1EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CONTENTS
目錄
2
CORPORATE INFORMATION
AND KEY DATES
公司資料及重要日期
4
FINANCIAL HIGHLIGHTS
財務亮點
5
ACHIEVEMENTS
殊榮
7
MANAGEMENT DISCUSSION
AND ANALYSIS
管理層討論及分析
12
BIOGRAPHIES OF
DIRECTORS AND
SENIOR EXECUTIVES
董事及高級行政人員之履歷
15
DIRECTORS’ REPORT
董事會報告
31
CORPORATE
GOVERNANCE REPORT
企業管治報告
53
INDEPENDENT
AUDITOR’S REPORT
獨立核數師報告
61
CONSOLIDATED STATEMENT
OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE
INCOME
綜合損益及其他全面收入報表
62
CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
綜合財務狀況報表
63
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
綜合權益變動表
64
CONSOLIDATED STATEMENT
OF CASH FLOWS
綜合現金流量表
66
NOTES TO THE
CONSOLIDATED
FINANCIAL STATEMENTS
綜合財務報表附註
124
FINANCIAL SUMMARY
財務概要
2EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE INFORMATION AND KEY DATES
公司資料及重要日期
DIRECTORS 董事
Cindy Yeung (Chairperson)
Wong Chi Fai
Fan Man Seung, Vanessa
Chan Sim Ling, Irene*
Liu Hing Hung*
Chan Wiling, Yvonne*
* Independent Non-executive Directors
楊諾思（主席）
黃志輝
范敏嫦
陳嬋玲 *
廖慶雄 *
陳慧玲 *
* 獨立非執行董事
COMPANY SECRETARY 公司秘書
Chung Ho Ying, Frina 鍾好英
AUDIT COMMITTEE 審核委員會
Liu Hing Hung (Chairman)
Chan Sim Ling, Irene
Chan Wiling, Yvonne
廖慶雄（主席）
陳嬋玲
陳慧玲
REMUNERATION COMMITTEE 薪酬委員會
Chan Wiling, Yvonne (Chairperson)
Wong Chi Fai
Liu Hing Hung
陳慧玲（主席）
黃志輝
廖慶雄
NOMINATION COMMITTEE 提名委員會
Chan Sim Ling, Irene (Chairperson)
Fan Man Seung, Vanessa
Chan Wiling, Yvonne
陳嬋玲（主席）
范敏嫦
陳慧玲
CORPORATE GOVERNANCE COMMITTEE 企業管治委員會
Fan Man Seung, Vanessa (Chairperson)
Liu Hing Hung
Chan Sim Ling, Irene
a representative from company secretarial function
a representative from finance and accounts function
范敏嫦（主席）
廖慶雄
陳嬋玲
一名公司秘書職能代表
一名財務會計職能代表
EXECUTIVE COMMITTEE 執行委員會
Cindy Yeung (Chairperson)
Wong Chi Fai
Fan Man Seung, Vanessa
楊諾思（主席）
黃志輝
范敏嫦
INVESTOR RELATIONS CONTACT 投資者關係查詢
Luk Man Ching, Anna
Email: ir@
陸文靜
電郵：ir@
WEBSITE 網站
STOCK CODE 股份代號
Hong Kong Stock Exchange: 887 香港聯合交易所：887
3EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE INFORMATION AND KEY DATES
公司資料及重要日期
REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS 註冊辦事處及主要營業地點
25th Floor
Emperor Group Centre
288 Hennessy Road
Wanchai
Hong Kong
香港
灣仔
軒尼詩道 288 號
英皇集團中心
25 樓
SHARE REGISTRAR 股份過戶登記處
Tricor Secretaries Limited
Level 22, Hopewell Centre
183 Queen’s Road East
Hong Kong
卓佳秘書商務有限公司
香港
皇后大道東 183 號
合和中心 22 樓
AUDITOR 核數師
Deloitte Touche Tohmatsu
Certified Public Accountants
35th Floor, One Pacific Place
88 Queensway
Hong Kong
德勤 • 關黃陳方會計師行
執業會計師
香港
金鐘道 88 號
太古廣場一期 35 樓
PRINCIPAL BANKERS 主要往來銀行
The Hongkong and Shanghai Banking Corporation Limited
The Bank of East Asia, Limited
Chong Hing Bank Limited
Hang Seng Bank Limited
香港上海滙豐銀行有限公司
東亞銀行有限公司
創興銀行有限公司
恒生銀行有限公司
KEY DATES 重要日期
Annual Results Announcement 14 March 2018 年度業績公告 2018年3月14日
Book Close Dates for Final
Dividend
30 and 31 May 2018 就末期股息暫停辦理
股份過戶登記日期
2018年5月30日及31日
Record Dates 記錄日期
– For 2018 AGM 16 May 2018 －就2018股東週年大會 2018年5月16日
– For Final Dividend 31 May 2018 －就末期股息 2018年5月31日
Annual General Meeting 23 May 2018 股東週年大會 2018年5月23日
Payment of Final Dividend 22 June 2018 派付末期股息 2018年6月22日
( cent per share) （每股港仙）
CORPORATE COMMUNICATIONS 公司通訊
本公司任何股東（「股東」）可選擇以印刷本或於香港
聯合交易所有限公司（「聯交所」）網站 (http://www.
) 及本公司網站收取本年報（中、英
文版本）。為支持環保，本公司極力推薦各股東選
擇收取本年報之電子版本。股東有權隨時以合理之
書面通知，或透過郵寄或電郵 (is-enquiries@hk.
) 向本公司之股份過戶登記處「卓
佳秘書商務有限公司」，更改所選擇日後收取公司
通訊之方式。
This Annual Report ( in both Engl ish and Chinese
versions) is available to any shareholder of the Company
(“Shareholders”) either in printed form and on the websites
of The Stock Exchange of Hong Kong Limited (“Stock
Exchange”) () and the Company.
In order to protect the environment, the Company highly
recommends the Shareholders to receive electronic copy
of this Annual Report. Shareholders may have the right
to change their choice of receipt of our future Corporate
Communications at any time by reasonable notice in writing
to the Company’s Share Registrar, Tricor Secretaries
Limited, by post or by email at is-enquiries@hk. tricorglobal.
com.
4EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
FINANCIAL HIGHLIGHTS
財務亮點
For the year ended 31 December
截至12月31日止年度
HK$’ million 2016 2017 Changes
百萬港元 2016 年 2017年 變動
Revenue 3,642 4,075 +%
收入
Gross profit 909 1,089 +%
毛利
Gross profit margin % % +
毛利率 個百分點
Net (loss)/profit (65) 160 N/A
淨（虧損）/ 純利 不適用
Net (loss)/profit margin ()% % N/A
淨（虧損）/ 純利率 不適用
Basic (loss)/earnings per share (HK cents) () N/A
每股基本（虧損）/ 盈利（港仙） 不適用
Total dividends per share (HK cents) — N/A
每股股息總額（港仙） 不適用
5EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
ACHIEVEMENTS
殊榮
The Outstanding Brand Awards 2017
2017年實力品牌大獎
Luxury Watch Retailer Category
名貴鐘錶行類別
Economic Digest (May 2017)
經濟一週 (2017年5月)
Hong Kong Service Awards 2017
2017年香港服務大獎
Luxury Watch Retailer Category
名貴鐘錶行類別
East Week (March 2017)
東周刊 (2017年3月)
Hong Kong Service Awards 2017
2017年香港服務大獎
Outstanding Achievement Award
傑出榮譽大獎
East Week (March 2017)
東周刊 (2017年3月)
Quality Tourism Services
Scheme-accredited shop
「優質旅遊服務」計劃認可零售商戶
Hong Kong Tourism Board (May 2017)
香港旅遊發展局 (2017年5月)
HKIRA Investor Relations Awards 2017
2017年香港投資者關係協會投資者關係大獎
Best IR Company (Small Cap)
最佳投資者關係公司 (小型股 )
Best Investor Relations Officer (Small Cap)
最佳投資者關係專員 (小型股 )
Best IR Presentation Collaterals (Small Cap)
最佳投資者關係推介材料 (小型股 )
Hong Kong Investor Relations Association (May 2017)
香港投資者關係協會 (2017年5月)
6EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
7EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
Emperor Watch & Jewellery Limited (the “Company”) together with its subsidiaries (collectively referred
to as the “Group”) is a leading retailer of European-made internationally renowned watches, together
with self-designed fine jewellery products under its own brand, “Emperor Jewellery”. The Company
was listed on the Main Board of The Stock Exchange of Hong Kong Limited in July 2008.
The Group has extensive retail networks in Hong Kong, Macau, mainland China and Singapore, as well
as an online shopping platform, with over 900 staff. With a history of over 70 years, the Company carries a
balanced and comprehensive watch dealership list. The target customers range from middle to high income
groups worldwide. The Group’s core strategy focuses on maintaining its position as the leading watch and
jewellery retailing group in Greater China, coupled with an eye on expansion beyond the region.
英皇鐘錶珠寶有限公司（「本公司」）連同其附屬公司（統稱「本集團」）主要銷售享譽國際之歐洲製腕
錶及旗下「英皇珠寶」品牌之自家設計的高級珠寶首飾，為零售商之翹楚。本公司於2008年7月在香港聯
合交易所有限公司主板上市。
本集團廣泛之零售網絡遍及香港、澳門、中國內地及新加坡地區，亦設有線上購物平台，現員工人數超
過900人。本公司擁有逾70載之歷史，代理均衡而全面的鐘錶品牌。目標顧客群為遍及全球各地的中至
高收入人士。本集團的核心策略為保持其於大中華地區作為領先腕錶及珠寶零售集團的地位，同時放
眼大中華以外地區以擴展業務。
MARKET REVIEW
The luxury consumption market in Greater China showed signs
of strong recovery during the year ended 31 December 2017
(the “Year”). The pick-up in consumption was propelled by the
positive market sentiment arising from the favourable economic
conditions, along with increased consumer confidence driven
by capital gains from the stock market boom and rising property
prices.
Hong Kong is one of the top outbound travel destinations for
mainland Chinese visitors because of its proximity and tax-
free shopping regime. During the Year, the mainland Chinese
visitor arrivals began to pick up on a recovery in consumer
sentiment. The increase in tourist arrivals was also attributable
to an enhanced price competitiveness of Hong Kong among
major tourism countries as a result of a weaker United States
Dollar/Hong Kong Dollar, as well as the government’s tourism
campaigns in celebration of 20th anniversary of the handover.
Driven by the revival of inbound tourism and improvement in
local consumption demand, Hong Kong retail sales rebounded
in the Year.
市場回顧
於截至 2017 年 12 月 31 日止年度（「本年度」），
大中華地區的奢侈品消費市場呈現強勁復甦跡
象。利好的經濟環境使市場氣氛正面，加上股
市上揚及樓價上漲帶來的資本收益帶動消費者
信心增強，均推動消費回升。
由於鄰近內地及現行免稅購物政策，香港成為
中國內地旅客首選的出境旅遊目的地之一。於
本年度，隨著消費氣氛復甦，中國內地訪港旅
客人數開始回升。美元╱港元走弱使香港在主
要旅遊國家中增強了價格優勢，以及政府為慶
祝回歸 20 週年而開展的旅遊推廣活動，亦推
動旅客人數上升。受入境旅遊復甦及本地消費
需求改善所帶動，於本年度香港零售銷售有所
反彈。
8EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
FINANCIAL REVIEW
OVERALL REVIEW
During the Year, the Group’s total revenue increased by %
to HK$4, million (2016: HK$3, million), driven by the
recovery in consumption sentiment. Watch segment revenue
increased by % to HK$3, million (2016: HK$2,
million) and remained a key revenue contributor, accounting
for % (2016: %) of the total revenue. Revenue from the
jewellery segment increased by % to HK$ million (2016:
HK$ million). % (2016: %) of the Group’s total
revenue was contributed by the Hong Kong market.
Gross profit grew by % to HK$1, million (2016:
HK$ million). The gross profit margin was lifted by
percentage points to % (2016: %), which was mainly
attributable to stronger market demand for luxury watches.
Due to an improvement in sales momentum, enhanced gross
profit margin and rental savings, the Group recorded a net profit
of HK$ million (2016: net loss of HK$ million). Basic
earnings per share was cents (2016: basic loss per
share of cent). The board of directors of the Company
(the “Board” or the “Directors”) recommended the payment of
a final dividend of cent (2016: Nil) per share. Together
with the interim dividend of cent (2016: Nil) per share,
the total dividends for the Year are cent (2016: Nil) per
share.
CAPITAL STRUCTURE, LIQUIDITY AND
FINANCIAL RESOURCES
During the Year, there was no change in the capital structure of
the Group. Bank balances and cash on hand of the Group as
at 31 December 2017 amounted to HK$1, million (2016:
HK$1, million), which were mainly denominated in Hong
Kong dollars and Renminbi (“RMB”). As at 31 December 2017,
the Group had no bank borrowings (2016: Nil) and its gearing
ratio (calculated on the basis of the total borrowings over
total equity) was nil (2016: Nil). The Group also had available
unutilised banking facilities of approximately HK$ million.
The strong liquidity with debt-free position and considerable
unutilised banking facilities enable the Group to retain high
flexibility for future development.
As at 31 December 2017, the Group’s current assets and
current liabilities were approximately HK$4, million (2016:
HK$4, million) and HK$ million (2016: HK$
million), respectively. Current ratio and quick ratio of the Group
were (2016: ) and (2016: ), respectively.
In view of the Group’s financial position as at 31 December 2017,
the directors of the Board considered that the Group had sufficient
working capital for its operations and future development plans.
財務回顧
整體回顧
於本年度，受消費氣氛回升所帶動，本集團
之 總 收 入 增 加 % 至 4,075,100,000 港 元
（2016 年：3,641,800,000 港元）。鐘錶分部之
收 入 增 加 % 至 3,238,600,000 港元（2016
年：2,856,700,000 港元），仍為主要的收入來
源， 佔 總 收 入 的 %（2016 年：%）。
珠寶分部之收入增加 % 至 836,500,000 港
元（2016 年：785,100,000 港元）。本集團總收
入之 %（2016 年：%）來自香港市場。
毛 利 增 加%至1,089,200,000港 元（2016
年：909,000,000港 元 ）。 由 於 高 級 腕 錶 市 場
需求增加，毛利率提升個百分點至%
（2016年：%）。
由於銷售情況改善、毛利率提升及租金開支
獲 減 省， 本 集 團 錄 得 純 利 159,700,000 港 元
（2016 年：淨虧損 64,800,000 港元）。每股基
本 盈 利 為 港 仙（2016 年： 每 股 基 本 虧 損
港仙）。本公司之董事會（「董事會」或「董
事」）建議派付末期股息每股 港仙（2016
年：零）。連同中期股息每股 港仙（2016
年： 零 ）， 本 年 度 股 息 總 額 為 每 股 港 仙
（2016 年：零）。
資本架構、流動資金及財務資源
於本年度，本集團之資本架構並無變動。於
2017 年 12 月 31 日， 本 集 團 之 銀 行 結 餘 及
手 頭 現 金 為 1,613,100,000 港 元（2016 年：
1,324,400,000 港元），主要以港元及人民幣計
值。 於 2017 年 12 月 31 日， 本 集 團 並 無 銀 行
借貸（2016 年：無），而其權益負債比率（以總
借貸除以總權益之比率計算）為零（2016 年：
零）。本集團亦有可供動用之未動用銀行融資
約 848,400,000 港元。本集團擁有充裕的流動
資金、零負債以及大筆未動用銀行融資，在未
來發展上得以保持較高的靈活性。
於 2017 年 12 月 31 日， 本 集 團 流 動 資 產 及 流
動 負 債 分 別 約 為 4,450,300,000 港 元（2016
年：4,176,800,000 港元）及 305,700,000 港元
（2016 年：233,900,000 港元）。本集團之流動
比率及速動比率分別為 （2016 年：）
及 （2016 年：）。
鑒於本集團於 2017 年 12 月 31 日的財務狀況，
董事會認為本集團擁有充裕之營運資金以應付
其營運及未來發展計劃。
9EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
BUSINESS REVIEW
PRESENCE IN PRIME RETAIL LOCATIONS
As at 31 December 2017, the Group had 80 stores (2016: 97)
in Hong Kong, Macau, mainland China and Singapore. The
distribution is as follows:
Number of stores
店舖數目
Hong Kong 香港 24
Macau 澳門 6
Mainland China 中國內地 44
Singapore 新加坡 6
Total 總數 80
These stores include standalone jewellery stores, specialty
outlets for specific watch brands and multi-brand watch stores
(with or without jewellery counters) to create a one-stop shopping
experience.
The Group’s retail stores in Hong Kong are strategically located
in major prime shopping areas, including Russell Street in
Causeway Bay, Canton Road in Tsim Sha Tsui and Queen’s
Road Central in Central. Having a solid presence in these prime
locations is of paramount importance for a leading retailer
of watches, as the Group enjoys more visitations and brand
enhancement.
SOLIDIFYING LEADING POSITION IN
HONG KONG
The Group continued to enjoy solid long-term relationships with
major Swiss watch brand suppliers, and continued holding
comprehensive watch dealerships with full collections in Greater
China. Coupled with its excellent customer service and the
strongest presence in prime retail locations in Hong Kong, the
Group continued to foster its leading position in Hong Kong.
業務回顧
覆蓋黃金零售地段
於 2017 年 12 月 31 日，本集團於香港、澳門、
中國內地及新加坡擁有 80 間（2016 年：97 間）
店舖。有關分佈如下：
該等店舖包括獨立珠寶店、特定品牌之鐘錶專
賣店，以及締造一站式購物體驗的多品牌鐘錶
店（附設或不設珠寶櫃檯）。
本集團位於香港的零售店舖策略性地開設於主
要黃金購物地段，包括銅鑼灣羅素街、尖沙咀
廣東道及中環皇后大道中。雄踞於這些黃金地
段，有助本集團受惠人流增加及提升品牌知名
度，對領先的鐘錶零售商而言最為重要。
鞏固於香港之領導地位
本集團繼續與主要瑞士鐘錶品牌供應商維持穩
固及長期業務關係，並繼續於大中華地區擁有
全面之鐘錶代理權，涵蓋全線系列產品。加上
優質客戶服務及駐足於本港黃金零售地段，使
本集團繼續鞏固其於香港之領導地位。
10EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
加強珠寶業務
本集團繼續為顧客提供優質「英皇珠寶」產品。
在全面產品種類中，本集團以優質鑽飾及精緻
翡翠為重點，並承諾提供高水平服務，為此本
集團豐富設計元素以滿足顧客之多元化品味，
讓「英皇珠寶」之精選系列更添魅力，提升品牌
忠誠度。於本年度，本集團分別因應情人節及
母親節推出「Heartbeat #LoveSecret」系列及
「珍 • 愛」系列。這些系列分別向戀人們開啟愛
的密語以及向摯愛母親表達心意。
為紀念其 75 年的悠久歷史及精湛工藝，本集
團呈獻「L’Atelier Cindy Yeung高級珠寶」系
列。該系列乃採用本集團主席兼行政總裁楊諾
思女士之設計靈感。這是一個揉合了千錘百煉
的歷練、無邊的創意與精湛的造詣而成的珠寶
作品。本集團於 2017 年 11 月舉行的珠寶展隆
重推出該系列，以展示閃亮珠寶首飾，彰顯品
牌獨有的珠寶美學。
於本年度，本集團繼續優化「英皇珠寶」店於中
國內地之零售連鎖店，以抓住珠寶市場快速增
長帶來的機遇。與此同時，本集團抓緊機遇，
將香港珠寶店之覆蓋面從傳統旅遊購物區擴大
至具客流量及抗跌力較佳之新興購物區，有助
加強品牌曝光及把握民生區新興購物者所帶來
的市場機遇。
發揮集團協同效益
本集團憑藉與英皇集團旗下其他公司所產生的
協同效應而享有獨特優勢。舉例而言，英皇集
團旗下另一上市公司英皇集團（國際）有限公司
擁有多項位於著名購物區之優質零售物業。本
集團以公平磋商原則向其租賃該些黃金零售地
點，以確保客流量。另一協同效應源於與英皇
集團旗下兩間私營企業英皇娛樂集團及英皇電
影之合作。本集團邀請其尊尚貴賓出席電影首
映禮，並贊助藝人佩戴珠寶首飾。該等設有知
名藝人、電影明星和城中名人參與其中的曝光
場 11 合，對提升「英皇」的品牌知名度甚為重
要，在華語社區尤其如此。
ENHANCING JEWELLERY BUSINESS
The Group continued to offer premium quality “Emperor
Jewellery” products to customers. With the key focus on quality
gem settings and fine jadeites among the comprehensive
product range and commitment to high service standards, the
Group enriched the design features to satisfy diverse customer
tastes and enhanced the charisma of signature “Emperor
Jewellery” collections to raise brand loyalty. During the Year, the
Group rolled out the “Heartbeat #LoveSecret ” collection and
“Precious Love” collection around Valentine’s Day and Mother’s
Day, respectively. The themes were unlocking the secrets of
romance and adoring lovers, and caring for dearest mothers,
respectively.
In commemoration of its 75 years of distinguished history and
craft, the Group was proud to present the “L’Atelier Cindy
Yeung High Jewellery” collection. The design of the collection is
inspired by Ms. Cindy Yeung, Chairperson and Chief Executive
Officer of the Group. It is a collection of jewellery masterpieces
that embodies extraordinary experience, boundless creativity
and magnificent artistry. The Group ceremoniously launched
the collection during the jewellery show in November 2017, to
showcase the glittering gemstone pieces, revealing the brand’s
unique jewellery aesthetics.
During the Year, the Group continued to optimise its retail chain
of “Emperor Jewellery ” stores in mainland China, to seize
the opportunities arising from the rapid growth of the jewellery
market. Meanwhile, the Group took the opportunity to expand the
coverage of jewellery stores in Hong Kong from traditional tourist
shopping areas to emerging shopping areas with resilient foot
traffic, which helped with promoting brand exposure and seizing
market opportunities of emerging shoppers in domestic areas.
LEVERAGING GROUP SYNERGIES
The Group enjoys unique advantages by leveraging synergies
with other companies within Emperor Group. For example,
Emperor International Holdings Limited - another listed company
under Emperor Group - owns many premium retail properties
in renowned shopping areas. By leasing prime retail locations
from it on an “arm’s length basis”, the Group can enjoy
guarantee foot traffic. Another synergy arises through Emperor
Entertainment Group and Emperor Motion Pictures, two private
arms under Emperor Group. The Group invited VIP guests to
its movie premieres and sponsored jewellery for the artistes.
Such exposure opportunities, with pop artistes, movie stars and
high profile celebrities, serve as an important tool for enhancing
the reputation of the “Emperor” brand, particularly in Chinese-
speaking communities.
11EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論與分析
PROSPECTS
With the growing wealth among Chinese consumers, who remain
the Group’s major customer group, the overall consumption
sentiment is expected to be buoyant. Taking into account
the strong fundamentals, coupled with ongoing urbanisation,
expansion of the middle-class and rising income, the Group is
positive regarding the market demand for luxury items in Greater
China.
The increase in disposable income, in particular among Chinese
women, and the rising women’s job market participation rate,
are the strong forces behind gem set consumption. The Group
aims to lead branding and marketing activities in an effective
and efficient manner, to maximise the exposure of “Emperor
Jewellery”. Accordingly, the Group will offer more fashionable
and affordable jewellery products suitable for wearing in the
workplace, to cater to the trend towards popularisation of
jewellery consumption and to attract middle-class customers.
As a leading watch and jewellery retailer, the Group is poised
to capitalise on opportunities arising from the recovery by
expanding the retail network in Hong Kong, Macau and mainland
China. The Group remains optimistic about long-term prospects
and business development, and continues to eye further
expansion opportunities beyond Greater China while aiming to
tap the growth potential arising from mainland China’s robust
outbound tourism.
FOREIGN EXCHANGE EXPOSURE
The Group’s transactions are mainly denominated in HKD,
Macau Pataca, RMB, United States dollars and Singapore
dollars. During the Year, the Group did not have any material
foreign exchange exposure.
CONTINGENT LIABILITIES
As at 31 December 2017, the Group did not have any material
contingent liabilities.
EMPLOYEES AND REMUNERATION
POLICY
As at 31 December 2017, the Group has 752 salespersons
(2016: 784) and 216 office staff (2016: 186). Total staff costs
(including directors’ remuneration) were HK$ million
(2016: HK$ million) for the Year. Employees’ remuneration
was determined in accordance with individual’s responsibility,
competence & skills, experience and performance as well
as market pay level. Staff benefits include medical and life
insurance, provident funds and other competitive fringe benefits.
To provide incentive or rewards to staff, the Company adopted a
share option scheme, particulars of which are set out in note 25
to the consolidated financial statement.
前景
中國消費者仍然是本集團的主要客戶群，隨著
他們的財富增長，預期整體消費氣氛樂觀。在
穩健的市場基調，加上持續城市化、中產階層
擴大及收入水平上升，本集團對大中華地區奢
侈品的市場需求持正面態度。
可支配收入上升，尤其是中國女性，以及女性
就業市場參與率不斷攀升，成為珠寶消費背後
的強大動力。本集團力求以具效益及效率之方
式推動建立品牌及市場推廣活動，以提升「英
皇珠寶」的品牌曝光率。相應地，本集團將會
積極迎合目前珠寶消費普及化的趨勢並吸引中
產消費者，推出更多款式新穎、價格相宜又適
合工作場合佩戴的珠寶產品。
作為領先鐘錶珠寶零售商，本集團已作好準
備，將透過擴展香港、澳門及中國內地的零售
網絡，捕捉復甦帶來的機遇。本集團對長期前
景及業務發展持樂觀態度，繼續放眼大中華地
區以外的擴展機會，同時旨在捕捉中國內地興
旺的出境旅遊業所帶來的增長潛力。
外匯風險
本集團之交易主要以港元、澳門元、人民幣、
美元及新加坡元計值。於本年度內，本集團並
無任何重大外匯風險。
或然負債
於 2017 年 12 月 31 日，本集團並無任何重大或
然負債。
僱員及薪酬政策
於 2017 年 12 月 31 日， 本 集 團 僱 有 752 名
（2016 年：784 名 ）銷 售 人 員 及 216 名（2016
年：186 名）辦公室職員。於本年度內，總員
工 成 本（包 括 董 事 酬 金 ）為 256,500,000 港 元
（2016 年：231,700,000 港元）。僱員薪酬乃根
據個人職責、能力及技術、經驗及表現以及市
場薪酬水平釐定。員工福利包括醫療及人壽保
險、公積金及其他具競爭性福利待遇。
為鼓勵或獎勵員工，本公司已採納一項購股權
計劃，其詳情列載於綜合財務報表附註 25。
BIOGRAPHIES OF DIRECTORS AND SENIOR EXECUTIVES
董事及高級行政人員之履歷
12EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CINDY YEUNG 楊諾思
Executive Director
(Chairperson & Chief Executive Officer)
執行董事（主席兼行政總裁）
CINDY YEUNG, aged 53, the Chairperson and Managing
Director of the Board and the Chief Executive Officer of the
Group, as well as the Chairperson of the Executive Committee
of the Company and a director of certain subsidiaries of
the Company. She joined the Group in September 1990
and became a director of Emperor Watch & Jewellery (HK)
Company Limited, an operating arm of the retail outlets of
the Group in Hong Kong, in April 1999. The Group has been
under her steering since then. Ms. Yeung is responsible for the
Group’s strategic planning, business growth and development
and overseeing different operations within the Group. She
is the Director of Examination (Supervisory Committees) of
Hong Kong Jewellers’ & Goldsmiths’ Association Ltd. and a
member of Jewellery Advisory Committee of Hong Kong Trade
Development Council Industry Advisory Committees. She is
also the ambassador of “Because I am a Girl” organized by a
charity body, PLAN International Hong Kong. Ms. Yeung has
over 20 years of experience in watch and jewellery industry.
Prior to joining the Group, she joined the sales department of
Anju Jewelry Ltd., a US based company engaging in trading
of jewellery products. She has obtained the qualification of the
Graduate Gemologist of Gemological Institute of America (GIA)
and subsequently graduated from University of San Francisco
with a Bachelor’s Degree of Science in Business Administration
majoring in Management, with emphasis on International
Business.
楊諾思，53 歲，為董事會之主席兼董事總經理
及本集團之行政總裁，以及本公司執行委員會
主席及本公司若干附屬公司之董事。彼於 1990
年 9 月加盟本集團，並於 1999 年 4 月獲委任為
英皇鐘錶珠寶（香港）有限公司之董事，該公司
為本集團於香港零售門市之營運公司。本集團
自此由楊女士掌舵，負責本集團之策略規劃、
業務增長與發展以及本集團內各項業務運作之
監察。彼為香港珠石玉器金銀首飾業商會監事
兼審查主任及香港貿易發展局諮詢委員會（製造
業）之珠寶業諮詢委員會委員。彼亦為慈善機構
國際培幼會（香港）舉辦之「愛 • 女孩」之行動大
使。楊女士於鐘錶及珠寶行業擁有超逾 20 年之
經驗。於加盟本集團前，彼任職於從事珠寶首
飾產品貿易之美國公司 Anju Jewelry Ltd. 之銷
售部。彼獲 Gemological Institute of America
(GIA) 頒授寶石鑒定師文憑，繼而畢業於三藩
市大學，持有工商管理學學士學位，主修管理
學，專注於國際商務。
13EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
BIOGRAPHIES OF DIRECTORS AND SENIOR EXECUTIVES
董事及高級行政人員之履歷
EXECUTIVE DIRECTORS
WONG CHI FAI, aged 62, an Executive Director of the
Company. Mr. Wong has been involved in the management
of the Group since November 1998. He is a member of the
Executive Committee and the Remuneration Committee of the
Company as well as a director of certain subsidiaries of the
Company. He is also a director of four listed companies in Hong
Kong, namely Emperor International Holdings Limited (Stock
Code: 163) (“Emperor International”), Emperor Entertainment
Hotel Limited (Stock Code: 296) (“Emperor E Hotel”), Emperor
Culture Group Limited (Stock Code: 491) (“Emperor Culture”)
and Ulferts International Limited (Stock Code: 1711) (“Ulferts”),
all being associated companies of the Company. Having over
30 years of finance and management experience, Mr. Wong
has diversified experience in different businesses ranging from
retailing of watch and jewellery, manufacturing to wholesaling
and retailing of furniture, property investment and development,
hotel and hospitality, financial and securities services,
entertainment production and investment, cinema development
and operation, artiste management as well as media and
publication. Mr. Wong is a Certified Public Accountant of the
Hong Kong Institute of Certified Public Accountants and a fellow
of the Association of Chartered Certified Accountants.
FAN MAN SEUNG, VANESSA, aged 55, an Executive Director
of the Company. Ms. Fan has been involved in the management
of the Group since November 1998. She is also the Chairperson
of the Corporate Governance Committee, a member of the
Executive Committee and the Nomination Committee of the
Company as well as a director of certain subsidiaries of the
Company. Ms. Fan is also a director of Emperor International,
Emperor E Hotel, Emperor Culture and Ulferts, all being
associated companies of the Company. Having over 29 years
of corporate management experience, Ms. Fan possesses
diversified experience in different businesses ranging from
retailing of watch and jewellery, wholesaling and retailing of
furniture, property investment and development, hotel and
hospitality, financial and securities services, entertainment
production and investment, cinema development and operation,
artiste management as well as media and publication. She is a
lawyer by profession in Hong Kong and a qualified accountant,
and holds a Master’s Degree in Business Administration.
執行董事
黃志輝，62 歲，為本公司之執行董事。黃先生
自 1998 年 11 月起參與本集團之管理。彼亦為
本公司執行委員會及薪酬委員會成員以及本公
司若干附屬公司之董事。彼亦為四間香港上市
公司之董事，其為英皇集團（國際）有限公司（股
份代號：163）（「英皇國際」）、英皇娛樂酒店有
限公司（股份代號：296）（「英皇娛樂酒店」）、
英皇文化產業集團有限公司（股份代號：491）
（「英皇文化產業」）及歐化國際有限公司（股份
代號：1711）)（「歐化」），該等公司為本公司之
相聯公司。黃先生擁有逾 30 年之財務及管理經
驗，於多項業務包括鐘錶珠寶零售、製造業以
至傢俬批發及零售、物業投資及發展、酒店營
運、金融證券、娛樂製作及投資、影院發展及
營運、藝人管理以及傳媒與出版業務等範疇具
有廣泛經驗。黃先生為香港會計師公會執業會
計師及特許公認會計師公會資深會員。
范敏嫦，55 歲，為本公司之執行董事。范女
士自 1998 年 11 月起參與本集團之管理。彼亦
為本公司企業管治委員會主席及執行委員會和
提名委員會成員以及本公司若干附屬公司之董
事。彼亦為英皇國際、英皇娛樂酒店、英皇文
化產業及歐化之董事，該等公司為本公司之相
聯公司。范女士擁有逾 29 年之企業管理經驗，
於多項業務包括鐘錶珠寶零售、傢俬批發及零
售、物業投資及發展、酒店營運、金融證券、
娛樂製作及投資、影院發展及營運、藝人管理
以及傳媒與出版業務等範疇具有廣泛經驗。彼
具備香港專業律師資格及為合資格會計師，並
持有工商管理碩士學位。
14EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
BIOGRAPHIES OF DIRECTORS AND SENIOR EXECUTIVES
董事及高級行政人員之履歷
INDEPENDENT NON-EXECUTIVE
DIRECTORS
CHAN SIM LING, IRENE, aged 55, was appointed as
Independent Non-executive Director of the Company in May
2016. She is the Chairperson of the Nomination Committee as
well as a member of the Audit Committee and the Corporate
Governance Committee of the Company. Ms. Chan is a retired
solicitor with over 19 years’ of experience as independent
non-executive director of listed companies. She is also an
independent non-executive director of another two Hong Kong
listed companies, namely Chinlink International Holdings Limited
(Stock Code: 997) and Emperor Culture (being an associated
Company of the Company). Ms. Chan graduated from The
University of Hong Kong with Bachelor’s Degree in Laws.
LIU HING HUNG, aged 54, was appointed as Independent
Non-executive Director of the Company in May 2017. He is
the Chairman of the Audit Committee as well as a member of
the Remuneration Committee and the Corporate Governance
Committee of the Company. He now runs a professional
accountancy firm in Hong Kong and has over 20 years of
experience in accounting, taxation, auditing and corporate
finance. Mr. Liu is also an independent non-executive director
of another Hong Kong listed company, SIM Technology Group
Limited (Stock Code: 2000). He was previously an independent
non-executive director of Emperor International, an associated
company of the Company, until 18 August 2015. Mr. Liu
holds a Master’s Degree in Business Administration. He is a
fellow member of the Hong Kong Institute of Certified Public
Accountants, the Association of Chartered Certified Accountants
and the Taxation Institute of Hong Kong and also a member of
the Society of Chinese Accountants and Auditors.
CHAN WILING, YVONNE, aged 53, was appointed as
Independent Non-executive Director of the Company in May
2017. She is the Chairperson of the Remuneration Committee as
well as a member of the Audit Committee and the Nomination
Committee of the Company. Ms. Chan previously worked in two
international accounting firms, Touche Ross & Co. and Ernst &
Young and engaged in accounting, auditing and information
security fields for 20 years. She was previously an independent
non-executive director of Emperor E Hotel, an associated
company of the Company, till 16 August 2016. Ms. Chan
graduated from the Hong Kong Polytechnic University majoring
in accountancy and obtained a Master’s Degree in Business
Administration from Heriot-Watt University in Scotland. She is
an associate member of the Hong Kong Institute of Certified
Public Accountants and a fellow member of the Association of
Chartered Certified Accountants.
獨立非執行董事
陳嬋玲，55 歲，於 2016 年 5 月獲委任為本公司
之獨立非執行董事。彼為本公司提名委員會主
席及審核委員會和企業管治委員會成員。陳女
士為退休律師，且具有作為多家上市公司獨立
非執行董事職務超逾 19 年之經驗。彼亦為另兩
間香港上市公司，即普匯中金國際控股有限公
司（股份代號：997）及英皇文化產業（本公司之
相聯公司）之獨立非執行董事。陳女士畢業於香
港大學，持有法律學士學位。
廖慶雄，54 歲，於 2017 年 5 月獲委任為本公司
之獨立非執行董事。彼為本公司審核委員會主
席及薪酬委員會和企業管治委員會成員。彼現
主理香港一間專業會計師行，於會計、稅務、
核數及企業融資方面擁有逾 20 年之經驗。廖先
生亦為另一間香港上市公司晨訊科技集團有限
公司（股份代號：2000）之獨立非執行董事。彼
曾為英皇國際（本公司之相聯公司）之獨立非執
行董事，直至 2015 年 8 月 18 日止。廖先生持
有工商管理碩士學位。彼為香港會計師公會、
特許公認會計師公會及香港稅務學會之資深會
員，亦為香港華人會計師公會會員。
陳慧玲，53 歲， 於 2017 年 5 月 獲 委 任 為 本 公
司之獨立非執行董事。彼為本公司薪酬委員會
主席及審核委員會和提名委員會成員。陳女士
曾任職於兩間國際會計師行 Touche Ross &
Co. 及安永會計師事務所，於會計、核數及資
訊保安方面具有 20 年之經驗。彼曾為英皇娛樂
酒店（本公司之相聯公司）之獨立非執行董事，
直至 2016 年 8 月 16 日止。陳女士畢業於香港
理工大學，主修會計學，並於蘇格蘭 Heriot-
Watt University 取得工商管理碩士學位。彼為
香港會計師公會會員及特許公認會計師公會資
深會員。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 15
DIRECTORS’ REPORT
董事會報告
The Board presents its annual report and the audited
consolidated financial statements of the Group for the Year.
PRINCIPAL ACTIVITIES
The Company is an investment holding company. The activities
of its principal subsidiaries are set out in note 29 to the
consolidated financial statements.
RESULTS AND DIVIDENDS
The resul ts of the Group for the Year are set out in
the consolidated statement of profit or loss and other
comprehensive income on page 61.
An interim dividend of cent per share for the Year (2016:
Nil) amounting to approximately HK$ million (2016: Nil) was
paid to the Shareholders during the Year.
The Directors recommended the payment of a final dividend
of cent per share (2016: Nil) for the Year, amounting to
approximately HK$ million (2016: Nil) to those Shareholders
whose names appear on the register of members of the
Company on 31 May 2018, subject to the approval of the
Shareholders at the forthcoming annual general meeting to be
held on 23 May 2018 (Wednesday) (“2018 AGM”).
BUSINESS REVIEW AND PERFORMANCE
A fair review of the Group’s business, a discussion and analysis
of the Group’s performance during the Year and an analysis of
the likely future development of the Group’s business are set
out in the Management Discussion and Analysis from pages 7
to 11. Description of the principal risks and uncertainties facing
the Group are set out in the Corporate Governance Report
on pages 44 to 46 and note 22b to the consolidated financial
statements respectively.
There is no important event affecting the Company that had
occurred since the end of the Year up to the date of this report.
In addition, discussion on the key relationships with key
stakeholders, the Group’s envi ronmental pol icy and
performance as well as compliance with relevant laws and
regulations which have significant impact on the Company
are set out in the 2017 Environmental, Social and Governance
Report.
RESERVES
Details of movements in the reserves of the Group during the
Year are set out in the consolidated statement of changes in
equity on page 63.
董事會欣然提呈本集團於本年度之年報及經審
核綜合財務報表。
主要業務
本公司為一間投資控股公司，其主要附屬公司
之業務載於綜合財務報表附註 29。
業績及股息
本集團於本年度之業績載於第 61 頁之綜合損益
及其他全面收入報表。
本 年 度 內 本 公 司 向 其 股 東 派 發 本 年 度 之 中
期 股 息 每 股 港 仙（2016 年： 無 ）， 共 約
11,700,000 港元。
董 事 建 議 向 該 等 於 2018 年 5 月 31 日 名 列
本 公 司 股 東 名 冊 之 股 東 派 付 每 股 港 仙
（2016 年：無）之本年度末期股息，總額約為
39,900,000 港 元（2016 年： 無 ）， 惟 須 待 股 東
於 2018 年 5 月 23 日（星期三）舉行之應屆股東
週年大會（「2018 股東週年大會」）上批准後方可
作實。
業務回顧及表現
於本年度內本集團業務之公平審核、本集團表
現之討論與分析及本集團業務之可能未來發展
分析乃載於管理層討論與分析第 7 至 11 頁。本
集團面臨之主要風險及不確定因素詳情乃分別
列載於企業管治報告第 44 至 46 頁及綜合財務
報表附註 22b。
自本年度末直至本報告日期，概無發生影響本
公司之重大事件。
此外，有關與本集團主要持份者之重要關係、
本集團環保政策及表現及遵守對本公司有重大
影響的相關法律及法規之討論載於 2017 環境、
社會及管治報告內。
儲備
本集團於本年度內之儲備變動詳情載於第 63 頁
之綜合權益變動表。
16EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
DISTRIBUTABLE RESERVES OF THE COMPANY
The Company’s reserves avai lable for distr ibut ion to
Shareholders as at 31 December 2017, calculated in
accordance with the Companies Ordinance, amounted to
HK$802,153,000 (2016: HK$684,334,000).
FIVE-YEAR FINANCIAL SUMMARY
A summary of the results and assets and liabilities of the Group
for the last five financial years is set out on page 124 of this
annual report.
SHARE CAPITAL
Details of movements in the share capital of the Company
during the Year are set out in note 19 to the consolidated
financial statements.
PROPERTY, PLANT AND EQUIPMENT
Details of the movements in the property, plant and equipment
of the Group during the Year are set out in note 12 to the
consolidated financial statements.
EQUITY-LINKED AGREEMENTS
Other than the share option scheme as disclosed in note 25
to the consolidated financial statements, no equity-linked
agreements were entered into by the Company during the Year
or subsisted at the end of the Year.
PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES
During the Year, neither the Company nor any of its subsidiaries
purchased, sold or redeemed any of the Company’s listed
securities.
DIRECTORS OF THE COMPANY
The Directors during the Year and up to the date of this report
were:
Executive Directors
Ms. Cindy Yeung (Chairperson)
Mr. Chan Hung Ming (resigned on 1 March 2018)
Mr. Wong Chi Fai
Ms. Fan Man Seung, Vanessa
Independent Non-executive Directors
Ms. Chan Sim Ling, Irene
Mr. Liu Hing Hung (elected on 24 May 2017)
Ms. Chan Wiling, Yvonne (elected on 24 May 2017)
Ms. Yip Kam Man (retired on 24 May 2017)
Ms. Lai Ka Fung, May (retired on 24 May 2017)
Biographical details of the Directors as at the date of this
report are set out from pages 12 to 14. Details of Directors’
remuneration are set out in note 8 to the consolidated financial
statements.
本公司可供分派儲備
於2017年12月31日，按公司條例之規定計算，
本公司可供分派予股東之儲備為802,153,000港
元（2016年：684,334,000港元）。
五年財務概要
本集團過去五個財政年度之業績及資產與負債
之概要載於本年報第 124 頁。
股本
本公司於本年度內之股本變動詳情載於綜合財
務報表附註 19。
物業、機器及設備
本集團物業、機器及設備於本年度內之變動詳
情載於綜合財務報表附註 12。
股票掛鉤協議
除於綜合財務報表附註 25 披露的購股權計劃
外，並無任何股票掛鉤協議由本公司於本年度
訂立或於本年度末存續。
購買、出售或贖回本公司上市證券
於本年度內，本公司及其任何附屬公司概無購
買、出售或贖回任何本公司上市證券。
本公司之董事
本年度內及直至本報告日期止，董事如下：
執行董事
楊諾思女士（主席）
陳鴻明先生（於 2018 年 3 月 1 日辭任）
黃志輝先生
范敏嫦女士
獨立非執行董事
陳嬋玲女士
廖慶雄先生（於 2017 年 5 月 24 日獲任命）
陳慧玲女士（於 2017 年 5 月 24 日獲任命）
葉錦雯女士（於 2017 年 5 月 24 日退任）
黎家鳳女士（於 2017 年 5 月 24 日退任）
於本報告日期董事之履歷詳情乃載於第 12 至 14
頁。董事之酬金詳情乃載於綜合財務報表附註
8。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 17
DIRECTORS’ REPORT
董事會報告
DIRECTORS OF THE COMPANY (Continued)
In accordance with Articles 80(1) and (3) of the Company’s
Articles of Association, Ms. Fan Man Seung, Vanessa and Ms.
Chan Sim Ling, Irene shall retire by rotation at the 2018 AGM
and, being eligible, offer themselves for re-election thereat.
None of the Directors offering themselves for re-election at the
2018 AGM has an unexpired service contract with the Group
within one year without payment of compensation (other than
statutory compensation).
DIRECTORS OF SUBSIDIARIES
The names of all directors who have served on the boards of
the subsidiaries of the Company during the Year or during the
period from 1 January 2017 up to the date of this report are set
out below and those marked with an asterisk* are also Directors
of the Company as at the date of this report:
* Ms. Cindy Yeung
* Mr. Wong Chi Fai
* Ms. Fan Man Seung, Vanessa
Mr. Chan Hung Ming
Mr. Yeung Ching Loong, Alexander
Ms. Koo Betty Po Har Yeung
Mr. Luk Pak Chiu, David
MANAGEMENT CONTRACTS
No contracts, other than employment contracts, concerning the
management and administration of the whole or any substantial
part of the Group’s business were entered into or existed during
the Year.
PERMITTED INDEMNITY PROVISIONS
During the Year and up to the date of this report, the Company
has in force the permitted indemnity provisions which are
provided for in the Company’s Articles of Association and in
the directors and officers liability insurance maintained for the
Group in respect of potential liability and costs associated with
legal proceedings that may be brought against the Directors
and the directors of the Group respectively.
本公司之董事（續）
根據本公司之組織章程細則第 80(1) 及 (3) 條，
范敏嫦女士及陳嬋玲女士將於 2018 股東週年大
會上輪值告退。彼等均符合資格並願意於會上
膺選連任。
概無擬在 2018 股東週年大會上膺選連任之董事
與本集團訂有本集團不可於一年內免付賠償（法
定賠償除外）而終止之未屆滿服務合約。
附屬公司之董事
於本年度內或自 2017 年 1 月 1 日直至本報告日
期期間於本公司附屬公司董事會任職之全體董
事姓名乃載於下文及該等標註星號 * 者亦為於
本報告日期之本公司董事：
* 楊諾思女士
* 黃志輝先生
* 范敏嫦女士
陳鴻明先生
楊政龍先生
楊寶霞女士
陸伯超先生
管理合約
於本年度內，除僱傭合約外，概無訂立或存續
有關管理及經營本集團全部或任何重大部分之
業務之合約。
獲准許的彌償條款文
於本年度及直至本報告日期止就董事及本集團
董事分別面臨的法律訴訟而產生的潛在責任及
費用，本公司備有彌償條文，該等條文均載於
本公司之組織章程細則及於投購之董事及高級
管理人員責任險內。
18EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
DIRECTORS’ AND CHIEF EXECUTIVES’
INTERESTS AND SHORT POSITIONS IN
SECURITIES
As at 31 December 2017, the interests and short positions of
the Directors and the chief executives of the Company in the
shares, underlying shares and debentures of the Company and
its associated corporations (within the meaning of Part XV of
the Securities and Futures Ordinance (the “SFO”)) as recorded
in the register maintained by the Company pursuant to Section
352 of the SFO, or as otherwise notified to the Company and
the Stock Exchange pursuant to the Model Code for Securities
Transactions by Directors of Listed Issuers (“Model Code”)
of The Rules Governing the Listing of Securities on the Stock
Exchange (the “Listing Rules”) were as follows:
(a) Long position interests in the Company
Ordinary shares of the Company (“Shares”)
Name of Director Capacity/Nature of interests
Number of
issued Shares
Approximate
% holding
董事姓名 身份╱權益性質 已發行股份數目 概約持股%
Ms. Cindy Yeung Beneficiary of the AY Trust 3,623,950,000 %
楊諾思女士 AY Trust 受益人
Note:
These Shares were held by Emperor Watch & Jewellery Group Holdings
Limited (“Emperor W&J Holdings”), a wholly-owned subsidiary of Albert Yeung
Holdings Limited (“AY Holdings”). AY Holdings was held by STC International
Limited (“STC International”) in trust for The Albert Yeung Discretionary Trust
(“AY Trust”), a discretionary trust under which Ms. Cindy Yeung is one of the
eligible beneficiaries.
(b) Long position interests in associated corporations of
the Company
Ordinary Shares
Name of Director
董事姓名
Name of
associated
corporation
相聯法團名稱
Capacity/
Nature of interests
身份╱權益性質
Number of
issued shares
已發行
股份數目
Approximate
% holding
概約持股%
Ms. Cindy Yeung Emperor International Beneficiary of the AY trust 2,747,610,489 %
楊諾思女士 英皇國際 AY Trust 受益人 (Note)
（附註）
Ms. Cindy Yeung Emperor E Hotel Beneficiary of the AY trust 851,352,845 %
楊諾思女士 英皇娛樂酒店 AY Trust 受益人 (Note)
（附註）
Ms. Fan Man Seung, Vanessa Emperor International Beneficial Owner 10,500,000 %
范敏嫦女士 英皇國際 實益擁有人
Note:
Emperor International and Emperor E Hotel are companies with their shares
listed in Hong Kong. These respective shares were ultimately owned by the
AY Trust. Ms. Cindy Yeung, by virtue of being one of the eligible beneficiaries
of the AY Trust, had deemed interests in the same shares.
董事及主要行政人員之證券權益
及淡倉
於 2017 年 12 月 31 日，董事及本公司主要行政
人員於本公司及其相聯法團（定義見證券及期貨
條例（「證券及期貨條例」）第 XV 部）之股份、相
關股份及債權證中擁有記入本公司根據證券及
期貨條例第 352 條須予備存之登記冊或根據聯
交所證券上市規則（「上市規則」）《上市發行人董
事進行證券交易的標準守則》（「標準守則」）須另
行知會本公司及聯交所之權益及淡倉如下：
(a) 於本公司權益之好倉
本公司之普通股（「股份」）
附註：
該等股份乃由楊受成產業控股有限公司（「楊受成產業控
股」）之全資附屬公司英皇鐘錶珠寶集團控股有限公司
（「英皇鐘錶珠寶控股」）持有。楊受成產業控股由The
Albert Yeung Discretionary Trust（「AY Trust」）之受
託人STC International Limited（「STC International」）
持有，AY Trust為酌情信託，而楊諾思女士為該信託合資
格受益人之一。
(b) 於本公司相聯法團權益之好倉
普通股
附註：
英皇國際及英皇娛樂酒店均為股份於香港上市之公司。各
有關股份乃由AY Trust最終擁有。楊諾思女士為AY Trust
合資格受益人之一，被視為於相同股份中擁有權益。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 19
DIRECTORS’ REPORT
董事會報告
DIRECTORS’ AND CHIEF EXECUTIVES’
INTERESTS AND SHORT POSITIONS IN
SECURITIES (Continued)
(b) Long position interests in associated corporations of
the Company (Continued)
Save as disclosed above, as at 31 December 2017, none
of the Directors nor chief executives of the Company had
any interests or short positions in any Shares, underlying
Shares and debentures of the Company or any of its
associated corporations (within the meaning of Part XV of
the SFO).
SHARE OPTIONS
The Company has adopted a share option scheme (“Scheme”)
on 19 June 2008. Particulars of the Scheme are summarized
and set out in note 25 to the consolidated financial statements.
A resolution will be submitted to the 2018 AGM to adopt a new
share option in view of the lapse of the Scheme in June 2018.
No option was granted by the Company under the Scheme
since its adoption and up to 31 December 2017.
ARRANGEMENTS TO PURCHASE SHARES OR
DEBENTURES
Save for the share options as stated above, at the end of the
Year and at no time during the Year was the Company, any of
its holding companies, subsidiaries or its fellow subsidiaries,
a party to any arrangements to enable the Directors or chief
executive of the Company or their spouses or children under
18 years of age to acquire benefits by means of the acquisition
of Shares in or debentures of the Company or any other body
corporate.
DIRECTORS’ INTEREST IN COMPETING
BUSINESS
As at 31 December 2017, none of the Directors or their
respective close associates were interested in any business
which is considered to compete or is likely to compete, either
directly or indirectly, with the business of the Group as required
to be disclosed pursuant to the Listing Rules.
董事及主要行政人員之證券權益
及淡倉（續）
(b) 於本公司相聯法團權益之好倉（續）
除上文披露者外，於 2017 年 12 月 31 日，
概無董事或本公司主要行政人員於本公司
或其任何相聯法團（定義見證券及期貨條
例第 XV 部）之任何股份、相關股份及債權
證中擁有任何權益或淡倉。
購股權
本公司已於 2008 年 6 月 19 日採納一項購股權
計劃（「該計劃」）。該計劃之詳情概述及載於綜
合財務報表附註 25。因應該計劃將於 2018 年 6
月失效，於 2018 股東週年大會上將獲提呈一項
決議案，以採納新購股權。
自採納該計劃起直至 2017 年 12 月 31 日，本公
司概無據此授出任何購股權。
購買股份或債權證之安排
除上文所述購股權外，於本年度末及本年度內
任何時間，本公司、其任何控股公司、附屬公
司或同系附屬公司概無訂立任何安排，致使董
事或本公司主要行政人員或彼等配偶或 18 歲以
下子女可藉購入本公司或任何其他法人團體之
股份或債權證而獲取利益。
董事於競爭業務之權益
於 2017 年 12 月 31 日，概無根據上市規則須予
披露董事或彼等各自之緊密聯繫人士於被視為
可能與本集團業務直接或間接構成競爭之任何
業務中擁有權益。
20EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
OTHER PERSONS’ INTERESTS AND SHORT
POSITIONS IN SECURITIES
As at 31 December 2017, so far as is known to any Directors
or chief executive of the Company, the following persons or
corporations (other than a Director or chief executive of the
Company) who had, or were deemed or taken to have an
interest and short positions in the Shares or underlying Shares
of the Company as recorded in the register required to be kept
under Section 336 of the SFO (“DI Register”) or as otherwise
notified to the Company were as follows:
Long Position in the Shares
Name Capacity/Nature of interests
Number of
issued Shares
Approximate
% holding
名稱╱姓名 身份╱權益性質 已發行股份數目 概約持股%
Emperor W&J Holdings Beneficial owner 3,623,950,000 %
英皇鐘錶珠寶控股 實益擁有人 (Note)
（附註）
AY Holdings Interest in a controlled corporation 3,623,950,000 %
楊受成產業控股 於受控公司之權益 (Note)
（附註）
STC International Trustee of the AY Trust 3,623,950,000 %
AY Trust 之受託人 (Note)
（附註）
Dr. Yeung Sau Shing, Albert
(“Dr. Albert Yeung”)
Founder of the AY Trust
AY Trust 之創始人
3,623,950,000
(Note)
%
楊受成博士（「楊博士」） （附註）
Ms. Luk Siu Man, Semon Interest of spouse 3,623,950,000 %
陸小曼女士 配偶權益 (Note)
（附註）
Brandes Investment Partners, . Investment manager 620,034,620 %
投資經理
Note: These Shares were the same Shares of which Ms. Cindy Yeung has deemed
interest by virtue of being one of the eligible beneficiaries of the AY Trust as
set out under Section (a) of “Directors’ and Chief Executives’ Interests and
Short Positions in Securities” above.
All interests stated above represent long positions. As at 31
December 2017, no short positions were recorded in the DI
Register of the Company.
Save as disclosed above, as at 31 December 2017, the
Directors were not aware of any person or corporation (other
than the Directors and chief executive of the Company) who
had, or were deemed or taken to have, any interests or short
positions in any Shares or underlying Shares as recorded in
the DI Register of the Company or as otherwise notified to the
Company.
其他人士於證券之權益及淡倉
於 2017 年 12 月 31 日， 就 任 何 董 事 或 本 公 司
主要行政人員所知，除董事或本公司主要行政
人員外，以下人士或法團於本公司股份或相關
股份中擁有或視為或當作擁有須根據證券及期
貨條例第 336 條須予備存於登記冊（「權益登記
冊」）或須另行知會本公司之權益及淡倉如下：
於股份之好倉
附註： 該等股份為楊諾思女士因作為AY Trust合資格受益人之一
而被視為擁有權益的股份，及與上文「董事及主要行政人
員之證券權益及淡倉」一節所載之股份相同。
上 述 所 有 權 益 均 屬 好 倉。 於 2017 年 12 月 31
日，根據本公司之權益登記冊所載者，並無淡
倉記錄。
除上文披露者外，於 2017 年 12 月 31 日，董事
並不知悉任何人士或法團（除董事及本公司最高
行政人員外）於任何股份或相關股份中擁有或視
為或當作擁有，或記載於本公司之權益登記冊
或須另行知會本公司之任何權益或淡倉。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 21
DIRECTORS’ REPORT
董事會報告
DIRECTORS’ INTERESTS IN TRANSACTIONS,
ARRANGEMENTS OR CONTRACTS AND
CONTINUING CONNECTED TRANSACTIONS
During the Year, the Group had the following transactions with
connected persons (as defined in the Listing Rules):
(a) Renting of properties – Operating lease rental/licence
fee paid
Amount paid
for the Year
Name of counterparty
對方名稱
Date of agreement
協議日期
Rented premises/location
租賃物業╱地點
Term
租期
本年度支付
之金額
(D/M/Y) (D/M/Y) (HK$’000)
（日╱月╱年） （日╱月╱年） （千港元）
Harilela Mansion, 81 Nathan Road
彌敦道81號喜利大廈
(1a) Great Future Hong Kong
Limited (“Great Future”)
(Note 1)
恆毅香港有限公司
（「恆毅」）（附註 1）
(a) 1st agreement:
第一份協議：
28/02/2014
(b) 2nd agreement:
第二份協議：
27/05/2016
Shops A, D2 and E2 on G/F and the
projected signage on external wall,
Harilela Mansion, 81 Nathan Road,
Hong Kong
香港彌敦道 81 號喜利大廈地下 A、D2
及 E2 號舖及外牆伸延廣告牌
01/04/2014 –
31/03/2017
(rental
revised with
effect from
01/06/2016
3,000
租金自 2016 年
6 月 1 日起修訂）
(1b) Great Future (Note 1)
恆毅（附註1）
30/03/2017 Same as (1a)
與(1a)相同
01/04/2017 –
31/03/2020
7,879
Emperor Group Centre, 288 Hennessy Road (“EGC”)
軒尼詩道288號英皇集團中心（「英皇集團中心」）
(2a) Very Sound Investments
Limited (“Very Sound”)
(Note 1)（附註1）
14/11/2014 Shop Units G01 to G05 on G/F, EGC
英皇集團中心地下 G01 至 G05 號店舖
17/11/2014 –
16/11/2017
6,576
(2b) Very Sound (Note 1)
（附註1）
16/11/2017 Same as (2a)
與 (2a) 相同
17/11/2017 –
16/11/2020
851
(3) Very Sound (Note 1)
（附註1）
31/03/2016 The whole of 25/F & Car Parking
Space No. 27, B2/F, EGC
01/04/2016 –
31/03/2019
3,692
英皇集團中心 25 樓全層及地庫 2 層 27
號泊車位
(4) Headwise Investment
Limited (Note 1)
智揚投資有限公司
（附註1）
29/06/2017 Unit 1001, 10/F, EGC
英皇集團中心10樓1001室
01/07/2017 –
30/06/2020
502
董事於交易、安排或合約之權益及持
續關連交易
於本年度內，本集團曾與關連人士（定義見上市
規則）進行下列交易：
(a) 物業租賃－已付經營租賃租金╱授權費
22EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
Amount paid
for the Year
Name of counterparty Date of agreement Rented premises/location Term 本年度支付
對方名稱 協議日期 租賃物業╱地點 租期 之金額
(D/M/Y) (D/M/Y) (HK$’000)
（日╱月╱年） （日╱月╱年） （千港元）
Russell Street
羅素街
(5a) Planwing Limited
(“Planwing”) (Note 1)
境榮有限公司
（「境榮」）（附註 1）
(a) 1st agreement:
第一份協議：
12/09/2014
(b) 2nd agreement:
第二份協議：
31/08/2015
(c) 3rd agreement:
第三份協議：
27/05/2016
Shops 1 & 2 on G/F together with
a right to use (i) External Wall Unit
1 on 1/F; (ii) External Wall Unit 2 on
6/F – 29/F and Roof; (iii) a LED Display
on the External Wall on 5/F; (iv) 2
Signboards on External Wall on 1/F –
3/F; (v) 2 Signboards on External Wall
on 5/F; and (vi) Signage Space A on
1/F, Emperor Watch and Jewellery
Centre, 8 Russell Street, Causeway
Bay, Hong Kong
12/09/2014 –
11/09/2017
(rental revised
with effect from
01/10/2015 &
01/06/2016
租金自
01/10/2015
及 01/06/2016 起
修訂）
14,997
香港銅鑼灣羅素街 8 號英皇鐘錶中心
地下第 1 及第 2 號舖連同 (i)1 樓外牆廣
告位 1 號；(ii)6 至 29 樓及天台外牆廣
告位 2 號；(iii) 5 樓外牆液晶顯示屏：
(iv) 1 至 3 樓 2 個外牆廣告牌；(v) 5 樓
2 個外牆廣告牌；及 (vi) 1 樓外牆廣告
位 A 之使用權
(5b) Planwing (Note 1)
境榮（附註 1）
30/06/2017 Same as (5a)
與 (5a) 相同
12/09/2017 –
11/09/2020
6,903
(6a) Richorse Limited
(“Richorse”) (Note 1)
（附註 1）
(a) 1st agreement:
第一份協議：
28/05/2014
(b) 2nd agreement:
第二份協議：
31/08/2015
(c) 3rd agreement:
第三份協議：
27/05/2016
Shop A on G/F including the Yard and
Office A on 1/F, Tak Fat Building, 50-
52 Russell Street, Causeway Bay,
Hong Kong
香港銅鑼灣羅素街 50-52 號德發大廈
地下（A 舖連後院）及 1 樓 A 室
01/07/2014 –
30/06/2017
(rental revised
with effect from
01/10/2015 &
01/06/2016
租金自
01/10/2015
及 01/06/2016 起
修訂）
6,610
(6b) Richorse (Note 1)
（附註1）
30/06/2017 Same as (6a)
與(6a)相同
01/07/2017 –
30/06/2020
6,600
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 23
DIRECTORS’ REPORT
董事會報告
Amount paid
for the Year
Name of counterparty Date of agreement Rented premises/location Term 本年度支付
對方名稱 協議日期 租賃物業╱地點 租期 之金額
(D/M/Y) (D/M/Y) (HK$’000)
（日╱月╱年） （日╱月╱年） （千港元）
(7a) Richorse (Note 1)
（附註 1）
(a) 1st agreement:
第一份協議：
22/10/2014
(b) 2nd agreement:
第二份協議：
31/08/2015
(c) 3rd agreement:
第三份協議：
27/05/2016
The whole of Nos. 54-56 Russell
Street together with the right to
use a LED display on external
wall on 1/F – 5/F and 9 advertising
signboards, Nos. 54-56 Russell
Street, Causeway Bay, Hong Kong
香港銅鑼灣羅素街 54 至 56 號連同
使 用 1-5 樓 外 牆 LED 展 示 屏 及 9 個
廣告牌之權利
23/10/2014 –
22/10/2017
(rental revised with
effect from
01/10/2015
& 01/06/2016
租金自
01/10/2015 及
01/06/2016 起修訂）
29,615
(7b) Richorse (Note 1)
（附註1）
30/06/2017 Same as (7a)
與 (7a) 相同
23/10/2017 –
22/10/2020
6,642
(8a) Richorse (Note 1)
（附註1）
(a) 1st agreement:
第一份協議：
22/10/2014
(b) 2nd agreement:
第二份協議：
31/08/2015
(c) 3rd agreement:
第三份協議：
27/05/2016
G/F (Shop B including the yard),
Office B and the Balcony adjacent
thereto on 1/F and Office B and
the Balcony adjacent thereto on
2/F, Tak Fat Building, 50-52 Russell
Street, Causeway Bay, Hong Kong
香港銅鑼灣羅素街 50-52 號德發大
廈地下（B 舖連後院）及 1 樓 B 室（連
露台）以及 2 樓 B 室（連露台）
23/10/2014 –
22/10/2017
(rental revised
with effect from
01/10/2015 &
01/06/2016
租金自
01/10/2015 及
01/06/2016 起修訂）
11,055
(8b) Richorse (Note 1)
（附註 1）
30/06/2017 Same as (8a)
與 (8a) 相同
23/10/2017 –
22/10/2020
2,519
Canton Road
廣東道
(9a) Gold Pleasure Investment
Limited (“Gold Pleasure”),
Happy Rain Limited,
Total Treasure
Investment Limited &
Gold Cheer Corporation
Limited (Note 1)
樂德投資有限公司
（「樂德」）、喜霖
有限公司、全寶
投資有限公司及
金緻有限公司（附註 1）
(a) 1st agreement:
第一份協議：
23/12/2014
(b) 2nd agreement:
第二份協議：
31/08/2015
(c) 3rd agreement:
第三份協議：
27/05/2016
G/F and 1/F, Units A & B on 3/F,
Portion A of Unit A on 4/F and roof
together with a right to use of four
outdoor advertising signs on the
external walls to the building of 4-8
Canton Road, Kowloon, Hong Kong
香 港 九 龍 廣 東 道 4-8 號 之 地 下 及 1
樓、3樓A及B室、4樓A室之A部份
及天台，連同外牆之 4 個戶外廣告
牌之使用權
04/01/2015 –
03/01/2018
(rental revised
with effect from
01/06/2015 &
01/06/2016;
early terminated on
15/05/2017
租金自 01/06/2015 及
01/06/2016 起修訂；
於 15/05/2017
提前終止）
16,912
24EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
Amount paid
for the Year
Name of counterparty Date of agreement Rented premises/location Term 本年度支付
對方名稱 協議日期 租賃物業╱地點 租期 之金額
(D/M/Y) (D/M/Y) (HK$’000)
（日╱月╱年） （日╱月╱年） （千港元）
(9b) Gold Pleasure (Note 1)
樂德（附註 1）
27/07/2017 G/F, 1/F, 2/F, 3/F, 4/F and roof
together with a right of use a wall-
mount advertising signage on the
external wall of 4-8 Canton Road,
Kowloon, Hong Kong
01/08/2017 –
31/07/2020
18,175
香 港 九 龍 廣 東 道 4-8 號 之 地 下、1
樓、2 樓、3 樓、4 樓 及 天 台， 連 同
掛牆廣告牌之使用權
(10) Gold Pleasure (Note 1)
樂德（附註 1）
28/12/2016 Projected signage of 4-8 Canton
Road, Tsimshatsui, Kowloon, Hong
Kong
香港九龍尖沙咀廣東道 4-8 號伸延
廣告牌
January, February
and May 2017
2017年1月、2月及5月
(early terminated –
no licensing for
May 2017
620
提前終止－2017 年
5 月不獲使用權）
Castle Peak Road
青山道
(11) Lord Link Limited (Note 1)
金御廷有限公司（附註 1）
30/06/2017 The Whole Block of No. 155 Castle
Peak Road, Yuen Long, New
Territories, Hong Kong
01/08/2017 –
31/07/2020
1,267
香港新界元朗青山路155號全幢物業
Macau
澳門
(12) Grand Emperor
Entertainment &
Hotel (Macau) Limited
(“Grand Emperor”)
(Note 2)
英皇娛樂酒店（澳門）
有限公司
（「英皇娛樂」）
（附註 2）
(a) 1st agreement:
第一份協議：
31/03/2015
(b) 2nd agreement:
第二份協議：
31/03/2016
Shop Nos. 1-4 on G/F, EM Macau,
Travessa Central Da Praia Grande
N°S 11-41, Hotel Animacao Imperial
(also known as Shop Nos. 1-4 on
G/F, Grand Emperor Hotel, 251-
292D Aven ida Comerc ia l De
Macau), Macau
澳門南灣中巷 11-41 號英皇娛樂酒
店地下 1-4 號舖（亦即澳門商業大馬
路 251-292D 號 英 皇 娛 樂 酒 店 地 下
1-4 號舖）
01/04/2015 –
31/03/2019
(rental revised
with effect from
01/04/2016
租 金 自01/04/2016
起修訂）
3,229
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 25
DIRECTORS’ REPORT
董事會報告
Amount paid
for the Year
Name of counterparty Date of agreement Rented premises/location Term 本年度支付
對方名稱 協議日期 租賃物業╱地點 租期 之金額
(D/M/Y) (D/M/Y) (HK$’000)
（日╱月╱年） （日╱月╱年） （千港元）
(13) Grand Emperor (Note 2)
英皇娛樂（附註 2）
31/03/2016 Shop Nos. 2A-2B on G/F, EM
Macau, Travessa Central Da Praia
Grande N°S 11-41, Hotel Animacao
Imperial (also known as Shop Nos.
2A-2B on G/F, Grand Emperor
Hotel, 251-292D Avenida Comercial
De Macau), Macau
01/04/2016 –
31/03/2019
912
澳門南灣中巷 11-41 號英皇娛樂酒
店地下 2A-2B 號舖（亦即澳門商業大
馬 路 251-292D 號 英 皇 娛 樂 酒 店 地
下 2A-2B 號舖）
(14a) I Soi Limitada (“I Soi”)
(Note 1)
怡瑞有限公司
（「怡瑞」）（附註 1）
30/06/2014 EM Macau, Avenida Do Infante D.,
Henrique NºS 67-69, Res-Do-Chao
B & EM Macau, Rua Do Dr., Pedro
Jose Lobo Nº5, Res-Do-Chao C2,
Macau
01/07/2014 –
30/06/2017
2,833
澳門殷皇子大馬路 67-69 號地下 B
座及羅保博士街 5 號立興大廈地下
C2 座
(14b) I Soi (Note 1)
怡瑞（附註 1）
29/06/2017 Same as (14a)
與 (14a) 相同
01/07/2017 –
30/06/2020
(will early terminate
on or before
31/08/2018
2,369
將於31/8/2018或
之前提前終止）
(15a) I Soi (Note 1)
怡瑞（附註 1）
30/06/2014 EM Macau, Avenida Do Infante
D., Henrique N°65-A, 1° Andar B,
Macau
01/07/2014 –
30/06/2017
51
澳門殷皇子大馬路 65-A 號一樓 B 座
(15b) I Soi (Note 1)
怡瑞（附註 1）
29/06/2017 Same as (15a)
與 (15a) 相同
01/07/2017 –
30/06/2020
(will early terminate
on or before
31/08/2018
50
將於31/8/2018或
之前提前終止）
26EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
Amount paid
for the Year
Name of counterparty Date of agreement Rented premises/location Term 本年度支付
對方名稱 協議日期 租賃物業╱地點 租期 之金額
(D/M/Y) (D/M/Y) (HK$’000)
（日╱月╱年） （日╱月╱年） （千港元）
(16) Fai Iek Limited (Note 1)
輝益有限公司（附註 1）
15/11/2017 Shop 2 on Ground Floor, Emperor
Nam Van Centre, No. 71-75
Avenida do Infante, D. Henrique
and -540, Avenida da
Praia Grande, Macau
15/11/2017 –
14/11/2020
1,361
澳門殷皇子大馬路 71-75 號及南灣
大馬路 514-540 號英皇南灣中心地
面 2 號舖
Emperor Group Centre, D12 Jianwai Dajie, Chaoyang District, Beijing, the PRC (“Beijing EGC”)
中國北京朝陽區建外大街丁12號英皇集團中心（「北京英皇集團中心」）
(17) Emperor (Beijing) Real
Estate Development
Co. Limited
(“Emperor Beijing Real
Estate”) (Note 1)
英皇（北京）房地產開發
有限公司（「英皇北京
房地產」）（附註 1）
31/10/2017 Unit 02, 28th Floor, Beijing EGC
北京英皇集團中心 28 樓 02 室
01/11/2017 –
31/10/2022
792
(18) Emperor Beijing Real
Estate (Note 1)
英皇北京房地產（附註 1）
31/10/2017 Unit 03, 28th Floor, Beijing EGC
北京英皇集團中心 28 樓 03 室
01/11/2017 –
31/10/2022
88
(19) Emperor Beijing Real
Estate (Note 1)
英皇北京房地產（附註 1）
31/10/2017 Unit 101, 1st Floor, Beijing EGC
北京英皇集團中心 1 樓 101 室
01/11/2017 –
31/10/2022
323
(20) Emperor Beijing Real
Estate (Note 1)
英皇北京房地產（附註 1）
31/10/2017 A car parking space on P1/F,
Beijing EGC
北京英皇集團中心 P1 層車位
01/02/2018 –
31/10/2022
—
Total: 156,423總數：
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 27
DIRECTORS’ REPORT
董事會報告
DIRECTORS’ INTERESTS IN TRANSACTIONS,
ARRANGEMENTS OR CONTRACTS AND
CONTINUING CONNECTED TRANSACTIONS
(Continued)
(a) Renting of properties – Operating lease rental/licence
fee paid (Continued)
Notes:
1. The premises under the agreements have been rented to the Group for
office use/as retail shops/for advertising purpose. The counterparties
of the agreements are indirect wholly-owned subsidiaries of Emperor
International which are indirectly controlled by the AY Trust. Ms. Cindy
Yeung has deemed interest in the transactions by virtue of being one
of the eligible beneficiaries of the AY Trust.
2. The premises under the agreements have been rented to the Group as
retail shops. The counterparty of the agreements is an indirect wholly-
owned subsidiary of Emperor E Hotel which is indirectly controlled by
the AY Trust. Ms. Cindy Yeung has deemed interest in the transactions
by virtue of being one of the eligible beneficiaries of the AY Trust.
(b) Consignment Agreement with Dr. Albert Yeung
Under the Consignment Agreement dated 4 November
2016 made between the Company and Dr. Albert Yeung,
the Group may at its discretion make consignment
arrangements with Dr. Albert Yeung and his associates
during the period from 1 January 2017 to 31 December
2019 and sell the consigned jewellery items at its retail
shops as the Directors may think fit and beneficial to the
Group.
Dur ing the Year , a cons igned jewel lery i tem of
HK$10,000,000 from Dr. Albert Yeung’s associate was
recorded. The Group had applied the same purchasing
and retail pricing policy and mechanism to this item as
those normally adopted in the ordinary and usual course
of business of the Group. No sale of such item was made
during the Year.
(c) Compliance with Disclosure Requirements
Regarding the “Related Party Transactions” as out in
note 27 to the consolidated financial statements, the
“rental” payments in the amount of HK$156,423,000
as incorporated in item (3) are discloseable continuing
connected transactions of the Group and that the
Company has complied with the disclosure requirements
under Chapter 14A of the Listing Rules.
董事於交易、安排或合約之權益及持
續關連交易（續）
(a) 物業租賃－已付經營租賃租金╱授權費
（續）
附註：
1. 該等協議項下物業乃該等出租予本集團作辦公室╱
零售店舖╱廣告用途。該等協議對方為英皇國際之
間接全資附屬公司，由AY Trust間接擁有。楊諾思
女士作為AY Trust的合資格受益人之一被視為於該
等交易中擁有權益。
2. 該等協議項下物業乃出租予本集團作零售店舖。
該等協議對方為英皇娛樂酒店之間接全資附屬公
司，由AY Trust間接擁有。楊諾思女士作為AY
Trust的合資格受益人之一被視為於該等交易中擁
有權益。
(b) 與楊博士之寄售協議
根據本公司與楊博士於 2016 年 11 月 4 日
訂 立 之 寄 售 協 議， 於 2017 年 1 月 1 日 至
2019 年 12 月 31 日期間，本集團可酌情決
定與楊博士及其聯繫人作出寄售安排，董
事可於認為合適及對本集團有利時在其零
售店舖出售寄售珠寶首飾。
於 本 年 度 內， 本 集 團 錄 得 一 件 由 楊 博
士 之 聯 繫 人 所 寄 售 珠 寶 首 飾， 金 額 為
10,000,000 港元。本集團就該首飾採納的
購買及零售定價政策及機制與本集團於日
常及一般業務過程中所採納者相同。於本
年度，該首飾未獲出售。
(c) 遵守披露規定
就納入綜合財務報表附註 27「關連方交易」
而 言， 第 (3) 項 為 數 156,423,000 港 元 之
租金付款為本集團須予披露之持續關連交
易，而本公司已遵守上市規則第 14A 章的
披露規定。
28EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
DIRECTORS’ INTERESTS IN TRANSACTIONS,
ARRANGEMENTS OR CONTRACTS AND
CONTINUING CONNECTED TRANSACTIONS
(Continued)
(d) Auditor’s Letter on Disclosed Continuing Connected
Transactions
The Company’s auditor was engaged to report on the
Group’s continuing connected transactions in accordance
with Hong Kong Standard on Assurance Engagements
3000 “Assurance Engagements Other Than Audits or
Reviews of Historical Financial Information” and with
reference to Practice Note 740 “Auditor’s Letter on
Continuing Connected Transactions under the Hong
Kong Listing Rules” issued by the Hong Kong Institute of
Certified Public Accountants (“Auditor’s Letter”).
The auditor has issued his unqualified letter containing
his findings and conclusions in respect of the continuing
connected t ransact ions disclosed by the Group
(“Disclosed CCTs”) on page 21 to 27 of this annual report
in accordance with Rule of the Listing Rules. A
copy of the Auditor’s Letter has been provided by the
Company to the Stock Exchange.
(e) Confirmation of Independent Non-executive Directors
Pursuant to rule of the Listing Rules, the INEDs
have reviewed the Disclosed CCTs and the Auditor’s Letter
and confirmed that these transactions have been entered
into by the Group:
(i) in the ordinary and usual course of business of the
Group;
(ii) on normal commercial terms or better (as the case
may be); and
(iii) according to the agreements governing them on
terms that are fair and reasonable and in the interests
of the Shareholders as a whole.
Saved as disclosed above, there was no transaction,
arrangement or contract of significance which was
significant to which the Company, or any of its holding
companies, subsidiaries, or fellow subsidiaries was a party
and in which a Director or his/her controlled entity had a
material interest, whether directly or indirectly, subsisted at
the end of the Year or at any time during the Year.
董事於交易、安排或合約之權益及持
續關連交易（續）
(d) 核數師有關經披露持續關連交易之函件
本公司核數師已獲委聘按照香港會計師公
會頒佈之《香港審驗應聘服務準則 3000》
的「歷史財務資料審計或審閱以外的審驗
應聘」，並參照《實務說明》第 740 號「關於
香港《上市規則》所述持續關連交易的核
數師函件」，匯報本集團之持續關連交易
（「核數師之函件」）。
核數師已按照上市規則第 條發出
無保留意見函件，內含其就本年報第 21
至 27 頁有關本集團披露之持續關連交易
（「經披露持續關連交易」）之發現及結論。
本公司已向聯交所提供該核數師函件副
本。
(e) 獨立非執行董事之確認
根據上市規則第 條，獨立非執行
董事已審閱經披露持續關連交易及核數師
之函件，並確認該等交易乃由本集團：
(i) 於本集團之日常及一般業務過程中
訂立；
(i) 按一般或更佳（視情況而定）商業條
款進行；及
(iii) 根據有關協議進行，其中條款公平
合理，並符合股東整體利益。
除上文所披露者外，於本年度完結時或本年度
任何時間並無存在本公司或其任何控股公司、
附屬公司或同系附屬公司參與訂立而董事或其
控制實體於當中擁有重大權益（無論直接或間
接）之重大交易、安排或合約。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 29
DIRECTORS’ REPORT
董事會報告
MAJOR CUSTOMERS AND SUPPLIERS
During the Year, the aggregate sales to the Group’s five
largest customers accounted for approximately % of the
total turnover of the Group. The Group’s five largest suppliers
contributed to approximately % of the purchases of the
Group during the Year.
None of the Directors, their close associates or any Shareholder
(which to the knowledge of the Directors owns more than 5%
of the number of issued shares of the Company) had any
beneficial interest in the above major customers and suppliers
of the Group.
CONFIRMATION OF INDEPENDENT NON-
EXECUTIVE DIRECTORS
The Company has received from each of the INEDs an annual
confirmation of the independence pursuant to Rule of the
Listing Rules. The Company considers all of the INEDs are
independent.
EMOLUMENT POLICY
The remuneration of the Executive Directors are decided by
the Board as recommended by the Remuneration Committee
having regard to a written remuneration policy (which ensures
a clear link of business strategy and a close alignment with
the Shareholders’ interest and current market best practice),
the Group’s operating results, individual performance and
comparisons of market statistics. The INEDs are paid fees in
line with market practice. No individual should determine his or
her own remuneration.
Employees’ remuneration was determined in accordance with
individual’s responsibility, competence and skills, experience
and performances as well as market pay level. Remuneration
package includes, as the case may be, basic salaries, Directors’
fees, contribution to pension schemes, discretionary bonus
relating to financial performance of the Group and individual
performance, and other competitive fringe benefits such as
medical and life insurances. Details of the emoluments of the
Directors and the five highest paid individuals in the Group are
set out in note 8 to the consolidated financial statements.
CORPORATE GOVERNANCE
Principal corporate governance practices adopted by the
Company are set out in the Corporate Governance Report on
pages 31 to 52.
主要客戶及供應商
於本年度內，本集團五大客戶之總銷售額佔本
集團總營業額約 %。本集團五大供應商佔本
集團本年度採購額約 %。
董事、彼等之緊密聯繫人士或據董事所知擁有
本公司已發行股份數目 5% 以上之任何股東，
概無於任何上述本集團主要客戶及供應商擁有
實際權益。
獨立非執行董事之確認
本公司已接獲各獨立非執行董事根據上市規則
第 條發出之年度獨立確認書。本公司認
為，全體獨立非執行董事均為獨立人士。
薪酬政策
執行董事之酬金由薪酬委員會參照一套書面薪
酬政策（以確保與業務策略清晰聯繫，並緊密符
合股東之權益及現行市場最佳常規）、本集團之
營運業績、個別人士表現及市場統計可比較數
字提供意見，並由董事會釐定。獨立非執行董
事之酬金則以符合市場慣例之基準而支付。並
無個別人士可自行釐定其酬金。
僱員薪酬乃根據個人責任、能力及技術、經驗
及表現以及市場薪酬水平釐定。薪酬組合包括
（視情況而定）基本薪金、董事袍金、退休金計
劃供款、有關本集團財務表現及個人表現之酌
情花紅及其他具有競爭力之額外福利（如醫療及
人壽保險）。董事及本集團五位最高薪人士之薪
酬詳情載於綜合財務報表附註 8。
企業管治
本公司採納之主要企業管治常規載於第 31 至 52
頁之企業管治報告。
30EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
DIRECTORS’ REPORT
董事會報告
SUFFICIENCY OF PUBLIC FLOAT
Based on the information publicly available to the Company
and within the knowledge of the Directors, as at the latest
practicable date prior to the issue of this annual report, there
was sufficient public float of at least 25% of the Company issued
Shares as required under the Listing Rules.
DONATIONS
During the Year, the Group made charitable donation amounting
to approximately HK$560,000.
AUDITOR
A resolution will be submitted to the 2018 AGM to re-appoint
Messrs. Deloitte Touche Tohmatsu as auditor of the Company.
On behalf of the Board
Cindy Yeung
Chairperson
Hong Kong, 14 March 2018
足夠之公眾持股量
根據本公司可得之公開資料及據董事所知，於
刊發本年報前之最後實際可行日期，本公司已
發行股份維持上市規則所規定至少 25% 之足夠
公眾持股量。
捐款
於本年度內，本集團作出慈善捐款約 560,000
港元。
核數師
續聘德勤 • 關黃陳方會計師行為本公司核數師
之決議案將於 2018 股東週年大會上提呈。
代表董事會
楊諾思
主席
香港，2018 年 3 月 14 日
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 31
CORPORATE GOVERNANCE REPORT
企業管治報告
The Board is committed to maintaining a high standard of
corporate governance for the Company so as to ensure
“Accountability, Responsibility and Transparency” towards
shareholders, stakeholders, investors as well as employees of
the Company.
The Board has adopted various policies to ensure compliance
with the code provisions of the Corporate Governance Code (the
“CG Code”) as set out in Appendix 14 of the Listing Rules. For
the Year, the Company has complied with all code provisions of
the CG Code except with a deviation from code provision
regarding segregation of roles of chairman and chief executive
officer as explained below.
THE BOARD
Board Composition
As at 31 December 2017, the Board comprised seven Directors,
with four Executive Directors (Mr. Chan Hung Ming, being an
Executive Director, resigned on 1 March 2018) and three INEDs
who possess the skills, experience and expertise either in the
same industry or relevant to the management of the business
of the Group. The biographies of the Directors are set out on
pages 12 to 14 of this annual report under the “Biographies of
Directors and Senior Executives” section.
Chairperson and Chief Executive Officer
Code provision requires that the roles of chairman and
chief executive officer should be separate and should not
be performed by the same individual. Ms. Cindy Yeung, also
being the Chief Executive Officer of the Group, has also been
appointed as the Chairperson of the Board who provides the
Board with strong and consistent leadership, and at the same
time drives the strategic growth of the businesses of the Group.
She will ensure that all the Board members keep abreast of the
conduct, business activities and development of the Group and
that adequate, complete and reliable information is provided
to Directors on issues arising at Board meetings. In addition,
the three INEDs provide independent and impartial opinion on
issues to be considered by the Board. The Board considers that
the current Board structure functions effectively and does not
intend to make any change thereof.
Independent Non-executive Directors
The INEDs are all professionals with valuable experience and
expertise in legal, accounting or auditing in business areas who
contribute impartial view and make independent judgment on
issues to be discussed at Board meetings. Each of them has
been appointed for an initial term of two years commencing
from their respective date of appointment and shall continue
thereafter on a yearly basis unless terminated by notice in
writing served by either party. The terms of the INEDs are also
subject to retirement by rotation and re-election provision under
the Articles of Association of the Company.
董事會致力為本公司維持高水平之企業管治，
以確保為本公司股東、持份者、投資者以及僱
員提供「問責、負責及具透明度」之制度。
董事會已採納多項政策，以確保遵守上市規則
附錄十四所載之《企業管治守則》（「企業管治守
則」）之守則條文。於本年度內，本公司一直全
面遵守企業管治守則之守則條文，惟偏離守則
條文第 條（有關主席及行政總裁之角色應
予以區分）除外，詳情載於下文。
董事會
董事會組成
於 2017 年 12 月 31 日， 董 事 會 由 七 名 董 事 組
成，包括四名執行董事（執行董事陳鴻明先生於
2018 年 3 月 1 日辭任）及三名獨立非執行董事，
彼等擁有於相同行業或與本集團業務管理相關
之技能、經驗及專業知識。董事履歷載於本年
報第 12 至 14 頁「董事及高級行政人員之履歷」
一節。
主席及行政總裁
守則條文第 條規定主席及行政總裁之角
色須分開且不應由同一人士擔任。楊諾思女士
作為本集團之行政總裁，亦獲委任為董事會主
席，為董事會提供強而穩健之領導才能，同時
帶動本集團業務之策略發展。彼將確保所有董
事會成員明瞭本集團的經營方式、業務情況及
發展，及於董事會會議上董事均就當前事項收
到充分、完整及可靠之資料。此外，三名獨立
非執行董事就董事會審議之事項提供獨立及公
正之意見。董事會認為，董事會現時之架構有
效運作，且不擬作出任何變動。
獨立非執行董事
獨立非執行董事均為於業務範疇內之法律、會
計、審計等方面擁有寶貴經驗及知識之專業人
士，就將於董事會會議上討論之事宜提供公正
觀點及作出獨立判斷。彼等各自之初步任期自
其各自委任日期起為兩年，其後按年重續，除
非任何一方發出書面通知予以終止。獨立非執
行董事的任期亦受本公司組織章程細則項下之
輪值退任及重選連任條文所規限。
32EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
The Company had received confirmation of independence from
each of the INEDs. The Board considered each of them to be
independent by reference to the factors as set out in Rule
of the Listing Rules. The INEDs had been expressly identified
as such in all corporate communications of the Company that
disclose the names of Directors.
Roles and Responsibilities of the Board
The Company is headed by the Board which is responsible
for the leadership, control and promotion of the success of the
Group in the interests of the Shareholders by directing and
supervising its affairs and by formulating strategic directions
and monitoring the financial and management performance of
the Group.
Delegation to the Management
The management is led by the Executive Committee of the
Company (which comprises all the Executive Directors of the
Board) and has delegated powers and authorities to carry
out the day-to-day management and operation of the Group,
formulate business policies and make decision on key business
issues. The Executive Committee shall have all powers and
authorities of the Board except the following matters as set out
in a formal schedule of matters specifically reserved by the
Board:
• Publication of final and interim results of the Company
• Dividend distribution or other distributions
• Major issues of treasury policy, accounting policy and
remuneration policy
• Changes to group corporate st ructure or Board
composition requiring notification by announcements
• Publication of the announcement for notifiable transactions
and non-exempted connected transaction/continuing
connected transactions
• Non-exempted connected transactions/continuing
connected transactions
• Notifiable transactions requiring Shareholders’ approval
• Capital restructuring and issue of new securities of the
Company
• Financial assistance to Directors
董事會（續）
本公司已接獲各獨立非執行董事之獨立性確認
書。董事會參照上市規則第 條所載因素認
為各獨立非執行董事屬獨立人士。本公司在所
有需要披露董事姓名的公司通訊中，均已明確
列明獨立非執行董事之身份。
董事會之角色及職責
本公司由董事會領導，董事會負責以符合股東
利益為出發點指導及監督其事務，並透過制定
策略方向及監察本集團之財務及管理表現，從
而領導、監控及促進本集團之成功。
授權予管理層
管理層乃由本公司執行委員會（此由董事會之所
有執行董事所組成）領導，並獲授予權力及授
權，以進行本集團之日常管理及營運、制定業
務政策，並就主要業務事項作出決定。執行委
員會須具有董事會之一切權力及授權，惟正式
預定計劃表由董事會特別保留作決定之下列事
項除外：
• 刊發本公司之末期及中期業績
• 股息分派或其他分派
• 有關財務政策、會計政策及薪酬政策之主
要事宜
• 須以公告形式發出通知有關集團公司架構
或董事會組成之變動
• 就須予公佈的交易及非豁免關連交易╱持
續關連交易作出公告刊發
• 非豁免關連交易╱持續關連交易
• 需要股東批准之須予公佈交易
• 本公司之資本重組及發行新證券
• 對董事之財務援助
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 33
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
Induction, Support and Professional Development of Directors
All Directors have been given relevant guideline materials
regarding the duties and responsibilities of being a Director, the
relevant laws and regulations applicable to the Directors, duty
of disclosure of interest and business of the Group and such
induction materials will also be provided to newly appointed
Directors shortly upon their appointment as Directors. All
Directors have been updated on the latest developments of
the Listing Rules and other applicable regulatory requirement
to ensure compliance and enhance their awareness of good
corporate governance practices. There is a procedure agreed
by the Board to enable Directors, upon reasonable request,
to seek independent professional advice in appropriate
circumstances, at the Company’s expenses in order to assist
them to perform their duties to the Company.
The Directors confirmed that they had complied with the Code
Provision of the Code on Directors’ training. During the
Year, each Director had participated in continuous professional
development by attending seminars/workshops/reading
materials on the following topics to develop and refresh their
knowledge and skills and has provided a record of training to
the Company.
Topics of training covered
Name of Directors 董事姓名 所涵蓋之培訓主題
Ms. Cindy Yeung 楊諾思女士 (1) corporate governance 企業管治
Mr. Chan Hung Ming 陳鴻明先生 (2) finance 財務
Mr. Wong Chi Fai 黃志輝先生 (3) industry specific 行業相關
Ms. Fan Man Seung, Vanessa 范敏嫦女士 (4) regulatory 監管
Ms. Chan Sim Ling, Irene 陳嬋玲女士
Mr. Liu Hing Hung 廖慶雄先生
Ms. Chan Wiling, Yvonne 陳慧玲女士
Ms. Yip Kam Man 葉錦雯女士
Ms. Lai Ka Fung, May 黎家鳳女士
Relationship between the Board Members
None of the members of the Board has any relationship
(including financial, business, family or other material/relevant
relations) among each other.
Directors’ insurance
The Company has arranged appropriate insurance cover in
respect of any legal action against the Directors.
董事會（續）
董事之啟導、支援及專業發展
所有董事均已獲提供有關擔任董事之職責及責
任、適用於董事之相關法例及規例、權益披露
之責任及本集團業務之相關指引資料，而於新
任董事獲委任後，亦會於短期內向其提供該等
就任董事須知資料。全體董事亦已就上市規則
及其他適用監管要求之發展獲得最新資料，從
而確保遵例，同時加強彼等對良好企業管治常
規之意識。董事會已議定程序，使董事可在適
當情況下經合理要求後尋求獨立專業意見以協
助彼等為本公司執行職責，費用由本公司承擔。
董事確認，彼等已遵守守則內有關董事培訓之
守則條文第 條。於本年度，各董事均已
參與持續專業發展，透過出席有關以下主題之
座談會╱工作坊╱閱讀材料，以發展及重温彼
等之知識及技能，並已向本公司提供培訓紀錄。
董事會成員間之關係
董事會成員之間概無任何關係（包括財務、業
務、家屬或其他重大╱相關關係）。
董事之保險
本公司已就董事可能會面對之任何法律訴訟作
出適當之投保安排。
34EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
Directors’ attendance and time commitment
The attendance of the Directors at the meetings during the Year
is set out below:
Number of meetings attended/held
出席會議╱舉行會議次數
Board
Audit
Committee
Remuneration
Committee
Nomination
Committee
Corporate
Governance
Committee
Executive
Committee
General
Meeting
Name of Directors 董事姓名 董事會 審核委員會 薪酬委員會 提名委員會 企業管治委員會 執行委員會 股東大會
Executive Directors 執行董事
Ms. Cindy Yeung (Note 1) 楊諾思女士（附註 1） 8/8 3/3 – – – 8/8 1/1
Mr. Chan Hung Ming (Note 2) 陳鴻明先生（附註 2） 8/8 – – – – 8/8 1/1
Mr. Wong Chi Fai 黃志輝先生 8/8 – 1/1 – – 8/8 1/1
Ms. Fan Man Seung, Vanessa
(Note 3)
范敏嫦女士（附註 3） 8/8 – – 1/1 1/1 8/8 0/1
Independent Non-executive
Directors
獨立非執行董事
Ms. Chan Sim Ling, Irene (Note 4) 陳嬋玲女士（附註 4） 8/8 3/3 – – 1/1 – 1/1
Mr. Liu Hing Hung (Note 5) 廖慶雄先生（附註 5） 5/5 1/1 – – – – –
Ms. Chan Wiling, Yvonne (Note 6) 陳慧玲女士（附註 6） 5/5 1/1 – – – – –
Ms. Yip Kam Man (Note 7) 葉錦雯女士（附註 7） 3/3 2/2 1/1 – 1/1 – 1/1
Ms. Lai Ka Fung, May (Note 8) 黎家鳳女士（附註 8） 3/3 2/2 1/1 1/1 – – 1/1
Total number of meetings held: 舉行會議之總數： 8 3 1 1 1 8 1
Notes:
1. Ms. Cindy Yeung is the Chairperson of the Executive Committe. She was
invited to sit-in the Audit Committee Meeting as non-member.
2. Mr. Chan Hung Ming resigned as Director with effect from 1 March 2018 and
automatically ceased to act as a member of the Executive Committee on that
day.
3. Chairperson of the Corporate Governance Committee
4. Chairperson of the Nomination Committee
5. Chairman of the Audit Committee and was appointed on 24 May 2017
6. Chairperson of the Remuneration Committee and was appointed on 24 May
2017
7. Ms. Yip Kam Man retired as Director at the annual general meeting held on 24
May 2017 (“2017 AGM”) and automatically ceased to act as the Chairperson
of the Audit Committee as well as a member of the Remuneration Committee
and the Corporate Governance Committee.
8. Ms. Lai Ka Fung, May retired as Director at the 2017 AGM and automatically
ceased to act as the Chairperson of the Remuneration Committee as well as a
member of the Audit Committee and the Nomination Committee.
董事會（續）
董事之出席情況及時間投入
本年度董事出席下列會議之情況如下：
附註：
1. 楊諾思女士為執行委員會主席。彼獲邀以非成員之身份
在審核委員會會議上列席旁聽。
2. 陳鴻明先生於 2018 年 3 月 1 日辭任董事職務並於該日自
動不再擔任執行委員會成員。
3. 企業管治委員會主席
4. 提名委員會主席
5. 審核委員會主席及於 2017 年 5 月 24 日獲任命
6. 薪酬委員會主席及於 2017 年 5 月 24 日獲任命
7. 葉 錦 雯 女 士 於 2017 年 5 月 24 日 舉 行 之 股 東 週 年 大 會
（「2017 股東週年大會」）上退任董事職務，並自動不再
擔任審核委員會主席以及薪酬委員會及企業管治委員會
成員。
8. 黎家鳳女士於 2017 股東週年大會上退任董事職務，並
自動不再擔任薪酬委員會主席以及審核委員會及提名委
員會成員。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 35
CORPORATE GOVERNANCE REPORT
企業管治報告
董事會（續）
經檢討 (a) 各董事就其投入時間發出之年度確
認；(b) 各董事所持之董事職務及主要任命；及
(c) 各董事於董事會全體會議及各董事委員會會
議以及股東大會之出席率後，董事會信納，於
本年度內，全體董事均已付出足夠時間履行彼
等之職責。
董事會會議及程序
董事會定期會議約每季舉行。董事會可獲取公
司秘書及公司秘書團隊主要職員之意見及服
務，確保遵循董事會程序以及所有適用之規則
及規例。
在公司秘書之協助下，會議議程乃由董事會主
席在諮詢其他董事會成員後設定。董事會會議
之通告至少於各董事會定期會議舉行前 14 日發
送予董事。各會議舉行前最少 3 日，一般會向
全體董事及相關委員會成員寄發相關會議材料
連同所有適用、完備及可靠資料，以讓彼等作
出知情決策。
經由會議秘書起草以及就所考慮事宜及所達至
決定作出足夠詳細記錄之董事會會議及董事委
員會會議紀錄之初稿及最終定稿均會交予董
事，分別供彼等表達意見及備案之用。有關會
議紀錄之正本由公司秘書保存，可供任何董事
於發出合理通知後在任何合理時間查閱。
若任何董事在董事會將予考慮之事項中存有董
事會認為屬重大之利益衝突，則該事項將以召
開董事會會議而非以書面決議案方式處理，而
該董事將就彼或其任何聯繫人士具有重大權益
之相關董事會決議案放棄投票，且不會計入出
席該董事會會議之法定人數內。緊密聯繫人均
沒有重大利益的獨立非執行董事均有出席該董
事會會議。
THE BOARD (Continued)
Upon reviewing (a) the annual confirmation of the time
commitment given by each Director; (b) the directorships and
major commitments of each Director; and (c) the attendance
rate of each Director on full Board and the respective Board
committee meetings as well as general meeting, the Board
is satisfied that all Directors have spent sufficient time in
performing their responsibilities during the Year.
Board Meetings and Proceedings
Regular Board meetings were held at approximately quarterly
intervals. The Directors have access to the advice and services
of the Company Secretary and key officers of the company
secretarial team for ensuring that the Board procedures as well
as all applicable rules and regulations are followed.
With the assistance of the Company Secretary, the meeting
agenda is set by the Chairperson of the Board in consultation
with other Board members. Board meeting notice was
sent to the Directors at least 14 days prior to each regular
Board meeting. Relevant meeting materials together with all
appropriate, complete and reliable information are generally
sent to all Directors and relevant committee members at least
3 days before each meeting to enable them to make informed
decisions.
Minutes of Board meetings and Board committee meetings
are drafted by the secretary of the meetings and recorded in
sufficient details the matters considered and decisions reached,
with draft and final versions being circulated to the Directors
for their comment and records respectively. Originals of such
minutes, being kept by the Company Secretary, are open for
inspection at any reasonable time with reasonable notice by any
Director.
If a Director has conflict of interest in a matter to be considered
by the Board which the Board has determined to be material,
the matter will be dealt with by a physical Board meeting rather
than a written resolution. That Director will abstain from voting
on the relevant Board resolution in which he/she or any of his/
her associates has a material interest and he/she shall not be
counted in the quorum present at the Board meeting. INEDs
who, and whose close associates, have no material interest in
the transaction are present at that Board meeting.
36EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
Board Committees
To assist the Board in execution of its duties and facilitate
effective management, certain functions of the Board have been
delegated by the Board to the Audit Committee, Remuneration
Committee, Nomination Committee, Corporate Governance
Committee and Executive Committee.
The majority of the members of the Audit Committee,
Remuneration Committee and Nomination Committee are INEDs.
Clear written terms of reference of all the Board Committees are
given to the respective members of these Committees. Details
of the Board Committees are set out below:
1. Audit Committee (set up on 19 June 2008)
The Audit Committee consists of three INEDs, namely Mr.
Liu Hing Hung (Chairman of the Committee) , Ms. Chan
Sim Ling, Irene and Ms. Chan Wiling, Yvonne.
The specific written terms of reference of the Audit
Committee is available on the websites of the Stock
Exchange and the Company. The Audit Committee is
primarily responsible for (a) making recommendations to
the Board on the appointment, reappointment and removal
of the external auditor; (b) reviewing and monitoring the
external auditor’s independence and objectivity and
effectiveness of the audit process; (c) approving the
remuneration and terms of engagement of external auditor;
and (d) reviewing financial information and overseeing the
financial reporting system, risk management and internal
control procedures. The Audit Committee held three
meetings during the Year.
A summary of work performed by the Audit Committee
during the Year is set out as follows:
i. approved the audit plan for the year ended 31
December 2016 (“Previous Year”), reviewed the
independence of the external auditor and approved
the engagement of external auditor;
ii. reviewed with the management/finance-in-charge
and/or the external auditor on the effectiveness of
the audit process and the accounting policies and
practices adopted by the Group, and the accuracy
and fairness of the annual financial statements for
the Previous Year as well as the interim consolidated
financial statements for the six months ended 30
June 2017;
iii. reviewed with the senior management and finance-
in-charge the effectiveness of the risk management
and internal control systems of the Group during the
Previous Year;
iv. annual review of the non-exempt cont inuing
connected transactions of the Group for the Previous
Year; and
v. recommended to the Board on the re-appointment of
external auditor at the 2017 AGM.
董事會（續）
董事委員會
為協助董事會履行其職責及促進有效管理，董
事會若干職能已由董事會委派予審核委員會、
薪酬委員會、提名委員會、企業管治委員會及
執行委員會。
審核委員會、薪酬委員會及提名委員會大多數
成員為獨立非執行董事。所有董事委員會之清
晰書面職權範圍已提供予此等委員會之各自成
員。董事委員會詳情載列如下：
1. 審核委員會（於2008年6月19日成立）
審核委員會由三名獨立非執行董事組成，
其分別為廖慶雄先生（委員會主席）、陳嬋
玲女士及陳慧玲女士。
審核委員會之具體書面職權範圍可於聯交
所及本公司網站查閱。審核委員會之主要
職責為 (a) 就委任、重新委任及罷免外聘
核數師提供意見；(b) 檢討及監察外聘核
數師之獨立性以及審核程序之客觀性及有
效性；(c) 批准外聘核數師之酬金及委聘
條款；及 (d) 審閱財務資料及監察財務報
告制度、風險管理及內部監控程序。審核
委員會於本年度舉行了三次會議。
審核委員會於本年度內所履行之工作概要
載列如下：
i. 審 批 截 至 2016 年 12 月 31 日 止 年 度
（「上年度」）之審核計劃、檢討外聘
核數師之獨立性及批准委聘外聘核
數師；
ii. 與管理層╱財務主管及╱或外聘核
數師審閱本集團所採納之審核程序
及會計政策及實務之成效，以及上
年度之年度財務報表及截至 2017 年
6 月 30 日止六個月之中期綜合財務
報表之準確性及公平性；
iii. 與高級管理層及財務主管檢討上年
度本集團風險管理及內部監控系統
之成效；
iv. 對本集團於上年度之非豁免持續關
連交易進行年度審閱；及
v. 就於 2017 股東週年大會上重新委聘
外聘核數師向董事會提出建議。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 37
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
2. Remuneration Committee (set up on 19 June 2008)
The Remuneration Committee consists of three members,
namely Ms. Chan Wiling, Yvonne (Chairperson of the
Committee) and Mr. Liu Hing Hung, both being INEDs,
and Mr. Wong Chi Fai, an Executive Director.
The specific written terms of reference of the Remuneration
Committee is available on the websites of the Stock
Exchange and the Company. The Remuneration Committee
is primarily responsible for making recommendation to
the Board on (a) the Company’s policy and structure of
the remuneration of Directors and senior management;
(b) the remuneration of INEDs; and (c) the specific
remuneration packages of individual Executive Directors
and senior management. Details of the remuneration of
each of the Directors for the Year are set out in note 8 to
the consolidated financial statements. The Remuneration
Committee held one meeting during the Year.
A summary of the work performed by the Remuneration
Committee during the Year is set out as follows:
i. reviewed the Directors’ fee and made recommendation
to the Board ;
ii. reviewed the current remuneration structure/package
of the Executive Directors and senior management
and made recommendation to the Board on their
specific packages; and
iii. reviewed the remuneration policy for Directors and
senior management and made recommendation to
the Board.
3. Nomination Committee (set up on 19 March 2012)
The Nomination Committee consists of three members,
namely Ms. Chan Sim Ling, Irene (Chairperson of the
Committee) and Ms. Chan Wiling, Yvonne, both being
INEDs, and Ms. Fan Man Seung, Vanessa, the Executive
Director.
The specific written terms of reference of the Nomination
Committee is available on the websites of the Stock
Exchange and the Company. The Nomination Committee
is primarily responsible for (a) reviewing the structure,
size and diversity of the Board; (b) reviewing the
Board Diversity Policy; (c) determining the policy for
the nomination of Directors and identifying potential
candidates for directorship; (d) making recommendations
to the Board on the appointment, re-appointment, re-
election or re-designation of Directors and succession
planning for Directors; (e) assessing the independence
of INEDs; and (f) reviewing the time commitment of each
Director. The Nomination Committee held one meeting
during the Year.
董事會（續）
2. 薪酬委員會（於2008年6月19日成立）
薪酬委員會由三名成員組成，其分別為獨
立非執行董事陳慧玲女士（委員會主席）與
廖慶雄先生及執行董事黃志輝先生。
薪酬委員會之具體書面職權範圍可於聯交
所及本公司網站查閱。薪酬委員會之主要
職責為就 (a) 本公司之董事及高級管理層
之薪酬政策及架構；(b) 獨立非執行董事
之薪酬；及 (c) 個別執行董事及高級管理
層之特定薪酬待遇向董事會提供意見。本
年度各董事之薪酬詳情載於綜合財務報表
附註 8。薪酬委員會於本年度舉行了一次
會議。
薪酬委員會於本年度內所履行之工作概要
載列如下：
i. 檢討董事袍金，並向董事會提出建
議；
ii. 檢討執行董事及高級管理層之現時
薪酬架構╱待遇，並就批准彼等之
具體薪酬待遇向董事會提出建議；
及
iii. 審閱董事及高級管理層之薪酬政策
並向董事會提供意見。
3. 提名委員會（於2012年3月19日成立）
提名委員會由三名成員組成，其分別為獨
立非執行董事陳嬋玲女士（委員會主席）與
陳慧玲女士及執行董事范敏嫦女士。
提名委員會之具體書面職權範圍可於聯交
所及本公司網站查閱。提名委員會之主要
職責為 (a) 檢討董事會的架構、人數及成
員多元性；(b) 檢討董事會多元化政策；
(c) 釐定董事提名之政策及物色潛在董事
候選人；(d) 就董事會委任、重新委任、
重選或調任董事及董事連任計劃向董事會
提出建議；(e) 評核獨立非執行董事的獨
立性；及 (f) 檢討各董事所投入的時間。提
名委員會於本年度舉行了一次會議。
38EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
A summary of the work performed by the Nomination Committee
during the Year is set out as follows:
i. review the structure, size and diversity of the Board;
ii. review the independence of the INEDs;
iii. reviewed the confirmation from the Directors on their time
commitment in performing their duties as Directors;
iv. recommended the Board on the proposed re-election of
Ms. Cindy Yeung as Director at the 2017 AGM; and
v. recommended the Board on the nomination of Mr. Liu Hing
Hung and Ms. Chan Wiling, Yvonne to stand for election
as Directors at the 2017 AGM to fill the casual vacancies
created by the respective retirement of Ms. Yip Kam Man
and Ms. Lai Ka Fung, May.
As adopted by the Board, the Board Diversity Policy aims
to achieve diversity on the Board in the broadest sense in
order to have a balance of skills, experience and diversity
of perspectives to the business nature of the Company.
Selection of candidates on the Board is based on a range of
diversity perspectives, including gender, age, cultural and
educational background, ethnicity, professional qualification
and experience, skill, knowledge and length of service.
The Nomination Committee will also assess the merits and
contribution of any Director proposed for re-election or any
candidate nominated to be appointed as Director against the
objective criteria, with due regard for the benefits of diversity
on the Board that would complement the Company’s corporate
strategy.
董事會（續）
提名委員會於本年度內履行之工作概要載列如
下：
i. 檢討董事會的架構、人數及多元化；
ii. 檢討獨立非執行董事之獨立性；
iii. 檢討董事就履行董事職責所投入時間之確
認書；
iv. 就建議楊諾思女士於 2017 股東週年大會
上重選向董事會提供意見；及
v. 就提名廖慶雄先生及陳慧玲女士於 2017
股東週年大會上參選董事以填補葉錦雯女
士及黎家鳳女士退任所產生之臨時空缺向
董事會提供意見。
誠如董事會所採納，董事會多元化政策旨在從
最廣義角度實現董事會多元化，以達致適合本
公司業務性質之均衡的技巧、經驗及多元觀
點。甄選董事會候任董事乃基於多方面考慮，
包括性別、年齡、文化及教育背景、種族、專
業資格及經驗、技能、知識以及服務期。提名
委員會亦評估任何建議重選的董事或獲提名委
任為董事之候選人之優點及貢獻，並以客觀準
則評選，充分考慮董事會多元化的裨益，從而
對本公司企業策略提供互補作用。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 39
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
4. Corporate Governance Committee (set up on 19 March
2012)
The Corporate Governance Committee consists of
five members, namely Ms. Fan Man Seung, Vanessa
(Chairperson of the Committee) , the Executive Director,
Ms. Chan Sim Ling, Irene and Mr. Liu Hing Hung, both
being INEDs, a representative from company secretarial
function and a representative from finance and accounts
function. The specific written terms of reference of
the Corporate Governance Committee is available on
the Company’s website. The Corporate Governance
Committee is primarily responsible for (a) reviewing the
policies and practices on corporate governance of the
Company and making recommendations to the Board;
(b) reviewing and monitoring the policies and practices
of the Company on compliance with legal and regulatory
requirements of the Company; (c) developing, reviewing
and monitoring the code of conduct applicable to Directors
and relevant employees of the Group on dealings with
the Company’s securities; (d) reviewing and monitoring
the training and continuous professional development of
Directors and senior management; and (e) reviewing the
Company’s compliance with the CG Code and disclosure
in this report. The Corporate Governance Committee held
one meeting during the Year.
A summary of the work performed by the Corporate
Governance Committee during the Year is set out as
follows:
i. reviewed the Corporate Governance Policy and
made recommendation to the Board;
ii. reviewed the policies and practices on compliance
with legal and regulatory requirements;
iii. reviewed the training and continuous professional
development of Directors and senior management;
iv. reviewed the code of conduct applicable to Directors
and relevant employees of the Group; and
v. reviewed the Company’s compliance with the CG
Code and disclosure in Corporate Governance
Report.
董事會（續）
4. 企業管治委員會（於2012年3月19日成立）
企業管治委員會由五名成員組成，其分別
為執行董事范敏嫦女士（委員會主席）、獨
立非執行董事陳嬋玲女士與廖慶雄先生、
一名公司秘書職能代表及一名財務及會計
職能代表。企業管治委員會之具體書面職
權範圍可於本公司網站查閱。企業管治委
員會之主要職責為 (a) 檢討本公司企業管
治之政策及常規並向董事會提出建議；
(b) 檢討及監察本公司在遵守法律及監管
規定方面之政策及常規；(c) 制定、檢討
及監察董事及本集團有關員工買賣本公司
證券之適用行為守則；(d) 檢討及監察董
事及高級管理層之培訓及持續專業發展；
及 (e) 檢討本公司遵守企業管治守則之情
況及在本報告內之披露。企業管治委員會
於本年度舉行了一次會議。
企業管治委員會於本年度內所履行之工作
概要載列如下：
i. 檢討企業管治政策及向董事會提出
建議；
ii. 檢討遵守法律及監管規定方面之政
策及常規；
iii. 檢討董事及高級管理層之培訓及持
續專業發展；
iv. 檢討董事及本集團有關員工之行為
守則；及
v. 檢討本公司遵守企業管治守則之情
況及於企業管治報告內之披露。
40EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
THE BOARD (Continued)
5. Executive Committee (set up on 22 October 2014)
The Executive Committee consists of all the Executive
Directors, namely Ms. Cindy Yeung (Chairperson of the
Committee) , Mr. Wong Chi Fai and Ms. Fan Man Seung,
Vanessa. The primary duties of the Executive Committee
are (a) formulating business policies and making decision
on matters relating to the management and operations of
the Group; and (b) having all power and authorities of the
Board except those matters specifically reserved for the
full Board as set out in the “Formal Schedule on matters
reserved for and delegated by the Board” adopted by the
Board from time to time.
SECURITIES TRANSACTION OF DIRECTORS
The Company has adopted the Model Code as set out in
Appendix 10 of the Listing Rules as its own code of conduct
regarding Directors’ securities transactions. Having made
specific enquiry to all Directors, all of them confirmed that they
have complied with the required standard of dealings as set out
in the Model Code throughout the Year.
ACCOUNTABILITY AND AUDIT
The Directors acknowledged their responsibilities to prepare
the consolidated financial statements of the Group and other
financial disclosures required under the Listing Rules and the
management has provided such explanation and information
to the Board to enable it to make an informed assessment of
the financial and other Board decisions. The Directors believe
that they have selected suitable accounting policies and
applied them consistently, made judgments and estimates that
are prudent and reasonable and ensured the consolidated
financial statements are prepared on a “going concern” basis.
The auditor of the Company has made a statement about their
reporting responsibilities in the Independent Auditor’s Report.
The management has provided all members of the Board with
monthly updates on internal financial statements so as to give
the Directors a balanced and understandable assessment of
the Group’s performance, position and prospects.
董事會（續）
5. 執行委員會（於2014年10月22日成立）
執行委員會由全體執行董事組成，其分別
為楊諾思女士（委員會主席）、黃志輝先生
及范敏嫦女士。執行委員會之主要職責為
(a) 制定業務政策並就有關本集團管理及
營運之事宜作出決定；及 (b) 擁有董事會
之所有權力及授權，惟董事會不時採納之
「特別需要董事會決定及由董事會授權之
事項之正式預定計劃」所載指定由全體董
事會作決定之事項除外。
董事之證券交易
本公司已採納上市規則附錄十所載之標準守
則，作為董事進行證券交易之行為守則。經向
所有董事作出特定查詢後，彼等全體確認於本
年度內彼等一直遵守標準守則所載有關進行交
易之標準規定。
問責及核數
董事知悉彼等負責編製本集團之綜合財務報表
及上市規則所規定之其他財務披露事項，而管
理層已向董事會提供解釋及資料以使其就財務
及其他董事會決定作出知情評估。董事相信，
彼等已選擇合適之會計政策，並貫徹應用該等
政策、作出審慎及合理之判斷及估計，並確保
綜合財務報表按「持續經營」基準編製。本公司
之核數師已就彼等之匯報責任於獨立核數師報
告內作出聲明。
管理層已每月向董事會全體成員提供最新之內
部財務報表，以讓董事可平衡及易於理解地評
估本集團之表現、狀況及前景。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 41
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL
Internal control is fundamental to the successful operation and
day-to-day running of a business and it assists a company in
achieving its business objectives. Internal control policies and
procedures within the Group are with the primary objective of
providing general guidance and recommendations on a basic
framework of risk management and internal control systems.
A review has been conducted on (i) the internal control
measures and procedures covering all material controls,
including financial, operational and compliance controls; and (ii)
risk management functions in its principal subsidiaries for the
Year as follows:-
A. Goals and objectives
The Board acknowledged that it is its responsibility to
ensure that the Company establishes and maintains
appropriate and effective risk management and internal
control systems (“Systems”). Such systems are designed
to manage rather than eliminate risks of failure to achieve
business objectives, and can only provide reasonable, but
not absolute, assurance against material misstatement or
loss.
The key objectives of the Systems include:
• safeguarding assets
• ensuring completeness, accuracy and validity of
financial records and reports
• promoting adherence to policies, procedures,
regulations and laws
• promoting effectiveness and efficiency of operations
B. Governance Control
The control structure of the Systems is set out as follows:
The Board
• responsible for the Systems and reviewing their
effectiveness
• oversee the Systems on an ongoing basis with the
assistance of Audit Committee
• ensure maintenance of appropriate and effective
Systems
• define management structure with clear lines of
responsibility and limit of authority
風險管理及內部監控
內部監控對成功經營及日常業務營運至關重
要，並能協助公司達成其業務目標。本集團之
內部監控政策及程序的主要目標為就風險管理
及內部監控系統之基本框架提供一般指引及意
見。
本年度已就以下方面進行檢討：(i) 內部監控措
施及程序，涵蓋所有重大監控，包括財務、營
運及合規監控；及 (ii) 其主要附屬公司內風險管
理職能：－
A. 宗旨及目標
董事會知悉董事會之職責乃確保本公司設
立及維持合適及有效之風險管理及內部監
控系統（「該等系統」）。該等系統旨在管理
而非消除未能達成業務目標之風險，並僅
可就重大錯誤陳述或損失提供合理而非絕
對保證。
該等系統的主要目標包括：
• 保障資產
• 確保財務記錄及報告之完整性、準
確性及有效性
• 促進政策、程序、法規及法例之依
循
• 促進營運之有效性及效率
B. 管治監控
該等系統的監控架構載列如下：
董事會
• 負責該等系統並審閱其有效性
• 在審核委員會協助下持續監督該等
系統
• 確保該等系統維持合適及有效性
• 制定有明確責任及權限的管理架構
42EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
• determine the nature and extent of significant risk
that the Company is willing to take in achieving the
strategic objectives and formulate the Group’s risk
management strategies
Audit Committee
• review and discuss the Systems with the management
annually to ensure that the management has performed
its duty to have effective Systems. This discussion
includes the adequacy of resources, staff qualification
and experience, training programmes and budget
of the company’s accounting and financial reporting
function
• consider major findings on internal control matters
raised by internal or external auditor and make
recommendations to the Board
The management (includes heads of business units,
departments and divisions)
• design, implement and monitor the Systems properly
and ensure the Systems are executed effectively
• monitor risks and take measures to mitigate risks in
their day-to-day operations
• give prompt responses to, and follow up the findings
on internal control matters raised by internal or
external auditors
• provide confirmation to the Board on the effectiveness
of the Systems
Internal Audit Department
• carry out the analysis and independent appraisal
of adequacy and effectiveness of the Systems in
respect of all material controls, including financial,
operational and compliance aspects and alerted
the management on the audit review findings or
irregularities and advise them on the implementation
of necessary steps and actions to enhance the
internal controls of the Group. The result of internal
audit reviews and agreed action plans are reported
to the Audit Committee and the Board.
風險管理及內部監控（續）
• 釐定本公司就達致戰略目標所願承
擔之重大風險之性質及程度，並制
定本集團之風險管理策略
審核委員會
• 每 年 檢 討 並 與 管 理 層 討 論 該 等 系
統，以確保管理層履行其職責以維
持 該 等 系 統 之 有 效 性。 該 討 論 包
括本公司會計及財務申報職能之資
源、員工資格及經驗以及彼等之培
訓計劃及預算之充足性
• 考慮內部或外聘核數師提出有關內
部監控事宜的重要發現並向董事會
提出建議
管理層（包括業務單位、部門及分部主管）
• 妥善設計、實施及監督該等系統，
並確保該等系統得到有效執行
• 監察風險並採取措施降低日常營運
風險
• 對內部或外聘核數師提出有關內部
監控事宜之發現作出及時的回應及
跟進
• 就該等系統之有效性向董事會作出
確認
內部審核部門
• 對 該 等 系 統 所 有 重 要 監 控（包 括 財
務、營運及合規方面）之充足性及有
效性進行分析及獨立評價，並向管
理層報告審核檢討發現或不規範行
為及就採取必要步驟及行動以提高
本集團內部監控向彼等提供意見。
內部審核檢討之結果及經協定之執
行計劃乃向審核委員會及董事會匯
報。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 43
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
C. Risk Management
(1) Risk Management Process
The r isk management process includes r isk
identification, risk evaluation, risk management
measures and risk control and review.
The management is entrusted with duties to
identify, analyze, evaluate, respond, monitor and
communicate risks associated with any activity,
function or process within its scope of responsibility
and authority. It endeavours to evaluate and
compare the level of risk against the predetermined
acceptable levels of risk.
Based on the risk evaluation, the Company will
manage the risk as follows:-
• Risk elimination – management may identify
and implement certain changes or controls that
in effect eliminate the risk entirely.
• Risk mitigation – management may implement
risk mitigation plan designed to reduce the
likelihood, velocity or severity of the risk or
contingency plan for possible loss scenarios.
• Risk control and monitoring – it involves
making decisions regarding which risks are
acceptable and how to address those that are
not, accidents and other situations involving
loss or near-loss will be investigated and
properly documented as part of the effort to
manage risks.
• Risk retention – management may decide
that the risk rating is low enough that the risk is
acceptable level and no action is required. The
risk will continue to be monitored as part of the
risk management program to ensure the level of
risk does not increase to an unacceptable level.
風險管理及內部監控（續）
C. 風險管理
(1) 風險管理程序
風險管理程序包括風險識別、風險
評估、風險管理措施及風險監控及
檢討。
管理層獲委派於其責任及權力範圍
內識別、分析、評估、應對、監察
及傳達與任何活動、職務或程序有
關風險。董事會盡力評估風險水平
及與事先釐定可接受風險水平對比。
根據風險評估，本公司將按以下方
式管理風險：－
• 風險消除－管理層可確定及實
施若干變動或監控，完全排除
風險。
• 減低風險水平－管理層可實施
風險緩解計劃，旨在使風險之
可能性、速度或嚴重性降低或
就潛在虧損情況預備應急方案。
• 風險監控及監察－涉及作出有
關各風險是否可接受之決定，
而作為管理風險之一部份，將
對涉及損失或接近損失事故及
其 他 情 況 進 行 調 查 並 妥 為 存
檔，就如何應對並非有關事故
及其他情況之情況作出決定。
• 維持風險水平－管理層可確定
基於風險評級屬於低而風險屬
可接受水平，毋須採取任何措
施。作為風險管理計劃的一部
分，將繼續監察風險以確保風
險不會上升至不可接受水平。
44EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
(2) Significant Risks and Strategies
Certain significant risks have been identified through
the process of risk identification and assessment.
Such signif icant risks of the Group and their
respective key strategies/control measures are set
out below:-
a) Decline in tourists’ arrivals
The Group’s revenue is mainly driven from Hong
Kong where retail markets have heavy reliance
on the Mainland tourists. Decline in visitor
arrivals would have a negative impact on the
Group’s financial results. However, such decline
of visitor arrivals was narrowed in the second
half of 2016 and stabilized in the first half of
2017 and with gradual traffic improvement
thereafter. To mitigate the risk associated,
• the Group proact ively manages i ts
geographical presence and evaluates
alternative sales channels;
• instead of prime tourist areas, the Group
opened three new jewellery shops outside
prime tourist shopping areas (Yuen
Long, Tsuen Wan and Tseung Kwan O)
during the Year aiming to seize market
opportunities at emerging shoppers in
domestic areas; and
• more fashionable and affordable jewellery
products for daily wearing are offered
to cater for the trend of popularization
of jewellery consumption and attract the
ever-growing middle class customers.
b) Downturn in economic environment
The slowdown in global economies may
result in decline in consumption demand. The
strengthening of exchange rates in Reminbi,
Singapore dollar and Ringgit have improved our
sales opportunities. As a prominent retailer, the
Group
• seeks to diversify away from the Hong
Kong market;
• optimizes business operations in Mainland
China and open or maintain shops in first-
tier and second-tier cities in locations that
can offer growth potential; and
• explores expansion opportunities in Asian
markets and beyond.
風險管理及內部監控（續）
(2) 主要風險及策略
本集團已透過風險識別及評估程序
識別若干重大風險。本集團所面臨
的該等重大風險以及其各自之主要
策略╱控制措施載列如下：－
a) 訪港旅客人數下降
本集團的收入主要來自香港，
而香港零售市場高度依賴內地
旅客。訪港人數下降會對本集
團之財務業績產生負面影響。
然而，該旅客人數之跌幅已於
2016 年 下 半 年 收 窄 並 於 2017
年上半年趨於穩定及人流隨後
逐漸改善。為減輕相關風險，
• 本集團積極管理其地理覆
蓋並評估其他銷售渠道；
• 本年度內，本集團於新興
購 物 區（元 朗、 荃 灣 及 將
軍澳）而非黃金旅遊區新
開設三間珠寶店舖，以把
握本地民生區新興購物者
所帶來的市場機遇；及
• 提供更多適合日常佩戴的
時尚且價格適中的珠寶產
品，以迎合珠寶消費日益
流行的趨勢並吸引不斷增
長的中產階層客戶。
b） 經濟環境低迷
全球經濟放緩可能導致消費需
求下降。人民幣、新加坡元和
馬幣兌換率上升，增加我們的
銷售機會。作為一間知名零售
商，本集團
• 尋求從香港市場向多元化
方向發展；
• 優化於中國內地的業務，
以及在一線及二線城市中
具增長潛力的地段開設或
繼續經營店舖；及
• 於亞洲及以外的市場尋求
擴展機遇。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 45
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
(2) Significant Risks and Strategies (Continued)
c) Reliance on major watch suppliers and watch
brands
In fact, the Group’s success largely rides on
its relationship with the world’s giant watch
suppliers and top-tier brands. The loss of
key brands may adversely affect the Group’s
business.
• with establishment for more than 70 years,
the Group is keen to develop mutually
beneficial and long-term relationships with
all suppliers;
• the Group continues to explore opportunities
with other watch suppliers by evaluating
its market potential of other brands in both
existing and potential new markets; and
• the Group continues to expand its jewellery
business for widening the revenue base
and expanding jewellery market exposure.
d) Cost control on shop rents
Shop rent is always the key cost component of
the Group. The significant fluctuation of shop
rents could affect the Group’s profitability.
However, such rental pressure has been
lessened during the Year. Amid less tense
rental market environment, the Group
• remains cautious in shop-lease renewal so
as to ensure that the renewal is made in
strategic and economic sense;
• continues to explore other locations of
good potential at more reasonable level;
• monitors the individual brand performance
and maximizes the shop rents efficiency
by enhancing the brand portfolio at shop
level;
• considers further rental savings by
streamlining the retail network, if the
market situation becomes worse; and
• expands shop network outside prime
tourist districts when rental level is more
proportionately reasonable to turnover.
風險管理及內部監控（續）
(2) 主要風險及策略（續）
c) 依賴主要鐘錶供應商及鐘錶品
牌
事實上，本集團的成功極大依
賴其與世界大型鐘錶供應商及
頂級品牌的關係。失去主要品
牌可對本集團的業務產生不利
影響。
• 成 立 70 餘 年 來， 本 集 團
一直致力與所有供應商發
展互惠互利的長期關係；
• 本集團繼續透過評估本集
團其他品牌於現有及潛在
新市場之市場潛力尋求與
其他鐘錶供應商合作之機
會；及
• 本集團繼續擴展其珠寶業
務以擴闊收入基礎及提升
珠寶市場曝光度。
d) 店舖租金的成本控制
店舖租金一直為本集團的主要
成本組成部分。店舖租金的大
幅波動會影響本集團的盈利能
力。然而，於本年度，相關租
金壓力已有所減輕。在略為緩
和的租賃市場環境中，本集團
• 在店舖續租方面保持審慎
態度以確保續租符合策略
及經濟角度；
• 繼續物色其他水平較合理
的具潛力地段；
• 監察個別品牌表現並透過
優化店舖的品牌組合推高
店舖租金效率；
• 倘市場狀況惡化，則考慮
透過精簡零售網絡以進一
步節省租金；及
• 當租金水平相對營業額成
合理水平，擴充店舖至黃
金旅遊區外。
46EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
e) Anti-money laundering (“AML”)
To effectively ensure that the existing AML
policies of the Group are in compliance with
the applicable AML law and that the policies in
place could sufficiently prevent or detect the
occurrence of any possible/suspected money
laundering activities by
• reviewing the existing compliance policies
regularly;
• enforcing the relevant internal control
procedures in all shops and assist sales
personnel to be familiar with “know your
customers” (KYC) approach;
• staying alert to the industrial practices
and co-operates with banks on case
investigation; and
• giving regular training to the staff.
The Company has used its best endeavours to
manage the above risks and continue to keep
the focus on any new emerging risks that are
likely to exist in the days to come.
D. Internal Controls
The Board acknowledged that the management had
progressively implementing an adequate internal control
system to ensure the effective functioning of the Group’s
operational, financial and compliance areas as follows:
(1) Operational
i. Information flow: The transparent information
flow alerts us promptly of any deviations.
Benchmarking with historical database and
comparisons with the same also acts as a
detecting device for spotting unusual activities.
ii. Approach taken: The management conducted
interviews with relevant staff members, reviewing
relevant documentation of the Systems and
evaluating findings of any deficiencies in
the design of the Group’s internal control
system, providing recommendations for
improvement and assessing the effectiveness
of implementation of such recommendations,
where appropriate. The scope and findings of
review on the risk management and internal
control will be reported to and reviewed by the
Audit Committee annually.
風險管理及內部監控（續）
e) 防止洗黑錢（「防止洗黑錢」）
為有效保證本集團現有的防止
洗黑錢政策符合適用的防止洗
黑錢法律及該等政策可充分避
免或偵察任何可能╱疑似洗黑
錢活動
• 定 期 審 閱 現 有 的 合 規 政
策；
• 於所有店舖執行相關內部
監控程序並協助銷售人員
熟 悉「了 解 客 戶 」（了 解 客
戶）方針；
• 留意行業常規及與銀行合
作調查個案；及
• 定期為員工提供培訓。
本公司已盡最大努力管理上述
風險，並繼續專注於任何可能
於日後存在的新興風險。
D. 內部監控
董事會知悉，管理層已逐步實施充分內部
監控系統以確保本集團之營運、財務及合
規範疇之有效運作如下：
(1) 營運方面
i. 信息流：透明的信息流及時提
醒我們任何偏差。以過往數據
庫為基準及與之比較亦為發現
不尋常活動之檢測工具。
ii. 所採取方法：管理層與相關員
工進行面談，並審閱該等系統
相關文件及評估本集團內部監
控系統設計中所發現之任何不
足，就改善措施提出建議及評
估實施有關建議之有效性（倘適
用）。對風險管理及內部監控審
閱的範圍及發現會每年呈報審
核委員會並經其審核。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 47
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
iii. Procedure manuals and operational guidelines:
They are in place to safeguard the assets against
unauthorized use or disposition and ensuring
maintenance of proper accounting records that
are in compliance with the applicable laws,
rules and regulations for the provision of reliable
financial that are information for internal use and/
or external publication.
iv. Management information system and
technology: Such use to control over the
business activities allows close tracking of
various inputs and outputs of the Company’s
business such as raw materials, human
resources, products and customer relationship.
It also tracks audit trails in the authorization
sys tem, under wh ich permiss ions and
responsibility of authorization are clearly
identif ied and adequate records can be
maintained in the system.
v. Reports and variance analysis: Such reports
and analysis of each segment in the upstream,
midstream and downstream are conducted on
regular basis such that the performance of each
point of sales and each product category can
be easily accessible.
vi. Safeguarding of assets: Insurance coverage
on inventory is periodically reviewed by the
management for sufficient coverage, and
to ensure compliance with the terms and
condit ions of the insurance pol icies. To
safeguard shops’ assets, security systems
are installed and properly maintained in good
condition at each shop. In addition, tests are
carried out on a daily basis to ensure the proper
functioning of the security system.
vii. Quality control: Diamonds are either sent
to authoritative and reliable organizations for
assessment and certification or are tested
internally with our own professional equipment
to assure the quality fulfills good standard
requirement. In order to provide assurance
of high quality products and service and to
enhance the protection of our customers’
interest, the Company had joined several
associations and schemes.
viii. Proper authorization on sales discounts:
Discount policies are properly maintained and
controlled by electronic point-of-sales systems.
Discount policies and pricing strategy are
reviewed from time to time.
風險管理及內部監控（續）
iii. 程序手冊及運作指引：已制定
該等手冊及指引以保障資產，
以免未經授權使用或處置，並
確保遵守適用法律、規則及法
規存置適當會計記錄，以提供
可靠財務資料供內部使用及╱
或對外刊發。
iv. 管理資訊系統及技術：此用於
控制業務活動，允許密切追蹤
本 集 團 業 務 之 各 項 輸 入 及 輸
出，如原材料、人力資源、產
品及客戶關係。其亦於授權系
統追蹤審核程序，據此，授權
許可及責任獲明確識別及該等
系統可存置足夠記錄。
v. 報告及差異分析：定 期 對 上
游、中游及下游各階段進行有
關報告及分析，故可易於了解
各銷售點及各產品類別之表現。
vi. 保障資產：管理層定期就存貨
的 保 險 範 圍 是 否 充 足 進 行 檢
討，並確保符合保險的條款及
條件。為保障店舖資產，各店
舖均安裝保安系統且維持妥善
運作。此外，每日進行測試以
確保保安系統維持良好運作。
vii. 品質監控：鑽石送往法定及信
譽 可 靠 的 機 構 進 行 評 估 及 認
證，或經由我們的專業儀器進
行內部測試，以確保品質達致
高水平。為提供高品質產品及
服務及增強對我們客戶權益的
保護，本公司已加入若干協會
及計劃。
viii. 就銷售折扣作出適當授權：折
扣政策經電子銷售點系統妥善
管理及控制，並不時檢討折扣
政策及定價策略。
48EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
(2) Financial
i. proper controls are in place for the recording of
complete, accurate and timely accounting and
management information;
ii. annual budget and quarterly forecast on all
capital and revenue items are prepared and
approved by the management before being
adopted;
iii. the management monitors the business
activities closely and reviews monthly financial
results of operations against budgets/forecast;
iv. regular reports on revenue, trade receivables’
ageing and debtors’ ageing and internal financial
reports are prepared to the management which
give a balanced and understandable assessment
of the Group’s financial performance;
v. monthly updates on internal financial statements
are provided to all Directors which give a
balanced and understandable assessment of
the Group’s performance, financial position and
prospects in sufficient details;
vi. annual audit by external auditor is carried
out to ensure that the consolidated financial
statements are prepared in accordance with
generally accepted accounting principles, the
Group’s accounting policies and the applicable
laws and regulations; and
vii. daily available fund report is reviewed to monitor
the cash flows against budgets/forecast.
風險管理及內部監控（續）
(2) 財務方面
i. 已建立適當的監控程序，確保
全面、準確及準時記錄會計及
管理資料；
ii. 所有資本及收入項目之年度預
算及季度預測編製後，均須先
獲管理層批准方可採納；
iii. 管理層嚴密監控業務活動並每
月將經營之財務業績與預算╱
預測進行對比檢討；
iv. 為管理層編製收入、貿易應收
款項賬齡及應收債項賬齡的定
期報告以及內部財務報告，對
本集團的財務表現給予平衡及
可理解的評估；
v. 每月向全體董事提供內部財務
報表的更新，其中載有本集團
表現、財務狀況及前景的持平
及易於理解的評估，並具有充
足詳情；
vi. 外聘核數師進行年度審核以確
保綜合財務報表乃根據公認會
計原則、本集團之會計政策及
適用的法律及法規編製；及
vii. 審閱每日所得的資金報告，以
就現金流量與預算╱預測的對
比進行監控。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 49
CORPORATE GOVERNANCE REPORT
企業管治報告
RISK MANAGEMENT AND INTERNAL
CONTROL (Continued)
(3) Compliance
The following policies and procedures are in place to
safeguard the compliance control:
i. Systems and Procedures on Disclosure
of Inside Information to ensure, with the
assistance of an internal work team (if required),
that any material information which comes to
the knowledge of any one or more officers
should be promptly identified, assessed and
escalated, where appropriate, for the attention
of the Board;
ii. Policies and practices on compliance with
legal and regulatory requirements which shall
be reviewed and monitored regularly by the
Corporate Governance Committee as delegated
by the Board;
iii. CCT Compliance Committee is established to
monitor, control and regularly review connected
t ransact ions and cont inuing connected
transactions of the Company and ensure
proper compliance with all relevant laws and
regulations, the Listing Rules and disclosure
requirements; and
iv. Whistle-blowing policy for the employees of
the Group to raise concerns, in confidence,
about possible improprieties in f inancial
reporting, internal control or other matters.
Such arrangement will be reviewed by the
Audit Committee which ensures that proper
arrangement is in place for fair and independent
investigation of the matters.
The Board acknowledged that it has received
a conf irmation from the management on the
effectiveness of the Systems of the Group. Based
on such confirmation and discussion with the
management, the Audit Committee and the Board
had reviewed the Systems and were not aware of any
significant issues that would have an adverse impact
on the effectiveness and adequacy of the Group’s
operational, financial and compliance areas of the
Systems.
風險管理及內部監控（續）
(3) 合規方面
設有以下政策及程序以保障合規監
控：
i. 設有內幕資料披露機制及程
序，以 在 內 部 工 作 小 組（如 需
要）協助下確保任何一名或多名
主要人員得悉的任何重大資料
須予及時識別、評估及提交（倘
適用）董事會；
ii. 有關遵守法律及監管規定之政
策與常規會由董事會委派之企
業 管 治 委 員 會 定 期 檢 討 及 監
察；
iii. 設有持續關連交易合規委員會
以監察、監控及定期檢討本公
司 之 關 連 交 易 及 持 續 關 連 交
易，並確保妥為符合一切相關
法律及法規、上市規則及披露
規定；及
iv. 設有檢舉政策，可讓本集團僱
員 在 保 密 的 情 況 下 就 財 務 匯
報、內部監控或其他事宜中的
可能不當行為進行舉報。該等
安排將由審核委員會檢討，確
保有恰當安排就有關事項進行
公平及獨立之調查。
董事會確認其已接獲管理層就本集
團該等系統的有效性的確認。根據
相關確認及與管理層之討論，審核
委員會及董事會已審閱該等系統且
並不知悉任何將對本集團該等系統
於營運、財務及合規方面之有效運
作及充足性所產生不利影響的重大
事宜。
50EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
COMMUNICATION WITH SHAREHOLDERS
The Company had established a shareholders’ communication
policy and the Board reviews it on a regular basis to ensure
its effectiveness. The Company communicates with the
Shareholders mainly in the following ways: (i) the holding of
annual general meetings and extraordinary general meetings,
if any, which may be convened for specific purposes which
provide opportunities for the Shareholders to communicate
directly to the Board; (ii) the publication of announcements,
annual reports, interim reports and/or circulars as required
under the List ing Rules and press releases providing
updated information of the Group; (iii) the availability of latest
information of the Group in the Company’s website at http://
; (iv) the holding of press
conference(s) from time to time; and (v) meeting with investors
and analysts on a regular basis and participate investor road
show and sector conference.
There is regular dialogue with institutional Shareholders and
general presentations are made when financial results are
announced. Shareholders and investors are welcome to visit
the Company’s website to raise enquiries through our Investor
Relations Department whose contact details are available on
the Company’s website and the “Corporate Information and Key
Dates” of this annual report.
Separate resolutions are proposed at the general meetings
for substantial separate issues, including re-election of retiring
Directors. The Company’s notice to Shareholders for the 2017
AGM was sent to Shareholders at least 20 clear business days
before the meeting and notices of other general meetings were
sent to Shareholders at least 10 clear business days before the
meetings.
The Chairperson of the 2017 AGM, the chairperson/chairman of
the Board Committees and the external auditor were available
at the 2017 AGM to answer questions from the Shareholders.
With the assistance of the Company Secretary, the Chairperson
of the meeting had explained the procedures for conducting a
poll during the meeting.
The forthcoming annual general meeting will be held on 23 May
2018 which will be conducted by way of poll.
SHAREHOLDERS’ RIGHTS
Set out below is a summary of certain rights of the Shareholders
as required to be disclosed pursuant to the CG Code.
與股東之溝通
本公司已經制定股東溝通政策，且董事會定期
檢討以確保其成效。本公司主要以下列方式與
股東溝通：(i) 舉行股東週年大會及就特定目
的召開之股東特別大會（如有），藉以提供機
會讓股東直接與董事會溝通；(ii) 根據上市規
則之規定刊發公告、年報、中期報告及╱或通
函及提供本集團最新資料之新聞稿；(iii) 發放
本集團之最新資料於本公司網站 http://www.
；(iv) 不時舉行記
者招待會；及 (v) 定期與投資者及分析員會面，
及參加投資者路演及業界大會。
本公司與機構股東定期對話，發佈財務業績時
亦會舉行全面發佈會。歡迎股東及投資者瀏覽
本公司網站及透過本公司投資者關係部門查
詢，該部門之聯絡詳情可於本公司網站及本年
報「公司資料及重要日期」一節查閱。
獨立事宜（包括重選退任董事）均會於股東大會
上提呈個別決議案。本公司就 2017 股東週年大
會致股東之通告已於大會舉行前至少足 20 個營
業日向股東發送，而就其他股東大會而言，則
在該大會舉行前至少足 10 個營業日向股東發送
有關通知。
2017 股東週年大會主席及董事委員會主席以及
外聘核數師均有出席 2017 股東週年大會，以解
答股東所提出之疑問。在公司秘書之協助下，
大會主席已於大會上解釋以點票方式進行表決
之程序。
應 屆 股 東 週 年 大 會 將 於 2018 年 5 月 23 日 舉
行，並將以點票方式進行表決。
股東之權利
根據企業管治守則須予披露之若干股東權利之
摘要如下：
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 51
CORPORATE GOVERNANCE REPORT
企業管治報告
SHAREHOLDERS’ RIGHTS (Continued)
Convening a General Meeting/
Right to call General Meeting
Shareholder(s) representing at least 5% of the total voting
rights of all the Shareholders having a right to vote at general
meetings may send a request to the Company pursuant to
Section 566 of the Companies Ordinance (Chapter 622 of the
Laws of Hong Kong) (“CO”). The request must state the general
nature of the business to be dealt with at the meeting, and may
include the text of resolution that may properly be moved and
is intended to be moved at the meeting. Requests may consist
of several documents in like form. A request may be sent to the
Company for the attention of the Company Secretary in hard
copy form or in electronic form and must be authenticated by
the relevant Shareholder(s). Such request will be verified with
the Company’s share registrar and the Company Secretary will
request the Board to convene a general meeting within 21 days
upon its confirmation that the request is in order. Such meeting
must be held on a date not more than 28 days after the date of
the notice convening the meeting and such notice must include
notice of the resolution.
Section 568 of the CO provides that if the Directors do not
within 21 days as stated above to call a general meeting, the
Shareholders representing more than one half of the total voting
rights of all of them, may themselves call a general meeting,
but the meeting so convened must be called for a date not
more than 3 months after the Directors become subject to the
requirement to call a meeting. The meeting must be called in
the same matter, as nearly as possible, as that in which that
meeting is required to be called byte Directors. The business
that may be dealt with at the meeting includes a resolution to
be dealt with at the meeting. All reasonable expenses incurred
by the Shareholders of this purpose must be reimbursed by the
Company.
Putting forward Proposals at General Meetings/
Right to Circulate Resolution at AGM
Section 615 of the CO provides that (i) shareholder(s)
representing at least % of the total voting rights of all
Shareholders; or (ii) at least 50 Shareholders having a right to
vote on the resolution at the annual general meeting (“AGM”)
may request the Company to circulate a notice of a resolution
may properly moved or is intended to be moved at that meeting.
Such request must identify the resolution to be moved at the
AGM, must be authenticated by the relevant Shareholder(s) and
sent to the registered office of the Company for the attention of
the Company Secretary in hard copy form or in electronic form
not later than six weeks before the relevant AGM or if later, the
time when the notice of AGM is despatched.
股東之權利（續）
召開股東大會╱
召開股東大會之權利
根 據 公 司 條 例（香 港 法 例 第 622 章 ）（「公 司 條
例」）第 566 條，倘股東擁有佔全體有權於股東
大會上投票之股東之總投票權最少 5%，則可向
本公司發出要求。要求須列明大會上將處理事
項之一般性質，並可包含在該大會可能恰當地
動議並擬於該大會動議之決議案文本。要求可
包含多份格式相似之文件。要求可以列印本或
電子版本送達本公司予公司秘書且必須經相關
股東確認。該要求將由本公司股份過戶登記處
核實且公司秘書將要求董事會於其確認相關要
求符合程序後 21 日內召開股東大會。相關大會
須於不超過召開大會通告日期後 28 日之日期舉
行且相關通告必須包含決議案之通告。
公司條例第 568 條規定倘董事未按以上所述於
21 日內召開股東大會，則佔全體股東總投票權
一半以上之股東，可自行召開股東大會，但如
此召開之大會須在董事收到召開大會要求後不
超過三個月舉行。該大會須以盡可能接近董事
召開大會之相同方式召開。可能於大會上處理
之事宜包括將於會上處理之決議案。股東就此
產生的所有合理開支須由本公司償還。
於股東大會上提出建議╱
於股東週年大會上傳閱決議案之權利
公司條例第 615 條規定：(i) 佔全體有投票權的
股東最少 % 之股東；或 (ii) 最少 50 名擁有權
利於股東週年大會（「股東週年大會」）上就決議
案投票之股東可要求本公司發出關於可在該會
議上恰當地動議並擬在該會議上動議決議案的
通告。該要求須指出有待於股東週年大會上動
議之決議案，須經相關股東認證並不遲於相關
股東週年大會或（如較後）寄發股東週年大會通
告時間前六個星期以列印本或電子版送至本公
司註冊辦事處予公司秘書。
52EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CORPORATE GOVERNANCE REPORT
企業管治報告
SHAREHOLDERS’ RIGHTS (Continued)
Proposing a Person for Election as a Director
The procedures for Shareholders to propose a person
for election as a Director are available for viewing on the
Company’s website.
Enquires from Shareholders
Shareholders should direct their enquiries about their
shareholdings to the Company’s share registrar, Tricor
Secretaries Limited. Other Shareholders’ enquiries can be
directed to the Investor Relations Department of the Company
whose contact details are shown on “Corporate Information and
Key Dates” section of this Annual Report.
CONSTITUTIONAL DOCUMENTS
There are no significant changes in the Company’s constitutional
documents during the Year.
AUDITOR’S INDEPENDENCE AND
REMUNERATION
The Audit Committee is mandated to review and monitor the
independence of the auditor to ensure objectivity and the
effectiveness of the audit process of the financial statements
in accordance with applicable standard. Members of the Audit
Committee was of the view that the Company’s auditor, Messrs.
Deloitte Touche Tomatsu (“Deloitte”) is independent and had
recommended the Board to re-appoint it as the Company’s
auditor at the 2018 AGM. During the Year, Deloitte has rendered
audit services and certain non-audit services to the Group and
the remuneration paid/payable to it by the Group is set out as
follows:
Service rendered 所提供服務 Fees paid/payable
已付╱應付費用
HK$’000
千港元
Audit services 核數服務 3,508
Non-audit services: 非核數服務：
– Agreed-upon procedures for continuing
connected transactions
－就持續關連交易進行
之議定程序 20
– Review of preliminary results announcement －審閱初步業績公告 10
– Transfer pricing documentation service －有關轉移價格之文件服務 71
股東之權利（續）
提名他人參選董事
股東提名他人參選董事之程序可於本公司網站
查閱。
股東查詢
股東可向本公司之股份過戶登記處「卓佳秘書商
務有限公司」查詢彼等之持股情況。股東之其他
查詢可向本公司投資者關係部門作出，其聯絡
資料已列載於本年報「公司資料及重要日期」一
節。
組織章程文件
於本年度，本公司之組織章程文件並無任何重
大變動。
核數師之獨立性及酬金
審核委員會獲授權根據適用之準則審閱及監督
核數師之獨立性，以確保財務報表審計過程之
客觀性及有效性。審核委員會成員認為，本公
司之核數師德勤 • 關黃陳方會計師行（「德勤」）
屬獨立人士並建議董事會於 2018 股東週年大會
重新委任其為本公司之核數師。於本年度內，
德勤曾向本集團提供核數服務及若干非核數服
務，而本集團已付╱應付予彼之酬金載列如
下：
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 53
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Opinion
We have audited the consolidated financial statements of
Emperor Watch & Jewellery Limited (the “Company”) and its
subsidiaries (collectively referred to as “the Group”) set out on
pages 61 to 123, 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 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 the 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.
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
意見
本核數師行已審核載於第 61 頁至第 123 頁英皇
鐘錶珠寶有限公司（「貴公司」）及其附屬公司（以
下統稱「貴集團」）之綜合財務報表，此綜合財
務報表包括於 2017 年 12 月 31 日之綜合財務狀
況報表與截至該日止年度之綜合損益及其他全
面收入報表、綜合權益變動表及綜合現金流量
表，以及綜合財務報表附註，包括主要會計政
策概要。
本核數師行認為，綜合財務報表已根據香港會
計師公會（「香港會計師公會」）頒佈的香港財務
報告準則（「香港財務報告準則」）真實而公平地
反映貴集團於 2017 年 12 月 31 日的綜合財務狀
況及截至該日止年度貴集團的綜合財務表現及
其綜合現金流量，並已按照香港《公司條例》妥
為編製。
意見之基準
本核數師行已根據香港會計師公會頒佈的香港
審計準則（「香港審計準則」）進行審核。根據該
等準則，本核數師行的責任於本報告「核數師就
審核綜合財務報表的責任」一節中詳述。根據
香港會計師公會香港職業會計師道德守則（「守
則」），本核數師行獨立於貴集團，並已遵循守
則履行其他道德責任。本核數師行相信，本核
數師行所獲得的審核憑證足夠及能適當地為本
核數師行的意見提供基礎。
54EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Key Audit Matters
Key audit matters are the 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.
Key audit matters How our audit addressed the key audit matters
關鍵審核事項 本核數師行如何處理關鍵審核事項
Valuation of inventories - Goods held for resale
存貨—持作轉售貨品之估值
We identified the valuation of inventories - goods held
for resale as a key audit matter due to the significance of
the balance to the consolidated financial statements as
a whole, combined with the judgements associated with
determining the amount of allowance for inventories.
本核數師行確定存貨－持作轉售貨品之估值為一項關鍵
審核事項，原因在於其結餘對綜合財務報表整體而言十
分重要，亦涉及與釐定存貨撥備金額有關之判斷。
In estimating the amount of allowance for inventories -
goods held for resale, it is the Group's policy to review
the net realisable value of inventories periodically
with reference to the condition of the items and the
market condition. The management reviews regularly
the suitability of the allowance policy and the amount
of allowance for inventories that are based on the
estimation by considering factors as detailed in the note
4 to the consolidated financial statements in relation to
the allowance for inventories.
於估計存貨－持作轉售貨品之撥備金額時， 貴集團之
政策為參考各項目狀況及市況定期檢討存貨之可變現淨
值。管理層乃根據於綜合財務報表附註 4 詳載有關存貨
撥備之考慮因素所作之估計，定期檢討撥備政策之適當
性及存貨撥備金額。
Our procedures in relat ion to evaluat ing the
appropriateness of valuation of inventories - goods
held for resale included:
本核數師行評估存貨－持作轉售貨品之估值恰當性之
程序包括：
• Assessing the management's process of
reviewing and evaluating net realisable value of
inventories, with reference to subsequent sales
information and the external price data and
performing testing on a sample basis, by tracing
to the source documents;
參考其後銷售資料及外部價格數據並透過追溯源
文件進行抽樣測試，評估管理層檢討及評估存貨
可變現淨值之程序；
• Evaluating the allowance policy adopted by
the management with reference to the current
market condition, the historical and current
sales information, pricing policy and strategies,
inventory realisation plan, ageing and conditions
of inventories;
參考現行市況、過往及當前銷售資料、定價政策
及策略、存貨變現計劃、存貨的賬齡及狀況評估
管理層所採納的撥備政策；
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
關鍵審核事項
關鍵審核事項為本核數師行的專業判斷中，審
核本期間綜合財務報表中最重要的事項。本核
數師行於審核整體綜合財務報表處理此等事項
及就此形成意見，而不會就此等事項單獨發表
意見。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 55
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Key Audit Matters (Continued)
Key audit matters How our audit addressed the key audit matters
關鍵審核事項 本核數師行如何處理關鍵審核事項
Valuation of inventories - Goods held for resale (Continued)
存貨—持作轉售貨品之估值（續）
As disclosed in notes 4 and 13 to the consolidated
financial statements, as at 31 December 2017, the
carrying amount of inventories - goods held for resale is
HK$2,630,444,000, net of allowance of HK$70,837,000.
如綜合財務報表附註 4 及 13 所披露，於 2017 年 12 月 31
日，存貨－持作轉售貨品之賬面值為 2,630,444,000 港
元，已扣除撥備 70,837,000 港元。
• Understanding the management’s process
of review and evaluat ing the work of an
independent external valuer of jewellery items;
瞭解管理層的審閱程序及評估珠寶項目獨立外部
估值師的工作；
• Evaluating the competence, capabilities and
objectivity of the independent external valuer
and obtaining an understanding of the scope of
work and the terms of engagement; and
評估獨立外部估值師之才幹、能力及客觀性，並
瞭解其工作範圍及委聘條款；及
• Evaluating the reasonableness of valuation
techniques and key inputs adopted by the
independent external valuer by comparing these
estimates to entity-specific information and
market data to evaluate the reasonableness of
these judgements.
為評估該等判斷之合理性，透過比較該等估計與
實體特定之資料及市場數據評估獨立外部估值師
所用估值技術及主要輸入數據之合理性。
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
關鍵審核事項（續）
56EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Key Audit Matters (Continued)
Key audit matters How our audit addressed the key audit matters
關鍵審核事項 本核數師行如何處理關鍵審核事項
Valuation on property, plant and equipment
物業、機器及設備之估值
We identified the valuation on property, plant and
equipment as a key audit matter due to judgement and
estimation is required in determining the recoverable
amount for impairment assessment of an individual asset
or the cash-generating unit to which the asset belongs.
本核數師行將物業、機器及設備之估值識別為一項關鍵
審核事項，原因在於就一項個別資產或該資產所屬現金
產生單位的減值評估釐定可收回金額時須作出判斷及估
計。
As disclosed in the note 4 to the consolidated financial
statements, when a review for impairment is conducted,
the recoverable amount is based on the value-in-
use calculations which rely on the management's
assumptions. These assumptions relate to discount rates
applied and forecast sales growth and margin figures
which are subject to judgements.
如綜合財務報表附註 4 所披露，倘進行減值檢討，則根
據基於管理層假設計算的使用價值計算可收回金額。該
等假設與所應用的折現率及預計銷售增長及利潤數據（受
相關判斷規限）有關。
As disclosed in the notes 4 and 12 to the consolidated
financial statements, the Group held property, plant
and equipment of HK$73,047,000, net of impairment of
HK$7,842,000 as at 31 December 2017.
如綜合財務報表附註 4 及 12 所披露， 貴集團於 2017 年
12 月 31 日持有 73,047,000 港元之物業、機器及設備，
已扣除減值 7,842,000 港元。
Our procedures in relation to valuation on property,
plant and equipment included:
本核數師行之物業、機器及設備相關估值程序包括：
• Assessing the management's process in
identifying the impairment indicators of property,
plant and equipment;
評估管理層識別物業、機器及設備減值跡象的程
序；
• Challenging and assessing the reasonableness
of the management's key assumptions including
discount rates and forecast sales growth
rate and margin adopted in future cash flows
forecast by the management and checking its
mathematical accuracy;
質詢及評估管理層的主要假設之合理性，包括折
現率及管理層未來現金流量預測中採納的預期銷
售增長及利潤率及檢查數學精進度；
• Evaluating future cash flows forecast with
reference to historical financial performance,
industry benchmarks and discussion with the
management;
參考歷史財務表現、行業基準及與管理層之磋
商，評估未來現金流量預測；
• Evaluating the accuracy of historical cash flows
forecast prepared by the management by
comparing the historical cash flows forecast with
the actual performance; and
透過比較歷史現金流量預測與實際表現來評估管
理層編製的歷史現金流量預測的準確性；及
• Assessing the sensitivity analysis performed by
the management and the extent of the impact on
the value-in-use calculations.
評估管理層所作出之敏感度分析及其對使用價值
計算之影響。
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
關鍵審核事項（續）
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 57
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Other Information
The directors of the Company are responsible for the other
information. The other information comprises the information
included in the 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.
Responsibilities of Directors and Those Charged
with Governance for the Consolidated Financial
Statements
The directors of the Company 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 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.
Those charged with governance are responsible for overseeing
the Group's financial reporting process.
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
其他資料
貴公司董事就其他資料負責。其他資料包括已
計入年報的資料，惟不包括綜合財務報表及相
關核數師報告。
本核數師行就綜合財務報表的意見並不涵蓋其
他資料且本核數師行並不就此發表任何形式的
核證結論。
就本核數師行審核綜合財務報表而言，本核數
師行負責閱讀其他資料，並在閱讀中考慮其他
資料是否與綜合財務報表或本核數師行於審核
中的瞭解存在重大不一致或可能存在重大錯誤
陳述。倘根據本核數師行所進行的工作，本核
數師行認為該其他資料存在重大錯誤申述，則
本核數師行須報告該事實。本核數師行並無須
就此作出報告之事項。
董事及治理層就綜合財務報表之責任
貴公司董事負責根據香港會計師公會頒佈之香
港財務報告準則及香港公司條例編製真實公平
的綜合財務報表，並負責董事認為就使綜合財
務報表之編製不存在由於欺詐或錯誤而產生的
重大錯誤陳述而言屬必要的相關內部監控。
於編製綜合財務報表時，董事負責評估 貴集
團的持續經營能力、披露（如適用）與持續經營
相關的事宜並採用持續經營基準的會計法，惟
董事擬清盤貴集團或終止經營或除此之外並無
其他切實可行的選擇則除外。
治理層負責監督 貴集團的財務報告程序。
58EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Auditor's Responsibilities 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 solely
to you, as a body, in accordance with section 405 of the Hong
Kong Companies Ordinance, 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.
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
核數師就審核綜合財務報表之責任
本核數師行的目標為合理確保綜合財務報表整
體是否不存在由於欺詐或錯誤而導致的重大錯
誤陳述，並出具載有本核數師行意見的核數師
報告，該報告乃根據香港公司條例第 405 條僅
向閣下（作為整體）作出而並無其他目的。本核
數師行不就本報告的內容向任何其他人士負責
或承擔責任。合理確保為高水平的確保，惟並
不保證根據香港審計準則進行的審核總能發現
所存在的重大錯誤陳述。錯誤陳述可能由欺詐
或錯誤而產生，倘其個別或整體可合理預期將
影響使用者根據該等綜合財務報表作出的經濟
決定，則被視為重大。
根據香港審計準則進行審核時，本核數師行運
用專業判斷，於整個審核過程中抱持專業懷疑
態度。本核數師行亦：
• 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，因應此等風
險設計及執行審核程序，獲得充足及適當
審核憑證為本核數師行的意見提供基礎。
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較未
能發現由於錯誤而導致的重大錯誤陳述風
險更高。
• 了解與審核有關的內部監控，以設計恰當
的審核程序，但並非旨在對貴集團內部監
控的有效性發表意見。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 59
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements (Continued)
• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and
related disclosures made by the directors.
• 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 those charged with governance
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.
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
核數師就審核綜合財務報表之責任（續）
• 評估所用會計政策是否恰當，以及董事所
作會計估算及相關披露是否合理。
• 總結董事採用持續經營基準的會計法是否
恰當，並根據已獲取的審核憑證，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。倘本
核數師行認為存在重大不確定因素，本核
數師行需於核數師報告中提請注意綜合財
務報表內的相關披露，或如果相關披露不
足，則修訂本核數師行的意見。本核數師
行的結論以截至核數師報告日期所獲得的
審核憑證為基礎。惟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（包括披露）的整體列
報、架構及內容，以及綜合財務報表是否
已公允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
獲得充足的審核憑證，以就綜合財務報表
發表意見。本核數師行負責指導、監督及
執行集團的審核工作。本核數師行僅為本
核數師行的審核意見承擔責任。
本核數師行與治理層就（其中包括）審核工作的
計劃範圍及時間安排及重大審核發現，包括本
核數師行於審核期間識別出內部監控的任何重
大缺陷溝通。
60EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
INDEPENDENT AUDITOR’S REPORT
獨立核數師報告
TO THE MEMBERS OF
EMPEROR WATCH & JEWELLERY LIMITED
(incorporated in Hong Kong with limited liability)
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements (Continued)
We also provide those charged with governance 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.
From the matters communicated with those charged with
governance, 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.
The engagement partner on the audit result ing in the
independent auditor's report is Ka-Lai Man.
Deloitte Touche Tohmatsu
Certified Public Accountants
Hong Kong
14 March 2018
致：英皇鐘錶珠寶有限公司
全體股東
（於香港註冊成立之有限公司）
核數師就審核綜合財務報表之責任
（續）
本核數師行亦向治理層提交聲明，說明本核數
師行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本核數師行的獨立性的關
係及其他事宜及相關防範措施（如適用）與治理
層溝通。
本核數師行從與治理層溝通的事項中，確定對
本期間綜合財務報表的審核工作最為重要的事
項，因而構成關鍵審核事項。除非法律或法規
不容許公開披露此等事項，或於極罕有的情況
下，本核數師行認為披露此等事項可合理預期
的不良後果將超越公眾知悉此等事項的利益而
不應於報告中披露，否則本核數師行會於核數
師報告中描述此等事項。
出具本獨立核數師報告的審核項目合夥人為文
嘉麗。
德勤•關黃陳方會計師行
執業會計師
香港
2018 年 3 月 14 日
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 61
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
綜合損益及其他全面收入報表
For the year ended 31 December 2017
截至2017年12月31日止年度
2017 2016
Notes HK$’000 HK$’000
附註 千港元 千港元
Revenue 收入 5 4,075,124 3,641,845
Cost of sales 銷售成本 (2,985,880) (2,732,872)
Gross profit 毛利 1,089,244 908,973
Other income 其他收入 6 7,793 6,100
Selling and distribution expenses 銷售及分銷開支 (776,232) (812,396)
Administrative and other expenses 行政及其他開支 (147,568) (162,520)
Profit (loss) before tax 除稅前溢利（虧損） 7 173,237 (59,843)
Taxation 稅項 9 (13,546) (4,978)
Profit (loss) for the year 年度溢利（虧損） 159,691 (64,821)
Other comprehensive income
(expense) for the year
年度其他全面收入（開支）
Item that may be reclassified subsequently
to profit or loss:
其後可能重新分類至損益
的項目：
Exchange differences arising on
translation of foreign operations
換算海外業務產生之
匯兌差額 44,584 (36,265)
Total comprehensive income (expense) for
the year and attributable to owners of
the Company
本公司擁有人應佔年度全面
收入（開支）總額
204,275 (101,086)
Profit (loss) per share - basic 每股溢利（虧損）－基本 11 cents 港仙 HK() cent 港仙
62EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜合財務狀況報表
At 31 December 2017
於2017年12月31日
2017 2016
Notes HK$’000 HK$’000
附註 千港元 千港元
Non-current assets 非流動資產
Property, plant and equipment 物業、機器及設備 12 73,047 75,632
Deferred tax asset 遞延稅項資產 18 8,662 10,862
Rental deposits 租金按金 135,793 142,934
Deposit paid for acquisition of property,
plant and equipment
購置物業、機器及
設備之已付按金 5,643 1,786
223,145 231,214
Current assets 流動資產
Inventories 存貨 13 2,651,111 2,646,702
Receivables, deposits and prepayments 應收款項、按金及預付款項 14 186,148 176,707
Taxation recoverable 可退回稅項 – 28,990
Bank balances and cash 銀行結餘及現金 15 1,613,080 1,324,419
4,450,339 4,176,818
Current liabilities 流動負債
Payables, deposits received and
accrued charges
應付款項、已收訂金及
應計費用 16 283,823 221,994
Amounts due to related companies 應付關連公司款項 17 4,146 3,678
Taxation payable 應付稅項 17,780 8,207
305,749 233,879
Net current assets 流動資產淨值 4,144,590 3,942,939
Non-current liability 非流動負債
Deferred tax liability 遞延稅項負債 18 1,050 43
Net assets 資產淨值 4,366,685 4,174,110
Capital and reserves 資本及儲備
Share capital 股本 19 3,484,152 3,484,152
Reserves 儲備 20 882,533 689,958
Total equity 總權益 4,366,685 4,174,110
The consolidated financial statements on pages 61 to 123 were
approved and authorised for issue by the Board of Directors on
14 March 2018 and are signed on its behalf by:
CINDY YEUNG WONG CHI FAI
楊諾思 黃志輝
DIRECTOR DIRECTOR
董事 董事
第 61 頁至第 123 頁之綜合財務報表已於 2018
年 3 月 14 日獲董事會批准及授權刊發，並由下
列董事代為簽署：
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 63
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
綜合權益變動表
For the year ended 31 December 2017
截至2017年12月31日止年度
Share Merger Other Capital Translation Retained
capital reserve reserve reserve reserve profits Total
股本 合併儲備 其他儲備 資本儲備 匯兌儲備 保留溢利 總計
HK$’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
(note 20(a)) (note 20(b)) (note 20(c))
（附註 20(a)) （附註 20(b)) （附註 20(c))
At 1 January 2016 於 2016 年 1 月 1 日 3,484,152 (373,003) (26,195) 2,529 (5,810) 1,193,523 4,275,196
Loss for the year 年度虧損 – – – – – (64,821) (64,821)
Exchange differences arising on
translation of foreign operations
換算海外業務產生之匯兌差額
– – – – (36,265) – (36,265)
Total comprehensive expense for the year 年度全面開支總額 – – – – (36,265) (64,821) (101,086)
At 31 December 2016 於 2016 年 12 月 31 日 3,484,152 (373,003) (26,195) 2,529 (42,075) 1,128,702 4,174,110
Profit for the year 年度溢利 – – – – – 159,691 159,691
Exchange differences arising on
translation of foreign operations
換算海外業務產生之匯兌差額
– – – – 44,584 – 44,584
Total comprehensive income for the year 年度全面收入總額 – – – – 44,584 159,691 204,275
Interim dividend paid for 2017 (note 10) 2017 年中期股息（附註 10） – – – – – (11,700) (11,700)
At 31 December 2017 於 2017 年 12 月 31 日 3,484,152 (373,003) (26,195) 2,529 2,509 1,276,693 4,366,685
64EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
For the year ended 31 December 2017
截至2017年12月31日止年度
2017 2016
HK$’000 HK$’000
千港元 千港元
OPERATING ACTIVITIES 經營業務
Profit (loss) before tax 除稅前溢利（虧損） 173,237 (59,843)
Adjustments for: 調整：
(Reversal of) allowance for inventories 存貨（撥回）撥備 (20,109) 32,985
Depreciation of property, plant and equipment 物業、機器及設備折舊 33,070 51,319
Impairment loss recognised in respect of 就物業、機器及設備確認
property, plant and equipment 之減值虧損 1,135 6,707
Loss on disposal/written off of property,
plant and equipment
出售╱註銷物業、機器及
設備之虧損 3,249 2,344
Interest income 利息收入 (5,951) (5,173)
Operating cash flows before movements in
working capital
未計營運資金變動前之經營
現金流量 184,631 28,339
Decrease in inventories 存貨之減少 47,689 514,713
Increase in receivables, deposits and
prepayments
應收款項、按金及預付款項增加
(2,300) (26,902)
Increase in payables, deposits received and
accrued charges
應付款項、已收按金及應計
費用增加 54,092 40,961
Increase (decrease) in amounts due to
related companies
應付關連公司款項增加（減少）
468 (358)
Net cash generated from operations 經營所得之現金淨額 284,580 556,753
Income tax refunded 退回所得稅 28,986 658
Income taxes paid 已付所得稅 (847) –
NET CASH FROM OPERATING ACTIVITIES 經營活動所得之現金淨額 312,719 557,411
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 65
CONSOLIDATED STATEMENT OF CASH FLOWS
綜合現金流量表
For the year ended 31 December 2017
截至2017年12月31日止年度
2017 2016
HK$’000 HK$’000
千港元 千港元
INVESTING ACTIVITIES 投資活動
Deposit paid for acquisition of property,
plant and equipment
購置物業、機器及設備之已付
按金 (14,965) (1,786)
Proceeds from disposal of property,
plant and equipment
出售物業、機器及設備之所得
款項 84 13
Purchase of property, plant and equipment 購置物業、機器及設備 (14,866) (35,803)
Placement of time deposits with original
maturity over three months
存入原到期日為三個月以上的
定期存款 (17,644) (408,583)
Withdrawal of time deposits with original maturity
over three months
提取原到期日為三個月以上的
定期存款 106,635 238,563
Interest received 已收利息 5,951 5,173
NET CASH FROM (USED IN) INVESTING
ACTIVITIES
所得（用於）投資活動之現金淨額
65,195 (202,423)
CASH USED IN A FINANCING ACTIVITY 用於融資活動之現金
Dividends paid 已付股息 (11,700) –
NET INCREASE IN CASH AND CASH
EQUIVALENTS
現金及現金等價物增加淨額
366,214 354,988
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE YEAR
年初之現金及現金等價物
1,154,399 809,516
Effect of foreign exchange rate changes 外匯匯率變動之影響 11,438 (10,105)
CASH AND CASH EQUIVALENTS AT THE END
OF THE YEAR
年終之現金及現金等價物
1,532,051 1,154,399
ANALYSIS OF THE BALANCES OF CASH AND
CASH EQUIVALENTS
現金及現金等價物結餘之分析
Bank balances and cash 銀行結餘及現金 1,613,080 1,324,419
Less: Time deposits with original maturity
over three months
減：原到期日為三個月以上的
定期存款 (81,029) (170,020)
1,532,051 1,154,399
66EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
1. General
Emperor Watch & Jewellery Limited (the “Company”) is a
public limited company incorporated in Hong Kong and
its shares are listed on The Stock Exchange of Hong Kong
Limited (the “Stock Exchange”). Its immediate holding
company is Emperor Watch & Jewellery Group Holdings
Limited (“Emperor W&J Holdings”) which was incorporated
in the British Virgin Islands (“BVI”) with limited liability. The
directors of the Company (the “Directors”) consider that
its ultimate holding company is Albert Yeung Holdings
Limited, a company incorporated in the BVI with limited
liability which is in turn held by STC International Limited
(“STC International”), being the trustee of The Albert Yeung
Discretionary Trust (“AY Trust”), the settlor and founder of
which is Dr. Yeung Sau Shing, Albert. The address of the
registered office and principal place of business of the
Company is 25/F, Emperor Group Centre, 288 Hennessey
Road, Wanchai, Hong Kong.
The Company acts as an investment holding company.
The activities of its principal subsidiaries are set out in note
29.
The consolidated financial statements are presented in
Hong Kong dollars (“HK$”), which is also the functional
currency of the Company.
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
Amendments to HKFRSs that are mandatorily effective
for the current year
The Company and its subsidiaries (collectively referred to
as “the Group”) have applied the following amendments
to HKFRSs issued by the Hong Kong Institute of Certified
Public Accountants (“HKICPA”) for the first time in the
current year:
Amendments to HKAS 7 Disclosure Initiative
Amendments to HKAS 12 Recognition of Deferred Tax Assets for
Unrealised Losses
Amendments to HKFRS 12 As part of the Annual Improvements to
HKFRSs 2014 - 2016 Cycle
The application of the amendments to HKFRSs in the
current year has had no material impact on the Group’s
financial performance and positions for the current and
prior years and/or on the disclosures set out in these
consolidated financial statements.
1. 一般事項
英皇鐘錶珠寶有限公司（「本公司」）為一間
於香港註冊成立之上市有限公司，其股份
於香港聯合交易所有限公司（「聯交所」）上
市。其直接控股公司為英皇鐘錶珠寶集團
控股有限公司（「英皇鐘錶珠寶控股」），
於英屬處女群島（「英屬處女群島」）註冊
成立之有限公司。本公司董事（「董事」）
認為本公司之最終控股公司為楊受成產
業控股有限公司，於英屬處女群島註冊成
立之有限公司，而楊受成產業控股有限
公司由 STC International Limited（「STC
International」）（即 The Albert Yeung
Discretionary Trust（「AY Trust」（楊受成
博士為該信託之財產授予人及創立人））
之受託人）持有。本公司之註冊辦事處及
主要營業地點之地址是香港灣仔軒尼詩道
288 號英皇集團中心 25 樓。
本公司為一間投資控股公司。其主要附屬
公司之業務載於附註 29。
綜合財務報表以港元（「港元」）呈報，港元
亦為本公司之功能貨幣。
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）
本年度強制生效的香港財務報告準則修訂
本公司及其附屬公司（統稱「本集團」）已
於本年度首次應用下列由香港會計師公會
（「香港會計師公會」）頒佈之香港財務報告
準則之修訂：
香港會計準則第 7 號
之修訂本
披露計劃
香港會計準則第 12 號
之修訂本
就未實現虧損確認遞延
稅項資產
香港財務報告準則
第 12 號之修訂本
作為香港財務報告準則
2014 年至 2016 年週期
之年度改進之一部份
於本年度應用該等香港財務報告準則之修
訂本對本集團於目前及以往年度之財務表
現及狀況及╱或該等綜合財務報表所載之
披露並無重大影響。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 67
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
(Continued)
New and revised HKFRSs in issue but not yet effective
The Group has not early applied the following new and
revised HKFRSs that have been issued but are not yet
effective:
HKFRS 9 Financial Instruments1
HKFRS 15 Revenue from Contracts with Customers
and the related Amendments1
HKFRS 16 Leases2
HKFRS 17 Insurance Contracts4
HK(IFRIC) - Int 22 Foreign Currency Transactions
and Advance Consideration1
HK(IFRIC) - Int 23 Uncertainty over Income Tax
Treatments2
Amendments to HKFRS 2 Classification and Measurement of
Share-based Payment Transactions1
Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments
with HKFRS 4 Insurance Contracts1
Amendments to HKFRS 9 Prepayment Features with Negative
Compensation2
Amendments to HKFRS
10 and HKAS 28
Sale or Contribution of Assets between
an Investor and its Associate
or Joint Venture3
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）（續）
已頒佈但尚未生效之新訂及經修訂香港財
務報告準則
本集團並無提早應用以下已頒佈但尚未生
效之新訂及經修訂香港財務報告準則：
香港財務報告準則
第 9 號
金融工具 1
香港財務報告準則
第 15 號
來自客戶合約之收入及相關
修訂 1
香港財務報告準則
第 16 號
租賃 2
香港財務報告準則
第 17 號
保險合約 4
香港（國際財務報告
詮釋委員會）
－詮釋第 22 號
外匯交易及預付代價 1
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 2
香港財務報告準則
第 2 號之修訂本
以股份為基礎之付款交易
之分類及計量 1
香港財務報告準則
第 4 號之修訂本
就香港財務報告準則第 4 號
保險合約應用香港財務
報告準則第 9 號金融工具 1
香港財務報告準則
第 9 號之修訂本
提早還款特性及負補償 2
香港財務報告準則
第 10 號及香港會計
準則第 28 號之
修訂本
投資者與其聯營公司或合營
企業間出售或注入資產 3
68EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
(Continued)
New and revised HKFRSs in issue but not yet effective
(Continued)
Amendments to HKAS 28 Long-term Interests in Associates
and Joint Ventures2
Amendments to HKAS 28 As part of the Annual Improvements
to HKFRSs 2014 - 2016 Cycle1
Amendments to HKAS 40 Transfers of Investment Property1
Amendments to HKFRSs Annual Improvements to HKFRSs
2015 - 2017 Cycle2
1 Effective for annual periods beginning on or after 1 January 2018
2 Effective for annual periods beginning on or after 1 January 2019
3 Effective for annual periods beginning on or after a date to be determined
4 Effective for annual periods beginning on or after 1 January 2021
Except for the new HKFRSs mentioned below, the directors
of the Company anticipate that the application of all other
new and amendments to HKFRSs and interpretations will
have no material impact on the consolidated financial
statements in the foreseeable future.
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）（續）
已頒佈但尚未生效之新訂及經修訂香港財
務報告準則（續）
香港會計準則第 28 號
之修訂本
於聯營公司或合營公司之長
期權益 2
香港會計準則第 28 號
之修訂本
作為香港財務報告準則
2014 年至 2016 年週期
之年度改進之一部份 1
香港會計準則第 40 號
之修訂本
轉讓投資物業 1
香港財務報告準則
之修訂本
香港財務報告準則 2015 年
至 2017 年週期之年度改
進 2
1 於 2018 年 1 月 1 日或之後開始之年度期間生效
2 於 2019 年 1 月 1 日或之後開始之年度期間生效
3 於將釐定日期或之後開始之年度期間生效
4 於 2021 年 1 月 1 日或之後開始之年度期間生效
除下文所述新訂香港財務報告準則外，本
公司董事預期應用所有其他新訂及經修訂
香港財務報告準則及詮釋於可見未來對綜
合財務報表並無重大影響。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 69
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
(Continued)
HKFRS 9 Financial Instruments
HKFRS 9 introduces new requirements for the classification
and measurement of financial assets, financial liabilities,
general hedge accounting and impairment requirements
for financial assets.
Key requirements of HKFRS 9 which are relevant to the
Group are:
• all recognised financial assets that are within the
scope of HKFRS 9 are required to be subsequently
measured at amortised cost or fair value. Specifically,
debt investments that are held within a business
model whose objective is to collect the contractual
cash flows, and that have contractual cash flows
that are solely payments of principal and interest on
the principal outstanding are generally measured at
amortised cost at the end of subsequent accounting
periods. Debt instruments that are held within a
business model whose objective is achieved both by
collecting contractual cash flows and selling financial
assets, and that have contractual terms that give
rise on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding, are generally measured at fair
value through other comprehensive income. All other
financial assets are measured at their fair value at
subsequent accounting periods. In addition, under
HKFRS 9, entities may make an irrevocable election
to present subsequent changes in the fair value of an
equity investment (that is not held for trading) in other
comprehensive income, with only dividend income
generally recognised in profit or loss.
• in relation to the impairment of financial assets,
HKFRS 9 requires an expected credit loss model,
as opposed to an incurred credit loss model under
HKAS 39. The expected credit loss model requires
an entity to account for expected credit losses and
changes in those expected credit losses at each
reporting date to reflect changes in credit risk since
initial recognition. In other words, it is no longer
necessary for a credit event to have occurred before
credit losses are recognised.
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）（續）
香港財務報告準則第9號金融工具
香港財務報告準則第 9 號引入有關金融資
產、金融負債之分類及計量之新規定、金
融資產對沖通用會計法及減值規定。
香港財務報告準則第 9 號與本集團有關之
主要規定：
• 所有屬香港財務報告準則第 9 號範
圍內之已確認金融資產其後均須按
攤銷成本或公允價值計量。具體而
言，目的為收取合約現金流量之業
務模式內持有之債務投資，及合約
現金流量僅為支付本金及尚未償還
本金利息之債務投資，一般於其後
會計期間結算日按攤銷成本計量。
於目的為同時收取合約現金流量及
出售金融資產之業務模式中持有之
債務工具，以及具備合約條款令於
特定日期產生之現金流純粹為支付
本金及尚未償還本金利息之債務工
具，通常按透過其他全面收益按公
允價值列賬之方式計量。所有其他
金融資產均於其後會計期間按其公
允價值計量。此外，根據香港財務
報告準則第 9 號，實體可作出不可撤
回之選擇，以於其他全面收益呈列
權益投資（並非持作買賣者）公允價
值之其後變動，僅股息收入一般於
損益賬確認。
• 就金融資產之減值而言，與香港會
計準則第 39 號項下按已產生信貸虧
損模式計算相反，香港財務報告準
則第 9 號規定按預期信貸虧損模式計
算。預期信貸虧損模式規定實體於
各匯報日期將預期信貸虧損及該等
預期信貸虧損之變動入賬，以反映
信貸風險自初始確認以來之變動。
換言之，毋須再待發生信貸事件方
確認信貸虧損。
70EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
(Continued)
HKFRS 9 Financial Instruments (Continued)
Based on the Group’s financial instruments and risk
management policies as at 31 December 2017, the
directors of the Company anticipate the following potential
impact on initial application of HKFRS 9:
All financial assets and financial liabilities will continue
to be measured on the same bases as are currently
measured under HKAS 39.
In general, the directors of the Company anticipate that the
application of the expected credit loss model of HKFRS
9 will result in earlier provision of credit losses which are
not yet incurred in relation to the Group’s financial assets
measured at amortised costs and other items that subject
to the impairment provisions upon application of HKFRS 9
by the Group.
Based on the assessment by the directors of the Company,
if the expected credit loss model were to be applied by
the Group, there would be no material impact on the
accumulated amount of impairment loss to be recognised
by the Group as at 1 January 2018 as compared to the
accumulated amount recognised under HKAS 39.
HKFRS 15 Revenue from Contracts with Customers
HKFRS 15 was issued which establishes a single
comprehensive model for entities to use in accounting for
revenue arising from contracts with customers. HKFRS 15
will supersede the current revenue recognition guidance
including HKAS 18 Revenue , HKAS 11 Construction
Contracts and the related interpretations when it becomes
effective.
The core principle of HKFRS 15 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 or services. Specifically,
the standard introduces 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 the performance
obligations in the contract
• Step 5: Recognise revenue when (or as) the entity
satisfies a performance obligation
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）（續）
香港財務報告準則第9號金融工具（續）
根據本集團於 2017 年 12 月 31 日之金融工
具及風險管理政策，本公司董事預期初步
應用香港財務報告準則第 9 號可能會產生
以下潛在影響：
所有其他金融資產及金融負債將繼續按照
目前根據香港會計準則第 39 號相同的基
礎進行計量。
大致上，本公司董事預計應用香港財務報
告準則第 9 號的預期信貸損失模式，將導
致提早就有關集團按經攤銷成本計量的金
融資產，以及於本集團應用香港財務報告
準則第 9 號時須作出減值撥備的其他項目
而尚未產生的信貸損失作撥備。
根據本公司董事的評估，倘本集團將應用
預期信貸虧損模式，與根據香港會計準則
第 39 號確認的累計金額相比，本集團於
2018 年 1 月 1 日將確認的減值虧損累計金
額將不會產生重大影響。
香港財務報告準則第15號客戶合約收入
香港財務報告準則第 15 號已頒佈，並建
立了一項單一的綜合模式供實體用作將來
自客戶合約所產生之收入之會計處理。於
香港財務報告準則第 15 號生效後，其將
取代現時的收入確認指引，包括香港會計
準則第 18 號收入、香港會計準則第 11 號
建造合約及相關詮釋。
香港財務報告準則第 15 號的核心原則為
實體所確認描述向客戶轉讓承諾貨品或服
務的收入金額，應為能反映該實體預期就
交換該等貨品或服務有權獲得的代價。具
體而言，該準則引入確認收入的五個步
驟：
• 第 1 步：識別與客戶的合約
• 第 2 步：識別合約中的履約責任
• 第 3 步：釐定交易價
• 第 4 步：將交易價分配至合約中的履
約責任
• 第 5 步：於實體完成履約責任時（或
就此）確認收入
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 71
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
(Continued)
HKFRS 15 Revenue from Contracts with Customers
(Continued)
Under HKFRS 15, an entity recognises revenue when
(or as) a performance obligation is satisfied, . when
‘control’ of the goods or services underlying the particular
performance obligation is transferred to the customer. Far
more prescriptive guidance has been added in HKFRS
15 to deal with specific scenarios. Furthermore, extensive
disclosures are required by HKFRS 15.
In 2016, the HKICPA issued Clarifications to HKFRS 15 in
relation to the identification of performance obligations,
principal versus agent considerations, as well as licensing
application guidance.
The directors of the Company anticipate that the
application of HKFRS 15 in the future may result in more
disclosures, however, the directors of the Company do not
anticipate the application of HKFRS 15 will have a material
impact on the timing and amounts of revenue recognised
in the respective reporting periods.
HKFRS 16 Leases
HKFRS 16 introduces a comprehensive model for the
identification of lease arrangements and accounting
treatments for both lessors and lessees. HKFRS 16 will
supersede HKAS 17 Leases and the related interpretations
when it becomes effective.
HKFRS 16 distinguishes lease and service contracts on
the basis of whether an identified asset is controlled by
customer. Distinctions of operating leases and finance
leases are removed for lessee accounting, and is
replaced by a model where a right-of-use asset and a
corresponding liability have to be recognised for all leases
by lessees, except for short-term leases and leases of low
value assets.
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）（續）
香港財務報告準則第15號客戶合約收入
（續）
根據香港財務報告準則第 15 號，實體於
完成履約責任時（或就此）確認收入，即於
特定履約責任相關的貨品或服務的「控制
權」轉讓予客戶時確認收入。香港財務報
告準則第 15 號已就特定情況的處理方法
加入更明確的指引。此外，香港財務報告
準則第 15 號要求更詳盡的披露。
於 2016 年，香港會計師公會頒佈對香港
財務報告準則第 15 號之澄清，內容有關
識別履約責任、主體對代理代價及發牌的
應用指引。
本公司董事預期日後應用香港財務報告準
則第 15 號可能會作出更多披露，然而，
本公司董事預期應用香港財務報告準則第
15 號於各報告期將不會對收益確認的金額
及時性產生重大影響。
香港財務報告準則第16號租賃
香港財務報告準則第 16 號為識別出租人
及承租人的租賃安排及會計處理引入一個
綜合模式。香港財務報告準則第 16 號將
於生效時取代香港會計準則第 17 號租賃
及相關詮釋。
香港財務報告準則第 16 號根據所識別資
產是否由客戶控制來區分租賃及服務合
約。除短期租賃及租賃低值資產外，經營
租賃與融資租賃的差異自承租人會計處理
中撤銷，並由承租人須就所有租賃確認使
用權資產及相應負債的模式替代。
72EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
2. Application of New and Revised Hong Kong
Financial Reporting Standards (“HKFRSs”)
(Continued)
HKFRS 16 Leases (Continued)
The right-of-use asset is initially measured at cost and
subsequently measured at cost (subject to certain
except ions) less accumulated depreciat ion and
impairment losses, adjusted for any remeasurement of the
lease liability. The lease liability is initially measured at the
present value of the lease payments that are not paid at
that date. Subsequently, the lease liability is adjusted for
interest and lease payments, as well as the impact of lease
modifications, amongst others. For the classification of
cash flows, the Group currently presents operating lease
payments as operating cash flows. Upon application of
HKFRS 16, lease payments in relation to lease liability will
be allocated into a principal and an interest portion which
will be presented as financing cash flows by the Group.
In contrast to lessee accounting, HKFRS 16 substantially
carries forward the lessor accounting requirements in
HKAS 17, and continues to require a lessor to classify a
lease either as an operating lease or a finance lease.
Furthermore, extensive disclosures are required by HKFRS
16.
As at 31 December 2017, the Group has non-cancellable
operating lease commitments of HK$848,700,000 as
disclosed in note 23. A preliminary assessment indicates
that these arrangements will meet the definition of a
lease under HKFRS 16. Upon application of HKFRS
16, the Group will recognise a right-of-use asset and a
corresponding liability in respect of all these leases unless
they qualify for low value or short-term leases.
In addition, the Group currently considers refundable
rental deposits paid of HK$147,120,000 as rights under
leases to which HKAS 17 applies. Based on the definition
of lease payments under HKFRS 16, such deposits are not
payments relating to the right to use the underlying assets,
accordingly, the carrying amounts of such deposits may
be adjusted to amortised cost and such adjustments are
considered as additional lease payments. Adjustments to
refundable rental deposits paid would be included in the
carrying amount of right-of-use assets.
Furthermore, the application of new requirements may
result in changes in measurement, presentation and
disclosure as indicated above.
2. 應用新訂及經修訂香港財務報告
準則（「香港財務報告準則」）（續）
香港財務報告準則第16號租賃（續）
使用權資產初步按成本計量，而其後乃按
成本（若干例外情況除外）減累計折舊及減
值虧損計量，並就租賃負債任何重新計量
而作出調整。租賃負債初步按並非於該日
支付之租賃付款現值計量。其後，租賃負
債會就利息及租賃付款以及（其中包括）租
賃修訂的影響而作出調整。就現金流量分
類而言，本集團現時將其他經營租賃付款
呈列為營運現金流量。自應用香港財務報
告準則第 16 號，本集團將有關租賃負債
之租賃付款分配為本金及利息部分，呈列
為融資現金流量。
與承租人會計處理相反，香港財務報告準
則第 16 號充分推進香港會計準則第 17 號
之出租人會計處理規定，並繼續要求出租
人將租賃分類為經營租賃或融資租賃。
此外，香港財務報告準則第 16 號要求更
詳盡的披露。
如 於 附 註 23 所 披 露， 於 2017 年 12 月 31
日，本集團擁有不可撤銷經營租賃承擔
848,700,000 港元。初步評估顯示，該等
安排將符合香港財務報告準則第 16 號項
下租賃之定義。自應用香港財務報告準則
第 16 號後，本集團將就所有該等租賃確
認使用權資產及相應的負債，除非有關租
賃符合低價值或短期租賃。
此外，本集團目前將已付可退回租賃按金
147,120,000 港元視為香港會計準則第 17
號適用的租賃下的權利。根據香港財務報
告準則第 16 號租賃款項的定義，有關按
金並非與相關資產使用權有關的款項，因
此，該等按金的賬面值可能會調整為攤銷
成本，有關調整被視為額外租賃款項。已
付可退回租賃按金的調整會計入有使用權
的資產的賬面值內。
此外，應用新規定可能導致計量、呈列及
披露會出現如上所述的變動。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 73
3. Significant Accounting Policies
The consolidated financial statements have been prepared
in accordance with HKFRSs issued by the HKICPA. In
addition, the consolidated financial statements include
applicable disclosures required by the Rules Governing
the Listing of Securities on The Stock Exchange of Hong
Kong Limited (“Listing Rules”) and by the Hong Kong
Companies Ordinance (“CO”).
The consolidated financial statements have been prepared
on the historical cost basis at the end of each reporting
period, as explained in the accounting policies set out
below.
Historical cost is generally based on the fair value of the
consideration given in exchange for goods.
Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date,
regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating
the fair value of an asset or a liability, the Group takes into
account the characteristics of the asset or liability if market
participants would take those characteristics into account
when pricing the asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes
in these consolidated financial statements is determined
on such a basis, except for share-based payment
transactions that are within the scope of HKFRS 2 Share-
based Payment , leasing transactions that are within the
scope of HKAS 17 Leases, and measurements that have
some similarities to fair value but are not fair value, such
as net realisable value in HKAS 2 Inventories or value-in-
use in HKAS 36 Impairment of Assets.
In addition, for financial reporting purposes, fair value
measurements are categorised into Level 1, 2 or 3
based on the degree to which the inputs to the fair value
measurements are observable and the significance of the
inputs to the fair value measurement in its entirety, which
are described as follows:
• Level 1 inputs are quoted prices (unadjusted) in
active markets for identical assets or liabilities that
the entity can access at the measurement date;
• Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for the
asset or liability, either directly or indirectly; and
• Level 3 inputs are unobservable inputs for the asset
or liability.
3. 主要會計政策
綜合財務報表乃根據香港會計師公會頒佈
之香港財務報告準則編製。此外，綜合財
務報表亦包括香港聯合交易所有限公司證
券上市規則（「上市規則」）及香港公司條例
（「公司條例」）規定之適用披露。
誠如下文在會計政策所述，綜合財務報表
乃於每個匯報期末根據歷史成本基準編
製。
歷史成本一般基於用作交換貨品之代價之
公允價值計算。
公允價值乃於計量日期市場參與者於有秩
序交易中出售資產可收取或轉讓負債須支
付之價格，而不論該價格是否直接可觀察
或可使用其他估值技術估計。若市場參與
者於計量日期對資產或負債定價時會考慮
資產或負債之特徵，則本集團於估計資產
或負債之公允價值時會考慮該資產或負債
之特徵。此等綜合財務報表中作計量及╱
或披露用途之公允價值乃按此基準釐定，
惟屬於香港財務報告準則第 2 號以股份為
基礎之付款 範圍之以股份為基礎之付款交
易、屬於香港會計準則第 17 號租賃 範圍
內之租賃交易，以及與公允價值部份相似
但並非公允價值之計量（如香港會計準則
第 2 號存貨 內之可變現淨值或香港會計準
則第 36 號資產減值之使用價值）除外。
此外，就財務報告而言，公允價值計量根
據公允價值計量輸入數據之可觀察程度及
公允價值計量之輸入數據對其整體之重要
性分類為一級、二級及三級，詳情如下：
• 一級輸入數據是實體於計量日期可
以取得之可識別資產或負債於活躍
市場之報價（未經調整）；
• 二級輸入數據是就資產或負債直接
或間接地可觀察之輸入數據（包括在
一級內之報價除外）；及
• 三級輸入數據是資產或負債的不可
觀察之輸入數據。
74EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
3. Significant Accounting Policies (Continued)
The principal accounting policies are set out below:
Basis of consolidation
The consolidated financial statements incorporate the
financial statements of the Company and entities controlled
by the Company and its subsidiaries. Control is achieved
when the Company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its
involvement with the investee; and
• has the ability to use its power to affect its returns.
The Group reassesses whether or not it controls an
investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control
listed above.
Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Specifically, income
and expenses of a subsidiary acquired or disposed of
during the year are included in the consolidated statement
of profit or loss and other comprehensive income from the
date the Group gains control until the date when the Group
ceases to control the subsidiary.
When necessary, adjustments are made to the financial
statements of subsidiaries to bring their accounting
policies in line with the Group’s accounting policies.
All intragroup assets and liabilities, equity, income,
expenses and cash flows relating to transactions
between members of the Group are eliminated in full on
consolidation.
Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivable. Revenue is reduced for estimated
customer returns and trade discounts.
Revenue is recognised when the amount of revenue can
be reliably measured; when it is probable that future
economic benefits will flow to the Group and when specific
criteria have been met for each of the Group’s activities,
as described below.
Revenue from sales of goods is recognised when the
goods are delivered and titles have passed.
3. 主要會計政策（續）
主要會計政策載列於下文：
綜合賬目基準
綜合財務報表包括本公司及本公司控制之
實體及其附屬公司之財務報表。倘屬以下
情況，則本公司獲得控制權：
• 可對投資對象行使權力；
• 因參與投資對象之業務而可獲得或
有權獲得可變回報；及
• 有能力藉行使其權力而影響該等回
報。
倘有事實或情況顯示上述三項控制因素
中，有一項或以上出現變數，本集團會重
新評估其是否控制投資對象。
本集團於獲得附屬公司控制權時將附屬公
司綜合入賬，並於失去附屬公司控制權時
終止綜合入賬。具體而言，於本年度內購
入或出售之附屬公司之收入及開支，按自
本集團獲得控制權當日起至本集團失去附
屬公司控制權當日止，計入綜合損益及其
他全面收入報表內。
附屬公司之財務報表於有需要情況下作出
調整，以使其會計政策與本集團會計政策
一致。
所有集團內公司間資產及負債、權益、收
入、支出及現金流（與本集團成員公司間
之交易有關）均於綜合賬目時予以全數對
銷。
收入確認
收入乃按已收或應收代價之公允價值計
算。收入會就估計顧客退貨及貿易折扣作
出扣減。
收入於收入之金額能夠可靠計量；可能會
有未來經濟利益流入本集團且符合本集團
下文所述各項活動的特定標準時確認。
貨品的銷售收入於貨品交付且所有權已轉
移時確認。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 75
3. Significant Accounting Policies (Continued)
Revenue recognition (Continued)
Interest income is accrued on a time basis, by reference
to the principal outstanding and at the effective interest
rate applicable, which is the rate that exactly discounts the
estimated future cash receipts through the expected life of
the financial asset to that asset’s net carrying amount on
initial recognition.
Leasing
Leases are classified as finance leases whenever the
terms of the lease transfer substantially all the risks and
rewards of ownership to the lessee. All other leases are
classified as operating leases.
The Group as lessee
Operating lease payments are recognised as an expense
on a straight-line basis over the lease term. Contingent
rentals arising under operating leases are recognised as
an expense in the period in which they are incurred.
In the event that lease incentives are received to enter
into operating leases, such incentives are recognised as a
liability. The aggregate benefit of incentives is recognised
as a reduction of rental expense on a straight-line basis.
Taxation
Income tax expense represents the sum of the tax
currently payable and deferred tax.
The tax currently payable is based on taxable profit for the
year. Taxable profit differs from ‘profit (loss) before tax’
as reported in the consolidated statement of profit or loss
and other comprehensive income because of income or
expense that are taxable or deductible in other years and
items that are never taxable or deductible. The Group’s
liability for current tax is calculated using tax rates that
have been enacted or substantively enacted by the end of
the reporting period.
3. 主要會計政策（續）
收入確認（續）
利息收入乃參照尚未償還的本金額按適用
實際利率以時間基準累計，實際利率為以
金融資產的預期年期將估計未來現金收入
準確貼現至該資產初始確認時的賬面淨值
的利率。
租約
凡租約條款規定擁有權之一切風險及回報
大部分轉往承租人，即歸類為融資租約。
所有其他租約均歸類為經營租約。
本集團作為承租人
經營租約付款以直線法按租期確認為開
支。經營租約下之或然租金於產生期間確
認為開支。
倘訂立經營租約時收取租金優惠，則有關
優惠確認為負債。優惠總利益以直線法攤
銷為租金開支減少。
稅項
稅項指本期應繳稅項及遞延稅項之總和。
本期應繳稅項按年內應課稅溢利計算。應
課稅溢利有別於綜合損益及其他全面收入
報表呈報之「除稅前溢利（虧損）」，源於其
他年度需要課稅或可扣稅之收入或支出且
其毋須課稅或從不獲扣稅之項目。本集團
之本期稅項負債按匯報期間結算日已頒佈
或實質頒佈之稅率計算。
76EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
3. Significant Accounting Policies (Continued)
Taxation (Continued)
Deferred tax is recognised on temporary differences
between the carrying amounts of assets and liabilities
in the consol idated f inancial statements and the
corresponding tax bases used in the computation
of taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences. Deferred
tax assets are generally recognised for all deductible
temporary differences to the extent that it is probable
that taxable profits will be available against which those
deductible temporary differences can be utilised. Such
deferred tax assets and liabilities are not recognised if
the temporary difference arises from the initial recognition
(other than in a business combination) of assets and
liabilities in a transaction that affects neither the taxable
profit nor the accounting profit.
Deferred tax l iabil it ies are recognised for taxable
temporary differences associated with investments in
subsidiaries, except where the Group is able to control the
reversal of the temporary difference and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax assets arising from deductible
temporary differences associated with such investments
are only recognised to the extent that it is probable that
there will be sufficient taxable profits against which to
utilise the benefits of the temporary differences and they
are expected to reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at the
end of each reporting period and reduced to the extent that
it is no longer probable that sufficient taxable profits will be
available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period in which the
liability is settled or the asset is realised, based on tax rate
(and tax laws) that have been enacted or substantively
enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets
reflects the tax consequences that would follow from the
manner in which the Group expects, at the end of the
reporting period, to recover or settle the carrying amount
of its assets and liabilities.
Current and deferred tax are recognised in profit or loss,
except when they relate to items that are recognised in
other comprehensive income or directly in equity, in which
case, the current and deferred tax are also recognised
in other comprehensive income or directly in equity
respectively.
3. 主要會計政策（續）
稅項（續）
遞延稅項按綜合財務報表中資產及負債之
賬面金額與計算應課稅溢利所用相應稅基
間之暫時差額確認。遞延稅項負債一般就
所有應課稅暫時差額進行確認。遞延稅項
資產一般於預期應課稅溢利可用作抵銷可
予扣稅暫時差額時，確認所有可扣稅暫時
差額。如因初次確認交易（業務合併除外）
中之資產及負債而出現暫時差異，但並未
對應課稅溢利或會計溢利造成影響，該遞
延稅項資產及負債將不予確認。
遞延稅項負債按附屬公司投資相關之應課
稅暫時差額確認，惟若本集團可控制該暫
時差額之撥回，而該暫時差額又可能不會
在可見將來回撥則不在此限。可扣減暫時
差額產生之遞延稅項資產（與該等投資有
關）可確認，惟僅以可能將有足夠應課稅
溢利可動用暫時差額之利益，且彼等預期
於可預見將來撥回為限。
遞延稅項資產之賬面值於各匯報期間結束
時進行檢討，並調低至預期將不可能有充
裕的應課稅溢利以收回所有或部份資產。
倘負債可結算或資產可變現，遞延稅項資
產及負債按預期於期間內可應用之稅率以
於匯報期間結束時已施行或大部份施行之
稅率（及稅法）之稅率為基準。
遞延稅項負債及資產之計量反映稅務影
響，可由本集團於匯報期間結束時預期之
方式以收回或結算其資產及負債之賬面
值。
即期及遞延稅項於損益確認，惟倘其與其
他全面收益或直接於權益確認之項目有關
為限，於此情況下，即期及遞延稅項資產
亦分別於其他全面收益或直接於權益確
認。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 77
3. Significant Accounting Policies (Continued)
Retirement benefit costs
Payments to defined contribution retirement benefit
plans, the Mandatory Provident Fund Scheme and state-
managed retirement benefit schemes, are recognised
as an expense when employees have rendered service
entitling them to contributions.
Short-term employee benefits
Short-term employee benefits are recognised at the
undiscounted amount of the benefits expected to be paid
as and when employees rendered the services. All short-
term employee benefits are recognised as an expense.
A liability is recognised for benefits accruing to employees
(such as wages and salaries and annual leave) after
deducting any amount already paid.
Foreign currencies
In preparing the financial statements of each individual
group entity, transactions in currencies other than the
functional currency of that entity (foreign currencies)
are recorded at the rates of exchanges prevailing on
the dates of the transactions. At the end of the reporting
period, monetary items denominated in foreign currencies
are retranslated at the rates prevailing at that date. Non-
monetary items that are measured in terms of historical
cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of
monetary items, and on the retranslation of monetary items,
are recognised in profit or loss in the period in which they
arise except for exchange differences on monetary items
receivable from or payable to a foreign operation for which
settlement is neither planned nor likely to occur (therefore
forming part of the net investment in the foreign operation),
which are recognised initially in other comprehensive
income and reclassified from equity to profit or loss on
disposal.
For the purposes of presenting the consolidated financial
statements, the assets and liabilities of the Group’s foreign
operations are translated into the presentation currency
of the Group (. HK$) using exchange rates prevailing at
the end of each reporting period. Income and expenses
items are translated at the average exchange rates for the
year, unless exchange rates fluctuate significantly during
the period, in which case, the exchange rates prevailing at
the dates of transactions are used. Exchange differences
arising, if any, are recognised in other comprehensive
income and accumulated in equity under the heading of
translation reserve.
3. 主要會計政策（續）
退休福利成本
界定供款退休福利計劃、強制性公積金計
劃及國家管理之退休福利計劃付款於僱員
提供服務而有權獲得供款時列作開支。
短期僱員福利
短期僱員福利乃按僱員提供服務時預期將
予支付之未貼現福利金額確認。所有短期
僱員福利均確認為開支。
僱員之應計福利（例如工資及薪金及年假）
乃於扣減任何已付金額後確認負債。
外幣
於編製各個集團實體之財務報表時，以該
實體功能貨幣以外貨幣（外幣）結算之交易
按交易日期當時之匯率確認。於匯報期間
結算日，以外幣結算之貨幣項目均按該日
當時之匯率重新換算。按歷史成本法按外
幣計量之非貨幣項目毋須重新換算。
結算貨幣項目及重新換算貨幣項目產生之
匯兌差額乃於其產生期間於損益確認，惟
應收或應付海外業務而結算並無計劃亦不
可能發生（因此構成海外業務投資淨額之
一部分）之貨幣項目之匯兌差額除外，該
等匯兌差額初步於其他全面收益內確認，
並於出售時自權益重新分類至損益。
就呈列綜合財務報表而言，本集團海外
業務之資產及負債按各匯報期間結算日
當時之匯率換算為本集團之呈列貨幣（即
港元），而收支項目則按年內平均匯率換
算，除非匯率於期間內大幅波動，於此情
況下，則使用交易日當時之匯率換算。所
產生之匯兌差額（如有）於其他全面收益內
確認，並於匯兌儲備項下之權益累計。
78EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
3. Significant Accounting Policies (Continued)
Foreign currencies (Continued)
On the disposal of a foreign operation (. a disposal
of the Group’s entire interest in a foreign operation, or
a disposal involving loss of control over a subsidiary
that includes a foreign operation), all of the exchange
differences accumulated in equity in respect of that
operation attributable to the owners of the Company are
reclassified to profit or loss.
Property, plant and equipment
Property, plant and equipment are stated in the
consolidated statement of financial position at cost, less
subsequent accumulated depreciation and subsequent
accumulated impairment losses, if any.
Depreciation is recognised so as to write off the cost
of assets less their residual values over their estimated
useful lives, using the straight-line method. The estimated
useful lives, residual values and depreciation method
are reviewed at the end of each reporting period, with
the effect of any changes in estimate accounted for a
prospective basis.
An item of property, plant and equipment is derecognised
upon disposal or when no future economic benefits are
expected to arise from the continued use of the asset. Any
gain or loss arising on the disposal or retirement of an item
of property, plant and equipment is determined as the
difference between the sales proceeds and the carrying
amount of the asset and is recognised in the profit or loss.
Impairment on assets
At the end of the reporting period, the Group reviews
the carrying amounts of its assets with finite useful lives
to determine whether there is any indication that those
assets have suffered an impairment loss. If any such
indication exists, the recoverable amount of the relevant
asset is estimated in order to determine the extent of
the impairment loss, (if any). When it is not possible to
estimate the recoverable amount of an individual asset
individually, the Group estimates the recoverable amount
of the cash-generating unit to which the asset belongs.
Where a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated
to individual cash-generating unit, or otherwise they are
allocated to the smallest group of cash-generating units
for which a reasonable and consistent allocation basis can
be identified.
3. 主要會計政策（續）
外幣（續）
於出售海外業務（即出售本集團於海外業
務之全部權益，或出售涉及失去包含海外
業務附屬公司之控制權）時，就本公司擁
有人應佔之業務於權益累計之所有匯兌差
額重新分類至損益。
物業、機器及設備
物業、機器及設備按成本減去其後累計折
舊及累計減值虧損（如有）於綜合財務狀況
報表入賬。
折舊採用直線法按資產的估計可使用年期
撇銷其成本減剩餘價值確認。估計可使用
年期、剩餘價值和折舊方法會在各匯報期
間結算時復核，估計的任何變動影響按預
先計提基準入賬。
當出售物業、機器及設備項目時或預期繼
續使用有關資產不會產生日後經濟利益
時，該資產予以剔除確認。出售或廢棄物
業、機器及設備項目產生之任何收益或虧
損，按出售所得款項與該資產賬面值間之
差額計算，並於損益內確認。
資產減值
本集團會於匯報期間結算日審閱其具有限
可使用年期之資產之賬面值，確定是否有
任何跡象顯示該等資產已蒙受減值虧損。
倘出現任何有關跡象，則估計有關資產
之可收回金額，以釐定減值虧損程度（如
有）。倘無法單獨估計個別資產之可收回
金額，則本集團估計該項資產所屬之現金
產生單位之可收回金額。倘有可識別之合
理一致分配基準，企業資產亦會分配至個
別現金產生單位，或分配至有可識別之合
理一致分配基準之現金產生單位之最小組
別。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 79
3. Significant Accounting Policies (Continued)
Impairment on assets (Continued)
Recoverable amount is the higher of fair value 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 assessments of the time value of money
and the risks specific to the asset or a cash-generating
unit for which the estimates of future cash flows have not
been adjusted.
If the recoverable amount of an asset or a cash generating
unit is estimated to be less than its carrying amount, the
carrying amount of the asset or a cash-generating unit is
reduced to its recoverable amount. The carrying amount of
an asset is not reduced below the highest of its fair value
less costs of disposal (if measurable), its value-in-use (if
determinable) and zero. The amount of the impairment
loss that would otherwise have been allocated to the asset
is allocated pro rata to the other assets of the unit. An
impairment loss is recognised immediately in profit or loss.
Where an impairment loss subsequently reverses,
the carrying amount of the asset is increased to the
revised estimate of its recoverable amount, but so that
the increased carrying amount does not exceed the
carrying amount that would have been determined had no
impairment loss been recognised for the asset or a cash-
generating unit in prior years. A reversal of an impairment
loss is recognised immediately in profit or loss.
Inventories
Inventories are stated at the lower of cost and net
realisable value. Cost of inventories is determined on a
weighted average basis for gold and specific identification
basis for watches and other jewellery items depending on
the nature of the inventory. Net realisable value represents
the estimated selling price for inventories less all estimated
cost of completion and costs necessary to make the sale.
3. 主要會計政策（續）
資產減值（續）
可收回金額為公允價值減銷售成本及使用
價值兩者之較高者。於評估使用價值時，
估計未來現金流量利用稅前折現率折現至
其現值，以反映當前市場對貨幣時間價值
及估計未來現金流量未經調整之資產之特
定風險之評估。
倘一項資產之可收回金額估計低於其賬面
值，則該資產之賬面值扣減至其可收回金
額。一項資產的賬面值不會減至其公允價
值減出售成本（如可計量）、其使用價值
（如可釐定）及零中最高者。本將分配至
該資產的減值虧損之金額按比例分配至該
單位的其他資產。減值虧損即時於損益確
認。
倘減值虧損其後撥回，則該資產之賬面值
須增加至其經修訂之估計可收回金額，惟
增加後之賬面值數額不得超過倘若於過往
年度未有就該項資產確認減值虧損之原有
賬面值。資產減值虧損撥回會即時於損益
確認。
存貨
存貨按成本與可變現淨值之較低者入賬。
黃金之存貨成本根據加權平均值基準釐
定，而鐘錶及其他珠寶項目成本則根據指
定識別基準釐定，視乎存貨之性質。可變
現淨值指存貨估計售價減所有估計完成成
本及進行出售所需成本。
80EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
3. Significant Accounting Policies (Continued)
Provisions
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past
event, it is probable that the Group will be required to
settle that obligation, and a reliable estimate can be made
of the amount of the obligation.
The amount recognised as a provision is the best estimate
of the consideration required to settle the present
obligation at the end of the reporting period, taking into
account the risks and uncertainties surrounding the
obligation. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows (where the
effect of the time value of money is material).
Financial instruments
Financial assets and financial liabilities are recognised
when a group entity becomes a party to the contractual
provisions of the instrument.
Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities are added to or deducted from the
fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition.
Financial assets
The Group’s financial assets are all classified into loans
and receivables. The classification depends on the nature
and purpose of the financial assets and is determined at
the time of initial recognition. All regular way purchases or
sales of financial assets are recognised and derecognised
on a trade date basis. Regular way purchases or sales are
purchases or sales of financial assets that require delivery
of assets within the time frame established by regulation or
convention in the marketplace.
3. 主要會計政策（續）
撥備
當本集團因過往事件而承擔現有責任（不
論屬法律或推定責任），而本集團可能須
償付該責任時及就承擔責任之金額可作出
可靠估計時，則確認撥備。
計及有關責任的風險及不明朗因素後，確
認為撥備的金額為清償於報告期末的現時
責任所需代價的最佳估計。倘使用估計用
以清償現時責任的現金流量計算撥備，則
該撥備賬面值為該等現金流量現值（倘金
錢時間值的影響屬重大）。
金融工具
當集團實體成為工具合約條文的一方時，
金融資產及金融負債會予以確認。
金融資產及金融負債初步按公允價值計
量。收購或發行金融資產及金融負債直接
產生的交易成本乃於初步確認時加入金融
資產或金融負債之公允價值或自金融資產
或金融負債之公允價值扣除（視適用情況
而定）。
金融資產
本集團之金融資產全部分類為貸款及應收
款項。分類視乎金融資產之性質及目的於
初步確認時釐定。所有以常規方式購入或
出售之金融資產均按買賣日期基準確認及
剔除確認。以常規方式購入或出售指須於
市場規定或慣例所訂時限內交付資產之金
融資產購入或出售。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 81
3. Significant Accounting Policies (Continued)
Financial instruments (Continued)
Financial assets (Continued)
Effective interest method
The effective interest method is a method of calculating
the amortised cost of a debt instrument and of allocating
interest income over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash receipts (including all fees and points paid or
received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts)
through the expected life of the debt instrument, or, where
appropriate, a shorter period to the net carrying amount on
initial recognition.
Interest income is recognised on an effective interest basis
for debt instruments.
Loans and receivables
Loans and receivables are non-derivative financial assets
with fixed or determinable payments that are not quoted
in an active market. Subsequent to initial recognition,
loans and receivables (including trade receivables, other
receivables and bank balances and cash) are measured
at amortised cost using the effective interest method, less
any impairment (see accounting policy on impairment loss
on financial assets below).
Interest income is recognised by applying the effective
interest rate, except for short-term receivables where the
recognition of interest would be immaterial.
Impairment of financial assets
Financial assets are assessed for indicators of impairment
at the end of each reporting period. Financial assets
are considered to be impaired where there is objective
evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset,
the estimated future cash flows of the financial assets have
been affected.
Objective evidence of impairment could include:
• significant f inancial diff iculty of the issuer or
counterparty; or
• breach of contract, such as default or delinquency in
interest and principal payments; or
• it becoming probable that the borrower will enter
bankruptcy or financial re-organisation.
3. 主要會計政策（續）
金融工具（續）
金融資產（續）
實際利率法
實際利率法是一種在相關期間內用於計算
債務工具之已攤銷成本以及分配利息收入
的方法。實際利率是將債務工具於預計年
期或（如適當）較短期間之估計未來現金收
入（包括所有構成實際利率整體部分之已
付或已收費用及支出、交易成本及其他溢
價或折讓）準確貼現至初步確認賬面淨額
之利率。
債務工具之利息收入按實際利率基準確
認。
貸款及應收款項
貸款及應收款項為固定或可釐定款項，且
並無在活躍市場上報價的非衍生金融資
產。於初步確認後，貸款及應收款項（包
括貿易應收款項、其他應收款項及銀行結
餘及現金）均採用實際利率法減任何減值
（見下文有關金融資產減值虧損之會計政
策）。
利息收入採用實際利率基準確認，惟短期
應收賬款因其利息微不足道，故不予確
認。
金融資產減值
金融資產會於各匯報期間結算日評定是否
有減值跡象。金融資產於有客觀證據顯示
金融資產之預期未來現金流量因於初步確
認該金融資產後發生之一項或多項事件而
受到影響時，被視為出現減值。
減值之客觀證據可能包括：
• 發行人或對方出現重大財政困難；
或
• 違反合約，如未能繳付或拖欠利息
及本金；或
• 借款人有可能面臨破產或財務重組。
82EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
3. Significant Accounting Policies (Continued)
Financial instruments (Continued)
Financial assets (Continued)
Impairment of financial assets (Continued)
Objective evidence of impairment for a portfolio of
receivables could include the Group’s past experience
of collecting payments, an increase in the number of
delayed payments in the portfolio past the average credit
period, observable changes in national or local economic
conditions that correlate with default on receivables.
For financial assets carried at amortised cost, the amount
of the impairment loss recognised is the difference
between the asset’s carrying amount and the present
value of estimated future cash flows, discounted at the
financial asset’s original effective interest rate.
The carrying amount of the financial asset is reduced by
the impairment loss directly for all financial assets with the
exception of trade receivables, where the carrying amount
is reduced through the use of an allowance account.
Changes in the carrying amount of the allowance account
are recognised in profit or loss. When a trade receivable
is considered uncollectible, it is written off against the
allowance account. Subsequent recoveries of amounts
previously written off are credited to profit or loss.
For financial assets measured at amortised cost, if, in a
subsequent period, the amount of the impairment loss
decreases and the decrease can be related objectively
to an event occurring after the impairment loss was
recognised, the previously recognised impairment
loss is reversed through profit or loss to the extent
that the carrying amount of the investment at the date
the impairment is reversed does not exceed what the
amortised cost would have been had the impairment not
been recognised.
3. 主要會計政策（續）
金融工具（續）
金融資產（續）
金融資產減值（續）
應收款項組合出現減值之客觀證據包括本
集團過往收款經驗、組合內超過平均信貸
期之逾期付款數目上升、國家或地區經濟
狀況出現明顯變動導致未能收回應收款
項。
就按攤銷成本列賬之金融資產而言，已確
認之減值虧損金額為資產賬面值與估計未
來現金流量之現值間之差額，按金融資產
之原有實際利率貼現。
與所有金融資產有關之減值虧損會直接於
金融資產之賬面值中扣減，惟貿易應收款
項除外，其賬面值會透過使用撥備賬扣
減。撥備賬內之賬面值變動於損益確認。
當應收貿易款項被視為不可收回時，其將
於撥備賬內撇銷。先前撇銷但隨後收回之
金額計入損益。
以攤銷成本計量之金融資產而言，倘於隨
後期間減值虧損之數額減少，而此項減少
可客觀地與確認減值虧損後之某一事件發
生聯繫，則先前確認之減值虧損於損益中
撥回，惟以撥回減值當日之投資賬面值不
得超過假設未確認減值時之已攤銷成本為
限。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 83
3. Significant Accounting Policies (Continued)
Financial instruments (Continued)
Financial liabilities and equity instruments
Debt and equity instruments issued by a group entity
are classified as either financial liabilities or as equity
in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and
an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a
residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by the
Company are recognised at the proceeds received, net of
direct issue costs.
Effective interest method
The effective interest method is a method of calculating
the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash payments (including all fees and points paid or
received that form an integral part of the effective interest
rate, transaction costs and other premium or discounts)
through the expected life of the financial liability, or, where
appropriate, a shorter period to the net carrying amount on
initial recognition.
Interest expense is recognised on an effective interest
basis.
Financial liabilities at amortised cost
Financial liabilities (including trade payables, other
payables and amounts due to related companies) are
subsequently measured at amortised cost, using the
effective interest method.
3. 主要會計政策（續）
金融工具（續）
金融負債及權益工具
集團實體發行之債務及權益工具乃根據所
訂立合約安排之內容與金融負債及股本工
具之定義作為金融負債或權益工具分類。
權益工具
權益工具為證明實體於扣減所有負債後在
資產中有剩餘權益之任何合同。本公司發
行之權益工具經扣除直接發行成本後按已
收所得款項確認。
實際利率法
實際利率法是一種在相關期間內用於計算
金融負債之已攤銷成本以及分配利息開支
之方法。實際利率是可將金融負債預計年
期或（如適用）較短期間之估計未來現金付
款（包括屬於實際利率整體部分的所有已
付或已收費用、交易成本及其他溢價或折
讓）精確貼現至首次確認的賬面淨值之利
率。
利息開支按實際利率基準確認。
按攤銷成本計量的金融負債
金融負債（包括貿易應收款項、其他應付
款項以及應付關連公司款項）其後採用實
際利率法按攤銷成本計量。
84EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
3. Significant Accounting Policies (Continued)
Financial instruments (Continued)
Derecognition
The Group derecognises a financial asset only when the
contractual rights to the cash flows from the asset expire,
or when it transfers the financial asset and substantially all
the risks and rewards of ownership of the asset to another
entity.
On derecognition of a financial asset in its entirety, the
difference between the asset’s carrying amount and the
sum of the consideration received and receivable and
the cumulative gain or loss that had been recognised in
other comprehensive income and accumulated in equity is
recognised in profit or loss.
The Group derecognises financial liability when, and only
when, the Group’s obligations are discharged, cancelled
or have expired. The difference between the carrying
amount of the financial liability derecognised and the
consideration paid and payable is recognised in profit or
loss.
4. Key Sources of Estimation Uncertainty
In the application of the Group’s accounting policies,
which are described in note 3, the directors of the
Company are required to make estimates and assumptions
about the carrying amounts of assets and liabilities that
are not readily apparent from other sources. The estimates
and associated assumptions are based on historical
experience and other factors that are considered to be
relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an on-going basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the
period of the revision and future periods if the revision
affects both current and future periods.
3. 主要會計政策（續）
金融工具（續）
終止確認
僅於資產現金流量之合約權利屆滿時，或
將金融資產所有權之絕大部分風險及回報
轉讓予另一實體時，本集團方會終止確認
金融資產。
於剔除確認全部金融資產時，資產賬面值
與已收及應收代價與已於其他全面收益確
認及於權益累計的累計損益之和之差額，
會於損益表確認。
僅當本集團之義務獲解除、取消或到期
時，本集團方會終止確認金融負債。已剔
除確認之金融負債賬面值與已付及應付代
價之差額，會於損益表確認。
4. 估計不確定因素之主要來源
於應用附註 3 所載之本集團會計政策時，
本公司董事須就從其他來源不顯而易見之
資產及負債賬面值作出估計及假設。估計
及相關假設乃以過往經驗及認為屬有關之
其他因素為基礎。實際結果可能有別於該
等估計。
估計及相關假設會持續檢討。倘若會計估
計修訂只影響該期間，則有關修訂會在修
訂估計期間確認。倘若有關修訂既影響當
期，亦影響未來期間，則有關修訂會在修
訂期間及未來期間確認。
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 85
4. Key Sources of Estimation Uncertainty
(Continued)
Allowance for inventories
The management of the Company reviews regularly
the suitability of allowance policy and estimates the
net realisable value of inventories based primarily on
condition of the inventories, current market conditions,
historical and current sales information, pricing policy
and strategies, inventory realisation plan, as well as the
ageing of inventories to identify slow-moving items to
ascertain the amount of inventory allowance. In addition,
the management also appoints an independent external
valuer to perform valuation on certain jewellery items as
reference for allowance consideration. The Group carries
out an inventory review at the end of the reporting period
and makes allowance when the subsequent estimated net
realisable value of inventories is less than the original cost,
a material allowance may arise. As at 31 December 2017,
the carrying amount of inventories for goods held for resale
is HK$2,630,444,000 (net of allowance for inventories of
HK$70,837,000) (31 December 2016: HK$2,629,679,000
(net of allowance for inventories of HK$89,442,000)).
Impairment assessment of property, plant and
equipment
Property, plant and equipment are stated at cost less
subsequent accumulated depreciation and accumulated
impairment losses. Property, plant and equipment are
evaluated for possible impairment on a specific asset basis
or in groups of similar assets, as applicable. This process
requires the management’s estimate of future cash flows
generated by each asset or group of assets, of which key
assumptions include discount rates, sales growth rate and
margin. For any instance where this evaluation process
indicates impairment, the appropriate asset’s carrying
values are written down to the recoverable amount
which is based on the value-in-use calculations and the
amount of the write-down is charged against the results of
operations. As at 31 December 2017, the carrying value
of property, plant and equipment is HK$73,047,000 (2016:
HK$75,632,000), net of impairment of HK$7,842,000 (2016:
HK$6,707,000).
Income taxes
As at 31 December 2017, no deferred tax asset has been
recognised on the tax losses of HK$204,775,000 (2016:
HK$347,929,000) for certain operating subsidiaries due
to the unpredictability of future profit streams for these
subsidiaries. The realisability of the deferred tax asset
mainly depends on whether sufficient future profits or
taxable temporary differences will be available in the
future. If the future profit streams become predictable in
the future, a deferred tax asset will be recognised to the
extent that future taxable profits will be available in the
future.
4. 估計不確定因素之主要來源（續）
存貨撥備
本公司管理層定期審閱撥備政策之適當性
並初步根據存貨之狀況、當前市況、過往
及現時銷售資料、定價政策及策略、存貨
變現計劃以及存貨賬齡分析以識別滯銷項
目從而估計存貨的可變現淨值以確定存貨
撥備金額。此外，管理層亦委聘一名獨立
外部估值師以對若干珠寶項目進行估值作
為撥備考慮之參考。本集團於匯報期末進
行存貨檢討並在其後存貨之估計可變現淨
值少於其原有估計時作出撥備，可能產生
重大撥備。於 2017 年 12 月 31 日，持作轉
售貨品之存貨賬面值為 2,630,444,000 港
元（扣除存貨撥備 70,837,000 港元）（2016
年 12 月 31 日：2,629,679,000 港 元， 扣
除存貨撥備 89,442,000 港元）。
物業、機器及設備之減值評估
物業、機器及設備按成本減其後累計折舊及
累計減值虧損列賬。物業、機器及設備按個
別資產基準或按類似資產組別（倘適用）評估
可能之減值。此程序要求管理層按主要假設
（包括折現率、銷售增長及利潤率）估計各項
資產或資產組別產生的未來現金流量。倘該
評估程序中出現任何減值跡象，則將適當資
產賬面值撇減至其以使用價值計算為基礎
可收回金額，而該撇減金額自營運業績扣
除。於2017年12月31日，物業、機器及
設備之賬面值為73,047,000港元（2016年：
75,632,000港元）及扣除減值7,842,000港
元（2016年：6,707,000港元）。
所得稅
於 2017 年 12 月 31 日，由於未能預計若干
營運附屬公司未來溢利來源，因此並無就
該等附屬公司稅項虧損 204,775,000 港元
（2016 年：347,929,000 港元）確認遞延稅
項資產。變現遞延稅項資產主要有賴是否
有足夠未來溢利或將來可供利用之應課稅
暫時差異而定。倘於日後可預計未來溢利
來源，則確認遞延稅項資產，惟以可用作
抵銷未來應課稅溢利為限。
86EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
5. Revenue and Segment Information
Revenue represents the net amounts received and
receivable for goods sold less returns and net of trade
discounts.
Information reported to the chief operating decision maker
(“CODM”), the executive director and chief executive of
the Group, for the purposes of resource allocation and
assessment of segment performance focuses on the
locations of the operations. This is also the basis upon
which the Group is arranged and organised. The Group’s
operating segments under HKFRS 8 Operating Segments
are operations located in Hong Kong, Macau and other
regions in Asia Pacific. The revenue generated by each
of the operating segments is mainly derived from sales
of watch and jewellery. No operating segments identified
by the CODM have been aggregated in arriving at the
reportable segments of the Group.
The following is an analysis of the Group’s revenue and
results by reportable and operating segment:
For the year ended 31 December 2017
Other
regions in
Hong Kong Macau Asia Pacific Elimination Consolidated
香港 澳門 亞太其他地區 撇銷 綜合
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
Revenue 收入
External sales 外界銷售 3,046,688 234,296 794,140 – 4,075,124
Inter-segment sales* 分部間銷售 * 116,421 23,068 – (139,489) –
3,163,109 257,364 794,140 (139,489) 4,075,124
* Inter-segment sales are charged at cost * 分部間銷售按成本支銷
Segment profit 分部溢利 237,350 17,679 57,983 – 313,012
Unallocated other income 未分配其他收入 7,793
Unallocated administrative and other expenses 未分配行政及其他開支 (147,568)
Profit before tax 除稅前溢利 173,237
5. 收入及分部資料
收入指已收及應收售出商品款項減退貨及
交易折扣之淨額。
本 集 團 主 要 營 運 決 策 者（「主 營 運 決 策
者」），即本集團執行董事及及最高行政
人員，就資源分配及評估分部表現所獲匯
報之資料主要集中於業務所在地。此亦為
本集團進行安排及籌劃之基準。根據香港
財務報告準則第 8 號營運分部，本集團之
營運分部為位於香港、澳門及亞太其他地
區。各經營分部所產生之收益主要來自銷
售鐘錶及珠寶。主要營運決策者於得出本
集團之可呈報分部時，概無將已識別的任
何經營分部作合併處理。
以下為本集團收入及業績之可呈報及經營
分部分析：
截至2017年12月31日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 87
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
5. Revenue and Segment Information
(Continued)
For the year ended 31 December 2016
Other
regions in
Hong Kong Macau Asia Pacific Elimination Consolidated
香港 澳門 亞太其他地區 撇銷 綜合
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Revenue 收入
External sales 外界銷售 2,796,602 211,021 634,222 – 3,641,845
Inter-segment sales* 分部間銷售 * 52,221 15,000 – (67,221) –
2,848,823 226,021 634,222 (67,221) 3,641,845
* Inter-segment sales are charged at cost * 分部間銷售按成本支銷
Segment profit (loss) 分部溢利（虧損） 106,171 7,989 (17,583) – 96,577
Unallocated other income 未分配其他收入 6,100
Unallocated administrative and other expenses 未分配行政及其他開支 (162,520)
Loss before tax 除稅前虧損 (59,843)
The accounting policies of the reportable and operating
segments are the same as the Group’s accounting policies
described in note 3. Segment profit (loss) represents the
gross profit (loss) generated from each segment including
gross profit (loss) directly attributable to each segment, net
of selling and distribution expenses. This is the measure
reported to the CODM for the purposes of resource
allocation and assessment of segment performance.
Segment assets and liabilities
No assets and liabilities are included in the measures of
the Group’s segment reporting that are regularly reviewed
by the CODM. Accordingly, no segment assets and
liabilities are presented.
5. 收入及分部資料（續）
截至 2016 年 12 月 31 日止年度
可呈報及經營分部之會計政策與附註 3 所
述之本集團會計政策相同。分部溢利（虧
損）指各分部所產生之毛利（虧損），包括
各分部直接應佔毛利（虧損），並扣除銷售
及分銷開支。此為向主要營運決策者進行
匯報，以作資源分配及評估分部表現之計
量基準。
分部資產及負債
於主要營運決策者定期審閱的本集團分部
呈報的計量概無計入資產及負債。因此，
並無呈報分部資產及負債。
88EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
5. Revenue and Segment Information
(Continued)
Other segment information
Amounts included in the measure of segment profit (loss):
For the year ended 31 December 2017
Other
regions in
Hong Kong Macau Asia Pacific Unallocated Consolidated
香港 澳門 亞太其他地區 未分配 綜合
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Operating lease payments 經營租賃付款 330,597 12,583 79,847 8,638 431,665
For the year ended 31 December 2016
Other
regions in
Hong Kong Macau Asia Pacific Unallocated Consolidated
香港 澳門 亞太其他地區 未分配 綜合
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Operating lease payments 經營租賃付款 377,583 12,735 78,894 8,638 477,850
Revenue from major products
The following is an analysis of the Group’s revenue from its
major products:
2017 2016
HK$’000 HK$’000
千港元 千港元
Watch 鐘錶 3,238,603 2,856,719
Jewellery 珠寶 836,521 785,126
4,075,124 3,641,845
5. 收入及分部資料（續）
其他分部資料
計量分部溢利（虧損）之金額：
截至2017年12月31日止年度
截至 2016 年 12 月 31 日止年度
主要產品之收入
本集團來自主要產品之收入分析如下：
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 89
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
5. Revenue and Segment Information
(Continued)
Geographical information
Information about the Group’s non-current assets,
excluding deferred tax asset, presented based on the
geographical location of the assets are detailed below:
As at 31 December 2017
Other
regions in
Hong Kong Macau Asia Pacific Consolidated
香港 澳門 亞太其他地區 綜合
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Non-current assets 非流動資產 160,902 20,113 33,468 214,483
As at 31 December 2016
Other
regions in
Hong Kong Macau Asia Pacific Consolidated
香港 澳門 亞太其他地區 綜合
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
Non-current assets 非流動資產 170,756 13,001 36,595 220,352
No revenue from a single customer amounted to 10
percent or more of the Group’s total revenue for both
years.
6. Other Income
2017 2016
HK$’000 HK$’000
千港元 千港元
Interest income from bank deposits 銀行存款利息收入 5,951 5,173
Others 其他 1,842 927
7,793 6,100
5. 收入及分部資料（續）
地區資料
有關按資產所在地域位置呈報之本集團非
流動資產（遞延稅項資產除外）之資料詳情
載列如下：
於2017年12月31日
於 2016 年 12 月 31 日
於兩個年度，概無來自本集團單一客戶之
收益佔本集團收益總額 10% 或以上。
6. 其他收入
90EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
7. Profit (Loss) Before Tax
2017 2016
HK$’000 HK$’000
千港元 千港元
Profit (loss) before tax has been arrived
at after charging (crediting):
除稅前溢利（虧損）已扣除
（計入）下列項目：
Auditor’s remuneration 核數師酬金 3,609 3,285
Cost of inventories included in cost of sales
(included net reversal of allowance for
inventories of HK$20,109,000 (2016: allowance
for inventories HK$32,985,000)) (note a)
計入銷售成本之存貨成本
（包括存貨撥備撥回淨額
20,109,000 港元
（2016 年：存貨撥備
32,985,000 港元））（附註 a） 2,972,858 2,718,875
Depreciation of property, plant and equipment 物業、機器及設備折舊 33,070 51,319
Impairment loss recognised in respect of property,
plant and equipment (included in administrative
and other expenses) (note b)
就物業、機器及設備確認
之減值虧損（計入行政
及其他開支）（附註 b） 1,135 6,707
Loss on disposal/written off of property, plant and
equipment
出售╱註銷物業、機器及
設備之虧損 3,249 2,344
Net exchange (gain) loss 匯兌（收益）虧損淨額 (1,472) 1,457
Operating lease payments in respect of
rented premises
有關租賃物業之
經營租賃付款
– minimum lease payments －最低租賃付款 401,144 450,303
– contingent rent －或然租金 30,524 27,547
Staff costs, including Directors’ remuneration
(note 8(a))
員工成本，包括董事酬金
（附註 8(a))
– salaries and other benefits costs －薪金及其他福利費用 235,876 211,870
– retirement benefits scheme contributions －退休福利計劃供款 20,574 19,854
Notes:
(a) During the year, a reversal of allowance for inventories recognised
in profit or loss was attributable to the upswing of the watches and
jewellery business.
(b) Impairment loss of approximately HK$1,135,000 (2016: approximately
HK$6,707,000) was recognised in respect of property, plant and
equipment in other regions in Asia Pacific segments during the year
ended 31 December 2017 as part of administrative and other expenses
in profit or loss with reference to the estimated value-in-use of the cash
generating units as certain shops in the other regions in Asia Pacific
segment did not perform as expected.
7. 除稅前溢利（虧損）
附註：
(a) 於年內，於損益確認的撥備撥回乃由於手錶及珠
寶業務上升所致。
(b) 由於亞太分部的其他地區若干店舖的表現未如預
期，因此於截至 2017 年 12 月 31 日止年度經參
考現金產生單位的估計使用價值於損益中確認
物業、機器及設備之減值虧損約 1,135,000 港元
（2016 年：約 6,707,000 港元）作為行政及其他開
支的一部分。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 91
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
8. Directors’, Chief Executive’s and Employees’
Emoluments
(a) Directors and Chief Executive
Details of the emoluments paid and payable to the
Directors and Chief Executive for the year ended 31
December 2017 and 2016 are as follows:
For the year ended 31 December 2017
Performance Retirement
Salaries related benefits
and incentive scheme
Fees allowance payment contributions Total
袍金 薪金及津貼 表現獎勵開支
退休福利
計劃供款 總計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Executive Director and Chief Executive 執行董事及最高行政人員
Ms. Cindy Yeung 楊諾思女士 150 3,198 230 18 3,596
Executive Directors 執行董事
Mr. Chan Hung Ming
(resigned on 1 March 2018)
陳鴻明先生
（於2018年3月1日辭任） 150 1,440 120 – 1,710
Mr. Wong Chi Fai 黃志輝先生 150 – – – 150
Ms. Fan Man Seung, Vanessa 范敏嫦女士 150 – – – 150
Independent Non-executive Directors 獨立非執行董事
Ms. Yip Kam Man
(retired on 24 May 2017)
葉錦雯女士
（於2017年5月24日退任） 80 – – – 80
Ms. Lai Ka Fung, May
(retired on 24 May 2017)
黎家鳳女士
（於2017年5月24日退任） 80 – – – 80
Ms. Chan Sim Ling, Irene 陳嬋玲女士 200 – – – 200
Mr. Liu Hing Hung
(elected on 24 May 2017)
廖慶雄先生
（於2017年5月24日獲任命） 122 – – – 122
Ms. Chan Wiling, Yvonne
(elected on 24 May 2017)
陳慧玲女士
（於2017年5月24日獲任命） 122 – – – 122
1,204 4,638 350 18 6,210
8. 董事、最高行政人員及僱員酬金
(a) 董事及最高行政人員
截至 2017 年及 2016 年 12 月 31 日止
年度之已付及應付董事及最高行政
人員之酬金詳情如下：
截至2017年12月31日止年度
92EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
8. Directors’, Chief Executive’s and Employees’
Emoluments (Continued)
(a) Directors and Chief Executive (Continued)
For the year ended 31 December 2016
Performance Retirement
Salaries related benefits
and incentive scheme
Fees allowance payment contributions Total
袍金 薪金及津貼 表現獎勵開支
退休福利
計劃供款 總計
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
Executive Director and Chief Executive執行董事及最高行政人員
Ms. Cindy Yeung 楊諾思女士 150 3,178 288 18 3,634
Executive Directors 執行董事
Mr. Chan Hung Ming 陳鴻明先生 150 1,526 151 – 1,827
Mr. Wong Chi Fai 黃志輝先生 150 – – – 150
Ms. Fan Man Seung, Vanessa 范敏嫦女士 150 – – – 150
Independent Non-executive Directors 獨立非執行董事
Ms. Yip Kam Man 葉錦雯女士 200 – – – 200
Mr. Chan Hou Piu
(retired on 25 May 2016)
陳漢標先生
（於 2016 年 5 月 25 日退任） 80 – – – 80
Ms. Lai Ka Fung, May 黎家鳳女士 200 – – – 200
Ms. Chan Sim Ling, Irene
(elected on 25 May 2016)
陳嬋玲女士
（於 2016 年 5 月 25 日獲任命） 121 – – – 121
1,201 4,704 439 18 6,362
8. 董事、最高行政人員及僱員酬金
（續）
(a) 董事及最高行政人員（續）
截至 2016 年 12 月 31 日止年度
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 93
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
8. Directors’, Chief Executive’s and Employees’
Emoluments (Continued)
(b) Employees
Of the five individuals with the highest emoluments in
the Group, two (2016: two) were Directors and Chief
Executive whose emoluments are included in note
8(a) above. The emoluments of the remaining three
(2016: three) individuals were as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Salaries and allowance 薪金及津貼 3,525 3,224
Performance related incentive payment 表現獎勵開支 610 343
Retirement benefits scheme contributions 退休福利計劃供款 45 56
4,180 3,623
Their emoluments were within the following bands:
Number of employees
僱員人數
2017 2016
HK$1,000,001 to HK$1,500,000 1,000,001 港元至
1,500,000 港元 2 3
HK$1,500,001 to HK$2,000,000 1,500,001 港元至
2,000,000 港元 1 –
8. 董事、最高行政人員及僱員酬金
（續）
(b) 僱員
本集團之五位最高薪酬僱員，其中
兩位（2016 年：兩位）為董事及最高
行政人員。彼等之薪酬載列於上述
附 註 8(a)。 餘 下 三 位（2016 年： 三
位）之薪酬如下：
彼等之薪酬範圍如下：
94EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
8. Directors’, Chief Executive’s and Employees’
Emoluments (Continued)
(b) Employees (Continued)
Notes:
(i) The fees paid or payable to the Executive Directors, Chief
Executive and Independent Non-executive Directors shown
above were for their services in connection with their services
as directors of the Company.
(ii) The salaries and allowance, performance relative incentive
payment and retirement benefits scheme contributions paid
or payable to the Executive Directors and Chief Executive
shown above were for their services in connection with the
management of the affairs of the Group.
(iii) The performance related incentive payment is a discretionary
bonus determined based on the financial performance of the
Group.
(iv) No Directors or Chief Executive waived any emoluments in the
years ended 31 December 2017 and 31 December 2016.
(v) During the years ended 31 December 2017 and 31 December
2016, no emoluments were paid by the Group to any of the
directors or the five highest paid individuals as an inducement
to join or upon joining the Group or as compensation for loss of
office.
8. 董事、最高行政人員及僱員酬金
（續）
(b) 僱員（續）
附註：
(i) 已付或應付執行董事、最高行政人員及獨
立非執行董事之袍金乃與彼等就擔任本公
司董事而提供之服務有關。
(ii) 已付或應付執行董事及最高行政人員之薪
金及津貼、表現獎勵開支及退休福利計劃
供款乃與彼等就管理本集團事務而提供之
服務有關。
(iii) 表現獎勵開支乃按本集團之財務表現釐定
之酌情花紅。
(iv) 截 至2017年12月31日 及2016年12月31
日止年度，概無董事放棄任何酬金。
(v) 截 至2017年12月31日 及2016年12月31
日止年度，本集團概無向董事或五位最高
薪酬僱員支付任何酬金，作為加入本集團
或於加入本集團後的獎勵，或作為離職時
的補償。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 95
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
9. Taxation
2017 2016
HK$’000 HK$’000
千港元 千港元
The tax charge (credit) for the year comprises: 年內稅項支出（抵免）包括：
Current year: 本年度：
Hong Kong 香港 5,935 (3,005)
Macau 澳門 2,575 2,193
Singapore 新加坡 1,444 951
9,954 139
Under(over) provision in prior years: 過往年度撥備不足（超額撥備）：
Hong Kong 香港 – 2,985
Macau 澳門 – (227)
Singapore 新加坡 389 –
389 2,758
Deferred taxation (note 18) 遞延稅項（附註 18） 3,203 2,081
13,546 4,978
No provision for taxation in Hong Kong has been made as
the Group has no assessable profits for the year ended 31
December 2016 while Hong Kong Profits Tax is calculated
at % of the estimated assessable profits for the year
ended 31 December 2017.
Under the Law of the People’s Republic of China
(“PRC”) on Enterprise Income Tax (the “EIT Law”) and
Implementation Regulation of the EIT Law, the tax rate of
the Company’s subsidiaries in the PRC is 25% for both
years.
The Macau Complementary Income Tax is calculated at
12% of the estimated assessable profits for both years.
Singapore Income Tax is calculated at 17% of the
estimated assessable profits for both years.
Details of deferred taxation are set out in note 18.
9. 稅項
由於本集團截至 2016 年 12 月 31 日止年度
並無應課稅溢利，故並未就香港稅項作出
撥備，而香港利得稅乃根據截至 2017 年
12 月 31 日止年度之估計應課稅溢利按稅
率 % 計算。
根據中華人民共和國（「中國」）企業所得稅
法（「企業所得稅法」）及企業所得稅法之實
施規定，本公司在中國之附屬公司於兩個
年度之稅率為 25%。
澳門所得補充稅乃根據兩個年度之估計應
課稅溢利按稅率 12% 計算。
新加坡所得稅根據兩個年度之估計應課稅
溢利按稅率 17% 計算。
遞延稅項之詳情載列於附註 18。
96EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
9. Taxation (Continued)
Taxation for the year can be reconciled to the profit (loss)
before tax per the consolidated statement of profit or loss
and other comprehensive income as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Profit (loss) before tax 除稅前溢利（虧損） 173,237 (59,843)
Tax charge at Hong Kong Profits Tax rate of
%
按%之香港利得稅稅率徵
收之稅項 28,584 (9,874)
Tax effect of expenses not deductible for tax
purpose
不可扣稅開支之稅務影響
8,264 3,721
Tax effect of income not taxable for tax purpose 無須課稅收入之稅務影響 (8,030) (4,223)
Effect of different tax rates of subsidiaries
operating in other jurisdictions
附屬公司於其他司法權區經營
之不同稅率之影響 (792) (730)
Tax effect of tax losses not recognised 尚未確認稅項虧損之稅務影響 1,604 14,145
Utilisation of tax losses previously not recognised 動用先前未確認之稅項虧損 (17,899) (484)
Underprovision in respect of prior years 過往年度之撥備不足 389 2,758
Others 其他 1,426 (335)
Taxation for the year 年度稅項 13,546 4,978
The Hong Kong Profits Tax rate is used as this is the
domestic tax rate in the jurisdiction where the operation of
the Group is substantially based. Taxation arising in other
jurisdictions is calculated at the rates prevailing in the
relevant jurisdiction.
10. Dividends
During the year ended 31 December 2017, an interim
dividend of cent (2016: Nil) per share in respect
of the year ended 31 December 2017 amounting to
approximately HK$11,700,000 (2016: Nil) was paid in
September 2017. Subsequent to the end of the reporting
period, the directors of the Company have recommended
the payment of a final dividend of cent per share in
respect of the year ended 31 December 2017 (2016: Nil)
in an aggregate amount of cent (2016: Nil) and is
subject to approval by the shareholders in the forthcoming
annual general meeting.
9. 稅項（續）
本年度稅項與綜合損益及其他全面收入報
表所示之除稅前溢利（虧損）對賬如下：
所採用之香港利得稅率乃本集團業務主要
所在司法權區之當地稅率。於其他司法權
區產生之稅項乃按相關司法權區之適用稅
率計算。
10. 股息
於 截 至 2017 年 12 月 31 日 止 年 度， 已 於
2017 年 9 月 派 付 截 至 2017 年 12 月 31 日
止 年 度 之 每 股 港 仙（2016 年： 無 ）
之中期股息，合共約為 11,700,000 港元
（2016 年：無）。於報告期末後，本公司
董事已建議派付截至 2017 年 12 月 31 日止
年度之每股 港仙（2016 年：無）之末
期股息，合共 港仙（2016 年：無），
並須於應屆週年股東大會上獲股東批准。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 97
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
11. Profit (Loss) per Share - Basic
The calculation of the basic profit (loss) per share
attributable to the owners of the Company is based on the
following data:
Profit (loss)
2017 2016
HK$’000 HK$’000
千港元 千港元
Profit (loss) for the year attributable to the
owners of the Company for the purpose
of basic profit (loss) per share
就計算每股基本溢利（虧損）
之本公司擁有人應佔年度
溢利（虧損） 159,691 (64,821)
Number of shares
2017 2016
Number of ordinary shares for the purpose
of basic profit (loss) per share
計算每股基本溢利（虧損）的
普通股數目 6,882,448,129 6,882,448,129
No diluted profit (loss) per share in both years was
presented as there were no potential dilutive ordinary
shares in issue during both years.
11. 每股溢利（虧損）－基本
本公司擁有人應佔每股基本溢利（虧損）乃
根據下列數據計算：
溢利（虧損）
股份數目
由於兩個年度並無已發行潛在攤薄普通
股，因此於兩個年度內並無呈報每股攤薄
溢利（虧損）。
98EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
12. Property, Plant and Equipment
Furniture,
Leasehold fixtures and Motor
improvements equipment vehicles Total
租賃物業
改善工程
傢俬、裝置
及設備 汽車 總計
HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元
COST 成本
At 1 January 2016 於 2016 年 1 月 1 日 301,034 68,707 885 370,626
Exchange realignment 匯兌調整 (2,180) (1,076) (12) (3,268)
Additions 添置 27,596 8,762 – 36,358
Disposals/written off 出售╱註銷 (20,903) (985) – (21,888)
At 31 December 2016 於 2016 年 12 月 31 日 305,547 75,408 873 381,828
Exchange realignment 匯兌調整 3,134 1,011 13 4,158
Additions 添置 21,000 12,043 668 33,711
Disposals/written off 出售╱註銷 (32,596) (3,026) (638) (36,260)
At 31 December 2017 於 2017 年 12 月 31 日 297,085 85,436 916 383,437
DEPRECIATION AND IMPAIRMENT 折舊及減值
At 1 January 2016 於 2016 年 1 月 1 日 225,245 43,592 726 269,563
Exchange realignment 匯兌調整 (1,517) (341) (4) (1,862)
Provided for the year 年內撥備 43,461 7,815 43 51,319
Impairment loss recognised in profit or loss 於損益確認之減值虧損 6,707 – – 6,707
Eliminated on disposals/written off 出售╱註銷時撇銷 (18,951) (580) – (19,531)
At 31 December 2016 於 2016 年 12 月 31 日 254,945 50,486 765 306,196
Exchange realignment 匯兌調整 2,412 497 7 2,916
Provided for the year 年內撥備 24,697 8,283 90 33,070
Impairment loss recognised in profit or loss 於損益確認之減值虧損 653 482 – 1,135
Eliminated on disposals/written off 出售╱註銷時撇銷 (29,562) (2,727) (638) (32,927)
At 31 December 2017 於 2017 年 12 月 31 日 253,145 57,021 224 310,390
CARRYING VALUES 賬面值
At 31 December 2017 於 2017 年 12 月 31 日 43,940 28,415 692 73,047
At 31 December 2016 於 2016 年 12 月 31 日 50,602 24,922 108 75,632
12. 物業、機器及設備
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 99
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
12. Property, Plant and Equipment (Continued)
The items of property, plant and equipment above are
depreciated on a straight-line basis at the following rates
per annum:
Leasehold improvements Shorter of lease term or
% - %
Furniture, fixtures and
equipment
9% - %
Motor vehicles 18% - 20%
Impairment loss of approximately HK$1,135,000 (2016:
approximately HK$6,707,000) was recognised in respect
of property, plant and equipment in other regions in Asia
Pacific segments during the year ended 31 December
2017 as part of administrative and other expenses in profit
or loss with reference to the estimated value-in-use of the
cash generating units as certain shops in the other regions
in Asia Pacific segment did not perform as expected.
13. Inventories
2017 2016
HK$’000 HK$’000
千港元 千港元
Raw materials 原料 20,667 17,023
Goods held for resale 持作轉售貨品 2,630,444 2,629,679
2,651,111 2,646,702
12. 物業、機器及設備（續）
上述物業、機器及設備項目以直線基準按
下列年率折舊：
租賃物業改善工程 租賃期較短或 %
至 %
傢俬、裝置及設備 9% 至 %
汽車 18% 至 20%
由於亞太分部的其他地區若干店舖的表現
未 如 預 期， 因 此 於 截 至 2017 年 12 月 31
日止年度經參考現金產生單位的估計使用
價值於損益中確認物業、機器及設備之
減值虧損約 1,135,000 港元（2016 年：約
6,707,000 港元）作為行政及其他開支的一
部分。
13. 存貨
100EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
14. Receivables, Deposits and Prepayments
2017 2016
HK$’000 HK$’000
千港元 千港元
Trade receivables 貿易應收款項 79,334 75,334
Other receivables, deposits and prepayments 其他應收款項、按金
及預付款項 99,378 93,803
Other PRC tax recoverable 其他中國可收回稅項 6,318 5,166
Other Singapore tax recoverable 其他新加坡可收回稅項 1,118 2,404
186,148 176,707
Retail sales are normally settled in cash or by credit cards
with the settlement from the corresponding banks or other
financial institutions within seven days. Receivables from
retail sales in department stores are normally collected
within one month.
Included in other receivables, deposits and prepayments
as at 31 December 2017 were advance to suppliers
of HK$29,878,000 (2016: HK$26,369,000) and rebate
receivables of HK$39,891,000 (2016: HK$38,622,000).
The remaining are individually insignificant.
The following is an ageing analysis of trade receivables
presented based on the invoice date at the end of the
reporting period, which approximated the respective
revenue recognition dates.
2017 2016
HK$’000 HK$’000
千港元 千港元
Within 30 days 30 日內 65,253 60,577
31 - 60 days 31 至 60 日 12,821 10,368
61 - 90 days 61 至 90 日 488 896
Over 90 days 超過 90 日 772 3,493
79,334 75,334
14. 應收款項、按金及預付款項
零售銷售一般以現金或相關銀行或其他金
融機構支付之信用卡於七日內償付。於百
貨公司零售銷售之應收款項一般於一個月
內收取。
已 計 入 其 他 應 收 款 項、 按 金 及 預 付 款
項 於2017年12月31日 向 供 應 商 墊 款
29,878,000港元（2016年：26,369,000港元）
及 應 收 回 扣39,891,000港 元（2016年：
38,622,000港元）。其餘的均為單項不重
大金額。
下列為貿易應收款項於匯報期末按發票日
期（與各相應收入確認日期臨近）呈列之賬
齡分析。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 101
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
14. Receivables, Deposits and Prepayments
(Continued)
Trade receivables that are neither past due nor impaired
relate to receivables from credit card sales and
department stores sales for whom there were no history of
default.
Included in the trade receivables balance were receivables
from department stores with aggregate carrying amount of
HK$4,763,000 (2016: HK$5,426,000) which are past due
at the reporting date for which the Group has not provided
for impairment loss. The Group does not hold any collateral
over nor charge any interest on these balances.
Ageing of trade receivables which are past due but not
impaired
2017 2016
HK$’000 HK$’000
千港元 千港元
Overdue 1 - 30 day(s) 逾期 1 至 30 日 3,386 949
Overdue 31 - 60 days 逾期 31 至 60 日 457 2,541
Overdue 61 - 90 days 逾期 61 至 90 日 148 329
Overdue more than 90 days 逾期超過 90 日 772 1,607
4,763 5,426
Trade receivables that are past due but not impaired
relate to department stores sales that have continuous
settlements subsequent to reporting date. The Directors
are of opinion that no impairment is necessary in respect of
these balances as there has not been a significant change
in credit quality and the balances are still considered fully
recoverable.
Trade receivables that are not denominated in the
functional currencies of the respective group entities are
as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Macau Pataca (“MOP”) 澳門元（「澳門元」） 1,529 416
14. 應收款項、按金及預付款項（續）
既無逾期亦沒有減值之貿易應收款項與並
無拖欠記錄之信用卡銷售及百貨公司銷售
之應收貿易款項相關。
貿 易 應 收 款 項 結 餘 中 包 括 賬 面 總 值 為
4,763,000港元（2016年：5,426,000港元）
之應收某些百貨公司賬款，於匯報日期，
該等款項已逾期，而本集團並無作出減值
虧損撥備。本集團並無就此等結餘取得任
何抵押品或收取任何利息。
已逾期但未作減值之貿易應收款項賬齡
百貨公司銷售相關之已逾期但未減值貿易
應收款項於匯報日期後將繼續清償。董事
認為，由於該等結餘之信貸質素並無重大
變動，而有關結餘仍被視為可全數收回，
故對該等結餘並無任何減值。
並非以各集團實體之功能貨幣計值之貿易
應收款項如下：
102EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
15. Bank Balances and Cash
As at 31 December 2017, bank balances included time
deposits of HK$81,029,000 (2016: HK$170,020,000)
with maturity over three months that carried interest
at prevailing interest rate which ranged from %
to % (2016: % to %) per annum.
Remaining bank balances carried interest at market rates
which ranged from % to % (2016: %
to %) per annum with maturity three months or less.
Bank balances and cash that are not denominated in the
functional currencies of the respective group entities are
as follow:
2017 2016
HK$’000 HK$’000
千港元 千港元
HK$ 港元 1,909 98
MOP 澳門元 32,084 33,854
United States dollars (“USD”) 美元（「美元」） 1,213 602
Renminbi (“RMB”) 人民幣（「人民幣」） 4 286
16. Payables, Deposits Received and Accrued
Charges
2017 2016
HK$’000 HK$’000
千港元 千港元
Trade payables 貿易應付款項 139,170 93,553
Other payables, deposits received and
accrued charges
其他應付款項、已收訂金及
應計費用 139,497 114,595
Other PRC tax payables 其他中國稅項應付款項 5,156 13,846
283,823 221,994
Included in other payables, deposits received and accrued
charges as at 31 December 2017 were accrued bonus
and incentive of HK$18,980,000 (2016: HK$6,495,000)
and accrued rental expense of HK$37,500,000 (2016:
HK$35,375,000). The remaining are indiv idual ly
insignificant.
15. 銀行結餘及現金
於 2017 年 12 月 31 日，銀行結餘包括按每
年%至%（2016年：%
至 %）的現行利率計息屆滿期超過
三個月的定期存款 81,029,000 港元（2016
年：170,020,000 港 元 ）。 銀 行 結 餘 包 括
按 每 年 % 至 %（2016 年：
% 至 %）的市場利率計息於
不超過三個月到期的定期存款。
並非以各集團實體之功能貨幣列值之銀行
結餘及現金如下：
16. 應付款項、已收訂金及應計費用
已計入其他應付款項，已收訂金及應計費用於
2017年12月31日為累計花紅及獎金18,980,000
港元（2016年：6,495,000港元）及應計租賃開支
37,500,000 港元（2016 年：35,375,000 港元）。
其餘的均為單項不重大金額。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 103
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
16. Payables, Deposits Received and Accrued
Charges (Continued)
The ageing analysis of trade payables presented based
on the invoice date at the end of the reporting period are
as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Within 30 days 30 日內 134,090 86,362
31 - 60 days 31 至 60 日 4,154 6,385
61 - 90 days 61 至 90 日 194 806
Over 90 days 超過 90 日 732 –
139,170 93,553
The Group normally receives credit terms of 30 to 60 days.
Trade payables that are not denominated in the functional
currencies of the respective group entities are as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
MOP 澳門元 4,252 4,252
USD 美元 6,988 14,002
17. Amounts Due to Related Companies
The amounts due to related companies mainly represent
the rental, electricity and air-conditioning expenses
payable and service charge payable to related companies.
These amounts are unsecured, interest-free and repayable
on demand. The related companies represent companies
controlled by the AY Trust of which STC International is the
trustee.
16. 應付款項、已收訂金及應計費用
（續）
貿易應付款項於匯報期末按發票日期呈列
之賬齡分析如下：
本集團一般獲授之信貸期為 30 至 60 日。
並非以各集團實體之功能貨幣計值之貿易
應付款項如下：
17. 應付關連公司款項
應付關連公司款項主要為應付關連公司之
租金、電費及空調費支出，以及服務費，
為無抵押、免息及按要求償還。關連公司
指由 AY Trust（STC International 為其受
託人）控制之公司。
104EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
18. 遞延稅項
本集團確認之遞延稅項資產（負債）及其於
本年度及過往年度之變動如下：
就呈列於綜合財務狀況表而言，若干遞延
稅項資產及負債已予抵銷。以下為就財務
申報而言的遞延稅項結餘的分析：
於 匯 報 期 間 結 算 日， 本 集 團 擁 有 可 供
抵 銷 未 來 溢 利 之 未 動 用 稅 項 虧 損 約
204,775,000 港 元（2016 年：347,929,000
港 元 ）。 由 於 未 來 溢 利 來 源 難 以 預 計，
故 未 就 稅 項 虧 損 確 認 遞 延 稅 項 資 產。
於 其 他 司 法 權 區 經 營 之 附 屬 公 司 所 產
生 尚 未 確 認 稅 項 虧 損 包 括 將 於 未 來 數
年 屆 滿 之 204,615,000 港 元（2016 年：
246,049,000 港 元 ）之 虧 損（見 下 表 ）。
其他虧損可無限期結轉。年內已屆滿之
稅 項 虧 損 達 44,398,000 港 元（2016 年：
25,772,000 港元）。
18. Deferred Taxation
The following are the deferred tax assets (liabilities)
recognised by the Group and the movements thereon
during the current and prior years:
Accelerated
accounting
depreciation Others Total
加速會計
折舊 其他 總計
HK$’000 HK$’000 HK$’000
千港元 千港元 千港元
At 1 January 2016 於 2016 年 1 月 1 日 13,319 (444) 12,875
Exchange realignment 匯兌調整 12 13 25
(Charge) credit to profit or loss for the year 於年內損益（扣除）計入 (2,512) 431 (2,081)
At 31 December 2016 於 2016 年 12 月 31 日 10,819 – 10,819
Exchange realignment 匯兌調整 (4) – (4)
Charge to profit or loss for the year 於年內損益扣除 (3,203) – (3,203)
At 31 December 2017 於 2017 年 12 月 31 日 7,612 – 7,612
For the purpose of presentation in the consolidated
statement of financial position, certain deferred tax assets
and liabilities have been offset. The following is the
analysis of the deferred tax balances for financial reporting
purpose:
2017 2016
HK$’000 HK$’000
千港元 千港元
Deferred tax assets 遞延稅項資產 8,662 10,862
Deferred tax liabilities 遞延稅項負債 (1,050) (43)
7,612 10,819
At the end of the reporting period, the Group has unused
tax losses of approximately HK$204,775,000 (2016:
HK$347,929,000) available for offset against future
profits. No deferred taxation asset has been recognised
in respect of tax losses due to unpredictability of future
profit streams. Included in unrecognised tax losses are
losses incurred by subsidiaries in other jurisdictions of
HK$204,615,000 (2016: HK$246,049,000) that will expire
in the coming years (please see the table below). Other
losses may be carried forward indefinitely. Tax losses of
HK$44,398,000 (2016: HK$25,772,000) have been expired
during the year.
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 105
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
18. Deferred Taxation (Continued)
The unused tax losses available for offset against future
profits are analysed as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Will expire on: 將於下列日期屆滿：
31 December 2017 2017 年 12 月 31 日 – 51,156
31 December 2018 2018 年 12 月 31 日 55,152 55,152
31 December 2019 2019 年 12 月 31 日 33,780 26,249
31 December 2020 2020 年 12 月 31 日 41,287 41,287
31 December 2021 2021 年 12 月 31 日 72,205 72,205
31 December 2022 2022 年 12 月 31 日 2,191 –
204,615 246,049
Unrecognised tax loses that may
carry forward indefinitely
可無限期結轉之尚未
確認稅項虧損 160 101,880
204,775 347,929
19. Share Capital
Amount
Number of 金額
shares HK$’000
股份數目 千港元
Issued and fully paid 已發行及繳足
At 1 January 2016,
31 December 2016 and
31 December 2017
於 2016 年 1 月 1 日、
2016 年 12 月 31 日及
2017 年 12 月 31 日 6,882,448,129 3,484,152
18. 遞延稅項（續）
可用作抵銷未來溢利之未動用稅項虧損分
析如下：
19. 股本
106EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
20. Reserves
(a) Merger reserve arose from the group reorganisation
scheme (the “Group Reorganisation”) undertaken by
the Company to rationalise the structure of the Group
in preparation for the listing of the Company’s shares
on the Stock Exchange in 2008.
(b) Other reserve represented the aggregate amount of:
(i) the difference between the nominal value of
share capital and the amount due to Emperor
W&J Holdings capitalised for issue of 344
ordinary shares of US$1 each in a subsidiary
o f HK$343,997,000 pr io r to the Group
Reorganisation;
(ii) the capital contribution of HK$6,000 by Emperor
W&J Holdings in Emperor Watch and Jewellery
Company Limited (subsequently renamed as
Prime Sharp Limited, a then fellow subsidiary
of the Company) (“EWJCL”) prior to the Group
Reorganisation;
(iii) p r o m i s s o r y n o t e s i n a g g r e g a t e o f
HK$373,006,000 issued in exchange for
shares in the subsidiaries as a part of Group
Reorganisation;
(iv) the excess of the consideration paid for
acquisition of additional interest in a subsidiary
from a non-controlling shareholder over the
carrying amount of non-controlling interest
of HK$927,000 during the year ended 31
December 2010;
(v) the shortfall of the consideration paid for
acquisition of additional interest in a subsidiary
from a non-controlling interest of HK$4,063,000
during the year ended 31 December 2010;
(vi) the reversal of reserve of HK$295,000 arising
from the deregistration of a non-wholly owned
subsidiary during the year ended 31 December
2011; and
(vii) the reversal of HK$28,000 and HK$5,000 arising
from the deregistration of a wholly owned
subsidiary during the year ended 31 December
2015 and 31 December 2014 respectively.
(c) Capital reserve represented the excess of the value
of net assets acquired over purchase consideration
paid to EWJCL by Emperor Watch & Jewellery (HK)
Company Limited in 1987.
20. 儲備
(a) 合併儲備因本公司為籌備本公司股
份於 2008 年在聯交所上市而精簡本
集團架構之集團重組計劃（「集團重
組」）所產生。
(b) 其他儲備指下列各項之總額：
(i) 於集團重組前，股本面值與應
付英皇鐘錶珠寶控股款項資本
化（發行 344 股附屬公司每股面
值 1 美元之普通股股份）之間的
差額 343,997,000 港元；
(ii) 英皇鐘錶珠寶控股在集團重組
前對英皇鐘錶珠寶有限公司（其
後稱為 Prime Sharp Limited，
當時為本公司之同母系附屬公
司 ）（「EWJCL」）之 出 資 6,000
港元；
(iii) 作為集團重組之部份，就交換
附屬公司之股份而發行之承兌
票據合共 373,006,000 港元；
(iv) 向一名非控股股東收購一間附
屬 公 司 額 外 權 益 之 已 付 代 價
超 過 非 控 股 權 益 於 截 至 2010
年 12 月 31 日 止 年 度 之 賬 面 值
927,000 港元；
(v) 於截至 2010 年 12 月 31 日止年
度向一名非控股權益收購一間
附屬公司額外權益之已付代價
不足金額 4,063,000 港元；
(vi) 截至2011年12月31日止年度，
剔除註冊一間非全資附屬公司而
撥回之儲備295,000港元；及
(vii) 截至 2015 年 12 月 31 日及 2014
年 12 月 31 日 止 年 度， 剔 除 註
冊一間全資附屬公司而分別撥
回 28,000 港元及 5,000 港元。
(c) 資本儲備指英皇鐘錶珠寶（香港）有
限 公 司 於 1987 年 收 購 EWJCL 之 資
產淨值超逾購買代價之部份。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 107
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
21. Capital Risk Management
The Group manages its capital to ensure the entities in
the Group will be able to continue as a going concern
while maximising the return to shareholders through the
optimisation of the debt and equity balances. The Group’s
overall strategy remains unchanged from prior year.
The capital structure of the Group consists of cash and
cash equivalents and equity attributable to the owners
of the Company, comprising issued share capital and
reserves.
The Directors review the capital structure periodically. As
part of this review, the Group considers the cost of capital
and risks associated with the capital, and will balance its
overall capital structure through new share issues of the
Company as well as raising of bank borrowings.
22. Financial Instruments
a. Categories of financial instruments
2017 2016
HK$’000 HK$’000
千港元 千港元
Financial assets 金融資產
Loans and receivables
(including cash and cash equivalent)
貸款及應收款項（包括現金
及現金等價物） 1,739,008 1,438,375
Financial liabilities 金融負債
At amortised cost 按攤銷成本 193,431 124,177
b. Financial risk management objectives and
policies
The Group’s financial instruments include trade
receivables, other receivables, bank balances and
cash, trade payables, other payables and amounts
due to related companies. Details of these financial
instruments are disclosed in their respective notes.
The risks associated with these financial instruments
include market risk (including foreign currency risk
and interest rate risk), credit risk and liquidity risk.
The policies on how to mitigate these risks are set out
below. The management of the Company manages
and monitors these exposures to ensure appropriate
measures are implemented on a timely and effective
manner.
21. 資本風險管理
本集團管理資本以確保集團內各實體均可
持續經營，同時透過優化債務及股本結餘
為股東謀求最大回報。本集團之整體策略
與過往年度相比並無改變。
本集團之資本結構包括現金及現金等價物
以及本公司擁有人應佔權益（包括已發行
股本及儲備）。
董事定期檢討資本結構。檢討時，本集團
考慮資本成本及資本相關風險，並將透過
本公司發行新股及籌措銀行借貸平衡整體
資本結構。
22. 金融工具
a. 金融工具類別
b. 財務風險管理目標及政策
本集團之金融工具包括貿易應收款
項、其他應收款項、銀行結餘及現
金、貿易應付款項、其他應付款項
以及應付關連公司款項。該等金融
工具詳情於各附註披露。與該等金
融工具相連之風險包括市場風險（包
括外匯風險及利率風險）、信貸風險
及流動資金風險。下文載列減低該
等風險之政策。本公司管理層管理
及監察該等風險，以確保及時有效
地採取適當措施。
108EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
22. Financial Instruments (Continued)
b. Financial risk management objectives and
policies (Continued)
Market risk
The Group’s activities are exposed primarily to the
financial risks of changes in interest rates and foreign
currency exchange rates (see below).
(i) Interest rate risk
The Group has exposure to cash flow interest
rate risk due to the fluctuation of the prevailing
market interest rate on bank balances (note 15).
The Group currently does not use any derivative
contracts to hedge its exposure to interest rate
risk. However, the management of the Company
will consider hedging significant interest rate
exposure should the need arise.
Sensitivity analysis
In the opinion of the Directors, no sensitivity
analysis is prepared for the interest rate risk for
variable-rate bank balances since the interest
rates did not fluctuate significantly during the
year and the impact on the Group’s results for
the year is not significant.
(ii) Foreign currency risk
The Group undertakes certain sales and
purchases transact ions denominated in
MOP, USD, RMB and SGD which are the
currencies other than the functional currencies
of respective group entities. As the foreign
exchange rate of HK$ is closed to MOP and
HK$ is pegged with USD, the Directors consider
the Group’s exposure to foreign currency risk
of these currencies is minimal. The Group is
mainly exposed to foreign currency fluctuation
of HK$, RMB and HK$, as these group entities,
whose functional currencies are RMB, HK$
and SGD hold certain bank balances and inter-
group balances denominated in HK$, RMB
and HK$ respectively. The Group manages its
foreign currency risk by closely monitoring the
movements of the foreign currency rates. The
Directors conduct periodical review of foreign
currency exposure and will consider hedging
significant foreign exchange exposure should
the need arise.
22. 金融工具（續）
b. 財務風險管理目標及政策（續）
市場風險
本集團業務主要面臨來自利率及外
幣匯率變動之財務風險（見下文）。
(i) 利率風險
由於銀行結餘之現行市場利率
波動，本集團面對現金流量利
率風險（附註 15）。本集團現時
並無使用任何衍生工具合約對
沖利率風險。然而，本公司管
理層將於需要時考慮對沖重大
利率風險。
敏感度分析
董事認為，因利率於年內未見
大幅度波動，而其對本集團年
內之業績影響不大，故並無編
製浮息銀行結餘利率風險之敏
感度分析。
(ii) 外匯風險
本集團以澳門元、美元、人民
幣及新加坡元（即各集團實體功
能貨幣以外之貨幣）為單位進
行若干買賣交易。由於港元兌
澳門元之匯率相近，而港元與
美元掛鈎，董事認為，本集團
就該等貨幣面對之外匯風險輕
微。本集團之主要風險來自港
元、人民幣及港元之外幣匯率
波動，乃由於相關集團實體之
功能貨幣為人民幣、港元及新
加坡元，而該等集團實體持有
若干分別以港元、人民幣及港
元計值之銀行結餘及集團間結
餘。本集團透過緊密監察外幣
匯率變動管理其外幣風險。董
事定期審閱外匯風險，並於需
要時考慮對沖重大外匯風險。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 109
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
22. Financial Instruments (Continued)
b. Financial risk management objectives and
policies (Continued)
Market risk (Continued)
(ii) Foreign currency risk (Continued)
The carrying amounts of the Group’s foreign
currency denominated monetary assets and
liabilities and the foreign currency denominated
inter-group balances at the respective reporting
dates are as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Assets 資產
Third parties 第三方
HK$ 港元 1,909 102
MOP 澳門元 33,613 34,270
USD 美元 1,213 602
RMB 人民幣 4 286
Inter-group balances 集團間結餘
SGD 新加坡元 160,780 136,692
Liabilities 負債
Third parties 第三方
MOP 澳門元 4,252 4,252
USD 美元 6,988 14,002
Inter-group balances 集團間結餘
HK$ 港元 858,395 858,395
22. 金融工具（續）
b. 財務風險管理目標及政策（續）
市場風險（續）
(ii) 外匯風險（續）
本集團於各匯報日期以外幣結
算之貨幣資產及負債以及以外
幣結算之集團間結餘賬面值如
下：
110EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
22. Financial Instruments (Continued)
b. Financial risk management objectives and
policies (Continued)
Market risk (Continued)
(ii) Foreign currency risk (Continued)
Sensitivity analysis
The sensitivity analysis below details the
Group’s sensitivity to a 6% (2016: 6%) increase
in the functional currencies of the relevant
group entities, HK$ and RMB, relative to
respective foreign currencies, HK$, MOP,
RMB and SGD. The sensitivity analysis of the
Group also includes foreign currency exposure
on inter-group balances. 6% (2016: 6%) is
the sensitivity rate used in the management’s
assessment of the reasonably possible change
in foreign currency rates. The sensitivity
analysis includes only foreign currencies
denominated monetary items and adjusts their
translation at the end of the reporting period for
a 6% (2016: 6%) change in the foreign currency
rates. If the functional currencies of the relevant
group entities strengthen/weaken 6% against
respective foreign currencies:
Translation reserve would have increased/
d e c r e a s e d b y H K $ 4 1 , 8 5 7 , 0 0 0 ( 2 0 1 6 :
HK$43,302,000) as a result of change in foreign
currency rates of inter-group balances, as the
inter-group balances form part of the Group’s
net investments in subsidiaries.
Post- tax prof i t for the year would have
decreased/increased by HK$1,567,000 (2016:
Post-tax loss for the year would have increased/
decreased by HK$1,523,000) as a result of
change in foreign currency rates of third parties’
assets and liabilities.
22. 金融工具（續）
b. 財務風險管理目標及政策（續）
市場風險（續）
(ii) 外匯風險（續）
敏感度分析
下列敏感度分析詳述本集團對
相關集團公司之功能貨幣港元
及人民幣，兌各自之外幣（即港
元、澳門元、人民幣及新加坡
元 ）升 值 6%（2016 年：6%）之
敏感度。本集團之敏感度分析
亦包括集團間結餘所承擔之外
幣風險。敏感度比率 6%（2016
年：6%）乃管理層就外幣匯率
可能合理出現之變動所作出之
評估。敏感度分析僅包括以外
幣結算之貨幣項目，並於匯報
期末按 6%（2016 年：6%）外幣
匯率變動調整換算。倘若相關
集團公司之功能貨幣兌各自之
外幣升值╱貶值 6%：
由於集團間結餘（乃本集團於附
屬公司投資淨值中之集團間結
餘部分）之外幣匯率變動，匯兌
儲備或增加╱減少 41,857,000
港 元（2016 年：43,302,000 港
元）。
由於第三方人士之資產及負債
外幣匯率變動，本年度之除稅
後溢利將減少╱增加 1,567,000
港 元（2016 年： 該 年 度 除 稅 後
虧 損 將 增 加 ╱ 減 少 1,523,000
港元）。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 111
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
22. Financial Instruments (Continued)
b. Financial risk management objectives and
policies (Continued)
Credit risk
As at 31 December 2017, the carrying amounts of
the respective recognised financial assets as stated
in the consolidated statement of financial position
best represent the Group’s maximum exposure to
credit risk which will cause a financial loss to the
Group due to failure to discharge an obligation by
the counterparties.
In order to minimise the credit risk, the Group has
delegated a team responsible for the determination
of credit limits and credit approvals. The Group
manages the process for each individual debtor from
execution until collection and overdue debts, based
on the assessment of credit quality of customer. In
addition, the management of the Group reviews the
recoverable amount of each individual debt regularly
to ensure that adequate impairment losses are
recognised for irrecoverable amounts. In this regard,
the Directors consider that the credit risk of the
Group is significantly reduced.
The Group has concentration of credit risk as 13%
(2016: 13%) of total trade receivables was due from
the Group’s largest trade debtor. The Group’s largest
trade debtor is a department store located in the PRC
with good repayment history.
The Group has no other significant concentration
of credit risk, with exposure spread over a large
number of counterparties. Retail sales are settled in
either cash or via credit cards issued by banks or
other financial institutions. The credit risk on liquid
funds and credit card sales are limited because the
counterparties are either banks or other financial
institutions with high credit rankings assigned by
credit-rating agencies, or state-owned banks. The
credit risk on receivables from department stores
are limited because all department stores have good
repayment record.
22. 金融工具（續）
b. 財務風險管理目標及政策（續）
信貸風險
於 2017 年 12 月 31 日， 本 集 團 之 最
高信貸風險源自於綜合財務狀況報
表列賬之各項已確認金融資產賬面
值，將導致本集團因交易對方未能
履行其責任而出現財務虧損。
為盡可能減低信貸風險，本集團指
派 團 隊 負 責 釐 定 信 貸 額 及 信 貸 批
核。本集團自簽訂起直至收回及逾
期債項根據客戶之信貸質素評估以
管理各個別應收債項。此外，本集
團管理層定期審閱各個別債務之可
收回金額，以確保就不可收回金額
確認足夠減值虧損。就此，董事認
為本集團之信貸風險已大大減低。
本集團承受集中信貸風險，因為貿
易 應 收 款 項 總 額 之 13%（2016 年：
13%）由本集團之最大貿易債務人結
欠。本集團之最大貿易債務人為一
家位於中國之百貨公司，其還款記
錄良好。
本集團並無其他信貸風險過分集中
之情況，因風險乃分散於多名交易
對方。零售銷售以現金或銀行或其
他財務機構發出之信用卡償付。流
動資金及信用卡銷售之信貸風險有
限，原因為交易對方均為由信貸評
級機構給予高信貸評級之銀行或其
他財務機構，或國有銀行。由於所
有百貨公司還款記錄良好，因此應
收百貨公司款項之信貸風險有限。
112EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
22. Financial Instruments (Continued)
b. Financial risk management objectives and
policies (Continued)
Liquidity risk
The Group’s liquidity position is monitored closely
by the management of the Company. In the
management of the liquidity risk, the Group monitors
and maintains a level of cash and cash equivalents
adequate to finance the Group’s operations and
mitigate the effects of fluctuations in cash flows.
The following table details the Group’s remaining
contractual maturity for its financial liabilities based
on the agreed repayment terms. The table has been
drawn up based on the undiscounted cash flows
of financial liabilities based on the earliest date on
which the Group can be required to pay. The table
includes both interest and principal cash flows. To
the extent that interest cash flows are floating rate,
the undiscounted amount is derived from interest rate
curve at the end of the reporting period.
Carrying
amount
On at the
demand or Total end of the
less than undiscounted reporting
3 months cash flows period
應要求
或3個月內
未貼現
現金流量總額
於匯報期末
之賬面值
HK$’000 HK$’000 HK$’000
千港元 千港元 千港元
At 31 December 2017 於2017年12月31日
Payables 應付款項 189,285 189,285 189,285
Amounts due to related companies 應付關連公司款項 4,146 4,146 4,146
193,431 193,431 193,431
At 31 December 2016 於2016年12月31日
Payables 應付款項 120,499 120,499 120,499
Amounts due to related companies 應付關連公司款項 3,678 3,678 3,678
124,177 124,177 124,177
22. 金融工具（續）
b. 財務風險管理目標及政策（續）
流動資金風險
本集團之流動資金狀況由本公司管
理層密切監察。於管理流動資金風
險時，本集團監督及維持足夠的現
金及現金等價物水平，以撥付本集
團業務及減低現金流量波動影響。
下表詳列本集團金融負債根據議定
還款期之剩餘合約年期。下表乃根
據本集團可被要求還款之最早日期
按照金融負債之未貼現現金流量編
製。下表已載入利息及本金現金流
量。 就 浮 動 利 率 之 利 息 現 金 流 而
言，未貼現款額來自於匯報期末之
利率曲線。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 113
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
22. Financial Instruments (Continued)
c. Fair value measurements of financial assets and
liabilities
The Directors consider that the carrying amounts
of financial assets and financial liabilities recorded
at amortised cost in the consolidated financial
statements approximate to their fair values.
23. Operating Lease Arrangements
At the end of the reporting period, the Group had
commitments for the future minimum lease payments
under non-cancellable operating leases in respect of
rented premises which fall due as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 375,615 337,809
In the second to fifth year inclusive 第二至第五年（包括首尾兩年） 473,085 280,440
848,700 618,249
Operating lease payments represent rentals payable by
the Group for its offices and shops. Leases are negotiated
for terms ranging from one month to four years (2016: one
month to four years) with fixed monthly rentals and certain
operating leases are subject to contingent rents based on
a fixed percentage of the monthly gross turnover in excess
of the monthly minimum lease payments.
Included in the above is future lease payments with related
companies of approximately HK$475,347,000 (2016:
HK$135,638,000) which fall due as follows:
2017 2016
HK$’000 HK$’000
千港元 千港元
Within one year 一年內 178,926 117,081
In the second to fifth year inclusive 第二至第五年（包括首尾兩年） 296,421 18,557
475,347 135,638
The related companies are companies controlled by the
AY Trust of which STC International is the trustee.
22. 金融工具（續）
c. 金融資產及負債之公允價值計量
董事認為，按攤銷成本於綜合財務報
表所記錄之金融資產及金融負債之賬
面值與彼等之公允價值相若。
23. 經營租約安排
於匯報期末，本集團根據不可撤銷經營租
約，承諾就租用物業支付之未來最低租金
的到期日如下：
經營租約付款指本集團就其辦公室及商舖
應付之租金。經協商之物業租賃期介乎一
個月至四年（2016年：一個月至四年），
月租固定，而若干經營租賃須受按每月營
業總額與每月最低租賃付款之差額之固定
百分比計算之或然租金所規限。
上述款項包括於下列到期之應付予關連
公司之未來租金開支約475,347,000港元
（2016年：135,638,000港元）：
關連公司指由AY Trust（STC International
為其受託人）控制之公司。
114EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
24. Capital Commitment
2017 2016
HK$’000 HK$’000
千港元 千港元
Capital expenditure in respect of acquisition
of property, plant and equipment contracted
for but not provided in the consolidated
financial statements
有關購買已訂約但未於
綜合財務報表撥備之物業、
機器及設備之資本開支
4,260 2,567
25. Share Option Scheme
The Company has adopted a share option scheme (the
“Scheme”) on 19 June 2008. A summary of the Scheme is
set out as follows:
1. Purpose of the Scheme: To enable the Group to
grant options to selected participants as incentives
or rewards for their contribution to the Group.
2. Eligibility: Eligible participants include employee
(whether full-t ime or part t ime, including any
Executive Director, Non-executive Director or
Independent Non-executive Director) and such other
eligible participants.
3. (a) Total number of Shares available for issue as
at the date of this Annual Report under the
Scheme: 688,244,812 Shares; and
(b) Percentage of the issued shares that i t
represents as at the date of this Annual Report:
10%.
4. Maximum entitlement of each eligible participant
under the Scheme:
(a) in aggregate not to exceed 1% of the Shares in
issue in any 12-month period unless approved
by the Shareholders;
(b) options granted to substantial shareholders
or Independent Non-executive Directors or
their respective associates in any 12-month
period exceeding the higher of % of the
Shares in issue and with a value in excess
of HK$5,000,000 must be approved by the
Shareholders.
24. 資本承擔
25. 購股權計劃
本公司已於2008年6月19日採納一項購股
權計劃（「該計劃」）。該計劃之概要載
列如下：
1. 該計劃之目的：讓本集團向指定參與
者授予購股權，以作為其對本集團所
作貢獻之獎勵或獎賞。
2. 參與資格： 合資格參與者包括僱員
（無論為全職或兼職，包括任何執
行董事、非執行董事及獨立非執行董
事）及其他合資格參與者。
3. (a) 根據該計劃於本年報日期可發行
股份總數：688,244,812股；及
(b) 於本年報日期佔已發行股份之百
分比：10%。
4. 該計劃項下每名合資格參與者可獲授
權益上限：
(a) 除非獲股東批准，否則在任何
12個月內總計不得超過已發行
股份之1%；
(b) 於任何12個月期間向主要股東
或獨立非執行董事或彼等各自
之聯繫人授出之購股權，若超
過已發行股份之%及價值超
過5,000,000港元則須經股東批
准。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 115
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
25. Share Option Scheme (Continued)
5. Period within which the Shares must be taken up
under an option: Subject to the condition that may be
set by the Board upon granting of share options, an
option may be exercised at any time from the date of
issue of the relevant options.
6. Minimum period for which an option must be held
before it can been exercised: Unless otherwise
determined by the directors of the Company and
stated in the offer of grant of the share options to a
grantee, there is no minimum period required under
the Scheme for the holding of a share option before it
can be exercised.
7. (a) Price payable on application or acceptance of
the option: HK$;
(b) The period within which payments or calls must
or may be made: Within 28 days from the date
of grant; and
(c) Period within which loans for such purposes
of the payments or calls must be repaid: No
applicable.
8. Basis for determining the exercise price: The
exercise price is determined by the Board and will
not be less than the highest of (a) the closing price
of the Share on the date of grant; (b) the average
closing price of the Shares for the five business days
immediately preceding the date of grant; and (c) the
nominal value of a Share (not applicable due to the
abolition of par value upon implementation of the new
CO on 3 March 2014).
9. The remaining life of the Scheme: Approximately
years (expiring on 18 June 2018).
No option was granted by the Company under the Scheme
since its adoption and up to 31 December 2017.
25. 購股權計劃（續）
5. 行使購股權認購股份之期限：在董事
會於授出購股權時可設定之條件之規
限下，購股權可於相關購股權發行之
日起任何時間獲行使。
6. 購股權行使前必須持有之最短期限：
的最短期間：除非本公司董事另行決
定並在向承授人發出的購股權授出要
約內列明，否則該計劃概無規定於可
行使購股權之前須持有購股權的最短
期間。
7. (a) 申請或接納購股權時所須繳付的
代價：港元；
(b) 付款或通知付款之期限：授出日
期起計28日內；及
(c) 償還作付款或通知付款用途的貸
款期限：不適用。
8. 釐定行使價之基準：行使價乃由董事
會釐定，惟不得低於下列最高者：(a)
股份於授出日期之收市價；(b)緊接
授出日期前5個營業日之股份平均收
市價；及(c)股份面值（不適用，因
2014年3月3日實施新《公司條例》
後，票面值已被廢除）。
9. 該計劃尚餘之年期： 約0 .5年（於
2018年6月18日屆滿）。
自購股權採納日期起及截至2017年12月
31日止，本公司概無根據該計劃授出購股
權。
116EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
26. Retirement Benefits Schemes
The Group participates in both a defined contribution
schemes which are registered under the Hong Kong
Occupational Retirement Scheme Ordinance (the “ORSO”
Scheme) and a Mandatory Provident Fund Scheme
(the “MPF Scheme”) established under the Hong Kong
Mandatory Provident Fund Ordinance in December
2000. The assets of the schemes are held separately
from those of the Group, in funds under the control of
independent trustees. Employees who were members of
the ORSO Scheme prior to the establishment of the MPF
Scheme were offered a choice of staying within the ORSO
Scheme or switching to the MPF Scheme, whereas all new
employees joining the Group on or after 1 December 2000
are required to join the MPF Scheme.
The retirement benefit costs charged to the consolidated
statement of profit or loss and other comprehensive
income represents contributions payable to the funds by
the Group at rates specified in the rules of the schemes.
Where there are employees who leave the ORSO Scheme
prior to vesting fully in the contributions, the contributions
payable by the Group are reduced by the amount of
forfeited contributions.
For members of the MPF Scheme, the Group contributes
5% of relevant payroll costs to the Scheme, which
contribution is matched by the employee. The maximum
amount of contribution is limited to HK$1,500 per each
employee.
The ORSO Scheme is funded by monthly contributions
from both employees and the Group at 5% of the
employee’s basic salary.
The eligible employees of the Company’s subsidiaries
in the PRC, Macau, Singapore are members of pension
schemes operated respective local governments. The
subsidiaries in the PRC are required to contribute a certain
percentage ranging from 38% to 44% of the relevant cost
of the payroll of these employees to the pension schemes
to fund the benefits. The subsidiary in Macau is required to
contribute MOP60 for every employee per month while the
subsidiary in Singapore is required to contribute 16% of
the employee’s monthly gross salary. The only obligation of
the Group with respect to the retirement benefit schemes
is to make the required contribution under the schemes.
The total expense recognised in profi t or loss of
HK$20,574,000 (2016: HK$19,854,000) represents
contributions, payable to those plans by the Group at the
rate specified in the rules of the plans.
26. 退休福利計劃
本集團參與根據香港職業退休計劃條例註
冊之界定供款計劃（「職業退休計劃條例
計劃」）及於2000年12月根據香港強制
性公積金條例成立之強制性公積金計劃
（「強積金計劃」）。該等計劃資產與本
集團之資產分開處理，由獨立受託人控制
之基金持有。凡於成立強積金計劃前已參
與職業退休計劃條例計劃之僱員可選擇繼
續留用職業退休計劃條例計劃或轉用強積
金計劃，而所有於2000年12月1日或之後
加入本集團之新僱員則須參加強積金計
劃。
自綜合損益及其他全面收入報表扣除之退
休福利成本指本集團按計劃規則指定之比
率應付予基金之供款。倘員工於供款全數
歸屬前退出職業退休計劃，本集團應付供
款將按已沒收供款扣減。
就強積金計劃之成員而言，本集團須向該
計劃就相關工資成本作5%供款，該筆供款
與僱員之供款額一致。供款之最高金額不
得超過每位僱員1,500港元。
職業退休計劃之資金來自僱員及本集團雙
方按僱員底薪之5%計算之每月供款。
本公司於中國、澳門及新加坡之附屬公司
之合資格僱員為各當地政府管理之退休金
計劃成員，中國之附屬公司須按有關僱員
薪金相關成本之若干百分比（介乎38%至
44%）就彼等退休金計劃供款，為福利提
供資金，澳門之附屬公司須每月就每名僱
員供款60澳門元，而新加坡附屬公司須就
僱員月薪總金額作出16%供款。本集團有
關退休福利計劃之唯一責任為根據計劃作
出所須供款。
於 損 益 確 認 的 總 開 支 2 0 , 5 7 4 , 0 0 0 港 元
（2016年：19,854,000港元）為本集團按
該等計劃規則所規定的費率應向該等計劃
作出的供款。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 117
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
27. Related Party Transactions
The terms and balances with related companies at the
end of the reporting periods are set out in consolidated
statements of financial position and note 17.
During the year, the Group had the following transactions
with related parties:
2017 2016
HK$’000 HK$’000
千港元 千港元
(1) Sales of goods to Directors, their close
family members and related
companies (notes a and b)
(1) 銷售貨品予董事、彼等之
近親及關連公司
（附註 a 及 b） 9,239 10,864
(2) Purchase of goods from a company
controlled by a Director’s close family
member/a Director’s close family
member (note c)
(2) 向由一名董事之近親控制
之公司╱一名董事之近親
購買貨品（附註 c）
– 6,420
(3) Rental, electricity and air-conditioning
expenses paid and payable to
related companies (notes a and d)
(3) 已支付及應付予關連公司
之租金、電費及空調費
支出（附註 a 及 d） 157,089 168,249
(4) Service charge in respect of information
system and administrative work paid
and payable to related companies
(notes a and b)
(4) 已支付及應付予關連公司
有關資訊系統及行政工作
之服務費（附註 a 及 b）
14,951 14,837
(5) Advertising expenses paid and payable
to related companies (notes a and b)
(5) 已支付及應付予關連公司
之廣告開支（附註 a 及 b） 173 1,106
(6) Financial advisory fee paid and payable
to a related company (notes a and b)
(6) 已支付及應付予一間關連
公司之財務顧問費用
（附註 a 及 b） 420 420
As at 31 December 2017, deposits paid to related
companies, which are companies controlled by the AY
Trust of which STC International is the trustee amounting to
HK$66,410,000 (2016: HK$68,797,000) were included in
rental deposits under non-current assets.
27. 關連方交易
於匯報期末之關連公司條款及結餘載列於
綜合財務狀況表及附註 17。
於年內，本集團與關連方之交易如下：
於 2017 年 12 月 31 日， 已 支 付 予 關 連 公
司（由 AY Trust（STC International 為其受
託人）控制之公司）之按金已列入非流動資
產之租賃按金，金額為 66,410,000 港元
（2016 年：68,797,000 港元）。
118EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
27. Related Party Transactions (Continued)
Notes:
(a) The related company/companies is/are controlled
by directors of the Company/their associates or the
AY Trust of which a Director is one of the eligible
beneficiaries.
(b) These transactions are connected transactions
exempt f rom announcement , repor t ing and
independent shareholders’ requirements under Rule
of the Listing Rules.
(c) The transaction was a connected transaction subject
to the announcement and reporting requirements
but exempt from the approval of the independent
shareholders of the Company under Chapter 14A of
the Listing Rules.
(d) The expenses paid are in relation to the tenancy
agreements entered into with the related companies
of the Company. Some of these transactions are
discloseable continuing connected transactions
(as defined under Chapter 14A of the Listing
Rules) of the Company which details are disclosed
under the section headed “Continuing Connected
Transact ions” under “Directors ’ Interests in
Transactions, Arrangements or Contracts and
Continuing Connected Transactions” of the Directors’
Report.
The compensation to the Directors and key management
personnel of the Group are disclosed in note 8.
27. 關連方交易（續）
附註：
(a) 關連公司由本公司董事╱彼等聯繫
人或 AY Trust（一名董事為其合資格
受益人）控制。
(b) 該等交易為根據上市規則第
條獲豁免遵守公告、匯報及獨立股
東批准之規定的關連交易。
(c) 該交易為關連交易，須遵守上市規
則 第 14A 章 項 下 公 告 及 匯 報 之 規
定，惟獲豁免取得本公司獨立股東
批准之規定。
(d) 已付支出乃關於與本公司關連公司
訂立之租賃協議。其中某些交易乃
本公司之須予披露持續關連交易（定
義見上市規則第 14A 章），其詳情於
董事會報告「董事於交易、安排或合
約之權益及持續關連交易」項下「持
續關連交易」一節披露。
本集團董事及主要管理人員之酬金乃於附
註8披露。
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 119
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
28. Statement of Financial Position and Reserves
of the Company
2017 2016
HK$’000 HK$’000
千港元 千港元
Non-current assets 非流動資產
Investments in subsidiaries 於附屬公司之投資 1,583,094 1,583,094
Amount due from a subsidiary 應收一間附屬公司款項 2,713,137 2,583,986
4,296,231 4,167,080
Current assets 流動資產
Deposits and prepayments 按金及預付款項 541 541
Amount due from a subsidiary 應收一間附屬公司款項 – 856
Bank balances and cash 銀行結餘及現金 957 344
1,498 1,741
Current liabilities 流動負債
Other payables and accrued charges 其他應付款項及預提費用 300 300
Amount due to a subsidiary 應付一間附屬公司款項 11,089 —
Amount due to a related company 應付一間關連公司款項 35 35
11,424 335
Net current (liabilities) assets 流動資產（負債）淨值 (9,926) 1,406
Net assets 資產淨值 4,286,305 4,168,486
Capital and reserves 資本及儲備
Share capital 股本 3,484,152 3,484,152
Reserves 儲備 802,153 684,334
Total equity 總權益 4,286,305 4,168,486
The Company’s statement of financial position was
approved and authorised for issue by the Board of
Directors on 14 March 2018 and are signed on its behalf
by:
CINDY YEUNG WONG CHI FAI
楊諾思 黃志輝
DIRECTOR DIRECTOR
董事 董事
28. 本公司之財務狀況表及儲備
本公司之財務狀況表於 2018 年 3 月 14 日
經董事會批准及授權刊發，並由下列董事
代表簽署：
120EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
28. Statement of Financial Position and Reserves
of the Company (Continued)
Movement in the Company’s reserves
Retained
profits
保留溢利
HK$’000
千港元
At 1 January 2016 於 2016 年 1 月 1 日 560,912
Profit and total comprehensive income for the year 年內溢利及全面收益總額 123,422
At 31 December 2016 於 2016 年 12 月 31 日 684,334
Profit and total comprehensive income for the year 年內溢利及全面收益總額 129,519
Interim dividend paid for 2017 就 2017 年已付的中期股息 (11,700)
At 31 December 2017 於 2017 年 12 月 31 日 802,153
29. Particulars of Principal Subsidiaries
Particulars of the Company’s principal subsidiaries as at
31 December 2017 and 2016 are as follows:
Place of Issued ordinary
incorporation/ share capital/ Proportion of issued
registration/ registered capital share capital held
operation 已發行 by the Group
Name of subsidiary 成立╱註冊╱ 普通股股本╱ 本集團持有 Principal activities
附屬公司名稱 營運地點 註冊資本 已發行股本之比例 主要業務
2017 2016
Direct subsidiaries
直接附屬公司
Emperor Watch & Jewellery (China) Hong Kong HK$1 100% 100% Investment holding
Holdings Limited (“HK”) 1 港元 投資控股
英皇鐘錶珠寶（中國）有限公司 香港
Emperor Watch & Jewellery (China) BVI US$1 100% 100% Investment holding
Holdings Limited 英屬處女群島 1 美元 投資控股
英皇鐘錶珠寶（中國）有限公司
Emperor Watch & Jewellery Overseas HK HK$1 100% 100% Investment holding
Holdings Limited 香港 1 港元 投資控股
英皇鐘錶珠寶海外控股有限公司
Emperor Watch & Jewellery BVI US$1 100% 100% Investment holding
(HK & Macau) Holdings Limited 英屬處女群島 1 美元 投資控股
英皇鐘錶珠寶（港澳）有限公司
28. 本公司之財務狀況表及儲備（續）
本公司之儲備變動
29. 主要附屬公司之詳情
於 2017 年 及 2016 年 12 月 31 日， 本 公 司
主要附屬公司之詳情如下：
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 121
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
29. Particulars of Principal Subsidiaries
(Continued)
Place of Issued ordinary
incorporation/ share capital/ Proportion of issued
registration/ registered capital share capital held
operation 已發行 by the Group
Name of subsidiary 成立╱註冊╱ 普通股股本╱ 本集團持有 Principal activities
附屬公司名稱 營運地點 註冊資本 已發行股本之比例 主要業務
2017 2016
Indirect subsidiaries
間接附屬公司
Beauty Royal Limited HK HK$2 100% 100% Provision of group
麗盟有限公司 香港 2 港元 tenancy agent services
提供集團租賃代理服務
Charter Loyal Limited HK HK$2 100% 100% Provision of group
耀仁有限公司 香港 2 港元 tenancy agent services
提供集團租賃代理服務
Crescent Gold Limited HK HK$1 100% 100% Investment holding
耀昱有限公司 香港 1 港元 投資控股
Esteem Step Limited Macau MOP25,000 100% 100% Provision of group
譽階有限公司 澳門 25,000 澳門元 administration services
提供集團行政管理服務
Emperor Watch & Jewellery HK HK$100 100% 100% Sales of watches &
(HK) Company Limited 香港 100 港元 jewellery
英皇鐘錶珠寶（香港）有限公司 銷售鐘錶及珠寶
Emperor Watch & Jewellery Singapore SGD1,000,000 100% 100% Sales of watches &
(Singapore) Pte. Ltd. 新加坡 1,000,000 jewellery
新加坡元 銷售鐘錶及珠寶
Emperor Watch & Jewellery BVI US$1 100% 100% Holding trademarks,
Management Limited 英屬處女群島 1 美元 logo and domain names
英皇鐘錶珠寶管理服務有限公司 of the Group
持有本集團之商標、標誌
及域名
EWJ Macau Company Limited Macau MOP25,000 100% 100% Sales of watches and
EWJ 澳門有限公司 澳門 25,000 澳門元 jewellery
銷售鐘錶及珠寶
29. 主要附屬公司之詳情（續）
122EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
29. Particulars of Principal Subsidiaries
(Continued)
Place of Issued ordinary
incorporation/ share capital/ Proportion of issued
registration/ registered capital share capital held
operation 已發行 by the Group
Name of subsidiary 成立╱註冊╱ 普通股股本╱ 本集團持有 Principal activities
附屬公司名稱 營運地點 註冊資本 已發行股本之比例 主要業務
2017 2016
Indirect subsidiaries (Continued)
間接附屬公司（續）
Foremost Resources Limited HK HK$1 100% 100% Provision of group tenancy
富茂資源有限公司 香港 1 港元 agent services
提供集團租賃代理服務
Gold Gatherable Limited HK HK$1 100% 100% Investment holding
金聚行有限公司 香港 1 港元 投資控股
Mount Win Limited HK HK$1,000,000 100% 100% Provision of group tenancy
嶺耀有限公司 香港 1,000,000 港元 agent services
提供集團租賃代理服務
Phoenix Noble Limited Macau MOP25,000 100% 100% Provision of group
凰禦有限公司 澳門 25,000 澳門元 marketing services
提供集團市場推廣服務
Shine Air Limited HK HK$1 100% 100% Investment holding
煥輝有限公司 香港 1 港元 投資控股
Success Wealthy Limited HK HK$1 100% 100% Provision of group
隆寶有限公司 香港 1 港元 tenancy agent services
提供集團租賃代理服務
Trillion Winner Limited HK HK$1 100% 100% Provision of group
亨士奧有限公司 香港 1 港元 tenancy agent services
提供集團租賃代理服務
Uni-Champ Limited HK HK$1 100% 100% Investment holding
祐成有限公司 香港 1 港元 投資控股
Up Success Limited HK HK$300,000 100% 100% Provision of group
雄揚有限公司 香港 300,000 港元 tenancy agent services
提供集團租賃代理服務
29. 主要附屬公司之詳情（續）
EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報 123
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
綜合財務報表附註
For the year ended 31 December 2017
截至2017年12月31日止年度
29. Particulars of Principal Subsidiaries
(Continued)
Place of Issued ordinary
incorporation/ share capital/ Proportion of issued
registration/ registered capital share capital held
operation 已發行 by the Group
Name of subsidiary 成立╱註冊╱ 普通股股本╱ 本集團持有 Principal activities
附屬公司名稱 營運地點 註冊資本 已發行股本之比例 主要業務
2017 2016
Indirect subsidiaries (Continued)
間接附屬公司（續）
Vision Wing Limited Macau MOP25,000 100% 100% Provision of group
景翔有限公司 澳門 25,000 澳門元 sourcing services
提供集團採購服務
Wealthy Able Limited HK HK$1 100% 100% Provision of group
財領有限公司 香港 1 港元 tenancy agent services
提供集團租賃代理服務
Zeal Team Limited HK HK$1 100% 100% Provision of group
潔渝有限公司 香港 1 港元 tenancy agent services
提供集團租賃代理服務
英皇鐘錶珠寶(北京) 有限公司# PRC HK$160,000,000 100% 100% Sales of watches &
中國 160,000,000 港元 jewellery
銷售鐘錶及珠寶
英皇鐘錶珠寶(深圳)有限公司# PRC HK$100,500,000 100% 100% Sales of watches &
中國 100,500,000 港元 jewellery
銷售鐘錶及珠寶
北京富嘉佳美鐘錶貿易有限公司# PRC HK$73,000,000 100% 100% Sales of watches &
中國 73,000,000 港元 jewellery
銷售鐘錶及珠寶
# The subsidiaries are wholly foreign owned enterprises.
None of the subsidiaries had issued any debt securities at
the end of the year.
The Directors are of the opinion that a complete list of
the particulars of all subsidiaries of the Group will be of
excessive length and therefore the list above contains only
the particulars of subsidiaries which principally affect the
results or assets of the Group.
29. 主要附屬公司之詳情（續）
# 該等附屬公司為外商獨資企業。
在年結日並無附屬公司發行任何債務證
券。
董事認為列出本集團所有附屬公司之詳情
會使名單過度冗長，故上表僅列出對本集
團業績或資產有重大影響之附屬公司詳
情。
124EMPEROR WATCH & JEWELLERY LIMITED ANNUAL REPORT 2017 英皇鐘錶珠寶有限公司 2017年報
FINANCIAL SUMMARY
財務概要
For the year ended 31 December
截至12月31日止年度
2013 2014 2015 2016 2017
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
千港元 千港元 千港元 千港元 千港元
RESULT 業績
Revenue 收入 6,624,372 5,924,947 4,430,846 3,641,845 4,075,124
Profit/(loss) before taxation 除稅前溢利╱（虧損） 355,830 168,690 (116,609) (59,843) 173,237
Taxation 稅項 (65,513) (30,548) (3,473) (4,978) (13,546)
Profit/(loss) for the year
attributable to owners of
the Company
本公司擁有人應佔年度
溢利╱（虧損）
290,317 138,142 (120,082) (64,821) 159,691
As at 31 December
於12月31日
2013 2014 2015 2016 2017
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 資產及負債
Total assets 總資產 4,795,977 4,796,332 4,466,392 4,408,032 4,673,484
Total liabilities 總負債 (388,567) (338,527) (191,196) (233,922) (306,799)
Net Assets 資產淨值 4,407,410 4,457,805 4,275,196 4,174,110 4,366,685
Equity attributable to
owners of the Company
and total equity
本公司擁有人應佔
權益及總權益
4,407,410 4,457,805 4,275,196 4,174,110 4,366,685
封面
目錄
公司資料及重要日期
財務亮點
殊榮
管理層討論與分析
董事及高級行政人員之履歷
董事會報告
企業管治報告
獨立核數師報告
綜合損益及其他全面收入報表
綜合財務狀況報表
綜合權益變動表
綜合現金流量表
綜合財務報表附註
財務概要
封底
