Contents
目錄
2 Corporate Information and Key Dates
公司資料及重要日期
4 Results Summary
業績概要
5 Management Discussion and Analysis
管理層討論與分析
15 Biographies of Directors and Senior Management
董事及高級管理人員之履歷
17 Directors’ Report
董事會報告
33 Corporate Governance Report
企業管治報告
60 Independent Auditor’s Report
獨立核數師報告
67 Consolidated Statement of Profit or loss and Other Comprehensive Income
綜合損益及其他全面收益表
68 Consolidated Statement of Financial Position
綜合財務狀況表
70 Consolidated Statement of Changes in Equity
綜合權益變動表
71 Consolidated Statement of Cash Flows
綜合現金流量表
73 Notes to the Consolidated Financial Statements
綜合財務報表附註
163 Five-year Financial Summary
五年財務概要
164 Summary of Properties
物業概要
CORPORATE INFORMATION AND KEY DATES
公司資料及重要日期
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報2
Directors
Luk Siu Man, Semon* (Chairperson)
Wong Chi Fai
Fan Man Seung, Vanessa
Yu King Tin**
Kwan Shin Luen, Susanna**
Lai Ka Fung, May**
* Non-executive Director
** Independent Non-executive Directors
Company Secretary
Liu Chui Ying
Audit Committee
Yu King Tin (Chairman)
Kwan Shin Luen, Susanna
Lai Ka Fung, May
Remuneration Committee
Lai Ka Fung, May (Chairperson)
Wong Chi Fai
Yu King Tin
Nomination Committee
Kwan Shin Luen, Susanna (Chairperson)
Fan Man Seung, Vanessa
Lai Ka Fung, May
Corporate Governance Committee
Fan Man Seung, Vanessa (Chairperson)
Yu King Tin
Kwan Shin Luen, Susanna
A representative of company secretarial function
A representative of finance and accounts function
Executive Committee
Wong Chi Fai (Chairman)
Fan Man Seung, Vanessa
Auditor
Deloitte Touche Tohmatsu
Certified Public Accountants
Registered Public Interest Entity Auditor
��/F One Pacific Place
�� Queensway
Hong Kong
Investor Relations Contact
Luk Man Ching, Anna
Email: ir2��@
Website
��.com
Stock Code
Hong Kong Stock Exchange: 2��
CORPORATE INFORMATION AND KEY DATES 公司資料及重要日期
董事
陸小曼*（主席）
黃志輝
范敏嫦
余擎天**
關倩鸞**
黎家鳳**
* 非執行董事
** 獨立非執行董事
公司秘書
廖翠英
審核委員會
余擎天（主席）
關倩鸞
黎家鳳
薪酬委員會
黎家鳳（主席）
黃志輝
余擎天
提名委員會
關倩鸞（主席）
范敏嫦
黎家鳳
企業管治委員會
范敏嫦（主席）
余擎天
關倩鸞
一名公司秘書職能代表
一名財務及會計職能代表
執行委員會
黃志輝（主席）
范敏嫦
核數師
德勤‧關黃陳方會計師行
執業會計師
註冊公眾利益實體核數師
香港
金鐘道��號
太古廣場一座��樓
投資者關係聯繫資訊
陸文靜
電郵：ir2��@
網站
��.com
股份代號
香港聯合交易所：2��
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 3
CORPORATE INFORMATION AND KEY DATES
公司資料及重要日期
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
總辦事處及主要營業地點
香港灣仔
軒尼詩道2��號
英皇集團中心2�樓
過戶登記處（百慕達）
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
過戶登記處（香港）
卓佳秘書商務有限公司
香港
皇后大道東1��號
合和中心��樓
主要往來銀行
中國銀行股份有限公司澳門分行
交通銀行股份有限公司香港分行
創興銀行有限公司
中國工商銀行（澳門）股份有限公司
華僑永亨銀行股份有限公司
重要日期
年度業績公告 2021年�月22日
末期股息 每股�港元
‒ 遞交過戶文件最後限期 2021年�月2�日
（下午�時�0分前）
‒ 暫停辦理股份過戶 2021年�月�0日及�1日
登記日期 （包括首尾兩日）
‒ 記錄日期 2021年�月�1日
‒ 派付日期 2021年�月1�日
股東週年大會 2021年�月1�日
‒ 遞交過戶文件最後限期 2021年�月1�日
（下午�時�0分前）
公司通訊
此年報（中英文版本）可供任何本公司股東以
印刷本或於香港聯合交易所有限公司（「聯交
所」）之網站()及本
公司之網站內查閱。為支持環保，本公司極力
推薦各股東收取此年報之電子版本。股東有權
隨時以適時之書面通知，或透過郵寄或電郵(is-
enquiries@)向本公司或
本公司之香港股份過戶登記分處「卓佳秘書商
務有限公司」，更改所選擇收取日後公司通訊之
方式。
Registered Office
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
Head Office and Principal Place of Business
2�th Floor, Emperor Group Centre
2�� Hennessy Road
Wanchai, Hong Kong
Registrar (in Bermuda)
Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton HM11
Bermuda
Registrar (in Hong Kong)
Tricor Secretaries Limited
Level ��, Hopewell Centre
1�� Queen’s Road East
Hong Kong
Principal Bankers
Bank of China Limited, Macau Branch
Bank of Communications Co., Ltd. Hong Kong Branch
Chong Hing Bank Limited
Industrial and Commercial Bank of China (Macau) Limited
OCBC Wing Hang Bank Limited
Key Dates
Annual Results Announcement 22 June 2021
Final Dividend HK$� per share
‒ Latest Time to Lodge Transfers 2� August 2021
(before �:�0 .)
‒ Book Close Dates �0 and �1 August 2021
(both days inclusive)
‒ Record Date �1 August 2021
‒ Payment Date 1� September 2021
Annual General Meeting 1� August 2021
‒ Latest Time to Lodge Transfers 1� August 2021
(before �:�0 .)
Corporate Communications
This Annual Report (in both English and Chinese versions) is
available to any shareholder of the Company either in printed
form or on the websites of The Stock Exchange of Hong Kong
Limited (the “Stock Exchange”) () and
the Company. In order to protect the environment, the Company
highly recommends the shareholders to receive electronic
copy of this annual report. Shareholders may have the right
to change their choice of receipt of our future Corporation
Communications at any time by reasonable notice in writing
to the Company or the Company’s Hong Kong Branch Share
Registrar, Tricor Secretaries Limited, by post or by email at is-
enquiries@.
RESulTS SuMMARY
業績概要
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報4
The board of directors (the “Board” or “Directors”) of Emperor
Entertainment Hotel Limited (the “Company”) presents the
audited consolidated results of the Company and its subsidiaries
(collectively referred to as the “Group”) for the year ended �1
March 2021 (the “Year”).
For the year ended 31 March
截至3月31日止年度
2021 2020
HK$’000 HK$’000
千港元 千港元
Revenue 301,855 1,1��,2�0
收入
Gaming revenue 209,075 �2�,���
博彩收入
‒ From mass market hall 138,008 �2�,22�
‒ 來自中場
‒ From VIP room 55,556 2��,��1
‒ 來自貴賓廳
Hotel revenue 92,780 21�,���
酒店收入
Gross (loss) profit (103,443) �1�,1�0
毛（損）利
(Loss) profit attributable to owners of the Company (177,576) 2��,�1�
本公司擁有人應佔（虧損）溢利
Basic (loss) earnings per share HK$()港元 HK$港元
每股基本（虧損）盈利
Final dividend per share HK$港元 HK$�0港元
每股末期股息
Total dividends per share HK$港元 HK$�0港元
每股股息總額
Results Summary 業績概要
英皇娛樂酒店有限公司（「本公司」）之董事
會（「董事會」或「董事」）提呈本公司及其附
屬公司（統稱「本集團」）截至2021年�月�1日
止年度（「本年度」）之經審核綜合業績。
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 5
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
RESulTS
During the Year, travel restrictions were enforced worldwide due
to the Covid-1� pandemic, leading to a drastic decrease in the
number of visitor arrivals in Macau, which severely impacted
the Group’s business operations. Nevertheless, benefiting
from the resumption of the Individual Visit Scheme for all
residents in Mainland China to Macau since September 2020,
the number of visitors to Macau has significantly improved and
a suppressed gaming demand was unlocked, hence the Group’s
business performances improved markedly in the second half
of the Year (the “2H”). The Group’s total revenue during the
Year was HK$�01.� million (2020: HK$1,1��.2 million), with the
revenue during the 2H being 12�% more than that of the first
half of the Year, implying a strong recovery during the 2H.
Loss for the Year attributable to the owners of the Company
was HK$1��.� million (2020: Profit of HK$2��.� million). Basic
loss per share was HK$� (2020: Basic earnings per share
of HK$). The Board recommended the payment of a final
dividend of HK$� (2020: HK$�0) per share. Together with
the interim dividend of HK$� (2020: HK$�0) per share,
the total dividends for the Year are HK$�0 (2020: HK$�0)
per share.
MARKET REVIEW
The Covid-1� pandemic was a devastating blow for the world
economy. As a result of the international travel and entry
restrictions, visitor arrivals in Macau decreased by ��.�%
while Macau’s gross gaming revenue decreased by ��.1%
during the Year. Besides, several precautionary measures such
as reduced number of seats per table, slot machine spacing,
evidence of Covid-1� negative test results for gaming hall entry,
etc. remained in effect during the Year. All casino and hotel
operations in Macau have thus been immensely disrupted.
Whilst most countries are still suffering from the Covid-1�,
it was substantially contained in China. The Individual Visit
Scheme from Mainland China to Macau was resumed since
September 2020, leading to a gradual improvement in Macau’s
visitation since the fourth quarter of 2020. Accordingly, Macau’s
gross gaming revenue only decreased by ��.�% year-on-year
in the 2H, a notable improvement from a ��.2% year-on-year
decline in the first half of the Year.
MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析
業績
於本年度，由於新冠病毒疫情，世界各地實
施旅遊限制，導致訪澳旅客數量大幅減少，
嚴重影響本集團的業務營運。儘管如此，受
惠於自2020年�月恢復中國內地居民赴澳門
個人遊計劃，澳門訪客數目顯著改善，受壓
制的博彩需求得到釋放，因此本集團本年度
下半年（「下半年」）的業務表現明顯改善。
本集團於本年度的總收入為�01,�00,000港元
（2020年：1,1��,200,000港元），而本年度下
半年的收入較上半年收入增加12�%，顯示下
半年強勁復甦。
本公司擁有人應佔本年度虧損為1��,�00,000
港元（2020年：溢利2��,�00,000港元）。每股
基本虧損為�港元（2020年：每股基本盈利
港元）。董事會建議派付末期股息每股
�港元（2020年：�0港元）。連同中期
股息每股�港元（2020年：�0港元），
本年度每股股息總額為�0港元（2020年：
�0港元）。
市場回顧
新冠病毒疫情對全球經濟而言是摧毀性的打
擊。受國際旅遊及入境限制的影響，本年度
訪澳旅客下跌��.�%，同時澳門博彩總收入
下跌��.1%。此外，若干預防措施於本年度依
然生效，如每張桌子座位數目減少、角子機
間距、進入博彩廳時需提供新冠病毒的陰性
測試結果證明等。因此，澳門所有娛樂場及
酒店營運均受到極大干擾。
儘管大多數國家仍受新冠病毒疫情的影響，
但在中國則已很大程度受控制。自2020年�
月，中國內地赴澳門個人遊計劃已恢復，使
澳門訪客數目自2020年第四季度起逐漸改善。
因此，下半年的澳門博彩總收入同比僅下降
��.�%，較上半年同比下降��.2%有顯著改
善。
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報6
業務回顧
本集團主要在澳門從事提供娛樂及酒店服務。
於2021年3月31日，本集團在澳門經營兩間酒
店，其為英皇娛樂酒店及澳門盛世酒店。本
集團之旗艦項目－英皇娛樂酒店座落於澳門
半島，樓高2�層，總樓面面積約���,000平方
呎，設有�11間客房，乃屢獲殊榮的娛樂酒店。
該酒店設有六個博彩樓層，佔地超過1�0,000
平方呎，提供角子機以及設於中場及貴賓廳
之博彩桌。此外，英皇娛樂酒店提供各類康
樂設施，包括健身中心、桑拿及水療設施，以
及五間提供世界各地美食的餐廳及酒吧。本
集團竭誠讓賓客享受無與倫比的娛樂及酒店
服務體驗，並貫徹提供最優質服務，從而達
到高水平的客戶滿意度及忠誠度。
BuSINESS REVIEW
The Group principally engages in provision of entertainment
and hospitality services in Macau.
As at �1 March 2021, the Group operated two hotels, Grand
Emperor Hotel (“GEH”) and Inn Hotel Macau (“IHM”), in
Macau. GEH, the Group’s flagship project, on the Macau
Peninsula, is an award-winning 2�-storey gaming hotel with a
gross floor area of approximately ���,000 square feet and �11
guest rooms. It has six gaming floors, covering over 1�0,000
square feet, and offers slot machines as well as gaming tables in
the mass market hall and the VIP room. In addition, GEH offers
a wide range of amenities including fitness centre, sauna and
spa facilities, as well as five restaurants and bars boasting fine
cuisines from all around the world. With strong commitment
to providing guests with unparalleled entertainment and
hospitality experiences, the Group delivers consistently top-
quality services that translate into high levels of customer
satisfaction and loyalty.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 7
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
澳門盛世酒店座落於澳門氹仔島中心，為一
座樓高1�層的酒店，總樓面面積約20�,000平
方呎，設有2��間客房。澳門盛世酒店營造迎
合休閒及商務旅客生活品味的舒適體驗。透
過將業務覆蓋範圍從澳門半島擴大至氹仔，
澳門盛世酒店使本集團得以全面捕捉澳門酒
店市場的潛力。
博彩收入
本集團設於英皇娛樂酒店之娛樂場，乃以澳
門博彩股份有限公司（「澳博」）持有之博彩
牌照經營業務。於本年度，本集團與澳博就
本公司一間間接全資附屬公司與澳博於2010
年2月1�日簽訂之服務協議（「2010年服務協
議」）簽訂一份補充協議（「補充協議」），以繼
續於英皇娛樂酒店之娛樂場向澳博提供管理
及推廣服務。根據補充協議，2010年服務協
議之期限已延長至2022年�月2�日，而本集團
根據2010年服務協議有權享有之服務費及所
有其他主要條款維持不變。補充協議之詳情
已於本公司與英皇集團（國際）有限公司（「英
皇國際」）日期為2020年�月1�日之聯合公告
內披露。
儘管本年度訪澳旅客數量下降��.�%，但本集
團之博彩總收入僅下降��.�%至20�,100,000
港元（2020年：�2�,�00,000港元），佔本集團
總收入的%（2020年：%）。
Located at the heart of Macau’s Taipa Island, IHM is a
1�-storey hotel with a gross floor area of approximately 20�,000
square feet, and 2�� guest rooms. IHM creates a comfortable
experience, catering to the lifestyles of both leisure and
business travellers. Through extending coverage from the
Macau Peninsula to Taipa, IHM enables the Group to fully
capture the potential of Macau’s hospitality market.
Gaming Revenue
The Group’s casino in GEH is operated under the gaming
licence held by Sociedade de Jogos de Macau, . (“SJM”).
During the Year, the Group entered into an addendum (the
“Addendum”) with SJM for the continuation of the provision
of management and promotion services to SJM in the GEH
casino, as in the service agreement between an indirectly
wholly-owned subsidiary of the Company and SJM dated 1�
February 2010 (the “2010 Service Agreement”). Pursuant to
the Addendum, the term of the 2010 Service Agreement has
been extended to 2� June 2022, while the Group’s entitlement
to service fees and all other major terms under the 2010 Service
Agreement remain unchanged. Details of the Addendum
were disclosed in the joint announcement of the Company
and Emperor International Holdings Limited (“Emperor
International”) dated 1� May 2020.
Despite the number of visitor arrivals to Macau dropped by ��.�%
during the Year, the Group’s total gaming revenue decreased
by ��.�% only to HK$20�.1 million (2020: HK$�2�.� million),
accounting for ��.�% (2020: �%) of the Group’s total revenue.
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報8
Mass Market Hall
The mass market gross win during the Year was HK$2�
million (2020: HK$1,11�.� million). Revenue from the mass
market hall was HK$1��.0 million (2020: HK$�2�.2 million),
contributing ��.0% (2020: ��.�%) of the Group’s total gaming
revenue. There were �� (2020: ��) tables in the mass market hall.
Average win per table per day was approximately HK$10,000
(2020: HK$��,000).
VIP Room
The Group self-managed a VIP room with 10 (2020: 10) tables.
The rolling amount during the Year was HK$2.� billion (2020:
HK$ billion). Revenue from the VIP room was HK$��.�
million (2020: HK$2��.� million), contributing 2�.�% (2020:
2�.�%) of the Group’s total gaming revenue. Average win per
table per day was approximately HK$2�,000 (2020: HK$12�,000).
中場
本年度中場博彩收益總額為2�2,100,000港
元（2020年：1,11�,�00,000港元）。中場之收
入為1��,000,000港元（2020年：�2�,200,000
港元），佔本集團博彩總收入之��.0%（2020
年：��.�%）。中場設有��（2020年：��）張博
彩桌。平均每天每桌博彩收益為約10,000港
元（2020年：��,000港元）。
貴賓廳
本集團自行管理一間貴賓廳，設有10（2020
年：1 0）張博彩桌。本年度之轉碼額為
2,�00,000,000港元（2020年：10,200,000,000
港元）。貴賓廳之收入為��,�00,000港元
（2020年：2��,�00,000港元），佔本集團博彩
總收入之2�.�%（2020年：2�.�%）。平均每
天每桌博彩收益約為2�,000港元（2020年：
12�,000港元）。
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 9
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
Slot Machines
With a capacity of 1�0 (2020: 1�0) slot seats as at �1 March 2021,
the gross win from slot machines during the Year was HK$�2.�
million (2020: HK$��.1 million). Revenue from the slot machines
was HK$1�.� million (2020: HK$��.� million), accounting for
�.�% (2020: �.�%) of the Group’s total gaming revenue. Average
win per seat per day was HK$��� (2020: HK$1,1��).
Hotel Revenue
During the Year, the Group’s hotel revenue was derived from
the hospitality income of GEH and IHM, which amounted to
HK$�2.� million (2020: HK$21�.� million), accounting for �0.�%
(2020: 1�.�%) of the Group’s total revenue. As of �1 March 2021,
GEH and IHM provided �11 and 2�� guest rooms respectively.
During the Year, the average room rates of GEH and IHM were
HK$��� (2020: HK$��0) per night and HK$2�0 (2020: HK$�0�)
per night, with occupancy rates of ��% (2020: ��%) and ��%
(2020: �0%), respectively. Total room revenue was HK$2�.�
million (2020: HK$��.� million). Total food and beverage
revenue was HK$��.� million (2020: HK$��.� million), while the
rental income and other revenue totalled HK$1�.� million (2020:
HK$2�.1 million).
角子機
於2021年�月�1日，角子機分部提供1�0（2020
年：1�0）個角子機座位，本年度其博彩收益
總額為�2,�00,000港元（2020年：��,100,000
港元）。角子機收入為1�,�00,000港元（2020
年：��,�00,000港元），佔本集團博彩總收入
之�.�%（2020年：�.�%）。平均每天每座位
博彩收益為���港元（2020年：1,1��港元）。
酒店收入
於本年度，本集團的酒店收入來自英皇娛樂
酒店及澳門盛世酒店之酒店服務收入，金
額為�2,�00,000港元（2020年：21�,�00,000
港元），佔本集團總收入之�0.�%（2020年：
1�.�%）。於2021年�月�1日，英皇娛樂酒店
及澳門盛世酒店分別提供�11間及2��間客
房。於本年度，英皇娛樂酒店及澳門盛世酒
店之客房平均房租分別為每晚���港元（2020
年：��0港元）及每晚2�0港元（2020年：�0�
港元），而入住率則分別為��%（2020年：
��%）及��%（2020年：�0%）。客房總收入
為2�,�00,000港元（2020年：��,�00,000港
元）。餐飲總收入為��,�00,000港元（2020年：
��,�00,000港元），而租金收入及其他收入合
計則為1�,�00,000港元（2020年：2�,100,000
港元）。
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報10
特別股息及本年度後完成的收購
事項
於2021年5月25日，董事會決議宣派特別股息
每股港元，合共約59,900,000港元，其
將於2021年6月25日派付予本公司股東。特別
股息之詳情已於本公司日期為2021年5月25
日之公告內披露。
此外，於2021年�月2�日，本集團完成向其
母公司英皇國際收購香港三項酒店及酒店
相關物業－英皇駿景酒店、The Unit服務式
公寓及MORI MORI服務式公寓，代價為約
2,0��,�00,000港元。完成後，本集團維持其
核心專注點於博彩酒店運營，通過將其酒店
業務範圍擴大到澳門以外至同時包含香港以
拓闊收入來源。本集團隨之能夠掌握其整個
酒店業務的綜合營銷策略，並通過實施聯合
推廣計劃為前往兩個城市的訪客提供獨特的
服務。收購事項之詳情已於英皇國際與本公
司日期為2021年3月16日之聯合公告及本公
司日期為2021年4月30日之通函內披露。
Special Dividend and Acquisition Completed
Subsequent to the Year
On 2� May 2021, the Board resolved to declare the payment of a
special dividend of HK$�0 per share, totalling approximately
HK$��.� million, to the shareholders of the Company which shall
be made on 2� June 2021. Details of the special dividend were
disclosed in the Company’s announcement dated 2� May 2021.
In addition, on 2� May 2021, the Group completed the
acquisition of three hotel and hotel-related properties in Hong
Kong ‒ The Emperor Hotel, The Unit Serviced Apartments and
MORI MORI Serviced Apartments ‒ from its parent company,
Emperor International, at a consideration of approximately
HK$2,0��.� million. Upon completion, the Group remains its
core focus on gaming hotel operations, with the sources of
income widened by expanding its hospitality business coverage
beyond Macau to also include Hong Kong. The Group can then
master an integrated marketing strategy for its entire hospitality
business, and provide a unique service to visitors travelling to
both cities by implementing joint promotional schemes. Details
of the acquisition were disclosed in the joint announcement of
Emperor International and the Company dated 1� March 2021
and the Company’s circular dated �0 April 2021.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 11
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
OuTlOOK
Since the Covid-1� pandemic has been substantially contained
in China so far, Macau is expected to reap the greatest benefits
when the suppressed outbound travel and gaming demand from
mainland China are released. In tandem with the expansion of
the middle-income group, more comprehensive transportation
linkages, plus further integration in the Greater Bay Area, this will
reinforce Macau’s position as a global leisure and tourism hub, as
well as Hong Kong’s position as a favourite shopping destination
and international finance centre. Besides, it will benefit the
entertainment sector in Macau and the hospitality sector in Hong
Kong, given that the travellers invariably include both cities in one
single itinerary, due to their close proximity while having distinct
characteristics yet complementary positioning.
前景
由於目前新冠病毒疫情在中國很大程度受到
控制，當中國內地被壓抑的出境旅遊及博彩
需求釋放後，預期澳門會獲得最大收益。中
等收入群的擴大、更為全面的交通聯繫，以
及進一步融入大灣區，均會鞏固澳門作為全
球娛樂及旅遊中心以及香港作為最受歡迎的
購物目的地及國際金融中心的地位。此外，
由於兩地位置臨近、獨具特色且定位互補，
遊客往往將兩地列入同一行程，這將惠及澳
門娛樂業及香港酒店業。
Traveller Review
Awards 2021
2021年旅客評分獎
2020 Traveler’s Choice
2020年旅行者之選大獎
Tripadvisor
貓途鷹
Grand Emperor Hotel
loved by guests award
winner 2021
2021年旅客最喜愛住宿獎
Customer Review
Award, 2020
2020年最佳客戶評分
Agoda
The Best of the Best Masterchef 2020
Recommendation Restaurant:
Grand Emperor Court
The Best of the Best Masterchef 2020
推介餐廳 ：
皇廷閣
Asia Art of Cuisine Societ
亞洲餐飲廚藝協會
Energy Saving Activity 2020
– Excellent Award of
Hotel Group B
2020年知慳惜電活動
酒店B組優異獎
CEM Macau 澳電
It is expected that a travel bubble or health code will soon
be launched. With the Group strategically owning several
hotels and serviced apartments in Hong Kong and Macau, it
will be able to adopt a comprehensive marketing strategy for
its hospitality business as a whole, and deliver unparalleled
services to travellers visiting both these cities. As the
vaccination programmes are rolling out globally, it is expected
that travel restrictions will be gradually lifted. With the Group’s
strengthened footprint in Hong Kong and Macau, it is well
prepared for the tourism rebound and recovery of consumption
and entertainment sentiment, and is confident regarding the
long-term development of the Group.
旅遊氣泡或健康碼預期將很快推出。隨著本
集團策略性地在香港及澳門擁有多間酒店及
服務式公寓，其將能夠為其整個酒店業務採
取全面營銷策略，為到訪兩地的遊客提供無
與倫比的服務。由於疫苗接種計劃在全球展
開，預期旅遊限制會逐步放寬。隨著本集團
在香港及澳門的版圖擴大，其已為旅遊業反
彈及消費娛樂氣氛復甦做好準備，並對本集
團的長遠發展充滿信心。
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報12
財務資料
資本架構、流動資金及財務資源
本集團繼續保持強勁的財務狀況，銀行結餘
及現金、短期銀行存款及已抵押銀行存款
於2021年�月�1日合共為�,��0,100,000港元
（2020年：�,���,�00,000港元），主要以港元
及人民幣（2020年：港元及美元）計值。本集
團以業務營運所得之現金及銀行儲備存款應
付其業務所需資金及資本開支。於本年度，
本集團並無面臨重大外匯匯率風險，此乃由
於本集團大部份資產、負債及交易均以其業
務之功能貨幣進行交易及計值。於呈報期末，
本集團外匯風險主要來自以人民幣計值之資
產。本集團密切監察其整體外匯風險，並於
有需要時採取合理措施以降低貨幣風險。
FINANCIAl INFORMATION
Capital Structure, liquidity and Financial
Resources
The Group continued to maintain a strong financial position
with aggregate of bank balances and cash, short-term bank
deposits and pledged bank deposits of HK$�,�� million (2020:
HK$�,���.� million) as at �1 March 2021, which are mainly
denominated in Hong Kong dollar and Renminbi (2020: Hong
Kong dollar and United States dollar). The Group funded its
operations and capital expenditure by cash generated from its
operations and deposits reserved at the banks. During the Year,
the Group did not expose to significant foreign exchange rates
risk as most of the Group’s assets, liabilities and transactions
were transacted at and denominated in the functional currency
of its operations. At the end of the reporting period, the
Group’s foreign exchange exposure mainly arises from its
assets denominated in Renminbi. The Group closely monitors
its overall foreign exchange exposure and adopts appropriate
measures to mitigate its currency risk when necessary.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 13
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
The Group’s current assets and current liabilities as at �1
March 2021 were HK$�,���.1 million (2020: HK$�,��2.�
million) and HK$���.� million (2020: HK$���.� million),
respectively. As at �1 March 2021, the advances from non-
controlling interests of a subsidiary of the Company amounted
to HK$��.0 million (2020: HK$��.0 million), which was
denominated in Hong Kong dollar, unsecured, interest-free
and repayable at the discretion of non-controlling interests
and availability of surplus fund of the subsidiary. The Group
was in a net cash position as at �1 March 2021 and hence its
gearing ratio (calculated as net debt divided by total equity
plus net debt) was zero (2020: zero).
於2021年�月�1日，本集團之流動資產及
流動負債分別為�,���,100,000港元（2020
年：�,��2,�00,000港元）及���,�00,000港
元（2020年：���,�00,000港元）。於2021年
�月�1日，來自本公司一間附屬公司之非控
股權益之墊款為��,000,000港元（2020年：
��,000,000港元），以港元計值，為無抵押、
免息及須按非控股權益決定及該附屬公司具
備盈餘資金時始償還。於2021年�月�1日，本
集團處於淨現金狀況，因此其資本負債比率
（以淨負債除以總權益及淨負債的總和計算）
為零（2020年：零）。
During the Year, the Company had repurchased 2�,���,000
shares (the “Repurchased Shares”) of its own shares from the
market using internal resources, at an aggregate consideration
of HK$2�.� million (excluding the relevant transaction costs
and expenses), and an average price of HK$� per share.
The Repurchased Shares had been cancelled during the Year,
and hence the total number of issued shares of the Company
right after its cancellation was reduced by about % to
1,20�,���,��� (2020: 1,2��,2�0,���) shares and its issued share
capital was HK$121,000 (2020: HK$12�,000) as at �1 March
2021. Having considered the Group’s strong cash reserves, the
Directors believe the share repurchases would enhance value to
the Company’s shareholders and benefit the Company and its
shareholders as a whole.
於本年度，本公司以內部資源在市場上以
總代價2�,�00,000港元（不包括相關交易
成本及開支）購回其本身2�,���,000股之股
份（「購回股份」），即平均價為每股�港
元。該等購回股份已於本年度註銷，因此，
於2021年�月�1日，註銷後本公司已發行股份
總數減少約%至1,20�,���,���（2020年：
1,2��,2�0,���）股及其已發行股本為121,000
港元（2020年：12�,000港元）。經考慮本集團
的強勁現金儲備，董事相信股份購回將會為
本公司股東提升價值，並令本公司及其股東
整體受益。
MANAGEMENT DISCuSSION AND ANAlYSIS
管理層討論與分析
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報14
Pledge of Assets
As at �1 March 2021, assets with carrying values of
approximately HK$ billion (2020: HK$ billion) were
pledged to two banks as security for banking facilities of a
total of HK$� million (2020: HK$� million). In addition,
the Group has a bank deposit of HK$��.0 million (2020: Nil)
pledged as security deposit for obtaining a bank guarantee
in the amount of approximately Macau Patacas (“MOP”) ��.�
million (equivalent to HK$�2.� million) in favour of SJM for the
Group’s fulfilment of all its obligations as stipulated in the 2010
Service Agreement (as supplemented by the Addendum), and
another bank deposit of HK$0.� million (2020: HK$0.� million)
pledged as security deposit for the use of ferry ticket equipment
provided by a third party.
EMPlOYEES AND REMuNERATION
POlICY
As at �1 March 2021, the Group’s number of employees was ��0
(2020: ���). Total staff costs including Directors’ remuneration
and the other staff costs for the Year were HK$�1�.2 million
(2020: HK$���.� million). Each employee’s remuneration was
determined in accordance with individual’s responsibilities,
competence and skills, experience and performance, as well
as market pay levels. Staff benefits include medical and life
insurance, retirement benefits and other competitive fringe
benefits.
To provide incentives or rewards to the staff, the Company has
adopted a share option scheme, particulars of which will be set
out in the section headed “Share Options Scheme” on pages 1�0
and 1�1 of this annual report.
資產抵押
於2021年�月�1日，賬面值約為2,000,000,000
港元（2020年：2,100,000,000港元）之資產
已抵押予兩間銀行，作為合共�20,000,000
港元（2020年：�20,000,000港元）銀行融資
之抵押。此外，本集團已抵押��,000,000港
元（2020年：無）的銀行存款作為取得金額約
��,�00,000澳門元（相當於�2,�00,000港元）
之銀行擔保，以澳博為受益人，作為保證本
集團履行2010年服務協議（經補充協議補充）
所訂明的全部責任之抵押按金，以及金額為
�00,000港元（2020年：�00,000港元）的另一
銀行存款乃作為使用一名第三方提供的船票
售賣機之抵押按金。
僱員及薪酬政策
於2021年�月�1日，本集團之僱員數目為
��0（2020年：���）人。本年度之員工成本
總額（包括董事酬金及其他員工成本）為
�1�,200,000港元（2020年：���,�00,000港
元）。各僱員之薪酬乃根據個別人士之職責、
才幹及技能、經驗及表現以及市場薪酬水平
釐定。員工福利包括醫療及人壽保險、退休
福利及其他具競爭力之額外福利。
為鼓勵或嘉獎員工，本公司已採納一項購股
權計劃，有關詳情列載於本年報第140頁及第
141頁之「購股權計劃」一節內。
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 15
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員之履歷
Non-Executive Director (Chairperson)
luK SIu MAN, SEMON, aged ��, the Chairperson of the
Company. She joined the Company in March 2000. Ms. Luk is
also the non-executive director and chairperson of Emperor
International (Stock Code: 1��), which is an indirect holding
company of the Company. She worked in the banking industry
for almost 10 years. Ms. Luk graduated from The University of
Toronto with a Bachelor’s Degree in Commerce.
Executive Director
WONG CHI FAI, aged ��, the Executive Director of the
Company. Mr. Wong joined the Company in 1��1 and has been
responsible for the Group’s strategic planning, business growth
and development and overseeing the financial management
of the Group. Mr. Wong is the Chairman of the Executive
Committee and a member of the Remuneration Committee
of the Company as well as a director of certain subsidiaries
of the Company. Currently, he is also a director of Emperor
International, Emperor Watch & Jewellery Limited (Stock Code:
���) (“Emperor W&J”), Emperor Culture Group Limited (Stock
Code: ��1) (“Emperor Culture”) and Ulferts International
Limited (Stock Code: 1�11) (“ulferts International”), all being
listed members under Emperor Group. Having over �0 years of
finance and management experience, Mr. Wong has diversified
experience in different businesses ranging from hotel and
hospitality, property investment and development, retailing
of watch and jewellery, cinema development and operation to
entertainment production and investment, manufacturing to
wholesaling and retailing of furniture, financial and securities
services, artiste management as well as media and publication.
Mr. Wong is a Certified Public Accountant of the Hong Kong
Institute of Certified Public Accountants and a fellow of the
Association of Chartered Certified Accountants.
Executive Director
FAN MAN SEuNG, VANESSA (Former Name: Fan Man Seung),
aged ��, the Executive Director of the Company. Ms. Fan joined
the Company in 1��1 and has been responsible for the Group’s
strategic planning, business growth and development as well
as overseeing different functions within the Group. She is also
the Chairperson of the Corporate Governance Committee,
a member of the Executive Committee and Nomination
Committee of the Company as well as a director of certain
subsidiaries of the Company. Currently, Ms. Fan is also a
director of Emperor International, Emperor W&J, Emperor
Culture and Ulferts International. Having over �2 years of
corporate management experience, she possesses diversified
experience in different businesses ranging from hotel and
hospitality, property investment and development, retailing
of watch and jewellery, cinema development and operation to
entertainment production and investment, wholesaling and
retailing of furniture, financial and securities services, artiste
management as well as media and publication. She is a lawyer
by profession in Hong Kong and a qualified accountant, and
holds a Master’s Degree in Business Administration.
BIOGRAPHIES OF DIRECTORS AND SENIOR
MANAGEMENT 董事及高級管理人員之履歷
非執行董事（主席）
陸小曼，現年��歲，為本公司主席。彼於2000
年�月加盟本公司。陸女士現亦擔任英皇國際
（股份代號：1��）之非執行董事兼主席，該公
司為本公司之間接控股公司。彼曾於銀行業
任職近10年。陸女士畢業於多倫多大學，持
有商業學士學位。
執行董事
黃志輝，現年��歲，為本公司執行董事。黃先
生於1��1年加盟本公司，負責本集團之策略
規劃、業務增長及發展，以及監察其財務管
理。黃先生為本公司執行委員會主席、薪酬
委員會成員以及本公司若干附屬公司之董事。
彼現亦為英皇國際、英皇鐘錶珠寶有限公
司（股份代號：���）（「英皇鐘錶珠寶」）、英
皇文化產業集團有限公司（股份代號：��1）
（「英皇文化產業」）及歐化國際有限公司（股
份代號：1�11）（「歐化國際」）之董事，該等
公司均為英皇集團旗下之上市成員。黃先生
擁有逾�0年之財務及管理經驗，於多項業務
包括酒店營運、物業投資及發展、鐘錶珠寶
零售、戲院發展及營運以至娛樂製作及投資、
製造業以至傢俬批發及零售、金融證券服務、
藝人管理以及傳媒與出版業務等範疇具有廣
泛經驗。黃先生為香港會計師公會執業會計
師及英國特許公認會計師公會資深會員。
執行董事
范敏嫦，現年��歲，為本公司之執行董事。范
女士於1��1年加盟本公司，負責本集團之策
略規劃、業務增長及發展，以及監察本集團
內之不同功能。彼亦為本公司企業管治委員
會主席、執行委員會和提名委員會成員以及
本公司若干附屬公司之董事。范女士現亦為
英皇國際、英皇鐘錶珠寶、英皇文化產業及
歐化國際之董事。彼擁有逾�2年之企業管理
經驗，於多項業務包括酒店經營、物業投資
及發展、鐘錶珠寶零售、戲院發展及營運以
至娛樂製作及投資、傢俬批發及零售、金融
證券服務、藝人管理以及傳媒與出版業務等
範疇具有廣泛經驗。彼具備香港專業律師資
格及為合資格會計師，並持有工商管理碩士
學位。
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT
董事及高級管理人員之履歷
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報16
獨立非執行董事
余擎天，現年��歲，於201�年�月獲委任為本
公司獨立非執行董事。彼為本公司審核委員
會主席兼薪酬委員會及企業管治委員會成員。
余先生曾任職於不同機構，包括國際性會計
師事務所和香港上市公司。彼現為一家於香
港企業集團財務部高級管理人員之一。余先
生畢業於北京大學並持有法律學士學位及畢
業於香港理工大學並持有企業金融學碩士學
位。余先生為香港會計師公會會員、英國特
許公認會計師公會資深會員、註冊稅務師及
註冊財務策劃師協會會員。
獨立非執行董事
關倩鸞，現年��歲，於201�年�月獲委任為本
公司之獨立非執行董事。彼為本公司提名委
員會主席兼審核委員會及企業管治委員會成
員。關女士現亦為Hypebeast Limited之獨
立非執行董事，其股份之前於聯交所GEM上
市（股份代號：����），繼於201�年�月轉至聯
交所主板上市（股份代號：1�0）。關女士擁
有在香港從事企業╱商業及企業融資事宜之
法律實務超逾20年，範疇包括併購、規管事
務、公開發售、證券之私人配售及公開供股、
合營企業及證券相關合規事務，彼現專任為
企業融資及法律監察律師。關女士畢業於倫
敦經濟學院（倫敦）。
獨立非執行董事
黎家鳳，現年��歲，於201�年�月獲委任為本
公司獨立非執行董事。彼為本公司薪酬委員
會主席兼審核委員會及提名委員會成員。黎
女士為執業會計師，並從事審計工作超逾20
年。彼現為執業會計師黎家鳳會計師事務所
及廖慶雄會計師事務所之首席合伙人。黎女
士現亦為普匯中金國際控股有限公司（股份
代號：���）之獨立非執行董事。彼曾為英皇
鐘錶珠寶之獨立非執行董事，直至201�年�月
2�日。黎女士為香港會計師公會會員及獲香
港城市大學頒授國際會計學文學碩士學位。
Independent Non-executive Director
Yu KING TIN, aged ��, was appointed as an Independent
Non-executive Director of the Company in August 201�. He
is the Chairman of the Audit Committee as well as a member
of the Remuneration Committee and Corporate Governance
Committee of the Company. Mr. Yu has worked in various
organizations including international certified public
accountants firms and listed companies in Hong Kong. He
is currently one of the senior management in the finance
department of a conglomerate in Hong Kong. Mr. Yu graduated
from the Peking University with a Bachelor’s Degree in Law and
The Hong Kong Polytechnic University with a Master’s Degree
in Corporate Finance. He is an associate member of the Hong
Kong Institute of Certified Public Accountants, a fellow member
of the Association of Chartered Certified Accountants, a
Certified Tax Advisor and a member of the Society of Registered
Financial Planner.
Independent Non-executive Director
KWAN SHIN luEN, SuSANNA, aged ��, was appointed as
Independent Non-executive Director of the Company in August
201�. She is the Chairperson of the Nomination Committee
as well as a member of the Audit Committee and Corporate
Governance Committee of the Company. Ms. Kwan is also the
independent non-executive director of Hypebeast Limited,
the shares of which were listed on GEM of the Stock Exchange
previously (Stock Code: ����) and the listing was transferred to
the Main Board in March 201� (Stock Code: 1�0). Ms. Kwan has a
legal practice focusing on corporate/commercial and corporate
finance matters in Hong Kong for more than 20 years, including
mergers & acquisitions, regulatory compliance, public offerings,
private placement of securities and open offers, joint ventures
and securities related compliance. She practices and specializes
as a corporate finance and legal and compliance lawyer.
Ms. Kwan graduated from the London School of Economics
(London).
Independent Non-executive Director
lAI KA FuNG, MAY, aged ��, was appointed as an Independent
Non-executive Director of the Company in August 201�. She is
the Chairperson of the Remuneration Committee as well as a
member of the Audit Committee and Nomination Committee
of the Company. Ms. Lai is a Certified Public Accountant and
has been engaged in the audit field for more than 20 years. She
is a Principal Partner of May . Lai & Co. & . Liu & Co.,
Certified Public Accountants. Ms. Lai is also an independent
non-executive director of Chinlink International Holdings
Limited (Stock Code: ���). She was previously an independent
non-executive director of Emperor W&J until 2� May 201�.
Ms. Lai is a member of the Hong Kong Institute of Certified
Public Accountants and obtained a Master’s Degree of Arts in
International Accounting from City University of Hong Kong.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 17
DIRECTORS’REPORT
董事會報告
The Directors present this annual report and the audited
consolidated financial statements of the Group for the Year.
Principal Activities
The Company is an investment holding company. The principal
activities of its principal subsidiaries are set out in note ��(a) to
the consolidated financial statements.
Results and Dividends
The results of the Group for the Year are set out in
the consolidated statement of profit or loss and other
comprehensive income on page �� of this annual report. The
dividends paid during the Year and proposed to be paid for
the Year are set out in note 12 to the consolidated financial
statements.
An interim dividend of HK$� (2020: HK$�0) per share for
the Year, amounting to HK$1�,22�,000 (2020: HK$��,0��,000),
was paid to the shareholders of the Company (“Shareholders”)
during the Year.
The Directors recommended the payment of a final dividend
of HK$� (2020: HK$�0) per share for the Year, to those
Shareholders whose names appear on the register of members
on �1 August 2021 (Tuesday), subject to the approval of the
Shareholders at the forthcoming annual general meeting to be
held on 1� August 2021 (Thursday) (“2021 AGM”).
Business Review and Performance
A fair review of the Group’s business, a discussion and analysis
of the Group’s performance during the Year and an analysis of
the likely future development of the Group’s business are set
out in the Management Discussion and Analysis from pages �
to 1� of this annual report. Description of the principal risks
and uncertainties facing the Group are set out in the Corporate
Governance Report from pages �� to �� of this annual report
and notes �1 and �2(b) to the consolidated financial statements
respectively.
Save as disclosed in the section headed “Special Dividend
and Acquisition Completed Subsequent to the Year” of the
Management Discussion and Analysis, and note �� to the
consolidated financial statements, there is no important event
affecting the Company that had occurred since the end of the
Year up to the date of this report.
DIRECTORS’REPORT 董事會報告
董事提呈本年度報告及本集團於本年度之經
審核綜合財務報表。
主要業務
本公司為一間投資控股公司。其主要附屬公
司之主要業務載於綜合財務報表附註��(a)。
業績及股息
本集團於本年度之業績載於本年報第��頁之
綜合損益及其他全面收益表。本年度內已派
付及本年度建議派付之股息載於綜合財務報
表附註12。
於本年度已向本公司股東（「股東」）派付本
年度之中期股息為每股�港元（2020年：
每股�0港元），合共1�,22�,000港元（2020
年：��,0��,000港元）。
董事建議向於2021年�月�1日（星期二）名列
股東登記冊之股東派付每股�港元（2020
年：�0港元）之本年度末期股息，惟須待
股東於2021年�月1�日（星期四）舉行之應屆
股東週年大會（「2021年股東週年大會」）上
批准後方可作實。
業務回顧及表現
本集團業務的中肯回顧、本集團本年度表現
的討論與分析及本集團業務可能未來發展的
分析載於本年報第�頁至第1�頁之管理層討
論與分析。有關本集團所面對主要風險及不
明朗因素的闡述分別載於本年報之企業管治
報告第��頁至第��頁及綜合財務報表附註�1
及�2(b)。
除管理層討論與分析之「特別股息及本年度
後完成的收購事項」一節及綜合財務報表附
註��內所披露者外，自本年度結算日後及至
本報告日期並無發生對本公司有影響的重大
事件。
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報18
業務回顧及表現（續）
此外，本集團環保政策及表現、有關與本公
司主要持份者之重要關係以及遵守對本公司
有重大影響的相關法律及規例之討論載於本
公司2020/2021環境、社會及管治報告。
五年財務概要
本集團於過去五個財政年度之業績及資產與
負債概要載於本年報第1��頁。
投資物業
於2021年�月�1日，本集團按公開市值基準就
其所有投資物業進行重估。所減少之公允價
值��,000,000港元已於綜合損益及其他全面
收益表內確認。
本集團之投資物業變動詳情載於綜合財務報
表附註1�。
本集團於2021年�月�1日之投資物業概要載
於本年報第1��頁。
物業、機器及設備
於本年度內，本集團以20,�2�,000港元之成
本購入物業、機器及設備。
本集團之物業、機器及設備變動詳情載於綜
合財務報表附註1�。
股本
本公司於本年度之股本變動詳情載於綜合財
務報表附註2�。
儲備
本集團於本年度之儲備變動詳情載於本年報
第�0頁。
Business Review and Performance
(continued)
In addition, the Group’s environmental policy and performance,
discussion on key relationships with the Company’s key
stakeholders, as well as compliance with relevant laws and
regulations which have significant impact on the Company are
set out in the Environmental, Social and Governance Report
2020/2021 of the Company.
Five-year Financial Summary
A summary of the results and assets and liabilities of the Group
for the last five years is set out on page 1�� of this annual
report.
Investment Properties
As at �1 March 2021, the Group revalued all of its investment
properties on an open market value basis. The decrease in
fair value amounting to HK$��,000,000 has been recognised
in the consolidated statement of profit or loss and other
comprehensive income.
Details of changes in the investment properties of the Group are
set out in note 1� to the consolidated financial statements.
A summary of investment properties of the Group as at �1
March 2021 is set out on page 1�� of this annual report.
Property, Plant and Equipment
During the Year, the Group acquired property, plant and
equipment at a cost of HK$20,�2�,000.
Details of changes in the property, plant and equipment of
the Group are set out in note 1� to the consolidated financial
statements.
Share Capital
Details of movements in the share capital of the Company
during the Year are set out in note 2� to the consolidated
financial statements.
Reserves
Details of movements in the reserves of the Group during the
Year are set out on page �0 of this annual report.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 19
DIRECTORS’REPORT
董事會報告
本公司之可分派儲備
本公司於2021年�月�1日可供分派予股東之
儲備為保留溢利1,009,755,000港元（2020
年：349,7�5,000港元）。
本公司董事
於本年度內及直至本報告日期止之董事如下：
非執行董事：
陸小曼女士（主席）
執行董事：
黃志輝先生
范敏嫦女士
獨立非執行董事：
余擎天先生
關倩鸞女士
黎家鳳女士
於本報告日期，董事及高級管理人員之履歷
詳情載於本年報第1�頁及第1�頁。董事薪酬
詳情載於綜合財務報表附註10(a)。
根據本公司之章程細則第��(1)條及第��(2)
條，范敏嫦女士（「范女士」）及關倩鸞女士
（「關女士」）將於2021年股東週年大會上輪值
退任，並符合資格及願意於會上膺選連任。
概無擬在2021年股東週年大會上願意膺選連
任之董事與本集團訂有可於一年內免付賠償
（法定賠償除外）之未屆滿服務合約。
管理合約
於本年度，除僱傭合約外，並無訂立或存有
關乎本集團整體或任何重大部分業務的管理
及行政事宜的合約。
Distributable Reserves of the Company
The Company reserves available for distribution to the
Shareholders as at �1 March 2021 represent the retained profits
amounting to HK$1,00�,���,000 (2020: HK$���,���,000).
Directors of the Company
The Directors during the Year and up to the date of this report
were:
Non-executive Director:
Ms. Luk Siu Man, Semon (Chairperson)
Executive Directors:
Mr. Wong Chi Fai
Ms. Fan Man Seung, Vanessa
Independent Non-executive Directors:
Mr. Yu King Tin
Ms. Kwan Shin Luen, Susanna
Ms. Lai Ka Fung, May
Biographical details of the Directors and senior management as
at the date of this report are set out on pages 1� and 1� of this
annual report. Details of Directors’ remunerations are set out
in note 10(a) to the consolidated financial statements.
In accordance with Bye-law ��(1) and ��(2) of the Company’s
Bye-laws, Ms. Fan Man Seung, Vanessa (“Ms. Vanessa Fan”)
and Ms. Kwan Shin Luen, Susanna (“Ms. Susanna Kwan”) shall
retire by rotation at the 2021 AGM and, being eligible, shall offer
themselves for re-election thereat.
None of the Directors offering themselves for re-election at the
2021 AGM has an unexpired service contract with the Group
within one year without payment of compensation other than
statutory compensation.
Management Contracts
No contracts, other than employment contracts, concerning the
management and administration of the whole or any substantial
part of the Group’s business were entered into or existed during
the Year.
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報20
獲准許的彌償條文
於本年度內及截至本報告日期止，就董事及
本集團董事可能面對的法律訴訟而產生的潛
在責任及成本，本公司備有獲准許的彌償條
文，該等條文均載於本公司之章程細則以及
本集團投購之董事及高級管理人員責任險內。
薪酬政策
董事之酬金須由董事會根據薪酬委員會參照
一套書面薪酬政策（以確保與業務策略有清
晰聯繫，並密切符合股東之權益及現行最佳
常規）向其提供的推薦意見而釐定。酬金乃
參考董事會企業目標及目的、可予以比較公
司支付的薪金、執行及非執行董事的時間投
入及職責、本集團內部一貫的僱傭條件及與
表現掛鈎的薪酬之適用性。董事袍金則以符
合市場常規而支付。並無個別人士可釐定其
本身之酬金。
僱員薪酬乃根據個人職責、才幹及技能、經
驗及表現以及市場薪酬水平而釐定。薪酬組
合包括（視情況而定）基本薪金、董事袍金、
住房津貼、退休金計劃供款以及與本集團財
務表現及個人表現掛鈎之酌情花紅、特別獎
勵、購股權及其他具有競爭力之額外福利（如
醫療及人壽保險）。董事及本集團五名最高
薪酬人士之薪酬詳情載於綜合財務報表附註
10。
Permitted Indemnity Provisions
During the Year and up to the date of this report, the Company
has in force the permitted indemnity provisions which are
provided for in the Company’s Bye-laws and in the directors
and officers liability insurance maintained for the Group in
respect of potential liability and costs associated with legal
proceedings that may be brought against the Directors and the
directors of the Group.
Emolument Policy
The emoluments of the Directors shall be decided by the Board
as recommended by the Remuneration Committee having
regard to a written remuneration policy (which ensures a
clear link to business strategy and a close alignment with the
Shareholders’ interest and current best practice). Remuneration
should be paid with reference to the Board’s corporate goals
and objectives, the salaries paid by comparable companies,
time commitment and responsibilities of the Executive and
Non-executive Directors, internal equity of employment
conditions across the Group and applicability of performance-
based remuneration. The Directors’ fees are paid in line with
market practice. No individual should determine his or her own
remuneration.
Employee’s remuneration was determined in accordance with
individual’s responsibilities, competence and skills, experience
and performance as well as market pay level. Remuneration
package includes, as the case may be, basic salary, Directors’
fees, housing allowances, contribution to pension schemes,
discretionary bonus relating to the financial performance of
the Group and individual performance, ad hoc rewards, share
options and other competitive fringe benefits such as medical
and life insurances. Details of the emoluments of the Directors
and the five highest paid individuals of the Group are set out in
note 10 to the consolidated financial statements.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 21
DIRECTORS’REPORT
董事會報告
董事及主要行政人員之證券權
益
於2021年�月�1日，董事及本公司主要行政人
員於本公司及其相聯法團（定義見證券及期
貨條例（「證券及期貨條例」）第XV部）之股
份、相關股份及債權證中擁有本公司根據證
券及期貨條例第��2條備存之登記冊所記錄
之權益及淡倉或根據本公司採納之《董事進
行證券交易的標準守則》（「英皇娛樂酒店證
券守則」）須另行知會本公司及聯交所之權益
及淡倉如下：
(A) 於本公司之好倉權益
本公司每股面值港元之普通股
（「股份」）
附註： 該等股份由英皇國際之間接全資附屬公
司英皇娛樂酒店控股有限公司持有。英
皇國際乃一間股份於香港上市之公司，
且於2021年�月�1日約��.�1%之已發行
股份由英皇集團（國際）控股有限公司
（「英皇集團國際控股」）持有。英皇集團
國際控股之全部已發行股份由楊受成
博士（「楊博士」）（其被視為擁有上述
股份權益）成立之私人酌情信託之受託
人First Trust Services GmbH（「First
Trust」）持有之楊受成產業控股有限公
司（「楊受成產業控股」）全資擁有。鑒於
陸女士為楊博士之配偶，彼亦被視為擁
有該等相同股份的權益。
Directors’ and Chief Executives’ Interests
in Securities
As at �1 March 2021, the interests and short positions of the
Directors and chief executives of the Company in the shares,
underlying shares and debentures of the Company and its
associated corporations (within the meaning of Part XV of
the Securities and Futures Ordinance (“SFO”)) as recorded in
the register maintained by the Company pursuant to Section
��2 of the SFO, or as otherwise notified to the Company and
the Stock Exchange pursuant to the Model Code for Securities
Transactions by Directors adopted by the Company (“EEH
Securities Code”) were as follows:
(A) long position interests in the Company
Ordinary shares of HK$ each of the Company (the
“Shares”)
Name of Director
董事姓名
Capacity/
Nature of interests
身份╱權益性質
Number of issued
Shares interested
持有權益之
已發行股份數目
% of issued
voting Shares
佔已發行
有投票權股份%
Ms. Luk Siu Man, Semon
(“Ms. Semon luk”)
陸小曼女士（「陸女士」）
Interest of spouse
配偶權益
��1,��2,���
(Note)（附註）
�0.��%
Note: These Shares were held by Emperor Entertainment Hotel
Holdings Limited, an indirect wholly-owned subsidiary of
Emperor International. Emperor International is a company
with its shares listed in Hong Kong and as at �1 March 2021,
approximately ��.�1% of its issued shares was held by Emperor
International Group Holdings Limited (“Emperor International
Group Holdings”). The entire issued share of Emperor
International Group Holdings is wholly owned by Albert Yeung
Holdings Limited (“AY Holdings”) which is held by First Trust
Services GmbH (“First Trust”), being the trustee for a private
discretionary trust set up by Dr. Yeung Sau Shing, Albert (“Dr.
Albert Yeung”) who is deemed to have interests in the said
Shares. By virtue of being the spouse of Dr. Albert Yeung, Ms.
Semon Luk also had deemed interests in the same Shares.
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報22
董事及主要行政人員之證券權
益（續）
(B) 於相聯法團之好倉權益
(i) 普通股
附註： 英皇國際、英皇鐘錶珠寶、英皇文
化產業及歐化國際均為股份於聯
交所上市的公司。該等股份乃由相
關私人酌情信託（亦由楊博士創立）
最終擁有。鑒於陸女士為楊博士之
配偶，彼亦被視為擁有相同股份的
權益。
(ii) 債權證
Directors’ and Chief Executives’ Interests
in Securities (continued)
(B) long position interests in associated
corporation
(i) Ordinary shares
Name of Director
董事姓名
Name of
associated
corporation
相聯法團名稱
Capacity/Nature
of interests
身份╱權益性質
Number
of shares
interested
持有權益之
股份數目
% of issued
shares
佔已發行
股份%
Ms. Semon Luk
陸女士
Emperor International
英皇國際
Interest of spouse
配偶權益
2,���,�10,���
(Note)（附註）
��.�1%
Emperor W&J
英皇鐘錶珠寶
‒ Ditto ‒
－同上－
�,2�0,��0,000
(Note)（附註）
��.2�%
Emperor Culture
英皇文化產業
‒ Ditto ‒
－同上－
2,��1,�1�,0��
(Note)（附註）
��.�0%
Ulferts International
歐化國際
‒ Ditto ‒
－同上－
�00,000,000
(Note)（附註）
��.00%
Ms. Vanessa Fan
范女士
Emperor International
英皇國際
Beneficial owner
實益擁有人
10,�00,000 �%
Mr. Yu King Tin
余擎天先生
Emperor W&J
英皇鐘錶珠寶
Beneficial owner
實益擁有人
�0,000 %
Note: Emperor International, Emperor W&J, Emperor Culture
and Ulferts International are companies with their shares
listed on the Stock Exchange. These shares were ultimately
owned by the respective private discretionary trusts
which are also founded by Dr. Albert Yeung. By virtue of
being the spouse of Dr. Albert Yeung, Ms. Semon Luk had
deemed interests in the same shares.
(ii) Debentures
Name of Director
Name of associated
corporation
Capacity/
Nature of interests
Amount of
debentures held
董事姓名 相聯法團名稱 身份╱權益性質 所持債權證金額
Mr. Wong Chi Fai
黃志輝先生
Emperor International
英皇國際
Interest in a controlled
corporation
於受控制法團之權益
HK$2,000,000
2,000,000港元
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 23
DIRECTORS’REPORT
董事會報告
董事及主要行政人員之證券權
益（續）
除上文所披露者外，於2021年�月�1日，概無
董事或本公司之主要行政人員於本公司或其
任何相聯法團（定義見證券及期貨條例第XV
部）之任何股份、相關股份及債權證中擁有
任何權益或淡倉。
購股權
本公司於201�年�月1�日已採納購股權計劃
（「購股權計劃」）。購股權計劃之詳情載於綜
合財務報表附註2�。自購股權計劃採納起，
概無購股權根據購股權計劃授出、獲行使、
註銷或失效。
股票掛鈎協議
除於綜合財務報表附註2�披露之購股權計劃
外，本公司並無於本年度內訂立或於本年度
末存續任何股票掛鈎協議。
購買股份或債權證之安排
除上文所述之購股權計劃外，於本年度末及
本年度內任何時間，本公司、其任何控股公
司、附屬公司或同系附屬公司概無訂立任何
安排，致使董事或本公司主要行政人員或彼
等之配偶或未滿1�歲子女可藉購入本公司或
任何其他法團的股份或債權證而獲取利益。
其他人士於股份及相關股份之
權益
於2021年�月�1日，就任何董事或本公司主要
行政人員所知，除董事或本公司主要行政人
員外，下列人士或法團於股份或相關股份中
擁有或被視為或被當作擁有記錄於按照證券
及期貨條例第���條須存置之登記冊（「權益
登記冊」）或須另行知會本公司之權益及淡倉
如下：
Directors’ and Chief Executives’ Interests
in Securities (continued)
Save as disclosed above, as at �1 March 2021, none of the
Directors nor chief executives of the Company had any interests
or short positions in any Shares, underlying Shares and
debentures of the Company or any of its associated corporations
(within the meaning of Part XV of the SFO).
Share Options
The Company has adopted a share option scheme (“Share
Option Scheme”) on 1� August 201�. Particulars of the Share
Option Scheme are set out in note 2� to the consolidated
financial statements. No share option was granted, exercised,
cancelled or lapsed under the Share Option Scheme since its
adoption.
Equity-linked Agreements
Other than the Share Option Scheme as disclosed in note 2�
to the consolidated financial statements, no equity linked
agreement was entered into by the Company during the Year or
subsisted at the end of the Year.
Arrangements to Purchase Shares or
Debentures
Other than the Share Option Scheme as stated above, at
the end of the Year and at no time during the Year was the
Company, any of its holding companies, subsidiaries or its
fellow subsidiaries, a party to any arrangements to enable the
Directors or chief executives of the Company or their spouse or
children under 1� years of age to acquire benefits by means of
the acquisition of Shares in or debentures of the Company or
any other body corporate.
Other Persons’ Interests in Shares and
underlying Shares
So far as is known to any Director or chief executives of the
Company, as at �1 March 2021, the following persons or
corporations (other than a Director or a chief executive of the
Company) had, or were deemed or taken to have an interest and
short position in the Shares or underlying Shares as recorded
in the register required to be kept under Section ��� of the SFO
(“DI Register”) or as otherwise notified to the Company were as
follows:
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報24
其他人士於股份及相關股份之
權益（續）
於股份之好倉
附註： 該等股份為上文「董事及主要行政人員之證券
權益」(A)一節所載陸女士被視為擁有權益之
相同股份。
除上文披露者外，於2021年�月�1日，董事或
本公司主要行政人員並不知悉任何其他人士
或法團（董事及本公司主要行政人員除外）
於任何股份或相關股份中擁有或被視為或被
當作擁有須記入權益登記冊之任何權益或淡
倉。
董事於競爭業務之權益
於2021年�月�1日，概無董事或彼等各自之緊
密聯繫人於被視為與本集團之業務構成競爭
或可能構成競爭（不論直接或間接）之任何
業務內擁有根據聯交所證券上市規則（「上
市規則」）而須予披露之權益。
獨立非執行董事獨立性之確認
本公司已收到本公司每位獨立非執行董事
（「獨立非執行董事」）根據上市規則第�.1�條
發出之年度獨立性確認書。本公司認為，所
有獨立非執行董事均為獨立人士。
Other Persons’ Interests in Shares and
underlying Shares (continued)
long positions in the Shares
Name of Shareholder
股東名稱╱姓名
Capacity/Nature of interests
身份╱權益性質
Number of
Shares held
所持股份數目
% of issued
voting Shares
佔已發行
有投票權股份%
Emperor International
英皇國際
Interest in a controlled corporation
於受控制法團之權益
��1,��2,���
(Note)（附註）
�0.��%
AY Holdings
楊受成產業控股
Interest in a controlled corporation
於受控制法團之權益
��1,��2,���
(Note)（附註）
�0.��%
First Trust Trustee of a private discretionary trust
私人酌情信託之受託人
��1,��2,���
(Note)（附註）
�0.��%
Dr. Albert Yeung
楊博士
Founder of a private discretionary trust
私人酌情信託之創立人
��1,��2,���
(Note)（附註）
�0.��%
Note: These Shares were the same Shares as those set out under Section (A)
of “Directors’ and Chief Executives’ Interests in Securities” above of
which Ms. Semon Luk had deemed interests.
Save as disclosed above, as at �1 March 2021, the Directors or
chief executives of the Company were not aware of any person
or corporation (other than the Directors and chief executives of
the Company) who had, or were deemed or taken to have, any
interests or short positions in any Shares or underlying Shares
as recorded in the DI Register.
Directors’ Interests in Competing
Business
As at �1 March 2021, none of the Directors nor their respective
close associates was interested in any business which was
considered to compete or is likely to compete, either directly
or indirectly, with the business of the Group as required to
be disclosed pursuant to the Rules Governing the Listing of
Securities on the Stock Exchange (“listing Rules”).
Confirmation of Independence of
Independent Non-executive Directors
The Company had received from each of the independent non-
executive Directors of the Company (“INEDs”), an annual
confirmation of the independence pursuant to Rule �.1� of the
Listing Rules. The Company considered that all of the INEDs are
independent.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 25
DIRECTORS’REPORT
董事會報告
優先購買權
本公司之公司細則或百慕達法例概無關於本
公司須按比例向現有股東發售新股份之優先
購買權規定。
購回、出售或贖回本公司上市
證券
於本年度，本公司於聯交所以總代價
2 � , � 2 � , � 0 0港元（未計開支）購回合共
2�,���,000股股份。所有購回股份其後於本年
度已註銷。於2021年�月�1日，已發行股份總
數為1,20�,���,���（2020年：1,2��,2�0,���）
股。
於本年度購回股份之詳情如下：
進行購回旨在提高每股資產淨值及╱或盈利。
除上文所披露者外，於本年度，本公司或其
任何附屬公司概無購回、出售或贖回本公司
任何上市證券。
Pre-emptive Rights
There are no provisions for pre-emptive rights under the
Company’s Bye-laws, or the laws of Bermuda, which would
oblige the Company to offer new shares on a pro-rata basis to
existing Shareholders.
Purchase, Sale or Redemption of the
Company’s listed Securities
During the Year, the Company repurchased a total of 2�,���,000
Shares at an aggregate consideration of HK$2�,�2�,�00 (before
expenses) on the Stock Exchange. All such Repurchased Shares
were subsequently cancelled during the Year. As at �1 March
2021, there was a total of 1,20�,���,��� (2020: 1,2��,2�0,���)
Shares in issue.
Details of the Repurchased Shares during the Year are as
follows:
Month of
Shares repurchase 購回股份之月份
Number
of Shares
repurchased
購回股份
之數目
Highest
price paid
per Share
已付每股
股份最高價
lowest
price paid
per Share
已付每股
股份最低價
Aggregate
consideration
paid (before
expenses)
已付總代價
（未計開支）
HK$ HK$ HK$
港元 港元 港元
July 2020 2020年�月 �,20�,000 � � �,�1�,��0
August 2020 2020年�月 �,220,000 � �,���,�00
September 2020 2020年�月 �,2�0,000 � �,��1,��0
October 2020 2020年10月 ��0,000 � 1,0��,�00
December 2020 2020年12月 2,��0,000 � 2,���,��0
January 2021 2021年1月 2,���,000 2,���,�00
March 2021 2021年�月 1,���,000 � 2,11�,0�0
Total 總計 2�,���,000 2�,�2�,�00
The repurchases were made with a view to enhancing the net
asset value and/or earnings per Share.
Save as disclosed above, during the Year, neither the Company
nor any of its subsidiaries purchased, sold or redeemed any of
the Company’s listed securities.
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報26
董事於交易、安排或合約及關
連交易之重大權益
於本年度，本集團曾與本公司關連人士（定
義見上市規則）進行下列交易，而若干董事
於該等交易中直接或間接擁有重大權益：
(i) 持續關連交易－總租賃協議
（「2018年總租賃協議」）
日期： 201�年�月2�日
訂約方： (i) 本公司
(ii) 英皇鐘錶珠寶
性質： 201�年總租賃協議載列規管就
於201�年�月2�日至2021年�月�1
日期間租賃若干辦公室物業（包
括零售商舖）予英皇鐘錶珠寶之
所有現有及未來租賃╱授權交易
（「租賃交易」）的框架條款，並就
截至201�年、2020年及2021年�月
�1日止各財政年度訂立總租賃年
度上限（「總租賃年度上限」）。
根據201�年總租賃協議，本集團
相關成員公司與英皇鐘錶珠寶任
何成員公司（視情況而定）可不時
就任何租賃交易訂立任何正式租
賃協議（「正式租賃協議」）。各正
式租賃協議之條款應按一般商業
條款或按不遜於獨立第三方給予
本集團之條款訂立。
條款及租金應經公平磋商協定，
並應根據該等物業狀況及參考具
有相若位置、面積及許可用途之
物業當時市場租金釐定。
Directors’ Material Interests in
Transactions, Arrangements or Contracts
and Connected Transactions
During the Year, the Group had the following transactions
with connected persons (as defined in the Listing Rules) of the
Company and certain Directors had material interests, directly
or indirectly, in such transactions:
(i) Continuing Connected Transaction – Master
leasing Agreement (“2018 MlA”)
Date: 2� May 201�
Parties: (i) The Company
(ii) Emperor W&J
Nature: The 201� MLA sets out the framework of
the terms governing all existing and future
tenancy/licensing transaction(s) (“Tenancy
Transactions”) regarding leasing of certain
office properties (including retail shops) to
Emperor W&J for the period from 2� May
201� to �1 March 2021 with aggregate tenancy
annual caps being set for each of the financial
years ended �1 March 201�, 2020 and 2021
(“Aggregate Tenancy Annual Caps”).
Pursuant to the 201� MLA, relevant members of
the Group and any member(s) of Emperor W&J
(as the case may be) may from time to time
enter into any definitive leasing agreements
in relation to any Tenancy Transactions
(“Definitive leasing Agreement(s)”). The
terms of each of Definitive Leasing Agreements
shall be on normal commercial terms or on
terms which are no less favorable available to
the Group than terms offered by independent
third parties.
The terms and rental shall be subject to arm’s
length negotiation and be determined based
on the condition of the properties and with
reference to the then prevailing market rents
on property(ies) comparable in location, area
and permitted use.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 27
DIRECTORS’REPORT
董事會報告
董事於交易、安排或合約及關
連交易之重大權益（續）
(i) 持續關連交易－總租賃協議
（「2018年總租賃協議」）（續）
關連關係及
董事權益：
本公司及英皇鐘錶珠寶均由私人
酌情信託（兩者皆由楊博士創立）
控制。因此，根據上市規則第1�A
章，英皇鐘錶珠寶為本公司之視
作關連人士。陸女士為控制英皇
鐘錶珠寶之私人酌情信託合資格
受益人之聯繫人，故彼被視為於
201�年總租賃協議中擁有權益。
完成： 201�年�月2日，總租賃年度上限
已取代本公司就租賃交易於原先
所取得之所有當時年度上限。
公告： 201�年�月2�日及201�年�月�日
總金額： 於本年度內，與英皇鐘錶珠寶或
其相關成員公司的租賃交易總額
為2,�1�,000港元。
備註： 隨著201�年總租賃協議屆滿，本
公司於2020年12月�日與英皇鐘
錶珠寶訂立新總租賃協議，以規
管訂約方間自2021年�月1日起連
續�年的租賃交易安排。由於所
有先決條件於2021年2月2日已達
成，新總租賃年度上限於2021年�
月1日起生效。有關詳情，請參閱
本公司日期為2020年12月�日的
公告。
Directors’ Material Interests in
Transactions, Arrangements or Contracts
and Connected Transactions (continued)
(i) Continuing Connected Transaction – Master
leasing Agreement (“2018 MlA”) (continued)
Connected
relationship
and Directors’
interests:
The Company and Emperor W&J were
controlled by private discretionary trusts
which are both founded by Dr. Albert Yeung.
As such, under Chapter 1�A of the Listing
Rules, Emperor W&J was a deemed connected
person of the Company. Ms. Semon Luk had
deemed interest in the 201� MLA by virtue of
being an associate of the eligible beneficiaries
of the private discretionary trust controlling
Emperor W&J.
Completion: 2 August 201�, whereupon the Aggregate
Tenancy Annual Caps had replaced all the
then annual caps previously obtained by the
Company for the Tenancy Transactions.
Announcements: 2� May 201� and � August 201�
Aggregate
amount:
During the Year, the aggregate amount of the
Tenancy Transactions with Emperor W&J or its
relevant members was HK$2,�1�,000.
Remark: With the expiration of the 201� MLA, the
Company entered into new master leasing
agreement with Emperor W&J on � December
2020 to regulate arrangements for the
Tenancy Transactions between the parties
for a successive term of � years from 1 April
2021. As all conditions precedent had been
fulfilled on 2 February 2021, the new aggregate
tenancy annual caps took effect from 1 April
2021. Please refer to the announcement of the
Company dated � December 2020 for details.
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報28
董事於交易、安排或合約及關
連交易之重大權益（續）
(ii) 持續關連交易－有關經營英皇
娛樂酒店之2010年服務協議
（經補充協議補充）
日期： 2010年2月1�日（就2010年服務協
議而言）及2020年�月�日（就補充
協議而言）
訂約方及
關連關係：
(i) 本公司之間接全資附屬公
司天豪有限公司（「天豪」）
(ii) 澳博，一間於澳門註冊成立
之公司，主要於澳門從事博
彩業務，為六家可於澳門經
營娛樂場博彩業務之持牌
承批公司╱次承批公司之
一。澳博擁有本公司間接非
全資附屬公司Luck United
Holdings Limited 1�.��%
之股權，為本公司附屬公司
之主要股東，故按照上市規
則之涵義為本公司之關連
人士。
年期： 由200�年10月1日起至若干事件
發生後終止，包括澳博於博彩經
營批給合同項下之博彩經營權於
2020年�月�1日屆滿或該博彩經
營權提前終止，或任何一方清盤
或終止業務。經補充協議補充，
2010年服務協議的年期由2020年
�月1日延長至2022年�月2�日。
Directors’ Material Interests in
Transactions, Arrangements or Contracts
and Connected Transactions (continued)
(ii) Continuing Connected Transaction – 2010
Service Agreement (as supplemented by the
Addendum) in Relation to the Operation of
GEH
Date: 1� February 2010 (for the 2010 Service
Agreement) and � May 2020 (for the Addendum)
Parties and
connected
relationship:
(i) Tin Hou Limited (“Tin Hou”), an indirect
wholly-owned subsidiary of the Company
(ii) SJM, a company incorporated in Macau,
which is principally engaged in gaming
business in Macau and is one of the six
concessionaires/subconcessionaries
licensed to carry on casino operations in
Macau. SJM has 1�.��% equity interest
in Luck United Holdings Limited, an
indirect non-wholly-owned subsidiary of
the Company, and is a connected person
of the Company within the meaning of
the Listing Rules by virtue of being a
substantial shareholder of a subsidiary of
the Company.
Terms: From 1 October 200� to termination upon
occurrence of certain events, including the
expiration of SJM’s gambling license under the
Gaming Concession Contract on �1 March 2020
or any earlier termination thereof or winding
up or cessation of business of either party. As
supplemented by the Addendum, the term of
the 2010 Service Agreement is extended from 1
April 2020 to 2� June 2022.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 29
DIRECTORS’REPORT
董事會報告
董事於交易、安排或合約及關
連交易之重大權益（續）
(ii) 持續關連交易－有關經營英皇
娛樂酒店之2010年服務協議
（經補充協議補充）（續）
性質： 天豪向澳博提供與英皇娛樂
酒店經營相關服務（包括管理
服務及宣傳服務），而天豪連
同指定之博彩中介人代理（為
天豪之同系附屬公司，由本公
司全資擁有）將有權攤分英皇
娛樂酒店博彩區每月營運表
現之總博彩收益及總博彩虧
損，並須承擔營運博彩區之一
切所需營運開支。
公告： 2020年�月1�日
淨收益： 於本年度，本集團於2010年
服務協議項下之淨收益為
��,���,000港元。
(iii) 關連交易－收購Poly Keen
International limited
（「Poly Keen」）的全部股權
日期： 2021年�月1�日
訂約方： (i) 英皇國際直接全資附屬公
司英皇酒店集團有限公司
（「賣方」）
(ii) 本公司間接非全資附屬公
司英皇酒店投資有限公司
（「買方」）
性質： 買方與賣方訂立買賣協議，內
容有關購買及銷售Poly Keen
的全部股權及Poly Keen欠賣
方 的 股 東 貸 款。交 易 代 價 為
2,0��,��2,000港元。
Directors’ Material Interests in
Transactions, Arrangements or Contracts
and Connected Transactions (continued)
(ii) Continuing Connected Transaction – 2010
Service Agreement (as supplemented by the
Addendum) in Relation to the Operation of
GEH (continued)
Nature: The provision of services comprising
management services and promotion
services by Tin Hou to SJM in relation to the
operation of GEH whereas Tin Hou together
with the nominated junket promoter (a
fellow subsidiary of Tin Hou and wholly-
owned by the Company) shall be entitled
to a share of the gross win and gross
loss in respect of the monthly operating
performance of the gaming area of GEH and
bear all necessary operational expenses in
relation to the operation of the gaming area.
Announcement: 1� May 2020
Net receipt: During the Year, the Group’s net receipt
amount under the 2010 Service Agreement
amounted to HK$��,���,000.
(iii) Connected Transaction – Acquisition
of Entire Equity Interest in Poly Keen
International limited (“Poly Keen”)
Date: 1� March 2021
Parties: (i) E m p e r o r Ho t e l G r o u p L i m i t e d
(“Vendor”), a direct wholly-owned
subsidiary of Emperor International
(ii) Emperor Hotel Investment Limited
(“Purchaser”), an indirect non-wholly
owned subsidiary of the Company
Nature: The Purchaser entered into a sale and
purchase agreement with the Vendor, in
relation to the purchase and sale of the
entire equity interest of Poly Keen and the
shareholder’s loan due from Poly Keen
to the Vendor. The consideration for the
transaction was HK$2,0��,��2,000.
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報30
董事權益 英皇國際因為本公司主要股東而
為本公司的關連人士。由於為最
終擁有英皇國際��.�1%權益的私
人酌情信託合資格受益人的聯繫
人，陸女士被視作於交易中擁有
權益。
公告： 2021年�月1�日
通函： 2021年�月�0日
備註： 該交易於本公司2021年�月2�日
召開的股東特別大會上獲得獨立
股東的批准。交易已於2021年�月
2�日完成。
遵守披露規定
除綜合財務報表附註��(a)所載本年度「向一
間關連公司收取租金收入」（根據201�年總
租賃協議），金額為2,�1�,000港元，所載交易
根據上市規則第1�A章構成本公司持續關連
交易外，該附註所載之所有其他交易乃根據
上市規則第1�A章獲豁免遵守公告、匯報、年
度審閱及獨立股東批准規定之關連交易。本
公司已就上述非豁免關連交易遵守上市規則
第1�A章之披露要求。
有關已披露持續關連交易之核
數師函件
本公司核數師已獲委聘按照香港會計師公會
頒佈之《香港審驗應聘服務準則�000》（經
修訂）的「歷史財務資料審計或審閱以外的
審驗應聘」，並參照《實務說明》第��0號「關
於香港《上市規則》所述持續關連交易的核
數師函件」（「核數師函件」），匯報本集團之
已披露持續關連交易（「持續關連交易」）。
Director’s
interests
Emperor International is a connected
person of the Company by virtue of being
the substantial shareholder of the Company.
Ms. Semon Luk was deemed to have interest
in the transaction by virtue of being an
associate of the eligible beneficiaries of the
private discretionary trust which ultimately
owns Emperor International as to ��.�1%.
Announcement: 1� March 2021
Circular: �0 April 2021
Remark: The transaction was approved by the
independent shareholders at the special
general meeting of the Company held on 2�
May 2021. The transaction was completed
on 2� May 2021.
Compliance with Disclosure Requirements
Save as “Rental income from a related company” (under the
201� MLA) in the amount of HK$2,�1�,000 for the Year as shown
in note ��(a) to the consolidated financial statements which
constituted a continuing connected transaction of the Company
under Chapter 1�A of the Listing Rules, all other transactions as
shown in this note are connected transactions exempted from
announcement, reporting, annual review and independent
Shareholders’ approval requirements under Chapter 1�A
of the Listing Rules. The Company has complied with the
disclosure requirements in accordance with Chapter 1�A of the
Listing Rules in respect of the above non-exempt connected
transactions.
Auditor’s letter on Disclosed
Continuing Connected Transactions
The Company’s auditor was engaged to report on the Group’s
disclosed continuing connected transactions (“CCTs”) in
accordance with Hong Kong Standard on Assurance Engagements
�000 (Revised) “Assurance Engagements Other Than Audits or
Reviews of Historical Financial Information” and with reference
to Practice Note ��0 “Auditor’s Letter on Continuing Connected
Transactions under the Hong Kong Listing Rules” (“Auditor’s
letter”) issued by the Hong Kong Institute of Certified Public
Accountants.
Directors’ Material Interests in
Transactions, Arrangements or Contracts
and Connected Transactions (continued)
(iii) Connected Transaction – Acquisition
of Entire Equity Interest in Poly Keen
International limited (“Poly Keen”)
(continued)
董事於交易、安排或合約及關
連交易之重大權益（續）
(iii) 關連交易－收購Poly Keen
International limited
（「Poly Keen」）的全部股權
（續）
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 31
DIRECTORS’REPORT
董事會報告
有關已披露持續關連交易之核
數師函件（續）
核數師已按照上市規則第1�A.��條就持續關
連交易發出無保留結論。本公司已向聯交所
提供核數師函件副本。
獨立非執行董事就已披露持續
關連交易之確認
根據上市規則第1�A.��條，獨立非執行董事
已審閱已披露持續關連交易及核數師函件，
並確認該等交易乃由本集團：
(i) 於本集團日常及一般業務過程中訂立；
(ii) 按一般商業條款或更佳條款（視情況而
定）訂立；及
(iii) 乃按照該等交易的協議內之條款進行，
而交易條款屬公平合理並符合股東之整
體利益。
除上文披露者外，於本年度末或本年度內任
何時間，本公司或其任何控股公司、附屬公
司或同系附屬公司概無就本公司業務訂有董
事或其關連實體直接或間接於其中擁有重大
權益之重大交易、安排或合約。
主要客戶及供應商
於本年度，本集團首五大客戶應佔收入合佔
本集團總收入之��.�%（2020年：��.�%）。
最大客戶佔本集團總收入之��.�%（2020年：
�%），該客戶為貴賓廳、中場及角子機廳
之營運商，並就本集團於本年度所提供之服
務支付費用。
於本年度，本集團本年度內向五大供應商作
出之總採購額及聘用服務金額合佔本集團之
總採購額及聘用服務金額不足�0%。
Auditor’s letter on Disclosed
Continuing Connected Transactions
(continued)
The auditor had issued unqualified conclusions in respect of
the CCTs in accordance with Rule 1�A.�� of the Listing Rules. A
copy of the Auditor’s Letter had been provided by the Company
to the Stock Exchange.
Confirmation of Independent Non-
executive Directors on Disclosed
Continuing Connected Transactions
Pursuant to Rule 1�A.�� of the Listing Rules, the INEDs had
reviewed the CCTs and the Auditor’s Letter and had confirmed
that these transactions have been entered into by the Group:
(i) in the ordinary and usual course of business of the Group;
(ii) on normal commercial terms or better (as the case may be);
and
(iii) according to the agreements governing them on terms
that are fair and reasonable and in the interests of the
Shareholders as a whole.
Save as disclosed above, there was no transaction, arrangement
or contract of significance which was significant in relation
to the Company’s business to which the Company, or any of
its holding company, subsidiaries or fellow subsidiaries was a
party and in which a Director or his/her connected entity had a
material interest, whether directly or indirectly, subsisted at the
end of the Year or at any time during the Year.
Major Customers and Suppliers
During the Year, the aggregate amount of revenue attributable
to the Group’s five largest customers represented ��.�% (2020:
��.�%) of the Group’s total revenue. The largest customer
accounted for ��.�% (2020: �%) of the Group’s total revenue
and is the operator of VIP room, mass market hall and slot
machine hall who paid fee for the services rendered by the
Group for the Year.
During the Year, the aggregate amount of purchases and
services received attributable to the Group’s five largest
suppliers represented less than �0% of total purchases and
services received by the Group for the Year.
DIRECTORS’REPORT
董事會報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報32
主要客戶及供應商（續）
概無董事、彼等之緊密聯繫人或據董事所知
擁有本公司已發行股本�%以上之任何股東
實益擁有上述本集團任何一位主要客戶及供
應商之股本權益。
企業管治
本公司所採納之主要企業管治常規載於本年
報第��頁至第��頁之企業管治報告。
充裕公眾持股量
根據本公司可得之公開資料及據董事所知，
於刊發本年報前之最後實際可行日期，本公
司有充裕公眾持股量，符合上市規則所規定
之本公司已發行股份至少2�%。
核數師
於2021年股東週年大會上將提呈一項動議重
新委聘德勤‧關黃陳方會計師行為本公司
核數師之決議案。
代表董事會
主席
陸小曼
香港，2021年�月22日
Major Customers and Suppliers
(continued)
None of the Directors, their close associates or any Shareholders
(to the knowledge of the Directors, owning more than �% of the
Company’s issued Shares), had any beneficial interest in the
share capital of any of the above major customers and suppliers
of the Group.
Corporate Governance
Principal corporate governance practices adopted by the
Company are set out in the Corporate Governance Report from
pages �� to �� of this annual report.
Sufficiency of Public Float
Based on the information publicly available to the Company
and within the knowledge of the Directors, as at the latest
practicable date prior to the issue of this annual report, there
was sufficient public float of at least 2�% of the Company’s
issued Shares as required under the Listing Rules.
Auditor
A resolution will be submitted to the 2021 AGM to re-appoint
Deloitte Touche Tohmatsu as auditor of the Company.
On behalf of the Board
luk Siu Man, Semon
Chairperson
Hong Kong , 22 June 2021
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 33
CORPORATE GOVERNANCE REPORT
企業管治報告
The Board is committed to maintaining a high standard
of corporate governance for the Company so as to ensure
“Accountability, Responsibility and Transparency” towards the
Shareholders, stakeholders, investors as well as employees of
the Company.
The Directors have adopted various policies to ensure
compliance with the code provisions of the Corporate
Governance Code (the “CG Code”) under Appendix 1� of the
Listing Rules. During the Year, the Company had fully complied
with all the code provisions of the CG Code as set out in
Appendix 1� of the Listing Rules.
The Board
Board Composition
As at �1 March 2021, the Board comprised six Directors, with
one Non-executive Director who is also the Chairperson of the
Company, two Executive Directors and three INEDs. The Board
considers that this composition ensures a strong independent
element with a balance of power and influence between
individuals on the Board, which can effectively exercise
independent judgement. The biographies of the Directors are
set out on pages 1� and 1� of this annual report under the
“Biographies of Directors and Senior Management” section.
Chairperson and Chief Executive
Ms. Semon Luk has been appointed as the Chairperson since
2000 and provides leadership for the Board. With the support of
the company secretary of the Company (“Company Secretary”),
she ensures that all Directors receive, in a timely manner,
adequate information and are properly briefed on issues arising
at board meeting. She is responsible for ensuring that the Board
works effectively and performs its responsibilities. She holds
meetings without the presence of Executive Directors with the
INEDs at least once a year.
Both Mr. Wong Chi Fai and Ms. Vanessa Fan are responsible
for the Group’s strategic planning, business growth and
development.
CORPORATE GOVERNANCE REPORT 企業管治報告
董事會致力為本公司維持高水平之企業管治，
以確保為股東、本公司持份者、投資者以及
僱員提供「問責、負責及具透明度」之制度。
董事已採納多項政策，以確保遵守上市規則
附錄十四《企業管治守則》（「企業管治守
則」）之守則條文。於本年度，本公司全面遵
守上市規則附錄十四所載之企業管治守則之
所有條文。
董事會
董事會組成
於2021年�月�1日，董事會由六名董事組成，
包括一名非執行董事（亦為本公司主席）、兩
名執行董事及三名獨立非執行董事。董事會
認為該組合能確保董事會擁有強健的獨立元
素，成員之間的權力及影響得以均衡，並能
夠有效作出獨立判斷。董事履歷載於本年報
第1�頁及第1�頁「董事及高級管理人員之履
歷」一節。
主席及行政總裁
陸女士自2000年起獲委任為主席，負責領導
董事會。在本公司公司秘書（「公司秘書」）協
助下，彼確保全體董事可及時收取充分資訊，
及於董事會會議上均獲適當知悉當前的事項。
彼亦負責確保董事會有效地運作及履行其職
責。彼與獨立非執行董事每年至少舉行一次
沒有執行董事出席的會議。
黃志輝先生及范女士均負責本集團之策略規
劃、業務增長及發展。
CORPORATE GOVERNANCE REPORT
企業管治報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報34
董事會（續）
獨立非執行董事
獨立非執行董事均為於業務範疇內之法律及
合規、會計或審計方面擁有獲高度認可經驗
及專業知識之專業人士，就將於董事會會議
上討論之事宜提供中立觀點及作出獨立判斷。
彼等之初步任期為一年，其後按年重續，惟
可由任何一方發出書面通知提早終止。獨立
非執行董事亦須根據本公司章程細則之條文
輪值退任及可膺選連任。
本公司已接獲各獨立非執行董事之獨立性確
認書。基於提名委員會之年度審閱，董事會
認為在參照上市規則第�.1�條所載之因素後，
各獨立非執行董事均屬獨立人士。本公司在
所有需要披露董事姓名的公司通訊中，均已
明確列明獨立非執行董事之身份。
董事會的角色及職責
本公司由董事會領導，而董事會負責透過指
導及監督其事務以及制定策略方向及監督本
集團的財務及管理表現，領導、控制以及促
進本集團的成功，以符合股東的利益。
授權予管理層
管理層乃由本公司執行委員會（由董事會之
所有執行董事所組成）領導並獲授予權力及
授權，以進行本集團之日常管理及營運、制
定業務政策，並就主要業務事項作出決定。
除以下「需要董事會決定及由董事會授權之
事項之正式預定計劃表」所載之事項外，執
行委員會須具有董事會之一切權力及授權：
‧ 釐定本集團之目標及策略；
‧ 批准年度及中期業績以及財務報告；
‧ 宣派或建議派付股息或其他分派；
The Board (continued)
Independent Non-executive Directors
The INEDs are all professionals with well-recognised experience
and expertise in legal and compliance, accounting or auditing
fields who contribute impartial view and make independent
judgment on issues to be discussed at Board meetings. They
are appointed for an initial term of one year and shall continue
thereafter on a yearly basis subject to early termination with
written notice being served by either party. The terms of the
INEDs are also subject to retirement by rotation and re-election
provision under the Bye-Laws of the Company.
The Company had received a confirmation of independence
from each of the INEDs. Based on the annual review conducted
by the Nomination Committee, the Board considered each of
them to be independent by reference to the factors as set out
in Rule �.1� of the Listing Rules. The INEDs had been expressly
identified as such in all corporate communications of the
Company that disclose the names of Directors.
Roles and Responsibilities of the Board
The Company is headed by the Board which is responsible
for the leadership, control and promotion of success of the
Group in the interest of the Shareholders by directing and
supervising its affairs and by formulating strategic directions
and monitoring the financial and management performance of
the Group.
Delegation to the Management
The management is led by the Executive Committee of the
Company (which comprises all the Executive Directors of the
Board) and has been delegated powers and authorities to carry
out the day-to-day management and operation of the Group,
formulate business policies and make decision on key business
issues. The Executive Committee shall have all powers and
authority of the Board except the following matters as set out in
a “Formal Schedule of matters reserved for and delegated by the
Board”:
‧ determining the Group’s objectives and strategies;
‧ approving annual and interim results and financial
reporting;
‧ declaring or recommending payment of dividends or other
distributions;
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 35
CORPORATE GOVERNANCE REPORT
企業管治報告
董事會（續）
授權予管理層（續）
‧ 批准根據上市規則須以公告形式作出通
知之重大變動；
‧ 批准刊發上市規則項下之須予公佈交易
之公告；
‧ 批准上市規則項下之非豁免關連交易╱
非豁免持續關連交易（根據已由董事會╱
股東（視情況而定）批准之主協議不時
進行之交易除外）；
‧ 批准根據上市規則需要股東批准之建議
交易；
‧ 批准本公司之主要資本重組及新證券發
行；
‧ 批准成立董事委員會；
‧ 批准有關遵守法例及監管規定方面的政
策及常規，包括但不限於風險管理政策、
薪酬政策及企業管治政策；
‧ 批准對董事之財務援助；
‧ 確保本公司會計、內部審計及財務匯報
職能之資源、員工資格及經驗、培訓計
劃及預算之充足性；及
‧ 批准董事會指定或委員會認為適合或所
有不時適用的法律、規則及規例所規定
之有關其他事項或交易。
The Board (continued)
Delegation to the Management (continued)
‧ approving major changes that require notification by
announcement under the Listing Rules;
‧ approving publication of the announcement for notifiable
transactions under the Listing Rules;
‧ approving non-exempted connected transactions/non-
exempted continuing connected transactions (other than
those transactions took place form time to time under the
master agreement(s) previously approved by the Board/
Shareholders (as the case may be) under the Listing Rules;
‧ approving proposed transactions requiring Shareholders’
approval as stipulated under the Listing Rules;
‧ approving major capital restructuring and issue of new
securities of the Company;
‧ approving the establishment of Board committees;
‧ approving policies and practices on compliance with legal
and regulatory requirements, including but not limited
to risk management policy, remuneration policy and
corporate governance policy;
‧ approving financial assistance to Directors;
‧ ensuring the adequacy of resources, staff qualifications
and experience, training programmes and budget of
the Company’s accounting, internal audit and financial
reporting functions; and
‧ approving such other matters or transactions as specified
by the Board or as thought fit by the Committee or as
required by all applicable laws, rules and regulations from
time to time.
CORPORATE GOVERNANCE REPORT
企業管治報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報36
董事會（續）
董事之啟導、支援及專業發展
所有董事均已獲提供有關擔任董事之職責及
責任、適用於董事之相關法例及規例、股權╱
業務利益披露之責任及本集團業務之相關資
料，而於新任董事獲委任後，亦會於短期內
向其提供該等就任董事須知資料。全體董事
亦已就上市規則及其他適用監管要求之發展
獲得最新資料，從而確保遵例，同時加強彼
等對良好企業管治常規之意識。董事會已議
定程序，使董事可在適當情況下經合理要求
後尋立獨立專業意見以協助彼等為本公司執
行職責，費用由本公司承擔。
董事確認，彼等已遵守有關董事培訓之守則
條文第A.�.�條。於本年度，各董事均已參與
持續專業發展，透過出席有關以下主題之座
談會╱工作坊╱閱讀材料，以發展及重溫彼
等之知識及技能，並已向本公司提供培訓紀
錄：
The Board (continued)
Induction, Support and Professional
Development of Directors
All Directors have been given relevant guideline materials
regarding the duties and responsibilities of being a Director, the
relevant laws and regulations applicable to the Directors, duty
of disclosure of equity/business interest of the Group and such
induction materials will also be provided to newly appointed
Directors shortly upon their appointment as Directors. All
Directors have been updated on the latest developments
regarding the Listing Rules and other applicable regulatory
requirement to ensure compliance and enhance their awareness
of good corporate governance practices. There is a procedure
agreed by the Board to enable Directors, upon reasonable
request, to seek independent professional advice in appropriate
circumstances, at the Company’s expenses in order to assist
them to perform their duties to the Company.
The Directors confirmed that they have complied with the
Code provision A.�.� on Directors’ training. During the Year,
each Director had participated in continuous professional
development by attending seminars/workshops/reading
materials on the following topics to develop and refresh their
knowledge and skills and provided a record of training to the
Company:
Name of Directors Topics on training covered
董事姓名 所涵蓋之培訓主題
Ms. Semon Luk (1) corporate governance
陸女士 企業管治
Mr. Wong Chi Fai (2) finance
黃志輝先生 財務
Ms. Vanessa Fan (�) industry specific
范女士 行業相關
Mr. Yu King Tin (�) regulatory
余擎天先生 監管
Ms. Susanna Kwan
關女士
Ms. Lai Ka Fung, May
黎家鳳女士
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 37
CORPORATE GOVERNANCE REPORT
企業管治報告
董事會（續）
董事會成員間之關係
董事會成員之間概無任何關係（包括財務、
業務、家屬或其他重大╱相關關係）。
董事之保險
本公司已就董事可能會面對之任何法律訴訟
作出適當之投保安排。
董事之出席情況及時間投入
本年度董事出席會議之情況載列如下：
附註：
1. 執行委員會主席
2. 企業管治委員會主席
�. 審核委員會主席
�. 提名委員會主席
�. 薪酬委員會主席
The Board (continued)
Relationship between the Board Members
None of the members of the Board has any relationship
(including financial, business, family or other material/relevant
relations) among each other.
Directors’ Insurance
The Company has arranged appropriate insurance cover in
respect of any legal action against the Directors.
Directors’ Attendance and Time Commitment
The attendance of Directors at the meetings during the Year is
set out below:
No. of meeting attended/held
出席會議╱舉行會議次數
Name of Directors Board
Audit
Committee
Remuneration
Committee
Nomination
Committee
Corporate
Governance
Committee
Executive
Committee
General
meeting
董事姓名 董事會 審核委員會 薪酬委員會 提名委員會 企業管治委員會 執行委員會 股東大會
Non-executive Director and
Chairperson
非執行董事及主席
Ms. Semon Luk 陸女士 �/� 1/1
Executive Directors 執行董事
Mr. Wong Chi Fai (Note 1) 黃志輝先生（附註1） �/� 1/1 21/21 1/1
Ms. Vanessa Fan (Note 2) 范女士（附註2） �/� 1/1 1/1 21/21 1/1
Independent Non-executive
Directors
獨立非執行董事
Mr. Yu King Tin (Note �) 余擎天先生（附註�） �/� �/� 1/1 1/1 1/1
Ms. Susanna Kwan (Note �) 關女士（附註�） �/� �/� 1/1 1/1 1/1
Ms. Lai Ka Fung, May (Note �) 黎家鳳女士（附註�） �/� �/� 1/1 1/1 1/1
Total number of meetings held 舉行會議之總數 � � 1 1 1 21 1
Notes:
1. Chairman of Executive Committee
2. Chairperson of Corporate Governance Committee
�. Chairman of Audit Committee
�. Chairperson of Nomination Committee
�. Chairperson of Remuneration Committee
CORPORATE GOVERNANCE REPORT
企業管治報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報38
董事會（續）
董事之出席情況及時間投入（續）
於本年度，根據企業管治守則之守則條文第
.�條，主席已與獨立非執行董事召開執行
董事未出席之會議。
董事會已檢討各董事在履行本公司職責時所
作貢獻，且信納於本年度內，各董事均已付
出足夠時間履行彼等之職責。
董事會會議及程序
董事會定期會議約每季舉行。董事會可獲取
公司秘書及公司秘書團隊主要職員之意見及
服務，確保遵循董事會程序以及所有適用之
規則及規例。
在公司秘書之協助下，會議議程乃由董事會
主席在諮詢其他董事會成員後設定。董事會
會議之通告於每次董事會定期會議舉行前至
少1�日發送予董事。至於所有其他董事會會
議，亦會於合理時間內發出通知。董事會文
件連同所有提供適當、準確、清晰完整及可
靠資料之相關會議材料一般於每次董事會會
議及董事委員會會議（於其他經協定之期間）
舉行前至少�日前發送予全體董事及相關委
員會成員，以便董事作出知情決策。
經由會議秘書就所考慮之事宜及所達成之決
策起草及作出充分詳細記錄之董事會會議及
董事委員會會議紀錄之初稿及最終定稿，均
會交予董事傳閱，分別供彼等於舉行有關會
議後之合理時間內表達意見及備案之用。有
關會議紀錄之正本由公司秘書保存，可供任
何董事於發出合理通知後在任何合理時間查
閱。
若董事在董事會將予考慮之事項中存有董事
會認為屬重大之利益衝突，則該事項將以召
開董事會會議而非以書面決議案方式處理，
而該董事將就彼或其任何聯繫人具有重大利
益之相關董事會決議案放棄投票，且不會計
入出席該董事會會議之法定人數內。自身及
其緊密聯繫人沒有重大利益的獨立非執行董
事會出席該董事會會議。
The Board (continued)
Directors’ Attendance and Time Commitment
(continued)
During the Year, the Chairperson held a meeting with INEDs
without the presence of Executive Directors in compliance with
code provision .� of the CG Code.
The Board has reviewed the contribution required from each
Director to perform his/her responsibilities to the Company and
is satisfied that each Director had been spending sufficient time
in performing his/her responsibilities during the Year.
Board Meetings and Proceedings
Regular Board meetings were held at approximately quarterly
intervals. The Directors have access to the advice and services
of the Company Secretary and key officers of the company
secretarial team for ensuring that the Board procedures as well
as all applicable rules and regulations are followed.
With the assistance of the Company Secretary, the meeting
agenda is set by the Chairperson of the Board in consultation
with other Board members. Board meeting notice was sent
to the Directors at least 1� days prior to each regular Board
meeting. For all other board meetings, reasonable notice
was given. Board papers and related materials which provide
appropriate, accurate, clear complete and reliable information
are generally sent to all Directors and relevant committee
members at least � days before each Board meeting and Board
Committee meeting (on other agreed period) to enable the
Directors to make informed decisions.
Minutes of Board meetings and Board committee meetings
are drafted by the secretary of the meetings and recorded in
sufficient details the matters considered and decisions reached,
with draft and final versions being circulated to the Directors
for their comment and records respectively, within reasonable
time after the meetings are held. Originals of such minutes,
being kept by the Company Secretary, are open for inspection at
any reasonable time on reasonable notice by any Director.
If a Director has conflict of interest in a matter to be considered
by the Board which the Board has determined to be material,
the matter will be dealt with by a physical Board meeting rather
than a written resolution. That Director will abstain from voting
on the relevant Board resolution in which he/she or any of his/
her associates has a material interest and he/she shall not be
counted in the quorum present at the Board meeting. INEDs,
who, and whose close associates, have no material interest in
the transaction are present at that Board meeting.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 39
CORPORATE GOVERNANCE REPORT
企業管治報告
董事會（續）
董事委員會
為協助董事會履行其職責及促進有效管理，
董事會若干職能已由董事會委派予執行委員
會、審核委員會、薪酬委員會、提名委員會及
企業管治委員會。
審核委員會所有成員及薪酬委員會與提名委
員會之大多數成員為獨立非執行董事。所有
董事委員會之清晰書面職權範圍已提供予此
等委員會之各自成員。董事委員會詳情載列
如下：
1. 執行委員會（於2014年11月25日成立）
執行委員會由全體執行董事組成，其分
別為黃志輝先生（委員會主席）及范女
士。
執行委員會之主要職責為(a)就與本集
團管理及日常營運有關之事宜制定業務
政策及作出決定（包括進行交易）；(b)
制定及檢討本集團之企業╱財務╱ 庫務
規劃、投資及營運策略；(c)討論及批准
任何本集團或代表本集團制定之財務、
借貸、收費及保證承諾；(d)批准交易，
包括上市規則項下之須予披露交易、獲
豁免關連交易及根據已由董事會╱股東
（視情況而定）已批准之總協議下不時進
行之非豁免持續關連交易；及(e)擁有董
事會之所有權力及授權，惟董事會不時
採納之「需要董事會決定及由董事會授
權之事項之正式預定計劃表」所載指定
由全體董事會作決定之事項除外。
The Board (continued)
Board Committees
To assist the Board in execution of its duties and facilitate
effective management, certain functions of the Board have
been delegated by the Board to the Executive Committee, Audit
Committee, Remuneration Committee, Nomination Committee
and Corporate Governance Committee.
All members of the Audit Committee and the majority members
of the Remuneration Committee and Nomination Committee
are INEDs. Clear written terms of reference of all the Board
Committees are given to the respective members of these
Committees. Details of the Board Committees are set out below:
1. Executive Committee (set up on 25 November 2014)
The Executive Committee consists of all Executive
Directors, namely Mr. Wong Chi Fai (Chairman of the
Committee) and Ms. Vanessa Fan.
The primary duties of the Executive Committee are
(a) formulating business policies and making decision
(including entering into transactions) on matters relating
to the management and day-to-day operations of the
Company; (b) making and reviewing corporate/financial/
treasury planning, investment and operation strategy of
the Group; (c) discussing and approving any financial,
borrowing, charging and guarantee commitment to
be made or on behalf of the Group; (d) approving any
transactions, including discloseable transactions, exempted
connected transactions and non-exempted connected
transactions took place from time to time under the
master agreement(s) previously approved by the Board/
Shareholders (as the case may be) under the Listing Rules;
and (e) having all power and authorities of the Board except
those matters specifically reserved for the full Board as set
out in the “Formal Schedule on matters reserved for and
delegated by the Board” adopted by the Board from time to
time.
CORPORATE GOVERNANCE REPORT
企業管治報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報40
董事會（續）
董事委員會（續）
2. 審核委員會（於2004年�月15日成立）
審核委員會由三名獨立非執行董事組成，
其分別為余擎天先生（委員會主席）、關
女士及黎家鳳女士。
審核委員會之具體書面職權範圍可於聯
交所及本公司網站查閱。審核委員會之
主要職責為(a)就委任、重新委任及罷免
外聘核數師提供推薦建議；(b)檢討及監
察外聘核數師之獨立性以及審核程序之
客觀性及有效性；(c)批准外聘核數師之
酬金及委聘條款；及(d)審閱財務資料及
監察財務報告制度、風險管理及內部監
控系統。審核委員會於本年度舉行了三
次會議。
審核委員會於本年度內所履行之工作概
要載列如下：
i. 與管理層╱財務人員及╱或外聘核
數師審閱本集團所採納之審核程序
及會計政策及實務之成效，以及截
至2020年�月�1日止財政年度（「上
年度」）之年度財務報表及截至2020
年�月�0日止六個月之中期綜合財
務報表之準確性及公平性；
ii. 與高級管理人員及財務人員檢討上
年度本集團風險管理及內部監控系
統之成效；
iii. 對本集團於上年度之非豁免持續關
連交易進行年度審閱；
iv. 就於2020年股東週年大會（「2020
年股東週年大會」）上重新委聘外聘
核數師向董事會提出建議；及
v. 批准本年度之審核計劃、檢討外聘
核數師之獨立性及批准其委聘。
The Board (continued)
Board Committees (continued)
2. Audit Committee (set up on 15 September 2004)
The Audit Committee consists of three INEDs, namely Mr.
Yu King Tin (Chairman of the Committee), Ms. Susanna
Kwan and Ms. Lai Ka Fung, May.
The specific written terms of reference of the Audit
Committee is available on the websites of the Stock
Exchange and the Company. The Audit Committee is
primarily responsible for (a) making recommendations to
the Board on the appointment, re-appointment and removal
of the external auditor; (b) reviewing and monitoring
the external auditor’s independence and objectivity
and effectiveness of the audit process; (c) approving the
remuneration and terms of engagement of external auditor;
and (d) reviewing financial information and overseeing the
financial reporting system, risk management and internal
control systems. The Audit Committee held three meetings
during the Year.
A summary of the work performed by the Audit Committee
during the Year is set out as follows:
i. reviewed with the management/finance personnel
and/or the external auditor the effectiveness of audit
process and the accounting policies and practices
adopted by the Group, the accuracy and fairness of
the annual financial statements for the financial year
ended �1 March 2020 (“Previous Year”) and the interim
consolidated financial statements for the six months
ended �0 September 2020;
ii. reviewed with senior management and finance personnel
the effectiveness of the risk management and internal
control systems of the Group during the Previous Year;
iii. performed annual review of the non-exempt continuing
connected transactions of the Group for the Previous
Year;
iv. recommended to the Board on the re-appointment of
external auditor at the 2020 annual general meeting
(“2020 AGM”); and
v. approved the audit plan for the Year, reviewed the
independence of the external auditor and approved its
engagement.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 41
CORPORATE GOVERNANCE REPORT
企業管治報告
董事會（續）
董事委員會（續）
3. 薪酬委員會（於2005年7月11日成立）
薪酬委員會由三名成員組成，其分別為
獨立非執行董事黎家鳳女士（委員會主
席）與余擎天先生及執行董事黃志輝先
生。
薪酬委員會之具體書面職權範圍可於聯
交所及本公司網站查閱。薪酬委員會之
主要職責為就(a)所有本公司之董事及高
級管理人員之薪酬政策及架構；(b)非執
行董事之薪酬待遇；及(c)個別執行董事
及高級管理人員之特定薪酬待遇向董事
會提供建議。本年度各董事之薪酬詳情
載於綜合財務報表附註10(a)。薪酬委員
會於本年度舉行了一次會議。
薪酬委員會於本年度內所履行之工作概
要載列如下：
i. 檢討董事袍金，並向董事會提出建
議；及
ii. 檢討執行董事及高級管理人員之現
時薪酬架構╱待遇，並就批准彼等
之具體薪酬待遇向董事會提出建議。
4. 提名委員會（於2012年3月28日成立）
提名委員會由三名成員組成，其分別為
獨立非執行董事關女士（委員會主席）
與黎家鳳女士及執行董事范女士。
提名委員會之具體書面職權範圍可於聯
交所及本公司網站查閱。提名委員會之
主要職責為(a)檢討董事會的架構、人數、
組成及成員多元性；(b)檢討董事會多元
化政策；(c)檢討董事提名之政策（「提名
政策」）及物色潛在董事候選人；(d)評核
獨立非執行董事的獨立性；(e)檢討各董
事為履行彼等之職責所投入的時間；及(f)
就董事會委任、重新委任、重選或調任
董事及董事連任計劃向董事會提出推薦
建議。提名委員會於本年度舉行了一次
會議。
The Board (continued)
Board Committees (continued)
3. Remuneration Committee (set up on 11 July 2005)
The Remuneration Committee consists of three members,
namely Ms. Lai Ka Fung, May (Chairperson of the
Committee) and Mr. Yu King Tin, both being INEDs, and
Mr. Wong Chi Fai, being an Executive Director.
The specific written terms of reference of the Remuneration
Committee is available on the websites of the Stock
Exchange and the Company. The Remuneration Committee
is primarily responsible for making recommendation to
the Board on (a) the Company’s policy and structure of
all remuneration of Directors and senior management;
(b) the remuneration packages of non-executive directors;
and (c) the specific remuneration packages of individual
Executive Directors and senior management. Details of the
remuneration of each of the Directors for the Year are set
out in note 10(a) to the consolidated financial statements.
The Remuneration Committee held one meeting during the
Year.
A summary of the work performed by the Remuneration
Committee during the Year is set out as follows:
i. reviewed the Directors’ fees and made recommendation
to the Board; and
ii. reviewed the current remuneration structure/package
of the Executive Directors and senior management and
made recommendation to the Board to approve their
specific packages.
4. Nomination Committee (set up on 28 March 2012)
The Nomination Committee consists of three members,
namely Ms. Susanna Kwan (Chairperson of the Committee)
and Ms. Lai Ka Fung, May, both being INEDs, and Ms.
Vanessa Fan, being an Executive Director.
The specific written terms of reference of the Nomination
Committee is available on the websites of the Stock
Exchange and the Company. The primary duties of the
Nomination Committee are (a) reviewing the structure,
size, composition and diversity of the Board; (b) reviewing
the Board Diversity Policy; (c) reviewing the policy for
the nomination of Directors (“Nomination Policy”) and
identifying potential candidates for directorship; (d)
assessing the independence of INEDs; (e) reviewing the
time commitment of each Director in performing his/her
responsibilities; and (f) making recommendations to the
Board on the appointment, re-appointment, re-election or
re-designation of Directors and succession planning for
Directors. The Nomination Committee held one meeting
during the Year.
CORPORATE GOVERNANCE REPORT
企業管治報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報42
董事會（續）
董事委員會（續）
4. 提名委員會（於2012年3月28日成立）
（續）
提名委員會於本年度內履行之工作概要
載列如下：
i. 檢討董事會的架構、人數、組成及
多元化；
ii. 檢討獨立非執行董事之獨立性；
iii. 檢討自董事就履行彼等職責所投入
之時間獲得之確認；及
iv. 就於2020年股東週年大會上重選董
事為董事會提出建議。
董事會多元化政策
董事會所採納之董事會多元化政策旨在
從最廣義角度實現董事會多元化，以達
致適合本公司業務性質之均衡的技能、
經驗及多元觀點。甄選董事會候任董事
乃基於多方面考慮，包括但不限於性別、
年齡、文化及教育背景、專業經驗、技
能、知識以及服務年資。提名委員會亦
評估任何建議重選的董事或任何獲提名
委任為董事之候選人會為董事會帶來之
價值及貢獻，並以客觀準則評選，充分
考慮董事會多元化的裨益，從而對本公
司企業策略提供互補作用。
提名政策
本公司已採納本集團書面提名政策，旨
在協助提名委員會依據董事會多元化政
策物色及提名合適的董事人選，以及訂
明有關(i)提名候任董事填補董事會之臨
時空缺；(ii)向股東提出建議以於股東大
會上建議投選或重選任何董事；及(iii)
股東提名新董事參選之提名準則及提名
程序。
The Board (continued)
Board Committees (continued)
4. Nomination Committee (set up on 28 March 2012)
(continued)
A summary of the work performed by the Nomination
Committee during the Year is set out as follows:
i. reviewed the structure, size, composition and diversity
of the Board;
ii. reviewed the independence of INEDs;
iii. reviewed the confirmation from the Directors on time
commitment in performing their duties as Directors;
and
iv. made recommendation the Board on the re-election of
Directors at the 2020 AGM.
Board Diversity Policy
As adopted by the Board, the Board Diversity Policy aims
to achieve diversity on the Board in the broadest sense in
order to have a balance of skills, experience and diversity
of perspectives to the business nature of the Company.
Selection of candidates on the Board is based on a range of
diversity perspectives, including but not limited to gender,
age, cultural and educational background, professional
experience, skill, knowledge and length of service. The
Nomination Committee will also assess the merits and
contribution of any Director proposed for re-election or any
candidate nominated to be appointed as Director that will
bring to the Board against the objective criteria, with due
regard for the benefits of diversity on the Board that would
complement the Company’s corporate strategy.
Nomination Policy
The Company had adopted a written Nomination Policy
of the Group which aims at assisting the Nomination
Committee in identifying and nominating suitable
candidates for directorship based on the Board Diversity
Policy and sets out the nomination criteria, the nomination
procedures for (i) nominating candidate as new Director
to fill a casual vacancy on the Board; (ii) making
recommendation to Shareholders regarding any Director
proposed for election or re-election at general meeting;
and (iii) nomination by Shareholders on election of new
Director.
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報 43
CORPORATE GOVERNANCE REPORT
企業管治報告
董事會（續）
董事委員會（續）
5. 企業管治委員會（於2012年3月28日成
立）
企業管治委員會由五名成員組成，其分
別為執行董事范女士（委員會主席）、獨
立非執行董事余擎天先生與關女士、一
名公司秘書職能代表及一名財務及會計
職能代表。
企業管治委員會之具體書面職權範圍可
於本公司網站查閱。企業管治委員會之
主要職責為(a)檢討本公司企業管治之政
策及常規（「企業管治政策」）並向董事
會提出建議；(b)檢討及監察本公司在遵
守法律及監管規定方面之政策及常規；
(c)制定、檢討及監察董事及本集團有關
員工買賣本公司證券之適用行為守則；
(d)檢討及監察董事及高級管理人員之
培訓及持續專業發展；及(e)檢討本公司
遵守企業管治守則之情況及在本報告內
之披露。企業管治委員會於本年度舉行
了一次會議。
企業管治委員會於本年度內所履行之工
作概要載列如下：
i. 檢討企業管治政策及向董事會提出
建議；
ii. 檢討遵守法律及監管規定方面之政
策及常規；
iii. 檢討董事及高級管理人員之培訓及
持續專業發展；
iv. 檢討董事及本集團有關員工之所述
行為守則；及
v. 檢討本公司遵守企業管治守則之情
況及於企業管治報告內之披露。
The Board (continued)
Board Committees (continued)
5. Corporate Governance Committee (set up on 28 March
2012)
The Corporate Governance Committee consists of five
members, namely Ms. Vanessa Fan (Chairperson of the
Committee), being an Executive Director, Mr. Yu King Tin
and Ms. Susanna Kwan, both being INEDs, a representative
from company secretarial function and a representative
from finance and accounts function.
The specific written terms of reference of the Corporate
Governance Committee is available on the website of the
Company. The primary duties of the Corporate Governance
Committee are (a) reviewing the policies and practices on
corporate governance of the Company (“CG Policy”) and
making recommendations to the Board; (b) reviewing and
monitoring the policies and practices of the Company on
compliance with legal and regulatory requirements of
the Company; (c) developing, reviewing and monitoring
the code of conduct applicable to Directors and relevant
employees of the Group on dealings with the Company’s
securities; (d) reviewing and monitoring the training and
continuous professional development of Directors and
senior management; and (e) reviewing the Company’s
compliance with the CG Code and disclosure in this report.
The Corporate Governance Committee held one meeting
during the Year.
A summary of the work performed by the Corporate
Governance Committee during the Year is set out as
follows:
i. reviewed the CG Policy and made recommendation to
the Board;
ii. reviewed the policies and practices on compliance with
legal and regulatory requirements;
iii. reviewed the training and continuous professional
development of Directors and senior management;
iv. reviewed the said code of conduct applicable to
Directors and relevant employees of the Group; and
v. reviewed the Company’s compliance with the CG Code
and disclosure in Corporate Governance Report.
CORPORATE GOVERNANCE REPORT
企業管治報告
Emperor Entertainment Hotel Limited 英皇娛樂酒店有限公司
Annual Report 2020/2021 年報44
公司秘書
公司秘書由董事會批准委聘，其在支持董事
會方面擔當重要角色，以確保董事會內部之
資訊流通良好及董事會政策及程序獲得遵行。
彼負責就董事之一般職責及義務以及良好企
業管治事宜向董事會提供意見，並推動董事
之啟導及支援。彼並對本公司之日常事務有
所認識。於本年度內，公司秘書已妥為遵守
上市規則第�.2�條項下之培訓規定。
董事之證券交易
本公司已採納英皇娛樂酒店證券守則作為其
進行證券交易之自有守則，其條款不遜於上
市規則附錄十所載有關《上市發行人董事進
行證券交易的標準守則》（「標準守則」）的證
券交易規定標準。經向董事作出特定查詢後，
全體董事確認，彼等於本年度內均已遵守標
準守則及英皇娛樂酒店證券守則所載之買賣
標準。
問責及核數
財務匯報
董事知悉彼等負責編製本集團之年度綜合財
務報表及上市規則所規定之其他財務披露事
項。管理層已每月向董事會全體成員提供最
新之內部綜合財務報表，藉此提供本集團於
報告日期之持平及易於理解之表現、狀況及
前景的評估。
於編製本年度綜合財務報表時，董事會採納
適用之會計政策，並貫徹應用該等政策、作
出審慎及合理之判斷及估計，並確保綜合財
務報表按「持續經營」基準編製（於需要時附
上佐證假設或保留意見）及真實反映本集團
於本年度之財務狀況。管理層已向董事會提
供有關綜合財務報表之充分解釋及資料，以
便董事會就向其提交作審批之財務及其他資
料作出知情評估。本公司之核數師已就彼等
之匯報責任於獨立核數師報告內作出聲明。
Company Secretary
The Company Secretary whose appointment was approved by
the Board, plays an important role in supporting the Board for
ensuring good information flow within the Board and that the
Board policy and procedures are followed. She is responsible
for advising the Board on general duties and obligations of
Directors and good corporate governance issues, and has
facilitated induction and professional development of the
Directors. She has day-to-day knowledge of the Company’s
affairs. During the Year, the Company Secretary had duly
complied with the training requirement under Rule �.2� of the
Listing Rules.
Securities Transaction of Directors
The Company has adopted EEH Securities Code as its own code
of conduct regarding securities transactions on no less exacti
