling interests but 合淨利潤百分比釐定的花紅。before non-operating items of the financial year.169Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

8.Directors’ Emoluments
(Continued) 8.董事薪金（續）
During the year, three directors were granted share options, in 年內，三名董事就向本集團提供之服務而根據本 respect of their services to the Group, under the share option 公司購股權計劃獲授購股權，其進一步詳情載於 scheme of the Company, further details of which are set out in note 財務報表附註37。該等購權股的公平值（已於歸 37 to the financial statements. The fair value of those options, which 屬期間於損益表確認）乃於授出日期釐定，而載 is recognised in the statement of profit or loss over the vesting 於本年度財務報表的金額已包括於上文董事的酬 period, was determined as at the date of grant and the amount 金披露資料。
included in the financial statements for the current year is included
in the abovedirectors’ remuneration disclosures.
(a) Independent non-executive directors (a)獨立非執行董事
The fees paid to independent non-executive directors during 年內付予獨立非執行董事的袍金如下： the year were as follows:
Equity-settled
share option
Fees expense Total以權益結算的
袍金 購股權開支 總計HK$’000 HK$’000 HK$’000千港元 千港元 千港元
||||
|-|-|-|
|380|782|1,162|
|380|782|1,162|
|380|782|1,162|
|380|1,224|1,604|
|1,520|3,570|5,090|

 Equity-settled
share option
Fees expense Total以權益結算的
袍金 購股權開支 總計HK$’000 HK$’000 HK$’000千港元 千港元 千港元 2014 2014年
Leung Kwan Yuen Andrew 梁君彥 380 1,059 1,439 Li Wai Keung 李偉強 380 1,059 1,439 Hui Chiu Chung 許照中 380 1,059 1,439 Yung Wing Ki Samuel 容永祺 380 1,059 1,439
1,520 4,236 5,756
170
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日8. Directors’ Emoluments (Continued) 8. 董事薪金（續）(b) Executive directors and non-executive (b) 執行董事及非執行董事directorsSalaries, Equity-allowances, Performance- settled Pensionand benefits related share option schemeFees in kind bonuses expense contributions Total薪金、津貼及 與表現掛鈎 以權益結算的 退休金計劃袍金 實物福利 的花紅 購股權開支 供款 總計HK$’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2015 2015年Executive directors: 執行董事：Cheng Chung Hing 鄭松興 – 5,850 18,949 – 18 24,817Leung Moon Lam 梁滿林 – 5,850 18,949 52,721 18 77,538Xu Yang 許揚 – 926 – 305 – 1,231Fung Sing Hong Stephen 馮星航 – 3,505 15,000 32,956 12 51,473– 16,131 52,898 85,982 48 155,059Non-executive directors: 非執行董事：Ma Kai Cheung 馬介璋 1,080 – – – – 1,080Sun Kai Lit Cliff 孫啟烈 680 – – – – 680Ma Wai Mo 馬偉武 680 – – – – 680Cheng Tai Po 鄭大報 680 – – – – 680Lin Ching Hua 林璟驊 – – – – – –3,120 – – – – 3,1203,120 16,131 52,898 85,982 48 158,179171Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

8.Directors’ Emoluments
(Continued) 8.董事薪金（續）
(b) Executive directors and non-executive (b)執行董事及非執行董事（續） directors
(Continued)
Salaries, Equity-
allowances, Performance- settled Pension
and benefits related share option scheme
Fees in kind bonuses expense contributions Total薪金、津貼及 與表現掛鈎以權益結算的 退休金計劃
袍金 實物福利 的花紅 購股權開支 供款 總計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 2014 2014年
Executive directors: 執行董事：
Cheng Chung Hing 鄭松興 – 5,800 27,540 – 15 33,355 Leung Moon Lam 梁滿林 – 5,800 27,540 16,445 15 49,800 Xu Yang 許揚 – 2,536 – 2,733 – 5,269– 14,136 55,080 19,178 30 88,424 Non-executive directors: 非執行董事：
Ma Kai Cheung 馬介璋 1,080 – – – – 1,080 Sun Kai Lit Cliff 孫啟烈 680 – – – – 680 Ma Wai Mo 馬偉武 680 – – – – 680 Cheng Tai Po 鄭大報 680 – – – – 680 3,120 – – – – 3,120 3,120 14,136 55,080 19,178 30 91,544 Mr. Lin Ching Hua, a non-executive director of the Company, 本公司之非執行董事林璟驊先生自願不收取任何 has voluntarily decided not to receive anydirector’s emolument 本公司之董事酬金，包括每年董事金380,000港 from the Company, including a director fee ofHK$380,000 per 元及於年內授予他的2,000,000股購股權。除此 annum and the 2,000,000 share options granted to him during 之外，無董事放棄或同意放棄酬金的安排（2014 the year. Apart from this, there was no agreement under which 年：無）。
a director waived or agreed to waive any remuneration during
the year (2014: Nil).
172
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日9. Five Highest Paid Employees 9. 五位最高薪人士The five highest paid employees during the year included three 年內，五位最高薪僱員分別包括三名董事（2014(2014: three) directors, details of whose remuneration are set out in 年：三名），其酬金已載於上文附註8。年內五note 8 above. Details of the remuneration of the five highest paid 名最高薪僱員薪金的詳情如下：employees for the year are as follows:For the year ended 31 March截至3月31日止年度2015 2014HK$’000 HK$’000千港元 千港元Salaries, allowances and benefits in kind 薪金、津貼及實物福利 23,429 21,318Bonuses 花紅 71,298 78,303Equity-settled share option expense 以權益結算的購股權開支 85,899 44,397Pension scheme contributions 退休金計劃供款 54 60180,680 144,078The number of the five highest paid employees whose remuneration 介乎以下範圍的五名最高薪僱員人數如下：fell within the following bands is as follows:Number of employees僱員人數2015 2014HK$2,000,001 to HK$15,000,000 2,000,001港元至15,000,000港元 2 2HK$15,000,001 to HK$25,000,000 15,000,001港元至25,000,000港元 1 –HK$25,000,001 to HK$50,000,000 25,000,001港元至50,000,000港元 – 2HK$50,000,001 to HK$75,000,000 50,000,001港元至75,000,000港元 1 1HK$75,000,001 to HK$100,000,000 75,000,001港元至100,000,000港元 1 –5 5During the year, share options were granted to non-director, 年內，非董事最高薪僱員就其向本集團提供之服highest paid employees in respect of their services to the Group, 務而獲授購股權，其進一步詳情載於財務報表附further details of which are included in the disclosure in note 37 to 註37。該等購權股的公平值（已於歸屬期間於損the financial statements. The fair value of those options, which is 益表確認）乃於授出日期釐定，而載於本年度財recognised in the statement of profit or loss over the vesting period, 務報表的金額已包括於上文五名最高薪僱員酬金was determined as at the date of grant and the amount included in 的披露資料。the financial statements for the current year is included in the abovefive highest paid employees’ remuneration disclosures.173Annual Report 2014/15 年報|

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10. Income Tax 10.所得稅
Hong Kong profits tax has been provided at the rate of16.5% (2014: 年內，於香港產生的估計應課稅溢利乃按16.5%16.5%) on the estimated assessable profits arising in Hong Kong （2014年：16.5%）的稅率計提。年內，由於本 during the year. No provision for Hong Kong profits tax has been 集團概無源自香港的應課稅利潤，故並無計提香 made as the Group had no assessable profits arising in Hong Kong 港利得稅撥備（2014年：無）。
during the year (2014: Nil).
Taxes on profits assessable in Mainland China are calculated at the 中國大陸的應課稅溢利稅項乃按本集團營運所在 rates of tax prevailing in the provinces in which the Group operates. 省份的現行稅率計提。
Under the relevant income tax law, the PRC subsidiaries are subject 根據相關所得稅法，年內，中國附屬公司須就各 to corporate income tax (“CIT”) at a statutory rate of25% (2014: 自應課稅收入按法定稅率25%（2014年：25%）25%) on their respective taxable income during the year. 繳納企業所得稅。
The PRC land appreciation tax (“LAT”) is levied at progressive rates 中國土地增值稅按30%至60%不等的累進稅率 ranging from30% to60% on the appreciation of land value, being 就土地價值（即物業銷售所得款項減包括土地成 the proceeds from the sale of properties less deductible expenditures 本、借貸成本及所有物業發展開支在內的可扣 including land costs, borrowing costs and all property development 減開支）增值徵收。為數約1,213,663,000港元及 expenditures. Amounts of LAT of approximatelyHK$1,213,663,000 1,270,280,000港元的土地增值稅，已分別在截 andHK$1,270,280,000 were charged to the consolidated statement 至2015年及2014年3月31日止年度的綜合損益 of profit or loss for the years ended 31 March 2015 and 2014, 表內扣除。
respectively.
The major components of income tax expenses for the year are as 年內，所得稅開支主要部分如下：
follows:
For the year ended 31 March截至3月31日止年度 2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|819,254|
|1,213,663|
|111,792|
|2,144,709|

174
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日10. Income Tax (Continued) 10. 所得稅（續）A reconciliation of the tax expense applicable to profit before tax at 按法定稅率計算適用於稅前利潤的稅項開支與按the statutory rate to the tax expense at the Group’s effective income 本集團本年度實際稅率計算的稅項開支的對賬如tax rate is as follows: 下：For the year ended 31 March截至3月31日止年度2015 2014HK$’000 HK$’000千港元 千港元Profit before tax 稅前利潤 5,859,489 6,168,828Tax at the statutory tax rate of 16.5% 按16.5%法定稅率計算的稅項 966,816 1,017,857Higher tax rates enacted by local authorities 地方機關制定的較高稅率 509,000 544,796Income not subject to tax 毋須繳稅收入 (176,604) (135,876)Expenses not deductible for tax 不可扣稅開支 39,337 70,345Tax losses utilised from previous years 動用過往年度的稅項虧損 (4,781) (11,568)Losses attributable to a joint venture 一家合營企業及and associates 聯營公司應佔虧損 1,803 38Tax losses not recognised 未確認的稅項虧損 21,155 89,489LAT 土地增值稅 1,213,663 1,270,280Tax effect of LAT 土地增值稅的稅務影響 (303,416) (317,570)Adjustments in respect of current tax of 過往年度稅項調整previous years 19,955 (109,768)Effect of withholding tax on the distributable profits of 按本集團的中國附屬公司的the Group’s PRC subsidiaries 可分配利潤而計算預扣稅的影響 (142,219) 54,455Tax charged at the Group’s effective rate 按本集團實際稅率計算的稅項支出 2,144,709 2,472,478The share of tax attributable to associates and a joint venture 聯營公司及一家合營企業應佔稅項分別為約amounting to approximately HK$1,803,000 (2014: HK$99,000) 1,803,000港元（2014年：99,000港元）及無and nil (2014: credit of HK$61,000), respectively, is included in （2014年：回撥61,000港元），並計入綜合損益“Share of profits and losses of a joint venture and associates” in the 表的「應佔一家合營企業及聯營公司利潤及虧損」consolidated statement of profit or loss. 內。175Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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11. Dividends 11.股息
For the year ended 31 March截至3月31日止年度 2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|1,120,094|

 The proposed final dividends are subject to the approval of the 擬派末期股息須待本公司股東於應屆股東周年大Company’s shareholders at the forthcoming annual general meeting. 會批准後，方可作實。
12. Earnings Per Share Attributable to Ordinary 12.歸屬於母公司普通股權益持有人之每 Equity Holders of the Parent 股盈利
The calculation of the basic earnings per share is based on the profit 每股基本盈利乃根據母公司普通股權益持有人 for the year attributable to ordinary equity holders of the parent, and 應佔年內利潤及年內已發行7,650,707,736股 the weighted average number of ordinary shares of 7,650,707,736 （2014年：6,272,737,781股）普通股的加權平均 (2014: 6,272,737,781) in issue during the year. 數計算。
The calculation of diluted earnings per share is based on the profit 每股攤薄盈利乃根據母公司普通股權益持有人應 for the year attributable to ordinary equity holders of the parent. The 佔年內利潤計算。計算所用的普通股加權平均數 weighted average number of ordinary shares used in the calculation 乃為計算每股基本盈利所用的年內已發行普通股 is the number of ordinary shares in issue during the year, as used in 股數，而加權平均普通股數目乃假設行使或轉換 the basic earnings per share calculation, and the weighted average 所有具潛在攤薄性的普通股為普通股按無償發 number of ordinary shares assumed to have been issued at no 行。
consideration on the deemed exercise or conversion of all dilutive
potential ordinary shares into ordinary shares.
176
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日12. Earnings Per Share Attributable to Ordinary 12. 歸屬於母公司普通股權益持有人之每Equity Holders of the Parent (Continued) 股盈利（續）The calculations of basic and diluted earnings per share are based 每股基本及攤薄盈利的計算乃基於：on:For the year ended 31 March截至3月31日止年度2015 2014HK$’000 HK$’000千港元 千港元Earnings 盈利Profit attributable to ordinary equity holders 用於計算每股基本盈利of the parent, used in the basic earnings 之母公司普通股權益持有人per share calculation 應佔利潤 3,727,872 3,494,481Add: Interest on convertible notes 加：可換股票據利息 1,701 –Less: Fair value gain on derivative financial instrument 減：衍生金融工具公平值收益 (151,915) (103,348)Profit attributable to ordinary equity holders of 用於計算每股攤薄盈利之the parent, used in the diluted earnings per share 母公司擁有人應佔利潤calculation 3,577,658 3,391,133Number of Shares股數2015 2014Shares 股份Weighted average number of ordinary shares 用於計算每股基本盈利之in issue during the year used in the basic 年內已發行普通股的earnings per share calculation 加權平均數 7,650,707,736 6,272,737,781Effect of dilution — weighted average number 攤薄影響－普通股加權of ordinary shares: 平均數：Share options 購股權 74,674,865 187,848,507Tencent call option (note 30) 騰訊購股權（附註30） 6,810,690 5,174,361Convertible notes 可換股票據 171,232,876 609,589,0417,903,426,167 7,075,349,690177Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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13. Property, Plant and Equipment 13.物業、廠房及設備
Furniture,
fixtures
and
Buildings equipment Motor vehicles Total傢俬、
樓宇 裝置及設備 汽車 總計 31 March 2015 2015年3月31日 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元
|||||
|-|-|-|-|
|658,730|136,323|59,358|854,411|
|(109,236)|(59,459)|(26,793)|(195,488)|
|549,494|76,864|32,565|658,923|
|549,494|76,864|32,565|658,923|
|7,279|49,133|27,715|84,127|
|681,372|–|–|681,372|
|(25)|(2,948)|(265)|(3,238)|
|(51,326)|(31,003)|(12,194)|(94,523)|
|1,311|194|65|1,570|
|1,188,105|92,240|47,886|1,328,231|
|1,348,702|181,634|85,896|1,616,232|
|(160,597)|(89,394)|(38,010)|(288,001)|
|1,188,105|92,240|47,886|1,328,231|

178
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日13. Property, Plant and Equipment (Continued) 13. 物業、廠房及設備（續）Furniture,fixturesandBuildings equipment Motor vehicles Total傢俬、樓宇 裝置及設備 汽車 總計31 March 2014 2014年3月31日 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元At 1 April 2013: 於2013年4月1日：Cost 成本 612,226 64,459 54,298 730,983Accumulated depreciation 累計折舊 (76,045) (35,027) (18,765) (129,837)Net carrying amount 賬面淨額 536,181 29,432 35,533 601,146At 1 April 2013, net of accumulated depreciation 於2013年4月1日，已扣除累計折舊 536,181 29,432 35,533 601,146Additions 添置 942 64,462 10,802 76,206Acquisition of a subsidiary 收購一家附屬公司 – 9,424 – 9,424Transfer from properties under development 轉撥自發展中物業(note 15) （附註15） 53,585 – – 53,585Disposals 出售 (5,991) (1,133) (3,494) (10,618)Depreciation provided during the year (note 6) 年度折舊撥備（附註6） (34,158) (25,255) (10,218) (69,631)Exchange realignment 匯兌調整 (1,065) (66) (58) (1,189)At 31 March 2014, net of accumulated depreciation 於2014年3月31日，已扣除累計折舊 549,494 76,864 32,565 658,923At 31 March 2014: 於2014年3月31日：Cost 成本 658,730 136,323 59,358 854,411Accumulated depreciation 累計折舊 (109,236) (59,459) (26,793) (195,488)Net carrying amount 賬面淨額 549,494 76,864 32,565 658,923179Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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13. Property, Plant and Equipment
(Continued) 13.物業、廠房及設備（續）
Certain of theGroup’s buildings with aggregate carrying values 於2015年及2014年3月31日，本集團賬面總值 of approximatelyHK$23,546,000 andHK$15,952,000 as at 31 分別約23,546,000港元及15,952,000港元的若干 March 2015 and 2014, respectively, were pledged to secure general 樓宇已抵押作為本集團獲授一般銀行融資的擔保 banking facilities granted to the Group (note 29). （附註29）。
At 31 March 2015, certificates of ownership in respect of certain 於2015年3月31日，本集團於中國賬面淨值合 buildings of the Group in the PRC with an aggregate net book value 共約752,134,000港元（2014年：195,732,000 of approximatelyHK$752,134,000 (2014:HK$195,732,000) had 港元）的若干樓宇未獲相關中國機關發出所有權 not been issued by the relevant PRC authorities. The Group is in the 證。本集團正在領取相關所有權證。
process of obtaining the relevant certificates of ownership.
14. Investment Properties 14.投資物業
2015 2014 Notes HK$’000 HK$’000附註 千港元 千港元
||
|-|
|24,033,905|
|2,267,085|
|1,446,966|
|–|
|–|
|2,398,531|
|71,305|
|30,217,792|

 The above investment properties are held under medium term leases 上述投資物業按中期租賃持有，並位於中國大 and are situated in Mainland China. 陸。
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日14. Investment Properties (Continued) 14. 投資物業（續）The Group’s investment properties were revalued on 31 第一太平戴維斯於2015年及2014年3月31日重March 2015 and 2014 by Savills at RMB24,166,500,000 and 估本集團的投資物業，按公開市場現有用途基準RMB19,267,200,000, respectively (equivalent to HK$30,217,792,000 的價值分別為人民幣24,166,500,000元及人民幣and HK$24,033,905,000, respectively), on an open market, existing 19,267,200,000元（分別相等於30,217,792,000use basis. 港元及24,033,905,000港元）。The Group’s investment properties with aggregate carrying values 於2015年及2014年3月31日，本集團賬面總值of approximately HK$20,652,214,000 and HK$16,035,574,000 as 分別約20,652,214,000港元及16,035,574,000港at 31 March 2015 and 2014, respectively, were pledged to secure 元的投資物業已抵押作為本集團獲授一般銀行融general banking facilities granted to the Group (note 29). 資的擔保（附註29）。The Group’s investment properties with aggregate carrying values 於2015年及2014年3月31日，本集團賬面總值of approximately HK$26,084,344,000 and HK$22,818,938,000 分別約26,084,344,000港元及22,818,938,000港as at 31 March 2015 and 2014, respectively, are subject to sales 元的投資物業受到銷售限制（附註1(iv), (v)和(vi)）。restriction (note 1(iv),(v) and (vi)).The Group’s investment properties consist of commercial properties 本集團的投資物業包括在中國的商業物業。本公in Mainland China. The directors of the Company have determined 司董事認為，投資物業按照各物業的性質、特性that the investment properties consist of one class of asset, i.e., 及風險分為一類資產（商業物業）。根據一家獨立commercial properties, based on the nature, characteristics and risks 專業合資格估值師第一太平戴維斯進行的估值，of each property. The Group’s investment properties were revalued 本集團的投資物業於2015年3月31日的按公開市on 31 March 2015 based on valuations performed by Savills, an 場現有用途基準重估價值約30,217,792,000港independent professionally qualified valuer, at approximately 元。本集團的管理層每年決定委任負責對本集團HK$30,217,792,000 on an open market, existing use basis. Each 物業進行外部估值的外聘估值師人選。篩選準則year, the Group’s management decides, to appoint which external 包括市場知識、聲譽、獨立性，以及是否維持專valuer to be responsible for the external valuations of the Group’s 業水平。就中期及年度財務報告進行估值時，本properties. Selection criteria include market knowledge, reputation, 集團的管理層與估值師每年就估值假設及估值結independence and whether professional standards are maintained. 果進行兩次討論。The Group’s management has discussions with the valuer on thevaluation assumptions and valuation results twice a year when thevaluation is performed for interim and annual financial reporting.181Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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14. Investment Properties
(Continued) 14.投資物業（續）
Fair value hierarchy 公平值層級
The following table illustrates the fair value measurement hierarchy
下表說明本集團投資物業的公平值計量層級： of theGroup’s investment properties:
Fair value measurement as at 31 March 2015 using significant unobservable inputs (Level 3)於2015年3月31日使用重大非觀察輸入數據的公平值計量（第3級）HK$’000千港元 Recurring fair value measurement for: 就以下各項的經常性公平值計量：
Commercial properties 商業物業 30,217,792 During the year, there were no transfers of fair value measurements 年內，第1級與第2級之間概無發生公平值計量 between Level 1 and Level 2 and no transfers into or out of Level 3. 的轉移，第3級亦無公平值計量轉入或轉出。
Below is a summary of the valuation techniques used and the key
以下為投資物業估值所用的估值技術及主要輸入 inputs to the valuation of investment properties:
數據的概要：
Valuation technique Significant unobservable inputs Range
估值技術 重大非觀察輸入數據 範圍
As at 31 March 2015
於2015年3月31日
Commercial properties Income capitalisation Market unit rental rate (RMB/sq. m./month) 25–385 method
商業物業 收入資本化法 市場單位租金（人民幣╱平方米╱月）
Capitalisation rate 3.00%–8.00%資本化率
The fair values of investment properties are determined principally 投資物業公平價值主要按收入資本化釐定，方法 using the income capitalisation method by capitalising the rental
是將現有租賃所得的租金收入資本化，並就物業 income derived from the existing tenancies with due provisions for
的潛在可復歸收入計提適當撥備。公平價值計量 the reversionary income potential of the properties. The fair value
與市場租金成正比且與資本化率成反比。就正在 measurement is positively correlated to the market unit rental rate
建造之部分，在確定公平價值時，已考慮已計及 and negatively correlated to capitalisation rate. For the portions
已支銷的建築成本及完成開發項目將支銷的成 which were under construction, the expended construction costs
本。
and the costs that are expected to be expended to complete the
properties has also been taken into account in arriving at their fair
values.
182
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日15. Properties Under Development 15. 發展中物業2015 2014Notes HK$’000 HK$’000附 註 千港元 千港元Carrying amount at beginning of year 年初的賬面值 2,933,492 2,381,710Additions 添置 16,144,651 15,243,529Transfer to property, plant and 轉撥至物業、equipment 廠房及設備 13 (681,372) (53,585)Transfer to investment properties 轉撥至投資物業 14 (1,446,966) (2,793,225)Transfer to prepaid land lease payments 轉撥至預付土地出租金 16 (659,404) (38,864)Transfer to completed properties held for sale 轉撥至已竣工持作and properties under development 銷售物業及發展中持作held for sale 銷售物業 (12,601,248) (11,801,130)Exchange realignment 匯兌調整 8,013 (4,943)Carrying amount at end of year 年終的賬面值 3,697,166 2,933,492The above properties under development are held under medium or 上述發展中物業按中期或長期租賃持有，並位於long term leases and situated in Mainland China. 中國大陸。Certain of the Group’s properties under development with 於2015年及2014年3月31日，本集團賬面總值aggregate carrying values of approximately HK$190,683,000 and 分別約190,683,000港元及234,035,000港元的HK$234,035,000 as at 31 March 2015 and 2014, respectively, were 若干發展中物業已抵押作為本集團獲授一般銀行pledged to secure general banking facilities granted to the Group 融資的擔保（附註29）。(note 29).During the current year, the Group has received government 年內，本集團取得總數為約人民幣858,047,000grants with a total amount of approximately RMB858,047,000 （相等於1,072,903,000港元）由地方政府機關提(equivalent to HK$1,072,903,000), which were provided by the 供，旨在為集團物業發展項目中有關於基礎建local government authorities to support infrastructure construction 設工程及發展活動提供支持的政府補助。此全and development activities in connection with the Group’s property 額已在添置發展中物業中扣除。其中關於已售development projects. The amount was deducted from the additions 出物業累計金額約人民幣654,082,000（相等於of properties under development for the year. An aggregate amount 813,287,000港元）（2014年：人民幣14,472,000of approximately RMB654,082,000 (equivalent to HK$813,287,000) （相等於18,349,000港元））在年內於已售物業成(2014: RMB14,472,000 (equivalent to HK$18,349,000)) which 本扣除。related to properties sold, has been credited to the cost of propertiessold during the year.183Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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16. Prepaid Land Lease Payments 16.預付土地出租金
2015 2014 Notes HK$’000 HK$’000附註 千港元 千港元
||
|-|
|144,093|
|659,404|
|(14,823)|
|13,968|
|802,642|
|(14,823)|
|787,819|

 17. Goodwill 17.商譽
HK$’000千港元 At 1 April 2013: 於2013年4月1日：
Cost 成本 20,066 Accumulated impairment 累計減值 (20,066) Net carrying amount 賬面淨額 – Cost at 1 April 2013, net of accumulated impairment 於2013年4月1日，已扣除累計減值 – Acquisition of a subsidiary 收購一間附屬公司 34,128 At 31 March 2014 於2014年3月31日 34,128 At 31 March 2014 and 31 March 2015: 於2014年3月31日及2015年3月31日：
Cost 成本 54,194 Accumulated impairment 累計減值 (20,066) Net carrying amount 賬面淨額 34,128
184
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日17. Goodwill (Continued) 17. 商譽（續）Impairment testing of goodwill 商譽減值測試Goodwill acquired through business combinations have been 透過業務合併收購的商譽已分配至酒店的現金產allocated to the hotel cash-generating unit and the property leasing 生單位及物業租賃的現金產生單位作減值測試。operation cash-generating unit for impairment testing.• Hotel cash-generating unit • 酒店的現金產生單位• Property leasing cash-generating unit • 物業租賃的現金產生單位The carrying amount of goodwill allocated to each of the cash- 分配於各現金產生單位的商譽賬面值如下：generating units is as follows:Hotel Property leasing Total酒店 物業租賃 總額2015 2014 2015 2014 2015 2014HK$’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Carrying amount of goodwill 商譽賬面值 – – 34,128 34,128 34,128 34,128The Group has leased its hotel properties to an independent party. 本集團已出租其酒店物業予一個獨立第三方。有Full impairment loss of HK$20,066,000 has been provided on the 關本集團的酒店營運的商譽在以前年度已計提了goodwill related to the hotel operation of the Group in previous 全部的減值虧損，金額為20,066,000港元。year.The recoverable amount of the property leasing operation cash- 物業租賃的現金產生單位的可收回金額使用價值generating unit is determined based on a value-in-use calculation 計算法確定。該計算法使用以高級管理層批准為using cash flow projections based on financial budgets approved by 期五年的財務預算為基準的現金流量預測。senior management covering a five-year period.The key assumptions adopted on growth rate and discount rate 價值計算法中的增長率及貼現率採用的主要假設used in the value-in-use calculation is based on management’s best 是以管理層的最佳預測為基準。5%的增長率是estimates. The growth rate of 5% is determined by considering 考慮有關物業租賃分部的內部及外部因素而確both internal and external factors relating to the property leasing 定。現金流量預測的貼現率為15%。segment. The discount rate applied to the cash flow projections is15%.Management believes that any reasonably possible change in the 管理層相信商譽可收回金額的主要假設，如有任key assumptions on which the recoverable amounts of goodwill are 何合理性的可能改變，都不會引致商譽賬面值大based would not cause the carrying amounts of goodwill to exceed 於其可收回金額。their recoverable amounts.185Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

18. Investment in a Joint Venture 18.於一家合營企業的投資
2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|–|
|10,299|
|10,299|
|(5,220)|
|5,079|

 The amount due from a joint venture is unsecured, has no 應收一家合營企業款項為無抵押、無固定還款期 fixed terms of repayment and bears interest at7% per annum. 及按年7%計息。該應收一家合營企業款項的賬 The carrying amount of the amount due from a joint venture 面值與其公平值相若。
approximates to its fair value.
Particulars of theGroup’s joint venture is as follows: 本集團合營企業詳情如下：
Nominal value of
issued and fully Percentage of
Place of paid-up registered Date of equity attributable to
registration and capital as at incorporation/ the Group
Name business 31 March 2015 registration as at 31 March Principal activities
於2015年3月31日
註冊及 已發行及繳足註冊註冊成立╱ 於3月31日本集團
名稱 經營地點 資本面值註冊日期 應佔權益百分比主要業務
2015 2014
% %
China South Royal Restaurant (Shenzhen) Co.,Ltd.# PRC/Mainland China RMB5,000,000 16 June 2005 50.5 50.5 Restaurant operations華南富豪酒樓（深圳）有限公司# 中國╱中國大陸 人民幣5,000,000元16-06–2005 酒樓營運
Note: 附註：
# The Group holds a50.5% of the registered capital of China South Royal
# 本集團持有華南富豪酒樓（深圳）有限公司（一家 Restaurant (Shenzhen) Co., Ltd, a sino-foreign equity joint venture. 中外合資經營公司）註冊資本的50.5%。根據股 Pursuant to theshareholders’ agreement and the articles of association 東協議及合營企業組織章程細則，任何一方對該 of the joint venture, none of the parties has unilateral control over the 等合營企業的經營及財務決策均無單方面控制的 operating and financing decisions of the joint venture. Accordingly, 權利。因此，董事認為將本集團於其中的權益入 the directors account for theGroup’s interest in the company as an 賬列為於一家合營企業的投資。
investment in a joint venture.
186
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日18. Investment in a Joint Venture (Continued) 18. 於一家合營企業的投資（續）The Company holds the 50.5% of the registered capital of the 本公司透過一家全權擁有的附屬公司擁有一家合joint venture through a wholly-owned subsidiary. The joint venture 營企業註冊資本的50.5%。合營企業的財政年度has financial year end of 31 December. The consolidated financial 乃截至12月31日止。綜合財務報表就每年1月1statements are adjusted for the material transactions between the 日至3月31日期間合營企業與集團成員公司之間joint venture and the group companies between 1 January and 31 的重大交易作出調整。March annually.The following table illustrates the financial information of the 下表說明本集團合營企業的財務資料概要：Group’s joint venture:2015 2014HK$’000 HK$’000千港元 千港元Share of joint venture’s assets and liabilities: 應佔合營企業資產及負債：Current assets 流動資產 218 4,936Non-current assets 非流動資產 – 1,107Current liabilities 流動負債 (6,825) (11,615)Net liabilities 負債淨值 (6,607) (5,572)Share of joint venture’s results: 應佔合營企業業績：Revenue 收入 16,976 19,262Expenses 開支 (16,976) (19,018)Profit for the year 本年度利潤 – 24419. Investments in Associates 19. 於聯營公司的投資2015 2014HK$’000 HK$’000千港元 千港元Share of net assets 應佔資產淨值 – 7,234Due to associates 應付聯營公司款項 (3,514) (3,134)Due from associates 應收聯營公司款項 38,398 4134,884 4,141The amounts due from/(to) associates included in investments in 計入上述於聯營公司的投資的應收╱（應付）聯營associates above are unsecured, interest-free and have no fixed 公司款項為無抵押、免息及無固定還款期。terms of repayment.187Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

19. Investments in Associates (Continued) 19.於聯營公司的投資（續）
Particulars of the associates are as follows: 聯營公司詳情如下：
Nominal value of Percentage of equity
Place of issued and fully paid- Date of attributable
registration and up incorporation/ to the Group
Name business registered capital registration as at 31 March Principal activities
於3月31日
已發行及繳足註冊成立╱ 本集團應佔
名稱 註冊及經營地點 註冊資本面值註冊日期 權益百分比主要業務
2015 2014
% %
China South Intimex Technology (Shenzhen) PRC/Mainland China RMB10,000,000 18 January 2004 30 30 Website and software development Co., Ltd. 中國╱中國大陸 人民幣10,000,000元 18-01-2004 網站及軟件開發
華南泰美科技（深圳）有限公司
Harbin Huayilong Fur Market Co., Ltd. PRC/Mainland China RMB21,000,000 17 January 2014 25 25 Property leasing
哈爾濱華億龍皮草城有限公司 中國╱中國大陸 人民幣21,000,000元 17-01-2014 物業租賃
The associates have financial year end of 31 December. The 聯營公司的財政年度乃截至12月31日止。綜合 consolidated financial statements are adjusted for the material 財務報表就每年1月1日至3月31日期間聯營公司 transactions between the associates and the group companies 與集團成員公司之間的重大交易作出調整。
between 1 January and 31 March annually.
The associates have been accounted for using the equity method in 聯營公司乃以權益法於此等財務報表入賬。
these financial statements.
The following table illustrates the aggregate financial information of 下表列示摘錄本集團聯營公司的財務資料概要： theGroup’s associates:
2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|16,305|
|43,902|
|35|
|(24,035)|

188
China South City Holdings Limited華南城控股有限公司
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|-|
|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日20. Available-for-sale Investment 20. 可供出售金融投資2015 2014HK$’000 HK$’000千港元 千港元Unlisted equity investment, at cost 按成本計算的非上市權益投資 175,500 –As at 31 March 2015, certain unlisted equity investments with a 由於帳面值為175,500,000港元（2014年：無）的carrying amount of HK$175,500,000 (2014: Nil) were stated at cost 可供出售金融投資的合理公平值估計範圍頗大，less impairment because the range of reasonable fair value estimates 致使董事認為其公平值不能可靠地計量，故於is so significant that the directors are of the opinion that their fair 2015年3月31日按成本減去減值計量。本集團並value cannot be measured reliably. The Group does not intend to 無意向於不久將來出售此等投資。dispose of them in the near future.21. Finance Lease Receivables 21. 融資租賃應收款項The balance represents entrusted loans provided by the Group to 結餘指本集團就其物業的融資租賃，透過上海浦lessees through Shanghai Pudong Development Bank in connection 東發展銀行向承租人提供的委託貸款。融資租賃with the finance lease of its properties. The finance lease receivables, 應收款項按年利率介乎6.336%至6.435%計息，which bear interest at rates ranging from 6.336% to 6.435% per 並須於10年內每月分期償還。融資租賃應收款annum, are repayable by monthly instalments within 10 years. 項的賬面值與其公平值相若。於2015年3月31The carrying amounts of the finance lease receivables approximate 日，融資租賃應收款項的即期部分金額分別為約to their fair values. The amounts of the current portion of the 8,224,000港元（2014年：8,204,000港元），已finance lease receivables as at 31 March 2015 was approximately 計入預付款項、按金及其他應收款項。HK$8,224,000 (2014: HK$8,204,000) which was included inprepayments, deposits and other receivables.189Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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22. Deposits Paid for Purchase of Land Use Rights 22.購買土地使用權支付的按金
The balance represents deposits paid for acquisitions of land use 結餘指在中國大陸收購地塊的土地使用權所支付 rights for parcels of land in Mainland China. The carrying amounts 的按金。購買土地使用權支付的按金的賬面值與 of the deposits paid for the purchase of land use rights approximate 其公平值相若。
to their fair values.
23. Properties Held for Sale 23.持作銷售物業
2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|9,967,608|
|13,002,368|
|22,969,976|
|6,535,438|
|6,466,930|
|13,002,368|

 Certain of theGroup’s properties held for sale with an aggregate 於報告期末時，賬面值合共約3,626,061,000港 carrying value of approximatelyHK$3,626,061,000 (2014: 元（2014年：3,707,127,000港元）的本集團若干HK$3,707,127,000) at the end of the reporting period were pledged 持作銷售物業已抵押作為本集團獲授銀行貸款的 to secure the bank loans granted to the Group (note 29). 擔保（附註29）。
190
China South City Holdings Limited華南城控股有限公司
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|-|
|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日24. Trade Receivables 24. 應收貿易賬款2015 2014HK$’000 HK$’000千港元 千港元Trade receivables 應收貿易賬款 1,778,414 2,964,107Impairment 減值 (141,788) (158,268)1,636,626 2,805,839Trade receivables represent sales income, rentals receivable and 應收貿易賬款指於出具發票時應收或根據相關買service income receivables from customers which are payable on 賣協議條款應收客戶的銷售收入、應收租金及服issuance of invoices or in accordance with the terms of the related 務收入。本集團一般提供不超過60天信貸期予sale and purchase agreements. The Group generally allows a credit 客戶。高級管理層定期審閱逾期結餘。有鑑於此period of not exceeding 60 days to its customers. Overdue balances 及本集團的應收貿易賬款與大量不同客戶有關，are reviewed regularly by senior management. In view of this and 故並無重大集中信貸風險。應收貿易賬款為免the fact that the Group’s trade receivables relate to a large number 息。應收貿易賬款賬面值與其公平值相若。of diversified customers, there is no significant concentration ofcredit risk. Trade receivables are non-interest-bearing. The carryingamounts of the trade receivables approximate to their fair values.An aged analysis of the trade receivables based on the payment due 於報告期末時，根據付款到期日，應收貿易賬款date as at the end of the reporting period, net of provision, is as 扣除撥備後的賬齡分析如下：follows:2015 2014HK$’000 HK$’000千港元 千港元Within 1 month 1個月以內 952,372 1,805,7921 to 2 months 1至2個月 55,269 208,0482 to 3 months 2至3個月 32,239 316,165Over 3 months 逾3個月 596,746 475,8341,636,626 2,805,839191Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

24. Trade Receivables
(Continued) 24.應收貿易賬款（續）
The movements in provision for impairment of trade receivables are as 應收貿易賬款的減值撥備變動如下：
follows:
2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|158,268|
|(16,400)|
|(80)|
|141,788|

 The aged analysis of the trade receivables that are not individually 個別或合計均不被視為減值的應收貿易賬款的賬 nor collectively considered to be impaired is as follows: 齡分析如下：
2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|875,257|
|77,115|
|87,508|
|596,746|
|1,636,626|

 Receivables that were neither past due nor impaired and past due 未逾期及未減值以及已逾期但未減值的應收款項 but not impaired relate to a large number of diversified customers 與大量不同客戶有關，彼等最近並無欠款記錄。
for whom there was no recent history of default. The Group would 在買家全數清償付款前，本集團不會向其發出房 not release the property ownership certificates to the buyers before 產證。
the buyers fully settle the payment.
192
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日25. Prepayments, Deposits and Other Receivables 25. 預付款項、按金及其他應收款項2015 2014HK$’000 HK$’000千港元 千港元Prepayments 預付款項 207,554 222,290Receivables for disposal of subsidiaries* 出售附屬公司的應收款項* 12,504 202,107Deposits and other receivables 按金及其他應收款項 425,503 296,872Current portion of finance lease receivables 融資租賃應收款項之即期部分(note 21) （附註21） 8,224 8,204653,785 729,473The financial assets included in the above balances relate to 於上述結餘入賬的金融資產最近並無欠款記錄。receivables for which there was no recent history of default.* The amount represented receivables from an independent third party * 指於2012年，本集團出售若干附屬公司予獨立in connection with the disposal of certain subsidiaries by the Group in 第三方之應收款。人民幣157,820,000元已於本2012. An amount of RMB157,820,000 was settled in the current year 年度償付，餘額預期於2016年3月31日前收回。and the remaining balance is expected to be collected before 31 March 應收款項的賬面值與其公平值相若。2016. The carrying amount of the receivables balance approximates toits fair value.26. Held for Trading Investments at Fair Value 26. 透過損益以公平值列賬之持作買賣Through Profit Or Loss 投資2015 2014HK$’000 HK$’000千港元 千港元Listed investment funds at market value 按市值計算的上市投資基金 32,890 29,120The above listed investment funds at 31 March 2015 and 2014 were 於2015年及2014年3月31日，上述上市投資基classified as held for trading upon initial recognition, and designated 金初步確認時分類為持作買賣，由於收購或產生by the Group as financial assets at fair value through profit or loss 主要為於短期內銷售或購回，故本集團將其指定since they were acquired or incurred principally for the purpose of 為透過損益以公平值列賬的金融資產。selling or repurchasing in the near term.193Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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27. Cash and Cash Equivalents and Restricted Cash 27.現金及現金等價物及受限制現金 2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|8,672,722|
|(1,419,253)|
|7,253,469|

* Restricted cash mainly comprises: (i) guarantee deposits for the * 受限制現金主要包括：(i)就購買本集團物業之買 mortgage loan facilities granted by the banks to purchasers of the 家獲銀行授予的按揭貸款融資的保證按金；(ii)建Group’s properties; (ii) guarantee funds of construction projects to 設項目的保證金，以符合當地機關的要求及(iii) meet localauthorities’ requirements; and (iii) certain amount of pre- 物業預售的若干所得款項金額，以作為相關物業 sale proceeds of properties placed as guarantee deposits for the 建設的保證按金。
construction of related properties.
At the end of the reporting period, the cash and cash equivalents 於報告期末，本集團以人民幣為單位的現金及 of the Group denominated in Renminbi amounted to approximately 現金等價物約5,488,597,000港元（2014年：HK$5,488,597,000 (2014:HK$8,219,500,000). RMB is not freely 8,219,500,000港元）。人民幣並不可自由兌換為 convertible into other currencies, however, under MainlandChina’s 其他貨幣，然而，根據中國大陸的外匯管制條例 Foreign Exchange Control Regulations and Administration of 及結匯、付匯及售匯規定，本集團可以透過獲准 Settlement, Sale and Payment of Foreign Exchange Regulations, the 進行外匯業務的銀行將人民幣兌換為其他貨幣。
Group is permitted to exchange RMB for other currencies through
banks authorised to conduct foreign exchange business.
Cash at banks earns interest at floating rates based on daily bank 存於銀行現金根據每日銀行存款利率按浮動利率 deposit rates. Short term time deposits are made for varying periods 賺取利息。短期定期存款的存款期各異，由一天 of between one day and three months depending on the immediate 至三個月不等，視乎本集團即時的現金需求而 cash requirements of the Group, and earn interest at the respective 定，而利息則按各個短期定期存款利率賺取。銀 short term time deposit rates. The bank balances and restricted cash 行結餘及受限制現金乃存放於信譽良好且近期並 are deposited with creditworthy banks with no recent history of 無欠款記錄的銀行。
default.
194
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日28. Trade and Other Payables 28. 貿易及其他應付款項2015 2014Notes HK$’000 HK$’000附 註 千港元 千港元Other payables and accruals 其他應付款項及應計項目 1,626,215 2,647,884Notes payable 應付票據 (i) 187,560 62,495Deposits and receipts in advance 按金及預收款項 3,913,942 5,120,311Construction fee and retention payables 應付建築費用及保留金 (ii) 7,806,948 5,979,22613,534,665 13,809,916(i) An aged analysis of the Group’s notes payable presented based (i) 於報告期末本集團基於發票日之應付票據on the invoice date at the end of the reporting period is as 的賬齡分析如下：follows:2015 2014HK$’000 HK$’000千港元 千港元1 to 3 months 1至3個月 187,560 62,495(ii) An aged analysis of the construction fee and retention payables (ii) 於報告期末建築費用及保留金應付款項的as at the end of reporting period is as follows: 賬齡分析如下：2015 2014HK$’000 HK$’000千港元 千港元Within 1 year 1年內 7,714,040 5,923,618Over 1 year 超過1年 92,908 55,6087,806,948 5,979,226The construction fee and retention payables are non-interest- 應付建築費用及保留金為免息及須於一般bearing and repayable within the normal operating cycle or on 業務週期或應要求償還。demand.The other payables are non-interest-bearing. 其他應付款項為免息。195Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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29. Interest-Bearing Bank and Other Borrowings 29.計息銀行及其他借貸
2015 2014
Effective Effective
interest rate interest rate
(%) (%)
實際利率 Maturity HK$’000 實際利率 Maturity HK$’000(%) 到期 千港元 (%) 到期 千港元
||||
|-|-|-|
|5.50%–6.94%|2015~2016|2,357,004|
|6.16%–6.60%|2015~2016|1,025,328|
|6.15%–7.07%HIBOR+2.65%–HIBOR+2.75%|2015~2016|1,280,871|
|5.54%–8.00%|2015~2016|2,161,746|
|||6,824,949|
|6.15%–7.07%HIBOR+2.65%–HIBOR+2.75%|2016~2020|1,467,249|
|5.54%–7.38%|2016~2021|7,173,149|
|||8,640,398|
|||15,465,347|

196
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日29. Interest-Bearing Bank and Other Borrowings 29. 計息銀行及其他借貸（續）(Continued)2015 2014HK$’000 HK$’000千港元 千港元Analysed into: 分析列為：Bank loans repayable: 須於以下期間償還的銀行貸款：Within one year or on demand 一年內或應要求 6,824,949 5,841,720In the second year 第二年 4,296,445 2,834,159In the third to fifth years, inclusive 第三至第五年（包括首尾兩年在內） 3,809,632 3,182,155Beyond five years 五年後 534,321 594,36115,465,347 12,452,395197Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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29. Interest-Bearing Bank and Other Borrowings 29.計息銀行及其他借貸（續）
(Continued)
Bank loans with a total amount ofHK$10,360,223,000 (2014: 10,360,223,000港元（2014年：8,491,234,000HK$8,491,234,000) are secured by: 港元）的銀行貸款由下列各項抵押：
(i) Certain of theGroup’s buildings with aggregate carrying values (i)於2015年及2014年3月31日賬面總值分別 of approximatelyHK$23,546,000 andHK$15,952,000 as at 31 約23,546,000港元及15,952,000港元的本 March 2015 and 2014, respectively (note 13); 集團若干樓宇（附註13）；
(ii) Certain of theGroup’s investment properties situated (ii)於2015年及2014年3月31日賬面總值分別 in Mainland China with aggregate carrying values of 約20,652,214,000港元及16,035,574,000 approximatelyHK$20,652,214,000 andHK$16,035,574,000 as 港元的本集團位於中國大陸的若干投資物 at 31 March 2015 and 2014, respectively (note 14); 業（附註14）；
(iii) Certain of theGroup’s properties under development (iii)於2015年及2014年3月31日賬面總值分別 situated in Mainland China with aggregate carrying values of 約190,683,000港元及234,035,000港元的 approximatelyHK$190,683,000 andHK$234,035,000 as at 31 本集團位於中國大陸的若干發展中物業（附 March 2015 and 2014, respectively (note 15); and 註15）；
(iv) Certain of theGroup’s properties held for sale with aggregate (iv)於2015年及2014年3月31日賬面總值分別 carrying values of approximatelyHK$3,626,061,000 and 約3,626,061,000港元及3,707,127,000港HK$3,707,127,000 as at 31 March 2015 and 2014, respectively 元的本集團若干持作銷售物業（附註23）。
(note 23).
Except for the bank loan equivalent toHK$850,000,000 (2014: 除按由香港銀行同業拆息加2.65%至香港銀行同HK$500,000,000), which is denominated in Hong Kong dollars and 業拆息加2.75%之浮動利率計息的850,000,000 bears interest at floating rate ranging from the Hong Kong Inter- 港元（2014年：500,000,000港元）銀行貸款以港 bank Offered Rate (“HIBOR”)+2.65% toHIBOR+2.75%, the other 元為單位外，本集團所有其他計息借貸均以人民 interest-bearing borrowings of the Group are denominated in RMB 幣為單位，並按每年5.5%至8.0%的浮動利率計 and bear interest at floating rates ranging from5.5% to8.0% per 息（2014年：每年5.40%至7.87%的浮動利率）。
annum (2014:5.40% to7.87% per annum).
The carrying amounts of theGroup’s bank and other borrowings 本集團計息銀行及其他借貸的賬面值與其公平值 approximate to their fair values, which have been calculated by 相若，乃按預期日後現金流量以當時利率貼現計 discounting the expected future cash flows at the prevailing interest 算。
rates.
198
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日30. Derivative Financial Instrument 30. 衍生金融工具Pursuant to an agreement entered into between the Company and 根據本公司與第三方（騰訊控股有限公司一家子a third party, which is a subsidiary of Tencent Holdings Limited (the 公司）（「投資者」）於2014年1月15日所訂立的投“Investor”), on 15 January 2014 (the “Investment and Cooperation 資及合作協議，投資者按認購價每股2.20港元認Agreement”), the Investor has subscribed for an aggregate of 購合共680,300,000股新股份。根據該協議，本680,300,000 new shares of the Company at a subscription price of 公司亦同意不可撤回地向投資者授出購股權，可HK$2.20 per share. Pursuant to the Investment and Cooperation 按購股權價格每股3.50港元（可予調整（如有）），Agreement, the Company has also agreed to irrevocably grant 由2014年1月23日至2016年1月23日期間內進一the option to the Investor to subscribe for a further 244,800,000 步認購244,800,000股新股份（「騰訊購股權」）。new shares at the option price of HK$3.50 per share (subject toadjustments (if any)) during the period from 23 January 2014 to 23January 2016 (the “Tencent call option”).On 23 September 2014, the subscription rights attaching to 於2014年9月23日，投資者以購股權價格每股244,800,000 options were exercised by the Investor at the 3.36港元（按本公司宣派之股息已作調整）行使subscription price of HK$3.36 per share (as adjusted by the dividend 244,800,000份購股權，發行244,800,000新股declared by the Company), resulting in the issue of 244,800,000 的總代價約為822,528,000港元。在完成行使騰new shares for a total cash consideration, before expenses, of 訊購股權當日的公允值29,376,000港元（2014年HK$822,528,000. In addition, the fair value of the Tencent call 3月31日：181,291,000港元）已轉撥至股本。option as at the exercise date of HK$29,376,000 (31 March 2014:HK$181,291,000) was transferred to the share capital account uponthe exercise of the options.31. Senior Notes 31. 優先票據The Group issued the following senior notes in the current and prior 本集團於今年及以前年度發行以下優先票據：years:(i) On 14 January 2011, the Company issued senior notes with (i) 於2011年1月14日，本公司發行本金總an aggregate principal amount of US$250,000,000 (the 額250,000,000美元的優先票據（「2011票“2011 Notes”). The 2011 Notes were listed on the Singapore 據」）。2011票據於新加坡證券交易所有Exchange Securities Trading Limited. The 2011 Notes carried 限公司上市。2011票據按年利率13.5%interest at 13.5% per annum, were payable semi-annually on 計息，每半年於1月14日及7月14日期後14 January and 14 July in arrears, and would mature on 14 支付，並將於2016年1月14日到期（除非January 2016, unless redeemed earlier. The offering price was 提早贖回）。發售價為2011票據本金額的at 97.381% of the principal amount of the 2011 Notes. 97.381%。199Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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31. Senior Notes
(Continued) 31.優先票據（續）
(i) (Continued) (i)（續）
On 20 February 2014, the Company redeemed the outstanding 於2014年2月20日，本公司已從公開 2011 Notes with a principal amount ofUS$241,000,000 from 市場贖回2011票據之餘下本金總額 the open market. The total consideration of the redemption 為241,000,000美元。總贖回代價為 wasUS$260,521,000 (equivalent toHK$2,032,064,000), 260,521,000美元（相當於2,032,064,000港 which included redemption price at106.750% of the principal 元），包括以本金額106.750%計算的贖回 amount and pro rata accrued and unpaid interest. The carrying 價及按比例計算的累計及未付利息。所贖 amount of the redeemed 2011 Notes wasUS$237,946,000 回2011票據的賬面值為237,946,000美元 (equivalent toHK$1,855,982,000), resulting in a loss on （相當於1,855,982,000港元），導致於2014 redemption of the 2011 Notes amounting toHK$176,082,000 年錄得176,082,000港元虧損。
for 2014.
(ii) On 17 October 2012, the Company issued senior notes with (ii)於2012年10月17日，本公司發行本金總 an aggregate principal amount ofUS$125,000,000 (the “2012 額125,000,000美元的優先票據（「2012票 Notes”). The 2012 Notes are listed on the Singapore Exchange 據」）。2012票據於新加坡證券交易所有 Securities Trading Limited. The 2012 Notes carry interest at 限公司上市。2012票據按年利率13.5%13.5% per annum, payable semi-annually on 17 April and 17 計息，每半年於4月17日及10月17日期後 October in arrears, and will mature on 17 October 2017, unless 支付，並將於2017年10月17日到期（除非 redeemed earlier. The offering price was at97.381% of the 提早贖回）。發售價為2012票據本金額的 principal amount of the 2012 Notes. 97.381%。
At any time on or after 17 October 2015, the Company may 於2015年10月17日或之後任何時候，本 redeem the 2012 Notes, in whole or in part, at a redemption 公司可按相等於下述本金額百分比的贖回 price equal to the percentage of the principal amount set 價，另加截至贖回日期（但不包括該日）的 forth below plus accrued and unpaid interest as of (but not 累計及未付利息，贖回全部或部分2012票 including) the redemption date if redeemed during the twelve 據（倘於下文所示各年度10月17日開始的 month period beginning on 17 October of each of the years 12個月期間內贖回）：
indicated below:
Period Redemption price 期間 贖回價 2015 106.750% 2015年 106.750% 2016 and thereafter 103.375% 2016年及之後 103.375%
200
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日31. Senior Notes (Continued) 31. 優先票據（續）(ii) (Continued) (ii) （續）At any time prior to 17 October 2015, the Company may at 於2015年10月17日前任何時間，本公司its option redeem the 2012 Notes, in whole but not in part, at 可按相等於2012票據本金額100%的贖回a redemption price equal to 100% of the principal amount of 價，另加截至贖回日期（但不包括該日）the 2012 Notes plus the applicable premium and accrued and 2012票據的適用溢價以及累計及未付利息unpaid interest, if any, as of (but not including) the redemption （如有），贖回全部但非部分2012票據。date.At any time prior to 17 October 2015, the Company may 於2015年10月17日前任何時間，本公司redeem up to 35% of the aggregate principal amount of the 可以在股份發售中進行一次或多次銷售本2012 Notes with the net cash proceeds of one or more sales 公司普通股所得的現金款項淨額，按2012of common stock of the Company in an equity offering at a 票據本金額113.5%的贖回價，另加截至redemption price of 113.5% of the principal amount of the 贖回日期（但不包括該日）的累計及未付利2012 Notes, plus accrued and unpaid interest, if any, to (but 息（如有），贖回最多2012票據本金總額的not including) the redemption date, provided that at least 65% 35%，惟每次贖回後2012票據原發行本金of the aggregate principal amount of the 2012 Notes originally 總額最少65%須仍未贖回，且任何有關贖issued remains outstanding after each such redemption and 回須於相關本公司股本銷售結束後60日內any such redemption takes place within 60 days after the 進行及受限於若干條件。closing of the related sale of the Company’s capital stock and issubject to certain conditions.(iii) On 29 January 2014, the Company issued senior notes with an (iii) 於2014年1月29日，本公司發行本金總aggregate principal amount of US$400,000,000 (the “2014 額400,000,000美元的優先票據（「2014票Notes”). The 2014 Notes are listed on the Singapore Exchange 據」）。2014票據於新加坡證券交易所有Securities Trading Limited. The 2014 Notes carry interest at 限公司上市。2014票據按年利率8.25%the rate of 8.25% per annum, payable semi-annually on 29 計息，每半年於1月29日及7月29日期後January and 29 July in arrears, and will mature on 29 January 支付，並將於2019年1月29日到期（除非2019, unless redeemed earlier. The offering price was at 提早贖回）。發售價為2014票據本金額的98.999% of the principal amount of the 2014 Notes. 98.999%。At any time and from time to time on or after 29 January 2017, 於2017年1月29日或之後任何時候，本公the Company may redeem the 2014 Notes, in whole or in part, 司可按相等於下述本金額百分比的贖回at a redemption price equal to the percentage of the principal 價，另加截至贖回日期（但不包括該日）的amount set forth below plus accrued and unpaid interest as of 累計及未付利息，贖回全部或部分2014票(but not including) the redemption date if redeemed during the 據（倘於下文所示各年度1月29日開始的12twelve month period beginning on 29 January of each of the 個月期間內贖回）：years indicated below:Period Redemption price 期間 贖回價2017 104.1250% 2017年 104.1250%2018 and thereafter 102.0625% 2018年及之後 102.0625%201Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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31. Senior Notes
(Continued) 31.優先票據（續）
(iii) (Continued) (iii)（續）
At any time prior to 29 January 2017, the Company may at its 於2017年1月29日前任何時間，本公司可 option redeem the 2014 Notes, in whole but not in part, at a 按相等於2014票據本金額100%的贖回 redemption price equal to100% of the principal amount of 價，另加截至贖回日期（但不包括該日） the 2014 Notes plus the applicable premium and accrued and 2014票據的適用溢價以及累計及未付利息 unpaid interest, if any, as of (but not including) the redemption （如有），贖回全部但非部分2014票據。
date.
At any time and from time to time prior to 29 January 2017, 於2017年1月29日前任何時間，本公司可 the Company may redeem up to35% of the aggregate 以在股份發售中進行一次或多次銷售本公 principal amount of the 2014 Notes with the net cash proceeds 司普通股所得的現金款項淨額，按2014票 of one or more sales of common stock of the Company in 據本金額108.25%的贖回價，另加截至贖 an equity offering at a redemption price of108.25% of the 回日期（但不包括該日）的累計及未付利息 principal amount of the 2014 Notes, plus accrued and unpaid （如有），贖回最多2014票據本金總額的 interest, if any, to (but not including) the redemption date, 35%，惟每次贖回後2014票據原發行本金 provided that at least65% of the aggregate principal amount 總額最少65%須仍未贖回，且任何有關贖 of the 2014 Notes originally issued remains outstanding after 回須於相關本公司股本銷售結束後60日內 each such redemption and any such redemption takes place 進行及受限於若干條件。
within 60 days after the closing of the related sale of the
Company’s capital stock and is subject to certain conditions.
At the end of the reporting period, the 2012 Notes and 2014 於報告期末，2012票據及2014年票據（「優先票 Notes (the “Senior Notes”) contain liability components and early 據」）含有下列負債部分及上述提早贖回權： redemption options as follow:
(i) The liability component represents the present value of (i)負債部分指合約所釐定未來現金流量按具 the contractually determined stream of future cash flows 有可資比較信貸評級並按相同條款提供大 discounted at the prevailing market interest rate at that time 致相同現金流量但無嵌入衍生工具的工具 applicable to instruments with comparable credit status that 當時適用的現行市場利率折現的現值。
provided substantially the same cash flows, on the same terms,
but without the embedded derivatives.
The interest charged for the period is calculated by applying 期內收取的利息乃按2012票據及2014票據 effective interest rates of approximately14.62% and8.90% 發行以來的負債部份分別使用實際年利率 per annum to the liability component of the 2012 Notes and 約14.62%及8.90%計算。
2014 Notes, respectively, since they were issued.
(ii) Early redemption options are regarded as embedded derivatives (ii)提早贖回權被視為並非與主合約有密切關 not closely related to the host contract. The directors consider 係的嵌入衍生工具。董事認為於初始確認 that the fair value of the above early redemption options is 及在2015年3月31日，上述提早贖回權的 insignificant on initial recognition and at 31 March 2015. 公平值不大。
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日31. Senior Notes (Continued) 31. 優先票據（續）The Senior Notes recognised in the statement of financial position 已於財務狀況表確認的優先票據計算如下：were calculated as follows:2015 2014HK$’000 HK$’000千港元 千港元Carrying amount at the beginning of year 於年初的賬面值 4,056,838 2,853,402Additions 添置 – 3,012,607Payment of interest 支付利息 (389,024) (378,330)Repurchase of 2011 Notes 贖回2011票據 – (1,855,982)Interest expenses 利息開支 414,997 425,141Carrying amount at the end of year 於年終的賬面值 4,082,811 4,056,838The fair value of the Senior Notes at 31 March 2015 amounted to 於2015年3月31日，優先票據的公平值達HK$4,028,737,000 (2014: HK$4,157,767,000). The fair value is 4,028,737,000港元（2014年：4,157,767,000港calculated using the market price of the Senior Notes on 31 March 元）。公平值乃使用優先票據於2015年3月31日2015. 的市場價格計算。32. Deferred Tax 32. 遞延稅項The movements in deferred tax liabilities and assets during the year 年內，遞延稅項負債及資產變動如下：are as follows:Deferred tax liabilities 遞延稅項負債Revaluationof property,Accelerated Revaluation plant and Capitalisedtax of investment Withholding equipment interestdepreciation properties tax 物業、廠房及 expense Total加速稅項折舊 投資 物業重估 預扣稅 設備重估 資本化利息 總計HK$’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At 1 April 2014 於2014年4月1日 190,424 3,136,712 473,979 95,294 – 3,896,409Deferred tax charged/(credited) 年內於損益表內扣除╱to the statement of profit or （計入）的遞延稅項loss during the year (note 10) （附註10） 77,214 599,633 (142,219) – 14,745 549,373Exchange realignment 匯兌調整 893 10,920 1,189 229 83 13,314At 31 March 2015 於2015年3月31日 268,531 3,747,265 332,949 95,523 14,828 4,459,096203Annual Report 2014/15 年報|

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32. Deferred Tax
(Continued) 32.遞延稅項（續）
Deferred tax assets 遞延稅項資產
Loss available Tax effect of
for offsetting Provision for government
against future impairment grants relating
Tax effect taxable profits of trade to assets
of LAT 可供抵銷未來 receivables 有關資產之
土地增值稅的 應課稅利潤的 應收賬款 政府補助的 Total稅務影響 虧損 減值撥備 稅務影響 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元
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|-|-|-|-|-|
|709,048|52,603|44,545|226,607|1,032,803|
|303,416|99,513|(5,485)|40,137|437,581|
|3,406|687|76|770|4,939|
|1,015,870|152,803|39,136|267,514|1,475,323|

 Deferred tax liabilities 遞延稅項負債
Revaluation
of property,
Accelerated Revaluation plant and
tax of investment Withholding equipment
depreciation properties tax 物業、廠房及 Total加速稅項折舊投資物業重估 預扣稅 設備重估 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元 At 1 April 2013 於2013年4月1日 144,691 2,831,250 421,247 95,485 3,492,673 Deferred tax charged to the statement of 年內於損益表內扣除的
profit or loss during the year (note 10) 遞延稅項（附註10） 46,779 316,571 54,455 – 417,805 Exchange realignment 匯兌調整 (1,046) (11,109) (1,723) (191) (14,069) At 31 March 2014 於2014年3月31日 190,424 3,136,712 473,979 95,294 3,896,409
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日32. Deferred Tax (Continued) 32. 遞延稅項（續）Deferred tax assets 遞延稅項資產Loss available Tax effect offor offsetting Provision for governmentagainst future impairment grants relatingTax effect taxable profits of trade to assetsof LAT 可供抵銷未來 receivables 有關資產之土地增值稅的 應課稅利潤的 應收賬款 政府補助的 Total稅務影響 虧損 減值撥備 稅務影響 總計HK$’000 HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 千港元At 1 April 2013 於2013年4月1日 397,407 – 31,792 157,033 586,232Deferred tax credited to the statement of 年內計入損益表內的profit or loss during the year (note 10) 遞延稅項（附註10） 317,570 53,401 13,027 71,037 455,035Exchange realignment 匯兌調整 (5,929) (798) (274) (1,463) (8,464)At 31 March 2014 於2014年3月31日 709,048 52,603 44,545 226,607 1,032,803The Group has tax losses arising in Hong Kong of HK$177,216,000 本集團於香港產生的稅項虧損177,216,000港元(2014: HK$185,205,000) that are available indefinitely for offsetting （2014年：185,205,000港元），可無限期結轉，against future taxable profits of the companies in which the losses 以抵銷產生虧損的公司未來應課稅溢利。arose.The Group also has tax losses in Mainland China of HK$275,659,000 本集團亦於中國大陸產生稅項虧損275,659,000(2014: HK$282,767,000) that will expire in one to five years for 港元（2014年：282,767,000港元），將於一至五offsetting against future taxable profits. 年內屆滿，可用以抵銷未來應課稅溢利。Deferred tax assets have not been recognised in respect of these 由於該等虧損由已出現虧損一段時期的附屬公司losses as they have arisen in subsidiaries that have been loss-making 產生，且被認為並不可能有充足的應課稅溢利以for some time and it is not considered probable that taxable profits 對銷該等可動用的稅項虧損，故並無就該等虧損will be available against which the tax losses can be utilised. 確認遞延稅項資產。Pursuant to the PRC Corporate Income Tax Law, a 10% withholding 根據中國企業所得稅法，於中國內地成立的外商tax is levied on dividends declared to foreign investors from the 投資企業向海外投資者宣派的股息須繳納10%foreign investment enterprises established in Mainland China. The 預扣稅。是項規定自2008年1月1日起生效，並requirement is effective from 1 January 2008 and applies to earnings 適用於2007年12月31日後賺取的盈利。倘中after 31 December 2007. A lower withholding tax rate may be 國大陸與海外投資者所處司法權區訂立稅務條applied if there is a tax treaty between Mainland China and the 約，則可繳納較低預扣稅。因此，本集團須就於jurisdiction of the foreign investors. The Group is therefore liable for 中國內地成立的附屬公司分派2008年1月1日後withholding taxes on dividends distributed by subsidiaries established 所賺取盈利的股息而繳納預扣稅。於本年度，in Mainland China in respect of earnings generated from 1 January 本集團就其於中國內地成立的附屬公司作出之2008. In the current year, the Group reversed withholding tax of 預扣稅為回撥142,219,000港元（2014年：應計HK$142,219,000 (2014: accrued of HK$54,455,000) for those 54,455,000港元）。subsidiaries established in Mainland China.205Annual Report 2014/15 年報|

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33. Convertible Notes 33.可換股票據
On 9 April 2013, the Group issued convertible notes (the “Notes”) 於2013年4月9日，本集團發行面值為 with a nominal value ofHK$975,000,000. The Notes are convertible 975,000,000港元之可換股票據（「票據」）。票據 at the option of the noteholders at the conversion price ofHK$1.56 持有人可選擇按每股1.56港元之兌換價兌換票 per share. The Notes are listed on the Singapore Exchange Securities 據。票據於新加坡證券交易所有限公司上市。票 Trading Limited. The Notes carry interest at the rate of6.5% per 據票面利率按年6.5厘計息，每半年於4月9日及 annum, payable semi-annually on 9 April and 9 October in arrears, 10月9日期後支付，並將於2018年4月9日到期。
and will mature on 9 April 2018.
During the year, the noteholders exercised their right to convert the 本年內，票據持有人已行使其權利將合共本金額 Notes in the aggregate principal amount ofHK$975,000,000 into 975,000,000港元之票據轉換成624,999,999股 624,999,999 shares (the “Convertible Shares”). The Convertible 股份（「轉換股份」）。轉換股份已於2014年7月9 Shares have been allotted and issued on 9 July 2014. The 日獲配發及發行。轉換股份在各方面與所有現時 Convertible Shares rank pari passu with all the existing issued shares 已發行股份享有同等地位。
of the Company.
The carrying amount of the Notes as at the conversion date, 於轉換日，票據的帳面值，包括負債部分約 including liability component and equity component of 1,007,932,000港元及權益部分37,360,000港元 approximatelyHK$1,007,932,000 andHK$37,360,000, respectively, 已轉撥到已發行股本。
was transferred to the share capital account upon the conversion.
34. Medium-Term Notes 34.中期票據
The Group has issued the following medium-term notes in the 本集團於本年內發行以下之中期票據： current year:
(i) On 9 May 2014, China South International Industrial (i)本公司全資附屬公司華南國際工業原料城 Material City (Shenzhen) Company Limited (“China South （深圳）有限公司（「華南國際」）於2014年5 International”, a wholly owned subsidiary of the Group), 月9日完成在中國銀行間市場發行第一期 completed the issuance of the first tranche of medium-term 中期票據（「第一期票據」），本金總額為人 notes (the “First tranche notes”) in the total principal amount 民幣1,000,000,000元。第一期票據年利率 of RMB1,000,000,000 in the national inter-bank market of the 為7.5%，每年於5月9日後支付，並將於 PRC. The First tranche notes carry interest at the rate of7.5% 2019年5月9日到期。
per annum, payable annually on 9 May in arrears, and will
mature on 9 May 2019.
(ii) On 12 September 2014, China South International has (ii)華南國際於2014年9月12日完成在中國銀 completed the issuance of the second tranche of medium- 行間市場發行第二期中期票據（「第二期票 term notes (the “Second tranche notes”) in the total principal 據」），本金總額為人民幣1,000,000,000 amount of RMB1,000,000,000 in the national inter-bank 元。第二期票據年利率為8.4%，每年於9 market of the PRC. The Second tranche notes carry interest 月12日後支付，並將於2019年9月12日到 at the rate of8.4% per annum, payable annually on 12 期。
September in arrears, and will mature on 12 September 2019.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日34. Medium-Term Notes (Continued) 34. 中期票據（續）The medium-term notes recognised in the statement of financial 已於財務狀況表確認的中期票據計算如下：position were calculated as follows:2015HK$’000千港元Carrying amount at the beginning of year 年初的賬面值 –Additions 新增 2,483,550Interest expenses 利息開支 143,505Exchange realignment 匯兌調整 77,171Carrying amount at the end of year 年終的賬面值 2,704,226The fair value of the medium-term notes at 31 March 2015 於2015年3月31日，中期票據的公平值達約amounted to approximately HK$2,721,145,000. The fair value is 2,721,145,000港元。公平值乃使用中期票據於calculated using the market price of the medium-term notes on 31 2015年3月31日的市場價格計算。March 2015.35. Short-Term Notes 35. 短期融資券The Group has issued the following short-term notes in the current 本集團於本年內發行以下之短期融資券：year:(i) On 17 October 2014, China South International completed (i) 華南國際於2014年10月17日完成在中國the issuance of the first tranche of short-term notes in the 銀行間市場發行第一期短期融資券，本金total principal amount of RMB2,200,000,000 (equivalent to 總額為人民幣2,200,000,000（相等於約為approximately HK$2,750,880,000) in the national inter-bank 2,750,880,000港元）。第一期短期融資券market of the PRC. The first tranche of short-term notes carry 年利率為5.4%，於10月17日後支付，到期interest at the rate of 5.4% per annum, payable on 17 October 日為2015年10月17日。in arrears, and will mature on 17 October 2015.The fair value of the short-term notes at 31 March 2015 amounted 於2015年3月31日，短期融資券的公平值達約to approximately HK$2,817,041,000. The fair value is calculated 2,817,041,000港元。公平值乃使用短期融資券using the market price of the short-term notes on 31 March 2015. 於2015年3月31日的市場價格計算。207Annual Report 2014/15 年報|

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36. Share Capital 36.股本
Shares 股份
2015 2014HK$’000 HK$’000千港元 千港元
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|7,034,761|

 A summary of the movements in theCompany’s share capital is as 本公司的股本變動摘要如下：
follows:
Share Capital
Number of premium redemption
shares in issue Share capital account reserve Total已發行股份數目 股本 股份溢價賬 資本贖回儲備 總計HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元 At 1 April 2013 於2013年4月1日 6,053,564,000 60,536 3,144,121 204 3,204,861 Exercise of share options (note (b)) 行使購股權(附註(b)) 173,250,000 1,732 265,862 – 267,594 Issuance of new shares 發行新股 680,300,000 6,803 1,205,218 – 1,212,021 Transition to no-par value regime on 於二零一四年三月三日過渡至
3 March 2014 (note (a)) 無股票票面值機制(附註(a)) – 4,615,405 (4,615,201) (204) – At 31 March 2014 於2014年3月31日 6,907,114,000 4,684,476 – – 4,684,476 At 1 April 2014 於2014年4月1日 6,907,114,000 4,684,476 – – 4,684,476 Exercise of share options (note (b)) 行使購股權(附註(b)) 268,320,000 453,089 – – 453,089 Shares repurchased 股份回購 (44,562,000) – – – – Conversion of convertible notes (note 33)可換股票據轉換(附註33) 624,999,999 1,045,292 – – 1,045,292 Exercise of Tencent call options (note 30) 行使騰訊購股權(附註30) 244,800,000 851,904 – – 851,904 At 31 March 2015 於2015年3月31日 8,000,671,999 7,034,761 – – 7,034,761 Notes: 附註：
(a) In accordance with the transitional provisions set out in Section 37 of (a)根據於2014年3月3日的香港公司條例附表11第
Schedule 11 to the Hong Kong Companies Ordinance, on 3 March 37條之過渡性條文，股份溢價賬之任何進賬金
2014, any amount standing to the credit of the share premium account 額均成為本公司股本之一部份。
has become part of theCompany’s share capital.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日36. Share Capital (Continued) 36. 股本（續）Shares (Continued) 股份（續）Notes: (Continued) 附註：（續）(b) The subscription rights attaching to 268,320,000 (2014: 173,250,000) (b) 附於268,320,000（2014年：173,250,000）份購股share options were exercised at the average subscription price of 權之認購權益於年內以每股平均行使價約1.4541approximately HK$1.4541 (2013: 1.3020) per share (note 37), （2013：1.3020）港元（附註37）被行使，導致本resulting in issue of 268,320,000 shares of a total cash consideration, 公司發行268,320,000股（扣除發行開支前價值約before expenses, of approximately HK$390,171,000. An amount of 390,171,000港元）的股本。當購股權行使，約approximately HK$62,917,000 (2014: HK$42,022,000) was transferred 62,917,000港元（2014年：42,022,000港元）由from the share option reserve to share capital upon the exercise of the 購股權儲備轉撥到發行股本。share options.Share options 購股權Details of the Company’s share option scheme and the share options 關於公司的購股權計劃及於計劃下已發行的購股issued under the scheme are included in note 37 to the financial 權已詳載於財務報表的附註37。statements.37. Share Options 37. 購股權The Company has adopted a share option scheme on 4 September 本公司已於2009年9月4日採納購股權計劃（「購2009 (the “Share Option Scheme”) to provide incentives and reward 股權計劃」），向對本公司或其附屬公司作出貢to selected eligible persons which includes directors, employees, 獻或潛在貢獻的經甄選合資格人士（包括本集團officers, agents, consultants or representatives of the Group for 董事、僱員、高級職員、代理、顧問或代表）提their contribution or potential contribution to the Company or its 供獎勵及回報，購股權計劃自2009年9月30日起subsidiaries. The Share Option Scheme became effective on 30 生效，並由當日起持續十年（除非取消或作出修September 2009 and, unless otherwise cancelled or amended, will 訂）。購股權計劃的進一步詳情載於公司年報中remain in force for 10 years from that date. Further details of the 的「董事會報告」。Share Option Scheme are set out in the “Report of the Directors” inthe Company’s annual report.On 11 April 2011, a total of 226,900,000 share options under the 於 2011 年 4 月 11 日 ， 本 集 團 授 出 合 共Share Option Scheme were granted. These share options have an 226,900,000份購股權。該等購股權的行使價exercise price of HK$1.29 per share and an exercise period ranging 為每股1.29港元，行使期為2011年4月11日至from 11 April 2011 to 10 April 2016. Of the total 226,900,000 share 2016年4月10日。於合共226,900,000份購股權options, 15,000,000 share options were granted to an executive 中，15,000,000份購股權已授予本公司一名執行director of the Company, and 211,900,000 share options were 董事，另211,900,000份購股權則授予本集團若granted to certain employees of the Group. 干僱員。The fair value of the 226,900,000 share options granted 所授出226,900,000 份購股權之公平值為was HK$58,175,000 of which the Group recognised a share 58,175,000港元，其中本集團於本年度確認購股option expense of HK$24,000 during the current year (2014: 權開支24,000港元（2014年：1,860,000港元）。HK$1,860,000).On 27 June 2012, a total of 116,870,000 share options under the 於 2012 年 6 月 27 日 ， 本 集 團 授 出 合 共Share Option Scheme were granted. These share options have an 116,870,000購股權。該等購股權的行使權為每exercise price of HK$1.15 per share and an exercise period ranging 股1.15港元，行使期為2012年6月27日至2017from 27 June 2012 to 26 June 2017. Of the total 116,870,000 share 年6月26日。於合共116,870,000份購股權中，options, 69,870,000 share options were granted to certain executive 69,870,000份購股權已授予本公司執行董事，另directors, and 47,000,000 share options were granted to certain 47,000,000份購股權則授予本集團若干僱員。employees of the Group.209Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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37. Share Options
(Continued) 37.購股權（續）
The fair value of the 116,870,000 share options granted was 所授出116,870,000份購股權的公平值為HK$25,140,000, of which the Group recognised a share 25,140,000港元，其中本集團已於本年度內確認 option expense ofHK$76,000 during the current year (2014: 購股權開支76,000港元（2014年：3,369,000港HK$3,369,000). 元）。
On 27 June 2013, a total of 186,300,000 share options under the 於2013年6月27日，根據購股權計劃授出合共 Share Option Scheme were granted. These share options have an 186,300,000份購股權。該等購股權的行使價 exercise price ofHK$1.69 per share and an exercise period ranging 為每股1.69港元，行使期為2013年6月27日至 from 27 June 2013 to 26 June 2018. Of the total 186,300,000 share 2018年6月26日。於合共186,300,000份購股權 options, 70,800,000 share options were granted to certain executive 中，70,800,000份購股權已授予本公司執行董 directors of the Company, and 115,500,000 share options were 事，另115,500,000份購股權則授予本集團若干 granted to certain employees of the Group. 僱員。
The fair value of the 186,300,000 share options granted was 於本年度，所授出186,300,000份購股權之公平HK$44,470,000, of which the Group recognised a share option 值為44,470,000港元，其中本集團確認購股權開 expense ofHK$5,907,000 during the current year (2014: 支5,907,000港元（2014年：36,064,000港元）。
HK$36,064,000). Included in the amount, 1,500,000 share options 此金額中，包括1,500,000份在年內沒收的購股 were forfeited during the year andHK$222,000 was transferred 權而由購股權儲備轉至損益的222,000港元。
from the share option reserve to profit or loss.
On 17 February 2014, a total of 48,000,000 share options under 於2014年2月17日，根據購股權計劃授出合共 the Share Option Scheme were granted. These share options have 48,000,000份購股權。該等購股權的行使價為每 an exercise price ofHK$4.14 per share and an exercise period 股4.14港元，行使期為2014年2月17日至2019 ranging from 17 February 2014 to 16 February 2019. Of the total 年2月16日。於合共48,000,000份購股權中， 48,000,000 share options, 8,000,000 share options were granted to 8,000,000份購股權已授予本公司獨立非執行董 certain independent non-executive directors of the Company, and 事，另40,000,000份購股權則授予本集團若干僱 40,000,000 share options were granted to certain employees of the 員。
Group.
The fair value of the 48,000,000 share options granted was 所授出48,000,000份購股權的公平值為HK$36,470,000, of which the Group recognised a share option 36,470,000港元，其中本集團已於本年度內 expense ofHK$13,657,000 during the current year (2014: 確認購股權開支13,657,000港元（2014年：HK$22,064,000). 22,064,000港元）。
On 30 June 2014, a total of 103,300,000 share options under the 於2014年6月30日，根據購股權計劃向本公司若 Share Option Scheme were granted to certain directors, senior 干本公司之董事、高級管理層及本公司及其附屬 management and certain other employees of the Company and its 公司若干僱員就彼等向本集團所提供的服務授出 subsidiaries in respect of their services to the Group. These share 合共103,300,000份購股權。該等購股權的行使 options have an exercise price ofHK$4.07 per share and an exercise 價為每股4.07港元，行使期為2014年6月30日至 period ranging from 30 June 2014 to 29 June 2019. 2019年6月29日。
The fair value of the 103,300,000 share options granted was 所授出103,300,000份購股權之公平值為
HK$83,552,000, of which the Group recognised a share option 83,552,000港元，本集團已於本年度內確認購股
expense ofHK$71,078,000 during the current year. Included in the 權開支合共71,078,000港元。此金額中，包括
amount, 2,000,000 share options were forfeited during the year and 2,000,000份在年內沒收的購股權而由購股權儲
HK$3,000 was transferred from the share option reserve to profit or 備轉至損益的3,000港元。
loss.
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日37. Share Options (Continued) 37. 購股權（續）The share options granted on 30 June 2014 were estimated as at 於2014年6月30日授出的購股權，威格斯資產評the date of grant by Vigers Appraisal and Consulting Limited, using a 估有限公司於授出日期採用二項式模式對該等購binomial model, taking into account the terms and conditions upon 股權進行估計，當中已考慮購股權獲授出時的條which the options were granted. The following table lists the inputs 款及條件。下表列示所用模式的輸入值：to the model:Share price at the date of grant (HK$) 4.07 於授出日之股價（港元） 4.07Exercise price (HK$) 4.07 行使價（港元） 4.07Dividend yield (%) 4.50 股息率(%) 4.50Expected volatility (%) 32.9 預期波動性(%) 32.9Risk-free interest rate (%) 1.368 無風險利率(%) 1.368Exercise multiple 1.53-2.2 行使倍數 1.53-2.2The expected life of the options is based on historical data and is 購股權的預期年期乃按歷史數據得出，及未必顯not necessarily indicative of the exercise patterns that may occur. 示可能發生的行使情況。預期波動性乃按自上市The expected volatility was determined based on the movement of 日期起本公司股價之變動而釐定，未必是實際結the share price of the company since listing, which may also not 果。計量公平值時，並無考慮所授出的購股權的necessarily be the actual outcome. No other feature of the options 其他特性。granted was incorporated into the measurement of fair value.The following share options were outstanding under the Share 下列購股權於年內根據購股權計劃尚未行使：Option Scheme during the year:Year ended 31 March截至3月31日止年度2015 2014Weighted Weightedaverage averageexercise price exercise priceper share Number of per share Number of每股加權 options 每股加權 options平均行使價 購股權數目 平均行使價 購股權數目HK$ ’000 HK$ ’000港元 千份 港元 千份At beginning of year 於年初 1.8393 344,920 1.2354 299,970Granted during the year 年內授出 4.0700 103,300 2.1919 234,300Lapsed during the year 年內失效 1.6900 (1,000) – –Exercised during the year 年內行使 1.4541 (268,320) 1.3020 (173,250)Forfeited during the year 年內沒收 3.0500 (3,500) 1.5012 (16,100)At end of year 於年終 3.7190 175,400 1.8393 344,920211Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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37. Share Options
(Continued) 37.購股權（續）
The exercise prices and exercise periods of the share options 於報告期末，未行使購股權的行使價及行使期如 outstanding as at the end of the reporting period are as follows: 下：
2015 2015年
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|-|-|-|
|Number of options|Exercise price|Exercise period|
|購股權數目|行使價|行使期|
|’000|HK$ per share||
|千股|每股港元||
|7,000|1.29|11-04-2011 to 10-04-20162011年4月11日至2016年4月10日|
|1,500|1.69|27-06-2013 to 26-06-20182013年6月27日至2018年6月26日|
|10,850|1.69|27-06-2014 to 26-06-20182014年6月27日至2018年6月26日|
|6,750|1.69|27-06-2015 to 26-06-20182015年6月27日至2018年6月26日|
|22,000|4.14|17-02-2014 to 16-02-20192014年2月17日至2019年2月16日|
|24,000|4.14|17-02-2015 to 16-02-20192015年2月17日至2019年2月16日|
|2,000|4.14|17-02-2016 to 16-02-20192016年2月17日至2019年2月16日|
|49,650|4.07|30-06-2014 to 29-06-20192014年6月30日至2019年6月29日|
|50,650|4.07|30-06-2015 to 29-06-20192015年6月30日至2019年6月29日|
|1,000|4.07|30-06-2016 to 29-06-20192016年6月30日至2019年6月29日|
|175,400|||

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日37. Share Options (Continued) 37. 購股權（續）2014 2014年Number of options Exercise price Exercise period購股權數目 行使價 行使期’000 HK$ per share千股 每股港元12,400 1.29 11-04-2011 to 10-04-20162011年4月11日至2016年4月10日2,600 1.29 11-04-2012 to 10-04-20162012年4月11日至2016年4月10日7,950 1.29 11-04-2013 to 10-04-20162013年4月11日至2016年4月10日8,800 1.29 11-04-2014 to 10-04-20162014年4月11日至2016年4月10日47,435 1.15 27-06-2012 to 26-06-20172012年6月27日至2017年6月26日48,435 1.15 27-06-2013 to 26-06-20172013年6月27日至2017年6月26日3,000 1.15 27-06-2014 to 26-06-20172014年6月27日至2017年6月26日69,900 1.69 27-06-2013 to 26-06-20182013年6月27日至2018年6月26日88,150 1.69 27-06-2014 to 26-06-20182014年6月27日至2018年6月26日8,250 1.69 27-06-2015 to 26-06-20182015年6月27日至2018年6月26日22,000 4.14 17-02-2014 to 16-02-20192014年2月17日至2019年2月16日24,000 4.14 17-02-2015 to 16-02-20192015年2月17日至2019年2月16日2,000 4.14 17-02-2016 to 16-02-20192016年2月17日至2019年2月16日344,920213Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

37. Share Options
(Continued) 37.購股權（續）
At the end of the reporting period, the Company had 175,400,000 於報告期末時，根據購股權計劃，本公司有 share options outstanding under the Share Option Scheme, which 175,400,000份未行使購股權，相當於本公司當 represented approximately2.19% of theCompany’s shares in issue 日已發行股份約2.19%。根據本公司現時的資本 as at that date. The exercise in full of the outstanding share options 結構而言，全數行使未行使購股權將會導致本 would, under the present capital structure of the Company, result in 公司發行175,400,000股額外普通股及額外股本 the issue of 175,400,000 additional ordinary shares of the Company 652,320,000港元（扣除發行開支前）。
and additional share capital ofHK$652,320,000 (before issue
expenses).
Subsequent to the end of the reporting period, a total of 350,000 於報告期末後，合共350,000份購股權已被行 shares were exercised, which have an weighted average exercise 使，其中每股加權平均行使價為3.40港元。
price ofHK$3.40 per share.
At the date of approval of these financial statements, the Company 於該等財務報表批准當日，根據購股權計劃，本 had 175,050,000 share options outstanding under the Share Option 公司有175,050,000份未行使購股權，相當於本 Scheme, which represented approximately2.19% of theCompany’s 公司當日已發行股份約2.19%。
shares in issue as at that date.
38. Other Reserves 38.其他儲備
The amounts of theGroup’s reserves and the movements therein for 本集團的儲備金額及於本年度及過往年度的變動 the current year and the prior year are presented in the consolidated 乃於財務報表第119至120頁的綜合權益變動表 statement of changes in equity on pages 119 to 120 of the financial 呈列。
statements.
Pursuant to the relevant laws and regulations for Sino-foreign 根據中外合營企業相關法律及法規，本集團旗下 joint venture enterprises, a portion of the profits of theGroup’s 在中國成立的附屬公司的部分利潤已轉撥至用途 subsidiaries which are established in the PRC has been transferred to 受限制的法定儲備金。
the statutory reserve which is restricted as to use.
214
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日39. Pledge of Assets 39. 資產抵押Details of the Group’s bank and other borrowings, which are 以本集團的資產作抵押的銀行及其他借貸詳情載secured by the assets of the Group, are included in notes 13, 14, 15, 於財務報表附註13、14、15、23及29。23 and 29 to the financial statements.40. Contingent Liabilities 40. 或然負債At the end of each reporting period, contingent liabilities not 於各報告期末，財務報表內未有撥備的或然負債provided for in the financial statements were as follows: 如下：2015 2014HK$’000 HK$’000千港元 千港元Guarantees given to banks in connection with 就以下各方獲授的融資而向銀行facilities granted to: 提供的擔保：Third parties 第三方 6,049,314 3,741,002The Group has provided guarantees in respect of banking facilities 若干銀行授予本集團持作銷售物業及融資租賃物granted by certain banks to the purchasers of the Group’s properties 業的買家的銀行信貸，本集團就該等銀行貸款提held for sale and held for finance lease. Pursuant to the terms of 供擔保。根據該等擔保條款，倘該等買家及承租the guarantees, if there is default of the loan payments by the 人拖欠貸款還款，本集團負責償還未付貸款，連purchasers and lessees, the Group is responsible to repay the 同應計利息，以及欠款買家及承租人結欠銀行的outstanding loans together with accrued interest thereon and any 任何罰金。其後，本集團有權接管相關物業的法penalty owed by the defaulted purchasers and lessees to banks. 律業權及使用權。已售交易中心商舖及住宅物業The Group is then entitled to take over the legal titles and usage 方面，擔保期由相關貸款授出日期起至買家取得rights of the related properties. For trade center units and residential 其後抵押予銀行的房地產權證日期止。就融資租properties sold, the guarantee period commences from the dates 賃下的住宅及商業物業而言，擔保將隨承租人償of grant of the relevant loans and ends when the purchasers obtain 還貸款本金解除。the building ownership certificate which will then be pledged withthe banks. For residential and commercial properties under financeleases, the guarantees will be released along with the full repaymentof loan principal by the lessees.215Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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40. Contingent Liabilities
(Continued) 40.或然負債（續）
The Group did not incur any material losses during the financial 本集團於財政年度內並無因向本集團物業買家及 year in respect of the guarantees provided for mortgage facilities 承租人獲授按揭融資所提供擔保錄得任何重大虧 granted to the purchasers and lessees of theGroup’s properties. 損。董事認為，倘出現拖欠款項的情況，相關物 The directors consider that in case of default on payments, the net 業的可變現淨值足以支付未償還按揭貸款連同任 realisable value of the related properties can cover the repayment of 何應計利息及罰款，是故擔保公平值並非有重大 the outstanding mortgage loans together with any accrued interest 影響。
and penalty, and therefore the fair value of the guarantees is not
significant.
41. Operating Lease Arrangements 41.經營租賃安排
(a) As lessor (a)作為出租人
The Group leases its investment properties (note 14) and 本集團根據經營租賃安排租賃其投資物業 properties sold with cooperation and leasing arrangements （附註14）及與買家的合作及租賃安排的已 with the purchasers under operating lease arrangements 出售物業，並磋商1至12年的租賃期。租賃 negotiated for terms ranging from one to twelve years. The 條款亦規定租戶支付押金。
terms of the leases also require the tenants to pay security
deposits.
At the end of each reporting period, the Group had total future 於各報告期末，本集團根據與租戶訂立的 minimum lease receivables under non-cancellable operating 不可註銷經營租賃按下列到期日之未來最 leases with its tenants falling due as follows: 低應收租金總額如下：
2015 2014HK$’000 HK$’000千港元 千港元
||
|-|
|564,281|
|1,192,621|
|769,254|
|2,526,156|

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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日41. Operating Lease Arrangements (Continued) 41. 經營租賃安排（續）(b) As lessee (b) 作為承租人The Group leases certain of its land and buildings, vehicles and 本集團以經營租賃安排租賃若干土地及房properties under operating lease arrangements. Leases are 屋、汽車及已售物業，並磋商一至十八年negotiated for terms ranging from one to eighteen years. 的租賃期。At the end of each reporting period, the Group had total future 於各報告期末，本集團根據不可註銷經營minimum lease payments under non-cancellable operating 租賃按下列到期日之未來最低租金總額如leases falling due as follows: 下：2015 2014HK$’000 HK$’000千港元 千港元Within one year 一年內 314,387 343,479In the second to fifth years, inclusive 第二至第五年（包括首尾兩年在內） 578,995 822,356After five years 五年後 237,869 345,050Total 總計 1,131,251 1,510,88542. COMMITMENTS 42. 承擔In addition to the operating lease commitments detailed in note 除上文附註41(b)詳述的經營租賃承擔外，於各41(b) above, the Group had the following commitments at the end 報告期末，本集團有下列承擔：of each reporting period:2015 2014HK$’000 HK$’000千港元 千港元Contracted, but not provided for: 已訂約但未撥備：Properties under development 發展中物業 9,253,942 5,763,592217Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

43. Related Party Transactions 43.關連人士交易
(a) In addition to the transactions disclosed elsewhere in the (a)除財務報表另有披露的交易外，於年 financial statements, the Group had the following material 內，本集團與關連人士進行了下列重大 transactions with related parties during the year: 交易：
2015 2014 Notes HK$’000 HK$’000附註 千港元 千港元
||
|-|
|2,824|
|–|
|–|
|888|

 Notes: 附註：
(i) The Group leased the office property of two companies of which (i)本集團向本公司董事擔任控股股東的兩間 a director of the Company is a controlling shareholder. The rental 公司租入辦公樓。租金及有關費用根據雙 and related service fees were based on terms mutually agreed 方協定條款計算。
between both parties.
(ii) The Group leased certain units of the trade centers owned by (ii)本集團向數名主要董事及一名董事的近親 certain directors and a close family member of a director. The 家庭成員租入數個交易中心。租金及有關 rental fees were based on terms mutually agreed between the 費用根據本集團及有關方協定條款計算。
Group and the related parties.
(iii) The Group provided construction project design services to a (iii)本集團提供工程項目設計服務予本公司董 related party of which a director of the Company is a controlling 事擔任控股股東的關聯公司。該設計費之 shareholder. The design service fee was determined according 釐定乃按照本集團向主要客戶提供的公開 to the published prices and conditions offered to the major 價格及條款。
customers of the Group.
(iv) The Group leased office units to a related party of which a (iv)本集團向本公司董事任控股股東的關聯公
director of the Company is a controlling shareholder. The rental 司出租辦公樓。租金根據本集團與其他方
was based on the rental charge to the other tenants of the 的租金確定。
Group.
218
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日43. Related Party Transactions (Continued) 43. 關連人士交易（續）(b) Outstanding balances with related parties (b) 與關連人士之間的未結付結餘Details of the Group’s amounts due from/to its joint venture 本集團於各報告期末的應收╱應付一家合and associates as at the end of each reporting period are 營企業及聯營公司款項詳情分別在附註18disclosed in notes 18 and 19, respectively. 及19披露。(c) Compensation of key management personnel (c) 本集團主要管理人員薪酬of the Group2015 2014HK$’000 HK$’000千港元 千港元Short term employee benefits 短期僱員福利 73,669 73,856Post-employment benefits 離職後福利 48 30Share-based payments 以權益結算的購股權開支 89,552 23,414Total compensation paid to key 支付予主要管理人員management personnel 的薪酬總額 163,269 97,300Further details of directors’ emoluments are included in note 8 董事酬金的進一步詳情載於財務報表附to the financial statements. 註8。The rental expense and related service fees for the office property 上述有關支付辦公樓及交易中心的租金開支及相and trade centers paid to the related parties, and the construction 關服務費用的關連人士交易及有關收取工程項目project design fee income and rental income for office property 設計收入及辦公樓的租金收入的關連人士交易亦received from the related parties above also constitute connected 構成上市規則第14A章定義的關連交易或持續關transactions or continuing connected transactions as defined in 連交易。Chapter 14A of the Listing Rules.44. Financial Instruments by Category 44. 金融工具分類Other than the held for trading investments at fair value through 除財務報表附註26所披露的透過損益以公平值profit or loss as disclosed in note 26 and the derivative financial 列賬之持作買賣投資及附註30所披露的衍生金instrument as disclosed in note 30 to the financial statements which 融工具作為金融資產及負債按公平值於損益中are stated at fair value, all financial assets and liabilities of the 記賬並於初步確認時指定為此外，於2015年及Group as at 31 March 2015 and 2014 are loans and receivables and 2014年3月31日，本集團的所有金融資產和負債financial liabilities stated at amortised cost, respectively. 分別為貸款與應收款項及按攤銷成本入賬的金融負債。219Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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45. Fair Value and Fair Value Hierarchy of Financial 45.金融工具之公平值及公平值等級架構 Instruments
The carrying amounts and fair values of theGroup’s financial 本集團之金融工具之賬面值及公平值（賬面值與 instruments, other than those with carrying amounts that reasonably 公平值極其相近者除外）如下：
approximate to fair values, are as follows:
Carrying amounts Fair values賬面值 公平值
2015 2014 2015 2014HK$’000 HK$’000 HK$’000 HK$’000千港元 千港元 千港元 千港元
||||
|-|-|-|
|4,082,811|4,056,838––|4,028,737|
|2,704,226||2,721,145|
|2,750,880||2,817,041|
||4,056,838||
|9,537,917||9,566,923|

 Management has assessed that the fair values of cash and 管理層已評估，現金及現金等價物、應收賬款、 cash equivalents, trade receivables, financial assets included in 金融資產包括預付款，訂金及其他應收款項、金 prepayments, deposits and other receivables, financial liabilities 融負債包括應付及其他應付款項、應收一家合營 included in trade and other payables, amount due from a joint 企業款項及應收╱（付）聯營公司款項之公平值與 venture and amounts due from/(to) associates, approximate to their 其各自之賬面值相若，主要因為該等工具短期內 carrying amounts largely due to the short term maturities of these 到期。
instruments.
TheGroup’s management is responsible for determining the 本集團管理層負責釐定金融工具公平值計量之政 policies and procedures for the fair value measurement of financial 策及程序。管理層直接向董事及審核委員會報 instruments. The management reports directly to the directors and 告。於各報告日期，管理層分析金融工具之價值 the audit committee. At each reporting date, the management 變動並釐定估值中適用的主要輸入值。估值由董 analyses the movements in the values of financial instruments and 事審核及批准。估值過程及結果由審核委員會進 determines the major inputs applied in the valuation. The valuation 行每年兩次，即中期及年度財務申報時討論。
is reviewed and approved by the directors. The valuation process
and results are discussed with the audit committee twice a year for
interim and annual financial reporting.
220
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日45. Fair Value and Fair Value Hierarchy of Financial 45. 金融工具之公平值及公平值等級架構Instruments (Continued) （續）The fair values of the financial assets and liabilities are included 金融資產及負債的公平值按可在有意雙方（強迫at the amount at which the instrument could be exchanged in a 或清盤銷售除外）之間的現時交易中進行交換的current transaction between willing parties, other than in a forced or 工具的金額入賬。已採用下列方法及假設對公平liquidation sale. The following methods and assumptions were used 值進行估計：to estimate the fair values:The fair values of the non-current portion of finance lease 融資租賃應收款項、計息銀行及其他借貸非即期receivables and interest-bearing bank and other borrowings have 部分之公平值採用與該等工具相似條款、信貸風been calculated by discounting the expected future cash flows using 險及剩餘到期時間之現行利率對預期未來現金流rates currently available for instruments with similar terms, credit 量進行貼現計算得出。於2015年3月31日，本集risk and remaining maturities. The Group’s own non-performance 團自身計息銀行及其他借貸之不履約風險被評定risk in interest-bearing bank and other borrowings as at 31 March 為並不重大。可換股票據之負債部份的公平值參2015 was assessed to be insignificant. The fair value of the liability 照市場上相類似可換股票據的利率及考慮本集團portion of the convertible notes is estimated by discounting the 自身不覆約風險，計算剩餘到期時間之現行利率expected future cash flows using an equivalent market interest rate 對預期未來現金流量進行貼現。融資租賃應收款for a similar convertible note with consideration of the Group’s own 項、計息銀行及其他借貸非即期部分和可換股票non-performance risk. The fair values of the non-current portion 據之負債部分的公平值與賬面值相差不大。of finance lease receivables and interest-bearing bank and otherborrowings, and the liability portion of the convertible notes are notmaterially different from their carrying amounts.The fair value of senior notes, medium-term notes and short-term 優先票據、中期票據及短期融資券之公平值乃根notes are calculated using the market price on 31 March 2015. 據2015年3月31日的市場報價釐定。As at 31 March 2015, the Group’s financial instruments which 於2015年3月31日，本集團之金融工具包含透過comprised held for trading investments at fair value through profit or 損益以公平值列賬之持作買賣投資以公平值計loss were measured at fair value. The fair values of held for trading 算。透過損益以公平值列賬之持作買賣投資之公investments at fair value through profit or loss are based on quoted 平值乃根據市場報價釐定。market prices.The fair value of the derivative financial instrument, which represents 於2014年1月23日授予投資者認購本公司股份之option granted on 23 January 2014 to subscribe for the Company’s 購股權之衍生金融工具公平值，由第三方評估師shares by the Investor, is calculated by an external valuer using a 採用二項式模式對該等購股權進行估計，當中已Binomial Model, taking into account the terms and conditions upon 考慮購股權獲授出時的條款及條件。下表列示所which the option was granted. The following table lists the inputs to 用模式的輸入值：the model:Share price at the date of grant (HK$) 4.25 於授出日之股價（港元） 4.25Exercise price (HK$) 3.50 行使價（港元） 3.50Dividend yield (%) 3.63 股息率(%) 3.63Expected volatility (%) 48.54 預期波動性(%) 48.54Risk-free interest rate (%) 0.36 無風險利率(%) 0.36The expected volatility was determined based on the movement 預期波動性乃按自上市日期起本公司股價之變動of the share price of the company since listing, which may not 而釐定，未必是實際結果。計量公平值時，並無necessarily be the actual outcome. No other feature of the option 考慮所授出的購股權的其他特性。granted was incorporated into the measurement of fair value.221Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
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45. Fair Value and Fair Value Hierarchy of Financial 45.金融工具之公平值及公平值等級架構 Instruments
(Continued) （續）
Fair value hierarchy 公平值等級
The following tables illustrate the fair value measurement hierarchy 本集團運用下列等級，以取決及披露金融工具之 of theGroup’s financial instruments: 公平值：
Assets measured at fair value: 按公平值計量之資產：
As at 31 March 2015 於2015年3月31日
Fair value measurement using quoted prices in active markets (Level 1)使用於活躍市場之報價的公平值計量（第1級）HK$’000千港元
||
|-|
|32,890|

 As at 31 March 2014 於2014年3月31日
Fair value measurement using quoted prices in active markets (Level 1)使用於活躍市場之報價的公平值計量（第1級）HK$’000千港元 Held for trading investments at fair value through 透過損益以公平值列賬之
profit or loss 持作買賣投資 29,120 The Company did not have any financial assets measured at fair 於2015年3月31日及2014年3月31日，本公司無 value as at 31 March 2015 and 31 March 2014. 以公平值計量的金融資產。
222
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日45. Fair Value and Fair Value Hierarchy of Financial 45. 金融工具之公平值及公平值等級架構Instruments (Continued) （續）Fair value hierarchy (Continued) 公平值等級（續）Liabilities measured at fair value: 按公平值計量之負債：As at 31 March 2015 於2015年3月31日Fair value measurement usingsignificant observable inputs(Level 2)使用重大可觀察輸入值的公平值計量（第2級）HK$’000千港元Derivative financial instrument 衍生金融工具 –As at 31 March 2014於2014年3月31日Fair value measurement usingsignificant observable inputs(Level 2)使用重大可觀察輸入值的公平值計量（第2級）HK$’000千港元Derivative financial instrument 衍生金融工具 181,291During the year, there were no transfers of fair value measurements 本年內，公平值計量於第1級別與第2級別之間between Level 1 and Level 2 and no transfer into or out of Level 3 並無轉換及無轉入或轉出至第3級別（2014年：(2014: Nil). 無）。Liabilities for which fair values are disclosed: 已披露公平值之金融負債：As at 31 March 2015 於2015年3月31日Fair value measurement usingquoted prices in active markets(Level 1)使用於活躍市場之報價的公平值計量（第一級）HK$’000千港元Senior notes 優先票據 4,028,737Medium-term notes 中期票據 2,721,145Short-term notes 短期融資券 2,817,0419,566,923223Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

45. Fair Value and Fair Value Hierarchy of Financial 45.金融工具之公平值及公平值等級架構 Instruments
(Continued) （續）
Fair value hierarchy
(Continued)
公平值等級（續）
As at 31 March 2014 於2014年3月31日
Fair value measurement using quoted prices in active markets (Level 1)使用於活躍市場之報價的公平值計量（第一級）HK$’000千港元 Senior notes 優先票據 4,157,767 46. Financial Risk Management Objectives and 46.財務風險管理目標及政策
Policies
TheGroup’s principal financial instruments comprise bank and other 本集團主要金融工具包括銀行及其他借貸、優先 borrowings, senior notes, short-term notes, medium-term notes, 票據、短期融資券、中期票據、可換股票據、衍 convertible notes, a derivative financial instrument and cash and 生金融工具及現金及短期存款。該等金融工具主 short-term deposits. The main purpose of these financial instruments 要為本集團業務籌集資金。本集團亦擁有多項其 is to raise finance for theGroup’s operations. The Group has various 他金融資產，例如直接從業務營運產生的應收貿 other financial assets such as trade receivables, which arise directly 易賬款。
from its operations.
The main risks arising from theGroup’s financial instruments are 本集團金融工具所產生的主要風險包括利率風 interest rate risk, credit risk, liquidity risk, foreign exchange risk and 險、信貸風險、流動資金風險、外匯風險及股價 equity price risk. The board of directors reviews and agrees policies 風險。董事會對管理上述各項風險的政策進行檢 for managing each of these risks and they are summarised below. 討及協定，該等風險概述如下。
Interest rate risk 利率風險
TheGroup’s exposure to interest rate risk relates primarily to the 本集團面臨的利率風險主要與本集團的借貸相Group’s borrowings. The interest rates and terms of repayment of 關。本集團借貸的利率及還款期於財務報表附註 theGroup’s borrowings are disclosed in notes 29, 31, 33, 34 and 35 29、31、33、34及35中披露。本集團的政策是 to the financial statements. TheGroup’s policy is to obtain the most 為其借貸取得最有利的利率。
favourable interest rates available for its borrowings.
The Group will constantly assess the interest rate risk it encounters to 本集團將持續評估所遇到的利率風險以決定是否 decide whether it is required to hedge against the possible interest 需要對沖可能產生的利率風險。
rate risk that may arise.
On 31 March 2015, if the interest rate of bank borrowings had 於2015年3月31日，倘銀行借貸的利率上升╱下 increased/decreased by0.5% and all other factors remained 降0.5%及所有其他因素保持不變，則本集團本
unchanged, the profit after tax for the year of the Group would 年度稅後利潤將會減少╱增加約53,015,000港元
have decreased/increased by approximatelyHK$53,015,000 (2014: （2014年：38,868,000港元）。
HK$38,868,000).
224
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日46. Financial Risk Management Objectives and 46. 財務風險管理目標及政策（續）Policies (Continued)Credit risk 信貸風險The credit risk of the Group’s financial assets, which comprise cash 本集團金融資產包括現金及現金等價物、應收貿and cash equivalents, trade and other receivables, arises from default 易賬款及其他應收款項的信貸風險來自對方拖欠of the counterparty, with a maximum exposure equal to the carrying 付款，而可能拖欠的最高金額等於此等工具的賬amounts of these instruments. The Group is also exposed to credit 面值。本集團亦因提供財務擔保而面對信貸風risk through the granting of financial guarantees, further details of 險，有關詳情於財務報表附註40中披露。which are disclosed in note 40 to the financial statements.To manage the risk, deposits are mainly placed with banks with 為管理風險，本集團主要將存款存入高信貸質素high credit quality. The Group trades only with recognised and 的銀行。本集團僅與知名及具信譽的第三方進行creditworthy third parties. For the sales of properties, the Group 交易。就出售物業方面，本集團已實行政策確保has policies in place to ensure that sales are made to buyers with 向具有適當財務實力及支付適當百分比首期付款appropriate financial strength and appropriate percentage of down 的買家作出銷售。在買家全數清償付款前，本集payments. The Group would not release the property ownership 團不會向其發出房產證。本集團亦擁有其他監控certificates to the buyers before the buyers fully settle the payment. 程序以確保採取跟進措施收回逾期款項。此外，It also has other monitoring procedures to ensure that follow-up 本集團定期審閱每名個人的貿易應收賬款的可收action is taken to recover overdue debts. In addition, the Group 回金額，以確保就不可收回金額作出足夠的減值reviews regularly the recoverable amount of each individual trade 虧損列賬。本集團並無任何重大集中信貸風險，receivable to ensure that adequate impairment losses are made 而所面對的風險分散到多名交易對手及客戶。for irrecoverable amounts. With exposure spread over a numberof counterparties and customers, the Group has no significantconcentration of credit risk.Further quantitative data in respect of the Group’s exposure to credit 有關本集團就貿易應收賬款的信貸風險所承擔的risk arising from trade receivables are disclosed in note 24 to the 風險的進一步量化數據於財務報表附註24中披financial statements. 露。Liquidity risk 流動資金風險The Group’s objective is to maintain a balance between continuity of 本集團的目標是透過使用銀行貸款、優先票據，funding and flexibility through the use of bank loans, senior notes, 短期融資券、中期票據及可換股票據，維持資金short-term notes, medium-term notes and convertible notes. 持續性與靈活性之間的平衡。225Annual Report 2014/15 年報|

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46. Financial Risk Management Objectives and 46.財務風險管理目標及政策（續） Policies
(Continued)
Liquidity risk
(Continued)
流動資金風險（續）
The maturity profile of theGroup’s financial liabilities as at the end 本集團於報告期末時的金融負債的到期狀況（按 of the reporting period, based on the contractual undiscounted 照合同未折現付款）如下：
payments, was as follows:
2015
On Within One to Two to Beyond
demand one year two years five years five years Total應要求 一年內第一至二年第二至五年 五年後 總計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
|||||||
|-|-|-|-|-|-|
|3,514|–|–|–|–|3,514|
|–|9,620,722|–|–|–|9,620,722|
|–|639,042|386,752|4,713,718|–|5,739,512|
|–|198,814|198,814|3,097,241|–|3,494,869|
|–|2,805,330|–|–|–|2,805,330|
|6,049,314|–|–|–|–|6,049,314|
|–|10,438,099|4,837,168|3,982,654|557,770|19,815,691|
|6,052,828|23,702,007|5,422,734|11,793,613|557,770|47,528,952|

 2014
On Within One to Two to Beyond
demand one year two years five years five years Total應要求 一年內第一至二年第二至五年 五年後 總計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 Amounts due to associates 應付聯營公司款項 3,134 – – – – 3,134 Financial liabilities included in計入應付貿易及其他
trade and other payables 應付款項的金融負債 – 8,689,605 – – – 8,689,605 Senior notes 優先票據 – 389,025 389,025 5,130,450 – 5,908,500 Convertible notes 可換股票據 – 63,380 63,380 1,381,590 – 1,508,350 Financial guarantees granted對第三方授予
to third parties 財務擔保 3,741,002 – – – – 3,741,002 Interest-bearing bank and 計息銀行及
other borrowings 其他借貸 – 6,467,445 3,156,099 3,485,952 652,474 13,761,970
Total 總計 3,744,136 15,609,455 3,608,504 9,997,992 652,474 33,612,561
226
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日46. Financial Risk Management Objectives and 46. 財務風險管理目標及政策（續）Policies (Continued)Foreign exchange risk 外匯風險The Group only conducts business within Mainland China. Except 本集團僅在中國大陸經營業務。除應付利息、本for interest payables, repayment of foreign currency loans obtained 集團撥資營運所需而取得的外幣貸款的還款以及to finance the Group’s operations and any potential future dividend 其附屬公司可能向其股東宣派的任何潛在股息its subsidiaries that might be declare of to their shareholders, the 外，本集團大部分收入、資本投資及開支均以人bulk of the Group’s revenue, capital investment and expenses 民幣為單位。於財務報表批准日期，本集團在申are denominated in RMB. At the date of approval of the financial 領政府批文以購買所需外匯方面，從未遇上任何statements, the Group had not experienced any difficulties in 困難。年內，本集團並無為對沖目的而發行任何obtaining government approval for its necessary foreign exchange 金融工具。purchases. During the year, the Group did not issue any financialinstruments for hedging purposes.The following table demonstrates the sensitivity at the end of 下表顯示在所有其他變量維持不變的情況下，本the reporting period to a reasonably possible change in the RMB 集團稅前利潤於報告期末對人民幣匯率的可能合exchange rate, with all other variables held constant, of the Group’s 理變動的敏感度，有關稅前利潤的變動乃因貨幣profit before tax (due to changes in the fair value of monetary assets 資產及負債的公平值出現變動所致。and liabilities).Increase/(decrease) inChanges in profit before taxRMB rate 稅前利潤增加╱人民幣匯率變動 （減少）% HK$’000千港元2015 2015年If Hong Kong dollar weakens against RMB 倘港元兌人民幣轉弱 5 33,297If Hong Kong dollar strengthens against RMB 倘港元兌人民幣轉強 3 (19,981)2014 2014年If Hong Kong dollar weakens against RMB 倘港元兌人民幣轉弱 5 25,385If Hong Kong dollar strengthens against RMB 倘港元兌人民幣轉強 3 (15,223)227Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

46. Financial Risk Management Objectives and 46.財務風險管理目標及政策（續） Policies
(Continued)
Equity price risk 股價風險
The equity price risk of the Group mainly arises from the changes in 本集團的股價風險主要來自透過損益以公平值列 market prices for held for trading investments at fair value through 賬的持作買賣投資的市價變動。此類由本集團持 profit or loss. The book values of this type of financial asset held by 有金融資產的賬面值乃根據申報期間結束時的市 the Group are recognised according to market quotes as at the end 場報價確認。
of the reporting period.
On 31 March 2015, if the price of listed equity securities held by 於2015年3月31日，倘本集團持有的上市股權證 the Group had increased/decreased by10%, and all other factors 券的價格上升╱下跌10%，而所有其他因素均 remained unchanged and excluding tax items, the book values 保持不變（不包括稅項），則本集團的上市股權證 of the listed equity securities of the Group would have increased/ 券的賬面值將增加╱減少3,289,000港元（2014 decreased byHK$3,289,000 (2014:HK$2,912,000). 年：2,912,000港元）。
Capital management 資本管理
The primary objectives of theGroup’s capital management are to 本集團資本管理的首要目標是為了確保本集團持 safeguard theGroup’s ability to continue as a going concern and to 續發展及穩健資本比率的能力，以支持其業務運 maintain healthy capital ratios in order to support its business and 作及實現最大股東價值。
maximiseshareholders’ value.
The Group manages its capital structure and makes adjustments to it 本集團根據經濟情況的變動及相關資產的風險特 in light of changes in economic conditions and the risk characteristics 色，管理其資本結構並對其作出調整。為維持或 of the underlying assets. To maintain or adjust the capital structure, 調整資本結構，本集團可能會調整向股東派發的 the Group may adjust the dividend payment to shareholders, return 股息付款、向股東返還資本或發行新股。本集團 capital to shareholders or issue new shares. The Group is not subject 毋須遵守任何外界施加的資本規定。截至2015 to any externally imposed capital requirements. No changes were 年3月31日及2014年3月31日止年度，並無更改 made in the objectives, policies or processes for managing capital 資本管理的目標、政策或程序。
during the years ended 31 March 2015 and 31 March 2014.
228
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日46. Financial Risk Management Objectives and 46. 財務風險管理目標及政策（續）Policies (Continued)Capital management (Continued) 資本管理（續）The Group monitors capital using a gearing ratio, which is net debt 本集團採用資本負債比率（債務淨額除以權益總divided by the total equity. Net debt includes interest-bearing bank 額）監控資本情況。債務淨額包括計息銀行及其and other borrowings, senior notes, short-term notes, medium- 他借貸、優先票據、短期融資券、中期票據及可term notes and convertible notes, less cash and cash equivalents 換股票據減現金及現金等價物及受限制現金。於and restricted cash. The gearing ratios as at the end of the reporting 報告期末，資本負債比率如下：period were as follows:2015 2014HK$’000 HK$’000千港元 千港元Senior notes (note 31) 優先票據（附註31） 4,082,811 4,056,838Short-term notes (note 35) 短期融資券（附註35） 2,750,880 –Medium-term notes (note 34) 中期票據（附註34） 2,704,226 –Interest-bearing bank and other borrowings (note 29) 計息銀行及其他借貸（附註29） 15,465,347 12,452,395Convertible notes (note 33) 可換股票據（附註33） – 1,009,446Less: Cash and cash equivalents and restricted cash 減：現金及現金等價物及(note 27) 受限制現金（附註27） (8,672,722) (12,777,108)Net debt 債務淨額 16,330,542 4,741,571Total equity 權益總額 25,021,816 20,144,145Gearing ratio 資本負債比率 65% 24%47. Events After the Reporting Period 47. 報告期間結束後事項The book-building relating to the issuance of Corporate Bonds in the 於2015年4月10日，華南國際完成關於企業債券PRC by China South International has been completed on 10 April 的詢價圈購的程序。按照詢價圈購的結果，本金2015. According to the book-building results, the total principal 總額為人民幣1,500,000,000元的企業債券（相當amount of RMB1,500,000,000 (equivalent to approximately 於約1,875,600,000港元），期限最高為6年，年HK$1,875,600,000) has a term of up to six years in maximum. The 利率為7%。coupon rate is 7% per annum.48. Comparative Amounts 48. 比較數字As further explained in note 2.2 to the financial statements, due 財務報表附註2.2進一步所述，由於香港公司條to the implementation of the Hong Kong Companies Ordinance 例（第622章）於本年度實施於財務報表中的若干(Cap. 622) during the current year, the presentation and disclosure 事項及餘額的呈列及披露已更新以符合新要求。of certain items and balances in the financial statements have been 因此，若干比較數字已重列以遵守本年度之呈列revised to comply with the new requirements. Accordingly, certain 及披露。comparative amounts have been restated to conform with thecurrent year’s presentation and disclosures.229Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

49. Statement of Financial Position of the Company 49.公司財務狀況表
31 March 31 March 2015 20142015年 2014年3月31日 3月31日HK$’000 HK$’000千港元 千港元 (Restated)（經重列）
||
|-|
|1,564|
|3,780,958|
|3,782,522|
|8,212,960|
|513|
|1,611,283|
|9,824,756|
|31,305|
|131,759|
|–|
|163,064|
|9,661,692|
|13,444,214|
|4,082,811|
|4,082,811|
|9,361,403|
|7,034,761|
|2,326,642|
|9,361,403|

CHENG CHUNG HING鄭松興 LEUNG MOON LAM梁滿林
Director董事 Director董事
230
China South City Holdings Limited華南城控股有限公司
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|NOTES TO FINANCIAL STATEMENTS (Continued)財務報表附註（續）31 March 2015 2015年3月31日49. Statement of Financial Position of the Company 49. 公司財務狀況表（續）(Continued)Note: 附註：A summary of the Company’s other reserves is as follows: 公司之其他儲備變動詳情如下：Capital Share Shareredemption option premium Convertible Retainedreserve reserve account notes profits Total資本贖回儲備 購股權儲備 股份溢價賬 可換股票據 保留利潤 總計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(Restated)（經重列 ）At 1 April 2013 於2013年4月1日 204 66,283 3,144,121 – 645,337 3,855,945Profit for the year 年內利潤 – – – – 1,245,835 1,245,835Issuance of new shares 發行新股 – – 1,205,218 – – 1,205,218Lapse of share options 購股權失效 – (2,461) – – 2,461 –Equity-settled share option 以權益結算的arrangement 購股權安排 – 63,357 – – – 63,357Final 2013 dividend paid 已付2013末期股息 – – – – (615,860) (615,860)Exercise of share options 行使購股權 – (42,022) 265,862 – – 223,840Equity component of 權益部分的convertible notes 可換股票據 – – – 37,360 – 37,360Transfer to share capital 轉入股本 (204) – (4,615,201) – – (4,615,405)At 31 March 2014 於2014年3月31日 – 85,157 – 37,360 1,277,773 1,400,290Capital Share Shareredemption option premium Convertible Retainedreserve reserve account notes profits Total資本贖回儲備 購股權儲備 股份溢價賬 可換股票據 保留利潤 總計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At 1 April 2014 於2014年4月1日 – 85,157 – 37,360 1,277,773 1,400,290Profit for the year 年內利潤 – – – – 2,172,780 2,172,780Repurchase shares 回購股份 – – – – (150,619) (150,619)Equity-settled share option 以權益結算的arrangement 購股權安排 – 90,742 – – – 90,742Exercise of share options 行使購股權 – (62,917) – – – (62,917)Lapse of share options 購股權失效 – (215) – – 215 –Conversion of convertible 轉換可換股票據notes – – – (37,360) – (37,360)Final 2014 dividend paid 已付2014末期股息 – – – – (1,086,274) (1,086,274)At 31 March 2015 於2015年3月31日 – 112,767 – – 2,213,875 2,326,642231Annual Report 2014/15 年報|

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|NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日||
||NOTES TO FINANCIAL STATEMEN財務報表附註（續）31 March 2015 2015年3月31日|

49. Statement of Financial Position of the Company 49.公司財務狀況表（續）
(Continued)
Note: (Continued) 附註：（續）
The share option reserve comprises the fair value of share options granted 購股權儲備包含已授出但未行使之購股權的公允值， which are yet to be exercised, as further explained in the accounting policy 其會計政策已詳載於財務報表附註2.4內，當購股權被 for share-based payments in note 2.4 to the financial statements. The amount 行使，此金額會轉入股本，或者當購股權失效，此金 will either be transferred to the share capital when the related options are 額會轉至保留利潤。
exercised, or be transferred to retained profits should the related options
expire.
50. Approval of the Financial Statements 50.批核財務報表
The financial statements were approved and authorised for issue by 董事會於2015年6月29日批准及授權刊發財務報 the board of directors on 29 June 2015. 表。
232
China South City Holdings Limited華南城控股有限公司