KK文化控股有限公司
二零一七年年報
Contents
目錄
1
Chairman’s Statement 主席報告 2
Management Discussion and Analysis 管理層討論及分析
Business Review 業務回顧 4
Prospects 前景 6
Financial Review 財務回顧 6
Financial Key Performance 主要財務表現 7
Liquidity and Financial Resources 流動資金及財政資源 7
Directors and Senior Management Profile 董事及高級管理層履歷 11
Directors’ Report 董事會報告 14
Corporate Governance Report 企業管治報告 26
Environmental, Social and Governance Report 環境、社會及管治報告 38
Independent Auditor’s Report 獨立核數師報告 55
Consolidated Statement of Profit or Loss and 綜合損益及其他全面收益表
Other Comprehensive Income 63
Consolidated Statement of Financial Position 綜合財務狀況表 65
Consolidated Statement of Changes in Equity 綜合股本變動表 67
Consolidated Statement of Cash Flows 綜合現金流量表 69
Notes to the Financial Statements 財務報表附註 71
Financial Summary 財務摘要 177
Corporate Information 公司資料 179
KK Culture Holdings Limited
Annual Report 20172
Chairman’s Statement
主席報告
Dear Shareholders,
I have the pleasure to present you with the 2017 Annual Report of
KK Culture Holdings Limited (the “Company”) and its subsidiaries
(collectively the “Group”) for the year ended 31 December 2017.
TRAIN MEDIA
The Train Media Business did not go that smooth as we expected
as there was a drop in advertising income due to decrease in
customer’s placing advertisement at the Guangzhou-Shenzhen
Railway — China Railway High Speed (廣深線和諧號). One mainly
reason was the increasingly stringent rules on certain industries for
placing advertisement on the Train imposed by relevant authority
in China that a couple of existing customers could not continue
to place advertisement and several potential customers had to
terminate further negotiation. Moreover, the full year amortisation
of the intangible assets of the exclusivity based on fair value at the
date of completion of acquiring the business created a large non-
cash expense item. It is obvious that both impacted adversely to
the business’ financial performance. However, we are still confident
with the business in 2018 because we have accommodated to such
changes by changing our marketing strategies by having received
more orders from other customers near the end of 2017 and the
beginning of 2018 and the intangible assets concerned on fair value
have been fully amortised and beginning from 2018, all such assets
will be amortised only at cost which is much smaller in amount. In
addition, the China’s economy was going out from the trough in 2017
and is improving, together with the appreciation of Renminbi had the
encouraging effect of spending which we believe that help boost the
Train Media business.
On the other hand, during the year, we have tried to extend
our business to other cultural arena, such as (i) entering into a
memorandum of understanding to acquire a Korean company
which engaged in television and drama production, entertainment
marketing, overseas distribution and cooperation of television series
as well as artist management and (ii) entering into a cooperation
framework agreement to produce animation drama and films, develop
intellectual properties and virtual reality technology, etc. However,
we are unable to reach an agreement with respective counterparites
that made us not to proceed further on the acquisition on the Korean
Company and on the cooperation of animation-related business. Even
though, we believe that our decision is in the best interest to our
shareholders.
各位股東：
本人欣然向 閣下提呈KK文化控股有限公司（「本
公司」）及其附屬公司（統稱「本集團」）截至二零
一七年十二月三十一日止年度的二零一七年年報。
鐵路媒體
鑑於在廣深線和諧號投放廣告之客戶有所減少，鐵
路媒體之發展未如預期，廣告收入有所下跌。下跌
的一個主要原因是中國有關當局對若干行業於鐵
路投放廣告的規則日益收緊，令數位現有客戶不能
繼續投放廣告，而與數位潛在客戶的商討亦因此告
終。此外，根據完成收購該業務日期之公平價值，
對獨家權利的無形資產作出全年攤銷，則構成一項
大額非現金開支項目。顯而易見，上述事項均對該
業務的財務業績有不利影響。然而，因應上述發
展，我們已改變市場策略，並於二零一七年底至二
零一八年初從其他客戶獲得更多訂單，因此我們對
該業務於二零一八年的前景仍有信心。另外，有關
無形資產的公平價值已予全數攤銷，而由二零一八
年起，所有有關資產僅會按成本攤銷，涉及金額將
會大為降低。同時，中國經濟正步出二零一七年的
低谷並逐漸改善，而我們相信人民幣升值對消費帶
來鼓勵作用，將有助提升鐵路媒體業務的表現。
另一方面，我們於年內曾嘗試將業務延伸至其他文
化範疇，例如 (i)就收購一間韓國公司訂立諒解備忘
錄，該公司從事影視及劇本製作、娛樂市場推廣及
影視系列之境外分銷與合作，以及藝人管理業務，
及(ii)訂立合作框架協議，以製作動畫影片及劇集、
發展知識產權及虛擬實景科技等等。然而，由於我
們未能與相關對手方達成協議，令我們未能進一步
落實收購該韓國公司及就動畫相關業務進行合作。
縱然如此，我們相信有關決定符合股東的最佳利
益。
KK文化控股有限公司
二零一七年年報 3
Chairman’s Statement
主席報告
RECRUIT MAGAZINE
The recruit magazine business showed some improvement in 2017,
thanks to the improvement in atmosphere of Hong Kong’s labour
market. We believe this might have related to the bullish performance
of the stock market creating the income effect that companies had a
loosen headcount budget. Having accumulated considerable amount
of rise during the year, we expect that the stock market would be
less profitable but getting bumpy and will see if this would affect the
business.
Last but not least, I would like to sincerely thank all of you for your
unfailing support to us in the past year and wish you all the best of
health and luck in 2018 and let us road to a bright and fruitful year
together.
Chen Jiarong
Chairman
Hong Kong, 26 March 2018
《才庫》雜誌
受惠於香港勞動力市場氣氛轉好，《才庫》雜誌業務
於二零一七年略見改善。我們相信這可能與股票市
場表現向好，創造收入效應，使各公司放寬人手預
算有關。在年內已累積可觀升幅下，我們預期股票
市場將有所轉淡並起伏不定，惟上述變數對該業務
的影響仍有待觀察。
最後，本人謹此衷心感謝 閣下於過去一年對我們
的不懈支持，並祝願 閣下於二零一八年身體健
康，吉星拱照，讓我們共同邁向光輝豐盛的一年。
主席
陳家荣
香港，二零一八年三月二十六日
KK Culture Holdings Limited
Annual Report 20174
Management Discussion and Analysis
管理層討論與分析
BUSINESS REVIEW
Train Media
Reference is made on the sale and purchase agreement dated 29
January 2016 in relation to, among other things, the acquisition of
60% equity interest in Hong Kong Made (Media) Limited (”Hong
Kong Made”) for a consideration of HK$30 million and a loan
assignment of HK$ million, with a total of HK$ million. The
vendors, Silver Golden Limited, Ms. Chau Lan Sze, being the sole
beneficial owner of Silver Golden Limited and Mr. Sui Chok Lee,
warranted the Group that the audited net profit after taxation of
Hong Kong Made for each of the years ended on 31 March 2017
(the “2016 Profits”) and 31 March 2018 (the “2017 Profits”) should
be at least HK$5 million (the “Profit Guarantee”). The 2016 Profits
was audited and more than HK$5 million profits was recorded.
Accordingly, the Profit Guarantee for the first financial year was
satisfied.
During the year, there were 22 trains travelling between Guangzhou
and Shenzhen. The revenue from train media business recorded for
the year ended 31 December 2017 was approximately HK$
million (2016: HK$ million) while the profit was approximately
HK$ million (2016: HK$ million). The decrease was due to
more rules imposed to limit the number of industries that can place
advertisement on the trains that existing customers could not further
display their advertisement and some potential customers had to
terminate negotiation.
On the other hand, Star Prestige Investments Limited (“Star Prestige”),
a wholly owned subsidiary of the Company, entered into an
Wi-Fi advertising media lease agreement on 1 August 2017 with
Guangzhou Shengyu Golden Line Advertising Company Limited
(“Shengyu”, 廣州聲煜金線廣告有限公司) , pursuant to which
Shengyu shall lease Wi-Fi network system, its installation, facilities,
Wi-Fi network coverage (collectively referred to as “Wi-Fi Venue”)
and its digital advertising media (“Wi-Fi Media”) to Star Prestige for a
period of 41 months from 30 June 2017 to 30 November 2020 (the
first five months being rent-free period) for a consideration of RMB80
million (equivalent to approximately HK$ million). As at 31
December 2017, installation of all necessary hard and softwares was
in progress in some pilot train stations.
業務回顧
鐵路媒體
茲提述日期為二零一六年一月二十九日之買賣
協議，內容有關（其中包括）收購香港製作（媒
體）有限公司（「香港製作」）之60%股權，代價
為30,000,000港元，及轉讓6,600,000港元之貸
款，合共為36,600,000港元。賣方Silver Golden
Limited、鄒蘭施女士（Silver Golden之唯一實益擁
有人）及蕭作利先生向本集團保證，香港製作截至
二零一七年三月三十一日止年度之經審核除稅後
純利（「二零一六年溢利」）及截至二零一八年三月
三十一日止年度之經審核除稅後純利（「二零一七年
溢利」）均最少為5,000,000港元（「溢利保證」）。二
零一六年溢利已經審核，並錄得超過5,000,000港
元之溢利。故此，已達成首年度之溢利保證。
年內，共有22輛列車來往廣州及深圳。截至二
零一七年十二月三十一日止年度所錄得來自鐵路
媒體之收益約為36,700,000港元（二零一六年：
39,300,000港元），溢利約為4,100,000港元（二零
一六年：17,700,000港元）。減少主要由於實施更
多規則限制可於列車上放置廣告之行業數量，現有
客戶無法進一步刊登廣告，部分潛在客戶則不得不
終止磋商。
另一方面，天賦投資有限公司（「天賦投資」，本公
司全資附屬公司）與廣州聲煜金線廣告有限公司
（「聲煜」）於二零一七年八月一日訂立一份無線網
絡廣告媒體租用協議，據此聲煜將向天賦投資出租
無線網絡系統、其安裝、設備、無線網絡覆蓋（統
稱為「無線網絡地點」）以及其廣告數碼化媒體（「無
線網絡媒體」），年期由二零一七年六月三十日至二
零二零年十一月三十日止，為期41個月（首五個月
為免租期），代價為人民幣80,000,000元（相當於
約94,500,000港元）。於二零一七年十二月三十一
日，於若干試點鐵路站安裝所有必需之硬件及軟件
仍在進行中。
KK文化控股有限公司
二零一七年年報 5
Management Discussion and Analysis
管理層討論與分析
Recruit Magazine
Turnover for the recruitment advertising business registered a 8%
increase from approximately HK$ million in 2016 to approximately
HK$ million in 2017. The increase was mainly attributed to the
recruitment advertisement through the print and online platform. The
gross profit increased by 2% since the direct operating costs, such as
papers and printing, were relatively stable.
Property Investment
Apart from advertising business, the Group is also engaged in
property investment business. Express Ocean Investment Limited is a
wholly owned subsidiary of the Company which owns several office
premises in Hong Kong. This business contributes a steady stream of
rental income of approximately HK$724,000 (2016: HK$698,000)
to the Group. The increase was mainly attributed to an increase in
occupancy rate. However, there was a default of rental payment of a
tenant to a total of HK$162,000. Appropriate legal actions have been
taken to recover the outstanding rent. Subsequent to the end of 31
December 2017, the Land Tribunal adjudicated that Express Ocean
was entitled to the claim and has re-possessed the premises. For the
sake of prudence, however, such amount has been provided during
the year. The Company is currently sourcing for the premises and is
also contemplating to sell the units of the price is attractive.
Principal risk and uncertainties
In general, the Company’s businesses are subject to several factors:
(i) the overall macroeconomic condition in the People’s Republic of
China (”PRC”); (ii) changes in consumption trends; (iii). economic
and employment condition in Hong Kong; and (iv) property market
condition in Hong Kong.
These factors may or may not have material impact on the Group’s
financial conditions and results of its operation. The Company will
continue to implement prudential, operational and financial policies in
seeking to address the impact of these uncertain factors.
《才庫》雜誌
招聘廣告業務之營業額由二零一六年約56,500,000
港元增加8%至於二零一七年約61,200,000港元。
增加乃主要來自透過印刷及網上平台刊登之招聘廣
告。由於如紙張及印刷等直接經營成本維持穩定，
毛利增長2%。
物業投資
除廣告業務外，本集團亦從事物業投資業務。本公
司之全資附屬公司飛洋投資有限公司在香港擁有數
個辦公室物業。此業務對本集團貢獻約724,000港
元（二零一六年：698,000港元）之穩定租金收入來
源。增加主要由於入住率上升。然而，有一位租
客拖欠租金合共162,000港元。本公司已採取適當
法律行動以收回未付租金。於二零一七年十二月
三十一日其後，土地審裁處裁定飛洋有權申索並收
回物業。然而， 為審慎起見，有關金額已在年內進
行撥備。本公司正為物業尋找租戶，並擬在價格合
適時出售單位。
主要風險及不確定性
本公司之業務一般受數項因素所影響：(i)中華人民
共和國（「中國」）整體宏觀經濟環境；(ii)消費潮流
之變動；(iii)香港經濟及就業情況；及 (iv)香港物業
市場情況。
上述因素可能會或不會對本集團之財務狀況及經營
業績有重大影響。本公司將繼續以審慎之經營及財
務政策，以應對該等不確定因素。
KK Culture Holdings Limited
Annual Report 20176
Management Discussion and Analysis
管理層討論與分析
PROSPECTS
Over the past year, China’s economic condition has been improved,
the GDP grows steadily while overcapacity has been relieved
conspicuously. Of course, the high indebtedness in both public
and private sectors remains to be a huge challenge to everyone. In
addition, the implementation of the tax cuts in the United States
of America of reducing corporate tax rate and changing corporate
income tax system from global to territorial basis is anticipated that a
flood of US Dollars will move back from overseas to the country. It is
not clear how much effect on China’s economy as well as its currency
and that would constitute a major systematic risk.
Even so, the management is still optimistic to the Train Media
business, given its mass scale of passengers and frequent trains
that can translate into a powerful promotion effect. The Group has
formulated a new strategy to accommodate the latest regulations
and has strengthen its marketing force in order to realise the market
potential of the business. Meanwhile, the Group will still consider any
quality investment opportunities with a view to maximizing return to
our shareholders.
FINANCIAL REVIEW
Turnover for the year ended 31 December 2017 was approximately
HK$ million (2016: HK$ million) and represented an increase
of % from the previous corresponding year which was mainly due
to the rise in revenue from recruit magazine business. The gross profit
margin improved from % in 2016 to % in 2017.
Other income increased by % to approximately HK$ million
(2016: HK$380,000) in 2017 mainly due to the exchange gain of
approximately HK$ million (2016: nil) and imputed interest income
on non-current interest-free loans from a shareholder of approximately
HK$ million (2016: nil).
The administrative and other operating expenses increased by %
to approximately HK$ million (2016: HK$ million) mainly
due to the increase in the amortisation of other intangible assets from
approximately HK$ million in 2016 to approximately HK$
million in 2017 and the increase of employee benefit expenses from
approximately HK$ million in 2016 to approximately HK$
million in 2017. As at 31 December 2017, certain receivables from
several customers have been aged over the credit period granted
by the Company. As a result, they were considered not probable
to be collected and a loss of approximately HK$ million (2016:
HK$4,000) has been recognised. As at the date of this report,
approximately HK$ million of the provided amount has been
recovered.
前景
於過往一年，中國經濟狀況好轉，國內生產總值穩
步增長，而產能過剩則顯著緩解。當然，公營及私
營債務狀況之高負債狀況對每個人來說仍然是一
項重大挑戰。此外，美國實施減稅降低企業所得稅
稅率，並將企業所得稅制度從全球範圍改為地區基
礎，預計大批美元將從海外回流美國。目前尚未清
楚此會對中國經濟及其貨幣產生多大影響，或任何
重大之系統性風險。
即便如此，考慮到乘客規模較大及鐵路班次較多，
可轉化為強大宣傳效果，管理層對鐵路媒體業務仍
然持樂觀態度。本集團已制定新策略適應最新法
規，並加強市場推廣，以實踐該業務之市場潛力。
同時，本集團仍將考慮任何優質投資機會，以其為
股東提供最大回報。
財務回顧
截至二零一七年十二月三十一日止年度之營業額
約為98,500,000港元（二零一六年：96,500,000港
元 )，較去年同期增加%，乃主要由於《才庫》業
務收益上升。毛利率由二零一六年之%上升
至二零一七年之%。
其他收入於二零一七年增加%至約6,300,000
港元（二零一六年：380,000港元），主要由於匯兌
收益約3,600,000港元（二零一六年：無）及一名股
東提供之非流動不計利息貸款之估計利息收入約
1,300,000港元（二零一六年：無）所致。
行政和其他經營費用增加%至約143,600,000
港元（二零一六年：77,600,000港元），主要是由
於其他無形資產攤銷由二零一六年約41,000,000
港元增加至二零一七年約90,400,000港元，以及
僱員福利開支由二零一六年約26,900,000港元增
加至二零一七年約33,700,000港元所致。於二零
一七年十二月三十一日，數名客戶之若干應收款項
已於本公司授予信貸期逾期未付。因此，彼等被視
為不可能收回及已確認虧損約4,700,000港元（二
零一六年：4,000港元）。於本報告日期，已撥備
款項約2,500,000港元已收回。
KK文化控股有限公司
二零一七年年報 7
Management Discussion and Analysis
管理層討論與分析
FINANCIAL KEY PERFORMANCE
The above financial data were chosen to present in this annual
report as they represent a material financial impact on the financial
statements of the Group for the current and/or the previous financial
year, that a change of which could affect the revenue and profit
conspicuously. It is believed that by presenting the changes of these
financial data can effectively explain the financial performance of the
Group for the year ended 31 December 2017.
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 December 2017, the Group had net current assets of
approximately HK$ million (2016: HK$ million). The Group’s
current ratio as at 31 December 2017, which is defined as current
assets over current liabilities, was (2016: ). As at 31 December
2017, the Group had a total cash and bank balance of approximately
HK$ million (2016: HK$ million).
The Group’s gearing ratio as at 31 December 2017 was % (2016:
0%), which is calculated on the basis of the Group’s total interest-
bearing debts over the total equity interest. Total bank loan as at 31
December 2017 was approximately HK$ million (2016: nil).
The Group adopts centralised financing and treasury policies in order
to ensure the Group’s funding is utilised efficiently. Conservative
approach is adopted on monitoring foreign exchange exposure and
interest rate risk. Forward contracts were used to hedge the foreign
currency exposure in trading and capital expenditure when it was
considered appropriate.
CAPITAL STRUCTURE
As at 31 December 2017, the total issued shares of the Company
(“Shares”) was 372,614,000 (31 December 2016: 370,034,000
Shares) at HK$ each.
Share Options
On 5 April 2016, a total of 3,330,000 share options of the Company
were granted to each of Mr. Tsang Hing Bun, Executive Director
and Mr. Yiu Yu Cheung, Non-executive Director at an exercise price
of HK$. As at 31 December 2017, a total of 3,830,000 share
options have been exercised and 2,830,000 share options were
outstanding. No options were cancelled or lapsed during the year. For
details, please refer to the section “Share Options”.
主要財務表現
選擇於本年報內呈列上述財務數字，是因為其對本
集團於本財政年度及╱或過往財政年度有重大財務
影響，其變動可能會對收益及溢利構成顯著影響。
相信呈列該等財務數字之變動能有效地解釋本集團
截至二零一七年十二月三十一日止年度之財務表
現。
流動資金及財政資源
於二零一七年十二月三十一日，本集團之流動
資產淨值約為16,200,000港元（二零一六年：
63,700,000港元）。本集團於二零一七年十二月
三十一日之流動比率（其定義為流動資產除以流動
負債）為（二零一六年：）。於二零一七年
十二月三十一日，本集團之現金及銀行結餘總額
約為28,500,000港元（二零一六年：83,400,000港
元）。
本集團於二零一七年十二月三十一日之資本負債
比率為%（二零一六年：0%），此乃根據本集
團之計息債務總額除以股東權益總額而計算。於
二零一七年十二月三十一日，銀行借貸總額約為
5,900,000港元（二零一六年：零）。
本集團採納集中的融資及庫務政策，確保本集團資
金得到有效運用。本集團以穩健的態度監控外匯風
險及利率風險，並於適當時使用遠期合約對沖其於
買賣活動及資本開支中的外匯風險。
資本架構
於二零一七年十二月三十一日，本公司之已發行
股份（「股份」）總數為372,614,000股（二零一六年
十二月三十一日：370,034,000股）（每股面值
港元）。
購股權
於二零一六年四月五日，3,330,000份購股權乃分
別授予執行董事曾慶贇先生及非執行董事姚宇翔
先生，行使價為港元。於二零一七年十二月
三十一日，合共3,830,000份購股權已獲行使，另
2,830,000份購股權尚未行使。年內並無購股權被
註銷或已失效。有關詳情請參閱「購股權」一節。
KK Culture Holdings Limited
Annual Report 20178
Management Discussion and Analysis
管理層討論與分析
Fund Raising Activity
There was no fund raising activity taken place during the financial
year 2017.
On 2 December 2016, the Company entered into a placing agreement
with Great Roc Capital Securities Limited (“Great Roc”, the “Placing
Agent”) pursuant to which the Company has conditionally agreed to
place, through the Placing Agent, on a best-effort basis, a maximum
of 35,000,000 Shares under the general mandate granted by the
shareholders of the Company at the annual general meeting held
on 2 June 2016 to not less than six placees who and whose ultimate
beneficial owners are third parties independent of and not connected
with the Company and its connected persons as defined in the Rules
Governing the Securities Listed on the Stock Exchange of Hong
Kong Limited at a price of HK$ per share. The gross and net
proceeds raised from the placing of a total of 35,000,000 Shares
were approximately HK$71,750,000 and HK$71,000,000 respectively
where the intended use of proceeds for (i) repayment of shareholder’s
loan; (ii) development of Company’s existing business; and (iii) general
working capital of the Company and potential investments to be
identified. As at 31 December 2017, approximately HK$14 million
has been repaid to the shareholder, approximately HK$17 million
has been applied to the development of Company’s businesses and
approximately HK$40 million has been applied for general working
capital.
CAPITAL COMMITMENTS
As at 31 December 2017, the Group did not have any significant
capital commitments (2016: nil).
CONTINGENT LIABILITIES
As at 31 December 2017, the Group had no contingent liabilities
(2016: nil).
EVENT AFTER REPORT DATE
There is no significant event subsequent to the end of reporting
period.
MATERIAL ACQUISITION AND DISPOSAL OF
SUBSIDIARIES
The Group did not have any material acquisition or disposal of
subsidiaries during the year under review.
集資活動
於二零一七年財政年度，並無集資活動。
於二零一六年十二月二日，本公司與鴻鵬資本證
券有限公司（「鴻鵬」，即「配售代理」）訂立配售協
議，據此，本公司已有條件同意，根據本公司股東
於二零一六年六月二日舉行之股東週年大會授出
之一般授權，透過配售代理以每股港元之價
格按竭盡所能基準向不少於六名承配人配售最多
35,000,000股配售股份。該等承配人及其最終實益
擁有人為獨立於本公司及其關連人士（定義見香港
聯合交易所有限公司證券上市規則）之第三方，且
與彼等概無關連。配售合共35,000,000股股份之
所得款項總額及所得款項淨額分別為約71,750,000
港元及71,000,000港元，該等所得款項之擬定用
途為 (i)償還股東貸款；(ii)發展本公司之現有業務；
及 (iii)作本公司之一般營運資金用途及用於將物色
之潛在投資。於二零一七年十二月三十一日，股東
已獲償還約14,000,000港元，約17,000,000港元
已用作發展本公司之現有業務，及約40,000,000
港元已用作一般營運資金。
資本承擔
於二零一七年十二月三十一日，本集團並無重大資
本承擔（二零一六年：無）。
或然負債
於二零一七年十二月三十一日，本集團並無任何或
然負債（二零一六年：無）。
報告日後事項
報告期間後並無發生重大事項。
有關附屬公司之重大收購及出售
本集團於回顧年度並無進行任何有關附屬公司之重
大收購或出售。
KK文化控股有限公司
二零一七年年報 9
Management Discussion and Analysis
管理層討論與分析
ENVIRONMENTAL POLICIES AND COMPLIANCE
WITH RELEVANT LAWS AND REGULATIONS
Please refer Section Environmental, Social and Governance Report
below for details. No material impact of the relevant laws and
regulations in relation to environment is identified on business
operations.
KEY RELATIONSHIPS WITH EMPLOYEES,
CUSTOMERS AND SUPPLIERS
Please refer to “Major Suppliers and Customers” and “Employees and
Emolument Policy” sections in “Directors’ Report”.
INVESTMENTS IN SECURITIES
The Company has invested in three securities. The details of,
the breakdown and the movement of which during the year is
summarised below:
% to the
Group's net
At Fair value At assets as at
% of 1 January changed during 31 December 31 December
Principal business No. of share shareholding 2017 Addition the year 2017 2017
於二零一七年
十二月三十一日
於二零一七年 年內之 於二零一七年 佔本集團
主要業務 股份數目 股權% 一月一日 增持 公平價值變動 十二月三十一日 資產淨值％
HK$ HK$ HK$ HK$
港元 港元 港元 港元
Listed equity securities – Hong Kong
上市股本證券 – 香港
Tibet Water Resources Ltd. (HK:1115) Production and sales of premium 4,350,000 % 14,572,500 – 1,000,500 15,573,000 %
西藏水資源有限公司（HK：1115）# bottled mineral water products and
highland barley beer products in the PRC
在中國生產及銷售優質瓶裝礦泉水產品及
高山水釀製啤酒產品
Huarong International Financial Holdings Trades and brokers securities, 710,000 % 2,165,500 – (369,200) 1,796,300 %
Limited (HK:993) bullion, forex, futures and options,
華融國際金融控股有限公司（HK：993）# as well as provides loan and
margin financing, and asset
management services
證券、黃金、外匯、期貨及期權買賣及
經紀，亦提供貸款及保證金融資，以及
資產管理服務
UKF (Holdings) Limited (HK:1468) Trading of fur skins, mink farming 115,740,000 % 28,240,560 – 347,220 28,587,780 %
英裘（控股）有限公司（HK：1468）* in Denmark and fur skins brokerage
買賣毛皮、在丹麥養殖水貂，以及毛皮經紀
Total
總值 44,978,560 – 978,520 45,957,080 %
# Included in available-for-sale financial assets
* Included in non-current assets classified as held for sales
環境政策及遵守相關法律及規例
詳情請參閱下文「環境、社會及管治報告」一節。
本公司並無發現與環境有關之相關法律及規例對業
務營運造成重大影響。
與僱員、客戶及供應商之主要關係
請參閱「董事會報告」中「主要供應商及客戶」及「僱
員及酬金政策」兩節。
證券投資
本公司已投資三項證券。其詳情、明細及年內變動
概述如下：
# 計入可供出售財務資產
* 計入列為持有待售的非流動資產
KK Culture Holdings Limited
Annual Report 201710
Management Discussion and Analysis
管理層討論與分析
The Company believes that, to allocate certain capital to securities
investment is a means of diversifying the Group’s risk while a higher
return in general can be improved which can in turn enhance the
Company’s value and is beneficial to the shareholders as a whole.
These securities investments are categorised as available-for-sale
financial assets and non-current assets classified as held for sales
accordingly to Hong Kong Financial Reporting Standards and the
Company consider to sell some or all of these investments when i)
there is a working capital need; ii) shortfall of fund to repay the due
debts; or iii) a profitable return is achieved.
No significant securities investments were made and no dividend
was received from the above securities during the year ended 31
December 2017.
CHARGES ON GROUP ASSETS
The Group has held several office premises as investment properties
under Express Ocean Investment Limited (“Express Ocean”), a wholly
owned subsidiary of the Company. On 22 February 2017, Express
Ocean entered into a loan agreement with Industrial and Commercial
Bank of China (Asia) Limited (“ICBC”) pursuant to which Express
Ocean borrowed HK$ million from ICBC by pledging all the office
premises under its name with the Company as corporate guarantor
(2016: nil). As at 31 December 2017, the outstanding loan balance
was approximately HK$ million (2016: nil).
本公司相信，將若干資本調配至證券投資，乃本集
團分散風險之其中一個方法，同時整體回報可以提
高，從而提升本公司之價值，整體上對股東有利。
按香港財務報告準則，該等證券投資乃分類為可供
出售財務資產，而非流動資產乃列為持有待售。本
公司考慮於 i)營運資金需求；ii)資金不足以償還到
期債務；或 iii) 達到有利回報時出售部分或全部該
等投資。
於截至二零一七年十二月三十一日止年度，並無作
出主要證券投資及並無自上述證券收取股息。
集團資產抵押
本集團以飛洋投資有限公司（「飛洋」，本公司全資
附屬公司）持有數個辦公室物業（屬投資物業）。於
二零一七年二月二十二日，飛洋與中國工商銀行
（亞洲）有限公司（「工行」）訂立一份貸款協議，據
此，飛洋向工行借入6,100,000港元，以其名下之
所有辦公室物業作抵押，本公司為公司擔保人（二
零一六年：無）。於二零一七年十二月三十一日，
未償還貸款約為5,900,000港元（二零一六年：無）。
KK文化控股有限公司
二零一七年年報 11
Directors and Senior Management Profile
董事及高級管理層履歷
EXECUTIVE DIRECTORS
Mr. Liu Gary Wei (“Mr. Liu”), aged 29, was appointed as Executive
Director of the Company on 8 September 2015 and further appointed
as Chief Executive Officer on 10 January 2017. He is the founder
and chairman of a private investment management company in the
People’s Republic of China. Mr. Liu holds a Bachelor of Arts Degree
from the Boston University.
Mr. Tsang Hing Bun (“Mr. Tsang”), aged 38, was appointed
as Executive Director of the Company on 8 September 2015 and
subsequently a director of several subsidiaries. He holds a Bachelor
Degree of Social Science from the Chinese University of Hong Kong
and a Master of Science Degree in Finance from City University
of Hong Kong. He has more than 16 years of experience in audit,
accounting, corporate finance and compliance. Mr. Tsang is a member
of The Hong Kong Institute of Certified Public Accountants, an
associate member of The Hong Kong Institute of Chartered Secretaries
and The Institute of Chartered Secretaries and Administrators. He is
also a financial risk manager granted by Global Association of Risk
Professionals.
NON-EXECUTIVE DIRECTORS
Mr. Chen Jiarong (“Mr. Chen”), aged 29, appointed as Chairman
and Non-executive Director on 10 January 2017. Mr. Chen is an
investor, entrepreneur and philanthropist. He has extensive investment
experience and currently has a wide variety of investments in different
industries, such as media and information technology. Mr. Chen also
highly to charity, initiating donations to numerous schools situated in
impoverished rural areas in China. Mr. Chen holds a Bachelor’s degree
in Economics from University of British Columbia and is currently the
vice president of 京基集團有限公司 (Kingkey Group Company Limited
for identification purpose), a Shenzhen based conglomerate. Mr. Chen
is also a director of a subsidiary of the Company.
Mr. Yiu Yu Cheung (“Mr. Yiu”), aged 35, was appointed as Non-
executive Director on 8 September 2015. He obtained a Bachelor of
Arts degree from Simon Fraser University in Canada in 2006. Mr. Yiu
has experience in banking and securities industry. From November
2009 to October 2015, he was with OSK Securities Hong Kong
Limited (now named as RHB OSK Securities Hong Kong Limited). Mr.
Yiu is also a director of Hong Kong (Made) Media Limited, a subsidiary
of the Company and a director of a subsidiary of another listed
company in Hong Kong.
執行董事
劉維先生（「劉先生」），29歲，於二零一五年九月
八日獲委任為本公司執行董事，並於二零一七年一
月十日進一步獲委任為行政總裁。彼為中華人民共
和國一間私人投資管理公司之創辦人兼主席。劉先
生持有波士頓大學頒發之文學士學位。
曾慶贇先生（「曾先生」），38歲，於二零一五年九
月八日獲委任為本公司執行董事，其後則獲委任為
數間附屬公司之董事。彼持有香港中文大學社會科
學學士學位，以及香港城市大學金融理學碩士學
位。彼擁有逾16年之核數、會計、企業融資及遵
例事務經驗。曾先生為香港會計師公會會員、香港
特許秘書公會會員及英國特許秘書及行政人員公會
會員。彼亦獲全球風險專業管理協會授予財金風險
管理分析師頭銜。
非執行董事
陳家荣先生（「陳先生」），29歲，於二零一七年一
月十日獲委任為本公司主席兼非執行董事。陳先
生為投資者、企業家和慈善家。彼擁有豐富投資經
驗，目前在不同行業（如媒體及資訊科技）進行多
種投資。陳先生亦積極參與慈善，向國內多個貧困
農村地區內多間學校捐款。陳先生持有加拿大不列
顛哥倫比亞大學經濟學學士學位，現任京基集團有
限公司（一間以深圳為基地之綜合企業）副總裁。
姚宇翔先生（「姚先生」），35歲，於二零一五年九
月八日獲委任為本公司非執行董事。彼於二零零六
年取得加拿大Simon Fraser University之文學士學
位。姚先生擁有豐富之銀行及證券業經驗。於二零
零九年十一月至二零一五年十月，彼任職於僑豐證
券有限公司（現已命名為興業僑豐證券有限公司）。
姚先生亦為本公司附屬公司香港製作（媒體）有限
公司之董事及另一間香港上市公司之附屬公司董
事。
KK Culture Holdings Limited
Annual Report 201712
Directors and Senior Management Profile
董事及高級管理層履歷
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. Chan Siu Lun (“Mr. Chan”), aged 38, was appointed as
Independent Non-executive Director on 1 December 2016. Mr. Chan
holds a bachelor degree in Commerce and Business (Management)
from University of Queensland, Australia. He is an associate member
of CPA Australia and The Hong Kong Institute of Certified Public
Accountants. He has over 15 years of experience in business
consultancy and financial audit. He was an independent non-executive
director of China Nonferrous Metals Company Limited (Stock Code:
8306) from July 2011 to March 2015.
Mr. William Keith Jacobsen (“Mr. Jacobsen”), aged 51, was
appointed as Independent Non-executive Director on 8 September
2015. Mr. Jacobsen is currently the managing director of a
corporation to advise on corporate finance matters. Mr. Jacobsen is a
non-executive director of Huge China Holdings Limited (stock code:
428) and an independent non-executive director of abc Multiactive
Limited (stock code: 8131). He was an independent non-executive
director of Sustainable Forest Holdings Limited (stock code: 723) from
11 January 2013 to 29 December 2017, a non-executive director of
Ping An Securities Group (Holdings) Limited (stock code: 231) from
12 August 2015 to 30 September 2016, an executive director of Auto
Italia Holdings Limited (formerly known as Wo Kee Hong (Holdings)
Limited (stock code: 720) from 1 January 2012 to 16 October 2015,
and also an independent non-executive director of King Stone Energy
Limited (stock code: 663), Qingdao Holdings International Limited
(stock code: 499), E-Rental Car Company Limited (stock code: 1822)
and China Financial Leasing Group Limited (stock code: 2312) for
the period from 26 September 2008 to 30 September 2011, from 20
June 2008 to 27 September 2014, from 7 January 2013 to 29 August
2014 and from 1 February 2013 to 30 April 2015 respectively. He
obtained a Bachelor of Laws degree from the University of Hong Kong
and a Master of Business Administration from the University of British
Columbia.
獨立非執行董事
陳肇倫先生（「陳先生」），38歲，於二零一六年
十二月一日獲委任為獨立非執行董事。陳先生持有
澳洲昆士蘭大學之商業及商務（管理）雙學士學位。
彼為澳洲會計師公會及香港會計師公會之會員。彼
擁有超過15年之商業顧問及財務審計經驗。彼於
二零一一年七月至二零一五年三月期間曾任中國有
色金屬有限公司（股份代號：8306）之獨立非執行
董事。
葉偉其先生（「葉先生」），51歲，於二零一五年九
月八日獲委任為獨立非執行董事。葉先生現時為一
間就企業融資事宜提供意見之持牌法團之董事總經
理。葉先生為匯嘉中國控股有限公司（股份代號︰
428）之非執行董事；亦為辰罡科技有限公司（股份
代號：8131）之獨立非執行董事。於二零一三年一
月十一日至二零一七年十二月二十九日期間，彼曾
為永保林業控股有限公司（股份代號：723）之獨立
非執行董事。於二零一五年八月十二日至二零一六
年九月三十日期間，彼曾為平安證劵集團 (控股 )有
限公司（股份代號︰231）之非執行董事。於二零
一二年一月一日至二零一五年十月十六日期間，
彼曾為意達利控股有限公司（前稱和記行（集團）有
限公司，股份代號︰720）之執行董事，而於二零
零八年九月二十六日至二零一一年九月三十日、
二零零八年六月二十日至二零一四年九月二十七
日、二零一三年一月七日至二零一四年八月二十九
日及二零一三年二月一日至二零一五年四月三十
日各期間，彼亦分別為金山能源集團有限公司（股
份代號︰663）、青島控股國際有限公司（股份代
號︰499）、宜租互聯網租車有限公司（股份代號︰
1822）及中國金融租賃集團有限公司（股份代號：
2312）之獨立非執行董事。彼取得香港大學法律學
士學位及加拿大英屬哥倫比亞大學工商管理碩士學
位。
KK文化控股有限公司
二零一七年年報 13
Directors and Senior Management Profile
董事及高級管理層履歷
Mr. Chan Chiu Hung Alex (“Mr. Chan”), aged 51, was appointed as
Independent Non-executive Director on 31 March 2016. He graduated
from the Hong Kong Baptist University with a bachelor of business
administration (honours) degree in finance in 1990. He completed an
advanced diploma in specialist taxation with the Hong Kong Institute
of Certified Public Accountants in December 2012 and was admitted
as an associate with the Institute of Chartered Accountants in England
and Wales. Mr. Chan is currently a fellow of the Institute of Chartered
Secretaries and Administrators, a fellow of the Hong Kong Institute
of Chartered Secretaries, a fellow of the Association of Chartered
Certified Accountants and an associate of the Hong Kong Institute
of Certified Public Accountants. Mr. Chan has 17 years of experience
in accounting, financial management and regulatory compliance of
various industries listed in Hong Kong and Singapore. He was an
independent non-executive director of e-Kong Group Limited (Stock
code: 524) for the period from 25 February 2015 to 17 May 2017
and an independent non-executive director of Co-Prosperity Holdings
Limited (Stock code: 707), for the period from March 2015 to October
2015. Currently, Mr. Chan is an independent non-executive director
of Royal Century Resources Holdings Limited (formerly known as Kate
China Holdings Limited) (Stock code: 8125) and Feishang Non-metal
Materials Technology Limited (Stock code: 8331).
SENIOR MANAGEMENT
Ms. Chan Sin Mei, Garfield (“Ms. Chan”), aged 47, is the General
Manager of our recruitment advertising division. She rejoined the
Group in October 2014. Ms. Chan is responsible for the recruitment
and display advertising business of the Group. Ms. Chan has over
24 years of experience in the advertising industry. Ms. Chan was
the Account Director of the Group’s recruitment advertising division
during the period from 9 April 1992 to July 2002. She was the
Associate Sales Director of Careertimes Online Limited before joining
the Group.
陳釗洪先生（「陳先生」），51歲，於二零一六年三
月三十一日獲委任為獨立非執行董事。彼於一九九
零年自香港浸會大學畢業，獲工商管理（榮譽）學
士學位，主修金融。彼於二零一二年十二月完成香
港會計師公會專業稅務高級文憑，並獲接納為英格
蘭及威爾士特許會計師協會會員。陳先生目前為英
國特許秘書及行政人員公會資深會員、香港特許秘
書公會資深會員、英國特許公認會計師公會資深會
員及香港會計師公會會員。陳先生擁有逾17年有
關在香港及新加坡上市之不同行業公司之會計、財
務管理及監管遵例經驗。於二零一五年二月二十五
日至二零一七年五月十七日期間，彼曾為e-Kong
Group Limited（股份代號：524）獨立非執行董事。
於二零一五年三月至二零一五年十月期間，彼曾為
協盛協豐控股有限公司（股份代號：707）之獨立非
執行董事。陳先生目前為，仁德資源控股有限公司
（前稱中持基業控股有限公司（股份代號：8125）及
飛尚非金屬材料科技有限公司（股份代號：8331）
之獨立非執行董事。
高級管理層
陳善美女士（「陳女士」），47歲，為本集團招聘廣
告部門之總經理。彼於二零一四年十月再度加入
本集團。陳女士負責本集團之招聘及顯示廣告業
務。陳女士擁有逾24年之廣告業經驗。陳女士於
一九九二年四月九日至二零零二年七月期間擔任招
聘廣告部門之客戶經理。彼於加入本集團前曾擔任
Careertimes Online Limited之助理業務總監。
KK Culture Holdings Limited
Annual Report 201714
Directors’ Report
董事會報告
The Directors present their annual report and the audited financial
statements of the Company and the Group for the year ended 31
December 2017.
PRINCIPAL ACTIVITIES
The Company acts as an investment holding company and provides
corporate management services. The activities of its principal
subsidiaries are set out in note 34 to the financial statements.
BUSINESS REVIEW AND PERFORMANCE
A fair review of the Group’s businesses comprising analysis of the
Group performance during the year under review using financial
key performance indicators, description of the principal risks
and uncertainties facing the Group, are set out in the section of
“Management Discussion and Analysis” in this annual report. The
Group is poised to develop into an enterprise including different
kinds of cultural-related businesses and advertising will only become
a part of its businesses. We are looking for several quality investment
opportunities which include drama production, education, virtual
reality technology, etc., and will make announcements where
appropriate.
RESULTS AND APPROPRIATIONS
The results of the Group for the year ended 31 December 2017 are
set out in the consolidated statement of profit or loss and other
comprehensive income on pages 63 to 64.
DIVIDENDS
The Directors did not recommend any final dividend for the year
ended 31 December 2017 (2016: nil).
RESERVES
Details of movements in the reserves of the Group and of the
Company during the year are set out in the consolidated statement
of changes in equity on pages 67 to 68 and note 31 to the financial
statements respectively.
FINANCIAL SUMMARY
A summary of the results and of the assets and liabilities of the Group
for the past five financial years is set out on pages 177 to 178 of the
annual report.
董事謹此提呈彼等之年報及本公司及本集團截至二
零一七年十二月三十一日止年度之經審核財務報
表。
主要業務
本公司為投資控股公司，並提供企業管理服務。本
公司旗下各主要附屬公司之業務載於財務報表附註
34。
業務回顧及表現
有關本集團業務之中肯審視（包括採用財務表現關
鍵指標對本集團於回顧年度內表現之分析及本集團
面對之主要風險及不確定性之闡述）載於本年報「管
理層討論與分析」一節。本集團勢將發展成為囊括
各種文化相關業務的企業，而廣告將僅為其業務的
一部分。我們目前正在尋找數個投資良機，包括戲
劇製作、教育及虛擬實境科技等，並將在適當的情
況下刊發公佈。
業績及分配
本集團截至二零一七年十二月三十一日止年度之業
績載於第63至64頁之綜合損益及其他全面收益表。
股息
董事不建議派發截至二零一七年十二月三十一日止
年度之末期股息（二零一六年：無）。
儲備
本集團及本公司儲備於本年度之變動詳情分別載
於第67至68頁之綜合股本變動表及財務報表附註
31。
財務摘要
本集團於過往五個財政年度之業績及資產負債狀況
概述於年報第177至178頁。
KK文化控股有限公司
二零一七年年報 15
Directors’ Report
董事會報告
PROPERTY, PLANT AND EQUIPMENT
Details of movements during the year in the property, plant and
equipment of the Group are set out in note 15 to the financial
statements.
SHARE CAPITAL
Details of movements during the year in the share capital of the
Company are set out in note 29 to the financial statements.
FUND RAISING ACTIVITIES
Please refer to “Fund Raising Activity” under “Capital Structure”
Section.
PRE-EMPTIVE RIGHTS
There is no provision 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, REDEMPTION OR SALE OF LISTED
SECURITIES OF THE COMPANY
During the year ended 31 December 2017, the Company did not
purchase, redeem or sell any of the Company’s listed securities.
DIRECTORS
The Directors of the Company during the year and up to the date of
this report were:
Executive Directors
Mr. Liu Gary Wei (also appointed as Chief Executive Officer
on 10 January 2017)
Mr. Tsang Hing Bun
Non-Executive Directors
Mr. Chen Jiarong (also appointed as Chairman on 10 January 2017)
Mr. Yiu Yu Cheung
Mr. Leung Siu Kee (resigned subsequently on 26 January 2018)
Independent Non-Executive Directors
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
Mr. Chan Siu Lun
物業、廠房及設備
本集團旗下物業、廠房及設備於本年度之變動詳情
載於財務報表附註15。
股本
本公司股本於本年度之變動詳情載於財務報表附註
29。
集資活動
請參閱「資本結構」項下「集資活動」一節。
優先購股權
本公司公司細則或百慕達法律中並無優先購股權規
定，使本公司須按比例向現有股東提呈發售新股
份。
購買、贖回或出售本公司上市證券
截至二零一七年十二月三十一日止年度，本公司概
無購買、贖回或出售本公司任何上市證券。
董事
於本年度及直至本報告日期，本公司之董事如下：
執行董事
劉維先生
（於二零一七年一月十日獲委任為行政總裁）
曾慶贇先生
非執行董事
陳家荣先生（於二零一七年一月十日獲委任為主席）
姚宇翔先生
梁兆基先生
（於其後在二零一八年一月二十六日辭任）
獨立非執行董事
葉偉其先生
陳釗洪先生
陳肇倫先生
KK Culture Holdings Limited
Annual Report 201716
Directors’ Report
董事會報告
In accordance with No. 87 of the Company’s bye-laws, Mr. Yiu Yu
Cheung, Mr. William Keith Jacobsen and Mr. Chan Chiu Hung Alex
will retire at the forthcoming annual general meeting and, being
eligible, will offer themselves for re-election.
DIRECTORS’ SERVICE CONTRACTS
Each of the non-executive director has entered into a service
agreement and each of independent non-executive directors has
entered into an appointment letter with the Company for a specific
term and is subject to termination by either party giving not less than
three months’ prior written notice to another.
None of the directors being proposed for re-election at the
forthcoming annual general meeting has any service contract with the
Company or any of its subsidiaries which is not determinable by the
Group within one year without payment of compensation other than
statutory compensation.
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS
AND SHORT POSITIONS IN THE SHARES AND
UNDERLYING SHARES OF THE COMPANY
As at 31 December 2017, the interests and short positions of
the Directors and chief executives of the Company in the shares,
underlying shares or debentures of the Company or any associated
corporations, within the meaning of Part XV of the Securities and
Futures Ordinance (the “SFO”), as recorded in the register maintained
by the Company required to be kept under section 352 of the SFO,
or as otherwise notified to the Company and The Stock Exchange of
Hong Kong Limited (the “Stock Exchange”) pursuant to the Model
Code for Securities Transactions by Directors of Listed Issuers (the
Model Code”) were as follows:
根據本公司公司細則第87條，姚宇翔先生，葉偉
其先生及陳釗洪先生會於即將舉行之股東週年大會
上退任，並且以合資格身分參加連任選舉。
董事之服務合約
每位非執行董事已與本公司訂立服務協議而每年獨
立非執行董事已與本公司訂立委任函，當中訂有指
定任期並可由任何一方透過向另一方發出不少於三
個月之事先書面通知而終止。
擬在即將舉行之股東週年大會上參加連任選舉之董
事，概無與本公司或其任何附屬公司簽訂任何服務
合約規定本集團若不支付法定賠償以外之賠償則不
可在一年內終止有關合約。
董事及最高行政人員於本公司股份及
相關股份之權益及淡倉
於二零一七年十二月三十一日，本公司之董事及最
高行政人員於本公司或任何相聯法團（定義見證券
及期貨條例（「證券及期貨條例」）第XV部）之股份、
相關股份或債券中，擁有按本公司根據證券及期貨
條例第352條之規定所存置之登記冊所記錄之權益
及淡倉，或根據上市發行人董事進行證券交易的標
準守則（「標準守則」）須知會本公司及香港聯合交
易所有限公司（「聯交所」）之權益及淡倉如下：
KK文化控股有限公司
二零一七年年報 17
Directors’ Report
董事會報告
(A) Interests in the Company — Long position in shares
of the Company
Approximate
Percentage in
the Issued
Share Capital of
Name Nature of Interest Number of Shares the Company
佔本公司已發行
姓名╱名稱 權益性質 股份數目 股本之概約百分比
Mr. CHEN Jiarong (Note 1) Controlled corporation 95,037,657 %
陳家荣先生（附註1） 法團權益
Mr. LIU Gary Wei (Note 2) Controlled corporation 50,248,828 %
劉維先生（附註2） 法團權益
Mr. YIU Yu Cheung Beneficial owner 3,330,000 %
姚宇翔先生 實益擁有人
Mr. TSANG Hing Bun Beneficial owner 500,000 %
曾慶贇先生 實益擁有人
Note 1: Under the SFO, Mr. Chen is deemed to be interested in
95,037,657 shares which are held by Upsky Global Limited, a
company wholly owned by Mr. Chen.
Note 2: Under the SFO, Mr. Liu is deemed to be interested in
50,248,828 shares which are held by Polaris Investment
Management Limited, a company wholly owned by Mr. Liu.
(A) 本公司之權益 — 於本公司股份之好倉
附註1： 根據證券及期貨條例，陳先生被視作於
95,037,657股股份中擁有權益，該等權益由立
天環球有限公司持有，而該公司由陳先生全資擁
有。
附註2： 根據證券及期貨條例，劉先生被視作於
50,248,828股股份中擁有權益，該等權益由
Polaris Investment Management Limited持有，而
該公司由劉先生全資擁有。
KK Culture Holdings Limited
Annual Report 201718
Directors’ Report
董事會報告
(B) Interests in the Company — Long position in
underlying shares or equity derivatives of the
Company
Approximate
Percentage in
the Issued
Approximate Share Capital
Percentage in of the Company
the Issued Assuming all
Share Capital Options are
Name Nature of Interest Share Options of the Company Exercised
假設全部
購股權獲行使，
佔本公司已發行 佔本公司已發行
姓名╱名稱 權益性質 購股權 股本之概約百分比 股本之概約百分比
Mr. TSANG Hing Bun Beneficial owner 2,830,000 % %
曾慶贇先生 實益擁有人
Save as disclosed above, as at 31 December 2017, neither of the
Directors nor the chief executives of the Company had interests or
short positions in the shares, underlying shares and debentures of
the Company and its associated corporations (within the meaning
of Part XV of the SFO) which (i) were required to be notified to the
Company and the Stock Exchange pursuant to Divisions 7 and 8 of
Part XV of the SFO (including interests and short positions which they
are taken or deemed to have under such provisions of the SFO); or (ii)
were recorded in the register required to be kept under section 352
of the SFO; or (iii) had to be notified to the Company and the Stock
Exchange pursuant to the Model Code.
(B) 本公司之權益 — 於本公司相關股份或權益
衍生工具之好倉
除上文所披露者外，於二零一七年十二月三十一
日，概無董事或本公司最高行政人員於本公司及
其相聯法團（定義見證券及期貨條例第XV部）的股
份、相關股份及債權證中，擁有 (i)根據證券及期貨
條例第XV部第7及8分部須知會本公司及聯交所之
權益或淡倉（包括根據證券及期貨條例之相應條文
被視為及當作擁有之權益及淡倉）；或 (ii)已記入根
據證券及期貨條例第352條須予存置之登記冊內之
權益或淡倉；或 (iii)根據標準守則須知會本公司及
聯交所之權益或淡倉。
KK文化控股有限公司
二零一七年年報 19
Directors’ Report
董事會報告
SHARE OPTIONS
The Company maintained a share option scheme during the year. The
share option scheme adopted by the Company on 13 July 2007 (“Old
Scheme”) was terminated on 29 December 2015 and replaced by a
new share option scheme (the “Scheme”) was adopted on the same
date.
The purpose of the Scheme is to enable the Group to grant options
to eligible participants as incentives or rewards for their contribution
to the Group. Eligible participants of the Scheme include, without
limitation, any persons who are employees, officers, agents,
consultants or representatives of the Group. The Scheme became
unconditional upon the Stock Exchange granting on 5 January
2016 the approval of the listing of and the permission to deal in the
shares falling to be issued pursuant to the exercise of any options
to be granted under the Scheme and, unless otherwise cancelled or
amended, shall remain in for 10 years from the adoption date.
The maximum number of shares issuable under share options to each
eligible participant in the Scheme and the other scheme (if any) in any
12-month’s period shall not exceed 1% of the issued share capital of
the Company for the time being. Any further grant of share options to
any eligible participant in excess of this limit is subject to shareholders’
approval in a general meeting. The total number of shares which may
be issued upon exercise of all share options to be granted under the
Scheme and the other schemes (if any) must not in aggregate exceed
10% of the shares of the Company in issue (the “10% Limit”) as at
29 December 2015, being the date of passing the resolution by the
shareholders at the special general meeting approving and adopting
the Scheme. The Company may seek approval of its shareholders in a
general meeting to refresh the 10% Limit at any time in accordance
with the Listing Rules.
The maximum number of shares which may be allotted and issued
upon exercise of all outstanding options granted and yet to be
exercised under the Scheme and other schemes (if any) shall not
exceed 30% of the share capital of the Company in issue from time
to time. The making of an offer to any Director, chief executive or
substantial shareholder of the Company, or any of their respective
associates must be approved by the independent non-executive
Directors (excluding any independent non-executive Director who or
whose associate is a proposed grantee of the share options).
購股權
本公司於年內設有一項購股權計劃。本公司於二零
零七年七月十三日採納之購股權計劃（「舊計劃」）
已於二零一五年十二月二十九日終止並由同日採納
之新購股權計劃（「該計劃」）代替。
該計劃旨在令本集團能夠向合資格參與者授出購股
權，以激勵或獎勵其為本集團所作貢獻。該計劃之
合資格參與者包括（但不限於）本集團之僱員、高
級職員、代理、顧問或代表。該計劃待聯交所於二
零一六年一月五日批准根據行使該計劃項下授出之
任何購股權而將予發行之股份上市及准予買賣時成
為無條件，除非經註銷或修訂，否則於採納日期起
十年內有效。
於任何十二個月期間，根據該計劃以及其他計劃
（如有）授予各合資格參與者之購股權可予發行股份
最高數目不得超過本公司當時已發行股本之1%。
向任何合資格參與者進一步授出超越此限額之購股
權須先獲股東於股東大會上批准。根據該計劃以及
其他計劃（如有）將予授出之所有購股權獲行使時
可予發行之股份總數，合共不得超過本公司於二零
一五年十二月二十九日（即股東於股東特別大會通
過批准及採納該計劃之決議案之日期）已發行股份
之10%（「10%上限」）。本公司可隨時按照上市規
則於股東大會上尋求其股東批准更新10%上限。
因行使合資格參與人根據該計劃及其他計劃（如有）
授出所有尚未行使惟將予行使之購股權可能配發及
發行之股份合共最多不得超過本公司不時已發行股
本30%。向本公司之任何董事、最高行政人員或
主要股東、或彼等各自之任何聯繫人士作出要約須
先獲獨立非執行董事（不包括彼或其聯繫人士為購
股權之建議承授人之任何獨立非執行董事）批准。
KK Culture Holdings Limited
Annual Report 201720
Directors’ Report
董事會報告
In addition, any share options granted to a substantial shareholder
or an independent non-executive Director of the Company or any
of their respective associates, in excess of % of the shares of the
Company in issue at any time or with an aggregate value (based on
the closing price of the Company’s shares at the date of the offer) in
excess of HK$5,000,000, within any 12-month’s period, are subject
to the shareholders’ approval in a general meeting in accordance with
the Listing Rules.
Any offer may be accepted by an eligible participant in respect of
less than the number of shares which are offered provided that such
number is clearly stated in the duplicate letter comprising acceptance
of the offer duly signed by such eligible participants and received by
the Company together with a remittance in favour of the Company
of HK$ (which shall not be later than 21 days from the offer
date). The exercise price of the share options is determinable by the
Directors, but shall not be less than the highest of (i) the closing
price of the Company’s shares as stated in the Stock Exchange’s
daily quotations on the offer date; (ii) the average closing price of
Company’s shares as stated in the Stock Exchange’s daily quotations
sheets for the five trading days immediately preceding the offer date;
and (iii) the nominal value of the Company’s shares.
On 5 April 2016, a total of 6,660,000 share options to subscribe
for ordinary shares of par value HK$ each of the Company were
granted to Mr. Tsang Hing Bun, Executive Director and Mr. Yiu Yu
Cheung, Non-executive Director where each of them was granted
3,330,000 share options at the exercise price of HK$ each.
Each share option was eligible for subscription of one share of the
Company. The share options were exercisable from 5 April 2016 to
4 April 2019 and had no vesting period. As at 31 December 2017,
2,830,000 share options were outstanding.
此外，於任何十二個月期間內，向本公司之主要股
東或獨立非執行董事、或彼等各自之任何聯繫人
士授出超逾本公司當時已發行股份之%，或總
值（按本公司股份於授出日期之收市價計算）超逾
5,000,000港元之購股權須遵照上市規則於股東大
會上獲股東批准。
合資格參與者可就少於要約建議之股份數目接納
任何要約建議，惟該數目必須清楚載於本公司於
要約建議可能註明之時間（不得遲於要約日期起計
二十一日）接獲該合資格參與者妥為簽署之要約建
議接納函件副本，連同支付予本公司之匯款
港元。購股權之行使價由董事釐定不可低於 (i)本公
司股份於要約日期在聯交所每日報價上所報之收市
價；(ii)本公司股份於緊接要約日期前五個交易日
聯交所每日報價表上所報之平均收市價；及 (iii)本
公司股份之面值（以最高者為準）。
於二零一六年四月五日，合共6,660,000份購股權
（可用作認購本公司每股面值港元之普通股）授
予執行董事曾慶贇先生及非執行董事姚宇翔先生，
各人均獲授出3,330,000份行使價為每股港元
之購股權。每份購股權可用作認購一股本公司股
份。購股權可於二零一六年四月五日至二零一九年
四月四日期間行使，不設歸屬期。於二零一七年
十二月三十一日，2,830,000份購股權尚未行使。
KK文化控股有限公司
二零一七年年報 21
Directors’ Report
董事會報告
SUBSTANTIAL SHAREHOLDERS’ AND OTHER
PERSONS’ INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES
As at 31 December 2017, the following parties (in addition to the
Directors and chief executive of the Company) had interests or short
positions in the shares or underlying shares of the Company which
were recorded in the register of interests required to be kept by the
Company under section 336 of the SFO:
Long position in shares of the Company
Approximate
Percentage in the
Issued Share Capital
Name Nature of Interest Number of shares of the Company
佔本公司已發行
姓名╱名稱 權益性質 股份數目 股本之概約百分比
Upsky Global Limited (Note 1) Beneficial owner 95,037,657 %
立天環球有限公司（附註1） 實益擁有人
Polaris Investment Management Beneficial owner 50,248,828 %
Limited (Note 2)
Polaris Investment Management 實益擁有人
Limited（附註2）
Notes:
1 Upsky Global Limited is wholly and beneficially owned by Mr. Chen
Jiarong, the Chairman of the Company. Mr. Chen is also the sole
director of Upsky Global Limited.
2. Polaris Investment Management Limited is wholly and beneficially
owned by Mr. Liu Gary Wei, Executive Director and Chief Executive
Officer of the Company. Mr. Liu is also the sole director of Polaris
Investment Management Limited.
Save as disclosed above, as at 31 December 2017, the Directors are
not aware of any persons (other than the Directors or chief executive
of the Company) have interests or short positions in the shares or
underlying shares of the Company which were recorded in the register
of interests required to be kept by the Company under section 336 of
the SFO.
附註：
1. 立天環球有限公司由本公司主席陳家荣先生全資
實益擁有。陳先生亦為立天環球有限公司之唯一
董事。
2. Polaris Investment Management Limited由本公司
執行董事兼行政總裁劉維先生實益全資擁有。劉
先生亦為Polaris Investment Management Limited
之唯一董事。
除上文所披露者外，於二零一七年十二月三十一
日，董事並不知悉任何人士（董事或本公司最高行
政人員除外）於本公司之股份或相關股份中擁有權
益或淡倉，而已記入本公司根據證券及期貨條例第
336條須予存置之權益登記冊中。
主要股東及其他人士於股份及相關股
份之權益及淡倉
於二零一七年十二月三十一日，以下人士（不包括
董事及本公司之最高行政人員）於本公司之股份或
相關股份中，擁有本公司根據證券及期貨條例第
336條須予存置之權益登記冊所記錄之權益或淡
倉：
本公司股份之好倉
KK Culture Holdings Limited
Annual Report 201722
Directors’ Report
董事會報告
CONNECTED TRANSACTIONS
On 9 June 2017, the Company entered into a tenancy agreement
together with Kingkey Enterprise Hong Kong Limited (“Kingkey
Enterprise”) as joint tenant with an independent third party as
landlord to rent an office premises in Wan Chai for a period of three
years from 16 May 2017 to 15 May 2020. Since Kingkey Enterprise is
wholly owned by Mr. Chen Jiarong, the Chairman and a substantial
shareholder of the Company, the signing of the tenancy agreement
constitutes a connected transaction which, under the applicable
percentage ratio under the Listing Rules is more than % and less
than 5%, is subject to reporting, annual review and announcement
but exempt from circular (including independent financial advice) and
independent shareholders’ approval requirement.
Save as disclosed above, during the year ended 31 December 2017,
the Group has not entered into any connected transactions or
continuing connected transaction for the year which are required to
disclose pursuant to Chapter 14A of the Listing Rules. Meanwhile, the
Company has the necessary internal controls in place to ensure that
the terms of all connected or continuing connected transactions, if
any, are fair and reasonable and in the interest of the Company and
Shareholders as a whole.
MAJOR SUPPLIERS AND CUSTOMERS
The top five suppliers in aggregate and the single largest supplier of
the Group accounted for approximately 98% and 89% of the Group’s
total purchases in continuing operations for the year ended 31
December 2017 respectively.
The top five customers in aggregate and the single largest customer
of the Group accounted for approximately 44% and 27% of the
Group’s total sales in continuing operations for the year ended 31
December 2017 respectively.
At no time during the year did a Director, an associate of a Director,
within the meaning of the Listing Rules, or a shareholder of the
Company which to the knowledge of the Directors owns more than
5% of the Company’s share capital have any interest in the Group’s
five largest suppliers and five largest customers.
Key Relationships with Customers and Suppliers
The Group highly values the relationships with employees, customers
and suppliers as they are the foundation of the Group’s success.
關連交易
於二零一七年六月九日，京基實業香港有限公司
（「京基實業」）及本公司（作為聯名承租人）與本公
司一名獨立第三方（作為業主）就二零一七年五月
十六日起至二零二零年五月十五日止三年期間租賃
灣仔一棟辦事處物業訂立租賃協議。由於京基實業
由本公司主席及主要股東陳家荣先生全資擁有，故
訂立租賃協議構成本公司之關連交易。由於根據
上市規則計算最高適用百分比率高於%，但低
於5%，因此根據租賃協議擬進行之交易須遵守申
報、年度審閱及公佈規定，但獲豁免遵守通函（包
括獨立財務意見）及獨立股東批准之規定。
除上文所披露者外，於截至二零一七年十二月
三十一日止年度，本集團於年內概無訂立任何須根
據上市規則第14A章披露之任何關連交易或持續關
連交易。與此同時，本公司已有必需之內部監控，
確保所有關連交易或持續關連交易（如有）屬公平
合理，並符合本公司及股東之整體利益。
主要供應商及客戶
本集團首五大供應商合計及單一最大供應商分別佔
本集團截至二零一七年十二月三十一日止年度持續
經營業務之總採購額約98%及89%。
本集團首五大客戶合計及單一最大客戶分別佔本集
團截至二零一七年十二月三十一日止年度持續經營
業務之總銷售額約44%及27%。
於年內任何時間，本公司之董事、董事之聯繫人士
（定義見上市規則）或股東（據董事所知擁有本公司
股本5%以上者）概無在本集團首五大供應商及首
五大客戶中擁有任何權益。
與客戶及供應商之主要關係
本集團高度重視與僱員、客戶及供應商之關係，視
彼等為本集團賴以成功之基礎。
KK文化控股有限公司
二零一七年年報 23
Directors’ Report
董事會報告
Customers
The Group provides direct services/goods to customers and conduct
surveys to interact with them to gain market insights and feedback.
The Group allows a credit period from 7 to 120 days (2016: 7 to 120
days) to its customers. The Group also continuously evaluates the
credit risk of its customers to ensure appropriateness of the amount of
credit granted. Credit terms are extended to customers based on the
evaluation of individual customer’s financial conditions. No significant
recoverability problem is identified subsequent to the reporting period.
Suppliers
The Group has either long established suppliers or suppliers from well-
known enterprises to ensure that they are able to deliver the goods/
services as requested. Furthermore, the Company has formulated anti-
bribery policies for all staff to comply.
FUTURE PROSPECTS & DEVELOPMENT
Hong Kong has become inseparable from China in all aspects,
including economic and political. This high correlation leads to a
high susceptibility as China’s economy is still considered a major
concern to the Group’s business. The implementation of the tax cuts
in the United States of America of reducing corporate tax rate and
changing corporate income tax system from global to territorial basis
is anticipated that a flood of US Dollars will move back from overseas
the country. This would induce a shock on currencies of all other
countries. The management will monitor how this will effect the
Company.
Although the train media business did not perform as expected, the
management still believes that it was temporary as the potential of
this business has yet fully realised. The Company will take a more
aggressive approach in order to boost the revenue. Meanwhile, any
quality projects will also be taken into consideration.
COMPETING INTERESTS
As at 31 December 2017, no Directors have involved in competing
business or have interests in companies engaging in competing
business with the Group.
INTERESTS IN SIGNIFICANT CONTRACTS
As far as the Directors are aware, at no time during the year had the
Company or any of its subsidiaries, and the controlling shareholders
or any of its subsidiaries entered into any contracts of significance
or any contracts of significance for the provision of services by the
Directors or controlling shareholders or any of their subsidiaries to the
Company or any of its subsidiaries.
客戶
本集團直接向客戶提供服務╱貨品，並通過調查與
客戶互動，收集市場分析及回饋。
本集團給予其貿易客戶7天至120天（二零一六年：
7天至120天）之信貸期。本集團亦不斷評估其客
戶之信貸風險，以確保授出之信貸額適當。本集團
按個別客戶之財務狀況的評估給予客戶信貸條款。
報告期間後並無發現任何重大可收回性問題。
供應商
本集團之供應商乃具長久歷史或知名度之企業，確
保彼等能按要求交付貨品╱服務。此外，本公司亦
已制訂反賄賂政策，以供所有員工遵守。
未來前景及發展
香港在各方面（包括經濟與政治）均與中國密不可
分。此等高度相關性帶來較大的波動風險，而中國
經濟仍然是本集團業務之主要關注。美國實施降低
企業所得稅率的稅務減免，加上預期企業所得稅系
統將由全球徵收轉為按地區徵收，將導致大量美元
從海外流向該國。此等政策轉變將對所有美國以外
國家的貨幣造成衝擊。管理層將監察其對本公司的
影響。
雖然鐵路媒體業務並未取得預期業績，管理層相信
此情況僅屬暫時，此業務的潛力並未完全變現。本
公司將採取更積極的行動以提高收益。與此同時，
所有優質項目將納入考慮當中。
具競爭性權益
於二零一七年十二月三十一日，並無董事涉及構成
競爭的業務或於從事與本集團構成競爭的業務之公
司中擁有權益。
於重大合約之權益
就董事所知，於年內任何時間，本公司或其附屬公
司以及控股股東或其任何附屬公司均未曾訂立任何
重大合約或就董事或控股股東或彼等之附屬公司向
本公司或其附屬公司提供服務訂立任何重大合約。
KK Culture Holdings Limited
Annual Report 201724
Directors’ Report
董事會報告
DIRECTORS’ RIGHT TO ACQUIRE SHARES OR
DEBENTURES
At no time during the year was the Company and any of its
subsidiaries of the Company and its associated corporations a party
to any arrangement to enable the Directors or chief executive or any
of their spouse or children under the age of 18 to acquire benefits by
means of the acquisition of shares in or debentures of the Company
or any other body corporate.
ARRANGEMENTS TO PURCHASE SHARES
At no time during the year was the Company or any of its subsidiaries
or fellow subsidiaries, a party to any arrangements to enable the
Directors to acquire benefits by means of the acquisition of shares in
the Company or any other body corporate.
SUFFICIENCY OF PUBLIC FLOAT
Throughout the year ended 31 December 2017 and as at the date
of this annual report, based on information that is publicly available
to the Company and within the knowledge of the Directors, the
Directors confirm that the Company maintained a sufficient prescribed
public float of more than 25% of the Company’s issued shares as
required under the Listing Rules.
APPOINTMENT OF INDEPENDENT NON-
EXECUTIVE DIRECTOR
The Company has received, from each of the Independent Non-
Executive Directors, an annual confirmation of his independence
pursuant to Rule of the Listing Rules. The Company considers all
of the Independent Non-Executive Directors are independent.
CORPORATE GOVERNANCE
A report on the corporate governance practices adopted by the
Company is set out on pages 26 to 37 of the annual report.
ENVIRONMENTAL POLICIES AND COMPLIANCE
WITH RELEVANT LAWS AND REGULATIONS
Please refer Section Environmental, Social and Governance Report
below for details. No material impact of the relevant laws and
regulations in relation to environment is identified on business
operations.
董事收購股份或債券的權利
於年內任何時間，本公司及其任何附屬公司及相關
法團概無訂立任何安排，使董事或最高行政人員或
其任何配偶或未滿18歲子女可藉收購本公司或任
何其他法人團體之股份或債券而獲益。
購買股份之安排
於年內任何時間，本公司或其附屬公司或同系附屬
公司概無訂立任何安排，使董事可藉著購入本公司
或任何其他法人團體之股份而獲益。
充足公眾持股量
截至二零一七年十二月三十一日止整個年度及於本
年報日期，根據本公司從公開途徑所得的資料及
據董事所知，董事確認，本公司一直維持上市規
則所規定的公眾持股量（佔本公司已發行股份超過
25%）。
獨立非執行董事之任命
本公司確認已接獲其每位獨立非執行董事根據上市
規則第條確認其獨立身份之年度確認書，而
本公司亦認為全體獨立非執行董事屬於獨立人士。
企業管治
有關本公司所採納之企業管治常規的報告載於年報
第26至第37頁。
環境政策及遵守相關法律及規例
詳情請參閱下文「環境、社會及管治報告」一節。
本公司並無發現與環境有關之相關法律及規例對業
務營運造成重大影響。
KK文化控股有限公司
二零一七年年報 25
Directors’ Report
董事會報告
EMPLOYEES AND EMOLUMENT POLICY
As at 31 December 2017, the Group had 64 employees (2016: 55).
The pay scale of the Group’s employees is maintained at a competitive
level and employees are rewarded on a performance- related basis
within the general framework of the Group’s salary and bonus system.
Other employees benefits include provident fund, insurance and
medical cover.
Key Relationship with Employees
The Company strictly complies with all the applicable rules
and regulations in relation to employment, to name a few, the
Employment Ordinance, Mandatory Provident Fund Ordinance and
Personal Data (Privacy) Ordinance, etc. The Group has purchased
all necessary insurance and made monthly contributions for its staff
and has measures in place endeavored to protect all staff’s personal
information. There are channels for staff to express their opinions
with regard to their work. Moreover, the Group also strives to provide
a safe, healthy and harmonious workplace with fair and equal
opportunities for staff of both gender.
EVENTS AFTER REPORT DATE
There is no significant event subsequent to the end of reporting
period.
AUDITOR
A resolution will be proposed at the forthcoming annual general
meeting to re-appoint BDO Limited as auditor of the Company.
On behalf of the Board
Tsang Hing Bun
Executive Director
Hong Kong, 26 March 2018
僱員及酬金政策
於二零一七年十二月三十一日，本集團聘用64名
員工（二零一六年：55名）。本集團僱員之薪級具
競爭力，而僱員亦會根據本集團整體之薪金及花紅
制度架構，因應個別之表現獲得獎勵。其他僱員福
利包括公積金、保險及醫療保障。
與僱員之主要關係
本公司嚴格遵守所有有關僱傭之所有適用規則與規
例，例如是僱傭條例，強制性公積金條例及個人資
料（私隱）條例等。本集團已為其員工購買所有必
須之保險並作每月供款，並有措施致力保障所有員
工之個人資料。員工可透過不同渠道就發表有關其
工作之意見。此外，本集團亦致力提供安全、健康
及和諧之工作環境，對各性別之員工提供公平及平
等之機會。
報告日後事項
報告期間後並無發生重大事項。
核數師
本公司將於應屆股東週年大會上提呈決議案，續聘
香港立信德豪會計師事務所有限公司為本公司之核
數師。
代表董事會
執行董事
曾慶贇
香港，二零一八年三月二十六日
KK Culture Holdings Limited
Annual Report 201726
Corporate Governance Report
企業管治報告
The Group has adopted practices which meet the Corporate
Governance Code and Corporate Governance Report for the year
(the “Code”) as set out in Appendix 14 to the Rules Governing the
Listing of Securities (the “Listing Rules”) on The Stock Exchange of
Hong Kong Limited (the “Stock Exchange”). The report describes
its corporate governance practices, explains the applications of the
principles of the Code and deviations, if any.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions
by Directors of Listed Issuers (the “Model Code”) as set out in
Appendix 10 to the Listing Rules as its own code of conduct regarding
Directors’ securities transactions. Having made specific enquiry of
all Directors, the Company was not aware of any non-compliance
with the required standard as set out in the Model Code regarding
securities transactions by the Directors throughout the year ended 31
December 2017.
BOARD OF DIRECTORS
The Board currently comprises eight Directors, of whom two are
Executive Directors, three are Non-executive Directors and three
are Independent Non-executive Directors. The Board has in its
composition a balance of skills and experience necessary for decision
making and fulfilling its business needs. The participation of Non-
executive Director in the Board brings independent judgement on
issues relating to the Group’ strategy, performance, conflicts of
interest and management process to ensure that the interests of all
shareholders of the Company have been duly considered.
The Board considers that all of the Independent Non-executive
Directors are independent and has received from each of them the
annual confirmation of independence by the Listing Rules.
本集團於本年度已採納符合香港聯合交易所有限
公司（「聯交所」）證券上市規則（「上市規則」）附錄
十四所載之企業管治守則及企業管治報告（統稱
為「該守則」）之常規。本報告描述本集團之企業管
治常規，並解釋應用及偏離該守則之原則之處（如
有）。
董事之證券交易
本公司已採納上市規則附錄十所載之上市發行人董
事進行證券交易的標準守則（「標準守則」）作為董
事進行證券交易之行為守則。本公司經向所有董事
明確查詢後，並無發現於截至二零一七年十二月
三十一日止整個年度有不遵守董事進行證券交易之
標準守則所載的必守準則之情況。
董事會
董事會目前由八位董事組成，其中兩位為執行董
事，三位為非執行董事及三位為獨立非執行董事。
董事會之組成具備為集團作決策及符合其業務需要
所必須的技能和經驗之均衡搭配。非執行董事參與
董事會，為有關本集團之策略、表現、利益衝突及
管理程序等事項提供獨立判斷，以確保本公司全體
股東之利益得到充份考慮。
董事會認為所有獨立非執行董事均為獨立人士，並
已接獲每位獨立非執行董事根據上市規則規定發出
之年度獨立身份確認書。
KK文化控股有限公司
二零一七年年報 27
Corporate Governance Report
企業管治報告
The Board members during the year ended 31 December 2017 were:
Executive Directors
Mr. Liu Gary Wei (also appointed as Chief Executive Officer
on 10 January 2017)
Mr. Tsang Hing Bun
Non-Executive Directors
Mr. Yiu Yu Cheung
Mr. Leung Siu Kee (subsequently resigned on 26 January 2018)
Mr. Chen Jiarong (also appointed as
Chairman on 10 January 2017)
Independent Non-Executive Directors
Mr. Chan Siu Lun
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
The Board is responsible for the approval and monitoring of
the Group’s overall strategies and policies; approval of business
plans; evaluating the performance of the Group and oversight of
management. It is also responsible for promoting the success of
the Company and its businesses by directing and supervising the
Company’s affairs.
The Board focuses on overall strategies and policies with particular
attention paid to the growth and financial performance of the Group.
The Board delegates day-to-day operations of the Group to Executive
Directors and senior management of every business segment, while
reserving certain key matters for its approval.
Decisions of the Board are communicated to the management
through Executive Directors who have attended Board meetings.
The Company had arranged for appropriate liability insurance for the
Directors and officers of the Group for indemnifying their liabilities
arising from corporate activities.
於截至二零一七年十二月三十一日止年度之董事會
成員為：
執行董事
劉維先生（於二零一七年一月十日
獲委任為行政總裁）
曾慶贇先生
非執行董事
姚宇翔先生
梁兆基先生（於其後在二零一八年一月二十六日
退任）
陳家荣先生（於二零一七年一月十日
獲委任為主席）
獨立非執行董事
陳肇倫先生
葉偉其先生
陳釗洪先生
董事會負責批准及監察本集團之整體策略及政策；
批准業務計劃；評估本集團之表現及管理層之監
管。董事會亦負責透過指導及監察本公司之事務來
促進本公司及其業務之成功發展。
董事會專注於整體策略及政策，尤其著重本集團之
增長及財務表現。
董事會將本集團之日常營運工作交予執行董事及各
業務分部之高級管理層處理，同時保留若干主要事
項由其批准。
董事會透過出席董事會會議之執行董事向管理層傳
達其決定。
本公司已為本集團之董事及高級人員投購適當之責
任保險，以對彼等因企業活動而產生之責任提供彌
償。
KK Culture Holdings Limited
Annual Report 201728
Corporate Governance Report
企業管治報告
During the year, all Directors have been provided, on a monthly basis,
with the Group’s management information updates to give them
aware of the Group’s affairs and facilitates them to discharge their
duties under the relevant requirements of the Listing Rules.
There were seven Board meetings and one annual general meeting
(“AGM”) but nil special general meetings held in 2017. Details of the
attendance of each director are as follows:
Attended/Held
出席次數╱會議次數
Directors Board meeting AGM
董事 董事會會議 股東週年大會
Mr. Liu Gary Wei 劉維先生 0/7 1/1
Mr. Tsang Hing Bun 曾慶贇先生 7/7 1/1
Mr. Yiu Yu Cheung 姚宇翔先生 7/7 1/1
Mr. Leung Siu Kee (Note) 梁兆基先生（附註） 7/7 1/1
Mr. William Keith Jacobsen 葉偉其先生 7/7 0/1
Mr. Chan Chiu Hung Alex 陳釗洪先生 7/7 1/1
Mr. Chan Siu Lun 陳肇倫先生 7/7 1/1
Mr. Chen Jiarong 陳家荣先生 0/7 0/1
Notes:
1. Mr. Leung Siu Kee resigned subsequently on 26 January 2018.
Board minutes are kept by the Company Secretary and are open for
inspection by the Directors. Every Board member is entitled to have
access to materials and has unrestricted access to the advice and the
Company Secretary, and has the right to seek external professional
advice if so required.
DIRECTORS AND OFFICERS INSURANCE
Appropriate insurance covers on directors’ and officers’ liabilities have
been in force to protect the Directors and officers of the Group from
their risk exposure arising from the business of the Group.
ACCOUNTABILITY AND AUDIT
The Directors were responsible for overseeing the preparation of the
financial statements for the year ended 31 December 2017.
The Directors’ responsibilities for the preparation of the financial
statements and the auditor’s responsibility are set out in the
Independent Auditor’s Report.
年內，全體董事每月均獲本集團管理層提供有關本
集團之最新資料，以便彼等掌握本集團之事務狀況
及履行彼等於上市規則相關規定下的職責。
於二零一七年曾舉行七次董事會會議及一次股東週
年大會（「股東週年大會」），惟未曾召開股東特別大
會。各董事之出席率詳情如下：
附註：
1. 梁兆基先生於其後在二零一八年一月二十六日退
任。
董事會會議記錄由公司秘書保存並可供董事查閱。
每名董事會成員均有權查閱資料，並可不受限制地
得到公司秘書之意見及服務，並有權於需要時尋求
外界專業意見。
董事及高級職員之保險
本公司已為本集團董事及高級職員購買合適之責任
保險，就彼等因本集團業務承擔之風險提供保障。
問責及審核
董事負責監督截至二零一七年十二月三十一日止年
度財務報表之編製。
董事編製財務報表之責任及核數師之責任載於獨立
核數師報告。
KK文化控股有限公司
二零一七年年報 29
Corporate Governance Report
企業管治報告
INTERNAL AUDIT AND RISK MANAGEMENT
During the financial year, the Group has complied with principle
of the CG Code by establishing appropriate and effective risk
management and internal control systems. Management is responsible
for the design, implementation and monitoring of such systems,
while the Board oversees management in performing its duties on an
ongoing basis and an internal audit on the internal control and risk
management systems performed on an annual basis. Main features
of the risk management and internal control systems are described as
follows:
Risk Management System
The Group has adopted a risk management system which manages
the risk associated with its business and operations. The system
comprises the following phases:
• Identification: identify ownership of risks, business objectives
and risks that could affect the achievement of objectives.
• Evaluation: analyse the likelihood and impact of risks and
evaluate the risk portfolio accordingly.
• Management: consider the risk responses, ensure effective
communication to the Board and on-going monitor the
residual risks.
Based on the risk assessments conducted for the financial year, no
significant risk was identified.
Internal Control System
The Board has overall responsibility for the internal controls of the
Company. The Board is committed to implementing an effective
and sound internal control system to safeguard the interest of the
shareholders and the Group’s assets. The implementation enables the
Group to achieve objectives regarding effectiveness and efficiency
of operations, reliability of financial reporting and compliance with
applicable laws and regulations.
The internal control system includes safeguard of the interest of
shareholders and the Group’s assets. The Board has delegated
to management for the implementation of all relevant financial,
operational, compliance controls and risk management function
within a defined framework. During the year ended 31 December
2017, the Board has conducted a review of the system of internal
control and no significant control deficiency was identified.
內部審核及風險管理
於本財政年度，本集團已透過建立合適及有效的
風險管理及內部監控系統遵守企業管治守則第
條。管理層負責設計、實施及監管有關系統，而董
事會持續監控管理層履行其職責，以及每年對內部
監控及風險管理系統進行內部審核。風險管理及內
部監控系統的主要特點描述如下：
風險管理系統
本集團採納風險管理系統（管理與其業務及營運有
關的風險）。該系統包括以下階段：
• 識別：識別風險歸屬、商業目標及可影響
所達致目標之風險。
• 評估：分析風險出現之可能性及影響，並
相應評估風險組合。
• 管理：考慮應對風險之方式，確保與董事
會有效溝通及持續監控殘餘風險。
根據於本財政年度進行之風險評估，並無發現任何
重大風險。
內部監控制度
董事會對本公司內部監控負全責。董事會全力推行
有效而穩健之內部監控制度，以保障股東權益及本
集團之資產。推行內部監控制度令本集團可達致有
關營運效率及效能、財務報告可靠性及遵守適用法
律及法規之目標。
內部監控制度包括保障股東權益及本集團之資產。
董事會已根據明確之架構授權管理層實行所有有關
之財務、營運、遵例監控及風險管理職能。截至二
零一七年十二月三十一日止年度，董事會已檢討內
部監控制度，概無識別到監控方面之重大瑕疵。
KK Culture Holdings Limited
Annual Report 201730
Corporate Governance Report
企業管治報告
Internal Audit
The Group performed an internal audit, on rotatory basis, on different
business segments of the Group annually as well as reviewed the
management or risks arisen from operations. No unusualness was
found during the course of internal audit while the business risk
profile was satisfactory.
According to the established plan, review of the risk management
and internal control systems is conducted annually and the results are
reported to the Board via Audit Committee afterwards. This could
ensure the internal control system is effective.
Effectiveness of the Risk Management and Internal
Control Systems
The Board is responsible for the risk management and internal control
systems of the Group and ensuring review of the effectiveness of
these systems has been conducted annually. Several areas have been
considered during the Board’s reviews, which include but not limited
to (i) the changes in the nature and extent of significant risks since the
last annual review, and the Group’s ability to respond to changes in
its business and the external environment (ii) the scope and quality of
management’s ongoing monitoring of risks and of the internal control
systems.
The Board, through its reviews and the reviews made by the Audit
Committee, concluded that the risk management and internal control
systems were effective and adequate. Such systems, however, are
designed to manage rather than eliminate the risk of failure to achieve
business objectives, and can only provide reasonable and not absolute
assurance against material misstatement or loss. It is also considered
that the resources, staff qualifications and experience of relevant staff
were adequate and the training programs and budget provided were
sufficient.
CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER
On 10 January 2017, Mr. Chen Jiarong and Mr. Liu Gary Wei have
been appointed as Chairman and Chief Executive Officer of the
Company respectively, since then a clear segregation of roles between
chairman and chief executive officer has been established.
內部審核
本集團按年輪流就本集團不同業務分部進行內部審
核，同時審視營運之管理及所致之風險。內部審核
期間並無發現不正規情況，商業風險狀況亦令人滿
意。
根據現有計劃，風險管理及內部監控系統乃每年進
行一次檢討，檢討結果其後經審核委員會向董事會
呈報。此舉確保內部監控行之有效。
風險管理及內部監控系統之效能
董事會對本公司內部監控及檢討其效能負全責，確
保已每年檢討該等系統之效能。董事會在檢討時考
慮多個層面，包括但不限於：(i)自最近一次年度檢
討以來，重大風險本質及程度之變化，以及本集團
應對業務及外界變動之能力；(ii)管理層對風險及
內部監控系統持續監控的範圍及質素。
董事會透過其檢討及審核委員會作出之檢討，得出
風險管理及內部監控系統有效而足夠之結論。然
而，有關系統乃為管理風險而非消除無法達致業務
目標的風險而設，且僅可就重大失實陳述或損失提
供合理而非絕對之保證。董事會亦認為，有關資
源、員工資質及相關員工之經驗充足，並已提供足
夠的培訓項目及預算。
主席及行政總裁
於二零一七年一月十日，陳家榮先生及劉維先生分
別獲委任為本公司主席及行政總裁，自此主席及行
政總裁之間的職責已有清晰區分。
KK文化控股有限公司
二零一七年年報 31
Corporate Governance Report
企業管治報告
PROFESSIONAL DEVELOPMENT
Every newly appointed Director will be given an induction training so
as to ensure that he/she has appropriate understanding of the Group’s
business and his/her duties and responsibilities under the Listing Rules
and the relevant statutory and regulatory requirements. The Group
continuously updates Directors on the latest developments regarding
the Listing Rules and other applicable regulatory requirements, to
ensure compliance and enhance their awareness of good corporate
governance practices. Circulars or guidance notes are issued to
Directors and senior management where appropriate, to ensure
awareness of best corporate governance practices.
The Company also provides regular updates on the business
development of the Group. The Directors are regularly briefed
on the latest development regarding the Listing Rules and other
applicable statutory requirements to ensure compliance and upkeep
of good corporate governance practices. In addition, the Company
has been encouraging the Directors to enroll in professional
development courses and seminars relating to the Listing Rules,
Companies Ordinance and corporate governance practices organized
by professional bodies chambers in Hong Kong. All directors are
requested to provide the Company with their respective training
records pursuant to the Code.
All Directors have participated in appropriate continuous professional
development and refresh their knowledge and skills during the year.
Such professional development was completed either by way of
attending briefings, conference, forum, courses and seminars and
self-reading which are relevant to the business or directors’ duties.
CORPORATE GOVERNANCE FUNCTIONS
The Board has delegated the Group’s corporate governance functions
to Audit Committee. The principal functions include:
(a) to develop and review the Company’s policies and practices on
corporate governance;
(b) to review and monitor the training and continuous professional
development of directors and senior management;
(c) to review and monitor the Company’s policies and practices in
compliance with legal and regulatory requirements;
專業發展
每名新委任的董事將獲履新培訓，確保彼對本集團
的業務及上市規則及相關法規及監管要求下其本身
的職務及責任有適當了解。本集團持續為董事提供
有關上市規則及其他適用監管規則最新發展之最新
資料，確保董事遵守有關規則及提高董事對良好企
業管治常規的意識。本集團亦向董事及高級管理層
發出通函及指引（如適用），確保彼等了解最佳企業
管治常規。
本公司亦定期提供本集團業務發展的最新資料。董
事獲定期提供有關上市規則及其他適用法律規定的
最新發展簡報，確保遵守及維持良好的企業管治常
規。此外，本公司一直鼓勵董事參與由香港專業團
體或商會舉辦，有關上市規則、公司條例及企業管
治常規的專業發展課程及研討會。全體董事均須根
據該守則之規定向本公司提供本身的培訓記錄。
全體董事於年內均已參加適當的持續專業發展，讓
自己的知識及技能與時並進。完成專業發展的方式
包括出席有關業務或董事職務之簡報會、會議、論
壇、課程及研討會以及閱讀相關資料。
企業管治功能
董事會已將本集團之企業管治功能轉授審核委員會
負責。主要功能包括：
(a) 制定及檢討本公司的企業管治政策及常規；
(b) 檢討及監察董事及高級管理人員的培訓及
持續專業發展；
(c) 檢討及監察本公司在遵守法律及監管規定
方面的政策及常規；
KK Culture Holdings Limited
Annual Report 201732
Corporate Governance Report
企業管治報告
(d) to develop, review and monitor the code of conduct and
compliance manual (if any) applicable to employees and
directors; and
(e) to review the Company’s compliance with the Code and
disclosure in the Corporate Governance Report.
COMPANY SECRETARY
During the year ended 31 December 2017, the Company Secretary
has duly complied with the relevant professional training requirement
under Rule of the Listing Rules.
REMUNERATION COMMITTEE
The Remuneration Committee comprises three Independent Non-
executive Directors and one Non-executive Director, namely Mr.
William Keith Jacobsen (Chairman), Mr. Chan Siu Lun, Mr. Chan Chiu
Hung, Alex and Mr. Yiu Yu Cheung.
The terms of reference of the Remuneration Committee are posted on
the Company’s website. The principal functions include:
– to recommend to the Board on the Company’s policies and
structure for the remuneration of the Directors and senior
management of the Group;
– to determine the remuneration packages of all Executive
Directors and senior management of the Group;
– to review and approve the management’s remuneration
proposals with reference to corporate goals and objectives
resolved by the Board from time to time.
The principal elements of executive remuneration package include
basic salary, discretionary bonus and share option. The emoluments
of Executive Directors are based on skill, knowledge and involvement
in the Company’s affairs of each Director and are determined by
reference to the Company’s performance and profitability, as well
as remuneration benchmark the industry and the prevailing market
conditions.
During the year, a meeting with 100% attendance of the
Remuneration Committee’s members was duly held for reviewing the
remuneration policy and structure and determination of the annual
remuneration packages of the Executive Directors and the senior
executives and other related matters.
(d) 制定、檢討及監察僱員及董事的操守準則
及合規手冊（如有）；及
(e) 檢討本公司遵守該守則的情況及在企業管
治報告內的披露。
公司秘書
於截至二零一七年十二月三十一日止年度，公司秘
書已妥為遵守上市規則第條之相關專業培訓
規定。
薪酬委員會
薪酬委員會由三位獨立非執行董事及一位非執行董
事組成，分別為葉偉其先生（主席）、陳肇倫先生、
陳釗洪先生及姚宇翔先生。
薪酬委員會之職權範圍刊載於本公司網站。其主要
職責包括：
－ 就本公司有關董事及本集團高級管理層之
薪酬政策及架構向董事會提供推薦意見；
－ 決定全體執行董事及本集團高級管理層之
薪酬組合；
－ 參考董事會不時議決之企業宗旨及目標而
審批管理層之薪酬方案。
執行人員之薪酬組合之主要部份包括基本薪金、酌
情花紅及購股權。執行董事之酬金按照每位董事之
技能、知識及參與本公司事務之程度，並參照本公
司之表現及盈利能力以及業內薪酬基準及當時市況
而釐定。
年內，薪酬委員會召開了一次正式會議（全體成員
均已出席是次會議），以檢討薪酬政策及架構，並
釐定了執行董事及高級行政人員之全年薪津組合以
及其他相關事宜。
KK文化控股有限公司
二零一七年年報 33
Corporate Governance Report
企業管治報告
Pursuant to paragraph of Code, the remuneration of the
members of the senior management by band for the year ended 31
December 2017 is set out below:
Remuneration band No. of Individuals
薪酬等級 人數
HK$1,500,001 – HK$2,000,000 1,500,001港元至2,000,000港元 1
HK$2,000,001 – HK$2,500,000 2,000,001港元至2,500,000港元 1
NOMINATION COMMITTEE
The Nomination Committee of the Company was established in March
2012 comprising the three Independent Non-executive Directors
and one Non-executive Director, namely, Mr. Chan Chiu Hung, Alex
(Chairman), Mr. Chan Siu Lun, Mr. William Keith Jacobsen and Mr. Yiu
Yu Cheung. The terms of reference of the Nomination Committee are
posted on the Company’s website.
The roles and functions the Nomination Committee include reviewing
the structure, size and composition of the Board, identifying
individuals suitably qualified to become Directors, selecting or making
recommendations to the Board on nominations, appointment or re-
appointment of Directors and Board succession, and assessing the
independence of the independent non-executive directors.
During the year, a meeting with 100% attendance of the Nomination
Committee’s members was duly held for reviewing the structure, size
and composition, and assessing the independence of the independent
non-executive directors of the board of directors.
AUDIT COMMITTEE
The Audit Committee was established in April 2000. It comprises
three Independent Non-executive Directors, namely Mr. Chan Siu Lun
(Chairman), Mr. William Keith Jacobsen, Mr. Chan Chiu Hung, Alex
and one Non-executive Director, namely, Mr. Yiu Yu Cheung.
The terms of reference of the Audit Committee, which are in
compliance with the Listing Rules, are posted on the Company’s
website. Under the terms of reference, the Audit Committee is
mainly responsible for making recommendations to the Board on the
appointment, re-appointment and removal of the external auditor
and to approve the remuneration and terms of engagement of the
external auditor, and any questions of resignation or dismissal of such
auditor; overseeing the Group’s financial report, internal control and
risk management systems.
根據該守則第條，高級管理人員截至二零
一七年十二月三十一日止年度之薪酬按薪酬等級載
列如下：
提名委員會
本公司之提名委員會乃於二零一二年三月成立，由
三位獨立非執行董事及一位非執行董事組成，分別
為陳釗洪先生（主席）、陳肇倫先生、葉偉其先生及
姚宇翔先生。提名委員會之職權範圍已刊載於本公
司網站。
提名委員會之角色及職能包括檢討董事會之架構、
人數及組成、物色適合成為董事之人選、就董事之
提名、委任或續聘以及董事會之繼任而作出選擇或
向董事會提供推薦建議，以及評估獨立非執行董事
之獨立性。
於年內，提名委員會召開了一次正式會議（全體成
員均已出席是次會議），以檢討董事會之架構、人
數及組成以及評估獨立非執行董事之獨立性。
審核委員會
審核委員會乃於二零零零年四月成立，由三位獨立
非執行董事陳肇倫先生（主席）、葉偉其先生、陳釗
洪先生及一位非執行董事姚宇翔先生組成。
審核委員會之職權範圍符合上市規則之規定並且刊
載於本公司網站。根據職權範圍，審核委員會主要
負責就外聘核數師之委任、重聘及免職向董事會提
供推薦意見及批准聘任外聘核數師之薪酬及聘任條
款，以及考慮該等核數師辭任或免職之任何問題；
監督本集團之財務報告、內部監控及風險管理系
統。
KK Culture Holdings Limited
Annual Report 201734
Corporate Governance Report
企業管治報告
The Audit Committee held two meetings in 2017. All Committee
members attended the two meetings.
During the year, the Audit Committee met with senior management
to review the Group’s draft annual report and accounts, half-yearly
report, internal audit report, risk assessment report and circulars,
and provided advice and comments thereon to the Company’s Board
of Directors. The Audit Committee members met with internal and
external auditors to discuss matters arising from the audit. The
Audit Committee also discussed with the external auditor the nature
and scope of the audit and reporting obligations before the audit
commenced.
The Group’s 2017 interim report and 2017 annual report have been
reviewed by the Audit Committee, which was of the opinion that such
reports were prepared in accordance with the applicable accounting
standards and requirements. For the 2017 annual report, the Audit
Committee met with the external auditor to discuss auditing, internal
control, statutory compliance and financial reporting matters before
recommending it to the Board for approval. The Audit Committee
also monitored the Company’s progress in implementing the code
provisions on corporate governance practices as required under the
Listing Rules.
AUDITOR’S REMUNERATION
The fees in relation to the audit service provided by BDO Limited, the
external auditor of the Company, for the year ended 31 December
2017 amounted to HK$600,000 (2016: HK$580,000), and those in
relation to non-audit services was HK$150,000 (2016: HK$150,000).
審核委員會於二零一七年曾舉行兩次會議，全體委
員會成員均有出席。
年內，審核委員會與高級管理層舉行會議，以審閱
本集團之年報及賬目、中期報告、內部審核報告、
風險評估報告及通函的草擬本，並就此向本公司之
董事會提供意見及建議。審核委員會成員與內部及
外聘核數師會面，討論在審核中得知的事宜。審核
委員會亦於審核工作開始前與外聘核數師討論審核
性質及範疇及有關申報責任。
本集團之二零一七年中期報告及二零一七年年報已
由審核委員會審閱，審核委員會認為該等報告乃根
據適用會計準則及規定編製。就二零一七年年報而
言，審核委員會已在建議董事會批准年報前與外聘
核數師舉行會議，討論審核、內部控制、遵守法規
及財務報告事宜。審核委員會亦監察本公司於實施
上市規則所規定企業管治常規之守則條文方面之進
度。
核數師酬金
本公司之外聘核數師香港立信德豪會計師事務所
有限公司就截至二零一七年十二月三十一日止年
度的審核服務收費為600,000港元（二零一六年：
580,000港元），而有關非核數服務的費用則為
150,000港元（二零一六年：150,000港元）。
KK文化控股有限公司
二零一七年年報 35
Corporate Governance Report
企業管治報告
COMMUNICATION WITH SHAREHOLDERS
The Company has adopted a Shareholders’ Communication Policy in
March 2012 reflecting mostly the current practices of the Company
for communication with its shareholders. Information will be
communicated to shareholders through:
– continuous disclosure to the Stock Exchange of all material
information;
– periodic disclosure through the annual and interim reports;
– notices of meetings and explanatory material;
– the annual general meetings and other general meetings; and
– the Company’s website at
The Board endeavours to maintain an on-going dialogue with
shareholders and in particular, use annual general meetings or other
general meetings to communicate with shareholders and encourage
their participation. Most of the Board members including all Executive
Directors attended the annual general meeting held in 2017 to answer
questions and collect views of shareholders. The chairmen of the audit
and nomination committees and the external auditor also attended
the annual general meeting to answer questions of shareholders.
SHAREHOLDERS’ RIGHTS
(i) Procedures for members to convene a special
general meeting (“SGM”)
Shareholders holding at the date of deposit of the requisition
not less than one-tenth of the paid-up capital of the Company
carrying the right of voting at general meetings of the
Company shall at all times have the right, by written requisition
sent to the Company’s registered office in Bermuda and its
principal place of business in Hong Kong, for the attention
of the Company Secretary, to require a SGM to be called by
the Board for the transaction of any business specified in such
requisition; and such meeting shall be held within two months
after the deposit of such requisition. If within twenty-one
days of such deposit the Board fails to proceed to convene
such meeting, the shareholders concerned themselves may
do so in accordance with the provisions of Section 74(3) of
the Companies Act, but any meeting so convened shall not
be held after the expiration of three months from the date of
deposit of the requisition.
與股東之溝通
於二零一二年三月，本公司採納一項股東溝通政
策，其主要反映本公司目前與股東溝通的做法。本
公司將透過以下渠道向股東傳達信息：
－ 向聯交所持續披露所有重大信息；
－ 通過年報及中期報告作定期披露；
－ 大會通告及說明材料；
－ 股東週年大會及其他股東大會；及
－ 本公司網站
董事會致力保持與股東之間的持續對話，尤其是以
股東週年大會或其他股東大會與股東溝通及鼓勵彼
等參與。大多數董事會成員（包括全體執行董事）
已出席於二零一七年舉行之股東週年大會，以解答
股東之提問及收集股東之意見。審核委員會及提名
委員會之主席以及外聘核數師亦已出席股東週年大
會，以解答股東之提問。
股東權利
(i) 股東召開股東特別大會（「股東特別大會」）
的程序
於遞呈要求當日持有不少於附有本公司股
東大會投票權之本公司繳足股本十分之一
的股東，可隨時向本公司於百慕達之註冊
辦事處及於香港之主要營業地點發出書面
要求（請註明收件人為公司秘書），要求董
事會召開股東特別大會，處理有關要求所
指明的任何事項，而有關大會須於遞呈上
述要求後兩個月內舉行。倘遞呈後二十一
日內董事會未有召開該大會，則有關股東
可根據公司法第74(3)條召開大會，惟須於
遞呈要求日期後三個月內召開有關大會。
KK Culture Holdings Limited
Annual Report 201736
Corporate Governance Report
企業管治報告
The written requisition must state the purposes of the general
meeting, signed by the shareholders concerned and may
consist of several documents in like form, each signed by one
or more of those shareholders.
If the requisition is in order, the Company Secretary will ask
the Board to convene a SGM by serving sufficient notice
in accordance with the statutory requirements to all the
registered members. On the contrary, if the requisition is
invalid, the shareholders concerned will be advised of this
outcome and accordingly, a SGM will not be convened as
requested.
The notice period to be given to all the registered members
for consideration of the proposal raised by the shareholders
concerned at SGM varies according to the nature of the
proposal, as follows:
– at least twenty-one clear days’ and not less than ten
clear business days’ notice in writing if the proposal
constitutes a special resolution of the Company,
which cannot be amended other than a mere clerical
amendment to correct a patent error; and
– at least fourteen clear days’ and not less than ten
clear business days’ notice in writing if the proposal
constitutes an ordinary resolution of the Company.
(ii) Procedures for a member to propose a person for
election as a director
As regards the procedures for proposing a person for election
as a Director, please refer to the procedures made available
under the Corporate Governance section of the Company’s
website at .
(iii) Procedures for directing shareholders’ enquiries to
the Board
Shareholders may at any time send their enquiries and
concerns to the Board in writing to the principal place of
business of the Company in Hong Kong or by e-mail to
enquiry@ for the attention of the
Company Secretary.
書面要求須列明股東大會的目的，經相關
股東簽署，並可由多份相同格式的文件組
成，惟每份文件須經一名或多名該等股東
簽署。
倘要求適當，公司秘書將要求董事會根據
法定要求向全體註冊股東發出充分通知後
召開股東特別大會。相反，倘要求無效，
相關股東將獲告知此結果，亦不會應要求
召開股東特別大會。
向全體註冊股東發出通知以供考慮相關股
東於股東特別大會上所提呈建議的期限因
建議性質而異，詳情如下：
－ 倘建議屬本公司特別決議案（除更正
明顯錯誤的純粹文書修訂外，不得
予以修訂），須最少發出二十一個整
日及不少於十個完整營業日的書面
通知；及
－ 倘建議屬本公司普通決議案，須最
少發出十四個整日及不少於十個完
整營業日的書面通知。
(ii) 股東建議一名人士參選董事之程序
有關股東建議一名人士參選董事之程序，
請參閱本公司網站.
內企業管治一節所載之程序。
(iii) 股東查詢轉交董事會之程序
股東可於任何時間將其向董事會提出
之查詢及關注事項以書面方式送交本
公司於香港之主要營業地點或電郵至
enquiry@， 請 註 明
收件人為公司秘書。
KK文化控股有限公司
二零一七年年報 37
Corporate Governance Report
企業管治報告
(iv) Procedures for putting forward proposals at a
general meeting
Shareholders holding (i) not less than one-twentieth of the
total voting rights of all shareholders having the right to vote
at the general meeting of the Company; or (ii) not less then
100 shareholders, can submit a written request stating the
resolution intended to be moved at the AGM; or a statement
of not more than 1,000 words with respect to the matter
referred to in any proposed resolution or the business to be
dealt with at a particular general meeting.
The written request/statements must be signed by the
shareholders concern and deposited at the Company’s
registered office in Bermuda and its principal place of business
in Hong Kong for the attention of the Company Secretary of
the Company, not less than six weeks before the AGM in the
case of a requisition requiring notice of a resolution and not
less than one week before the general meeting in the case of
any other requisition.
If the written request is in order, the Company Secretary will
ask the Board (i) to include the resolution in the agenda for the
AGM; or (ii) to circulate the statement for the general meeting,
provided that the shareholders concerned have deposited a
sum of money reasonably determined by the Board sufficient
to meet the Company’s expenses in serving the notice of the
resolution and/or circulating the statement submitted by the
shareholders concerned in accordance with the statutory
requirements to all the registered members. On the contrary,
if the requisition is invalid or the shareholders concerned have
failed to deposit sufficient money to meet the Company’s
expenses for the said purposes, the shareholders concerned
will be advised of this outcome and accordingly, the proposed
resolution will not be included in the agenda for the AGM; or
the statement will not be circulated for the general meeting.
CONSTITUTIONAL DOCUMENTS
There are no changes in the constitutional documents of the
Company during the year.
(iv) 於股東大會提呈建議的程序
(i)持有有權於本公司股東大會上投票之全體
股東總投票權不少於二十分之一的股東，
或 (ii)不少於一百名股東，可向本公司提
呈於股東週年大會上動議決議案的書面要
求，或就於特定股東大會提呈之任何決議
案所述事項或處理的事務作出不超過1,000
字的書面陳述。
書面要求╱陳述須由相關股東簽署，並不
遲於股東週年大會舉行前六週（倘須就要求
發出有關決議案之通知）或股東大會舉行前
一週（倘為任何其他要求）送交本公司於百
慕達之註冊辦事處及於香港之主要營業地
點，請註明收件人為本公司之公司秘書。
倘書面要求適當，公司秘書將要求董事會
(i)將決議案載入股東週年大會議程；或 (ii)
傳閱股東大會陳述，惟相關股東須支付董
事會釐定的合理金額的費用，以便本公司
根據法定要求向全體註冊股東寄發決議案
通知及╱或向彼等傳閱相關股東提呈的陳
述。相反，倘要求無效或有關股東未能存
入足夠款項以撥付本公司為上述目的而錄
得之開支，相關股東將獲告知此結果，而
建議之決議案將不會納入股東週年大會議
程，或有關陳述將不會就股東大會而傳閱。
組織章程文件
本公司之組織章程文件於年內並無變動。
KK Culture Holdings Limited
Annual Report 201738
Environmental, Social and Governance Report
環境、社會及管治報告
ABOUT THIS REPORT
KK Culture Holdings Limited (hereafter called “KK Culture”) are
pleased to present our Environmental, Social and Governance (“ESG”)
Report (“the Report”). The Report focuses on providing an overview
of the environmental, social and governance performance and
accomplishment of our major operations in Hong Kong and China
from 1 January 2017 to 31 December 2017. It allows us to conduct
thorough performance review and evaluation for better results in the
future.
Scope of the Report
This Report has been prepared in accordance with The Stock
Exchange of Hong Kong (“HKEx”) ESG Guide. Divided into two parts,
the first part addresses the effort the Company put on alleviating the
environmental impact, whereas the latter part elaborates on the social
development of the Company in both Hong Kong and China, during
the financial year 1 January 2017 to 31 December 2017. This Report
sets out the work we have done in the past and the future agenda for
sustainability.
Apart from focusing on our organizational values, strategy and core
competency that contribute to our sustainable development, we
are committed to identifying and addressing the ESG risks and their
impact on our customers, our suppliers, our communities, and our
ongoing business.
For this year, the material ESG issues are those which have or may
have a significant impact on:
• Hong Kong’s advertising industry;
• The environment or society now or in the future;
• Our financial performance or operations; and/or
• Our stakeholders’ assessments, decisions and actions.
The data and information cited in this Report are referred to our
archived documents, records, statistics and research. In this respect,
financial data is extracted from or calculated by reference to KK
Culture’s audited annual accounts for the year ended 31 December
2017.
Feedback
For details in relation to our financial performance and corporate
governance, please visit our website on .
our Annual Reports. We also treasure your feedback
and comments on our sustainability performance, please send your
feedback and other sustainability enquires at info@ or
at (852) 2976 2000.
關於本報告
KK文化控股有限公司（以下簡稱「KK文化」）欣然呈
交本環境、社會及管治報告（「報告」）。本報告重點
介紹我們於二零一七年一月一日至二零一七年十二
月三十一日在香港及中國主要業務的環境、社會及
管治績效及完成情況。這使我們能夠進行全面的績
效審查及評估，以爭取在未來取得更好的成果。
報告的範圍
本報告乃根據香港聯合交易所有限公司（「香港交易
所」）環境、社會及管治指南編制。主要分為兩部
分，第一部分探討公司為緩解環境影響所做出的努
力，第二部分闡述二零一七年一月一日至二零一七
年十二月三十一日止財務年度本公司在香港及中國
的社會發展情況。本報告列出了我們過去所做的工
作以及未來的可持續發展議程。
除了關注有助於我們可持續發展的組織價值觀、戰
略及核心能力外，我們致力於識別和解決環境、社
會及管治風險及其對客戶、供應商、社區和我們正
在進行的業務的影響。
今年，環境、社會及管治的重要問題是對以下方面
產生或可能產生重大影響的問題：
• 香港的廣告業；
• 現在或未來的環境或社會；
• 我們的財務表現或運作；及 /或
• 我們的利益相關者的評估、決定及行動。
本報告中引用的數據及資料乃參考我們的檔案文
件、記錄、統計和研究而得出。就此而言，財務數
據乃經參考KK文化截至二零一七年十二月三十一
日止年度之經審核年度賬目而提取或計算。
反饋
有關我們的財務表現及企業管治詳情，請瀏覽我們
的網站
的年報。我們亦珍視您對我們可持續發展績效的
反饋和評論，請將您的反饋意見及其他可持續發
展問題發送至 info@或（852）2976
2000。
KK文化控股有限公司
二零一七年年報 39
Environmental, Social and Governance Report
環境、社會及管治報告
STAKEHOLDER ENGAGEMENT
The management acknowledges our fundamental belief that for a
company to achieve long term success, it must create value for both
its stakeholders and for community as a whole. The key to achieving
this is through stakeholder’s engagement by cultivating mutual
understanding and communication with stakeholders along the value
chain, . suppliers, distributors, customers, employees, shareholders
and the society.
Stakeholders
利益相關者
Possible concerned issues
可能關注的問題
Communication and responses
溝通與回應
HKEx
香港交易所
Compliance of listing rules, timely and
accurate announcements.
上市規則的遵守，及時準確的公告。
Meetings, training workshops, programs,
website updates and announcements
會議、培訓研討會、計劃、網站更新和公
告
Government
政府
Compliance of laws and regulations,
preventing tax evasion, and social welfare.
法律法規的遵守、防止逃稅、社會福利。
Interaction and visits, government
inspections, tax returns and other
information
互動和視察、政府檢查、納稅申報及其他
信息
Suppliers
供應商
Payment schedule, stable demand.
付款進度、穩定需求。
Site visits
實地考察
Investors
投資者
Corporate governance system, business
strategies and performance, investment
returns.
公司管治體系、業務戰略和業績、投資回
報
Organizing and participating in seminars,
interviews, shareholders’ meetings, financial
reports or operation reports for investors,
media and analysts
組織和參與投資者、媒體和分析師研討
會、訪談、股東大會、財務報告或運營報
告
利益相關者參與
管理層承認我們的基本信念，即公司若要取得長遠
成功，必須為其利益相關者和整個社區創造價值。
實現這一目標的關鍵是利益相關者參與，培養與
價值鏈各環節利益相關者（即供應商、分銷商、客
戶、僱員、股東和社會）之間的相互理解和溝通。
KK Culture Holdings Limited
Annual Report 201740
Environmental, Social and Governance Report
環境、社會及管治報告
Stakeholders
利益相關者
Possible concerned issues
可能關注的問題
Communication and responses
溝通與回應
Media & Public
媒體及公眾
Corporate governance, environmental
protection, human right
公司管治、環境保護、人權
Issue of newsletters on the Company’s web
site
在公司網站上發布通訊
Customers
客戶
Product quality, delivery times, reasonable
prices, service value, labour protection and
work safety.
產品質量、交貨時間、價格合理、服務價
值、勞動保護和工作安全。
Site visits, after-sales services
實地考察、售後服務
Employees
僱員
Rights and benefits, employee
compensation, training and development,
work hours, working environment.
權利和福利、僱員報酬、培訓與發展、工
作時間、工作環境。
Conducting union activities, trainings,
interviews for employees, issuing employee
handbooks, internal memos
開展工會活動、培訓、僱員訪談、發佈僱
員手冊、內部備忘錄
Community
社區
Community environment, employment and
community development, social welfare.
社區環境、就業和社區發展、社會福利。
Community activities, employee voluntary
activities and community welfare subsidies
and donations.
社區活動、僱員志願活動和社區福利補貼
和捐贈。
KK文化控股有限公司
二零一七年年報 41
Environmental, Social and Governance Report
環境、社會及管治報告
SECTION A: ENVIRONMENTAL
We seek to make more efficient use of resources to reduce our impact
on the environment and to create a greener, more sustainable world.
By educating employees and advocating green concepts throughout
the entire company, we are able to cut energy use and emission, while
creating a harmonious working environment.
We mainly engage in advertising business, in which, the Company
rarely involve in production process. In this regard, we are proud to
say that the Company will not emit pollutants such as nitrites, sulfites,
and hazardous waste. The major greenhouse emission significantly
depends on electricity and water consumption as well as the use of
directors’ vehicle.
We implement the following measures to alleviate environmental
impact,
Working on lighting is an important step to designing energy efficient
buildings. Our daylight design enables light to penetrate evenly
throughout the office. Not only it helps us to keep the energy level
low, but it also increases employees’ productivity, as well as to bring
positive health benefits.
第A部分：環境
我們力求更有效地利用資源，減少對環境的影響，
創造更加綠色、更可持續的世界。通過對全公司上
下的僱員進行教育和倡導綠色概念，我們能夠減少
能源使用和排放，同時創造和諧的工作環境。
我們主要從事廣告業務，其中，本公司很少涉及生
產過程。在這方面，我們很自豪地說，本公司不會
排放出亞硝酸鹽、亞硫酸鹽和危險廢物等污染物。
主要的溫室氣體排放在很大程度上來自電力和水的
消耗以及董事車輛的使用。
我們實施以下措施來緩解環境影響，
照明工作是設計節能建築的重要一步。我們的日光
設計使光線均勻地穿透整個辦公室。這不僅有助於
我們保持低能耗水平，還可以提高僱員的生產力，
並帶來積極的健康益處。
Natural daylighting
自然採光
KK Culture Holdings Limited
Annual Report 201742
Environmental, Social and Governance Report
環境、社會及管治報告
To meet the stringent sustainability goals, we aim to reduce the
electricity consumption by all means. The centralized air conditioner
controls overall temperature and halt it from getting any lower than
24 Degree Celsius.
為了達到嚴格的可持續發展目標，我們力求通過一
切手段降低用電量。中央空調能夠控制整體溫度，
並防止室溫低於24攝氏度。
HK Made's Electricity Consumption and Emission level
香港製作用電量及排放量
39000
39500
40000
40500
41000
41500
42000
42500
62,000
63,000
64,000
65,000
66,000
67,000
68,000
2016 2017
Electricity Consumption
用電量
Greenhouse gas emission
溫室氣體排放量
95000
96000
97000
98000
99000
100000
101000
102000
103000
120,000
121,000
122,000
123,000
124,000
125,000
126,000
127,000
128,000
129,000
130,000
2016 2017
Recruit’s Electricity Consumption and
Emission level
《才庫》用電量及排放量
Recruit
《才庫》
Recruit
《才庫》
Central air conditioning system to
maintain the room temperature at a
steady rate
中央空調系統保持室溫穩定
Energy-saving Equipment
節能設備
KK文化控股有限公司
二零一七年年報 43
Environmental, Social and Governance Report
環境、社會及管治報告
Contributing to our effort to reduce e-waste and electricity
consumption, we replace appliances with a new one only when they
malfunction. When it comes to purchasing electricity appliances in the
office, we only select the latest eco-friendly electrical equipment or
grade 1 product on energy label.
Hong Kong Made has successfully cut electricity consumption by
% whilst reducing greenhouse gas emission by %. It boils
down to the collective effort by the employees towards environmental
protection.
Building on the success we achieved last year, we will continue to
strive for betterment in the future- we are now aiming to have at least
5% reduction in electricity consumption in 2018.
Recruit managed to curb electricity consumption and greenhouse
gas emission by % The Company is expecting a continuous slump
of electricity consumption in the foreseeable future because of the
gradual accomplishment of environmental policy reform.
We are proud to announce that the aggregated electricity
consumption and greenhouse gas emission of the Company has
declined %.
Water Conservation
• Water plumb checking
To put water conservation into practise, we hire professionals to
conduct regular checking on water plumb to prevent water leakage.
The initiative is perceived to be a great success. Although the water
consumption level experienced a slight increase from cubic
meter to cubic metre, which is a 18% increase, yet we are
confident that the initiative has successfully trained employees’
environmental-friendly mindset.
We did not encounter any major water sourcing problem as our
business activity mainly based in Hong Kong.
為了減少電子垃圾和電力消耗，我們只有在電器發
生故障時才更換新電器。在採購辦公電器時，我們
只選擇最新的環保電氣設備或具有1級能源標籤的
產品。
香港製作已成功減少％的用電量，同時減少
％的溫室氣體排放量。這歸結為僱員對環境保
護的集體努力。
在去年取得的成功基礎上，我們將在未來繼續努力
改善 – 我們現在的目標是在二零一八年減少至少
5％的用電量。
《才庫》成功將用電量和溫室氣體排放量減少
％。由於環境政策改革的逐步完成，本公司預
計在可預見的未來用電量將持續下降。
我們很自豪地宣布，本公司的綜合用電量和溫室氣
體排放量下降了％。
節約用水
• 水錘檢查
為了節約用水，我們聘請專業人士定期對水錘進行
檢查，以防止漏水。這一舉措被認為極富成效。雖
然用水量從立方米略微增加到立方米，
增幅達18％，但我們相信該舉措已經成功培養了
僱員的環保意識。
由於我們的業務活動主要以香港為主，故並未遇到
任何重大的水源問題。
KK Culture Holdings Limited
Annual Report 201744
Environmental, Social and Governance Report
環境、社會及管治報告
Reuse and Recycling Paper
We understand that printing produces a lot of waste paper. To help
reduce waste, we place a bin for scrap paper next to the printer.
Employees can reuse the paper for one-off printing or note taking
instead of throwing the waste paper into recycling bin.
We also encourage employees to expand the margins on documents
so to print fewer pages per document.
When finished with documents or publication, we will send them to
waste collector and for recycling. If the documents contain sensitive
information, we will shred the documents in house to prevent data
leakage.
Fuel
For the convenience of our employees, we have bought a company
car, which is a fuel-efficient vehicle solely operated for business
purpose. Our driver strategically plans the route ahead of the
appointment to sort the nearest way.
紙張重用和回收
我們知道印刷會產生大量的廢紙。為了減少浪費，
我們在打印機旁邊放置了一個廢紙筐。僱員可以重
複使用紙張進行一次性打印或記筆記，而不是將廢
紙扔入回收箱。
我們還鼓勵僱員增大文件的頁邊距，以便減少每份
文件需要打印的頁數。
文件或印刷物用完後，我們會將它們送交廢物收集
公司進行回收。如果文件中包含敏感資料，我們會
事先在內部將文件粉碎以防止數據洩露。
燃油
為了方便我們的僱員出行，我們購買了公司用車，
這是一款專為商業用途而設計的節能汽車。我們的
司機會在預約出行之前事先對路線進行戰略規劃，
以確定最節省的路線。
0 1000 2000 3000 4000 5000 6000 7000 8000
CH4
甲烷
N2O
一氧化二氮
CO2
二氧化碳
Greenhouse Gas Emission
溫室氣體排放量
Double-sided printing
雙面打印
KK文化控股有限公司
二零一七年年報 45
Environmental, Social and Governance Report
環境、社會及管治報告
Waste Management
The waste we produced are mainly the remaining publications of
Recruit and the leftover of pillow case on China Railway High-Speed.
Our waste management approach has evolved over the years because
we aim to generate less waste, or reuse and recycle materials for a
secondary use. In the future, we will continue to implement strategies
to reduce, reuse and recycle the waste generated by our processes.
廢物管理
我們生產的廢物主要是《才庫》的剩餘刊物和中國鐵
路高速的殘餘枕套。我們的廢物管理方法多年來一
直在發展，因為我們旨在減少廢物產生，或者重複
利用和回收二次使用的物料。未來，我們將繼續對
我們流程產生的廢物實施「減廢、重用和回收」戰
略。
SECTION B: SOCIAL
Our Employees
We believe that attracting and hiring the best people is critical to the
ongoing success of our company. It is therefore our top priority to
make sure that our employees work in a safe, fair, healthy and happy
working environment that facilitates their personal growth and career
development. A comprehensive Employee Handbook is shared with
our employees on their welcome day, which states our benefits and
compensation for employees. As of 31 December 2017, we employed
a total of 64 permanent staff. All our staff members are stationed in
Hong Kong. Full-time employees and part-time employees represented
approximately 83% and 17% respectively.
Employee Remuneration and Benefits
Compensation and benefits play a critical role in our ability to attract
retain and motivate our workforce. We offer a wide variety of leave
entitlements for different circumstances such as maternity leave,
paternity leave, study leave, compassionate leave and compensation
leave. Furthermore, our employees are entitled to benefits such as
medical insurance which includes China Medical Insurance, dental
services, annual medical check-up and clinical benefits. Extra benefits
are also offered to all employees in ‘Recruit’. These include but not
limited to meal allowance, travel allowance, door lock allowance and
health bonus.
第B部分：社會
我們的僱員
我們相信吸引和聘用最優秀的人才對於我們公司的
持續成功而言至關重要。因此，我們的首要任務是
確保我們的僱員在一個安全、公平、健康和愉快的
工作環境中工作，以促進他們的個人成長和職業發
展。全面的僱員手冊將在僱員的入職歡迎日與僱員
分享，僱員手冊規定了僱員的福利及薪酬事宜。截
至二零一七年十二月三十一日，我們共僱用了64
名正式職員。我們的所有職員均常駐香港。全職僱
員和兼職僱員分別約佔83％和17％。
僱員薪酬及福利
薪酬及福利在我們吸引、留住和激勵僱員隊伍的能
力方面發揮著至關重要的作用。我們為不同情況提
供各種休假待遇，例如產假、陪產假、進修假、體
恤假和補休假等。此外，我們的僱員有權獲得包括
中國醫療保險在內的醫療保險、牙科服務、年度體
檢和門診福利等。《才庫》的所有僱員還享有額外福
利，包括但不限於膳食津貼、差旅津貼、門鎖津貼
和健康獎金。
0
50000
100000
150000
200000
2016
2017
Pillow Case Disposal
枕套棄置量
KK Culture Holdings Limited
Annual Report 201746
Environmental, Social and Governance Report
環境、社會及管治報告
During the year, we organised recreational activities such as annual
dinner and regular gatherings to promote the work-life balance
culture in our work environment, as well as to enhance harmony
between the employer and the employees.
We have a comprehensive appraisal review system which it allows us
to assess employee performance against company expectations and
identify their development needs. Employee performance appraisal
is carried out annually at the end of each year to keep track on
employee’s career development, attributes and flaws to determine
whether the employee has the leadership qualities required. Those
who perform at a high level consistently will get the chance to be
promoted to a higher managerial level.
Coupled with promotion, we also rewards discretionary bonus and
share option schemes employees for their good performance.
During the year, we have a healthy employee turnover rate of
%. Employees who have served for 3 to 5 years accounted for 17 %
of the total number of employees; employees who have served for 5
to 10 years accounted for 12 % of the total number of employees;
employees who have served for above 10 years accounted for 32 %
of the total number of employees.
Effective talent management practices are of paramount importance
to prevent our workplace from being a ward for bad hires. With
the help of our management team, we aim to drive employee
engagement and retention in the future.
Employee turnover rate
僱員流失率
As at 31 December 2017
截至二零一七年十二月三十一日 %
Remark: Employee turnover rate = No. of separation employees/Total no. of
employees at the start of the year . 2017.
年內，我們舉辦年度晚宴、定期聚會等休閒活動，
促進僱員在工作環境中的工作與生活平衡文化，及
促進僱主與僱員的和諧關係。
我們設有全面的績效考核制度，它使我們能夠根據
公司的預期來對僱員績效進行評估並確定他們的發
展需求。僱員績效考核每年年底進行一次，以跟踪
僱員的職業發展、特質和不足，從而確定僱員是否
具備所需的領導質素。那些一直表現優異的人才將
有機會晉升到更高的管理層級。
除晉升外，我們還提供酌情花紅和購股權計劃以獎
勵僱員的良好表現。
年內，我們的僱員流失率為％，保持健康水
平。服務3年至5年的僱員佔僱員總數的17％；服
務5年至10年的僱員佔僱員總數的12％；服務10
年以上的僱員佔僱員總數的32％。
有效的人才管理實踐對於防止我們的工作場所成為
不良僱用的溫床而言至關重要。在我們管理團隊的
幫助下，我們的目標是在未來提高僱員的敬業度和
留任率。
備註：僱員流失率=離職僱員數量 /本年度即二零一七年
年初僱員總數。
EMPLOYEE STRUCTURE BY YEARS OF SERVICE
按服務年期劃分的僱員架構
Below 1 year 9%
1年以下
Above 1 year to 3 years 17%
1年以上至3年
Above 3 years to 5 years 17%
3年以上至5年
Above 5 years to 10 years 16%
5年以上至10年
Above 10 years 41%
10年以上
KK文化控股有限公司
二零一七年年報 47
Environmental, Social and Governance Report
環境、社會及管治報告
EQUAL EMPLOYMENT OPPORTUNITIES
Being a responsible employer, we ensure that job duties are performed
by suitable candidates, regardless of who they are, and that equal
opportunities are provided to all. Therefore, we pay less focus on a
candidate’s academic qualifications than on their passion and talents
in developing their career. All employees are assessed based on their
abilities and aptitudes, regardless of their sex, nationality, race, marital
status, disability or religious belief, on recruitment, internal transfer
and promotion. We believe that all employees shall have their right to
work in an environment free of discrimination, harassment, vilification
and victimization. We will not tolerate such behaviour under any
circumstances.
As of 31 December, 2017, our male-to-female employee ratio was
nearly 4:6. We had also recruited a diverse age group. Our staff aged
from 18 to 25 years old, 26 to 35 years old, 36 to 45 years old, 46 to
55 years old, 56 to 65 years old, and above 65 years old represented
approximately 3%, 14%, 46%, 22%, 14% and 1% of our total
workforce.
平等就業機會
作為負責任的雇主，我們確保工作職責由合適的候
選人完成，無論他們是什麼出身，並為所有人提供
平等機會。因此，我們不重視應聘者的學歷，而
是關注他們在職業發展方面的熱情和才能。所有僱
員，不論性別、國籍、種族、婚姻狀況、殘疾或宗
教信仰，均根據自己的能力和才能得到評估，包括
招聘、內部調動和晉升。我們相信，所有僱員都有
權在沒有歧視、騷擾、誹謗和迫害的環境中工作。
在任何情況下，我們都不會容忍這種行為。
截至二零一七年十二月三十一日，我們的男女僱員
比例接近4:6。我們所招募的僱員亦呈現出年齡段
上的多元化。年齡段為18歲至25歲、26歲至35
歲、36歲至45歲、46歲至55歲、56歲至65歲和
65歲以上的職員占僱員總數的比例分別約為3%、
14%、46%、22%、14%和1%。
18-25 3%
26-35 14%
36-45 46%
46-55 22%
56-65 14%
above 65 1%
65以上
Male 38%
男性
Female 62%
女性
EMPLOYEE STRUCTURE BY AGE
按年齡劃分的僱員架構
EMPLOYEE STRUCTURE BY GENDER
按性別劃分的僱員架構
KK Culture Holdings Limited
Annual Report 201748
Environmental, Social and Governance Report
環境、社會及管治報告
During the year ended 31 December 2017, there was no
discriminatory act reported or complaint received in relation to equal
opportunity, transfer, promotion, recruitment, termination, severance,
holidays, benefits and training.
Training and Development
We encourage staff to take Continuing Professional Development
(”CPD”) hours courses and work-related courses by providing
education sponsorship and tuition fee reimbursement. As of 31
December 2017, 1 out of 64 employees has attended training for
hours.
Health and Safety
We have a relatively low safety risk profile with the nature of our day-
to-day operations. We are committed to offering a safe and secure
environment for our employees and complying with all relevant
occupational safety rules or ordinance. In this regard, we have put
an injuries claim procedure in place to cover their medical costs.
First aid box and medicines are offered to our employees to aid in
emergencies. We have also continued our efforts in participating in
fire drills for office buildings. During the year ended 31 December
2017, there was no instance of injury or accidents in our offices. In
addition, all employees receive employee compensation insurance
coverage.
於截至二零一七年十二月三十一日止年度內，並無
針對平等機會、調職、晉升、招聘、解僱、遣散、
假期、福利及培訓等方面歧視行為的舉報或投訴。
培訓與發展
我們通過提供教育贊助金和學費報銷來鼓勵僱員參
加持續專業進修（「CPD」）課程及工作相關課程。截
至二零一七年十二月三十一日，64名僱員中有1人
已經接受了小時的培訓。
健康和安全
根據日常運營性質，我們的安全風險相對較低。我
們致力於為僱員提供安全可靠的環境，並遵守所有
相關的職業安全規定或法規。在這方面，我們已
經實施了傷害索賠程序來支付他們的醫療費用。我
們為僱員提供急救箱和藥品以幫助應對緊急情況。
我們還繼續努力參與辦公樓的消防演習。截至二零
一七年十二月三十一日止年度，我們的辦事處並無
發生任何受傷或事故。此外，所有僱員都已辦理僱
員賠償保險。
Human Rights
We adhere to labour legislation and comply with all relevant labour
practices, that forced or child labour are strictly forbidden. No person
below the age of eighteen is employed at our workplace. Aside
from that, our employees enjoy the benefit of paid holidays and
overtime compensation pays, which are in line with the local laws and
regulations. During the year ended 31 December 2017, there was no
breach in legislation related to these areas identified.
人權
我們遵守勞動法例，遵守所有相關的勞動規範，嚴
格禁止強迫勞動或童工。我們的工作場所不得僱用
十八歲以下人士。除此之外，我們的僱員享受帶薪
假和加班費福利，這符合當地的法律法規。截至二
零一七年十二月三十一日止年度，並無違反有關上
述地區的法例。
First aid box and medicines
急救箱和藥品
KK文化控股有限公司
二零一七年年報 49
Environmental, Social and Governance Report
環境、社會及管治報告
Supply Chain Management
We understand that our operations may have an economic and
social impact. In order to promote our sustainability values along
our value chain, we have stepped up efforts to ensure all supply
chain management practices are implemented strictly in compliance
with local laws and regulations. Each of our business units has
its own proper tendering and evaluation procedures to identify
quality suppliers. Other than evaluating their price competitiveness,
the selection of suppliers will also take the supplier’s background,
qualification, management model, the provision of quality service,
financial health status, past experience in similar service, fulfilment of
contract, social and environmental compliance and follow-up services
into consideration. To continuously improve our supplier management
system, we carry out performance evaluation on our suppliers
regularly. Those suppliers who fail to meet our requirements will be
disqualified.
Product Responsibility
We have an extensive quality assurance process which includes the
monitoring of supplier performance and quality control to ensure that
our products are complied with relevant local laws and regulations,
such as Prevention of Child Pornography Ordinance. We place
great value on feedback from customers, especially feedback which
identifies areas for improvements. If we receive complaints, we act
immediately to resolve the issue with effective corrective actions.
In addition, any complaints received are discussed and reviewed by
management during regular meetings to ensure that preventative
actions are implemented to avoid similar issues arising in the future.
During the year ended 31 December 2017, we did not receive any
complaints from our customers.
供應鏈管理
我們了解我們的業務可能會產生經濟和社會影響。
為了促進價值鏈上的可持續發展價值觀，我們加大
力度，確保所有供應鏈管理實踐嚴格按照當地法律
法規執行。我們的每個業務部門都有自己的適當招
標和評估程序來確定優質供應商。除了評估其價格
競爭力外，供應商的選擇還將考慮供應商的背景、
資格、管理模式、提供優質服務、財務健康狀況、
過往類似服務經驗、合同履行、社會和環境合規以
及後續行動等各方面因素。為了不斷完善供應商管
理體系，我們定期對供應商進行績效評估。那些不
符合我們要求的供應商將被取消資格。
產品責任
我們擁有廣泛的質量保證流程，包括監控供應商表
現和質量控制，以確保我們的產品符合相關當地法
律和法規，例如《防止兒童色情條例》。我們非常重
視客戶的反饋，特別是確定有待改進之處的反饋。
如果我們收到投訴，我們會立即採取有效的糾正措
施來解決問題。此外，管理層在定期會議上討論和
審查收到的任何投訴，以確保實施預防措施以避免
將來出現類似問題。截至二零一七年十二月三十一
日止年度，我們並未收到任何客戶投訴。
KK Culture Holdings Limited
Annual Report 201750
Environmental, Social and Governance Report
環境、社會及管治報告
Anti-corruption
We prohibit unscrupulous dealings and acceptance or soliciting
of improper advantages by our employee in connection with our
business, such advantages include loans, fees, rewards, employment,
services or other favours. Employees must follow Employee Handbook
on the offer or acceptance of gifts, money or entertainment. Under
no circumstances are they permitted to use insider information for
their own private gains.
We listen to our employees and respond to their needs. In this respect,
Hong Kong Made provides an online platform for their employees to
report instances they believe to be unethical or unfair. Our employees
are encouraged to report any suspicious cases of corruption through
the online platform to the Executive Directors anonymously. The
identity of whistleblowers are kept confidential. During the year ended
31 December 2017, we did not notice any significant corruption
cases.
Community Investment
We encourage our employees to participate in all kinds of community
services or donations after work. During the year ended 31 December
2017, Hong Kong Made has donated HK$ 500 to The Community
Chest.
Customer Privacy Protection
Each of our Business Units has their Employee Handbook established
to provide a guide to the employees in handling and protecting
customer personal data. The Employee Handbook covers the topics
including the handling of confidential information, security of
confidential information and disclosure of confidential information.
We strive to prevent unauthorised or accidental access, processing,
loss or use of the data of our customers or job seekers. Furthermore,
we remind our employees to adhere to Personal Data (Privacy)
Ordinance and other relevant regulations in order to ensure
customers’ personal data is protected.
Intellectual Property Rights
We respect intellectual property rights and we are committed to
purchasing genuine copyrighted products such as computer software.
Hong Kong Made has been adopting an Employee Handbook which
provides the fundamental guidelines for our employees to ensure they
do not infringe upon any third party intellectual properties such as
trademark and copyrights. Breach of the above by an employee will
lead to disciplinary actions.
反腐敗
我們禁止不誠實的交易，禁止僱員在我們業務過程
中接受或招攬不當優勢，這些優勢包括貸款、收
費、獎勵、就業、服務或其他好處。僱員必須按照
僱員手冊提供或接受禮物、金錢或招待。在任何情
況下，他們都不允許將內幕信息用於私人得利。
我們傾聽僱員的意見並回應他們的需求。在這方
面，香港製作為其僱員提供了一個在線平台，用於
舉報他們認為不道德或不公平的事件。我們鼓勵僱
員通過在線平台向執行董事匿名舉報任何可疑的腐
敗案件。舉報人的身份保密。截至二零一七年十二
月三十一日止年度，我們並未發現任何重大腐敗案
件。
社區投資
我們鼓勵僱員業餘參加各種社區服務或捐贈。截至
二零一七年十二月三十一日止年度，香港製作已向
公益金捐贈港幣500元。
客戶私隱保護
我們每個業務部門都制定了僱員手冊，為僱員處理
和保護客戶個人資料提供指導。僱員手冊涵蓋了處
理機密信息、機密信息安全和機密信息披露等主
題。我們努力防止發生未經授權或意外查閱、處
理、丟失或使用客戶或求職者資料的情況。此外，
我們提醒僱員遵守《個人資料（私隱）條例》及其他
有關規例，以確保客戶的個人資料得到保障。
知識產權
我們尊重知識產權，我們承諾購買正版產品，如計
算機軟件。香港製作一直採用僱員手冊為僱員提供
基本指導，確保他們不會侵犯任何第三方知識產
權，如商標和版權。僱員違反上述規定將導致紀律
處分。
KK文化控股有限公司
二零一七年年報 51
Environmental, Social and Governance Report
環境、社會及管治報告
Copyright violation is an ever-increasing concern for the advertising
industry. Before putting copyrighted image on our product, we ensure
we have already obtained the consent from copyright holder.
KEY PERFORMANCE INDICATORS
PART A. ENVIRONMENTAL
Location of Energy use Year ended Year ended
operations and emissions Unit 31 December 2016 31 December 2017
截至二零一六年 截至二零一七年
運營地點 能源使用及排放 單位 十二月三十一日止年度 十二月三十一日止年度
Hong Kong Made Electricity kWh 66,806 63,860
香港製作 電 千瓦時
KG CO2 42, 40,
千克二氧化碳
Recruit Electricity kWh 129,433 123,363
《才庫》 電 千瓦時
KG CO2 102, 97,457
千克二氧化碳
Hong Kong Made Water Cubic metre
香港製作 水 立方米
KG CO2
千克二氧化碳
Recruit Fuel Litres 3, 2,
《才庫》 燃油 升
CH4 KG CO2
甲烷 千克二氧化碳
N2O KG CO2 1,
一氧化二氮 千克二氧化碳
CO2 KG CO2 7, 5,
二氧化碳 千克二氧化碳
Location of Year ended Year ended
operations Resources Unit 31 December 2016 31 December 2017
截至二零一六年 截至二零一七年
運營地點 資源 單位 十二月三十一日止年度 十二月三十一日止年度
Hong Kong Pillow Case KG 173,680 139,180
香港 枕套 千克
侵犯版權是廣告業日益關注的問題。在將版權圖片
放在我們的產品上之前，我們確保我們已經獲得版
權持有人的同意。
關鍵績效指標
第A部分 環境
KK Culture Holdings Limited
Annual Report 201752
Environmental, Social and Governance Report
環境、社會及管治報告
PART B. SOCIAL
Year ended Year ended
Employment Indicators 31 December 2016 31 December 2017
就業指標 截至二零一六年 截至二零一七年
十二月三十一日止年度 十二月三十一日止年度
Employment 僱傭關係情況
By employment type 按僱傭關係類型劃分
Permanent 正式 55 64
Part-time 兼職 10 13
Total number of employees 僱員總數 65 77
By gender 按性別劃分
Male 男 23 29
Female 女 42 48
By age group 按年齡組別劃分
18 to 25 18歲至25歲 2 2
26 to 35 26歲至35歲 11 11
36 to 45 36歲至45歲 31 35
46 to 55 46歲至55歲 14 17
56 to 65 56歲至65歲 6 11
Over 65 65歲以上 1 1
By region 按地區劃分
Hong Kong 香港 65 77
Employee turnover 僱員流失率
Total number of employee turnover 僱員流失總數 19 9
By gender 按性別劃分
Male 男 9 5
Female 女 10 4
By age group 按年齡組別劃分
18 to 25 18歲至25歲 3 0
26 to 35 26歲至35歲 10 7
36 to 45 36歲至45歲 4 2
46 to 55 46歲至55歲 0 0
56 to 65 56歲至65歲 2 0
Over 65 65歲以上 0 0
By region 按地區劃分
Hong Kong 香港 19 9
第B部分 社會
KK文化控股有限公司
二零一七年年報 53
Environmental, Social and Governance Report
環境、社會及管治報告
Year ended Year ended
Health and Safety Indicators 31 December 2016 31 December 2017
健康和安全指標 截至二零一六年 截至二零一七年
十二月三十一日止年度 十二月三十一日止年度
Number of reported injuries 報告受傷人數 N/A不適用 N/A不適用
Injury rate 受傷率 N/A不適用 N/A不適用
Number of lost days 誤工天數 N/A不適用 N/A不適用
Lost day rate 誤工率 N/A不適用 N/A不適用
Development and Year ended Year ended
Training Indicators 31 December 2016 31 December 2017
發展与培訓指標 截至二零一六年 截至二零一七年
十二月三十一日止年度 十二月三十一日止年度
Total number of hours of internal 僱員接受內部培訓總時數
training received by employees N/A不適用 1
Average hours of training per 每名僱員平均培訓時數，
employee by gender 按性別劃分
Male 男 N/A不適用 0
Female 女 N/A不適用
Average hours of training per 每名僱員平均培訓時數，
employee by employment 按僱傭關係類別劃分
category
Entry level 基層 N/A不適用 0
Middle level 中層 N/A不適用
Management level 管理層 N/A不適用 0
Year ended Year ended
Supply Chain Indicators 31 December 2016 31 December 2017
供應鏈指標 截至二零一六年 截至二零一七年
十二月三十一日止年度 十二月三十一日止年度
Supplier management 供應商管理
Total number of suppliers 供應商總數 9 9
By region 按地區劃分
Hong Kong 香港 7 7
Mainland China 中國大陸 2 2
KK Culture Holdings Limited
Annual Report 201754
Environmental, Social and Governance Report
環境、社會及管治報告
Year ended Year ended
Product Responsibility Indicators 31 December 2016 31 December 2017
產品責任指標 截至二零一六年 截至二零一七年
十二月三十一日止年度 十二月三十一日止年度
Product Responsibility 產品責任
Total number of products ordered 訂購的產品總數 N/A不適用 N/A不適用
Total number of products subject to 出於安全和健康原因而需予
recalls for safety and health reason 召回的產品總數 N/A不適用 N/A不適用
Total number of complaints received 收到的投訴總數 N/A不適用 N/A不適用
Year ended Year ended
Community Indicators 31 December 2016 31 December 2017
社區指標 截至二零一六年 截至二零一七年
十二月三十一日止年度 十二月三十一日止年度
Community investment 社區投資 HK$港元 HK$港元
Corporate charitable donation 企業慈善捐贈 N/A不適用 500
Employee volunteering 僱員志願服務 Headcount總數 Headcount總數
Number of employee volunteer 僱員志願者人數 N/A不適用 N/A不適用
KK文化控股有限公司
二零一七年年報 55
Independent Auditor’s Report
獨立核數師報告
To the members of KK CULTURE HOLDINGS LIMITED
KK文化控股有限公司
(FORMERLY KNOWN AS CINDERELLA MEDIA GROUP LIMITED
先傳媒集團有限公司 )
(incorporated in Cayman Islands and redomiciled to Bermuda with
limited liability)
OPINION
We have audited the consolidated financial statements of KK Culture
Holdings Limited (the “Company”) and its subsidiaries (together
referred to as the “Group”) set out on pages 63 to 176, which
comprise the consolidated statement of financial position as at 31
December 2017, and the consolidated statement of profit or loss and
other comprehensive income, the consolidated statement of changes
in equity and the consolidated statement of cash flows for the year
then ended, and notes to the consolidated financial statements,
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at 31
December 2017, and of its consolidated financial performance and
its consolidated cash flows for the year then ended in accordance
with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by
the Hong Kong Institute of Certified Public Accountants (“HKICPA”)
and have been properly prepared in compliance with the disclosure
requirements of the Hong Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in accordance with Hong Kong Standards on
Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under
those standards are further described in the “Auditor’s Responsibilities
for the Audit of the Consolidated Financial Statements” section of
our report. We are independent of the Group in accordance with
HKICPA’s “Code of Ethics for Professional Accountants” (the “Code”),
and we have fulfilled our other ethical responsibilities in accordance
with the Code. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
852 2218 8288
852 2815 2239
852 2218 8288
852 2815 2239
致KK文化控股有限公司股東
（前稱為先傳媒集團有限公司）
（於開曼群島註冊成立及遷冊至百慕達之有限公司）
意見
本核數師（以下簡稱「我們」）已審計列載於第63至
176頁KK文化控股有限公司（「貴公司」）及其附屬
公司（以下統稱「貴集團」）的綜合財務報表，此綜
合財務報表包括於二零一七年十二月三十一日的綜
合財務狀況表與截至該日止年度的綜合損益及其他
全面收益表、綜合股本變動表和綜合現金流量表，
以及綜合財務報表附註（包括主要會計政策概要）。
我們認為，該等綜合財務報表已根據香港會計師公
會所頒佈的《香港財務報告準則》，真實而公平地反
映 貴集團於二零一七年十二月三十一日的綜合財
務狀況及其截至該日止年度的綜合財務表現及綜合
現金流量，並已遵照香港《公司條例》的披露規定妥
為編製。
意見基礎
我們已根據香港會計師公會所頒佈的《香港審計準
則》進行審計。在這些準則下，我們的責任會在本
報告中「核數師就審計綜合財務報表須承擔的責
任」中進一步詳述。根據香港會計師公會所頒佈的
《專業會計師道德守則》（簡稱「守則」），我們獨立
於 貴集團，並已遵循守則履行其他道德責任。我
們相信，我們所獲得的審計憑證能充足和適當地為
我們的意見提供基礎。
KK Culture Holdings Limited
Annual Report 201756
Independent Auditor’s Report
獨立核數師報告
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the consolidated
financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Goodwill and other intangible assets impairment
assessment
Refer to notes 18 and 19 to the consolidated financial
statements and the Group’s significant accounting policies and
critical accounting estimates and judgements set out in note ,
and 4(iv)
The Group had goodwill of HK$3,211,000 and other intangible assets
of HK$157,913,000 as at 31 December 2017. Goodwill is assessed for
impairment annually. Furthermore, other intangibles assets are tested
for impairment where an indicator of impairment arises.
Management has performed impairment assessment of these assets in
accordance with the Group’s accounting policies. The Group engaged
an independent professional valuer to assess the recoverable amounts
of cash-generating unit (“CGU”). Based on value-in-use calculation,
the recoverable amount of the CGU exceeded its carrying amount,
hence no impairment loss was recognised. The determination of
the value-in-use of the CGU involved significant assumptions and
judgements made by management concerning the estimated future
cash flows and other key inputs.
We have identified impairment assessment of goodwill and other
intangible assets as a key audit matter because of its significance to
the consolidated financial statements and because the value-in-use
calculations involve significant management judgement with respect
to the discount rate and the underlying cash flows, in particular future
revenue growth.
關鍵審計事項
關鍵審計事項是根據我們的專業判斷，認為對本期
綜合財務報表的審計最為重要的事項。該等事項是
在我們審計整體綜合財務報表及出具意見時進行處
理。我們不會對該等事項提供單獨意見。
評估商譽和其他無形資產的減值
請參閱綜合財務報表附註18和19，以及附註、
所載 貴集團的主要會計政策和附註4(iv)所
載 貴集團的重要會計估計及判斷
於二零一七年十二月三十一日，本集團有商譽
3,211,000港元及其他無形資產157,913,000港元。
商譽每年會作減值評估。此外，在出現減值跡象
時，會就其他無形資產進行減值測試。
管理層已根據 貴集團會計政策對該等資產進行減
值評估。 貴集團已委聘獨立專業估值師評估現金
產生單位（現金產生單位）之可收回金額。根據使
用價值計算，現金產生單位可收回金額高於其賬面
值，故此並無確認減值虧損。就判斷現金產生單位
的使用價值時，管理層估計未來現金流及其他主要
輸入數據作出了重大假設及判斷。
我們將商譽和其他無形資產的減值評估列為關鍵審
計事項，這是因為此事對綜合財務報表的重要性，
以及使用價值計算法在貼現率和相關現金流量方
面涉及重大管理層判斷，尤其是在未來收益增長方
面。
KK文化控股有限公司
二零一七年年報 57
Independent Auditor’s Report
獨立核數師報告
KEY AUDIT MATTERS (Continued)
Our response:
Our procedures in relation to management’s impairment assessment
of goodwill and other intangible assets included:
– Assessing the valuation methodology;
– Challenging the reasonableness of key assumptions based on
our knowledge of the business and industry;
– Reconciling input data to supporting evidence and considering
the reasonableness of these input data;
– Evaluating the independent valuer’s competence, capabilities
and objectivity;
– Conducting in-depth discussions with management and the
independent valuer about the cash flow projections used in
the value-in-use calculations and assessing the appropriateness
of the significant assumptions and critical judgement areas
which affect the value-in-use calculations;
– Benchmarking the growth rates and discount rates used in the
value-in-use calculations against independent industry data
and comparable companies; and
– Performing sensitivity analyses including assessing the effect of
a change in the key assumptions to the recoverable amounts
of the CGUs.
關鍵審計事項（續）
我們的回應：
我們就管理層對商譽和其他無形資產的減值評估所
進行的程序包括：
– 評估估值方法；
– 按我們對業務及行業的認識，質疑主要假
設是否合理；
– 將輸入數據對賬，以提供憑證及考慮該等
輸入數據是否合理；
– 評價獨立估值師的能力、身份和客觀程度；
– 就計算使用價值所用的現金流量估計以及
影響計算使用價值的重大假設及主要判斷
範疇的適當性與管理層及獨立估值師進行
深入討論；
– 將計算使用價值所用的增長率與貼現率與
獨立行業數據及同類公司比較；及
– 進行敏感度分析，包括評估主要假設的變
動對現金產生單位可收回金額的影響。
KK Culture Holdings Limited
Annual Report 201758
Independent Auditor’s Report
獨立核數師報告
KEY AUDIT MATTERS (Continued)
Impairment of trade receivables
Refer to note 22 to the consolidated financial statements
and the Group’s significant accounting policies and critical
accounting estimates and judgements set out in note and
4(i)
The Group had trade receivables of HK$31,238,000 as at 31
December 2017. There is a risk that the carrying value of trade
receivables is not recoverable. Management’s impairment assessment
was based on evaluation of collectability, including ageing analysis
of, each debtor, which required exercise of management’s judgment
on the current creditworthiness, and the past collection history, of
each customer. Management made provision for impairment of trade
receivables amounting to HK$4,718,000 as at 31 December 2017.
We have identified impairment assessment of trade receivables as
a key audit matter because of its significance to the consolidated
financial statements and because the assessment involve significant
management judgement.
Our response:
Our procedures in relation to management’s impairment assessment
of trade receivables included:
– Reviewing debtors ageing report, which is used by
management in the assessment of long overdue debts;
– Reviewing debtors repayment history;
– Checking, on a sample basis, settlements during the year and
subsequent settlements of debtors after the year end to the
relevant supporting documents; and
– Reviewing management’s assessment of receivables which are
past due but not impaired.
關鍵審計事項（續）
貿易應收款項的減值
請參閱綜合財務報表附註22，以及附註所
載 貴集團的主要會計政策和附註4(i) 所載 貴集
團的重要會計估計及判斷
貴集團於二零一七年十二月三十一日有貿易應收款
項31,238,000港元。貿易應收款項賬面值存在未
能收回的風險。管理層的減值評估乃就各債務人可
收回能力的評估（包括賬齡分析）作為基礎，管理
層就各客戶現時信用程度以及以往還款歷史的作出
評估。於二零一七年十二月三十一日，管理層作出
貿易應收款項減值撥備為4,718,000港元。
我們將貿易應收款項的減值評估列為關鍵審計事
項，這是因為此事對綜合財務報表的重要性，以及
評估涉及重大管理層判斷。
我們的回應：
我們就管理層對貿易應收款項的減值評估所進行的
程序包括：
– 覆核債務人賬齡報告（乃管理層用來評估長
期欠付債務者）；
– 覆核債務人的還款歷史；
– 抽樣以相關證明文件核查債務人的年內還
款及年後還款；及
– 覆核管理層就過期不減值應收款項的評估。
KK文化控股有限公司
二零一七年年報 59
Independent Auditor’s Report
獨立核數師報告
OTHER INFORMATION IN THE ANNUAL REPORT
The directors are responsible for the other information. The other
information comprises the information included in the Group’s annual
report but does not include the consolidated financial statements and
our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover
the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the consolidated financial statements,
our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated. If, based
on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that
fact. We have nothing to report in this regard.
DIRECTORS’ RESPONSIBIL IT IES FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors are responsible for the preparation of the consolidated
financial statements that give a true and fair view in accordance with
HKFRSs issued by the HKICPA and the disclosure requirements of
the Hong Kong Companies Ordinance, and for such internal control
as the directors determine is necessary to enable the preparation
of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are
responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
The directors are also responsible for overseeing the Group’s financial
reporting process. The Audit Committee assists the directors in
discharging their responsibilities in this regard.
年報內的其他資料
董事須對其他資料承擔責任。其他資料包括 貴集
團年報中所包含的資料，但不包括綜合財務報表及
我們就此發出的核數師報告。
我們對綜合財務報表作出的意見並未涵蓋其他資
料，我們亦不就其他資料發表任何形式的核證結
論。
就審計綜合財務報表而言，我們的責任是閱讀其他
資料，從而考慮其他資料是否與綜合財務報表或我
們在審計過程中獲悉的資料存在重大不符，或似
乎存在重大錯誤陳述。倘若我們基於已完成的工作
認為其他資料出現重大錯誤陳述，我們須報告該事
實。我們就此並無任何事項須報告。
董事就綜合財務報表須承擔的責任
董事須負責根據香港會計師公會頒佈的《香港財務
報告準則》以及香港《公司條例》的披露規定，編製
真實而公平的綜合財務報表，以及維持董事認為編
製綜合財務報表所必需的有關內部監控，以確保有
關綜合財務報表不存在由於欺詐或錯誤而導致的重
大錯誤陳述。
在編製綜合財務報表時，董事須負責評估 貴集團
持續經營的能力，並披露與持續經營有關的事項
（如適用）。除非董事有意將 貴集團清盤或停止營
運，或除此之外並無其他實際可行的辦法，否則董
事須採用以持續經營為基礎的會計法。
貴公司董事亦負責監督貴集團的財務報告過程。審
核委員會協助董事履行彼等之職責。
KK Culture Holdings Limited
Annual Report 201760
Independent Auditor’s Report
獨立核數師報告
AUDITOR’S RESPONSIB IL IT IES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. This report is made solely to you, as
a body, in accordance with Section 90 of the Bermuda Act 1981, and
for no other purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of this report.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with HKSAs will
always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these
consolidated financial statements.
As part of an audit in accordance with HKSAs, we exercise
professional judgement and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures made by the directors.
核數師就審計綜合財務報表須承擔的
責任
我們的目標是合理確定整體上綜合財務報表是否不
存在由於欺詐或錯誤而導致的重大錯誤陳述，並發
出包含我們意見的核數師報告。我們根據百慕達
1981年公司法第90條僅向 閣下作為整體報告，
除此之外，本報告別無其他目的。我們不會就本報
告的內容向任何其他人士負上或承擔任何責任。
合理確定屬高層次的核證，但不能擔保根據香港審
計準則進行的審計在某一重大錯誤陳述存在時總能
發現。重大錯誤陳述可源於欺詐或錯誤，倘個別或
整體在合理預期情況下可影響使用者根據綜合財務
報表作出的經濟決定時，被視為重大錯誤陳述。
我們根據香港審計準則進行審計的工作，運用專業
判斷，在整個審計過程中保持職業懷疑態度。我們
亦：
• 識別及評估綜合財務報表由於欺詐或錯誤
而導致的重大錯誤陳述風險，因應這些風
險設計及執行審計程序，獲得充足及適當
的審計憑證為我們的意見提供基礎。由於
欺詐涉及合謀串通、偽造、故意遺漏、誤
導性陳述或凌駕內部監控，因此未能發現
由此造成的重大錯誤陳述風險比未能發現
由於錯誤而導致的重大錯誤陳述風險更高。
• 了解與審計有關的內部監控，以設計恰當
的審計程序，但並非旨在對貴集團的內部
監控的有效性發表意見。
• 評估所用會計政策是否恰當，以及董事所
作出的會計估算和相關披露是否合理。
KK文化控股有限公司
二零一七年年報 61
Independent Auditor’s Report
獨立核數師報告
AUDITOR’S RESPONSIB IL IT IES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (Continued)
• Conclude on the appropriateness of the directors’ use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures
in the consolidated financial statements or, if such disclosures
are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may
cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the
consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the Audit Committee regarding, among other
matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have
complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
核數師就審計綜合財務報表須承擔的
責任（續）
• 總結董事採用以持續經營為基礎的會計法
是否恰當，並根據已獲取的審計憑證，總
結是否有對 貴集團持續經營的能力構成
重大疑問的事件或情況等重大不確定因
素。倘若我們總結認為有重大不確定因
素，我們需要在核數師報告中提請注意綜
合財務報表內的相關資料披露，或如果相
關披露不足，則修訂我們的意見。我們的
結論是基於截至核數師報告日期所獲得的
審計憑證。然而，未來事件或情況可能導
致 貴集團不再具有持續經營的能力。
• 評估綜合財務報表的整體列報、架構和內
容，包括披露資料，以及綜合財務報表是
否已公平地反映及列報相關交易及事項。
• 就 貴集團內各實體或業務活動的財務資
料獲得充足的審計憑證，以就綜合財務報
表發表意見。我們須負責指導、監督和執
行貴集團的審計工作。我們須為我們的審
計意見承擔全部責任。
我們就審計工作的計劃範圍和時間、在審計過程中
的主要發現，包括內部監控的重大缺失及其他事項
與審核委員會進行溝通。
我們亦向審核委員會作出聲明，確認我們已遵守有
關獨立性的道德要求，並就所有被合理認為可能影
響核數師獨立性的關係和其他事宜以及適用的相關
保障措施，與審核委員會進行溝通。
KK Culture Holdings Limited
Annual Report 201762
Independent Auditor’s Report
獨立核數師報告
AUDITOR’S RESPONSIB IL IT IES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (Continued)
From the matters communicated with the Audit Committee, we
determine those matters that were of most significance in the audit
of the consolidated financial statements of the current period and
are therefore the key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
communication.
BDO Limited
Certified Public Accountants
Au Yiu Kwan
Practising Certificate Number P05018
Hong Kong, 26 March 2018
核數師就審計綜合財務報表須承擔的
責任（續）
我們通過與審核委員會溝通，確定本期綜合財務報
表審計工作的最重要事項，即關鍵審計事項。除非
法律或法規不容許公開披露此等事項或在極罕有的
情況下，我們認為披露此等事項可合理預期的不良
後果將超過公眾知悉此等事項的利益而不應在報告
中予以披露，否則我們會在核數師報告中描述此等
事項。
香港立信德豪會計師事務所有限公司
執業會計師
歐耀均
香港執業證書號碼P05018
香港，二零一八年三月二十六日
KK文化控股有限公司
二零一七年年報 63
Consolidated Statement of Profit or Loss and Other Comprehensive Income
綜合損益及其他全面收益表
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
Turnover 營業額 5 98,534 96,527
Direct operating costs 直接經營成本 (17,350) (18,396)
Gross profit 毛利 81,184 78,131
Other income 其他收入 7 6,336 380
Selling and distribution costs 銷售及發行成本 (17,224) (16,540)
Administrative and other operating 行政及其他經營費用
expenses (143,559) (77,578)
Other expenses 其他費用 (6,049) (4)
Finance costs 財務費用 8 (2,213) (602)
Loss before income tax 除所得稅前虧損 9 (81,525) (16,213)
Income tax credit 所得稅抵免 12 6,051 1,978
Loss for the year 本年度虧損 (75,474) (14,235)
Other comprehensive income 其他全面收益
Items that may be reclassified 可能於其後重新分類至
subsequently to profit or loss: 損益之項目：
Exchange loss on translation of financial 換算海外業務財務報表產生之
statements of foreign operations 匯兌虧損 – (590)
Release of exchange reserve upon 於出售一間附屬公司時
disposal of a subsidiary 撥回匯兌儲備 940 –
Fair value gain on available-for-sale 可供出售財務資產之
financial assets 公平價值收益 978 5,756
Other comprehensive income for 本年度其他全面收益，
the year, net of tax 扣除稅項 1,918 5,166
Total comprehensive income 本年度全面收益總額
for the year (73,556) (9,069)
KK Culture Holdings Limited
Annual Report 201764
Consolidated Statement of Profit or Loss and Other Comprehensive Income
綜合損益及其他全面收益表
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
Loss for the year attributable to: 以下人士應佔本年度虧損：
Equity shareholders of the Company 本公司權益股東 (57,834) (12,115)
Non-controlling interests 非控股權益 (17,640) (2,120)
(75,474) (14,235)
Total comprehensive income 以下人士應佔全面收益總額：
attributable to:
Equity shareholders of the Company 本公司權益股東 (55,916) (6,949)
Non-controlling interests 非控股權益 (17,640) (2,120)
(73,556) (9,069)
Loss per share 每股虧損 14
Basic and diluted 基本及攤薄 ( cents港仙 ) ( cents港仙 )
KK文化控股有限公司
二零一七年年報 65
Consolidated Statement of Financial Position
綜合財務狀況表
As at 31 December 2017
於二零一七年十二月三十一日
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
ASSETS AND LIABILITIES 資產與負債
Non-current assets 非流動資產
Property, plant and equipment 物業、廠房及設備 15 1,514 3,734
Prepaid land lease payments 預付土地租金 16 – 4,752
Investment properties 投資物業 17 27,066 27,946
Goodwill 商譽 18 3,211 3,211
Other intangible assets 其他無形資產 19 157,913 153,862
Available-for-sale financial assets 可供出售財務資產 20 17,369 44,979
Loan receivables 應收貸款 21 4,000 –
Deposit for acquisition of property, 收購物業、廠房及設備之押金
plant and equipment 3,988 –
215,061 238,484
Current assets 流動資產
Trade and other receivables 貿易及其他應收款項及押金
and deposits 22 52,661 41,382
Tax recoverable 可收回稅項 32 332
Cash and cash equivalents 現金及現金等值項目 23 28,472 83,373
81,165 125,087
Non-current assets classified 列為持有待售的非流動資產
as held for sales 28,588 –
109,753 125,087
Current liabilities 流動負債
Other payables and accruals 其他應付款項及應計開支 12,413 8,996
Amount due to non-controlling 應付一間附屬公司之
interests of a subsidiary 非控股權益之款項 24 6,750 6,750
Amount due to a shareholder 應付一名股東款項 24 – 13,950
Bank borrowings, secured 銀行借貸，有抵押 25 5,896 –
Current portion of license right 應付特許權費之流動部份
fees payables 26 66,935 31,730
Provision for taxation 稅項撥備 1,519 –
93,513 61,426
Net current assets 流動資產淨值 16,240 63,661
Total assets less current liabilities 總資產減流動負債 231,301 302,145
KK Culture Holdings Limited
Annual Report 201766
Consolidated Statement of Financial Position
綜合財務狀況表
As at 31 December 2017
於二零一七年十二月三十一日
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
Non-current liabilities 非流動負債
Non-current portion of license 應付特許權費之非流動部份
right fees payables 26 41,706 76,570
Loans from a shareholder 一名股東提供之貸款 27 40,312 –
Deferred tax liabilities 遞延稅項負債 28 – 7,869
82,018 84,439
Net assets 資產淨值 149,283 217,706
EQUITY 權益
Share capital 股本 29 74,523 74,007
Reserves 儲備 76,660 127,959
Equity attributable to equity 本公司權益股東應佔之權益
shareholders of the Company 151,183 201,966
Non-controlling interests 非控股權益 (1,900) 15,740
Total equity 權益總額 149,283 217,706
On behalf of the directors
Liu Gary Wei Tsang Hing Bun
劉維 曾慶贇
Director Director
董事 董事
代表董事
KK文化控股有限公司
二零一七年年報 67
Consolidated Statement of Changes in Equity
綜合股本變動表
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
Non-
controlling
Attributable to equity shareholders of the Company interests Total equity
本公司權益股東應佔權益 非控股權益 權益總額
Employee Investment
Share Share compensation revaluation Exchange Merger Contributed Retained
capital premium reserve reserve reserve reserve surplus earnings Total
僱員 投資
股本 股份溢價 賠償儲備 重估儲備 匯兌儲備 合併儲備 繳入盈餘 保留溢利 合計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Balance at 1 January 2016 於二零一六年一月一日之結餘 66,757 547 – – (350) (43,897) 95,402 12,249 130,708 – 130,708
Issue of shares upon placing (Note 29) 因配售發行股份（附註29） 7,000 64,750 – – – – – – 71,750 – 71,750
Share issue expenses 發行股份費用 – (717) – – – – – – (717) – (717)
Share option granted 購股權授出 – – 4,687 – – – – – 4,687 – 4,687
Exercise of share option 行使購股權 250 3,117 (880) – – – – – 2,487 – 2,487
Acquisition of a subsidiary (Note 35) 收購一間附屬公司（附註35） – – – – – – – – – 17,860 17,860
Transactions with equity shareholders 與權益股東交易 7,250 67,150 3,807 – – – – – 78,207 17,860 96,067
Loss for the year 本年度虧損 – – – – – – – (12,115) (12,115) (2,120) (14,235)
Other comprehensive income 其他全面收益
Currency translation 貨幣換算 – – – – (590) – – – (590) – (590)
Fair value gain on available-for-sale 可供出售財務資產之
financial assets 公平價值收益 – – – 5,756 – – – – 5,756 – 5,756
Total comprehensive income 本年度全面收益總額
for the year – – – 5,756 (590) – – (12,115) (6,949) (2,120) (9,069)
Balance at 31 December 2016 於二零一六年十二月三十一日之結餘 74,007 67,697 3,807 5,756 (940) (43,897) 95,402 134 201,966 15,740 217,706
KK Culture Holdings Limited
Annual Report 201768
Consolidated Statement of Changes in Equity
綜合股本變動表
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
Non-
controlling
Attributable to equity shareholders of the Company interests Total equity
本公司權益股東應佔權益 非控股權益 權益總額
Retained
Employee Investment earnings/
Share Share compensation revaluation Exchange Merger Contributed accumulated
capital premium reserve reserve reserve reserve surplus losses Total
僱員 投資 保留溢利╱
股本 股份溢價 賠償儲備 重估儲備 匯兌儲備 合併儲備 繳入盈餘 累計虧損 合計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
Balance at 1 January 2017 於二零一七年一月一日之結餘 74,007 67,697 3,807 5,756 (940) (43,897) 95,402 134 201,966 15,740 217,706
Exercise of share option 行使購股權 516 6,433 (1,816) – – – – – 5,133 – 5,133
Transactions with equity shareholders 與權益股東交易 516 6,433 (1,816) – – – – – 5,133 – 5,133
Loss for the year 本年度虧損 – – – – – – – (57,834) (57,834) (17,640) (75,474)
Other comprehensive income 其他全面收益
Release of exchange reserve 因出售附屬公司而轉撥匯兌儲備
upon disposal of a subsidiary （附註36）
(Note 36) – – – – 940 – – – 940 – 940
Fair value gain on available-for-sale 可供出售財務資產之公平價值收益
financial assets – – – 978 – – – – 978 – 978
Total comprehensive income 本年度全面收益總額
for the year – – – 978 940 – – (57,834) (55,916) (17,640) (73,556)
Balance at 31 December 2017 於二零一七年十二月三十一日之結餘 74,523 74,130 1,991 6,734 – (43,897) 95,402 (57,700) 151,183 (1,900) 149,283
Merger reserve of the Group arose as a result of the Group’s
reorganisation in 2000 and represents the difference between the
nominal amount of the share capital issued by the Company and the
nominal amount of the issued share capital of Recruit (BVI) Limited.
Contributed surplus of the Group arose as a result of the reduction in
share capital in accordance with the Group’s capital reorganisation in
2003.
本集團之合併儲備因二零零零年集團重組產生，指
本公司所發行股本之面值與Recruit (BVI) Limited已
發行股本面值兩者之差額。本集團之繳入盈餘乃因
根據本集團於二零零三年進行股本重組之削減股本
產生。
KK文化控股有限公司
二零一七年年報 69
Consolidated Statement of Cash Flows
綜合現金流量表
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
Cash flows from operating activities 經營業務之現金流量
Loss before income tax 除所得稅前虧損 (81,525) (16,213)
Adjustments for: 調整：
Amortisation of prepaid land 預付土地租金攤銷
lease payments 101 136
Amortisation of other intangible 其他無形資產攤銷
assets 90,436 41,037
Depreciation of property, 物業、廠房及設備之折舊
plant and equipment 591 818
Depreciation of investment properties 投資物業之折舊 880 880
Dividend income from listed equity 上市股本證券之股息收入
securities – (174)
Equity-settled share-based payment 以股本結算之股份付款開支
expenses – 4,687
Gain on disposals of property, 出售物業、廠房及設備之收益
plant and equipment (409) –
Gain on disposals of prepaid land 出售預付土地租金之收益
lease payments (723) –
Loss on disposals of a subsidiary 出售一間附屬公司之虧損 36 1,331 –
Impairment of trade receivables 貿易應收款項減值 22 4,718 4
Interest expenses 利息開支 2,213 602
Impairment of trade receivables 撥回貿易應收款項減值
written back 22 (4) (54)
Interest income 利息收入 (1,483) (3)
Operating profit before working 營運資金變動前之經營溢利
capital changes 16,126 31,720
Increase in trade and other receivables 貿易及其他應收款項及
and deposits 押金增加 (16,307) (28,783)
Increase/(Decrease) in other payables 其他應付款項及應計開支
and accruals 增加╱（減少） 3,417 (13,405)
Increase in amount due to 應付一間附屬公司之非控股權益
non-controlling interests 之款項增加
of a subsidiary – 6,750
(Decrease)/Increase in amount due to 應付一名股東款項（減少）╱增加
a shareholder (13,950) 20,550
Cash (used in)/generated from 經營業務（所用）╱所得現金
operations (10,714) 16,832
Income taxes paid 已付所得稅 – (2,617)
Net cash (used in)/from operating 經營業務（所用）╱所得現金淨額
activities (10,714) 14,215
KK Culture Holdings Limited
Annual Report 201770
Consolidated Statement of Cash Flows
綜合現金流量表
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
Cash flows from investing activities 投資業務之現金流量
Dividend income from listed equity 已收上市股本證券之股息收入
securities received – 174
Interest received 已收利息 224 3
Increase in deposits for acquisition of 收購物業、廠房及設備
property, plant and equipment 之押金增加 (3,988) –
Payment for license rights 特許權之付款 (96,247) (19,573)
Proceeds from disposals of property, 出售物業、廠房及設備之
plant and equipment 所得款項 2,755 –
Proceeds from disposals of prepaid land 出售預付土地租金之所得款項
lease payments 5,374 –
Purchase of available-for-sale 購買可供出售財務資產
financial assets – (39,223)
Loan to third party 向第三方提供之貸款 (4,000) –
Additions of property, 添置物業、廠房及設備
plant and equipment (717) (3)
Acquisition of a subsidiary 收購一間附屬公司 35 – (36,598)
Net cash outflow in respect of 出售一間附屬公司之現金流出 36
disposals of a subsidiary 淨額 (76) –
Net cash used in investing activities 投資業務之現金流出淨額 (96,675) (95,220)
Cash flows from financing activities 融資業務之現金流量
Proceeds from bank borrowings 銀行借貸之所得款項 6,100 –
Repayments of bank borrowings 償還銀行借貸 (204) –
Interest on bank borrowings paid 已付銀行借貸利息 (112) –
Increase in loans from a shareholder 一名股東提供之貸款增加 41,571 –
Proceeds from shares issued on 因行使購股權而發行股份之
exercise of share options 所得款項 5,133 2,487
Proceeds from issue of shares 發行股份所得款項 – 71,750
Share issue expenses paid 已付發行股份費用 – (717)
Net cash generated from financing 融資業務之現金流入淨額
activities 52,488 73,520
Net decrease in cash and 現金及現金等值項目減少淨額
cash equivalents (54,901) (7,485)
Cash and cash equivalents 於一月一日之現金及
at 1 January 現金等值項目 83,373 90,858
Cash and cash equivalents 於十二月三十一日之現金及
at 31 December 現金等值項目 28,472 83,373
KK文化控股有限公司
二零一七年年報 71
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
1. GENERAL INFORMATION
KK Culture Holdings Limited (formerly known as Cinderella
Media Group Limited) (the “Company”) was incorporated in
the Cayman Islands as an exempted company on 13 March
2000 and redomiciled to Bermuda by way of de-registration
in the Cayman Islands and continuation as an exempted
company under the laws of Bermuda, with limited liability on
29 January 2003. The address of the Company’s registered
office is Clarendon House, 2 Church Street, Hamilton HM 11,
Bermuda and its principal place of business is 26/F, 625 King’s
Road, North Point, Hong Kong. The Company’s shares are
listed on the Main Board of The Stock Exchange of Hong Kong
Limited (the “SEHK”).
Pursuant to the special resolution by the shareholders passed
on 2 June 2017, the Certificate of Incorporation of Change of
Name was issued by the Registrar of Companies in Bermuda
on 6 July 2017. Hence, the English name of the Company has
been changed from “Cinderella Media Group Limited” to “KK
Culture Holdings Limited” and the Chinese name “先傳媒集
團有限公司” has been adopted in place of “KK文化控股有限
公司” with effect from 31 August 2017.
The Company acts as an investment holding company and
provides corporate management services. Details of the
activities of its principal subsidiaries are set out in Note 34 to
the financial statements. The Company and its subsidiaries are
collectively referred to as the “Group” hereafter.
The financial statements for the year ended 31 December
2017 were approved for issue by the board of directors of the
Company (the “Directors”) on 26 March 2018.
1. 一般資料
KK文化控股有限公司（前稱為先傳媒集團有
限公司）（「本公司」）於二零零零年三月十三
日在開曼群島註冊成立為獲豁免公司，後
來於二零零三年一月二十九日撤銷於開曼
群島之註冊而遷冊至百慕達，並按照百慕
達法例持續經營為獲豁免有限責任公司。
本公司註冊辦事處之地址位於Clarendon
House, 2 Church Street, Hamilton HM 11,
Bermuda 及其主要營業地點位於香港北角
英皇道625號26樓。本公司之股份於香港
聯合交易所有限公司（「聯交所」）主板上市。
根據股東於二零一七年六月二日通過之特
別決議案，百慕達公司註冊處處長於二零
一七年七月六日發出更改名稱註冊證書。
因此，本公司之英文名稱已由「Cinderella
Media Group Limited」更改為「KK Culture
Holdings Limited」，並採納中文名稱「KK文
化控股有限公司」取代採納之「先傳媒集團
有限公司」，自二零一七年八月三十一日起
生效。
本公司乃投資控股公司，提供企業管理服
務。各主要附屬公司之業務詳情載於財務
報表附註34。本公司連同其附屬公司以下
統稱為「本集團」。
截至二零一七年十二月三十一日止年度之
財務報表已於二零一八年三月二十六日獲
本公司董事會（「董事」）批准刊發。
KK Culture Holdings Limited
Annual Report 201772
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Basis of preparation and going concern
assumption
The financial statements on pages 63 to 176 have
been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRSs”) which collective term
includes all applicable individual Hong Kong Financial
Reporting Standards, Hong Kong Accounting Standards
and Interpretations issued by the Hong Kong Institute
of Certified Public Accountants (the “HKICPA”) and the
disclosure requirements of the Hong Kong Companies
Ordinance. The financial statements also include the
applicable disclosures required by the Rules Governing
the Listing of Securities on the SEHK.
The significant accounting policies that have been
used in the preparation of these financial statements
are summarised below. These policies have been
consistently applied to all the years presented unless
otherwise stated. The adoption of new or amended
HKFRSs and the impacts on the Group’s financial
statements, if any, are disclosed in Note 3.
The financial statements have been prepared under
historical cost convention except for available-for-
sale financial assets, which are stated at fair values.
The measurement bases are fully described in the
accounting policies below.
2. 主要會計政策概要
編製基準及持續經營假設
第63至176頁之財務報表乃根據香
港會計師公會（「香港會計師公會」）
所頒佈香港財務報告準則（「香港財
務報告準則」，包括所有適用之個別
香港財務報告準則、香港會計準則
及詮釋）以及香港公司條例之披露規
定編製。財務報表亦包括聯交所證
券上市規則之適用披露規定。
編製該等財務報表所採用之主要會
計政策概述如下。除非另有說明，
否則有關政策於所有年度貫徹採
用。採納新訂或經修訂香港財務報
告準則以及對本集團財務報表之影
響（如有）於附註3披露。
財務報表乃按照歷史成本慣例編
製，惟可供出售財務資產按公平價
值計量。計量基準於下文之會計政
策詳述。
KK文化控股有限公司
二零一七年年報 73
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Basis of preparation and going concern
assumption (Continued)
During the year, the Group has incurred a loss of
HK$75,474,000 (2016: HK$14,235,000). Management
has prepared a cash flow forecast for the next twelve
months and it has indicated that the Group will have
sufficient financial resources to meets able to meet
its financial obligations as and when they fall due.
Management also has a plan to dispose of certain
available-for-sale financial assets held, in order to
maintain the Group as a going concern. Accordingly,
the financial statements have been prepared on a
going concern basis.
It should be noted that accounting estimates and
assumptions are used in the preparation of the financial
statements. Although these estimates are based on
management’s best knowledge and judgement of
current events and actions, actual results may ultimately
differ from those estimates. The areas involving a
higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the
financial statements, are disclosed in Note 4.
2. 主要會計政策概要（續）
編製基準及持續經營假設（續）
年內，本集團錄得虧損75,474,000
港元（二零一六年：14,235,000港
元）。管理層已就未來十二個月編製
現金流預測，其顯示本集團將有足
夠財務資源於其財務責任到期時應
付其責任。管理層亦有計劃出售若
干可供出售財務資產，以維持本集
團持續經營。因此，財務報表已按
持續經營基準編製。
務請注意，編製財務報表時已使用
會計估計及假設。儘管該等估計乃
基於管理層對現時事件及行動所掌
握之一切資料而按最佳判斷作出，
實際結果最終或會有別於該等估
計。涉及高度判斷或極為複雜之範
疇，或假設及估計對財務報表為重
要之範疇，乃於附註4披露。
KK Culture Holdings Limited
Annual Report 201774
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
B u s i n e s s c o m b i n a t i o n a n d b a s i s o f
consolidation
The consolidated financial statements comprise
the financial statements of the Company and its
subsidiaries. Inter-company transactions and balances
between group companies together with unrealised
profits are el iminated in ful l in preparing the
consolidated financial statements. Unrealised losses are
also eliminated unless the transaction provides evidence
of impairment on the asset transferred, in which case
the loss is recognised in profit or loss.
The results of subsidiaries acquired or disposed of
during the year are included in the consolidated
statement of profit or loss and other comprehensive
income from the effective dates of acquisition or up to
the effective dates of disposal, as appropriate. Where
necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting
policies into line with those used by other members of
the Group.
2. 主要會計政策概要（續）
業務合併及綜合賬目基準
綜合財務報表包括本公司及其附屬
公司之財務報表。集團內公司間交
易、結餘及未變現溢利於編製綜合
財務報表時全數對銷。未變現虧損
亦予以對銷，除非有證據顯示所轉
移之資產出現減值，則有關虧損會
於損益中確認。
年內所收購或出售之附屬公司之業
績乃由收購生效日期起或直至出售
生效日期止（如適用）計入綜合損益
及其他全面收益表。如有需要，會
對附屬公司之財務報表作出調整，
以使其會計政策與本集團其他成員
公司所採用者一致。
KK文化控股有限公司
二零一七年年報 75
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
B u s i n e s s c o m b i n a t i o n a n d b a s i s o f
consolidation (Continued)
Acquisition of subsidiaries or businesses is accounted
for using acquisition method. The cost of an acquisition
is measured at the aggregate of the acquisition-date
fair value of assets transferred, liabilities incurred and
equity interests issued by the Group, as the acquirer.
The identifiable assets acquired and liabilities assumed
are principally measured at acquisition-date fair value.
The Group’s previously held equity interest in the
acquiree is re-measured at acquisition-date fair value
and the resulting gains or losses are recognised in profit
or loss. The Group may elect, on a transaction-by-
transaction basis, to measure non-controlling interests
that represent present ownership interests in the
subsidiary either at fair value or at the proportionate
share of the acquiree’s identifiable net assets. All
other non-controlling interests are measured at fair
value unless another measurement basis is required by
HKFRSs.
Acquisition-related costs incurred are expensed unless
they are incurred in issuing equity instruments in which
case the costs are deducted from equity.
Changes in the Group’s interests in subsidiaries that
do not result in a loss of control are accounted for
as equity transactions. The carrying amounts of the
Group’s interest and non-controlling interest are
adjusted to reflect the changes in their relative interests
in the subsidiaries. Any difference between the amount
by which non-controlling interest is adjusted and
the fair value of the consideration paid or received is
recognised directly in equity and attributed to owners
of the Company.
2. 主要會計政策概要（續）
業務合併及綜合賬目基準（續）
收購附屬公司或業務乃以收購法入
賬。收購成本按本集團（作為收購
方）所轉移之資產、產生之負債及
發行之股權於收購日期之公平價值
總額計量。所收購之可識別資產及
承擔之可識別負債主要按收購日期
之公平價值計量。本集團先前持有
被收購方之股權按收購日期之公平
價值重新計量，所產生之損益於損
益確認。本集團可按每宗交易選擇
按公平價值或按應佔被收購方可識
別資產淨值之比例計量代表於附屬
公司之目前擁有權權益之非控股權
益。所有其他非控股權益按公平價
值計量，除非香港財務報告準則規
定另一項計量基準，則作別論。
所產生之收購相關成本一概列作開
支，除非有關成本是於發行股本工
具時產生，則有關成本會於權益中
扣除。
本集團於附屬公司之權益變動（並無
導致失去控制權）列作權益交易入
賬。本集團之權益與非控股權益之
賬面值均予以調整，以反映彼等於
附屬公司相對權益之變動。非控股
權益之調整額與已經支付或收取之
代價之公平價值之間的任何差額，
均直接於權益確認，並歸屬於本公
司擁有人。
KK Culture Holdings Limited
Annual Report 201776
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
B u s i n e s s c o m b i n a t i o n a n d b a s i s o f
consolidation (Continued)
When the Group loses control of a subsidiary, profit or
loss on disposal is calculated as the difference between
(i) the aggregate of the fair value of the consideration
received and the fair value of any retained interest
and (ii) the previous carrying amount of the assets
(including goodwill), and liabilities of the subsidiary
and any non-controlling interest. Amounts previously
recognised in other comprehensive income in relation
to the subsidiary are accounted for in the same manner
as would be required if the relevant assets or liabilities
were disposed of.
Subsequent to acquisition, the carrying amount of non-
controlling interests that represent present ownership
interests in the subsidiary is the amount of those
interests at initial recognition plus non-controlling
interest’s share of subsequent changes in equity. Total
comprehensive income is attributed to non-controlling
interests even if this results in those non-controlling
interest having a deficit balance.
2. 主要會計政策概要（續）
業務合併及綜合賬目基準（續）
倘本集團失去附屬公司之控制權，
出售損益乃按下列兩者之差額計
算：(i) 所收取代價之公平價值與任
何保留權益之公平價值之總額，與
(ii) 該附屬公司之資產（包括商譽）及
負債與任何非控股權益過往之賬面
值。先前就該附屬公司於其他全面
收益確認之款額按出售相關資產或
負債時所規定之相同方式列賬。
收購後，代表於附屬公司之目前擁
有權權益之非控股權益之賬面值之
金額為該等權益於初步確認時之金
額加以非控股權益應佔權益其後變
動之部份。全面收益總額乃歸屬於
非控股權益，即使這會導致非控股
權益出現虧絀亦屬如此。
KK文化控股有限公司
二零一七年年報 77
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Subsidiaries
A subsidiary is an investee over which the Company
is able to exercise control. The Company controls
an investee if all three of the following elements are
present: power over the investee, exposure, or rights,
to variable returns from the investee, and the ability to
use its power to affect those variable returns. Control is
reassessed whenever facts and circumstances indicate
that there may be a change in any of these elements of
control.
In the Company’s statement of financial position,
subsidiaries are carried at cost less any impairment loss.
The results of the subsidiaries are accounted for by
the Company on the basis of dividends received and
receivable at the reporting date. All dividends whether
received out of the investee’s pre or post-acquisition
profits are recognised in the Company’s profit or loss.
Foreign currency translation
The financial statements are presented in Hong Kong
Dollars (“HK$”), which is also the functional currency
of the Company.
In the individual financial statements of the consolidated
entities, foreign currency transactions are translated
into the functional currency of the individual entity
using the exchange rates prevailing at the dates of the
transactions. At the reporting date, monetary assets and
liabilities denominated in foreign currencies are translated
at the foreign exchange rates ruling at that date.
Foreign exchange gains and losses resulting from the
settlement of such transactions and from the reporting
date retranslation of monetary assets and liabilities are
recognised in profit or loss.
2. 主要會計政策概要（續）
附屬公司
附屬公司是本公司能夠對其行使控
制權之接受投資對象。如果符合下
列全部三個因素，則本公司控制接
受投資對象：可對接受投資對象行
使權力；承擔來自接受投資對象之
風險或有權獲得來自接受投資對象
之可變動回報；及能夠運用其權力
來影響有關可變動回報。每當事實
及情況顯示任何控制權因素可能出
現變動時，則會重新評估是否擁有
控制權。
於本公司之財務狀況表內，附屬公
司乃按成本減任何減值虧損入賬。
本公司乃按於報告日之已收及應收
股息為基準將附屬公司之業績列
賬。從接受投資公司之收購前或收
購後溢利收取之所有股息，一概於
本公司之損益表確認。
外幣換算
財務報表乃以本公司之功能貨幣港
元（「港元」）呈列。
於綜合實體之獨立財務報表內，外
幣交易均按交易日期之匯率換算為
個別實體之功能貨幣。於報告日，
以外幣列值之貨幣資產及負債按報
告日之通行外幣匯率換算。結算該
等交易及於報告日重新換算貨幣資
產及負債產生之匯兌損益，會於損
益表確認。
KK Culture Holdings Limited
Annual Report 201778
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Foreign currency translation (Continued)
Non-monetary items carried at fair value that are
denominated in foreign currencies are retranslated at
the rates prevailing on the date when the fair value was
determined and are reported as part of the fair value
gain or loss. Non-monetary items that are measured at
historical cost in a foreign currency are not retranslated.
In the consolidated financial statements, all individual
financial statements of foreign operations, originally
presented in a currency different from the Group’s
presentation currency, have been converted into HK$.
Assets and liabilities have been translated into HK$
at the closing rates at the reporting date. Income
and expenses have been converted into HK$ at the
exchange rates ruling at the transaction dates, or at
the average rates over the reporting period provided
that the exchange rates do not fluctuate significantly.
Any differences arising from this procedure have
been recognised in other comprehensive income and
accumulated separately in the exchange reserve in
equity.
2. 主要會計政策概要（續）
外幣換算（續）
以外幣列值並按公平價值列賬之非
貨幣項目，按釐定公平價值當日之
匯率重新換算，並列作公平價值收
益或虧損一部份。以外幣按歷史成
本計量之非貨幣項目不予重新換算。
於綜合財務報表內，海外業務所有
原先以與本集團之呈列貨幣不同之
貨幣呈列之獨立財務報表均已換算
為港元。資產與負債已按於報告日
之收市匯率換算為港元。倘匯率並
無大幅波動，收支項目已按交易日
期之匯率或報告期間之平均匯率換
算為港元。因此程序而產生之任何
差額已於其他全面收益確認並且於
權益內之匯兌儲備另行累計。
KK文化控股有限公司
二零一七年年報 79
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Property, plant and equipment
Buildings held for own use which are situated on
leasehold land, where the fair value of the building
could be measured separately from the fair value of the
leasehold land at the inception of the lease, and other
items of plant and equipment are stated at acquisition
cost less accumulated depreciation and impairment
losses. The cost of an asset comprises its purchase price
and any directly attributable costs of bringing the asset
to its working condition and location for its intended
use.
Depreciation on property, plant and equipment is
provided to write off their costs over their estimated
useful lives, using straight-line method, at the following
rates per annum:
Leasehold land and buildings Over 50 years or
the lease term,
whichever is shorter
Furniture and fixtures 20%
Office equipment 20%
Leasehold improvements 20% – 50% or over
the lease term,
whichever is shorter
Computer equipment and system 33%
Motor vehicles 20%
The assets’ depreciation method and estimated useful
lives are reviewed, and adjusted if appropriate, at each
reporting date.
Gain or loss arising on retirement or disposal is
determined as the difference between the sales
proceeds and the carrying amount of the asset and is
recognised in profit or loss.
2. 主要會計政策概要（續）
物業、廠房及設備
持有作自用而位於租賃土地之樓宇
（而有關樓宇之公平價值可於租賃開
始時與租賃土地之公平價值分開計
量），以及廠房及設備之其他項目按
購置成本減累計折舊及減值虧損列
賬。一項資產之成本包括其購買價
以及將資產達致合適營運狀況及地
點以作擬定用途之任何直接應佔成
本。
物業、廠房及設備之折舊以直線法
根據下列年率計算，以按其估計可
使用年期撇銷其成本：
租賃土地及樓宇 超過50年或
按租賃年期
（以較短者為準）
傢俬及裝置 20%
辦公室設備 20%
租賃裝修 20%至50%
或按租賃年期
（以較短者為準）
電腦設備及系統 33%
汽車 20%
資產之折舊方法及估計可使用年期
於每個報告日檢討並於適當時作出
調整。
報廢或出售所產生之損益乃出售該
項資產所得款項與其賬面值之差
額，並於損益表內確認。
KK Culture Holdings Limited
Annual Report 201780
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Property, plant and equipment (Continued)
Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset, as
appropriate, only when it is probable that future
economic benefits associated with the item will
flow to the Group and the cost of the item can be
measured reliably. All other costs, such as repairs and
maintenance are charged to profit or loss during the
period in which they are incurred.
Prepaid land lease payments
Upfront payments made to acquire land held
under an operating lease are stated at costs less
accumulated amortisation and any impairment losses.
The determination if an arrangement is or contains a
lease and the lease is an operating lease is detailed in
Note . Amortisation is calculated on straight-line
method over the terms of the lease/right of use except
where an alternative basis is more representative of the
time pattern of benefits to be derived by the Group
from use of the land.
Investment properties
Investment property is property held either to earn
rentals or for capital appreciation or for both, but not
held for sale in the ordinary course of business, use
in the production or supply of goods or services or
for administrative purposes. Investment property is
stated at cost less accumulated depreciation and any
impairment losses, if any. Depreciation is charged so
as to write off the cost of investment property net
of expected residual value over the estimated useful
live of 36 to 40 years using straight-line method. The
estimated useful lives, estimated residual value and
depreciation method are reviewed, and adjusted if
appropriate, at the end of each reporting period.
2. 主要會計政策概要（續）
物業、廠房及設備（續）
其後成本僅於與項目有關之未來經
濟利益將有可能流入本集團，而項
目之成本能可靠地計量時列入資產
之賬面值或獨立確認為資產（如適
用）。維修及保養費等所有其他成本
於產生之期間內於損益表扣除。
預付土地租金
就收購根據經營租約持有之土地所
作出預付款項乃以成本減累計攤銷
及任何減值虧損列值。一項安排是
否屬於租賃或是否包含租賃以及
該租賃是否屬於經營租賃的釐定方
式，乃於附註詳述。攤銷乃於
租期╱使用權有效期內以直線法計
算，惟倘若有另一種基準更能反映
本集團透過利用有關土地可產生收
益之時間模式則除外。
投資物業
投資物業是為了賺取租金或實現資
本增值或為兩者兼得而持有之物
業，但並非為於一般業務過程中出
售、用於生產或供應貨品或服務或
為行政用途而持有之物業。投資物
業以成本減其後折舊及任何減值虧
損（如有）列賬。折舊乃於估計36
至40年之可使用年期內以直線法支
銷，以撇銷投資物業之成本減其預
期剩餘價值。估計可使用年期、估
計剩餘價值及折舊方法於各報告期
間結束時審閱及調整（如適用）。
KK文化控股有限公司
二零一七年年報 81
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Goodwill
Goodwill is initially recognised at cost being the excess
of the aggregate of consideration transferred and
the amount recognised for non-controlling interests
over the fair value of identifiable assets, liabilities and
contingent liabilities acquired.
Where the fair value of identifiable assets, liabilities
and contingent liabilities exceed the fair value of
consideration paid, the excess is recognised in profit or
loss on the acquisition date, after re-assessment.
Goodwill is measured at cost less impairment losses.
For the purpose of impairment testing, goodwill arising
from an acquisition is allocated to each of the relevant
cash-generating units (“CGU”) that are expected
to benefit from the synergies of the acquisition. A
CGU to which goodwill has been allocated is tested
for impairment annually, and whenever there is an
indication that the unit may be impaired.
For goodwill arising on an acquisition in a financial
year, the CGU to which goodwill has been allocated is
tested for impairment before the end of that financial
year. When the recoverable amount of the CGU is less
than the carrying amount of the unit, impairment loss
is allocated to reduce the carrying amount of goodwill
allocated to the unit first, and then to other assets of
the unit on the pro-rata basis of the carrying amount to
each asset in the unit. Any impairment loss for goodwill
is recognised in profit or loss and is not reversed in
subsequent periods.
2. 主要會計政策概要（續）
商譽
商譽初步按成本確認，成本即所轉
移代價與就非控股權益確認之金額
總額超出所收購可識別資產、負債
及或然負債之公平價值之部份。
倘可識別資產、負債及或然負債之
公平價值高於所付代價之公平價
值，則超出部份於重估後於收購日
期在損益確認。
商譽乃按成本減去減值虧損計量。
就減值測試而言，收購產生之商譽
分配予預期會受惠於收購協同效益
之各相關現金產生單位。獲分配商
譽之現金產生單位會每年及於有跡
象顯示該單位可能出現減值時進行
減值測試。
就於財政年度內進行收購所產生之
商譽而言，獲分配商譽之現金產生
單位會於該財政年度結束前進行減
值測試。當現金產生單位之可收回
金額少於該單位賬面值時，減值虧
損會首先分配至撇減該單位獲分配
之任何商譽之賬面值，繼而基於該
單位內各資產之賬面值按比例分配
至該單位之其他資產。商譽之任何
減值虧損於損益確認，而不會於往
後期間撥回。
KK Culture Holdings Limited
Annual Report 201782
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Other intangible assets (other than goodwill)
Intangible assets which are advertising agency rights
acquired separately are initially recognised at cost. The
cost of advertising agency rights acquired in a business
combination are recognised at fair value at the date
of acquisition. Subsequently, as these intangible assets
have finite useful lives, they are carried at cost less
accumulated amortisation and any impairment losses.
Amortisation is provided on a straight-line method over
their useful life of 3 years. Amortisation commences
when the intangible assets are available for use.
Intangible assets with finite lives are tested for
impairment when there is an indication that an asset
may be impaired (see Note ).
Financial assets
The Group’s accounting policies for financial assets
other than investments in subsidiaries are set out
below. The Group’s financial assets are classified into
loans and receivables and available-for-sale financial
assets. Management determines the classification of its
financial assets at initial recognition depending on the
purpose for which the financial assets were acquired
and where allowed and appropriate, re-evaluates this
designation at every reporting date.
All financial assets are recognised when, and only
when, the Group becomes a party to the contractual
provisions of the instrument. Regular way purchases
of financial assets are recognised on trade date.
When financial assets are recognised initially, they are
measured at fair value, plus, in the case of investments
not at fair value through profit or loss, directly
attributable transaction costs.
2. 主要會計政策概要（續）
其他無形資產（商譽除外）
乃為單獨收購之廣告代理費之無形
資產，按成本進行初始確認。在業
務合併中購入之廣告代理費成本按
收購日期之公平價值確認。隨後，
由於該等無形資產之可使用年期有
限，彼等按成本減累計攤銷及減值
虧損列賬。
攤銷按其3年的可使用年期以直線
法計提。無形資產於可供使用時開
始攤銷。
當有跡象顯示一項資產出現減值，
則會對具有限年期的無形資產進行
減值測試（見下文附註）。
財務資產
本集團就財務資產（不包括於附屬公
司之投資）所採用之會計政策載列
如下。本集團之財務資產分類為貸
款及應收款項以及可供出售財務資
產。管理層於初步確認時，按收購
財務資產之目的將財務資產分類。
於容許及適當情況，財務資產之分
類於每個報告日重新評估。
所有財務資產於及僅於本集團成為
該工具之合約條文的一方時，方予
確認。財務資產之一般購買於交易
日期確認。初步確認財務資產時，
會按公平價值計量，倘並非透過損
益表按公平價值列賬之投資，則加
上直接應佔交易成本。
KK文化控股有限公司
二零一七年年報 83
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial assets (Continued)
De-recognition of financial assets occurs when the
rights to receive cash flows from the investments expire
or are transferred and substantially all of the risks and
rewards of ownership have been transferred.
At each reporting date, financial assets are reviewed
to assess whether there is objective evidence of
impairment. If any such evidence exists, impairment
loss is determined and recognised based on the
classification of the financial asset.
(i) Loans and receivables
Loans and receivables are non-derivative
financial assets with fixed or determinable
payments that are not quoted in an active
market. These are subsequently measured at
amortised cost using effective interest method,
less any impairment losses. Amortised cost is
calculated taking into account any discount or
premium on acquisition and includes fees that
are an integral part of the effective interest rate
and transaction cost.
2. 主要會計政策概要（續）
財務資產（續）
倘自投資獲取現金流量之權利屆滿
或轉讓及其擁有權絕大部份風險及
回報轉讓，則終止確認財務資產。
於各報告日，會檢討財務資產，以
評估有否客觀跡象顯示減值。倘有
任何該等跡象，則會按該財務資產
之分類釐定及確認減值虧損。
(i) 貸款及應收款項
貸款及應收款項為附帶固定
或可釐定付款之非衍生性質
而並無活躍市場報價之財務
資產。貸款及應收款項其後
使用實際利息法以攤銷成本
減任何減值虧損計量。攤銷
成本按計及任何收購折讓或
溢價後計算，包括屬實際利
息及交易成本一部份之費用。
KK Culture Holdings Limited
Annual Report 201784
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial assets (Continued)
(ii) Available-for-sale financial assets
These include non-derivative financial assets
that do not qualify for inclusion in any of the
other categories of financial assets.
All financial assets within this category are
subsequently measured at fair value. Gain or
loss arising from a change in the fair value
excluding any dividend and interest income
is recognised in other comprehensive income
and accumulated separately in the investment
revaluation reserve in equity, except for
impairment losses (see the policy below) and
foreign exchange gains and losses on monetary
assets, until the financial asset is derecognised,
at which time the cumulative gain or loss
previously recognised in equity is recycled to
profit or loss. Interest calculated using effective
interest method is recognised in profit or loss.
Upon disposal, the cumulative gain or loss
previously recognised in equity is transferred to
profit or loss.
For available-for-sale investments in equity
securities that do not have a quoted market
price in an active market and whose fair value
cannot be reliably measured and derivatives that
are linked to and must be settled by delivery
of such unquoted equity instruments, they are
measured at cost less any identified impairment
losses at each reporting date subsequent to
initial recognition.
2. 主要會計政策概要（續）
財務資產（續）
(ii) 可供出售財務資產
當中包括並不合資格歸類為
其他財務資產類別之非衍生
財務資產。
本類別內之所有財務資產其
後以公平價值計量。除減值
虧損（見下文政策）及貨幣資
產外匯收益及虧損外，公平
價值變動產生之收益或虧損
（不包括任何股息及利息收
入）於其他全面收益確認，並
於權益之投資重估儲備獨立
累計，直至有關財務資產剔
除確認為止，屆時以往於權
益確認之累計收益或虧損將
重新撥予溢利或虧損。使用
實際利息法計算之利息於溢
利或虧損確認。出售有關資
產時，過往於權益確認之累
計收益或虧損轉撥至溢利或
虧損。
就並無在活躍市場報價且公
平價值不能可靠計量之可供
出售股本證券投資以及與無
報價股本工具及透過支付該
等工具結清之衍生工具而
言，於初步確認後各報告期
間結算日，按成本減任何已
識別減值虧損計量。
KK文化控股有限公司
二零一七年年報 85
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial assets (Continued)
Impairment of financial assets
At each reporting date, financial assets are reviewed to
determine whether there is any objective evidence of
impairment and impairment is recognised based on the
classification of the financial asset.
Objective evidence of impairment of individual financial
assets includes observable data that comes to the
attention of the Group about one or more of the
following loss events:
– Significant financial difficulty of the debtors;
– A breach of contract, such as a default of
delinquency in interest for principal payments;
– It becoming probable that the debtor will enter
bankruptcy or other financial reorganisation;
– Significant changes in the technological,
market, economic or legal environment that
have an adverse effect on the debtors; and
– A significant or prolonged decline in the fair
value of an investment in an equity instrument
below its cost.
Loss events in respect of a group of financial assets
include observable data indicating that there is a
measurable decrease in the estimated future cash flows
from the group of financial assets. Such observable
data includes but not limited to adverse changes in the
payment status of debtors in the group and, national or
local economic conditions that correlate with defaults
on the assets in the group. If any such evidence exists,
impairment loss is measured and recognised as follows:
2. 主要會計政策概要（續）
財務資產（續）
財務資產之減值
財務資產會於每個報告日檢討，以
釐定有否任何客觀跡象顯示減值而
減值是根據財務資產之分類而確認。
個別財務資產之客觀減值證據包括
本集團注意到以下一項或多項虧損
事項之顯著數據：
– 債務人有重大財務困難；
– 違反合約，如拖欠償還本金
之利息；
– 債務人可能破產或進行其他
財務重組；
– 科技、市場、經濟或法律環
境有重大改變而對債務人有
不利影響；及
– 股本工具投資之公平價值大
幅或長期下跌至低於其成本
值。
一組財務資產之虧損事件包括顯示
該組財務資產之估計未來現金流量
出現可計量之減少的顯著數據。該
等顯著數據包括（但不限於）該組別
內應收款項之付款情況，以及與該
組別資產違約有關連的國家或地方
經濟情況出現不利變動。倘有該等
證據，則會按以下方式計量及確認
減值虧損：
KK Culture Holdings Limited
Annual Report 201786
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial assets (Continued)
Impairment of financial assets (Continued)
(i) Financial assets carried at amortised cost
If there is objective evidence that an impairment
loss on loans and receivables carr ied at
amortised cost has been incurred, the amount
of loss is measured as the difference between
the asset’s carrying amount and the present
value of estimated future cash flows (excluding
future credit losses that have not been incurred)
discounted at the financial asset’s original
effective interest rate (. the effective interest
rate computed at initial recognition). The
amount of loss is recognised in profit or loss of
the year in which the impairment occurs.
If, in subsequent period, the amount of
impairment loss decreases and the decrease can
be related objectively to an event occurring after
the impairment was recognised, the previously
recognised impairment loss is reversed to the
extent that it does not result in a carrying
amount of the financial asset exceeding what
the amortised cost would have been had the
impairment not been recognised at the date
the impairment is reversed. The amount of the
reversal is recognised in profit or loss of the year
in which the reversal occurs.
2. 主要會計政策概要（續）
財務資產（續）
財務資產之減值（續）
(i) 按攤銷成本列賬之財務資產
倘有客觀證據顯示按攤銷成
本列賬之貸款及應收款項出
現減值虧損，有關虧損金額
為資產賬面值與估計日後現
金流量（不包括尚未產生之日
後信貸虧損）按該財務資產原
本實際利率（即初步確認時計
算之實際利率）貼現之現值間
之差額。虧損金額會於減值
產生之年度在損益表確認。
倘於往後期間，減值虧損金
額減少，而有關減少客觀地
關乎於確認減值後之事件，
則早前確認之減值虧損將予
撥回，惟於撥回減值當日財
務資產之賬面值不得超逾倘
無確認減值而原應釐定之攤
銷成本。撥回金額於撥回產
生之年度在損益表確認。
KK文化控股有限公司
二零一七年年報 87
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial assets (Continued)
Impairment of financial assets (Continued)
(ii) Available-for-sale financial assets
When a decline in the fair value of an available-
for-sale financial asset has been recognised
directly in equity and there is objective evidence
that the asset is impaired, an amount is
removed from equity and recognised in profit
or loss as an impairment loss. That amount is
measured as the difference between the asset’s
acquisition cost (net of any principal repayment
and amortisation) and current fair value, less
any impairment loss on that asset previously
recognised in profit or loss.
Reversals of impairment for investment in equity
instruments classified as available-for-sale are
not recognised in profit or loss. The subsequent
increase in fair value is recognised in other
comprehensive income.
For financial assets other than loans and receivables
that are stated at amortised cost, impairment losses are
written off against the corresponding assets directly.
Where the recovery of trade receivables is considered
doubtful but not remote, impairment losses for
doubtful receivables are recorded using an allowance
account. When the Group is satisfied that recovery of
trade receivables is remote, the amount considered
irrecoverable is written off against trade receivables
directly and any amounts held in the allowance account
in respect of that receivable are reversed. Subsequent
recoveries of amounts previously charged to the
allowance account are reversed against the allowance
account. Other changes in the allowance account and
subsequent recoveries of amounts previously written
off directly are recognised in profit or loss.
2. 主要會計政策概要（續）
財務資產（續）
財務資產之減值（續）
(ii) 可供出售財務資產
倘可供出售財務資產之公平
價值減幅已在權益直接確
認，且已存在客觀證據證明
資產已出現減值，則從權益
中扣除某一金額並於溢利或
虧損確認減值虧損。該金額
根據資產之收購成本（扣除任
何已償還本金及攤銷後）與現
時公平價值之差額，減該項
資產過往已在溢利或虧損確
認之減值虧損計量。
有關分類為可供出售股本工
具投資之減值撥回不會在溢
利或虧損確認。其後之公平
價值增加於其他全面收益確
認。
對於除按攤銷成本列賬之貸款及應
收款項之外的財務資產，減值虧損
乃直接與相應資產撇銷。倘貿易應
收款項被認為有可能但並非不能收
回，則屬呆賬之應收款項減值虧損
會使用撥備賬列賬。當本集團信納
不大可能收回貿易應收款項時，則
被認為屬不可收回之金額乃直接自
貿易應收款項撇銷，而於撥備賬內
就有關應收款項持有之任何金額會
予以撥回。其後收回過往自撥備賬
扣除之金額乃撥回至撥備賬。撥備
賬之其他變動及其後收回過往直接
撇銷之金額乃於損益確認。
KK Culture Holdings Limited
Annual Report 201788
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Non-current assets held for sale and disposal
groups
Non-current assets and disposal groups are classified as
held for sale when:
– they are available for immediate sale;
– management is committed to a plan to sell;
– it is unlikely that significant changes to the plan
will be made or that the plan will be withdrawn;
– an active programme to locate a buyer has
been initiated;
– the asset or disposal group is being marketed
at a reasonable price in relation to its fair value;
and
– a sale is expected to complete within 12 months
from the date of classification.
Non-current assets and disposal groups classified as
held for sale are measured at the lower of:
– their carrying amount immediately prior to
being classified as held for sale in accordance
with the Group’s accounting policy; and
– fair value less costs to sell.
Following their classification as held for sale, non-
current assets (including those in a disposal group) are
not depreciated.
The results of operations disposed of during the year
are included in profit or loss up to the date of disposal.
2. 主要會計政策概要（續）
持有待售之非流動資產及出售組別
如符合以下條件，非流動資產及出
售組別分類為持有待售：
– 可供即時出售；
– 管理層承諾進行出售計劃；
– 計劃作出重大變動或撤回計
劃之可能性不大；
– 已展開計劃積極物色買家；
– 資產或出售組別以對其公平
價值而言屬合理之價格進行
市場推廣；及
– 預期出售可於分類日期起計
12個月內完成。
分類為持有待售之非流動資產及出
售組別以下列較低者計量：
– 根據本集團之會計政策，緊
接列為持有待售類別前之賬
面值；及
– 公平價值減出售成本。
於列為持有待售類別後，非流動資
產（包括於出售組別者）將不予折舊。
年內出售之業務之業績計入損益表
並計至出售日期為止。
KK文化控股有限公司
二零一七年年報 89
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Cash and cash equivalents
For the purpose of the consolidated statement of
cash flows, cash and cash equivalents comprise cash
in hand and demand deposits, and short-term highly
liquid investments that are readily convertible into
known amounts of cash, and which are subject to
an insignificant risk of changes in value and have a
short maturity of generally within three months when
acquired, less bank overdrafts which are payable on
demand and form an integral part of the Group’s cash
management.
For the purpose of the statement of financial position,
cash and cash equivalents comprise cash in hand and
at banks, including term deposits, and assets similar in
nature to cash, which are not restricted as to use.
Leases
An arrangement, comprising a transaction or a series
of transactions, is or contains a lease if the Group
determines that the arrangement conveys a right to
use a specific asset or assets for an agreed period of
time in return for a payment or a series of payments.
Such a determination is made based on an evaluation
of the substance of the arrangement and is regardless
of whether the arrangement takes the legal form of a
lease.
(i) Classification of assets leased to the Group
Assets that are held by the Group under leases
which transfer to the Group substantially all the
risks and rewards of ownership are classified
as being held under finance leases. Leases
which do not transfer substantially all the risks
and rewards of ownership to the Group are
classified as operating leases.
2. 主要會計政策概要（續）
現金及現金等值項目
就綜合現金流量表而言，現金及現
金等值項目由手頭現金及活期存
款，以及可隨時兌換為已知金額現
金、所涉及價值變動風險輕微以及
於短時間內到期（一般於購入後三個
月內到期）之短期高流通量投資所組
成，並減去須應要求償還及構成本
集團現金管理一部份之銀行透支。
就財務狀況表而言，現金及現金等
值項目由手頭及銀行現金（包括定期
存款）以及性質與現金相若而用途不
受限制的資產所組成。
租賃
倘本集團決定有關一項或一連串交
易之安排將特定的一項資產或多項
資產之使用權按協定期間轉移以換
取一筆或一連串的款項，則有關安
排屬於租賃或包括租賃。有關決定
乃依據對安排之實質內容之評估而
作出，而不論有關安排是否屬法定
形式之租賃。
(i) 本集團承租之資產之分類
大部份風險及回報轉讓予本
集團之資產，分類為按融資
租約持有。並無將擁有權之
絕大部份風險及回報轉讓予
本集團之租賃，分類為經營
租約。
KK Culture Holdings Limited
Annual Report 201790
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Leases (Continued)
(ii) Operating lease charges as the lessee
Where the Group has the right to use of assets
held under operating leases, payments made
under the leases are charged to profit or loss
using straight-line method over the lease terms
except where an alternative basis is more
representative of the time pattern of benefits
to be derived from the leased assets. Lease
incentives received are recognised in profit or
loss as an integral part of the aggregate net
lease payments made. Contingent rentals are
charged to profit or loss in the period in which
they are incurred.
(iii) Assets leased out under operating leases as
the lessor
Rental income from operat ing leases is
recognised in profit or loss on straight-line
method over the terms of the relevant lease.
Initial direct costs incurred in negotiating and
arranging an operating lease are added to
the carrying amount of the leased asset and
recognised as an expense on straight-line
method over the lease term.
2. 主要會計政策概要（續）
租賃（續）
(ii) 作為承租人之經營租約支出
倘本集團持有按經營租約持
有之資產之使用權，根據租
約所付款項會按租期以直線
法自損益表扣除，惟倘另一
基準更能代表租賃資產所產
生利益之時間模式則除外。
所獲租約優惠於損益表確認
為所付總租金淨額之一部
份。或有租金於產生之期間
自損益表扣除。
(iii) 根據經營租約以出租人身份
出租之資產
經營租約之租金收入按相關
租期以直線法於損益確認。
因磋商及安排經營租約而錄
得之初始直接成本乃加至租
賃資產之賬面值上，按租期
以直線法支銷。
KK文化控股有限公司
二零一七年年報 91
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial liabilities
The Group’s financial liabilities include bank borrowing,
trade and other payables, amount due to non-
controlling interests of a subsidiary, amount due to a
shareholder, license right fees payables and loans from
a shareholder.
Financial liabilities are recognised when the Group
becomes a party to the contractual provisions of the
instrument. All interest related charges are recognised
in accordance with the Group’s accounting policy for
borrowing costs (see Note ).
A financial liability is de-recognised when the obligation
under the liability is discharged or cancelled or expires.
Where an existing financial liability is replaced by
another from the same lender on substantially
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as a de-recognition of the
original liability and the recognition of a new liability,
and the difference in the respective carrying amount is
recognised in profit or loss.
Finance lease liabilities
Finance lease liabilities are measured at initial value less
the capital element of lease repayments (see Note ).
2. 主要會計政策概要（續）
財務負債
本集團之財務負債包括銀行借貸、
貿易及其他應付款項、應付一間附
屬公司之非控股權益之款項、應付
一名股東款項、應付特許權費及一
名股東提供之貸款。
財務負債乃於本集團成為工具合約
條文之一方時確認。所有利息相關
開支乃根據本集團就借貸成本採納
之會計政策（見附註）確認。
財務負債於負債責任履行或註銷或
到期時終止確認。
倘現行財務負債以由相同借款人按
極為不同條款作出之另一項財務負
債取代，或現行負債之條款大幅修
訂，則有關取代或修訂視作終止確
認原有負債及確認新負債處理，而
各賬面值間之差額會於損益表確認。
融資租約負債
融資租約負債按初始價值減償還租
約之資本部分計量（見附註）。
KK Culture Holdings Limited
Annual Report 201792
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Financial liabilities (Continued)
Borrowings
Borrowings are recognised initially at fair value, net of
transaction costs incurred. Borrowings are subsequently
stated at amortised cost; any difference between the
proceeds (net of transaction costs) and the redemption
value is recognised in profit or loss over the period of
the borrowing using effective interest method.
Borrowings are classified as current liabilities unless the
Group has an unconditional right to defer settlement
of the liability for at least twelve months after the
reporting date.
Trade and other payables, amount due to non-
controlling interest of a subsidiary, amount due
to a shareholder, license right fees payables and
loans from a shareholder
These are recognised initially at their fair value and
subsequently measured at amortised cost, using
effective interest method.
Contingent liabilities
Where it is not probable that an outflow of economic
benefits will be required, or the amount cannot be
estimated reliably, the obligation is disclosed as a
contingent liability, unless the probability of outflow
of economic benefits is remote. Possible obligations,
whose existence will only be confirmed by the
occurrence or non-occurrence of one or more future
events, are also disclosed as contingent liabilities unless
the probability of outflow of economic benefits is
remote.
2. 主要會計政策概要（續）
財務負債（續）
借貸
借貸最初乃按公平價值（扣除已產生
之交易成本）確認。借貸其後按攤銷
成本列賬，如扣除交易成本後之所
得款項及贖回價值出現差額，則於
借貸期內以實際利率法在損益表內
確認。
除非本集團有權無條件將債務結算
日期遞延至結算日後至少十二個
月，否則借貸將被劃分為流動負債。
貿易及其他應付款項、應付一間附
屬公司之非控股權益之款項、應付
一名股東款項、應付特許權費及一
名股東提供之貸款
該等項目初步按其公平價值確認，
其後以實際利率法按攤銷成本計量。
或有負債
倘不可能需要流出經濟利益或無法
可靠估計有關金額，則有關責任會
披露為或有負債，惟經濟利益極不
可能流出則作別論。其存在與否僅
取決於一項或多項未來事件發生與
否之潛在責任亦披露為或有負債，
惟經濟利益極不可能流出則作別論。
KK文化控股有限公司
二零一七年年報 93
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Share capital
Ordinary shares are classified as equity. Share capital is
determined using the nominal value of shares that have
been issued.
Any transaction costs associated with the issue of
shares are deducted from share premium (net of any
related income tax benefit) to the extent they are
incremental costs directly attributable to the equity
transaction.
Revenue recognition
Revenue comprises the fair value of the consideration
received or receivable for the sale of goods, rendering
of services, net of rebates and discounts. Provided it is
probable that the economic benefits will flow to the
Group and the revenue and costs, if applicable, can be
measured reliably, revenue is recognised as follows:
– Advertising income is recognised on the date
of the relevant publication issue or on time-
proportion basis by reference to the period in
which the advertisement is displayed in the
website, train media or other advertising media.
– Service income is recognised in the period in
which the services are rendered, by reference to
completion of the specific transaction assessed
on the basis of the actual service provided as a
proportion of the total services to be provided.
– Interest income is recognised on t ime-
proportion basis using effective interest method.
2. 主要會計政策概要（續）
股本
普通股乃分類為權益。股本乃使用
已發行股份之面值釐定。
與發行股份有關之任何交易成本乃
自股份溢價（扣除任何相關所得稅利
益）中扣除，惟以股本交易之直接成
本增加為限。
收益確認
收益包含銷售貨品、提供服務之已
收或應收代價的公平價值（扣除回贈
及折扣）。倘經濟利益有可能流入本
集團，而能可靠地計量收益及成本
（如適用）時，收益按以下基準確認：
– 廣告收入於有關刊物出版當
日或參考廣告在網站、鐵路
媒體或其他廣告媒體之刊登
期間按時間比例基準確認。
– 服務收入於提供服務之期間
內參照按實質提供服務與將
提供服務總計之比例評估之
特定交易完成時間確認。
– 利息收入使用實際利息法按
時間比例基準確認。
KK Culture Holdings Limited
Annual Report 201794
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Revenue recognition (Continued)
– Rental income under operating leases is
recognised on straight-line method over the
terms of the relevant lease.
– Dividend income is recognised when the right
to receive payment is established.
Impairment of non-financial assets (other
than goodwill)
Other intangible assets, property, plant and equipment,
investment properties and interests in subsidiaries are
subject to impairment testing.
Assets that have an indefinite useful life, for example
goodwill, are not subject to amortisation and are tested
for impairment annually. All other assets are tested for
impairment whenever there are indications that the
carrying amount may not be recoverable.
An impairment loss is recognised as an expense
immediately for the amount by which the asset’s
carrying amount exceeds its recoverable amount.
Recoverable amount is the higher of fair value,
reflecting market conditions less costs of disposal and
value-in-use. In assessing value-in-use, the estimated
future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current
market assessment of time value of money and the risk
specific to the asset.
2. 主要會計政策概要（續）
收益確認（續）
– 經營租約之租金收入按相關
租期以直線法確認。
– 股息收入於收取股息之權利
確立時確認。
非財務資產（商譽除外）之減值
其他無形資產、物業、廠房及設
備、投資物業以及於附屬公司之權
益須進行減值檢測。
具無限定使用年期之資產（如商譽）
會每年進行減值測試而毋須攤銷。
所有其他資產於有跡象顯示可能無
法收回其賬面值時檢測減值。
減值虧損按資產之賬面值超出其可
收回金額數額部份即時確認為支
出。可收回金額為反映市況之公平
價值減出售成本與使用價值兩者中
之較高者。評估使用價值時，估計
日後現金流量按反映幣值時間價值
之現行市場評估及該資產之特定風
險之稅前貼現率貼現至其現值。
KK文化控股有限公司
二零一七年年報 95
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Impairment of non-financial assets (other
than goodwill) (Continued)
For the purposes of assessing impairment, where
an asset does not generate cash inflows largely
independent from those from other assets, the
recoverable amount is determined for the smallest
g roup o f a s se t s tha t genera te cash in f lows
independently (. a CGU). As a result, some assets are
tested individually for impairment and some are tested
at CGU level.
Impairment losses are charged pro rata to the other
assets in the CGU, except that the carrying value of an
asset will not be reduced below its individual fair value
less cost of disposal, or value-in-use, if determinable.
An impairment loss on other assets other than goodwill
is reversed if there has been a favourable change in
the estimates used to determine the asset’s recoverable
amount and only to the extent that the asset’s carrying
amount does not exceed the carrying amount that
would have been determined, net of depreciation
or amortisation, if no impairment loss has been
recognised.
2. 主要會計政策概要（續）
非財務資產（商譽除外）之減值（續）
就評估減值而言，倘資產並無產生
大致上獨立於其他資產之現金流
入，其可收回金額會按獨立產生現
金流入之最小組別資產（即現金產生
單位）釐定。因此，部份資產會個別
檢測減值，部份則按現金產生單位
檢測。
除資產賬面值將不會調減至低於其
個別公平價值減出售成本或使用價
值（如可釐定）外，減值虧損乃按比
例自該現金產生單位之其他資產中
扣除。
如用以釐定資產可收回款額之估計
發生有利變化，其他資產（不包括商
譽）之減值虧損將予以回撥，但回撥
額不得超過如先前不確認減值，並
計提折舊或攤銷得出之賬面值。
KK Culture Holdings Limited
Annual Report 201796
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Employee benefits
(i) Retirement benefit schemes
The Group part ic ipates in severa l s taff
retirement benefit schemes for employees in
Hong Kong and the People Republic of China
(“PRC”), comprising defined contribution
retirement schemes and a Mandatory Provident
Fund scheme (the “MPF Scheme”). The assets
of these schemes are held separately from those
of the Group in independently administered
funds. The retirement benefit schemes are
generally funded by payments from employees
and by the relevant group companies. The
retirement benefit scheme costs charged to
profit or loss represents contributions payable
by the Group to the schemes.
The subs id ia r ies operat ing in the PRC
are required to participate in the defined
contribution retirement schemes for their
employees, organised by the relevant local
government authorities. They are required
to make contributions to the retirement
benefit schemes at a specified percentage of
employees’ relevant income and there are no
other further obligations to the Group.
2. 主要會計政策概要（續）
僱員福利
(i) 退休福利計劃
本集團為香港及中華人民共
和國（「中國」）之僱員提供數
項員工退休福利計劃， 包括
定額供款退休福利計劃及強
制性公積金計劃（「強積金計
劃」）。該等計劃之資產與本
集團之資產分開，由獨立管
理基金保管。退休福利計劃
之資金一般來自僱員及有關
集團公司之供款。於損益表
扣除之退休福利計劃成本指
本集團應向該等計劃作出之
供款。
於中國營運之附屬公司須為
其僱員參與由有關地方政府
機關統籌之定額供款退休計
劃，並須按其僱員有關收入
之某一特定百分比向退休福
利計劃作出供款，而本集團
並無任何其他進一步責任。
KK文化控股有限公司
二零一七年年報 97
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Employee benefits (Continued)
(i) Retirement benefit schemes (Continued)
Before 1 December 2000, the Group operated
a defined contribution retirement scheme (“the
ORSO Scheme”) in Hong Kong for all qualified
employees. The ORSO Scheme is funded by
monthly contributions from both employees
and the Group at rates ranging from 5% to
% of the employees’ basic salary, depending
on the length of service with the Group. The
Group’s contributions under the ORSO Scheme
were reduced by contributions forfeited by
those employees who left the ORSO Scheme
prior to vesting fully in the contributions.
The Mandatory Provident Fund Schemes
Authority has approved the ORSO Scheme
as a Mandatory Provident Fund Exempted
Occupational Retirement Scheme under the
Mandatory Provident Fund Schemes Ordinance
(the “MPF Schemes Ordinance”). With effect
from 1 December 2000, the MPF Scheme was
set up under the MPF Schemes Ordinance for
existing staff who opt for this scheme and
eligible staff recruited on or after that date.
When the underlying staff elects the MPF
Scheme, retirement scheme benefits attributed
to the staff under the ORSO Scheme remain
unchanged in the MPF Scheme. Under the MPF
Scheme, eligible employees are required to
contribute 5% of their monthly basic salaries
whereas the Group’s contribution will be 5% of
the relevant income with a maximum monthly
contribution of HK$1,500 (2016: HK$1,500)
and there are no other legal or constructive
obligations to the Group.
2. 主要會計政策概要（續）
僱員福利（續）
(i) 退休福利計劃（續）
於二零零零年十二月一日
前，本集團於香港為其所有
合資格僱員設立一個定額供
款退休金計劃（「職業退休計
劃」）。職業退休計劃之資金
來自僱員及本集團之每月供
款，供款額視乎服務本集團
之年期而定，介乎僱員基本
薪金之5%至%。本集團
根據職業退休計劃作出之供
款，可以因僱員於可享有供
款所得全部權益前退出職業
退休計劃而沒收之供款扣減。
強制性公積金計劃管理局已
根據強制性公積金計劃條例
（「強積金計劃條例」）批准職
業退休計劃為獲強積金豁免
的職業退休計劃。自二零零
零年十二月一日起，本集團
亦根據強積金計劃條例為選
擇強積金計劃之現有僱員及
於該日或之後聘用之合資格
員工設立強積金計劃。倘相
關員工選擇強積金計劃，根
據職業退休計劃屬於員工之
退休計劃利益於強積金計劃
中維持不變。根據強積金計
劃，合資格僱員須按其每月
基本薪金之5%供款，而本
集團之供款將為有關收入之
5%，每月供款上限為1,500
港元（二零一六年：1,500港
元），而本集團並無任何其他
之法定或推定責任。
KK Culture Holdings Limited
Annual Report 201798
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Employee benefits (Continued)
(ii) Share-based employee compensation
The Group operates an equity-settled share-
based compensation plan, which was a share
option scheme by the Company, for the
purpose of recognising and motivating the
contribution from their staff and directors.
Employees (including directors) of the Group
receive remuneration in the form of share-
based payments, whereby employees render
services as consideration for equity instruments
(“equity-settled transactions”).
All employee services received in exchange for
the grant of any share-based compensation
are measured at their fair values. These are
indirectly determined by reference to the
share options. Their value is appraised at the
grant date and excludes the impact of any
non-market vesting conditions (for example,
profitability and sales growth targets).
2. 主要會計政策概要（續）
僱員福利（續）
(ii) 以股份支付之僱員賠償
本集團推行一項以以股本結
算之股份付款賠償計劃（即
本公司之購股權計劃），以
肯定及激勵員工及董事作出
貢獻。本集團僱員（包括董
事）以股份形式收取酬金，據
此，僱員收取股本工具作為
提供服務之代價（「以股本結
算之交易」）。
僱員提供以換取獲授任何股
份付款賠償之所有服務乃按
照其公平價值計量。此乃參
照有關購股權而間接釐定，
其價值乃於授出日期評估，
而不包括任何非市場歸屬條
件（如盈利能力及銷售增長目
標）之影響。
KK文化控股有限公司
二零一七年年報 99
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Employee benefits (Continued)
(ii) Share-based employee compensation
(Continued)
All share-based compensation is recognised
as an expense in profit or loss over the
vesting period if vesting conditions apply, or
recognised as an expense in full at the grant
date when the equity instruments granted vest
immediately unless the compensation qualified
for recognition as asset, with a corresponding
increase in the employee compensation
reserve in equity. If vesting conditions apply,
the expense is recognised over the vesting
period, based on the best available estimate
of the number of equity instruments expected
to vest. Non-market vesting conditions are
included in assumptions about the number of
equity instruments that are expected to vest.
Estimates are subsequently revised, if there
is any indication that the number of equity
instruments expected to vest differs from
previous estimates.
At the time when the share options are
exercised, the amount previously recognised in
employee compensation reserve is transferred
to share premium. After vesting date, when
the vested share options are later forfeited or
are still not exercised at the expiry date, the
amount previously recognised in employee
compensation reserve is transferred to retained
earnings.
2. 主要會計政策概要（續）
僱員福利（續）
(ii) 以股份支付之僱員賠償（續）
所有以股份支付之賠償於歸
屬期在損益表確認為開支（若
歸屬條件適用），或於授出
的股本工具即時歸屬時在授
出日期悉數確認為開支，除
非有關賠償符合資格確認為
資產，並在權益之僱員賠償
儲備相應增加。倘歸屬條件
適用，則開支會於歸屬期內
按照預期歸屬之股本工具數
目之最佳可得估計確認。於
假設預期將歸屬之股本工具
數目時會計入非市場歸屬條
件。倘有任何跡象顯示預期
歸屬之股本工具數目與過往
之估計不同，則會於其後修
訂估計。
於購股權獲行使時，先前於
僱員賠償儲備確認之款額轉
入股份溢價。於歸屬日期後
當已歸屬之購股權其後被沒
收或於到期日尚未行使，早
前於僱員賠償儲備確認之金
額轉入保留溢利。
KK Culture Holdings Limited
Annual Report 2017100
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Employee benefits (Continued)
(iii) Bonus plans
The Group recognises a l iabi l i ty and an
expense for bonuses where it has a contractual
obligation or where there is a past practice that
has created a constructive obligation.
(iv) Short-term employee benefits
Employee entitlements to annual leave are
recognised when they accrue to employees. A
provision is made for the estimated liability for
annual leave as a result of services rendered
by employees up to the reporting date. Non-
accumulating compensated absences such
as sick leave and maternity leave are not
recognised until the time of leave.
Borrowing costs
Borrowing costs incurred for the acquis i t ion,
construction or production of any qualifying asset are
capitalised during the period of time that is required to
complete and prepare the asset for its intended use.
A qualifying asset is an asset which necessarily takes a
substantial period of time to get ready for its intended
use or sale. Other borrowing costs are expensed when
incurred.
Borrowing costs are capitalised as part of the cost of
a qualifying asset when expenditure for the asset is
being incurred, borrowing costs are being incurred
and activities that are necessary to prepare the asset
for its intended use or sale are being undertaken.
Capitalisation of borrowing costs ceases when
substantially all the activities necessary to prepare
the qualifying asset for its intended use or sale are
complete.
2. 主要會計政策概要（續）
僱員福利（續）
(iii) 花紅計劃
本集團就在合約上有責任支
付或根據過往慣例已產生推
定責任之花紅確認負債及開
支。
(iv) 短期僱員福利
僱員可享有之年假於僱員應
享有時確認。本公司就僱員
因截至報告日止所提供服務
而可享有之年假之估計負債
作出撥備。如病假及分娩假
期等非累計計薪休假於提取
假期時方予確認。
借貸成本
就收購、建造或生產任何合資格資
產所產生之借貸成本，於完成及準
備資產作擬定用途的期間內撥充資
本。合資格資產是指必須要一段長
時間方可達致擬定用途或出售的資
產。其他借貸成本於產生時支銷。
在資產產生開支、借貸成本產生和
使資產投入擬定用途或銷售所必須
的準備工作進行期間，借貸成本乃
撥充資本，作為合資格資產成本的
一部份。在使合資格資產投入擬定
用途或銷售所必須的絕大部份準備
工作完成時，借貸成本便會停止資
本化。
KK文化控股有限公司
二零一七年年報 101
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Accounting for income taxes
Income tax comprises current tax and deferred tax.
Current income tax assets and/or liabilities comprise
those obligations to, or claims from, tax authorities
relating to the current or prior reporting period, that
are unpaid at the reporting date. They are calculated
according to the tax rates and tax laws applicable to
the fiscal periods to which they relate, based on the
taxable profit for the year. All changes to current tax
assets or liabilities are recognised as a component of
tax expense in profit or loss.
Deferred tax is recognised in respect of temporary
differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the
corresponding amounts used for tax purposes. Except
for goodwill and recognised assets and liabilities that
affect neither accounting nor taxable profits, deferred
tax liabilities are recognised for all taxable temporary
differences. Deferred tax assets are recognised to
the extent that it is probable that taxable profits will
be available against which deductible temporary
differences can be utilised. Deferred tax is measured
at the tax rates appropriate to the expected manner
in which the carrying amount of the asset or liability
is realised or settled and that have been enacted or
substantively enacted at the end of reporting period.
2. 主要會計政策概要（續）
所得稅之會計方法
所得稅包括即期稅項及遞延稅項。
即期所得稅資產及╱或負債包括現
行或上個報告期間應向稅務機關支
付或提出而於報告日尚未支付之責
任或索償，乃根據其有關財政期間
之適用稅率及稅務法例，按照本年
度之應課稅溢利計算。所有即期稅
務資產或負債之變動於損益表確認
為稅項開支一部份。
遞延稅項乃就用於財務報告目的之
資產及負債的賬面值與用於稅務目
的之相應金額之間的暫時差額確
認。除商譽以及不影響會計或應課
稅溢利的已確認資產及負債外，會
就所有應課稅暫時差額確認遞延稅
項負債。遞延稅項資產於有可能動
用應課稅溢利抵銷可抵扣暫時差額
的情況確認。遞延稅項乃按適用於
預期變現資產或清償負債賬面值的
方式以及於報告期間結束時已頒佈
或實質上已頒佈的稅率計量。
KK Culture Holdings Limited
Annual Report 2017102
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Accounting for income taxes (Continued)
Deferred tax liabilities are recognised for taxable
temporary differences arising on investments in
subsidiaries except where the Group is able to control
the reversal of the temporary differences and it is
probable that the temporary differences will not reverse
in the foreseeable future.
Deferred tax is calculated, without discounting, at
tax rates that are expected to apply in the period the
liability is settled or the asset realised, provided they are
enacted or substantively enacted at the reporting date.
Changes in deferred tax assets or liabilities are
recognised in profit or loss, or in other comprehensive
income or directly in equity if they relate to items that
are charged or credited to other comprehensive income
or directly to equity.
Current tax assets and current tax liabilities are
presented in net if, and only if,
(a) the Group has the legally enforceable right to
set off the recognised amounts; and
(b) intends either to settle on a net basis, or
to realise the asset and settle the liability
simultaneously.
2. 主要會計政策概要（續）
所得稅之會計方法（續）
遞延稅項負債乃就於附屬公司之投
資產生之應課稅暫時差額確認，惟
倘本集團可控制暫時差額之撥回及
暫時差額可能不會於可見將來撥回
則除外。
遞延稅項不計貼現，按預期付還負
債或變現資產之期間適用而於報告
日已實施或大致實施之稅率計算。
遞延稅項資產或負債之變動乃於損
益表中確認，倘與於其他全面收益
或股本直接扣除或計入之項目有
關，則於其他全面收益或直接於股
本中確認。
即期稅項資產與即期稅項負債只會
於以下情況以淨額呈列：
(a) 本集團依法有強制執行權可
以將已確認金額對銷；及
(b) 計劃以淨額基準結算或同時
實現資產及結清負債。
KK文化控股有限公司
二零一七年年報 103
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Accounting for income taxes (Continued)
The Group presents deferred tax assets and deferred
tax liabilities in net if, and only if,
(a) the entity has a legally enforceable right to
set off current tax assets against current tax
liabilities; and
(b) the deferred tax assets and the deferred tax
liabilities relate to income taxes levied by the
same taxation authority on either:
(i) the same taxable entity; or
(ii) different taxable entities which intend
either to settle current tax liabilities
and assets on a net basis, or to realise
the assets and settle the liabilities
simultaneously, in each future period in
which significant amounts of deferred
tax liabilities or assets are expected to be
settled or recovered.
Segment reporting
The Group identifies operating segments and prepares
segment information based on the regular internal
financial information reported to the Directors for
their decisions about resources allocation to the
Group’s business components and for their review of
the performance of those components. The business
components in the internal financial information
reported to the executive directors are determined
following the Group’s major product and service lines.
2. 主要會計政策概要（續）
所得稅之會計方法（續）
本集團只會於以下情況以淨額呈列
遞延稅項資產與遞延稅項負債：
(a) 該實體依法有強制執行權可
以將即期稅項資產與即期稅
項負債對銷；及
(b) 遞延稅項資產與遞延稅項負
債是關於同一稅務機關就以
下任何一項所徵收的所得
稅：
(i) 同一應課稅實體；或
(ii) 計劃於各段未來期間
（而預期在有關期間
內將結清或收回大額
的遞延稅項負債或資
產）以淨額基準結算
即期稅項負債與資產
或同時實現資產及結
清負債的不同應課稅
實體。
分部報告
本集團定期向董事報告內部財務資
料，以供彼等就本集團業務組成部
份的資源分配作決定，以及供彼等
檢討該等組成部份的表現，而本集
團則根據該等資料劃分營運分部及
編製分部資料。向執行董事報告之
內部財務資料的業務組成部份，乃
依照本集團之主要產品及服務類別
而釐定。
KK Culture Holdings Limited
Annual Report 2017104
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Segment reporting (Continued)
The Group has identified the following reportable
segments:
• Advertising – providing advertising services on
different publications, magazines, trains and
other advertising media.
• Property investment – investment in properties
held to earn rentals or for capital appreciation
or for both.
Each of these operating segments is managed
separately as each of the product and service lines
requires different resources as well as marketing
approaches. All inter-segment transfers are carried out
at arm’s length prices.
The measurement policies the Group uses for reporting
segment results under HKFRS 8 are the same as those
used in its financial statements prepared under HKFRSs,
except that:
• expenses related to share-based payments
• finance costs
• income tax
are not included in arriving at the operating results of
the operating segments.
Segment assets include all assets but corporate assets
which are not directly attributable to the business
activities of any operating segment.
2. 主要會計政策概要（續）
分部報告（續）
本集團已劃分以下可呈報分部：
• 廣告 – 於不同刊物、雜誌、
列車及其他廣告媒體提供廣
告服務。
• 物業投資 – 賺取租金或實現
資本增值或為兩者兼得投資
於物業。
由於各產品及服務系列需要不同資
源以及市場推廣方法，因此上述各
營運分部是分開管理。所有分部間
之轉讓是按公平價格進行。
本集團根據香港財務報告準則第8
號就報告分部業績所採用的計量政
策，與根據香港財務報告準則於財
務報表所採用的相同，惟以下所述
者：
• 與以股份為基礎之支付有關
之開支
• 財務費用
• 所得稅
於計算營運分部的經營業績時並不
包括在內。
分部資產包括所有資產，惟並非任
何營運分部直接應佔之業務活動的
企業資產除外。
KK文化控股有限公司
二零一七年年報 105
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Segment reporting (Continued)
Segment liabilities exclude corporate liabilities which
are not directly attributable to the business activities
of any operating segment and are not allocated to
a segment. These include deferred tax liabilities and
liabilities incurred for financing rather than operating
purposes.
No asymmetrical allocations have been applied to
reportable segments.
Related parties
(a) A person or a close member of that person’s
family is related to the Group if that person:
(i) has control or joint control over the
Group;
(ii) has significant influence over the Group;
or
(iii) is a member of key management personnel
of the Group or the Company’s parent.
(b) An entity is related to the Group if any of the
following conditions apply:
(i) The entity and the Group are members
of the same group (which means that
each parent, subsidiary and fellow
subsidiary is related to the others).
(ii) One entity is an associate or joint venture
of the other entity (or an associate or
joint venture of a member of a group of
which the other entity is a member).
2. 主要會計政策概要（續）
分部報告（續）
分部負債不包括並非任何營運分部
直接應佔之業務活動的企業負債及
並不會分配至分部，此乃指遞延稅
項負債及因融資（而非營運目的）而
產生之負債。
並無對可呈報分部採用非對稱的分
配。
有關連人士
(a) 該名人士於符合以下條件
時，該名人士或其家族之近
親與本集團方有關連：
(i) 對本集團擁有控制權
或聯合控制權；
(ii) 對本集團擁有重大影
響；或
(iii) 為本集團或本公司母
公司之主要管理層人
員。
(b) 實體於適用以下任何條件
時，與本集團方有關連：
(i) 實體與本集團為同
一集團成員， 即母公
司、附屬公司及同系
附屬公司各自彼此相
互關連。
(ii) 某一實體為另一實體
之聯營公司或合營公
司，或為另一實體所
屬集團成員之聯營公
司或合營公司。
KK Culture Holdings Limited
Annual Report 2017106
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Related parties (Continued)
(b) (Continued)
(iii) Both entities are joint ventures of the
same third party.
(iv) One entity is a joint venture of a third
entity and the other entity is an associate
of the third entity.
(v) The entity is a post-employment benefit
plan for the benefit of the employees
of the Group or an entity related to the
Group.
(vi) The entity is control led or joint ly
controlled by a person identified in (a).
(vii) A per son ident i f i ed in (a ) ( i ) has
significant influence over the entity
or is a member of key management
personnel of the entity (or of a parent of
the entity).
(viii) The entity, or any member of a group
of which it is a part, provides key
management personnel services to the
Group or to the Group’s parent.
2. 主要會計政策概要（續）
有關連人士（續）
(b) （續）
(iii) 實體均為同一第三方
之合營公司。
(iv) 實體為第三實體之合
營公司，而另一實體
為第三實體之聯營公
司。
(v) 實體是為本集團或與
本集團有關之實體之
僱員福利所設立之離
職後福利計劃。
(vi) 實體受 (a)所界定人士
控制或聯合控制。
(vii) (a)(i)所界定人士對實
體擁有重大影響或為
實體或該名實體母公
司之主要管理層人
員。
(viii) 該實體或其所屬集團
之任何成員向本集團
或本集團之母公司提
供主要管理層人員服
務。
KK文化控股有限公司
二零一七年年報 107
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (Continued)
Related parties (Continued)
Close members of the family of a person are those
family members who may be expected to influence, or
be influenced by, that person in their dealings with the
entity and include:
(i) that person’s children and spouse or domestic
partner;
(ii) children of that person’s spouse or domestic
partner; and
(iii) dependents of that person or that person’s
spouse or domestic partner.
3. ADOPTION OF NEW OR AMENDED HKFRSs
New or amended HKFRSs which are effective
during the year
During the year, the Group has applied for the first
time the following new or amended HKFRSs issued
by the HKICPA, which are relevant to and effective for
the Group’s financial statements for the annual period
beginning on 1 January 2017:
Amendments to HKAS 7 – Disclosure Initiative
The amendments introduce an additional disclosure
that will enable users of financial statements to
evaluate changes in liabilities arising from financing
activities.
The adoption of the amendments has led to the
additional disclosure presented in the notes to the cash
flow statement, Note 38.
2. 主要會計政策概要（續）
有關連人士（續）
該名人士之家族近親為預期將會影
響與實體交易之該名人士或受其影
響之家族成員並包括：
(i) 該名人士之子女及配偶或同
居伴侶；
(ii) 該名人士之配偶或同居伴侶
的子女；及
(iii) 該名人士或該名人士之配偶
或同居伴侶的受養人。
3. 採納新訂立或經修訂香港財務報
告準則
於本年度內生效的新訂立或經修訂
香港財務報告準則
於本年度，本集團已首次採納以下
由香港會計師公會頒佈的新訂立或
經修訂香港財務報告準則，其與本
集團於二零一七年一月一日開始的
年度期間的財務報表有關並於該財
務報表生效：
香港會計準則第7號之修訂 – 披露
計劃
該等修訂引入其他披露，令財務報
表之用戶可評估融資活動所產生負
債之變動。
採納該等修訂導致在現金流量表附
註（附註38）作出額外披露。
KK Culture Holdings Limited
Annual Report 2017108
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are effective
during the year (Continued)
Amendments to HKAS 12 – Recognition of
Deferred Tax Assets for Unrealised Losses
The amendments relate to the recognit ion of
deferred tax assets and clarify some of the necessary
considerations, including how to account for deferred
tax assets related to debt instruments measured of fair
value.
The adoption of the amendments has no impact on
these financial statements as the clarified treatment
is consistent with the manner in which the Group has
previously recognised deferred tax assets.
Annual improvements to HKFRSs 2014-2016
Cycle – Amendments to HKFRS 12, Disclosure of
Interests in Other Entities
The amendments issued under the annual improvements
process make small, non-urgent changes to standards
where they are currently unclear. They include
amendments to HKFRS 12, Disclosure of Interests
in Other Entities, to clarify that the disclosure
requirements of HKFRS 12, other than the requirements
to disclose summarised financial information, also apply
to an entity’s interests in other entities classified as
held for sale or discontinued operations in accordance
with HKFRS 5, Non-Current Assets Held for Sale and
Discontinued Operations.
3. 採納新訂立或經修訂香港財務報
告準則（續）
於本年度內生效的新訂立或經修訂
香港財務報告準則（續）
香港會計準則第12號之修訂 – 就未
變現虧損確認遞延稅項資產
該等修訂與遞延稅項資產之確認有
關，並澄清部分必要考量因素，包
括與按公平價值計量的債務工具相
關的遞延稅項資產該如何入賬。
由於已澄清處理與本集團過往確認
遞延稅項資產的方式一致，採納該
等修訂對本財務報表並無影響。
二零一四年至二零一六年週期的香
港財務報告準則年度改進 – 香港財
務報告準則第12號「於其他實體的
權益披露」之修訂
根據年度改進過程頒佈的該等修訂
對現時並不明確的多項準則作出微
細及不急切的修改。其中包括對香
港財務報告準則第12號「於其他實
體的權益披露」之修訂，以釐清香港
財務報告準則第12號的披露規定（披
露財務資料概要除外）亦適用於實體
根據香港財務報告準則第5號「持有
待售的非流動資產及已終止經營業
務」分類為持有待售的其他實體或已
終止經營業務的權益。
KK文化控股有限公司
二零一七年年報 109
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are effective
during the year (Continued)
Annual improvements to HKFRSs 2014-2016
Cycle – Amendments to HKFRS 12, Disclosure of
Interests in Other Entities (Continued)
The adoption of the amendments to HKFRS 12 has
no impact on these financial statements as the latter
treatment is consistent with the manner in which the
Group has previously dealt with disclosures relating to
its interests in other entities classified as held for sale or
discontinued operations in accordance with HKFRS 5.
New or amended HKFRSs which are issued
but not yet effective
At the date of this report, certain new and amended
HKFRSs have been published but are not yet effective,
and have not been adopted early by the Group.
The directors of the Company anticipate that all of
the pronouncements will be adopted in the Group’s
accounting policy for the first period beginning after
the effective date of the pronouncement. The directors
of the Company are currently assessing the impact of
the new and amended HKFRSs upon initial application.
So far, the Directors have preliminarily concluded that
the initial application of these HKFRSs will not result in
material financial impact on the consolidated financial
statements. Information on new and amended HKFRSs
that are expected to have an impact on the Group’s
accounting policies is provided below.
3. 採納新訂立或經修訂香港財務報
告準則（續）
於本年度內生效的新訂立或經修訂
香港財務報告準則（續）
二零一四年至二零一六年週期的香
港財務報告準則年度改進 — 香港財
務報告準則第12號「於其他實體的
權益披露」之修訂（續）
採納香港財務報告準則第12號之修
訂對本財務報表並無影響，原因是
後者之處理方式與本集團先前根據
香港財務報告準則第5號披露有關
其於列為持有待售之其他實體或已
終止經營業務之權益之方式一致。
已頒佈但未生效的新訂立或經修訂
香港財務報告準則
於本報告日期，若干新訂立及經修
訂之香港財務報告準則已經頒佈但
尚未生效，亦未由本集團提前採納。
本公司董事預期，本集團將於有關
規定生效日期後之首個期間在會計
政策中採納所有有關規定。本公司
董事現正評估首次應用新訂立及經
修訂香港財務報告準則之影響。迄
今，董事作出之初步結論為首次應
用此等香港財務報告準則將不會對
綜合財務報表造成重大財務影響。
有關預期對本集團會計政策產生影
響之新訂立及經修訂香港財務報告
準則之資料提供如下。
KK Culture Holdings Limited
Annual Report 2017110
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
Amendments to HKFRS 2 – Class i f icat ion
and Measurement of Share-based Payment
Transactions
Th i s amendment i s e ffec t i ve for account ing
periods beginning on or after 1 January 2018. The
amendments provide requirements on the accounting
for the effects of vesting and non-vesting conditions
on the measurement of cash-settled share-based
payments; share-based payment transactions with a
net settlement feature for withholding tax obligations;
and a modification to the terms and conditions of a
share-based payment that changes the classification of
the transaction from cash-settled to equity-settled.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港財務報告準則第2號之修訂 –股
份付款交易的分類及計量
此項修訂對二零一八年一月一日或
之後開始之會計期間生效。該等修
訂訂明歸屬及非歸屬條件對現金結
算股份付款計量的影響；因預扣稅
責任具有淨額結算特徵的股份付款
交易；以及使交易類別由現金結算
變更為以股本結算之股份付款條款
及條件的修訂的會計處理規定。
KK文化控股有限公司
二零一七年年報 111
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
HKFRS 9 – Financial Instruments
This standard is effective for accounting periods
beginning on or after 1 January 2018. HKFRS 9
introduces new requirements for the classification and
measurement of financial assets. Debt instruments that
are held within a business model whose objective is to
hold assets in order to collect contractual cash flows (the
business model test) and that have contractual terms
that give rise to cash flows that are solely payments
of principal and interest on the principal amount
outstanding (the contractual cash flow characteristics
test) are generally measured at amortised cost. Debt
instruments that meet the contractual cash flow
characteristics test are measured at fair value through
other comprehensive income if the objective of the
entity’s business model is both to hold and collect
the contractual cash flows and to sell the financial
assets. Entities may make an irrevocable election at
initial recognition to measure equity instruments that
are not held for trading at fair value through other
comprehensive income. All other debt and equity
instruments are measured at fair value through profit
or loss.
HKFRS 9 includes a new expected loss impairment
model for all financial assets not measured at fair
value through profit or loss replacing the incurred loss
model in HKAS 39 and new general hedge accounting
requirements to allow entities to better reflect their risk
management activities in financial statements.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港財務報告準則第9號 – 財務工
具
此項準則對二零一八年一月一日或
之後開始之會計期間生效。香港財
務報告準則第9號引進有關財務資
產分類及計量之新要求。按業務模
式持有而目的為收取合約現金流之
債務工具（業務模式測試）以及具產
生現金流之合約條款且僅為支付本
金及未償還本金利息之債務工具（合
約現金流特徵測試），一般按攤銷成
本計量。倘該實體業務模式之目的
為持有及收取合約現金流以及出售
財務資產，則符合合約現金流特徵
測試之債務工具按透過其他全面收
益按公平價值列賬之方式計量。實
體可於最初確認時作出不可撤銷之
選擇，以按透過其他全面收益按公
平價值列賬之方式計量並非持作買
賣之股本工具。所有其他債務及股
本工具按透過損益表按公平價值列
賬之方式計量。
香港財務報告準則第9號就並非按
透過損益表按公平價值列賬之方式
計量之所有財務資產納入新的預期
虧損減值模式（取代了香港會計準則
第39號之已產生虧損模式）以及新
的一般對沖會計規定，以讓實體於
財務報表內更好地反映其風險管理
活動。
KK Culture Holdings Limited
Annual Report 2017112
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
HKFRS 9 – Financial Instruments (Continued)
HKFRS 9 carries forward the recognition, classification
and measurement requirements for financial liabilities
from HKAS 39, except for financial liabilities designated
at fair value through profit or loss, where the amount
of change in fair value attributable to change in credit
risk of the liability is recognised in other comprehensive
income unless that would create or enlarge an
accounting mismatch. In addition, HKFRS 9 retains the
requirements in HKAS 39 for derecognition of financial
assets and financial liabilities.
The directors of the Company anticipate that the
application of the expected credit loss model of HKFRS
9 might result in earlier provision of credit losses in
relation to the Group’s trade receivables measured at
amortised costs. However, management expects the
effect would not be significant.
Amendments to HKFRS 9 – Prepayment Features
with Negative Compensation
This amendment is effective for accounting periods
beginning on or after 1 January 2019. The amendments
clarify that prepayable financial assets with negative
compensation can be measured at amortised cost or
at fair value through other comprehensive income if
specified conditions are met – instead of at fair value
through profit or loss.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港財務報告準則第9號 – 財務工
具（續）
香港財務報告準則第9號沿用香港
會計準則第39號項下財務負債之確
認、分類及計量規定，惟指定透過
損益表按公平價值列賬之財務負債
除外，而負債信貸風險變動引致之
公平價值變動金額於其他全面收益
確認，除非會產生或擴大會計錯配
則作別論。此外，香港財務報告準
則第9號保留香港會計準則第39號
終止確認財務資產及財務負債之規
定。
本公司董事預測應用香港財務報告
準則第9號的預期信貸虧損模式或
會導致就本集團按攤銷成本計量之
貿易應收款項提早計提信貸虧損撥
備。然而，管理層預期此影響並不
大。
香港財務報告準則第 9 號之修訂－
負值補償之預付特點
此項修訂對二零一九年一月一日或
之後開始之會計期間生效。有關修
訂澄清，倘符合指定條件，負值補
償的可預付財務資產可按攤銷成本
或透過其他全面收益按公平價值列
賬之方式計量 － 而非透過損益按公
平價值列賬之方式計量。
KK文化控股有限公司
二零一七年年報 113
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
HKFRS 15 – Revenue from Contracts with
Customers
This standard is effective for accounting periods
beginning on or after 1 January 2018. The new
standard establishes a single revenue recognition
framework. The core principle of the framework is
that an entity should recognise revenue to depict the
transfer of promised goods or services to customers
in an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those
goods and services. HKFRS 15 supersedes existing
revenue recognition guidance including HKAS 18
Revenue, HKAS 11 Construction Contracts and related
interpretations.
HKFRS 15 requires the application of a 5-step approach
to revenue recognition:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligations in the
contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to each
performance obligation
Step 5: Recognise revenue when each performance
obligation is satisfied
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港財務報告準則第15號 – 來自與
客戶合約之收益
此項準則對二零一八年一月一日或
之後開始之會計期間生效。此項新
準則確立一套單獨的收益確認框
架。該框架的核心原則為實體應確
認收益以用金額描述轉讓承諾商品
或服務予客戶，該金額反映預期該
實體有權就交換該等商品及服務所
收取的代價。香港財務報告準則第
15號將取代現行收益確認指引（包
括香港會計準則第18號「收益」、香
港會計準則第11號「建築合約」及
相關詮釋）。
香港財務報告準則第 15 號要求以五
個步驟確認收益：
第一步： 識別與客戶的合約
第二步： 識別合約中的履約責任
第三步： 釐定交易價
第四步： 將交易價分配至各履約責
任
第五步： 於各履約責任完成時確認
收益
KK Culture Holdings Limited
Annual Report 2017114
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
HKFRS 15 – Revenue from Contracts with
Customers (Continued)
HKFRS 15 includes specific guidance on particular
revenue related topics that may change the current
approach taken under HKFRS. The standard also
significantly enhances the qualitative and quantitative
disclosures related to revenue.
The directors of the Company anticipate that the
application of HKFRS 15 in the future may result in
more disclosures, however, they do not anticipate that
the application of HKFRS 15 will have a material impact
on the timing and amounts of revenue recognised in
the respective reporting periods.
Amendments to HKFRS 15 – Revenue from
Contracts with Customers (Clarifications to HKFRS
15)
This amendment is effective for accounting periods
beginning on or after 1 January 2018. The amendments
to HKFRS 15 included clarifications on identification of
performance obligations; application of principal versus
agent; licenses of intellectual property; and transition
requirements.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港財務報告準則第15號 – 來自與
客戶合約之收益（續）
香港財務報告準則第15號包含與特
定收益相關課題的特定指引，該等
指引或會更改根據香港財務報告準
則現時應用之方法。該準則亦顯著
提升與收益相關的質化與量化披露。
本公司董事預期，日後應用香港財
務報告準則第 15 號或會導致更多披
露，但預期應用香港財務報告準則
第 15 號不會對相關報告期間確認收
益的時間及金額產生重大影響。
香港財務報告準則第15號之修訂 –
來自與客戶合約之收益（香港財務報
告準則第 15 號的澄清）
此項準則對二零一八年一月一日或
之後開始之會計期間生效。香港財
務報告準則第 15號之修訂包括對識
別履約責任作出澄清；應用委託人
相對於代理人之概念；知識產權之
許可；及過渡規定。
KK文化控股有限公司
二零一七年年報 115
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
HKFRS 16 – Leases
This standard is effective for accounting periods
beginning on or after 1 January 2019. HKFRS 16,
which upon the effective date will supersede HKAS
17 “Leases” and related interpretations, introduces a
single lessee accounting model and requires a lessee
to recognise assets and liabilities for all leases with
a term of more 12 months, unless the underlying
asset is of low value. Specifically, under HKFRS 16,
a lessee is required to recognise a right-of-use asset
representing its right to use the underlying leased asset
and a lease liability representing its obligation to make
lease payments. Accordingly, a lessee should recognise
depreciation of the right-of use asset and interest on
the lease liability, and also classifies cash repayments of
the lease liability into a principal portion and an interest
portion and presents them in the statement of cash
flows. Also, the right-of-use asset and the lease liability
are initially measured on a present value basis. The
measurement includes non-cancellable lease payments
and also includes payments to be made in optional
periods if the lessee is reasonably certain to exercise
an option to extend the lease, or to exercise an option
to terminate the lease. This accounting treatment is
significantly different from the lessee accounting for
leases that are classified as operating leases under the
predecessor standard, HKAS 17.
In respect of the lessor accounting, HKFRS 16
substantially carries forward the lessor accounting
requirements in HKAS 17. Accordingly, a lessor
continues to classify its leases as operating leases or
finance leases, and to account for those two types of
leases differently.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港財務報告準則第16號 – 租賃
此項準則對二零一九年一月一日或
之後開始之會計期間生效。香港財
務報告準則第16號（將於生效日期
起取代香港會計準則第17號「租賃」
及相關詮釋）引入單一承租人會計
處理模式，並規定承租人就為期超
過12個月之所有租賃確認資產及負
債，除非相關資產為低價值資產。
具體而言，根據香港財務報告準則
第16號，承租人須確認使用權資產
（表示其有權使用相關租賃資產）及
租賃負債（表示其有責任支付租賃款
項）。因此，承租人應確認使用權資
產折舊及租賃負債利息，並將租賃
負債之現金還款分類為本金部分及
利息部分，在現金流量表中呈列。
此外，使用權資產及租賃負債初步
按現值基準計量。計量包括不可註
銷租賃付款，亦包括在承租人合理
肯定會行使選擇權延續租賃，或不
行使選擇權而中止租賃之情況下，
將於選擇權期間內作出之付款。此
會計處理方法與承租人就租賃採用
之會計處理方法存在明顯差異，承
租人所採用之會計處理方法適用於
根據原準則香港會計準則第17號分
類為經營租賃之租賃。
就出租人會計處理方法而言，香港
財務報告準則第16號大致轉承了香
港會計準則第17號之出租人會計處
理方法之規定。因此，出租人繼續
將其租賃分類為經營租賃或融資租
賃，並且以不同方式將兩類租賃入
賬。
KK Culture Holdings Limited
Annual Report 2017116
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
Amendments to HKAS 40, Investment Property –
Transfers of Investment Property
This amendment is effective for accounting periods
beginning on or after 1 January 2018. The amendments
clarify that to transfer to or from investment properties
there must be a change in use and provides guidance
on making this determination. The clarification states
that a change of use will occur when a property meets,
or ceases to meet, the definition of investment property
and there is supporting evidence that a change has
occurred.
The amendments also re-characterise the list of
evidence in the standard as a non-exhaustive list,
thereby allowing for other forms of evidence to support
a transfer.
HK(IFRIC)-Int 22 – Foreign Currency Transactions
and Advance Consideration
This Interpretation is effective for accounting
periods beginning on or after 1 January 2018. The
Interpretation provides guidance on determining the
date of the transaction for determining an exchange
rate to use for transactions that involve advance
consideration paid or received in a foreign currency
and the recognition of a non-monetary asset or non-
monetary liability. The Interpretations specifies that the
date of the transaction for the purpose of determining
the exchange rate to use on initial recognition of the
related asset, expense or income (or part thereof) is the
date on which the entity initially recognises the non-
monetary asset or non-monetary liability arising from
the payment or receipt of advance consideration.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港會計準則第40號之修訂，投資
物業 – 投資物業轉撥
此項修訂對二零一八年一月一日或
之後開始之會計期間生效。此項修
訂澄清投資物業的轉入及轉出都必
須存在用途改變，並就釐定用途有
否改變提供指引。澄清述明，倘物
業符合或不再符合投資物業之定義
及有證據證明用途改變，則出現用
途改變。
該修訂本亦將該準則中的證據清單
重新定性為非詳盡清單，因此，其
他形式的證據亦可證明轉撥。
香港（國際財務報告詮釋委員會）–
詮釋第22號 – 外幣交易及預付代價
此項詮釋對二零一八年一月一日或
之後開始之會計期間生效。該詮釋
就以下事項提供指引，即如何為釐
定用於涉及以外幣支付或收取預
付代價的交易的匯率而釐定交易日
期，以及如何確認非貨幣資產或非
貨幣負債。該等詮釋指出，釐定首
次確認相關資產、開支或收入（或當
中部份）所使用之匯率之交易日期為
實體首次確認支付或收取預付代價
產生的非貨幣資產或非貨幣負債之
日。
KK文化控股有限公司
二零一七年年報 117
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
3. ADOPTION OF NEW OR AMENDED HKFRSs
(Continued)
New or amended HKFRSs which are issued
but not yet effective (Continued)
HK(IFRIC)-Int 23 – Uncertainty over Income Tax
Treatments
This Interpretation is effective for accounting
periods beginning on or after 1 January 2019. The
Interpretation supports the requirements of HKAS
12, Income Taxes, by providing guidance over how
to reflect the effects of uncertainty in accounting for
income taxes.
Under the Interpretation, the entity shall determine
whether to consider each uncertain tax treatment
separately or together based on which approach
better predicts the resolution of the uncertainty. The
entity shall also assume the tax authority will examine
amounts that it has a right to examine and have full
knowledge of all related information when making
those examinations. If the entity determines it is
probable that the tax authority will accept an uncertain
tax treatment, then the entity should measure current
and deferred tax in line with its tax filings. If the entity
determines it is not probable, then the uncertainty
in the determination of tax is reflected using either
the “most likely amount” or the “expected value”
approach, whichever better predicts the resolution of
the uncertainty.
3. 採納新訂立或經修訂香港財務報
告準則（續）
已頒佈但未生效的新訂立或經修訂
香港財務報告準則（續）
香港（國際財務報告詮釋委員會）－
詮釋第 23 號 － 所得稅處理之不確
定性
此項詮釋對二零一九年一月一日或
之後開始之會計期間生效。該詮釋
透過就如何反映所得稅會計處理涉
及的不確定性因素提供指引，為香
港會計準則第 12 號所得稅的規定提
供支持。
根據該詮釋，實體須釐定分別或集
中考慮各項不確定稅項處理，以更
好預測不確定性因素的解決方式。
實體亦須假設稅務機關將會檢討其
有權檢討的金額，並在作出上述檢
討時完全知悉所有相關資料。如實
體釐定稅務機關可能會接受一項不
確定稅項處理，則實體應按與其稅
務申報相同的方式計量即期及遞延
稅項。否則，釐定稅項涉及的不確
定性因素採用「最可能金額」或「預
期值」法兩者中能更好預測不確定性
因素解決方式的方法來反映。
KK Culture Holdings Limited
Annual Report 2017118
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
4. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS
Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including
expectations of future events that are believed to be
reasonable under the circumstances.
The preparation of the consolidated financial statements
requires management to make judgement, estimates and
assumptions concerning the future. The resulting accounting
estimates will, by definition, seldom equal the related actual
results. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year are
discussed below:
(i) Estimated impairment of receivables
Impairment of receivables of the Group is based on,
where appropriate, the evaluation of collectability
and ageing analysis of the receivables and on the
management’s judgement. A considerable amount
of judgement is required in assessing the ultimate
realisation of these outstandings, including the current
creditworthiness and the past collection history of each
debtor. If the financial conditions of debtors of the
Group were to deteriorate, resulting in an impairment
of their ability to make payments, additional provision
for impairment may be required.
4. 重要會計估計及判斷
估計及判斷會根據過往經驗及其他因素（包
括在有關情況對未來事件作出應為合理之
預期）持續評估。
編製綜合財務報表需要管理層就未來作出
判斷、估計及假設。從推算所得的會計估
計通常有別於相關實際結果。以下論述導
致資產與負債賬面值於下個財政年度出現
重大調整之重大風險的有關估計及假設：
(i) 應收款項之估計減值
本集團對應收款項作出之減值為於
適當情況，按管理層判斷評估是否
可收回款項及應收款項之賬齡分
析。評估該等未償還款項最終實現
與否時，須作出大量判斷，包括各
欠款人現行信譽及過往收款記錄。
倘本集團欠款人之財務狀況轉壞，
以致其還款能力減弱，則或須就減
值作出額外撥備。
KK文化控股有限公司
二零一七年年報 119
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
4. CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS (Continued)
(ii) Depreciation
The Group depreciates property, plant and equipment
and investment properties using straight-line method
over the estimated useful lives, starting from the date
on which the assets are put into use. The estimated
useful lives reflect the directors’ best estimate of
the periods that the Group intends to derive future
economic benefits from the use of the Group’s
property, plant and equipment and investment
properties.
(iii) Current taxation and deferred taxation
The Group is subject to income taxes in different
jurisdictions. Significant judgement is required in
determining the amount of the provision of taxation
and the timing of the related tax. There are many
transactions and calculations for which the ultimate
tax determination is uncertain during the ordinary
course of business. Where the final outcome of the tax
matters is different from the amounts that were initially
recorded, such differences will impact the income tax
and deferred tax provisions in the period in which such
determination is made.
(iv) Estimated impairment of goodwill and other
intangible assets
The Group tests annually whether goodwill and other
intangible assets have suffered any impairment in
accordance with the accounting policy stated in Note
and respectively. The recoverable amounts of
CGUs have been determined based on value-in-use
calculations, which require the Group to estimate the
future cash flows expected to arise from the CGU and
a suitable discount rate in order to calculate the present
value.
4. 重要會計估計及判斷（續）
(ii) 折舊
本集團之物業、廠房及設備以及投
資物業由資產投入使用之日起，以
直線法按估計可使用年期折舊。估
計可使用年期反映董事對本集團擬
自使用該等本集團物業、廠房及設
備以及投資物業產生日後經濟利益
之期間的最佳估計。
(iii) 即期稅項及遞延稅項
本集團須繳納多個不同司法權區之
所得稅。於釐定稅項撥備金額及有
關稅項之時間時須作出重大判斷。
日常業務過程中有大量難以確定最
終稅項之交易及計算。倘最終稅務
結果與最初記錄之金額不同，有關
差額將影響作出有關計算期間之所
得稅及遞延稅項撥備。
(iv) 商譽及其他無形資產之估計減值
本集團每年分別根據附註及
所列之會計政策進行商譽及其他無
形資產減值測試。現金產生單位之
可收回金額已根據使用價值計算法
釐定，根據使用價值計算法，為計
算現值，本集團須估計預期從現金
產生單位產生之未來現金流量以及
合適之貼現率。
KK Culture Holdings Limited
Annual Report 2017120
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
5. TURNOVER
Turnover represents the revenue from the Group’s principal
activities as analysed below:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Advertising income 廣告收入 97,810 95,829
Rental income 租金收入 724 698
98,534 96,527
6. SEGMENT INFORMATION
The executive directors have identified the Group’s two service
lines as operating segments as described in Note . These
operating segments are monitored and strategic decisions are
made on the basis of adjusted segment operating results.
Advertising Property investment Consolidated
廣告 物業投資 綜合
2017 2016 2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元
Revenue 收益
– External sales – 對外銷售 97,810 95,829 724 698 98,534 96,527
Reportable segment (loss)/profit 可呈報分部（虧損）╱溢利 (50,049) 6,531 (170) 49 (50,219) 6,580
Amortisation of other 其他無形資產攤銷
intangible assets 90,436 41,037 – – 90,436 41,037
Depreciation 折舊 26 122 343 343 369 465
Impairment of trade receivables 貿易應收款項減值 4,556 4 162 – 4,718 4
Gain on disposal of property, 出售物業、廠房及設備之
plant and equipment 收益 (45) – – – (45) –
Reportable segment assets 可呈報分部資產 201,590 206,529 27,656 28,470 229,246 234,999
Additions to non-current 年內添置非流動
segment assets during 分部資產
the year 99,192 112,480 – – 99,192 112,480
Reportable segment liabilities 可呈報分部負債 117,189 123,337 212 253 117,401 123,590
5. 營業額
營業額代表來自本集團主要業務之收益並
分析如下：
6. 分部資料
誠如附註所述，執行董事已劃分本集
團兩項服務系列為營運分部。此等營運分
部乃根據經調整分部營運業績而監察並按
此基準作出策略決定。
KK文化控股有限公司
二零一七年年報 121
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
6. SEGMENT INFORMATION (Continued)
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Total reportable segments’ (loss)/profit 可呈報分部（虧損）╱溢利總額 (50,219) 6,580
Equity-settled share-based payment 以股本結算之股份付款開支
expenses – (4,687)
Unallocated corporate income 未分配企業收入 2,976 179
Unallocated corporate expenses * 未分配企業費用 * (32,181) (17,683)
Finance costs 財務費用 (2,101) (602)
Loss before income tax 除所得稅前虧損 (81,525) (16,213)
Total reportable segments’ assets 可呈報分部資產總額 229,246 234,999
Available-for-sale financial assets 可供出售財務資產 17,369 44,979
Non-current assets classified as held 列為持有待售的非流動資產
for sales 28,588 –
Loan receivables 應收貸款 4,000 –
Deposit for acquisition of property, 收購物業、廠房及設備之押金
plant and equipment 3,988 –
Cash and cash equivalents 現金及現金等值項目 16,812 73,640
Other corporate assets 其他企業資產 24,811 9,953
Group’s assets 集團資產 324,814 363,571
Total reportable segment’s liabilities 可呈報分部負債總額 117,401 123,590
Amount due to a shareholder 應付一名股東款項 – 13,950
Bank borrowings 銀行借貸 5,896 –
Deferred tax liabilities 遞延稅項負債 – 7,869
Loans from a shareholder 一名股東提供之貸款 40,312 –
Other corporate liabilities 其他企業負債 11,922 456
Group’s liabilities 集團負債 175,531 145,865
* Unallocated corporate expenses mainly included staff costs
and legal and professional expenses incurred by the Company.
6. 分部資料（續）
* 未分配企業費用主要包括本公司所產生
之員工成本以及法律及專業費用。
KK Culture Holdings Limited
Annual Report 2017122
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
6. SEGMENT INFORMATION (Continued)
The Group’s revenues from external customers and its non-
current assets other than financial instruments are divided into
the following geographical areas.
Revenue from
external customers Non-current assets
來自外界客戶之收益 非流動資產
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
PRC 中國 36,652 28,342 157,913 7,133
Hong Kong (domicile) 香港（主體所在地） 61,882 68,185 57,148 231,351
98,534 96,527 215,061 238,484
Sales by geographical markets are analysed based on the
location of customers and the geographical location of non-
current assets is based on the physical location of the assets.
Revenue from a major customer with whom transaction has
exceeded 10% of the Group’s revenue is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Advertising – Customer A 廣告 – 客戶甲 26,932 23,730
6. 分部資料（續）
本集團來自外界客戶之收益以及其非流動
資產（不包括財務工具）是劃分為以下地區。
按地區市場劃分之銷售乃根據客戶所在地
而分析，而非流動資產之地理位置則是根
據資產之實際所在地而釐定。
其交易超過本集團收益10%之主要客戶的
收益如下：
KK文化控股有限公司
二零一七年年報 123
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
7. OTHER INCOME
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Interest income 利息收入 224 3
Imputed interest income on 一名股東提供之非流動不計利息
non-current interest-free loan 貸款之估計利息收入
from a shareholder 1,259 –
Dividend income from listed equity 上市股本證券之股息收入
securities – 174
Gain on disposals of property, 出售物業、廠房及設備之收益
plant and equipment 411 –
Gain on disposals of prepaid land 出售預付土地租金之收益
lease payments 724 –
Bad debts recovered 已收回之壞賬 7 52
Exchange gain 匯兌收益 3,568 –
Sundry income 雜項收入 143 151
6,336 380
8. FINANCE COSTS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Interest charges on bank borrowings 當中包含須按要求還款之
with repayment on demand clause 條款的銀行借貸（須於
(wholly repayable within twenty 二十年內悉數償還）之利息支出
years) 112 –
Imputed interest expenses arising from 應付特許權費產生之
license right fees payables (Note 26) 估計利息開支（附註26） 2,101 602
2,213 602
7. 其他收入
8. 財務費用
KK Culture Holdings Limited
Annual Report 2017124
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
9. LOSS BEFORE INCOME TAX
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Loss before income tax is arrived 除所得稅前虧損已扣除╱
at after charging/(crediting): （計入）下列各項：
Amortisation of prepaid land 預付土地租金攤銷
lease payments 101 136
Amortisation of other intangible 其他無形資產攤銷*
assets* 90,436 41,037
Auditor’s remuneration 核數師酬金 600 580
Depreciation of property, plant and 物業、廠房及設備之折舊*
equipment* 591 818
Depreciation of investment properties 投資物業之折舊 880 880
Employee benefit expense 僱員福利開支（包括董事酬金）
(including directors emoluments) （附註11）
(Note 11) 33,719 26,943
Impairment of trade receivables# 貿易應收款項減值 # 4,718 4
Minimum lease payments paid under 有關下列項目之經營租約所付
operating leases in respect of: 最低租金：
– Rented premises and production – 租賃物業及生產設施
facilities 5,870 4,304
– Internet access line – 互聯網專線 48 155
– Office equipment – 辦公室設備 91 89
Direct operating expenses arising from 產生租金收入之投資物業之
investment properties that 直接經營開支
generated rental income 184 101
Loss on disposal of a subsidiary# 出售一間附屬公司之虧損 # 1,331 –
* Included in administrative and other operating expenses
# Included in other expenses
During the year, auditor’s remuneration for other services
amounted to HK$150,000 (2016: HK$150,000).
9. 除所得稅前虧損
* 計入行政及其他經營費用
# 計入其他費用
於本年度內， 其他服務之核數師酬金為
150,000港元（二零一六年：150,000港元）。
KK文化控股有限公司
二零一七年年報 125
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
10. DIRECTORS’ REMUNERATION AND SENIOR
MANAGEMENT’S EMOLUMENTS
(a) Directors’ emoluments
The aggregate amounts of the emoluments paid or
payable to the Directors are as follows:
Salaries, Retirement
allowances and benefit
discretionary Share-based scheme
Fee bonuses payment contributions Total
薪金、津貼 以股份支付 退休福利
袍金 及酌情花紅 之款項 計劃供款 合計
(Note)
（附註）
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
2017 二零一七年
Executive directors 執行董事
Mr. Liu Gary Wei 劉維先生 360 – – – 360
Mr. Tsang Hing Bun 曾慶贇先生 662 – – – 662
Non-executive directors 非執行董事
Mr. Chen Jiarong 陳家荣先生
(appointed on 10 January 2017) （於二零一七年一月十日
獲委任） 390 – – – 390
Mr. Yiu Yu Cheung 姚宇翔先生 650 650 – – 1,300
Mr. Leung Siu Kee 梁兆基先生
(Resigned on 26 January 2018) （於二零一八年一月二十六日
辭任） 240 – – – 240
Independent non-executive 獨立非執行董事
directors
Mr. William Keith Jacobsen 葉偉其先生 120 – – – 120
Mr. Chan Chiu Hung, Alex 陳釗洪先生 120 – – – 120
Mr. Chan Siu Lun 陳肇倫先生 120 – – – 120
2,662 650 – – 3,312
10. 董事酬金及高級管理層酬金
(a) 董事酬金
已付或應付董事之酬金總額如下：
KK Culture Holdings Limited
Annual Report 2017126
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
10. DIRECTORS’ REMUNERATION AND SENIOR
MANAGEMENT’S EMOLUMENTS (Continued)
(a) Directors’ emoluments (Continued)
Salaries, Retirement
allowances and benefit
discretionary Share-based scheme
Fee bonuses payment contributions Total
薪金、津貼 以股份支付 退休福利
袍金 及酌情花紅 之款項 計劃供款 合計
(Note)
（附註）
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
2016 二零一六年
Executive directors 執行董事
Mr. Liu Gary Wei 劉維先生 390 – – – 390
Mr. Tsang Hing Bun 曾慶贇先生 670 – 2,343 – 3,013
Ms. Chan Pak Yi 陳栢怡女士
(resigned on 2 June 2016) （於二零一六年六月二日
辭任） 101 – – – 101
Non-executive directors 非執行董事
Mr. Yiu Yu Cheung 姚宇翔先生 650 150 2,344 – 3,144
Mr. Leung Siu Kee (redesignated 梁兆基先生（於二零一六年
from independent non-executive 十二月一日由獨立非執行董事
director to non-executive director 調任為非執行董事）
on 1 December 2016.) 20 – – – 20
Independent non-executive 獨立非執行董事
directors
Mr. William Keith Jacobsen 葉偉其先生 120 – – – 120
Mr. Chan Chiu Hung, Alex 陳釗洪先生
(appointed on 31 March 2016) （於二零一六年三月三十一日
獲委任） 90 – – – 90
Mr. Chan Siu Lun 陳肇倫先生
(appointed on 1 December 2016) （於二零一六年十二月一日
獲委任） 10 – – – 10
Mr. Leung Siu Kee (redesignated 梁兆基先生（於二零一六年
from independent non-executive 十二月一日由獨立非執行董事
director to non-executive director 調任為非執行董事）
on 1 December 2016) 110 – – – 110
Mr. Au Yeung Chi Hang, Jimmy 歐陽至恆先生
(resigned on 31 March 2016) （於二零一六年三月三十一日
辭任） 30 – – – 30
2,191 150 4,687 – 7,028
Fees and other emoluments paid to or for the executive
directors are generally emoluments in respect of
those persons’ other services in connection with the
management of the affairs of the Company and its
subsidiaries.
10. 董事酬金及高級管理層酬金（續）
(a) 董事酬金（續）
向執行董事支付之費用及其他酬金
為就該等人士就與管理本公司及其
附屬公司事務有關之其他服務之一
般酬金。
KK文化控股有限公司
二零一七年年報 127
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
10. DIRECTORS’ REMUNERATION AND SENIOR
MANAGEMENT’S EMOLUMENTS (Continued)
(a) Directors’ emoluments (Continued)
Note:
The amounts represent the estimated value of share options
granted to the directors under the Company’s share option
scheme. The value of these share options is measured
according to the accounting policies for share-based payments
as set out in Note (ii) to the financial statements. Further
details of the options granted are set out in Note 30 to the
financial statements.
During each of the two years ended 31 December 2017 and
2016, none of the Directors waived or agreed to waive any
remuneration and there were no emoluments paid by the
Group to the Directors as an inducement to join, or upon
joining the Group, or as compensation for loss of office.
(b) Five highest paid individuals
The five individuals whose emoluments were the
highest in the Group for the year included one (2016:
two) directors whose emoluments are reflected in the
analysis presented above. Emoluments payable to the
remaining four (2016: three) individuals during the year
are as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Salaries, allowances 薪金、津貼及
and other benefits 其他福利 5,087 2,346
Discretionary bonuses 酌情花紅 670 404
Retirement benefit scheme 退休福利計劃供款
contributions 18 36
5,775 2,786
10. 董事酬金及高級管理層酬金（續）
(a) 董事酬金（續）
附註：
該等金額指根據本公司購股權計劃授予
董事之購股權的估計價值。該等購股權
之價值乃根據財務報表附註(ii) 所
載有關以股份支付之款項之會計政策計
量。有關所授出購股權之進一步詳情載
於財務報表附註30。
於截至二零一七年及二零一六年十二月
三十一日止兩個年度各年，並無董事放
棄或同意放棄任何酬金，而本集團亦並
無支付酬金予董事，作為吸引彼等加入
本集團或於加入本集團時之報酬又或作
為離職補償。
(b) 五位最高薪酬人士
本集團本年度之五位最高薪酬人
士包括一名董事（二零一六年：兩
位），彼等之酬金已於上文呈列之分
析中反映。本年度應付其餘四位（二
零一六年：三位）最高薪酬人士之薪
酬如下：
KK Culture Holdings Limited
Annual Report 2017128
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
10. DIRECTORS’ REMUNERATION AND SENIOR
MANAGEMENT’S EMOLUMENTS (Continued)
(b) Five highest paid individuals (Continued)
The emoluments fell within the following bands:
Number of individuals
人數
2017 2016
二零一七年 二零一六年
Emolument bands 酬金範圍
HK$500,001 – HK$1,000,000 500,001港元至1,000,000港元 2 2
HK$1,000,001 – HK$1,500,000 1,000,001港元至1,500,000港元 – 1
HK$1,500,001 – HK$2,000,000 1,500,001港元至2,000,000港元 1 –
HK$2,000,001 – HK$2,500,000 2,000,001港元至 2,500,000港元 1 –
4 3
During each of the two years ended 31 December
2017 and 2016, no emoluments were paid by the
Group to any of the five highest paid individuals as an
inducement to join or upon joining the Group or as
compensation for loss of office.
10. 董事酬金及高級管理層酬金（續）
(b) 五位最高薪酬人士（續）
酬金介乎下列範圍：
於截至二零一七年及二零一六年
十二月三十一日止兩個年度各年，
本集團並無支付酬金予五位最高薪
人士，作為吸引彼等加入本集團或
於加入本集團時之報酬又或作為離
職補償。
KK文化控股有限公司
二零一七年年報 129
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
11. EMPLOYEE BENEFIT EXPENSE (INCLUDING
DIRECTORS’ EMOLUMENTS)
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Directors’ fees 董事袍金 2,662 2,191
Equity settled shares-base payments 以股本結算之股份付款 – 4,687
Wages, salaries and other benefits 工資、薪金及其他福利 29,928 19,246
Retirement benefit scheme 退休褔利計劃供款
contributions 1,129 819
33,719 26,943
12. INCOME TAX CREDIT
Hong Kong profits tax has been provided at the rate of
% (2016: %) on the estimated assessable profits
for the year. Taxation on overseas profits has been calculated
on the estimated assessable profits for the year at the rates
of taxation prevailing in the countries in which the Group
operate.
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Hong Kong profits tax 香港利得稅
Current year 本年度 1,818 1,419
Over provision in prior years 過往年度超額撥備 – (28)
1,818 1,391
Deferred tax (Note 28) 遞延稅項（附註 28）
Current year 本年度 (7,869) (3,369)
(6,051) (1,978)
11. 僱員福利開支（包括董事酬金）
12. 所得稅抵免
香港利得稅撥備乃就年內估計應課稅溢利
按%（二零一六年：%）撥備。海
外所得稅乃按本集團經營業務所在國家之
現行稅率就年內之估計應課稅溢利計算。
KK Culture Holdings Limited
Annual Report 2017130
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
12. INCOME TAX CREDIT (Continued)
Reconciliation between income tax expense and accounting
profit at applicable tax rates is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Loss before income tax 除所得稅前虧損 (81,525) (16,213)
Notional tax calculated at the rates 名義稅項，按有關課稅司法權區之
applicable to the losses in the tax 虧損適用稅率計算
jurisdictions concerned (13,523) (2,700)
Tax effect of non-taxable revenue 毋須課稅收入之稅務影響 (535) (31)
Tax effect of non-deductible expenses 不可扣稅開支之稅務影響 9,309 4,073
Tax effect of tax losses not recognised 未確認稅項虧損之稅務影響 17 3
Utilisation of previously unrecognised 動用之前未確認之稅務虧損
tax losses (1,319) (3,295)
Over provision in prior years 過往年度超額撥備 – (28)
Income tax credit 所得稅抵免 (6,051) (1,978)
13. DIVIDENDS
The directors do not recommend the payment of a dividend
for the years ended 31 December 2017 and 2016.
12. 所得稅抵免（續）
所得稅支出與按適用稅率計算之會計溢利
對照如下：
13. 股息
董事不建議派付截至二零一七年及二零
一六年十二月三十一日止年度之股息。
KK文化控股有限公司
二零一七年年報 131
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
14. LOSS PER SHARE
The calculations of basic and diluted loss per share are based
on the following data:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Loss for the year attributable to 本公司權益股東應佔之
equity shareholders of 本年度虧損
the Company (57,834) (12,115)
Number of shares
股份數目
2017 2016
二零一七年 二零一六年
’000 ’000
千股 千股
Weighted average number of 用於計算每股基本虧損之
ordinary shares for the purpose 普通股加權平均數
of basic loss per share 370,246 341,149
Effect of dilutive potential ordinary 有關本公司授出之購股權的
shares in respect of share options 潛在攤薄普通股之影響
issued by the Company – –
Weighted average number of 用於計算每股攤薄虧損之
ordinary shares for the purpose 普通股加權平均數
of diluted loss per share 370,246 341,149
In 2017 and 2016, diluted loss per share attributable to
owners of the Company are the same as basic loss per share
as the impact of the exercise of share options was anti-dilutive.
14. 每股虧損
每股基本及攤薄虧損乃根據以下數據計算：
於二零一七年及二零一六年，由於行使購
股權具反攤薄影響，公司擁有人應佔之每
股攤薄虧損與每股基本虧損相同。
KK Culture Holdings Limited
Annual Report 2017132
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
15. PROPERTY, PLANT AND EQUIPMENT
Computer
Leasehold Furniture Office Leasehold equipment Motor
building and fixtures equipment improvements and system vehicles Total
電腦設備
租賃樓宇 傢俬及裝置 辦公室設備 租賃裝修 及系統 汽車 合計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元 千港元
At 1 January 2016 於二零一六年一月一日
Cost 成本 3,107 1,428 1,241 1,207 23,941 1,972 32,896
Accumulated depreciation 累計折舊 (442) (1,205) (1,177) (1,200) (23,675) (449) (28,148)
Net book amount 賬面淨值 2,665 223 64 7 266 1,523 4,748
Year ended 31 December 2016 截至二零一六年
十二月三十一日止年度
Opening net book amount 期初賬面淨值 2,665 223 64 7 266 1,523 4,748
Exchange differences 匯兌差額 (199) – – – – – (199)
Additions 添置 – – 3 – – – 3
Depreciation 折舊 (69) (75) (27) (3) (196) (448) (818)
Closing net book amount 期末賬面淨值 2,397 148 40 4 70 1,075 3,734
At 31 December 2016 於二零一六年
十二月三十一日
Cost 成本 2,899 1,428 1,244 1,207 23,941 1,972 32,691
Accumulated depreciation 累計折舊 (502) (1,280) (1,204) (1,203) (23,871) (897) (28,957)
Net book amount 賬面淨值 2,397 148 40 4 70 1,075 3,734
Year ended 31 December 2017 截至二零一七年
十二月三十一日止年度
Opening net book amount 期初賬面淨值 2,397 148 40 4 70 1,075 3,734
Exchange differences 匯兌差額 – – – – – – –
Additions 添置 – 18 11 – 108 580 717
Disposals 出售 (2,346) – – – – – (2,346)
Depreciation 折舊 (51) (66) (18) (4) (76) (376) (591)
Closing net book amount 期末賬面淨值 – 100 33 – 102 1,279 1,514
At 31 December 2017 於二零一七年
十二月三十一日
Cost 成本 – 1,446 1,255 1,207 23,057 1,966 28,931
Accumulated depreciation 累計折舊 – (1,346) (1,222) (1,207) (22,955) (687) (27,417)
Net book amount 賬面淨值 – 100 33 – 102 1,279 1,514
15. 物業、廠房及設備
KK文化控股有限公司
二零一七年年報 133
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
16. PREPAID LAND LEASE PAYMENTS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日
Cost 成本 5,749 6,161
Accumulated amortisation 累計攤銷 (997) (875)
Net book amount 賬面淨值 4,752 5,286
Opening net book amount 期初賬面淨值 4,752 5,286
Exchange differences 匯兌差額 – (398)
Amortisation 攤銷 (101) (136)
Disposals 出售 (4,651) –
Closing net book amount 期末賬面淨值 – 4,752
At 31 December 於十二月三十一日
Cost 成本 – 5,749
Accumulated amortisation 累計攤銷 – (997)
Net book amount 賬面淨值 – 4,752
16. 預付土地租金
KK Culture Holdings Limited
Annual Report 2017134
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
17. INVESTMENT PROPERTIES
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日
Cost 成本 30,000 30,000
Accumulated depreciation 累計折舊 (2,054) (1,174)
Net book amount 賬面淨值 27,946 28,826
Opening net book amount 期初賬面淨值 27,946 28,826
Depreciation 折舊 (880) (880)
Closing net book amount 期末賬面淨值 27,066 27,946
At 31 December 於十二月三十一日
Cost 成本 30,000 30,000
Accumulated depreciation 累計折舊 (2,934) (2,054)
Net book amount 賬面淨值 27,066 27,946
All investment properties as at 31 December 2017 were
pledged to secure bank borrowings granted to the Group
(2016: Nil) (Note 25).
17. 投資物業
於二零一七年十二月三十一日之所有投資
物業已用作本集團獲授銀行借貸之抵押（二
零一六年：無）（附註 25）。
KK文化控股有限公司
二零一七年年報 135
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
17. INVESTMENT PROPERTIES (Continued)
As at 31 December 2017, fair value of investment properties
was approximately HK$32,000,000 (2016: HK$28,700,000)
which is a level 3 recurring fair value measurement and
was based on the valuation performed by an independent
professional valuer. The fair value of the Group’s investment
properties were estimated using comparison approach
assuming sale in its existing state with the benefit of vacant
possession by making reference to comparable sales evidence
as available in the relevant market. Appropriate adjustments
have been made to account for the differences between the
properties and the comparables in terms of other relevant
factors. The fair value measurement is based on the above
properties’ highest and best use, which does not differ
from their actual use. There were changes to the valuation
techniques for investment properties which are subject
to tenancy during the year from investment approach to
comparison approach because the directors consider that
the change gives a fairer evaluation on the fair value of the
Group’s investment properties. No changes to the valuation
techniques for investment properties which are not subject to
tenancy but held for appreciation during the year.
17. 投資物業（續）
於二零一七年十二月三十一日，投資物業
的公平價值約為32,000,000港元（二零一六
年：28,700,000港元），此屬於第3層經常
性公平價值計量，並且是基於獨立專業估
值師進行之估值。本集團之投資物業公平
價值使用比較法作估計，方法為假設物業
在其現況交吉出售，並參考有關市場可得
的可比較銷售憑證。已作出適當調整以計
及有關物業與可比較物業在其他相關因素
方面的差異。公平價值計量是基於上述物
業的最高及最佳使用，與其實際用途並無
不同。年內對訂有租約之投資物業之估值
投術由投資法改為比較法，因為董事認為
此更改可就本集團投資物業獲得更公平之
估值。對於不受租約所限而為增值所持有
之投資物業，估值技術並無改變。
KK Culture Holdings Limited
Annual Report 2017136
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
18. GOODWILL
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日
Gross carrying amount 總賬面值 17,330 14,119
Accumulated impairment 累計減值 (14,119) (14,119)
Net carrying amount 賬面淨值 3,211 –
Year ended 31 December 截至十二月三十一日止年度
Opening net carrying amount 期初賬面淨值 3,211 –
Acquired through business combination 透過業務合併收購（附註35）
(Note 35) – 3,211
Closing net carrying amount 期末賬面淨值 3,211 3,211
At 31 December 於十二月三十一日
Gross carrying amount 總賬面值 17,330 17,330
Accumulated impairment 累計減值 (14,119) (14,119)
Net carrying amount 賬面淨值 3,211 3,211
As at 31 December 2017 and 2016, goodwill is allocated to
CGU of advertising segment operated by Fullmoon Global
Limited.
18. 商譽
於二零一七年及二零一六年十二月三十一
日，商譽分配至由Fullmoon Global Limited
經營之廣告分部現金產生單位。
KK文化控股有限公司
二零一七年年報 137
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
18. GOODWILL (Continued)
For the purposes of impairment testing, goodwill is all
allocated to the CGU of advertising segment at the end of the
reporting period.
The recoverable amount for this CGU is determined based
on value-in-use calculations. These calculations use cash
flow projections based on financial budgets approved by
management covering a five-year period. The cash flows are
discounted using a discount rate of % (2016: %).
The discount rates used are pre-tax and reflects specific risks
relating to the relevant CGU.
The key assumptions for the value in use calculations are
those regarding the discount rate, growth rate and budgeted
gross margin, which had been determined based on the
market comparables and budgeted revenue, which had been
determined based on the management’s expectation for the
market development and the production capacity of the CGU.
Apart from the considerations described above in determining
the recoverable amount of the CGU, the Group’s management
is not currently aware of any other probable changes that
would necessitate changes in their key assumptions. However,
the estimate of recoverable amount of the Group’s CGU is
particularly sensitive to the discount rate applied.
18. 商譽（續）
就減值測試而言，全部商譽於報告期末按
以下所述分配至廣告分部現金產生單位：
現金產生單位之可回收金額基於使用價值
計算釐定。這些計算使用基於管理層批准
之涵蓋五年期間財務預算之現金流量預
測。現金流量使用之貼現率為%（二
零一六年： %）。 所使用之折現率為
稅前折現率，反映了與相關現金產生單位
相關之具體風險。
使用價值計算之主要假設與貼現率、增長
率及預算毛利率之假設有關，其根據市場
可比性和預算收入釐定，預算收入根據管
理層對市場發展及現金產生單位之預期釐
定。
除了上述在釐定現金產生單位可收回金額
之考慮因素，本集團管理層目前並不知悉
任何其他可能變化，使其有必要改變其主
要假設。 然而，本集團現金產生單位之可
收回金額估計對所應用之折現率特別敏感。
KK Culture Holdings Limited
Annual Report 2017138
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
19. OTHER INTANGIBLE ASSETS
Advertising agency
license rights
廣告代理許可權
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日
Gross carrying amount 總賬面值 194,899 –
Accumulated amortisation 累計攤銷 (41,037) –
Net carrying amount 賬面淨值 153,862 –
Year ended 31 December 截至十二月三十一日止年度
Opening net carrying amount 期初賬面淨值 153,862 –
Acquired through business 透過業務合併收購（附註a）
combination (Note a) – 88,638
Additions (Note b) 添置（附註 b） 94,487 106,261
Amortisation 攤銷 (90,436) (41,037)
Closing net carrying amount 期末賬面淨值 157,913 153,862
At 31 December 於十二月三十一日
Gross carrying amount 總賬面值 289,386 194,899
Accumulated amortisation 累計攤銷 (131,473) (41,037)
Net carrying amount 賬面淨值 157,913 153,862
19. 其他無形資產
KK文化控股有限公司
二零一七年年報 139
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
19. OTHER INTANGIBLE ASSETS (Continued)
Note:
(a) This represented an advertising agency license right obtained
by the Group through the acquisition of Hong Kong Made
(Media) Limited (“Hong Kong Made”) in 31 December 2016.
Hong Kong Made, a company incorporated in Hong Kong, is
the exclusive advertising agent of 廣州聲煜金線廣告有限公司
(“Shengyu”), a company established in the PRC in providing
advertising agency services and related production services in
respect of 20 trains of Guangzhou-Shenzhen Railway-China
Railway High Speed (“China Railway High Speed”) under the
exclusive advertising agency agreement entered into between
Hong Kong Made and Shengyu on 24 June 2014. According
to the agreement, Hong Kong Made can place advertisements
for its customers at display boards, LED displays at both ends
of the compartments and outside the train, both sides of the
train doors, tray tables and head rests.
(b) On 1 August 2017, Star Prestige Investments Limited (“Star
Prestige”), a subsidiary of the Group incorporated in Hong
Kong, entered into a Wi-Fi advertising media lease agreement
(the “Wi-Fi agreement”) with Shengyu for obtaining the
exclusive advertisement rights in the wireless networking
system at train stations operated by Guangzhou Railway
Group. The Wi-Fi agreement will be expired on 30 November
2020.
In April 2016, Hong Kong Made entered into an additional
exclusive advertising agency agreement with Shengyu for
compartments of further 2 trains of China Railway High
Speed. This agreement required the Group to pay to Shengyu
an amount of Renminbi (“RMB”) 2,200,000 (equivalent to
approximately HK$2,640,000) and has already been expired in
2017.
In April 2016, Hong Kong Made entered into an exclusive
advertising agency agreement with Shengyu to renew the
exclusive advertising agency license rights (the “renewal
agreement”) for compartments of 22 trains of China Railway
High Speed for further 3 years. The renewal agreement
required the Group to pay to Shengyu an amount of
RMB72,600,000 (equivalent to approximately HK$82,233,000)
and will be expired on 30 June 2020.
In April 2016, Ample Success Limited (“ASL”), a subsidiary
of the Group incorporated in Hong Kong, entered into a
new exclusive advertising agency agreement with Shengyu
for the body of 22 trains of China Railway High Speed.
The agreement required the Group to pay to Shengyu an
amount of RMB19,800,000 (equivalent to approximately
HK$21,387,000) and will be expired on 30 March 2019.
19. 其他無形資產（續）
附註：
(a) 於二零一六年十二月三十一日，本集團
透過收購香港製作（媒體）有限公司（「香
港製作」，於香港註冊成立之公司）而獲
得之廣告代理特許權。香港製作為廣州
聲煜金線廣告有限公司（「聲煜」，於中國
成立之公司）之獨家廣告代理，根據香港
製作與聲煜於二零一四年六月二十四日
訂立之獨家廣告代理協議，以提供有關
20輛廣深線和諧號（「和諧號列車」）列車
之廣告代理服務及相關製作服務。根據
該協議，香港製作可以在車廂兩端和列
車外部的顯示板、LED顯示屏，列車車門
內外兩側、列車座椅的托盤和靠枕為客
戶展示廣告。
(b) 於二零一七年八月一日，天賦投資有限
公司（「天賦投資」，本集團於香港註冊成
立之附屬公司）與聲煜訂立無線網絡廣告
媒體租用協議（「無線網絡協議」），內容
有關獲得廣州鐵路集團營運車站之無線
上網系統之獨家廣告權。無線網絡協議
將於二零二零年十一月三十日到期。
於二零一六年四月，香港製作就額外兩
輛和諧號列車車廂與聲煜訂立另一獨家
廣告代理協議。該協議要求本集團向聲
煜支付金額人民幣（「人民幣」）2,200,000
元（相當於約2,640,000港元），並已於
二零一七年到期。
於二零一六年四月，香港製作與聲煜訂
立獨家廣告代理協議，以將有關22輛和
諧號列車車廂之獨家廣告代理特許權提
前重續多三年。該續期協議要求本集團
向聲煜支付金額人民幣72,600,000元（相
當於約82,233,000港元），並將於二零二
零年六月三十日到期。
於二零一六年四月，博功有限公司（「博
功」，本集團於香港註冊成立之附屬公
司）就22輛和諧號列車之車身與聲煜訂
立新獨家廣告代理協議。該協議要求本
集團向聲煜支付金額人民幣19,800,000
元（相當於約21,387,000港元），並將於
二零一九年三月三十日到期。
KK Culture Holdings Limited
Annual Report 2017140
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
19. OTHER INTANGIBLE ASSETS (Continued)
Advertising agency license rights acquired in a business
combination are recognised at fair value at the acquisition
date (Note 35). The fair values of other intangible assets as
at the date of acquisition were valued by an independent
valuer, Graval Consulting Limited, and were determined using
multi-period excess earnings method, whereby the asset was
valued after deducting a fair return on all other assets that
are part of creating the related cash flows. Advertising agency
license rights have finite useful lives and are carried at cost
less accumulated amortisation and impairment losses, if any.
Amortisation is calculated using straight-line method over their
expected lives.
20. AVAILABLE-FOR-SALE FINANCIAL ASSETS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
At 1 January 於一月一日 44,979 –
Additions 添置 – 39,223
Net fair value changes taken to other 其他全面收益之公平價值變動淨額
comprehensive income (Note 31) （附註31） 978 5,756
45,957 44,979
Less: Non-current assets classified 減：列為持有待售的非流動資產
as held for sales (28,588) –
At 31 December 於十二月三十一日 17,369 44,979
19. 其他無形資產（續）
於業務合併收購之廣告代理特許權已於收
購日期以公平價值確認（附註35）。於收購
日期，無形資產之公平價值乃由獨立估值
師博浩企業顧問有限公司計算，並利用多
期超額收益法計算確認，而資產乃於扣除
所有其他資產之公平收益後計算，以作為
產生相關現金流之一部份。廣告代理特許
權為有限可使用年期及按成本減累計攤銷
及減值虧損（如有）列賬。攤銷乃利用直線
法按其估計可使用年期計算。
20. 可供出售財務資產
KK文化控股有限公司
二零一七年年報 141
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
20. AVAILABLE-FOR-SALE FINANCIAL ASSETS
(Continued)
All available-for-sale financial assets of the Group are listed
equity securities in Hong Kong at fair value of HK$ 45,957,000
(2016: HK$ 44,979,000). The fair values have been determined
directly by reference to published price and quotations in
active market.
As at 31 December 2017 and 2016, available-for-sale financial
assets were individually assessed for impairment on the basis
of determining whether these had been a significant decline
in its fair value below cost. For the years ended 31 December
2017 and 2016, no impairment on these investments was
recognised in profit or loss in accordance with the policy set
out in Note .
As at 31 December 2017, the directors of the Company has
committed a plan to dispose of certain available-for-sale
assets held on hand to meet the Group’s current financial
obligations in the next twelve months. Accordingly, certain
available-for-sale assets with carrying amount and fair value
of HK$28,588,000 as at 31 December 2017 is presented
as current assets in the consolidated statement of financial
position as non-current assets classified as held for sales as at
31 December 2017.
21. LOAN RECEIVABLES
Loan receivables represented advances to WE3 HK Limited,
an independent third party (the “Borrower”). On 22 June
2017, the Group and the Borrower entered into the loan
agreement to which the Group agreed to make available to
the Borrower the term loan facility up to a principal amount of
HK$4,000,000. The loan was secured by personal guarantees
pursuant provided by a major shareholder of the Borrower.
This loan bears an interest of 8% per annum and is be
repayable in 24 months from the date of advance. There is no
overdue balance as at 31 December 2017.
20. 可供出售財務資產（續）
本集團之所有可供出售財務資產為於香港
上市之股本證券，公平價值為 45,957,000
港元（二零一六年：44,979,000港元）。公
平價值已直接參考活躍市場之公開售價及
報價釐定。
於二零一七年及二零一六年十二月三十一
日，可供出售財務資產乃個別作減值評
估，基礎乃其公平價值是否大幅下跌至低
於成本。截至二零一七年及二零一六年
十二月三十一日止年度，根據載列於附註
之政策，此等投資並無於損益中確認
減值。
於二零一七年十二月三十一日，本公司董
事已制定計劃出售若干手上持有之可供
出售資產，以應付本集團於未來十二個
月之現行財務責任。因此，於二零一七
年十二月三十一日賬面值及公平價值為
28,588,000港元之若干可供出售資產已於
綜合財務狀況表中呈列為流動資產，並於
二零一七年十二月三十一日呈列為列為持
有待售的非流動資產。
21. 應收貸款
應收貸款指向獨立第三方WE3 HK Limited
（「借款人」）提供之貸款。於二零一七年六
月二十二日，本集團與借款人訂立貸款協
議，據此本集團同意向借款人提供本金額
最高為4,000,000港元之定期貸款融資。該
貸款由借款人主要股東提供之個人擔保作
為抵押。該貸款按年息8厘計息，在貸款之
日起24個月內償還。於二零一七年十二月
三十一日並無逾期結餘。
KK Culture Holdings Limited
Annual Report 2017142
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
22. TRADE AND OTHER RECEIVABLES AND
DEPOSITS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Trade receivables 貿易應收款項 31,238 25,367
Less: Provision for impairment of 減：貿易應收款項之減值撥備
trade receivables (4,718) (4)
Trade receivables – net 貿易應收款項 – 淨額 26,520 25,363
Other receivables and deposits 其他應收款項及押金 26,141 16,019
52,661 41,382
Included in other receivables and deposits are prepayment
of HK$7,108,000 (2016: Nil) and advanced payment of
HK$13,199,000 (HK$12,555,000).
Movement in the provision for impairment loss on trade
receivables is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Balance at the beginning of the year 年初結餘 4 54
Impairment loss recognised during 年內已確認減值虧損
the year 4,718 4
Impairment loss recovered during 年內已收回減值虧損
the year (4) (54)
Balance at the end of the year 年終結餘 4,718 4
The Group recognised provision for impairment of trade
receivables based on the accounting policy stated in Note .
22. 貿易及其他應收款項及押金
其他應收款項及押金包括預付款7,108,000
港元（二零一六年：無）及墊付款13,199,000
港元（12,555,000港元）。
貿易應收款項減值虧損之撥備變動如下：
本集團根據附註所載之會計政策確認
貿易應收款項減值撥備。
KK文化控股有限公司
二零一七年年報 143
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
22. TRADE AND OTHER RECEIVABLES AND
DEPOSITS (Continued)
Ageing analysis of trade receivables, net of provision as at 31
December 2017, based on invoice date, is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
0 – 30 days 0至30天 7,736 18,639
31 – 60 days 31至60天 638 4,379
61 – 90 days 61至90天 272 176
91 – 120 days 91至120天 8,414 905
121 – 150 days 121至150天 3 749
Over 150 days 150天以上 9,457 515
Total trade receivables 貿易應收款項總額 26,520 25,363
The Group allows a credit period from 7 to 120 days (2016: 7
to 120 days) to its customers.
The Directors consider that the fair values of trade receivables
are not materially different from their carrying amounts
because these amounts have short maturity periods on their
inception.
All trade receivables are subject to credit risk exposure. At
each of the reporting dates, the Group reviews receivables for
evidence of impairment on both an individual and collective
basis. During the year, the Group determined certain trade
receivables as impaired and as a result, impairment loss of
HK$4,718,000 (2016: HK$4,000) has been recognised.
The impaired trade receivables are due from customers
experiencing financial difficulties.
At 31 December 2017 and 2016, the Group did not hold any
collateral as security or other credit enhancements over the
impaired trade receivables.
22. 貿易及其他應收款項及押金（續）
於二零一七年十二月三十一日之貿易應收
款項按發單日期及扣除撥備後之賬齡分析
如下：
本集團給予其貿易客戶7天至120天（二零
一六年：7天至120天）之信貸期。
董事認為，由於有關金額自開始起計於短
期間內屆滿，故貿易應收款項之公平價值
與賬面值並無重大差異。
所有貿易應收款項均面對信貸風險。於各
報告日，本集團按個別及綜合基準檢視應
收款項的減值證據。年內，本集團已釐定
若干貿易應收款項為減值，並就此確認減
值虧損4,718,000港元（二零一六年：4,000
港元）。已減值的貿易應收款項乃屬正面臨
財政困難之客戶。
於二零一七年及二零一六年十二月三十一
日，本集團並無就已減值的貿易應收款項
持有任何作為擔保或其他加強信貸措施之
抵押品。
KK Culture Holdings Limited
Annual Report 2017144
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
22. TRADE AND OTHER RECEIVABLES AND
DEPOSITS (Continued)
Ageing analysis of trade receivables past due but not impaired
is as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Neither past due nor impaired 並未逾期亦無減值 5,090 16,540
1 – 30 days past due 逾期1至30日 2,647 5,702
31 – 90 days past due 逾期31至90日 9,165 952
Over 90 days past due but less than 逾期超過90日但未超過1年
one year 9,618 2,169
21,430 8,823
26,520 25,363
Trade receivables that were neither past due nor impaired
related to a large number of diversified customers for whom
there was no recent history of default.
Trade receivables that were past due but not impaired related
to a large number of diversified customers that had a good
track record of credit with the Group. Based on past credit
history, management believes that no impairment allowance
is necessary in respect of these balances as there has not been
a significant change in credit quality and the balances are still
considered to be fully recoverable. The Group did not hold any
collateral in respect of these balances.
22. 貿易及其他應收款項及押金（續）
已逾期惟並無減值之貿易應收款項的賬齡
分析如下：
並未逾期亦無減值之貿易應收款項與多名
來自不同層面的客戶有關，該等客戶並無
近期逾期記錄。
已逾期惟並無減值之貿易應收款項與多名
來自不同層面的客戶有關，該等客戶於本
集團擁有良好的信貸記錄。根據過往信貸
記錄，管理層相信，由於信貸質素並無重
大變動而結餘仍視作可全數收回，因此毋
須為該等結餘作減值撥備。本集團並無就
該等結餘持有任何抵押品。
KK文化控股有限公司
二零一七年年報 145
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
23. CASH AND CASH EQUIVALENTS
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Bank and cash balances 銀行及現金結餘 28,472 83,211
Cash at broker 存放於經紀人之現金 – 162
Cash and cash equivalents 現金及現金等值項目 28,472 83,373
The cash balances at banks bore interest at floating rates
based on daily bank deposit rates.
Included in the above balance of the Group is nil (2016:
HK$14,000) of bank balances denominated in RMB placed
with the banks in the PRC. RMB is not a freely convertible
currency. Under the PRC’s Foreign Exchange Control
Regulations and Administration of Settlement and Sales
and Payment of Foreign Exchange Regulations, the Group is
permitted to exchange RMB for foreign currencies through
the banks that are authorised to conduct foreign exchange
business.
24. AMOUNT DUE TO NON-CONTROLLING
I N T E R E S T S O F A S U B S I D I A R Y / A
SHAREHOLDER
Amount due to non-controlling interests of a subsidiary/
a shareholder are unsecured, interest-free and repayable on
demand.
23. 現金及現金等值項目
銀行現金結餘乃根據每日銀行存款利息按
浮動利率計息。
本集團以上結餘包括以人民幣列值而存放
於中國之銀行之銀行結餘為零元（二零一六
年：14,000港元）。人民幣並非可自由兌換
之貨幣。根據中國外匯管理條例及結匯、
售匯及付匯管理規定，本集團獲准透過獲
認可進行外匯業務之銀行將人民幣兌換為
外幣。
24. 應付一間附屬公司之非控股
權益╱一名股東款項
應付一間附屬公司之非控股權益╱一名股
東款項為無抵押、無利息，並須按要求償
還。
KK Culture Holdings Limited
Annual Report 2017146
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
25. BANK BORROWING, SECURED
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Current portion 即期部分
– Bank loan due for repayment – 當中包含須按要求還款之
after one year which contain 條款的銀行貸款
a repayment on demand clause （須於一年後償還） 5,896 –
The balance is classified as current liabilities as the related
bank borrowings agreement contain a clause that provides
the banks with an unconditional right to demand repayment
at any time at its own discretion. None of the portion of this
bank loan due from repayment after one year which contain a
repayment on demand clause and that is classified as a current
liability is expected to be settled within one year.
Assuming that the bank does not request the clause for
repayment on demand and based on the repayment dates as
scheduled in the loan agreement, the Group’s bank borrowing
is due for repayments, as at each of the reporting dates, as
follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 249 –
In the second year 第二年 252 –
In the third to fifth year 第三年至第五年 792 –
Wholly repayable within 5 years 須於五年內悉數償還 1,293 –
Beyond the fifth year 五年後 4,603 –
5,896 –
25. 銀行借貸，有抵押
由於有關銀行借款協議包含條款向銀行提
供隨時酌情要求還款的無條件權利，故該
結餘分類為流動負債。此項須於一年後償
還並列為流動負債的銀行貸款（含有按要求
償還條款）部分預期不會於一年內結付。
假設相關銀行並無要求執行按要求還款之
條款，基於貸款協議載列之還款日期，於
各報告日本集團銀行借貸之償還時間如下：
KK文化控股有限公司
二零一七年年報 147
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
25. BANK BORROWING, SECURED (Continued)
Bank borrowings as at 31 December 2017 are secured by
the corporate guarantee from the Company and the Group’s
investment properties of HK$27,066,000 (Note 17). The
bank borrowings are repayable in 20 years through monthly
instalments.
As at 31 December 2017, these bank borrowings bear floating
interest rates at % (2016: Nil) per annum.
26. LICENSE RIGHT FEES PAYABLES
License right fees payables represent the present value of fee
payables for acquisition of exclusive advertising license rights
from a third party (Note 19), and related imputed interest
arisen from the discounted payable as below:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 66,935 31,730
In the second year to fifth year inclusive 第二年至第五年（包括首尾兩年） 41,706 76,570
108,641 108,300
The payables are unsecured and payable based on the
payment dates as scheduled in the exclusive advertising agency
agreements. The payables are carried at amortised cost using
an effective interest rate of % (2016: %).
27. LOANS FROM A SHAREHOLDER
Loan from a substantial shareholder is unsecured and interest-
free. The loans are carried at amortised cost using an effective
interest rate of % (2016: Nil). The shareholder has given a
written agreement that it would not call for repayment on or
before 31 December 2019. The amount is not expected to be
settled within one year.
25. 銀行借貸，有抵押（續）
於二零一七年十二月三十一日，銀行
借貸由本公司作企業擔保以及本集團
27,066,000港元之投資物業（附註 17）作抵
押。銀行借款須在二十年內按月分期償還。
於二零一七年十二月三十一日，該等銀行
借貸的實際年利率為%（二零一六年：
無）。
26. 應付特許權費
應付特許權費指自第三方收購獨家廣告特
許權（附註19）之應付費用之現值，及來自
折現應付款項之相關估計利息如下：
該等應付款項為無擔保，並應根據獨家廣
告代理協議所載之付款日期支付。該等應
付款項使用實際利率％（二零一六年：
%）以攤銷成本計量。
27. 一名股東提供之貸款
一名主要股東提供之貸款為無抵押及免
息。貸款使用實際利率%（二零一六
年：無）按攤銷成本計提。該股東已提供書
面同意書，表明其不會於二零一九年十二
月三十一日或之前要求還款。該貸款預期
不會於一年內償還。
KK Culture Holdings Limited
Annual Report 2017148
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
28. DEFERRED TAX LIABILITIES
Deferred taxation is calculated on temporary differences under
liability method using the rates of taxation prevailing in the
countries in which the Group operates.
Movements of major deferred tax liabilities recognised in the
statement of financial position during the current and prior
year are as follows:
Fair value
adjustments
arising from
acquisition of
subsidiaries
收購附屬公司產生之
公平價值調整
HK$’000
千港元
At 1 January 2016 於二零一六年一月一日 –
Acquired through business 透過業務合併收購（附註 35）
combination (Note 35) 11,238
Credited to profit or loss 於損益表計入 (3,369)
At 31 December 2016 於二零一六年十二月三十一日
and 1 January 2017 及二零一七年一月一日 7,869
Credited to profit or loss 於損益表計入 (7,869)
At 31 December 2017 於二零一七年十二月三十一日 –
At the reporting date, the major components of unrecognised
deductible temporary differences are as follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Difference between depreciation 折舊與折舊撥備之差額
and depreciation allowance (313) (103)
Unutilised tax losses 未動用之稅務虧損 16,495 24,542
16,182 24,439
28. 遞延稅項負債
遞延稅項乃根據負債法以本集團業務所在
國家現行稅率按暫時差額計算。
以下為於財務狀況表確認之主要遞延稅項
負債在本年度及上年度之變動：
於報告日，未確認可扣稅暫時差額之主要
部份如下：
KK文化控股有限公司
二零一七年年報 149
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
28. DEFERRED TAX LIABILITIES (Continued)
The deductible temporary differences have not been
recognised in the consolidated financial statements as it is not
probable that future taxable profit will be available against
which these deductible temporary differences can be utilised.
All tax losses and deductible temporary differences of the
Group and the Company have no expiry dates under the
current tax legislation.
29. SHARE CAPITAL
2017 2016
二零一七年 二零一六年
Number Nominal Number Nominal
of shares value of shares value
股份數目 面值 股份數目 面值
’000 HK$’000 ’000 HK$’000
千股 千港元 千股 千港元
Authorised: 法定：
Ordinary shares of 每股面值港元
HK$ each 之普通股 5,000,000 1,000,000 5,000,000 1,000,000
Issued and fully paid: 已發行及繳足：
Ordinary shares of 每股面值港元
HK$ each 之普通股
At 1 January 於一月一日 370,034 74,007 333,784 66,757
Shares issued upon exercise of 因購股權獲行使而
share options (Note 30) 發行股份
（附註30） 2,580 516 1,250 250
Shares issued upon placing 於二零一六年
in December 2016 十二月配售
而發行之股份 – – 35,000 7,000
At 31 December 於十二月三十一日 372,614 74,523 370,034 74,007
28. 遞延稅項負債（續）
由於無法預測可用以抵銷可扣稅暫時差額
之未來應課稅溢利，因此並無於綜合財務
報表確認可扣稅暫時差額。根據現行稅務
法例，本集團及本公司之所有稅務虧損及
可扣稅暫時差額並無到期日。
29. 股本
KK Culture Holdings Limited
Annual Report 2017150
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
29. SHARE CAPITAL (Continued)
On 2 December 2016, the Company entered into a placing
agreement with the placing agent, pursuant to which
an aggregate of 35,000,000 new ordinary shares were
placed by the placing agent on behalf of the Company, at
the placing price of HK$ per placing share with the
independent investors. The Company issued 35,000,000
new ordinary shares at HK$ per share on 16 December
2016. As a result, there was an increase in share capital
and share premium of HK$7,000,000 and HK$64,750,000
respectively. Details of the placing are set out in the Company’s
announcements dated 2 December 2016 and 16 December
2016.
30. SHARE-BASED EMPLOYEE COMPENSATION
The share option scheme (the “Share Option Scheme”) was
adopted by the Company pursuant to its resolution passed
on 29 December 2015 and expires on 28 December 2025.
The purpose of this scheme is to reward participants who
have contributed to the Group and to encourage participants
to work towards enhancing the value of the Group and its
shares for the benefit of the Company and its shareholders
as a whole. The board of directors may, at its discretion, offer
to directors, employees of any member of the Group, any
advisors and service providers of any member of the Group,
options to subscribe for the shares in the Company at a price
not less than the highest of: (i) closing price of the shares of
the Company on the SEHK on the date of offer of the option; (ii)
average of the closing prices of the shares on the SEHK for the
five trading days immediately preceding the date of the grant
of the options; and (iii) nominal value of a share.
A nominal consideration of HK$1 is payable on acceptance of
the grant of an option irrespective of numbers of share options
granted. The options vest on the condition that the grantee
is a director or employee of any member of the Group or any
advisor and service provider of any member of the Group from
the date of options grant to the commencement date of the
exercisable period of the options.
29. 股本（續）
於二零一六年十二月二日，本公司與配售
代理訂立配售協議，據此，配售代理代表
本公司配售合共35,000,000股新普通股予
獨立投資者，配售價為每股配售股份
港元。於二零一六年十二月十六日，本公
司以每股港元發行35,000,000股新普
通股，因此，股本及股份溢價分別增加至
7,000,000港元及64,750,000港元。配售
事項之詳情載於本公司日期為二零一六年
十二月二日及二零一六年十二月十六日之
公告。
30. 以股份支付之僱員賠償
本公司根據於二零一五年十二月二十九日
通過之決議案採納購股權計劃（「購股權計
劃」），購股權計劃將於二零二五年十二月
二十八日到期。此項計劃之目的為獎勵對
本集團作出貢獻之參與者，以及鼓勵參與
者為本公司及其股東之整體利益致力提高
本集團及其股份之價值。董事會可酌情向
本集團任何成員公司之董事、僱員，以及
本集團任何成員公司之任何顧問及服務供
應商授出購股權以認購本公司股份，認購
價將不低於下列三者中之最高者：(i)本公司
股份於授出購股權當日在聯交所之收市價；
(ii) 股份於緊接授出購股權當日前五個交易
日在聯交所之平均收市價；及(iii)股份面值。
承授人須於接納授出之購股權時，支付1港
元之象徵式代價（不論授出之購股權的數目
多寡）。購股權之歸屬條件為承授人於獲授
購股權日期至購股權行使期開始之日為止
的期間，須為本集團任何成員公司之董事
或僱員，或本集團任何成員公司之顧問及
服務供應商。
KK文化控股有限公司
二零一七年年報 151
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
30. SHARE-BASED EMPLOYEE COMPENSATION
(Continued)
The options are exercisable at any time during the period to
be determined and notified by the Directors to the grantee at
the time of making an offer in respect of any particular option
which shall not expire later than ten years from the date of
grant.
The share-based employee compensation is to be settled by
the issue of the Company’s ordinary shares. The Group has
no legal or constructive obligation to repurchase or settle the
options other than in the Company’s ordinary shares.
Details of the share options granted under the Share Option
Scheme are disclosed below. The share options are exercisable
immediately upon granted.:
Exercise price
Date of grant Number of options granted Exercisable period per share
授出日期 已授出購股權數目 可行使期間 每股行使價
HK$
港元
6,660,000 to
The following table shows the movements in the outstanding
options granted under the Share Option Scheme:
Number of share options
購股權數目
Outstanding at Granted during Exercised during Outstanding at
1 January 2017 the year the year 31 December 2017
於二零一七年 於二零一七年
Grantees 一月一日 十二月三十一日
承授人 尚未行使 本年內授出 本年內行使 尚未行使
Directors 董事 5,410,000 – (2,580,000) 2,830,000
Weighted average 加權平均行使價
exercise price HK$港元 – HK$港元 HK$港元
Outstanding at Granted during Exercised during Outstanding at
1 January 2016 the year the year 31 December 2016
於二零一六年 於二零一六年
Grantees 一月一日 十二月三十一日
承授人 尚未行使 本年內授出 本年內行使 尚未行使
Directors 董事 – 6,660,000 (1,250,000) 5,410,000
Weighted average 加權平均行使價
exercise price – HK$港元 HK$港元 HK$港元
30. 以股份支付之僱員賠償（續）
購股權可於董事提出授予任何特定購股權
之建議時所釐定並通知承授人之期間內隨
時行使，而行使期之屆滿日期概不得遲於
授出日期起計十年。
以股份支付之僱員賠償將以發行本公司普
通股支付。除本公司普通股外，本集團並
無任何購回或支付購股權之法定或推定責
任。
根據購股權計劃授出之購股權詳情如下。
購股權自授出後隨即可予行使：
下表披露根據購股權計劃授出而尚未行使
購股權之變動：
KK Culture Holdings Limited
Annual Report 2017152
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
30. SHARE-BASED EMPLOYEE COMPENSATION
(Continued)
No new share options were granted during the year ended
31 December 2017 (2016: 6,660,000).
The following significant assumptions were used to derive
the fair values of the options granted under the Share Option
Scheme, using the Binomial option pricing model:
Risk-free rate %
Expected life 3 years
Expected volatility %
Expected dividend yield and forfeiture rate 0%
No share-based employee compensation expense were
included in the consolidated statement of comprehensive
income for the year ended 31 December 2017 (2016:
HK$4,687,000) with a corresponding credit in equity. No
liabilities were recognised as these were all equity-settled
share-based payment transactions.
As at 31 December 2017, 2,830,000 (2016: 5,410,000) share
options are exercisable and the weighted average exercise
price of these share options is HK$ (2016: HK$).
As at 31 December 2017, the weighted average remaining
contractual life for the outstanding share options is 459 days
(2016: 824 days).
The weighted average closing price of the shares of the
Company quoted on the SEHK immediately before the dates
on which the options were exercised was HK$ (2016:
HK$).
The weighted average fair value of each option granted was
HK$ in 2016.
As at 31 December 2017, total number of shares available
for issue pursuant to the grant of further options under the
Share Option Scheme was 74,006,800 (2016: 26,718,400),
representing % (2016: %) of the issued share capital
of the Company.
30. 以股份支付之僱員賠償（續）
截至二零一七年十二月三十一日止年度並
無授出新購股權（二零一六年：6,660,000
份）。
於使用二項式期權定價模式時所採納以推
衍出根據購股權計劃授出之購股權之公平
價值的主要假設如下：
無風險比率 %
預期年期 3年
預期波幅 %
預期股息率及沒收率 0%
並無以股份支付之僱員賠償開支計入截至
二零一七年十二月三十一日止年度之綜合
全面收益表（二零一六年：4,687,000港
元），並於權益計入相應之數額。概無確認
負債，因為均為以權益結算之股份支付交
易。
於二零一七年十二月三十一日，2,830,000
份（二零一六年：5,410,000份）購股權可
予行使而該等購股權之加權平均行使價為
港元（二零一六年：港元）。
於二零一七年十二月三十一日，未行使購
股權之加權平均餘下合約年期為459天（二
零一六年：824天）。
本公司股份在緊接購股權獲行使日期前於
聯交所所報之加權平均收市價為港元
（二零一六年：港元）。
於二零一六年年內授出每份購股權之加權
平均公平價值為港元。
於二零一七年十二月三十一日，根據購股
權計劃進一步授出之購股權之可供發行
股份總數為74,006,800股（二零一六年：
26,718,400股），佔本公司已發行股本
%（二零一六年：%）。
KK文化控股有限公司
二零一七年年報 153
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
31. RESERVES
Movements in the reserves of the Group during the year are
set out in the consolidated statement of changes in equity on
pages 67 to 68. Movements in the Company’s reserves are as
follows:
Company
本公司
Employee Investment
Share compensation revaluation Contributed Accumulated
premium reserve reserve surplus losses Total
股份溢價 僱員賠償儲備 投資重估儲備 繳入盈餘 累計虧損 合計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元
At 1 January 2016 於二零一六年一月一日 547 – – 113,321 (65,908) 47,960
Issue of shares upon placing 因配售而發行股份 64,750 – – – – 64,750
Share option granted 授出購股權 – 4,687 – – – 4,687
Exercise of share options 行使購股權 3,117 (880) – – – 2,237
Share issue expenses 發行股份費用 (717) – – – – (717)
Loss for the year 本年度虧損 – – – – (52,945) (52,945)
Fair value gain on available-for-sale 來自可供出售財務資產
financial assets 之公平價值收益 – – 5,756 – – 5,756
At 31 December 2016 and 於二零一六年十二月三十一日
1 January 2017 及二零一七年一月一日 67,697 3,807 5,756 113,321 (118,853) 71,728
Exercise of share options 行使購股權 6,434 (1,816) – – – 4,618
Loss for the year 本年度虧損 – – – – (31,791) (31,791)
Fair value gain on available-for-sale 來自可供出售財務資產之
financial assets 公平價值收益 – – 978 – – 978
At 31 December 2017 於二零一七年
十二月三十一日 74,131 1,991 6,734 113,321 (150,644) 45,533
The Company’s reserves available for distribution comprise its
contributed surplus and retained earnings.
Under the Companies Act 1981 of Bermuda (as amended),
contributed surplus account of the Company is available for
distribution. However, the Company cannot declare or pay a
dividend, or make a distribution out of contributed surplus if:
(a) it is, or would after the payment be, unable to pay its
liabilities as they become due; or
(b) the realisable value of its assets would thereby be less
than the aggregate of its liabilities and its issued share
capital and share premium accounts.
31. 儲備
本集團儲備於本年度之變動載於第67至68
頁之綜合股本變動表。本公司儲備之變動
如下：
本公司可予分派儲備包括其繳入盈餘及保
留溢利。
根據一九八一年百慕達公司法（經修訂），
本公司可以分派繳入盈餘。然而，在下列
情況，本公司不得自繳入盈餘分派或支付
股息或作出分派：
(a) 公司現時或支付股息後未能清償到
期債務；或
(b) 公司資產之可變現值將少於其負
債、已發行股本和股份溢價之總和。
KK Culture Holdings Limited
Annual Report 2017154
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
32. OPERATING LEASE COMMITMENTS
As lessor
As at 31 December 2017, the total future minimum lease
receivables of the Group under non-cancellable operating
leases in respect of rented office premises are receivable as
follows:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 525 784
In the second to fifth years, inclusive 第二年至第五年（包括首尾兩年） 81 606
606 1,390
The Group leases out its investment properties under operating
lease arrangements with terms ranging from two to three
years. None of the leases include contingent rentals.
32. 經營租賃承擔
作為出租人
於二零一七年十二月三十一日，本集團根
據有關租賃辦公室物業之不可撤銷經營租
賃就未來最低應收租金總額之期滿情況如
下：
本集團根據經營租賃安排將投資物業出
租，租期介乎兩年至三年。概無租賃包括
或然租金。
KK文化控股有限公司
二零一七年年報 155
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
32. OPERAT ING LEASE COMMITMENTS
(Continued)
As lessee
As at 31 December 2017, the total future minimum lease
payments of the Group under non-cancellable operating leases
are payable as follows:
Rented premises and
production facilities Internet access line
租賃物業及生產設施 互聯網專線
2017 2016 2017 2016
二零一七年 二零一六年 二零一七年 二零一六年
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Within one year 一年內 7,218 4,245 18 48
In the second to fifth 第二年至第五年
years inclusive （包括首尾兩年） 7,845 1,362 – –
15,063 5,607 18 48
The Group leases a number of properties and production
facilities and internet access line under operating leases. The
leases run for an initial period from two to five years, with an
option to renew the lease and renegotiate the terms at the
expiry date or at dates as mutually agreed between the Group
and respective landlords/lessors. None of the leases include
contingent rentals.
32. 經營租賃承擔（續）
作為承租人
於二零一七年十二月三十一日，本集團根
據不可撤銷經營租賃就未來最低應付租金
總額之期滿情況如下：
本集團根據經營租賃租賃多項物業及生產
設施以及互聯網專線。該等租賃初步為期
介乎二至五年，可選擇於到期日或本集團
與各業主╱出租人雙方同意之日期重續租
賃及重新磋商條款。概無租賃包括或然租
金。
KK Culture Holdings Limited
Annual Report 2017156
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
33. HOLDING COMPANY STATEMENT OF
FINANCIAL POSITION
2017 2016
二零一七年 二零一六年
Notes HK$’000 HK$’000
附註 千港元 千港元
ASSETS AND LIABILITIES 資產與負債
Non-current assets 非流動資產
Investments in subsidiaries 於附屬公司之投資 19,254 19,254
Available-for-sale financial assets 可供出售財務資產 17,369 44,979
Deposit for acquisition of property, 收購物業、廠房及設備之押金
plant and equipment 3,988 –
40,611 64,233
Current assets 流動資產
Amounts due from subsidiaries 附屬公司欠款 76,018 24,767
Other receivables 其他應收款項 9,299 169
Cash and cash equivalents 現金及現金等值項目 6,800 70,779
92,117 95,715
Non-current assets classified as held 列為持有待售的非流動資產
for sales 28,588 –
120,705 95,715
Current liabilities 流動負債
Other payables 其他應付款項 948 263
Amount due to a shareholder 應付一名股東款項 – 13,950
948 14,213
Net current assets 流動資產淨值 119,757 81,502
Total assets less current liabilities 總資產減流動負債 160,368 145,735
Non-current liabilities 非流動負債
Loans from a shareholder 一名股東提供之貸款 40,312 –
Net assets 資產淨值 120,056 145,735
EQUITY 權益
Share capital 股本 29 74,523 74,007
Reserves 儲備 31 45,533 71,728
Total equity 權益總額 120,056 145,735
On behalf of the directors
代表董事會
Liu Gary Wei Tsang Hing Bun
劉維 曾慶贇
Director Director
董事 董事
33. 控股公司之財務狀況表
KK文化控股有限公司
二零一七年年報 157
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
34. PARTICULARS OF PRINCIPAL SUBSIDIARIES
Place/Country of Issued and fully Percentage of
Date of incorporation/ incorporation/establishment paid share capital/ issued capital held Principal activities and place
Name of company establishment and type of legal entity Class of shares registered capital by the Company ^ of operations
已發行及 本公司所持
註冊成立╱ 註冊成立╱成立之地點╱ 繳足股款股本╱ 已發行股本之
公司名稱 成立日期 國家及法定實體類別 股份類別 註冊資本 百分比 ^ 主要業務及經營地點
Express Ocean Investment Limited 5 May 2008 Hong Kong, limited liability company Ordinary HK$2,000 100% Property investment, Hong Kong
飛洋投資有限公司 二零零八年五月五日 香港，有限公司 普通股 2,000港元 物業投資，香港
Central Publisher Limited 26 September 1997 Hong Kong, limited liability company Ordinary HK$1,000 100% Publishing and investment
卓越出版社有限公司 一九九七年九月二十六日 香港，有限公司 普通股 1,000港元 trading, Hong Kong
出版及投資買賣，香港
Recruit (BVI) Limited 15 March 2000 British Virgin Islands, Ordinary US$10,000 100% Investment holding,
二零零零年三月十五日 limited liability company 普通股 10,000美元 Hong Kong
英屬處女群島，有限公司 投資控股，香港
Recruit (China) Holdings Limited 3 November 2004 British Virgin Islands, Ordinary US$1 100% Investment holding, Hong Kong
才庫 (中國 )控股有限公司 二零零四年十一月三日 limited liability company 普通股 1美元 投資控股，香港
英屬處女群島，有限公司
Recruit Group Limited 8 January 2007 British Virgin Islands, Ordinary US$10,000 100% Investment holding, Hong Kong
二零零七年一月八日 limited liability company 普通股 10,000美元 投資控股，香港
英屬處女群島，有限公司
Recruit Human Resources Group Limited 7 April 2005 British Virgin Islands, Ordinary US$2,564,102 100% Investment holding, Hong Kong
才庫招聘資源有限公司 二零零五年四月七日 limited liability company 普通股 2,564,102美元 投資控股，香港
英屬處女群島，有限公司
Recruit Information Technology Limited 7 November 2003 Hong Kong, limited liability company Ordinary HK$1,000 100% Provision of website development
才庫媒體集團有限公司 二零零三年十一月七日 香港，有限公司 普通股 1,000港元 and information technology
services, Hong Kong
提供網站發展及資訊科技
服務，香港
Recruit & Company Limited 13 April 2006 Hong Kong, limited liability company Ordinary HK$1 100% Provision of advertising
二零零六年四月十三日 香港，有限公司 普通股 1港元 service, Hong Kong
提供廣告服務，香港
Media Services Limited 30 April 1999 Hong Kong, limited liability company Ordinary HK$52,000,000 100% Provision of advertising
一九九九年四月三十日 香港，有限公司 普通股 52,000,000港元 services, Hong Kong
提供廣告服務， 香港
34. 主要附屬公司詳情
KK Culture Holdings Limited
Annual Report 2017158
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
34. PARTICULARS OF PRINCIPAL SUBSIDIARIES
(Continued)
Place/Country of Issued and fully Percentage of
Date of incorporation/ incorporation/establishment paid share capital/ issued capital held Principal activities and place
Name of company establishment and type of legal entity Class of shares registered capital by the Company ^ of operations
已發行及 本公司所持
註冊成立╱ 註冊成立╱成立之地點╱ 繳足股款股本╱ 已發行股本之
公司名稱 成立日期 國家及法定實體類別 股份類別 註冊資本 百分比 ^ 主要業務及經營地點
Azure Global Group Limited 25 August 2015 British Virgin Islands, Ordinary US$1 100% Investment holding, Hong Kong
二零一五年八月二十五日 limited liability company 普通股 1美元 投資控股， 香港
英屬處女群島，有限公司
Hong Kong Made (Media) Limited* 3 November 2012 Hong Kong, limited liability company Ordinary HK$100 60% Provision of advertising
香港製作（媒體）有限公司* 二零一二年十一月三日 香港，有限公司 普通股 100港元 services, Hong Kong
提供廣告服務， 香港
Ample Success Limited* 14 April 2016 Hong Kong, limited liability company Ordinary HK$100 60% Provision of advertising
博功有限公司* 二零一六年四月十四日 香港，有限公司 普通股 100港元 services, Hong Kong
提供廣告服務， 香港
Star Prestige Investments Limited*# 10 April 2017 Hong Kong, limited liability company Ordinary HK$1 100% Provision of advertising
天賦投資有限公司*# 二零一七年四月十日 香港，有限公司 普通股 (2016: Nil) services, Hong Kong
1港元 提供廣告服務， 香港
（二零一六年： 無）
* BDO Limited is not the statutory auditors of the accounts of
these companies. The English translation of Chinese names of
PRC subsidiaries, if any, is included for identification only and
should not be regarded as their official English translation.
^ All principal subsidiaries are indirectly held by the Company
except for Modern Ace Global Limited, Fullmoon Global
Limited, Recruit (BVI) Limited, Recruit Human Resources Group
Limited, Recruit (China) Holdings Limited, Beyond Noble
Holdings Limited and Azure Global Group Limited (2016:
Modern Ace Global Limited, Fullmoon Global Limited, Recruit
(BVI) Limited, Recruit Human Resources Group Limited and
Recruit (China) Holdings Limited).
# These subsidiaries were newly incorporated in 2017.
The directors of the Company are of the opinion that a
complete list of the particulars of all subsidiaries would be of
excessive length and therefore the above list contains only
the particulars of the subsidiaries which materially affect the
results or assets of the Group.
None of the subsidiaries had any debt securities subsisting at
the end of the year or at any time during the year.
34. 主要附屬公司詳情（續）
* 香港立信德豪會計師事務所有限公司並
非該等公司之賬目之法定核數師。
^ 除Modern Ace Global Limited、Fullmoon
Global Limited、Recruit (BVI) Limited、
才庫招聘資源有限公司、才庫（中國）
控股有限公司、Beyond Noble Holdings
Limited及Azure Global Group Limited（二
零一六年：Modern Ace Global Limited、
Fullmoon Global Limited、Recruit (BVI)
Limited、才庫招聘資源有限公司及才庫
（中國）控股有限公司）外，所有主要附屬
公司均由本公司間接持有。
# 此等為於二零一七年新註冊成立之附屬
公司。
本公司董事認為，全數列出所有附屬公司
之詳情會導致篇幅過份冗長，因此上表只
載列對本集團之業績或資產構成重大影響
之附屬公司之詳情。
附屬公司於年終或年內任何時間並無存在
任何債務證券。
KK文化控股有限公司
二零一七年年報 159
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
34. PARTICULARS OF PRINCIPAL SUBSIDIARIES
(Continued)
Details of non-wholly owned subsidiaries that
have non-controlling interests
As at 31 December 2017, non-controlling interests (“NCI”)
of the Group represented 40% (2016: 40%) equity interests
in Hong Kong Made (Media) Limited (“Hong Kong Made”)
and Ample Success Limited (“ASL”) respectively held by non-
controlling shareholders.
Summarised financial information in relation to the NCI of
Hong Kong Made and ASL is presented below:
2017 2016
二零一七年 二零一六年
Hong Kong Hong Kong
Made ASL Total Made ASL Total
香港製作 博功 合共 香港製作 博功 合共
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元
For the year ended 31 December 截至十二月三十一日
止年度
Revenue 收益 36,652 – 36,652 39,313 – 39,313
Profit/(Loss) for the year 本年度溢利╱（虧損） (35,729) (8,370) (44,099) 647 (5,948) (5,301)
Total comprehensive income 本年度全面收益總額 (35,729) (8,370) (44,099) 647 (5,948) (5,301)
Profit/(Loss) allocated to NCI 分配至非控股權益之
溢利╱（虧損） (14,292) (3,348) (17,640) 259 (2,379) (2,120)
Cash flows generated from 經營業務之現金流入
operating activities 21,939 (839) 21,100 12,698 – 12,698
Cash flows used in investing 投資業務之現金流出
activities (27,663) (6,787) (34,450) (11,855) (7,718) (19,573)
Cash flows generated from 融資業務之現金流入
financing activities 4,895 7,626 12,521 – 7,718 7,718
Net cash inflows/(out flows) 現金流入╱（出）淨額 (829) – (829) 843 – 843
As at 31 December 於十二月三十一日
Current assets 流動資產 40,295 – 40,295 32,991 – 32,991
Non-current assets 非流動資產 68,528 8,726 77,254 137,821 16,040 153,861
Current liabilities 流動負債 (57,549) (23,044) (80,593) (48,377) (14,687) (63,064)
Non-current liabilities 非流動負債 (41,706) – (41,706) (77,138) (7,301) (84,439)
Net assets/(liabilities) 資產淨值╱（負債淨額） 9,568 (14,318) (4,750) 45,297 (5,948) 39,349
Accumulated non-controlling 累計非控股權益
interests 3,827 (5,727) (1,900) 18,119 (2,379) 15,740
34. 主要附屬公司詳情（續）
擁有非控股權益之非全資附屬公司詳情
於二零一七年十二月三十一日，本集團之
非控股權益為40%（二零一六年： 40%）
（分別於香港製作（媒體）有限公司（「香港製
作」）及博功有限公司（「博功」）），並由非控
股股東持有。
有關香港製作及博功之非控股權益之財務
資料概述如下：
KK Culture Holdings Limited
Annual Report 2017160
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
35. BUSINESS COMBINATION IN 2016
On 29 January 2016, the Group entered into a sale and
purchase agreement with Silver Golden Limited and Mr. Sui
Chok Lee (“Vendors”) to acquire 60% equity interests in Hong
Kong Made and its shareholders’ loan of HK$6,600,000 at a
consideration of HK$36,600,000 (the “Acquisition”). Hong
Kong Made is principally engaged in the development and
operation of out-of-home advertising media in the PRC and is
the exclusive advertising agent of 廣州聲煜金線廣告有限公
司 (“Shengyu”) in providing advertising agency services and
related production services in respect of Guangzhou-Shenzhen
Railway-China Railway High Speed under the exclusive
advertising agency agreement. The Acquisition was completed
on 1 April 2016. Details of the Acquisition were set out in
the Company’s announcement dated 29 January 2016. The
Acquisition was made with the aims to diversify the Group’s
advertising business into a new line of media business with
growth potential and to broaden its source of income that can
bring return to the shareholders.
35. 於二零一六年之業務合併
於二零一六年一月二十九日， 本集團與
Silver Golden Limited及蕭作利先生（「賣方」）
訂立買賣協議，以收購香港製作之60%股
權及其6,600,000港元之股東貸款，代價
為36,600,000港元（「收購事項」）。香港製
作於中國主要從事戶外廣告媒體發展及經
營，並為廣州聲煜金線廣告有限公司（「聲
煜」）之獨家廣告代理，根據獨家廣告代
理協議提供有關廣深線和諧號之廣告代理
服務及相關製作服務。收購事項已於二零
一六年四月一日完成。收購事項之詳情載
於本公司日期為二零一六年一月二十九日
之公告。收購事項旨在擴充本集團旗下廣
告業務至具增長潛力之新媒體業務範圍，
以及拓寬其收入來源以為股東帶來回報。
KK文化控股有限公司
二零一七年年報 161
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
35. BUSINESS COMBINATION IN 2016 (Continued)
The fair value of identifiable assets and liabilities of Hong Kong
Made as at the date of Acquisition were:
HK$’000
千港元
Other intangible assets 其他無形資產 88,638
Trade and other receivables 貿易及其他應收款項 3,749
Cash and cash equivalents 現金及現金等值項目 2
Other payables 其他應付款項 (4,492)
Shareholders’ loans 股東貸款 (11,000)
License rights fee payables 應付特許權費 (21,010)
Deferred tax liabilities 遞延稅項負債 (11,238)
Net assets acquired 所收購之資產淨值 44,649
Less: non-controlling interests 減：非控股權益 (17,860)
26,789
Assignment of shareholders’ loans 出讓股東貸款 6,600
Goodwill (Note 18) 商譽（附註18） 3,211
Total cash consideration 現金代價總額 36,600
Net cash outflow arising from 收購產生之現金流出淨額：
the acquisition:
Purchase consideration settled in cash 以現金支付之收購代價 (36,600)
Cash and cash equivalents acquired 所收購之現金及現金等值項目 2
(36,598)
Goodwill was attributable to the significant future prospect
and the business value of the acquired new line of media
business.
35. 於二零一六年之業務合併（續）
於收購事項日期，香港製作之可識別資產
及負債之公平價值如下：
商譽乃由於收購新媒體業務之重大未來前
景及業務價值。
KK Culture Holdings Limited
Annual Report 2017162
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
35. BUSINESS COMBINATION IN 2016 (Continued)
Pursuant to the sales and purchase agreement, profit
guarantee for Hong Kong Made’s audited net profit after
taxation should be at least HK$5,000,000 for each of year
ended and ending 31 March 2017 and 2018 respectively. In
the event of guaranteed profit cannot be met, the shortfall
amount will be reimbursed by Ms. Chau Lan Sze, the sole
beneficial owner of Silver Golden Limited, together with
the Vendors as compensation. The fair value of the profit
guarantee of Hong Kong Made was HK$Nil at the completion
date of acquisition based on valuation performed by an
independent valuer, Graval Consulting Limited by using a
probabilistic model. As of 31 December 2017, there is no
change on the fair value of the profit guarantee. Hong Kong
Made’s audited net profit after taxation met the target level in
2017. The audited net profit after taxation does not reflect the
amortisation of other intangible assets that was recognised by
the Group as fair value adjusted at the date of Acquisition.
The fair value gross amount of trade and other receivables
amounted to HK$3,749,000 as at the date of acquisition.
Since the date of Acquisition, Hong Kong Made contributed
HK$39,313,000 and HK$17,699,000 to the Group’s turnover
and profit or loss for the year ended 31 December 2016.
If the Acquisition has been occurred on 1 January 2016,
the Group’s revenue and loss for the year would have been
HK$97,790,000 and HK$19,502,000 respectively for the
year ended 31 December 2016. This pro forma information
was for illustrative purposes only and was not necessarily an
indication of revenue and results of operations of the Group
that actually would have been achieved had the Acquisition
been completed on 1 January 2016, nor was it intended to be
a projection of future results.
The acquisition-related costs of HK$188,000 were been
expensed and are included in administrative and other
operating expenses.
35. 於二零一六年之業務合併（續）
根據買賣協議，香港製作之溢利保證為截
至二零一七年及二零一八年三月三十一
日止年度之經審核除稅後純利各最少為
5,000,000港元。若未能達成溢利保證，
所缺金額會由鄒蘭施女士（Silver Golden
Limited之唯一實益擁有人）與賣方一同償
付。根據獨立估值師博浩企業顧問有限公
司使用概率模型進行之估值，於收購完成
日期香港製作之溢利保證之公平價值為零
港元。於二零一七年十二月三十一日，溢
利保證之公平價值並無變動。香港製作之
經審核除稅後純利達成二零一七年之目標
水平。經審核除稅後純利並無反映其他無
形資產之攤銷（本集團確認為於收購日期之
經調整公平價值）。
貿易及其他應收款項之公平價值總額於收
購日期為3,749,000港元。
自收購日期起，香港製作於截至二零一六
年十二月三十一日止年度分別為本集團
營業額及損益貢獻39,313,000港元及
17,699,000港元。假如收購事項已於二
零一六年一月一日進行，本集團於截至
二零一六年十二月三十一日止年度之年內
收益及虧損應分別為97,790,000港元及
19,502,000港元。此備考資料僅供說明，
並非作為倘收購事項已於二零一六年一月
一日完成，本集團實際應實現之收益及經
營業績之指標，亦無意作為未來業績之預
測。
收購相關開支188,000港元已予支銷，並計
入行政及其他經營費用。
KK文化控股有限公司
二零一七年年報 163
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
36. DISPOSAL OF A SUBSIDIARY
During the year ended 31 December 2017, the Group
disposed its entire interests in 才庫企業管理(上海)有限公司 to
independent third parties at the consideration of RMB1. Its net
assets at the date of disposal are as follows:
HK$’000
千港元
Other receivables 其他應收款項 315
Cash and cash equivalents 現金及現金等值項目 76
391
Exchange reserve 匯兌儲備 940
Loss on disposal of a subsidiary 出售一間附屬公司之虧損 (1,331)
Total consideration satisfied by cash 以現金支付之總代價 –
Net cash inflow arising on disposal: 出售產生之現金流入淨額：
Cash consideration 現金代價 –
Cash and cash equivalents disposed of 所出售之現金及現金等值項目 (76)
(76)
37. RELATED PARTY TRANSACTIONS AND
BALANCES
Transactions between the Company and its subsidiaries, which
are related parties of the Company, have been eliminated
on consolidation and are not disclosed in this note. Save as
disclosed elsewhere in the financial statements, details of other
significant transactions between the Group and other related
parties during the year are disclosed as follows:
36. 出售一間附屬公司
截至二零一七年十二月三十一日止年度，
本集團以人民幣1元代價向獨立第三方出售
其於才庫企業管理 (上海 )有限公司之全部
權益。其於出售日期之資產淨值如下：
37. 有關連人士交易及結餘
本公司與屬本公司有關連人士之附屬公司
之交易已於綜合賬目時對銷而並無於本附
註內披露。除財務報表其他部份披露者
外，本集團與其他有關連人士於年內進行
之其他重大交易詳情披露如下：
KK Culture Holdings Limited
Annual Report 2017164
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
37. RELATED PARTY TRANSACTIONS AND
BALANCES (Continued)
(a) Related party transactions
Nature of transactions
2017 2016
二零一七年 二零一六年
HK$'000 HK$'000
千港元 千港元
Professional fees 專業費用 547 492
During the years ended 31 December 2017 and 2016,
professional fee were paid to a related company, in
which Mr. Tsang Hing Bun, a director of the Company,
was a director and has control over this company,
for providing company secretary services. The service
charges were determined at the market rate at the
date when the service was provided.
(b) Compensation of key management personnel
The key management personnel of the Group are
the directors of the Company. The remuneration of
the key management personnel is determined by
the remuneration committee having regard to the
performance of individuals and market trends. Details
of the remuneration paid to them are set out in Note
10(a) to the financial statements.
37. 有關連人士交易及結餘（續）
(a) 有關連人士交易
交易性質
於截至二零一七年及二零一六年
十二月三十一日止年度，已付專業
費用予關連公司（本公司董事曾慶
贇先生亦為該公司董事及擁有控制
權），以提供公司秘書服務。服務酬
金乃根據提供服務日期時之市價釐
定。
(b) 主要管理人員補償
本集團主要管理人員為本公司董
事。主要管理人員之酬金乃由薪酬
委員會經考慮個別人士之表現及市
場趨勢後釐定。付予該等人士之酬
金詳情載於財務報表附註10(a)。
KK文化控股有限公司
二零一七年年報 165
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
38. NOTES SUPPORTING STATEMENT OF CASH
FLOWS
Reconciliation of liabilities arising from financial activities:
Bank borrowings
(Note 25)
銀行借貸
（附註25）
HK$’000
千港元
At 1 January 2017 於二零一七年一月一日 –
Changes from cash flows: 現金流之變動：
Proceeds from new bank loans 新銀行貸款之所得款項 6,100
Repayment of bank loans 償還銀行貸款 (204)
Interest paid 已付利息 112
Total changes from financing 融資現金流之變動合計
cash flows 6,008
Other charges: 其他變動
Interest expenses 利息開支 (112)
Total other charges 其他變動總額 (112)
At 31 December 2017 於二零一七年十二月三十一日 5,896
38. 現金流量表附註
融資業務產生之負債對賬：
KK Culture Holdings Limited
Annual Report 2017166
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
39. SUMMARY OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES BY CATEGORY
The following table shows the carrying amount and fair value
of financial assets and liabilities:
2017 2016
二零一七年 二零一六年
HK$’000 HK$’000
千港元 千港元
Financial assets 財務資產
– Available-for-sale financial assets – 可供出售財務資產 45,957 44,979
Loans and receivables: 貸款及應收款項：
– Trade and other receivables – 貿易及其他應收款項 44,698 40,281
– Loan receivables – 應收貸款 4,000 –
– Cash and cash equivalents – 現金及現金等值項目 28,472 83,373
123,127 168,633
Financial liabilities 財務負債
Financial liabilities measured 按攤銷成本計量之財務負債：
at amortised cost:
Non-current liabilities 非流動資產
– License right fees payables – 應付特許權費 41,706 76,570
– Loans from a shareholders – 一名股東提供之貸款 40,312 –
Current liabilities 流動負債
– Other payables and accruals – 其他應付款項及應計開支 12,413 8,996
– Bank borrowings – 銀行借貸 5,896 –
– Amount due to non-controlling – 應付一間附屬公司之
interests of a subsidiary 非控股權益之款項 6,750 6,750
– Amount due to a shareholder – 應付一名股東款項 – 13,950
– License right fees payables – 應付特許權費 66,935 31,730
174,012 137,996
39. 按類別劃分之財務資產及財務負
債概要
下表列出財務資產及負債之賬面值及公平
價值：
KK文化控股有限公司
二零一七年年報 167
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
39. SUMMARY OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES BY CATEGORY
(Continued)
The following table provides an analysis of financial
instruments carried at fair value by level of fair value hierarchy:
Level 1: quoted prices (unadjusted) in active markets for
identical assets and liabilities;
Level 2: inputs other than quoted prices included within
Level 1 that are observable for the asset or liability,
either directly (. as prices) or indirectly (.
derived from prices); and
Level 3: inputs for the asset or liability that are not based on
observable market data (unobservable inputs).
2017
二零一七年
Level 1 Level 2 Level 3 Total
第1層 第2層 第3層 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Assets 資產
Available-for-sale financial 可供出售財務資產
assets 45,957 – – 45,957
Net fair values 淨公平價值 45,957 – – 45,957
2016
二零一六年
Level 1 Level 2 Level 3 Total
第1層 第2層 第3層 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Assets 資產
Available-for-sale financial 可供出售財務資產
assets 44,979 – – 44,979
Net fair values 淨公平價值 44,979 – – 44,979
39. 按類別劃分之財務資產及財務負
債概要（續）
下表提供按公平價值列賬之財務工具按公
平價值架構之層次所作之分析：
第1層： 相同資產及負債於活躍市場的報
價（未作調整）；
第2層： 就資產或負債而直接（即價格）或
間接（即從價格推衍）可觀察的資
料輸入（不包括第1層所包含的
報價）；及
第3層： 並非根據可觀察的市場數據而有
關資產或負債的資料輸入（無法
觀察的資料輸入）。
KK Culture Holdings Limited
Annual Report 2017168
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
39. SUMMARY OF FINANCIAL ASSETS AND
FINANCIAL LIABILITIES BY CATEGORY
(Continued)
There have been no significant transfers between levels 1 and
2 in the reporting periods.
The methods and valuation techniques used for the purpose
of measuring fair value remain unchanged compared to the
previous reporting periods.
Available-for-sale financial assets were denominated in HK$.
Fair values have been determined by reference to their quoted
bid prices at the reporting dates.
40. FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to a variety of financial
instrument risks: market risk (including foreign currency
risk and interest rate risk), credit risk and liquidity risk. The
Group’s overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise
potential adverse effects on the Group’s financial performance
by closely monitoring the individual exposure.
The Group does not have written risk management policies
and guidelines. However, the board of directors meets
periodically to analyse and formulate strategies to manage
the Group’s exposure to a variety of risks which resulted from
its operating and investing activities. Generally, the Group
employs conservative strategies regarding its risk management
to ensure appropriate measures are implemented on a timely
and effective manner. The risks associated with these financial
instruments and the policies on how to mitigate these risks are
set out as follows:
39. 按類別劃分之財務資產及財務負
債概要（續）
於報告期間，第1層與第2層之間並無重大
轉移。
用於計量公平價值之方法及估值技術與以
往的報告期間相比並無改變。
可供出售財務資產乃以港元計值。公平價
值乃參考有關證券於報告日之買入報價而
釐定。
40. 財務風險管理
本集團因本身之活動而面對不同的財務工
具風險：市場風險（包括外匯風險及利率風
險）、信貸風險及流動資金風險。本集團之
整體風險管理計劃集中於應對金融市場的
不確定因素以及通過密切監察各類別的風
險而致力減輕本集團財務表現可能受到的
潛在不利影響。
本集團並無書面風險管理政策及指引。然
而，董事會會定期舉行會議，以分析及制
定策略來管理本集團源自本集團之經營及
投資業務的各種風險。一般而言，本集團
會採取保守的風險管理策略，確保適時有
效地實行適當措施。與該等財務工具有關
之風險及減低該等風險之政策載列如下：
KK文化控股有限公司
二零一七年年報 169
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(a) Credit risk
Credit risk refers to the risk that the counterparty
to a financial instrument would fail to discharge its
obligation under the terms of the financial instrument
and cause a financial loss to the Group. The Group’s
exposure to credit risk mainly arises from granting
credit to customers in the ordinary course of its
operations. The Group’s financial assets are summarised
in Note 39 above.
The directors of the Company consider the Group
does not have a significant concentration of credit
risk. The Group also continuously evaluates the credit
risk of its customers to ensure appropriateness of the
amount of credit granted. Credit terms are extended
to customers based on the evaluation of individual
customer’s financial conditions. In addition, the Group
reviews the recoverable amount of each individual
trade debt at each reporting date to ensure that
adequate impairment losses are made for irrecoverable
amounts. The credit policies have been followed by the
Group for a number of years and are considered to be
effective in limiting the Group’s exposure to credit risk
to a desirable level. Further quantitative disclosures in
respect of the Group’s exposure to credit risk arising
from trade receivables are set out in Note 22 to the
financial statements.
The Group has deposited its cash with various banks
and brokers. The credit risk on cash and bank balances
is limited because most of the Group’s bank deposits
are deposited with major reputable banks and financial
institutions located in Hong Kong.
40. 財務風險管理（續）
(a) 信貸風險
信貸風險指財務工具交易對手未能
履行其於財務工具條款下之責任而
導致本集團蒙受財務損失之風險。
本集團面對之信貸風險主要源自在
日常營運範圍內向客戶提供信貸。
本集團之財務資產概要載於上文附
註39。
本公司董事認為本集團並無重大的
信貸集中風險。本集團亦不斷評估
其客戶之信貸風險，以確保授出之
信貸額適當。本集團按個別客戶
之財務狀況的評估給予客戶信貸條
款。此外，本集團於每個報告日檢
討其各項個別貿易債務之可收回金
額，以確保就不可收回金額作出足
夠之減值虧損撥備。本集團多年來
一直沿用有關信貸政策並認為有關
政策一直有效地將本集團面對之信
貸風險控制在理想水平。有關本集
團因貿易應收款項面對之信貸風險
的進一步量化披露，乃載於財務報
表附註22。
本集團於多家銀行及經紀人存放現
金。由於本集團大部份銀行存款是
存放於香港具信譽之主要銀行及金
融機構，故現金及銀行結餘之信貸
風險有限。
KK Culture Holdings Limited
Annual Report 2017170
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(b) Currency risk
Foreign currency risk refers to the risk that the fair
value or future cash flows of a financial instrument
will fluctuate because of changes in foreign exchange
rates.
For the year ended 31 December 2017
Most of the sales transactions of the Group were
denominated in RMB and HK$ and there were
expenses and capital expenditures denominated in RMB
and HK$. Certain trade receivables and trade payables
of the Group were denominated in foreign currencies,
mainly RMB. To mitigate the impact of exchange rate
fluctuations, the Group continuously assessed and
monitored the exposure to foreign currency risk.
Foreign currency denominated financial assets of the
Group as at 31 December 2017 were as follows:
HK$’000
千港元
Foreign currency exposure 人民幣之外匯風險
to RMB
Trade and other receivables 貿易及其他應收款項 18,692
Cash and cash equivalents 現金及現金等值項目 1
License right fees payables 應付特許權費 (108,641)
(89,948)
40. 財務風險管理（續）
(b) 貨幣風險
外幣風險指財務工具之公平價值或
未來現金流量因外幣匯率變動而波
動之風險。
截至二零一七年十二月三十一日止
年度
本集團大部分銷售交易乃以人民幣
及港元列值，費用及資本開支則以
人民幣及港元列值。本集團若干貿
易應收款項及貿易應付款項以外幣
列值，主要為人民幣。為舒緩匯率
波動之影響，本集團持續評估及監
察外幣風險之水平。
於二零一七年十二月三十一日本集
團以外幣列值之財務資產如下：
KK文化控股有限公司
二零一七年年報 171
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(b) Currency risk (Continued)
For the year ended 31 December 2017 (Continued)
The following table illustrates the sensitivity of the
net results for the year and accumulated losses in
regards to the Group’s financial assets and liabilities
at the reporting date and the reasonably possible
changes in the foreign exchange rates in the next 12
months to which the Group has significant exposure
at the reporting date, based on the assumption that
other variables are held constant. Changes in foreign
exchange rates have no impact on the Group’s other
components of equity.
2017
二零一七年
Increase/ Effect on loss
(Decrease) after tax and
in foreign accumulated
exchange rates losses
外匯匯率 對除稅後虧損及
上升╱（減少） 累計虧損之影響
HK$’000
千港元
RMB 人民幣 % 4,149
(%) (4,149)
Exposures to foreign exchange rates vary during the
year depending on the volume of overseas transactions.
Nonetheless, the analysis above is considered to be
representative of the Group’s exposure to currency risk.
40. 財務風險管理（續）
(b) 貨幣風險（續）
截至二零一七年十二月三十一日止
年度（續）
下表顯示有關本集團之財務資產及
財務負債於報告日之年度業績淨額
及累計虧損之敏感資料，以及本集
團於報告日面對重大風險之外幣匯
率於未來12個月的合理可能變動，
假設其他可變因素保持不變。外幣
匯率變動對本集團權益之其他組成
部份並無影響
外匯匯率風險於年內因境外交易量
而改變。然而，上述分析被認為可
反映本集團面對之貨幣風險。
KK Culture Holdings Limited
Annual Report 2017172
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(b) Currency risk (Continued)
For the year ended 31 December 2016
The Group does not have material exposure to currency
risk as most of the Group’s transactions are carried
out in HK$, which is the functional currency of the
Company. The Group reviews its foreign currency
exposures on a regular basis and does not consider its
foreign currency risk to be significant.
The Directors are of the opinion that the Group’s
sensitivity to the change in foreign currency exchange
rates is low.
The Company is not exposed to any foreign currency
risk.
(c) Interest rate risk
The Group does not have material exposure to interest
rate risk, as the Group has no financial assets and
liabilities of material amounts with floating interest
rates except for deposits held in banks. Cash at bank
earns interest at floating rates based on the daily
bank deposit rates during the year. Any change in the
interest rate promulgated by banks from time to time is
not considered to have significant impact to the Group.
The Group adopts centralised treasury policies in cash
and financial management and focuses on reducing
the Group’s overall interest expense. The terms of
repayment of bank borrowings are set out in Notes 25
to the financial statements.
Management did not consider it necessary to use
interest rate swaps to hedge their exposure to interest
rate risk as the interest rate risk exposure is not
significant.
40. 財務風險管理（續）
(b) 貨幣風險（續）
截至二零一六年十二月三十一日止
年度
由於本集團大部份交易是以港元（即
本公司之功能貨幣）進行，故本集團
並無面對重大貨幣風險。本集團定
期審視本身之外幣風險並認為所面
對之外幣風險並非顯著。
董事認為本集團對外幣匯率變動之
敏感度水平屬低。
本公司並無面對任何外幣風險。
(c) 利率風險
除銀行存款外，本集團並無任何大
額的浮息財務資產及負債，故本集
團並無面對重大利率風險。年內，
銀行現金按浮動利率（建基於每日存
款利率）計息。銀行不時公佈的利
率變動應不會對本集團造成重要影
響。本集團就現金及財務管理採取
集中的財資政策，致力減低本集團
整體利息開支。銀行借貸之還款期
載於財務報表附註25。
管理層認為，由於面對之利息風險
並不重大，因此毋須以利率掉期來
對沖面對之利息風險。
KK文化控股有限公司
二零一七年年報 173
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(d) Liquidity risk
The Group’s policy is to regularly monitor its liquidity
requirements, its compliance with lending covenants
and its relationships with its bankers to ensure that
it maintains sufficient reserves of cash and adequate
committed lines of funding from major financial
institutions to meet its liquidity requirements in the
short and long term.
The Group had net current assets of HK$16,240,000
( 2 0 1 6 : H K $ 6 3 , 6 6 1 , 0 0 0 ) a n d n e t a s s e t s o f
HK$149,283,000 (2016: HK$217,706,000) as at
31 December 2017. In the opinion of directors, the
Group’s exposure to liquidity risk is limited.
The following table details the remaining contractual
maturities at each of the reporting dates of the Group’s
non-derivative financial liabilities, which are based
on contractual undiscounted cash flows (including
interest payment computed using contractual rates or,
if floating, based on current rates at the reporting date)
and the earliest date the Group may be required to pay.
40. 財務風險管理（續）
(d) 流動資金風險
本集團之政策為定期監管其流動資
金需求、其遵守貸款契諾的情況以
及其與往來銀行之關係，確保其保
持充裕的現金儲備以及獲主要金融
機構承諾提供足夠的資金額度， 以
此應付短線以至長期的流動資金需
求。
於二零一七年十二月三十一日，本
集團有流動資產淨額16,240,000港
元（二零一六年：63,661,000港元）
及資產淨值149,283,000港元（二零
一六年：217,706,000港元）。董事
認為，本集團流動資金風險有限。
下表詳列出本集團非衍生財務負債
於各報告日之尚餘合約到期情況，
此乃根據訂約未貼現現金流量（包括
以訂約利率計算之利息支出；若為
浮動利率，則為根據報告日之即期
利率計算之利息支出）及本集團可能
需要付款之最早日期而得出。
KK Culture Holdings Limited
Annual Report 2017174
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(d) Liquidity risk (Continued)
Specifically, for bank borrowing which contain a
repayment on demand clause which can be exercised
at the bank’s sole discretion, the analysis shows the
cash outflow based on the earliest period in which the
entity is required to pay, that is if the banks were to
invoke the unconditional rights to call the loan with
immediate effect.
Total Within More than More than
contractual three months three months one year but
Carrying undiscounted or on but less than less than
amount cash flow demand one year five years
總訂約未貼 於三個月 超過三個月 超過一年
賬面值 現現金流量 內或應要求 但於一年內 但於五年內
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
As at 31 December 2017 於二零一七年
十二月三十一日
Non-derivative 非衍生財務負債
financial liabilities
Other payables and 其他應付款項
accruals 及應計開支 12,413 12,413 12,413 – –
Amount due to 應付一間附屬公司之
non-controlling interests 非控股權益之款項
of a subsidiary 6,750 6,750 6,750 – –
Bank borrowings 銀行借貸 5,896 5,896 5,896 – –
License right fees payables 應付特許權費 108,641 112,375 14,286 55,230 42,859
Loans from a shareholder 一名股東提供之貸款 40,312 41,571 – – 41,571
174,012 179,005 39,345 55,230 84,430
As at 31 December 2016 於二零一六年
十二月三十一日
Non-derivative 非衍生財務負債
financial liabilities
Other payables and 其他應付款項
accruals 及應計開支 8,996 8,996 8,996 – –
Amount due to 應付一間附屬公司之
non-controlling interests 非控股權益之款項
of a subsidiary 6,750 6,750 6,750 – –
Amount due to a 應付一名股東款項
shareholder 13,950 13,950 13,950 – –
License right fees payables 應付特許權費 108,300 114,576 11,616 22,440 80,520
137,996 144,272 41,312 22,440 80,520
40. 財務風險管理（續）
(d) 流動資金風險（續）
具體而言，對於包含按要求還款之
條款，由銀行酌情行使此條款之銀
行借貸，分析顯示實體需要付款之
最早期間之現金流出，猶如相關銀
行行使該等無條件權利要求即時償
還貸款。
KK文化控股有限公司
二零一七年年報 175
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(d) Liquidity risk (Continued)
The table that follows summarises the maturity analysis
of those bank borrowings with repayment-on-demand
clause based on the agreed scheduled repayments
set out in the loan agreement. The amounts included
interest payments computed using contractual rates. As
a result, these amounts are greater than the amounts
disclosed in the “on demand” time band in the above
maturity analysis. Taking into account the Group’s
financial position, the directors of the Company do not
consider that it is probable that the bank will exercise
their discretion to demand immediate repayment,
the directors of the Company believe that such term
loans will be repaid in accordance with the scheduled
repayment dates as set out in the loan agreements.
Group
Total More than More than
contractual Within three three months one year but
Carrying undiscounted months or but less than less than Over
amount cash flow on demand one year five years five years
總訂約未貼 於三個月 超過三個月 超過一年
賬面值 現現金流量 內或應要求 但於一年內 但於五年內 超過五年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元 千港元
Term loans subject to 包含按要求還款條款之
repayment-on-demand clause 定期貸款，
based on scheduled repayments: 基於預定還款時間：
31 December 2017 二零一七年十二月三十一日 5,896 7,296 95 284 1,548 5,369
40. 財務風險管理（續）
(d) 流動資金風險（續）
下表概列根據相關貸款協議所載預
定還款時間表附帶按要求還款條文
的銀行借貸的到期分析。有關金額
包括按合約利率計算的利息付款。
因此，該等金額大於以上到期分析
中「應要求」時間段披露的金額。經
計及本集團的財務狀況後，本公司
董事認為銀行不大可能行使酌情權
要求即時還款。本公司董事相信，
有關定期借貸將根據貸款協議所載
預定還款日期償還。
本集團
KK Culture Holdings Limited
Annual Report 2017176
Notes to the Financial Statements
財務報表附註
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
40. FINANCIAL RISK MANAGEMENT (Continued)
(e) Fair values
The directors of the Company consider the fair values
of the Group’s current financial assets and liabilities are
not materially different from their carrying amounts
because of the immediate or short-term maturity of
these financial instruments. The fair values of non-
current financial assets and liabilities were not disclosed
because these are not materially different from their
carrying amounts.
41. CAPITAL MANAGEMENT POLICIES AND
PROCEDURES
The Group’s objectives when managing capital are:
• To safeguard the Group’s ability to continue as a going
concern, so that it continues to provide returns for
shareholders and benefits for other stakeholders;
• To support the Group’s stability and growth; and
• To provide capital for the purpose of strengthening the
Group’s risk management capability.
The Group actively and regularly reviews and manages its
capital structure to ensure optimal capital structure and
shareholder returns, taking into consideration the future
capital requirements of the Group and capital efficiency,
prevailing and projected profitability, projected operating cash
flows, projected capital expenditures and projected strategic
investment opportunities. The Group has not adopted any
formal dividend policy.
Management regards total equity as capital, for capital
management purpose. The amount of capital as at 31
December 2016 and 2017 amounted to approximately
HK$217,706,000 and HK$149,283,000 respectively, which
management considers as optimal having considered the
projected capital expenditures and the projected strategic
investment opportunities.
40. 財務風險管理（續）
(e) 公平價值
本公司董事認為，由於本集團流動
財務資產及負債屬即期或於短期內
到期，故該等財務工具之公平價值
與其賬面值並無重大差異。由於非
流動財務資產及負債之公平價值與
其賬面值並無重大差異，因此並無
披露有關公平價值。
41. 資本管理政策及程序
本集團管理資本之目標是：
• 確保本集團能夠持續經營，以繼續
為股東提供回報，為其他持份人創
造利益；
• 支持本集團之穩定發展及成長；及
• 提供資本以加強本集團之風險管理
能力。
本集團定期主動審視並管理其資本架構，
確保資本架構和股東回報可達致最佳水
平，當中會考慮本集團未來的資本需求及
資本效率、目前以及預計盈利能力、預計
營運現金流量、預計資本開支以及預計策
略投資機會。本集團並無採納任何正式的
股息政策。
就資本管理而言，管理層將總權益視作資
本。於二零一六年及二零一七年十二月
三十一日之資本金額分別約為217,706,000
港元及149,283,000港元，經考慮預計資本
開支及預計策略投資機會，管理層認為已
達致最佳水平。
KK文化控股有限公司
二零一七年年報 177
Financial Summary
財務摘要
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
A summary of the results and of the assets and liabilities of the
Group for the last five financial years, as extracted from the published
audited financial statements and restated in accordance with HKFRS
5 “Non-current Assets Held for Sale and Discontinued Operations”, is
set out below:
FINANCIAL RESULTS
Financial year ended 31 December
截至十二月三十一日止財政年度
2013 2014 2015 2016 2017
二零一三年 二零一四年 二零一五年 二零一六年 二零一七年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
CONTINUING OPERATIONS 持續經營業務
Turnover 營業額 63,225 59,923 62,857 96,527 98,534
Profit/(Loss) before income tax 除所得稅前溢利╱（虧損） 21,921 15,962 5,412 (16,213) (81,525)
Income tax (expense)/credit 所得稅（開支）╱抵免 (3,126) (2,353) (1,719) 1,978 6,051
Profit/(Loss) for the year 來自持續經營業務之
from continuing operations 本年度溢利╱（虧損） 18,795 13,609 3,693 (14,235) (75,474)
DISCONTINUED OPERATIONS 已終止經營業務
Profit/(Loss) for the year from 來自已終止經營業務之
discontinued operations 本年度溢利╱（虧損） 154,499 81,026 (29,758) – –
Profit/(Loss) for the year 本年度溢利╱（虧損） 173,294 94,635 (26,065) (14,235) (75,474)
Attributable to: 以下人士應佔：
Equity shareholders of the Company 本公司權益股東 125,399 78,913 (26,065) (12,115) (57,834)
Non-controlling interests 非控股權益 47,895 15,722 – (2,120) (17,640)
Profit/(Loss) for the year 本年度溢利╱（虧損） 173,294 94,635 (26,065) (14,235) (75,474)
本集團過去五個財政年度之業績及資產與負債之概
要如下，乃摘錄自已刊發之經審核財務報表，並已
根據香港財務報告準則第5號「持有待售之非流動
資產及已終止經營業務」重列：
財務業績
KK Culture Holdings Limited
Annual Report 2017178
Financial Summary
財務摘要
For the year ended 31 December 2017
截至二零一七年十二月三十一日止年度
FINANCIAL RESULTS (Continued)
As at 31 December
於十二月三十一日
2013 2014 2015 2016 2017
二零一三年 二零一四年 二零一五年 二零一六年 二零一七年
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
ASSETS AND LIABILITIES 資產與負債
Total assets 資產總值 1,283,569 266,081 141,698 363,571 324,814
Total liabilities 負債總額 (376,635) (86,555) (10,990) (145,865) (175,531)
Total equity 權益總額 906,934 179,526 130,708 217,706 149,283
財務業績（續）
KK文化控股有限公司
二零一七年年報 179
Corporate Information
公司資料
BOARD OF DIRECTORS
Executive Directors
Mr. Liu Gary Wei (Chief Executive Officer)
Mr. Tsang Hing Bun
Non-Executive Directors
Mr. Chen Jiarong (Chairman)
Mr. Yiu Yu Cheung
Independent Non-Executive Directors
Mr. Chan Siu Lun
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
COMPANY SECRETARY
Mr. Tsang Hing Bun CPA, ACIS, ACS, FRM
AUTHORISED REPRESENTATIVE
Mr. Tsang Hing Bun
Mr. Liu Gary Wei
AUDIT COMMITTEE
Mr. Chan Siu Lun (Chairman)
Mr. William Keith Jacobsen
Mr. Chan Chiu Hung, Alex
Mr. Yiu Yu Cheung
REMUNERATION COMMITTEE
Mr. William Keith Jacobsen (Chairman)
Mr. Chan Siu Lun
Mr. Chan Chiu Hung, Alex
Mr. Yiu Yu Cheung
NOMINATION COMMITTEE
Mr. Chan Chiu Hung, Alex (Chairman)
Mr. Chan Siu Lun
Mr. William Keith Jacobsen
Mr. Yiu Yu Cheung
WEBSITE
董事會
執行董事
劉維先生（行政總裁）
曾慶贇先生
非執行董事
陳家荣先生（主席）
姚宇翔先生
獨立非執行董事
陳肇倫先生
葉偉其先生
陳釗洪先生
公司秘書
曾慶贇先生CPA, ACIS, ACS, FRM
獲授權代表
曾慶贇先生
劉維先生
審核委員會
陳肇倫先生（主席）
葉偉其先生
陳釗洪先生
姚宇翔先生
薪酬委員會
葉偉其先生（主席）
陳肇倫先生
陳釗洪先生
姚宇翔先生
提名委員會
陳釗洪先生（主席）
陳肇倫先生
葉偉其先生
姚宇翔先生
網站
KK Culture Holdings Limited
Annual Report 2017180
Corporate Information
公司資料
AUDITOR
BDO Limited
Certified Public Accountants
25th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong
LEGAL ADVISER
Edward Lau, Wong & Lou
9/F, LHT Tower
31 Queen’s Road Central
Central, Hong Kong
PRINCIPAL BANKERS
Industrial and Commercial Bank of China (Asia) Limited
33/F, ICBC Tower, 3 Garden Road,
Central, Hong Kong
SHARE REGISTRARS AND TRANSFER OFFICES
Principal Registrar
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
Hong Kong Branch Registrar
Computershare Hong Kong Investor Services Limited
Shops 1712 – 1716, 17th Floor
Hopewell Centre
183 Queen’s Road East
Wan Chai
Hong Kong
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS
26th Floor, 625 King’s Road
North Point
Hong Kong
STOCK CODE
550
核數師
香港立信德豪會計師事務所有限公司
執業會計師
香港
干諾道中111號
永安中心25樓
法律顧問
劉黃盧律師行
香港中環
皇后大道中31號
陸海通大廈9樓
主要往來銀行
中國工商銀行（亞洲）有限公司
香港中環花園道3號
中國工商銀行大廈33樓
股份過戶登記辦事處
主要股份過戶登記處
MUFG Fund Services (Bermuda) Limited
The Belvedere Building
69 Pitts Bay Road
Pembroke HM08
Bermuda
香港股份過戶登記分處
香港中央證券登記有限公司
香港
灣仔
皇后大道東183號
合和中心17樓1712-1716號舖
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
北角
英皇道625號26樓
股份代號
550
Annual Report 2017年報
KK Culture Holdings Limited
KK文化控股有限公司
(formerly known as Cinderella Media Group Limited 前稱先傳媒集團有限公司)
(continued in Bermuda with limited liability 於百慕達繼續經營之有限公司)
(Stock Code 股份代號：550)
香港北角英皇道625號26樓
26/F, 625 King's Road, North Point, Hong Kong
KK Culture Holdings Limited
KK文化控股有限公司
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A
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年
報
封面
目錄
主席報告
管理層討論與分析
董事及高級管理層履歷
董事會報告
企業管治報告
環境、社會及管治報告
獨立核數師報告
綜合損益及其他全面收益表
綜合財務狀況表
綜合股本變動表
綜合現金流量表
財務報表附註
財務摘要
公司資料
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